Professional Documents
Culture Documents
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
December13,2016
FundOfferings
TotalReturnBondFund
RetailandInstitutionalClass
NoLoadMutualFund
Retail
Nshare
Ticker
MinInvestment
MinIRAInvestment
GrossExpenseRatio
DLTNX
$2,000
$500
0.72%
Inst.
Ishare
DBLTX
$100,000
$5,000
0.47%
TheFundsinvestmentobjectives,risks,chargesandexpensesmustbeconsideredcarefullybeforeinvesting.The
statutoryprospectusandsummaryprospectus(ifavailable)containsthisandotherimportantinformationabout
theFunds,anditmaybeobtainedbycalling1(877)3546311/1(877)DLINE11,orvisiting
www.doublelinefunds.com.Readitcarefullybeforeinvesting.
Mutualfundinvestinginvolvesrisk;Pincipal lossispossible.Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebtsecurities.
InvestmentsinAssetBackedandMortgageBackedSecuritiesincludeadditionalrisksthatinvestorsshouldbeawareofsuchascreditrisk,prepaymentrisk,possibleilliquidityanddefault,aswellasincreased
susceptibilitytoadverseeconomicdevelopments.Investmentsinlowerratedandnonratedsecuritiespresentagreaterriskoflosstoprincipalandinterestthanhigherratedsecurities.TheFundmayuse
certaintypesofinvestmentderivatives.Derivativesinvolverisksdifferentfrom,andincertaincases,greaterthantheriskspresentedbyhigherratesecurities.TheDoubleLineTotalReturnBondFundintendsto
investmorethan50%ofitsnetassetsinmortgagebackedsecuritiesofanymaturityortype.TheFundtherefore,potentiallyis morelikelytoreacttoanyvolatilityorchangesinthemortgagebackedsecurities
marketplace.
Opinionsexpressedaresubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice.
DoubleLineFundsaredistributedbyQuasarDistributors,LLC.
WhiletheFundsarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails.
Fundholdingsandsectorallocationsaresubjecttochangeandarenotrecommendationstobuyorsellanysecurity.
121316DBLTXWebcast1
Performance
DoubleLineTotalReturnBondFund QuarterEndingSeptember30,2016
FundPerformance
Annualized
MonthEndReturns
November30,2016
Ishare
Nshare
Benchmark*
SinceInception
November YeartoDate
1.53%
2.12%
1.46%
1.89%
2.37%
2.50%
1Year
1.92%
1.76%
2.17%
3Year
3.46%
3.24%
2.79%
5Year
4.11%
3.85%
2.43%
(4610to1130
16)
GrossExpense
Ratio
6.86%
6.60%
3.61%
0.47%
0.72%
Annualized
QuarterEndReturns
September30,2016
Ishare
Nshare
Benchmark*
CalendarYearReturns
Ishare
Nshare
Benchmark*
SEC30DayYield
Gross
Net9
SinceInception
3Q16
0.83%
0.67%
0.46%
2015
2.32%
2.07%
0.55%
IShare
3.32%
3.32%
YeartoDate
4.07%
3.79%
5.80%
2014
6.73%
6.47%
5.97%
1Year
3.58%
3.23%
5.19%
2013
0.02%
0.23%
2.02%
3Year
4.26%
4.01%
4.03%
2012
9.16%
9.00%
4.12%
5Year
4.54%
4.26%
3.08%
2011
9.51%
9.16%
7.84%
(4610to930
16)
7.35%
7.08%
4.21%
20102
16.57%
16.40%
5.25%
NShare
3.07%
3.07%
Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
1. The Funds inception date is 4/6/2010, thus the calendar year performance for 2010 is an unannualized partial year return.
*BloombergBarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.TheindexcoverstheUSinvestmentgradefixedratebondmarket,withindex
componentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectorsaresubdividedintomorespecificindicesthatarecalculatedand
reportedonaregularbasis.Itisnotpossibletoinvestinanindex.
