TheByrds

LiveWebcasthostedby:

JeffreyGundlach
ChiefExecutiveOfficer

March7,2017
 FundOfferings

TotalReturnBondFund
RetailandInstitutionalClass
NoLoadMutualFund

Retail Inst.
Nshare Ishare

Ticker DLTNX DBLTX

MinInvestment $2,000 $100,000
MinIRAInvestment $500 $5,000
GrossExpenseRatio 0.72% 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.

3717TRWebcast1
 Performance
DoubleLineTotalReturnBondFund QuarterEndingDecember31,2016

FundPerformance
Annualized
MonthEndReturns SinceInception
February 28,2017 February YeartoDate 1Year 3Year 5Year (4610to22817)
Ishare 0.48% 0.81% 1.37% 3.13% 3.68% 6.73%
Nshare 0.46% 0.67% 1.11% 2.85% 3.43% 6.47%
Benchmark 0.67% 0.87% 1.42% 2.64% 2.24% 3.63%

Annualized
QuarterEndReturns SinceInception
December 31,2016 4Q16 YeartoDate 1Year 3Year 5Year (4610to123116)
Ishare 1.83% 2.17% 2.17% 3.72% 4.03% 6.77%
Nshare 1.80% 1.92% 1.92% 3.46% 3.79% 6.52%
Benchmark 2.98% 2.65% 2.65% 3.03% 2.23% 3.58%
CalendarYearReturns 2016 2015 2014 2013 2012 2011 20102
Ishare 2.17% 2.32% 6.73% 0.02% 9.16% 9.51% 16.57%
Nshare 1.92% 2.07% 6.47% 0.23% 9.00% 9.16% 16.40%
Benchmark 2.65% 0.55% 5.97% 2.02% 4.12% 7.84% 5.25%

SEC30DayYield IShare NShare

Gross 3.53% 3.28%
Net 3.53% 3.28%
ExpenseRatio IShare NShare
Gross 0.47% 0.72%

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.

3717TRWebcast2
UpcomingWebcastAnnouncements

AssetAllocation April4,2017
JeffreyGundlachwilldiscusstheDoubleLineCoreFixedIncomeFundandFlexibleIncomeFund
Gotowww.doublelinefunds.com,HomepageunderEvents
1:15pmPDT/4:15pmEDT

ClosedEndFundWebcast May2,2017
JeffreyGundlachwilldiscusstheDBL&DSLClosedEndFunds
Gotowww.doublelinefunds.com,HomepageunderEvents
1:15pmPDT/4:15pmEDT

Viewthe2017WebcastScheduletoregisterformore.
www.doublelinefunds.com

ToReceiveTodaysPresentationSlides:
Youcanemailfundinfo@doubleline.com

3717TRWebcast3
 TheByrds

LiveWebcasthostedby:

JeffreyGundlach
ChiefExecutiveOfficer

March7,2017
TABI
GlobalEconomy

3717TRWebcast5
TheMostSynchronizedEconomicUpturninYears
December31,2009toMarch7,2017

Source:Citigroup,Bloomberg
TheSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedasweightedaveragehistoricalstandarddeviationsofdatasurprisesforcountriesindicated.Major
Economiesreferstodevelopedmarkets.Youcannotinvestdirectlyinanindex..
3717TRWebcast6
WhatDoestheU.S.ImportFromtheRestoftheWorld?

Youcannotinvestdirectlyinanindex.
3717TRWebcast7
 U.S.andEurope10yearNominalRates
March2,2015toMarch7,2017

Source:Bloomberg,DoubleLine
Youcannotinvestdirectlyinanindex.
3717TRWebcast8
 GlobalBreakevens
February29,2012toMarch7,2017

Source:DoubleLine,Bloomberg
Breakevens =Arethebreakevenfortheyearsindicated.TheyarecalculatedbysubtractingtherealyieldoftheinflationlinkedmaturitycurveformtheyieldoftheclosestnominalTreasury
maturity. Youcannotinvestdirectlyinanindex. 3717TRWebcast9
GermanCPIandGerman10YYields
February28,2000toMarch7,2017

