Wellington Management Agency MBS IDF: Fund Rating and Research File

In brief

Wellington Management Agency MBS IDF at a glance

The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports about 3 beneficial owners and none outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.

It is a series of a SALI platform fund, a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Wellington Management Company LLP manages the investments.

The filing reports an annual audit by CohnReznick, LLP and that 100% of the assets were valued last year by a person not related to the adviser.

Wellington Management Company LLP reports 4 regulatory actions in Item 11 of its Form ADV between 2016 and 2021, all concerning the adviser itself, with reported sanctions of about USD 226,830. The full record is set out below.

The rating

Why Wellington Management Agency MBS IDF has four stars

Every control we look for is reported: an annual audit by CohnReznick, an outside administrator in State Street, and valuation of nearly all assets by a firm outside the group. Wellington runs USD 1.4 trillion of regulatory assets and has been registered with the SEC since 1979. It is also new.

The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Fund scale and investor base

The fund's gross assets, the number of its owners and how long it has been offered.

Reporting and filings

Whether the fund and its adviser keep their SEC filings current and consistent with each other.

Fit for a life insurance policy

Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.

PPLI.comFund Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The fund at a glance

Identity, offering and service providers

Identity

Legal nameWellington Management Agency MBS IDF Series of the SALI Multi-Series Fund XV, L.P.

OrganisedDelaware limited partnership, 2025

SEC CIK0002095277 EDGAR

Private fund ID805-7353742376 ADV

Investment managerWellington Management Company LLP IAPD

Platforma SALI platform fund IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)

First sale12 November 2025

Minimum investmentUSD 100,000,000

Amount soldUSD 864.9 million to date

Investors in the offering5

Sales commissionsNone reported

Latest filingForm D/A, 15 September 2026 Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 654,934,142 (ADV filed 25 August 2026)

Beneficial ownersAbout 3

Owned by non-US persons0%

Service providers

AuditorCohnReznick, LLP

CustodianSanford C. Bernstein & Co., LLC

AdministratorState Street Bank & Trust Co.

Prime brokerNone reported

Valued by a person not related to the adviser100% of assets, last fiscal year

Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.

Inside a policy

What to check before this fund goes into a policy

Why the wrapper matters here

Interest from loans and bonds is ordinary income for a US taxpayer, taxed at up to 37% plus the 3.8% net investment income tax, every year. Held through a policy that meets the tax rules, the same income compounds without a yearly tax bill. How the numbers work

Liquidity

The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.

Who chooses the investments

The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.

Diversification

A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.

Valuation

SALI reports that all of the fund's assets were valued last year by a person not related to it, the strongest answer the form allows. Still ask who values the positions and how often.

Fees

Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.

This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.

The adviser's record

Regulatory and legal record of Wellington Management Company LLP

The full list for the firm is in the manager file.

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202112 August 2021

Regulatory action by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority): civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The German Federal Financial Supervisory Authority ("BaFin") sanctioned Wellington Management in relation to three individual administrative breaches of large shareholder disclosure requirements. The breaches relate to events which occurred in 2016, 2018 and 2019 respectively.

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority) · Settled 31 March 2022 · USD 183,150 · Concerns the adviser itself · Form ADV, Item 11 disclosure

201819 June 2018

Regulatory action by Federal Department of Finance - Switzerland ("FDF"): civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The FDF alleged that Wellington had not provided an additional table that provides a breakdown of shares among our client accounts with six large shareholder disclosure filings made in 2016 and 2017 in accordance with art. 151 in relation with art. 120 of the Federal Act on Financial Market infrastructures and Market Conduct in Securities and derivatives Trading (finmia; sr 958.1). The omission was uncovered by Wellington and self-disclosed to the regulator in 2017. While the shares held by Wellington Management Group LLP were properly disclosed, Wellington did not include a breakdown of shares held among our accounts as required under the Regulation.

Federal Department of Finance - Switzerland ("FDF") · Settled 18 June 2024 · USD 35,680 · Concerns the adviser itself · Form ADV, Item 11 disclosure

201728 November 2017

Regulatory action by Finansinspektionen (Swedish Financial Supervisory Authority): civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Swedish Financial Regulatory Authority alleged that Wellington had not filed, within the specified time period, a report regarding a net short position held in a Swedish security.

Finansinspektionen (Swedish Financial Supervisory Authority) · Decision 22 October 2018 · USD 1,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure

201620 September 2016

Regulatory action by Federal Department of Finance - Switzerland ("FDF"): civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The FDF alleged that Wellington had not filed, within the specified time period, reports that its collective ownership of a Swiss security crossed an ownership threshold.

Federal Department of Finance - Switzerland ("FDF") · Settled 6 March 2017 · USD 7,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure

These are the matters Wellington Management Company LLP reports in Item 11 of its Form ADV, filed 9 July 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com about this fund. None of them concerns the fund's investments.

The series runs on the SALI platform. SALI Fund Management's own Form ADV reports no disciplinary matters in Item 11, and the platform's record carries a 30% share of the conduct element for every series it runs.

Reader rating

How would you rate Wellington Management Agency MBS IDF?

Tap a star to give your own rating, from one to five, then add your name and email and, if you wish, a comment. Reader ratings are shown separately and never change the PPLI.com Fund Rating, which rests only on what the filings report.

Loading reader ratings.

Your name

Your email

Your comment, if you have one

Your name and email are used only if the research desk needs to reply, and are never published. Comments go to the desk, which checks any factual point against the filings.

Wellington Management Agency MBS IDF

Wellington Management Agency MBS IDF at a glance

Why Wellington Management Agency MBS IDF has four stars

Conduct and regulatory record

Reported controls

Depth and experience of the manager

Fund scale and investor base

Reporting and filings

Fit for a life insurance policy

Identity, offering and service providers

Identity

Offering, as filed on Form D

Size and ownership, as filed on Form ADV

Service providers

What to check before this fund goes into a policy

Why the wrapper matters here

Liquidity

Who chooses the investments

Diversification

Valuation

Fees

Regulatory and legal record of Wellington Management Company LLP

Regulatory action by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority): civil penalty

Regulatory action by Federal Department of Finance - Switzerland ("FDF"): civil penalty

Regulatory action by Finansinspektionen (Swedish Financial Supervisory Authority): civil penalty

Regulatory action by Federal Department of Finance - Switzerland ("FDF"): civil penalty

How would you rate Wellington Management Agency MBS IDF?

Sources

About this file

For the manager

Tell us about yourself

How can we help?

Thank you