Waddell & Reed

Fund Detail

Ivy Managed International Opportunities Fund
Class A Shares

Please select a fund and share class

Fund Facts
Ticker Symbol IVTAX
CUSIP 465898229
Fund Code 695
Fund Type Global/International
Fund Inception 4/2/2007
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 7/31/2014) $259.9 mil
Lipper Category International Multi-Cap Core
Morningstar Category Foreign Large Blend
Benchmarks MSCI ACWI Ex USA NR USD
Daily Prices
as of 8/27/2014
Net Asset Value (NAV) $10.74
NAV Change ($) $0.03
NAV Change (%) 0.28%
Weekly NAV Change ($) $0.10
Weekly NAV Change (%) 0.94%
Public Offering Price (POP) $11.40
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide capital growth and appreciation.

Investment Approach
The Fund seeks to provide investors a well-diversified portfolio of international stocks, with modest complement of bonds, by investing primarily in Class I shares of Ivy Funds International mutual funds. Each underlying fund, in turn, invests in a diversified portfolio of primarily foreign securities of issuers in developed as well as emerging markets. The portfolio manager has the flexibility to adjust the mix so that any one fund might represent between 10 and 60 percent of the portfolio.
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 7/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.13% 17.68% 4.67% 7.85% N/A 2.82%
Fund with 5.75% sales charge -2.77% 10.94% 2.60% 6.59% N/A 1.99%
MSCI ACWI Ex USA NR USD 4.51% 15.49% 5.86% 8.84% 7.96% 2.13%
Lipper International Multi-Cap Core 1.64% 12.52% 6.86% 9.06% 6.58% 1.28%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 4.40% 23.49% 4.91% 9.90% N/A 3.02%
Fund with 5.75% sales charge -1.57% 16.43% 2.86% 8.60% N/A 2.19%
MSCI ACWI Ex USA NR USD 5.56% 21.75% 5.73% 11.11% 7.75% 2.30%
Lipper International Multi-Cap Core 4.07% 21.02% 7.21% 11.71% 6.66% 1.76%
Expense Ratios
as of 7/31/2014
Net 1.63%
Gross 1.63%
Growth of a $10,000 Investment
through 7/31/2014

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 7/31/2014
Category: International Multi-Cap Core
  Rank Percentile
1 Year 8 / 375 3
3 Year 285 / 326 88
5 Year 218 / 294 74

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

Morningstar Ratings
as of 7/31/2014
Category: Foreign Large Blend
Overall (out of 677 Foreign Large Blend)
3 Year (out of 677 Foreign Large Blend)
5 Year (out of 610 Foreign Large Blend)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 6/30/2014)
Foreign Common Stock 89.02%
Domestic Common Stock 4.98%
Cash and Cash Equivalents 4.05%
Corporate Bonds 1.42%
Other Government Securities 0.26%
Senior Loans 0.18%
Preferred Stock 0.07%
General Obligation Bonds 0.01%
Other Assets 0.01%
Underlying Fund Composition
(as a % of net assets as of 7/31/2014)
Ivy Emerging Markets Equity, Class I 40.4 %
Ivy International Core Equity, Class I 20.4 %
Ivy International Growth, Class I 19.8 %
Ivy Global Income Allocation, Class I 9.9 %
Ivy European Opportunities, Class I 9.3 %
Portfolio Allocation Ranges

  Low High
International Growth 10.0% 60.0%
Global Income Allocation 10.0% 60.0%
European Opportunities 10.0% 60.0%
Emerging Markets Equity 10.0% 60.0%
International Core Equity 10.0% 60.0%

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 AC World Ex USA is an unmanaged index comprised of securities that represent the securities markets around the world excluding the USA. 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.

On March 17, 2014, Ivy Managed European/Pacific Fund merged into Ivy Managed International Opportunities Fund. The Ivy Managed European/Pacific Fund has been liquidated and has terminated operations as a management investment company.

Effective Feb. 11, 2014, the name of one of the Fund's underlying funds, Ivy Pacific Opportunities Fund, was changed to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Fund's former strategy to invest primarily in Pacific region equity securities, and the Fund's performance may have differed if the Ivy Emerging Markets Equity Fund's current strategy had been in place.

Through July 31, 2016, Ivy Investment Management Company (IICO), the FundÆs investment manager, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary operating expenses, excluding acquired fund fees and expenses, for the FundÆs Class A shares at 0.49%, Class B shares at 1.40%, Class C shares at 1.29%, Class I shares at 0.16%, Class R shares at 0.72% and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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.

Through July 31, 2016, Ivy Investment Management Company (IICO), the FundÆs investment manager, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary operating expenses, excluding acquired fund fees and expenses, for the FundÆs Class A shares at 0.49%, Class B shares at 1.40%, Class C shares at 1.29%, Class I shares at 0.16%, Class R shares at 0.72% and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, 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.

Through July 31, 2016, Ivy Investment Management Company (IICO), the FundÆs investment manager, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs 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 Class A shares at 1.50% and Class B shares at 2.50%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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.

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, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, 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.

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, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating e axpenses 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.

Financial Advisor Opportunities
Corporate Careers