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Ivy Municipal High Income Fund

  • $5.09 NAV as of 12/8/2016
  • ($-0.01) / -0.20% Daily NAV Change
  • 0.20% YTD (NAV)

Summary

Tax free income potential with an eye on volatility

Focus
Favors essential services, such as health care facilities, instead of what we believe to be more speculative areas such as industrial development.
Research base
Credit selection is rooted in an in-depth process emphasizing credit risk, security structure and duration management.
Investment discipline
Invests primarily in high-yield revenue bonds that are repaid from dedicated sources such as user fees.

Morningstar Style Box

MOD
Low
Source: Morningstar

Portfolio Management

Michael J. Walls

  • Ivy Investment Management Company
  • 7 Years with Fund
  • 18 Years in Industry
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Michael J. Walls is a senior vice president of Ivy Investment Management Company. Mr. Walls graduated in 1993 with a BA in economics and German from Denison University. As an undergraduate he spent a year in Germany studying international business at the Justus Liebig University Giessen. He earned an MBA with an emphasis in finance from Xavier University in 1998. He also holds a Certificate in General Insurance. Prior to joining Ivy, he was an investment analyst with Cincinnati Financial Corporation, an insurance company and investment advisor. Mr. Walls joined the organization in March 1999 as an investment analyst. His research responsibilities are concentrated in municipals with an emphasis in non-investment grade and investment grade bonds. He was appointed assistant vice president in January 2002 and assistant portfolio manager in January 2004.

Growth of a $10,000 Investment
through 11/30/2016

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

What's in a rating
  • Ivy Municipal High Income Fund
  • June 27, 2016

What's in a rating?

Bond quality ratings continue to be a point of focus in the municipal bond market. But should they be?

Quarterly Fund Commentary

Daily Prices as of 12/8/2016

Net Asset Value (NAV) $5.09
Daily NAV Change ($) ($-0.01) -0.20%
Weekly NAV Change ($) $0.03 0.59%
Public Offering Price (POP) $5.32

Fund Facts

Ticker Symbol IYIAX
CUSIP 466001849
Fund Code 665
Fund Type Fixed Income Funds
Fund Inception 12/30/1998
Class Inception 5/18/2009
Fiscal Year End September
Dividends Paid Daily, Paid Monthly
Fund Assets (as of 11/30/2016) $1.2 bil
Total Equity Holdings
Total Holdings (as of 11/30/2016) 333
Portfolio Turnover Rate (as of 9/30/2016) 3%
Lipper Category High Yield Municipal Debt Funds
Morningstar Category High Yield Muni
Benchmark Bloomberg Barclays HY Muni 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.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with 4.25% sales charge -4.07% -3.35% 3.98% 3.83% 6.70%
Fund at NAV 0.11% 0.88% 5.50% 4.72% 7.32%
Lipper High Yield Municipal Debt Funds 0.16% 1.07% 5.95% 5.50% 3.29% 3.27%
Bloomberg Barclays HY Muni TR USD 1.59% 1.74% 5.28% 5.99% 3.93% 8.08%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund with 4.25% sales charge 0.49% 2.33% 5.76% 4.89% 7.53%
Fund at NAV 4.86% 6.82% 7.30% 5.79% 8.17%
Lipper High Yield Municipal Debt Funds 6.30% 8.67% 8.34% 6.70% 4.12% 7.96%
Bloomberg Barclays HY Muni TR USD 9.37% 11.32% 8.06% 7.36% 4.89% 9.36%

Calendar Year Return

  2011 2012 2013 2014 2015
Bloomberg Barclays HY Muni TR USD 9.25 18.14 -5.51 13.84 1.81
Class A 10.59 11.54 -6.18 13.52 4.17

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: High Yield Muni
Ratings are based on risk-adjusted returns
Overall out of 139
3 Year out of 139
5 Year out of 119
10 Year out of 83

Lipper Ranking through 11/30/2016 Lipper Logo

Category: High Yield Municipal Debt Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 79/159 50
3 Year 86/131 66
5 Year 89/111 80
10 Year

