Professional Documents
Culture Documents
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
September8,2016
FundOfferings
TotalReturnBondFund
RetailandInstitutionalClass
NoLoadMutualFund
Retail
Nshare
Ticker
MinInvestment
MinIRAInvestment
GrossExpenseRatio
DLTNX
$2,000
$500
0.72%
Inst.
Ishare
DBLTX
$100,000
$5,000
0.47%
TheFundsinvestmentobjectives,risks,chargesandexpensesmustbeconsideredcarefullybeforeinvesting.The
statutoryprospectusandsummaryprospectus(ifavailable)containsthisandotherimportantinformationabout
theFunds,anditmaybeobtainedbycalling1(877)3546311/1(877)DLINE11,orvisiting
www.doublelinefunds.com.Readitcarefullybeforeinvesting.
Mutualfundinvestinginvolvesrisk;Pincipal lossispossible.Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebtsecurities.
InvestmentsinAssetBackedandMortgageBackedSecuritiesincludeadditionalrisksthatinvestorsshouldbeawareofsuchascreditrisk,prepaymentrisk,possibleilliquidityanddefault,aswellasincreased
susceptibilitytoadverseeconomicdevelopments.Investmentsinlowerratedandnonratedsecuritiespresentagreaterriskoflosstoprincipalandinterestthanhigherratedsecurities.TheFundmayuse
certaintypesofinvestmentderivatives.Derivativesinvolverisksdifferentfrom,andincertaincases,greaterthantheriskspresentedbyhigherratesecurities.TheDoubleLineTotalReturnBondFundintendsto
investmorethan50%ofitsnetassetsinmortgagebackedsecuritiesofanymaturityortype.TheFundtherefore,potentiallyis morelikelytoreacttoanyvolatilityorchangesinthemortgagebackedsecurities
marketplace.
Opinionsexpressedaresubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice.
DoubleLineFundsaredistributedbyQuasarDistributors,LLC.
WhiletheFundsarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails.
Fundholdingsandsectorallocationsaresubjecttochangeandarenotrecommendationstobuyorsellanysecurity.
9816DBLTXWebcast1
Performance
DoubleLineTotalReturnBondFund QuarterEndingJune30,2016
QuarterEnd
June30,2016
2Q
2016
YeartoDate
2016
1Year
Ishare
1.44%
3.22%
Nshare
1.38%
BarclaysU.S.
AggregateIndex
2.21%
Asof June30,2016
IShare NShare
1YrStd Deviation1
1.81%
1.83%
GrossExpenseRatio
0.47%
0.72%
SinceInception
3Year
5Year
Annualized
Annualized
Annualized
(4610to63016)
4.46%
4.20%
5.17%
7.52%
3.09%
4.30%
3.97%
4.92%
7.26%
5.31%
6.00%
4.06%
3.76%
4.31%
BarclaysU.S.
AggregateIndex
2.31%
Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
1.Standarddeviationisameasureofthevariationordispersionofasetofdatafromitsmeanorexpected/budgetedvalue.Alowstandarddeviationindicatesthatthedatapointstendtobeverycloseto
themean,whereasahighstandarddeviationindicatesthatthedataisspreadoutoveralargerangeofvalues.Ameasureofaninvestment'svolatility.
BarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.TheindexcoverstheUSinvestmentgradefixedratebondmarket,withindexcomponentsfor
governmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedona
9816DBLTXWebcast2
regularbasis.Itisnotpossibletoinvestinanindex.
UpcomingWebcastAnnouncements
ShillerEnhancedCAPE Webcast September27,2016
JeffreyShermanwilldiscuss
ShillerEnhancedCAPE Fund
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT
EmergingMarketsWebcast October11,2016
LuzPadillaandteamwillhost
TotalReturnFundwebcast
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT
ToReceivePresentationSlides:
Youcanemailfundinfo@doubleline.com
9816DBLTXWebcast3
TurningPoints
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
September8,2016
NegativeRatesGovernedByCentralBanks
January1,2012toMarch31,2016
Source:FactSet,OxfordEconomic,GDPsharemeasuredinnominalU.S.Dollars
AsofMarch31,2016
GDP=GrossDomesticProductistheamountofgoodsandservicesproducedwithinagivencountry/territory.
