Waddell & Reed

Fund Detail

Ivy European Opportunities Fund
Class A Shares

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Fund Facts
Ticker Symbol IEOAX
CUSIP 465898815
Fund Code 614
Fund Type Global/International
Fund Inception 5/4/1999
Class Inception 5/4/1999
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 4/30/2013) $211.4 mil
Total Equity Holdings (as of 4/30/2013) 70
Total Holdings (as of 4/30/2013) 76
Lipper Category European Region Funds
Morningstar Category Europe Stock
Benchmarks MSCI Europe NR USD
Daily Prices
as of 5/17/2013
Net Asset Value (NAV) $25.73
NAV Change ($) $0.03
NAV Change (%) 0.12%
Weekly NAV Change ($) $0.08
Weekly NAV Change (%) 0.31%
Public Offering Price (POP) $27.30
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide growth of capital.

Investment Approach
The Fund invests, under normal market conditions, at least 80% of its net assets in the equity securities of European companies of any size, which may include: large European companies, European companies of any size that provide growth opportunities, small capitalization companies in the more developed markets of Europe, and companies operating in Europe's emerging markets.
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 4.96% 9.60% 7.02% -4.02% 10.12% 14.34%
Fund with 5.75% sales charge -1.08% 3.29% 4.93% -5.15% 9.47% 13.86%
MSCI Europe NR USD
(as of 4/30/2013)
7.16% 18.06% 7.27% -2.12% 8.80% N/A
Lipper European Region Funds
(as of 4/30/2013)
6.68% 17.05% 7.85% -1.61% 9.59% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2013
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.92% 8.31% 5.17% -3.33% 11.24% 14.27%
Fund with 5.75% sales charge -3.00% 2.08% 3.11% -4.47% 10.58% 13.78%
Expense Ratios
as of 7/31/2012
Net 1.84%
Gross 1.84%
Growth of a $10,000 Investment
through 4/30/2013
 European Opportunities A
 MSCI Europe NR USD

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: European Region Funds
  Rank Percentile
1 Year 109 / 117 93
3 Year 58 / 95 61
5 Year 74 / 87 85
10 Year 23 / 71 32

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

Morningstar Ratings
as of 4/30/2013
Category: Europe Stock
Overall (out of 95 Europe Stock)
3 Year (out of 95 Europe Stock)
5 Year (out of 85 Europe Stock)
10 Year (out of 70 Europe Stock)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 4/30/2013)
Foreign Common Stock 94.22%
Cash and Cash Equivalents 5.78%
Sector Allocation
(as a % of equity holdings as of 4/30/2013)
Consumer Staples 16.4%
Industrials 15.4%
Financials 14.4%
Information Technology 13.8%
Health Care 11.5%
Consumer Discretionary 10.6%
Materials 6.9%
Energy 5.7%
Telecommunication Services 3.6%
Utilities 1.9%
Country Allocation
(as a % of equity holdings as of 4/30/2013)
United Kingdom 34.3%
Germany 22.0%
Switzerland 15.9%
France 11.7%
Italy 3.4%
Ireland 3.3%
Netherlands 2.2%
Austria 2.1%
Spain 1.7%
Luxembourg 1.5%
Russia 1.4%
Portugal 0.6%
Top 10 Equity Holdings
(as a % of net assets as of 4/30/2013)
Wirecard AG is a German provider of electronic payment and risk management applications. Its core competence is the development and provision of technologies and services for payment transactions.Wirecard AG 3.8%
Linde AG is a German company engaged in the gases and engineering sectorLinde AG 3.0%
France-based producer of financial transaction systems. The Company provides a range of secure transaction solutions, including hardware, software and services, for payments at points of sale, over the Internet, or by mobile telephone.Ingenico S.A. 2.9%
Nestle is the world's leading nutrition, health and wellness company.Nestle S.A., Registered Shares 2.7%
Vodafone Group, Plc is a worldwide mobile telecommunications company, with a significant presence in Europe, the Middle East, Africa, Asia Pacific and the United States.Vodafone Group plc 2.6%
Imperial Tobacco is a leading international tobacco company, which manufactures, markets and sells a comprehensive range of cigarettes, tobaccos, rolling papers, filter tubes and cigars.Imperial Tobacco Group plc 2.5%
Compass Group PLC is a holding company and operates in four geographical area: North America, Continental Europe, UK & Ireland, and Rest of the World. The activities of the Company are the provision of contract foodservice and support services to clients. It delivers across Business & Industry, Education, Healthcare & Seniors, Sports & Leisure and Defence, Offshore & Remote.Compass Group plc 2.5%
Prudential plc (Prudential) is United Kingdom-based international financial services company with its principal operations in the United Kingdom, the United States and Asia.Prudential plc 2.4%
Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company.Roche Holdings AG, Genusscheine 2.4%
Sanofi-Aventis, a pharmaceutical company, contributes to enhancing life by providing an offering of medicines, vaccines, and integrated healthcare solutions adapted to local needs and means primarily in Europe and the United States.Sanofi-Aventis 2.3%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2013)

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.

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: MSCI Europe is an unmanaged index comprised of securities that represent the securities markets in Europe. It is not possible to invest directly in an index.

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.

A large portion of the fund's since inception return is attributable to investments in initial public offerings, without which the fund's return would have been lower.

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.

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.

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