Wellington Credit Total Return: Differentiated, dynamic, and distinctly simple

The Wellington Credit Total Return Fund is an actively managed, benchmark-agnostic fixed income fund that allocates assets primarily to a global portfolio of US dollar-denominated corporate bonds, treasuries, and cash. It aims to deliver upside potential, downside protection, and we believe the fund stands out for being differentiated, dynamic, and distinctly simple: • Differentiated: Our team uniquely focuses on selecting securities with asymmetric total return profiles - capturing upside bias from the bottom up. • Dynamic: The fund tactically shifts capital between corporate bonds when valuations are attractive and treasuries and cash when valuations are stretched – creating total return that diversifies from traditional approaches. • Distinctly Simple: Unlike more complex unconstrained or strategic bond funds, this fund is primarily a simple cash bond portfolio with a narrow investment universe of investment-grade, high-yield, and emerging market debt, alongside treasuries and cash – a facilitating client understanding and analysis. We believe these characteristics enable the fund to adapt to changing market conditions, with the potential to offer investors drawdown protection similar to sovereign bonds, and the upside potential of higher-yielding credit.