IRSAX - IVY REAL ESTATE SECURITIES FD CL: Mutual Fund Quote

Portfolio Statistics
% Unrealized Gain YTD	23.08
Net Assets (Mil $) N/A	274.75
% Turnover N/A	65.00

Fees
% Max Sales Load	5.75
% Min Sales Load	.00
% Max Deferred Load	.00

Expenses
% Max 12b-1 Fee	.25
% Max Management Fee	.90
% Redemption Fee	2.00
% Expense Ratio	1.73

Allocation
Large Growth	.00
Large Value	.00
Small Growth	.00
Small Value	31.19
Foreign Stock	.00
Emerging Market	.00
Precious Metals	.00
Intermediate Bond	18.35
Foreign Bond	.00
High Yield Bond	22.26

Portfolio Information
Composition
As of N/A	% of Net Assets
Stock	95.18
Cash	2.92
Bonds	.00
Preferred	1.74
Convertibles	.00
Foreign Stock	4.85
Foreign Bonds	.00
Hedge	.00
Other	.16

Sector / Country Weightings
As of 12/31/2011	% of Portfolio
Finance	88.09
Other	6.55
Non-Durable	4.15
Technology	.74
Industrial Cyclical	.26
Consumer Durables	.21
N/A	N/A
N/A	N/A
N/A	N/A

Portfolio Holdings
Top Equity Holdings (As of 12/31/2011)	% of Portfolio	Value (Mil$)
SIMON PROPERTY GROUP INC	9.51	38.40
EQUITY RESIDENTIAL	5.56	22.43
BOSTON PROPERTIES INC	4.53	18.28
PROLOGIS	3.74	15.11
VENTAS INC	3.56	14.35
HEALTH CARE REIT INC	3.52	14.20
HCP INC	3.44	13.89
PUBLIC STORAGE	3.32	13.41
AVALONBAY COMMUNITIES INC	3.14	12.66
N/A	N/A	N/A

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Stock Holding Statistics  % of Net Assets
As Of	N/A
Total Issues	62
Avg. P/E	33.62
Avg. P/Book	2.42
Avg. EPS Growth	33.33
Avg. Market Value (Mil $)	11,839

Risk
	3 Year	5 Year	10 Year
Beta	1.07	1.39	1.14
Alpha	7.27	1.52	6.53
R Squared	0.72	0.72	0.55
Std. Dev.	19.69	31.55	24.43
Sharpe	1.58	0.07	3.00

Shareholder Information
Manager	Joseph R. Betlej
Since	02/99
Manager Rating * SEE EXPLANTION	.3
Inception Date	02/25/1999
Shareholders	0
Dividends Paid	Q
Minimum Initial Investment	$500
Minimum Subsequent Investment	$0
IRA Minimum	$0

IRA Available	Y	Check Writing	N	Phone Invest	Y
Phone Exchange	Y	Phone Redeem	Y	Auto Invest	Y
Wire Redeem	Y	Wire Fee	Y	Wire Transfer	Y

Contact Information
Family	Ivy Funds
Address	PO Box 5007 Boca Raton, FL 33431
Phone	800 777-6472