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Ivy Mid Cap Income Opportunities Fund

  • $12.58 NAV as of 4/28/2017
  • ($-0.10) / -0.79% Daily NAV Change
  • 1.86% YTD (NAV)


Dividend income, not just for large caps

Total return potential with lower volatility
By focusing on dividend-paying stocks, the Fund has the potential to lower the volatility of a mid-cap portfolio and provide a growing stream of income while providing capital appreciation for the long-term.
A concentrated, equally weighted portfolio focusing on mid-cap companies emphasizing investments in dividend-paying and other income-producing securities.
Experienced management
Portfolio management team has a combined 40+ years of industry experience and more than 20 years of mid-cap experience.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Kimberly A. Scott, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 30 Years in Industry
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Kimberly A. Scott is a senior vice president of Ivy Investment Management Company. Ms. Scott graduated from the University of Kansas in 1982 with a BS in microbiology. She earned an MBA from the University of Cincinnati in 1987. Prior to joining Waddell & Reed, she was an equity analyst for Bartlett & Company in Cincinnati, Ohio. Ms. Scott joined Waddell & Reed in April 1999 as an investment analyst. She was named portfolio manager of the Ivy Mid Cap Growth Fund in February 2001. She became co-portfolio manager on the Ivy Mid Cap Income Opportunities Fund in October 2014. Ms. Scott is a Chartered Financial Analyst.

Nathan A. Brown, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 18 Years in Industry
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Nathan A. Brown is a vice president of Ivy Investment Management Company. Mr. Brown graduated with honors from the University of Iowa, Henry B. Tippie School of Business in 1999 with a BBA in finance. He earned an MBA with an emphasis in finance and accounting from Vanderbilt University, Owen Graduate School of Management in 2003. Prior to joining Waddell & Reed, he interned with Morgan Keegan. From 1999-2001 he completed General Electric-Aircraft Engine's financial management program. In 1999 he was a securities analyst for Krause Fund. Mr. Brown joined Waddell & Reed in June 2003 as an investment analyst. He was named assistant portfolio manager of the Ivy Mid Cap Growth Fund in February 2011. He became co-portfolio manager on the Ivy Mid Cap Income Opportunities Fund in October 2014. Mr. Brown is a Chartered Financial Analyst.

Growth of a $10,000 Investment
through 4/30/2017

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.



  • Ivy Mid Cap Income Opportunities Fund

An income fund focused on earnings growth

For most of calendar year 2016, the market favored equity strategies focused on high-dividend yields. However, the market changed direction after the U.S. election, when investors re-embraced risk and adopted a more pro-growth, pro-cyclical investment stance.

Quarterly Fund Commentary

Daily Prices as of 4/28/2017

Net Asset Value (NAV) $12.58
Daily NAV Change ($) ($-0.10) -0.79%
Weekly NAV Change ($) $0.10 0.80%
Public Offering Price (POP) $12.58

Fund Facts

Ticker Symbol IVOCX
CUSIP 46600B201
Fund Code 333
Fund Type Domestic Equity
Fund Inception 10/1/2014
Class Inception 10/1/2014
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 3/31/2017) $326.7 mil
Total Equity Holdings (as of 3/31/2017) 35
Total Holdings (as of 3/31/2017) 37
Portfolio Turnover Rate (as of 9/30/2016) 23%
Lipper Category Mid-Cap Core Funds
Morningstar Category Mid-Cap Value
Benchmark Russell Mid Cap TR USD


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, if it had, performance shown would be lower. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Monthly Rates of Return

Average Annual Total Returns as of 4/30/2017
(Returns for periods of less than 1-yr are not annualized)
Fund with maximum 1.00% CDSC 0.86% 14.35% 10.03%
Fund at NAV 1.86% 14.35% 10.03%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
Fund with maximum 1.00% CDSC 1.19% 16.19% 10.52%
Fund at NAV 2.19% 16.19% 10.52%
Lipper Mid-Cap Core Funds 4.11% 18.00% 6.82% 11.55% 6.86% 8.60%
Russell Mid Cap TR USD 5.15% 17.03% 8.48% 13.09% 7.94% 8.88%

Calendar Year Return

Russell Mid Cap TR USD 13.22 -2.44 13.80
Class C -4.23 21.50

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Mid-Cap Core Funds
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 315/427 74
3 Year
5 Year
10 Year

