Waddell & Reed

Fund Detail

Ivy Global Risk-Managed Real Estate Fund
Class A Shares

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Fund Facts
Ticker Symbol IVRAX
CUSIP 465899284
Fund Code 657
Fund Type Specialty Funds
Fund Inception 4/1/2013
Class Inception 4/1/2013
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 7/31/2014) $43.3 mil
Total Equity Holdings (as of 7/31/2014) 64
Total Holdings (as of 7/31/2014) 65
Lipper Category Global Real Estate Funds
Morningstar Category Global Real Estate
Benchmarks FTSE EPRA/NAREIT Developed TR USD
Daily Prices
as of 8/29/2014
Net Asset Value (NAV) $10.69
NAV Change ($) $0.02
NAV Change (%) 0.19%
Weekly NAV Change ($) $0.00
Weekly NAV Change (%) 0.00%
Public Offering Price (POP) $11.34
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return through long-term capital appreciation and current income.

Investment Approach
The Fund is a non-diversified fund that invests primarily in equity and equity-related securities issued by global real estate companies. The Fund's investment subadviser, LaSalle Investment Management Securities, seeks to manage risk in the Fund by focusing on companies that they believe have lower leverage, lower business risk and/or lower risk property types when compared to the broader universe of real estate securities.
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 18.34% 20.41% N/A N/A N/A 6.50%
Fund with 5.75% sales charge 11.58% 13.53% N/A N/A N/A 2.14%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 15.57% 11.80% N/A N/A N/A 5.40%
Fund with 5.75% sales charge 8.97% 5.40% N/A N/A N/A 0.51%
FTSE EPRA/NAREIT Developed TR USD 12.21% 14.38% 10.19% 17.41% 9.12% 8.55%
Lipper Global Real Estate Funds 11.70% 13.65% 9.03% 16.34% 7.58% 7.78%
Expense Ratios
as of 7/31/2014
Net 1.51%
Gross 1.65%
12-Month Trailing Distribution Yield
as of 7/31/2014
NAV 1.98%
With sales charge 1.86%
Annualized 30-Day SEC Yield
as of 7/31/2014
Subsidized 0.96%
Unsubsidized 0.52%
Growth of a $10,000 Investment
through 8/31/2014

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 7/31/2014
Category: Global Real Estate Funds
  Rank Percentile
1 Year 78 / 136 57

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

Holdings
Portfolio Composition
(as a % of net assets as of 7/31/2014)
Foreign Common Stock 49.51%
Domestic Common Stock 48.87%
Cash and Cash Equivalents 1.62%
Sector Allocation
(as a % of equity holdings as of 7/31/2014)
Financials 100.0%
Country Allocation
(as a % of equity holdings as of 7/31/2014)
United States 49.7%
Japan 11.1%
Australia 9.4%
France 5.0%
United Kingdom 4.7%
Hong Kong 4.4%
Canada 4.3%
Singapore 3.6%
Germany 2.7%
Bermuda 2.5%
Netherlands 1.0%
Jersey 1.0%
Switzerland 0.7%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2014)
Simon Property Group, Inc. (Simon) is a United States real estate company.Simon Property Group, Inc. 7.1%
AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States.AvalonBay Communities, Inc. 4.6%
Boston Properties, Inc. is an integrated, self-administered and self-managed real estate investment trust. The Company owns and develops office properties in the United States.Boston Properties, Inc. 4.5%
Equity Residential (EQR) is a real estate investment trust (REIT). The Company is focused on the acquisition, development and management of apartment properties in United States markets.Equity Residential 4.0%
Public Storage (the Trust) is a real estate investment trust (REIT). The TrustÆs principal business activities include the acquisition, development, ownership and operation of self-storage facilities.Public Storage, Inc. 3.9%
Scentre Group develops and owns retail real estate properties. The Company is responsible for the development, design, management, leasing, and marketing of its portfolio of Westfield branded shopping centers. Scentre Group owns properties throughout Australia and New Zealand.Scentre Group 3.3%
Nippon Building Fund is a REIT that mainly invests in A and B grade office assets in Tokyo’s Central 5 wards. Nippon Building Fund, Inc. 3.1%
Federal Realty Investment Trust is a U.S. equity real estate investment trust specializing in the ownership, management, development and redevelopment of high-quality retail assets, primarily in metropolitan markets in the Northeast, Mid-Atlantic and California.Federal Realty Investment Trust 2.9%
HCP, Inc. (HCP) is a real estate investment trust (REIT). The Company invests primarily in real estate serving the healthcare industry in the United States.HCP, Inc. 2.6%
Taubman Centers owns regional malls in the U.S. and has headquarters in Bloomfield Hills, MI. The Taubman Asia subsidiary is headquartered in Hong Kong.Taubman Centers, Inc. 2.6%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Stanley J. Kraska, Jr. is an International Managing Director of LaSalle Investment Management (Securities) with twenty-seven years of real estate experience. His responsibilities include portfolio management and overall group management. He is a member of ULI and NAREIT. Mr. Kraska received his B.A. in Engineering Sciences from Dartmouth College and his M.B.A. from the Harvard Business School.Stanley J Kraska, Jr LaSalle Investment Management Securities 28 1
Keith R. Pauley, CFA, is an International Managing Director and CIO of LaSalle Investment Management (Securities) with twenty-six years of real estate experience. Mr. Pauley's responsibilities include portfolio management, research coverage and security analysis. He is an associate member of NAREIT and a CFA charterholder. Mr. Pauley graduated from the University of Maryland with a B.A. in Economics and a M.B.A. in Finance.Keith R Pauley, CFA LaSalle Investment Management Securities 28 1
George J. Noon, CFA, is an International Managing Director of LaSalle Investment Management (Securities) with twenty-four years of investment experience. He is the portfolio manager of Global and Asia Pacific real estate securities programs. He is an associate member of NAREIT and a CFA charterholder. Mr. Noon is a graduate of the Wharton School of the University of Pennsylvania with a B.S. degree in Economics and a major in Finance.George J Noon, CFA LaSalle Investment Management Securities 26 1
Ernst-Jan de Leeuw is a Managing Director of LaSalle Investment Management Securities B.V. and is responsible for managing separate account portfolios of public European property companies. Mr. De Leeuw is a certified EFFAS Financial Analyst. He studied at the University of Berlin and graduated in Business Economics and Econometrics at the University of Groningen.Ernst-Jan de Leeuw LaSalle Investment Management Securities 18 1

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.

Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk.

The FTSE EPRA/NAREIT Developed Index is an unmanaged index that tracks the performance of listed real estate companies and REITs worldwide. 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 the Fund’s Class A shares at 1.51%. 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, 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.

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.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

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.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The Fund is sub-advised by LaSalle Investment Management Securities, LLC, which delegates to its affiliate, LaSalle Investment Management Securities, B.V., for portfolio management responsibilities of Fund assets allocated to European investments. References to LaSalle Investment Management Securities include both entities.

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