Waddell & Reed

Fund Detail

Delaware Ivy Securian Real Estate Securities Fund
Class E Shares

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Fund Facts
Ticker Symbol IREEX
CUSIP 465899847
Fund Code 2448
Fund Type Specialty Funds
Fund Inception 2/25/1999
Class Inception 4/4/2007
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 12/31/2021) $398.0 mil
Total Equity Holdings (as of 12/31/2021) 48
Total Holdings (as of 12/31/2021) 49
Portfolio Turnover Rate (as of 3/31/2021) 76%
Lipper Category Real Estate Funds
Morningstar Category Real Estate
Benchmarks FTSE NAREIT Equity REITs Index
Daily Prices
Data not available
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.

Class E shares are subject to an initial sales charge of 5.75% 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. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 1/31/2022
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
FTSE NAREIT Equity REITs Index -6.85% 33.29% 11.44% 9.17% 9.90% N/A
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 12/31/2021
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
FTSE NAREIT Equity REITs Index 43.24% 43.24% 18.41% 10.75% 11.38% N/A
Expense Ratios
as of 7/31/2021
Net 1.22%
Gross 1.77%
Holdings
Portfolio Composition
(as a % of net assets as of 12/31/2021)
Domestic Common Stock 98.87%
Cash and Cash Equivalents 1.13%
Sector Allocation
(as a % of equity holdings as of 12/31/2021)
Real Estate 100.0%
Equity Country Allocation
(as a % of equity holdings as of 12/31/2021)
United States 100.0%
Top 10 Equity Holdings
(as a % of net assets as of 12/31/2021)
Prologis, Inc., is a real estate investment trust (REIT) company. The company is engaged in logistics real estate business. The company's segments include Real Estate Operations and Strategic Capital with a focus on markets across the United States, the Americas, Europe and Asia.ProLogis, Inc. 10.02%
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. 6.20%
Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection.Equinix, Inc. 4.86%
Simon Property Group, Inc. (Simon) is a United States real estate company.Simon Property Group, Inc. 4.60%
Digital Realty Trust, Inc., a real estate investment trust (REIT), through its controlling interest in Digital Realty Trust, L.P., engages in the ownership, acquisition, development, redevelopment, and management of technology-related real estate.Digital Realty Trust, Inc. 4.39%
AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States.AvalonBay Communities, Inc. 4.26%
Invitation Homes, Inc. 3.17%
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.Welltower, Inc. 2.81%
A publicly held, fully integrated, real estate investment trust (REIT), that invests in apartment communities along the West Coast.Essex Property Trust, Inc. 2.72%
Duke Realty Corporation owns interests in industrial, office, and medical office properties across the Southeastern, Midwestern, and Southern United States. The Company provides leasing, property and asset management, acquisition, development, construction, build-to-suit, and other related services.Duke Realty Corp. 2.61%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2021)
Top 10 Industry Allocation
(as a % of equity holdings as of 12/31/2021)
Residential REITs 25.1%
Specialized REITs 24.1%
Retail REITs 15.6%
Industrial REITs 15.3%
Office REITs 7.7%
Health Care REITs 5.7%
Hotel & Resort REITs 5.6%
Diversified REITs 0.8%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Lowell Bolken co-manages the Securian AM Real Estate Securities portfolios. His experience in the real estate market includes property management, leasing, negotiating sales and placement of financed debt. Prior to joining Securian AM, Mr. Bolken was at RBC Dain Rauscher from 1997 to 2005, during which time he served as Managing Director. From 1989 until 1997 he was at Reliastar Investment Research, serving as both vice president and portfolio manager during his tenure. Mr. Bolken received a BA in Computer Science from the University of North Dakota in 1985. He earned an MBA in Real Estate and Financial Markets from Columbia University in 1989. He is a CFA® charterholder and a member of the National Association of Real Estate Investment Trusts (NAREIT).Lowell R. Bolken, CFA Securian Asset Management, Inc. (Sub-Adviser) 31 15
Matthew Richmond leads the Securian AM Real Estate Equity team and oversees the management of Securian AM real estate securities and passive equity portfolios. He is the lead portfolio manager for the Securian AM Real Estate Securities portfolios. He joined Securian AM in 2013. Mr. Richmond has been active in the industry since 1994, with a focus on real estate investment trusts (REITs) and private real estate equities throughout his career. Prior to joining Securian, he held several positions at Principal Financial Group, including portfolio manager, equity analyst and acquisitions manager. Mr. Richmond received a BS in Business Administration, Finance from the University of Nebraska and an MBA in Finance from the University of Iowa. He is a member of the National Association of Real Estate Investment Trusts (NAREIT) and serves on the Advisory Board of the University of Wisconsin Applied Real Estate Securities Program.Matthew K. Richmond Securian Asset Management, Inc. (Sub-Adviser) 27 8
Josh Klaetsch provides fundamental and qualitative research on publicly traded real estate companies and related entities for the purpose of recommending purchase and sale of securities. As a member of the Real Estate Securities team, he is responsible for the investment performance of portfolios within the strategy. Mr. Klaetsch received a BA in Economics and Business Management from Luther College. He earned his MBA in Real Estate from the University of Wisconsin. He is a CFA charterholder, a member of the CFA Institute, the CFA Society of Minnesota and the University of Wisconsin Real Estate Alumni Association.Josh Klaetsch Securian Asset Management, Inc. (Sub-Adviser) 15 3

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Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of Delaware Management Company (DMC) to join F. Chace Brundige of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.

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.

Risk factors: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of securities. 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’s Diversifying Sleeve includes fixed-income securities, that are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance. 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.

The Morningstar World Allocation Category compares funds that seek to provide both capital appreciation and income by investing in stocks, bonds, and cash. While these funds may invest globally, most focus on the United States, Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets, and typically have at least 10% of their assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-US stocks or bonds.

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.

Index Description: The FTSE NAREIT Equity REITs Index is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. It is not possible to invest directly in an index.

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.

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 29, 2022, Delaware Management Company (Manager), the Fund’s investment manager, Distributor, 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 E shares at 1.22%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). The Manager has also contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets from July 29, 2021 through July 29, 2022.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

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

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

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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