Waddell & Reed

Fund Detail

Ivy International Core Equity Fund
Class Y Shares

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Fund Facts
Ticker Symbol IVVYX
CUSIP 465898682
Fund Code 723
Fund Type Global/International
Fund Inception 5/13/1997
Class Inception 7/24/2003
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 8/31/2014) $2.5 bil
Total Equity Holdings (as of 8/31/2014) 72
Total Holdings (as of 8/31/2014) 90
Lipper Category International Large-Cap Core
Morningstar Category Foreign Large Blend
Daily Prices
as of 9/15/2014
Net Asset Value (NAV) $19.97
NAV Change ($) ($0.06)
NAV Change (%) -0.30%
Weekly NAV Change ($) ($0.06)
Weekly NAV Change (%) -0.30%
Public Offering Price (POP) $19.97
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide capital growth and appreciation.

Investment Approach
The Fund invests, under normal market conditions, at least 80% of its net assets in equity securities principally traded in European and Asian/Pacific Basin markets. To enhance potential return, the Fund may invest in issuers located or doing business in countries with new or comparatively underdeveloped economics.
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.

Class Y shares are not subject to sales charges.

Monthly Rates of Return Average Annual Total Returns
as of 8/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 6.24% 22.28% 12.36% 9.76% 10.66% 11.19%
MSCI EAFE NR USD 2.56% 16.43% 11.36% 8.21% 7.01% 8.43%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 8.24% 28.65% 8.59% 12.97% 10.40% 11.56%
MSCI EAFE NR USD 4.78% 23.57% 8.10% 11.77% 6.93% 8.77%
Lipper International Large-Cap Core 4.24% 21.39% 6.93% 10.90% 6.87% 8.53%
Expense Ratios
as of 7/31/2014
Net 1.29%
Gross 1.85%
Growth of a $10,000 Investment
through 8/31/2014
 International Core Equity Y

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 8/31/2014
Category: International Large-Cap Core
  Rank Percentile
1 Year 5 / 133 4
3 Year 7 / 118 6
5 Year 8 / 98 9
10 Year 3 / 66 5

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

Morningstar Ratings
as of 8/31/2014
Category: Foreign Large Blend
Overall (out of 678 Foreign Large Blend)
3 Year (out of 678 Foreign Large Blend)
5 Year (out of 611 Foreign Large Blend)
10 Year (out of 320 Foreign Large Blend)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 8/31/2014)
Foreign Common Stock 90.36%
Cash and Cash Equivalents 6.15%
Domestic Common Stock 3.49%
Sector Allocation
(as a % of equity holdings as of 8/31/2014)
Financials 19.7%
Consumer Discretionary 13.9%
Consumer Staples 12.1%
Information Technology 11.4%
Industrials 10.6%
Health Care 9.5%
Energy 9.5%
Telecommunication Services 6.2%
Materials 5.7%
Utilities 1.5%
Country Allocation
(as a % of equity holdings as of 8/31/2014)
United Kingdom 20.0%
Japan 16.9%
France 12.7%
Germany 7.8%
China 6.2%
Australia 4.5%
Sweden 4.1%
United States 3.7%
Brazil 3.5%
Switzerland 3.5%
Spain 3.1%
Israel 2.9%
Netherlands 2.8%
South Korea 2.2%
Hong Kong 1.8%
Mexico 1.6%
Luxembourg 1.3%
Denmark 1.2%
Singapore 0.3%
Top 10 Equity Holdings
(as a % of net assets as of 8/31/2014)
Teva Pharmaceutical Industries Ltd (Teva) is a global pharmaceutical and drug company. It develops, produces and markets generic drugs in all treatment categories. Teva Pharmaceutical Industries Ltd. ADR 2.7%
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. 2.2%
Nestle is the world's leading nutrition, health and wellness company.Nestle S.A., Registered Shares 2.2%
Bayer Aktiengersellschaft offers materials research and discovery services for companies in the chemical and pharmaceuticals industries using high-throughput experimentation equipment.Bayer AG 2.2%
WPP Group plc 2.1%
Yahoo! Inc., is a global Internet media company that offers communications, content, and a community platform that delivers consumer experiences and advertising solutions across digitial screens. Yahoo!, Inc. 2.1%
Fresenius SE is a Germany-based holding company of the Fresenius Group, operating in the healthcare sector, with products and services for dialysis, hospitals and outpatient medical care. The Group also offers engineering and services for hospitals and other healthcare facilities.Fresenius SE & Co. KGaA 2.1%
Volkswagen AG is a Germany-based automobile manufacturer. The Company develops vehicles and components, and also produces and sells vehicles, in particular Volkswagen brand passenger cars and commercial vehicles.Volkswagen AG, 2.260% 2.0%
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 2.0%
Bouygues S.A. 1.9%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)

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 EAFE is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. 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.

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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, 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 E shares at 1.53%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary 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 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.

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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