UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM N-CSR |
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES |
Investment Company Act file number 811-01028 |
Ivy Funds |
(Exact name of registrant as specified in charter) |
6300 Lamar Avenue, Overland Park, Kansas 66202 |
(Address of principal executive offices) (Zip code) |
Kristen A. Richards |
6300 Lamar Avenue |
Overland Park, Kansas 66202 |
(Name and address of agent for service) |
Registrant's telephone number, including area code: 913-236-2000 |
Date of fiscal year end: March 31 |
Date of reporting period: September 30, 2009 |
ITEM 1. REPORTS TO STOCKHOLDERS. |
Semiannual Report
President's Letter | 3 |
Portfolio Highlights, Illustration of Fund Expenses and Schedule of Investments: | |
Ivy Dividend Opportunities Fund | 4 |
Ivy Micro Cap Growth Fund | 9 |
Ivy Small Cap Value Fund | 13 |
Ivy Value Fund | 17 |
Ivy Managed European/Pacific Fund and Ivy Managed International Opportunities Fund | 21 |
Ivy Cundill Global Value Fund | 24 |
Ivy European Opportunities Fund | 28 |
Ivy International Balanced Fund | 32 |
Ivy International Core Equity Fund | 37 |
Ivy International Growth Fund | 41 |
Ivy Pacific Opportunities Fund | 45 |
Ivy Balanced Fund | 50 |
Ivy Global Natural Resources Fund | 56 |
Ivy Real Estate Securities Fund | 62 |
Ivy Bond Fund | 66 |
Ivy Global Bond Fund | 75 |
Ivy Mortgage Securities Fund | 83 |
Statement of Assets and Liabilities | 90 |
Statement of Operations | 93 |
Statement of Changes in Net Assets | 96 |
Financial Highlights | 102 |
Notes to Financial Statements | 138 |
Renewal of Investment Management Agreement | 170 |
Proxy Voting Information | 174 |
Quarterly Portfolio Schedule Information | 175 |
IRA Disclosure | 176 |
This report is submitted for the general information of the shareholders of Ivy Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current Ivy Funds prospectus and current performance information, including current Lipper ranking information.
Henry J. Herrmann, CFA
In the six months since our last report to you, Americans have witnessed a dramatic reversal in the equity and fixed-income markets. U.S. equities performed strongly, with most indexes posting double-digit returns for the six-month period. Market sectors that benefited markedly from the rally included financials, technology, consumer discretionary and global industrial, as investors flocked to sectors poised to benefit from an economic recovery. In this environment, lower-quality stocks were the market darlings, as they had the most to gain from an improved economic outlook. This trend of riskier securities prevailing over safer issues generally held true across all asset classes.
The S&P 500 Index posted a healthy 34.03 percent gain for the six months ended September 30, 2009. Fixed-income markets, as measured by the Citigroup Broad Investment Grade Index, did well, increasing 4.80 percent for the six months ended September 30, 2009. Numerous government-sponsored bailouts and liquidity programs have lent significant and necessary support to our economy, inflation remains under control and the housing market appears to be stabilizing. Economic indicators such as durable goods orders, capacity utilization and industrial production appear to have found a floor and their prospects are improving. Importantly, consumer and investor confidence have begun to emerge - an important catalyst necessary for a full and robust recovery to occur.
Although many challenges remain, including a still wobbly financial system, painfully high unemployment and battles to be waged in Washington to create fair and effective regulatory reform, we are optimistic that better days are ahead.
As you review this Ivy Funds Semiannual Report, we'd like to underscore the importance of maintaining a long-term perspective. While some market uncertainty, intraday swings, halting economic progress and insecurity about the stability of the American financial system may linger, history suggests to us that successful investing is contingent upon developing a personal financial plan and adhering to it over time. Taking rash action in response to short-term events, no matter how unnerving they may be, is often a recipe for poor investing results.
Economic Snapshot |
9-30-09 | 3-31-09 | ||||||
---|---|---|---|---|---|---|---|
S&P 500 Index | 1057.08 | | 797.87 | | |||
MSCI EAFE Index | 1552.84 | | 1056.23 | | |||
Citigroup Broad Investment Grade Index (annualized yield to maturity) | 3.22 | % | 3.35 | % | |||
U.S. unemployment rate | 9.80 | % | 8.50 | % | |||
30-year fixed mortgage rate | 4.94 | % | 4.85 | % | |||
Oil price per barrel | $70.82 | | $49.66 | | |||
As shown in the Economic Snapshot table above, the U.S. economy has started to stabilize over the course of the previous six months, although unemployment continues to be a concern.
If market uncertainty is making you nervous or you're feeling unsure about your investments, don't go it alone. Contact your financial advisor to review your portfolio and make sure it's appropriately allocated given your goals, investing time frame and tolerance for risk.
As always, we thank you for your continued trust in the Ivy Funds, and we encourage you to share in our optimism for the future.
Respectfully,
Henry J. Herrmann, CFA
President
The opinions expressed in this letter are those of the President of the Funds and are current only through the end of the period of the report, as stated on the cover. The President's views are subject to change at any time, based on market and other conditions, and no forecasts can be guaranteed.
Asset Allocation |
Stocks | 95.12% |
Energy | 19.27% |
Consumer Staples | 16.45% |
Financials | 12.83% |
Information Technology | 12.10% |
Industrials | 11.65% |
Materials | 9.03% |
Consumer Discretionary | 6.48% |
Health Care | 4.63% |
Telecommunication Services | 1.67% |
Utilities | 1.01% |
Cash and Cash Equivalents | 4.88% |
Lipper Rankings |
Category: Lipper Equity Income Funds | Rank | Percentile |
---|---|---|
1 Year | 252/303 | 83 |
3 Year | 82/235 | 35 |
5 Year | 34/185 | 19 |
Top 10 Equity Holdings |
Company | Sector |
---|---|
Schlumberger Limited | Energy |
Microchip Technology Incorporated | Information Technology |
Exxon Mobil Corporation | Energy |
Philip Morris International Inc. | Consumer Staples |
Colgate-Palmolive Company | Consumer Staples |
Lorillard, Inc. | Consumer Staples |
JPMorgan Chase & Co. | Financials |
Deere & Company | Industrials |
Union Pacific Corporation | Industrials |
Halliburton Company | Energy |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The Illustration of Fund Expenses for each Fund is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended September 30, 2009.
The first line for each share class in each table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the tables. These fees apply to Individual Retirement Accounts (IRAs), IRA Rollovers, Roth IRAs, Conversion Roth IRAs, Simplified Employee Pension (SEP), Simple IRAs, Tax-Sheltered Accounts (TSAs), Keogh Plans, Owner Only 401(k) (Exclusive K) Plans and Final Pay Plans. As of the close of the six months covered by the tables, a customer is charged an annual fee of $15 within each plan type. This fee is waived for IRA Rollovers and Conversion Roth IRAs if the customer owns another type of IRA. Coverdell Education Savings Account plans are charged an annual fee of $10 per customer. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the expense tables. Additional fees have the effect of reducing investment returns.
The second line for each share class in each table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,272.50 | 1.45% | $ | 8.29 | |
Class B | $1,000 | $1,265.40 | 2.53% | $ | 14.39 | |
Class C | $1,000 | $1,269.00 | 2.13% | $ | 12.14 | |
Class E | $1,000 | $1,272.60 | 1.37% | $ | 7.84 | |
Class I | $1,000 | $1,274.70 | 0.97% | $ | 5.57 | |
Class Y | $1,000 | $1,274.40 | 1.25% | $ | 7.16 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.78 | 1.45% | $ | 7.36 | |
Class B | $1,000 | $1,012.37 | 2.53% | $ | 12.78 | |
Class C | $1,000 | $1,014.39 | 2.13% | $ | 10.78 | |
Class E | $1,000 | $1,018.22 | 1.37% | $ | 6.96 | |
Class I | $1,000 | $1,020.19 | 0.97% | $ | 4.95 | |
Class Y | $1,000 | $1,018.80 | 1.25% | $ | 6.36 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
COMMON STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Asset Management & Custody Banks - 1.21% | ||||||||
T. Rowe Price Group, Inc. | 64 | $ | 2,945 | |||||
Brewers - 1.82% | ||||||||
Molson Coors Brewing Company, Class B | 91 | 4,449 | ||||||
Communications Equipment - 3.37% | ||||||||
Consolidated Communications Holdings, Inc. | 179 | 2,872 | ||||||
QUALCOMM Incorporated | 119 | 5,364 | ||||||
8,236 | ||||||||
Computer Hardware - 2.06% | ||||||||
Hewlett-Packard Company | 107 | 5,030 | ||||||
Construction & Engineering - 2.23% | ||||||||
Fluor Corporation | 107 | 5,436 | ||||||
Construction & Farm Machinery & Heavy Trucks - 2.33% | ||||||||
Deere & Company | 132 | 5,685 | ||||||
Consumer Finance - 1.93% | ||||||||
Capital One Financial Corporation | 132 | 4,702 | ||||||
Data Processing & Outsourced Services - 1.18% | ||||||||
Visa Inc., Class A | 42 | 2,875 | ||||||
Department Stores - 2.18% | ||||||||
Macy's Inc. | 290 | 5,311 | ||||||
Distillers & Vintners - 1.64% | ||||||||
Diageo plc, ADR | 65 | 4,000 | ||||||
Diversified Banks - 0.97% | ||||||||
U.S. Bancorp | 108 | 2,367 | ||||||
Diversified Chemicals - 1.52% | ||||||||
PPG Industries, Inc. | 64 | 3,705 | ||||||
Diversified Metals & Mining - 1.54% | ||||||||
Rio Tinto plc, ADR | 22 | 3,763 | ||||||
Electrical Components & Equipment - 1.81% | ||||||||
Emerson Electric Co. | 110 | 4,419 | ||||||
Fertilizers & Agricultural Chemicals - 1.86% | ||||||||
Monsanto Company | 59 | 4,551 | ||||||
Health Care Equipment - 2.58% | ||||||||
Baxter International Inc. | 17 | 972 | ||||||
Medtronic, Inc. | 101 | 3,699 | ||||||
Stryker Corporation | 36 | 1,638 | ||||||
6,309 | ||||||||
Home Improvement Retail - 0.89% | ||||||||
Lowe's Companies, Inc. | 103 | 2,165 | ||||||
Homebuilding - 0.91% | ||||||||
D.R. Horton, Inc. | 195 | 2,227 | ||||||
Hotels, Resorts & Cruise Lines - 0.90% | ||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 67 | 2,208 | ||||||
Household Products - 4.11% | ||||||||
Colgate-Palmolive Company | 100 | 7,613 | ||||||
Procter & Gamble Company (The) | 42 | 2,418 | ||||||
10,031 | ||||||||
Industrial Gases - 2.97% | ||||||||
Air Products and Chemicals, Inc. | 61 | 4,768 | ||||||
Praxair, Inc. | 31 | 2,492 | ||||||
7,260 | ||||||||
Industrial Machinery - 1.81% | ||||||||
Illinois Tool Works Inc. | 104 | 4,423 | ||||||
Integrated Oil & Gas - 4.80% | ||||||||
BP p.l.c., ADR | 69 | 3,692 | ||||||
Exxon Mobil Corporation | 117 | 8,030 | ||||||
11,722 | ||||||||
Integrated Telecommunication Services - 1.67% | ||||||||
AT&T Inc. | 151 | 4,084 | ||||||
Multi-Utilities - 1.01% | ||||||||
Dominion Resources, Inc. | 72 | 2,477 | ||||||
Oil & Gas Equipment & Services - 10.22% | ||||||||
Halliburton Company | 202 | 5,481 | ||||||
National Oilwell Varco, Inc. (A) | 90 | 3,867 | ||||||
Schlumberger Limited | 149 | 8,850 | ||||||
Smith International, Inc. | 80 | 2,296 | ||||||
Weatherford International Ltd. (A) | 214 | 4,438 | ||||||
24,932 | ||||||||
Oil & Gas Exploration & Production - 3.31% | ||||||||
Apache Corporation | 52 | 4,757 | ||||||
XTO Energy Inc. | 80 | 3,316 | ||||||
8,073 | ||||||||
Oil & Gas Storage & Transportation - 0.94% | ||||||||
Enbridge Inc. | 59 | 2,295 | ||||||
Other Diversified Financial Services - 4.38% | ||||||||
Bank of America Corporation | 272 | 4,604 | ||||||
JPMorgan Chase & Co. | 139 | 6,109 | ||||||
10,713 | ||||||||
Pharmaceuticals - 2.05% | ||||||||
Abbott Laboratories | 101 | 4,996 | ||||||
Property & Casualty Insurance - 2.86% | ||||||||
ACE Limited | 72 | 3,839 | ||||||
Travelers Companies, Inc. (The) | 64 | 3,153 | ||||||
6,992 | ||||||||
Railroads - 3.47% | ||||||||
Burlington Northern Santa Fe Corporation | 37 | 2,958 | ||||||
Union Pacific Corporation | 95 | 5,513 | ||||||
8,471 | ||||||||
Restaurants - 1.60% | ||||||||
McDonald's Corporation | 68 | 3,898 | ||||||
Semiconductors - 3.63% | ||||||||
Microchip Technology Incorporated | 334 | 8,849 | ||||||
Soft Drinks - 1.83% | ||||||||
Coca-Cola Company (The) | 83 | 4,479 | ||||||
Specialized Finance - 1.48% | ||||||||
CME Group Inc. | 12 | 3,606 | ||||||
Steel - 1.14% | ||||||||
Nucor Corporation | 59 | 2,771 | ||||||
Systems Software - 1.86% | ||||||||
Microsoft Corporation | 175 | 4,541 | ||||||
Tobacco - 7.05% | ||||||||
Altria Group, Inc. | 115 | 2,055 | ||||||
Lorillard, Inc. | 101 | 7,467 | ||||||
Philip Morris International Inc. | 158 | 7,686 | ||||||
17,208 | ||||||||
TOTAL COMMON STOCKS - 95.12% | $ | 232,204 | ||||||
(Cost: $213,652) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper - 5.16% | ||||||||
Clorox Co., | ||||||||
0.220%, 10-13-09 | $ | 1,000 | 1,000 | |||||
Coca-Cola Company (The), | ||||||||
0.140%, 11-9-09 | 4,000 | 3,999 | ||||||
Hewlett-Packard Company, | ||||||||
0.140%, 10-7-09 | 5,000 | 5,000 | ||||||
Sara Lee Corporation, | ||||||||
0.100%, 10-1-09 | 2,601 | 2,601 | ||||||
12,600 | ||||||||
Master Note - 1.29% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (B) | 3,145 | 3,145 | ||||||
TOTAL SHORT-TERM SECURITIES - 6.45% | $ | 15,745 | ||||||
(Cost: $15,745) | ||||||||
TOTAL INVESTMENT SECURITIES - 101.57% | $ | 247,949 | ||||||
(Cost: $229,397) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (1.57%) | (3,843 | ) | ||||||
NET ASSETS - 100.00% | $ | 244,106 | ||||||
(A)No dividends were paid during the preceding 12 months.
(B)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 231,651 | |
Gross unrealized appreciation | 22,143 | ||
Gross unrealized depreciation | (5,845 | ) | |
Net unrealized appreciation | $ | 16,298 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 94.73% |
Information Technology | 30.63% |
Health Care | 29.83% |
Consumer Discretionary | 16.21% |
Industrials | 7.62% |
Energy | 5.91% |
Financials | 1.59% |
Consumer Staples | 1.09% |
Materials | 1.04% |
Utilities | 0.81% |
Cash and Cash Equivalents | 5.27% |
Top 10 Equity Holdings |
Company | Sector |
---|---|
CommVault Systems, Inc. | Information Technology |
Grand Canyon Education, Inc. | Consumer Discretionary |
Omniture, Inc. | Information Technology |
Westport Innovations Inc. | Consumer Discretionary |
True Religion Apparel, Inc. | Consumer Discretionary |
Phase Forward Incorporated | Health Care |
NetLogic Microsystems, Inc. | Information Technology |
NetScout Systems, Inc. | Information Technology |
Questcor Pharmaceuticals, Inc. | Health Care |
Health Grades, Inc. | Health Care |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
---|---|---|---|---|
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,479.00 | 2.69% | $16.73 |
Class B | $1,000 | $1,470.30 | 3.98% | $24.70 |
Class C | $1,000 | $1,473.40 | 3.63% | $22.51 |
Class I | $1,000 | $1,482.10 | 2.38% | $14.77 |
Class Y | $1,000 | $1,480.00 | 2.64% | $16.37 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,011.58 | 2.69% | $13.58 |
Class B | $1,000 | $1,005.10 | 3.98% | $20.05 |
Class C | $1,000 | $1,006.86 | 3.63% | $18.26 |
Class I | $1,000 | $1,013.16 | 2.38% | $11.98 |
Class Y | $1,000 | $1,011.82 | 2.64% | $13.28 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | |||||
---|---|---|---|---|---|---|---|
Advertising - 1.37% | |||||||
MDC Partners Inc., Class A (A) | 38 | $ | 280 | ||||
Apparel Retail - 2.37% | |||||||
Citi Trends Inc. (A) | 11 | 302 | |||||
New York & Company, Inc. (A) | 36 | 182 | |||||
484 | |||||||
Apparel, Accessories & Luxury Goods - 2.92% | |||||||
True Religion Apparel, Inc. (A) | 15 | 388 | |||||
Volcom, Inc. (A) | 13 | 208 | |||||
596 | |||||||
Application Software - 6.10% | |||||||
Blackbaud, Inc. | 8 | 179 | |||||
NetScout Systems, Inc. (A) | 25 | 339 | |||||
OPNET Technologies, Inc. | 8 | 87 | |||||
SolarWinds, Inc. (A) | 6 | 132 | |||||
Ultimate Software Group, Inc. (The) (A) | 10 | 293 | |||||
VanceInfo Technologies Inc. (A) | 11 | 214 | |||||
1,244 | |||||||
Auto Parts & Equipment - 1.92% | |||||||
Westport Innovations Inc. (A) | 31 | 392 | |||||
Biotechnology - 5.66% | |||||||
Allos Therapeutics, Inc. (A) | 43 | 308 | |||||
Dyax Corp. (A) | 35 | 125 | |||||
Idenix Pharmaceuticals, Inc. (A) | 31 | 95 | |||||
InterMune, Inc. (A) | 20 | 315 | |||||
Pharmasset, Inc. (A) | 15 | 311 | |||||
1,154 | |||||||
Broadcasting - 0.66% | |||||||
Global Traffic Network, Inc. (A) | 29 | 135 | |||||
Communications Equipment - 3.20% | |||||||
Aruba Networks, Inc. (A) | 24 | 211 | |||||
Blue Coat Systems, Inc. (A) | 11 | 242 | |||||
Neutral Tandem, Inc. (A) | 9 | 200 | |||||
653 | |||||||
Computer Hardware - 0.73% | |||||||
3PAR Inc. (A) | 14 | 149 | |||||
Computer Storage & Peripherals - 3.33% | |||||||
Compellent Technologies, Inc. (A) | 10 | 182 | |||||
Isilon Systems, Inc. (A) | 45 | 277 | |||||
Netezza Corporation (A) | 20 | 219 | |||||
678 | |||||||
Construction & Engineering - 1.96% | |||||||
MYR Group Inc. (A) | 8 | 160 | |||||
Orion Marine Group, Inc. (A) | 12 | 239 | |||||
399 | |||||||
Construction & Farm Machinery & Heavy Trucks - 0.59% | |||||||
Titan Machinery Inc. (A) | 10 | 120 | |||||
Distributors - 0.99% | |||||||
DXP Enterprises, Inc. (A) | 18 | 202 | |||||
Education Services - 2.48% | |||||||
Grand Canyon Education, Inc. (A) | 28 | 505 | |||||
Electrical Components & Equipment - 1.88% | |||||||
Harbin Electric, Inc. (A) | 12 | 203 | |||||
Powell Industries, Inc. (A) | 1 | 38 | |||||
Ultralife Corporation (A) | 24 | 143 | |||||
384 | |||||||
Electronic Manufacturing Services - 0.79% | |||||||
Maxwell Technologies, Inc. (A) | 9 | 162 | |||||
Gas Utilities - 0.81% | |||||||
China Natural Gas, Inc. (A) | 14 | 166 | |||||
Health Care Equipment - 8.45% | |||||||
ABIOMED, Inc. (A) | 21 | 207 | |||||
Cardiovascular Systems Inc. (A) | 4 | 32 | |||||
Greatbatch, Inc. (A) | 6 | 124 | |||||
MAKO Surgical Corp. (A) | 23 | 197 | |||||
Micrus Endovascular Corporation (A) | 13 | 164 | |||||
NuVasive, Inc. (A) | 6 | 242 | |||||
Quidel Corporation (A) | 14 | 226 | |||||
Somanetics Corporation (A) | 14 | 227 | |||||
Spectranetics Corporation (The) (A) | 48 | 304 | |||||
1,723 | |||||||
Health Care Services - 4.34% | |||||||
American CareSource Holdings, Inc. (A) | 16 | 70 | |||||
American Dental Partners, Inc. (A) | 11 | 160 | |||||
Genoptix, Inc. (A) | 9 | 327 | |||||
Health Grades, Inc. (A) | 66 | 327 | |||||
884 | |||||||
Health Care Supplies - 0.77% | |||||||
Rochester Medical Corporation (A) | 13 | 158 | |||||
Health Care Technology - 1.91% | |||||||
Phase Forward Incorporated (A) | 28 | 389 | |||||
Industrial Machinery - 0.66% | |||||||
SmartHeat, Inc. (A) | 11 | 135 | |||||
Internet Software & Services - 4.38% | |||||||
comScore, Inc. (A) | 11 | 198 | |||||
Constant Contact, Inc. (A) | 12 | 227 | |||||
Omniture, Inc. (A) | 22 | 468 | |||||
893 | |||||||
Investment Banking & Brokerage - 0.67% | |||||||
RiskMetrics Group, Inc. (A) | 9 | 136 | |||||
Life Sciences Tools & Services - 1.78% | |||||||
Bruker Corporation (A) | 17 | 177 | |||||
eResearch Technology, Inc. (A) | 26 | 185 | |||||
362 | |||||||
Managed Health Care - 0.78% | |||||||
Molina Healthcare, Inc. (A) | 8 | 159 | |||||
Movies & Entertainment - 1.45% | |||||||
Rentrak Corporation (A) | 17 | 295 | |||||
Oil & Gas Equipment & Services - 4.65% | |||||||
ENGlobal Corporation (A) | 35 | 145 | |||||
NATCO Group Inc., Class A (A) | 6 | 257 | |||||
Natural Gas Services Group, Inc. (A) | 13 | 231 | |||||
T-3 Energy Services, Inc. (A) | 16 | 315 | |||||
948 | |||||||
Oil & Gas Exploration & Production - 1.26% | |||||||
Brigham Exploration Company (A) | 28 | 257 | |||||
Personal Products - 1.09% | |||||||
China-Biotics, Inc. (A) | 14 | 222 | |||||
Pharmaceuticals - 6.14% | |||||||
Auxilium Pharmaceuticals, Inc. (A) | 8 | 267 | |||||
Biodel Inc. (A) | 17 | 90 | |||||
BioMimetic Therapeutics, Inc. (A) | 10 | 116 | |||||
Obagi Medical Products, Inc. (A) | 24 | 277 | |||||
Questcor Pharmaceuticals, Inc. (A) | 60 | 329 | |||||
SuperGen, Inc. (A) | 65 | 173 | |||||
1,252 | |||||||
Restaurants - 2.05% | |||||||
BJ's Restaurants, Inc. (A) | 10 | 147 | |||||
McCormick & Schmick's Seafood Restaurants, Inc. (A) | 13 | 98 | |||||
Red Robin Gourmet Burgers, Inc. (A) | 8 | 172 | |||||
417 | |||||||
Semiconductors - 7.68% | |||||||
Cavium Networks, Inc. (A) | 10 | 215 | |||||
Diodes Incorporated (A) | 13 | 241 | |||||
Mellanox Technologies, Ltd. (A) | 11 | 180 | |||||
Microtune, Inc. (A) | 56 | 102 | |||||
Monolithic Power Systems, Inc. (A) | 11 | 246 | |||||
NetLogic Microsystems, Inc. (A) | 8 | 369 | |||||
Pericom Semiconductor Corporation (A) | 22 | 212 | |||||
1,565 | |||||||
Specialized Finance - 0.92% | |||||||
Global Consumer Acquisition Corp. (A) | 19 | 188 | |||||
Specialty Chemicals - 1.04% | |||||||
Chemspec International Limited, ADR (A) | 25 | 177 | |||||
Flotek Industries, Inc. (A) | 17 | 35 | |||||
212 | |||||||
Systems Software - 4.42% | |||||||
CommVault Systems, Inc. (A) | 26 | 530 | |||||
DemandTec, Inc. (A) | 21 | 186 | |||||
TeleCommunication Systems, Inc. (A) | 22 | 186 | |||||
902 | |||||||
Trucking - 2.53% | |||||||
Celadon Group, Inc. (A) | 19 | 214 | |||||
Marten Transport, Ltd. (A) | 9 | 159 | |||||
Vitran Corporation Inc., Class A (A) | 16 | 142 | |||||
515 | |||||||
TOTAL COMMON STOCKS - 94.73% | $ | 19,315 | |||||
(Cost: $16,025) | |||||||
SHORT-TERM SECURITIES - 3.81% | Principal | ||||||
Master Note | |||||||
Toyota Motor Credit Corporation, | |||||||
0.139%, 10-1-09 (B) | $ | 776 | $ | 776 | |||
(Cost: $776) | |||||||
TOTAL INVESTMENT SECURITIES - 98.54% | $ | 20,091 | |||||
(Cost: $16,801) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.46% | 298 | ||||||
NET ASSETS - 100.00% | $ | 20,389 | |||||
(A)No dividends were paid during the preceding 12 months.
(B)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
ADR = American Depositary Receipts
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 16,805 | |
Gross unrealized appreciation | 3,553 | ||
Gross unrealized depreciation | (267 | ) | |
Net unrealized appreciation | $ | 3,286 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 94.99% |
Financials | 27.40% |
Information Technology | 20.35% |
Consumer Discretionary | 15.70% |
Industrials | 10.39% |
Materials | 8.30% |
Energy | 4.60% |
Utilities | 3.95% |
Consumer Staples | 3.13% |
Health Care | 1.17% |
Cash and Cash Equivalents | 5.01% |
Lipper Rankings |
Category: Lipper Small-Cap Value Funds | Rank | Percentile |
---|---|---|
1 Year | 61/320 | 20 |
3 Year | 75/277 | 27 |
5 Year | 72/212 | 34 |
10 Year | 48/99 | 48 |
Top 10 Equity Holdings |
Company | Sector |
---|---|
Silgan Holdings Inc. | Materials |
Southwest Gas Corporation | Utilities |
Sybase, Inc. | Information Technology |
American Campus Communities, Inc. | Financials |
BJ's Wholesale Club, Inc. | Consumer Staples |
Liberty Media Corporation, Liberty Capital Series A | Consumer Discretionary |
Sensient Technologies Corporation | Materials |
Celestica Inc. | Information Technology |
Validus Holdings, Ltd. | Financials |
Ralcorp Holdings, Inc. | Consumer Staples |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,305.00 | 1.87% | $ | 10.83 | |
Class B | $1,000 | $1,297.10 | 3.15% | $ | 18.15 | |
Class C | $1,000 | $1,299.50 | 2.66% | $ | 15.29 | |
Class E** | $1,000 | $1,308.90 | 1.29% | $ | 7.50 | |
Class I | $1,000 | $1,310.00 | 1.26% | $ | 7.28 | |
Class Y | $1,000 | $1,308.50 | 1.42% | $ | 8.20 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,015.70 | 1.87% | $ | 9.47 | |
Class B | $1,000 | $1,009.25 | 3.15% | $ | 15.87 | |
Class C | $1,000 | $1,011.74 | 2.66% | $ | 13.38 | |
Class E** | $1,000 | $1,018.61 | 1.29% | $ | 6.56 | |
Class I | $1,000 | $1,018.73 | 1.26% | $ | 6.36 | |
Class Y | $1,000 | $1,017.96 | 1.42% | $ | 7.16 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | |||||
---|---|---|---|---|---|---|---|
Advertising - 0.83% | |||||||
MDC Partners Inc., Class A (A) | 213 | $ | 1,585 | ||||
Aerospace & Defense - 3.35% | |||||||
AAR CORP. (A) | 106 | 2,315 | |||||
BE Aerospace, Inc. (A) | 117 | 2,356 | |||||
Triumph Group, Inc. | 35 | 1,684 | |||||
6,355 | |||||||
Apparel Retail - 1.09% | |||||||
Finish Line, Inc. (The), Class A | 205 | 2,078 | |||||
Apparel, Accessories & Luxury Goods - 2.35% | |||||||
Jones Apparel Group, Inc. | 115 | 2,053 | |||||
Warnaco Group, Inc. (The) (A) | 55 | 2,399 | |||||
4,452 | |||||||
Application Software - 2.20% | |||||||
Quest Software, Inc. (A) | 113 | 1,896 | |||||
TIBCO Software Inc. (A) | 240 | 2,276 | |||||
4,172 | |||||||
Asset Management & Custody Banks - 2.41% | |||||||
Ares Capital Corporation | 236 | 2,596 | |||||
Hercules Technology Growth Capital, Inc. | 202 | 1,983 | |||||
4,579 | |||||||
Auto Parts & Equipment - 2.79% | |||||||
Modine Manufacturing Company | 182 | 1,685 | |||||
Superior Industries International, Inc. | 129 | 1,831 | |||||
Tenneco Automotive Inc. (A) | 136 | 1,777 | |||||
5,293 | |||||||
Broadcasting - 1.61% | |||||||
Liberty Media Corporation, Liberty Capital Series A (A) | 146 | 3,054 | |||||
Casinos & Gaming - 2.96% | |||||||
Bally Technologies, Inc. (A) | 48 | 1,833 | |||||
Pinnacle Entertainment, Inc. (A) | 151 | 1,534 | |||||
WMS Industries Inc. (A) | 51 | 2,263 | |||||
5,630 | |||||||
Commercial Printing - 0.83% | |||||||
Corrections Corporation of America (A) | 69 | 1,572 | |||||
Communications Equipment - 3.42% | |||||||
Avocent Corporation (A) | 134 | 2,713 | |||||
Harmonic Inc. (A) | 293 | 1,957 | |||||
Tellabs, Inc. (A) | 265 | 1,832 | |||||
6,502 | |||||||
Computer Hardware - 0.43% | |||||||
Silicon Graphics, Inc. (A) | 123 | 824 | |||||
Consumer Finance - 0.91% | |||||||
First Cash Financial Services, Inc. (A) | 101 | 1,734 | |||||
Data Processing & Outsourced Services - 1.89% | |||||||
Global Cash Access, Inc. (A) | 226 | 1,655 | |||||
Lender Processing Services, Inc. | 51 | 1,931 | |||||
3,586 | |||||||
Diversified Chemicals - 2.36% | |||||||
Ashland Inc. | 55 | 2,373 | |||||
FMC Corporation | 37 | 2,104 | |||||
4,477 | |||||||
Diversified Metals & Mining - 0.96% | |||||||
Thompson Creek Metals Company Inc. (A) | 151 | 1,827 | |||||
Education Services - 0.98% | |||||||
Lincoln Educational Services Corporation (A) | 81 | 1,856 | |||||
Electric Utilities - 2.13% | |||||||
NV Energy, Inc. | 234 | 2,712 | |||||
Unitil Corporation | 59 | 1,329 | |||||
4,041 | |||||||
Electronic Manufacturing Services - 1.57% | |||||||
Celestica Inc. (A) | 314 | 2,976 | |||||
Fertilizers & Agricultural Chemicals - 1.25% | |||||||
Terra Industries Inc. | 69 | 2,378 | |||||
Gas Utilities - 1.82% | |||||||
Southwest Gas Corporation | 135 | 3,450 | |||||
Gold - 0.26% | |||||||
Red Back Mining Inc. (A)(B) | 43 | 486 | |||||
Health Care Facilities - 1.17% | |||||||
AmSurg Corp. (A) | 105 | 2,223 | |||||
Homebuilding - 1.72% | |||||||
M.D.C. Holdings, Inc. | 66 | 2,293 | |||||
M/I Homes, Inc. (A) | 71 | 965 | |||||
3,258 | |||||||
Hypermarkets & Super Centers - 1.62% | |||||||
BJ's Wholesale Club, Inc. (A) | 85 | 3,064 | |||||
Industrial Machinery - 2.16% | |||||||
Chart Industries, Inc. (A) | 94 | 2,038 | |||||
IDEX Corporation | 74 | 2,068 | |||||
4,106 | |||||||
Investment Banking & Brokerage - 4.27% | |||||||
KBW, Inc. (A) | 88 | 2,841 | |||||
Piper Jaffray Companies (A) | 58 | 2,755 | |||||
Stifel Financial Corp. (A) | 46 | 2,509 | |||||
8,105 | |||||||
Metal & Glass Containers - 1.88% | |||||||
Silgan Holdings Inc. | 68 | 3,573 | |||||
Movies & Entertainment - 1.37% | |||||||
Regal Entertainment Group | 211 | 2,600 | |||||
Office REITs - 2.26% | |||||||
Alexandria Real Estate Equities, Inc. | 41 | 2,212 | |||||
Mack-Cali Realty Corporation | 64 | 2,079 | |||||
4,291 | |||||||
Oil & Gas Exploration & Production - 4.60% | |||||||
American Oil & Gas Inc. (A) | 279 | 549 | |||||
Brigham Exploration Company (A) | 256 | 2,324 | |||||
Cabot Oil & Gas Corporation | 50 | 1,791 | |||||
Comstock Resources, Inc. (A) | 42 | 1,679 | |||||
Whiting Petroleum Corporation (A) | 42 | 2,391 | |||||
8,734 | |||||||
Packaged Foods & Meats - 1.51% | |||||||
Ralcorp Holdings, Inc. (A) | 49 | 2,871 | |||||
Regional Banks - 11.06% | |||||||
Bank of Marin Bancorp | 51 | 1,588 | |||||
Columbia Banking System, Inc. | 107 | 1,764 | |||||
East West Bancorp, Inc. | 261 | 2,167 | |||||
First Horizon National Corporation (A) | 105 | 1,387 | |||||
Glacier Bancorp, Inc. | 106 | 1,576 | |||||
Home BancShares, Inc. | 32 | 708 | |||||
IBERIABANK Corporation | 61 | 2,793 | |||||
Pacific Continental Corporation | 94 | 989 | |||||
PacWest Bancorp | 83 | 1,574 | |||||
Sierra Bancorp | 54 | 645 | |||||
Southwest Bancorp, Inc. | 67 | 934 | |||||
Texas Capital Bancshares, Inc. (A) | 123 | 2,075 | |||||
Wintrust Financial Corporation | 100 | 2,792 | |||||
20,992 | |||||||
Reinsurance - 4.04% | |||||||
Platinum Underwriters Holdings, Ltd. | 55 | 1,960 | |||||
RenaissanceRe Holdings Ltd. | 50 | 2,738 | |||||
Validus Holdings, Ltd. | 115 | 2,972 | |||||
7,670 | |||||||
Residential REITs - 1.63% | |||||||
American Campus Communities, Inc. | 115 | 3,088 | |||||
Security & Alarm Services - 1.43% | |||||||
GEO Group, Inc. (The) (A) | 135 | 2,715 | |||||
Semiconductor Equipment - 1.86% | |||||||
Lam Research Corporation (A) | 52 | 1,787 | |||||
Verigy Ltd. (A) | 151 | 1,751 | |||||
3,538 | |||||||
Semiconductors - 2.52% | |||||||
Applied Micro Circuits Corporation (A) | 97 | 965 | |||||
Atmel Corporation (A) | 519 | 2,175 | |||||
Cirrus Logic, Inc. (A) | 296 | 1,648 | |||||
4,788 | |||||||
Specialty Chemicals - 1.59% | |||||||
Sensient Technologies Corporation | 109 | 3,024 | |||||
Systems Software - 1.69% | |||||||
Sybase, Inc. (A) | 82 | 3,206 | |||||
Technology Distributors - 4.77% | |||||||
Anixter International Inc. (A) | 44 | 1,745 | |||||
Arrow Electronics, Inc. (A) | 74 | 2,069 | |||||
Avnet, Inc. (A) | 97 | 2,527 | |||||
Tech Data Corporation (A) | 65 | 2,705 | |||||
9,046 | |||||||
Thrifts & Mortgage Finance - 0.82% | |||||||
First Niagara Financial Group, Inc. | 126 | 1,556 | |||||
Trucking - 2.62% | |||||||
Arkansas Best Corporation | 46 | 1,374 | |||||
Marten Transport, Ltd. (A) | 116 | 1,978 | |||||
Werner Enterprises, Inc. | 87 | 1,628 | |||||
4,980 | |||||||
TOTAL COMMON STOCKS - 94.99% | $ | 180,335 | |||||
(Cost: $153,107) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper - 2.68% | |||||||
Coca-Cola Company (The), | |||||||
0.140%, 11-9-09 | $ | 2,500 | 2,500 | ||||
Sara Lee Corporation, | |||||||
0.100%, 10-1-09 | 2,579 | 2,579 | |||||
5,079 | |||||||
Master Note - 1.43% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.139%, 10-1-09 (C) | 2,721 | 2,721 | |||||
TOTAL SHORT-TERM SECURITIES - 4.11% | $ | 7,800 | |||||
(Cost: $7,800) | |||||||
TOTAL INVESTMENT SECURITIES - 99.10% | $ | 188,135 | |||||
(Cost: $160,907) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.90% | 1,715 | ||||||
NET ASSETS - 100.00% | $ | 189,850 | |||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Listed on an exchange outside the United States.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
The following acronym is used throughout this schedule:
REIT = Real Estate Investment Trust
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 161,192 | |
Gross unrealized appreciation | 29,361 | ||
Gross unrealized depreciation | (2,418 | ) | |
Net unrealized appreciation | $ | 26,943 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 98.18% |
Financials | 25.14% |
Energy | 19.85% |
Information Technology | 10.52% |
Consumer Staples | 10.40% |
Industrials | 9.47% |
Health Care | 8.34% |
Consumer Discretionary | 7.92% |
Telecommunication Services | 3.48% |
Materials | 3.06% |
Cash and Cash Equivalents | 1.82% |
Lipper Rankings |
Category: Lipper Large-Cap Value Funds | Rank | Percentile |
---|---|---|
1 Year | 33/548 | 7 |
3 Year | 66/479 | 14 |
5 Year | 108/395 | 28 |
10 Year | 148/193 | 77 |
Top 10 Equity Holdings |
Company | Sector |
---|---|
Bank of America Corporation | Financials |
Chevron Corporation | Energy |
Travelers Companies, Inc. (The) | Financials |
McKesson Corporation | Health Care |
Occidental Petroleum Corporation | Energy |
Hewlett-Packard Company | Information Technology |
AT&T Inc. | Telecommunication Services |
CVS Corporation | Consumer Staples |
Lowe's Companies, Inc. | Consumer Discretionary |
Union Pacific Corporation | Industrials |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,405.80 | 1.97% | $ | 11.91 | |
Class B | $1,000 | $1,393.70 | 3.64% | $ | 21.78 | |
Class C | $1,000 | $1,397.60 | 3.01% | $ | 18.10 | |
Class E** | $1,000 | $1,410.60 | 1.31% | $ | 7.95 | |
Class I | $1,000 | $1,411.50 | 1.18% | $ | 7.11 | |
Class Y | $1,000 | $1,407.30 | 1.63% | $ | 9.87 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,015.18 | 1.97% | $ | 9.98 | |
Class B | $1,000 | $1,006.84 | 3.64% | $ | 18.26 | |
Class C | $1,000 | $1,009.98 | 3.01% | $ | 15.18 | |
Class E** | $1,000 | $1,018.50 | 1.31% | $ | 6.66 | |
Class I | $1,000 | $1,019.15 | 1.18% | $ | 5.96 | |
Class Y | $1,000 | $1,016.92 | 1.63% | $ | 8.27 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Aerospace & Defense - 2.66% | ||||||||
Honeywell International Inc. | 12 | $ | 435 | |||||
Raytheon Company | 20 | 978 | ||||||
1,413 | ||||||||
Airlines - 0.71% | ||||||||
Delta Air Lines, Inc. (A) | 42 | 376 | ||||||
Brewers - 3.02% | ||||||||
Molson Coors Brewing Company, Class B | 33 | 1,602 | ||||||
Communications Equipment - 2.47% | ||||||||
Nokia Corporation, Series A, ADR | 90 | 1,313 | ||||||
Computer Hardware - 4.95% | ||||||||
Hewlett-Packard Company | 46 | 2,163 | ||||||
International Business Machines Corporation (B) | 4 | 466 | ||||||
2,629 | ||||||||
Consumer Finance - 2.19% | ||||||||
Capital One Financial Corporation | 33 | 1,165 | ||||||
Department Stores - 2.53% | ||||||||
Macy's Inc. | 73 | 1,341 | ||||||
Diversified Chemicals - 2.24% | ||||||||
Dow Chemical Company (The) | 14 | 373 | ||||||
Solutia Inc. (A) | 71 | 817 | ||||||
1,190 | ||||||||
Drug Retail - 3.40% | ||||||||
CVS Corporation | 51 | 1,805 | ||||||
Health Care Distributors - 6.44% | ||||||||
AmerisourceBergen Corporation | 47 | 1,059 | ||||||
McKesson Corporation | 40 | 2,358 | ||||||
3,417 | ||||||||
Home Improvement Retail - 3.26% | ||||||||
Lowe's Companies, Inc. | 83 | 1,737 | ||||||
Hotels, Resorts & Cruise Lines - 1.05% | ||||||||
Carnival Corporation | 17 | 556 | ||||||
Industrial Conglomerates - 0.86% | ||||||||
Textron Inc. (B) | 24 | 459 | ||||||
Industrial Machinery - 2.22% | ||||||||
Illinois Tool Works Inc. | 28 | 1,178 | ||||||
Integrated Oil & Gas - 13.73% | ||||||||
Chevron Corporation | 34 | 2,416 | ||||||
Exxon Mobil Corporation | 9 | 632 | ||||||
Marathon Oil Corporation | 39 | 1,247 | ||||||
Occidental Petroleum Corporation | 29 | 2,234 | ||||||
Targa Resources Partners LP | 41 | 762 | ||||||
7,291 | ||||||||
Integrated Telecommunication Services - 3.48% | ||||||||
AT&T Inc. | 68 | 1,847 | ||||||
Investment Banking & Brokerage - 2.58% | ||||||||
Morgan Stanley | 44 | 1,368 | ||||||
IT Consulting & Other Services - 0.24% | ||||||||
Accenture plc, Class A | 3 | 127 | ||||||
Managed Health Care - 1.48% | ||||||||
UnitedHealth Group Incorporated | 31 | 786 | ||||||
Metal & Glass Containers - 0.82% | ||||||||
Pactiv Corporation (A) | 17 | 435 | ||||||
Mortgage REITs - 1.38% | ||||||||
Annaly Capital Management, Inc. (B) | 40 | 733 | ||||||
Office Electronics - 2.17% | ||||||||
Xerox Corporation (B) | 149 | 1,151 | ||||||
Oil & Gas Storage & Transportation - 6.12% | ||||||||
Copano Energy, L.L.C. (B) | 11 | 207 | ||||||
Energy Transfer Equity, L.P. | 28 | 795 | ||||||
Enterprise Products Partners L.P. | 37 | 1,035 | ||||||
MarkWest Energy Partners, L.P. | 25 | 586 | ||||||
Regency Energy Partners LP | 32 | 629 | ||||||
3,252 | ||||||||
Other Diversified Financial Services - 5.33% | ||||||||
Bank of America Corporation (B) | 167 | 2,831 | ||||||
Pharmaceuticals - 0.42% | ||||||||
Johnson & Johnson | 4 | 225 | ||||||
Property & Casualty Insurance - 7.52% | ||||||||
ACE Limited | 30 | 1,593 | ||||||
Travelers Companies, Inc. (The) | 49 | 2,400 | ||||||
3,993 | ||||||||
Railroads - 3.02% | ||||||||
Union Pacific Corporation | 28 | 1,605 | ||||||
Regional Banks - 3.54% | ||||||||
PNC Financial Services Group, Inc. (The) | 29 | 1,395 | ||||||
Zions Bancorporation | 27 | 487 | ||||||
1,882 | ||||||||
Reinsurance - 2.60% | ||||||||
Everest Re Group, Ltd. | 7 | 596 | ||||||
RenaissanceRe Holdings Ltd. | 14 | 783 | ||||||
1,379 | ||||||||
Specialty Stores - 1.08% | ||||||||
Office Depot, Inc. (A)(B) | 86 | 571 | ||||||
Systems Software - 0.69% | ||||||||
Symantec Corporation (A) | 22 | 367 | ||||||
Tobacco - 3.98% | ||||||||
Altria Group, Inc. | 39 | 698 | ||||||
Lorillard, Inc. | 12 | 892 | ||||||
Philip Morris International Inc. | 11 | 526 | ||||||
2,116 | ||||||||
TOTAL COMMON STOCKS - 98.18% | $ | 52,140 | ||||||
(Cost: $46,873) | ||||||||
SHORT-TERM SECURITIES - 2.97% | Principal | |||||||
Master Note | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (C) | $ | 1,577 | $ | 1,577 | ||||
(Cost: $1,577) | ||||||||
TOTAL INVESTMENT SECURITIES - 101.15% | $ | 53,717 | ||||||
(Cost: $48,450) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (1.15%) | (613 | ) | ||||||
NET ASSETS - 100.00% | $ | 53,104 | ||||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Securities serve as cover or collateral for the following written options outstanding at September 30, 2009:
Underlying Security | Counterparty | Contracts Subject to Call | Expiration Month | Exercise Price | Premium Received | Market Value | |||||||
Bank of America Corporation | UBS Securities LLC | --* | November 2009 | $20.00 | $ | 15 | $ | (8) | |||||
Copano Energy, L.L.C. | UBS Securities LLC | --* | November 2009 | 17.50 | 3 | (13) | |||||||
International Business Machines Corporation | Morgan Stanley Smith Barney | --* | October 2009 | 125.00 | 6 | (3) | |||||||
Textron Inc. | UBS Securities LLC | --* | December 2009 | 24.00 | 12 | (14) | |||||||
$ | 36 | $ | (38) |
Underlying Security | Counterparty | Contracts Subject to Put | Expiration Month | Exercise Price | Premium Received | Market Value | |||||||
Energy Transfer Equity, L.P.: | Morgan Stanley Smith Barney | --* | October 2009 | $22.50 | $ | 3 | $ | --* | |||||
Morgan Stanley Smith Barney | --* | October 2009 | 25.00 | 2 | (1) | ||||||||
Johnson & Johnson | Morgan Stanley Smith Barney | --* | October 2009 | 55.00 | 4 | --* | |||||||
Lowe's Companies, Inc. | UBS Securities LLC | --* | October 2009 | 17.50 | 2 | --* | |||||||
Morgan Stanley | UBS Securities LLC | --* | October 2009 | 22.00 | 3 | --* | |||||||
Nokia Corporation, Series A, ADR | Goldman, Sachs & Company | --* | October 2009 | 11.00 | 3 | --* | |||||||
Textron Inc. | UBS Securities LLC | --* | December 2009 | 14.00 | 13 | (12) | |||||||
$ | 30 | $ | (13) |
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipt
REIT = Real Estate Investment Trust
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 49,065 | |
Gross unrealized appreciation | 7,801 | ||
Gross unrealized depreciation | (3,149 | ) | |
Net unrealized appreciation | $ | 4,652 |
See Accompanying Notes to Financial Statements.
Ivy Managed European/Pacific Fund |
Ivy Pacific Opportunities Fund, Class I | 78.79% |
Ivy European Opportunities Fund, Class I | 21.10% |
Cash and Cash Equivalents | 0.11% |
Ivy Managed International Opportunities Fund |
Ivy International Core Equity Fund, Class I | 25.41% |
Ivy International Balanced Fund, Class I | 25.08% |
Ivy International Growth Fund, Class I | 19.93% |
Ivy Pacific Opportunities Fund, Class I | 19.19% |
Ivy European Opportunities Fund, Class I | 10.28% |
Cash and Cash Equivalents | 0.11% |
Ivy Managed European/Pacific Fund |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,520.40 | 0.78% | $ | 4.91 | |
Class B | $1,000 | $1,518.50 | 1.81% | $ | 11.46 | |
Class C | $1,000 | $1,519.50 | 1.53% | $ | 9.70 | |
Class E** | $1,000 | $1,521.40 | 0.52% | $ | 3.28 | |
Class I | $1,000 | $1,522.40 | 0.27% | $ | 1.77 | |
Class Y | $1,000 | $1,521.40 | 0.67% | $ | 4.29 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,021.15 | 0.78% | $ | 3.94 | |
Class B | $1,000 | $1,016.01 | 1.81% | $ | 9.17 | |
Class C | $1,000 | $1,017.39 | 1.53% | $ | 7.77 | |
Class E** | $1,000 | $1,022.44 | 0.52% | $ | 2.63 | |
Class I | $1,000 | $1,023.70 | 0.27% | $ | 1.42 | |
Class Y | $1,000 | $1,021.70 | 0.67% | $ | 3.44 |
Ivy Managed International Opportunities Fund |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
---|---|---|---|---|
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,448.40 | 0.62% | $3.80 |
Class B | $1,000 | $1,445.40 | 1.56% | $9.54 |
Class C | $1,000 | $1,447.20 | 1.40% | $8.57 |
Class E** | $1,000 | $1,450.20 | 0.44% | $2.70 |
Class I | $1,000 | $1,451.20 | 0.18% | $1.10 |
Class Y | $1,000 | $1,449.20 | 0.61% | $3.80 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,021.96 | 0.62% | $3.13 |
Class B | $1,000 | $1,017.25 | 1.56% | $7.87 |
Class C | $1,000 | $1,018.04 | 1.40% | $7.06 |
Class E** | $1,000 | $1,022.87 | 0.44% | $2.23 |
Class I | $1,000 | $1,024.15 | 0.18% | $0.91 |
Class Y | $1,000 | $1,021.99 | 0.61% | $3.13 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the tables), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
Ivy Managed European/Pacific Fund | |||||||
---|---|---|---|---|---|---|---|
AFFILIATED MUTUAL FUNDS | Shares | Value | |||||
Ivy European Opportunities Fund, Class I | 660 | $ | 14,437 | ||||
Ivy Pacific Opportunities Fund, Class I | 3,781 | 53,916 | |||||
TOTAL AFFILIATED MUTUAL FUNDS - 99.89% | $ | 68,353 | |||||
(Cost: $65,104) | |||||||
SHORT-TERM SECURITIES - 0.04% | Principal | ||||||
Master Note | |||||||
Toyota Motor Credit Corporation, | |||||||
0.139%, 10-1-09 (A) | $30 | $ | 30 | ||||
(Cost: $30) | |||||||
TOTAL INVESTMENT SECURITIES - 99.93% | $ | 68,383 | |||||
(Cost: $65,134) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.07% | 43 | ||||||
NET ASSETS - 100.00% | $ | 68,426 | |||||
Notes to Schedule of Investments
(A)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 70,843 | |
Gross unrealized appreciation | 756 | ||
Gross unrealized depreciation | (3,216 | ) | |
Net unrealized depreciation | $ | (2,460 | ) |
Ivy Managed International Opportunities Fund | ||||||||
---|---|---|---|---|---|---|---|---|
AFFILIATED MUTUAL FUNDS | Shares | Value | ||||||
Ivy European Opportunities Fund, Class I | 659 | $ | 14,406 | |||||
Ivy International Balanced Fund, Class I | 2,656 | 35,164 | ||||||
Ivy International Core Equity Fund, Class I | 2,460 | 35,626 | ||||||
Ivy International Growth Fund, Class I | 1,002 | 27,947 | ||||||
Ivy Pacific Opportunities Fund, Class I | 1,887 | 26,904 | ||||||
TOTAL AFFILIATED MUTUAL FUNDS - 99.89% | $ | 140,047 | ||||||
(Cost: $148,020) | ||||||||
SHORT-TERM SECURITIES - 0.20% | Principal | |||||||
Master Note | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (A) | $277 | $ | 277 | |||||
(Cost: $277) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.09% | $ | 140,324 | ||||||
(Cost: $148,297) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.09%) | (125 | ) | ||||||
NET ASSETS - 100.00% | $ | 140,199 | ||||||
Notes to Schedule of Investments
(A)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 155,638 | |
Gross unrealized appreciation | 699 | ||
Gross unrealized depreciation | (16,013 | ) | |
Net unrealized depreciation | $ | (15,314 | ) |
Asset Allocation |
Stocks | 96.39% |
Financials | 29.59% |
Consumer Discretionary | 19.55% |
Information Technology | 13.26% |
Consumer Staples | 12.89% |
Telecommunication Services | 7.25% |
Industrials | 5.09% |
Materials | 4.48% |
Health Care | 4.28% |
Cash and Cash Equivalents | 3.61% |
Lipper Rankings |
Category: Lipper Global Small-/Mid-Cap Funds | Rank | Percentile |
---|---|---|
1 Year | 49/73 | 67 |
3 Year | 37/57 | 64 |
5 Year | 43/54 | 79 |
Country Weightings |
North America | 42.81% |
United States | 37.48% |
Canada | 5.33% |
Pacific Basin | 28.47% |
Japan | 14.31% |
South Korea | 8.01% |
Hong Kong | 4.06% |
Other Pacific Basin(1) | 2.09% |
Europe | 25.11% |
Italy | 15.23% |
Germany | 8.69% |
Other Europe(2) | 1.19% |
Cash and Cash Equivalents | 3.61% |
(1)Includes 2.09% Thailand.
(2)Includes 1.19% Spain.
Top 10 Equity Holdings |
Company | Country | Sector | Industry |
---|---|---|---|
Fairfax Financial Holdings Limited | Canada | Financials | Multi-Line Insurance |
Liberty Media Corporation, Series A Liberty Entertainment | United States | Consumer Discretionary | Cable & Satellite |
Munchener Ruckversicherungs- Gesellschaft Aktiengesellschaft, Registered Shares | Germany | Financials | Insurance Brokers |
FedEx Corporation | United States | Industrials | Air Freight & Logistics |
Microsoft Corporation | United States | Information Technology | Systems Software |
Mediaset S.p.A. | Italy | Consumer Discretionary | Broadcasting |
Viacom Inc., Class B | United States | Consumer Discretionary | Movies & Entertainment |
Dell Inc. | United States | Information Technology | Computer Hardware |
Samsung Electronics Co., Ltd. | South Korea | Information Technology | Semiconductors |
Pfizer Inc. | United States | Health Care | Pharmaceuticals |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,370.80 | 1.89% | $ | 11.26 | |
Class B | $1,000 | $1,363.40 | 2.91% | $ | 17.25 | |
Class C | $1,000 | $1,366.30 | 2.51% | $ | 14.91 | |
Class E | $1,000 | $1,373.10 | 1.59% | $ | 9.49 | |
Class I | $1,000 | $1,375.00 | 1.33% | $ | 7.96 | |
Class Y | $1,000 | $1,376.50 | 1.21% | $ | 7.13 | |
Advisor Class** | $1,000 | $1,376.20 | 1.20% | $ | 7.13 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,015.57 | 1.89% | $ | 9.57 | |
Class B | $1,000 | $1,010.46 | 2.91% | $ | 14.68 | |
Class C | $1,000 | $1,012.47 | 2.51% | $ | 12.68 | |
Class E | $1,000 | $1,017.11 | 1.59% | $ | 8.07 | |
Class I | $1,000 | $1,018.41 | 1.33% | $ | 6.76 | |
Class Y | $1,000 | $1,019.02 | 1.21% | $ | 6.06 | |
Advisor Class** | $1,000 | $1,019.04 | 1.20% | $ | 6.06 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | |||||
---|---|---|---|---|---|---|---|
Canada - 5.33% | |||||||
Fairfax Financial Holdings Limited (A) | 49 | $ | 18,203 | ||||
Germany - 8.69% | |||||||
Deutsche Telekom AG, Registered Shares (A) | 887 | 12,138 | |||||
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft, Registered Shares (A) | 109 | 17,513 | |||||
29,651 | |||||||
Hong Kong - 4.06% | |||||||
First Pacific Company Limited (A) | 20,691 | 13,856 | |||||
Italy - 15.23% | |||||||
EXOR S.p.A. (A) | 740 | 13,699 | |||||
Italmobiliare S.p.A., Non-Convertible Savings Shares (A) | 273 | 8,628 | |||||
Mediaset S.p.A. (A) | 2,189 | 15,314 | |||||
Parmalat SpA (A) | 5,178 | 14,312 | |||||
51,953 | |||||||
Japan - 14.31% | |||||||
Daiwa Securities Group Inc. (A) | 597 | 3,079 | |||||
FamilyMart Co., Ltd. | 323 | 10,399 | |||||
Kirin Brewery Company, Limited (A) | 792 | 12,141 | |||||
NIPPONKOA Insurance Company, Limited (A) | 799 | 5,002 | |||||
Sega Sammy Holdings Inc. (A) | 963 | 12,526 | |||||
Sekisui House, Ltd. (A) | 630 | 5,685 | |||||
48,832 | |||||||
South Korea - 3.69% | |||||||
SK Telecom Co., Ltd. (A) | 67 | 10,308 | |||||
SK Telecom Co., Ltd., ADR | 131 | 2,284 | |||||
12,592 | |||||||
Spain - 1.19% | |||||||
Corporacion Financiera Alba, S.A. (A) | 71 | 4,075 | |||||
Thailand - 2.09% | |||||||
Thai Beverage Public Company Limited (A) | 40,262 | 7,145 | |||||
United States - 37.48% | |||||||
Dell Inc. (B) | 983 | 14,994 | |||||
FedEx Corporation | 231 | 17,346 | |||||
Liberty Media Corporation, Series A Liberty Entertainment (B) | 573 | 17,836 | |||||
Louisiana-Pacific Corporation (B) | 1,000 | 6,670 | |||||
Microsoft Corporation | 599 | 15,498 | |||||
Montpelier Re Holdings Ltd. | 695 | 11,339 | |||||
Pfizer Inc. | 882 | 14,595 | |||||
U.S. Bancorp | 653 | 14,277 | |||||
Viacom Inc., Class B (B) | 546 | 15,299 | |||||
127,854 | |||||||
TOTAL COMMON STOCKS - 92.07% | $ | 314,161 | |||||
(Cost: $288,541) | |||||||
PREFERRED STOCKS - 4.32% | |||||||
South Korea | |||||||
Samsung Electronics Co., Ltd. (A) | 35 | $ | 14,748 | ||||
(Cost: $15,019) | |||||||
SHORT-TERM SECURITIES - 2.47% | Principal | ||||||
Repurchase Agreements | |||||||
J.P. Morgan Securities, Inc., Repurchase Agreement dated 9-30-09 to be repurchased at $8,423, | |||||||
0.010%, 10-1-09 (C) | $ | 8,423 | $ | 8,423 | |||
(Cost: $8,423) | |||||||
TOTAL INVESTMENT SECURITIES - 98.86% | $ | 337,332 | |||||
(Cost: $311,983) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.14% | 3,873 | ||||||
NET ASSETS - 100.00% | $ | 341,205 | |||||
Notes to Schedule of Investments
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||
Sell | Euro | Scotia Capital Inc. (USA) | 7,473 | 10-23-09 | $ | -- | $ | 1,033 | |||
Sell | Euro | Scotia Capital Inc. (USA) | 24,578 | 12-11-09 | 132 | -- | |||||
Sell | Euro | State Street Global Markets | 18,533 | 12-18-09 | 96 | -- | |||||
Sell | Japanese Yen | Toronto-Dominion Bank (The) | 4,187,999 | 10-23-09 | -- | 4,517 | |||||
Sell | Singapore Dollar | Scotia Capital Inc. (USA) | 9,028 | 10-23-09 | -- | 353 | |||||
Sell | South Korean Won | Toronto-Dominion Bank (The) | 15,477,423 | 11-20-09 | -- | 390 | |||||
Sell | South Korean Won | Royal Bank of Canada | 11,854,077 | 12- 4-09 | -- | 387 | |||||
$ | 228 | $ | 6,680 |
(B)No dividends were paid during the preceding 12 months.
(C)Collateralized by $5,987 United States Treasury Bond, 7.500% due 11-15-24; market value and accrued interest aggregate $8,607.
ADR = American Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Financials | 29.59% |
Consumer Discretionary | 19.55% |
Information Technology | 13.26% |
Consumer Staples | 12.89% |
Telecommunication Services | 7.25% |
Industrials | 5.09% |
Materials | 4.48% |
Health Care | 4.28% |
Other+ | 3.61% |
+Includes cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 312,022 | |
Gross unrealized appreciation | 58,890 | ||
Gross unrealized depreciation | (33,580 | ) | |
Net unrealized appreciation | $ | 25,310 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 96.19% |
Financials | 21.95% |
Health Care | 12.24% |
Materials | 12.21% |
Consumer Staples | 11.06% |
Energy | 10.05% |
Industrials | 8.25% |
Telecommunication Services | 8.12% |
Consumer Discretionary | 7.88% |
Information Technology | 3.59% |
Utilities | 0.84% |
Rights | 0.05% |
Cash and Cash Equivalents | 3.76% |
Lipper Rankings |
Category: Lipper European Region Funds | Rank | Percentile |
---|---|---|
1 Year | 88/106 | 83 |
3 Year | 75/95 | 79 |
5 Year | 68/87 | 78 |
10 Year | 6/51 | 12 |
Country Weightings |
Europe | 94.80% |
United Kingdom | 25.84% |
Switzerland | 15.70% |
Germany | 14.11% |
France | 11.05% |
Ireland | 7.04% |
Netherlands | 4.59% |
Spain | 3.63% |
Other Europe(1) | 12.84% |
Bahamas/Caribbean(2) | 1.44% |
Cash and Cash Equivalents | 3.76% |
(1)Includes 0.68% Cyprus, 2.87% Greece, 2.83% Italy, 3.13% Luxembourg, 2.82% Norway and 0.51% Portugal.
(2)Includes 1.44% Cayman Islands.
Top 10 Equity Holdings |
Company | Country | Sector | Industry |
---|---|---|---|
Vodafone Group Plc | United Kingdom | Telecommunication Services | Wireless Telecommunication Service |
CRH plc | Ireland | Materials | Construction Materials |
HSBC Holdings plc | United Kingdom | Financials | Diversified Banks |
Sanofi-Aventis | France | Health Care | Pharmaceuticals |
Imperial Tobacco Group PLC | United Kingdom | Consumer Staples | Tobacco |
StatoilHydro ASA | Norway | Energy | Integrated Oil & Gas |
Bayer Aktiengesellschaft | Germany | Materials | Diversified Chemicals |
Roche Holdings AG, Genussschein | Switzerland | Health Care | Pharmaceuticals |
tesco plc | United Kingdom | Consumer Staples | Food Retail |
Zurich Financial Services, Registered Shares | Switzerland | Financials | Multi-Line Insurance |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,441.60 | 2.15% | $ | 13.18 | |
Class B | $1,000 | $1,434.50 | 3.16% | $ | 19.35 | |
Class C | $1,000 | $1,438.50 | 2.68% | $ | 16.34 | |
Class E** | $1,000 | $1,447.60 | 1.43% | $ | 8.81 | |
Class I | $1,000 | $1,448.60 | 1.28% | $ | 7.84 | |
Class Y | $1,000 | $1,446.40 | 1.58% | $ | 9.66 | |
Advisor Class** | $1,000 | $1,448.10 | 1.32% | $ | 8.08 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,014.30 | 2.15% | $ | 10.88 | |
Class B | $1,000 | $1,009.22 | 3.16% | $ | 15.97 | |
Class C | $1,000 | $1,011.65 | 2.68% | $ | 13.48 | |
Class E** | $1,000 | $1,017.88 | 1.43% | $ | 7.26 | |
Class I | $1,000 | $1,018.63 | 1.28% | $ | 6.46 | |
Class Y | $1,000 | $1,017.15 | 1.58% | $ | 7.97 | |
Advisor Class** | $1,000 | $1,018.45 | 1.32% | $ | 6.66 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Cayman Islands - 1.44% | ||||||||
Subsea 7 Inc. (A)(B) | 272 | $ | 3,645 | |||||
Cyprus - 0.68% | ||||||||
Prosafe Production (A)(B) | 727 | 1,725 | ||||||
France - 11.00% | ||||||||
ALSTOM (B) | 67 | 4,875 | ||||||
AXA S.A. (B) | 53 | 1,424 | ||||||
BNP Paribas (B) | 62 | 4,938 | ||||||
Sanofi-Aventis (B) | 100 | 7,339 | ||||||
Societe Generale (B) | 56 | 4,543 | ||||||
TOTAL S.A. (B) | 80 | 4,754 | ||||||
27,873 | ||||||||
Germany - 13.42% | ||||||||
adidas AG (B) | 50 | 2,658 | ||||||
Allianz Aktiengesellschaft, Registered Shares (B) | 22 | 2,780 | ||||||
Bayer Aktiengesellschaft (B) | 95 | 6,579 | ||||||
DaimlerChrysler AG, Registered Shares (B) | 25 | 1,267 | ||||||
Deutsche Boerse AG (B) | 50 | 4,094 | ||||||
Deutsche Lufthansa Aktiengesellschaft (B) | 130 | 2,312 | ||||||
E.ON AG (B) | 50 | 2,128 | ||||||
GEA Group Aktiengesellschaft, Bochum (B) | 90 | 1,889 | ||||||
HeidelbergCement AG (A)(B)(C) | 23 | 1,513 | ||||||
SAP Aktiengesellschaft (B) | 39 | 1,924 | ||||||
Siemens AG (B) | 32 | 2,944 | ||||||
Wacker Chemie AG (B) | 25 | 3,915 | ||||||
34,003 | ||||||||
Greece - 2.87% | ||||||||
Coca-Cola Hellenic Bottling Company S.A. (B) | 111 | 2,958 | ||||||
National Bank of Greece S.A. (B) | 120 | 4,303 | ||||||
7,261 | ||||||||
Ireland - 7.04% | ||||||||
CRH plc (B) | 322 | 8,915 | ||||||
Grafton Group plc, Units (A)(B) | 873 | 4,956 | ||||||
Paddy Power plc (B) | 130 | 3,957 | ||||||
17,828 | ||||||||
Italy - 2.83% | ||||||||
Banca Intesa S.p.A. (B) | 600 | 2,654 | ||||||
Saipem S.p.A. (B) | 150 | 4,517 | ||||||
7,171 | ||||||||
Luxembourg - 3.13% | ||||||||
ARCELORMITTAL (B) | 99 | 3,713 | ||||||
SES GLOBAL S.A., Fiduciary Deposit Receipts (B) | 186 | 4,212 | ||||||
7,925 | ||||||||
Netherlands - 4.59% | ||||||||
AEGON N.V. (B) | 250 | 2,122 | ||||||
ASML Holding N.V., Ordinary Shares (B) | 164 | 4,834 | ||||||
Koninklijke KPN N.V. (B) | 282 | 4,684 | ||||||
11,640 | ||||||||
Norway - 2.82% | ||||||||
StatoilHydro ASA (B) | 318 | 7,144 | ||||||
Portugal - 0.51% | ||||||||
Galp Energia, SGPS, S.A., Class B (A)(B) | 75 | 1,297 | ||||||
Spain - 3.63% | ||||||||
Industria de Diseno Textil, S.A. (B) | 70 | 3,998 | ||||||
Telefonica, S.A. (B) | 188 | 5,190 | ||||||
9,188 | ||||||||
Switzerland - 15.70% | ||||||||
ABB Ltd (B) | 60 | 1,204 | ||||||
ARYZTA AG (A)(B) | 76 | 3,060 | ||||||
Lonza Group Ltd, Registered Shares (B) | 15 | 1,636 | ||||||
Nestle S.A., Registered Shares (B) | 120 | 5,114 | ||||||
Novartis AG, Registered Shares (B) | 113 | 5,674 | ||||||
Roche Holdings AG, Genussschein (B) | 40 | 6,465 | ||||||
Sonova Holding AG (B) | 15 | 1,518 | ||||||
Synthes, Inc. (B) | 23 | 2,711 | ||||||
TEMENOS Group AG (A)(B) | 100 | 2,345 | ||||||
UBS AG (A)(B)(D) | 49 | 888 | ||||||
UBS AG (B) | 175 | 3,203 | ||||||
Zurich Financial Services, Registered Shares (B) | 25 | 5,947 | ||||||
39,765 | ||||||||
United Kingdom - 25.84% | ||||||||
Ashtead Group plc (B) | 1,967 | 2,703 | ||||||
Aurora Russia Limited (A)(B) | 1,557 | 1,045 | ||||||
Barclays PLC (A)(B) | 400 | 2,365 | ||||||
BP p.l.c. (B) | 269 | 2,377 | ||||||
British Sky Broadcasting Group plc (B) | 424 | 3,872 | ||||||
GlaxoSmithKline plc (B) | 200 | 3,930 | ||||||
HSBC Holdings plc (B) | 700 | 8,011 | ||||||
Imperial Tobacco Group PLC (B) | 249 | 7,187 | ||||||
Lloyds Banking Group Plc (B) | 2,092 | 3,468 | ||||||
MAXjet Airways, Inc. (A)(B)(C) | 1,129 | –– | * | |||||
MAXjet Airways, Inc. (A)(B) | 150 | –– | * | |||||
Prudential plc (B) | 400 | 3,845 | ||||||
Reckitt Benckiser Group plc (B) | 70 | 3,421 | ||||||
Rio Tinto plc (B) | 50 | 2,132 | ||||||
tesco plc (B) | 981 | 6,263 | ||||||
Vodafone Group Plc (B) | 4,775 | 10,700 | ||||||
Xstrata plc (B) | 282 | 4,153 | ||||||
65,472 | ||||||||
TOTAL COMMON STOCKS - 95.50% | $ | 241,937 | ||||||
(Cost: $217,231) | ||||||||
PREFERRED STOCKS - 0.69% | ||||||||
Germany | ||||||||
Fresenius AG (B) | 30 | $ | 1,749 | |||||
(Cost: $1,423) | ||||||||
RIGHTS - 0.05% | ||||||||
France | ||||||||
BNP Paribas, Rights (A)(B) | 62 | $ | 134 | |||||
(Cost: $160) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper - 1.96% | ||||||||
Johnson & Johnson, | ||||||||
0.020%, 10-1-09 | $ | 4,965 | 4,965 | |||||
Master Note - 1.60% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (E) | 4,060 | 4,060 | ||||||
TOTAL SHORT-TERM SECURITIES - 3.56% | $ | 9,025 | ||||||
(Cost: $9,025) | ||||||||
TOTAL INVESTMENT SECURITIES - 99.80% | $ | 252,845 | ||||||
(Cost: $227,839) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.20% | 502 | |||||||
NET ASSETS - 100.00% | $ | 253,347 | ||||||
*Not shown due to rounding.
