Objective & Strategy
The fund seeks total return with a low to moderate correlation to traditional financial market indexes.
Management team
-
Mark Ahnrud, CFA
Portfolio Manager
-
Chris Devine, CFA
Portfolio Manager
-
Scott Hixon, CFA
Portfolio Manager
-
Christian Ulrich, CFA
Portfolio Manager
-
Scott Wolle, CFA
Portfolio Manager
-
Mark Ahnrud, CFA
Portfolio Manager
-
Chris Devine, CFA
Portfolio Manager
-
Scott Hixon, CFA
Portfolio Manager
-
Christian Ulrich, CFA
Portfolio Manager
-
Scott Wolle, CFA
Portfolio Manager
-
John Burrello, CFA, CAIA
Portfolio Manager
Top Holdings | View all
% of Total net assets | |
---|---|
XM Australian 10 Year Bond Future | 22.22% |
RX Euro-Bund Future | 17.46% |
CN Canadian 10 Year Bond Future | 11.51% |
US US Long Bond Future | 10.88% |
JB Japan 10 Yr Future | 5.78% |
Agric 2X FLEX Index RBC | 5.64% |
Z FTSE 100 Future | 4.75% |
Agric 2X FLEX Index CIBC | 4.27% |
RTY Russ 2000 CME Mini Future | 4.09% |
NK Nikkei 225 Future (OSE) | 4.06% |
Holdings are subject to change and are not buy/sell recommendations.
Average Annual Returns (%)
Incept. Date |
Max Load (%) |
Since Incept. (%) |
YTD (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) | |
---|---|---|---|---|---|---|---|---|
NAV | 01/23/2009 | N/A | 6.60 | 0.61 | -11.69 | 2.96 | 2.68 | 3.48 |
NAV | 01/23/2009 | N/A | 6.63 | -14.35 | -14.35 | 1.13 | 2.19 | 3.54 |
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.
Annualized Benchmark Returns
Index Name | 1 Mo (%) | 3 Mo (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) |
---|---|---|---|---|---|---|
Custom VI Balanced Risk Allocation Index | -2.47 | 0.07 | -7.88 | 4.81 | 4.74 | 5.96 |
MSCI World Net Return Index (USD) | -2.40 | 0.06 | -7.33 | 9.90 | 6.88 | 8.77 |
Custom VI Balanced Risk Allocation Index | -2.72 | 6.65 | -15.72 | 2.41 | 4.10 | 5.98 |
MSCI World Net Return Index (USD) | -4.25 | 9.77 | -18.14 | 4.94 | 6.14 | 8.85 |
Source: Invesco, FactSet Research Systems Inc.
Source: RIMES Technologies Corp.
An investment cannot be made directly in an index.
Expense Ratio per Prospectus
Management Fee | 0.92 |
12b-1 Fee | N/A |
Other Expenses | 0.19 |
Interest/Dividend Exp | N/A |
Total Other Expenses | 0.19 |
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) | 0.07 |
Total Annual Fund Operating Expenses | 1.18 |
Contractual Waivers/Reimbursements | -0.30 |
Net Expenses - PER PROSPECTUS | 0.88 |
Additional Waivers/Reimbursements | N/A |
Net Expenses - With Additional Fee Reduction | 0.88 |
Historical Prices
Date | Net Asset Value ($) | Public Offering Price ($) |
---|---|---|
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Distributions
Capital Gains | Reinvestment Price ($) |
|||
---|---|---|---|---|
Ex-Date | Income | Short Term | Long Term | |
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Fund Characteristics
3-Year Alpha | -1.22% |
3-Year Beta | 0.84 |
3-Year R-Squared | 0.89 |
3-Year Sharpe Ratio | 0.16 |
3-Year Standard Deviation | 12.22 |
Total Assets | $796,203,152.00 |
Active Shares
|
N/A |
Source: RIMES Technologies Corp.,StyleADVISOR
Benchmark: Custom VI Balanced Risk Allocation Index
Top Holdings | View all
% of Total net assets | |
---|---|
XM Australian 10 Year Bond Future | 22.22% |
RX Euro-Bund Future | 17.46% |
CN Canadian 10 Year Bond Future | 11.51% |
US US Long Bond Future | 10.88% |
JB Japan 10 Yr Future | 5.78% |
Agric 2X FLEX Index RBC | 5.64% |
Z FTSE 100 Future | 4.75% |
Agric 2X FLEX Index CIBC | 4.27% |
RTY Russ 2000 CME Mini Future | 4.09% |
NK Nikkei 225 Future (OSE) | 4.06% |
Holdings are subject to change and are not buy/sell recommendations.
