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 10/31/2014) $303.3 mil
Total Equity Holdings (as of 10/31/2014) 61
Total Holdings (as of 10/31/2014) 65
Lipper Category Small-Cap Value Funds
Morningstar Category Small Value
Benchmarks Russell 2000 Value TR USD
Daily Prices
as of 11/26/2014
Net Asset Value (NAV) $18.83
NAV Change ($) $0.06
NAV Change (%) 0.32%
Weekly NAV Change ($) $0.26
Weekly NAV Change (%) 1.40%
Public Offering Price (POP) $19.98
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide capital appreciation.

Investment Approach
The Fund's manager primarily uses fundamental, bottom-up research while considering a top-down and quantitative analysis. The Fund seeks stocks that the manager believes are undervalued or those trading at a significant discount relative to the intrinsic value of the company 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.
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 10/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 3.21% 9.47% 17.64% 14.33% 8.07% 9.09%
Fund with 5.75% sales charge -2.70% 3.20% 15.35% 12.99% 7.43% 8.73%
Russell 2000 Value TR USD 1.92% 7.89% 17.94% 16.15% 7.81% 9.54%
Lipper Small-Cap Value Funds 1.50% 7.47% 17.63% 16.16% 8.33% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 9/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 0.17% 8.30% 20.90% 12.72% 7.88% 8.95%
Fund with 5.75% sales charge -5.57% 2.08% 18.54% 11.38% 7.24% 8.59%
Russell 2000 Value TR USD -4.74% 4.12% 20.61% 13.02% 7.25% 9.17%
Lipper Small-Cap Value Funds -2.89% 6.17% 21.20% 13.79% 7.98% N/A
Expense Ratios
as of 7/31/2014
Net 1.68%
Gross 1.68%
Growth of a $10,000 Investment
through 10/31/2014
 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 10/31/2014
Category: Small-Cap Value Funds
  Rank Percentile
1 Year 77 / 286 27
3 Year 144 / 247 59
5 Year 169 / 199 85
10 Year 88 / 135 65

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

Morningstar Ratings
as of 10/31/2014
Category: Small Value
Overall (out of 336 Small Value)
3 Year (out of 336 Small Value)
5 Year (out of 262 Small Value)
10 Year (out of 175 Small Value)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 10/31/2014)
Domestic Common Stock 92.11%
Cash and Cash Equivalents 5.20%
Foreign Common Stock 2.69%
Sector Allocation
(as a % of equity holdings as of 10/31/2014)
Financials 34.2%
Industrials 20.0%
Consumer Discretionary 13.2%
Materials 9.0%
Energy 7.1%
Health Care 5.6%
Information Technology 5.0%
Utilities 3.2%
Consumer Staples 2.8%
Top 10 Equity Holdings
(as a % of net assets as of 10/31/2014)
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. 4.4%
Krispy Kreme Doughnuts, Inc. 3.0%
Scotts Miracle-Gro Co. (The) 3.0%
Matson, Inc., together with its subsidiaries, operates as an ocean freight carrier in the Pacific. It operates in two segments, ocean transportation and logistics.Matson, Inc. 2.9%
Western Alliance Bancorporation is a bank holding company. It provides full-service banking and lending through its three wholly owned subsidiary banks: Bank of Nevada, Western Alliance Bank and Torrey Pines Bank.Western Alliance Bancorporation 2.9%
Atlas Pipeline Partners, L.P. provides natural gas gathering and processing services in the Anadarko and Permian Basins located in the southwestern and mid-continent regions of the United States, as well as other natural gas services in the Appalachian Basin and southwestern region of the U.S.Atlas Pipeline Partners L.P. 2.8%
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. 2.6%
The Manitowoc Company, Inc. engages in the design, manufacture, and sale of cranes and related products, and foodservice equipment worldwide. It operates through two segments, Cranes and Related Products, and Foodservice EquipmentManitowoc Co., Inc. (The) 2.5%
Carmike Cinemas, Inc., together with its subsidiaries, operates as a motion picture exhibitor in the United States. The company operates digital cinema and 3-D cinema theatres that show films on a first-run basis; and discount theatres primarily serving small to mid-size non-urban markets.Carmike Cinemas, Inc. 2.3%
Saia, Inc., through its subsidiaries, operates as a transportation company in the United States. It provides regional and interregional less-than-truckload, truckload, guaranteed, expedited, and logistics services.Saia, Inc. 2.3%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2014)

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 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2016, 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 operating expenses, excluding acquired fund fees and expenses, for the Fund's Class A shares at 0.49%, Class B shares at 1.40%, Class C shares at 1.29%, Class I shares at 0.16%, Class R shares at 0.72% and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement: 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, 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 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.

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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