(A)No dividends were paid during the preceding 12 months.
(B)Listed on an exchange outside the United States.
(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $1,513 or 0.60% of net assets.
(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $888 or 0.35% of net assets.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
Market Sector Diversification | |
(as a % of net assets) | |
Financials | 22.00% |
Health Care | 12.24% |
Materials | 12.21% |
Consumer Staples | 11.06% |
Energy | 10.05% |
Industrials | 8.25% |
Telecommunication Services | 8.12% |
Consumer Discretionary | 7.88% |
Information Technology | 3.59% |
Utilities | 0.84% |
Other+ | 3.76% |
+Includes cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 235,614 | |
Gross unrealized appreciation | 33,280 | ||
Gross unrealized depreciation | (16,049 | ) | |
Net unrealized appreciation | $ | 17,231 |
Asset Allocation |
Stocks | 67.42% |
Industrials | 10.98% |
Financials | 10.85% |
Information Technology | 9.07% |
Consumer Staples | 7.65% |
Energy | 7.05% |
Telecommunication Services | 6.09% |
Consumer Discretionary | 6.06% |
Materials | 3.90% |
Health Care | 3.84% |
Utilities | 1.93% |
Bonds | 30.33% |
Other Government Securities | 18.34% |
Corporate Debt Securities | 11.99% |
Cash and Cash Equivalents | 2.25% |
Lipper Rankings |
Category: Lipper Mixed-Asset Target Allocation Growth Funds | Rank | Percentile |
---|---|---|
1 Year | 63/665 | 10 |
3 Year | 65/541 | 12 |
5 Year | 13/442 | 3 |
10 Year | 4/243 | 2 |
Country Weightings |
Europe | 58.28% |
France | 16.59% |
United Kingdom | 14.73% |
Germany | 8.48% |
Netherlands | 4.64% |
Switzerland | 4.00% |
Other Europe(1) | 9.84% |
Pacific Basin | 35.46% |
Japan | 10.34% |
Australia | 9.31% |
Other Pacific Basin(2) | 15.81% |
North America(3) | 2.40% |
South America(4) | 1.61% |
Cash and Cash Equivalents | 2.25% |
(1)Includes 2.15% Denmark, 1.11% Finland, 1.84% Italy, 1.29% Luxembourg, 0.46% Poland and 2.99% Sweden.
(2)Includes 2.97% China, 1.98% Hong Kong, 2.46% Malaysia, 1.17% New Zealand, 2.04% Singapore, 2.78% South Korea and 2.41% Taiwan.
(3)Includes 2.40% Canada.
(4) Includes 1.61% Brazil.
Bond Portfolio Characteristics |
Average maturity | 4.2 years |
Effective duration | 3.5 years |
Weighted average bond rating | A+ |
Top 10 Equity Holdings |
Company | Country | Sector | Industry |
---|---|---|---|
Unilever PLC | United Kingdom | Consumer Staples | Packaged Foods & Meats |
Vivendi Universal | France | Consumer Discretionary | Movies & Entertainment |
Roche Holdings AG, Genussschein | Switzerland | Health Care | Pharmaceuticals |
Nestle S.A., Registered Shares | Switzerland | Consumer Staples | Packaged Foods & Meats |
Sanofi-Aventis | France | Health Care | Pharmaceuticals |
TOTAL S.A. | France | Energy | Integrated Oil & Gas |
BP p.l.c. | United Kingdom | Energy | Integrated Oil & Gas |
Vodafone Group Plc | United Kingdom | Telecommunication Services | Wireless Telecommunication Service |
Henkel AG & Co. KGaA | Germany | Consumer Staples | Household Products |
Telstra Corporation Limited | Australia | Telecommunication Services | Integrated Telecommunication Services |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,381.00 | 1.59% | $ | 9.52 | |
Class B | $1,000 | $1,373.30 | 2.69% | $ | 16.02 | |
Class C | $1,000 | $1,377.40 | 2.23% | $ | 13.31 | |
Class E | $1,000 | $1,384.20 | 1.33% | $ | 7.99 | |
Class I | $1,000 | $1,386.40 | 1.02% | $ | 6.09 | |
Class Y | $1,000 | $1,382.90 | 1.30% | $ | 7.74 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.08 | 1.59% | $ | 8.07 | |
Class B | $1,000 | $1,011.58 | 2.69% | $ | 13.58 | |
Class C | $1,000 | $1,013.87 | 2.23% | $ | 11.28 | |
Class E | $1,000 | $1,018.41 | 1.33% | $ | 6.76 | |
Class I | $1,000 | $1,019.98 | 1.02% | $ | 5.15 | |
Class Y | $1,000 | $1,018.55 | 1.30% | $ | 6.56 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Australia - 4.67% | ||||||||
Amcor Limited (A) | 411 | $ | 1,986 | |||||
Crown Limited (A) | 342 | 2,696 | ||||||
Foster's Group Limited (A) | 673 | 3,294 | ||||||
Telstra Corporation Limited (A) | 1,205 | 3,478 | ||||||
Telstra Corporation Limited (A)(B) | 80 | 231 | ||||||
11,685 | ||||||||
Canada - 2.40% | ||||||||
Canadian Natural Resources Limited (A) | 30 | 2,040 | ||||||
Research In Motion Limited (C) | 31 | 2,102 | ||||||
Shoppers Drug Mart Corporation (A) | 46 | 1,871 | ||||||
6,013 | ||||||||
China - 2.97% | ||||||||
China Oilfield Services Limited (A) | 1,994 | 1,860 | ||||||
Industrial and Commercial Bank of China Limited, H Shares (A)(B) | 4,016 | 3,027 | ||||||
Shanda Interactive Entertainment Limited, ADR (C) | 50 | 2,543 | ||||||
7,430 | ||||||||
Denmark - 0.78% | ||||||||
Carlsberg Group (A) | 27 | 1,941 | ||||||
Finland - 1.11% | ||||||||
Nokia OYJ (A) | 189 | 2,775 | ||||||
France - 9.75% | ||||||||
ALSTOM (A) | 48 | 3,467 | ||||||
AXA S.A. (A) | 110 | 2,966 | ||||||
Sanofi-Aventis (A)(B) | 19 | 1,400 | ||||||
Sanofi-Aventis (A) | 54 | 3,981 | ||||||
Societe Generale (A) | 29 | 2,362 | ||||||
Thales (A) | 40 | 2,007 | ||||||
TOTAL S.A. (A) | 66 | 3,948 | ||||||
Vivendi Universal (A) | 137 | 4,234 | ||||||
24,365 | ||||||||
Germany - 5.81% | ||||||||
Bayer Aktiengesellschaft (A) | 37 | 2,582 | ||||||
Deutsche Boerse AG (A) | 30 | 2,445 | ||||||
Deutsche Lufthansa Aktiengesellschaft (A) | 143 | 2,549 | ||||||
RWE Aktiengesellschaft (A) | 25 | 2,359 | ||||||
SAP Aktiengesellschaft (A) | 44 | 2,182 | ||||||
Symrise AG (A) | 126 | 2,409 | ||||||
14,526 | ||||||||
Hong Kong - 1.98% | ||||||||
CNOOC Limited (A) | 1,554 | 2,089 | ||||||
Metallurgical Corporation of China Ltd., H Shares (A)(C)(D) | 1,400 | 950 | ||||||
Renhe Commercial Holdings Company Limited (A) | 2,558 | 515 | ||||||
Renhe Commercial Holdings Company Limited (A)(B) | 6,984 | 1,406 | ||||||
4,960 | ||||||||
Italy - 1.84% | ||||||||
Fondiaria-SAI S.p.A. (A) | 120 | 2,521 | ||||||
Tenaris S.A. (A) | 117 | 2,084 | ||||||
4,605 | ||||||||
Japan - 10.34% | ||||||||
East Japan Railway Company (A) | 37 | 2,648 | ||||||
Hitachi Construction Machinery Co., Ltd. (A) | 125 | 2,690 | ||||||
JTEKT Corporation (A) | 226 | 2,629 | ||||||
KONAMI CORPORATION (A) | 127 | 2,585 | ||||||
Mitsubishi Electric Corporation (A) | 413 | 3,129 | ||||||
Mitsui O.S.K. Lines, Ltd. (A) | 285 | 1,689 | ||||||
Nintendo Co., Ltd. (A) | 10 | 2,640 | ||||||
Nissin Kogyo Co., Ltd. (A) | 220 | 3,205 | ||||||
NTT DoCoMo, Inc. (A) | 2 | 2,503 | ||||||
Sumitomo Mitsui Financial Group, Inc. (A) | 61 | 2,130 | ||||||
25,848 | ||||||||
Netherlands - 2.06% | ||||||||
Fugro N.V. (A) | 32 | 1,843 | ||||||
Koninklijke KPN N.V. (A) | 200 | 3,315 | ||||||
5,158 | ||||||||
Singapore - 2.04% | ||||||||
DBS Group Holdings Ltd (A) | 332 | 3,126 | ||||||
Singapore Telecommunications Limited (A) | 854 | 1,970 | ||||||
5,096 | ||||||||
Switzerland - 4.00% | ||||||||
Nestle S.A., Registered Shares (A) | 93 | 3,984 | ||||||
Roche Holdings AG, Genussschein (A) | 26 | 4,180 | ||||||
TEMENOS Group AG (A)(C) | 78 | 1,825 | ||||||
9,989 | ||||||||
Taiwan - 2.41% | ||||||||
Lite-On Technology Corporation, GDR (A) | 231 | 3,033 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. (A) | 1,488 | 2,985 | ||||||
6,018 | ||||||||
United Kingdom - 13.79% | ||||||||
BAE Systems plc (A) | 600 | 3,346 | ||||||
Barclays PLC (A)(C) | 581 | 3,437 | ||||||
BP p.l.c. (A) | 429 | 3,796 | ||||||
Home Retail Group plc (A) | 443 | 1,925 | ||||||
Informa plc (A) | 617 | 3,105 | ||||||
International Power plc (A) | 536 | 2,477 | ||||||
Prudential plc (A) | 331 | 3,181 | ||||||
Serco Group plc (A) | 287 | 2,314 | ||||||
Unilever PLC (A) | 153 | 4,337 | ||||||
Vodafone Group Plc (A) | 1,679 | 3,761 | ||||||
Xstrata plc (A) | 189 | 2,785 | ||||||
34,464 | ||||||||
TOTAL COMMON STOCKS - 65.95% | $ | 164,873 | ||||||
(Cost: $148,637) | ||||||||
PREFERRED STOCKS - 1.47% | ||||||||
Germany | ||||||||
Henkel AG & Co. KGaA (A) | 85 | $ | 3,681 | |||||
(Cost: $2,302) | ||||||||
CORPORATE DEBT SECURITIES | Principal | |||||||
Australia - 2.98% | ||||||||
Coles Myer Finance Limited, | ||||||||
6.000%, 7-25-12 (E) | AUD1,250 | 1,078 | ||||||
Fairfax Media Group Finance Pty Limited, | ||||||||
5.250%, 6-15-12 (E) | EUR2,000 | 2,835 | ||||||
Fosters Group Limited, | ||||||||
6.250%, 3-17-10 (E) | AUD2,000 | 1,776 | ||||||
Vodafone Group Plc, | ||||||||
6.750%, 1-10-13 (E) | 2,000 | 1,757 | ||||||
7,446 | ||||||||
Brazil - 1.61% | ||||||||
AmBev International Finance Co. Ltd., | ||||||||
9.500%, 7-24-17 (E) | BRL7,500 | 4,022 | ||||||
Denmark - 1.37% | ||||||||
Carlsberg Finans A/S, | ||||||||
7.000%, 2-26-13 (E) | GBP2,000 | 3,424 | ||||||
France - 2.49% | ||||||||
Vivendi, | ||||||||
7.750%, 1-23-14 (E) | EUR2,000 | 3,351 | ||||||
WPP Finance S.A., | ||||||||
5.250%, 1-30-15 (E) | 2,000 | 2,881 | ||||||
6,232 | ||||||||
Luxembourg - 1.29% | ||||||||
Wind Acquisition Finance S.A.: | ||||||||
9.750%, 12-1-15 (E) | 1,500 | 2,370 | ||||||
11.750%, 7-15-17 (B) | $ | 750 | 846 | |||||
3,216 | ||||||||
Netherlands - 1.31% | ||||||||
Heineken N.V., | ||||||||
7.125%, 4-7-14 (E) | EUR2,000 | 3,265 | ||||||
United Kingdom - 0.94% | ||||||||
Rio Tinto Finance (USA) Limited, | ||||||||
8.950%, 5-1-14 | $ | 2,000 | 2,361 | |||||
TOTAL CORPORATE DEBT SECURITIES - 11.99% | $ | 29,966 | ||||||
(Cost: $27,265) | ||||||||
OTHER GOVERNMENT SECURITIES | ||||||||
Australia - 1.66% | ||||||||
New South Wales Treasury Corporation, | ||||||||
6.000%, 5-1-12 (E) | AUD4,600 | 4,138 | ||||||
France - 4.35% | ||||||||
French Treasury Bond (OAT), | ||||||||
4.250%, 10-25-17 (E) | EUR6,920 | 10,884 | ||||||
Germany - 1.20% | ||||||||
KfW, Frankfurt/Main, Federal Republic of Germany, | ||||||||
3.000%, 12-4-09 (E) | CHF3,100 | 3,005 | ||||||
Malaysia - 2.46% | ||||||||
Malaysian Government Bonds: | ||||||||
3.756%, 4-28-11 (E) | MYR8,550 | 2,524 | ||||||
3.461%, 7-31-13 (E) | 12,435 | 3,614 | ||||||
6,138 | ||||||||
Netherlands - 1.27% | ||||||||
Netherlands Government Bonds, | ||||||||
4.500%, 7-15-17 (E) | EUR2,000 | 3,176 | ||||||
New Zealand - 1.17% | ||||||||
New Zealand Government Bonds, | ||||||||
6.000%, 11-15-11 (E) | NZD3,910 | 2,927 | ||||||
Poland - 0.46% | ||||||||
Poland Government Bonds, | ||||||||
6.250%, 10-24-15 (E) | PLN3,250 | 1,154 | ||||||
South Korea - 2.78% | ||||||||
Republic of Korea (The), | ||||||||
7.125%, 4-16-19 | $ | 2,890 | 3,391 | |||||
South Korea Treasury Bonds, | ||||||||
5.250%, 9-10-12 (E) | KRW4,100,000 | 3,556 | ||||||
6,947 | ||||||||
Sweden - 2.99% | ||||||||
Kingdom of Sweden (The), | ||||||||
5.250%, 3-15-11 (E) | SEK47,170 | 7,193 | ||||||
Sweden Government Bonds, | ||||||||
4.000%, 12-1-09 (E) | 1,970 | 284 | ||||||
7,477 | ||||||||
TOTAL OTHER GOVERNMENT SECURITIES - 18.34% | $ | 45,846 | ||||||
(Cost: $44,051) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Commercial Paper - 2.72% | ||||||||
Clorox Co., | ||||||||
0.220%, 10-13-09 | $ | 2,000 | 2,000 | |||||
Coca-Cola Company (The), | ||||||||
0.140%, 11-9-09 | 3,000 | 2,999 | ||||||
Sara Lee Corporation, | ||||||||
0.100%, 10-1-09 | 1,810 | 1,810 | ||||||
6,809 | ||||||||
Master Note - 0.47% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (F) | 1,174 | 1,174 | ||||||
TOTAL SHORT-TERM SECURITIES - 3.19% | $ | 7,983 | ||||||
(Cost: $7,983) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.94% | $ | 252,349 | ||||||
(Cost: $230,238) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.94%) | (2,356 | ) | ||||||
NET ASSETS - 100.00% | $ | 249,993 | ||||||
The following forward foreign currency contracts were outstanding at September 30, 2009:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||
Buy | Euro | UBS Securities LLC | 940 | 11-16-09 | $155 | $ -- | |||
(A)Listed on an exchange outside the United States.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $6,910 or 2.76% of net assets.
(C)No dividends were paid during the preceding 12 months.
(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $950 or 0.38% of net assets.
(E)Principal amounts are denominated in the indicated foreign currency, where applicable (AUD - Australian Dollar, BRL - Brazilian Real, CHF - Swiss Franc, EUR - Euro, GBP - British Pound, KRW - South Korean Won, MYR - Malaysian Ringgit, NZD - New Zealand Dollar, PLN - Polish Zloty and SEK - Swedish Krona).
(F)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Other Government Securities | 18.34% |
Industrials | 12.56% |
Consumer Staples | 11.94% |
Financials | 10.85% |
Consumer Discretionary | 9.25% |
Information Technology | 9.07% |
Telecommunication Services | 8.08% |
Energy | 7.05% |
Materials | 4.84% |
Health Care | 3.84% |
Utilities | 1.93% |
Other+ | 2.25% |
+Includes cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 230,238 | |
Gross unrealized appreciation | 27,561 | ||
Gross unrealized depreciation | (5,450 | ) | |
Net unrealized appreciation | $ | 22,111 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 96.03% |
Industrials | 16.26% |
Financials | 15.81% |
Information Technology | 12.00% |
Energy | 11.77% |
Consumer Staples | 10.06% |
Telecommunication Services | 8.37% |
Consumer Discretionary | 8.12% |
Health Care | 5.67% |
Materials | 5.51% |
Utilities | 2.46% |
Cash and Cash Equivalents | 3.97% |
Lipper Rankings |
Category: Lipper International Large-Cap Core | Rank | Percentile |
---|---|---|
1 Year | 4/364 | 2 |
3 Year | 2/303 | 1 |
5 Year | 2/263 | 1 |
10 Year | 11/142 | 8 |
Country Weightings |
Europe | 56.70% |
United Kingdom | 18.19% |
France | 15.30% |
Germany | 9.68% |
Switzerland | 5.19% |
Other Europe(1) | 8.34% |
Pacific Basin | 35.88% |
Japan | 13.70% |
Australia | 8.21% |
Hong Kong | 4.43% |
China | 3.98% |
Other Pacific Basin(2) | 5.56% |
North America(3) | 3.45% |
Cash and Cash Equivalents | 3.97% |
(1)Includes 1.15% Denmark, 1.55% Finland, 2.79% Italy and 2.85% Netherlands.
(2)Includes 1.41% India, 2.53% Singapore and 1.62% Taiwan.
(3)Includes 3.45% Canada.
Top 10 Equity Holdings |
Company | Country | Sector | Industry |
---|---|---|---|
Sanofi-Aventis | France | Health Care | Pharmaceuticals |
TOTAL S.A. | France | Energy | Integrated Oil & Gas |
Vivendi Universal | France | Consumer Discretionary | Movies & Entertainment |
BP p.l.c. | United Kingdom | Energy | Integrated Oil & Gas |
Vodafone Group Plc | United Kingdom | Telecommunication Services | Wireless Telecommunication Service |
Nestle S.A., Registered Shares | Switzerland | Consumer Staples | Packaged Foods & Meats |
Unilever PLC | United Kingdom | Consumer Staples | Packaged Foods & Meats |
Roche Holdings AG, Genussschein | Switzerland | Health Care | Pharmaceuticals |
Telstra Corporation Limited | Australia | Telecommunication Services | Integrated Telecommunication Services |
Foster's Group Limited | Australia | Consumer Staples | Brewers |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,506.30 | 1.70% | $ | 10.65 | |
Class B | $1,000 | $1,499.40 | 2.72% | $ | 17.00 | |
Class C | $1,000 | $1,502.30 | 2.30% | $ | 14.39 | |
Class E | $1,000 | $1,506.80 | 1.52% | $ | 9.53 | |
Class I | $1,000 | $1,511.50 | 1.13% | $ | 7.16 | |
Class Y | $1,000 | $1,509.90 | 1.38% | $ | 8.66 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,016.53 | 1.70% | $ | 8.57 | |
Class B | $1,000 | $1,011.46 | 2.72% | $ | 13.68 | |
Class C | $1,000 | $1,013.55 | 2.30% | $ | 11.58 | |
Class E | $1,000 | $1,017.43 | 1.52% | $ | 7.67 | |
Class I | $1,000 | $1,019.39 | 1.13% | $ | 5.76 | |
Class Y | $1,000 | $1,018.14 | 1.38% | $ | 6.96 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Australia - 8.21% | ||||||||
Amcor Limited (A) | 1,115 | $ | 5,388 | |||||
Crown Limited (A) | 1,101 | 8,674 | ||||||
Foster's Group Limited (A) | 1,981 | 9,698 | ||||||
Telstra Corporation Limited (A)(B) | 146 | 421 | ||||||
Telstra Corporation Limited (A) | 3,454 | 9,965 | ||||||
Toll Holdings Limited (A) | 918 | 6,911 | ||||||
41,057 | ||||||||
Canada - 3.45% | ||||||||
Canadian Natural Resources Limited (A) | 83 | 5,618 | ||||||
Research In Motion Limited (C) | 83 | 5,620 | ||||||
Shoppers Drug Mart Corporation (A) | 147 | 6,048 | ||||||
17,286 | ||||||||
China - 3.98% | ||||||||
China Oilfield Services Limited (A) | 5,826 | 5,435 | ||||||
Industrial and Commercial Bank of China (Asia) Limited (A) | 2,730 | 2,057 | ||||||
Industrial and Commercial Bank of China Limited, H Shares (A)(B) | 7,027 | 5,296 | ||||||
Shanda Interactive Entertainment Limited, ADR (C) | 138 | 7,090 | ||||||
19,878 | ||||||||
Denmark - 1.15% | ||||||||
Carlsberg Group (A) | 79 | 5,740 | ||||||
Finland - 1.55% | ||||||||
Nokia OYJ (A) | 526 | 7,732 | ||||||
France - 15.30% | ||||||||
ALSTOM (A) | 127 | 9,292 | ||||||
AXA S.A. (A) | 280 | 7,579 | ||||||
Sanofi-Aventis (A) | 248 | 18,185 | ||||||
Societe Generale (A) | 82 | 6,625 | ||||||
Technip-Coflexip (A) | 109 | 6,947 | ||||||
Thales (A) | 110 | 5,471 | ||||||
TOTAL S.A. (A) | 190 | 11,265 | ||||||
Vivendi Universal (A) | 360 | 11,154 | ||||||
76,518 | ||||||||
Germany - 8.00% | ||||||||
Bayer Aktiengesellschaft (A) | 98 | 6,856 | ||||||
Deutsche Boerse AG (A) | 87 | 7,179 | ||||||
Deutsche Lufthansa Aktiengesellschaft (A) | 431 | 7,664 | ||||||
RWE Aktiengesellschaft (A) | 63 | 5,882 | ||||||
SAP Aktiengesellschaft (A) | 123 | 6,057 | ||||||
Symrise AG (A) | 334 | 6,378 | ||||||
40,016 | ||||||||
Hong Kong - 4.43% | ||||||||
Cheung Kong (Holdings) Limited (A) | 611 | 7,753 | ||||||
CNOOC Limited (A) | 4,853 | 6,525 | ||||||
Metallurgical Corporation of China Ltd., H Shares (A)(C)(D) | 4,050 | 2,749 | ||||||
Renhe Commercial Holdings Company Limited (A) | 9,718 | 1,956 | ||||||
Renhe Commercial Holdings Company Limited (A)(B) | 15,738 | 3,168 | ||||||
22,151 | ||||||||
India - 1.41% | ||||||||
Tata Consultancy Services Limited (A) | 547 | 7,058 | ||||||
Italy - 2.79% | ||||||||
Fondiaria-SAI S.p.A. (A) | 334 | 7,029 | ||||||
Tenaris S.A. (A) | 388 | 6,910 | ||||||
13,939 | ||||||||
Japan - 13.70% | ||||||||
East Japan Railway Company (A) | 99 | 7,089 | ||||||
Hitachi Construction Machinery Co., Ltd. (A) | 320 | 6,874 | ||||||
JTEKT Corporation (A) | 529 | 6,167 | ||||||
KONAMI CORPORATION (A) | 339 | 6,917 | ||||||
Mitsubishi Electric Corporation (A) | 1,090 | 8,257 | ||||||
Mitsui O.S.K. Lines, Ltd. (A) | 922 | 5,464 | ||||||
Nintendo Co., Ltd. (A) | 23 | 5,816 | ||||||
Nissin Kogyo Co., Ltd. (A) | 610 | 8,895 | ||||||
NTT DoCoMo, Inc. (A) | 4 | 6,705 | ||||||
Sumitomo Mitsui Financial Group, Inc. (A) | 181 | 6,301 | ||||||
68,485 | ||||||||
Netherlands - 2.85% | ||||||||
Fugro N.V. (A) | 95 | 5,494 | ||||||
Koninklijke KPN N.V. (A) | 527 | 8,748 | ||||||
14,242 | ||||||||
Singapore - 2.53% | ||||||||
DBS Group Holdings Ltd (A) | 749 | 7,061 | ||||||
Singapore Telecommunications Limited (A) | 2,413 | 5,567 | ||||||
12,628 | ||||||||
Switzerland - 5.19% | ||||||||
Nestle S.A., Registered Shares (A) | 241 | 10,278 | ||||||
Roche Holdings AG, Genussschein (A) | 63 | 10,141 | ||||||
Swiss Reinsurance Company, Registered Shares (A) | –– | * | –– | * | ||||
TEMENOS Group AG (A)(C) | 236 | 5,531 | ||||||
25,950 | ||||||||
Taiwan - 1.62% | ||||||||
Taiwan Semiconductor Manufacturing Company Ltd., ADR | 738 | 8,091 | ||||||
United Kingdom - 18.19% | ||||||||
BAE Systems plc (A) | 1,644 | 9,178 | ||||||
Barclays PLC (A)(C) | 1,544 | 9,127 | ||||||
BP p.l.c. (A) | 1,204 | 10,640 | ||||||
Home Retail Group plc (A) | 1,289 | 5,601 | ||||||
Informa plc (A) | 1,256 | 6,323 | ||||||
International Power plc (A) | 1,390 | 6,421 | ||||||
Prudential plc (A) | 814 | 7,829 | ||||||
Serco Group plc (A) | 740 | 5,972 | ||||||
Tanfield Group PLC (A)(C) | 447 | 355 | ||||||
Unilever PLC (A) | 358 | 10,166 | ||||||
Vodafone Group Plc (A) | 4,672 | 10,469 | ||||||
Xstrata plc (A) | 605 | 8,918 | ||||||
90,999 | ||||||||
TOTAL COMMON STOCKS - 94.35% | $ | 471,770 | ||||||
(Cost: $425,487) | ||||||||
PREFERRED STOCKS - 1.68% | ||||||||
Germany | ||||||||
Henkel AG & Co. KGaA (A) | 195 | $ | 8,375 | |||||
(Cost: $6,964) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper - 3.35% | ||||||||
Clorox Co., | ||||||||
0.250%, 10-27-09 | $ | 9,023 | 9,022 | |||||
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.), | ||||||||
0.320%, 10-22-09 | 4,000 | 3,999 | ||||||
Sara Lee Corporation, | ||||||||
0.100%, 10-1-09 | 3,726 | 3,726 | ||||||
16,747 | ||||||||
Master Note - 0.40% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (E) | 2,016 | 2,016 | ||||||
TOTAL SHORT-TERM SECURITIES - 3.75% | $ | 18,763 | ||||||
(Cost: $18,763) | ||||||||
TOTAL INVESTMENT SECURITIES - 99.78% | $ | 498,908 | ||||||
(Cost: $451,214) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.22% | 1,076 | |||||||
NET ASSETS - 100.00% | $ | 499,984 | ||||||
*Not shown due to rounding.
(A)Listed on an exchange outside the United States.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $8,885 or 1.78% of net assets.
(C)No dividends were paid during the preceding 12 months.
(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $2,749 or 0.55% of net assets.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Industrials | 16.26% |
Financials | 15.81% |
Information Technology | 12.00% |
Energy | 11.77% |
Consumer Staples | 10.06% |
Telecommunication Services | 8.37% |
Consumer Discretionary | 8.12% |
Health Care | 5.67% |
Materials | 5.51% |
Utilities | 2.46% |
Other+ | 3.97% |
+Includes cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 460,514 | |
Gross unrealized appreciation | 55,068 | ||
Gross unrealized depreciation | (16,674 | ) | |
Net unrealized appreciation | $ | 38,394 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 95.84% |
Industrials | 16.55% |
Consumer Staples | 15.77% |
Financials | 15.27% |
Information Technology | 12.27% |
Energy | 8.54% |
Materials | 7.15% |
Telecommunication Services | 6.98% |
Consumer Discretionary | 5.57% |
Health Care | 4.95% |
Utilities | 2.79% |
Cash and Cash Equivalents | 4.16% |
Lipper Rankings |
Category: Lipper International Large-Cap Growth | Rank | Percentile |
---|---|---|
1 Year | 87/160 | 55 |
3 Year | 44/127 | 35 |
5 Year | 35/89 | 39 |
10 Year | 42/52 | 80 |
Country Weightings |
Europe | 63.49% |
United Kingdom | 24.48% |
France | 8.72% |
Switzerland | 8.66% |
Germany | 7.17% |
Italy | 6.15% |
Netherlands | 4.12% |
Other Europe(1) | 4.19% |
Pacific Basin | 25.11% |
Japan | 10.55% |
China | 7.32% |
Australia | 4.03% |
Other Pacific Basin(2) | 3.21% |
North America(3) | 4.71% |
South America(4) | 2.53% |
Cash and Cash Equivalents | 4.16% |
(1)Includes 1.78% Belgium, 0.97% Denmark and 1.44% Spain.
(2)Includes 3.21% Hong Kong.
(3)Includes 3.41% Canada and 1.30% United States.
(4)Includes 2.53% Brazil.
Top 10 Equity Holdings |
Company | Country | Sector | Industry |
---|---|---|---|
Nestle S.A., Registered Shares | Switzerland | Consumer Staples | Packaged Foods & Meats |
VINCI | France | Industrials | Construction & Engineering |
British American Tobacco p.l.c. | United Kingdom | Consumer Staples | Tobacco |
Roche Holdings AG, Genussschein | Switzerland | Health Care | Pharmaceuticals |
Barclays PLC | United Kingdom | Financials | Diversified Banks |
Reckitt Benckiser Group plc | United Kingdom | Consumer Staples | Household Products |
Vodafone Group Plc | United Kingdom | Telecommunication Services | Wireless Telecommunication Service |
Brambles Limited | Australia | Industrials | Diversified Support Services |
Prudential plc | United Kingdom | Financials | Life & Health Insurance |
Eni S.p.A. | Italy | Energy | Integrated Oil & Gas |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,392.30 | 1.70% | $ | 10.17 | |
Class B | $1,000 | $1,383.70 | 2.83% | $ | 16.92 | |
Class C | $1,000 | $1,384.60 | 2.76% | $ | 16.45 | |
Class E** | $1,000 | $1,393.90 | 1.42% | $ | 8.50 | |
Class I | $1,000 | $1,395.40 | 1.23% | $ | 7.43 | |
Class Y | $1,000 | $1,394.30 | 1.42% | $ | 8.50 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,016.56 | 1.70% | $ | 8.57 | |
Class B | $1,000 | $1,010.87 | 2.83% | $ | 14.28 | |
Class C | $1,000 | $1,011.25 | 2.76% | $ | 13.88 | |
Class E** | $1,000 | $1,017.97 | 1.42% | $ | 7.16 | |
Class I | $1,000 | $1,018.90 | 1.23% | $ | 6.26 | |
Class Y | $1,000 | $1,017.97 | 1.42% | $ | 7.16 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | |||||
---|---|---|---|---|---|---|---|
Australia - 4.03% | |||||||
Brambles Limited (A) | 587 | $ | 4,185 | ||||
Telstra Corporation Limited (A) | 1,003 | 2,894 | |||||
Telstra Corporation Limited (A)(B) | 113 | 326 | |||||
7,405 | |||||||
Belgium - 1.78% | |||||||
InBev NV (A) | 72 | 3,272 | |||||
Brazil - 2.53% | |||||||
Cia Brasileira de Meios de Pagamento (A)(B) | 122 | 1,213 | |||||
Petroleo Brasileiro S.A. - Petrobras, ADR | 75 | 3,435 | |||||
4,648 | |||||||
Canada - 3.41% | |||||||
Research In Motion Limited (C) | 42 | 2,813 | |||||
Shoppers Drug Mart Corporation (A)(B) | 34 | 1,401 | |||||
Shoppers Drug Mart Corporation (A) | 50 | 2,052 | |||||
6,266 | |||||||
China - 7.32% | |||||||
China Construction Bank Corporation (A)(B) | 2,006 | 1,602 | |||||
China Life Insurance Company Limited, ADR | 46 | 3,004 | |||||
China South Locomotive & Rolling Stock Corporation Limited, H Shares (A) | 1,015 | 591 | |||||
China South Locomotive & Rolling Stock Corporation Limited, H Shares (A)(B) | 1,590 | 925 | |||||
Industrial and Commercial Bank of China Limited, H Shares (A)(B) | 3,334 | 2,512 | |||||
Shanda Interactive Entertainment Limited, ADR (C) | 31 | 1,601 | |||||
Tencent Holdings Limited (A) | 197 | 3,203 | |||||
13,438 | |||||||
Denmark - 0.97% | |||||||
Carlsberg Group (A) | 25 | 1,787 | |||||
France - 8.72% | |||||||
ALSTOM (A) | 26 | 1,916 | |||||
Compagnie Generale des Etablissements Michelin, Class B (A) | 23 | 1,767 | |||||
Pinault-Printemps-Redoute SA (A) | 26 | 3,311 | |||||
Technip-Coflexip (A) | 44 | 2,831 | |||||
VINCI (A) | 109 | 6,192 | |||||
16,017 | |||||||
Germany - 4.69% | |||||||
Bayer Aktiengesellschaft (A) | 35 | 2,460 | |||||
Deutsche Boerse AG (A) | 17 | 1,373 | |||||
SAP Aktiengesellschaft (A) | 52 | 2,556 | |||||
Vossloh AG (A) | 20 | 2,233 | |||||
8,622 | |||||||
Hong Kong - 3.21% | |||||||
Cheung Kong (Holdings) Limited (A) | 162 | 2,056 | |||||
Esprit Holdings Limited (A) | 228 | 1,532 | |||||
Metallurgical Corporation of China Ltd., H Shares (A)(C)(D) | 1,533 | 1,040 | |||||
Renhe Commercial Holdings Company Limited (A)(B) | 6,302 | 1,269 | |||||
5,897 | |||||||
Italy - 6.15% | |||||||
Banca Intesa S.p.A. (A) | 425 | 1,878 | |||||
Eni S.p.A. (A) | 149 | 3,733 | |||||
Saipem S.p.A. (A) | 91 | 2,727 | |||||
Tenaris S.A. (A) | 166 | 2,958 | |||||
11,296 | |||||||
Japan - 10.55% | |||||||
Canon Inc. (A) | 33 | 1,334 | |||||
East Japan Railway Company (A) | 33 | 2,339 | |||||
KONAMI CORPORATION (A) | 127 | 2,595 | |||||
Mitsubishi Electric Corporation (A) | 404 | 3,060 | |||||
Nissin Kogyo Co., Ltd. (A) | 75 | 1,088 | |||||
Shin-Etsu Chemical Co., Ltd. (A) | 51 | 3,117 | |||||
Sumitomo Mitsui Financial Group, Inc. (A) | 79 | 2,741 | |||||
Tokyo Electron Limited (A) | 48 | 3,077 | |||||
19,351 | |||||||
Netherlands - 4.12% | |||||||
ASML Holding N.V., Ordinary Shares (A) | 30 | 887 | |||||
Heineken N.V. (A) | 66 | 3,054 | |||||
Koninklijke KPN N.V. (A) | 160 | 2,656 | |||||
QIAGEN N.V. (A)(C) | 46 | 975 | |||||
7,572 | |||||||
Spain - 1.44% | |||||||
Telefonica, S.A. (A) | 96 | 2,651 | |||||
Switzerland - 8.66% | |||||||
Nestle S.A., Registered Shares (A) | 146 | 6,222 | |||||
Roche Holdings AG, Genussschein (A) | 28 | 4,603 | |||||
TEMENOS Group AG (A)(C) | 130 | 3,056 | |||||
UBS AG (A)(B)(C) | 18 | 326 | |||||
UBS AG (A) | 93 | 1,695 | |||||
15,902 | |||||||
United Kingdom - 24.48% | |||||||
BAE Systems plc (A) | 512 | 2,860 | |||||
Barclays PLC (A)(C) | 775 | 4,583 | |||||
British American Tobacco p.l.c. (A) | 179 | 5,626 | |||||
Capita Group Plc (The) (A) | 158 | 1,825 | |||||
IG Group Holdings plc (A)(B) | 272 | 1,448 | |||||
Informa plc (A) | 507 | 2,551 | |||||
International Power plc (A) | 572 | 2,640 | |||||
National Grid plc (A) | 256 | 2,473 | |||||
Prudential plc (A) | 393 | 3,774 | |||||
Reckitt Benckiser Group plc (A) | 93 | 4,540 | |||||
Rio Tinto plc (A) | 36 | 1,547 | |||||
Serco Group plc (A) | 395 | 3,187 | |||||
Vodafone Group Plc (A) | 1,922 | 4,306 | |||||
Xstrata plc (A) | 243 | 3,588 | |||||
44,948 | |||||||
United States - 1.30% | |||||||
Monsanto Company | 31 | 2,392 | |||||
TOTAL COMMON STOCKS - 93.36% | $ | 171,464 | |||||
(Cost: $151,648) | |||||||
PREFERRED STOCKS - 2.48% | |||||||
Germany | |||||||
Fresenius AG (A) | 60 | 3,499 | |||||
Henkel AG & Co. KGaA (A) | 25 | 1,055 | |||||
(Cost: $4,157) | $ | 4,554 | |||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper - 2.49% | |||||||
Johnson & Johnson, | |||||||
0.020%, 10-1-09 | $ | 4,583 | 4,583 | ||||
Master Note - 0.82% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.139%, 10-1-09 (E) | 1,505 | 1,505 | |||||
TOTAL SHORT-TERM SECURITIES - 3.31% | $ | 6,088 | |||||
(Cost: $6,088) | |||||||
TOTAL INVESTMENT SECURITIES - 99.15% | $ | 182,106 | |||||
(Cost: $161,893) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.85% | 1,552 | ||||||
NET ASSETS - 100.00% | $ | 183,658 | |||||
(A)Listed on an exchange outside the United States.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $11,022 or 6.00% of net assets.
(C)No dividends were paid during the preceding 12 months.
(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $1,040 or 0.57% of net assets.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Industrials | 16.55% |
Consumer Staples | 15.77% |
Financials | 15.27% |
Information Technology | 12.27% |
Energy | 8.54% |
Materials | 7.15% |
Telecommunication Services | 6.98% |
Consumer Discretionary | 5.57% |
Health Care | 4.95% |
Utilities | 2.79% |
Other+ | 4.16% |
+Includes cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 162,214 | |
Gross unrealized appreciation | 30,311 | ||
Gross unrealized depreciation | (10,419 | ) | |
Net unrealized appreciation | $ | 19,892 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 98.90% |
Financials | 36.25% |
Industrials | 20.07% |
Information Technology | 14.91% |
Materials | 5.44% |
Utilities | 5.17% |
Consumer Staples | 4.30% |
Energy | 4.29% |
Consumer Discretionary | 3.45% |
Telecommunication Services | 3.37% |
Health Care | 1.65% |
Cash and Cash Equivalents | 1.10% |
Lipper Rankings |
Category: Lipper Pacific Ex Japan Funds | Rank | Percentile |
---|---|---|
1 Year | 10/49 | 20 |
3 Year | 13/39 | 33 |
5 Year | 9/37 | 24 |
10 Year | 13/30 | 42 |
Country Weightings |
Pacific Basin | 92.74% |
China | 28.64% |
South Korea | 16.05% |
Taiwan | 14.67% |
Hong Kong | 12.56% |
India | 10.33% |
Singapore | 5.00% |
Other Pacific Basin(1) | 5.49% |
Europe | 3.51% |
United Kingdom | 3.51% |
Bahamas/Caribbean(2) | 1.63% |
North America(3) | 1.02% |
Cash and Cash Equivalents | 1.10% |
(1)Includes 2.00% Indonesia, 2.32% Malaysia, 0.83% Thailand and 0.34% Vietnam.
(2)Includes 1.63% Cayman Islands.
(3)Includes 1.02% United States.
Top 10 Equity Holdings |
Company | Country | Sector | Industry |
---|---|---|---|
Industrial and Commercial Bank of China Limited, H Shares | China | Financials | Diversified Banks |
Metallurgical Corporation of China Ltd., H Shares | Hong Kong | Industrials | Construction & Engineering |
China Life Insurance Company Limited, H Shares | China | Financials | Life & Health Insurance |
KB Financial Group Inc. | South Korea | Financials | Diversified Banks |
Axis Bank Limited | India | Financials | Diversified Banks |
Samsung Electronics Co., Ltd. | South Korea | Information Technology | Semiconductors |
Hon Hai Precision Ind. Co., Ltd. | Taiwan | Information Technology | Electronic Manufacturing Services |
Acer Incorporated | Taiwan | Information Technology | Computer Hardware |
HSBC Holdings plc | United Kingdom | Financials | Diversified Banks |
Taiwan Cement Corporation | Taiwan | Materials | Construction Materials |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,579.00 | 1.92% | $ | 12.38 | |
Class B | $1,000 | $1,569.60 | 3.06% | $ | 19.66 | |
Class C | $1,000 | $1,574.30 | 2.65% | $ | 17.12 | |
Class E** | $1,000 | $1,584.30 | 1.44% | $ | 9.30 | |
Class I | $1,000 | $1,584.40 | 1.30% | $ | 8.40 | |
Class Y | $1,000 | $1,581.30 | 1.58% | $ | 10.20 | |
Advisor Class** | $1,000 | $1,584.50 | 1.27% | $ | 8.14 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,015.46 | 1.92% | $ | 9.67 | |
Class B | $1,000 | $1,009.73 | 3.06% | $ | 15.37 | |
Class C | $1,000 | $1,011.78 | 2.65% | $ | 13.38 | |
Class E** | $1,000 | $1,017.85 | 1.44% | $ | 7.26 | |
Class I | $1,000 | $1,018.53 | 1.30% | $ | 6.56 | |
Class Y | $1,000 | $1,017.17 | 1.58% | $ | 7.97 | |
Advisor Class** | $1,000 | $1,018.73 | 1.27% | $ | 6.36 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Cayman Islands - 1.63% | ||||||||
BaWang International (Group) Holding Limited (A)(B) | 16,102 | $ | 6,545 | |||||
Yingde Gases Group Company Limited (A)(B)(C) | 4,000 | 3,613 | ||||||
10,158 | ||||||||
China - 28.64% | ||||||||
Beijing New Building Material Company Limited (B)(D) | 2,000 | 4,707 | ||||||
China BlueChemical Ltd., H Shares (B) | 8,028 | 4,351 | ||||||
China CITIC Bank Corporation Limited, H Shares (B) | 18,239 | 12,026 | ||||||
China Distance Education Holdings Limited, DR (A) | 125 | 900 | ||||||
China Life Insurance Company Limited, H Shares (B) | 3,380 | 14,719 | ||||||
China Merchants Bank Co., Limited, H Shares (B)(D) | 2,600 | 5,797 | ||||||
China Oilfield Services Limited (B) | 5,696 | 5,314 | ||||||
China Resources Power Holdings Company Limited (B) | 4,495 | 10,451 | ||||||
China South Locomotive & Rolling Stock Corporation Limited, H Shares (B)(D) | 9,629 | 5,603 | ||||||
China South Locomotive & Rolling Stock Corporation Limited, H Shares (B) | 6,000 | 3,492 | ||||||
China Yurun Food Group Limited (B)(D) | 3,800 | 8,188 | ||||||
ChinaEdu Corporation, ADR (A) | 142 | 993 | ||||||
CNinsure Inc., ADR | 188 | 4,308 | ||||||
Ctrip.com International, Ltd. (A) | 37 | 2,199 | ||||||
Enerchina Holdings Limited (A)(B) | 85,077 | 1,251 | ||||||
Heng Tai Consumables Group Limited (A)(B) | 32,063 | 1,944 | ||||||
Industrial and Commercial Bank of China (Asia) Limited (B) | 12,454 | 9,385 | ||||||
Industrial and Commercial Bank of China Limited, H Shares (B)(D) | 21,666 | 16,327 | ||||||
KWG Property Holding Limited (B) | 2,198 | 1,421 | ||||||
NetEase.com, Inc., ADR (A) | 182 | 8,321 | ||||||
PetroChina Company Limited, H Shares (B) | 10,288 | 11,629 | ||||||
REXLot Holdings Limited (A)(B) | 52,975 | 4,716 | ||||||
Shanda Games Limited, ADR (A) | 800 | 9,360 | ||||||
Shanda Interactive Entertainment Limited, ADR (A) | 61 | 3,122 | ||||||
Shimao Property Holdings Limited (B) | 3,447 | 5,843 | ||||||
Simcere Pharmaceutical Group, ADR (A) | 254 | 2,021 | ||||||
Tencent Holdings Limited (B) | 468 | 7,608 | ||||||
Yingli Green Energy Holding Company Limited, ADR (A)(E) | 227 | 2,823 | ||||||
Zhuzhou CSR Times Electric Co., Ltd., H Shares (B) | 5,537 | 9,631 | ||||||
178,450 | ||||||||
Hong Kong - 12.56% | ||||||||
Beijing Enterprises Holdings Limited (B) | 1,538 | 8,146 | ||||||
C C Land Holdings Limited (B) | 5,000 | 2,703 | ||||||
Cheung Kong (Holdings) Limited (B) | 576 | 7,310 | ||||||
China Metal Recycling (Holdings) Limited (A)(B)(D) | 4,800 | 5,314 | ||||||
China Resources Cement Holdings Limited (A)(B)(C) | 12,000 | 6,039 | ||||||
Fosun International Limited (B) | 13,000 | 9,075 | ||||||
Metallurgical Corporation of China Ltd., H Shares (A)(B)(C) | 22,000 | 14,931 | ||||||
Pan Asia Environmental Protection Group Limited (B)(D) | 13,372 | 2,053 | ||||||
Renhe Commercial Holdings Company Limited (B) | 5,870 | 1,182 | ||||||
Renhe Commercial Holdings Company Limited (B)(D) | 33,334 | 6,709 | ||||||
Sinopharm Group Co. Ltd., H Shares (A)(B) | 364 | 922 | ||||||
Sinopharm Group Co. Ltd., H Shares (A)(B)(D) | 2,900 | 7,350 | ||||||
Want Want China Holdings Limited (B) | 11,009 | 6,478 | ||||||
78,212 | ||||||||
India - 10.02% | ||||||||
Axis Bank Limited (B) | 660 | 13,521 | ||||||
Bajaj Hindusthan Limited (B) | 450 | 1,724 | ||||||
Bajaj Hindusthan Limited (B)(D) | 500 | 1,915 | ||||||
Bharti Airtel Limited (B) | 871 | 7,961 | ||||||
CESC Limited (B)(D) | 450 | 3,642 | ||||||
Indiabulls Real Estate Limited (A)(B) | 1,200 | 6,780 | ||||||
Nagarjuna Construction Company Limited (B) | 3,208 | 9,989 | ||||||
Reliance Energy Limited (B) | 320 | 8,124 | ||||||
TATA POWER COMPANY LIMITED (THE) (B) | 318 | 8,714 | ||||||
62,370 | ||||||||
Indonesia - 2.00% | ||||||||
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (B) | 142 | 5,052 | ||||||
PT Bank Rakyat Indonesia (B) | 9,513 | 7,382 | ||||||
12,434 | ||||||||
Malaysia - 2.32% | ||||||||
Gamuda Berhad (B) | 6,355 | 5,820 | ||||||
Genting Berhad (B) | 2,068 | 4,099 | ||||||
Sime Darby Berhad (B) | 1,848 | 4,539 | ||||||
14,458 | ||||||||
Singapore - 5.00% | ||||||||
Cambridge Industrial Trust (B)(D) | 9,500 | 3,069 | ||||||
DBS Group Holdings Ltd (B) | 670 | 6,317 | ||||||
Keppel Corporation Limited (B) | 1,576 | 9,062 | ||||||
SembCorp Industries Ltd (B) | 2,647 | 6,371 | ||||||
United Overseas Bank Limited (B) | 530 | 6,313 | ||||||
31,132 | ||||||||
South Korea - 16.05% | ||||||||
Daelim Industrial Co., Ltd. (B) | 126 | 7,726 | ||||||
ForHuman Co., Ltd. (A)(B) | 201 | 1,839 | ||||||
Hyundai Motor Company (B) | 113 | 10,678 | ||||||
KB Financial Group Inc. (B) | 285 | 14,654 | ||||||
KCC Corporation (B) | 14 | 4,308 | ||||||
Korea Investment Holdings Co., Ltd. (B) | 215 | 6,401 | ||||||
Kyeryong Construction Industrial Co. Ltd (B) | 103 | 1,875 | ||||||
LG Corp. (B) | 165 | 11,045 | ||||||
NHN Corporation (A)(B) | 65 | 9,545 | ||||||
Samsung C&T Corporation (B) | 137 | 6,308 | ||||||
Samsung Electronics Co., Ltd. (B) | 19 | 13,046 | ||||||
SK Corporation (B) | 77 | 7,373 | ||||||
SK Telecom Co., Ltd. (B) | 34 | 5,203 | ||||||
100,001 | ||||||||
Taiwan - 14.67% | ||||||||
Acer Incorporated (B) | 4,906 | 12,513 | ||||||
Asustek Computer Inc. (B) | 3,656 | 6,278 | ||||||
First Commercial Bank Co., Ltd. (B) | 11,846 | 7,388 | ||||||
Fubon Financial Holding Co., Ltd. (B) | 9,723 | 10,979 | ||||||
Hon Hai Precision Ind. Co., Ltd. (B) | 3,160 | 12,682 | ||||||
Shin Kong Financial Holdings, Co., Ltd (A)(B) | 22,500 | 8,959 | ||||||
Taiwan Cement Corporation (B) | 10,752 | 12,074 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. (B) | 4,254 | 8,535 | ||||||
Yuanta Financial Holdings Co., Ltd. (B) | 16,150 | 11,955 | ||||||
91,363 | ||||||||
Thailand - 0.83% | ||||||||
Advanced Info Service Public Company Limited (B) | 962 | 2,713 | ||||||
PTT Public Company Limited (B) | 315 | 2,451 | ||||||
5,164 | ||||||||
United Kingdom - 3.51% | ||||||||
HSBC Holdings plc (B) | 1,071 | 12,424 | ||||||
Standard Chartered PLC (B) | 384 | 9,456 | ||||||
21,880 | ||||||||
TOTAL COMMON STOCKS - 97.23% | $ | 605,622 | ||||||
(Cost: $515,568) | ||||||||
INVESTMENT FUNDS | ||||||||
India - 0.31% | ||||||||
iPath MSCI India Index ETN (A) | 33 | 1,932 | ||||||
United States - 1.02% | ||||||||
iShares MSCI Taiwan Index Fund | 516 | 6,343 | ||||||
Vietnam - 0.34% | ||||||||
Vietnam Azalea Fund Limited (A)(F)(G) | 500 | 2,135 | ||||||
TOTAL INVESTMENT FUNDS - 1.67% | $ | 10,410 | ||||||
(Cost: $9,740) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper - 1.10% | ||||||||
PACCAR Financial Corp., | ||||||||
0.150%, 10-9-09 | $ | 6,800 | 6,800 | |||||
Master Note - 0.46% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (H) | 2,893 | 2,893 | ||||||
TOTAL SHORT-TERM SECURITIES - 1.56% | $ | 9,693 | ||||||
(Cost: $9,693) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.46% | $ | 625,725 | ||||||
(Cost: $535,001) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.46%) | (2,848 | ) | ||||||
NET ASSETS - 100.00% | $ | 622,877 | ||||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Listed on an exchange outside the United States.
(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $24,583 or 3.95% of net assets.
(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $70,674 or 11.35% of net assets.
(E)Securities serve as cover or collateral for the following written options outstanding at September 30, 2009:
Underlying Security | Counterparty | Contracts Subject to Call | Expiration Month | Exercise Price | Premium Received | Market Value | |||||
Yingli Green Energy Holding Company Limited, ADR | UBS Securities LLC | 2 | December 2009 | $17.50 | $ | 203 | $(113) | ||||
Underlying Security | Counterparty | Contracts Subject to Put | Expiration Month | Exercise Price | Premium Received | Market Value | |||||
Yingli Green Energy Holding Company Limited, ADR | UBS Securities LLC | 2 | December 2009 | $9.00 | $ | 93 | $(108) | ||||
(F) Illiquid restricted security. At September 30, 2009, the following restricted security was owned:
Security | Acquisition Date(s) | Shares | Cost | Market Value | ||||
Vietnam Azalea Fund Limited | 6-14-07 to 1-28-09 | 500 | $3,304 | $2,135 | ||||
The total value of this security represented approximately 0.34% of net assets at September 30, 2009.
(G)Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities. The Fund and other mutual funds managed by its investment manager, Ivy Investment Management Company, or other related parties together own 30% of the outstanding shares of this security at September 30, 2009.
(H)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Financials | 36.25% |
Industrials | 20.07% |
Information Technology | 14.91% |
Materials | 5.44% |
Utilities | 5.17% |
Consumer Staples | 4.30% |
Energy | 4.29% |
Consumer Discretionary | 3.45% |
Telecommunication Services | 3.37% |
Health Care | 1.65% |
Other+ | 1.10% |
+Includes cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 539,485 | |
Gross unrealized appreciation | 136,550 | ||
Gross unrealized depreciation | (50,310 | ) | |
Net unrealized appreciation | $ | 86,240 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 72.72% |
Information Technology | 14.26% |
Financials | 13.69% |
Consumer Staples | 12.94% |
Health Care | 9.48% |
Consumer Discretionary | 8.91% |
Industrials | 5.20% |
Energy | 4.65% |
Materials | 1.95% |
Utilities | 1.64% |
Bonds | 25.43% |
Corporate Debt Securities | 17.40% |
United States Government and Government Agency Obligations | 8.03% |
Cash and Cash Equivalents | 1.85% |
Bond Portfolio Characteristics |
Average maturity | 3.7 years |
Effective duration | 3.0 years |
Weighted average bond rating | AA- |
Top 10 Equity Holdings |
Company | Sector |
---|---|
JPMorgan Chase & Co. | Financials |
Cisco Systems, Inc. | Information Technology |
Colgate-Palmolive Company | Consumer Staples |
Hewlett-Packard Company | Information Technology |
Apple Inc. | Information Technology |
PepsiCo, Inc. | Consumer Staples |
Microchip Technology Incorporated | Information Technology |
Gilead Sciences, Inc. | Health Care |
Emerson Electric Co. | Industrials |
DENTSPLY International Inc. | Health Care |
Lipper Rankings |
Category: Lipper Mixed-Asset Target Allocation Growth Funds | Rank | Percentile |
---|---|---|
1 Year | 358/665 | 54 |
3 Year | 26/541 | 5 |
5 Year | 36/442 | 9 |
10 Year | 153/243 | 63 |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,189.10 | 1.41% | $ | 7.77 | |
Class B | $1,000 | $1,184.30 | 2.27% | $ | 12.45 | |
Class C | $1,000 | $1,186.20 | 2.01% | $ | 11.04 | |
Class E** | $1,000 | $1,190.50 | 1.13% | $ | 6.24 | |
Class I | $1,000 | $1,192.90 | 1.00% | $ | 5.48 | |
Class Y | $1,000 | $1,189.90 | 1.25% | $ | 6.90 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,018.00 | 1.41% | $ | 7.16 | |
Class B | $1,000 | $1,013.68 | 2.27% | $ | 11.48 | |
Class C | $1,000 | $1,014.98 | 2.01% | $ | 10.18 | |
Class E** | $1,000 | $1,019.38 | 1.13% | $ | 5.76 | |
Class I | $1,000 | $1,020.08 | 1.00% | $ | 5.05 | |
Class Y | $1,000 | $1,018.80 | 1.25% | $ | 6.36 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Air Freight & Logistics - 0.94% | ||||||||
Expeditors International of Washington, Inc. | 43 | $ | 1,522 | |||||
Asset Management & Custody Banks - 2.50% | ||||||||
Blackstone Group L.P. (The) | 55 | 775 | ||||||
Northern Trust Corporation | 56 | 3,257 | ||||||
4,032 | ||||||||
Auto Parts & Equipment - 0.94% | ||||||||
BorgWarner Inc. | 50 | 1,522 | ||||||
Automobile Manufacturers - 0.63% | ||||||||
Ford Motor Company (A) | 141 | 1,018 | ||||||
Biotechnology - 2.21% | ||||||||
Gilead Sciences, Inc. (A) | 77 | 3,563 | ||||||
Casinos & Gaming - 1.37% | ||||||||
Wynn Resorts, Limited (A) | 31 | 2,212 | ||||||
Communications Equipment - 5.35% | ||||||||
Cisco Systems, Inc. (A) | 177 | 4,154 | ||||||
Nokia Corporation, Series A, ADR | 107 | 1,560 | ||||||
QUALCOMM Incorporated | 66 | 2,951 | ||||||
8,665 | ||||||||
Computer Hardware - 4.91% | ||||||||
Apple Inc. (A) | 21 | 3,911 | ||||||
Hewlett-Packard Company | 85 | 4,018 | ||||||
7,929 | ||||||||
Data Processing & Outsourced Services - 0.39% | ||||||||
Paychex, Inc. | 21 | 622 | ||||||
Department Stores - 2.10% | ||||||||
Kohl's Corporation (A) | 22 | 1,278 | ||||||
Macy's Inc. | 115 | 2,101 | ||||||
3,379 | ||||||||
Distillers & Vintners - 1.31% | ||||||||
Brown-Forman Corporation, Class B | 44 | 2,119 | ||||||
Diversified Chemicals - 1.13% | ||||||||
Dow Chemical Company (The) | 70 | 1,812 | ||||||
Electric Utilities - 1.64% | ||||||||
Exelon Corporation | 53 | 2,645 | ||||||
Electrical Components & Equipment - 2.14% | ||||||||
Emerson Electric Co. | 86 | 3,455 | ||||||
Fertilizers & Agricultural Chemicals - 0.82% | ||||||||
Monsanto Company | 17 | 1,331 | ||||||
Footwear - 1.28% | ||||||||
NIKE, Inc., Class B | 32 | 2,064 | ||||||
General Merchandise Stores - 0.92% | ||||||||
Target Corporation | 32 | 1,494 | ||||||
Health Care Equipment - 0.43% | ||||||||
Zimmer Holdings, Inc. (A) | 13 | 700 | ||||||
Health Care Supplies - 2.02% | ||||||||
DENTSPLY International Inc. | 94 | 3,261 | ||||||
Home Improvement Retail - 1.67% | ||||||||
Home Depot, Inc. (The) | 101 | 2,701 | ||||||
Household Products - 2.55% | ||||||||
Colgate-Palmolive Company | 54 | 4,119 | ||||||
Industrial Conglomerates - 0.91% | ||||||||
Textron Inc. | 78 | 1,471 | ||||||
Industrial Machinery - 1.21% | ||||||||
Illinois Tool Works Inc. | 46 | 1,956 | ||||||
Integrated Oil & Gas - 1.24% | ||||||||
Exxon Mobil Corporation | 29 | 2,003 | ||||||
Investment Banking & Brokerage - 0.64% | ||||||||
Lazard Group LLC | 25 | 1,037 | ||||||
Oil & Gas Equipment & Services - 2.95% | ||||||||
Halliburton Company | 59 | 1,608 | ||||||
Schlumberger Limited | 35 | 2,063 | ||||||
Weatherford International Ltd. (A) | 53 | 1,107 | ||||||
4,778 | ||||||||
Oil & Gas Exploration & Production - 0.46% | ||||||||
XTO Energy Inc. | 18 | 735 | ||||||
Other Diversified Financial Services - 4.32% | ||||||||
Bank of America Corporation | 155 | 2,628 | ||||||
JPMorgan Chase & Co. | 99 | 4,346 | ||||||
6,974 | ||||||||
Packaged Foods & Meats - 1.46% | ||||||||
Hershey Foods Corporation | 61 | 2,363 | ||||||
Personal Products - 1.12% | ||||||||
Estee Lauder Companies Inc. (The), Class A | 49 | 1,802 | ||||||
Pharmaceuticals - 4.82% | ||||||||
Abbott Laboratories | 63 | 3,096 | ||||||
Allergan, Inc. | 40 | 2,248 | ||||||
Johnson & Johnson | 40 | 2,442 | ||||||
7,786 | ||||||||
Property & Casualty Insurance - 3.45% | ||||||||
Berkshire Hathaway Inc., Class B (A) | 1 | 2,755 | ||||||
Travelers Companies, Inc. (The) | 57 | 2,821 | ||||||
5,576 | ||||||||
Regional Banks - 1.58% | ||||||||
PNC Financial Services Group, Inc. (The) | 53 | 2,556 | ||||||
Semiconductors - 2.22% | ||||||||
Microchip Technology Incorporated | 135 | 3,583 | ||||||
Soft Drinks - 3.65% | ||||||||
Coca-Cola Company (The) | 41 | 2,175 | ||||||
PepsiCo, Inc. | 63 | 3,719 | ||||||
5,894 | ||||||||
Specialized Finance - 1.20% | ||||||||
CME Group Inc. | 6 | 1,942 | ||||||
Systems Software - 1.39% | ||||||||
Microsoft Corporation | 87 | 2,246 | ||||||
Tobacco - 2.85% | ||||||||
Lorillard, Inc. | 31 | 2,274 | ||||||
Philip Morris International Inc. | 48 | 2,334 | ||||||
4,608 | ||||||||
TOTAL COMMON STOCKS - 72.72% | $ | 117,475 | ||||||
(Cost: $94,268) | ||||||||
CORPORATE DEBT SECURITIES | Principal | |||||||
---|---|---|---|---|---|---|---|---|
Agricultural Products - 0.51% | ||||||||
Archer-Daniels-Midland Company, | ||||||||
7.000%, 2-1-31 | $ 700 | 816 | ||||||
Airlines - 0.33% | ||||||||
Southwest Airlines Co., | ||||||||
6.500%, 3-1-12 | 500 | 526 | ||||||
Banking - 1.29% | ||||||||
JPMorgan Chase & Co., | ||||||||
4.650%, 6-1-14 | 1,000 | 1,043 | ||||||
U.S. BANCORP, | ||||||||
4.200%, 5-15-14 | 1,000 | 1,045 | ||||||
2,088 | ||||||||
Beverage / Bottling - 0.66% | ||||||||
Anheuser-Busch InBev Worldwide Inc., | ||||||||
5.375%, 11-15-14 (B) | 1,000 | 1,068 | ||||||
Communications Equipment - 0.66% | ||||||||
Cisco Systems, Inc., | ||||||||
5.250%, 2-22-11 | 1,000 | 1,054 | ||||||
Conglomerate / Diversified Mfg - 0.09% | ||||||||
Textron Inc., | ||||||||
6.200%, 3-15-15 | 150 | 151 | ||||||
Construction & Farm Machinery & Heavy Trucks - 0.33% | ||||||||
John Deere Capital Corporation, | ||||||||
5.250%, 10-1-12 | 500 | 541 | ||||||
Consumer Finance - 0.13% | ||||||||
American Express Credit Corporation, | ||||||||
5.125%, 8-25-14 | 200 | 207 | ||||||
Department Stores - 0.65% | ||||||||
Kohl's Corporation, | ||||||||
6.300%, 3-1-11 | 1,000 | 1,042 | ||||||
Distillers & Vintners - 0.63% | ||||||||
Diageo Capital plc, | ||||||||
4.375%, 5-3-10 | 1,000 | 1,022 | ||||||
Diversified Banks - 0.16% | ||||||||
Wells Fargo Bank, N.A., | ||||||||
7.550%, 6-21-10 | 250 | 262 | ||||||
Electric - 0.36% | ||||||||
Hydro-Quebec, | ||||||||
8.000%, 2-1-13 | 500 | 577 | ||||||
Electric Utilities - 0.68% | ||||||||
Exelon Corporation, | ||||||||
6.950%, 6-15-11 | 1,000 | 1,100 | ||||||
Food Processors - 0.59% | ||||||||
Cargill, Inc., | ||||||||
6.375%, 6-1-12 (B) | 400 | 435 | ||||||
Kellogg Company, | ||||||||
4.450%, 5-30-16 | 500 | 524 | ||||||
959 | ||||||||
Food Retail - 0.67% | ||||||||
Kroger Co. (The), | ||||||||
6.200%, 6-15-12 | 1,000 | 1,091 | ||||||
Home Improvement Retail - 0.64% | ||||||||
Home Depot, Inc. (The), | ||||||||
5.200%, 3-1-11 | 1,000 | 1,039 | ||||||
Industrial Gases - 0.66% | ||||||||
Praxair, Inc., | ||||||||
4.375%, 3-31-14 | 1,000 | 1,060 | ||||||
Industrial Machinery - 0.68% | ||||||||
Illinois Tool Works Inc., | ||||||||
5.150%, 4-1-14 | 1,000 | 1,086 | ||||||
Integrated Oil & Gas - 0.99% | ||||||||
Chevron Corporation, | ||||||||
3.450%, 3-3-12 | 500 | 521 | ||||||
ConocoPhillips, | ||||||||
4.750%, 2-1-14 | 1,000 | 1,077 | ||||||
1,598 | ||||||||
Integrated Telecommunication Services - 0.66% | ||||||||
AT&T Inc., | ||||||||
4.850%, 2-15-14 | 1,000 | 1,064 | ||||||
Life Insurance - 0.31% | ||||||||
Prudential Financial, Inc., | ||||||||
4.750%, 9-17-15 | 500 | 497 | ||||||
Metals / Mining - 1.25% | ||||||||
Newmont Mining Corporation, Convertible, | ||||||||
3.000%, 2-15-12 | 1,200 | 1,440 | ||||||
Rio Tinto Finance (USA) Limited, | ||||||||
8.950%, 5-1-14 | 500 | 590 | ||||||
2,030 | ||||||||
Movies & Entertainment - 0.32% | ||||||||
Viacom Inc., | ||||||||
4.375%, 9-15-14 | 500 | 511 | ||||||
Oil & Gas - 0.16% | ||||||||
Cenovus Energy Inc., | ||||||||
4.500%, 9-15-14 (C) | 250 | 255 | ||||||
Oil & Gas Exploration & Production - 0.34% | ||||||||
XTO Energy Inc., | ||||||||
7.500%, 4-15-12 | 500 | 554 | ||||||
Other Non-Agency REMIC/CMO - 0.00% | ||||||||
Banco Hipotecario Nacional: | ||||||||
7.916%, 7-25-09 (C) | 7 | –– | * | |||||
8.000%, 3-31-11 (C) | 9 | –– | * | |||||
–– | * | |||||||
Packaged Foods & Meats - 0.24% | ||||||||
Unilever Capital Corporation, | ||||||||
5.900%, 11-15-32 | 350 | 390 | ||||||
Pharmaceuticals - 1.97% | ||||||||
Abbott Laboratories, | ||||||||
3.750%, 3-15-11 | 1,000 | 1,036 | ||||||
Pfizer Inc., | ||||||||
4.450%, 3-15-12 | 1,000 | 1,062 | ||||||
Roche Holdings Ltd, | ||||||||
5.000%, 3-1-14 (B) | 1,000 | 1,082 | ||||||
3,180 | ||||||||
Property & Casualty Insurance - 0.65% | ||||||||
Berkshire Hathaway Finance Corporation, | ||||||||
4.000%, 4-15-12 (B) | 1,000 | 1,048 | ||||||
Restaurants - 0.16% | ||||||||
YUM! Brands, Inc., | ||||||||
4.250%, 9-15-15 | 250 | 256 | ||||||
Soft Drinks - 0.32% | ||||||||
PepsiCo, Inc., | ||||||||
3.750%, 3-1-14 | 500 | 521 | ||||||
Systems Software - 0.31% | ||||||||
Microsoft Corporation, | ||||||||
2.950%, 6-1-14 | 500 | 507 | ||||||
TOTAL CORPORATE DEBT SECURITIES - 17.40% | $ | 28,100 | ||||||
(Cost: $26,260) | ||||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 1.88% | ||||||||
Mortgage-Backed Obligations | ||||||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
6.000%, 9-1-17 | 242 | 261 | ||||||
5.000%, 1-1-18 | 276 | 294 | ||||||
5.500%, 4-1-18 | 113 | 121 | ||||||
6.500%, 10-1-28 | 110 | 119 | ||||||
6.500%, 2-1-29 | 20 | 22 |
7.000%, 5-1-31 | 21 | 24 | ||||||
7.500%, 5-1-31 | 35 | 39 | ||||||
7.000%, 7-1-31 | 32 | 36 | ||||||
7.000%, 9-1-31 | 44 | 49 | ||||||
7.000%, 9-1-31 | 32 | 36 | ||||||
7.000%, 11-1-31 | 104 | 115 | ||||||
6.500%, 2-1-32 | 122 | 133 | ||||||
7.000%, 2-1-32 | 114 | 127 | ||||||
7.000%, 2-1-32 | 69 | 76 | ||||||
6.500%, 3-1-32 | 28 | 31 | ||||||
7.000%, 3-1-32 | 74 | 82 | ||||||
7.000%, 6-1-32 | 24 | 27 | ||||||
7.000%, 7-1-32 | 129 | 143 | ||||||
6.500%, 8-1-32 | 54 | 59 | ||||||
6.000%, 9-1-32 | 460 | 489 | ||||||
6.500%, 9-1-32 | 107 | 116 | ||||||
5.500%, 5-1-33 | 209 | 219 | ||||||
5.500%, 5-1-33 | 114 | 120 | ||||||
5.500%, 5-1-33 | 90 | 95 | ||||||
5.500%, 6-1-33 | 195 | 205 | ||||||
(Cost: $2,889) | $ | 3,038 | ||||||
UNITED STATES GOVERNMENT OBLIGATIONS - 6.15% | ||||||||
Treasury Obligations | ||||||||
United States Treasury Bonds, | ||||||||
7.500%, 11-15-16 | 500 | 645 | ||||||
United States Treasury Notes: | ||||||||
4.000%, 3-15-10 | 800 | 814 | ||||||
4.250%, 10-15-10 | 2,000 | 2,079 | ||||||
3.875%, 2-15-13 | 1,250 | 1,343 | ||||||
3.625%, 5-15-13 | 750 | 800 | ||||||
4.250%, 8-15-13 | 900 | 982 | ||||||
4.250%, 8-15-15 | 3,000 | 3,268 | ||||||
(Cost: $9,225) | $ | 9,931 | ||||||
SHORT-TERM SECURITIES - 1.75% | ||||||||
Master Note | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (D) | 2,829 | $ | 2,829 | |||||
(Cost: $2,829) | ||||||||
TOTAL INVESTMENT SECURITIES - 99.90% | $ | 161,373 | ||||||
(Cost: $135,471) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.10% | 164 | |||||||
NET ASSETS - 100.00% | $ | 161,537 | ||||||
(A)No dividends were paid during the preceding 12 months.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $3,633 or 2.25% of net assets.
