WhatintheWorldis G i On? Going O ?

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

June4,2013

FundOfferings
TotalReturnBondFund RetailandInstitutionalClass NoLoadMutualFund Retail Inst. Nshare Ishare Ticker MinInvestment MinIRAInvestment GrossExpenseRatio DLTNX $2,000 $500 0.76% DBLTX $100,000 $5,000 0.51% Ticker MinInvestment MinIRAInvestment Gross ExpenseRatio CoreFixedIncomeFund RetailandInstitutionalClass NoLoadMutualFund Retail Inst. Nshare Ishare DLFNX $2,000 $500 0.80% DBLFX $100,000 $5,000 0.55%

TheFundsinvestmentobjectives,risks,chargesandexpensesmustbeconsideredcarefullybeforeinvesting.The prospectuscontainsthisandotherimportantinformationabouttheFunds,anditmaybeobtainedbycalling1 (877)3546311/1(877)DLINE11,orvisitingwww.doublelinefunds.com.Readitcarefullybeforeinvesting.

Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebtsecurities. InvestmentsinAssetBackedandMortgageBackedSecuritiesincludeadditionalrisksthatinvestorsshouldbeawareofsuchascreditrisk,prepaymentrisk, possibleilliquidityanddefault,aswellasincreasedsusceptibilitytoadverseeconomicdevelopments.Investmentsinlowerratedandnonratedsecurities presentagreaterriskoflosstoprincipalandinterestthanhigherratedsecurities.TheCoreFundinvestsinforeignsecuritieswhichinvolvegreatervolatility andpolitical,economicandcurrencyrisksanddifferencesinaccountingmethods.Theserisksaregreaterforinvestmentsinemergingmarkets.TheFundmay usecertaintypesofinvestmentderivatives.Derivativesinvolverisksdifferentfrom,andincertaincases,greaterthantheriskspresentedbymoretraditional investments Derivativesmayinvolvecertaincostsandrisksuchasliquidity, investments. liquidity interestrate, rate market, market credit, credit managementand theriskthatapositioncouldnot beclosedwhenmostadvantageous.Investinginderivativescouldlosemorethantheamountinvested.
TheTotalReturnBondFundintendstoinvestmorethan50%ofitsnetassetsinmortgagebackedsecuritiesofanymaturityortype. Opinionsexpressedaresubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice. DoubleLineFundsaredistributedbyQuasarDistributors,LLC. WhiletheFundsarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails. PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.Aninvestmentcannotbemadeinanindex.

Performance
DoubleLineTotalReturnBondFund QuarterEndingMarch31,2013
SinceInception 1Year Annualized Annualized (4610to33113) 7.37% 12.24% 7.11% 11.95% 3.77% 5.75%

Ishare Nshare BarclaysUSAggregateIndex AsofMarch31,2013 GrossSEC30DayYield NetSEC30DayYield

March 0.30% 0.19% 0.08% Ishare 3.97% 3 97% 3.97% Ishare 0.51%

1Q2013 1.27% 1.12% 0.12% Nshare 3.72% 3 72% 3.72% Nshare 0.76%

MorningstarIntermediateTermBondFundRankings* AsofMarch31, ,2013 Ishare Nshare 1Year(AbsoluteRank) 231of1,157 267of1,157 1Year(%Rank) 20% 23% Fortheperiodending33113,MorningstarrankedtheTotalReturn BondFundinthe20thand23rdpercentile(fortheIandNshareclasses, respectively)amongthe1 1,157 157FundsintheIntermediateTermBondFund categorybasedontotalreturns.

GrossExpenseRatio

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.

BarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe USinvestmentgradefixedrate bondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectors aresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.Itisnotpossibletoinvestinanindex. PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.Aninvestmentcannotbemadeinanindex. *Morningstarrankings(%Rank)representafund'stotalreturnpercentilerankrelativetoallfundsthathavethesameMorningstarcategory.Thehighest percentile til rank kis i 1and dth thel lowest ti is100 100.M Morningstar i t R Rankings ki (Ab (Absolute) l t )represent taf funds d t total t lreturn t rank krelative l ti to t all ll funds f d th that th haveth thesameM Morningstar i t Category.Thehighestrankis1andthelowestisbasedonthetotalnumberoffundsinthecategory.ItisbasedonMorningstar totalreturn,whichincludesboth incomeandcapitalgainsorlossesandisnotadjustedforsaleschargesorredemptionfees. 2013MorningstarInc.AllRightReserved.Theinformationcontainedherein:(1)isproprietarytoMorningstar;(2)maynotbecopiedordistributed;and(3)isnot 2 warrantedtobeaccurate,completeortimely.NeitherMorningstarnoritscontentprovidersareresponsibleforanydamagesorlossesarisingfromanyuseofthis information.

Performance

DoubleLineCoreFixedIncomeFund QuarterEndingMarch31,2013

March Ishare Nshare BarclaysUSAggregateIndex AsofMarch31,2013 GrossSEC30DayYield NetSEC30DayYield 0.23% 0.21% 0.08% Ishare 3.28% 3.28% Ishare 0.55%

1Q2013 0.46% 0.40% 0.12% Nshare 3.03% 3.03% Nshare 0.80%

1Year Annualized 6.53% 6.27% 3.77%

SinceInception Annualized (6110to33113) 9.76% 9.49% 5.16%

MorningstarIntermediateTermBondFundRankings*

AsofMarch31,2013 Ishare Nshare 1Year(AbsoluteRank) 363of1157 403of1157 GrossExpenseRatio 1Year(%Rank) 32% 35% Fortheperiodending33113,MorningstarrankedtheCoreFixedIncome BondFundinthe32ndand35thpercentile(fortheIandNshareclass, respectively)amongthe1,157FundsintheIntermediateTermBondFund categorybasedontotalreturns. Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current performanceofthefundmaybelowerorhigherthantheperformancequoted quoted.Performancedatacurrenttothemostrecentmonthendmaybe obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
BarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe USinvestmentgradefixedrate bondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectors aresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.Itisnotpossibletoinvestinanindex. PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.Aninvestmentcannotbemadeinanindex. g rankings g (% ( Rank) )represent p afund'stotalreturnp percentilerankrelativetoallfundsthathavethesameMorningstar g category. g y Thehighest g *Morningstar percentilerankis1andthelowestis100.MorningstarRankings(Absolute)representafundstotalreturnrankrelativetoall fundsthathavethesameMorningstar Category.Thehighestrankis1andthelowestisbasedonthetotalnumberoffundsinthecategory.ItisbasedonMorningstar totalreturn,whichincludesboth incomeandcapitalgainsorlossesandisnotadjustedforsaleschargesorredemptionfees. 2013MorningstarInc.AllRightReserved.Theinformationcontainedherein:(1)isproprietarytoMorningstar;(2)maynotbecopiedordistributed;and(3)isnot 3 warrantedtobeaccurate,completeortimely.NeitherMorningstarnoritscontentprovidersareresponsibleforanydamagesorlossesarisingfromanyuseofthis information.

Announcements W b Webcast News N

BonnieBaha&RobertCohen June25,2013
FloatingRateFundLaunch 1:15pmPDT/4:15pmEDT JeffSherman July9,2013
MultiAssetGrowth 1:15pmPDT/4:15pmEDT

LuzPadilla July23,2013
EmergingMarketsFixedIncome 1:15pmPDT/4:15pmEDT

JeffreyGundlach September10,2013
TotalReturn&CoreFixedIncome 1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides: Youcanemail fundinfo@doubleline.com

TheFloatingRateFundwillnotbeavailabletoretailinvestorsuntil7/1/2013.

