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Ivy Global Income Allocation Fund

  • $15.31 NAV as of 7/13/2018
  • ($0.00) / 0.00% Daily NAV Change
  • -0.37% YTD (NAV)

Summary

Tap the power of global income

Tactical Allocation
Equity allocation range of 35 to 75% of assets and fixed-income allocation range of 25 to 65% (including cash).
Dual Income Targets
Seeks income from both high-quality, dividend-paying companies and fixed- income instruments across the globe.
Global Reach
Offers broad diversification of asset class, country, currency, sector, credit quality and maturity.*
*Diversification does not ensure a profit or protect against loss in a declining market.

Morningstar Style Box

Blend
Large
LTD
Low
Source: Morningstar

Portfolio Management

W. Jeffery Surles, CFA

  • Ivy Investment Management Company
  • 6 Years with Fund
  • 17 Years in Industry
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Jeff Surles is a Vice President of Ivy Investment Management Company. 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. Mr. Surles joined Ivy in June in 2007 as a fixed income investment analyst. He was appointed assistant vice president in January 2012. He was named portfolio manager of the Ivy Global Income Allocation Fund in 2012.

Growth of a $10,000 Investment
through 6/30/2018

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 7/13/2018

Net Asset Value (NAV) $15.31
Daily NAV Change ($) ($0.00) 0.00%
Weekly NAV Change ($) $0.03 0.20%
Public Offering Price (POP) $15.70

Fund Facts

Ticker Symbol IIBEX
CUSIP 465899771
Fund Code 449
Fund Type Global/International
Fund Inception 9/16/1994
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 6/30/2018) $589.3 mil
Total Equity Holdings (as of 6/30/2018) 47
Total Holdings (as of 6/30/2018) 103
Portfolio Turnover Rate (as of 3/31/2018) 42%
Lipper Category Flexible Portfolio Funds
Morningstar Category World Allocation
Benchmark 60% FTSE All-World High Dividend Yield Index + 40% Bloomberg Barclays Global Credit Index
Benchmark FTSE All-World High Dividend Yield Index
Benchmark Bloomberg Barclays Global Credit Index
Benchmark MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40
Benchmark MSCI World High Dividend Yield NR USD
Benchmark Bloomberg Barclays Multiverse 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 E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

Monthly Rates of Return

Average Annual Total Returns as of 6/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
60% FTSE All-World High Dividend Yield Index + 40% Bloomberg Barclays Global Credit Index
FTSE All-World High Dividend Yield Index -4.48% 4.74% 5.51% 6.51% 4.64%
Fund with maximum 5.75% sales charge -4.26% 1.13% 2.84% 4.67% 3.61% 2.97%
MSCI World High Dividend Yield NR USD -3.37% 4.44% 6.72% 7.11% 5.43%
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40<br /> (as of 5/31/2018) -2.59% 3.12% 4.42% 4.58% 3.93%
Fund at NAV -1.80% 3.74% 3.72% 5.19% 3.88% 3.20%
Bloomberg Barclays Multiverse TR USD -1.58% 1.34% 2.78% 1.67% 2.78%
Lipper Flexible Portfolio Funds -0.70% 5.43% 4.38% 5.26% 5.08%
Bloomberg Barclays Global Credit Index -0.66% 1.12% 3.16% 3.56% 5.02%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
60% FTSE All-World High Dividend Yield Index + 40% Bloomberg Barclays Global Credit Index
FTSE All-World High Dividend Yield Index -4.48% 4.74% 5.51% 6.51% 4.64%
Fund with maximum 5.75% sales charge -4.26% 1.13% 2.84% 4.67% 3.61% 2.97%
MSCI World High Dividend Yield NR USD -3.37% 4.44% 6.72% 7.11% 5.43%
Fund at NAV -1.80% 3.74% 3.72% 5.19% 3.88% 3.20%
Bloomberg Barclays Multiverse TR USD -1.58% 1.34% 2.78% 1.67% 2.78%
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40<br /> (as of 3/31/2018) -1.36% 7.70% 5.35% 4.86% 4.15%
Lipper Flexible Portfolio Funds -0.70% 5.43% 4.38% 5.26% 5.08%
Bloomberg Barclays Global Credit Index -0.66% 1.12% 3.16% 3.56% 5.02%

Calendar Year Return

  2013
Bloomberg Barclays Multiverse TR USD -2.19 0.48 -3.29 2.84 7.69
Class E 10.77 1.58 -2.99 6.34 13.67
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 11.75 1.79 -3.01 13.87
MSCI World High Dividend Yield NR USD 21.91 2.48 -3.20 9.29 18.14

