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 811-6569 |
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, 2010 |
ITEM 1. REPORTS TO STOCKHOLDERS.
Semiannual Report
Ivy Funds
Ivy Asset Strategy Fund
Ivy Asset Strategy New Opportunities Fund
Ivy Balanced Fund
Ivy Energy Fund
Ivy Global Natural Resources Fund
Ivy Real Estate Securities Fund
Ivy Science and Technology Fund
President's Letter | 3 |
Portfolio Highlights, Illustration of Fund Expenses and Schedule of Investments: | |
Ivy Asset Strategy Fund | 4 |
Ivy Asset Strategy New Opportunities Fund | 12 |
Ivy Balanced Fund | 17 |
Ivy Energy Fund | 23 |
Ivy Global Natural Resources Fund | 26 |
Ivy Real Estate Securities Fund | 31 |
Ivy Science and Technology Fund | 35 |
Statement of Assets and Liabilities | 39 |
Statement of Operations | 41 |
Statement of Changes in Net Assets | 42 |
Financial Highlights | 46 |
Notes to Financial Statements | 60 |
Renewal of Investment Management Agreement | 79 |
Proxy Voting Information | 83 |
Quarterly Portfolio Schedule Information | 84 |
IRA Disclosure | 85 |
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, or summary prospectus, and current performance information, including current Lipper ranking information.
Henry J. Herrmann, CFA
Dear Shareholder:
In the six months since our last report to you, investors have witnessed a dramatic reversal in investor sentiment. When the period opened, stocks and bonds were rallying as many economic indicators pointed to continued recovery and increasing stability in the U.S. economy. Investor confidence was further bolstered by stabilization of global credit markets and stronger-than-expected first-quarter 2010 corporate profits. Optimism abruptly changed, however, with the emergence of the European debt crisis, which created fears of a double-dip recession. The European banking system was negatively impacted when investors began to question the credit quality of several sovereign governments and whether the eurozone would be able to move past political strife to gain monetary stability. That scenario, in conjunction with data reflecting slowing U.S. economic growth and escalating concern about China's ability to slow the pace of its economy, drove a sharp global correction. Investors dodged riskier assets and de monstrated a flight to quality, ultimately driving U.S. bond yields to historical lows and fueling fears that the global economy could slip back into recession. The tide seemed to turn in September, however, traditionally a negative month for equities, with slightly stronger economic data and optimism that mid-term elections may drive more investor-friendly changes in Washington. Stocks staged a dramatic four-week rally that restored some optimism, as did an announcement from the National Bureau of Economic Research that the `Great Recession,' the longest-lasting since the Great Depression, officially ended in June of 2009.
The economy grew at a 1.7 percent annual rate in the second calendar quarter of 2010, and preliminary estimates for third-quarter growth appear positive. The S&P 500 Index declined 2.4 percent during the six months ended September 30, 2010, while international securities, as represented by the MSCI EAFE Index, declined 1.5 percent. Fixed-income markets, as measured by the Citigroup Broad Investment Grade Index, saw yields drop significantly.
Numerous imponderables remain, including persistent high unemployment and a housing sector that continues to struggle, particularly so after government stimulus was removed. Nonetheless, we are optimistic that better days are ahead. Interest rates are low, government policy remains accommodative, and companies are reporting more robust activity. Acquisition activity, a sign that companies are growing more willing to loosen the purse strings and funnel money into growing their operations, appears to be picking up.
Economic Snapshot
9/30/10 | 3/31/10 | |||||
S&P 500 Index | 1141.20 | 1169.43 | ||||
MSCI EAFE Index | 1561.01 | 1584.27 | ||||
Citigroup Broad Investment Grade Index (annualized yield to maturity) | 2.33 | % | 3.26 | % | ||
U.S. unemployment rate | 9.6 | % | 9.7 | % | ||
30-year fixed mortgage rate | 4.35 | % | 4.99 | % | ||
Oil price per barrel | $79.97 | $83.76 |
Sources: Bloomberg, U.S. Department of Labor
All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarily large-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. Citigroup Broad Investment Grade Index is an unmanaged index comprised of securities that represent the bond market. Annualized yield to maturity is the rate of return anticipated on a bond if it is held until the maturity date. It is not possible to invest directly in any of these indexes. Mortgage rates shown reflect the average rate on a conventional loan with a 60-day lender commitment. Oil prices reflect the market price of West Texas intermediate grade crude.
As always, we thank you for your continued trust in Ivy Funds, and 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 Ivy 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 | 79.8% |
Consumer Discretionary | 26.6% |
Financials | 16.8% |
Information Technology | 16.6% |
Energy | 7.8% |
Materials | 3.3% |
Consumer Staples | 2.9% |
Industrials | 2.9% |
Telecommunication Services | 2.6% |
Health Care | 0.3% |
Warrants | 1.4% |
Bullion (Gold) | 12.7% |
Options | 0.4% |
Bonds | 0.1% |
Corporate Debt Securities | 0.1% |
Cash and Cash Equivalents | 5.6% |
Lipper Rankings
Category: Lipper Global Flexible Portfolio Funds | Rank | Percentile |
1 Year | 127/180 | 71 |
3 Year | 24/93 | 26 |
5 Year | 8/54 | 15 |
10 Year | 13/36 | 36 |
Past performance is no guarantee of future results. Rankings are for Class C shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
North America | 29.6% |
United States | 29.6% |
Pacific Basin | 27.2% |
China | 14.9% |
South Korea | 3.9% |
Other Pacific Basin | 8.4% |
Europe | 18.6% |
United Kingdom | 4.2% |
Germany | 4.1% |
Other Europe | 10.3% |
Bullion (Gold) | 12.7% |
South America | 4.5% |
Brazil | 4.5% |
Cash and Cash Equivalents, Options and Warrants | 7.4% |
Top 10 Equity Holdings
Company | Country | Sector |
Wynn Resorts, Limited | United States | Consumer Discretionary |
Standard Chartered plc | United Kingdom | Financials |
Apple Inc. | United States | Information Technology |
Hyundai Motor Company | South Korea | Consumer Discretionary |
Sands China Ltd. | China | Consumer Discretionary |
Volkswagen AG | Germany | Consumer Discretionary |
Industrial and Commercial Bank of China Limited, H Shares | China | Financials |
MediaTek Incorporation | Taiwan | Information Technology |
Starwood Hotels & Resorts Worldwide, Inc. | United States | Consumer Discretionary |
Halliburton Company | United States | Energy |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
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, 2010.
Actual Expenses
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.
Hypothetical Example for Comparison Purposes
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 esxchange 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, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,016.10 | 1.03% | $5.14 |
Class B | $1,000 | $1,012.00 | 1.84% | $9.26 |
Class C | $1,000 | $1,012.40 | 1.76% | $8.85 |
Class E | $1,000 | $1,016.50 | 1.00% | $5.04 |
Class I | $1,000 | $1,017.30 | 0.78% | $3.93 |
Class R | $1,000 | $1,014.80 | 1.32% | $6.65 |
Class Y | $1,000 | $1,016.50 | 1.00% | $5.04 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,019.92 | 1.03% | $5.15 |
Class B | $1,000 | $1,015.85 | 1.84% | $9.27 |
Class C | $1,000 | $1,016.22 | 1.76% | $8.87 |
Class E | $1,000 | $1,020.05 | 1.00% | $5.05 |
Class I | $1,000 | $1,021.16 | 0.78% | $3.94 |
Class R | $1,000 | $1,018.46 | 1.32% | $6.66 |
Class Y | $1,000 | $1,020.06 | 1.00% | $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, 2010, 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 | |||||
Apparel, Accessories & Luxury Goods - 3.5% | |||||||
Compagnie Financiere Richemont S.A. (A) | 8,291 | $ | 399,149 | ||||
LVMH Moet Hennessy - Louis Vuitton (A) | 2,652 | 388,982 | |||||
788,131 | |||||||
Automobile Manufacturers - 3.0% | |||||||
Bayerische Motoren Werke Aktiengesellschaft (A) | 337 | 23,607 | |||||
Hyundai Motor Company (A) | 4,918 | 659,956 | |||||
683,563 | |||||||
Biotechnology - 0.2% | |||||||
Vertex Pharmaceuticals Incorporated (B) | 1,684 | 58,204 | |||||
Broadcasting - 0.6% | |||||||
CBS Corporation, Class B (C) | 9,264 | 146,929 | |||||
Casinos & Gaming - 9.2% | |||||||
Sands China Ltd. (A)(B)(D) | 362,528 | 654,143 | |||||
Sands China Ltd. (A)(B) | 80,075 | 144,487 | |||||
Wynn Macau, Limited (A)(B)(D) | 14,907 | 25,783 | |||||
Wynn Macau, Limited (A)(B) | 125,029 | 216,255 | |||||
Wynn Resorts, Limited (E) | 12,130 | 1,052,520 | |||||
2,093,188 | |||||||
Communications Equipment - 0.8% | |||||||
Juniper Networks, Inc. (B)(C) | 5,903 | 179,156 | |||||
Computer Hardware - 3.0% | |||||||
Apple Inc. (B)(C) | 2,394 | 679,411 | |||||
Computer Storage & Peripherals - 2.1% | |||||||
NetApp, Inc. (B)(C) | 9,519 | 473,966 | |||||
Construction & Farm Machinery & Heavy Trucks - 1.4% | |||||||
AB Volvo, Class B (A) | 9,681 | 142,196 | |||||
Cummins Inc. (C) | 2,010 | 182,047 | |||||
Tata Motors Limited (A) | 30 | 723 | |||||
324,966 | |||||||
Consumer Electronics - 1.2% | |||||||
Koninklijke Philips Electronics N.V., Ordinary Shares (A) | 8,571 | 269,371 | |||||
Data Processing & Outsourced Services - 0.8% | |||||||
Redecard S.A. (A) | 11,790 | 184,095 | |||||
Distributors - 1.2% | |||||||
Li & Fung Limited (A) | 47,042 | 264,652 | |||||
Diversified Banks - 11.7% | |||||||
Banco Santander Brasil S.A., ADR | 3,576 | 49,247 | |||||
Banco Santander Brasil S.A., Units (A)(D) | 15,596 | 211,547 | |||||
Banco Santander Central Hispano, S.A. (A) | 18,306 | 232,515 | |||||
BOC Hong Kong (Holdings) Limited (A) | 55,028 | 174,469 | |||||
HDFC Bank Limited (A) | 998 | 55,266 | |||||
ICICI Bank Limited (A) | 12,646 | 313,218 | |||||
Industrial and Commercial Bank of China Limited, H Shares (A) | 828,490 | 617,189 | |||||
Standard Chartered plc (A) | 25,246 | 724,156 | |||||
State Bank of India (A) | 2,249 | 162,206 | |||||
Turkiye Garanti Bankasi Anonim Sirketi (A) | 20,347 | 118,152 | |||||
2,657,965 | |||||||
Diversified Metals & Mining - 3.3% | |||||||
Companhia Vale de Rio Doce, ADR | 6,619 | 206,960 | |||||
Freeport-McMoRan Copper & Gold Inc., Class B (C) | 3,949 | 337,172 | |||||
Xstrata plc (A) | 10,644 | 203,654 | |||||
747,786 | |||||||
Electrical Components & Equipment - 0.8% | |||||||
First Solar, Inc. (B)(C) | 1,229 | 181,137 | |||||
Footwear - 1.0% | |||||||
NIKE, Inc., Class B (C) | 2,936 | 235,275 | |||||
Hotels, Resorts & Cruise Lines - 2.9% | |||||||
Ctrip.com International, Ltd. (B) | 2,911 | 139,004 | |||||
Starwood Hotels & Resorts Worldwide, Inc. (E) | 9,908 | 520,650 | |||||
659,654 | |||||||
Industrial Conglomerates - 0.2% | |||||||
General Electric Company (C) | 2,832 | 46,012 | |||||
Integrated Oil & Gas - 2.0% | |||||||
ConocoPhillips (C) | 8,086 | 464,402 | |||||
Internet Software & Services - 0.5% | |||||||
Baidu.com, Inc., ADR (B) | 1,128 | 115,755 | |||||
IT Consulting & Other Services - 2.7% | |||||||
Cognizant Technology Solutions Corporation, Class A (B)(C) | 6,260 | 403,557 | |||||
Infosys Technologies Limited, ADR | 2,969 | 199,850 | |||||
603,407 | |||||||
Life & Health Insurance - 1.8% | |||||||
China Life Insurance Company Limited, H Shares (A) | 82,856 | 327,309 | |||||
Ping An Insurance (Group) Company of China, Ltd. (A)(D) | 7,340 | 74,919 | |||||
402,228 | |||||||
Multi-Line Insurance - 0.2% | |||||||
China Pacific Insurance (Group) Company Limited, H Shares (A) | 11,657 | 43,796 | |||||
Oil & Gas Drilling - 1.7% | |||||||
Seadrill Limited (A) | 13,266 | 383,246 | |||||
Oil & Gas Equipment & Services - 4.1% | |||||||
Halliburton Company (C) | 15,189 | 502,297 | |||||
Schlumberger Limited (C) | 6,915 | 426,002 | |||||
928,299 | |||||||
Personal Products - 1.7% | |||||||
Hengan International Group Company Limited (A) | 21,026 | 209,618 | |||||
Mead Johnson Nutrition Company | 2,830 | 161,038 | |||||
370,656 | |||||||
Pharmaceuticals - 0.1% | |||||||
Allergan, Inc. | 172 | 11,417 | |||||
Real Estate Development - 1.1% | |||||||
China Overseas Land & Investment Limited (A) | 40,986 | 86,738 | |||||
China Resources Land Limited (A) | 83,500 | 169,823 | |||||
256,561 | |||||||
Real Estate Operating Companies - 0.3% | |||||||
Renhe Commercial Holdings Company Limited (A)(D) | 412,457 | 77,081 | |||||
Semiconductor Equipment - 0.9% | |||||||
ASML Holding N.V., Ordinary Shares (A) | 6,771 | 202,248 | |||||
Semiconductors - 5.0% | |||||||
Intel Corporation (C) | 15,213 | 292,546 | |||||
MediaTek Incorporation (A) | 37,556 | 527,725 | |||||
PMC-Sierra, Inc. (B)(E) | 13,361 | 98,335 | |||||
Samsung Electronics Co., Ltd. (A) | 341 | 232,027 | |||||
1,150,633 | |||||||
Tobacco - 1.2% | |||||||
Philip Morris International Inc. (C) | 4,977 | 278,828 | |||||
Trucking - 1.3% | |||||||
A.P. Moller - Maersk A/S (A) | 34 | 287,569 | |||||
Wireless Telecommunication Service - 2.6% | |||||||
China Mobile Limited (A)(F) | 18,072 | 185,056 | |||||
China Mobile Limited (A) | 40,070 | 410,312 | |||||
595,368 | |||||||
TOTAL COMMON STOCKS - 74.1% | $ | 16,844,955 | |||||
(Cost: $13,101,415) | |||||||
INVESTMENT FUNDS - 0.0% | |||||||
Multiple Industry | |||||||
Vietnam Azalea Fund Limited (B)(G)(H) | 1,100 | $ | 4,774 | ||||
(Cost: $7,268) | |||||||
PREFERRED STOCKS | |||||||
Automobile Manufacturers - 4.0% | |||||||
Volkswagen AG (A)(D) | 2,163 | 261,186 | |||||
Volkswagen AG (A) | 5,376 | 649,206 | |||||
910,392 | |||||||
Diversified Banks - 1.7% | |||||||
Itau Unibanco Holding S.A., ADR (B) | 16,334 | 394,954 | |||||
TOTAL PREFERRED STOCKS - 5.7% | $ | 1,305,346 | |||||
(Cost: $934,381) | |||||||
WARRANTS - 1.4% | |||||||
Multi-Line Insurance | |||||||
China Pacific Insurance (Group) Company Limited | 83,296 | $ | 312,944 | ||||
(Cost: $303,001) | |||||||
CORPORATE DEBT SECURITIES | Principal | ||||||
Automotive Manufacturers - 0.0% | |||||||
Toyota Motor Credit Corporation, | |||||||
2.740%, 1-18-15 (I) | $ 325 | 323 | |||||
Construction Materials - 0.1% | |||||||
CEMEX Espana, S.A., | |||||||
9.250%, 5-12-20 (F) | 7,996 | 7,496 | |||||
Forest Products - 0.0% | |||||||
Sino-Forest Corporation, | |||||||
10.250%, 7-28-14 (D) | 4,700 | 5,452 | |||||
Homebuilding - 0.0% | |||||||
Desarrolladora Homex, S.A. de C.V., | |||||||
7.500%, 9-28-15 | 470 | 484 | |||||
Independent Power Producers & Energy Traders - 0.0% | |||||||
CESP - Companhia Energetica de Sao Paulo, | |||||||
9.750%, 1-15-15 (F)(J) | BRL13,900 | 10,116 | |||||
TOTAL CORPORATE DEBT SECURITIES - 0.1% | $ | 23,871 | |||||
(Cost: $22,656) | |||||||
PUT OPTIONS | Number of Contracts | ||||||
KOSPI Composite Index, | |||||||
Dec $225.00, Expires 12-9-10 | 32 | 6,154 | |||||
S&P 500 Index: | |||||||
Oct $1,075.00, Expires 10-18-10 | 4 | 1,475 | |||||
Dec $1,075.00, Expires 12-20-10 | 2 | 5,413 | |||||
Dec $1,075.00, Expires 12-20-10 | 6 | 15,848 | |||||
Dec $1,100.00, Expires 12-20-10 | 19 | 63,690 | |||||
TOTAL PUT OPTIONS - 0.4% | $ | 92,580 | |||||
(Cost: $111,685) | |||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 0.0% | Principal | ||||||
Mortgage-Backed Obligations | |||||||
Federal Home Loan Mortgage Corporation Agency REMIC/CMO (Interest Only): (K) | |||||||
4.500%, 8-15-17 | $ 1,218 | 29 | |||||
5.500%, 9-15-17 | 1,997 | 154 | |||||
5.000%, 11-15-17 | 982 | 65 | |||||
5.000%, 5-15-18 | 2,471 | 231 | |||||
5.000%, 4-15-19 | 178 | 12 | |||||
5.000%, 4-15-19 | 84 | 6 | |||||
5.000%, 11-15-22 | 178 | 7 | |||||
5.500%, 3-15-23 | 1,755 | 204 | |||||
5.000%, 5-15-23 | 137 | 8 | |||||
5.000%, 6-15-23 | 1,451 | 85 | |||||
5.000%, 6-15-23 | 1,137 | 69 | |||||
5.000%, 8-15-23 | 113 | 7 | |||||
5.500%, 4-15-25 | 26 | 1 | |||||
5.500%, 10-15-25 | 2,220 | 338 | |||||
5.000%, 10-15-28 | 775 | 10 | |||||
5.500%, 2-15-30 | 69 | 2 | |||||
5.000%, 8-15-30 | 90 | 2 | |||||
5.000%, 10-15-30 | 1,210 | 49 | |||||
5.500%, 3-15-31 | 139 | 7 | |||||
5.500%, 10-15-32 | 2,363 | 265 | |||||
5.500%, 1-15-33 | 1,412 | 206 | |||||
5.500%, 5-15-33 | 1,755 | 268 | |||||
5.000%, 7-15-33 | 1,104 | 57 | |||||
6.000%, 11-15-35 | 1,621 | 263 |
Federal National Mortgage Association Agency REMIC/CMO (Interest Only): (K) | |||||||
5.000%, 5-25-22 | 74 | 3 | |||||
5.500%, 6-25-23 | 2,106 | 270 | |||||
5.000%, 8-25-23 | 744 | 46 | |||||
5.000%, 11-25-23 | 1,323 | 102 | |||||
4.500%, 4-25-30 | 1,324 | 89 | |||||
5.000%, 9-25-30 | 853 | 37 | |||||
5.000%, 3-25-31 | 2,464 | 96 | |||||
5.000%, 8-15-31 | 2,130 | 184 | |||||
5.500%, 8-25-33 | 3,748 | 508 | |||||
5.500%, 12-25-33 | 2,221 | 289 | |||||
5.500%, 4-25-34 | 4,121 | 659 | |||||
5.500%, 8-25-35 | 3,341 | 542 | |||||
5.500%, 11-25-36 | 8,492 | 1,299 | |||||
Government National Mortgage Association Agency REMIC/CMO (Interest Only): (K) | |||||||
5.000%, 1-20-30 | 241 | 7 | |||||
5.000%, 6-20-31 | 332 | 19 | |||||
5.500%, 3-20-32 | 1,604 | 175 | |||||
5.000%, 10-20-32 | 1,685 | 260 | |||||
7.000%, 5-20-33 | 4,018 | 964 | |||||
5.500%, 7-16-33 | 1,977 | 325 | |||||
5.000%, 7-20-33 | 78 | 7 | |||||
5.500%, 11-20-33 | 444 | 49 | |||||
5.500%, 6-20-35 | 3,967 | 594 | |||||
5.500%, 7-20-35 | 1,691 | 266 | |||||
5.500%, 7-20-35 | 572 | 41 | |||||
5.500%, 10-16-35 | 3,872 | 639 | |||||
(Cost: $16,565) | $ | 9,815 | |||||
BULLION - 12.7% | Troy Ounces | ||||||
Gold | 2,208 | $ | 2,890,068 | ||||
(Cost: $2,075,912) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (L) - 5.5% | |||||||
Avon Capital Corp. (Avon Products, Inc.): | |||||||
0.220%, 10-4-10 | $ 29,500 | 29,499 | |||||
0.240%, 10-6-10 | 24,000 | 23,999 | |||||
0.250%, 10-7-10 | 18,500 | 18,499 | |||||
Bank of Nova Scotia, | |||||||
0.190%, 11-1-10 | 83,888 | 83,873 | |||||
Bemis Company, Inc., | |||||||
0.260%, 10-4-10 | 7,515 | 7,515 | |||||
Clorox Co., | |||||||
0.350%, 10-20-10 | 12,000 | 11,998 | |||||
Corporacion Andina de Fomento, | |||||||
0.190%, 10-28-10 | 36,000 | 35,995 | |||||
CVS Caremark Corporation, | |||||||
0.350%, 10-20-10 | 20,000 | 19,996 | |||||
E.I. du Pont de Nemours and Company, | |||||||
0.190%, 10-18-10 | 85,000 | 84,991 | |||||
General Mills, Inc.: | |||||||
0.290%, 10-18-10 | 24,000 | 23,996 | |||||
0.390%, 12-1-10 | 12,000 | 11,992 | |||||
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.): | |||||||
0.280%, 10-12-10 | 15,000 | 14,999 | |||||
0.310%, 10-22-10 | 500 | 500 |
Hewlett-Packard Company: | |||||||
0.150%, 10-4-10 | 104,101 | 104,098 | |||||
0.170%, 10-6-10 | 11,690 | 11,690 | |||||
IBM International Group Capital LLC (International Business Machines Corporation), | |||||||
0.000%, 10-1-10 | 2,750 | 2,750 | |||||
Illinois Tool Works Inc.: | |||||||
0.170%, 10-6-10 | 5,500 | 5,500 | |||||
0.180%, 10-19-10 | 24,000 | 23,998 | |||||
John Deere Credit Limited (John Deere Capital Corporation): | |||||||
0.180%, 10-5-10 | 7,300 | 7,300 | |||||
0.170%, 10-8-10 | 32,000 | 31,999 | |||||
0.170%, 10-8-10 | 11,000 | 11,000 | |||||
0.210%, 10-20-10 | 14,000 | 13,998 | |||||
0.200%, 11-1-10 | 15,000 | 14,997 | |||||
0.200%, 11-4-10 | 10,000 | 9,998 | |||||
Kellogg Co., | |||||||
0.240%, 10-5-10 | 16,000 | 15,999 | |||||
Nokia Corp.: | |||||||
0.220%, 10-13-10 | 28,000 | 27,998 | |||||
0.210%, 10-14-10 | 6,000 | 6,000 | |||||
Novartis Finance Corp., | |||||||
0.000%, 10-1-10 | 44,412 | 44,412 | |||||
PACCAR Financial Corp., | |||||||
0.170%, 10-6-10 | 4,400 | 4,400 | |||||
Procter & Gamble International Funding S.C.A. (Procter & Gamble Company (The)), | |||||||
0.190%, 11-1-10 | 40,000 | 39,993 | |||||
Prudential Funding LLC, | |||||||
0.000%, 10-1-10 | 20,000 | 20,000 | |||||
Societe Generale N.A. Inc., | |||||||
0.000%, 10-1-10 | 50,000 | 50,000 | |||||
Straight-A Funding, LLC (Federal Financing Bank): | |||||||
0.180%, 10-5-10 | 15,000 | 15,000 | |||||
0.190%, 10-6-10 | 25,000 | 24,999 | |||||
0.170%, 10-7-10 | 28,000 | 27,999 | |||||
0.200%, 10-13-10 | 32,427 | 32,425 | |||||
0.200%, 10-20-10 | 34,013 | 34,009 | |||||
0.210%, 11-12-10 | 11,000 | 10,997 | |||||
0.250%, 12-7-10 | 13,930 | 13,924 | |||||
0.250%, 12-13-10 | 13,500 | 13,493 | |||||
Toyota Motor Credit Corporation, | |||||||
0.250%, 10-26-10 | 40,000 | 39,993 | |||||
United Technologies Corporation, | |||||||
0.180%, 10-28-10 | 33,254 | 33,249 | |||||
Volkswagen of America Inc.: | |||||||
0.000%, 10-1-10 | 23,475 | 23,475 | |||||
0.320%, 10-6-10 | 25,000 | 24,999 | |||||
0.350%, 10-13-10 | 6,520 | 6,519 | |||||
0.380%, 10-18-10 | 1,035 | 1,035 | |||||
0.370%, 10-19-10 | 7,945 | 7,943 | |||||
0.380%, 10-27-10 | 6,025 | 6,023 | |||||
W.W. Grainger, Inc.: | |||||||
0.160%, 10-6-10 | 25,000 | 24,999 | |||||
0.180%, 10-12-10 | 40,000 | 39,998 | |||||
Wal-Mart Stores, Inc.: | |||||||
0.200%, 10-25-10 | 25,000 | 24,997 | |||||
0.190%, 10-27-10 | 30,000 | 29,996 | |||||
1,250,054 | |||||||
Master Note - 0.0% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (M) | 7,123 | 7,123 | |||||
Municipal Obligations - Taxable - 0.3% | |||||||
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co), Ser C (JPMorgan Chase Bank, N.A), | |||||||
0.290%, 10-1-10 (M) | 13,180 | 13,180 | |||||
CO Hlth Fac Auth, Var Rate Rev Bonds (Exempla, Inc.), Ser 2009A (U.S. Bank, N.A.), | |||||||
0.230%, 10-6-10 (M) | 7,000 | 7,000 | |||||
FL Muni Power Agy, All-Requirements Power Supply Proj Var Rate Demand Rfdg Rev Bonds, Ser 2008C (Bank of America, N.A.), | |||||||
0.310%, 10-1-10 (M) | 3,125 | 3,125 | |||||
Indl Dev Auth of Phoenix, AZ, Adj Mode, Multifam Hsng Rev Rfdg Bonds (Paradise Lakes Apartment Proj), Ser 2007A (Wachovia Bank, N.A.), | |||||||
0.260%, 10-1-10 (M) | 15,925 | 15,925 | |||||
MS Dev Bank, Var Rate Demand Rfdg Bonds (Harrison Cnty, MS GO Coliseum and Convention Ctr Rfdg Bonds), Ser 2010B (Bank of America, N.A.), | |||||||
0.280%, 10-1-10 (M) | 5,000 | 5,000 | |||||
NJ Hlth Care Fac Fin Auth, Rev Bonds, AHS Hosp Corp Issue, Ser 2008C (JPMorgan Chase & Co.), | |||||||
0.250%, 10-7-10 (M) | 9,500 | 9,500 | |||||
NYC GO Bonds, Fiscal 2006 Ser E (Bank of America, N.A.), | |||||||
0.270%, 10-1-10 (M) | 9,000 | 9,000 |
Pennisula Ports Auth of VA, Coal Terminal Rev Rfdg Bonds (Dominion Terminal Associates Proj), Ser 1987-A (U.S. Bank, N.A.), | |||||||
0.270%, 10-1-10 | 5,000 | 5,000 | |||||
67,730 | |||||||
Notes - 0.1% | |||||||
Bank of America, N.A., | |||||||
0.763%, 10-22-10 (M) | 1,000 | 1,000 | |||||
Repurchase Agreements - 0.1% | |||||||
J.P. Morgan Securities, Inc., Repurchase Agreement dated 9-30-10 to be repurchased at $22,682, | |||||||
0.130%, 10-1-10 (N) | 22,682 | 22,682 | |||||
United States Government Agency Obligations - 0.1% | |||||||
Overseas Private Investment Corporation: | |||||||
0.240%, 10-15-10 (M) | 5,000 | 5,000 | |||||
0.200%, 11-15-10 (M) | 10,156 | 10,156 | |||||
0.200%, 11-15-10 (M) | 10,000 | 10,000 | |||||
0.230%, 12-15-10 (M) | 2,353 | 2,353 | |||||
0.240%, 12-15-10 (M) | 12,316 | 12,316 | |||||
39,825 | |||||||
TOTAL SHORT-TERM SECURITIES - 6.1% | $ | 1,388,414 | |||||
(Cost: $1,388,414) | |||||||
TOTAL INVESTMENT SECURITIES - 100.5% | $ | 22,872,767 | |||||
(Cost: $17,961,297) | |||||||
LIABILITIES, NET OF CASH(C) AND OTHER ASSETS - (0.5%) | (103,957 | ) | |||||
NET ASSETS - 100.0% | $ | 22,768,810 |
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2010:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | ||||
Buy | Chinese Yuan Renminbi | Deutsche Bank AG | 3,735,000 | 6-25-12 | $ | –– | $ | 1,993 | ||
Buy | Chinese Yuan Renminbi | Citibank, N.A. | 1,036,201 | 6-28-12 | 524 | –– | ||||
Sell | Euro | Citibank, N.A. | 312,200 | 12-20-10 | –– | 40,116 | ||||
Sell | Euro | Morgan Stanley International | 471,310 | 3-24-11 | –– | 60,847 | ||||
Buy | Japanese Yen | Deutsche Bank AG | 1,560,154 | 12-13-10 | 1,614 | –– | ||||
Buy | Norwegian Krone | Citibank, N.A. | 5,015 | 10-20-10 | 19 | –– | ||||
Sell | Norwegian Krone | Bank of America NT & SA | 1,242 | 10-20-10 | –– | 5 | ||||
$ | 2,157 | $ | 102,961 |
The following written options were outstanding at September 30, 2010:
Underlying Security | Counterparty | Contracts Subject to Put | Expiration Month | Exercise Price | Premium Received | Market Value | ||||
S&P 500 Index: | Morgan Stanley Smith Barney LLC | 4 | October 2010 | $900.00 | $ | 1,664 | $ | (42) | ||
Goldman, Sachs & Company | 2 | December 2010 | 900.00 | 2,027 | (1,157) | |||||
Morgan Stanley Smith Barney LLC | 6 | December 2010 | 900.00 | 3,491 | (3,275) | |||||
Morgan Stanley Smith Barney LLC | 19 | December 2010 | 950.00 | 16,363 | (16,747) | |||||
$ | 23,545 | $ | (21,221) |
(A)Listed on an exchange outside the United States.
(B)No dividends were paid during the preceding 12 months.
(C)Securities and cash serve as collateral for the following open futures contracts at September 30, 2010:
Description | Type | Expiration Date | Number of Contracts | Market Value | Unrealized Appreciation (Depreciation) | |||||
Taiwan Capitalization Weighted Stock Index | Short | 10-20-10 | 6 | $ | (298,592) | $ | (6,602) | |||
MSCI Taiwan Index | Short | 10-28-10 | 8 | (231,956) | (1,628) | |||||
Hang Seng Index | Short | 10-28-10 | 8 | (1,158,724) | (888) | |||||
Hang Seng China Enterprises Index | Short | 10-28-10 | 10 | (765,914) | (4,440) | |||||
Korea Composite Stock Price Index | Short | 12-10-10 | 4 | (420,163) | (16,787) | |||||
FTSE 100 Index | Short | 12-17-10 | 5 | (475,747) | (1,149) | |||||
Dow Jones Euro STOXX 50 Index | Short | 12-17-10 | 37 | (1,392,217) | 16,930 | |||||
Russell 2000 Index | Short | 12-17-10 | 19 | (1,279,864) | (59,476) | |||||
DAX Index | Short | 12-17-10 | 7 | (1,592,282) | 2,749 | |||||
S&P 500 E-mini | Short | 12-17-10 | 20 | (1,116,694) | (20,045) | |||||
Nasdaq 100 E-mini | Short | 12-17-10 | 32 | (1,263,551) | (49,841) | |||||
$ | (9,995,704) | $ | (141,177) |
(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, 2010, the total value of these securities amounted to $1,310,111 or 5.8% of net assets.
(E)Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.
(F)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, 2010, the total value of these securities amounted to $202,668 or 0.9% of net assets.
