Investing involves risk, including the possible loss of principal.
Diversification may not protect against market risk.
© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is
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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 does
not guarantee future results. 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-end 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. 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. Morningstar Rank is the total return percentile rank within each
Morningstar Category. The highest (or most favorable) percentile rank is zero and the lowest (or least
favorable) percentile rank is 100. Historicalpercentile ranks are based on a snapshot of a fund at the
time of calculation. Percentile Rank is a standardized way of ranking items within a peer group, in
this case, funds within the same Morningstar Category. The observation with the largest numerical
value is ranked zero the observation with the smallest numerical value is ranked 100. The remaining
observations are placed equal distance from one another on the rating scale. Note that lower
percentile ranks are generally more favorable for returns (high returns), while higher percentile
ranks are generally more favorable for risk measures (low risk). The Morningstar Rating may be
calculated based on its share class adjusted historical returns. If so, this investment’s independent
Morningstar Rating metric uses the fund’s oldest share class to determine its hypothetical rating for
certain time periods. Morningstar Rating is for the Class(es) indicated; other classes may have
different performance characteristics.
ISTIX rated 3, 3, 3 and 2 stars for the overall, 3-, 5-, and 10-year
periods among 231, 231, 204 and 159 Technology funds, respectively. IYGIX rated 5, 4, 4 and 5 stars
for the overall, 3-, 5-, and 10-year periods among 1118, 1118, 1031 and 810 Large Growth funds,
respectively. DEMIX rated 3, 2, 3 and 3 stars for the overall, 3-, 5-, and 10-year periods among
721, 721, 656 and 402 Diversified Emerging Markets funds, respectively. The calculation is
based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s
monthly excess performance. Past performance does not guarantee future results.
All third-party marks cited are the property of their respective owners.
Macquarie Asset Management (MAM) is the asset management division of Macquarie
Group. MAM is an integrated asset manager across public and private markets offering a diverse range
of capabilities, including real assets, real estate, credit, equities and multi-asset solutions.
Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Delaware Funds by Macquarie refers to certain investment solutions that MAM distributes, offers, or
advises. Investment advisory services are provided to the Delaware Funds by Delaware Management
Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange
Commission (SEC) registered investment adviser. The Delaware Funds are distributed by Delaware
Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory
Authority (FINRA) and an affiliate of MIMBT.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any
Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie
Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does
not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie
Group entities. In addition, if this document relates to an investment, (a) the investor is subject to
investment risk including possible delays in repayment and loss of income and principal invested and
(b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of
return on or the performance of the investment, nor do they guarantee repayment of capital in respect
of the investment.
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