Standardized Performance Summary

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Colony Real Estate and Income Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-17-18 to 12-31-19)
I-share	0.70%	-1.60%	26.81%	26.81%	-	-	21.87%	-
N-share	0.68%	-1.66%	26.52%	26.52%	-	-	21.60%	-
Dow Jones U.S. Select REIT Index TR	-0.94%	-1.23%	23.10%	23.10%	6.95%	6.40%	18.70%	-

Colony Real Estate and Income Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-17-18 to 12-31-19)	Gross Expense Ratio
I-share	0.70%	-1.60%	26.81%	26.81%	-	-	21.87%	0.75%
N-share	0.68%	-1.66%	26.52%	26.52%	-	-	21.60%	1.00%
Dow Jones U.S. Select REIT Index TR	-0.94%	-1.23%	23.10%	23.10%	6.95%	6.40%	18.70%	-

	Core Fixed Income Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (6-1-10 to 12-31-19)
	I-share (DBLFX)	0.23%	0.32%	7.99%	7.99%	4.16%	3.44%	5.16%	-
	N-share (DLFNX)	0.30%	0.34%	7.82%	7.82%	3.93%	3.18%	4.91%	-

	Core Fixed Income Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (6-1-10 to 12-31-19)	Gross Expense Ratio
	I-share (DBLFX)	0.23%	0.32%	7.99%	7.99%	4.16%	3.44%	5.16%	0.48%
	N-share (DLFNX)	0.30%	0.34%	7.82%	7.82%	3.93%	3.18%	4.91%	0.73%

Emerging Markets Fixed Income Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-6-10 to 12-31-19)
I-share (DBLEX)	1.63%	2.59%	11.79%	11.79%	5.49%	5.17%	5.79%	-
N-share (DLENX)	1.61%	2.51%	11.50%	11.50%	5.22%	4.88%	5.53%	-
JP Morgan EMBI Global Diversified Index	2.01%	1.81%	15.04%	15.04%	6.69%	6.24%	6.61%	-

Emerging Markets Fixed Income Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-6-10 to 12-31-19)	Gross Expense Ratio
I-share (DBLEX)	1.63%	2.59%	11.79%	11.79%	5.49%	5.17%	5.79%	0.89%
N-share (DLENX)	1.61%	2.51%	11.50%	11.50%	5.22%	4.88%	5.53%	1.14%
JP Morgan EMBI Global Diversified Index	2.01%	1.81%	15.04%	15.04%	6.69%	6.24%	6.61%	-

Flexible Income Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-7-14 to 12-31-19)
I-share (DFLEX)	1.02%	1.25%	7.21%	7.21%	4.15%	3.67%	3.61%	-
N-share (DLINX)	0.99%	1.19%	6.96%	6.96%	3.90%	3.40%	3.35%	-
ICE BofAML Eurodollars & Globals 1-3 Yr Index	0.30%	0.79%	5.14%	5.14%	2.81%	2.25%	2.05%	-
LIBOR USD 3 Month	0.16%	0.49%	2.40%	2.40%	1.97%	1.39%	1.25%	-

Flexible Income Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-7-14 to 12-31-19)	Gross Expense Ratio
I-share (DFLEX)	1.02%	1.25%	7.21%	7.21%	4.15%	3.67%	3.61%	0.76%
N-share (DLINX)	0.99%	1.19%	6.96%	6.96%	3.90%	3.40%	3.35%	1.01%
ICE BofAML Eurodollars & Globals 1-3 Yr Index	0.30%	0.79%	5.14%	5.14%	2.81%	2.25%	2.05%	-
LIBOR USD 3 Month	0.16%	0.49%	2.40%	2.40%	1.97%	1.39%	1.25%	-

Floating Rate Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (2-1-13 to 12-31-19)
I-share (DBFRX)	1.26%	1.49%	6.74%	6.74%	3.47%	3.45%	3.18%	-
N-share (DLFRX)	1.23%	1.53%	6.45%	6.45%	3.20%	3.19%	2.96%	-
S&P/LSTA Leveraged Loan Total Return Index	1.60%	1.73%	8.64%	8.64%	4.35%	4.45%	4.05%	-

Floating Rate Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (2-1-13 to 12-31-19)	Gross Expense Ratio
I-share (DBFRX)	1.26%	1.49%	6.74%	6.74%	3.47%	3.45%	3.18%	0.65%
N-share (DLFRX)	1.23%	1.53%	6.45%	6.45%	3.20%	3.19%	2.96%	0.89%
S&P/LSTA Leveraged Loan Total Return Index	1.60%	1.73%	8.64%	8.64%	4.35%	4.45%	4.05%	-

