Waddell & Reed

Fund Detail

Ivy Emerging Markets Local Currency Debt Fund
Class A Shares

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Fund Facts
Ticker Symbol IECAX
CUSIP 465899227
Fund Code 631
Fund Type Fixed Income Funds
Fund Inception 4/30/2014
Class Inception 4/30/2014
Fiscal Year End September
Dividends Paid March, June, September, December
Fund Assets (as of 6/30/2015) $46.0 mil
Total Equity Holdings (as of 6/30/2015) 8
Total Holdings (as of 6/30/2015) 83
Portfolio Turnover Rate (as of 3/31/2015) 41%
Lipper Category Emerging Markets Local Currency Debt Fds
Morningstar Category Emerging Markets Bond
Benchmarks JPM GBI EM Global Diversified TR USD
Daily Prices
as of 8/4/2015
Net Asset Value (NAV) $8.49
NAV Change ($) ($0.02)
NAV Change (%) -0.24%
Weekly NAV Change ($) ($0.06)
Weekly NAV Change (%) -0.70%
Public Offering Price (POP) $9.01
Historical Prices & Distributions
Please select a date
Fund Description

Pursuing opportunities in emerging market debt


Select economies
Emerging market local currency issuers are about one-quarter of the world’s emerging economies.
Total return objective
Seeks to provide total return through a combination of current income and capital appreciation.
Experienced management
Subadvised by Pictet Asset Management, the investment management arm of Pictet & Cie, which launched its first emerging markets strategy in 1998.
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 Average Annual Total Returns
as of 7/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -6.04% -14.54% N/A N/A N/A -10.52%
Fund with 5.75% sales charge -11.49% -19.44% N/A N/A N/A -14.66%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -4.07% -13.33% N/A N/A N/A -9.65%
Fund with 5.75% sales charge -9.63% -18.35% N/A N/A N/A -14.12%
JPM GBI EM Global Diversified TR USD -4.88% -15.39% -3.78% 0.94% 5.91% -11.04%
Lipper Emerging Markets Local Currency Debt Fds -4.36% -14.44% -3.90% 0.40% 2.91% -10.27%
Expense Ratios
as of 1/30/2015
Net 1.25%
Gross 1.80%
12-Month Trailing Distribution Yield
as of 6/30/2015
NAV 1.82%
With sales charge 1.72%
Annualized 30-Day SEC Yield
as of 6/30/2015
Subsidized 3.70%
Unsubsidized 3.16%
Growth of a $10,000 Investment
through 7/31/2015

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.

Ratings and Rankings
Lipper Rankings
as of 6/30/2015
Category: Emerging Markets Local Currency Debt Fds
  Rank Percentile
1 Year 15 / 111 14

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

Holdings
Portfolio Composition
(as a % of net assets as of 6/30/2015)
Other Government Securities 78.65%
Cash and Cash Equivalents 19.88%
Other Financial Instruments 1.47%
Quality
(as a % of bond holdings as of 6/30/2015)
NonRated 7.2 %
AA 7.7 %
A 27.7 %
BBB 47.8 %
BB 5.9 %
B 3.7 %

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.

Maturity
(as a % of bond holdings as of 6/30/2015)
<1 Year 33.7 %
1-5 Years 8.2 %
5-10 Years 28.4 %
10-20 Years 15.8 %
>20 Years 13.9 %
Average Maturity 3.77 years
Effective Duration 4.57 years

Average maturity and effective duration include bonds, cash and cash equivalents.

Top 10 Holdings
(as a % of net assets as of 5/31/2015)
Republic of Chile, 5.5%, 8/5/2020 6.2%
Malaysia Government Bond, 3.2%, 10/15/2015 4.7%
Essilor International S.A., 0.1%, 6/22/2015 3.9%
National Oilwell Varco, Inc., 0.2%, 6/30/2015 3.6%
Russia Government Bond, 7.1%, 1/19/2028 3.2%
Republic of Philippines, 6.3%, 1/14/2036 3.0%
Republic of South Africa, 8.8%, 2/28/2048 2.6%
Indonesia Government Bond, 9.0%, 3/15/2029 2.6%
Republic of Peru, 6.9%, 8/12/2037 2.5%
St. Jude Medical, Inc., 0.2%, 6/23/2015 2.4%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2015)

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.

Index Description: The JP Morgan GBI-EM Global Diversified tracks the performance of emerging market debt. 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.

Through January 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 the Fund’s Class A shares at 1.25%, Class C shares at 2.00%, Class E shares at 1.40%, Class I shares at 1.00%, Class R shares at 1.50% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Class R6 is a new class of shares and will have no performance history as of 1/30/2015. Performance prior to that date is the Fund's Class I share class performance restated to reflect the R6 total annual fund operating expenses as of 1/30/2015. Class R6 shares will have substantially similar returns to Class I shares of the Fund, though returns will be different to the extent that expenses differ among the classes. Class R6 shares are only available to certain types of investors. Please see the Fund's prospectus for additional information.

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.

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

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.

The Fund is subadvised by Pictet Asset Management Limited (Pictet UK). Pictet UK delegates to its affiliate, Pictet Asset Management (Singapore) PTE Ltd (Pictet Singapore, and collectively with Pictet UK, Pictet), portfolio management responsibilities for Fund assets allocated to Asian investments. References to Pictet Asset Management include both entities.

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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