Expense Ratios as of 7/31/2016

Net 0.88%
Gross 0.88%

5-Year Standard Deviation as of 11/30/2016

Bloomberg Barclays HY Muni TR USD 6.35

Distributions

Historical Prices Inception 5/18/2009

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $5.06 NO NO
12/2/2016 $5.06 NO NO
12/5/2016 $5.06 NO NO
12/6/2016 $5.07 NO NO
12/7/2016 $5.10 NO NO

Historical Distributions Inception 5/18/2009

Ex-date Income Capital Gains Reinvest Gains Payment Date
11/25/2016 $0.0192 Long: $0.000 Short: $0.000 $5.13 11/25/2016
10/27/2016 $0.0181 Long: $0.000 Short: $0.000 $5.32 10/27/2016
9/27/2016 $0.0184 Long: $0.000 Short: $0.000 $5.37 9/27/2016
8/26/2016 $0.0194 Long: $0.000 Short: $0.000 $5.38 8/26/2016
7/27/2016 $0.0181 Long: $0.000 Short: $0.000 $5.38 7/27/2016
6/27/2016 $0.0166 Long: $0.000 Short: $0.000 $5.39 6/27/2016
5/27/2016 $0.0197 Long: $0.000 Short: $0.000 $5.32 5/27/2016
4/27/2016 $0.0192 Long: $0.000 Short: $0.000 $5.3 4/27/2016
3/24/2016 $0.0163 Long: $0.000 Short: $0.000 $5.27 3/24/2016
2/26/2016 $0.0195 Long: $0.000 Short: $0.000 $5.26 2/26/2016
1/27/2016 $0.0143 Long: $0.000 Short: $0.000 $5.28 1/27/2016
12/31/2015 $0.0209 Long: $0.000 Short: $0.000 $5.28 12/31/2015
11/27/2015 $0.0203 Long: $0.000 Short: $0.000 $5.26 11/27/2015
10/27/2015 $0.018 Long: $0.000 Short: $0.000 $5.25 10/27/2015
9/25/2015 $0.0178 Long: $0.000 Short: $0.000 $5.24 9/25/2015
8/27/2015 $0.0184 Long: $0.000 Short: $0.000 $5.22 8/27/2015
7/27/2015 $0.0174 Long: $0.000 Short: $0.000 $5.23 7/27/2015
6/26/2015 $0.0187 Long: $0.000 Short: $0.000 $5.23 6/26/2015
5/27/2015 $0.0175 Long: $0.000 Short: $0.000 $5.27 5/27/2015
4/27/2015 $0.0166 Long: $0.000 Short: $0.000 $5.32 4/27/2015
3/27/2015 $0.0166 Long: $0.000 Short: $0.000 $5.31 3/27/2015
2/27/2015 $0.0194 Long: $0.000 Short: $0.000 $5.32 2/27/2015
1/27/2015 $0.0152 Long: $0.000 Short: $0.000 $5.34 1/27/2015
12/31/2014 $0.0199 Long: $0.000 Short: $0.000 $5.28 12/31/2014
11/26/2014 $0.0185 Long: $0.000 Short: $0.000 $5.25 11/26/2014
10/27/2014 $0.0181 Long: $0.000 Short: $0.000 $5.26 10/27/2014
9/26/2014 $0.0209 Long: $0.000 Short: $0.000 $5.24 9/26/2014
8/27/2014 $0.0205 Long: $0.000 Short: $0.000 $5.22 8/27/2014
7/25/2014 $0.0186 Long: $0.000 Short: $0.000 $5.15 7/25/2014
6/27/2014 $0.0224 Long: $0.000 Short: $0.000 $5.15 6/27/2014
5/27/2014 $0.02 Long: $0.000 Short: $0.000 $5.16 5/27/2014
4/25/2014 $0.0209 Long: $0.000 Short: $0.000 $5.07 4/25/2014
3/27/2014 $0.0188 Long: $0.000 Short: $0.000 $5.03 3/27/2014
2/27/2014 $0.0206 Long: $0.000 Short: $0.000 $5.02 2/27/2014
1/27/2014 $0.0178 Long: $0.000 Short: $0.000 $4.98 1/27/2014
12/31/2013 $0.0238 Long: $0.000 Short: $0.000 $4.87 12/31/2013
12/12/2013 $0 Long: $0.005 Short: $0.012 $4.89 12/12/2013
11/27/2013 $0.0217 Long: $0.000 Short: $0.000 $4.95 11/27/2013
10/25/2013 $0.0185 Long: $0.000 Short: $0.000 $4.98 10/25/2013
9/27/2013 $0.0219 Long: $0.000 Short: $0.000 $4.97 9/27/2013
8/27/2013 $0.0197 Long: $0.000 Short: $0.000 $4.92 8/27/2013
7/26/2013 $0.0199 Long: $0.000 Short: $0.000 $5.08 7/26/2013
6/27/2013 $0.0201 Long: $0.000 Short: $0.000 $5.19 6/27/2013
5/24/2013 $0.0159 Long: $0.000 Short: $0.000 $5.49 5/24/2013
4/26/2013 $0.017 Long: $0.000 Short: $0.000 $5.5 4/26/2013
3/27/2013 $0.016 Long: $0.000 Short: $0.000 $5.47 3/27/2013
2/27/2013 $0.0158 Long: $0.000 Short: $0.000 $5.49 2/27/2013
1/25/2013 $0.0142 Long: $0.000 Short: $0.000 $5.49 1/25/2013
12/31/2012 $0.0193 Long: $0.000 Short: $0.000 $5.44 12/31/2012
11/27/2012 $0.0164 Long: $0.000 Short: $0.000 $5.5 11/27/2012
10/26/2012 $0.0169 Long: $0.000 Short: $0.000 $5.44 10/26/2012
9/27/2012 $0.0175 Long: $0.000 Short: $0.000 $5.41 9/27/2012
8/27/2012 $0.0169 Long: $0.000 Short: $0.000 $5.39 8/27/2012
7/27/2012 $0.0191 Long: $0.000 Short: $0.000 $5.4 7/27/2012
6/27/2012 $0.0183 Long: $0.000 Short: $0.000 $5.32 6/27/2012
5/25/2012 $0.0184 Long: $0.000 Short: $0.000 $5.31 5/25/2012
4/27/2012 $0.0202 Long: $0.000 Short: $0.000 $5.28 4/27/2012
3/27/2012 $0.0181 Long: $0.000 Short: $0.000 $5.24 3/27/2012
2/27/2012 $0.0185 Long: $0.000 Short: $0.000 $5.24 2/27/2012
1/27/2012 $0.0179 Long: $0.000 Short: $0.000 $5.21 1/27/2012

