Waddell & Reed

Fund Detail

Ivy Apollo Multi-Asset Income Fund
Class A Shares

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Fund Facts
Ticker Symbol IMAAX
CUSIP 46600B847
Fund Code 673
Fund Type Specialty Funds
Fund Inception 10/1/2015
Class Inception 10/1/2015
Fiscal Year End September
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2019) $458.3 mil
Total Equity Holdings (as of 10/31/2019) 140
Total Holdings (as of 10/31/2019) 586
Portfolio Turnover Rate (as of 9/30/2018) 59%
Lipper Category Mixed-Asset Target Allocation Moderate Funds
Morningstar Category World Allocation
Benchmarks ICE BofAML US High Yield Index
MSCI World High Dividend Yield NR USD
50% MSCI World High Dividend Yield + 50% ICE BofAML US HY
FTSE All-World High Dividend Yield Index
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY
Daily Prices
as of 11/11/2019
Net Asset Value (NAV) $10.75
NAV Change ($) ($0.01)
NAV Change (%) -0.09%
Weekly NAV Change ($) ($0.04)
Weekly NAV Change (%) -0.37%
Public Offering Price (POP) $11.41
Historical Prices & Distributions
Please select a date
Fund Description

A diversified combination of equities and fixed income


Experienced
Three world-class asset managers bring their areas of expertise together in a single fund solution for investors.
Diversified
Allocations across a wide range of assets include large-cap equities, real estate investment trusts (REITs) and an array of debt securities.
Focused
A combination of four investment strategies seeks to provide a high level of current income as well as capital appreciation.
*Diversification cannot ensure a profit or prevent against a loss in a declining market.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

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, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 10/31/2019
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 12.06% 8.41% 6.21% N/A N/A 5.97%
Fund with 5.75% sales charge 5.67% 2.19% 4.14% N/A N/A 4.44%
ICE BofAML US High Yield Index 11.76% 8.32% 6.04% 5.17% 7.69% 7.61%
MSCI World High Dividend Yield NR USD 17.77% 12.68% 9.73% 6.07% 8.33% 9.90%
50% MSCI World High Dividend Yield + 50% ICE BofAML US HY 14.80% 10.59% 7.94% N/A N/A 8.84%
FTSE All-World High Dividend Yield Index 15.13% 9.86% 7.91% 4.46% 6.81% 8.50%
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY 13.53% 9.20% 7.05% N/A N/A 8.14%
Lipper Mixed-Asset Target Allocation Moderate Funds 13.78% 10.05% 7.25% 4.93% 7.18% 7.10%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 9/30/2019
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 10.70% 3.22% 5.41% N/A N/A 5.77%
Fund with 5.75% sales charge 4.38% -2.75% 3.34% N/A N/A 4.21%
ICE BofAML US High Yield Index 11.50% 6.30% 6.07% 5.36% 7.85% 7.72%
MSCI World High Dividend Yield NR USD 14.99% 4.98% 7.77% 5.49% 7.97% 9.46%
50% MSCI World High Dividend Yield + 50% ICE BofAML US HY 13.30% 5.75% 6.99% N/A N/A 8.67%
FTSE All-World High Dividend Yield Index 12.15% 0.83% 6.57% 3.89% 6.44% 7.98%
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY 11.91% 3.66% 6.39% N/A N/A 7.92%
Lipper Mixed-Asset Target Allocation Moderate Funds 12.52% 3.91% 6.35% 4.95% 6.94% 6.94%
Expense Ratios
as of 1/31/2019
Net 1.25%
Gross 1.25%
12-Month Trailing Distribution Yield
as of 10/31/2019
NAV 4.11%
With sales charge 3.88%
Annualized 30-Day SEC Yield
as of 10/31/2019
Subsidized 4.04%
Unsubsidized 4.02%
Growth of a $10,000 Investment
through 10/31/2019

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.

Ratings and Rankings
Lipper Rankings
as of 10/31/2019
Category: Mixed-Asset Target Allocation Moderate Funds
  Rank Percentile
1 Year 495 / 598 83
3 Year 417 / 535 78

Rankings are based on average annual total returns, but do not consider sales charges.

