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Bill Campbell
Valerie Ho
Director
Analyst
Analyst
Emerging Markets
Fixed Income Fund
(DBLEX/DLENX)
Low Duration Emerging
Markets Fixed Income Fund
(DBLLX/DELNX)
Bonds
333 S. Grand Ave., 18th Floor || Los Angeles, CA 90071 || 213.633.8200
Fund Offerings
Emerging Markets Fixed Income Fund
Retail and Institutional Class
No Load Mutual Fund
Retail
Inst.
N-share I-share
Ticker
Min Investment
Min IRA Investment
Gross Expense Ratio
DLENX
$2,000
$500
1.15%
DBLEX
$100,000
$5,000
0.90%
DELNX
$2,000
$500
1.16%
0.84%
DBLLX
$100,000
$5,000
0.91%
0.59%
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. The Emerging Markets and Low Duration Emerging Markets Funds Invest in debt securities in lowerrated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. The Funds invests in foreign securities which
involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging
markets. 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.
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 July 31, 2016.
Diversification does not assure a profit or protect against loss in a declining market.
DoubleLine Funds are distributed by Quasar Distributors, LLC.
While the Funds are no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.
Announcements
Jeffrey Gundlach June 14, 2016
Total Return Bond Fund 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 July 12, 2016
Asset Allocation Core Fixed Income and Flexible Income Funds
Go to www.doublelinefunds.com, Home page under Events
2016 Webcast Schedule to register
1:15 pm PDT/4:15 pm EDT
I-share
4.89%
Year-ToDate
2016
4.89%
N-share
4.83%
4.83%
-0.73%
0.86%
3.56%
4.82%
5.04%
5.04%
4.19%
3.44%
6.22%
6.59%
1Q
2016
1-Year
3-Year
Annualized
5-Year
Annualized
-0.48%
1.11%
3.81%
Since Inception
Annualized
(4-6-10 to 3-31-16)
5.07%
I-share
6.73%
6.73%
N-share
6.48%
6.48%
I-share
0.90%
N-share
1.15%
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return
and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than
original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to
the most recent month-end may be obtained by calling 213-633-8200 or by visiting www.doublelinefunds.com.
If a Fund invested in an affiliate Fund sponsored by the Advisor during the period covered by this report, the Advisor agreed to not charge
a management fee to the Fund in an amount equal to the investment advisory fee paid by the affiliated Funds investment in the affiliated
Fund to avoid duplicate charge of the investment advisory fees to the investors.
JP Morgan Emerging Markets Bond Global Diversified Index is a uniquely-weighted version of the EMBI Global. It limits the weights of those
Index countries with larger debt stocks by only including specified portions of these countries eligible current face amounts of debt
outstanding. The countries covered in the EMBI Global Diversified are identical to those covered in by EMBI Global.
Past Performance does not guarantee future results. Index performance is not illustrative of fund performance.
An investment cannot be made in an index.
DoubleLine EMFI Webcast 5-24-2016 3
The performance information shown assumes the reinvestment of all dividends and distributions.
I-share (DBLLX)
N-share (DELNX)
JP Morgan CEMBI Broad Div. Maturity 1-3
Year
Since Inception
Annualized
1Q2016
2.89%
2.93%
Year-ToDate 2016
2.89%
2.93%
1-Year
1.06%
0.82%
(4-7-14 to 3-31-16)
1.51%
1.32%
1.81%
1.81%
3.23%
2.62%
I-share
4.18%
4.42%
N-share
3.93%
4.18%
I-share
0.91%
0.59%
N-share
1.16%
0.84%
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current
performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be
obtained by calling 213-633-8200 or by visiting www.doublelinefunds.com.
Short term performance, in particular, is not a good indication of the funds future performance, and an investment should not be made based solely
on returns.
*The Advisor has contractually agreed to waive fees and reimburse expenses through July 31, 2016.
If a Fund invested in an affiliate Fund sponsored by the Advisor during the period covered by this report, the Advisor agreed to not charge a
management fee to the Fund in an amount equal to the investment advisory fee paid by the affiliated Funds investment in the affiliated Fund to avoid
duplicate charge of the investment advisory fees to the investors.
JP Morgan CEMBI Broad Diversified 1-3 Year is a market capitalization weighted index consisting of 1-3 year maturity US-denominated Emerging
Market corporate bonds. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa. It is not
possible to invest in an index.
Past Performance does not guarantee future results. Index performance is not illustrative of fund performance.
DoubleLine EMFI Webcast 5-24-2016 4
The performance information shown assumes the reinvestment of all dividends and distributions.
