Waddell & Reed

Fund Detail

Ivy Asset Strategy New Opportunities Fund
Class A Shares

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Fund Facts
Ticker Symbol INOAX
CUSIP 466001732
Fund Code 641
Fund Type Specialty Funds
Fund Inception 5/3/2010
Class Inception 5/3/2010
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 4/30/2013) $282.8 mil
Total Equity Holdings (as of 4/30/2013) 53
Total Holdings (as of 4/30/2013) 57
Lipper Category Global Flexible Port Funds
Morningstar Category World Allocation
Benchmarks MSCI ACWI SMID NR USD
Barclays US Treasury Bill 1-3 Mon TR USD
Barclays US Agg Bond TR USD
Daily Prices
as of 5/17/2013
Net Asset Value (NAV) $11.44
NAV Change ($) $0.02
NAV Change (%) 0.18%
Weekly NAV Change ($) $0.09
Weekly NAV Change (%) 0.79%
Public Offering Price (POP) $12.14
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return.

Investment Approach
The Fund seeks to achieve its objective by allocating its assets among primarily stocks, bonds and short-term instruments of issuers in markets around the globe as well as investments with exposure to various foreign currencies. The Fund may invest in any market that Ivy Investment Management Company (IICO), the Fund's investment manager, believes can offer a high probability of return or, alternatively, can provide a high degree of safety in uncertain times. Dependent on the outlook for the U.S. and global economies, IICO identifies growth themes and then focuses its strategy on allocating the Fund's assets among stocks, bonds, cash, precious metals, currency and derivative investments. After determining allocations, IICO seeks attractive opportunities within each market by focusing on issuers in countries, sectors and companies with strong cash flow and low balance sheet leverage.
Morningstar Style Box
Morningstar Style Box
Returns and Expenses

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 4/30/2013
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.47% 2.93% N/A N/A N/A 3.50%
Fund with 5.75% sales charge -2.48% -2.99% N/A N/A N/A 1.48%
MSCI ACWI SMID NR USD
(as of 4/30/2013) 		10.98% 16.26% 9.72% 4.13% 11.87% 9.74%
Barclays US Treasury Bill 1-3 Mon TR USD
(as of 4/30/2013) 		0.02% 0.09% 0.09% 0.27% 1.65% 0.09%
Barclays US Agg Bond TR USD
(as of 4/30/2013) 		0.89% 3.68% 5.51% 5.72% 5.04% 5.52%
Lipper Global Flexible Port Funds
(as of 4/30/2013) 		5.05% 9.00% 6.60% 3.06% 7.79% 6.39%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2013
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.38% 2.84% N/A N/A N/A 3.57%
Fund with 5.75% sales charge -2.56% -3.08% N/A N/A N/A 1.49%
Expense Ratios
as of 7/31/2012
Net 1.50%
Gross 1.68%
Growth of a $10,000 Investment
through 4/30/2013

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.
Ratings and Rankings
Lipper Rankings
as of 4/30/2013
Category: Global Flexible Port Funds
  Rank Percentile
1 Year 348 / 399 87

Rankings are based on average annual total returns, but do not consider sales charges.
Holdings
Portfolio Composition
(as a % of net assets as of 4/30/2013)
Foreign Common Stock 83.68%
Other Assets 9.41%
Cash and Cash Equivalents 3.35%
Domestic Common Stock 3.29%
Corporate Bonds 0.27%
Sector Allocation
(as a % of equity holdings as of 4/30/2013)
Industrials 26.1%
Consumer Discretionary 24.8%
Consumer Staples 14.3%
Financials 12.8%
Information Technology 9.8%
Materials 5.6%
Energy 4.2%
Health Care 2.4%
Country Allocation
(as a % of equity holdings as of 4/30/2013)
Turkey 16.2%
Brazil 14.6%
South Korea 11.0%
Panama 8.5%
Philippines 6.1%
India 5.8%
Malaysia 5.8%
United Kingdom 5.3%
China 5.1%
Netherlands 4.6%
Indonesia 3.9%
United States 3.8%
Peru 2.4%
Thailand 2.0%
Denmark 1.4%
Singapore 1.4%
Hong Kong 0.8%
Mexico 0.7%
Japan 0.5%
Top 10 Equity Holdings
(as a % of net assets as of 4/30/2013)
Copa Holdings, S. A., through its subsidiaries, provides airline passenger and cargo services.Copa Holdings, S.A., Class A 7.4%
Kia Motors Corporation is a Korea-based automobile manufacturer.Kia Motors Corporation 4.6%
MercadoLibre, Inc., through its subsidiaries, hosts online commerce and payments platforms in Latin America.MercadoLibre, Inc. 4.5%
Ford Otomotiv Sanayi A.S. manufactures, imports and distributes Ford model trucks, automobiles, mini-buses, vans, trailers, and pickups. Ford Otomotive primarily sells its passenger vehicles and light trucks domestically, and exports majority of its commercial van production.Ford Otomotiv Sanayi A.S. 4.5%
GLOVIS Co., Ltd. is a Korea-based company specialized in the provision of logistics services.GLOVIS Co., Ltd. 4.3%
BIM Birlesik Magazalar A.S. (BIM) is a Turkey-based company that operates a chain of discount stores, marketing and selling food products and other consumer goods. The Company carries a limited assortment of approximately 600 products, mainly private label brands.BIM Birlesik Magazalar Anonim Sirketi 4.0%
SINA Corporation (SINA) is an online media company and MVAS provider in the People's Republic of China (PRC) and the global Chinese communities.SINA Corporation 4.0%
Chicago Bridge & Iron N.V. (CB&I) is an engineering, procurement and construction (EPC) company and process technology licensors, delivering solutions to customers in the energy and natural resource industries.Chicago Bridge & Iron Company N.V., NY Shares 4.0%
Aggreko plc is engaged in the rental of power generation and temperature control equipment. The Company provides its solutions with 148 service centers and offices in 34 countries in North, Central & South America, Europe, the Middle East, Africa, Asia and Australasia.Aggreko plc 3.6%
ABRIL EDUCACAO 144A 3.2%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2013)
Quality
(Data not available )
Maturity
(Data not available)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Mr. Krumplys received a B.S. in architecture from the University of Illinois in 1978. He completed his final year of architectural studies at Ecole d’ Architecture de Versailles-Versailles, France, with a focus on alternative energy usage in architecture. In 1982, he received an M.S. in chemical engineering from the University of Illinois-Chicago. He earned an M.B.A. with an emphasis in finance and marketing from the University of Chicago’s Graduate School of Business in 1986. Mr. Krumplys worked as an investment analyst with Waddell & Reed from 1988 through 1991. He rejoined the company in 2006. In April 2008, he was named an assistant vice president and assistant portfolio manager on the Asset Strategy team. Mr. Krumplys was appointed a vice president in January 2009. In May of 2010, Mr. Krumplys was named portfolio manager of the newly launched Ivy Asset Strategy New Opportunities Fund.Jonas M Krumplys Ivy Investment Management Company 31 3

Risk Factors: As with any mutual fund, 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. 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.

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.

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 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 US Agg Bond TR USD - The Barclays Aggregate Bond Index is a market capitalization-weighted index, representing most U.S. traded investment grade bonds. It is not possible to invest directly in an index.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual 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 fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month.

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.

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

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