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Fund Detail

Ivy Real Estate Securities Fund
Class E Shares

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Fund Facts 
Ticker Symbol
IREEX
CUSIP
465899847
Fund Code
448
Fund Type
Specialty Funds
Fund Inception
02/25/1999
Class Inception
04/02/2007
Fiscal Year End
March
Dividends Paid
Quarterly
Net Assets (as of 06/30/2010)
$311.0 mil
Total Holdings (as of 06/30/2010)
69
Turnover Rate (as of 03/31/2010)
72%
Lipper Category
Real Estate
Morningstar Category
Specialty-Real Estate
Benchmark
Wilshire Real Estate Securities

Daily Prices5

Updated 9/8/2010
Net Asset Value (NAV) $17.15
NAV Change ($) $0.04
NAV Change (%) 0.23%
Weekly NAV Change ($) -$0.22
Weekly NAV Change (%) -1.27%
Public Offering Price (POP) $18.20

   Historical Prices & Distributions

   
   

Fund Description
Fund Objective 
To provide total return through a combination of capital appreciation and current income.
 
Investment Approach 
The Fund's subadvisor utilizes a bottom-up fundamental stock-picking approach, which includes consideration of factors such as an issuer's financial condition, financial performance, quality of management, policies and strategies, real estate properties, and competitive market condition.
 
  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 30.20% -6.89% N/A N/A -9.46%
Fund with maximum 5.75% sales charge 22.72% -8.71% N/A N/A -11.02%

  Quarterly Rates of Return

  Average Annual Total Returns
  as of 6/30/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 48.60% -9.73% N/A N/A -11.93%
Fund with maximum 5.75% sales charge 40.06% -11.50% N/A N/A -13.52%
Wilshire Real Estate Securities N/A N/A N/A N/A -12.45%
Lipper Real Estate 51.95% -10.17% -0.76% 8.73% -12.11%

Expense Ratios 
as of 07/31/2010
Net  1.67%
Gross  3.45%

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. 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.

3. Wilshire Real Estate Securities Index is an unmanaged index comprised of securities that represent the real estate securities market. It is not possible to invest directly in an index.

4. Consider All Factors. 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. Real estate securities are subject to interest rate risk and, as such, the net asset value of the fund may fall as interest rates rise. These and other risks are more fully described in the fund's prospectus.

Ratings & Rankings
Lipper Rankings
as of 06/30/2010
Category: Real Estate
  Rank Percentile
1 Year 169/228 74
3 Year 116/207 56

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 06/30/2010
Category: Specialty-Real Estate
Overall   (out of 239 Specialty-Real Estate)
3 Year   (out of 239 Specialty-Real Estate)

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 3.0%
Foreign Stock 2.0%
Preferred Stock 1.0%
Sector Allocation7
(as a % of equity holdings as of 06/30/2010)
Financials 97.9%
Consumer Discretionary 0.9%
Healthcare 0.6%
Telecommunication Services 0.5%
Top 10 Equity Holdings7
(as a % of net assets as of 06/30/2010)
Simon Property Group, Inc. 9.3%
HCP, Inc. 4.6%
Boston Properties, Inc. 4.3%
Equity Residential 4.3%
Public Storage, Inc. 3.9%
Vornado Realty Trust 3.8%
Host Hotels & Resorts, Inc. 3.5%
Digital Realty Trust, Inc. 3.4%
Macerich Company (The) 2.7%
Brookfield Properties Corporation 2.0%
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 Management
Manager Name Company Name Years in Industry Years with Fund
 Joseph R. Betlej, CFA  Advantus Capital Management (subadvisor)  24  11
 Lowell R. Bolken  Advantus Capital Management (subadvisor)  18  4

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.