Waddell & Reed

Fund Detail

Ivy Emerging Markets Equity Fund
Class A Shares

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Fund Facts
Ticker Symbol IPOAX
CUSIP 465897866
Fund Code 611
Fund Type Global/International
Fund Inception 10/25/1993
Class Inception 10/25/1993
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2016) $534.0 mil
Total Equity Holdings (as of 3/31/2016) 54
Total Holdings (as of 3/31/2016) 65
Portfolio Turnover Rate (as of 9/30/2015) 63%
Lipper Category Emerging Markets Funds
Morningstar Category Diversified Emerging Mkts
Benchmarks MSCI EM NR USD
Daily Prices
as of 4/29/2016
Net Asset Value (NAV) $13.92
NAV Change ($) $0.00
NAV Change (%) 0.00%
Weekly NAV Change ($) $0.05
Weekly NAV Change (%) 0.36%
Public Offering Price (POP) $14.77
Historical Prices & Distributions
Please select a date
Fund Description

Pursue emerging market equities in any region of the world

Global view
Can invest in emerging markets in any region of the world; offers exposure to an alternative source of potential return and additional portfolio diversification.
Equity focus
Focuses on equity securities, primarily common stocks, of companies located in emerging market countries or economically linked to those countries.
Disciplined process
A balanced approach to top-down and bottom-up analysis seeks key countries and sectors for growth, supported by in-depth research to help identify stocks for the portfolio
Morningstar Style Box
Source: Morningstar
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
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 4/30/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.42% -19.58% -0.10% -3.34% 3.17% 3.66%
Fund with 5.75% sales charge -2.52% -24.22% -2.05% -4.47% 2.56% 3.38%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 3/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 0.97% -14.49% 0.04% -2.89% 3.55% 3.56%
Fund with 5.75% sales charge -4.83% -19.41% -1.92% -4.02% 2.94% 3.29%
MSCI EM NR USD 5.71% -12.03% -4.50% -4.13% 3.02% N/A
Lipper Emerging Markets Funds 4.02% -11.58% -4.70% -3.96% 2.48% N/A
Expense Ratios
as of 7/31/2015
Net 1.50%
Gross 1.67%
Growth of a $10,000 Investment
through 4/30/2016

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 3/31/2016
Category: Emerging Markets Funds
  Rank Percentile
1 Year 656 / 816 81
3 Year 36 / 573 7
5 Year 127 / 400 32
10 Year 46 / 163 29

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

Morningstar Ratings
as of 3/31/2016
Category: Diversified Emerging Mkts
Overall (out of 591 Diversified Emerging Mkts)
3 Year (out of 591 Diversified Emerging Mkts)
5 Year (out of 410 Diversified Emerging Mkts)
10 Year (out of 179 Diversified Emerging Mkts)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 3/31/2016)
Foreign Common Stock 82.86%
Cash and Cash Equivalents 15.08%
Domestic Common Stock 1.45%
Other Financial Instruments 0.61%
Sector Allocation
(as a % of equity holdings as of 3/31/2016)
Information Technology 23.9%
Financials 18.9%
Materials 11.4%
Consumer Discretionary 10.2%
Consumer Staples 10.1%
Health Care 7.1%
Energy 6.7%
Industrials 5.1%
Utilities 4.8%
Telecommunication Services 1.8%
Equity Country Allocation
(as a % of equity holdings as of 3/31/2016)
South Korea 20.8%
China 14.9%
India 11.0%
Brazil 9.7%
Taiwan 9.6%
Russia 6.8%
South Africa 5.2%
Indonesia 4.6%
Mexico 4.5%
Hong Kong 2.9%
Turkey 2.5%
Thailand 2.0%
Israel 1.9%
Netherlands 1.9%
United States 1.7%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2016)
Samsung Electronics Co., Ltd. is a Korea-based company engaged in the provision of consumer electronics, communication products, semiconductor products and home appliances.Samsung Electronics Co. Ltd. 4.51%
Largest bank in Russia and Eastern Europe, headquartered in MoscowSberbank of Russia ADR 3.16%
Naspers Limited is a multinational media company with principal operations in electronic media and print media.Naspers Ltd., Class N 2.82%
Raia Drogasil S.A. operates as a pharmaceutical retail chain in Brazil. The company also offers hair and body beauty products.Raia Drogasil S.A. 2.75%
Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing.Taiwan Semiconductor Manufacturing Co. Ltd. 2.70%
The company researches, develops, manufactures and sells biopharmaceutical products in South Korea and in other international markets. Celltrion, Inc. 2.52%
Korea Electric Power Corp. 2.46%
Fosun International Limited, through its subsidiaries, is engaged in pharmaceuticals and healthcare, property, steel, mining, and asset management businesses primarily in Mainland China and Hong Kong.Fosun International Ltd. 2.45%
LG Chem Ltd. is a Korea-based manufacturer engaged in the provision of petrochemical goods and electronic materials.LG Chem, Ltd. 2.41%
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.Tencent Holdings Ltd. 2.12%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2016)
Top 10 Industry Allocation
(as a % of equity holdings as of 3/31/2016)
Diversified Banks 13.4%
Semiconductors 11.0%
Pharmaceuticals 7.1%
Steel 6.9%
Internet Software & Services 6.5%
Real Estate Development 3.8%
Integrated Oil & Gas 3.7%
Cable & Satellite 3.4%
Drug Retail 3.3%
Electric Utilities 2.9%

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. 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.

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.

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: MSCI Emerging Markets is an unmanaged index comprised of securities that represent large and mid-cap companies within emerging market countries. It is not possible to invest directly in an index.

Effective Feb. 11, 2014, Ivy Pacific Opportunities Fund was changed to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Fund’s former strategy to invest primarily in Pacific region equity securities, and the Fund’s performance may have differed if the Ivy Emerging Markets Equity Fund’s current strategy had been in place.

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.

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries.

On March 17, 2014, Ivy Asset Strategy New Opportunities Fund merged into Ivy Emerging Markets Equity Fund. The Ivy Asset Strategy New Opportunities Fund has been liquidated and has terminated operations as a management investment company.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2016, 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 Class A shares at 1.50% and Class B shares at 2.50%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Through July 31, 2016, 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.

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.

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.

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.

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.

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