Fund Detail

Ivy Apollo Multi-Asset Income Fund

Track Fund
$11.05 NAV as of 9/18/2018
$0.03 / 0.27% Daily NAV Change
2.01% YTD (NAV) as of 9/18/2018 i

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Fund 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 Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • Philip J. Sanders, CFA

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 30 Years in Industry
  • Mark G. Beischel, CFA

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 25 Years in Industry
  • Chad Gunther

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 20 Years in Industry
  • Robert Nightingale

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 23 Years in Industry
  • Christopher J. Parker, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 23 Years in Industry
  • James Zelter

    • — Apollo Credit Management, LLC.
    • — 2 Years with Fund
    • — 31 Years in Industry
  • Joseph Moroney

    • — Apollo Credit Management, LLC.
    • — <1 Years with Fund
    • — 24 Years in Industry
  • George J Noon, CFA

    • — LaSalle Investment Management Securities
    • — 2 Years with Fund
    • — 30 Years in Industry
  • Matthew Sgrizzi, CFA

    • — LaSalle Investment Management Securities
    • — 2 Years with Fund
    • — 16 Years in Industry
  • Lisa Kaufman

    • — LaSalle Investment Management Securities
    • — 2 Years with Fund
    • — 26 Years in Industry
Growth of a $10,000 Investment through 7/31/2018

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
Perspectives

Manager Video

Daily Prices as of 9/18/2018
Net Asset Value (NAV) $11.05  
Daily NAV Change $0.03 0.27%
Weekly NAV Change $0.03 0.27%
Public Offering Price (POP) $11.72
Fund Facts
Ticker Symbol IMAAX
CUSIP 46600B847
Fund Code 673
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 8/31/2018)
$516.2 mil
Total Equity Holdings
(as of 8/31/2018)
148
Total Holdings
(as of 8/31/2018)
665
Portfolio Turnover Rate
(as of 3/31/2018)
32%
Lipper Category Mixed-Asset Target Allocation Moderate Funds
Morningstar Category Allocation--30% to 50% Equity
Benchmark50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY
Benchmark50% MSCI World High Dividend Yield + 50% ICE BofAML US HY
BenchmarkFTSE All-World High Dividend Yield Index
BenchmarkICE BofAML US High Yield Index
BenchmarkMSCI World High Dividend Yield NR 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 A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns as of 8/31/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 1.83% 5.27% N/A N/A N/A 6.69%
Fund with 5.75% sales charge -4.00% -0.80% N/A N/A N/A 4.55%
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY N/A N/A N/A N/A N/A -
50% MSCI World High Dividend Yield + 50% ICE BofAML US HY 1.14% 4.90% N/A N/A N/A -
FTSE All-World High Dividend Yield Index -2.47% 3.94% 8.80% 6.48% 5.21% -
ICE BofAML US High Yield Index 1.93% 3.26% 7.04% 5.63% 8.37% -
MSCI World High Dividend Yield NR USD 0.27% 6.43% 9.69% 7.43% 6.08% -
Lipper Mixed-Asset Target Allocation Moderate Funds 2.12% 6.50% 7.25% 6.48% 5.95% -

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 0.08% 5.49% N/A N/A N/A 6.45%
Fund with 5.75% sales charge -5.64% -0.62% N/A N/A N/A 4.18%
50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML US HY N/A N/A N/A N/A N/A -
50% MSCI World High Dividend Yield + 50% ICE BofAML US HY -1.63% 3.53% N/A N/A N/A -
FTSE All-World High Dividend Yield Index -4.48% 4.74% 5.51% 6.51% 4.64% -
ICE BofAML US High Yield Index 0.08% 2.53% 5.55% 5.51% 8.03% -
MSCI World High Dividend Yield NR USD -3.37% 4.44% 6.72% 7.11% 5.43% -
Lipper Mixed-Asset Target Allocation Moderate Funds -0.51% 5.58% 5.14% 6.19% 5.56% -

Calendar Year Return

201320142015201620172008200920102011201220032004200520062007
Class A- - - 7.09 10.49 - - - - - - - - - -
ICE BofAML US High Yield Index7.42 2.50 -4.64 17.49 7.48 -26.39 57.51 15.19 4.38 15.59 28.15 10.87 2.74 11.72 2.24
MSCI World High Dividend Yield NR USD21.91 2.48 -3.20 9.29 18.14 -42.98 32.47 6.29 3.89 12.24 29.49 19.13 7.67 27.92 6.53

Lipper Ranking through 8/31/2018

Category: Mixed-Asset Target Allocation Moderate Funds

  Rank Percentile
1 Year 377 /556 68

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

Expense Ratios as of 7/31/2018

Net 1.25%
Gross 1.25%

Growth of a $10,000 Investment through 7/31/2018

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 10/1/2015

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 10/1/2015

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 8/31/2018

NAV 3.72%
With Sales Charge 3.51%

Annualized 30-Day SEC Yield as of 8/31/2018

Subsidized 3.45%
Unsubsidized 3.45%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 8/31/2018

