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Asset Allocation Core Flex Webcast Slides
Asset Allocation Core Flex Webcast Slides
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
November17,2015
333S.GrandAve.,18thFloor|| LosAngeles,CA90071|| 213.633.8200
FundOfferings
CoreFixedIncomeFund
FlexibleIncomeFund
RetailandInstitutionalClass
NoLoadMutualFund
RetailandInstitutionalClass
NoLoadMutualFund
Retail
Nshare
Ticker
MinInvestment
MinIRAInvestment
GrossExpenseRatio
DLFNX
$2,000
$500
0.75%
Inst.
Ishare
DBLFX
$100,000
$5,000
0.50%
Retail
Nshare
Ticker
MinInvestment
MinIRAInvestment
GrossExpenseRatio
NetExpenseRatio*
DLINX
$2,000
$500
1.60%
1.09%
Inst.
Ishare
DFLEX
$100,000
$5,000
1.35%
0.84%
TheFundsinvestmentobjectives,risks,chargesandexpensesmustbeconsideredcarefullybeforeinvesting.The
statutoryprospectusandsummaryprospectus(ifavailable)containsthisandotherimportantinformationaboutthe
Funds,anditmaybeobtainedbycalling1(877)3546311/1(877)DLINE11,orvisitingwww.doublelinefunds.com.
Readitcarefullybeforeinvesting.
Mutualfundinvestinginvolvesrisk.LossofPrincipalispossible.Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebtsecurities.
Investmentsinlowerratedandnonratedsecuritiespresentagreaterriskoflosstoprincipalandinterestthanhigherratedsecurities.InvestmentsinAssetBackedandMortgageBackedsecuritiesinclude
additionalrisksthatinvestorsshouldbeawareofincludingcreditrisk,prepaymentrisk,possibleilliquidityanddefault,aswellasincreasesusceptibilitytoadverseeconomicdevelopments.Investmentsin
foreignsecuritiesmayinvolvepolitical,economicandcurrencyrisks,greatervolatilityanddifferencesinaccountingmethods. Theserisksaregreaterforinvestmentsinemergingmarkets.Inordertoachieve
itsinvestmentobjectives,theFundmayusecertaintypesofexchangetradedfundsorinvestmentderivatives.Derivativesinvolverisksdifferentfrom,andincertaincases,greaterthantheriskspresentedby
moretraditionalinvestments.Derivativesmayinvolvecertaincostsandriskssuchasliquidity,interestrate,market,credit,managementandtheriskthatapositioncouldnotbeclosedwhenmore
advantageous.Investinginderivativescouldlosemorethantheamountinvested.ETFinvestmentsinvolveadditionalriskssuchasthemarketpricetradingatadiscounttoitsnetassetvalue,anactive
secondarytradingmarketmaynotdeveloporbemaintainedortradingmaybehaltedbytheexchangeinwhichtheytrade,which mayimpactthefundsabilitytosellitsshares.Fundmayuseleveragewhich
maycausetheeffectofanincreaseordecreaseinthevalueoftheportfoliosecuritiestobemagnifiedandthefundtomore volatilethanifleveragewasnotused.TheFundmaymakeshortsalesofsecurities,
whichinvolvestheriskthatlossesmayexceedtheoriginalamountinvested.Investmentsinrealestatesecuritiesmayinvolvegreaterriskandvolatilityincludinggreaterexposuretoeconomicdownturnsand
changesinrealestatevalues,rents,propertytaxes,interestrates,taxandotherlaws.AREITssharepricemaydeclinebecauseofadversedevelopmentsaffectingtherealestateindustry.
Opinionsexpressedaresubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice.
DoubleLine FundsaredistributedbyQuasarDistributors,LLC.
*TheAdvisorhascontractuallyagreedtowaivefeesandreimburseexpensesthroughJuly31,2016.
WhiletheFundsarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails.
111715AssetAllocationWebcast1
Fundholdingsandsectorallocationsaresubjecttochangeandarenotrecommendationstobuyorsellanysecurity.
Performance
DoubleLineCoreFixedIncomeFund QuarterEndingSeptember30,2015
1Year
3Year
Annualized
5Year
Annualized
SinceInception
Annualized
(6110to930
15)
1.49%
2.79%
2.63%
5.32%
6.35%
0.40%
1.31%
2.54%
2.40%
5.07%
6.10%
1.23%
1.13%
2.94%
1.71%
3.10%
3.67%
IShare
NShare
3.91%
3.66%
3.92%
3.67%
QuarterEnd
September30,2015
3Q
2015
YeartoDate
2015
Ishare
0.37%
Nshare
BarclaysU.S.
AggregateIndex
Asof September30,2015
IShare NShare
1YrStd Deviation
2.51%
2.59%
GrossExpenseRatio
0.50%
0.75%
Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.
BarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe USinvestmentgradefixedrate
bondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectors
aresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.Itisnotpossibletoinvestinanindex.
*IfaFundinvestedinanaffiliateFundsponsoredbytheAdviserduringtheperiodcoveredbythisreporttheAdviseragreed to notchargeamanagementfeeto
theFundinanamountequaltotheinvestmentadvisoryfeespaidbytheaffiliatedFundinrespectoftheFundsinvestmentintheaffiliatedfundtoavoidduplicate
chargeoftheinvestmentadvisoryfeestotheinvestors.
111715AssetAllocationWebcast2
Performance
DoubleLineFlexibleIncomeFund QuarterEndingSeptember30,2015
QuarterEnd
September30,2015
SinceInception
3Q
2015
1Year
Ishare
1.18%
1.65%
2.48%
Nshare
1.24%
1.40%
2.26%
LIBORUSD3Month
0.08%
0.27%
0.27%
Annualized
(4714to93015)
Asof September30,2015
IShare
NShare
GrossSEC30DayYield
4.64%
4.39%
NetSEC30DayYield*
4.71%
4.46%
Asof September30,2015
IShare
NShare
GrossExpenseRatio
1.35%
1.60%
NetExpense Ratio
0.84%
1.09%
Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
LondonInterbankOfferingRate(LIBOR)isanindicativeaverageinterestrateatwhichaselectionofbanksknownasthepanelbanksarepreparedtolendone
anotherunsecuredfundsontheLondonmoneymarket.
PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.
*IfaFundinvestedinanaffiliateFundsponsoredbytheAdviserduringtheperiodcoveredbythisreporttheAdviseragreed to notchargeamanagementfeetotheFundinan
amountequaltotheinvestmentadvisoryfeespaidbytheaffiliatedFundinrespectoftheFundsinvestmentintheaffiliatedfundtoavoidduplicatechargeoftheinvestment
advisoryfeestotheinvestors.