TAB I
The Three Cs: Central Banks
Emerging Markets
Three Cs: Central Banks
Interest Rate Policy
Q/E
FED
Program ended
ECB
Expanded to a EUR80bn*
per month program
BoJ
Potentially expand
purchases of JPY80trn**
per year
PBoC
None
Emerging Markets
Three Cs: Central Banks
Fed Fund Futures implied probability of a June hike
80
70
FOMC median
dot-plot implies
2 hikes in 2016
Yellen delivers
dovish speech at
Economic Club of
New York
60
50
FOMC April
Minutes released
40
30
20
10
TAB II
The Three Cs: China
Emerging Markets
Three Cs: China
China CNY Fixing
Emerging Markets
Three Cs: China
China Foreign Reserves (U.S. Dollars, billions)
Emerging Markets
Three Cs: China
China GDP YoY
Emerging Markets
Three Cs: China
China Total Social Financing (% of GDP)
TAB III
The Three Cs: Commodities
Emerging Markets
The Three Cs: Commodities
China's Share of Commodity Consumption (2013)
Cement
58.50%
Pork
51.30%
Nickel
50.50%
Coal
50.30%
Steel
49.80%
Aluminium
47.20%
Copper
46.70%
Lead
41.90%
Cotton
31.80%
Rice
30.70%
Poultry
15.90%
12.20%
Oil
11.80%
Nat Gas
0.00%
4.80%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
Source: KKR, USDA, USGS, World Steel Association, China National Bureau of Statistics, EIA, IEA, BP Statistical Review, World Bureau of Metal Statistics, Bloomberg, Haver Analytics
Dates: 2013
DoubleLine EMFI Webcast 5-24-2016 14
Emerging Markets
The Three Cs: Commodities
GSCI Commodity Price Indexes
1.2
1.1
1
0.9
0.8
0.7
-30.3%
0.6
-43.5%
0.5
0.4
-66.1%
0.3
0.2
Emerging Markets
The Three Cs: Commodities
Oil prices appear to have found a floor
TAB IV
The Three Cs and EM Performance
Emerging Markets
Oil hits
decade low
EMBI Spreads
510
BoJ adopts
neg. int. rates
490
470
450
China FX
reserves fall
by over
$100bn MoM
PBOC
devalues
yuan by 2%
FOMC
medium dots
lowered
430
410
390
Fed hikes 25
bps: Indicates
gradual hiking
cycle
370
350
7/31/2015
8/31/2015
9/30/2015
10/31/2015
11/30/2015
12/31/2015
ECB cuts
depo rate by
10bps
1/31/2016
2/29/2016
3/31/2016
4/30/2016
TAB V
Countries in Focus
Emerging Markets
Brazil in Focus
Brazils lower house voted to impeach President Dilma Rousseff. The vote will proceed to the
senate for a final decision later this year.
While the senate debates the vote, Vice President Michel Temer will act as sitting President.
Temer has appointed market friendly, well trained technocrats to his administration and
represents a regime shift from the previous administration's interventionist policies.
Temer has inherited the difficult task of rebalancing an economy that is currently in a sharp
recession with high inflation, rising debt levels, and historic low consumer and business
confidence.
Risks to the Brazil outlook include
- Corruption investigations reaching members of Temers administration
- Temers success in rapidly building political support in a historically fragmented congress
Emerging Markets
Argentina in Focus
Maurico Macri was sworn in as Argentinas first non-Peronist President in 14 years.
Macris administration has exceeded market expectations by passing new policies to address
Argentinas economic imbalances:
- Sharp depreciation of currency
- Removal of capital controls
- Adjustment of electricity tariffs
- Settlement with holdout creditors, regaining access to international credit markets
Argentinas $16.5 billion global debt offering received nearly $70 billion in investor interest
in April.
Challenges to rebalancing the economy remain:
- Economy is expected to contract this year, while inflation is above 30%
- Macris PRO party lacks a majority in congress
- Macris plan of fiscal gradualism to consolidate the budget may risk policy credibility
- Large financing needs by the sovereign, provinces, and corporates
Emerging Markets
Venezuela in Focus
The Maduro administrations unorthodox economic policy has led Venezuela down a
spiraling path of wealth destruction, security concerns, and massive shortages.
Falling oil prices have cut dollar export revenues by over 60%, challenging Venezuelas
financial capacity to avoid a sovereign default.
Maduro has prioritized external debt servicing at the expense of imports, indicating the
administrations willingness to pay debts.
Opposition parties have initiated a recall referendum to pave a way for a transitional new
government.
