Address And Details

500 Bielenburg Dr. , Woodbury, MN 55125
Fund Manager Jeffrey Heuer
Manager Tenure 4 Years

Strategy And Objective

The Fund seeks to provide high current income, and long-term total return. The Fund will invest in floating rate loans, floating rate debt securities and investments that are the economic equivalent of floating rate investments to effectively enable the Fund to achieve a floating rate of income. In order to seek a higher current income, the Fund will invest in high yield fixed-rate bonds (also referred to as junk bonds). Under normal circumstances, at least 80% of the Funds assets will be invested in a portfolio of: (I) below-investment grade variable or floating rate loans (Floating Rate Loans) and floating rate securities; (ii) high yield fixed-rate loans or debt securities with respect to which the Fund has entered into interest rate swaps to effectively convert the fixed-rate interest payments into floating-rate interest payments; and (iii) fixed-rate instruments with a duration of less than or equal to one year, including money market securities of all types, repurchase agreements, and shares of money market and short-term bond funds. The Fund normally invests primarily in interests in senior Floating Rate Loans (that are either secured or unsecured) and floating rate securities. The Fund may invest in securities of any maturity or duration. The Fund may invest up to 100% of its net assets in below-investment grade debt securities. Additionally, the Fund may invest up to 40% of its net assets in loans of foreign borrowers and debt securities of foreign issuers, and up to 25% of its net assets in foreign loans or debt securities that are denominated in a foreign currency. The Fund may use foreign currency swaps, foreign currency futures contracts, and forward currency exchange contracts to attempt to mitigate the effects of foreign currency fluctuations and, at a minimum, will use foreign currency swaps, foreign currency futures contracts, and foreign currency exchange contracts to effectively limit non-U.S. currency exposure to 10% of the Funds net assets. The extent to which the Fund will invest in loans of foreign borrowers and securities of foreign issuers depends upon the view of the sub-adviser, Wellington Management Company LLP (Wellington Management), of the global loan market, and the allocation to such loans and securities may fluctuate over time. The Fund may invest up to 20% of its net assets in fixed-rate loans and debt securities without entering into an interest rate swap. The Fund may invest in Rule 144A ecurities, which are privately placed, restricted securities that may only be resold under certain circumstances to other qualified institutional buyers. The proceeds of Floating Rate Loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, dividends, and, to a lesser extent, to finance internal growth and for other corporate purposes. While the Fund may invest in Floating Rate Loans that are unsecured, senior Floating Rate Loans typically hold senior position in the capital structure of a business entity (Borrower), and typically are secured by a lien on specific collateral that is senior to claims by subordinated debt holders and stockholders of the Borrower. The Fund may purchase second lien loans, and other subordinated or unsecured loans and debt securities. In order to manage the Funds interest rate risk, the Fund may use interest rate swaps. The extent to which the Fund will use interest rate swaps depends on Wellington Managements view of the interest rate environment and general market conditions. Generally, if Wellington Management expects interest rates to rise, the Fund may buy interest rate swaps to hedge the portion of its assets invested in fixed-rate debt securities.

Net Asset Value

as of 5:24 PM ET 09/15/2021


  • 1 Week
  • +0.31%
  • 1 Month
  • +0.52%
  • 3 Months
  • -0.31%
  • 1 Yr Return
  • +3.32%
  • 5 Yr Return
  • -0.31%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 99.70%
Cash 10.89%
Stocks 0.45%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Other -11.04%
Total Net Assets 12.77 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 1.49 3.39 n/a
Beta 0.27 0.16 n/a
R Squared 0.01 0.00 n/a
Std Deviation 10.17 7.92 n/a
Sharpe Ratio 0.26 0.47 n/a

Purchase Information

as of 5:24 PM ET 09/13/2021
Minimum Initial $250000
Minimum Additional $0
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +7.56%
  • +12.19%
+7.56% +12.19%
3 Year
  • +3.49%
  • +3.98%
+3.49% +3.98%
10 Year
  • n/a
  • n/a
n/a n/a
Life Of Fund
  • +4.97%
  • +5.10%
+4.97% +5.10%

Top 10 Holdings

Symbol Company Name % Of Assets

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