(G)Illiquid restricted security. At September 30, 2010, the Fund owned the following restricted security:
Security | Acquisition Date(s) | Shares | Cost | Market Value | |||||
Vietnam Azalea Fund Limited | 6-14-07 to 1-28-09 | 1,100 | $ | 7,268 | $ | 4,774 | |||
The total value of this security represented less than 0.05% of net assets at September 30, 2010. |
(H)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, 2010.
(I)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
(J)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real).
(K)Amount shown as principal represents notional amount for computation of interest.
(L)Rate shown is the yield to maturity at September 30, 2010.
(M)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
(N)Collateralized by $23,145 United States Treasury Bill, 0.000% due 12-30-10; market value and accrued interest aggregate $23,136.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
CMO = Collateralized Mortgage Obligation
REMIC = Real Estate Mortgage Investment Conduit
Country Diversification | |
(as a % of net assets) | |
United States | 29.6% |
China | 14.9% |
Brazil | 4.5% |
United Kingdom | 4.2% |
Germany | 4.1% |
South Korea | 3.9% |
India | 3.2% |
Hong Kong | 2.4% |
Taiwan | 2.3% |
Netherlands | 2.1% |
Switzerland | 1.8% |
Norway | 1.7% |
France | 1.7% |
Denmark | 1.3% |
Spain | 1.1% |
Sweden | 0.6% |
Turkey | 0.5% |
Other+ | 20.1% |
+Includes gold bullion, options, warrants, cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 89.5% |
Financials | 21.1% |
Consumer Discretionary | 20.4% |
Information Technology | 13.2% |
Industrials | 12.0% |
Consumer Staples | 9.0% |
Materials | 7.1% |
Energy | 6.1% |
Health Care | 0.6% |
Cash and Cash Equivalents | 10.5% |
Country Weightings
Pacific Basin | 39.5% |
China | 9.9% |
Turkey | 6.6% |
India | 6.1% |
South Korea | 5.2% |
Hong Kong | 3.6% |
Other Pacific Basin | 8.1% |
North America | 8.3% |
United States | 7.6% |
Other North America | 0.7% |
South America | 17.7% |
Brazil | 17.7% |
Other | 16.9% |
Egypt | 8.8% |
South Africa | 5.8% |
Other | 2.3% |
Europe | 6.4% |
Bahamas/Caribbean | 0.7% |
Cash and Cash Equivalents | 10.5% |
Top 10 Equity Holdings
Company | Country | Sector |
MRV Engenharia e Participacoes S.A. | Brazil | Consumer Discretionary |
Centamin Egypt Limited | Egypt | Materials |
Kia Motors Corporation | South Korea | Consumer Discretionary |
Naspers Limited, Class N | South Africa | Consumer Discretionary |
Rossi Residencial S.A. | Brazil | Consumer Discretionary |
MercadoLibre, Inc. | Brazil | Information Technology |
Copa Holdings, S.A., Class A | Panama | Industrials |
African Bank Investments Limited | South Africa | Financials |
Turkiye Is Bankasi A.S. | Turkey | Financials |
Yapi ve Kredi Bankasi A.S. | Turkey | Financials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,129.00 | 1.50% | $ | 6.49 | |
Class B | $1,000 | $1,125.00 | 2.37% | $ | 10.31 | |
Class C | $1,000 | $1,125.00 | 2.33% | $ | 10.20 | |
Class E | $1,000 | $1,129.00 | 1.50% | $ | 6.60 | |
Class I | $1,000 | $1,130.00 | 1.25% | $ | 5.43 | |
Class R | $1,000 | $1,127.00 | 1.95% | $ | 8.51 | |
Class Y | $1,000 | $1,129.00 | 1.50% | $ | 6.49 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.57 | 1.50% | $ | 7.57 | |
Class B | $1,000 | $1,013.21 | 2.37% | $ | 11.98 | |
Class C | $1,000 | $1,013.37 | 2.33% | $ | 11.78 | |
Class E | $1,000 | $1,017.57 | 1.50% | $ | 7.57 | |
Class I | $1,000 | $1,018.82 | 1.25% | $ | 6.36 | |
Class R | $1,000 | $1,015.30 | 1.95% | $ | 9.87 | |
Class Y | $1,000 | $1,017.57 | 1.50% | $ | 7.57 |
*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 the number of days in the period (150 days for the period Based on Actual Fund Return and 183 days for the period Based on 5% Return) ended September 30, 2010, 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 - 1.6% | |||||||
Focus Media Holding Limited, ADR (A) | 72 | $ | 1,750 | ||||
Agricultural Products - 2.1% | |||||||
Cosan S.A. Industria e Comercio, Class A | 199 | 2,310 | |||||
Air Freight & Logistics - 1.9% | |||||||
GLOVIS Co., Ltd. (B) | 16 | 2,143 | |||||
Airlines - 2.3% | |||||||
Copa Holdings, S.A., Class A | 47 | 2,542 | |||||
Apparel Retail - 1.1% | |||||||
Belle International Holdings Limited (B) | 239 | 480 | |||||
Boshiwa International Holding Limited (A)(B)(C) | 780 | 752 | |||||
1,232 | |||||||
Application Software - 2.2% | |||||||
salesforce.com, inc. (A) | 5 | 525 | |||||
VanceInfo Technologies Inc., ADR (A) | 61 | 1,963 | |||||
2,488 | |||||||
Auto Parts & Equipment - 0.9% | |||||||
Minth Group Limited (B) | 500 | 998 | |||||
Automobile Manufacturers - 4.2% | |||||||
Dongfeng Motor Group Company Limited, H Shares (B) | 538 | 1,101 | |||||
Ford Otomotiv Sanayi A.S. (B) | 84 | 721 | |||||
Kia Motors Corporation (B) | 90 | 2,902 | |||||
4,724 | |||||||
Broadcasting - 0.7% | |||||||
Sun TV Network Limited (B) | 38 | 442 | |||||
Zee Entertainment Enterprises Limited (B) | 49 | 324 | |||||
766 | |||||||
Cable & Satellite - 2.5% | |||||||
Naspers Limited, Class N (B) | 57 | 2,772 | |||||
Casinos & Gaming - 1.6% | |||||||
SJM Holdings Limited (B) | 1,537 | 1,755 | |||||
Coal & Consumable Fuels - 2.7% | |||||||
Alpha Natural Resources, Inc. (A) | 41 | 1,687 | |||||
Winsway Coking Coal Holdings Limited, H Shares (A)(B)(D) | 3,000 | 1,431 | |||||
3,118 | |||||||
Communications Equipment - 2.9% | |||||||
Acme Packet, Inc. (A) | 51 | 1,916 | |||||
Aruba Networks, Inc. (A) | 30 | 649 | |||||
F5 Networks, Inc. (A) | 6 | 664 | |||||
3,229 | |||||||
Computer Hardware - 1.1% | |||||||
High Tech Computer Corp. (B) | 53 | 1,205 | |||||
Construction & Engineering - 2.9% | |||||||
Chicago Bridge & Iron Company N.V., NY Shares (A) | 80 | 1,958 | |||||
Orascom Construction Industries Company (OCI), GDR (B) | 25 | 1,143 | |||||
3,101 | |||||||
Construction & Farm Machinery & Heavy Trucks - 2.6% | |||||||
Bucyrus International, Inc., Class A | 15 | 1,033 | |||||
Jain Irrigation Systems Limited (B) | 40 | 1,056 | |||||
PT United Tractors Tbk (B) | 352 | 807 | |||||
2,896 | |||||||
Construction Materials - 1.0% | |||||||
PT Holcim Indonesia Tbk (A)(B) | 3,948 | 1,073 | |||||
Consumer Finance - 1.2% | |||||||
Shriram Transport Finance Company Limited (B) | 80 | 1,374 | |||||
Diversified Banks - 9.1% | |||||||
Bangkok Bank Public Company Limited (B) | 171 | 879 | |||||
Capitec Bank Holdings Limited (B) | 56 | 1,200 | |||||
Commercial International Bank (Egypt) S.A.E. (B) | 71 | 536 | |||||
PT Bank Mandiri (Persero) Tbk (B) | 1,101 | 888 | |||||
PT Bank Rakyat Indonesia (B) | 726 | 813 | |||||
Siam Commercial Bank Public CompanyLimited (The) (B) | 218 | 743 | |||||
Turkiye Is Bankasi A.S. (B) | 586 | 2,491 | |||||
Yapi ve Kredi Bankasi A.S. (A)(B) | 713 | 2,466 | |||||
10,016 | |||||||
Education Services - 1.3% | |||||||
Anhanguera Educacional Participacoes S.A. (B) | 80 | 1,415 | |||||
Food Retail - 3.5% | |||||||
BIM Birlesik Magazalar Anonim Sirketi (B) | 59 | 1,690 | |||||
CP ALL plc (B) | 475 | 661 | |||||
Pyaterochka Holding N.V., GDR (A)(B) | 38 | 1,524 | |||||
3,875 | |||||||
Gold - 3.3% | |||||||
Alamos Gold Inc. (B) | 43 | 738 | |||||
Centamin Egypt Limited (A)(B) | 1,058 | 2,942 | |||||
3,680 | |||||||
Health Care Services - 0.6% | |||||||
Fleury S.A. (B) | 54 | 669 | |||||
Homebuilding - 5.0% | |||||||
MRV Engenharia e Participacoes S.A. (B) | 306 | 2,941 | |||||
Rossi Residencial S.A. (B) | 283 | 2,664 | |||||
5,605 | |||||||
Hotels, Resorts & Cruise Lines - 1.5% | |||||||
COX AND KINGS (INDIA) LIMITED (B) | 19 | 237 | |||||
MakeMyTrip Limited (A) | 38 | 1,463 | |||||
1,700 | |||||||
Industrial Conglomerates - 1.6% | |||||||
Jaiprakash Associates Limited (B) | 227 | 609 | |||||
Walter Industries, Inc. | 15 | 1,204 | |||||
1,813 | |||||||
Internet Software & Services - 4.5% | |||||||
MercadoLibre, Inc. (A) | 37 | 2,643 | |||||
SINA Corporation (A) | 46 | 2,337 | |||||
4,980 | |||||||
Investment Banking & Brokerage - 1.0% | |||||||
EFG-Hermes Holding Company (B) | 225 | 1,148 | |||||
IT Consulting & Other Services - 1.8% | |||||||
Camelot Information Systems Inc., ADR (A) | 111 | 1,957 | |||||
Life & Health Insurance - 0.8% | |||||||
Amil Participacoes S.A. (B) | 96 | 924 | |||||
Oil & Gas Drilling - 0.8% | |||||||
Pride International, Inc. (A) | 29 | 848 | |||||
Oil & Gas Exploration & Production - 2.6% | |||||||
Cairn Energy plc (A)(B) | 306 | 2,182 | |||||
Cairn India Limited (A)(B) | 91 | 678 | |||||
2,860 | |||||||
Other Diversified Financial Services - 2.2% | |||||||
African Bank Investments Limited (B) | 487 | 2,502 | |||||
Packaged Foods & Meats - 2.0% | |||||||
Perdigao S.A. (B) | 150 | 2,281 | |||||
Personal Products - 1.4% | |||||||
Dabur India Limited (B) | 181 | 436 | |||||
Natura Cosmeticos S.A. (B) | 42 | 1,132 | |||||
1,568 | |||||||
Real Estate Development - 4.3% | |||||||
Asian Property Development Public Company Limited (B) | 3,285 | 817 | |||||
Evergrande Real Estate Group Limited (B) | 1,286 | 434 | |||||
Talaat Mostafa Group Holding (S.A.E.) (A)(B) | 1,875 | 2,312 | |||||
UEM Land Holdings Berhad (A)(B) | 1,510 | 1,145 | |||||
4,708 | |||||||
Real Estate Management & Development - 1.5% | |||||||
BR Properties S.A. (B) | 170 | 1,637 | |||||
Real Estate Operating Companies - 1.0% | |||||||
BRMalls Participacoes S.A. (B) | 139 | 1,149 | |||||
Specialty Chemicals - 1.3% | |||||||
Asian Paints Limited (B) | 4 | 262 | |||||
Novozymes A/S, Class B (B) | 10 | 1,208 | |||||
1,470 | |||||||
Steel - 1.5% | |||||||
Ezz Steel Company (An Egyptian Joint Stock Company) (A)(B) | 506 | 1,711 | |||||
Systems Software - 0.7% | |||||||
ChinaCache International Holdings Ltd., ADR (A) | 60 | 834 | |||||
Trading Companies & Distributors - 0.7% | |||||||
Samsung C&T Corporation (B) | 15 | 829 | |||||
TOTAL COMMON STOCKS - 89.5% | $ | 99,655 | |||||
(Cost: $85,121) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (E) - 7.5% | |||||||
Avon Capital Corp. (Avon Products, Inc.), | $ 3,000 | ||||||
0.240%, 10-6-10 | 3,000 | ||||||
Illinois Tool Works Inc., | |||||||
0.140%, 10-4-10 | 3,385 | 3,385 | |||||
Sonoco Products Co., | |||||||
0.000%, 10-1-10 | 1,951 | 1,951 | |||||
8,336 | |||||||
Master Note - 2.0% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (F) | 2,258 | 2,258 | |||||
TOTAL SHORT-TERM SECURITIES - 9.5% | $ | 10,594 | |||||
(Cost: $10,594) | |||||||
TOTAL INVESTMENT SECURITIES - 99.0% | $ | 110,249 | |||||
(Cost: $95,715) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.0% | 1,123 | ||||||
NET ASSETS - 100.0% | $ | 111,372 | |||||
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2010:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | ||||
Sell | Japanese Yen | Morgan Stanley International | 226,815 | 10-12-10 | $ | –– | $ | 155 | ||
Buy | South Korean Won | Morgan Stanley International | 3,108,500 | 10-12-10 | 163 | –– | ||||
$ | 163 | $ | 155 |
(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 liquid under guidelines established by the Board of Trustees. At September 30, 2010, the total value of these securities amounted to $752 or 0.7% 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, 2010, the total value of these securities amounted to $1,431 or 1.3% of net assets.
(E) Rate shown is the yield to maturity at September 30, 2010.
(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
Country Diversification | |
(as a % of net assets) | |
Brazil | 17.7% |
China | 9.9% |
Egypt | 8.8% |
United States | 7.6% |
Turkey | 6.6% |
India | 6.1% |
South Africa | 5.8% |
South Korea | 5.2% |
Hong Kong | 3.6% |
Indonesia | 3.2% |
Thailand | 2.8% |
Panama | 2.3% |
United Kingdom | 2.0% |
Netherlands | 1.9% |
Russia | 1.4% |
Denmark | 1.1% |
Taiwan | 1.1% |
Malaysia | 1.0% |
Cayman Islands | 0.7% |
Canada | 0.7% |
Other+ | 10.5% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 67.7% |
Information Technology | 14.5% |
Consumer Discretionary | 13.3% |
Industrials | 10.8% |
Consumer Staples | 9.1% |
Energy | 6.4% |
Financials | 6.2% |
Health Care | 4.8% |
Materials | 1.4% |
Utilities | 0.9% |
Telecommunication Services | 0.3% |
Bonds | 28.3% |
Corporate Debt Securities | 21.2% |
United States Government and Government Agency Obligations | 6.4% |
Other Government Securities | 0.7% |
Cash and Cash Equivalents | 4.0% |
Lipper Rankings
Category: Lipper Mixed-Asset Target Allocation Growth Funds | Rank | Percentile |
1 Year | 229/561 | 41 |
3 Year | 27/498 | 6 |
5 Year | 12/407 | 3 |
10 Year | 151/202 | 75 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Apple Inc. | Information Technology |
Emerson Electric Co. | Industrials |
Microchip Technology Incorporated | Information Technology |
JPMorgan Chase & Co. | Financials |
Colgate-Palmolive Company | Consumer Staples |
ConocoPhillips | Energy |
Union Pacific Corporation | Industrials |
PepsiCo, Inc. | Consumer Staples |
Expeditors International of Washington, Inc. | Industrials |
Manpower Inc. | Industrials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 1,000.90 | 1.32% | $ | 6.60 | |||
Class B | $1,000 | $ | 996.90 | 2.13% | $ | 10.68 | |||
Class C | $1,000 | $ | 997.60 | 1.93% | $ | 9.69 | |||
Class E** | $1,000 | $ | 1,001.60 | 1.11% | $ | 5.50 | |||
Class I | $1,000 | $ | 1,002.80 | 0.99% | $ | 5.01 | |||
Class Y | $1,000 | $ | 1,001.40 | 1.23% | $ | 6.20 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,018.43 | 1.32% | $ | 6.66 | |||
Class B | $1,000 | $ | 1,014.40 | 2.13% | $ | 10.78 | |||
Class C | $1,000 | $ | 1,015.41 | 1.93% | $ | 9.77 | |||
Class E** | $1,000 | $ | 1,019.52 | 1.11% | $ | 5.55 | |||
Class I | $1,000 | $ | 1,020.11 | 0.99% | $ | 5.05 | |||
Class Y | $1,000 | $ | 1,018.89 | 1.23% | $ | 6.26 |
* 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, 2010, 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 - 1.3% | ||||||||
Honeywell International Inc. | 55 | $ | 2,434 | |||||
Air Freight & Logistics - 1.5% | ||||||||
Expeditors International of Washington, Inc. | 61 | 2,829 | ||||||
Application Software - 0.5% | ||||||||
Autodesk, Inc. (A) | 28 | 879 | ||||||
Auto Parts & Equipment - 2.3% | ||||||||
BorgWarner Inc. (A) | 46 | 2,443 | ||||||
Johnson Controls, Inc. | 63 | 1,915 | ||||||
4,358 | ||||||||
Automobile Manufacturers - 0.7% | ||||||||
Ford Motor Company (A) | 104 | 1,273 | ||||||
Broadcasting - 1.4% | ||||||||
CBS Corporation, Class B | 160 | 2,533 | ||||||
Casinos & Gaming - 1.1% | ||||||||
Wynn Resorts, Limited | 24 | 2,091 | ||||||
Communications Equipment - 1.4% | ||||||||
Cisco Systems, Inc. (A) | 120 | 2,628 | ||||||
Computer Hardware - 4.0% | ||||||||
Apple Inc. (A) | 19 | 5,278 | ||||||
Hewlett-Packard Company | 52 | 2,188 | ||||||
7,466 | ||||||||
Construction & Engineering - 1.1% | ||||||||
Quanta Services, Inc. (A) | 103 | 1,961 | ||||||
Construction & Farm Machinery & Heavy Trucks - 0.4% | ||||||||
Cummins Inc. | 9 | 797 | ||||||
Data Processing & Outsourced Services - 1.1% | ||||||||
Paychex, Inc. | 71 | 1,949 | ||||||
Department Stores - 1.2% | ||||||||
Macy's Inc. | 97 | 2,242 | ||||||
Distillers & Vintners - 1.3% | ||||||||
Brown-Forman Corporation, Class B | 39 | 2,419 | ||||||
Diversified Chemicals - 1.4% | ||||||||
Dow Chemical Company (The) | 91 | 2,504 | ||||||
Electric Utilities - 0.9% | ||||||||
PPL Corporation | 64 | 1,740 | ||||||
Electrical Components & Equipment - 3.1% | ||||||||
Emerson Electric Co. | 81 | 4,261 | ||||||
First Solar, Inc. (A) | 9 | 1,252 | ||||||
5,513 | ||||||||
Footwear - 1.4% | ||||||||
NIKE, Inc., Class B | 31 | 2,516 | ||||||
General Merchandise Stores - 1.4% | ||||||||
Target Corporation | 48 | 2,565 | ||||||
Health Care Distributors - 1.2% | ||||||||
Henry Schein, Inc. (A) | 37 | 2,185 | ||||||
Health Care Supplies - 1.2% | ||||||||
DENTSPLY International Inc. | 71 | 2,267 | ||||||
Hotels, Resorts & Cruise Lines - 2.0% | ||||||||
Carnival Corporation | 35 | 1,345 | ||||||
Hyatt Hotels Corporation, Class A (A) | 65 | 2,427 | ||||||
3,772 | ||||||||
Household Products - 1.9% | ||||||||
Colgate-Palmolive Company | 44 | 3,405 | ||||||
Human Resource & Employment Services - 1.5% | ||||||||
Manpower Inc. | 54 | 2,824 | ||||||
Industrial Machinery - 1.0% | ||||||||
Eaton Corporation | 23 | 1,873 | ||||||
Integrated Oil & Gas - 1.7% | ||||||||
ConocoPhillips | 55 | 3,159 | ||||||
Integrated Telecommunication Services - 0.3% | ||||||||
Frontier Communications Corporation | 75 | 613 | ||||||
IT Consulting & Other Services - 1.4% | ||||||||
Accenture plc, Class A | 63 | 2,656 | ||||||
Motorcycle Manufacturers - 0.8% | ||||||||
Harley-Davidson, Inc. | 50 | 1,413 | ||||||
Oil & Gas Equipment & Services - 3.8% | ||||||||
Halliburton Company | 66 | 2,192 | ||||||
National Oilwell Varco, Inc. | 62 | 2,761 | ||||||
Schlumberger Limited | 35 | 2,132 | ||||||
7,085 | ||||||||
Oil & Gas Exploration & Production - 0.9% | ||||||||
Southwestern Energy Company (A) | 47 | 1,572 | ||||||
Other Diversified Financial Services - 3.5% | ||||||||
Bank of America Corporation | 186 | 2,440 | ||||||
JPMorgan Chase & Co. | 103 | 3,910 | ||||||
6,350 | ||||||||
Personal Products - 3.0% | ||||||||
Estee Lauder Companies Inc. (The), Class A | 43 | 2,731 | ||||||
Mead Johnson Nutrition Company | 47 | 2,692 | ||||||
5,423 | ||||||||
Pharmaceuticals - 2.4% | ||||||||
Abbott Laboratories | 32 | 1,687 | ||||||
Allergan, Inc. | 41 | 2,708 | ||||||
4,395 | ||||||||
Property & Casualty Insurance - 1.4% | ||||||||
Travelers Companies, Inc. (The) | 51 | 2,652 | ||||||
Railroads - 1.6% | ||||||||
Union Pacific Corporation | 36 | 2,912 | ||||||
Real Estate Management & Development - 1.3% | ||||||||
CB Richard Ellis Group, Inc., Class A (A) | 133 | 2,422 | ||||||
Restaurants - 1.0% | ||||||||
McDonald's Corporation | 24 | 1,818 | ||||||
Semiconductor Equipment - 0.9% | ||||||||
ASML Holding N.V., NY Registry Shares | 58 | 1,715 | ||||||
Semiconductors - 3.4% | ||||||||
Microchip Technology Incorporated | 128 | 4,032 | ||||||
Texas Instruments Incorporated | 82 | 2,223 | ||||||
6,255 | ||||||||
Soft Drinks - 1.5% | ||||||||
PepsiCo, Inc. | 43 | 2,857 | ||||||
Systems Software - 1.1% | ||||||||
Microsoft Corporation | 81 | 1,975 | ||||||
Tobacco - 1.4% | ||||||||
Philip Morris International Inc. | 47 | 2,605 | ||||||
TOTAL COMMON STOCKS - 67.7% | $ | 124,900 | ||||||
(Cost: $100,064) | ||||||||
CORPORATE DEBT SECURITIES | Principal | |||||||
Airlines - 0.3% | ||||||||
Southwest Airlines Co., | ||||||||
6.500%, 3-1-12 | $ 500 | 530 | ||||||
Auto Parts & Equipment - 0.6% | ||||||||
BorgWarner Inc., | ||||||||
4.625%, 9-15-20 | 1,000 | 1,016 | ||||||
Automobile Manufacturers - 0.7% | ||||||||
Ford Motor Company, Convertible, | ||||||||
4.250%, 11-15-16 | 1,000 | 1,492 | ||||||
Brewers - 1.0% | ||||||||
Anheuser-Busch InBev Worldwide Inc.: | ||||||||
3.000%, 10-15-12 | 500 | 519 | ||||||
5.375%, 11-15-14 (B) | 1,000 | 1,123 | ||||||
1,642 | ||||||||
Broadcasting - 0.4% | ||||||||
CBS Corporation, | ||||||||
8.875%, 5-15-19 | 500 | 652 | ||||||
Communications Equipment - 0.6% | ||||||||
Cisco Systems, Inc., | ||||||||
5.250%, 2-22-11 | 1,000 | 1,018 | ||||||
Construction & Farm Machinery & Heavy Trucks - 0.3% | ||||||||
John Deere Capital Corporation, | ||||||||
5.250%, 10-1-12 | 500 | 543 | ||||||
Consumer Finance - 0.6% | ||||||||
American Express Credit Corporation, | ||||||||
5.125%, 8-25-14 | 200 | 222 | ||||||
Ford Motor Credit Company LLC, | ||||||||
7.000%, 4-15-15 | 750 | 801 | ||||||
1,023 | ||||||||
Data Processing & Outsourced Services - 0.6% | ||||||||
Western Union Company (The), | ||||||||
6.500%, 2-26-14 | 1,000 | 1,149 | ||||||
Department Stores - 0.6% | ||||||||
Kohl's Corporation, | ||||||||
6.300%, 3-1-11 | 1,000 | 1,020 | ||||||
Diversified Banks - 0.6% | ||||||||
U.S. Bancorp, | ||||||||
4.200%, 5-15-14 | 1,000 | 1,096 | ||||||
Diversified Capital Markets - 0.3% | ||||||||
Deutsche Bank AG, | ||||||||
3.450%, 3-30-15 | 500 | 527 | ||||||
Diversified Metals & Mining - 0.3% | ||||||||
Rio Tinto Finance (USA) Limited, | ||||||||
8.950%, 5-1-14 | 500 | 617 | ||||||
Drug Retail - 0.3% | ||||||||
CVS Caremark Corporation, | ||||||||
3.250%, 5-18-15 | 550 | 575 | ||||||
Electric Utilities - 0.3% | ||||||||
Hydro-Quebec, | ||||||||
8.000%, 2-1-13 | 500 | 581 | ||||||
Food Distributors - 0.2% | ||||||||
Cargill, Inc., | ||||||||
6.375%, 6-1-12 (B) | 400 | 433 | ||||||
Food Retail - 0.6% | ||||||||
Kroger Co. (The), | ||||||||
6.200%, 6-15-12 | 1,000 | 1,086 | ||||||
Gold - 1.0% | ||||||||
Newmont Mining Corporation, Convertible, | ||||||||
3.000%, 2-15-12 | 1,200 | 1,709 | ||||||
Home Improvement Retail - 0.6% | ||||||||
Home Depot, Inc. (The), | ||||||||
5.200%, 3-1-11 | 1,000 | 1,019 | ||||||
Hypermarkets & Super Centers - 0.1% | ||||||||
Wal-Mart Stores, Inc., | ||||||||
2.875%, 4-1-15 | 250 | 265 | ||||||
Industrial Conglomerates - 0.1% | ||||||||
Textron Inc., | ||||||||
6.200%, 3-15-15 | 150 | 167 | ||||||
Industrial Gases - 0.6% | ||||||||
Praxair, Inc., | ||||||||
4.375%, 3-31-14 | 1,000 | 1,100 | ||||||
Industrial Machinery - 0.6% | ||||||||
Illinois Tool Works Inc., | ||||||||
5.150%, 4-1-14 | 1,000 | 1,135 | ||||||
Integrated Oil & Gas - 1.0% | ||||||||
Cenovus Energy Inc., | ||||||||
4.500%, 9-15-14 | 250 | 275 | ||||||
Chevron Corporation, | ||||||||
3.450%, 3-3-12 | 500 | 519 | ||||||
ConocoPhillips, | ||||||||
4.750%, 2-1-14 | 1,000 | 1,115 | ||||||
1,909 | ||||||||
Integrated Telecommunication Services - 0.6% | ||||||||
AT&T Inc., | ||||||||
4.850%, 2-15-14 | 1,000 | 1,107 | ||||||
Investment Banking & Brokerage - 0.3% | ||||||||
Morgan Stanley, | ||||||||
4.100%, 1-26-15 | 500 | 517 | ||||||
Life & Health Insurance - 1.6% | ||||||||
MetLife Global Funding I, | ||||||||
2.500%, 9-29-15 (C) | 2,500 | 2,507 | ||||||
Prudential Financial, Inc., | ||||||||
4.750%, 9-17-15 | 500 | 541 | ||||||
3,048 | ||||||||
Movies & Entertainment - 0.3% | ||||||||
Viacom Inc., | ||||||||
4.375%, 9-15-14 | 500 | 543 | ||||||
Multi-Utilities - 0.4% | ||||||||
Duke Energy Carolinas, LLC, | ||||||||
4.300%, 6-15-20 | 575 | 634 | ||||||
Oil & Gas Exploration & Production - 0.3% | ||||||||
XTO Energy Inc., | ||||||||
7.500%, 4-15-12 | 500 | 551 | ||||||
Other Diversified Financial Services - 0.9% | ||||||||
JPMorgan Chase & Co.: | ||||||||
4.650%, 6-1-14 | 1,000 | 1,095 | ||||||
7.900%, 4-29-49 (D) | 500 | 536 | ||||||
1,631 | ||||||||
Other Non-Agency REMIC/CMO - 0.0% | ||||||||
Banco Hipotecario Nacional: | ||||||||
7.916%, 7-25-09 (C) | 7 | –– | * | |||||
8.000%, 3-31-11 (C) | 1 | –– | * | |||||
–– | * | |||||||
Packaged Foods & Meats - 0.5% | ||||||||
Kellogg Company, | ||||||||
4.450%, 5-30-16 | 500 | 562 | ||||||
Unilever Capital Corporation, | ||||||||
5.900%, 11-15-32 | 350 | 421 | ||||||
983 | ||||||||
Pharmaceuticals - 1.7% | ||||||||
Abbott Laboratories, | ||||||||
3.750%, 3-15-11 | 1,000 | 1,015 | ||||||
Pfizer Inc., | ||||||||
4.450%, 3-15-12 | 1,000 | 1,053 | ||||||
Roche Holdings Ltd, | ||||||||
5.000%, 3-1-14 (B) | 1,000 | 1,118 | ||||||
3,186 | ||||||||
Property & Casualty Insurance - 0.9% | ||||||||
Berkshire Hathaway Finance Corporation, | ||||||||
4.000%, 4-15-12 (B) | 1,000 | 1,049 | ||||||
Fidelity National Financial, Inc., | ||||||||
6.600%, 5-15-17 | 800 | 826 | ||||||
1,875 | ||||||||
Restaurants - 0.1% | ||||||||
YUM! Brands, Inc., | ||||||||
4.250%, 9-15-15 | 250 | 273 | ||||||
Soft Drinks - 0.3% | ||||||||
PepsiCo, Inc., | ||||||||
3.750%, 3-1-14 | 500 | 541 | ||||||
Systems Software - 0.3% | ||||||||
Microsoft Corporation, | ||||||||
2.950%, 6-1-14 | 500 | 530 | ||||||
Tobacco - 0.3% | ||||||||
Philip Morris International Inc., | ||||||||
4.500%, 3-26-20 | 500 | 545 | ||||||
Wireless Telecommunication Service - 0.4% | ||||||||
America Movil, S.A.B. de C.V., | ||||||||
3.625%, 3-30-15 | 200 | 208 | ||||||
American Tower Corporation, | ||||||||
4.625%, 4-1-15 | 500 | 534 | ||||||
742 | ||||||||
TOTAL CORPORATE DEBT SECURITIES - 21.2% | $ | 39,010 | ||||||
(Cost: $35,592) | ||||||||
OTHER GOVERNMENT SECURITIES | ||||||||
Qatar - 0.4% | ||||||||
State of Qatar, | ||||||||
4.000%, 1-20-15 (B) | 750 | 791 | ||||||
Supranational - 0.3% | ||||||||
International Bank for Reconstruction and Development, | ||||||||
2.375%, 5-26-15 | 450 | 471 | ||||||
TOTAL OTHER GOVERNMENT SECURITIES - 0.7% | $ | 1,262 | ||||||
(Cost: $1,197) | ||||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 1.4% | ||||||||
Mortgage-Backed Obligations | ||||||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
6.000%, 9-1-17 | 191 | 208 | ||||||
5.000%, 1-1-18 | 202 | 215 | ||||||
5.500%, 4-1-18 | 89 | 97 | ||||||
6.500%, 10-1-28 | 101 | 114 | ||||||
6.500%, 2-1-29 | 17 | 19 | ||||||
7.000%, 5-1-31 | 17 | 19 | ||||||
7.500%, 5-1-31 | 17 | 20 | ||||||
7.000%, 7-1-31 | 28 | 32 | ||||||
7.000%, 9-1-31 | 37 | 42 | ||||||
7.000%, 9-1-31 | 25 | 29 | ||||||
7.000%, 11-1-31 | 95 | 109 | ||||||
6.500%, 2-1-32 | 102 | 114 | ||||||
7.000%, 2-1-32 | 100 | 113 | ||||||
7.000%, 2-1-32 | 54 | 61 | ||||||
6.500%, 3-1-32 | 20 | 23 | ||||||
7.000%, 3-1-32 | 63 | 71 | ||||||
7.000%, 6-1-32 | 21 | 23 | ||||||
7.000%, 7-1-32 | 105 | 119 | ||||||
6.500%, 8-1-32 | 43 | 48 | ||||||
6.000%, 9-1-32 | 399 | 440 | ||||||
6.500%, 9-1-32 | 89 | 99 | ||||||
5.500%, 5-1-33 | 170 | 183 | ||||||
5.500%, 5-1-33 | 85 | 91 | ||||||
5.500%, 5-1-33 | 72 | 77 | ||||||
5.500%, 6-1-33 | 156 | 168 | ||||||
(Cost: $2,354) | $ | 2,534 | ||||||
UNITED STATES GOVERNMENT OBLIGATIONS - 5.0% | ||||||||
Treasury Obligations | ||||||||
United States Treasury Bonds, | ||||||||
7.500%, 11-15-16 | 500 | 670 | ||||||
United States Treasury Notes: | ||||||||
4.250%, 10-15-10 | 2,000 | 2,003 | ||||||
3.875%, 2-15-13 | 1,250 | 1,351 | ||||||
3.625%, 5-15-13 | 750 | 812 | ||||||
4.250%, 8-15-13 | 900 | 994 | ||||||
4.250%, 8-15-15 | 3,000 | 3,429 | ||||||
(Cost: $8,427) | $ | 9,259 | ||||||
SHORT-TERM SECURITIES - 2.8% | ||||||||
Master Note | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (E) | 5,223 | $ | 5,223 | |||||
(Cost: $5,223) | ||||||||
TOTAL INVESTMENT SECURITIES - 98.8% | $ | 182,188 | ||||||
(Cost: $152,857) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.2% | 2,186 | |||||||
NET ASSETS - 100.0% | $ | 184,374 |
Notes to Schedule of Investments
* Not shown due to rounding.