Questions remain about ability to service foreign debt, and the governability of Maduros
administration.
Emerging Markets
Turkey in Focus
Turkey was making progress:
- Growth increased to 5.7% yoy in 4Q15,
- CPI has fallen to 6.6% in April from 9.6% in January,
- Current account deficit has continued to narrow.
Unfortunately, political risk remains very high and is weighing on the economy.
The ruling AK party PM, Ahmet Davutoglu, has resigned and new PM is likely to be more
closely linked to President Erdogan.
Cabinet appointments under the new PM have been a mixed bag of Erdogan appointees and
market friendly ministers retaining their post.
CBRT has 4 central bank voting member appointments coming up (risking CB independence).
Potential for a referendum on constitutional change to move to a presidential system will
keep political risks high over the next year.
CPI = Consumer Price Index, AK Party = Justice & Development Party, CBRT = Central Bank of the Republic of Turkey.
TAB VI
Emerging Markets Outlook
- Spread valuations are near 2011 levels shown during the European Crisis
- U.S. Treasury yields may remain range bound
Performance
2016 Returns
21.82%
15.34%
11.43%
7.99%
7.33%
7.29%
7.02%
6.90%
6.60%
6.35%
5.68%
5.34%
4.35%
3.16%
1.74%
5.00%
10.00%
15.00%
20.00%
25.00%
Performance
April Returns
16.19%
10.12%
4.89%
3.97%
2.96%
2.33%
2.04%
1.77%
1.73%
1.36%
1.29%
1.00%
0.56%
0.39%
-0.11%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
TAB VII
EM Funds Performance
YTD Performance
7.72%
7.64%
5.68%
6.90%
11.43%
Performance data quoted represents past performance; past performance does not guarantee future results.
The investment return and principal value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. Current performance of the fund may be lower or higher
than the performance quoted. Performance data current to the most recent month-end may be obtained by
calling 213-633-8200 or by visiting www.doublelinefunds.com.
EMBI GD = JP Morgan Emerging Markets Bond Index Global Diversified, CEMBI BD= JP Morgan Corporate Emerging Markets Bond Index Broad Diversified
GBI-EM = JP Morgan Emerging Markets Government Bond Index
Please see the appendix of this presentation for further index descriptions. An investment cannot be made directly in an index.
Past Performance does not guarantee future results. Index performance is not illustrative of fund performance.
DoubleLine EMFI Webcast 5-24-2016 30
Standard Deviation
Sharpe Ratio
5.46%
5.21%
6.32%
6.29%
0.84
0.81
6.81%
5.85%
1.32%
Rolling 1-Year
6.71%
5.35%
10.82%
1.00
1.05
0.16
(4/6/10 to 4/29/2016)
I-shares
N-shares
JP Morgan EM Debt Indices
EMBI GD
CEMBI BD
GBI-EM
Fund
I-shares
N-shares
(04/30/2015 to 04/29/2016)
Standard Deviation
-0.24%
-0.50%
8.50%
8.50%
4.33%
2.83%
-1.24%
5.78%
5.26%
11.77%
15.6%
Mexico
15.1%
Chile
14.3%
Colombia
12.3%
Brazil
7.6%
Panama
5.6%
Guatemala
4.8%
India
3.6%
Israel
3.2%
Singapore
3.1%
Paraguay
3.1%
Costa Rica
2.9%
DBLEX/DLENX
91.46
5.10
7.80
Asset Allocation
Investment Grade
BB
B and Below
Not Rated
59.90%
25.30%
14.80%
0.01%
53.63%
19.35%
26.37%
0.65%
1.70%
0.80%
16.30%
81.20%
0.00%
76.15%
23.85%
0.00%
Market Price
Duration
Average Life
Jamaica
2.1%
U.S.
100.00%
100.00%
CreditDollar-Denominated
distribution is determined from the highest
available credit rating from any Nationally
Recognized
Indonesia
2.0%
Statistical Rating Organization (S&P, Moodys and Fitch). There were no unrated securities in the Fund as of
April 29, 2016
Investment Grade Refers to a bond whose credit rating is BBB- or higher by Standard and Poors or Baa3
or higher by Moodys. Ratings are based on corporate bond model. The higher the rating, the more likely
the bond will pay back 100 cents on the dollar.
Below Investment Grade (BB, B and below) These bonds are seen as having a 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.
