Waddell & Reed

Fund Detail

Ivy Real Estate Securities Fund
Class A Shares

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Fund Facts
Ticker Symbol IRSAX
CUSIP 465898476
Fund Code 648
Fund Type Specialty Funds
Fund Inception 2/25/1999
Class Inception 2/25/1999
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 7/31/2015) $700.0 mil
Total Equity Holdings (as of 7/31/2015) 46
Total Holdings (as of 7/31/2015) 47
Portfolio Turnover Rate (as of 3/31/2015) 48%
Lipper Category Real Estate Funds
Morningstar Category Real Estate
Benchmarks Wilshire US Real Estate Securities Index
Daily Prices
as of 9/3/2015
Net Asset Value (NAV) $26.00
NAV Change ($) $0.07
NAV Change (%) 0.27%
Weekly NAV Change ($) ($0.80)
Weekly NAV Change (%) -2.99%
Public Offering Price (POP) $27.59
Historical Prices & Distributions
Please select a date
Fund Description

Building a foundation for financial goals


Wide exposure
Seeks to provide total return through capital appreciation and current income via publicly traded real estate securities in North America; does not directly invest in real estate.
Investment focus
Investments are diversified by region, property sector and security with a focus on what portfolio managers consider high-quality, well-managed companies.
Disciplined process
A disciplined, bottom-up, fundamental process covers the spectrum of commercial real estate with a focus on risk management using proprietary systems and research.
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 8/31/2015
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -6.02% 1.71% 7.43% 11.29% 5.31% 10.28%
Fund with 5.75% sales charge -11.41% -4.14% 5.33% 9.98% 4.68% 9.88%
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 -5.80% 4.69% 8.20% 12.96% 5.63% 10.40%
Fund with 5.75% sales charge -11.21% -1.35% 6.09% 11.63% 5.00% 10.00%
Wilshire US Real Estate Securities Index -5.35% 5.62% 9.19% 14.73% 6.87% 11.16%
Lipper Real Estate Funds -5.14% 3.96% 8.28% 13.49% 6.32% N/A
Expense Ratios
as of 7/31/2015
Net 1.46%
Gross 1.56%
12-Month Trailing Distribution Yield
as of 7/31/2015
NAV 0.70%
With sales charge 0.66%
Annualized 30-Day SEC Yield
as of 7/31/2015
Subsidized 0.74%
Unsubsidized 0.65%
Growth of a $10,000 Investment
through 8/31/2015

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: Real Estate Funds
  Rank Percentile
1 Year 57 / 259 22
3 Year 82 / 215 38
5 Year 111 / 179 62
10 Year 98 / 128 76

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

Morningstar Ratings
as of 7/31/2015
Category: Real Estate
Overall (out of 232 Real Estate)
3 Year (out of 232 Real Estate)
5 Year (out of 200 Real Estate)
10 Year (out of 151 Real Estate)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 7/31/2015)
Domestic Common Stock 99.24%
Cash and Cash Equivalents 0.76%
Sector Allocation
(as a % of equity holdings as of 7/31/2015)
Financials 97.6%
Information Technology 1.2%
Consumer Discretionary 1.1%
Country Allocation
(as a % of equity holdings as of 7/31/2015)
United States 100.0%
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. 10.15%
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 5.36%
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. 4.97%
AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States.AvalonBay Communities, Inc. 4.63%
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. 4.51%
A publicly held, fully integrated, real estate investment trust (REIT), that invests in apartment communities along the West Coast.Essex Property Trust, Inc. 4.20%
Vornado Realty Trust is a fully integrated real estate investment trust (REIT) and one of the largest owners and managers of real estate in the United States.Vornado Realty Trust 3.98%
Health Care REIT, Inc. is a real estate investment trust engaged in senior housing and health care real estate. Their portfolio of products includes senior housing and health care real estate; senior housing, skilled nursing facilities, medical office buildings and centers, life science facilities. Health Care, Inc. 3.77%
General Growth Properties, Inc. is an integrated, self-managed and self-administered real estate investment trust focused on owning, managing, leasing and redeveloping high-quality regional malls throughout the U.S.General Growth Properties, Inc. 3.10%
Alexandria is the largest and leading office REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters.Alexandria Real Estate Equities, Inc. 3.05%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2015)

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.

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.

The Advantus Real Estate Securities Fund merged into the Ivy Real Estate Securities Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Real Estate Securities Fund Class A shares, restated to reflect current sales charges applicable to Ivy Real Estate Securities Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Real Estate Securities Fund. If these expenses were reflected, performance shown would differ.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2016, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Through July 31, 2016, IICO, 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 Class E shares at 1.45%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Through July 31, 2016, 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.

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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