From: "Thomas Jr., Landon"

From: "Thomas Jr., Landon" To: Jeffrey Epstein <jeevacation®gmail.com> Subject: Fwd: Ivy High income Date: Tue, 15 Dec 2015 15:30:50 +0000 Attachments: Copy_of HY_ftmds_sorted_by_percent_in_Below_B_(2).xlsx Here is a morninstar run on most at risk junk bond mutual funds -- make sure your clients don't have any of these in their portfolios. Forwarded message From: Sumit Desai Date: Fri, Dec 11, 2015 at 10:59 AM Subject: RE: Ivy High income To: "Thomas Jr., Landon" Difficult to say what the right amount of cash should be. This fund's cash balance was a little higher (around 3%) earlier in the year. It's possible they put some cash to work as the market sold off over the past few months. Without commenting specifically on this fund's cash balances, I'd again just point out our Negative rating on the fund, which incorporates several factors including our assessment of the fund's Process (which incorporates how the team manages its cash balances and risk management in general). I've attached that table with the ten funds with the highest portion of assets "Below B" that we discussed. From: Thomas Jr., Landon [mailto Sent: Friday, December 11, 2015 To: Sumit Desai Subject: Ivy High income Thanks a lot for your time today Sumit -- it was very helpful. A quick follow up: am I reading this correctly in that Ivy has only 1.5 percent cash? That seems really low given its high risk exposures does it not? http://portfolios.momingstar.corraund/summary?t=WHIAX&region=usa&culture=en_US Landon Thomas, Jr. Financial Reporter EFTA00667952 New York Times http://topics nytimes.com/top/reference/timestopics/people/t/landon jr thomas/index.ht ml Landon Thomas, Jr. Financial Reporter New York Times http://topics.nytimes.com/top/reference/timestopics/people/t/landon jr thomas/index.ht ml EFTA00667953