ConnecttheDots

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

March8,2016

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.
Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebtsecurities.Investmentsinlowerratedandnonratedsecuritiespresenta
greaterriskoflosstoprincipalandinterestthanhigherratedsecurities.InvestmentsinAssetBackedandMortgageBackedSecuritiesincludeadditionalrisksthatinvestorsshouldbeawareofsuchas
creditrisk,prepaymentrisk,possibleilliquidityanddefault,aswellasincreasedsusceptibilitytoadverseeconomicdevelopments.
TheFundmayusecertaintypesofinvestmentderivatives.Derivativesinvolverisksdifferentfrom,andincertaincases,greaterthantheriskspresentedbymoretraditionalinvestments.Derivativesmay
involvecertaincostsandrisksuchasliquidity,interestrate,market,credit,managementandtheriskthatapositioncouldnotbeclosedwhenmostadvantageous.Investinginderivativescouldlosemore
thantheamountinvested.TheFundmayalsoinvestinsecuritiesrelatedtorealestate,whichmaydeclineinvalueasaresultoffactorsaffectingtherealestateindustry.
TheDoubleLineTotalReturnBondFundintendstoinvestmorethan50%ofitsnetassetsinmortgagebackedsecuritiesofanymaturityortype.TheFundtherefore,potentiallyismorelikelytoreacttoany
volatilityorchangesinthemortgagebackedsecuritiesmarketplace.Theserisksaregreaterforinvestmentsinemergingmarkets.
Opinionsexpressedaresubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice.
DoubleLineFundsaredistributedbyQuasarDistributors,LLC.
WhiletheFundsarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails.
Fundholdingsandsectorallocationsaresubjecttochangeandarenotrecommendationstobuyorsellanysecurity.

Performance
DoubleLineTotalReturnBondFund QuarterEndingDecember31,2015
QuarterEnd
December31,2015

4Q
2015

YeartoDate
2015

1Year

Ishare

0.47%

2.32%

Nshare

0.53%

2.07%

BarclaysU.S.
AggregateIndex

0.57%

0.55%

Asof December31,2015

IShare NShare

BarclaysU.S.
AggregateIndex

1YrStd Deviation1

2.05%

2.13%

GrossExpenseRatio

0.47%

0.72%

SinceInception

3Year

5Year

Annualized

Annualized

Annualized
(4610to123115)

2.32%

2.99%

5.48%

7.60%

2.07%

2.73%

5.22%

7.34%

0.55%

1.44%

3.25%

3.75%

2.95%

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
1.Standarddeviationisameasureofthevariationordispersionofasetofdatafromitsmeanorexpected/budgetedvalue.Alowstandarddeviationindicatesthatthedatapointstendtobeverycloseto
themean,whereasahighstandarddeviationindicatesthatthedataisspreadoutoveralargerangeofvalues.Ameasureofaninvestment'svolatility.

BarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.TheindexcoverstheUSinvestmentgradefixedrate
bondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectors
aresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.Itisnotpossibletoinvestinanindex.
PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.

UpcomingWebcastAnnouncements
RisingRatesWebcast March23,2016
PortfolioManagerswilldiscuss
LowDurationBondFund,LowDurationEmergingMarketsFundandFloatingRateFund
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT

AssetAllocationWebcast April12,2016
JeffreyGundlachwilldiscuss
CoreFixedIncomeandFlexibleIncomeFunds
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT

StrategicCommoditiesFundWebcast April26,2016
JeffreyShermanwillhost
StrategicCommodityFundwebcasttitledCommodities:TimetoRevisit?
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides:
Youcanemailfundinfo@doubleline.com

ConnecttheDots
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

March8,2016

TABI TheFed

FedsDotPlot

Source:foreXlive FOMCdotplotandcentraltendenciesDecember16,2015
FOMC=FederalOpenMarketCommittee

MarketImpliedCentralBankExpectations
Asof3/1/16

MarketImpliedCentralBankExpectations
30
20
10

BPS

0
10

Mar16

20

Jun16
Sep16

30

Dec16

40
50
Federal European Bankof Bankof Reserve Reserve Swiss Norges Riksbank Bankof
Reserve Central England Canada Bankof Bankof National Bank
Japan
Bank
Australia New
Bank
Zealand

Source:DoubleLine;MorganStanley
BPS=basispoint.

ProbabilityofAnotherHikebyMarchandJune2016
Asof3/1/16

ProbabilityofAnotherHikebyMar,Jun,SepandDec2016
100%
90%
80%
70%
60%
Mar16
50%

Jun16

40%

Sep16

30%

Dec16

20%
10%
0%

Source:Bloomberg;DoubleLine

WuXiaShadowFederalFundsRate
December1,2002toFebruary29,2016

Source:Bloomberg
WuXiaisamodelusedbytheFederalReservetomodelsshortterminterestratesisthemaximumoftheshadowfederalfundsrateanda lowerboundcalibratedtobe25basispointsonboth
requiredandexcessreservebalancesduringtheDecember16,2008toDecember15,2015,periodwhentheFederalOpenMarketCommittee(FOMC)setthetargetrangeforthefederalfundsrate
at0to24basispoints.Basispoint=onehundredthofonepercent.Youcannotinvestdirectlyinanindex.

WuXiaShadowFederalFundsRate
AsofFebruary29,2016

EffectiveFedFundsduringPreviousHikingCycles
(*20142016Hikingcycleproxied fromWuXiaShadowRate)
5
4
3

PCTChange

2
1

19941995
19992000

20042006
20142016

1
2
3
4
40

35

30

25

20

15

10

10

15

20

25

30

35

40

MonthsAroundFedTightening
Source:Bloomberg,DoubleLine
WuXiaisamodelusedbytheFederalReservetomodelsshortterminterestratesisthemaximumoftheshadowfederalfundsrateanda lowerboundcalibratedtobe25basispointsonboth
requiredandexcessreservebalancesduringtheDecember16,2008toDecember15,2015,periodwhentheFederalOpenMarketCommittee(FOMC)setthetargetrangeforthefederalfundsrate
at0to24basispoints.Basispoint=onehundredthofonepercent.PCT=percent.Youcannotinvestdirectlyinanindex.

10

U.S.GDP(YoY)December 31,1999toDecember31,2015

GDPYearoverYear%Change
December31,1999 December31,2015

10%

USNominalGDPYoY
USRealGDPYoY

8%

6%

4%

2%

0%

2%

4%

6%

Source:DoubleLine,Bloomberg,ReportedQuarterlyasofDecember31,2015
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.NominalGDPdoesnotadjustforinflation.
Yoy =yearoveryear.Youcannotinvestdirectlyinanindex.

11

ISMManufacturingandNonManufacturingPMI
Asof2/29/16
65

ISMManufacturingandNonManufacturingPMI

60

55

50

45

Recession
Manufacturing
Services

40

35

30

Source:Bloomberg,DoubleLine
ISMManufacturingindexisbasedonsurveysofmorethan300manufacturingfirmsbytheinstituteofSupplyManagement.ISMNonManufacturingisanindexofmorethan400nonmanufacturingfirms
purchasingandsupplyexecutiveswithin60sectorsacrossthenation.SurveyconductedbytheInstituteofSupply&Management(ISM).NonManufacturingPMI=Acompositeindexcalculatedasan
indicatoroftheoveralleconomicconditionforthenonmanufacturingsectoroftheU.S.economy.PMI=PurchasingManagersIndextrackseconomicdata.Youcannotinvestdirectlyinanindex.