WhatintheWorldis G i On? Going O ?

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

June4,2013

TABI
Eurozone

GDPGrowth,2013forecasts(%)

GDP=Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod,thoughGDPisusuallycalculatedonanannual basis. Source:TheEconomist.com/graphicdetail

GlobalGDPGrowth

GDP=Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod,thoughGDPisusuallycalculatedonanannual basis. Source:TheEconomist.com/graphicdetail

GlobalGDPGrowth

GDP=Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod,thoughGDPisusuallycalculatedonanannual basis. PurchasingPowerParity(PPP)=PurchasingPowerParityisatheoryoflongtermequilibriumexchangeratesbasedonrelativepricelevelsoftwocountries. Source:TheEconomist.com/graphicdetail

Eurozone 5YearRecession
January1,2008throughMarch31,2013

GDP=Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod,thoughGDPisusuallycalculatedonan annualbasis. Source:http://www.ritholtz.com/blog/wpcontent/uploads/2013/05/WOAN786_Euecon_G_20130515190023.jpg

10

Eurozone Unemployment
December 31,1998throughApril30,2013
30

Portugal
EurozoneUnemployme entRate December31 1,1998throughApril30,2013 25

Ireland Greece Germany

Italy Spain Eurozone

20

15

10

Source:Bloomberg,DoubleLine Capital

11

Eurozone Unemployment YouthUnder25

December 31,1998throughMarch31,2013
70
Portugal Ireland Spain Italy Germany

60
Eurozon neUnemploymentR RateUnder25 December r31,1998throughMarch31,2013

Greece E Eurozone

50 40 30 20 10 0

Source:Bloomberg,DoubleLine Capital

12

10YearSovereignDebtYieldsvs.GermanBunds
January1,2010throughJune3,2013
40%

Portugal
10YearSovereignDebtYieldSpre eadtoGermanBund January01,2010throughJune03,2013

Italy S i Spain

Ireland

35%

G Greece
30% 25% 20% 15% 10% 5% 0% Jan10 Mar10 May10 Sep10

Jan11

Mar11

May11

Sep11

Jan12

Mar12

May12

Sep12

Jan13

Mar13

May13

Jul10

Nov10

Jul11

Nov11

Jul12

Nov12

Source:Bloomberg,DoubleLine Capital GDP=Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod,thoughGDPisusuallycalculatedonan annualbasis.

13

TABII
U.S.

TenyearForw wardBreakevenIn nflation Rate (August31,1998 April30 0,2013)

0.5

1.5

2.5

0
Au ug 98 Jan99 un99 Ju No ov99 Ap pr 00 Se ep 00 Fe eb 01 Ju ul 01 De ec01 Ma ay 02 Oc ct 02 Ma ar 03 Au ug 03 Jan04 un04 Ju No ov04 Ap pr 05 Se ep 05 Fe eb 06 Ju ul 06 De ec06 Ma ay 07 Oc ct 07 Ma ar 08 Au ug 08 Jan09 un09 Ju No ov09 Ap pr 10 Se ep 10 Fe eb 11 Ju ul 11 De ec11 Ma ay 12 Oc ct 12 Ma ar 13

Source:St.LouisFederalReserveBank

August 31,1998throughApril30,2013

10YearForwardBreakevenInflationRate

15

ConsumerPriceIndex(CPI)
January31,1958throughApril30,2013
16 14 12
70% 100%

90%

CPIexcludin ngFood& Energ gyYoY %Change e (Januar ry31,1958 Apr ril 30,2013)

80%

10 8 6 4

60%

50%

40%

30%

20%

2 0
Jan58 Oct59 Jul 61 Apr63 Jan65 Oct66 Jul 68 Apr70 Jan72 Oct73 Jul 75 Apr77 Jan79 Oct80 Jul 82 Apr84 Jan86 Oct87 Jul 89 Apr91 Jan93 Oct94 Jul 96 Apr98 Jan00 Oct01 Jul 03 Apr05 Jan07 Oct08 Jul 10 Apr12

10%

0%

Source:St.LouisFederalReserveBank CPI=ConsumerPriceIndexmeasurestheweightedaverageofpricesofabasketofconsumergoodsandservices,suchastransportation,medicalcare,etc. YoY =YearoverYear

16

DebtType(Asa%ofGDP)
January1,1981throughDecember31,2012
300% TotalUSDebt 250% Business Government Deb bt asaPercenta ageofGDP (19812012 2) Households Financial TotalPrivate

200%

150%

100%

50%

0%

Germany

GDP=Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod,thoughGDPisusuallycalculatedonanannual basis. Source:BloombergFinancialServices,DoubleLine

17

StockMarketFollowsFederalReserveBalanceSheet

Source:Gluskin Sheff,BusinessInsider,May5th,2013http://www.businessinsider.com/davidrosenbergbernankewizardpotemkinmauldinpresentation20135?op=1

18

DeficitsExcludingInterestExpenseEstimates(E)
$1.00

($inTrillio ons)

$0.50

$0.00 2012 2013 2014(E) 2015(E) 2016(E) 2017(E)

Deficit=Theamountbywhichexpensesexceedincomeorcostsoutstriprevenues. InterestExpense=Theamountreportedbyacompanyorindividualasanexpenseforborrowed money. Source:Bloomberg,DoubleLine

19

AverageTreasuryInterestRateEstimates(E)
7% 6% 5% 4% 3% 2% 1% 0% 2012 2013 2014(E) 2015(E) 2016(E) 2017(E)
20

Source:Bloomberg,DoubleLine

USDebt,Deficit&InterestExpenseEstimates(E)
$26 $24 $22 $25 94 $25.94 InterestExpense Deficitex.InterestExpense Debt $21.27 $19.41 $17.81 $16.43
0.36 0.97 0.38 1.00 0.6 1.00 0.86 1.00 1.51

$23.43
6 1.16 1.00

1.00

($inTrillio ons)

$20 $18 $16 $14 $12 $10 2012 2013

2014(E)

2015(E)

2016(E)

2017(E)
21

Deficit=Theamountbywhichexpensesexceedincomeorcostsoutstriprevenues. InterestExpense=Theamountreportedbyacompanyorindividualasanexpenseforborrowed money. U.S.Debt=The UnitedStatesdebt istheoutstandingamountowedbythe federalgovernmentoftheUnitedStates fromtheissueof securities bythe Treasury andother federalgovernmentagencies. Bloomberg,DoubleLine

CorporateIncomeTaxRates
January1,1947throughDecember31,2011

Source:BungalowBillsConservativeWisdom,May10,2011http://bungalowbillscw.blogspot.com/2011/05/corporatetaxratesinunitedstates.html OECD=OrganizationforEconomicCooperationandDevelopment

22

CorporateIncomeTaxRates
January1,1947throughDecember31,2012

GDP=Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod,thoughGDPisusually calculatedonanannualbasis. Source:TheEconomist

23

CorporateProfitsHitAllTimeHighAs%ofGDP
January1,1947throughMarch31,2012
0.11 0.10 0.09 0.08 0.07 0.06 0.05 0.04 0.03 0.02 Jan47

CorporateProfits/NominalGDP C

Jan57

Jan67

Jan77

Jan87

Jan97

Jan07

Source:http://www.businessinsider.com/corporateprofitsjusthitanalltimehighwagesjusthitanalltimelow2012 6?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29&utm_content=Google+Reader GDP=Grossdomesticproduct(GDP)isthemonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountrysbordersinaspecifictimeperiod,thoughGDPisusually 24 calculatedonanannualbasis. ShadedareasindicateU.S.Recessions.

