Waddell & Reed Advisors Funds

View 20 actively managed mutual funds that include domestic stock and bond funds, international stock and specialty funds.

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Summary

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.

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Prices & Returns
POP as of 7/27/2017
Average Annual Total Returns
POP as of 6/30/2017
Expense
Ratios
UNACX Waddell & Reed Advisors Accumulative Fund 1 $10.21 ($0.05) 10.26% 7.41% 4.98% 11.73% 5.14% 10.16% 10/9/1940 1.12% 1.12%
UNBDX Waddell & Reed Advisors Bond Fund $6.27 ($0.01) 3.11% -5.33% 0.41% 0.84% 3.16% 6.43% 3/30/1964 0.98% 0.98%
UNCXX Waddell & Reed Advisors Cash Management Fund 2 $1.00 $0.00 0.16% 0.14% 0.06% 0.05% 0.57% 4.57% 8/23/1979 0.73% 0.73%
UNCIX Waddell & Reed Advisors Continental Income Fund 3 $9.79 ($0.03) 6.62% 1.94% 1.07% 7.00% 5.90% 9.07% 6/9/1970 1.12% 1.16%
UNCMX Waddell & Reed Advisors Core Investment Fund $6.61 ($0.03) 9.80% 4.24% 1.98% 10.02% 6.35% 10.62% 10/9/1940 1.05% 1.05%
WDVAX Waddell & Reed Advisors Dividend Opportunities Fund $15.83 ($0.02) 7.47% 4.34% 2.26% 9.25% 3.93% 7.10% 7/1/2003 1.25% 1.25%
WEGAX Waddell & Reed Advisors Energy Fund $11.37 $0.07 -21.96% -16.82% -17.82% -1.40% -1.48% 0.62% 3/1/2006 1.64% 1.64%
UNHHX Waddell & Reed Advisors Global Bond Fund 4 $3.73 $0.00 2.74% -1.91% -1.84% 0.86% 3.05% 5.68% 7/1/1986 1.15% 1.22%
UNCGX Waddell & Reed Advisors Global Growth Fund $13.01 ($0.06) 16.58% 8.96% 0.15% 7.42% 2.98% 8.87% 6/3/1970 1.42% 1.42%
UNGVX Waddell & Reed Advisors Government Securities Fund 5 $5.43 ($0.01) 1.55% -6.22% -0.52% -0.69% 2.28% 5.96% 4/10/1984 1.00% 1.07%
UNHIX Waddell & Reed Advisors High Income Fund $6.83 $0.00 5.99% 7.18% 1.25% 5.60% 6.77% 8.03% 7/9/1979 1.04% 1.04%
UNMBX Waddell & Reed Advisors Municipal Bond Fund $7.53 $0.00 2.83% -4.30% 1.43% 1.80% 4.08% 5.56% 11/5/1976 0.84% 0.89%
UMUHX Waddell & Reed Advisors Municipal High Income Fund 6 $4.74 $0.00 2.63% -4.60% 2.32% 2.91% 4.08% 6.18% 1/21/1986 0.88% 0.88%
UNECX Waddell & Reed Advisors New Concepts Fund 7 $10.79 ($0.03) 14.79% 10.53% 3.28% 10.04% 7.65% 10.49% 6/9/1983 1.33% 1.38%
UNSCX Waddell & Reed Advisors Science and Technology Fund $16.65 ($0.15) 22.07% 21.97% 1.55% 13.44% 9.27% 11.52% 5/16/1950 1.28% 1.28%
UNSAX Waddell & Reed Advisors Small Cap Fund 8 $17.42 ($0.21) 13.71% 17.00% 6.36% 12.35% 8.42% 8.91% 10/4/1999 1.38% 1.45%
WTEAX Waddell & Reed Advisors Tax-Managed Equity Fund $19.48 ($0.14) 17.77% 8.84% 6.13% 12.58% 8.04% 5.20% 3/31/2000 1.08% 1.08%
WVAAX Waddell & Reed Advisors Value Fund 9 $15.79 ($0.03) 7.86% 13.26% 3.56% 11.69% 4.80% 6.26% 12/15/2000 1.22% 1.25%
UNVGX Waddell & Reed Advisors Vanguard Fund 10 $10.75 ($0.09) 17.87% 12.49% 7.12% 12.45% 7.18% 9.40% 10/20/1969 1.15% 1.15%
UNASX Waddell & Reed Advisors Wilshire Global Allocation Fund 11 12 $8.77 ($0.02) 10.59% 2.02% -4.49% 3.96% 4.27% 8.40% 3/9/1995 1.21% 1.14%