12

2s10sSpreadandFedHikingCycles
June30,1976throughJune30,2015

Source:BloombergFinancialServices,DoubleLineCapitalLP
2s=U.S.2YearTreasuryBond.10s=10yearU.S.Treasurybond.QETaper=quantitativeeasingtaperingorstoppingofthegovernmentbondbuyingprogram. Avg =average.
Youcannotinvestdirectlyinanindex.

13

RecessionIndicator:U.S.UnemploymentRateandthe
12monthMovingAverage March31,1949toFebruary22,2016

Source:AtlantaFed,Bloomberg,DoubleLine
USUnemploymentRate(USURTOT)=U3U.S.Unemploymentratetotalinlaborforceseasonallyadjustedtracksthenumberofunemployedpersonsasapercentageofthelaborforce.Thesefigures
generallycomefromhouseholdlaborforcesurvey.SMAVG=12monthmovingaverage.Youcannotinvestdirectlyinanindex.

14

TABII GlobalEconomy

15

GlobalGDPForecasts
YearEnd2015andForecastfor2016

Source:HandsonTurkish,G20TalksinTurkeyasofNovember19,2015
GDP=Theamountsofgoodandservicesproducedwithinagivencountry.UK=UnitedKingdom.Youcannotinvestdirectlyinan index.

16

QuantitativeEasingvs.QuantitativeTapering
December31,2008throughJanuary31,2016

ECB=EuropeanCentralBank,BoJ =BankofJapan,EM=EmergingMarkets,CB=CentralBank,bn =billion,QE=QuantitativeEasingisanunconventionalmonetarypolicy

inwhichacentralbankpurchasesgovernmentsecuritiesorothersecuritiesformthemarketinordertolowerinterestratesand increasemoneysupply.QT=
Quantitativetapering=ReferstothereductionoftheFederalReservesquantitativeeasingorbondbuyingprogram.Youcannot investdirectlyinanindex.

17

U.S.andJapan2s10sandRecession
US2s10sandUSRecessions

%
10

Japan2s10sandJapanRecessions

%
9
8

8
7
6
6
5
4

3
2
2
1
0

NBERRecession

2s10s

10yUST

OECDJapanRecession

2s10s

9/1/15

9/1/14

9/1/13

9/1/12

9/1/11

9/1/10

9/1/09

9/1/08

9/1/07

9/1/06

9/1/05

9/1/04

9/1/03

9/1/02

9/1/01

9/1/00

9/1/99

9/1/98

9/1/97

9/1/96

9/1/95

9/1/94

9/1/93

9/1/92

9/1/91

9/1/90

9/1/15

9/1/14

9/1/13

9/1/12

9/1/11

9/1/10

9/1/09

9/1/08

9/1/07

9/1/06

9/1/05

9/1/04

9/1/03

9/1/02

9/1/01

9/1/00

9/1/99

9/1/98

9/1/97

9/1/96

9/1/95

9/1/94

9/1/93

9/1/92

9/1/91

9/1/90

10yJGB

Source:Bloomberg,DoubleLine
NBERRecession=Isamonthlyconceptthattakesaccountofanumberofmonthlyindicators,suchasemployment,personalincomeandindustrialproductionaswellasquarterlyGDPgrowth.2s10sisthe
spreadbetween2yearU.STreasuriesand10YearU.S.Treasuries.10yUST=10yearU.S.Treasurybonds.10yJGB=10yearJapanesebonds.OECD=OrganizationforEconomicCooperationand
Developmentisagroupof30countriesthatdiscussanddevelopeconomicandsocialpolicy.Youcannotinvestdirectlyinanindex.

18

ECBMonetaryPolicyAnnouncementsandUSDEUR
andEurostoxx 50Performance
(3monthsLeadingUptoand3monthsProceedingCentralBankAnnouncements)
USDEURPerformanceduringECBAnnouncements

Eurostoxx PerformanceduringECBAnnouncements
115

108

NormalizedtoCentralBankAnnouncements

NormalizedtoCentralBankAnnouncements

110

103

98

93

105

100

95

90

85

80

88

75
64 59 54 49 44 39 34 29 24 19 14 9 4 1 6 11 16 21 26 31 36 41 46 51 56 61

TradingDaystoAnnouncement
$EURECBQE(1/22/15)

$EURDraghiQEExt.(12/03/15)

64 59 54 49 44 39 34 29 24 19 14 9 4 1 6 11 16 21 26 31 36 41 46 51 56 61

TradingDaystoAnnouncement
EX5EECBQE(1/22/15)

EX5EDraghiQEExt.(12/03/15)

Source:Bloomberg;DoubleLine asofdateindicatedinchart.
USDEUR=USDollarvs.Euroexchangerate,ECB=EuropeanCentralBank,Eurostoxx =EuroStoxx 600(EXSE)IndexisasubsetoftheSTOXXGlobal1800Index.Itrepresents600large,midandsmall
capitalizationcompaniesacross18countriesoftheEuropeanregion:Austria,Belgium,CzechRepublic,Denmark,Finland,France, Germany,Greece,Ireland,Italy,Luxembourg,theNetherlands,Norway,
Portugal,Spain,Sweden,SwitzerlandandtheUnitedKingdom. $EUR ECBQE=EurospotpriceinU.S.dollarsminusEuropeancentralBankquantitativeeasing.EXSEECBQE=EuroStoxx 600minusECB
quantitativeeasing.EXSE Draghi QEExt=Eurostoxx 600minusDraghis extensionoftheQEprogramintheEuropeanUnion.Youcannotinvestdirectlyinanindex.

19

BankofJapanMonetaryPolicyAnnouncementsand
USDJPYandNikkeiPerformance
(3monthsLeadingUptoand3monthsProceedingCentralBankAnnouncements)
NikkeiPerformanceduringBOJAnnouncements

110

125

108

120

NormalizedtoCentralBankAnnouncements

NormalizedtoCentralBankAnnouncements

USDJPYPerformanceduringBOJAnnouncements

106
104
102
100
98
96
94
92
90

115
110
105
100
95
90
85
80

64 59 54 49 44 39 34 29 24 19 14 9 4 1 6 11 16 21 26 31 36 41 46 51 56 61

TradingDaystoAnnouncement
$JPYBOJQQE1(4/4/13)
$JPYBoJNeg.Rates(1/29/16)

$JPYBOJQQE2(10/31/14)

64 59 54 49 44 39 34 29 24 19 14 9 4 1 6 11 16 21 26 31 36 41 46 51 56 61

TradingDaystoAnnouncement
NKYBOJQQE1(4/4/13)

NKYBOJQQE2(10/31/14)

NKYBoJNeg.Rates(1/29/16)

Source:Bloomberg;DoubleLine
Source:Bloomberg;DoubleLine asofdateindicatedinchart.
USDJPY=JapaneseyenquotedinU.S.dollarterms.BoJ =BankofJapan.$JPY BOJQQE1=JapaneseyenspotpriceinU.S.dollarsminusBankofJapansquantitativeandqualitativeeasing1program.$JPY
BOJQQE2=JapaneseyenspotpriceinU.S.dollarsminusBankofJapansquantitativeandqualitativeeasing2program.$JPY BOJNeg Rates=JapaneseyenspotpriceinU.S.dollarsminusBankofJapans
negativeinterestrates.NKY=Nikkei225compositeistheleadingJapanesestockmarket.Itspriceweightedindexcomprised of Japanstop225bluechipcompaniesontheTokyoStockExchange.You
cannotinvestdirectlyinanindex.

