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Ivy High Income Fund

  • $7.37 NAV as of 10/19/2018
  • ($-0.01) / -0.14% Daily NAV Change
  • 2.53% YTD (NAV)

Summary

Seeking to increase income potential through credit selection

Flexibility
A non-investment-grade credit product with the ability to invest in both bonds and senior loans.
Management discipline
A high priority on individual credit selection and bottom-up credit research instead of sector bets or macro calls.
Income
The potential to generate higher levels of income than an investment-grade portfolio, although at greater risk.

Morningstar Style Box

Growth
Medium
LTD
Low
Source: Morningstar

Portfolio Management

Chad Gunther

  • Ivy Investment Management Company
  • 4 Years with Fund
  • 20 Years in Industry
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Chad Gunther is portfolio manager of Ivy High Income Fund, Ivy VIP High Income and Ivy High Income Opportunities Fund, managing the funds since 2014. He is portfolio manager of the High Income Strategy sleeve of Ivy Apollo Strategic Income Fund and of Ivy Apollo Multi-Asset Income Fund since 2015. Mr. Gunther joined the organization in 2003 as a high yield fixed income investment analyst. He was appointed assistant vice president and named assistant portfolio manager of the firm's High Income funds in 2008. He was appointed vice president in 2013 and senior vice president in 2014. Prior to joining the firm, Mr. Gunther was affiliated with Dialpad Communications as director of business operations. His responsibilities included the customer care, risk management and billing departments. Before joining Dialpad, Mr. Gunther was an associate analyst in equity research for George K. Baum & Company. He spent five years with Piper Jaffray before earning his master’s degree. Mr. Gunther graduated from the University of Kansas in 1993 with a BS in Business Administration with an emphasis in Economics. He earned an MBA with an emphasis in Finance from Washington University/St. Louis Olin Graduate School of Business in 2000.

Growth of a $10,000 Investment
through 9/30/2018

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 10/19/2018

Net Asset Value (NAV) $7.37
Daily NAV Change ($) ($-0.01) -0.14%
Weekly NAV Change ($) $-0.04 -0.54%
Public Offering Price (POP) $7.56

Fund Facts

Ticker Symbol IVHEX
CUSIP 466000130
Fund Code 409
Fund Type Fixed Income Funds
Fund Inception 7/31/1997
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid Daily, Paid Monthly
Fund Assets (as of 9/30/2018) $5.6 bil
Total Equity Holdings (as of 9/30/2018) 4
Total Holdings (as of 9/30/2018) 290
Portfolio Turnover Rate (as of 3/31/2018) 39%
Morningstar Category High Yield Bond
Lipper Category High Current Yield Funds
Benchmark ICE BofAML US High Yield Index

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 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge 0.98% 1.82% 6.34% 4.10% 8.58% 6.85%
Morningstar High Yield Bond 1.84% 2.36% 6.41% 4.31% 7.62%
ICE BofAML US High Yield Index 2.52% 2.94% 8.19% 5.54% 9.38%
Fund at NAV 3.52% 4.50% 7.24% 4.62% 8.85% 7.09%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 5.75% sales charge 0.98% 1.82% 6.34% 4.10% 8.58% 6.85%
Morningstar High Yield Bond 1.84% 2.36% 6.41% 4.31% 7.62%
ICE BofAML US High Yield Index 2.52% 2.94% 8.19% 5.54% 9.38%
Fund at NAV 3.52% 4.50% 7.24% 4.62% 8.85% 7.09%

Calendar Year Return

Indexes 2013
ICE BofAML US High Yield Index 7.48 17.49 -4.64 2.50 7.42
Class E 7.74 16.52 -7.66 1.18 9.71

Morningstar Ratings as of 9/30/2018 Morningstar Logo

Category: High Yield Bond
Ratings are based on risk-adjusted returns
Overall out of 592
3 Year out of 592
5 Year out of 502
10 Year out of 331

Morningstar Ranking as of 9/30/2018 Morningstar Logo

Category: High Yield Bond
 
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 48/692 7
3 Year 143/592 26
5 Year 193/502 41
10 Year 38/331 13

Expense Ratios as of 7/31/2018

Net 1.08%
Gross 1.21%

5-Year Standard Deviation as of 9/30/2018

ICE BofAML US High Yield Index 4.97

5-Year MPT* Statistics as of 9/30/2018

*Modern Portfolio Theory
Alpha -0.77
Beta 0.98
R-Squared 89.08
Sharpe Ratio 0.80
Capture Ratio Upside: 90.47%
Downside: 99.01%

