6-14-16 DBLTX Webcast 1

Fund Offerings

The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The

statutory prospectus and summary prospectus (if available) contains this and other important inf ormation about the Funds, and it may be obtained by calling 1 (877) 354-6311/ 1 (877) DLINE11, or visiting www.doublelinefunds.com. Read it carefully before investing.

Mutual fund investing involv es risk; Pincipal loss is possible. Investments in debt securities typically decrease in value 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 such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibilit y to adverse economic developments. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. The Fund may use certain types of investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by higher-rate securities. The 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.

Opinions expressed are subject to change at any time, are not forecasts and should not be considere d investment advice. DoubleLine Funds are distributed by Quasar Distributor s, LLC. While the Funds are no-load, management fees and other expenses still apply. Please refer to the prospectus for further details. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.

Retail and Institutional Class

No Load Mutual Fund

R e t a i l I n s t . N - s h a r e I - s h a r e Ticker D L T N X D B L T X M i n I n v e s t m e n t $ 2 , 0 0 0 $ 1 0 0 , 0 0 0 M i n I R A I n v e s t m e n t $ 5 0 0 $ 5 , 0 0 0 G r o s s E x p e n s e R a t i o 0 . 7 2 % 0 . 4 7 %