20

ZeroLowerBoundStillExistsforEABankDeposits

*Shadedarearepresentstherangeofaverageovernight
depositratespaidbybanksacrosstheeuroarea

ECB=EuropeanCentralBank,EuroAreaO/Ndepo rate=EuroAreaovernightdepositrate
Youcannotinvestdirectlyinanindex.

21

SouthKoreaExports(YoY)
March9,1991toMarch2,2016

Source:Bloomberg.DoubleLine
YoY =yearoveryear.Youcannotinvestdirectlyinanindex.

22

ChinaExportsandImports(YoY)
March7,1996toMarch2,2016

Source:Bloomberg.DoubleLine
YoY =yearoveryear.USD=U.S.dollar.Youcannotinvestdirectlyinanindex.

23

ChinasBusinessActivity
October31,2011throughMarch1,2016

Source:Bloombergquarterlythrough12/31/2015
CNPRETLYIndex=ChinaIndustrialEnterprisesTotalProfitsyearoveryearprovidedbytheNationalBureauofStatisticsinChina.Ittracksthebusinessactivitiesoffirms,providingasummaryoftheir
financialcondition.Canincludeincomestatements,balancesheets,statementsofcashflows/retainedearnings,etc.Youcannotinvestdirectlyinanindex.

24

CNYTradeWeightedandCNYUSD(5yrs)
March2,2011toMarch2,2016

Chinas move to a basket peg

is apparent the devaluation
so far is specific to USD

Source:Bloomberg;DoubleLine asofdateindicatedinchart.
CNY=ChineseRenminbi.MorganStanleyCNYisatradeweightedindexfortheChineseRenminbi indexedto100onJanuary1,2010.CNYUSDXRate=TheChineserenminbi (yuan)istheofficialcurrency
ofthePeoplesRepublicofChinaminustheU.S.Dollarexchangerate.Youcannotinvestdirectlyinanindex.

25

GlobalStocksHaveBeenMovingwithYuan
March9,2015throughMarch8,2016

Source:Bloomberg
MXWD=MSCIACWIIndexisafreefloatweightedglobalequityindex.Itincludesbothemerginganddevelopedworldmarkets.CNYUSDCurncy =TheChineserenminbi (yuan)istheofficialcurrencyofThe
PeoplesRepublicofChina.TheUSdollaristheofficialcurrencyoftheUnitedStatesofAmerica.
Youcannotinvestdirectlyinanindex.

26

GlobalStocksandInflation
March9,2015 March7,2016

Source:Bloomberg,DoubleLine
MXWDIndex=MSCIACWIIndexisafreefloatweightedequityindexincludesbothemerginganddevelopedmarkets.USGGBE10Index=10yearU.S.treasurybreakeveninflationratescalculatedby
subtractingtherealyieldoftheinflationlinkedmaturitycurvefromtheyieldoftheclosestnominalTreasurymaturity.Youcannotinvestdirectlyinanindex.

27

U.S.BreakevensandWTI
March2,2013toMarch2,2016

Source:Blooberg,DoubleLine
Breakevens =TheyarecalculatedbysubtractingtherealyieldoftheinflationlinkedmaturitycurveformtheyieldoftheclosestnominalTreasurymaturity.WTI=WestTexasCrudeoilspot
pricebasedonfutures.Youcannotinvestdirectlyinanindex.

28

HeadlineInflation
December31,1999 January31,2016
6.0%

HeadlineUSConsumerPriceIndex
HeadlineUSPersonalConsumptionExpenditureIndex

5.0%

YearoverYear%Change
December31,1999 January31,2016

4.0%
3.0%

55.9

2.0%
1.0%
0.0%
1.0%
2.0%
3.0%

Source:Bloomberg,DoubleLine
ConsumerPriceIndex(CPI)isthemeasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,suchastransportation,foodandmedicalcare.PersonalConsumption
Expenditure(PCE)istheprimarymeasureofconsumerspendingongodandservicesintheU.S.economy.Itaccountsforabout2/3 ofdomesticfinalspending,andthusitstheprimaryenginethatdrives
futureeconomicgrowth.Youcannotinvestdirectlyinanindex.

29

CoreInflation
December31,1999 January31,2016
3.5%

CoreUSConsumerPriceIndex
CoreUSPersonalConsumptionExpenditureIndex

YearoverYear%Change
December31,1999 January31,2016

3.0%

2.5%

55.9

2.0%

1.5%

1.0%

0.5%

0.0%

Source:Bloomberg,DoubleLine
CoreConsumerPriceIndex(CPI)isthemeasureofpersonalconsumptionexcludingfoodandenergyprices..CorePersonalConsumptionExpenditure(PCE)ispersonalconsumptionexpendituresprices
excludingfood&energyprices.Youcannotinvestdirectlyinanindex.

30

ComponentsofCoreCPIYoY
ComponentsofCoreCPIYoY

4
3
2
Core
CoreServices

CoreGoods
CorelessOER

FedTarget

5/1/15

10/1/15

7/1/14

12/1/14

2/1/14

9/1/13

4/1/13

6/1/12

11/1/12

1/1/12

8/1/11

3/1/11

10/1/10

5/1/10

12/1/09

7/1/09

2/1/09

9/1/08

4/1/08

11/1/07

6/1/07

1/1/07

8/1/06

3/1/06

5/1/05

10/1/05

7/1/04

12/1/04

2/1/04

9/1/03

4/1/03

6/1/02

11/1/02

1/1/02

8/1/01

3/1/01

10/1/00

5/1/00

12/1/99

Source:Bloomberg,DoubleLine
CoreConsumerPriceIndex(CPI)isthemeasureofpersonalconsumptionexcludingfoodandenergyprices.YoY =yearoveryear.OER=OwnerEquivalentRent.Youcannotinvestdirectlyinanindex.

31

TABIII
BloodlessVerdictofthe
Market

32

U.S.DollarIndexSpot
December31,2007throughMarch8,2016

Source:BloombergFinancialServices
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.
Aninvestmentcannotbemadedirectlyinanindex.

33

EmergingMarketEquities
March9,2005throughMarch7,2016

918
882

883

910

831

468

Source:DoubleLine,Bloomberg
EMEquities(MXEFIndex)=TheMSCIEmergingMarketsIndexisafreefloatweightedequityindex.Youcannotinvestdirectlyinanindex.

34

ShanghaiComposite
March9,2005throughMarch8,2016

Source:Bloomberg
SHCOMP=Shanghaicompositeindexisacapitalizedweightedindex.TheindextracksthedailypriceperformanceofallAsharesandBshareslistedontheShanghaiStockExchange.
Youcannotinvestdirectlyinanindex.

