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2014Markets: YearoftheHorse:Let LettheRaceBegin Begin

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

January14,2014

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2013PerformanceByAssetClass
40%

32.4%
30% CumulativeRe eturns Decembe er31,2012throughDecember31,2013

20%

10%

9.1%

6.0%

4.2% 0 3% 0.3%

0%

10%

5.0%

7.8%

7.9% 15.1% 17.6% 23.9% 28.7%

20%

30%

40%

Source:Bloomberg NatGas=Genericnaturalgasfuturescontract.WTICrudeOil=genericfuturescontractforcrudeoil.EUR=Euroindexspotprice.DXY=USDollarindexindicatingspotprice.CRBIndex=Indexofspot marketpricesisameasureofpricemovementsof22sensitivebasiccommodities.Copper=Genericcopperfuturescontract.JPY =Japanesespotprice.VIX=Volatilityindexreflectsamarketestimate offuturevolatilitybasedontheweightedaverageofimpliedvolatilitiesforawiderangeofstrikes.Gold=spotpricefor gold. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

BofA/MerrillFixedIncomeIndexReturns
Grey=Year2013 Blue=YearToDate2014
Convertibles(VOSO) HighYield(JOAO) 5.79% InternationalEmerging(IGOV) Corporate(COAO) InternationalDeveloped(NOGO) Mortgages(MOAO) Government(G0A0) 1 40% 1.40% 3.21% 0.68% 1.46% 0.27% 1.03% 0.01% 0.42% 0.79% 26.60% 1.47% 0 67% 0.67% 7.38%

DataSource:BofA/MerrillLynchIndicesthroughyearendDecember31,2013andJanuary10,2014fortherespectiveyearsindicated. PleaseseetheAppendixforindexdefinitions.Aninvestmentcannotbemadedirectlyinanindex.

BofA/MerrillFixedIncomeIndexReturns
Grey=Y G Year2013 Blue=YearToDate2014
CCCRatedHighYield(JOA3) BBRatedHighYieldCredit(JOA1) BRatedHighYield(JOA2) BBBRatedCredit(COA4) ARatedCredit(COA3) 0.95% 1.82% 13.28% 0.91% 5.19% 0.62% 0.63% 1.04% 1.03% 1.32% 7.44%

AAARatedCredit(COA1) 4.27%

InvestmentGrade=IndicesratedAAAtoBBB (shownabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB or higherbyStandard&PoorsorBaa3byMoodys.Thehighertherating,themorelikelythebondistopaybackatpar/$100cents onthedollar.AAAisconsideredthehighest quality lit and dth thel lowest td degreeof frisk. i k Th Theyareconsidered id dt tob bestable t bl and dd dependable. d bl BelowInvestmentGrade=Alsoknownasjunkbond(shownabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenas havinghigherdefaultriskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinorder to makethemattractive.Theyarelesslikelytopay backatpar/$100centsonthedollar. Source:BofA/MerrillLynchIndices asofDecember31,2013andJanuary10,2014andfortheirrespectiveyearsindicated. PleaseseeappendixforIndexdefinitions Aninvestmentcannotbemadedirectlyinanindex.

USFixedIncomePerformanceBySector
December31,2012throughDecember31,2013
10%

5% CumulativeReturn 012throughDecem mber31,2013 December31,20

0%

5%

10%

15% 10YTsy 20% 30YTsy IG HY DM EM MBS

Source:BankofAmericaMerrillLynch,Bloomberg,DoubleLine Capital IG=InvestmentGrade,HY=HighYield,DM=DevelopedMarkets,EM=EmergingMarkets,MBS=MortgageBackedSecurities Aninvestmentcannotbemadedirectlyinanindex.

USFederalReserveRateHikeCycle
December6,2012throughJanuary6,2014

Source:Bloomberg,StateStreetGlobalMarkets

10YearUSTreasuryYields
January1,1790throughDecember18,2013

7
Source:GoldmanSachs,TopofMind,December18,2013.

US2Yearand5YearTreasuryIndex
January10,2013throughJanuary10,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP Aninvestmentcannotbemadedirectlyinanindex.Pleaseseeappendixforindexdefinitions.

US2Yearand5YearTreasuryIndex
March31,1994throughJanuary10,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP Aninvestmentcannotbemadedirectlyinanindex.Pleaseseeappendixforindexdefinitions

FederalReserveQEEffectsontheStockMarket
March18,2009throughJanuary6,2014

Source:Bloomberg,DoubleLine Capital Aninvestmentcannotbemadeinanindexdirectly. Pleaseseeappendixforindexdefinitions.

10

DOWIndexTrendEstimates

Source:http://financialvigilante.blogspot.com/2013/12/stockmarketin2014canruncontinue.html,December20,2013StockMarketin2014 CantheRunContinue?

DowIndex=DowJonesIndustrialAverageisapriceweightedaverageof30bluechipstocksthataregenerallytheleaderintheirindustry. Aninvestmentcannotbemadedirectlyinanindex.

