1 19 2016 Global Webcast Slides Global Bond Final 1

Introduction to the Global Bond Fund
Live Webcast
Hosted By:
Jeffrey Gundlach
CEO/CIO
Global Bond Fund
(DBLGX/DLGBX)
January 19, 2016
Fund Offerings
Global Bond Fund
Retail and Institutional Class
No Load Mutual Fund
Retail
Inst.
N-share I-share
Ticker
Min Investment
Min IRA Investment
Gross Expense Ratio
Net Expense Ratio*
DLGBX
$2,000
$500
1.17%
0.96%
DBLGX
$100,000
$5,000
0.92%
0.71%
The funds investment objectives, risks, charges and expenses must be considered carefully
before investing. The statutory and summary prospectuses contain this and other
important information about the investment company, and may be obtained by calling 1
(877) 354-6311/1 (877) DLine11, or visiting www.doublelinefunds.com. Read carefully
before investing.
Mutual fund investing involves risk; Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities.
Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in asset-backed and mortgage-backed securities include
additional risks that investors should be aware of including credit risk, prepayment risk, possible liquidity and default as well as increased susceptibility to adverse economic developments. Investments in
foreign securities, which involve political, economic, and currency risks, greater volatility, and differences in accounting methods. These risks are greater for investments in emerging markets. The Fund
may use certain types of exchange traded funds or investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments.
Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives
could lose more than the amount invested. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop
or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares. The Fund may use leverage which may cause the effect of an increase or
decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used.
Opinions expressed are subject to change at any time, are not forecasts and should not be considered investment advice.
Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security.
*The Advisor has contractually agreed to waive fees and reimburse expenses through November 29, 2016.
Diversification does not assure a profit or protect against loss in a declining market.
DoubleLine Funds are distributed by Quasar Distributors, LLC.
DoubleLine Global Fixed Income Webcast 1-19-2016 1
While the Funds are no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.
Announcements
Jeffrey Gundlach Just Markets
The Just Markets 2016 Outlook Webcast is available now for replay
Please visit www.doubleline.com
Jeffrey Sherman February 9, 2016
Shiller Enhanced CAPE Webcast
Go to www.doublelinefunds.com, Home page under Events
2016 Webcast Schedule to register
1:15 pm PDT/4:15 pm EDT
Jeffrey Gundlach March 8, 2016
Total Return Bond Fund Webcast
To Receive Presentation Slides:

You can email
fundinfo@doubleline.com
TAB I
Global Bond Team
Global Bond Markets

Global Bond Investment Team
Team Based Decisions
Portfolio Manager
Jeffery Gundlach
CIO, CEO
Investment Team
Mark Christensen
Luz Padilla
Michael Schroeder
William Campbell
Su Fei Koo
Vishal Shah
Valerie Ho, CFA
Gregory Whiteley
Updated as of November 2015

TAB II
Global Bond Markets
Global Bond Markets

Federal Reserve Fed Funds Rate Projections (December 2015)
Source: Federal Reserve Open Markets Committee (FOMC) meeting December 15-16, Doubleline
FOMC participants assessments of appropriate monetary policy: Midpoint of target range or target level for the federal funds rate.
Global Bond Markets

U.S Dollar Index Spot
U.S dollar Index peaked in March 2015
Source: Bloomberg
U.S. Dollar Index as measured by DXY
DXY is the US Dollar Index (USDX) indicates the general value of the US Dollar. Average exchange rates between the US dollar and six major world currencies.
An investment cannot be made directly in an index.
Global Bond Markets

World GDP Growth Forecasts
As of December 31, 2015 Projected 2016
Source: Bianco Research

GDP = Gross Domestic Product is the monetary value for all the finished goods and services produced within a given country.
Global Bond Markets

U.S. Dollar During Fed Hiking Cycles
SourceL JPMorgan
JPM USD Index are investable versions of trade-weighted indices produced by JPMorgans Economics since the 1970s. TCIs /Tradable Currency Indices are available for 17 countries in the G-10 and
emerging markets. An investment cannot be made directly in an index.
Global Bond Markets

Developed Market Bonds vs. Emerging Market Bonds
Citi World Government Bond Index vs. J.P. Morgan GBI-EM Performance
Source: Citi World Government Bond Index, Bloomberg, Doubleline as of 1/11/2016.

