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Objective
Seeks to provide high current income and long-term total return.
Overview
A fund that typically invests in floating-rate loans and securities that are below-investment-grade.
A Hedge Against Rising Rates
The prices of traditional bonds generally drop as interest rates rise. This happens because as new bonds are issued at higher rates, existing bonds with lower rates become less attractive to investors, causing them to drop in value.
The Fund invests in bank loans that adjust their interest rates every 30, 60, or 90 days, so they may be less affected by rising interest rates.
Attractive Yield and Diversification
The Fund may offer a higher yield than, and low correlation to, traditional bonds; it may add an extra layer of income and diversification to your fixed-income portfolio.
Experienced Management
Bank loans are a smaller asset class than many other types of bonds, which makes them difficult for individual investors to access. The Fund’s management team averages over 25 years of investment experience and is backed by the full resources of sub-adviser Wellington Management.
Portfolio Management
5
YRS
MANAGING THIS FUND
18
YRS
AT WELLINGTON MANAGEMENT
27
YRS
EXPERIENCE IN THIS INDUSTRY
5
YRS
MANAGING THIS FUND
21
YRS
AT WELLINGTON MANAGEMENT
33
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
FUND PROCESS VIDEO
Hartford Floating Rate Fund Process Video
David Marshak
Managing Director, Fixed-Income Portfolio Manager
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 04/29/2005
Share Class Inception: 8/31/06.
Class I-share performance prior to its inception date reflects Class A-share performance (excluding sales charges) and operating expenses. SI performance is calculated from 4/29/05.
Characteristics
FUND STATS
| Dividend Frequency | Monthly |
| # of Issuers | 193 |
| # of Holdings | 274 |
Holdings Characteristics
| Average Bank Loan Price | $89.91 |
| Effective Duration | 0.01 yrs |
| % in Bank Loans | 86 |
Yields (%)
(as of 10/31/22)
| Distribution Yield at NAV | 6.65 |
| 30-Day SEC Yield | 6.62 |
|
Unsubsidized 30-Day SEC Yield
|
6.62 |
Top Ten Issuers (%)
Credit Exposure (%)
| Aaa/AAA | 0 |
| Aa/AA | 0 |
| A | 0 |
| Baa/BBB | 3 |
| Ba/BB | 21 |
| B | 60 |
| Caa/CCC or lower | 6 |
| Not Rated | 5 |
| Cash & Cash Offsets | 5 |
Credit exposure is the credit ratings for the underlying securities of the Fund as provided by Standard and Poor's (S&P), Moody's Investors Service, or Fitch and typically range from AAA/Aaa (highest) to C/D (lowest). If S&P, Moody's, and Fitch assign different ratings, the median rating is used. If only two agencies assign ratings, the lower rating is used. Securities that are not rated by any of the three agencies are listed as "Not Rated." Ratings do not apply to the Fund itself or to Fund shares. Ratings may change.
Sector Distribution (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 9/30/22 | 10/31/22 | 10/31/22 | -5 0 5 | ||||
| Cash, Cash Equivalents and Cash Offsets | 4 | 5 | 0 | ||||
| Consumer Cyclical | 24 | 24 | 20 | ||||
| Communications | 13 | 14 | 12 | ||||
| Financial Institutions | 9 | 10 | 8 | ||||
| Consumer Non-Cyclical | 16 | 14 | 14 | ||||
| Other | 6 | 6 | 6 | ||||
| Energy | 2 | 2 | 2 | ||||
| Transportation | 2 | 2 | 4 | ||||
| Utilities | 0 | 0 | 2 | ||||
| Technology | 15 | 15 | 18 | ||||
| Basic Industry | 1 | 1 | 4 | ||||
| Capital Goods | 8 | 7 | 11 | ||||
distributions and capital gains
| Distribution Date | Distribution NAV | ordinary income | short term capital gains | long term capital gains | total distribution |
|---|---|---|---|---|---|
| 11/1/2022 | 7.59 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
| 10/3/2022 | 7.57 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
| 9/1/2022 | 7.83 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| 8/1/2022 | 7.78 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
| 7/1/2022 | 7.61 | $0.0280 | $0.0000 | $0.0000 | $0.0280 |
| 6/1/2022 | 7.88 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
| 5/2/2022 | 8.16 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
| 4/1/2022 | 8.20 | $0.0245 | $0.0000 | $0.0000 | $0.0245 |
| 3/1/2022 | 8.22 | $0.0207 | $0.0000 | $0.0000 | $0.0207 |
| 2/1/2022 | 8.30 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
| 1/3/2022 | 8.32 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
| 1/3/2022 | 8.33 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
| 12/20/2021 | 8.34 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 12/1/2021 | 8.31 | $0.0213 | $0.0000 | $0.0000 | $0.0213 |
Past distributions are not indicative of future distributions.
Insights
Fund Literature
This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
09/30/2022 - PDF (259 KB)
This Fund Story outlines three distinguishing characteristics to help investors better understand the Fund.
09/30/2022 - PDF (544 KB)
Historical view of rising interest rates, and impact on respective Morningstar Categories.
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
09/30/2022 - PDF (382 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
PDF (147 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
09/30/2022 - PDF (489 KB)
This module provides an overview of Wellington Management Company's Fixed Income resources and capabilities
09/30/2022 - PDF (448 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, and general portfolio parameters.
PDF (2 KB)
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
PDF (2 KB)
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Loans can be difficult to value and less liquid than other types of debt instruments; they are also subject to nonpayment, collateral, bankruptcy, default, extension, prepayment and insolvency risks. • Fixed income security risks include credit, liquidity, call, duration, event and interest-rate risk. As interest rates rise, bond prices generally fall. • Investments in high-yield ("junk") bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. • Derivatives are generally more volatile and sensitive to changes in market or economic conditions than other securities; their risks include currency, leverage, liquidity, index, pricing, regulatory and counterparty risk. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. • The Fund's investments may fluctuate in value over a short period of time. • Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended. • Changes related to LIBOR could have an adverse impact on financial instruments that reference this rate.
The Fund should not be considered an alternative to CDs or money market funds. This Fund is intended for investors who are looking to complement their traditional fixed-income investments.
The Fund should not be considered an alternative to CDs or money market funds. This Fund is intended for investors who are looking to complement their traditional fixed-income investments.
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