Global Bond Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-17-15 to 12-31-19)
I-share (DBLGX)	1.61%	1.71%	3.99%	3.99%	3.28%	-	2.14%	-
N-share (DLGBX)	1.54%	1.54%	3.70%	3.70%	3.02%	-	1.89%	-
FTSE World Govt Bond Index - All maturities USD	0.28%	-0.35%	5.90%	5.90%	4.12%	2.03%	3.55%	-

Global Bond Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-17-15 to 12-31-19)	Gross Expense Ratio
I-share (DBLGX)	1.61%	1.71%	3.99%	3.99%	3.28%	-	2.14%	0.55%
N-share (DLGBX)	1.54%	1.54%	3.70%	3.70%	3.02%	-	1.89%	0.80%
FTSE World Govt Bond Index - All maturities USD	0.28%	-0.35%	5.90%	5.90%	4.12%	2.03%	3.55%	-

	Infrastructure Income Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-1-16 to 12-31-19)
	I-share (BILDX)	0.23%	0.37%	8.30%	8.30%	4.76%	-	4.14%	-
	N-share (BILTX)	0.13%	0.33%	8.04%	8.04%	4.54%	-	3.88%	-

	Infrastructure Income Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-1-16 to 12-31-19)	Gross Expense Ratio
	I-share (BILDX)	0.23%	0.37%	8.30%	8.30%	4.76%	-	4.14%	0.59%
	N-share (BILTX)	0.13%	0.33%	8.04%	8.04%	4.54%	-	3.88%	0.84%

Long Duration Total Return Bond Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-15-14 to 12-31-19)
I-share (DBLDX)	-2.65%	-3.94%	11.54%	11.54%	5.71%	3.97%	3.99%	-
N-share (DLLDX)	-2.58%	-3.91%	11.38%	11.38%	5.45%	3.72%	3.74%	-
Bloomberg Barclays Long Government/Credit Index	-1.14%	-1.12%	19.59%	19.59%	8.07%	5.42%	5.46%	-

Long Duration Total Return Bond Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-15-14 to 12-31-19)	Gross Expense Ratio
I-share (DBLDX)	-2.65%	-3.94%	11.54%	11.54%	5.71%	3.97%	3.99%	0.70%
N-share (DLLDX)	-2.58%	-3.91%	11.38%	11.38%	5.45%	3.72%	3.74%	0.95%
Bloomberg Barclays Long Government/Credit Index	-1.14%	-1.12%	19.59%	19.59%	8.07%	5.42%	5.46%	-

Low Duration Bond Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (9-30-11 to 12-31-19)
I-share (DBLSX)	0.27%	0.67%	4.72%	4.72%	2.92%	2.51%	2.48%	-
N-share (DLSNX)	0.25%	0.61%	4.47%	4.47%	2.63%	2.26%	2.22%	-
ICE BofA Merrill Lynch 1-3 Yr Treasury	0.21%	0.51%	3.55%	3.55%	1.84%	1.39%	1.04%	-

Low Duration Bond Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (9-30-11 to 12-31-19)	Gross Expense Ratio
I-share (DBLSX)	0.27%	0.67%	4.72%	4.72%	2.92%	2.51%	2.48%	0.43%
N-share (DLSNX)	0.25%	0.61%	4.47%	4.47%	2.63%	2.26%	2.22%	0.68%
ICE BofA Merrill Lynch 1-3 Yr Treasury	0.21%	0.51%	3.55%	3.55%	1.84%	1.39%	1.04%	-

Low Duration Emerging Markets Fixed Income Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-7-14 to 12-31-19)
I-share (DBLLX)	0.48%	1.19%	7.73%	7.73%	3.91%	3.41%	3.27%	-
N-share (DELNX)	0.46%	1.03%	7.45%	7.45%	3.63%	3.16%	3.02%	-
JPM Corporate EMBI Broad Div. Maturity 1-3 years	0.59%	1.84%	7.23%	7.23%	4.13%	4.41%	3.80%	-

Low Duration Emerging Markets Fixed Income Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-7-14 to 12-31-19)	Gross Expense Ratio
I-share (DBLLX)	0.48%	1.19%	7.73%	7.73%	3.91%	3.41%	3.27%	0.65%
N-share (DELNX)	0.46%	1.03%	7.45%	7.45%	3.63%	3.16%	3.02%	0.93%
JPM Corporate EMBI Broad Div. Maturity 1-3 years	0.59%	1.84%	7.23%	7.23%	4.13%	4.41%	3.80%	-

