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Fund Detail

Ivy Capital Appreciation Fund
Class E Shares

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Fund Facts 
Ticker Symbol
IVCEX
CUSIP
466000197
Fund Code
422
Fund Type
Domestic Equity Funds
Fund Inception
06/30/2000
Class Inception
04/02/2007
Fiscal Year End
March
Dividends Paid
Annually
Net Assets (as of 06/30/2010)
$507.4 mil
Total Holdings (as of 06/30/2010)
81
Turnover Rate (as of 03/31/2010)
42%
Lipper Category
Large-Cap Growth
Morningstar Category
Large Growth
Benchmark
Russell 1000 Growth

Daily Prices4

Updated 9/8/2010
Net Asset Value (NAV) $7.99
NAV Change ($) $0.05
NAV Change (%) 0.63%
Weekly NAV Change ($) -$0.04
Weekly NAV Change (%) -0.50%
Public Offering Price (POP) $8.48

   Historical Prices & Distributions

   
   

Fund Description
Fund Objective 
To provide long-term capital appreciation.
 
Investment Approach 
We primarily invest in a diversified portfolio of common stocks of U.S. and, to a lesser extent, foreign companies considered by the fund's manager to be high quality and attractive in their long-term investment potential. While the Fund typically invests in the common stocks of large to medium sized U.S. companies, it may invest in companies of any size, any industry or any country in order to achieve its objective. We seek to identify high quality companies that we believe can demonstrate consistent, profitable growth and strong return.
 
  Morningstar Style Box5

Returns and Expenses1, 2, 3
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.

  Monthly Rates of Return

  Average Annual Total Returns
  as of 8/31/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 1.72% -11.50% N/A N/A -7.76%
Fund with maximum 5.75% sales charge -4.13% -13.23% N/A N/A -9.34%

  Quarterly Rates of Return

  Average Annual Total Returns
  as of 6/30/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 8.09% -11.47% N/A N/A -8.71%
Fund with maximum 5.75% sales charge 1.87% -13.20% N/A N/A -10.36%
Russell 1000 Growth 13.62% -6.91% 0.38% -5.14% -4.47%
Lipper Large-Cap Growth 11.30% -7.89% -0.53% -4.08% -5.55%

Expense Ratios 
as of 07/31/2010
Net  1.15%
Gross  1.92%

Growth of a $10,000 Investment
through 06/30/2010

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.

1. 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.

2. 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.

3. Consider All 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.

Ratings & Rankings
Lipper Rankings
as of 06/30/2010
Category: Large-Cap Growth
  Rank Percentile
1 Year 706/845 84
3 Year 670/730 92

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 06/30/2010
Category: Large Growth
Overall   (out of 1545 Large Growth)
3 Year   (out of 1545 Large Growth)

Rankings are based on risk-adjusted returns.

Holdings
Portfolio Composition6
(as a % of net assets as of 06/30/2010)
Common Stock 90.0%
Cash 9.0%
Foreign Stock 2.0%
Sector Allocation6
(as a % of equity holdings as of 06/30/2010)
Information Technology 31.7%
Industrials 15.0%
Consumer Discretionary 11.4%
Energy 11.3%
Consumer Staples 11.3%
Financials 9.0%
Healthcare 5.7%
Materials 4.6%
Top 10 Equity Holdings6
(as a % of net assets as of 06/30/2010)
Apple Inc. 6.0%
Google Inc., Class A 4.7%
Microsoft Corporation 4.3%
Hewlett-Packard Company 3.3%
Visa Inc., Class A 3.2%
Costco Wholesale Corporation 3.0%
Schlumberger Limited 2.8%
Precision Castparts Corp. 2.3%
McDonald's Corporation 2.1%
Union Pacific Corporation 1.9%
Total Portfolio Holdings
(updated quarterly, upon availability)
 
View | Download (as of 06/30/2010)
Quality Breakdown
(as of 06/30/2010)
Gov't 0.0%
AAA 0.0%
AA 0.0%
A 0.0%
BBB 0.0%
BB 0.0%
B 0.0%
Below B 0.0%
Non-Rated 0.0%
Effective Duration years

Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
 Barry M. Ogden, CFA, CPA  Ivy Investment Management Company  16  8

4. Per share values based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. Ivy Funds Class A and Class Y shares are subject to distribution and service fees of up to 0.25% of the average daily net assets, annually, pursuant to SEC Rule 12b-1, while Class B and Class C shares are subject to distribution and service fees of up to 1.00% of the average daily net assets, annually, pursuant to SEC Rule 12b-1. Class Y shares may be purchased only by certain institutional investors set forth in each fund's prospectus.

5. The style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

6. Information is subject to change and is not intended to represent any past or future investment recommendations. Quality ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings obtained from Moody's.