Waddell & Reed

Fund Detail

Ivy Wilshire Global Allocation Fund
Class A Shares

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Fund Facts
Ticker Symbol IWGAX
CUSIP 46600G788
Fund Code 683
Fund Type Specialty Funds
Fund Inception 3/9/1995
Class Inception 3/9/1995
Fiscal Year End June
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2019) $1.2 bil
Portfolio Turnover Rate (as of 6/30/2019) 36%
Lipper Category Flexible Portfolio Funds
Morningstar Category World Allocation
Benchmarks MSCI ACWI Index
Bloomberg Barclays Multiverse Bond USD Hedged
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $8.37
NAV Change ($) ($0.01)
NAV Change (%) -0.12%
Weekly NAV Change ($) ($0.02)
Weekly NAV Change (%) -0.24%
Public Offering Price (POP) $8.88
Historical Prices & Distributions
Please select a date
Fund Description

Bringing the world to a single fund


GLOBAL VIEW
A "fund-of-funds" that allocates assets among a diverse group of affiliated equity and fixed income mutual funds with both domestic and foreign investment strategies.
BROAD ALLOCATION
Asset allocation methodology provides diversified exposure to a broad array of asset classes and investment strategies via the underlying funds.
LONG-TERM APPROACH
Investment philosophy focuses on a disciplined, long-term approach to strategic asset allocation.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

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 A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 10/31/2019
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 13.84% 10.51% 6.97% 1.41% 5.02% 8.36%
Fund with 5.75% sales charge 7.23% 4.11% 4.89% 0.22% 4.39% 8.09%
MSCI ACWI Index 19.38% 12.59% 11.33% 7.08% 8.81% N/A
Bloomberg Barclays Multiverse Bond USD Hedged 8.70% 10.63% 4.07% 4.04% 4.29% N/A
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged 15.75% 12.22% 8.91% 6.18% 7.43% N/A
Lipper Flexible Portfolio Funds 12.01% 7.77% 6.13% 3.88% 6.67% 7.84%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 9/30/2019
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 11.64% 2.23% 5.58% 1.27% 4.53% 8.30%
Fund with 5.75% sales charge 5.16% -3.69% 3.52% 0.08% 3.92% 8.04%
MSCI ACWI Index 16.20% 1.38% 9.71% 6.65% 8.35% N/A
Bloomberg Barclays Multiverse Bond USD Hedged 8.84% 10.52% 3.81% 4.22% 4.33% N/A
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged 13.78% 4.84% 7.78% 5.97% 7.15% N/A
Lipper Flexible Portfolio Funds 10.85% 1.26% 5.19% 3.85% 6.50% 7.80%
Expense Ratios
as of 10/31/2019
Net 1.16%
Gross 1.20%
Growth of a $10,000 Investment
through 10/31/2019
 Wilshire Global Allocation A
 MSCI ACWI Index
 Bloomberg Barclays Multiverse Bond USD Hedged

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.

Ratings and Rankings
Lipper Rankings
as of 10/31/2019
Category: Flexible Portfolio Funds
  Rank Percentile
1 Year 137 / 542 26
3 Year 159 / 471 34
5 Year 317 / 345 92
10 Year 150 / 168 89

Rankings are based on average annual total returns, but do not consider sales charges.

