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Ivy Balanced Fund

  • $24.85 NAV as of 4/19/2018
  • ($-0.17) / -0.68% Daily NAV Change
  • 0.53% YTD (NAV)

Summary

Balancing potential risk and reward in a complex world

Straightforward approach
A traditional balanced fund with predictable guardrails that generally invests two-thirds of its assets in U.S. equities and one-third of its assets in fixed-income securities.
Management discipline
Uses fundamental analysis and rigorous screening of stocks and bonds to determine portfolio composition.
Risk-aware strategy
Seeks balanced, consistent growth and current income while managing risk.

Morningstar Style Box

Blend
Large
MOD
Medium
Source: Morningstar

Portfolio Management

Matthew A. Hekman

  • Ivy Investment Management Company
  • 3 Years with Fund
  • 19 Years in Industry
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Matthew Hekman is co-portfolio manager of Ivy Balanced Fund and Ivy VIP Balanced. He was named portfolio manager of the funds in 2014 and assumed co-portfolio manager responsibilities in 2017. Mr. Hekman joined the organization in 2003 as a performance analyst. He joined the firm’s Investment Management Division as an equity investment analyst in 2005. He was a member of the Large Cap Growth team from 2009 to 2011 and named assistant portfolio manager in 2010. He was assistant portfolio manager on the Large Cap Value team from 2011 to 2014. He was appointed assistant vice president in 2010 and vice president in 2014. Prior to joining the firm, Mr. Hekman was a manager of custody administration and investment accounting with State Street Corporation. He was responsible for five client relationships as well as eight staff members. He oversaw and approved all custody and accounting activities for 26 mutual funds culminating in the submission of a NAV to NASDAQ. In that role, Mr. Hekman acted as a liaison between custody administration, accounting, and investment management personnel. Mr. Hekman graduated from Dordt College in 1998 with a BA in Business Administration. He earned an MBA with an emphasis in Finance from the University of Kansas in 2003. Mr. Hekman is a member of the CFA Society of Kansas City.

Mark G. Beischel, CFA

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 25 Years in Industry
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Mark Beischel is portfolio manager of Ivy Global Bond Fund and Ivy VIP Global Bond. He has been a portfolio manager of Ivy Global Bond since 2008 and of Ivy VIP Global Bond since 2010. He had been a portfolio manager of the former Waddell & Reed Advisors Global Bond Fund since 2002. He has held oversight of allocation levels and management of all allocation sleeves for Ivy Apollo Strategic Income Fund and co-oversight of allocation levels and management of all allocation sleeves for Ivy Apollo Multi- Asset Income Fund since 2015. On an interim basis as of April 2018, Mr. Beischel is co-portfolio manager of Ivy Bond Fund, Ivy Government Securities Fund, Ivy Crossover Credit Fund, Ivy Balanced Fund, Ivy VIP Bond and Ivy VIP Balanced. Mr. Beischel joined the organization in 1998 specializing in taxable investment-grade corporate credit analysis and emerging market credit analysis. He was appointed assistant vice president and named an assistant portfolio manager in 2000. He was appointed vice president in 2002 and senior vice president in 2006. Mr. Beischel was appointed Global Director of Fixed Income in 2011. Mr. Beischel graduated in 1991 with a BBA in Management from the University of Wisconsin-Eau Claire. He earned an MBA with an emphasis in Finance from the University of Denver in 1993. Mr. Beischel is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.