Morningstar Ratings
as of 10/31/2019
Category: World Allocation
Overall (out of 379 World Allocation)
3 Year (out of 379 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2019)
Foreign Common Stock 29.80%
Corporate Bonds 26.30%
Domestic Common Stock 17.98%
Senior Loans 13.63%
Cash and Cash Equivalents 8.48%
Asset-Backed Securities 2.23%
Mortgage-Backed Securities 1.15%
Preferred Stock 0.30%
Other Government Securities 0.13%
Sector Allocation
(as a % of equity holdings as of 10/31/2019)
Real Estate 19.4%
Financials 18.0%
Consumer Staples 12.7%
Energy 10.7%
Information Technology 8.2%
Health Care 7.9%
Industrials 7.6%
Utilities 6.0%
Communication Services 3.9%
Materials 3.5%
Consumer Discretionary 2.1%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2019)
United States 38.0%
France 10.9%
United Kingdom 9.1%
Japan 5.6%
Hong Kong 4.9%
Netherlands 4.7%
Switzerland 4.2%
Canada 3.4%
Taiwan 3.0%
Germany 2.7%
South Korea 2.5%
Italy 2.1%
China 1.5%
Spain 1.4%
Ireland 1.2%
Russia 1.2%
Singapore 1.2%
Norway 1.1%
Macau 0.9%
Australia 0.3%
Belgium 0.2%
Fixed Income Country Allocation
(as a % of bond holdings as of 10/31/2019)
United States 73.9%
Luxembourg 5.2%
Cayman Islands 4.0%
Canada 3.9%
Netherlands 2.8%
France 2.4%
United Kingdom 1.2%
Saint Lucia 1.0%
United Arab Emirates 0.6%
Germany 0.5%
Mexico 0.5%
Jamaica 0.5%
Brazil 0.4%
Ireland 0.4%
Macau 0.3%
Austria 0.3%
Indonesia 0.2%
Hong Kong 0.2%
China 0.2%
Spain 0.2%
Sweden 0.1%
Serbia 0.1%
Russia 0.1%
Isle Of Man 0.1%
Israel 0.1%
British Virgin Islands 0.1%
Panama 0.1%
Columbia 0.1%
India 0.1%
Mauritius 0.1%
Bulgaria 0.1%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2019)
Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing.Taiwan Semiconductor Manufacturing Co. Ltd. 1.42%
AstraZeneca PLC (AstraZeneca) is a biopharmaceutical company. The Company focuses on the discovery, development and commercialization of prescription medicines for six areas of healthcare.AstraZeneca plc 1.33%
Philip Morris International Inc manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America. The company's portfolio comprises international and local brands.Philip Morris International, Inc. 1.28%
Nestle is the world's leading nutrition, health and wellness company.Nestle S.A., Registered Shares 1.23%
Samsung Electronics Co., Ltd. is a Korea-based company engaged in the provision of consumer electronics, communication products, semiconductor products and home appliances.Samsung Electronics Co. Ltd. 1.18%
Verizon Communications Inc. is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average.Verizon Communications, Inc. 1.18%
Royal Dutch Shell plc (Shell) is an independent oil and gas company.Royal Dutch Shell plc, Class A 1.09%
The Procter & Gamble Company engages in the manufacture and sale of consumer goods worldwide.Procter & Gamble Co. (The) 1.06%
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.Pfizer, Inc. 1.05%
Tokio Marine Holdings, Inc. is an insurance holding company. Through its subsidiaries and associated companies, the Company operates in four business segments.Tokio Marine Holdings, Inc. 1.03%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2019)
Quality
(as a % of bond holdings as of 10/31/2019)
NonRated 7.6 %
A 0.1 %
BBB 7.1 %
BB 15.5 %
B 49.8 %
CCC 19.3 %
Below CCC 0.6 %

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.

Maturity
(as a % of bond holdings as of 10/31/2019)
<1 Year 0.0 %
1-5 Years 32.4 %
5-10 Years 46.6 %
10-20 Years 18.4 %
>20 Years 2.4 %
Average Maturity 4.03 years
Effective Duration 3.13 years

Average maturity and effective duration include bonds, cash and cash equivalents.