11

MarginBorrowingCPIAdjusted
March31,1959throughNovember30,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP MARGDEBT=Debtbalancesinmarginaccounts.CPI=ConsumerPriceIndex Aninvestmentcannotbemadedirectlyinanindex.Pleaseseeappendixfordefinitions.

12

CRBCommodityIndex
YearEnd2007throughJanuary13,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP Note:TheTR/JCRBCommodityExcessReturnIndexisanarithmeticaverageofcommodityfuturespriceswithmonthlyrebalancing. Aninvestmentcannotbemadedirectlyinanindex.

13

S&P500SectorBreakdownfor2013
EntireYear2013

Source:http://s.wsj.net/public/resources/images/MICA398B_STOCK_G_20131230184809.jpg Aninvestmentcannotbemadeinanindexdirectly. Pleaseseeappendixforindexdefinitions.

14

S&P500TotalReturnMaximumDrawdownina CalendarYear(January1,1970throughDecember31,2013)
Intheprevious43years,only3haveexperiencedalowerpeaktotroughdrawdownthan 2013 0.00%
5.00% Maxim mumPeaktoTrough hDrawdowninCale endarYear 10.00% 15 00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 50.00%

DataSource:DoubleLineCapital,Bloomberg Maximumdrawdown=Isthemeasureofthedeclinefromahistoricalpeakincumulativeprofit. Aninvestmentcannotbemadeinanindexdirectly.

15

S&P500NeverBrokeits200dayMoving Average g in2013

Source:BloombergFinancialServices,DoubleLineCapitalLP SPX=S&P500Index.MovingAverage=istheunweighted meanoftheperviousdatapoints. Aninvestmentcannotbemadedirectlyinanindex.Pleaseseeappendixforindexdefinitions.

16

DJUBSCommodityIndex Brokeits200DayMoving Average g inMidFebruaryandNeverRecovered


December31,2012throughDecember31,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP DJUBS=DowJonesUBSCommodityIndexiscalculatedonexcessreturnbasis&composedoffuturesandcontractson22physicalcommodities. Aninvestmentcannotbemadedirectlyinanindex.

17

GoldBrokeits200DayMovingAverageSlightlyEarlier
December31,2012throughDecember31,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP GC1=GoldOptionsgenericcontract. Aninvestmentcannotbemadedirectlyinanindex.Pleaseseeappendixforindexdefinitions

18

S&P500Realized6Month(126days)StandardDeviation
January7,2009throughJanuary7,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP SPX=S&P500Index.StandardDeviation=Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue). Aninvestmentcannotbemadedirectlyinanindex.Pleaseseeappendixforindexdefinitions.

19

DJUBSCommodityIndex Realized6Month(126days) StandardDeviation


January7,2009throughJanuary7,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP DJUBS=DowJonesUBSCommodityIndexiscalculatedonexcessreturnbasis&composedoffuturesandcontractson22physicalcommodities.SPX=S&P500 Index.SeedefinitionsforStandardDeviation. Aninvestmentcannotbemadedirectlyinanindex.

20

CommoditiesBroketheRiskOn,RiskOff BehavioroftheUSEquityMarket
July1,2000throughJanuary10,2014

6MoCorrelation(S&P500,DJUBS)
0.80

0.60

0.40

0.20

0.00

0.20

0.40

Source:BloombergFinancialServices,DoubleLineCapitalLP Fordefinitionspleaseseetheappendixsectionofthispresentation. Aninvestmentcannotbemadedirectlyinanindex.

21

TheRiseofCryptocurrency Bitcoin (BTC)


December31,2012throughDecember31,2013
1400.00

1200.00

1000.00 USDollar rs($)

800 00 800.00

Annualized Return Volatility 111 7% 111.7%

600.00

400.00

200 00 200.00

0.00

Source:BloombergFinancialServices,DoubleLineCapitalLP

22

USMutualFundFlows
January1,2011throughDecember31,2013
80

60

FundFlow($Bn) F Janauary1,201 11throughDecemb ber31,2013

40

20

20

40

60 U.S.Equity 80 Jan11 Jan12 Jan13 Bond MoneyMarketFund

Source:InvestmentCompanyInstitute(ICI),DoubleLine Capital

23

USEquity&BondMutualFundFlowsByYear
January1,2007throughDecember31,2013
450,000

BondandEquityMutualFundFlowsReversedin2013
Equitymutualfunds Bondmutualfunds

350,000

Cumulativen netinflowsbyyear($millions)

250,000

150 000 150,000

50,000

50,000

150,000

250,000

350,000

2007

2008

2009

2010

2011

2012

2013

Source:InvestmentCompanyInstitute;CreditSuisse;Bloomberg;DoubleLine

24

60/40PortfolioRebalancingFor2014
Withequityprofitsin2013,manypensionplans,definedbenefitplans,etc.,willneedto rebalancetheirportfoliosintobondsin2014tomaintaina 60/40mixofbondstoequity.

Source:http://www.nytimes.com/2013/12/30/opinion/americain2013astoldincharts.html?pagewanted=all SPY=SPDRS&P500ETFTrustisaunitinvestmenttrustincorporatedintheUS.Barcap =BarclaysUSAggregateIndex. PleaseseetheappendixforIndexdefinitions.

