Fund Detail

Ivy International Core Equity Fund

IVIAX / Class A Shares
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Fund Summary

Your gateway to international opportunities

Broad Reach
Wide-range investment mandate, which allows the Fund to invest across the entire international landscape, including emerging markets.
True Flexibility
A core style approach with the ability to over- and underweight international growth or international value stocks as market cycles and research dictates.
Fundamentally Sound
Seeks companies with strong free cash flow in healthy industries that may benefit from global restructuring and growth.

Strong historical outperformance relative to benchmark

The Ivy International Core Equity Fund has outperformed the MSCI EAFE Index, on a rolling five-year basis,

Source: Morningstar
Past performance is not a guarantee of future results. Five-year rolling averages from 01/01/2005 through 12/31/2014 and represents Class A (NAV) performance, and does not reflect the effects of sales charges. If it had, performance characteristics would differ.


Top quintile performance across multiple timeframes

Morningstar Percent Rank (as of 12/31/2014)

RANGE 1-YEAR 5-YEAR 10-YEAR
Percentile 6 11 3
Funds in category 750 583 313

Category: Foreign Large Blend. Rankings are for Class A shares; other share classes may have different performance characteristics. Past performance is not a guarantee of future results.

Morningstar Percent Rank in Category is the Fund’s total-return percentile rank relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percent Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

Morningstar Style Box

Value Blend Growth
Large
Medium
Small

Portfolio Management

  • John C. Maxwell, CFA

    • — Ivy Investment Management Company
    • — 9 Years with Fund
    • — 23 Years in Industry

Growth of a $10,000 Investment through 2/28/2015

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

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
XBRL

Perspectives

Manager Video

Daily Prices as of 3/27/2015

Net Asset Value (NAV) $18.01
Daily NAV Change $0.02 0.11%
Weekly NAV Change ($0.21) -1.15%
Public Offering Price (POP) $19.11

Fund Facts

Ticker Symbol IVIAX
CUSIP 465897353
Fund Code 613
Fund Type Global/International
Fund Inception 5/13/1997
Class Inception 5/13/1997
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 2/28/2015)
$3.3 bil
Total Equity Holdings
(as of 2/28/2015)
73
Total Holdings
(as of 2/28/2015)
78
Lipper Category International Large-Cap Core
Morningstar Category Foreign Large Blend
Benchmarks MSCI EAFE NR USD

Fund 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.

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 2/28/2015

YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 6.59% 6.05% 10.86% 9.34% 8.29% 5.79%
Fund with 5.75% sales charge 0.44% -0.07% 8.69% 8.06% 7.64% 5.44%
MSCI EAFE NR USD 6.50% -0.03% 9.41% 7.78% 4.84% %
Lipper International Large-Cap Core 6.16% 0.71% 8.76% 7.28% 4.94% N/A

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2014

YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 0.98% 0.98% 12.57% 6.85% 8.13% 5.46%
Fund with 5.75% sales charge -4.84% -4.84% 10.38% 5.59% 7.49% 5.11%
MSCI EAFE NR USD -4.90% -4.90% 11.06% 5.33% 4.43% %
Lipper International Large-Cap Core -4.81% -4.81% 10.42% 4.89% 4.57% N/A

Calendar Year Return

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Class A 24.52 26.13 18.36 -41.50 44.24 13.47 -13.98 13.45 24.54 0.98
MSCI EAFE NR USD 13.54 26.34 11.17 -43.38 31.78 7.75 -12.14 17.32 22.78 -4.90

Morningstar Ratings as of 2/28/2015

Category: Foreign Large Blend

Overall out of 638 ★★★★
3 Year out of 638 ★★★
5 Year out of 570 ★★★★
10 Year out of 307 ★★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 2/28/2015

Category: International Large-Cap Core

  Rank Percentile
1 Year 12 /123 10
3 Year 11 /98 12
5 Year 4 /83 5
10 Year 2 /69 3

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

Expense Ratios as of 7/31/2014

Net 1.40%
Gross 1.40%

Standard Deviation as of 2/28/2015

Fund 16.41
MSCI EAFE NR USD 16.74

Risk Values as of 2/28/2015

Alpha 1.73
Beta 0.96
R-Squared 96.13
Sharpe Ratio 0.56
Capture Ratio

Upside: 99.23%

Downside: 91.58%

Growth of a $10,000 Investment through 2/28/2015

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.

Fund Distributions

Historical Prices Inception 5/13/1997

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 5/13/1997

Ex-date Income Capital Gains Reinvest Gains Payment Date

*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.

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 2/28/2015

Fresenius SE & Co. KGaA Fresenius SE is a Germany-based holding company of the Fresenius Group, operating in the healthcare sector, with products and services for dialysis, hospitals and outpatient medical care. The Group also offers engineering and services for hospitals and other healthcare facilities. 2.9%
Teva Pharmaceutical Industries Ltd. ADR Teva Pharmaceutical Industries Ltd (Teva) is a global pharmaceutical and drug company. It develops, produces and markets generic drugs in all treatment categories. 2.9%
Svenska Cellulosa Aktiebolaget SCA (publ), Class B 2.7%
WPP Group plc WPP plc is a British multinational advertising and public relations company with its main management office in London, England, and its executive office in Dublin, Ireland. 2.5%
Volkswagen AG, 2.260% Volkswagen AG is a Germany-based automobile manufacturer. The Company develops vehicles and components, and also produces and sells vehicles, in particular Volkswagen brand passenger cars and commercial vehicles. 2.4%
Softbank Corp. SOFTBANK CORP. is engaged in the telecommunications and Internet business. The Company operates in five business segments: Mobile Communications, Broadband and Infrastructure, Internet protocol (IP), Fixed Communication, and Internet Culture. 2.1%
Mitsubishi Heavy Industries Ltd. 2.0%
GlaxoSmithKline plc GlaxoSmithKline plc (GSK) is global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products. 2.0%
Tokio Marine Holdings, Inc. Tokio Marine Holdings, Inc. is an insurance holding company. Through its subsidiaries and associated companies, the Company operates in four business segments. 1.9%
Adecco S.A. 1.8%
Total Portfolio Holdings DOWNLOAD
updated quarterly, upon availability

Market Capitalization

as a % of equity assets as of 2/28/2015
Large 88.1%
Medium 11.1%
Small 0.9%
Median Market Cap (as of 2/28/2015) $24.6 bil

Sector Allocation as a % of equity assets as of 2/28/2015

Financials 17.72%
Health Care 16.00%
Industrials 15.48%
Consumer Discretionary 13.75%
Materials 9.88%
Information Technology 8.94%
Consumer Staples 8.14%
Energy 4.44%
Telecommunication Services 4.19%
Utilities 1.47%

Portfolio Composition as a % of net assets as of 2/28/2015

Foreign Common Stock 94.72%
Domestic Common Stock 3.29%
Cash and Cash Equivalents 2.00%

Country Allocation as a % of equity assets as of 2/28/2015

United Kingdom 22.00%
Japan 14.90%
Germany 11.90%
France 9.40%
Sweden 5.40%
China 5.40%
Spain 5.00%
Australia 4.50%
Switzerland 4.40%
United States 3.40%
Ireland 2.90%
Israel 2.90%
Brazil 2.10%
South Korea 2.10%
Denmark 1.60%
Netherlands 1.50%
Canada 0.60%
Luxembourg 0.10%

Total Portfolio Holdings

DOWNLOAD updated quarterly, upon availability

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
XBRL

Additional Fund Literature

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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. 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 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 EAFE is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, 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 management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for the Fund’s Class E shares at 1.53%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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, 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.

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.

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.

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.