Top Industries
% of Total Assets | |
---|---|
Diversified Banks | 5.53 |
May not equal 100% due to rounding.
The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.
Fund Documents
About risk
As with any mutual fund investment, loss of money is a risk of investing. An
investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency. The risks associated with an investment in the Fund
can increase during times of significant market volatility. The principal risks
of investing in the Fund are:
Market Risk. The market values of the Fund’s investments, and
therefore the value of the Fund’s shares, will go up and down, sometimes
rapidly or unpredictably. Market risk may affect a single issuer, industry or
section of the economy, or it may affect the market as a whole. The value of
the Fund’s investments may go up or down due to general market
conditions that are not specifically related to the particular issuer, such as
real or perceived adverse economic conditions, changes in the general
outlook for revenues or corporate earnings, changes in interest or currency
rates, regional or global instability, natural or environmental disasters,
widespread disease or other public health issues, war, military conflict, acts
of terrorism or adverse investor sentiment generally. During a general
downturn in the financial markets, multiple asset classes may decline in
value. When markets perform well, there can be no assurance that specific
investments held by the Fund will rise in value.
Correlation Risk. Because the Fund’s investment strategy seeks to
balance risk across three asset classes and, within each asset class, across
different countries and investments, to the extent either the asset classes or
the selected countries and investments become correlated in a way not
anticipated by the Adviser, the Fund’s risk allocation process may result in
magnified risks and loss instead of balancing (reducing) the risk of loss.
Derivatives Risk. The value of a derivative instrument depends largely on
(and is derived from) the value of an underlying security, currency,
commodity, interest rate, index or other asset (each referred to as an
underlying asset). In addition to risks relating to the underlying assets, the
use of derivatives may include other, possibly greater, risks, including
counterparty, leverage and liquidity risks. Counterparty risk is the risk that
the counterparty to the derivative contract will default on its obligation to pay
the Fund the amount owed or otherwise perform under the derivative
contract. Derivatives create leverage risk because they do not require
payment up front equal to the economic exposure created by holding a
position in the derivative. As a result, an adverse change in the value of the
underlying asset could result in the Fund sustaining a loss that is
substantially greater than the amount invested in the derivative or the
anticipated value of the underlying asset, which may make the Fund’s
returns more volatile and increase the risk of loss. Derivative instruments
may also be less liquid than more traditional investments and the Fund may
be unable to sell or close out its derivative positions at a desirable time or
price. This risk may be more acute under adverse market conditions, during
which the Fund may be most in need of liquidating its derivative positions.
Derivatives may also be harder to value, less tax efficient and subject to
changing government regulation that could impact the Fund’s ability to use
certain derivatives or their cost. The SEC has adopted new regulations
related to the use of derivatives and related instruments by registered
investment companies. These regulations may limit the Fund’s ability to
engage in derivatives transactions and may result in increased costs or
require the Fund to modify its investment strategies. Derivatives strategies
may not always be successful. For example, derivatives used for hedging or
to gain or limit exposure to a particular market segment may not provide the
expected benefits, particularly during adverse market conditions. These risks
are greater for the Fund than most other mutual funds because the Fund
will implement its investment strategy primarily through derivative
instruments rather than direct investments in stocks/bonds.
Investing in Stocks Risk. The value of the Fund’s portfolio may be
affected by changes in the stock markets. Stock markets may experience
significant short-term volatility and may fall or rise sharply at times. Adverse
events in any part of the equity or fixed-income markets may have
unexpected negative effects on other market segments. Different stock
markets may behave differently from each other and U.S. stock markets
may move in the opposite direction from one or more foreign stock markets.
