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Ivy Government Money Market Fund

  • NAV
  • — / — Daily NAV Change
  • YTD (NAV)

Summary

Overview

The Fund seeks to achieve its objective by investing under normal circumstances, at least 99.5% of its total assets in: (1) debt securities issued or guaranteed by the U.S. government or certain U.S. government agencies or instrumentalities (government securities), (2) repurchase agreements that are fully collateralized by cash and/or government securities, and/or (3) cash. The Fund seeks, as well, to maintain a net asset value (NAV) of $1.00 per share.

Daily Net Shareholder Flows

Daily Liquid Assets

Weekly Liquid Assets

Six Month Historical Shadow Nav-Daily

Portfolio Management

Mira Stevovich, CFA

  • Ivy Investment Management Company
  • 17 Years with Fund
  • 30 Years in Industry
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Mira Stevovich is portfolio manager of Ivy Government Money Market Fund since 2000, and of Ivy VIP Government Money Market and Waddell & Reed Advisors Cash Management since 1998. Ms. Stevovich joined Waddell & Reed in 1987 as an investment- grade money market credit analyst. Her responsibilities as an analyst included investing mutual fund cash reserves and short- term investing of institutional accounts. She was named assistant portfolio manager in 1989 and portfolio manager in 1997. She was appointed assistant vice president in 1997 and vice president in 1999. Ms. Stevovich graduated with a BA in German and European studies from Colorado Women's College in 1975. She earned both an MA in Soviet and East European area studies in 1980, and an MBA with an emphasis in Finance in 1987 from the University of Kansas. She also studied at the University of Belgrade, Yugoslavia on a Fulbright-Hays Grant. Ms. Stevovich is a CFA charterholder. She is a member of the CFA Institute and the CFA Society of Kansas City.

Daily Prices

Net Asset Value (NAV)
Daily NAV Change ($)
Weekly NAV Change ($)
Public Offering Price (POP)

Fund Facts

Ticker Symbol WRBXX
CUSIP 466000478
Fund Code 570
Fund Type Fixed Income Funds
Fund Inception 6/30/2000
Class Inception 6/30/2000
Fiscal Year End March
Dividends Paid Daily, Paid Monthly
Fund Assets (as of 8/31/2017) $166.0 mil
Total Holdings (as of 8/31/2017) 51
Lipper Category U.S. Government Money Market Funds

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. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return

Average Annual Total Returns as of 8/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 0.01% 0.01% 0.02% 0.02% 0.28% 0.90%
Lipper U.S. Government Money Market Funds 0.16% 0.18% 0.07% 0.04% 0.38% 1.28%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 0.00% 0.01% 0.02% 0.02% 0.34% 0.90%
Lipper U.S. Government Money Market Funds 0.09% 0.12% 0.04% 0.03% 0.45% 1.29%

Calendar Year Return

  2012
Class B 0.02 0.02 0.02 0.02 0.02

Annualized 7-Day Yield as of 9/25/2017

Subsidized 0.01%
Unsubsidized -0.58%

Lipper Ranking through 8/31/2017

Category: U.S. Government Money Market Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 150/168 89
3 Year 105/131 80
5 Year 96/129 74
10 Year 97/112 86

Expense Ratios as of 7/5/2017

Net 1.71%
Gross 1.71%

Distributions

Historical Prices Inception 6/30/2000

9/1/2017 $1.00 NO NO
9/5/2017 $1.00 NO NO
9/6/2017 $1.00 NO NO
9/7/2017 $1.00 NO NO
9/8/2017 $1.00 NO NO
9/11/2017 $1.00 NO NO
9/12/2017 $1.00 NO NO
9/13/2017 $1.00 NO NO
9/14/2017 $1.00 NO NO
9/15/2017 $1.00 NO NO
9/18/2017 $1.00 NO NO
9/19/2017 $1.00 NO NO
9/20/2017 $1.00 NO NO
9/21/2017 $1.00 NO NO
9/22/2017 $1.00 NO NO
9/25/2017 $1.00 NO NO