121316DBLTXWebcast2
UpcomingWebcastAnnouncements
JustMarkets January10,2017
JeffreyGundlachwilldiscusshis2017MarketOutlook
Gotowww.doubleline.com,HomepageunderEvents
1:15pmPDT/4:15pmEDT
2017WebcastSchedulewillbepostedshortlyto
www.doublelinefunds.com
ToReceivePresentationSlides:
Youcanemailfundinfo@doubleline.com
121316DBLTXWebcast3
DrainTheSwamp
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
December13,2016
TABI
TheTrumpEffect
Well,Mr.politician,reformme
ifyoucan
I'manantiestablishmentman
REOSpeedwagon
AntiEstablishmentMan
121316DBLTXWebcast5
WealthInequality
121316DBLTXWebcast6
Source: QuoteHD.com
121316DBLTXWebcast7
Trump2016vs.Reagan1981
*Reaganstatsasof12/31/1980,Source:StateStreet;Bloomberg;DoubleLine
GDP=GrossDomesticProductwhichistheamountofgoodsandservicesproducedwithinagivencountry.YoY =yearoveryear,CPI=ConsumerPriceIndexmeasurestheweightedaveragepriceofa
basketofgoodsandservices,suchastransportation,foodandmedicalcare.LEI=istheInternationalISOstandard17442.LEIsareidentificationscodesthatenableconsistentandaccurate
identificationofalllegalentitiesthatarepartiestofinancialtransactions,includingnonfinancialinstitutions.ISM=ISM ManufacturingIndexisbasedonasurveyof300manufacturingfirmsbythe
InstituteofSupplyManagement.IP=Intellectualpropertyisabroadcategoricaldescriptionforthesetofintangiblesownedandlegallyprotectedbyacompanyformoutsideuseorimplementation
withoutconsent.DXY=U.S.dollarspotindexindicatesthegeneralinternationalvalueoftheUSdollarbyaveragingtheexchangeratesbetweentheUSDandmajorworldcurrencies.PE=price/
earningsratioistheratioofvaluingacompanythatmeasuresitscurrentsharepricerelativetotispershareearnings.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast8
U.S.ManufacturingJobsDeclineSinceNAFTA
(1993)
16,791
27%decreasesinceNAFTAwas
signedbyClinton
12,260
Source:BLS=BureauofLaborStatistics,January1,1993throughDecember6,2016
NAFTA=NorthAmericanFreeTradeAgreement
121316DBLTXWebcast9
U.S.TradeSurplus/Deficit
AsofNovember28,2016
Source:Societe Generale
121316DBLTXWebcast10
SenatorsUpForReElectionin2018
Democrats
Baldwin,Tammy(DWI)
Brown,Sherrod(DOH)
Cantwell,Maria(D_WA)
Cardin,BenjaminL(DMD)
Carper,ThomasR(DDE)
Casey,RobertP.,Jr(DPA)
Donnelly,Joe(DIN)
Feinstein,Dianne(DCA)
Gillibrand,KristenE.(DNY)
Heinrich,Martin(DNM)
Heitkamp,Heidi(DND)
Hirono,MazieK.(DHI)
Kaine,Tim(DVA)
Klobucher,Amy(DMN)
Manchin,JoeIII(DWV)
McCaskill,Claire(DMO)
Menendez,Robert(DNJ)
Murphy,Christopher(DCT)
Nelson,Bill(DFL)
Stabenow,Debbie(DMI)
Tester,Jon(DMT)
Warren,Elizabeth(DMA)
Whitehouse,Sheldon(DRI)
Republican
Barrasso,John(RWY)
Corker,Bob(RTN)
Cruz,Ted(RTX)
Fischer,Deb(RNE)
Flake,Jeff(RAZ)
Hatch,OrrinG.(RUT)
Heller,Dean(RNV)
Wicker,RogerF.(RMS)
Independent
King,AngusS.,Jr.(IME)
Sanders,Bernard(IVT)
DemocratincumbentsinStateswonbyTrump
RepublicanincumbentinstateswonbyClinton
Source:UnitedStatesSenate,DoubleLine
121316DBLTXWebcast11
U.S.TaxRevenueSources
Source:CenteronBudgetandPolicyPriorities,March4,2016
121316DBLTXWebcast12
U.S.BudgetDemandsHaveChanged
Source:BiancoResearchasofDecember31,2015
121316DBLTXWebcast13
U.S.DefenseSpending
GDP=GrossDomesticProductistheamountofgoodsandservicesproducedwithinagivencountry.Bps=basispoints.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast14
RealPublicConstructionJanuary1,1973throughOctober31,2016
121316DBLTXWebcast15
S&P500SectorPerformance
August8,2016throughDecember8,2016
Source:Bloomberg
S&P500Indexisanindexof500
121316DBLTXWebcast16
PostElectionAdvanceinU.S.Stocks
AsofDecember6,2016
Source:Bloomberg
S&P500Indexisamarketcapitalizationweightedindexof500largecompanieshavingcommonstocklistedonNYSEandNASDAQ. Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast17
AbsentPopulationGrowth,ImprovedProductivityKey
(sustainablegrowth=populationgrowth+productivitygrowth)
LF=LaborForce.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast18
PapalVisitsandtheStockMarket(S&P500)
January1,1995toDecember12,2016
Source:@tracyalloway (BloombergMarkets)
Papalvisitsasaleadingmarketindicator(JohnPaulIIin'99,BenedictXVIin'08,andFrancisin'15)S&P500=Standard&Poors500indexisacapitalizationweightedindexof500stocksdesignedtomeasure
performanceofthebroaddomesticeconomybasedonthe500stocksrepresentingallmajorindustries.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast19
Presidents&Recessions January1,1960throughNovember30,2016
Source:MorganCreek
121316DBLTXWebcast20
TABI
GlobalEconomy
121316DBLTXWebcast21
PopularDiscontentinEurope
Source:PewResearchCenter,Spring2016GlobalAttributesSurveyasofMarch31,2016
121316DBLTXWebcast22
DiscontentintheEuropeanUnion
Source:PewResearchCenter,Spring2016GlobalAttributesSurveyasofMarch31,2016
121316DBLTXWebcast23
MigrationAcrossEuropeanUnion
January1,1985throughDecember31,2015
EU28 =TheEuropeanUnionwasformedin1993with28nationsforthepurposeofachievingpoliticaland
economicintegration.Countriesinclude;Austria,Belgium,Bulgaria,Croatia,Cyprus,theCzechRepublic,
Denmark,Estonia,Finland,France,Germany,Greece,Hungary,Ireland,Italy,Latvia,Lithuania,Luxembourg,
Malta,theNetherlands,Poland,Portugal,Romania,Slovakia,Slovenia,Spain,SwedenandtheUnitedKingdom.