The prices of individual stocks generally do not all move in the same
direction at the same time. However, individual stock prices tend to go up
and down more dramatically than those of certain other types of
investments, such as bonds. A variety of factors can negatively affect the
price of a particular company’s stock. These factors may include, but are not
limited to: poor earnings reports, a loss of customers, litigation against the
company, general unfavorable performance of the company’s sector or
industry, or changes in government regulations affecting the company or its
industry. To the extent that securities of a particular type are emphasized (for
example foreign stocks, stocks of small- or mid-cap companies, growth or
value stocks, or stocks of companies in a particular industry), fund share
values may fluctuate more in response to events affecting the market for
those types of securities.
Debt Securities Risk. The prices of debt securities held by the Fund will
be affected by changes in interest rates, the creditworthiness of the issuer
and other factors. An increase in prevailing interest rates typically causes
the value of existing debt securities to fall and often has a greater impact on
longer-duration debt securities and higher quality debt securities. Falling
interest rates will cause the Fund to reinvest the proceeds of debt securities
that have been repaid by the issuer at lower interest rates. Falling interest
rates may also reduce the Fund’s distributable income because interest
payments on floating rate debt instruments held by the Fund will decline.
The Fund could lose money on investments in debt securities if the issuer or
borrower fails to meet its obligations to make interest payments and/or to
repay principal in a timely manner. Changes in an issuer’s financial strength,
the market’s perception of such strength or in the credit rating of the issuer
or the security may affect the value of debt securities. The Adviser’s credit
analysis may fail to anticipate such changes, which could result in buying a
debt security at an inopportune time or failing to sell a debt security in
advance of a price decline or other credit event.
Commodity Risk. The Fund may have investment exposure to the
commodities markets and/or a particular sector of the commodities
markets, which may subject the Fund to greater volatility than investments
in traditional securities, such as stocks and bonds. Volatility in the
commodities markets may be caused by changes in overall market
movements, domestic and foreign political and economic events and
policies, war, acts of terrorism, changes in domestic or foreign interest rates
and/or investor expectations concerning interest rates, domestic and foreign
inflation rates, investment and trading activities of mutual funds, hedge
funds and commodities funds, and factors such as drought, floods, weather,
livestock disease, embargoes, tariffs and other regulatory developments or
supply and demand disruptions. Because the Fund’s performance may be
linked to the performance of volatile commodities, investors should be
willing to assume the risks of potentially significant fluctuations in the value
of the Fund’s shares.
Commodities Tax Risk. The tax treatment of commodity-linked derivative
instruments may be adversely affected by changes in legislation, regulations
or other legally binding authority. If, as a result of any such adverse action,
the income of the Fund from certain commodity-linked derivatives was
treated as non-qualifying income, the Fund might fail to qualify as a
regulated investment company and be subject to federal income tax at the
Fund level. As a result of an announcement by the Internal Revenue Service
(IRS), the Fund intends to invest in commodity-linked notes: (a) directly,
relying on an opinion of counsel confirming that income from such
investments should be qualifying income because such commodity-linked
notes constitute securities under section 2(a)(36) of the 1940 Act or (b)
indirectly through the Subsidiary. Should the IRS issue further guidance, or
Congress enact legislation, that adversely affects the tax treatment of the
Fund’s use of commodity-linked notes or the Subsidiary (which guidance
might be applied to the Fund retroactively), it could, among other
consequences, limit the Fund’s ability to pursue its investment strategy.
Changing Fixed Income Market Conditions Risk. The current low interest
rate environment was created in part by the Federal Reserve Board (FRB)
and certain foreign central banks keeping the federal funds and equivalent
foreign rates near historical lows. Increases in the federal funds and
equivalent foreign rates may expose fixed income markets to heightened
volatility and reduced liquidity for certain fixed income investments,
particularly those with longer maturities. In addition, decreases in fixed
income dealer market-making capacity may also potentially lead to
heightened volatility and reduced liquidity in the fixed income markets. As a
result, the value of the Fund’s investments and share price may decline.
Changes in central bank policies could also result in higher than normal
shareholder redemptions, which could potentially increase portfolio turnover
and the Fund’s transaction costs.
