Waddell & Reed

Fund Detail

Ivy Small Cap Value Fund
Class A Shares

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Fund Facts
Ticker Symbol IYSAX
CUSIP 465898435
Fund Code 645
Fund Type Domestic Equity
Fund Inception 1/31/1997
Class Inception 1/31/1997
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2015) $268.9 mil
Total Equity Holdings (as of 10/31/2015) 47
Total Holdings (as of 10/31/2015) 51
Portfolio Turnover Rate (as of 9/30/2015) 62%
Lipper Category Small-Cap Value Funds
Morningstar Category Small Value
Benchmarks Russell 2000 Value TR USD
Daily Prices
as of 11/27/2015
Net Asset Value (NAV) $16.86
NAV Change ($) $0.04
NAV Change (%) 0.24%
Weekly NAV Change ($) $0.32
Weekly NAV Change (%) 1.93%
Public Offering Price (POP) $17.89
Historical Prices & Distributions
Please select a date
Fund Description

Seeking small companies with the potential for big value

Seeks stocks that the manager believes are undervalued or those trading at a significant discount relative to the intrinsic value of thecompany as estimated by the manager, and/or are out of favor in the financial markets but have an intermediate to long-term favorable outlook for capital appreciation.
Uses fundamental, bottom-up research while considering a top-down and quantitative analysis.
Typically invests with conviction, holding a limited number of stocks. This allows for greater opportunity for the Fund’s manager to interact with company management and for the best ideas to drive performance.
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
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 10/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -2.69% 0.73% 12.99% 9.68% 7.05% 8.63%
Fund with 5.75% sales charge -8.30% -5.06% 10.79% 8.40% 6.42% 8.29%
Russell 2000 Value TR USD -5.02% -2.88% 11.65% 10.53% 6.19% 8.84%
Lipper Small-Cap Value Funds -3.68% -1.86% 12.27% 10.71% 6.91% N/A
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 9/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -8.29% -2.19% 10.30% 9.22% 6.01% 8.32%
Fund with 5.75% sales charge -13.59% -7.83% 8.13% 7.93% 5.38% 7.98%
Russell 2000 Value TR USD -10.06% -1.60% 9.18% 10.17% 5.35% 8.57%
Lipper Small-Cap Value Funds -9.06% -3.23% 9.81% 10.24% 5.99% N/A
Expense Ratios
as of 7/31/2015
Net 1.62%
Gross 1.62%
Growth of a $10,000 Investment
through 10/31/2015
 Small Cap Value A
 Russell 2000 Value 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 10/31/2015
Category: Small-Cap Value Funds
  Rank Percentile
1 Year 98 / 306 32
3 Year 130 / 264 50
5 Year 160 / 225 71
10 Year 75 / 146 52

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

Morningstar Ratings
as of 10/31/2015
Category: Small Value
Overall (out of 367 Small Value)
3 Year (out of 367 Small Value)
5 Year (out of 315 Small Value)
10 Year (out of 200 Small Value)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 10/31/2015)
Domestic Common Stock 89.25%
Cash and Cash Equivalents 6.54%
Foreign Common Stock 4.21%
Sector Allocation
(as a % of equity holdings as of 10/31/2015)
Financials 30.1%
Consumer Discretionary 14.1%
Consumer Staples 14.1%
Industrials 13.7%
Materials 9.3%
Information Technology 7.2%
Utilities 6.2%
Health Care 3.3%
Energy 2.0%
Equity Country Allocation
(as a % of equity holdings as of 10/31/2015)
United States 95.5%
Bermuda 2.7%
United Kingdom 1.9%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2015)
Diamond Foods, Inc. (Diamond), incorporated in 2005, is a packaged food company focusing on building, acquiring and energizing brands. The Company specializes in processing, marketing and distributing snack products and culinary, in-shell and ingredient nuts.Diamond Foods, Inc. 5.32%
Flotek Industries, Inc. develops and supplies oilfield products, services, and equipment to the oil, gas, and mining industries in the U.S. and internationally.Flotek Industries, Inc. 3.89%
BankUnited, Inc. 3.73%
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. 3.15%
LifePoint Hospitals, Inc. (LifePoint), through its subsidiaries, operates general acute care hospitals in non-urban communities in the United States. As of December 31, 2010, the Company operated 52 hospital campuses in 17 states, having a total of 5,915 licensed beds.LifePoint Hospitals, Inc. 3.07%
Monro Muffler Brake, Inc. 2.94%
Take-Two Interactive Software, Inc. 2.94%
International retailer of sweet treats, primarily doughnuts, operating in 24 countries.Krispy Kreme Doughnuts, Inc. 2.91%
TreeHouse Foods, Inc. 2.86%
B&G Foods, Inc. manufactures, sells, and distributes shelf-stable food and household products in the United States, Canada, and Puerto Rico.B&G Foods, Inc. 2.73%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2015)
Top 10 Industry Allocation
(as a % of net assets holdings as of 10/31/2015)
Regional Banks 14.0%
Packaged Foods & Meats 11.7%
Reinsurance 5.4%
Marine 4.3%
Specialty Chemicals 4.2%
Internet Retail 3.4%
Consumer Finance 3.4%
Health Care Facilities 3.3%
Electric Utilities 3.3%
Automotive Retail 3.2%

Risk Factors: 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 Value 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.

The Advantus Venture Fund merged into the Ivy Small Cap Value Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Venture Fund Class A shares, restated to reflect current sales charges applicable to Ivy Small Cap Value Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Small Cap Value Fund. If these expenses were reflected, performance shown would differ.

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.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

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.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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