Waddell & Reed

Fund Detail

Ivy Managed International Opportunities Fund
Class A Shares

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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 7/31/2016) $196.9 mil
Portfolio Turnover Rate (as of 3/31/2016) 37%
Lipper Category International Multi-Cap Core
Morningstar Category Foreign Large Blend
Benchmarks MSCI ACWI Ex USA NR USD
Daily Prices
as of 8/23/2016
Net Asset Value (NAV) $9.96
NAV Change ($) $0.03
NAV Change (%) 0.30%
Weekly NAV Change ($) $0.02
Weekly NAV Change (%) 0.20%
Public Offering Price (POP) $10.57
Historical Prices & Distributions
Please select a date
Fund Description

Improve your mix of overseas investments


Streamlined approach
Participate in potential growth around the world through international asset allocation in a single mutual fund.
Diversified portfolio
Seeks to provide a diversified portfolio of international equities and fixed-income securities by investing in five international and global mutual funds from Ivy Funds.
Investment discipline
May be right for long-term investors seeking to benefit from a well-defined, consistent investment mix for international portfolio diversification.
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
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 7/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -0.51% -6.64% 3.62% 1.63% N/A 1.59%
Fund with 5.75% sales charge -6.25% -11.99% 1.61% 0.42% N/A 0.95%
MSCI ACWI Ex USA NR USD 3.88% -5.54% 1.35% 1.35% 2.26% 0.57%
Lipper International Multi-Cap Core 1.20% -6.88% 1.58% 2.63% 1.87% 0.31%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 6/30/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -4.39% -11.70% 3.49% 0.72% N/A 1.17%
Fund with 5.75% sales charge -9.90% -16.76% 1.48% -0.47% N/A 0.53%
MSCI ACWI Ex USA NR USD -1.02% -10.25% 1.16% 0.10% 1.87% 0.05%
Lipper International Multi-Cap Core -2.97% -10.00% 1.79% 1.37% 1.55% -0.15%
Expense Ratios
as of 7/31/2016
Net 1.54%
Gross 1.54%
Growth of a $10,000 Investment
through 7/31/2016
 Managed International Opportunities A
 MSCI ACWI Ex USA 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 7/31/2016
Category: International Multi-Cap Core
  Rank Percentile
1 Year 166 / 438 38
3 Year 36 / 361 10
5 Year 243 / 295 83

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

Morningstar Ratings
as of 7/31/2016
Category: Foreign Large Blend
Overall (out of 715 Foreign Large Blend)
3 Year (out of 715 Foreign Large Blend)
5 Year (out of 625 Foreign Large Blend)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 7/31/2016)
Foreign Common Stock 71.44%
Domestic Common Stock 19.35%
Corporate Bonds 4.67%
Cash and Cash Equivalents 2.78%
Senior Loans 0.55%
Government Bonds 0.44%
Preferred Stock 0.44%
Other Government Securities 0.33%
Underlying Fund Composition
(as a % of net assets as of 7/31/2016)
Ivy International Core Equity 30.1 %
Ivy Global Growth 25.0 %
Ivy European Opportunities 19.9 %
Ivy Global Income Allocation 15.0 %
Ivy Emerging Markets Equity 10.1 %
Sector Allocation
(as a % of equity holdings as of 7/31/2016)
Health Care 17.3%
Information Technology 15.4%
Consumer Discretionary 14.6%
Financials 13.4%
Industrials 12.5%
Consumer Staples 10.3%
Energy 6.5%
Materials 4.3%
Telecommunication Services 3.8%
Utilities 1.8%
Equity Country Allocation
(as a % of equity holdings as of 7/31/2016)
United States 21.4%
United Kingdom 13.4%
France 9.8%
Japan 6.8%
Germany 6.3%
China 5.3%
Switzerland 4.1%
Netherlands 3.9%
Ireland 3.0%
Brazil 2.6%
South Korea 2.3%
Australia 2.1%
Spain 2.1%
Israel 2.0%
India 1.6%
Finland 1.3%
Sweden 1.3%
Hong Kong 1.2%
Russia 1.1%
South Africa 1.1%
Taiwan 1.0%
Canada 1.0%
Denmark 0.9%
Belgium 0.8%
Italy 0.7%
Norway 0.7%
Mexico 0.6%
Indonesia 0.5%
Singapore 0.3%
Luxembourg 0.2%
Thailand 0.2%
Turkey 0.2%
Malaysia 0.2%
New Zealand 0.1%
Philippines 0.1%
Portfolio Allocation Ranges
(as of the most recent prospectus)
  Low High
Ivy Global Growth 10.0% 60.0%
Ivy Global Income Allocation 10.0% 60.0%
Ivy European Opportunities 10.0% 60.0%
Ivy Emerging Markets Equity 10.0% 60.0%
Ivy International Core Equity 10.0% 60.0%
Top 10 Industry Allocation
(as a % of equity holdings as of 7/31/2016)
Pharmaceuticals 10.2%
Diversified Banks 6.6%
Internet Software & Services 5.4%
Aerospace & Defense 4.0%
Packaged Foods & Meats 3.7%
Semiconductors 3.5%
Internet Retail 3.2%
Integrated Oil & Gas 3.2%
Life & Health Insurance 2.5%
Health Care Services 2.4%
Quality
(as a % of bond holdings as of 7/31/2016)
NonRated 13.9 %
Government Bonds 7.3 %
AAA 1.0 %
AA 1.2 %
A 0.9 %
BBB 15.2 %
BB 19.1 %
B 29.2 %
CCC 12.2 %

