TheEndofQEasWeKnowIt?

DoubleLineMultiAssetGrowthFund LiveWebcasthostedby:
JeffSherman
PortfolioManager, MultiAssetGrowth

July9, 9 2013

Disclosures
MultiAssetGrowthFund Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebt securities.InvestmentsinAssetBackedandMortgageBackedSecuritiesincluderisksthatinvestorsshouldbeawareofsuchascredit risk,prepaymentrisk,possibleilliquidityanddefault,aswellasincreasedsusceptibilitytoadverseeconomicdevelopments.TheFund investsinforeignsecuritieswhichtypicallyinvolvegreatervolatilityandpolitical,economicandcurrencyrisksthendoinvestmentsin domesticsecuritiesandtheissuersofwhicharetypicallysubjecttodifferentaccountingstandards.Theserisksaregreater for investmentsinemergingmarkets.Investmentsinlowerratedandnonratedsecuritiespresentagreaterriskoflosstoprincipal and interestthanhigherratedsecurities.TheFundmayinvestinsecuritiesrelatedtorealestate,whichmaydeclineinvalueasa resultof factorsaffectingtherealestateindustry. industry Derivativesmayinvolvecertaincostsandriskssuchasliquidity, liquidity interestrate, rate market, market credit, credit managementandtheriskthatapositioncouldnotbeclosedwhenmostadvantageous.Investinginderivativescouldlosemorethan theamountinvested.Commoditylinkedderivativeinstrumentsmayinvolveadditionalcostsandriskssuchaschangesincommodity indexvolatilityorfactorsaffectingaparticularindustryorcommodity,suchasdrought,floods,weather,livestockdisease,embargoes, tariffsandinternationaleconomic,politicalandregulatorydevelopments.Investinginderivativescouldlosemorethantheamount q may ydeclineinvalueduetobothrealandperceived p general g market,economic,andindustry yconditions.The Fundis invested.Equities nondiversified,whichmeansthatitmayconcentrateitsassetsinasmallernumberofissuersthanadiversifiedfund.

FundOfferings
MultiAssetGrowthFund
RetailandInstitutionalClass Retail Ashare Ticker MaximumSalesCharge MinInvestment MinIRAInvestment G Gross E Expense Ratio R ti 2 NetExpenseRatio2
1. 2.

Inst. Ishare DMLIX None $100,000 $5,000 1 77% 1.77% 1.35%

DMLAX 4.25%1 $2,000 $500 2 02% 2.02% 1.60%

Breakpointsareavailable.Contingentdeferredsalesloadofupto0.75%appliesincertaincircumstancesforAshares.Pleaseseetheprospectusforadditionaldetails. TheAdviserhascontractuallyagreedtoreimburseexpensesthroughJuly24,2013.

TheFundsinvestmentobjectives,risks,chargesandexpensesmustbeconsideredcarefullybefore investing.Theprospectuscontainsthisandotherimportantinformationabouttheinvestment company,anditmaybeobtainedbycalling1(877)3546311/1(877)DLine11,orvisiting www.doublelinefunds.com.Readitcarefullybeforeinvesting.

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults. PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.Aninvestmentcannot bemadedirectlyinanindex.ForstandardizedperformanceoftheMultiAssetGrowthFund,currenttothemostrecentquarterend, pleasecall1(877)DLine11/1(877)3546311orvisitwww.doublelinefunds.com.
Opinionsexpressedassubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice. WhiletheISharesarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails.
QuasarDistributors,LLC,Distributor.

Performance
DoubleLineMultiAssetGrowthFund QuarterEndingJune30,2013
Since Inception QuarterEnd June30,2013 AsofJune30,2013 IShare AShare

2Q2013

1Year
Annualized

Annualized (122010to 63013)

GrossSEC30DayYield NetSEC30DayYield

1.67% 1.76%
IShare

1.37% 1.45%
AShare

Ishare Ashare(NoLoad) Ashare(WithLoad)

0.93% 0 93% 1.00% 5.21%

0.71% 0 71% 0.80% 5.02%

3 47% 3.47% 3.15% 1.24%

AsofJune30,2013

GrossExpenseRatio NetExpenseRatio

1.77% 1.35%

2.02% 1.60%

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteeoffutureresults.Theinvestmentreturnandprincipal valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheiroriginal cost.Current performanceoftheFundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com. PerformancedatashownreflectstheClassAmaximumsaleschargeof4.25%.TheFundimposesaDeferredSalesChargeof0.75%onpurchasesof $1millionormoreofClassAsharesifredeemedwithin18monthsofpurchase.TheFundimposesaRedemptionFeeof1.00%onall shareclassesif sharesaresoldwithin90daysofpurchase.Performancedatadoesnotreflectthedeferredsaleschargeortheredemptionfee.Ifithad,returns wouldbereduced.
*TheAdvisorhascontractuallyagreedtoreimburseexpensesthroughJuly24,2013. Investmentperformancereflectsfeewaiversineffect.Intheabsenceofsuchwaiversineffect.Intheabsenceofsuchwaivers, totalreturnwouldbereduced.

Announcements WebcastNews
LuzPadilla July23,2013
DoubleLine EmergingMarketsBondFund 1:15pmPDT/4:15pmEDT

JeffreyGundlach September10,2013
DoubleLine TotalReturnBondFundandCoreFixedIncomeFund 1:15pmPDT/4:15pmEDT

Phili Barach Philip B h September S b 24, 24 2013

DoubleLine LowDurationBondFund 1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides:
Youcanemail fundinfo@doubleline com fundinfo@doubleline.com
4

DoubleLineFundsaredistributedbyQuasarDistributors,LLC.

TheEndofQEasWeKnowIt?
DoubleLineMultiAssetGrowthFund LiveWebcasthostedby:
JeffSherman
PortfolioManager, MultiAssetGrowth

July9, 9 2013

Bonds

GlobalUpdate
"Idon'twanttogofromWildTurkeyto'ColdTurkey'overnight," RichardFisher,PresidentFederalReserveBankofDallas

6
Source:http://www.cnbc.com/id/100839506

WorldGDP

Source:The h Economist i asof fDecember b 31,2012,The h Big i Picture: i http://www.ritholtz.com/blog/2012/06/10 h // ih l /bl / / / thursday h d amreads d 34/ / GDP=GrossDomesticProduct.Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountrysbordersina specifictimeperiod,butcalculated onanannualbasis. RichCountries=DevelopedCountriesincludingUS,UK,JapanandEurope. BRIC=Brazil,Russia,IndiaandChina. OtherEmergingCountries=SouthAmerica,IndonesiaandAsia(notincludingChina).

