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 9/30/2014) $642.2 mil
Total Equity Holdings (as of 9/30/2014) 71
Total Holdings (as of 9/30/2014) 83
Portfolio Turnover Rate (as of 6/30/2014) 138%
Lipper Category Emerging Markets Funds
Benchmarks MSCI EM NR USD
Daily Prices
as of 10/30/2014
Net Asset Value (NAV) $15.36
NAV Change ($) $0.04
NAV Change (%) 0.26%
Weekly NAV Change ($) $0.22
Weekly NAV Change (%) 1.45%
Public Offering Price (POP) $16.30
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide growth of capital.

Investment Approach
The Fund utilizes a top-down approach of worldwide analysis in an effort to identify the best emerging market countries and sectors for growth, and balances the top-down analysis with bottom-up stock selection to identify stocks that it believes may outperform the market over a one to three year time period and are best positioned to maximize their competitive advantage. The Fund uses an investment approach that focuses on analyzing a company's financial statements and taking advantage of overvalued or undervalued emerging 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 9/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -1.41% 10.88% 9.34% 3.04% 9.51% 4.34%
Fund with 5.75% sales charge -7.08% 4.50% 7.20% 1.83% 8.87% 4.04%
MSCI EM NR USD 2.43% 4.30% 7.19% 4.42% 10.68% N/A
Lipper Emerging Markets Funds 2.10% 4.80% 7.76% 4.28% 9.81% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 9/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -1.41% 10.88% 9.34% 3.04% 9.51% 4.34%
Fund with 5.75% sales charge -7.08% 4.50% 7.20% 1.83% 8.87% 4.04%
Lipper Emerging Markets Funds 2.10% 4.80% 7.76% 4.28% 9.81% N/A
Expense Ratios
as of 7/31/2014
Net 1.50%
Gross 1.71%
Growth of a $10,000 Investment
through 9/30/2014
 Emerging Markets Equity A
 MSCI EM 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 9/30/2014
Category: Emerging Markets Funds
  Rank Percentile
1 Year 51 / 672 8
3 Year 131 / 483 28
5 Year 217 / 322 68
10 Year 85 / 151 56

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

Holdings
Portfolio Composition
(as a % of net assets as of 9/30/2014)
Foreign Common Stock 92.83%
Cash and Cash Equivalents 4.37%
Domestic Common Stock 2.67%
Corporate Bonds 0.13%
Sector Allocation
(as a % of equity holdings as of 9/30/2014)
Information Technology 22.6%
Consumer Discretionary 20.7%
Financials 17.3%
Consumer Staples 11.1%
Industrials 9.3%
Materials 8.7%
Energy 4.1%
Health Care 4.1%
Utilities 2.2%
Country Allocation
(as a % of equity holdings as of 9/30/2014)
China 21.7%
South Korea 12.9%
Taiwan 11.6%
India 11.2%
Brazil 10.3%
Hong Kong 7.4%
Mexico 3.7%
Indonesia 3.0%
Russia 3.0%
United States 2.8%
Malaysia 2.0%
Thailand 2.0%
United Kingdom 1.5%
Israel 1.4%
Turkey 1.4%
South Africa 1.1%
Cyprus 1.0%
Panama 1.0%
Denmark 0.8%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2014)

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.

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, 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.

Fee Waiver and/or Expense Reimbursement: 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.

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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