Foreign Securities Risk. The Fund’s foreign investments may be
adversely affected by political and social instability, changes in economic or
taxation policies, difficulty in enforcing obligations, decreased liquidity or
increased volatility. Foreign investments also involve the risk of the possible
seizure, nationalization or expropriation of the issuer or foreign deposits (in
which the Fund could lose its entire investments in a certain market) and
the possible adoption of foreign governmental restrictions such as exchange
controls. Foreign companies generally may be subject to less stringent
regulations than U.S. companies, including financial reporting requirements
and auditing and accounting controls, and may therefore be more
susceptible to fraud or corruption. There may be less public information
available about foreign companies than U.S. companies, making it difficult
to evaluate those foreign companies. Unless the Fund has hedged its
foreign currency exposure, foreign securities risk also involves the risk of
negative foreign currency rate fluctuations, which may cause the value of
securities denominated in such foreign currency (or other instruments
through which the Fund has exposure to foreign currencies) to decline in
value. Currency exchange rates may fluctuate significantly over short
periods of time. Currency hedging strategies, if used, are not always
successful.
Emerging Market Securities Risk. Emerging markets (also referred to as
developing markets) are generally subject to greater market volatility,
political, social and economic instability, uncertain trading markets and more
governmental limitations on foreign investment than more developed
markets. In addition, companies operating in emerging markets may be
subject to lower trading volume and greater price fluctuations than
companies in more developed markets. Such countries’ economies may be
more dependent on relatively few industries or investors that may be highly
vulnerable to local and global changes. Companies in emerging market
countries generally may be subject to less stringent regulatory, disclosure,
financial reporting, accounting, auditing and recordkeeping standards than
companies in more developed countries. As a result, information, including
financial information, about such companies may be less available and
reliable, which can impede the Fund’s ability to evaluate such companies.
Securities law and the enforcement of systems of taxation in many
emerging market countries may change quickly and unpredictably, and the
ability to bring and enforce actions (including bankruptcy, confiscatory
taxation, expropriation, nationalization of a company’s assets, restrictions on
foreign ownership of local companies, restrictions on withdrawing assets
from the country, protectionist measures and practices such as share
blocking), or to obtain information needed to pursue or enforce such
actions, may be limited. In addition, the ability of foreign entities to
participate in privatization programs of certain developing or emerging
market countries may be limited by local law. Investments in emerging
market securities may be subject to additional transaction costs, delays in
settlement procedures, unexpected market closures, and lack of timely
information.
Foreign Government Debt Risk. Investments in foreign government debt
securities (sometimes referred to as sovereign debt securities) involve
certain risks in addition to those relating to foreign securities or debt
securities generally. The issuer of the debt or the governmental authorities
that control the repayment of the debt may be unable or unwilling to repay
principal or interest when due in accordance with the terms of such debt,
and the Fund may have limited recourse in the event of a default against the
defaulting government. Without the approval of debt holders, some
governmental debtors have in the past been able to reschedule or
restructure their debt payments or declare moratoria on payments.
LIBOR Transition Risk. The Fund may have investments in financial
instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the
reference or benchmark rate for variable interest rate calculations. LIBOR is
intended to measure the rate generally at which banks can lend and borrow
from one another in the relevant currency on an unsecured basis.
Regulators and financial industry working groups in several jurisdictions
have worked over the past several years to identify alternative reference
rates (“ARRs”) to replace LIBOR and to assist with the transition to the new
ARRs. In connection with the transition, on March 5, 2021 the UK Financial
Conduct Authority (FCA), the regulator that oversees LIBOR, announced that
the majority of LIBOR rates would cease to be published or would no longer
be representative on January 1, 2022. Consequently, the publication of
most LIBOR rates ceased at the end of 2021, but a selection of widely used
USD LIBOR rates continues to be published until June 2023 to allow for an
orderly transition away from these rates. Additionally, key regulators have
instructed banking institutions to cease entering into new contracts that
reference these USD LIBOR settings after December 31, 2021, subject to
certain limited exceptions.
There remains uncertainty and risks relating to the continuing LIBOR
transition and its effects on the Fund and the instruments in which the Fund
invests. For example, there can be no assurance that the composition or
characteristics of any ARRs or financial instruments in which the Fund
invests that utilize ARRs will be similar to or produce the same value or
economic equivalence as LIBOR or that these instruments will have the
same volume or liquidity. Additionally, although regulators have generally
prohibited banking institutions from entering into new contracts that
reference those USD LIBOR settings that continue to exist, there remains
uncertainty and risks relating to certain “legacy” USD LIBOR instruments
that were issued or entered into before December 31, 2021 and the
process by which a replacement interest rate will be identified and
implemented into these instruments when USD LIBOR is ultimately
discontinued. The effects of such uncertainty and risks in “legacy” USD
LIBOR instruments held by the Fund could result in losses to the Fund.
