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 7/31/2015) $62.3 mil
Total Equity Holdings (as of 7/31/2015) 68
Total Holdings (as of 7/31/2015) 69
Portfolio Turnover Rate (as of 3/31/2015) 53%
Lipper Category Global Real Estate Funds
Morningstar Category Global Real Estate
Benchmarks FTSE EPRA/NAREIT Developed TR USD
Daily Prices
as of 8/28/2015
Net Asset Value (NAV) $10.26
NAV Change ($) ($0.05)
NAV Change (%) -0.48%
Weekly NAV Change ($) ($0.27)
Weekly NAV Change (%) -2.56%
Public Offering Price (POP) $10.89
Historical Prices & Distributions
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Fund Description

A risk-aware approach to global real estate securities


Global portfolio
Seeks to provide total return through long-term capital appreciation and current income, primarily investing in global publicly traded real estate equity securities.
Investment focus
Refines the global real estate securities universe to focus on companies thought to have lower leverage, lower business risk or lower-risk property types; does not directly invest in real estate.
Risk-review process
Seek to manage risk using a proprietary risk-review process combined with top-down assessment of global real estate markets and bottom-up analysis of individual 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
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 7/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 1.14% 4.55% N/A N/A N/A 4.96%
Fund with 5.75% sales charge -4.71% -1.47% N/A N/A N/A 2.33%
FTSE EPRA/NAREIT Developed TR USD 0.59% 3.55% 9.44% 11.08% 6.04% 6.21%
Lipper Global Real Estate Funds 0.73% 3.23% 9.00% 9.79% 4.30% 5.58%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 6/30/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -2.84% 0.73% N/A N/A N/A 3.29%
Fund with 5.75% sales charge -8.46% -5.09% N/A N/A N/A 0.61%
FTSE EPRA/NAREIT Developed TR USD -2.78% 0.41% 9.49% 12.37% 6.19% 4.85%
Lipper Global Real Estate Funds -2.00% 0.65% 9.08% 11.26% 4.66% 4.50%
Expense Ratios
as of 7/31/2015
Net 1.51%
Gross 1.83%
12-Month Trailing Distribution Yield
as of 7/31/2015
NAV 2.37%
With sales charge 2.23%
Annualized 30-Day SEC Yield
as of 7/31/2015
Subsidized 0.83%
Unsubsidized 0.62%
Growth of a $10,000 Investment
through 7/31/2015

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 7/31/2015
Category: Global Real Estate Funds
  Rank Percentile
1 Year 27 / 140 20

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

Holdings
Portfolio Composition
(as a % of net assets as of 7/31/2015)
Domestic Common Stock 52.52%
Foreign Common Stock 46.66%
Cash and Cash Equivalents 0.82%
Sector Allocation
(as a % of equity holdings as of 7/31/2015)
Financials 100.0%
Country Allocation
(as a % of equity holdings as of 7/31/2015)
United States 53.0%
Japan 9.2%
United Kingdom 8.9%
Australia 7.5%
Hong Kong 6.3%
Germany 3.9%
France 3.2%
Canada 2.4%
Singapore 1.4%
Netherlands 1.3%
Switzerland 1.0%
Sweden 0.9%
Belgium 0.6%
Jersey 0.4%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2015)
Simon Property Group, Inc. (Simon) is a United States real estate company.Simon Property Group, Inc. 7.93%
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. 4.45%
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 4.42%
AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States.AvalonBay Communities, Inc. 3.98%
Largest REIT in the United Kingdom.Land Securities Group plc 3.62%
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 3.06%
Ventas, Inc., through its subsidiaries, operates as a healthcare real estate investment trust in the United States. It finances, owns, and leases healthcare related and senior housing facilities.Ventas, Inc. 3.02%
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. 2.61%
Camden Property Trust is a real estate investment trust (REIT) engaged in the ownership, management, development, acquisition, and construction of multi-family apartment communities.Camden Property Trust 2.57%
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. 2.56%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2015)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Keith R. Pauley, CFA, is an International Managing Director and CIO of LaSalle Investment Management (Securities). 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 29 2
Stanley J. Kraska, Jr. is an International Managing Director of LaSalle Investment Management (Securities). 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 29 2
George J. Noon, CFA, is an International Managing Director of LaSalle Investment Management (Securities). 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 27 2
Matthew Sgrizzi, CFA, is a Managing Director of LaSalle Investment Management (Securities). Mr. Sgrizzi's responsibilities include managing separate account portfolios of public European property companies and the European portion of LaSalle Securities' global securities portfolio accounts. He graduated from Loyola University Maryland with a B.A. in Finance. Mr. Sgrizzi is a CFA Charterholder.Matthew Sgrizzi, CFA LaSalle Investment Management Securities 13 <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.

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.

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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