Source:DoubleLine,Bloomberg
CPI=ConsumerPriceIndexindicatespricesofaweightedaveragebasketofgoodsandservices,suchastransportation,foodand medicalcarewithinagivencountry.Youcannotinvest
directlyinanindex.
3717TRWebcast10
GermanyPriceStats CPIYoY
January1,2010 March3,2017

Source:StateStreet
CPI=ConsumerPriceIndexisameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices, suchastransportation,foodand
MAG3APP
medicalcare.YoY=yearoveryear.Youcannotinvestdirectlyinanindex.
3717TRWebcast11
CitigroupGlobalInflationSurpriseIndex
December31,1999toMarch7,2017

Source:Citigroup,Bloomberg
CSIIGLIndex=TheCitigroupSurpriseIndex,Globalmeasurespricesurprisesrelativetomarketexpectations.Apositivereading meansthatinflationhasbeenhigherthanexpectedandanegativereading
meansthatinflationhasbeenlowerthanexpected.Youcannotinvestdirectlyinanindex.

3717TRWebcast12
Frenchvs.GermanUnemployment%SinceEURO
Introduction March31,2000toDecember31,2016

Source:Bloomberg,DoubleLine
EUR=EuroisthecurrencyoftheEurozone.Youcannotinvestdirectlyinanindex. 3717TRWebcast13
50YearFrenchBondPrice
March1,2016toMarch7,2017

Source:DoubleLine,Bloomberg
3717TRWebcast14
TABII U.S.

3717TRWebcast15
 NFIBSmallBusinessConfidenceJumpedSharplyLately
March31,1987toJanuary31,2017

Source:Bloomberg
Youcannotinvestdirectlyinanindex..
3717TRWebcast16
ISMManufacturingandServicesPMI
January31,1997toFebruary28,2017

Source:Bloomberg,DoubleLine
ISMManufacturingIndexisbasedonsurveysofmorethan300manufacturingfirmsbytheInstituteofSupply&Management.PMI =PurchasingManagersIndexisan
indicatoroftheeconomichealthofthemanufacturingsectorbasedonfivemajorindicators:neworders,inventorylevels,production,supplierdeliveriesandthe
MAG1APP
employmentenvironment.Youcannotinvestdirectlyinanindex.
3717TRWebcast17
ConsumerConfidencebyPoliticalView
AsofFebruary24,2017

Source:WSJ
3717TRWebcast18
UnemploymentRateandRepublicanPresidencies
January1,1948toJanuary31,2017

12 % Eisenhower Nixon Reagan/Bush Bush

11

10

5
?
4

2
1948
1950
1952
1955
1957
1959
1962
1964
1966
1969
1971
1973
1976
1978
1980
1983
1985
1987
1990
1992
1994
1997
1999
2001
2004
2006
2008
2011
2013
2015
2018
Source:Bloomberg
Youcannotinvestdirectlyinanindex..
3717TRWebcast19
AtlantaFedGDPNow
February27,2012toMarch7,2017

Source:Bloomberg;DoubleLine
GDP=GrossDomesticProductmeasurestheamountofgoodsandservicesproducedwithinagivencountry.Youcannotinvestdirectlyinanindex.
3717TRWebcast20
U.S.ConferenceBoardLeadingEconomicIndicator
December31,1986toJanuary31,2017

Source:Bloomberg,DoubleLine
MAG1APP
ConferenceBoardUSLeadingIndexLeadingindicatorsincludeeconomicvariablesthattendtomovebeforechangesintheoveralleconomyincludingaverageworkweek,production,
joblessclaims,newordermanufacturing,buildpermits,S&P500stockindex,leadingcreditindex,averageconsumerexpectations,etc..Youcannotinvestdirectlyinanindex. 3717TRWebcast21
U.S.NominalGDPForecast
January1,2011toJanuary25,2017

Source:BAML
GDP=Grossdomesticproductistheamountofgoodsandservicesproducedwithinagivencountry.Youcannotinvestdirectlyinanindex.

