DoubleLine Income Solutions Fund

Jeffrey Gundlach, DoubleLine's founder and CIO, oversees the investment committee that directs the fund's asset allocation and sector rotation. Day-to-day portfolio management is executed by DoubleLine's structured-products and multi-sector credit teams, which report to Gundlach and President Ronald Redell. The fund does not outsource its investment function to a sub-advisor.

The fund targets income-generating debt instruments across the full spectrum of securitized and corporate credit — primarily agency and non-agency mortgage-backed securities, collateralized loan obligations, asset-backed securities, bank loans, high-yield bonds, and emerging-market sovereign and corporate debt. Its primary mandate is to produce high current income for shareholders, paid monthly, which the fund has historically sustained at distribution rates exceeding 10 percent annually. Stage is not an applicable concept in the equity sense; the fund invests in seasoned and newly issued credit instruments alike, with a bias toward securities offering yield enhancement through complexity or illiquidity premiums.

It is a closed-end fund listed on the New York Stock Exchange under the ticker DSL, which means it has a fixed number of shares outstanding and trades at a market price that can diverge from its net asset value. Unlike open-end mutual funds, it can invest in less-liquid securities without facing daily redemption pressures. The fund employs leverage — typically via reverse repurchase agreements and credit facilities — to amplify income, a practice common among closed-end bond funds but not permitted in the same manner for most open-end vehicles.

The fund invests directly in securitized instruments and corporate credit — it does not operate as a fund-of-funds and does not allocate to external managers' vehicles as a strategy. However, its mandate includes purchasing tranches of newly issued securitizations — effectively acting as a direct institutional buyer in the primary CLO and ABS markets — which gives it a capital-commitment posture in certain structured-credit deals. The vehicle also holds positions in bank loans and high-yield bonds acquired in secondary markets or through club-style syndicated deals.

The fund does not co-invest alongside external general partners in the private-equity sense; it is a public-market vehicle. Its closest analogue to a co-investment structure is its participation in syndicated bank-loan and CLO tranche issuance, where it invests alongside other institutional buyers on the same terms. DoubleLine typically sources these positions through its own trading desk and does not rely on third-party GPs to originate or manage the assets.

Sourcing runs through DoubleLine's centralized fixed-income platform, which manages approximately $95 billion in assets across mutual funds, separate accounts, and closed-end vehicles. The firm's mortgage team — widely regarded as among the deepest in the industry — maintains direct relationships with agency trading desks, broker-dealers, and loan originators, providing the fund with proprietary analytics on prepayment behavior and credit performance. For structured products like CLOs and ABS, DoubleLine's traders and analysts participate directly in new-issue syndicates and secondary market desks, rather than relying on external intermediaries or aggregators.

The fund does not have a formal exclusionary mandate, but its prospectus makes clear that it will not invest meaningfully in equities or convertible securities, and it has historically avoided direct investment in CCC-rated and lower corporate credit unless such exposure arrives through a diversified securitized vehicle. It also does not invest in distressed or defaulted debt as a primary strategy. Regulatory restrictions prevent the fund from concentrating more than 25 percent of assets in any single industry, and it does not pursue control positions or activist credit strategies.