35

JunkBondsDecember31,2007toMarch8,2016

Source:DoubleLine,Bloomberg
JNK=SPDRBarclaysHighYieldBondETFinanexchangetradedincorporatedintheU.S.ItseeksinvestmentresultsthatcorrespondtothepriceandyieldoftheBarclaysHighYieldVeryLiquidBond
Index.Pleaseseetheappendixforprospectuslink,description,expenses,etc.forJNK.DoubleLine TotalReturnBondFundowns0%JNKasofMarch8,2016.Youcannotinvestdirectlyinanindex.

36

CommodityPrices
December30,1999toMarch8,2016

Source:Bloomberg
BCOMIndex=BloombergCommodityIndexiscalculatedonanexcessreturnbasisandreflectscommodityfuturespricemovements withmonthlyrebalancing.Youcannotinvestdirectlyinanindex..

37

CommoditySectorPerformance(1year)
March2,2015toMarch2,2016

Source:BloombergFinancialServices,DoubleLine
DJUBSCommodityindexiscalculatedonanexcessreturnbasisandreflectscommodityfuturespricemovements.OtherindicesreflectedaresubsetsoftheDJCommodityindexforthesectors
indicated.Youcannotinvestdirectlyinanindex.

38

GoldandGoldMiners
March9,2005throughMarch7,2016

Source:BloombergFinancialServices
GDX=MarketVectorsGoldMinersETFisanexchangetradedfundincorporatedintheUSA.IttrackstheperformanceoftheArca GoldMinersIndex.GLD=SPDRGoldSharesisaninvestmentfund
incorporatedintheUSA.TheobjectiveoftheTrustisfortheSharestoreflecttheperformanceofthepriceofgoldbullion,lesstheTrustsexpenses.DoubleLine TotalReturnBondFundholds0%of
GLDand0%ofGDXasofMarch8,2016.Youcannotinvestdirectlyinanindex.

39

BofA/MerrillFixedIncomeIndexReturns
Grey=Year2015
Blue=YearToDate2016
Convertibles(VOSO)4.45%
4.55%
HighYield(JOAO)

1.15%

1.70%
0.63%

InternationalEmerging(IGOV)
Corporate(COAO)

0.63%

InternationalDeveloped(NOGO)
Mortgages(MOAO)
Government(G0A0)

DataSource:BofA/MerrillLynchIndicesthroughyearendDecember31,2015andMarch7,2016fortherespectiveyearsindicated.
PleaseseetheAppendixforindexdefinitions.Aninvestmentcannotbemadedirectlyinanindex.

3.13%
1.23%
1.09%
3.67%
1.46%
1.44%
0.84%
2.33%

40

BofA/MerrillFixedIncomeIndexReturns
Grey=Year2015
Blue=YearToDate2016
CCCRatedHighYield(JOA3)
BBRatedHighYieldCredit(JOA1)
BRatedHighYield(JOA2)
BBBRatedCredit(COA4)
ARatedCredit(COA3)
AAARatedCredit(COA1)

15.01%
1.54%
1.04%
2.73%
5.08%
2.19%

1.41%
1.02%
0.62%
1.36%
0.57%
2.49%

InvestmentGrade=IndicesratedAAAtoBBB (shownabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB orhigherbyStandard&

PoorsorBaa3byMoodys.Thehighertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar.AAAisconsideredthehighestqualityandthelowestdegreeofrisk.They
areconsideredtobestableanddependable.
BelowInvestmentGrade=Alsoknownasjunkbond(shownabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenashavinghigherdefault
riskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive. Theyarelesslikelytopaybackatpar/$100centsonthedollar.
CreditdistributionfromthehighestavailablecreditratingfromanyNationallyRecognizesStatisticalRatingOrganization(S&P,Moodys,andFitch).
Source:BofA/MerrillLynchIndicesasofDecember31,2015andMarch7,2016andfortheirrespectiveyearsindicated.
PleaseseeappendixforIndexdefinitions
Aninvestmentcannotbemadedirectlyinanindex.

41

U.S.2YearTreasury
March9,2010throughMarch8,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.

42

U.S.5YearTreasury
March9,2010throughMarch8,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex.

43

U.S.10YearTreasury
March9,2010throughMarch8,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.

44

U.S.30YearTreasury
March9,2010throughMarch8,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT30=US30YearTreasuryBond.Youcannotinvestdirectlyinanindex.

45

TABIV
Credit&Energy

46

HighYieldvs.S&P500
March9,2007throughMarch7,2016

S&P500

HYCCC
andlower

HighYield

Source:Bloomberg
SPX=S&P500Indexiscomprisedofcapitalizedweightedindexof500stocks.J0A0=BofA/MerrillLynchUSCashPayHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestment
gradecorporatedebt,currentlyinacouponpayingperiod,thatispubliclyissuedintheUSdomesticmarket.H0A3=BofA/MerrillLynchUSHighYieldindextracksperformanceofUSdollardenominated
belowinvestmentgradecorporatedebtpubliclyissuedintheUSdomesticmarketCCCandlower.
Youcannotinvestdirectlyinanindex.

47

PERatio

ShillerPERatioJanuary1,1890toMarch7,2016

Source:Multpl.com,RobertShillerIrrationalExuberancebookforhistoricalS&P500PERatios. PEratioisthepriceearningsratiowhichvaluesacompanythatmeasuresitscurrentshareprice
relativetoitspershareearnings.ShillerPERatio=ProfessorRobertShillerdevelopedacyclicallyadjustedPEratio(CAPEratio)whichtakesthecurrentequityshareprice/10yearinflationadjusted
averageearnings.SimilartotraditionalP/E(price/earnings)theCAPEratiocanbeappliedtoabroadbasedindex(S&P500) andnotjustasingleequityname.S&P500isacapitalizedweightedindex
of500stocks.Itsdesignedtomeasureperformanceofthebroaddomesticeconomythroughchangesintheaggregatemarketvalueof500stocksrepresentingallmajorindustries.Youcannotinvest
directlyinanindex.

48

S&P500NetProfitMargin
January1,1973throughMarch31,2015

S&P500Indexisdesignedtomeasureperformanceofthebroaddomesticeconomythroughchangesintheaggregatemarketvalueof 500stocksrepresentingallmajorindustries.Bp =basispoint.You

cannotinvestdirectlyinanindex.

49

S&P50012MonthTrailingEarningsPerShare(EPS)
November19,2000throughFebruary25,2016

Source:Bloomberg,DoubleLine
S&P500Indexisdesignedtomeasureperformanceofthebroaddomesticeconomythroughchangesintheaggregatemarketvalueof500stocksrepresentingallmajorindustries.EPS=earningper
share.Youcannotinvestdirectlyinanindex.

50

LeverageAtAllTimeHigh
December31,1998throughDecember31,2015

Source:BAML,TheHYWire,2016Outlook:Maytheoddsbeeverinyourfavor
HY=HighYield.Aninvestmentcannotbemadedirectlyinanindex.

51

LeverageAtAllTimeHigh
December31,1998throughDecember31,2015

Source:BAML,TheHYWire,2016Outlook:Maytheoddsbeeverinyourfavor
HY=HighYield.YoY =yearoveryear.ebita =earningsbeforeinterest,taxes,depreciationandamortization.Pct =%.Aninvestmentcannotbemadedirectlyinanindex.

52

LendingStandardsvs.U.S.DefaultRates
December31,1990toDecember31,2015

HY=HighYield.Rhs =righthandside.BofAML USHYdefaultrateisthecalculatedhistoricaldefaultratefortheMLHYIndex(J0A0).Pleaseseeappendixforindexdescription.

