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Performance data quoted represents past performance and are no guarantee of future results. Investment return
and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost.
Current performance may be lower or higher than the performance data quoted.
The investment return, price, yields, market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds frequently trade at a discount to their NAV, which may increase an investor's risk of loss. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment. There is no assurance that the Fund will meet its investment objective.An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. The prospectus, which contains this and other information about the Fund, should be read carefully before investing. A copy of the prospectus can be obtained from Ivy Funds by visiting www.ivyfunds.com or by contacting your financial advisor.Operating History: The Fund is a newly organized, non-diversified, closed-end management investment company with little operating history. As a result, prospective investors have no track record or history on which to base their investment decision. The Adviser currently acts as an investment adviser for managed accounts and numerous open-end registered investment companies. The Fund has little history of public trading.Fixed Income Instruments Risk: Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Fixed income instruments may face a number of risks related to interest rates, credit quality, the market environment, payment, prepayment and spreads.Below Investment Grade Instruments Risk: The Fund will invest primarily in a portfolio of below investment grade securities, which are regarded as having predominately speculative characteristics with respect to an issuer's capacity to pay interest and repay principal and are commonly referred to as "high yield" securities or "junk" bonds. Investing in these securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds.Loan Risks: The Fund may invest in loans (including loan assignments, loan participations and other loan instruments), which may carry other risks including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and may trade infrequently on the secondary market.Leverage Risk: The Fund's use of leverage may result in special risks and can magnify the effects of any losses. While leverage may result in a higher yield for the Funds, the use of leverage includes the potential for higher volatility of the NAV, fluctuations of dividends and other distributions paid by the Fund, the market price of the Fund's common stocks, higher investment advisory fees and increased operation costs, which may reduce total return.Derivatives Risk: The Fund may enter into transactions in derivatives for investment, hedging or leverage purposes, with primary risks including the risk of loss of principal, high volatility, illiquid markets, counterparty risk, and credit risk.Foreign Instruments Risk: The Fund may invest up to 100% of its Managed Assets in fixed income instruments and securities issued by foreign issuers. Such investments involve certain risks not involved in domestic investments and may experience more rapid and extremechanges in value than investments in securities of U.S. companies or in the U.S. government.Market Discount Risk: Closed-end funds are not redeemable and generally trade in the secondary market. Shares of closed-end funds frequently trade at a discount to their net asset value, which creates risk of loss. This risk is greater for investors expecting to sell their sharesin a relatively short period after completion of the public offering.The Fund is a closed-end exchange traded investment company. The material on this website is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares of closed-end funds are sold on the open market through a stock exchange. Investment policies, management fees, risks other than those mentioned above, and other matters of interest to prospective investors may be found in the closed-end fund prospectus used in its initial public offering. For additional information, contact the Ivy Funds Sales Desk at 866-263-1985.Ivy Investment Management Company serves as the Fund's investment adviser. The Adviser is a wholly-owned subsidiary of Waddell & Reed Financial, Inc., a publicly held company.
Index Description: The BofAML U.S. HY Master II TR USD tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. 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.
Investment return, price, yields and NAV will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment. There is no assurance that a fund will meet its investment objective.
1. Regulatory Leverage consists of borrowings, preferred shares, debt securities or other commercial paper, and Effective Leverage, divided by Managed Assets.
2. Effective Leverage consists of Regulatory Leverage, derivatives instruments including total return swaps, securities lending arrangements and credit default swaps or other derivative transactions divided by Managed Assets.
30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.
Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
Fund fees and expenses are presented as a percentage of both common shareholder capital and total fund investment capital. Total investment capital includes common assets as well as assets attributable to the fund's use of leverage. The table's first column portrays the costs directly and indirectly borne by common shareholders on an investment in the fund's common shares. The table's second column portrays the costs borne by the fund on its total investment capital, which enables a common shareholder to better understand how fund expenses impact portfolio investment returns.
Performance for funds that are less than one-year old is cumulative and YTD performance is not annualized.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
The products and services described in this website are for U.S. residents only. The products and services offered within this site are available through our financial advisors. Waddell & Reed financial advisors may only conduct business with residents of the states for which they are properly registered. Some products and services mentioned may not be available in all states or to all clients. Brokerage, investment and financial advisory services are made available through Waddell & Reed, Inc.
Certain Waddell & Reed offices are located in banks, credit unions and other financial institutions. Investment products offered by Waddell & Reed, Inc. on the premises of financial institutions are not insured by the FDIC, are not deposits or other obligations of the financial institution and are not guaranteed by the financial institution, and are subject to investment risks, including possible loss of the principal invested.
Past performance is no guarantee of future results. The Waddell & Reed Advisors Funds, the InvestEd Portfolios and Ivy Funds Variable Insurance Portfolios are managed by Waddell & Reed Investment Management Company and distributed by its subsidiary, Waddell & Reed, Inc. Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc. Review the Corporate Entities page for detailed information about
Waddell & Reed, Inc's subsidiaries.
Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus, or if available, a summary prospectus, containing this and other information for the mutual funds offered by Waddell & Reed, call your financial advisor or click here. Please read the prospectus or summary prospectus carefully before investing.
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