Historical Distributions Inception 6/30/2000

8/25/2017 $0 Long: $0.000 Short: $0.000 $1 8/25/2017
7/27/2017 $0 Long: $0.000 Short: $0.000 $1 7/27/2017
6/27/2017 $0 Long: $0.000 Short: $0.000 $1 6/27/2017
5/26/2017 $0 Long: $0.000 Short: $0.000 $1 5/26/2017
4/27/2017 $0 Long: $0.000 Short: $0.000 $1 4/27/2017
3/27/2017 $0 Long: $0.000 Short: $0.000 $1 3/27/2017
2/27/2017 $0 Long: $0.000 Short: $0.000 $1 2/27/2017
1/27/2017 $0 Long: $0.000 Short: $0.000 $1 1/27/2017
12/30/2016 $0 Long: $0.000 Short: $0.000 $1 12/30/2016
12/8/2016 $0 Long: $0.000 Short: $0.000 $1 12/8/2016
11/25/2016 $0 Long: $0.000 Short: $0.000 $1 11/25/2016
10/27/2016 $0 Long: $0.000 Short: $0.000 $1 10/27/2016
9/27/2016 $0 Long: $0.000 Short: $0.000 $1 9/27/2016
8/26/2016 $0 Long: $0.000 Short: $0.000 $1 8/26/2016
7/27/2016 $0 Long: $0.000 Short: $0.000 $1 7/27/2016
6/27/2016 $0 Long: $0.000 Short: $0.000 $1 6/27/2016
5/27/2016 $0 Long: $0.000 Short: $0.000 $1 5/27/2016
4/27/2016 $0 Long: $0.000 Short: $0.000 $1 4/27/2016
3/24/2016 $0 Long: $0.000 Short: $0.000 $1 3/24/2016
2/26/2016 $0 Long: $0.000 Short: $0.000 $1 2/26/2016
1/27/2016 $0 Long: $0.000 Short: $0.000 $1 1/27/2016
12/31/2015 $0 Long: $0.000 Short: $0.000 $1 12/31/2015
11/27/2015 $0 Long: $0.000 Short: $0.000 $1 11/27/2015
10/27/2015 $0 Long: $0.000 Short: $0.000 $1 10/27/2015
9/25/2015 $0 Long: $0.000 Short: $0.000 $1 9/25/2015
8/27/2015 $0 Long: $0.000 Short: $0.000 $1 8/27/2015
7/27/2015 $0 Long: $0.000 Short: $0.000 $1 7/27/2015
6/26/2015 $0 Long: $0.000 Short: $0.000 $1 6/26/2015
5/27/2015 $0 Long: $0.000 Short: $0.000 $1 5/27/2015
4/27/2015 $0 Long: $0.000 Short: $0.000 $1 4/27/2015
3/27/2015 $0 Long: $0.000 Short: $0.000 $1 3/27/2015
2/27/2015 $0 Long: $0.000 Short: $0.000 $1 2/27/2015
1/27/2015 $0 Long: $0.000 Short: $0.000 $1 1/27/2015
12/31/2014 $0 Long: $0.000 Short: $0.000 $1 12/31/2014
11/26/2014 $0 Long: $0.000 Short: $0.000 $1 11/26/2014
10/27/2014 $0 Long: $0.000 Short: $0.000 $1 10/27/2014
9/26/2014 $0 Long: $0.000 Short: $0.000 $1 9/26/2014
8/27/2014 $0 Long: $0.000 Short: $0.000 $1 8/27/2014
7/25/2014 $0 Long: $0.000 Short: $0.000 $1 7/25/2014
6/27/2014 $0 Long: $0.000 Short: $0.000 $1 6/27/2014
5/27/2014 $0 Long: $0.000 Short: $0.000 $1 5/27/2014
4/25/2014 $0 Long: $0.000 Short: $0.000 $1 4/25/2014
3/27/2014 $0 Long: $0.000 Short: $0.000 $1 3/27/2014
2/27/2014 $0 Long: $0.000 Short: $0.000 $1 2/27/2014
1/27/2014 $0 Long: $0.000 Short: $0.000 $1 1/27/2014
12/31/2013 $0 Long: $0.000 Short: $0.000 $1 12/31/2013
11/27/2013 $0 Long: $0.000 Short: $0.000 $1 11/27/2013
10/25/2013 $0 Long: $0.000 Short: $0.000 $1 10/25/2013
9/27/2013 $0 Long: $0.000 Short: $0.000 $1 9/27/2013
8/27/2013 $0 Long: $0.000 Short: $0.000 $1 8/27/2013
7/26/2013 $0 Long: $0.000 Short: $0.000 $1 7/26/2013
6/27/2013 $0 Long: $0.000 Short: $0.000 $1 6/27/2013
5/24/2013 $0 Long: $0.000 Short: $0.000 $1 5/24/2013
4/26/2013 $0 Long: $0.000 Short: $0.000 $1 4/26/2013
3/27/2013 $0 Long: $0.000 Short: $0.000 $1 3/27/2013
2/27/2013 $0 Long: $0.000 Short: $0.000 $1 2/27/2013
1/25/2013 $0 Long: $0.000 Short: $0.000 $1 1/25/2013

