Ivy Global Natural Resources E Report (IGNEX)

Benchmark	Morningstar Category
S&P North American Natural Resources TR S&P North American Natural Resources TR MPT Benchmark MSCI World NR USD Primary Prospectus Benchmark Morgan Stanley Commodity Relate Secondary Prospectus Benchmark N/A Analyst Assigned Benchmark S&P North American Natural Resources TR Create Custom Benchmark Apply	Natural Resources Natural Resources 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

S&P North American Natural Resources TR

Natural Resources

Asset Allocation

IGNEX

Asset Distribution

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

	Cash	19.39	13.81	33.20	0.00	3.66

	US Stock	46.11	12.43	58.54	81.49	60.78

	Non US Stock	29.37	2.35	31.73	18.51	35.19

	Bond	0.33	0.00	0.33	0.00	0.11

	Other	4.79	0.00	4.79	0.00	0.26

Style Details

IGNEX

Avg Market Cap USD
12,938 mil

Benchmark Market Cap USD
29,464 mil

Category Avg Market Cap USD
15,041 mil

Market Capitalization
Size	% of Portfolio	Benchmark	Category Avg

Giant	15.15	33.93	19.19

Large	49.89	41.61	39.44

Medium	31.57	20.74	32.93

Small	2.75	3.62	7.45

Micro	0.64	0.10	0.98

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*	13.20	13.02	13.69

Price/Book*	1.59	1.54	1.62

Price/Sales*	1.06	1.11	1.13

Price/Cash Flow*	6.39	6.14	6.48

Dividend Yield %*	1.34	2.26	2.28

Long-Term Earnings %	11.31	8.45	11.43

Historical Earnings %	7.33	0.95	9.25

Sales Growth %	5.44	0.85	7.87

Cash-Flow Growth %	6.79	1.77	3.38

Book-Value Growth %	10.61	5.91	7.96

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*		75.49

2012		89.76

2011		85.94

2010		85.34

2009		93.87

Sector Weightings

IGNEX

		% Stocks	Benchmark	Category Avg

	Cyclical

	Basic Materials	29.43	12.92	43.38

	Consumer Cyclical	2.10	4.33	2.38

	Financial Services	0.00	0.00	0.00

	Real Estate	0.00	0.00	0.53


	Sensitive

	Communication Services	0.00	0.00	0.01

	Energy	63.25	82.20	44.47

	Industrials	4.37	0.44	4.01

	Technology	0.00	0.00	0.02


	Defensive

	Consumer Defensive	0.00	0.00	3.46

	Healthcare	0.00	0.00	0.00

	Utilities	0.86	0.11	1.73

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

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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	76.39	96.61	78.66

North America	76.39	96.61	77.14

Latin America	0.00	0.00	1.52

Greater Europe	19.62	3.39	15.55

United Kingdom	10.14	0.86	7.51

Europe Developed	5.82	2.52	6.25

Europe Emerging	0.24	0.00	0.72

Africa/Middle East	3.42	0.00	1.08

Greater Asia	3.98	0.00	5.79

Japan	0.00	0.00	0.83

Australasia	0.52	0.00	3.00

Asia Developed	1.52	0.00	0.65

Asia Emerging	1.95	0.00	1.31


Market Classification

% Developed Markets	94.39	100.00	95.61

% Emerging Markets	5.61	0.00	4.39

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Ivy Global Natural Resources E

Summary

Holdings

Premium Details

Create Custom Benchmark

Asset Allocation

IGNEX

Style Details

IGNEX

Sector Weightings

IGNEX

World Regions

IGNEX