25

USEconomicWinners&Losers
December31,2008throughDecember31,2013

Source:http://www.nytimes.com/2013/12/30/opinion/americain2013astoldincharts.html?pagewanted=all Aninvestmentcannotbemadeinanindexdirectly.

26

USJobGapSince2008
January1,2008throughProjectedYear2019

Source:http://www.nytimes.com/2013/12/30/opinion/americain2013astoldincharts.html?pagewanted=all

27

PublicOpinionPollsfor2014

Source:Zerohedge,http://www.zerohedge.com/news/20140105/whatuspopulationmostconcernedabout,1/5/2014

28

PublicOpinionPollsfor2014

December30,2013,http://www.gallup.com/poll/166658/smallbusinessowners mixedexpectations2014.aspx

29

PriceofGoldvs.FederalReserveBankTotalAssets
October22,2001throughJanuary10,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP GOLDSComdty =SpotPriceofGold.FARBAST=USConditionofallFederalReserveBanksTotalAssets Aninvestmentcannotbemadedirectlyinanindex.Pleaseseeappendixforindexdefinitions

30

GoldETFHoldingsPeakedYearEnd2012early2013 Reversing gthepreviousthreeyearsofinflows


December31,2008throughDecember31,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP ETFGTOTLIndex=theknowngoldholdingstradedfundsworldwidetrackedby:SPDR,ETFsecurities,ZKB,iShares,Swiss&Global,CentralFunds,CreditSuisse,Source,New Gold,Sproott Gold,DeutscheBank,CentralGoldtrust,Claymore(nowiShares)andGoldlist. Aninvestmentcannotbemadedirectlyinanindex.

31

10YearUSTreasuryYield
YearEnd2007throughJanuary14,2014

Source:BloombergFinancialServices Aninvestmentcannotbemadeinanindexdirectly.Pleaseseetheappendixfordefinition.

32

InvestmentGradeIndexYields
YearEnd2007throughJanuary13,2014

Source:BloombergFinancialServices,JPMorgan JACIICYM=TheJPMorganInvestmentGradeCorporateIndex,YieldtoMaturity.Investmentgrademeansthatthesecurityisratedbyoneofthethreenationally recognizedmajorratingagencies,Moodys,S&PorFitch,asaboveBBB. Pleaseseetheappendixofthispresentationforfurtherratingsdescriptions. Aninvestmentcannotbemadedirectlyinanindex.

33

RelativeGrowthofMerrillCorporateIndexto MerrillTreasuryIndex
1.40

1.30

RelativeGrowthRate (Dec cember31,198 85 December1 18,2013)

1.20

1.10

1.00

0.90

Trend
0.80

1Sigma Relativeto Trend

2Sigmas RelativetoTrend

Corporate/Treasury

DataSource:MerrillLynch(C0A0;G0Q0);Monthlydatawithmostrecentobservationappended. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

34

HighYieldIndexYields
December1,2003throughDecember31,2013
25

20

15

10

Apr13

Aug08

Aug09

Aug10

Aug11

Aug12

Aug13

Apr08

Apr09

Apr10

Apr11

Apr12

Aug07

Aug06

Aug05

Aug04

Source:BloombergFinancialServices,JPMorgan PleaseseetheappendixfordefinitionofBofA/MerrillLynchHighYieldCashPayIndex(J0A0). Aninvestmentcannotbemadedirectlyinanindex.

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Apr04

Apr05

Apr06

Apr07

35

RelativeGrowthofMerrillHighYieldCashPayIndexto Merrill15+YearTreasuriesIndex
1.30 1.20

Relat tiveGrowthRa ate (December31,1985 Decemb ( ber18,2013)

1.10

1 00 1.00

0.90

0.80

0.70

Trend
0.60

1Sigma Relativeto Trend

2Sigmas RelativetoTrend

HighYield/15+yr Treasury

0.50

DataSource:MerrillLynch(J0A0;G8O2);Monthlydatawithmostrecentobservationappended. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

36

RelativeGrowthofMerrillMortgageIndexto yIndex MerrillTreasury


1.15

Relat tiveGrowthRate (December31,1985 Decemb ber18,2013)

1.10

1.05

1.00

0.95

Trend
0.90

1Sigma Relativeto Trend

2Sigmas RelativetoTrend

Mortgage/Treasury

DataSource:MerrillLynch(M0A0;G0Q0);Monthlydatawithmostrecentobservationappended. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

37

RelativeGrowthofMerrillUSMunicipalIndexto yIndex Merrill1015YearTreasury


1.10 1.05

Trend

1Sigma Relativeto Trend

2Sigmas RelativetoTrend

Municipal/1015yr Treasury

Relati ive GrowthRate e (D December31,1 1996 Decembe er18,2013)

1.00

0 95 0.95

0.90

0.85

0.80

0.75

0.70

DataSource:MerrillLynch(U0A0;G7O2);Monthlydatawithmostrecentobservationappended. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

