Long Duration Total Return Bond Fund

Investment Objective

The Fund’s investment objective is to seek long-term total return.


Liability Driven Investing (“LDI”) or Macro Hedging Strategies (“MHA”) take a relative value approach to investing through long duration securities which traditionally have included U.S. Treasuries and corporate bonds. DoubleLine believes long duration Mortgage-Backed Securities (MBS) have distinct advantages over other long duration options because of the attractive valuations based on mispricings and lower volatility.

We think Collateralized Mortgage Obligations (CMO) are an appropriate choice for this type of investment. CMOs pool together and pay out cash flows from underlying mortgages in accordance with payment priority rules, where both interest and principal could be subject to various orderings. In the case of longer duration bonds, principal payment is usually delayed until certain days in the future, thereby reducing prepayment uncertainty with respect to return of principal. Therefore, targeted principal return windows can be created and are appropriate choices for both LDI and MHA.

Fund Facts

Retail and Institutional Class

Retail N-share Inst. I-share
Min Investment $2,000 $100,000
Min IRA Investment $500 $5,000
Gross Expense Ratio 0.80% 0.55%
Net Expense Ratio* 0.76% 0.51%
Benchmark Bloomberg Barclays U.S. Long Government/Credit Index
Fund Inception Date 12/15/2014

*The advisor has contractually agreed to waive fees and reimburse expenses through July 31, 2022.

Investment Description

The Fund seeks long-term total return for investors that are looking to add duration to their portfolio. Investors looking to add duration have historically concentrated on the Corporate and Government sectors of the fixed income market. DoubleLine believes instead that by investing in segments of the mortgage-backed securities market (MBS) that we can potentially diversify risk and enhance returns.

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Mutual fund investing involves risk; Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in lower rated and non-rated securities present a great risk of loss to principal and interest than higher rated securities. Investments in foreign securities, which involve political, economic, and currency risks, greater volatility, and differences in accounting methods. These risks are greater for investments in emerging markets. The fund may also invest in securities related to real estate, which may decline in value as a result of factors affecting the real estate industry. The fund may use certain types of exchange traded funds or investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, mar-ket, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. ETF investments involve additional risks such as the mar-ket price trading at a discount to its net asset value, 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 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. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory prospectus and summary prospectus (if available) contain this and other important information about the investment company and may be obtained by clicking here. In addition, a free hard-copy is available by calling 1 (877) 354-6311/1 (877) DLINE11. Please read the prospectuses carefully before investing.


2002 N. Tampa St.
Suite 200
FL 33602



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