Select a Fund Family and Share Class
Go

Ivy Apollo Strategic Income Fund

  • $10.09 NAV as of 12/8/2016
  • ($-0.11) / -1.08% Daily NAV Change
  • 7.59% YTD (NAV)

Summary

Combining strategies to focus on providing solutions

Access
A partnership of world class asset managers investing in a wide range of credit instruments across the fixed income landscape including alternative credit strategies.
Diversification
Potential risk mitigation with allocations across the fixed income market including corporate and sovereign debt in the U.S. and internationally, investment-grade and high-yield securities.
Flexibility
Flexible allocations offer the potential for duration management as well as additional potential sources of yield.

Morningstar Style Box

Growth
Large
LTD
Low
Source: Morningstar

Portfolio Management

James Zelter

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

Mr. Zelter has held his Fund responsibilities since October 2015. Mr. Zelter joined Apollo Global in 2006 and is Managing Partner and ChiefInvestment 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.

Mark G. Beischel, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 23 Years in Industry
Toggle Section

Mark G. Beischel has worked in the industry since 1993. He joined the firm 10 years ago as an analyst specializing in taxable investment-grade corporate and emerging market credits. He has a BBA in management from the University of Wisconsin-Eau Claire and an MBA with an emphasis in finance from the University of Denver.

Chad Gunther

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 18 Years in Industry
Toggle Section

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.

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 12/8/2016

Net Asset Value (NAV) $10.09
Daily NAV Change ($) ($-0.11) -1.08%
Weekly NAV Change ($) $-0.06 -0.59%
Public Offering Price (POP) $10.09

Fund Facts

Ticker Symbol IIPOX
CUSIP 46600B870
Fund Code 454
Fund Type Fixed Income Funds
Fund Inception 10/1/2015
Class Inception 10/1/2015
Fiscal Year End September
Dividends Paid Monthly
Fund Assets (as of 11/30/2016) $333.1 mil
Total Equity Holdings
Total Holdings (as of 11/30/2016) 524
Portfolio Turnover Rate (as of 9/30/2016) 42%
Lipper Category Multi-Sector Income Funds
Morningstar Category Multisector Bond
Benchmark Bloomberg Barclays Multiverse TR USD
Benchmark BofAML US HY Master II TR USD
Benchmark 50% Bloomberg Barclays Multiverse + 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
Bloomberg Barclays Multiverse TR USD 3.16% 3.58% -0.10% 0.70% 3.34% 1.92%
Lipper Multi-Sector Income Funds 6.27% 5.05% 2.70% 4.41% 4.68% 6.84%
Fund at NAV 7.00% 5.70% 4.43%
50% Bloomberg Barclays Multiverse + 50% BofAML US HY 9.10% 7.91% 6.33%
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 Multi-Sector Income Funds 7.25% 6.76% 3.60% 4.97% 5.04% 6.73%
Fund at NAV 7.58% 5.75%
50% Bloomberg Barclays Multiverse + 50% BofAML US HY 12.78% 11.07% 11.03%

Calendar Year Return

  2011 2012 2013 2014 2015
BofAML US HY Master II TR USD 4.38 15.59 7.42 2.50 -4.64
Bloomberg Barclays Multiverse TR USD 5.55 4.84 -2.19 0.48 -3.29

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Multi-Sector Income Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 120/304 40
3 Year
5 Year
10 Year

Expense Ratios as of 1/29/2016

Net 0.85%
Gross 1.29%

5-Year Standard Deviation as of

Bloomberg Barclays Multiverse TR USD 4.63
BofAML US HY Master II TR USD 5.54
50% Bloomberg Barclays Multiverse + 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 $10.15 NO NO
12/2/2016 $10.15 NO NO
12/5/2016 $10.16 NO NO
12/6/2016 $10.18 NO NO
12/7/2016 $10.20 NO NO

