Fund Detail

Ivy Global Income Allocation Fund

Track Fund
$14.80 NAV as of 2/24/2017
($0.01) / -0.07% Daily NAV Change
4.01% YTD (NAV) as of 2/24/2017

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Fund 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 Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • W. Jeffery Surles, CFA

    • — Ivy Investment Management Company
    • — 4 Years with Fund
    • — 15 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

Manager Video

Daily Prices as of 2/24/2017
Net Asset Value (NAV) $14.80  
Daily NAV Change ($0.01) -0.07%
Weekly NAV Change $0.09 0.61%
Public Offering Price (POP) $15.70
Fund Facts
Ticker Symbol IVBAX
CUSIP 465898567
Fund Code 649
Fund Type Global/International
Fund Inception 9/16/1994
Class Inception 9/16/1994
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 1/31/2017)
$715.9 mil
Total Equity Holdings
(as of 1/31/2017)
51
Total Holdings
(as of 1/31/2017)
123
Portfolio Turnover Rate
(as of 9/30/2016)
35%
Lipper Category Flexible Portfolio Funds
Morningstar Category World Allocation
BenchmarkBloomberg Barclays Multiverse TR USD
BenchmarkMSCI World High Dividend Yield NR USD
BenchmarkMSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40

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 1.48% 11.24% 2.93% 4.91% 2.85% 6.27%
Fund with 5.75% sales charge -4.37% 4.87% 0.93% 3.68% 2.24% 5.99%
Bloomberg Barclays Multiverse TR USD 1.20% 3.31% 0.04% 0.38% 3.65% %
MSCI World High Dividend Yield NR USD 1.34% 14.75% 4.57% 8.40% 2.89% %
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 1.28% 10.09% 2.83% 5.24% 3.48% %
Lipper Flexible Portfolio Funds 1.59% 12.29% 2.92% 5.26% 3.97% N/A

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 6.39% 6.39% 1.62% 5.18% 2.70% 6.22%
Fund with 5.75% sales charge 0.26% 0.26% -0.36% 3.94% 2.09% 5.94%
Bloomberg Barclays Multiverse TR USD 2.84% 2.84% -0.02% 0.49% 3.44% %
MSCI World High Dividend Yield NR USD 9.29% 9.29% 2.73% 8.21% 2.80% %
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 6.75% 6.75% 1.73% 5.17% 3.34% %
Lipper Flexible Portfolio Funds 7.00% 7.00% 1.74% 5.68% 3.93% N/A

Calendar Year Return

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Class A 9.19 -32.49 28.08 11.89 -4.06 10.70 10.80 1.56 -2.87 6.39
Bloomberg Barclays Multiverse TR USD 9.23 3.76 8.03 5.84 5.55 4.84 -2.19 0.48 -3.29 2.84
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
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 7.91 -26.28 23.16 6.44 4.96 9.37 11.75 1.79 -3.01

Morningstar Ratings as of 1/31/2017

Category: World Allocation

Overall out of 396 ★★★
3 Year out of 396 ★★★
5 Year out of 323 ★★★
10 Year out of 152 ★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 1/31/2017

Category: Flexible Portfolio Funds

  Rank Percentile
1 Year 327 /620 53
3 Year 243 /440 56
5 Year 203 /337 61
10 Year 113 /144 78

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

Expense Ratios as of 7/31/2016

Net 1.44%
Gross 1.44%

5-Year Standard Deviation as of 1/31/2017

Fund 9.34
Bloomberg Barclays Multiverse TR USD 4.59
MSCI World High Dividend Yield NR USD 10.86
MSCI Wrld High Div Yld 60 + Bloomberg Barclays Multiverse 40 7.57

5-Year MPT* Statistics as of 1/31/2017

Alpha -0.85
Beta 1.12
R-Squared 82.45
Sharpe Ratio 0.51
Capture Ratio

Upside: 100.70%

Downside: 105.37%

*Modern Portfolio Theory

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 9/16/1994

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 9/16/1994

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 3.84%
With Sales Charge 3.62%

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

Subsidized 3.75%
Unsubsidized 3.75%

Fund Documents

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

Ares Capital Corp. 2.03%
ProSiebenSat. 1 Media SE ProSiebenSat.1 Media SE, together with its subsidiaries, operates as a media company in Europe. 1.95%
Ferrovial S.A. Ferrovial SA is engaged in developing, construction and maintainance of transportation infrastructure. The Company operates in segments including Construction, Services, Toll roads, and Airports. 1.78%
Atlantica Yield plc Atlantica Yield plc operates as a total return company. The Company owns a diversified portfolio of contracted renewable energy, power generation, and electric transmission assets. Atlantica Yield offers its services in North America, South America, and Europe. 1.70%
Adecco S.A. Adecco Group AG, together with its subsidiaries, provides human resource services to businesses and organizations worldwide. 1.69%
Sampo plc, A Shares Administers a range of European life and property/casualty insurance companies. 1.68%
McDonalds Corp. McDonald's is the leading global foodservice retailer with over 36000 restaurants in more than 100 countries around the world. 1.54%
Arthur J. Gallagher & Co. 1.51%
Kraft Foods Group, Inc. The Kraft Heinz Company is the third-largest food and beverage company in North America and the fifth-largest food and beverage company in the world, with eight $1 billion+ brands. 1.50%
Communications Sales & Leasing, Inc. Communications Sales & Leasing, Inc., an internally managed real estate investment trust, engages in the acquisition and construction of mission critical communications infrastructure; and provision of wireless infrastructure solutions for the communications industry. 1.47%
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 62.8%
Medium 33.0%
Small 4.3%
Median Market Cap (as of 1/31/2017) $19.6 bil
Maturity as a % of fixed income assets as of 1/31/2017
<1 Year 9.50%
1-5 Years 40.80%
5-10 Years 34.80%
10-20 Years 5.30%
>20 Years 9.60%
Average Maturity 8.65 years
Effective Duration 4.02 years
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Multi-Line Insurance 4.6%
Tobacco 4.3%
Aerospace & Defense 4.2%
Packaged Foods & Meats 4.2%
Life & Health Insurance 4.0%
Mortgage REITs 3.9%
Diversified Banks 3.6%
Semiconductors 3.6%
Communications Equipment 3.5%
Pharmaceuticals 3.4%
Fixed Income Country Allocation (as a % of bond holdings as of 1/31/2017)
United States 49.6%
United Kingdom 11.3%
Luxembourg 7.5%
Netherlands 5.5%
Spain 5.3%
Canada 4.3%
France 3.5%
Argentina 3.4%
Mexico 2.8%
Italy 1.8%
Norway 1.1%
Brazil 0.9%
Sweden 0.7%
Australia 0.6%
Columbia 0.5%
Ireland 0.5%
Barbados 0.4%
Malaysia 0.3%
Singapore 0.1%
Sector Allocation as a % of equity assets as of 1/31/2017
Financials 26.85%
Consumer Discretionary 15.32%
Industrials 13.79%
Consumer Staples 10.11%
Information Technology 9.51%
Energy 8.54%
Health Care 5.46%
Telecommunication Services 3.15%
Utilities 2.82%
Real Estate 2.44%
Materials 2.01%
Quality as a % of fixed income assets as of 1/31/2017
NonRated 9.50%
Government Bonds 6.80%
AAA 0.60%
AA 1.30%
A 1.40%
BBB 13.70%
BB 18.60%
B 31.70%
CCC 16.40%

Quality: Our preference is to always use 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.

Portfolio Composition as a % of net assets as of 1/31/2017
Foreign Common Stock 33.12%
Corporate Bonds 29.38%
Domestic Common Stock 24.48%
Cash and Cash Equivalents 3.34%
Government Bonds 2.50%
Preferred Stock 2.48%
Senior Loans 2.37%
Other Government Securities 2.33%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 41.3%
United Kingdom 10.2%
Germany 7.4%
Australia 6.2%
Spain 5.8%
France 5.1%
Switzerland 4.5%
Finland 4.5%
Canada 4.2%
Italy 2.1%
Ireland 2.0%
Israel 1.8%
Japan 1.7%
Belgium 1.7%
New Zealand 1.2%
Singapore 0.5%
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: 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.

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).

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.

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.