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Ivy Government Securities Fund

  • $5.22 NAV as of 9/25/2018
  • ($0.00) / 0.00% Daily NAV Change
  • -1.98% YTD (NAV)

Summary

The Ivy Government Securities Fund seeks to provide income consistent with preservation of capital

Credit Quality
The Fund invests exclusively in a diversified portfolio of U.S. government securities.
Income Preservation
The fund seeks to generate a level of income consistent with capital preservation.
Experienced management
The team has more than 50 years of experience in managing various types of credit portfolios.

Morningstar Style Box

MOD
Medium
Source: Morningstar

Portfolio Management

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
  • 31 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 7/31/2018

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 9/25/2018

Net Asset Value (NAV) $5.22
Daily NAV Change ($) ($0.00) 0.00%
Weekly NAV Change ($) $-0.01 -0.19%
Public Offering Price (POP) $5.22

Fund Facts

Ticker Symbol IGJIX
CUSIP 46600B177
Fund Code 469
Fund Type Fixed Income Funds
Fund Inception 4/10/1984
Class Inception 6/19/1995
Fiscal Year End September
Dividends Paid Daily, Paid Monthly
Fund Assets (as of 8/31/2018) $382.4 mil
Total Holdings (as of 8/31/2018) 91
Portfolio Turnover Rate (as of 3/31/2018) 15%
Lipper Category General U.S. Government Fds
Morningstar Category Intermediate Government
Benchmark Bloomberg Barclays US Govt/Mortgage 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.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 8/31/2018
(Returns for periods of less than 1-yr are not annualized)
 
Lipper General U.S. Government Fds -1.25% -2.00% 0.47% 1.54% 2.65%
Fund at NAV -1.15% -2.27% 0.34% 1.05% 2.15% 4.10%
Bloomberg Barclays US Govt/Mortgage TR USD -0.61% -1.09% 1.07% 1.99% 3.11%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Lipper General U.S. Government Fds -1.48% -1.08% 0.67% 1.30% 2.68%
Fund at NAV -1.47% -1.61% 0.45% 0.76% 2.18% 4.12%
Bloomberg Barclays US Govt/Mortgage TR USD -1.01% -0.30% 1.20% 1.80% 3.20%

Calendar Year Return

  2013
Bloomberg Barclays US Govt/Mortgage TR USD -2.10 5.41 1.13 1.31 2.37
Class I 1.63

Morningstar Ratings as of 8/31/2018 Morningstar Logo

Category: Intermediate Government
Ratings are based on risk-adjusted returns
Overall out of 220
3 Year out of 220
5 Year out of 209
10 Year out of 156

Lipper Ranking through 8/31/2018 Lipper Logo

Category: General U.S. Government Fds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 65/93 70
3 Year 51/85 60
5 Year 56/83 67
10 Year 47/70 67

Expense Ratios as of 1/31/2018

Net 0.72%
Gross 0.74%

5-Year Standard Deviation as of 8/31/2018

Bloomberg Barclays US Govt/Mortgage TR USD 2.54

5-Year MPT* Statistics as of 8/31/2018

*Modern Portfolio Theory
Alpha -0.91
Beta 0.99
R-Squared 95.75
Sharpe Ratio 0.23
Capture Ratio Upside: 84.60%
Downside: 110.14%

Distributions

Historical Prices Inception 6/19/1995

9/4/2018 $5.27 NO NO
9/5/2018 $5.27 NO NO
9/6/2018 $5.27 NO NO
9/7/2018 $5.26 NO NO
9/10/2018 $5.26 NO NO
9/11/2018 $5.24 NO NO
9/12/2018 $5.25 NO NO
9/13/2018 $5.25 NO NO
9/14/2018 $5.24 NO NO
9/17/2018 $5.24 NO NO
9/18/2018 $5.23 NO NO
9/19/2018 $5.22 NO NO
9/20/2018 $5.22 NO NO
9/21/2018 $5.22 NO NO
9/24/2018 $5.22 NO NO
9/25/2018 $5.22 NO NO