Commodity-Linked Notes Risk. In addition to risks associated with the
underlying commodities, investments in commodity-linked notes may be
subject to additional risks, such as non-payment of interest and loss of
principal, counterparty risk, lack of a secondary market and risk of greater
volatility than traditional equity and debt securities. The value of the
commodity-linked notes the Fund buys may fluctuate significantly because
the values of the underlying investments to which they are linked are
themselves volatile. Additionally, certain commodity-linked notes employ
“economic” leverage by requiring payment by the issuer of an amount that
is a multiple of the price increase or decrease of the underlying commodity,
commodity index, or other economic variable. Such economic leverage will
increase the volatility of the value of these commodity-linked notes and the
Fund to the extent it invests in such notes.
Short Position Risk. Because the Fund’s potential loss on a short
position arises from increases in the value of the asset sold short, the Fund
will incur a loss on a short position, which is theoretically unlimited, if the
price of the asset sold short increases from the short sale price. The
counterparty to a short position or other market factors may prevent the
Fund from closing out a short position at a desirable time or price and may
reduce or eliminate any gain or result in a loss. In a rising market, the
Fund’s short positions will cause the Fund to underperform the overall
market and its peers that do not engage in shorting. If the Fund holds both
long and short positions, and both positions decline simultaneously, the
short positions will not provide any buffer (hedge) from declines in value of
the Fund’s long positions. Certain types of short positions involve leverage,
which may exaggerate any losses, potentially more than the actual cost of
the investment, and will increase the volatility of the Fund’s returns.
Exchange-Traded Funds Risk. In addition to the risks associated with
the underlying assets held by the exchange-traded fund, investments in
exchange-traded funds are subject to the following additional risks: (1) an
exchange-traded fund’s shares may trade above or below its net asset
value; (2) an active trading market for the exchange-traded fund’s shares
may not develop or be maintained; (3) trading an exchange-traded fund’s
shares may be halted by the listing exchange; (4) a passively managed
exchange-traded fund may not track the performance of the reference
asset; and (5) a passively managed exchange-traded fund may hold
troubled securities. Investment in exchange-traded funds may involve
duplication of management fees and certain other expenses, as the Fund
indirectly bears its proportionate share of any expenses paid by the
exchange-traded funds in which it invests. Further, certain exchange-traded
funds in which the Fund may invest are leveraged, which may result in
economic leverage, permitting the Fund to gain exposure that is greater
than would be the case in an unlevered instrument and potentially resulting
in greater volatility.
Exchange-Traded Notes Risk. Exchange-traded notes are subject to
credit risk, counterparty risk, and the risk that the value of the
exchange-traded note may drop due to a downgrade in the issuer’s credit
rating. The value of an exchange-traded note may also be influenced by
time to maturity, level of supply and demand for the exchange-traded note,
volatility and lack of liquidity in the underlying market, changes in the
applicable interest rates, and economic, legal, political, or geographic events
that affect the referenced underlying market or assets. The Fund will bear its
proportionate share of any fees and expenses borne by an exchange-traded
note in which it invests. For certain exchange-traded notes, there may be
restrictions on the Fund’s right to redeem its investment, which is meant to
be held until maturity.
Factor-Based Strategy Risk. Although the Fund may have investments
that track equity indices that emphasize exposure to companies associated
with certain characteristics, known as style factors, there is no guarantee
that this strategy will be successful.
Volatility Risk. Certain of the Fund’s investments may appreciate or
decrease significantly in value over short periods of time. This may cause
the Fund’s net asset value per share to experience significant increases or
declines in value over short periods of time.
Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly
exposed to risks associated with the Subsidiary’s investments. The
Subsidiary is not registered under the Investment Company Act of 1940, as
amended (1940 Act), and, except as otherwise noted in this prospectus, is
not subject to the investor protections of the 1940 Act. Changes in the laws
of the United States and/or the Cayman Islands, under which the Fund and
the Subsidiary, respectively, are organized, could result in the inability of the
Fund and/or the Subsidiary to operate as described in this prospectus and
the SAI, and could negatively affect the Fund and its shareholders.
Money Market Fund Risk. Although money market funds generally seek
to preserve the value of an investment at $1.00 per share, the Fund may
lose money by investing in money market funds. A money market fund’s
sponsor has no legal obligation to provide financial support to the money
market fund. The credit quality of a money market fund’s holdings can
change rapidly in certain markets, and the default of a single holding could
have an adverse impact on the money market fund’s share price. A money
market fund’s share price can also be negatively affected during periods of
high redemption pressures, illiquid markets and/or significant market
volatility.
U.S. Government Obligations Risk. Obligations of U.S. Government
agencies and authorities receive varying levels of support and may not be
backed by the full faith and credit of the U.S. Government, which could
affect the Fund’s ability to recover should they default. No assurance can be
given that the U.S. Government will provide financial support to its agencies
and authorities if it is not obligated by law to do so.
Financial Markets Regulatory Risk. Policy changes by the U.S.
government or its regulatory agencies and political events within the U.S.
and abroad may, among other things, affect investor and consumer
confidence and increase volatility in the financial markets, perhaps suddenly
and to a significant degree, which may adversely impact the Fund’s
operations, universe of potential investment options, and return potential.
Active Trading Risk. Active trading of portfolio securities may result in
added expenses and a lower return.
Management Risk. The Fund is actively managed and depends heavily
on the Adviser’s judgment about markets, interest rates or the
attractiveness, relative values, liquidity, or potential appreciation of particular
investments made for the Fund’s portfolio. The Fund could experience
losses if these judgments prove to be incorrect. Because the Fund’s
investment process relies heavily on its asset allocation process, market
movements that are counter to the portfolio managers’ expectations may
have a significant adverse effect on the Fund’s net asset value. Additionally,
legislative, regulatory, or tax developments may adversely affect
management of the Fund and, therefore, the ability of the Fund to achieve
its investment objective.
Important information about Variable Products
This content is provided for informational and/or educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Investors should consult a financial and/or tax professional before making any investment decisions if they are uncertain whether an investment is suitable for them.
Invesco Variable Insurance Funds are available solely as underlying investment options for variable life insurance and variable annuity products issued or administered by life insurance companies. This information is provided to help investors consider the objectives, risks, charges, and expenses associated with these underlying investment option(s). Investors should contact their investment or insurance professional for important information about the variable life insurance and variable annuity products that hold these investment options. Invesco Distributors, Inc. does not offer any variable products.
Shares of Invesco Variable Insurance Funds have no sales charge and are offered at net asset value (“NAV”). These Funds are available solely as an underlying investment option for variable life insurance and variable annuity products issued or administered by life insurance companies. The insurance company actually owns the Shares of the Funds. Investors do not buy, sell or exchange Shares of the Funds directly, but choose investment options through a variable annuity contract or variable life insurance policy. The insurance company then invests in, sells or exchanges the Shares of the Fund according to the investment options chosen by the investor. Fund returns do not reflect fees and expenses of any variable annuity contract or variable life insurance policy and would be lower if they did. Those expenses and fees are determined by the offering insurance company and will vary. Please refer to specific performance reporting from the issuing insurance company for returns that reflect such charges.
Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information.
The returns for the Series shown do not reflect the deduction of fees and expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by insurance company separate accounts. Such fees and expenses would reduce the overall returns shown and vary by insurance companies. Please refer to the variable product's annual report for performance that reflects the deduction of the fees, expenses and other charges imposed by insurance company separate accounts.
No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors, can be expected to affect performance.
About Variable Products
Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense risk charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels the contract within a certain period following initial purchase), and an annual maintenance charge are among the fees and expenses typically associated with these types of variable products.
Please keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize.
Before investing, investors should carefully read their variable annuity or life insurance contract and the associated variable product prospectus, as well as the underlying fund prospectus(es), and carefully consider the investment objectives, risks, charges, and expenses. For this and more complete information about the underlying funds, investors should ask the offering insurance company.