DoubleLine Low Duration Bond Fund
DoubleLine Funds Trust · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Expense ratio |
|---|---|
| DBLSX | 0.45% |
| DLSNX | 0.70% |
| DDLDX | 0.39% |
| DLLIX | 0.51% |
Portfolio turnover 93.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 58.54% |
| Bonds | 40.43% |
| Cash & short-term | 4.66% |
Latest quarter
What changed since the fund's previous filing
Largest new: DREYFUS GOVERNMENT CASH MANAGEMENT FUNDS, NORTHERN INSTITUTIONAL FUNDS, PEEBLES PARK CLO LTD, CAPTREE PARK CLO LTD, NEW RESIDENTIAL MORTGAGE LOAN TRUST 2020-NQM2, Government National Mortgage Association, PRKCM 2026-AFC2 TRUST, Federal National Mortgage Association
Largest exited: US TREASURY N/B, First American Government Obli, JPMorgan US Government Money M, OCP CLO Ltd, Benefit Street Partners CLO Lt, Freddie Mac ×2, Clover CLO
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.44% | +17.08% | +16.87% | 1.12% | -0.43% | |
| +4.30% | +16.25% | +15.44% | 1.07% | -0.45% | |
| +4.64% | +17.45% | +17.29% | 1.07% | -0.42% | |
| — | — | — | — | — |
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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 2026-06-30
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.75% · due 2028-01-31 | 3.49% | $255.98M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.88% · due 2030-11-15 | 3.43% | $251.87M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.63% · due 2030-10-31 | 3.33% | $244.38M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.50% · due 2027-06-30 | 3.01% | $220.64M | — |
| DGCXX | DREYFUS GOVERNMENT CASH MANAGEMENT FUNDSDGCXX | 1.59% | $116.29M | — |
| MVRXX | MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDSMVRXX | 1.54% | $112.87M | — |
| NITXX | NORTHERN INSTITUTIONAL FUNDSNITXX | 1.54% | $112.87M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.50% · due 2028-11-15 | 1.34% | $98.51M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.13% · due 2027-04-15 | 1.07% | $78.87M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT1.63% · due 2027-10-15 | 0.97% | $71.50M | — |
Top 10 positions are 21.32% of net assets, top 25 28.64%, across 715 issuers.
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