(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $255 or 0.16% of net assets.
(D)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
CMO = Collateralized Mortgage Obligation
REMIC = Real Estate Mortgage Investment Conduit
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 135,479 | |
Gross unrealized appreciation | 26,220 | ||
Gross unrealized depreciation | (326 | ) | |
Net unrealized appreciation | $ | 25,894 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 89.63% |
Energy | 48.29% |
Materials | 23.98% |
Industrials | 10.03% |
Utilities | 5.25% |
Financials | 1.12% |
Consumer Staples | 0.61% |
Information Technology | 0.35% |
Options | 5.12% |
Bonds | 0.10% |
Corporate Debt Securities | 0.10% |
Cash and Cash Equivalents | 5.15% |
Lipper Rankings |
Category: Lipper Global Natural Resources Funds | Rank | Percentile |
---|---|---|
1 Year | 45/112 | 40 |
3 Year | 53/73 | 72 |
5 Year | 37/54 | 68 |
10 Year | 19/33 | 56 |
Country Weightings |
North America | 50.35% |
United States | 39.11% |
Canada | 11.24% |
Europe | 16.46% |
Russia | 7.05% |
Other Europe(1) | 9.41% |
South America | 10.22% |
Brazil | 10.03% |
Other South America(2) | 0.19% |
Pacific Basin(3) | 6.20% |
Other(4) | 4.73% |
Bahamas/Caribbean(5) | 1.77% |
Cash and Cash Equivalents and Options | 10.27% |
(1)Includes 0.17% Cyprus, 1.42% Denmark, 1.32% Germany, 0.66% Kazakhstan, 0.09% Spain, 2.60% Switzerland and 3.15% United Kingdom.
(2)Includes 0.19% Chile.
(3)Includes 0.37% Australia, 2.64% China, 0.21% Hong Kong, 0.51% Indonesia, 0.89% Japan, 0.36% Singapore, 0.27% South Korea and 0.95% Thailand.
(4)Includes 1.57% Israel, 1.49% Panama and 1.67% South Africa.
(5)Includes 0.61% Bermuda and 1.16% Cayman Islands.
Top 10 Equity Holdings |
Company | Country | Sector | Industry |
---|---|---|---|
Petrohawk Energy Corporation | United States | Energy | Oil & Gas Exploration & Production |
El Paso Corporation | United States | Energy | Oil & Gas Storage & Transportation |
Transocean Inc. | United States | Energy | Oil & Gas Drilling |
Cameron International Corporation | United States | Energy | Oil & Gas Equipment & Services |
Randgold Resources Limited, ADR | United Kingdom | Materials | Gold |
Potash Corporation of Saskatchewan Inc. | Canada | Materials | Fertilizers & Agricultura Chemicals |
Open Joint Stock Company Gazprom, ADR | Russia | Energy | Integrated Oil & Gas |
Chesapeake Energy Corporation | United States | Energy | Oil & Gas Exploration & Production |
Halliburton Company | United States | Energy | Oil & Gas Equipment & Services |
Noble Corporation | Switzerland | Energy | Oil & Gas Drilling |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,544.20 | 1.52% | $ | 9.67 | |
Class B | $1,000 | $1,536.70 | 2.36% | $ | 14.97 | |
Class C | $1,000 | $1,538.50 | 2.19% | $ | 13.96 | |
Class E | $1,000 | $1,545.70 | 1.26% | $ | 8.02 | |
Class I | $1,000 | $1,546.40 | 1.06% | $ | 6.75 | |
Class R | $1,000 | $1,543.60 | 1.58% | $ | 10.05 | |
Class Y | $1,000 | $1,546.10 | 1.20% | $ | 7.64 | |
Advisor Class** | $1,000 | $1,548.90 | 0.93% | $ | 5.86 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.46 | 1.52% | $ | 7.67 | |
Class B | $1,000 | $1,013.24 | 2.36% | $ | 11.88 | |
Class C | $1,000 | $1,014.10 | 2.19% | $ | 11.08 | |
Class E | $1,000 | $1,018.73 | 1.26% | $ | 6.36 | |
Class I | $1,000 | $1,019.74 | 1.06% | $ | 5.35 | |
Class R | $1,000 | $1,017.13 | 1.58% | $ | 7.97 | |
Class Y | $1,000 | $1,019.05 | 1.20% | $ | 6.06 | |
Advisor Class** | $1,000 | $1,020.43 | 0.93% | $ | 4.65 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
**Class closed to investment.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | |||||
---|---|---|---|---|---|---|---|
Australia - 0.37% | |||||||
Coal & Allied Industries Limited (A) | 267 | $ | 18,865 | ||||
Bermuda - 0.61% | |||||||
Bunge Limited | 500 | 31,305 | |||||
Brazil - 5.93% | |||||||
Companhia de Saneamento de Minas Gerais (A) | 4,196 | 70,789 | |||||
Companhia Energetica de Minas Gerais - CEMIG, ADR | 3,500 | 53,200 | |||||
Gerdau S.A., ADR | 2,250 | 30,240 | |||||
Petroleo Brasileiro S.A.- Petrobras, ADR | 500 | 19,655 | |||||
Suzano Bahia Sul Papel E Celulose S.A. (A)(B) | 8,950 | 94,724 | |||||
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS (A) | 750 | 19,262 | |||||
Votorantim Celulose e Papel S.A., ADR (B) | 910 | 14,933 | |||||
302,803 | |||||||
Canada - 11.24% | |||||||
Agrium Inc. | 900 | 44,811 | |||||
Anatolia Minerals Development Ltd. (A)(B) | 2,382 | 5,429 | |||||
Aquiline Resources Inc. (A)(B) | 2,000 | 8,219 | |||||
ARISE Technologies Corporation (A)(B) | 4,804 | 1,526 | |||||
Atacama Minerals Corp. (A)(B)(C) | 5,880 | 2,471 | |||||
Barrick Gold Corporation | 3,500 | 132,650 | |||||
Canadian Natural Resources Limited (A) | 1,750 | 118,175 | |||||
First Quantum Minerals Ltd. (A) | 1,000 | 65,382 | |||||
MGM Energy Corp. (A)(B) | 12,543 | 1,582 | |||||
Potash Corporation of Saskatchewan Inc. | 1,750 | 158,094 | |||||
Suncor Energy Inc. (A) | 1,000 | 34,932 | |||||
573,271 | |||||||
Cayman Islands - 1.16% | |||||||
China High Speed Transmission Equipment Group Co., Ltd. (A) | 12,100 | 24,824 | |||||
Subsea 7 Inc. (A)(B) | 2,500 | 33,544 | |||||
Yingde Gases Group Company Limited (A)(B) | 945 | 862 | |||||
59,230 | |||||||
Chile - 0.19% | |||||||
Sociedad Quimica y Minera de Chile S.A., ADR | 250 | 9,783 | |||||
China - 2.64% | |||||||
Sino-Forest Corporation, Class A (A)(B) | 2,610 | 41,223 | |||||
Yingli Green Energy Holding Company Limited, ADR (B)(D) | 7,500 | 93,450 | |||||
134,673 | |||||||
Cyprus - 0.17% | |||||||
Buried Hill Energy (Cyprus) Public Company Limited (A)(B)(C) | 3,630 | 8,712 | |||||
Denmark - 1.42% | |||||||
Vestas Wind Systems A/S (A)(B) | 1,000 | 72,291 | |||||
Germany - 1.32% | |||||||
Phoenix Solar Aktiengesellschaft, Sulzemoos (A) | 100 | 5,957 | |||||
SGL Carbon SE (A)(B) | 1,500 | 61,264 | |||||
67,221 | |||||||
Hong Kong - 0.21% | |||||||
Guangdong Investment Limited (A) | 22,000 | 10,844 | |||||
Indonesia - 0.51% | |||||||
PT Tambang Batubara Bukit Asam (Persero) Tbk (A) | 18,000 | 26,260 | |||||
Israel - 1.57% | |||||||
Israel Chemicals Ltd. (A) | 7,000 | 80,101 | |||||
Japan - 0.89% | |||||||
Mitsubishi Corporation (A) | 2,250 | 45,519 | |||||
Kazakhstan - 0.66% | |||||||
Joint Stock Company KazMunaiGas Exploration Production, GDR (A) | 1,500 | 33,570 | |||||
Panama - 1.49% | |||||||
McDermott International, Inc. (B) | 3,000 | 75,810 | |||||
Russia - 7.05% | |||||||
OAO LUKOIL, ADR | 1,500 | 82,275 | |||||
OJSC Oil Company Rosneft, GDR (A) | 8,000 | 60,160 | |||||
Open Joint Stock Company Gazprom, ADR (A) | 6,750 | 156,938 | |||||
Uralkali Group, GDR (A) | 3,200 | 60,448 | |||||
359,821 | |||||||
Singapore - 0.36% | |||||||
Straits Asia Resources Limited (A) | 12,000 | 18,145 | |||||
South Africa - 1.67% | |||||||
Gold Fields Limited, ADR | 4,500 | 62,010 | |||||
Impala Platinum Holdings Limited (A) | 1,000 | 23,296 | |||||
85,306 | |||||||
South Korea - 0.27% | |||||||
LG Chem, Ltd. (A) | 75 | 13,940 | |||||
Spain - 0.09% | |||||||
Gamesa Corporacion Tecnologica, S.A. (A) | 200 | 4,481 | |||||
Switzerland - 2.60% | |||||||
Noble Corporation | 3,500 | 132,860 | |||||
Thailand - 0.95% | |||||||
Banpu Public Company Limited (A) | 2,875 | 37,003 | |||||
Banpu Public Company Limited, Registered Shares (A) | 885 | 11,337 | |||||
48,340 | |||||||
United Kingdom - 3.15% | |||||||
Randgold Resources Limited, ADR | 2,300 | 160,724 | |||||
United States - 38.76% | |||||||
Allegheny Technologies Incorporated (E) | 1,250 | 43,738 | |||||
Alpha Natural Resources, Inc. (B) | 2,100 | 73,710 | |||||
Cameron International Corporation (B)(E) | 4,250 | 160,734 | |||||
Celanese Corporation, Series A | 1,000 | 25,000 | |||||
Chesapeake Energy Corporation (E) | 5,000 | 142,000 | |||||
Comstock Resources, Inc. (B) | 750 | 30,060 | |||||
CONSOL Energy Inc. | 1,300 | 58,643 | |||||
Dril-Quip, Inc. (B) | 1,000 | 49,640 | |||||
El Paso Corporation | 17,500 | 180,600 | |||||
Energy Recovery, Inc. (B) | 1,000 | 5,820 | |||||
Energy Transfer Partners, L.P. | 485 | 20,632 | |||||
First Solar, Inc. (B) | 300 | 45,858 | |||||
Foster Wheeler Ltd. (B) | 500 | 15,955 | |||||
GrafTech International Ltd. (B) | 4,000 | 58,800 | |||||
Halliburton Company (E) | 5,050 | 136,956 | |||||
MarkWest Energy Partners, L.P. | 500 | 11,815 | |||||
Oceaneering International, Inc. (B) | 1,250 | 70,938 | |||||
Owens-Illinois, Inc. (B) | 1,500 | 55,350 | |||||
Peabody Energy Corporation (E) | 2,000 | 74,440 | |||||
Petrohawk Energy Corporation (B) | 8,750 | 211,837 | |||||
Plains Exploration and Production Company (B) | 750 | 20,745 | |||||
Questar Corporation | 1,000 | 37,560 | |||||
Range Resources Corporation | 900 | 44,424 | |||||
Regency Energy Partners LP | 1,500 | 29,415 | |||||
Rockwood Holdings, Inc. (B) | 552 | 11,346 | |||||
SandRidge Energy, Inc. (B) | 2,250 | 29,160 | |||||
Smith International, Inc. (E) | 1,250 | 35,875 | |||||
Superior Energy Services, Inc. (B) | 2,750 | 61,930 | |||||
Targa Resources Partners LP | 750 | 14,070 | |||||
Transocean Inc. (B) | 1,900 | 162,507 | |||||
Williams Companies, Inc. (The) | 3,250 | 58,078 | |||||
1,977,636 | |||||||
TOTAL COMMON STOCKS - 85.28% | $ | 4,351,511 | |||||
(Cost: $3,822,924) | |||||||
PREFERRED STOCKS | |||||||
Brazil - 4.00% | |||||||
Bradespar S.A. (A) | 3,120 | 57,236 | |||||
CESP - Companhia Energetica de Sao Paulo (A) | 4,000 | 49,198 | |||||
Companhia Energetica de Minas Gerais - CEMIG (A) | 2,500 | 37,819 | |||||
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS (A) | 2,250 | 59,515 | |||||
203,768 | |||||||
United States - 0.35% | |||||||
Konarka Technologies, Inc., 8.0% Cumulative (B)(C) | 3,500 | 17,920 | |||||
TOTAL PREFERRED STOCKS - 4.35% | $ | 221,688 | |||||
(Cost: $179,149) | |||||||
CALL OPTIONS | Number of Contracts | ||||||
Chesapeake Energy Corporation, | |||||||
Oct $12.50, Expires 10-19-09 | 25 | 39,750 | |||||
Chevron Corporation: | |||||||
Jan $50.00, Expires 1-19-10 | 10 | 20,420 | |||||
Jan $45.00, Expires 1-25-10 | 20 | 50,700 | |||||
El Paso Corporation: | |||||||
Oct $7.00, Expires 10-19-09 | 48 | 16,488 | |||||
Jan $5.00, Expires 1-19-10 | 50 | 27,000 | |||||
Apr $5.00, Expires 4-19-10 | 17 | 9,342 | |||||
Occidental Petroleum Corporation, | |||||||
Nov $45.00, Expires 11-23-09 | 10 | 33,500 | |||||
Schlumberger Limited, | |||||||
Jan $40.00, Expires 1-19-10 | 30 | 62,400 | |||||
Williams Companies, Inc. (The), | |||||||
Feb $10.00, Expires 2-22-10 | 2 | 1,590 | |||||
TOTAL CALL OPTIONS - 5.12% | $ | 261,190 | |||||
(Cost: $216,536) | |||||||
CORPORATE DEBT SECURITIES - 0.10% | Principal | ||||||
Brazil | |||||||
Bahia Sul Celulose S.A., | |||||||
8.614%, 12-1-12 (F)(G)(H) | BRL10,692 | $ | 5,009 | ||||
(Cost: $5,102) | |||||||
SHORT-TERM SECURITIES | |||||||
---|---|---|---|---|---|---|---|
Commercial Paper - 3.35% | |||||||
American Honda Finance Corp., | |||||||
0.210%, 10-15-09 | $ | 10,000 | 9,999 | ||||
Becton Dickinson & Co., | |||||||
0.200%, 10-19-09 | 4,000 | 4,000 | |||||
Coca-Cola Company (The), | |||||||
0.140%, 11-9-09 | 2,096 | 2,096 | |||||
E.I. du Pont de Nemours and Company, | |||||||
0.170%, 10-8-09 | 14,000 | 14,000 | |||||
GlaxoSmithKline plc, | |||||||
0.160%, 10-7-09 | 25,000 | 24,999 | |||||
Honeywell International Inc., | |||||||
0.170%, 10-2-09 | 12,000 | 12,000 | |||||
Johnson & Johnson, | |||||||
0.020%, 10-1-09 | 2,571 | 2,571 | |||||
Kitty Hawk Funding Corp.: | |||||||
0.190%, 10-2-09 | 3,500 | 3,500 | |||||
0.200%, 10-2-09 | 5,965 | 5,965 | |||||
0.230%, 11-3-09 | 12,000 | 11,997 | |||||
PACCAR Financial Corp., | |||||||
0.160%, 10-9-09 | 10,000 | 10,000 | |||||
Procter and Gamble Company International Funding S.C.A. (Procter & Gamble Company (The)), | |||||||
0.210%, 10-26-09 | 10,000 | 9,999 | |||||
Shell International Finance B.V. and Royal Dutch Shell plc (Royal Dutch Shell plc), | |||||||
0.160%, 10-13-09 | 25,000 | 24,999 | |||||
Straight-A Funding, LLC (Federal Financing Bank): | |||||||
0.210%, 10-13-09 | 15,055 | 15,053 | |||||
0.190%, 10-14-09 | 10,000 | 9,999 | |||||
0.250%, 10-19-09 | 10,000 | 9,999 | |||||
171,176 |
Commercial Paper (backed by irrevocable bank letter of credit) - 0.14% | |||||||
River Fuel Funding Company #3, Inc. (Bank of New York (The)), | |||||||
0.300%, 10-30-09 | 7,000 | 6,998 | |||||
Master Note - 0.01% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.139%, 10-1-09 (F) | 294 | 294 | |||||
Municipal Obligations - 0.40% | |||||||
New York State Housing Finance Agency, Related-Caroline Apartments Housing Revenue Bonds, 2008 Series A (Freddie Mac), | |||||||
0.350%, 10-1-09 (F) | 10,000 | 10,000 | |||||
Parish of St. Bernard, State of Louisiana, Exempt Facility Revenue Bonds (Mobil Oil Corporation Project), Series 1996 (Exxon Mobil Corporation), | |||||||
0.290%, 10-1-09 (F) | 10,500 | 10,500 | |||||
20,500 | |||||||
TOTAL SHORT-TERM SECURITIES - 3.90% | $ | 198,968 | |||||
(Cost: $198,968) | |||||||
TOTAL INVESTMENT SECURITIES - 98.75% | $ | 5,038,366 | |||||
(Cost: $4,422,679) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.25% | 63,662 | ||||||
NET ASSETS - 100.00% | $ | 5,102,028 | |||||
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2009:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||
Sell | Euro | Canadian Imperial Bank of Commerce | 4,400 | 11-6-09 | $ | –– | $ | 102 | |||
Sell | Euro | Toronto-Dominion Bank (The) | 7,100 | 1-8-10 | 84 | –– | |||||
Sell | South African Rand | Scotia Capital Inc. | 23,000 | 10-28-09 | 41 | –– | |||||
Sell | South African Rand | Toronto-Dominion Bank (The) | 28,400 | 10-28-09 | –– | 182 | |||||
Sell | South African Rand | Royal Bank of Canada | 40,800 | 11- 4-09 | –– | 362 | |||||
$ | 125 | $ | 646 | ||||||||
(B)No dividends were paid during the preceding 12 months.
(C)Illiquid restricted securities. At September 30, 2009, the following restricted securities were owned:
Security | Acquisition Date(s) | Shares | | | Cost | Market Value | ||||
Atacama Minerals Corp. | 8-19-08 | 5,880 | $ | 5,541 | $ | 2,471 | ||||
Buried Hill Energy (Cyprus) Public Company Limited | 5-1-07 to 4-17-08 | 3,630 | 6,183 | 8,712 | ||||||
Konarka Technologies, Inc., 8.0% Cumulative | 8-31-07 | 3,500 | 10,850 | 17,920 | ||||||
$ | 22,574 | $ | 29,103 |
(D)Deemed to be an affiliate due to the Fund having at least 5% of the voting securities.
(E)Securities serve as collateral for the following open futures contracts at September 30, 2009:
Description | Type | Expiration Date | Number of Contracts | | Market Value | Unrealized Depreciation | |||
S&P 500 Emini | Short | 12-18-09 | 15 | $(789,675) | $(9,246) | ||||
(F)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
(G)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real).
(H)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $5,009 or 0.10% of net assets.
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Energy | 48.29% |
Materials | 24.08% |
Industrials | 10.03% |
Utilities | 5.25% |
Financials | 1.12% |
Consumer Staples | 0.61% |
Information Technology | 0.35% |
Other+ | 10.27% |
+Includes options, cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 4,799,494 | |
Gross unrealized appreciation | 734,305 | ||
Gross unrealized depreciation | (495,433 | ) | |
Net unrealized appreciation | $ | 238,872 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Stocks | 96.36% |
Financials | 95.55% |
Consumer Discretionary | 0.81% |
Cash and Cash Equivalents | 3.64% |
Lipper Rankings |
Category: Lipper Real Estate Funds | Rank | Percentile |
---|---|---|
1 Year | 142/233 | 61 |
3 Year | 115/195 | 59 |
5 Year | 104/171 | 61 |
10 Year | 28/79 | 35 |
Top 10 Equity Holdings |
Company | Sector | Industry |
---|---|---|
Simon Property Group, Inc. | Financials | Retail REITs |
Health Care Property Investors, Inc. | Financials | Specialized REITs |
Vornado Realty Trust | Financials | Diversified REITs |
Boston Properties, Inc. | Financials | Office REITs |
Equity Residential | Financials | Residential REITs |
Public Storage, Inc. | Financials | Specialized REITs |
Ventas, Inc. | Financials | Specialized REITs |
Host Hotels & Resorts, Inc. | Financials | Specialized REITs |
Digital Realty Trust, Inc. | Financials | Office REITs |
Essex Property Trust, Inc. | Financials | Residential REITs |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,630.40 | 2.30% | $ | 15.12 | |
Class B | $1,000 | $1,619.20 | 3.91% | $ | 25.67 | |
Class C | $1,000 | $1,624.20 | 3.11% | $ | 20.47 | |
Class E | $1,000 | $1,635.30 | 1.66% | $ | 10.94 | |
Class I | $1,000 | $1,638.20 | 1.43% | $ | 9.50 | |
Class R | $1,000 | $1,635.10 | 1.78% | $ | 11.73 | |
Class Y | $1,000 | $1,637.60 | 1.42% | $ | 9.36 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,013.54 | 2.30% | $ | 11.58 | |
Class B | $1,000 | $1,005.49 | 3.91% | $ | 19.65 | |
Class C | $1,000 | $1,009.48 | 3.11% | $ | 15.67 | |
Class E | $1,000 | $1,016.73 | 1.66% | $ | 8.37 | |
Class I | $1,000 | $1,017.88 | 1.43% | $ | 7.26 | |
Class R | $1,000 | $1,016.14 | 1.78% | $ | 8.97 | |
Class Y | $1,000 | $1,017.93 | 1.42% | $ | 7.16 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
COMMON STOCKS | Shares | Value | |||||
---|---|---|---|---|---|---|---|
Diversified Real Estate Activities - 0.31% | |||||||
Jones Lang LaSalle Incorporated | 17 | $ | 801 | ||||
Diversified REITs - 9.15% | |||||||
Colonial Properties Trust | 127 | 1,232 | |||||
Colony Financial, Inc. (A) | 85 | 1,658 | |||||
Liberty Property Trust | 114 | 3,705 | |||||
Vornado Realty Trust | 207 | 13,362 | |||||
Washington Real Estate Investment Trust | 138 | 3,980 | |||||
23,937 | |||||||
Hotels, Resorts & Cruise Lines - 0.81% | |||||||
Marriott International, Inc., Class A | 51 | 1,417 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 21 | 700 | |||||
2,117 | |||||||
Industrial REITs - 5.75% | |||||||
AMB Property Corporation | 144 | 3,293 | |||||
DCT Industrial Trust Inc. | 645 | 3,293 | |||||
EastGroup Properties, Inc. | 91 | 3,467 | |||||
First Potomac Realty Trust | 125 | 1,439 | |||||
ProLogis | 299 | 3,564 | |||||
15,056 | |||||||
Mortgage REITs - 1.15% | |||||||
Starwood Property Trust, Inc. | 149 | 3,017 | |||||
Office REITs - 19.68% | |||||||
Alexandria Real Estate Equities, Inc. | 34 | 1,864 | |||||
BioMed Realty Trust, Inc. | 248 | 3,421 | |||||
Boston Properties, Inc. | 180 | 11,780 | |||||
Brandywine Realty Trust | 277 | 3,057 | |||||
Corporate Office Properties Trust | 109 | 4,008 | |||||
Cousins Properties Incorporated | 219 | 1,810 | |||||
Digital Realty Trust, Inc. | 173 | 7,903 | |||||
Douglas Emmett, Inc. | 351 | 4,309 | |||||
Duke Realty Corporation | 226 | 2,714 | |||||
Franklin Street Properties Corp. | 108 | 1,420 | |||||
Highwoods Properties, Inc. | 142 | 4,463 | |||||
Mack-Cali Realty Corporation | 114 | 3,699 | |||||
SL Green Realty Corp. | 24 | 1,048 | |||||
51,496 | |||||||
Real Estate Management & Development - 0.40% | |||||||
Brookfield Properties Corporation | 47 | 534 | |||||
CB Richard Ellis Group, Inc., Class A (A) | 44 | 512 | |||||
1,046 | |||||||
Residential REITs - 16.73% | |||||||
American Campus Communities, Inc. | 72 | 1,928 | |||||
AvalonBay Communities, Inc. | 94 | 6,866 | |||||
BRE Properties, Inc., Class A | 132 | 4,138 | |||||
Camden Property Trust | 62 | 2,487 | |||||
Equity Lifestyle Properties, Inc. | 46 | 1,951 | |||||
Equity Residential | 369 | 11,338 | |||||
Essex Property Trust, Inc. | 95 | 7,566 | |||||
Home Properties, Inc. | 87 | 3,727 | |||||
Mid-America Apartment Communities, Inc. | 84 | 3,768 | |||||
43,769 | |||||||
Retail REITs - 19.36% | |||||||
Acadia Realty Trust | 223 | 3,367 | |||||
CBL & Associates Properties, Inc. | 429 | 4,162 | |||||
Federal Realty Investment Trust | 91 | 5,554 | |||||
Glimcher Realty Trust | 152 | 557 | |||||
Kimco Realty Corporation | 69 | 893 | |||||
Macerich Company (The) | 11 | 322 | |||||
National Retail Properties, Inc. | 118 | 2,525 | |||||
Ramco-Gershenson Properties Trust | 127 | 1,134 | |||||
Regency Centers Corporation | 163 | 6,043 | |||||
Saul Centers, Inc. | 42 | 1,332 | |||||
Simon Property Group, Inc. | 313 | 21,723 | |||||
Tanger Factory Outlet Centers, Inc. | 45 | 1,692 | |||||
Taubman Centers, Inc. | 37 | 1,346 | |||||
50,650 | |||||||
Specialized REITs - 22.82% | |||||||
DiamondRock Hospitality Company | 170 | 1,379 | |||||
Health Care Property Investors, Inc. | 521 | 14,959 | |||||
Health Care REIT, Inc. | 162 | 6,726 | |||||
Host Hotels & Resorts, Inc. | 783 | 9,213 | |||||
Nationwide Health Properties, Inc. | 163 | 5,058 | |||||
Public Storage, Inc. | 139 | 10,488 | |||||
U-Store-It Trust | 366 | 2,290 | |||||
Ventas, Inc. | 249 | 9,582 | |||||
59,695 | |||||||
TOTAL COMMON STOCKS - 96.16% | $ | 251,584 | |||||
(Cost: $232,688) | |||||||
INVESTMENT FUNDS - 0.20% | |||||||
Sector Fund-Real Estate | |||||||
ProShares UltraShort Real Estate | 54 | $ | 518 | ||||
(Cost: $620) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper - 0.76% | |||||||
PACCAR Financial Corp., | |||||||
0.170%, 10-22-09 | $ | 2,000 | 2,000 | ||||
Master Note - 2.24% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.139%, 10-1-09 (B) | 5,854 | 5,854 | |||||
TOTAL SHORT-TERM SECURITIES - 3.00% | $ | 7,854 | |||||
(Cost: $7,854) | |||||||
TOTAL INVESTMENT SECURITIES - 99.36% | $ | 259,956 | |||||
(Cost: $241,162) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.64% | 1,675 | ||||||
NET ASSETS - 100.00% | $ | 261,631 | |||||
(A) No dividends were paid during the preceding 12 months.
(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
REIT = Real Estate Investment Trust
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 251,038 | |
Gross unrealized appreciation | 28,826 | ||
Gross unrealized depreciation | (19,908 | ) | |
Net unrealized appreciation | $ | 8,918 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Bonds | 94.55% |
Corporate Debt Securities | 49.73% |
United States Government and Government Agency Obligations | 44.82% |
Cash and Cash Equivalents and Equities | 5.45% |
Lipper Rankings |
Category: Lipper Corporate Debt Funds A Rated | Rank | Percentile |
---|---|---|
1 Year | 127/153 | 83 |
3 Year | 117/145 | 81 |
5 Year | 107/134 | 80 |
10 Year | 55/69 | 79 |
Certain U.S. government securities in which the Fund may invest, such as Treasury securities and securities issued by the Government National Mortgage Association (Ginnie Mae), are backed by the full faith and credit of the U.S. government. However, other U.S. government securities in which the Fund may invest, such as securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks (FHLB), are not backed by the full faith and credit of the U.S. government, are not insured or guaranteed by the U.S. government and, instead, may be supported only by the right of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.
On Sept. 7, 2008, the Federal Housing Finance Agency (FHFA), an agency of the U.S. government, placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. FHFA will act as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac.
Quality Weightings |
Investment Grade | 89.30% |
AAA | 54.73% |
AA | 1.98% |
A | 9.96% |
BBB | 22.63% |
Non-Investment Grade | 5.25% |
BB | 4.48% |
B | 0.71% |
Below B | 0.06% |
Cash and Cash Equivalents and Equities | 5.45% |
Bond Portfolio Characteristics |
Average maturity | 6.8 years |
Effective duration | 4.2 years |
Weighted average bond rating | AA+ |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,115.20 | 1.30% | $ | 6.87 | |
Class B | $1,000 | $1,107.30 | 2.73% | $ | 14.44 | |
Class C | $1,000 | $1,111.20 | 2.03% | $ | 10.77 | |
Class E | $1,000 | $1,115.80 | 1.21% | $ | 6.45 | |
Class I | $1,000 | $1,117.60 | 0.92% | $ | 4.87 | |
Class Y | $1,000 | $1,115.90 | 1.17% | $ | 6.24 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,018.53 | 1.30% | $ | 6.56 | |
Class B | $1,000 | $1,011.37 | 2.73% | $ | 13.78 | |
Class C | $1,000 | $1,014.90 | 2.03% | $ | 10.28 | |
Class E | $1,000 | $1,019.00 | 1.21% | $ | 6.16 | |
Class I | $1,000 | $1,020.43 | 0.92% | $ | 4.65 | |
Class Y | $1,000 | $1,019.19 | 1.17% | $ | 5.96 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
PREFERRED STOCKS | Shares | Value | ||||||
---|---|---|---|---|---|---|---|---|
Diversified REITs - 0.17% | ||||||||
PS Business Parks, Inc., 7.0% Cumulative (A) | 11 | $ | 234 | |||||
Specialized REITs - 0.03% | ||||||||
Public Storage, Inc., 6.25% Cumulative (A) | 2 | 47 | ||||||
TOTAL PREFERRED STOCKS - 0.20% | $ | 281 | ||||||
(Cost: $315) | ||||||||
CORPORATE DEBT SECURITIES | Principal | |||||||
Banking - 2.68% | ||||||||
Barclays Bank PLC, | ||||||||
5.200%, 7-10-14 | $ | 365 | 386 | |||||
Citigroup Inc.: | ||||||||
6.500%, 8-19-13 | 375 | 394 | ||||||
8.125%, 7-15-39 | 780 | 872 | ||||||
HSBC Finance Corporation, | ||||||||
5.700%, 6-1-11 | 400 | 415 | ||||||
JPMorgan Chase & Co. (Federal Deposit Insurance Corporation), | ||||||||
2.625%, 12-1-10 (B) | 400 | 409 | ||||||
PNC Funding Corp (Federal Deposit Insurance Corporation), | ||||||||
2.300%, 6-22-12 (B) | 625 | 636 | ||||||
Sovereign Bank (Federal Deposit Insurance Corporation), | ||||||||
2.750%, 1-17-12 (B) | 705 | 726 | ||||||
3,838 | ||||||||
Beverage / Bottling - 1.62% | ||||||||
Bottling Group, LLC, | ||||||||
6.950%, 3-15-14 | 630 | 735 | ||||||
Miller Brewing Company, | ||||||||
5.500%, 8-15-13 (C) | 1,500 | 1,585 | ||||||
2,320 | ||||||||
Biotechnology - 0.28% | ||||||||
Amgen Inc., | ||||||||
6.400%, 2-1-39 | 355 | 407 | ||||||
Building Products - 0.39% | ||||||||
CRH America, Inc., | ||||||||
6.000%, 9-30-16 | 545 | 559 | ||||||
Cable & Satellite - 1.26% | ||||||||
Cox Communications, Inc., | ||||||||
7.125%, 10-1-12 | 450 | 502 | ||||||
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc., | ||||||||
5.875%, 10-1-19 (C) | 615 | 611 | ||||||
Time Warner Cable Inc., | ||||||||
7.500%, 4-1-14 | 605 | 694 | ||||||
1,807 | ||||||||
Car Loan - 1.38% | ||||||||
Capital Auto Receivables Asset Trust 2007-1, | ||||||||
6.570%, 9-16-13 (D) | 625 | 595 | ||||||
Capital Auto Receivables Asset Trust 2007-2, | ||||||||
8.300%, 2-18-14 (C) | 275 | 268 | ||||||
Capital Auto Receivables Asset Trust 2007-3, | ||||||||
8.000%, 3-17-14 (D) | 480 | 458 |
Ford Credit Auto Owner Trust 2007-A, | ||||||||
7.050%, 12-15-13 (D) | 175 | 173 | ||||||
Ford Credit Auto Owner Trust 2009-B A3, | ||||||||
2.790%, 8-15-13 | 350 | 357 | ||||||
JPMorgan Auto Receivables Trust 2007-A, | ||||||||
7.090%, 2-15-14 (D) | 148 | 128 | ||||||
1,979 | ||||||||
Construction & Engineering - 0.24% | ||||||||
USG Corporation, | ||||||||
6.300%, 11-15-16 | 400 | 340 | ||||||
Consumer Finance - 0.24% | ||||||||
American Express Bank, FSB (Federal Deposit Insurance Corporation), | ||||||||
3.150%, 12-9-11 (B) | 250 | 260 | ||||||
Green Tree Financial Corporation, | ||||||||
6.400%, 10-15-18 | 87 | 82 | ||||||
342 | ||||||||
Consumer Products - 0.99% | ||||||||
Fortune Brands, Inc., | ||||||||
6.375%, 6-15-14 | 1,365 | 1,419 | ||||||
Containers - 0.35% | ||||||||
Ball Corporation, | ||||||||
7.375%, 9-1-19 | 500 | 508 | ||||||
Electric - 1.04% | ||||||||
ENEL Finance International S.A., | ||||||||
6.000%, 10-7-39 | 680 | 676 | ||||||
FirstEnergy Generation Corp., | ||||||||
6.850%, 6-1-34 | 293 | 301 | ||||||
Interstate Power and Light Company, | ||||||||
6.250%, 7-15-39 | 205 | 227 | ||||||
PacifiCorp, | ||||||||
6.000%, 1-15-39 | 250 | 280 | ||||||
1,484 | ||||||||
Electric Utilities - 0.29% | ||||||||
Exelon Generation Company, LLC, | ||||||||
6.250%, 10-1-39 | 410 | 419 | ||||||
Finance - Other - 5.67% | ||||||||
Allied Capital Corporation, | ||||||||
6.625%, 7-15-11 | 685 | 563 | ||||||
Ameriprise Financial, Inc., | ||||||||
7.300%, 6-28-19 | 240 | 265 | ||||||
GE Capital Credit Card Master Note Trust, Series 2009-3 Asset Backed Notes, | ||||||||
2.540%, 9-15-14 | 485 | 485 | ||||||
General Electric Capital Corporation (Federal Deposit Insurance Corporation): | ||||||||
1.625%, 1-7-11 (B) | 1,415 | 1,430 | ||||||
3.000%, 12-9-11 (B) | 305 | 316 | ||||||
John Deere Capital Corporation (Federal Deposit Insurance Corporation), | ||||||||
2.875%, 6-19-12 (B) | 705 | 728 | ||||||
Lazard Group LLC, | ||||||||
6.850%, 6-15-17 | 800 | 789 | ||||||
Novartis Securities Investment Ltd., | ||||||||
5.125%, 2-10-19 | 715 | 761 | ||||||
Symetra Financial Corporation, | ||||||||
8.300%, 10-15-37 (D)(E) | 885 | 549 | ||||||
Tyco International Finance S.A.: | ||||||||
4.125%, 10-15-14 | 305 | 304 | ||||||
8.500%, 1-15-19 | 845 | 1,030 | ||||||
Westfield Capital Corporation Limited, WT Finance (Aust) Pty Limited and WEA Finance LLC, | ||||||||
4.375%, 11-15-10 (C) | 335 | 340 | ||||||
XL Capital Ltd, | ||||||||
5.250%, 9-15-14 | 565 | 555 | ||||||
8,115 | ||||||||
Food Processors - 0.53% | ||||||||
Cargill, Incorporated, | ||||||||
5.200%, 1-22-13 (C) | 725 | 760 | ||||||
Gas Pipe Lines - 0.29% | ||||||||
Williams Partners L.P. and Williams Partners Finance Corporation, | ||||||||
7.250%, 2-1-17 | 420 | 413 | ||||||
Health Care Supply - 0.18% | ||||||||
Quest Diagnostics Incorporated, | ||||||||
5.450%, 11-1-15 | 240 | 253 | ||||||
Independent Power Producers & Energy Traders - 0.35% | ||||||||
NRG Energy, Inc., | ||||||||
8.500%, 6-15-19 | 500 | 501 | ||||||
Information / Data Technology - 0.23% | ||||||||
Intuit Inc., | ||||||||
5.750%, 3-15-17 | 310 | 324 | ||||||
Integrated Oil & Gas - 0.28% | ||||||||
BP Capital Markets p.l.c., | ||||||||
3.875%, 3-10-15 | 385 | 398 | ||||||
Integrated Telecommunication Services - 0.62% | ||||||||
CenturyTel, Inc., | ||||||||
7.600%, 9-15-39 | 885 | 882 | ||||||
Investment Banking & Brokerage - 2.44% | ||||||||
Goldman Sachs Group, Inc. (The): | ||||||||
5.700%, 9-1-12 | 610 | 658 | ||||||
5.150%, 1-15-14 | 485 | 509 | ||||||
Morgan Stanley: | ||||||||
5.300%, 3-1-13 | 635 | 666 | ||||||
4.750%, 4-1-14 | 165 | 164 | ||||||
6.250%, 8-28-17 | 300 | 312 | ||||||
Morgan Stanley (Federal Deposit Insurance Corporation), | ||||||||
2.900%, 12-1-10 (B) | 1,150 | 1,180 | ||||||
3,489 | ||||||||
Life Insurance - 2.62% | ||||||||
Aflac Incorporated, | ||||||||
8.500%, 5-15-19 | 720 | 858 | ||||||
Liberty Mutual Group, Inc., | ||||||||
7.300%, 6-15-14 (C) | 1,000 | 976 | ||||||
Liberty Mutual Holding Company Inc., | ||||||||
7.800%, 3-15-37 (D) | 360 | 274 | ||||||
StanCorp Financial Group, Inc.: | ||||||||
6.875%, 10-1-12 | 450 | 465 | ||||||
6.900%, 6-1-67 (E) | 300 | 201 | ||||||
Unum Group, | ||||||||
7.125%, 9-30-16 | 965 | 977 | ||||||
3,751 | ||||||||
Machinery - 0.85% | ||||||||
Roper Industries, Inc., | ||||||||
6.250%, 9-1-19 | 845 | 877 | ||||||
Timken Company (The), | ||||||||
6.000%, 9-15-14 | 320 | 333 | ||||||
1,210 | ||||||||
Metals / Mining - 0.58% | ||||||||
Rio Tinto Finance (USA) Limited, | ||||||||
8.950%, 5-1-14 | 700 | 826 | ||||||
Oil & Gas - 0.71% | ||||||||
PC Financial Partnership, | ||||||||
5.000%, 11-15-14 | 355 | 366 | ||||||
Rowan Companies, Inc., | ||||||||
7.875%, 8-1-19 | 600 | 645 | ||||||
1,011 | ||||||||
Oil & Gas Equipment & Services - 0.40% | ||||||||
Smith International, Inc., | ||||||||
8.625%, 3-15-14 | 500 | 574 | ||||||
Oil & Gas Refining & Marketing - 0.47% | ||||||||
Valero Energy Corporation, | ||||||||
4.750%, 4-1-14 | 685 | 671 | ||||||
Oil & Gas Storage & Transportation - 3.54% | ||||||||
Energy Transfer Partners, L.P., | ||||||||
9.700%, 3-15-19 | 1,000 | 1,238 | ||||||
Kinder Morgan Energy Partners, L.P., | ||||||||
9.000%, 2-1-19 | 1,150 | 1,393 | ||||||
NuStar Logistics, L.P., | ||||||||
7.650%, 4-15-18 | 1,200 | 1,301 | ||||||
Williams Companies, Inc. (The), | ||||||||
8.750%, 1-15-20 | 1,000 | 1,150 | ||||||
5,082 | ||||||||
Other Diversified Financial Services - 0.42% | ||||||||
Bank of America Corporation, | ||||||||
7.375%, 5-15-14 | 540 | 601 | ||||||
Other Mortgage-Backed Securities - 10.14% | ||||||||
ABFS Mortgage Loan Trust 2002-4, | ||||||||
7.923%, 12-15-33 (E) | 73 | 13 | ||||||
Asset Securitization Corporation, | ||||||||
7.749%, 2-14-43 (E) | 170 | 146 | ||||||
Asset Securitization Corporation (Interest Only), | ||||||||
1.503%, 10-13-26 (C)(E)(F) | 716 | 17 | ||||||
Associates Manufactured Housing Contract Pass-Through Certificates, | ||||||||
7.725%, 6-15-28 (E) | 44 | 43 | ||||||
Banc of America Alternative Loan Trust 2005-10: | ||||||||
5.663%, 11-25-35 (E) | 268 | 35 | ||||||
5.663%, 11-25-35 (E) | 129 | 12 | ||||||
Banc of America Alternative Loan Trust 2005-12: | ||||||||
5.802%, 1-25-36 (E) | 286 | 30 | ||||||
5.802%, 1-25-36 (E) | 208 | 11 | ||||||
Banc of America Alternative Loan Trust 2006-4, | ||||||||
6.219%, 5-25-46 (E) | 312 | 54 | ||||||
Banc of America Alternative Loan Trust 2006-8, | ||||||||
6.284%, 11-25-46 (E) | 140 | 2 | ||||||
Banc of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2001-1, | ||||||||
6.125%, 4-15-36 (C) | 380 | 277 | ||||||
Banc of America Mortgage 2007-1 Trust, | ||||||||
6.000%, 3-25-37 | 164 | 17 | ||||||
Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6, | ||||||||
6.000%, 10-15-36 (C) | 320 | 111 | ||||||
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, | ||||||||
5.468%, 6-11-41 (E) | 1,500 | 1,494 | ||||||
BlackRock Capital Finance, | ||||||||
7.750%, 9-25-26 (C) | 91 | 27 | ||||||
CarMax Auto Owner Trust 2007-3, | ||||||||
7.580%, 3-17-14 | 380 | 334 | ||||||
C-Bass 2006-CB2 Trust, | ||||||||
5.860%, 12-25-36 | 530 | 171 | ||||||
C-Bass 2006-MH1 Trust: | ||||||||
6.240%, 10-25-36 (C)(E) | 95 | 90 | ||||||
6.250%, 10-25-36 (C)(E) | 170 | 147 | ||||||
CD 2006-CD2 Mortgage Trust, | ||||||||
5.805%, 1-15-46 (D)(E) | 710 | 471 | ||||||
Cendant Mortgage Corporation and Bishop's Gate Residential Mortgage Trust, | ||||||||
6.250%, 6-25-32 (D) | 82 | 49 | ||||||
Centex Home Equity Loan Trust 2005-C, | ||||||||
5.048%, 6-25-35 (E) | 370 | 318 | ||||||
CHL Mortgage Pass-Through Trust 2004-J4, | ||||||||
5.250%, 5-25-34 | 646 | 372 | ||||||
CitiMortgage Alternative Loan Trust, Series 2007-A7: | ||||||||
6.236%, 7-25-37 (E) | 153 | –– | ||||||
6.250%, 7-25-37 | 396 | 67 | ||||||
COMM 2006-CNL2, | ||||||||
5.756%, 2-5-19 (C)(E) | 95 | 51 | ||||||
Commercial Mortgage Asset Trust, | ||||||||
6.000%, 11-17-32 | 225 | 114 | ||||||
CountryPlace Manufactured Housing Contract Trust 2005-1, | ||||||||
5.200%, 12-15-35 (D)(E) | 300 | 162 | ||||||
CSFB Commercial Mortgage Trust 2003-C4, | ||||||||
5.322%, 8-15-36 (C)(E) | 500 | 145 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S3, | ||||||||
6.085%, 6-25-21 (E) | 615 | 250 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S6, | ||||||||
5.962%, 3-25-34 (E) | 193 | 65 | ||||||
CWHEQ Home Equity Loan Trust, Series 2007-S2, | ||||||||
5.934%, 5-25-37 (E) | 503 | 130 | ||||||
First Horizon Mortgage Pass-Through Trust 2003-8, | ||||||||
5.136%, 10-25-33 (E) | 84 | 34 | ||||||
Flagstar Home Equity Loan Trust 2007-1, | ||||||||
5.997%, 1-25-35 (C)(E) | 415 | 77 | ||||||
GE Capital Commercial Mortgage Corp. 2002-2, | ||||||||
6.039%, 8-11-36 (C) | 565 | 527 | ||||||
GE Capital Credit Card Master Note Trust, Class B Series 2005-1, | ||||||||
0.413%, 3-15-13 (E) | 470 | 464 | ||||||
Global Mortgage Securitization 2005-A Ltd. and Global Mortgage Securitization 2005-A LLC: | ||||||||
5.250%, 4-25-32 | 163 | 96 | ||||||
5.403%, 4-25-32 (E) | 241 | 89 | ||||||
Global Mortgage Securitization Ltd. and Global Mortgage Securitization, LLC: | ||||||||
5.250%, 11-25-32 (D) | 245 | 177 | ||||||
5.250%, 11-25-32 (D) | 210 | 168 | ||||||
GMACM Home Equity Loan Trust 2006-HE3, | ||||||||
6.088%, 10-25-36 (E) | 485 | 189 | ||||||
GMACM Home Equity Loan Trust 2007-HE1, | ||||||||
5.952%, 8-25-37 (E) | 570 | 145 | ||||||
Home Equity Loan Trust 2003-HS2, | ||||||||
5.090%, 7-25-33 (E) | 2 | 2 | ||||||
Hometown Commercial Capital, LLC Hometown Commercial Mortgage Pass-Through Notes 2006-1, | ||||||||
5.506%, 11-11-38 (D) | 429 | 206 | ||||||
Hometown Commercial Trust 2007-1, Commercial Mortgage-Backed Notes, Series 2007-1, | ||||||||
6.057%, 6-11-39 (D) | 453 | 137 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-LDP2, | ||||||||
4.625%, 3-15- 46 | 791 | 788 | ||||||
J.P. Morgan Mortgage Acquisition Trust 2006-CW2, | ||||||||
6.337%, 8-25-36 (E) | 590 | 231 | ||||||
J.P. Morgan Mortgage Trust 2005-S2, | ||||||||
5.673%, 9-25-35 (E) | 486 | 94 | ||||||
Lehman XS Trust, Series 2005-8, | ||||||||
5.690%, 12-25-35 | 561 | 328 | ||||||
Morgan Stanley Capital I Trust 2004-TOP15, | ||||||||
5.030%, 6-13- 41 | 1,000 | 998 | ||||||
Morgan Stanley Capital I Trust 2007-HQ12, | ||||||||
5.810%, 4-12- 49 (E) | 1,160 | 1,112 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4: | ||||||||
5.880%, 11-28-35 (D)(E) | 155 | 9 | ||||||
5.880%, 11-28-35 (D)(E) | 105 | 7 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4 (Interest Only), | ||||||||
1.130%, 11-28-35 (D)(E)(F) | 1,932 | 27 | ||||||
National Collegiate Trust 1997-S2 (The), | ||||||||
7.240%, 9-20-14 | 72 | 25 | ||||||
Nomura Asset Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 1998-D6, | ||||||||
6.000%, 3-15-30 (C) | 500 | 414 | ||||||
Origen Manufactured Housing Contract Trust 2004-A, | ||||||||
5.700%, 1-15-35 | 100 | 92 | ||||||
Origen Manufactured Housing Contract Trust 2004-B, | ||||||||
5.730%, 11-15-35 (E) | 45 | 38 | ||||||
Origen Manufactured Housing Contract Trust 2005-A: | ||||||||
4.490%, 5-15-18 | 39 | 38 | ||||||
5.860%, 6-15-36 (E) | 120 | 91 | ||||||
Origen Manufactured Housing Contract Trust 2005-B, | ||||||||
5.605%, 5-15-22 | 80 | 77 | ||||||
RALI Series 2003-QS10 Trust, | ||||||||
5.750%, 5-25-33 | 220 | 156 | ||||||
RASC Series 2003-KS10 Trust, | ||||||||
6.410%, 12-25-33 | 79 | 28 | ||||||
RESI Finance Limited Partnership 2003-C and RESI Finance DE Corporation 2003-C, | ||||||||
1.649%, 9-10-35 (D)(E) | 892 | 506 | ||||||
Structured Asset Securities Corporation, | ||||||||
5.630%, 5-25-34 (E) | 158 | 66 | ||||||
TIAA Seasoned Commercial Mortgage Trust 2007-C4, | ||||||||
5.666%, 8-15-39 (E) | 1,267 | 1,302 | ||||||
TimberStar Trust I, | ||||||||
6.208%, 10-15-36 (C) | 460 | 400 | ||||||
Wells Fargo Alternative Loan 2007-PA3 Trust, | ||||||||
6.061%, 7-25-37 (E) | 859 | 42 | ||||||
Wells Fargo Mortgage Backed Securities 2003-9 Trust, | ||||||||
5.250%, 8-25-33 (C) | 238 | 106 | ||||||
14,511 | ||||||||
Other Non-Agency REMIC/CMO - 0.01% | ||||||||
Banco Hipotecario Nacional, | ||||||||
7.916%, 7-25-09 (D) | 7 | –– | * | |||||
Mellon Residential Funding, | ||||||||
6.750%, 6-25-28 | 19 | 16 | ||||||
16 | ||||||||
Pharmaceuticals - 0.74% | ||||||||
Laboratory Corporation of America Holdings, | ||||||||
5.500%, 2-1-13 | 215 | 223 | ||||||
Pfizer Inc., | ||||||||
2.249%, 3-15-11 (E) | 500 | 514 | ||||||
Watson Pharmaceuticals, Inc., | ||||||||
6.125%, 8-15-19 | 300 | 316 | ||||||
1,053 | ||||||||
Property & Casualty Insurance - 0.73% | ||||||||
Fund American Companies, Inc., | ||||||||
5.875%, 5-15-13 | 560 | 535 | ||||||
Willis North America Inc., | ||||||||
7.000%, 9-29-19 | 500 | 514 | ||||||
1,049 | ||||||||
REITs - 0.95% | ||||||||
DEXUS Property Group, | ||||||||
7.125%, 10-15-14 | 720 | 720 | ||||||
Westfield Group, | ||||||||
7.500%, 6-2-14 (C) | 600 | 647 | ||||||
1,367 | ||||||||
Retail Propane Distributors - 0.36% | ||||||||
Ferrellgas, L.P. and Ferrellgas Finance Corp., | ||||||||
9.125%, 10-1-17 (C) | 500 | 515 | ||||||
Retail REITs - 0.43% | ||||||||
Simon Property Group, L.P., | ||||||||
6.750%, 5-15-14 | 575 | 617 | ||||||
Securities - 0.86% | ||||||||
Jefferies Group, Inc.: | ||||||||
6.450%, 6-8-27 | 1,090 | 915 | ||||||
6.250%, 1-15-36 | 400 | 320 | ||||||
1,235 | ||||||||
Service - Other - 0.66% | ||||||||
ERAC USA Finance Company, | ||||||||
5.900%, 11-15-15 (D) | 265 | 264 | ||||||
Waste Management, Inc., | ||||||||
6.375%, 3-11-15 | 380 | 420 | ||||||
WMG Acquisition Corp., | ||||||||
9.500%, 6-15-16 (C) | 250 | 264 | ||||||
948 | ||||||||
Specialized REIT's - 0.43% | ||||||||
Healthcare Realty Trust Incorporated, | ||||||||
5.125%, 4-1-14 | 660 | 621 | ||||||
Steel - 0.59% | ||||||||
Allegheny Technologies Incorporated, | ||||||||
9.375%, 6-1-19 | 750 | 849 | ||||||
Tobacco - 1.86% | ||||||||
Altria Group, Inc., | ||||||||
10.200%, 2-6-39 | 1,250 | 1,735 | ||||||
Reynolds American Inc.: | ||||||||
7.250%, 6-1-12 | 320 | 344 | ||||||
7.625%, 6-1-16 | 380 | 407 | ||||||
6.750%, 6-15-17 | 170 | 177 | ||||||
2,663 | ||||||||
Wireless Telecommunication Service - 1.03% | ||||||||
Verizon Wireless Capital LLC, | ||||||||
5.550%, 2-1-14 (C) | 1,375 | 1,486 | ||||||
TOTAL CORPORATE DEBT SECURITIES - 49.73% | $ | 71,213 | ||||||
(Cost: $76,698) | ||||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS | ||||||||
---|---|---|---|---|---|---|---|---|
Agency Obligations - 0.86% | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
3.750%, 6-28-13 | 420 | 446 | ||||||
Federal National Mortgage Association, | ||||||||
4.750%, 12-15-10 | 750 | 788 | ||||||
1,234 | ||||||||
Mortgage-Backed Obligations - 32.76% | ||||||||
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates: | ||||||||
6.500%, 9-1-32 | 153 | 167 | ||||||
6.000%, 11-1-33 | 308 | 328 | ||||||
5.500%, 5-1-34 | 142 | 151 | ||||||
5.500%, 5-1-34 | 89 | 95 | ||||||
5.500%, 6-1-34 | 1,049 | 1,103 | ||||||
5.000%, 9-1-34 | 30 | 31 | ||||||
5.500%, 9-1-34 | 90 | 95 | ||||||
5.000%, 10-1-34 | 1,150 | 1,188 | ||||||
5.500%, 10-1-34 | 258 | 274 | ||||||
5.500%, 7-1-35 | 297 | 312 | ||||||
5.500%, 7-1-35 | 152 | 160 | ||||||
5.500%, 10-1-35 | 2,995 | 3,133 | ||||||
5.500%, 10-1-35 | 427 | 452 | ||||||
5.000%, 11-1-35 | 2,738 | 2,839 | ||||||
4.500%, 10-1-37 | 340 | 344 | ||||||
6.000%, 10-1-37 | 2,000 | 2,111 | ||||||
7.000%, 12-1-37 | 452 | 490 | ||||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
5.500%, 1-1-17 | 96 | 103 | ||||||
6.000%, 9-1-17 | 63 | 68 | ||||||
5.500%, 3-1-18 | 69 | 73 | ||||||
5.000%, 6-1-18 | 251 | 267 | ||||||
5.000%, 7-1-18 | 91 | 97 | ||||||
7.500%, 5-1-31 | 80 | 90 | ||||||
7.000%, 9-1-31 | 30 | 33 | ||||||
7.000%, 11-1-31 | 58 | 64 | ||||||
6.500%, 12-1-31 | 35 | 38 | ||||||
7.000%, 2-1-32 | 52 | 58 | ||||||
7.000%, 3-1-32 | 63 | 70 | ||||||
6.500%, 4-1-32 | 16 | 17 | ||||||
6.500%, 5-1-32 | 17 | 18 | ||||||
6.500%, 7-1-32 | 47 | 51 | ||||||
6.500%, 8-1-32 | 39 | 43 | ||||||
6.500%, 8-1-32 | 38 | 42 | ||||||
6.500%, 9-1-32 | 67 | 73 | ||||||
6.500%, 9-1-32 | 26 | 29 | ||||||
6.000%, 10-1-32 | 90 | 97 | ||||||
6.500%, 10-1-32 | 80 | 88 | ||||||
6.000%, 11-1-32 | 85 | 92 | ||||||
6.000%, 3-1-33 | 72 | 78 | ||||||
5.500%, 4-1-33 | 120 | 127 | ||||||
6.000%, 4-1-33 | 135 | 143 | ||||||
5.500%, 5-1-33 | 90 | 95 | ||||||
6.000%, 10-1-33 | 142 | 152 | ||||||
5.500%, 1-1-34 | 83 | 87 | ||||||
5.500%, 1-1-34 | 81 | 85 | ||||||
6.000%, 1-1-34 | 317 | 337 | ||||||
5.500%, 3-1-34 | 123 | 131 | ||||||
5.500%, 3-1-34 | 50 | 53 | ||||||
5.500%, 4-1-34 | 130 | 139 | ||||||
5.500%, 4-1-34 | 36 | 37 | ||||||
5.000%, 5-1-34 | 52 | 54 | ||||||
5.500%, 5-1-34 | 100 | 105 | ||||||
5.000%, 10-1-34 | 2,335 | 2,412 | ||||||
5.500%, 10-1-34 | 3,105 | 3,248 | ||||||
6.000%, 10-1-34 | 3,265 | 3,443 | ||||||
5.500%, 11-1-34 | 1,209 | 1,270 | ||||||
6.000%, 11-1-34 | 419 | 445 | ||||||
5.000%, 12-1-34 | 3,022 | 3,137 | ||||||
5.500%, 1-1-35 | 471 | 495 | ||||||
5.500%, 2-1-35 | 136 | 143 | ||||||
5.500%, 4-1-35 | 902 | 947 | ||||||
5.000%, 7-1-35 | 164 | 170 | ||||||
5.000%, 7-1-35 | 84 | 87 | ||||||
5.000%, 7-1-35 | 70 | 73 | ||||||
5.000%, 7-1-35 | 37 | 38 | ||||||
5.500%, 8-1-35 | 84 | 88 | ||||||
5.500%, 10-1-35 | 712 | 755 | ||||||
5.500%, 11-1-35 | 960 | 1,008 | ||||||
5.000%, 2-1-36 | 485 | 503 | ||||||
6.000%, 7-1-37 | 292 | 309 | ||||||
6.000%, 9-1-37 | 526 | 556 | ||||||
5.500%, 3-1-38 | 879 | 921 | ||||||
5.000%, 4-1-38 | 954 | 987 | ||||||
5.500%, 5-1-38 | 1,245 | 1,304 | ||||||
6.000%, 7-1-38 | 961 | 1,015 | ||||||
6.000%, 12-1-38 | 981 | 1,037 | ||||||
Government National Mortgage Association Agency REMIC/CMO (Interest Only), | ||||||||
0.877%, 6-17-45 (E)(F) | 4,373 | 165 | ||||||
Government National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
5.000%, 10-1-34 | 2,000 | 2,069 | ||||||
5.500%, 10-1-35 | 1,635 | 1,716 | ||||||
5.500%, 7-15-38 | 856 | 900 | ||||||
5.500%, 10-15-38 | 645 | 678 | ||||||
5.500%, 2-15-39 | 555 | 583 | ||||||
46,909 | ||||||||
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 33.62% | $ | 48,143 | ||||||
(Cost: $47,103) | ||||||||
UNITED STATES GOVERNMENT OBLIGATIONS | ||||||||
Treasury Inflation Protected Obligations - 0.93% | ||||||||
United States Treasury Notes, | ||||||||
1.875%, 7-15-13 (G) | 1,290 | 1,332 | ||||||
Treasury Obligations - 10.27% | ||||||||
United States Treasury Bonds: | ||||||||
5.375%, 2-15-31 (H) | 1,775 | 2,110 | ||||||
4.250%, 5-15-39 | 4,055 | 4,196 |
United States Treasury Notes: | ||||||||
1.000%, 8-31-11 | 220 | 220 | ||||||
1.375%, 3-15-12 | 180 | 181 | ||||||
2.375%, 8-31-14 | 2,460 | 2,470 | ||||||
2.375%, 9-30-14 | 1,185 | 1,188 | ||||||
3.625%, 8-15-19 | 4,235 | 4,349 | ||||||
14,714 | ||||||||
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS - 11.20% | $ | 16,046 | ||||||
(Cost: $15,539) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Commercial Paper - 13.08% | ||||||||
Coca-Cola Company (The), | ||||||||
0.140%, 11-9-09 | 2,000 | 2,000 | ||||||
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.), | ||||||||
0.240%, 10-26-09 | 5,000 | 4,999 | ||||||
Hewlett-Packard Company, | ||||||||
0.140%, 10-7-09 | 4,000 | 4,000 | ||||||
Kitty Hawk Funding Corp., | ||||||||
0.200%, 10-2-09 | 2,000 | 2,000 | ||||||
McCormick & Co. Inc., | ||||||||
0.130%, 10-1-09 | 1,153 | 1,153 | ||||||
PACCAR Financial Corp., | ||||||||
0.170%, 10-8-09 | 3,000 | 3,000 | ||||||
Sara Lee Corporation, | ||||||||
0.100%, 10-1-09 | 1,580 | 1,580 | ||||||
18,732 | ||||||||
Master Note - 4.31% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (E) | 6,170 | 6,170 | ||||||
TOTAL SHORT-TERM SECURITIES - 17.39% | $ | 24,902 | ||||||
(Cost: $24,902) | ||||||||
TOTAL INVESTMENT SECURITIES - 112.14% | $ | 160,585 | ||||||
(Cost: $164,557) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (12.14%) | (17,378 | ) | ||||||
NET ASSETS - 100.00% | $ | 143,207 | ||||||
(A)No dividends were paid during the preceding 12 months.
(B)Security is fully guaranteed by the Federal Deposit Insurance Corporation for both interest and principal under the Debt Guarantee Program of the Temporary Liquidity Guarantee Program. The guarantee expires at the earlier of the security's maturity date or December 31, 2012.
(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $9,841 or 6.87% of net assets.
(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $4,360 or 3.04% of net assets.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
(F)Amount shown in principal column represents notional amount for computation of interest.
(G)The interest rate for this security is a stated rate, but the interest payments are determined by multiplying the inflation-adjusted principal by one half of the stated rate for each semiannual interest payment date.
(H)Securities serve as collateral for the following open futures contracts at September 30, 2009:
Description | Type | Expiration Date | Number of Contracts | Market Value | Unrealized Appreciation (Depreciation) | ||||||
U.S. 10 Year Treasury Note | Long | 12-21-09 | ––* | $ | 5,798 | $ | 83 | ||||
U.S. 30 Year Treasury Bond | Short | 12-21-09 | ––* | (7,768 | ) | (114 | ) | ||||
U.S. 5 Year Treasury Note | Short | 12-31-09 | ––* | (2,902 | ) | (34 | ) | ||||
U.S. 2 Year Treasury Note | Long | 12-31-09 | ––* | 4,339 | 23 | ||||||
*Not shown due to rounding. | $ | (533 | ) | $ | (42 | ) | |||||
CMO = Collateralized Mortgage Obligation
REIT = Real Estate Investment Trust
REMIC = Real Estate Mortgage Investment Conduit
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 164,727 | |
Gross unrealized appreciation | 5,938 | ||
Gross unrealized depreciation | (10,080 | ) | |
Net unrealized depreciation | $ | (4,142 | ) |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Bonds | 81.88% |
Corporate Debt Securities | 64.03% |
United States Government and Government Agency Obligations | 14.03% |
Other Government Securities | 3.13% |
Senior Loans | 0.69% |
Cash and Cash Equivalents | 18.12% |
Quality Weightings |
Investment Grade | 63.86% |
AAA | 15.26% |
AA | 1.45% |
A | 7.49% |
BBB | 39.66% |
Non-Investment Grade | 18.02% |
BB | 13.00% |
B | 4.37% |
Below B | 0.65% |
Cash and Cash Equivalents | 18.12% |
Certain U.S. government securities in which the Fund may invest, such as Treasury securities and securities issued by the Government National Mortgage Association (Ginnie Mae), are backed by the full faith and credit of the U.S. government. However, other U.S. government securities in which the Fund may invest, such as securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks (FHLB), are not backed by the full faith and credit of the U.S. government, are not insured or guaranteed by the U.S. government and, instead, may be supported only by the right of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.
On Sept. 7, 2008, the Federal Housing Finance Agency (FHFA), an agency of the U.S. government, placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. FHFA will act as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac.
Country Weightings |
North America | 52.68% |
United States | 45.65% |
Canada | 5.19% |
Other North America(1) | 1.84% |
Europe | 12.91% |
United Kingdom | 4.47% |
Other Europe(2) | 8.44% |
South America | 6.28% |
Brazil | 4.04% |
Other South America(3) | 2.24% |
Pacific Basin(4) | 5.43% |
Other(5) | 3.33% |
Bahamas/Caribbean(6) | 1.25% |
Cash and Cash Equivalents | 18.12% |
(1)Includes 1.84% Mexico.
(2)Includes 0.26% Finland, 0.24% France, 0.69% Germany, 0.46% Italy, 1.26% Luxembourg, 1.89% Norway, 0.50% Portugal, 2.65% Russia and 0.49% Switzerland.
(3)Includes 1.15% Argentina and 1.09% Chile.
(4)Includes 0.10% China, 1.23% Hong Kong, 1.42% India, 0.94% Indonesia, 0.48% Japan, 0.37% Malaysia and 0.89% Singapore.
(5)Includes 0.95% Qatar, 1.42% Supranational and 0.96% United Arab Emirates.
(6)Includes 0.12% Bahamas, 0.34% Bermuda, 0.18% British Virgin Islands and 0.61% Cayman Islands.