(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, 2010, the total value of these securities amounted to $4,514 or 2.4% 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, 2010, the total value of these securities amounted to $2,507 or 1.4% of net assets.
(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronyms are used throughout this schedule:
CMO = Collateralized Mortgage Obligation
REMIC = Real Estate Mortgage Investment Conduit
Asset Allocation
Stocks | 98.0% |
Energy | 86.1% |
Industrials | 6.8% |
Utilities | 2.3% |
Materials | 1.6% |
Information Technology | 1.2% |
Cash and Cash Equivalents | 2.0% |
Lipper Rankings
Category: Lipper Natural Resources Funds | Rank | Percentile |
1 Year | 21/72 | 29 |
3 Year | 13/70 | 19 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
North America | 86.0% |
United States | 79.9% |
Canada | 6.1% |
Europe | 6.5% |
Pacific Basin | 3.0% |
Bahamas/Caribbean | 2.5% |
Cash and Cash Equivalents | 2.0% |
Top 10 Equity Holdings
Company | Sector | Industry |
Schlumberger Limited | Energy | Oil & Gas Equipment & Services |
Halliburton Company | Energy | Oil & Gas Equipment & Services |
National Oilwell Varco, Inc. | Energy | Oil & Gas Equipment & Services |
Apache Corporation | Energy | Oil & Gas Exploration & Production |
Newfield Exploration Company | Energy | Oil & Gas Exploration & Production |
Southwestern Energy Company | Energy | Oil & Gas Exploration & Production |
Noble Energy, Inc. | Energy | Oil & Gas Exploration & Production |
Cameron International Corporation | Energy | Oil & Gas Equipment & Services |
Continental Resources, Inc. | Energy | Oil & Gas Exploration & Production |
Anadarko Petroleum Corporation | Energy | Oil & Gas Exploration & Production |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 990.10 | 1.60% | $ | 7.96 | |||
Class B | $1,000 | $ | 985.10 | 2.58% | $ | 12.90 | |||
Class C | $1,000 | $ | 987.10 | 2.37% | $ | 11.82 | |||
Class E** | $1,000 | $ | 991.90 | 1.36% | $ | 6.77 | |||
Class I | $1,000 | $ | 992.00 | 1.25% | $ | 6.27 | |||
Class Y | $1,000 | $ | 990.10 | 1.52% | $ | 7.56 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,017.04 | 1.60% | $ | 8.07 | |||
Class B | $1,000 | $ | 1,012.11 | 2.58% | $ | 13.08 | |||
Class C | $1,000 | $ | 1,013.21 | 2.37% | $ | 11.98 | |||
Class E** | $1,000 | $ | 1,018.25 | 1.36% | $ | 6.86 | |||
Class I | $1,000 | $ | 1,018.80 | 1.25% | $ | 6.36 | |||
Class Y | $1,000 | $ | 1,017.46 | 1.52% | $ | 7.67 |
*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, 2010, 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 | |||||
Coal & Consumable Fuels - 4.9% | |||||||
Alpha Natural Resources, Inc. (A) | 16 | $ | 647 | ||||
Arch Coal, Inc. | 41 | 1,094 | |||||
Cameco Corporation | 15 | 428 | |||||
CONSOL Energy Inc. | 19 | 687 | |||||
Peabody Energy Corporation | 31 | 1,501 | |||||
4,357 | |||||||
Construction & Engineering - 4.7% | |||||||
Chicago Bridge & Iron Company N.V., NY Shares (A) | 41 | 995 | |||||
Fluor Corporation | 42 | 2,071 | |||||
Jacobs Engineering Group Inc. (A) | 29 | 1,138 | |||||
4,204 | |||||||
Construction & Farm Machinery & Heavy Trucks - 2.1% | |||||||
Bucyrus International, Inc., Class A | 28 | 1,924 | |||||
Diversified Metals & Mining - 1.6% | |||||||
BHP Billiton Limited, ADR | 19 | 1,462 | |||||
Electric Utilities - 2.3% | |||||||
Entergy Corporation | 16 | 1,226 | |||||
Exelon Corporation | 20 | 868 | |||||
2,094 | |||||||
Electrical Components & Equipment - 1.2% | |||||||
First Solar, Inc. (A) | 7 | 1,090 | |||||
Integrated Oil & Gas - 9.9% | |||||||
ConocoPhillips | 34 | 1,935 | |||||
Exxon Mobil Corporation | 37 | 2,286 | |||||
Marathon Oil Corporation | 25 | 816 | |||||
Occidental Petroleum Corporation | 32 | 2,497 | |||||
Suncor Energy Inc. | 41 | 1,318 | |||||
8,852 | |||||||
Oil & Gas Drilling - 10.5% | |||||||
ENSCO International Incorporated | 25 | 1,135 | |||||
Helmerich & Payne, Inc. | 56 | 2,251 | |||||
Nabors Industries Ltd. (A) | 71 | 1,280 | |||||
Oasis Petroleum LLC (A) | 82 | 1,580 | |||||
Seadrill Limited | 36 | 1,029 | |||||
Transocean Inc. (A) | 34 | 2,179 | |||||
9,454 | |||||||
Oil & Gas Equipment & Services - 26.5% | |||||||
Baker Hughes Incorporated | 48 | 2,057 | |||||
Cameron International Corporation (A) | 61 | 2,610 | |||||
Core Laboratories N.V. | 16 | 1,417 | |||||
FMC Technologies, Inc. (A) | 27 | 1,827 | |||||
Halliburton Company | 123 | 4,059 | |||||
National Oilwell Varco, Inc. | 74 | 3,302 | |||||
Schlumberger Limited | 68 | 4,181 | |||||
Superior Energy Services, Inc. (A) | 46 | 1,217 | |||||
Tenaris S.A., ADR | 59 | 2,248 | |||||
Weatherford International Ltd. (A) | 51 | 865 | |||||
23,783 | |||||||
Oil & Gas Exploration & Production - 27.1% | |||||||
Anadarko Petroleum Corporation | 45 | 2,549 | |||||
Apache Corporation | 32 | 3,083 | |||||
Cabot Oil & Gas Corporation | 25 | 757 | |||||
CNOOC Limited, ADR | 6 | 1,244 | |||||
Continental Resources, Inc. (A) | 56 | 2,589 | |||||
Devon Energy Corporation | 28 | 1,808 | |||||
EOG Resources, Inc. | 22 | 2,017 | |||||
Newfield Exploration Company (A) | 53 | 3,038 | |||||
Noble Energy, Inc. | 35 | 2,619 | |||||
Southwestern Energy Company (A) | 85 | 2,831 | |||||
Ultra Petroleum Corp. (A) | 40 | 1,667 | |||||
24,202 | |||||||
Oil & Gas Refining & Marketing - 0.8% | |||||||
Clean Energy Fuels Corp. (A) | 48 | 683 | |||||
Oil & Gas Storage & Transportation - 6.4% | |||||||
El Paso Corporation | 126 | 1,562 | |||||
El Paso Pipeline Partners, L.P. | 46 | 1,461 | |||||
Enbridge Inc. | 37 | 1,924 | |||||
Williams Companies, Inc. (The) | 42 | 796 | |||||
5,743 | |||||||
TOTAL COMMON STOCKS - 98.0% | $ | 87,848 | |||||
(Cost: $69,809) | |||||||
SHORT-TERM SECURITIES - 1.8% | Principal | ||||||
Master Note | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (B) | $1,644 | $ | 1,644 | ||||
(Cost: $1,644) | |||||||
TOTAL INVESTMENT SECURITIES - 99.8% | $ | 89,492 | |||||
(Cost: $71,453) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.2% | 180 | ||||||
NET ASSETS - 100.0% | $ | 89,672 | |||||
Notes to Schedule of Investments
(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, 2010. Date shown represents the date that the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Country Diversification | |
(as a % of net assets) | |
United States | 79.9% |
Canada | 6.1% |
Netherlands | 2.7% |
Bermuda | 2.5% |
Luxembourg | 2.5% |
Australia | 1.6% |
Hong Kong | 1.4% |
United Kingdom | 1.3% |
Other+ | 2.0% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 93.8% |
Energy | 45.9% |
Materials | 36.0% |
Utilities | 4.2% |
Industrials | 3.5% |
Information Technology | 3.3% |
Consumer Staples | 0.6% |
Financials | 0.3% |
Options | 5.1% |
Bonds | 0.1% |
Corporate Debt Securities | 0.1% |
Cash and Cash Equivalents | 1.0% |
Lipper Rankings
Category: Lipper Global Natural Resources Funds | Rank | Percentile |
1 Year | 71/123 | 58 |
3 Year | 70/86 | 81 |
5 Year | 27/51 | 52 |
10 Year | 14/32 | 43 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
North America | 53.1% |
United States | 38.5% |
Canada | 14.6% |
Europe | 20.9% |
United Kingdom | 12.7% |
Russia | 6.0% |
Other Europe | 2.2% |
Pacific Basin | 11.2% |
China | 4.4% |
Other Pacific Basin | 6.8% |
South America | 6.9% |
Brazil | 6.6% |
Other South America | 0.3% |
Other | 1.2% |
Bahamas/Caribbean | 0.6% |
Cash and Cash Equivalents and Options | 6.1% |
Top 10 Equity Holdings
Company | Country | Sector | Industry |
Xstrata plc | United Kingdom | Materials | Diversified Metals & Mining |
Alpha Natural Resources, Inc. | United States | Energy | Coal & Consumable Fuels |
Halliburton Company | United States | Energy | Oil & Gas Equipment & Services |
Canadian Natural Resources Limited | Canada | Energy | Oil & Gas Exploration & Production |
El Paso Corporation | United States | Energy | Oil & Gas Storage & Transportation |
Randgold Resources Limited, ADR | United Kingdom | Materials | Gold |
Petrohawk Energy Corporation | United States | Energy | Oil & Gas Exploration & Production |
Open Joint Stock Company Gazprom, ADR | Russia | Energy | Integrated Oil & Gas |
Cabot Oil & Gas Corporation | United States | Energy | Oil & Gas Exploration & Production |
Occidental Petroleum Corporation | United States | Energy | Integrated Oil & Gas |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 957.50 | 1.44% | $ | 7.05 | |||
Class B | $1,000 | $ | 953.50 | 2.27% | $ | 11.13 | |||
Class C | $1,000 | $ | 953.80 | 2.12% | $ | 10.36 | |||
Class E | $1,000 | $ | 958.40 | 1.27% | $ | 6.27 | |||
Class I | $1,000 | $ | 959.30 | 1.04% | $ | 5.09 | |||
Class R | $1,000 | $ | 956.70 | 1.57% | $ | 7.73 | |||
Class Y | $1,000 | $ | 958.50 | 1.20% | $ | 5.88 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,017.85 | 1.44% | $ | 7.26 | |||
Class B | $1,000 | $ | 1,013.68 | 2.27% | $ | 11.48 | |||
Class C | $1,000 | $ | 1,014.44 | 2.12% | $ | 10.68 | |||
Class E | $1,000 | $ | 1,018.70 | 1.27% | $ | 6.46 | |||
Class I | $1,000 | $ | 1,019.86 | 1.04% | $ | 5.25 | |||
Class R | $1,000 | $ | 1,017.21 | 1.57% | $ | 7.97 | |||
Class Y | $1,000 | $ | 1,019.05 | 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, 2010, 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 | |||||
Brazil - 5.3% | |||||||
Companhia de Saneamento de Minas Gerais (A) | 4,000 | $ | 61,182 | ||||
Companhia Energetica de Minas Gerais - CEMIG, ADR | 3,000 | 49,170 | |||||
Companhia Vale de Rio Doce, ADR | 750 | 23,453 | |||||
Petroleo Brasileiro S.A. - Petrobras, ADR | 290 | 10,518 | |||||
Suzano Bahia Sul Papel E Celulose S.A. (A) | 11,188 | 105,593 | |||||
Tractebel Energia S.A. (A) | 1,850 | 27,663 | |||||
277,579 | |||||||
Canada - 14.6% | |||||||
Advantage Oil & Gas Ltd. (A)(B) | 1,500 | 9,476 | |||||
Agnico-Eagle Mines Limited | 96 | 6,826 | |||||
Barrick Gold Corporation | 1,000 | 46,290 | |||||
Canadian Natural Resources Limited (A) | 5,000 | 172,952 | |||||
Canadian Oil Sands Trust (A) | 500 | 12,372 | |||||
Cenovus Energy Inc. (A) | 710 | 20,430 | |||||
First Quantum Minerals Ltd. (A) | 1,500 | 114,078 | |||||
Goldcorp Inc. | 2,000 | 87,040 | |||||
Lundin Mining Corporation (A)(B) | 1,539 | 7,686 | |||||
MEG Energy Corp. (A)(B) | 91 | 3,178 | |||||
MGM Energy Corp. (A)(B) | 7,102 | 1,518 | |||||
Migao Corporation (A)(B)(C) | 1,550 | 9,943 | |||||
Migao Corporation (A)(B) | 140 | 900 | |||||
Neo Material Technologies Inc. (A)(B) | 850 | 4,065 | |||||
Potash Corporation of Saskatchewan Inc. | 850 | 122,434 | |||||
Suncor Energy Inc. (A) | 1,500 | 48,839 | |||||
Teck Cominco Limited (A) | 2,250 | 92,545 | |||||
760,572 | |||||||
Cayman Islands - 0.6% | |||||||
China High Speed Transmission Equipment Group Co., Ltd. (A) | 14,000 | 30,386 | |||||
Chile - 0.3% | |||||||
Sociedad Quimica y Minera de Chile S.A., ADR | 325 | 15,678 | |||||
China - 4.4% | |||||||
GCL-Poly Energy Holdings Limited (A) | 22,258 | 6,856 | |||||
Sino-Forest Corporation, Class A (A)(B) | 3,599 | 59,959 | |||||
Trina Solar Limited, ADR (B) | 2,000 | 60,360 | |||||
Yingli Green Energy Holding Company Limited, ADR (B) | 7,250 | 100,341 | |||||
227,516 | |||||||
Cyprus - 0.1% | |||||||
Buried Hill Energy (Cyprus) Public Company Limited (A)(B)(D) | 3,630 | 7,260 | |||||
Germany - 0.1% | |||||||
Phoenix Solar AG, Sulzemoos (A) | 150 | 5,378 | |||||
Hong Kong - 0.3% | |||||||
China Longyuan Power Group Corporation Limited, H Shares (A)(B) | 5,000 | 4,962 | |||||
Guangdong Investment Limited (A) | 22,000 | 11,484 | |||||
16,446 | |||||||
Indonesia - 1.8% | |||||||
PT Adaro Energy Tbk (A) | 75,000 | 17,017 | |||||
PT Bumi Resources Tbk (A) | 175,000 | 41,667 | |||||
PT Indo Tambangraya Megah Tbk (A) | 1,000 | 4,661 | |||||
PT Tambang Batubara Bukit Asam (Persero) Tbk (A) | 15,000 | 32,689 | |||||
96,034 | |||||||
Israel - 1.2% | |||||||
Israel Chemicals Ltd. (A) | 4,250 | 59,951 | |||||
Japan - 1.6% | |||||||
Mitsubishi Corporation (A) | 3,500 | 83,056 | |||||
Netherlands - 0.3% | |||||||
Chicago Bridge & Iron Company N.V., NY Shares (B) | 600 | 14,670 | |||||
Norway - 1.4% | |||||||
Seadrill Limited (A) | 2,500 | 72,222 | |||||
Russia - 6.0% | |||||||
Mechel Steel Group OAO, ADR | 4,750 | 118,275 | |||||
Open Joint Stock Company "RusHydro", ADR (A)(B) | 3,000 | 15,450 | |||||
Open Joint Stock Company Gazprom, ADR (A) | 6,500 | 136,435 | |||||
Uralkali Group, GDR (A) | 2,000 | 43,900 | |||||
314,060 | |||||||
Singapore - 1.3% | |||||||
Golden Agri-Resources Ltd. (A) | 35,000 | 15,170 | |||||
Indofood Agri Resources Ltd. (A)(B) | 10,000 | 17,185 | |||||
Straits Asia Resources Limited (A) | 20,000 | 33,457 | |||||
65,812 | |||||||
South Korea - 0.8% | |||||||
LG Chem, Ltd. (A) | 150 | 43,872 | |||||
Switzerland - 0.3% | |||||||
Noble Corporation | 500 | 16,895 | |||||
Thailand - 1.0% | |||||||
Banpu Public Company Limited (A) | 2,250 | 53,081 | |||||
United Kingdom - 12.7% | |||||||
Antofagasta plc (A) | 4,250 | 82,519 | |||||
Eurasian Natural Resources Corporation plc (A) | 1,000 | 14,429 | |||||
Kazakhmys plc (A) | 750 | 17,107 | |||||
Randgold Resources Limited, ADR | 1,500 | 152,190 | |||||
Rio Tinto plc (A) | 2,000 | 116,906 | |||||
Xstrata plc (A) | 14,500 | 277,435 | |||||
660,586 | |||||||
United States - 38.3% | |||||||
Allegheny Technologies Incorporated | 500 | 23,225 | |||||
Alpha Natural Resources, Inc. (B)(E) | 6,500 | 267,474 | |||||
Arch Coal, Inc. | 200 | 5,342 | |||||
Brigham Exploration Company (B) | 100 | 1,875 | |||||
Cabot Oil & Gas Corporation | 4,500 | 135,495 | |||||
Cameron International Corporation (B) | 2,000 | 85,920 | |||||
Celanese Corporation, Series A | 2,750 | 88,275 | |||||
Chesapeake Energy Corporation (F) | 3,500 | 79,275 | |||||
Cleveland-Cliffs Inc | 225 | 14,382 | |||||
CONSOL Energy Inc. | 2,250 | 83,160 | |||||
El Paso Corporation | 13,000 | 160,940 | |||||
EXCO Resources, Inc. | 5,500 | 81,785 | |||||
Freeport-McMoRan Copper & Gold Inc., Class B | 250 | 21,347 | |||||
GrafTech International Ltd. (B) | 3,000 | 46,890 | |||||
Halliburton Company (F) | 5,250 | 173,618 | |||||
Kodiak Oil & Gas Corp. (B) | 2,000 | 6,780 | |||||
Molycorp, Inc. (B) | 10 | 283 | |||||
Newfield Exploration Company (B) | 250 | 14,360 | |||||
Oasis Petroleum LLC (B) | 1,000 | 19,370 | |||||
Occidental Petroleum Corporation (F) | 1,650 | 129,195 | |||||
Owens-Illinois, Inc. (B) | 2,500 | 70,150 | |||||
Peabody Energy Corporation | 500 | 24,505 | |||||
Petrohawk Energy Corporation (B) | 9,000 | 145,259 | |||||
Pioneer Natural Resources Company | 150 | 9,755 | |||||
Plains Exploration and Production Company (B) | 1,000 | 26,670 | |||||
Rock-Tenn Company, Class A | 600 | 29,886 | |||||
Schlumberger Limited (F) | 1,500 | 92,415 | |||||
Southwestern Energy Company (B) | 750 | 25,080 | |||||
St. Mary Land & Exploration Company | 250 | 9,365 | |||||
Williams Companies, Inc. (The) | 6,000 | 114,660 | |||||
1,986,736 | |||||||
TOTAL COMMON STOCKS - 92.4% | $ | 4,807,790 | |||||
(Cost: $3,987,732) | |||||||
PREFERRED STOCKS | |||||||
Brazil - 1.2% | |||||||
Bradespar S.A. (A) | 750 | 17,881 | |||||
Companhia Energetica de Minas Gerais - CEMIG (A) | 2,500 | 40,633 | |||||
58,514 | |||||||
United States - 0.2% | |||||||
Konarka Technologies, Inc., 8.0% Cumulative (B)(D) | 3,500 | 12,565 | |||||
TOTAL PREFERRED STOCKS - 1.4% | $ | 71,079 | |||||
(Cost: $50,068) | |||||||
CALL OPTIONS | Number of Contracts | ||||||
Barrick Gold Corporation, | |||||||
Jan $30.00, Expires 1-24-11 | 50 | 80,750 | |||||
Canadian Natural Resources Limited, | |||||||
Jan $25.00, Expires 1-24-11 | 25 | 25,125 | |||||
El Paso Corporation, | |||||||
Jan $5.00, Expires 1-24-11 | 60 | 45,000 | |||||
Exxon Mobil Corporation, | |||||||
Jan $40.00, Expires 1-24-11 | 7 | 15,243 | |||||
Occidental Petroleum Corporation, | |||||||
Jan $60.00, Expires 1-24-11 | 35 | 66,762 | |||||
Williams Companies, Inc. (The), | |||||||
Jan $15.00, Expires 1-24-11 | 80 | 35,000 | |||||
TOTAL CALL OPTIONS - 5.1% | $ | 267,880 | |||||
(Cost: $244,197) | |||||||
CORPORATE DEBT SECURITIES - 0.1% | Principal | ||||||
Brazil | |||||||
Bahia Sul Celulose S.A., | |||||||
8.614%, 12-1-12 (C)(G)(H) | BRL10,692 | $ | 5,833 | ||||
(Cost: $5,027) | |||||||
SHORT-TERM SECURITIES | |||||||
Commercial Paper (I) - 0.3% | |||||||
E.I. du Pont de Nemours and Company, | |||||||
0.190%, 10-18-10 | $ | 3,000 | 3,000 | ||||
Hewlett-Packard Company, | |||||||
0.150%, 10-4-10 | 10,000 | 10,000 | |||||
13,000 | |||||||
Commercial Paper (backed by irrevocable bank letter of credit) (I) - 0.1% | |||||||
COFCO Capital Corp. (Rabobank Nederland), | |||||||
0.280%, 10-20-10 | 4,500 | 4,499 | |||||
Master Note - 0.0% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (J) | 1,034 | 1,034 | |||||
TOTAL SHORT-TERM SECURITIES - 0.4% | $ | 18,533 | |||||
(Cost: $18,533) | |||||||
TOTAL INVESTMENT SECURITIES - 99.4% | $ | 5,171,115 | |||||
(Cost: $4,305,557) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.6% | 30,936 | ||||||
NET ASSETS - 100.0% | $ | 5,202,051 | |||||
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2010:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | ||
Sell | Brazilian Real | Toronto-Dominion Bank (The) | 51,300 | 10-22-10 | $ | –– | $ 1,763 | |
Sell | Brazilian Real | Toronto-Dominion Bank (The) | 86,000 | 12-3-10 | –– | 2,254 | ||
Sell | Brazilian Real | Mellon Bank N.A. | 70,100 | 12-17-10 | –– | 798 | ||
Sell | British Pound | Royal Bank of Canada | 124,725 | 10-22-10 | –– | 5,730 | ||
Sell | British Pound | Mellon Bank N.A. | 53,500 | 10-29-10 | –– | 1,302 | ||
Sell | British Pound | Toronto-Dominion Bank (The) | 38,300 | 11-19-10 | 138 | –– | ||
Sell | British Pound | Toronto-Dominion Bank (The) | 31,400 | 11-19-10 | –– | 331 | ||
Sell | British Pound | Mellon Bank N.A. | 70,400 | 12-3-10 | –– | 2,577 | ||
Sell | Canadian Dollar | Toronto-Dominion Bank (The) | 94,700 | 10-29-10 | –– | 690 | ||
Sell | Canadian Dollar | Mellon Bank N.A. | 88,400 | 12-17-10 | 163 | –– | ||
Sell | Canadian Dollar | Mellon Bank N.A. | 34,400 | 1-14-11 | 81 | –– | ||
Sell | Canadian Dollar | Mellon Bank N.A. | 66,500 | 1-14-11 | –– | 386 | ||
Sell | Euro | Toronto-Dominion Bank (The) | 4,085 | 10-22-10 | –– | 309 | ||
Sell | Japanese Yen | Mellon Bank N.A. | 2,350,000 | 10-6-10 | –– | 1,088 | ||
Sell | Japanese Yen | Mellon Bank N.A. | 1,839,900 | 10-27-10 | –– | 838 | ||
Sell | Japanese Yen | Mellon Bank N.A. | 1,030,000 | 12-1-10 | –– | 187 | ||
Sell | Japanese Yen | Toronto-Dominion Bank (The) | 1,500,000 | 12-15-10 | –– | 120 | ||
$ | 382 | $18,373 |
(A)Listed on an exchange outside the United States.
(B)No dividends were paid during the preceding 12 months.
(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, 2010, the total value of these securities amounted to $15,776 or 0.3% of net assets.
(D)Illiquid restricted securities. At September 30, 2010, the Fund owned the following restricted securities:
Security | Acquisition Date(s) | Shares | Cost | Market Value | |||
Buried Hill Energy (Cyprus) Public Company Limited | 5-1-07 to 4-17-08 | 3,630 | $ | 6,183 | $ 7,260 | ||
Konarka Technologies, Inc., 8.0% Cumulative | 8-31-07 | 3,500 | 10,850 | 12,565 | |||
$ | 17,033 | $19,825 | |||||
The total value of these securities represented 0.4% of net assets at September 30, 2010. |
(E)Deemed to be an affiliate due to the Fund having at least 5% of the voting securities.
(F)Securities serve as collateral for the following open futures contracts at September 30, 2010:
Description | Type | Expiration Date | Number of Contracts | Market Value | Unrealized Depreciation | |||
S&P/Toronto Stock Exchange 60 Index | Short | 12-16-10 | 1 | $ | (138,556) | $(1,577) | ||
S&P 500 E-mini | Short | 12-17-10 | 10 | (568,350) | (4,203) | |||
$ | (706,906) | $(5,780) |
(G)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real).
(H)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
(I)Rate shown is the yield to maturity at September 30, 2010.