121316DBLTXWebcast24
NextDominotoFall?
AsofNovember24,2016
Source:Societe Generale
25
121316DBLTXWebcast25
UnemploymentComparison January1,2000toOctober31,2016
9.8%
8.3%
4.9%
3.0%
Source:Eurostats UnemploymentratesEU28,EA19,USandJapanseasonallyadjustedJanuary2000toOctober31,2016
EU28 =TheEuropeanUnionwasformedin1993with28nationsforthepurposeofachievingpoliticalandeconomicintegration.Countriesinclude;Austria,Belgium,Bulgaria,Croatia,Cyprus,theCzech
Republic,Denmark,Estonia,Finland,France,Germany,Greece,Hungary,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,the Netherlands,Poland,Portugal,Romania,Slovakia,Slovenia,Spain,
SwedenandtheUnitedKingdom.EA19 referstoEuroareaorEuropeanCommissionwhichconsistsofmemberstatesandincludes:,Belgium,Cyprus,Denmark,Estonia,Finland,France,Germany,
Greece,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,theNetherlands,Portugal,Slovakia,Slovenia,Spain,andtheUnitedKingdom.
121316DBLTXWebcast26
Italian10Yearvs.10YearBundJanuary1,2016toNovember1,2016
121316DBLTXWebcast27
JGBsMovetoPositiveYieldsApril1,2012toNovember28,2016
JGB=JapaneseGovernmentBond
121316DBLTXWebcast28
GlobalBondDuration
January1,1990toDecember31,2015
January1,1997toNovember30,2016
USD=USdollar,trn =trillion
BarclaysWorldExJapanisanindexofgovernmentbondsfrominvestmentgradecountries.ExcludingJapan.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast29
TABII
FedPolicy
Youloadsixteentons,whatdoyou
get
Anotherdayolderanddeeperin
debt
Iowemysoultothecompanystore
JohnnyCash,SixteenTonssong
lyrics(originallyTomJones)
121316DBLTXWebcast30
0%
12/17/2015
12/24/2015
12/31/2015
1/7/2016
1/14/2016
1/21/2016
1/28/2016
2/4/2016
2/11/2016
2/18/2016
2/25/2016
3/3/2016
3/10/2016
3/17/2016
3/24/2016
3/31/2016
4/7/2016
4/14/2016
4/21/2016
4/28/2016
5/5/2016
5/12/2016
5/19/2016
5/26/2016
6/2/2016
6/9/2016
6/16/2016
6/23/2016
6/30/2016
7/7/2016
7/14/2016
7/21/2016
7/28/2016
8/4/2016
8/11/2016
8/18/2016
8/25/2016
9/1/2016
9/8/2016
9/15/2016
9/22/2016
9/29/2016
10/6/2016
10/13/2016
10/20/2016
10/27/2016
11/3/2016
11/10/2016
11/17/2016
11/24/2016
12/1/2016
12/8/2016
ProbabilityofAnotherHike
December5,2015toDecember12,2016
ProbabilityofHike
100%
90%
80%
70%
60%
50%
Jun17
40%
Mar17
Dec16
30%
20%
10%
Source:Bloomberg;DoubleLine
121316DBLTXWebcast31
U.SUnemploymentRatevs.12moSimpleMovingAverage
AsofNovember30,2016
2.5
10
Recessions
Spread(RHS)
U3
2016
2014
2013
2011
2009
2008
2006
2004
2003
2001
1999
1998
1996
1994
1993
1991
1989
1988
1986
1984
1983
1981
1979
1978
1976
1974
2
1973
2
1971
1.5
1969
1968
1966
1964
0.5
1963
1961
1959
1958
0.5
1956
1954
1953
1951
1.5
1949
U3less12momov.avg.spread
11
1948
U3Rate%
U3UnemploymentRateand12monthMovingAvg.(withSpread)
12monthmov.avg.
Source:Bloomberg
U3=unemploymentrateistheofficiallyrecognizedrateofunemployment,measuringthenumberofunemployedpeopleasapercentageofthelaborforce.RHS=righthandside.Youcannotinvest
directlyinanindex.
121316DBLTXWebcast32
U.S.PriceStats CPI(YoY)
December30,2012 December9,2016
Source:StateStreet
CPI=ConsumerPriceIndexmeasurestheweightedaveragepricesofabasketofconsumergoodsandservicessuchastransportation,foodandmedicalcare.YoY=yearoveryear.Youcannotinvest
directlyinanindex.
121316DBLTXWebcast33
ContributiontoU.S.CPIInflation
January1,2000throughOctober31,2016
Source:Minack Advisors
CPI=ConsumerPriceIndexmeasurestheweightedaveragepricesofabasketofconsumergoodsandservicessuchastransportation,foodandmedicalcare.Youcannot
investdirectlyinanindex.
