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Fund Detail

Ivy Mid Cap Growth Fund
Class A Shares

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Fund Facts
Ticker Symbol WMGAX
CUSIP 466000577
Fund Code 668
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) $2.1 bil
Total Equity Holdings (as of 3/31/2012) 68
Total Holdings (as of 3/31/2012) 86
Portfolio Turnover Rate (as of 12/31/2011) 33%
Lipper Category Mid-Cap Growth Funds
Morningstar Category Mid-Cap Growth
Benchmarks Russell Mid Cap Growth TR USD
Daily Prices
as of 5/16/2012
Net Asset Value (NAV) $17.09
NAV Change ($) ($0.17)
NAV Change (%) -0.98%
Weekly NAV Change ($) ($0.46)
Weekly NAV Change (%) -2.62%
Public Offering Price (POP) $18.13
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To provide growth of your investment.

Investment Approach
We primarily employ a bottom-up approach and may look at a number of factors in consideration of a company, such as: new or innovative products or services, adaptive or creative management, strong financial and operational capabilities to sustain growth, stable and consistent revenue, earnings, and cash flow, market potential and profit potential.
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 10.75% -0.55% 24.35% 6.58% 8.16% 5.79%
Fund with 5.75% sales charge 4.39% -6.27% 21.92% 5.33% 7.52% 5.26%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 13.12% 4.29% 30.73% 7.92% 7.95% 6.02%
Fund with 5.75% sales charge 6.62% -1.71% 28.17% 6.65% 7.31% 5.49%
Russell Mid Cap Growth TR USD 14.52% 4.43% 29.16% 4.44% 6.92% N/A
Lipper Mid-Cap Growth Funds 14.88% 1.76% 26.40% 4.21% 5.96% N/A
Expense Ratios
as of 7/31/2011
Net 1.49%
Gross 1.49%
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: Mid-Cap Growth Funds
  Rank Percentile
1 Year 105 / 387 28
3 Year 31 / 345 9
5 Year 22 / 303 8
10 Year 29 / 198 15

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 3/31/2012
Category: Mid-Cap Growth
Overall (out of 662 Mid-Cap Growth)
3 Year (out of 662 Mid-Cap Growth)
5 Year (out of 595 Mid-Cap Growth)
10 Year (out of 424 Mid-Cap Growth)

Ratings are based on risk-adjusted returns.
Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2012)
Domestic Common Stock 91.95%
Cash and Cash Equivalents 4.45%
Foreign Common Stock 3.60%
Sector Allocation
(as a % of equity holdings as of 3/31/2012)
Information Technology 28.4%
Consumer Discretionary 21.0%
Industrials 14.1%
Health Care 12.6%
Financials 11.6%
Energy 6.3%
Consumer Staples 4.7%
Materials 1.3%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2012)
CarMax, Inc. (CarMax) is a holding company and its operations are conducted through its subsidiaries. CarMax is a retailer of used cars, which retailed 396,181 used vehicles, during the fiscal year ended February 28, 2011(fiscal 2011).CarMax, Inc. 3.3%
Varian Medical Systems, Inc. is engaged in the design, manufacture, sale and service of equipment and software products for treating cancer with radiotherapy, stereotactic radiosurgery and brachytherapy.Varian Medical Systems, Inc. 3.0%
Fastenal Company operates as a wholesaler and retailer of industrial and construction supplies.Fastenal Company 2.8%
Lam Research Corporation (Lam Research) is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. The Company designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits.Lam Research Corporation 2.5%
Trimble Navigation Limited (Trimble) provides advanced positioning product solutions, to commercial and government users. The principal application areas include surveying, agriculture, construction, asset management, mapping and mobile resource management.Trimble Navigation Limited 2.5%
Wyndham Worldwide Corporation is a hospitality company. The Company offers individual consumers and business customers a range of hospitality services and products across various accommodation alternatives and price ranges through its brand portfolio.Wyndham Worldwide Corporation 2.4%
Pall Corporation supplies filtration, separation, purification technologies, principally using the Company’s engineering capability and fluid management, filter media, other fluid clarification, separations equipment for removing solid, liquid, gaseous contaminants from a variety of liquids, gases.Pall Corporation 2.3%
Fiserv, Inc. is a global provider of financial services technology solutions, including electronic commerce systems and services, such as transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.Fiserv, Inc. 2.2%
Gen-Probe Incorporated (Gen-Probe) is engaged in the development, manufacture and marketing molecular diagnostic products and services, which are used primarily to diagnose human diseases, screen donated human blood, and ensures transplant compatibility.Gen-Probe Incorporated 2.2%
Teradata Corporation (Teradata) is engaged in analytic data solutions, including integrated data warehousing, big data analytics and business applications. The Company’s data warehousing solutions are consisted of software, hardware, and related business consulting and support services. Teradata Corporation 2.2%
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
Kimberly A. Scott is a senior vice president of Ivy Investment Management Company. Ms. Scott graduated from the University of Kansas in 1982 with a BS in microbiology. She earned an MBA from the University of Cincinnati in 1987. Prior to joining Waddell & Reed, she was an equity analyst for Bartlett & Company in Cincinnati, Ohio. Ms. Scott joined Waddell & Reed in April 1999 as an investment analyst. She was named portfolio manager of the Ivy Mid Cap Growth Fund in February 2001. Ms. Scott is a Chartered Financial Analyst.Kimberly A. Scott, CFA Ivy Investment Management Company 25 11

Risk Factors: Investing in mid-cap stocks may carry more risk than investing in stocks of larger more well-established companies. 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 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 Mid-Cap 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2012, 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 1.60%. 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.