(J)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date the variable rate resets.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Energy | 45.9% |
Materials | 36.1% |
Utilities | 4.2% |
Industrials | 3.5% |
Information Technology | 3.3% |
Consumer Staples | 0.6% |
Financials | 0.3% |
Other+ | 6.1% |
+Includes options, cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 94.1% |
Financials | 90.7% |
Consumer Discretionary | 2.4% |
Health Care | 0.7% |
Telecommunication Services | 0.3% |
Cash and Cash Equivalents | 5.9% |
Lipper Rankings
Category: Lipper Real Estate Funds | Rank | Percentile |
1 Year | 123/227 | 54 |
3 Year | 111/206 | 54 |
5 Year | 133/174 | 76 |
10 Year | 32/83 | 39 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector | Industry |
Simon Property Group, Inc. | Financials | Retail REITs |
Equity Residential | Financials | Residential REITs |
HCP, Inc. | Financials | Specialized REITs |
Host Hotels & Resorts, Inc. | Financials | Specialized REITs |
Vornado Realty Trust | Financials | Diversified REITs |
Digital Realty Trust, Inc. | Financials | Office REITs |
Boston Properties, Inc. | Financials | Office REITs |
Macerich Company (The) | Financials | Retail REITs |
Public Storage, Inc. | Financials | Specialized REITs |
BioMed Realty Trust, Inc. | Financials | Office REITs |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,082.60 | 1.84% | $ | 9.58 | |
Class B | $1,000 | $1,075.90 | 3.10% | $ | 16.09 | |
Class C | $1,000 | $1,077.80 | 2.61% | $ | 13.61 | |
Class E | $1,000 | $1,082.80 | 1.67% | $ | 8.75 | |
Class I | $1,000 | $1,086.70 | 1.16% | $ | 6.05 | |
Class R | $1,000 | $1,083.40 | 1.71% | $ | 8.96 | |
Class Y | $1,000 | $1,085.00 | 1.40% | $ | 7.30 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,015.84 | 1.84% | $ | 9.27 | |
Class B | $1,000 | $1,009.53 | 3.10% | $ | 15.57 | |
Class C | $1,000 | $1,011.98 | 2.61% | $ | 13.18 | |
Class E | $1,000 | $1,016.71 | 1.67% | $ | 8.47 | |
Class I | $1,000 | $1,019.26 | 1.16% | $ | 5.86 | |
Class R | $1,000 | $1,016.51 | 1.71% | $ | 8.67 | |
Class Y | $1,000 | $1,018.07 | 1.40% | $ | 7.06 |
*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, 2010, 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 - 2.4% | |||||||
CoreSite Realty Corporation (A) | 130 | $ | 2,131 | ||||
DuPont Fabros Technology, Inc. | 177 | 4,459 | |||||
Jones Lang LaSalle Incorporated | 23 | 2,019 | |||||
8,609 | |||||||
Diversified REITs - 5.4% | |||||||
Liberty Property Trust | 93 | 2,954 | |||||
Retail Opportunity Investments Corp. | 132 | 1,267 | |||||
Vornado Realty Trust | 137 | 11,676 | |||||
Washington Real Estate Investment Trust | 104 | 3,290 | |||||
19,187 | |||||||
Health Care Facilities - 0.7% | |||||||
Brookdale Senior Living, Inc. (A) | 143 | 2,331 | |||||
Hotels, Resorts & Cruise Lines - 2.4% | |||||||
Gaylord Entertainment Company (A) | 112 | 3,428 | |||||
Hyatt Hotels Corporation, Class A (A) | 33 | 1,230 | |||||
Marriott International, Inc., Class A | 79 | 2,824 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 25 | 1,298 | |||||
8,780 | |||||||
Industrial REITs - 6.9% | |||||||
AMB Property Corporation | 249 | 6,578 | |||||
EastGroup Properties, Inc. | 141 | 5,252 | |||||
First Potomac Realty Trust | 307 | 4,604 | |||||
ProLogis | 662 | 7,798 | |||||
24,232 | |||||||
Office REITs - 19.3% | |||||||
Alexandria Real Estate Equities, Inc. | 104 | 7,301 | |||||
BioMed Realty Trust, Inc. | 474 | 8,491 | |||||
Boston Properties, Inc. | 128 | 10,665 | |||||
Brandywine Realty Trust | 505 | 6,189 | |||||
Corporate Office Properties Trust | 167 | 6,215 | |||||
Digital Realty Trust, Inc. | 173 | 10,694 | |||||
Douglas Emmett, Inc. | 346 | 6,051 | |||||
Highwoods Properties, Inc. | 24 | 789 | |||||
Kilroy Realty Corporation | 87 | 2,893 | |||||
Mack-Cali Realty Corporation | 100 | 3,264 | |||||
SL Green Realty Corp. | 88 | 5,541 | |||||
68,093 | |||||||
Real Estate Management & Development - 3.5% | |||||||
Brookfield Properties Corporation | 547 | 8,483 | |||||
CB Richard Ellis Group, Inc., Class A (A) | 220 | 4,016 | |||||
12,499 | |||||||
Real Estate Operating Companies - 2.1% | |||||||
Forest City Enterprises, Inc., Class A (A) | 407 | 5,217 | |||||
Hudson Pacific Properties, Inc. | 125 | 2,043 | |||||
7,260 | |||||||
Residential REITs - 15.4% | |||||||
American Campus Communities, Inc. | 178 | 5,412 | |||||
Associated Estates Realty Corporation | 258 | 3,603 | |||||
AvalonBay Communities, Inc. | 46 | 4,813 | |||||
Camden Property Trust | 91 | 4,351 | |||||
Equity Lifestyle Properties, Inc. | 71 | 3,852 | |||||
Equity Residential | 330 | 15,698 | |||||
Essex Property Trust, Inc. | 34 | 3,685 | |||||
Home Properties, Inc. | 85 | 4,496 | |||||
Mid-America Apartment Communities, Inc. | 39 | 2,285 | |||||
UDR, Inc. | 289 | 6,102 | |||||
54,297 | |||||||
Retail REITs - 16.9% | |||||||
Acadia Realty Trust | 241 | 4,573 | |||||
Agree Realty Corporation | 76 | 1,925 | |||||
CBL & Associates Properties, Inc. | 253 | 3,305 | |||||
Developers Diversified Realty Corporation | 281 | 3,155 | |||||
Federal Realty Investment Trust | 31 | 2,548 | |||||
Kite Realty Group Trust | 52 | 232 | |||||
Macerich Company (The) | 229 | 9,816 | |||||
Regency Centers Corporation | 83 | 3,256 | |||||
Simon Property Group, Inc. | 318 | 29,537 | |||||
Weingarten Realty Investors | 47 | 1,017 | |||||
59,364 | |||||||
Specialized REITs - 18.3% | |||||||
Chatham Lodging Trust | 63 | 1,178 | |||||
DiamondRock Hospitality Company | 501 | 4,759 | |||||
Extra Space Storage Inc. | 179 | 2,863 | |||||
FelCor Lodging Trust Incorporated (A) | 185 | 850 | |||||
HCP, Inc. | 344 | 12,380 | |||||
Health Care REIT, Inc. | 89 | 4,223 | |||||
Hersha Hospitality Trust | 543 | 2,812 | |||||
Host Hotels & Resorts, Inc. | 852 | 12,332 | |||||
LaSalle Hotel Properties | 145 | 3,387 | |||||
Nationwide Health Properties, Inc. | 77 | 2,958 | |||||
Pebblebrook Hotel Trust (A) | 165 | 2,968 | |||||
Public Storage, Inc. | 90 | 8,724 | |||||
U-Store-It Trust | 196 | 1,633 | |||||
Ventas, Inc. | 65 | 3,347 | |||||
64,414 | |||||||
Wireless Telecommunication Service - 0.3% | |||||||
American Tower Corporation, Class A (A) | 17 | 887 | |||||
TOTAL COMMON STOCKS - 93.6% | $ | 329,953 | |||||
(Cost: $252,824) | |||||||
PREFERRED STOCKS - 0.5% | |||||||
Diversified REITs | |||||||
CapLease, Inc., 8.125% Series A Cumulative (A) | 66 | $ | 1,662 | ||||
(Cost: $1,524) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (B) - 4.3% | |||||||
CVS Caremark Corporation, | |||||||
0.300%, 10-6-10 | $3,000 | 3,000 | |||||
Hewlett-Packard Company, | |||||||
0.170%, 10-6-10 | 3,310 | 3,310 | |||||
Illinois Tool Works Inc., | |||||||
0.180%, 10-19-10 | 3,201 | 3,201 | |||||
John Deere Credit Limited (John Deere Capital Corporation), | |||||||
0.210%, 10-20-10 | 5,000 | 4,999 | |||||
Novartis Finance Corp., | |||||||
0.000%, 10-1-10 | 588 | 588 | |||||
15,098 | |||||||
Municipal Obligations - Taxable - 1.1% | |||||||
NYC GO Bonds, Fiscal 2006 Ser E (Bank of America, N.A.), | |||||||
0.270%, 10-1-10 (C) | 4,000 | 4,000 | |||||
TOTAL SHORT-TERM SECURITIES - 5.4% | $ | 19,098 | |||||
(Cost: $19,098) | |||||||
TOTAL INVESTMENT SECURITIES - 99.5% | $ | 350,713 | |||||
(Cost: $273,446) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.5% | 1,590 | ||||||
NET ASSETS - 100.0% | $ | 352,303 | |||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Rate shown is the yield to maturity at September 30, 2010.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronym is used throughout this schedule:
REIT = Real Estate Investment Trust
Asset Allocation
Stocks | 96.8% |
Information Technology | 68.1% |
Health Care | 15.0% |
Industrials | 5.8% |
Consumer Staples | 4.9% |
Telecommunication Services | 2.8% |
Financials | 0.2% |
Bonds | 2.0% |
Corporate Debt Securities | 2.0% |
Cash and Cash Equivalents | 1.2% |
Lipper Rankings
Category: Lipper Science & Technology Funds | Rank | Percentile |
1 Year | 110/141 | 78 |
3 Year | 33/135 | 25 |
5 Year | 26/120 | 22 |
10 Year | 6/81 | 8 |
Past performance is no guarantee of future results. Rankings are for Class C shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
North America | 83.3% |
United States | 82.2% |
Other North America | 1.1% |
Pacific Basin | 7.0% |
Europe | 4.8% |
Spain | 3.9% |
Other Europe | 0.9% |
Bahamas/Caribbean | 2.9% |
South America | 0.8% |
Cash and Cash Equivalents | 1.2% |
Top 10 Equity Holdings
Company | Sector | Industry |
Alliance Data Systems Corporation | Information Technology | Data Processing & Outsourced Services |
Apple Inc. | Information Technology | Computer Hardware |
Microsoft Corporation | Information Technology | Systems Software |
Aspen Technology, Inc. | Information Technology | Application Software |
Cree, Inc. | Information Technology | Semiconductors |
Genzyme Corporation | Health Care | Biotechnology |
ACI Worldwide, Inc. | Information Technology | Application Software |
First Solar, Inc. | Information Technology | Electrical Components & Equipment |
Lawson Software, Inc. | Information Technology | Application Software |
Telvent GIT, S.A. | Information Technology | IT Consulting & Other Services |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 996.30 | 1.44% | $ | 7.19 | |||
Class B | $1,000 | $ | 991.40 | 2.34% | $ | 11.75 | |||
Class C | $1,000 | $ | 992.30 | 2.18% | $ | 10.96 | |||
Class E | $1,000 | $ | 996.30 | 1.43% | $ | 7.19 | |||
Class I | $1,000 | $ | 998.10 | 1.08% | $ | 5.39 | |||
Class R | $1,000 | $ | 995.20 | 1.62% | $ | 8.08 | |||
Class Y | $1,000 | $ | 996.70 | 1.33% | $ | 6.69 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,017.86 | 1.44% | $ | 7.26 | |||
Class B | $1,000 | $ | 1,013.32 | 2.34% | $ | 11.88 | |||
Class C | $1,000 | $ | 1,014.11 | 2.18% | $ | 11.08 | |||
Class E | $1,000 | $ | 1,017.90 | 1.43% | $ | 7.26 | |||
Class I | $1,000 | $ | 1,019.64 | 1.08% | $ | 5.45 | |||
Class R | $1,000 | $ | 1,016.96 | 1.62% | $ | 8.17 | |||
Class Y | $1,000 | $ | 1,018.42 | 1.33% | $ | 6.76 |
*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, 2010, 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 | |||||
Agricultural Products - 4.9% | |||||||
Archer Daniels Midland Company | 704 | $ | 22,456 | ||||
Bunge Limited | 566 | 33,478 | |||||
55,934 | |||||||
Application Software - 10.7% | |||||||
ACI Worldwide, Inc. (A) | 1,663 | 37,237 | |||||
Aspen Technology, Inc. (A) | 4,509 | 46,758 | |||||
Lawson Software, Inc. (A) | 4,340 | 36,760 | |||||
120,755 | |||||||
Biotechnology - 9.8% | |||||||
Amgen Inc. (A) | 533 | 29,379 | |||||
Genzyme Corporation (A) | 616 | 43,593 | |||||
Isis Pharmaceuticals, Inc. (A) | 483 | 4,055 | |||||
Vertex Pharmaceuticals Incorporated (A) | 965 | 33,353 | |||||
110,380 | |||||||
Communications Equipment - 2.0% | |||||||
Alcatel, ADR | 2,874 | 9,715 | |||||
Research In Motion Limited (A) | 271 | 13,202 | |||||
22,917 | |||||||
Computer Hardware - 8.6% | |||||||
Apple Inc. (A) | 224 | 63,447 | |||||
Hewlett-Packard Company | 283 | 11,897 | |||||
High Tech Computer Corp. (B) | 997 | 22,628 | |||||
97,972 | |||||||
Computer Storage & Peripherals - 0.2% | |||||||
SMART Technologies Inc., Class A (A) | 157 | 2,127 | |||||
Data Processing & Outsourced Services - 10.6% | |||||||
Alliance Data Systems Corporation (A) | 996 | 64,998 | |||||
Euronet Worldwide, Inc. (A) | 1,449 | 26,068 | |||||
VeriFone Holdings, Inc. (A) | 790 | 24,552 | |||||
WNS (Holdings) Limited, ADR (A) | 516 | 4,627 | |||||
120,245 | |||||||
Diversified Support Services - 1.1% | |||||||
EnerNOC, Inc. (A) | 387 | 12,159 | |||||
Electrical Components & Equipment - 4.3% | |||||||
First Solar, Inc. (A) | 251 | 37,029 | |||||
POWER-ONE, INC. (A) | 1,192 | 10,833 | |||||
47,862 | |||||||
Electronic Equipment & Instruments - 2.9% | |||||||
Elster Group SE, ADR (A) | 498 | 6,867 | |||||
Itron, Inc. (A) | 417 | 25,545 | |||||
32,412 | |||||||
Health Care Distributors - 0.1% | |||||||
Animal Health International, Inc. (A) | 501 | 1,379 | |||||
Health Care Facilities - 1.5% | |||||||
HealthSouth Corporation (A) | 907 | 17,409 | |||||
Health Care Services - 0.7% | |||||||
Fleury S.A. (B)(C) | 422 | 5,229 | |||||
Fleury S.A. (B) | 147 | 1,826 | |||||
Omnicare, Inc. | 30 | 726 | |||||
7,781 | |||||||
Health Care Technology - 2.2% | |||||||
Cerner Corporation (A) | 299 | 25,080 | |||||
Home Entertainment Software - 2.3% | |||||||
Activision Blizzard, Inc. | 475 | 5,142 | |||||
Nintendo Co., Ltd. (B) | 83 | 20,640 | |||||
25,782 | |||||||
Industrial Machinery - 3.6% | |||||||
ESCO Technologies Inc. | 927 | 30,818 | |||||
Pentair, Inc. | 320 | 10,752 | |||||
41,570 | |||||||
Integrated Telecommunication Services - 0.8% | |||||||
CenturyTel, Inc. | 242 | 9,534 | |||||
Internet Software & Services - 4.3% | |||||||
Google Inc., Class A (A) | 45 | 23,608 | |||||
SAVVIS, Inc. (A) | 1,218 | 25,669 | |||||
49,277 | |||||||
IT Consulting & Other Services - 3.8% | |||||||
Acxiom Corporation (A) | 591 | 9,380 | |||||
Telvent GIT, S.A. | 1,484 | 33,574 | |||||
42,954 | |||||||
Life & Health Insurance - 0.2% | |||||||
Amil Participacoes S.A. (B) | 179 | 1,717 | |||||
Pharmaceuticals - 0.7% | |||||||
Ironwood Pharmaceuticals, Inc., Class A (A) | 740 | 7,533 | |||||
Research & Consulting Services - 0.1% | |||||||
Mistras Group, Inc. (A) | 70 | 805 | |||||
Semiconductor Equipment - 1.8% | |||||||
MEMC Electronic Materials, Inc. (A) | 937 | 11,166 | |||||
Photronics, Inc. (A) | 1,713 | 9,060 | |||||
20,226 | |||||||
Semiconductors - 13.3% | |||||||
Cree, Inc. (A) | 817 | 44,329 | |||||
Inotera Memories, Inc. (B) | 17,916 | 10,036 | |||||
Micron Technology, Inc. (A) | 4,089 | 29,480 | |||||
PMC-Sierra, Inc. (A) | 1,918 | 14,119 | |||||
Samsung Electronics Co., Ltd. (B) | 31 | 21,056 | |||||
Texas Instruments Incorporated | 1,215 | 32,975 | |||||
151,995 | |||||||
Systems Software - 4.3% | |||||||
Microsoft Corporation | 2,003 | 49,058 | |||||
Wireless Telecommunication Service - 2.0% | |||||||
Sprint Nextel Corporation (A) | 4,744 | 21,964 | |||||
TOTAL COMMON STOCKS - 96.8% | $ | 1,096,827 | |||||
(Cost: $961,752) | |||||||
CORPORATE DEBT SECURITIES | Principal | ||||||
Biotechnology - 1.1% | |||||||
Vertex Pharmaceuticals Incorporated, Convertible, | |||||||
3.350%, 10-1-15 | $ | 13,000 | 12,919 | ||||
IT Consulting & Other Services - 0.9% | |||||||
Telvent GIT, S.A., Convertible, | |||||||
5.500%, 4-15-15 (C) | 10,000 | 10,050 | |||||
TOTAL CORPORATE DEBT SECURITIES - 2.0% | $ | 22,969 | |||||
(Cost: $23,000) | |||||||
TOTAL INVESTMENT SECURITIES - 98.8% | $ | 1,119,796 | |||||
(Cost: $984,752) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.2% | | | 13,217 | ||||
NET ASSETS - 100.0% | $ | 1,133,013 | |||||
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 liquid under guidelines established by the Board of Trustees. At September 30, 2010, the total value of these securities amounted to $15,279 or 1.3% of net assets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Country Diversification | |
(as a % of net assets) | |
United States | 82.2% |
Spain | 3.9% |
Taiwan | 2.9% |
Bermuda | 2.9% |
South Korea | 1.9% |
Japan | 1.8% |
Canada | 1.1% |
France | 0.9% |
Brazil | 0.8% |
India | 0.4% |
Other+ | 1.2% |
+Includes cash and cash equivalents and other assets and liabilities |
(In thousands, except per share amounts) | Ivy Asset Strategy Fund | Ivy Asset Strategy New Opportunities Fund | Ivy Balanced Fund | Ivy Energy Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Science and Technology Fund | ||||||||||||||
ASSETS | |||||||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 18,306,420 | $ | 110,249 | $ | 182,188 | $ | 89,492 | $ | 4,903,641 | $ | 350,713 | $ | 1,119,796 | |||||||
Investments in affiliated securities at market value+ | 1,676,279 | –– | –– | –– | 267,474 | –– | –– | ||||||||||||||
Bullion at market value+ | 2,890,068 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Investments at Market Value | 22,872,767 | 110,249 | 182,188 | 89,492 | 5,171,115 | 350,713 | 1,119,796 | ||||||||||||||
Cash | –– | –– | –– | 14 | –– | 26 | –– | ||||||||||||||
Cash denominated in foreign currencies at market value+ | 24,198 | –– | –– | –– | –– | –– | 346 | ||||||||||||||
Restricted cash | 138,758 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Initial margin deposit | 62,545 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 2,157 | 163 | –– | –– | 382 | –– | –– | ||||||||||||||
Investment securities sold receivable | 66,664 | 1,321 | 1,356 | –– | 65,597 | 2,756 | 22,613 | ||||||||||||||
Dividends and interest receivable | 30,566 | 28 | 653 | 33 | 6,455 | 910 | 576 | ||||||||||||||
Capital shares sold receivable | 855,169 | 6,346 | 581 | 661 | 13,379 | 473 | 2,866 | ||||||||||||||
Variation margin receivable | 25,869 | –– | –– | –– | 1,937 | –– | –– | ||||||||||||||
Receivable from affiliates | 277 | 100 | –– | 41 | 290 | 4 | 15 | ||||||||||||||
Prepaid and other assets | 635 | 97 | 45 | 52 | 198 | 59 | 106 | ||||||||||||||
Total Assets | 24,079,605 | 118,304 | 184,823 | 90,293 | 5,259,353 | 354,941 | 1,146,318 | ||||||||||||||
LIABILITIES | |||||||||||||||||||||
Investment securities purchased payable | 361,419 | 6,448 | –– | –– | 20,108 | 1,563 | 6,652 | ||||||||||||||
Variation margin payable | 580 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 102,961 | 155 | –– | –– | 18,373 | –– | –– | ||||||||||||||
Capital shares redeemed payable | 790,909 | 107 | 268 | 561 | 8,967 | 836 | 1,480 | ||||||||||||||
Trustees and Chief Compliance Officer fees payable | 477 | –– | * | 16 | 2 | 402 | 50 | 60 | |||||||||||||
Overdraft due to custodian | 24,970 | 137 | 80 | –– | 6,981 | –– | 4,671 | ||||||||||||||
Distribution and service fees payable | 297 | 1 | 19 | 1 | 50 | 3 | 11 | ||||||||||||||
Shareholder servicing payable | 4,938 | 11 | 40 | 35 | 1,815 | 141 | 310 | ||||||||||||||
Investment management fee payable | 350 | 3 | 4 | 2 | 116 | 9 | 26 | ||||||||||||||
Accounting services fee payable | 23 | 4 | 6 | 4 | 23 | 9 | 23 | ||||||||||||||
Written options at market value+ | 21,221 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Other liabilities | 2,650 | 66 | 16 | 16 | 467 | 27 | 72 | ||||||||||||||
Total Liabilities | 1,310,795 | 6,932 | 449 | 621 | 57,302 | 2,638 | 13,305 | ||||||||||||||
Total Net Assets | $ | 22,768,810 | $ | 111,372 | $ | 184,374 | $ | 89,672 | $ | 5,202,051 | $ | 352,303 | $ | 1,133,013 | |||||||
NET ASSETS | |||||||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 23,181,822 | $ | 98,566 | $ | 156,831 | $ | 88,049 | $ | 7,018,180 | $ | 370,445 | $ | 987,925 | |||||||
Undistributed (distributions in excess of) net investment income | 135,057 | (386 | ) | 148 | (186 | ) | (2,744 | ) | 1,293 | (4,092 | ) | ||||||||||
Accumulated net realized gain (loss) | (5,219,760 | ) | (1,327 | ) | (1,936 | ) | (16,230 | ) | (2,655,214 | ) | (96,702 | ) | 14,135 | ||||||||
Net unrealized appreciation | 4,671,691 | 14,519 | 29,331 | 18,039 | 841,829 | 77,267 | 135,045 | ||||||||||||||
Total Net Assets | $ | 22,768,810 | $ | 111,372 | $ | 184,374 | $ | 89,672 | $ | 5,202,051 | $ | 352,303 | $ | 1,133,013 |
* Not shown due to rounding.
(In thousands, except per share amounts) (Continued) | Ivy Asset Strategy Fund | Ivy Asset Strategy New Opportunities Fund | Ivy Balanced Fund | Ivy Energy Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Science and Technology Fund | ||||||||||||||
CAPITAL SHARES OUTSTANDING: | |||||||||||||||||||||
Class A | 342,978 | 6,086 | 5,196 | 5,697 | 138,381 | 11,811 | 14,692 | ||||||||||||||
Class B | 26,169 | 234 | 456 | 296 | 9,942 | 402 | 950 | ||||||||||||||
Class C | 353,550 | 1,570 | 2,834 | 1,275 | 55,154 | 622 | 6,749 | ||||||||||||||
Class E | 1,575 | 10 | 7 | 10 | 334 | 48 | 151 | ||||||||||||||
Class I | 237,949 | 1,487 | 204 | 359 | 61,680 | 304 | 4,299 | ||||||||||||||
Class R | 1,911 | 50 | N/A | N/A | 3,245 | 39 | 767 | ||||||||||||||
Class Y | 44,029 | 431 | 2,373 | 557 | 30,120 | 7,254 | 11,008 | ||||||||||||||
NET ASSET VALUE PER SHARE: | |||||||||||||||||||||
Class A | $22.78 | $11.29 | $16.67 | $11.00 | $17.81 | $17.21 | $29.24 | ||||||||||||||
Class B | 22.03 | 11.25 | 16.61 | 10.61 | 15.99 | 17.02 | 26.39 | ||||||||||||||
Class C | 22.14 | 11.25 | 16.63 | 10.68 | 15.50 | 17.08 | 27.08 | ||||||||||||||
Class E | 22.84 | 11.29 | 16.66 | 11.07 | 17.98 | 17.21 | 29.22 | ||||||||||||||
Class I | 22.97 | 11.30 | 16.66 | 11.12 | 18.13 | 17.27 | 31.10 | ||||||||||||||
Class R | 22.68 | 11.27 | N/A | N/A | 17.67 | 17.21 | 29.13 | ||||||||||||||
Class Y | 22.83 | 11.29 | 16.67 | 11.05 | 18.01 | 17.21 | 30.44 | ||||||||||||||
+COST | |||||||||||||||||||||
Investments in unaffiliated securities at cost | $ | 14,802,607 | $95,715 | $152,857 | $71,453 | $4,085,471 | $273,446 | $984,752 | |||||||||||||
Investments in affiliated securities at cost | 1,082,778 | –– | –– | –– | 220,086 | –– | –– | ||||||||||||||
Bullion at cost | 2,075,912 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Cash denominated in foreign currencies at cost | 22,933 | –– | –– | –– | –– | –– | 346 | ||||||||||||||
Written options premiums received at cost | 23,545 | –– | –– | –– | –– | –– | –– |
(In thousands) | Ivy Asset Strategy Fund | Ivy Asset Strategy New Opportunities Fund(1) | Ivy Balanced Fund | Ivy Energy Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Science and Technology Fund | |||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||
Dividends from unaffiliated securities | $ | 266,676 | $ | 296 | $ | 953 | $ | 538 | $ | 37,898 | $ | 4,850 | $ | 4,437 | ||||||||
Dividends from affiliated securities | 5,957 | –– | –– | –– | –– | –– | –– | |||||||||||||||
Foreign dividend withholding tax | (23,300 | ) | (16 | ) | –– | (11 | ) | (2,815 | ) | (20 | ) | (243 | ) | |||||||||
Interest and amortization from unaffiliated securities | 2,713 | 7 | 1,071 | 3 | 472 | 12 | 306 | |||||||||||||||
Foreign interest withholding tax | –– | –– | –– | –– | (39 | ) | –– | –– | ||||||||||||||
Total Investment Income | 252,046 | 287 | 2,024 | 530 | 35,516 | 4,842 | 4,500 | |||||||||||||||
EXPENSES | ||||||||||||||||||||||
Investment management fee | 60,860 | 236 | 612 | 366 | 21,081 | 1,494 | 4,761 | |||||||||||||||
Distribution and service fees: | ||||||||||||||||||||||
Class A | 10,522 | 38 | 103 | 76 | 3,125 | 238 | 530 | |||||||||||||||
Class B | 2,744 | 6 | 35 | 15 | 807 | 33 | 121 | |||||||||||||||
Class C | 37,934 | 33 | 212 | 66 | 4,367 | 50 | 899 | |||||||||||||||
Class E | 41 | –– | * | –– | * | –– | * | 7 | 1 | 5 | ||||||||||||
Class R | 86 | 1 | N/A | N/A | 134 | 1 | 50 | |||||||||||||||
Class Y | 1,221 | 3 | 48 | 7 | 688 | 148 | 415 | |||||||||||||||
Shareholder servicing: | ||||||||||||||||||||||
Class A | 6,445 | 24 | 97 | 116 | 3,772 | 543 | 549 | |||||||||||||||
Class B | 582 | 1 | 10 | 7 | 307 | 35 | 49 | |||||||||||||||
Class C | 5,359 | 3 | 27 | 17 | 1,030 | 29 | 231 | |||||||||||||||
Class E | 111 | –– | * | –– | * | –– | * | 32 | 5 | 20 | ||||||||||||
Class I | 3,257 | 6 | 2 | 3 | 867 | 4 | 114 | |||||||||||||||
Class R | 35 | –– | * | N/A | N/A | 54 | 1 | 20 | ||||||||||||||
Class Y | 804 | 2 | 30 | 5 | 464 | 89 | 264 | |||||||||||||||
Registration fees | 426 | 58 | 48 | 53 | 128 | 60 | 90 | |||||||||||||||
Custodian fees | 3,574 | 56 | 6 | 5 | 729 | 13 | 73 | |||||||||||||||
Trustees and Chief Compliance Officer fees | 355 | –– | * | 2 | 1 | 63 | 2 | 16 | ||||||||||||||
Accounting services fee | 136 | 17 | 36 | 24 | 136 | 53 | 136 | |||||||||||||||
Legal fees | 108 | –– | * | 1 | 1 | 24 | 1 | 5 | ||||||||||||||
Audit fees | 52 | –– | * | 13 | 13 | 31 | 22 | 19 | ||||||||||||||
Other | 1,867 | 1 | 14 | 13 | 720 | 34 | 107 | |||||||||||||||
Total Expenses | 136,519 | 485 | 1,296 | 788 | 38,566 | 2,856 | 8,474 | |||||||||||||||
Less: | ||||||||||||||||||||||
Expenses in excess of limit | (277 | ) | (100 | ) | –– | (41 | ) | (290 | ) | (4 | ) | (15 | ) | |||||||||
Total Net Expenses | 136,242 | 385 | 1,296 | 747 | 38,276 | 2,852 | 8,459 | |||||||||||||||
Net Investment Income (Loss) | 115,804 | (98 | ) | 728 | (217 | ) | (2,760 | ) | 1,990 | (3,959 | ) | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||
Investments in unaffiliated securities | (113,080 | ) | (916 | ) | 3,936 | 50 | (141,439 | ) | 13,486 | 7,550 | ||||||||||||
Investments in affiliated securities | (871 | ) | –– | –– | –– | (15,113 | ) | –– | –– | |||||||||||||
Futures contracts | (929,622 | ) | (220 | ) | –– | –– | (10,280 | ) | –– | –– | ||||||||||||
Written options | (19,303 | ) | –– | –– | –– | –– | –– | 1,195 | ||||||||||||||
Swap agreements | –– | (10 | ) | –– | –– | –– | –– | –– | ||||||||||||||
Forward foreign currency contracts | (89,738 | ) | (181 | ) | –– | –– | (15,451 | ) | –– | –– | ||||||||||||
Foreign currency exchange transactions | (5,088 | ) | (288 | ) | –– | –– | (976 | ) | –– | 44 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||
Investments in unaffiliated securities | 1,280,990 | 14,504 | (2) | (4,270 | ) | (1,016 | ) | (11,917 | ) | 10,484 | (15,831 | ) | ||||||||||
Investments in affiliated securities | 257,563 | –– | –– | –– | (53,877 | ) | –– | –– | ||||||||||||||
Futures contracts | (78,953 | ) | –– | –– | –– | (5,780 | ) | –– | –– | |||||||||||||
Written options | 18,449 | –– | –– | –– | –– | –– | –– | |||||||||||||||
Forward foreign currency contracts | (157,310 | ) | 8 | –– | –– | (14,563 | ) | –– | –– | |||||||||||||
Foreign currency exchange transactions | 118 | 7 | –– | –– | 62 | –– | 9 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 163,155 | 12,904 | (334 | ) | (966 | ) | (269,334 | ) | 23,970 | (7,033 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 278,959 | $ | 12,806 | $ | 394 | $ | (1,183 | ) | $ | (272,094 | ) | $ | 25,960 | $ | (10,992 | ) | |||||
* Not shown due to rounding.
(1) For the period from May 3, 2010 (commencement of operations) through September 30, 2010.
(2) Net of India deferred taxes of $31.
Ivy Asset Strategy Fund | Ivy Asset Strategy New Opportunities Fund | Ivy Balanced Fund | |||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Fiscal period ended 9-30-10 (Unaudited)(1) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 115,804 | $ | 88,627 | $ | (98 | ) | $ | 728 | $ | 1,966 | ||||||
Net realized gain (loss) on investments | (1,157,702 | ) | (252,005 | ) | (1,615 | ) | 3,936 | 6,198 | |||||||||
Net change in unrealized appreciation (depreciation) | 1,320,857 | 3,047,545 | 14,519 | (4,270 | ) | 34,153 | |||||||||||
Net Increase in Net Assets Resulting from Operations | 278,959 | 2,884,167 | 12,806 | 394 | 42,317 | ||||||||||||
Distributions to Shareholders From: | |||||||||||||||||
Net investment income: | |||||||||||||||||
Class A | –– | (32,403 | ) | –– | (376 | ) | (1,017 | ) | |||||||||
Class B | –– | –– | –– | (4 | ) | (31 | ) | ||||||||||
Class C | –– | –– | –– | (56 | ) | (340 | ) | ||||||||||
Class E | –– | (120 | ) | –– | (1 | ) | (1 | ) | |||||||||
Class I | –– | (17,688 | ) | –– | (21 | ) | (45 | ) | |||||||||
Class R | –– | (32 | ) | –– | N/A | N/A | |||||||||||
Class Y | –– | (4,250 | ) | –– | (192 | ) | (520 | ) | |||||||||
Net realized gains: | |||||||||||||||||
Class A | –– | –– | –– | –– | –– | ||||||||||||
Class B | –– | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | –– | –– | ||||||||||||
Class E | –– | –– | –– | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | –– | ||||||||||||
Class R | –– | –– | –– | N/A | N/A | ||||||||||||
Class Y | –– | –– | –– | –– | –– | ||||||||||||
Total Distributions to Shareholders | –– | (54,493 | ) | –– | (650 | ) | (1,954 | ) | |||||||||
Capital Share Transactions | 386,170 | 7,681,502 | 98,566 | 13,150 | (28,482 | ) | |||||||||||
Net Increase in Net Assets | 665,129 | 10,511,176 | 111,372 | 12,894 | 11,881 | ||||||||||||
Net Assets, Beginning of Period | 22,103,681 | 11,592,505 | –– | 171,480 | 159,599 | ||||||||||||
Net Assets, End of Period | $ | 22,768,810 | $ | 22,103,681 | $ | 111,372 | $ | 184,374 | $ | 171,480 | |||||||
Undistributed (distributions in excess of) net investment income | $135,057 | $24,342 | $(386 | ) | $148 | $70 | |||||||||||
(1) For the period from May 3, 2010 (commencement of operations) through September 30, 2010.
