TR Superman

“Superman”
Live Webcast hosted by:
Jeffrey Gundlach
Chief Executive Officer
Andrew Hsu, CFA
Portfolio Manager
June 9, 2020
333 S. Grand Ave., 18th Floor || Los Angeles, CA 90071 || (213) 633‐8200
Fund Offerings
Total Return Bond Fund
Retail and Institutional Class
No Load Mutual Fund
Retail Institutional Retirement
N‐share I‐share R6‐Share
Ticker DLTNX DBLTX DDTRX
Min Investment $2,000 $100,000 N/A
Min IRA Investment $500 $5,000 N/A
Gross Expense Ratio 0.73% 0.48% 0.43%
The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory
prospectus and summary prospectus (if available) contains this and other important information about the Funds, and it
may be obtained by calling (877) 354‐6311/ (877) DLINE11, or visiting www.doublelinefunds.com. Read it carefully before
investing.
Mutual fund investing involves risk; Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer‐term debt securities. Investments in
Asset‐Backed and Mortgage‐Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse
economic developments. Investments in lower‐rated and non‐rated securities present a greater risk of loss to principal and interest than higher‐rated securities. The Fund may use certain types of investment derivatives.
Derivatives involve risks different from, and in certain cases, greater than the risks presented by higher‐rate securities. The DoubleLine Total Return Bond Fund intends to invest more than 50% of its net assets in mortgage‐
backed securities of any maturity or type. The Fund therefore, potentially is more likely to react to any volatility or changes in the mortgage‐backed securities marketplace.
Diversification does not assure a profit, nor does it protect against a loss in a declining market.
Opinions expressed are subject to change at any time, are not forecasts and should not be considered investment advice.
DoubleLine Funds are distributed by Quasar Distributors, LLC.
While the Funds are no‐load, management fees and other expenses still apply. Please refer to the prospectus for further details.
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.
1
6‐9‐2020 Total Return Webcast
DoubleLine Total Return Bond Fund Performance
Total Return Bond Fund
Annualized
Month‐End Returns Year‐to‐ Since Inception Gross
May 31, 2020 1 Month 3 Months Date 1 Year 3 Years 5 Years 10 Years *(4‐6‐10 to 5‐31‐20) Expense Ratio
I‐share (DBLTX) 1.15% ‐1.85% 1.37% 3.56% 3.35% 3.08% 5.21% 5.74% 0.48%
N‐share (DLTNX) 1.23% ‐1.82% 1.26% 3.30% 3.09% 2.84% 4.96% 5.48% 0.73%
Bloomberg Barclays U.S. Agg Index 0.47% 1.65% 5.47% 9.42% 5.07% 3.94% 3.92% 4.11%
Annualized
Quarter‐End Returns Year‐to‐ Since Inception
March 31, 2020 1 Month 1Q2020 Date 1 Year 3 Years 5 Years 10 years (4‐6‐10 to 3‐31‐20)
I‐share (DBLTX) ‐3.90% ‐0.75% ‐0.75% 2.97% 3.15% 2.67% ‐ 5.61%
N‐share (DLTNX) ‐3.83% ‐0.81% ‐0.81% 2.71% 2.90% 2.42% ‐ 5.36%
Bloomberg Barclays U.S. Agg Index ‐0.59% 3.15% 3.15% 8.93% 4.82% 3.36% ‐ 5.45%
SEC 30‐Day Yield I‐Share N‐Share

