# Why invest?
FO C U S
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### Dedicated focus on identifying material climate mitigation and adaptation solutions that may offer compelling financial returns.

INF ORMED B Y CLIMATE S CIENCE AND ANAL YTIC S
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### We integrate climate science, specifically perspectives gained through our partnership with the renowned Woodwell Climate Research Center, into our investment process.

WE SEE CLIMATE S TE W ARD SHIP A S AN OPPOR TUNITY 
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### We look for a variety of companies where climate stewardship represents a revenue opportunity versus a cost to the business.

EXPERIENCE IN CLIMATE INVE S TING 
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### Equity Portfolio Manager, Alan Hsu, has spent over a decade at Wellington Management conducting fundamental analysis and research on the utilities, energy and renewable-energy and clean-technology sectors.

For professional, accredited investors and wholesale clients only. Not for further distribution. Capital at risk.
Risks
CAPITAL: Investment markets are subject to economic, regulatory, market sentiment and political risks. All investors should consider the risks that may impact their capital, before investing. The value of your investment may become worth more or less than at the time of the original investment. The Fund may experience a high volatility from time to time. | CONCENTRATION: Concentration
of investments within securities, sectors or industries, or geographical regions may impact performance. | CURRENCY: The value of the Fund may be affected by changes in currency exchange rates. Unhedged currency risk may subject the Fund to significant volatility. | DERIVATIVES: Derivatives may provide more market exposure than the money paid or deposited when the transaction is entered into (sometimes referred to as Leverage). Market movements can therefore result in a loss exceeding the original amount invested. Derivatives may be difficult to value. Derivatives may also be used for efficient risk and portfolio management, but there may be some mismatch in exposure when derivatives are used as hedges. | EMERGING MARKETS: Emerging markets may be subject to custodial and political risks and volatility. Investment in foreign currency entails exchange risks. | EQUITIES: Investments may be volatile and may fluctuate according to market conditions, the performance of individual companies and that of the broader equity market. | MANAGER: Investment performance depends on the investment management team and their investment strategies. If the strategies do not perform as expected, if opportunities to implement them do not arise, or if the team does not implement its investment strategies successfully; then a fund may underperform or experience losses. | SMALL AND MID-CAP
COMPANY: Small and mid-cap companies’ valuations may be more volatile than those of large cap companies. They may also be less liquid. | SUSTAINABILITY: A Sustainability Risk can be defined as an environmental, social or governance event or condition that, if it occurs, could cause an actual or potential material negative impact on the value of an investment.
Please refer to the Fund prospectus and KIID/KID for a full list of risk factors and pre-investment disclosures.