121316DBLTXWebcast34
U.S.OwnersEquivalentRent(YoY)
December31,1991throughOctober31,2016
Source:DoubleLine,Bloomberg
CPI=ConsumerPriceIndexmeasurestheweightedaveragepricesofabasketofconsumergoodsandservicessuchastransportation,foodandmedicalcare.YoY=year
overyear.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast35
AtlantaFedWageGrowthTracker
January1,1997throughOctober31,2016
HikingCycle
Recession
AtlantaFedWageGrowthTrackerPrimeAge
QETaperandHike
AtlantaFedWageGrowthTrackerAggregate
6.0
5.5
YoY%WageGrowth
5.0
4.5
4.0
3.5
3.0
2.5
2.0
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1.5
Source:DoubleLine,Bloomberg
QE=QuantitativeEasing.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast36
CommodityInflation
AsofNovember12,2016
Source:TheEconomistcompiledthisdatausingthesourcescitedinthetablebyconductingapoll.CMEgroup=Futures&Optionstradingistheworldsleadingandmostdiversederivatives
marketplaceofferingawiderangeoffuturesandoptionsproductsforriskmanagement.Cotlook =Cottonoutlookindexmeasuringglobalproductionandoutlookofcotton,Darmenn &Curl=New
ZealandLambspecialists(import&export),FT=FinancialTimes,ICCO=InternationalCocoaOrganization,ICO=InternationalCoffeeOrganization,ISO=InternationalOrganizationofStandardization
developsandpublishesindustrystandardsorfood,energy,healthandmedicalsectors,LME=LondonMetalExchange,NZ=NewZealandWoolServices,Thompson,Lloyd&Ewart =Tea&Coffee
merchants,ThompsonReutersprovidescommodityrelateddatainagriculture,energyandmetalsmarkets,Urner Barryisacommoditynewreportingserviceprovidingquote3sandmarketconditions
forpoultry,egg,dairy,meatandseafood,WSJ=WallStreetJournalCommodities&Futuresmarketsresearchinformation.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast37
ECRIFutureInflationGauge
Asof12/2/16
TheECRIfutureinflationgauge(FIG)roseslightlyinNovembersuggestingtheinflationwillpickupin
2017.Thegaugeisupby11.1%fromayearagoandmovedupwardto113.8inNovember.
Source:DoubleLine,Bloomberg
ECRI=EconomicCycleResearchInstitute.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast38
AHistoryofFedTighteningCycles
December31,1985toDecember6,2016
121316DBLTXWebcast39
U.S.DollarAfterFedsFirstHike
AsofDecember2,2016
150
TradeWeightedUSDandFedHikingCycles
140
1983
CumulativePerformance
130
2015
120
1999
110
1994
100
90
80
2004
70
1986
105
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
105
60
WeeksAroundFirstFedHike
Source:DoubleLine;Bloomberg
121316DBLTXWebcast40
U.S.DollarIndexSpot
December31,2007throughDecember13,2016
"Ilovetheconceptofastrongdollar,inmanyrespects
obviouslyIlikeastrongdollar.Butwhenyoulookatthe
havocthatastrongdollarcauses,"hesaidonCNBC.
"Whiletherearecertainbenefits,itsoundsbettertohave
astrongdollarthaninactualityitis. DonaldTrump
$101.00
Source:BloombergFinancialServices,DoubleLineCapitalLP
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.Aninvestmentcannotbemade
directlyinanindex.
121316DBLTXWebcast41
NumberofFedHikesExpectedin2017
December7,2015toDecember12,2016
Numberof25bpsHikesin2017
(basedonFedFundfuturesandFed'Dots')
4.5
4
3.5
Market
Numberof25bpsHikes
FedDots
3
2.5
2
1.5
1
0.5
0
Source:Bloomberg;DoubleLine
Bps=basispoints
121316DBLTXWebcast42
TABIV
InterestRates&Markets
Fear of the marketplace
Just gotta forget the whole damn thing
You're ready to take that fling
You're ready to make it swing
NeilDiamond,FearoftheMarketplace
121316DBLTXWebcast43
U.S.Realvs.NominalYields
December31,2010toDecember12,2016
10yRealandNominalYield
1.5
3.7
0.5
2.7
2.2
0.5
1.7
1.2
10yReal(LHS)
NominalYield%'
RealYield%
3.2
10yNominal
Nominalyields=isthecouponrateonabond.Itstheinterestrate(toparvalue)thatthebondissuepromisestopay.Realyieldisthenominalyieldofabondminustherateofinflation.LHS=
lefthandside.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast44
U.S.Breakevens December6,2013toDecember12,2016
Source:DoubleLine,Bloomberg
Breakevens =TheyarecalculatedbysubtractingtherealyieldoftheinflationlinkedmaturitycurveformtheyieldoftheclosestnominalTreasurymaturity.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast45
FedFundsTargetwithLIBORCurve
Source:Bloomberg
ICELIBOR=LondonInterbankOfferedrateadministeredbyICEBenchmarkAdministrationFixingforU.S.Dollar.Thefixingisconductedeachdateat11am.Itsanaveragederivedfromthequotations
providedbythebanksdeterminedbytheICEBenchmarkAdministration.
121316DBLTXWebcast46
U.S.2YearTreasury
December12,2010throughDecember13,2016
(Inbasispoints)
1.16
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast47
U.S.5YearTreasury
(Inbasispoints)
December12,2010throughDecember13,2016
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex.
