Fundsters watching Jeff Gundlach and his team at DoubleLine Capital [see profile] should keep an eye out soon for a new offering. On Friday the Los Angeles-based mutual fund firm filed to launch its fifth fund, the DoubleLine Low Duration Bond Fund, which will aim for an average portfolio duration of three years or less [see filing]

A spokesman for DoubleLine declined to comment on the proposed fund, citing the SEC-mandated quiet period.

The filing only gives "2011" for a launch date for the fund, which will offer I shares for 47 basis points and N shares for 72 basis points (both load-free).

DoubleLine president Phil Barach and PMs Bonnie Baha and Luz Padilla will PM the fund. Barach co-founded TCW's mortgage-backed securities unit with Gundlach two decades ago, and he co-founded DoubleLine itself. Baha leads DoubeLine's global developed credit group (which handles corporate and sovereign debt in developed countries), while Padilla leads DoubleLine's emerging market debt group (which handles corporate and sovereign debt in emerging markets).

U.S. Bank will serve as the fund's accountant, administrator, custodian and transfer agent, and Quasar will handle distribution. PricewaterhouseCoopers will serve as the independent accounting firm and Ropes & Gray will provide legal counsel. 

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