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Ivy Dividend Opportunities Fund

  • $17.03 NAV as of 10/21/2016
  • ($0.01) / 0.06% Daily NAV Change
  • 0.27% YTD (NAV)


Dividend growth: A path to compound opportunities

Fund description
Seeks financially sound large-cap companies from a diverse mix of sectors that has the potential to pay solid dividends or are likely to increase dividends over a 3- to 5-year time horizon.
Management discipline
Focuses on dividend growth using fundamental analysis and rigorous screening.
Potential benefits
Offers equity diversification through a portfolio of companies with proven cash flows and exposure to stocks that have the potential to hold up better in an economic downturn than non-dividend-paying stocks. Diversification cannot ensure a profit or protect against loss in a declining market.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Christopher J. Parker, CFA

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 21 Years in Industry
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Christopher J. Parker is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Parker joined the firm in 2008 as an investment analyst. In 2010, he was named assistant vice president and assistant portfolio manager for both the small- and large-cap value funds. In September 2011, Mr. Parker was named portfolio manager of the Ivy Small Cap Value Fund and Ivy Funds VIP Small Cap Value. In August 2014, Mr. Parker was appointed portfolio manager of the Ivy Dividend Opportunities Fund, Ivy Funds VIP Dividend Opportunities and Waddell & Reed Advisors Dividend Opportunities Fund. Prior to joining the firm, Mr. Parker was a private investment manager from 2006 through 2007. From 2001 through 2005, he was a vice president in the equity research department of Citigroup Asset Management. From 1995 to 1999, Mr. Parker was an equity research analyst following financials for Ryan, Beck & Company. He graduated Magna Cum Laude in 1995 with a BS in finance from Boston College, Wallace E. Carroll School of Management. In 2001, he earned an MBA with distinction, concentrations in finance and management/strategy, from Northwestern University, Kellogg Graduate School of Management. He is a CFA charterholder and a member of the Kansas City CFA Society.

Growth of a $10,000 Investment
through 9/30/2016

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.



Quarterly Fund Commentary

Daily Prices as of 10/21/2016

Net Asset Value (NAV) $17.03
Daily NAV Change ($) ($0.01) 0.06%
Weekly NAV Change ($) $0.06 0.35%
Public Offering Price (POP) $17.03

Fund Facts

Ticker Symbol IVDBX
CUSIP 465898658
Fund Code 586
Fund Type Domestic Equity
Fund Inception 6/30/2003
Class Inception 6/30/2003
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 9/30/2016) $372.5 mil
Total Equity Holdings (as of 9/30/2016) 53
Total Holdings (as of 9/30/2016) 60
Portfolio Turnover Rate (as of 3/31/2016) 45%
Lipper Category Equity Income Funds
Morningstar Category Large Blend
Benchmark Russell 1000 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. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
Fund with maximum 5.00% CDSC -2.55% 5.71% 4.89% 11.87% 4.59% 6.70%
Fund at NAV 2.45% 9.71% 5.75% 12.00% 4.59% 6.70%
Russell 1000 TR USD 7.92% 14.93% 10.78% 16.41% 7.40% 8.67%
Lipper Equity Income Funds 9.08% 14.07% 7.79% 13.00% 6.13% 7.95%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
Fund with maximum 5.00% CDSC -2.55% 5.71% 4.89% 11.87% 4.59% 6.70%
Fund at NAV 2.45% 9.71% 5.75% 12.00% 4.59% 6.70%
Russell 1000 TR USD 7.92% 14.93% 10.78% 16.41% 7.40% 8.67%
Lipper Equity Income Funds 9.08% 14.07% 7.79% 13.00% 6.13% 7.95%

Calendar Year Return

  2011 2012 2013 2014 2015
Class B -5.71 11.33 28.41 8.79 -3.05
Russell 1000 TR USD 1.50 16.42 33.11 13.24 0.92

Morningstar Ratings as of 9/30/2016 Morningstar Logo

Category: Large Blend
Ratings are based on risk-adjusted returns
Overall out of 1392
3 Year out of 1392
5 Year out of 1210
10 Year out of 911

Lipper Ranking through 9/30/2016 Lipper Logo

Category: Equity Income Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 442/512 87
3 Year 357/434 83
5 Year 241/312 77
10 Year 179/208 86

Expense Ratios as of 7/31/2016

Net 2.03%
Gross 2.03%

5-Year Standard Deviation as of 9/30/2016

Russell 1000 TR USD 11.26

5-Year MPT* Statistics as of 9/30/2016

*Modern Portfolio Theory
Alpha -4.21
Beta 1.02
R-Squared 94.90
Sharpe Ratio 1.01
Capture Ratio Upside: 89.63%
Downside: 116.80%