3717TRWebcast22
TABIII
FedPolicy&Inflation

3717TRWebcast23
DudleyGreenLightsAMarchHike
AsofMarch1,2017

Source:BiancoResearch
FOMC=FederalOpenMarketCommittee.Youcannotinvestdirectlyinanindex.
3717TRWebcast24
WIRP

WIRP=WorldInterestRateProbabilityusingfuturesFedFunds.Youcannotinvestdirectlyinanindex.

3717TRWebcast25
 NumberofHikesExpectedin2017
December17,2015toMarch6,2017

Numberof25basispointsHikesin2017
(basedonFedFundfuturesandFed'Dots')
4.50
4.00
Numberof25bpsHikes

3.50
3.00
2.50
2.00 Market
1.50
FedDots
1.00
0.50
0.00

DeviationofFedProjectedRateHikesandMarketImplied
4.00
3.50
3.00
NumberofHikes

2.50
2.00
1.50
1.00
0.50
0.00

Source:Bloomberg;DoubleLine
3717TRWebcast26
 S&P500andFedBalanceSheet
December31,2008toMarch7,2017

Source:Bloomberg
Pleaseseeappendixforindexdefinition.Youcannotinvestdirectlyinanindex. 3717TRWebcast27
ReflationStoryGainingTraction
January1,2002ProjectedthroughFebruary2019

3717TRWebcast28
U.S.PriceStats CPIYoY
January1,2009 March3,2017

Source:StateStreet
CPI=ConsumerPriceIndexisameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices, suchastransportation,foodand
medicalcare.YoY=yearoveryear.Youcannotinvestdirectlyinanindex.
MAG3APP
3717TRWebcast29
U.S.CoreCPIHadBiggestMonthlyGainSinceMar2006
AsofFebruary27,2017

Source:JPMorgan
CPI=ConsumerPriceIndexisameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices, suchastransportation,foodand
medicalcare.YoY=yearoveryear.Nsa =notseasonallyadjusted.Youcannotinvestdirectlyinanindex.
3717TRWebcast30
HeadlineInflationForecast
AsofMarch1,2017

Headlineinflationinchhigherasbaseeffectkicksin
5

3 2.90
Jan20172.50 11/30/2016 1.7
12/31/2016 2.1
2 1/31/2017 2.5
2/28/2017 2.86(f)
1
3/31/2017 2.9(f)
4/30/2017 2.5(f)
%

5/31/2017 2.01(f)
0 6/30/2017 1.87(f)
7/31/2017 1.91(f)
8/31/2017 2.31(f)
1
9/30/2017 2.11(f)
10/31/2017 1.91(f)
2 11/30/2017 1.99(f)
12/31/2017 1.85(f)

3
09 10 11 12 13 14 15 16 17

USInflationRate(CPIYoY%chg) ForecastUSInflationRate(IfnowWTI=60)
ForecastInflationRate(IfnowWTI=55) ForecastInflationRate(IfnowWTI=50)

Source:Bloomberg,DoubleLine
CPI=ConsumerPriceIndexisameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices, suchastransportation,foodandmedicalcare.
YoY=yearoveryear.WTI=WestTexasIntermediatecrudeoil.Youcannotinvestdirectlyinanindex. 3717TRWebcast31
 U.S.WageGrowthOverall
March31,1997toJanuary31,2017

Source:Bloomberg
WGTRUSUAIndex=AtlantaFedWageGrowthTrackerusuallyfulltimegenerallytrackstotalremuneration(incashorinkind)paid toemployeesinreturnforworkdone(orpaidleave).Youcannotinvest
directlyinanindex.
3717TRWebcast32
LatestObservationsforWagesInconsistentwithOther
LaborMarketIndicators January1,2016toJanuary31,2017

CPI=ConsumerPriceIndexisameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices, suchastransportation,foodandmedicalcare.
YoY=yearoveryear.NFIB=NationalFederationofIndependentBusiness,BLS=BureauofLaborStatistics,DB=DeutscheBank.Youcannotinvestdirectlyinanindex.
3717TRWebcast33
U.S.EmploymentCostIndex(ECI)
January1,1990toFebruary9,2017