GlobalGDPForecasts
YearToDate2013throughJune30,2013(%ChangeonPreviousYear)

GDP=GrossDomesticProduct;IMF=InternationalMonetaryFund Source:TheEconomist

OECDG7InflationExcludingJapan
January1,1994throughMay31,2013
3.75

3.25

2.75

2.25

1.75

1 25 1.25

0.75

OECD=OrganizationforEconomicCoOperationandDevelopment;G7=majorsevencountriesCanada,France,Germany,Italy,Japan, theUnitedKingdom, andtheUnitedStates;CPI=ConsumerPriceIndex.Seriesisanarithmeticaverageofthesixcountries. Source:Bloomberg

HeadlineCPI SelectedCountries
AsofMay31,2013(%YearoverYear)
3

2.5

2%inflationtarget

1.5

0.5

0.5 Japan Greece Swiss Ireland Canada Portugal France Italy US Germany Spain UK

2%inflationtargetisauniversallyacceptedEconomisttargetrateforahealthyeconomy.TheUSFederalReservedoestarget a2%inflationrate.Othercountries representedmayvaryslightlyfromthistarget. CPI=ConsumerPriceIndex;y/y=yearoveryear Source:Bloomberg

10

PIIGSGDPGrowth
1st Quarter1998through1st Quarter2013
20% Eurozone 15% GDPGro owthYoY%Chan nge(SA) March31,19 998throughMarch31,2013 Portugal Ireland Italy Greece Spain

10%

5%

0%

5%

10%

PIIGS=Portugal,Italy,Ireland,GreeceandSpain;GDP=GrossDomesticProduct Source:Bloomberg,DoubleLineCapital

11

PIIGSYieldsSpreadsRelativetoGermanBunds
January1,2010throughJuly9,2013
40%

Portugal

Italy

Ireland

Greece

Spain

10Ye earSovereignDe ebtYieldSpread dtoGermanBun nd January01,2010throughJuly y09,2013

35%

30%

25%

20%

15%

10%

5%

0%

PIIGS=Portugal,Italy,Ireland,GreeceandSpain Source:Bloomberg,DoubleLineCapital

12

EuropeisStartingtoShowSomeSignsofBottoming
Eurozone ManufacturingPMIUK(purple);Switzerland(Red);Germany(White); Italy(Green);France(Yellow)

Germany

Source:Bloomberg PMITMGEIndex=PurchasingManufacturersIndex(PMI).PMIisanindicatoroftheeconomichealthofthemanufacturingsectorinthevariouscountriesshown. Youcannotinvestdirectlyinanindex.

13

HighUnemploymentShouldKeep theECBOnAnEasing gPath

Germany

ECB=EuropeanCentralBank;EHUPEUIndex=TheEuropeanUnionUnemploymentrateIndex Youcannotinvestdirectlyinanindex. Source:Bloomberg

14

Eurozone Unemployment
December31,1998throughMay31,2013
30 Portugal Ireland Italy Greece Spain Germany Eurozone

25 Eurozone eUnemploymen ntRate December31,1998throughM May31,2013

20

15

10

Source:Bloomberg,DoubleLineCapital

15

Eurozone UnemploymentUnder25YearsofAge
December31,1998throughMay31,2013
70

60 EurozoneUnde erAge25UnemploymentRate December31 1,1998throughMay31,2013

50

40

30

20

10
Portugal Ireland Italy Greece Spain Germany Eurozone

Source:Bloomberg,DoubleLineCapital

16

BankofJapanBalanceSheetAssets
July1,1997toMay31,2013
200 180 160 140

TrillionsofYe en

120 100 80 60 40 20 0

Germany

17
Source:Bloomberg,DoubleLine Capital

JapaneseYen(JPY)SuffersDepreciation

Germany

Source:Bloomberg JPY=JapaneseYenistheofficialcurrencyofJapan.ThemarketquoteisthenumberofyenperUSdollar.Itisanindependent, freefloatingcurrency.

18

Japanisstartingtoshowsignsoflife: JapanNomuraSeasonalPMI

Germany

Source:Bloomberg SEASPMI=TheNomura/JMMAPurchasingManagersIndex(PMI)isacompositeindicatordesignedtoprovideanoverallviewofactivityinthemanufacturingsector. Youcannotinvestdirectlyinanindex.

19

Japanisstartingtoshowsignsoflife: JapanConsumerConfidenceIndex

Germany

Source:Bloomberg JCOMSHCF=ConsumerConfidenceIndexinJapan.Measureshouseholdviewsoncurrentbuyingconditions. Youcannotinvestdirectlyinanindex.

20

EmergingMarketsPerformance
January1,2013 July5,2013
20 15 10 5 CumulativePerformance(%) 0 5 10 15 20 25 30 35 DevelopedMarkets EmergingMarkets EmergingMarkets,commodityproducers

Emergingmarketshavestruggled, draggeddownbycommodityproducers MSCIIndices

Source:Bloomberg,MorganStanleyCapitalInternational DevelopedmarketsincludeUS US,UK UK,JapanandEurope. Europe The MSCIEmergingMarketsIndex isafreefloatadjustedmarketcapitalizationindexthatisdesignedtomeasureequitymarketperformanceofemergingmarkets.The MSCI EmergingMarketsIndex consistsofthefollowing21emergingmarketcountryindices:Brazil,Chile,China,Colombia,CzechRepublic,Egypt,Hungary, India,Indonesia, Korea, Malaysia,Mexico,Morocco,Peru,Philippines,Poland,Russia,SouthAfrica,Taiwan,Thailand,andTurkey*. TheMSCIEmergingMarketsCommodityProducersIndicesarefreefloatadjustedmarketcapitalizationindicesdesignedtoreflecttheperformanceoflistedcommodity producersinemergingmarketsacrossthreeindustry(orsubindustry)categoriesasdefinedbythe GlobalIndustryClassificationStandard(GICS): energy,metalsand agriculture.

