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Effective 3/1/24, the Fund (formerly known as the Hartford Floating Rate High Income Fund) changed its name, objective, principal investment strategy, portfolio managers and benchmark as well as reduced the Fund's contractual management fee. Returns prior to 3/1/24 reflect the performance of the Fund's prior objective and principal investment strategy.
Objective
The Fund seeks to provide a high level of income.
Overview
A fund that invests across fixed-income sectors while also seeking to provide low sensitivity to interest rate changes.
Portfolio Management
0
YRS
MANAGING THIS FUND
18
YRS
AT WELLINGTON MANAGEMENT
28
YRS
EXPERIENCE IN THIS INDUSTRY
0
YRS
MANAGING THIS FUND
17
YRS
AT WELLINGTON MANAGEMENT
23
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
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: 09/30/2011
Characteristics
FUND STATS
| # of Holdings | 262 |
|---|---|
| Dividend Frequency | Monthly |
Holdings Characteristics
| Average Bank Loan Price | $84.85 |
|---|---|
| Yield to Worst (%) | 6.72% |
| % in Bank Loans | 17 |
| Effective Duration | 1.43 yrs |
Yields (%)
(as of 3/31/24)
| Trailing 12 Month Yield | 8.72 |
| 30-Day SEC Yield | 5.89 |
|
Unsubsidized 30-Day SEC Yield
|
5.74 |
Asset Class Exposure (%)
Top Ten Issuers (%)
| Federal Home Loan Mortgage Corp. | 11.94 |
| Federal National Mortgage Association Connecticut Avenue Securities | 3.63 |
| Verus Securitization Trust | 1.75 |
| Carlyle U.S. CLO Ltd. | 1.53 |
| Palmer Square CLO Ltd. | 1.38 |
| Ontario Gaming GTA LP | 1.12 |
| BX Trust | 0.91 |
| WMG Acquisition Corp. | 0.86 |
| Neuberger Berman Loan Advisers CLO 26 Ltd. | 0.84 |
| OCP CLO Ltd. | 0.83 |
| Total Portfolio % | 24.79 |
Credit Exposure (%)
| Aaa/AAA | 0 |
| Aa/AA | 0 |
| A | 2 |
| Baa/BBB | 13 |
| Ba/BB | 28 |
| B | 21 |
| Caa/CCC or lower | 1 |
| Not Rated | 9 |
| Cash & Cash Offsets | 26 |
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 | |||||
|---|---|---|---|---|---|---|---|
| 12/31/23 | 3/31/24 | 3/31/24 | -40 0 40 | ||||
| Other | 9 | 42 | 2 | ||||
| Cash, Cash Equivalents and Cash Offsets | -2 | 26 | 2 | ||||
| Technology | 15 | 4 | 6 | ||||
| Basic Industry | 2 | 1 | 3 | ||||
| Utilities | 0 | 1 | 3 | ||||
| Transportation | 2 | 1 | 4 | ||||
| Communications | 13 | 2 | 8 | ||||
| Financial Institutions | 18 | 8 | 15 | ||||
| Consumer Non-Cyclical | 11 | 3 | 10 | ||||
| Capital Goods | 7 | 3 | 11 | ||||
| Energy | 4 | 2 | 14 | ||||
| Consumer Cyclical | 22 | 6 | 21 | ||||
distributions and capital gains
| Distribution Date | Distribution NAV | ordinary income | short term capital gains | long term capital gains | total distribution |
|---|---|---|---|---|---|
| 3/28/2024 | 8.85 | $0.0534 | $0.0000 | $0.0000 | $0.0534 |
| 2/29/2024 | 8.87 | $0.0584 | $0.0000 | $0.0000 | $0.0584 |
| 1/31/2024 | 8.85 | $0.0618 | $0.0000 | $0.0000 | $0.0618 |
| 12/29/2023 | 8.88 | $0.0470 | $0.0000 | $0.0000 | $0.0470 |
| 12/29/2023 | 8.88 | $0.0625 | $0.0000 | $0.0000 | $0.0625 |
| 12/15/2023 | 8.90 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 11/30/2023 | 8.83 | $0.0647 | $0.0000 | $0.0000 | $0.0647 |
| 10/31/2023 | 8.77 | $0.0627 | $0.0000 | $0.0000 | $0.0627 |
| 9/29/2023 | 8.87 | $0.0614 | $0.0000 | $0.0000 | $0.0614 |
| 8/31/2023 | 8.88 | $0.0499 | $0.0000 | $0.0000 | $0.0499 |
| 7/31/2023 | 8.86 | $0.0642 | $0.0000 | $0.0000 | $0.0642 |
| 6/30/2023 | 8.82 | $0.0623 | $0.0000 | $0.0000 | $0.0623 |
| 5/31/2023 | 8.69 | $0.0619 | $0.0000 | $0.0000 | $0.0619 |
| 4/28/2023 | 8.74 | $0.0614 | $0.0000 | $0.0000 | $0.0614 |
Past distributions are not indicative of future distributions.
Insights
Fund Literature
03/31/2024 - PDF (135 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 (168 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
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. The Fund may allocate a portion of its assets to specialist portfolio managers, which may not work as intended. • Investments in high-yield ("junk") bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. • The risks associated with mortgage-related and asset-backed securities as well as collateralized loan obligations (CLOs) include credit, interest-rate, prepayment, liquidity, default and extension risk. There are additional risks associated with credit risk transfer securities. • The purchase of securities in the To-Be-Announced (TBA) market can result in higher portfolio turnover and related expenses as well as price and counterparty risk. • 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. • 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. • Restricted securities may be more difficult to sell and price than other securities. • The Fund's investments may fluctuate in value over a short period of time. • Obligations of U.S. Government agencies are supported by varying degrees of credit but are generally not backed by the full faith and credit of the U.S. Government. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability.
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