111715AssetAllocationWebcast3
UpcomingWebcastAnnouncements
JeffreyGundlach December8,2015
TotalReturnBondFund
Gotowww.doublelinefunds.com,HomepageunderEvents
2015WebcastScheduletoregister
1:15pmPDT/4:15pmEDT
2016WebcastScheduleAvailableSoonondoubleline.comordoublelinefunds.com,homepage
underEvents
ToReceivePresentationSlides:
Youcanemail
fundinfo@doubleline.com
111715AssetAllocationWebcast4
TABI
GlobalOverview
111715AssetAllocationWebcast5
2/3/2015
2/10/2015
2/18/2015
2/25/2015
3/4/2015
3/11/2015
3/18/2015
3/25/2015
4/1/2015
4/8/2015
4/15/2015
4/22/2015
4/29/2015
5/6/2015
5/13/2015
5/20/2015
5/28/2015
6/4/2015
6/11/2015
6/18/2015
6/25/2015
7/2/2015
7/10/2015
7/17/2015
7/24/2015
7/31/2015
8/7/2015
8/14/2015
8/21/2015
8/28/2015
9/4/2015
9/11/2015
9/18/2015
9/25/2015
10/2/2015
10/9/2015
10/16/2015
10/23/2015
10/30/2015
11/6/2015
ProbabilityofRateHike
February2,2015throughNovember9,2015
ProbabilityofRateHike
*basedonFedFundFutures
100%
90%
80%
70%
60%
50%
Dec
40%
Mar
Jun
30%
20%
10%
0%
Source:DoubleLine,Bloomberg
Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast6
Sweden/Riksbank FlipFlop
December31,2007throughNovember7,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP
Aninvestmentcannotbemadedirectlyinanindex.
111715AssetAllocationWebcast7
CentralBankPolicyRates
January1,2006throughMay31,2015
Source:Minack
NZ=NewZealand
Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast8
TheDifferenceBetweenHikingandQEInfinity50bpsof
GDP?
GDPYearoverYear%Change
December31,2010 September30,2015
3.5%
3.0%
USRealGDPYoY
EURealGDPYoY
2.5%
2.0%
1.5%
2.00%
1.50%
1.0%
0.5%
0.0%
0.5%
1.0%
1.5%
Source:Bloomberg,DoubleLine
QE=QuantitativeEasing.bps=basispoints.GDP=grossdomesticproductorthenumberofgoodsandservicesproducedwithina givencountry.YoY =yearoveryear.EU=Eurozonewhichiscomprisedof27
countriesacrossEurope.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast9
EvolutionofWorldGDPForecastsbyYear
January1,2012through2016Projections
Chartasof9/30/15.GDP=grossdomesticproductorthenumberofgoodsandservicesproducedwithinagivencountry.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast10
U.S.IndustrialProduction(YoY)
YearoverYear%Change
December31,1999 September30,2015
10.0%
USIndustrialProductionYoY
5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Source:DoubleLine,Bloomberg
YoY =yearoveryear.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast11
USCoreCPIandCorePCE(YoY)
December31,2005throughOctober29,2015
Source:DoubleLine,Bianco,Bloomberg
U.S.PersonalConsumptionExpenditureCorePriceIndex(PCE)=personalconsumptionexpendituresistheprimarymeasureofconsumerspendingongoodsandservicesintheU.S.economy.
U.S.CPIUrbanConsumersLessFoodandEnergy=ConsumerPriceindexmeasurestheweightedaveragepricesofthebasketofconsumergoodsandservicesexcludingfoodandenergy.YoY =year
overyear.Youcannotinvestdirectlyinanindex
111715AssetAllocationWebcast12
PriceStats U.S.CPI(YoY%)
November13,2011throughNovember13,2015
Source:DoubleLine,Bianco,Bloomberg
CPI=ConsumerPriceindexmeasurestheweightedaveragepricesofthebasketofconsumergoodsandservices.YoY =yearoveryear.Youcannotinvestdirectlyinanindex
111715AssetAllocationWebcast13
US,UKandEUHeadlineInflations(EurozoneMethod)
January1,2005throughJune30,2015
Source:BiancoResearch
CPI=ConsumerPriceindexmeasurestheweightedaveragepricesofthebasketofconsumergoodsandservices.YoY =yearoveryear.Eurozonemethoddoesnotincludeshelter.Youcannotinvest
directlyinanindex
111715AssetAllocationWebcast14
WhyHikeNow? U.S.Dollar
IndexSpotDecember31,2007throughNovember16,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.Aninvestmentcannotbemadedirectlyinan
index.
111715AssetAllocationWebcast15
GlobalNominalGDP(YoY)
January1,1981throughSeptember30,2015
GDP=grossdomesticproductorthenumberofgoodsandservicesproducedwithinagivencountry.NominalGDPdoesnotincludeinflation.YoY =yearoveryearYoucannotinvestdirectlyinan
index.
111715AssetAllocationWebcast16
GSFinancialConditionsIndex
November16,2005toNovember16,2015
Source:DoubleLine,Bloomberg
GS=GoldmanSachsFinancialConditionsIndextrackschangesininterestrates,creditspreads,equityprices,andthevalueofthedollarinordertomeasuretheoveralleconomicstrengthorweakness
oftheU.S.economy.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast17
WhyHikeNow? CommodityPrices
November16,2005toNovember16,2015
Source:DoubleLine,Bloomberg
CRY=Thompson/Rueters CRBExcessReturnIndexisanarithmeticaverageofcommodityfuturesprocesswithmonthlyrebalancing.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast18
S&P500SpotPrice 1Year
November17,2014throughNovember16,2015
Source:Bloomberg.S&P500Indexisdesignedtomeasureperformanceofthebroaddomesticeconomythroughchangesintheaggregatemarketvalueof500stocksrepresentingallmajor
industries.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast19
S&P50012MonthTrailingEarningsPerShare(EPS)
November5,2000throughNovember13,2015
Source:Bloomberg.S&P500Indexisdesignedtomeasureperformanceofthebroaddomesticeconomythroughchangesintheaggregatemarketvalueof500stocksrepresentingallmajorindustries.
Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast20
S&P500NetProfitMargin
January1,1973throughMarch31,2015
Source:S&P500Indexisdesignedtomeasureperformanceofthebroaddomesticeconomythroughchangesintheaggregatemarketvalueof500stocksrepresentingallmajorindustries.Youcannot
investdirectlyinanindex.
111715AssetAllocationWebcast21
TABII
FixedIncomeOverview
111715AssetAllocationWebcast22
ChangeinGlobal10yBondYieldsYTD Asof11/16/15
ChangeinGlobal10yBondYTD(BPS)
319
184
200
150
85
100
63
50
27
18
16
19
25
16
34
0
50
100
15
17
1
20
32
47
63
150
200
250
260
300
Source:Bloomberg;Doubleline
10yearyieldsontreasurybondsforthecountrieslisted.YTD=yeartodate.BPS=basispoints.Youcannotinvestdirectlyin anindex.