Malaysia
1.4%
El Salvador
0.7%
Hong Kong
0.6%
0.04%
21.6%
Utilities
13.7%
Transportation
Corporate
QuasiSovereign
81.20%
16.30%
13.1%
12.0%
Mining
8.0%
Finance
7.9%
Telecommunication
6.7%
Consumer Products
Petrochemicals
Sovereign
Cash &
Accrued
0.80%
1.70%
6.0%
2.3%
Media
1.4%
Retail
1.1%
Sovereign
0.8%
Cement
0.8%
Steel
0.8%
Conglomerate
0.6%
Construction
0.4%
Chemical
0.3%
Technology
0.2%
Bottling
0.2%
0.2%
Real Estate
0.2%
Fund
I-share
4.47%
N-share
4.08%
6.29%
Performance data quoted represents past performance; past performance does not guarantee future results.
The investment return and principal value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. Current performance of the fund may be lower or higher
than the performance quoted. Performance data current to the most recent month-end may be obtained by
calling 213-633-8200 or by visiting www.doublelinefunds.com.
CEMBI Broad Diversified Maturity 1-3 Years= JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Maturity 1-3 years
Since Inception = 4/7/2014
Please see the appendix of this presentation for further index descriptions. An investment cannot be made directly in an index.
Past Performance does not guarantee future results. Index performance is not illustrative of fund performance.
DoubleLine EMFI Webcast 5-24-2016 34
15.2%
Mexico
14.5%
Peru
9.7%
Panama
9.6%
Chile
9.5%
Brazil
6.3%
Singapore
4.7%
Israel
4.4%
Guatemala
3.9%
India
3.7%
Malaysia
3.1%
Costa Rica
3.1%
DBLLX/DELNX
99.23
2.80
3.30
Asset Allocation
Investment Grade
BB
B and Below
Not Rate
74.60%
19.90%
5.50%
0.00%
66.10%
13.50%
12.33%
8.07%
1.41%
7.35%
91.25%
0.00%
0.00%
100.00%
100.0%
100.0%
Market Price
Duration
Average Life
China
2.3%
U.S. Dollar-Denominated
Indonesia
1.9%
Hong Kong
1.9%
Paraguay
1.5%
Jamaica
1.4%
Qatar
1.2%
Credit distribution is determined from the highest available credit rating from any Nationally Recognized
Statistical Rating Organization (S&P, Moodys and Fitch). There were no unrated securities in the Fund as of
April 29,2016
Investment Grade Refers to a bond whose credit rating is BBB- or higher by Standard and Poors or Baa3
or higher by Moodys. Ratings are based on corporate bond model. The higher the rating, the more likely
the bond will pay back 100 cents on the dollar.
Below Investment Grade (BB, B and below) These bonds are seen as having a 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.
Korea
0.6%
ominican Republic
0.1%
23.5%
13.8%
10.4%
9.6%
7.3%
4.5%
4.4%
4.3%
4.1%
3.2%
3.2%
2.8%
2.1%
1.9%
1.9%
0.7%
0.6%
0.3%
0.0%
Bonds
333 S. Grand Ave., 18th Floor || Los Angeles, CA 90071 || 213.633.8200
Announcements
Jeffrey Gundlach June 14, 2016
Total Return Bond Fund 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 July 12, 2016
Asset Allocation Core Fixed Income and Flexible Income Funds
Go to www.doublelinefunds.com, Home page under Events
2016 Webcast Schedule to register
1:15 pm PDT/4:15 pm EDT
Definitions
JPMorgan EMBI Global Diversified - A uniquely-weighted version of the EMBI Global. This index limits the weights of those index countries with larger debt stocks by
only including specified portions of these countries eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are
identical to those covered by EMBI Global.
JPMorgan GBI EM Broad Diversified This index is a market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds. It is a
liquid global corporate benchmark, representing Asia, Latin America, Europe and the Middle East/Africa.
JPMorgan Domestic High Yield - An index designed to mirror the investable universe of the U.S. dollar domestic high yield corporate debt market.
JPMorgan JULI - An index that measures the performance of the Investment Grade dollar-denominated corporate bond market.
JPMorgan EMBI Global Diversified Investment Grade A sub-index of the JPM EMBI GD that consists of only investment grade securities.
EMBI Global Diversified High Yield A sub-index of the JPM EMBI GD that consists of only below investment grade securities.
Basis points (bps) - A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.
Consumer Price Index (CPI) - A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and
medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted
according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
JP Morgan CEMBI Broad Diversified - A market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds. It is a liquid global
corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa. This index also includes two subindices
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.
Sharpe Ratio - A reward-to-variability ratio and a measure of the excess return (or Risk Premium) per unit of risk in an investment asset or a trading strategy.
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.
