Floating Rate Fund
Investment Objective
The Fund’s objective is to seek a high level of current income by investing primarily in floating rate loans and other floating rate investments.
Philosophy
DoubleLine’s portfolio management team believes preservation of capital stands as the prerequisite to potential maximization of total return. Satisfaction of credit and valuation criteria comes before incremental yield of a prospective security.
Fund Facts
Retail and Institutional Class
No Load Mutual Fund
| Retail N-share | Inst. I-share | |
| Ticker | DLFRX | DBFRX |
| Min Investment | $2,000 | $100,000 |
| Min IRA Investment | $500 | $5,000 |
| Gross Expense Ratio | 0.93% | 0.68% |
| Net Expense Ratio* | 0.96% | 0.71% |
| Benchmark | S&P/LSTA Leverage Loan Index | |
| Fund Inception Date | 2/1/2013 | |
*The Advisor has contractually agreed to waive a portion of fees and reimburse expenses through July 31, 2016. The Gross Expense Ratio for the Floating Rate Fund is lower than its Net Expense Ratio because the Advisor recouped 0.03% in fees it had waived or expensed and had reimbursed in a prior period pursuant to an expense limitation agreement with the Fund.
Investment Description
The investment seeks to maximize total return. The Fund normally will invest at least 80% of its net assets in floating rate loans and other floating rate investments. “Floating rate investments” include, without limitation, floating rate debt securities; inflation-indexed securities; certain mortgage- and asset-backed securities, collateralized loan obligations, collateralized debt obligations, and collateralized mortgage obligations.
The Fund’s investments in derivatives and other synthetic instruments that provide exposure comparable, in the judgment of the Advisor, to floating rate investments will be counted toward satisfaction of this 80% policy as well. The Fund may invest in securities or instruments of any credit quality. The Fund expects that many or all of the Fund’s investments will be rated below investment grade or unrated but of comparable credit quality. Floating rate and other investments rated below investment grade, or unrated securities that are determined by the Advisor to be of comparable quality, are high yield, high risk securities, commonly known as junk bonds. Such investments entail high risk and have speculative characteristics. The Fund may invest in securities of stressed, distressed, and defaulted issuers (including issuers involved in bankruptcy proceedings, reorganizations, financial restructurings, or otherwise experiencing financial hardship).
