Waddell & Reed

Fund Detail

Ivy Global Natural Resources Fund
Class A Shares

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Fund Facts
Ticker Symbol IGNAX
CUSIP 465897429
Fund Code 612
Fund Type Specialty Funds
Fund Inception 1/2/1997
Class Inception 1/2/1997
Fiscal Year End March
Dividends Paid December
Fund Assets (as of 7/31/2014) $1.7 bil
Total Equity Holdings (as of 7/31/2014) 67
Total Holdings (as of 7/31/2014) 70
Lipper Category Global Natural Resources Funds
Morningstar Category Mid-Cap Growth
Benchmarks MSCI ACWI IMI ENERGY 55 MATERIALS 45
Daily Prices
as of 8/27/2014
Net Asset Value (NAV) $20.69
NAV Change ($) $0.00
NAV Change (%) 0.00%
Weekly NAV Change ($) $0.30
Weekly NAV Change (%) 1.47%
Public Offering Price (POP) $21.95
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide capital growth and appreciation.

Investment Approach
The Fund uses an equity style that focuses on both growth and value, and uses 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. We target companies that, in our opinion, have strong management and financial positions, and add balance with established low-cost, low-debt producers or positions that are based on anticipated commodity price trends.
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.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns
as of 7/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 10.43% 20.20% -3.89% 5.21% 7.41% 8.99%
Fund with 5.75% sales charge 4.06% 13.27% -5.77% 3.97% 6.78% 8.63%
MSCI ACWI IMI ENERGY 55 MATERIALS 45 7.36% 17.91% 1.69% 9.01% 10.59% N/A
Lipper Global Natural Resources Funds 7.89% 17.63% 0.11% 6.62% 10.20% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 14.14% 26.27% -1.29% 7.46% 8.04% 9.24%
Fund with 5.75% sales charge 7.56% 19.01% -3.22% 6.20% 7.41% 8.87%
Morgan Stanley Commodity Relate 14.04% 29.74% 1.53% 11.90% 11.15% 9.51%
MSCI ACWI IMI ENERGY 55 MATERIALS 45 10.04% 26.89% 2.46% 11.29% 11.00% N/A
Lipper Global Natural Resources Funds 12.44% 29.48% 1.64% 9.10% 10.98% N/A
Expense Ratios
as of 7/31/2014
Net 1.56%
Gross 1.56%
Growth of a $10,000 Investment
through 7/31/2014
 Global Natural Resources A
 MSCI ACWI IMI ENERGY 55 MATERIALS 45

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.

Ratings and Rankings
Lipper Rankings
as of 7/31/2014
Category: Global Natural Resources Funds
  Rank Percentile
1 Year 41 / 150 28
3 Year 104 / 127 82
5 Year 79 / 106 74
10 Year 38 / 40 93

Rankings are based on average annual total returns, but do not consider sales charges.

Morningstar Ratings
as of 7/31/2014
Category: Mid-Cap Growth
Overall (out of 134 Mid-Cap Growth)
3 Year (out of 134 Mid-Cap Growth)
5 Year (out of 108 Mid-Cap Growth)
10 Year (out of 53 Mid-Cap Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 7/31/2014)
Domestic Common Stock 76.96%
Foreign Common Stock 22.29%
Cash and Cash Equivalents 0.75%
Preferred Stock 0.00%
Sector Allocation
(as a % of equity holdings as of 7/31/2014)
Energy 65.2%
Materials 22.0%
Industrials 11.8%
Financials 1.0%
Utilities 0.0%
Country Allocation
(as a % of equity holdings as of 7/31/2014)
United States 77.5%
United Kingdom 8.4%
Canada 7.6%
Switzerland 3.0%
Netherlands 2.3%
Bermuda 1.1%
China 0.0%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2014)
Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide.Halliburton Co. 5.8%
Schlumberger Limited operates as an oilfield services company in the United States and internationally.Schlumberger Ltd. 5.3%
The Dow Chemical Company engages in the manufacture and sale of chemicals, plastic materials, agricultural, and other specialized products and services worldwide.Dow Chemical Co. (The) 3.4%
Rio Tinto Plc is an international business involved in each stage of metal and mineral production. The company produces aluminum, copper, diamonds, coal, iron ore, uranium, gold and industrial minerals (borates, titanium dioxide, salt, talc and zircon).Rio Tinto plc 3.3%
BHP Billiton Plc is a diversified natural resources company that operates worldwide.BHP Billiton plc 3.2%
Weatherford International Ltd. 3.0%
Suncor Energy Inc., together with its subsidiaries, operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, and markets crude oil and natural gas internationally; transports and refines crude oil; markets petroleum and petrochemical products primarily in Canada; markets third-party petroleum products; and engages in energy trading activities. Suncor Energy, Inc. 3.0%
Baker Hughes Incorporated is engaged in the oilfield services industry.Baker Hughes, Inc. 2.9%
Freeport-McMoRan Copper & Gold Inc. (FCX), through its wholly owned subsidiary, Phelps Dodge Corporation (Phelps Dodge) is a copper, gold and molybdenum mining company.Freeport-McMoRan Copper & Gold, Inc., Class B 2.9%
Canadian Pacific Railway Limited, through its subsidiaries, operates as a transcontinental railway providing freight transportation services, logistics solutions, and supply chain expertise in Canada and the United States.Canadian Pacific Railway Ltd. 2.8%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)

Risk Factors: As with any mutual fund, the value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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.

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.

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

Index Description: MSCI ACWI (All Country World Index) 55% Energy and 45% Materials Index is a custom index that is a free float-adjusted market capitalization weighted index that is designed to measure the energy and materials equity market performance of developed and emerging markets. It is not possible to invest directly in an index.

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 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, 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 for Class E shares at 1.27%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

Through July 31, 2016, Ivy Investment Management Company (IICO), the FundÆs investment manager, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary operating expenses, excluding acquired fund fees and expenses, for the FundÆs Class A shares at 0.49%, Class B shares at 1.40%, Class C shares at 1.29%, Class I shares at 0.16%, Class R shares at 0.72% and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

Through July 31, 2016, Ivy Investment Management Company (IICO), the FundÆs investment manager, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary operating expenses, excluding acquired fund fees and expenses, for the FundÆs Class A shares at 0.49%, Class B shares at 1.40%, Class C shares at 1.29%, Class I shares at 0.16%, Class R shares at 0.72% and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

Through July 31, 2016, Ivy Investment Management Company (IICO), the FundÆs investment manager, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, 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 for Class A shares at 1.50% and Class B shares at 2.50%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, Ivy Funds Distributor, Inc. (IFDI), the FundÆs distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the FundÆs transfer agent, have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating e axpenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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

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