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 7/31/2016) $2.9 bil
Total Equity Holdings (as of 7/31/2016) 63
Total Holdings (as of 7/31/2016) 67
Portfolio Turnover Rate (as of 3/31/2016) 38%
Lipper Category Mid-Cap Growth Funds
Morningstar Category Mid-Cap Growth
Benchmarks Russell Mid Cap Growth TR USD
Daily Prices
as of 8/25/2016
Net Asset Value (NAV) $20.15
NAV Change ($) $0.04
NAV Change (%) 0.20%
Weekly NAV Change ($) $0.12
Weekly NAV Change (%) 0.60%
Public Offering Price (POP) $21.38
Historical Prices & Distributions
Please select a date
Fund Description

Finding opportunity in the middle


Focuses on fundamentals
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.
Strategic process
Applies a strong bottom-up fundamental stock selection process but recognizes those periodic environments when macroeconomic factors and strategic exposures are crucial.
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.
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% 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. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 7/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 7.28% -1.79% 6.19% 8.41% N/A 7.77%
Fund with maximum 5.75% sales charge 1.11% -7.44% 4.11% 7.14% N/A 7.08%
Russell Mid Cap Growth TR USD 7.21% 1.07% 10.08% 11.91% 9.04% 7.95%
Lipper Mid-Cap Growth Funds 4.78% -3.35% 7.73% 9.81% 7.76% 6.67%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 6/30/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 1.98% -7.30% 6.52% 6.39% N/A 7.25%
Fund with maximum 5.75% sales charge -3.89% -12.63% 4.44% 5.14% N/A 6.57%
Russell Mid Cap Growth TR USD 2.15% -2.14% 10.52% 9.98% 8.12% 7.47%
Lipper Mid-Cap Growth Funds 0.11% -6.71% 8.26% 7.97% 6.80% 6.20%
Expense Ratios
as of 7/31/2016
Net 1.30%
Gross 1.63%
Growth of a $10,000 Investment
through 7/31/2016
 Mid Cap Growth E
 Russell Mid Cap Growth TR USD

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 7/31/2016
Category: Mid-Cap Growth Funds
  Rank Percentile
1 Year 154 / 401 39
3 Year 259 / 362 72
5 Year 232 / 321 73

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

Morningstar Ratings
as of 7/31/2016
Category: Mid-Cap Growth
Overall (out of 654 Mid-Cap Growth)
3 Year (out of 654 Mid-Cap Growth)
5 Year (out of 575 Mid-Cap Growth)
10 Year (out of 429 Mid-Cap Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 7/31/2016)
Domestic Common Stock 98.36%
Foreign Common Stock 1.17%
Cash and Cash Equivalents 0.47%
Other Financial Instruments 0.00%
Sector Allocation
(as a % of equity holdings as of 7/31/2016)
Consumer Discretionary 21.8%
Information Technology 20.9%
Health Care 19.1%
Industrials 15.6%
Financials 9.0%
Consumer Staples 7.5%
Energy 4.9%
Materials 1.3%
Equity Country Allocation
(as a % of equity holdings as of 7/31/2016)
United States 98.8%
United Kingdom 1.2%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2016)
Fastenal Company operates as a wholesaler and retailer of industrial and construction supplies.Fastenal Co. 3.30%
Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. Intuitive Surgical, Inc. 3.06%
Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals worldwideZoetis, Inc. 3.02%
Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications.Microchip Technology, Inc. 2.61%
CoStar Group, Inc. provides information, analytics, and online marketplaces services to the commercial real estate industry in the U.S., Canada, the U.K., and France. CoStar Group, Inc. 2.53%
CME Group Inc., a U.S. company, is the world's leading and most diverse derivatives marketplace. It owns and operates large derivatives and futures exchanges in Chicago and New York, as well as online trading platforms. CME Group, Inc. 2.48%
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. 2.46%
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. 2.42%
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. 2.28%
Polaris Industries, Inc. 2.16%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2016)
Top 10 Industry Allocation
(as a % of equity holdings as of 7/31/2016)
Packaged Foods & Meats 5.8%
Biotechnology 5.2%
Health Care Equipment 5.0%
Oil & Gas Exploration & Production 4.9%
Internet Software & Services 4.3%
Leisure Products 4.2%
Research & Consulting Services 4.2%
Semiconductors 3.8%
Systems Software 3.7%
Specialty Stores 3.7%

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. 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, 2017, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 1.30%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through July 31, 2016, IDI 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 IDI, WISC or the Board of Trustees.

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.

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.

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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