Fund Detail

Ivy Mid Cap Income Opportunities Fund

Track Fund
$13.85 NAV as of 5/23/2018
$0.01 / 0.07% Daily NAV Change
1.20% YTD (NAV) as of 5/23/2018 i

Morningstar Tools


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.
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
Portfolio Management
  • Kimberly A. Scott, CFA

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

    • — Ivy Investment Management Company
    • — 3 Years with Fund
    • — 19 Years in Industry
Growth of a $10,000 Investment through 4/30/2018

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.

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

Manager Video

Daily Prices as of 5/23/2018
Net Asset Value (NAV) $13.85  
Daily NAV Change $0.01 0.07%
Weekly NAV Change $0.08 0.58%
Public Offering Price (POP) $13.85
Fund Facts
Ticker Symbol IVOIX
CUSIP 46600B409
Fund Code 463
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 4/30/2018)
$337.3 mil
Total Equity Holdings
(as of 4/30/2018)
Total Holdings
(as of 4/30/2018)
Portfolio Turnover Rate
(as of 9/30/2017)
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.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return Average Annual Total Returns as of 4/30/2018

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -1.14% 8.64% 9.16% N/A N/A 10.44%
Russell Mid Cap TR USD -0.61% 11.17% 8.28% 11.77% 9.48% 9.53%
Lipper Mid-Cap Core Funds -1.31% 8.89% 6.81% 10.13% 8.14% 8.40%

Quarterly Rates of Return Average Annual Total Returns as of 3/31/2018

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 0.68% 10.30% 9.13% N/A N/A 11.28%
Russell Mid Cap TR USD -0.46% 12.20% 8.01% 12.09% 10.21% 9.82%
Lipper Mid-Cap Core Funds -1.16% 9.83% 6.69% 10.32% 8.77% 8.86%

Calendar Year Return

Class I- -3.25 22.82 12.28
Russell Mid Cap TR USD13.22 -2.44 13.80 18.52

Morningstar Ratings as of 4/30/2018

Category: Mid-Cap Value

Overall out of 364 ★★★★
3 Year out of 364 ★★★★
5 Year out of
10 Year out of

Ratings are based on risk-adjusted returns

Lipper Ranking through 4/30/2018

Category: Mid-Cap Core Funds

  Rank Percentile
1 Year 239 /462 52
3 Year 55 /364 16

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

Expense Ratios as of 7/5/2017

Net 1.05%
Gross 1.11%

Growth of a $10,000 Investment through 4/30/2018

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 4/30/2018

NAV 1.63%
With Sales Charge 1.63%

Annualized 30-Day SEC Yield as of 4/30/2018

Subsidized 1.66%
Unsubsidized 1.61%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 4/30/2018

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. 3.12%
Sonoco Products Co. Sonoco Products Company manufactures industrial and consumer packaging solutions for customers around the world. The Company's products include flexible packaging, high density film products, and folding cartons. Sonoco Products also has an integrated network of global technology centers focused on materials science, packaging engineering, and process improvement. 3.12%
HealthSouth Corp. Encompass Health (formerly HealthSouth) is one of the largest U.S. providers of in-patient rehabilitation hospitals and home-based care services. It operates in 36 states and Puerto Rico. 3.08%
Umpqua Holdings Corp. U.S. bank holding company based in Oregon with locations the northwest 3.07%
American Campus Communities, Inc. American Campus Communities, Inc. is a self-managed and self-administered equity real estate investment trust. 3.03%
Cracker Barrel Old Country Store, Inc. Cracker Barrel consists of a restaurant with a gift shop. Its restaurants provide breakfast, lunch and dinner. 3.01%
OGE Energy Corp. OGE Energy Corp., through its principal subsidiary Oklahoma Gas and Electric Company, generates, transmits, and distributes electricity to wholesale and retail customers in communities in Oklahoma and western Arkansas. The Company, through Enogex Inc., operates natural gas transmission and gathering pipelines, has interests in gas processing plants, and markets electricity. 3.00%
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. 2.93%
Broadridge Financial Solutions, Inc. Broadridge Financial Solutions, Inc. provides technology-based outsourcing solutions to the financial services industry to help serve retail and institutional customers across the entire investment processing cycle. 2.92%
Harris Corp. Harris Corp. is an international communications equipment company. It provides communications products, systems and services for global markets, including defense communications and electronics, government and broadcast communications, and wireless transmission network solutions. 2.92%
Total Portfolio Holdings DOWNLOAD (as of 3/31/2018)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 4/30/2018
Large ( > $10 bil) 48.0%
Medium ($2 - $10 bil) 49.5%
Small ( < $2 bil) 2.5%
Median Market Cap (as of 4/30/2018) $9.2 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 4/30/2018)
Paper Packaging 6.0%
Regional Banks 5.9%
Data Processing & Outsourced Services 5.7%
Health Care Services 5.6%
Packaged Foods & Meats 5.4%
Apparel, Accessories & Luxury Goods 3.2%
Health Care Facilities 3.2%
Residential REITs 3.1%
Restaurants 3.1%
Electric Utilities 3.1%
Sector Allocation as a % of equity assets as of 4/30/2018
Consumer Discretionary 23.58%
Information Technology 16.17%
Industrials 13.78%
Materials 11.71%
Financials 8.81%
Health Care 8.75%
Consumer Staples 8.09%
Real Estate 3.10%
Utilities 3.07%
Energy 2.94%
Portfolio Composition as a % of net assets as of 4/30/2018
Domestic Common Stock 97.79%
Cash and Cash Equivalents 2.21%
Equity Country Allocation as a % of equity assets as of 4/30/2018
United States 100.0%
Total Portfolio Holdings
DOWNLOAD (as of 3/31/2018)

Fund Documents


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

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.


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.

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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, 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.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.