21

ChineseRealGDPYoY Change

Germany

GDP=GrossDomesticProduct;YoY =yearoveryear Youcannotinvestdirectlyinanindex. Source:Bloomberg

22

PBoC isTighteningInterbankLending

Germany

PBoC =PeoplesBankofChina;SHBA3M5Index=SHIBOR3Month5Dayaverage.ItsthenationalinterbankrateinChina.CINROP7DIndex=theChineseForeignExchange tradeoverthepast7days,subjecttoaoneweeklag. Youcannotinvestdirectlyinanindex. Source:Bloomberg

23

ShanghaiCompositeEquityIndex

Germany

TheShanghaiStockExchangeCompositeIndexisacapitalizationweightedindex.TheindextracksthedailyperformanceofallAsharesandBshareslistedontheShanghai StockExchange.TheindexwasdevelopedonDecember19,1990withabasevalueof100. Youcannotinvestdirectlyinanindex. Source:Bloomberg

24

U.S.Update
Easierfinancialconditionswillpromoteeconomicgrowth.Forexample,lower mortgagerateswillmakehousingmoreaffordableandallowmore homeownerstorefinance.Lowercorporatebondrateswillencourage investment.Andhigherstockpriceswillboostconsumerwealthandhelp i increase confidence, fid which hi hcanalso l spurspending. di Increased I dspending di will ill leadtohigherincomesandprofitsthat,inavirtuouscircle,willfurther supporteconomicexpansion.[EmphasisAdded] BenS.BernankeNovember3,2010

25
Source:http://www.washingtonpost.com/wpdyn/content/article/2010/11/03/AR2010110307372.html

NewsFlowConcerningTaperingandQE
September28,2011throughJuly5,2013

Source:Bloomberg Tapering=Agradualdecreaseorslowing.Inthiscase,itsthegradualslowingofQuantitativeEasing(QE)programbytheFederalReserve.Thechartillustratedthenewsrelated storiesrelatedtoQEandTaperingofthecurrentbondbuyingprogram.

26

FederalFundsRateProjections

Source:USFederalReserve,StateStreetGlobalAdvisors AsofMay31,2013through2015andbeyondprojections.

27

VelocityofMoneyandtheMoneySupply
March1,1970throughMarch31,2013
$18,000 $16,000 2.2

EconomicActviityandM2i inBillionsUSD D

EconomicActivity(M2*V)

2.1

$14,000 $12,000 $10,000 $8,000 $6,000

M2($) Velocity($){RHS}

1.9

1.8

1.7 $4,000 $2,000 $0 1.6

Germany
1.5

M2=measureofmoneysupply;USD=U.S.dollar;Velocity=therateatwhichmoneyisexchanged.InthiscaseVelocityistheratioofnominalGDPtoameasureofthemoney supply(M2).Theturnoverrateofthemoneysupply.RHS=righthandsideyaxis Source:USFederalReserve,,DoubleLineCapital

Ve elocityofMon ney
28

5YearBreakevenInflationRate
December31,2007throughJuly8,2013
3.75 3.55 5YearFed dBreakevenInfla ationRate(%) Decem mber31,2007 Ju uly8,2013 3.35 3.15 2.95 2.75 2.55 2.35 2.15 1.95 1.75

5YearBreakevenInflationRate

20002013AverageInflationRate

Source:StLouisFED,DoubeLine Capital Breakeveninflationrate=Isthedifferencebetweenthenominalyieldonta fixedrateinvestmentandtherealyield(fixedspread0onaninflationlinkedinvestmentofsimilar maturityandcreditquality.

29

U.S.CorePersonalConsumptionExpenditures
March30,1960 March31,2013

Germany

Source:Bloomberg EHCCUSIndex=theUSCorePCE(AnnualYoY %)PersonalConsumptionExpenditurespricesexcludingfoodandenergyprices.

30

ISMPMIvs.GDP
December31,1986 May31,2013
65 6%

60 ISMPMI y31,2013 December31,1986 May

55 2% 50 0% 45

2% 40

35

ISMPMI( (LHS) ) RealGDPYearonYear(RHS)

4%

30

6%

ISM=InstituteofSupplyManagement;PMI=PurchasingManagersIndex;GDP=GrossDomesticProduct;USD=U.S.dollar LHS=lefthandsideyaxis;RHS=righthandsideyaxis Source:BureauofLaborStatistics,DoubleLineCapital

YearonYearChangeinGDP PinRealUSD y31,2013 December31,1986 May

4%

31

RealGDPLeadsChangesinUnemployment
December31,2002 May31,2013
550 erlyAverageCh hangeinUnemployment(thousands) Quarte December r31,2002 Ma ay31,2013 8% 6% 350 4% 150 2% 0% 2% 4% 450 QuarteronQuar rterChangeinGDPinRealUSD December r31,2002 Ma ay31,2013
32

50

250

RealGDPYearonYear(RHS) TotalChangeinEmployment(LHS)

6% 8% 10%

650

850

GDP=GrossDomesticProduct LHS=lefthandsideyaxis;RHS=righthandsideyaxis Source:FederalReserve,BureauLaborandStatistics,Bloomberg,DoubleLine

U.S.UnemploymentRateandEmploymenttoPopulationRatio
December31,1990throughJune30,2013

58 59 EmploymenttoPo opulationRatio o(%) ecember31,1990 June30,2 2013 De 60 61 62 63 64 65 66

U.S.EmploymentCrisis:SlackintheLaborMarket
USEmploymenttoPopulationRatio(LHS) USUnemploymentRate(RHS)

12

10 Unemploym mentRate(%) De ecember31,19 990 June30,2 2013

33

LHS=lefthandsideyaxis;RHS=righthandsideyaxis Source:USCensusBureau,Bloomberg,DoubleLineCapital

GettingBacktoFullEmployment
theCommitteedecidedtokeepthetargetrangeforthefederalfundsrateat0to1/4percentandcurrently anticipatesthatthisexceptionallylowrangeforthefederalfundsratewillbeappropriateatleastaslongas theunemploymentrateremainsabove61/2percent[EmphasisAdded],inflationbetweenoneandtwoyears aheadisprojectedtobenomorethanahalfpercentagepointabovetheCommittees2percentlongerrungoal, andlongerterminflationexpectationscontinuetobewellanchored anchored.. BenS.BernankeDecember12,2012

