Waddell & Reed

Fund Detail

Delaware Ivy Mid Cap Income Opportunities Fund
Class A Shares

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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 12/31/2021) $2.0 bil
Total Equity Holdings (as of 12/31/2021) 35
Total Holdings (as of 12/31/2021) 36
Portfolio Turnover Rate (as of 3/31/2021) 23%
Lipper Category Mid-Cap Core Funds
Morningstar Category Mid-Cap Value
Benchmarks Russell Mid Cap TR USD
Daily Prices
as of 1/14/2022
Net Asset Value (NAV) $19.88
NAV Change ($) ($0.13)
NAV Change (%) -0.65%
Weekly NAV Change ($) $0.00
Weekly NAV Change (%) 0.00%
Public Offering Price (POP) $21.09
Historical Prices & Distributions
Please select a date
Fund Description

Income and growth, not just for large caps


Dividend income
Focusing on resilient mid cap dividend paying companies with sound capital structures.
Two approaches to growth
Seeking companies with the potential to grow market cap and dividends over time.
High conviction
Managing a concentrated, equally weighted portfolio where every holding matters.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 1/31/2022
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
Russell Mid Cap TR USD -7.37% 13.85% 16.15% 12.81% 13.36% 11.35%
Lipper Mid-Cap Core Funds N/A N/A N/A N/A N/A 7.68%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 12/31/2021
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 25.28% 25.28% 19.49% 12.76% N/A 12.35%
Fund at Offer* 20.91% 20.91% 18.07% 11.96% N/A 11.81%
Russell Mid Cap TR USD 22.58% 22.58% 23.29% 15.10% 14.91% 12.67%
Lipper Mid-Cap Core Funds N/A N/A N/A N/A N/A 7.01%
Expense Ratios
as of 7/29/2021
Net 1.24%
Gross 1.31%
12-Month Trailing Distribution Yield
as of 12/31/2021
NAV 0.84%
With sales charge 0.79%
Annualized 30-Day SEC Yield
as of 12/31/2021
Subsidized 0.85%
Unsubsidized 0.81%
Growth of a $10,000 Investment
through 12/31/2021

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.

Ratings and Rankings
Lipper Rankings
as of 11/30/2019
Category: Mid-Cap Core Funds
  Rank Percentile
1 Year 230 / 359 64
3 Year 111 / 326 34
5 Year 47 / 267 18