111715AssetAllocationWebcast23
BofA/MerrillFixedIncomeIndexReturns
Grey=Year2014
Blue=YearToDate2015
Convertibles(VOSO)
HighYield(JOAO) 1.57%
InternationalEmerging(IGOV)
Corporate(COAO)
InternationalDeveloped(NOGO)
Mortgages(MOAO)
Government(G0A0)
9.97%
0.27%
2.45%
1.64%
7.31%
7.51%
0.22%
0.69%
1.22%
8.11%
6.07%
5.88%
0.66%
DataSource:BofA/MerrillLynchIndicesthroughyearendDecember31,2014andNovember16,2015fortherespectiveyearsindicated.
PleaseseetheAppendixforindexdefinitions.Aninvestmentcannotbemadedirectlyinanindex.
111715AssetAllocationWebcast24
BofA/MerrillFixedIncomeIndexReturns
Grey=Year2014
Blue=YearToDate2015
3.36%
CCCRatedHighYield(JOA3)
8.31%
BBRatedHighYieldCredit(JOA1)
BRatedHighYield(JOA2)
BBBRatedCredit(COA4)
2.08%
1.28%
7.70%
1.08%
ARatedCredit(COA3)
AAARatedCredit(COA1)
5.34%
0.86%
0.49%
0.52%
7.37%
9.43%
111715AssetAllocationWebcast25
U.S.2YearTreasury
November17,2010throughNovember16,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast26
U.S.5YearTreasury
November17,2010throughNovember16,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast27
U.S.10YearTreasury
November17,2010throughNovember16,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast28
U.S.30YearTreasury
November17,2010throughNovember16,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT30=US30YearTreasuryBond.Youcannotinvestdirectlyinanindex.Pastperformanceisnoguaranteeoffutureresults.
111715AssetAllocationWebcast29
U.S.NominalGDP(YoY)%Changevs.10yearU.S.
TreasuryYieldsMarch31,1947throughSeptember30,2015
25
U.S.GDPNominalDollarsYoYSA
20
10yU.S.TreasuryBondYield
15
%
10
5
2015
2013
2012
2010
2008
2007
2005
2003
2002
2000
1998
1997
1995
1993
1992
1990
1988
1987
1985
1983
1982
1980
1978
1977
1975
1973
1972
1970
1968
1967
1965
1963
1962
1960
1958
1957
1955
1953
1952
1950
1948
1947
Source:Bloomberg,DoubleLine
GDP=GrossDomesticProduct.Themonetaryvalueofgoodsandservicesproducedwithinacountrysborders.NominalGDPisnotadjustedforinflation.YoY=YearoverYear.SA=Seasonally
adjusted.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast30
RelativeGrowthofMerrillMortgageIndexto
MerrillTreasuryIndex
1.15
RelativeGrowthRate
(December31,1985 October21,2015)
1.10
1.05
1.00
0.95
Trend
1SigmaRelativetoTrend
2SigmasRelativetoTrend
Mortgage/Treasury
0.90
DataSource:MerrillLynch(M0A0;GOQO)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast31
RelativeGrowthofMerrillCMBSIndexto
MerrillTreasuryIndex
1.50
RelativeGrowthRate
(December31,1997 October21,2015)
1.40
1.30
1.20
1.10
1.00
0.90
0.80
0.70
Trend
1SigmaRelativetoTrend
2SigmasRelativetoTrend
CMBS/Treasury
0.60
0.50
DataSource:MerrillLynch(CMA0;G0Q0)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast32
RelativeGrowthofMerrillCorporateIndexto
MerrillTreasuryIndex
1.40
RelativeGrowthRate
(December31,1985 October21,2015)
1.30
1.20
1.10
1.00
0.90
Trend
1SigmaRelativetoTrend
2SigmasRelativetoTrend
Corporate/Treasury
0.80
DataSource:MerrillLynch(C0A0;G0Q0)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast33
BorrowingCostsHaveRisenintheU.S.
September22,2010toSeptember22,2015
LHS=lefthandside.RHS=righthandside.S&P500Indexisdesignedtomeasureperformanceofthebroaddomesticeconomythroughchangesintheaggregatemarketvalueof500stocks
representingallmajorindustries.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast34
iSharesiBoxx InvestmentGradeCorporateBondETF
November17,2014throughNovember16,2015
111715AssetAllocationWebcast35
RelativeGrowthofMerrillHighYieldCashPayIndexto
Merrill15+YearTreasuriesIndex
2.00
RelativeGrowthRate
(December31,1985 October21,2015)
1.80
1.60
1.40
1.20
1.00
0.80
Trend
1SigmaRelativetoTrend
2SigmasRelativetoTrend
HighYield/Treasury
0.60
DataSource:MerrillLynch(J0A0;G802)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast36
RelativeGrowthofS&P/LSTALeveragedLoanIndex
toMerrillTreasury13YearIndex
1.50
1.40
RelativeGrowthRate
(January01,1999 October21,2015)
1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60
Trend
1SigmaRelativetoTrend
2SigmasRelativetoTrend
S&P/LSTALeveragedLoan/MerrillLynch13
0.50
DataSource:S&P/LSTA(SPBDAL);MerrillLynch(G102)PleaseseedefinitionsintheAppendix.Weeklydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast37
BarclaysUSCorporateHYSpread
November17,2006throughNovember13,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP
LF98OASIndex=BarclaysU.S.CorporateHighYieldAverageoptionadjustedspreads(OAS)IndexmeasuresthespreadofU.S.CorporateHighYieldsecuritiesandtheriskfreerateofreturnwhichisadjusted
totakeintoaccountanembeddedoption..Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast38
WhyHikeNow? JunkBonds
November17,2010toNovember16,2015
Source:DoubleLine,Bloomberg
JNK=SPDRBarclaysHighYieldBondETFinanexchangetradedincorporatedintheU.S.ItseeksinvestmentresultsthatcorrespondtothepriceandyieldoftheBarclaysHighYieldVeryLiquidBondIndex.
Pleaseseetheappendixforprospectuslink,description,expenses,etc.forJNK.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast39
LeveragedLoansAveragePrice
November15,2014throughNovember16,2015
DataSource:Bloomberg.SPBDLLBIndex=S&P/LSTAUSLeveragedLoan100Indexisdesignedtoreflecttheperformanceofthelargestfacilitiesintheleveragedloanmarket.Youcannotinvestdirectly
inanindex.
