DoubleLine Low Duration Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, DoubleLine Low Duration Bond Fund held 887 positions with $7.33B in net assets. Its ten largest holdings made up 21.3% of the fund. The DBLSX share class costs 0.45% a year. Over the 12 months to May 2026, DBLSX returned 4.5%, with dividends reinvested. In 2026 Q2 it added 198 new positions and exited 152.
The Funds investment objective is to seek current income.
The fund seeks current income by investing principally in debt securities across multiple asset classes, including mortgage-backed securities, corporate bonds, asset-backed securities, bank loans, and emerging market debt, with a target dollar-weighted average effective duration of three years or less. The portfolio managers employ a controlled risk approach that considers sector relative performance, security selection, yield curve positioning, and interest rate outlook to construct the portfolio. The fund may invest up to 50% of assets in below-investment-grade securities and uses derivatives including futures, swaps, and options to manage duration and gain or reduce exposures to various asset classes. Because the fund's effective duration may vary significantly and can exceed three years at any time, portfolio value will fluctuate with interest rate movements.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.75% · due 2028-01-31 | 3.49% | $255.98M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.88% · due 2030-11-15 | 3.43% | $251.87M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.63% · due 2030-10-31 | 3.33% | $244.38M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.50% · due 2027-06-30 | 3.01% | $220.64M | — |
DGCXXDREYFUS GOVERNMENT CASH MANAGEMENT FUNDS | 1.59% | $116.29M | — |
MVRXXMORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS | 1.54% | $112.87M | — |
NITXXNORTHERN INSTITUTIONAL FUNDS | 1.54% | $112.87M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.50% · due 2028-11-15 | 1.34% | $98.51M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.13% · due 2027-04-15 | 1.07% | $78.87M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.63% · due 2027-10-15 | 0.97% | $71.50M | — |
The 200 largest of 887 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 58.54% |
| Bonds | 40.43% |
| Cash & short-term | 4.66% |
How it has done
DBLSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.11%. Past returns are a record, not a forecast.
Jun 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.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.45% | +4.50% | +17.31% | +16.86% | -0.43% | |
| 0.70% | +4.14% | +16.47% | +15.41% | -0.45% | |
| 0.39% | +4.59% | +17.67% | +17.28% | -0.42% | |
| 0.51% | — | — | — | — |
Fees & fund details
DoubleLine Low Duration Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.39% – 0.70%· DBLSX 0.45%
- Portfolio turnover
- 93.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
198 new· the largest 8
152 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 54.8% |
| Floating rate | 45.0% |
| Zero-coupon or unclassified | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 6.6% |
| 1-3y | 14.0% |
| 3-5y | 21.2% |
| 5-10y | 9.2% |
| 10y+ | 49.0% |
| Unknown | 0.1% |
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 2026Q2
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 | 56% |
| Interest rates | 44% |
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 | +2.10 yr |
| High yield | +0.04 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 | 0.02 yr | 1% |
| 1 yr | 0.68 yr | 41% |
| 5 yr | 0.92 yr | 55% |
| 10 yr | 0.04 yr | 2% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.68 yr | 32% |
| 5 yr | 1.34 yr | 63% |
| 10 yr | 0.10 yr | 5% |
| 30 yr | 0.00 yr | 0% |
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 | +0.02 | +0.02 | +0.00 | $16.0k | $696 |
| 1 yr | +0.68 | +0.66 | +0.02 | $482.8k | $12.9k |
| 5 yr | +0.92 | +1.32 | +0.02 | $970.0k | $14.2k |
| 10 yr | +0.04 | +0.10 | +0.00 | $73.9k | $1.1k |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $2 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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