Waddell & Reed

Fund Detail

Ivy Global Equity Income Fund
Class A Shares

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Fund Facts
Ticker Symbol IBIAX
CUSIP 465899631
Fund Code 659
Fund Type Global/International
Fund Inception 6/4/2012
Class Inception 6/4/2012
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 4/30/2013) $94.8 mil
Total Equity Holdings (as of 4/30/2013) 77
Total Holdings (as of 4/30/2013) 78
Morningstar Category World Stock
Benchmarks MSCI World High Div Yld NR USD
Lipper Global Equity Income Funds
Daily Prices
as of 5/21/2013
Net Asset Value (NAV) $12.49
NAV Change ($) $0.02
NAV Change (%) 0.16%
Weekly NAV Change ($) $0.05
Weekly NAV Change (%) 0.40%
Public Offering Price (POP) $13.25
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return through a combination of current income and capital appreciation.

Investment Approach
The Fund invests principally in equity securities issued by companies located largely in developed markets, of any size, that the investment manager believes will be able to generate a reasonable level of current income for investors given current market conditions and that demonstrate favorable prospects for total return. The Fund focuses on companies that the investment manager believes have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.
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 9.70% N/A N/A N/A N/A 27.11%
Fund with 5.75% sales charge 3.39% N/A N/A N/A N/A 19.80%
MSCI World High Div Yld NR USD
(as of 4/30/2013) 		13.25% 21.40% 12.15% 2.47% 8.93% 33.11%
Lipper Global Equity Income Funds
(as of 4/30/2013) 		9.91% 15.48% 9.16% 1.13% 7.75% 26.83%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2013
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 5.42% N/A N/A N/A N/A 22.15%
Fund with 5.75% sales charge -0.64% N/A N/A N/A N/A 15.12%
Expense Ratios
as of 7/31/2012
Net 1.30%
Gross 1.79%
12-Month Trailing Distribution Yield
as of 4/30/2013
NAV 2.28%
With sales charge 2.15%
Annualized 30-Day SEC Yield
as of 4/30/2013
Subsidized 2.08%
Unsubsidized 1.97%
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.
Holdings
Portfolio Composition
(as a % of net assets as of 4/30/2013)
Foreign Common Stock 72.88%
Domestic Common Stock 25.76%
Cash and Cash Equivalents 1.01%
Preferred Stock 0.36%
Sector Allocation
(as a % of equity holdings as of 4/30/2013)
Financials 21.8%
Health Care 18.1%
Energy 12.1%
Telecommunication Services 10.8%
Utilities 9.2%
Consumer Staples 8.9%
Consumer Discretionary 8.2%
Industrials 5.8%
Materials 3.3%
Information Technology 2.0%
Country Allocation
(as a % of equity holdings as of 4/30/2013)
United States 26.0%
United Kingdom 22.6%
France 10.4%
Japan 8.6%
Australia 5.6%
Switzerland 4.2%
Canada 3.4%
Germany 3.3%
Italy 2.8%
Denmark 2.5%
Israel 2.4%
Norway 1.9%
China 1.6%
Bermuda 1.2%
Spain 1.0%
Sweden 1.0%
Malaysia 0.6%
Luxembourg 0.4%
Hong Kong 0.4%
Top 10 Equity Holdings
(as a % of net assets as of 4/30/2013)
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition.Pfizer Inc. 3.0%
Merck & Co., Inc. 2.9%
GlaxoSmithKline plc (GSK) is global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products.GlaxoSmithKline plc 2.9%
Johnson & Johnson is a holding company. The Company, along with its subsidiaries, is engaged in the research and development, manufacture and sale of a range of products in the healthcare field.Johnson & Johnson 2.9%
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 2.7%
National Australia Bank Limited 2.6%
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 2.5%
Gaz de France 2.3%
TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping.Total S.A. 2.0%
American Capital Agency Corp. (AGNC) is a real estate investment trust (REIT), which invests in residential mortgage pass-through securities and collateralized mortgage obligations on a leveraged basis. American Capital Agency Corp. 1.9%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2013)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
John C. Maxwell is a Vice President of Ivy Investment Management Company. Mr. Maxwell graduated from the University of Kentucky in December 1985 with a BS in mechanical engineering. He earned an MBA with an emphasis in finance from the Johnson School at Cornell University in May 1992. Mr. Maxwell joined the Ivy organization in August 1998 as an investment analyst. He was appointed a vice president in January 2004 and joined the international team in October 2004. Mr. Maxwell became co-portfolio manager of the Ivy International Core Equity Fund (formerly the Ivy International Value Fund) in February 2006, and sole manager of the Fund in January 2009. He also became manager of the Ivy Global Income Allocation Fund (formerly the Ivy International Balanced Fund) in May 2009.John C. Maxwell, CFA Ivy Investment Management Company 21 <1
Robert Nightingale is a Vice President at Ivy Investment Management Company. Mr. Nightingale graduated from the University of Wisconsin in May 1996 with an MS in finance. He also has an MS in urban and regional planning and a BS in economics from the University of Wisconsin. Mr. Nightingale joined Ivy in July 1996 as an investment analyst. He was appointed assistant vice president in July 2000. He assumed assistant portfolio manager responsibilities on the international team in February 2006. Mr. Nightingale was appointed vice president in January 2009. He was named Co-Portfolio Manager for the Ivy Global Equity Income Fund in June 2012.Robert Nightingale Ivy Investment Management Company 17 <1

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: MSCI World High Div Yld NR USD - MSCI World High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) with higher than average dividend yields that are both sustainable and persistent, first calculated on 5/31/2006. It is not possible to invest directly in an index.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2013, 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 expenses for Class A shares at 1.35%, Class B shares at 2.30%, Class C shares at 2.02%, Class E shares at 1.33%, Class I shares at 0.91% and Class Y shares at 1.17%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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.

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.

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

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

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