Ivy Asset Strategy R Report (IASRX) | Asset Allocation Summary

Benchmark	Morningstar Category
MSCI World NR USD MSCI World NR USD MPT Benchmark Morningstar Moderate Target Risk Primary Prospectus Benchmark Barclays US Agg Bond TR USD Secondary Prospectus Benchmark Barclays US Treasury 1-3 Yr TR USD Analyst Assigned Benchmark MSCI World NR USD Create Custom Benchmark Apply	World Allocation World Allocation Age 0-6 High Equity Age 0-6 Low Equity Age 0-6 Medium Equity Age 13-18 High Equity Age 13-18 Low Equity Age 13-18 Medium Equity Age 19+ High Equity Age 19+ Low Equity Age 19+ Medium Equity Age 7-12 High Equity Age 7-12 Low Equity Age 7-12 Medium Equity Aggressive Allocation Bank Loan Bear Market China Region Commodities Agriculture Commodities Broad Basket Commodities Energy Commodities Industrial Metals Commodities Miscellaneous Commodities Precious Metals Communications Conservative Allocation Consumer Cyclical Consumer Defensive Convertibles Diversified Emerging Mkts Diversified Pacific/Asia Emerging Markets Bond Equity Energy Equity Precious Metals Europe Stock Financial Foreign Large Blend Foreign Large Growth Foreign Large Value Foreign Small/Mid Blend Foreign Small/Mid Growth Foreign Small/Mid Value Global Real Estate Health High Yield Bond High Yield Muni India Equity Industrials Inflation-Protected Bond Intermediate Government Intermediate-Term Bond Japan Stock Large Blend Large Growth Large Value Latin America Stock Leveraged Net Long Long Government Long-Term Bond Long/Short Equity Managed Futures Market Neutral Mid-Cap Blend Mid-Cap Growth Mid-Cap Value Miscellaneous Region Miscellaneous Sector Moderate Allocation Multialternative Multicurrency Multisector Bond Muni California Intermediate Muni California Long Muni Florida Muni Massachusetts Muni Minnesota Muni National Interm Muni National Long Muni National Short Muni New Jersey Muni New York Intermediate Muni New York Long Muni Ohio Muni Pennsylvania Muni Single State Interm Muni Single State Long Muni Single State Short Natural Res Nontraditional Bond Pacific/Asia ex-Japan Stk Real Estate Retirement Income Short Government Short-Term Bond Single Currency Small Blend Small Growth Small Value Stable Value Static Aggressive Allocation Static Conservative Allocation Static Intermediate Bond Static Large Blend Static Large Growth Static Large Value Static Mid-Cap Equity Static Moderate Allocation Static Money Market Static Non US Equity Static Short-Term Bond Static Small-Cap Equity Static US Government Target Date 2000-2010 Target Date 2011-2015 Target Date 2016-2020 Target Date 2021-2025 Target Date 2026-2030 Target Date 2031-2035 Target Date 2036-2040 Target Date 2041-2045 Target Date 2046-2050 Target Date 2051+ Technology Trading-Inverse Commodities Trading-Inverse Debt Trading-Inverse Equity Trading-Leveraged Commodities Trading-Leveraged Debt Trading-Leveraged Equity Trading-Miscellaneous Ultrashort Bond Utilities Volatility World Allocation World Bond World Stock

Benchmark

Morningstar Category

MSCI World NR USD

World Allocation

Asset Allocation

IASRX

Asset Distribution

	Type	% Net	% Short	% Long	Bench- mark	Cat Avg
As of 03/31/2013

	Cash	19.67	0.17	19.84	0.00	10.82

	US Stock	33.80	0.00	33.80	52.49	28.02

	Non US Stock	30.69	0.00	30.69	47.48	32.39

	Bond	4.98	0.00	4.98	0.00	23.30

	Other	10.86	0.13	11.00	0.02	5.46

Style Details

Avg Market Cap USD
37,743 mil

Benchmark Market Cap USD
43,080 mil

Category Avg Market Cap USD
33,905 mil

Market Capitalization
Size	% of Portfolio	Benchmark	Category Avg

Giant	66.15	52.62	53.02

Large	18.87	34.11	30.62

Medium	13.11	13.20	13.55

Small	1.87	0.07	2.37

Micro	0.00	0.00	0.44

Value & Growth Measures
	Stock Portfolio	Benchmark	Category Avg
As of 03/31/2013 *Forward-looking based on historical data Style and Market Cap Breakdown and Value and Growth Measures are calculated only using the long position holdings of the portfolio.

Price/Prospective Earnings*	13.43	14.30	13.50

Price/Book*	1.98	1.77	1.67

Price/Sales*	1.88	1.13	1.02

Price/Cash Flow*	4.13	6.08	6.02

Dividend Yield %*	1.94	2.59	2.64

Long-Term Earnings %	17.34	9.61	10.49

Historical Earnings %	31.73	-5.41	-6.68

Sales Growth %	-12.89	-13.40	-5.98

Cash-Flow Growth %	-5.95	-18.08	-4.18

Book-Value Growth %	9.23	2.74	-23.29

Ownership Zone

Weighted Average of holdings

75% of fund's stock holdings

Holdings Style

Portfolio Weight%

> 50% 25–50% 10–25% 0–10%

Investment Style History
Year	Style	% Equity
*As of 03/31/2013 Style Box Detail calculations do not include the fund's short positions (if any).