Expense Ratios as of 7/31/2016

Net 2.07%
Gross 2.28%

5-Year Standard Deviation as of

Russell Mid Cap TR USD N/A


Historical Prices Inception 10/1/2014

4/3/2017 $12.55 NO NO
4/4/2017 $12.52 NO NO
4/5/2017 $12.45 NO NO
4/6/2017 $12.49 NO NO
4/7/2017 $12.48 NO NO
4/10/2017 $12.50 NO NO
4/11/2017 $12.54 NO NO
4/12/2017 $12.46 NO NO
4/13/2017 $12.35 NO NO
4/17/2017 $12.46 NO NO
4/18/2017 $12.44 NO NO
4/19/2017 $12.46 NO NO
4/20/2017 $12.56 NO NO
4/21/2017 $12.48 NO NO
4/24/2017 $12.58 NO NO
4/25/2017 $12.66 NO NO
4/26/2017 $12.65 NO NO
4/27/2017 $12.68 NO NO
4/28/2017 $12.58 NO NO

Historical Distributions Inception 10/1/2014

12/8/2016 $0.046 Long: $0.000 Short: $0.000 $12.5 12/8/2016
12/10/2015 $0.053 Long: $0.000 Short: $0.015 $10.25 12/10/2015
9/10/2015 $0.021 Long: $0.000 Short: $0.000 $10.22 9/10/2015
6/11/2015 $0.017 Long: $0.000 Short: $0.000 $11.02 6/11/2015
12/11/2014 $0.022 Long: $0.000 Short: $0.003 $10.59 12/11/2014

*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 3/31/2017

NAV 0.44%
With Sales Charge 0.44%

Annualized 30-Day SEC Yield as of 3/31/2017

Subsidized - NAV 0.76%
Unsubsidized - NAV 0.75%


Top 10 Equity Holdings as a % of net assets 3/31/2017

Glacier Bancorp, Inc. Glacier Bancorp, Inc., is a multi-bank holding company with retail operations that accept deposits from the general public and use those funds to originate a variety of commercial and consumer loans. 2.92%
V.F. Corp. VF Corporation is an international apparel company. The Company owns a broad portfolio of brands in the jeanswear, outerwear, packs, footwear, sportswear, and occupational apparel categories. VF products are marketed to consumers shopping in specialty stores, upscale, traditional department stores, national chains, and mass merchants. 2.90%
Cinemark Holdings, Inc. Cinemark Holdings, Inc. (Cinemark) operates in the motion picture exhibition industry, with theatres in the United States, Brazil, Mexico, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala. 2.90%
Umpqua Holdings Corp. U.S. bank holding company based in Oregon with locations the northwest 2.89%
Leggett & Platt, Inc. Leggett & Platt conceives, designs, and produces a diverse array of products that can be found in most homes, offices, and vehicles. Leggett & Platt, which pioneered sleep technology when it introduced its bedspring more than 125 years ago, is a diversified manufacturer, serving a broad suite of customers and U.S. companies. 2.88%
RPM International, Inc. RPM International Inc. (RPM), through its subsidiaries manufacture, market and sell various specialty chemical product lines, including specialty paints, protective coatings, roofing systems, sealants and adhesives. 2.88%
Republic Services, Inc., Class A Republic Services, Inc., together with its subsidiaries, provides non-hazardous solid waste collection, transfer, recycling, and disposal services for commercial, industrial, municipal, and residential customers in the United States. 2.87%
Helmerich & Payne, Inc. U.S.-based contract oil and gas drilling and exploration company. 2.86%
Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 2.86%
Rockwell Automation, Inc. A global provider of industrial automation, power, control and information solutions. 2.85%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 3/31/2017

Large 43.6%
Medium 56.4%
Small 0.0%
Median Market Cap (as of 3/31/2017) $8.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 3/31/2017

Semiconductors 8.6%
Regional Banks 6.0%
Oil & Gas Storage & Transportation 5.9%
Paper Packaging 5.8%
Data Processing & Outsourced Services 5.7%
Leisure Products 5.6%
Movies & Entertainment 3.0%
Apparel, Accessories & Luxury Goods 3.0%
Specialty Chemicals 3.0%
Environmental & Facilities Services 3.0%

Sector Allocation
as a % of equity assets as of 3/31/2017

Consumer Discretionary 20.36%
Information Technology 18.50%
Industrials 11.68%
Materials 11.63%
Financials 8.86%
Energy 8.81%
Health Care 8.74%
Consumer Staples 5.76%
Utilities 2.90%
Real Estate 2.76%

Portfolio Composition
as a % of net assets as of 3/31/2017

Domestic Common Stock 96.80%
Cash and Cash Equivalents 3.20%

Equity Country Allocation
as a % of equity assets as of 3/31/2017

United States 100.0%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. Investing in mid-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Fund typically holds a limited number of stocks (generally 35 to 50). As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a large number of securities. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

Index Description: Russell Midcap is an unmanaged index comprised of securities that represent the mid-cap sector of the stock market. It is not possible to invest directly in an index.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 tocap the total annual ordinary fund operating expenses for Class A shares at 1.35%, Class C shares at 2.07%, Class E shares at 1.30%, Class I shares at 1.05%, Class R shares at 1.80%, Class N shares at 1.05% and Class Y shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees (Board)

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.

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.

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.

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