Bond Portfolio Characteristics |
Average maturity | 2.7 years |
Effective duration | 1.4 years |
Weighted average bond rating | A |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
---|---|---|---|---|
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,080.60 | 0.99% | $5.20 |
Class B | $1,000 | $1,077.70 | 1.74% | $9.04 |
Class C | $1,000 | $1,077.70 | 1.74% | $9.04 |
Class I | $1,000 | $1,082.00 | 0.74% | $3.85 |
Class Y | $1,000 | $1,080.60 | 0.99% | $5.20 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,020.11 | 0.99% | $5.05 |
Class B | $1,000 | $1,016.35 | 1.74% | $8.77 |
Class C | $1,000 | $1,016.35 | 1.74% | $8.77 |
Class I | $1,000 | $1,021.36 | 0.74% | $3.74 |
Class Y | $1,000 | $1,020.11 | 0.99% | $5.05 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
CORPORATE DEBT SECURITIES | Principal | Value | ||||||
---|---|---|---|---|---|---|---|---|
Aerospace & Defense - 0.47% | ||||||||
BAE Systems Holdings Inc., | ||||||||
4.750%, 8-15-10 (A) | $500 | $ | 508 | |||||
Agricultural Products - 0.54% | ||||||||
Bunge Limited Finance Corp.: | ||||||||
7.800%, 10-15-12 | 250 | 273 | ||||||
5.350%, 4-15-14 | 300 | 311 | ||||||
584 | ||||||||
Agriculture - 0.91% | ||||||||
Ciliandra Perkasa Finance Company Pte. Ltd., | ||||||||
10.750%, 12-8-11 | 500 | 510 | ||||||
COSAN FINANCE LIMITED, | ||||||||
7.000%, 2-1-17 | 128 | 122 | ||||||
Cosan S.A. Industria e Comercio, | ||||||||
8.250%, 11-15-19 | 175 | 154 | ||||||
IOI Resources (L) Berhad, Convertible, | ||||||||
0.000%, 1-15-13 (B) | 200 | 195 | ||||||
981 | ||||||||
Air Freight & Logistics - 0.52% | ||||||||
FedEx Corporation, | ||||||||
7.375%, 1-15-14 | 500 | 564 | ||||||
Banking - 2.53% | ||||||||
Banco BMG S.A., | ||||||||
8.750%, 7-1-10 | 183 | 186 | ||||||
Banco Cruzeiro do Sul S.A., | ||||||||
7.375%, 4-30-10 | 500 | 508 | ||||||
Bank of Tokyo-Mitsubishi, Ltd. (The), | ||||||||
8.400%, 4-15-10 | 500 | 515 | ||||||
ICICI Bank Limited: | ||||||||
5.750%, 1-12-12 (C) | 500 | 507 | ||||||
5.750%, 1-12-12 | 250 | 253 | ||||||
SB Capital S.A., | ||||||||
5.930%, 11-14-11 | 500 | 518 | ||||||
VTB Capital S.A., | ||||||||
6.609%, 10-31-12 | 250 | 250 | ||||||
2,737 | ||||||||
Beverage / Bottling - 1.39% | ||||||||
AmBev International Finance Co. Ltd., | ||||||||
9.500%, 7-24-17 (D) | BRL450 | 241 | ||||||
Miller Brewing Company, | ||||||||
5.500%, 8-15-13 | $500 | 528 | ||||||
Molson Coors Capital Finance, | ||||||||
4.850%, 9-22-10 | 500 | 517 | ||||||
PepsiAmericas, Inc., | ||||||||
5.750%, 7-31-12 | 200 | 220 | ||||||
1,506 | ||||||||
Building Products - 0.55% | ||||||||
Desarrolladora Homex, S.A. de C.V., | ||||||||
7.500%, 9-28-15 | 600 | 590 | ||||||
Cable / Media - 0.29% | ||||||||
Grupo Televisa, S.A., | ||||||||
8.000%, 9-13-11 | 150 | 163 | ||||||
Rogers Wireless Inc., | ||||||||
8.000%, 12-15-12 | 150 | 154 | ||||||
317 | ||||||||
Coal & Consumable Fuels - 0.47% | ||||||||
Peabody Energy Corporation, | ||||||||
6.875%, 3-15-13 | 500 | 505 | ||||||
Communications Equipment - 0.48% | ||||||||
Reliance Communications Limited, Convertible, | ||||||||
0.000%, 3-1-12 (B) | 500 | 521 | ||||||
Conglomerate / Diversified Mfg - 0.95% | ||||||||
Bombardier Inc., | ||||||||
6.750%, 5-1-12 | 750 | 754 | ||||||
Ingersoll-Rand Global Holding Company Limited, | ||||||||
6.000%, 8-15-13 | 250 | 268 | ||||||
1,022 | ||||||||
Construction Business - 0.47% | ||||||||
Odebrecht Finance Ltd., | ||||||||
7.500%, 10-18-17 | 500 | 510 | ||||||
Consumer Non-Cyclical - 0.19% | ||||||||
Paka Capital Ltd, Convertible, | ||||||||
0.000%, 3-12-13 (B) | 200 | 200 | ||||||
Consumer Products - 0.69% | ||||||||
Clorox Company (The), | ||||||||
5.450%, 10-15-12 | 700 | 750 | ||||||
Distillers & Vintners - 0.27% | ||||||||
Diageo Capital plc, | ||||||||
7.375%, 1-15-14 | 250 | 290 | ||||||
Diversified Banks - 0.24% | ||||||||
ICICI Bank Limited, | ||||||||
6.625%, 10-3-12 | 250 | 258 | ||||||
Diversified Chemicals - 1.02% | ||||||||
Dow Chemical Company (The), | ||||||||
7.600%, 5-15-14 | 1,000 | 1,107 | ||||||
Diversified Telecom - 0.24% | ||||||||
Telefonica de Argentina S.A., | ||||||||
9.125%, 11-7-10 | 250 | 260 | ||||||
Electric - 7.79% | ||||||||
Abu Dhabi National Energy Company PJSC, | ||||||||
5.620%, 10-25-12 | 1,000 | 1,037 | ||||||
Aquila, Inc., | ||||||||
11.875%, 7-1-12 (E) | 500 | 577 | ||||||
DPL Inc., | ||||||||
6.875%, 9-1-11 | 500 | 539 | ||||||
EDP Finance B.V., | ||||||||
5.375%, 11-2-12 | 500 | 539 | ||||||
ENEL Finance International S.A., | ||||||||
3.875%, 10-7-14 (A) | 500 | 499 | ||||||
FirstEnergy Corp., | ||||||||
6.450%, 11-15-11 | 275 | 297 | ||||||
HQI Transelec Chile S.A., | ||||||||
7.875%, 4-15-11 | 112 | 118 | ||||||
NorthWestern Corporation, | ||||||||
5.875%, 11-1-14 | 500 | 527 | ||||||
Oncor Electric Delivery Company, | ||||||||
6.375%, 5-1-12 | 1,000 | 1,085 | ||||||
PPL Energy Supply, LLC: | ||||||||
6.400%, 11-1-11 | 500 | 536 | ||||||
6.300%, 7-15-13 | 500 | 537 | ||||||
Southern Power Company, | ||||||||
6.250%, 7-15-12 | 500 | 547 | ||||||
TransAlta Corporation, | ||||||||
5.750%, 12-15-13 | 1,000 | 1,049 | ||||||
UtiliCorp United Inc., | ||||||||
7.950%, 2-1-11 | 500 | 525 | ||||||
8,412 | ||||||||
Electric Utilities - 1.03% | ||||||||
Monongahela Power Company, | ||||||||
7.950%, 12-15-13 (A) | 1,000 | 1,108 | ||||||
Electronics - 0.47% | ||||||||
STATS ChipPAC Ltd., | ||||||||
7.500%, 7-19-10 | 500 | 504 | ||||||
Energy - 1.94% | ||||||||
China Petroleum & Chemical Corporation, Convertible, | ||||||||
0.000%, 4-24-14 (B)(D) | HKD800 | 113 | ||||||
CITIC Resources Holdings Limited, | ||||||||
6.750%, 5-15-14 | $400 | 380 | ||||||
Empire Capital Resources Pte. Ltd., | ||||||||
9.375%, 12-15-11 | 450 | 459 | ||||||
Seadrill Ltd., Convertible, | ||||||||
3.625%, 11-8-12 | 400 | 367 | ||||||
Subsea 7 Inc., Convertible, | ||||||||
0.000%, 6-29-17 (B) | 800 | 779 | ||||||
2,098 | ||||||||
Environmental & Facilities Services - 0.24% | ||||||||
Allied Waste Industries, Inc., | ||||||||
6.500%, 11-15-10 | 250 | 258 | ||||||
Finance Companies - 0.92% | ||||||||
C5 Capital (SPV) Limited, | ||||||||
6.196%, 12-31-49 (E) | 250 | 194 | ||||||
Diageo Finance B.V., | ||||||||
5.500%, 4-1-13 | 250 | 272 | ||||||
ISA Capital do Brasil S.A., | ||||||||
7.875%, 1-30-12 | 500 | 525 | ||||||
991 | ||||||||
Food Processors - 1.98% | ||||||||
Cadbury Schweppes US Finance LLC, | ||||||||
5.125%, 10-1-13 | 1,000 | 1,043 | ||||||
Cargill, Inc., | ||||||||
6.375%, 6-1-12 (C) | 1,000 | 1,089 | ||||||
2,132 | ||||||||
Forest Products - 0.73% | ||||||||
Sino-Forest Corporation, | ||||||||
10.250%, 7-28-14 (C) | 750 | 791 | ||||||
Gas - Local Distribution - 2.51% | ||||||||
AGL Capital Corporation, | ||||||||
7.125%, 1-14-11 | 1,000 | 1,052 | ||||||
DCP Midstream, LLC, | ||||||||
9.700%, 12-1-13 (C) | 500 | 579 | ||||||
National Fuel Gas Company, | ||||||||
6.700%, 11-21-11 | 1,000 | 1,076 | ||||||
2,707 | ||||||||
Gas Pipe Lines - 3.63% | ||||||||
KeySpan Corporation, | ||||||||
7.625%, 11-15-10 | 1,000 | 1,052 | ||||||
Maritimes & Northeast Pipeline, L.L.C., | ||||||||
7.500%, 5-31-14 | 1,000 | 1,052 | ||||||
Plains All American Pipeline, L.P., PAA Finance Corp., | ||||||||
7.750%, 10-15-12 | 1,000 | 1,117 | ||||||
Transneft, | ||||||||
6.103%, 6-27-12 | 500 | 513 | ||||||
Transportadora de Gas del Sur S.A., | ||||||||
7.875%, 5-14-17 | 227 | 195 | ||||||
3,929 | ||||||||
Health Care Facilities - 0.96% | ||||||||
HCA Inc.: | ||||||||
6.750%, 7-15-13 | 300 | 287 | ||||||
9.125%, 11-15-14 | 225 | 232 | ||||||
HealthSouth Corporation, | ||||||||
10.750%, 6-15-16 | 475 | 516 | ||||||
1,035 | ||||||||
Health Care Facilities / Supplies - 0.26% | ||||||||
DASA Finance Corporation, | ||||||||
8.750%, 5-29-18 | 270 | 286 | ||||||
Hotels, Resorts & Cruise Lines - 0.24% | ||||||||
Royal Caribbean Cruises Ltd., | ||||||||
8.750%, 2-2-11 | 250 | 256 | ||||||
Industrial - Other - 0.49% | ||||||||
CCL Finance Limited, | ||||||||
9.500%, 8-15-14 (C) | 500 | 531 | ||||||
Integrated Oil & Gas - 0.35% | ||||||||
Gazstream S.A., | ||||||||
5.625%, 7-22-13 | 370 | 374 | ||||||
Metals / Mining - 4.90% | ||||||||
ALROSA Finance S.A., | ||||||||
8.875%, 11-17-14 | 500 | 485 | ||||||
Anglo American plc, | ||||||||
9.375%, 4-8-14 | 500 | 583 | ||||||
Indo Integrated Energy B.V., | ||||||||
8.500%, 6-1-12 | 500 | 496 | ||||||
Raspadskaya Securities Limited, | ||||||||
7.500%, 5-22-12 | 250 | 244 | ||||||
Rio Tinto Finance (USA) Limited, | ||||||||
8.950%, 5-1-14 | 750 | 885 | ||||||
Teck Cominco Limited, | ||||||||
7.000%, 9-15-12 | 500 | 514 | ||||||
Teck Resources Limited, | ||||||||
9.750%, 5-15-14 | 500 | 550 | ||||||
Vedanta Resources plc, | ||||||||
6.625%, 2-22-10 | 450 | 455 | ||||||
Xstrata plc, | ||||||||
8.375%, 2-15-11 | 1,000 | 1,076 | ||||||
5,288 | ||||||||
Multi-Utilities - 0.97% | ||||||||
Black Hills Corporation, | ||||||||
6.500%, 5-15-13 | 1,000 | 1,050 | ||||||
Office Electronics - 0.48% | ||||||||
Xerox Corporation: | ||||||||
7.125%, 6-15-10 | 250 | 257 | ||||||
5.500%, 5-15-12 | 250 | 263 | ||||||
520 | ||||||||
Oil & Gas - 3.00% | ||||||||
Cenovus Energy Inc., | ||||||||
4.500%, 9-15-14 (A) | 500 | 511 | ||||||
Petro-Canada, | ||||||||
4.000%, 7-15-13 | 500 | 501 | ||||||
Petroleum Geo-Services ASA, Convertible, | ||||||||
2.700%, 12-3-12 | 800 | 666 | ||||||
Ras Laffan Liquedied Natural Gas Co. Ltd., | ||||||||
5.832%, 9-30-16 | 1,000 | 1,039 | ||||||
Sunoco Logistics Partners Operations L.P., | ||||||||
8.750%, 2-15-14 | 500 | 540 | ||||||
3,257 | ||||||||
Oil & Gas Equipment & Services - 0.53% | ||||||||
Smith International, Inc., | ||||||||
8.625%, 3-15-14 | 500 | 574 | ||||||
Oil & Gas Exploration & Production - 0.50% | ||||||||
Anadarko Petroleum Corporation, | ||||||||
5.750%, 6-15-14 | 500 | 537 | ||||||
Oil & Gas Storage & Transportation - 1.95% | ||||||||
Energy Transfer Partners, L.P., | ||||||||
5.650%, 8-1-12 | 1,000 | 1,055 | ||||||
Northern Border Partners, L.P., | ||||||||
8.875%, 6-15-10 | 500 | 526 | ||||||
ONEOK Partners, L.P., | ||||||||
5.900%, 4-1-12 | 500 | 527 | ||||||
2,108 | ||||||||
Oilfield Machinery & Service - 1.45% | ||||||||
Frontier Oil Corporation, | ||||||||
6.625%, 10-1-11 | 492 | 492 | ||||||
Weatherford International, Inc., | ||||||||
5.950%, 6-15-12 | 1,000 | 1,072 | ||||||
1,564 | ||||||||
Packaged Foods & Meats - 0.25% | ||||||||
Kraft Foods Inc., | ||||||||
6.000%, 2-11-13 | 250 | 268 | ||||||
Paper / Forest Products - 2.69% | ||||||||
Celulosa Arauco y Constitucion S.A.: | ||||||||
8.625%, 8-15-10 | 500 | 524 | ||||||
7.750%, 9-13-11 | 500 | 539 | ||||||
International Paper Company, | ||||||||
7.400%, 6-15-14 | 400 | 440 | ||||||
Stora Enso Oyj, | ||||||||
7.375%, 5-15-11 | 275 | 280 | ||||||
Weyerhaeuser Company, | ||||||||
6.750%, 3-15-12 | 1,074 | 1,119 | ||||||
2,902 | ||||||||
Pharmaceuticals - 0.49% | ||||||||
Novartis Capital Corporation, | ||||||||
4.125%, 2-10-14 | 500 | 528 | ||||||
Publishing - 0.34% | ||||||||
Pearson Dollar Finance Two plc, | ||||||||
5.500%, 5-6-13 | 350 | 364 | ||||||
Railroads - 0.77% | ||||||||
Burlington Northern Santa Fe Corporation, | ||||||||
5.900%, 7-1-12 | 300 | 326 | ||||||
TFM, S.A. de C.V., | ||||||||
9.375%, 5-1-12 | 500 | 507 | ||||||
833 | ||||||||
Restaurants - 0.46% | ||||||||
Arcos Dorados B.V., | ||||||||
7.500%, 10-1-19 (A) | 500 | 498 | ||||||
Retail Stores - Other - 0.61% | ||||||||
Parkson Retail Group Limited, | ||||||||
7.125%, 5-30-12 | 650 | 662 | ||||||
Service - Other - 0.97% | ||||||||
Waste Management, Inc., | ||||||||
7.375%, 8-1-10 | 1,000 | 1,048 | ||||||
Steel - 0.53% | ||||||||
ArcelorMittal, | ||||||||
9.000%, 2-15-15 | 500 | 575 | ||||||
Technology - 0.70% | ||||||||
L-3 Communications Corporation, | ||||||||
7.625%, 6-15-12 | 750 | 760 | ||||||
Telecommunications - 0.87% | ||||||||
Global Village Telecom, | ||||||||
12.000%, 6-30-11 | 650 | 670 | ||||||
Open Joint Stock Company "Vimpel-Communications", | ||||||||
8.375%, 10-22-11 | 250 | 265 | ||||||
935 | ||||||||
Tobacco - 0.52% | ||||||||
B.A.T. International Finance p.l.c, | ||||||||
8.125%, 11-15-13 | 500 | 574 | ||||||
Trading Companies & Distributors - 0.80% | ||||||||
Noble Group Limited, | ||||||||
8.500%, 5-30-13 | 800 | 866 | ||||||
Transportation - 0.44% | ||||||||
PB Issuer Limited, Convertible, | ||||||||
3.300%, 2-1-13 | 500 | 470 | ||||||
Transportation - Other - 0.12% | ||||||||
Ultrapetrol (Bahamas) Limited, | ||||||||
9.000%, 11-24-14 | 150 | 132 | ||||||
Utilities - 2.83% | ||||||||
CESP - Companhia Energetica de Sao Paulo, | ||||||||
9.750%, 1-15-15 (D) | BRL1,000 | 664 | ||||||
Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A., | ||||||||
8.875%, 12-15-16 | $400 | 292 | ||||||
Duke Energy Field Services, LLC, | ||||||||
7.875%, 8-16-10 | 500 | 524 | ||||||
NiSource Finance Corp., | ||||||||
7.875%, 11-15-10 | 1,250 | 1,316 | ||||||
Veolia Environment, | ||||||||
5.250%, 6-3-13 | 250 | 262 | ||||||
3,058 | ||||||||
Wireless Telecommunication Service - 1.10% | ||||||||
America Movil, S.A. de C.V., | ||||||||
5.500%, 3-1-14 | 500 | 522 | ||||||
Mobile TeleSystems Finance S.A., | ||||||||
8.375%, 10-14-10 | 200 | 208 | ||||||
Mobile TeleSystems OJSC, | ||||||||
8.700%, 6-12-18 (D) | RUB6,000 | 198 | ||||||
VIP Finance Ireland Limited, | ||||||||
8.375%, 4-30-13 | $250 | 260 | ||||||
1,188 | ||||||||
TOTAL CORPORATE DEBT SECURITIES - 64.03% | $ | 69,181 | ||||||
(Cost: $65,057) | ||||||||
OTHER GOVERNMENT SECURITIES | ||||||||
Germany - 0.69% | ||||||||
Bundesobligation, | ||||||||
3.250%, 4-9-10 (D) | EUR500 | 742 | ||||||
Mexico - 0.18% | ||||||||
United Mexican States Government Bonds, | ||||||||
9.000%, 12-24-09 (D) | MXN2,500 | 192 | ||||||
Norway - 0.54% | ||||||||
Norway Government Bonds, | ||||||||
6.000%, 5-16-11 (D) | NOK3,200 | 582 | ||||||
Russia - 0.30% | ||||||||
Open Joint Stock Company "Russian Railroads", | ||||||||
8.500%, 7-6-11 (D) | RUB10,000 | 319 | ||||||
Supranational - 1.42% | ||||||||
CENTRAL AMERICAN BANK FOR ECONOMIC INTEGRATION: | ||||||||
4.875%, 1-15-12 | $500 | 509 | ||||||
4.875%, 1-15-12 (A) | 500 | 509 | ||||||
Corporacion Andina de Fomento, | ||||||||
7.375%, 1-18-11 | 500 | 529 | ||||||
1,547 | ||||||||
TOTAL OTHER GOVERNMENT SECURITIES - 3.13% | $ | 3,382 | ||||||
(Cost: $3,600) | ||||||||
SENIOR LOANS - 0.69% | ||||||||
Consumer Products | ||||||||
Wm. Wrigley Jr. Company, | ||||||||
6.500%, 7-17-14 (E) | 731 | $ | 743 | |||||
(Cost: $732) | ||||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 4.76% | ||||||||
Mortgage-Backed Obligations | ||||||||
Federal Home Loan Mortgage Corporation Agency REMIC/CMO (Interest Only), (F) | ||||||||
5.500%, 1-15-38 | 3,209 | 444 | ||||||
Federal National Mortgage Association Agency REMIC/CMO, | ||||||||
5.000%, 2-25-35 | 395 | 410 | ||||||
Federal National Mortgage Association Agency REMIC/CMO (Interest Only): (F) | ||||||||
5.000%, 6-25-22 | 889 | 69 | ||||||
4.000%, 7-15-23 | 7,121 | 887 | ||||||
5.000%, 7-25-23 | 747 | 74 | ||||||
4.000%, 12-15-23 | 2,133 | 283 | ||||||
4.000%, 2-15-24 | 3,046 | 403 | ||||||
4.000%, 4-15-24 | 3,494 | 447 | ||||||
5.500%, 1-25-33 | 1,147 | 153 | ||||||
6.000%, 4-23-33 | 2,748 | 394 | ||||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
5.000%, 3-1-22 | 537 | 564 | ||||||
5.000%, 8-1-23 | 289 | 304 | ||||||
Government National Mortgage Association Agency REMIC/CMO (Interest Only): (F) | ||||||||
5.000%, 7-16-22 | 840 | 101 | ||||||
6.000%, 9-16-33 | 2,106 | 252 | ||||||
Government National Mortgage Association Fixed Rate Pass-Through Certificates, | ||||||||
4.500%, 6-15-23 | 344 | 361 | ||||||
(Cost: $5,689) | $ | 5,146 | ||||||
UNITED STATES GOVERNMENT OBLIGATIONS - 9.27% | ||||||||
Treasury Obligations | ||||||||
United States Treasury Notes, | ||||||||
1.125%, 12-15-11 | 10,000 | $ | 10,013 | |||||
(Cost: $9,948) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Commercial Paper - 16.31% | ||||||||
Clorox Co., | ||||||||
0.220%, 10-13-09 | 1,560 | 1,560 | ||||||
Coca-Cola Company (The), | ||||||||
0.140%, 11-9-09 | 2,000 | 2,000 | ||||||
E.I. du Pont de Nemours and Company, | ||||||||
0.170%, 10-8-09 | 5,000 | 5,000 | ||||||
Hewlett-Packard Company, | ||||||||
0.140%, 10-7-09 | 5,000 | 4,999 | ||||||
PACCAR Financial Corp., | ||||||||
0.170%, 10-22-09 | 3,000 | 3,000 | ||||||
Sara Lee Corporation, | ||||||||
0.100%, 10-1-09 | 1,067 | 1,067 | ||||||
17,626 | ||||||||
Master Note - 1.99% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (E) | 2,151 | 2,151 | ||||||
TOTAL SHORT-TERM SECURITIES - 18.30% | $ | 19,777 | ||||||
(Cost: $19,777) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.18% | $ | 108,242 | ||||||
(Cost: $104,803) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.18%) | (197 | ) | ||||||
NET ASSETS - 100.00% | $ | 108,045 | ||||||
The following forward foreign currency contracts were outstanding at September 30, 2009:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||
Sell | Brazilian Real | Citibank, N.A. | 1,015 | 12-2-09 | $–– | $142 | |||
Buy | Chinese Yuan Renminbi | Citibank, N.A. | 27,500 | 9-19-11 | 41 | –– | |||
Sell | Mexican Peso | Citibank, N.A. | 2,600 | 12-24-09 | –– | 8 | |||
Sell | Russian Ruble | Citibank, N.A. | 17,825 | 11-20-09 | –– | 87 | |||
Sell | Swedish Krona | Bank of America NT & SA | 37,100 | 6-9-10 | –– | 425 | |||
$41 | $662 |
(B)Zero coupon bond.
(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $3,497 or 3.24% of net assets.
(D)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real, EUR - Euro, HKD - Hong Kong Dollar, MXN - Mexican Peso, NOK - Norwegian Krone and RUB - Russian Ruble).
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
(F)Amount shown in principal column represents notional amount for computation of interest.
The following acronyms are used throughout this schedule:
CMO = Collateralized Mortgage Obligation
REMIC = Real Estate Mortgage Investment Conduit
Country Diversification | |
(as a % of net assets) | |
United States | 45.65% |
Canada | 5.19% |
United Kingdom | 4.47% |
Brazil | 4.04% |
Russia | 2.65% |
Norway | 1.89% |
Mexico | 1.84% |
India | 1.42% |
Supranational | 1.42% |
Luxembourg | 1.26% |
Hong Kong | 1.23% |
Argentina | 1.15% |
Chile | 1.09% |
United Arab Emirates | 0.96% |
Qatar | 0.95% |
Indonesia | 0.94% |
Singapore | 0.89% |
Germany | 0.69% |
Cayman Islands | 0.61% |
Portugal | 0.50% |
Switzerland | 0.49% |
Japan | 0.48% |
Italy | 0.46% |
Malaysia | 0.37% |
Bermuda | 0.34% |
Finland | 0.26% |
France | 0.24% |
British Virgin Islands | 0.18% |
Bahamas | 0.12% |
China | 0.10% |
Other+ | 18.12% |
+Includes cash and cash equivalents and other assets and liabilities |
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 104,803 | |
Gross unrealized appreciation | 4,454 | ||
Gross unrealized depreciation | (1,015 | ) | |
Net unrealized appreciation | $ | 3,439 |
See Accompanying Notes to Financial Statements.
Asset Allocation |
Bonds | 94.51% |
United States Government and Government Agency Obligations | 63.73% |
Corporate Debt Securities | 30.78% |
Cash and Cash Equivalents | 5.49% |
Lipper Rankings |
Category: Lipper U.S. Mortgage Funds | Rank | Percentile |
---|---|---|
1 Year | 92/95 | 96 |
3 Year | 84/87 | 96 |
5 Year | 80/83 | 96 |
10 Year | 53/55 | 95 |
Certain U.S. government securities in which the Fund may invest, such as Treasury securities and securities issued by the Government National Mortgage Association (Ginnie Mae), are backed by the full faith and credit of the U.S. government. However, other U.S. government securities in which the Fund may invest, such as securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks (FHLB), are not backed by the full faith and credit of the U.S. government, are not insured or guaranteed by the U.S. government and, instead, may be supported only by the right of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.
On Sept. 7, 2008, the Federal Housing Finance Agency (FHFA), an agency of the U.S. government, placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. FHFA will act as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac.
Quality Weightings |
Investment Grade | 90.51% |
AAA | 74.85% |
AA | 7.62% |
A | 4.50% |
BBB | 3.54% |
Non-Investment Grade | 4.00% |
BB | 3.46% |
B | 0.33% |
Below B | 0.21% |
Cash and Cash Equivalents | 5.49% |
Bond Portfolio Characteristics |
Average maturity | 4.0 years |
Effective duration | 2.8 years |
Weighted average bond rating | AAA |
For the Six Months Ended September 30, 2009 | Beginning Account Value 3-31-09 | Ending Account Value 9-30-09 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
---|---|---|---|---|---|---|
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,073.20 | 1.49% | $ | 7.77 | |
Class B | $1,000 | $1,067.20 | 2.70% | $ | 13.95 | |
Class C | $1,000 | $1,069.60 | 2.24% | $ | 11.59 | |
Class E | $1,000 | $1,075.10 | 1.14% | $ | 5.91 | |
Class I | $1,000 | $1,076.50 | 0.93% | $ | 4.88 | |
Class Y | $1,000 | $1,075.70 | 1.12% | $ | 5.81 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.58 | 1.49% | $ | 7.57 | |
Class B | $1,000 | $1,011.53 | 2.70% | $ | 13.58 | |
Class C | $1,000 | $1,013.86 | 2.24% | $ | 11.28 | |
Class E | $1,000 | $1,019.36 | 1.14% | $ | 5.76 | |
Class I | $1,000 | $1,020.42 | 0.93% | $ | 4.75 | |
Class Y | $1,000 | $1,019.47 | 1.12% | $ | 5.65 |
*Fund expenses for each share class are equal to the Fund's annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2009, and divided by 365.
(1)This section uses the Fund's actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The "Ending Account Value" shown is computed using the Fund's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.
(2)This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund's ongoing costs with other mutual funds. A shareholder can compare the Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads, redemption fees or exchange fees.
See "Disclosure of Expenses" on page 5 for further information on how expenses were calculated.
CORPORATE DEBT SECURITIES | Principal | Value | ||||||
---|---|---|---|---|---|---|---|---|
Car Loan - 1.05% | ||||||||
Capital Auto Receivables Asset Trust 2007-2, | ||||||||
8.300%, 2-18-14 (A) | $1,105 | $ | 1,077 | |||||
Ford Credit Auto Owner Trust 2007-A, | ||||||||
7.050%, 12-15-13 (B) | 390 | 386 | ||||||
1,463 | ||||||||
Consumer Finance - 0.19% | ||||||||
Green Tree Financial Corporation, | ||||||||
8.300%, 11-15-19 | 277 | 271 | ||||||
Other Mortgage-Backed Securities - 29.14% | ||||||||
Aames Mortgage Trust 2001-4, | ||||||||
6.650%, 1-25-32 (C) | 386 | 202 | ||||||
ABFS Mortgage Loan Trust 2001-2, | ||||||||
7.490%, 12-25-31 (C) | 761 | 311 | ||||||
ABFS Mortgage Loan Trust 2002-4, | ||||||||
7.923%, 12-15-33 (C) | 1,105 | 198 | ||||||
Asset Securitization Corporation (Interest Only): | ||||||||
1.503%, 10-13-26 (A)(C)(D) | 3,097 | 73 | ||||||
8.621%, 8-13-29 (C)(D) | 983 | 159 | ||||||
Associates Manufactured Housing Contract Pass-Through Certificates, | ||||||||
7.900%, 3-15-27 | 115 | 115 | ||||||
Banc of America Alternative Loan Trust 2005-10, | ||||||||
5.663%, 11-25-35 (C) | 1,105 | 55 | ||||||
Banc of America Alternative Loan Trust 2005-12, | ||||||||
5.802%, 1-25-36 (C) | 1,561 | 144 | ||||||
Banc of America Alternative Loan Trust 2005-6, | ||||||||
6.000%, 7-25-35 | 749 | 415 | ||||||
Banc of America Alternative Loan Trust 2005-8: | ||||||||
5.569%, 9-25-35 (C) | 1,927 | 208 | ||||||
5.569%, 9-25-35 (C) | 384 | 20 | ||||||
Banc of America Alternative Loan Trust 2006-4: | ||||||||
6.219%, 5-25- 46 (C) | 619 | 107 | ||||||
6.219%, 5-25- 46 (C) | 868 | 49 | ||||||
Banc of America Funding 2004-2 Trust, | ||||||||
6.500%, 7-20-32 | 1,138 | 883 | ||||||
Banc of America Mortgage 2007-1 Trust, | ||||||||
6.000%, 3-25-37 | 3,518 | 499 | ||||||
Banc of America Mortgage Alternative Loan Trust 2003-5, | ||||||||
5.500%, 7-25-33 | 1,180 | 188 | ||||||
Banc of America Mortgage Trust 2003-9, | ||||||||
5.500%, 12-25-33 | 733 | 293 | ||||||
Banc of America Mortgage Trust 2004-2: | ||||||||
5.000%, 3-25-19 | 245 | 168 | ||||||
5.000%, 3-25-19 | 191 | 127 | ||||||
Banc of America Mortgage Trust 2004-3: | ||||||||
4.875%, 4-25-19 | 332 | 207 | ||||||
4.875%, 4-25-19 | 178 | 87 | ||||||
Banc of America Structured Securities Trust 2002-X1 F, | ||||||||
6.274%, 10-11-33 (B) | 1,750 | 1,748 | ||||||
BankAmerica Manufactured Housing Contract Trust: | ||||||||
7.800%, 10-10-26 | 979 | 976 | ||||||
7.015%, 1-10-28 | 329 | 322 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2000-WF1 Trust Fund, | ||||||||
6.500%, 2-15-32 | 1,015 | 671 | ||||||
Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6, | ||||||||
6.000%, 10-15-36 (A) | 938 | 324 | ||||||
BlackRock Capital Finance, | ||||||||
7.750%, 9-25-26 (A) | 486 | 146 | ||||||
C-Bass 2005-CB3 Trust, | ||||||||
5.109%, 5-25-35 (C) | 525 | 508 | ||||||
C-Bass 2006-MH1 Trust, | ||||||||
5.970%, 10-25-36 (A)(C) | 1,304 | 1,300 | �� | |||||
C-Bass Mortgage Loan Trust 2007-CB2, | ||||||||
5.891%, 2-25-37 (C) | 166 | 137 | ||||||
Centex Home Equity Loan Trust 2005-C, | ||||||||
5.048%, 6-25-35 (C) | 1,801 | 1,548 | ||||||
CHL Mortgage Pass-Through Trust 2002-32, | ||||||||
5.548%, 1-25-33 (B)(C) | 1,047 | 734 | ||||||
CitiMortgage Alternative Loan Trust, Series 2007-A7, | ||||||||
6.236%, 7-25-37 (C) | 637 | –– | * | |||||
Collateralized Mortgage Obligation Trust, | ||||||||
5.000%, 7-1-18 | 23 | 24 | ||||||
COMM 2006-CNL2, | ||||||||
5.756%, 2-5-19 (A)(C) | 475 | 255 | ||||||
Commercial Mortgage Asset Trust, | ||||||||
7.800%, 11-17-32 (C) | 1,000 | 1,112 | ||||||
Commercial Mortgage Asset Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C1, | ||||||||
6.640%, 1-17-32 | 208 | 209 | ||||||
CountryPlace Manufactured Housing Contract Trust 2005-1, | ||||||||
4.800%, 12-15-35 (B)(C) | 1,275 | 912 | ||||||
CSFB Commercial Mortgage Trust 2003-C4, | ||||||||
5.322%, 8-15-36 (A)(C) | 1,000 | 290 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S3, | ||||||||
6.518%, 1-25-29 (C) | 1,034 | 282 | ||||||
FFCA Secured Lending Corporation: | ||||||||
1.344%, 2-18-22 (B)(C) | 1,500 | 1,206 | ||||||
1.594%, 2-18-22 (B)(C) | 1,000 | 766 | ||||||
First Horizon Mortgage Pass-Through Trust 2003-8, | ||||||||
5.136%, 10-25-33 (C) | 323 | 130 | ||||||
First Horizon Mortgage Pass-Through Trust 2007-4, | ||||||||
5.500%, 8-25-22 | 733 | 519 | ||||||
Flagstar Home Equity Loan Trust 2007-1, | ||||||||
5.997%, 1-25-35 (A)(C) | 1,130 | 210 | ||||||
Global Mortgage Securitization 2005-A Ltd. and Global Mortgage Securitization 2005-A LLC: | ||||||||
5.250%, 4-25-32 | 667 | 392 | ||||||
5.403%, 4-25-32 (C) | 1,037 | 382 | ||||||
Global Mortgage Securitization Ltd. and Global Mortgage Securitization, LLC: | ||||||||
5.250%, 11-25-32 (B) | 902 | 651 | ||||||
5.250%, 11-25-32 (B) | 420 | 336 | ||||||
GMAC Commercial Mortgage Corporation, Series 2005-C1 Mortgage Pass-Through Certificates, | ||||||||
4.471%, 5-10-43 | 279 | 280 | ||||||
GMAC Commercial Mortgage Securities, | ||||||||
5.940%, 7-1-13 (B) | 52 | 42 | ||||||
Home Equity Loan Trust 2003-HS2, | ||||||||
5.090%, 7-25-33 (C) | 9 | 9 | ||||||
Hometown Commercial Capital, LLC Hometown Commercial Mortgage Pass-Through Notes 2006-1, | ||||||||
5.506%, 11-11-38 (B) | 1,934 | 928 | ||||||
Impac CMB Trust Series 2003-2F, | ||||||||
6.000%, 1-25-33 (C) | 592 | 262 | ||||||
J.P. Morgan Alternative Loan Trust 2006-A6, | ||||||||
5.950%, 11-25-36 (C) | 2,500 | 1,368 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-LDP2, | ||||||||
4.625%, 3-15-46 | 227 | 226 | ||||||
J.P. Morgan Mortgage Trust 2004-A3, | ||||||||
4.273%, 7-25-34 (C) | 817 | 434 | ||||||
J.P. Morgan Mortgage Trust 2005-S2, | ||||||||
5.673%, 9-25-35 (C) | 2,130 | 410 | ||||||
J.P. Morgan Mortgage Trust 2006-A2: | ||||||||
4.439%, 11-25-33 (C) | 666 | 367 | ||||||
4.259%, 8-25-34 (C) | 2,031 | 532 | ||||||
J.P. Morgan Mortgage Trust 2006-S3, | ||||||||
6.187%, 8-25-36 | 1,149 | 60 | ||||||
J.P. Morgan Mortgage Trust 2007-A1, | ||||||||
4.684%, 7-25-35 (C) | 2,148 | 166 | ||||||
LB-UBS Commercial Mortgage Trust 2003-C3, | ||||||||
4.846%, 2-15-37 (A)(C) | 300 | 131 | ||||||
LB-UBS Westfield Trust, Commercial Mortgage Pass-Through Certificates, Series 2001-WM, | ||||||||
6.647%, 7-14-16 (A) | 1,000 | 1,035 | ||||||
Lehman Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-5, | ||||||||
6.736%, 9-25-36 (C) | 1,982 | 91 | ||||||
Lehman XS Trust, Series 2005-8, | ||||||||
5.690%, 12-25-35 | 2,930 | 1,713 | ||||||
Mid-State Capital Corporation 2004-1 Trust: | ||||||||
6.005%, 8-15-37 | 329 | 296 | ||||||
6.497%, 8-15-37 | 1,036 | 866 | ||||||
Morgan Stanley Capital I Trust 2004-TOP15, | ||||||||
4.690%, 6-13- 41 | 302 | 306 | ||||||
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-WL1, | ||||||||
6.496%, 4-25-17 (C) | 186 | 156 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4: | ||||||||
5.880%, 11-28-35 (B)(C) | 680 | 41 | ||||||
5.880%, 11-28-35 (B)(C) | 340 | 24 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4 (Interest Only), | ||||||||
1.130%, 11-28-35 (B)(C)(D) | 9,915 | 137 | ||||||
Multi Security Asset Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-RR4, | ||||||||
5.000%, 11-28-35 (B) | 2,000 | 1,640 | ||||||
Oakwood Mortgage Investors, Inc.: | ||||||||
8.100%, 10-15-21 (B) | 48 | 47 | ||||||
7.375%, 8-15-27 | 53 | 52 | ||||||
Origen Manufactured Housing Contract Trust 2004-A, | ||||||||
5.700%, 1-15-35 | 543 | 498 | ||||||
Origen Manufactured Housing Contract Trust 2004-B, | ||||||||
4.750%, 8-15-21 | 476 | 461 | ||||||
Origen Manufactured Housing Contract Trust 2005-B: | ||||||||
5.605%, 5-15-22 | 360 | 345 | ||||||
5.910%, 1-15-37 | 700 | 619 | ||||||
PHH Alternative Mortgage Trust, Series 2007-1, Class II-B-2, | ||||||||
6.000%, 2-25-37 | 1,533 | 130 | ||||||
PNC Mortgage Acceptance Corp., | ||||||||
7.300%, 10-12-33 | 245 | 253 | ||||||
Prudential Home Mortgage Securities: | ||||||||
6.730%, 4-28-24 (B)(C) | 2 | 2 | ||||||
7.976%, 9-28-24 (A)(C) | 12 | 8 | ||||||
RALI Series 2003-QS11 Trust, | ||||||||
5.750%, 6-25-33 | 2,299 | 1,409 | ||||||
RAMP Series 2005-RS1 Trust, | ||||||||
5.145%, 1-25-35 (C) | 1,013 | 218 | ||||||
RASC Series 2003-KS10 Trust, | ||||||||
6.410%, 12-25-33 | 244 | 85 | ||||||
RESI Finance Limited Partnership 2003-C and RESI Finance DE Corporation 2003-C, | ||||||||
1.649%, 9-10-35 (B)(C) | 811 | 460 | ||||||
RFMSI Series 2004-S5 Trust: | ||||||||
4.500%, 5-25-19 | 282 | 214 | ||||||
4.500%, 5-25-19 | 140 | 97 | ||||||
Salomon Brothers Mortgage Securities VII, Inc., Mortgage Pass-Through Certificates, Series 1997-HUD1, | ||||||||
7.750%, 12-25-30 (C) | 974 | 166 | ||||||
Structured Asset Mortgage Investments, Inc.: | ||||||||
5.426%, 4-30-30 (C) | 15 | 10 | ||||||
5.426%, 4-30-30 (C) | 7 | 5 | ||||||
Structured Asset Securities Corporation: | ||||||||
6.290%, 11-25-32 (C) | 221 | 69 | ||||||
5.250%, 8-25-33 | 1,164 | 716 | ||||||
5.250%, 8-25-33 | 507 | 245 | ||||||
5.630%, 5-25-34 (C) | 696 | 291 | ||||||
6.000%, 6-25-34 (C) | 2,019 | 766 | ||||||
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-MS11 Trust, | ||||||||
5.621%, 12-25-32 (C) | 729 | 458 | ||||||
Wells Fargo Alternative Loan 2007-PA3 Trust: | ||||||||
5.750%, 7-25-37 | 1,079 | 324 | ||||||
6.048%, 7-25-37 (C) | 684 | 7 | ||||||
6.061%, 7-25-37 (C) | 1,757 | 87 | ||||||
Wells Fargo Mortgage Backed Securities 2003-2 Trust, | ||||||||
5.250%, 2-25-18 (B) | 198 | 130 | ||||||
Wells Fargo Mortgage Backed Securities 2003-9 Trust, | ||||||||
5.250%, 8-25-33 (A) | 995 | 444 | ||||||
40,734 | ||||||||
Other Non-Agency REMIC/CMO - 0.40% | ||||||||
Banco Hipotecario Nacional: | ||||||||
7.916%, 7-25-09 (B) | 23 | –– | * | |||||
1.700%, 3-25-11 (B)(C) | 10 | –– | * | |||||
7.540%, 5-31-17 (B) | –– | –– | * | |||||
Bear Stearns Mortgage Securities Inc., | ||||||||
8.000%, 11-25-29 | 315 | 287 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21, | ||||||||
5.400%, 11-25-35 (C) | 1,575 | 276 | ||||||
563 | ||||||||
TOTAL CORPORATE DEBT SECURITIES - 30.78% | $ | 43,031 | ||||||
(Cost: $89,728) | ||||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS | ||||||||
Agency Obligations - 0.30% | ||||||||
Federal National Mortgage Association, | ||||||||
4.750%, 12-15-10 (E) | 400 | 420 | ||||||
Mortgage-Backed Obligations - 63.04% | ||||||||
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates: | ||||||||
5.500%, 12-1-17 | 452 | 485 | ||||||
5.500%, 9-1-19 | 777 | 829 | ||||||
5.300%, 1-15-33 | 206 | 218 | ||||||
5.500%, 5-1-34 | 1,008 | 1,071 | ||||||
5.500%, 5-1-34 | 623 | 662 | ||||||
6.500%, 5-1-34 | 580 | 621 | ||||||
5.000%, 10-1-34 | 3,010 | 3,110 | ||||||
5.500%, 10-1-34 | 779 | 825 | ||||||
5.000%, 8-1-35 | 706 | 732 | ||||||
5.500%, 10-1-35 | 3,000 | 3,141 | ||||||
5.500%, 10-1-35 | 1,264 | 1,339 | ||||||
5.000%, 12-1-35 | 581 | 602 | ||||||
6.500%, 7-1-36 | 823 | 878 | ||||||
4.500%, 10-1-37 | 265 | 268 | ||||||
6.000%, 10-1-37 | 2,000 | 2,111 | ||||||
7.000%, 12-1-37 | 572 | 620 | ||||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
6.000%, 1-1-18 | 279 | 299 | ||||||
5.500%, 2-1-18 | 278 | 299 | ||||||
5.000%, 5-1-18 | 915 | 976 | ||||||
5.000%, 10-1-18 | 844 | 897 | ||||||
5.500%, 9-1-19 | 218 | 233 | ||||||
6.000%, 8-1-23 | 959 | 1,023 |
5.500%, 2-1-24 | 362 | 384 | ||||||
6.000%, 8-1-29 | 291 | 310 | ||||||
7.000%, 11-1-31 | 144 | 160 | ||||||
6.500%, 2-1-32 | 141 | 153 | ||||||
6.500%, 2-1-32 | 105 | 114 | ||||||
6.500%, 2-1-32 | 90 | 98 | ||||||
7.000%, 2-1-32 | 192 | 213 | ||||||
7.000%, 3-1-32 | 269 | 300 | ||||||
6.500%, 4-1-32 | 55 | 59 | ||||||
6.500%, 5-1-32 | 101 | 110 | ||||||
6.500%, 5-1-32 | 62 | 67 | ||||||
6.000%, 9-1-32 | 110 | 119 | ||||||
6.500%, 9-1-32 | 61 | 66 | ||||||
6.000%, 10-1-32 | 737 | 794 | ||||||
6.000%, 10-1-32 | 723 | 774 | ||||||
6.500%, 10-1-32 | 49 | 53 | ||||||
6.000%, 11-1-32 | 570 | 612 | ||||||
6.000%, 11-1-32 | 347 | 373 | ||||||
6.000%, 3-1-33 | 902 | 971 | ||||||
6.000%, 3-1-33 | 670 | 719 | ||||||
6.000%, 3-1-33 | 196 | 211 | ||||||
5.500%, 4-1-33 | 1,302 | 1,379 | ||||||
5.500%, 5-1-33 | 376 | 396 | ||||||
5.500%, 5-1-33 | 225 | 238 | ||||||
6.000%, 6-1-33 | 1,573 | 1,673 | ||||||
6.000%, 6-1-33 | 565 | 601 | ||||||
6.500%, 8-1-33 | 40 | 43 | ||||||
6.000%, 10-1-33 | 214 | 229 | ||||||
6.000%, 12-1-33 | 411 | 441 | ||||||
5.500%, 1-1-34 | 645 | 678 | ||||||
5.500%, 1-1-34 | 496 | 522 | ||||||
5.000%, 3-1-34 | 749 | 777 | ||||||
5.000%, 3-1-34 | 301 | 313 | ||||||
5.500%, 4-1-34 | 435 | 457 | ||||||
5.000%, 5-1-34 | 141 | 146 | ||||||
6.000%, 8-1-34 | 502 | 533 | ||||||
5.500%, 9-1-34 | 867 | 919 | ||||||
6.000%, 9-1-34 | 613 | 651 | ||||||
6.500%, 9-1-34 | 713 | 766 | ||||||
5.000%, 10-1-34 | 3,520 | 3,635 | ||||||
5.500%, 10-1-34 | 7,809 | 8,168 | ||||||
6.000%, 10-1-34 | 4,065 | 4,287 | ||||||
5.500%, 11-1-34 | 482 | 510 | ||||||
6.000%, 11-1-34 | 210 | 223 | ||||||
6.500%, 11-1-34 | 49 | 53 | ||||||
5.000%, 12-1-34 | 953 | 990 | ||||||
5.500%, 1-1-35 | 940 | 988 | ||||||
5.500%, 1-1-35 | 431 | 452 | ||||||
5.500%, 2-1-35 | 1,868 | 1,978 | ||||||
6.500%, 3-1-35 | 861 | 929 | ||||||
5.000%, 7-1-35 | 626 | 649 | ||||||
5.500%, 7-1-35 | 532 | 558 | ||||||
5.500%, 10-1-35 | 1,227 | 1,302 | ||||||
5.500%, 10-1-35 | 727 | 771 | ||||||
5.500%, 11-1-35 | 477 | 501 | ||||||
5.500%, 2-1-36 | 1,330 | 1,389 | ||||||
6.500%, 2-1-36 | 549 | 590 | ||||||
6.500%, 6-1-36 | 919 | 984 | ||||||
5.500%, 11-1-36 | 1,259 | 1,321 | ||||||
6.000%, 11-1-36 | 1,469 | 1,555 | ||||||
6.000%, 11-1-36 | 739 | 782 | ||||||
6.000%, 5-1-37 | 790 | 835 | ||||||
5.500%, 6-1-37 | 230 | 241 | ||||||
6.500%, 8-1-37 | 1,552 | 1,661 | ||||||
6.000%, 9-1-37 | 80 | 84 | ||||||
6.500%, 9-1-37 | 1,358 | 1,453 | ||||||
7.000%, 10-1-37 | 197 | 215 | ||||||
7.000%, 10-1-37 | 184 | 201 | ||||||
5.500%, 3-1-38 | 202 | 211 | ||||||
5.500%, 5-1-38 | 304 | 319 | ||||||
Government National Mortgage Association Agency REMIC/CMO (Interest Only): (D) | ||||||||
0.825%, 3-16-34 (C) | 6,063 | 170 | ||||||
0.724%, 7-16- 40 (C) | 3,009 | 82 | ||||||
0.100%, 3-16- 42 (C) | 10,781 | 41 | ||||||
0.877%, 6-17- 45 (C) | 17,154 | 646 | ||||||
Government National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
7.875%, 5-15-17 | 530 | 539 | ||||||
6.250%, 7-15-24 | 182 | 195 | ||||||
5.000%, 7-15-33 | 770 | 803 | ||||||
5.000%, 7-15-34 | 664 | 691 | ||||||
5.000%, 10-1-34 | 1,000 | 1,035 | ||||||
5.500%, 12-15-34 | 657 | 693 | ||||||
5.500%, 12-15-34 | 431 | 455 | ||||||
5.000%, 1-15-35 | 1,253 | 1,303 | ||||||
5.500%, 10-1-35 | 3,000 | 3,149 | ||||||
5.000%, 12-15-35 | 1,513 | 1,573 | ||||||
United States Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, 1995-1 Class 1, | ||||||||
7.212%, 2-15-25 (C) | 182 | 198 | ||||||
United States Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, 1995-1 Class 2, | ||||||||
7.793%, 2-15-25 | 57 | 62 | ||||||
88,131 | ||||||||
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 63.34% | $ | 88,551 | ||||||
(Cost: $87,048) | ||||||||
UNITED STATES GOVERNMENT OBLIGATIONS - 0.39% | ||||||||
Treasury Obligations | ||||||||
United States Treasury Notes, | ||||||||
4.500%, 3-31-12 (E) | 500 | 541 | ||||||
(Cost: $512) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Commercial Paper - 23.27% | ||||||||
Clorox Co., | ||||||||
0.220%, 10-13-09 | 2,000 | 2,000 | ||||||
Danaher Corporation, | ||||||||
0.150%, 10-26-09 | 3,000 | 3,000 | ||||||
E.I. du Pont de Nemours and Company, | ||||||||
0.170%, 10-8-09 | 6,000 | 5,999 | ||||||
Merck & Co., Inc., | ||||||||
0.150%, 10-5-09 | 5,000 | 5,000 | ||||||
PACCAR Financial Corp., | ||||||||
0.160%, 10-15-09 | 5,200 | 5,200 | ||||||
Sara Lee Corporation, | ||||||||
0.100%, 10-1-09 | 1,338 | 1,338 | ||||||
Straight-A Funding, LLC (Federal Financing Bank): | ||||||||
0.210%, 10-13-09 | 5,000 | 5,000 | ||||||
0.190%, 10-21-09 | 5,000 | 4,999 | ||||||
32,536 | ||||||||
Master Note - 2.55% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.139%, 10-1-09 (C) | 3,569 | 3,569 | ||||||
TOTAL SHORT-TERM SECURITIES - 25.82% | $ | 36,105 | ||||||
(Cost: $36,105) | ||||||||
TOTAL INVESTMENT SECURITIES - 120.33% | $ | 168,228 | ||||||
(Cost: $213,393) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (20.33%) | (28,417 | ) | ||||||
NET ASSETS - 100.00% | $ | 139,811 | ||||||
*Not shown due to rounding.
(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $5,293 or 3.79% of net assets.
(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At September 30, 2009, the total value of these securities amounted to $10,190 or 7.29% of net assets.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.
(D)Amount shown in principal column represents notional amount for computation of interest.
(E)Securities serve as collateral for the following open futures contracts at September 30, 2009:
Description | Type | Expiration Date | Number of Contracts | | Market Value | Unrealized Depreciation | ||||
U.S. 30 Year Treasury Bond | Short | 12-21-09 | --* | $ | (8,375) | $(122) | ||||
U.S. 10 Year Treasury Note | Short | 12-21-09 | --* | (5,798) | (83) | |||||
U.S. 5 Year Treasury Note | Short | 12-31-09 | --* | | (4,063) | (48) | ||||
$ | (18,236) | $(253) |
CMO = Collateralized Mortgage Obligation
REMIC = Real Estate Mortgage Investment Conduit
For Federal income tax purposes, cost of investments owned at September 30, 2009 and the related unrealized appreciation (depreciation) were as follows: | |||
Cost | $ | 213,659 | |
Gross unrealized appreciation | 2,768 | ||
Gross unrealized depreciation | (48,199 | ) | |
Net unrealized depreciation | $ | (45,431 | ) |
See Accompanying Notes to Financial Statements.
(In thousands, except per share amounts) | Ivy Dividend Opportunities Fund | Ivy Micro Cap Growth Fund | Ivy Small Cap Value Fund | Ivy Value Fund | Ivy Managed European/ Pacific Fund | Ivy Managed International Opportunities Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 247,949 | $ | 20,091 | $ | 188,135 | $ | 53,717 | $ | 30 | $ | 277 | |||||||
Investments in affiliated securities at market value+ | –– | –– | –– | –– | 68,353 | 140,047 | |||||||||||||
Investments at Market Value | 247,949 | 20,091 | 188,135 | 53,717 | 68,383 | 140,324 | |||||||||||||
Cash | –– | –– | –– | 3 | –– | –– | * | ||||||||||||
Investment securities sold receivable | –– | 349 | 2,578 | 79 | –– | –– | |||||||||||||
Dividends and interest receivable | 536 | –– | * | 62 | 101 | –– | * | –– | * | ||||||||||
Capital shares sold receivable | 814 | 205 | 463 | 94 | 215 | 381 | |||||||||||||
Receivable from affiliates | 11 | 35 | –– | –– | –– | –– | |||||||||||||
Prepaid and other assets | 54 | 62 | 32 | 24 | 33 | 38 | |||||||||||||
Total Assets | 249,364 | 20,742 | 191,270 | 54,018 | 68,631 | 140,743 | |||||||||||||
LIABILITIES | |||||||||||||||||||
Investment securities purchased payable | 2,823 | 272 | 898 | 711 | 105 | 382 | |||||||||||||
Capital shares redeemed payable | 364 | 2 | 223 | 46 | 57 | 115 | |||||||||||||
Trustees' fees payable | 11 | –– | * | 15 | 9 | 1 | 2 | ||||||||||||
Overdraft due to custodian | 1,718 | 42 | –– | * | –– | 5 | –– | ||||||||||||
Distribution and service fees payable | 93 | 4 | 41 | 21 | 1 | 1 | |||||||||||||
Shareholder servicing payable | 78 | 5 | 87 | 30 | 12 | 18 | |||||||||||||
Investment management fee payable | 140 | 14 | 131 | 30 | 3 | 6 | |||||||||||||
Accounting services fee payable | 8 | 1 | 6 | 3 | 2 | 3 | |||||||||||||
Written options at market value+ | –– | –– | –– | 51 | –– | –– | |||||||||||||
Other liabilities | 23 | 13 | 19 | 13 | 19 | 17 | |||||||||||||
Total Liabilities | 5,258 | 353 | 1,420 | 914 | 205 | 544 | |||||||||||||
Total Net Assets | $ | 244,106 | $ | 20,389 | $ | 189,850 | $ | 53,104 | $ | 68,426 | $ | 140,199 | |||||||
NET ASSETS | |||||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 268,872 | $ | 16,848 | $ | 194,222 | $ | 56,476 | $ | 89,466 | $ | 168,609 | |||||||
Undistributed (distributions in excess of) net investment income | 194 | (132 | ) | (538 | ) | 41 | (215 | ) | (310 | ) | |||||||||
Accumulated net realized gain (loss) | (43,512 | ) | 382 | (31,062 | ) | (8,695 | ) | (24,074 | ) | (20,127 | ) | ||||||||
Net unrealized appreciation (depreciation) | 18,552 | 3,291 | 27,228 | 5,282 | 3,249 | (7,973 | ) | ||||||||||||
Total Net Assets | $ | 244,106 | $ | 20,389 | $ | 189,850 | $ | 53,104 | $ | 68,426 | $ | 140,199 | |||||||
CAPITAL SHARES OUTSTANDING: | |||||||||||||||||||
Class A | 13,523 | 1,306 | 11,964 | 3,354 | 8,533 | 16,197 | |||||||||||||
Class B | 814 | 30 | 414 | 170 | 188 | 414 | |||||||||||||
Class C | 3,310 | 54 | 821 | 228 | 284 | 531 | |||||||||||||
Class E | 169 | N/A | 7 | 6 | 24 | 22 | |||||||||||||
Class I | 392 | 10 | 92 | 15 | 24 | 22 | |||||||||||||
Class Y | 1,371 | 11 | 1,477 | 42 | 133 | 36 | |||||||||||||
NET ASSET VALUE PER SHARE: | |||||||||||||||||||
Class A | $12.48 | $14.45 | $12.88 | $13.94 | $7.45 | $8.14 | |||||||||||||
Class B | $12.38 | $14.35 | $12.05 | $13.63 | $7.38 | $8.08 | |||||||||||||
Class C | $12.42 | $14.38 | $12.28 | $13.78 | $7.40 | $8.09 | |||||||||||||
Class E | $12.45 | N/A | $13.01 | $13.96 | $7.47 | $8.15 | |||||||||||||
Class I | $12.50 | $14.48 | $13.27 | $13.96 | $7.49 | $8.17 | |||||||||||||
Class Y | $12.50 | $14.46 | $13.15 | $13.94 | $7.47 | $8.13 | |||||||||||||
+COST | |||||||||||||||||||
Investments in unaffiliated securities at cost | $ | 229,397 | $ | 16,801 | $ | 160,907 | $ | 48,450 | $ | 30 | $ | 277 | |||||||
Investments in affiliated securities at cost | –– | –– | –– | –– | 65,104 | 148,020 | |||||||||||||
Written options premiums received at cost | –– | –– | –– | 66 | –– | –– |
*Not shown due to rounding.
See Accompanying Notes to Financial Statements.
(In thousands, except per share amounts) | Ivy Cundill Global Value Fund | Ivy European Opportunities Fund | Ivy International Balanced Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Pacific Opportunities Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 337,332 | $ | 252,845 | $ | 252,349 | $ | 498,908 | $ | 182,106 | $ | 623,590 | |||||||
Investments in affiliated securities at market value+ | –– | –– | –– | –– | –– | 2,135 | |||||||||||||
Investments at Market Value | 337,332 | 252,845 | 252,349 | 498,908 | 182,106 | 625,725 | |||||||||||||
Cash | –– | –– | –– | –– | 30 | –– | |||||||||||||
Cash denominated in foreign currencies at market value+ | –– | –– | –– | 859 | 837 | 1,600 | |||||||||||||
Restricted cash | –– | –– | –– | –– | 525 | –– | |||||||||||||
Unrealized appreciation on forward foreign currency contracts | 228 | –– | 155 | –– | –– | –– | |||||||||||||
Investment securities sold receivable | 11,379 | –– | 1,781 | 1,623 | –– | 5,946 | |||||||||||||
Dividends and interest receivable | 1,154 | 1,251 | 2,797 | 1,880 | 1,037 | 548 | |||||||||||||
Capital shares sold receivable | 244 | 242 | 468 | 4,505 | 253 | 1,756 | |||||||||||||
Receivable from affiliates | 151 | –– | 6 | 8 | 1 | –– | |||||||||||||
Prepaid and other assets | 49 | 46 | 31 | 66 | 41 | 54 | |||||||||||||
Total Assets | 350,537 | 254,384 | 257,587 | 507,849 | 184,830 | 635,629 | |||||||||||||
LIABILITIES | |||||||||||||||||||
Investment securities purchased payable | 1,172 | –– | 6,107 | 6,184 | 532 | 10,919 | |||||||||||||
Unrealized depreciation on forward foreign currency contracts | 6,680 | –– | –– | –– | –– | –– | |||||||||||||
Capital shares redeemed payable | 628 | 525 | 263 | 423 | 285 | 555 | |||||||||||||
Trustees' fees payable | 67 | 41 | 19 | 18 | 50 | 27 | |||||||||||||
Overdraft due to custodian | 167 | 25 | 810 | 158 | –– | 29 | |||||||||||||
Distribution and service fees payable | 110 | 73 | 69 | 120 | 71 | 135 | |||||||||||||
Shareholder servicing payable | 168 | 135 | 88 | 150 | 74 | 213 | |||||||||||||
Investment management fee payable | 279 | 184 | 142 | 331 | 127 | 485 | |||||||||||||
Accounting services fee payable | 9 | 8 | 8 | 12 | 6 | 14 | |||||||||||||
Written options at market value+ | –– | –– | –– | –– | –– | 221 | |||||||||||||
Other liabilities | 52 | 46 | 88 | 469 | 27 | 154 | |||||||||||||
Total Liabilities | 9,332 | 1,037 | 7,594 | 7,865 | 1,172 | 12,752 | |||||||||||||
Total Net Assets | $ | 341,205 | $ | 253,347 | $ | 249,993 | $ | 499,984 | $ | 183,658 | $ | 622,877 | |||||||
NET ASSETS | |||||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 412,758 | $ | 417,148 | $ | 303,875 | $ | 517,721 | $ | 398,286 | $ | 616,501 | |||||||
Undistributed (distributions in excess of) net investment income | 3,166 | 2,755 | (2,331 | ) | 4,337 | 1,667 | 46 | ||||||||||||
Accumulated net realized loss | (93,611 | ) | (191,580 | ) | (73,767 | ) | (69,419 | ) | (236,572 | ) | (84,493 | ) | |||||||
Net unrealized appreciation | 18,892 | 25,024 | 22,216 | 47,345 | 20,277 | 90,823 | |||||||||||||
Total Net Assets | $ | 341,205 | $ | 253,347 | $ | 249,993 | $ | 499,984 | $ | 183,658 | $ | 622,877 | |||||||
CAPITAL SHARES OUTSTANDING: | |||||||||||||||||||
Class A | 21,774 | 8,586 | 13,216 | 20,169 | 4,129 | 33,824 | |||||||||||||
Class B | 1,815 | 508 | 587 | 1,021 | 180 | 1,499 | |||||||||||||
Class C | 4,049 | 1,017 | 1,906 | 4,379 | 1,245 | 2,666 | |||||||||||||
Class E | 40 | 3 | 83 | 106 | 3 | 8 | |||||||||||||
Class I | 492 | 1,421 | 2,992 | 4,474 | 1,123 | 6,185 | |||||||||||||
Class Y | 938 | 131 | 180 | 5,024 | 99 | 641 | |||||||||||||
Advisor Class | 174 | 37 | N/A | N/A | N/A | 5 | |||||||||||||
NET ASSET VALUE PER SHARE: | |||||||||||||||||||
Class A | $11.72 | $21.74 | $13.18 | $14.37 | $27.61 | $13.99 | |||||||||||||
Class B | $11.33 | $20.80 | $13.07 | $13.15 | $24.99 | $12.29 | |||||||||||||
Class C | $11.34 | $20.93 | $13.11 | $13.16 | $24.95 | $12.61 | |||||||||||||
Class E | $11.74 | $21.83 | $13.18 | $14.45 | $27.64 | $14.10 | |||||||||||||
Class I | $11.88 | $21.86 | $13.24 | $14.48 | $27.88 | $14.26 | |||||||||||||
Class Y | $11.81 | $21.84 | $13.21 | $14.48 | $27.69 | $14.20 | |||||||||||||
Advisor Class | $11.78 | $22.04 | N/A | N/A | N/A | $13.69 | |||||||||||||
+COST | |||||||||||||||||||
Investments in unaffiliated securities at cost | $ | 311,983 | $ | 227,839 | $ | 230,238 | $ | 451,214 | $ | 161,893 | $ | 531,697 | |||||||
Investments in affiliated securities at cost | –– | –– | –– | –– | –– | 3,304 | |||||||||||||
Cash denominated in foreign currencies at cost | –– | –– | –– | 857 | 839 | 1,576 | |||||||||||||
Written options premiums received at cost | –– | –– | –– | –– | –– | 296 |
See Accompanying Notes to Financial Statements.
(In thousands, except per share amounts) | Ivy Balanced Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Bond Fund | Ivy Global Bond Fund | Ivy Mortgage Securities Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 161,373 | $ | 4,944,916 | $ | 259,956 | $ | 160,585 | $ | 108,242 | $ | 168,228 | |||||||
Investments in affiliated securities at market value+ | –– | 93,450 | –– | –– | –– | –– | |||||||||||||
Investments at Market Value | 161,373 | 5,038,366 | 259,956 | 160,585 | 108,242 | 168,228 | |||||||||||||
Cash | –– | –– | –– | –– | 18 | 21 | |||||||||||||
Cash denominated in foreign currencies at market value+ | –– | –– | * | –– | –– | –– | –– | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | –– | 125 | –– | –– | 41 | –– | |||||||||||||
Investment securities sold receivable | 1,282 | 58,803 | 3,013 | 3,907 | 531 | –– | |||||||||||||
Dividends and interest receivable | 551 | 3,908 | 770 | 1,167 | 1,509 | 786 | |||||||||||||
Capital shares sold receivable | 158 | 22,513 | 256 | 422 | 1,327 | 147 | |||||||||||||
Variation margin receivable | –– | 1,425 | –– | 22 | –– | 17 | |||||||||||||
Receivable from affiliates | –– | 299 | 4 | 4 | 159 | 2 | |||||||||||||
Prepaid and other assets | 38 | 156 | 37 | 34 | 33 | 29 | |||||||||||||
Total Assets | 163,402 | 5,125,595 | 264,036 | 166,141 | 111,860 | 169,230 | |||||||||||||
LIABILITIES | |||||||||||||||||||
Investment securities purchased payable | 1,065 | 6,356 | 1,249 | 22,171 | 3,000 | 28,798 | |||||||||||||
Variation margin payable | –– | –– | –– | 4 | –– | 7 | |||||||||||||
Unrealized depreciation on forward foreign currency contracts | –– | 646 | –– | –– | 662 | –– | |||||||||||||
Capital shares redeemed payable | 483 | 5,228 | 694 | 397 | 20 | 251 | |||||||||||||
Distributions payable | –– | –– | –– | 43 | –– | 53 | |||||||||||||
Trustees' fees payable | 14 | 334 | 45 | 7 | 1 | 28 | |||||||||||||
Overdraft due to custodian | 76 | 3,287 | 10 | 85 | –– | –– | |||||||||||||
Distribution and service fees payable | 78 | 1,878 | 42 | 56 | 18 | 48 | |||||||||||||
Shareholder servicing payable | 37 | 1,816 | 137 | 45 | 18 | 76 | |||||||||||||
Investment management fee payable | 92 | 3,313 | 189 | 60 | 55 | 57 | |||||||||||||
Accounting services fee payable | 6 | 23 | 8 | 6 | 4 | 6 | |||||||||||||
Other liabilities | 14 | 686 | 31 | 60 | 37 | 95 | |||||||||||||
Total Liabilities | 1,865 | 23,567 | 2,405 | 22,934 | 3,815 | 29,419 | |||||||||||||
Total Net Assets | $ | 161,537 | $ | 5,102,028 | $ | 261,631 | $ | 143,207 | $ | 108,045 | $ | 139,811 | |||||||
NET ASSETS | |||||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 147,611 | $ | 7,112,982 | $ | 351,528 | $ | 151,112 | $ | 104,998 | $ | 216,703 | |||||||
Undistributed (distributions in excess of) net investment income | 218 | (11,757 | ) | 1,787 | 35 | 416 | (812 | ) | |||||||||||
Accumulated net realized loss | (12,195 | ) | (2,605,102 | ) | (110,478 | ) | (3,926 | ) | (191 | ) | (30,662 | ) | |||||||
Net unrealized appreciation (depreciation) | 25,903 | 605,905 | 18,794 | (4,014 | ) | 2,822 | (45,418 | ) | |||||||||||
Total Net Assets | $ | 161,537 | $ | 5,102,028 | $ | 261,631 | $ | 143,207 | $ | 108,045 | $ | 139,811 | |||||||
CAPITAL SHARES OUTSTANDING: | |||||||||||||||||||
Class A | 4,946 | 152,569 | 11,512 | 12,264 | 5,598 | 15,514 | |||||||||||||
Class B | 357 | 11,605 | 461 | 369 | 672 | 485 | |||||||||||||
Class C | 2,779 | 60,645 | 598 | 1,541 | 2,262 | 842 | |||||||||||||
Class E | 7 | 251 | 35 | 169 | N/A | 36 | |||||||||||||
Class I | 130 | 41,491 | 75 | 54 | 1,061 | 63 | |||||||||||||
Class R | N/A | 2,405 | 20 | N/A | N/A | N/A | |||||||||||||
Class Y | 2,297 | 36,891 | 6,740 | 555 | 1,160 | 354 | |||||||||||||
Advisor Class | N/A | 14 | N/A | N/A | N/A | N/A | |||||||||||||
NET ASSET VALUE PER SHARE: | |||||||||||||||||||
Class A | $15.37 | $17.11 | $13.46 | $9.58 | $10.05 | $8.08 | |||||||||||||
Class B | $15.32 | $15.49 | $13.34 | $9.58 | $10.05 | $8.08 | |||||||||||||
Class C | $15.34 | $15.00 | $13.38 | $9.58 | $10.05 | $8.08 | |||||||||||||
Class E | $15.38 | $17.25 | $13.47 | $9.58 | N/A | $8.08 | |||||||||||||
Class I | $15.39 | $17.35 | $13.51 | $9.58 | $10.05 | $8.08 | |||||||||||||
Class R | N/A | $17.01 | $13.46 | N/A | N/A | N/A | |||||||||||||
Class Y | $15.37 | $17.27 | $13.46 | $9.58 | $10.05 | $8.08 | |||||||||||||
Advisor Class | N/A | $16.96 | N/A | N/A | N/A | N/A | |||||||||||||
+COST | |||||||||||||||||||
Investments in unaffiliated securities at cost | $ | 135,471 | $ | 4,329,505 | $ | 241,162 | $ | 164,557 | $ | 104,803 | $ | 213,393 | |||||||
Investments in affiliated securities at cost | –– | 93,174 | –– | –– | –– | –– | |||||||||||||
Cash denominated in foreign currencies at cost | –– | –– | * | –– | –– | –– | –– |
*Not shown due to rounding.