1.90
121316DBLTXWebcast48
U.S.10YearTreasury
(Inbasispoints)
December12,2010throughDecember13,2016
2.48
1.39
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast49
U.S.Rates:UST10yYieldForecast
August4,2011toDecember12,2016
USGG10yrIndex=U.S.10yearTreasurybondyields.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast50
Copper/GoldRatioand10YearU.S.TreasuryYield
December14,2011toDecember12,2016
Source:Bloomberg
USGG10YrIndex=10yearU.S.treasuryindex.HG1COMBComdty =the1st genericfuturescontract.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast51
U.S.Treasury10YearDrawdown
December31,1987toDecember12,2016
UST10yDrawdown
Source:BankofAmericaMerrillLynch
0%
2%
4%
6%
8%
10%
12%
14%
16%
Drawdown=Isapeaktotroughdeclineduringaspecificrecordedperiodofaninvestment,fundorcommodity.BAML=BofA/MerrillLynch.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast52
U.S.30YearTreasury
(Inbasispoints)
December12,2010throughDecember13,2016
3.15
2.22
2.09
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT30=US30YearTreasuryBond.Youcannotinvestdirectlyinanindex..
121316DBLTXWebcast53
U.S.Treasury30yearDrawdown
January1,1987toDecember12,2016
UST30yDrawdown
Source:BankofAmericaMerrillLynch
0%
5%
10%
15%
20%
25%
30%
35%
Drawdown=Isapeaktotroughdeclineduringaspecificrecordedperiodofaninvestment,fundorcommodity.BAML=BofA/MerrillLynch.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast54
InvestmentGradeSpreadperUnitofLeverage
January1,1998toNovember30,2016
TABV
DoubleLineTotalReturnBondFund
121316DBLTXWebcast56
Duration:DBLTXvs.BarclaysU.S.AggregateIndex
May31,2010throughNovember30,2016
Source:DoubleLine,Barclays
BarclaysAGGDuration=BarclaysUSAggregateIndexduration.Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears
121316DBLTXWebcast57
DBLTXDurationvs.10YearU.S.TreasuryYield
May31,2010throughNovember30,2016
Source:DoubleLine,Bloomberg
Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears.
121316DBLTXWebcast58
TotalReturnBondFundPortfolioStatistics
Total Return
BondFund
BarclaysCapitalU.S.
AggregateIndex
$98.07
$102.83
Duration
3.68
5.85
Average Life
5.32
8.14
AveragePrice
PortfoliostatisticsasofNovember30,2016basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
Youcannotinvestdirectlyinanindex.Pleaseseeindexdefinitionintheappendix.
121316DBLTXWebcast59
TotalReturnBondFundPortfolioComposition
BySecurityType CollateralizedAssetBacked
Loan
Obligations,
4.40%
Commercial
MBS
7.51%
Securities
2.77%
Cash
11.23%
Treasury
4.23%
NonAgency
ResidentialMBS
20.64%
Agency
Collateralized
Mortgage
Obligation
(CMO)
20.51%
AgencyPass
Throughs
28.69%
PortfoliocompositionasofNovember30,2016.Subjecttochangewithoutnotice.
Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.
Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cashequivalentsonbalancesheetsthatmayinclude
securitiesthatmaturewithin90days.
Government U.S.treasurysecurities.
Agency=MortgagesecuritieswhoseprincipalandinterestguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC).
NonAgency=ResidentialMortgagesBondSecuritiesareatypeofbondbackedbyresidentialmortgages.NonAgencymeanstheywereissuedby aprivateissuer.
CMBS =CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty.
CLO =CollateralizedMortgageObligations
121316DBLTXWebcast60
DrainTheSwamp
LiveWebcasthostedby:
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ChiefExecutiveOfficer
December13,2016
Definitions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe
USinvestmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthrough securities,andassetbackedsecurities.These
majorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.
BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemainingmaturityofone
yearormore.
BarclaysCapitalUSTreasury10YearIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BarclaysCapitalCapitalUSTreasury30YearIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
BarclaysCapitalUSHighYieldIndex TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixedrate,noninvestmentgradedebt.Eurobondsanddebtissuer from
countriesdesignatedasemergingmarkets(e.g.Argentina,Brazil,Venezuela,etc.)areexcluded,butCanadianandglobalbonds(SECregistered)ofissuersinnonEMGcountriesare
included.Originalissuezereos,stepupcouponstructures,144Asandpayinkind(PIK,asofOctober1,2009)arealsoincluded.
BofAMerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesintheTreasuryandAgency
indices.)
BofAMerrillLynchUS15+YearTreasuryIndexLongTreasuries(G802) ThisindexisasubsetoftheBofAMerrillLynchUSTreasuryIndexincludingallsecuritieswitharemaining
termoffinalmaturitygreaterthan15years..
BofAMerrillLynchUSCorporateIndex(COAO)InvestmentGrade TheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominatedinvestmentgrade
corporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch)andan
investmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveatleastoneyear
remainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
BofAMerrillLynchUSAllConvertiblesIndex(VOSO) TheMerrillLynchAllConvertibleIndexisaruledrivenindex.whichincludesallbondsandpreferredstocksofU.S.registered
companies,whichhave$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommonstocks,ADRsorcashequivalents.Pleasenotean
investorcannotinvestdirectlyinanindex.