Slow Grind Back to Full Employment

Germany

Source:http://www.federalreserve.gov/newsevents/press/monetary/20121212a.htm

34

JobsCreatedSincetheEndoftheRecession(in000s)
February28,2010throughJune30,2013
Construction Mining&Logging Manufacturing f WholesaleTrade RetailTrade Transportation Utilities Information Financial&Insurance Professional Temporary Education Healthcare Leisure/Hospitality OtherServices Government
1000
Source:Bloomberg

290 192 504 409 739 1 372 1,372 5 46 135 692 708 247 1,020 1,295 167 619
500 0 500 1000 1500 35

AverageHourlyEarningsbyIndustry
June30,2012throughJune30,2013(YoY %Change)
Mining&Logging Construction Manufacturing WholesaleTrade RetailTrade Transportation&Warehousing Utilities Information FinancialActivities ProfessionalBusinessServices Education&Health Leisure&Hospitality OtherService
0.00%
Source:Bloomberg YoY =Yearoveryearchange

3.87% 1.67% 2.05% 3.43% 1.90% 0.31% 3.50% 3 65% 3.65% 3.98% 1.71% 1.82% 0.60%
MayCPICoreInflation1.7%

2.45%
0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50%

36

U.S.HouseholdNetWealth
March31,1998 March31,2013

Source:Bloomberg,BureauofLaborandStatistics,FederalReserve NWORVALUIndex=USHouseholdNetWorthinnominal$values.ThesectorrepresentstheB100reportfromtheFederalReserveFlowofFunds.Thesevaluesare updatedbothQuarterlyandyearly.

37

EquityandRealEstate
March1970 March2013
$25

TotalRealEstate
$20

EquityHoldings(DirectandIndirect)

$Trillions,NSA A

$15

$10

$5

$0

38 Source:FederalReserve,NSA=NonSeasonallyAdjusted

35YearsofProductivity
January1,1947throughDecember31,2011

39 Source:http://stateofworkingamerica.org/charts/productivityandrealmedianfamilyincomegrowth19472009/

MedianHomePriceintheU.S.
July31,2007 May31,2013

Germany

Source:Bloomberg ETSLMPIndex=USExistingHomSalesMedianPriceIndexisthetotalsinglefamily,townhomes,condominiumsandcoopssalesare basedonclosings. Youcannotinvestdirectlyinanindex.

40

U.S.10YearTreasuryvs.30yearFixedMortgageRate
June30,2003 July8,2013

Germany

Source:Bloomberg GT10=US10yearTreasuryrate.ILM3NAVGIndex=Bankrate.comUS30yearfixedmortgagerates,withandwithoutpoints.Thisindexistheovernightnationalaverage.

41

Affordabilityofa$1,000Mortgage
June30,1998 July5,2013
$300,000 9.00% 8.00% 7.00% 6.00% 5 00% 5.00% $150,000 4.00% $100,000 3.00% 2.00% $50,000 1.00% $0 0.00%

MortgageAm mountwith$1,00 00MonthlyPaym ment

AffordableMortgagefora$1,000MonthlyPayment(LHS)
$250,000

Average30YearFixedU.S.HomeMortgageRate(bankrate.com)(RHS)
$200,000

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00% 7.00% 8.00% MortgageInterestRate

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

LHS=lefthandsideyaxis;RHS=righthandsideyaxis Source:BureauofEconomicAnalysis,DoubleLineCapital

Average e30YearFixedM MortgageRate

42

U.S.HouseholdDebt
January1,2003throughMarch31,2013

Total Debt Balance and its Composition

Trillions of Dollars 15 Mortgage 12 HE Revolving Auto Loan Credit Card Trillions of Dollars 15 Student Loan Other
2013Q1 Total: $11.23 Trillion

12

0
Source: FRBNY Consumer Credit Panel/Equifax

43 Source:FRNBY

HomePricevs.OwnersEquivalentRent
January31,2000 April30,2013
220

CaseShillerHomePriceIndex CPIownersequivalent q rent

200

180

160

140

120

100

Source:BureauofEconomicAnalysis,CaseShiller Standard&PoorsCaseShiller HomePriceIndexareconstantqualityhousepriceindicesfortheUnitedStates.Theindicesreflectpricesinrealterms,whichmeanstheyare correctedforinflation. Youcannotinvestdirectlyinanindex.

44

U.S.FinancialMarketPerformance5YearPriceHistory
October31,2008throughMay31,2013 Possiblylowerexpectedreturninyearstocome,asliquidityhasbeenthemaindriver ofUSassetperformancesince2008
200 FedBalanceSheetExpansion$Trn(RHS) Commodities UST USEquities USCredit DXY 1.8 1.6 1.4 160 Gro owthof100 (October31, ,2008 July8,2013 3) 1.2 140 1 0.8 0.6 0.4 80 0.2 60 0 0.2 Fede eralReserveBalanc ceSheetExpansion($Trillions)

180

120

100

40

Source:Bloomberg,Datastream,SGCrossAssetResearch Pleaseseeindexdefinitionsonpages7377.USEquities=S&P500Index.Commodities=DowJonesCommodityIndex.USCredit=BofA/MerrillLynchUSCreditIndex.USD Index=DXYofDXYDollarIndexspotPrice.EquityVolatilityreferstothevolatilityoftheS&P500Index. Youcannotinvestdirectlyinanindex.

45

U.S.Treasury2Yearand10YearRateSpread
July9,2008toJuly8,2013

Source:Bloomberg USYC2Y10=Markit MatrixUSSell2yearTreasury&buya10yearbondyieldspread.TheratesarecomprisedofMarketMatrixUSspreadrates.Thisspreadisacalculated Bloombergyieldspreadthatreplicatedthecurrent2yearUSTreasurynoteandbuyingthecurrent10yearUSTreasuryNotethenfactoringthedifferencesby100.

46

U.S.Treasury10Yearand30YearRateSpread
July9,2008toJuly8,2013

Source:Bloomberg USYC1030Index=MarketMatrixUSSell10yearUsTreasurybondstobuy30yearUSTreasurybonds.Theratesarecomprisedof MarketMatrixUSgenericspreadrates. ThespreadiscalculatedbyBloombergusingcurrent10yearUStreasurynoteandbuyingthecurrent30yearUSTreasurybondthenfactoringthedifferencesby100. Youcannotinvestdirectlyinanindex.

