Waddell & Reed

Fund Detail

Ivy Small Cap Growth Fund
Class A Shares

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Fund Facts
Ticker Symbol WSGAX
CUSIP 466000502
Fund Code 602
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 7/3/2000
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 8/31/2014) $1.1 bil
Total Equity Holdings (as of 8/31/2014) 84
Total Holdings (as of 8/31/2014) 89
Lipper Category Small-Cap Growth Funds
Morningstar Category Small Growth
Benchmarks Russell 2000 Growth TR USD
Daily Prices
as of 9/19/2014
Net Asset Value (NAV) $17.76
NAV Change ($) ($0.17)
NAV Change (%) -0.95%
Weekly NAV Change ($) ($0.08)
Weekly NAV Change (%) -0.45%
Public Offering Price (POP) $18.84
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide growth of capital.

Investment Approach
We employ a bottom-up process focusing on companies we believe have long-term growth potential and superior financial characteristics, and therefore, we believe to be of higher quality than many other small-cap companies. We seek companies with aggressive or creative and strong management, technological or specialized expertise, new or unique products or services, entry into new or emerging industries, growth in earnings / growth in sales / positive cash flows, market share, barrier to entry, security size and liquidity.
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 8/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -1.96% 12.26% 16.05% 18.24% 10.87% 5.83%
Fund with 5.75% sales charge -7.60% 5.82% 13.78% 16.84% 10.22% 5.39%
Russell 2000 Growth TR USD 1.38% 17.30% 19.21% 18.29% 10.22% 4.17%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 1.64% 22.44% 12.09% 21.13% 10.10% 6.17%
Fund with 5.75% sales charge -4.21% 15.39% 9.89% 19.71% 9.45% 5.73%
Russell 2000 Growth TR USD 2.22% 24.73% 14.49% 20.50% 9.04% 4.29%
Lipper Small-Cap Growth Funds 0.43% 22.41% 12.76% 20.00% 8.51% N/A
Expense Ratios
as of 7/31/2014
Net 1.43%
Gross 1.43%
Growth of a $10,000 Investment
through 8/31/2014
 Small Cap Growth A
 Russell 2000 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 8/31/2014
Category: Small-Cap Growth Funds
  Rank Percentile
1 Year 349 / 521 67
3 Year 339 / 456 75
5 Year 160 / 409 40
10 Year 42 / 269 16

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

Morningstar Ratings
as of 8/31/2014
Category: Small Growth
Overall (out of 645 Small Growth)
3 Year (out of 645 Small Growth)
5 Year (out of 570 Small Growth)
10 Year (out of 377 Small Growth)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 8/31/2014)
Domestic Common Stock 96.84%
Cash and Cash Equivalents 2.88%
Foreign Common Stock 0.28%
Sector Allocation
(as a % of equity holdings as of 8/31/2014)
Industrials 27.2%
Consumer Discretionary 20.6%
Information Technology 20.2%
Financials 11.0%
Health Care 10.7%
Energy 7.0%
Consumer Staples 3.3%
Top 10 Equity Holdings
(as a % of net assets as of 8/31/2014)
The Ultimate Software Group, Inc. (Ultimate) provides unified human capital management (HCM) software-as-a-service (SaaS) solutions for global businesses. Ultimate’s UltiPro software (UltiPro) is a SaaS-based solution designed to deliver the functionality needed to manage the employment life cycle.Ultimate Software Group, Inc. (The) 2.9%
Vail Resorts, Inc. is a holding company operating in three business segments: Mountain, Lodging and Real Estate. Its Mountain segment operates six ski resort properties, ancillary services including ski school, dining and retail/rental operations, which provide a resort experience to clients.Vail Resorts, Inc. 2.8%
DexCom, Inc. is a medical device company focused on the design, development and commercialization of continuous glucose monitoring systems for ambulatory use by people with diabetes and for use by healthcare providers in the hospital for the treatment of both diabetic and non-diabetic patients.DexCom, Inc. 2.4%
Portfolio Recovery Associates, Inc. provides outsourced receivables management and related services in the United States. The company engages in the purchase, collection, and management of portfolios of defaulted consumer receivables.Portfolio Recovery Associates, Inc. 2.4%
SVB Financial Group (SVBFG) is a financial services company, a bank holding company and financial holding company. Through its subsidiaries and divisions it offers a range of banking and financial products and services to clients across the U.S., as well as in international entrepreneurial markets.SVB Financial Group 2.4%
Jack Henry & Associates, Inc. provides technology solutions and payment processing services primarily for financial services organizations in the United States.Jack Henry & Associates, Inc. 2.2%
Landstar System, Inc. 2.1%
The parent to a family of companies that provides engineering, fabrication, construction, maintenance and repair to a wide range of industrys and utilities across North America.Matrix Service Co. 2.1%
Lithia Motors, Inc. operates as an automotive franchisee and retailer of new and used vehicles in the United States.Lithia Motors, Inc. 2.1%
Asbury Automotive Group, Inc. 2.1%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)

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: Russell 2000 Growth is an unmanaged index comprised of securities that represent the small 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, 2015, 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 total annual ordinary fund operating expenses for Class E shares at 1.56%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Through July 31, 2015, 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.

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.

Tim Miller is the Portfolio Manager of Ivy Small Cap Growth Fund and has held his fund responsibilities since April 1, 2010.

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