Gross 3.30% 3.05%
Net* 3.30% 3.05%
* If a Fund invested in an affiliate Fund sponsored by the
Adviser during the period covered by this report the
Adviser agreed to not charge a management fee to the
Fund in an amount equal to the investment advisory fees
paid by the affiliated Fund in respect of the Fund’s
investment in the affiliated fund to avoid duplicate
charge of the investment advisory fees to the investors.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance of the fund may be lower or higher than the
performance quoted. Performance data current to the most recent month‐end may be obtained by calling 213‐633‐8200 or by visiting www.doublelinefunds.com.
For periods prior to the inception date of a share class launched subsequent to the Fund’s inception date, the performance information shown is adjusted for the performance of
the Fund’s Institutional Class shares. The prior Institutional Class performance has been adjusted to reflect the distribution and/or service fees and other expenses paid by each
respective share class.
Benchmark: Bloomberg Barclays U.S. Aggregate Index. This index represents securities that are SEC‐registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index
components for government and corporate securities, mortgage pass‐through securities, and asset‐backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a
regular basis. It is not possible to invest directly in an index.
2
Webcast Announcements
2020 Webcast Schedule available on www.doublelinefunds.com
Fixed Income Alternatives Webcast – July 14, 2020
Portfolio Managers Sam Lau, Jeffrey Mayberry will discuss DoubleLine’s Commodities Fund and Portfolio
Managers Damien Contes and Andrew Hsu will discuss DoubleLine’s Infrastructure Fund
Go to www.doublelinefunds.com, Home page under “Webcasts”
1:15 pm PT/4:15 pm ET
Closed End Funds Webcast – July 28, 2020
Jeffrey Gundlach will discuss DoubleLine’s Income Solutions (DBL), Opportunistic Credit (DSL) and Yield
Opportunities (DLY) Funds
1:15 pm PT/4:15 pm ET
Total Return Webcast – September 8, 2020
Jeffrey Gundlach and Andrew Hsu will discuss DoubleLine’s Total Return Bond Fund
1:15 pm PT/4:15 pm ET
Follow Us:
https://twitter.com/DLineFunds
Register for Advisor Use Only
https://doublelinefunds.com/advisor‐home/
3
Other Announcements
Intellectual Property of DoubleLine – This presentation represents DoubleLine’s intellectual
property. No portion of this webcast may be published, reproduced, transmitted or rebroadcast in any
media in any form without the express written permission of DoubleLine. To receive permission from
DoubleLine please contact [email protected]
Sherman Show Podcasts – Available on doubleline.com, iTunes, Sound Cloud,
Google Play, Spotify and Stitcher
Visit them on Twitter @ShermanShowPod
The Sherman Show was named “10 Must‐Listen to Podcasts” by Business Insider
Advisor Use Only Webpage ‐ Now Available on doublelinefunds.com
Sign up and a password will be sent to you once we have verified
you are a registered rep.
Business Insider, 10 Most –List investing Podcasts. Competiello, Christopher. “These 10 must‐listen podcasts can help you master investing, from day‐trading to real estate. “Business insider, 5 March, 2020. Opinion
based article.
4
Change in Nominal GDP and Public Debt Outstanding
Change in Nominal GDP and Public Debt Outstanding % Change in Nominal GDP and Public Debt
2019 vs. 1H 2020 ($bn) Outstanding 2019 vs. 1H 2020
$4,000 20%
$3,485
15.0%
$3,000 15%
$2,000 10%
$1,227 5.6%
$831 5% 4.0%
$1,000
$0 0%
‐$1,000 ‐5%
‐10%
‐$2,000 ‐9.4%
‐$2,035
‐15%
‐$3,000
2019 1H 2020
2019 1H 2020
Change in Nominal GDP Change in Public Debt Outstanding % Change in Nominal GDP % Change in Public Debt Outstanding
Source: Bloomberg, DoubleLine
GDP = Gross Domestic Product is the amount of goods and services produced within a given country.
5
Federal Reserve Balance Sheet
6
Japan Debt to GDP
Source: Bloomberg; DoubleLine
BOJ = Bank of Japan. GDP = Gross Domestic product is the amount of goods and services produced within a given country. IMF = International Monetary Fund is an organization of 189 countries working to
facilitate trade and sustain economic growth and reduce poverty around the world.
7
Fed, ECB, BOJ Balance Sheets as % GDP
Fed = Federal Reserve, ECB = European Central Bank, BOJ = Bank of Japan. GDP = Gross Domestic product is the amount of goods and services produced within a given country.
8
Fed Balance Sheet and 6‐month Change
Fed Balance Sheet and 6‐month Change
$8,000,000 $3,500,000
As of:
6/3/2020
Fed Balance Sheet $7,165,217 $3,000,000
$7,000,000 6‐month change $3,099,521
$2,500,000
$6,000,000
$2,000,000
$5,000,000 $1,500,000
$1,000,000
$4,000,000
$500,000
$3,000,000
$0
$2,000,000 ‐$500,000
6‐month change (RHS) Fed Balance Sheet
9
Widening Fiscal Deficits
Source: IMF Fiscal Monitor, CRFB, IIF
10
Superman
11
Open Table (YoY) Change by State
As of June 7, 2020
Seated Diners YoY (by state)
California Florida Georgia New York Texas United States
20
Year‐over‐Year change in seated diners (%)
‐20
‐40
Florida (‐50%)
Texas (‐49%)
‐60
Georgia (‐66%)
United States (‐74%)
‐80 California (‐76%)
New York (‐98%)
‐100
‐120
Source: Open Table, DoubleLine
YoY = year‐over‐year. DoubleLine Total Return Bond Fund owns 0% of Open Table stock as of June 9, 2020.8
12
Hotel Occupancy Rate by Week
As of June 4, 2020
Source: Calculated Risk
13
Government Financing via Paycheck Protection Payback
Sources of financing for small businesses
Source: Deutsche Bank, US Census
14
Market “All‐in” on Fed’s Commitment
As of June 8, 2020
Fed Funds Futures Curve May 2009
Fed Funds Futures Curve May 2020
15
Federal Reserve Volatility
Source: Arbor Research & Trading, Bloomberg
SMCCF = Secondary Market Corporate Credit Facility is a special purpose vehicle (SPV) launched by the Federal Reserve on March 23, 2020 to support the corporate bond market in the face of COVID 19. crisis. SPY = S&P 500 is a
market‐capitalization weighted index of the 500 largest U.S. publicly traded companies. ANGL = Is an ETF that tracks market‐weighted index of bonds that were rated investment grade at issuance but later downgraded to sub‐
investment grade. HYG = iShares iBoxx High Yield Bond ETF tracks the U.S. high yield corporate bonds. LQD =iShares iBoxx investment grade corporate bond tracks investment results of U.S. investment grade corporate bonds. IEF
= iShares 7‐10 year Treasury Bond ETF tracks investment grade results of an index composed of U.S. Treasury Bonds with maturities of 7‐10 years. For more ETF information please see the appendix. You cannot invest directly in
an index.
16
Investment Grade (LQD) ETF Cumulative Flows
As of June 4, 2020
IG ETF cumulative flows over the past 12 months ($bln)
150
130
110
90
70
50
30
10
‐10
6/7/2019 7/7/2019 8/7/2019 9/7/2019 10/7/2019 11/7/2019 12/7/2019 1/7/2020 2/7/2020 3/7/2020 4/7/2020 5/7/2020
Corporate bond ratings come from rating agencies that assign a rating based on the financial strength of the underlying company. AAA to BBB are considered “investment Grade” any rating below that is considered
“Junk Bond/High yield”. Please see appendix for further ETF information.
17
High Yield (JNK) ETF Flow
As of June 4, 2020
