Waddell & Reed

Fund Detail

Ivy Emerging Markets Equity Fund
Class A Shares

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Fund Facts
Ticker Symbol IPOAX
CUSIP 465897866
Fund Code 611
Fund Type Global/International
Fund Inception 10/25/1993
Class Inception 10/25/1993
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 6/30/2014) $709.3 mil
Total Equity Holdings (as of 6/30/2014) 80
Total Holdings (as of 6/30/2014) 87
Portfolio Turnover Rate (as of 3/31/2014) 138%
Lipper Category Emerging Markets Funds
Benchmarks MSCI EM NR USD
Daily Prices
as of 8/1/2014
Net Asset Value (NAV) $15.99
NAV Change ($) $0.01
NAV Change (%) 0.06%
Weekly NAV Change ($) ($0.33)
Weekly NAV Change (%) -2.02%
Public Offering Price (POP) $16.97
Historical Prices & Distributions
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Fund Description
Fund Objective
To seek to provide growth of capital.

Investment Approach
The Fund utilizes a top-down approach of worldwide analysis in order to identify the best countries and sectors for growth, and balances the top-down analysis with bottom-up stock selection to identify the best stocks for investment. The Fund uses an investment approach that focuses on analyzing a company's financial statements and taking advantage of overvalued or undervalued markets.
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 2.63% 20.54% -0.45% 4.39% 10.87% 4.58%
Fund with 5.75% sales charge -3.27% 13.63% -2.41% 3.16% 10.21% 4.28%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 1.67% 22.06% -0.42% 6.26% 10.49% 4.55%
Fund with 5.75% sales charge -4.18% 15.00% -2.37% 5.02% 9.84% 4.25%
Lipper Emerging Markets Funds 5.74% 14.13% 0.10% 9.16% 11.15% N/A
Expense Ratios
as of 2/11/2014
Net 1.50%
Gross 1.74%
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 6/30/2014
Category: Emerging Markets Funds
  Rank Percentile
1 Year 44 / 649 7
3 Year 241 / 461 53
5 Year 281 / 317 89
10 Year 103 / 152 68

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

Holdings
Portfolio Composition
(as a % of net assets as of 6/30/2014)
Foreign Common Stock 92.50%
Domestic Common Stock 3.85%
Cash and Cash Equivalents 3.49%
Corporate Bonds 0.11%
Other Assets 0.05%
Sector Allocation
(as a % of equity holdings as of 6/30/2014)
Information Technology 24.6%
Consumer Discretionary 17.8%
Financials 15.5%
Consumer Staples 12.1%
Industrials 11.0%
Energy 7.1%
Materials 5.9%
Health Care 4.3%
Utilities 1.8%
Country Allocation
(as a % of equity holdings as of 6/30/2014)
China 19.0%
Taiwan 11.5%
India 11.4%
South Korea 11.2%
Brazil 9.7%
Hong Kong 8.7%
United States 4.0%
Mexico 3.5%
Philippines 2.8%
Indonesia 2.7%
Thailand 2.4%
Singapore 2.2%
Russia 1.8%
Malaysia 1.8%
Panama 1.6%
Turkey 1.5%
Israel 1.2%
Cyprus 1.1%
South Africa 1.1%
Denmark 1.0%
Top 10 Equity Holdings
(as a % of net assets as of 6/30/2014)
Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing.Taiwan Semiconductor Manufacturing Co. Ltd. 3.4%
JD Sports Fashion Plc retails and distributes branded and own brand sportswear, fashionwear, outdoor clothing, footwear, and equipment.JD.com, Inc. ADR 2.9%
Galaxy Entertainment Group Limited is an investment holding company. The Company, along with its subsidiaries, is engaged in operation in casino games of chance or games of other forms, provision of hospitality and related services in Macau, and the manufacture, sale and distribution of construction materials in Hong Kong, Macau and Mainland China.Galaxy Entertainment Group 2.8%
SK hynix, Inc. 2.6%
Fosun International Limited, through its subsidiaries, is engaged in pharmaceuticals and healthcare, property, steel, mining, and asset management businesses primarily in Mainland China and Hong Kong.Fosun International Ltd. 2.5%
Larsen & Toubro Limited is a technology, engineering, construction and manufacturing company headquartered in India.Larsen & Toubro Ltd. 2.3%
MediaTek Inc. is principally engaged in the research, development, manufacture and distribution of multimedia integrated circuit (IC) chipsets.MediaTek, Inc. 2.2%
China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades petroleum and petrochemical products such as gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. China Petroleum & Chemical Corp., H Shares 2.0%
Hyundai Motor Company manufactures and distributes motor vehicles and parts worldwide.Hyundai Motor Co. 2.0%
Petroleo Brasileiro 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 Emerging Markets is an unmanaged index comprised of securities that represent large and mid-cap companies within emerging market countries. It is not possible to invest directly in an index.

Effective Feb. 11, 2014, 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.

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.

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 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 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 30, 2016, Ivy Investment Management Company (IICO), the Fund''s investment manager, IFDI and/or WISC 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.

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries.

On March 17, 2014, Ivy Asset Strategy New Opportunities Fund merged into Ivy Emerging Markets Equity Fund. The Ivy Asset Strategy New Opportunities Fund has been liquidated and has terminated operations as a management investment company.

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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