CRBCommodityIndex(CRY) Anunweightedgeometricaverageofsomeimportantcommodities.Itaveragespricesacross17commoditiesandacrosstime.Theindextracksenergy,
grains,industrials,livestock,preciousmetals,andagriculturals.
S&P500(SPX) S&P500isafreefloatcapitalizationweightedindexpublishedsince1957ofthepricesof500largecapcommonstocksactively tradedintheUnitedStates.
StandardDeviation Sigma=standarddeviation.Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue).Alow standarddeviationindicated
thatthedatapointtendtobeveryclosetothemean,whereashighstandarddeviationindicatedthatthedateisspreadoutoveralargerangeofvalues.
DowJones UBSDJCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU.S.exchanges,withtheexceptionofaluminum,nickeland
zinc,whichtradeontheLondonMetalExchange(LME).
Copper=CopperSpotPrice(HGI)Copperistheworldsthirdmostusedmetalbehindironandaluminumprimarilyusedinhighlycyclicalindustriesincludingconstructionand
industrialmachinerymanufacturing.SpotpricequotedinUSD/lb.
Gold=GoldSpotPrice(Golds)TheGoldSpotpriceisquotedasUSDollarperTroyOunce.
CrudeOil=Crudeoilvariesgreatlyinappearancedependingonitscomposition.WestTexasintermediate(WTI)=Texaslightsweetcrudeisusedasabenchmarkinoilpricing.Its
lightbecauseofthelowdensityandsweetbecauseoflowsulfur.Brentcrude=Isamajortradingclassificationofsweetlightcrude.BrentistheoilmakeralsoknownasBrent
Blend.
VolatilityIndex(VIX)TheVIXshowsthemarket'sexpectationof30dayvolatility.Itisconstructedusingtheimpliedvolatilitiesofawiderangeof S&P500indexoptions. This
volatilityismeanttobeforwardlookingandiscalculatedfrombothcallsandputs. TheVIXisawidelyusedmeasureofmarket riskandisoftenreferredtoas the"investorfear
gauge".
Spread Spreadisthepercentagepointdifferencebetweenyieldsofvariousclassesofbondscomparedtotreasurybonds.
YieldtoMaturity(YTM) Thediscountrateatwhichthesumofallfuturecashflowsfromthebond(couponsandprincipal)isequaltothepriceofthe bond.TheYTMcalculation
takesintoaccountthebondscurrentmarketprice,parvalue,couponinterestrateandtimetomaturity.Itisalsoassumedthatallcouponpaymentsarereinvestedatthesamerate
asthebondscurrentyield.
121316DBLTXWebcast62
Definitions
BofAMerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV)
ThisindextrackstheperformanceofUSdollardenominatedemergingmarketandcrossoversovereigndebtpubliclyissuedintheeurobondorUSdomesticmarket.Qualifying
countriesmusthaveaBB1orlowerforeigncurrencylongtermsovereigndebtrating(basedonanaverageofMoodys,S&P,andFitch).
BofAMerrillLynchU.S.HighYieldCashPayIndex(J0A0)BelowInvestmentGrade
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebt,currentlyinacouponpayingperiod,thatispubliclyissued
intheUSdomesticmarket.Qualifyingsecuritiesmusthaveabelowinvestmentgraderating(basedonanaverageofMoodys,S&PandFirthforeigncurrencylongtermsovereigndebt
ratings).Musthaveoneyearremainingtofinalmaturityandaminimumoutstandingamountof$100MM.
BofA MerrillLynchU.S.HighYieldIndex(H0A0)
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket.Qualifying
securitiesmusthaveabelowinvestmentgraderating(basedonaverageofMoodys,S&PandFitch)atleast18monthstofinalmaturityattimeofissueofissuance,afinalmaturity,a
fixedcouponscheduleandaminimumamountoutstandingof$100MM.
BofA MerrillLynchU.S.HighYieldExcludingEnergy,MetalsandMiningIndex(HXNM)
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket excluding
energy,metalsandmining.
BofA MerrillLynchInternationalGovernmentIndex(NOGO)
TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,SwissandUKinvestmentgradesovereigndebtpubliclyissuedand
denominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleanda
minimumamountoutstanding.
BofAMerrillLynchMortgageBackedSecuritiesIndex(MOA0)
ThisindextrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthroughsecuritiespubliclyissuedbyUSagenciesintheUSdomestic
market.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedintheIndexprovidedtheyhaveatleastoneyearremainingtermtofinalmaturityanda
minimumamountoutstandingofatleast$5billionpergenericcouponand$250MMperproductionyearwithineachgenericcoupon.
BofAMerrillLynchU.S.MunicipalSecuritiesIndex(UOA0)
ThisindextrackstheperformanceofUSdollardenominatedinvestmentgradetaxexemptdebtpubliclyissuedbyUSstatesandterritories,andtheirpoliticalsubdivisions,intheUS
domesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleand aninvestmentgraderating(basedonMoodys,S&P
andFitch).Minimumsizevarybasedontheinitialtermtofinalmaturityattimeofissuance.
