Delaware Ivy High Income Opportunities Fund

Delaware Ivy High Income Opportunities Fund(Formerly, Ivy High Income Opportunities Fund)

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Objective

The Fund’s investment objective is to seek to provide total return through a combination of a high level of current income and capital appreciation.

Strategy

The Fund will seek to achieve its investment objective by investing primarily in a portfolio of high yield corporate bonds of varying maturities and other fixed income instruments of predominantly corporate issuers, including secured and unsecured loan assignments, loan participations and other loan instruments (“Loans”). Under normal circumstances, the Fund will invest at least 80% of its Managed Assets (as defined herein) in a portfolio of U.S. and foreign bonds, loans and other fixed income instruments, as well as other investments (including derivatives) with similar economic characteristics. The Fund will invest primarily in instruments that are, at the time of purchase, rated below investment grade (below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or below BBB- by either Standard & Poor’s Rating Services (“S&P”) or Fitch, Inc. (“Fitch”), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”)), or unrated but judged by the Adviser to be of comparable quality.

Total net assets as of 12/31/2022

All share classes
$193.0 million

Historic pricing

NAV date NAV Market price Premium/Discount
01/27/2023 $12.26 $11.96 -2.45%
01/26/2023 $12.25 $11.88 -3.02%
01/25/2023 $12.16 $11.81 -2.88%
01/24/2023 $12.17 $11.86 -2.55%
01/23/2023 $12.19 $11.91 -2.30%

Portfolio

Fund information as of 12/31/2022
Ticker symbol (NAV) XIVHX
Ticker symbol IVH
Trading Exchange NYSE AMEX
SEC yield 9.08%
YTD distributions declared $1.07
Expense ratio 1.11%
Turnover ratio 51%
Inception date 05/29/2013

For Fund distributions declared please see the fact sheet and/or dividend press releases.

List of monthly holdingsList of quarterly holdings

Holdings are as of the date indicated and subject to change.

Management

Adam Brown

Adam H. Brown, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 24
  • Read bio
John McCarthy

John P. McCarthy, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 36
  • Read bio

Supplemental data

Ratios and supplemental data
Year ended

9/30/2022 9/30/2021 9/30/2020 9/30/2019 9/30/2018
Net asset value, beginning of period $14.93 $13.58 $15.05 $15.96 $16.34
Net investment income 0.931 1.002 1.122 1.252 1.362
Net realized and unrealized gain (loss) on investments (3.75) 1.32 (1.36) (0.84) (0.46)
Total from investment operations (2.82) 2.32 (0.24) 0.41 0.90
Distributions from net investment income (0.88) (0.97) (1.23) (1.32) (1.28)
Net asset value, end of period $11.23 $14.93 $13.58 $15.05 $15.96
Market value, end of period $10.09 $13.67 $11.90 $13.71 $14.26
Total return based on net asset value3 (19.18%) 18.29% (0.24)% 4.10% 6.68%
Total return based on market value3 (20.69%) 23.59% (4.04)% 6.07% (2.47)%
Net assets, end of period (in millions) $186,029 $2474 $2254 $2494 $2644
Ratio of expenses to average net assets5 2.15% 1.82% 2.60% 3.16% 2.77%
Ratio of expenses to average net assets excluding interest expense6 1.55% 1.50% 1.82% 1.73% 1.59%
Ratio of net investment income to average net assets7 6.85% 6.80% 8.18% 8.27% 8.50%
Portfolio turnover rate 51% 55% 45% 34% 46%

1Calculated using average shares outstanding.

2Based on average weekly shares outstanding.

3Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.

4Net assets reported in millions.

5The ratio of expenses to adjusted average net assets (excluding debt outstanding) for the years ended September 30, 2022, 2021, 2020, 2019 and 2018 are 1.55%, 1.34%, 1.82%, 2.17%, and 1.90%, respectively.

6The ratio of expenses to adjusted average net assets excluding interest expense (excluding debt outstanding) for the years ended September 30, 2022, 2021, 2020, 2019 and 2018 are 1.12%, 1.11%, 1.27%, 1.19%, and 1.09%, respectively.

7The ratio of net investment income to adjusted average net assets (excluding debt outstanding) for the years ended September 30, 2022, 2021, 2020, 2019 and 2018 are 4.94%, 5.01%, 5.71%, 5.69%, and 5.81%, respectively.

Resources

Significant Fund Event

On August 11, 2022, the Board of Trustees of Delaware Ivy High Income Opportunities Fund (“Acquired Fund”) approved the reorganization of the Acquired Fund into abrdn Income Credit Strategies Fund (“Acquiring Fund”). It is currently expected that the reorganization will be completed in the first quarter of 2023 subject to (i) approval of the reorganization by the Acquired Fund shareholders, (ii) approval by Acquiring Fund shareholders of the issuance of shares of the Acquiring Fund, and (iii) the satisfaction of customary closing conditions.

Significant Fund Event

On September 13, 2021, the Board of Trustees (Board) approved the appointment of the portfolio manager team of Adam H. Brown and John P. McCarthy of Delaware Management Company as new Fund portfolio managers that took effect on or about November 15, 2021.

Investing in closed-end investment companies involves risk, including the possible loss of principal.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

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.

Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.

Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.

Not FDIC Insured • No Bank Guarantee • May Lose Value

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

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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