JP Morgan Global Bond Emerging Markets Global Composite Unhedged in USD, Bloomberg, Doubleline
Global Bond Markets

Investment Rationale for Global Bonds
Broad and deep markets

Diversified sources of potential return
Potential to capture a higher yield relative to U.S. bond market
Diversification across different regions, countries and asset classes
Participation in non-U.S. country specific developments
Global Bond Markets

Broad and Deep Markets
Growing Global Bond Market
Globalization has led to widespread issuance of non U.S.-government, agency, and corporate
debt securities. The non-U.S. bond market has grown substantially, and is currently larger than
the U.S. bond market.
Composition of Global Bond Market

70.0%
61.4%
60.0%
50.0%
49.0%
51.0%
38.6%
40.0%
30.0%
20.0%
10.0%
0.0%
2001 Mkt Cap.
$33.3trn
2014 Mkt Cap.

$90.6trn
U.S.
Non - U.S.
Source: Bank of International Settlements quarterly Review, Q42014. Data as of June 2014 and June 2001.
Global Bond Markets

Diversified Sources of Return
Diversification across asset classes
Historically, global bonds have had low correlation to other traditional asset classes.
Low Correlation to Citi Non-US WGBI

1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
Barclays US
Aggregate
Barclays US
Corporate High
Yield
S&P 500
MSCI EAFE
Monthly data from 12/31/1990. Source: Bloomberg.
Source: Bloomberg
Monthly data from December 31, 1990 through October 31, 2015
Please see appendix for index definitions. One cannot invest directly in an index.
Global Bond Markets

Participation in Non-U.S. Specific Developments
Diversification across regions, countries and asset classes
Investors can participate in countries who may be in different points in their business cycles which
offer opportunity for diversified returns.
Idiosyncratic opportunities
Independent sources of return that are uncorrelated to general macro trends:
Election cycles
Natural resource discoveries
Geopolitical events
Trade agreements
Demographic trends
TAB III
Global Bond Strategy Process
DoubleLine Global Bond Strategy Investment Process
Global Macro Research
Sovereign Research
Global Asset Allocation led by

Jeffrey Gundlach
In-depth sovereign research
DoubleLine Global
Bond Strategy
Interest Rates
Currency
USD Sovereign
Investment Process subject to change without notice.
Active Risk
Management
Portfolio
Construction
Daily monitoring
Active research updates
Country selection
Duration positioning
Security valuations
Sovereign Research

Jeffrey Gundlach
DoubleLine Global
Bond Strategy
Interest Rates
Currency
USD Sovereign
Active Risk
Management
Portfolio
Construction
Daily monitoring
Country selection
Duration positioning
Security valuations
Sovereign Research
Sovereign Research

Jeffrey Gundlach
DoubleLine Global
Bond Strategy
Interest Rates
Currency
USD Sovereign
Active Risk
Management
Portfolio
Construction
Daily monitoring
Country Selection
Duration Positioning
Security Valuations
Portfolio Construction
Sovereign Research

Jeffrey Gundlach
DoubleLine Global
Bond Strategy
Interest Rates
Currency
USD Sovereign
Active Risk
Management
Portfolio
Construction
Daily monitoring
Country Selection
Security Valuations
Active Risk Management
Sovereign Research

Jeffrey Gundlach
DoubleLine Global
Bond Strategy
Interest Rates
Currency
USD Sovereign
Active Risk
Management
Portfolio
Construction
Daily monitoring
Country Selection
Security Valuations
TAB IV
Global Fund Characteristics
DoubleLine Global Bond Characteristics

Core holdings will consist of sovereign government bonds denominated in local
currency
The Fund will primarily invest in investment grade rated securities, but may
hold up to 25% in below investment grade issuers
The Fund will opportunistically hedge currencies and take currency overlay
positions as opportunities arise.
The Fund will opportunistically hold dollar sovereign bonds and corporate
credit bonds to take advantage of opportunities as they arise.
Characteristics are estimates and may be altered without notice based on economic, market or other conditions.
Please see Appendix for Index Definitions. An Investment cannot be made directly in an index.
Global Bond Fund

Credit Quality Breakdown As of January 15, 2016
Global Bond Fund
BBB
10.4%
BB Not Rated
0.0%
1.4%
Cash &
Accrued
5.7%
A
17.3%
AA
1.4%
AAA
63.8%
Credit distribution is determine from the highest available credit rating from any Nationally Recognized Statistical Rating Agency (NRSRO, generally S&P, Moodys
and Fitch). DoubleLine Chooses to display credit ratings using S&Ps rating convention, although the rating itself might be sourced from another NRSRO.
Global Bond Fund

Region Distribution As of January 15, 2016
Portfolio Region Distribution

(% of Portfolio)
DBLGX
WGBI
Americas
44.7%
35.7%
Europe
18.4%
38.9%
CEEMEA
11.6%
0.9%
Asia
19.5%
24.4%
CEEMEA = Central Eastern Europe Middle East & Africa
Global Bond Fund