38

MerrillInternationalFixedIncomeIndexReturns
Last12 MonthsEndingDecember31,2013(InlocalCurrency)

18.10% Japan(GOYO) Brazil(GDBR) Mexico(GDMX) Russia(GDRU) UnitedKingdon(GOLO) Germany(GODO) France(GOFO) 10.76% 8.03% 4.87% 4.25% 2.26% 0.51%

20.00%

10.00%

0.00%
39

DataSource:MerrillLynch AllindicesareBofA/MerrillLynch.GOYO=JapanGovernmentIndex.GDBR=BrazilGovernmentIndex.GDMX=MexicanGovernmentindex.GDRU= RussianGovernmentIndex.GOLO=UnitedKingdomGovernmentIndex.GODO=GermanGovernmentIndex.GOFO=FrenchGovernmentIndex. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

2013GlobalEquityReturns
70% 60%

59.3%

CumulativeReturns Dec cember31,2012th hroughDecember3 31,2013

50%

40%

40 2% 38.8% 40.2% 32.4% 29.7% 25.5% 22.2% 21.4% 19 2% 19.2% 10.7%

30%

20%

10%

6.6% 0.9%

0%

0.0%
10%

3.9%

20%

15.5% 15 5%

Source:Bloomberg S Bl b Nikkei225(NKY)=Nikkei225stockaverageispriceweightedaverageof225topratedJapanesecompanieslistedontheTokyoexchange.NASDAQ=USbroadbasedcapitalizationweightedindexof stocks.Russell2000(RTY)=Indexcomprisedofthesmallest2000companiesintheRussell3000index.DAX=TheGermanStock Indexof30selectedGermanblueshipstockstradedontheFrankfurt exchange.CAC40=themostwidelyusedindicatorinParis,reflectstheperformanceofthe40largestequitieslistedinFrance.AustraliaAORD=capitalizedweightedindexofthelargest500 companieslistedinAustralia.FTSE100=capitalizedweighted100mosthighlycapitalizedstockstradedonLondonStockExchange.IndiaSENSEX=S&PBSESensex indexiscapweightedIndianStock Exchange.HangSeng =HongKongfree floatcapweightedstockexchange.KOSPI=Koreancapweightedstockexchange.MexicoIPC=CapweightedindexoftheleadingstocksontheMexican Exchange.BrazilBovespa =grosstotalreturnweightedstocksontheSaoPaulostockexchange. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexforotherdefinitions

40

EuropehasSteppedOutofCrisisMode
December31,2009throughJanuary10,2014
16.0

10yearrates:peripheralspreadsvs.Germany(%)
14.0

Draghi's"whateverit takes"speech
12.0

10yr rSpreadtoGerman nBunds(%)

10.0

EuroCrisis heightens

8.0

6.0

Backtonormal 2009levelsor preEurocrisis

4.0

2.0

0.0

Italy

Spain

Ireland

Portugal

Source:Societe Generale;Bloomberg;Doubleline Capital

41

Equities:EuropeanEquityReturns
December31,2012throughDecember31,2013

EuropeanMSCIEquityUSDTotalReturnIndices
135

125

CumulativeReturn n

115

Germany UK France Italy

105

Spain

95

85

Source:Bloomberg;Doubleline MXEU=MSCIEuropeindexisafreefloatweightedequityindexdesignedtomeasuretheequitymarketperformanceofthedevelopedmarketsinEurope. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions.

42

ClosingStockPrices&PriceLevelsintheUS&Germany
November30,2008throughNovember30,2013

Source:http://www.aei.org/files/2013/11/20/imgfigure4eo_164836859602.jpg http://www.aei.org/outlook/economics/monetarypolicy/centralbanksneedanewplanfor2014/ Aninvestmentcannotbemadeinanindexdirectly. Pleaseseeappendixforindexdefinitions.

43

GlobalRealRates(CPIminus10Year)
January12,2009throughJanuary10,2014

Source:Bloomberg USGG10Y=USgeneric10YearUSTreasury.GTJP10Y=Japanesegeneric10yearTreasury.GTAUD10Y=Australiangeneric10YTreasury.GTESP10Y=Spanishgeneric10yearTreasury.GTDEM10= Germangeneric10yearTreasury.CPI=ConsumerPriceIndex Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

44

EmergingMarketsBondFundSharesOutstandingRose andFellWithQEInfinityHopes
January12,2009throughJanuary13,2014

Source:Bloomberg EMBSO=iShares JPMorganUSDEmergingMarketsBondFundSharesOutstandingIndexrepresentsthecurrentindexsharesoutstanding.Theindexis USDollardenominated. Youcannotinvestdirectlyinanindex. QE=QuantitativeEasing

45

S&P500vs.EmergingMarketsEquities
January10,2012throughJanuary13,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP.ThechartillustratestheS&P500/EmergingMarketsEquities. SPX=Standard&Poors500Indexisacapitalizationweightedindexof500stocks.Theindexisdesignedtomeasureperformance ofthebroaddomesticeconomy. MXEF=MXEFIndex=TheMSCIEmergingMarketsIndexisafreefloatweightedequityindex. Aninvestmentcannotbemadedirectlyinanindex.