### For more information, please visit www.wellington.com
IMPOR TANT INF ORMATION 
This material has been prepared exclusively for use with professional, accredited or institutional investors, wholesale clients and non-retail investors for general information purposes only and does not take into account the investment objectives, financial situation or needs of any particular person. By accepting this material, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person.
This material and its contents may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management. This document is intended for marketing purposes only. It is not an offer to anyone, or a solicitation by anyone, to subscribe for units or shares of any Wellington Management Fund (“Fund”). Nothing in this document should be interpreted as advice, nor is it a recommendation to buy or sell securities. Investment in the Fund may not be suitable for all investors. Any views expressed in this document are those of the author at the time of writing and are subject to change without notice. Fund shares/units are made available only in jurisdictions where such offer or solicitation is lawful. The Fund only accepts professional clients or investment through financial intermediaries. Please refer to the Fund offering documents for further risk factors, pre- investment disclosures, the latest annual report (and semi-annual report), and for UCITS Funds, the latest Key Investor Information Document (KIID) or Key Information Document (KID) before investing. For each country where UCITS Funds are registered for sale, the prospectus and summary of investor rights in English, and the KIID/KID in English and an official language, are available at www.wellington.com/KIIDs. For share/unit classes registered in Switzerland, Fund offering documents in English, French, Swiss French can be obtained from the local Representative and Paying Agent — BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. Wellington Management Funds (Luxembourg) and Wellington Management Funds (Luxembourg) III SICAV are authorised and regulated by the Commission de Surveillance du Secteur Financier and Wellington Management Funds (Ireland) plc is authorized and regulated by the Central Bank of Ireland. The Fund may decide to terminate marketing arrangements for shares/units in an EU Member State by giving 30 working days’ notice.
In Canada, this material is provided by Wellington Management Canada ULC, a British Columbia unlimited liability company registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan in the categories of Portfolio Manager and Exempt Market Dealer.	UK, issued by Wellington Management International Limited (WMIL), authorised and regulated by the Financial Conduct Authority (Reference number: 208573).	Europe (ex. UK and Switzerland), issued by Wellington Management Europe GmbH which is authorised and regulated by the German Federal Financial Supervisory Authority (BaFin). Shares of the Fund may not be distributed or marketed in any way to German retail or semi-professional investors if the Fund is not admitted for distribution
to these investor categories by BaFin.	Hong Kong, Wellington Management Hong Kong Limited (WM Hong Kong), a corporation licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), and Type 9 (asset management) regulated activities, on the basis that you are a Professional Investor as defined in the Securities and Futures Ordinance and its subsidiary legislation. Wellington Private Fund Management (Shanghai) Limited is a wholly-owned entity and subsidiary of WM Hong Kong. Wellington Global Private Fund Management (Shanghai) Limited is a wholly-owned entity and subsidiary of Wellington Private Fund Management (Shanghai) Limited.	Singapore, Wellington Management Singapore Pte Ltd (WM Singapore) (Registration Number 201415544E), regulated by the Monetary Authority of Singapore.	Australia, Wellington Management Australia Pty Ltd (WM Australia) (ABN19 167 091 090), for use solely by wholesale clients (as defined in the Corporations Act 2001).	Japan, Wellington Management Japan Pte Ltd (WM Japan) (Registration Number 199504987R) is registered as a Financial Instruments Firm with registered number: Director General of Kanto Local Finance Bureau (Kin- Sho) Number 428 a member of the Japan Investment Advisers Association, the Investment Trusts Association, Japan (ITA) and the Type II Financial Instruments Firms Association (T2FIFA).		WMIL, WM Hong Kong, WM Japan and WM Singapore are also registered as investment advisers with the SEC; however, they will comply with the substantive provisions of the US Investment Advisers Act only with respect to their US clients. Wellington Management Funds (“the Funds”) may not be offered to citizens and residents of the United States or within the United States, its territories, or possessions (other than to distributors and financial intermediaries). None of the Funds have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act”), and none of such shares may be offered, sold, transferred or delivered, directly or indirectly, in the United States or to United States residents or citizens (other than to distributors and financial intermediaries). None of the Funds have been or will
be registered as an investment company under the US Investment Company Act of 1940, as amended (the “1940 Act”). Interests in the Funds may be offered through an affiliate of Wellington Management Company 
LLP
; Wellington Funds Distributors, Inc., an SEC-Registered Broker/Dealer, Member FINRA and SIPC. Office of Supervisory Jurisdiction: 280 Congress Street, Boston, MA 02210. Tel: 617-951-5000 Fax: 617-951-5250.
Not FDIC Insured — No Bank Guarantee — May Lose Value.
©2023 Wellington Management. All rights reserved. As of January 2023.
WELLINGTON MANAGEMENT FUNDS ® is a registered service mark of Wellington Group Holdings 
LLP
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Translation (ENES, 2022-12-31):
# ¿Por qué invertir?
| ENF OQ UE  - Nos centramos en identificar soluciones tangibles de mitigación y adaptación al cambio climático que puedan ofrecer resultados financieros atractivos.
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| F ONDO FUND AMENTADO EN CLIMAT OL OGÍA Y ANÁLISIS CLIMÁTIC O S - Nuestro proceso de inversión incorpora la climatología, en concreto las perspectivas que nos brinda la colaboración con el prestigioso Centro de Investigación Climática Woodwell.
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| L O S BENEFICIO S DE LA ADMINIS TR A CIÓN RE SPONS ABLE DEL CLIMA  - Buscamos empresas donde la administración responsable en materia climática represente una oportunidad de obtención de ingresos en vez de un coste.
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| EXPERIENCIA EN INVER SIÓN CLIMÁTIC A - Alan Hsu, Equity Portfolio Manager, lleva más de una década en Wellington Management realizando análisis fundamentales y estudiando los sectores de servicios públicos, energía, energías renovables y tecnología no contaminante.
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Exclusivamente para inversores profesionales o acreditados y clientes institucionales. No se permite la distribución adicional de este documento. Capital en riesgo.
Riesgos
CAPITAL: los mercados de inversión están sujetos a riesgos económicos, regulatorios, políticos y de confianza de mercado. Antes de invertir, todos los inversores deben considerar los riesgos que pueden afectar a su capital. El valor de su inversión puede pasar a ser mayor o menor con respecto al momento de la inversión original. El Fondo puede experimentar una volatilidad elevada
ocasionalmente. | CONCENTRACIÓN: la concentración de las inversiones en valores, sectores o industrias, o regiones geográficas puede afectar a la rentabilidad. | DIVISAS: el valor del Fondo puede verse afectado por las variaciones de los tipos de cambio. El riesgo cambiario no cubierto puede someter al Fondo a una volatilidad significativa. | DERIVADOS: los derivados pueden ofrecer una mayor exposición al mercado que el efectivo desembolsado o depositado al formalizar una transacción (a menudo se denomina
«apalancamiento»). Las fluctuaciones del mercado pueden dar lugar, por tanto, a pérdidas que superen el importe original invertido. Los derivados pueden resultar difíciles de valorar. Los derivados también pueden utilizarse para gestionar el riesgo y la cartera de forma eficiente, pero la exposición puede diferir cuando estos se utilizan como cobertura. | MERCADOS EMERGENTES: los mercados emergentes pueden experimentar volatilidad y estar expuestos a riesgos políticos y de depositaría. La inversión en divisas extranjeras conlleva riesgos de tipo de cambio. | RENTA VARIABLE: las inversiones pueden ser volátiles y fluctuar según las condiciones del mercado, así como el desempeño de las empresas individuales y del mercado de renta variable en general. | GESTOR: el desempeño de la inversión depende del equipo de gestión de inversiones y de sus estrategias de inversión. Si las estrategias no funcionan como se espera, si no surgen oportunidades para aplicarlas o el equipo no las pone en práctica satisfactoriamente, el Fondo podría generar una rentabilidad insuficiente o pérdidas. | EMPRESAS DE PEQUEÑA Y MEDIANA CAPITALIZACIÓN: las valoraciones de las empresas de pequeña y mediana capitalización pueden ser más volátiles que las de las empresas de gran capitalización. También pueden ser menos líquidas. | SOSTENIBILIDAD: un riesgo de sostenibilidad se puede definir como todo acontecimiento o circunstancia medioambiental, social o de gobernanza que, de producirse, podría provocar un efecto negativo considerable, real o potencial, sobre el valor de la inversión.
Si desea acceder a una lista completa de los factores de riesgo y las declaraciones previas a la inversión, consulte el folleto del Fondo y el documento de datos fundamentales para el inversor (KIID) o el documento de datos fundamentales (DDF).
Para obtener más información, visite www.wellington.com