Waddell & Reed

Fund Detail

Ivy Global Income Allocation Fund
Class A Shares

Please select a fund and share class

Fund Facts
Ticker Symbol IVBAX
CUSIP 465898567
Fund Code 649
Fund Type Global/International
Fund Inception 9/16/1994
Class Inception 9/16/1994
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 3/31/2014) $576.3 mil
Total Equity Holdings (as of 3/31/2014) 78
Total Holdings (as of 3/31/2014) 174
Portfolio Turnover Rate (as of 12/31/2013) 43%
Lipper Category Mixed-Asset Target Alloc Growth Funds
Morningstar Category World Allocation
Benchmarks MSCI Wrld High Div Yld 60 + Barclays Multiverse 40
Daily Prices
as of 4/22/2014
Net Asset Value (NAV) $15.73
NAV Change ($) $0.09
NAV Change (%) 0.58%
Weekly NAV Change ($) $0.10
Weekly NAV Change (%) 0.64%
Public Offering Price (POP) $16.69
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return through a combination of capital appreciation and current income.

Investment Approach
The Fund invests principally in equity and debt securities issued by companies and governments located in largely developed European and Asian/Pacific basin markets of issuers of any size, and investment grade debt securities issued by governmental agencies and corporations. In selecting equity securities, the Fund's manager uses a top-down, macro thematic approach, along with a bottom-up stock selection process, and uses a combination of country analysis, industry dynamics and individual stock selection. Debt securities are selected, after an analysis of trends in interest rates and economic conditions, based on the manager's judgment as to which securities are more likely to perform well under those conditions.
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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns
as of 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.36% 9.60% 5.48% 13.78% 6.42% 6.99%
Fund with 5.75% sales charge -3.50% 3.32% 3.42% 12.44% 5.79% 6.67%
MSCI Wrld High Div Yld 60 + Barclays Multiverse 40 2.53% 9.96% 8.11% 14.21% N/A N/A
Lipper Mixed-Asset Target Alloc Growth Funds 1.61% 13.77% 8.86% 15.53% 6.17% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.36% 9.60% 5.48% 13.78% 6.42% 6.99%
Fund with 5.75% sales charge -3.50% 3.32% 3.42% 12.44% 5.79% 6.67%
MSCI Wrld High Div Yld 60 + Barclays Multiverse 40 2.53% 9.96% 8.11% 14.21% N/A N/A
Lipper Mixed-Asset Target Alloc Growth Funds 1.61% 13.77% 8.86% 15.53% 6.17% N/A
Expense Ratios
as of 7/31/2013
Net 1.51%
Gross 1.51%
12-Month Trailing Distribution Yield
as of 3/31/2014
NAV 3.79%
With sales charge 3.57%
Annualized 30-Day SEC Yield
as of 3/31/2014
Subsidized 2.81%
Unsubsidized 2.81%
Growth of a $10,000 Investment
through 3/31/2014

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 3/31/2014
Category: Mixed-Asset Target Alloc Growth Funds
  Rank Percentile
1 Year 547 / 581 94
3 Year 504 / 523 97
5 Year 401 / 487 83
10 Year 126 / 305 42

