Fund Detail

Ivy Global Equity Income Fund

Track Fund
$12.35 NAV as of 2/24/2017
($0.05) / -0.40% Daily NAV Change
2.15% YTD (NAV) as of 2/24/2017

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Fund Summary

Seeking growth and income across the globe
Global diversification
Flexibility to invest in stocks trading in most countries around the world in a variety of economic sectors and industries.
Income potential
Seeks income generating securities with favorable prospects for total return.
Experienced management
Portfolio manager experience is approximately 20 years and supported by more than 70 investment professionals.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Robert Nightingale

    • — Ivy Investment Management Company
    • — 4 Years with Fund
    • — 21 Years in Industry
Growth of a $10,000 Investment through 1/31/2017

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
Portfolio Perspectives / 11.22.16

We think high dividend-paying equities belong in an investor’s growth portfolio

Numerous studies have validated that older populations tend to gravitate towards dividend-paying equities. However, the majority of research has left one question unanswered. Would a quickly growing older population have any effect on the returns of higher dividend-paying equities? The answer draws serious investment implications.
Daily Prices as of 2/24/2017
Net Asset Value (NAV) $12.35  
Daily NAV Change ($0.05) -0.40%
Weekly NAV Change ($0.01) -0.08%
Public Offering Price (POP) $13.10
Fund Facts
Ticker Symbol IBIAX
CUSIP 465899631
Fund Code 659
Fund Type Global/International
Fund Inception 6/4/2012
Class Inception 6/4/2012
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 1/31/2017)
$339.9 mil
Total Equity Holdings
(as of 1/31/2017)
62
Total Holdings
(as of 1/31/2017)
62
Portfolio Turnover Rate
(as of 9/30/2016)
42%
Lipper Category Global Equity Income Funds
Morningstar Category World Stock
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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns as of 1/31/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 0.00% 7.03% 3.56% N/A N/A 9.28%
Fund with 5.75% sales charge -5.77% 0.90% 1.54% N/A N/A 7.90%
MSCI World High Dividend Yield NR USD 1.34% 14.75% 4.57% 8.40% 2.89% 10.22%
Lipper Global Equity Income Funds 1.57% 12.36% 3.90% 7.18% 2.63% 3.20%

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2016

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 4.61% 4.61% 2.41% N/A N/A 9.46%
Fund with 5.75% sales charge -1.40% -1.40% 0.41% N/A N/A 8.05%
MSCI World High Dividend Yield NR USD 9.29% 9.29% 2.73% 8.21% 2.80% 10.10%
Lipper Global Equity Income Funds 7.28% 7.28% 2.15% 7.54% 2.58% 3.04%

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 21.49 2.94 -0.27 4.61
MSCI World High Dividend Yield NR USD 6.53 -42.98 32.47 6.29 3.89 12.24 21.91 2.48 -3.20 9.29

Morningstar Ratings as of 1/31/2017

Category: World Stock

Overall out of 849 ★★★
3 Year out of 849 ★★★
5 Year out of
10 Year out of

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Global Equity Income Funds

  Rank Percentile
1 Year 159 /166 96
3 Year 92 /141 65

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

Expense Ratios as of 7/31/2016

Net 1.40%
Gross 1.46%

Growth of a $10,000 Investment through 1/31/2017

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 6/4/2012

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 6/4/2012

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 1/31/2017

NAV 3.37%
With Sales Charge 3.18%

Annualized 30-Day SEC Yield as of 1/31/2017

Subsidized 2.14%
Unsubsidized 2.14%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 1/31/2017

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. 3.88%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 3.37%
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. 3.28%
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. 3.20%
Merck & Co., Inc. Merck & Co., Inc. provides various health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products worldwide. 3.15%
Chevron Corp. Chevron Corp., through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. 2.89%
Orange S.A. 2.68%
Wells Fargo & Co. Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance across North America and internationally. 2.54%
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. 2.51%
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. 2.44%
Total Portfolio Holdings DOWNLOAD (as of 12/31/2016)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 1/31/2017
Large 86.4%
Medium 13.7%
Small 0.0%
Median Market Cap (as of 1/31/2017) $46.0 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Pharmaceuticals 11.9%
Integrated Oil & Gas 11.9%
Diversified Banks 11.0%
Semiconductors 6.2%
Integrated Telecommunication Services 6.0%
Packaged Foods & Meats 4.3%
Systems Software 3.9%
Aerospace & Defense 3.5%
Life & Health Insurance 3.4%
Electric Utilities 3.4%
Sector Allocation as a % of equity assets as of 1/31/2017
Financials 15.48%
Energy 13.87%
Health Care 11.86%
Information Technology 11.59%
Consumer Staples 11.28%
Consumer Discretionary 10.76%
Industrials 9.10%
Telecommunication Services 5.97%
Utilities 5.32%
Materials 4.77%
Portfolio Composition as a % of net assets as of 1/31/2017
Foreign Common Stock 59.44%
Domestic Common Stock 40.06%
Cash and Cash Equivalents 0.50%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 40.3%
United Kingdom 17.4%
France 11.9%
Japan 4.9%
Canada 4.6%
Netherlands 4.0%
Norway 3.3%
Russia 2.4%
Spain 2.0%
Germany 1.7%
China 1.6%
Switzerland 1.6%
Italy 1.4%
Ireland 1.1%
Hong Kong 1.0%
India 1.0%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2016)

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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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: MSCI World High Div Yld NR USD - 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 5/31/2006. 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.

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.

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 tocap the total annual ordinary fund operating expenses for the Fund’s Class A shares at 1.30% and Class Y shares at 1.19%. Prior to that date, the expense limitation may not be terminated byIICO, 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.

The Morningstar RatingTM 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. 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.

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