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. 1.55%
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. 1.48%
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. 1.43%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 1.36%
iShares iBoxx $ High Yield Corporate Bond ETF iShares iBoxx $ High Yield Corporate Bond ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds. 1.21%
Intel Corp. Intel Corporation is a semiconductor chip maker, developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications. 1.17%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 1.15%
Unilever N.V., Certicaaten Van Aandelen Unilever N.V. (NV) is a supplier of fast moving consumer goods with operations in more than 100 countries and sales in 180. The two parent companies, Unilever N.V. (NV) and PLC, together with their group companies, operate as the Unilever Group (Unilever). 1.06%
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. 0.98%
Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 0.93%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2018)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 8/31/2018
Large ( > $10 bil) 89.1%
Medium ($2 - $10 bil) 9.5%
Small ( < $2 bil) 1.4%
Median Market Cap (as of 8/31/2018) $12.1 bil
Maturity as a % of fixed income assets as of 8/31/2018
<1 Year 5.50%
1-5 Years 34.00%
5-10 Years 57.00%
10-20 Years 3.10%
>20 Years 0.30%
Average Maturity 4.85 years
Effective Duration 3.83 years
Top 10 Industry Allocation (as a % of Equity Holdings as of 8/31/2018)
Pharmaceuticals 11.0%
Integrated Oil & Gas 10.2%
Diversified Banks 8.4%
Aerospace & Defense 4.6%
Retail REITs 3.7%
Semiconductors 3.2%
Packaged Foods & Meats 3.2%
Diversified Chemicals 2.8%
Electrical Components & Equipment 2.6%
Residential REITs 2.6%
Fixed Income Country Allocation (as a % of bond holdings as of 8/31/2018)
United States 78.3%
Luxembourg 5.0%
Canada 3.9%
Netherlands 2.9%
United Kingdom 2.4%
France 2.2%
Spain 1.0%
Cayman Islands 0.9%
Germany 0.7%
Denmark 0.3%
Euro 0.2%
China 0.2%
Jersey 0.2%
Austria 0.2%
Sweden 0.2%
Chile 0.2%
Macau 0.2%
Hong Kong 0.2%
Jamaica 0.1%
Ireland 0.1%
British Virgin Islands 0.1%
Isle Of Man 0.1%
Columbia 0.1%
Panama 0.1%
Israel 0.1%
India 0.1%
Malaysia 0.1%
Mexico 0.1%
Sector Allocation as a % of equity assets as of 8/31/2018
Real Estate 19.48%
Financials 16.31%
Energy 12.51%
Health Care 12.28%
Industrials 10.00%
Consumer Staples 9.01%
Materials 6.95%
Information Technology 5.53%
Consumer Discretionary 3.31%
Utilities 3.16%
Telecommunication Services 1.46%
Quality as a % of fixed income assets as of 8/31/2018
NonRated 9.80%
A 0.20%
BBB 3.80%
BB 14.60%
B 51.00%
CCC 19.80%
Below CCC 0.80%

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Portfolio Composition as a % of net assets as of 8/31/2018
Foreign Common Stock 28.10%
Corporate Bonds 27.72%
Domestic Common Stock 20.35%
Senior Loans 15.52%
Cash and Cash Equivalents 4.80%
Mortgage-Backed Securities 1.74%
Asset-Backed Securities 1.48%
Preferred Stock 0.29%
Equity Country Allocation as a % of equity assets as of 8/31/2018
United States 42.4%
France 10.6%
United Kingdom 10.2%
Japan 4.9%
Netherlands 4.7%
Switzerland 4.4%
Hong Kong 4.3%
Canada 3.8%
China 2.6%
Ireland 2.2%
Italy 1.3%
India 1.2%
Spain 1.2%
Singapore 1.0%
South Africa 0.9%
Australia 0.9%
Malaysia 0.9%
Russia 0.9%
Norway 0.8%
Germany 0.7%
Sweden 0.2%
Belgium 0.1%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2018)

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. 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 Fund performing poorly. While Ivy Investment Management Company (IICO) monitors the investments of Apollo Credit Management, LLC (Apollo) and LaSalle Investment Management Securities, LLC (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 IICO, Apollo or LaSalle will not always complement each other, which could adversely affect the performance of the Fund. 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 Fund 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. Dividend-dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. 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

Index Description: The FTSE All-World High Dividend Yield Index comprises stocks that are characterized by higher than-average dividend yields and is based on the FTSE All-World Index. Real estate investment trusts (REITS) are removed from the index, as are stocks that are forecast to pay a zero dividend over the next 12 months. The remaining stocks are ranked by annual dividend yield and included in the target index until the cumulative market capitalization reaches 50% of the total market cap of this universe of stocks.

Effective Aug. 17, 2018, the Ivy Apollo Multi-Asset Income Fund's blended benchmark changed to 50% FTSE All-World High Dividend Yield Index + 50% ICE BofAML U.S. High Yield Index from the prior blended benchmark of 50% MSCI World High Dividend Yield Index + 50% ICE BofAML U.S. High Yield Index. Ivy Investment Management Company believes the new blended benchmark and new component are more reflective of the types of securities in which the Fund invests than the prior blended benchmark and benchmark component. The prior blended benchmark and benchmark component will be shown for one year from the effective date for comparison purposes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, 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) for the Fund’s Class A shares at 1.30%, Class C shares at 2.17% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board).

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IICO, the Fund’s investment manager, IDI, the Fund’s distributor, and/or 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) for the Fund’s Class I shares and Class N shares at 0.75%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, 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 Board.

Joseph Moroney, CFA, and Christopher J. Parker, CFA, were added as co-portfolio managers on Ivy Apollo Multi-Asset Income Fund effective April 2018.

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.

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: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. 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 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.

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).

Co-Portfolio Manager Stanley J. Kraska, Jr. retired from LaSalle Investment Management Securities on Sept. 4, 2018