47

Commoditiesvs.theS&P500
December31,2008throughJuly8,2013

2500

S&P500TotalReturn CRBTotalReturnIndexNormalizedtoS&P50012/31/2009 / /
July31,2011 July8,2013 S&P500Total Return 46.26%

S&P500TotalReturn nvs.CRBTotalR Return(Normaliz zed) Decembe er31,2008 July y8,2013

2000

1500

1000

CRBTotal Return 10.59%

500

Source:Bloomberg,DoubleLine Capital S&P500=SPXIndexistheStandard&Poors500Indexisacapitalizationweightedindexof500stocks.Designedtomeasureperformance ofthebroaddomesticeconomy throughchangesintheaggregatemarketvalueof500stocksrepresentingmajorindustries.CRBTotalReturnIndex=CommodityResearchBureaumeasuresthespotprice movementsof22sensitivebasiccommoditieswhosemarketsarepresumedtobeamongthefirsttobeinfluencedbychangesintheeconomicconditions. Youcannotinvestdirectlyinanindex.

48

GoldSpotPricevs.theMonetaryBase
January2,2006 July9,2013

Source:Bloomberg Golds =GoldcommodityIndex.ThegoldspotpricequotedinUSdollarspertroyounces.FARBASTIndex=TheUSconditionofallFederalReserveBankstotalassetsfrom consolidatedstatementsofconditionofallFederalReserveBanks.Youcannotinvestdirectlyinanindex.

49

BrentCrude WTICrudeSpread
December31,2009 July4,2013

50
C01=BrentCrudeSpotPrice;CL1=WTICrudeSpotPrice Source:Bloomberg

CopperSpotPrice
July9,2012toJuly9,2013

Source:Bloomberg HG1COMBCommodity=Generic1st futurescontract.Copperistheworldsthirdmostwidelyusedmetal,afterironandaluminum,andisprimarilyusedinhighlycyclical industriessuchasconstructionmachinerymanufacturing.

51

MultiAssetGrowthPortfolio

52

MultiAssetGrowthFundPhilosophy
The DoubleLine MultiAsset Growth Fund provides a flexible global asset allocation framework that seeks longterm capital appreciation while managing tail tail risk risk as we endeavor to exploit market volatility and avoid catastrophic principal losses.

53

InvestmentProcess
Typical Portfolio Allocation MarketTimeliness

Approx.35%

TopDownSecularTrends

LongTerm

Approx.50%

EconomicandBusiness Cycle

Intermediate

Approx.15%

Market Micro Structure

ShortTerm

54

AssetClassOutlookOverTime
DoubleLines outlookforthevariousassetclassesappearingreenfortheclassesweviewas favorable,yellowforclassesweviewwithcaution,andredforanegativeoutlook.

ShortTerm FixedIncome

MediumTerm

LongTerm

Equities

Commodities

FX(USD)

Cash

55 Source:DoubleLineCapitalLP

MultiAssetGrowthPortfolioBreakdown
AsofJune30,2013

RealAssets 6.6% International Equity 17 5% 17.5%

Cash 2.2%

U.S.Fixed Income 47.4%

U.S.Equity 15.8%

International FixedIncome 10.5%

**N Netamounti includes l d Sh Shortpositions. ii Source:DoubleLineCapitalLPasofJune30,2013 FixedIncome=Referstoinvestmentswhicharenotequity,thatobligatestheborrower/issuertomakepaymentsonafixedschedule. InternationalFixedIncome=Referstoinvestmentsininternationalbonds. Equities=Equityinvestmentsrefertostocksorcapitalandgrowthequityinpubliccompaniesthatissuestock. RealAssets=Anonfinancialassetisanassetwithaphysicalvaluesuchasland,propertyorsometypeofobject. Portfolioallocationsaresubjecttochangeatanytime.

56

TheEndofQEasWeKnowIt?
DoubleLineMultiAssetGrowthFund LiveWebcasthostedby:
JeffSherman
PortfolioManager, MultiAssetGrowth

July9, 9 2013

Definitions
S&P500 TheStandard&Poor's500Indexisacapitalizationweightedindexof500stocks. Russell2000Thisindexiscomprisedofthesmallest2000companiesintheRussell3000index index. NASDAQ=TheNASDAQcompositeisabroadbasedcapitalizationweightedindexofstocksinallthreeNASDAQtiers:GlobalSelect,GlobalMarketandCapital Market. DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange. CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloat marketcapitalizationandliquidity. FTSE100 Isacapitalization p weighted g indexofthe100mosthighly g ycapitalized p companies p tradedontheLondonStockExchange. g MexicoIPC TheMexicanIPCindexisacapitalizationweightedindexoftheleadingstockstradedontheMexicanStockExchange. NYSE ThisindexisNewYorkStockExchange.. S&PGSCIEnergyIndex(SPGCENP) ThisindexistheofficialclosinglevelofEnergycommoditiesasreportedbyStandard&Poors. HangSeng TheHangSeng ChinaEnterprisesIndexisafreefloat capitalizationweightedindexcomprisedofHshareslistedontheHongKongStockExchangeand includedintheHangSeng MainlandCompositeIndex. KOSPI ThisindexisacapitalizedweightedindexofallcommonsharesontheKoreanStockExchanges.. Nikk i225 The Nikkei Th Nikk Nikkei i225S Stock kaverageis i aprice i weighted i h daverageof f225toprated dJ Japanesecompanies i listed li di inthe h First Fi S Section i of fthe h Tokyo T k Stock S kExchange. E h AustraliaAORD S&P/ASXAllOrdinariesrepresents500largestcompaniesintheAustralianequitiesmarket.Indexconstitutesaredrawnfromeligiblecompanies listedontheAustralianStockExchange. DJUBS DowJonesUBSCommodityiscalculatedonexcessreturnbasis&composedoffuturescontractson21physicalcommodities. BarclaysCapitalCommercialMortgageBackedSecurities(CMBS)Index ThisindexistheCMBScomponentoftheUSAggregateIndex.Itincludesinvestment gradesecuritiesthatareERISAeligibleundertheunderwritersexemptionandistheonlyCMBSsectorthatisincludedintheUSAggregateIndex Non NonAgencyMBS MBS TheDoubleLine NonAgencyMBSindexiscomprisedofmortgagebackedsecuritiesissuedbynonagencyentities/privatelabels.Theloandataissuppliedby LoanPerformance. ABSBarclaysCapitalAssetBackedSecurities(ABS)Index ThisindexistheABScomponentoftheUSAggregateIndex.Itincludessecuritieswhosevalueand incomepaymentsarederivedfromandcollateralized(orbacked)byaspecifiedpoolofunderlyingassetsincludingcreditcards,autoloans,etc. U.S.HighYield=BarclaysCapitalUSHighYieldCashPayIndex(JOA0)A.K.A.JunkBonds TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixed rate,noninvestmentgradedebt.Eurobondsanddebtissuerfromcountriesdesignatedasemergingmarkets(e.g.Argentina,Brazil,Venezuela,etc.)areexcluded, butCanadianandglobalbonds(SECregistered)ofissuersinnonEMGcountriesareincluded.Originalissuezereos,stepupcouponstructures,144Asandpayin kind(PIK,asofOctober1,2009)arealsoincluded. Convertibles=BofA MerrillLynchUSAllConvertiblesIndex(VOSO) TheMerrillLynchAllConvertibleIndexisaruledrivenindex.whichincludesallbondsand preferredstocksofU.S.registeredcompanies,whichhave$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommon stocks,ADRsorcashequivalents.Pleasenoteaninvestorcannotinvestdirectlyinanindex. EMEquities=EmergingEquity(EAFE) Countriesconsideredtobeemergingeconomieswhosepublic/privatecorporationsissuestocktoraisecapital capital. InternationalSovereign=BarclaysCapitalGlobalTreasuryxUSTotalReturnIndexValueUnhedged USD(LGTITRUU) IncludesSovereigndebtforAustralia,Belgium,Brazil,Canada,Syprus,CzechRepublic,Germany,Denmark,France,Hungary,Israel,Ireland,Italy,Japan, Luxembourg,Mexico,Malayasia,Morooco,Korean,Netherlands,Norway,NewZealand,Portugal,Poland,Austria,Finland,Russia,SouthAfrica,Sweden, 58 Singapore,SlovakRepublic,Spain,andSwitzerland.

