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Wellington Management Company WELLINGTON FUNDS DISTRIBUTORS INC. Form CRS Customer Relationship Summary Introduction Wellington Funds Distributors Inc. (WFD) is a broker-dealer affiliate of Wellington Management Company LLP, a Securities and Exchange Commission (SEC) registered investment adviser (together with its global investment advisory affiliates, Wellington Management). WFD is registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA) and the Securities Investor Protection Corporation (SIPC). Investment advisory and brokerage services and fees differ and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing. What investment services and advice can you provide me? WFD provides brokerage services for the limited purpose of offering and recommending investment funds managed and sponsored by Wellington Management or Wellington Trust Company, NA (collectively, Sponsored Funds), and externally sponsored vehicles (e.g., mutual funds) managed by Wellington Management (Mutual Funds, and with the Sponsored Funds, Wellington Funds) to certain retail investors. WFD offers such services on behalf of its affiliates, Wellington Management and WTC. WFD does not enter into any contractual or other brokerage arrangement with retail investors. You should be aware of the following information about our services: • We offer and recommend only proprietary Sponsored Funds and the Mutual Funds. Furthermore, our Sponsored Funds generally have minimum investment amounts, which may limit your eligibility to invest in certain Sponsored Funds. Other firms may be able to offer you a broader array of investment options. • When we offer and recommend our Wellington Funds to retail investors, we do so in a brokerage capacity. Our representatives may also serve in other capacities, including as agents for WTC and Wellington Management and may have incentives to spend time in such capacities. In such capacities they may offer and recommend other products and services to retail investors. When WFD recommends an investment in a Wellington Fund to you, you or your legal representative will make the ultimate decision regarding whether or not to invest in such Sponsored Fund. • WFD does not monitor your Wellington Fund investments on an ongoing basis. If you invest in one of our Wellington Funds, you will execute subscription documents through the fund sponsor and become a holder of interests in the applicable Wellington Fund and will not have an account with WFD. Your investment will be administered by the fund sponsor or an unaffiliated third party, not by WFD. A WFD representative may continue to assist in servicing your investment on behalf of the fund sponsor, and may periodically review your investment(s) in order to make further recommendations to you, but he or she will not otherwise monitor your investment or recommend further transactions. Conversation Starter: Given my financial situation, should I choose a brokerage service? Why or why not? How will you choose investments to recommend to me? What is your relevant experience, including licenses, education and other qualifications? What do these qualifications mean? • For additional information, please see the offering memorandum for the Sponsored Fund, the prospectus and statement of additional information for the Mutual Funds, and the related organizational documents for each applicable fund, provided to you (Fund Documents)., as well as the WFD Form CRS Supplement and references therein. What fees will I pay? When you invest in one of our Wellington Funds, you will incur the following costs and fees: • You will pay no commission or other direct fee to WFD in connection with the offerings or recommendations that we make to you; however, you will pay the fees of Sponsored Funds and Mutual Funds, subject to the terms of the respective Fund Documents. WFD also does not receive any placement agent or other direct fee for the placement of Sponsored Funds, and does not receive 12b-1 or other fees for the sale of Mutual Funds. • Our Wellington Funds pay an investment advisory fee (management fee) to the Wellington Management entity acting as investment adviser to the Wellington Fund (Investment Manager), which is generally deducted from fund assets. The management fee paid varies among Wellington Funds, as a result, the cost associated with one Wellington Fund may be higher or lower than the cost of another. For some Sponsored Funds, the standard fee schedule includes a performance-based fee. Even within the same Sponsored Fund, different clients may have different fee structures. Our Wellington Funds also incur operating expenses, including, as applicable, those related to the provision of custody, accounting, fund administration, audit, tax services, transfer agency, and other services provided by third parties engaged by the fund sponsor. Each Effective June 30, 2020 | Wellington 1 Wellington Fund deducts some or all of these expenses from fund assets. Wellington Funds also incur transaction costs when they buy and sell securities. As a result of these fees and expenses, WFD may have an incentive to recommend one Wellington Fund over another. • The fees and costs that you pay and/or compensation that WFD and its affiliates will earn is generally based on the value of your account and not on the execution of a specific transaction. • For more information about the fees and expenses associated with a particular Wellington Fund please refer to the applicable Fund Documents. You will pay such fees and expenses whether you make or lose money on your investments, and such fees and expenses will reduce any amount of money you make on your investments over time. Conversation Starter: Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me? • For more information, please see the Fund Documents, as well as the WFD Form CRS Supplement and references therein. What are your legal obligations to me when providing recommendations as my broker-dealer? How else does your firm make money and what conflicts of interest do you have? When we provide you with a recommendation, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they may affect the recommendations we provide you. Here are some examples to help you understand what this means. • Wellington Management or WTC receives an asset-based management fee from the Wellington Funds. The more assets you invest, the more fees will be paid to our affiliates. Moreover, WFD and its representatives receive sales based compensation based on a formula related to fee revenues, and as such, is incentivized to encourage you to increase the assets you invest in Wellington Funds. • Fee levels may vary among and within our Wellington Funds, and WFD receives more compensation from the sale of interests in Wellington Funds that carry a higher management fee. WFD is thus incentivized to recommend the Wellington Fund with a higher management fee. Conversation Starter: How might your conflicts of interest affect me, and how will you address them? • For additional information about these and other conflicts applicable to our business, and how we seek to mitigate these risks, please see the applicable Fund Documents, WFD Form CRS Supplement and documents referenced therein. How do your financial professionals make money? WFD representatives involved in the sale of Wellington Funds are eligible to receive sales based compensation based upon a predetermined formula related to anticipated revenues to Wellington Management. They also receive salary and benefits from Wellington Management, and are eligible to receive variable compensation based upon a variety of factors, including overall firm performance, individual performance and their collaboration and contribution to team and firm performance. Do you or your financial professionals have legal or disciplinary history? No. Visit Investor.gov/CRS for a free and simple search tool to research WFD and its financial professionals. Conversation Starter: As a financial professional, do you have any disciplinary history? For what type of conduct? Additional Information For additional information about our services, please see the applicable Fund Documents, as well as the WFD Important Retail Client Disclosures and documents referenced therein. If you would like additional, up-to-date information or a copy of this disclosure, please call (617) 951-5000. Conversation Starter: Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me? Effective June 30, 2020 | Wellington 2 Our Business and Practices 31 MARCH 2021 This document provides information about the qualifications and business practices of Wellington Management Company LLP (WMC), Wellington Management Hong Kong Limited (WM Hong Kong), Wellington Management International Limited (WMIL), Wellington Management Japan Pte Ltd (WM Japan) and Wellington Management Singapore Pte Ltd (WM Singapore), each of which is registered with the US Securities
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