2021 Midyear Outlook: Navigating through the recovery
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Fund Detail
Fund Summary
To seek to provide current income and preserve capital, while maintaining limited capital appreciation potential.
The Portfolio seeks to maintain an approximate allocation ratio of 90% fixed income securities and 10% equity securities. By allocating approximately 90% of its assets to fixed income securities via investments in the Underlying Fixed Income Funds, the Portfolio is susceptible to mild short-term market fluctuations, and thus is most appropriate for investors with a low tolerance for risk and a short-term investment horizon, and who expect to incur expenses for higher education within one year.Morningstar Style Box
| Value | Blend | Growth | |
|---|---|---|---|
| Large | |||
| Medium | |||
| Small |
| LTD | MOD | EXT | |
|---|---|---|---|
| High | |||
| Medium | |||
| Low |
Portfolio Management
-
Aaron D. Young
-
Stefan Löwenthal, CFA
-
Jürgen Wurzer, CFA
Growth of a $10,000 Investment through 10/31/2021
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 | DOWNLOAD |
| Prospectus | DOWNLOAD |
| Summary Prospectus | — |
| Statement of Additional Information | DOWNLOAD |
| Annual Report | DOWNLOAD |
| Semi-Annual Report | — |
| Quarterly Commentary | — |
| XBRL | — |
| Information Statement | — |
| Q1 Holdings | DOWNLOAD |
| Q3 Holdings | DOWNLOAD |
Daily Prices as of 11/26/2021
| Net Asset Value (NAV) | $10.23 | |
| Daily NAV Change | $0.01 | 0.10% |
| Weekly NAV Change | ($0.03) | -0.29% |
| Public Offering Price (POP) | $10.49 | — |
Fund Facts
| Ticker Symbol | WAAFX |
| CUSIP | 46132D709 |
| Fund Code | 810 |
| Fund Type | InvestEd |
| Fund Inception | 9/1/2020 |
| Class Inception | 9/1/2020 |
| Fiscal Year End | December |
| Dividends Paid | December |
| Fund Assets (as of 10/31/2021) |
$49.2 mil |
| Portfolio Turnover Rate (as of 12/31/2020) |
6% |
| Morningstar Category | Allocation--15% to 30% Equity |
| Benchmark | 45% Bloomberg US Universal Index + 45% Bloomberg 1-3 Year Gov/Credit Index + 8% Russell 3000 Index + 2% MSCI ACWI ex U.S.A. IMI Index |
| Benchmark | Bloomberg US Universal TR USD |
| Benchmark | Bloomberg 1-3 Year Gov/Credit Index |
| Benchmark | Russell 3000 TR USD |
| Benchmark | MSCI ACWI Ex USA IMI NR USD |
Fund Performance
All Ivy InvestEd 529 Plan investment options except Ivy Government Money Market Fund shares are charged a front-end sales load of 2.50% for purchases up to $250,000. Ivy Government Money Market Fund does not have a front-end sales load. For Breakpoints and Rights of Accumulation see the Ivy InvestEd 529 Plan Program Overview. An annual $20 account maintenance fee is not included in the calculations.