46

USD/EMFXand10yUSTYieldSince12/31/12
As so of1/10/14 / 0/
109

USD/EMFXPerformanceand10YUST
3.10

108 2.90

107

USD/EMFXIndex(Norma alized)

106

2.70

104 2.30 103 USD/EM / FX 2.10 102 10YUST 1.90 101 1.70

100

99

1.50

Note:USD/EMFXisanindexcreatedfromequallyweightedspotreturnsofINR,IDR,MYR,SGD,KRW,THB,PHP,CNY,HKD,TWD,BRL, ARS,MXN,COP,PEN,CLP,CZK,PLN, HUF,TRY,RUB,ZAR,ISK,RON,SKK Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions.

10YUSTYield

105

2.50

47

AsiaForeignExchangeChart
December31,2012throughNovember30,2013

Source:BloombergFinancialServices,DoubleLineCapitalLP INR=IndianRupee.USD=USDollar.ThisistheIndianRupeeconvertedintoUSDollars.IDR=IndonesianRupiahinUSdollars. THB=ThaiBahtcurrencyinUSdollars.PHP=PhilippinePesoinUSdollars.MYR=MalaysianRinggitinUSdollars.SGD=SingaporedollarinUSdollars.KRW=SouthKoreanWoninUS Dollars. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

48

EmergingMarketsRelativetoDevelopedWorld
LastFiveYears(11008to11014)

Source:Bloomberg MXEFIndex=TheMSCIEmergingMarketsIndexisafreefloatweightedequityindex. MXWOIndex=TheMSCIWorldIndexisafreefloatweightedequityindex.Itwasdeveloped withabasevalueof100asofDecember31,1969.Itincludesdevelopedworldmarketsanddoesnot includeemergingmarkets. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

49

EmergingMarketsRelativetoDevelopedWorld
LastTenYears(11004to11014)

Source:Bloomberg MXEFIndex=TheMSCIEmergingMarketsIndexisafreefloatweightedequityindex. MXWOIndex=TheMSCIWorldIndexisafreefloatweightedequityindex.Itwasdeveloped withabasevalueof100asofDecember31,1969.Itincludesdevelopedworldmarketsanddoesnot includeemergingmarkets. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

50

EmergingMarketsCurrencies
AsofDecember31,2013

RON=RomanianLeu spotprice.CNY=ChineseRenminbi spotprice.HUF=Hungarianforintspotprice.PLN=PolishZlotyspotprice.MXN=MexicanPesospotprice.KRW=SouthKorean WonSpot price.RUB=RussianRublespotprice.TWD=Taiwanesedollarspotprice.INR=IndianRupeespotprice.SGD=Singaporedollarspotprice.PEN=PeruvianNewSolspotprice.THB=ThaiBahtspot price.MYR=MalaysianRinggitspotprice.CLP=ChileanPesospotprice.CZK=CzechKorunaspotprice.COP=ColumbianPeso spotprice.BRL=BrazilianRealspotprice.PHP=Philippinepesospot price.TRY=TurkishLiraspotprice.IDR=IndonesianRupiahspotprice.ZAR=SouthAfricanRandspotprice.CEEMEA=CentralEasternEurope,MiddleEastandAfrica,EM=EmergingMarkets.Asia= AsiaandLatam =LatinAmerica.

51

ShanghaiIndex
December31,2009throughJanuary13,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP Note:TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedontheShanghaiStock Exchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100. Aninvestmentcannotbemadedirectlyinanindex.

52

U.S.DollarIndexSpot
YearEnd2007throughJanuary13,2014

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

53

30YearU.S.MortgageRates
December31,2007throughJanuary10,2014

Source:BloombergFinancialServices,Bankrate.com ILM3NAVG=TheOvernightNationalAverageoftheU.S.30yearTreasuryinterestrate.Theyhelpconsumersseethemovementof ratesdaytoday.Subjecttoone daylag. Aninvestmentcannotbemadeinanindexdirectly.Pleaseseeappendixforindexdefinitions

5454

Lumbervs.HomebuildersIndex
January11,2010throughJanuary10,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP LB1COMD=thegenericlumbaroptionscontract.SPSIHOTRIndex=S&PHomebuildersIndex Aninvestmentcannotbemadedirectlyinanindex.

55

HomeownershipRate

Source:BloombergFinancialServices HOWNRATE=Thehomeownershiprateindex.Homeownershipaffordabilitymeasuredquarterlyand subjecttoaonemonthlag. Aninvestmentcannotbemadedirectlyinanindex.

5656

MortgageRefinancingIndex
January17,2003throughJanuary3,2014

Source:BloombergFinancialServices MBAVREFOIndex=MortgageRefinancingIndexasmeasuredbytheMortgageBankersAssociation.Reflectsthenumberofapplicationsforrefinance.Notallapplications areaccepted. Aninvestmentcannotbemadedirectlyinanindex.

