Fund Detail

InvestEd 30 Portfolio

Track Fund
$10.86 NAV as of 8/3/2021
$0.03 / 0.28% Daily NAV Change
5.13% YTD (NAV) as of 8/3/2021 i

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 70% fixed income securities and 30% equity securities. By allocating approximately 70% of its asset to fixed income securities via investments in the Underlying Fixed Income Funds, the Portfolio is susceptible to moderate short-term market fluctuations, and thus is most appropriate for investors with an average tolerance for risk and a medium-term investment horizon, and who do not expect to incur expenses for higher education for at least three years.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • Chace Brundige, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 28 Years in Industry
  • Aaron D. Young

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 16 Years in Industry
  • W. Jeffery Surles, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 20 Years in Industry
Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Q1 Holdings
Q3 Holdings
Daily Prices as of 8/3/2021
Net Asset Value (NAV) $10.86  
Daily NAV Change $0.03 0.28%
Weekly NAV Change $0.06 0.56%
Public Offering Price (POP) $11.14
Fund Facts
Ticker Symbol WAAGX
CUSIP 46132D808
Fund Code 809
Fund Type InvestEd
Fund Inception 9/1/2020
Class Inception 9/1/2020
Fiscal Year End December
Dividends Paid December
Fund Assets
(as of 6/30/2021)
$46.8 mil
Portfolio Turnover Rate
(as of 12/31/2020)
7%
Morningstar Category Allocation--30% to 50% Equity
Benchmark48% Bloomberg Barclays U.S. Universal Index + 22% Bloomberg Barclays 1-3 Year Gov/Credit Index + 20% Russell 3000 Index + 10% MSCI ACWI ex U.S.A. IMI Index
BenchmarkBBgBarc US Universal TR USD
BenchmarkBloomberg Barclays 1-3 Year Gov/Credit Index
BenchmarkRussell 3000 TR USD
BenchmarkMSCI ACWI Ex USA IMI NR USD

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.

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 7/31/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Portfolio at NAV 4.74% N/A N/A N/A N/A 8.20%
Portfolio at Offer* 2.17% N/A N/A N/A N/A 5.46%

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Portfolio at NAV 3.77% N/A N/A N/A N/A 7.20%
Portfolio at Offer* 1.23% N/A N/A N/A N/A 4.48%
48% Bloomberg Barclays U.S. Universal Index + 22% Bloomberg Barclays 1-3 Year Gov/Credit Index + 20% Russell 3000 Index + 10% MSCI ACWI ex U.S.A. IMI Index 3.28% 12.07% 8.32% 6.89% 5.78% -
BBgBarc US Universal TR USD -1.15% 1.12% 5.64% 3.48% 3.74% -
Bloomberg Barclays 1-3 Year Gov/Credit Index 0.00% 0.44% 2.96% 1.88% 1.49% -
Russell 3000 TR USD 15.11% 44.16% 18.73% 17.89% 14.70% -
MSCI ACWI Ex USA IMI NR USD 9.58% 37.18% 9.42% 11.20% 5.65% -
Morningstar Allocation--30% to 50% Equity 5.91% 18.59% 8.56% 7.44% 6.20% -

Calendar Year Return

20162017201820192020201120122013201420152006200720082009201020042005
48% Bloomberg Barclays U.S. Universal Index + 22% Bloomberg Barclays 1-3 Year Gov/Credit Index + 20% Russell 3000 Index + 10% MSCI ACWI ex U.S.A. IMI Index5.25 8.81 -2.17 13.56 10.24 - - - - - - - - - - - -
BBgBarc US Universal TR USD3.91 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 Barclays 1-3 Year Gov/Credit Index1.28 0.84 1.60 4.03 3.33 1.59 1.26 0.64 0.77 0.65 - - - - - - -
Russell 3000 TR USD12.74 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 USD4.41 27.81 -14.76 21.63 11.12 -14.31 17.04 15.82 -3.89 -4.60 - - - - - - -

