Morningstar Quicktake Report

Morningstar Report	6-19-13
Click the print icon in your browser to print this report.

Rating and Risk

DoubleLine Core Fixed Income I DBLFX

Morningstar Rating (Relative to Category)	-

	Morningstar Return	Morningstar Risk	Morningstar Rating^TM
3-Year
5-Year
10-Year
Overall

Morningstar Category: Intermediate-Term Bond		Click here to see our Methodology

Volatility Measurements	Trailing 3-Yr through 05-31-13 \| *Trailing 5-Yr through 05-31-13

Standard Deviation	---	Sharpe Ratio	---
Mean	---	Bear Market Decile Rank*	---

Modern Portfolio Theory Statistics	Trailing 3-Yr through 05-31-13

	Standard Index Barclays US Agg Bond TR USD	Best Fit Index
R-Squared	---	---
Beta	---	---
Alpha	---	---

Total Returns

DoubleLine Core Fixed Income I DBLFX

Growth of $10,000	05-31-13

	Fund: DoubleLine Core Fixed Income I			Category: Intermediate-Term Bond			Index: Barclays US Agg Bond TR USD

Performance History	05-31-13

	2006	2007	2008	2009	2010	2011	2012	05-13
Total Return %	---	---	---	---	---	11.5	8.2	0.4
+/- Index	---	---	---	---	---	3.6	3.9	1.3
+/- Category	---	---	---	---	---	8.1	-3.6	-1.4
% Rank in Category	---	---	---	---	---	1	31	20
Fund Category	---	---	---	---	---	MU	MU	CI

See fund category codes

Trailing Total Returns	through 06-18-13

	Total Return %	+/- Barclays US Agg Bond TR USD	+/- Barclays US Govt/Credit 5-10 Yr TR USD	% Rank in Cat
1-Day	-0.09	-0.07	0.02	---
1-Week	0.27	0.06	0.03	---
1-Month	-1.55	-0.42	0.28	---
3-Month	-0.42	0.33	0.67	---
Year-to-date	-0.19	0.94	1.18	---
1-Year	3.73	3.12	2.06	---
3-Year Annualized	8.70	4.41	2.09	---
5-Year Annualized	---	---	---	---
10-Yr Annualized	---	---	---	---

Historical Quarterly Returns

	Q1	Q2	Q3	Q4
2013	0.46	---	---	---
2012	1.99	2.12	2.94	0.87
2011	2.23	2.63	4.35	1.80
2010	---	---	5.13	0.34

Investor Returns

DoubleLine Core Fixed Income I DBLFX

What are Investor Returns?

Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.)

Performance History

	2006	2007	2008	2009	2010	2011	2012
Investor Return %	---	---	---	---	---	8.8	6.6
Total Return %	---	---	---	---	---	11.5	8.2
+/- Category *	---	---	---	---	---	7.2	-3.5
% Rank in Category *	---	---	---	---	---	2	37

Investor Returns vs Total Returns	through 05-31-13

	Investor Return %	Total Return %	Investor Return % Rank in Category
1-Year	3.39	4.48	31
3-Year Annualized	---	---	---
5-Year Annualized	---	---	---
10-Yr Annualized	---	---	---

*Data refers to Investor Returns

Tax Analysis

DoubleLine Core Fixed Income I DBLFX

Tax Analysis	05-31-13

	3-Yr Avg %	5-Yr Avg %	10-Yr Avg %
Pretax Return	---	---	---
Tax-adjusted Return	---	---	---
% Rank in Category	---	---	---
Tax Cost Ratio	---	---	---

Potential Cap Gains Exposure %	2.3

Sec Filing

DoubleLine Core Fixed Income I DBLFX

Portfolio

DoubleLine Core Fixed Income I DBLFX


Style Box Details	03-31-13

Average Eff Duration	4.91 Yrs
Average Eff Maturity	6.81 Yrs
Average Credit Quality	BB


Investment Style History (as of 12-31)