111715AssetAllocationWebcast40
CorporateDefaultRates
16.00%
DefaultRate
DefaultRate
(December31,1981 September30,2015)
14.00%
12.00%
Current:
Average:
2.3%
3.7%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
111715AssetAllocationWebcast41
U.S.SpeculativeGradeDefaultRateandDistressedRate
16.00%
USSpecGradeDefaultRate
DistressedRate
USSpecGradeRate
(December31,1996 May31,2015)
12.00%
DefaultRate:
2.5%
DistressedRate:17.3%
50.00%
40.00%
10.00%
8.00%
30.00%
6.00%
20.00%
DistressedRate
(December31,1996 May31,2015)
14.00%
60.00%
4.00%
10.00%
2.00%
0.00%
0.00%
DataSource:Moodys
Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast42
HighYieldLast12MonthsUpgradetoDowngradeRatio
December31,1995throughOctober15,2015
1.60
1.20
1.00
Oct15
0.89
0.80
0.60
0.40
0.20
Dec14
Dec13
Dec12
Dec11
Dec10
Dec09
Dec08
Dec07
Dec06
Dec05
Dec04
Dec03
Dec02
Dec01
Dec00
Dec99
Dec98
Dec97
Dec96
0.00
Dec95
LTMupgradetodowngraderatio
1.40
Source:JPMorgan
LTM=Lasttwelvemonths.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast43
WTICrudeOilvsHYEnergySpreads
120
WTIActiveContractPrice(LHS)
200
110
300
100
400
90
500
80
600
70
700
60
800
50
900
40
1000
30
1100
20
1200
OAStoLibor(InvertedScale)
October1,2012 October29,2015
WTIActiveContractPriceUSD
October1,2012 October29,2015
BofAMLHighYieldEnergyIndexOAStoLibor(RHS)
Source:BAML;Bloomberg,Doubleline
WTI=WestTexasIntermediate,agradeofcrudeoil.LHS=lefthandside.OAS=Optionadjustedspread.Libor=LondonInterbank OfferedRateistheaverageinterestrateestimatedbylendingbank
inLondon.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast44
U.S.CrudeOilInventories
December31,1982throughNovember6,2015
Source:Bloomberg
SMAV=Movingaveragefortheperiodindicated:50,100or200days.DOESCRUD=DOECrudeoiltotalinventorydataisupdated everyWednesday.InformationisprovidedbytheEnergyInformation
Administrationaspartoftheirweeklypetroleumstatusreport.Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast45
U.S.CrudeOilInventoriesbyYear
550,000
500,000
2005
2006
450,000
2007
2008
2009
400,000
2010
2011
2012
350,000
2013
2014
2015
300,000
250,000
1
11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53
Weeks
Source:Bloomberg.2015isthroughOctober31,2015
DOESCRUD=DOECrudeoiltotalinventorydataisupdatedeveryWednesday.InformationisprovidedbytheEnergyInformationAdministrationaspartoftheirweeklypetroleumstatusreport.
Youcannotinvestdirectlyinanindex.
111715AssetAllocationWebcast46
RelativeGrowthofMerrillUSMunicipalIndextoMerrill1015
YearTreasuryIndex
1.10
RelativeGrowthRate
(December31,1996 October21,2015)
1.05
Trend
1SigmaRelativetoTrend
2SigmasRelativetoTrend
Municipal/1015yrTreasury
1.00
0.95
0.90
0.85
0.80
0.75
0.70
DataSource:MerrillLynch(UOAO;G7O2)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast47
RelativeGrowthofMerrillUSInflationLinkedTreasuriesIndex
toMerrillTreasuryIndex
1.3
RelativeGrowthRate
(February28,1997 October21,2015)
1.2
1.1
0.9
0.8
InflationLinked/Treasury
Average
0.7
0.6
DataSource:MerrillLynch(GOQI;G0Q0)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast48
RelativeGrowthofMerrillEmergingMarketIndexto
MerrillTreasuryIndex
4.00
RelativeGrowthRate
(December31,1991 October21,2015)
3.50
3.00
2.50
2.00
1.50
1.00
0.50
Trend
1SigmaRelativetoTrend
2SigmasRelativetoTrend
EmergingMarket/Treasury
0.00
DataSource:MerrillLynch(IGOV;GOQO)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.
111715AssetAllocationWebcast49
JPMorganEMBIGlobalSpread
August31,2000toNovember16,2015
Source:Bloomberg.JPMorganEMBIGlobalisanindexthattrackstotalreturnsforU.S.dollardenominateddebtinstrumentsissuedbyemergingmarketsovereignandquasisovereignentities.Youcannot
investdirectlyinanindex.
111715AssetAllocationWebcast50
USDDenominatedEmergingMarkets
Bondsvs.LocalCurrencyEmerging
MarketsBondsNovember17,2014throughNovember16,2015
Source:BloombergFinancialServices,DoubleLineCapitalLP.
BLCNTRUUIndex=BarclaysEmergingMarketLocalCurrencyCoreNetTotalReturnUnhedgedIndexisdesignedtoprovideabroadmeasureoftheperformanceoflocalcurrencyEmergingMarketsdebt.
Marketsizeandinvestability areusedtodetermineindexeligibility.BEMC=BloombergUSDEmergingMarketsCorporateIndexisarulesbased,marketweightedindexengineeredtomeasurecorporate
bondperformanceofUSDfixedratecorporatebondsofissuersinemergingmarketsasdefinedbyBloomberg.BEMS=BloombergUSDEmergingMarketsSovereignBondIndexisrulesbased,market
valueweightedindexengineeredtomeasureUSDfixedratesecuritiesofsovereignissuersinemergingmarketsasidentifiedbyBloomberg.Aninvestmentcannotbemadedirectlyinanindex.
111715AssetAllocationWebcast51
TABIII
DoubleLineFundsOverview
111715AssetAllocationWebcast52
CoreFixedIncomeFundPortfolioStatistics
CoreFixedIncome
Fund
BarclaysCapitalU.S
AggregateIndex
$100.85
$104.23
Duration
4.90
5.64
Average Life
7.13
7.91
AveragePrice
PortfoliostatisticsasofOctober30,2015basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumber of securitiesanddoesnotincludecash.
Averagepriceshouldnotbeconfusedwithnetassetvalue.
AverageDuration=Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimeto
thereceiptofallfuturecashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
111715AssetAllocationWebcast53
CoreFixedIncomeFundPortfolioComposition
HYCorporate Infrastructure CLO
4%
3%
0.30%
BankLoan
3%
CMBS
5%
Cash
6%
Govt
19%
IGCorporate
14%
MUNI
4%
EM
12%
MBS
30%
PortfoliocompositionasofOctober30,2015.Subjecttochangewithoutnotice.
BankLoans=Adebtfinancingobligationissuedbyabankorsimilarfinancialinstitutiontoacompany.
CommercialMortgageBackedSecurities(CMBS)=CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty.
CollateralizedLoanObligations(CLOs)=Aformofsecuritizationwherepaymentsfrommultiplemiddlesizedandlargebusinessloansarepooledtogetherandpassedontodifferentclassed
ofownersinvarioustranches
Cash =Cashholdingincludethevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cash
equivalentsonbalancesheetsthatmayincludesecuritiesthatmaturewithin90days.