CorporateProfitabilityByIndustry

Source:TheEconomistCorporatetaxReform:TheTroublewithTaxreform,PelicanPartshttp://forums.pelicanparts.com/offtopicpoliticsreligion/631503whydoesgovernment givetaxbreaks.html. 25 AsofSeptember30,2011

CorporateTaxRatesByIndustry

Source:TheEconomistCorporatetaxReform:TheTroublewithTaxreform,PelicanPartshttp://forums.pelicanparts.com/offtopicpoliticsreligion/631503whydoesgovernment givetaxbreaks.html 26 AsofDecember31,2012

U.S.MedianHouseholdIncomeStagnant

AsofDecember31,2011.Source:Bloomberg

27

USPersonalIncomeLessCurrentTransferReceipts
December1,2001throughMarch30,2013
11000 10500 PersonalIncome/IncomeLessReceip ptsIndexValueRea al ember2001 March h2013 Dece 10000 9500 800 9000 8500 8000 400 7500 7000 200 6500 6000 De ec01 De ec02 De ec03 De ec04 De ec05 De ec06 De ec07 De ec08 De ec09 De ec10 De ec11 Au ug02 Au ug03 Au ug04 Au ug05 Au ug06 Au ug07 Au ug08 Au ug09 Au ug10 Au ug11 Au ug12 De ec12 Ap pr02 Ap pr03 Ap pr04 Ap pr05 Ap pr06 Ap pr07 Ap pr08 Ap pr09 Ap pr10 Ap pr11 Ap pr12 0 600 TransferReceipts(RHS) PersonalIncome(LHS) USPersonalIncomelessCurrentTransferReceipts(Real) 1000 1200

Source:BureauofEconomicAnalysis,DoubleLine Capital Disposablepersonalincome. Totalaftertaxincomereceivedby persons;itistheincomeavailableto persons forspendingorsaving. Relatedterms: Personalconsumption expenditures(PCE), Personalincome, Personalsaving. Personalcurrenttransferreceipts. Consistsofincomepaymentsto persons forwhichnocurrent services areperformedandnetinsurancesettlements.Itisthesumof government socialbenefits andnet currenttransferreceipts frombusiness.

Tras snferReceiptsValue eReal (Dece ember2001 March2013)

28

AverageHourlyEarnings
January1,1985throughApril30,2013

Source:St.LouisFederalReserveBank

29

USUnemploymentRateandEmploymentto PopulationRatio
December31, 31 1990throughApril30, 30 2013 66 12

64
EmploymenttoPopulationRatio(%) 1,1990 April30, ,2013) December31

10
USUnem mploymentRate(% %) December31,1990 April30,2013) 30

62

60

58

56

USEmploymenttoPopulationRatio(LHS) USUnemploymentRate(RHS)

54

Source:USCensusBureau,Bloomberg,DoubleLine Capital RHS=RightHandSide LHS=LeftHandSide

Unemployment
January1,2001throughMarch31,2013

Source:BusinessInsider,May5th,2013http://www.businessinsider.com/davidrosenbergbernankewizardpotemkinmauldinpresentation20135?op=1

31

LaborParticipationRatesbyAgeGroup
January1,1990through2020ProjectedEstimates

Source:CalculatedRiskBlog http://www.calculatedriskblog.com/2012/10/understandingdeclineinparticipation.html

32

GallupOpinionPoll
January1,1991throughMarch31,2013

Source:http://www.ritholtz.com/blog/wpcontent/uploads/2013/05/retire.jpg

33

GallupOpinionPoll
January1,1991throughMarch31,2013 Surveyofpercentageofpeoplethatbelievetheywillretirebeforeage65,atage65orovertheage of65

Source:http://www.ritholtz.com/blog/wpcontent/uploads/2013/05/retire2.jpg

34

LaborParticipation
January1,2001throughMarch31,2013 Ifeducatedlaborparticipationisfalling,wherewillskilledlaborcomefromintheU.S?

Source:Gluskin Sheff,BusinessInsider,May5th,2013http://www.businessinsider.com/davidrosenbergbernankewizardpotemkinmauldinpresentation20135?op=1

35

TABII
Bloodless Verdictof ftheMarket

BofA/MerrillFixedIncomeIndexReturns
Grey=Year2012 Blue=YearToDate2013
Convertibles(VOSO) HighYield(JOAO) InternationalEmerging(IGOV) 3.30% Corporate(COAO) 0.50% InternationalDeveloped(NOGO) Mortgages(MOAO) 1.17% Government(G0A0) 1.04% 3.28% 0.31% 2 59% 2.59% 2.19% 3 84% 3.84% 13.63% 12.00% 15.44% 18.30% 9.52%

DataSource:BofA/MerrillLynchIndicesthroughyearendDecember31,2012andJune3,2013fortherespectiveyearsindicated. PleaseseetheAppendixforindexdefinitions.Aninvestmentcannotbemadedirectlyinanindex.

37

BofA/MerrillFixedIncomeIndexReturns
Grey=Y G Year2012 Blue=YearToDate2013
CCCRatedHighYield(JOA3) BBRatedHighYieldCredit(JOA1) BRatedHighYield(JOA2) BBBRatedCredit(COA4) ARatedCredit(COA3) 0.09% 0.80% 19.70% 7.70% 14.36% 2.62% 3.63% 15.03% 11.98% 9.82% 3.97%

AAARatedCredit(COA1) 1.60%

InvestmentGrade=IndicesratedAAAtoBBB (shownabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB or higherbyStandard&PoorsorBaa3byMoodys.Thehighertherating,themorelikelythebondistopaybackatpar/$100cents onthedollar.AAAisconsideredthehighest quality lit and dth thel lowest td degreeof frisk. i k Th Theyareconsidered id dt tob bestable t bl and dd dependable. d bl BelowInvestmentGrade=Alsoknownasjunkbond(shownabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenas havinghigherdefaultriskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinorder to makethemattractive.Theyarelesslikelytopay backatpar/$100centsonthedollar. Source:BofA/MerrillLynchIndices asofDecember31,2012andJune3,2013andfortheirrespectiveyearsindicated. PleaseseeappendixforIndexdefinitions Aninvestmentcannotbemadedirectlyinanindex.

38

GlobalEquityPerformance PriceReturn
January1,2013throughJune4,2013
GlobalEquityPerformance
(YTDPriceReturn)
28.00% 23.00% 18.00% 13.00% 8 85% 8.85% 8.00% 3.00% 2.00% 7.00% 12.00% 17.00% 5.97% 11.50% 7.68% 4.48% 1.33% 0.37% 0 37% 0.95% 16.41% 16.62% 14.77% 10.64% 27.58%

15.02%

1.65%

Source:Bloomberg;DoubleLine.Performanceinlocalcurrencies.YTDReturnsasofJune4,2013. PleaseseeAppendixforIndexdefinitions. DXY=USDollarSpotIndex.USdollarindexindicatingthegeneralinternationalvalueoftheUSdollarbyaveragingtheexchangeratesbetweenUSdollarandmajorworld currencies. Aninvestmentcannotbemadeinandindex.