Monthly Rates of Return Average Annual Total Returns as of 10/31/2021
(Returns for periods of less than 1-yr are not annualized)| YTD | 1YR | 3YR | 5YR | 10YR | LIFE | |
|---|---|---|---|---|---|---|
| Portfolio at NAV | 1.38% | 3.64% | N/A | N/A | N/A | 2.23% |
| Portfolio at Offer* | -1.16% | 1.08% | N/A | N/A | N/A | 0.00% |
| 45% Bloomberg US Universal Index + 45% Bloomberg 1-3 Year Gov/Credit Index + 8% Russell 3000 Index + 2% MSCI ACWI ex U.S.A. IMI Index | 1.25% | 3.84% | 5.90% | 4.11% | 3.62% | - |
| Bloomberg US Universal TR USD | -1.16% | 0.48% | 5.84% | 3.42% | 3.39% | - |
| Bloomberg 1-3 Year Gov/Credit Index | -0.24% | -0.05% | 2.72% | 1.83% | 1.41% | - |
| Russell 3000 TR USD | 22.77% | 43.90% | 21.62% | 18.91% | 16.10% | - |
| MSCI ACWI Ex USA IMI NR USD | 9.19% | 30.90% | 12.38% | 9.97% | 6.93% | - |
| Morningstar Allocation--15% to 30% Equity | 4.40% | 10.33% | 7.26% | 5.25% | 4.94% | - |
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 | |
|---|---|---|---|---|---|---|
| Portfolio at NAV | 0.99% | 2.71% | N/A | N/A | N/A | 2.04% |
| Portfolio at Offer* | -1.54% | 0.10% | N/A | N/A | N/A | -0.36% |
| 45% Bloomberg US Universal Index + 45% Bloomberg 1-3 Year Gov/Credit Index + 8% Russell 3000 Index + 2% MSCI ACWI ex U.S.A. IMI Index | 0.85% | 3.04% | 5.38% | 3.92% | 3.73% | - |
| Bloomberg US Universal TR USD | -1.08% | 0.20% | 5.57% | 3.30% | 3.46% | - |
| Bloomberg 1-3 Year Gov/Credit Index | 0.09% | 0.30% | 2.87% | 1.89% | 1.47% | - |
| Russell 3000 TR USD | 14.99% | 31.88% | 16.00% | 16.85% | 16.60% | - |
| MSCI ACWI Ex USA IMI NR USD | 6.77% | 25.16% | 8.34% | 9.13% | 7.74% | - |
| Morningstar Allocation--15% to 30% Equity | 3.10% | 8.33% | 6.08% | 4.90% | 5.26% | - |
Calendar Year Return
| 2016 | 2017 | 2018 | 2019 | 2020 | 2011 | 2012 | 2013 | 2014 | 2015 | 2006 | 2007 | 2008 | 2009 | 2010 | 2004 | 2005 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 45% Bloomberg US Universal Index + 45% Bloomberg 1-3 Year Gov/Credit Index + 8% Russell 3000 Index + 2% MSCI ACWI ex U.S.A. IMI Index | 3.48 | 4.32 | -0.04 | 8.80 | 7.04 | - | - | - | - | - | - | - | - | - | - | - | - |
| Bloomberg US Universal TR USD | 3.91 | 4.09 | -0.25 | 9.29 | 7.58 | 7.40 | 5.53 | -1.35 | 5.56 | 0.43 | 4.97 | 6.50 | 2.38 | 8.60 | 7.16 | 4.97 | 2.72 |
| Bloomberg 1-3 Year Gov/Credit Index | 1.28 | 0.84 | 1.60 | 4.03 | 3.33 | 1.59 | 1.26 | 0.64 | 0.77 | 0.65 | - | - | - | - | - | - | - |
| Russell 3000 TR USD | 12.74 | 21.13 | -5.24 | 31.02 | 20.89 | 1.03 | 16.42 | 33.55 | 12.56 | 0.48 | 15.72 | 5.14 | -37.31 | 28.34 | 16.93 | 11.95 | 6.12 |
| MSCI ACWI Ex USA IMI NR USD | 4.41 | 27.81 | -14.76 | 21.63 | 11.12 | -14.31 | 17.04 | 15.82 | -3.89 | -4.60 | - | - | - | - | - | - | - |
Morningstar Ranking
through 10/31/2021
Category: Allocation--15% to 30% Equity
| Rank | Percentile | |
|---|---|---|
| 1 Year | 191 /195 | 97 |
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 4/30/2021
| Net | 0.82% |
| Gross | 0.82% |
Growth of a $10,000 Investment through 10/31/2021
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 9/1/2020
| Date | Price | Dividend Reinvest Date | Capital Gain Reinvest Date |
|---|
Fund Documents
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2021)
| Systems Software | 5.5% |
| Interactive Media & Services | 4.7% |
| Semiconductors | 3.9% |
| Data Processing & Outsourced Services | 3.8% |
| Technology Hardware, Storage & Peripherals | 3.7% |
| Application Software | 3.4% |
| Health Care Equipment | 3.3% |
| Internet & Direct Marketing Retail | 3.2% |
| Pharmaceuticals | 3.0% |
| Asset Management & Custody Banks | 2.2% |
Fixed Income Country Allocation (as a % of bond holdings as of 10/31/2021)
| United States | 94.5% |