Morningstar Ratings as of 6/30/2018 Morningstar Logo

Category: World Allocation
Ratings are based on risk-adjusted returns
Overall out of 394
3 Year out of 394
5 Year out of 336
10 Year out of 151

Lipper Ranking through 6/30/2018 Lipper Logo

Category: Flexible Portfolio Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 408/631 65
3 Year 301/487 62
5 Year 198/366 54
10 Year 135/170 79

Expense Ratios as of 7/5/2017

Net 1.49%
Gross 1.74%

5-Year Standard Deviation as of 6/30/2018

Bloomberg Barclays Multiverse TR USD 4.47
MSCI World High Dividend Yield NR USD 9.67
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 N/A
FTSE All-World High Dividend Yield Index 10.45
60% FTSE All-World High Dividend Yield Index + 40% Bloomberg Barclays Global Credit Index 7.43
Bloomberg Barclays Global Credit Index 3.96

5-Year MPT* Statistics as of 6/30/2018

*Modern Portfolio Theory
Alpha 0.12
Beta 0.98
R-Squared 87.67
Sharpe Ratio 0.62
Capture Ratio Upside: 93.19%
Downside: 89.21%

Distributions

Historical Prices Inception 4/2/2007

7/2/2018 $15.03 NO NO
7/3/2018 $15.10 NO NO
7/5/2018 $15.20 NO NO
7/6/2018 $15.28 NO NO
7/9/2018 $15.33 NO NO
7/10/2018 $15.38 NO NO
7/11/2018 $15.28 NO NO
7/12/2018 $15.31 NO NO
7/13/2018 $15.31 NO NO

Historical Distributions Inception 4/2/2007

3/15/2018 $0.028 Long: $0.000 Short: $0.000 $15.34 3/15/2018
12/14/2017 $0.1865 Long: $0.000 Short: $0.000 $15.42 12/14/2017
9/14/2017 $0.168 Long: $0.000 Short: $0.000 $15.23 9/14/2017
6/15/2017 $0.169 Long: $0.000 Short: $0.000 $15.16 6/15/2017
3/16/2017 $0.032 Long: $0.000 Short: $0.000 $14.89 3/16/2017
12/8/2016 $0.187 Long: $0.000 Short: $0.000 $14.15 12/8/2016
9/15/2016 $0.139 Long: $0.000 Short: $0.000 $14.29 9/15/2016
6/16/2016 $0.188 Long: $0.000 Short: $0.000 $13.86 6/16/2016
3/10/2016 $0.033 Long: $0.000 Short: $0.000 $13.62 3/10/2016
12/10/2015 $0.229 Long: $0.000 Short: $0.000 $13.84 12/10/2015
9/10/2015 $0.118 Long: $0.000 Short: $0.000 $14.12 9/10/2015
6/11/2015 $0.197 Long: $0.000 Short: $0.000 $15.52 6/11/2015
3/12/2015 $0.068 Long: $0.000 Short: $0.000 $15.34 3/12/2015
12/11/2014 $0.209 Long: $0.000 Short: $0.000 $14.9 12/11/2014
9/11/2014 $0.119 Long: $0.000 Short: $0.000 $15.74 9/11/2014
6/12/2014 $0.197 Long: $0.000 Short: $0.000 $15.99 6/12/2014
3/13/2014 $0.099 Long: $0.000 Short: $0.000 $15.31 3/13/2014

*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 6/30/2018

NAV 3.89%
With Sales Charge 3.79%

Annualized 30-Day SEC Yield as of 6/30/2018

Subsidized - NAV 3.83%
Unsubsidized - NAV 3.69%

Portfolio

Top 10 Equity Holdings as a % of net assets 6/30/2018

Ares Capital Corp. 1.84%
Vermilion Energy, Inc. Vermilion Energy, Inc., is an oil and gas production company, focusing on the acquisition, development and optimization of producing properties in North America, Europe and Australia. 1.84%
Fortress Transportation and Infrastructure Investors LLC Fortress Transportation and Infrastructure Investors LLC owns and acquires infrastructure and related equipment for the transportation of goods and people worldwide. 1.78%
Lockheed Martin Corp. Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. 1.76%
Intel Corp. Intel Corporation is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. 1.69%
St. James's Place plc St. James's Place Plc engages in the provision of wealth management advice, investment management, and related services to businesses and individuals. The company was founded in 1991 and is headquartered in Cirencester, U.K. 1.68%
Broadcom Corp., Class A 1.64%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. The Company owns, directly or indirectly, investments in the numerous companies constituting Shell. 1.59%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 1.57%
Sampo plc, A Shares Administers a range of European life and property/casualty insurance companies. 1.57%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 6/30/2018