2013
2012
2011

Asset Allocation	05-31-13

% Long

% Short

% Net Assets

Cash	9.4	0.0	9.4
Stocks	0.0	0.0	0.0
Bonds	89.4	0.0	89.4
Other	1.2	0.0	1.2

Foreign Stocks	0.0	0.0	0.0
(as a % of assets)

Bond Quality

03-31-13

	% of Bond		% of Bond
AAA	46.2	BB	3.0
AA	4.5	B	4.1
A	9.9	Below B	9.2
BBB	19.4	Not Rated	3.6

Sector Weightings

05-31-13


	% of Bonds	Rel to Cat Avg
US Government
US Treasuries	14.51	0.88
TIPS	0.00	0.00
US Agency	0.18	0.05



Mortgage
Mortgage Pass-Thru	26.70	1.06
Mortgage CMO	21.51	3.56
Mortgage ARM	0.00	0.00



Credit
US Corporate	15.59	0.50
Asset-Backed	3.26	0.81
Convertible	0.00	0.00
Municipal	0.00	0.00
Corporate Inflation-Protected	0.00	0.00



Foreign
Foreign Corp	17.84	2.12
Foreign Govt	0.40	0.20



Cash	---	---

Holdings

DoubleLine Core Fixed Income I DBLFX

Top 25 Holdings Get Price Quotes	05-31-13

Number of Bond Holdings (Long)	696	Annual Turnover %	83
Number of Stock Holdings (Long)	0	Yield %	3.82
Number of Stock Holdings (Short)	---	% Assets in Top 10 Holdings	16.44
Number of Bond Holdings (Short)	---


Top 25 Holdings		Maturity Date	Amount 000	Value $000	% Net Assets

	DoubleLine Floating Rate I	---	10,049	101,600	4.04
	US Treasury Note 1.75%	05/15/2022	47,500	46,557	1.85
	US Treasury Note 2.375%	05/31/2018	43,100	45,898	1.82
	US Treasury Note 1.625%	08/15/2022	46,300	44,665	1.78
	Fidelity Instl MM Fds Government I	---	43,116	43,116	1.71

	US Treasury Bond 3.75%	08/15/2041	37,200	40,699	1.62
	US Treasury Note 1.25%	04/30/2019	38,600	38,543	1.53
	FHLMC 3%	08/15/2042	29,023	29,593	1.18
	US Treasury Bond 4.25%	05/15/2039	24,500	29,159	1.16
	US Treasury Note 1%	08/31/2019	25,300	24,737	0.98

	US Treasury Note 1.5%	08/31/2018	23,500	23,974	0.95
	FHLMC CMO 4%	06/15/2042	20,746	21,695	0.86
	FNMA CMO	---	20,265	21,621	0.86
	US Treasury Note 2.625%	11/15/2020	19,200	20,513	0.82
	FHLMC CMO 4%	09/15/2041	18,122	19,878	0.79

	FHLMC 3%	08/15/2042	18,421	18,785	0.75
	FHLMC CMO 5%	11/15/2034	14,518	15,958	0.63
	Wells Fargo Alt Ln 2007-Pa5 CMO 6.25%	11/25/2037	16,064	15,653	0.62
	FNMA CMO 4%	03/25/2041	13,785	14,907	0.59
	FNMA 3.5%	09/01/2042	13,151	13,461	0.54

	FHLMC CMO 4%	10/15/2030	12,175	13,168	0.52
	Gsr Mtg Ln Tr 2006-3f CMO 6%	03/25/2036	13,509	12,789	0.51
	Citigroup Mtg Ln Tr 2010-8 FRN	12/26/2036	15,126	12,694	0.50
	GNMA CMO 4.5%	02/20/2041	10,940	12,268	0.49
	Wells Fargo Alt Ln 2007-Pa2 CMO 6%	06/25/2037	12,746	12,109	0.48



Portfolio Holdings as of 05-31-13



Top 25 holdings account for the fund's short positions (if any), which appear shaded.