39

U.S.Bond,Currency,andCommodityPerformance TotalReturn
January1 1,2013throughJune4, 4 2013
USBond,Currency,andCommoditiesPerformance1
(YTDTotalReturn)
15.00% 10.00% 5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 30 00% UST10yr UST30yr DXY EUR JPY Copper Gold CrudeOil NatGas Wheat Corn CRBIndex VIX 12.88% 16.05% 2.02% 5.28% 8.04% 10.49% 0.89% 0.35% 3.75% 3.43% 9.66% 3.62% 12.52%

Source:Bloomberg;DoubleLine DXY=USDollarspotprice,EUR=Eurospotprice,JPY=JapaneseYenspotprice Copper,Gold,CrudeOilandNaturalGasarequotedinspotprices.WheatandCornarequotedinunitsperbushel. CRB=TheTR/JCRBCommodityExcessReturnIndexisanarithmeticaverageofcommodityfuturespriceswithmonthlyrebalancing. VIX=MarketVolatilityIndex,apopularmeasureoftheimpliedvolatilityofS&P500indexoptions. Notes:(1)ReturnsYTDendingJune4,2013;(2)BasedonBofA MerrillLynchCurrent10yrUSTIndex;(3)BasedonBofA MerrillLynchCurrent30yrUST Index;(4)BasedonS&PGSCIIndexrepresentingasinglenamecommodityExcessReturn. UST10and30,S&PGSCI=PleaseseetheappendixforIndexdefinitions. Youcannotinvestdirectlyinanindex.

40

GlobalEquityPerformance PriceReturninUSDollars(USD)
January1,2013throughJune4,2013
GlobalEquityPerformance
(YTDPriceReturninUSD)
20.00% 15 02% 15.02% 15.00% 10.00% 5.00% 0.00% 5.00% 4.96% 10.00% 15.00% 15.30% 20.00% 1.80% 4.91% 9 % 2.03% 1.71% 16.41% 14 77% 14.77% 10.66% 7.71% 6.76% 4.46% 3 03% 3.03% 16.62%

Source:Bloomberg;DoubleLine,YTDReturnsasofJune 4,2013. PleaseseeAppendixforindexdefinitions. DXY=USDollarSpotIndex.USdollarindexindicatingthegeneralinternationalvalueoftheUSdollarbyaveragingtheexchangeratesbetweenUSdollarandmajor worldcurrencies. Aninvestmentcannotbemadedirectlyinandindex.

41

PerformanceSinceInceptionQE2
October4,2011throughJune3,2013

Source:BloombergFinancialServices CRY=TR/JCRBCommoditiesExcessReturnIndexisanarithmeticaverageofcommodityfuturesprocesswithmonthlyrebalancing. SPX=Standard&Poors500Indexisacapitalizationweightedindexof500stocks.Theindexisdesignedtomeasureperformance ofthebroaddomesticeconomy. TLT=iShares Barclays20+YearTreasuryBondFundinanexchangetradedfundincorporatedintheUSA. Youcannotdirectlyinvestinanindex.

42

WhatDidtheAggregateQEprogramsGiveus?

QE=QuantitativeEasingprograms.
Source:Bloomberg,DoubleLine Capital PleaseseeAppendixforS&P500definition.Youcannotinvestdirectlyinanindex.

43

WhatDidtheAggregateQEprogramsGiveus?

QE=QuantitativeEasingprograms.
Source:Bloomberg,DoubleLine Capital USTreasuryperformanceasmeasuredbytheBofA/MerrillLynchUSTreasury(GOQO)index.PleaseseeAppendixforindexdefinition.Youcannotinvest directlyinanindex

44

ShanghaiIndex
December31,2009throughJune4,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP Note:TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedontheShanghaiStock Exchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100. Aninvestmentcannotbemadedirectlyinanindex.

45

GoldSpotIndex
YearEnd2007throughJune4,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP Aninvestmentcannotbemadedirectlyinanindex.

46

CRBCommodityIndex
YearEnd2007throughJune3,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP Note:TheTR/JCRBCommodityExcessReturnIndexisanarithmeticaverageofcommodityfuturespriceswithmonthlyrebalancing. Aninvestmentcannotbemadedirectlyinanindex.

47

TABIII
HousingandMBSMarketTrends

MortgageRefinancingIndex
January4,2002throughMay24,2013

Source:BloombergFinancialServices MortgageRefinancingIndexasmeasuredbytheMortgageBankersAssociation.Reflectsthenumberofapplicationsforrefinance.Notallapplicationsareaccepted. Aninvestmentcannotbemadedirectlyinanindex.

4949

30YearU.S.MortgageRates
December31,2007throughJune3,2013

Source:BloombergFinancialServices,Bankrate.com ILM3NAVG=TheOvernightNationalAverageoftheU.S.30yearTreasuryinterestrate.Theyhelpconsumersseethemovementof ratesdaytoday.Subjecttoone daylag.

5050

HomePriceIndexLevelsandYearOverYearChange
January1,2000andJanuary1,2001throughMarch31,2013

Source:BloombergFinancialServices,CaseShiller S& /C Shiller S&P/Case Shill Home H Price i Index I d i iscomprised i dof fprice i changes h within i hi the h f following ll i subset b of f20metropolitan li markets: k 10City Ci Index I d Boston,Chicago, Chi Denver,Las L Vegas, V Los L Angeles,Miami,NewYork,SanDiego,SanFranciscoandWashingtonDC.Inadditiontothe10CityIndexitincludes:Atlanta,Charlotte,Cleveland,Dallas,Detroit,Minneapolis, Phoenix,Portland,Seattle,andTampa. CoreLogicNationalHousingPriceIndex(HPI)=CoreLogicisaleadingproviderofinformationandanalytics.Thisindexcovers 6,208zipcodes,572statisticalareasand1,027 countieslocatedinall50statesandDistrictofColumbia.Itisanationalaverage. Aninvestmentcannotbemadedirectlyinanindex.

51

51

ABXAAA071Index
January1,2010throughJune4,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP TheABX071AAAIndexisabasketofhomeequity.Constitutedfromreferenceobligationsissuedby20issuersofresidentialmortgagebackedsecurities. Aninvestmentcannotbemadedirectlyinanindex.

52

NonAgencyRMBS60++DelinquencyRate
January31,2005throughApril30,2013
60%

50% 60++SeriousD Delinquencies January2005throughApril2013

Prime AltA Subprime

37.7%

40%

30%

22.4%
20%

10.7%
10%

0%

SeriousDelinquenciesisdefinedbymortgagesthatare60++delinquencyratesdefinedasloans60or90dayslateinmortgagepayments,oralreadyinforeclosureorREO status. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLineCapitalasofApril30,2013.

53

NonAgencyRMBSConditionalDefaultRate
January31,2005throughApril30,2013
18% 16% 14%
CDR Ja anuary2005throug ghApril2013

Prime AltA Subprime

12% 10% 8% 6% 4% 2% 0%

8.3%

7.9%

3.7%

Serious i Delinquencies li i is i defined d fi dby b mortgagesthat h are60++delinquency d li ratesdefined d fi dasloans l 60or90days d late l in i mortgagepayments,oralready l d i inforeclosure f l orREO status. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLineCapitalasofApril30,2013.