Large ( > $10 bil) 72.5%
Medium ($2 - $10 bil) 23.2%
Small ( < $2 bil) 4.3%
Median Market Cap (as of 6/30/2018) $32.3 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 6/30/2018

Pharmaceuticals 8.2%
Semiconductors 7.6%
Asset Management & Custody Banks 4.8%
Life & Health Insurance 4.5%
Tobacco 4.5%
Multi-Line Insurance 4.1%
Construction & Engineering 4.0%
Mortgage REITs 3.9%
Oil & Gas Exploration & Production 3.0%
Trading Companies & Distributors 2.9%

Maturity
as a % of fixed income assets as of 6/30/2018

<1 Year 19.0%
1-5 Years 31.8%
5-10 Years 33.9%
10-20 Years 5.1%
>20 Years 10.1%
Average Maturity 4.68 years
Effective Duration 3.52 years

Fixed Income Country Allocation
as a % of bond holdings as of 6/30/2018

United States 37.6%
United Kingdom 15.2%
Luxembourg 9.5%
France 8.7%
Mexico 5.2%
Netherlands 4.4%
Argentina 4.2%
Cayman Islands 3.7%
Uruguay 2.4%
Canada 2.2%
Italy 1.7%
Turkey 1.7%
Brazil 1.5%
Ireland 1.3%
Columbia 0.6%
Singapore 0.1%

Sector Allocation
as a % of equity assets as of 6/30/2018

Financials 24.92%
Industrials 14.83%
Consumer Staples 10.58%
Health Care 10.28%
Energy 10.12%
Information Technology 9.62%
Consumer Discretionary 7.11%
Utilities 4.83%
Telecommunication Services 3.63%
Real Estate 2.16%
Materials 1.92%

Quality
as a % of fixed income assets as of 6/30/2018

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.
NonRated 6.60%
Government Bonds 3.30%
AA 2.20%
A 1.00%
BBB 8.90%
BB 38.00%
B 34.30%
CCC 5.70%

Portfolio Composition
as a % of net assets as of 6/30/2018

Foreign Common Stock 31.77%
Corporate Bonds 31.34%
Domestic Common Stock 29.70%
Cash and Cash Equivalents 2.69%
Other Government Securities 2.29%
Government Bonds 1.20%
Senior Loans 1.01%

Equity Country Allocation
as a % of equity assets as of 6/30/2018

United States 46.0%
United Kingdom 8.7%
Spain 6.3%
Australia 5.9%
Canada 5.5%
Switzerland 5.4%
France 3.4%
Germany 3.2%
Netherlands 2.6%
Finland 2.6%
Ireland 2.1%
India 2.1%
China 1.8%
Japan 1.6%
Italy 1.5%
New Zealand 1.4%

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. 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. 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. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Dividend- paying investments may not experience the same price appreciation as non-dividend paying instruments. Dividend-paying companies may choose to not pay a dividend or the dividend may be less than expected. 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.

Effective April 30, 2018, the Fund's benchmark changed from the 60% MSCI World High Dividend Yield index / 40% Bloomberg Barclays Multiverse Index to 60% FTSE All World High Dividend Yield Index / 40% Bloomberg Barclays Global Credit Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Index Description: The Bloomberg Barclays Multiverse TR USD - The Barclays Multiverse Index is an unmanaged index comprised of securities that represent the global bond market. It is not possible to invest directly in an index.

Index Description: The index shown is a custom blend index comprised of 60% MSCI World High Dividend Yield Index and 40% Bloomberg Barclays Multiverse Index. Bloomberg Barclays Multiverse Index is comprised of securities that represent the global bond market. MSCI World High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) with higher than average dividend yields that are both sustainable and persistent, first calculated on 10/31/2006.

Index Description: The FTSE All-World High Dividend Yield Index is designed to represent the performance of companies in the FTSE All-World Index after the implementation a forecast dividend yield ranking process. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. It is not possible to invest directly in an index.

Index Description: The FTSE All-World High Dividend Yield Index is designed to represent the performance of companies in the FTSE All-World Index after the implementation a forecast dividend yield ranking process. It is not possible to invest directly in an index.

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.

For periods prior to December 8, 2003, the performance shown below is the performance of the Class A shares of Advantus International Balanced Fund which along with its other classes of shares was reorganized on December 8, 2003 into Class A shares of Ivy Global Income Allocation Fund. For that time period, the Fund would have had substantially similar annual returns because the shares would have been invested in a similar portfolio of securities, but would differ to the extent that the Fund has different expenses. Performance prior to December 8, 2003, has not been restated to reflect the estimated annual operating expenses of Ivy Global Income Allocation Fund. If those expenses were reflected, performance shown below would differ.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, 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 for Class E shares at 1.33% and Class Y shares at 1.17%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

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.