Waddell & Reed

Fund Detail

Ivy Science and Technology Fund
Class A Shares

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Fund Facts
Ticker Symbol WSTAX
CUSIP 466000718
Fund Code 608
Fund Type Specialty Funds
Fund Inception 7/31/1997
Class Inception 7/3/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2014) $5.4 bil
Total Equity Holdings (as of 3/31/2014) 63
Total Holdings (as of 3/31/2014) 104
Portfolio Turnover Rate (as of 12/31/2013) 20%
Lipper Category Science & Technology Funds
Morningstar Category Technology
Benchmarks S&P North American Technology TR
Daily Prices
as of 4/23/2014
Net Asset Value (NAV) $51.88
NAV Change ($) ($0.54)
NAV Change (%) -1.03%
Weekly NAV Change ($) $0.52
Weekly NAV Change (%) 1.01%
Public Offering Price (POP) $55.05
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide growth of capital.

Investment Approach
Invests primarily in equity securities of science and technology companies around the globe. The fund may also invest in companies that utilize science and/or technology to significantly enhance their business opportunities. We typically emphasize growth potential in selecting stocks; that is, we seek companies in which earnings are likely to grow faster than the economy. We aim to identify strong secular trends within industries and then apply a bottom-up stock selection process by considering a number of factors in selecting securities, including growth and earnings potential, quality of management, industry / market size potential, and applicable market and economic conditions.
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. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns
as of 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 0.98% 35.99% 18.66% 23.17% 13.73% 7.46%
Fund with 5.75% sales charge -4.82% 28.15% 16.34% 21.72% 13.06% 7.00%
S&P North American Technology TR 1.91% 27.07% 14.53% 22.42% 8.24% N/A
Lipper Science & Technology Funds 2.71% 29.95% 10.95% 21.98% 7.71% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 0.98% 35.99% 18.66% 23.17% 13.73% 7.46%
Fund with 5.75% sales charge -4.82% 28.15% 16.34% 21.72% 13.06% 7.00%
S&P North American Technology TR 1.91% 27.07% 14.53% 22.42% 8.24% N/A
Lipper Science & Technology Funds 2.71% 29.95% 10.95% 21.98% 7.71% N/A
Expense Ratios
as of 7/31/2013
Net 1.37%
Gross 1.37%
Growth of a $10,000 Investment
through 3/31/2014
 Science and Technology A
 S&P North American Technology TR

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 3/31/2014
Category: Science & Technology Funds
  Rank Percentile
1 Year 38 / 155 25
3 Year 8 / 148 6
5 Year 50 / 136 37
10 Year 3 / 107 3

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

Morningstar Ratings
as of 3/31/2014
Category: Technology
Overall (out of 195 Technology)
3 Year (out of 195 Technology)
5 Year (out of 174 Technology)
10 Year (out of 140 Technology)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2014)
Domestic Common Stock 78.74%
Foreign Common Stock 14.78%
Cash and Cash Equivalents 6.48%
Sector Allocation
(as a % of equity holdings as of 3/31/2014)
Information Technology 68.7%
Health Care 16.1%
Industrials 6.1%
Consumer Discretionary 4.4%
Materials 2.8%
Telecommunication Services 1.4%
Financials 0.6%
Country Allocation
(as a % of equity holdings as of 3/31/2014)
United States 80.0%
Switzerland 3.5%
Bermuda 3.0%
Israel 2.2%
Netherlands 2.1%
India 2.0%
Spain 1.9%
South Korea 1.3%
China 1.2%
Germany 1.0%
Cyprus 1.0%
Brazil 0.8%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2014)
Micron Technology, Inc., engages in the manufacture and marketing of semiconductor devices worldwide.Micron Technology, Inc. 8.4%
Alliance Data Systems Corporation,provides data-driven and transaction-based marketing and customer loyalty solutions primarily in the United States and Canada.Alliance Data Systems Corp. 4.9%
Cree, Inc. develops and manufactures semiconductor materials and devices.Cree, Inc. 4.6%
Aspen Technology, Inc., together with its subsidiaries, develops and supplies integrated software and services that enable the process industries to design, operate, manage, and optimize their business processes.Aspen Technology, Inc. 3.3%
Pentair Ltd. delivers products, services, and solutions for water and other fluids, thermal management, and equipment protection in the United States, Europe, Asia, and other regions.Pentair, Inc. 3.1%
Acxiom Corporation is an enterprise data, analytics, and software-as-a-service company in the U.S., Europe, South America and the Asia-Pacific. It serves the financial services, insurance, information services, direct marketing, retail, consumer packaged goods, technology, automotive, healthcare, travel, and communications industries, as well as the non-profit and government sectors.Acxiom Corp. 3.0%
Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers.Facebook, Inc., Class A 2.7%
Google Inc., a technology company, maintains index of Websites and other online content for users, advertisers, Google network members, and other content providers.Google, Inc., Class A 2.6%
Vertex Pharmaceuticals Incorporated engages in the discovery, development, and commercialization of small molecule drugs for the treatment of serious diseases worldwide.Vertex Pharmaceuticals, Inc. 2.6%
Euronet Worldwide, Inc. is an electronic payments provider of payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, individual consumers.Euronet Worldwide, Inc. 2.6%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2013)

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: S&P North Ameri Tech Sector is an unmanaged index comprised of securities that represent the technology 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, 2014, 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 expenses for the Fund’s Class E shares at 1.43%. 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, 2014, 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.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

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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