54

NonAgencyRMBSLossSeverity
January y31, ,2005through g April p 30, ,2013
90% 80% 70% LossSeverity y January2005throughApril2013 60% 50% 40% 30% 20% 10% 0%

Prime AltA Subprime 71.7%

57.7% 44.8%

SeriousDelinquenciesisdefinedbymortgagesthatare60++delinquencyratesdefinedasloans60or90dayslateinmortgagepayments,oralreadyinforeclosureorREO status. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLineCapitalasofApril30,2013.

55

NonAgencyRMBSConditionalRepaymentRate
January31,2005throughApril30,2013
45% 40% 35%
CRR January2005throu J ughApril2013

Prime AltA Subprime

30% 25%

20.0%
20% 15% 10% 5% 0%

9.0% 3.1%

SeriousDelinquenciesisdefinedbymortgagesthatare60++delinquencyratesdefinedasloans60or90dayslateinmortgagepayments,oralreadyinforeclosureorREO status. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLineCapitalasofApril30,2013.

56

TABIV
DoubleLine bl i Funds d Overview i

TotalReturnBondFundPortfolioStatistics

Total Return BondFund AveragePrice Duration Average Life $100.40 2.63 4.16

BarclaysCapitalU.S. AggregateIndex $108.79 5.22 7.16

PortfoliostatisticsasofApril30,2013basedonmarketweightedaverages.Subjecttochangewithoutnotice. Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash. Averagepriceshouldnotbeconfusedwithnetassetvalue. AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements. g Life=Theaverage g numberofy yearsthateachdollarofunpaid p p principal p dueonthemortgage g g remainsoutstanding. g Average g lifeiscomputed p astheweighted g average g timeto Average thereceiptofallfuturecashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns. Source:DoubleLineCapitalLP

58

TotalReturnBondFundPortfolioComposition BySecurityType
Other 2.9% Cash 15.0% Government 4.8% CMBS 5.7%

NonAgency 25.8%

Agency 45.8%
PortfoliocompositionasofMay31,2013.Subjecttochangewithoutnotice. Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity. Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cashequivalentsonbalance sheetsthatmayincludesecuritiesthatmaturewithin90days. Government U.S.treasurysecurities. Agency=MortgagesecuritieswhoseprincipalandinterestguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC). NonAgency=ResidentialMortgagesBondSecuritiesareatypeofbondbackedbyresidentialmortgages.NonAgencymeanstheywereissuedby aprivateissuer. CMBS =CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty. Other=CollateralizedMortgageObligations(CLOs)

59

TotalReturnBondFundPortfolioComposition ByCollateralizeMortgageObligation(CMO)SecurityType
IOCurrent, IOLocked, 0.9% 0.0%

CMO Current Current, 4.3%

CMOLocked, 10.5%

AgencyCMOComposition

Cash,15.0% Inverse Floater,0.8%

Pass Through, 29.2%

Cash InverseFloater PassThrough CMOCurrent CMOLocked IOCurrent IOLocked Subtotal

15.0% 0.8% 29.2% 4.3% 10.5% 0.9% 0 0% 0.0% 60.8%

P tf li composition Portfolio iti asof fMay M 31, 31 2013 2013. Subject S bj tto t change h without ith tnotice. ti Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity. Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cashequivalentsonbalance sheetsthatmayincludesecuritiesthatmaturewithin90days. PassThrough=MortgagepassthroughsecuritieswhoseprincipalandinterestguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC)ornon agencyprivateissuewithnogovernmentguarantee. g g Obligation g (CMO) ( )isafinancialdebtvehicle/special /p purpose p p entity ycalledapool. p Investorsbuy ybondsissuedby ytheentity yandreceivepayments p y CMOCurrent=CollateralizedMortgage accordingtoadefinedsetofrules.Themortgagesthemselvesarethecollateral,thebondsarethetranches(alsocalledclasses),andthesetofrulesthatdictateshowmoneyisreceived fromthecollateralwillbedistributediscalledthestructure.Thelegalentity,collateralandstructurearecollectivelyreferredtoasthedeal. IO =InterestOnlymortgagepoolsinwhichtheborrowersmonthlypaymentisonlytowardtheinterestontheloan.Anonamortized loan. InverseFloater=Amortgagepoolthathasayieldthatisinverselyrelatedtointerestrates. 60 IOCurrentpay =Loansthatarecurrentlyreceivingprincipalpayments. LockedOut/CMOLockedOut=Loansthatforasetperiodoftimewillnotreceiveprincipalpayments.

TotalReturnBondFundPortfolio NonAgencyResidentialMortgageBackedSecurities (RMBS)BreakdownByOriginalRating

NonAgencyOriginalCredit
AA 0% A 1% AA+ 0% BBB+ BBB 0% 3% A 0% NR 9%

AAA 87%

Portfoliocompositionandcreditratingsasofsecurityorigination.Portfoliocompositionissubjecttochangewithoutnotice.TherearesomenonratedsecuritiesintheFundasshown inthegraphabove.CreditdistributionisdeterminedfromthehighestavailablecreditratingfromanyNationallyRecognized StatisticalRatingOrganization(S&P,Moodys,andFitch). InvestmentGrade=SecuritiesratedAAAtoBBB areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB orhigherbyStandard& PoorsorBaa3byMoodys.Ratingsbasedoncorporatebondmodel.Thehighertherating,themorelikelythebondistopayback atpar/$100 $ centsonthedollar.AAAisconsideredthe highestqualityandthelowestdegreeofrisk.Theyareconsideredtobeextremelystableanddependable. BelowInvestmentGrade=AlsoknownasjunkbondisasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenas havinghigherdefaultriskor otheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive.They arelesslikelytopaybackatpar/$100centsonthedollar. 61 NR=NotRated.Securitiesthatarenotratedbythethreeratingagencies. CreditqualitymaybeassessedbydifferentagenciesfordifferentbondsforreasonsbeyondthecontroloftheFund. Source:DoubleLineCapitalLPasofMay31,2013.

TotalReturnBondFundPortfolio NonAgencyRMBSBreakdownByCurrentCreditQuality
AA+ AAA A BBB+ 0% 0%AA A0% 3% A+ 0% 1% BBB BBB 2% 1% 0% BB+ 3% BB 1% BB 1% B+ 2% B 3% CCC+ 6% B 3%

NR 9%

D 16%

C 0%

CC 11%

CCC 24% CCC 14%

PortfoliocompositionasofMay31,2013.Portfoliocompositionissubjecttochangewithoutnotice.Therearesomenonratedsecuritiesintheportfolioasshowninthechartabove. CreditdistributionisdeterminedfromthehighestavailablecreditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch). InvestmentGrade=SecuritiesratedAAAtoBBB (showninblueabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB of higherbyStandard&PoorsorBaa3byMoodys.Ratingsbasedoncorporatebondmodel.Thehighertherating,themorelikely thebondistopaybackatpar/$100centsonthedollar. AAAis i considered id dthe h highest hi h quality li and dthe h lowest l degree d of frisk. i k Th Theyareconsidered id dtob beextremely l stable bl and ddependable. d d bl BelowInvestmentGrade=Alsoknownasjunkbond(showningreyabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenas havinghigherdefaultriskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinorder to makethemattractive.Theyarelesslikelytopaybackat par/$100centsonthedollar. CreditqualitymaybeassessedbydifferentagenciesfordifferentbondsforreasonsbeyondthecontroloftheFund. NR=NotRated.Securitiesthatarenotratedbythethreeratingagencies. Source:DoubleLineCapitalLP

62

TotalReturnBondFundPortfolio NonAgencyRMBSBreakdownByPrice
NonAgencyPriceBreakdown
8.0% 7.0% 6.0%

%ofFund

5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

DollarPrice

PortfoliopricecompositionasofMay31,2013.Subjecttochangewithoutnotice. Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.

