DoubleLine Total Return Bond Fund
DoubleLine Funds Trust · Series S000028163 · 4 share classes
data updated 2026-08-17
Fund profile
As filed in the prospectus · 2025 Q4
The Funds investment objective is to seek to maximize total return.
The fund invests primarily in mortgage-backed securities and U.S. Treasury obligations rated investment grade or higher, along with other fixed income instruments, and employs duration management through derivatives to maintain a portfolio effective duration between one and eight years. The fund may invest up to one-third of assets in below-investment-grade bonds, bank loans, and credit derivatives, and may use leverage, short sales, and other derivatives to adjust duration or gain long or short exposures. Because the fund's effective duration may vary materially from its target range, portfolio returns will fluctuate with interest rate movements and mortgage prepayment behavior in ways the duration target may not fully capture.
| Share class | Expense ratio |
|---|---|
| DBLTX | 0.50% |
| DLTNX | 0.75% |
| DDTRX | 0.43% |
| DLTIX | 0.55% |
Portfolio turnover 33.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Securitized | 92.79% |
| Bonds | 5.34% |
| Cash & short-term | 2.69% |
| Derivatives | -0.53% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Government National Mortgage A, Freddie Mac ×5, Fannie Mae ×2
Largest exited: TREASURY BILL, Fannie Mae ×2, Freddie Mac ×2, Pretium Mortgage Credit Partne ×2, VCAT Asset Securitization, LLC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 63.3% |
| Floating rate | 36.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 1.4% |
| 3-5y | 3.1% |
| 5-10y | 10.2% |
| 10y+ | 84.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.39 yr |
| High yield | +0.67 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.32 yr | 8% |
| 5 yr | 1.94 yr | 48% |
| 10 yr | 1.61 yr | 40% |
| 30 yr | 0.16 yr | 4% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.36 yr | 9% |
| 5 yr | 2.23 yr | 55% |
| 10 yr | 1.40 yr | 34% |
| 30 yr | 0.06 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $21.9k | $13.6k |
| 1 yr | +0.32 | +0.28 | +0.08 | $881.6k | $242.2k |
| 5 yr | +1.94 | +1.89 | +0.34 | $5.88m | $1.07m |
| 10 yr | +1.61 | +1.17 | +0.23 | $3.64m | $701.7k |
| 30 yr | +0.16 | +0.04 | +0.02 | $116.2k | $69.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | First American Government Obli | 0.90% | $278.76M | — |
| — | MSILF Government Portfolio | 0.90% | $278.76M | — |
| — | JPMorgan US Government Money M | 0.90% | $278.76M | — |
| — | US TREASURY N/B1.88% · due 2041-02-15 | 0.71% | $222.22M | — |
| — | US TREASURY N/B1.38% · due 2040-11-15 | 0.69% | $216.05M | — |
| — | US TREASURY N/B4.25% · due 2035-05-15 | 0.64% | $199.50M | — |
| — | US TREASURY N/B1.13% · due 2040-05-15 | 0.61% | $189.21M | — |
| — | Citigroup Mortgage Loan Trust1.75% floating · due 2065-03-25 | 0.60% | $185.90M | — |
| — | Fannie Mae3.37% · due 2047-11-01 | 0.57% | $176.50M | — |
| — | Bridge Street CLO5.22% floating · due 2037-07-20 | 0.54% | $166.65M | — |
Top 10 positions are 7.05% of net assets, top 25 13.15%, across 436 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free