Morningstar Ratings
as of 10/31/2019
Category: World Allocation
Overall (out of 379 World Allocation)
3 Year (out of 379 World Allocation)
5 Year (out of 308 World Allocation)
10 Year (out of 179 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Foreign Common Stock 35.55%
Domestic Common Stock 28.90%
Corporate Bonds 14.06%
Government Bonds 7.16%
Other Government Securities 5.39%
Cash and Cash Equivalents 5.12%
Mortgage-Backed Securities 1.65%
Asset-Backed Securities 1.46%
Senior Loans 0.51%
Revenue Bonds 0.16%
General Obligation Bonds 0.02%
Other Financial Instruments 0.01%
Preferred Stock 0.01%
Underlying Fund Composition
(as a % of net assets as of 10/31/2019)
Ivy International Core Equity 16.1 %
Ivy Securian Core Bond 9.5 %
Ivy Emerging Markets Equity 8.8 %
Ivy Value 8.3 %
Ivy Pictet Targeted Return Bond 5.7 %
Ivy Pzena International Value 5.2 %
Ivy Large Cap Growth 5.0 %
Ivy International Small Cap 4.7 %
Ivy ProShares S&P 500 Dividend Aristocrats Index 4.6 %
Ivy Apollo Strategic Income 3.8 %
Ivy Corporate Bond 3.4 %
Ivy Pictet Emerging Markets Local Currency Debt 2.9 %
Ivy PineBridge High Yield 2.9 %
Ivy Government Securities 2.8 %
Ivy Core Equity 2.5 %
Ivy LaSalle Global Real Estate 2.0 %
Ivy ProShares Russell 2000 Dividend Growers Index 2.0 %
Ivy Mid Cap Income Opportunities 2.0 %
Ivy Mid Cap Growth 2.0 %
Ivy Global Bond 1.9 %
Ivy Small Cap Core 1.9 %
Ivy Small Cap Growth 0.9 %
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Financials 15.7%
Consumer Discretionary 13.6%
Industrials 13.0%
Information Technology 12.4%
Health Care 9.5%
Consumer Staples 8.9%
Communication Services 6.8%
Energy 6.5%
Real Estate 6.0%
Materials 5.1%
Utilities 2.5%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
United States 44.9%
Japan 8.1%
United Kingdom 7.4%
China 5.6%
France 4.5%
Germany 4.1%
Switzerland 3.1%
South Korea 2.4%
Brazil 2.3%
Netherlands 2.1%
India 1.7%
Taiwan 1.4%
Hong Kong 1.3%
Canada 1.2%
Australia 1.2%
Russia 1.1%
Ireland 1.0%
Norway 1.0%
Italy 1.0%
Singapore 0.7%
Denmark 0.6%
South Africa 0.5%
Spain 0.5%
Sweden 0.4%
Luxembourg 0.4%
Vietnam 0.3%
Indonesia 0.2%
Mexico 0.2%
Isle Of Man 0.2%
Finland 0.2%
Belgium 0.2%
Macau 0.1%
Austria 0.1%
Poland 0.0%
Monaco 0.0%
Jersey 0.0%
Portfolio Allocation Ranges
(as of the most recent prospectus)
  Low High
Top 10 Industry Allocation
(as a % of equity holdings as of 10/31/2019)
Diversified Banks 5.6%
Pharmaceuticals 4.6%
Internet & Direct Marketing Retail 3.6%
Automobile Manufacturers 2.6%
Integrated Oil & Gas 2.5%
Industrial Machinery 2.4%
Aerospace & Defense 2.4%
Technology Hardware, Storage & Peripherals 2.3%
Interactive Media & Services 2.2%
Packaged Foods & Meats 2.1%
Quality
(as a % of bond holdings as of 10/31/2019)
Government Bonds 23.1 %
NonRated 1.9 %
AAA 9.2 %
AA 5.3 %
A 12.8 %
BBB 28.6 %
BB 10.3 %
B 7.0 %
CCC 1.8 %
Below CCC 0.0 %

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.

