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Ivy LaSalle Global Real Estate Fund

  • $10.53 NAV as of 2/21/2017
  • ($0.09) / 0.86% Daily NAV Change
  • 2.83% YTD (NAV)

Summary

Get a global perspective on real estate securities

Global allocations
Offers broad exposure to global publicly traded real estate securities.
Equity focus
Seeks to provide total return through long-term capital appreciation and current income; the Fund does not directly invest in real estate.
Process driven
The portfolio managers use top-down and bottom-up analysis in seeking to identify what they believe are mispriced securities across property sectors and countries

Morningstar Style Box

Blend
Large
Source: Morningstar

Portfolio Management

Stanley J Kraska, Jr

  • LaSalle Investment Management Securities
  • 3 Years with Fund
  • 31 Years in Industry
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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.

George J Noon, CFA

  • LaSalle Investment Management Securities
  • 3 Years with Fund
  • 29 Years in Industry
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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.

Lisa Kaufman

  • LaSalle Investment Management Securities
  • 1 Year with Fund
  • 23 Years in Industry
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Lisa Kaufman has 22 years in the industry. She previously was a deputy portfolio manager at LaSalle. Kaufman has an MBA in Finance from Columbia Business School and an AB in Urban Studies and Political Science from Brown University.

Matthew Sgrizzi, CFA

  • LaSalle Investment Management Securities
  • 1 Year with Fund
  • 15 Years in Industry
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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.

Growth of a $10,000 Investment
through 1/31/2017

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 2/21/2017

Net Asset Value (NAV) $10.53
Daily NAV Change ($) ($0.09) 0.86%
Weekly NAV Change ($) $0.11 1.06%
Public Offering Price (POP) $10.53

Fund Facts

Ticker Symbol IREYX
CUSIP 465899292
Fund Code 758
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 1/31/2017) $34.1 mil
Total Equity Holdings (as of 1/31/2017) 79
Total Holdings (as of 1/31/2017) 79
Portfolio Turnover Rate (as of 9/30/2016) 21%
Lipper Category Global Real Estate Funds
Morningstar Category Global Real Estate
Benchmark FTSE EPRA/NAREIT Developed TR USD

Performance

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.

Class Y shares are not subject to sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 1/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV -0.10% 7.25% 5.31% 3.22%
FTSE EPRA/NAREIT Developed TR USD 0.57% 10.28% 7.07% 8.82% 1.81% 4.93%
Lipper Global Real Estate Funds 0.65% 8.49% 5.89% 7.60% 0.75% 5.24%

Quarterly Rates of Return

Average Annual Total Returns as of 12/31/2016
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV 1.85% 1.85% 5.31% 3.32%
Lipper Global Real Estate Funds 2.78% 2.78% 5.43% 9.03% 1.24% 4.99%
FTSE EPRA/NAREIT Developed TR USD 4.99% 4.99% 6.78% 10.33% 2.23% 4.88%

Calendar Year Return

  2012
Class Y 15.14 -0.42 1.85
FTSE EPRA/NAREIT Developed TR USD 4.39 15.89 0.05 4.99

Morningstar Ratings as of 1/31/2017 Morningstar Logo

Category: Global Real Estate
Ratings are based on risk-adjusted returns
Overall out of 186
3 Year out of 186
5 Year out of —
10 Year out of —

Lipper Ranking through 1/31/2017 Lipper Logo

Category: Global Real Estate Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 111/183 61
3 Year 91/135 67
5 Year
10 Year

Expense Ratios as of 1/12/2017

Net 1.47%
Gross 1.86%

5-Year Standard Deviation as of

FTSE EPRA/NAREIT Developed TR USD 12.50

Distributions

Historical Prices Inception 4/1/2013

2/1/2017 $10.17 NO NO
2/2/2017 $10.20 NO NO
2/3/2017 $10.27 NO NO
2/6/2017 $10.26 NO NO
2/7/2017 $10.25 NO NO
2/8/2017 $10.34 NO NO
2/9/2017 $10.37 NO NO
2/10/2017 $10.43 NO NO
2/13/2017 $10.42 NO NO
2/14/2017 $10.39 NO NO
2/15/2017 $10.41 NO NO
2/16/2017 $10.46 NO NO
2/17/2017 $10.44 NO NO
2/21/2017 $10.53 NO NO