Historical Distributions Inception 10/1/2015

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/8/2016 $0.072 Long: $0.007 Short: $0.037 $10.09 12/8/2016
11/10/2016 $0.032 Long: $0.000 Short: $0.000 $10.14 11/10/2016
10/13/2016 $0.033 Long: $0.000 Short: $0.000 $10.24 10/13/2016
9/15/2016 $0.033 Long: $0.000 Short: $0.000 $10.22 9/15/2016
8/11/2016 $0.032 Long: $0.000 Short: $0.000 $10.2 8/11/2016
7/14/2016 $0.027 Long: $0.000 Short: $0.000 $10.17 7/14/2016
6/16/2016 $0.028 Long: $0.000 Short: $0.000 $10.03 6/16/2016
5/12/2016 $0.028 Long: $0.000 Short: $0.000 $10 5/12/2016
4/14/2016 $0.027 Long: $0.000 Short: $0.000 $9.96 4/14/2016
3/10/2016 $0.027 Long: $0.000 Short: $0.000 $9.81 3/10/2016
2/11/2016 $0.028 Long: $0.000 Short: $0.000 $9.61 2/11/2016
1/14/2016 $0.012 Long: $0.000 Short: $0.000 $9.74 1/14/2016
12/10/2015 $0.039 Long: $0.000 Short: $0.000 $9.83 12/10/2015
11/12/2015 $0.011 Long: $0.000 Short: $0.000 $9.97 11/12/2015

*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 3.41%
With Sales Charge 3.41%

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

Subsidized - NAV 3.99%
Unsubsidized - NAV 3.89%

Portfolio

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

St. Jude Medical, Inc., 0.7%, 12/1/2016 2.01%
iShares iBoxx $ High Yield Corporate Bond ETF 1.99%
U.S. Treasury Notes, 0.6%, 9/30/2017 1.76%
U.S. Treasury Notes, 1.4%, 9/30/2020 1.59%
Kroger Co. (The), 0.7%, 12/12/2016 1.50%
U.S. Treasury Bonds, 2.3%, 11/15/2025 1.20%
BorgWarner, Inc., 0.7%, 12/1/2016 1.20%
BC Luxco 1 S.A., 7.4%, 1/29/2020 1.13%
U.S. Treasury Notes, 1.1%, 1/15/2019 1.12%
Misys plc and Magic Newco LLC, 12.0%, 6/12/2019 0.80%

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

<1 Year 19.0%
1-5 Years 47.5%
5-10 Years 32.2%
10-20 Years 1.4%
>20 Years 0.0%
Average Maturity 3.43 years
Effective Duration 2.93 years

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

United States 68.1%
Luxembourg 4.3%
Mexico 3.4%
Netherlands 3.4%
Canada 3.3%
United Kingdom 2.0%
Cayman Islands 1.9%
Brazil 1.3%
Argentina 1.1%
Austria 1.0%
France 0.9%
Columbia 0.9%
South Korea 0.9%
Panama 0.8%
Qatar 0.7%
Saudi Arabia 0.6%
Indonesia 0.6%
Venezuela 0.5%
United Arab Emirates 0.5%
British Virgin Islands 0.5%
Chile 0.4%
Macau 0.4%
China 0.3%
Japan 0.3%
Bahrain 0.3%
Singapore 0.3%
Peru 0.3%
India 0.2%
Norway 0.2%
Italy 0.2%
Israel 0.1%
Malaysia 0.1%
Supranational 0.1%
Jersey 0.1%
Bermuda 0.1%
Hong Kong 0.1%
Turkey 0.1%

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.
Government Bonds 10.30%
NonRated 5.40%
AAA 0.30%
AA 2.30%
A 8.70%
BBB 15.00%
BB 14.00%
B 29.20%
CCC 14.50%
Below CCC 0.30%

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

Corporate Bonds 55.91%
Senior Loans 14.90%
Cash and Cash Equivalents 14.24%
Government Bonds 8.62%
Other Government Securities 2.61%
Domestic Common Stock 1.99%
Asset-Backed Securities 1.11%
Mortgage-Backed Securities 0.56%
Foreign Common Stock 0.06%

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 in addition to the overall management of the Funds, including rebalancing the Fund’s target allocations, IICO and Apollo make investment decisions for their investment sleeves independently from one another. It is possible that the investment styles used by Apollo 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. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus, or, if available, a summary prospectus, containing this and other valuable information for the Ivy Funds, all your financial advisor or visit us online at www.ivyfunds.com. Please read the prospectus and summary prospectus carefully before investing

Index Description: The Barclays Multiverse TR USD - The Barclays Multiverse Index is an unmanaged index comprised of securities that represent the global bond market. It is not possible to invest directly in an index.

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: Strategic 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% Barclays Multiverse TR USD, which is an unmanaged index comprised of securities that represent the global bond market.

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 at1.15%, Class C shares at 1.85%, Class I shares and Class R6 shares at 0.85% and Class Y shares at 1.10%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of the Trust (Board).

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.

Market Data powered by Wikinvest. Data is provided as-is, delayed, and subject to Terms