See Accompanying Notes to Financial Statements.
(In thousands) | Ivy Dividend Opportunities Fund | Ivy Micro Cap Growth Fund | Ivy Small Cap Value Fund | Ivy Value Fund | Ivy Managed European/ Pacific Fund | Ivy Managed International Opportunities Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME | |||||||||||||||||||
Dividends from unaffiliated securities | $ | 3,042 | $ | 4 | $ | 998 | $ | 562 | $ | –– | $ | –– | |||||||
Dividends from affiliated securities | –– | –– | –– | –– | –– | 83 | |||||||||||||
Foreign dividend withholding tax | (24 | ) | –– | * | –– | (6 | ) | –– | –– | ||||||||||
Interest and amortization from unaffiliated securities | 21 | 1 | 17 | 3 | –– | * | 1 | ||||||||||||
Total Investment Income | 3,039 | 5 | 1,015 | 559 | –– | * | 84 | ||||||||||||
EXPENSES | |||||||||||||||||||
Investment management fee | 794 | 47 | 681 | 161 | 14 | 29 | |||||||||||||
Distribution and service fees: | |||||||||||||||||||
Class A | 194 | 11 | 166 | 51 | 67 | 139 | |||||||||||||
Class B | 48 | 2 | 23 | 11 | 6 | 15 | |||||||||||||
Class C | 199 | 2 | 42 | 13 | 9 | 18 | |||||||||||||
Class E | 2 | N/A | –– | * | –– | * | –– | * | –– | * | |||||||||
Class Y | 20 | –– | * | 17 | 1 | 1 | –– | * | |||||||||||
Shareholder servicing: | |||||||||||||||||||
Class A | 282 | 20 | 397 | 137 | 57 | 87 | |||||||||||||
Class B | 32 | 1 | 26 | 17 | 3 | 5 | |||||||||||||
Class C | 59 | 1 | 27 | 12 | 2 | 3 | |||||||||||||
Class E | 14 | N/A | –– | * | –– | * | –– | * | –– | * | |||||||||
Class I | 3 | –– | * | 1 | –– | * | –– | * | –– | * | |||||||||
Class Y | 14 | –– | * | 12 | 1 | –– | * | –– | * | ||||||||||
Registration fees | 45 | 61 | 37 | 31 | 33 | 37 | |||||||||||||
Custodian fees | 5 | 11 | 8 | 7 | 1 | 2 | |||||||||||||
Trustees' fees | 5 | –– | * | 4 | 2 | 1 | 2 | ||||||||||||
Accounting services fee | 46 | 2 | 35 | 15 | 12 | 18 | |||||||||||||
Legal fees | 3 | 2 | 2 | –– | * | –– | * | 1 | |||||||||||
Audit fees | 14 | 7 | 19 | 12 | 9 | 9 | |||||||||||||
Other | 41 | 4 | 30 | 12 | 20 | 28 | |||||||||||||
Total Expenses | 1,820 | 171 | 1,527 | 483 | 235 | 393 | |||||||||||||
Less: | |||||||||||||||||||
Expenses in excess of limit | (11 | ) | (35 | ) | –– | –– | –– | –– | |||||||||||
Total Net Expenses | 1,809 | 136 | 1,527 | 483 | 235 | 393 | |||||||||||||
Net Investment Income (Loss) | 1,230 | (131 | ) | (512 | ) | 76 | (235 | ) | (309 | ) | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Investments in unaffiliated securities | (11,535 | ) | 390 | 3,227 | (812 | ) | –– | –– | |||||||||||
Investments in affiliated securities | –– | –– | –– | –– | (6,874 | ) | (5,509 | ) | |||||||||||
Written options | –– | –– | 9 | 139 | –– | –– | |||||||||||||
Foreign currency exchange transactions | –– | –– | 5 | –– | –– | –– | |||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||
Investments in unaffiliated securities | 63,534 | 3,336 | 39,058 | 15,880 | –– | –– | |||||||||||||
Investments in affiliated securities | –– | –– | –– | –– | 29,314 | 47,245 | |||||||||||||
Written options | –– | –– | –– | (27 | ) | –– | –– | ||||||||||||
Net Realized and Unrealized Gain | 51,999 | 3,726 | 42,299 | 15,180 | 22,440 | 41,736 | |||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 53,229 | $ | 3,595 | $ | 41,787 | $ | 15,256 | $ | 22,205 | $ | 41,427 |
*Not shown due to rounding.
See Accompanying Notes to Financial Statements.
(In thousands) | Ivy Cundill Global Value Fund | Ivy European Opportunities Fund | Ivy International Balanced Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Pacific Opportunities Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME | |||||||||||||||||||
Dividends from unaffiliated securities | $ | 6,652 | $ | 6,011 | $ | 3,739 | $ | 7,732 | $ | 3,432 | $ | 6,191 | |||||||
Foreign dividend withholding tax | (622 | ) | (506 | ) | (347 | ) | (581 | ) | (347 | ) | (444 | ) | |||||||
Interest and amortization from unaffiliated securities | 239 | 6 | 1,670 | 32 | 10 | 71 | |||||||||||||
Foreign interest withholding tax | –– | –– | (30 | ) | –– | –– | –– | ||||||||||||
Total Investment Income | 6,269 | 5,511 | 5,032 | 7,183 | 3,095 | 5,818 | |||||||||||||
EXPENSES | |||||||||||||||||||
Investment management fee | 1,578 | 1,093 | 793 | 1,532 | 669 | 2,417 | |||||||||||||
Distribution and service fees: | |||||||||||||||||||
Class A | 296 | 204 | 193 | 276 | 100 | 466 | |||||||||||||
Class B | 98 | 48 | 36 | 54 | 21 | 74 | |||||||||||||
Class C | 222 | 97 | 114 | 211 | 141 | 127 | |||||||||||||
Class E | 1 | –– | * | 1 | 2 | –– | * | –– | * | ||||||||||
Class Y | 10 | 3 | 2 | 45 | 3 | 8 | |||||||||||||
Shareholder servicing: | |||||||||||||||||||
Class A | 719 | 595 | 352 | 499 | 200 | 916 | |||||||||||||
Class B | 75 | 47 | 28 | 37 | 15 | 65 | |||||||||||||
Class C | 82 | 50 | 39 | 63 | 92 | 60 | |||||||||||||
Class E | 3 | –– | * | 7 | 9 | –– | * | –– | * | ||||||||||
Class I | 5 | 23 | 31 | 40 | 17 | 54 | |||||||||||||
Class Y | 8 | 2 | 2 | 29 | 2 | 6 | |||||||||||||
Advisor Class | 1 | –– | * | N/A | N/A | N/A | –– | * | |||||||||||
Registration fees | 40 | 40 | 35 | 47 | 34 | 43 | |||||||||||||
Custodian fees | 41 | 34 | 50 | 57 | 67 | 220 | |||||||||||||
Trustees' fees | 14 | 9 | 6 | 7 | 9 | 10 | |||||||||||||
Accounting services fee | 52 | 45 | 45 | 59 | 35 | 73 | |||||||||||||
Legal fees | 4 | 2 | 2 | 3 | 2 | 5 | |||||||||||||
Audit fees | 22 | 22 | 24 | 21 | 20 | 23 | |||||||||||||
Other | 60 | 55 | 46 | 69 | 31 | 70 | |||||||||||||
Total Expenses | 3,331 | 2,369 | 1,806 | 3,060 | 1,458 | 4,637 | |||||||||||||
Less: | |||||||||||||||||||
Expenses in excess of limit | (151 | ) | –– | (6 | ) | (8 | ) | (2 | ) | –– | |||||||||
Total Net Expenses | 3,180 | 2,369 | 1,800 | 3,052 | 1,456 | 4,637 | |||||||||||||
Net Investment Income | 3,089 | 3,142 | 3,232 | 4,131 | 1,639 | 1,181 | |||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Investments in unaffiliated securities | 2,275 | (27,659 | ) | (49,070 | ) | 26,411 | (2,621 | ) | 14,166 | ||||||||||
Futures contracts | –– | –– | –– | –– | –– | (8,114 | ) | ||||||||||||
Written options | –– | –– | –– | –– | –– | 1,950 | |||||||||||||
Swap agreements | –– | –– | –– | –– | –– | (3,103 | ) | ||||||||||||
Forward foreign currency contracts | (10,855 | ) | –– | (1,092 | ) | 658 | (532 | ) | (737 | ) | |||||||||
Foreign currency exchange transactions | 40 | 3 | (5,392 | ) | 36 | 16 | (87 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||
Investments in unaffiliated securities | 106,988 | 104,475 | 121,639 | 103,231 | (1) | 51,458 | 187,745 | ||||||||||||
Investments in affiliated securities | –– | –– | –– | –– | –– | 845 | |||||||||||||
Futures contracts | –– | –– | –– | –– | –– | 38 | |||||||||||||
Written options | –– | –– | –– | –– | –– | (93 | ) | ||||||||||||
Forward foreign currency contracts | (3,899 | ) | –– | 1,757 | (382 | ) | 241 | (282 | ) | ||||||||||
Foreign currency exchange transactions | 45 | 72 | 30 | 69 | 42 | (3 | ) | ||||||||||||
Net Realized and Unrealized Gain | 94,594 | 76,891 | 67,872 | 130,023 | 48,604 | 192,325 | |||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 97,683 | $ | 80,033 | $ | 71,104 | $ | 134,154 | $ | 50,243 | $ | 193,506 |
*Not shown due to rounding.
(1)Net of India deferred taxes of $405.
See Accompanying Notes to Financial Statements.
(In thousands) | Ivy Balanced Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Bond Fund | Ivy Global Bond Fund | Ivy Mortgage Securities Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME | |||||||||||||||||||
Dividends from unaffiliated securities | $ | 1,429 | $ | 23,111 | $ | 4,961 | $ | 11 | $ | –– | $ | –– | |||||||
Foreign dividend withholding tax | (7 | ) | (1,818 | ) | (1 | ) | –– | –– | –– | ||||||||||
Interest and amortization from unaffiliated securities | 906 | 956 | 14 | 3,391 | 2,125 | 4,024 | |||||||||||||
Foreign interest withholding tax | –– | (62 | ) | –– | –– | * | (15 | ) | –– | ||||||||||
Total Investment Income | 2,328 | 22,187 | 4,974 | 3,402 | 2,110 | 4,024 | |||||||||||||
EXPENSES | |||||||||||||||||||
Investment management fee | 556 | 17,452 | 979 | 336 | 263 | 354 | |||||||||||||
Distribution and service fees: | |||||||||||||||||||
Class A | 90 | 2,851 | 163 | 134 | 54 | 158 | |||||||||||||
Class B | 25 | 795 | 27 | 18 | 32 | 21 | |||||||||||||
Class C | 225 | 3,866 | 34 | 67 | 85 | 37 | |||||||||||||
Class E | –– | * | 4 | –– | * | 2 | N/A | –– | * | ||||||||||
Class R | N/A | 84 | 1 | N/A | N/A | N/A | |||||||||||||
Class Y | 43 | 611 | 92 | 3 | 12 | 4 | |||||||||||||
Shareholder servicing: | |||||||||||||||||||
Class A | 108 | 4,048 | 630 | 178 | 67 | 327 | |||||||||||||
Class B | 10 | 359 | 48 | 18 | 7 | 20 | |||||||||||||
Class C | 36 | 1,099 | 36 | 21 | 13 | 19 | |||||||||||||
Class E | –– | * | 29 | 5 | 6 | N/A | 2 | ||||||||||||
Class I | 2 | 428 | 2 | –– | * | 6 | –– | * | |||||||||||
Class R | N/A | 34 | –– | * | N/A | N/A | N/A | ||||||||||||
Class Y | 27 | 426 | 56 | 2 | 8 | 3 | |||||||||||||
Advisor Class | N/A | –– | * | N/A | N/A | N/A | N/A | ||||||||||||
Registration fees | 42 | 97 | 43 | 35 | 38 | 32 | |||||||||||||
Custodian fees | 6 | 533 | 8 | 12 | 8 | 12 | |||||||||||||
Trustees' fees | 5 | 105 | 9 | 3 | 1 | 6 | |||||||||||||
Accounting services fee | 35 | 138 | 46 | 34 | 24 | 34 | |||||||||||||
Legal fees | 3 | 39 | 2 | 2 | 1 | 2 | |||||||||||||
Audit fees | 12 | 33 | 21 | 15 | 16 | 28 | |||||||||||||
Other | 21 | 771 | 52 | 25 | 16 | 45 | |||||||||||||
Total Expenses | 1,246 | 33,802 | 2,254 | 911 | 651 | 1,104 | |||||||||||||
Less: | |||||||||||||||||||
Expenses in excess of limit | –– | (301 | ) | (4 | ) | (4 | ) | (159 | ) | (2 | ) | ||||||||
Total Net Expenses | 1,246 | 33,501 | 2,250 | 907 | 492 | 1,102 | |||||||||||||
Net Investment Income (Loss) | 1,082 | (11,314 | ) | 2,724 | 2,495 | 1,618 | 2,922 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Investments in unaffiliated securities | (127 | ) | (282,252 | ) | (42,977 | ) | 1,315 | 41 | (7,041 | ) | |||||||||
Investments in affiliated securities | –– | (3,496 | ) | –– | –– | –– | –– | ||||||||||||
Futures contracts | –– | (70,994 | ) | –– | 365 | –– | 352 | ||||||||||||
Forward foreign currency contracts | –– | (9,160 | ) | –– | –– | 118 | –– | ||||||||||||
Foreign currency exchange transactions | –– | (1,310 | ) | –– | –– | (300 | ) | –– | |||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||
Investments in unaffiliated securities | 26,455 | 1,953,824 | 142,760 | 9,924 | 5,935 | 13,397 | |||||||||||||
Investments in affiliated securities | –– | 55,868 | –– | –– | –– | –– | |||||||||||||
Futures contracts | –– | (9,246 | ) | –– | (88 | ) | –– | 283 | |||||||||||
Forward foreign currency contracts | –– | 1,561 | –– | –– | (1,219 | ) | –– | ||||||||||||
Foreign currency exchange transactions | –– | 584 | –– | –– | 6 | –– | |||||||||||||
Net Realized and Unrealized Gain | 26,328 | 1,635,379 | 99,783 | 11,516 | 4,581 | 6,991 | |||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 27,410 | $ | 1,624,065 | $ | 102,507 | $ | 14,011 | $ | 6,199 | $ | 9,913 |
*Not shown due to rounding.
See Accompanying Notes to Financial Statements.
Ivy Dividend Opportunities Fund | Ivy Micro Cap Growth Fund | Ivy Small Cap Value Fund | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09(1) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,230 | $ | 1,859 | $ | (131 | ) | $ | (9 | ) | $ | (512 | ) | $ | (748 | ) | ||||||||
Net realized gain (loss) on investments | (11,535 | ) | (28,939 | ) | 390 | (9 | ) | 3,241 | (22,368 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 63,534 | (74,397 | ) | 3,336 | (45 | ) | 39,058 | (11,150 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 53,229 | (101,477 | ) | 3,595 | (63 | ) | 41,787 | (34,266 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (869 | ) | (1,466 | ) | –– | –– | –– | –– | ||||||||||||||||
Class B | (6 | ) | –– | –– | –– | –– | –– | |||||||||||||||||
Class C | (94 | ) | (113 | ) | –– | –– | –– | –– | ||||||||||||||||
Class E | (12 | ) | (14 | ) | –– | –– | –– | –– | ||||||||||||||||
Class I | (42 | ) | (24 | ) | –– | –– | –– | –– | ||||||||||||||||
Class Y | (102 | ) | (216 | ) | –– | –– | –– | –– | ||||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class E | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class I | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class Y | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Total Distributions to Shareholders | (1,125 | ) | (1,833 | ) | –– | –– | –– | –– | ||||||||||||||||
Capital Share Transactions | (5,608 | ) | 103,758 | 13,070 | 3,787 | 22,978 | 27,436 | |||||||||||||||||
Net Increase (Decrease) in Net Assets | 46,496 | 448 | 16,665 | 3,724 | 64,765 | (6,830 | ) | |||||||||||||||||
Net Assets, Beginning of Period | 197,610 | 197,162 | 3,724 | –– | 125,085 | 131,915 | ||||||||||||||||||
Net Assets, End of Period | $ | 244,106 | $ | 197,610 | $ | 20,389 | $ | 3,724 | $ | 189,850 | $ | 125,085 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $194 | $89 | $(132 | ) | $ –– | $(538 | ) | $(30 | ) | |||||||||||||||
(1)For the period from February 17, 2009 (commencement of operations) through March 31, 2009.
See Accompanying Notes to Financial Statements.
Ivy Value Fund | Ivy Managed European/Pacific Fund | Ivy Managed International Opportunities Fund | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09(1) | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 76 | $ | 449 | $ | (235 | ) | $ | 1,272 | $ | (309 | ) | $ | 2,992 | ||||||||||
Net realized loss on investments | (673 | ) | (5,406 | ) | (6,874 | ) | (16,117 | ) | (5,509 | ) | (13,644 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 15,853 | (17,945 | ) | 29,314 | (16,293 | ) | 47,245 | (46,544 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,256 | (22,902 | ) | 22,205 | (31,138 | ) | 41,427 | (57,196 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (98 | ) | (399 | ) | –– | (2,182 | ) | –– | (4,021 | ) | ||||||||||||||
Class B | –– | –– | –– | (38 | ) | –– | (91 | ) | ||||||||||||||||
Class C | –– | –– | –– | (62 | ) | –– | (115 | ) | ||||||||||||||||
Class E | (1 | ) | (1 | ) | –– | (7 | ) | –– | (6 | ) | ||||||||||||||
Class I | (1 | ) | (1 | ) | –– | (7 | ) | –– | (7 | ) | ||||||||||||||
Class Y | (2 | ) | (5 | ) | –– | (12 | ) | –– | (13 | ) | ||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | (2,320 | ) | –– | (2,030 | ) | ||||||||||||||||
Class B | –– | –– | –– | (50 | ) | –– | (58 | ) | ||||||||||||||||
Class C | –– | –– | –– | (78 | ) | –– | (72 | ) | ||||||||||||||||
Class E | –– | –– | –– | (7 | ) | –– | (3 | ) | ||||||||||||||||
Class I | –– | –– | –– | (7 | ) | –– | (3 | ) | ||||||||||||||||
Class Y | –– | –– | –– | (12 | ) | –– | (7 | ) | ||||||||||||||||
Total Distributions to Shareholders | (102 | ) | (406 | ) | –– | (4,782 | ) | –– | (6,426 | ) | ||||||||||||||
Capital Share Transactions | (744 | ) | (3,475 | ) | 4,743 | 19,299 | 9,197 | 44,889 | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 14,410 | (26,783 | ) | 26,948 | (16,621 | ) | 50,624 | (18,733 | ) | |||||||||||||||
Net Assets, Beginning of Period | 38,694 | 65,477 | 41,478 | 58,099 | 89,575 | 108,308 | ||||||||||||||||||
Net Assets, End of Period | $ | 53,104 | $ | 38,694 | $ | 68,426 | $ | 41,478 | $ | 140,199 | $ | 89,575 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $41 | $67 | $(215 | ) | $20 | $(310 | ) | $(1 | ) | |||||||||||||||
(1)Distributions from net investment income include $181 of return of capital.
See Accompanying Notes to Financial Statements.
Ivy Cundill Global Value Fund | Ivy European Opportunities Fund | Ivy International Balanced Fund | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 3,089 | $ | 4,838 | $ | 3,142 | $ | 14,577 | $ | 3,232 | $ | 6,927 | ||||||||||||
Net realized loss on investments | (8,540 | ) | (62,667 | ) | (27,656 | ) | (163,985 | ) | (55,554 | ) | (17,140 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 103,134 | (111,474 | ) | 104,547 | (93,339 | ) | 123,426 | (121,178 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 97,683 | (169,303 | ) | 80,033 | (242,747 | ) | 71,104 | (131,391 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | –– | (716 | ) | –– | (10,436 | ) | (264 | ) | (8,560 | ) | ||||||||||||||
Class B | –– | –– | –– | (583 | ) | (2 | ) | (377 | ) | |||||||||||||||
Class C | –– | –– | * | –– | (1,161 | ) | (29 | ) | (1,252 | ) | ||||||||||||||
Class E | –– | –– | –– | (4 | ) | (2 | ) | (35 | ) | |||||||||||||||
Class I | –– | (43 | ) | –– | (2,572 | ) | (92 | ) | (2,276 | ) | ||||||||||||||
Class Y | –– | (88 | ) | –– | (140 | ) | (3 | ) | (91 | ) | ||||||||||||||
Advisor Class | –– | (18 | ) | –– | (53 | ) | –– | –– | ||||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | (58 | ) | –– | (12,966 | ) | –– | (6,552 | ) | |||||||||||||||
Class B | –– | –– | –– | (947 | ) | –– | (344 | ) | ||||||||||||||||
Class C | –– | –– | * | –– | (1,754 | ) | –– | (1,129 | ) | |||||||||||||||
Class E | –– | –– | –– | (4 | ) | –– | (33 | ) | ||||||||||||||||
Class I | –– | (1 | ) | –– | (2,786 | ) | –– | (1,961 | ) | |||||||||||||||
Class Y | –– | (2 | ) | –– | (162 | ) | –– | (66 | ) | |||||||||||||||
Advisor Class | –– | –– | * | –– | (58 | ) | –– | –– | ||||||||||||||||
Tax return of capital: | ||||||||||||||||||||||||
Class A | –– | –– | –– | (190 | ) | –– | –– | |||||||||||||||||
Class B | –– | –– | –– | (14 | ) | –– | –– | |||||||||||||||||
Class C | –– | –– | –– | (26 | ) | –– | –– | |||||||||||||||||
Class E | –– | –– | –– | –– | * | –– | –– | |||||||||||||||||
Class I | –– | –– | –– | (41 | ) | –– | –– | |||||||||||||||||
Class Y | –– | –– | –– | (2 | ) | –– | –– | |||||||||||||||||
Advisor Class | –– | –– | –– | (1 | ) | –– | –– | |||||||||||||||||
Total Distributions to Shareholders | –– | (926 | ) | –– | (33,900 | ) | (392 | ) | (22,676 | ) | ||||||||||||||
Capital Share Transactions | (34,400 | ) | (142,877 | ) | (13,093 | ) | (79,657 | ) | (11,066 | ) | (20,253 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets | 63,283 | (313,106 | ) | 66,940 | (356,304 | ) | 59,646 | (174,320 | ) | |||||||||||||||
Net Assets, Beginning of Period | 277,922 | 591,028 | 186,407 | 542,711 | 190,347 | 364,667 | ||||||||||||||||||
Net Assets, End of Period | $ | 341,205 | $ | 277,922 | $ | 253,347 | $ | 186,407 | $ | 249,993 | $ | 190,347 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $3,166 | $37 | $2,755 | $(390 | ) | $(2,331 | ) | $220 | ||||||||||||||||
*Not shown due to rounding.
See Accompanying Notes to Financial Statements.
Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Pacific Opportunities Fund | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | �� | |||||||||||||||||||||||
Net investment income | $ | 4,131 | $ | 3,910 | $ | 1,639 | $ | 1,721 | $ | 1,181 | $ | 1,372 | ||||||||||||
Net realized gain (loss) on investments | 27,105 | (95,975 | ) | (3,137 | ) | (39,249 | ) | 4,075 | (83,045 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 102,918 | (64,495 | ) | 51,741 | (73,483 | ) | 188,250 | (141,763 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 134,154 | (156,560 | ) | 50,243 | (111,011 | ) | 193,506 | (223,436 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | –– | (2,871 | ) | –– | (1,147 | ) | –– | –– | ||||||||||||||||
Class B | –– | (63 | ) | –– | (8 | ) | –– | –– | ||||||||||||||||
Class C | –– | (324 | ) | –– | (79 | ) | –– | –– | ||||||||||||||||
Class E | –– | (8 | ) | –– | (1 | ) | –– | –– | ||||||||||||||||
Class I | –– | (732 | ) | –– | (269 | ) | –– | –– | ||||||||||||||||
Class Y | –– | (182 | ) | –– | (24 | ) | –– | –– | ||||||||||||||||
Advisor Class | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | (4,958 | ) | –– | –– | –– | (42,553 | ) | ||||||||||||||||
Class B | –– | (314 | ) | –– | –– | –– | (1,951 | ) | ||||||||||||||||
Class C | –– | (1,101 | ) | –– | –– | –– | (3,180 | ) | ||||||||||||||||
Class E | –– | (27 | ) | –– | –– | –– | (12 | ) | ||||||||||||||||
Class I | –– | (940 | ) | –– | –– | –– | (5,050 | ) | ||||||||||||||||
Class Y | –– | (279 | ) | –– | –– | –– | (682 | ) | ||||||||||||||||
Advisor Class | –– | –– | –– | –– | –– | (8 | ) | |||||||||||||||||
Total Distributions to Shareholders | –– | (11,799 | ) | –– | (1,528 | ) | –– | (53,436 | ) | |||||||||||||||
Capital Share Transactions | 131,106 | 85,924 | 5,527 | (9,855 | ) | 115,725 | 15,258 | |||||||||||||||||
Net Increase (Decrease) in Net Assets | 265,260 | (82,435 | ) | 55,770 | (122,394 | ) | 309,231 | (261,614 | ) | |||||||||||||||
Net Assets, Beginning of Period | 234,724 | 317,159 | 127,888 | 250,282 | 313,646 | 575,260 | ||||||||||||||||||
Net Assets, End of Period | $ | 499,984 | $ | 234,724 | $ | 183,658 | $ | 127,888 | $ | 622,877 | $ | 313,646 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $4,337 | $170 | $1,667 | $12 | $46 | $(1,048 | ) | |||||||||||||||||
See Accompanying Notes to Financial Statements.
Ivy Balanced Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,082 | $ | 1,369 | $ | (11,314 | ) | $ | (10,609 | ) | $ | 2,724 | $ | 6,610 | ||||||||||
Net realized loss on investments | (127 | ) | (11,256 | ) | (367,212 | ) | (2,181,441 | ) | (42,977 | ) | (61,951 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 26,455 | (19,988 | ) | 2,002,591 | (2,511,707 | ) | 142,760 | (180,131 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 27,410 | (29,875 | ) | 1,624,065 | (4,703,757 | ) | 102,507 | (235,472 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (472 | ) | (760 | ) | –– | (2,745 | ) | (870 | ) | (3,439 | ) | |||||||||||||
Class B | (13 | ) | (6 | ) | –– | –– | (1 | ) | (35 | ) | ||||||||||||||
Class C | (164 | ) | (113 | ) | –– | –– | (18 | ) | (83 | ) | ||||||||||||||
Class E | (1 | ) | (1 | ) | –– | –– | (4 | ) | (6 | ) | ||||||||||||||
Class I | (29 | ) | (4 | ) | –– | (423 | ) | (10 | ) | (26 | ) | |||||||||||||
Class R | –– | –– | –– | –– | (2 | ) | (4 | ) | ||||||||||||||||
Class Y | (241 | ) | (419 | ) | –– | (341 | ) | (831 | ) | (2,153 | ) | |||||||||||||
Advisor Class | –– | –– | –– | –– | * | –– | –– | |||||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | (458,956 | ) | –– | (83 | ) | ||||||||||||||||
Class B | –– | –– | –– | (36,369 | ) | –– | –– | * | ||||||||||||||||
Class C | –– | –– | –– | (170,204 | ) | –– | (7 | ) | ||||||||||||||||
Class E | –– | –– | –– | (576 | ) | –– | –– | * | ||||||||||||||||
Class I | –– | –– | –– | (41,826 | ) | –– | (1 | ) | ||||||||||||||||
Class R | –– | –– | –– | (4,885 | ) | –– | –– | * | ||||||||||||||||
Class Y | –– | –– | –– | (72,901 | ) | –– | (38 | ) | ||||||||||||||||
Advisor Class | –– | –– | –– | (41 | ) | –– | –– | |||||||||||||||||
Total Distributions to Shareholders | (920 | ) | (1,303 | ) | –– | (789,267 | ) | (1,736 | ) | (5,875 | ) | |||||||||||||
Capital Share Transactions | (24,552 | ) | 94,080 | 647,791 | 149,426 | (3,481 | ) | 5,461 | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 1,938 | 62,902 | 2,271,856 | (5,343,598 | ) | 97,290 | (235,886 | ) | ||||||||||||||||
Net Assets, Beginning of Period | 159,599 | 96,697 | 2,830,172 | 8,173,770 | 164,341 | 400,227 | ||||||||||||||||||
Net Assets, End of Period | $ | 161,537 | $ | 159,599 | $ | 5,102,028 | $ | 2,830,172 | $ | 261,631 | $ | 164,341 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $218 | $56 | $(11,757 | ) | $867 | $1,787 | $799 | |||||||||||||||||
*Not shown due to rounding.
See Accompanying Notes to Financial Statements.
Ivy Bond Fund | Ivy Global Bond Fund | Ivy Mortgage Securities Fund | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09(1) | Six months ended 9-30-09 (Unaudited) | Fiscal year ended 3-31-09 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 2,495 | $ | 4,327 | $ | 1,618 | $ | 1,012 | $ | 2,922 | $ | 9,601 | ||||||||||||
Net realized gain (loss) on investments | 1,680 | (4,762 | ) | (141 | ) | (156 | ) | (6,689 | ) | (18,547 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | 9,836 | (8,255 | ) | 4,722 | (1,900 | ) | 13,680 | (27,731 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,011 | (8,690 | ) | 6,199 | (1,044 | ) | 9,913 | (36,677 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (2,115 | ) | (4,133 | ) | (408 | ) | (407 | ) | (3,369 | ) | (10,499 | ) | ||||||||||||
Class B | (45 | ) | (86 | ) | (37 | ) | (46 | ) | (86 | ) | (342 | ) | ||||||||||||
Class C | (216 | ) | (270 | ) | (98 | ) | (91 | ) | (171 | ) | (606 | ) | ||||||||||||
Class E | (28 | ) | (40 | ) | –– | –– | (8 | ) | (15 | ) | ||||||||||||||
Class I | (7 | ) | (8 | ) | (79 | ) | (87 | ) | (13 | ) | (14 | ) | ||||||||||||
Class Y | (49 | ) | (24 | ) | (90 | ) | (103 | ) | (87 | ) | (354 | ) | ||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | (330 | ) | –– | –– | |||||||||||||||||
Class B | –– | –– | –– | (65 | ) | –– | –– | |||||||||||||||||
Class C | –– | –– | –– | (126 | ) | –– | –– | |||||||||||||||||
Class E | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class I | –– | –– | –– | (61 | ) | –– | –– | |||||||||||||||||
Class Y | –– | –– | –– | (80 | ) | –– | –– | |||||||||||||||||
Total Distributions to Shareholders | (2,460 | ) | (4,561 | ) | (712 | ) | (1,396 | ) | (3,734 | ) | (11,830 | ) | ||||||||||||
Capital Share Transactions | 14,776 | 26,689 | 38,155 | 66,843 | (15,818 | ) | (95,038 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 26,327 | 13,438 | 43,642 | 64,403 | (9,639 | ) | (143,545 | ) | ||||||||||||||||
Net Assets, Beginning of Period | 116,880 | 103,442 | 64,403 | –– | 149,450 | 292,995 | ||||||||||||||||||
Net Assets, End of Period | $ | 143,207 | $ | 116,880 | $ | 108,045 | $ | 64,403 | $ | 139,811 | $ | 149,450 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $35 | $–– | $416 | $(189 | ) | $(812 | ) | $–– | ||||||||||||||||
(1)For the period from April 4, 2008 (commencement of operations) through March 31, 2009.
See Accompanying Notes to Financial Statements.
FINANCIAL HIGHLIGHTS
IVY DIVIDEND OPPORTUNITIES FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.86 | $0.08 | (2) | $2.61 | (2) | 2.69 | $(0.07 | ) | $ –– | $(0.07 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.05 | 0.12 | (2) | (6.19 | )(2) | (6.07 | ) | (0.12 | ) | –– | (0.12 | ) | |||||||||
Fiscal year ended 3-31-2008 | 15.70 | 0.13 | (2) | 0.54 | (2) | 0.67 | (0.14 | ) | (0.18 | ) | (0.32 | ) | |||||||||
Fiscal year ended 3-31-2007 | 14.41 | 0.17 | (2) | 1.49 | (2) | 1.66 | (0.18 | ) | (0.19 | ) | (0.37 | ) | |||||||||
Fiscal year ended 3-31-2006 | 12.13 | 0.12 | (2) | 2.30 | (2) | 2.42 | (0.11 | ) | (0.03 | ) | (0.14 | ) | |||||||||
Fiscal year ended 3-31-2005 | 11.07 | 0.09 | 1.10 | 1.19 | (0.09 | ) | (0.04 | ) | (0.13 | ) | |||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.79 | 0.01 | (2) | 2.59 | (2) | 2.60 | (0.01 | ) | –– | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 15.93 | 0.00 | (6.14 | ) | (6.14 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 15.63 | (0.03 | ) | 0.53 | 0.50 | (0.02 | ) | (0.18 | ) | (0.20 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 14.34 | 0.05 | 1.47 | 1.52 | (0.04 | ) | (0.19 | ) | (0.23 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 12.09 | 0.01 | 2.28 | 2.29 | (0.01 | ) | (0.03 | ) | (0.04 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 11.05 | 0.02 | 1.06 | 1.08 | –– | (0.04 | ) | (0.04 | ) | ||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.81 | 0.04 | (2) | 2.60 | (2) | 2.64 | (0.03 | ) | –– | (0.03 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 15.95 | 0.03 | (2) | (6.14 | )(2) | (6.11 | ) | (0.03 | ) | –– | (0.03 | ) | |||||||||
Fiscal year ended 3-31-2008 | 15.63 | 0.00 | 0.54 | 0.54 | (0.04 | ) | (0.18 | ) | (0.22 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 14.34 | 0.07 | 1.47 | 1.54 | (0.06 | ) | (0.19 | ) | (0.25 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 12.09 | 0.01 | 2.28 | 2.29 | (0.01 | ) | (0.03 | ) | (0.04 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 11.05 | 0.01 | 1.07 | 1.08 | –– | (0.04 | ) | (0.04 | ) | ||||||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.84 | 0.08 | (2) | 2.60 | (2) | 2.68 | (0.07 | ) | –– | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.01 | 0.10 | (6.17 | ) | (6.07 | ) | (0.10 | ) | –– | (0.10 | ) | ||||||||||
Fiscal year ended 3-31-2009(5) | 15.76 | (0.01 | )(2) | 0.51 | (2) | 0.50 | (0.07 | ) | (0.18 | ) | (0.25 | ) | |||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.88 | 0.09 | (2) | 2.62 | (2) | 2.71 | (0.09 | ) | –– | (0.09 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.07 | 0.08 | (2) | (6.10 | )(2) | (6.02 | ) | (0.17 | ) | –– | (0.17 | ) | |||||||||
Fiscal year ended 3-31-2009(5) | 15.76 | 0.20 | 0.47 | 0.67 | (0.18 | ) | (0.18 | ) | (0.36 | ) | |||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.87 | 0.09 | (2) | 2.62 | (2) | 2.71 | (0.08 | ) | –– | (0.08 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.06 | 0.14 | (2) | (6.19 | )(2) | (6.05 | ) | (0.14 | ) | –– | (0.14 | ) | |||||||||
Fiscal year ended 3-31-2008 | 15.70 | 0.14 | (2) | 0.55 | (2) | 0.69 | (0.15 | ) | (0.18 | ) | (0.33 | ) | |||||||||
Fiscal year ended 3-31-2007 | 14.41 | 0.12 | (2) | 1.55 | (2) | 1.67 | (0.19 | ) | (0.19 | ) | (0.38 | ) | |||||||||
Fiscal year ended 3-31-2006 | 12.13 | 0.15 | (2) | 2.29 | (2) | 2.44 | (0.13 | ) | (0.03 | ) | (0.16 | ) | |||||||||
Fiscal year ended 3-31-2005 | 11.07 | 0.11 | 1.10 | 1.21 | (0.11 | ) | (0.04 | ) | (0.15 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $12.48 | 27.25 | %(3) | $169 | 1.45 | %(4) | 1.22 | %(4) | –– | % | –– | % | 22 | % | ||||||||||
Fiscal year ended 3-31-2009 | 9.86 | - -37.92 | (3) | 133 | 1.40 | 1.00 | –– | –– | 30 | |||||||||||||||
Fiscal year ended 3-31-2008 | 16.05 | 4.10 | (3) | 148 | 1.37 | 0.77 | –– | –– | 30 | |||||||||||||||
Fiscal year ended 3-31-2007 | 15.70 | 11.57 | (3) | 107 | 1.38 | 1.16 | –– | –– | 24 | |||||||||||||||
Fiscal year ended 3-31-2006 | 14.41 | 19.99 | (3) | 61 | 1.45 | 0.92 | –– | –– | 15 | |||||||||||||||
Fiscal year ended 3-31-2005 | 12.13 | 10.78 | (3) | 32 | 1.59 | 0.94 | –– | –– | 32 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.38 | 26.54 | 10 | 2.53 | (4) | 0.16 | (4) | –– | –– | 22 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.79 | - -38.54 | 9 | 2.43 | - -0.04 | –– | –– | 30 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 15.93 | 3.09 | 11 | 2.34 | - -0.16 | –– | –– | 30 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 15.63 | 10.63 | 10 | 2.30 | 0.29 | –– | –– | 24 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 14.34 | 18.94 | 7 | 2.32 | 0.03 | –– | –– | 15 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 12.09 | 9.76 | 6 | 2.44 | 0.11 | –– | –– | 32 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.42 | 26.90 | 41 | 2.13 | (4) | 0.56 | (4) | –– | –– | 22 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.81 | - -38.33 | 37 | 2.11 | 0.39 | –– | –– | 30 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 15.95 | 3.32 | 24 | 2.15 | 0.00 | –– | –– | 30 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 15.63 | 10.74 | 19 | 2.17 | 0.42 | –– | –– | 24 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 14.34 | 18.95 | 14 | 2.27 | 0.08 | –– | –– | 15 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 12.09 | 9.76 | 10 | 2.42 | 0.10 | –– | –– | 32 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.45 | 27.26 | (3) | 2 | 1.37 | (4) | 1.31 | (4) | 2.55 | (4) | 0.13 | (4) | 22 | |||||||||||
Fiscal year ended 3-31-2009 | 9.84 | - -37.98 | (3) | 2 | 1.60 | 0.78 | 2.27 | 0.11 | 30 | |||||||||||||||
Fiscal year ended 3-31-2009(5) | 16.01 | 3.01 | (3) | 2 | 2.17 | (4) | - -0.18 | (4) | –– | –– | 30 | (6) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.50 | 27.47 | 5 | 0.97 | (4) | 1.85 | (4) | –– | –– | 22 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.88 | - -37.60 | 2 | 0.99 | 1.75 | –– | –– | 30 | ||||||||||||||||
Fiscal year ended 3-31-2009(5) | 16.07 | 4.08 | –– | * | 1.00 | (4) | 1.17 | (4) | –– | –– | 30 | (6) | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.50 | 27.44 | 17 | 1.25 | (4) | 1.39 | (4) | –– | –– | 22 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.87 | - -37.79 | 15 | 1.24 | 1.08 | –– | –– | 30 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 16.06 | 4.23 | 12 | 1.26 | 0.78 | –– | –– | 30 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 15.70 | 11.65 | 3 | 1.29 | 0.92 | –– | –– | 24 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 14.41 | 20.14 | 1 | 1.34 | 1.03 | –– | –– | 15 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 12.13 | 10.94 | 1 | 1.44 | 1.09 | –– | –– | 32 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
See Accompanying Notes to Financial Statements.
IVY MICRO CAP GROWTH FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Loss | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.77 | $(0.16 | )(2) | $ 4.84 | (2) | $ 4.68 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.02 | ) | (0.21 | ) | (0.23 | ) | –– | –– | –– | |||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.76 | (0.24 | )(2) | 4.83 | (2) | 4.59 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.04 | ) | (0.20 | ) | (0.24 | ) | –– | –– | –– | |||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.76 | (0.22 | )(2) | 4.84 | (2) | 4.62 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.03 | ) | (0.21 | ) | (0.24 | ) | –– | –– | –– | |||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.77 | (0.14 | )(2) | 4.85 | (2) | 4.71 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.02 | ) | (0.21 | ) | (0.23 | ) | –– | –– | –– | |||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.77 | (0.16 | )(2) | 4.85 | (2) | 4.69 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.02 | ) | (0.21 | ) | (0.23 | ) | –– | –– | –– |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Loss to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $14.45 | 47.90 | %(3) | $19 | 2.69 | %(4) | - -2.59 | %(4) | 3.41 | %(4) | - -3.31 | %(4) | 27 | % | |||||||||||
Fiscal year ended 3-31-2009(5) | 9.77 | - -2.30 | (3) | 3 | 2.55 | (4) | - -2.38 | (4) | –– | –– | 5 | ||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.35 | 47.03 | –– | * | 3.98 | (4) | - -3.87 | (4) | 4.45 | (4) | - -4.34 | (4) | 27 | ||||||||||||
Fiscal year ended 3-31-2009(5) | 9.76 | - -2.40 | –– | * | 3.49 | (4) | - -3.32 | (4) | –– | –– | 5 | ||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.38 | 47.34 | 1 | 3.63 | (4) | - -3.53 | (4) | 4.10 | (4) | - -4.00 | (4) | 27 | |||||||||||||
Fiscal year ended 3-31-2009(5) | 9.76 | - -2.40 | –– | * | 3.24 | (4) | - -3.07 | (4) | –– | –– | 5 | ||||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.48 | 48.21 | –– | * | 2.38 | (4) | - -2.25 | (4) | 2.89 | (4) | - -2.76 | (4) | 27 | ||||||||||||
Fiscal year ended 3-31-2009(5) | 9.77 | - -2.30 | –– | * | 1.97 | (4) | - -1.80 | (4) | –– | –– | 5 | ||||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.46 | 48.00 | –– | * | 2.64 | (4) | - -2.52 | (4) | 3.10 | (4) | - -2.98 | (4) | 27 | ||||||||||||
Fiscal year ended 3-31-2009(5) | 9.77 | - -2.30 | –– | * | 2.21 | (4) | - -2.03 | (4) | –– | –– | 5 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from February 17, 2009 (commencement of operations of the class) through March 31, 2009.
See Accompanying Notes to Financial Statements.
IVY SMALL CAP VALUE FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.87 | $(0.03 | )(1) | $ 3.04 | (1) | $ 3.01 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.96 | (0.06 | ) | (3.03 | ) | (3.09 | ) | –– | –– | –– | |||||||||||
Fiscal year ended 3-31-2008 | 16.22 | (0.10 | ) | (2.28 | ) | (2.38 | ) | –– | (0.88 | ) | (0.88 | ) | |||||||||
Fiscal year ended 3-31-2007 | 16.24 | (0.03 | ) | 1.35 | 1.32 | –– | (1.34 | ) | (1.34 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.88 | (0.11 | ) | 2.62 | 2.51 | –– | (3.15 | ) | (3.15 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.68 | (0.13 | ) | 1.52 | 1.39 | –– | (1.19 | ) | (1.19 | ) | |||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.29 | (0.10 | )(1) | 2.86 | (1) | 2.76 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.34 | (0.23 | ) | (2.82 | ) | (3.05 | ) | –– | –– | –– | |||||||||||
Fiscal year ended 3-31-2008 | 15.48 | (0.35 | ) | (2.08 | ) | (2.43 | ) | –– | (0.71 | ) | (0.71 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.72 | (0.14 | ) | 1.24 | 1.10 | –– | (1.34 | ) | (1.34 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.59 | (0.25 | ) | 2.53 | 2.28 | –– | (3.15 | ) | (3.15 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.61 | (0.23 | ) | 1.40 | 1.17 | –– | (1.19 | ) | (1.19 | ) | |||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.45 | (0.08 | )(1) | 2.91 | (1) | 2.83 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.51 | (0.11 | ) | (2.95 | ) | (3.06 | ) | –– | –– | –– | |||||||||||
Fiscal year ended 3-31-2008 | 15.69 | (0.28 | ) | (2.14 | ) | (2.42 | ) | –– | (0.76 | ) | (0.76 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.87 | (0.12 | ) | 1.28 | 1.16 | –– | (1.34 | ) | (1.34 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.67 | (0.21 | ) | 2.56 | 2.35 | –– | (3.15 | ) | (3.15 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.63 | (0.19 | ) | 1.42 | 1.23 | –– | (1.19 | ) | (1.19 | ) | |||||||||||
Class E Shares(4) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.94 | 0.00 | (1) | 3.07 | (1) | 3.07 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.98 | 0.01 | (3.05 | ) | (3.04 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008(5) | 16.23 | (0.02 | ) | (2.30 | ) | (2.32 | ) | –– | (0.93 | ) | (0.93 | ) | |||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.13 | 0.00 | (1) | 3.14 | (1) | 3.14 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 13.20 | 0.02 | (1) | (3.09 | )(1) | (3.07 | ) | –– | –– | –– | |||||||||||
Fiscal year ended 3-31-2008(5) | 16.43 | (0.01 | ) | (2.26 | ) | (2.27 | ) | –– | (0.96 | ) | (0.96 | ) | |||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.05 | (0.01 | )(1) | 3.11 | (1) | 3.10 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 13.13 | (0.01 | )(1) | (3.07 | )(1) | (3.08 | ) | –– | –– | –– | |||||||||||
Fiscal year ended 3-31-2008 | 16.42 | (0.04 | )(1) | (2.32 | )(1) | (2.36 | ) | –– | (0.93 | ) | (0.93 | ) | |||||||||
Fiscal year ended 3-31-2007 | 16.36 | 0.03 | 1.37 | 1.40 | –– | (1.34 | ) | (1.34 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 16.92 | (0.06 | ) | 2.65 | 2.59 | –– | (3.15 | ) | (3.15 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.68 | (0.10 | ) | 1.53 | 1.43 | –– | (1.19 | ) | (1.19 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $12.88 | 30.50 | %(2) | $154 | 1.87 | %(3) | - -0.61 | %(3) | 53 | % | ||||||||
Fiscal year ended 3-31-2009 | 9.87 | - -23.84 | (2) | 106 | 1.93 | - -0.54 | 101 | |||||||||||
Fiscal year ended 3-31-2008 | 12.96 | - -15.19 | (2) | 104 | 1.76 | - -0.63 | 118 | |||||||||||
Fiscal year ended 3-31-2007 | 16.22 | 8.26 | (2) | 121 | 1.74 | - -0.24 | 123 | |||||||||||
Fiscal year ended 3-31-2006 | 16.24 | 16.44 | (2) | 86 | 1.80 | - -0.76 | 157 | |||||||||||
Fiscal year ended 3-31-2005 | 16.88 | 8.23 | (2) | 66 | 1.76 | - -0.79 | 124 | |||||||||||
Class B Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.05 | 29.71 | 5 | 3.15 | (3) | - -1.89 | (3) | 53 | ||||||||||
Fiscal year ended 3-31-2009 | 9.29 | - -24.72 | 4 | 3.04 | - -1.67 | 101 | ||||||||||||
Fiscal year ended 3-31-2008 | 12.34 | - -16.14 | 5 | 2.83 | - -1.69 | 118 | ||||||||||||
Fiscal year ended 3-31-2007 | 15.48 | 7.11 | 9 | 2.82 | - -1.33 | 123 | ||||||||||||
Fiscal year ended 3-31-2006 | 15.72 | 15.28 | 7 | 2.84 | - -1.80 | 157 | ||||||||||||
Fiscal year ended 3-31-2005 | 16.59 | 6.92 | 5 | 3.02 | - -1.88 | 124 | ||||||||||||
Class C Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.28 | 29.95 | 10 | 2.66 | (3) | - -1.40 | (3) | 53 | ||||||||||
Fiscal year ended 3-31-2009 | 9.45 | - -24.46 | 6 | 2.72 | - -1.34 | 101 | ||||||||||||
Fiscal year ended 3-31-2008 | 12.51 | - -15.91 | 8 | 2.54 | - -1.40 | 118 | ||||||||||||
Fiscal year ended 3-31-2007 | 15.69 | 7.43 | 12 | 2.52 | - -1.04 | 123 | ||||||||||||
Fiscal year ended 3-31-2006 | 15.87 | 15.64 | 10 | 2.54 | - -1.50 | 157 | ||||||||||||
Fiscal year ended 3-31-2005 | 16.67 | 7.28 | 8 | 2.65 | - -1.53 | 124 | ||||||||||||
Class E Shares(4) | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.01 | 30.89 | (2) | –– | * | 1.29 | (3) | - -0.03 | (3) | 53 | ||||||||
Fiscal year ended 3-31-2009 | 9.94 | - -23.42 | (2) | –– | * | 1.30 | 0.07 | 101 | ||||||||||
Fiscal year ended 3-31-2008(5) | 12.98 | - -14.82 | (2) | –– | * | 1.26 | (3) | - -0.14 | (3) | 118 | (6) | |||||||
Class I Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.27 | 31.00 | 1 | 1.26 | (3) | 0.01 | (3) | 53 | ||||||||||
Fiscal year ended 3-31-2009 | 10.13 | - -23.26 | 1 | 1.18 | 0.20 | 101 | ||||||||||||
Fiscal year ended 3-31-2008(5) | 13.20 | - -14.39 | –– | * | 1.19 | (3) | - -0.07 | (3) | 118 | (6) | ||||||||
Class Y Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.15 | 30.85 | 19 | 1.42 | (3) | - -0.12 | (3) | 53 | ||||||||||
Fiscal year ended 3-31-2009 | 10.05 | - -23.46 | 8 | 1.42 | - -0.06 | 101 | ||||||||||||
Fiscal year ended 3-31-2008 | 13.13 | - -14.89 | 14 | 1.39 | - -0.25 | 118 | ||||||||||||
Fiscal year ended 3-31-2007 | 16.42 | 8.70 | 21 | 1.39 | 0.08 | 123 | ||||||||||||
Fiscal year ended 3-31-2006 | 16.36 | 16.88 | 24 | 1.41 | - -0.37 | 157 | ||||||||||||
Fiscal year ended 3-31-2005 | 16.92 | 8.48 | 25 | 1.53 | - -0.56 | 124 |
*Not shown due to rounding.
(1)Based on average weekly shares outstanding.
(2)Total return calculated without taking into account the sales load deducted on an initial purchase.
(3)Annualized.
(4)Class is closed to investment.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
See Accompanying Notes to Financial Statements.
IVY VALUE FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.94 | $ 0.03 | (1) | $ 4.00 | (1) | $ 4.03 | $(0.03 | ) | $ –– | $(0.03 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 15.95 | 0.13 | (6.03 | ) | (5.90 | ) | (0.11 | ) | –– | (0.11 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 19.04 | 0.12 | (1.85 | ) | (1.73 | ) | (0.12 | ) | (1.24 | ) | (1.36 | ) | |||||||||
Fiscal year ended 3-31-2007 | 17.17 | 0.13 | 2.28 | 2.41 | (0.13 | ) | (0.41 | ) | (0.54 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.04 | 0.10 | 1.14 | 1.24 | (0.11 | ) | –– | (0.11 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 14.54 | 0.15 | 1.48 | 1.63 | (0.13 | ) | –– | (0.13 | ) | ||||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.78 | (0.07 | )(1) | 3.92 | (1) | 3.85 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 15.76 | (0.10 | ) | (5.88 | ) | (5.98 | ) | –– | –– | –– | |||||||||||
Fiscal year ended 3-31-2008 | 18.83 | (0.09 | ) | (1.80 | ) | (1.89 | ) | –– | (1.18 | ) | (1.18 | ) | |||||||||
Fiscal year ended 3-31-2007 | 17.04 | (0.03 | ) | 2.23 | 2.20 | –– | (0.41 | ) | (0.41 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 15.97 | (0.04 | ) | 1.12 | 1.08 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 14.50 | 0.03 | 1.44 | 1.47 | –– | –– | –– | ||||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.86 | (0.03 | )(1) | 3.95 | (1) | 3.92 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 15.83 | 0.00 | (1) | (5.97 | )(1) | (5.97 | ) | –– | –– | –– | |||||||||||
Fiscal year ended 3-31-2008 | 18.90 | (0.06 | ) | (1.81 | ) | (1.87 | ) | –– | (1.20 | ) | (1.20 | ) | |||||||||
Fiscal year ended 3-31-2007 | 17.08 | (0.01 | ) | 2.24 | 2.23 | –– | (0.41 | ) | (0.41 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.00 | (0.04 | ) | 1.13 | 1.09 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 14.51 | 0.03 | 1.46 | 1.49 | –– | –– | –– | ||||||||||||||
Class E Shares(4) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.95 | 0.07 | (1) | 4.01 | (1) | 4.08 | (0.07 | ) | –– | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 15.97 | 0.20 | (6.04 | ) | (5.84 | ) | (0.18 | ) | –– | (0.18 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 19.09 | 0.18 | (1.90 | ) | (1.72 | ) | (0.16 | ) | (1.24 | ) | (1.40 | ) | |||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.95 | 0.07 | (1) | 4.02 | (1) | 4.09 | (0.08 | ) | –– | (0.08 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 15.97 | 0.22 | (6.04 | ) | (5.82 | ) | (0.20 | ) | –– | (0.20 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 19.10 | 0.20 | (1.90 | ) | (1.70 | ) | (0.19 | ) | (1.24 | ) | (1.43 | ) | |||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.95 | 0.05 | (1) | 4.00 | (1) | 4.05 | (0.06 | ) | –– | (0.06 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 15.96 | 0.26 | (6.11 | ) | (5.85 | ) | (0.16 | ) | –– | (0.16 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 19.04 | 0.16 | (1) | (1.85 | )(1) | (1.69 | ) | (0.15 | ) | (1.24 | ) | (1.39 | ) | ||||||||
Fiscal year ended 3-31-2007 | 17.18 | 0.22 | (1) | 2.22 | (1) | 2.44 | (0.17 | ) | (0.41 | ) | (0.58 | ) | |||||||||
Fiscal year ended 3-31-2006 | 16.05 | 0.13 | 1.15 | 1.28 | (0.15 | ) | –– | (0.15 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 14.54 | 0.17 | 1.49 | 1.66 | (0.15 | ) | –– | (0.15 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $13.94 | 40.58 | %(2) | $47 | 1.97 | %(3) | 0.46 | %(3) | 47 | % | ||||||||
Fiscal year ended 3-31-2009 | 9.94 | - -37.09 | (2) | 34 | 1.79 | 0.98 | 57 | |||||||||||
Fiscal year ended 3-31-2008 | 15.95 | - -9.83 | (2) | 57 | 1.52 | 0.63 | 66 | |||||||||||
Fiscal year ended 3-31-2007 | 19.04 | 14.12 | (2) | 73 | 1.49 | 0.76 | 61 | |||||||||||
Fiscal year ended 3-31-2006 | 17.17 | 7.75 | (2) | 58 | 1.53 | 0.65 | 63 | |||||||||||
Fiscal year ended 3-31-2005 | 16.04 | 11.21 | (2) | 41 | 1.47 | 0.92 | 81 | |||||||||||
Class B Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.63 | 39.37 | 2 | 3.64 | (3) | - -1.20 | (3) | 47 | ||||||||||
Fiscal year ended 3-31-2009 | 9.78 | - -37.94 | 2 | 3.08 | - -0.35 | 57 | ||||||||||||
Fiscal year ended 3-31-2008 | 15.76 | - -10.72 | 4 | 2.51 | - -0.35 | 66 | ||||||||||||
Fiscal year ended 3-31-2007 | 18.83 | 12.99 | 6 | 2.46 | - -0.21 | 61 | ||||||||||||
Fiscal year ended 3-31-2006 | 17.04 | 6.73 | 5 | 2.50 | - -0.33 | 63 | ||||||||||||
Fiscal year ended 3-31-2005 | 15.97 | 10.14 | 2 | 2.53 | 0.07 | 81 | ||||||||||||
Class C Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.78 | 39.76 | 3 | 3.01 | (3) | - -0.56 | (3) | 47 | ||||||||||
Fiscal year ended 3-31-2009 | 9.86 | - -37.71 | 2 | 2.79 | 0.01 | 57 | ||||||||||||
Fiscal year ended 3-31-2008 | 15.83 | - -10.56 | 4 | 2.41 | - -0.25 | 66 | ||||||||||||
Fiscal year ended 3-31-2007 | 18.90 | 13.09 | 5 | 2.38 | - -0.12 | 61 | ||||||||||||
Fiscal year ended 3-31-2006 | 17.08 | 6.80 | 4 | 2.41 | - -0.23 | 63 | ||||||||||||
Fiscal year ended 3-31-2005 | 16.00 | 10.27 | 3 | 2.42 | 0.15 | 81 | ||||||||||||
Class E Shares(4) | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.96 | 41.06 | (2) | –– | * | 1.31 | (3) | 1.12 | (3) | 47 | ||||||||
Fiscal year ended 3-31-2009 | 9.95 | - -36.75 | (2) | –– | * | 1.25 | 1.52 | 57 | ||||||||||
Fiscal year ended 3-31-2008(5) | 15.97 | - -9.76 | (2) | –– | * | 1.18 | (3) | 0.98 | (3) | 66 | (6) | |||||||
Class I Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.96 | 41.15 | –– | * | 1.18 | (3) | 1.24 | (3) | 47 | |||||||||
Fiscal year ended 3-31-2009 | 9.95 | - -36.67 | –– | * | 1.11 | 1.66 | 57 | |||||||||||
Fiscal year ended 3-31-2008(5) | 15.97 | - -9.63 | –– | * | 1.07 | (3) | 1.09 | (3) | 66 | (6) | ||||||||
Class Y Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.94 | 40.73 | 1 | 1.63 | (3) | 0.81 | (3) | 47 | ||||||||||
Fiscal year ended 3-31-2009 | 9.95 | - -36.80 | –– | * | 1.40 | 1.41 | 57 | |||||||||||
Fiscal year ended 3-31-2008 | 15.96 | - -9.60 | –– | * | 1.31 | 0.85 | 66 | |||||||||||
Fiscal year ended 3-31-2007 | 19.04 | 14.28 | –– | * | 1.29 | 0.96 | 61 | |||||||||||
Fiscal year ended 3-31-2006 | 17.18 | 7.99 | 12 | 1.31 | 0.89 | 63 | ||||||||||||
Fiscal year ended 3-31-2005 | 16.05 | 11.44 | 20 | 1.34 | 1.09 | 81 |
*Not shown due to rounding.
(1)Based on average weekly shares outstanding.
(2)Total return calculated without taking into account the sales load deducted on an initial purchase.
(3)Annualized.
(4)Class is closed to investment.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
See Accompanying Notes to Financial Statements.
IVY MANAGED EUROPEAN/PACIFIC FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 4.90 | $(0.03 | )(2) | $ 2.58 | (2) | $ 2.55 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.81 | 0.19 | (4.46 | ) | (4.27 | ) | (0.31 | ) | (0.33 | ) | (0.64 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.47 | (2) | (0.15 | )(2) | 0.32 | (0.51 | ) | –– | (0.51 | ) | ||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 4.86 | (0.06 | )(2) | 2.58 | (2) | 2.52 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.78 | 0.12 | (4.46 | ) | (4.34 | ) | (0.25 | ) | (0.33 | ) | (0.58 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.44 | (2) | (0.21 | )(2) | 0.23 | (0.45 | ) | –– | (0.45 | ) | ||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 4.87 | (0.05 | )(2) | 2.58 | (2) | 2.53 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.79 | 0.13 | (4.46 | ) | (4.33 | ) | (0.26 | ) | (0.33 | ) | (0.59 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.45 | (2) | (0.21 | )(2) | 0.24 | (0.45 | ) | –– | (0.45 | ) | ||||||||||
Class E Shares(6) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 4.91 | (0.02 | )(2) | 2.58 | (2) | 2.56 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.81 | 0.20 | (4.45 | ) | (4.25 | ) | (0.32 | ) | (0.33 | ) | (0.65 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.49 | (2) | (0.16 | )(2) | 0.33 | (0.52 | ) | –– | (0.52 | ) | ||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 4.92 | (0.01 | )(2) | 2.58 | (2) | 2.57 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.82 | 0.21 | (4.45 | ) | (4.24 | ) | (0.33 | ) | (0.33 | ) | (0.66 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.52 | (2) | (0.16 | )(2) | 0.36 | (0.54 | ) | –– | (0.54 | ) | ||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 4.91 | (0.02 | )(2) | 2.58 | (2) | 2.56 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.81 | 0.19 | (4.45 | ) | (4.26 | ) | (0.31 | ) | (0.33 | ) | (0.64 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.49 | (2) | (0.16 | )(2) | 0.33 | (0.52 | ) | –– | (0.52 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $7.45 | 52.04 | %(3) | $64 | 0.78 | %(4) | - -0.78 | %(4) | –– | % | –– | % | 13 | % | ||||||||||
Fiscal year ended 3-31-2009 | 4.90 | - -43.93 | (3) | 39 | 0.72 | 2.51 | –– | –– | 25 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.81 | 2.67 | (3) | 54 | 0.88 | (4) | 6.52 | (4) | 0.89 | (4) | 6.51 | (4) | –– | * | ||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.38 | 51.85 | 1 | 1.81 | (4) | - -1.81 | (4) | –– | –– | 13 | ||||||||||||||
Fiscal year ended 3-31-2009 | 4.86 | - -44.75 | 1 | 1.70 | 1.53 | –– | –– | 25 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.78 | 1.87 | 1 | 1.77 | (4) | 5.43 | (4) | 1.78 | (4) | 5.42 | (4) | –– | * | |||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.40 | 51.95 | 2 | 1.53 | (4) | - -1.53 | (4) | –– | –– | 13 | ||||||||||||||
Fiscal year ended 3-31-2009 | 4.87 | - -44.59 | 1 | 1.52 | 1.53 | –– | –– | 25 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.79 | 1.90 | 3 | 1.65 | (4) | 6.18 | (4) | 1.66 | (4) | 6.17 | (4) | –– | * | |||||||||||
Class E Shares(6) | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.47 | 52.14 | (3) | –– | * | 0.52 | (4) | - -0.52 | (4) | –– | –– | 13 | ||||||||||||
Fiscal year ended 3-31-2009 | 4.91 | - -43.74 | (3) | –– | * | 0.53 | 2.49 | –– | –– | 25 | ||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.81 | 2.79 | (3) | –– | * | 0.79 | (4) | 4.44 | (4) | 0.80 | (4) | 4.43 | (4) | –– | * | |||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.49 | 52.24 | –– | * | 0.27 | (4) | - -0.27 | (4) | –– | –– | 13 | |||||||||||||
Fiscal year ended 3-31-2009 | 4.92 | - -43.56 | –– | * | 0.27 | 2.73 | –– | –– | 25 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.82 | 3.07 | –– | * | 0.55 | (4) | 4.67 | (4) | 0.56 | (4) | 4.66 | (4) | –– | * | ||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.47 | 52.14 | 1 | 0.67 | (4) | - -0.67 | (4) | –– | –– | 13 | ||||||||||||||
Fiscal year ended 3-31-2009 | 4.91 | - -43.84 | –– | * | 0.73 | 2.45 | –– | –– | 25 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.81 | 2.77 | –– | * | 0.81 | (4) | 4.76 | (4) | 0.82 | (4) | 4.75 | (4) | –– | * |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)Class is closed to investment.
IVY MANAGED INTERNATIONAL OPPORTUNITIES FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 5.62 | $(0.02 | )(2) | $ 2.54 | (2) | $ 2.52 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 10.06 | 0.21 | (4.21 | ) | (4.00 | ) | (0.29 | ) | (0.15 | ) | (0.44 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.35 | (2) | 0.04 | (2) | 0.39 | (0.33 | ) | –– | (0.33 | ) | ||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 5.59 | (0.05 | )(2) | 2.54 | (2) | 2.49 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 10.04 | 0.16 | (2) | (4.23 | )(2) | (4.07 | ) | (0.23 | ) | (0.15 | ) | (0.38 | ) | ||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.33 | (2) | (0.02 | )(2) | 0.31 | (0.27 | ) | –– | (0.27 | ) | ||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 5.59 | (0.04 | )(2) | 2.54 | (2) | 2.50 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 10.04 | 0.15 | (2) | (4.22 | )(2) | (4.07 | ) | (0.23 | ) | (0.15 | ) | (0.38 | ) | ||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.30 | (2) | 0.02 | (2) | 0.32 | (0.28 | ) | –– | (0.28 | ) | ||||||||||
Class E Shares(6) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 5.62 | (0.01 | )(2) | 2.54 | (2) | 2.53 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 10.06 | 0.23 | (4.23 | ) | (4.00 | ) | (0.30 | ) | (0.14 | ) | (0.44 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.38 | (2) | 0.02 | (2) | 0.40 | (0.34 | ) | –– | (0.34 | ) | ||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 5.63 | 0.00 | (2) | 2.54 | (2) | 2.54 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 10.07 | 0.24 | (4.21 | ) | (3.97 | ) | (0.32 | ) | (0.15 | ) | (0.47 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.41 | (2) | 0.02 | (2) | 0.43 | (0.36 | ) | –– | (0.36 | ) | ||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 5.61 | (0.02 | )(2) | 2.54 | (2) | 2.52 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 10.06 | 0.22 | (4.22 | ) | (4.00 | ) | (0.30 | ) | (0.15 | ) | (0.45 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.37 | (2) | 0.03 | (2) | 0.40 | (0.34 | ) | –– | (0.34 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 8.14 | 44.84 | %(3) | $132 | 0.62 | %(4) | - -0.48 | %(4) | –– | % | –– | % | 10 | % | ||||||||||
Fiscal year ended 3-31-2009 | 5.62 | - -40.20 | (3) | 84 | 0.57 | 2.85 | –– | –– | 16 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.06 | 3.75 | (3) | 100 | 0.67 | (4) | 4.67 | (4) | 0.68 | (4) | 4.66 | (4) | –– | |||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.08 | 44.54 | 3 | 1.56 | (4) | - -1.42 | (4) | –– | –– | 10 | ||||||||||||||
Fiscal year ended 3-31-2009 | 5.59 | - -40.93 | 3 | 1.41 | 1.92 | –– | –– | 16 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.04 | 2.98 | 4 | 1.48 | (4) | 4.05 | (4) | 1.49 | (4) | 4.04 | (4) | –– | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.09 | 44.72 | 4 | 1.40 | (4) | - -1.26 | (4) | –– | –– | 10 | ||||||||||||||
Fiscal year ended 3-31-2009 | 5.59 | - -40.91 | 3 | 1.35 | 2.19 | –– | –– | 16 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.04 | 3.05 | 4 | 1.44 | (4) | 3.70 | (4) | 1.45 | (4) | 3.69 | (4) | –– | ||||||||||||
Class E Shares(6) | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.15 | 45.02 | (3) | –– | * | 0.44 | (4) | - -0.30 | (4) | –– | –– | 10 | ||||||||||||
Fiscal year ended 3-31-2009 | 5.62 | - -40.12 | (3) | –– | * | 0.45 | 2.83 | –– | –– | 16 | ||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.06 | 3.82 | (3) | –– | * | 0.60 | (4) | 3.57 | (4) | 0.61 | (4) | 3.56 | (4) | –– | ||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.17 | 45.12 | –– | * | 0.18 | (4) | - -0.04 | (4) | –– | –– | 10 | |||||||||||||
Fiscal year ended 3-31-2009 | 5.63 | - -39.86 | –– | * | 0.18 | 3.08 | –– | –– | 16 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.07 | 4.10 | –– | * | 0.36 | (4) | 3.81 | (4) | 0.37 | (4) | 3.80 | (4) | –– | |||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.13 | 44.92 | –– | * | 0.61 | (4) | - -0.45 | (4) | –– | –– | 10 | |||||||||||||
Fiscal year ended 3-31-2009 | 5.61 | - -40.21 | –– | * | 0.59 | 2.56 | 0.60 | 2.55 | 16 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.06 | 3.81 | –– | * | 0.64 | (4) | 3.83 | (4) | 0.65 | (4) | 3.82 | (4) | –– |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)Class is closed to investment.
See Accompanying Notes to Financial Statements.