Susan K. Regan

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 30 Years in Industry
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Susan Regan is portfolio manager of Ivy Limited-Term Bond Fund, Ivy VIP Limited-Term Bond and fixed income institutional accounts. She was named co-portfolio manager of the funds in 2014 and has held sole portfolio manager responsibilities since 2015. She was named co-portfolio manager of Ivy Government Securities Fund in 2018. On an interim basis as of April 2018, Ms. Regan is co-portfolio manager of Ivy Bond Fund, Ivy Crossover Credit Fund, Ivy Balanced Fund, Ivy VIP Bond and Ivy VIP Balanced. Ms. Regan joined the organization in 2007 as a fixed income investment analyst and trader. She was appointed assistant vice president and named assistant portfolio manager in 2010. Ms. Regan had been co-portfolio manager of Ivy VIP Bond, and the former Waddell & Reed Advisors Bond Fund and Waddell & Reed Advisors Government Securities Fund from 2014 through April 2015. She was appointed vice president in 2014 and senior vice president in 2017. Prior to joining the firm, Ms. Regan was employed by Commerce Bank from 1988 to 2007, where she gained experience trading governments, agencies and mortgage-backed securities. Ms. Regan earned a BA in Economics in 1984 and an MA in Economics in 1985 from the University of Missouri-Columbia.

Growth of a $10,000 Investment
through 3/31/2018

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 4/19/2018

Net Asset Value (NAV) $24.85
Daily NAV Change ($) ($-0.17) -0.68%
Weekly NAV Change ($) $0.13 0.53%
Public Offering Price (POP) $24.85

Fund Facts

Ticker Symbol IBNCX
CUSIP 465898591
Fund Code 344
Fund Type Specialty Funds
Fund Inception 11/16/1987
Class Inception 12/8/2003
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 3/31/2018) $3.0 bil
Total Equity Holdings (as of 3/31/2018) 53
Total Holdings (as of 3/31/2018) 251
Portfolio Turnover Rate (as of 9/30/2017) 14%
Lipper Category Mixed-Asset Target Alloc Growth Funds
Morningstar Category Allocation--50% to 70% Equity
Benchmark Bloomberg Barclays US Govt/Credit TR USD
Benchmark S&P 500 TR USD

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.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Monthly Rates of Return

Average Annual Total Returns as of 3/31/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC -1.64% 5.69% 2.43% 6.03% 6.03% 6.52%
Bloomberg Barclays US Govt/Credit TR USD -1.58% 1.38% 1.22% 1.84% 3.65% 3.97%
Lipper Mixed-Asset Target Alloc Growth Funds -0.82% 9.94% 5.85% 7.67% 6.13% 6.47%
S&P 500 TR USD -0.76% 13.99% 10.78% 13.31% 9.49% 8.80%
Fund at NAV -0.65% 5.69% 2.43% 6.03% 6.03% 6.52%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 1.00% CDSC -1.64% 5.69% 2.43% 6.03% 6.03% 6.52%
Bloomberg Barclays US Govt/Credit TR USD -1.58% 1.38% 1.22% 1.84% 3.65% 3.97%
Lipper Mixed-Asset Target Alloc Growth Funds -0.82% 9.94% 5.85% 7.67% 6.13% 6.47%
S&P 500 TR USD -0.76% 13.99% 10.78% 13.31% 9.49% 8.80%
Fund at NAV -0.65% 5.69% 2.43% 6.03% 6.03% 6.52%

Calendar Year Return

  2013
Bloomberg Barclays US Govt/Credit TR USD -2.35 6.01 0.15 3.05 4.00
Class C 22.45 6.54 -1.10 1.27 10.59
S&P 500 TR USD 32.39 13.69 1.38 11.96 21.83

Morningstar Ratings as of 3/31/2018 Morningstar Logo

Category: Allocation--50% to 70% Equity
Ratings are based on risk-adjusted returns
Overall out of 680
3 Year out of 680
5 Year out of 628
10 Year out of 442

Lipper Ranking through 3/31/2018 Lipper Logo

Category: Mixed-Asset Target Alloc Growth Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 469/497 95
3 Year 424/436 98
5 Year 377/410 92
10 Year 178/305 59