Government=Governmentdebt(alsoknownaspublicdebtornationaldebt)ismoney(orcredit)owedbyanylevelofgovernment;eithercentralgovernment,federalgovernment,
municipalgovernmentorlocalgovernment.
MortgageBackedSecurities(MBS)=Amortgagebackedsecurity(MBS)isanassetbackedsecurityordebtobligationthatrepresentsaclaimonthecashflowsfrom mortgageloans,most
commonlyonresidentialproperty
EmergingMarketsFixedIncome=Emergingmarketdebt(EMD)isatermusedtoencompassbondsissuedbylessdevelopedcountries.
InvestmentGrade(IG)andHighYieldCorporates(HY)=Investmentgradeandnoninvestmentgradecorporatecredit.Bondsissuedbycorporationstoraisemoneyinordertoexpandits
business.CreditdistributionisdeterminedfromthehighestavailablecreditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).Abondrated
BBBorhigherwouldbeconsideredInvestmentGrade.AnybondratedBBBorbelowwouldbeHighYield.
Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.
111715AssetAllocationWebcast54
CoreFixedIncomeFund
PortfolioCreditQualityBreakdown
Unrated
3.5%
Cash
5.6%
BelowIG
16.0%
Govt
19.5%
Investment
Grade
35.5%
Agency
19.9%
PortfoliocompositionandcreditratingsasofOctober30,2015.Portfoliocompositionissubjecttochangewithoutnotice.Creditdistributionisdeterminedfromthehighestavailable
creditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).
Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds, banker'sacceptances,cashequivalentsonbalance
sheetsthatmayincludesecuritiesthatmaturewithin90days.
Government =Governmentdebt(alsoknownaspublicdebtornationaldebt)ismoney(orcredit)owedbyanylevelofgovernment;eithercentralgovernment,federalgovernment,
municipalgovernmentorlocalgovernment.
Agency =MortgagesecuritieswhoseprincipalandinterestareeffectivelyguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC).
InvestmentGrade=AbondisconsideredinvestmentgradeifitscreditratingisBBB ofhigherbyStandard&PoorsorBaa3byMoodys.Ratingsbasedoncorporatebondmodel.The
highertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar.
BelowInvestmentGrade(BelowIG)=Alsoknownasjunkbondisasecurityratedbelowinvestmentgrade.Thesebondsareseenashavinghigherdefaultriskor otheradversecredit
events,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive.Theyarelesslikelytopaybackatpar/$100centsonthedollar.
CreditqualitymaybeassessedbydifferentagenciesfordifferentbondsforreasonsbeyondthecontroloftheFund.
NR=NotRated.Securitiesthatarenotratedbythethreeratingagencies.
Source:DoubleLineCapitalLP.
111715AssetAllocationWebcast55
FlexibleIncomeFundPortfolioStatistics
FlexibleIncome
Fund
BarclaysCapitalU.S.
AggregateIndex
$98.35
$104.23
Duration
2.02
5.64
Average Life
5.02
7.91
AveragePrice
PortfoliostatisticsasofOctober30,2015basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.
Averagepriceshouldnotbeconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimeto
thereceiptofallfuturecashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
111715AssetAllocationWebcast56
FlexibleIncomeFundPortfolioComposition
BySecurityType
International
Emerging
19.5%
Cash
5.4%
AgencyRMBS
2.3%
BankLoan
8.5%
NonAgency
RMBS
22.6%
HYCorporate
5.1%
CLO
19.2%
CMBS
11.2%
PortfoliocompositionasofOctober30,2015.Subjecttochangewithoutnotice.
Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.
Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cashequivalentsonbalance
sheetsthatmayincludesecuritiesthatmaturewithin90days.
Government U.S.treasurysecurities.
Agency=MortgagesecuritieswhoseprincipalandinterestguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC).
NonAgency=ResidentialMortgagesBondSecuritiesareatypeofbondbackedbyresidentialmortgages.NonAgencymeanstheywereissuedby aprivateissuer.
CMBS =CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty.
CLO =CollateralizedMortgageObligations
111715AssetAllocationWebcast57
FlexibleIncomeFundPortfolio
BreakdownByCurrentCreditQuality
Unrated
5.6%
Cash
5.4%
Agency
2.3%
BelowInvestment
Grade
37.8%
InvestmentGrade
42.6%
PortfoliocompositionasofOctober30,2015.Portfoliocompositionissubjecttochangewithoutnotice.Therearesomenonratedsecuritiesintheportfolioasshowninthechart
above.CreditdistributionisdeterminedfromthehighestavailablecreditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).
InvestmentGrade=SecuritiesratedAAAtoBBB (showninblueabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB of
higherbyStandard&PoorsorBaa3byMoodys.Ratingsbasedoncorporatebondmodel.Thehighertherating,themorelikely thebondistopaybackatpar/$100centsonthedollar.
AAAisconsideredthehighestqualityandthelowestdegreeofrisk.Theyareconsideredtobeextremelystableanddependable.
BelowInvestmentGrade=Alsoknownasjunkbond(showningreyabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenas
havinghigherdefaultriskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinorder to makethemattractive.Theyarelesslikelytopaybackat
par/$100centsonthedollar.
CreditqualitymaybeassessedbydifferentagenciesfordifferentbondsforreasonsbeyondthecontroloftheFund.
NR=NotRated.Securitiesthatarenotratedbythethreeratingagencies.
RMBS=ResidentialMortgageBackedSecurities.
Source:DoubleLineCapitalLP
111715AssetAllocationWebcast58
TABIV
Appendix
111715AssetAllocationWebcast59
AssetAllocationWebcast
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
November17,2015
333S.GrandAve.,18thFloor|| LosAngeles,CA90071|| 213.633.8200
ImportantRiskInformation Ingeneral,ETFscanbeexpectedtomoveupordowninvaluewiththevalueoftheapplicableindex.AlthoughETFsharesmaybeboughtandsoldonthe
exchangethroughanybrokerageaccount,ETFsharesarenotindividuallyredeemablefromtheFund.InvestorsmayacquireETFsand tenderthemforredemptionthroughtheFundin
CreationUnitAggregationsonly.Pleaseseetheprospectusformoredetails.
Bondfundscontaininterestraterisk(asinterestratesrisebondpricesusuallyfall);theriskofissuerdefault;issuercreditrisk;liquidityrisk;andinflationrisk.
Investingininvestmentgradefixedincomesecuritiesisconsideredspeculativeandinvolvesriskoflossofprincipalandinterest.Thesehigherqualitydebtsecuritiesinvolveriskof
downgrades,defaultorpricechangeduetopotentialchangesinthecreditqualityoftheissuer.
TheFundinvestsbysamplingtheIndex,holdingarangeofsecuritiesthat,intheaggregate,approximatesthefullIndexintermsofkeyriskfactorsandothercharacteristicswhichmay
causethefundtoexperiencetrackingerrorsrelativetoperformanceoftheIndex.
