Management Team

• DoubleLine Capital LP was founded in 2009.
• The Total Return Bond Fund Portfolio Managers have worked together for nearly two decades.

Jeffrey E. Gundlach, Chief Executive Officer & Chief Investment Officer

Mr. Gundlach is the Chief Executive Officer and Chief Investment Officer of DoubleLine. He was formerly associated with TCW where he was Chief Investment Officer and head of fixed income activities. He is recognized as an expert 1 in bond and fixed income investments. His investment strategies have been featured in leading publications including The New York Times, The Financial Times, The Wall Street Journal, USA Today, Barron’s, Forbes, and Fortune. In 2010, Mr. Gundlach was named to the SmartMoney Power 30. In 2011, he was featured as The King of Bonds in Barron’s, and named one of 5 Mutual Fund All-Stars by Fortune Magazine. In 2012, he was named one of the 50 Most Influential by Bloomberg Markets magazine. In 2013, he was named Money Manager of the Year by Institutional Investor. He is a graduate of Dartmouth College summa cum laude holding a BA in Mathematics and Philosophy. He attended Yale University as a PhD candidate in Mathematics.

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

Philip A. Barach, President, DoubleLine Capital LP

Mr. Barach is co-founder and President of DoubleLine Capital. Mr. Barach is a member of the DoubleLine Executive Committee. Prior to DoubleLine, Mr. Barach was Co-Founder and Group Managing Director of the TCW Mortgage Group where he spent over 23 years. He has over 32 years of fixed income investment experience. Before joining TCW, Mr. Barach was Senior Vice President of Chief Investments for Sun Life Insurance Company in Los Angeles, where he was responsible for the asset/liability management of the firm and oversight and management of the company’s $5 billion investment portfolio. Previously, he served as Principal Fixed Income Officer for the California Public Employees’ Retirement System (CalPERS), the largest pension plan in the country. In that capacity, he was responsible for managing the fixed income portion of the fund which was 100% internally managed. Mr. Barach was heavily involved in the creation of the collateralized mortgage obligations (CMO) while at CalPERS, he oversaw the issuance of one of the first private label CMOs using the retirement system’s MBS portfolio. He attended the Hebrew University of Jerusalem, where he received a BA in International Relations and an MBA in Finance.

Investment Description

The investment seeks to maximize total return. The fund invests at least 80% of net assets in debt securities. It intends to invest more than 50% of net assets in mortgage-backed securities of any maturity or type guaranteed by, or secured by collateral that is guaranteed by, the United States government, its agencies, instrumentalities or sponsored corporations, or in privately issued mortgagebacked securities rated at time of investment Aa3 or higher by Moody’s or AA- or higher by S&P or the equivalent by any other nationally recognized statistical rating organization.

The Barclays Capital US Aggregate Index represents securities that are 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.

Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe is more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst’s overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe.

The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a Gold rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A Bronze- rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A Negativecorporate.morningstar.com/us/documents/ Methodology Documents/AnalystRatingforFundsMethodology.pdf.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

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The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory prospectus and summary prospectus (if available) contain this and other important information about the investment company and may be obtained by clicking here. For a Long Duration Total Return Bond Fund prospectus click here. In addition, a free hard-copy is available by calling 1 (877) 354-6311/1 (877) DLINE11. Please read the prospectuses carefully before investing.

For our Funds that are no-load mutual funds, management fees and other expenses will apply. Please refer to the prospectus for further details.

Investments in debt securities typically decrease 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 including 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 great 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 Capital LP is the advisor to the DoubleLine Funds. DoubleLine Equity LP is the advisor for the DoubleLine Equity Funds. The DoubleLine Funds and DoubleLine Equity Funds are distributed by Quasar Distributors, LLC.

DoubleLine is a registered trademark of DoubleLine Capital LP.

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DoubleLine Funds 1(877) DLINE 11 or 1 (877) 354-6311