HY ETF Cumulative flow over past 12 months ($bn)
30
25
20
15
10
0
6/7/2019 7/7/2019 8/7/2019 9/7/2019 10/7/2019 11/7/2019 12/7/2019 1/7/2020 2/7/2020 3/7/2020 4/7/2020 5/7/2020
“Junk Bond/High yield”. Please see appendix for further ETF information.
18
Corporate Debt Issuance
Source: Refinitiv, Financial Times, May 27, 2020
19
Corporate Debt Issuance
Source: Bloomberg
20
High Yield & Investment Grade ETF Price Returns
See Appendix for ETF information.
21
Corporate Bond Market Liquidity
As of September 30, 2019
Source: J.P Morgan Asset Management Guide to the Markets
22
U.S. Equity Prices vs. Rest of World
MSCI. USA Index is designed to measure the performance of the large and mid cap segments of the US stock market. With 636 constituents, the index covers approximately 85% of the free float‐adjusted market
capitalization in the US. MSCI World Index ex‐US captures large and mid cap representation across 23 Developed Markets (DM) countries. With 1,640 constituents, the index covers 85% of the free float‐adjusted market
capitalization in each country ex‐US.
23
CARES Act
24
S&P 500 Leaders
As of May 18, 2020
S&P 500 Index is a market‐capitalization weighted Index of the 500 largest U.S. publicly traded companies. You cannot invest directly in an index. MSCI AC Ex‐US = Is a stock market index comprising of non‐U.S. stocks
from 23 developed markets and 26 emerging markets. DoubleLine Total Return owns 0% of Facebook, Apple, Alphabet, Amazon, Netflix or Microsoft as of 6‐9‐2020. You cannot invest directly in an Index.
25
S&P 500 Leaders
As of May 18, 2020
S&P 500 Index is a market‐capitalization weighted Index of the 500 largest U.S. publicly traded companies. You cannot invest directly in an index. MSCI AC Ex‐US = Is a stock market index comprising of non‐
U.S. stocks from 23 developed markets and 26 emerging markets. DoubleLine Total Return Bond Fund owns 0% of FaceBook, Apple, Alphabet, Amazon, Netflix and Microsoft as of 6‐9‐2020. You cannot invest
directly in an Index.
26
S&P 500 Price in Gold (Normalized)
S&P 500 Index is a stock market index that tracks the stocks of 500 large‐cap U.S. companies.
27
NFIB Small Business Optimism
NFIB = The National Federation of Independent Business (NFIB) Small Business Optimism Index is a composite of ten seasonally adjusted components. It provides an indication of the health of small businesses in the US
which accounts for roughly 50% of the nation’s private workforce.
28
Average Wages vs. Corporate Profits (% of GDP)
As of April 30, 2020
GDP + Gross Domestic Product is the amount of goods and services produced within a given territory..
29
Retail Investor Behavior
Source: Robintrack, Deutsche Bank
30
Online Brokers Monthly New Accounts
DoubleLine Total Return Bond Fund owns 0% of Charles Schwab, Etrade and 0% of any other brokerage stocks as of June 9, 2020.
31
LEI YoY vs. S&P 500
LEI = Leading Economic Indicators is an Index published monthly by the Conference Board. It’s composed of 10 economic components whose changes tend to precede changes in the overall economy. You
cannot invest directly in an index.
32
New York Fed Underlying Inflation Gauge (16 month lead)
CPI = Consumer Price Index measures the weighted average prices of a basket of consumer goods and services, such as transportation, food and medical care. You cannot invest directly in an index..
33
Conference Board Consumer Inflation Rate Expectations
34
U.S. Money Supply M2 (YoY)
M2 is a calculation of the money supply that includes all elements of M1 as well as “near money”. M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities,
mutual funds and other time deposits.
35
U.S. Dollar (DXY)
DXY: An index of U.S. dollar vs. a basket of currencies. You cannot invest directly in an index.
36
Dollar vs. Twin Deficits (2‐year Lead)
Source: Strategas, Bloomberg, DoubleLine
37
Gold Spot Price
Gold Spot price in Troy ounces. SMAVG = moving average.
38
Gold in Selected Currencies
Performance since December 31, 2000
Gold Spot price in Troy ounces. USD = U.S. Dollar, EUR = Euro, JPY = Japanese Yen, GBP = Great Britain Pound, CAD = Canadian Dollar, AUD = Australian Dollar.
39
Kryptonite
40
US Federal Budget Deficit (% GDP) and Unemployment Rate
GDP = Gross Domestic Product is the amount of goods and services produced within a given country.
41
U‐3 and U‐6 Unemployment Rate
U3 unemployment rate is the most commonly reported rate of unemployment and represents the number of people actively seeking a job. The U‐6 rate includes those discouraged, underemployed and
unemployed workers in the country..
42
U.S. Employment to Population Ratio
43
Unemployment Insurance Approval Rate Proxy
As of May 22, 2020
The chart below shoes the 4‐week moving average between the change in continuing claims (diff(LIU)) as % of initial
jobless claims (LIC), which can be considered as a proxy of approval rate. Historically, such ratio never passes 30
percent. This time, the ratio reached 76 percent.
Source: Haver, Bloomberg, DoubleLine
44
Global Bank Stocks
Source: Bloomberg, Bianco
KBW Bank Index = Keefe, Bruyette and Woods (KBW) Nasdaq Bank Index is a stock index of the banking sector. Tokyo Stock Exchange TOPIX is a capitalization‐weighted index of all the banks listed on the
First section of the Tokyo Stock Exchange. Please see appendix for index definitions.
You cannot invest directly in an index.
45
U.S. Corporate Debt Outstanding by S&P Rating
S&P 500 Index is a market‐capitalization weighted Index of the 500 largest U.S. publicly traded companies. Corporate bond ratings come from rating agencies that assign a rating based on the financial strength of the
underlying company. AAA to BBB are considered “investment Grade” any rating below that is considered “Junk Bond/High yield”. You cannot invest directly in an index.
46
High Yield Upgrade/Downgrade Ratio
“Junk Bond/High yield”. LTM = Loan‐to‐Maturity. You cannot invest directly in an index.
47
Cost of Dropping Below that BBB Rating
Increased in March 2020
Please see appendix for index definitions. You cannot invest directly in an index.
48
Corporate BBB vs. BB Yield
Please see appendix for index definitions. You cannot invest directly in an index.
49
CDX Investment Grade and High Yield Implied
Default Rate Curve
As of May 12, 2020
Accumulative IG CDX HY CDX
Spread (bps) 91.3 632.3
1‐year default rate (%) 1.7 9.67
“Junk Bond/High yield”. CDX = Credit Default Swap Index is a benchmark that tracks a basket of U.S. single‐issuer CDS. You cannot invest directly in an index.
50
CDX Investment Grade and High Yield Implied
Default Rate Curve
As of June 8, 2020
Cumulative IG CDX HY CDX
Spread (bps) 66.5 424.5
“Junk Bond/High yield”. CDX = Credit Default Swap Index is a benchmark that tracks a basket of U.S. single‐issuer CDS. You cannot invest directly in an index.
51
U.S. 2‐Year Treasury
GT02: US 2 Year Treasury Bond
52
U.S. Yield Curves: U.S. Treasury 2s10s and 5s30s Spread
53
U.S. 10‐Year Yields
54
Copper/Gold Ratio vs. UST 10‐year Yield
Copper is the copper contract price. Copper is the world’s third most widely used metal, after iron and aluminum, and is primarily used in highly cyclical industries such as construction and industrial machinery manufacturing.
Gold is the spot price in Troy ounces.