Distributor:BlackRockInvestments,LLC(togetherwithitsaffiliatesBlackRock).
Beforeinvesting,considerthefunds'investmentobjectives,risks,chargesandexpenses.Toobtaina
prospectusorsummaryprospectuswhichcontainsthisandotherinformation,call18004742737or
talktoyourfinancialadvisor.Readitcarefullybeforeinvesting.
LQDisdistributedbyBlackRockInvestments,LLC
111715AssetAllocationWebcast61
SPDRBarclaysHighYieldBondETF(JNK)
InvestmentObjective&Summary
TheinvestmentobjectiveoftheSPDRBarclaysHighYieldBondETFseekstoprovideinvestmentresultsthat,beforefeesandexpenses,
correspondsgenerallytothepriceandyieldperformanceoftheBarclaysHighYieldVeryLiquidIndex.TheETFinvestsinU.S.highyield
bonds.
TheBarclaysHighYieldVeryLiquidIndexisdesignedtomeasuretheperformanceofpubliclyissuedU.S.dollardenominatedhighyieldcorporatebondswithaboveaverage
liquidity.Highyieldsecuritiesaregenerallyratedbelowinvestmentgradeandarecommonlyreferredtoas"junkbonds."The IndexincludespubliclyissuedU.S.dollar
denominated,noninvestmentgrade,fixedrate,taxablecorporatebondsthathavearemainingmaturityofatleastoneyear,regardlessofoptionality,areratedhighyield
(Ba1/BB+/BB+orbelow)usingthemiddleratingofMoody'sInvestorsService,Inc.,FitchInc.,orStandard&Poor's,Inc.Respectively,andhave$500millionormoreofoutstanding
facevalue
ImportantRiskInformation Ingeneral,ETFscanbeexpectedtomoveupordowninvaluewiththevalueoftheapplicableindex.AlthoughETFsharesmaybeboughtandsoldonthe
exchangethroughanybrokerageaccount,ETFsharesarenotindividuallyredeemablefromtheFund.InvestorsmayacquireETFsand tenderthemforredemptionthroughtheFundin
CreationUnitAggregationsonly.Pleaseseetheprospectusformoredetails.
Bondfundscontaininterestraterisk(asinterestratesrisebondpricesusuallyfall);theriskofissuerdefault;issuercreditrisk;liquidityrisk;andinflationrisk.
Investinginhighyieldfixedincomesecurities,otherwiseknownas"junkbonds"isconsideredspeculativeandinvolvesgreaterriskoflossofprincipalandinterestthaninvestingin
investmentgradefixedincomesecurities.Theselowerqualitydebtsecuritiesinvolvegreaterriskofdefaultorpricechangeduetopotentialchangesinthecreditqualityoftheissuer.
TheFundinvestsbysamplingtheIndex,holdingarangeofsecuritiesthat,intheaggregate,approximatesthefullIndexintermsofkeyriskfactorsandothercharacteristicswhichmay
causethefundtoexperiencetrackingerrorsrelativetoperformanceoftheIndex.
Distributor:StateStreetGlobalMarkets,LLC,memberFINRA,SIPC,awhollyownedsubsidiaryofStateStreetCorporation.ReferencestoStateStreetmayincludeStateStreet
Corporationanditsaffiliates.CertainStateStreetaffiliatesprovideservicesandreceivefeesfromtheSPDRETFs.
Beforeinvesting,considerthefunds'investmentobjectives,risks,chargesandexpenses.Toobtaina
prospectusorsummaryprospectuswhichcontainsthisandotherinformation,call18667872257or
talktoyourfinancialadvisor.Readitcarefullybeforeinvesting.
JNKisdistributedbyStateStreetGlobalMarkets,LLC
111715AssetAllocationWebcast62
IndexDescriptions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe
USinvestmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthrough securities,andassetbackedsecurities.These
majorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.
BarclaysCapitalEuropeanAggregateTotalReturnIndex TheBarclaysCapitalEuropeanAggregateTotalReturnIndexisafixedrate,rulesbasedindexincludesalldated
investmentgradesecurities(treasuries,agencies,securitized,corporates,sovereignsandsupranationals)denominatedineurosandwithafinalmaturityofoneyearorgreater.
BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemainingmaturityofone
yearormore.
BarclaysCapitalUSTreasury10YearIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BarclaysCapitalCapitalUSTreasury30YearIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
BarclaysCapitalUSHighYieldIndex TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixedrate,noninvestmentgradedebt.Eurobondsanddebtissuer from
countriesdesignatedasemergingmarkets(e.g.Argentina,Brazil,Venezuela,etc.)areexcluded,butCanadianandglobalbonds(SECregistered)ofissuersinnonEMGcountriesare
included.Originalissuezereos,stepupcouponstructures,144Asandpayinkind(PIK,asofOctober1,2009)arealsoincluded.
BofAMerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesintheTreasuryandAgency
indices.)
BofAMerrillLynchUS15+YearTreasuryIndexLongTreasuries(G802) ThisindexisasubsetoftheBofAMerrillLynchUSTreasuryIndexincludingallsecuritieswitharemaining
termoffinalmaturitygreaterthan15years..
BofAMerrillLynchUSCorporateIndex(COAO)InvestmentGrade TheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominatedinvestmentgrade
corporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch)andan
investmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveatleastoneyear
remainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
BofAMerrillLynchUSAllConvertiblesIndex(VOSO) TheMerrillLynchAllConvertibleIndexisaruledrivenindex.whichincludesallbondsandpreferredstocksofU.S.registered
companies,whichhave$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommonstocks,ADRsorcashequivalents.Pleasenotean
investorcannotinvestdirectlyinanindex.
CRBCommodityIndex(CRY) Anunweightedgeometricaverageofsomeimportantcommodities.Itaveragespricesacross17commoditiesandacrosstime.Theindextracksenergy,
grains,industrials,livestock,preciousmetals,andagriculturals.
S&P500(SPX) S&P500isafreefloatcapitalizationweightedindexpublishedsince1957ofthepricesof500largecapcommonstocksactively tradedintheUnitedStates.
StandardDeviation Sigma=standarddeviation.Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue).Alow standarddeviationindicated
thatthedatapointtendtobeveryclosetothemean,whereashighstandarddeviationindicatedthatthedateisspreadoutoveralargerangeofvalues.
DowJones UBSDJCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU.S.exchanges,withtheexceptionofaluminum,nickeland
zinc,whichtradeontheLondonMetalExchange(LME).
Copper=CopperSpotPrice(HGI)Copperistheworldsthirdmostusedmetalbehindironandaluminumprimarilyusedinhighlycyclicalindustriesincludingconstructionand
industrialmachinerymanufacturing.SpotpricequotedinUSD/lb.
Gold=GoldSpotPrice(Golds)TheGoldSpotpriceisquotedasUSDollarperTroyOunce.