BarclaysCapitalGlobalEmergingMarketsIndex TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmergingMarketsindexand
thepredominatelyEURdenominatedPanEuroEmergingMarketsIndex,coveringemergingmarketsinthefollowingregions:Americas, Europe,MiddleEast,Africa,andAsia.Aswith
otherfixedincomebenchmarksprovidedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewofthemarketplaceandeasyreplicability.
JPMorganInvestmentGradeCorporateIndex JPMorganInvestmentGradeCorporateIndexincludesperformanceofUSdollardenominatedinvestmentgradecorporatedebt
publiclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageof Moodys,S&PandFitch)andaninvestmentgraderated
countryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securities musthaveatleastoneyearremainingtermtofinal
maturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
DrawDown Thepeaktotroughdeclineduringaspecificrecordperiodofaninvestment,fundorcommodity.Adrawdownisusuallyquotedasthepercentagebetweenthepeakand
thetrough.
NAV Amutualfund'spricepershareorexchangetradedfund's(ETF)persharevalue.Inbothcases,thepersharedollaramountof thefundiscalculatedbydividingthetotalvalueof
allthesecuritiesinitsportfolio,lessanyliabilities,bythenumberoffundsharesoutstanding.
CMO Atypeofmortgagebackedsecuritythatcreatesseparatepoolsofpassthroughratesfordifferentclassesofbondholderswith varyingmaturities,calledtranches.The
repaymentsfromthepoolofpassthroughsecuritiesareusedtoretirethebondsintheorderspecifiedbythebonds'prospectus
TIPS TreasuryInflationProtection.Atreasurysecuritythatisindexedtoinflationinordertoprotectinvestorsfromthenegativeeffectsofinflation.TIPSareconsideredanextremely
lowriskinvestmentsincetheyarebackedbytheU.S.governmentandsincetheirparvalueriseswithinflation,asmeasuredbytheConsumerPriceIndex,whiletheirinterestrate
remainsfixed.
CPI ConsumerPriceIndex.Ameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodandmedicalcare.
CashFlow Cashflowmeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome.
121316DBLTXWebcast63
Definitions
BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCratedHighYieldcredit
only.
BofA/MerrillLynchHighYieldCashPayBBratedIndex(JOA1) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBratedHighYieldcredit
only.
BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHighYieldcreditonly.
BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBBinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAratedIndex(COA3) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingontheAratedinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAAinvestmentgradecredits.
BofAMerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpubliclyissuedbytheUS
governmentinitsdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstanding
of$1billion.
BofAMerrillLynchUS1015YearTreasuryIndexLongTreasuryTheMerrillLynchUS1015TreasuryIndextrackstheperformanceofUSdollardenominated1015yearsovereign
debtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO).
BofAMerrillLynchMunicipalIndexTheMerrillLynchMunicipal
BofAMerrillLynchCurrent10yearUSTIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BofAMerrillLynchCurrent30yearUSTIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
ShanghaiIndex TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedontheShanghaiStock
Exchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100.
S&P/CaseShillerCompositeHomePriceIndex TheCaseShillerHomePriceIndices,onecomprisedofpricechangeswithinall20metropolitanmarkets,andanothercomprisedof
pricechangeswithinthefollowingsubsetof10metropolitanmarkets:Boston,Chicago,Denver,LasVegas,LosAngeles,Miami, NewYork,SanDiego,SanFranciscoandWashington
DC.Inadditiontothose10markets,the20HomePriceindexreflectspricechangesforAtlanta,Charlotte,Dallas,Detroit,Minneapolis,Phoenix,Portland,SeattleandTampa.
NASDAQ Acomputerizedsystemthatfacilitatestradingandprovidespricequotationsonmorethan5,000ofthemoreactivelytradedover thecounterstocks.Createdin1971,the
Nasdaqwastheworld'sfirstelectronicstockmarket.
Transports TheIndustrialsSectorincludescompanieswhosebusinessesaredominatedbyoneofthefollowingactivities:Themanufactureand distributionofcapitalgoods,
includingaerospace&defense,construction,engineering&buildingproducts,electricalequipmentandindustrialmachinery
Utilities Apublicutilityisabusinessthatfurnishesaneverydaynecessitytothepublicatlarge.Publicutilitiesprovidewater,electricity,naturalgas,telephoneservice,andother
essentials.Utilitiesmaybepubliclyorprivatelyowned,butmostareoperatedasprivatebusinesses.
BasisPoint Abasispointisaunitthatisequalto1/100th of1%,andisusedtodenotethechangeinafinancialinstrument.
REIT RealEstateTrust.Asecuritythatsellslikeastockonthemajorexchangesandinvestsinrealestatedirectly,eitherthrough propertiesormortgages
Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebtsecurities,priorto
maturity.Securitieswithalongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration.
ISM=ISMManufacturingIndexisbasedonasurveyof300manufacturingfirmsbytheInstituteofSupplyManagement.
DXY=U.S.dollarspotindexindicatesthegeneralinternationalvalueoftheUSdollarbyaveragingtheexchangeratesbetweentheUSDandmajorworldcurrencies.
