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Ivy Apollo Multi-Asset Income Fund

  • $10.31 NAV as of 12/9/2016
  • ($0.02) / 0.19% Daily NAV Change
  • 6.70% YTD (NAV)

Summary

A diversified combination of equities and fixed income

Experienced
Three world-class asset managers bringing their area of expertise together in a single fund solution for investors.
Diversification
Allocations across a wide range of assets including large-cap equities, real estate investment trusts (REITS) and an array of debt securities.
Total return focus
Four investment strategies, with an overall focus of providing investors with total return including price appreciation and income generation.
*Diversification cannot ensure a profit or prevent against a loss in a declining market.

Morningstar Style Box

Value
Large
LTD
Low
Source: Morningstar

Portfolio Management

Stanley J Kraska, Jr

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 30 Years in Industry
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Stanley J. Kraska, Jr. is an International Managing Director of LaSalle Investment Management (Securities). His responsibilities include portfolio management and overall group management. He is a member of ULI and NAREIT. Mr. Kraska received his B.A. in Engineering Sciences from Dartmouth College and his M.B.A. from the Harvard Business School.

James Zelter

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 29 Years in Industry
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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.

George J Noon, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 28 Years in Industry
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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.

Philip J. Sanders, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 28 Years in Industry
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Philip J. Sanders is a senior vice president of Ivy Investment Management Company. Mr. Sanders received his BA in economics in 1980 from the University of Michigan. He earned an MBA from the University of North Carolina at Charlotte in 1986. Mr. Sanders joined Waddell & Reed in August 1998. He was appointed senior vice president in July 2000. He is portfolio manager of the Ivy Funds VIP Growth. He is co-portfolio manager of large-cap growth equity institutional accounts.

Mark G. Beischel, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 23 Years in Industry
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Mr. Beischel is Senior Vice President of WRIMCO and IICO and Vice President of the Trust, and Vice President of other investment companies for which IICO and WRIMCO serve as investment manager. Mr. Beischel has served as assistant portfolio manager for investment companies managed by WRIMCO since 2000, and has been an employee of such since 1998. He earned a BA degree in Business Management from the University of Wisconsin at Eau Claire, and an MBA with emphasis in finance from the University of Denver. Mr. Beischel is a Chartered Financial Analyst.

Lisa Kaufman

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 22 Years in Industry
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Lisa Kaufman has 22 years in the industry. She 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.

Robert Nightingale

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 21 Years in Industry
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Robert Nightingale is a Vice President at Ivy Investment Management Company. Mr. Nightingale graduated from the University of Wisconsin in May 1996 with an MS in finance. He also has an MS in urban and regional planning and a BS in economics from the University of Wisconsin. Mr. Nightingale joined Ivy in July 1996 as an investment analyst. He was appointed assistant vice president in July 2000. He assumed assistant portfolio manager responsibilities on the international team in February 2006. Mr. Nightingale was appointed vice president in January 2009. He was named Portfolio Manager for the Ivy Global Equity Income Fund in June 2012.

Chad Gunther

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 18 Years in Industry
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Chad 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. He joined the firm in 2003 as a fixed income investment analyst. He was appointed assistant vice president and assistant portfolio manager of the Ivy High Income Fund, Waddell & Reed Advisors High Income Fund and Ivy Funds VIP High Income in 2008. He was appointed vice president in 2013. He was appointed portfolio manager in 2014. Prior to joining the firm, he was affiliated with Piper Jaffray, George K. Baum & Company and Dialpad Communications.

Matthew Sgrizzi, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 14 Years in Industry
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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.

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.

Perspectives

Apollo
  • Ivy Apollo Multi-Asset Income Fund, Ivy Apollo Strategic Income Fund
  • November 10, 2016

Seeking income for investors in an unsettled year

Markets expect interest rates to rise, leaving many income-seeking investors with difficult decisions. The Ivy Apollo funds, which just passed their one-year anniversary, offer potential solutions.