Top 10 Industry Allocation
(as a % of equity holdings as of 10/31/2019)
Integrated Oil & Gas 8.6%
Pharmaceuticals 7.9%
Diversified Banks 7.1%
Semiconductors 5.8%
Packaged Foods & Meats 5.0%
Electric Utilities 4.0%
Integrated Telecommunication Services 3.4%
Other Diversified Financial Services 3.1%
Residential REITs 2.7%
Tobacco 2.7%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Phil Sanders is Chief Executive Officer of Waddell & Reed Financial, Inc. (WDR) and a member of the Board of Directors. As CEO, Mr. Sanders oversees all aspects of the company that, through its subsidiaries, provides proven, professional investment management and financial planning services to individuals and institutional investors across the United States. He also serves as President of the company’s asset manager, Ivy Investment Management Company. Mr. Sanders has 30 years of experience in the asset management industry. He joined the company in 1998 as a portfolio manager. Across his career, he has held positions as an analyst and as portfolio manager, focusing primarily on the large cap growth category, where for nearly 20 years he managed a range of retail mutual funds and institutional accounts. Mr. Sanders served as Chief Investment Officer of WDR from 2011 to 2019. Prior to joining the company, Mr. Sanders was affiliated with Banc of America Capital Management, the investment management division of Bank of America. He received his BA in Economics from the University of Michigan and earned an MBA from the University of North Carolina at Charlotte. Mr. Sanders is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Kansas City.Philip J. Sanders, CFA Ivy Investment Management Company 31 4
Mark Beischel is portfolio manager of Ivy Global Bond Fund and Ivy VIP Global Bond. He has been a portfolio manager of Ivy Global Bond since 2008 and of Ivy VIP Global Bond since 2010. He had been a portfolio manager of the former Waddell & Reed Advisors Global Bond Fund since 2002. He has held oversight of allocation levels and management of all allocation sleeves for Ivy Apollo Strategic Income Fund and co-oversight of allocation levels and management of all allocation sleeves for Ivy Apollo Multi- Asset Income Fund since 2015. On an interim basis as of April 2018, Mr. Beischel is co-portfolio manager of Ivy Bond Fund, Ivy Government Securities Fund, Ivy Crossover Credit Fund, Ivy Balanced Fund, Ivy VIP Bond and Ivy VIP Balanced. Mr. Beischel joined the organization in 1998 specializing in taxable investment-grade corporate credit analysis and emerging market credit analysis. He was appointed assistant vice president and named an assistant portfolio manager in 2000. He was appointed vice president in 2002 and senior vice president in 2006. Mr. Beischel was appointed Global Director of Fixed Income in 2011. Mr. Beischel graduated in 1991 with a BBA in Management from the University of Wisconsin-Eau Claire. He earned an MBA with an emphasis in Finance from the University of Denver in 1993. Mr. Beischel is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.Mark G. Beischel, CFA Ivy Investment Management Company 26 4
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.Chad Gunther Ivy Investment Management Company 21 4
Robert Nightingale is co-portfolio manager of Ivy Global Equity Income Fund and Ivy VIP Global Equity Income since 2018; he has been a portfolio manager of Ivy Global Equity Income Fund since 2012. Mr. Nightingale is co-portfolio manager of the Global Equity Income Strategy allocation sleeve of Ivy Apollo Multi-Asset Income Fund; he has been a portfolio manager of the fund since 2015. He was portfolio manager of the former Ivy European Opportunities Fund from 2013 to 2018. Mr. Nightingale joined the organization in 1996 as an equity investment analyst. He was appointed assistant vice president in 2000. He was named assistant portfolio manager to the International team in 2006. He was appointed vice president in 2009 and senior vice president in 2015. Mr. Nightingale graduated with a BS in Economics in 1987, and earned an MS in Urban and Regional Planning in 1989, from the University of Wisconsin. He earned an MS in Finance from the University of Wisconsin in 1997. While working on his MS in Finance, he interned with Madison Investment Advisors where he covered growth stocks. Prior to enrolling in the MS Finance program, Mr. Nightingale worked for the Wisconsin Department of Development for three years as an economist and planning analyst, where he was a staff analyst for the Governor’s Science & Technology Council. Mr. Nightingale is a member of the CFA Institute.Robert Nightingale Ivy Investment Management Company 24 4
Chris Parker is co-portfolio manager of Ivy Global Equity Income Fund and Ivy VIP Global Equity Income. He was portfolio manager since 2014 of Ivy Dividend Opportunities Fund and Ivy VIP Dividend Opportunities; in 2018, Ivy Dividend Opportunities Fund merged into the Ivy Global Equity Income Fund and Ivy VIP Dividend Opportunities’ name and investment strategy changed to Ivy VIP Global Equity Income. He is co-portfolio manager of the Global Equity Income Strategy allocation sleeve of Ivy Apollo Multi-Asset Income Fund since 2018. Mr. Parker joined the organization in 2008 as an equity investment analyst. He was named assistant portfolio manager of Ivy and Ivy VIP Value Funds and of Ivy and Ivy VIP Small Cap Core Funds in 2010. He was portfolio manager of Ivy and Ivy VIP Small Cap Core Funds from 2011 to 2014. He was appointed assistant vice president in 2010, vice president in 2011 and senior vice president in 2019. Prior to joining the firm, Mr. Parker was a vice president in Equity Research at Citigroup Asset Management. Mr. Parker graduated magna cum laude from Boston College, Wallace E. Carroll School of Management, with a BS in Finance in 1995. He earned an MBA with distinction, concentrations in Finance and Management/Strategy, from Northwestern University, Kellogg Graduate School of Management in 2001. While at Kellogg, he was an F.C. Austin Scholar.Mr. Parker is a CFA charterholder and a member of the CFA Institute.Christopher J. Parker, CFA Ivy Investment Management Company 24 1
Mr. Zelter has held his Fund responsibilities since October 2015. Mr. Zelter joined Apollo Global in 2006 and is Managing Partner and Chief Investment Officer of Apollo Capital Management, L.P., Apollo Global’s credit asset management business. He is also the Chief Executive Officer and director of Apollo Investment Corporation. Prior to joining Apollo Global, Mr. Zelter was with Citigroup Inc. and its predecessor companies from 1994 to 2006. From 2003 to 2005, Mr. Zelter was Chief Investment Officer of Citigroup Alternative Investments, and prior to that, he was responsible for the firm’s Global High Yield franchise. Mr. Zelter is a board member of DUMAC, the investment management company that oversees the Duke Endowment and Duke Foundation, and a Director of the Dalton School. Mr. Zelter has a degree in economics from Duke University.James Zelter Apollo Credit Management, LLC. 32 4
Joseph Moroney is a Partner in Credit and currently serves as Co-Head of Global Liquid Credit. He joined Apollo in 2008 to help establish Apollo’s Performing Credit business. Prior to joining Apollo, Mr. Moroney was with Aladdin Capital Management where he served as the Senior Managing Director of its Leveraged Loan Group. His investment management career includes experience at firms including Merrill Lynch Investment Managers and MetLife Insurance. Mr. Moroney graduated from Rutgers University with a BS in Ceramic Engineering and serves on Board of Overseers of the Rutgers Foundation. He is a Chartered Financial Analyst and a member of the CFA Society of New York.Joseph Moroney, CFA Apollo Credit Management, LLC. 25 1
George J. Noon, CFA, is an International Managing Director of LaSalle Investment Management (Securities). He is the portfolio manager of Global and Asia Pacific real estate securities programs. He is an associate member of NAREIT and a CFA charterholder. Mr. Noon is a graduate of the Wharton School of the University of Pennsylvania with a B.S. degree in Economics and a major in Finance.George J Noon, CFA LaSalle Investment Management Securities 31 4
Matthew Sgrizzi, CFA, is a Managing Director of LaSalle Investment Management (Securities). Mr. Sgrizzi's responsibilities include managing separate account portfolios of public European property companies and the European portion of LaSalle Securities' global securities portfolio accounts. He graduated from Loyola University Maryland with a B.A. in Finance. Mr. Sgrizzi is a CFA Charterholder.Matthew Sgrizzi, CFA LaSalle Investment Management Securities 17 4
Lisa Kaufman previously was a deputy portfolio manager at LaSalle. Kaufman has an MBA in Finance from Columbia Business School and an AB in Urban Studies and Political Science from Brown University.Lisa Kaufman LaSalle Investment Management Securities 27 3