9816DBLTXWebcast5
GlobalGovernmentBondsWithNegativeYields
Over14.6Trillion
Source:Bloomberg,DoubleLineasofSeptember6,2016
9816DBLTXWebcast6
U.S.GDP(YoY)
December31,1999toJune 30,2016
10
USNominalGDPYoY
USRealGDPYoY
GDPYearoverYear%Change
December31,1999June30,2016
6
4
2
0
2
4
6
Source:DoubleLine,Bloomberg
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.NominalGDPdoesnotadjustforinflation.YoY =yearoveryear.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast7
U.S.NominalGDP(YoY)
January1,1946toAugust2,2016
Source:DoubleLine,BloombergthroughJune30,2016.
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.NominalGDPdoesnotadjustforinflation.Yoy =yearoveryear.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast8
GDPForecasts
December31,2008toAugust29,2016
Source:Bloomberg
GDP=GrossDomesticProductisthemonetaryvalueforallthefinishedgoodsandservicesproducedwithinagivencountry.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast9
ISMManufacturingandNonManufacturing
AsofFebruary28,1998toSeptember6,2016
Source:Bloomberg
NAPMPMIIndex=ISMManufacturingPMIseasonallyadjustedpreparedbytheInstituteofSupplyManagementsampling300individuals.PMIsurveytrackssentimentamongpurchasing
managersatmanufacturing,constructionand/orservicesfirms.NAPMNMI=ISMNonManufacturingNMI.Thenonmanufacturingindexisacompositeindexoffourindicatorswithequal
weights:businessactivity,neworders,employmentandsupplierdeliveries.Anindexreadabove50%indicatesanexpansion.A readingbelow50%indicatesadecline.Youcannotinvest
9816DBLTXWebcast10
directlyinanindex.
WorldGrowthForecasts(GDP)
AsofJune6,2016Projected2016
BloombergSurvey WorldGrowthForecasts
5/31/2016
4/30/2016
3/31/2016
2/29/2016
1/31/2016
12/31/2015
11/30/2015
10/31/2015
9/30/2015
8/31/2015
7/31/2015
6/30/2015
5/31/2015
4/30/2015
3/31/2015
2/28/2015
1/29/2015
12/29/2014
11/29/2014
10/29/2014
MedianEstimate2015WorldGrowth
MedianEstimate2016WorldGrowth
9/29/2014
3.9
3.8
3.7
3.6
3.5
3.4
3.3
3.2
3.1
3
2.9
Source:Bloomberg
GDP=GrossDomesticProductisthemonetaryvalueforallthefinishedgoodsandservicesproducedwithinagivencountry.
9816DBLTXWebcast11
S&P500EarningsExpectations
September30,2010toMarch31,2016
S&P500=Standard&Poors500indexisbasedonthemarketcapitalizationsof500largecompanieslistedontheNewYorkStock ExchangeorNASDAQ.Theyarechosenformarketsize,liquidityand
industrygroupingsamongotherfactors.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast12
S&P500EarningsExpectations
January1,2011ProjectedthroughJune30,2017
S&P500=Standard&Poors500indexisbasedonthemarketcapitalizationsof500largecompanieslistedontheNewYorkStock ExchangeorNASDAQ.Theyarechosenformarketsize,liquidityand
industrygroupingsamongotherfactors.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast13
CoreCPI,UnemploymentandFedFunds
TheFedsMandateAchieved?CoreCPI,UnemploymentRateandFedFunds
Source:Bloomberg,Data:June30,2003toJune30,2016
CPI=ConsumerPriceindexmeasuresthatexaminetheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodandmedicalcare.Youcannotinvestdirectly
9816DBLTXWebcast14
inanindex.NSA=NonSeasonallyAdjusted;YoY=YearoverYear
LackingConfidence
Asof8/30/16
Source:WallStreetJournal,FederalReserve
9816DBLTXWebcast15
UnemploymentRatevs.12MonthMovingAvg.
Source:Bloomberg,DoubleLineasofSeptember2,2016
YoY =yearoveryear.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast16
UnemploymentRateand36moMovingAverage
Source:Bloomberg,DoubleLineasofSeptember2,2016
Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast17
U.S.Breakevens September6,2013toSeptember6,2016
Source:DoubleLine,Bloomberg
Breakevens =TheyarecalculatedbysubtractingtherealyieldoftheinflationlinkedmaturitycurveformtheyieldoftheclosestnominalTreasurymaturity.WTI=WestTexasCrudeoilspotpricebased
onfutures.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast18
AverageHourlyEarningsandCoreInflation
March31,2007throughAugust 30,2016
HourlyEarningsandCoreInflation
5.5
HourlyEarnings*
CoreCPI
YoY%
55.9
CorePCE
4.5
3.5
2.5
1.5
*TotalPrivateHourlyEarnings;NonFarmPre2007
Source:Bloomberg,DoubleLine
YoY =yearoveryear.Youcannotinvestdirectlyinanindex.