1 Fee Waiver and/or Expense Reimbursement: Through October 31, 2017, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), 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 2.29%, Class C shares at 2.07%, and Class Y shares at 0.87%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

2 You could lose money by investing in the Waddell and Reed Advisors Cash Management Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

3 Fee Waiver and/or Expense Reimbursement: Through October 31, 2017, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), 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 A shares at 1.12%, Class B shares at 2.29%, Class C shares at 2.01%, Class Y at 0.88%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

4 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), 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 A shares at 1.15%, Class B shares at 2.50%, Class C shares at 2.03%, and Class Y at 0.83%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

5 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc., 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 A shares at 1.00%, Class B shares at 2.13%, Class C shares at 1.88% and Class Y shares at 0.72%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

6 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc., 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 B shares at 1.81%, Class C shares at 1.70% and Class Y shares at 0.71%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

7 Fee Waiver and/or Expense Reimbursement: Through October 31, 2017, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), 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 A shares at 1.33%, Class B shares at 2.53%, Class C shares at 2.34%, Class Y at 1.04%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

8 Fee Waiver and/or Expense Reimbursement: Through October 31, 2017, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), 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 A shares at 1.38%, Class B shares at 2.55%, Class C shares at 2.28%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

9 Fee Waiver and/or Expense Reimbursement: Through October 31, 2017, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), 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 A shares at 1.22%, Class B shares at 2.50%, Class C shares at 2.13%, and Class Y at 0.92%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

10 Fee Waiver and/or Expense Reimbursement: Through October 31, 2017, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc. (Waddell & Reed), 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 A shares at 2.31%, Class B shares at 2.12%, Class C shares at 0.87%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

11 Effective May 18, 2017, the name of the Fund changed from Waddell & Reed Advisors Asset Strategy Fund to Waddell & Reed Advisors Wilshire Global Allocation Fund, and the Fund changed its investment strategy to operate as a “fund of funds.” The Fund’s performance prior to that date reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place.

12 Fee Waiver and/or Expense Reimbursement: Through October 31, 2018, Waddell & Reed Investment Management Company (WRIMCO), the Fund's investment manager, Waddell & Reed, Inc., 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, shareholder servicing fees and/or acquired fund fees and expenses to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions and extraordinary expenses, if any) for the Fund's Class A shares at 1.14%, Class B at 2.01%, Class C shares at 1.91% and Class Y shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.

Yields

Yields as of 6/30/2017
UNACX Waddell & Reed Advisors Accumulative Fund
UNBDX Waddell & Reed Advisors Bond Fund 2.26% 2.14%
UNCXX Waddell & Reed Advisors Cash Management Fund
UNCIX Waddell & Reed Advisors Continental Income Fund 1.30% 1.22%
UNCMX Waddell & Reed Advisors Core Investment Fund
WDVAX Waddell & Reed Advisors Dividend Opportunities Fund 1.42% 1.34%
WEGAX Waddell & Reed Advisors Energy Fund
UNHHX Waddell & Reed Advisors Global Bond Fund 1.77% 1.67%
UNCGX Waddell & Reed Advisors Global Growth Fund
UNGVX Waddell & Reed Advisors Government Securities Fund 1.36% 1.31%
UNHIX Waddell & Reed Advisors High Income Fund 6.72% 6.34%
UNMBX Waddell & Reed Advisors Municipal Bond Fund 2.94% 2.82%
UMUHX Waddell & Reed Advisors Municipal High Income Fund 4.61% 4.42%
UNECX Waddell & Reed Advisors New Concepts Fund
UNSCX Waddell & Reed Advisors Science and Technology Fund
UNSAX Waddell & Reed Advisors Small Cap Fund
WTEAX Waddell & Reed Advisors Tax-Managed Equity Fund
WVAAX Waddell & Reed Advisors Value Fund
UNVGX Waddell & Reed Advisors Vanguard Fund
UNASX Waddell & Reed Advisors Wilshire Global Allocation Fund