PE =price/earningsratioistheratioofvaluingacompanythatmeasuresitscurrentsharepricerelativetotispershareearnings
121316DBLTXWebcast64
Definitions
BofA/MerrillLynchInflationLinkedIndex(G0Q1) TheBofA MerrillLynchUSInflationLinkedTreasuryIndextrackstheperformanceofUSdollardenominatedinflationlinked
sovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.
CitigroupTIPS(SBUSILSI) . Itmeasuresthereturnsoftheinflationlinkedbondswithfixedratecouponpaymentsthatarelinkedtoaninflationindex.The priceofeachissueinthe
USLSIisadjustedbyusinganindexratio.Theindexratioisdeterminedbydividingthecurrentinflationindexlevelbythe inflationindexlevelatthetimeofissueofthesecurity.The
inflationindexispublishedonamonthlybasis,andtheintramonthindexratioiscalculatedusinglinear
interpolation.
BarclaysCapitalCMBSIndex trackstheperformanceofUSdollardenominatedsecuritizedcommercialmortgagebackedsecurities.
Russell2000 measurestheperformanceofthesmallcapsegmentoftheUSequityuniverse.Russell2000isasubsetoftheRussell3000indexrepresentingapproximately10%of
thetotalmarketcapitalizationofthatindex.
S&PGSCI isacompositeindexofcommoditysectorreturnrepresentinganunleveraged,longonlyinvestmentincommodityfuturesthatisbroadlydiversifiedacrossthespectrum
ofcommodities.
S&PGSCIAgriculture isacompositeindexofagriculturecommodityfuturesunleveraged,longonlyinvestment.
BarclaysCapitalUS30YearTIPSIndex .BarclaysCapital30yearTIPSontherunindexquotedinUSDollarstradedintraday
CitigroupEconomicSurpriseIndex .TheCitigroupEconomicSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedasweightedhistorical
standarddeviationsofdatasurprises(actualreleasesvsBloombergsurveymedian).ApositivereadingoftheEconomicSurpriseIndexsuggeststhateconomicreleaseshaveon
balancebeatingconsensus.Theindicesarecalculateddailyinarollingthreemonthwindow.TheweightsofeconomicindicatorsarederivedfromrelativehighfrequencyspotFX
impactsof1standarddeviationdatasurprises.Theindicesalsoemployatimedecayfunctiontoreplicatethelimitedmemory of markets.
DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange.
CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloatmarket
capitalizationandliquidity.
FTSE100 Isacapitalizationweightedindexofthe100mosthighlycapitalizedcompaniestradedontheLondonStockExchange.
Nikkei225 TheNikkei225Stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionofthe TokyoStockExchange.
BarclaysU.S.HighYieldIndex Anindexthatiscomposedoffixedrate,publiclyissued,noninvestmentgradedebt.
BarclaysEuroCorporateIndex AsubsetoftheBarclaysEuroAgg measurestheinvestmentgrade,eurodenominated,fixedratebondmarket,includingtreasuries,government
related,corporateandsecuritizedissues.
BarclaysEuroHighYieldIndex Measuresthemarketofnoninvestmentgrade,fixedratecorporatebondsdenominatedinEuro.Inclusionisbasedonthecurrencyofissue,and
notthedomicileoftheissuer.
JPMorganCorporateEMBIBroadDiversifiedIndex(JBCDCOMP) Thisindextracksabroadbasketofperformanceofinvestmentgradecorporatedebt,includingsmallerissues
coveringawiderarrayofpublicallyissuedacrossarangeofemergingmarketcountries.
JPMorganCorporateEmergingMarketIndex(JCMHCOR) Thisindexisaliquidbasketofemergingmarketscorporateissueswhichinclude80bonds,representing60issuersand16
countries.Ithasstrictliquiditycriteriaforinclusioninordertoprovidereplicability,tradability,robustpricinganddataintegrity.
JPMorganGlobalBondIndexexEM(JGAGGUSD) isacomprehensiveglobalinvestmentgradebenchmarkexcludingemergingmarkets.
JPMorganEMBondIndexGlobalDiversified trackstotalreturnsfortradedexternaldebtinstrumentsintheemergingmarketslimitingtheweightsofthoseindexcountrieswith
largerdebtstocksbyonlyincludingaspecifiedportionofthesecountrieseligiblecurrentfaceamountsofdebtoutstanding..
BarclaysU.S.CorporateIndex IsasubsetoftheBarclaysU.S.Aggregateindexwhichisabroadbasedflagshipbenchmarkthatmeasurestheinvestmentgrade,U.S.dollar
denominated,fixedratetaxablebondmarket.ITincludesTreasuries,governmentrelatedandcorporatesecurities,MBS,ABSandCMBS.Thissubsetrepresentstheinvestment
gradeportionofthatindex.
121316DBLTXWebcast65
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ImportantInformationRegardingThisReport
Thisreportwaspreparedasaprivatecommunicationandwasnotintendedforpubliccirculation.Clientsorprospectsmayauthorizedistributiontotheir
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Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused
bytheinvestmentteams,areextremelysophisticated,maynotalwaysproducetheintendedresultsandarenotintendedforusebynonprofessionals.
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121316DBLTXWebcast66
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2016DoubleLineCapitalLP
121316DBLTXWebcast67
DrainTheSwamp
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
December13,2016
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