55
U.S. 30‐Year Yields
56
DBLTX
57
Duration: DBLTX vs. Barclays U.S. Aggregate Index
May 31, 2010 through May 31, 2020
7.00
6.00
5.00
Duration (years)
4.00
3.00
2.00
1.00
0.00
DBLTX Bloomberg Barclays U.S. Aggregate Index
Source: DoubleLine, Barclays
Duration: A measure of sensitivity of the price of a fixed income investment to a change in interest rates, expressed in years.
58
DBLTX Duration vs. 10 Year U.S. Treasury Yield
May 31, 2010 through May 31, 2020
4.50 4.00%
4.00 3.50%
3.50
3.00%
3.00
2.50%
Duration (years)
2.50
Percent
2.00%
2.00
1.50%
1.50
1.00%
1.00
0.50 0.50%
‐ 0.00%
DBLTX Duration (LHS) 10‐year U.S. Treasury Yield (RHS)
Duration is a measure of sensitivity of the price of a fixed income investment to a change in interest rates, expressed in years. LHS = left hand side, RHS = right hand side.
59
DoubleLine Total Return Bond Fund Portfolio Statistics
As of May 31, 2020
DoubleLine Total Bloomberg Barclays
Return Bond Fund U.S. Aggregate Index
Average Price $100.35 $110.10
Duration 3.23 6.01
Average Life 4.51 8.13
Source: DoubleLine
Portfolio statistics based on market weighted averages. Subject to change without notice.
Average price: A measure of the weighted average price paid for the securities calculated by taking the prices and dividing by the number of securities and does not include cash. Average price should not be confused with
net asset value.
Average Duration: Duration is used as a risk measure. It measures the price volatility of a security given a change in interest rate movements.
Average Life: The average number of years that each dollar of unpaid principal due on the mortgage remains outstanding. Average life is computed as the weighted average time to the receipt of all future cash flows, using
as the weights the dollar amounts of the principal paydowns.
You cannot invest directly in an index. Please see index definition.
60
DoubleLine Total Return Bond Fund Portfolio Composition
As of May 31, 2020
Asset‐Backed
Cash
Collateralized Loan Securities Treasury
3.7% 3.4%
Obligations 8.1%
4.4%
Commercial MBS Agency Pass‐throughs
9.7% 21.7%
Non‐Agency
Residential MBS
27.2%
Agency Collateralized
Mortgage Obligation
(CMO)
21.8%
Source: DoubleLine. Subject to change without notice.
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor's. The firm evaluates a bond issuer's financial strength, or its ability
to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when the rating agency has
not issued a formal rating, the Advisor will classify the security as nonrated.
Cash: The value of assets that can be converted into cash immediately. Can include marketable securities, such as government bonds, banker's acceptances, cash equivalents on balance sheets that may include securities
that mature within 90 days.
Government: U.S. treasury securities.
Agency: Mortgage securities whose principal and interest guaranteed by the U.S. Government agency including Fannie Mae (FNMA) or Freddie Mac (FHLMC).
Non‐Agency: Residential Mortgages Bond Securities are a type of bond backed by residential mortgages. Non‐Agency means they were issued by a private issuer.
CMBS: Commercial Mortgage‐Backed Securities. Securitized loans made on commercial rather than residential property.
CLO: Collateralized Mortgage Obligations
61
Definitions
Basis Point (bps)‐ A basis point is a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.
Beta – A measure of the volatility, or systematic risk, of an individual stock in comparison to the unsystematic risk of the entire market.
Bloomberg Barclays Capital US Aggregate Index ‐ The Barclays Capital US Aggregate Index represents securities that are SEC‐registered, taxable, and dollar denominated. The index covers the US
investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass‐through securities, and asset‐backed securities. These major sectors are
subdivided into more specific indices that are calculated and reported on a regular basis.
Bloomberg Barclays Capital US MBS Index ‐ The Barclays Capital US MBS Index represents the MBS component of the Bloomberg Barclays US Aggregate Index.
Bloomberg Barclays Capital US Treasury Index ‐ This index is the US Treasury component of the US Government index. Public obligations of the US Treasury with a remaining maturity of one year
or more.
Bloomberg Barclays Capital US Treasury 10 Year Index ‐ This index is the 10 year component of the US Government index.
Bloomberg Barclays Capital Capital US Treasury 30 Year Index ‐ This index is the 30 year component of the US Government index.
Bloomberg Barclays Capital US High Yield Index ‐ The Barclays Capital US High Yield Index covers the universe of fixed rate, non‐investment grade debt. Eurobonds and debt issuer from countries
designated as emerging markets (e.g. Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non‐EMG countries are included. Original issue
zereos, step‐up coupon structures, 144‐As and pay‐in‐kind (PIK, as of October 1, 2009) are also included.
Bloomberg Barclays Capital Global Emerging Markets Index ‐ The Barclays Capital Global Emerging Markets Index represents the union of the USD‐denominated US Emerging Markets index and
the predominately EUR‐denominated Pan Euro Emerging Markets Index, covering emerging markets in the following regions: Americas, Europe, Middle East, Africa, and Asia. As with other fixed
income benchmarks provided by Barclays Capital, the index is rules‐based, which allows for an unbiased view of the marketplace and easy replicability.
Bloomberg Barclays High Yield Very Liquid Index ‐ A component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD‐denominated, high yield, fixed‐
rate corporate bond market.
Bloomberg Barclays Capital CMBS Index – tracks the performance of US dollar‐denominated securitized commercial mortgage‐backed securities.
Bloomberg U.S. Financial Conditions Index ‐ This index tracks the overall level of financial stress in the U.S. money, bond, and equity markets to help assess the availability and cost of credit. A
positive value indicates accommodative financial conditions, while a negative value indicates tighter financial conditions relative to pre‐crisis norms.
Bloomberg Barclays U.S. High Yield Index – An index that is composed of fixed‐rate, publicly issued, non‐investment grade debt.
Bloomberg Barclays US Corporate High Yield Average OAS ‐ An index that is composed of fixed‐rate, publicly issued, non‐investment grade debt with OAS.
Bloomberg Barclays Euro Corporate Index – A subset of the Barclays EuroAgg measures the investment grade, euro‐denominated, fixed rate bond market, including treasuries, government‐
related, corporate and securitized issues.
Bloomberg Barclays Euro High Yield Index – Measures the market of non‐investment grade, fixed‐rate corporate bonds denominated in Euro. Inclusion is based on the currency of issue, and not
the domicile of the issuer.
Bloomberg Barclays U.S. Corporate Index – A subset of the Barclays U.S. Aggregate index which is a broad‐based flagship benchmark that measures the investment grade, U.S. dollar‐denominated,
fixed rate taxable bond market. IT includes Treasuries, government‐related and corporate securities, MBS, ABS and CMBS. This subset represents the investment grade portion of that index.