*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.

Portfolio

Top 10 Holdings as a % of net assets 8/31/2017

Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 1.0%, 9/7/2017 10.60%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 1.1%, 9/7/2017 4.52%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 1.0%, 9/7/2017 4.43%
Federal National Mortgage Association, 1.0%, 9/1/2017 3.99%
U.S. Treasury Notes (3-Month USTMMR plus 17.4 bps), 1.2%, 7/31/2018 3.64%
U.S. Treasury Bills, 1.0%, 11/9/2017 3.55%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 1.1%, 9/7/2017 3.31%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 1.1%, 9/7/2017 3.18%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 1.1%, 9/7/2017 3.02%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 1.1%, 9/7/2017 3.01%

Total Portfolio Holdings

Updated quarterly, upon availability.

Total Portfolio Holdings Updated as of (8/31/2017)

Maturity
Weighted Average Maturity 15 days
Weighted Average Life Maturity 37 days
View current date or select previous month
Form N-MFP link1
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.04% 9/07/2017 9/07/2017 U.S. Government Agency Debt 17600000.00 17600000.00 10.60%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 7500000.00 7500000.00 4.52%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.04% 9/07/2017 9/07/2017 U.S. Government Agency Debt 7347444.00 7347444.00 4.43%
Federal National Mortgage Association 0.95% 9/01/2017 9/01/2017 U.S. Government Agency Debt 6629000.00 6629000.00 3.99%
U.S. Treasury Notes (3-Month USTMMR plus 17.4 bps) 1.20% 7/31/2018 9/04/2017 U.S. Treasury Debt 6039500.00 6039303.00 3.64%
U.S. Treasury Bills 1.00% 11/09/2017 11/09/2017 U.S. Treasury Debt 5900000.00 5888522.00 3.55%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 5500000.00 5500000.00 3.31%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 5287403.00 5287403.00 3.18%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 5013888.00 5013888.00 3.02%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 5000000.00 5000000.00 3.01%
U.S. Treasury Bills 1.01% 10/05/2017 10/05/2017 U.S. Treasury Debt 5000000.00 4995065.00 3.01%
U.S. Treasury Bills 1.13% 1/04/2018 1/04/2018 U.S. Treasury Debt 5000000.00 4980382.00 3.00%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.11% 9/07/2017 9/07/2017 U.S. Government Agency Debt 4850000.00 4850000.00 2.92%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 4589118.00 4589118.00 2.77%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.11% 9/07/2017 9/07/2017 U.S. Government Agency Debt 4500000.00 4500000.00 2.71%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 4400000.00 4400000.00 2.65%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 4000000.00 4000000.00 2.41%
U.S. Treasury Bills 0.94% 10/26/2017 10/26/2017 U.S. Treasury Debt 4000000.00 3994164.00 2.40%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 3970000.00 3970000.00 2.39%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 3962264.00 3962264.00 2.39%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 3926160.00 3926160.00 2.36%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 3706599.00 3706599.00 2.23%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2556522.00 2556522.00 1.54%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.11% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2500000.00 2500000.00 1.51%
U.S. Treasury Bills 0.85% 9/07/2017 9/07/2017 U.S. Treasury Debt 2500000.00 2499663.00 1.51%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2499500.00 2499500.00 1.51%
Federal Home Loan Bank 0.97% 9/26/2017 9/26/2017 U.S. Government Agency Debt 2500000.00 2498247.00 1.50%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2400000.00 2400000.00 1.45%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2349091.00 2349091.00 1.42%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2128283.00 2128283.00 1.28%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2125000.00 2125000.00 1.28%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 2000000.00 2000000.00 1.20%
Volusia Cnty, FL, Hsng Fin Auth, Multi-Fam Hsng Rev Rfdg Bonds (Fisherman's Landing Apt), Ser 2002 (GTD by FNMA) (BVAL plus 20 bps) 0.86% 9/07/2017 9/07/2017 Variable Rate Demand Note 2000000.00 2000000.00 1.21%
U.S. Treasury Notes (3-Month USTMMR plus 17 bps) 1.19% 10/31/2018 9/04/2017 U.S. Treasury Debt 2000000.00 2000000.00 1.20%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 1826087.00 1826087.00 1.10%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 1726496.00 1726496.00 1.04%
U.S. Treasury Notes (3-Month USTMMR plus 7 bps) 1.09% 4/30/2019 9/03/2017 U.S. Treasury Debt 1500000.00 1499748.00 0.90%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 1200000.00 1200000.00 0.72%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 1000000.00 1000000.00 0.60%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 947368.00 947368.00 0.57%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 923700.00 923700.00 0.56%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps) 1.45% 9/06/2017 9/06/2017 Variable Rate Demand Note 923000.00 923000.00 0.56%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 800000.00 800000.00 0.48%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 663398.00 663398.00 0.40%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 500000.00 500000.00 0.30%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 480673.00 480673.00 0.29%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 467400.00 467400.00 0.28%
San Diego, CA, Hsng Auth, Var Rate Demand Multi-Fam Hsng Rev Rfdg Bonds (Hillside Garden Apt), Ser 2004C (GTD by FNMA) (BVAL plus 13 bps) 0.77% 9/07/2017 9/07/2017 Variable Rate Demand Note 400000.00 400000.00 0.24%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/07/2017 9/07/2017 U.S. Government Agency Debt 259763.00 259763.00 0.16%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate) 1.10% 9/06/2017 9/06/2017 U.S. Government Agency Debt 230401.00 230401.00 0.14%
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (The Crossings Sr Apts/Phase I), Ser 2005 I (GTD by FNMA) (BVAL plus 10 bps) 0.88% 9/07/2017 9/07/2017 Variable Rate Demand Note 200000.00 200000.00 0.12%