Distributions

Historical Prices Inception 4/2/2007

10/1/2018 $7.47 NO NO
10/2/2018 $7.48 NO NO
10/3/2018 $7.48 NO NO
10/4/2018 $7.45 NO NO
10/5/2018 $7.44 NO NO
10/8/2018 $7.44 NO NO
10/9/2018 $7.42 NO NO
10/10/2018 $7.41 NO NO
10/11/2018 $7.40 NO NO
10/12/2018 $7.41 NO NO
10/15/2018 $7.39 NO NO
10/16/2018 $7.40 NO NO
10/17/2018 $7.39 NO NO
10/18/2018 $7.38 NO NO
10/19/2018 $7.37 NO NO

Historical Distributions Inception 4/2/2007

9/27/2018 $0.0411 Long: $0.000 Short: $0.000 $7.46 9/27/2018
8/27/2018 $0.0397 Long: $0.000 Short: $0.000 $7.49 8/27/2018
7/27/2018 $0.041 Long: $0.000 Short: $0.000 $7.47 7/27/2018
6/27/2018 $0.0381 Long: $0.000 Short: $0.000 $7.48 6/27/2018
5/25/2018 $0.0389 Long: $0.000 Short: $0.000 $7.49 5/25/2018
4/27/2018 $0.0435 Long: $0.000 Short: $0.000 $7.49 4/27/2018
3/27/2018 $0.0377 Long: $0.000 Short: $0.000 $7.5 3/27/2018
2/27/2018 $0.038 Long: $0.000 Short: $0.000 $7.55 2/27/2018
1/26/2018 $0.031 Long: $0.000 Short: $0.000 $7.66 1/26/2018
12/29/2017 $0.0453 Long: $0.000 Short: $0.000 $7.56 12/29/2017
11/27/2017 $0.0402 Long: $0.000 Short: $0.000 $7.51 11/27/2017
10/27/2017 $0.0468 Long: $0.000 Short: $0.000 $7.6 10/27/2017
9/27/2017 $0.042 Long: $0.000 Short: $0.000 $7.62 9/27/2017
8/25/2017 $0.0395 Long: $0.000 Short: $0.000 $7.59 8/25/2017
7/27/2017 $0.0397 Long: $0.000 Short: $0.000 $7.67 7/27/2017
6/27/2017 $0.0521 Long: $0.000 Short: $0.000 $7.63 6/27/2017
5/26/2017 $0.0483 Long: $0.000 Short: $0.000 $7.67 5/26/2017
4/27/2017 $0.0402 Long: $0.000 Short: $0.000 $7.62 4/27/2017
3/27/2017 $0.0305 Long: $0.000 Short: $0.000 $7.54 3/27/2017
2/27/2017 $0.036 Long: $0.000 Short: $0.000 $7.65 2/27/2017
1/27/2017 $0.0369 Long: $0.000 Short: $0.000 $7.58 1/27/2017
12/30/2016 $0.0536 Long: $0.000 Short: $0.000 $7.49 12/30/2016
11/25/2016 $0.049 Long: $0.000 Short: $0.000 $7.35 11/25/2016
10/27/2016 $0.045 Long: $0.000 Short: $0.000 $7.4 10/27/2016
9/27/2016 $0.0452 Long: $0.000 Short: $0.000 $7.37 9/27/2016
8/26/2016 $0.0481 Long: $0.000 Short: $0.000 $7.35 8/26/2016
7/27/2016 $0.0449 Long: $0.000 Short: $0.000 $7.29 7/27/2016
6/27/2016 $0.0428 Long: $0.000 Short: $0.000 $7.08 6/27/2016
5/27/2016 $0.0493 Long: $0.000 Short: $0.000 $7.16 5/27/2016
4/27/2016 $0.046 Long: $0.000 Short: $0.000 $7.1 4/27/2016
3/24/2016 $0.0407 Long: $0.000 Short: $0.000 $6.9 3/24/2016
2/26/2016 $0.0472 Long: $0.000 Short: $0.000 $6.63 2/26/2016
1/27/2016 $0.0358 Long: $0.000 Short: $0.000 $6.69 1/27/2016
12/31/2015 $0.0513 Long: $0.000 Short: $0.000 $6.94 12/31/2015
11/27/2015 $0.0505 Long: $0.000 Short: $0.000 $7.3 11/27/2015
10/27/2015 $0.0473 Long: $0.000 Short: $0.000 $7.56 10/27/2015
9/25/2015 $0.0485 Long: $0.000 Short: $0.000 $7.55 9/25/2015
8/27/2015 $0.0479 Long: $0.000 Short: $0.000 $7.67 8/27/2015
7/27/2015 $0.0443 Long: $0.000 Short: $0.000 $7.84 7/27/2015
6/26/2015 $0.0471 Long: $0.000 Short: $0.000 $7.98 6/26/2015
5/27/2015 $0.0443 Long: $0.000 Short: $0.000 $8.13 5/27/2015
4/27/2015 $0.0441 Long: $0.000 Short: $0.000 $8.14 4/27/2015
3/27/2015 $0.0435 Long: $0.000 Short: $0.000 $8.08 3/27/2015
2/27/2015 $0.0484 Long: $0.000 Short: $0.000 $8.13 2/27/2015
1/27/2015 $0.0383 Long: $0.000 Short: $0.000 $7.99 1/27/2015
12/31/2014 $0.0522 Long: $0.000 Short: $0.000 $8.07 12/31/2014
12/11/2014 $0 Long: $0.096 Short: $0.046 $8.08 12/11/2014
11/26/2014 $0.0482 Long: $0.000 Short: $0.000 $8.44 11/26/2014
10/27/2014 $0.0406 Long: $0.000 Short: $0.000 $8.52 10/27/2014
9/26/2014 $0.045 Long: $0.000 Short: $0.000 $8.51 9/26/2014
8/27/2014 $0.0498 Long: $0.000 Short: $0.000 $8.68 8/27/2014
7/25/2014 $0.043 Long: $0.000 Short: $0.000 $8.7 7/25/2014
6/27/2014 $0.0467 Long: $0.000 Short: $0.000 $8.76 6/27/2014
5/27/2014 $0.0428 Long: $0.000 Short: $0.000 $8.73 5/27/2014
4/25/2014 $0.0472 Long: $0.000 Short: $0.000 $8.72 4/25/2014
3/27/2014 $0.0421 Long: $0.000 Short: $0.000 $8.74 3/27/2014
2/27/2014 $0.0455 Long: $0.000 Short: $0.000 $8.74 2/27/2014
1/27/2014 $0.0358 Long: $0.000 Short: $0.000 $8.66 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 9/30/2018