Bof A/MerrillLynchUSInvestmentGradeIndex(COAO) ThisindexistheUSTheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominated investmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket market.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageof Moodys,S&PandFitch)andaninvestmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebt ratings).Securitiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM. EuroUSD=TheEuroistheofficialcurrencyoftheEuropeanEconomic&MonetaryUnion.ItsquotedintheUSDollarspereuro. EuroStoxx 50=TheEuroStoxx 50Index,EuropesleadingBluechipindexfortheEurozone,providesaBluechiprepresentationofsupersector leadersinthe Eurozone. Markit CDXNorthAmerica=Theindexiscomposed p ofswap pentitiesdomiciledinNorthAmerica.Markit CDXindicesrollevery y6monthsinMarchandSpetember p Markit Traxx Euro=BarclaysMarkit iTraxx andCDXindexisaswapindexdenominatedinEuros. EMSovereign=JPMorganEmergingMarketsBondIndexGlobalDiversified(EMBIGD)ThisindexisuniquelyweightedversionoftheEMBIGlobal.Itlimitsthe weightsofthoseindexcountrieswithlargerdebtstocksbyonlyincludingspecifiedportionsofthesecountrieseligiblecurrentfaceamountsofdebtoutstanding. ThecountriescoveredintheEMBIGlobalDiversifiedareidenticaltothosecoveredbyEMBIGlobal. EMCorporateDebt=JPMorganCorporateEmergingMarketsBondIndexBroadDiversifed (CEMBIBD)Thisindexisamarketcapitalizationweightedindex consistingofUSdenominatedEmergingMarketcorporatebonds.ItisaliquidglobalcorporatebenchmarkrepresentingAsia,LatinAmerica,Europeandthe Middl East/Africa. Middle E /Af i This Thi index i d also l includes i l d twosubindices: bi di J.P. J P Morgan M Corporate C B Broad dEMBIDi Diversified ifi dHigh Hi hYield Yi ldIndex I d Level L l(JBCDNOIG)and dthe h J.P. J P Morgan M CorporateBroadEMBIDiversifiedHighGradeIndexLevel(JBCDIGIG). USEquities=S&P500(SPX)Standard&PoorsUS500Index,acapitalizedweightedindexof500stocks. InternationalEquities=(MSCIEAFE)MSCICountryindexisafreefloatadjustedmarketcapitalizationindexthatisdesignedtomeasuretheequitymarket performanceofdevelopedmarkets,excludingtheUS&Canada.TheMSCIEAFEIndexconsistsofthefollowing22developedmarketcountryindices:Australia, Austria,Belgium,Denmark,Finland,France,Germany,Greece,HongKong,Ireland,Israel,Italy,Japan,theNetherlands,NewZealand,Norway,Portugal,Singapore, Spain,Sweden,Switzerland,andtheUnitedKingdom. MSCIEmergingMarketsEquityIndex(NDUEEGF)MSCIindexisfreefloatadjustedmarketcapitalizationindexthatisdesignedtomeasureequitymarket performanceintheglobalemergingmarkets.Countriesinclude:Argentina,Brazil,Chile,China,Columbia,CzechRepublic,Egypt,Hungary,India,Indonesia,Israel, Jordan,Korea,Malaysia,Mexico,Morocco,Pakistan,Peru,Philippines,,Poland,Russia,SouthAfrica,Taiwan,Thailand,TurkeyandVenezuela. DowJonesUBSCommodityIndex(DJUBS)Theindexiscalculatedonanexcessreturnbasis&composedoffuturescontractson19physicalcommodities.It reflectsthereturnofunderlyingcommodityfuturespricemovements.QuotedinUSDollars. Copper=CopperSpotPrice(HGI)Copperistheworldsthirdmostusedmetalbehindironandaluminumprimarilyusedinhighlycyclicalindustriesincluding constructionandindustrialmachinerymanufacturing.SpotpricequotedinUSD/lb. Gold=GoldSpotPrice(Golds)TheGoldSpotpriceisquotedasUSDollarperTroyOunce. CrudeOil=Crudeoilvariesgreatlyinappearancedependingonitscomposition.WestTexasintermediate(WTI)=Texaslightsweetcrudeisusedasabenchmarkin oilpricing.Itslightbecauseofthelowdensityandsweetbecauseoflowsulfur.Brentcrude=Isamajortradingclassificationofsweetlightcrude.Brentistheoil makeralsoknownasBrentBlend. InflationLinked=CitigroupInflationLinkedSecuritiesLocalCurrencyIndex(SBUSILSI) Bondswheretheprincipalisindexedtoinflation. inflation Theyarethusdesignedtocutouttheinflationriskofaninvestment investment.The inflationlinkedmarketprimarilyconsists ofsovereignbondswithprivatelyissuedinflationlinkedbonds. M2 M2isameasureofmoneysupply.AsdefinedbytheFederalReserve,M2isM1plussavingsdeposits,smalldenominationtimedeposits(thoseissuedinamounts 59 oflessthan$100,000),andretailmoneymarketmutualfundshares.

