Fund Detail

Delaware Ivy Multi-Asset Income Fund

Track Fund
$11.47 NAV as of 12/7/2021
$0.08 / 0.70% Daily NAV Change
10.04% YTD (NAV) as of 12/7/2021 i

Fund Summary

A diversified combination of equities and fixed income
A real assets portfolio that aims to provide capital appreciation and income, inflation protection, and diversification
Dynamic multi-asset allocation framework built on market assessments using pairwise views rather than explicit point estimates
Experienced multi-asset allocation team and specialized experts in each asset class
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • Aaron D. Young

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 16 Years in Industry
  • Stefan Löwenthal, CFA

    • — MIMAK (Sub-Advisor)
    • — <1 Years with Fund
    • — 14 Years in Industry
  • Jürgen Wurzer, CFA

    • — MIMAK (Sub-Advisor)
    • — <1 Years with Fund
    • — 16 Years in Industry
Growth of a $10,000 Investment through 11/30/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes. If it had, performance shown would have been lower.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings
Daily Prices as of 12/7/2021
Net Asset Value (NAV) $11.47  
Daily NAV Change $0.08 0.70%
Weekly NAV Change $0.23 2.05%
Public Offering Price (POP) $11.47
Fund Facts
Ticker Symbol IMURX
CUSIP 46600B813
Fund Code 273
Fund Type Specialty Funds
Fund Inception 10/1/2015
Class Inception 10/1/2015
Fiscal Year End September
Dividends Paid March, June, September, December
Fund Assets
(as of 11/30/2021)
$289.9 mil
Total Equity Holdings
(as of 11/30/2021)
163
Total Holdings
(as of 11/30/2021)
546
Portfolio Turnover Rate
(as of 9/30/2020)
71%
Morningstar Category World Allocation
Benchmark50% MSCI ACWI NR / 50% ICE BofA US High Yield TR
Benchmark50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY
BenchmarkMSCI ACWI Index
BenchmarkICE BofAML US High Yield Index
BenchmarkFTSE All-World High Dividend Yield Index

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Monthly Rates of Return Average Annual Total Returns as of 11/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 7.84% 11.36% 7.90% 7.25% N/A 6.77%
50% MSCI ACWI NR / 50% ICE BofA US High Yield TR N/A N/A N/A N/A N/A -
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY 7.09% 10.70% 7.71% 7.07% N/A -
MSCI ACWI Index 13.98% 19.27% 15.96% 13.99% 11.39% -
ICE BofAML US High Yield Index 3.42% 5.39% 7.11% 6.12% 6.79% -
FTSE All-World High Dividend Yield Index 10.68% 16.02% 7.95% 7.77% 7.49% -
*Effective July 1, 2021, Class A shares have a maximum up-front sales charge of 5.75%. Performance prior to July 1, 2021 contained a 3.50% up-front sales charge.

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 8.22% 19.95% 6.94% 6.97% N/A 7.02%
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY 8.24% 20.53% 6.83% 7.21% N/A -
MSCI ACWI Index 11.12% 27.44% 12.58% 13.20% 11.90% -
ICE BofAML US High Yield Index 4.67% 11.46% 6.62% 6.36% 7.30% -
FTSE All-World High Dividend Yield Index 11.75% 29.81% 6.68% 7.82% 8.23% -
Morningstar World Allocation 7.07% 18.41% 6.93% 7.07% 6.96% -
*Effective July 1, 2021, Class A shares have a maximum up-front sales charge of 5.75%. Performance prior to July 1, 2021 contained a 3.50% up-front sales charge.

Calendar Year Return

201620172018201920202011201220132014201520062007200820092010200320042005
Class R67.38 10.99 -4.16 16.02 4.34 - - - - - - - - - - - - -
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY14.02 13.09 -6.92 17.87 3.18 - - - - - - - - - - - - -
MSCI ACWI Index7.86 23.97 -9.41 26.60 16.25 -7.35 16.13 22.80 4.16 -2.36 - - - - 12.67 - - -
ICE BofAML US High Yield Index17.49 7.48 -2.26 14.41 6.17 4.38 15.59 7.42 2.50 -4.64 11.72 2.24 -26.39 57.51 15.19 28.15 10.87 2.74
FTSE All-World High Dividend Yield Index10.55 18.94 -11.56 21.22 -0.32 -4.66 15.21 18.87 1.21 -5.24 - - - - 8.78 - - -

Morningstar Ratings as of 10/31/2021

Category: World Allocation

Overall out of 401 ★★★
3 Year out of 401 ★★
5 Year out of 351 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2021

Category: World Allocation

  Rank Percentile
1 Year 203 /439 47
3 Year 297 /401 71
5 Year 222 /351 63

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Expense Ratios as of 1/31/2021

Net 0.76%
Gross 0.85%

Growth of a $10,000 Investment through 11/30/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Fund Distributions

Historical Prices Inception 10/1/2015

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 10/1/2015

Ex-date Income Capital Gains Reinvest Gains Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Annualized 30-Day SEC Yield as of 11/30/2021

Subsidized 3.71%
Unsubsidized 3.65%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 11/30/2021