Ivy Energy Fund | Ivy Global Natural Resources Fund | |||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||
Operations: | ||||||||||||||
Net investment loss | $ | (217 | ) | $ | (399 | ) | $ | (2,760 | ) | $ | (31,861 | ) | ||
Net realized gain (loss) on investments | 50 | 1,774 | (183,259 | ) | (221,783 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (1,016 | ) | 22,262 | (86,075 | ) | 2,324,591 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,183 | ) | 23,637 | (272,094 | ) | 2,070,947 | ||||||||
Distributions to Shareholders From: | ||||||||||||||
Net investment income: | ||||||||||||||
Class A | –– | –– | –– | –– | ||||||||||
Class B | –– | –– | –– | –– | ||||||||||
Class C | –– | –– | –– | –– | ||||||||||
Class E | –– | –– | –– | –– | ||||||||||
Class I | –– | –– | –– | –– | ||||||||||
Class R | N/A | N/A | –– | –– | ||||||||||
Class Y | –– | –– | –– | –– | ||||||||||
Advisor Class | N/A | N/A | N/A | –– | ||||||||||
Net realized gains: | ||||||||||||||
Class A | –– | –– | –– | –– | ||||||||||
Class B | –– | –– | –– | –– | ||||||||||
Class C | –– | –– | –– | –– | ||||||||||
Class E | –– | –– | –– | –– | ||||||||||
Class I | –– | –– | –– | –– | ||||||||||
Class R | N/A | N/A | –– | –– | ||||||||||
Class Y | –– | –– | –– | –– | ||||||||||
Advisor Class | N/A | N/A | N/A | –– | ||||||||||
Total Distributions to Shareholders | –– | –– | –– | –– | ||||||||||
Capital Share Transactions | 4,225 | 20,308 | | | (332,625 | ) | 905,651 | |||||||
Net Increase (Decrease) in Net Assets | 3,042 | 43,945 | (604,719 | ) | 2,976,598 | |||||||||
Net Assets, Beginning of Period | 86,630 | 42,685 | | | 5,806,770 | 2,830,172 | ||||||||
Net Assets, End of Period | $ | 89,672 | $ | 86,630 | | | $ | 5,202,051 | $ | 5,806,770 | ||||
Undistributed (distributions in excess of) net investment income | $(186 | ) | $30 | $(2,744 | ) | $992 | ||||||||
(In thousands) | Ivy Real Estate Securities Fund | Ivy Science and Technology Fund | ||||||||||||
Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | |||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||
Operations: | ||||||||||||||
Net investment income (loss) | $ | 1,990 | $ | 4,028 | $ | (3,959 | ) | $ | (3,243 | ) | ||||
Net realized gain (loss) on investments | 13,486 | (42,687 | ) | 8,789 | 39,335 | |||||||||
Net change in unrealized appreciation (depreciation) | 10,484 | 190,748 | (15,822 | ) | 235,688 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 25,960 | 152,089 | (10,992 | ) | 271,780 | |||||||||
Distributions to Shareholders From: | ||||||||||||||
Net investment income: | ||||||||||||||
Class A | (640 | ) | (2,195 | ) | –– | –– | ||||||||
Class B | –– | (5 | ) | –– | –– | |||||||||
Class C | (8 | ) | (54 | ) | –– | –– | ||||||||
Class E | (3 | ) | (9 | ) | –– | –– | ||||||||
Class I | (34 | ) | (24 | ) | –– | –– | ||||||||
Class R | (2 | ) | (5 | ) | –– | –– | ||||||||
Class Y | (671 | ) | (1,873 | ) | –– | –– | ||||||||
Net realized gains: | ||||||||||||||
Class A | –– | –– | –– | (2,433 | ) | |||||||||
Class B | –– | –– | –– | –– | ||||||||||
Class C | –– | –– | –– | (195 | ) | |||||||||
Class E | –– | –– | –– | (20 | ) | |||||||||
Class I | –– | –– | –– | (602 | ) | |||||||||
Class R | –– | –– | –– | (70 | ) | |||||||||
Class Y | –– | –– | –– | (2,014 | ) | |||||||||
Total Distributions to Shareholders | (1,358 | ) | (4,165 | ) | –– | (5,334 | ) | |||||||
Capital Share Transactions | 18,942 | | (3,506 | ) | | | 3,445 | | 296,034 | |||||
Net Increase (Decrease) in Net Assets | 43,544 | 144,418 | (7,547 | ) | 562,480 | |||||||||
Net Assets, Beginning of Period | 308,759 | | 164,341 | | | | 1,140,560 | | 578,080 | |||||
Net Assets, End of Period | $ | 352,303 | $ | 308,759 | $ | 1,133,013 | $ | 1,140,560 | ||||||
Undistributed (distributions in excess of) net investment income | $1,293 | $662 | $(4,092 | ) | $(177 | ) | ||||||||
IVY ASSET STRATEGY 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 9-30-2010 (unaudited) | $ | 22.42 | $ | 0.14 | (2) | $ | 0.22 | (2) | $ | 0.36 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 18.69 | 0.16 | (2) | 3.66 | (2) | 3.82 | (0.09 | ) | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 27.06 | 0.24 | (2) | (6.18 | )(2) | (5.94 | ) | (0.04 | ) | (2.38 | ) | (0.01 | ) | |||||||||
Fiscal year ended 3-31-2008 | 20.65 | 0.21 | (2) | 6.61 | (2) | 6.82 | (0.21 | ) | (0.20 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 18.76 | 0.25 | (2) | 1.81 | (2) | 2.06 | (0.02 | ) | (0.15 | ) | –– | |||||||||||
Fiscal year ended 3-31-2006 | 14.21 | 0.05 | 4.68 | 4.73 | (0.04 | ) | (0.14 | ) | –– | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 21.77 | 0.05 | (2) | 0.21 | (2) | 0.26 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.23 | (0.01 | )(2) | 3.55 | (2) | 3.54 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 26.57 | 0.05 | (2) | (6.05 | )(2) | (6.00 | ) | –– | (2.33 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 20.22 | (0.02 | )(2) | 6.50 | (2) | 6.48 | –– | (0.13 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 18.50 | 0.08 | 1.79 | 1.87 | –– | (0.15 | ) | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 14.11 | 0.01 | 4.52 | 4.53 | –– | * | (0.14 | ) | –– | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 21.87 | 0.06 | (2) | 0.21 | (2) | 0.27 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.30 | 0.01 | (2) | 3.56 | (2) | 3.57 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 26.64 | 0.06 | (2) | (6.05 | )(2) | (5.99 | ) | –– | (2.34 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 20.27 | (0.01 | )(2) | 6.53 | (2) | 6.52 | –– | (0.15 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 18.54 | 0.07 | 1.81 | 1.88 | –– | (0.15 | ) | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 14.12 | 0.01 | 4.56 | 4.57 | (0.01 | ) | (0.14 | ) | –– | |||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 22.47 | 0.14 | (2) | 0.23 | (2) | 0.37 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.74 | 0.17 | (2) | 3.66 | (2) | 3.83 | (0.10 | ) | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 27.05 | 0.24 | (2) | (6.19 | )(2) | (5.95 | ) | –– | (2.35 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 20.69 | 0.05 | (2) | 6.57 | (2) | 6.62 | (0.11 | ) | (0.15 | ) | –– | |||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 22.58 | 0.17 | (2) | 0.22 | (2) | 0.39 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.81 | 0.17 | (2) | 3.73 | (2) | 3.90 | (0.13 | ) | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 27.17 | 0.31 | (2) | (6.23 | )(2) | (5.92 | ) | (0.05 | ) | (2.38 | ) | (0.01 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 20.71 | 0.34 | (2) | 6.56 | (2) | 6.90 | (0.24 | ) | (0.20 | ) | –– | |||||||||||
Class R Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 22.35 | 0.10 | (2) | 0.23 | (2) | 0.33 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.65 | 0.03 | (2) | 3.72 | (2) | 3.75 | (0.05 | ) | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009(7) | 26.74 | 0.05 | (5.73 | ) | (5.68 | ) | (0.02 | ) | (2.38 | ) | (0.01 | ) | ||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 22.46 | 0.15 | (2) | 0.22 | (2) | 0.37 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.72 | 0.21 | (2) | 3.63 | (2) | 3.84 | (0.10 | ) | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 27.08 | 0.24 | (2) | (6.18 | )(2) | (5.94 | ) | (0.03 | ) | (2.38 | ) | (0.01 | ) | |||||||||
Fiscal year ended 3-31-2008 | 20.67 | 0.18 | (2) | 6.62 | (2) | 6.80 | (0.19 | ) | (0.20 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 18.78 | 0.26 | (2) | 1.80 | (2) | 2.06 | (0.02 | ) | (0.15 | ) | –– | |||||||||||
Fiscal year ended 3-31-2006 | 14.22 | 0.05 | 4.69 | 4.74 | (0.04 | ) | (0.14 | ) | –– |
*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 July 31, 2008 (commencement of operations of the class) through March 31, 2009.
(8)For the fiscal year ended March 31, 2009.
Total Distributions | 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 9-30-2010 (unaudited) | $ | –– | $ | 22.78 | 1.61 | %(3) | $ | 7,814 | 1.03 | %(4) | 1.31 | %(4) | –– | % | –– | % | 41 | % | ||||||||
Fiscal year ended 3-31-2010 | (0.09 | ) | 22.42 | 20.46 | (3) | 8,765 | 1.05 | 0.79 | –– | –– | 96 | |||||||||||||||
Fiscal year ended 3-31-2009 | (2.43 | ) | 18.69 | - -21.41 | (3) | 4,787 | 1.03 | 1.05 | –– | –– | 279 | |||||||||||||||
Fiscal year ended 3-31-2008 | (0.41 | ) | 27.06 | 33.19 | (3) | 5,379 | 1.00 | 0.70 | –– | –– | 57 | |||||||||||||||
Fiscal year ended 3-31-2007 | (0.17 | ) | 20.65 | 11.04 | (3) | 1,118 | 1.13 | 1.28 | –– | –– | 123 | |||||||||||||||
Fiscal year ended 3-31-2006 | (0.18 | ) | 18.76 | 33.40 | (3) | 269 | 1.28 | 0.69 | –– | –– | 53 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 22.03 | 1.20 | 577 | 1.84 | (4) | 0.48 | (4) | –– | –– | 41 | |||||||||||||||
Fiscal year ended 3-31-2010 | –– | 21.77 | 19.42 | 550 | 1.88 | - -0.03 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (2.34 | ) | 18.23 | - -22.04 | 330 | 1.87 | 0.22 | –– | –– | 279 | ||||||||||||||||
Fiscal year ended 3-31-2008 | (0.13 | ) | 26.57 | 32.07 | 330 | 1.83 | - -0.09 | –– | –– | 57 | ||||||||||||||||
Fiscal year ended 3-31-2007 | (0.15 | ) | 20.22 | 10.16 | 119 | 1.98 | 0.43 | –– | –– | 123 | ||||||||||||||||
Fiscal year ended 3-31-2006 | (0.14 | ) | 18.50 | 32.22 | 37 | 2.14 | - -0.13 | –– | –– | 53 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 22.14 | 1.24 | 7,828 | 1.76 | (4) | 0.56 | (4) | –– | –– | 41 | |||||||||||||||
Fiscal year ended 3-31-2010 | –– | 21.87 | 19.51 | 7,733 | 1.80 | 0.05 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (2.35 | ) | 18.30 | - -21.96 | 4,644 | 1.80 | 0.29 | –– | –– | 279 | ||||||||||||||||
Fiscal year ended 3-31-2008 | (0.15 | ) | 26.64 | 32.18 | 4,854 | 1.77 | - -0.07 | –– | –– | 57 | ||||||||||||||||
Fiscal year ended 3-31-2007 | (0.15 | ) | 20.27 | 10.19 | 1,153 | 1.90 | 0.52 | –– | –– | 123 | ||||||||||||||||
Fiscal year ended 3-31-2006 | (0.15 | ) | 18.54 | 32.45 | 250 | 2.01 | - -0.01 | –– | –– | 53 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 22.84 | 1.65 | (3) | 36 | 1.00 | (4) | 1.32 | (4) | 1.56 | (4) | 0.76 | (4) | 41 | ||||||||||||
Fiscal year ended 3-31-2010 | (0.10 | ) | 22.47 | 20.45 | (3) | 32 | 1.00 | 0.84 | 1.56 | 0.28 | 96 | |||||||||||||||
Fiscal year ended 3-31-2009 | (2.36 | ) | 18.74 | - -21.44 | (3) | 17 | 0.93 | 1.24 | 1.18 | 0.99 | 279 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.26 | ) | 27.05 | 32.15 | (3) | 11 | 1.63 | (4) | - -0.05 | (4) | –– | –– | 57 | (6) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 22.97 | 1.73 | 5,466 | 0.78 | (4) | 1.54 | (4) | –– | –– | 41 | |||||||||||||||
Fiscal year ended 3-31-2010 | (0.13 | ) | 22.58 | 20.74 | 3,973 | 0.81 | 0.92 | –– | –– | 96 | ||||||||||||||||
Fiscal year ended 3-31-2009 | (2.44 | ) | 18.81 | - -21.20 | 360 | 0.79 | 1.35 | –– | –– | 279 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.44 | ) | 27.17 | 33.45 | 104 | 0.82 | (4) | 0.84 | (4) | –– | –– | 57 | (6) | |||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 22.68 | 1.48 | 43 | 1.32 | (4) | 0.96 | (4) | –– | –– | 41 | |||||||||||||||
Fiscal year ended 3-31-2010 | (0.05 | ) | 22.35 | 20.12 | 28 | 1.33 | 0.20 | –– | –– | 96 | ||||||||||||||||
Fiscal year ended 3-31-2009(7) | (2.41 | ) | 18.65 | - -20.65 | 1 | 1.99 | (4) | 1.36 | (4) | –– | –– | 279 | (8) | |||||||||||||
Class Y Shares | ||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 22.83 | 1.65 | 1,005 | 1.00 | (4) | 1.34 | (4) | 1.04 | (4) | 1.30 | (4) | 41 | |||||||||||||
Fiscal year ended 3-31-2010 | (0.10 | ) | 22.46 | 20.51 | 1,024 | 1.00 | 0.93 | 1.11 | 0.82 | 96 | ||||||||||||||||
Fiscal year ended 3-31-2009 | (2.42 | ) | 18.72 | - -21.39 | 1,453 | 1.03 | 1.05 | 1.09 | 0.99 | 279 | ||||||||||||||||
Fiscal year ended 3-31-2008 | (0.39 | ) | 27.08 | 33.07 | 1,573 | 1.07 | 0.57 | –– | –– | 57 | ||||||||||||||||
Fiscal year ended 3-31-2007 | (0.17 | ) | 20.67 | 11.04 | 203 | 1.15 | 1.30 | –– | –– | 123 | ||||||||||||||||
Fiscal year ended 3-31-2006 | (0.18 | ) | 18.78 | 33.46 | 29 | 1.22 | 0.81 | –– | –– | 53 |
IVY ASSET STRATEGY NEW OPPORTUNITIES FUND | ||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | ||||||||||||||||
Class A Shares | ||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | $ | 10.00 | $ | (0.01 | )(3) | $ | 1.30 | (3) | $ | 1.29 | $ | –– | $ | –– | $ | –– | ||||||
Class B Shares | ||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 10.00 | (0.05 | )(3) | 1.30 | (3) | 1.25 | –– | –– | –– | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 10.00 | (0.08 | )(3) | 1.33 | (3) | 1.25 | –– | –– | –– | |||||||||||||
Class E Shares | ||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 10.00 | (0.01 | )(3) | 1.30 | (3) | 1.29 | –– | –– | –– | |||||||||||||
Class I Shares | ||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 10.00 | 0.00 | (3) | 1.30 | (3) | 1.30 | –– | –– | –– | |||||||||||||
Class R Shares | ||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 10.00 | (0.03 | )(3) | 1.30 | (3) | 1.27 | –– | –– | –– | |||||||||||||
Class Y Shares | ||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 10.00 | 0.08 | (3) | 1.21 | (3) | 1.29 | –– | –– | –– |
*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)For the period from May 3, 2010 (commencement of operations of the class) through September 30, 2010.
(3)Based on average weekly shares outstanding.
(4)Total return calculated without taking into account the sales load deducted on an initial purchase.
(5)Annualized.
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 | ||||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | $ | 11.29 | 12.90 | %(4) | $ | 69 | 1.50 | %(5) | - -0.30 | %(5) | 1.94 | %(5) | - -0.74 | %(5) | 20 | % | ||||||||
Class B Shares | ||||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 11.25 | 12.50 | 2 | 2.37 | (5) | - -1.12 | (5) | 2.65 | (5) | - -1.40 | (5) | 20 | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 11.25 | 12.50 | 17 | 2.33 | (5) | - -1.96 | (5) | 2.62 | (5) | - -2.25 | (5) | 20 | ||||||||||||
Class E Shares | ||||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 11.29 | 12.90 | (4) | –– | * | 1.50 | (5) | - -0.17 | (5) | 1.84 | (5) | - -0.51 | (5) | 20 | ||||||||||
Class I Shares | ||||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 11.30 | 13.00 | 17 | 1.25 | (5) | - -0.07 | (5) | 1.69 | (5) | - -0.51 | (5) | 20 | ||||||||||||
Class R Shares | ||||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 11.27 | 12.70 | 1 | 1.95 | (5) | - -0.63 | (5) | 2.23 | (5) | - -0.91 | (5) | 20 | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Fiscal period ended 9-30-2010 (unaudited)(2) | 11.29 | 12.90 | 5 | 1.50 | (5) | 1.93 | (5) | 1.93 | (5) | 1.50 | (5) | 20 |
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 | ||||||||||||||
Class A Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 16.73 | $ | 0.08 | (1) | $ | (0.07 | )(1) | $ | 0.01 | $ | (0.07 | ) | $ | –– | ||||
Fiscal year ended 3-31-2010 | 13.01 | 0.21 | (1) | 3.72 | (1) | 3.93 | (0.21 | ) | –– | ||||||||||
Fiscal year ended 3-31-2009 | 16.64 | 0.16 | (3.63 | ) | (3.47 | ) | (0.16 | ) | –– | ||||||||||
Fiscal year ended 3-31-2008 | 16.18 | 0.20 | 0.97 | 1.17 | (0.20 | ) | (0.51 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.22 | 0.16 | 0.98 | 1.14 | (0.18 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2006 | 14.00 | 0.15 | 1.21 | 1.36 | (0.14 | ) | –– | ||||||||||||
Class B Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 16.67 | 0.02 | (1) | (0.07 | )(1) | (0.05 | ) | (0.01 | ) | –– | |||||||||
Fiscal year ended 3-31-2010 | 12.97 | 0.08 | (1) | 3.71 | (1) | 3.79 | (0.09 | ) | –– | ||||||||||
Fiscal year ended 3-31-2009 | 16.60 | 0.04 | (3.64 | ) | (3.60 | ) | (0.03 | ) | –– | ||||||||||
Fiscal year ended 3-31-2008 | 16.14 | 0.04 | 0.97 | 1.01 | (0.04 | ) | (0.51 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.18 | 0.01 | 0.98 | 0.99 | (0.03 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2006 | 13.98 | 0.00 | 1.21 | 1.21 | (0.01 | ) | –– | ||||||||||||
Class C Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 16.69 | 0.03 | (1) | (0.07 | )(1) | (0.04 | ) | (0.02 | ) | –– | |||||||||
Fiscal year ended 3-31-2010 | 12.98 | 0.12 | (1) | 3.71 | (1) | 3.83 | (0.12 | ) | –– | ||||||||||
Fiscal year ended 3-31-2009 | 16.61 | 0.07 | (1) | (3.64 | )(1) | (3.57 | ) | (0.06 | ) | –– | |||||||||
Fiscal year ended 3-31-2008 | 16.15 | 0.07 | 0.97 | 1.04 | (0.07 | ) | (0.51 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.20 | 0.04 | 0.97 | 1.01 | (0.06 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2006 | 13.98 | 0.03 | 1.20 | 1.23 | (0.01 | ) | –– | ||||||||||||
Class E Shares(4) | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 16.74 | 0.09 | (1) | (0.07 | )(1) | 0.02 | (0.10 | ) | –– | ||||||||||
Fiscal year ended 3-31-2010 | 13.02 | 0.25 | (1) | 3.72 | (1) | 3.97 | (0.25 | ) | –– | ||||||||||
Fiscal year ended 3-31-2009 | 16.65 | 0.21 | (3.65 | ) | (3.44 | ) | (0.19 | ) | –– | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.21 | 0.24 | 0.94 | 1.18 | (0.23 | ) | (0.51 | ) | |||||||||||
Class I Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 16.74 | 0.10 | (1) | (0.06 | )(1) | 0.04 | (0.12 | ) | –– | ||||||||||
Fiscal year ended 3-31-2010 | 13.01 | 0.20 | (1) | 3.80 | (1) | 4.00 | (0.27 | ) | –– | ||||||||||
Fiscal year ended 3-31-2009 | 16.65 | 0.09 | (3.52 | ) | (3.43 | ) | (0.21 | ) | –– | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.21 | 0.26 | 0.95 | 1.21 | (0.26 | ) | (0.51 | ) | |||||||||||
Class Y Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 16.73 | 0.09 | (1) | (0.07 | )(1) | 0.02 | (0.08 | ) | –– | ||||||||||
Fiscal year ended 3-31-2010 | 13.01 | 0.24 | (1) | 3.71 | (1) | 3.95 | (0.23 | ) | –– | ||||||||||
Fiscal year ended 3-31-2009 | 16.64 | 0.19 | (3.65 | ) | (3.46 | ) | (0.17 | ) | –– | ||||||||||
Fiscal year ended 3-31-2008 | 16.18 | 0.22 | 0.97 | 1.19 | (0.22 | ) | (0.51 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 15.22 | 0.18 | 0.98 | 1.16 | (0.20 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2006 | 14.00 | 0.17 | 1.21 | 1.38 | (0.16 | ) | –– |
*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.
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 to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||
Class A Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | (0.07 | ) | $ | 16.67 | 0.09 | %(2) | $ | 87 | 1.32 | %(3) | 1.00 | %(3) | 26 | % | |||||||
Fiscal year ended 3-31-2010 | (0.21 | ) | 16.73 | 30.35 | (2) | 81 | 1.37 | 1.38 | 57 | |||||||||||||
Fiscal year ended 3-31-2009 | (0.16 | ) | 13.01 | - -20.98 | (2) | 68 | 1.36 | 1.12 | 57 | |||||||||||||
Fiscal year ended 3-31-2008 | (0.71 | ) | 16.64 | 7.05 | (2) | 63 | 1.38 | 1.16 | 9 | |||||||||||||
Fiscal year ended 3-31-2007 | (0.18 | ) | 16.18 | 7.53 | (2) | 59 | 1.39 | 1.03 | 23 | |||||||||||||
Fiscal year ended 3-31-2006 | (0.14 | ) | 15.22 | 9.71 | (2) | 57 | 1.42 | 1.00 | 49 | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | (0.01 | ) | 16.61 | - -0.31 | 8 | 2.13 | (3) | 0.19 | (3) | 26 | ||||||||||||
Fiscal year ended 3-31-2010 | (0.09 | ) | 16.67 | 29.26 | 7 | 2.20 | 0.53 | 57 | ||||||||||||||
Fiscal year ended 3-31-2009 | (0.03 | ) | 12.97 | - -21.73 | 4 | 2.28 | 0.22 | 57 | ||||||||||||||
Fiscal year ended 3-31-2008 | (0.55 | ) | 16.60 | 6.08 | 3 | 2.30 | 0.24 | 9 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.03 | ) | 16.14 | 6.49 | 3 | 2.39 | 0.03 | 23 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.01 | ) | 15.18 | �� | 8.62 | 2 | 2.41 | 0.01 | 49 | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | (0.02 | ) | 16.63 | - -0.24 | 47 | 1.93 | (3) | 0.39 | (3) | 26 | ||||||||||||
Fiscal year ended 3-31-2010 | (0.12 | ) | 16.69 | 29.59 | 42 | 1.99 | 0.78 | 57 | ||||||||||||||
Fiscal year ended 3-31-2009 | (0.06 | ) | 12.98 | - -21.53 | 49 | 1.96 | 0.49 | 57 | ||||||||||||||
Fiscal year ended 3-31-2008 | (0.58 | ) | 16.61 | 6.27 | 4 | 2.11 | 0.42 | 9 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.06 | ) | 16.15 | 6.67 | 3 | 2.16 | 0.27 | 23 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.01 | ) | 15.20 | 8.80 | 2 | 2.25 | 0.21 | 49 | ||||||||||||||
Class E Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | (0.10 | ) | 16.66 | 0.16 | (2) | –– | * | 1.11 | (3) | 1.20 | (3) | 26 | ||||||||||
Fiscal year ended 3-31-2010 | (0.25 | ) | 16.74 | 30.66 | (2) | –– | * | 1.12 | 1.62 | 57 | ||||||||||||
Fiscal year ended 3-31-2009 | (0.19 | ) | 13.02 | - -20.77 | (2) | –– | * | 1.12 | 1.38 | 57 | ||||||||||||
Fiscal year ended 3-31-2008(5) | (0.74 | ) | 16.65 | 7.11 | (2) | –– | * | 1.15 | (3) | 1.39 | (3) | 9 | (6) | |||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | (0.12 | ) | 16.66 | 0.28 | 3 | 0.99 | (3) | 1.33 | (3) | 26 | ||||||||||||
Fiscal year ended 3-31-2010 | (0.27 | ) | 16.74 | 30.93 | 2 | 1.00 | 1.67 | 57 | ||||||||||||||
Fiscal year ended 3-31-2009 | (0.21 | ) | 13.01 | - -20.72 | –– | * | 0.99 | 1.34 | 57 | |||||||||||||
Fiscal year ended 3-31-2008(5) | (0.77 | ) | 16.65 | 7.25 | –– | * | 1.04 | (3) | 1.51 | (3) | 9 | (6) | ||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | (0.08 | ) | 16.67 | 0.14 | 40 | 1.23 | (3) | 1.08 | (3) | 26 | ||||||||||||
Fiscal year ended 3-31-2010 | (0.23 | ) | 16.73 | 30.51 | 40 | 1.24 | 1.52 | 57 | ||||||||||||||
Fiscal year ended 3-31-2009 | (0.17 | ) | 13.01 | - -20.89 | 38 | 1.24 | 1.26 | 57 | ||||||||||||||
Fiscal year ended 3-31-2008 | (0.73 | ) | 16.64 | 7.16 | 27 | 1.28 | 1.27 | 9 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.20 | ) | 16.18 | 7.67 | 28 | 1.26 | 1.16 | 23 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.16 | ) | 15.22 | 9.89 | 38 | 1.26 | 1.15 | 49 |
IVY ENERGY 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 9-30-2010 (unaudited) | $ | 11.11 | $ | (0.02 | )(2) | $ | (0.09 | )(2) | $ | (0.11 | ) | $ | –– | $ | –– | $ | –– | |||||
Fiscal year ended 3-31-2010 | 7.27 | (0.04 | )(2) | 3.88 | (2) | 3.84 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 13.67 | (0.05 | )(2) | (6.35 | )(2) | (6.40 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 10.35 | (0.07 | )(2) | 3.41 | (2) | 3.34 | –– | (0.02 | ) | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2007(5) | 10.00 | (0.09 | ) | 0.44 | 0.35 | –– | –– | –– | ||||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.77 | (0.07 | )(2) | (0.09 | )(2) | (0.16 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 7.12 | (0.14 | )(2) | 3.79 | (2) | 3.65 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 13.52 | (0.16 | )(2) | (6.24 | )(2) | (6.40 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 10.29 | (0.16 | )(2) | 3.39 | (2) | 3.23 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2007(5) | 10.00 | (0.13 | ) | 0.42 | 0.29 | –– | –– | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.82 | (0.06 | )(2) | (0.08 | )(2) | (0.14 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 7.14 | (0.12 | )(2) | 3.80 | (2) | 3.68 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 13.55 | (0.12 | )(2) | (6.29 | )(2) | (6.41 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 10.30 | (0.14 | )(2) | 3.39 | (2) | 3.25 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2007(5) | 10.00 | (0.14 | ) | 0.44 | 0.30 | –– | –– | –– | ||||||||||||||
Class E Shares(6) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.16 | (0.01 | )(2) | (0.08 | )(2) | (0.09 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 7.29 | (0.02 | )(2) | 3.89 | (2) | 3.87 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 13.69 | (0.04 | )(2) | (6.36 | )(2) | (6.40 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008(7) | 10.48 | 0.08 | (2) | 3.19 | (2) | 3.27 | –– | (0.06 | ) | (0.06 | ) | |||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.21 | 0.00 | (2) | (0.09 | )(2) | (0.09 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 7.32 | (0.01 | )(2) | 3.90 | (2) | 3.89 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 13.72 | (0.03 | )(2) | (6.37 | )(2) | (6.40 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008(7) | 10.51 | 0.10 | (2) | 3.19 | (2) | 3.29 | –– | (0.08 | ) | (0.08 | ) | |||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.16 | (0.01 | )(2) | (0.10 | )(2) | (0.11 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 7.30 | (0.04 | )(2) | 3.90 | (2) | 3.86 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 13.73 | (0.07 | )(2) | (6.36 | )(2) | (6.43 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 10.38 | (0.07 | )(2) | 3.46 | (2) | 3.39 | –– | (0.04 | ) | (0.04 | ) | |||||||||||
Fiscal year ended 3-31-2007(5) | 10.00 | (0.08 | ) | 0.46 | 0.38 | –– | –– | –– |
*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 3, 2006 (commencement of operations of the class) through March 31, 2007.
(6)Class is closed to investment.
(7)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
(8)For the fiscal year ended March 31, 2008.
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 Loss to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | ||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 11.00 | - -0.99 | %(3) | $ | 63 | 1.60 | %(4) | - -0.37 | %(4) | 1.74 | %(4) | - -0.51 | %(4) | 11 | % | |||||||||
Fiscal year ended 3-31-2010 | 11.11 | 52.82 | (3) | 63 | 1.60 | - -0.42 | 1.79 | - -0.61 | 15 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 7.27 | -46.82 | (3) | 30 | 1.60 | - -0.47 | 1.91 | - -0.78 | 48 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 13.67 | 32.27 | (3) | 27 | 1.66 | - -0.53 | 2.01 | - -0.88 | 35 | ||||||||||||||||
Fiscal year ended 3-31-2007(5) | 10.35 | 3.50 | (3) | 5 | 2.74 | (4) | - -1.30 | (4) | 3.58 | (4) | - -2.14 | (4) | 11 | ||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.61 | - -1.49 | 3 | 2.58 | (4) | - -1.35 | (4) | –– | –– | 11 | |||||||||||||||
Fiscal year ended 3-31-2010 | 10.77 | 51.26 | 3 | 2.60 | - -1.40 | 2.68 | - -1.48 | 15 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.12 | -47.34 | 2 | 2.60 | - -1.48 | 2.78 | - -1.66 | 48 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 13.52 | 31.39 | 2 | 2.44 | - -1.26 | 2.79 | - -1.61 | 35 | |||||||||||||||||
Fiscal year ended 3-31-2007(5) | 10.29 | 2.90 | 1 | 3.13 | (4) | - -1.64 | (4) | 3.97 | (4) | - -2.48 | (4) | 11 | |||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.68 | - -1.29 | 14 | 2.37 | (4) | - -1.13 | (4) | –– | –– | 11 | |||||||||||||||
Fiscal year ended 3-31-2010 | 10.82 | 51.54 | 13 | 2.38 | - -1.19 | –– | –– | 15 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.14 | -47.31 | 9 | 2.50 | - -1.30 | 2.50 | - -1.30 | 48 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 13.55 | 31.55 | 3 | 2.28 | - -1.09 | 2.63 | - -1.44 | 35 | |||||||||||||||||
Fiscal year ended 3-31-2007(5) | 10.30 | 3.00 | 1 | 3.17 | (4) | - -1.72 | (4) | 4.01 | (4) | - -2.56 | (4) | 11 | |||||||||||||
Class E Shares(6) | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.07 | - -0.81 | (3) | –– | * | 1.36 | (4) | - -0.13 | (4) | –– | –– | 11 | |||||||||||||
Fiscal year ended 3-31-2010 | 11.16 | 53.09 | (3) | –– | * | 1.39 | - -0.19 | –– | –– | 15 | |||||||||||||||
Fiscal year ended 3-31-2009 | 7.29 | -46.75 | (3) | –– | * | 1.46 | - -0.38 | 1.46 | - -0.38 | 48 | |||||||||||||||
Fiscal year ended 3-31-2008(7) | 13.69 | 31.15 | (3) | –– | * | 1.31 | (4) | - -0.06 | (4) | 1.66 | (4) | - -0.41 | (4) | 35 | (8) | ||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.12 | - -0.80 | 4 | 1.25 | (4) | 0.01 | (4) | –– | –– | 11 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.21 | 53.14 | 2 | 1.24 | - -0.13 | –– | –– | 15 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.32 | -46.65 | –– | * | 1.39 | - -0.27 | 1.39 | - -0.27 | 48 | ||||||||||||||||
Fiscal year ended 3-31-2008(7) | 13.72 | 31.26 | –– | * | 1.19 | (4) | 0.05 | (4) | 1.54 | (4) | - -0.30 | (4) | 35 | (8) | |||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.05 | - -0.99 | 6 | 1.52 | (4) | - -0.28 | (4) | –– | –– | 11 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.16 | 52.88 | 5 | 1.52 | - -0.36 | –– | –– | 15 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.30 | -46.83 | 2 | 1.60 | - -0.59 | 1.65 | - -0.64 | 48 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 13.73 | 32.67 | 5 | 1.55 | - -0.51 | 1.90 | - -0.86 | 35 | |||||||||||||||||
Fiscal year ended 3-31-2007(5) | 10.38 | 3.80 | 1 | 2.32 | (4) | - -0.82 | (4) | 3.16 | (4) | - -1.66 | (4) | 11 |
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 9-30-2010 (unaudited) | $ | 18.60 | $ | (0.01 | )(2) | $ | (0.78 | )(2) | $ | (0.79 | ) | $ | –– | $ | –– | $ | –– | |||||
Fiscal year ended 3-31-2010 | 11.08 | (0.10 | )(2) | 7.62 | (2) | 7.52 | –– | –– | –– | |||||||||||||
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 | ) | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 16.77 | (0.07 | )(2) | (0.71 | )(2) | (0.78 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 10.08 | (0.21 | )(2) | 6.90 | (2) | 6.69 | –– | –– | –– | |||||||||||||
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 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 16.25 | (0.06 | )(2) | (0.69 | )(2) | (0.75 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 9.75 | (0.18 | )(2) | 6.68 | (2) | 6.50 | –– | –– | –– | |||||||||||||
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 | ) | |||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 18.76 | 0.01 | (2) | (0.79 | )(2) | (0.78 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 11.16 | (0.07 | )(2) | 7.67 | (2) | 7.60 | –– | –– | –– | |||||||||||||
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(5) | 32.00 | 0.03 | 7.94 | 7.97 | (0.35 | ) | (3.21 | ) | (3.56 | ) | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 18.90 | 0.03 | (2) | (0.80 | )(2) | (0.77 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 11.22 | (0.04 | )(2) | 7.72 | (2) | 7.68 | –– | –– | –– | |||||||||||||
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(5) | 32.16 | 0.05 | (2) | 8.51 | (2) | 8.56 | (0.77 | ) | (3.21 | ) | (3.98 | ) | ||||||||||
Class R Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 18.47 | (0.02 | )(2) | (0.78 | )(2) | (0.80 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 11.02 | (0.12 | )(2) | 7.57 | (2) | 7.45 | –– | –– | –– | |||||||||||||
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(7) | 26.11 | 0.06 | 3.93 | 3.99 | –– | –– | –– | |||||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 18.79 | 0.01 | (2) | (0.79 | )(2) | (0.78 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 11.17 | (0.06 | )(2) | 7.68 | (2) | 7.62 | –– | –– | –– | |||||||||||||
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 | ) |
*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.