Daily Prices as of 12/9/2016

Net Asset Value (NAV) $10.31
Daily NAV Change ($) ($0.02) 0.19%
Weekly NAV Change ($) $0.04 0.39%
Public Offering Price (POP) $10.31

Fund Facts

Ticker Symbol IMAIX
CUSIP 46600B821
Fund Code 453
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 11/30/2016) $436.1 mil
Total Equity Holdings
Total Holdings (as of 11/30/2016) 584
Portfolio Turnover Rate (as of 9/30/2016) 63%
Lipper Category Mixed-Asset Target Allocation Moderate Funds
Morningstar Category Allocation--30% to 50% Equity
Benchmark BofAML US HY Master II TR USD
Benchmark MSCI World High Dividend Yield NR USD
Benchmark 50% MSCI World High Dividend Yield + 50% BofAML US HY

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.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

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 at NAV 4.97% 3.44% 4.62%
Lipper Mixed-Asset Target Allocation Moderate Funds 5.63% 3.89% 3.23% 6.83% 4.22% 6.58%
MSCI World High Dividend Yield NR USD 6.22% 4.71% 2.30% 7.98% 2.83% 9.45%
50% MSCI World High Dividend Yield + 50% BofAML US HY 10.67% 8.46% 10.28%
BofAML US HY Master II TR USD 15.22% 12.25% 4.23% 7.46% 7.25% 10.81%

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
Lipper Mixed-Asset Target Allocation Moderate Funds 6.46% 8.91% 4.79% 8.21% 4.73% 8.79%
Fund at NAV 6.81% 7.25%
50% MSCI World High Dividend Yield + 50% BofAML US HY 12.47% 13.81% 13.89%

Calendar Year Return

  2011 2012 2013 2014 2015
MSCI World High Dividend Yield NR USD 3.89 12.24 21.91 2.48 -3.20
BofAML US HY Master II TR USD 4.38 15.59 7.42 2.50 -4.64

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Mixed-Asset Target Allocation Moderate Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 322/576 56
3 Year
5 Year
10 Year

Expense Ratios as of 1/29/2016

Net 1.00%
Gross 1.48%

5-Year Standard Deviation as of

BofAML US HY Master II TR USD 5.54
MSCI World High Dividend Yield NR USD 10.83
50% MSCI World High Dividend Yield + 50% BofAML US HY N/A

Distributions

Historical Prices Inception 10/1/2015

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $10.26 NO NO
12/2/2016 $10.27 NO NO
12/5/2016 $10.29 NO NO
12/6/2016 $10.34 NO NO
12/7/2016 $10.42 NO NO
12/8/2016 $10.29 YES YES

Historical Distributions Inception 10/1/2015

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/8/2016 $0.1232 Long: $0.016 Short: $0.000 $10.29 12/8/2016
9/15/2016 $0.077 Long: $0.000 Short: $0.000 $10.36 9/15/2016
6/16/2016 $0.079 Long: $0.000 Short: $0.000 $10.11 6/16/2016
3/10/2016 $0.057 Long: $0.000 Short: $0.000 $9.91 3/10/2016
12/10/2015 $0.04 Long: $0.001 Short: $0.000 $10 12/10/2015

*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 2.46%
With Sales Charge 2.46%

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

Subsidized - NAV 3.46%
Unsubsidized - NAV 3.46%

Portfolio

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

Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 1.46%
iShares iBoxx $ High Yield Corporate Bond ETF 1.42%
Pfizer, Inc. 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. 1.30%
Merck & Co., Inc. Merck & Co., Inc. provides various health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products worldwide. 1.21%
Marine Harvest ASA Marine Harvest ASA, a seafood company, produces and sells farmed salmon products worldwide. It is engaged in the fish farming, processing, and smoking activities. 1.21%
Total S.A. 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. 1.19%
Chevron Corp. 1.09%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 1.07%
Cisco Systems, Inc. Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products relating to the communications and information technology industry worldwide. 1.02%
Johnson & Johnson 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. 0.96%

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 80.4%
Medium 18.8%
Small 0.8%
Median Market Cap (as of )

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Pharmaceuticals 9.5%
Integrated Oil & Gas 8.8%
Diversified Banks 7.2%
Integrated Telecommunication Services 5.6%
Retail REITs 4.3%
Aerospace & Defense 4.3%
Packaged Foods & Meats 3.2%
Systems Software 2.9%
Registered Investment Companies 2.9%
Semiconductors 2.8%

