Strategic Commodity Fund

The performance information shown assumes the reinvestment of all dividends and distributions. Returns of less than one year are not annualized. While the fund is no-load, management fees and other expenses still apply. Index returns reflect no deduction for fees, expenses or taxes. Please refer to the prospectus for further details.

Sector allocations and fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security. Portfolio holdings generally are made available 30 days after month-end by visiting www.doubleline.com. The source for the information in this report is DoubleLine Capital, which maintains its data on a trade date basis.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

The fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets.

The fund may use leverage which may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used.

Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments.

Investing in ETFs and/or ETNs involves additional risks such as the market price of the shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.

The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

Investments in commodities or commodity-related instruments may subject the fund to greater risks and volatility as commodity prices may be influenced by a variety of factors including unfavorable weather, environmental factors, and changes in government regulations.

Any index used by the fund may not be widely used and information regarding its components and/or its methodology may not generally be known to industry participants, it may be more difficult for the fund to find willing counterparties to engage in total or excess return swaps or other derivative instruments based on the return of the index.

The fund is non-diversified meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund.

DoubleLine Alternatives LP is the investment adviser to the DoubleLine Strategic Commodity Fund.  DoubleLine Capital LP is the investment adviser to that mutual 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 and Foreside Fund Services, LLC provides marketing review services.

30-Day SEC Yield – Standard yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most-recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the fund’s dividends and interest earned during the period after the deduction of the fund’s expenses. It is also referred to as the “standardized yield.”