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Ivy PineBridge High Yield Fund

  • $9.97 NAV as of 12/15/2017
  • ($0.00) / 0.00% Daily NAV Change
  • YTD (NAV)

Summary

Seeking total return through high current income and capital appreciation

Flexibility
A flexible credit product with a unique approach to investing in the high-yield sector.
Focused
As part of the investment process, applies a strong focus on relative value through a proprietary credit rating system.
Experience
Combined, the portfolio management team at PineBridge has over 50 years experience with the company.

Morningstar Style Box

MOD
Low
Source: Morningstar

Portfolio Management

John Yovanovic, CFA

  • PineBridge Investments (Sub-adviser)
  • <1 Year with Fund
  • 17 Years in Industry

Dan Purser

  • PineBridge Investments (Sub-adviser)
  • <1 Year with Fund
  • 22 Years in Industry

Jeremy Burton, CFA

  • PineBridge Investments (Sub-adviser)
  • <1 Year with Fund
  • 14 Years in Industry

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/15/2017

Net Asset Value (NAV) $9.97
Daily NAV Change ($) ($0.00) 0.00%
Weekly NAV Change ($) $-0.12 -1.19%
Public Offering Price (POP) $10.58

Fund Facts

Ticker Symbol IPNAX
CUSIP 46600A310
Fund Code 650
Fund Type Fixed Income Funds
Fund Inception 5/18/2017
Class Inception 5/18/2017
Fiscal Year End September
Dividends Paid Monthly
Fund Assets (as of 11/30/2017) $73.2 mil
Total Holdings (as of 11/30/2017) 170
Portfolio Turnover Rate (as of 9/30/2017) 60%
Lipper Category High Current Yield Funds
Morningstar Category High Yield Bond
Benchmark Bloomberg Barclays U.S. Corporate High-Yield Bond

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 11/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 2.79%
Fund with 5.75% sales charge -3.12%
Lipper High Current Yield Funds 6.21% 8.04% 4.30% 4.86% 6.41% 2.59%
Bloomberg Barclays U.S. Corporate High-Yield Bond 7.18% 9.16% 5.73% 6.04% 8.03% 2.85%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 2.64%
Fund with 5.75% sales charge -3.26%
Lipper High Current Yield Funds 6.04% 7.72% 4.32% 5.18% 6.25% 2.43%
Bloomberg Barclays U.S. Corporate High-Yield Bond 7.00% 8.88% 5.83% 6.36% 7.84% 2.68%

Expense Ratios as of 5/18/2017

Net 1.00%
Gross 1.20%

5-Year Standard Deviation as of

Bloomberg Barclays U.S. Corporate High-Yield Bond N/A

Distributions

Historical Prices Inception 5/18/2017

12/1/2017 $10.09 NO NO
12/4/2017 $10.10 NO NO
12/5/2017 $10.10 NO NO
12/6/2017 $10.09 NO NO
12/7/2017 $10.09 NO NO
12/8/2017 $10.09 NO NO
12/11/2017 $10.10 NO NO
12/12/2017 $10.11 NO NO
12/13/2017 $10.11 NO NO
12/14/2017 $9.97 NO NO

Historical Distributions Inception 5/18/2017

No results found.

*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.

Annualized 30-Day SEC Yield as of 11/30/2017

Subsidized - NAV 4.63%
Unsubsidized - NAV 4.63%

Portfolio

Top 10 Holdings as a % of net assets 11/30/2017

Sprint Corp., 7.9%, 9/15/2023 1.86%
Federal Home Loan Bank, 0.9%, 12/1/2017 1.62%
Numericable - SFR S.A., 7.4%, 5/1/2026 1.42%
Diamond 1 Finance Corp. and Diamond 2 Finance Corp., 6.0%, 6/15/2026 1.08%
Cimpress N.V., 7.0%, 4/1/2022 1.02%
VRX Escrow Corp., 5.9%, 5/15/2023 0.99%
Donnelley Financial Solutions, Inc., 8.3%, 10/15/2024 0.99%
Drawbridge Special Opportunities Fund, 5.0%, 8/1/2021 0.99%
Eco Oro Minerals Corp., 5.8%, 12/1/2025 0.95%
Altice Financing S.A., 7.5%, 5/15/2026 0.93%

Total Portfolio Holdings

Updated quarterly, upon availability.

Maturity
as a % of fixed income assets as of 11/30/2017

<1 Year 1.8%
1-5 Years 16.1%
5-10 Years 77.4%
10-20 Years 4.2%
>20 Years 0.5%
Average Maturity 5.95 years
Effective Duration 4.64 years

Fixed Income Country Allocation
as a % of bond holdings as of 11/30/2017

United States 80.0%
Canada 7.6%
Luxembourg 4.3%
Netherlands 1.9%
France 1.5%
United Kingdom 1.4%
Cayman Islands 1.3%
Australia 0.8%
Ireland 0.8%
Bahamas 0.5%

Quality
as a % of fixed income assets as of 11/30/2017

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.
NonRated 0.90%
BBB 5.20%
BB 53.60%
B 35.60%
CCC 4.70%

Portfolio Composition
as a % of net assets as of 11/30/2017

Corporate Bonds 96.73%
Cash and Cash Equivalents 2.95%
Asset-Backed Securities 0.32%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. 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. 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. These and other risks are more fully described in the Fund's prospectus.

Index description: The Bloomberg Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded.

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) Fund's Class A shares at 1.00%, Class I and N shares at 0.72%, Class R shares at 1.47%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (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.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

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.

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