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Fund Detail

Ivy Global Natural Resources Fund
Class E Shares

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Fund Facts 
Ticker Symbol
IGNEX
CUSIP
465899409
Fund Code
412
Fund Type
Specialty Funds
Fund Inception
01/02/1997
Class Inception
04/02/2007
Fiscal Year End
March
Dividends Paid
Annually
Net Assets (as of 06/30/2010)
$4.7 bil
Total Holdings (as of 06/30/2010)
114
Turnover Rate (as of 03/31/2010)
112%
Lipper Category
Global Natural Resources
Morningstar Category
Specialty-Natural Resources
Benchmarks
MS Commodities
MSCI AC World IMI 55% Energy and 45% Materials Index

Daily Prices4

Updated 9/8/2010
Net Asset Value (NAV) $17.13
NAV Change ($) $0.15
NAV Change (%) 0.88%
Weekly NAV Change ($) -$0.10
Weekly NAV Change (%) -0.58%
Public Offering Price (POP) $18.18

   Historical Prices & Distributions

   
   

Fund Description
Fund Objective 
To provide long-term growth.
 
Investment Approach 
The Fund's subadvisor uses an equity style that focuses on both growth and value, as well as utilizing both a top-down (the creation of macro-economic models to prepare an outlook for economic and market conditions) and a bottom-up (fundamental, company by company) approach. For individual security selection, the manager maintains models for hundreds of companies worldwide in sectors including integrated energy, chemicals, steel, forest products, base and precious metals, coal and uranium, and agricultural commodities.
 
  Morningstar Style Box5

Returns and Expenses1, 2, 3
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 4.25% -11.33% N/A N/A -6.66%
Fund with maximum 5.75% sales charge -1.74% -13.06% N/A N/A -8.26%

  Quarterly Rates of Return

  Average Annual Total Returns
  as of 6/30/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 4.89% -13.21% N/A N/A -8.72%
Fund with maximum 5.75% sales charge -1.14% -14.91% N/A N/A -10.37%
MS Commodities 15.65% -2.53% 10.50% 12.94% 2.09%
MSCI AC World IMI 55% Energy and 45% Materials Index 13.45% -7.68% 8.01% 9.81% -3.25%
Lipper Global Natural Resources 4.63% -10.57% 5.27% 11.22% -5.70%

Expense Ratios 
as of 07/31/2010
Net  1.27%
Gross  2.55%

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. Morgan Stanley Commodities Index is an unmanaged index comprised of securities that represent the commodities sector of the stock market. It is not possible to invest directly in an index.

3. Consider All Factors. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. 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. Investing in natural resources can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments; and the cost assumed by natural resource companies in complying with environmental and safety regulations. Investing in physical commodities, such as gold, exposes the fund to other risk considerations such as potentially severe price fluctuations over short periods of time. These and other risks are more fully described in the prospectus.

Ratings & Rankings
Lipper Rankings
as of 06/30/2010
Category: Global Natural Resources
  Rank Percentile
1 Year 68/124 55
3 Year 69/88 78

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 06/30/2010
Category: Specialty-Natural Resources
Overall   (out of 100 Specialty-Natural Resources)
3 Year   (out of 100 Specialty-Natural Resources)

Rankings are based on risk-adjusted returns.

Holdings
Portfolio Composition6
(as a % of net assets as of 06/30/2010)
Foreign Stock 49.0%
Common Stock 40.0%
Cash 5.0%
Other Assets 5.0%
Preferred Stock 1.0%
Sector Allocation6
(as a % of equity holdings as of 06/30/2010)
Energy 53.5%
Materials 31.1%
Industrials 8.5%
Utilities 4.6%
Consumer Staples 1.7%
Information Technology 0.5%
Financials 0.4%
Country Allocation6
(as a % of equity holdings as of 06/30/2010)
U.S.A. 43.3%
Canada 14.9%
U.K. 9.4%
Brazil 7.1%
Russia 6.9%
Top 10 Equity Holdings6
(as a % of net assets as of 06/30/2010)
Alpha Natural Resources, Inc. 5.0%
Halliburton Company 3.8%
Randgold Resources Limited, ADR 3.6%
Petrohawk Energy Corporation 3.4%
Canadian Natural Resources Limited 3.4%
Open Joint Stock Company Gazprom, ADR 3.1%
El Paso Corporation 3.1%
Cabot Oil & Gas Corporation 2.7%
Occidental Petroleum Corporation 2.6%
Williams Companies, Inc. (The) 2.3%
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
 Fred Sturm, CFA  Mackenzie Financial Corp. (subadvisor)  28  13

4. 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.

5. The style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

6. 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.