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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.

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 10/31/2015)
Average Annual Total Returns YTD 1YR 3YR 5YR 10YR SI
AT NAV -0.41% -3.00% 2.26% --- --- 4.75%
Benchmark 1.47% 0.81% 3.60% --- --- ---
Peer Group 0.92% -0.07% 2.73% --- --- ---
With 3.0% Max
Sales Charge
--- -5.91% 1.22% --- --- 3.97%
Average Annual Total Returns
(as of 9/30/2015)
Average Annual Total Returns YTD 1YR 3YR 5YR 10YR SI
AT NAV -0.42% -2.95% 2.47% --- --- 4.84%
Benchmark 1.61% 1.23% 3.77% --- --- ---
Peer Group 0.84% 0.13% 2.87% --- --- ---
With 3.0% Max
Sales Charge
--- -5.86% 1.44% --- --- 4.05%

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 10/31/2015)


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

A-Share Morningstar Ratings
(as of 10/31/2015)
Overall ---
3 year 197
5 year ---
10 year ---

Past performance is no guarantee of future results. Morningstar ratings reflect historical risk-adjusted performance as of October 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 10/31/2015)
Holdings Characteristics Fund
% in Bank Loans 78.15
Average Days to Reset 52
Bank Loan Average Price $91.57
Effective Duration 0.58 yrs.
Years To Worst 5.14 yrs.

Loan Distribution

(as of 10/31/2015)
label currentpercentage
Service 18%
Energy 7%
Manufacturing 7%
Food And Drug 2%
Food/Tobacco 5%
Forest Prod/Containers 3%
Chemicals 4%
Financials 3%
Healthcare 13%
Housing 2%
Metals/Minerals 2%
Retail 5%
Consumer Non-Durables 1%
Gaming/Leisure 5%
Multiple Utilities 2%
Aerospace 1%
Media/Telecom 12%
Transportation 1%
Information Technology 6%

Top Ten Issuers (%)

(as of 10/31/2015)
label percentageholding
Brickman Group Ltd. 2.00
First Data Corp. 1.61
InVentiv Health, Inc. 1.48
Delta 2 1.44
Sedgwick Claims Management Services, Inc. 1.39
Hostess Brands LLC 1.33
Endo Luxembourg Finance Company I S.a r.l. 1.29
Advantage Sales & Marketing, Inc. 1.27
Freescale Semiconductor, Inc. 1.26
Pike Corp. 1.22
(as of 9/30/2015)
label percentageholding
First Data Corp. 1.46
Delta 2 1.42
InVentiv Health, Inc. 1.35
Sedgwick Claims Management Services, Inc. 1.26
Hostess Brands LLC 1.20
Endo Luxembourg Finance Company I S.a r.l. 1.19
Advantage Sales & Marketing, Inc. 1.17
Gardner Denver, Inc. 1.15
Freescale Semiconductor, Inc. 1.14

Credit Exposure*

(as of 10/31/2015)
label value
Baa/BBB 0.8%
Ba/BB 20.2%
B 53.3%
Caa/CCC or lower 17.5%
Not Rated 3.4%
Cash & Cash Offsets 4.9%

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.

Distributions and Capital Gains
Distribution Date Distribution NAV Long-Term Capital Gain Short-Term Capital Gain Return of Capital Dividend Income Distribution Total
10/31/2015 9.59 0.0000 0.0000 --- 0.0416 0.0416
9/30/2015 9.63 0.0000 0.0000 0.0000 0.0390 0.0390
8/31/2015 9.78 0.0000 0.0000 0.0000 0.0406 0.0406
7/31/2015 9.98 0.0000 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

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.

The Evolving Regulatory Approach to Bank Debt

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.

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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.


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.