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

Morningstar Ratings
as of 3/31/2014
Category: World Allocation
Overall (out of 319 World Allocation)
3 Year (out of 319 World Allocation)
5 Year (out of 219 World Allocation)
10 Year (out of 126 World Allocation)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 3/31/2014)
Foreign Common Stock 49.14%
Corporate Bonds 25.03%
Domestic Common Stock 17.91%
Cash and Cash Equivalents 3.07%
Senior Loans 2.55%
Preferred Stock 1.36%
Government Bonds 0.77%
General Obligation Bonds 0.18%
Sector Allocation
(as a % of equity holdings as of 3/31/2014)
Financials 18.2%
Health Care 17.4%
Consumer Discretionary 10.4%
Energy 10.2%
Utilities 9.7%
Industrials 9.6%
Telecommunication Services 9.4%
Consumer Staples 8.4%
Materials 5.7%
Information Technology 1.2%
Country Allocation
(as a % of equity holdings as of 3/31/2014)
United States 27.9%
United Kingdom 15.9%
France 15.0%
Australia 6.8%
Switzerland 6.3%
Japan 4.3%
Canada 3.5%
Luxembourg 2.8%
Norway 2.6%
Germany 2.1%
Italy 2.1%
Denmark 2.0%
Israel 1.6%
Bermuda 1.3%
Netherlands 1.3%
Belgium 1.2%
Spain 1.0%
Singapore 0.9%
Hong Kong 0.9%
Ireland 0.4%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2014)
Johnson & Johnson is a holding company. The Company, along with its subsidiaries, is engaged in the research and development, manufacture and sale of a range of products in the healthcare field.Johnson & Johnson 2.3%
Merck & Co., Inc. provides various health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products worldwide.Merck & Co., Inc. 2.1%
[Note: AXA Group is what yahoo points to] AXA Group, through its subsidiaries, provides insurance and asset management services, primarily in Europe, North America and Asia.Axa S.A. 1.6%
Nestle is the world's leading nutrition, health and wellness company.Nestle S.A., Registered Shares 1.5%
Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company.Roche Holdings AG, Genusscheine 1.4%
TDC A/S provides telecommunications solutions. The Company offers fixed and mobile telephone service, data communications, systems integration, website hosting, broadband Internet access, and cable television services.TDC A/S 1.4%
Telstra Corporation Limited (Telstra) is an Australia-based company. The Company is engaged in providing telecommunications and information services for domestic and international customers.Telstra Corp. Ltd. ADR 1.4%
Vinci Companies is a French construction and electrical engineering company, formerly called SociTtT GTnTrale d'Enterprises.Vinci 1.3%
TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping.Total S.A. 1.3%
The Dow Chemical Company engages in the manufacture and sale of chemicals, plastic materials, agricultural, and other specialized products and services worldwide.Dow Chemical Co. (The) 1.3%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2013)
(as a % of bond holdings as of 3/31/2014)
AAA 6.3 %
AA 3.0 %
A 2.9 %
BBB 20.2 %
BB 36.6 %
B 17.3 %
CCC 9.9 %
Non-Rated 3.9 %
(as a % of bond holdings as of 3/31/2014)
<1 Year 11.3 %
1-5 Years 34.7 %
5-10 Years 48.8 %
10-20 Years 0.0 %
>20 Years 5.1 %
Average Maturity 5.80 years
Effective Duration 4.13 years

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

Risk Factors: As with any mutual fund, 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. 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.

Stylebox: The Morningstar Equity style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: The index shown is a custom blend index comprised of 60% MSCI World High Dividend Yield Index and 40% Barclays Multiverse Index. Barclays Multiverse Index is comprised of securities that represent the global bond market. MSCI World High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) with higher than average dividend yields that are both sustainable and persistent, first calculated on 5/31/2006.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2014, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class A shares at 1.35%, Class B shares at 2.30%, Class C shares at 2.02%, Class E shares at 1.33%, Class I shares at 0.91% and Class Y shares at 1.17%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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.

For periods prior to December 8, 2003, the performance shown below is the performance of the Class A shares of Advantus International Balanced Fund which along with its other classes of shares was reorganized on December 8, 2003 into Class A shares of Ivy Global Income Allocation Fund. For that time period, the Fund would have had substantially similar annual returns because the shares would have been invested in a similar portfolio of securities, but would differ to the extent that the Fund has different expenses. Performance prior to December 8, 2003, has not been restated to reflect the estimated annual operating expenses of Ivy Global Income Allocation Fund. If those expenses were reflected, performance shown below would differ.

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.

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.

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

Financial Advisor Opportunities
Corporate Careers