Duration Breakdown As of January 15, 2016
Global Bond Fund
Less than 1
1 to 3 years
5.7%
3.2%
3 to 5 years
19.0%
7 to 10 years
42.2%
5 to 7 years
29.9%
Introduction to the Global Bond Fund

Live Webcast
Hosted By:
Jeffrey Gundlach
CEO/CIO
Global Bond Fund
(DBLGX/DLGBX)
January 19, 2016
Announcements

You can email
Definitions
JP Morgan Emerging Markets Government Bond Index (GBI-EM/JGENBDUU) This index is the first comprehensive, global local Emerging Markets index, and
consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure.
Citi World Government Bond Index This is an index of fixed-rate local currency, investment grade sovereign bonds that comprises sovereign debt from over 20
countries.
DXY the U.S. Dollar (USD) Index indicates the general international value of the USD by averaging the exchange rates between the USD and major world currencies.
Standard Deviation - A measure of the variation or dispersion of a set of data from its mean or expected/budgeted value. A low standard deviation indicates that the
data points tend to be very close to the mean, whereas a high standard deviation indicates that the data is spread out over a large range of values. A measure of an
investment's volatility.
Market Price - The weighted average of the prices of the funds portfolio holdings. While market price is a component of the funds Net Asset Value (NAV), it should
not be confused with the funds NAV.
Duration - A measure of the sensitivity of the price of a fixed income investment to a change in interest rates, expressed as a number of years.
Average Life - The average number of years that each dollar of unpaid principal due on the mortgage remains outstanding. Average life is computed as the weighted
average time to the receipt of all the future cash flows, using as the weights the dollar amounts of the principal paydowns.
Effective Exchange Rate - The effective exchange rate is a measure of the value of a currency against a basket of other currencies, relative to a base date. It is
calculated as a weighted geometric average of the exchange rates, expressed in the form of an index. The weights used are designed to measure, for an individual
country, the relative importance or each of the other countries as a competitor to its manufacturing sector and reflect aggregate trade flows in manufactured goods.
Correlation - A statistical measurement of the relationship between two variables. Possible correlations range from +1 to -1. A zero correlation indicates that there is
no relationship between the variables. A correlation of -1 indicates a perfect negative correlation and +1 indicates a perfect positive correlation.
Barclays U.S. Aggregate Bond Index - An index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S.
investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed
securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.
S&P 500 - A capitalized-weighted index of 500 stocks chosen for market size, liquidity an dindustry grouping, among other factors. This index is designed to be a
leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.
Morgan Stanley Capital International EAFE Index (MSCI-EAFE) - A market-capitalization weighted stock market index designed to measure equity market
performance of developed markets outside of the U.S. and Canada. This index includes a selection of stocks from 21 developed markets, excluding the U.S. and
Canada.
Barclays U.S. Corporate High Yield Index - An index that covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issuer from countries
designated as emerging markets (e.g. Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG
countries are included. Original issue zeros, step-up coupon structures, 144-As and pay-in-kind (PIK, as of October 1, 2009) are also included.
Below Investment Grade - A term indicating that a security is rated below investment grade. These securities are seen as having higher default risk or other adverse
credit events, but typically pay higher yields than better quality bonds in order to make them attractive. They are less likely to pay back 100 cents on the dollar.
Investment Grade - A level of credit rating for stocks regarded as carrying a minimal risk to investors. Ratings are based on corporate bond model. The higher the
rating the more likely the bond will pay back par/100 cents on the dollar.
Disclaimer
Important Information Regarding This Report
This report was prepared as a private communication and was not intended for public circulation. Clients or prospects may authorize distribution to their
consultants or other agents.
Issue selection processes and tools illustrated throughout this presentation are samples and may be modified periodically. Such charts are not the only tools used
by the investment teams, are extremely sophisticated, may not always produce the intended results and are not intended for use by non-professionals.
DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. While we have gathered this information from sources
believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed are not recommendations and are presented
as examples of issue selection or portfolio management processes. They have been picked for comparison or illustration purposes only. No security presented
within is either offered for sale or purchase. DoubleLine reserves the right to change its investment perspective and outlook without notice as market conditions
dictate or as additional information becomes available. This material may include statements that constitute forward-looking statements under the U.S.
securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to a
clients account, or market or regulatory developments.
Important Information Regarding Risk Factors

Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or
market conditions or other unanticipated factors. The views and forecasts expressed in this material are as of the date indicated, are subject to change without
notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. Past performance is no
guarantee of future results.
Important Information Regarding DoubleLine