*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 11/30/2016

NAV 4.32%
With Sales Charge 4.13%

Annualized 30-Day SEC Yield as of 11/30/2016

Subsidized - NAV 3.36%
Unsubsidized - NAV 3.35%

Portfolio

Top 10 Holdings as a % of net assets 11/30/2016

NY Liberty Dev Corp. Rev Bonds (3 World Trade Center Proj), Ser 2014, 5.0%, 11/15/2044 2.11%
MA Port Auth, Spl Fac Rev Bonds (Delta Air Lines, Inc. Proj), Ser 2001B (Auction Rate Sec) (Insured by AMBAC), 1.5%, 1/1/2031 1.82%
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009E, 12/1/2038 1.77%
IL Fin Auth, Rev Bonds (Admiral at the Lake Proj), Ser 2010A, 8.0%, 5/15/2040 1.59%
Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.), Ser 2006A Sr Current Int Bonds, 5.0%, 6/1/2037 1.32%
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (LBJ Infra Group LLC IH-635 Managed Lanes Proj), Ser 2010, 7.0%, 6/30/2040 1.28%
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009, 6.9%, 12/31/2039 1.23%
MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2008A, 6.9%, 6/1/2042 1.17%
Delaware Cnty Indl Dev Auth, Charter Sch Rev Bonds (Chester Cmnty Charter Sch Proj), Ser 2010A, 6.1%, 8/15/2040 1.14%
KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A, 6.4%, 6/1/2040 1.09%

Total Portfolio Holdings

Updated quarterly, upon availability.