Multi-Asset Growth Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-20-10 to 12-31-19)
I-share (DMLIX)	1.81%	4.33%	15.95%	15.95%	6.54%	5.50%	4.40%	-
A-share (No Load)	1.70%	4.23%	15.69%	15.69%	6.25%	5.21%	4.12%	-
A-share (With Load)	-2.62%	-0.20%	10.77%	10.77%	4.72%	4.30%	3.62%	-
S&P 500 TR	3.02%	9.07%	31.49%	31.49%	15.27%	11.70%	13.46%	-
Blended Benchmark Hedged*	2.03%	5.11%	19.18%	19.18%	9.31%	6.64%	6.95%	-
Blended Benchmark Unhedged*	2.35%	5.51%	18.55%	18.55%	9.28%	6.11%	6.21%	-

Multi-Asset Growth Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-20-10 to 12-31-19)	Gross Expense Ratio
I-share (DMLIX)	1.81%	4.33%	15.95%	15.95%	6.54%	5.50%	4.40%	1.35%
A-share (No Load)	1.70%	4.23%	15.69%	15.69%	6.25%	5.21%	4.12%	1.60%
A-share (With Load)	-2.62%	-0.20%	10.77%	10.77%	4.72%	4.30%	3.62%	1.60%
S&P 500 TR	3.02%	9.07%	31.49%	31.49%	15.27%	11.70%	13.46%	-
Blended Benchmark Hedged*	2.03%	5.11%	19.18%	19.18%	9.31%	6.64%	6.95%	-
Blended Benchmark Unhedged*	2.35%	5.51%	18.55%	18.55%	9.28%	6.11%	6.21%	-

Shiller Enhanced CAPE Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (10-31-13 to 12-31-19)
I-share (DSEEX)	2.34%	8.41%	33.82%	33.82%	16.02%	14.47%	15.36%	-
N-share (DSENX)	2.32%	8.35%	33.44%	33.44%	15.73%	14.17%	15.07%	-
S&P 500 TR	3.02%	9.07%	31.49%	31.49%	15.27%	11.70%	13.46%	-
Bloomberg Barclays Shiller CAPE US Sector TR USD Index	2.25%	8.54%	32.02%	32.02%	15.81%	14.02%	14.56%	-

Shiller Enhanced CAPE Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (10-31-13 to 12-31-19)	Gross Expense Ratio
I-share (DSEEX)	2.34%	8.41%	33.82%	33.82%	16.02%	14.47%	15.36%	0.57%
N-share (DSENX)	2.32%	8.35%	33.44%	33.44%	15.73%	14.17%	15.07%	0.82%
S&P 500 TR	3.02%	9.07%	31.49%	31.49%	15.27%	11.70%	13.46%	-
Bloomberg Barclays Shiller CAPE US Sector TR USD Index	2.25%	8.54%	32.02%	32.02%	15.81%	14.02%	14.56%	-

Shiller Enhanced International CAPE Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-23-16 to 12-31-19)
I-share (DSEUX)	3.44%	6.87%	23.17%	23.17%	9.23%	-	9.63%	-
N-share (DLEUX)	3.42%	6.80%	22.86%	22.86%	8.97%	-	9.37%	-
MSCI EUROPE Net (USD)	3.91%	8.84%	23.77%	23.77%	9.77%	5.06%	10.14%	-

Shiller Enhanced International CAPE Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (12-23-16 to 12-31-19)	Gross Expense Ratio
I-share (DSEUX)	3.44%	6.87%	23.17%	23.17%	9.23%	-	9.63%	0.98%
N-share (DLEUX)	3.42%	6.80%	22.86%	22.86%	8.97%	-	9.37%	1.22%
MSCI EUROPE Net (USD)	3.91%	8.84%	23.77%	23.77%	9.77%	5.06%	10.14%	-

Strategic Commodity Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (5-18-15 to 12-31-19)
I-share (DBCMX)	4.67%	1.81%	4.79%	4.79%	0.72%	-	-0.05%	-
N-share (DLCMX)	4.63%	1.75%	4.51%	4.51%	0.48%	-	-0.33%	-
Bloomberg Commodity Index Total Return	5.04%	4.42%	7.69%	7.69%	-0.94%	-3.92%	-4.39%	-

