What better way to celebrate stunning growth in assets under management than with another new fund? That seems to be the thinking for DoubleLine Capital LP, which recently filed with the Securities and Exchange Commission.

DoubleLine Floating Rate Fund, which the fund shop filed for on Nov. 16, 2012, will seek a high level of current income by investing in bank debt. However, the fund's investment objective is non-fundamental, meaning it can be changed without shareholder approval.

The fund will normally invest at least 80% of its net assets in floating rate loans and other floating rate investments, such as floating rate debt securities; inflation-indexed securities; certain mortgage- and asset-backed securities; and shares of money market and short-term bond funds. The fund will also invest in junk bonds.

Bonnie Baha, who also heads DoubleLine's global developed credit group, and Robert Cohen, a bank debt specialist, serve as portfolio managers for the fund.

The fund offers Class I and N shares on a limited basis. They will primarily be offered to accounts managed by advisers and their clients, and certain other investors at the discretion of the Board of Trustees.

According to the SEC filing, its only fees are management fees of 50 basisi points.

DoubleLine executives could not comment on the filing, as they are currently in quiet period for the fund.

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