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
0.5
9816DBLTXWebcast19
ContributiontoCoreCPI2.2%(YoY)
AsofAugust18,2016
CPI=ConsumerPriceindexmeasuresthatexaminetheweightedaverageofpricesofabasketofconsumergoodsandservices,suchastransportation,foodandmedicalcare.Youcannotinvestdirectly
inanindex.
9816DBLTXWebcast20
U.S.FutureInflationGauge(FIG)
AsofSeptember2,2016
TheFutureInflationGaugeisaforwardlookingmeasureofcyclicalpeaksandtroughsinoverallinflation.Thereisbothamonthlyandaweeklyversionof theFIG.Thedatastartsin1948ECRI=Economic
CycleResearchInstitute.Youcannotinvestdirectlyinanindex..
9816DBLTXWebcast21
U.S.FutureInflationGauge(FIG)vs.Breakevens
AsofSeptember2,2016
Source:DoubleLine,Bloomberg
ECRI=EconomicCycleResearchInstitute.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast22
Gold
September8,2006throughSeptember7,2016
Source:BloombergFinancialServices,DoubleLineCapitalLP
GC1=Generic1st goldfuturescontractquotedinTroyounces.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast23
U.S.DollarIndexSpot
December31,2007throughSeptember6,2016
Source:BloombergFinancialServices,DoubleLineCapitalLP
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.Aninvestmentcannotbemade
directlyinanindex.
9816DBLTXWebcast24
Debtasa%ofU.S.GDP
March31,1966 April30,2016
Source:Bloomberg
FDTGATPD=FederalDebtTotalPublicDebtasapercentageofGDPquarterlyseasonallyadjusted.GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvest
directlyinanindex
9816DBLTXWebcast25
U.S.GovernmentPaymentsbyAgency
January1,1962Projectedthrough2021(Forecastfrom2016to2021)
FederalBudgetPaymentsbyAgency(BillionsUSD)
1962 2021
3500
3000
2500
DepartmentofVeteransAffairs(VA)
DepartmentofHealthandHumanServices(MedicareandMedicaid)
SocialSecurity
2000
1500
1000
500
0
Source:Bloomberg,DoubleLine
9816DBLTXWebcast26
U.S.GovernmentPaymentsbyAgencyasa%of
U.S.GDPJanuary1,1962Projectedthrough2021
FederalBudgetPaymentsbyAgency(%USGDP)
1962 2021*
14%
DepartmentofVeteransAffairs(VA)
12%
DepartmentofHealthandHumanServices(MedicareandMedicaid)
10%
SocialSecurity
8%
6%
4%
2%
*Assumes4%U.S. GDPgrowthperyearfrom20152021
0%
Source:Bloomberg,DoubleLine
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvestdirectlyinanindex
9816DBLTXWebcast27
AverageInterestonMarketableU.S.Treasury
DebtOctober1,2004 June30,2016
9%
Tbills
8%
AverageInterestRateonMarketableDebt
October2004throughJune2016
7%
6%
Notes
Bonds
TIPS
Average
5%
4%
3%
2%
1%
0%
Source:Bloomberg,DoubleLine
TBills=ashorttermdebtobligationbackedbytheU.S.governmentwithamaturityoflessthanoneyear.TIPS=TreasuryInflationProtectedSecuritiesreferstoatreasurysecuritythatisindexedto
inflationinordertoprotectinvestorsfromthenegativeeffectsofinflation.
9816DBLTXWebcast28
U.S.Debtvs.InterestPayments($Trillions)
October1,2004 June30,2016
$14
MarketableDebtOutstanding
MarketableDebtOutstanding($Trillions)
October2004throughJune2016
$12
InterestOnMarketableDebtOutstanding
$10
$8
$6
$4
$2
$0
Source:Bloomberg,DoubleLine
9816DBLTXWebcast29
PensionFundingLevels
S&P1500=IsanindexofU.S.stocksmadebyStandard&PoorsandincludesstocksintheS&P500,S&P400andS&P600.Theindexcovers90%ofthemarketcapitalizationofU.S.stocks..