BofA Merrill Lynch US Government Index (GOAO) ‐ The Merrill Lynch US Government Index tracks the performance of US government (i.e. securities in the Treasury and Agency indices).
BofA Merrill Lynch US Corporate Index (COAO) “Investment Grade”‐ The Merrill Lynch Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly
issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch) and an investment grade rated country of risk (based
on an average of Moody’s, S&P and Fitch foreign currency long term sovereign debt ratings). Securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a
minimum amount outstanding of $250MM.
BofA Merrill Lynch US Dollar Emerging Markets Sovereign Plus Index (IGOV) ‐ This index tracks the performance of US dollar denominated emerging market and cross‐over sovereign debt publicly
issued in the eurobond or US domestic market. Qualifying countries must have a BB1 or lower foreign currency long‐term sovereign debt rating (based on an average of Moody’s, S&P, and Fitch).
62
Definitions
BofA Merrill Lynch U.S. High Yield Cash Pay Index (J0A0) “Below Investment Grade”‐ Tracks the performance of US dollar denominated below investment grade corporate debt, currently in a
coupon paying period, that is publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Firth foreign
currency long term sovereign debt ratings). Must have one year remaining to final maturity and a minimum outstanding amount of $100MM.
BofA Merrill Lynch U.S. High Yield Index (H0A0) – Tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying
securities must have a below investment grade rating (based on average of Moodys, S&P and Fitch) at least 18 months to final maturity at time of issue of issuance, a final maturity, a fixed coupon
schedule and a minimum amount outstanding of $100 MM.
BofA Merrill Lynch U.S. High Yield Excluding Energy, Metals and Mining Index (HXNM) ‐ Tracks the performance of US dollar denominated below investment grade corporate debt publicly issued
in the US domestic market excluding energy, metals and mining.
BofA Merrill Lynch International Government Index (NOGO) ‐ Tracks the performance of Australia, Canadian, French, German, Japan, Dutch, Swiss and UK investment grade sovereign debt
publicly issued and denominated in the issuer’s own domestic market and currency. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and
a minimum amount outstanding.
BofA Merrill Lynch Mortgage‐Backed Securities Index (MOA0) ‐ This index tracks the performance of US dollar denominated fixed rate and hybrid residential mortgage pass‐through securities
publicly issued by US agencies in the US domestic market. 30‐year, 20‐year, 15‐year and interest only fixed rate mortgage pools are included in the Index provided they have at least one year
remaining term to final maturity and a minimum amount outstanding of at least $5 billion per generic coupon and $250MM per production year within each generic coupon.
BofA/Merrill Lynch High Yield Cash Pay CCC–rated Index (JOA3) ‐ A component of the BofA/Merrill Lynch High Yield Cash Pay Index concentrating on CCC rated High Yield credit only.
BofA/Merrill Lynch High Yield Cash Pay BB–rated Index (JOA1) ‐ A component of the BofA/Merrill Lynch High Yield Cash Pay Index concentrating on BB rated High Yield credit only.
BofA/Merrill Lynch High Yield Cash Pay B–rated Index (JOA2) ‐ A component of the BofA/Merrill Lynch High Yield Cash Pay Index concentrating on B rated High Yield credit only.
BofA/Merrill Lynch Credit Index BBB‐rated Index (COA4) ‐ A component of the BofA/Merrill Lynch Credit Index concentrating on the lower rated BBB investment grade credits.
BofA/Merrill Lynch Credit Index A–rated Index (COA3) ‐ A component of the BofA/Merrill Lynch Credit Index concentrating on the A rated investment grade credits.
BofA/Merrill Lynch Credit Index AAA–rated Index (COA1) ‐ A component of the BofA/Merrill Lynch Credit Index concentrating on the highest rated AAA investment grade credits.
BofA Merrill Lynch US Treasury Index (G0Q0) ‐ Tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities
must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion.
BofA Merrill Lynch US 10‐15 Year Treasury Index “Long Treasury” ‐ Tracks the performance of US dollar denominated 10‐15 year sovereign debt publicly issued by the US government in its
domestic market. It is a subset of the BofA Merrill Lynch U.S. Treasury Index (GOQO).
BofA Merrill Lynch Current 10 year UST Index ‐ This index is the 10 year component of the US Government index.
BofA Merrill Lynch Current 30 year UST Index ‐ This index is the 30 year component of the US Government index.
Below Investment Grade ‐ A term indicating that a security is rated below investment grade. These securities are seen as having higher default risk or other adverse credit events, but typically pay
higher yields than better quality bonds in order to make them attractive. They are less likely to pay back 100 cents on the dollar.
Cash Flows ‐ The net amount of cash and cash‐equivalents being transferred into and out of a business.
Citigroup Economic Surprise Index ‐ The Citigroup Economic Surprise Indices are objective and quantitative measures of economic news. They are defined as weighted historical standard
deviations of data surprises (actual releases vs Bloomberg survey median). A positive reading of the Economic Surprise Index suggests that economic releases have on balance beating consensus.
The indices are calculated daily in a rolling three‐month window. The weights of economic indicators are derived from relative high‐frequency spot FX impacts of 1 standard deviation data
surprises. The indices also employ a time decay function to replicate the limited memory of markets.
Citigroup TIPS (SBUSILSI) – Measures the returns of the inflation‐linked bonds with fixed‐rate coupon payments that are linked to an inflation index. The price of each issue in the USLSI is adjusted
by using an index ratio. The index ratio is determined by dividing the current inflation index level by the inflation index level at the time of issue of the security. The inflation index is published on a
monthly basis, and the intra‐month index ratio is calculated using linear interpolation.
“Copper”‐ Copper Spot Price (HGI) Copper is the world’s third most used metal behind iron and aluminum primarily used in highly cyclical industries including construction and industrial machinery
manufacturing. Spot price quoted in USD/lb.
63
Definitions
Credit Quality ‐ Determined from the highest available credit rating from any Nationally Recognized Statistical Rating Agency (NRSRO", generally S&P, Moody's, or Fitch). DoubleLine chooses to
display credit ratings using S&P's rating convention, although the rating itself might be sourced from another NRSRO. The firm evaluates a bond issuer's financial strength, or its ability to pay a
bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when the
rating agency has not issued a formal rating, the rating agency will classify the security as nonrated.
CMO ‐ A type of mortgage‐backed security that creates separate pools of pass‐through rates for different classes of bondholders with varying maturities, called tranches. The repayments from the