Management

DoubleLine Core Fixed Income I DBLFX

Management

Manager Name	Jeffrey E. Gundlach
Manager Start Date	06-01-10

Biography

Mr. Gundlach is the co-founder, 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 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.

Fund Inception	06-01-10
Fund Advisor(s)

DoubleLine Capital LP

Fund Subadvisor(s)

Fees & Expenses

DoubleLine Core Fixed Income I DBLFX

Fees and Expenses	07-25-12

Maximum Sales Fees %

Initial	None
Deferred	None


Redemption Fees %	None

Maximum Fees %

Administrative	0.00
Management	0.40


Total Cost Projections	Cost per $10,000

3-Year	$176
5-Year	$307
10-Year	$689

Actual Fees %

12b-1	0.00
Management	0.40
Net Expense Ratio: Annual Report	0.50
(As of 03-31-13)
Net Expense Ratio: Prospectus	0.55

Expense Waivers:
DoubleLine Capital LP (the “Adviser”) has contractually agreed to waive its investment advisory fee and to reimburse the Fund for other ordinary operating expenses to the extent necessary to limit ordinary operating expenses to an amount not to exceed 0.49% for Class I shares.

Purchase Info

DoubleLine Core Fixed Income I DBLFX

Purchase Information

Minimum Investments

Brokerage Availability

Initial	$100000
Additional	$500
Initial IRA	$5000
Additional IRA	$250
Initial AIP	$100000
Additional AIP	$100

Address

333 South Grand Avenue, Suite 1800
Los Angeles, CA 90071
Los Angeles, CA 90071

877-354-6311
http://www.doublelinefunds.com

CommonWealth PPS

CommonWealth Universe

DailyAccess Corporation FRIAG

DailyAccess Corporation MATC

DailyAccess Corporation Matrix

DailyAccess Corporation Mid-Atlantic

DailyAccess Corporation RTC

DailyAccess Corporation Schwab

Fidelity Institutional FundsNetwork

Fidelity Retail FundsNetwork

Investacorp NTF

JP MORGAN NO-LOAD TRANSACTION FEE

JPMorgan

LPL SAM Eligible

Merrill Lynch

Morgan Stanley Consulting Group Advisor

Morgan Stanley Portfolio Management

Northwestern Mutual Inv Srvc, LLC

Pershing FundCenter

Pershing FundVest NTF

Raymond James

Raymond James WRAP Eligible

RBC Wealth Management-Network Eligible

RBC Wealth Management-Wrap Eligible

Schwab Institutional

Schwab Retail

Schwab RPS All

Schwab RPS SDE

Scottrade TF

Securities America Advisors

Smith Barney Advisor/Portfolio Mngt

Smith Barney Portfolio Manager

TD Ameritrade Institutional

TD Ameritrade Retail

TD Ameritrade Trust Company

Thrivent – Advisory Eligible

TIAA-CREF Brokerage Services

TIAA-CREF NTF

Vanguard

Vanguard TF

WFA Fdntl Choice/PIM Updated 6/4/13

WFA MF Advisory Updated 6/4/13

Analyst Report Archive

DoubleLine Core Fixed Income I DBLFX

We currently do not have an Analyst Report on this fund. If you think we should cover it, tell us why! Just drop us a line at Analyst Feedback.

Here's a complete list of the 2,000 funds we do cover. While we closely monitor which funds our users request, keep in mind that we can't guarantee we'll cover them all. (We have only so many analysts.) We look at six factors when determining which funds to cover:

1. Performance
2. The size of the fund
3. The fund's expense ratio
4. User requests
5. Quality of management
6. Whether the fund is interesting enough to cover. For example, if a fund pursues a unique strategy, we're more likely to cover it.

© Copyright 2010 Morningstar, Inc. All rights reserved. Not to be redistributed without written permission. To order reprints call 312-696-6100.
Italics indicate Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees.