Fund Detail

Ivy Asset Strategy Fund

IVAEX / Class I Shares
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Fund Summary

Providing flexibility and discipline in changing markets

Global
Portfolio management team seeks potential opportunities worldwide. Themes currently include consumption growth from the rising middle class in emerging markets, a renewed global infrastructure cycle and innovations in technology.
Flexible
Unlike some traditional balanced or asset allocation strategies, the Fund is not restricted to predefined percentages in any major asset class – a hallmark of its flexible mandate.
Pioneer
The Fund is an innovator in global asset allocation and is managed by an experienced team with a long-term focus.

Complete Flexibility in Asset Allocation

Historical Allocation Ranges


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Morningstar Style Box

Value Blend Growth
Large
Medium
Small

Portfolio Management

  • Michael L. Avery

    • — Ivy Investment Management Company
    • — 18 Years with Fund
    • — 37 Years in Industry
  • Cynthia P. Prince-Fox

    • — Ivy Investment Management Company
    • — 1 Years with Fund
    • — 32 Years in Industry
  • Chace Brundige, CFA

    • — Ivy Investment Management Company
    • — 1 Years with Fund
    • — 22 Years in Industry

Growth of a $10,000 Investment through 6/30/2015

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
XBRL

Perspectives

Manager Video

Portfolio Perspectives / 04.20.15

2Q 2015 Outlook: Focused on stock selection with an eye on risks

The primary risks as we begin the second quarter are the unintended consequences associated with global central bank policy.

Daily Prices as of 7/2/2015

Net Asset Value (NAV) $25.94
Daily NAV Change $0.03 0.12%
Weekly NAV Change ($0.49) -1.85%
Public Offering Price (POP) $25.94

Fund Facts

Ticker Symbol IVAEX
CUSIP 466001864
Fund Code 473
Fund Type Specialty Funds
Fund Inception 4/20/1995
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 5/31/2015)
$24.5 bil
Total Equity Holdings
(as of 5/31/2015)
65
Total Holdings
(as of 5/31/2015)
242
Portfolio Turnover Rate
(as of 3/31/2015)
75%
Lipper Category Alternative Global Macro Funds
Morningstar Category World Allocation
BenchmarkS&P 500 TR USD
BenchmarkBarclays US Treasury Bill 1-3 Mon TR USD
BenchmarkBarclays US Agg Bond 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.

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 6/30/2015

YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 0.12% -4.29% 10.07% 9.30% N/A 7.56%

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2015

YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 0.12% -4.29% 10.07% 9.30% N/A 7.56%

Calendar Year Return

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Class I -25.73 24.09 10.00 -7.45 19.60 24.59 -4.79
S&P 500 TR USD 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69
Barclays US Treasury Bill 1-3 Mon TR USD 3.00 4.80 4.78 1.77 0.15 0.13 0.07 0.08 0.05 0.02
Barclays US Agg Bond TR USD 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97

Morningstar Ratings as of 5/31/2015

Category: World Allocation

Overall out of 468 ★★★
3 Year out of 468 ★★★★
5 Year out of 344 ★★★
10 Year out of 177 ★★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 6/30/2015

Category: Alternative Global Macro Funds

  Rank Percentile
1 Year 195 /316 62
3 Year 12 /212 6
5 Year 8 /130 7

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

Expense Ratios as of 7/31/2014

Net 0.73%
Gross 0.73%

Standard Deviation as of 6/30/2015

Fund 14.58
S&P 500 TR USD 12.00
Barclays US Treasury Bill 1-3 Mon TR USD N/A
Barclays US Agg Bond TR USD 2.82

Risk Values as of 6/30/2015

Alpha -6.92
Beta 1.01
R-Squared 68.58
Sharpe Ratio 0.63
Capture Ratio

Upside: 77.21%

Downside: 113.17%

Growth of a $10,000 Investment through 6/30/2015

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 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 4/2/2007

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 5/31/2015

NAV 0.61%
With Sales Charge 0.61%

Annualized 30-Day SEC Yield as of 5/31/2015

Subsidized %
Unsubsidized
Subsidized 0.52%
Unsubsidized 0.52%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 5/31/2015

AIA Group Ltd. AIA Group Limited is an investment holding company. The Company and its subsidiaries are engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs. 3.9%
Galaxy Entertainment Group Galaxy Entertainment Group Limited is an investment holding company. The Company, along with its subsidiaries, is engaged in operation in casino games of chance or games of other forms, provision of hospitality and related services in Macau, and the manufacture, sale and distribution of construction materials in Hong Kong, Macau and Mainland China. 3.1%
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. 2.2%
Delta Topco Ltd. Delta Topco Limited through its subsidiaries provides information relating to Formula One, controls the worldwide distribution and management rights of the Formula One circuit, and provides media distribution and promotion services to the FIA Formula One World Championship. 2.1%
Actavis plc Actavis PLC is a global developer and manufacturer of specialty pharmaceuticals. 2.1%
Phillips 66 Phillips 66 is an independent downstream energy company that operates in refining & marketing, midstream and chemicals 2.0%
Cognizant Technology Solutions Corp., Class A Cognizant Technology Solutions Corporation is a provider of custom information technology (IT) consulting and technology services, and outsourcing services. 2.0%
Tencent Holdings Ltd. An investment holding company, provides Internet and mobile value-added services (VAS), online advertising services, and e-commerce transactions services to users in China, the United States, Europe, and internationally. 2.0%
Citigroup, Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. 1.9%
ConocoPhillips ConocoPhillips operates as an integrated energy company worldwide. 1.8%
Total Portfolio Holdings DOWNLOAD
updated quarterly, upon availability

Market Capitalization

as a % of equity assets as of 6/30/2015
Large 95.2%
Medium 4.8%
Small 0.0%
Median Market Cap (as of 5/31/2015) $57.6 bil

Maturity as a % of fixed income assets as of 5/31/2015

<1 Year 59.70%
1-5 Years 16.70%
5-10 Years 0.00%
10-20 Years 0.00%
>20 Years 23.60%
Average Maturity 11.27 years
Effective Duration 2.86 years

Sector Allocation as a % of equity assets as of 5/31/2015

Information Technology 26.18%
Consumer Discretionary 23.25%
Financials 13.73%
Consumer Staples 12.81%
Health Care 10.16%
Energy 7.43%
Industrials 5.32%
Materials 1.12%

Quality as a % of fixed income assets as of 5/31/2015

NonRated 30.40%
Government Bonds 0.20%
B 57.20%
CCC 12.20%

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 5/31/2015

Domestic Common Stock 55.56%
Foreign Common Stock 26.44%
Precious Metals 5.47%
Corporate Bonds 4.71%
Other Financial Instruments 4.20%
Cash and Cash Equivalents 3.45%
Preferred Stock 0.16%
Government Bonds 0.01%

Country Allocation as a % of equity assets as of 5/31/2015

United States 67.83%
United Kingdom 5.95%
China 5.54%
Hong Kong 4.71%
Macau 3.76%
Japan 3.72%
Netherlands 2.39%
India 2.17%
Germany 1.57%
Italy 1.25%
Taiwan 1.11%

Total Portfolio Holdings

DOWNLOAD updated quarterly, upon availability

Fund Documents

Documents

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

Additional Fund Literature

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Risk factors. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. 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. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 for the Fund’s Class E shares at 1.00%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI 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 by IFDI, 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.

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).

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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.

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

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.