CrudeOil=Crudeoilvariesgreatlyinappearancedependingonitscomposition.WestTexasintermediate(WTI)=Texaslightsweetcrudeisusedasabenchmarkinoilpricing.Its
lightbecauseofthelowdensityandsweetbecauseoflowsulfur.Brentcrude=Isamajortradingclassificationofsweetlightcrude.BrentistheoilmakeralsoknownasBrent
Blend.
VolatilityIndex(VIX)TheVIXshowsthemarket'sexpectationof30dayvolatility.Itisconstructedusingtheimpliedvolatilitiesofawiderangeof S&P500indexoptions. This
volatilityismeanttobeforwardlookingandiscalculatedfrombothcallsandputs. TheVIXisawidelyusedmeasureofmarket riskandisoftenreferredtoas the"investorfear
gauge.
BofA MerrillLynchU.S.CommercialMortgageBackedSecuritiesIndex(CMA0) TheBofA MerrillLynchUSFixedRateCMBSIndextrackstheperformanceofUSdollar
denominatedinvestmentgradefixedratecommercialmortgagebackedsecuritiespubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgrade
rating(basedonanaverageofMoodys,S&PandFitch),afixedcouponschedule,atleastoneyearremainingtermtofinalmaturityandatleastonemonthtothelastexpectedcash
flow.
111715AssetAllocationWebcast63
IndexDescriptions
BofA MerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV) ThisindextrackstheperformanceofUSdollardenominatedemergingmarketandcrossoversovereign
debtpubliclyissuedintheeurobond orUSdomesticmarket.QualifyingcountriesmusthaveaBB1orlowerforeigncurrencylongtermsovereigndebtrating(basedon anaverageof
Moodys,S&P,andFitch).
BofA MerrillLynchU.S.HighYieldCashPayIndex(J0A0)BelowInvestmentGrade TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelow
investmentgradecorporatedebt,currentlyinacouponpayingperiod,thatispubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveabelowinvestmentgrade
rating(basedonanaverageofMoodys,S&PandFirthforeigncurrencylongtermsovereigndebtratings).Musthaveoneyearremainingtofinalmaturityandaminimumoutstanding
amountof$100MM.
BofA MerrillLynchInternationalGovernmentIndex(NOGO) TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,Swiss
andUKinvestmentgradesovereigndebtpubliclyissuedanddenominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyear
remainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstanding.
BofAMerrillLynchMortgageBackedSecuritiesIndex(MOA0) ThisindextrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthrough
securitiespubliclyissuedbyUSagenciesintheUSdomesticmarket.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedintheIndexprovidedtheyhave
atleastoneyearremainingtermtofinalmaturityandaminimumamountoutstandingofatleast$5billionpergenericcoupon and$250MMperproductionyearwithineachgeneric
coupon.
BofAMerrillLynchU.S.MunicipalSecuritiesIndex(UOA0) ThisindextrackstheperformanceofUSdollardenominatedinvestmentgradetaxexemptdebtpubliclyissuedbyUSstates
andterritories,andtheirpoliticalsubdivisions,intheUSdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponschedule
andaninvestmentgraderating(basedonMoodys,S&PandFitch).Minimumsizevarybasedontheinitialtermtofinalmaturityattimeofissuance.
BarclaysCapitalGlobalEmergingMarketsIndex TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmergingMarketsindexand
thepredominatelyEURdenominatedPanEuroEmergingMarketsIndex,coveringemergingmarketsinthefollowingregions:Americas, Europe,MiddleEast,Africa,andAsia.Aswith
otherfixedincomebenchmarksprovidedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewofthemarketplaceandeasyreplicability.
JPMorganInvestmentGradeCorporateIndex JPMorganInvestmentGradeCorporateIndexincludesperformanceofUSdollardenominatedinvestmentgradecorporatedebt
publiclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageof Moodys,S&PandFitch)andaninvestmentgraderated
countryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securities musthaveatleastoneyearremainingtermtofinal
maturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
DrawDown Thepeaktotroughdeclineduringaspecificrecordperiodofaninvestment,fundorcommodity.Adrawdownisusuallyquotedasthepercentagebetweenthepeakand
thetrough.
NAV Amutualfund'spricepershareorexchangetradedfund's(ETF)persharevalue.Inbothcases,thepersharedollaramountof thefundiscalculatedbydividingthetotalvalueof
allthesecuritiesinitsportfolio,lessanyliabilities,bythenumberoffundsharesoutstanding.
CMO Atypeofmortgagebackedsecuritythatcreatesseparatepoolsofpassthroughratesfordifferentclassesofbondholderswith varyingmaturities,calledtranches.The
repaymentsfromthepoolofpassthroughsecuritiesareusedtoretirethebondsintheorderspecifiedbythebonds'prospectus
TIPS TreasuryInflationProtection.Atreasurysecuritythatisindexedtoinflationinordertoprotectinvestorsfromthenegativeeffectsofinflation.TIPSareconsideredanextremely
lowriskinvestmentsincetheyarebackedbytheU.S.governmentandsincetheirparvalueriseswithinflation,asmeasuredbytheConsumerPriceIndex,whiletheirinterestrate
remainsfixed.
CPI ConsumerPriceIndex.Ameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodandmedicalcare.
CashFlow Cashflowmeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome.
BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCratedHighYieldcreditonly.
BofA/MerrillLynchHighYieldCashPayBBratedIndex(JOA1) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBratedHighYieldcreditonly.
BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHighYieldcreditonly.
BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBBinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAratedIndex(COA3) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingontheAratedinvestmentgradecredits.
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IndexDescriptions
BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAAinvestmentgradecredits.
BofAMerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpubliclyissuedbytheUS
governmentinitsdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstanding
of$1billion.
BofAMerrillLynchUS1015YearTreasuryIndexLongTreasury(G7O2)TheMerrillLynchUS1015TreasuryIndextrackstheperformanceofUSdollardenominated1015year
sovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO).
BofAMerrillLynchMunicipalIndexTheMerrillLynchMunicipal
BofAMerrillLynchCurrent10yearUSTIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BofAMerrillLynchCurrent30yearUSTIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
JPMorganCorporateEMBIBroadDiversifiedIndex(JBCDCOMP) Thisindextrackstheperformanceofinvestmentgradecorporatedebtpublicallyissuedacrossarangeof
emergingmarketcountries.
ShanghaiIndex TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedontheShanghaiStock
Exchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100.
S&P/CaseShillerCompositeHomePriceIndex TheCaseShillerHomePriceIndices,onecomprisedofpricechangeswithinall20metropolitanmarkets,andanothercomprisedof
pricechangeswithinthefollowingsubsetof10metropolitanmarkets:Boston,Chicago,Denver,LasVegas,LosAngeles,Miami, NewYork,SanDiego,SanFranciscoandWashington
DC.Inadditiontothose10markets,the20HomePriceindexreflectspricechangesforAtlanta,Charlotte,Dallas,Detroit,Minneapolis,Phoenix,Portland,SeattleandTampa.
