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Ivy Global Income Allocation Fund

  • $14.15 NAV as of 12/8/2016
  • ($-0.17) / -1.19% Daily NAV Change
  • 5.74% YTD (NAV)

Summary

Tap the power of global income

Tactical Allocation
Equity allocation range of 35 to 75% of assets and fixed-income allocation range of 25 to 65% (including cash).
Dual Income Targets
Seeks income from both high-quality, dividend-paying companies and fixed- income instruments across the globe.
Global Reach
Offers broad diversification of asset class, country, currency, sector, credit quality and maturity.*
*Diversification does not ensure a profit or protect against loss in a declining market.

Morningstar Style Box

Value
Large
MOD
Low
Source: Morningstar

Portfolio Management

W. Jeffery Surles, CFA

  • Ivy Investment Management Company
  • 4 Years with Fund
  • 15 Years in Industry
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Jeff Surles is a Vice President of Ivy Investment Management Company. Mr. Surles graduated from Vanderbilt University in 2000 with a BS in Organizational Development. He earned an MBA with an emphasis in Finance from the University of Wisconsin in 2007. Mr. Surles joined Ivy in June in 2007 as a fixed income investment analyst. He was appointed assistant vice president in January 2012. He was named portfolio manager of the Ivy Global Income Allocation Fund in 2012.

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/8/2016

Net Asset Value (NAV) $14.15
Daily NAV Change ($) ($-0.17) -1.19%
Weekly NAV Change ($) $0.10 0.71%
Public Offering Price (POP) $15.01

Fund Facts

Ticker Symbol IIBEX
CUSIP 465899771
Fund Code 449
Fund Type Global/International
Fund Inception 9/16/1994
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 11/30/2016) $705.6 mil
Total Equity Holdings (as of 11/30/2016) 51
Total Holdings (as of 11/30/2016) 122
Portfolio Turnover Rate (as of 9/30/2016) 35%
Lipper Category Flexible Portfolio Funds
Morningstar Category World Allocation
Benchmark Bloomberg Barclays Multiverse TR USD
Benchmark MSCI World High Dividend Yield NR USD
Benchmark MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40

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 E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

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 with maximum 5.75% sales charge -2.21% -3.91% -0.99% 3.37% 1.68%
Bloomberg Barclays Multiverse TR USD 3.16% 3.58% -0.10% 0.70% 3.34% 3.45%
Fund at NAV 3.77% 1.97% 0.99% 4.60% 2.31%
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 5.05% 4.33% 1.44% 5.12% 3.32% 3.07%
Lipper Flexible Portfolio Funds 5.38% 3.70% 1.64% 5.37% 3.83% 5.76%
MSCI World High Dividend Yield NR USD 6.22% 4.71% 2.30% 7.98% 2.83% 2.33%

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
Fund with maximum 5.75% sales charge 0.16% 2.93% 0.99% 4.85% 1.97%
Fund at NAV 6.28% 9.21% 3.01% 6.09% 2.60%
Lipper Flexible Portfolio Funds 6.54% 7.97% 3.17% 6.68% 4.42% 3.89%
MSCI World High Dividend Yield NR USD 9.64% 14.69% 4.94% 9.94% 3.74% 2.71%
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 9.92% 12.60% 3.95% 6.81% 4.28% 3.61%
Bloomberg Barclays Multiverse TR USD 10.20% 9.23% 2.22% 1.97% 4.38% 4.23%

Calendar Year Return

  2011 2012 2013 2014 2015
Class E -4.02 10.82 10.77 1.58 -2.99
MSCI World High Dividend Yield NR USD 3.89 12.24 21.91 2.48 -3.20
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 4.96 9.37 11.75 1.79 -3.01
Bloomberg Barclays Multiverse TR USD 5.55 4.84 -2.19 0.48 -3.29

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: World Allocation
Ratings are based on risk-adjusted returns
Overall out of 405
3 Year out of 405
5 Year out of 315
10 Year out of 141

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Flexible Portfolio Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 421/610 69
3 Year 293/438 67
5 Year 225/329 69
10 Year

Expense Ratios as of 7/31/2016

Net 1.49%
Gross 1.76%

5-Year Standard Deviation as of 11/30/2016

Bloomberg Barclays Multiverse TR USD 4.63
MSCI World High Dividend Yield NR USD 10.83
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 7.56

Distributions

Historical Prices Inception 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $14.05 NO NO
12/2/2016 $14.06 NO NO
12/5/2016 $14.10 NO NO
12/6/2016 $14.15 NO NO
12/7/2016 $14.32 NO NO
12/8/2016 $14.15 YES YES