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. The Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of securities. 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. The Fund’s Diversifying Sleeve includes fixed-income securities, that 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. 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. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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.

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.

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

Index Description: The FTSE All-World High Dividend Yield Index comprises stocks that are characterized by higher than-average dividend yields and is based on the FTSE All-World Index. Real estate investment trusts (REITS) are removed from the index, as are stocks that are forecast to pay a zero dividend over the next 12 months. The remaining stocks are ranked by annual dividend yield and included in the target index until the cumulative market capitalization reaches 50% of the total market cap of this universe of stocks.

Effective Aug. 17, 2018, the Ivy Apollo Multi-Asset Income Fund's blended benchmark changed to 50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML U.S. High Yield Index from the prior blended benchmark of 50% MSCI World High Dividend Yield Index + 50% ICE BofAML U.S. High Yield Index. Ivy Investment Management Company believes the new blended benchmark and new component are more reflective of the types of securities in which the Fund invests than the prior blended benchmark and benchmark component. The prior blended benchmark and benchmark component will be shown for one year from the effective date for comparison purposes.

Fee Waiver and/or Expense Reimbursement: Through Jan. 31, 2020, 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) for the Fund’s Class A shares at 1.30%, Class C shares at 2.17%, Class I and Class N shares at 0.75% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board).

Fee Waiver and/or Expense Reimbursement: Through Jan. 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 N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, 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

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.

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. © 2019 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.

Information is subject to change and is not intended to represent any past or future investment recommendations.

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.

The Fund is sub-advised by LaSalle Investment Management Securities, LLC, which delegates to its affiliate, LaSalle Investment Management Securities, B.V., for portfolio management responsibilities of Fund assets allocated to European investments. References to LaSalle Investment Management Securities include both entities.

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.

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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