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

<1 Year 20.9%
1-5 Years 33.0%
5-10 Years 42.9%
10-20 Years 3.2%
>20 Years 0.0%
Average Maturity 3.87 years
Effective Duration 3.20 years

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

United States 83.6%
Luxembourg 3.5%
Canada 3.5%
Netherlands 2.0%
France 1.3%
United Kingdom 1.1%
Cayman Islands 0.7%
Macau 0.5%
Austria 0.4%
Indonesia 0.4%
China 0.4%
British Virgin Islands 0.3%
Italy 0.3%
Malaysia 0.3%
Brazil 0.2%
Israel 0.2%
Mexico 0.2%
Peru 0.2%
Chile 0.1%
Hong Kong 0.1%
Turkey 0.1%
Columbia 0.1%
India 0.1%
Saudi Arabia 0.1%
United Arab Emirates 0.1%
Jersey 0.1%
Bermuda 0.1%

Sector Allocation
as a % of equity assets as of 11/30/2016

Real Estate 18.88%
Financials 13.72%
Energy 9.90%
Health Care 9.51%
Consumer Discretionary 9.10%
Industrials 8.77%
Consumer Staples 8.16%
Information Technology 7.80%
Telecommunication Services 6.58%
Utilities 3.82%
Materials 3.76%

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 9.60%
AA 0.20%
A 0.50%
BBB 7.00%
BB 17.70%
B 42.80%
CCC 21.80%
Below CCC 0.40%

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

Foreign Common Stock 27.20%
Domestic Common Stock 22.79%
Corporate Bonds 22.33%
Cash and Cash Equivalents 13.32%
Senior Loans 12.17%
Asset-Backed Securities 1.20%
Mortgage-Backed Securities 0.65%
Other Government Securities 0.34%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 45.6%
United Kingdom 15.5%
France 9.0%
Japan 5.4%
Canada 3.8%
Netherlands 2.8%
Norway 2.5%
Spain 2.3%
Russia 1.7%
Hong Kong 1.7%
Italy 1.4%
Australia 1.3%
China 1.3%
Germany 1.3%
Switzerland 1.1%
Sweden 1.0%
Israel 0.9%
Ireland 0.8%
India 0.4%
Singapore 0.2%
Austria 0.1%
Belgium 0.0%
Mexico 0.0%

Risk factors. The value of the Fund’s shares will change, and you could lose money on your investment. Although asset allocation among different sleeves and asset categories generally tends to limit risk and exposure to any one sleeve, the risk remains that the allocation of assets may skew toward a sleeve that performs poorly relative to the fund’s other sleeves, or to the market as a whole, which would result in the Funds performing poorly. While Ivy Investment Management Company (IICO) monitors the investments of Apollo and LaSalle in addition to the overall management of the Fund, including rebalancing the Fund’s target allocations, IICO, Apollo and LaSalle make investment decisions for their investment sleeves independently from one another. It is possible that the investment styles used by Apollo, LaSalle or IICO will not always complement each other, which could adversely affect the performance of the Funds. As a result, the Fund’s aggregate exposure to a particular industry or group of industries, or to a single issuer, could unintentionally be larger or smaller than intended. 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.

Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Funds 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. 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. 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.

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

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI.

Index Description: Multi-Asset Income Custom Benchmark is a blend of 50% of BofAML US Master II TR USD, which tracks the performance of U.S. dollar-denominated, below-investment-grade corporate debt publicly issued in the U.S. domestic market, and 50% MSCI World High Dividend Yield NR USD, which is designed to reflect the performance of equities (excluding REITs) with higher-than-average dividend yields that are both sustainable and persistent

Keith R. Pauley was a portfolio manager on the Fund until Sept. 1, 2016.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2017, 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 for the Fund’s Class A shares at 1.30%, Class C shares at 2.17%, Class I shares and Class R6 shares at 1.00% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of the Trust (Board).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.

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.

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.

The Fund is managed by Ivy Investment Management Company (IICO). The total return strategy is subadvised by Apollo Credit Management, LLC (Apollo) and the global real estate strategy is subadvised by LaSalle Investment Management Securities, LLC (LaSalle).

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.

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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