Fund Detail

Ivy Mid Cap Income Opportunities Fund

Track Fund
$12.76 NAV as of 2/24/2017
$0.06 / 0.47% Daily NAV Change
3.07% YTD (NAV) as of 2/24/2017

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Fund Summary

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.
Strategy
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
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Kimberly A. Scott, CFA

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 29 Years in Industry
  • Nathan A. Brown, CFA

    • — Ivy Investment Management Company
    • — 2 Years with Fund
    • — 17 Years in Industry
Growth of a $10,000 Investment through 1/31/2017

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.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Perspectives

Manager Video

Portfolio Perspectives / 01.26.17

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.
Daily Prices as of 2/24/2017
Net Asset Value (NAV) $12.76  
Daily NAV Change $0.06 0.47%
Weekly NAV Change $0.07 0.55%
Public Offering Price (POP) $13.54
Fund Facts
Ticker Symbol IVOAX
CUSIP 46600B102
Fund Code 663
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 1/31/2017)
$304.0 mil
Total Equity Holdings
(as of 1/31/2017)
35
Total Holdings
(as of 1/31/2017)
37
Portfolio Turnover Rate
(as of 9/30/2016)
23%
Lipper Category Mid-Cap Core Funds
Morningstar Category Mid-Cap Value
BenchmarkRussell Mid Cap TR USD

Fund 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.

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 1/31/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 0.32% 26.11% N/A N/A N/A 11.16%
Fund with 5.75% sales charge -5.48% 18.82% N/A N/A N/A 8.38%
Russell Mid Cap TR USD 2.41% 24.72% 9.50% 13.92% 7.76% 8.29%
Lipper Mid-Cap Core Funds 1.94% 25.73% 8.05% 12.46% 6.88% N/A

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2016

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 22.38% 22.38% N/A N/A N/A 11.45%
Fund with 5.75% sales charge 15.37% 15.37% N/A N/A N/A 8.55%
Russell Mid Cap TR USD 13.80% 13.80% 7.92% 14.72% 7.86% 7.47%
Lipper Mid-Cap Core Funds 15.46% 15.46% 6.40% 13.43% 6.99% N/A

Calendar Year Return

2014 2015 2016
Class A -3.54 22.38
Russell Mid Cap TR USD 13.22 -2.44 13.80

Lipper Ranking through 1/31/2017

Category: Mid-Cap Core Funds

  Rank Percentile
1 Year 214 /422 51

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

Expense Ratios as of 7/31/2016

Net 1.35%
Gross 1.66%

Growth of a $10,000 Investment through 1/31/2017

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.

Fund Distributions

Historical Prices Inception 10/1/2014

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 10/1/2014

Ex-date Income Capital Gains Reinvest Gains Payment Date

*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 1/31/2017

NAV 0.90%
With Sales Charge 0.85%

Annualized 30-Day SEC Yield as of 1/31/2017

Subsidized 1.29%
Unsubsidized 1.27%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 1/31/2017

Maxim Integrated Products, Inc. Maxim Integrated Products, Inc. designs, develops, manufactures, and markets various linear and mixed-signal integrated circuits worldwide. 3.05%
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. 2.95%
Rockwell Automation, Inc. A global provider of industrial automation, power, control and information solutions. 2.93%
Cardinal Health, Inc. U.S. based manufacturer of medical and surgical products, as well as operator of radiopharmacies 2.92%
Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 2.91%
Arthur J. Gallagher & Co. 2.85%
Sonoco Products Co. 2.82%
V.F. Corp. 2.82%
Clorox Co. (The) 2.82%
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%
Total Portfolio Holdings DOWNLOAD (as of 12/31/2016)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 1/31/2017
Large 43.4%
Medium 56.6%
Small 0.0%
Median Market Cap (as of 1/31/2017) $9.0 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 1/31/2017)
Semiconductors 8.9%
Oil & Gas Storage & Transportation 5.7%
Office Services & Supplies 5.7%
Data Processing & Outsourced Services 5.6%
Regional Banks 5.5%
Leisure Products 5.4%
Movies & Entertainment 3.0%
Electrical Components & Equipment 3.0%
Health Care Supplies 3.0%
Insurance Brokers 2.9%
Sector Allocation as a % of equity assets as of 1/31/2017
Consumer Discretionary 22.69%
Information Technology 17.39%
Industrials 14.36%
Health Care 8.68%
Energy 8.50%
Materials 8.46%
Financials 8.43%
Consumer Staples 5.77%
Real Estate 2.87%
Utilities 2.85%
Portfolio Composition as a % of net assets as of 1/31/2017
Domestic Common Stock 97.70%
Cash and Cash Equivalents 2.30%
Equity Country Allocation as a % of equity assets as of 1/31/2017
United States 100.0%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2016)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL

Additional Fund Literature

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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 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.