Expense Ratios as of 7/5/2017

Net 1.80%
Gross 1.80%

5-Year Standard Deviation as of 3/31/2018

S&P 500 TR USD 9.87
Bloomberg Barclays US Govt/Credit TR USD N/A

5-Year MPT* Statistics as of 3/31/2018

*Modern Portfolio Theory
Alpha -3.62
Beta 0.75
R-Squared 88.69
Sharpe Ratio 0.73
Capture Ratio Upside: 63.53%
Downside: 89.60%

Distributions

Historical Prices Inception 12/8/2003

4/2/2018 $24.20 NO NO
4/3/2018 $24.43 NO NO
4/4/2018 $24.57 NO NO
4/5/2018 $24.65 NO NO
4/6/2018 $24.31 NO NO
4/9/2018 $24.35 NO NO
4/10/2018 $24.62 NO NO
4/11/2018 $24.56 NO NO
4/12/2018 $24.72 NO NO
4/13/2018 $24.65 NO NO
4/16/2018 $24.81 NO NO
4/17/2018 $24.96 NO NO
4/18/2018 $25.02 NO NO
4/19/2018 $24.85 NO NO

Historical Distributions Inception 12/8/2003

12/14/2017 $0.1742 Long: $0.657 Short: $0.000 $24.49 12/14/2017
9/14/2017 $0.026 Long: $0.000 Short: $0.000 $24.49 9/14/2017
6/15/2017 $0.12 Long: $0.000 Short: $0.000 $24.33 6/15/2017
12/8/2016 $0.133 Long: $0.277 Short: $0.000 $23.37 12/8/2016
9/15/2016 $0.002 Long: $0.000 Short: $0.000 $23.7 9/15/2016
6/16/2016 $0.018 Long: $0.000 Short: $0.000 $23.08 6/16/2016
12/10/2015 $0.096 Long: $0.938 Short: $0.239 $23.54 12/10/2015
6/11/2015 $0.011 Long: $0.000 Short: $0.000 $25.68 6/11/2015
12/11/2014 $0.0023 Long: $0.649 Short: $0.074 $24.57 12/11/2014
12/12/2013 $0 Long: $0.399 Short: $0.071 $23.33 12/12/2013

*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.

12-Month Trailing Dist. Yield as of 3/31/2018

NAV 1.27%
With Sales Charge 1.27%

Annualized 30-Day SEC Yield as of 3/31/2018

Subsidized - NAV 0.73%
Unsubsidized - NAV 0.73%

Portfolio

Top 10 Equity Holdings as a % of net assets 3/31/2018

Union Pacific Corp. Union Pacific Corporation owns the largest railroad in the U.S. It's diversified business mix includes agricultural products, automotive, chemicals, energy, industrial products and intermodal. 2.09%
Twenty-First Century Fox, Inc. Twenty-First Century Fox, Inc., is a media company engaged in television broadcasting and film production through Cable Network Programming, Television, Filmed Entertainment, Direct Broadcast Satellite Television and other segments. The company was founded in 1979 and is headquartered in New York, NY. 2.06%
Intel Corp. Intel Corporation is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. 2.03%
Las Vegas Sands, Inc. Las Vegas Sands Corp. (LVSC), a global developer of destination properties (integrated resorts), features accommodations, gaming, entertainment, retail, convention and exhibition facilities, celebrity chef restaurant, etc. The company operates in 3 geographic areas: Macao, Singapore, United States. 2.00%
Intercontinental Exchange, Inc. Intercontinental Exchange, Inc. operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the U.S., U.K., Continental Europe, Asia, Israel and Canada 2.00%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 1.99%
PNC Financial Services Group, Inc. (The) The Company has businesses engaged in retail banking, corporate and institutional banking, asset management, and residential mortgage banking, providing its products and services nationally and others in its markets located in Pennsylvania, Virginia, Missouri, Wisconsin and Georgia. It also provides products and services internationally. 1.98%
Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 1.97%
UnitedHealth Group, Inc. UnitedHealth Group is a diversified health and well-being company offering a spectrum of products and services serving consumers, employers, physicians, providers, hospitals and other caregivers. 1.93%
Carnival Corp. Carnival Corporation operates as a cruise and vacation company. 1.93%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 3/31/2018

