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 5/31/2015) $4.0 bil
Total Equity Holdings (as of 5/31/2015) 84
Total Holdings (as of 5/31/2015) 94
Portfolio Turnover Rate (as of 3/31/2015) 87%
Lipper Category International Large-Cap Core
Morningstar Category Foreign Large Blend
Benchmarks MSCI EAFE NR USD
Daily Prices
as of 6/30/2015
Net Asset Value (NAV) $18.35
NAV Change ($) ($0.03)
NAV Change (%) -0.16%
Weekly NAV Change ($) ($0.52)
Weekly NAV Change (%) -2.76%
Public Offering Price (POP) $18.35
Historical Prices & Distributions
Please select a date
Fund Description

Your gateway to international opportunities


Broad Reach
Wide-range investment mandate, which allows the Fund to invest across the entire international landscape, including emerging markets.
True Flexibility
A core style approach with the ability to over- and underweight international growth or international value stocks as market cycles and research dictates.
Fundamentally Sound
Seeks companies with strong free cash flow in healthy industries that may benefit from global restructuring and growth.
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 6/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 7.25% 0.18% 14.81% 11.26% 8.69% 10.56%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 7.25% 0.18% 14.81% 11.26% 8.69% 10.56%
Expense Ratios
as of 7/31/2014
Net 1.29%
Gross 1.85%
Growth of a $10,000 Investment
through 6/30/2015

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 5/31/2015
Category: International Large-Cap Core
  Rank Percentile
1 Year 16 / 130 13
3 Year 5 / 104 5
5 Year 3 / 86 4
10 Year 1 / 71 2

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

Morningstar Ratings
as of 5/31/2015
Category: Foreign Large Blend
Overall (out of 652 Foreign Large Blend)
3 Year (out of 652 Foreign Large Blend)
5 Year (out of 573 Foreign Large Blend)
10 Year (out of 325 Foreign Large Blend)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 5/31/2015)
Foreign Common Stock 95.68%
Domestic Common Stock 2.52%
Cash and Cash Equivalents 1.80%
Sector Allocation
(as a % of equity holdings as of 5/31/2015)
Financials 22.3%
Health Care 14.3%
Consumer Discretionary 13.2%
Industrials 12.3%
Materials 12.0%
Consumer Staples 10.0%
Information Technology 7.3%
Telecommunication Services 4.0%
Energy 3.4%
Utilities 1.3%
Country Allocation
(as a % of equity holdings as of 5/31/2015)
United Kingdom 24.1%
Japan 16.8%
Germany 9.7%
China 7.0%
France 7.0%
Ireland 4.8%
Spain 4.5%
Sweden 3.5%
Australia 3.3%
Switzerland 2.7%
United States 2.6%
Denmark 2.5%
Israel 2.1%
South Korea 2.1%
Netherlands 1.4%
Luxembourg 1.4%
Brazil 1.2%
Finland 1.2%
Italy 1.2%
Hong Kong 1.2%
Top 10 Equity Holdings
(as a % of net assets as of 5/31/2015)
A hygiene and forest products company, develops, produces, and markets personal care products, tissues, and forest Svenska Cellulosa Aktiebolaget SCA (publ), Class B 2.4%
Dai-ichi Mutual Life Insurance Co. (The) 2.2%
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 2.2%
A comprehensive heavy machinery maker. Manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use. Mitsubishi Heavy Industries also researches and develops nuclear power plants.Mitsubishi Heavy Industries Ltd. 2.1%
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 2.0%
Commercial bank based in China with branches across Asia, Japan and Europe.China Construction Bank Corp. 2.0%
WPP plc is a British multinational advertising and public relations company with its main management office in London, England, and its executive office in Dublin, Ireland.WPP Group plc 1.9%
SOFTBANK CORP. is engaged in the telecommunications and Internet business. The Company operates in five business segments: Mobile Communications, Broadband and Infrastructure, Internet protocol (IP), Fixed Communication, and Internet Culture.Softbank Corp. 1.9%
Cognizant Technology Solutions Corporation is a provider of custom information technology (IT) consulting and technology services, and outsourcing services.Cognizant Technology Solutions Corp., Class A 1.8%
Tokio Marine Holdings, Inc. is an insurance holding company. Through its subsidiaries and associated companies, the Company operates in four business segments.Tokio Marine Holdings, Inc. 1.8%
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.

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.

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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