5757

ABXAAA071Index
December31,2009throughJanuary13,2014

Source:BloombergFinancialServices,DoubleLineCapitalLP TheABX071AAAIndexisabasketofhomeequity.Constitutedfromreferenceobligationsissuedby20issuersofresidentialmortgagebackedsecurities. Aninvestmentcannotbemadedirectlyinanindex.

58

NonAgencyResidentialMBS(RMBS)60++ DelinquencyRate
January31,2005throughNovember30,2013
60%

50% 60+ ++SeriousDelinque encies January2 2005throughNovember2013

Prime AltA Subprime

36.0%

40%

30%

20.5%
20%

9.6%
10%

0%

SeriousDelinquenciesisdefinedbymortgagesthatare60++delinquencyratesdefinedasloans60or90dayslateinmortgagepayments,oralreadyinforeclosureorREOstatus. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLine Capital

59

NonAgencyRMBSConditionalDefaultRate
January31,2005throughNovember30,2013
18% 16% 14% CDR Januar ry2005throughNo ovember2013 12% 10% 8% 6% Prime 4% 2% 0% AltA Subprime

6.2%

5.1% 2.5%

RMBS=ResidentialMortgageBackedSecurities SeriousDelinquenciesisdefinedbymortgagesthatare60++delinquencyratesdefinedasloans60or90dayslateinmortgagepayments,oralreadyinforeclosureorREOstatus. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLine Capital

60

NonAgencyRMBSLossSeverity
January31,2005throughNovember30,2013
90%

Prime
80% 70% LossSeverity January2 2005throughNovember2013 60% 50% 40% 30% 20% 10% 0%

AltA Subprime

75.2%

57.4%

45.8%

RMBS=Residential R id i lMortgage M Backed B k dSecurities S ii SeriousDelinquenciesisdefinedbymortgagesthatare60++delinquencyratesdefinedasloans60or90dayslateinmortgagepayments,oralreadyinforeclosureorREO status. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLineCapital

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NonAgencyRMBSConditionalRepaymentRate
January31,2005throughJuly31,2013
45%

40%

Prime AltA Subprime

35%

CRR Januar ry2005throughNo ovember2013

30%

25%

20%

15%

16.1% 9.2%

10%

5%

3.4%
0%

RMBS ResidentialMortgageBackedSecurities SeriousDelinquenciesisdefinedbymortgagesthatare60++delinquencyratesdefinedasloans60or90dayslateinmortgagepayments,oralreadyinforeclosureorREO status. PrimedefinedasFICO>725andLTV<75 AltAdefinedasFICO675725;orFICO>725andLTV>=75 SubprimedefinedasFICO<675 Source:LoanPerformance,Vichara,DoubleLineCapital

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2014Markets: YearoftheHorse:Let LettheRaceBegin Begin

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

January14,2014

UpcomingWebcastAnnouncements
BrendtStallings&HusamNazer January21,2014 EquitiesWebcast SmallCap&EquitiesGrowth Gotowww.doublelinefunds.com,HomepageunderEvents 2014WebcastScheduletoregister 1:15pmPDT/4:15pmEDT JeffreySherman&SamGarza February11,2014 MultiAssetGrowthFundWebcast Gotowww.doublelinefunds.com,HomepageunderEvents 2014WebcastScheduletoregister 1:15pmPDT/4:15pmEDT PhilipBarach February25,2014 LowDurationWebcast Gotowww.doublelinefunds.com,HomepageunderEvents 2014WebcastScheduletoregister 1:15pmPDT/4:15pmEDT

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U.S. Aggr 1 getIndexA Back IWS?requ to In

IndexDescriptions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered, taxable,anddollardenominated.Theindex
coverstheUSinvestmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbacked securities.Thesemajorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.

BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemaining
maturityofoneyearormore.

BarclaysCapitalUSTreasury2YearIndex Thisindexisthe2yearcomponentoftheUSGovernmentindex. BarclaysCapitalUSTreasury5YearIndex Thisindexisthe5yearcomponentoftheUSGovernmentindex. Barclays l Capital C i lUS STreasury7YearIndex d Thisindexisthe7yearcomponentoftheUSGovernmentindex. BarclaysCapitalUSTreasury10YearIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex. BarclaysCapitalCapitalUSTreasury30YearIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex. BarclaysCapitalUSHighYieldIndex TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixedrate,noninvestmentgradedebt.Eurobondsanddebtissuer
fromcountriesdesignatedasemergingmarkets(e.g.Argentina,Brazil,Venezuela,etc.)areexcluded,butCanadianandglobal bonds(SECregistered)ofissuersinnonEMGcountries areincluded.Originalissuezereos,stepupcouponstructures,144Asandpayinkind(PIK,asofOctober1,2009)arealsoincluded.

BofAMerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesinthe
TreasuryandAgencyindices.)