63

CoreFixedIncomeFundPortfolioStatistics

CoreFixedIncome Fund AveragePrice Duration Average Life $103.92 4.61 6.71

BarclaysCapitalU.S AggregateIndex $108.79 5.22 7.16

PortfoliostatisticsasofApril30,2013basedonmarketweightedaverages.Subjecttochangewithoutnotice. Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividing by thenumberofsecuritiesanddoesnotincludecash. Averagepriceshouldnotbeconfusedwithnetassetvalue. AverageDuration=Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterest ratemovements. g Life=Theaverage g numberofyears y thateachdollarofunpaid p principal p p dueonthemortgage g g remainsoutstanding. g Average g lifeiscomputed p astheweighted g average g timeto Average thereceiptofallfuturecashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns. Source:DoubleLineCapitalLP

64

CoreFixedIncomeFundPortfolioComposition
BankLoans 3.98% HY Corporate 0.16% IGCorporate 15.91% CLO CMBS 2.50% 7.06% Cash C h 2.99% Govt 17.85%

EM 14.38%

MBS 35 16% 35.16%

PortfoliocompositionasofMay31,2013.Subjecttochangewithoutnotice. BankLoans=Adebtfinancingobligationissuedbyabankorsimilarfinancialinstitutiontoacompany. CommercialMortgageBackedSecurities(CMBS)=CommercialMortgageBackedSecurities. Securities Securitizedloansmadeoncommercialratherthanresidentialproperty. property CollateralizedLoanObligations(CLOs)=Aformofsecurization wherepaymentsfrommultiplemiddlesizedandlargebusinessloansarepooledtogetherandpassedontodifferentclassed ofownersinvarioustranches Cash =Cashholdingincludethevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cash equivalentsonbalancesheetsthatmayincludesecuritiesthatmaturewithin90days. Government=Governmentdebt(alsoknownaspublicdebtornationaldebt)ismoney(orcredit)owedbyanylevelofgovernment;eithercentralgovernment,federalgovernment, municipalgovernmentorlocalgovernment. MortgageBackedSecurities=Amortgagebackedsecurity(MBS)isanassetbackedsecurityordebtobligationthatrepresentsaclaimonthecashflowsfrom mortgageloans,most commonlyonresidentialproperty EmergingMarketsFixedIncome=Emergingmarketdebt(EMD)isatermusedtoencompassbondsissuedbylessdevelopedcountries. InvestmentGradeandHighYieldCorporates (IG)=Investmentgradeandnoninvestmentgradecorporatecredit.Bondsissuedbycorporationstoraisemoneyinordertoexpandits business.CreditdistributionisdeterminedfromthehighestavailablecreditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).Abondrated BBBorhigherwouldbeconsideredInvestmentGrade.AnybondratedBBBorbelowwouldbeHighYield. 65 Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.

CoreFixedIncomeFund PortfolioCreditQualityBreakdown
NotRated 5.53% BelowIG 16.92% Cash 2.99% Govt 17 85% 17.85%

Agency 20.58% Investment Grade 36.13%

PortfoliocompositionandcreditratingsasofApril30,2013.Portfoliocompositionissubjecttochangewithoutnotice.Credit distributionisdeterminedfromthehighestavailablecredit ratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch). Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds, banker'sacceptances,cashequivalentsonbalance sheetsthatmayincludesecuritiesthatmaturewithin90days. Government =Governmentdebt(alsoknownaspublicdebtornationaldebt)ismoney(orcredit)owedbyanylevelofgovernment;eithercentralgovernment,federalgovernment, municipalgovernmentorlocalgovernment. Agency =MortgagesecuritieswhoseprincipalandinterestareeffectivelyguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC). I Investment t tG Grade d =Abond b d i isconsidered id di investment t tgrade d ifit itscredit ditrating ti i isBBB of fhigher hi h by b St Standard d d&Poors P orB Baa3 3by b Moodys. M d Ratings R ti based b doncorporate t bond b dmodel. d l The Th highertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar. BelowInvestmentGrade(BelowIG)=Alsoknownasjunkbondisasecurityratedbelowinvestmentgrade.Thesebondsareseenashavinghigherdefaultriskor otheradversecredit events,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive.Theyarelesslikelytopaybackatpar/$100centsonthedollar. CreditqualitymaybeassessedbydifferentagenciesfordifferentbondsforreasonsbeyondthecontroloftheFund. 66 NR=NotRated.Securitiesthatarenotratedbythethreeratingagencies. Source:DoubleLineCapitalLP.

WhatintheWorldis G i On? Going O ?

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

June4,2013

U.S. Aggr 1 getIndexA Back IWS?requ to In

IndexDescriptions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered, taxable,anddollardenominated.The indexcoverstheUSinvestmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities, and dasset tbacked b k dsecurities. iti Th Thesemajor j sectors t aresubdivided bdi id di into t morespecific ifi i indices di th that tarecalculated l l t dand dreported t dona regular l b basis. i BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemaining maturityofoneyearormore. BarclaysCapitalUSTreasury10YearIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex. BarclaysCapitalCapitalUSTreasury30YearIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex. BarclaysCapitalUSHighYieldIndex TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixedrate,noninvestmentgradedebt.Eurobondsanddebt issuerfromcountriesdesignated g asemerging g gmarkets(e.g. ( g Argentina, g ,Brazil, ,Venezuela, ,etc.) )areexcluded, ,butCanadianand g globalbonds( (SECregistered) g )of issuersinnonEMGcountriesareincluded.Originalissuezereos,stepupcouponstructures,144Asandpayinkind(PIK,asofOctober1,2009)arealsoincluded. BofAMerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesinthe TreasuryandAgencyindices.) BofAMerrillLynchUS15+YearTreasuryIndexLongTreasuries(G802) ThisindexisasubsetoftheBofAMerrillLynchUSTreasuryIndexincludingallsecurities witharemainingtermoffinalmaturitygreaterthan15years.. BofAMerrillLynchUSCorporateIndex(COAO)InvestmentGrade TheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominated investmentgrade d corporatedebt d b publicly bl l issued dinthe h USdomestic d market. k Qualifying lf securitiesmusthave h aninvestmentgrade d rating(based (b donanaverageof f Moodys,S&PandFitch)andaninvestmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebt ratings).Securitiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM. BofAMerrillLynchUSAllConvertiblesIndex(VOSO) TheMerrillLynchAllConvertibleIndexisaruledrivenindex.whichincludesallbondsandpreferredstocks ofU.S.registeredcompanies,whichhave$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommonstocks,ADRsor cashequivalents.Pleasenoteaninvestorcannotinvestdirectlyinanindex. CRBCommodityIndex(CRY) Anunweightedgeometricaverageofsomeimportantcommodities. commodities Itaveragespricesacross17commoditiesandacrosstime. time The indextracksenergy,grains,industrials,livestock,preciousmetals,andagriculturals. S&P500(SPX) S&P500isafreefloatcapitalizationweightedindexpublishedsince1957ofthepricesof500largecapcommonstocksactively tradedinthe UnitedStates. StandardDeviation Sigma=standarddeviation.Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue).Alow standard deviationindicatedthatthedatapointtendtobeveryclosetothemean,whereashighstandarddeviationindicatedthatthe dateisspreadoutoveralargerange ofvalues. DowJones UBSDJCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU.S.exchanges,withtheexceptionof aluminum,nickelandzinc,whichtradeontheLondonMetalExchange(LME). Copper=CopperSpotPrice(HGI)Copperistheworldsthirdmostusedmetalbehindironandaluminumprimarilyusedinhighlycyclicalindustriesincluding constructionandindustrialmachinerymanufacturing.SpotpricequotedinUSD/lb. Gold=GoldSpotPrice(Golds)TheGoldSpotpriceisquotedasUSDollarperTroyOunce. CrudeOil=Crudeoilvariesgreatlyinappearancedependingonitscomposition.WestTexasintermediate(WTI)=Texaslightsweetcrudeisusedasabenchmarkin oilpricing pricing.It Its slight light becauseofthelowdensityandsweetbecauseoflowsulfur sulfur.Brentcrude=Isamajortradingclassificationofsweetlightcrude crude.Brentistheoil makeralsoknownasBrentBlend. VolatilityIndex(VIX)TheVIXshowsthemarket'sexpectationof30dayvolatility.Itisconstructedusingtheimpliedvolatilitiesofawiderangeof S&P500index options. Thisvolatilityismeanttobeforwardlookingandiscalculatedfrombothcallsandputs. TheVIXisawidelyusedmeasureofmarketriskandisoften 68 referredtoas the"investorfeargauge".

