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Doubleline DBLTX Total Return Bond Fund Update

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Doubleline DBLTX Total Return Bond Fund Update DoubleLine Total Return Bond Fund (DBLTX/DLTNX) May 2017 333 S. Grand Ave., 18th Floor || Los Angeles, CA 90071 || (213) 633-8200 DoubleLine Total Return Bond Fund The DoubleLine Total Return Bond Fund (DBLTX) seeks to maximize risk-adjusted returns relative to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. DBLTX is a Mortgage-Backed Securities (MBS) centric strategy, and by pro- spectus the fund will maintain a minimum of 50% of the portfolio in MBS and have less than 33% in below investment grade-rated securities. How is DBLTX similar to its benchmark, the Bloomberg Barclays U.S. Aggregate Index, and how does it differ? Like the Index, the strategy has approximately two-thirds government securities and about one third credit. DoubleLine ex- presses the government and credit exposure in DBLTX outside of U.S. Treasuries and traditional corporate credit. Instead, we express this exposure through Agency MBS, non-Agency MBS and other areas of structured credit. Why Mortgages? We believe we can use the various sectors of the MBS market to construct a portfolio that will outperform the Index with better risk-adjusted returns, lower volatility and drawdown over a 24-36 month period. Agency MBS: Since the DoubleLine team started investing in Agency MBS over 20 years ago, the team’s founda- tion has been in Agency MBS which has offered enough variety to produce what we view as more attractive risk/ reward profiles. Agency MBS principal is either implicitly or explicitly guaranteed by the U.S. government. Agency MBS typically offers a higher yield than Treasuries, and competitive yield depending on market envi- ronment to traditional investment grade corporate bonds. Agency MBS has historically exhibited less volatility, as measured by standard deviation, than both U.S. Treasuries and corporate bonds. Agency MBS remains second only to U.S. Treasuries in terms of market size, liquidity and potential safety of principal. Non-Agency MBS/Structured Credit: The Index uses investment grade corporate bonds, while we prefer non- Agency MBS and other structured credit sectors such as Commercial MBS, Collateralized Loan Obligations (CLO) and Asset-Backed Securities (ABS). Non-Agency MBS and other structured credit sectors tend to have less interest rate sensitivity than tradi- tional investment grade corporate credit. Non-Agency MBS and other structured credit sectors have potentially off-setting risks from Agency MBS, but the underlying collateral pools have homogeneous fundamentals providing a more balanced approach. Investment Process and Risk Management The team utilizes a robust investment approach based on top-down macro analysis combined with bottom-up security se- lection. Risk management is at the core of the strategy’s investment and security selection process. The team attempts to- control the risks of the portfolio via duration of the portfolio, sector allocations, security selection at the time of invest- ment, overall credit quality and ongoing monitoring of the portfolio and individual security holdings for improvement or degradation of the investment thesis. Security Selection Process The team’s primary driver of security selection is based in scenario analysis. The team analyzes securities under various scenarios that are customized by the portfolio managers, based on their years of experience in the MBS market and by cur- rent market conditions. The team believes this process allows for a better understanding of risk, and allows them to con- struct a superior portfolio than one using a solely model-based approach. A portfolio is constructed with the goal of out- performance under a range of future interest rate and market scenarios, and is not based on unidirectional forecasts. The 2 DoubleLine Total Return Bond Fund June 2017 DoubleLine Total Return Bond Fund team accomplishes this by utilizing a proven security selection process, and not relying on models based on regressions of historical data. Why DoubleLine and the Total Return Bond Fund? Our mortgage senior portfolio managers have been working together for an average of 26 years. Usually, traders focus ei- ther on Agency, Commercial or non-Agency MBS; few have extensive experience managing all three. Finding a capable manager who can trade all three markets successfully, however, is only one piece of the equation. The second piece in- volves intermingling the risks within the portfolio, knowing how to integrate those risks appropriately and when to shift al- locations to stay on top of changing market conditions, which involves a deep understanding of the underlying collateral and how it could perform in various markets. We believe this second piece gives us a competitive advantage. What is the current positioning for DBLTX? We continue to remain defensive within the portfolio mirroring our macro concerns around credit, interest rates and un- certainty in global markets. This is evident by DBLTX’s lower duration, yield and higher credit quality bias. We are patient investors and take a long-term approach to investing. Historically, this approach has allowed us to benefit from periods of volatility and illiquidity rather than endure them. The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contain this and other important information about the Funds, and may be obtained by calling 1 (877) 354-6311/1 (877) DLINE11, or visiting www.doublelinefunds.com. Read it carefully before investing. Mutual fund investing involves risk; Pincipal 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 in- clude additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as in- creased 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, po- tentially is more likely to react to any volatility or changes in the mortgage-backed securities marketplace. Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice. While the Fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details. Diversification does not assure a profit or protect against loss in a declining market. DoubleLine® is a registered trademark of DoubleLine Capital LP. DoubleLine Funds are distributed by Quasar Distributors, LLC. 3 DoubleLine Total Return Bond Fund June 2017 DoubleLine Total Return Bond Fund Figure 1: Total Return Bond Fund (DBLTX/DLTNX) Quarterly Returns as of March 31, 2017 8.00% I-share (DBLTX) N-share (DLTNX) 7.00% Bloomberg Barclays U.S. Aggregate Index 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 1Q2017 Year-to-Date 1 Year 3 Year 5 Year Since Inception Annualized Annualized Annualized (4-6-10 to 3-31-17) Source: DoubleLine Capital Annualized Gross Total Return Bond Fund Year-to- Since Inception Expense Quarterly Returns - As of March 31, 2017 1Q2017 Date 1 Year 3 Year 5 Year (4-6-10 to 3-31-17) Ratio I-share (DBLTX) 1.05% 1.05% 1.46% 3.26% 3.64% 6.69% 0.47% N-share (DLTNX) 0.98% 0.98% 1.21% 3.04% 3.40% 6.43% 0.72% Bloomberg Barclays U.S. Aggregate Index 0.82% 0.82% 0.44% 2.68% 2.34% 3.57% Annualized Total Return Bond Fund May Year-to- Since Inception Monthly Returns - As of May 31, 2017 2017 Date 1 Year 3 Year 5 Year (4-6-10 to 5-31-17) I-share (DBLTX) 0.79% 2.62% 2.73% 3.17% 3.71% 6.76% N-share (DLTNX) 0.76% 2.52% 2.48% 2.91% 3.45% 6.50% Bloomberg Barclays U.S. Aggregate Index 0.77% 2.38% 1.58% 2.53% 2.24% 3.71% Subject to change without notice. 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 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. The performance information shown assumes the reinvestment of all dividends and distributions. Past performance is no guarantee of future results. Source: DoubleLine. Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. 4 DoubleLine Total Return Bond Fund June 2017 DoubleLine Total Return Bond Fund Figure 2: Risk/Return Characteristics of Total Return As of March 31, 2017 10.0% Converts 9.0% 8.0% US High Yield 7.0% DBLTX EM Sovereign Debt 6.0% EM Corporate Debt 5.0% US Corporate Debt CMBS 4.0% Munis Agency MBS Inflation Linked Debt Annualized CompoundReturn 3.0% April April through2010 March2017 Intl' Corporate Debt US Govt ABS 2.0% 1.0% Intl' Sovereign Debt 0.0% T-Bill 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Annualized Standard Deviation April 2010 through March 2017 Performance data quoted represents past performance; past performance does not guarantee future results.
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