Fund Detail

Ivy Accumulative Fund

Track Fund
$8.02 NAV as of 3/25/2019
$0.01 / 0.12% Daily NAV Change
15.73% YTD (NAV) as of 3/25/2019 i

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Fund Summary

Identifying growth potential in companies of all sizes
Market-cap agnostic
Applies a growth-oriented investment philosophy to identify high-quality companies across all market capitalizations.
Invest with conviction
The Fund generally targets between 35-50 stocks, which allows the portfolio managers’ best ideas to have the opportunity to impact performance.
Experience
Portfolio managers have a combined 40+ years of industry experience and more than 15 years of multi-cap experience.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Gus C. Zinn, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 20 Years in Industry
  • John Bichelmeyer, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 22 Years in Industry
Growth of a $10,000 Investment through 2/28/2019

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
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 3/25/2019
Net Asset Value (NAV) $8.02  
Daily NAV Change $0.01 0.12%
Weekly NAV Change ($0.08) -0.99%
Public Offering Price (POP) $8.02
Fund Facts
Ticker Symbol IATBX
CUSIP 46600G861
Fund Code 182
Fund Type Domestic Equity
Fund Inception 10/9/1940
Class Inception 10/4/1999
Fiscal Year End June
Dividends Paid June, December
Fund Assets
(as of 2/28/2019)
$1.3 bil
Total Equity Holdings
(as of 2/28/2019)
49
Total Holdings
(as of 2/28/2019)
60
Portfolio Turnover Rate
(as of 6/30/2018)
79%
Morningstar Category Large Growth
Lipper Category Multi-Cap Growth Funds
BenchmarkRussell 3000 Growth TR USD
BenchmarkS&P 500 TR USD

Fund 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.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return Average Annual Total Returns as of 2/28/2019

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 15.30% 8.87% 11.57% 7.37% 13.52% 6.26%
Fund with maximum 5.00% CDSC 10.30% 5.05% 10.76% 7.25% 13.52% 6.26%
Russell 3000 Growth TR USD 13.31% 6.63% 18.00% 12.28% 18.15% -
S&P 500 TR USD 11.48% 4.68% 15.28% 10.67% 16.67% -
Morningstar Large Growth 13.26% 5.89% 16.81% 10.31% 16.64% -

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -4.20% -4.20% 3.55% 4.99% 10.10% 5.51%
Fund with maximum 5.00% CDSC -7.56% -7.56% 2.75% 4.87% 10.10% 5.51%
S&P 500 TR USD -4.38% -4.38% 9.26% 8.49% 13.12% -
Morningstar Large Growth -2.09% -2.09% 8.98% 8.16% 13.74% -

Calendar Year Return

2014201520162017201820092010201120122013200420052006200720082003
Class B- - - - -4.20 - - - - - - - - - - -
S&P 500 TR USD13.69 1.38 11.96 21.83 -4.38 26.46 15.06 2.11 16.00 32.39 10.88 4.91 15.79 5.49 -37.00 28.68

Morningstar Ratings as of 2/28/2019

Category: Large Growth

Overall out of 1254
3 Year out of 1254
5 Year out of 1114 ★★
10 Year out of 804

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 2/28/2019

Category: Large Growth

  Rank Percentile
1 Year 306 /1400 19
3 Year 1202 /1254 95
5 Year 1020 /1114 91
10 Year 779 /804 95

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Expense Ratios as of 10/31/2018

Net 2.29%
Gross 2.41%

5-Year Standard Deviation as of 2/28/2019

Fund 11.92
S&P 500 TR USD 11.18
Russell 3000 Growth TR USD 12.46

5-Year MPT* Statistics as of 2/28/2019

Alpha -3.54
Beta 0.91
R-Squared 90.90
Sharpe Ratio 0.55
Capture Ratio

Upside: 81.42%

Downside: 102.72%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 2/28/2019

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.

Fund Distributions

Historical Prices Inception 10/4/1999

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 10/4/1999

Ex-date Income Capital Gains Reinvest Gains Payment Date

*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 2/28/2019

NAV 0.00%
With Sales Charge 0.00%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 2/28/2019

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. 5.60%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 3.67%
Boeing Co. (The) The Boeing Company (Boeing) is an aerospace company. Boeing is engaged in the design, development, manufacture, sale and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services. 2.90%
Walt Disney Co. (The) The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive. 2.75%
Danaher Corp. Danaher Corp. is a globally diversified conglomerate with its headquarters in Washington, D.C. Its products are concentrated in the fields of design, manufacturing, and marketing of industrial, health care and consumer products.  2.73%
Alibaba Group Holding Ltd. ADR Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People's Republic of China and internationally. 2.64%
MasterCard, Inc., Class A MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. 2.60%
Mimecast Ltd. Mimecast is an international company specializing in cloud-based email management for Microsoft Exchange and Microsoft Office 365, including security, archiving, and continuity services to protect business mail. 2.50%
Fiserv, Inc. Fiserv, Inc. is a global provider of financial services technology solutions, including electronic commerce systems and services, such as transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions. 2.45%
CoStar Group, Inc. CoStar Group, Inc. provides information, analytics, and online marketplaces services to the commercial real estate industry in the U.S., Canada, the U.K., and France.  2.41%
Total Portfolio Holdings DOWNLOAD (as of 12/31/2018)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 2/28/2019
Large ( > $10 bil) 71.1%
Medium ($2 - $10 bil) 17.1%
Small ( < $2 bil) 11.8%
Median Market Cap (as of 2/28/2019) $25.3 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 2/28/2019)
Health Care Equipment 11.9%
Application Software 11.0%
Semiconductors 7.6%
Data Processing & Outsourced Services 6.9%
Internet & Direct Marketing Retail 6.5%
Pharmaceuticals 6.0%
Movies & Entertainment 5.8%
Systems Software 5.8%
Interactive Home Entertainment 4.1%
Aerospace & Defense 3.0%
Sector Allocation as a % of equity assets as of 2/28/2019
Information Technology 36.74%
Health Care 23.57%
Consumer Discretionary 11.65%
Communication Services 9.94%
Industrials 7.92%
Financials 3.69%
Consumer Staples 3.04%
Materials 1.81%
Real Estate 1.64%
Portfolio Composition as a % of net assets as of 2/28/2019
Domestic Common Stock 93.35%
Foreign Common Stock 4.15%
Cash and Cash Equivalents 2.50%
Equity Country Allocation as a % of equity assets as of 2/28/2019
United States 91.4%
China 2.7%
Canada 2.0%
Taiwan 1.6%
Sweden 1.4%
Israel 0.9%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2018)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL

Additional Fund Literature

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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.

Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. Large-capitalization companies may go in and out of favor based on market and economic conditions. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general. The Fund typically holds a limited number of stocks (generally 30 to 50). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities. 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: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

The Russell 3000 Growth Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, with higher growth earning potential as defined by Russell's style methodology. It is not possible to invest directly in an index.

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.

Effective Feb. 21, 2019, the Fund's benchmark changed from the S&P 500 Index to the Russell 3000 Growth Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows Class B shares at 2.29%, Class C shares at 2.06% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the Ivy Trust (the Ivy Trust Board).

Through October 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Ivy 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.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

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.

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).

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Barry Ogden, CFA, CPA, left the firm effective Dec. 3, 2018.