Youcannotinvestdirectlyinanindex.

53

CreditBankruptcies

Abengoa =Abengoa BioenergyisaU.S.HoldingLLC.Chapter11referstobankruptcyprotectionfromcreditorsgiventoacompany.DoubleLine TotalReturnBondFundhold0%inAgengoa asof

March8,2016.
Youcannotinvestdirectlyinanindex.

54

Trailing12moRatingDrift
January1,2011toDecember31,2015

InvestmentGrade=IndicesratedAAAtoBBB (shownabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB orhigherbyStandard&

PoorsorBaa3byMoodys.Thehighertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar.AAAisconsideredthehighestqualityandthelowestdegreeofrisk.They
areconsideredtobestableanddependable.
BelowInvestmentGrade=Alsoknownasjunkbond(shownabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenashavinghigherdefault
riskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive. Theyarelesslikelytopaybackatpar/$100centsonthedollar.
CreditdistributionfromthehighestavailablecreditratingfromanyNationallyRecognizesStatisticalRatingOrganization(S&P,Moodys,andFitch).
Ratingsupgrades/downgradesaredeterminedbyMoodys.
PleaseseeappendixforIndexdefinitions
Aninvestmentcannotbemadedirectlyinanindex.

55

Upgrade/DowngradeRatioforAllRatedBonds
December31,1990throughJune30.2015

InvestmentGrade=IndicesratedAAAtoBBB (shownabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB orhigherbyStandard&

PoorsorBaa3byMoodys.Thehighertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar.AAAisconsideredthehighestqualityandthelowestdegreeofrisk.They
areconsideredtobestableanddependable.
BelowInvestmentGrade=Alsoknownasjunkbond(shownabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenashavinghigherdefault
riskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive. Theyarelesslikelytopaybackatpar/$100centsonthedollar.
CreditdistributionfromthehighestavailablecreditratingfromanyNationallyRecognizesStatisticalRatingOrganization(S&P,Moodys,andFitch).
Ratingsupgrades/downgradesaredeterminedbyMoodys.
PleaseseeappendixforIndexdefinitions
Aninvestmentcannotbemadedirectlyinanindex.

56

InvestmentGrade&HighYieldBonds
March9,2015toMarch7,2016

Source:DoubleLine,Bloomberg
JNK=SPDRBarclaysHighYieldBondETFinanexchangetradedincorporatedintheU.S.ItseeksinvestmentresultsthatcorrespondtothepriceandyieldoftheBarclaysHighYieldVeryLiquid
BondIndex.LQD=iShares iBoxx Investmetn GradeCorporateBondETFisanexchangetradedfundseekingtotracktheinvestmentgraderesultsofanindexcomposedofU.S.dollar
denominatedinvestmentgradecorporatebonds.Pleaseseetheappendixforprospectuslink,description,expenses,etc.forJNK.DoubleLine TotalReturnBondFundowns0%JNKand0%LQD
asofMarch8,2016.Youcannotinvestdirectlyinanindex.

57

LeveragedLoansAveragePrice
March8,2014throughMarch7,2016

Source:Bloomberg
SPBLDALBIndex=S&P/LSTALeveragedLoanIndexPriceisthemarketvalueweightedindexthatmeasuresperformanceofU.S.LeveragedLoanmarket.SPBDLLBindex=S&P/LSTAUSLeverageLoan
100IndexPriceisdesignedtoreflecttheperformanceofthelargestfacilitiesintheleveragedloanmarket.Youcannotinvest directlyinanindex.

58

CLOIssuance
January1,2013toFebruary29,2016

Source:BankofAmericaMerrillLynch
CLO=CollateralizedLoanObligation.Youcannotinvestdirectlyinanindex.

59

U.S.CrudeOilInventories
August20,1982throughFebruary25,2016

Source:Bloomberg
CLO=CollateralizedLoanObligation.DOESCRUD=DOECrudeOilTotalInventorydate(excludingStrategicPetroleumReserve).You cannotinvestdirectlyinanindex.

60

U.S.CrudeOilInventoriesbyYear
USCrudeOilInventoriesbyYear
550,000

500,000
2005
2006

450,000

2007
2008
2009

400,000

2010
2011
2012

350,000

2013
2014
2015

300,000

2016

250,000
1

11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
Weeks

Source:Bloomberg.2016isthroughFebruary19,2016
DOESCRUD=DOECrudeoiltotalinventorydataisupdatedeveryWednesday.InformationisprovidedbytheEnergyInformationAdministrationaspartoftheirweeklypetroleumstatusreport.
Youcannotinvestdirectlyinanindex.

61

EnergyMarketHasLargeOversupply
March31,2014toDecember31,2015

62

EnergyMarketHasLargeOversupply
January1,1997toDecember31,1999

Source:Bloomberg
OECD=OrganizationforEconomicDevelopment

63

U.S.CrudeSupplyandDemand
November30,1998throughJanuary 31,2016

Source:DoubleLine,Bloomberg
OPCBRTOTIndex=DataobtainedformtheEnergyIntelligenceGroupsmonthlyoilMarketIntelligencepublication.DataincludesestimatedOPECandNonOPECoilproductionstatisticsaswellas
globaloilsupply.OPCBTSUPIndex=DataobtainedfromEnergyGroupsmonthlyoilMarketIntelligenceepublicationoftotalsupplydata.Youcannotinvestdirectlyinanindex.

64

TABVII

DoubleLineTotalReturn
BondFund

65

Duration:DBLTXvs.BarclaysU.S.AggregateIndex
April1,2010throughFebruary29,2016

Source:DoubleLine,Barclays
BarclaysAGGDuration=BarclaysUSAggregateIndexduration.Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears

66

DBLTXDurationvs.10YearU.S.TreasuryYield
May31,2010throughFebruary29,2016

Source:DoubleLine,Bloomberg
Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears.

67

TotalReturnBondFundPortfolioStatistics

Total Return
BondFund

BarclaysCapitalU.S.
AggregateIndex

$99.30

$104.83

Duration

2.79

5.40

Average Life

4.52

7.70

AveragePrice

PortfoliostatisticsasofFebruary29,2016basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
Youcannotinvestdirectlyinanindex.Pleaseseeindexdefinitionintheappendix.

