Fund Detail

Ivy International Core Equity Fund

Track Fund
$19.64 NAV as of 7/19/2018
($0.09) / -0.46% Daily NAV Change
-2.92% YTD (NAV) as of 7/19/2018 i

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Fund Summary

A 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.
Fundamental approach
Seeks companies with strong free cash flow in healthy industries that may benefit from global restructuring and growth.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • John C. Maxwell, CFA

    • — Ivy Investment Management Company
    • — 12 Years with Fund
    • — 26 Years in Industry
  • Catherine Murray

    • — Ivy Investment Management Company
    • — 1 Years with Fund
    • — 27 Years in Industry
Growth of a $10,000 Investment through 6/30/2018

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
Quarterly Commentary
XBRL
Perspectives

Manager Video

Portfolio Perspectives / 02.23.18

Adjusting key themes for 2018

A recap of 2017 -- what worked and what didn't -- and outlook ahead. Despite uncertainties in the market, we believe our flexible investment approach, incorporating growth and value-oriented securities across the market capitalization spectrum, can drive shareholder value over time.
Daily Prices as of 7/19/2018
Net Asset Value (NAV) $19.64  
Daily NAV Change ($0.09) -0.46%
Weekly NAV Change ($0.10) -0.51%
Public Offering Price (POP) $19.64
Fund Facts
Ticker Symbol IYITX
CUSIP 465899433
Fund Code 892
Fund Type Global/International
Fund Inception 5/13/1997
Class Inception 12/19/2012
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 6/30/2018)
$7.1 bil
Total Equity Holdings
(as of 6/30/2018)
77
Total Holdings
(as of 6/30/2018)
98
Portfolio Turnover Rate
(as of 3/31/2018)
48%
Lipper Category International Large-Cap Core
Morningstar Category Foreign Large Blend
BenchmarkMSCI 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 does not include the effect of sales charges as Class R shares are not subject to sales charges.

Monthly Rates of Return Average Annual Total Returns as of 6/30/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -2.92% 4.38% 3.45% 7.24% 4.21% 5.24%
MSCI EAFE NR USD -2.75% 6.84% 4.90% 6.44% 2.84% -
Lipper International Large-Cap Core -3.39% 6.04% 3.51% 5.43% 2.59% -

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -2.92% 4.38% 3.45% 7.24% 4.21% 5.24%
MSCI EAFE NR USD -2.75% 6.84% 4.90% 6.44% 2.84% -
Lipper International Large-Cap Core -3.39% 6.04% 3.51% 5.43% 2.59% -

Calendar Year Return

201320142015201620172008200920102011201220032004200520062007
Class R24.21 0.77 -1.29 1.02 22.43 - - - - - - - - - -
MSCI EAFE NR USD22.78 -4.90 -0.81 1.00 25.03 -43.38 31.78 7.75 -12.14 17.32 38.59 20.25 13.54 26.34 11.17

Morningstar Ratings as of 6/30/2018

Category: Foreign Large Blend

Overall out of 623 ★★★
3 Year out of 623 ★★
5 Year out of 533 ★★★★
10 Year out of 371 ★★★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 6/30/2018

Category: International Large-Cap Core

  Rank Percentile
1 Year 79 /104 76
3 Year 50 /83 60
5 Year 7 /69 10

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

Expense Ratios as of 7/5/2017

Net 1.56%
Gross 1.56%

Growth of a $10,000 Investment through 6/30/2018

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 12/19/2012

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 12/19/2012

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.

12-Month Trailing Dist. Yield as of 6/30/2018

NAV 0.77%
With Sales Charge 0.77%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 6/30/2018

Total S.A. TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping. 3.62%
Koninklijke Ahold Delhaize N.V. Royal Ahold Delhaize NV is a food retail company, which operates supermarkets and e-commerce, and a company at the forefront of sustainable retailing. It operate supermarkets under the Food Lion, Hannaford, Stop & Shop, Giant and Martin's brands. The company was founded in 2016 and is headquartered in Zaandam, the Netherlands. 2.48%
Orange S.A. Orange SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals. 2.27%
SAP AG 2.00%
Bayer AG Bayer Aktiengersellschaft offers materials research and discovery services for companies in the chemical and pharmaceuticals industries using high-throughput experimentation equipment. 1.94%
Danone S.A. Danone SA is a food processing company. The Company produces dairy products, beverages, baby food, and medical nutrition products. 1.90%
Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 1.85%
Isuzu Motors Ltd. Isuzu Motors Limited manufactures and markets trucks and automobile parts. The company's products include pickup trucks, light and heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles. 1.81%
Airbus SE Airbus SE manufactures airplanes and military equipment. The Company produces military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, as well as offers military and commercial aircraft conversion and maintenance services. 1.80%
Ferguson plc 1.71%
Total Portfolio Holdings DOWNLOAD (as of 3/31/2018)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 6/30/2018
Large ( > $10 bil) 95.4%
Medium ($2 - $10 bil) 4.6%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 6/30/2018) $35.5 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 6/30/2018)
Diversified Banks 9.1%
Integrated Oil & Gas 7.3%
Integrated Telecommunication Services 7.0%
Packaged Foods & Meats 5.0%
Oil & Gas Exploration & Production 4.8%
Internet Software & Services 4.1%
Pharmaceuticals 3.9%
Automobile Manufacturers 3.6%
Diversified Metals & Mining 3.3%
Aerospace & Defense 3.0%
Sector Allocation as a % of equity assets as of 6/30/2018
Financials 17.02%
Industrials 15.23%
Consumer Staples 14.61%
Energy 13.49%
Information Technology 9.74%
Telecommunication Services 8.16%
Consumer Discretionary 7.33%
Materials 7.30%
Health Care 6.74%
Real Estate 0.38%
Portfolio Composition as a % of net assets as of 6/30/2018
Foreign Common Stock 96.29%
Cash and Cash Equivalents 3.71%
Equity Country Allocation as a % of equity assets as of 6/30/2018
France 15.2%
United Kingdom 14.6%
Japan 14.4%
China 9.2%
Germany 8.6%
Switzerland 7.8%
Canada 5.8%
Netherlands 4.4%
Australia 3.6%
Luxembourg 2.5%
Brazil 2.2%
Ireland 1.7%
Hong Kong 1.6%
Sweden 1.5%
Norway 1.3%
South Korea 1.2%
Taiwan 1.2%
Spain 1.1%
Italy 1.1%
Denmark 0.9%
Total Portfolio Holdings
DOWNLOAD (as of 3/31/2018)

Fund Documents

Documents

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

Additional Fund Literature

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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.

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. 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.

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.

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, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.28%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI 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 without the consent of the Board.

Class T shares were launched on July 5, 2017.

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.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

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.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.