In preparing the client reports (and in managing the portfolios), DoubleLine and its vendors price separate account portfolio securities using various sources,
including independent pricing services and fair value processes such as benchmarking.
To receive a complimentary copy of DoubleLines current Form ADV (which contains important additional disclosure information), a copy of the DoubleLines
proxy voting policies and procedures, or to obtain additional information on DoubleLines proxy voting decisions, please contact DoubleLines Client Services.
Disclaimer
Important Information Regarding DoubleLines Investment Style
DoubleLine seeks to maximize investment results consistent with our interpretation of client guidelines and investment mandate. While DoubleLine seeks to
maximize returns for our clients consistent with guidelines, DoubleLine cannot guarantee that DoubleLine will outperform a client's specified benchmark or the
market or that DoubleLines risk management techniques will successfully mitigate losses. Additionally, the nature of portfolio diversification implies that certain
holdings and sectors in a client's portfolio may be rising in price while others are falling; or, that some issues and sectors are outperforming while others are
underperforming. Such out or underperformance can be the result of many factors, such as but not limited to duration/interest rate exposure, yield curve
exposure, bond sector exposure, or news or rumors specific to a single name.
DoubleLine is an active manager and will adjust the composition of clients portfolios consistent with our investment teams judgment concerning market
conditions and any particular sector or security. The construction of DoubleLine portfolios may differ substantially from the construction of any of a variety of
bond market indices. As such, a DoubleLine portfolio has the potential to underperform or outperform a bond market index. Since markets can remain
inefficiently priced for long periods, DoubleLines performance is properly assessed over a full multi-year market cycle.
Important Information Regarding Client Responsibilities

Clients are requested to carefully review all portfolio holdings and strategies, including by comparing the custodial statement to any statements received from
DoubleLine. Clients should promptly inform DoubleLine of any potential or perceived policy or guideline inconsistencies. In particular, DoubleLine understands
that guideline enabling language is subject to interpretation and DoubleLine strongly encourages clients to express any contrasting interpretation as soon as
practical. Clients are also requested to notify DoubleLine of any updates to Clients organization, such as (but not limited to) adding affiliates (including broker
dealer affiliates), issuing additional securities, name changes, mergers or other alterations to Clients legal structure.
DoubleLine is a registered trademark of DoubleLine Capital LP.

2016 DoubleLine Capital LP
Announcements

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Introduction to the Global Bond Fund

January 19, 2016

To Receive Presentation Slides:

DoubleLine Global Fixed Income Webcast 1-19-2016 2

DoubleLine Global Fixed Income Webcast 1-19-2016 3

Global Bond Markets

Valerie Ho, CFA

Updated as of November 2015

DoubleLine Global Fixed Income Webcast 1-19-2016 5

Global Bond Markets

Global Bond Markets

Global Bond Markets

Source: Bianco Research

DoubleLine Global Fixed Income Webcast 1-19-2016 8

Global Bond Markets

Global Bond Markets

Source: Citi World Government Bond Index, Bloomberg, Doubleline as of 1/11/2016.

DoubleLine Global Fixed Income Webcast 1-19-2016 10

Global Bond Markets

Broad and deep markets

DoubleLine Global Fixed Income Webcast 1-19-2016 11

Global Bond Markets

Composition of Global Bond Market

2014 Mkt Cap.

DoubleLine Global Fixed Income Webcast 1-19-2016 12

Global Bond Markets

Low Correlation to Citi Non-US WGBI

Monthly data from 12/31/1990. Source: Bloomberg.

DoubleLine Global Fixed Income Webcast 1-19-2016 13

Global Bond Markets

DoubleLine Global Fixed Income Webcast 1-19-2016 14

DoubleLine Global Fixed Income Webcast 1-19-2016 15

DoubleLine Global Bond Strategy Investment Process

Global Macro Research

Global Asset Allocation led by

In-depth sovereign research

Investment Process subject to change without notice.

DoubleLine Global Fixed Income Webcast 1-19-2016 16

Global Macro Research

Global Macro Research

Global Asset Allocation led by

In-depth sovereign research

Investment Process subject to change without notice.

DoubleLine Global Fixed Income Webcast 1-19-2016 17

Global Macro Research

Global Asset Allocation led by

In-depth sovereign research

Investment Process subject to change without notice.

DoubleLine Global Fixed Income Webcast 1-19-2016 18

Global Macro Research

Global Asset Allocation led by

In-depth sovereign research

Investment Process subject to change without notice.

DoubleLine Global Fixed Income Webcast 1-19-2016 19

Active Risk Management

Global Macro Research

Global Asset Allocation led by

In-depth sovereign research

Investment Process subject to change without notice.

DoubleLine Global Fixed Income Webcast 1-19-2016 20

DoubleLine Global Fixed Income Webcast 1-19-2016 21

DoubleLine Global Bond Characteristics

Global Bond Fund

Global Bond Fund