Waddell & Reed

Fund Detail

Ivy High Income Opportunities Fund

Fund Facts
Ticker Symbol IVH
CUSIP 465893105
Fund Code 991
Fund Type Closed End Funds
Fund Inception 5/29/2013
Fiscal Year End September
Dividends Paid Monthly
Fund Net Asset Value (as of 4/30/2015) $300.5 mil
Total Managed Assets (as of 4/30/2015) $435.0 mil
Total Equity Holdings (as of 4/30/2015) 0
Total Holdings (as of 4/30/2015) 248
Portfolio Turnover Rate (as of 3/31/2015) 23%
Benchmarks BofAML US HY Master II TR USD
(as of 4/30/2015)
Total Regulatory Leverage 30.92%
Effective Leverage 30.97%
Asset Coverage 323.39%

Average Leverage Costs
1mo 0.93%
3mo 0.93%
1yr 0.91%
Daily Prices
as of 5/27/2015
Net Asset Value (NAV) $18.08
Share Price $16.17
NAV Change ($) $0.00
NAV Change (%) 0.00%
Share Price Change($) ($0.03)
Share Price Change(%) -0.19%
Premium/Discount (%) -10.56%
Premium/Discount 52 wk avg (%) -9.98%
Share Price - 52 wk High (05/27/2014) $18.67
Share Price - 52 wk Low (12/16/2014) $15.01
NAV Price - 52 wk High ( 06/11/2014) $20.33
NAV Price - 52 wk Low (12/16/2014) $17.26
Premium/Discount 52 wk High (04/29/2015) -7.83%
Premium/Discount 52 wk Low (12/16/2014) -12.46%
Inception NAV $19.06
Inception Share Price $20.00
Shares Outstanding 16,567,088
Avg Daily Volume (in shares) - 3 Month 51,171
Historical Prices & Distributions
Please select a date
Fund Description

A research-based investment process.

Management discipline
The Fund manager believes that security selection through research of individual issuers is central to achieving potentially above-market returns.
Research base
Although there may be periodic environments where macroeconomic events and strategic exposures influence allocations, investment decisions about specific securities are based on fundamental credit research, valuations, the potential to exploit market inefficiencies and capital structure positioning.
The Fund invests primarily in a portfolio of high-yield corporate bonds of varying maturities and other fixed income securities, including first- and second-lien loans.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

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.

Monthly Rates of Return Average Annual Total Returns
as of 4/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 5.15% 1.16% N/A N/A N/A 7.97%
Fund at SharePrice 7.28% -0.16% N/A N/A N/A 0.34%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.55% -0.10% N/A N/A N/A 7.45%
Fund at SharePrice 4.73% -0.37% N/A N/A N/A -0.95%
Expense Ratios
as of 4/30/2015
Common Shares Total Funds
Management Fees 1.44% 1.00%
Interest Expenses 0.41% 0.29%
Other Expenses 0.12% 0.08%
Total 1.97% 1.37%
12-Month Trailing Distribution Yield
as of 4/30/2015
NAV 9.00%
Share Price 9.88%
Annualized 30-Day SEC Yield
as of 4/30/2015
Subsidized - Share Price 10.54%
Unsubsidized - Share Price 10.54%
Subsidized - NAV 9.57%
Unsubsidized - NAV 9.57%
Growth of a $10,000 Investment
through 4/30/2015

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.

Portfolio Composition
(as a % of net assets as of 4/30/2015)
Corporate Bonds 108.41%
Senior Loans 29.10%
Cash and Cash Equivalents -37.51%
(as a % of bond holdings as of 4/30/2015)
NonRated 1.4 %
BB 21.9 %
B 54.8 %
CCC 21.9 %

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. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Top 10 Holdings
(as a % of net assets as of 4/30/2015)
CenturyLink, Inc., 5.8%, 3/15/2022 4.5%
True Religion Apparel, Inc., 5.9%, 7/30/2019 4.3%
Kroger Co. (The), 0.2%, 5/1/2015 4.3%
Altice S.A., 7.8%, 5/15/2022 4.2%
Altice S.A., 7.6%, 2/15/2025 3.8%
Cablevision Systems Corp., 5.9%, 9/15/2022 3.5%
Clear Channel Worldwide Holdings, Inc., Series B, 7.6%, 3/15/2020 3.5%
Algeco Scotsman Global Finance plc, 8.5%, 10/15/2018 3.4%
Sprint Corp., 7.3%, 9/15/2021 3.2%
DISH DBS Corp., 6.8%, 6/1/2021 2.6%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2015)

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.

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.

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.

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. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Chad A. Gunther of Ivy Investment Management Company was named portfolio manager of the Fund on July 9, 2014. From November 21, 2013 through July 8, 2014 the Fund was managed by William M. Nelson. From inception through November 20, 2013, the Fund was managed by Bryan C. Krug.

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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