Strategic Commodity Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (5-18-15 to 12-31-19)	Gross Expense Ratio
I-share (DBCMX)	4.67%	1.81%	4.79%	4.79%	0.72%	-	-0.05%	1.11%
N-share (DLCMX)	4.63%	1.75%	4.51%	4.51%	0.48%	-	-0.33%	1.36%
Bloomberg Commodity Index Total Return	5.04%	4.42%	7.69%	7.69%	-0.94%	-3.92%	-4.39%	-

	Total Return Bond Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-6-10 to 12-31-19)
	I-share (DBLTX)	-0.25%	-0.20%	5.81%	5.81%	3.77%	3.16%	5.84%	-
	N-share (DLTNX)	-0.27%	-0.26%	5.65%	5.65%	3.51%	2.90%	5.58%	-

	Total Return Bond Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (4-6-10 to 12-31-19)	Gross Expense Ratio
	I-share (DBLTX)	-0.25%	-0.20%	5.81%	5.81%	3.77%	3.16%	5.84%	0.48%
	N-share (DLTNX)	-0.27%	-0.26%	5.65%	5.65%	3.51%	2.90%	5.58%	0.73%

Ultra Short Bond Fund Quarterly Returns - As of Dec 31, 2019	Dec 2019	Last Quarter	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (6-30-16 to 12-31-19)
I-share (DBULX)	0.10%	0.54%	2.90%	2.90%	1.95%	-	1.69%	-
N-share (DLUSX)	0.17%	0.57%	2.74%	2.74%	1.72%	-	1.47%	-
ICE BofA Merrill Lynch 3 Month Treasury Bill	0.14%	0.46%	2.28%	2.28%	1.67%	1.07%	1.48%	-

Ultra Short Bond Fund Monthly Returns - As of Dec 31, 2019	Dec 2019	Last 3 Months	Year-to- Date	1 Year	3 Year Annualized	5 Year Annualized	Since Inception Annualized (6-30-16 to 12-31-19)	Gross Expense Ratio
I-share (DBULX)	0.10%	0.54%	2.90%	2.90%	1.95%	-	1.69%	0.22%
N-share (DLUSX)	0.17%	0.57%	2.74%	2.74%	1.72%	-	1.47%	0.47%
ICE BofA Merrill Lynch 3 Month Treasury Bill	0.14%	0.46%	2.28%	2.28%	1.67%	1.07%	1.48%	-

*The blended benchmark consists of 60% MSCI World Index/40% Bloomberg Barclays Global Aggregate Index and has been reconstituted to be more reflective of how the Adviser expects to manage the Fund. Definitions can be found in the site Glossary by clicking here.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. The performance information shown assumes the reinvestment of all dividends and distributions.

Short term performance, in particular, is not a good indication of the fund’s future performance and an investment should not be made based solely on returns. Performance reflects management fees and other fund expenses. Returns over 1- year are average annual returns.

Performance data shown for the Multi-Asset Growth Fund Class (With Load) reflects the Class A maximum sales charge of 4.25%. Performance data shown for the Class A (No Load) does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted. The Multi-Asset Growth Fund imposes a Deferred Sales Charge of 0.75% on purchases of $1 million or more of Class A shares if redeemed within 18 months of purchase. The Multi-Asset Growth Fund and Floating Rate Fund impose a 1.00% redemption fee on all share classes if shares are sold within 90 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

Investing involves risk; Principal loss is possible.

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. In addition, a free hard-copy is available by calling 1 (877) 354-6311/1 (877) DLINE11. Please read the prospectuses carefully before investing.

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DoubleLine Alternatives LP is the investment adviser to the DoubleLine Strategic Commodity Fund and the DoubleLine Colony Real Estate and Income Fund. DoubleLine Capital LP is the investment adviser to each of the other DoubleLine mutual funds and sub-adviser to the DoubleLine Colony Real Estate and Income Fund. DoubleLine Capital LP and DoubleLine Alternatives LP are investment advisers registered with the SEC under the Investment Advisers Act of 1940. The DoubleLine mutual funds are distributed by Quasar Distributors, LLC. DoubleLine Capital LP is the investment adviser to the DoubleLine Closed-End Funds. Quasar Distributors, LLC. provides filing administration for the DoubleLine Closed End Funds.

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Investing involves risk; Principal loss is possible.

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

DoubleLine®, the DoubleLine logo, the DoubleLine Funds logo and The Sherman Show logo are all registered trademarks of DoubleLine Capital LP.

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Standardized Performance Summary

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