FTSE350=Isacapitalizationweightedstockmarketincorporatingthelargest350companiesbycapitalizationlistedontheLondonStockExchange.
Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast30
CorporatePensionFundsEquityandBond
Allocations January1,2008toDecember31,2015
Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast31
9816DBLTXWebcast32
U.S.GovernmentGrossInvestmentas%ofGDP
1947through2015
Source:BureauofEconomicAnalysis,BankofAmericaMerrillLynch,January1,1947toDecember31,2015
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast33
NeedFiscalPolicyStimulus:ABridge/
RoadtotheFuture
AsofAugust18,2016
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvestdirectlyinanindex
9816DBLTXWebcast34
FiscalStimulusinNewsArticles
August1,2006throughJuly31,2016
9816DBLTXWebcast35
HillaryClintonsInfrastructurePlan:
AsPresident,Hillarywilllaunchourcountrysboldest
investmentsin infrastructure sincetheconstructionofour
interstatehighwaysysteminthe1950s.
$275billion,fiveyearplantorebuildourinfrastructure
Source:Hillaryclinton.com
9816DBLTXWebcast36
DonaldTrumpsEconomicVision:
Infrastructure:
PartofTrumpsEconomicVision,toberolledoutinthenear
future.28%ofourroadsareinsubstandardconditionand24%
ofbridgesarestructurallydeficientorworse.Trumpsplanwill
providethegrowthtoboostourinfrastructure,HillaryClintons
willnot.
Source:donaljtrump.com
9816DBLTXWebcast37
U.S.2YearTreasury
(Inbasispoints)
September6,2010throughSeptember7,2016
0.73
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast38
U.S.5YearTreasury
(Inbasispoints)
September6,2010throughSeptember7,2016
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex.
1.11
9816DBLTXWebcast39
U.S.10YearTreasury
(Inbasispoints)
September6,2010throughSeptember7,2016
1.53
1.39
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast40
FedFundsTargetwithLIBORCurve
Source:Bloomberg
ICELIBOR=LondonInterbankOfferedrateadministeredbyICEBenchmarkAdministrationFixingforU.S.Dollar.Thefixingisconductedeachdateat11am.Itsanaveragederivedfromthequotations
providedbythebanksdeterminedbytheICEBenchmarkAdministration.
9816DBLTXWebcast41
FXHedged10YearYieldsforJapaneseand
EuropeanInvestorsAsof8/29/16
10yYieldforJapaneseInvestors(AssumesFXHedged)
10yYieldforEuropeanInvestors(AssumesFXHedged)
2.50%
2.50%
2.00%
2.00%
1.50%
1.50%
1.00%
1.00%
0.50%
0.50%
0.00%
0.00%
0.50%
0.50%
10yUSTFXHedged
JGB10y
10yBundFXHedged
10yUSTFXHedged
Source:Bloomberg,DoubleLine
Note:Hedgedwith3mFXforwardsandrolled.FX=Foreignexchange,JGB=JapaneseGovernmentBonds,Bund=German10yearGovernmentBonds.
Bund10y
10yJGBFXHedged
9816DBLTXWebcast42
U.S.Rates:10yYieldForecast
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast43
U.S.30YearTreasury
(Inbasispoints)
September6,2010throughSeptember7,2016
2.22
2.22
2.09
Source:BloombergFinancialServices,DoubleLineCapitalLP
GT30=US30YearTreasuryBond.Youcannotinvestdirectlyinanindex..
9816DBLTXWebcast44
TABVII
DoubleLineTotalReturnBondFund
9816DBLTXWebcast45
Duration:DBLTXvs.BarclaysU.S.AggregateIndex
April30,2010throughAugust31,2016
Source:DoubleLine,Barclays
BarclaysAGGDuration=BarclaysUSAggregateIndexduration.Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears
9816DBLTXWebcast46
DBLTXDurationvs.10YearU.S.TreasuryYield
April30,2010throughAugust31,2016
Source:DoubleLine,Bloomberg
Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears.
9816DBLTXWebcast47
TotalReturnBondFundPortfolioStatistics
Total Return
BondFund
BarclaysCapitalU.S.
AggregateIndex
$100.51
$107.06
Duration
2.44
5.51
Average Life
4.05
7.80
AveragePrice
PortfoliostatisticsasofAugust31,2016basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
Youcannotinvestdirectlyinanindex.Pleaseseeindexdefinitionintheappendix.
9816DBLTXWebcast48
TotalReturnBondFundPortfolioComposition
BySecurityType CollateralizedAssetBacked
Loan
Obligations
4.30%
Commercial
MBS
7.50%
Securities
2.80%
NonAgency
ResidentialMBS
21.00%
Cash
12.10%
Treasury
3.40%
AgencyPass
Throughs
28.10%
AgencyCMO
20.90%
PortfoliocompositionasofAugust31,2016.Subjecttochangewithoutnotice.
Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.
Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cashequivalentsonbalancesheetsthatmayinclude
securitiesthatmaturewithin90days.
Government U.S.treasurysecurities.
Agency=MortgagesecuritieswhoseprincipalandinterestguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC).
NonAgency=ResidentialMortgagesBondSecuritiesareatypeofbondbackedbyresidentialmortgages.NonAgencymeanstheywereissuedby aprivateissuer.
CMBS =CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty.
CLO =CollateralizedMortgageObligations
9816DBLTXWebcast49
TurningPoints
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer
September8,2016
Definitions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe
USinvestmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthrough securities,andassetbackedsecurities.These
majorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.
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".
Spread Spreadisthepercentagepointdifferencebetweenyieldsofvariousclassesofbondscomparedtotreasurybonds.
YieldtoMaturity(YTM) Thediscountrateatwhichthesumofallfuturecashflowsfromthebond(couponsandprincipal)isequaltothepriceofthe bond.TheYTMcalculation
takesintoaccountthebondscurrentmarketprice,parvalue,couponinterestrateandtimetomaturity.Itisalsoassumedthatallcouponpaymentsarereinvestedatthesamerate
asthebondscurrentyield.
9816DBLTXWebcast51
Definitions
BofAMerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV)
ThisindextrackstheperformanceofUSdollardenominatedemergingmarketandcrossoversovereigndebtpubliclyissuedintheeurobondorUSdomesticmarket.Qualifying
countriesmusthaveaBB1orlowerforeigncurrencylongtermsovereigndebtrating(basedonanaverageofMoodys,S&P,andFitch).
BofAMerrillLynchU.S.HighYieldCashPayIndex(J0A0)BelowInvestmentGrade
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebt,currentlyinacouponpayingperiod,thatispubliclyissued
intheUSdomesticmarket.Qualifyingsecuritiesmusthaveabelowinvestmentgraderating(basedonanaverageofMoodys,S&PandFirthforeigncurrencylongtermsovereigndebt
ratings).Musthaveoneyearremainingtofinalmaturityandaminimumoutstandingamountof$100MM.
BofA MerrillLynchU.S.HighYieldIndex(H0A0)
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket.Qualifying
securitiesmusthaveabelowinvestmentgraderating(basedonaverageofMoodys,S&PandFitch)atleast18monthstofinalmaturityattimeofissueofissuance,afinalmaturity,a
fixedcouponscheduleandaminimumamountoutstandingof$100MM.
BofA MerrillLynchU.S.HighYieldExcludingEnergy,MetalsandMiningIndex(HXNM)
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket excluding
energy,metalsandmining.
BofA MerrillLynchInternationalGovernmentIndex(NOGO)
TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,SwissandUKinvestmentgradesovereigndebtpubliclyissuedand
denominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleanda
minimumamountoutstanding.
BofAMerrillLynchMortgageBackedSecuritiesIndex(MOA0)
ThisindextrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthroughsecuritiespubliclyissuedbyUSagenciesintheUSdomestic
market.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedintheIndexprovidedtheyhaveatleastoneyearremainingtermtofinalmaturityanda
minimumamountoutstandingofatleast$5billionpergenericcouponand$250MMperproductionyearwithineachgenericcoupon.
BofAMerrillLynchU.S.MunicipalSecuritiesIndex(UOA0)
ThisindextrackstheperformanceofUSdollardenominatedinvestmentgradetaxexemptdebtpubliclyissuedbyUSstatesandterritories,andtheirpoliticalsubdivisions,intheUS
domesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleand aninvestmentgraderating(basedonMoodys,S&P
andFitch).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.
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Definitions
BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCratedHighYieldcredit
only.
BofA/MerrillLynchHighYieldCashPayBBratedIndex(JOA1) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBratedHighYieldcredit
only.
BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHighYieldcreditonly.
BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBBinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAratedIndex(COA3) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingontheAratedinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAAinvestmentgradecredits.
BofAMerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpubliclyissuedbytheUS
governmentinitsdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstanding
of$1billion.
BofAMerrillLynchUS1015YearTreasuryIndexLongTreasuryTheMerrillLynchUS1015TreasuryIndextrackstheperformanceofUSdollardenominated1015yearsovereign
debtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO).
BofAMerrillLynchMunicipalIndexTheMerrillLynchMunicipal
BofAMerrillLynchCurrent10yearUSTIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BofAMerrillLynchCurrent30yearUSTIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
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.
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Definitions
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.
S&PGSCIAgriculture isacompositeindexofagriculturecommodityfuturesunleveraged,longonlyinvestment.
BarclaysCapitalUS30YearTIPSIndex .BarclaysCapital30yearTIPSontherunindexquotedinUSDollarstradedintraday
CitigroupEconomicSurpriseIndex .TheCitigroupEconomicSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedasweightedhistorical
standarddeviationsofdatasurprises(actualreleasesvsBloombergsurveymedian).ApositivereadingoftheEconomicSurpriseIndexsuggeststhateconomicreleaseshaveon
balancebeatingconsensus.Theindicesarecalculateddailyinarollingthreemonthwindow.TheweightsofeconomicindicatorsarederivedfromrelativehighfrequencyspotFX
impactsof1standarddeviationdatasurprises.Theindicesalsoemployatimedecayfunctiontoreplicatethelimitedmemory of markets.
DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange.
CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloatmarket
capitalizationandliquidity.
FTSE100 Isacapitalizationweightedindexofthe100mosthighlycapitalizedcompaniestradedontheLondonStockExchange.
Nikkei225 TheNikkei225Stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionofthe TokyoStockExchange.
BarclaysU.S.HighYieldIndex Anindexthatiscomposedoffixedrate,publiclyissued,noninvestmentgradedebt.
BarclaysEuroCorporateIndex AsubsetoftheBarclaysEuroAgg measurestheinvestmentgrade,eurodenominated,fixedratebondmarket,includingtreasuries,government
related,corporateandsecuritizedissues.
BarclaysEuroHighYieldIndex Measuresthemarketofnoninvestmentgrade,fixedratecorporatebondsdenominatedinEuro.Inclusionisbasedonthecurrencyofissue,and
notthedomicileoftheissuer.
JPMorganCorporateEMBIBroadDiversifiedIndex(JBCDCOMP) Thisindextracksabroadbasketofperformanceofinvestmentgradecorporatedebt,includingsmallerissues
coveringawiderarrayofpublicallyissuedacrossarangeofemergingmarketcountries.
JPMorganCorporateEmergingMarketIndex(JCMHCOR) Thisindexisaliquidbasketofemergingmarketscorporateissueswhichinclude80bonds,representing60issuersand16
countries.Ithasstrictliquiditycriteriaforinclusioninordertoprovidereplicability,tradability,robustpricinganddataintegrity.
JPMorganGlobalBondIndexexEM(JGAGGUSD) isacomprehensiveglobalinvestmentgradebenchmarkexcludingemergingmarkets.
JPMorganEMBondIndexGlobalDiversified trackstotalreturnsfortradedexternaldebtinstrumentsintheemergingmarketslimitingtheweightsofthoseindexcountrieswith
largerdebtstocksbyonlyincludingaspecifiedportionofthesecountrieseligiblecurrentfaceamountsofdebtoutstanding..
BarclaysU.S.CorporateIndex IsasubsetoftheBarclaysU.S.Aggregateindexwhichisabroadbasedflagshipbenchmarkthatmeasurestheinvestmentgrade,U.S.dollar
denominated,fixedratetaxablebondmarket.ITincludesTreasuries,governmentrelatedandcorporatesecurities,MBS,ABSandCMBS.Thissubsetrepresentstheinvestment
gradeportionofthatindex.
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Disclaimer
ImportantInformationRegardingThisReport
Thisreportwaspreparedasaprivatecommunicationandwasnotintendedforpubliccirculation.Clientsorprospectsmayauthorizedistributiontotheir
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Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused
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clientsaccount,ormarketorregulatorydevelopments.
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TurningPoints
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