Historical Distributions Inception 6/19/1995

8/27/2018 $0.008 Long: $0.000 Short: $0.000 $5.28 8/27/2018
7/27/2018 $0.008 Long: $0.000 Short: $0.000 $5.25 7/27/2018
6/27/2018 $0.0069 Long: $0.000 Short: $0.000 $5.28 6/27/2018
5/25/2018 $0.0068 Long: $0.000 Short: $0.000 $5.26 5/25/2018
4/27/2018 $0.008 Long: $0.000 Short: $0.000 $5.25 4/27/2018
3/27/2018 $0.0056 Long: $0.000 Short: $0.000 $5.3 3/27/2018
2/27/2018 $0.0065 Long: $0.000 Short: $0.000 $5.27 2/27/2018
1/26/2018 $0.0061 Long: $0.000 Short: $0.000 $5.33 1/26/2018
12/29/2017 $0.0081 Long: $0.000 Short: $0.000 $5.39 12/29/2017
11/27/2017 $0.0066 Long: $0.000 Short: $0.000 $5.42 11/27/2017
10/27/2017 $0.0034 Long: $0.000 Short: $0.000 $5.4 10/27/2017
9/27/2017 $0.0068 Long: $0.000 Short: $0.000 $5.43 9/27/2017
8/25/2017 $0.007 Long: $0.000 Short: $0.000 $5.47 8/25/2017
7/27/2017 $0.0074 Long: $0.000 Short: $0.000 $5.43 7/27/2017
6/27/2017 $0.0072 Long: $0.000 Short: $0.000 $5.46 6/27/2017
5/26/2017 $0.0081 Long: $0.000 Short: $0.000 $5.44 5/26/2017
4/27/2017 $0.008 Long: $0.000 Short: $0.000 $5.42 4/27/2017
3/27/2017 $0.0071 Long: $0.000 Short: $0.000 $5.4 3/27/2017
2/27/2017 $0.0075 Long: $0.000 Short: $0.000 $5.41 2/27/2017
1/27/2017 $0.0066 Long: $0.000 Short: $0.000 $5.39 1/27/2017
12/30/2016 $0.0087 Long: $0.000 Short: $0.000 $5.39 12/30/2016
11/25/2016 $0.0072 Long: $0.000 Short: $0.000 $5.41 11/25/2016
10/27/2016 $0.007 Long: $0.000 Short: $0.000 $5.54 10/27/2016
9/27/2016 $0.0072 Long: $0.000 Short: $0.000 $5.61 9/27/2016
8/26/2016 $0.0076 Long: $0.000 Short: $0.000 $5.59 8/26/2016
7/27/2016 $0.0073 Long: $0.000 Short: $0.000 $5.62 7/27/2016
6/27/2016 $0.0072 Long: $0.000 Short: $0.000 $5.64 6/27/2016
5/27/2016 $0.0083 Long: $0.000 Short: $0.000 $5.53 5/27/2016
4/27/2016 $0.008 Long: $0.000 Short: $0.000 $5.53 4/27/2016
3/24/2016 $0.007 Long: $0.000 Short: $0.000 $5.52 3/24/2016
2/26/2016 $0.0084 Long: $0.000 Short: $0.000 $5.55 2/26/2016
1/27/2016 $0.0061 Long: $0.000 Short: $0.000 $5.5 1/27/2016
12/31/2015 $0.0089 Long: $0.000 Short: $0.000 $5.44 12/31/2015
11/27/2015 $0.0087 Long: $0.000 Short: $0.000 $5.46 11/27/2015
10/27/2015 $0.0078 Long: $0.000 Short: $0.000 $5.52 10/27/2015
9/25/2015 $0.0078 Long: $0.000 Short: $0.000 $5.49 9/25/2015
8/27/2015 $0.0078 Long: $0.000 Short: $0.000 $5.49 8/27/2015
7/27/2015 $0.0086 Long: $0.000 Short: $0.000 $5.48 7/27/2015
6/26/2015 $0.0109 Long: $0.000 Short: $0.000 $5.44 6/26/2015
5/27/2015 $0.0073 Long: $0.000 Short: $0.000 $5.51 5/27/2015
4/27/2015 $0.0071 Long: $0.000 Short: $0.000 $5.56 4/27/2015
3/27/2015 $0.0069 Long: $0.000 Short: $0.000 $5.56 3/27/2015
2/27/2015 $0.0088 Long: $0.000 Short: $0.000 $5.54 2/27/2015
1/27/2015 $0.0073 Long: $0.000 Short: $0.000 $5.58 1/27/2015
12/31/2014 $0.0095 Long: $0.000 Short: $0.000 $5.52 12/31/2014
11/26/2014 $0.0087 Long: $0.000 Short: $0.000 $5.54 11/26/2014
10/27/2014 $0.0086 Long: $0.000 Short: $0.000 $5.54 10/27/2014
9/26/2014 $0.0103 Long: $0.000 Short: $0.000 $5.49 9/26/2014
8/27/2014 $0.0095 Long: $0.000 Short: $0.000 $5.52 8/27/2014
7/25/2014 $0.0086 Long: $0.000 Short: $0.000 $5.52 7/25/2014
6/27/2014 $0.0103 Long: $0.000 Short: $0.000 $5.52 6/27/2014
5/27/2014 $0.0092 Long: $0.000 Short: $0.000 $5.53 5/27/2014
4/25/2014 $0.0098 Long: $0.000 Short: $0.000 $5.49 4/25/2014
3/27/2014 $0.0089 Long: $0.000 Short: $0.000 $5.47 3/27/2014
2/27/2014 $0.0096 Long: $0.000 Short: $0.000 $5.51 2/27/2014
1/27/2014 $0.0073 Long: $0.000 Short: $0.000 $5.48 1/27/2014

