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Investment Objective

Seeks to provide high current income and long-term total return.

High-Conviction Investment Ideas

Through rigorous core credit analysis and active portfolio management, the portfolio manager utilizes his best ideas in the floating-rate and debt-security asset class to seek to amplify performance.

Multiple Drivers of Return Global Opportunity Set

The Fund has a strategic allocation to foreign loans to attempt to take advantage of the maturing European loan market.

High Yield

To enhance the potential for increased distribution yield, the Fund has a strategic allocation to high-yield corporate debt.

Portfolio Management

  • Michael Bacevich

    Michael Bacevich
    Managing Director
    Fixed-Income Portfolio Manager
    Wellington Management
    Professional Experience Since 1988
    BS, U.S. Military Academy
    MBA, University of Chicago

The portfolio manager is supported by the full resources of Wellington Management.

Average Annual Total Returns
(as of 7/31/2015)
Average Annual Total Returns YTD 1YR 3YR 5YR 10YR SI
AT NAV 2.35% -1.07% 4.30% --- --- 5.81%
Benchmark 2.96% 2.29% 4.97% --- --- ---
Peer Group 2.52% 1.24% 4.14% --- --- ---
With 3.0% Max
Sales Charge
--- -4.04% 3.25% --- --- 4.98%
Average Annual Total Returns
(as of 6/30/2015)
Average Annual Total Returns YTD 1YR 3YR 5YR 10YR SI
AT NAV 2.76% -0.97% 4.70% --- --- 6.06%
Benchmark 2.87% 2.15% 5.28% --- --- ---
Peer Group 2.48% 1.08% 4.46% --- --- ---
With 3.0% Max
Sales Charge
--- -3.94% 3.64% --- --- 5.20%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that an investors' 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.

Fund Inception: 9/30/11

Operating Expenses

Net  1.07% |  Gross 1.12%  

Calendar Year Returns
Fund Benchmark Peer Group
2014 -0.49% 2.06% 0.51%
2013 6.78% 6.15% 5.62%
2012 10.88% 9.43% 9.44%
2011 --- --- ---
2010 --- --- ---
2009 --- --- ---
2008 --- --- ---
2007 --- --- ---
2006 --- --- ---
2005 --- --- ---

Excludes sales charges. If sales charges and taxes had been included, the value would have been lower.

Growth of $10,000

(as of 7/31/2015)


Excludes sales charges. If sales charges and taxes had been included, the value would have been lower.

A-Share Morningstar Ratings
(as of 7/31/2015)
Overall ---
3 year 195
5 year ---
10 year ---

Past performance is no guarantee of future results. Morningstar ratings reflect historical risk-adjusted performance as of July 31, 2015 and are subject to change every month. Ratings are based on a risk-adjusted return measure that accounts for variations in monthly performance (including the effects of sales charges, loads and redemption fees), emphasizing downward variations and rewarding consistent performance. The top 10% of funds in a category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Rating reflects a weighted average of a fund’s 3-, 5- and 10-year (if applicable) risk-adjusted performance. Morningstar Load-Waived Ratings supplement Morningstar Ratings for Class A shares by recalculating measures that are load-adjusted without the effects of the front-end sales charge. Load-waived ratings should only be considered by investors who are not subject to the Fund's front-end sales charge.

Holdings are subject to change. Percentages may be rounded.
Holdings Characteristics(as of 7/31/2015)
Holdings Characteristics Fund
% in Bank Loans 79.30
Average Days to Reset 54
Bank Loan Average Price $95.08
Effective Duration 0.55 yrs.
Years To Worst 5.31 yrs.

Loan Distribution

(as of 7/31/2015)
label currentpercentage
Energy 9%
Service 17%
Manufacturing 8%
Financials 4%
Food And Drug 2%
Forest Prod/Containers 3%
Chemicals 4%
Housing 2%
Metals/Minerals 2%
Consumer Non-Durables 1%
Food/Tobacco 4%
Gaming/Leisure 5%
Healthcare 12%
Information Technology 7%
Media/Telecom 13%
Multiple Utilities 2%
Retail 4%
Aerospace 0%
Transportation 1%

Top Ten Issuers (%)

(as of 7/31/2015)
label percentageholding
Delta 2 1.76
Numericable Group SA 1.39
Asurion LLC 1.26
Endo Luxembourg Finance Company I S.a r.l. 1.23
Charter Communications Operating LLC 1.22
InVentiv Health, Inc. 1.16
Sedgwick Claims Management Services, Inc. 1.11
Hostess Brands, LLC 1.04
Gardner Denver, Inc. 1.01
Virgin Media Investment Holdings Ltd. 1.01
(as of 6/30/2015)
label percentageholding
Delta 2 1.81
Asurion LLC 1.30
Endo Luxembourg Finance Company I S.a r.l. 1.26
InVentiv Health, Inc. 1.19
Sedgwick Claims Management Services, Inc. 1.14
Univar, Inc. 1.12
Advantage Sales & Marketing, Inc. 1.06
Gardner Denver, Inc. 1.05
Virgin Media Investment Holdings Ltd. 1.04
Pike Corp. 1.02

Credit Exposure*

(as of 7/31/2015)
label value
Baa/BBB 0.7%
Ba/BB 19.9%
B 58.8%
Caa/CCC or lower 15.7%
Not Rated 4.5%
Cash & Cash Offsets 0.4%

Credit exposure is the credit ratings for the underlying securities of the Fund as provided by Standard and Poor's or Moody's Investors Service and typically range from AAA/Aaa (highest) to C/D (lowest). If Moody's and S&P assign different ratings, the lower rating is used. Securities that are not rated by either agency are listed as "Not Rated." Ratings do not apply to the Fund itself or to Fund shares. Ratings may change.