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 9-30-2010 (unaudited) | $ | 17.81 | -4.25 | %(3) | $ | 2,464 | 1.44 | %(4) | - -0.07 | %(4) | –– | % | –– | % | 47 | % | ||||||||
Fiscal year ended 3-31-2010 | 18.60 | 67.87 | (3) | 2,822 | 1.45 | - -0.58 | –– | –– | 112 | |||||||||||||||
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 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.99 | -4.65 | 159 | 2.27 | (4) | - -0.90 | (4) | –– | –– | 47 | ||||||||||||||
Fiscal year ended 3-31-2010 | 16.77 | 66.37 | 186 | 2.28 | - -1.39 | –– | –– | 112 | ||||||||||||||||
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 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.50 | -4.62 | 855 | 2.12 | (4) | - -0.75 | (4) | –– | –– | 47 | ||||||||||||||
Fiscal year ended 3-31-2010 | 16.25 | 66.67 | 997 | 2.13 | - -1.26 | –– | –– | 112 | ||||||||||||||||
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 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 17.98 | -4.16 | (3) | 6 | 1.27 | (4) | 0.09 | (4) | 2.32 | (4) | - -0.96 | (4) | 47 | |||||||||||
Fiscal year ended 3-31-2010 | 18.76 | 68.10 | (3) | 6 | 1.27 | - -0.40 | 2.55 | - -1.68 | 112 | |||||||||||||||
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(5) | 36.41 | 24.42 | (3) | 3 | 2.29 | (4) | - -1.02 | (4) | –– | –– | 142 | (6) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 18.13 | -4.07 | 1,118 | 1.04 | (4) | 0.32 | (4) | –– | –– | 47 | ||||||||||||||
Fiscal year ended 3-31-2010 | 18.90 | 68.45 | 1,074 | 1.04 | - -0.21 | –– | –– | 112 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 11.22 | - -56.60 | 232 | 1.05 | 0.22 | –– | –– | 191 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 36.74 | 26.14 | 71 | 1.00 | (4) | 0.30 | (4) | –– | –– | 142 | (6) | |||||||||||||
Class R Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 17.67 | -4.33 | 57 | 1.57 | (4) | - -0.21 | (4) | –– | –– | 47 | ||||||||||||||
Fiscal year ended 3-31-2010 | 18.47 | 67.60 | 56 | 1.57 | - -0.71 | –– | –– | 112 | ||||||||||||||||
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(7) | 30.10 | 15.28 | –– | * | 1.69 | (4) | 0.82 | (4) | –– | –– | 104 | (8) | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 18.01 | -4.15 | 543 | 1.20 | (4) | 0.17 | (4) | 1.30 | (4) | 0.07 | (4) | 47 | ||||||||||||
Fiscal year ended 3-31-2010 | 18.79 | 68.22 | 667 | 1.20 | - -0.36 | 1.29 | - -0.45 | 112 | ||||||||||||||||
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 |
(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 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 9-30-2010 (unaudited) | $ | 15.95 | $ | 0.09 | (2) | $ | 1.23 | (2) | $ | 1.32 | $ | (0.06 | ) | $ | –– | $ | (0.06 | ) | ||||
Fiscal year ended 3-31-2010 | 8.31 | 0.19 | (2) | 7.64 | (2) | 7.83 | (0.19 | ) | –– | (0.19 | ) | |||||||||||
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 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.82 | (0.02 | )(2) | 1.22 | (2) | 1.20 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.24 | 0.03 | (2) | 7.56 | (2) | 7.59 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
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 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.86 | 0.02 | (2) | 1.21 | (2) | 1.23 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.26 | 0.09 | (2) | 7.60 | (2) | 7.69 | (0.09 | ) | –– | (0.09 | ) | |||||||||||
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 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.96 | 0.10 | (2) | 1.22 | (2) | 1.32 | (0.07 | ) | –– | (0.07 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.32 | 0.19 | (2) | 7.70 | (2) | 7.89 | (0.25 | ) | –– | (0.25 | ) | |||||||||||
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 9-30-2010 (unaudited) | 16.00 | 0.15 | (2) | 1.23 | (2) | 1.38 | (0.11 | ) | –– | (0.11 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.34 | 0.06 | (2) | 7.90 | (2) | 7.96 | (0.30 | ) | –– | (0.30 | ) | |||||||||||
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 9-30-2010 (unaudited) | 15.95 | 0.10 | (2) | 1.23 | (2) | 1.33 | (0.07 | ) | –– | (0.07 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.31 | 0.15 | (2) | 7.73 | (2) | 7.88 | (0.24 | ) | –– | (0.24 | ) | |||||||||||
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 9-30-2010 (unaudited) | 15.95 | 0.12 | (2) | 1.23 | (2) | 1.35 | (0.09 | ) | –– | (0.09 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.31 | 0.26 | (2) | 7.66 | (2) | 7.92 | (0.28 | ) | –– | (0.28 | ) | |||||||||||
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 | ) |
*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.
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 9-30-2010 (unaudited) | $ | 17.21 | 8.26 | %(3) | $ | 203 | 1.84 | %(4) | 1.07 | %(4) | –– | % | –– | % | 36 | % | ||||||||
Fiscal year ended 3-31-2010 | 15.95 | 94.78 | (3) | 178 | 2.09 | 1.51 | –– | –– | 72 | |||||||||||||||
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 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 17.02 | 7.59 | 7 | 3.10 | (4) | - -0.19 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2010 | 15.82 | 92.14 | 7 | 3.53 | 0.20 | –– | –– | 72 | ||||||||||||||||
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 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 17.08 | 7.78 | 11 | 2.61 | (4) | 0.30 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2010 | 15.86 | 93.33 | 9 | 2.88 | 0.72 | –– | –– | 72 | ||||||||||||||||
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 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 17.21 | 8.28 | (3) | 1 | 1.67 | (4) | 1.24 | (4) | 2.66 | (4) | 0.25 | (4) | 36 | |||||||||||
Fiscal year ended 3-31-2010 | 15.96 | 95.63 | (3) | 1 | 1.67 | 1.57 | 3.45 | - -0.21 | 72 | |||||||||||||||
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 9-30-2010 (unaudited) | 17.27 | 8.67 | 5 | 1.16 | (4) | 1.79 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2010 | 16.00 | 96.35 | 4 | 1.27 | 0.34 | –– | –– | 72 | ||||||||||||||||
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 9-30-2010 (unaudited) | 17.21 | 8.34 | 1 | 1.71 | (4) | 1.23 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2010 | 15.95 | 95.59 | –– | * | 1.73 | 1.27 | –– | –– | 72 | |||||||||||||||
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 9-30-2010 (unaudited) | 17.21 | 8.50 | 125 | 1.40 | (4) | 1.53 | (4) | –– | –– | 36 | ||||||||||||||
Fiscal year ended 3-31-2010 | 15.95 | 96.18 | 109 | 1.41 | 2.09 | –– | –– | 72 | ||||||||||||||||
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 |
(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 SCIENCE AND TECHNOLOGY 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 9-30-2010 (unaudited) | $ | 29.35 | $ | (0.09 | )(2) | $ | (0.02 | )(2) | $ | (0.11 | ) | $ | –– | $ | –– | $ | –– | |||||
Fiscal year ended 3-31-2010 | 21.07 | (0.07 | )(2) | 8.52 | (2) | 8.45 | –– | (0.17 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 27.87 | (0.10 | ) | (5.54 | ) | (5.64 | ) | –– | (1.15 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 28.70 | (0.17 | ) | 2.78 | 2.61 | –– | (3.44 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2007 | 27.08 | (0.23 | ) | 1.91 | 1.68 | –– | (0.06 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 21.34 | (0.30 | ) | 6.04 | 5.74 | –– | –– | –– | ||||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 26.62 | (0.20 | )(2) | (0.03 | )(2) | (0.23 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 19.19 | (0.31 | )(2) | 7.74 | (2) | 7.43 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 25.68 | (0.29 | ) | (5.13 | ) | (5.42 | ) | –– | (1.07 | ) | –– | * | ||||||||||
Fiscal year ended 3-31-2008 | 26.66 | (0.28 | ) | 2.42 | 2.14 | –– | (3.12 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2007 | 25.42 | (0.48 | ) | 1.78 | 1.30 | –– | (0.06 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 20.24 | (0.40 | ) | 5.58 | 5.18 | –– | –– | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 27.29 | (0.18 | )(2) | (0.03 | )(2) | (0.21 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 19.65 | (0.26 | )(2) | 7.93 | (2) | 7.67 | –– | (0.03 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 26.21 | (0.19 | ) | (5.28 | ) | (5.47 | ) | –– | (1.08 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 27.14 | (0.26 | ) | 2.50 | 2.24 | –– | (3.17 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2007 | 25.84 | (0.49 | ) | 1.85 | 1.36 | –– | (0.06 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 20.53 | (0.43 | ) | 5.74 | 5.31 | –– | –– | –– | ||||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 29.33 | (0.09 | )(2) | (0.02 | )(2) | (0.11 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 21.05 | (0.06 | )(2) | 8.52 | (2) | 8.46 | –– | (0.18 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 27.76 | (0.10 | )(2) | (5.56 | )(2) | (5.66 | ) | –– | (1.04 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 28.79 | (0.44 | )(2) | 2.69 | (2) | 2.25 | –– | (3.28 | ) | –– | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 31.16 | (0.04 | )(2) | (0.02 | )(2) | (0.06 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 22.33 | 0.01 | (2) | 9.05 | (2) | 9.06 | –– | (0.23 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 29.35 | 0.08 | (2) | (5.92 | )(2) | (5.84 | ) | –– | (1.17 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 29.71 | 0.02 | (2) | 3.16 | (2) | 3.18 | –– | (3.54 | ) | –– | ||||||||||||
Class R Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 29.27 | (0.12 | )(2) | (0.02 | )(2) | (0.14 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 21.02 | (0.13 | )(2) | 8.52 | (2) | 8.39 | –– | (0.14 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 27.81 | (0.05 | )(2) | (5.60 | )(2) | (5.65 | ) | –– | (1.13 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 28.64 | (0.15 | )(2) | 2.68 | (2) | 2.53 | –– | (3.36 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 27.07 | (0.27 | ) | 1.90 | 1.63 | –– | (0.06 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006(7) | 25.77 | (0.09 | ) | 1.39 | 1.30 | –– | –– | –– | ||||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 30.54 | (0.08 | )(2) | (0.02 | )(2) | (0.10 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 21.90 | (0.04 | )(2) | 8.87 | (2) | 8.83 | –– | (0.19 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 28.87 | (0.10 | ) | (5.71 | ) | (5.81 | ) | –– | (1.15 | ) | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 29.62 | (0.09 | )(2) | 2.81 | (2) | 2.72 | –– | (3.47 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 27.92 | (0.22 | ) | 1.98 | 1.76 | –– | (0.06 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 21.96 | (0.27 | ) | 6.23 | 5.96 | –– | –– | –– |
*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.
Total Distributions | 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 Loss to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | –– | $ | 29.24 | - -0.37 | %(3) | $ | 430 | 1.44 | %(4) | - -0.64 | %(4) | –– | % | –– | % | 18 | % | |||||||||
Fiscal year ended 3-31-2010 | (0.17 | ) | 29.35 | 40.13 | (3) | 437 | 1.50 | - -0.28 | –– | –– | 59 | ||||||||||||||||
Fiscal year ended 3-31-2009 | (1.16 | ) | 21.07 | - -19.86 | (3) | 245 | 1.50 | - -0.21 | –– | –– | 46 | ||||||||||||||||
Fiscal year ended 3-31-2008 | (3.44 | ) | 27.87 | 8.27 | (3) | 245 | 1.43 | - -0.39 | –– | –– | 96 | ||||||||||||||||
Fiscal year ended 3-31-2007 | (0.06 | ) | 28.70 | 6.22 | (3) | 185 | 1.47 | - -0.88 | –– | –– | 81 | ||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 27.08 | 26.90 | (3) | 164 | 1.51 | - -1.02 | –– | –– | 112 | |||||||||||||||||
Class B Shares | |||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 26.39 | - -0.86 | 25 | 2.34 | (4) | - -1.55 | (4) | –– | –– | 18 | ||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 26.62 | 38.72 | 24 | 2.51 | - -1.29 | –– | –– | 59 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | (1.07 | ) | 19.19 | - -20.71 | 15 | 2.56 | - -1.30 | –– | –– | 46 | |||||||||||||||||
Fiscal year ended 3-31-2008 | (3.12 | ) | 25.68 | 7.19 | 20 | 2.42 | - -1.39 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2007 | (0.06 | ) | 26.66 | 5.13 | 19 | 2.51 | - -1.91 | –– | –– | 81 | |||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 25.42 | 25.59 | 18 | 2.58 | - -2.10 | –– | –– | 112 | ||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 27.08 | - -0.77 | 183 | 2.18 | (4) | - -1.38 | (4) | –– | –– | 18 | ||||||||||||||||
Fiscal year ended 3-31-2010 | (0.03 | ) | 27.29 | 39.05 | 183 | 2.28 | - -1.07 | –– | –– | 59 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (1.09 | ) | 19.65 | - -20.51 | 98 | 2.30 | - -1.04 | –– | –– | 46 | |||||||||||||||||
Fiscal year ended 3-31-2008 | (3.17 | ) | 26.21 | 7.38 | 122 | 2.26 | - -1.23 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2007 | (0.06 | ) | 27.14 | 5.32 | 109 | 2.33 | - -1.74 | –– | –– | 81 | |||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 25.84 | 25.86 | 113 | 2.38 | - -1.90 | –– | –– | 112 | ||||||||||||||||||
Class E Shares | |||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 29.22 | - -0.37 | (3) | 4 | 1.43 | (4) | - -0.63 | (4) | 2.18 | (4) | - -1.38 | (4) | 18 | |||||||||||||
Fiscal year ended 3-31-2010 | (0.18 | ) | 29.33 | 40.21 | (3) | 4 | 1.43 | - -0.24 | 2.56 | - -1.37 | 59 | ||||||||||||||||
Fiscal year ended 3-31-2009 | (1.05 | ) | 21.05 | - -20.05 | (3) | 2 | 1.76 | - -0.43 | 2.69 | - -1.36 | 46 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | (3.28 | ) | 27.76 | 6.98 | (3) | 1 | 2.61 | (4) | - -1.46 | (4) | –– | –– | 96 | (6) | |||||||||||||
Class I Shares | |||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 31.10 | - -0.19 | 134 | 1.08 | (4) | - -0.29 | (4) | –– | –– | 18 | ||||||||||||||||
Fiscal year ended 3-31-2010 | (0.23 | ) | 31.16 | 40.65 | 122 | 1.11 | 0.02 | –– | –– | 59 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (1.18 | ) | 22.33 | - -19.50 | 19 | 1.07 | 0.34 | –– | –– | 46 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (3.54 | ) | 29.35 | 9.89 | 9 | 1.10 | (4) | 0.05 | (4) | –– | –– | 96 | (6) | ||||||||||||||
Class R Shares | |||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 29.13 | - -0.48 | 22 | 1.62 | (4) | - -0.82 | (4) | –– | –– | 18 | ||||||||||||||||
Fiscal year ended 3-31-2010 | (0.14 | ) | 29.27 | 39.95 | 19 | 1.64 | - -0.48 | –– | –– | 59 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (1.14 | ) | 21.02 | - -19.95 | 6 | 1.62 | - -0.22 | –– | –– | 46 | |||||||||||||||||
Fiscal year ended 3-31-2008 | (3.36 | ) | 27.81 | 8.03 | 2 | 1.63 | - -0.50 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2007 | (0.06 | ) | 28.64 | 6.03 | –– | * | 1.65 | - -1.08 | –– | –– | 81 | ||||||||||||||||
Fiscal year ended 3-31-2006(7) | –– | 27.07 | 5.05 | –– | * | 1.68 | (4) | - -1.29 | (4) | –– | –– | 112 | (8) | ||||||||||||||
Class Y Shares | |||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 30.44 | - -0.33 | 335 | 1.33 | (4) | - -0.52 | (4) | –– | –– | 18 | ||||||||||||||||
Fiscal year ended 3-31-2010 | (0.19 | ) | 30.54 | 40.36 | 352 | 1.35 | - -0.13 | –– | –– | 59 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (1.16 | ) | 21.90 | - -19.74 | 193 | 1.33 | - -0.03 | –– | –– | 46 | |||||||||||||||||
Fiscal year ended 3-31-2008 | (3.47 | ) | 28.87 | 8.38 | 155 | 1.34 | - -0.28 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2007 | (0.06 | ) | 29.62 | 6.32 | 78 | 1.35 | - -0.76 | –– | –– | 81 | |||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 27.92 | 27.14 | 57 | 1.37 | - -0.88 | –– | –– | 112 |
(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.
On April 1, 2010, each of the 33 series of Ivy Funds, a Delaware statutory trust (Trust), became the successor fund to corresponding series of a Maryland corporation and a Massachusetts business trust pursuant to a Plan of Reorganization and Termination that was approved by shareholders of each fund (each, a Reorganization and collectively, the Reorganizations). The Reorganizations were accomplished through tax-free exchanges of shares, which had no impact on net assets and number of shares outstanding. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Ivy Asset Strategy Fund, Ivy Asset Strategy New Opportunities Fund, Ivy Balanced Fund, Ivy Energy Fund, Ivy Global Natural Resources Fund, Ivy Real Estate Securities Fund and Ivy Science and Technology Fund (each, a Fund) are series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk facto rs of each Fund are described more fully in the Funds' Prospectus and Statement of Additional Information. Each Fund'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. 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. Net investment income, 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 a distribution and service plan. Class I shares are not included in the plan. 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's investments are reported at fair value. 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.
Equity 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 equity 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 for fixed-income securities are typically based on quotes that are obtained from an independent pricing service authorized 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 that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.
Precious metals are valued at the last traded spot price prior to the close of the NYSE.
Listed options are valued at the closing price 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. Over-the-counter options are valued at the price provided by a dealer in that security. Swaps are valued by the independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Futures contracts traded on an exchange are generally valued at the settlement price. Mutual funds, including investment funds, typically are valued at the net asset value reported as of the valuation date.
Forward foreign currency contracts are valued daily based upon the closing prices of the forward currency rates determined at the close of the NYSE.
Senior loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service.
Short-term securities with maturities of 60 days or less 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 NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. IICO, pursuant to procedures adopted by the Board of Trustees, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. 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 supervision of the Board of Trustees.
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 publicly 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 a 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 a Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery tr ansactions, 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 IICO, or the Fund's investment subadvisor, as applicable, consider 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.
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 may 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, 2010, there were no such unfunded commitments.
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.
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 Funds may acquire securities in default, and are 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 gain (loss) and net change in unrealized appreciation (depreciation) on 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 usi ng an independent pricing 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.
Segregation and Collateralization. In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (SEC) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods and swaps), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments.
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 and for the fiscal period ended September 30, 2010, 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 2006.
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 custodian's prime rate less 150 basis points. The "Earnings credit" line item, if shown, 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 and Chief Compliance Officer Fees. Fees paid to the Trustees can be paid in cash or deferred to a later date, at the election of the 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. Additionally, fees paid to the office of the Chief Compliance Officer of the Funds 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 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 each Fund's investment manager. The management fee is accrued daily by each Fund at the following annual rates:
Fund | Net Asset Breakpoints | Annual Rate |
Ivy Asset Strategy Fund | Up to $1 Billion | 0.700% |
Over $1 Billion up to $2 Billion | 0.650% | |
Over $2 Billion up to $3 Billion | 0.600% | |
Over $3 Billion | 0.550% | |
Ivy Asset Strategy New Opportunities Fund | Up to $500 Million | 1.000% |
Over $500 Million up to $1 Billion | 0.850% | |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Balanced Fund | Up to $1 Billion | 0.700% |
Over $1 Billion up to $2 Billion | 0.650% | |
Over $2 Billion up to $3 Billion | 0.600% | |
Over $3 Billion | 0.550% | |
Ivy Energy Fund | Up to $1 Billion | 0.850% |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Global Natural Resources Fund | Up to $500 Million | 1.000% |
Over $500 Million up to $1 Billion | 0.850% | |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Real Estate Securities Fund | Up to $1 Billion | 0.900% |
Over $1 Billion up to $2 Billion | 0.870% | |
Over $2 Billion up to $3 Billion | 0.840% | |
Over $3 Billion | 0.800% | |
Ivy Science and Technology Fund | Up to $1 Billion | 0.850% |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% |
For Funds managed solely by IICO, IICO has voluntarily agreed to waive a Fund's management fee on any day that the Fund's net assets are less than $25 million, subject to IICO's right to change or modify this waiver. See Expense Reimbursements and/or Waivers below for amounts waived during the fiscal period ended September 30, 2010.
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. Advantus Capital Management, Inc. serves as subadvisor to Ivy Real Estate 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. IICO pays all costs associated with retaining the subadvisors.
Accounting Services Fees. The Trust has an Accounting Services Agreement with Waddell & Reed Services Company, doing business as WI Services Company (WISC), an indirect subsidiary of WDR. Under the agreement, 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 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 | ||||
From | $ | 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.
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 and Class E 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; 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 and Ivy Funds) reaches certain levels. 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.
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. Class A and Class E Shares. Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the Distribution and Service Plan), each Fund may pay a distribution and/or service fee to Ivy Funds Distributors, Inc. (IFDI) for Class A and Class E shares in an amount not to exceed 0.25% of the Fund's average annual net assets. The fee is to be paid to compensate IFDI for amounts it expends in connection with the distribution of the Class A and Class E 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. Under the Distribution and Service Plan, each Fund may pay IFDI a service fee not to exceed 0.25% and a distribution fee not to exceed 0.75% of the Fund's average annual net assets for Class B and Class C shares to compensate IFDI for its services in connection with the distribution of shares of that class and/or provision of personal services to Class B or Class C shareholders and/or maintenance of shareholder accounts of that class.
Class Y Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of the Fund's Class Y shares to compensate IFDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal services to Class Y shareholders and/or maintaining Class Y shareholder accounts.
Class R Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund's Class R shares to compensate IFDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.
Sales Charges. As principal underwriter for the Trust's shares, IFDI receives sales commissions (which are not an expense of the Trust) for sales of 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, 2010, IFDI received the following amounts in sales commissions and CDSCs:
Gross Sales Commissions | CDSC | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class A | Class B | Class C | Class E | ||||||||||||||||||
Ivy Asset Strategy Fund | $ | 2,582 | $ | 42 | $ | 610 | $ | 758 | $ | –– | ||||||||||||
Ivy Asset Strategy New Opportunities Fund | 163 | –– | –– | –– | * | –– | ||||||||||||||||
Ivy Balanced Fund | 91 | –– | * | 4 | 2 | –– | ||||||||||||||||
Ivy Energy Fund | 59 | –– | 1 | 2 | –– | |||||||||||||||||
Ivy Global Natural Resources Fund | 1,170 | 8 | 158 | 99 | –– | |||||||||||||||||
Ivy Real Estate Securities Fund | 195 | –– | * | 2 | –– | * | –– | |||||||||||||||
Ivy Science and Technology Fund | 221 | –– | * | 23 | 24 | –– | ||||||||||||||||
*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, 2010, the following amounts were paid by IFDI:
Ivy Asset Strategy Fund | $ | 11,414 | |
Ivy Asset Strategy New Opportunities Fund | 221 | ||
Ivy Balanced Fund | 155 | ||
Ivy Energy Fund | 73 | ||
Ivy Global Natural Resources Fund | 1,588 | ||
Ivy Real Estate Securities Fund | 203 | ||
Ivy Science and Technology Fund | 445 |
Expense Reimbursements and/or Waivers. Fund and class expense limitations and related waivers/reimbursements for the fiscal period ended September 30, 2010 are as follows:
Fund Name | Share Class Name | Type of Expense Limit | Commencement Date | End Date | Expense Limit | Amount of Expense Waiver/ Reimbursement | Expense Waiver/ Reimbursement | ||
Ivy Asset Strategy Fund | |||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.00% | $ | 92 | 12b-1 Fees and/or Shareholder Servicing | ||
Class Y | Contractual | 8-1-2008 | 7-31-2011 | 1.00% | $ | 185 | 12b-1 Fees and/or Shareholder Servicing | ||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | ||
Ivy Asset Strategy New Opportunities Fund | |||||||||
All Classes | Contractual | 5-3-2010 | 7-31-2011 | NA | $ | 68 | (1) | Investment management fee and other common expenses | |
Class A | Contractual | 5-3-2010 | 7-31-2011 | 1.50% | $ | 24 | 12b-1 Fees and/or Shareholder Servicing | ||
Class E | Contractual | 5-3-2010 | 7-31-2011 | 1.50% | $ | –– | * | 12b-1 Fees and/or Shareholder Servicing | |
Class I | Contractual | 5-3-2010 | 7-31-2011 | 1.25% | $ | 6 | 12b-1 Fees and/or Shareholder Servicing | ||
Class Y | Contractual | 5-3-2010 | 7-31-2011 | 1.50% | $ | 2 | 12b-1 Fees and/or Shareholder Servicing | ||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | ||
Ivy Balanced Fund | |||||||||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | ||
*Not shown due to rounding. | |||||||||
(1)Due to Class A, Class E, Class I and/or Class Y contractual expense limits, investment management fee and/or other common expenses were waived for all share classes. | |||||||||
Ivy Energy Fund | |||||||||
Class A | Contractual | 8-1-2008 | 7-31-2011 | 1.60% | $ | 41 | 12b-1 Fees and/or Shareholder Servicing | ||
Class B | Contractual | 8-1-2008 | 7-31-2011 | 2.60% | $ | –– | 12b-1 Fees and/or Shareholder Servicing | ||
Class C | Contractual | 8-1-2008 | 7-31-2011 | 2.60% | $ | –– | NA | ||
Class I | Contractual | 8-1-2008 | 7-31-2010 | 1.60% | $ | –– | NA | ||
Class Y | Contractual | 8-1-2008 | 7-31-2011 | 1.60% | $ | –– | NA | ||
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 | 7-31-2011 | 1.27% | $ | 29 | 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% | $ | 261 | 12b-1 Fees and/or Shareholder Servicing | ||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | ||
Ivy Real Estate Securities Fund | |||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.67% | $ | 4 | 12b-1 Fees and/or Shareholder Servicing | ||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | ||
Ivy Science and Technology Fund | |||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.43% | $ | 15 | 12b-1 Fees and/or Shareholder Servicing | ||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | ||
Any amounts due to the funds as a reimbursement but not paid as of September 30, 2010 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.
3. INVESTMENT VALUATIONSFair 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, 2010. The Schedule of Investments provides additional details on each Fund's portfolio holdings.
Fund | Level 1 | Level 2 | Level 3 | |||||||
Ivy Asset Strategy Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 16,659,899 | $ | 185,056 | $ | –– | ||||
Preferred Stocks | 1,305,346 | –– | –– | |||||||
Investment Funds | –– | –– | 4,774 | |||||||
Warrants | –– | 312,944 | –– | |||||||
Corporate Debt Securities | –– | 23,871 | –– | |||||||
Put Options | 79,538 | 13,042 | –– | |||||||
United States Government Agency Obligations | –– | 9,815 | –– | |||||||
Bullion | 2,890,068 | –– | –– | |||||||
Short-Term Securities | –– | 1,388,414 | –– | |||||||
Total Investments in Securities | $ | 20,934,851 | $ | 1,933,142 | $ | 4,774 | ||||
Forward Foreign Currency Contracts | $ | –– | $ | 2,157 | $ | –– | ||||
Futures Contracts | 19,679 | –– | –– | |||||||
Liabilities | ||||||||||
Forward Foreign Currency Contracts | $ | –– | $ | 102,961 | $ | –– | ||||
Futures Contracts | 160,856 | –– | –– | |||||||
Written Options | 20,022 | 1,199 | –– | |||||||
Ivy Asset Strategy New Opportunities Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 98,224 | $ | 1,431 | $ | –– | ||||
Short-Term Securities | –– | 10,594 | –– | |||||||
Total Investments in Securities | $ | 98,224 | $ | 12,025 | $ | –– | ||||
Forward Foreign Currency Contracts | $ | –– | $ | 163 | $ | –– | ||||
Liabilities | ||||||||||
Forward Foreign Currency Contracts | $ | –– | $ | 155 | $ | –– | ||||
Ivy Balanced Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 124,900 | $ | –– | $ | –– | ||||
Corporate Debt Securities | –– | 39,010 | –– | |||||||
Other Government Securities | –– | 1,262 | –– | |||||||
United States Government Agency Obligations | –– | 2,534 | –– | |||||||
United States Government Obligations | –– | 9,259 | –– | |||||||
Short-Term Securities | –– | 5,223 | –– | |||||||
Total Investments in Securities | $ | 124,900 | $ | 57,288 | $ | –– | ||||
Ivy Energy Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 87,848 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 1,644 | –– | |||||||
Total Investments in Securities | $ | 87,848 | $ | 1,644 | $ | –– | ||||
Ivy Global Natural Resources Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 4,800,530 | $ | –– | $ | 7,260 | ||||
Preferred Stocks | 58,514 | –– | 12,565 | |||||||
Call Options | 267,880 | –– | –– | |||||||
Corporate Debt Securities | –– | –– | 5,833 | |||||||
Short-Term Securities | –– | 18,533 | –– | |||||||
Total Investments in Securities | $ | 5,126,924 | $ | 18,533 | $ | 25,658 | ||||
Forward Foreign Currency Contracts | $ | –– | $ | 382 | $ | –– | ||||
Liabilities | ||||||||||
Forward Foreign Currency Contracts | $ | –– | $ | 18,373 | $ | –– | ||||
Futures Contracts | 5,780 | –– | –– | |||||||
Ivy Real Estate Securities Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 329,953 | $ | –– | $ | –– | ||||
Preferred Stocks | 1,662 | –– | –– | |||||||
Short-Term Securities | –– | 19,098 | –– | |||||||
Total Investments in Securities | $ | 331,615 | $ | 19,098 | $ | –– | ||||
Ivy Science and Technology Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 1,096,827 | $ | –– | $ | –– | ||||
Corporate Debt Securities | –– | 22,969 | –– | |||||||
Total Investments in Securities | $ | 1,096,827 | $ | 22,969 | $ | –– |
The following tables are a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Common Stocks | Preferred Stocks | Investment Funds | Corporate Debt Securities | Put Options | Written Options | ||||||||||||||
Ivy Asset Strategy Fund | |||||||||||||||||||
Beginning Balance 4-1-10 | $ | –– | $ | –– | $ | 5,181 | $ | –– | $ | 14,366 | $ | (18,854 | ) | ||||||
Net realized gain (loss) | –– | –– | –– | –– | 65,309 | (11,128 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | (407 | ) | –– | 6,967 | 7,480 | ||||||||||||
Purchases | –– | –– | –– | –– | 12,061 | –– | |||||||||||||
Sales | –– | –– | –– | –– | (98,703 | ) | 22,502 | ||||||||||||
Transfers into Level 3 during the period | –– | –– | –– | –– | –– | –– | |||||||||||||
Transfers out of Level 3 during the period | –– | –– | –– | –– | –– | –– | |||||||||||||
Ending Balance 9-30-10 | $ | –– | $ | –– | $ | 4,774 | $ | –– | $ | –– | $ | –– | |||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | –– | $ | –– | $ | (407 | ) | $ | –– | $ | –– | $ | –– | ||||||
Ivy Global Natural Resources Fund | |||||||||||||||||||
Beginning Balance 4-1-10 | $ | 7,260 | $ | 12,565 | $ | –– | $ | 8,428 | $ | –– | $ | –– | |||||||
Net realized gain (loss) | –– | –– | –– | –– | –– | –– | |||||||||||||
Net unrealized appreciation (depreciation) | –– | –– | –– | (2,595 | ) | –– | –– | ||||||||||||
Purchases | –– | –– | –– | –– | –– | –– | |||||||||||||
Sales | –– | –– | –– | –– | –– | –– | |||||||||||||
Transfers into Level 3 during the period | –– | –– | –– | –– | –– | –– | |||||||||||||
Transfers out of Level 3 during the period | –– | –– | –– | –– | –– | –– | |||||||||||||
Ending Balance 9-30-10 | $ | 7,260 | $ | 12,565 | $ | –– | $ | 5,833 | $ | –– | $ | –– | |||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | –– | $ | –– | $ | –– | $ | (2,595 | ) | $ | –– | $ | –– | ||||||
Transfers from Level 2 to Level 3 occurred generally due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred generally due to the increased availability of observable market data due to increased market activity or information. As shown above, transfers in and out of Level 3 represent the value at the later of the beginning of the fiscal period or the purchase date of the security.
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 in net realized gain (loss) on investments in unaffiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated securities, respectively. Additionally, the net change in unrealized appreciation for all Level 3 investments still held as of September 30, 2010, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated securities.
As shown above, the Funds may own different types of assets that are classified as Level 2 or Level 3. Assets classified as Level 2 can have a variety of observable inputs, including, but not limited to, benchmark yields, reported trades, broker quotes, benchmark securities, and bid/offer quotations. These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value.