*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 8/31/2018

NAV 1.53%
With Sales Charge 1.53%

Annualized 30-Day SEC Yield as of 8/31/2018

Subsidized - NAV 2.20%
Unsubsidized - NAV 2.10%

Portfolio

Top 10 Holdings as a % of net assets 8/31/2018

U.S. Treasury Notes, 2.0%, 4/30/2024 4.77%
U.S. Treasury Notes, 2.1%, 7/31/2024 4.41%
U.S. Treasury Notes, 1.5%, 7/15/2020 3.84%
U.S. Treasury Notes, 2.9%, 7/31/2025 2.63%
U.S. Treasury Notes, 2.8%, 8/15/2021 2.62%
U.S. Treasury Notes, 2.6%, 7/31/2020 2.62%
Government National Mortgage Association Agency REMIC/CMO, 2.0%, 3/16/2042 2.38%
U.S. Department of Transportation, 6.0%, 12/7/2021 2.29%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO, 2.8%, 6/25/2022 1.87%
U.S. Treasury Notes, 2.3%, 2/15/2027 1.87%

Total Portfolio Holdings

Updated quarterly, upon availability.

Maturity
as a % of fixed income assets as of 8/31/2018

<1 Year 6.9%
1-5 Years 44.7%
5-10 Years 38.8%
10-20 Years 6.7%
>20 Years 3.0%
Average Maturity 5.88 years
Effective Duration 5.01 years

Fixed Income Country Allocation
as a % of bond holdings as of 8/31/2018

United States 100.0%

Quality
as a % of fixed income assets as of 8/31/2018

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 100.00%

Portfolio Composition
as a % of net assets as of 8/31/2018

Government Bonds 96.68%
Cash and Cash Equivalents 3.32%

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. These and other risks are more fully described in the Fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Index Description: The Bloomberg Barclays US Govt/Mortgage TR USD - The Barclays U.S. Government/Mortgage-Backed Securities Index measures the performance of U.S. government bonds and mortgage-related securities. It is not possible to invest directly in an index.

Performance results include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower. WRA Government Securities Fund did not have Class E, Class N or Class R shares, or their equivalents. Accordingly, there is limited history for any of these share classes. In addition, as part of the reorganization, Class Y shares of WRA Government Securities Fund were reorganized into Class I shares of Ivy Government Securities Fund; therefore, Ivy Government Securities Fund's Class Y shares also will have limited performance history.

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

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.00%, Class B shares at 2.13%, Class C shares at 1.88% and Class I shares at 0.72%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Waddell & Reed Advisors (WRA) Government Securities Fund merged into Ivy Government Securities Fund on Oct. 16, 2017. The returns shown prior to this date reflect the performance of WRA Government Securities Fund, which was incepted on April 10, 1984. Ivy Government Securities Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Government Securities Fund. Prior to the reorganization, the Ivy Government Securities Fund had no assets and had not commenced operations. Performance shown after Jan. 31, 2012, may significantly differ from prior performance due to changes made on that date to WRA Government Securities Fund's investment strategies. WRA Government Securities Fund's past performance does not necessarily indicate how Ivy Government Securities Fund will perform in the future.

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.

© 2018 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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