Historical Distributions Inception 4/2/2007

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/8/2016 $0.187 Long: $0.000 Short: $0.000 $14.15 12/8/2016
9/15/2016 $0.139 Long: $0.000 Short: $0.000 $14.29 9/15/2016
6/16/2016 $0.188 Long: $0.000 Short: $0.000 $13.86 6/16/2016
3/10/2016 $0.033 Long: $0.000 Short: $0.000 $13.62 3/10/2016
12/10/2015 $0.229 Long: $0.000 Short: $0.000 $13.84 12/10/2015
9/10/2015 $0.118 Long: $0.000 Short: $0.000 $14.12 9/10/2015
6/11/2015 $0.197 Long: $0.000 Short: $0.000 $15.52 6/11/2015
3/12/2015 $0.068 Long: $0.000 Short: $0.000 $15.34 3/12/2015
12/11/2014 $0.209 Long: $0.000 Short: $0.000 $14.9 12/11/2014
9/11/2014 $0.119 Long: $0.000 Short: $0.000 $15.74 9/11/2014
6/12/2014 $0.197 Long: $0.000 Short: $0.000 $15.99 6/12/2014
3/13/2014 $0.099 Long: $0.000 Short: $0.000 $15.31 3/13/2014
12/12/2013 $0.204 Long: $0.000 Short: $0.000 $14.91 12/12/2013
9/12/2013 $0.13 Long: $0.000 Short: $0.000 $14.68 9/12/2013
6/13/2013 $0.161 Long: $0.000 Short: $0.000 $14.49 6/13/2013
3/14/2013 $0.061 Long: $0.000 Short: $0.000 $14.84 3/14/2013
12/13/2012 $0.294 Long: $0.000 Short: $0.000 $14.24 12/13/2012
9/13/2012 $0.135 Long: $0.000 Short: $0.000 $14.37 9/13/2012
6/14/2012 $0.188 Long: $0.000 Short: $0.000 $13.26 6/14/2012
3/15/2012 $0.034 Long: $0.000 Short: $0.000 $14.58 3/15/2012

*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 4.19%
With Sales Charge 3.95%

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

Subsidized - NAV 4.22%
Unsubsidized - NAV 4.00%

Portfolio

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

Ares Capital Corp. 1.96%
Ferrovial S.A. 1.77%
Sampo plc, A Shares Administers a range of European life and property/casualty insurance companies. 1.63%
ProSiebenSat. 1 Media SE 1.60%
McDonalds Corp. 1.52%
Lockheed Martin Corp. Lockheed Martin Corporation, a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. 1.50%
Limited Brands, Inc. L Brands, Inc. operates as a specialty retailer of women?'s intimate and other apparel, beauty and personal care products, and accessories. The company was formerly known as Limited Brands, Inc. and changed its name to L Brands, Inc. in March 2013. 1.49%
Adecco S.A. 1.49%
Atlantica Yield plc 1.46%
Paychex, Inc. Paychex, Inc., together with its subsidiaries, provides payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses in the United States and Germany. 1.45%

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

Large 64.1%
Medium 28.3%
Small 7.6%
Median Market Cap (as of 11/30/2016) $22.6 bil

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

Pharmaceuticals 5.4%
Integrated Telecommunication Services 4.8%
Multi-Line Insurance 4.7%
Aerospace & Defense 4.7%
Semiconductors 4.2%
Tobacco 4.2%
Mortgage REITs 4.1%
Packaged Foods & Meats 4.1%
Life & Health Insurance 4.0%
Diversified Banks 3.6%

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

<1 Year 5.7%
1-5 Years 34.4%
5-10 Years 41.2%
10-20 Years 6.1%
>20 Years 12.6%
Average Maturity 9.43 years
Effective Duration 4.73 years

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

United States 50.2%
United Kingdom 10.7%
Luxembourg 7.1%
Netherlands 6.3%
Spain 5.1%
Canada 4.1%
Argentina 3.7%
France 3.0%
Brazil 2.5%
Italy 1.6%
Mexico 1.6%
Norway 1.1%
Sweden 0.7%
Australia 0.6%
Columbia 0.5%
Ireland 0.4%
Barbados 0.4%
Malaysia 0.3%
Singapore 0.1%

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

Financials 24.71%
Industrials 14.00%
Consumer Discretionary 13.73%
Information Technology 10.28%
Consumer Staples 10.00%
Energy 8.28%
Health Care 7.21%
Telecommunication Services 4.77%
Utilities 2.54%
Real Estate 2.46%
Materials 2.02%

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 9.40%
Government Bonds 6.80%
AAA 0.60%
AA 1.20%
A 1.40%
BBB 17.00%
BB 16.90%
B 31.20%
CCC 15.50%

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

Corporate Bonds 31.32%
Foreign Common Stock 30.97%
Domestic Common Stock 23.97%
Cash and Cash Equivalents 4.66%
Government Bonds 2.56%
Preferred Stock 2.50%
Senior Loans 2.32%
Other Government Securities 1.70%

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

United States 42.7%
United Kingdom 10.2%
Australia 6.3%
Spain 5.6%
France 5.0%
Germany 4.7%
Finland 4.5%
Switzerland 4.2%
Canada 3.7%
Singapore 2.1%
Italy 2.1%
Israel 2.1%
Japan 1.9%
Ireland 1.8%
Belgium 1.7%
New Zealand 1.2%

Documents

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Documents

Risk Factors: 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. 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. Fixed income securities 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. Dividend- paying investments may not experience the same price appreciation as non-dividend paying instruments. Dividend-paying companies may choose to not pay a dividend or the dividend may be less than expected. 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.

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 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.

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: 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 10/31/2006.

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.

Fee Waiver and/or Expense Reimbursement: Through July 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 Class E shares at 1.33% and Class Y shares at 1.17%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

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.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

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.

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.

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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