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

Morningstar Ratings
as of 1/31/2022
Category: Mid-Cap Value
Overall (out of 388 Mid-Cap Value)
3 Year (out of 388 Mid-Cap Value)
5 Year (out of 350 Mid-Cap Value)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 12/31/2021)
Domestic Common Stock 98.04%
Cash and Cash Equivalents 1.96%
Sector Allocation
(as a % of equity holdings as of 12/31/2021)
Financials 19.9%
Consumer Discretionary 19.8%
Industrials 17.7%
Information Technology 14.7%
Materials 11.4%
Health Care 6.3%
Consumer Staples 6.0%
Real Estate 3.0%
Energy 1.2%
Equity Country Allocation
(as a % of equity holdings as of 12/31/2021)
United States 100.0%
Top 10 Equity Holdings
(as a % of net assets as of 12/31/2021)
Quest Diagnostics Incorporated is an American clinical laboratory founded in 1967 as Metropolitan Pathology Laboratory, Inc. It became an independent corporation with the Quest name on December 31, 1996. As a Fortune 500 company, Quest operates in the United States, United Kingdom, Mexico, and Brazil.Quest Diagnostics, Inc. 3.24%
C.H. Robinson Worldwide, Inc., a third party logistics company, provides freight transportation services and logistics solutions to companies in various industries worldwide.C.H. Robinson Worldwide, Inc. 3.11%
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.Paychex, Inc. 3.04%
American Campus Communities, Inc. is a self-managed and self-administered equity real estate investment trust.American Campus Communities, Inc. 2.98%
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.RPM International, Inc. 2.96%
Encompass Health Corp. 2.95%
Sysco Corp. engages in selling, marketing, and distribution of food products to restaurants, healthcare and educational facilities, and lodging establishments in the U.S. and internationally. The company includes Sysco Labs, which includes suite of technology solutions. The company was founded in 1969 and is headquartered in Houston, TX.Sysco Corp. 2.94%
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.Broadridge Financial Solutions, Inc. 2.92%
Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications.Microchip Technology, Inc. 2.92%
Fastenal Company operates as a wholesaler and retailer of industrial and construction supplies.Fastenal Co. 2.91%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2021)
Top 10 Industry Allocation
(as a % of equity holdings as of 12/31/2021)
Paper Packaging 8.4%
Data Processing & Outsourced Services 6.1%
Trading Companies & Distributors 5.9%
Industrial Machinery 5.7%
Leisure Products 5.7%
Regional Banks 5.6%
Asset Management & Custody Banks 5.6%
Health Care Services 3.3%
Air Freight & Logistics 3.2%
Residential REITs 3.0%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Kimberly A. Scott is senior vice president and portfolio manager for Ivy Investments, now part of Macquarie Asset Management’s Delaware Management Company. She joined Macquarie Asset Management as part of the firm’s April 30, 2021 acquisition (Transaction) of the investment management business of Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company (IICO), the former investment advisor of the Transaction Funds. She had served as a portfolio manager for investment companies managed by IICO (or its affiliates) since February 2001. She served as an investment analyst with IICO from April 1999 to February 2001. She joined IICO in April 1999. She earned a bachelor's degree in microbiology from the University of Kansas and holds an MBA from the University of Cincinnati.Kimberly A. Scott, CFA Delaware Management Company 35 8
Nathan A. Brown is senior vice president and portfolio manager for Ivy Investments, now part of Macquarie Asset Management’s Delaware Management Company. He joined Macquarie Asset Management as part of the firm’s April 30, 2021 acquisition (Transaction) of the investment management business of Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company (IICO), the former investment advisor of the Transaction Funds. He joined IICO in June 2003 as an investment analyst. He was appointed assistant vice president in January 2010 and had served as an assistant portfolio manager for investment companies managed by IICO (or its affiliates) since February 2011. He took on portfolio management responsibilities in 2014. He earned a bachelor's degree in finance from the University of Iowa and holds an MBA with an emphasis in finance and accounting from Vanderbilt University.Nathan A. Brown, CFA Delaware Management Company 23 8
Bradley P. Halverson is a portfolio manager for Ivy Investments, now part of Macquarie Asset Management’s Delaware Management Company. He joined Macquarie Asset Management as part of the firm’s April 30, 2021 acquisition (Transaction) of the investment management business of Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company (IICO), the former investment advisor of the Transaction Funds. He joined IICO in 2008 as an investment analyst on the small-capitalization growth team and was named co-portfolio manager on several funds in 2016. Mr. Halverson earned a BS degree and a MS degree in Accounting from Brigham Young University and an MBA with an emphasis in Finance and Corporate Strategy from the University of Michigan.Bradley P. Halverson, CFA Delaware Management Company 20 <1

[1917052]


Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of Delaware Management Company (DMC) to join F. Chace Brundige of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.

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: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of securities. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The Fund’s Diversifying Sleeve includes fixed-income securities, that are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance. 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.

The Morningstar World Allocation Category compares funds that seek to provide both capital appreciation and income by investing in stocks, bonds, and cash. While these funds may invest globally, most focus on the United States, Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets, and typically have at least 10% of their assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-US stocks or bonds.

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.

Index Description: The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. It is not possible to invest directly in an index.

All third-party marks cited are the property of their respective owners.?

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Fee Waiver and/or Expense Reimbursement: Through July 29, 2022, Delaware Management Company (Manager), the Fund’s investment manager, DDLP, and/or WISC 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.34%; Class C shares at 2.06%; Class I and Class R6 shares at 0.83%; Class R shares at 1.80%; and Class Y shares at 1.35%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

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 product 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.

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.

© 2021 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.

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.

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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