IVY CUNDILL GLOBAL VALUE FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 8.55 | $ 0.11 | (2) | $3.06 | (2) | $ 3.17 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.97 | 0.16 | (4.55 | ) | (4.39 | ) | (0.03 | ) | –– | * | (0.03 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.28 | 0.18 | (2.00 | ) | (1.82 | ) | (0.18 | ) | (1.31 | ) | (1.49 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.52 | 0.13 | 1.49 | 1.62 | (0.11 | ) | (0.75 | ) | (0.86 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 13.79 | 0.17 | 2.21 | 2.38 | (0.16 | ) | (0.49 | ) | (0.65 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 12.57 | 0.04 | 1.25 | 1.29 | (0.07 | ) | –– | (0.07 | ) | ||||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.31 | 0.05 | (2) | 2.97 | (2) | 3.02 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.68 | 0.01 | (4.38 | ) | (4.37 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 15.93 | 0.03 | (2) | (1.93 | )(2) | (1.90 | ) | (0.04 | ) | (1.31 | ) | (1.35 | ) | ||||||||
Fiscal year ended 3-31-2007 | 15.23 | (0.01 | ) | 1.46 | 1.45 | –– | (0.75 | ) | (0.75 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 13.54 | 0.06 | 2.14 | 2.20 | (0.02 | ) | (0.49 | ) | (0.51 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 12.38 | (0.01 | ) | 1.17 | 1.16 | –– | –– | –– | |||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.30 | 0.07 | (2) | 2.97 | (2) | 3.04 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.62 | 0.06 | (4.38 | ) | (4.32 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 15.88 | 0.05 | (1.92 | ) | (1.87 | ) | (0.08 | ) | (1.31 | ) | (1.39 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.16 | 0.03 | 1.46 | 1.49 | (0.02 | ) | (0.75 | ) | (0.77 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 13.48 | 0.08 | 2.14 | 2.22 | (0.05 | ) | (0.49 | ) | (0.54 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 12.30 | (0.02 | ) | 1.20 | 1.18 | –– | –– | –– | |||||||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.55 | 0.12 | (2) | 3.07 | (2) | 3.19 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 12.93 | 0.10 | (4.48 | ) | (4.38 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008(6) | 16.23 | 0.02 | (2) | (1.87 | )(2) | (1.85 | ) | (0.14 | ) | (1.31 | ) | (1.45 | ) | ||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.64 | 0.12 | (2) | 3.12 | (2) | 3.24 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 13.11 | 0.05 | (2) | (4.43 | )(2) | (4.38 | ) | (0.09 | ) | –– | * | (0.09 | ) | ||||||||
Fiscal year ended 3-31-2008(6) | 16.29 | 0.24 | (2) | (1.87 | )(2) | (1.63 | ) | (0.24 | ) | (1.31 | ) | (1.55 | ) | ||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.58 | 0.16 | (2) | 3.07 | (2) | 3.23 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 13.02 | 0.14 | (2) | (4.49 | )(2) | (4.35 | ) | (0.09 | ) | –– | * | (0.09 | ) | ||||||||
Fiscal year ended 3-31-2008 | 16.33 | 0.25 | (2) | (2.01 | )(2) | (1.76 | ) | (0.24 | ) | (1.31 | ) | (1.55 | ) | ||||||||
Fiscal year ended 3-31-2007 | 15.56 | 0.19 | 1.49 | 1.68 | (0.16 | ) | (0.75 | ) | (0.91 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 13.82 | 0.19 | 2.26 | 2.45 | (0.22 | ) | (0.49 | ) | (0.71 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 12.58 | 0.07 | 1.29 | 1.36 | (0.12 | ) | –– | (0.12 | ) | ||||||||||||
Advisor Class Shares(5) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.56 | 0.14 | (2) | 3.08 | (2) | 3.22 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 13.01 | 0.20 | (4.54 | ) | (4.34 | ) | (0.11 | ) | –– | * | (0.11 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.30 | 0.25 | (1.97 | ) | (1.72 | ) | (0.26 | ) | (1.31 | ) | (1.57 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.54 | 0.21 | 1.49 | 1.70 | (0.19 | ) | (0.75 | ) | (0.94 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 13.77 | 0.22 | 2.23 | 2.45 | (0.19 | ) | (0.49 | ) | (0.68 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 12.54 | 0.04 | 1.32 | 1.36 | (0.13 | ) | –– | (0.13 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $11.72 | 37.08 | %(3) | $255 | 1.89 | %(4) | 2.08 | %(4) | 2.00 | %(4) | 1.97 | %(4) | 17 | % | |||||||||||
Fiscal year ended 3-31-2009 | 8.55 | - -33.87 | (3) | 207 | 1.81 | 1.26 | –– | –– | 43 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 12.97 | - -12.07 | (3) | 443 | 1.59 | 1.05 | –– | –– | 39 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 16.28 | 10.71 | (3) | 688 | 1.55 | 0.81 | –– | –– | 42 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 15.52 | 17.49 | (3) | 625 | 1.62 | 1.09 | –– | –– | 4 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 13.79 | 10.29 | (3) | 321 | 1.74 | 0.08 | –– | –– | 5 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.33 | 36.34 | 21 | 2.91 | (4) | 1.08 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2009 | 8.31 | - -34.46 | 17 | 2.71 | 0.35 | –– | –– | 43 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 12.68 | - -12.83 | 37 | 2.48 | 0.18 | –– | –– | 39 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 15.93 | 9.82 | 59 | 2.44 | - -0.07 | –– | –– | 42 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 15.23 | 16.43 | 57 | 2.51 | 0.21 | –– | –– | 4 | |||||||||||||||||
Fiscal year ended 3-31-2005 | 13.54 | 9.37 | 37 | 2.62 | - -0.86 | –– | –– | 5 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.34 | 36.63 | 46 | 2.51 | (4) | 1.49 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2009 | 8.30 | - -34.23 | 40 | 2.42 | 0.72 | –– | –– | 43 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 12.62 | - -12.65 | 99 | 2.25 | 0.37 | –– | –– | 39 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 15.88 | 10.03 | 233 | 2.21 | 0.15 | –– | –– | 42 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 15.16 | 16.70 | 211 | 2.28 | 0.43 | –– | –– | 4 | |||||||||||||||||
Fiscal year ended 3-31-2005 | 13.48 | 9.59 | 96 | 2.42 | - -0.62 | –– | –– | 5 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.74 | 37.31 | (3) | –– | * | 1.59 | (4) | 2.25 | (4) | 2.80 | (4) | 1.04 | (4) | 17 | |||||||||||
Fiscal year ended 3-31-2009 | 8.55 | - -33.87 | (3) | –– | * | 1.93 | 0.98 | 2.72 | 0.19 | 43 | |||||||||||||||
Fiscal year ended 3-31-2008(6) | 12.93 | - -12.31 | (3) | –– | * | 2.31 | (4) | 0.29 | (4) | –– | –– | 39 | (7) | ||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.88 | 37.50 | 6 | 1.33 | (4) | 2.24 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2009 | 8.64 | - -33.46 | 4 | 1.25 | 1.25 | –– | –– | 43 | |||||||||||||||||
Fiscal year ended 3-31-2008(6) | 13.11 | - -10.93 | 2 | 1.21 | (4) | 1.45 | (4) | –– | –– | 39 | (7) | ||||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.81 | 37.65 | 11 | 1.21 | (4) | 3.02 | (4) | 1.57 | (4) | 2.66 | (4) | 17 | |||||||||||||
Fiscal year ended 3-31-2009 | 8.58 | - -33.44 | 9 | 1.19 | 1.59 | 1.50 | 1.28 | 43 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 13.02 | - -11.73 | 8 | 1.20 | 1.42 | 1.45 | 1.17 | 39 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 16.33 | 11.14 | 15 | 1.20 | 1.18 | 1.42 | 0.96 | 42 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 15.56 | 17.99 | 17 | 1.19 | 1.46 | 1.46 | 1.19 | 4 | |||||||||||||||||
Fiscal year ended 3-31-2005 | 13.82 | 10.90 | 10 | 1.20 | 0.52 | 1.56 | 0.16 | 5 | |||||||||||||||||
Advisor Class Shares(5) | |||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.78 | 37.62 | 2 | 1.20 | (4) | 2.69 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2009 | 8.56 | - -33.43 | 1 | 1.14 | 1.85 | –– | –– | 43 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 13.01 | - -11.54 | 2 | 1.05 | 1.62 | –– | –– | 39 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 16.30 | 11.33 | 3 | 1.05 | 1.31 | –– | –– | 42 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 15.54 | 18.09 | 3 | 1.12 | 1.57 | –– | –– | 4 | |||||||||||||||||
Fiscal year ended 3-31-2005 | 13.77 | 10.86 | 3 | 1.23 | 0.41 | –– | –– | 5 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)Class is closed to investment.
(6)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(7)For the fiscal year ended March 31, 2008.
See Accompanying Notes to Financial Statements.
IVY EUROPEAN OPPORTUNITIES FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Distributions From Return of Capital | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $15.08 | $ 0.26 | (1) | $ 6.40 | (1) | $ 6.66 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 34.70 | 1.18 | (18.18 | ) | (17.00 | ) | (1.16 | ) | (1.44 | ) | (0.02 | ) | |||||||||
Fiscal year ended 3-31-2008 | 40.58 | 0.60 | (1.98 | ) | (1.38 | ) | (0.50 | ) | (4.00 | ) | –– | ||||||||||
Fiscal year ended 3-31-2007 | 33.58 | 0.31 | 7.11 | 7.42 | (0.42 | ) | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 28.31 | 0.10 | 5.37 | 5.47 | (0.20 | ) | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 22.30 | (0.03 | ) | 6.05 | 6.02 | (0.01 | ) | –– | –– | ||||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.50 | 0.16 | (1) | 6.14 | (1) | 6.30 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 33.35 | 1.06 | (1) | (17.56 | )(1) | (16.50 | ) | (0.89 | ) | (1.44 | ) | (0.02 | ) | ||||||||
Fiscal year ended 3-31-2008 | 39.14 | 0.27 | (1) | (1.90 | )(1) | (1.63 | ) | (0.16 | ) | (4.00 | ) | –– | |||||||||
Fiscal year ended 3-31-2007 | 32.40 | 0.09 | 6.78 | 6.87 | (0.13 | ) | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 27.32 | (0.11 | ) | 5.19 | 5.08 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 21.66 | (0.17 | ) | 5.83 | 5.66 | –– | –– | –– | |||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.55 | 0.21 | (1) | 6.17 | (1) | 6.38 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 33.49 | 1.02 | (17.54 | ) | (16.52 | ) | (0.96 | ) | (1.44 | ) | (0.02 | ) | |||||||||
Fiscal year ended 3-31-2008 | 39.28 | 0.32 | (1.91 | ) | (1.59 | ) | (0.20 | ) | (4.00 | ) | –– | ||||||||||
Fiscal year ended 3-31-2007 | 32.52 | 0.12 | 6.81 | 6.93 | (0.17 | ) | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 27.42 | (0.09 | ) | 5.19 | 5.10 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 21.74 | (0.14 | ) | 5.82 | 5.68 | –– | –– | –– | |||||||||||||
Class E Shares(4) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.08 | 0.32 | (1) | 6.43 | (1) | 6.75 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 34.73 | 1.09 | (18.00 | ) | (16.91 | ) | (1.28 | ) | (1.44 | ) | (0.02 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 40.69 | 0.73 | (2.11 | ) | (1.38 | ) | (0.58 | ) | (4.00 | ) | –– | ||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.09 | 0.35 | (1) | 6.42 | (1) | 6.77 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 34.80 | 0.95 | (1) | (17.87 | )(1) | (16.92 | ) | (1.33 | ) | (1.44 | ) | (0.02 | ) | ||||||||
Fiscal year ended 3-31-2008(5) | 40.73 | 0.35 | (1) | (1.61 | )(1) | (1.26 | ) | (0.67 | ) | (4.00 | ) | –– | |||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.10 | 0.30 | (1) | 6.44 | (1) | 6.74 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 34.75 | 1.20 | (18.14 | ) | (16.94 | ) | (1.25 | ) | (1.44 | ) | (0.02 | ) | |||||||||
Fiscal year ended 3-31-2008 | 40.61 | 0.61 | (1.91 | ) | (1.30 | ) | (0.56 | ) | (4.00 | ) | –– | ||||||||||
Fiscal year ended 3-31-2007 | 33.60 | 0.44 | 7.05 | 7.49 | (0.48 | ) | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 28.33 | 0.18 | 5.34 | 5.52 | (0.25 | ) | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 22.30 | 0.09 | 6.00 | 6.09 | (0.06 | ) | –– | –– | |||||||||||||
Advisor Class Shares(4) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.22 | 0.36 | (1) | 6.46 | (1) | 6.82 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 35.07 | 1.61 | (18.68 | ) | (17.07 | ) | (1.32 | ) | (1.44 | ) | (0.02 | ) | |||||||||
Fiscal year ended 3-31-2008 | 40.96 | 0.92 | (2.13 | ) | (1.21 | ) | (0.68 | ) | (4.00 | ) | –– | ||||||||||
Fiscal year ended 3-31-2007 | 33.88 | 0.94 | 6.73 | 7.67 | (0.59 | ) | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 28.55 | 0.35 | (1) | 5.32 | (1) | 5.67 | (0.34 | ) | –– | –– | |||||||||||
Fiscal year ended 3-31-2005 | 22.48 | 0.21 | 5.99 | 6.20 | (0.13 | ) | –– | –– |
Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ –– | $21.74 | 44.16 | %(2) | $187 | 2.15 | %(3) | 2.76 | %(3) | 55 | % | |||||||||||
Fiscal year ended 3-31-2009 | (2.62 | ) | 15.08 | - -49.74 | (2) | 136 | 1.84 | 4.03 | 88 | |||||||||||||
Fiscal year ended 3-31-2008 | (4.50 | ) | 34.70 | - -4.52 | (2) | 390 | 1.58 | 1.43 | 65 | |||||||||||||
Fiscal year ended 3-31-2007 | (0.42 | ) | 40.58 | 22.17 | (2) | 389 | 1.64 | 0.91 | 42 | |||||||||||||
Fiscal year ended 3-31-2006 | (0.20 | ) | 33.58 | 19.41 | (2) | 235 | 1.72 | 0.35 | 62 | |||||||||||||
Fiscal year ended 3-31-2005 | (0.01 | ) | 28.31 | 27.02 | (2) | 170 | 1.79 | - -0.07 | 63 | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | –– | 20.80 | 43.45 | 11 | 3.16 | (3) | 1.81 | (3) | 55 | |||||||||||||
Fiscal year ended 3-31-2009 | (2.35 | ) | 14.50 | - -50.19 | 8 | 2.73 | 3.59 | 88 | ||||||||||||||
Fiscal year ended 3-31-2008 | (4.16 | ) | 33.35 | - -5.27 | 37 | 2.35 | 0.68 | 65 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.13 | ) | 39.14 | 21.24 | 52 | 2.40 | 0.27 | 42 | ||||||||||||||
Fiscal year ended 3-31-2006 | –– | 32.40 | 18.59 | 44 | 2.45 | - -0.30 | 62 | |||||||||||||||
Fiscal year ended 3-31-2005 | –– | 27.32 | 26.13 | 40 | 2.53 | - -0.73 | 63 | |||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | –– | 20.93 | 43.85 | 21 | 2.68 | (3) | 2.29 | (3) | 55 | |||||||||||||
Fiscal year ended 3-31-2009 | (2.42 | ) | 14.55 | - -50.07 | 16 | 2.47 | 3.55 | 88 | ||||||||||||||
Fiscal year ended 3-31-2008 | (4.20 | ) | 33.49 | - -5.16 | 57 | 2.26 | 0.78 | 65 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.17 | ) | 39.28 | 21.33 | 65 | 2.32 | 0.32 | 42 | ||||||||||||||
Fiscal year ended 3-31-2006 | –– | 32.52 | 18.60 | 51 | 2.42 | - -0.29 | 62 | |||||||||||||||
Fiscal year ended 3-31-2005 | –– | 27.42 | 26.13 | 45 | 2.51 | - -0.79 | 63 | |||||||||||||||
Class E Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | –– | 21.83 | 44.76 | (2) | –– | * | 1.43 | (3) | 3.42 | (3) | 55 | |||||||||||
Fiscal year ended 3-31-2009 | (2.74 | ) | 15.08 | - -49.46 | (2) | –– | * | 1.36 | 4.14 | 88 | ||||||||||||
Fiscal year ended 3-31-2008(5) | (4.58 | ) | 34.73 | - -4.52 | (2) | –– | * | 1.28 | (3) | 1.78 | (3) | 65 | (6) | |||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | –– | 21.86 | 44.86 | 31 | 1.28 | (3) | 3.71 | (3) | 55 | |||||||||||||
Fiscal year ended 3-31-2009 | (2.79 | ) | 15.09 | - -49.39 | 23 | 1.22 | 4.08 | 88 | ||||||||||||||
Fiscal year ended 3-31-2008(5) | (4.67 | ) | 34.80 | - -4.24 | 53 | 1.17 | (3) | 1.44 | (3) | 65 | (6) | |||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | –– | 21.84 | 44.64 | 3 | 1.58 | (3) | 3.21 | (3) | 55 | |||||||||||||
Fiscal year ended 3-31-2009 | (2.71 | ) | 15.10 | - -49.52 | 2 | 1.49 | 4.27 | 88 | ||||||||||||||
Fiscal year ended 3-31-2008 | (4.56 | ) | 34.75 | - -4.33 | 4 | 1.41 | 1.60 | 65 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.48 | ) | 40.61 | 22.38 | 7 | 1.44 | 1.14 | 42 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.25 | ) | 33.60 | 19.60 | 4 | 1.55 | 0.60 | 62 | ||||||||||||||
Fiscal year ended 3-31-2005 | (0.06 | ) | 28.33 | 27.32 | 4 | 1.61 | 0.53 | 63 | ||||||||||||||
Advisor Class Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | –– | 22.04 | 44.81 | 1 | 1.32 | (3) | 3.81 | (3) | 55 | |||||||||||||
Fiscal year ended 3-31-2009 | (2.78 | ) | 15.22 | - -49.44 | 1 | 1.29 | 4.55 | 88 | ||||||||||||||
Fiscal year ended 3-31-2008 | (4.68 | ) | 35.07 | - -4.12 | 2 | 1.15 | 1.94 | 65 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.59 | ) | 40.96 | 22.76 | 2 | 1.19 | 1.60 | 42 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.34 | ) | 33.88 | 20.00 | 2 | 1.25 | 1.13 | 62 | ||||||||||||||
Fiscal year ended 3-31-2005 | (0.13 | ) | 28.55 | 27.64 | 4 | 1.36 | 0.51 | 63 |
*Not shown due to rounding.
(1)Based on average weekly shares outstanding.
(2)Total return calculated without taking into account the sales load deducted on an initial purchase.
(3)Annualized.
(4)Class is closed to investment.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
IVY INTERNATIONAL BALANCED FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.56 | $0.17 | (2) | $ 3.47 | (2) | $ 3.64 | $(0.02 | ) | $ –– | $(0.02 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.36 | 0.33 | (6.08 | ) | (5.75 | ) | (0.57 | ) | (0.48 | ) | (1.05 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.81 | 0.37 | 0.14 | 0.51 | (0.55 | ) | (0.41 | ) | (0.96 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.15 | 0.24 | (2) | 2.36 | (2) | 2.60 | (0.43 | ) | (0.51 | ) | (0.94 | ) | |||||||||
Fiscal year ended 3-31-2006 | 14.63 | 0.29 | 1.14 | 1.43 | (0.36 | ) | (0.55 | ) | (0.91 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 13.07 | 0.22 | 1.69 | 1.91 | (0.28 | ) | (0.07 | ) | (0.35 | ) | |||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.52 | 0.10 | (2) | 3.45 | (2) | 3.55 | –– | * | –– | –– | * | ||||||||||
Fiscal year ended 3-31-2009 | 16.31 | 0.16 | (6.01 | ) | (5.85 | ) | (0.46 | ) | (0.48 | ) | (0.94 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.77 | 0.20 | 0.14 | 0.34 | (0.39 | ) | (0.41 | ) | (0.80 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.11 | 0.07 | (2) | 2.37 | (2) | 2.44 | (0.27 | ) | (0.51 | ) | (0.78 | ) | |||||||||
Fiscal year ended 3-31-2006 | 14.59 | 0.08 | 1.18 | 1.26 | (0.19 | ) | (0.55 | ) | (0.74 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 13.04 | 0.03 | (2) | 1.70 | (2) | 1.73 | (0.11 | ) | (0.07 | ) | (0.18 | ) | |||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.53 | 0.13 | (2) | 3.47 | (2) | 3.60 | (0.02 | ) | –– | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.33 | 0.20 | (6.03 | ) | (5.83 | ) | (0.49 | ) | (0.48 | ) | (0.97 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.78 | 0.24 | 0.15 | 0.39 | (0.43 | ) | (0.41 | ) | (0.84 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.12 | 0.11 | (2) | 2.37 | (2) | 2.48 | (0.31 | ) | (0.51 | ) | (0.82 | ) | |||||||||
Fiscal year ended 3-31-2006 | 14.60 | 0.11 | 1.19 | 1.30 | (0.23 | ) | (0.55 | ) | (0.78 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 13.04 | 0.07 | (2) | 1.69 | (2) | 1.76 | (0.13 | ) | (0.07 | ) | (0.20 | ) | |||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended �� 9-30-2009 (unaudited) | 9.54 | 0.18 | (2) | 3.48 | (2) | 3.66 | (0.02 | ) | –– | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.33 | 0.28 | (2) | (6.05 | )(2) | (5.77 | ) | (0.54 | ) | (0.48 | ) | (1.02 | ) | ||||||||
Fiscal year ended 3-31-2008(5) | 16.85 | 0.17 | (2) | 0.18 | (2) | 0.35 | (0.46 | ) | (0.41 | ) | (0.87 | ) | |||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.57 | 0.21 | (2) | 3.49 | (2) | 3.70 | (0.03 | ) | –– | (0.03 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.38 | 0.35 | (2) | (6.05 | )(2) | (5.70 | ) | (0.63 | ) | (0.48 | ) | (1.11 | ) | ||||||||
Fiscal year ended 3-31-2008(5) | 16.86 | 0.30 | (2) | 0.23 | (2) | 0.53 | (0.60 | ) | (0.41 | ) | (1.01 | ) | |||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.57 | 0.18 | (2) | 3.48 | (2) | 3.66 | (0.02 | ) | –– | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.38 | 0.45 | (6.19 | ) | (5.74 | ) | (0.59 | ) | (0.48 | ) | (1.07 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.82 | 0.39 | 0.14 | 0.53 | (0.56 | ) | (0.41 | ) | (0.97 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.15 | 0.25 | (2) | 2.37 | (2) | 2.62 | (0.44 | ) | (0.51 | ) | (0.95 | ) | |||||||||
Fiscal year ended 3-31-2006 | 14.63 | 0.29 | (2) | 1.14 | (2) | 1.43 | (0.36 | ) | (0.55 | ) | (0.91 | ) | |||||||||
Fiscal year ended 3-31-2005 | 13.07 | 0.24 | (2) | 1.67 | (2) | 1.91 | (0.28 | ) | (0.07 | ) | (0.35 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $13.18 | 38.10 | %(3) | $174 | 1.59 | %(4) | 2.83 | %(4) | –– | % | –– | % | 93 | % | ||||||||||
Fiscal year ended 3-31-2009 | 9.56 | - -36.02 | (3) | 128 | 1.46 | 2.45 | –– | –– | 22 | |||||||||||||||
Fiscal year ended 3-31-2008 | 16.36 | 2.84 | (3) | 260 | 1.33 | 2.11 | –– | –– | 24 | |||||||||||||||
Fiscal year ended 3-31-2007 | 16.81 | 17.48 | (3) | 235 | 1.38 | 1.52 | –– | –– | 22 | |||||||||||||||
Fiscal year ended 3-31-2006 | 15.15 | 10.14 | (3) | 112 | 1.45 | 1.94 | –– | –– | 27 | |||||||||||||||
Fiscal year ended 3-31-2005 | 14.63 | 14.81 | (3) | 97 | 1.42 | 1.71 | –– | –– | 16 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.07 | 37.33 | 8 | 2.69 | (4) | 1.77 | (4) | –– | –– | 93 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.52 | - -36.62 | 6 | 2.44 | 1.48 | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 16.31 | 1.85 | 13 | 2.28 | 1.15 | –– | –– | 24 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 16.77 | 16.38 | 12 | 2.35 | 0.46 | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 15.11 | 8.93 | 6 | 2.59 | 0.73 | –– | –– | 27 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 14.59 | 13.37 | 3 | 2.64 | 0.20 | –– | –– | 16 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.11 | 37.74 | 25 | 2.23 | (4) | 2.21 | (4) | –– | –– | 93 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.53 | - -36.50 | 20 | 2.13 | 1.76 | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 16.33 | 2.14 | 42 | 2.04 | 1.34 | –– | –– | 24 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 16.78 | 16.64 | 30 | 2.12 | 0.70 | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 15.12 | 9.21 | 9 | 2.29 | 0.98 | –– | –– | 27 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 14.60 | 13.58 | 4 | 2.44 | 0.44 | –– | –– | 16 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.18 | 38.42 | (3) | 1 | 1.33 | (4) | 3.08 | (4) | 2.59 | (4) | 1.82 | (4) | 93 | |||||||||||
Fiscal year ended 3-31-2009 | 9.54 | - -36.11 | (3) | 1 | 1.63 | 2.10 | 1.84 | 1.90 | 22 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 16.33 | 1.92 | (3) | 1 | 2.23 | (4) | 1.00 | (4) | –– | –– | 24 | (6) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.24 | 38.64 | 40 | 1.02 | (4) | 3.47 | (4) | –– | –– | 93 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.57 | - -35.72 | 34 | 0.99 | 2.72 | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 16.38 | 2.99 | 45 | 0.98 | (4) | 2.14 | (4) | –– | –– | 24 | (6) | |||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.21 | 38.29 | 2 | 1.30 | (4) | 3.10 | (4) | –– | –– | 93 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.57 | - -35.95 | 1 | 1.33 | 2.75 | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 16.38 | 2.96 | 3 | 1.26 | 2.06 | –– | –– | 24 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 16.82 | 17.61 | 2 | 1.24 | 1.64 | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 15.15 | 10.18 | 1 | 1.41 | 1.99 | –– | –– | 27 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 14.63 | 14.84 | –– | * | 1.40 | 1.72 | –– | –– | 16 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
IVY INTERNATIONAL CORE EQUITY FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.54 | $ 0.15 | (2) | $ 4.68 | (2) | $ 4.83 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.11 | 0.17 | (7.22 | ) | (7.05 | ) | (0.19 | ) | (0.33 | ) | (0.52 | ) | |||||||||
Fiscal year ended 3-31-2008 | 17.63 | 0.10 | 0.98 | 1.08 | (0.09 | ) | (1.51 | ) | (1.60 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.73 | 0.10 | (2) | 2.59 | (2) | 2.69 | (0.06 | ) | (0.73 | ) | (0.79 | ) | |||||||||
Fiscal year ended 3-31-2006 | 11.61 | (0.06 | ) | 4.18 | 4.12 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 10.14 | (0.02 | ) | 1.49 | 1.47 | –– | –– | –– | |||||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.77 | 0.08 | (2) | 4.30 | (2) | 4.38 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 15.74 | 0.05 | (6.62 | ) | (6.57 | ) | (0.07 | ) | (0.33 | ) | (0.40 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.31 | (0.02 | ) | 0.88 | 0.86 | –– | (1.43 | ) | (1.43 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 14.67 | 0.00 | (2) | 2.37 | (2) | 2.37 | –– | (0.73 | ) | (0.73 | ) | ||||||||||
Fiscal year ended 3-31-2006 | 10.91 | (0.12 | ) | 3.88 | 3.76 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 9.60 | (0.08 | ) | 1.39 | 1.31 | –– | –– | –– | |||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.76 | 0.10 | (2) | 4.30 | (2) | 4.40 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 15.72 | 0.10 | (6.63 | ) | (6.53 | ) | (0.10 | ) | (0.33 | ) | (0.43 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.30 | 0.00 | (2) | 0.88 | (2) | 0.88 | –– | (1.46 | ) | (1.46 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 14.65 | (0.01 | )(2) | 2.39 | (2) | 2.38 | –– | (0.73 | ) | (0.73 | ) | ||||||||||
Fiscal year ended 3-31-2006 | 10.90 | (0.02 | ) | 3.77 | 3.75 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 9.59 | (0.07 | ) | 1.38 | 1.31 | –– | –– | –– | |||||||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.59 | 0.16 | (2) | 4.70 | (2) | 4.86 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.05 | 0.16 | (7.20 | ) | (7.04 | ) | (0.09 | ) | (0.33 | ) | (0.42 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 17.63 | (0.02 | ) | 0.98 | 0.96 | (0.03 | ) | (1.51 | ) | (1.54 | ) | ||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.58 | 0.18 | (2) | 4.72 | (2) | 4.90 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.20 | 0.20 | (7.23 | ) | (7.03 | ) | (0.26 | ) | (0.33 | ) | (0.59 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 17.71 | 0.16 | 1.01 | 1.17 | (0.17 | ) | (1.51 | ) | (1.68 | ) | |||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.59 | 0.12 | (2) | 4.77 | (2) | 4.89 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.19 | 0.19 | (7.24 | ) | (7.05 | ) | (0.22 | ) | (0.33 | ) | (0.55 | ) | |||||||||
Fiscal year ended 3-31-2008 | 17.70 | 0.15 | (2) | 0.97 | (2) | 1.12 | (0.12 | ) | (1.51 | ) | (1.63 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.79 | 0.12 | (2) | 2.59 | (2) | 2.71 | (0.07 | ) | (0.73 | ) | (0.80 | ) | |||||||||
Fiscal year ended 3-31-2006 | 11.64 | (0.06 | ) | 4.21 | 4.15 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2005 | 10.15 | (0.01 | ) | 1.50 | 1.49 | –– | –– | –– |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $14.37 | 50.63 | %(3) | $289 | 1.70 | %(4) | 2.37 | %(4) | –– | % | –– | % | 53 | % | ||||||||||
Fiscal year ended 3-31-2009 | 9.54 | - -41.28 | (3) | 152 | 1.64 | 1.44 | –– | –– | 108 | |||||||||||||||
Fiscal year ended 3-31-2008 | 17.11 | 5.39 | (3) | 222 | 1.53 | 0.65 | –– | –– | 101 | |||||||||||||||
Fiscal year ended 3-31-2007 | 17.63 | 17.35 | (3) | 161 | 1.56 | 0.63 | –– | –– | 108 | |||||||||||||||
Fiscal year ended 3-31-2006 | 15.73 | 35.49 | (3) | 67 | 1.82 | 0.14 | –– | –– | 90 | |||||||||||||||
Fiscal year ended 3-31-2005 | 11.61 | 14.50 | (3) | 17 | 1.99 | 0.09 | –– | –– | 106 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.15 | 49.94 | 13 | 2.72 | (4) | 1.34 | (4) | –– | –– | 53 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.77 | - -41.84 | 8 | 2.55 | 0.59 | –– | –– | 108 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 15.74 | 4.56 | 16 | 2.35 | - -0.09 | –– | –– | 101 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 16.31 | 16.39 | 17 | 2.35 | - -0.03 | –– | –– | 108 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 14.67 | 34.46 | 15 | 2.62 | - -0.41 | –– | –– | 90 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 10.91 | 13.65 | 20 | 2.76 | - -0.58 | –– | –– | 106 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.16 | 50.23 | 57 | 2.30 | (4) | 1.77 | (4) | –– | –– | 53 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.76 | - -41.64 | 30 | 2.29 | 0.81 | –– | –– | 108 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 15.72 | 4.68 | 45 | 2.20 | - -0.02 | –– | –– | 101 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 16.30 | 16.48 | 34 | 2.29 | - -0.08 | –– | –– | 108 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 14.65 | 34.40 | 15 | 2.58 | - -0.50 | –– | –– | 90 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 10.90 | 13.66 | 7 | 2.79 | - -0.63 | –– | –– | 106 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.45 | 50.68 | (3) | 2 | 1.52 | (4) | 2.60 | (4) | 2.80 | (4) | 1.32 | (4) | 53 | |||||||||||
Fiscal year ended 3-31-2009 | 9.59 | - -41.34 | (3) | 1 | 1.87 | 1.22 | 2.74 | 0.35 | 108 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 17.05 | 4.70 | (3) | 1 | 2.38 | (4) | - -0.51 | (4) | –– | –– | 101 | (6) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.48 | 51.15 | 65 | 1.13 | (4) | 2.86 | (4) | –– | –– | 53 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.58 | - -40.98 | 33 | 1.12 | 1.86 | –– | –– | 108 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 17.20 | 5.83 | 23 | 1.13 | (4) | 0.69 | (4) | –– | –– | 101 | (6) | |||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.48 | 50.99 | 73 | 1.38 | (4) | 1.91 | (4) | –– | –– | 53 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.59 | - -41.12 | 11 | 1.38 | 1.64 | –– | –– | 108 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 17.19 | 5.50 | 10 | 1.39 | 0.77 | –– | –– | 101 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 17.70 | 17.47 | 4 | 1.45 | 0.76 | –– | –– | 108 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 15.79 | 35.65 | 1 | 1.72 | 0.13 | –– | –– | 90 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 11.64 | 14.68 | –– | * | 1.82 | 0.29 | –– | –– | 106 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
IVY INTERNATIONAL GROWTH FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $19.83 | $ 0.27 | (2) | $ 7.51 | (2) | $ 7.78 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.27 | 0.34 | (16.52 | ) | (16.18 | ) | (0.26 | ) | –– | (0.26 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 34.60 | 0.15 | 1.59 | 1.74 | (0.07 | ) | –– | (0.07 | ) | ||||||||||||
Fiscal year ended 3-31-2007 | 29.74 | 0.19 | 4.72 | 4.91 | (0.05 | ) | –– | (0.05 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 22.86 | 0.08 | 6.97 | 7.05 | (0.17 | ) | –– | (0.17 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 21.34 | (0.02 | ) | 1.54 | 1.52 | –– | –– | –– | |||||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 18.06 | 0.13 | (2) | 6.80 | (2) | 6.93 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 33.04 | 0.03 | (2) | (14.98 | )(2) | (14.95 | ) | (0.03 | ) | –– | (0.03 | ) | |||||||||
Fiscal year ended 3-31-2008 | 31.79 | (0.23 | )(2) | 1.48 | (2) | 1.25 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 27.58 | (0.15 | )(2) | 4.36 | (2) | 4.21 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2006 | 21.30 | (0.17 | )(2) | 6.45 | (2) | 6.28 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2005 | 20.12 | (0.22 | )(2) | 1.40 | (2) | 1.18 | –– | –– | –– | ||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 18.02 | 0.13 | (2) | 6.80 | (2) | 6.93 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 32.97 | 0.05 | (2) | (14.94 | )(2) | (14.89 | ) | (0.06 | ) | –– | (0.06 | ) | |||||||||
Fiscal year ended 3-31-2008 | 31.71 | (0.25 | ) | 1.51 | 1.26 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2007 | 27.52 | (0.15 | ) | 4.34 | 4.19 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 21.20 | (0.09 | )(2) | 6.41 | (2) | 6.32 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2005 | 20.00 | (0.32 | ) | 1.52 | 1.20 | –– | –– | –– | |||||||||||||
Class E Shares(5) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 19.83 | 0.31 | (2) | 7.50 | (2) | 7.81 | –– | –– | –– | �� | |||||||||||
Fiscal year ended 3-31-2009 | 36.28 | 0.37 | (16.50 | ) | (16.13 | ) | (0.32 | ) | –– | (0.32 | ) | ||||||||||
Fiscal year ended 3-31-2008(6) | 34.54 | 0.19 | 1.67 | 1.86 | (0.12 | ) | –– | (0.12 | ) | ||||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 19.98 | 0.31 | (2) | 7.59 | (2) | 7.90 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.57 | 0.38 | (16.60 | ) | (16.22 | ) | (0.37 | ) | –– | (0.37 | ) | ||||||||||
Fiscal year ended 3-31-2008(6) | 34.52 | 0.10 | 2.12 | 2.22 | (0.17 | ) | –– | (0.17 | ) | ||||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 19.86 | 0.30 | (2) | 7.53 | (2) | 7.83 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.27 | 0.35 | (16.49 | ) | (16.14 | ) | (0.27 | ) | –– | (0.27 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 34.59 | 0.31 | 1.42 | 1.73 | (0.05 | ) | –– | (0.05 | ) | ||||||||||||
Fiscal year ended 3-31-2007 | 29.74 | 0.28 | 4.63 | 4.91 | (0.06 | ) | –– | (0.06 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 22.86 | 0.18 | (2) | 6.87 | (2) | 7.05 | (0.17 | ) | –– | (0.17 | ) | ||||||||||
Fiscal year ended 3-31-2005 | 21.35 | (0.09 | ) | 1.60 | 1.51 | –– | –– | –– |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $27.61 | 39.23 | %(3) | $114 | 1.70 | %(4) | 2.25 | %(4) | –– | % | –– | % | 38 | % | ||||||||||
Fiscal year ended 3-31-2009 | 19.83 | - -44.65 | (3) | 83 | 1.57 | 1.09 | –– | –– | 93 | |||||||||||||||
Fiscal year ended 3-31-2008 | 36.27 | 5.01 | (3) | 163 | 1.42 | 0.35 | –– | –– | 103 | |||||||||||||||
Fiscal year ended 3-31-2007 | 34.60 | 16.51 | (3) | 165 | 1.46 | 0.55 | –– | –– | 97 | |||||||||||||||
Fiscal year ended 3-31-2006 | 29.74 | 30.92 | (3) | 156 | 1.59 | 0.25 | –– | –– | 75 | |||||||||||||||
Fiscal year ended 3-31-2005 | 22.86 | 7.12 | (3) | 122 | 1.61 | - -0.15 | –– | –– | 76 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 24.99 | 38.37 | 5 | 2.83 | (4) | 1.22 | (4) | –– | –– | 38 | ||||||||||||||
Fiscal year ended 3-31-2009 | 18.06 | - -45.25 | 4 | 2.62 | 0.11 | –– | –– | 93 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 33.04 | 3.96 | 10 | 2.45 | - -0.67 | –– | –– | 103 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 31.79 | 15.23 | 11 | 2.55 | - -0.53 | –– | –– | 97 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 27.58 | 29.48 | 13 | 2.74 | - -0.72 | –– | –– | 75 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 21.30 | 5.87 | 17 | 2.75 | - -1.09 | –– | –– | 76 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 24.95 | 38.46 | 31 | 2.76 | (4) | 1.23 | (4) | –– | –– | 38 | ||||||||||||||
Fiscal year ended 3-31-2009 | 18.02 | - -45.19 | 24 | 2.54 | 0.16 | –– | –– | 93 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 32.97 | 3.97 | 53 | 2.42 | - -0.65 | –– | –– | 103 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 31.71 | 15.23 | 57 | 2.54 | - -0.53 | –– | –– | 97 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 27.52 | 29.81 | 56 | 2.43 | - -0.39 | –– | –– | 75 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 21.20 | 6.00 | 9 | 2.64 | - -1.14 | –– | –– | 76 | ||||||||||||||||
Class E Shares(5) | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 27.64 | 39.39 | (3) | –– | * | 1.42 | (4) | 2.52 | (4) | –– | –– | 38 | ||||||||||||
Fiscal year ended 3-31-2009 | 19.83 | - -44.52 | (3) | –– | * | 1.34 | 1.31 | –– | –– | 93 | ||||||||||||||
Fiscal year ended 3-31-2008(6) | 36.28 | 5.34 | (3) | –– | * | 1.27 | (4) | 0.49 | (4) | –– | –– | 103 | (7) | |||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 27.88 | 39.54 | 31 | 1.23 | (4) | 2.50 | (4) | –– | –– | 38 | ||||||||||||||
Fiscal year ended 3-31-2009 | 19.98 | - -44.42 | 15 | 1.18 | 1.37 | –– | –– | 93 | ||||||||||||||||
Fiscal year ended 3-31-2008(6) | 36.57 | 6.39 | 21 | 1.15 | (4) | 0.32 | (4) | –– | –– | 103 | (7) | |||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 27.69 | 39.43 | 3 | 1.42 | (4) | 2.50 | (4) | 1.54 | (4) | 2.38 | (4) | 38 | ||||||||||||
Fiscal year ended 3-31-2009 | 19.86 | - -44.55 | 2 | 1.43 | 1.21 | 1.50 | 1.14 | 93 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 36.27 | 4.99 | 3 | 1.44 | 0.31 | –– | –– | 103 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 34.59 | 16.50 | 5 | 1.46 | 0.65 | –– | –– | 97 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 29.74 | 30.95 | 6 | 1.58 | 0.81 | –– | –– | 75 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 22.86 | 7.07 | –– | * | 1.66 | - -0.33 | –– | –– | 76 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)Class is closed to investment.
(6)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(7)For the fiscal year ended March 31, 2008.
IVY PACIFIC OPPORTUNITIES FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 8.86 | $ 0.03 | (1) | $ 5.10 | (1) | $ 5.13 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.61 | 0.05 | (6.96 | ) | (6.91 | ) | –– | (1.84 | ) | (1.84 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 16.91 | (0.01 | ) | 2.80 | 2.79 | (0.05 | ) | (2.04 | ) | (2.09 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 14.32 | (0.02 | ) | 3.23 | 3.21 | (0.01 | ) | (0.61 | ) | (0.62 | ) | ||||||||||
Fiscal year ended 3-31-2006 | 10.61 | 0.02 | (1) | 3.83 | (1) | 3.85 | (0.04 | ) | (0.10 | ) | (0.14 | ) | |||||||||
Fiscal year ended 3-31-2005 | 9.55 | (0.07 | ) | 1.13 | 1.06 | –– | –– | –– | |||||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.83 | (0.04 | )(1) | 4.50 | (1) | 4.46 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 16.01 | (0.09 | ) | (6.30 | ) | (6.39 | ) | –– | (1.79 | ) | (1.79 | ) | |||||||||
Fiscal year ended 3-31-2008 | 15.49 | (0.19 | ) | 2.56 | 2.37 | –– | (1.85 | ) | (1.85 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 13.29 | (0.07 | ) | 2.88 | 2.81 | –– | (0.61 | ) | (0.61 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 9.91 | (0.06 | )(1) | 3.54 | (1) | 3.48 | –– | (0.10 | ) | (0.10 | ) | ||||||||||
Fiscal year ended 3-31-2005 | 9.01 | (0.13 | ) | 1.03 | 0.90 | –– | –– | –– | |||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.01 | (0.02 | )(1) | 4.62 | (1) | 4.60 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 16.27 | (0.09 | ) | (6.37 | ) | (6.46 | ) | –– | (1.80 | ) | (1.80 | ) | |||||||||
Fiscal year ended 3-31-2008 | 15.73 | (0.14 | ) | 2.58 | 2.44 | –– | (1.90 | ) | (1.90 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 13.45 | (0.08 | ) | 2.97 | 2.89 | –– | (0.61 | ) | (0.61 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 10.01 | (0.06 | )(1) | 3.60 | (1) | 3.54 | –– | (0.10 | ) | (0.10 | ) | ||||||||||
Fiscal year ended 3-31-2005 | 9.09 | (0.09 | ) | 1.01 | 0.92 | –– | –– | –– | |||||||||||||
Class E Shares(4) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.90 | 0.06 | (1) | 5.14 | (1) | 5.20 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.62 | 0.07 | (6.93 | ) | (6.86 | ) | –– | (1.86 | ) | (1.86 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.88 | 0.06 | 2.82 | 2.88 | (0.10 | ) | (2.04 | ) | (2.14 | ) | |||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.00 | 0.07 | (1) | 5.19 | (1) | 5.26 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.77 | 0.10 | (1) | (7.00 | )(1) | (6.90 | ) | –– | (1.87 | ) | (1.87 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 17.00 | (0.03 | )(1) | 2.98 | (1) | 2.95 | (0.14 | ) | (2.04 | ) | (2.18 | ) | |||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.98 | 0.05 | (1) | 5.17 | (1) | 5.22 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.75 | 0.08 | (6.99 | ) | (6.91 | ) | –– | (1.86 | ) | (1.86 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 17.03 | 0.01 | 2.83 | 2.84 | (0.08 | ) | (2.04 | ) | (2.12 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 14.41 | 0.02 | 3.26 | 3.28 | (0.05 | ) | (0.61 | ) | (0.66 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 10.67 | 0.04 | (1) | 3.87 | (1) | 3.91 | (0.07 | ) | (0.10 | ) | (0.17 | ) | |||||||||
Fiscal year ended 3-31-2005 | 9.58 | (0.04 | ) | 1.13 | 1.09 | –– | –– | –– | |||||||||||||
Advisor Class Shares(4) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.64 | 0.07 | (1) | 4.98 | (1) | 5.05 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 17.19 | 0.15 | (6.82 | ) | (6.67 | ) | –– | (1.88 | ) | (1.88 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 16.54 | 0.09 | 2.76 | 2.85 | (0.16 | ) | (2.04 | ) | (2.20 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 14.01 | 0.09 | 3.15 | 3.24 | (0.10 | ) | (0.61 | ) | (0.71 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 10.38 | 0.14 | (1) | 3.70 | (1) | 3.84 | (0.11 | ) | (0.10 | ) | (0.21 | ) | |||||||||
Fiscal year ended 3-31-2005 | 9.28 | (0.01 | ) | 1.11 | 1.10 | –– | –– | –– |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $13.99 | 57.90 | %(2) | $473 | 1.92 | %(3) | 0.47 | %(3) | 43 | % | ||||||||
Fiscal year ended 3-31-2009 | 8.86 | - -38.76 | (2) | 239 | 1.92 | 0.37 | 112 | |||||||||||
Fiscal year ended 3-31-2008 | 17.61 | 14.30 | (2) | 471 | 1.74 | - -0.08 | 96 | |||||||||||
Fiscal year ended 3-31-2007 | 16.91 | 22.60 | (2) | 375 | 1.84 | - -0.14 | 74 | |||||||||||
Fiscal year ended 3-31-2006 | 14.32 | 36.51 | (2) | 191 | 1.95 | 0.24 | 87 | |||||||||||
Fiscal year ended 3-31-2005 | 10.61 | 11.10 | (2) | 64 | 2.22 | - -0.80 | 87 | |||||||||||
Class B Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.29 | 56.96 | 18 | 3.06 | (3) | - -0.66 | (3) | 43 | ||||||||||
Fiscal year ended 3-31-2009 | 7.83 | - -39.46 | 10 | 3.07 | - -0.77 | 112 | ||||||||||||
Fiscal year ended 3-31-2008 | 16.01 | 13.16 | 21 | 2.74 | - -1.05 | 96 | ||||||||||||
Fiscal year ended 3-31-2007 | 15.49 | 21.33 | 20 | 2.88 | - -1.15 | 74 | ||||||||||||
Fiscal year ended 3-31-2006 | 13.29 | 35.26 | 11 | 2.91 | - -0.51 | 87 | ||||||||||||
Fiscal year ended 3-31-2005 | 9.91 | 9.99 | 6 | 3.06 | - -1.57 | 87 | ||||||||||||
Class C Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.61 | 57.43 | 34 | 2.65 | (3) | - -0.30 | (3) | 43 | ||||||||||
Fiscal year ended 3-31-2009 | 8.01 | - -39.22 | 16 | 2.69 | - -0.36 | 112 | ||||||||||||
Fiscal year ended 3-31-2008 | 16.27 | 13.36 | 38 | 2.49 | - -0.82 | 96 | ||||||||||||
Fiscal year ended 3-31-2007 | 15.73 | 21.68 | 34 | 2.60 | - -0.87 | 74 | ||||||||||||
Fiscal year ended 3-31-2006 | 13.45 | 35.51 | 18 | 2.75 | - -0.50 | 87 | ||||||||||||
Fiscal year ended 3-31-2005 | 10.01 | 10.12 | 7 | 3.06 | - -1.68 | 87 | ||||||||||||
Class E Shares(4) | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.10 | 58.43 | (2) | –– | * | 1.44 | (3) | 1.02 | (3) | 43 | ||||||||
Fiscal year ended 3-31-2009 | 8.90 | - -38.43 | (2) | –– | * | 1.44 | 0.79 | 112 | ||||||||||
Fiscal year ended 3-31-2008(5) | 17.62 | 14.79 | (2) | –– | * | 1.43 | (3) | 0.26 | (3) | 96 | (6) | |||||||
Class I Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.26 | 58.44 | 88 | 1.30 | (3) | 1.07 | (3) | 43 | ||||||||||
Fiscal year ended 3-31-2009 | 9.00 | - -38.34 | 45 | 1.31 | 0.81 | 112 | ||||||||||||
Fiscal year ended 3-31-2008(5) | 17.77 | 15.10 | 38 | 1.31 | (3) | 0.06 | (3) | 96 | (6) | |||||||||
Class Y Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 14.20 | 58.13 | 9 | 1.58 | (3) | 0.77 | (3) | 43 | ||||||||||
Fiscal year ended 3-31-2009 | 8.98 | - -38.47 | 4 | 1.57 | 0.69 | 112 | ||||||||||||
Fiscal year ended 3-31-2008 | 17.75 | 14.48 | 7 | 1.55 | 0.06 | 96 | ||||||||||||
Fiscal year ended 3-31-2007 | 17.03 | 22.95 | 8 | 1.58 | 0.11 | 74 | ||||||||||||
Fiscal year ended 3-31-2006 | 14.41 | 36.90 | 4 | 1.68 | 0.46 | 87 | ||||||||||||
Fiscal year ended 3-31-2005 | 10.67 | 11.38 | 1 | 1.88 | - -0.47 | 87 | ||||||||||||
Advisor Class Shares(4) | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.69 | 58.45 | –– | * | 1.27 | (3) | 1.20 | (3) | 43 | |||||||||
Fiscal year ended 3-31-2009 | 8.64 | - -38.31 | –– | * | 1.27 | 1.09 | 112 | |||||||||||
Fiscal year ended 3-31-2008 | 17.19 | 14.86 | –– | * | 1.22 | 0.46 | 96 | |||||||||||
Fiscal year ended 3-31-2007 | 16.54 | 23.33 | –– | * | 1.28 | 0.55 | 74 | |||||||||||
Fiscal year ended 3-31-2006 | 14.01 | 37.28 | –– | * | 1.42 | 1.12 | 87 | |||||||||||
Fiscal year ended 3-31-2005 | 10.38 | 11.85 | –– | * | 1.56 | - -0.06 | 87 |
*Not shown due to rounding.
(1)Based on average weekly shares outstanding.
(2)Total return calculated without taking into account the sales load deducted on an initial purchase.
(3)Annualized.
(4)Class is closed to investment.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
IVY BALANCED FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $13.01 | $0.11 | (1) | $ 2.35 | (1) | $ 2.46 | $(0.10 | ) | $ –– | $(0.10 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.64 | 0.16 | (3.63 | ) | (3.47 | ) | (0.16 | ) | –– | (0.16 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 16.18 | 0.20 | 0.97 | 1.17 | (0.20 | ) | (0.51 | ) | (0.71 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.22 | 0.16 | 0.98 | 1.14 | (0.18 | ) | –– | (0.18 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 14.00 | 0.15 | 1.21 | 1.36 | (0.14 | ) | –– | (0.14 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 13.35 | 0.14 | 0.65 | 0.79 | (0.14 | ) | –– | (0.14 | ) | ||||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.97 | 0.05 | (1) | 2.34 | (1) | 2.39 | (0.04 | ) | –– | (0.04 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.60 | 0.04 | (3.64 | ) | (3.60 | ) | (0.03 | ) | –– | (0.03 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 16.14 | 0.04 | 0.97 | 1.01 | (0.04 | ) | (0.51 | ) | (0.55 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.18 | 0.01 | 0.98 | 0.99 | (0.03 | ) | –– | (0.03 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 13.98 | 0.00 | 1.21 | 1.21 | (0.01 | ) | –– | (0.01 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 13.33 | 0.01 | 0.64 | 0.65 | –– | * | –– | –– | * | ||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 12.98 | 0.06 | (1) | 2.35 | (1) | 2.41 | (0.05 | ) | –– | (0.05 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.61 | 0.07 | (1) | (3.64 | )(1) | (3.57 | ) | (0.06 | ) | –– | (0.06 | ) | |||||||||
Fiscal year ended 3-31-2008 | 16.15 | 0.07 | 0.97 | 1.04 | (0.07 | ) | (0.51 | ) | (0.58 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.20 | 0.04 | 0.97 | 1.01 | (0.06 | ) | –– | (0.06 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 13.98 | 0.03 | 1.20 | 1.23 | (0.01 | ) | –– | (0.01 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 13.34 | 0.03 | 0.63 | 0.66 | (0.02 | ) | –– | (0.02 | ) | ||||||||||||
Class E Shares(4) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.02 | 0.12 | (1) | 2.35 | (1) | 2.47 | (0.11 | ) | –– | (0.11 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.65 | 0.21 | (3.65 | ) | (3.44 | ) | (0.19 | ) | –– | (0.19 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.21 | 0.24 | 0.94 | 1.18 | (0.23 | ) | (0.51 | ) | (0.74 | ) | |||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.01 | 0.07 | (1) | 2.43 | (1) | 2.50 | (0.12 | ) | –– | (0.12 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.65 | 0.09 | (3.52 | ) | (3.43 | ) | (0.21 | ) | –– | (0.21 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.21 | 0.26 | 0.95 | 1.21 | (0.26 | ) | (0.51 | ) | (0.77 | ) | |||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.01 | 0.13 | (1) | 2.34 | (1) | 2.47 | (0.11 | ) | –– | (0.11 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 16.64 | 0.19 | (3.65 | ) | (3.46 | ) | (0.17 | ) | –– | (0.17 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 16.18 | 0.22 | 0.97 | 1.19 | (0.22 | ) | (0.51 | ) | (0.73 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.22 | 0.18 | 0.98 | 1.16 | (0.20 | ) | –– | (0.20 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 14.00 | 0.17 | 1.21 | 1.38 | (0.16 | ) | –– | (0.16 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 13.35 | 0.17 | 0.65 | 0.82 | (0.17 | ) | –– | (0.17 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $15.37 | 18.91 | %(2) | $76 | 1.41 | %(3) | 1.51 | %(3) | 26 | % | ||||||||
Fiscal year ended 3-31-2009 | 13.01 | - -20.98 | (2) | 68 | 1.36 | 1.12 | 57 | |||||||||||
Fiscal year ended 3-31-2008 | 16.64 | 7.05 | (2) | 63 | 1.38 | 1.16 | 9 | |||||||||||
Fiscal year ended 3-31-2007 | 16.18 | 7.53 | (2) | 59 | 1.39 | 1.03 | 23 | |||||||||||
Fiscal year ended 3-31-2006 | 15.22 | 9.71 | (2) | 57 | 1.42 | 1.00 | 49 | |||||||||||
Fiscal year ended 3-31-2005 | 14.00 | 5.90 | (2) | 54 | 1.53 | 1.02 | 37 | |||||||||||
Class B Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.32 | 18.43 | 5 | 2.27 | (3) | 0.64 | (3) | 26 | ||||||||||
Fiscal year ended 3-31-2009 | 12.97 | - -21.73 | 4 | 2.28 | 0.22 | 57 | ||||||||||||
Fiscal year ended 3-31-2008 | 16.60 | 6.08 | 3 | 2.30 | 0.24 | 9 | ||||||||||||
Fiscal year ended 3-31-2007 | 16.14 | 6.49 | 3 | 2.39 | 0.03 | 23 | ||||||||||||
Fiscal year ended 3-31-2006 | 15.18 | 8.62 | 2 | 2.41 | 0.01 | 49 | ||||||||||||
Fiscal year ended 3-31-2005 | 13.98 | 4.90 | 2 | 2.52 | 0.06 | 37 | ||||||||||||
Class C Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.34 | 18.62 | 43 | 2.01 | (3) | 0.93 | (3) | 26 | ||||||||||
Fiscal year ended 3-31-2009 | 12.98 | - -21.53 | 49 | 1.96 | 0.49 | 57 | ||||||||||||
Fiscal year ended 3-31-2008 | 16.61 | 6.27 | 4 | 2.11 | 0.42 | 9 | ||||||||||||
Fiscal year ended 3-31-2007 | 16.15 | 6.67 | 3 | 2.16 | 0.27 | 23 | ||||||||||||
Fiscal year ended 3-31-2006 | 15.20 | 8.80 | 2 | 2.25 | 0.21 | 49 | ||||||||||||
Fiscal year ended 3-31-2005 | 13.98 | 4.98 | 1 | 2.38 | 0.19 | 37 | ||||||||||||
Class E Shares(4) | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.38 | 19.05 | (2) | –– | * | 1.13 | (3) | 1.79 | (3) | 26 | ||||||||
Fiscal year ended 3-31-2009 | 13.02 | - -20.77 | (2) | –– | * | 1.12 | 1.38 | 57 | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.65 | 7.11 | (2) | –– | * | 1.15 | (3) | 1.39 | (3) | 9 | (6) | |||||||
Class I Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.39 | 19.29 | 2 | 1.00 | (3) | 1.77 | (3) | 26 | ||||||||||
Fiscal year ended 3-31-2009 | 13.01 | - -20.72 | –– | * | 0.99 | 1.34 | 57 | |||||||||||
Fiscal year ended 3-31-2008(5) | 16.65 | 7.25 | –– | * | 1.04 | (3) | 1.51 | (3) | 9 | (6) | ||||||||
Class Y Shares | ||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.37 | 18.99 | 35 | 1.25 | (3) | 1.70 | (3) | 26 | ||||||||||
Fiscal year ended 3-31-2009 | 13.01 | - -20.89 | 38 | 1.24 | 1.26 | 57 | ||||||||||||
Fiscal year ended 3-31-2008 | 16.64 | 7.16 | 27 | 1.28 | 1.27 | 9 | ||||||||||||
Fiscal year ended 3-31-2007 | 16.18 | 7.67 | 28 | 1.26 | 1.16 | 23 | ||||||||||||
Fiscal year ended 3-31-2006 | 15.22 | 9.89 | 38 | 1.26 | 1.15 | 49 | ||||||||||||
Fiscal year ended 3-31-2005 | 14.00 | 6.16 | 44 | 1.30 | 1.25 | 37 |
*Not shown due to rounding.
(1)Based on average weekly shares outstanding.
(2)Total return calculated without taking into account the sales load deducted on an initial purchase.
(3)Annualized.
(4)Class is closed to investment.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
Ivy Funds
IVY GLOBAL NATURAL RESOURCES FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $11.08 | $(0.03 | )(2) | $ 6.06 | (2) | $ 6.03 | $ –– | $ –– | $ –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.53 | 0.02 | (21.13 | ) | (21.11 | ) | (0.03 | ) | (4.31 | ) | (4.34 | ) | |||||||||
Fiscal year ended 3-31-2008 | 31.67 | 0.05 | (2) | 8.54 | (2) | 8.59 | (0.52 | ) | (3.21 | ) | (3.73 | ) | |||||||||
Fiscal year ended 3-31-2007 | 30.13 | 0.17 | (2) | 4.40 | (2) | 4.57 | (0.16 | ) | (2.87 | ) | (3.03 | ) | |||||||||
Fiscal year ended 3-31-2006 | 22.65 | 0.12 | 8.88 | 9.00 | –– | (1.52 | ) | (1.52 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 17.63 | (0.04 | ) | 5.06 | 5.02 | –– | * | –– | –– | * | |||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.08 | (0.09 | )(2) | 5.50 | (2) | 5.41 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 34.27 | (0.10 | ) | (19.82 | ) | (19.92 | ) | –– | (4.27 | ) | (4.27 | ) | |||||||||
Fiscal year ended 3-31-2008 | 29.78 | (0.23 | )(2) | 8.00 | (2) | 7.77 | (0.07 | ) | (3.21 | ) | (3.28 | ) | |||||||||
Fiscal year ended 3-31-2007 | 28.57 | (0.05 | ) | 4.13 | 4.08 | –– | (2.87 | ) | (2.87 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 21.72 | 0.03 | 8.34 | 8.37 | –– | (1.52 | ) | (1.52 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 17.04 | (0.04 | ) | 4.72 | 4.68 | –– | –– | –– | |||||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.75 | (0.07 | )(2) | 5.32 | (2) | 5.25 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 33.47 | (0.13 | ) | (19.32 | ) | (19.45 | ) | –– | (4.27 | ) | (4.27 | ) | |||||||||
Fiscal year ended 3-31-2008 | 29.19 | (0.20 | )(2) | 7.86 | (2) | 7.66 | (0.17 | ) | (3.21 | ) | (3.38 | ) | |||||||||
Fiscal year ended 3-31-2007 | 28.04 | (0.03 | ) | 4.05 | 4.02 | –– | (2.87 | ) | (2.87 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 21.32 | 0.02 | 8.22 | 8.24 | –– | (1.52 | ) | (1.52 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 16.72 | (0.09 | ) | 4.69 | 4.60 | –– | –– | –– | |||||||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.16 | (0.02 | )(2) | 6.11 | (2) | 6.09 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.41 | (0.06 | )(2) | (20.98 | )(2) | (21.04 | ) | –– | (4.21 | ) | (4.21 | ) | |||||||||
Fiscal year ended 3-31-2008(6) | 32.00 | 0.03 | 7.94 | 7.97 | (0.35 | ) | (3.21 | ) | (3.56 | ) | |||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.22 | 0.00 | (2) | 6.13 | (2) | 6.13 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.74 | 0.03 | (2) | (21.19 | )(2) | (21.16 | ) | (0.04 | ) | (4.32 | ) | (4.36 | ) | ||||||||
Fiscal year ended 3-31-2008(6) | 32.16 | 0.05 | (2) | 8.51 | (2) | 8.56 | (0.77 | ) | (3.21 | ) | (3.98 | ) | |||||||||
Class R Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.02 | (0.04 | )(2) | 6.03 | (2) | 5.99 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.30 | (0.05 | )(2) | (20.94 | )(2) | (20.99 | ) | –– | (4.29 | ) | (4.29 | ) | |||||||||
Fiscal year ended 3-31-2008 | 31.62 | 0.24 | 8.23 | 8.47 | (0.58 | ) | (3.21 | ) | (3.79 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 30.10 | 0.05 | (2) | 4.44 | (2) | 4.49 | (0.10 | ) | (2.87 | ) | (2.97 | ) | |||||||||
Fiscal year ended 3-31-2006(8) | 26.11 | 0.06 | 3.93 | 3.99 | –– | –– | –– | ||||||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 11.17 | (0.01 | )(2) | 6.11 | (2) | 6.10 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.62 | 0.10 | (21.21 | ) | (21.11 | ) | (0.02 | ) | (4.32 | ) | (4.34 | ) | |||||||||
Fiscal year ended 3-31-2008 | 31.84 | 0.17 | 8.50 | 8.67 | (0.68 | ) | (3.21 | ) | (3.89 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 30.27 | 0.21 | (2) | 4.43 | (2) | 4.64 | (0.20 | ) | (2.87 | ) | (3.07 | ) | |||||||||
Fiscal year ended 3-31-2006 | 22.70 | 0.24 | (2) | 8.85 | (2) | 9.09 | –– | (1.52 | ) | (1.52 | ) | ||||||||||
Fiscal year ended 3-31-2005 | 17.66 | (0.02 | ) | 5.13 | 5.11 | (0.07 | ) | –– | (0.07 | ) | |||||||||||
Advisor Class Shares(5) | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.95 | 0.01 | (2) | 6.00 | (2) | 6.01 | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 36.16 | 0.24 | (21.08 | ) | (20.84 | ) | (0.06 | ) | (4.31 | ) | (4.37 | ) | |||||||||
Fiscal year ended 3-31-2008 | 31.48 | 0.26 | 8.43 | 8.69 | (0.80 | ) | (3.21 | ) | (4.01 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 29.92 | 0.31 | 4.34 | 4.65 | (0.22 | ) | (2.87 | ) | (3.09 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 22.45 | 0.13 | 8.86 | 8.99 | –– | (1.52 | ) | (1.52 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 17.47 | (0.14 | ) | 5.14 | 5.00 | (0.02 | ) | –– | (0.02 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $17.11 | 54.42 | %(3) | $2,610 | 1.52 | %(4) | - -0.46 | %(4) | –– | % | –– | % | 61 | % | ||||||||||
Fiscal year ended 3-31-2009 | 11.08 | - -56.82 | (3) | 1,640 | 1.40 | - -0.03 | –– | –– | 191 | |||||||||||||||
Fiscal year ended 3-31-2008 | 36.53 | 26.65 | (3) | 5,168 | 1.27 | 0.14 | –– | –– | 142 | |||||||||||||||
Fiscal year ended 3-31-2007 | 31.67 | 15.47 | (3) | 3,360 | 1.31 | 0.57 | –– | –– | 106 | |||||||||||||||
Fiscal year ended 3-31-2006 | 30.13 | 40.76 | (3) | 2,343 | 1.40 | 0.73 | –– | –– | 104 | |||||||||||||||
Fiscal year ended 3-31-2005 | 22.65 | 28.50 | (3) | 895 | 1.55 | - -0.52 | –– | –– | 110 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.49 | 53.67 | 180 | 2.36 | (4) | - -1.29 | (4) | –– | –– | 61 | ||||||||||||||
Fiscal year ended 3-31-2009 | 10.08 | - -57.15 | 117 | 2.19 | - -0.83 | –– | –– | 191 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 34.27 | 25.64 | 345 | 2.07 | - -0.64 | –– | –– | 142 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 29.78 | 14.55 | 272 | 2.12 | - -0.24 | –– | –– | 106 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 28.57 | 39.59 | 223 | 2.23 | - -0.10 | –– | –– | 104 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 21.72 | 27.46 | 110 | 2.39 | - -1.35 | –– | –– | 110 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 15.00 | 53.85 | 909 | 2.19 | (4) | - -1.13 | (4) | –– | –– | 61 | ||||||||||||||
Fiscal year ended 3-31-2009 | 9.75 | - -57.10 | 539 | 2.10 | - -0.74 | –– | –– | 191 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 33.47 | 25.72 | 1,749 | 1.99 | - -0.58 | –– | –– | 142 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 29.19 | 14.65 | 1,138 | 2.04 | - -0.16 | –– | –– | 106 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 28.04 | 39.72 | 801 | 2.15 | - -0.02 | –– | –– | 104 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 21.32 | 27.51 | 312 | 2.31 | - -1.28 | –– | –– | 110 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 17.25 | 54.57 | (3) | 4 | 1.26 | (4) | - -0.21 | (4) | 2.86 | (4) | -1.81 | (4) | 61 | |||||||||||
Fiscal year ended 3-31-2009 | 11.16 | - -56.83 | (3) | 2 | 1.66 | - -0.29 | 2.68 | -1.31 | 191 | |||||||||||||||
Fiscal year ended 3-31-2008(6) | 36.41 | 24.42 | (3) | 3 | 2.29 | (4) | - -1.02 | (4) | –– | –– | 142 | (7) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 17.35 | 54.64 | 720 | 1.06 | (4) | - -0.07 | (4) | –– | –– | 61 | ||||||||||||||
Fiscal year ended 3-31-2009 | 11.22 | - -56.60 | 232 | 1.05 | 0.22 | –– | –– | 191 | ||||||||||||||||
Fiscal year ended 3-31-2008(6) | 36.74 | 26.14 | 71 | 1.00 | (4) | 0.30 | (4) | –– | –– | 142 | (7) | |||||||||||||
Class R Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 17.01 | 54.36 | 41 | 1.58 | (4) | - -0.54 | (4) | –– | –– | 61 | ||||||||||||||
Fiscal year ended 3-31-2009 | 11.02 | - -56.86 | 22 | 1.57 | - -0.22 | –– | –– | 191 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 36.30 | 26.31 | 25 | 1.55 | - -0.22 | –– | –– | 142 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 31.62 | 15.20 | 4 | 1.58 | 0.23 | –– | –– | 106 | ||||||||||||||||
Fiscal year ended 3-31-2006(8) | 30.10 | 15.28 | –– | * | 1.69 | (4) | 0.82 | (4) | –– | –– | 104 | (9) | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 17.27 | 54.61 | 637 | 1.20 | (4) | - -0.19 | (4) | 1.31 | (4) | -0.30 | (4) | 61 | ||||||||||||
Fiscal year ended 3-31-2009 | 11.17 | - -56.67 | 278 | 1.20 | 0.16 | 1.28 | 0.08 | 191 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 36.62 | 26.74 | 813 | 1.20 | 0.16 | 1.26 | 0.11 | 142 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 31.84 | 15.63 | 311 | 1.20 | 0.66 | 1.27 | 0.59 | 106 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 30.27 | 41.07 | 116 | 1.20 | 0.91 | 1.35 | 0.76 | 104 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 22.70 | 28.98 | 21 | 1.20 | - -0.19 | 1.48 | -0.47 | 110 | ||||||||||||||||
Advisor Class Shares(5) | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 16.96 | 54.89 | –– | * | 0.93 | (4) | 0.15 | (4) | –– | –– | 61 | |||||||||||||
Fiscal year ended 3-31-2009 | 10.95 | - -56.62 | –– | * | 0.97 | 0.40 | –– | –– | 191 | |||||||||||||||
Fiscal year ended 3-31-2008 | 36.16 | 27.09 | –– | * | 0.93 | 0.52 | –– | –– | 142 | |||||||||||||||
Fiscal year ended 3-31-2007 | 31.48 | 15.86 | –– | * | 0.95 | 0.94 | –– | –– | 106 | |||||||||||||||
Fiscal year ended 3-31-2006 | 29.92 | 41.09 | –– | * | 1.25 | 0.97 | –– | –– | 104 | |||||||||||||||
Fiscal year ended 3-31-2005 | 22.45 | 28.63 | –– | * | 1.47 | - -0.36 | –– | –– | 110 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)Class is closed to investment.
