Waddell & Reed

Fund Detail

Ivy Large Cap Growth Fund
Class E Shares

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Fund Facts
Ticker Symbol ILCEX
CUSIP 466001104
Fund Code 420
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 4/30/2013) $1.4 bil
Total Equity Holdings (as of 4/30/2013) 52
Total Holdings (as of 4/30/2013) 59
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
Benchmarks Russell 1000 Growth TR USD
Daily Prices
as of 5/17/2013
Net Asset Value (NAV) $16.87
NAV Change ($) $0.21
NAV Change (%) 1.26%
Weekly NAV Change ($) $0.38
Weekly NAV Change (%) 2.30%
Public Offering Price (POP) $17.90
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide growth of capital.

Investment Approach
The Fund primarily uses a bottom-up strategy focusing on companies that we feel have dominant market positions and established competitive advantages. We believe that these characteristics can help to mitigate competition and lead to more sustainable revenue and earnings growth. Other factors considered are the company's brand equity, proprietary technology, economies of scale, level of inter-industry competition, interaction and bargaining power between a company, it's customers, suppliers and competitors and the threat of substitute products.
Morningstar Style Box
Morningstar Style Box
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.

Class E shares are subject to an initial sales charge of 5.75 percent when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment.
Monthly Rates of Return Average Annual Total Returns
as of 4/30/2013
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 10.15% 6.43% 10.10% 3.58% N/A 5.42%
Fund with maximum 5.75% sales charge 3.82% 0.31% 7.95% 2.36% N/A 4.40%
Russell 1000 Growth TR USD
(as of 4/30/2013) 		11.87% 12.60% 13.44% 6.66% 8.08% 6.20%
Lipper Large-Cap Growth Funds
(as of 4/30/2013) 		9.75% 9.28% 10.69% 4.32% 7.06% 4.64%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2013
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 8.78% 5.03% 10.35% 3.97% N/A 5.28%
Fund with maximum 5.75% sales charge 2.52% -1.01% 8.19% 2.75% N/A 4.24%
Expense Ratios
as of 7/31/2012
Net 1.15%
Gross 1.62%
Growth of a $10,000 Investment
through 4/30/2013

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 4/30/2013
Category: Large-Cap Growth Funds
  Rank Percentile
1 Year 554 / 705 79
3 Year 403 / 617 66
5 Year 373 / 558 67

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 4/30/2013
Category: Large Growth
Overall (out of 1485 Large Growth)
3 Year (out of 1485 Large Growth)
5 Year (out of 1285 Large Growth)
10 Year (out of 852 Large Growth)

Ratings are based on risk-adjusted returns.
Holdings
Portfolio Composition
(as a % of net assets as of 4/30/2013)
Domestic Common Stock 91.98%
Foreign Common Stock 6.33%
Cash and Cash Equivalents 1.69%
Sector Allocation
(as a % of equity holdings as of 4/30/2013)
Consumer Discretionary 26.8%
Information Technology 25.8%
Industrials 13.4%
Health Care 12.6%
Consumer Staples 5.6%
Materials 5.6%
Telecommunication Services 4.6%
Energy 4.1%
Financials 1.5%
Top 10 Equity Holdings
(as a % of net assets as of 4/30/2013)
Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities.Visa Inc., Class A 4.7%
Gilead Sciences, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for the treatment of life-threatening infectious diseases.Gilead Sciences, Inc. 4.6%
MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks.MasterCard Incorporated, Class A 4.6%
Monsanto Company (Monsanto), with its subsidiaries, provides agricultural products for farmers. The Company's seeds, biotechnology trait products, herbicides provide farmers with solutions to improve productivity, reduce farming costs, and produce better foods for consumers, better feed for animals.Monsanto Company 4.2%
Biogen Idec Inc. 4.1%
Las Vegas Sands Corp. (LVSC), a global developer of destination properties (integrated resorts), features accommodations, gaming, entertainment, retail, convention and exhibition facilities, celebrity chef restaurant, etc. The company operates in 3 geographic areas: Macao, Singapore, United States.Las Vegas Sands, Inc. 3.8%
Wynn Resorts, Limited, together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts.Wynn Resorts, Limited 3.7%
CBS Corporation (CBS Corp.) is a mass media company with operations in Entertainment, Cable Networks, Publishing, Local Broadcasting and Outdoor segments.CBS Corporation, Class B 3.6%
Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide.Apple Inc. 3.3%
Canadian Pacific Railway Limited 2.7%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2013)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Daniel P. Becker is a senior vice president of Ivy Investment Management Company. Mr. Becker graduated from the University of Wisconsin at Madison in 1987 with a BS in mathematical economics. He earned an MS with an emphasis in finance, investments, and banking from the University of Wisconsin Graduate School of Business in 1989. He joined Waddell & Reed in October 1989 as an investment analyst. He was named portfolio manager of the Ivy Large Cap Growth Fund at its inception in July 2000. Mr. Becker is a member of the Association for Investment Management and Research.Daniel P. Becker, CFA Ivy Investment Management Company 24 12
Philip J. Sanders is a senior vice president of Ivy Investment Management Company. Mr. Sanders received his BA in economics in 1980 from the University of Michigan. He earned an MBA from the University of North Carolina at Charlotte in 1986. Mr. Sanders joined Waddell & Reed in August 1998. He was appointed senior vice president in July 2000. He is portfolio manager of the Ivy Funds VIP Growth. He is co-portfolio manager of large-cap growth equity institutional accounts.Philip J. Sanders, CFA Ivy Investment Management Company 24 6

Risk Factors: As with any mutual fund, 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. 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.

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.

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 Growth is an unmanaged index comprised of securities that represent the large cap sector of 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.

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.

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