pool of pass‐through securities are used to retire the bonds in the order specified by the bonds' prospectus.
Correlation ‐ A statistical measurement of the relationship between two variables. Possible correlations range from +1 to ‐1. A zero correlation indicates that there is no relationship between the
variables. A correlation of ‐1 indicates a perfect negative correlation and +1 indicates a perfect positive correlation.
CPI ‐ Consumer Price Index. A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care.
Crude Oil ‐ Crude oil varies greatly in appearance depending on its composition. West Texas intermediate (WTI )= Texas light sweet crude is used as a benchmark in oil pricing. It’s “light” because of
the low density and sweet because of low sulfur. Brent crude = Is a major trading classification of sweet light crude. Brent is the oil maker also known as Brent Blend.
Dow Jones – UBS DJ Commodity Index ‐ The Dow Jones UBS – Commodity index is composed of commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which
trade on the London Metal Exchange (LME).
Dow Jones Industrial Average ‐ A price‐weighted average of 30 significant stocks traded on the New York Stock Exchange (NYSE) and the NASDAQ.
Dow Jones Transportation Average ‐ A 20‐stock, price‐weighted index that represents the stock performance of large, well‐known U.S. companies within the transportation industry
Draw Down ‐ The peak‐to‐trough decline during a specific record period of an investment, fund or commodity. A drawdown is usually quoted as the percentage between the peak and the trough.
Duration ‐ Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities
with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.
DXY ‐ U.S. dollar spot index indicates the general international value of the US dollar by averaging the exchange rates between the USD and major world currencies.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ‐ A measure of a company’s overall financial performance used as an alternative to simple earnings or net income in some
circumstances.
Efficient Frontier ‐ the set of optimal portfolios that offer the highest expected return for a defined level of risk or the lowest risk for a given level of expected return.
Employment Cost Index (ECI) ‐ A quarterly economic series published by the Bureau of Labor Statistics that details the growth of total employee compensation. It tracks movement in the cost of
labor, as measured by wages and benefits, at all levels of a company. The data is broken down by industry group, occupation, and union vs. non‐union workers. The data is compiled through
separate surveys of non‐farm businesses (about 4,500 sampled) and state and local governments (about 1,000 sampled).
European Central Bank (ECB) ‐ The central bank responsible for monetary policy of those European Union (EU) member countries which have adopted the euro currency.
FOMC ‐ Federal Open Market Committee
G‐6 Developed Bonds ‐ G7 (Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S.) excluding U.S.
G7: Consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S.
German Bonds are represented by German Bund
“Gold”‐ Gold Spot Price (Golds) The Gold Spot price is quoted as US Dollar per Troy Ounce.
Hard Data ‐ Refers to concrete improvements in the economy, such as a firm hiring more people or an increase in average wages.
Headline/Core Inflation ‐ Core CPI & PCE excludes food and energy components
ISM ‐ ISM Manufacturing Index is based on a survey of 300 manufacturing firms by the Institute of Supply Management.
Investment Grade ‐ A level of credit rating for stocks regarded as carrying a minimal risk to investors. Ratings are based on corporate bond model. The higher the rating the more likely the bond will
pay back par/100 cents on the dollar.
64
Definitions
JP Morgan Investment Grade Corporate Index ‐ JP Morgan Investment Grade Corporate Index includes performance of US dollar denominated investment grade corporate debt publicly issued in
the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch) and an investment grade rated country of risk (based on an
average of Moody’s, S&P and Fitch foreign currency long term sovereign debt ratings). Securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a
minimum amount outstanding of $250MM.
JP Morgan CLO Index – US Collateralized Loan Obligation Index captures the USD denominated CLO market, representing over 3000 instruments. Sub‐indices are divided by ratings AAA through BB.
JP Morgan Corporate EMBI Broad Diversified Index (JBCDCOMP) ‐ This index tracks a broad basket of performance of investment grade corporate debt, including smaller issues covering a wider
array of publically issued across a range of emerging market countries.
JP Morgan Corporate Emerging Market Index (JCMHCOR) ‐ This index is a liquid basket of emerging markets corporate issues which include 80 bonds, representing 60 issuers and 16 countries. It
has strict liquidity criteria for inclusion in order to provide replicability, tradability, robust pricing and data integrity.
JP Morgan Global Bond Index ex‐EM (JGAGGUSD) ‐ A comprehensive global investment grade benchmark excluding emerging markets.
JP Morgan EM Bond Index Global Diversified ‐ Tracks total returns for traded external debt instruments in the emerging markets limiting the weights of those index countries with larger debt
stocks by only including a specified portion of these countries eligible current face amounts of debt outstanding.
Market Capitalization ‐ The market value of a company's outstanding shares. This figure is found by taking the stock price and multiplying it by the total number of shares outstanding.
Leading Economic Indicators –Statistics that precede economic events.
MSCI USA Minimum Volatility Gross TR Index ‐ designed to reflect the performance of a minimum variance equity strategy by optimizing a traditional cap weighted “parent MSCI Index” to attain
the lowest level of volatility for a set of constraints.
MSCI Europe Index ‐ The MSCI Europe Index is a free‐float weighted equity index designed to measure the equity market performance of the developed markets in Europe.
NASDAQ ‐ A computerized system that facilitates trading and provides price quotations on more than 5,000 of the more actively traded over the counter stocks. Created in 1971, the Nasdaq was
the world's first electronic stock market.
Option‐Adjusted Spread (OAS) ‐ The measurement of the spread of a fixed income security rate and the risk‐free rate of return, which is adjusted to take in to account an embedded option.
PE ‐ Price/Earnings Ratio is the ratio of valuing a company that measures its current share price relative to tis per‐share earnings.
QE ‐ Quantitative Easing
QT ‐ Quantitative Tightening
REIT ‐ Real Estate Trust. A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages.
Relative Strength Index ‐ A momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.
S&P 500 Banks Industry Group GICS (Global Index Classification Standard) Level 2 Index ‐ S&P 500 bank stocks placed within GICS’ Level 2 tier based on GICS 4‐tiered classification system.