68

TotalReturnBondFundPortfolioComposition
BySecurityType
CLO 4.6% ABS 2.4%
CMBS
7.4%

Cash 11.9%
Government
3.7%

NonAgency
21.1%
Agency 48.9%

PortfoliocompositionasofFebruary29,2016.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
69

ConnecttheDots
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

March8,2016

SPDRBarclaysHighYieldBondETF(JNK)
InvestmentObjective&Summary
TheinvestmentobjectiveoftheSPDRBarclaysHighYieldBondETFseekstoprovideinvestmentresultsthat,beforefeesandexpenses,
correspondsgenerallytothepriceandyieldperformanceoftheBarclaysHighYieldVeryLiquidIndex.TheETFinvestsinU.S.highyield
bonds.
TheBarclaysHighYieldVeryLiquidIndexisdesignedtomeasuretheperformanceofpubliclyissuedU.S.dollardenominatedhighyieldcorporatebondswithaboveaverage
liquidity.Highyieldsecuritiesaregenerallyratedbelowinvestmentgradeandarecommonlyreferredtoas"junkbonds."The IndexincludespubliclyissuedU.S.dollar
denominated,noninvestmentgrade,fixedrate,taxablecorporatebondsthathavearemainingmaturityofatleastoneyear,regardlessofoptionality,areratedhighyield
(Ba1/BB+/BB+orbelow)usingthemiddleratingofMoody'sInvestorsService,Inc.,FitchInc.,orStandard&Poor's,Inc.Respectively,andhave$500millionormoreofoutstanding
facevalue
ImportantRiskInformation Ingeneral,ETFscanbeexpectedtomoveupordowninvaluewiththevalueoftheapplicableindex.AlthoughETFsharesmaybeboughtandsoldonthe
exchangethroughanybrokerageaccount,ETFsharesarenotindividuallyredeemablefromtheFund.InvestorsmayacquireETFsand tenderthemforredemptionthroughtheFundin
CreationUnitAggregationsonly.Pleaseseetheprospectusformoredetails.
Bondfundscontaininterestraterisk(asinterestratesrisebondpricesusuallyfall);theriskofissuerdefault;issuercreditrisk;liquidityrisk;andinflationrisk.
Investinginhighyieldfixedincomesecurities,otherwiseknownas"junkbonds"isconsideredspeculativeandinvolvesgreaterriskoflossofprincipalandinterestthaninvestingin
investmentgradefixedincomesecurities.Theselowerqualitydebtsecuritiesinvolvegreaterriskofdefaultorpricechangeduetopotentialchangesinthecreditqualityoftheissuer.
TheFundinvestsbysamplingtheIndex,holdingarangeofsecuritiesthat,intheaggregate,approximatesthefullIndexintermsofkeyriskfactorsandothercharacteristicswhichmay
causethefundtoexperiencetrackingerrorsrelativetoperformanceoftheIndex.
Distributor:StateStreetGlobalMarkets,LLC,memberFINRA,SIPC,awhollyownedsubsidiaryofStateStreetCorporation.ReferencestoStateStreetmayincludeStateStreet
Corporationanditsaffiliates.CertainStateStreetaffiliatesprovideservicesandreceivefeesfromtheSPDRETFs.

Beforeinvesting,considerthefunds'investmentobjectives,risks,chargesandexpenses.Toobtainaprospectusor
summaryprospectuswhichcontainsthisandotherinformation,call18667872257ortalktoyourfinancialadvisor.
Readitcarefullybeforeinvesting.
JNKisdistributedbyStateStreetGlobalMarkets,LLC

71

iBOXX HighYieldCorporateBondETF(HYG)
InvestmentObjective
TheiShares iBoxx $HighYieldCorporateBondETFseekstotracktheinvestmentresultsofanindexcomposedofU.S.dollardenominated,high
yieldcorporatebonds.

CarefullyconsidertheFunds'investmentobjectives,riskfactors,andchargesandexpensesbeforeinvesting.Thisand
otherinformationcanbefoundintheFunds'prospectusesor,ifavailable,thesummaryprospectuseswhichmaybe
obtainedbyvisitingtheiShares ETF andBlackRockFund prospectuspages.Readtheprospectuscarefullybefore
investing.
Investinginvolvesrisk,includingpossiblelossofprincipal.TheiShares EnhancedETFs,iShares ShortMaturityBondETF,iShares LiquidityIncomeETFandtheiShares InterestRate
HedgedETFsareactivelymanagedfundsanddonotseektoreplicatetheperformanceofaspecifiedindex.TheFundsmayhaveahigherportfolioturnoverthanfundsthatseekto
replicatetheperformanceofanindex.Fixedincomerisksincludeinterestrateandcreditrisk.Typically,wheninterestratesrise,thereisacorrespondingdeclineinbondvalues.Credit
riskreferstothepossibilitythatthebondissuerwillnotbeabletomakeprincipalandinterestpayments.
Noninvestmentgradedebtsecurities(highyield/junkbonds)maybesubjecttogreatermarketfluctuations,riskofdefaultorlossofincomeandprincipalthanhigherrated
securities.
TheiShares ShortMaturityBondETFwillinvestinprivatelyissuedsecuritiesthathavenotbeenregisteredundertheSecuritiesActof1933andasaresultaresubjecttolegal
restrictionsonresale.Privatelyissuedsecuritiesarenottradedonestablishedmarketsandmaybeilliquid,difficulttovalueandsubjecttowidefluctuationsinvalue.Delayor
difficultyinsellingsuchsecuritiesmayresultinalosstotheiShares ShortMaturityBondETF.Thefundmayinvestinassetbacked(ABS)andmortgagebackedsecurities(MBS)
whicharesubjecttocredit,prepaymentandextensionrisk,andreactdifferentlytochangesininterestratesthanotherbonds. Smallmovementsininterestratesmayquicklyreduce
thevalueofcertainABSandMBS.SharesofETFsareboughtandsoldatmarketprice(notNAV)andarenotindividuallyredeemedfromtheFund.Brokeragecommissionswillreduce
returns.Marketreturnsarebaseduponthemidpointofthebid/askspreadat4:00p.m.Easterntime(whenNAVisnormallydeterminedformostETFs),anddonotrepresentthe
returnsyouwouldreceiveifyoutradedsharesatothertimes.Fortheprospectuspleasecall18008820052.
HJYisdistributedbyBlackRock

72

MarketVectorsGoldMinersETF(GDX)
InvestmentObjective&Summary
Theinvestmentobjectiveseekstoreplicateascloselyaspossible,beforefeesandexpenses,thepriceandyieldperformance of the
NYSEArca GoldMinersIndex(GDMNTR),whichisintendedtotracktheoverallperformanceofcompaniesinvolvedinthefoldmining
industry.

73

SPDRGoldSharesETF(GLD)
InvestmentObjective&Summary
TheinvestmentobjectiveoftheTrustisforSPDRGoldShares(GLD)toreflecttheperformanceofthepriceofgoldbullion, lessthe
Trustsexpenses.
Thespotpriceofgoldbullionisdeterminedbymarketforcesinthe24hourglobaloverthecounter(OTC)marketforgold.TheOTCmarketaccountsformostglobalgoldtrading,
andpricesquotedreflecttheinformationavailabletothemarketatanygiventime.Theprice,holdings,andnetassetavalueofGoldShares,aswellasmarketdatafortheoverall
goldbullionmarket,canbetrackeddailyatwww.spdrgoldshares.com.