Historical Prices Inception 6/30/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
10/3/2016 $17.33 NO NO
10/4/2016 $17.23 NO NO
10/5/2016 $17.28 NO NO
10/6/2016 $17.26 NO NO
10/7/2016 $17.17 NO NO
10/10/2016 $17.21 NO NO
10/11/2016 $17.02 NO NO
10/12/2016 $17.03 NO NO
10/13/2016 $16.96 NO NO
10/14/2016 $16.97 NO NO
10/17/2016 $16.91 NO NO
10/18/2016 $17.01 NO NO
10/19/2016 $17.06 NO NO
10/20/2016 $17.02 NO NO
10/21/2016 $17.03 NO NO

Historical Distributions Inception 6/30/2003

Ex-date Income Capital Gains Reinvest Gains Payment Date
6/16/2016 $0.01 Long: $0.000 Short: $0.000 $17.13 6/16/2016
12/10/2015 $0.007 Long: $1.497 Short: $0.045 $17.03 12/10/2015
12/11/2014 $0.062 Long: $1.887 Short: $0.221 $18.9 12/11/2014
6/12/2014 $0.007 Long: $0.000 Short: $0.000 $20.51 6/12/2014
12/12/2013 $0.053 Long: $0.292 Short: $0.000 $18.71 12/12/2013
12/13/2012 $0.1086 Long: $0.000 Short: $0.000 $15.46 12/13/2012
9/13/2012 $0.01 Long: $0.000 Short: $0.000 $16.11 9/13/2012
3/15/2012 $0.007 Long: $0.000 Short: $0.000 $15.58 3/15/2012

*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 9/30/2016

NAV 0.18%
With Sales Charge 0.18%

Annualized 30-Day SEC Yield as of 9/30/2016

Subsidized - NAV 0.49%
Unsubsidized - NAV 0.49%


Top 10 Equity Holdings as a % of net assets 9/30/2016

Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 4.53%
Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 4.24%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 3.86%
Teva Pharmaceutical Industries Ltd. ADR Teva Pharmaceutical Industries Ltd (Teva) is a global pharmaceutical and drug company. It develops, produces and markets generic drugs in all treatment categories. 3.41%
Chevron Corp. 2.61%
Philip Morris International, Inc. Philip Morris International Inc manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America. The company's portfolio comprises international and local brands. 2.59%
Comcast Corp., Class A Comcast Corporation operates as a media and technology company worldwide. It operates through cable communications, cable networks, broadcast television, filmed entertainment, and theme parks segments. 2.50%
General Electric Co. General Electric Company (GE) is a diversified technology and financial services corporation. The products and services of the Company range from aircraft engines, power generation, water processing, household appliances to medical imaging, business and consumer financing and industrial products. 2.42%
Enterprise Products Partners L.P. 2.35%
Suncor Energy, Inc. 2.19%

Market Capitalization
as a % of equity assets as of 9/30/2016

Large 94.9%
Medium 4.8%
Small 0.3%
Median Market Cap (as of 9/30/2016) $33.8 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2016

Pharmaceuticals 9.7%
Integrated Oil & Gas 5.3%
Systems Software 4.7%
Semiconductors 4.7%
Communications Equipment 4.4%
Aerospace & Defense 4.4%
Other Diversified Financial Services 4.3%
Specialized REITs 4.1%
Diversified Chemicals 3.1%
Oil & Gas Storage & Transportation 2.9%

Sector Allocation
as a % of equity assets as of 9/30/2016

Information Technology 16.23%
Health Care 14.03%
Industrials 13.11%
Financials 12.16%
Consumer Discretionary 11.26%
Energy 10.32%
Consumer Staples 8.49%
Materials 6.91%
Real Estate 5.23%
Utilities 2.26%

Portfolio Composition
as a % of net assets as of 9/30/2016

Domestic Common Stock 74.16%
Foreign Common Stock 15.96%
Cash and Cash Equivalents 9.88%

Equity Country Allocation
as a % of equity assets as of 9/30/2016

United States 82.3%
Israel 3.8%
United Kingdom 3.4%
Canada 2.4%
Ireland 2.3%
Finland 2.1%
Switzerland 2.0%
Belgium 1.8%


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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. 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 40 to 60). 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.

Stylebox: The Morningstar Equity Style Box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: Russell 1000 is an unmanaged index comprised of securities that represent the stock 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.

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.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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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