Definitions

IndexDescriptions
BofA MerrillLynchUSTreasuryIndex(G0Q0) TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket. Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamount outstandingof$1billion. BofA MerrillLynch10yrUSTreasuryIndex=ThisindexisasubsetoftheBofA/MerrillLynchGovernmentIndex,butonlyincludesthoseUSTreasurybondswitha 10+yearmaturity. BofA MerrillLynch30yrUSTreasuryIndex=ThisindexisasubsetoftheBofA/MerrillLynchGovernmentIndex,butonlyincludesthoseUSTreasurybondswitha 30yearmaturity maturity. BofA MerrillLynchUSMBSIndex(MOAO) TheMerrillLynchUSMBStrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthrough securitiespublicallyissuedby USagenciesintheUSdomesticmarket.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedinthe Indexprovidedtheyhaveatleast oneyearremainingtermtofinalmaturity. BofA MerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV) TheMerrillLynch y USDollarEmerging g gMarketsSovereign g PlusIndextracksthep performanceofUSdollardenominatedemerging g gmarketandcrossoversovereign g debtpubliclyissuedintheeurobond orUSdomesticmarket.QualifyingcountriesmusthaveaBBB1orlowerforeigncurrencylongtermsovereigndebtrating (basedonaverageofMoodys,S&P,Fitch). BofA MerrillLynchInternationalGovernmentIndex(NOGO) TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,SwissandUKinvestmentgradesovereigndebt publiclyissuedanddenominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinal maturity,afixedcouponscheduleandaminimumamountoutstanding. B fA Merrill BofA M illL Lynch hUSC CorporateI Index d (COAO) The Th M Merrill illL Lynch hC CorporateI Index d tracks k the h performance f of fUSdollar d ll denominated d i dinvestment i grade d corporate debtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch)andan investmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveat leastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM. BofA MerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesinthe TreasuryandAgencyindices.) BarclaysCapitalGlobalEmergingMarketsIndex TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmerging MarketsindexandthepredominatelyEURdenominatedPanEuroEmergingMarketsIndex,coveringemergingmarketsinthefollowingregions:Americas,Europe, MiddleEast,Africa,andAsia.AswithotherfixedincomebenchmarksprovidedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewof themarketplaceandeasyreplicability. BarclaysCapitalG7GlobalTreasuriesIndex Thisindexincludesinvestmentgrade,localcurrencydenominatedsovereigndebtfromUS,France,Germany,Italy, Japan,CanadaandUnitedKingdom. BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemaining maturityofoneyearormore. MorganStanleyCapitalInternationalAllCountryWorldIndex(MSCIAC) TheMSCIAllCountry(AC)WorldIndexisamarketcapitalizationweightedindexdesignedtoprovideabroadmeasureofstockperformancethroughouttheworld, includingbothdevelopedandemergingmarkets. 60

MorganStanleyCapitalInternationalEAFEIndex(MSCIEAFE) TheMSCIEAFE(Europe,AustralasiaandFarEast)isamarketcapitalizationweightedstockmarketindexdesignedtomeasureequitymarketperformanceof d l developed dmarkets k t outside t id of fthe th U.S. U S and dC Canada. d Thi Thisi index d i includes l d aselection l ti of fstocks t k f from21d developed l dmarkets, k t excluding l di the th U U.S. S and dCanada. C d MorganStanleyCapitalInternationalEmergingMarketsIndex(MSCIEM) TheMSCIEmergingMarketsIndexisafloatadjustedmarketcapitalizationindexdesignedtomeasureequitymarketperformancein globalemergingmarkets.It consistsofindicesin26emergingeconomies,includingbutnotlimitedto,Argentina,Brazil,China,India,Poland,Thailand,Turkey,andVenezuela. JPMorganEmergingMarketsBondIndexGlobalDiversified(EMBIGD) ThisindexisuniquelyweightedversionoftheEMBIGlobal.Itlimitstheweightsofthoseindexcountrieswithlargerdebtstocksbyonlyincludingspecifiedportionsof thesecountries countrieseligiblecurrentfaceamountsofdebtoutstanding.ThecountriescoveredintheEMBIGlobalDiversifiedareidenticaltothosecoveredbyEMBI Global. JPMorganEmergingMarketsGovernment/Soveriegn BondIndex(GBIEM) Thisindexisthefirstcomprehensive,globallocalEmergingMarketsindex,andconsistsofregularlytraded,liquidfixedrate, domesticcurrencygovernmentbondsto whichinternationalinvestorscangainexposure. VolatilityIndex(VIX) TheVIXshowsthemarket'sexpectationof30dayvolatility.Itisconstructedusingtheimpliedvolatilitiesofawiderangeof S&P500indexoptions. Thisvolatilityis meanttobeforwardlookingandiscalculatedfrombothcallsandputs. TheVIXisawidelyusedmeasureofmarketriskandisoftenreferredtoas the"investorfear gauge". ECRIIndex(ECRWGROW) TheECRIWeeklyLeadingIndexofUSeconomicgrowthisavailabletothegeneralpublicbyEconomicCycleResearch. GermanStockIndex(DAX) TheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockexchange. Theequitiesusefreefloatsharesin theindexcalculation calculation.TheDAXhasabasevalueof1 1,000 000asofDecember31 31,1987 1987. BrazilBovespa Index(IBOV) TheBovespa Idnex isagrossreturnindexweightedbytradedvolumeandiscomprisedofthemostliquidstockstradedontheSaoPauloStockExchange.TheBovespa Indexhasbeendivided10timesbyafactorof10sinceJanuary1,1985. ShanghaiIndex(SHCOMP) TheShanghaiStockExchangeCompositeIndexisacapitalizationweightedindex.TheindextracksthedailyperformanceofallAsharesandBshareslistedonthe ShanghaiStockExchange.TheindexwasdevelopedonDecember19,1990withabasevalueof100. BSEIndiaSensitiveIndex(Sensex) TheSensex isacapweightedindex.Theselectionoftheindexmemebers hasbeenmadeonthebasisofliquidity,depthandfloatingstockadjustmentdepthand industryrepresentation. DowJonesIndustrialAverage(INDU) DowJonesIndustrialAverageisapriceweightedaverageof30bluechipstocksthataregenerallytheleadersintheirindustry.Ithasbeeawidelyfollowedindicator ofthestockmarketsinceOctober1,1928. CanadianDollar(CAD) TheCanadiandollaristheofficialcurrencyofCanada.TheconventionalmarketquotationisthenumberofCanadiandollarsperUSdollar.Itisanindependent,free floatingcurrency. NationalAssociationofSecuritiesDealersAutomatedQuotation(NASDAQ) NASDAQisacomputerizedsystemthatfacilitatestradingandprovidespricequotationsonmorethan5,000ofthemoreactivelytradedoverthecounterstocks. 61 Createdin1971,theNASDAQwastheworldsfirstelectronci stockmarket.

