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Fund Detail

Ivy Large Cap Growth Fund
Class A Shares

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Fund Facts
Ticker Symbol WLGAX
CUSIP 466000627
Fund Code 667
Fund Type Domestic Equity
Fund Inception 6/30/2000
Class Inception 6/30/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 3/31/2012) $1.5 bil
Total Equity Holdings (as of 3/31/2012) 51
Total Holdings (as of 3/31/2012) 53
Portfolio Turnover Rate (as of 12/31/2011) 58%
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
Benchmarks Russell 1000 Growth TR USD
Daily Prices
as of 5/16/2012
Net Asset Value (NAV) $14.03
NAV Change ($) ($0.07)
NAV Change (%) -0.50%
Weekly NAV Change ($) ($0.35)
Weekly NAV Change (%) -2.43%
Public Offering Price (POP) $14.89
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.

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 4/30/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 14.36% 8.30% 17.57% 4.77% 5.68% 3.77%
Fund with 5.75% sales charge 7.79% 2.08% 15.27% 3.53% 5.06% 3.25%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 14.44% 11.24% 20.45% 5.38% 5.25% 3.80%
Fund with 5.75% sales charge 7.86% 4.85% 18.10% 4.14% 4.63% 3.28%
Russell 1000 Growth TR USD 14.69% 11.02% 25.28% 5.10% 4.28% N/A
Lipper Large-Cap Growth Funds 16.25% 8.37% 22.76% 3.86% 3.71% N/A
Expense Ratios
as of 7/31/2011
Net 1.15%
Gross 1.25%
Growth of a $10,000 Investment
through 3/31/2012

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 3/31/2012
Category: Large-Cap Growth Funds
  Rank Percentile
1 Year 161 / 750 22
3 Year 500 / 655 77
5 Year 138 / 572 25
10 Year 52 / 366 15

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 3/31/2012
Category: Large Growth
Overall (out of 1459 Large Growth)
3 Year (out of 1459 Large Growth)
5 Year (out of 1266 Large Growth)
10 Year (out of 816 Large Growth)

Ratings are based on risk-adjusted returns.
Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2012)
Domestic Common Stock 99.13%
Cash and Cash Equivalents 0.77%
Foreign Common Stock 0.10%
Sector Allocation
(as a % of equity holdings as of 3/31/2012)
Information Technology 36.3%
Consumer Discretionary 25.5%
Consumer Staples 9.7%
Energy 7.4%
Health Care 7.1%
Industrials 7.0%
Materials 5.1%
Financials 2.0%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2012)
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. 9.8%
Starbucks Corporation (Starbucks) is a roaster and retailer of specialty coffee, operating in more than 50 countries. Starbucks purchases, roasts, and sells whole bean coffees, as well as handcrafted coffee and tea beverages and a variety of fresh food items, through Company-operated retail stores.Starbucks Corporation 5.0%
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 4.5%
Allergan, Inc. discovers, develops, and commercializes specialty pharmaceuticals, medical devices, and over-the-counter products for specialty markets worldwide.Allergan, Inc. 4.1%
Precision Castparts Corp. (PCC) is a manufacturer of complex metal components and products, provides investment castings, forgings and fasteners/fastener systems for aerospace and industrial gas turbine (IGT) applications.Precision Castparts Corp. 4.0%
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 3.8%
QUALCOMM Incorporated designs, manufactures and markets digital wireless telecommunications products and services based on its code division multiple access (CDMA) technology and other technologies.QUALCOMM Incorporated 3.6%
Philip Morris International Inc manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America. The company's portfolio comprises international and local brands.Philip Morris International Inc. 3.6%
National Oilwell Varco, Inc. designs, constructs, manufactures, and sells systems, components, and products used in oil and gas drilling and production; provides oilfield services and supplies; and distributes products, and provides supply chain integration.National Oilwell Varco, Inc. 3.5%
Cognizant Technology Solutions Corporation is a provider of custom information technology (IT) consulting and technology services, and outsourcing services.Cognizant Technology Solutions Corporation, Class A 3.5%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2012)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
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 23 5
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 23 11

Risk Factors: International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. 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 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.

Fee Waiver and/or Expense Reimbursement: From June 13, 2011 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 A shares at 1.15%, Class B shares at 2.15%, Class C shares at 1.95%, Class E shares at 1.15%, Class I shares at 0.88%, and Class Y shares at 1.06%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

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. Please refer to the fund’s Fund Detail page.

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.