U.S. Aggr 1 getIndexA Back IWS?requ to In

IndexDescriptions
BofAMerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV) ThisindextrackstheperformanceofUSdollardenominatedemergingmarketandcrossoversovereigndebtpubliclyissuedintheeurobondorUSdomesticmarket. QualifyingcountriesmusthaveaBB1orlowerforeigncurrencylongtermsovereigndebtrating(basedonanaverageofMoodys,S&P,andFitch). BofAMerrillLynchU.S.HighYieldCashPayIndex(J0A0)BelowInvestmentGrade TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebt,currentlyinacouponpayingperiod, thatispubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveabelowinvestmentgraderating(basedonanaverageofMoodys,S&PandFirth foreigncurrencylongtermsovereigndebtratings).Musthaveoneyearremainingtofinalmaturityandaminimumoutstandingamountof$100MM. BofAMerrillLynchInternationalGovernmentIndex(NOGO) TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,SwissandUKinvestmentgradesovereigndebt publiclyissuedanddenominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity, afixedcouponscheduleandaminimumamountoutstanding. BofAMerrillLynchMortgageBackedSecuritiesIndex(MOA0) ThisindextrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthroughsecuritiespubliclyissuedbyUSagenciesinthe USdomesticmarket.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedintheIndexprovidedtheyhaveatleastoneyearremaining termtofinalmaturityandaminimumamountoutstandingofatleast$5billionpergenericcouponand$250MMperproductionyear withineachgenericcoupon. BofAMerrillLynchU.S.MunicipalSecuritiesIndex(UOA0) ThisindextrackstheperformanceofUSdollardenominatedinvestmentgradetaxexemptdebtpubliclyissuedbyUSstatesandterritories,andtheirpolitical subdivisions,intheUSdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandan investmentgraderating(basedonMoodys,S&PandFitch).Minimumsizevarybasedontheinitialtermtofinalmaturityattime ofissuance. BarclaysCapitalGlobalEmergingMarketsIndex TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmerging MarketsindexandthepredominatelyEURdenominatedPanEuroEmergingMarketsIndex, Index coveringemergingmarketsinthefollowingregions:Americas, Americas Europe, Europe MiddleEast,Africa,andAsia.AswithotherfixedincomebenchmarksprovidedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewofthe marketplaceandeasyreplicability. JPMorganInvestmentGradeCorporateIndex JPMorganInvestmentGradeCorporateIndexincludesperformanceofUSdollardenominatedinvestmentgrade corporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&Pand Fitch)andaninvestmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securities musthaveatleastoney yearremaining gtermtofinalmaturity, y afixedcoupon p scheduleandaminimumamountoutstanding gof$250MM. DrawDown Thepeaktotroughdeclineduringaspecificrecordperiodofaninvestment,fundorcommodity.Adrawdownisusuallyquotedasthepercentage betweenthepeakandthetrough. NAV Amutualfund'spricepershareorexchangetradedfund's(ETF)persharevalue.Inbothcases,thepersharedollaramountof thefundiscalculatedbydividing thetotalvalueofallthesecuritiesinitsportfolio,lessanyliabilities,bythenumberoffundsharesoutstanding. CMO Atypeofmortgagebackedsecuritythatcreatesseparatepoolsofpassthroughratesfordifferentclassesofbondholderswith varyingmaturities,called tranches.Therepaymentsfromthepoolofpassthroughsecuritiesareusedtoretirethebondsintheorderspecifiedbythebonds'prospectus TIPS Treasury T I Inflation fl ti P Protection. t ti At treasurysecurity it th that ti isi indexed d dt toi inflation fl ti i inorder d t toprotect t ti investors t f fromth thenegative ti effects ff t of finflation. i fl ti TIPSare consideredanextremelylowriskinvestmentsincetheyarebackedbytheU.S.governmentandsincetheirparvalueriseswithinflation,asmeasuredbythe ConsumerPriceIndex,whiletheirinterestrateremainsfixed. CPI ConsumerPriceIndex.Ameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodand 69 medicalcare. CashFlow Cashflowmeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome.

