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Ivy Mid Cap Income Opportunities Fund

  • $12.53 NAV as of 12/8/2016
  • ($0.01) / 0.08% Daily NAV Change
  • 23.91% YTD (NAV)

Summary

Dividend income, not just for large caps

Total return potential
Seek to find income-producing stocks that demonstrate favorable prospects for total return.
Strategy
A concentrated, equally weighted portfolio focusing on mid-cap companies across the growth and value spectrum believed to offer higher-than-average yields relative to the overall mid-cap space.
Experienced management
Portfolio management team has a combined 40+ years of industry experience, 15+ years of mid-cap experience and is supported by more than 70 investment professionals.

Morningstar Style Box

Value
Medium
Source: Morningstar

Portfolio Management

Kimberly A. Scott, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 29 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
  • 17 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 11/30/2016

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

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/8/2016

Net Asset Value (NAV) $12.53
Daily NAV Change ($) ($0.01) 0.08%
Weekly NAV Change ($) $0.23 1.87%
Public Offering Price (POP) $13.29

Fund Facts

Ticker Symbol IVOEX
CUSIP 46600B300
Fund Code 433
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 11/30/2016) $255.0 mil
Total Equity Holdings (as of 11/30/2016) 35
Total Holdings (as of 11/30/2016) 38
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

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.

Class E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Russell Mid Cap TR USD 12.52% 9.50% 8.57% 14.43% 7.74% 7.22%
Lipper Mid-Cap Core Funds 13.56% 9.17% 6.75% 12.96% 6.84%
Fund at NAV 21.55% 17.21% 11.60%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Lipper Mid-Cap Core Funds 8.83% 11.55% 7.05% 14.69% 7.05%
Russell Mid Cap TR USD 10.26% 14.25% 9.70% 16.67% 8.32% 6.76%
Fund at NAV 15.55% 19.00% 9.81%

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Mid-Cap Core Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 9/428 3
3 Year
5 Year
10 Year

Expense Ratios as of 7/31/2016

Net 1.30%
Gross 1.41%

5-Year Standard Deviation as of

Russell Mid Cap TR USD N/A

Distributions

Historical Prices Inception 10/1/2014

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $12.30 NO NO
12/2/2016 $12.28 NO NO
12/5/2016 $12.37 NO NO
12/6/2016 $12.39 NO NO
12/7/2016 $12.52 NO NO
12/8/2016 $12.53 YES YES

Historical Distributions Inception 10/1/2014

Ex-date Income Capital Gains Reinvest Gains Payment Date
12/8/2016 $0.07 Long: $0.000 Short: $0.000 $12.53 12/8/2016
9/15/2016 $0.036 Long: $0.000 Short: $0.000 $11.61 9/15/2016
12/10/2015 $0.074 Long: $0.000 Short: $0.015 $10.25 12/10/2015
9/10/2015 $0.041 Long: $0.000 Short: $0.000 $10.22 9/10/2015
6/11/2015 $0.042 Long: $0.000 Short: $0.000 $11.02 6/11/2015
3/12/2015 $0.016 Long: $0.000 Short: $0.000 $10.97 3/12/2015
12/11/2014 $0.037 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 11/30/2016

NAV 0.98%
With Sales Charge 0.92%

Annualized 30-Day SEC Yield as of 11/30/2016

Subsidized - NAV 1.48%
Unsubsidized - NAV 1.48%

Portfolio

Top 10 Equity Holdings as a % of net assets 11/30/2016

Plains All American Pipeline L.P. Plains All American Pipeline, L.P. (Plains) is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids (NGL). 2.99%
Helmerich & Payne, Inc. U.S.-based contract oil and gas drilling and exploration company. 2.97%
HealthSouth Corp. 2.86%
Xilinx, Inc. An American technology company, primarily a supplier of programmable logic devices. It is known for inventing the field programmable gate array and as the first semiconductor company with a fabless manufacturing model. 2.84%
Rockwell Automation, Inc. A global provider of industrial automation, power, control and information solutions. 2.84%
Targa Resources Corp. Targa Resources Corp. (Targa), formerly Targa Resources Investments Inc., is a sole member of Targa Resources GP LLC, the managing general partner of Targa Resources Partners LP (the Partnership). 2.83%
Paychex, Inc. Paychex, Inc., together with its subsidiaries, provides payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses in the United States and Germany. 2.83%
KAR Auction Services, Inc. Provider of vehicle auction services in North America. It offers auction services for sellers of used vehicles and salvage vehicles. The company operates its business through three segments: ADESA Auctions, Insurance Auto Auctions and Automotive Finance Corporation. 2.82%
Cardinal Health, Inc. U.S. based manufacturer of medical and surgical products, as well as operator of radiopharmacies 2.82%
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. 2.81%

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 42.9%
Medium 57.2%
Small 0.0%
Median Market Cap (as of 11/30/2016) $9.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Semiconductors 8.6%
Oil & Gas Storage & Transportation 6.0%
Data Processing & Outsourced Services 5.8%
Leisure Products 5.7%
Regional Banks 5.7%
Office Services & Supplies 5.6%
Oil & Gas Drilling 3.1%
Health Care Facilities 2.9%
Electrical Components & Equipment 2.9%
Specialty Chemicals 2.9%

Sector Allocation
as a % of equity assets as of 11/30/2016

Consumer Discretionary 22.44%
Information Technology 17.20%
Industrials 14.23%
Energy 9.03%
Health Care 8.70%
Materials 8.62%
Financials 8.48%
Consumer Staples 5.59%
Real Estate 2.88%
Utilities 2.83%

Portfolio Composition
as a % of net assets as of 11/30/2016

Domestic Common Stock 97.35%
Cash and Cash Equivalents 2.65%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 100.0%

Documents

Select a document below to view or download.

Documents

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. 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: 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.

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 to cap 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 R6 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.

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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