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Fixed Income Country Allocation
(as a % of bond holdings as of 7/31/2016)
United States 43.4%
United Kingdom 11.9%
Luxembourg 6.2%
Netherlands 5.4%
Canada 5.1%
Spain 4.6%
Argentina 4.2%
Australia 3.3%
Italy 2.8%
France 2.4%
Guernsey 2.3%
Ireland 2.2%
Mexico 2.0%
Austria 1.3%
Norway 1.0%
Brazil 0.7%
Columbia 0.4%
Barbados 0.4%
Malaysia 0.3%
Singapore 0.1%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Cynthia P. Prince-Fox is a senior vice president of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Ms. Prince-Fox joined the firm in 1983 as an equity investment analyst. In 1991, she assumed the role of assistant portfolio manager. In 1993, she was appointed portfolio manager of Waddell & Reed Advisors Continental Income Fund. In July 2013, Ms. Prince-Fox was named portfolio manager of the Waddell & Reed Advisors Dividend Opportunities Fund. She graduated in 1982 from St. Mary's University at San Antonio, Texas with a BBA degree in finance. She earned an MBA with an emphasis in finance from Rockhurst College in 1989.Cynthia P. Prince-Fox Ivy Investment Management Company 33 <1
Chace Brundige, CFA is a Senior Vice President of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Mr. Brundige graduated from Kansas State University in 1991 with a BS in finance. He earned an MBA with an emphasis in finance and accounting from the University of Chicago Graduate School of Business in 1996. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. In 1996 he joined Waddell & Reed as an equity investment analyst. Mr. Brundige joined TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner in 1999. Mr. Brundige rejoined Waddell & Reed in August 2003 as an assistant portfolio manager to the large cap growth team. He managed the Waddell & Reed Advisors Tax-Managed Equity Fund from February 2006 through December 2008. Mr. Brundige assumed portfolio manager responsibility for the Waddell & Reed Advisors International Growth Fund, Ivy Funds VIP International Growth (formerly W&R Target Funds International Growth Portfolio), and the Ivy International Growth Fund in January 2009. In August 2014, Mr. Brundige was appointed portfolio manager of the Ivy Asset Strategy Fund, Ivy Funds VIP Asset Strategy Fund and Waddell & Reed Advisors Asset Strategy Fund.Chace Brundige, CFA Ivy Investment Management Company 23 <1

Risk Factors: 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 Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 23 Emerging Markets (EM) countries. 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.

Michael Avery previously was a portfolio manager on the Fund. He retired from the company effective June 30, 2016.

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.

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.

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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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