| Canada | 1.5% |
| United Kingdom | 0.8% |
| Japan | 0.7% |
| Ireland | 0.4% |
| Norway | 0.3% |
| British Virgin Islands | 0.2% |
| United Arab Emirates | 0.2% |
| Netherlands | 0.2% |
| Luxembourg | 0.2% |
| Australia | 0.2% |
| Sweden | 0.2% |
| Cayman Islands | 0.1% |
| Venezuela | 0.1% |
| China | 0.1% |
| Chile | 0.1% |
| Mexico | 0.1% |
| Brazil | 0.1% |
| Peru | 0.0% |
| India | 0.0% |
| South Korea | 0.0% |
| Bermuda | 0.0% |
| Indonesia | 0.0% |
| Mauritius | 0.0% |
| Columbia | 0.0% |
| Isle of Man | 0.0% |
| Qatar | 0.0% |
| Morocco | 0.0% |
| Vietnam | 0.0% |
| Turkey | 0.0% |
| Denmark | 0.0% |
| Spain | 0.0% |
| Argentina | 0.0% |
| Austria | 0.0% |
| Malaysia | 0.0% |
| Colombia | 0.0% |
| Hong Kong | 0.0% |
| Macau | 0.0% |
| Thailand | 0.0% |
| Uruguay | 0.0% |
| Saudi Arabia | 0.0% |
| Panama | 0.0% |
| Nigeria | 0.0% |
| Serbia | 0.0% |
| Supranational | 0.0% |
| Switzerland | 0.0% |
| Israel | 0.0% |
| France | 0.0% |
| Uzbekistan | 0.0% |
| Costa Rica | 0.0% |
Portfolio Allocation Ranges (as of the most recent prospectus)
| Low | High | |
| Delaware Ivy Government Money Market Fund | 0.0 % | 60.0 % |
| Delaware Ivy Limited-Term Bond Fund | 0.0 % | 60.0 % |
| Delaware Ivy Government Securities Fund | 0.0 % | 35.0 % |
| Delaware Ivy Corporate Bond Fund | 0.0 % | 35.0 % |
| Delaware Ivy Securian Core Bond Fund | 0.0 % | 35.0 % |
| Delaware Ivy Value Fund | 0.0 % | 20.0 % |
| Delaware Ivy Large Cap Growth Fund | 0.0 % | 20.0 % |
| Delaware Ivy Crossover Credit Fund | 0.0 % | 20.0 % |
| iShares Core S&P 500 ETF Fund | 0.0 % | 20.0 % |
| Delaware Ivy Core Equity Fund | 0.0 % | 20.0 % |
| Delaware Ivy S&P 500 Dividend Aristocrats Index Fund | 0.0 % | 20.0 % |
| Delaware Ivy High Income Fund | 0.0 % | 15.0 % |
| Delaware Ivy Global Bond Fund | 0.0 % | 15.0 % |
| Delaware Ivy Strategic Income Fund | 0.0 % | 15.0 % |
| Delaware Ivy Global Growth Fund | 0.0 % | 10.0 % |
| Delaware Ivy Mid Cap Growth Fund | 0.0 % | 10.0 % |
| iShares Core MSCI EAFE ETF Fund | 0.0 % | 10.0 % |
| Delaware Ivy Smid Cap Core Fund | 0.0 % | 10.0 % |
| Delaware Ivy International Value Fund | 0.0 % | 10.0 % |
| Delaware Ivy Mid Cap Income Opportunities Fund | 0.0 % | 10.0 % |
| Delaware Ivy International Core Equity Fund | 0.0 % | 10.0 % |
| Delaware Ivy Small Cap Growth Fund | 0.0 % | 10.0 % |
| Delaware Ivy LaSalle Global Real Estate Fund | 0.0 % | 5.0 % |
| Delaware Ivy Systematic Emerging Markets Equity Fund | 0.0 % | 5.0 % |
| Delaware Ivy International Small Cap Fund | 0.0 % | 5.0 % |
iShares® is a registered trademark of BlackRock (BlackRock, Inc. and its subsidiaries). Neither BlackRock nor the iShares® Funds make any representations regarding the advisability of investing in the InvestEd Portfolios. | ||
Sector Allocation as a % of equity assets as of 10/31/2021
| Information Technology | 24.97% |
| Health Care | 13.11% |
| Financials | 12.91% |
| Consumer Discretionary | 12.42% |
| Industrials | 12.29% |
| Communication Services | 8.05% |
| Consumer Staples | 5.93% |
| Materials | 3.79% |
| Real Estate | 2.59% |
| Energy | 2.23% |
| Utilities | 1.71% |
Quality as a % of fixed income assets as of 10/31/2021
| Government Bonds | 50.90% |
| NonRated | 0.90% |
| AAA | 3.00% |
| AA | 3.40% |
| A | 13.40% |
| BBB | 25.40% |
| BB | 3.00% |
| B | 0.00% |
| CCC | 0.00% |
| Below CCC | 0.00% |
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 10/31/2021
| Government Bonds | 45.07% |
| Corporate Bonds | 37.81% |
| Domestic Common Stock | 7.99% |
| Mortgage-Backed Securities | 3.01% |
| Asset-Backed Securities | 2.15% |
| Foreign Common Stock | 1.91% |
| Other Financial Instruments | 1.73% |
| Revenue Bonds | 0.23% |
| Other Government Securities | 0.15% |