Expense Ratios as of 9/1/2020

Net 0.85%
Gross 0.85%

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 6/30/2021)
Interactive Media & Services 4.4%
Systems Software 3.9%
Semiconductors 3.7%
Technology Hardware, Storage & Peripherals 3.6%
Data Processing & Outsourced Services 3.6%
Internet & Direct Marketing Retail 3.4%
Pharmaceuticals 3.2%
Health Care Equipment 3.1%
Application Software 2.9%
Diversified Banks 2.9%
Fixed Income Country Allocation (as a % of bond holdings as of 6/30/2021)
United States 93.9%
Canada 1.4%
United Kingdom 1.0%
Japan 0.5%
Australia 0.5%
Ireland 0.4%
Netherlands 0.3%
Norway 0.2%
British Virgin Islands 0.2%
Luxembourg 0.2%
United Arab Emirates 0.2%
Mexico 0.2%
Cayman Islands 0.1%
Brazil 0.1%
Sweden 0.1%
China 0.1%
Chile 0.1%
Peru 0.1%
South Korea 0.1%
Venezuela 0.1%
Columbia 0.1%
India 0.0%
Indonesia 0.0%
Malaysia 0.0%
Panama 0.0%
Bermuda 0.0%
Spain 0.0%
Uruguay 0.0%
Saudi Arabia 0.0%
Argentina 0.0%
Denmark 0.0%
Austria 0.0%
Isle of Man 0.0%
Turkey 0.0%
Switzerland 0.0%
Qatar 0.0%
Morocco 0.0%
Israel 0.0%
Russia 0.0%
Supranational 0.0%
Saint Lucia 0.0%
Mauritius 0.0%
Nigeria 0.0%
Jamaica 0.0%
Serbia 0.0%
Macau 0.0%
Vietnam 0.0%
Guernsey 0.0%
Hong Kong 0.0%
France 0.0%
Colombia 0.0%
Costa Rica 0.0%
Uzbekistan 0.0%
Thailand 0.0%
Portfolio Allocation Ranges (as of the most recent prospectus)
Low High
Delaware Ivy Government Money Market Fund 0.0 % 40.0 %
Delaware Ivy Limited-Term Bond Fund 0.0 % 40.0 %
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 % 25.0 %
Delaware Ivy Large Cap Growth Fund 0.0 % 25.0 %
Delaware Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 0.0 % 25.0 %
iShares Core S&P 500 ETF Fund 0.0 % 25.0 %
Delaware Ivy Core Equity Fund 0.0 % 25.0 %
Delaware Ivy Apollo Strategic Income Fund 0.0 % 20.0 %
iShares Core MSCI EAFE ETF Fund 0.0 % 20.0 %
Delaware Ivy Crossover Credit Fund 0.0 % 20.0 %
Delaware Ivy Pzena International Value Fund 0.0 % 20.0 %
Delaware Ivy Global Bond Fund 0.0 % 20.0 %
Delaware Ivy Global Growth Fund 0.0 % 20.0 %
Delaware Ivy International Core Equity Fund 0.0 % 20.0 %
Delaware Ivy High Income Fund 0.0 % 20.0 %
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund 0.0 % 10.0 %
Delaware Ivy LaSalle Global Real Estate Fund 0.0 % 10.0 %
Delaware Ivy Mid Cap Growth Fund 0.0 % 10.0 %
Delaware Ivy Small Cap Core Fund 0.0 % 10.0 %
Delaware Ivy Small Cap Growth Fund 0.0 % 10.0 %
Delaware Ivy International Small Cap Fund 0.0 % 10.0 %
Delaware Ivy Mid Cap Income Opportunities Fund 0.0 % 10.0 %
Delaware Ivy Emerging Markets Equity Fund 0.0 % 10.0 %

