If one is going to invest in a fund that's effectively 200% long (DSEEX), then I suppose there's some sort of logic in buying another fund that sells 63% of its portfolio short.
DSEEX (summary prospectus): the Fund’s total investment exposure (direct investments in debt securities plus notional exposure to the Index) will typically be equal to approximately 200% of the Fund’s net asset value.
BIVRX can be viewed as using 90% of the money invested in it to buy equities (80% domestic, 10% foreign) and keeping 10% in cash like a conventional fund, but then also shorting 63% of its NAV. When it shorts that equity, it receives cash. Hence the 10% + 63% = 73% cash position. Hence also the high ER: for borrowing the securities to sell short, and to cover the dividends that would have gone to the lender of the securities.
While it's placing just a modest bet (27% NAV) on the market going up, it is simultaneously placing outsized bets on individual securities - 90% of its NAV on stocks it is betting will go up, and 63% of its NAV on differentstocks it is betting will go down. The dollars add up to a small net equity position (small bet on the market as a whole), but the individual security exposure is magnified (90% + 63%).

I agreed.. So much negative news on the streets... 50%of pundits are wrong anyway
Mama retired portfolio heavily weight in bonds cash
Our diversed portfolio and 401k still 80:20...no changes since 2009

Generally, Old_Skeet, now retired, does a portfolio review and a calendar rebalance in May and October and at other times if felt warranted. My asset allocation threshold is 20% cash, 40% income and 40% equity. I allow for a 2% + (or -) movement from the threshold for my income and equity areas while I generally let my cash area float. In addition, I can, if felt warranted, tactually let equity bubble up to +5% from it's threshold. With this, the cash area can float from a low of 13% up to a high of 24% depending on where my income and equity allocations bubble.
An example. As we entered May I was equity heavy; and, I reduced my allocation to equities raising my allocation to cash. As equities pulled back in May I did a little buying but staying well within my asset allocation ranges, of course. So, thus far, this has worked well for me playing the swing as the Index has had better than a 7% movement during May (high to low) and has now recovered in June reaching a new all time high. Old_Skeet's market barometer is a tool that I developed and I use to assist me with market calls along with using it to help me throttle my equity allocation. As of market close June 20th, it scored the S&P 500 Index as extremely overbought. When I began to buy during the weeks of May 20th and May 27th the barometer indicated that stocks were undervalued with week ending readings of 155 and 158 respectively. Perhaps, now might be a time, for me, to take a little off the table and book some profit since the S&P 500 Index reached a new all time high and by the metrics of the barometer stocks are now extremely overbought with a barometer reading of 133. Generally, a higher barometer reading indicates there is more investment value in the Index over a lower reading.
Currently, my cash bubbles at 14% so I'm strongly thinking of selling some equity and raising my cash allocation since historically, stocks tend to go soft during the summer months. And, there will be, in time, another swing movement that I can play. But, to do so ... I'll need some cash. So, for me, it is now time to rebalance and reload the cash area of my portfolio.
So ... How often should you rebalance? I'm thinking when it is warranted.

Frequent rebalancing has the effect of not allowing your winners to run. I suggest, rather than a timetable, that investors state an acceptable “range” for each category of asset held and not rebalance until the % of a certain asset deviates outside the pre-planned range. For example, your Diversified Income sleeve might have a target of 25% - but an allowable range of 23-27%. These ranges will reduce the need for frequent rebalancing and allow your “hot” funds to rise higher before you feel compelled to trim them.

FYI: Dear retail investors holding lame 0.75% bank certificates of deposits and U.S. Treasury bonds yielding a tad over 2% for 10 years. If you want your money to yield something outside of the stock market, then it’s time to leave the United States.
Not pack-your-bags, sell-your-home leave the United States. But time to diversify out of U.S. bonds and CDs and put that retirement money somewhere far, far away.
It can’t go to Germany. That’s a negative yield debt. It can’t go to Japan. That’s money under the mattress. So it has to go to the emerging markets. Like China. Yes, China.
Regards,
Ted
https://www.forbes.com/sites/kenrapoza/2019/06/21/for-fixed-income-investors-time-to-leave-america/#290485bc51f6
M* Snapshot GARBX:
https://www.morningstar.com/funds/xnas/garbx/quote.html

FYI: Investors who decide to put their money where their values are have a small but fast-growing array of mutual funds and exchange-traded funds to choose from. At first blush, it sounds straightforward: By putting your savings in funds that assess how a company is addressing (or worsening) environmental, social, and governance, or ESG, factors, you hitch your investments to good corporate citizens, and may earn above-average returns.
But turning the concept into a practical investment portfolio without compromising on investing mandates such as diversification and due diligence comes with a unique set of challenges. Here’s what investors should keep in mind as they construct a values-based portfolio.
Regards,
Ted
https://www.barrons.com/articles/how-to-build-your-own-esg-portfolio-51561160049?mod=past_editions