| Preferred Stock | 0.09% |
| General Obligation Bonds | 0.02% |
| Cash and Cash Equivalents | -0.16% |
Equity Country Allocation as a % of equity assets as of 10/31/2021
| United States | 78.1% |
| United Kingdom | 3.7% |
| Japan | 2.3% |
| France | 2.0% |
| Germany | 1.6% |
| China | 1.5% |
| Netherlands | 1.1% |
| India | 0.9% |
| Taiwan | 0.9% |
| Bermuda | 0.9% |
| South Korea | 0.8% |
| Canada | 0.8% |
| Switzerland | 0.8% |
| Australia | 0.5% |
| Italy | 0.5% |
| Brazil | 0.5% |
| Denmark | 0.4% |
| Ireland | 0.4% |
| Russia | 0.4% |
| Hong Kong | 0.4% |
| Sweden | 0.3% |
| South Africa | 0.3% |
| Spain | 0.2% |
| Singapore | 0.2% |
| Mexico | 0.2% |
| Vietnam | 0.1% |
| Norway | 0.1% |
| Panama | 0.1% |
| Finland | 0.1% |
| Cayman Islands | 0.1% |
| Israel | 0.0% |
| Belgium | 0.0% |
| Isle of Man | 0.0% |
| Luxembourg | 0.0% |
| Portugal | 0.0% |
| Malta | 0.0% |
| Macau | 0.0% |
| Egypt | 0.0% |
| Gibraltar | 0.0% |
| Guernsey | 0.0% |
| Liechtenstein | 0.0% |
| Georgia | 0.0% |
| Jersey | 0.0% |
| Austria | 0.0% |
| New Zealand | 0.0% |
| United Arab Emirates | 0.0% |
| Poland | 0.0% |
| Faroe Islands | 0.0% |
Underlying Fund Composition as a % of net assets as of 10/31/2021
| Delaware Ivy Limited-Term Bond | 44.7 % |
| Delaware Ivy Government Securities | 26.8 % |
| Delaware Ivy Securian Core Bond | 12.5 % |
| Delaware Ivy Corporate Bond | 4.5 % |
| Delaware Ivy Large Cap Growth | 2.0 % |
| Delaware Ivy Core Equity | 2.0 % |
| iShares Core S&P 500 ETF | 1.6 % |
| Delaware Ivy Global Bond | 1.0 % |
| Delaware Ivy Mid Cap Growth | 0.9 % |
| Delaware Ivy S&P 500 Dividend Aristocrats Index | 0.8 % |
| Delaware Ivy Value | 0.7 % |
| Delaware Ivy International Core Equity | 0.6 % |
| iShares Core MSCI EAFE ETF | 0.5 % |
| Delaware Ivy Systematic Emerging Markets Equity | 0.5 % |
| Delaware Ivy Small Cap Growth | 0.3 % |
| Delaware Ivy Mid Cap Income Opportunities | 0.3 % |
| Delaware Ivy LaSalle Global Real Estate | 0.1 % |
| Delaware Ivy International Value | 0.1 % |
| Delaware Ivy International Small Cap | 0.1 % |
[1916997]
Significant Event On September 13, 2021, the Board of Trustees of the InvestEd Portfolios approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) as a sub-advisor. In addition, Stefan Löwenthal and Jürgen Wurzer of MIMAK are appointed as additional portfolio managers to manage the Fund with Aaron D. Young of Delaware Management Company (DMC). 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. Past performance is not a guarantee of future results. An investment in the Portfolio is subject to risk. Your investment return and principal value will fluctuate, and it is possible to lose money by investing. The Portfolio's performance is generally subject to the same risks as those of the Underlying Funds it holds. The Portfolio invests in Underlying Equity Funds, for which a principal risk is market risk, the chance that stock prices overall will decline over short or even long periods of time. 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. The Portfolio invests in Underlying Fixed Income Funds subject to interest rate risk and, as such, the net asset value of the Portfolio 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. The Portfolio may invest in a limited number of Underlying Funds and may invest a significant portion of its assets in a single Underlying Fund. Therefore, the performance of a single Underlying Fund may have a significant effect on the performance of the Portfolio and the price of its shares than it would if the Portfolio invested in a larger number of Underlying Funds. 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 can be found in the InvestEd Portfolios prospectus.