Large ( > $10 bil) 92.0%
Medium ($2 - $10 bil) 8.0%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 3/31/2018) $42.1 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 3/31/2018

Semiconductors 7.4%
Managed Health Care 4.0%
Integrated Oil & Gas 3.9%
Pharmaceuticals 3.9%
Specialty Chemicals 3.7%
Aerospace & Defense 3.7%
Restaurants 3.4%
Biotechnology 3.3%
Railroads 3.1%
Movies & Entertainment 3.0%

Maturity
as a % of fixed income assets as of 3/31/2018

<1 Year 7.0%
1-5 Years 27.4%
5-10 Years 50.2%
10-20 Years 2.7%
>20 Years 12.7%
Average Maturity 8.13 years
Effective Duration 5.93 years

Fixed Income Country Allocation
as a % of bond holdings as of 3/31/2018

United States 85.0%
United Kingdom 6.4%
Ireland 1.6%
Australia 1.3%
Japan 1.1%
Singapore 1.0%
Canada 0.9%
Guernsey 0.7%
France 0.5%
Hong Kong 0.5%
Mexico 0.4%
Netherlands 0.3%
Norway 0.2%
Spain 0.2%
China 0.1%

Sector Allocation
as a % of equity assets as of 3/31/2018

Consumer Discretionary 17.59%
Information Technology 17.37%
Industrials 16.33%
Health Care 15.03%
Financials 14.72%
Energy 7.73%
Materials 5.73%
Consumer Staples 5.50%

Quality
as a % of fixed income assets as of 3/31/2018

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.
Government Bonds 18.20%
AAA 1.10%
AA 2.60%
A 10.10%
BBB 53.20%
BB 10.40%
B 1.20%
CCC 3.20%

Portfolio Composition
as a % of net assets as of 3/31/2018

Domestic Common Stock 62.49%
Corporate Bonds 24.15%
Government Bonds 5.57%
Preferred Stock 3.18%
Foreign Common Stock 2.13%
Cash and Cash Equivalents 1.53%
Asset-Backed Securities 0.47%
Senior Loans 0.36%
Other Government Securities 0.12%

Equity Country Allocation
as a % of equity assets as of 3/31/2018

United States 96.9%
Belgium 1.7%
Ireland 1.5%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. The value of the Fund’s shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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. The lower-rated securities in which the Fund may invest may carry greater risk of nonpayment of interest or principal then higher-rated bonds. In addition to the risks typically associated with fixed-income securities, loan participations in which the Fund may invest carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loan participations may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund’s emphasis on 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. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Fund typically holds a limited number of stocks (generally 50 to 65). As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a large number of securities. The value of a security believed by the Fund’s manager to be undervalued may never reach what the manager believes to be its full value, or such security’s value may decrease. 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: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Index Description: Bloomberg Barclays US Govt/Credit TR USD - The Barclays U.S. Government/Credit Index measures the performance of U.S. dollar-denominated United States Treasuries, government-related, and investment-grade U.S. corporate securities that have a remaining maturity of greater than or equal to one year. In addition, the securities have $250 million or more of outstanding face value and are fixed-rate and non-convertible securities. It is not possible to invest directly in an index.

The Advantus Spectrum Fund merged into the Ivy Balanced Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Spectrum Fund Class A shares, restated to reflect current sales charges applicable to Ivy Balanced Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Balanced Fund. If these expenses were reflected, performance shown would differ.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Rick Perry served as a portfolio manager on the Fund until April 12, 2018.

Waddell & Reed Advisors Continental Income Fund merged into Ivy Balanced Fund on Feb. 26, 2018.

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 fund 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.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

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.

© 2017 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.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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