(6)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(7)For the fiscal year ended March 31, 2008.
(8)For the period from December 29, 2005 (commencement of operations of the class) through March 31, 2006.
(9)For the fiscal year ended March 31, 2006.
Ivy Funds
IVY REAL ESTATE SECURITIES FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 8.31 | $ 0.13 | (2) | $ 5.10 | (2) | $ 5.23 | $(0.08 | ) | $ –– | $(0.08 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 19.34 | 0.23 | (11.00 | ) | (10.77 | ) | (0.26 | ) | –– | * | (0.26 | ) | |||||||||
Fiscal year ended 3-31-2008 | 26.14 | 0.19 | (4.87 | ) | (4.68 | ) | (0.15 | ) | (1.97 | ) | (2.12 | ) | |||||||||
Fiscal year ended 3-31-2007 | 23.11 | 0.10 | 4.05 | 4.15 | (0.15 | ) | (0.97 | ) | (1.12 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 18.13 | 0.15 | 5.81 | 5.96 | (0.18 | ) | (0.80 | ) | (0.98 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.99 | 0.15 | (2) | 1.93 | (2) | 2.08 | (0.25 | ) | (0.69 | ) | (0.94 | ) | |||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.24 | 0.04 | (2) | 5.06 | (2) | 5.10 | –– | * | –– | –– | * | ||||||||||
Fiscal year ended 3-31-2009 | 19.15 | 0.00 | (10.85 | ) | (10.85 | ) | (0.06 | ) | –– | * | (0.06 | ) | |||||||||
Fiscal year ended 3-31-2008 | 25.91 | (0.08 | ) | (4.79 | ) | (4.87 | ) | (0.01 | ) | (1.88 | ) | (1.89 | ) | ||||||||
Fiscal year ended 3-31-2007 | 23.00 | (0.09 | ) | 3.97 | 3.88 | –– | (0.97 | ) | (0.97 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 18.08 | 0.01 | 5.72 | 5.73 | (0.01 | ) | (0.80 | ) | (0.81 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.97 | (0.07 | )(2) | 1.95 | (2) | 1.88 | (0.08 | ) | (0.69 | ) | (0.77 | ) | |||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.26 | 0.08 | (2) | 5.07 | (2) | 5.15 | (0.03 | ) | –– | (0.03 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 19.22 | 0.09 | (10.92 | ) | (10.83 | ) | (0.12 | ) | (0.01 | ) | (0.13 | ) | |||||||||
Fiscal year ended 3-31-2008 | 26.01 | 0.00 | (4.85 | ) | (4.85 | ) | (0.02 | ) | (1.92 | ) | (1.94 | ) | |||||||||
Fiscal year ended 3-31-2007 | 23.04 | (0.06 | ) | 4.00 | 3.94 | –– | (0.97 | ) | (0.97 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 18.10 | 0.03 | 5.73 | 5.76 | (0.02 | ) | (0.80 | ) | (0.82 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.99 | 0.12 | 1.82 | 1.94 | (0.14 | ) | (0.69 | ) | (0.83 | ) | |||||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.32 | 0.15 | (2) | 5.12 | (2) | 5.27 | (0.12 | ) | –– | (0.12 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 19.36 | 0.18 | (11.00 | ) | (10.82 | ) | (0.22 | ) | –– | * | (0.22 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 26.37 | (0.32 | )(2) | (4.78 | )(2) | (5.10 | ) | (0.03 | ) | (1.88 | ) | (1.91 | ) | ||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.34 | 0.17 | (2) | 5.13 | (2) | 5.30 | (0.13 | ) | –– | (0.13 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 19.43 | 0.32 | (11.03 | ) | (10.71 | ) | (0.37 | ) | (0.01 | ) | (0.38 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 26.38 | 0.18 | (2) | (4.92 | )(2) | (4.74 | ) | (0.24 | ) | (1.97 | ) | (2.21 | ) | ||||||||
Class R Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.31 | 0.15 | (2) | 5.11 | (2) | 5.26 | (0.11 | ) | –– | (0.11 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 19.35 | 0.12 | (2) | (10.86 | )(2) | (10.74 | ) | (0.29 | ) | (0.01 | ) | (0.30 | ) | ||||||||
Fiscal year ended 3-31-2008 | 26.14 | 0.12 | (4.81 | ) | (4.69 | ) | (0.13 | ) | (1.97 | ) | (2.10 | ) | |||||||||
Fiscal year ended 3-31-2007 | 23.11 | 0.15 | 3.98 | 4.13 | (0.13 | ) | (0.97 | ) | (1.10 | ) | |||||||||||
Fiscal year ended 3-31-2006(7) | 20.55 | (0.20 | ) | 2.79 | 2.59 | (0.03 | ) | –– | (0.03 | ) | |||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.31 | 0.18 | (2) | 5.10 | (2) | 5.28 | (0.13 | ) | –– | (0.13 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 19.35 | 0.26 | (10.95 | ) | (10.69 | ) | (0.34 | ) | (0.01 | ) | (0.35 | ) | |||||||||
Fiscal year ended 3-31-2008 | 26.15 | 0.36 | (4.99 | ) | (4.63 | ) | (0.20 | ) | (1.97 | ) | (2.17 | ) | |||||||||
Fiscal year ended 3-31-2007 | 23.12 | 0.23 | 3.97 | 4.20 | (0.20 | ) | (0.97 | ) | (1.17 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 18.14 | 0.27 | 5.75 | 6.02 | (0.24 | ) | (0.80 | ) | (1.04 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 16.99 | 0.26 | (2) | 1.87 | (2) | 2.13 | (0.29 | ) | (0.69 | ) | (0.98 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $13.46 | 63.04 | %(3) | $155 | 2.30 | %(4) | 2.29 | %(4) | –– | % | –– | % | 36 | % | ||||||||||
Fiscal year ended 3-31-2009 | 8.31 | - -56.07 | (3) | 100 | 1.93 | 1.41 | –– | –– | 42 | |||||||||||||||
Fiscal year ended 3-31-2008 | 19.34 | - -18.13 | (3) | 253 | 1.67 | 0.70 | –– | –– | 27 | |||||||||||||||
Fiscal year ended 3-31-2007 | 26.14 | 18.09 | (3) | 395 | 1.57 | 0.54 | –– | –– | 35 | |||||||||||||||
Fiscal year ended 3-31-2006 | 23.11 | 33.53 | (3) | 256 | 1.64 | 0.91 | –– | –– | 35 | |||||||||||||||
Fiscal year ended 3-31-2005 | 18.13 | 12.09 | (3) | 155 | 1.67 | 0.95 | –– | –– | 48 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.34 | 61.92 | 6 | 3.91 | (4) | 0.78 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.24 | - -56.69 | 4 | 3.18 | 0.29 | –– | –– | 42 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 19.15 | - -18.98 | 13 | 2.71 | - -0.24 | –– | –– | 27 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 25.91 | 16.93 | 22 | 2.57 | - -0.42 | –– | –– | 35 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 23.00 | 32.19 | 15 | 2.66 | 0.01 | –– | –– | 35 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 18.08 | 10.91 | 10 | 2.73 | - -0.24 | –– | –– | 48 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.38 | 62.42 | 8 | 3.11 | (4) | 1.51 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.26 | - -56.47 | 5 | 2.79 | 0.57 | –– | –– | 42 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 19.22 | - -18.84 | 13 | 2.50 | 0.03 | –– | –– | 27 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 26.01 | 17.17 | 26 | 2.39 | - -0.28 | –– | –– | 35 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 23.04 | 32.38 | 17 | 2.46 | 0.15 | –– | –– | 35 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 18.10 | 11.21 | 10 | 2.49 | 0.14 | –– | –– | 48 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.47 | 63.53 | (3) | –– | * | 1.66 | (4) | 2.64 | (4) | 4.07 | (4) | 0.23 | (4) | 36 | ||||||||||
Fiscal year ended 3-31-2009 | 8.32 | - -56.07 | (3) | –– | * | 2.12 | 1.01 | 3.33 | - -0.20 | 42 | ||||||||||||||
Fiscal year ended 3-31-2008(5) | 19.36 | - -19.55 | (3) | –– | * | 2.77 | (4) | - -1.47 | (4) | –– | –– | 27 | (6) | |||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.51 | 63.82 | 1 | 1.43 | (4) | 2.88 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.34 | - -55.70 | 1 | 1.16 | 2.13 | –– | –– | 42 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 19.43 | - -18.17 | 1 | 1.17 | (4) | 0.75 | (4) | –– | –– | 27 | (6) | |||||||||||||
Class R Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.46 | 63.51 | –– | * | 1.78 | (4) | 2.55 | (4) | –– | –– | 36 | |||||||||||||
Fiscal year ended 3-31-2009 | 8.31 | - -55.94 | –– | * | 1.70 | 1.04 | –– | –– | 42 | |||||||||||||||
Fiscal year ended 3-31-2008 | 19.35 | - -18.12 | –– | * | 1.68 | 0.26 | –– | –– | 27 | |||||||||||||||
Fiscal year ended 3-31-2007 | 26.14 | 17.98 | –– | * | 1.68 | 0.43 | –– | –– | 35 | |||||||||||||||
Fiscal year ended 3-31-2006(7) | 23.11 | 12.59 | –– | * | 1.73 | (4) | - -3.64 | (4) | –– | –– | 35 | (8) | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 13.46 | 63.76 | 91 | 1.42 | (4) | 3.07 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.31 | - -55.78 | 54 | 1.39 | 1.77 | –– | –– | 42 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 19.35 | - -17.89 | 120 | 1.38 | 1.19 | –– | –– | 27 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 26.15 | 18.32 | 265 | 1.37 | 0.94 | –– | –– | 35 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 23.12 | 33.86 | 216 | 1.39 | 1.27 | –– | –– | 35 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 18.14 | 12.40 | 148 | 1.44 | 1.59 | –– | –– | 48 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
(7)For the period from December 29, 2005 (commencement of operations of the class) through March 31, 2006.
(8)For the fiscal year ended March 31, 2006.
Ivy Funds
IVY BOND FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 8.76 | $0.18 | (2) | $ 0.82 | (2) | $ 1.00 | $(0.18 | ) | $ –– | $(0.18 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.84 | 0.36 | (1.06 | ) | (0.70 | ) | (0.38 | ) | –– | (0.38 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 10.46 | 0.47 | (0.62 | ) | (0.15 | ) | (0.47 | ) | –– | (0.47 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 10.28 | 0.46 | 0.18 | 0.64 | (0.46 | ) | –– | (0.46 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.52 | 0.42 | (0.24 | ) | 0.18 | (0.42 | ) | –– | (0.42 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.83 | 0.41 | (0.30 | ) | 0.11 | (0.42 | ) | –– | (0.42 | ) | |||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.76 | 0.11 | (2) | 0.82 | (2) | 0.93 | (0.11 | ) | –– | (0.11 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.84 | 0.24 | (1.06 | ) | (0.82 | ) | (0.26 | ) | –– | (0.26 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 10.46 | 0.36 | (0.62 | ) | (0.26 | ) | (0.36 | ) | –– | (0.36 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 10.28 | 0.34 | 0.18 | 0.52 | (0.34 | ) | –– | (0.34 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.52 | 0.30 | (0.24 | ) | 0.06 | (0.30 | ) | –– | (0.30 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.83 | 0.28 | (0.31 | ) | (0.03 | ) | (0.28 | ) | –– | (0.28 | ) | ||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.76 | 0.15 | (2) | 0.82 | (2) | 0.97 | (0.15 | ) | –– | (0.15 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.84 | 0.27 | (2) | (1.05 | )(2) | (0.78 | ) | (0.30 | ) | –– | (0.30 | ) | |||||||||
Fiscal year ended 3-31-2008 | 10.46 | 0.39 | (0.62 | ) | (0.23 | ) | (0.39 | ) | –– | (0.39 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 10.28 | 0.37 | 0.18 | 0.55 | (0.37 | ) | –– | (0.37 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.52 | 0.31 | (0.24 | ) | 0.07 | (0.31 | ) | –– | (0.31 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.83 | 0.27 | (0.31 | ) | (0.04 | ) | (0.27 | ) | –– | (0.27 | ) | ||||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.76 | 0.18 | (2) | 0.82 | (2) | 1.00 | (0.18 | ) | –– | (0.18 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.84 | 0.34 | (1.06 | ) | (0.72 | ) | (0.36 | ) | –– | (0.36 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.46 | 0.43 | (2) | (0.62 | )(2) | (0.19 | ) | (0.43 | ) | –– | (0.43 | ) | |||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.76 | 0.20 | (2) | 0.82 | (2) | 1.02 | (0.20 | ) | –– | (0.20 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.84 | 0.39 | (1.06 | ) | (0.67 | ) | (0.41 | ) | –– | (0.41 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.46 | 0.50 | (2) | (0.62 | )(2) | (0.12 | ) | (0.50 | ) | –– | (0.50 | ) | |||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.76 | 0.18 | (2) | 0.82 | (2) | 1.00 | (0.18 | ) | –– | (0.18 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.84 | 0.33 | (2) | (1.03 | )(2) | (0.70 | ) | (0.38 | ) | –– | (0.38 | ) | |||||||||
Fiscal year ended 3-31-2008 | 10.46 | 0.46 | (2) | (0.62 | )(2) | (0.16 | ) | (0.46 | ) | –– | (0.46 | ) | |||||||||
Fiscal year ended 3-31-2007 | 10.28 | 0.46 | 0.18 | 0.64 | (0.46 | ) | –– | (0.46 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.52 | 0.41 | (0.24 | ) | 0.17 | (0.41 | ) | –– | (0.41 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.83 | 0.39 | (0.31 | ) | 0.08 | (0.39 | ) | –– | (0.39 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.58 | 11.52 | %(3) | $117 | 1.30 | %(4) | 4.00 | %(4) | –– | % | –– | % | 208 | % | ||||||||||
Fiscal year ended 3-31-2009 | 8.76 | - -7.22 | (3) | 98 | 1.25 | 3.89 | –– | –– | 441 | |||||||||||||||
Fiscal year ended 3-31-2008 | 9.84 | - -1.51 | (3) | 95 | 1.21 | 4.57 | –– | –– | 75 | |||||||||||||||
Fiscal year ended 3-31-2007 | 10.46 | 6.40 | (3) | 64 | 1.20 | 4.48 | –– | –– | 91 | |||||||||||||||
Fiscal year ended 3-31-2006 | 10.28 | 1.74 | (3) | 56 | 1.23 | 4.03 | –– | –– | 126 | |||||||||||||||
Fiscal year ended 3-31-2005 | 10.52 | 1.04 | (3) | 49 | 1.17 | 3.84 | 1.43 | 3.58 | 200 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.58 | 10.73 | 4 | 2.73 | (4) | 2.57 | (4) | –– | –– | 208 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.76 | - -8.45 | 3 | 2.60 | 2.51 | –– | –– | 441 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 9.84 | - -2.59 | 2 | 2.31 | 3.46 | –– | –– | 75 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 10.46 | 5.22 | 2 | 2.32 | 3.37 | –– | –– | 91 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 10.28 | 0.57 | 1 | 2.38 | 2.90 | –– | –– | 126 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 10.52 | - -0.23 | 1 | 2.45 | 2.63 | –– | –– | 200 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.58 | 11.12 | 15 | 2.03 | (4) | 3.28 | (4) | –– | –– | 208 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.76 | - -7.99 | 13 | 2.06 | 2.92 | –– | –– | 441 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 9.84 | - -2.31 | 5 | 2.02 | 3.76 | –– | –– | 75 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 10.46 | 5.48 | 4 | 2.06 | 3.62 | –– | –– | 91 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 10.28 | 0.66 | 2 | 2.28 | 3.01 | –– | –– | 126 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 10.52 | - -0.40 | 1 | 2.59 | 2.47 | –– | –– | 200 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.58 | 11.58 | (3) | 2 | 1.21 | (4) | 4.10 | (4) | 1.86 | (4) | 3.45 | (4) | 208 | |||||||||||
Fiscal year ended 3-31-2009 | 8.76 | - -7.37 | (3) | 1 | 1.37 | 3.73 | 1.77 | 3.33 | 441 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.84 | - -1.85 | (3) | 1 | 1.59 | (4) | 4.14 | (4) | –– | –– | 75 | (6) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.58 | 11.76 | 1 | 0.92 | (4) | 4.37 | (4) | –– | –– | 208 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.76 | - -6.88 | –– | * | 0.88 | 4.26 | –– | –– | 441 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.84 | - -1.17 | –– | * | 0.91 | (4) | 4.87 | (4) | –– | –– | 75 | (6) | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.58 | 11.59 | 5 | 1.17 | (4) | 4.10 | (4) | –– | –– | 208 | ||||||||||||||
Fiscal year ended 3-31-2009 | 8.76 | - -7.23 | 1 | 1.19 | 3.61 | 1.21 | 3.59 | 441 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 9.84 | - -1.60 | –– | * | 1.34 | 4.42 | –– | –– | 75 | |||||||||||||||
Fiscal year ended 3-31-2007 | 10.46 | 6.43 | –– | * | 1.09 | 4.60 | –– | –– | 91 | |||||||||||||||
Fiscal year ended 3-31-2006 | 10.28 | 1.62 | –– | * | 1.34 | 3.91 | –– | –– | 126 | |||||||||||||||
Fiscal year ended 3-31-2005 | 10.52 | 0.75 | –– | * | 1.46 | 3.65 | –– | –– | 200 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived
or reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
Ivy Funds
IVY GLOBAL BOND FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 9.39 | $0.20 | (2) | $ 0.55 | (2) | $ 0.75 | $(0.09 | ) | $ –– | $(0.09 | ) | ||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | 0.19 | (2) | (0.53 | )(2) | (0.34 | ) | (0.15 | ) | (0.12 | ) | (0.27 | ) | ||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.38 | 0.16 | (2) | 0.57 | (2) | 0.73 | (0.06 | ) | –– | (0.06 | ) | ||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | 0.16 | (2) | (0.58 | )(2) | (0.42 | ) | (0.08 | ) | (0.12 | ) | (0.20 | ) | ||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.38 | 0.17 | (2) | 0.56 | (2) | 0.73 | (0.06 | ) | –– | (0.06 | ) | ||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | 0.16 | (2) | (0.58 | )(2) | (0.42 | ) | (0.08 | ) | (0.12 | ) | (0.20 | ) | ||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.39 | 0.22 | (2) | 0.55 | (2) | 0.77 | (0.11 | ) | –– | (0.11 | ) | ||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | 0.25 | (2) | (0.57 | )(2) | (0.32 | ) | (0.17 | ) | (0.12 | ) | (0.29 | ) | ||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 9.39 | 0.19 | (2) | 0.56 | (2) | 0.75 | (0.09 | ) | –– | (0.09 | ) | ||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | 0.23 | (2) | (0.57 | )(2) | (0.34 | ) | �� | (0.15 | ) | (0.12 | ) | (0.27 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $10.05 | 8.06 | %(3) | $56 | 0.99 | %(4) | 4.05 | %(4) | 1.44 | %(4) | 3.60 | %(4) | 14 | % | ||||||||||
Fiscal year ended 3-31-2009(5) | 9.39 | - -3.35 | (3) | 32 | 1.01 | (4) | 2.87 | (4) | 1.56 | (4) | 2.32 | (4) | 18 | |||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.05 | 7.77 | 7 | 1.74 | (4) | 3.31 | (4) | 2.10 | (4) | 2.95 | (4) | 14 | ||||||||||||
Fiscal year ended 3-31-2009(5) | 9.38 | - -4.11 | 6 | 1.76 | (4) | 1.85 | (4) | 2.16 | (4) | 1.45 | (4) | 18 | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.05 | 7.77 | 23 | 1.74 | (4) | 3.30 | (4) | 2.03 | (4) | 3.01 | (4) | 14 | ||||||||||||
Fiscal year ended 3-31-2009(5) | 9.38 | - -4.10 | 13 | 1.74 | (4) | 2.03 | (4) | 2.17 | (4) | 1.61 | (4) | 18 | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.05 | 8.20 | 11 | 0.74 | (4) | 4.29 | (4) | 1.02 | (4) | 4.01 | (4) | 14 | ||||||||||||
Fiscal year ended 3-31-2009(5) | 9.39 | - -3.11 | 5 | 0.76 | (4) | 2.80 | (4) | 1.21 | (4) | 2.35 | (4) | 18 | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 10.05 | 8.06 | 12 | 0.99 | (4) | 4.06 | (4) | 1.30 | (4) | 3.75 | (4) | 14 | ||||||||||||
Fiscal year ended 3-31-2009(5) | 9.39 | - -3.34 | 8 | 1.01 | (4) | 2.65 | (4) | 1.47 | (4) | 2.19 | (4) | 18 |
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or
reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 4, 2008 (commencement of operations of the class) through March 31, 2009.
Ivy Funds
IVY MORTGAGE SECURITIES FUND | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | |||||||||||||||
Class A Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 7.73 | $0.16 | (2) | $ 0.40 | (2) | $ 0.56 | $(0.21 | ) | $ –– | $(0.21 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.62 | 0.35 | (1.77 | ) | (1.42 | ) | (0.47 | ) | –– | (0.47 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 10.59 | 0.49 | (0.97 | ) | (0.48 | ) | (0.49 | ) | –– | (0.49 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 10.44 | 0.51 | 0.15 | 0.66 | (0.51 | ) | –– | (0.51 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.68 | 0.48 | (0.24 | ) | 0.24 | (0.48 | ) | –– | (0.48 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.96 | 0.49 | (0.27 | ) | 0.22 | (0.49 | ) | (0.01 | ) | (0.50 | ) | ||||||||||
Class B Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.73 | 0.12 | (2) | 0.39 | (2) | 0.51 | (0.16 | ) | –– | (0.16 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.62 | 0.26 | (1.77 | ) | (1.51 | ) | (0.38 | ) | –– | (0.38 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 10.59 | 0.39 | (0.97 | ) | (0.58 | ) | (0.39 | ) | –– | (0.39 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 10.44 | 0.40 | 0.15 | 0.55 | (0.40 | ) | –– | (0.40 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.68 | 0.36 | (0.24 | ) | 0.12 | (0.36 | ) | –– | (0.36 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.96 | 0.37 | (0.27 | ) | 0.10 | (0.37 | ) | (0.01 | ) | (0.38 | ) | ||||||||||
Class C Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.73 | 0.14 | (2) | 0.39 | (2) | 0.53 | (0.18 | ) | –– | (0.18 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.62 | 0.29 | (1.77 | ) | (1.48 | ) | (0.41 | ) | –– | (0.41 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 10.59 | 0.41 | (0.97 | ) | (0.56 | ) | (0.41 | ) | –– | (0.41 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 10.44 | 0.42 | 0.15 | 0.57 | (0.42 | ) | –– | (0.42 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.68 | 0.38 | (0.24 | ) | 0.14 | (0.38 | ) | –– | (0.38 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.96 | 0.38 | (0.27 | ) | 0.11 | (0.38 | ) | (0.01 | ) | (0.39 | ) | ||||||||||
Class E Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.73 | 0.17 | (2) | 0.40 | (2) | 0.57 | (0.22 | ) | –– | (0.22 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.62 | 0.34 | (1.77 | ) | (1.43 | ) | (0.46 | ) | –– | (0.46 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.59 | 0.44 | (0.97 | ) | (0.53 | ) | (0.44 | ) | –– | (0.44 | ) | ||||||||||
Class I Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.73 | 0.18 | (2) | 0.40 | (2) | 0.58 | (0.23 | ) | –– | (0.23 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.62 | 0.40 | (1.77 | ) | (1.37 | ) | (0.52 | ) | –– | (0.52 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.59 | 0.57 | (0.97 | ) | (0.40 | ) | (0.57 | ) | –– | (0.57 | ) | ||||||||||
Class Y Shares | |||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 7.73 | 0.19 | (2) | 0.39 | (2) | 0.58 | (0.23 | ) | –– | (0.23 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 9.62 | 0.38 | (1.77 | ) | (1.39 | ) | (0.50 | ) | –– | (0.50 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 10.59 | 0.51 | (0.97 | ) | (0.46 | ) | (0.51 | ) | –– | (0.51 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 10.44 | 0.52 | 0.15 | 0.67 | (0.52 | ) | –– | (0.52 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 10.68 | 0.48 | (0.24 | ) | 0.24 | (0.48 | ) | –– | (0.48 | ) | |||||||||||
Fiscal year ended 3-31-2005 | 10.96 | 0.48 | (0.27 | ) | 0.21 | (0.48 | ) | (0.01 | ) | (0.49 | ) |
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver | Ratio of Net Investment Income to Average Net Assets Including Expense Waiver | Ratio of Expenses to Average Net Assets Excluding Expense Waiver(1) | Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | $ 8.08 | 7.32 | %(3) | $125 | 1.49 | %(4) | 4.18 | %(4) | –– | % | –– | % | 119 | % | ||||||||||
Fiscal year ended 3-31-2009 | 7.73 | - -15.15 | (3) | 132 | 1.29 | 4.32 | –– | –– | 149 | |||||||||||||||
Fiscal year ended 3-31-2008 | 9.62 | - -4.69 | (3) | 256 | 1.14 | 4.80 | –– | –– | 98 | |||||||||||||||
Fiscal year ended 3-31-2007 | 10.59 | 6.52 | (3) | 278 | 1.14 | 4.90 | –– | –– | 121 | |||||||||||||||
Fiscal year ended 3-31-2006 | 10.44 | 2.24 | (3) | 243 | 1.05 | 4.51 | 1.16 | 4.40 | 154 | |||||||||||||||
Fiscal year ended 3-31-2005 | 10.68 | 2.12 | (3) | 188 | 0.95 | 4.59 | 1.23 | 4.31 | 200 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.08 | 6.72 | 4 | 2.70 | (4) | 3.05 | (4) | –– | –– | 119 | ||||||||||||||
Fiscal year ended 3-31-2009 | 7.73 | - -16.06 | 5 | 2.33 | 3.39 | –– | –– | 149 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 9.62 | - -5.62 | 11 | 2.11 | 3.82 | –– | –– | 98 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 10.59 | 5.45 | 12 | 2.16 | 3.88 | –– | –– | 121 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 10.44 | 1.12 | 11 | 2.16 | 3.41 | –– | –– | 154 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 10.68 | 0.92 | 7 | 2.16 | 3.29 | –– | –– | 200 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.08 | 6.96 | 7 | 2.24 | (4) | 3.55 | (4) | –– | –– | 119 | ||||||||||||||
Fiscal year ended 3-31-2009 | 7.73 | - -15.77 | 8 | 2.02 | 3.64 | –– | –– | 149 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 9.62 | - -5.43 | 17 | 1.92 | 4.02 | –– | –– | 98 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 10.59 | 5.69 | 19 | 1.93 | 4.11 | –– | –– | 121 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 10.44 | 1.34 | 19 | 1.93 | 3.63 | –– | –– | 154 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 10.68 | 1.05 | 12 | 2.03 | 3.41 | –– | –– | 200 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.08 | 7.51 | (3) | –– | * | 1.14 | (4) | 4.46 | (4) | 2.17 | (4) | 3.43 | (4) | 119 | ||||||||||
Fiscal year ended 3-31-2009 | 7.73 | - -15.21 | (3) | –– | * | 1.38 | 3.87 | 1.94 | 3.31 | 149 | ||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.62 | - -5.20 | (3) | –– | * | 1.73 | (4) | 4.20 | (4) | –– | –– | 98 | (6) | |||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.08 | 7.65 | 1 | 0.93 | (4) | 4.46 | (4) | –– | –– | 119 | ||||||||||||||
Fiscal year ended 3-31-2009 | 7.73 | - -14.70 | –– | * | 0.79 | 4.52 | –– | –– | 149 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 9.62 | - -4.05 | –– | * | 0.78 | (4) | 5.15 | (4) | –– | –– | 98 | (6) | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2009 (unaudited) | 8.08 | 7.57 | 3 | 1.12 | (4) | 4.64 | (4) | –– | –– | 119 | ||||||||||||||
Fiscal year ended 3-31-2009 | 7.73 | - -14.91 | 3 | 1.02 | 4.73 | –– | –– | 149 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 9.62 | - -4.57 | 9 | 1.01 | 4.93 | –– | –– | 98 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 10.59 | 6.66 | 13 | 1.00 | 5.04 | –– | –– | 121 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 10.44 | 2.26 | 7 | 1.03 | 4.53 | –– | –– | 154 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 10.68 | 1.95 | 6 | 1.12 | 4.41 | –– | –– | 200 |
*Not shown due to rounding.
(1)Ratios excluding expense waivers are included only for periods in which the class had waived or
reimbursed expenses.
(2)Based on average weekly shares outstanding.
(3)Total return calculated without taking into account the sales load deducted on an initial purchase.
(4)Annualized.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(6)For the fiscal year ended March 31, 2008.
See Accompanying Notes to Financial Statements.
ACCOUNTING POLICIES
Ivy Funds (the Trust) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Trust issues 18 series of capital shares; each series represents ownership of a separate mutual fund (Fund). The investment objective(s), policies and risk factors of each Fund are described more fully in that Fund's prospectus and Statement of Additional Information. The Trust's investment manager is Ivy Investment Management Company (IICO or the Manager).
Each Fund offers Class A, Class B, Class C, Class I and Class Y shares. Certain Funds may offer Class E and/or Class R shares. Class A and Class E shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class I, Class R and Class Y shares are sold without either a front-end sales charge or a CDSC. Advisor Class shares were formerly offered by certain Funds, but are no longer available for sale. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer agent and shareholder servicing fees, directly attributable to that class. Class A, B, C, E, R and Y have separate distribution and/or service plans . No such plan has been adopted for Class I or Advisor Class shares. Class B shares will automatically convert to Class A shares 96 months after the date of purchase.
The following is a summary of significant accounting policies consistently followed by each Fund.
Securities Valuation. Each Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the NYSE), normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.
Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. Over-the-counter securities and listed securities for which no price is readily available are valued at the average of the last bid and asked prices. Security prices are based on quotes that are obtained from an independent pricing service approved by the Board of Trustees.
To determine values of fixed-income securities, the independent pricing service utilizes such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities which cannot be valued by the independent pricing service are valued using valuations obtained from dealers that make markets in the securities.
Options and swaps are valued by the independent pricing service unless the price is unavailable, in which case they are valued at either the mean between the last bid and asked price or using a valuation obtained from a dealer in that security. Futures contracts traded on an exchange are generally valued at the settlement price. Mutual funds, including investment funds, are typically valued at the net asset value reported at the close of each business day.
Forward foreign currency contracts are valued daily based upon the closing prices of the forward currency rates determined at the close of the NYSE as provided by a bank, dealer or independent pricing service.
Senior loans are valued using a composite price from more than one broker or dealer as obtained from an independent pricing service.
Short-term securities are valued on the basis of amortized cost (which approximates market value), whereby a portfolio security is valued at its cost initially, and thereafter valued to reflect a constant amortization to maturity of any discount or premium.
Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign market and the close of the U.S. markets that could have a material impact on the valuation of foreign securities. The Funds, under the supervision of the Board of Trustees, evaluate the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the U.S. markets. In addition, all securities for which market values are not readily available or are deemed unreliable are appraised at fair value as determined in good faith under the direction of the Board of Trustees. As of September 30, 2009, the following had aggregate investments valued at fair value (unrealized appreciation (depreciation) for futures contracts) as shown:
Fund Name | Total Amount of Fair Valued Securities | Percent of Net Assets | ||||||
---|---|---|---|---|---|---|---|---|
Ivy European Opportunities Fund | $ | –– | * | 0.00 | % | |||
Ivy Pacific Opportunities Fund | 7,961 | 1.28 | % | |||||
Ivy Balanced Fund | –– | * | 0.00 | % | ||||
Ivy Global Natural Resources Fund | 31,641 | 0.62 | % | |||||
Ivy Bond Fund | 25 | 0.02 | % | |||||
Ivy Mortgage Securities Fund | –– | * | 0.00 | % | ||||
*Not shown due to rounding. |
Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Upon notification from issuers, some of the distributions received from a real estate investment trust or publically traded partnership may be redesignated as a reduction of cost of the related investment and/or realized gain.
Securities on a When-Issued or Delayed Delivery Basis. Certain Funds may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally take place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued or delayed-delivery basis prior to settlement of the original purchase.
Mortgage Dollar Roll Transactions. Certain Funds enter into dollar roll transactions on securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, in which the Fund sells mortgage securities and simultaneously agrees to repurchase similar (same type, coupon and maturity) securities at a later date at an agreed upon price. During the period between the sale and repurchase, the Fund forgoes principal and interest paid on the mortgage securities sold. The Fund is compensated from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" their purchase commitments. These fees are recognized over the roll period and are included in Interest and amortization in the Statement of Operations. During the fiscal period ended September 30, 2009, Ivy Bond Fund and Ivy Mortgage Securities Fund engaged in this type of transaction.
Interest Only Obligations. These securities entitle the owner to receive only the interest portion from a bond, Treasury note or pool of mortgages. These securities are generally created by a third party separating a bond or pool of mortgages into distinct interest-only and principal-only securities. As the principal (par) amount of a bond or pool of mortgages is paid down, the amount of interest income earned by the owner will decline as well.
Credit Risk. Certain Funds may hold high-yield and/or non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default.
Foreign Currency Translation. Each Fund's accounting records are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars daily, using foreign exchange rates obtained from an independent pricing service authorized by the Board of Trustees. Purchases and sales of investment securities and accruals of income and expenses are translated at the rate of exchange prevailing on the date of the transaction. For assets and liabilities other than investments in securities, net realized and unrealized gains and losses from foreign currency translation arise from changes in currency exchange rates. Each Fund combines fluctuations from currency exchange rates and fluctuations in market value when computing net realized and unrealized gain or loss from investments. Foreign exchange rates are valued as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading, primarily using an independent pricin g service authorized by the Board of Trustees.
Repurchase Agreements. Each Fund may purchase securities subject to repurchase agreements, which are instruments under which the Fund purchases a security and the seller (normally a commercial bank or broker-dealer) agrees, at the time of purchase, that it will repurchase the security at a specified time and price. Repurchase agreements are collateralized by the value of the resold securities which, during the entire period of the agreement, generally remains at least equal to the value of the agreement, including accrued interest thereon. The collateral for the repurchase agreement is held by a custodian bank.
Investments with Off-Balance Sheet Risk. Certain Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Statement of Assets and Liabilities.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Income Taxes. It is the policy of each Fund to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Fund intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. Management of the Trust periodically reviews all tax positions to assess that it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of September 30, 2009, management believes that under this standard no liability for unrecognized tax positions is required. The Funds are subject to examination by U.S. federal and state authorities for returns filed for tax years after 2004.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded by each Fund on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.
Custodian Fees. "Custodian fees" in the Statement of Operations may include interest expense incurred by a Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. A Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by that Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The "Earnings credit" line item, if applicable, represents earnings on cash balances maintained by that Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Trustees' Fees. Fees paid to the Trustees can be paid in cash or deferred to a later date, at the election of each Trustee according to the Deferred Fee Agreement entered into between the Trust and the Trustee(s). Each Fund records its portion of the deferred fees as a liability on the Statement of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statement of Operations.
Indemnifications. The Trust's organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.
Concentration of Risk. Certain Funds may have a concentration of risk which includes, but is not limited to, investing in international securities. International investing involves additional risks including, but not limited to, currency fluctuations, political or economic conditions affecting the foreign country and differences in accounting standards and foreign regulations.
Other. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has performed a review for subsequent events through November 20, 2009, the date this report was issued.
2. INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONSManagement Fees. IICO, a wholly owned subsidiary of Waddell & Reed Financial, Inc. (WDR), serves as the Trust's investment manager. IICO provides investment advice, for which services it is paid a fee. The fee is payable by each Fund at the following annual rates and is accrued and paid monthly:
Fund | Net Asset Breakpoints | Annual Rate |
---|---|---|
Ivy Dividend Opportunities Fund | Up to $1 Billion | 0.70% |
Over $1 Billion up to $2 Billion | 0.65% | |
Over $2 Billion up to $3 Billion | 0.60% | |
| Over $3 Billion | 0.55% |
Ivy Micro Cap Growth Fund | Up to $1 Billion | 0.95% |
Over $1 Billion up to $2 Billion | 0.93% | |
Over $2 Billion up to $3 Billion | 0.90% | |
| Over $3 Billion | 0.86% |
Ivy Small Cap Value Fund | Up to $1 Billion | 0.85% |
Over $1 Billion up to $2 Billion | 0.83% | |
Over $2 Billion up to $3 Billion | 0.80% | |
| Over $3 Billion | 0.76% |
Ivy Value Fund | Up to $1 Billion | 0.70% |
Over $1 Billion up to $2 Billion | 0.65% | |
Over $2 Billion up to $3 Billion | 0.60% | |
| Over $3 Billion | 0.55% |
Ivy Managed European/Pacific Fund | All levels | 0.05% |
Ivy Managed International Opportunities Fund | All levels | 0.05% |
Ivy Cundill Global Value Fund | Up to $500 Million | 1.00% |
Over $500 Million up to $1 Billion | 0.85% | |
Over $1 Billion up to $2 Billion | 0.83% | |
Over $2 Billion up to $3 Billion | 0.80% | |
| Over $3 Billion | 0.76% |
Ivy European Opportunities Fund | Up to $250 Million | 1.00% |
Over $250 Million up to $500 Million | 0.85% | |
| Over $500 Million | 0.75% |
Ivy International Balanced Fund | Up to $1 Billion | 0.70% |
Over $1 Billion up to $2 Billion | 0.65% | |
Over $2 Billion up to $3 Billion | 0.60% | |
| Over $3 Billion | 0.55% |
Ivy International Core Equity Fund | Up to $1 Billion | 0.85% |
Over $1 Billion up to $2 Billion | 0.83% | |
Over $2 Billion up to $3 Billion | 0.80% | |
| Over $3 Billion | 0.70% |
Ivy International Growth Fund | Up to $1 Billion | 0.85% |
Over $1 Billion up to $2 Billion | 0.83% | |
Over $2 Billion up to $3 Billion | 0.80% | |
| Over $3 Billion | 0.70% |
Ivy Pacific Opportunities Fund | Up to $500 Million | 1.00% |
Over $500 Million up to $1 Billion | 0.85% | |
Over $1 Billion up to $2 Billion | 0.83% | |
Over $2 Billion up to $3 Billion | 0.80% | |
| Over $3 Billion | 0.76% |
Ivy Balanced Fund | Up to $1 Billion | 0.70% |
Over $1 Billion up to $2 Billion | 0.65% | |
Over $2 Billion up to $3 Billion | 0.60% | |
| Over $3 Billion | 0.55% |
Ivy Global Natural Resources Fund | Up to $500 Million | 1.00% |
Over $500 Million up to $1 Billion | 0.85% | |
Over $1 Billion up to $2 Billion | 0.83% | |
Over $2 Billion up to $3 Billion | 0.80% | |
| Over $3 Billion | 0.76% |
Ivy Real Estate Securities Fund | Up to $1 Billion | 0.90% |
Over $1 Billion up to $2 Billion | 0.87% | |
Over $2 Billion up to $3 Billion | 0.84% | |
| Over $3 Billion | 0.80% |
Ivy Bond Fund | Up to $500 Million | 0.525% |
Over $500 Million up to $1 Billion | 0.50% | |
Over $1 Billion up to $1.5 Billion | 0.45% | |
| Over $1.5 Billion | 0.40% |
Ivy Global Bond Fund | Up to $500 Million | 0.625% |
Over $500 Million up to $1 Billion | 0.60% | |
Over $1 Billion up to $1.5 Billion | 0.55% | |
| Over $1.5 Billion | 0.50% |
Ivy Mortgage Securities Fund | Up to $500 Million | 0.50% |
Over $500 Million up to $1 Billion | 0.45% | |
Over $1 Billion up to $1.5 Billion | 0.40% | |
| Over $1.5 Billion | 0.35% |
Effective August 26, 2009, the fee is payable at the following annual rates for Ivy European Opportunities Fund:
Up to $250 Million | 0.90% | |
Over $250 Million up to $500 Million | 0.85% | |
| Over $500 Million | 0.75% |
IICO has entered into Subadvisory Agreements with the following entities on behalf of certain Funds.
Under an agreement between IICO and Mackenzie Financial Corporation (Mackenzie), Mackenzie serves as subadvisor to Ivy Global Natural Resources Fund. Under an agreement between IICO and Mackenzie, Mackenzie also serves as subadvisor to Ivy Cundill Global Value Fund. Mackenzie Cundill Investment Management Ltd. (Cundill) is one of the companies that comprises The Cundill Division of Mackenzie and, under a Memorandum of Understanding with Mackenzie, serves as the investment subadvisor to, and as such provides investment advice to, and generally conducts the investment management program for, Ivy Cundill Global Value Fund. Wall Street Associates serves as subadvisor to Ivy Micro Cap Growth Fund. Advantus Capital Management, Inc. serves as subadvisor to Ivy Real Estate Securities Fund, Ivy Bond Fund and Ivy Mortgage Securities Fund. Each subadvisor makes investment decisions in accordance with the Fund's investment objectives, policies and restrictions under the supervision of IICO and the Board of Trustees. IIC O pays all costs associated with retaining the subadvisors. Effective April 15, 2009, IICO serves as investment manager to Ivy International Balanced Fund. Prior to April 15, 2009, Templeton Investment Counsel, LLC (Templeton) served as subadvisor to Ivy International Balanced Fund. Effective July 1, 2009, IICO serves as investment manager to Ivy European Opportunities Fund. Prior to July 1, 2009, Henderson Global Investors (North America) Inc. served as subadvisor to Ivy European Opportunities Fund.
Accounting Services Fees. Pursuant to a Master Fund Accounting Services Agreement, IICO provides certain accounting and pricing services for each Fund. As of March 31, 2003, IICO assigned its responsibilities under the Accounting Services Agreement to Waddell & Reed Services Company, doing business as WI Services Company (WISC), an indirect subsidiary of WDR. WISC acts as the agent in providing bookkeeping and accounting services and assistance to the Trust, including maintenance of Fund records, pricing of Fund shares and preparation of certain shareholder reports. For these services, each Fund, other than Ivy Managed European/Pacific Fund and Ivy Managed International Opportunities Fund (the Ivy Managed Funds), pays WISC a monthly fee of one-twelfth of the annual fee shown in the following table:
Accounting Services Fee | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Average Net Asset Level (in millions) | Annual Fee Rate for Each Level | |||||||||||
From | $ | 0 | to | $ | 10 | $ | 0 | |||||
From | $ | 10 | to | $ | 25 | $ | 11.5 | |||||
From | $ | 25 | to | $ | 50 | $ | 23.1 | |||||
From | $ | 50 | to | $ | 100 | $ | 35.5 | |||||
From | $ | 100 | to | $ | 200 | $ | 48.4 | |||||
From | $ | 200 | to | $ | 350 | $ | 63.2 | |||||
From | $ | 350 | to | $ | 550 | $ | 82.5 | |||||
From | $ | 550 | to | $ | 750 | $ | 96.3 | |||||
From | $ | 750 | to | $ | 1,000 | $ | 121.6 | |||||
$ | 1,000 and Over | $ | 148.5 | |||||||||
In addition, for each class of shares in excess of one, each Fund pays WISC a monthly per-class fee equal to 2.5% of the monthly accounting services base fee.
Under the Accounting and Administrative Services Agreement for the Ivy Managed Funds, each Fund pays WISC, for its services, a monthly fee of one-twelfth of the annual fee shown in the following table:
Accounting Services Fee | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Average Net Asset Level (in millions) | Annual Fee Rate for Each Level | |||||||||||
From | $ | 0 | to | $ | 10 | $ | 0 | |||||
From | $ | 10 | to | $ | 25 | $ | 5.748 | |||||
From | $ | 25 | to | $ | 50 | $ | 11.550 | |||||
From | $ | 50 | to | $ | 100 | $ | 17.748 | |||||
From | $ | 100 | to | $ | 200 | $ | 24.198 | |||||
From | $ | 200 | to | $ | 350 | $ | 31.602 | |||||
From | $ | 350 | to | $ | 550 | $ | 41.250 | |||||
From | $ | 550 | to | $ | 750 | $ | 48.150 | |||||
From | $ | 750 | to | $ | 1,000 | $ | 60.798 | |||||
$ | 1,000 and Over | $ | 74.250 | |||||||||
In addition, for each class of shares in excess of one, each of the Ivy Managed Funds pays WISC a monthly per-class fee equal to 1.25% of the monthly accounting services base fee.
Administrative Fee. Each Fund also pays WISC a monthly fee at the annual rate of 0.01%, or one basis point, for the first $1 billion of net assets with no fee charged for net assets in excess of $1 billion. This fee is voluntarily waived by WISC until a Fund's net assets are at least $10 million.
Shareholder Servicing. General. Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, Class B, Class C, Class E and Advisor Class shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958. For Class R shares, each Fund pays a monthly fee equal to one-twelfth of 0.20 of 1% of the average daily net assets of the class for the preceding month. For Class I and Class Y shares, each Fund pays a monthly fee equal to one-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certain out-of-pocket costs for all classes.
Non-networked accounts. Each Fund pays WISC an annual fee (payable monthly) for each account of the Fund that is non-networked as shown above; however, WISC has agreed to reduce that fee if the number of total shareholder accounts within the Complex (Waddell & Reed Advisors Funds, Waddell & Reed InvestEd Portfolios, Ivy Funds and Ivy Funds, Inc.) reaches certain levels.
Networked accounts. For certain networked accounts (that is, those accounts whose Fund shares are purchased through certain financial intermediaries), WISC has agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may be paid by the Funds to those intermediaries. If the aggregate annual rate of the WISC transfer agent fee and the costs charged by the financial services companies exceeds $18.00 per account for a Fund, WISC will reimburse the Fund the amount in excess of $18.00.
Broker accounts. Certain broker dealers that maintain shareholder accounts with each Fund through an omnibus account provide transfer agent and other shareholder-related services that would otherwise be provided by WISC if the individual accounts that comprise the omnibus account were opened by their beneficial owners directly. Each Fund may pay such broker-dealers a per account fee for each open account within the omnibus account, or a fixed rate fee, based on the average daily net asset value of the omnibus account (or a combination thereof).
Distribution and Service Plan. General. Under a Distribution and Service Plan for Class A, Class B, Class C, Class E, Class R and Class Y shares adopted by the Trust on behalf of each Fund (other than the Ivy Managed Funds) and a Distribution and Service Plan for Class A, Class B, Class C, Class E and Class Y shares adopted by the Trust on behalf of the Ivy Managed Funds, each Fund may pay certain amounts pursuant to Rule 12b-1 under the Investment Company Act of 1940.
Class A Shares. Each Fund may pay a distribution and/or service fee to Ivy Funds Distributors, Inc. (IFDI) in an amount not to exceed 0.25% of the Fund's average annual net assets attributable to that class. The fee is to be paid to reimburse IFDI (or compensate IFDI with respect to the Ivy Managed Funds) for amounts it expends in connection with the distribution of the Class A shares and/or provision of personal services to Fund shareholders and/or maintenance of shareholder accounts of that class.
Class B and Class C Shares. Each Fund may pay IFDI a service fee not to exceed 0.25% of the Fund's average annual net assets attributable to that class. The fee is to be paid to reimburse IFDI (or compensate IFDI with respect to the Ivy Managed Funds) for amounts it expends in connection with the provision of personal services to Fund shareholders and/or maintenance of shareholder accounts. Each Fund may pay IFDI a distribution fee not to exceed 0.75% of the Fund's average annual net assets attributable to that class to compensate IFDI for its services in connection with the distribution of shares of that class. The Class B Plan and the Class C Plan each permit IFDI to receive compensation, through the distribution fee, for its distribution activities for that class.
Class E Shares. Each Fund may pay IFDI a fee up to 0.25% of the Fund's average annual net assets attributable to that class, paid daily, to compensate IFDI for its costs and expenses in connection with, either directly or through others, the distribution of the Class E shares, the provision of personal services to Class E shareholders and/or maintenance of Class E shareholder accounts. The Class E Plan permits IFDI to be compensated for these Class E-related distribution activities through the distribution fee, subject to the limit contained in the Plan. The Class E Plan also permits IFDI to be compensated for amounts it expends: in compensating, training and supporting registered financial advisors, sales manager and/or other appropriate personnel in providing personal services to Class E shareholders of the funds and/or maintaining Class E shareholder accounts; increasing services provided to Class E shareholders of the Funds by office personnel located at field sales offices; engaging in other activities useful in providing personal service to Class E share holders of the Funds and/or maintenance of Class E shareholder accounts; and in compensating broker-dealers and other third parties who may regularly sell Class E shares of the Funds, and may regularly provide shareholder services and/or maintain shareholder accounts with respect to Class E shares.
Class R Shares. Ivy Global Natural Resources Fund and Ivy Real Estate Securities Fund may pay IFDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund attributable to that class to compensate IFDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal service to Class R shareholders and/or maintenance of Class R shareholder accounts.
Class Y Shares. Each Fund may pay IFDI a fee of up to 0.25%, on an annual basis, of the average daily net assets attributable to that class to compensate IFDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal service to Class Y shareholders and/or maintenance of Class Y shareholder accounts.
As described above, the Distribution and Service Plan adopted by each Fund (other than the Ivy Managed Funds, Ivy Micro Cap Growth Fund and Ivy Global Bond Fund) provides for the payment of a fee to IFDI to reimburse IFDI for amounts expended and further provides that expenses for a period not reimbursed due to expense limitations may be carried forward to subsequent periods to be reimbursed. The amounts of these non-reimbursed expenses are set forth below:
Class A | Class B | Class C | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Ivy Dividend Opportunities Fund | $ | 66 | $ | –– | $ | 16 | ||||
Ivy Small Cap Value Fund | 100 | –– | * | 11 | ||||||
Ivy Value Fund | 26 | –– | –– | * | ||||||
Ivy Cundill Global Value Fund | 381 | –– | * | –– | ||||||
Ivy European Opportunities Fund | 188 | –– | 19 | |||||||
Ivy International Balanced Fund | 136 | –– | 14 | |||||||
Ivy International Core Equity Fund | 120 | 1 | 24 | |||||||
Ivy International Growth Fund | 200 | –– | 3 | |||||||
Ivy Pacific Opportunities Fund | 221 | –– | * | 40 | ||||||
Ivy Balanced Fund | 23 | –– | * | –– | ||||||
Ivy Global Natural Resources Fund | 1,054 | 1 | 78 | |||||||
Ivy Real Estate Securities Fund | 213 | –– | * | 23 | ||||||
Ivy Bond Fund | 38 | –– | 2 | |||||||
Ivy Mortgage Securities Fund | 167 | –– | 27 | |||||||
*Not shown due to rounding. |
The Funds have not recorded a liability for this potential reimbursement since the obligation to reimburse for these unrecovered service fees ceases upon termination of the expense reimbursement plan.
Sales Charges. As principal underwriter for the Trust's shares, IFDI receives sales commissions (which are not an expense of the Trust) for Class A and Class E shares. A contingent deferred sales charge (CDSC) may be assessed against a shareholder's redemption amount of Class B, Class C or certain Class A and Class E shares and is paid to IFDI. During the fiscal period ended September 30, 2009, IFDI received the following amounts in sales commissions and CDSC:
Gross Sales Commissions | CDSC | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | Class B | Class C | Class E | |||||||||||||||||
Ivy Dividend Opportunities Fund | $ 126 | $ 1 | $ 5 | $ 8 | $ –– | |||||||||||||||
Ivy Micro Cap Growth Fund | 80 | –– | –– | * | –– | * | –– | |||||||||||||
Ivy Small Cap Value Fund | 151 | 1 | 2 | 1 | –– | |||||||||||||||
Ivy Value Fund | 23 | –– | * | –– | * | –– | * | –– | ||||||||||||
Ivy Managed European/Pacific Fund | 70 | –– | –– | * | –– | * | –– | |||||||||||||
Ivy Managed International Opportunities Fund | 138 | –– | * | 1 | –– | * | –– | |||||||||||||
Ivy Cundill Global Value Fund | 133 | –– | * | 31 | 1 | –– | ||||||||||||||
Ivy European Opportunities Fund | 129 | –– | * | 11 | –– | * | –– | |||||||||||||
Ivy International Balanced Fund | 134 | –– | * | 9 | –– | * | –– | |||||||||||||
Ivy International Core Equity Fund | 230 | 1 | 5 | 3 | –– | |||||||||||||||
Ivy International Growth Fund | 43 | –– | * | 6 | –– | * | –– | |||||||||||||
Ivy Pacific Opportunities Fund | 538 | 1 | 4 | 1 | –– | |||||||||||||||
Ivy Balanced Fund | 64 | –– | 6 | 10 | –– | |||||||||||||||
Ivy Global Natural Resources Fund | 1,805 | 11 | 126 | 53 | –– | |||||||||||||||
Ivy Real Estate Securities Fund | 139 | –– | * | 3 | –– | * | –– | |||||||||||||
Ivy Bond Fund | 108 | –– | * | 6 | 2 | –– | ||||||||||||||
Ivy Global Bond Fund | 65 | –– | * | 4 | 3 | –– | ||||||||||||||
Ivy Mortgage Securities Fund | 52 | –– | 3 | 2 | –– | |||||||||||||||
*Not shown due to rounding. |
With respect to Class A, Class B, Class C and Class E shares, IFDI pays sales commissions and all expenses in connection with the sale of the Trust's shares, except for registration fees and related expenses. During the fiscal period ended September 30, 2009, the following amounts were paid by IFDI:
Ivy Dividend Opportunities Fund | $ | 158 | |
Ivy Micro Cap Growth Fund | 71 | ||
Ivy Small Cap Value Fund | 171 | ||
Ivy Value Fund | 29 | ||
Ivy Managed European/Pacific Fund | 65 | ||
Ivy Managed International Opportunities Fund | 122 | ||
Ivy Cundill Global Value Fund | 143 | ||
Ivy European Opportunities Fund | 135 | ||
Ivy International Balanced Fund | 143 | ||
Ivy International Core Equity Fund | 362 | ||
Ivy International Growth Fund | 51 | ||
Ivy Pacific Opportunities Fund | 608 | ||
Ivy Balanced Fund | 125 | ||
Ivy Global Natural Resources Fund | 2,812 | ||
Ivy Real Estate Securities Fund | 146 | ||
Ivy Bond Fund | 117 | ||
Ivy Global Bond Fund | 130 | ||
Ivy Mortgage Securities Fund | 54 |
Expense Reimbursements and/or Waivers. Fund and class expense limitations and related waivers/reimbursements for the fiscal period ended September 30, 2009 are as follows:
Fund | Share Class Name | Type of Expense Limit | Commencement Date | End Date | Expense Limit | Amount of Expense Reduction | Expense Reduced |
---|---|---|---|---|---|---|---|
Ivy Dividend Opportunities Fund | Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.37% | $11 | 12b-1 Fees and/or Shareholder Servicing |
| Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Micro Cap Growth Fund | All classes | Contractual | 7-31-2009 | 7-31-2010 | NA | $23(1) | Investment Management Fee |
Class A | Contractual | 7-31-2009 | 7-31-2010 | 1.95% | $12 | 12b-1 Fees and/or Shareholder Servicing | |
| Class I | Contractual | 7-31-2009 | 7-31-2010 | 1.70% | $––* | Shareholder Servicing |
Ivy Small Cap Value Fund | Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Value Fund | Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Managed European/Pacific Fund | Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Managed International Opportunities Fund | Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Cundill Global Value Fund | Class A | Contractual | 6-16-2003 | 12-31-2011 | 2.75$ | $–– | NA |
Class A | Voluntary | NA | NA | 1.90% | $135 | 12b-1 Fees and/or Shareholder Servicing | |
Class B | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class C | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class C | Voluntary | NA | NA | 2.55% | $–– | NA | |
Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.59% | $2 | 12b-1 Fees and/or Shareholder Servicing | |
Class Y | Contractual | 6-16-2003 | 12-31-2011 | 2.75% | $–– | NA | |
Class Y | Voluntary | NA | NA | 1.20% | $14 | 12b-1 Fees and/or Shareholder Servicing | |
| Advisor Class | Contractual | 6-16-2003 | 12-31-2011 | 2.50% | $–– | NA |
Ivy European Opportunities Fund | Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy International Balanced Fund | Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.33% | $6 | 12b-1 Fees and/or Shareholder Servicing |
| Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
(1)Due to Class A and/or Class I contractual expense limits, investment management fees were waived for all share classes. | |||||||
Ivy International Core Equity Fund | Class A | Contractual | 6-16-2003 | 12-31-2011 | 2.75% | $–– | NA |
Class B | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class C | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.53% | $8 | 12b-1 Fees and/or Shareholder Servicing | |
Class Y | Contractual | 6-16-2003 | 12-31-2011 | 2.75% | $–– | NA | |
| Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy International Growth Fund | Class Y | Contractual | 8-1-2008 | 7-31-2010 | 1.42% | $2 | 12b-1 Fees and/or Shareholder Servicing |
| Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Pacific Opportunities Fund | Class A | Contractual | 6-16-2003 | 12-31-2011 | 2.75% | $–– | NA |
Class B | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class C | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class Y | Contractual | 6-16-2003 | 12-31-2011 | 2.75% | $–– | NA | |
Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA | |
| Advisor Class | Contractual | 6-16-2003 | 12-31-2011 | 2.50% | $–– | NA |
Ivy Balanced Fund | Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Global Natural Resources Fund | Class A | Contractual | 6-16-2003 | 12-31-2011 | 2.75% | $–– | NA |
Class A | Voluntary | NA | NA | 1.70% | $–– | NA | |
Class B | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class C | Contractual | 6-16-2003 | 12-31-2011 | 3.50% | $–– | NA | |
Class C | Voluntary | NA | NA | 2.40% | $–– | NA | |
Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.27% | $28 | 12b-1 Fees and/or Shareholder Servicing | |
Class Y | Contractual | 6-16-2003 | 12-31-2011 | 2.75% | $–– | NA | |
Class Y | Voluntary | NA | NA | 1.20% | $273 | 12b-1 Fees and/or Shareholder Servicing | |
| Advisor Class | Contractual | 6-16-2003 | 12-31-2011 | 2.50% | $–– | NA |
Ivy Real Estate Securities Fund | Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.67% | $4 | 12b-1 Fees and/or Shareholder Servicing |
| Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Bond Fund | Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.21% | $4 | 12b-1 Fees and/or Shareholder Servicing |
Class Y | Contractual | 8-1-2008 | 7-31-2010 | 1.21% | $–– | NA | |
| Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
Ivy Global Bond Fund | All Classes | Contractual | 6-2-2008 | 7-31-2010 | NA | $52(1) | Investment Management Fee |
Class A | Contractual | 6-2-2008 | 7-31-2010 | 0.99% | $71 | 12b-1 Fees and/or Shareholder Servicing | |
Class B | Contractual | 6-2-2008 | 7-31-2010 | 1.74% | $7 | 12b-1 Fees and/or Shareholder Servicing | |
Class C | Contractual | 6-2-2008 | 7-31-2010 | 1.74% | $14 | 12b-1 Fees and/or Shareholder Servicing | |
Class I | Contractual | 6-2-2008 | 7-31-2010 | 0.74% | $6 | Shareholder Servicing | |
Class Y | Contractual | 6-2-2008 | 7-31-2010 | 0.99% | $9 | 12b-1 Fees and/or Shareholder Servicing | |
Ivy Mortgage Securities Fund | Class E | Contractual | 8-1-2008 | 7-31-2010 | 1.14% | $2 | 12b-1 Fees and Shareholder Servicing |
| Class Y | Voluntary | NA | NA | Not to exceed Class A | $–– | NA |
(1)Due to Class A, Class B, Class C, Class E, Class I and/or Class Y contractual expense limits, investment management fees were waived for all share classes. |
Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2009 are shown as a receivable from affiliate on the Statement of Assets and Liabilities.
3. INVESTMENT VALUATIONS
Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment's fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
Level 1 - unadjusted quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments)
The following tables summarize the valuation of each Fund's investments by the above fair value hierarchy levels as of September 30, 2009:
Fund | Level 1 | Level 2 | Level 3 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Dividend Opportunities Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 232,204 | $ | –– | $ | –– | ||||||
Short-Term Securities | –– | 15,745 | –– | |||||||||
Total Investments in Securities | 232,204 | 15,745 | –– | |||||||||
Ivy Micro Cap Growth Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 19,315 | $ | –– | $ | –– | ||||||
Short-Term Securities | –– | 776 | –– | |||||||||
Total Investments in Securities | 19,315 | 776 | –– | |||||||||
Ivy Small Cap Value Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 180,335 | $ | –– | $ | –– | ||||||
Short-Term Securities | –– | 7,800 | –– | |||||||||
Total Investments in Securities | 180,335 | 7,800 | –– | |||||||||
Ivy Value Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 52,140 | $ | –– | $ | –– | ||||||
Short-Term Securities | –– | 1,577 | –– | |||||||||
Total Investments in Securities | 52,140 | 1,577 | –– | |||||||||
Liabilities | ||||||||||||
Written Options | 51 | –– | –– | |||||||||
Ivy Managed European/Pacific Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Affiliated Mutual Funds | $ | 68,353 | $ | –– | $ | –– | ||||||
Short-Term Securities | –– | 30 | –– | |||||||||
Total Investments in Securities | 68,353 | 30 | –– | |||||||||
Ivy Managed International Opportunities Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Affiliated Mutual Funds | $ | 140,047 | $ | –– | $ | –– | ||||||
Short-Term Securities | –– | 277 | –– | |||||||||
Total Investments in Securities | 140,047 | 277 | –– | |||||||||
Ivy Cundill Global Value Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 314,161 | $ | –– | $ | –– | ||||||
Preferred Stocks | 14,748 | –– | –– | |||||||||
Short-Term Securities | –– | 8,423 | –– | |||||||||
Total Investments in Securities | 328,909 | 8,423 | –– | |||||||||
Forward Foreign Currency Contracts | –– | 228 | –– | |||||||||
Liabilities | ||||||||||||
Forward Foreign Currency Contracts | –– | 6,680 | –– | |||||||||
Ivy European Opportunities Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 241,937 | $ | –– | $ | –– | ||||||
Preferred Stocks | 1,749 | –– | –– | |||||||||
Rights | 134 | –– | –– | |||||||||
Short-Term Securities | –– | 9,025 | –– | |||||||||
Total Investments in Securities | 243,820 | 9,025 | –– | |||||||||
Ivy International Balanced Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 161,840 | $ | 3,033 | $ | –– | ||||||
Preferred Stocks | 3,681 | –– | –– | |||||||||
Corporate Debt Securities | –– | 29,966 | –– | |||||||||
Other Government Securities | –– | 45,846 | –– | |||||||||
Short-Term Securities | –– | 7,983 | –– | |||||||||
Total Investments in Securities | 165,521 | 86,828 | –– | |||||||||
Forward Foreign Currency Contracts | –– | 155 | –– | |||||||||
Ivy International Core Equity Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 471,770 | $ | –– | $ | –– | ||||||
Preferred Stocks | 8,375 | –– | –– | |||||||||
Short-Term Securities | –– | 18,763 | –– | |||||||||
Total Investments in Securities | 480,145 | 18,763 | –– | |||||||||
Ivy International Growth Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 171,464 | $ | –– | $ | –– | ||||||
Preferred Stocks | 4,554 | –– | –– | |||||||||
Short-Term Securities | –– | 6,088 | –– | |||||||||
Total Investments in Securities | 176,018 | 6,088 | –– | |||||||||
Ivy Pacific Opportunities Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 589,171 | $ | 16,451 | $ | –– | ||||||
Investment Funds | 8,275 | –– | 2,135 | |||||||||
Short-Term Securities | –– | 9,693 | –– | |||||||||
Total Investments in Securities | 597,446 | 26,144 | 2,135 | |||||||||
Liabilities | ||||||||||||
Written Options | 221 | –– | –– | |||||||||
Ivy Balanced Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 117,475 | $ | –– | $ | –– | ||||||
Corporate Debt Securities | –– | 28,100 | –– | * | ||||||||
United States Government Agency Obligations | –– | 3,038 | –– | |||||||||
United States Government Obligations | –– | 9,931 | –– | |||||||||
Short-Term Securities | –– | 2,829 | –– | |||||||||
Total Investments in Securities | 117,475 | 43,898 | –– | * | ||||||||
Ivy Global Natural Resources Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 4,342,799 | $ | –– | $ | 8,712 | ||||||
Preferred Stocks | 203,768 | –– | 17,920 | |||||||||
Call Options | 261,190 | –– | –– | |||||||||
Corporate Debt Securities | –– | –– | 5,009 | |||||||||
Short-Term Securities | –– | 198,968 | –– | |||||||||
Total Investments in Securities | 4,807,757 | 198,968 | 31,641 | |||||||||
Forward Foreign Currency Contracts | –– | 125 | –– | |||||||||
Liabilities | ||||||||||||
Forward Foreign Currency Contracts | –– | 646 | –– | |||||||||
Futures Contracts | 9,246 | –– | –– | |||||||||
Ivy Real Estate Securities Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $ | 251,584 | $ | –– | $ | –– | ||||||
Investment Funds | 518 | –– | –– | |||||||||
Short-Term Securities | –– | 7,854 | –– | |||||||||
Total Investments in Securities | 252,102 | 7,854 | –– | |||||||||
Ivy Bond Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Preferred Stocks | $ | –– | $ | 281 | $ | –– | ||||||
Corporate Debt Securities | –– | 69,028 | 2,185 | |||||||||
United States Government Agency Obligations | –– | 48,143 | –– | |||||||||
United States Government Obligations | –– | 16,046 | –– | |||||||||
Short-Term Securities | –– | 24,902 | –– | |||||||||
Total Investments in Securities | –– | 158,400 | 2,185 | |||||||||
Futures Contracts | 106 | –– | –– | |||||||||
Liabilities | ||||||||||||
Futures Contracts | 148 | –– | –– | |||||||||
Ivy Global Bond Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Corporate Debt Securities | $ | –– | $ | 68,983 | $ | 198 | ||||||
Other Government Securities | –– | 3,063 | 319 | |||||||||
Senior Loans | –– | 743 | –– | |||||||||
United States Government Agency Obligations | –– | 5,146 | –– | |||||||||
United States Government Obligations | –– | 10,013 | –– | |||||||||
Short-Term Securities | –– | 19,777 | –– | |||||||||
Total Investments in Securities | –– | 107,725 | 517 | |||||||||
Forward Foreign Currency Contracts | –– | 41 | –– | |||||||||
Liabilities | ||||||||||||
Forward Foreign Currency Contracts | –– | 662 | –– | |||||||||
Ivy Mortgage Securities Fund | ||||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Corporate Debt Securities | $ | –– | $ | 39,177 | $ | 3,854 | ||||||
United States Government Agency Obligations | –– | 88,551 | –– | |||||||||
United States Government Obligations | –– | 541 | –– | |||||||||
Short-Term Securities | –– | 36,105 | –– | |||||||||
Total Investments in Securities | –– | 164,374 | 3,854 | |||||||||
Liabilities | ||||||||||||
Futures Contracts | 253 | –– | –– | |||||||||
The following tables are a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Fund | Common Stocks | Preferred Stocks | Investment Funds | Corporate Debt Securities | Other Government Securities | Written Options | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Pacific Opportunities Fund | |||||||||||||||||||||
Beginning Balance 4-1-09 | $ | –– | $ | –– | $ | 1,290 | $ | –– | $ | –– | $ | (585 | ) | ||||||||
Net realized gain (loss) | –– | –– | –– | –– | –– | 122 | |||||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | 845 | –– | –– | 34 | |||||||||||||||
Net purchases (sales) | –– | –– | –– | –– | –– | 429 | |||||||||||||||
Transfers in and/or (out) of Level 3 during the period | –– | –– | –– | –– | –– | –– | |||||||||||||||
Ending Balance 9-30-09 | $ | –– | $ | $ | 2,135 | $ | –– | $ | –– | $ | –– | ||||||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-09 | $ | –– | $ | –– | $ | 845 | $ | –– | $ | –– | $ | –– | |||||||||
Ivy Balanced Fund | |||||||||||||||||||||
Beginning Balance 4-1-09 | $ | –– | $ | –– | $ | –– | $ | –– | * | $ | –– | $ | –– | ||||||||
Net realized gain (loss) | –– | –– | –– | 6 | –– | –– | |||||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | –– | 3 | –– | –– | |||||||||||||||
Net purchases (sales) | –– | –– | –– | (9 | ) | –– | –– | ||||||||||||||
Transfers in and/or (out) of Level 3 during the period | –– | –– | –– | –– | –– | –– | |||||||||||||||
Ending Balance 9-30-09 | $ | –– | $ | –– | $ | –– | $ | –– | * | $ | –– | $ | –– | ||||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 3 | $ | –– | $ | –– | |||||||||
*Not shown due to rounding. | |||||||||||||||||||||
Ivy Global Natural Resources Fund | |||||||||||||||||||||
Beginning Balance 4-1-09 | $ | 8,712 | $ | 17,920 | $ | –– | $ | 3,826 | $ | –– | $ | –– | |||||||||
Net realized gain (loss) | –– | –– | –– | –– | –– | –– | |||||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | –– | 1,183 | –– | –– | |||||||||||||||
Net purchases (sales) | –– | –– | –– | –– | –– | –– | |||||||||||||||
Transfers in and/or (out) of Level 3 during the period | –– | –– | –– | –– | –– | –– | |||||||||||||||
Ending Balance 9-30-09 | $ | 8,712 | $ | 17,920 | $ | –– | $ | 5,009 | $ | –– | $ | –– | |||||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 1,183 | $ | –– | $ | –– | |||||||||
| |||||||||||||||||||||
Ivy Bond Fund | |||||||||||||||||||||
Beginning Balance 4-1-09 | $ | –– | $ | –– | $ | –– | $ | 792 | $ | –– | $ | –– | |||||||||
Net realized gain (loss) | –– | –– | –– | 28 | –– | –– | |||||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | –– | 321 | –– | –– | |||||||||||||||
Net purchases (sales) | –– | –– | –– | 324 | –– | –– | |||||||||||||||
Transfers in and/or (out) of Level 3 during the period | –– | –– | –– | 720 | –– | –– | |||||||||||||||
Ending Balance 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 2,185 | $ | –– | $ | –– | |||||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 319 | $ | –– | $ | –– | |||||||||
Ivy Global Bond Fund | |||||||||||||||||||||
Beginning Balance 4-1-09 | $ | –– | $ | –– | $ | –– | $ | –– | $ | 256 | $ | –– | |||||||||
Net realized gain (loss) | –– | –– | –– | –– | –– | –– | |||||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | –– | –– | 63 | –– | |||||||||||||||
Net purchases (sales) | –– | –– | –– | –– | –– | –– | |||||||||||||||
Transfers in and/or (out) of Level 3 during the period | –– | –– | –– | 198 | –– | –– | |||||||||||||||
Ending Balance 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 198 | $ | 319 | $ | –– | |||||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 36 | $ | 63 | $ | –– | |||||||||
Ivy Mortgage Securities Fund | |||||||||||||||||||||
Beginning Balance 4-1-09 | $ | –– | $ | –– | $ | –– | $ | 3,610 | $ | –– | $ | –– | |||||||||
Net realized gain (loss) | –– | –– | –– | (274 | ) | –– | –– | ||||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | –– | 622 | –– | –– | |||||||||||||||
Net purchases (sales) | –– | –– | –– | (390 | ) | –– | –– | ||||||||||||||
Transfers in and/or (out) of Level 3 during the period | –– | –– | –– | 286 | –– | –– | |||||||||||||||
Ending Balance 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 3,854 | $ | –– | $ | –– | |||||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-09 | $ | –– | $ | –– | $ | –– | $ | 568 | $ | –– | $ | –– | |||||||||
Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments if applicable, are included on the Statement of Operations on separate lines of the Realized and Unrealized Gain (Loss) section for the corresponding security type indicated above. Additionally, the Net change in unrealized appreciation for all Level 3 investments still held as of September 30, 2009, if applicable, is included on the Statement of Operations on the lines of the Net change in unrealized appreciation (depreciation) section for the corresponding security type indicated above.