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, 2010, 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 Asset Strategy Fund | $ | 7,639,645 | $ | 8,679,839 | ||||
Ivy Asset Strategy New Opportunities Fund | 98,194 | 12,157 | ||||||
Ivy Balanced Fund | 53,327 | 42,690 | ||||||
Ivy Energy Fund | 17,653 | 9,175 | ||||||
Ivy Global Natural Resources Fund | 2,242,380 | 2,706,364 | ||||||
Ivy Real Estate Securities Fund | 124,908 | 113,143 | ||||||
Ivy Science and Technology Fund | 226,243 | 191,159 |
Purchases of and proceeds from maturities and sales of U.S. Government securities were as follows:
Purchases | Sales | |||||||
---|---|---|---|---|---|---|---|---|
Ivy Asset Strategy Fund | $ | –– | $ | 448 | ||||
Ivy Balanced Fund | –– | 303 |
For Federal income tax purposes, cost of investments owned at September 30, 2010 and the related unrealized appreciation (depreciation) were as follows:
Fund | Cost of investments | Gross appreciation | Gross depreciation | Net unrealized appreciation | |||||||||||
Ivy Asset Strategy Fund | $ | 18,039,556 | $ | 4,991,407 | $ | 158,196 | $ | 4,833,211 | |||||||
Ivy Asset Strategy New Opportunities Fund | 95,772 | 14,852 | 406 | 14,446 | |||||||||||
Ivy Balanced Fund | 153,063 | 30,259 | 1,134 | 29,125 | |||||||||||
Ivy Energy Fund | 74,913 | 16,355 | 1,776 | 14,579 | |||||||||||
Ivy Global Natural Resources Fund | 4,609,371 | 722,672 | 160,928 | 561,744 | |||||||||||
Ivy Real Estate Securities Fund | 286,238 | 67,068 | 2,593 | 64,475 | |||||||||||
Ivy Science and Technology Fund | 988,774 | 174,698 | 43,676 | 131,022 |
For Federal income tax purposes, the Funds' distributed and undistributed earnings and profit for the fiscal year ended March 31, 2010 and the related net capital losses and post-October activity updated with information available through the date of this report were as follows:
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 | ||||||||||||||||
Net ordinary income | $ | 85,403 | $ | 1,976 | $ | –– | $ | –– | $ | 4,044 | $ | 21,014 | |||||||||
Distributed ordinary income | 54,493 | 1,954 | –– | –– | 4,165 | 5,334 | |||||||||||||||
Undistributed ordinary income | 30,910 | 89 | –– | –– | 714 | 15,680 | |||||||||||||||
Realized long term capital gains | –– | –– | –– | –– | –– | –– | |||||||||||||||
Distributed long term capital gains | –– | –– | –– | –– | –– | –– | |||||||||||||||
Undistributed long term capital gains | –– | –– | –– | –– | –– | –– | |||||||||||||||
Post-October losses deferred | 4,599 | –– | –– | 14,246 | 5,124 | 4,280 |
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 Asset Strategy Fund | Ivy Balanced Fund | Ivy Energy Fund | Ivy Global Natural Resources Fund | Ivy Real Estate Securities Fund | Ivy Science and Technology Fund | ||||||||||||||
March 31, 2011 | $ | –– | $ | –– | $ | –– | $ | –– | $ | –– | $ | 414 | |||||||
March 31, 2017 | 2,298,790 | 606 | 2,508 | 483,760 | 6,148 | –– | |||||||||||||
March 31, 2018 | 1,651,528 | 5,244 | 9,795 | 1,574,489 | 83,379 | –– | |||||||||||||
Total carryover | $ | 3,950,318 | $ | 5,850 | $ | 12,303 | $ | 2,058,249 | $ | 89,527 | $ | 414 | |||||||
The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. On April 1, 2010, all Advisor class shares were converted to Class I. Transactions in shares of beneficial interest were as follows:
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | |||||||||
Ivy Asset Strategy Fund | Shares | Value | Shares | Value | ||||||
Shares issued from sale of shares: | ||||||||||
Class A | 64,796 | $ | 1,416,486 | 214,470 | $ | 4,491,153 | ||||
Class B | 2,925 | 62,209 | 9,734 | 198,340 | ||||||
Class C | 40,661 | 868,717 | 146,964 | 3,012,299 | ||||||
Class E | 244 | 5,375 | 603 | 12,770 | ||||||
Class I | 97,102 | 2,173,387 | 181,711 | 3,765,066 | ||||||
Class R | 872 | 18,854 | 1,328 | 28,550 | ||||||
Class Y | 10,961 | 239,918 | 39,474 | 799,701 | ||||||
Shares issued in reinvestment of distributions to shareholders: | ||||||||||
Class A | –– | –– | 1,318 | 29,144 | ||||||
Class B | –– | –– | –– | –– | ||||||
Class C | –– | –– | –– | –– | ||||||
Class E | –– | –– | 5 | 120 | ||||||
Class I | –– | –– | 323 | 7,182 | ||||||
Class R | –– | –– | 1 | 23 | ||||||
Class Y | –– | –– | 171 | 3,779 | ||||||
Shares redeemed: | ||||||||||
Class A | (112,851 | ) | (2,466,106 | ) | (80,888 | ) | (1,699,858 | ) | ||
Class B | (2,036 | ) | (42,839 | ) | (2,563 | ) | (52,224 | ) | ||
Class C | (40,755 | ) | (857,033 | ) | (47,162 | ) | (968,982 | ) | ||
Class E | (82 | ) | (1,773 | ) | (92 | ) | (1,968 | ) | ||
Class I | (35,119 | ) | (755,874 | ) | (25,186 | ) | (542,652 | ) | ||
Class R | (211 | ) | (4,540 | ) | (145 | ) | (3,094 | ) | ||
Class Y | (12,534 | ) | (270,611 | ) | (71,673 | ) | (1,397,847 | ) | ||
Net increase | 13,973 | $ | 386,170 | 368,393 | $ | 7,681,502 | ||||
Fiscal period ended 9-30-10 | |||||
Ivy Asset Strategy New Opportunities Fund | Shares | Value | |||
Shares issued from sale of shares: | |||||
Class A | 6,323 | $ | 63,170 | ||
Class B | 235 | 2,355 | |||
Class C | 1,606 | 16,088 | |||
Class E | 10 | 100 | |||
Class I | 1,527 | 15,233 | |||
Class R | 50 | 500 | |||
Class Y | 442 | 4,403 | |||
Shares issued in reinvestment of distributions to shareholders: | |||||
Class A | –– | –– | |||
Class B | –– | –– | |||
Class C | –– | –– | |||
Class E | –– | –– | |||
Class I | –– | –– | |||
Class R | –– | –– | |||
Class Y | –– | –– | |||
Shares redeemed: | |||||
Class A | (237 | ) | (2,370 | ) | |
Class B | (1 | ) | (8 | ) | |
Class C | (36 | ) | (372 | ) | |
Class E | –– | –– | |||
Class I | (40 | ) | (414 | ) | |
Class R | –– | –– | |||
Class Y | (11 | ) | (119 | ) | |
Net increase | 9,868 | $ | 98,566 | ||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | |||||||||
Ivy Balanced Fund | Shares | Value | Shares | Value | ||||||
Shares issued from sale of shares: | ||||||||||
Class A | 1,025 | $ | 16,692 | 1,173 | $ | 17,681 | ||||
Class B | 106 | 1,714 | 146 | 2,204 | ||||||
Class C | 681 | 11,019 | 768 | 11,536 | ||||||
Class E | –– | –– | –– | –– | ||||||
Class I | 123 | 1,996 | 442 | 6,128 | ||||||
Class Y | 186 | 2,989 | 713 | 10,646 | ||||||
Shares issued in reinvestment of distributions to shareholders: | ||||||||||
Class A | 22 | 350 | 62 | 950 | ||||||
Class B | –– | * | 3 | 2 | 26 | |||||
Class C | 2 | 34 | 13 | 193 | ||||||
Class E | –– | * | –– | * | –– | * | 1 | |||
Class I | –– | * | 7 | –– | * | 5 | ||||
Class Y | 12 | 192 | 34 | 519 | ||||||
Shares redeemed: | ||||||||||
Class A | (694 | ) | (11,300 | ) | (1,654 | ) | (24,559 | ) | ||
Class B | (41 | ) | (653 | ) | (92 | ) | (1,382 | ) | ||
Class C | (358 | ) | (5,818 | ) | (2,021 | ) | (29,567 | ) | ||
Class E | –– | –– | –– | –– | ||||||
Class I | (49 | ) | (782 | ) | (324 | ) | (4,688 | ) | ||
Class Y | (202 | ) | (3,293 | ) | (1,284 | ) | (18,175 | ) | ||
Net increase (decrease) | 813 | $ | 13,150 | (2,022 | ) | $ | (28,482 | ) | ||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | |||||||||
Ivy Energy Fund | Shares | Value | Shares | Value | ||||||
Shares issued from sale of shares: | ||||||||||
Class A | 973 | $ | 10,296 | 3,046 | $ | 31,287 | ||||
Class B | 29 | 300 | 81 | 805 | ||||||
Class C | 218 | 2,280 | 567 | 5,595 | ||||||
Class E | –– | –– | –– | –– | ||||||
Class I | 246 | 2,775 | 146 | 1,613 | ||||||
Class Y | 207 | 2,217 | 568 | 5,731 | ||||||
Shares issued in reinvestment of distributions to shareholders: | ||||||||||
Class A | –– | –– | –– | –– | ||||||
Class B | –– | –– | –– | –– | ||||||
Class C | –– | –– | –– | –– | ||||||
Class E | –– | –– | –– | –– | ||||||
Class I | –– | –– | –– | –– | ||||||
Class Y | –– | –– | –– | –– | ||||||
Shares redeemed: | ||||||||||
Class A | (950 | ) | (9,884 | ) | (1,529 | ) | (15,391 | ) | ||
Class B | (25 | ) | (251 | ) | (58 | ) | (576 | ) | ||
Class C | (181 | ) | (1,832 | ) | (547 | ) | (5,198 | ) | ||
Class E | –– | –– | –– | –– | ||||||
Class I | (25 | ) | (258 | ) | (21 | ) | (225 | ) | ||
Class Y | (135 | ) | (1,418 | ) | (313 | ) | (3,333 | ) | ||
Net increase | 357 | $ | 4,225 | 1,940 | $ | 20,308 | ||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | |||||||||
Ivy Global Natural Resources Fund | Shares | Value | Shares | Value | ||||||
Shares issued from sale of shares: | ||||||||||
Class A | 15,155 | $ | 260,180 | 61,624 | $ | 999,713 | ||||
Class B | 340 | 5,290 | 1,629 | 23,708 | ||||||
Class C | 3,733 | 56,459 | 18,926 | 270,539 | ||||||
Class E | 47 | 799 | 108 | 1,813 | ||||||
Class I | 25,610 | 429,751 | 54,828 | 927,446 | ||||||
Class R | 745 | 12,673 | 2,017 | 33,482 | ||||||
Class Y | 5,490 | 93,155 | 26,170 | 428,519 | ||||||
Advisor Class | –– | –– | –– | –– | ||||||
Shares issued in reinvestment of distributions to shareholders: | ||||||||||
Class A | –– | –– | –– | –– | ||||||
Class B | –– | –– | –– | –– | ||||||
Class C | –– | –– | –– | –– | ||||||
Class E | –– | –– | –– | –– | ||||||
Class I | –– | –– | –– | –– | ||||||
Class R | –– | –– | –– | –– | ||||||
Class Y | –– | –– | –– | –– | ||||||
Advisor Class | –– | –– | –– | –– | ||||||
Shares redeemed: | ||||||||||
Class A | (28,502 | ) | (476,259 | ) | (57,710 | ) | (947,609 | ) | ||
Class B | (1,482 | ) | (22,595 | ) | (2,142 | ) | (32,167 | ) | ||
Class C | (9,920 | ) | (145,089 | ) | (12,778 | ) | (186,615 | ) | ||
Class E | (12 | ) | (198 | ) | (21 | ) | (350 | ) | ||
Class I | (20,752 | ) | (348,289 | ) | (18,696 | ) | (323,724 | ) | ||
Class R | (525 | ) | (8,675 | ) | (991 | ) | (15,979 | ) | ||
Class Y | (10,839 | ) | (189,574 | ) | (15,611 | ) | (273,118 | ) | ||
Advisor Class | (13 | ) | (253 | ) | –– | * | (7 | ) | ||
Net increase (decrease) | (20,925 | ) | $ | (332,625 | ) | 57,353 | $ | 905,651 | ||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | |||||||||
Ivy Real Estate Securities Fund | Shares | Value | Shares | Value | ||||||
Shares issued from sale of shares: | ||||||||||
Class A | 2,081 | $ | 34,234 | 2,631 | $ | 32,989 | ||||
Class B | 40 | 666 | 51 | 627 | ||||||
Class C | 92 | 1,514 | 135 | 1,672 | ||||||
Class E | 9 | 144 | 13 | 169 | ||||||
Class I | 100 | 1,656 | 308 | 4,383 | ||||||
Class R | 16 | 263 | 14 | 184 | ||||||
Class Y | 891 | 14,827 | 1,289 | 16,785 | ||||||
Shares issued in reinvestment of distributions to shareholders: | ||||||||||
Class A | 38 | 626 | 164 | 2,144 | ||||||
Class B | –– | –– | –– | * | 4 | |||||
Class C | 1 | 8 | 4 | 51 | ||||||
Class E | –– | * | 3 | 1 | 9 | |||||
Class I | 2 | 33 | 2 | 22 | ||||||
Class R | –– | * | 2 | –– | * | 5 | ||||
Class Y | 41 | 671 | 144 | 1,872 | ||||||
Shares redeemed: | ||||||||||
Class A | (1,493 | ) | (24,438 | ) | (3,611 | ) | (44,794 | ) | ||
Class B | (57 | ) | (917 | ) | (146 | ) | (1,792 | ) | ||
Class C | (63 | ) | (1,032 | ) | (182 | ) | (2,206 | ) | ||
Class E | (2 | ) | (27 | ) | (3 | ) | (38 | ) | ||
Class I | (43 | ) | (698 | ) | (132 | ) | (1,744 | ) | ||
Class R | (6 | ) | (93 | ) | (4 | ) | (52 | ) | ||
Class Y | (530 | ) | (8,500 | ) | (1,103 | ) | (13,796 | ) | ||
Net increase (decrease) | 1,117 | $ | 18,942 | (425 | ) | $ | (3,506 | ) | ||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | |||||||||
Ivy Science and Technology Fund | Shares | Value | Shares | Value | ||||||
Shares issued from sale of shares: | ||||||||||
Class A | 2,852 | $ | 81,816 | 8,782 | $ | 229,855 | ||||
Class B | 142 | 3,724 | 426 | 10,102 | ||||||
Class C | 913 | 24,311 | 2,848 | 69,791 | ||||||
Class E | 20 | 580 | 58 | 1,536 | ||||||
Class I | 1,905 | 59,451 | 4,050 | 113,349 | ||||||
Class R | 253 | 7,105 | 498 | 13,195 | ||||||
Class Y | 2,123 | 63,248 | 6,734 | 181,267 | ||||||
Shares issued in reinvestment of distributions to shareholders: | ||||||||||
Class A | –– | –– | 81 | 2,252 | ||||||
Class B | –– | –– | –– | –– | ||||||
Class C | –– | –– | 6 | 163 | ||||||
Class E | –– | –– | 1 | 20 | ||||||
Class I | –– | –– | 13 | 398 | ||||||
Class R | –– | –– | 2 | 65 | ||||||
Class Y | –– | –– | 68 | 1,960 | ||||||
Shares redeemed: | ||||||||||
Class A | (3,050 | ) | (85,286 | ) | (5,584 | ) | (148,705 | ) | ||
Class B | (104 | ) | (2,648 | ) | (313 | ) | (7,615 | ) | ||
Class C | (860 | ) | (22,447 | ) | (1,168 | ) | (28,679 | ) | ||
Class E | (5 | ) | (132 | ) | (8 | ) | (222 | ) | ||
Class I | (1,511 | ) | (44,580 | ) | (1,016 | ) | (29,559 | ) | ||
Class R | (124 | ) | (3,511 | ) | (143 | ) | (3,831 | ) | ||
Class Y | (2,649 | ) | (78,186 | ) | (4,068 | ) | (109,308 | ) | ||
Net increase (decrease) | (95 | ) | $ | 3,445 | 11,267 | $ | 296,034 | |||
*Not shown due to rounding. |
The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds' financial position and results of operations when presented by primary underlying risk exposure.
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 related to the use of such contracts 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 maximum loss will consist of the aggregate unrealized gain on appreciated contracts.
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.
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. The maximum loss a Fund may incur consists of the aggregate gain on appreciated contracts.
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.
Collateral. A Fund may mitigate counterparty risk through credit support annexes (CSA) included with an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement which is the standard contract governing most derivative transactions between the Fund and each of its counterparties. The CSA allows the Fund and its counterparty to offset certain derivative financial instruments' payables and/or receivables with collateral, which is generally held by the Fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the CSA. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. See Note 1 "Segregation and Collateralization" for additional information with respect to collateral practices.
Objectives and StrategiesIvy Asset Strategy Fund. The Fund's objectives in using derivatives during the period included hedging market risk on equity securities, increasing exposure to various equity markets, managing exposure to various foreign currencies, and hedging certain event risks on positions held by the Fund. To achieve the objective of hedging market risk and increasing exposure to equity markets, the Fund utilized futures and option contracts on foreign and domestic equity indices. To manage foreign currency exposure, the Fund utilized forward contracts and option contracts to either increase or decrease exposure to a given currency. To manage event risks, the Fund utilized short futures on foreign and domestic equity indices and option contracts, both written and purchased, on individual equity securities owned by the Fund.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |||
Equity | Unrealized appreciation on futures contracts* and Investments in unaffiliated securities** | $ | 112,259 | Unrealized depreciation on futures contracts* and written options at market value | $ | 182,077 | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | 2,157 | Unrealized depreciation on forward foreign currency contracts | 102,961 | |||
Total | $ | 114,416 | $ | 285,038 | |||
*The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of September 30, 2010. | |||||||
**Purchased options are reported as investments in unaffiliated securities and are reflected in the accompanying Schedule of Investments. |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations | ||||||
Equity | Net realized gain (loss) on investments in unaffiliated securities, written options and futures contracts/Net change in unrealized appreciation (depreciation) on investments in unaffiliated securities, written options and futures contracts | $ | (1,044,999 | ) | $ | (61,676 | ) | ||
Foreign currency | Net realized gain (loss) on investments in unaffiliated securities, written options and forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on investments in unaffiliated securities, written options and forward foreign currency contracts | (56,820 | ) | (156,818 | ) | ||||
Total | $ | (1,101,819 | ) | $ | (218,494 | ) | |||
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding and market value outstanding for forward contracts and futures contracts, respectively, were as follows: short forward contracts - $3,604,192, long forward contracts - $3,588,942, short futures contracts - $5,831,154. Additionally, the Fund's average number of purchased option contracts and written option contracts outstanding was 151 and 25, respectively.
Ivy Asset Strategy New Opportunities Fund. The Fund's objectives in using derivatives during the period included hedging market risk on equity securities, managing the exposure to various foreign currencies, and gaining exposure to certain individual or baskets of securities that are not readily available for direct purchase. To achieve the objective of hedging market risk, the Fund utilized futures contracts on foreign and domestic equity indices. To manage foreign currency exposure, the Fund utilized forward contracts to either increase or decrease exposure to a given currency. To gain exposure to certain individual or baskets of securities, the Fund utilized total return swaps.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |||
Foreign currency | Unrealized appreciation on forward foreign currency contracts | $163 | Unrealized depreciation on forward foreign currency contracts | $155 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations | ||||||
Equity | Net realized gain (loss) on futures contracts and swap agreements | $ | (230 | ) | $ | 0 | |||
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | (181 | ) | 8 | |||||
Total | $ | (411 | ) | $ | 8 | ||||
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for forward contracts were as follows: short forward contracts - $2,172, long forward contracts - $2,104. Additionally, the Fund's average number of swap contracts outstanding was 145.
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, 2010:
Asset Derivatives | Liability Derivatives | ||||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |||
Equity | Investments in unaffiliated securities** | $ | 267,880 | Unrealized depreciation on futures contracts* | $ | 5,780 | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | 382 | Unrealized depreciation on forward foreign currency contracts | 18,373 | |||
Total | $ | 268,262 | $ | 24,153 | |||
*The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of September 30, 2010. | |||||||
**Purchased options are reported as investments in unaffiliated securities and are reflected in the accompanying Schedule of Investments. |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations | ||||||
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 | $ | (97,666 | ) | $ | (16,958 | ) | ||
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | (15,451 | ) | (14,563 | ) | ||||
Total | $ | (113,117 | ) | $ | (31,521 | ) | |||
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding and market value outstanding for forward contracts and futures contracts, respectively, were as follows: short forward contracts - $632,538, long forward contracts - $627,049, short futures contracts - $333,419. Additionally, the Fund's average number of purchased option contracts outstanding was 258.
Ivy Science and Technology Fund. The Fund's objective in using derivatives during the period was to hedge market risk on securities in its portfolio. To achieve this objective, the Fund utilized options, both written and purchased, on individual equity securities owned by the Fund.
There were no open derivative instruments as of September 30, 2010.
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Equity | Net realized gain (loss) on investments in unaffiliated securities and written options | $4,555 | $0 |
During the fiscal period ended September 30, 2010, the Fund's average number of purchased option contracts and written option contracts outstanding was 84 and 198, respectively.
In connection with Ivy Asset Strategy Fund's investment in Vietnam Azalea Fund Limited (VAF), the Fund is contractually committed to provide additional capital of up to $3,732 if and when VAF requests such contributions or draw downs. The total commitment is limited to $11,000. At September 30, 2010, Ivy Asset Strategy Fund had made a total contribution of $7,268. No public market currently exists for the shares of VAF nor are the shares listed on any securities exchange. VAF intends to become listed within one year after the final commitment has been drawn down. VAF's investment strategy is to make minority investments in future blue-chip Vietnamese companies that are already listed or intend to be listed in the next 24 months.
9. AFFILIATED COMPANY TRANSACTIONSA summary of the transactions in affiliated companies during the fiscal period ended September 30, 2010 follows:
3-31-10 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/ (Loss) | Distributions Received | 9-30-10 Share Balance | 9-30-10 Market Value | ||||||||||||||||
Ivy Asset Strategy Fund | ||||||||||||||||||||||
PMC-Sierra, Inc.(1) | 21,261 | $ | –– | $ | 63,533 | $ | (871 | ) | $ | –– | 13,361 | $ | 98,335 | |||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 8,333 | 71,322 | –– | –– | –– | 9,908 | 520,650 | |||||||||||||||
Vietnam Azalea Fund Limited(1) | 1,100 | –– | –– | –– | –– | 1,100 | 4,774 | |||||||||||||||
Wynn Resorts, Limited | 11,698 | 33,570 | –– | –– | 5,957 | 12,130 | 1,052,520 | |||||||||||||||
$ | 5,957 | $ | 1,676,279 | |||||||||||||||||||
(1)No dividends were paid during the preceding 12 months. |
3-31-10 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/ (Loss) | Distributions Received | 9-30-10 Share Balance | 9-30-10 Market Value | ||||||||||||||||
Ivy Global Natural Resources Fund | ||||||||||||||||||||||
Alpha Natural Resources, Inc.(1) | 6,500 | $ | 19,057 | $ | 24,366 | $ | (4,753 | ) | $ | –– | 6,500 | $ | 267,474 | |||||||||
Yingli Green Energy Holding Company Limited, ADR(1)(2) | 7,500 | 11,835 | 24,968 | (10,360 | ) | –– | 7,250 | N/A | ||||||||||||||
$ | –– | $ | 267,474 | |||||||||||||||||||
(1)No dividends were paid during the preceding 12 months. | ||||||||||||||||||||||
(2)Company was no longer an affiliate at September 30, 2010. |
For Ivy Asset Strategy Fund, transactions in written call options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | 138 | $ | 37,747 | |||||||
Options written | –– | –– | ||||||||
Options terminated in closing purchase transactions | (138 | ) | (37,747 | ) | ||||||
Options exercised | –– | –– | ||||||||
Options expired | –– | –– | ||||||||
Outstanding at September 30, 2010 | –– | $ | –– | |||||||
For Ivy Asset Strategy Fund, transactions in written put options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | –– | $ | –– | |||||||
Options written | 32 | 38,315 | ||||||||
Options terminated in closing purchase transactions | –– | * | (14,567 | ) | ||||||
Options exercised | –– | –– | ||||||||
Options expired | (1 | ) | (203 | ) | ||||||
Outstanding at September 30, 2010 | 31 | $ | 23,545 | |||||||
For Ivy Science and Technology Fund, transactions in written call options were as follows: | ||||||||||
| Number of Contracts | Premium Received | ||||||||
Outstanding at March 31, 2010 | –– | $ | –– | |||||||
Options written | 876 | 1,195 | ||||||||
Options terminated in closing purchase transactions | –– | –– | ||||||||
Options exercised | –– | –– | ||||||||
Options expired | (876 | ) | (1,195 | ) | ||||||
Outstanding at September 30, 2010 | –– | $ | –– | |||||||
*Not shown due to rounding. |
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At a meeting of the Board of Trustees of Ivy Funds (the "Trust") held on August 24 and 25, 2010, 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 Investment Management Agreement between Ivy Investment Management Company ("IICO") and the Trust and the continuance of the Investment Subadvisory Agreements between IICO and:
- Advantus Capital Management, Inc. (with respect to Ivy Bond Fund, Ivy Mortgage Securities Fund and Ivy Real Estate Securities Fund)
- Mackenzie Financial Corporation (with respect to Ivy Global Natural Resources Fund and Ivy Cundill Global Value Fund)
- Wall Street Associates (with respect to Ivy Micro Cap Growth Fund)
(each such subadviser referred to herein as a "Subadviser").
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 each series of the Trust (each a "Fund," and together, 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 B oard 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 24th and 25th 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 Boar d'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 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 the 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, administrative and fund accounting 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 the Funds' asset sizes and fee structures did not warrant the restructuring or reevaluation of the fee breakpoints for the Funds at the current time.
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. The Board focused particularly on, among other Funds, the Ivy Asset Strategy Fund, Ivy Bond Fund, Ivy Capital Appreciation Fund, Ivy Cundill Global Value Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy Global Natural Resources Fund and Ivy Large Cap Growth Fund. In addition, the Board considered that IICO relatively recently had assumed the day-to-day 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 quartile 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 focus Funds identified by the independent fee consultant 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, noting that, as the Funds' assets have increased over time, the expense ratios of the Funds generally have fallen. After completing this examination, the Board concluded that each Fund's expenses are appropriate at the current time.
Independent Fee Consultant ReviewDuring August of 2010, and as part of their regularly scheduled meetings, the Disinterested Trustees of Ivy Funds (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 ("WRSCO"), 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 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 Funds. The independent fee consultant's revi ew addressed the following fee-related factors:
- The nature, extent and quality of IICO's services to the Ivy Funds, including performance
- Management fees (including any components thereof) charged by other mutual fund companies for like services
- Management fees (including any components thereof) charged to institutional and other clients of IICO for like services
- Costs to IICO and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit
- Profit margins of IICO and its affiliates from supplying such services
- Possible economies of scale as an Ivy Fund grows larger
The following summarizes the findings of the independent fee consultant retained by the Disinterested Trustees.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, 2010, when compared to their respective peer groups established by Lipper, Inc. ("Lipper"), approximately 54% of the Ivy Funds were in the top quintile of performance and 62% of the Ivy Funds were in the top two quintiles of performance. For the one-, and five-year periods ended March 31, 2010, the report stated that 33% and 64% of the Ivy Funds were in the top two quintiles of performance, respectively. 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 infrastruc ture.
The report stated that for the 12 months ended March 31, 2010, the asset-weighted average expense ratios of the Ivy Funds were 2% below the mean expense ratios of comparable Lipper Expense Group peers and 16% below asset-weighted average expense ratios of funds in the Lipper Expense Universe. The management fees for the Ivy Funds on average were approximately 9% below the mean management fees for their Lipper Expense Groups and approximately 17% below the mean for their Lipper Expense Universe. The independent fee consultant noted that the Ivy Funds' small average account size introduces certain biases in the Lipper analyses that works 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 also stated that the management fees IICO charges to the Ivy Funds 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, based on industry data, the average spread between management fees charged to the Ivy Funds and those it charges to institutional accounts is below the average fee spreads observed at other investment advisers in industry surveys.
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 similarly-sized, publicly traded mutual fund managers, but appears sufficient to enable IICO to continue to provide quality support to the Ivy Funds and their shareholders.
The independent fee consultant undertook an economy of pricing analysis that showed that Ivy Funds incur lower fees and expenses with increasing fund AUM which the independent fee consultant believes should benefit Ivy Fund investors as the Ivy Funds mature.
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 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 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, 2010.
The 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, 2010 are reasonable and provide adequate justification for renewal of the Ivy Funds' existing advisory agreements.
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 1.800.777.6472 and (ii) on the Securities and Exchange Commission's (SEC) website at www.sec.gov.
Proxy Voting RecordsInformation regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended 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.
Portfolio holdings can be found on the Trust's website at www.ivyfunds.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found on the Trust's Form N-Q. These holdings may be viewed 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.
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.
This page is for your notes and calculations.
Domestic Equity Funds
Global/International FundsIvy 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
Specialty FundsIvy 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
Fixed Income FundsIvy Asset Strategy Fund
Ivy Asset Strategy New Opportunities Fund
Ivy Balanced Fund
Ivy Energy Fund
Ivy Global Natural Resources Fund
Ivy Real Estate Securities Fund
Ivy Science and Technology Fund
1.800.777.6472Ivy 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
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, or summary prospectus, carefully before investing.
SEMIANN-IVYFUNDS (9-10)
Semiannual Report
Ivy FundsIvy Bond Fund
Ivy Capital Appreciation Fund
Ivy Core Equity Fund
Ivy Cundill Global Value Fund
Ivy Dividend Opportunities Fund
Ivy European Opportunities Fund
Ivy Global Bond Fund
Ivy High Income Fund
Ivy International Balanced Fund
Ivy International Core Equity Fund
Ivy International Growth Fund
Ivy Large Cap Growth Fund
Ivy Limited-Term Bond Fund
Ivy Managed European/Pacific Fund
Ivy Managed International Opportunities Fund
Ivy Micro Cap Growth Fund
Ivy Mid Cap Growth Fund
Ivy Money Market Fund
Ivy Mortgage Securities Fund
Ivy Municipal Bond Fund
Ivy Municipal High Income Fund
Ivy Pacific Opportunities Fund
Ivy Small Cap Growth Fund
Ivy Small Cap Value Fund
Ivy Tax-Managed Equity Fund
Ivy Value Fund
President's Letter | 3 |
Portfolio Highlights, Illustration of Fund Expenses and Schedule of Investments: | |
Ivy Bond Fund | 4 |
Ivy Capital Appreciation Fund | 13 |
Ivy Core Equity Fund | 17 |
Ivy Cundill Global Value Fund | 21 |
Ivy Dividend Opportunities Fund | 25 |
Ivy European Opportunities Fund | 29 |
Ivy Global Bond Fund | 33 |
Ivy High Income Fund | 41 |
Ivy International Balanced Fund | 49 |
Ivy International Core Equity Fund | 54 |
Ivy International Growth Fund | 58 |
Ivy Large Cap Growth Fund | 62 |
Ivy Limited-Term Bond Fund | 66 |
Ivy Managed European/Pacific Fund and Ivy Managed International Opportunities Fund | 72 |
Ivy Micro Cap Growth Fund | 75 |
Ivy Mid Cap Growth Fund | 79 |
Ivy Money Market Fund | 83 |
Ivy Mortgage Securities Fund | 88 |
Ivy Municipal Bond Fund | 94 |
Ivy Municipal High Income Fund | 102 |
Ivy Pacific Opportunities Fund | 111 |
Ivy Small Cap Growth Fund | 115 |
Ivy Small Cap Value Fund | 119 |
Ivy Tax-Managed Equity Fund | 123 |
Ivy Value Fund | 128 |
Statement of Assets and Liabilities | 132 |
Statement of Operations | 136 |
Statement of Changes in Net Assets | 140 |
Financial Highlights | 150 |
Notes to Financial Statements | 202 |
Renewal of Investment Management Agreement | 245 |
Proxy Voting Information | 249 |
Quarterly Portfolio Schedule Information | 250 |
IRA Disclosure | 250 |
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, or summary prospectus, and current performance information, including current Lipper ranking information.
Henry J. Herrmann, CFA
Dear Shareholder:
In the six months since our last report to you, investors have witnessed a dramatic reversal in investor sentiment. When the period opened, stocks and bonds were rallying as many economic indicators pointed to continued recovery and increasing stability in the U.S. economy. Investor confidence was further bolstered by stabilization of global credit markets and stronger-than-expected first-quarter 2010 corporate profits. Optimism abruptly changed, however, with the emergence of the European debt crisis, which created fears of a double-dip recession. The European banking system was negatively impacted when investors began to question the credit quality of several sovereign governments and whether the eurozone would be able to move past political strife to gain monetary stability. That scenario, in conjunction with data reflecting slowing U.S. economic growth and escalating concern about China's ability to slow the pace of its economy, drove a sharp global correction. Investors dodged riskier assets and de monstrated a flight to quality, ultimately driving U.S. bond yields to historical lows and fueling fears that the global economy could slip back into recession. The tide seemed to turn in September, however, traditionally a negative month for equities, with slightly stronger economic data and optimism that mid-term elections may drive more investor-friendly changes in Washington. Stocks staged a dramatic four-week rally that restored some optimism, as did an announcement from the National Bureau of Economic Research that the `Great Recession,' the longest-lasting since the Great Depression, officially ended in June of 2009.
The economy grew at a 1.7 percent annual rate in the second calendar quarter of 2010, and preliminary estimates for third-quarter growth appear positive. The S&P 500 Index declined 2.4 percent during the six months ended September 30, 2010, while international securities, as represented by the MSCI EAFE Index, declined 1.5 percent. Fixed-income markets, as measured by the Citigroup Broad Investment Grade Index, saw yields drop significantly.
Numerous imponderables remain, including persistent high unemployment and a housing sector that continues to struggle, particularly so after government stimulus was removed. Nonetheless, we are optimistic that better days are ahead. Interest rates are low, government policy remains accommodative, and companies are reporting more robust activity. Acquisition activity, a sign that companies are growing more willing to loosen the purse strings and funnel money into growing their operations, appears to be picking up.
