Waddell & Reed

Fund Detail

Ivy Dividend Opportunities Fund
Class A Shares

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Fund Facts
Ticker Symbol IVDAX
CUSIP 465898666
Fund Code 686
Fund Type Domestic Equity
Fund Inception 6/30/2003
Class Inception 6/30/2003
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 3/31/2014) $384.8 mil
Total Equity Holdings (as of 3/31/2014) 51
Total Holdings (as of 3/31/2014) 53
Portfolio Turnover Rate (as of 12/31/2013) 27%
Lipper Category Equity Income Funds
Morningstar Category Large Growth
Benchmarks Russell 1000 TR USD
Daily Prices
as of 4/24/2014
Net Asset Value (NAV) $20.33
NAV Change ($) $0.09
NAV Change (%) 0.44%
Weekly NAV Change ($) $0.22
Weekly NAV Change (%) 1.09%
Public Offering Price (POP) $21.57
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return.

Investment Approach
The Fund invests primarily in dividend-paying common stocks of large companies that we believe may accelerate or grow their dividend payout ratio and that also demonstrate favorable prospects for total return. The portfolio manager focuses on companies that have one or more of the following characteristics: high dividend yields that we consider relatively safe; above average market yield that the manager expects will continue to maintain or grow dividends, that pay a small dividend that could grow, or no dividend, but may initiate a dividend. Other factors for portfolio selection include a company's established operating history, competitive dividend yields; growth and profitability opportunities; history of improving sales and profits; status as a market leader in its industry; and stock price value.
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 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.01% 20.70% 9.69% 17.12% 7.76% 8.26%
Fund with 5.75% sales charge -3.84% 13.75% 7.56% 15.74% 7.12% 7.66%
Russell 1000 TR USD 2.05% 22.41% 14.75% 21.73% 7.80% 7.65%
Lipper Equity Income Funds 2.13% 17.75% 12.38% 19.15% 7.54% 8.62%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.01% 20.70% 9.69% 17.12% 7.76% 8.26%
Fund with 5.75% sales charge -3.84% 13.75% 7.56% 15.74% 7.12% 7.66%
Russell 1000 TR USD 2.05% 22.41% 14.75% 21.73% 7.80% 7.65%
Lipper Equity Income Funds 2.13% 17.75% 12.38% 19.15% 7.54% 8.62%
Expense Ratios
as of 7/31/2013
Net 1.28%
Gross 1.28%
12-Month Trailing Distribution Yield
as of 3/31/2014
NAV 0.79%
With sales charge 0.75%
Annualized 30-Day SEC Yield
as of 3/31/2014
Subsidized 0.90%
Unsubsidized 0.90%
Ratings and Rankings
Lipper Rankings
as of 3/31/2014
Category: Equity Income Funds
  Rank Percentile
1 Year 91 / 428 22
3 Year 282 / 308 92
5 Year 227 / 268 85
10 Year 74 / 153 49

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

Morningstar Ratings
as of 3/31/2014
Category: Large Growth
Overall (out of 1491 Large Growth)
3 Year (out of 1491 Large Growth)
5 Year (out of 1305 Large Growth)
10 Year (out of 911 Large Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2014)
Domestic Common Stock 87.35%
Foreign Common Stock 11.44%
Cash and Cash Equivalents 1.21%
Sector Allocation
(as a % of equity holdings as of 3/31/2014)
Industrials 16.6%
Consumer Discretionary 15.1%
Information Technology 14.8%
Energy 12.7%
Financials 12.2%
Health Care 10.7%
Consumer Staples 10.7%
Materials 5.7%
Telecommunication Services 1.5%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2014)
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company.JPMorgan Chase & Co. 3.8%
Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications.Microchip Technology, Inc. 3.8%
Anheuser-Busch InBev SA/NV is a brewing company which produces, markets, distributes, sells a balanced portfolio of approximately 200 beer brands. These include global flagship brands Budweiser, Stella Artois and Beck’s; multi-country brands, and many local champions, such as Bud Light, Skol, Brahma.Anheuser-Busch InBev S.A. ADR 3.2%
Union Pacific Corporation owns the largest railroad in the U.S. It's diversified business mix includes agricultural products, automotive, chemicals, energy, industrial products and intermodal.Union Pacific Corp. 2.9%
Wynn Resorts, Limited, together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts.Wynn Resorts Ltd. 2.9%
Schlumberger Limited operates as an oilfield services company in the United States and internationally.Schlumberger Ltd. 2.9%
Bristol-Myers Squibb Company, a biopharmaceutical company, discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products that help patients prevail over serious diseases worldwide.Bristol-Myers Squibb Co. 2.7%
Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance across North America and internationally.Wells Fargo & Co. 2.6%
The Home Depot, Inc. (The Home Depot) is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services.Home Depot, Inc. (The) 2.5%
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition.Pfizer, Inc. 2.4%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2013)

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: Russell 1000 is an unmanaged index comprised of securities that represent the stock 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2014, 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 Class E shares at 1.37%. 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, 2014, 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.

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.

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.

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.

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.

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