Total Return Bond Fund Retail and Institutional Class No Load Mutual Fund Fund Facts Fund Management Retail Institutional  Doubleline Capital LP Was Founded in 2009

333 S. Grand Ave., 18th Floor Los Angeles, CA 90071 1 (877) DLINE11 or 1 (877) 354-6311 www.doublelinefunds.com [email protected]

Total Return Bond Fund Retail and Institutional Class No Load Mutual Fund Fund Facts Fund Management Retail Institutional  DoubleLine Capital LP was founded in 2009. N-share I-share  The Total Return Bond Fund Portfolio Managers Ticker DLTNX DBLTX have worked together for nearly two decades. Min Investment $2,000 $100,000 Min IRA Investment $500 $5,000 Gross Expense Ratio 0.76% 0.51%

Portfolio Managers

Jeffrey Gundlach Portfolio Manager As Chief Executive Officer and Lead Portfolio Manager, Mr. Gundlach has over 28 years of investment experience and over 19 years managing mutual funds implementing his fixed income investment process. He is widely recognized as a leading expert1 of mortgage-backed securities. He is the Lead Portfolio Manager of the Fund.

Philip Barach Portfolio Manager As President and Co-Portfolio Manager, Mr. Barach brings with him over 34 years of industry experience including issuing one of the first private CMOs. He has over 19 years of experience co-managing mutual funds implementing his fixed income investment process.

1. Money News on May 26, 2011: Headline of the story: Bond Expert Gundlach: Housing Collapse to Spark Second Financial Meltdown. Morningstar on January 5, 2012: “….Jeffrey Gundlach, a high-profile fixed-income expert (and a former Morningstar Fund Manager of the Year)…”

The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1 (877) 354-6311/ 1 (877) DLINE11, or visiting www.doublelinefunds.com. Read it carefully before investing. 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. 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. DoubleLine Funds are distributed by Quasar Distributors, LLC. While the Fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.

333 S. Grand Ave., 18th Floor Los Angeles, CA 90071 1 (877) DLINE11 or 1 (877) 354-6311 www.doublelinefunds.com [email protected]

Total Return Bond Fund Retail and Institutional Class No Load Mutual Fund Philosophy & Process Investment Objective The Fund’s objective is to seek to maximize total return.

Investment Approach  Invests in, but is not limited to, Agency and non-Agency mortgage-backed securities - Agency mortgages have an implied government guarantee - Non-agency emphasizes Prime and Alt-A pools * Senior tranches with appropriate subordination  Seeks to exploit pricing dislocations within the mortgage subsectors.  Long-term investment horizon.  Successful management of mortgage portfolios is labor and data intensive. DoubleLine possess an experienced team of portfolio managers, traders, analysts and information systems specialists devoted to the mortgage sector.

Philosophy DoubleLine’s portfolio management team believes the most reliable way to enhance returns is to exploit inefficiencies within the subsectors of the mortgage market while maintaining active risk management constraints.

Investment Process DoubleLine’s portfolio management team employs a robust investment approach based upon qualitative and quantitative analytical processes:

Qualitative Thorough analysis of market trends and in-depth research contribute to affirming subsector opportunities and assessing risk exposure.  Daily risk and analytics reporting  Daily informal discussions  Research includes loan level detailed analysis and on-site visits to originators

Quantitative Bottom-up security selection based on experience:  Prepayment methodologies  Method of “stress testing” securities across differentiated interest rate scenarios  Subsector tactical allocation decisions at the portfolio level  DoubleLine’s technology platform seeks to create efficiency