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 6/30/2021
Information Technology 22.45%
Consumer Discretionary 13.58%
Financials 12.88%
Health Care 12.20%
Industrials 12.06%
Communication Services 7.83%
Consumer Staples 6.52%
Materials 4.68%
Real Estate 3.45%
Energy 2.70%
Utilities 1.65%
Quality as a % of fixed income assets as of 6/30/2021
Government Bonds 53.60%
NonRated 1.00%
AAA 2.80%
AA 3.50%
A 11.20%
BBB 24.50%
BB 2.90%
B 0.30%
CCC 0.20%
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 6/30/2021
Government Bonds 36.27%
Corporate Bonds 26.62%
Domestic Common Stock 19.85%
Foreign Common Stock 10.29%
Mortgage-Backed Securities 2.39%
Cash and Cash Equivalents 2.06%
Asset-Backed Securities 1.84%
Revenue Bonds 0.22%
Other Government Securities 0.21%
Senior Loans 0.14%
Preferred Stock 0.09%
General Obligation Bonds 0.02%
Equity Country Allocation as a % of equity assets as of 6/30/2021
United States 65.5%
United Kingdom 4.5%
Japan 4.3%
China 3.4%
France 3.1%
Germany 2.8%
South Korea 1.9%
Taiwan 1.5%
Brazil 1.3%
Netherlands 1.2%
Switzerland 1.1%
India 1.1%
Canada 1.0%
Australia 0.9%
Hong Kong 0.8%
Denmark 0.7%
Ireland 0.7%
Russia 0.5%
South Africa 0.5%
Spain 0.4%
Bermuda 0.4%
Italy 0.4%
Sweden 0.4%
Singapore 0.3%
Mexico 0.3%
Norway 0.2%
Vietnam 0.2%
Finland 0.2%
Panama 0.1%
Cayman Islands 0.1%
Luxembourg 0.1%
Belgium 0.1%
Isle of Man 0.1%
Malta 0.0%
Israel 0.0%
Portugal 0.0%
Egypt 0.0%
Gibraltar 0.0%
United Arab Emirates 0.0%
Liechtenstein 0.0%
Georgia 0.0%
Guernsey 0.0%
Macau 0.0%
New Zealand 0.0%
Austria 0.0%
Poland 0.0%
Faroe Islands 0.0%
Jersey 0.0%
Underlying Fund Composition as a % of net assets as of 6/30/2021
Delaware Ivy Government Securities 25.7 %
Delaware Ivy Limited-Term Bond 21.7 %
Delaware Ivy Securian Core Bond 13.4 %
Delaware Ivy Corporate Bond 4.8 %
Delaware Ivy Large Cap Growth 4.7 %
Delaware Ivy Core Equity 4.5 %
iShares Core S&P 500 ETF 3.9 %
Delaware Ivy International Core Equity 3.3 %
Delaware Ivy Emerging Markets Equity 2.8 %
Delaware Ivy Mid Cap Growth 2.3 %
Delaware Ivy Crossover Credit 2.0 %
Delaware Ivy Value 1.8 %
Delaware Ivy ProShares S&P 500 Dividend Aristocrats Index 1.8 %
iShares Core MSCI EAFE ETF 1.8 %
Delaware Ivy Global Bond 1.2 %
Delaware Ivy International Small Cap 0.9 %
Delaware Ivy Pzena International Value 0.9 %
Delaware Ivy Small Cap Growth 0.6 %
Delaware Ivy Mid Cap Income Opportunities 0.6 %
Delaware Ivy LaSalle Global Real Estate 0.5 %
Delaware Ivy High Income 0.5 %
Delaware Ivy ProShares Russell 2000 Dividend Growers Index 0.2 %

Fund Documents

Documents

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

Additional Fund Literature

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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.

Index Description: The Bloomberg Barclays 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 Barclays. 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 Barclays 1-3 Year U.S. Government/Credit Bond Index is the 1-3 year component of the Bloomberg Barclays 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 Barclays. 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 48% Bloomberg Barclays U.S. Universal Index + 22% Bloomberg Barclays 1-3 Year Gov/Credit Index + 20% Russell 3000 Index + 10% 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.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

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.