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Fund Detail

Ivy Small Cap Growth Fund
Class E Shares

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Fund Facts 
Ticker Symbol
ISGEX
CUSIP
466001880
Fund Code
402
Fund Type
Domestic Equity Funds
Fund Inception
09/21/1992
Class Inception
04/02/2007
Fiscal Year End
March
Dividends Paid
Annually
Net Assets (as of 06/30/2010)
$436.1 mil
Total Holdings (as of 06/30/2010)
54
Turnover Rate (as of 03/31/2010)
72%
Lipper Category
Small-Cap Growth
Morningstar Category
Small Growth
Benchmark
Russell 2000 Growth

Daily Prices5

Updated 9/9/2010
Net Asset Value (NAV) $11.29
NAV Change ($) -$0.02
NAV Change (%) -0.18%
Weekly NAV Change ($) -$0.11
Weekly NAV Change (%) -0.96%
Public Offering Price (POP) $11.98

   Historical Prices & Distributions

   
   

Fund Description
Fund Objective 
To provide growth of capital.
 
Investment Approach 
We seek companies with aggressive or creative, yet 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, security size and liquidity.
 
  Morningstar Style Box6

Returns and Expenses1, 2, 3, 4
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 17.80% -2.95% N/A N/A -1.28%
Fund with maximum 5.75% sales charge 11.03% -4.85% N/A N/A -2.98%

  Quarterly Rates of Return

  Average Annual Total Returns
  as of 6/30/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 28.95% -3.22% N/A N/A -1.18%
Fund with maximum 5.75% sales charge 21.53% -5.11% N/A N/A -2.97%
Russell 2000 Growth 17.94% -7.57% 1.11% -1.73% -5.11%
Lipper Small-Cap Growth 19.13% -8.71% 0.23% -0.81% -6.10%

Expense Ratios 
as of 07/31/2010
Net  1.56%
Gross  2.69%

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. Effective 6/30/00, the fund's name changed and its strategy changed to reflect a concentration in small-cap securities.

3. 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.

4. Consider All 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.

Ratings & Rankings
Lipper Rankings
as of 06/30/2010
Category: Small-Cap Growth
  Rank Percentile
1 Year 32/534 6
3 Year 32/469 7

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 06/30/2010
Category: Small Growth
Overall   (out of 666 Small Growth)
3 Year   (out of 666 Small Growth)

Rankings are based on risk-adjusted returns.

Holdings
Portfolio Composition7
(as a % of net assets as of 06/30/2010)
Common Stock 94.0%
Cash 4.0%
Foreign Stock 2.0%
Sector Allocation7
(as a % of equity holdings as of 06/30/2010)
Information Technology 30.9%
Consumer Discretionary 24.8%
Industrials 15.6%
Healthcare 13.2%
Financials 9.5%
Energy 4.2%
Consumer Staples 1.8%
Top 10 Equity Holdings7
(as a % of net assets as of 06/30/2010)
Portfolio Recovery Associates, Inc. 4.3%
MICROS Systems, Inc. 4.3%
Capella Education Company 4.3%
Stratasys, Inc. 4.0%
NuVasive, Inc. 3.3%
Zumiez Inc. 3.0%
Under Armour, Inc., Class A 3.0%
O'Reilly Automotive, Inc. 2.9%
Graco Inc. 2.8%
Volcano Corporation 2.8%
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 Management8
Manager Name Company Name Years in Industry Years with Fund
 Timothy J. Miller, CFA  Ivy Investment Management Company  31  <1

5. 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.

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

7. 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.

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