74

Definitions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.The
indexcoverstheUSinvestmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,
andassetbackedsecurities.Thesemajorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedona regularbasis.
BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemaining
maturityofoneyearormore.
BarclaysCapitalUSTreasury10YearIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BarclaysCapitalCapitalUSTreasury30YearIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
BarclaysCapitalUSHighYieldIndex TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixedrate,noninvestmentgradedebt.Eurobondsanddebt
issuerfromcountriesdesignatedasemergingmarkets(e.g.Argentina,Brazil,Venezuela,etc.)areexcluded,butCanadianand globalbonds(SECregistered)of
issuersinnonEMGcountriesareincluded.Originalissuezereos,stepupcouponstructures,144Asandpayinkind(PIK,asofOctober1,2009)arealsoincluded.
BofAMerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesinthe
TreasuryandAgencyindices.)
BofAMerrillLynchUS15+YearTreasuryIndexLongTreasuries(G802) ThisindexisasubsetoftheBofAMerrillLynchUSTreasuryIndexincludingallsecurities
witharemainingtermoffinalmaturitygreaterthan15years..
BofAMerrillLynchUSCorporateIndex(COAO)InvestmentGrade TheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominated
investmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageof
Moodys,S&PandFitch)andaninvestmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebt
ratings).Securitiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
BofAMerrillLynchUSAllConvertiblesIndex(VOSO) TheMerrillLynchAllConvertibleIndexisaruledrivenindex.whichincludesallbondsandpreferredstocks
ofU.S.registeredcompanies,whichhave$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommonstocks,ADRsor
cashequivalents.Pleasenoteaninvestorcannotinvestdirectlyinanindex.
CRBCommodityIndex(CRY) Anunweightedgeometricaverageofsomeimportantcommodities.Itaveragespricesacross17commoditiesandacrosstime.The
indextracksenergy,grains,industrials,livestock,preciousmetals,andagriculturals.
S&P500(SPX) S&P500isafreefloatcapitalizationweightedindexpublishedsince1957ofthepricesof500largecapcommonstocksactively tradedinthe
UnitedStates.
StandardDeviation Sigma=standarddeviation.Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue).Alow standard
deviationindicatedthatthedatapointtendtobeveryclosetothemean,whereashighstandarddeviationindicatedthatthe dateisspreadoutoveralargerange
ofvalues.
DowJones UBSDJCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU.S.exchanges,withtheexceptionof
aluminum,nickelandzinc,whichtradeontheLondonMetalExchange(LME).
Copper=CopperSpotPrice(HGI)Copperistheworldsthirdmostusedmetalbehindironandaluminumprimarilyusedinhighlycyclicalindustriesincluding
constructionandindustrialmachinerymanufacturing.SpotpricequotedinUSD/lb.
Gold=GoldSpotPrice(Golds)TheGoldSpotpriceisquotedasUSDollarperTroyOunce.
CrudeOil=Crudeoilvariesgreatlyinappearancedependingonitscomposition.WestTexasintermediate(WTI)=Texaslightsweetcrudeisusedasabenchmarkin
oilpricing.Itslightbecauseofthelowdensityandsweetbecauseoflowsulfur.Brentcrude=Isamajortradingclassificationofsweetlightcrude.Brentistheoil
makeralsoknownasBrentBlend.
VolatilityIndex(VIX)TheVIXshowsthemarket'sexpectationof30dayvolatility.Itisconstructedusingtheimpliedvolatilitiesofawiderangeof S&P500index
options. Thisvolatilityismeanttobeforwardlookingandiscalculatedfrombothcallsandputs. TheVIXisawidelyusedmeasureofmarketriskandisoften
referredtoas the"investorfeargauge".
Spread Spreadisthepercentagepointdifferencebetweenyieldsofvariousclassesofbondscomparedtotreasurybonds.

75

IndexDescriptions
BofAMerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV)
ThisindextrackstheperformanceofUSdollardenominatedemergingmarketandcrossoversovereigndebtpubliclyissuedintheeurobondorUSdomesticmarket.
QualifyingcountriesmusthaveaBB1orlowerforeigncurrencylongtermsovereigndebtrating(basedonanaverageofMoodys,S&P,andFitch).
BofAMerrillLynchU.S.HighYieldCashPayIndex(J0A0)BelowInvestmentGrade
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebt,currentlyinacouponpayingperiod,
thatispubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveabelowinvestmentgraderating(basedonanaverageofMoodys,S&PandFirth
foreigncurrencylongtermsovereigndebtratings).Musthaveoneyearremainingtofinalmaturityandaminimumoutstandingamountof$100MM.
BofAMerrillLynchInternationalGovernmentIndex(NOGO)
TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,SwissandUKinvestmentgradesovereigndebt
publiclyissuedanddenominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,
afixedcouponscheduleandaminimumamountoutstanding.
BofAMerrillLynchMortgageBackedSecuritiesIndex(MOA0)
ThisindextrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthroughsecuritiespubliclyissuedbyUSagenciesinthe
USdomesticmarket.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedintheIndexprovidedtheyhaveatleastoneyearremaining
termtofinalmaturityandaminimumamountoutstandingofatleast$5billionpergenericcouponand$250MMperproductionyear withineachgenericcoupon.
BofAMerrillLynchU.S.MunicipalSecuritiesIndex(UOA0)
ThisindextrackstheperformanceofUSdollardenominatedinvestmentgradetaxexemptdebtpubliclyissuedbyUSstatesandterritories,andtheirpolitical
subdivisions,intheUSdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandan
investmentgraderating(basedonMoodys,S&PandFitch).Minimumsizevarybasedontheinitialtermtofinalmaturityattime ofissuance.
BarclaysCapitalGlobalEmergingMarketsIndex TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmerging
MarketsindexandthepredominatelyEURdenominatedPanEuroEmergingMarketsIndex,coveringemergingmarketsinthefollowingregions:Americas,Europe,
MiddleEast,Africa,andAsia.AswithotherfixedincomebenchmarksprovidedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewofthe
marketplaceandeasyreplicability.
JPMorganInvestmentGradeCorporateIndex JPMorganInvestmentGradeCorporateIndexincludesperformanceofUSdollardenominatedinvestmentgrade
corporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&Pand
Fitch)andaninvestmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securities
musthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
DrawDown Thepeaktotroughdeclineduringaspecificrecordperiodofaninvestment,fundorcommodity.Adrawdownisusuallyquotedasthepercentage
betweenthepeakandthetrough.
NAV Amutualfund'spricepershareorexchangetradedfund's(ETF)persharevalue.Inbothcases,thepersharedollaramountof thefundiscalculatedbydividing
thetotalvalueofallthesecuritiesinitsportfolio,lessanyliabilities,bythenumberoffundsharesoutstanding.
CMO Atypeofmortgagebackedsecuritythatcreatesseparatepoolsofpassthroughratesfordifferentclassesofbondholderswith varyingmaturities,called
tranches.Therepaymentsfromthepoolofpassthroughsecuritiesareusedtoretirethebondsintheorderspecifiedbythebonds'prospectus
TIPS TreasuryInflationProtection.Atreasurysecuritythatisindexedtoinflationinordertoprotectinvestorsfromthenegativeeffectsofinflation.TIPSare
consideredanextremelylowriskinvestmentsincetheyarebackedbytheU.S.governmentandsincetheirparvalueriseswithinflation,asmeasuredbythe
ConsumerPriceIndex,whiletheirinterestrateremainsfixed.
CPI ConsumerPriceIndex.Ameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodand
medicalcare.
CashFlow Cashflowmeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome.