IndexDescriptions

AdditionalDefinitions
CRBIndex(CRY)TheTR/JCRBCommodityExcessReturnIndexisanarithmeticaverageofcommodityfuturespriceswithmonthlyrebalancing. ExchangeTradedFund(ETF)AnETFisasecuritythattracksanindex,acommodityorabasketofassetslikeanindexfund,buttradeslikeastockonanexchange. StandardDeviationThemeasureofdispersionofasetofdatafromitsmean.Ameasureofaninvestmentsvolatility.Themorespreadapartthedata,thehigher thedeviation. DevelopedMarketsTheDevelopedMarkets,asdefinedbyJPMorgan,areAustralia,Canada,France,Germany,Italy,Japan,NewZealand,Norway,Sweden, Switzerland, ,theUnitedKingdom, g ,andtheUnitedStates. DurationDuration isacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebt securities,priortomaturity.Securitieswithlongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparable qualitywithashorterduration. NetAssetValue(NAV)Amutualfundspricepershareorexchangetradedfunds(ETF)persharevalue.Inbothcases,thepersharedollaramountofthefundis calculatedbydividingthetoal valueofallthesecuritiesinitsportfolio,lessanyliabilities,bythenumberoffundsharesoutstanding. EmergingMarketsNationswithdevelopingfinancialmarkets,whicharedefinedbyJPMorganasArgentina,Brazil,Chile,Colombia,Ecuador,Mexico,Peru, Venezuela,ChinaHongKong,India,Indonesia,Korea,Malaysia,Philippines,Singapore,Taiwan,Thailand,Bulgaria,CzechRepublic,Hungary,Israel,Poland, R Romania, i Russia, R i South S hAfrica, Af i and dT Turkey. k MarketPriceMarketpriceistheweightedaverageofthepricesofthefundsportfolioholdings.WhileacomponentofthefundsNetAssetValue(NAV),it shouldnotbeconfusedwiththefundsNAV. BasisPointAunitthatisequalto1/100th of1%,andisusedtodenotethechangeinafinancialinstrument.Thebasispointiscommonlyusedforcalculating changesininterestrates,equityindexesandtheyieldofafixedincomesecurity. CorrelationIsastatisticalmeasurementoftherelationshipbetweentwovariables.Possiblecorrelationsrangefrom+1to1.Azerocorrelationindicatedthat thereisnorelationshipbetweenthevariables.Acorrelationof1indicatedaperfectnegativecorrelationand+1indicatesaperfectpositivecorrelation. CashFlowMeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome. IBEX35(IBEX) Indice Bursatil Espanol orSpanishStockMarketisthebenchmarkstockmarketindexoftheBolsa deMadrid,Spainsprincipalstockexchange.Initiatedin 1992,itincludescapitalizationweightedindexcomprisingthe35mostliquidSpanishstockstradedintheMadridStockExchange GeneralIndex. S&PGoldmanSachsCommodityIndex(GSCI) TheS&PGSCI(formerlytheGoldmanSachsCommodityIndex)servesasabenchmarkforinvestmentinthecommoditymarketsandasa measureof commodityperformanceovertime.ItisatradableindexthatisreadilyavailabletomarketparticipantsoftheChicagoMercantileExchange. Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebtsecurities, priortomaturity.Securitieswithlongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration. Volatility(Vol) Volatilityisastatisticalmeasureofthedispersionofreturnsforagivensecurityormarketindex.Volatilitycaneitherbe measured byusing thestandarddeviation orvariancebetweenreturnsfromthatsamesecurityormarketindex index.Commonly Commonly,thehigherthevolatility volatility,theriskierthesecurity security. Price/Earnings(P/E)Ratio Avaluationofacompanyscurrentsharepricecomparedtoitspershareearnings.Marketvaluepersharedividedbytheearningspershare. 62

Disclaimer
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Thisreportwaspreparedasaprivatecommunicationandwasnotintendedforpubliccirculation.Clientsorprospectsmayauthorizedistributiontotheir consultantsorotheragents. Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused byth b thei investment t tt teams,areextremely t l sophisticated, hi ti t d maynot talways l produce d th thei intended t d dresults lt and darenot ti intended t d df foruseby b nonprofessionals. f i l DoubleLinehasnoobligationtoproviderevisedassessmentsintheeventofchangedcircumstances.Whilewehavegatheredthisinformationfromsources believedtobereliable,DoubleLinecannotguaranteetheaccuracyoftheinformationprovided.Securitiesdiscussedarenotrecommendationsandarepresented asexamplesofissueselectionorportfoliomanagementprocesses.Theyhavebeenpickedforcomparisonorillustrationpurposesonly.Nosecuritypresented withiniseitherofferedforsaleorpurchase.DoubleLinereservestherighttochangeitsinvestmentperspectiveandoutlook withoutnoticeasmarketconditions dictateorasadditionalinformationbecomesavailable.

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