Fixed Income Country Allocation
(as a % of bond holdings as of 10/31/2019)
United States 66.3%
Germany 3.8%
Canada 2.9%
Japan 1.8%
Indonesia 1.6%
Brazil 1.3%
Mexico 1.3%
Norway 1.3%
Luxembourg 1.3%
France 1.3%
South Africa 1.2%
United Kingdom 1.1%
Netherlands 1.0%
Columbia 1.0%
China 0.9%
Thailand 0.8%
Russia 0.7%
Peru 0.7%
Poland 0.6%
Italy 0.6%
Cayman Islands 0.6%
Spain 0.5%
Australia 0.4%
Malaysia 0.4%
Chile 0.4%
Turkey 0.4%
Czech Republic 0.4%
Ireland 0.4%
Hong Kong 0.4%
Nigeria 0.3%
Egypt 0.3%
Hungary 0.3%
Argentina 0.3%
British Virgin Islands 0.3%
United Arab Emirates 0.3%
Qatar 0.3%
Denmark 0.2%
South Korea 0.2%
Austria 0.2%
Singapore 0.2%
Bermuda 0.1%
Sri Lanka 0.1%
Sweden 0.1%
Saudi Arabia 0.1%
Isle Of Man 0.1%
Venezuela 0.1%
Romania 0.1%
Switzerland 0.1%
India 0.1%
Dominican Republic 0.1%
Panama 0.1%
Israel 0.1%
Saint Lucia 0.1%
Bahrain 0.1%
Macau 0.1%
Uruguay 0.1%
Jersey 0.1%
Vietnam 0.0%
Mauritius 0.0%
Uzbekistan 0.0%
Senegal 0.0%
Jamaica 0.0%
Ghana 0.0%
Philippines 0.0%
Tunisia 0.0%
Guernsey 0.0%
Serbia 0.0%
Bulgaria 0.0%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Nathan Palmer is a managing director of Wilshire Associates and heads Wilshire Funds Management's portfolio management group. Mr. Palmer is responsible for creating multi-asset class, multi-manager investment solutions for financial intermediary clients. He is the Chair of Wilshire Funds Management's Retirement Oversight Committee and a voting member of its Investment Committee. Prior to joining Wilshire Associates, Mr. Palmer provided investment advice to endowment, foundation, and family office clients at Convergent Wealth Advisors. Previously, he managed the public market investment portfolios for the endowment at the California Institute of Technology and for the defined benefit and defined contribution retirement assets at Intel Corporation. Mr. Palmer began his career as a securities analyst in New York, where he published equity research on the technology, media, and telecom industries. Mr. Palmer graduated Phi Beta Kappa and cum laude from the University of Washington with a BA in business administration. He holds an MBA with High Distinction from the Stern School of Business, New York University, graduating as an Armando John Garville Memorial Scholar. Mr. Palmer holds the Chartered Financial Analyst designation and is an active member of the CFA Institute and the CFA Society of Los Angeles.Nathan Palmer, CFA Wilshire Associates, Inc. (Sub-adviser) 22 2
Tony Wicklund is a managing director of Wilshire Associates and a portfolio manager with Wilshire Funds Management. Mr. Wicklund is a portfolio manager for multi-manager, multi-asset class portfolios, including target-risk, target-date, and alternative investment portfolios for a range of financial intermediary clients. He is also a voting member of the Wilshire Funds Management Investment Committee. Prior to joining Wilshire Associates in 2013, Mr. Wicklund was the Director of Risk Management at Convergent Wealth Advisors, where he led the firm’s investment risk management and operational due diligence efforts. Additionally, he served as chairman of the firm’s Risk Management Oversight Committee and was a voting member of the Investment Committee. Mr. Wicklund also developed extensive experience researching alternatives investment strategies and investment managers and building customized investment portfolios for Convergent Wealth Advisor clients. Mr. Wicklund earned his BS in business administration, with a concentration in finance from the University of Oregon. He also holds an MBA from the Marshall School of Business, University of Southern California, with a concentration in investments and financial markets. Mr. Wicklund holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations, and is a member of the CFA Society of Los Angeles and serves as a chapter executive for CAIA Los Angeles.Anthony Wicklund, CAIA , CFA Wilshire Associates, Inc. (Sub-adviser) 18 2
Chace Brundige is co-portfolio manager of Ivy Asset Strategy Fund and Ivy VIP Asset Strategy since 2014. He was named a portfolio manager of Ivy VIP Pathfinder Portfolios and InvestEd Portfolios in 2016. Mr. Brundige became a member of the portfolio management team of the Waddell & Reed Advisors Wilshire Global Allocation Fund – which was later merged into the Ivy Wilshire Global Allocation Fund – in 2017. The fund is subadvised by Wilshire Associates, Inc. Mr. Brundige joined the organization in 2003 as vice president and assistant portfolio manager to the Large Cap Growth team after a previous tenure with the firm as an equity investment analyst from 1996 to 1999. He was portfolio manager of the firm’s Tax-Managed Equity Fund from 2006 to 2008 and the Global Growth funds from 2009 to 2014. He was appointed senior vice president in 2012. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. He joined Waddell & Reed as an equity analyst in 1996. He joined TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner in 1999. Mr. Brundige was an original member of Trust Company of the West’s venture capital arm. He was a vice president and sector head for Citadel Investment Group in 2001. Mr. Brundige graduated from Kansas State University in 1991 with a BS in Finance. He earned an MBA with an emphasis in Finance and Accounting from the University of Chicago Graduate School of Business in 1996. Mr. Brundige is a CFA® charterholder.Chace Brundige, CFA Ivy Investment Management Company 26 2
Jeffery Surles is co-portfolio manager of Ivy Asset Strategy Fund, Ivy VIP Asset Strategy, Ivy VIP Pathfinder Portfolios and InvestEd Portfolios since 2018. He is a member of the portfolio management team of Ivy Wilshire Global Allocation Fund, sub-advised by Wilshire Associates, Inc., since 2018. He was portfolio manager of the former Ivy Global Income Allocation Fund from 2012 to 2018. Mr. Surles joined the organization in 2007 as a fixed income investment analyst. He was appointed assistant vice president in 2012 and vice president in 2014. He was appointed senior vice president in 2018. Prior to joining the firm, Mr. Surles was a portfolio manager from 2003 to 2005, and an investment analyst from 2001 to 2003, for Surles Development Corp. In the fall of 2000 he was a sales analyst for Enterprise Development Services, Inc. Mr. Surles graduated from Vanderbilt University in 2000 with a BS in Organizational Development. He earned an MBA with an emphasis in Finance from the University of Wisconsin in 2007. While attending the University of Wisconsin, he was actively involved in the Applied Security Analysis Program and completed an internship at Provident Trust Company in 2006. Mr. Surles is a CFA charterholder.W. Jeffery Surles, CFA Ivy Investment Management Company 18 1

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. The Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of securities. 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 Fund’s Diversifying Sleeve includes fixed-income securities, that are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

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.

Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk.

Index description: The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates.

Index Description: The Bloomberg Barclays Multiverse Bond Index (USD Hedged) provides a broad-based measure of the global fixed-income bond market. The index represents the union of the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global High-Yield Index and capture investment grade and high yield securities in all eligible currencies.

Index description: The Ivy Wilshire Global Allocation Fund Custom Benchmark is a blend of 65% MSCI ACWI, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets and 35% Bloomberg Barclays Multiverse Bond Index (USD Hedged), an index that provides a broad-based measure of the global fixed-income bond market.

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.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions and extraordinary expenses, if any) as follows: Class AShares at 1.16%; Class B shares at 2.25%; Class C shares at 2.01%; and Class I Shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of theBoard of Trustees (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce theexpense ratio of certain share classes below its respective expense cap.

Fee Waiver and/or Expense Reimbursement: Through October 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 operatingexpenses of the Class N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares,respectively, as calculated at theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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.

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. © 2019 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.

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

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.

The Fund is sub-advised by Wilshire Associates, Inc., through its Wilshire Funds Management business unit.

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.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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

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