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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 3/31/2012) $267.0 mil
Total Equity Holdings (as of 3/31/2012) 53
Total Holdings (as of 3/31/2012) 61
Portfolio Turnover Rate (as of 12/31/2011) 57%
Lipper Category Small-Cap Value Funds
Morningstar Category Small Blend
Benchmarks Russell 2000 Value TR USD
Daily Prices
as of 5/16/2012
Net Asset Value (NAV) $13.94
NAV Change ($) ($0.12)
NAV Change (%) -0.85%
Weekly NAV Change ($) ($0.36)
Weekly NAV Change (%) -2.52%
Public Offering Price (POP) $14.79
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, and/or are out of favor in the financial markets but have a favorable outlook for capital appreciation.
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 9.33% -10.38% 14.08% 0.98% 5.16% 7.84%
Fund with 5.75% sales charge 3.04% -15.53% 11.85% -0.21% 4.54% 7.42%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 11.72% -8.06% 19.06% 1.74% 5.48% 8.04%
Fund with 5.75% sales charge 5.29% -13.35% 16.74% 0.54% 4.85% 7.62%
Russell 2000 Value TR USD 11.59% -1.07% 25.36% 0.01% 6.60% N/A
Lipper Small-Cap Value Funds 12.31% -0.58% 27.95% 1.61% 7.17% N/A
Expense Ratios
as of 7/31/2011
Net 1.99%
Gross 1.99%
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: Small-Cap Value Funds
  Rank Percentile
1 Year 297 / 311 96
3 Year 253 / 257 99
5 Year 115 / 230 50
10 Year 111 / 127 87

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 3/31/2012
Category: Small Blend
Overall (out of 585 Small Blend)
3 Year (out of 585 Small Blend)
5 Year (out of 493 Small Blend)
10 Year (out of 304 Small Blend)

Ratings are based on risk-adjusted returns.
Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2012)
Domestic Common Stock 87.37%
Cash and Cash Equivalents 8.41%
Foreign Common Stock 4.22%
Sector Allocation
(as a % of equity holdings as of 3/31/2012)
Consumer Discretionary 29.8%
Financials 21.5%
Energy 11.7%
Materials 10.5%
Industrials 8.6%
Information Technology 6.0%
Consumer Staples 4.2%
Health Care 4.1%
Utilities 3.6%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2012)
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%
Cinemark Holdings, Inc. (Cinemark) operates in the motion picture exhibition industry, with theatres in the United States, Brazil, Mexico, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala.Cinemark Holdings, Inc. 2.8%
Triumph Group, Inc. (Triumph) designs, engineers, manufactures, repairs, overhauls and distributes aircraft components.Triumph Group, Inc. 2.7%
Visteon Corporation (Visteon) is a global supplier of climate, electronics, interiors and lighting systems, modules and components to global automotive original equipment manufacturers (OEMs). The Company operates in five segments: Climate, Electronics, Interiors, Lighting and Services.Visteon Corporation 2.5%
Boise Inc. (Boise) is a manufacturer and seller of packaging and paper products. The Company manufactures and sells corrugated containers and sheets, protective packaging products and papers associated with packaging, including labeling papers, flexible papers used for food wrap, and newsprint.Boise Inc. 2.4%
ANN INC., through its wholly owned subsidiaries, is a specialty retailer of women’s apparel, shoes, accessories sold primarily under the Ann Taylor and LOFT brands. The Company’s Ann Taylor and LOFT brands offer a range of career and casual separates, dresses, tops, weekend wear, shoes, accessories.AnnTaylor Stores Corporation 2.3%
Community Health Systems, Inc. is an operator of hospitals in the United States. The Company provides healthcare services through the hospitals that it owns and operates in non-urban and selected urban markets throughout the United States.Community Health Systems, Inc. 2.2%
Valassis Communications, Inc. (Valassis) is a media and marketing services company. The Company’s RedPlum media portfolio delivers value on a weekly basis to more than 100 million shoppers across a multi-media platform, in-home, in-store and in-motion.Valassis Communications, Inc. 2.2%
Endurance Specialty Holdings Ltd. (Endurance Holdings) is a holding company. Through its subsidiaries based in Bermuda, the United States and the United Kingdom, it focuses on underwriting specialty lines of personal and commercial property and casualty insurance and reinsurance on a global basis.Endurance Specialty Holdings Ltd. 2.2%
Belo Corp. (Belo) is a pure-play television company. Belo owns 20 television stations that reach 14% of United States television households. The Company also owns two local and two regional cable news channels and holds ownership interests in two other cable news channels.Belo Corp., Class A 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
Christopher J. Parker is a Vice President of Ivy Investment Management Company. Mr. Parker graduated Magna Cum Laude in 1995 with a BS in finance from Boston College, Wallace E. Carroll School of Management. In 2001, he earned an MBA with distinction, concentrations in finance and management/strategy, from Northwestern University, Kellogg Graduate School of Management. Before joining the Ivy Funds organization, Mr. Parker was a private investment manager from 2006 through 2007. From 2001 through 2005, he was a vice president in the equity research department of Citigroup Asset Management. Prior to earning his graduate degree, Mr. Parker was an equity research analyst following financials for Ryan, Beck & Company from 1995 to 1999. Mr. Parker joined the Ivy Funds organization in 2008 as an investment analyst. In 2010, he was named assistant vice president and assistant portfolio manager for both the small- and large-cap value funds. In 2011, Mr. Parker was named portfolio manager of the Ivy Small Cap Value Fund and Ivy Funds VIP Small Cap Value. He is a Chartered Financial Analyst (CFA) and a member of the Kansas City CFA Society.Christopher J. Parker, CFA Ivy Investment Management Company 16 <1

Risk Factors: As with any 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 insured or guaranteed by the FDIC or any other government agency. Investing in small-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 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. 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.

Matt Norris is the Portfolio Manager of Ivy Small Cap Value Fund and has held his fund responsibilities since April 1, 2010.