Rankings

Rankings (Fund/Category) as of 6/30/2017
UNACX Waddell & Reed Advisors Accumulative Fund Multi-Cap Core Funds 620/755 316/646 334/562 211/375
UNBDX Waddell & Reed Advisors Bond Fund Corporate Debt Funds A Rated 35/46 31/44 33/39 26/33
UNCXX Waddell & Reed Advisors Cash Management Fund Money Market Funds 78/108 61/91 58/91 39/85
UNCIX Waddell & Reed Advisors Continental Income Fund Mixed-Asset Target Alloc Growth Funds 478/516 394/461 317/428 28/320
UNCMX Waddell & Reed Advisors Core Investment Fund Large-Cap Core Funds 785/834 705/745 601/675 140/526
WDVAX Waddell & Reed Advisors Dividend Opportunities Fund Equity Income Funds 387/533 373/466 257/346 188/227
WEGAX Waddell & Reed Advisors Energy Fund Natural Resources Funds 69/90 45/79 28/68 22/59
UNHHX Waddell & Reed Advisors Global Bond Fund Global Income Funds 46/206 112/191 67/166 46/85
UNCGX Waddell & Reed Advisors Global Growth Fund Global Large-Cap Growth Funds 96/124 91/101 76/86 40/53
UNGVX Waddell & Reed Advisors Government Securities Fund General U.S. Government Fds 69/99 60/95 77/90 65/77
UNHIX Waddell & Reed Advisors High Income Fund High Current Yield Funds 60/666 258/566 61/458 23/304
UNMBX Waddell & Reed Advisors Municipal Bond Fund General Municipal Debt Funds 27/263 149/231 145/207 34/154
UMUHX Waddell & Reed Advisors Municipal High Income Fund High Yield Municipal Debt Funds 78/159 117/138 87/112 19/80
UNECX Waddell & Reed Advisors New Concepts Fund Mid-Cap Growth Funds 235/397 292/371 256/328 45/237
UNSCX Waddell & Reed Advisors Science and Technology Fund Science & Technology Funds 130/168 144/148 101/140 57/124
UNSAX Waddell & Reed Advisors Small Cap Fund Small-Cap Growth Funds 193/545 131/487 132/436 21/324
WTEAX Waddell & Reed Advisors Tax-Managed Equity Fund Large-Cap Growth Funds 607/665 461/594 303/536 104/389
WVAAX Waddell & Reed Advisors Value Fund Large Cap Value Funds 124/480 322/415 177/366 89/254
UNVGX Waddell & Reed Advisors Vanguard Fund Large-Cap Growth Funds 414/665 356/594 314/536 218/389
UNASX Waddell & Reed Advisors Wilshire Global Allocation Fund Flexible Portfolio Funds 387/633 432/463 247/356 37/163

Documents & Prospectuses

Fund Name Fund Fact Sheet Summary Prospectus Prospectus XBRL Annual
Report
Semi-Annual Report SAI Quarterly
Fund
Commentary
Waddell & Reed Advisors Accumulative Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Cash Management Fund Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Waddell & Reed Advisors Continental Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Core Investment Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Dividend Opportunities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Energy Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Global Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Global Growth Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Government Securities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors High Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Municipal Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Municipal High Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors New Concepts Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Science and Technology Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Small Cap Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Tax-Managed Equity Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Value Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Vanguard Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Waddell & Reed Advisors Wilshire Global Allocation Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)

An investment in a money market fund is neither insured nor guaranteed by the FDIC or any other governmental agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

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.

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. Estimate the value of the funds and impact of fees and expenses on your investment.

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.

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.

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.

Lipper Rankings are based on average annual total returns not including sales charge for the periods indicated. Ranking is for the share class specified; other classes may have different performance characteristics. Under no circumstances does information constitute a recommendation to buy or sell mutual funds. Lipper undertakes no responsibility for updating the calculations more frequently than monthly to incorporate more current data.

The Morningstar RatingTM 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. 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.

Class A share performance, including sales charges, reflects the maximum applicable front-end sales load of 5.75 percent, except Municipal Bond, and Municipal High Income, which have a 4.25 percent maximum sales load, and Limited-Term Bond, which has a 2.5 percent maximum sales load.

Class B share performance, including sales charges, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5 percent beginning at the time of purchase to zero at the beginning of the seventh year.

For Class C shares, a 1 percent CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Class Y shares are not subject to sales charges. Performance at net asset value (NAV) does not include the effect of sales charges.

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