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Ivy Managed International Opportunities Fund

  • $9.61 NAV as of 12/2/2016
  • ($-0.01) / -0.10% Daily NAV Change
  • -1.84% YTD (NAV)

Summary

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

Growth
Large
MOD
Low
Source: Morningstar

Portfolio Management

John C. Maxwell, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 24 Years in Industry
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John C. Maxwell is currently portfolio manager of Ivy International Core Equity Fund, Ivy Funds VIP International Core Equity, and international core equity institutional accounts. Mr. Maxwell also co-manages the Ivy Managed International Opportunities Fund. Mr. Maxwell joined the firm in 1998 as an investment analyst. He assumed assistant portfolio manager responsibilities for the Waddell & Reed Advisors Value Fund and Ivy Funds VIP Value in 2003. He was named co-portfolio manager of Ivy International Core Equity Fund in 2006, and assumed sole management responsibilities for the Fund in 2009. He was named portfolio manager of Ivy Funds VIP International Core Equity (fka Ivy Funds VIP International Value) and of Ivy Global Income Allocation Fund (fka Ivy International Balanced Fund), in 2009. In October 2016, Mr. Maxwell assumed co-portfolio manager responsibilities for the Ivy Managed International Opportunities Fund. Prior to joining the firm, he was affiliated with Fort Washington Investment Advisors since November 1995 as an equity research manager specializing in consumer staples. From 1992 to 1995 Mr. Maxwell gained industry experience in the Finance Division of Procter & Gamble. Mr. Maxwell graduated from the University of Kentucky in December 1985 with a BS in mechanical engineering. He earned an MBA with an emphasis in finance from The Johnson School at Cornell University in May 1992.

Aaron D. Young

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 11 Years in Industry
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Aaron D. Young is a vice president of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Mr. Young joined the organization in 2005 as a fixed-income analyst. He joined the Asset Strategy team as an investment analyst in 2007. Mr. Young was named assistant portfolio manager of the Asset Strategy products in 2012 and continues in that role. He was appointed vice president in 2014. Mr. Young was named co-portfolio manager of InvestEd Portfolios, Ivy Funds VIP Pathfinder portfolios, Ivy Funds VIP Pathfinder Managed Volatility portfolios and Ivy Managed International Opportunities Fund in October 2016. Prior to joining the firm, he was a fixed-income analyst with NISA Investment Advisors, LLC. Mr. Young graduated with honors in 2000 with a BA in Philosophy from the University of Missouri. He earned an MBA with an emphasis in Finance and Strategy from the Olin School of Business at Washington University in 2005.

Growth of a $10,000 Investment
through 11/30/2016

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/2/2016

Net Asset Value (NAV) $9.61
Daily NAV Change ($) ($-0.01) -0.10%
Weekly NAV Change ($) $-0.02 -0.21%
Public Offering Price (POP) $9.61

Fund Facts

Ticker Symbol IVTYX
CUSIP 465898161
Fund Code 795
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 10/31/2016) $188.5 mil
Total Equity Holdings
Total Holdings
Portfolio Turnover Rate
Lipper Category International Multi-Cap Core
Morningstar Category Foreign Large Blend
Benchmark MSCI ACWI Ex USA NR USD

Performance

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 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -1.53% -3.51% -0.24% 4.82% 1.48%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 1.94% 6.55% 3.11% 7.12% 1.87%
Lipper International Multi-Cap Core 2.99% 6.28% 0.54% 7.42% 1.78% 0.53%
MSCI ACWI Ex USA NR USD 5.82% 9.26% 0.18% 6.04% 2.16% 0.76%

Calendar Year Return

  2011 2012 2013 2014 2015
Class Y -14.94 16.07 15.74 -0.04 -1.72
MSCI ACWI Ex USA NR USD -13.71 16.83 15.29 -3.87 -5.66

Morningstar Ratings as of 10/31/2016 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 713
3 Year out of 713
5 Year out of 635
10 Year out of —

Lipper Ranking through 10/31/2016 Lipper Logo

Category: International Multi-Cap Core
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 196/438 45
3 Year 25/337 8
5 Year 193/281 69
10 Year