BofAMerrillLynchUSCorporateIndex(COAO)InvestmentGrade TheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominated investmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&Pand Fitch)andaninvestmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveatleast oneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM. BofAMerrillLynchUSAllConvertiblesIndex(VOSO) The Th M Merrill illLynch L hAllConvertible C tibl Index I d is i arule l driven d i index. i d which hi hincludes i l d all llbonds b d and dpreferred f dstocks t k ofU.S.registeredcompanies,whichhave$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommonstocks,ADRsorcashequivalents. Pleasenoteaninvestorcannotinvestdirectlyinanindex. BofAMerrillLynchMunicipalMasterIndex(UOAO) TheMerrillLynchUSMunicipalSecuritiesIndextrackstheperformanceofUSdollardenominated
investmentgradetaxexemptdebtpublicallyissuedbyUSstatesandterritories,andtheirpoliticalsubdivisions,intheUSdomesticmarket.

CRBCommodityIndex Anunweightedgeometricaverageofsomeimportantcommodities.Itaveragespricesacross17commoditiesandacrosstime.The
indextracksenergy, energy grains, grains industrials, industrials livestock, livestock preciousmetals, metals andagriculturals. agriculturals S&P500 S&P500isafreefloatcapitalizationweightedindexpublishedsince1957ofthepricesof500largecapcommonstocksactively tradedintheUnited States. StandardDeviation Sigma=standarddeviation.Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue).Alow standarddeviationindicatedthatthedatapointtendtobeveryclosetothemean,whereashighstandarddeviationindicated thatthedateisspreadoutovera largerangeofvalues. DowJones UBSDJCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU U.S. S exchanges exchanges,withthe exceptionofaluminum,nickelandzinc,whichtradeontheLondonMetalExchange(LME). BofA/MerrillLynchMexicanGovernmentIndex(GDMX) TheindextrackstheperformanceofUSDdenominatedsovereigndebtpubliclyissuedbytheMexican governmentintheMexicandomesticmarket.Fixedratesecuritieswithminimumoneyearmaturityremaining. 65 BofA/MerrillLynchUnitedKingdomGovernmentIndex(GOLO) TheindextrackstheperformanceofGBPdenominatedsovereigndebtpubliclyissuedbytheUK governmentinitsdomesticmarket.Fixedratesecuritieswithminimumoneyearmaturityremaining.

U.S. Aggr 1 getIndexA Back IWS?requ to In

IndexDescriptions
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.

BofAMerrillLynchInternationalGovernmentIndex(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.

B l Capital Barclays C it lGl Global b lEmerging E i Markets M k t I Index d TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmerging MarketsindexandthepredominatelyEURdenominatedPanEuroEmergingMarketsIndex,coveringemergingmarketsinthefollowingregions:Americas,Europe,MiddleEast,Africa, andAsia.AswithotherfixedincomebenchmarksprovidedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewofthemarketplaceandeasyreplicability. JPMorganInvestmentGradeCorporateIndex JPMorganInvestmentGradeCorporateIndexincludesperformanceofUSdollardenominatedinvestmentgrade corporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch)andan investmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveatleastoneyear remaining gtermtofinalmaturity, y afixedcoupon p scheduleandaminimumamountoutstanding gof$250MM. CPI
ConsumerPriceIndex.Ameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodandmedicalcare.

CashFlow Cashflowmeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome. BofA/MerrillLynchFrenchGovernmentIndex(GOFO) TheindextrackstheperformanceofEURdenominatedsovereigndebtpubliclyissuedbytheFrenchgovernmentinthe


Frenchdomesticoreurobondmarket.Fixedratesecuritieswithminimumoneyearmaturityremaining. BofA/MerrillLynchGermanGovernmentIndex(GODO) TheindextrackstheperformanceofEURdenominatedsovereigndebtpubliclyissuedbytheGermangovernmentin theGermandomesticoreurobondmarket.Fixedratesecuritieswithminimumoneyearmaturityremaining. B fA/M illL BofA/Merrill Lynch hRussian R i G Government tI Index d (GDRU) The Th i index d tracks k the h performance f of fUSDdenominated d i dsovereign i debt d b publicly bli l issued i dby b the h Russian R i governmentin i the h Russiandomesticmarket.Fixedratesecuritieswithminimumoneyearmaturityremaining. BofA/MerrillLynchJapanGovernmentIndex(GOYO) TheindextrackstheperformanceofJPYdenominatedsovereigndebtpubliclyissuedbytheJapanesegovernmentinthe Japanesedomesticmarket.Fixedratesecuritieswithminimumoneyearmaturityremaining. 66 BofA/MerrillLynchBrazilianGovernmentIndex(GDBR) TheindextrackstheperformanceofUSDdenominatedsovereigndebtpubliclyissuedbytheBraziliangovernmentin theBraziliandomesticmarket.Fixedratesecuritieswithminimumoneyearmaturityremaining.