Schneider Electric S.A. Schneider Electric SE is a French multinational corporation that specializes in energy management, automation solutions, spanning hardware, software, and services. 1.52%
AstraZeneca plc AstraZeneca PLC (AstraZeneca) is a biopharmaceutical company. The Company focuses on the discovery, development and commercialization of prescription medicines for six areas of healthcare. 1.39%
Kimberly-Clark Corp. Kimberly-Clark Corp. is a global health and hygiene company that manufactures and provides consumer products around the world, including diapers, tissues, paper towels, incontinence care products, surgical gowns, and disposable face masks. 1.33%
Siemens AG Siemens AG (Siemens) is a Germany-based multinational company with a business portfolio of activities in the field of electronics and electrical engineering. 1.33%
adidas AG adidas AG is a Germany-based producer of sportswear and sports equipment, operating globally. 1.22%
Cisco Systems, Inc. Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products relating to the communications and information technology industry worldwide. 1.19%
Procter & Gamble Co. (The) The Procter & Gamble Company engages in the manufacture and sale of consumer goods worldwide. 1.17%
ORIX Corp. 1.15%
Raytheon Technologies Corp. 1.10%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 1.08%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 11/30/2021
Large ( > $10 bil) 84.0%
Medium ($2 - $10 bil) 12.2%
Small ( < $2 bil) 3.8%
Median Market Cap (as of 11/30/2021) $10.5 bil
Maturity as a % of fixed income assets as of 11/30/2021
<1 Year 0.50%
1-5 Years 35.19%
5-10 Years 59.96%
10-20 Years 1.34%
>20 Years 3.02%
Average Maturity 5.73 years
Effective Duration 2.64 years
Top 10 Industry Allocation (as a % of Equity Holdings as of 11/30/2021)
Pharmaceuticals 9.5%
Household Products 5.7%
Electrical Components & Equipment 4.9%
Packaged Foods & Meats 4.5%
Multi-Utilities 4.3%
Apparel, Accessories & Luxury Goods 4.1%
Industrial Conglomerates 3.4%
Specialized REITs 3.2%
Retail REITs 3.2%
Oil & Gas Exploration & Production 3.0%
Fixed Income Country Allocation (as a % of bond holdings as of 11/30/2021)
United States 79.2%
Luxembourg 5.5%
Canada 2.8%
United Kingdom 2.4%
Bermuda 1.6%
Saint Lucia 1.5%
Jamaica 1.5%
United Arab Emirates 0.8%
Germany 0.5%
Netherlands 0.5%
Panama 0.4%
India 0.3%
Brazil 0.3%
Chile 0.3%
Sweden 0.3%
Peru 0.3%
France 0.2%
Columbia 0.2%
Turkey 0.2%
Dominican Republic 0.2%
Ireland 0.2%
South Korea 0.2%
China 0.2%
Mexico 0.2%
Spain 0.1%
Cayman Islands 0.1%
British Virgin Islands 0.0%
Sector Allocation as a % of equity assets as of 11/30/2021
Real Estate 19.74%
Consumer Staples 15.79%
Industrials 12.25%
Health Care 12.02%
Financials 11.55%
Utilities 6.99%
Consumer Discretionary 6.33%
Energy 5.10%
Information Technology 4.44%
Materials 3.41%
Communication Services 2.38%
Quality as a % of fixed income assets as of 11/30/2021
NonRated 2.70%
BBB 2.40%
BB 12.30%
B 54.50%
CCC 27.00%
Below CCC 1.10%

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Portfolio Composition as a % of net assets as of 11/30/2021
Foreign Common Stock 28.57%
Corporate Bonds 24.47%
Domestic Common Stock 21.66%
Senior Loans 14.26%
Cash and Cash Equivalents 10.50%
Preferred Stock 0.47%
Other Government Securities 0.07%
Equity Country Allocation as a % of equity assets as of 11/30/2021
United States 43.7%
Germany 14.2%
United Kingdom 9.7%
France 9.3%
Japan 6.8%
Switzerland 5.5%
Italy 1.8%
Sweden 1.5%
Ireland 1.3%
Singapore 1.3%
Hong Kong 1.3%
Spain 1.3%
Indonesia 0.9%
Canada 0.6%
Australia 0.4%
Netherlands 0.3%
Belgium 0.1%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2021)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings

Additional Fund Literature

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[1910293]

Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the Fund name change to “Delaware Ivy Multi-Asset Income Fund” (formerly, Delaware Ivy Apollo Multi-Asset Income Fund, and before that, Ivy Apollo Multi-Asset Income Fund) and the appointment of the Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)  as a sub-advisor.  The Board approved the portfolio manager team of Stefan Löwenthal and Jürgen Wurzer of MIMAK and Aaron D. Young of Delaware Management Company (DMC) as new Fund portfolio managers.  In addition, the Board approved appointing Macquarie Investment Management Europe Limited, Macquarie Funds Management Hong Kong Limited, and Macquarie Investment Management Global Limited to provide discretionary investment management services in a sub-advisory capacity. The Board also approved the termination of the Fund’s current sub-advisors. In connection with these changes, the Board approved applicable revisions to the Fund’s investment strategies and benchmarks.  All changes took effect on or about November 15, 2021. 



Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. Although asset allocation among different sleeves and asset categories generally tends to limit risk and exposure to any one sleeve, the risk remains that the allocation of assets may skew toward a sleeve that performs poorly relative to the Fund’s other sleeves, or to the market as a whole, which would result in the Fund performing poorly. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. Dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.


Index Description: The ICE BofAML US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

Index description: The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates.

Index Description: The FTSE All-World High Dividend Yield Index comprises stocks that are characterized by higher than-average dividend yields and is based on the FTSE All-World Index. Real estate investment trusts (REITS) are removed from the index, as are stocks that are forecast to pay a zero dividend over the next 12 months. The remaining stocks are ranked by annual dividend yield and included in the target index until the cumulative market capitalization reaches 50% of the total market cap of this universe of stocks.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. The Fund’s investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Effective July 1, 2021, Class N shares were renamed Class R6 shares.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, the Fund’s investment manager, Delaware Distributors, L.P. (Distributor), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for Class A shares at 1.28%, Class C shares at 2.16% and Class I and Class R6 shares at 0.75%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, Delaware Distributors, L.P. (Distributor) and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class R6 shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the product will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.