NAV 6.44%
With Sales Charge 6.28%

Annualized 30-Day SEC Yield as of 9/30/2018

Subsidized - NAV 6.34%
Unsubsidized - NAV 6.19%

Portfolio

Top 10 Holdings as a % of net assets 9/30/2018

New Cotai LLC and New Cotai Capital Corp., 10.6%, 5/1/2019 2.71%
Laureate Education, Inc., 8.3%, 5/1/2025 2.17%
Altice S.A., 7.8%, 5/15/2022 1.58%
Olympus Merger Sub, Inc., 8.5%, 10/15/2025 1.58%
Italics Merger Sub, Inc., 7.1%, 7/15/2023 1.58%
Kronos Acquisition Holdings, Inc., 9.0%, 8/15/2023 1.56%
Dynacast International LLC, 10.9%, 1/30/2023 1.42%
Laureate Education, Inc., Class A 1.40%
VTR Finance B.V., 6.9%, 1/15/2024 1.29%
Numericable - SFR S.A., 7.4%, 5/1/2026 1.24%

Total Portfolio Holdings

Updated quarterly, upon availability.

Maturity
as a % of fixed income assets as of 9/30/2018

<1 Year 4.6%
1-5 Years 37.3%
5-10 Years 58.1%
10-20 Years 0.0%
>20 Years 0.0%
Average Maturity 4.37 years
Effective Duration 3.33 years

Fixed Income Country Allocation
as a % of bond holdings as of 9/30/2018

United States 81.9%
Canada 6.2%
Luxembourg 4.4%
Netherlands 3.1%
France 2.3%
United Kingdom 0.9%
Cayman Islands 0.4%
Macau 0.4%
Jamaica 0.4%
Austria 0.1%
Hong Kong 0.0%

Quality
as a % of fixed income assets as of 9/30/2018

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 5.30%
BB 9.50%
B 51.70%
CCC 32.20%
Below CCC 1.30%

Portfolio Composition
as a % of net assets as of 9/30/2018

Corporate Bonds 70.14%
Senior Loans 22.43%
Domestic Common Stock 3.12%
Cash and Cash Equivalents 2.75%
Preferred Stock 1.40%
Foreign Common Stock 0.16%

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. Investing in below investment grade 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. 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 BofAML U.S. HY Master II TR USD tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 E shares at 1.08%. 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, IICO, IDI and/or WISC 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 B shares at 1.71%; and Class C shares at 1.66%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 T 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.

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.

Class T shares were launched on July 5, 2017.

Waddell & Reed Advisors High Income Fund merged into Ivy High Income Fund on Feb. 26, 2018.

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.