U.S. Aggr 1 getIndexA Back IWS?requ to In

BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCrated HighYieldcreditonly. BofA/MerrillLynchHighYieldCashPayBBrated BB ratedIndex(JOA1) .A AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBrated HighYieldcreditonly. BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHigh Yieldcreditonly. BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBB investmentgradecredits. BofA/Merrill / Lynch y CreditIndexAratedIndex( (COA3) ) .Acomponent p oftheBofA/Merrill / Lynch y CreditIndexconcentrating gontheAratedinvestmentg grade credits. BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAA investmentgradecredits. BofA MerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpublicly issuedbytheUSgovernmentinitsdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinal maturity,afixedcouponschedule andaminimumamountoutstandingof$1billion. B fAM BofA Merrill illL Lynch hUS1015Y YearT TreasuryI Index d Long L T Treasury The Th Merrill M illLynch L hUS1015T TreasuryI Index d tracks k the h performance f of fUSdollar d ll denominated d i d10 15yearsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO). BofA MerrillLynchMunicipalIndexTheMerrillLynchMunicipal BofA MerrillLynchCurrent10yearUSTIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex. BofA MerrillLynchCurrent30yearUSTIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex. S&PGSCISingleNameCommodityExcessReturnIndex Thisindexisasinglenamecommodity(ex.Corn)singledoutoftheS&PGSCIIndextoshowthetotal returnforthatspecificcommodity. ShanghaiIndex TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedonthe ShanghaiStockExchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100. S&P/CaseShillerCompositeHomePriceIndex TheCaseShillerHomePriceIndices,onecomprisedofpricechangeswithinall20metropolitanmarkets,and anothercomprisedofpricechangeswithinthefollowingsubsetof10metropolitanmarkets:Boston,Chicago,Denver,LasVegas,LosAngeles,Miami,NewYork, SanDiego,SanFranciscoandWashingtonDC.Inadditiontothose10markets,the20HomePriceindexreflectspricechangesforAtlanta,Charlotte,Dallas,Detroit, Minneapolis,Phoenix,Portland,SeattleandTampa. NASDAQ Acomputerizedsystemthatfacilitatestradingandprovidespricequotationsonmorethan5,000ofthemoreactivelytradedover thecounterstocks. Createdin1971,theNasdaqwastheworld'sfirstelectronicstockmarket. Transports TheIndustrialsSectorincludescompanieswhosebusinessesaredominatedbyoneofthefollowingactivities:Themanufactureand distributionof capitalgoods,includingaerospace&defense,construction,engineering&buildingproducts,electricalequipmentandindustrial machinery Utilities Apublicutilityisabusinessthatfurnishesaneverydaynecessitytothepublicatlarge.Publicutilitiesprovidewater,electricity,naturalgas,telephone service,andotheressentials.Utilitiesmaybepubliclyorprivatelyowned,butmostareoperatedasprivatebusinesses. BasisPoint Abasispointisaunitthatisequalto1/100th of1% 1%,andisusedtodenotethechangeinafinancialinstrument instrument. REIT RealEstateTrust.Asecuritythatsellslikeastockonthemajorexchangesandinvestsinrealestatedirectly,eitherthrough propertiesormortgages Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebt securities,priortomaturity.Securitieswithalongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration. 70 PrimeXIndex PrimeXisanindexofferedbyMarkit.ItallowsinvestorstosyntheticallygainexposuretononagencyPrimeresidentialmortgagecollateral.An investmentcannotbemadedirectlyinandindex.

IndexDescriptions

U.S. Aggr 1 getIndexA Back IWS?requ to In

IndexDescriptions
BofA/MerrillLynchInflationLinkedIndex(G0Q1) TheBofA MerrillLynchUSInflationLinkedTreasuryIndextrackstheperformanceofUSdollardenominated inflationlinkedsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket. CitigroupTIPS(SBUSILSI) . Itmeasuresthereturnsoftheinflationlinkedbondswithfixedratecouponpaymentsthatarelinkedtoaninflationindex.The priceof eachissueintheUSLSIisadjustedbyusinganindexratio.Theindexratioisdeterminedbydividingthecurrentinflationindexlevelbytheinflationindexlevelat thetimeofissueofthesecurity.Theinflationindexispublishedonamonthlybasis,andtheintramonthindexratioiscalculatedusinglinear interpolation. p BarclaysCapitalCMBSIndex trackstheperformanceofUSdollardenominatedsecuritizedcommercialmortgagebackedsecurities. Russell2000 measurestheperformanceofthesmallcapsegmentoftheUSequityuniverse.Russell2000isasubsetoftheRussell3000indexrepresenting approximately10%ofthetotalmarketcapitalizationofthatindex. S&PGSCI isacompositeindexofcommoditysectorreturnrepresentinganunleveraged,longonlyinvestmentincommodityfuturesthatisbroadlydiversified acrossthespectrumofcommodities. S&PGSCIAgriculture isacompositeindexofagriculturecommodityfuturesunleveraged,longonlyinvestment. BarclaysCapitalUS30YearTIPSIndex . BarclaysCapital30yearTIPSontherunindexquotedinUSDollarstradedintraday CitigroupEconomicSurpriseIndex . TheCitigroupEconomicSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedas weightedhistoricalstandarddeviationsofdatasurprises(actualreleasesvsBloombergsurveymedian).Apositivereadingof theEconomicSurpriseIndexsuggests thateconomicreleaseshaveonbalancebeatingconsensus.Theindicesarecalculateddailyinarollingthreemonthwindow.Theweightsofeconomicindicators arederivedfromrelativehighfrequencyspotFXimpactsof1standarddeviationdatasurprises.Theindicesalsoemployatimedecayfunctiontoreplicatethe limitedmemoryofmarkets. DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange. CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloat marketcapitalizationandliquidity. FTSE100 Isacapitalizationweightedindexofthe100mosthighlycapitalizedcompaniestradedontheLondonStockExchange. MexicoIPC TheMexicanIPCindexisacapitalizationweightedindexoftheleadingstockstradedontheMexicanStockExchange. HangSeng TheHangSeng ChinaEnterprisesIndexisafreefloat capitalizationweightedindexcomprisedofHshareslistedontheHongKongStockExchangeand includedintheHangSeng MainlandCompositeIndex. KOSPI ThisindexisacapitalizedweightedindexofallcommonsharesontheKoreanStockExchanges. Nikkei225 TheNikkei225Stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionoftheTokyoStockExchange. AustraliaAORD S&P/ASXAllOrdinariesrepresents500largestcompaniesintheAustralianequitiesmarket.Indexconstitutesaredrawnfromeligiblecompanies listedontheAustralianStockExchange. BrazilBovespa Index(IBOV)TheBovespa Idnex isagrossreturnindexweightedbytradedvolumeandiscomprisedofthemostliquidstockstradedontheSao PauloStockExchange.TheBovespa Indexhasbeendivided10timesbyafactorof10sinceJanuary1,1985. ShanghaiIndex(SHCOMP) TheShanghaiStockExchangeCompositeIndexisacapitalizationweightedindex index.TheindextracksthedailyperformanceofallAshares andBshareslistedontheShanghaiStockExchange.TheindexwasdevelopedonDecember19,1990withabasevalueof100. BSEIndiaSensitiveIndex(Sensex)TheSensex isacapweightedindex.Theselectionoftheindexmembershasbeenmadeonthebasisofliquidity,depthand floatingstockadjustmentdepthandindustryrepresentation. 71

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ImportantInformationRegardingThisReport
Issueselection l i processesand dtools l ill illustrated dthroughout h h this hi presentation i aresamples l and dmayb bemodified difi dperiodically. i di ll Such hcharts h arenotthe h only l tools l used d bytheinvestmentteams,areextremelysophisticated,maynotalwaysproducetheintendedresultsandarenotintendedforusebynonprofessionals. DoubleLinehasnoobligationtoproviderevisedassessmentsintheeventofchangedcircumstances.Whilewehavegatheredthisinformationfromsources believedtobereliable,DoubleLinecannotguaranteetheaccuracyoftheinformationprovided.Securitiesdiscussedarenotrecommendationsandarepresented asexamplesofissueselectionorportfoliomanagementprocesses.Theyhavebeenpickedforcomparisonorillustrationpurposesonly.Nosecuritypresented withiniseitherofferedforsaleorpurchase.DoubleLinereservestherighttochangeitsinvestmentperspectiveandoutlook withoutnoticeasmarketconditions dictateorasadditionalinformationbecomesavailable available.

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Investmentstrategiesmaynotachievethedesiredresultsduetoimplementationlag,othertimingfactors,portfoliomanagementdecisionmaking,economicor marketconditionsorotherunanticipatedfactors.Theviewsandforecastsexpressedinthismaterialareasofthedateindicated,aresubjecttochangewithout notice,maynotcometopassanddonotrepresentarecommendationorofferofanyparticularsecurity,strategy,orinvestment. Pastperformanceisno guaranteeoffutureresults.

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