U.S. Aggr 1 getIndexA Back IWS?requ to In

IndexDescriptions
BofAMerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpublicly issuedbytheUSgovernmentinitsdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinal maturity,afixedcouponschedule andaminimumamountoutstandingof$1billion. BofAMerrillLynchUS1015YearTreasuryIndexLongTreasuryTheMerrillLynchUS1015TreasuryIndextrackstheperformanceofUSdollardenominated10 15yearsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO). BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCrated g Yieldcreditonly. y High BofA/MerrillLynchHighYieldCashPayBBratedIndex(JOA1) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBrated HighYieldcreditonly. BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHigh Yieldcreditonly. BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBB investmentgradecredits. BofA/MerrillLynchCreditIndexArated A ratedIndex(COA3) . AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingontheAratedinvestmentgrade credits. BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAA investmentgradecredits. DowJones UBSCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU.S.exchanges,withtheexceptionof aluminum,nickelandzinc,whichtradeontheLondonMetalExchange(LME). 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. DowJonesIndustrialAverage AlsoknownastheDOWisastockmarketindexthatincludes30largepublicallyownedcompaniesbasedintheU.S.havetraded duringastandardtradingsessioninthestockmarket. 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 service, essentials.Utilitiesmaybepubliclyorprivatelyowned owned,butmostareoperatedasprivatebusinesses businesses. BasisPoint Abasispointisaunitthatisequalto1/100th of1%,andisusedtodenotethechangeinafinancialinstrument. REIT RealEstateTrust.Asecuritythatsellslikeastockonthemajorexchangesandinvestsinrealestatedirectly,eitherthrough propertiesormortgages Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebt 67 securities,priortomaturity.Securitieswithalongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration.

Disclaimer
ImportantInformationRegardingThisReport
Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused bytheinvestmentteams,areextremelysophisticated,maynotalwaysproducetheintendedresultsandarenotintendedforusebynonprofessionals. DoubleLinehasnoobligationtoproviderevisedassessmentsintheeventofchangedcircumstances.Whilewehavegatheredthisinformationfromsources believedtobereliable,DoubleLinecannotguaranteetheaccuracyoftheinformationprovided.Securitiesdiscussedarenotrecommendationsandarepresented asexamplesofissueselectionorportfoliomanagementprocesses.Theyhavebeenpickedforcomparisonorillustrationpurposesonly.Nosecuritypresented withiniseitherofferedforsaleorpurchase.DoubleLinereservestherighttochangeitsinvestmentperspectiveandoutlook withoutnoticeasmarketconditions dictateorasadditionalinformationbecomesavailable.

ImportantInformationRegardingRiskFactors
Investmentstrategiesmaynotachievethedesiredresultsduetoimplementationlag,othertimingfactors,portfoliomanagementdecisionmaking,economicor marketconditionsorotherunanticipatedfactors.Theviewsandforecastsexpressedinthismaterialareasofthedateindicated,aresubjecttochangewithout notice may notice, ma notcometopassanddonotrepresentarecommendationorofferofany an particular partic larsecurity, sec rit strategy, strateg orinvestment. in estment Pastperformanceisno guaranteeoffutureresults.

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DoubleLineseekstomaximizeinvestmentresultsconsistentwithourinterpretationofclientguidelinesandinvestmentmandate.WhileDoubleLineseeksto maximizereturnsforourclientsconsistentwithguidelines,DoubleLinecannotguaranteethatDoubleLinewilloutperformaclient'sspecifiedbenchmark. Additionally,thenatureofportfoliodiversificationimpliesthatcertainholdingsandsectorsinaclient'sportfoliomayberisinginpricewhileothersarefalling;or, thatsomeissuesandsectorsareoutperformingwhileothersareunderperforming.Suchoutorunderperformancecanbetheresultofmanyfactors,suchasbut / rateexposure, p , y yieldcurveexposure, p ,bondsectorexposure, p ,ornewsorrumorsspecific p toasingle g name. notlimitedtoduration/interest DoubleLineisanactivemanagerandwilladjustthecompositionofclientsportfoliosconsistentwithourinvestmentteamsjudgmentconcerningmarket conditionsandanyparticularsecurity.TheconstructionofDoubleLineportfoliosmaydiffersubstantiallyfromtheconstruction ofanyofavarietyofbondmarket indices.Assuch,aDoubleLineportfoliohasthepotentialtounderperformoroutperformabondmarketindex.Sincemarketscanremaininefficientlypricedfor longperiods,DoubleLinesperformanceisproperlyassessedoverafullmultiyearmarketcycle. Diversification doesnotassureaprofitorprotectagainstalossinadecliningmarket. Opinions O i i expressed daresubject bj tochange h atanytime, i arenotaguaranteeand dshould h ldnotbe b considered id dinvestment i advice. d i 2014DoubleLineCapitalLP 68

UpcomingWebcastAnnouncements
BrendtStallings&HusamNazer January21,2014 EquitiesWebcast SmallCap&EquitiesGrowth Gotowww.doublelinefunds.com,HomepageunderEvents 2014WebcastScheduletoregister 1:15pmPDT/4:15pmEDT JeffreySherman&SamGarza February11,2014 MultiAssetGrowthFundWebcast Gotowww.doublelinefunds.com,HomepageunderEvents 2014WebcastScheduletoregister 1:15pmPDT/4:15pmEDT PhilipBarach February25,2014 LowDurationWebcast Gotowww.doublelinefunds.com,HomepageunderEvents 2014WebcastScheduletoregister 1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides: Youcanemail fundinfo@doubleline.com


Referencestoothermutualfundsarenotasolicitationorrecommendationtobuyorsell.

69