Fund Detail

Ivy Global Equity Income Fund

Track Fund
$12.58 NAV as of 11/11/2019
($0.05) / -0.40% Daily NAV Change
19.36% YTD (NAV) as of 11/11/2019 i

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 managers have nearly 45 years of industry experience and are supported by more than 70 investment professionals.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Robert Nightingale

    • — Ivy Investment Management Company
    • — 7 Years with Fund
    • — 24 Years in Industry
  • Christopher Parker

    • — Ivy Investment Management Company
    • — 1 Years with Fund
    • — 24 Years in Industry
Growth of a $10,000 Investment through 10/31/2019

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 11/11/2019
Net Asset Value (NAV) $12.58  
Daily NAV Change ($0.05) -0.40%
Weekly NAV Change ($0.01) -0.08%
Public Offering Price (POP) $12.58
Fund Facts
Ticker Symbol IBIIX
CUSIP 465899599
Fund Code 459
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 10/31/2019)
$756.5 mil
Total Equity Holdings
(as of 10/31/2019)
52
Total Holdings
(as of 10/31/2019)
55
Portfolio Turnover Rate
(as of 3/31/2019)
28%
Morningstar Category World Large Stock
Lipper Category Global Equity Income Funds
BenchmarkFTSE All-World High Dividend Yield Index

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.

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 10/31/2019

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 17.56% 12.49% 8.92% 5.79% N/A 9.33%
FTSE All-World High Dividend Yield Index 15.13% 9.86% 7.91% 4.46% 6.81% -
Morningstar World Large Stock 18.75% 12.04% 10.70% 6.76% 8.75% -

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2019

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 14.33% 1.56% 7.29% 5.18% N/A 9.03%
FTSE All-World High Dividend Yield Index 12.15% 0.83% 6.57% 3.89% 6.44% -
Morningstar World Large Stock 16.14% 1.14% 9.10% 6.49% 8.38% -

Calendar Year Return

201420152016201720182013
Class I3.31 0.09 5.00 19.01 -9.99 22.02
FTSE All-World High Dividend Yield Index1.21 -5.24 10.55 18.94 -11.56 -

Morningstar Ratings as of 10/31/2019

Category: World Large Stock

Overall out of 728 ★★★
3 Year out of 728 ★★
5 Year out of 600 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2019

Category: World Large Stock

  Rank Percentile
1 Year 422 /870 48
3 Year 520 /728 72
5 Year 399 /600 67

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 7/31/2019

Net 0.92%
Gross 0.93%

Growth of a $10,000 Investment through 10/31/2019

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 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 10/31/2019

NAV 2.59%
With Sales Charge 2.59%

Annualized 30-Day SEC Yield as of 10/31/2019

Subsidized 2.69%
Unsubsidized 2.67%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 10/31/2019

Taiwan Semiconductor Manufacturing Co. Ltd. Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing. 3.69%
AstraZeneca plc AstraZeneca PLC (AstraZeneca) is a biopharmaceutical company. The Company focuses on the discovery, development and commercialization of prescription medicines for six areas of healthcare. 3.48%
Philip Morris International, Inc. Philip Morris International Inc manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America. The company's portfolio comprises international and local brands. 3.38%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 3.23%
Verizon Communications, Inc. Verizon Communications Inc. is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average. 3.12%
Samsung Electronics Co. Ltd. Samsung Electronics Co., Ltd. is a Korea-based company engaged in the provision of consumer electronics, communication products, semiconductor products and home appliances. 3.07%
Royal Dutch Shell plc, Class A Royal Dutch Shell plc (Shell) is an independent oil and gas company. 2.86%
Procter & Gamble Co. (The) The Procter & Gamble Company engages in the manufacture and sale of consumer goods worldwide. 2.79%
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. 2.77%
Tokio Marine Holdings, Inc. Tokio Marine Holdings, Inc. is an insurance holding company. Through its subsidiaries and associated companies, the Company operates in four business segments. 2.71%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2019)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 10/31/2019
Large ( > $10 bil) 100.0%
Medium ($2 - $10 bil) 0.0%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 10/31/2019) $66.2 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2019)
Integrated Oil & Gas 11.1%
Pharmaceuticals 10.1%
Diversified Banks 9.1%
Semiconductors 7.3%
Packaged Foods & Meats 6.5%
Electric Utilities 5.1%
Integrated Telecommunication Services 4.4%
Other Diversified Financial Services 4.0%
Tobacco 3.4%
Aerospace & Defense 3.3%
Sector Allocation as a % of equity assets as of 10/31/2019
Financials 21.99%
Consumer Staples 16.20%
Energy 12.95%
Information Technology 10.43%
Health Care 10.14%
Industrials 9.70%
Utilities 7.72%
Communication Services 4.39%
Materials 4.32%
Consumer Discretionary 2.16%
Portfolio Composition as a % of net assets as of 10/31/2019
Foreign Common Stock 66.25%
Domestic Common Stock 32.51%
Cash and Cash Equivalents 1.24%
Equity Country Allocation as a % of equity assets as of 10/31/2019
United States 32.9%
France 13.2%
United Kingdom 10.1%
Netherlands 5.9%
Switzerland 5.4%
Japan 3.9%
Taiwan 3.7%
Canada 3.7%
Hong Kong 3.4%
South Korea 3.1%
Italy 2.7%
Germany 2.3%
China 1.9%
Russia 1.6%
Spain 1.4%
Ireland 1.3%
Singapore 1.2%
Macau 1.2%
Norway 1.1%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2019)

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. 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.

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.

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, 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 A shares at 1.24%; Class B shares at 1.95%; Class E shares at 1.13%; Class I shares at 0.92%; and Class Y shares at 1.19%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 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 N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, 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.

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.

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.