ECI=EmploymentCostIndexmeasureschangesinemployeecompensationcosts(orlaborcosts)whichincludewages,bonuses,in kindbenefits,aswellasindirectcosts,suchassocialsecurity,training
andmedicalbenefits,taxes,etc.QoQ =quarteroverquarter,YoY=yearoveryear.RHS=righthandside.Youcannotinvestdirectlyinanindex.
3717TRWebcast34
 U.S.BreakevensandWestTexasCrudeOil(WTI)
December31,2012toMarch7,2017

Source:DoubleLine,Bloomberg
USGGBEBreakevens =Arethebreakevenfortheyearsindicated.Theyarecalculatedbysubtractingtherealyieldoftheinflationlinkedmaturitycurveformtheyieldoftheclosestnominal
Treasurymaturity. Youcannotinvestdirectlyinanindex.
3717TRWebcast35
TABIV
BloodlessVerdictoftheMarkets

3717TRWebcast36
 U.S.DollarIndexSpot
December31,2007throughMarch7,2017

Source:BloombergFinancialServices,DoubleLineCapitalLP
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.Aninvestmentcannotbemade
directlyinanindex. 3717TRWebcast37
CommodityPrices
December31,2006toMarch7,2017

Source:Bloomberg
CRYIndex=Thompson/Rueters ExcessReturnIndexisanarithmeticaverageofcommodityfuturespriceswithmonthlyrebalancing..Youcannotinvestdirectlyinanindex.
3717TRWebcast38
GoldDecember31,2007toMarch7,2017

Source:Bloomberg
XAU Curncy =GoldspotpricequotedinUSdollarsperTroyounce.Youcannotinvestdirectlyinanindex. 3717TRWebcast39
YearlyS&P500EarningsExpectations
ASofFebruary24,2017

Source:Bianco
3717TRWebcast40
ValuationsContinuetoClimb
AsofFebruary27,2017

Source:BiancoResearch

3717TRWebcast41
S&P500vs.MarginDebt
December31,1995toMarch7,2017

Source:Bloomberg,DoubleLine
S&P500 IndexisamarketcapitalizationweightedindexoflargecompanieshavingcommonstocklistedontheNYSE.Youcannotinvestdirectlyinanindex.
3717TRWebcast42
S&P500PricetoSalesRatio
Asof2/27/17

S&P500PricetoSalesRatio
2.5

2.3

2.1

1.9

1.7

1.5 Price/Sales
Average
1.3 1St.Dev
2St.Dev
1.1

0.9

0.7

0.5
1/1/1990
10/1/1990
7/1/1991
4/1/1992
1/1/1993
10/1/1993
7/1/1994
4/1/1995
1/1/1996
10/1/1996
7/1/1997
4/1/1998
1/1/1999
10/1/1999
7/1/2000
4/1/2001
1/1/2002
10/1/2002
7/1/2003
4/1/2004
1/1/2005
10/1/2005
7/1/2006
4/1/2007
1/1/2008
10/1/2008
7/1/2009
4/1/2010
1/1/2011
10/1/2011
7/1/2012
4/1/2013
1/1/2014
10/1/2014
7/1/2015
4/1/2016
1/1/2017
Source:Bloomberg,DoubleLine
S&P500 IndexisamarketcapitalizationweightedindexoflargecompanieshavingcommonstocklistedontheNYSE.Pricetosalesratio(P/Sratio)isavaluationmetricforstockscalculatedbydividing
thecompanysmarketcapbythere3venueinthemostrecentyearordividethepersharestockpricebythepersharerevenue.Youcannotinvestdirectlyinanindex.
3717TRWebcast43
 LIBOR February27,2015toMarch7,2017

Source:Bloomberg
ICELIBOR=LondonInterbankOfferedrateadministeredbyICEBenchmarkAdministrationFixingforU.S.Dollar.Thefixingisconductedeachdateat11am.Itsanaveragederivedfromthequotations
providedbythebanksdeterminedbytheICEBenchmarkAdministration.Youcannotinvestdirectlyinanindex.
3717TRWebcast44
 U.S.2YearTreasury
January1,2010throughMarch7,2017

(Inbasispoints)
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.
3717TRWebcast45
U.S.5YearTreasury
January1,2010throughMarch7,2017

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex. 3717TRWebcast46
 U.S.10YearTreasury
January1,2010throughMarch7,2017

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.