S&P/Case‐Shiller Composite Home Price Index ‐ The Case‐Shiller Home Price Indices, one comprised of price changes within all 20 metropolitan markets, and another comprised of price changes
within the following subset of 10 metropolitan markets: Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington DC. In addition to those 10
markets, the 20‐Home Price index reflects price changes for Atlanta, Charlotte, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa.
S&P 500 (SPX)‐ S&P 500 is a free‐float capitalization‐weighted index published since 1957 of the prices of 500 large‐cap common stocks actively traded in the United States.
S&P GSCI ‐ A composite index of commodity sector return representing an unleveraged, long‐only investment in commodity futures that is broadly diversified across the spectrum of commodities.
S&P Low Volatility TR ‐ The S&P 500 Low Volatility Index is designed to measure the performance of the 100 least volatile stocks of the S&P 500 Index Volatility is defined as the standard deviation
of the security computed using the daily price returns over 252 trading days.
Shanghai Index ‐ The Shanghai Stock Exchange Composite is a capitalization‐weighted index tracking daily price performance of all A and B‐shares listed on the Shanghai Stock Exchange. This index
was developed December 19, 1990 with a base value of 100.
Sharpe Ratio ‐ A measure that indicates the average return minus the risk‐free return divided by the standard deviation of return on an investment.
65
Definitions
Smart Beta – A passive weighting scheme that deviates from market capitalization.
Soft Data ‐ Refers to sentiments and beliefs about the direction of the economy.
Spread ‐ The difference between two prices, rates or yields.
Standard Deviation ‐ Sigma = standard deviation. Shows how much variation there is from the “average” (mean, or expected/budgeted value). A low standard deviation indicates that the data
point tend to be very close to the mean, whereas high standard deviation indicates that the date is spread out over a large range of values.
TIPS ‐ Treasury Inflation Protection. A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation. TIPS are considered an extremely low‐risk
investment since they are backed by the U.S. government and since their par value rises with inflation, as measured by the Consumer Price Index, while their interest rate remains fixed.
Tokyo Stock Exchange Tokyo Price Index (TOPIX or TPX) ‐ A capitalization‐weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by
the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.
Tokyo Stock Exchange TOPIX Banks Index ‐ A capitalization‐weighted index of all the banks listed on the First Section of the Tokyo Stock Exchange and one of the 33 industry sectors of the TOPIX
Index (TPX). The index was developed with a base value of 1000 as of January 6, 1992. The parent index is TPX.
Transports ‐ The Industrials Sector includes companies whose businesses are dominated by one of the following activities: The manufacture and distribution of capital goods, including aerospace
& defense, construction, engineering & building products, electrical equipment and industrial machinery.
Treasuries are represented by BofA Merrill Lynch US Treasury Index (G0Q0) ‐ The Merrill Lynch US Treasury Index tracks the performance of US dollar denominated sovereign debt publicly issued
by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1
billion.
Two‐Year Treasury is represented by U.S. Generic Gov’t 2‐Year Index ‐ An index that tracks U.S. Generic on‐the‐run government bill/note/bond indices.
Upgrade‐to‐downgrade ratio – A ratio between bond upgrades (when a rating agency raises a bond’s rating) and bond downgrades (when a rating agency lowers a bond’s rating).
Utilities ‐ A public utility is a business that furnishes an everyday necessity to the public at large. Public utilities provide water, electricity, natural gas, telephone service, and other essentials.
Utilities may be publicly or privately owned, but most are operated as private businesses.
Wholesale Price Index (WPI) ‐ An index that measures and tracks the changes in the price of goods in the stages before the retail level.
Yield curve ‐ A line that plots the interest rates, at a set point in time, of bonds having equal credit quality but differing maturity dates.
Yield‐to‐Maturity (YTM) ‐ The discount rate at which the sum of all future cash flows from the bond (coupons and principal) is equal to the price of the bond. The YTM calculation takes into
account the bond’s current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupon payments are reinvested at the same rate as the bond’s current
yield.
Z‐score ‐ A numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean. If a Z‐score is 0,
it indicates that the data point's score is identical to the mean score.
Munis are represented by BofA Merrill Lynch U.S. Municipal Securities Index (UOA0) ‐ An index that tracks the performance of U.S. dollar denominated investment grade tax‐exempt debt
publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed
coupon schedule and an investment grade rating (based on Moody’s, S&P and Fitch). Minimum size vary based on the initial term to final maturity at time of issuance.
Investment Grade Corporates are represented by ICE BofA Merrill Lynch U.S. Corporate Index (COAO) “Investment Grade”.
Mortgage‐Backed Securities are represented by ICE BofA Merrill Lynch Mortgage‐Backed Securities Index (MOA0).
High Yield is represented by ICE BofA Merrill Lynch U.S. High Yield Cash Pay Index (J0A0) “Below Investment Grade”.
Emerging Markets are represented by ICE BofA Merrill Lynch U.S. Dollar Emerging Markets Sovereign Plus Index (IGOV).
Treasuries are represented by ICE BofA Merrill Lynch U.S. Government Index (GOAO).
Commercial Mortgage‐Backed Securities are represented by Bloomberg Barclays Capital Commercial Mortgage‐Backed Securities (CMBS) Index.
You cannot invest directly in an index.
66
SPDR Bloomberg Barclays High Yield Bond ETF (JNK)
As of March 31, 2020
67
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD)
Benchmark = Markit iBoxx Liquid Investment Grade Index. The Index is designed to reflect the performance of US Dollar denominated investment grade corporate debt offering broad coverage of the
USD investment grade liquid bond universe.
68
VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL)
The net expense ratio is applicable to investors, or remove
expenses other than gross expense ratio.
69
VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL)
70
State Street SPDR S&P 500 ETF Trust (SPY)
‡Subject to Change. Definitions: NAV -The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding. Market
Value - Determined by the midpoint between the bid/offer prices as of the closing time of the New York Stock Exchange (typically 4:00PM EST) on business days. Gross
Expense Ratio - The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent
prospectus. 30 Day SEC Yield - (Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund
over the most recent 30-day period by the current maximum offering price.
Intellectual Property Information: Standard & Poor's®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI)