Expense Ratios as of 7/31/2016

Net 1.46%
Gross 1.48%

5-Year Standard Deviation as of 9/30/2016

MSCI ACWI Ex USA NR USD 14.23

5-Year MPT* Statistics as of 9/30/2016

*Modern Portfolio Theory
Alpha 1.70
Beta 0.87
R-Squared 93.09
Sharpe Ratio 0.55
Capture Ratio Upside: 91.55%
Downside: 82.56%

Distributions

Historical Prices Inception 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $9.62 NO NO
12/2/2016 $9.61 NO NO

Historical Distributions Inception 4/2/2007

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/15/2015 $0.076 Long: $0.000 Short: $0.000 $9.63 12/15/2015
12/16/2014 $0.151 Long: $0.000 Short: $0.000 $9.74 12/16/2014
12/17/2013 $0.1196 Long: $0.000 Short: $0.000 $9.85 12/17/2013
12/18/2012 $0.133 Long: $0.000 Short: $0.000 $8.87 12/18/2012
12/12/2011 $0.136 Long: $0.000 Short: $0.000 $7.78 12/12/2011

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Portfolio

Top 10 Industry Allocation
as a % of Equity Holdings as of 10/31/2016

Diversified Banks 8.1%
Internet Software & Services 7.1%
Pharmaceuticals 6.6%
Packaged Foods & Meats 4.0%
Aerospace & Defense 3.8%
Semiconductors 3.5%
Integrated Oil & Gas 3.5%
Data Processing & Outsourced Services 3.4%
Life & Health Insurance 2.5%
Automobile Manufacturers 2.4%

Fixed Income Country Allocation
as a % of bond holdings as of 10/31/2016

United States 47.3%
United Kingdom 12.0%
Luxembourg 6.8%
Netherlands 6.1%
Spain 4.9%
Canada 4.7%
Argentina 3.5%
France 2.9%
Brazil 2.5%
Ireland 2.3%
Mexico 1.6%
Italy 1.6%
Norway 1.0%
Australia 0.9%
Sweden 0.7%
Columbia 0.5%
Barbados 0.4%
Malaysia 0.3%
Singapore 0.1%

Sector Allocation
as a % of equity assets as of 10/31/2016

Information Technology 18.00%
Consumer Discretionary 14.84%
Financials 13.83%
Health Care 13.36%
Consumer Staples 11.70%
Industrials 11.44%
Energy 7.64%
Materials 4.06%
Telecommunication Services 3.11%
Real Estate 1.11%
Utilities 0.91%

Quality
as a % of fixed income assets as of 10/31/2016

Quality: 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.
NonRated 10.00%
Government Bonds 7.50%
AAA 0.50%
AA 1.20%
A 1.30%
BBB 16.30%
BB 19.20%
B 30.00%
CCC 14.00%

Portfolio Composition
as a % of net assets as of 10/31/2016

Foreign Common Stock 72.95%
Domestic Common Stock 18.42%
Corporate Bonds 4.88%
Cash and Cash Equivalents 2.12%
Preferred Stock 0.59%
Government Bonds 0.44%
Senior Loans 0.34%
Other Government Securities 0.26%

Equity Country Allocation
as a % of equity assets as of 10/31/2016

United States 20.0%
United Kingdom 13.6%
France 12.1%
Japan 6.5%
Germany 6.0%
China 4.8%
Switzerland 4.4%
Netherlands 3.8%
Brazil 3.2%
South Korea 2.6%
Ireland 2.5%
Spain 2.2%
Australia 2.1%
Israel 1.5%
Taiwan 1.4%
Hong Kong 1.3%
Russia 1.2%
Norway 1.2%
India 1.1%
Finland 1.0%
Canada 1.0%
South Africa 0.9%
Sweden 0.9%
Belgium 0.8%
Mexico 0.7%
Denmark 0.6%
Italy 0.6%
Turkey 0.5%
Isle Of Man 0.3%
Luxembourg 0.3%
Indonesia 0.3%
Singapore 0.2%
Thailand 0.2%
Malaysia 0.1%
Chile 0.1%
New Zealand 0.1%
Philippines 0.1%

Documents

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Documents

Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The performance of the Fund will depend on the success of the allocations among the chosen underlying funds. Investing in a single region involves greater risk and potential reward than investing in a more diversified fund. 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.

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.

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.

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. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

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.

Quality: 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.

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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