S&P Commodities Index (SPGSCIP) - The widely tracked S&P GSCI is recognized as a leading measure of general price movements and inflation in the world
economy. The index representing market beta is world-production weighted. It is designed to be investable by including the most liquid commodity futures, and
provides diversification with low correlations to other asset classes.
S&P Dow Jones GSCI Energy Commodity Index - The S&P GSCI is calculated primarily on a world production weighted basis and consists of the principal physical
commodities that are the subject of active, liquid futures markets. The weight of each commodity in the index is determined by the average quantity of production
as per the last five years of available data. (WTI Crude Oil, Brent Crude Oil, Gas Oil, Heating Oil, RBOB Gasoline, Natural Gas)
S&P Dow Jones GSCI Precious Metals Commodity Index - The S&P GSCI is calculated primarily on a world production weighted basis and consists of the principal
physical commodities that are the subject of active, liquid futures markets. The weight of each commodity in the index is determined by the average quantity of
production as per the last five years of available data. (Gold, Silver)
S&P Dow Jones GSCI Copper Commodity Index - The S&P GSCI is calculated primarily on a world production weighted basis and consists of the principal physical
commodities that are the subject of active, liquid futures markets. The weight of each commodity in the index is determined by the average quantity of production
as per the last five years of available data. (LME Copper)
Definitions
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.
Ease of Doing Business An index that ranks economies on their ease of doing business. A high ease of doing business ranking means the regulatory environment is
more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each
consisting of several indicators, giving equal weight to each topic.
S&P 500 - A capitalized-weighted index of 500 stocks chosen for market size, liquidity and industry 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.
JP Morgan EMBI GD High Grade (JPGCIG) A sub-index of the EMBI Global Diversified including high grade securities.
BofA Merrill Lynch U.S. Corporate Index (COAO) - An index that tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued
in the U.S. domestic market. Qualifying securities must have an investment grade rating (based on an average of Moodys, S&P and Fitch) and an investment grade
rated country of risk (based on an average of Moodys, S&P and Fitch foreign currency long term sovereign debt ratings). Securities must have at least one year
remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $250MM.
JP Morgan EMBI GD (JPGCCOMP)- The EMBI Global Diversified limits the weights of those index countries with larger debt stocks by only including a specified portion
of these countries eligible current face amounts of debt outstanding.
JP Morgan Corporate Emerging Market Bond Index High Grade (JBCDIGIG) A sub-index of the CEMBI Global Diversified including investment grade securities.
BofA Merrill Lynch U.S. Government Index (GOAO) - An index that tracks the performance of U.S. government (i.e. securities in the Treasury and Agency indices.
JP Morgan Corporate Emerging Market Bond Index (JBCDCOMP) A global, liquid corporate emerging markets benchmark that tracks U.S.-denominated corporate
bonds issued by emerging markets entities. The corporate CEMBI is a liquid basket of emerging markets corporate issues with strict liquidity criteria for inclusion in
order to provide replicability, tradability, robust pricing and data integrity.
JP Morgan EMBI GD High Yield (JPGCHY) A sub-index of the EMBI Global Diversified including below investment grade securities.
BofA Merrill Lynch U.S. High Yield Cash Pay Index (J0A0) - An index that tracks the performance of U.S. dollar denominated below investment grade corporate debt,
currently in a coupon paying period, that is publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an
average of Moodys, S&P and Firth foreign currency long term sovereign debt ratings). Must have one year remaining to final maturity and a minimum outstanding
amount of $100MM.
JP Morgan Corporate Emerging Market Bond Index High Yield (JBCDNOIG) A sub-index of the CEMBI Global Diversified including below investment grade
securities.
Gold= Gold Spot Price (Golds) - The current price of Gold futures trading in the marketplace, expressed as US Dollar per Troy Ounce.
Morgan Stanley Capital International-Emerging Markets USD Index (GDUEEGF) - A free float-adjusted market capitalization index that is designed to measure
equity market performance of emerging markets. As of May 27, 2010 the MSCI Emerging Markets Index consisted of 21 emerging market economies.
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.
Brent Crude (CO1) - The index represents the average price of trading in the 25 day Brent Blend, Forties, Oseberg, Ekofisk (BFOE) market in the relevant delivery
month as reported and confirmed by the industry media. Only published cargo size (600,000 barrels (95,000 m3)) trades and assessments are taken into
consideration.
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.
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.
Announcements
Jeffrey Gundlach June 14, 2016
Total Return Bond Fund Webcast
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Asset Allocation Core Fixed Income and Flexible Income Funds
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