and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in
such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index. Distributor: State Street Global
Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State
Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., member FINRA, is the
distributor for DIA, MDY and SPY, all unit investment trusts. ALPS Portfolio Solutions Distributor, Inc., member FINRA, is the distributor for Select Sector SPDRs. ALPS
Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Advisors Funds Distributors, LLC. Before investing, consider
the funds' investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information, call 1-866-787-2257 or visit
www.spdrs.com. Read it carefully.
71
iShares 7‐10 Year Treasury Bond ETF (IEF)
Benchmark = ICE US Treasury 7‐10 year Bond Index is market weighted and is designed to
include U.S. Dollar denominate, fixed rate Treasury securities with a maturity between 7‐
10 years.
72
iShares 7‐10 Year Treasury Bond ETF (IEF)
73
Important Information Regarding This Material Important Information Regarding DoubleLine’s Investment Style
Issue selection processes and tools illustrated throughout this presentation are samples and DoubleLine seeks to maximize investment results consistent with our interpretation of client
may be modified periodically. These are not the only tools used by the investment teams, are guidelines and investment mandate. While DoubleLine seeks to maximize returns for our
extremely sophisticated, may not always produce the intended results and are not intended clients consistent with guidelines, DoubleLine cannot guarantee that DoubleLine will
for use by non‐professionals. outperform a client's specified benchmark or the market or that DoubleLine’s risk
management techniques will successfully mitigate losses. Additionally, the nature of
DoubleLine has no obligation to provide revised assessments in the event of changed
portfolio diversification implies that certain holdings and sectors in a client's portfolio may
circumstances. While we have gathered this information from sources believed to be reliable,
be rising in price while others are falling or that some issues and sectors are outperforming
DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed
while others are underperforming. Such out or underperformance can be the result of many
are not recommendations and are presented as examples of issue selection or portfolio
factors, such as, but not limited to, duration/interest rate exposure, yield curve exposure,
management processes. They have been picked for comparison or illustration purposes only.
bond sector exposure, or news or rumors specific to a single name.
No security presented within is either offered for sale or purchase. DoubleLine reserves the
right to change its investment perspective and outlook without notice as market conditions DoubleLine is an active manager and will adjust the composition of clients’ portfolios
dictate or as additional information becomes available. This material may include statements consistent with our investment team’s judgment concerning market conditions and any
that constitute “forward‐looking statements” under the U.S. securities laws. Forward‐looking particular sector or security. The construction of DoubleLine portfolios may differ
statements include, among other things, projections, estimates, and information about substantially from the construction of any of a variety of market indices. As such, a
possible or future results related to a client’s account, or market or regulatory developments. DoubleLine portfolio has the potential to underperform or outperform a bond market index.
Since markets can remain inefficiently priced for long periods, DoubleLine’s performance is
Important Information Regarding Risk Factors
properly assessed over a full multi‐year market cycle.
Investment strategies may not achieve the desired results due to implementation lag, other
timing factors, portfolio management decision‐making, economic or market conditions or Important Information Regarding Client Responsibilities
other unanticipated factors. The views and forecasts expressed in this material are as of the Clients are requested to carefully review all portfolio holdings and strategies, including by
date indicated, are subject to change without notice, may not come to pass and do not comparison of the custodial statement to any statements received from DoubleLine. Clients
represent a recommendation or offer of any particular security, strategy, or investment. All should promptly inform DoubleLine of any potential or perceived policy or guideline
investments involve risks. Please request a copy of DoubleLine’s Form ADV Part 2A to review inconsistencies. In particular, DoubleLine understands that guideline enabling language is
the material risks involved in DoubleLine’s strategies. Past performance is no guarantee of subject to interpretation and DoubleLine strongly encourages clients to express any
future results. contrasting interpretation as soon as practical. Clients are also requested to notify
DoubleLine of any updates to Client’s information, such as, but not limited to, adding
Important Information Regarding DoubleLine
affiliates (including broker dealer affiliates), issuing additional securities, name changes,
In preparing the client reports (and in managing the portfolios), DoubleLine and its vendors
mergers or other alterations to Client’s legal structure.
price separate account portfolio securities using various sources, including independent
pricing services and fair value processes such as benchmarking. CFA® is a registered trademark owned by CFA Institute.
To receive a copy of DoubleLine’s current Form ADV (which contains important additional DoubleLine Group is not an investment adviser registered with the Securities and Exchange
disclosure information, including risk disclosures), a copy of DoubleLine’s proxy voting Commission (SEC).
policies and procedures, or to obtain additional information on DoubleLine’s proxy voting
DoubleLine® is a registered trademark of DoubleLine Capital LP.
decisions, please contact DoubleLine’s Client Services.
© 2020 DoubleLine Capital LP
74
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SEC 30‐Day Yield I‐Share N‐Share

Change in Nominal GDP Change in Public Debt Outstanding % Change in Nominal GDP % Change in Public Debt Outstanding

Sources of financing for small businesses

Accumulative IG CDX HY CDX

Spread (bps) 91.3 632.3

1‐year default rate (%) 1.7 9.67

2‐year default rate (%) 3.2 17.6

3‐year default rate (%) 4.69 24.83

4‐year default rate (%) 6.16 31.44

5‐year default rate (%) 7.6 37.46

7‐year default rate (%) 10.41 47.95

10‐year default rate (%) 14.48 60.5

Cumulative IG CDX HY CDX

Spread (bps) 66.5 424.5

1‐year default rate (%) 1.16 6.18

2‐year default rate (%) 2.27 11.8

3‐year default rate (%) 3.37 17.08

4‐year default rate (%) 4.46 22.06

5‐year default rate (%) 5.54 26.73

7‐year default rate (%) 7.65 35.24

10‐year default rate (%) 10.73 46.2

Average Price $100.35 $110.10

Duration 3.23 6.01

Average Life 4.51 8.13

You cannot invest directly in an index.

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