2013*		64.49

2012		78.88

2011		83.22

2010		80.74

2009		78.26

Fixed-Income Style

Fixed-Income Style History
Year	Style	% Bonds
As of 03/31/2013

2013		4.98

2012		2.81

2011	—	0.24

2010	—	0.45

2009	—	1.20

Bond Statistics
Detail	Value
As of 03/31/2013, *As of 03/31/2013

Average Effective Duration (Years)*	1.49

Average Effective Maturity (Years)*	4.79

Average Credit Quality	B

Average Weighted Coupon*	7.25

Average Weighted Price*	100.17

Credit Quality
Type	% Bonds	Benchmark	Category Avg

AAA	0.24	—	47.09

AA	0.02	—	12.84

A	0.00	—	9.56

BBB	0.00	—	16.35

BB	0.03	—	5.69

B	69.00	—	4.46

Below B	7.91	—	0.81

Not Rated	22.80	—	3.20

As of 03/31/2013 Credit Quality is calculated only using the long position holdings of the portfolio.

Sector Weightings

IASRX

Equity Sector
Bond Sector

		% Stocks	Benchmark	Category Avg

	Cyclical

	Basic Materials	0.31	6.15	5.46

	Consumer Cyclical	43.17	10.99	12.73

	Financial Services	20.91	17.90	16.40

	Real Estate	0.00	3.14	2.44


	Sensitive

	Communication Services	0.03	4.84	5.09

	Energy	9.10	9.74	10.00

	Industrials	4.40	10.38	9.61

	Technology	15.83	11.33	12.77


	Defensive

	Consumer Defensive	3.90	10.91	11.20

	Healthcare	2.35	11.12	11.58

	Utilities	0.00	3.49	2.74

As of 03/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Fixed-Income Sectors
Type		% Bonds	Benchmark	Category Avg

	Government	0.96	0.00	23.31

Government		0.00	0.00	18.40

Government-Related		0.96	0.00	4.91


	Corporate	7.81	0.00	14.72


	Securitized	0.06	0.00	6.35

Agency Mortgage-Backed		0.06	0.00	4.17

Non-Agency Residential MBS		0.00	0.00	0.85

Commercial MBS		0.00	0.00	0.20

Asset-Backed		0.00	0.00	1.13

Covered Bond		0.00	0.00	0.00


	Municipal	3.66	0.00	0.27


	Cash & Equivalents	86.76	100.00	40.28


	Other	0.74	0.00	15.06

As of 03/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Coupon Range
Type	% Bonds	Benchmark	Category Avg

0% PIK	0.00	—	16.40

0% to 4%	21.27	0.00	50.09

4% to 6%	0.25	0.00	12.81

6% to 8%	25.58	0.00	10.65

8% to 10%	52.90	0.00	6.74

10% to 12%	0.00	0.00	1.18

More than 12%	0.00	0.00	2.14

As of 03/31/2013 Sector data is calculated only using the long position holdings of the portfolio.

Top 10 Country Breakdown

IASRX

	% Bonds	Benchmark	Category Avg

United States	98.80	—	61.33

Brazil	1.15	—	1.93

Mexico	0.05	—	1.96


As of 03/31/2013 Country breakdown data is calculated only using the long position holdings of the portfolio.

Bond Maturity Breakdown

IASRX

	% Bonds	Benchmark	Category Avg

1 to 3 Years	0.71	—	14.40

3 to 5 Years	25.77	—	13.48

5 to 7 Years	9.19	—	20.95

7 to 10 Years	0.17	—	28.73

10 to 15 Years	3.07	—	4.37

15 to 20 Years	5.42	—	1.90

20 to 30 Years	9.44	—	14.11

Over 30 Years	46.23	—	2.05


As of 03/31/2013

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	% Stocks	Benchmark	Category Avg
As of 03/31/2013 Region breakdown data is calculated by using the long position holdings of the portfolio equity part only.

Americas	52.41	56.87	47.08

North America	52.41	56.86	45.42

Latin America	0.00	0.01	1.66

Greater Europe	9.19	27.72	30.18

United Kingdom	0.02	9.22	9.48

Europe Developed	9.18	18.28	18.68

Europe Emerging	0.00	0.00	1.20

Africa/Middle East	0.00	0.21	0.81

Greater Asia	38.39	15.41	22.74

Japan	0.10	9.36	11.51

Australasia	0.00	3.95	1.76

Asia Developed	26.62	2.03	4.92

Asia Emerging	11.68	0.06	4.55


Market Classification

% Developed Markets	88.32	99.93	91.97

% Emerging Markets	11.68	0.07	8.02

Certain information included herein is derived by Morningstar in part from MSCI’s Index Constituents (the “Index Data”). However, MSCI has not reviewed any information contained herein and does not endorse or express any opinion such information or analysis. Neither MSCI nor any third party involved in or related to the computing or compiling of the Index Data makes any express or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information. None of the Index Data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. All Index Data and any information derived therefrom is for your internal use only and may not be further redistributed or used to create any financial instruments or products or indices.

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Ivy Asset Strategy R

Summary

Holdings

Premium Details

Create Custom Benchmark

Asset Allocation

IASRX

Style Details

IASRX

Sector Weightings

IASRX

Top 10 Country Breakdown

IASRX

Bond Maturity Breakdown

IASRX

World Regions

IASRX