NASDAQ Acomputerizedsystemthatfacilitatestradingandprovidespricequotationsonmorethan5,000ofthemoreactivelytradedover thecounterstocks.Createdin1971,the
Nasdaqwastheworld'sfirstelectronicstockmarket.
Transports TheIndustrialsSectorincludescompanieswhosebusinessesaredominatedbyoneofthefollowingactivities:Themanufactureand distributionofcapitalgoods,
includingaerospace&defense,construction,engineering&buildingproducts,electricalequipmentandindustrialmachinery
Utilities Apublicutilityisabusinessthatfurnishesaneverydaynecessitytothepublicatlarge.Publicutilitiesprovidewater,electricity,naturalgas,telephoneservice,andother
essentials.Utilitiesmaybepubliclyorprivatelyowned,butmostareoperatedasprivatebusinesses.
BasisPoint Abasispointisaunitthatisequalto1/100th of1%,andisusedtodenotethechangeinafinancialinstrument.
REIT RealEstateTrust.Asecuritythatsellslikeastockonthemajorexchangesandinvestsinrealestatedirectly,eitherthrough propertiesormortgages
Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebtsecurities,priorto
maturity.Securitieswithalongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration.
BofA/MerrillLynchInflationLinkedIndex(G0Q1) TheBofA MerrillLynchUSInflationLinkedTreasuryIndextrackstheperformanceofUSdollardenominatedinflationlinked
sovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.
CitigroupTIPS(SBUSILSI) . Itmeasuresthereturnsoftheinflationlinkedbondswithfixedratecouponpaymentsthatarelinkedtoaninflationindex.The priceofeachissueinthe
USLSIisadjustedbyusinganindexratio.Theindexratioisdeterminedbydividingthecurrentinflationindexlevelbythe inflationindexlevelatthetimeofissueofthesecurity.The
inflationindexispublishedonamonthlybasis,andtheintramonthindexratioiscalculatedusinglinear
interpolation.
BarclaysCapitalCMBSIndex trackstheperformanceofUSdollardenominatedsecuritizedcommercialmortgagebackedsecurities.
Russell2000 measurestheperformanceofthesmallcapsegmentoftheUSequityuniverse.Russell2000isasubsetoftheRussell3000indexrepresentingapproximately10%of
thetotalmarketcapitalizationofthatindex.
S&PGSCI isacompositeindexofcommoditysectorreturnrepresentinganunleveraged,longonlyinvestmentincommodityfuturesthatisbroadlydiversifiedacrossthespectrum
ofcommodities.
The Barclays European Aggregate Index tracks fixed-rate, investment-grade securities issued in the following European currencies: euro, British pounds, Norwegian
krone, Danish krone, Swedish krona, Czech koruna, Hungarian forint, Polish zloty and Swiss franc.
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IndexDescriptions
S&PGSCIAgriculture isacompositeindexofagriculturecommodityfuturesunleveraged,longonlyinvestment.
BarclaysCapitalU.S.30YearTIPSIndex .BarclaysCapital30yearTIPSontherunindexquotedinUSDollarstradedintraday
CitigroupEconomicSurpriseIndex .TheCitigroupEconomicSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedasweightedhistorical
standarddeviationsofdatasurprises(actualreleasesvsBloombergsurveymedian).ApositivereadingoftheEconomicSurpriseIndexsuggeststhateconomicreleaseshaveon
balancebeatingconsensus.Theindicesarecalculateddailyinarollingthreemonthwindow.TheweightsofeconomicindicatorsarederivedfromrelativehighfrequencyspotFX
impactsof1standarddeviationdatasurprises.Theindicesalsoemployatimedecayfunctiontoreplicatethelimitedmemory of markets.
DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange.
CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloatmarket
capitalizationandliquidity.
FTSE100 Isacapitalizationweightedindexofthe100mosthighlycapitalizedcompaniestradedontheLondonStockExchange.
MexicoIPC TheMexicanIPCindexisacapitalizationweightedindexoftheleadingstockstradedontheMexicanStockExchange.
HangSeng TheHangSengChinaEnterprisesIndexisafreefloatcapitalizationweightedindexcomprisedofHshareslistedontheHongKong StockExchangeandincludedinthe
HangSengMainlandCompositeIndex.
KOSPI ThisindexisacapitalizedweightedindexofallcommonsharesontheKoreanStockExchanges.
Nikkei225 TheNikkei225Stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionofthe TokyoStockExchange.
AustraliaAORD S&P/ASXAllOrdinariesrepresents500largestcompaniesintheAustralianequitiesmarket.Indexconstitutesaredrawnfromeligiblecompanieslistedonthe
AustralianStockExchange.
BrazilBovespaIndex(IBOV)TheBovespaIndexisagrossreturnindexweightedbytradedvolumeandiscomprisedofthemostliquidstockstradedontheSao PauloStock
Exchange.TheBovespaIndexhasbeendivided10timesbyafactorof10sinceJanuary1,1985.
ShanghaiIndex(SHCOMP)TheShanghaiStockExchangeCompositeIndexisacapitalizationweightedindex.TheindextracksthedailyperformanceofallAsharesandBshares
listedontheShanghaiStockExchange.TheindexwasdevelopedonDecember19,1990withabasevalueof100.
BSEIndiaSensitiveIndex(Sensex)TheSensexisacapweightedindex.Theselectionoftheindexmembershasbeenmadeonthebasisofliquidity,depthandfloatingstock
adjustmentdepthandindustryrepresentation.
S&PLSTALevLoanIndex(BankLoans) CreatedbytheLeveragedCommentary&Data(LCD)teamatS&PCapitalIQ,thereviewprovides an overviewandoutlookoftheleveraged
loanmarketaswellasanexpansivereviewoftheS&PLeveragedLoanIndexandsubindexes. Thereviewconsistsofindexgeneralcharacteristics,results,riskreturnprofile,
default/distressstatistics, andrepaymentanalysis.Itisnotpossibletoinvestdirectlyinanindex.
Citigroup3MonthTBill(SBMMTB3) 3MonthUSTBillinUSdollars.
MoodysU.S.SpeculativeGradeDefaultRate:Aspeculativegradedefaultoccursifadefaultingissuerheldanspeculativegraderating(Ba1orlower)atthestartoflatest12month
period.TherateisestablishedbydividingthenumberofSpecgradedefaultsbythenumberofSpecgradeissuersatthebeginningofthesampleperiod.
MoodysDistressedRate:PercentageofHighYieldIssuerswhosedebtistradingatdistressedlevels.Distressedissuersaredefinedashavingdebt withOASorCDSof1000bpsor
more.
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Disclaimer
ImportantInformationRegardingThisReport
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Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused
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AssetAllocationWebcast
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November17,2015
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