76

IndexDescriptions
BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCrated
HighYieldcreditonly.
BofA/MerrillLynchHighYieldCashPayBBratedIndex(JOA1) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBrated
HighYieldcreditonly.
BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHigh
Yieldcreditonly.
BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBB
investmentgradecredits.
BofA/MerrillLynchCreditIndexAratedIndex(COA3) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingontheAratedinvestmentgrade
credits.
BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAA
investmentgradecredits.
BofAMerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpublicly
issuedbytheUSgovernmentinitsdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinal maturity,afixedcouponschedule
andaminimumamountoutstandingof$1billion.
BofAMerrillLynchUS1015YearTreasuryIndexLongTreasuryTheMerrillLynchUS1015TreasuryIndextrackstheperformanceofUSdollardenominated10
15yearsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO).
BofAMerrillLynchMunicipalIndexTheMerrillLynchMunicipal
BofAMerrillLynchCurrent10yearUSTIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BofAMerrillLynchCurrent30yearUSTIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
ShanghaiIndex TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedonthe
ShanghaiStockExchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100.
S&P/CaseShillerCompositeHomePriceIndex TheCaseShillerHomePriceIndices,onecomprisedofpricechangeswithinall20metropolitanmarkets,and
anothercomprisedofpricechangeswithinthefollowingsubsetof10metropolitanmarkets:Boston,Chicago,Denver,LasVegas,LosAngeles,Miami,NewYork,
SanDiego,SanFranciscoandWashingtonDC.Inadditiontothose10markets,the20HomePriceindexreflectspricechangesforAtlanta,Charlotte,Dallas,Detroit,
Minneapolis,Phoenix,Portland,SeattleandTampa.
NASDAQ Acomputerizedsystemthatfacilitatestradingandprovidespricequotationsonmorethan5,000ofthemoreactivelytradedover thecounterstocks.
Createdin1971,theNasdaqwastheworld'sfirstelectronicstockmarket.
Transports TheIndustrialsSectorincludescompanieswhosebusinessesaredominatedbyoneofthefollowingactivities:Themanufactureand distributionof
capitalgoods,includingaerospace&defense,construction,engineering&buildingproducts,electricalequipmentandindustrial machinery
Utilities Apublicutilityisabusinessthatfurnishesaneverydaynecessitytothepublicatlarge.Publicutilitiesprovidewater,electricity,naturalgas,telephone
service,andotheressentials.Utilitiesmaybepubliclyorprivatelyowned,butmostareoperatedasprivatebusinesses.
BasisPoint Abasispointisaunitthatisequalto1/100th of1%,andisusedtodenotethechangeinafinancialinstrument.
REIT RealEstateTrust.Asecuritythatsellslikeastockonthemajorexchangesandinvestsinrealestatedirectly,eitherthrough propertiesormortgages
Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebt
securities,priortomaturity.Securitieswithalongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration.
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U.S. Aggr
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IndexDescriptions

BofA/MerrillLynchInflationLinkedIndex(G0Q1) TheBofA MerrillLynchUSInflationLinkedTreasuryIndextrackstheperformanceofUSdollardenominated

inflationlinkedsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.
CitigroupTIPS(SBUSILSI) . Itmeasuresthereturnsoftheinflationlinkedbondswithfixedratecouponpaymentsthatarelinkedtoaninflationindex.The priceof
eachissueintheUSLSIisadjustedbyusinganindexratio.Theindexratioisdeterminedbydividingthecurrentinflationindexlevelbytheinflationindexlevelat
thetimeofissueofthesecurity.Theinflationindexispublishedonamonthlybasis,andtheintramonthindexratioiscalculatedusinglinear
interpolation.
BarclaysCapitalCMBSIndex trackstheperformanceofUSdollardenominatedsecuritizedcommercialmortgagebackedsecurities.
Russell2000 measurestheperformanceofthesmallcapsegmentoftheUSequityuniverse.Russell2000isasubsetoftheRussell3000indexrepresenting
approximately10%ofthetotalmarketcapitalizationofthatindex.
S&PGSCI isacompositeindexofcommoditysectorreturnrepresentinganunleveraged,longonlyinvestmentincommodityfuturesthatisbroadlydiversified
acrossthespectrumofcommodities.
S&PGSCIAgriculture isacompositeindexofagriculturecommodityfuturesunleveraged,longonlyinvestment.
BarclaysCapitalUS30YearTIPSIndex . BarclaysCapital30yearTIPSontherunindexquotedinUSDollarstradedintraday
CitigroupEconomicSurpriseIndex . TheCitigroupEconomicSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedas
weightedhistoricalstandarddeviationsofdatasurprises(actualreleasesvsBloombergsurveymedian).Apositivereadingof theEconomicSurpriseIndexsuggests
thateconomicreleaseshaveonbalancebeatingconsensus.Theindicesarecalculateddailyinarollingthreemonthwindow.Theweightsofeconomicindicators
arederivedfromrelativehighfrequencyspotFXimpactsof1standarddeviationdatasurprises.Theindicesalsoemployatimedecayfunctiontoreplicatethe
limitedmemoryofmarkets.
DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange.
CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloat
marketcapitalizationandliquidity.
FTSE100 Isacapitalizationweightedindexofthe100mosthighlycapitalizedcompaniestradedontheLondonStockExchange.
Nikkei225 TheNikkei225Stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionofthe TokyoStockExchange.
BarclaysU.S.HighYieldIndex Anindexthatiscomposedoffixedrate,publiclyissued,noninvestmentgradedebt.
BarclaysEuroCorporateIndex AsubsetoftheBarclaysEuroAgg measurestheinvestmentgrade,eurodenominated,fixedratebondmarket,including
treasuries,governmentrelated,corporateandsecuritizedissues.
BarclaysEuroHighYieldIndex Measuresthemarketofnoninvestmentgrade,fixedratecorporatebondsdenominatedinEuro.Inclusionisbasedonthe
currencyofissue,andnotthedomicileoftheissuer.
JPMorganCorporateEMBIBroadDiversifiedIndex(JBCDCOMP) Thisindextracksabroadbasketofperformanceofinvestmentgradecorporatedebt,including
smallerissuescoveringawiderarrayofpublicallyissuedacrossarangeofemergingmarketcountries.
JPMorganCorporateEmergingMarketIndex(JCMHCOR) Thisindexisaliquidbasketofemergingmarketscorporateissueswhichinclude80bonds,representing
60issuersand16countries.Ithasstrictliquiditycriteriaforinclusioninordertoprovidereplicability,tradability,robustpricinganddataintegrity.
JPMorganGlobalBondIndexexEM(JGAGGUSD) isacomprehensiveglobalinvestmentgradebenchmarkexcludingemergingmarkets.
JPMorganEMBondIndexGlobalDiversified trackstotalreturnsfortradedexternaldebtinstrumentsintheemergingmarketslimitingtheweightsofthose
indexcountrieswithlargerdebtstocksbyonlyincludingaspecifiedportionofthesecountrieseligiblecurrentfaceamountsofdebtoutstanding..
BarclaysU.S.CorporateIndex IsasubsetoftheBarclaysU.S.Aggregateindexwhichisabroadbasedflagshipbenchmarkthatmeasurestheinvestmentgrade,
U.S.dollardenominated,fixedratetaxablebondmarket.ITincludesTreasuries,governmentrelatedandcorporatesecurities,MBS,ABSandCMBS.Thissubset
representstheinvestmentgradeportionofthatindex.
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Thisreportwaspreparedasaprivatecommunicationandwasnotintendedforpubliccirculation.Clientsorprospectsmayauthorizedistributiontotheir
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Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused
bytheinvestmentteams,areextremelysophisticated,maynotalwaysproducetheintendedresultsandarenotintendedforusebynonprofessionals.
DoubleLinehasnoobligationtoproviderevisedassessmentsintheeventofchangedcircumstances.Whilewehavegatheredthisinformationfromsources
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