These back doors can change day to day, and also seem dependent on the competency of the rep one is talking to. I've done two tax-free, commission-free "upgrades" of funds in my taxable account. But I've encountered difficulties as well.
Generally speaking, these transactions require the approval of the fund company. (That's true at least for the tax-free part.) One of the funds I've done this with was a Baird fund. Months (years?) later I called to check that Fidelity could do the same thing with another, similar Baird fund, and the rep claimed that this is never done, I couldn't have done it, that institutional shares are only available to institutions (Baird has a $25K min on its institutional class shares), and so on. That call was a total waste of time.
For tax-free exchanges at least, Fidelity will check with the fund company while I'm on the phone to see if they will accommodate me. If the rep says he's checking with the fund company, that indicates he knows what he is doing.
Sometimes the fund company will simply refuse. Years after I bought shares of a particular fund, the company started waiving loads on its funds' A shares. Since the ER on my shares was about 3 basis points higher than on the A shares, I asked Fidelity if they could do a tax-free exchange. Fidelity checked with the fund company and was told simply, no. Not a big deal, the ER difference was inconsequential. Still, it showed that there's a certain capriciousness about the whole system.
Somewhat related - I own another fund, institutional class. I tried to make an automated addition (for $5 TF rather than the $50 if I placed the order directly). The system rejected the order - apparently the fund had been removed from Fidelity's list of funds eligible for automated investments. Fidelity told me that they were working with the fund company to get approval for automated investments.
The bottom line is that the rules imposed by DoubleLine on this fund may have changed, or you may have gotten a rep who didn't know what he was talking about. You could try calling again. And you could also get the same answer.

@catch, @David - Yes, $5K will get me DSEEX in my Roth. I will also be selling my already held DSENX simultaneously and I'm not concerned with the TF.

@davidrmoran @Mark
Mark, I recall you did a test transaction. Yes, the transaction fee would apply as noted by @msf; but one also knocks down the e.r. with DSEEX. Depending on the amount invested, the fee would be recovered fairly fast.
I also trialed the purchase of DSEEX with both traditional and Roth IRA's at Fido.
The minimum is $5,000; vs the $100,000 listed.
Regards,
Catch

FYI: ‘Buy American’ has never felt this good for investors.
The total return indexes for the S&P 500 Index, U.S. investment-grade corporate bonds, high-yield debt, and sovereign and quasi-sovereign debt have risen to record levels in the wake of the Federal Reserve’s signal it stands ready to lower interest rates for the first time in over a decade.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-06-20/all-time-highs-in-everything-american-as-risk-rally-crescendoes

FYI: High dividend strategies may seem like the way for income investors to go with the Federal Reserve looking like it could cut interest rates later this year, but dividend growth exchange traded funds, including the iShares Core Dividend Growth ETF DGRO, +0.21% still merit consideration.
DGRO tracks the Morningstar US Dividend Growth Index and holds 480 stocks, giving it one of the larger rosters among dividend growth ETFs. That index requires members firms to have minimum dividend increase streaks of at least five years, one of the more liberal requirements in the universe of dividend growth ETFs.
Importantly, DGRO's underlying index also excludes companies with excessively high yields and only permits the inclusion of companies with payout ratios of less than 75%.
Regards,
Ted
https://www.marketwatch.com/story/a-darling-among-dividend-growth-etfs-2019-06-21-6463255/print
M* Snapshot DGRO:
https://www.morningstar.com/etfs/arcx/dgro/quote.html

IMHO The central banks, notably ECB and the U.S. Federal Reserve, have changed the playing field. We’ve gone in a few short months from a policy of interest rate “normalization” (Fed euphemism for raising rates) to “sustaining the expansion” (Fed speak for flooding the markets with easy money). Sudden shifts like this are uncommon. Many market timers were caught off guard. In my 50 years investing I can’t think of more than a half dozen or so such sudden and consequential changes in the playing field. The tight money policies of Paul Volker were one. The financial collapse of late 2007 was another.
The eventual success of / consequences of the recent shift in policy are uncertain. Short term it seems to have inflated most risk assets. The downside if the policy “succeeds” may well be a weaker dollar and higher prices for goods and services in coming years. The turmoil Wednesday’s policy statement precipitated points, I think, to the importance of staying diversified and sticking to a plan rather than trying to outguess the markets.