Asset Class Exposure (%)
Sectors 6/30/2015 Fund 7/31/2015 Benchmark 7/31/2015 UNDERWEIGHT / OVERWEIGHT -20 0 20
High Yield Credit 9.9 10.0 0.0
Overweight 50.0%
Developed Non-US Dollar Denominated 6.3 7.2 0.0
Overweight 35.0%
Emerging Market Debt 2.0 1.9 0.5
Overweight 5.0%
Equities 1.5 1.2 0.0
Overweight 5.0%
Cash & Cash Offsets 0.9 0.4 0.0
Overweight 0.0%
Bank Loans 79.5 79.3 99.5
Overweight 100.0%
Distributions and Capital Gains
Distribution Date Distribution NAV Long-Term Capital Gain Short-Term Capital Gain Return of Capital Dividend Income Distribution Total
7/31/2015 9.98 0.0000 0.0000 --- 0.0398 0.0398
6/30/2015 10.06 0.0000 0.0000 0.0000 0.0401 0.0401
5/31/2015 10.19 0.0000 0.0000 0.0000 0.0382 0.0382
4/30/2015 10.20 0.0000 0.0000 0.0000 0.0407 0.0407
3/31/2015 10.09 0.0000 0.0000 0.0000 0.0416 0.0416
2/27/2015 10.09 0.0000 0.0000 0.0000 0.0408 0.0408
1/30/2015 9.93 0.0000 0.0000 0.0000 0.0441 0.0441
12/31/2014 10.03 0.0000 0.0000 0.0000 0.0566 0.0566
12/12/2014 10.03 0.0626 0.0844 0.0000 0.0000 0.1470
11/28/2014 10.50 0.0000 0.0000 0.0000 0.0399 0.0399
10/31/2014 10.55 0.0000 0.0000 0.0000 0.0397 0.0397
9/30/2014 10.58 0.0000 0.0000 0.0000 0.0398 0.0398

Past Dividend Distributions are not indicative of future results.

Bank Loans Stand Out Among High-Income Opportunities

Among high income-generating sectors, bank loans currently stand out because of their attractive spread levels and propensity to protect principal better than high yield during periods of market stress.

The Regulatory Approach to Bank Debt Continues to Evolve

Regulations introduced after the global financial crisis aim to reduce the risk of bank failures and to transfer the costs of any future bank failures from taxpayers to private investors.

Fixed Income Outlook 1Q15: Staring Down Deflation in 2015

In recent months, inflation has been falling across the globe. Though part of this decline can be traced to the sharp drop in the price of oil, inflation would be running worrisomely below central banks’ targets even without the oil-price collapse.

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Derivatives Risk: Investments in derivatives can be volatile. Potential risks include currency risk, leverage risk (the risk that small market movements may result in large changes in the value of an investment), liquidity risk, index risk, pricing risk, and counterparty risk (the risk that the counterparty may be unwilling or unable to honor its obligations).

Fixed-Income Risk: The Fund is subject to interest-rate risk (the risk that the value of an investment decreases when interest rates rise), credit risk (the risk that the issuing company of a security is unable to pay interest and principal when due), liquidity risk (the risk that an investment may be difficult to sell at an advantageous time or price), and call risk (the risk that an investment may be redeemed early).

Foreign Investment Risk: Investments in foreign securities may be riskier than investments in U.S. securities. Potential risks include the risks of illiquidity, increased price volatility, less government regulation, less extensive and less frequent accounting and other reporting requirements, unfavorable changes in currency exchange rates, and economic and political disruptions.

Junk-Bond Risk: Investments in junk bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities.

Loan Risk: The Fund’s investments in loans may at times become difficult to value and highly illiquid; they are subject to credit risk such as nonpayment of principal or interest, and risks of bankruptcy and insolvency.

Market, Selection, and Strategy Risk: The Fund’s share price may fluctuate due to market risk and/or security selections that may underperform the market or relevant benchmarks. If the sub-adviser’s investment strategy does not perform as expected, the Fund could underperform its peers or lose money. There is no guarantee the Fund will achieve its stated objective.

Non-Diversified Risk: The Fund is non-diversified, so it may be more exposed to the risks associated with individual issuers than a diversified fund.

Floating Rate High Income Fund should not be considered an alternative to CDs or money market funds. This Fund is for investors who are looking to complement their traditional fixed-income investments.

Unsubsidized 30-Day SEC Yield is the Fund’s 30-Day SEC yield without the impact of fee/expense waivers.

30-Day SEC Yield represents the hypothetical net investment income earned by the fund over a 30-day period, expressed as an annual percentage rate based on the fund’s share price at the end of the 30-day period. This hypothetical income will differ (at times significantly) from the fund’s actual experience; income distributions from the fund may be higher or lower than implied by the SEC yield.

Average Days to Reset is the average number of days before the portfolio’s bank loans change their interest rate to match their reference rate, typically LIBOR.

Distribution Yield at NAV is calculated by annualizing the distribution for the current period and dividing by the NAV. The Fund's distribution may be comprised of ordinary income and/or returns of capital. The distribution yield is not indicative of current or future fund performance.

Effective Duration is a measure of the sensitivity of an asset or portfolio’s price to nominal interest rate movement.

Years to Worst is the average time until the earliest date when the principal of the bond can be repaid.


All mutual funds are subject to risk, including possible loss of principal. This material must be preceded or accompanied by a current prospectus, which contains detailed information about the Fund, including investment objectives, risks, charges, and fees. Investors should read it carefully before investing.