Waddell & Reed

Fund Detail

Ivy Mid Cap Growth Fund
Class E Shares

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Fund Facts
Ticker Symbol IMCEX
CUSIP 466001500
Fund Code 421
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 3/31/2015) $5.2 bil
Total Equity Holdings (as of 3/31/2015) 71
Total Holdings (as of 3/31/2015) 87
Portfolio Turnover Rate (as of 12/31/2014) 17%
Lipper Category Mid-Cap Growth Funds
Morningstar Category Mid-Cap Growth
Benchmarks Russell Mid Cap Growth TR USD
Daily Prices
as of 4/20/2015
Net Asset Value (NAV) $23.25
NAV Change ($) $0.18
NAV Change (%) 0.78%
Weekly NAV Change ($) $0.18
Weekly NAV Change (%) 0.78%
Public Offering Price (POP) $24.67
Historical Prices & Distributions
Please select a date
Fund Description

Finding opportunity in the middle


Strategic process
Buys mid-cap companies with large-cap potential that demonstrate profitability, balance-sheet strength and sustainable earnings growth. It strives for consistency in an inconsistent market environment.
Experienced management
Managed by an investment professional with 25+ years of experience who uses bottom-up stock selection and fundamental valuation with top-down macroeconomic analysis to find growth at a reasonable price.
The difference
Seeks companies that emphasize profitability, durable financials and effective management teams that are visionary, honest and shareholder driven.
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.

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 3/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.85% 10.46% 12.96% 14.55% N/A 9.56%
Fund with maximum 5.75% sales charge -2.13% 4.13% 10.76% 13.21% N/A 8.75%
Russell Mid Cap Growth TR USD 5.38% 15.56% 17.41% 16.43% 10.19% 9.07%
Lipper Mid-Cap Growth Funds 5.78% 11.59% 15.20% 14.88% 9.38% 8.35%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.85% 10.46% 12.96% 14.55% N/A 9.56%
Fund with maximum 5.75% sales charge -2.13% 4.13% 10.76% 13.21% N/A 8.75%
Russell Mid Cap Growth TR USD 5.38% 15.56% 17.41% 16.43% 10.19% 9.07%
Lipper Mid-Cap Growth Funds 5.78% 11.59% 15.20% 14.88% 9.38% 8.35%
Expense Ratios
as of 7/31/2014
Net 1.60%
Gross 1.71%
Growth of a $10,000 Investment
through 3/31/2015

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 3/31/2015
Category: Mid-Cap Growth Funds
  Rank Percentile
1 Year 278 / 429 65
3 Year 311 / 375 83
5 Year 198 / 340 59

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

Morningstar Ratings
as of 3/31/2015
Category: Mid-Cap Growth
Overall (out of 655 Mid-Cap Growth)
3 Year (out of 655 Mid-Cap Growth)
5 Year (out of 586 Mid-Cap Growth)
10 Year (out of 436 Mid-Cap Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2015)
Domestic Common Stock 96.78%
Cash and Cash Equivalents 2.09%
Foreign Common Stock 1.13%
Sector Allocation
(as a % of equity holdings as of 3/31/2015)
Consumer Discretionary 20.2%
Health Care 18.6%
Information Technology 17.6%
Industrials 16.8%
Financials 10.2%
Consumer Staples 7.5%
Energy 6.8%
Materials 2.1%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2015)
Electronic Arts Inc. develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, and tablets.Electronic Arts, Inc. 3.1%
Northern Trust Corporation (Northern Trust) is a financial holding company that is a provider of asset servicing, fund administration, asset management, fiduciary and banking solutions for corporations, institutions, families and individuals worldwide. Northern Trust Corp. 3.0%
Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. Intuitive Surgical, Inc. 2.8%
Empresa Nacional de Electricidad S.A., engages in the generation, transmission, and distribution of electricity in Chile, Argentina, Brazil, Colombia, and Peru. It owns and operates hydroelectric, thermal, and wind power generation facilities.Expeditors International of Washington, Inc. 2.3%
Mead Johnson Nutrition Company (Mead Johnson) is a pediatric nutrition company that manufactures, distributes, sells infant formulas, children’s nutrition, other nutritional products. Their Enfa family of brands, including Enfamil infant formula, is the global brand franchise in pediatric nutrition.Mead Johnson Nutrition Co. 2.3%
Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications.Microchip Technology, Inc. 2.3%
Signature Bank (the Bank or Signature) is a New York-based, full-service commercial bank with 22 private client offices located in the New York metropolitan area serving the needs of privately owned business clients and their owners and senior managers.Signature Bank 2.2%
First Republic Bank (First Republic) is a state-chartered commercial bank and trust company. The Company provides private banking and wealth management services. The Company’s services include private banking, private business banking, real estate lending, wealth management and trust services.First Republic Bank 2.1%
Natural and organic food and personal care products company operating in North America and Europe.Hain Celestial Group, Inc. (The) 2.1%
Ulta Salon, Cosmetics & Fragrance, Inc. 2.1%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2014)

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 Midcap Growth 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.

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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 to cap the total annual ordinary fund operating expenses for Class A shares at 1.31% and Class E shares at 1.60%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees..

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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