If your interest is simply consolidation and you're willing to do a little work, you could purchase the shares at Vanguard and then do an in-kind transfer to Schwab. Selling shares of all funds, even TF funds, is free at Schwab.
Traditionally, transfers of shares from mutual fund companies to brokerages has been free. Now that Vanguard has moved to a brokerage model (you can't buy their funds in a standalone mutual fund account), that may have changed. I don't see any account closing or transfer fee in Vanguard's fee disclosure, but you should check first.
https://personal.vanguard.com/pdf/v414.pdf?2210079054

Hi @hank.,
The "Sell in May" axiom has many spins to it. Below is mine.
Generally, Old_Skeet does a portfolio review and a calendar rebalance in May and October and at other times if felt warranted. My asset allocation threshold is 20% cash, 40% income and 40% equity. I allow for a 2% + (or -) movement from the threshold for my income and equity areas while I generally let my cash area float. In addition, I can, if felt warranted, tactually let equity bubble up to +5% from it's threshold. With this, the cash area can float from a low of 13% up to a high of 24% depending on where my income and equity allocations bubble.
As we entered May I was equity heavy; and, I reduced my allocation to equities raising my allocation to cash. As equities pulled back in May I did a little buying but staying well within my asset allocation ranges, of course. So, thus far, this has worked well for me playing the swing so-to-speak. My market barometer is a tool that I developed and I use to assist me with market calls along with using it to help me throttle my equity allocation. As of market close June 20th, it scored the S&P 500 Index as extremely overbought. Perhaps, now might be a time, for me, to take a little off the table and book some profit since the S&P 500 Index reached a new all time hight.
The Sell in May and Come Back After St. Legers Day axiom is one that my family has followed for a good number of years. For us this has worked well through the years; but, like most everything else it does not work every year.
It will be interesting to see how stock valuations bubble as we approach fall. For me, the Sell in May theme simply reflects calendar times to review and, at times, to rebalance my portfolio, if warranted. After all, most of the gains in the stock market have historically taken place during the fall and winter months. It is during these times that Old_Skeet chooses to be equity heavy and then light to normal during the other periods.
So, with this, I am, in general, a subscriber to the Axiom.

Maybe Ted can post all the links of the myriad of negative stock market articles I have been reading this morning. You would expect to see ebullience with a market at all times highs and a market on track for its best June since 1955. But I sure am not seeing much ebullience out there. In fact, can’t ever recall so much apprehension of a market at all time highs.
I can understand the trepidation. The biggest bullish peg is the Fed but how is that not already priced into the market. Plus, what if the markets keep roaring ahead? Would the Fed even lower rates with markets making one new high after another? There is hope for something positive next week on China but what if that once again proves to be much ado about nothing. And then what about Iran? The only positives I see is the junk bond market and price itself. But price and junk bonds can turn on a dime or better yet, an unexpected tweet out of the blue. In the meantime enjoy the ride - as long or short as it may be.
Edit. Just about every category of bonds are obscenely overpriced in the short term based on their 10 day RSI. And this morning for the first time in many a moon seeing selling throughout all the sectors in Bondland.

Couple weeks ago I posted a link at VG that let’s you enter a symbol from another fund complex and thereby learn what VG considers their closest match. Works opposite of what you’re trying to do. But may be of some help in verifying that the fund(s) you’re considering is considered similar to VWINX in VG’s eyes.
https://www.mutualfundobserver.com/discuss/discussion/50424/interesting-fund-cross-reference-tool-from-vanguard
Tend to agree with the suggestion above to go with the “real deal.” I suspect VWINX isn’t an easy one to duplicate. On the other hand, if, like me, you’re accustomed to working directly with just one or a small handful of houses, I can understand why you might not want to move to VG.
At a glance VWINX appears to be 40/60 fund (heavier on the fixed-income side). One I like at Price that’s
a well run 40/60 fund is TRRIX. But it lags VWINX performance wise (by about 2 percentage points over 10 years). Hard to beat VG’s low ER. That’s often the difference between a very good fund and a great one,

BTW, @davidmoran, HNASX is TRP Institutional Large Cap Growth dressed up as Homestead Growth with .86% ER and only $500 to open a position.

I buy DSENX and then convert asap to DSEEX, which Fidelity now does promptly (always done for free). A reclassification worth knowing about there. Merrill does not offer.

In order to provide the service of a tax-free, fee-free exchange of shares, a brokerage would have to offer two different share classes of the same fund. Obviously Merrill can't do this with the Doubleline Shiller Enhanced CAPE Fund, as Merrill sells only one share class of the fund to retail DIY investors.
Are you saying that Merrill won't exchange share classes for funds where it does offer multiple classes, or just that it won't exchange DSENX with DSEEX (which it doesn't sell)? Have you tried asking them to exchange between two share classes that they do carry?
For example, will Merrill do a free exchange from $50K worth of MWHYX shares to MWHIX shares (which it sells so long as you meet a $50K min)?

No, not international at all, but LV; buys and sells monthly within the SP500 according to rules involving valuations.

Oh sorry, for some reason I saw the letters and thought of the European version. I must be getting old. Hell, I've owned DSENX for years now.
In that case, plain old LV is how I classify it.

haha, figured that might be the case
sold out of DLEUX today, finally above my breakeven

I just placed a trial buy for the minimum in my Fidelity Roth and it shows a $50 TF if I click go.

Buy DSENX, ntf