Maturity
as a % of fixed income assets as of 10/31/2016

<1 Year 1.4%
1-5 Years 7.3%
5-10 Years 5.8%
10-20 Years 16.9%
>20 Years 68.6%
Average Maturity 21.01 years
Effective Duration 7.27 years

Fixed Income Country Allocation
as a % of bond holdings as of 11/30/2016

United States 100.0%

Quality
as a % of fixed income assets as of 11/30/2016

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
NonRated 43.40%
AA 1.80%
A 7.10%
BBB 23.10%
BB 11.00%
B 7.80%
CCC 1.00%
Below CCC 4.80%

Portfolio Composition
as a % of net assets as of 11/30/2016

Revenue Bonds 90.19%
General Obligation Bonds 4.68%
Cash and Cash Equivalents 2.47%
Prerefunded/ETM 1.83%
Insured Bonds 0.45%
Corporate Bonds 0.27%
Domestic Common Stock 0.11%

Total Portfolio Holdings

Updated quarterly, upon availability.

The value of the Fund’s shares will change, and you could lose money on your investment. 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. The Fund may include a significant portion of its investments that will pay interest that is taxable under the Alternative Minimum Tax (AMT). Exempt-interest dividends the Fund pays may be subject to state and local income taxes. The portion of the dividends the Fund pays that is attributable to interest earned on U.S. government securities generally is not subject to those taxes, although distributions by the Fund to its shareholders of net realized gains on the sale of those securities are fully subject to those taxes. The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the Federal or state level. 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.

Stylebox: The Morningstar Fixed Income Style Box reveals a fund’s investment style. 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 a Nationally Recognized Statistical Rating Organization (NRSRO). 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. Credit quality breakdowns are shown for corporate-bond holdings and depict the quality of bonds in the underlying portfolio. The report shows the percentage of fixed-income securities that fall within each credit quality rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category. 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 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 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.

Stylebox: The Morningstar Style Box reveals a fund’s investment style as of the date noted on this report. 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 a Nationally Recognized Statistical Rating Organization (NRSRO). 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. Credit quality breakdowns are shown for corporate-bond holdings and depict the quality of bonds in the underlying portfolio. The report shows the percentage of fixed-income securities that fall within each credit quality rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category. 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 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 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 or equal to 6 years; and (iii) Extensive: greater than 6 years.

Index Description: The Barclays Municipal High Yield is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. 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.

The Class Y shares of Waddell & Reed Advisors Municipal High Income Fund were reorganized as the Class I shares of Ivy Municipal High Income Fund on May 18, 2009. The performance shown for periods prior to this date is that of the Class Y shares of Waddell & Reed Advisors Municipal High Income Fund. Performance has not been restated to reflect the estimated annual operating expenses of the Ivy Municipal High Income Fund. If those expenses were reflected, performance shown would differ. Ivy Municipal High Income Fund Class I shares are not subject to sales charges.

Class A, B, C and Y shares of Ivy Municipal High Income Fund are new classes of shares and will have no performance history as of May 18, 2009. Class A, B, C and Y shares will have substantially similar returns to Class I shares of the Fund, though returns will be different to the extent that sales loads, 12b-1 fees and expenses differ among the Classes. Class I shares are only available to certain types of investors. Please see the Fund's prospectus for additional information.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 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 by IDI, WISC or the Board of Trustees.

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 as follows: Class B shares at 1.62%, Class C shares at 1.58%, Class I shares at 0.68% and Class Y shares at 0.94%. 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.

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).

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. 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.

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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