1 Form N‐MFP is filed monthly with the Securities and Exchange Commission (SEC) and contains additional information about each money market fund and its portfolio holdings. Form N‐MFP is available on the SEC's website sixty days following the applicable month's filing and a link has been provided for your convenience to access the historical filings.

Total Portfolio Holdings

Updated quarterly, upon availability.

Documents

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.

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.

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.

Prior to October 14, 2016, the Ivy Government Money Market Fund was known as the Ivy Money Market Fund. Effective October 14, 2016, the Fund changed its name and investment strategy to reflect that it is classified as a “government money market fund.” Performance prior to October 14, 2016 reflects the Fund’s former investment strategy as a prime money market fund, which permitted investments in certain types of securities that, as a government money market fund, the Fund is no longer permitted to hold.

Daily Net Shareholder Flows: Shows daily net shareholder flows (inflows minus outflows) over the last six months for the fund.

Daily Liquid Assets: Regulations require that a money market mutual fund hold at least 10% of its total assets in daily liquid assets that can be readily converted to cash in one business day. The graph shows the percentage of daily liquid assets over the last six months for the fund.

Weekly Liquid Assets: Regulations require that a money market mutual fund hold at least 30% of its total assets in weekly liquid assets that can be readily converted to cash in five business days. The graph shows the percentage of weekly liquid assets over the last six months for the fund.

Six Month Historical Shadow NAV - Daily: Money market funds that transact at a stable price are required by the Securities and Exchange Commission (SEC) to report instances on Form N-CR when the Fund’s current NAV per share deviates downward from its intended stable price of $1.00 by more than ¼ of 1 percent, $0.9975. The red line in the chart shows where a report would be required, compared with the historical NAV per share of the fund.

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.

7-Day Annualized Yield: represents past performance and future yields will vary. Principal is not guaranteed. The annualized 7-day yield is calculated based on the income generated by an investment in the fund over a seven-day period and is expressed as an annual percentage rate. The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

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.

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.

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

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