3717TRWebcast47
NearRecordNetShortsonU.S.10YrTreasury
December31,2000toFebruary28,2017

Source:Bloomberg
CFTC=CommitmentsofTradersReport.Youcannotinvestdirectlyinanindex.
3717TRWebcast48
CFTCTreasurySpeculativePositioning(All)
March5,2007toFebruary28,2017

Source:Bloomberg,DoubleLine
CFTC=CommitmentsofTradersReport.Youcannotinvestdirectlyinanindex.
3717TRWebcast49
Copper/GoldRatioand10YearU.S.TreasuryYield
December31,2010toMarch7,2017

Source:Bloomberg
USGG10YrIndex=10yearU.S.treasuryindex.HG=Copperfuturescontract/GC=Goldfuturescontraqct.Youcannotinvestdirectlyinanindex.

3717TRWebcast50
U.S.30YearTreasury
January1,2010toMarch7,2017

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT30=US30YearTreasuryBond.Youcannotinvestdirectlyinanindex.
3717TRWebcast51
HighYieldOASvsInvestmentGradeOAS
February23,2012toFebruary23,2017

1000
BAMLHighYieldIndexSpread
900 BAMLInvestmentGradeIndexSpread

800
February23,2012 February23,2017

700
Spread(BasisPoints)

600

500

400

300

200

100

Source:Bloomberg,BAML
OAS=Optionadjustedspread.Youcannotinvestdirectlyinanindex.
3717TRWebcast52
TABV
DoubleLineTotalReturnBondFund

3717TRWebcast53
Duration:DBLTXvs.BarclaysU.S.AggregateIndex
May31,2010throughFebruary28,2017

Source:DoubleLine,Barclays
BarclaysAGGDuration=BarclaysUSAggregateIndexduration.Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears
3717TRWebcast54
 DBLTXDurationvs.10YearU.S.TreasuryYield
May31,2010throughFebruary28,2017

Source:DoubleLine,Bloomberg
Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears.
3717TRWebcast55
TotalReturnBondFundPortfolioStatistics
Asof2/28/2017

Total Return BarclaysCapitalU.S.

BondFund AggregateIndex
AveragePrice $97.86 $103.03
Duration 3.97 5.95
Average Life 5.67 8.25

PortfoliostatisticsasofFebruary28,2017basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
Youcannotinvestdirectlyinanindex.Pleaseseeindexdefinitionintheappendix.
3717TRWebcast56
TotalReturnBondFundPortfolioComposition
BySecurityType

AssetBacked
Collateralized
Securities,3.04%
Loan Cash,7.31%
Obligations,
4.43%
Commercial Treasury,4.73%
MBS,7.05%

NonAgency AgencyPass
ResidentialMBS, throughs,
21.96% 29.84%

Agency
Collateralized
Mortgage
Obligation
(CMO),21.64%

PortfoliocompositionasofFebruary28,2017.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 3717TRWebcast57
 TheByrds

LiveWebcasthostedby:

JeffreyGundlach
ChiefExecutiveOfficer

March7,2017
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.

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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.
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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

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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.

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Disclaimer

ImportantInformationRegardingThisReport
Thisreportwaspreparedasaprivatecommunicationandwasnotintendedforpubliccirculation.Clientsorprospectsmayauthorizedistributiontotheir
consultantsorotheragents.

Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused
bytheinvestmentteams,areextremelysophisticated,maynotalwaysproducetheintendedresultsandarenotintendedforusebynonprofessionals.

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Disclaimer

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DoubleLineisaregisteredtrademarkofDoubleLineCapitalLP.

2016DoubleLineCapitalLP

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 TheByrds

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March7,2017
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