Historical Distributions Inception 4/1/2013

12/8/2016 $0.095 Long: $0.000 Short: $0.000 $10.21 12/8/2016
6/16/2016 $0.154 Long: $0.000 Short: $0.000 $10.31 6/16/2016
3/10/2016 $0.03 Long: $0.000 Short: $0.000 $10.1 3/10/2016
12/10/2015 $0.076 Long: $0.122 Short: $0.076 $10.1 12/10/2015
6/11/2015 $0.025 Long: $0.000 Short: $0.000 $10.72 6/11/2015
12/11/2014 $0.164 Long: $0.044 Short: $0.032 $10.65 12/11/2014
6/12/2014 $0.028 Long: $0.000 Short: $0.000 $10.48 6/12/2014
12/12/2013 $0.166 Long: $0.000 Short: $0.000 $9.24 12/12/2013

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

12-Month Trailing Dist. Yield as of 1/31/2017

NAV 2.73%
With Sales Charge 2.73%

Annualized 30-Day SEC Yield as of 1/31/2017

Subsidized - NAV 0.91%
Unsubsidized - NAV 0.62%

Portfolio

Top 10 Equity Holdings as a % of net assets 1/31/2017

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 6.98%
Mitsui Fudosan Co. Ltd. Mitsui Fudosan Co., Ltd. is a real estate owner and developer in Japan. Its main business is the development and ownership of office and retail assets, and also develops and sells residential properties. 4.63%
Equity Residential 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. 4.58%
Sun Hung Kai Properties Ltd. Sun Hung Kai Properties Limited is engaged in holding investments in various subsidiaries. The Company’s segments include property development, property investment, hotel operation, telecommunications and other businesses. 4.43%
Mitsubishi Estate Co. Ltd. Mitsubishi Estate Co., Ltd. is a real estate owner and developer in Japan. The company leases, manages, and develops commercial buildings in central Tokyo, and develops and sells residential properties. 4.33%
Welltower, Inc. Welltower Inc is engaged in the transformation of healthcare infrastructure. The Company invests in seniors housing operators, post-acute providers and health systems to improve people's wellness and overall health care experience. 4.05%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 3.19%
Boston Properties, Inc. 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. 3.18%
Vornado Realty Trust 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. 3.04%
Unibail-Rodamco 2.84%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 1/31/2017

Large 63.3%
Medium 32.1%
Small 4.7%
Median Market Cap (as of 1/31/2017) $5.1 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 1/31/2017

Retail REITs 21.2%
Diversified Real Estate Activities 14.1%
Office REITs 13.4%
Residential REITs 11.6%
Diversified REITs 9.8%
Specialized REITs 9.5%
Real Estate Operating Companies 7.3%
Health Care REITs 5.2%
Industrial REITs 4.9%
Hotel & Resort REITs 3.1%

Sector Allocation
as a % of equity assets as of 1/31/2017

Real Estate 100.00%

Portfolio Composition
as a % of net assets as of 1/31/2017

Domestic Common Stock 54.73%
Foreign Common Stock 44.80%
Cash and Cash Equivalents 0.47%

Equity Country Allocation
as a % of equity assets as of 1/31/2017

United States 55.0%
Japan 12.7%
Hong Kong 7.7%
United Kingdom 6.1%
Australia 5.3%
France 3.5%
Germany 3.0%
Canada 1.6%
Sweden 1.1%
Singapore 1.0%
Spain 1.0%
Switzerland 0.6%
Norway 0.5%
Austria 0.5%
Belgium 0.3%
Netherlands 0.2%

Total Portfolio Holdings

Updated quarterly, upon availability.

Documents

Select a document below to view or download.

Documents

Risk factors. The value of the Fund's shares will change, and you could lose money on your investment. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. Because the Fund invests more than 25% of its total assets in the real estate industry, the Fund may be more susceptible to a single economic, regulatory, or technical occurrence than a fund that does not concentrate its investments in this industry. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The Fund is non-diversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers, and a decline in value of those investments would cause the Fund's overall value to decline greater than that of a more diversified portfolio. 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.

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.

The Ivy Global Real Estate Fund was renamed Ivy LaSalle Global Real Estate Fund on Feb. 1, 2016.

Keith R. Pauley was a portfolio manager on the Fund until Sept. 1, 2016.

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, 2017, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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, IDI, WISC or the Board of Trustees. See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IICO, IDI and/or WISC 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class I shares at 1.05%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, IDI 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 IDI, WISC or the Board of Trustees. See the prospectus for more information.

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. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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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