Securities' values included in the reconciliations above have been primarily determined through the use of a single quote (or multiple quotes) from dealer(s) in the securities using proprietary valuation models. These quotes involve significant unobservable inputs, and thus the related securities are classified as Level 3 investments.
4. INVESTMENT SECURITIES TRANSACTIONSFor the fiscal period ended September 30, 2009, the cost of purchases and the proceeds from maturities and sales of investment securities, other than U.S. Government and short-term securities, were as follows:
Purchases | Sales | ||||||
---|---|---|---|---|---|---|---|
Ivy Dividend Opportunities Fund | $ | 47,329 | $ | 45,458 | |||
Ivy Micro Cap Growth Fund | 14,681 | 2,634 | |||||
Ivy Small Cap Value Fund | 104,241 | 77,879 | |||||
Ivy Value Fund | 20,915 | 20,939 | |||||
Ivy Managed European/Pacific Fund | 11,901 | 7,408 | |||||
Ivy Managed International Opportunities Fund | 20,571 | 11,728 | |||||
Ivy Cundill Global Value Fund | 50,566 | 89,424 | |||||
Ivy European Opportunities Fund | 118,189 | 135,612 | |||||
Ivy International Balanced Fund | 198,909 | 208,145 | |||||
Ivy International Core Equity Fund | 316,707 | 181,695 | |||||
Ivy International Growth Fund | 73,693 | 55,078 | |||||
Ivy Pacific Opportunities Fund | 304,564 | 191,528 | |||||
Ivy Balanced Fund | 40,504 | 299 | |||||
Ivy Global Natural Resources Fund | 2,364,066 | 2,177,944 | |||||
Ivy Real Estate Securities Fund | 73,856 | 73,854 | |||||
Ivy Bond Fund | 63,613 | 55,399 | |||||
Ivy Global Bond Fund | 34,558 | 7,918 | |||||
Ivy Mortgage Securities Fund | 2,186 | 20,658 |
Purchases of and proceeds from maturities and sales of U.S. Government securities were:
Purchases | Sales | ||||||
---|---|---|---|---|---|---|---|
Ivy Balanced Fund | $ | –– | $ | 405 | |||
Ivy Bond Fund | 196,335 | 193,444 | |||||
Ivy Global Bond Fund | 12,958 | 358 | |||||
Ivy Mortgage Securities Fund | 164,499 | 161,077 |
5. FEDERAL INCOME TAX MATTERS
For Federal income tax purposes, the Funds' distributed and undistributed earnings and profit for the fiscal year ended March 31, 2009 and the related net capital losses and post-October activity updated with information available through the date of this report were as follows:
Ivy Dividend Opportunities Fund | Ivy Micro Cap Growth Fund | Ivy Small Cap Value Fund | Ivy Value Fund | Ivy Managed European/Pacific Fund | Ivy Managed International Opportunities Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net ordinary income | $ | 1,929 | $ –– | $ –– | $ | 439 | $ | 2,327 | $ | 3,967 | |||||||||
Distributed ordinary income | 1,833 | –– | –– | 406 | 2,306 | 4,073 | |||||||||||||
Undistributed ordinary income | 96 | –– | –– | 59 | 21 | –– | |||||||||||||
Realized long term capital gains | –– | –– | –– | –– | –– | –– | |||||||||||||
Distributed long term capital gains | –– | –– | –– | 1 | 2,475 | 2,172 | |||||||||||||
Undistributed long term capital gains | –– | –– | –– | –– | –– | –– | |||||||||||||
Tax return of capital | –– | –– | –– | –– | –– | 181 | |||||||||||||
Post-October losses deferred | 23,603 | 5 | 13,796 | 2,801 | 11,467 | 7,275 |
Ivy Cundill Global Value Fund | Ivy European Opportunities Fund | Ivy International Balanced Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Pacific Opportunities Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net ordinary income | $ | 155 | $ | 12,517 | $ | 9,256 | $ | 3,960 | $ | 1,555 | $ | –– | |||||||
Distributed ordinary income | 923 | 14,674 | 13,923 | 7,088 | 1,528 | 17,772 | |||||||||||||
Undistributed ordinary income | 90 | –– | 375 | 322 | 102 | –– | |||||||||||||
Realized long term capital gains | –– | –– | 1,427 | –– | –– | –– | |||||||||||||
Distributed long term capital gains | 3 | 18,952 | 8,752 | 4,711 | –– | 35,673 | |||||||||||||
Undistributed long term capital gains | –– | –– | –– | –– | –– | –– | |||||||||||||
Tax return of capital | –– | 274 | –– | –– | –– | –– | |||||||||||||
Post-October losses deferred | 71,319 | 104,368 | 25,307 | 47,903 | 29,793 | 52,835 |
Ivy Balanced Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Bond Fund | Ivy Global Bond Fund | Ivy Mortgage Securities Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net ordinary income | $ | 1,331 | $ | –– | $ | 5,398 | $ | 4,560 | $ | 1,243 | $ | 11,820 | |||||||
Distributed ordinary income | 1,303 | 248,880 | 5,873 | 4,582 | 977 | 11,943 | |||||||||||||
Undistributed ordinary income | 67 | –– | 836 | 25 | 265 | 64 | |||||||||||||
Realized long term capital gains | –– | –– | –– | –– | 418 | –– | |||||||||||||
Distributed long term capital gains | –– | * | 540,665 | 2 | –– | 418 | –– | ||||||||||||
Undistributed long term capital gains | –– | –– | –– | –– | –– | –– | |||||||||||||
Post-October losses deferred | 11,436 | 1,095,210 | 47,633 | 2,595 | 206 | 15,187 | |||||||||||||
*Not shown due to rounding. |
Internal Revenue Code regulations permit each Fund to defer into its next fiscal year net capital losses or net long-term capital losses and currency losses incurred between each November 1 and the end of its fiscal year (post-October losses). Distributions shown above may be reported differently to individual shareholders.
Capital loss carryovers are available to offset future net realized gains incurred in the eight taxable years succeeding the loss year for Federal income tax purposes. The following tables show the totals by year in which the capital loss carryovers will expire if not utilized.
Ivy Dividend Opportunities Fund | Ivy Small Cap Value Fund | Ivy Value Fund | Ivy Managed European/ Pacific Fund | Ivy Managed International Opportunities Fund | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2017 | $ | 5,985 | $ | 20,016 | $ | 4,155 | $ | 3 | $ | 3 | |||||||||||
Ivy Cundill Global Value Fund | Ivy European Opportunities Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Pacific Opportunities Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2010 | $ | –– | $ | –– | $ | –– | $ | 146,785 | $ | 157 | |||||||||
March 31, 2011 | –– | –– | –– | 47,214 | –– | ||||||||||||||
March 31, 2017 | 16,672 | 49,771 | 35,471 | 8,672 | 31,589 | ||||||||||||||
Total carryover | $ | 16,672 | $ | 49,771 | $ | 35,471 | $ | 202,671 | $ | 31,746 | |||||||||
Ivy Balanced Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Bond Fund | Ivy Mortgage Securities Fund | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2010 | $ | –– | $ | 25 | $ | –– | $ | –– | $ | –– | ||||||||||
March 31, 2014 | –– | –– | –– | –– | 164 | |||||||||||||||
March 31, 2015 | –– | –– | –– | 336 | 484 | |||||||||||||||
March 31, 2016 | –– | –– | –– | –– | 902 | |||||||||||||||
March 31, 2017 | 606 | 483,760 | 6,148 | 2,157 | 6,969 | |||||||||||||||
Total carryover | $ | 606 | $ | 483,785 | $ | 6,148 | $ | 2,493 | $ | 8,519 | ||||||||||
Ivy Developing Markets Fund was merged into Ivy Pacific Opportunities Fund as of June 16, 2003. At the time of the merger, Ivy Developing Markets Fund had capital loss carryovers available to offset future gains of the Ivy Pacific Opportunities Fund. These carryovers are limited to $157 for the period ending March 31, 2010.
Ivy International Growth Fund was merged into Ivy International Growth Fund (formerly, Ivy International Fund) as of March 27, 2006. At the time of the merger, Ivy International Growth Fund had capital loss carryovers available to offset future gains of the Ivy International Fund. These carryovers are limited to $3,234 for the period ending March 31, 2010 plus any unused limitations from prior year and the amount of certain built-in gains realized, if any.
6. MULTICLASS OPERATIONSTransactions in capital stock are summarized below.
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Dividend Opportunities Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 2,449 | $ | 28,196 | 9,915 | $ | 124,798 | ||||||||||
Class B | 91 | 1,033 | 507 | 6,136 | ||||||||||||
Class C | 437 | 4,992 | 4,154 | 48,546 | ||||||||||||
Class E | 19 | 218 | 59 | 818 | ||||||||||||
Class I | 352 | 3,946 | 325 | 3,526 | ||||||||||||
Class Y | 236 | 2,705 | 1,955 | 28,123 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 69 | 836 | 123 | 1,394 | ||||||||||||
Class B | 1 | 6 | –– | –– | ||||||||||||
Class C | 6 | 76 | 9 | 92 | ||||||||||||
Class E | 1 | 12 | 1 | 14 | ||||||||||||
Class I | 2 | 19 | 2 | 24 | ||||||||||||
Class Y | 6 | 77 | 13 | 149 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,526 | ) | (29,296 | ) | (5,736 | ) | (68,671 | ) | ||||||||
Class B | (167 | ) | (1,919 | ) | (273 | ) | (3,317 | ) | ||||||||
Class C | (904 | ) | (10,210 | ) | (1,906 | ) | (21,102 | ) | ||||||||
Class E | (14 | ) | (162 | ) | (21 | ) | (284 | ) | ||||||||
Class I | (177 | ) | (2,102 | ) | (118 | ) | (1,212 | ) | ||||||||
Class Y | (363 | ) | (4,035 | ) | (1,247 | ) | (15,276 | ) | ||||||||
Net increase (decrease) | (482 | ) | $ | (5,608 | ) | 7,762 | $ | 103,758 | ||||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Micro Cap Growth Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 1,067 | $ | 13,553 | 34 | $ | 3,336 | ||||||||||
Class B | 16 | 199 | 2 | 168 | ||||||||||||
Class C | 44 | 562 | 1 | 148 | ||||||||||||
Class Y | 2 | 19 | 1 | 100 | ||||||||||||
Class I | –– | * | 1 | 1 | 100 | |||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | –– | –– | ||||||||||||
Class B | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | –– | ||||||||||||
Class Y | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (91 | ) | (1,166 | ) | (1 | ) | (59 | ) | ||||||||
Class B | (3 | ) | (34 | ) | –– | * | (6 | ) | ||||||||
Class C | (5 | ) | (64 | ) | –– | –– | ||||||||||
Class Y | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | ||||||||||||
Net increase | 1,030 | $ | 13,070 | 38 | $ | 3,787 | ||||||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Small Cap Value Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 2,635 | $ | 30,145 | 6,391 | $ | 71,301 | ||||||||||
Class B | 56 | 587 | 126 | 1,337 | ||||||||||||
Class C | 237 | 2,586 | 466 | 4,985 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | 43 | 505 | 38 | 439 | ||||||||||||
Class Y | 799 | 8,938 | 189 | 2,177 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | –– | –– | ||||||||||||
Class B | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | –– | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | ||||||||||||
Class Y | –– | –– | –– | –– | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,393 | ) | (16,196 | ) | (3,710 | ) | (41,488 | ) | ||||||||
Class B | (55 | ) | (587 | ) | (160 | ) | (1,705 | ) | ||||||||
Class C | (104 | ) | (1,128 | ) | (415 | ) | (4,481 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | (10 | ) | (119 | ) | (15 | ) | (165 | ) | ||||||||
Class Y | (146 | ) | (1,753 | ) | (410 | ) | (4,964 | ) | ||||||||
Net increase | 2,062 | $ | 22,978 | 2,500 | $ | 27,436 | ||||||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Value Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 426 | $ | 5,309 | 1,010 | $ | 12,636 | ||||||||||
Class B | 15 | 182 | 44 | 582 | ||||||||||||
Class C | 47 | 602 | 161 | 1,887 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | 9 | 114 | –– | –– | ||||||||||||
Class Y | 10 | 106 | 15 | 193 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 7 | 92 | 31 | 376 | ||||||||||||
Class B | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | –– | ||||||||||||
Class E | –– | * | –– | * | –– | * | 1 | |||||||||
Class I | –– | * | –– | * | –– | * | 1 | |||||||||
Class Y | –– | * | 2 | –– | * | 5 | ||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (501 | ) | (6,027 | ) | (1,197 | ) | (15,616 | ) | ||||||||
Class B | (48 | ) | (565 | ) | (104 | ) | (1,406 | ) | ||||||||
Class C | (45 | ) | (535 | ) | (166 | ) | (2,032 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | ||||||||||||
Class Y | (2 | ) | (24 | ) | (7 | ) | (102 | ) | ||||||||
Net decrease | (82 | ) | $ | (744 | ) | (213 | ) | $ | (3,475 | ) | ||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Managed European/Pacific Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 1,804 | $ | 11,788 | 4,178 | $ | 30,391 | ||||||||||
Class B | 41 | 261 | 74 | 535 | ||||||||||||
Class C | 54 | 349 | 144 | 986 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | 1 | 4 | –– | –– | ||||||||||||
Class Y | 91 | 579 | 18 | 127 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 855 | 4,454 | ||||||||||||
Class B | –– | –– | 17 | 88 | ||||||||||||
Class C | –– | –– | 24 | 126 | ||||||||||||
Class E | –– | –– | 3 | 14 | ||||||||||||
Class I | –– | –– | 3 | 14 | ||||||||||||
Class Y | –– | –– | 5 | 24 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,226 | ) | (7,930 | ) | (2,542 | ) | (15,898 | ) | ||||||||
Class B | (18 | ) | (117 | ) | (66 | ) | (428 | ) | ||||||||
Class C | (27 | ) | (173 | ) | (163 | ) | (1,098 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | ||||||||||||
Class Y | (3 | ) | (18 | ) | (6 | ) | (36 | ) | ||||||||
Net increase | 717 | $ | 4,743 | 2,544 | $ | 19,299 | ||||||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Managed International Opportunities Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 2,897 | $ | 20,613 | 8,369 | $ | 66,366 | ||||||||||
Class B | 52 | 361 | 192 | 1,593 | ||||||||||||
Class C | 94 | 692 | 272 | 2,147 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | –– | * | 1 | –– | –– | |||||||||||
Class Y | 1 | 6 | 12 | 90 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 968 | 5,990 | ||||||||||||
Class B | –– | –– | 24 | 147 | ||||||||||||
Class C | –– | –– | 29 | 179 | ||||||||||||
Class E | –– | –– | 1 | 9 | ||||||||||||
Class I | –– | –– | 2 | 10 | ||||||||||||
Class Y | –– | –– | 3 | 20 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,650 | ) | (11,646 | ) | (4,338 | ) | (29,282 | ) | ||||||||
Class B | (55 | ) | (374 | ) | (161 | ) | (1,109 | ) | ||||||||
Class C | (52 | ) | (361 | ) | (180 | ) | (1,203 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | ||||||||||||
Class Y | (14 | ) | (95 | ) | (11 | ) | (68 | ) | ||||||||
Net increase | 1,273 | $ | 9,197 | 5,182 | $ | 44,889 | ||||||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Cundill Global Value Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 1,162 | $ | 11,866 | 4,131 | $ | 44,244 | ||||||||||
Class B | 36 | 352 | 146 | 1,521 | ||||||||||||
Class C | 78 | 771 | 991 | 9,380 | ||||||||||||
Class E | 4 | 41 | 9 | 98 | ||||||||||||
Class I | 192 | 1,957 | 442 | 4,125 | ||||||||||||
Class Y | 653 | 6,576 | 790 | 7,779 | ||||||||||||
Advisor Class | –– | –– | –– | * | –– | * | ||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 79 | 732 | ||||||||||||
Class B | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | * | –– | * | ||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | 5 | 44 | ||||||||||||
Class Y | –– | –– | 3 | 32 | ||||||||||||
Advisor Class | –– | –– | 2 | 19 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (3,542 | ) | (36,092 | ) | (14,179 | ) | (152,322 | ) | ||||||||
Class B | (325 | ) | (3,257 | ) | (948 | ) | (9,808 | ) | ||||||||
Class C | (844 | ) | (8,432 | ) | (4,019 | ) | (42,646 | ) | ||||||||
Class E | (1 | ) | (11 | ) | (4 | ) | (46 | ) | ||||||||
Class I | (106 | ) | (1,102 | ) | (172 | ) | (1,620 | ) | ||||||||
Class Y | (714 | ) | (7,059 | ) | (412 | ) | (4,293 | ) | ||||||||
Advisor Class | (1 | ) | (10 | ) | (9 | ) | (116 | ) | ||||||||
Net decrease | (3,408 | ) | $ | (34,400 | ) | (13,145 | ) | $ | (142,877 | ) | ||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy European Opportunities Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 776 | $ | 14,490 | 2,213 | $ | 56,851 | ||||||||||
Class B | 18 | 319 | 55 | 1,345 | ||||||||||||
Class C | 19 | 338 | 111 | 2,732 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | 227 | 4,248 | 637 | 17,722 | ||||||||||||
Class Y | 13 | 252 | 31 | 708 | ||||||||||||
Advisor Class | –– | –– | 3 | 49 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 1,344 | 22,503 | ||||||||||||
Class B | –– | –– | 82 | 1,324 | ||||||||||||
Class C | –– | –– | 140 | 2,264 | ||||||||||||
Class E | –– | –– | –– | * | 8 | |||||||||||
Class I | –– | –– | 323 | 5,390 | ||||||||||||
Class Y | –– | –– | 18 | 298 | ||||||||||||
Advisor Class | –– | –– | 3 | 48 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,183 | ) | (21,760 | ) | (5,798 | ) | (137,515 | ) | ||||||||
Class B | (82 | ) | (1,428 | ) | (670 | ) | (17,142 | ) | ||||||||
Class C | (135 | ) | (2,424 | ) | (809 | ) | (19,036 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | (357 | ) | (6,841 | ) | (932 | ) | (15,633 | ) | ||||||||
Class Y | (7 | ) | (136 | ) | (53 | ) | (1,237 | ) | ||||||||
Advisor Class | (8 | ) | (151 | ) | (13 | ) | (336 | ) | ||||||||
Net decrease | (719 | ) | $ | (13,093 | ) | (3,315 | ) | $ | (79,657 | ) | ||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy International Balanced Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 1,470 | $ | 17,144 | 4,904 | $ | 63,328 | ||||||||||
Class B | 30 | 346 | 280 | 4,260 | ||||||||||||
Class C | 101 | 1,187 | 953 | 12,940 | ||||||||||||
Class E | 10 | 121 | 34 | 466 | ||||||||||||
Class I | 328 | 3,827 | 1,567 | 21,082 | ||||||||||||
Class Y | 85 | 964 | 98 | 1,332 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 22 | 256 | 1,261 | 14,400 | ||||||||||||
Class B | –– | * | 2 | 54 | 607 | |||||||||||
Class C | 2 | 26 | 184 | 2,080 | ||||||||||||
Class E | –– | * | 2 | 6 | 68 | |||||||||||
Class I | 8 | 91 | 381 | 4,236 | ||||||||||||
Class Y | –– | * | 2 | 7 | 81 | |||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,664 | ) | (19,267 | ) | (8,663 | ) | (105,959 | ) | ||||||||
Class B | (103 | ) | (1,156 | ) | (481 | ) | (6,180 | ) | ||||||||
Class C | (290 | ) | (3,288 | ) | (1,632 | ) | (19,469 | ) | ||||||||
Class E | (5 | ) | (55 | ) | (9 | ) | (99 | ) | ||||||||
Class I | (905 | ) | (10,833 | ) | (1,138 | ) | (10,971 | ) | ||||||||
Class Y | (39 | ) | (435 | ) | (180 | ) | (2,455 | ) | ||||||||
Net decrease | (950 | ) | $ | (11,066 | ) | (2,374 | ) | $ | (20,253 | ) | ||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy International Core Equity Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 6,709 | $ | 84,712 | 10,066 | $ | 129,605 | ||||||||||
Class B | 254 | 2,916 | 282 | 3,806 | ||||||||||||
Class C | 1,303 | 15,533 | 1,614 | 20,174 | ||||||||||||
Class E | 21 | 261 | 31 | 417 | ||||||||||||
Class I | 1,326 | 16,766 | 2,378 | 25,849 | ||||||||||||
Class Y | 4,123 | 53,387 | 878 | 11,125 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 718 | 7,086 | ||||||||||||
Class B | –– | –– | 28 | 253 | ||||||||||||
Class C | –– | –– | 117 | 1,064 | ||||||||||||
Class E | –– | –– | 4 | 35 | ||||||||||||
Class I | –– | –– | 167 | 1,653 | ||||||||||||
Class Y | –– | –– | 46 | 461 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,572 | ) | (31,388 | ) | (7,730 | ) | (88,233 | ) | ||||||||
Class B | (112 | ) | (1,218 | ) | (420 | ) | (4,623 | ) | ||||||||
Class C | (298 | ) | (3,329 | ) | (1,245 | ) | (13,814 | ) | ||||||||
Class E | (4 | ) | (54 | ) | (10 | ) | (127 | ) | ||||||||
Class I | (261 | ) | (3,253 | ) | (465 | ) | (4,510 | ) | ||||||||
Class Y | (244 | ) | (3,227 | ) | (375 | ) | (4,297 | ) | ||||||||
Net increase | 10,245 | $ | 131,106 | 6,084 | $ | 85,924 | ||||||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy International Growth Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 291 | $ | 7,126 | 835 | $ | 23,301 | ||||||||||
Class B | 8 | 165 | 30 | 833 | ||||||||||||
Class C | 30 | 658 | 73 | 1,996 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | 392 | 9,895 | 266 | 7,783 | ||||||||||||
Class Y | 10 | 233 | 23 | 699 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 46 | 966 | ||||||||||||
Class B | –– | –– | –– | * | 6 | |||||||||||
Class C | –– | –– | 4 | 71 | ||||||||||||
Class E | –– | –– | –– | * | 1 | |||||||||||
Class I | –– | –– | 11 | 240 | ||||||||||||
Class Y | –– | –– | 1 | 24 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (349 | ) | (8,425 | ) | (1,179 | ) | (31,022 | ) | ||||||||
Class B | (36 | ) | (760 | ) | (128 | ) | (3,209 | ) | ||||||||
Class C | (113 | ) | (2,473 | ) | (363 | ) | (9,058 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | (34 | ) | (816 | ) | (83 | ) | (1,891 | ) | ||||||||
Class Y | (3 | ) | (76 | ) | (23 | ) | (595 | ) | ||||||||
Net increase (decrease) | 196 | $ | 5,527 | (487 | ) | $ | (9,855 | ) | ||||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Pacific Opportunities Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 10,510 | $ | 131,989 | 7,164 | $ | 90,572 | ||||||||||
Class B | 387 | 4,361 | 195 | 2,086 | ||||||||||||
Class C | 984 | 11,168 | 330 | 3,955 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | 1,422 | 18,547 | 2,644 | 27,480 | ||||||||||||
Class Y | 261 | 3,227 | 184 | 2,414 | ||||||||||||
Advisor Class | –– | –– | –– | –– | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 4,898 | 41,588 | ||||||||||||
Class B | –– | –– | 250 | 1,883 | ||||||||||||
Class C | –– | –– | 354 | 2,719 | ||||||||||||
Class E | –– | –– | 2 | 12 | ||||||||||||
Class I | –– | –– | 587 | 5,049 | ||||||||||||
Class Y | –– | –– | 79 | 675 | ||||||||||||
Advisor Class | –– | –– | 1 | 8 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (3,712 | ) | (45,960 | ) | (11,804 | ) | (139,228 | ) | ||||||||
Class B | (169 | ) | (1,794 | ) | (471 | ) | (5,089 | ) | ||||||||
Class C | (241 | ) | (2,689 | ) | (1,067 | ) | (11,766 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | (197 | ) | (2,369 | ) | (422 | ) | (4,168 | ) | ||||||||
Class Y | (60 | ) | (755 | ) | (225 | ) | (2,911 | ) | ||||||||
Advisor Class | –– | –– | (2 | ) | (21 | ) | ||||||||||
Net increase | 9,185 | $ | 115,725 | 2,697 | $ | 15,258 | ||||||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Balanced Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 613 | $ | 8,731 | 5,610 | $ | 78,310 | ||||||||||
Class B | 69 | 981 | 262 | 3,681 | ||||||||||||
Class C | 383 | 5,438 | 7,295 | 101,321 | ||||||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | 408 | 5,583 | 63 | 829 | ||||||||||||
Class Y | 443 | 6,308 | 2,931 | 41,647 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 30 | 441 | 48 | 695 | ||||||||||||
Class B | 1 | 12 | –– | * | 6 | |||||||||||
Class C | 6 | 91 | 5 | 63 | ||||||||||||
Class E | –– | * | 1 | –– | * | 1 | ||||||||||
Class I | –– | * | 2 | –– | * | 2 | ||||||||||
Class Y | 17 | 241 | 24 | 342 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (959 | ) | (13,528 | ) | (4,178 | ) | (57,174 | ) | ||||||||
Class B | (47 | ) | (670 | ) | (107 | ) | (1,500 | ) | ||||||||
Class C | (1,361 | ) | (19,140 | ) | (3,792 | ) | (50,871 | ) | ||||||||
Class E | –– | –– | –– | –– | ||||||||||||
Class I | (289 | ) | (4,135 | ) | (58 | ) | (815 | ) | ||||||||
Class Y | (1,078 | ) | (14,908 | ) | (1,636 | ) | (22,457 | ) | ||||||||
Net increase (decrease) | (1,764 | ) | $ | (24,552 | ) | 6,467 | $ | 94,080 | ||||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Global Natural Resources Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 37,001 | $ | 551,655 | 58,691 | $ | 1,228,279 | ||||||||||
Class B | 1,032 | 13,900 | 1,981 | 34,929 | ||||||||||||
Class C | 11,357 | 149,980 | 15,393 | 284,690 | ||||||||||||
Class E | 49 | 721 | 88 | 2,141 | ||||||||||||
Class I | 27,580 | 424,373 | 24,132 | 460,737 | ||||||||||||
Class R | 1,019 | 15,437 | 1,394 | 29,031 | ||||||||||||
Class Y | 16,085 | 243,094 | 15,701 | 311,971 | ||||||||||||
Advisor Class | –– | –– | 1 | 10 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | –– | –– | 39,332 | 403,157 | ||||||||||||
Class B | –– | –– | 3,095 | 28,905 | ||||||||||||
Class C | –– | –– | 14,755 | 133,241 | ||||||||||||
Class E | –– | –– | 56 | 576 | ||||||||||||
Class I | –– | –– | 3,069 | 31,767 | ||||||||||||
Class R | –– | –– | 387 | 3,942 | ||||||||||||
Class Y | –– | –– | 6,733 | 69,418 | ||||||||||||
Advisor Class | –– | –– | 3 | 32 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (32,246 | ) | (486,137 | ) | (91,659 | ) | (1,819,214 | ) | ||||||||
Class B | (1,024 | ) | (13,803 | ) | (3,549 | ) | (68,403 | ) | ||||||||
Class C | (5,905 | ) | (77,691 | ) | (27,215 | ) | (490,677 | ) | ||||||||
Class E | (10 | ) | (149 | ) | (14 | ) | (226 | ) | ||||||||
Class I | (6,778 | ) | (102,201 | ) | (8,458 | ) | (124,906 | ) | ||||||||
Class R | (614 | ) | (9,183 | ) | (459 | ) | (9,840 | ) | ||||||||
Class Y | (4,103 | ) | (62,204 | ) | (19,714 | ) | (360,105 | ) | ||||||||
Advisor Class | –– | * | (1 | ) | (1 | ) | (29 | ) | ||||||||
Net increase | 43,443 | 647,791 | 33,742 | 149,426 | ||||||||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Real Estate Securities Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 1,442 | $ | 16,009 | 4,984 | $ | 80,972 | ||||||||||
Class B | 28 | 307 | 173 | 3,012 | ||||||||||||
Class C | 76 | 838 | 333 | 5,666 | ||||||||||||
Class E | 7 | 75 | 12 | 202 | ||||||||||||
Class I | 60 | 589 | 34 | 556 | ||||||||||||
Class R | 5 | 47 | 9 | 130 | ||||||||||||
Class Y | 682 | 7,734 | 1,295 | 19,401 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 74 | 849 | 289 | 3,432 | ||||||||||||
Class B | –– | * | 1 | 3 | 34 | |||||||||||
Class C | 2 | 18 | 8 | 87 | ||||||||||||
Class E | –– | * | 4 | 1 | 6 | |||||||||||
Class I | 1 | 9 | 2 | 27 | ||||||||||||
Class R | –– | * | 2 | –– | * | 4 | ||||||||||
Class Y | 73 | 830 | 184 | 2,189 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,005 | ) | (22,083 | ) | (6,344 | ) | (83,751 | ) | ||||||||
Class B | (80 | ) | (870 | ) | (321 | ) | (4,111 | ) | ||||||||
Class C | (116 | ) | (1,276 | ) | (393 | ) | (5,202 | ) | ||||||||
Class E | (2 | ) | (18 | ) | (4 | ) | (58 | ) | ||||||||
Class I | (53 | ) | (593 | ) | (30 | ) | (393 | ) | ||||||||
Class R | (2 | ) | (25 | ) | –– | * | (5 | ) | ||||||||
Class Y | (537 | ) | (5,928 | ) | (1,147 | ) | (16,737 | ) | ||||||||
Net increase (decrease) | (345 | ) | $ | (3,481 | ) | (912 | ) | $ | 5,461 | |||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Bond Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 3,065 | $ | 27,972 | 5,285 | $ | 48,655 | ||||||||||
Class B | 144 | 1,303 | 323 | 2,952 | ||||||||||||
Class C | 623 | 5,676 | 1,702 | 15,393 | ||||||||||||
Class E | 44 | 401 | 74 | 674 | ||||||||||||
Class I | 42 | 387 | 7 | 60 | ||||||||||||
Class Y | 514 | 4,730 | 182 | 1,632 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 167 | 1,524 | 324 | 2,962 | ||||||||||||
Class B | 4 | 38 | 8 | 77 | ||||||||||||
Class C | 16 | 147 | 22 | 202 | ||||||||||||
Class E | 3 | 27 | 4 | 40 | ||||||||||||
Class I | –– | * | 5 | 1 | 8 | |||||||||||
Class Y | 4 | 42 | 2 | 13 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,138 | ) | (19,542 | ) | (4,059 | ) | (36,603 | ) | ||||||||
Class B | (160 | ) | (1,464 | ) | (202 | ) | (1,815 | ) | ||||||||
Class C | (572 | ) | (5,174 | ) | (785 | ) | (7,052 | ) | ||||||||
Class E | (12 | ) | (107 | ) | (26 | ) | (230 | ) | ||||||||
Class I | (9 | ) | (88 | ) | (6 | ) | (52 | ) | ||||||||
Class Y | (123 | ) | (1,101 | ) | (26 | ) | (227 | ) | ||||||||
Net increase | 1,612 | $ | 14,776 | 2,830 | $ | 26,689 | ||||||||||
*Not shown due to rounding. |
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Global Bond Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 3,099 | $ | 30,361 | 5,104 | $ | 48,927 | ||||||||||
Class B | 94 | 925 | 643 | 6,358 | ||||||||||||
Class C | 1,122 | 10,995 | 1,673 | 16,246 | ||||||||||||
Class I | 517 | 5,077 | 527 | 5,256 | ||||||||||||
Class Y | 370 | 3,638 | 1,041 | 10,190 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 37 | 368 | 77 | 709 | ||||||||||||
Class B | 3 | 36 | 12 | 106 | ||||||||||||
Class C | 8 | 78 | 17 | 154 | ||||||||||||
Class I | 7 | 68 | 16 | 148 | ||||||||||||
Class Y | 8 | 78 | 17 | 160 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,010 | ) | (9,900 | ) | (1,709 | ) | (16,138 | ) | ||||||||
Class B | (58 | ) | (566 | ) | (23 | ) | (216 | ) | ||||||||
Class C | (229 | ) | (2,235 | ) | (329 | ) | (3,085 | ) | ||||||||
Class I | (4 | ) | (42 | ) | (2 | ) | (21 | ) | ||||||||
Class Y | (75 | ) | (726 | ) | (201 | ) | (1,951 | ) | ||||||||
Net increase | 3,889 | $ | 38,155 | 6,863 | $ | 66,843 | ||||||||||
Six months ended 9-30-09 | Fiscal year ended 3-31-09 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Mortgage Securities Fund | Shares | Value | Shares | Value | ||||||||||||
Shares issued from sale of shares: | ||||||||||||||||
Class A | 1,460 | $ | 11,396 | 4,120 | $ | 36,588 | ||||||||||
Class B | 17 | 137 | 133 | 1,148 | ||||||||||||
Class C | 71 | 556 | 602 | 5,235 | ||||||||||||
Class E | 1 | 6 | 8 | 71 | ||||||||||||
Class I | 50 | 392 | 9 | 73 | ||||||||||||
Class Y | 42 | 331 | 253 | 2,355 | ||||||||||||
Shares issued in reinvestment of dividends and/or capital gains distribution: | ||||||||||||||||
Class A | 396 | 3,097 | 1,117 | 9,731 | ||||||||||||
Class B | 10 | 80 | 37 | 321 | ||||||||||||
Class C | 19 | 152 | 62 | 535 | ||||||||||||
Class E | 1 | 8 | 2 | 15 | ||||||||||||
Class I | 1 | 6 | 2 | 14 | ||||||||||||
Class Y | 11 | 84 | 36 | 317 | ||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (3,460 | ) | (26,929 | ) | (14,682 | ) | (127,097 | ) | ||||||||
Class B | (146 | ) | (1,135 | ) | (728 | ) | (6,271 | ) | ||||||||
Class C | (347 | ) | (2,701 | ) | (1,297 | ) | (11,088 | ) | ||||||||
Class E | (1 | ) | (6 | ) | (5 | ) | (45 | ) | ||||||||
Class I | (17 | ) | (133 | ) | (8 | ) | (65 | ) | ||||||||
Class Y | (149 | ) | (1,159 | ) | (778 | ) | (6,875 | ) | ||||||||
Net decrease | (2,041 | ) | $ | (15,818 | ) | (11,117 | ) | $ | (95,038 | ) | ||||||
7. DERIVATIVE INSTRUMENTS
In March 2008, the Financial Accounting Standards Board (FASB) amended and expanded disclosures about derivative instruments and hedging activities, which were adopted by each Fund during the fiscal period ended September 30, 2009; it requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.
Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (forward contracts) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Schedule of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the NYSE as provided by a bank, dealer or independent pricing service. The resulting unrealized appreciation and depreciation is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.
Risks to a Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, a Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received.
Futures Contracts. Certain Funds may engage in buying and selling futures contracts. Upon entering into a futures contract, the Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. This amount is known as the initial margin. Subsequent payments (variation margins) are made or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index.
Futures contracts are reported on a schedule following the Schedule of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are identified in the Schedule of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.
Risks of entering into futures contracts include the possibility of loss of securities or cash held as collateral, that there may be an illiquid market where the Fund is unable to close the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities.
Swap Agreements. Certain Funds may invest in swap agreements, which are agreements to exchange the return generated by one instrument for the return generated by another instrument.
Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. A Fund may enter into credit default swaps in which either it or its counterparty act as the guarantor.
Total return swaps involve a commitment to pay periodic interest payments in exchange for a market-linked return based on a security or a basket of securities representing a variety of securities or a particular index. To the extent the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
Variance swaps involve a contract in which two parties agree to exchange cash flows based on the measured variance of a specified underlying security or index during a certain time period. On the trade date, the two parties agree on the strike price of the contract (the reference level against which cash flows are exchanged), as well as the number of units in the transaction and the length of the contract. Like an option contract, the value of a variance swap is influenced by both realized and implied volatility, as well as the passage of time. A Fund may enter into variance swaps to manage volatility risk.
The creditworthiness of firms with which a Fund enters into a swap agreement is monitored by IICO. If a firm's creditworthiness declines, the value of the agreement would likely decline, potentially resulting in losses. If a default occurs by the counterparty to such a transaction, the Fund will have contractual remedies pursuant to the agreement related to the transaction.
Option Contracts. Options purchased by a Fund are accounted for in the same manner as marketable portfolio securities. The cost of portfolio securities acquired through the exercise of call options is increased by the premium paid to purchase the call. The proceeds from securities sold through the exercise of put options are decreased by the premium paid to purchase the put.
When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently adjusted to reflect the current market value of the option written. The current market value of an option is the last sales price on the principal exchange on which the option is traded or, in the absence of transactions, the mean between the bid and asked prices or at a value supplied by a broker-dealer. When an option expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the call option was sold) and the liability related to such option is extinguished. When a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether a Fund has realized a gain or loss. For each Fund, when a written put is exercised, the cost basis of the secur ities purchased by a Fund is reduced by the amount of the premium received.
Investments in options, whether purchased or written, involve certain risks. Writing put options and purchasing call options may increase a Fund's exposure to the underlying security (or basket of securities). With written options, there may be times when a Fund will be required to purchase or sell securities to meet its obligation under the option contract where the required action is not beneficial to the Fund, due to unfavorable movement of the market price of the underlying security (or basket of securities). Additionally, to the extent a Fund enters into over-the-counter (OTC) option transactions with counterparties, the Fund will be exposed to the risk that counterparties to these OTC transactions will be unable to meet their obligations under the terms of the transaction.
Objectives and StrategiesIvy Small Cap Value Fund. The Fund's objective in using derivatives during the period was to gain exposure to certain market sectors that it cannot get through the purchase of equity securities. To achieve this objective, the Fund utilized options, both written and purchased, on an index in the sector it wished to gain exposure to.
There were no open derivative instruments as of September 30, 2009.
The effect of derivative instruments on the Statement of Operations for fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Equity | Net realized gain (loss) on investments in unaffiliated securities and written options | $(1) | $0 |
During the fiscal period ended September 30, 2009, the Fund's average number of purchased option contracts and written option contracts outstanding was less than 1.
Ivy Value Fund. The Fund's objective in using derivatives during the period was to generate additional income from written option premiums. To achieve these objectives, the Fund had primarily written put and call options on equity securities the Fund owned.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Equity | N/A | N/A | Written options at market value | $51 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Equity | Net realized gain (loss) on written options/Net change in unrealized appreciation depreciation on written options | $139 | $(27) |
During the fiscal period ended September 30, 2009, the Fund's average number of written option contracts outstanding was 1.
Ivy Cundill Global Value Fund. The Fund's objective in using derivatives during the period was to hedge the exposure to foreign currencies of securities held in the fund. To achieve this objective, the Fund utilized forward contracts.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | $228 | Unrealized depreciation on forward foreign currency contracts | $6,680 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $(10,855) | $(3,899) |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for short forward contracts and long forward contracts was $139,137 and $132,452, respectively.
Ivy International Balanced Fund. The Fund's objective in using derivatives during the period was to manage the exposure to various foreign currencies. To achieve this objective, the Fund utilized forward contracts to either increase or decrease exposure to a given currency.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | $155 | N/A | N/A |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $(1,092) | $1,757 |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for short forward contracts and long forward contracts was $4,709 and $4,572, respectively.
Ivy International Core Equity Fund. The Fund's objective in using derivatives during the period was to manage the exposure to various foreign currencies. To achieve this objective, the Fund utilized forward contracts to either increase or decrease exposure to a given currency.
There were no open derivative instruments as of September 30, 2009.
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $658 | $(382) |
Ivy International Growth Fund. The Fund's objective in using derivatives during the period was to manage the exposure to various foreign currencies. To achieve this objective, the Fund utilized forward contracts to either increase or decrease exposure to a given currency.
There were no open derivative instruments as of September 30, 2009.
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $(532) | $241 |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for short forward contracts and long forward contracts was $1,794 and $1,730, respectively.
Ivy Pacific Opportunities Fund. The Fund's objectives in using derivatives during the period included hedging market risk on equity securities, managing exposure to various foreign currencies, and generating additional income from written option premiums. To achieve the objective of hedging market risk on equity securities, the Fund utilized futures and total return swaps on foreign equity indices. To manage foreign currency exposure, the Fund utilized forward contracts to decrease exposure to a given currency. To generate income, the Fund had primarily written put and call options on securities the Fund owned.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Equity | N/A | N/A | Written options at market value | $221 | |
Foreign currency | N/A | N/A | N/A | N/A | |
Total | $0 | $221 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Equity | Net realized gain (loss) on investments in unaffiliated securities, written options, futures contracts and swap contracts/Net change in unrealized appreciation (depreciation) on written options and futures contracts | $ (9,445) | $ (55) |
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | (737) | (282) |
Total | $(10,182) | $(337) |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for forward contracts and futures contracts were as follows: short forward contracts - $10,471, long forward contracts - $10,296, short futures contracts - $4,391. Additionally, the Fund's average number of purchased option contracts and written option contracts outstanding was 1 and 6,785, respectively.
Ivy Global Natural Resources Fund. The Fund's objectives in using derivatives during the period were to hedge market risk on equity securities, increase exposure to specific sectors or companies, and manage exposure to various foreign currencies. To achieve the objective of hedging market risk and increasing exposure to equity markets, the Fund utilized futures on equity indices and purchased option contracts on individual equity securities. To manage foreign currency exposure, the Fund utilized forward contracts to either increase or decrease exposure to a given currency.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Equity | Investments in unaffiliated securities and variation margin receivable | $262,615 | N/A | $ 0 | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | 125 | Unrealized depreciation on forward foreign currency contracts | 646 | |
Total | $262,740 | $646 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Equity | Net realized gain (loss) on investments in unaffiliated securities and futures contracts/Net change in unrealized appreciation (depreciation) on investments in unaffiliated securities and futures contracts | $(68,888) | $35,408 |
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | (9,160) | 1,561 |
Total | $(78,048) | $36,969 |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for forward contracts and futures contracts were as follows: short forward contracts - $36,976, long forward contracts - $34,935, short futures contracts - $330,154. Additionally, the Fund's average number of purchased option contracts outstanding was 104.
Ivy Bond Fund. The Fund's objective in using derivatives during the period was to adjust the overall duration of the portfolio. To achieve this objective, the Fund primarily utilized Treasury futures contracts of varying lengths to either shorten or lengthen, as determined by the Fund's manager, the duration of the Fund.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Interest rate | Variation margin receivable | $22 | Variation margin payable | $4 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Interest rate | Net realized gain (loss) on futures contracts/ Net change in unrealized appreciation (depreciation) on futures contracts | $365 | $(88) |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for short futures contracts and long futures contracts was $12,629 and $13,082, respectively.
Ivy Global Bond Fund. The Fund's objective in using derivatives during the period was to manage the exposure to various foreign currencies. To achieve this objective, the Fund utilized forward contracts to either hedge a position held by the Fund or to gain exposure to a currency where a foreign bond is not available.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | $41 | Unrealized depreciation on forward foreign currency contracts | $662 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $118 | $(1,219) |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for short forward contracts and long forward contracts was $9,299 and $9,166, respectively.
Ivy Mortgage Securities Fund. The Fund's objective in using derivatives during the period was to adjust the overall duration of the portfolio. To achieve this objective, the Fund primarily utilized Treasury futures contracts of varying lengths to either shorten or lengthen, as determined by the Fund's manager, the duration of the Fund.
Fair values of derivative instruments as of September 30, 2009:
Asset Derivatives | Liability Derivatives | ||||
---|---|---|---|---|---|
Type of Derivative | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |
Interest rate | Variation margin receivable | $17 | Variation margin payable | $7 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2009:
Type of Derivative | Location of Gain (Loss) on Derivatives Recognized in Income | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
---|---|---|---|
Interest rate | Net realized gain (loss) on futures contracts/ Net change in unrealized appreciation (depreciation) on futures contracts | $352 | $283 |
During the fiscal period ended September 30, 2009, the Fund's average market value outstanding for short futures contracts was $19,119.
8. COMMITMENT
In connection with Ivy Pacific Opportunities Fund's investment in Vietnam Azalea Fund Limited (VAF), the Fund is contractually committed to provide additional capital of up to $1,696 if and when VAF requests such contributions or draw downs. The total commitment is limited to $5,000. At September 30, 2009, Ivy Pacific Opportunities Fund had made a total contribution of $3,304. No public market currently exists for the shares of VAF nor are shares currently redeemable by VAF. VAF intends to become listed within one year after the final commitment has been drawn down.
9. AFFILIATED COMPANY TRANSACTIONSA summary of the transactions in affiliated companies during the fiscal period ended September 30, 2009 follows:
3-31-09 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/(Loss) | Distributions Received(2) | 9-30-09 Share Balance | 9-30-09 Market Value | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Managed European/Pacific Fund | ||||||||||||||||||||||
Ivy European Opportunities Fund, Class I | 904 | $1,698 | $12,360 | $(5,918 | ) | $ | –– | 660 | $ | 14,437 | ||||||||||||
Ivy Pacific Opportunities Fund, Class I | 3,087 | 10,203 | 1,923 | (956 | ) | –– | 3,781 | 53,916 | ||||||||||||||
$ | –– | $ | 68,353 | |||||||||||||||||||
3-31-09 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/(Loss) | Distributions Received(2) | 9-30-09 Share Balance | 9-30-09 Market Value | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Managed International Opportunities Fund | ||||||||||||||||||||||
Ivy European Opportunities Fund, Class I | 583 | $1,559 | $ 256 | $(147 | ) | $ –– | 659 | $14,406 | ||||||||||||||
Ivy International Balanced Fund, Class I | 3,261 | 3,033 | 14,911 | (4,547 | ) | 83 | 2,656 | 35,164 | ||||||||||||||
Ivy International Core Equity Fund, Class I | 2,336 | 2,463 | 1,451 | (548 | ) | –– | 2,460 | 35,626 | ||||||||||||||
Ivy International Growth Fund, Class I | 642 | 9,312 | 302 | (127 | ) | –– | 1,002 | 27,947 | ||||||||||||||
Ivy Pacific Opportunities Fund, Class I | 1,583 | 4,204 | 315 | (140 | ) | –– | 1,887 | 26,904 | ||||||||||||||
$ 83 | $140,047 | |||||||||||||||||||||
3-31-09 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/(Loss) | Distributions Received | 9-30-09 Share Balance | 9-30-09 Market Value | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Pacific Opportunities Fund | ||||||||||||||||||||
Vietnam Azalea Fund Limited(1) | 500 | $ | –– | $ | –– | $ | –– | $ | –– | 500 | $2,135 |
3-31-09 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/(Loss) | Distributions Received | 9-30-09 Share Balance | 9-30-09 Market Value | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ivy Global Natural Resources Fund | ||||||||||||||||||||
Yingli Green Energy Holding Company Limited, ADR(1) | 8,000 | $ –– | $10,578 | $(3,496 | ) | $ –– | 7,500 | $93,450 | ||||||||||||
(1)No dividends were paid during the preceding 12 months. | ||||||||||||||||||||
(2)Distributions received includes distributions from net investment income and/or from capital gains from the underlying funds. |
10. SENIOR LOANS
A Fund invests in senior secured corporate loans (senior loans) either as an original lender or as a purchaser of a loan assignment or a participation interest in a loan. Senior loans are generally made to U.S. and foreign borrowers that are corporations, partnerships, or other business entities. Senior loans are generally readily marketable, but some loans may be illiquid or be subject to some restrictions on resale.
Certain senior loans contain provisions that obligate a Fund to fund future commitments at the borrower's discretion. At September 30, 2009, there were no such unfunded commitments.
11. WRITTEN OPTION ACTIVITYFor Ivy Small Cap Value Fund, transactions in written call options were as follows:
Number of Contracts | Premium Received | |||||||
---|---|---|---|---|---|---|---|---|
Outstanding at March 31, 2009 | –– | $ | –– | |||||
Options written | 2 | 210 | ||||||
Options terminated in closing purchase transactions | (2 | ) | (210 | ) | ||||
Options exercised | –– | –– | ||||||
Options expired | –– | –– | ||||||
Outstanding at September 30, 2009 | –– | $ | –– | |||||
For Ivy Value Fund, transactions in written call options were as follows:
Number of Contracts | Premium Received | |||||||
---|---|---|---|---|---|---|---|---|
Outstanding at March 31, 2009 | 1 | $ | 70 | |||||
Options written | 3 | 165 | ||||||
Options terminated in closing purchase transactions | (1 | ) | (78 | ) | ||||
Options exercised | –– | * | (33 | ) | ||||
Options expired | (2 | ) | (88 | ) | ||||
Outstanding at September 30, 2009 | 1 | $ | 36 | |||||
*Not shown due to rounding. |
For Ivy Value Fund, transactions in written put options were as follows:
Number of Contracts | Premium Received | |||||||
---|---|---|---|---|---|---|---|---|
Outstanding at March 31, 2009 | –– | * | $ | 16 | ||||
Options written | 2 | 100 | ||||||
Options terminated in closing purchase transactions | –– | * | (26 | ) | ||||
Options exercised | –– | –– | ||||||
Options expired | (1 | ) | (60 | ) | ||||
Outstanding at September 30, 2009 | 1 | $ | 30 | |||||
*Not shown due to rounding. |
For Ivy Pacific Opportunities Fund, transactions in written call options were as follows:
Number of Contracts | Premium Received | |||||||
---|---|---|---|---|---|---|---|---|
Outstanding at March 31, 2009 | 11,865 | $ | 230 | |||||
Options written | 6 | 448 | ||||||
Options terminated in closing purchase transactions | (11,868 | ) | (418 | ) | ||||
Options exercised | –– | –– | ||||||
Options expired | (1 | ) | (57 | ) | ||||
Outstanding at September 30, 2009 | 2 | $ | 203 | |||||
For Ivy Pacific Opportunities Fund, transactions in written put options were as follows:
Number of Contracts | Premium Received | |||||||
---|---|---|---|---|---|---|---|---|
Outstanding at March 31, 2009 | 11,868 | $ | 996 | |||||
Options written | 12 | 1,438 | ||||||
Options terminated in closing purchase transactions | (11,866 | ) | (321 | ) | ||||
Options exercised | –– | –– | ||||||
Options expired | (12 | ) | (2,020 | ) | ||||
Outstanding at September 30, 2009 | 2 | $ | 93 | |||||
Ivy International Growth Fund received $616 during the fiscal period ended September 30, 2009 as a result of the distribution of funds relating to the settlement from third party late trading and market timing activities related to the Fund. This amount is included on the Statement of Operations in net realized gain (loss) on investments in unaffiliated securities.
13. PENDING REORGANIZATIONSIt is anticipated that, during the fourth quarter of 2009 or the first quarter of 2010, each series of Ivy Funds will be reorganized into a corresponding new series of Ivy Funds, a Delaware statutory trust (New Ivy Funds Trust). These Ivy Funds reorganizations were approved by the shareholders of each series of Ivy Funds at joint shareholder meetings held on January 15, 2009. There are certain similarities and differences between Ivy Funds and New Ivy Funds Trust that are summarized in the Notice of Special Meeting of Shareholders and Joint Proxy Statement, each dated November 19, 2008.
At a meeting of the Board of Trustees of Ivy Funds (the "Trust") held on August 25 and 26, 2009, the Trustees, including all of the Trustees who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act, unanimously approved the continuance of the existing management agreements between Ivy Investment Management Company ("IICO") and the Trust. The existing management agreements considered were (i) the Master Business Management and Investment Advisory Agreement and all current supplements thereto between the Trust and IICO (with respect to the Ivy Cundill Global Value Fund, Ivy European Opportunities Fund, Ivy International Growth Fund, Ivy International Core Equity Fund and the Ivy Pacific Opportunities Fund); (ii) the Investment Management Agreement between the Trust and IICO (with respect to the Ivy Dividend Opportunities Fund, Ivy Global Bond Fund, Ivy Managed European/Pacific Fund and Ivy Managed International Opportunities Fund); (iii) the Investment Manag ement Agreement between the Trust and IICO (with respect to the Ivy Balanced Fund, Ivy Bond Fund, Ivy Global Natural Resources Fund, Ivy International Balanced Fund, Ivy Micro Cap Growth Fund, Ivy Mortgage Securities Fund, Ivy Real Estate Securities Fund, Ivy Small Cap Value Fund and the Ivy Value Fund); and (iv) the Subadvisory Agreements between IICO and:
- Advantus Capital Management, Inc. (Ivy Bond Fund, Ivy Mortgage Securities Fund, Ivy Real Estate Securities Fund)
- Mackenzie Financial Corporation (Ivy Global Natural Resources Fund)
- Mackenzie Cundill Investment Management Ltd. (Ivy Cundill Global Value Fund)
- Wall Street Associates (Ivy Micro Cap Growth Fund)
(each such subadviser referred to herein as a "Subadviser").
The Board also unanimously approved an amendment to the Master Business Management and Investment Advisory agreement between the Trust and IICO to reduce the investment advisory fee that the Ivy European Opportunities Fund pays to IICO.
The Board's Independent Trustees were assisted in their review by independent legal counsel, and met with such counsel separately from representatives of IICO. Independent legal counsel provided the Board with a memorandum that discussed the various factors that the Board should consider as part of its review of the various agreements, including, among other things, the nature and the quality of the services provided by IICO and the Subadvisers, profitability (including any fall-out benefits) from the relationships with the Funds, economies of scale, the role played by the Independent Trustees, and information on comparative fees and expenses. The Board also considered the written responses and supplementary materials produced by IICO and each Subadviser in response to a 15(c) due diligence request list submitted by the Independent Trustees' counsel prior to the meeting. Included in those responses, which had been provided to the Board prior to the meeting, was a Fund-by-Fund profitability analysis prepared by IICO, as well as an explanation of the methodology by which the profitability analysis was calculated. The Board also received extensive materials on performance, expenses and comparable fund information from Lipper, Inc., an independent mutual fund rating service. Finally, the Independent Trustees received and reviewed a considerable amount of information that their independent fee consultant had provided to them. The Independent Trustees previously had reviewed these materials during a telephonic meeting earlier in August. They further reviewed these materials extensively among themselves, with their independent legal counsel and independent fee consultant, and with the other Board members at the August 25th and 26th Board meeting, after which the Board considered various factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Board's determination to approve the agreements are discussed separately below.
Nature, Extent and Quality of ServicesThe Board considered the nature, extent and quality of services provided to the Funds by IICO and each Subadviser, taking into account the large amount of materials produced by IICO and each Subadviser in response to the 15(c) due diligence request lists submitted on their behalf by counsel. They also considered the knowledge they had received from the regular meetings of the Board, including from the materials provided in connection with those meetings, such as the resources and key personnel of IICO and each Subadviser, as well as the other services provided to the Funds by IICO and each Subadviser (such as, managing the quality of execution of portfolio transactions and the selection of broker-dealers for those transactions, monitoring adherence to each Fund's investment restrictions, producing reports, providing support services for the Board and Board committees, communicating with shareholders and overseeing the activities of other service providers, including monitoring compliance with various Fund po licies and procedures and with applicable securities laws and regulations). The Board also noted the positive press that the Ivy Funds family and certain portfolio managers continue to receive during the year in the financial media, and also noted the improved shareholder servicing provided by IICO's affiliate, Waddell & Reed Services Company, as reported by an independent evaluator. The Board concluded that the nature and extent of the services provided by IICO and each Subadviser were appropriate, that the quality of those services had been consistent with quality norms in the industry and that the Funds were likely to benefit from the continued provision of those services.
Benefits from the Relationship with the FundsThe Board next discussed whether IICO or any Subadviser derives any other direct or indirect benefit from serving the Funds. The Board considered benefits that accrue to each organization from its respective relationship with a Fund, including the fact that a variety of services are provided by affiliates of IICO, including distribution, shareholder servicing and transfer agency services. After full consideration of these and other factors, the Board concluded that none of IICO, any Subadviser or any of their affiliates receive any additional direct or indirect benefits that would preclude the Board from approving the continuation of an investment advisory agreement with IICO or any investment sub-advisory agreement with a Subadviser.
Economies of ScaleThe Board discussed whether economies of scale are being realized by the Funds and whether fee levels reflect those economies of scale for the benefit of the Funds' shareholders. In that context, the Board discussed the current level of the Funds' advisory fee breakpoints and also considered the current and anticipated asset levels of the Funds and the potential for growth in each Fund. The Board concluded that, except for the Ivy European Opportunities Fund, the Funds' asset size and fee structures did not warrant the restructuring or reevaluation of the fee breakpoints for the Funds at the current time. With regard to the Ivy European Opportunities Fund, the Board unanimously agreed to reduce IICO's fees on the first $250 million of assets from 1.00% of net assets to 0.90% of net assets.
Performance of the Funds and Costs of Services ProvidedThe Board considered, on a Fund by Fund basis, the performance of each Fund and the costs of the services provided, focusing on the specific circumstances of each Fund. In addition, the Board considered that IICO recently had taken over direct portfolio management responsibilities for the Ivy European Opportunities Fund and the Ivy International Balanced Fund, replacing those Funds' subadvisers.
Specifically, the Board examined the investment performance of each Fund, including quintile ranking for short- and long-term time periods and each Fund's performance against its peers. The Board also examined the performance of each Fund against its respective Lipper index for the same periods. After extensively reviewing all of the performance information provided, the Board concluded that the Funds' performance in each asset class was acceptable. Although the performance of some of the Funds lagged that of their peers or respective Lipper index, the Board recognized that IICO, or the applicable Subadviser, had taken, or was taking, steps to address that underperformance, and determined to continue to monitor closely the performance of those Funds.
The Board also considered the expenses of each Fund, the expense ratio of each Fund, and the expense limitation arrangements entered into by IICO in light of the services provided by IICO and each Subadviser. The Board also compared each Fund's expenses, including advisory, distribution and shareholder servicing fees, with the expenses and advisory fees of other investment advisers managing similarly situated funds, as well as the advisory fees that IICO (or an affiliate) charges for providing advisory services to separately managed accounts in the same asset class for certain Funds. In that regard, the Board noted that IICO performs significant additional services for the Funds as compared to such separately managed accounts. The Board also took into account the information on IICO's profitability in managing the Funds, including the methodology used to calculate profitability. The Board finally considered the amount of assets in each Fund, each Fund's average account size and how those factors affect the F unds' expense ratios. After completing this examination and taking into consideration the reduction in the advisory fee for the Ivy European Opportunities Fund, the Independent Trustees concluded that each Fund's expenses are appropriate at the current time.
Independent Fee Consultant ReviewThe Disinterested Directors/Trustees for each of the mutual funds has appointed an independent fee consultant. Posted below is a summary of the written fee evaluation of such consultant for the most recent year.
During August of 2009, and as part of their regularly scheduled meetings, the Disinterested Trustees of Ivy Funds and the Disinterested Directors of Ivy Funds, Inc. (collectively, the "Ivy Funds" and any separate series thereof an "Ivy Fund") reviewed significant information in connection with considering the continuation of existing investment management agreements currently in effect between Ivy Investment Management Company ("IICO") and the Ivy Funds. Pursuant to the Assurance of Discontinuance between Waddell & Reed, Inc., Waddell & Reed Services Company, and Waddell & Reed Investment Management Company (collectively, "Waddell") and the Office of the New York Attorney General dated July 10, 2006 ("Assurance of Discontinuance"), the Disinterested Trustees/Directors of the Ivy Funds engaged an independent fee consultant to assist them in evaluating the reasonableness of the management fees charged by IICO, an affiliate of Waddell, to the Ivy Fun ds. The independent fee consultant's review addressed the following fee-related factors:
1. The nature and quality of IICO's services to the Ivy Funds, including performance
2. Management fees (including any components thereof) charged by other mutual fund companies for like services
3. Management fees (including any components thereof) charged to institutional and other clients of IICO for like services
4. Costs to IICO and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit
5. Profit margins of IICO and its affiliates from supplying such services
6. Possible economies of scale as a fund grows larger
The following summarizes the findings of the independent fee consultant retained by the Disinterested Trustees/Directors.1
Summary FindingsThe report stated that IICO delivered strong levels of performance and service to the Ivy Funds in relation to its management fees and relative to investment advisers of comparable mutual funds. For the 36 months ended March 31, 2009, when compared to their respective peer groups established by Lipper, Inc. ("Lipper"), approximately 40% of the Ivy Funds were in the top quintile of performance and 72% of the Ivy Funds were in the top two quintiles. The independent fee consultant noted that the Ivy Funds' performance appeared to be grounded in a number of institutional competitive advantages at IICO, including stock selection ability, ability to attract top talent, strategic vision, performance-focused culture, ability to manage smaller AUM funds, ability to serve small account sizes and an effective trading infrastructure.
The report stated that for the 12 months ended March 31, 2009, the total expenses of the Ivy Funds on average were 4% above the mean total expenses of their respective Lipper Expense Group peers and 5% below the mean total expenses for their Lipper Expense Universes. The management fees for the Ivy Funds on average were 0.9% above the mean management fees for their Lipper Expense Groups and 6.9% below the mean for their Lipper Expense Universes. The independent fee consultant noted that the Ivy Funds' small average account size and small fund AUM introduces certain biases in the Lipper analyses that work against Ivy Funds in Lipper expense comparisons and, as a result, the Lipper findings may be considered conservative in that regard. The independent fee consultant found that within the larger Lipper averages the management fees and total expenses of individual Ivy Funds and share classes are reasonable relative to their performance.
The report stated that the management fees IICO charges to the Ivy Funds also are reasonable in relation to the management fees it charges to its other institutional accounts. The report noted that these institutional accounts have different service and infrastructure needs and in addition that, based on industry data, the average spread between management fees charged to the Ivy Funds and those charged to institutional accounts is below the average fee spreads observed at other investment advisers.
The independent fee consultant found that the level of profit earned by IICO from managing the Ivy Funds does not appear to be unreasonable. The report noted that Waddell's overall profitability from managing the Ivy Funds and its other operations is below the mean profitability of other publicly traded peers, but appears adequate to enable IICO to continue to provide quality support to the Ivy Funds and their shareholders.
The report stated that an economy of pricing analysis was undertaken by the independent fee consultant that showed that Ivy Funds incur lower fees and expenses with increasing fund AUM and with increasing average account size which the independent fee consultant believes should benefit Ivy Fund investors as the Ivy Funds mature.
ConclusionsThe independent fee consultant concluded that the services provided by IICO and its affiliates and expenses incurred by the Ivy Funds over the year ending August 31, 2009 are reasonable and provide adequate justification for renewal of the Ivy Funds' existing advisory agreements.
1 The independent fee consultant's evaluation was based on information provided by IICO, Lipper, Inc., other information providers and other independent analyses. The term "management fees" refers to the actual annual advisory and administrative fees, net of any fee waivers, paid by an Ivy Fund, as a percentage of such fund's average net assets. The term "total expenses" refers to the total annual expenses, net of any fee waivers, paid by an Ivy Fund, as a percentage of such fund's average net assets. Where these terms are used in reference to groups of Ivy Funds, numbers expressed are usually on an asset-weighted basis. Fee and performance data used in screening methodologies are usually for the period ending March 31, 2009.
Proxy Voting Guidelines
A description of the policies and procedures Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800.777.6472 and (ii) on the Securities and Exchange Commission's (SEC) website at www.sec.gov.
Proxy Voting RecordsInformation regarding how Ivy Funds voted proxies relating to portfolio securities during the most recent 12 month period ending June 30 is available on Form N-PX through the Ivy Funds' website at www.ivyfunds.com and on the SEC's website at www.sec.gov.
A complete schedule of portfolio holdings for the first and third quarters of each fiscal year is filed with the Securities and Exchange Commission (SEC) on the Trust's Form N-Q. This form may be obtained in the following ways:
- On the SEC's website at www.sec.gov.
- For review and copy at the SEC's Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330.
- On the Ivy Funds' website at www.ivyfunds.com.
As required by law, we are hereby providing notice to you that income tax may be withheld automatically from any distribution or withdrawal from a traditional IRA. A Fund is generally required to withhold taxes unless you make a written election not to have taxes withheld. The election may be made on the distribution/withdrawal form provided by Waddell & Reed, Inc. which can be obtained from your Waddell & Reed representative or by submitting Internal Revenue Service Form W-4P. Once made, an election can be revoked by providing written notice to Waddell & Reed, Inc. If you elect not to have tax withheld you may be required to make payments of estimated tax. Penalties may be imposed by the IRS if withholding and estimated tax payments are not adequate.
Domestic Equity Funds
Ivy Capital Appreciation Fund
Ivy Core Equity Fund
Ivy Dividend Opportunities Fund
Ivy Large Cap Growth Fund
Ivy Micro Cap Growth Fund
Ivy Mid Cap Growth Fund
Ivy Small Cap Growth Fund
Ivy Small Cap Value Fund
Ivy Tax-Managed Equity Fund
Ivy Value Fund
Global/International Funds
Ivy Cundill Global Value Fund
Ivy European Opportunities Fund
Ivy International Balanced Fund
Ivy International Core Equity Fund
Ivy International Growth Fund
Ivy Managed European/Pacific Fund
Ivy Managed International Opportunities Fund
Ivy Pacific Opportunities Fund
Specialty Funds
Ivy Asset Strategy Fund
Ivy Balanced Fund
Ivy Energy Fund
Ivy Global Natural Resources Fund
Ivy Real Estate Securities Fund
Ivy Science and Technology Fund
Fixed Income Funds
Ivy Bond Fund
Ivy Global Bond Fund
Ivy High Income Fund
Ivy Limited-Term Bond Fund
Ivy Money Market Fund
Ivy Mortgage Securities Fund
Ivy Municipal Bond Fund
Ivy Municipal High Income Fund
1.800.777.6472
Visit us online at www.ivyfunds.com
The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc.
Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus containing this and other information for the Ivy Funds, call your financial advisor or visit us online at www.ivyfunds.com. Please read the prospectus carefully before investing.
ITEM 2. CODE OF ETHICS | |
Required in annual report only. | |
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT | |
Required in annual report only. | |
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. | |
Required in annual report only. | |
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable. | |
ITEM 6. SCHEDULE OF INVESTMENTS. | |
See Item 1 Shareholder Report. | |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END | |
MANAGEMENT INVESTMENT COMPANIES | |
Not applicable. | |
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. | |
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable. | |
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors. | |
ITEM 11. CONTROLS AND PROCEDURES. | |
(a) | The Registrant's Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, have concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant's management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. |
(b) | There were no significant changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant's second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
ITEM 12. EXHIBITS. | |
(a)(1) Required in annual report only. | |
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). | |
Attached hereto as Exhibit 99.CERT. | |
(b) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)). | |
Attached hereto as Exhibit 99.906CERT. |
SIGNATURES | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | |
Ivy Funds | |
(Registrant) | |
By | /s/Mara D. Herrington |
Mara D. Herrington, Vice President and Secretary | |
Date: December 3, 2009 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |
By | /s/Henry J. Herrmann |
Henry J. Herrmann, President and Principal Executive Officer | |
Date: December 3, 2009 | |
By | /s/Joseph W. Kauten |
Joseph W. Kauten, Vice President and Principal Financial Officer | |
Date: December 3, 2009 |