The Ivy InvestEd 529 Plan is offered by Ivy Distributors, Inc. as part of AZ529, Arizona’s Education Savings Plan. Ivy Distributors, Inc. is one of multiple financial institutions eligible to offer investments under AZ529.
You could lose money by investing in the Ivy Government Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
Significant Event On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The InvestEd Portfolios and the Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company, and Delaware Distributors, L.P. is now the distributor of the Ivy Funds and the InvestEd Portfolios. Ivy Distributors, Inc. remains the program manager and distributor to the Ivy InvestEdSM 529 Plan, which is part of AZ529, Arizona’s Education Savings Plan. Ivy Distributors, Inc. is one of multiple financial institutions eligible to offer investments under AZ529.
Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of the Ivy InvestEdSM 529 Plan. This and other information is found in the InvestEdSM Portfolios prospectus, and the Ivy Funds prospectus, the Ivy InvestEdSM 529 Plan Program Overview, and the Ivy InvestEdSM 529 Plan Account Application. All of these items are available from these links or from a financial advisor. Please read the prospectus carefully before investing.
Before investing, non-residents or tax-payers of states other than Arizona should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors than those offered under the Ivy InvestEdSM 529 Plan. Please consult your tax advisor regarding your personal tax situation.
Accounts are not insured by the State of Arizona, AZ529, Arizona’s Education Savings Plan, the Arizona State Treasurer’s Office or any other governmental entity, Ivy Distributors, Inc., or any affiliated or related party, and neither the principal deposited nor any investment return is guaranteed by any of the above referenced parties. The Arizona State Treasurer’s Office is the Administrator of AZ529, Arizona’s Education Savings Plan.
The information provided may include references to concepts that have legal, accounting and tax implications. It is not to be construed as legal, accounting or tax advice, and is provided as general information to assist in the understanding the issues discussed. Ivy Distributors, Inc., nor their associates and affiliates offer tax, legal, or accounting advice. You may want to consult with your accountant or tax professional to discuss your personal situation. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance.
The Morningstar Allocation – 15% to 30% Equity Category compares funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 30% and 50%.
Index Description: The Bloomberg U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. Source: Bloomberg. It is not possible to invest directly in an index.
Index Description: The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. Source: FTSE Russell. It is not possible to invest directly in an index.
All third-party marks cited are the property of their respective owners.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Index Description: The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is the 1-3 year component of the Bloomberg U.S. Government/Credit Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. To be included in the index, securities must have at least one, and up to, but not including three years to maturity. Source: Bloomberg. It is not possible to invest directly in an index.
Index Description: The MSCI ACWI ex USA Investable Market Index (IMI) - (Net) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. The index covers approximately 99% of the global equity opportunity set outside the US. Source: MSCI. It is not possible to invest directly in an index.
Index Description: The Current Blended Benchmark is computed using a combination of 45% Bloomberg U.S. Universal Index + 45% Bloomberg 1-3 Year Gov/Credit Index + 8% Russell 3000 Index + 2% MSCI ACWI ex U.S.A. IMI Index.
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.
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.
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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.