Economic Snapshot
9/30/10 | 3/31/10 | |||||
S&P 500 Index | 1141.20 | 1169.43 | ||||
MSCI EAFE Index | 1561.01 | 1584.27 | ||||
Citigroup Broad Investment Grade Index (annualized yield to maturity) | 2.33 | % | 3.26 | % | ||
U.S. unemployment rate | 9.6 | % | 9.7 | % | ||
30-year fixed mortgage rate | 4.35 | % | 4.99 | % | ||
Oil price per barrel | $79.97 | $83.76 |
Sources: Bloomberg, U.S. Department of Labor
All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarily large-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. Citigroup Broad Investment Grade Index is an unmanaged index comprised of securities that represent the bond market. Annualized yield to maturity is the rate of return anticipated on a bond if it is held until the maturity date. It is not possible to invest directly in any of these indexes. Mortgage rates shown reflect the average rate on a conventional loan with a 60-day lender commitment. Oil prices reflect the market price of West Texas intermediate grade crude.
As always, we thank you for your continued trust in Ivy Funds, and 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 Ivy 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
Bonds | 97.3% |
Corporate Debt Securities | 48.0% |
United States Government and Government Agency Obligations | 47.6% |
Other Government Securities | 1.7% |
Cash and Cash Equivalents and Equities | 2.7% |
Lipper Rankings
Category: Lipper Corporate Debt Funds A Rated | Rank | Percentile |
1 Year | 35/137 | 26 |
3 Year | 101/130 | 78 |
5 Year | 102/122 | 83 |
10 Year | 48/61 | 78 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
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.
Quality Weightings
Investment Grade | 89.0% |
AAA | 57.6% |
AA | 4.7% |
A | 9.8% |
BBB | 16.9% |
Non-Investment Grade | 8.3% |
BB | 5.9% |
B | 1.7% |
CCC | 0.1% |
Below CCC | 0.1% |
Non-rated | 0.5% |
Cash and Cash Equivalents and Equities | 2.7% |
Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
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, 2010.
Actual Expenses
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.
Hypothetical Example for Comparison Purposes
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, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||
Based on Actual Fund Return(1) | |||||||
Class A | $1,000 | $1,062.80 | 1.13% | $ | 5.88 | ||
Class B | $1,000 | $1,057.20 | 2.19% | $ | 11.31 | ||
Class C | $1,000 | $1,059.00 | 1.84% | $ | 9.47 | ||
Class E | $1,000 | $1,062.40 | 1.21% | $ | 6.29 | ||
Class I | $1,000 | $1,064.50 | 0.82% | $ | 4.23 | ||
Class Y | $1,000 | $1,063.30 | 1.05% | $ | 5.47 | ||
Based on 5% Return(2) | |||||||
Class A | $1,000 | $1,019.40 | 1.13% | $ | 5.76 | ||
Class B | $1,000 | $1,014.10 | 2.19% | $ | 11.08 | ||
Class C | $1,000 | $1,015.82 | 1.84% | $ | 9.27 | ||
Class E | $1,000 | $1,019.00 | 1.21% | $ | 6.16 | ||
Class I | $1,000 | $1,020.98 | 0.82% | $ | 4.14 | ||
Class Y | $1,000 | $1,019.79 | 1.05% | $ | 5.35 |
*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, 2010, 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 - 0.1% | ||||||||
PS Business Parks, Inc., 7.0% Cumulative (A) | 11 | $ | 264 | |||||
Specialized REITs - 0.0% | ||||||||
Public Storage, Inc., 6.25% Cumulative (A) | 2 | 55 | ||||||
TOTAL PREFERRED STOCKS - 0.1% | $ | 319 | ||||||
(Cost: $315) | ||||||||
CORPORATE DEBT SECURITIES | Principal | |||||||
Aerospace & Defense - 0.9% | ||||||||
L-3 Communications Corporation, | ||||||||
5.875%, 1-15-15 | $ 2,475 | 2,531 | ||||||
Agricultural Products - 0.3% | ||||||||
Corn Products International, Inc., | ||||||||
3.200%, 11-1-15 | 805 | 821 | ||||||
Airlines - 1.2% | ||||||||
Continental Airlines 2001-1 A-1, | ||||||||
8.048%, 11-1-20 | 1,104 | 1,192 | ||||||
Continental Airlines Pass Through Certificates, Series 2009-2, | ||||||||
7.250%, 11-10-19 | 760 | 828 | ||||||
United Air Lines, Inc., | ||||||||
10.400%, 11-1-16 | 1,111 | 1,239 | ||||||
3,259 | ||||||||
Application Software - 0.5% | ||||||||
Intuit Inc., | ||||||||
5.750%, 3-15-17 | 1,280 | 1,451 | ||||||
Asset-Backed Security - 4.6% | ||||||||
Associates Manufactured Housing Contract Pass-Through Certificates, | ||||||||
7.725%, 6-15-28 (B) | 11 | 11 | ||||||
Capital Auto Receivables Asset Trust 2007-1, | ||||||||
6.570%, 9-16-13 (C) | 625 | 646 | ||||||
Capital Auto Receivables Asset Trust 2007-3, | ||||||||
8.000%, 3-17-14 (C) | 480 | 515 | ||||||
CarMax Auto Owner Trust 2007-3, | ||||||||
7.580%, 3-17-14 | 380 | 403 | ||||||
Chrysler Financial Auto Securitization Trust 2010-A, | ||||||||
1.650%, 11-8-13 | 1,740 | 1,758 | ||||||
CountryPlace Manufactured Housing Contract Trust 2005-1, | ||||||||
5.200%, 12-15-35 (B)(C) | 300 | 251 | ||||||
Ford Credit Auto Lease Trust, Series 2010-A, Class A-2, | ||||||||
1.040%, 3-15-13 (D) | 1,406 | 1,407 | ||||||
Ford Credit Auto Owner Trust 2007-A, | ||||||||
7.050%, 12-15-13 (C) | 175 | 185 | ||||||
Ford Credit Auto Owner Trust 2009-B A3, | ||||||||
2.790%, 8-15-13 | 350 | 356 | ||||||
GE Capital Credit Card Master Note Trust, Series 2009-2, | ||||||||
3.690%, 7-15-15 | 870 | 912 | ||||||
GE Capital Credit Card Master Note Trust, Series 2009-3, | ||||||||
2.540%, 9-15-14 | 485 | 494 | ||||||
GE Capital Credit Card Master Note Trust, Series 2010-2 Class A, | ||||||||
4.700%, 3-15-20 | 830 | 913 |
Green Tree Financial Corporation, | ||||||||
6.400%, 10-15-18 | 65 | 66 | ||||||
Honda Auto Receivables 2010-1 Owner Trust, | ||||||||
0.620%, 2-21-12 | 2,485 | 2,486 | ||||||
HSBC Credit Card Master Note Trust (USA) I, Series 2007-2 Class A, | ||||||||
0.807%, 7-15-13 (B) | 1,000 | 1,000 | ||||||
JPMorgan Auto Receivables Trust 2007-A, | ||||||||
7.090%, 2-15-14 (C) | 148 | 148 | ||||||
Origen Manufactured Housing Contract Trust 2004-A, | ||||||||
5.700%, 1-15-35 | 100 | 108 | ||||||
Origen Manufactured Housing Contract Trust 2004-B, | ||||||||
5.730%, 11-15-35 (B) | 1,016 | 1,039 | ||||||
Origen Manufactured Housing Contract Trust 2005-A: | ||||||||
4.490%, 5-15-18 | 21 | 21 | ||||||
5.860%, 6-15-36 (B) | 108 | 113 | ||||||
Origen Manufactured Housing Contract Trust 2005-B, | ||||||||
5.605%, 5-15-22 | 100 | 104 | ||||||
12,936 | ||||||||
Biotechnology - 0.3% | ||||||||
Genzyme Corporation, | ||||||||
3.625%, 6-15-15 (D) | 900 | 955 | ||||||
Broadcasting - 0.4% | ||||||||
NBC Universal, Inc., | ||||||||
4.375%, 4-1-21 (D) | 1,165 | 1,179 | ||||||
Cable & Satellite - 0.5% | ||||||||
Cox Communications, Inc., | ||||||||
7.125%, 10-1-12 | 450 | 498 | ||||||
Time Warner Cable Inc., | ||||||||
7.500%, 4-1-14 | 605 | 714 | ||||||
1,212 | ||||||||
CMBS Other - 6.7% | ||||||||
Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP16 Class A-4, | ||||||||
4.320%, 2-13-46 | 682 | 690 | ||||||
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, | ||||||||
5.468%, 6-11-41 (B) | 1,598 | 1,756 | ||||||
Carey Commercial Mortgage Trust Series 2002-1, | ||||||||
5.970%, 9-20-19 (D) | 244 | 248 | ||||||
Commerical Mortgage Asset Trust, | ||||||||
6.975%, 1-17-32 | 2,000 | 2,184 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-C2, | ||||||||
4.691%, 4-15-37 | 5,495 | 5,592 | ||||||
Hometown Commercial Capital, LLC Hometown Commercial Mortgage Pass-Through Notes 2006-1, | ||||||||
5.506%, 11-11-38 (C) | 421 | 191 | ||||||
Hometown Commercial Trust 2007-1, Commercial Mortgage-Backed Notes, Series 2007-1, | ||||||||
6.057%, 6-11-39 (C) | 405 | 108 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-LDP2, | ||||||||
4.625%, 3-15-46 | 363 | 369 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust 2009-IWST, Commercial Mortgage Pass-Through Certificates, Series 2009-IWST: | ||||||||
2.001%, 12-5-27 (B)(C) | 6,187 | 872 | ||||||
7.694%, 12-5-27 (B)(D) | 1,500 | 1,732 | ||||||
LB-UBS Commercial Mortgage Trust 2003-C7, | ||||||||
5.264%, 7-15-37 (B)(D) | 1,000 | 929 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4: | ||||||||
5.880%, 11-28-35 (B)(C) | 105 | 25 | ||||||
5.880%, 11-28-35 (B)(C) | 155 | 9 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4 (Interest Only), | ||||||||
1.150%, 11-28-35 (B)(C)(E) | 1,815 | 25 | ||||||
Nomura Asset Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 1998-D6, | ||||||||
6.000%, 3-15-30 (D) | 500 | 508 | ||||||
OBP Depositor LLC Trust, Commercial Mortgage Pass-Through Certificates, Ser 2010-OBP, | ||||||||
4.646%, 7-15-45 (D) | 1,255 | 1,357 | ||||||
TIAA Seasoned Commercial Mortgage Trust 2007-C4, | ||||||||
5.640%, 8-15-39 (B) | 959 | 984 | ||||||
Vornado DP LLC Trust 2010, Commercial Mortgage Pass-Through Certificates, Series 2010-VNO, | ||||||||
5.280%, 9-13-28 (D) | 1,200 | 1,234 | ||||||
18,813 | ||||||||
Communications Equipment - 0.2% | ||||||||
Cisco Systems, Inc., | ||||||||
5.500%, 1-15-40 | 480 | 528 | ||||||
Consumer Finance - 0.9% | ||||||||
American Express Bank, FSB (Federal Deposit Insurance Corporation), | ||||||||
3.150%, 12-9-11 (F) | 250 | 258 | ||||||
Discover Financial Services, | ||||||||
6.450%, 6-12-17 | 660 | 710 | ||||||
Ford Motor Credit Company LLC, | ||||||||
5.625%, 9-15-15 | 1,500 | 1,543 | ||||||
2,511 | ||||||||
Data Processing & Outsourced Services - 0.6% | ||||||||
Fiserv, Inc., | ||||||||
3.125%, 10-1-15 | 1,675 | 1,701 | ||||||
Diversified Banks - 0.3% | ||||||||
Sovereign Bank (Federal Deposit Insurance Corporation), | ||||||||
2.750%, 1-17-12 (F) | 705 | 726 | ||||||
Diversified REITs - 0.5% | ||||||||
Allied Capital Corporation, | ||||||||
6.625%, 7-15-11 | 685 | 698 | ||||||
DEXUS Property Group, | ||||||||
7.125%, 10-15-14 (C) | 720 | 793 | ||||||
1,491 | ||||||||
Electric Utilities - 0.7% | ||||||||
Columbus Southern Power Company, | ||||||||
0.692%, 3-16-12 (B) | 240 | 241 | ||||||
Southwestern Electric Power Company, | ||||||||
5.550%, 1-15-17 | 1,645 | 1,802 | ||||||
2,043 | ||||||||
Fertilizers & Agricultural Chemicals - 0.8% | ||||||||
Mosaic Company (The), | ||||||||
7.625%, 12-1-16 (D) | 2,000 | 2,169 | ||||||
Food Distributors - 0.3% | ||||||||
Cargill, Inc., | ||||||||
5.200%, 1-22-13 (D) | 725 | 786 | ||||||
Gas Utilities - 0.2% | ||||||||
Ferrellgas, L.P. and Ferrellgas Finance Corp., | ||||||||
9.125%, 10-1-17 | 500 | 542 | ||||||
Gold - 0.7% | ||||||||
Gold Fields Orogen Holding Limited, | ||||||||
4.875%, 10-7-20 (C) | 2,000 | 1,986 | ||||||
Health Care Equipment - 0.2% | ||||||||
Boston Scientific Corporation, | ||||||||
5.450%, 6-15-14 | 650 | 690 | ||||||
Health Care Services - 0.6% | ||||||||
Laboratory Corporation of America Holdings, | ||||||||
5.500%, 2-1-13 | 215 | 232 | ||||||
Medco Health Solutions, Inc., | ||||||||
7.125%, 3-15-18 | 1,030 | 1,265 | ||||||
1,497 | ||||||||
Independent Power Producers & Energy Traders - 0.6% | ||||||||
NRG Energy, Inc.: | ||||||||
8.500%, 6-15-19 | 500 | 527 | ||||||
8.250%, 9-1-20 (D) | 1,000 | 1,031 | ||||||
1,558 | ||||||||
Industrial Conglomerates - 1.1% | ||||||||
General Electric Capital Corporation (Federal Deposit Insurance Corporation): | ||||||||
1.625%, 1-7-11 (F) | 1,415 | 1,421 | ||||||
3.000%, 12-9-11 (F) | 305 | 314 | ||||||
Tyco International Finance S.A.: | ||||||||
4.125%, 10-15-14 | 305 | 332 | ||||||
8.500%, 1-15-19 | 845 | 1,120 | ||||||
3,187 | ||||||||
Insurance Brokers - 0.5% | ||||||||
Aon Corporation, | ||||||||
3.500%, 9-30-15 | 1,350 | 1,376 | ||||||
Integrated Oil & Gas - 1.4% | ||||||||
Shell International Finance B.V., | ||||||||
3.100%, 6-28-15 | 1,970 | 2,075 | ||||||
Total Capital, | ||||||||
4.450%, 6-24-20 | 1,635 | 1,789 | ||||||
3,864 | ||||||||
Integrated Telecommunication Services - 2.1% | ||||||||
Frontier Communications Corporation: | ||||||||
7.875%, 4-15-15 | 1,305 | 1,409 | ||||||
8.250%, 4-15-17 | 260 | 284 | ||||||
Qwest Communications International Inc., | ||||||||
7.125%, 4-1-18 (D) | 1,000 | 1,050 | ||||||
Verizon Wireless Capital LLC, | ||||||||
5.550%, 2-1-14 | 1,375 | 1,556 | ||||||
Windstream Corp., | ||||||||
7.750%, 10-15-20 (D) | 1,500 | 1,511 | ||||||
5,810 | ||||||||
Investment Banking & Brokerage - 2.9% | ||||||||
Goldman Sachs Group, Inc. (The): | ||||||||
5.150%, 1-15-14 | 485 | 527 | ||||||
6.150%, 4-1-18 | 1,015 | 1,126 | ||||||
Merrill Lynch & Co., Inc., | ||||||||
6.400%, 8-28-17 | 1,650 | 1,805 | ||||||
Morgan Stanley: | ||||||||
6.000%, 5-13-14 | 1,255 | 1,378 | ||||||
6.250%, 8-28-17 | 1,100 | 1,203 | ||||||
5.500%, 7-24-20 | 880 | 907 | ||||||
Morgan Stanley (Federal Deposit Insurance Corporation), | ||||||||
2.900%, 12-1-10 (F) | 1,150 | 1,155 | ||||||
8,101 | ||||||||
Life & Health Insurance - 2.0% | ||||||||
StanCorp Financial Group, Inc.: | ||||||||
6.875%, 10-1-12 | 450 | 481 | ||||||
6.900%, 6-1-67 | 300 | 274 | ||||||
Symetra Financial Corporation: | ||||||||
6.125%, 4-1-16 (C) | 1,150 | 1,190 | ||||||
8.300%, 10-15-37 (C) | 885 | 789 | ||||||
Unum Group: | ||||||||
7.125%, 9-30-16 | 2,000 | 2,308 | ||||||
5.625%, 9-15-20 | 500 | 514 | ||||||
5,556 | ||||||||
Life Sciences Tools & Services - 0.4% | ||||||||
Bio-Rad Laboratories, Inc., | ||||||||
6.125%, 12-15-14 | 1,190 | 1,214 | ||||||
Metal & Glass Containers - 0.4% | ||||||||
Ball Corporation: | ||||||||
7.125%, 9-1-16 | 455 | 491 | ||||||
7.375%, 9-1-19 | 500 | 544 | ||||||
1,035 | ||||||||
Multi-Utilities - 0.4% | ||||||||
CMS Energy Corporation, | ||||||||
4.250%, 9-30-15 | 1,000 | 1,009 | ||||||
Oil & Gas Equipment & Services - 0.2% | ||||||||
Smith International, Inc., | ||||||||
8.625%, 3-15-14 | 500 | 609 | ||||||
Oil & Gas Exploration & Production - 0.6% | ||||||||
QEP Resources, Inc., | ||||||||
6.875%, 3-1-21 | 1,500 | 1,624 | ||||||
Oil & Gas Refining & Marketing - 1.2% | ||||||||
NuStar Logistics, L.P., | ||||||||
7.650%, 4-15-18 | 2,000 | 2,427 | ||||||
Whiting Petroleum Corporation, | ||||||||
6.500%, 10-1-18 | 1,000 | 1,023 | ||||||
3,450 | ||||||||
Oil & Gas Storage & Transportation - 1.7% | ||||||||
El Paso Corporation, | ||||||||
7.250%, 6-1-18 | 465 | 501 | ||||||
El Paso Pipeline Partners Operating Company, L.L.C., | ||||||||
6.500%, 4-1-20 | 1,275 | 1,376 | ||||||
Kinder Morgan Energy Partners, L.P., | ||||||||
9.000%, 2-1-19 | 615 | 801 | ||||||
Sunoco Logistics Partners Operations L.P., | ||||||||
6.850%, 2-15-40 | 1,265 | 1,383 | ||||||
Williams Partners L.P., | ||||||||
7.250%, 2-1-17 | 770 | 917 | ||||||
4,978 | ||||||||
Other Diversified Financial Services - 1.4% | ||||||||
Bank of America Corporation, | ||||||||
7.375%, 5-15-14 | 540 | 621 | ||||||
Citigroup Inc.: | ||||||||
6.500%, 8-19-13 | 375 | 414 | ||||||
6.010%, 1-15-15 | 1,080 | 1,188 | ||||||
4.750%, 5-19-15 | 1,540 | 1,621 | ||||||
3,844 | ||||||||
Other Mortgage-Backed Securities - 3.3% | ||||||||
Asset Securitization Corporation, | ||||||||
7.674%, 2-14-43 (B) | 170 | 181 | ||||||
Asset Securitization Corporation (Interest Only), | ||||||||
1.458%, 10-13-26 (B)(D)(E) | 652 | 7 | ||||||
Banc of America Alternative Loan Trust 2005-10: | ||||||||
5.663%, 11-25-35 (B) | 260 | 33 | ||||||
5.667%, 11-25-35 (B) | 127 | 10 | ||||||
Banc of America Alternative Loan Trust 2005-12, | ||||||||
5.790%, 1-25-36 (B) | 274 | 25 | ||||||
Banc of America Alternative Loan Trust 2006-8, | ||||||||
6.245%, 11-25-46 (B) | 8 | –– | * | |||||
Banc of America Mortgage 2007-1 Trust, | ||||||||
6.000%, 3-25-37 | 162 | 13 | ||||||
BlackRock Capital Finance, | ||||||||
7.750%, 9-25-26 (D) | 83 | 17 | ||||||
C-Bass 2006-CB2 Trust, | ||||||||
5.860%, 12-25-36 | 530 | 262 | ||||||
C-Bass 2006-MH1 Trust: | ||||||||
6.240%, 10-25-36 (B)(D) | 90 | 91 | ||||||
6.250%, 10-25-36 (B)(D) | 170 | 175 | ||||||
CD 2006-CD2 Mortgage Trust, | ||||||||
5.805%, 1-15-46 (B)(C) | 710 | 697 | ||||||
Cendant Mortgage Corporation and Bishop's Gate Residential Mortgage Trust, | ||||||||
6.250%, 6-25-32 (C) | 56 | 33 | ||||||
CHL Mortgage Pass-Through Trust 2004-J4, | ||||||||
5.250%, 5-25-34 | 595 | 374 | ||||||
Citibank Omni Master Trust Class 2009-A17, | ||||||||
4.900%, 11-15-18 (D) | 1,160 | 1,254 | ||||||
CitiMortgage Alternative Loan Trust, Series 2007-A7, | ||||||||
6.250%, 7-25-37 | 364 | 59 | ||||||
Conseco Finance Securitizations Corp. Series 2002-1, | ||||||||
6.681%, 12-1-33 (B) | 485 | 513 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S6, | ||||||||
5.962%, 3-25-34 (B) | 156 | 56 | ||||||
CWHEQ Home Equity Loan Trust, Series 2007-S2, | ||||||||
5.934%, 5-25-37 (B) | 420 | 203 | ||||||
First Horizon Mortgage Pass-Through Trust 2003-8, | ||||||||
5.137%, 10-25-33 (B) | 74 | 33 | ||||||
Global Mortgage Securitization 2005-A Ltd. and Global Mortgage Securitization 2005-A LLC: | ||||||||
5.250%, 4-25-32 | 146 | 112 | ||||||
5.401%, 4-25-32 (B) | 216 | 94 | ||||||
Global Mortgage Securitization Ltd. and Global Mortgage Securitization, LLC: | ||||||||
5.250%, 11-25-32 (C) | 214 | 167 | ||||||
5.250%, 11-25-32 (C) | 184 | 147 | ||||||
GMACM Home Equity Loan Trust 2006-HE3, | ||||||||
6.088%, 10-25-36 (B) | 390 | 220 | ||||||
GMACM Home Equity Loan Trust 2007-HE1, | ||||||||
5.952%, 8-25-37 (B) | 570 | 296 | ||||||
Harley-Davidson Motorcycle Trust 2009-4, | ||||||||
1.160%, 10-15-12 | 418 | 419 | ||||||
Morgan Stanley Capital I Trust 2004-TOP15, | ||||||||
5.030%, 6-13-41 | 1,000 | 1,042 | ||||||
Morgan Stanley Capital I Trust 2007-HQ12, | ||||||||
5.812%, 4-12-49 (B) | 1,135 | 1,145 | ||||||
National Collegiate Trust 1997-S2 (The), | ||||||||
7.240%, 9-20-14 | 34 | 15 | ||||||
RALI Series 2003-QS10 Trust, | ||||||||
5.750%, 5-25-33 | 203 | 151 | ||||||
RASC Series 2003-KS10 Trust, | ||||||||
6.410%, 12-25-33 | 68 | 15 | ||||||
RESI Finance Limited Partnership 2003-C and RESI Finance DE Corporation 2003-C, | ||||||||
1.657%, 9-10-35 (B)(C) | 726 | 510 | ||||||
TimberStar Trust I, | ||||||||
6.208%, 10-15-36 (D) | 560 | 586 | ||||||
Wells Fargo Mortgage Backed Securities 2003-9 Trust, | ||||||||
5.250%, 8-25-33 (D) | 212 | 103 | ||||||
9,058 | ||||||||
Other Non-Agency REMIC/CMO - 0.0% | ||||||||
Banco Hipotecario Nacional, | ||||||||
7.916%, 7-25-09 (C) | 7 | –– | * | |||||
Mellon Residential Funding, | ||||||||
6.750%, 6-25-28 | 12 | 12 | ||||||
12 | ||||||||
Pharmaceuticals - 0.7% | ||||||||
Pfizer Inc., | ||||||||
2.242%, 3-15-11 (B) | 500 | 504 | ||||||
Valeant Pharmaceuticals International, | ||||||||
6.750%, 10-1-17 (D) | 1,100 | 1,122 | ||||||
1,626 | ||||||||
Property & Casualty Insurance - 0.8% | ||||||||
Fund American Companies, Inc., | ||||||||
5.875%, 5-15-13 | 560 | 588 | ||||||
Liberty Mutual Group, Inc., | ||||||||
7.300%, 6-15-14 (D) | 1,000 | 1,105 | ||||||
Liberty Mutual Holding Company Inc., | ||||||||
7.800%, 3-15-37 (C) | 360 | 340 | ||||||
XL Capital Finance (Europe) plc, | ||||||||
6.500%, 1-15-12 | 180 | 188 | ||||||
2,221 | ||||||||
Railroads - 0.4% | ||||||||
BNSF Funding Trust I, | ||||||||
6.613%, 12-15-55 | 975 | 980 | ||||||
Residential REITs - 0.4% | ||||||||
BRE Properties, Inc., | ||||||||
5.200%, 3-15-21 | 1,115 | 1,135 | ||||||
Retail REITs - 0.4% | ||||||||
Westfield Capital Corporation Limited, WT Finance (Aust) Pty Limited and WEA Finance LLC, | ||||||||
4.375%, 11-15-10 (D) | 335 | 336 | ||||||
Westfield Group, | ||||||||
7.500%, 6-2-14 (D) | 600 | 699 | ||||||
1,035 | ||||||||
Specialized Finance - 0.5% | ||||||||
International Lease Finance Corporation, | ||||||||
6.500%, 9-1-14 (D) | 1,300 | 1,394 | ||||||
Specialized REITs - 1.1% | ||||||||
Health Care REIT, Inc., | ||||||||
4.700%, 9-15-17 | 1,595 | 1,611 | ||||||
Healthcare Realty Trust Incorporated, | ||||||||
5.125%, 4-1-14 | 824 | 873 | ||||||
Nationwide Health Properties, Inc., | ||||||||
6.250%, 2-1-13 | 600 | 651 | ||||||
3,135 | ||||||||
Systems Software - 0.7% | ||||||||
Oracle Corporation, | ||||||||
5.375%, 7-15-40 (D) | 1,710 | 1,838 | ||||||
Tobacco - 1.1% | ||||||||
Altria Group, Inc., | ||||||||
9.700%, 11-10-18 | 1,700 | 2,301 | ||||||
Reynolds American Inc.: | ||||||||
7.250%, 6-1-12 | 320 | 346 | ||||||
7.625%, 6-1-16 | 380 | 446 | ||||||
3,093 | ||||||||
Wireless Telecommunication Service - 0.3% | ||||||||
Crown Castle International Corp., | ||||||||
6.113%, 1-15-20 (D) | 850 | 939 | ||||||
TOTAL CORPORATE DEBT SECURITIES - 48.0% | $ | 133,508 | ||||||
(Cost: $130,189) | ||||||||
OTHER GOVERNMENT SECURITIES - 1.7% | ||||||||
Canada | ||||||||
Province of Manitoba, | ||||||||
2.625%, 7-15-15 | 1,275 | 1,343 | ||||||
Province of Ontario, | ||||||||
2.700%, 6-16-15 | 3,300 | 3,457 | ||||||
(Cost: $4,572) | $ | 4,800 | ||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS | ||||||||
Agency Obligations - 1.8% | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
3.750%, 6-28-13 | 420 | 455 | ||||||
Federal National Mortgage Association, | ||||||||
0.875%, 1-12-12 | 4,600 | 4,625 | ||||||
5,080 | ||||||||
Mortgage-Backed Obligations - 30.0% | ||||||||
Fannie Mae Structured Pass-Through Certificates, Series 2010-M5 Class A2, | ||||||||
2.806%, 7-25-20 | 2,560 | 2,586 | ||||||
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates: | ||||||||
3.342%, 12-25-19 | 1,294 | 1,365 | ||||||
6.500%, 9-1-32 | 129 | 145 | ||||||
6.000%, 11-1-33 | 246 | 270 | ||||||
5.500%, 5-1-34 | 121 | 131 | ||||||
5.500%, 5-1-34 | 75 | 82 | ||||||
5.500%, 6-1-34 | 846 | 906 | ||||||
5.000%, 9-1-34 | 20 | 21 | ||||||
5.500%, 9-1-34 | 62 | 67 | ||||||
5.000%, 10-1-34 TBA | 2,850 | 2,994 | ||||||
5.500%, 10-1-34 | 202 | 218 | ||||||
5.500%, 7-1-35 | 231 | 247 | ||||||
5.500%, 7-1-35 | 125 | 133 | ||||||
5.500%, 10-1-35 TBA | 2,685 | 2,848 | ||||||
5.500%, 10-1-35 | 337 | 363 | ||||||
5.000%, 11-1-35 | 1,896 | 2,004 | ||||||
4.500%, 10-1-37 | 9,000 | 9,357 | ||||||
7.000%, 12-1-37 | 304 | 339 | ||||||
5.500%, 2-1-39 | 883 | 941 | ||||||
5.000%, 3-1-40 | 968 | 1,036 | ||||||
5.000%, 3-1-40 | 974 | 1,032 | ||||||
5.000%, 3-1-40 | 957 | 1,024 | ||||||
5.000%, 3-1-40 | 235 | 251 | ||||||
5.000%, 8-1-40 | 996 | 1,047 | ||||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
5.500%, 1-1-17 | 69 | 75 | ||||||
6.000%, 9-1-17 | 50 | 54 | ||||||
5.500%, 3-1-18 | 51 | 55 | ||||||
5.000%, 6-1-18 | 193 | 206 | ||||||
5.000%, 7-1-18 | 75 | 81 | ||||||
4.500%, 10-1-19 TBA | 8,000 | 8,415 | ||||||
5.000%, 7-1-23 | 891 | 947 | ||||||
4.000%, 10-1-23 TBA | 4,000 | 4,174 | ||||||
4.500%, 4-1-25 | 933 | 982 | ||||||
7.500%, 5-1-31 | 40 | 46 | ||||||
7.000%, 9-1-31 | 23 | 27 | ||||||
7.000%, 11-1-31 | 53 | 60 | ||||||
6.500%, 12-1-31 | 28 | 31 | ||||||
7.000%, 2-1-32 | 45 | 51 | ||||||
7.000%, 3-1-32 | 53 | 60 | ||||||
6.500%, 4-1-32 | 13 | 15 | ||||||
6.500%, 5-1-32 | 15 | 16 | ||||||
6.500%, 7-1-32 | 40 | 45 | ||||||
6.500%, 8-1-32 | 32 | 36 | ||||||
6.500%, 8-1-32 | 32 | 35 | ||||||
6.500%, 9-1-32 | 56 | 63 | ||||||
6.500%, 9-1-32 | 21 | 24 | ||||||
6.000%, 10-1-32 | 73 | 82 | ||||||
6.500%, 10-1-32 | 73 | 81 | ||||||
6.000%, 11-1-32 | 72 | 80 | ||||||
6.000%, 3-1-33 | 58 | 64 | ||||||
5.500%, 4-1-33 | 102 | 110 | ||||||
6.000%, 4-1-33 | 116 | 127 | ||||||
5.500%, 5-1-33 | 75 | 81 | ||||||
6.000%, 10-1-33 | 129 | 143 | ||||||
5.500%, 1-1-34 | 64 | 69 | ||||||
6.000%, 1-1-34 | 251 | 275 | ||||||
5.500%, 3-1-34 | 107 | 117 | ||||||
5.500%, 3-1-34 | 37 | 39 | ||||||
5.500%, 4-1-34 | 115 | 125 | ||||||
5.500%, 4-1-34 | 29 | 31 | ||||||
5.000%, 5-1-34 | 42 | 45 | ||||||
5.500%, 5-1-34 | 77 | 83 | ||||||
4.500%, 10-1-34 TBA | 3,000 | 3,124 | ||||||
5.500%, 10-1-34 TBA | 3,000 | 3,189 | ||||||
5.500%, 11-1-34 | 958 | 1,028 | ||||||
6.000%, 11-1-34 | 355 | 388 | ||||||
5.000%, 12-1-34 | 2,470 | 2,623 | ||||||
5.500%, 1-1-35 | 388 | 418 | ||||||
5.500%, 2-1-35 | 128 | 138 | ||||||
5.500%, 4-1-35 | 678 | 729 | ||||||
5.500%, 6-1-35 | 56 | 60 | ||||||
5.000%, 7-1-35 | 123 | 130 | ||||||
5.000%, 7-1-35 | 67 | 71 | ||||||
5.000%, 7-1-35 | 62 | 66 | ||||||
5.000%, 7-1-35 | 27 | 29 | ||||||
5.500%, 8-1-35 | 66 | 70 | ||||||
5.500%, 10-1-35 | 607 | 661 | ||||||
5.500%, 11-1-35 | 691 | 739 | ||||||
5.000%, 2-1-36 | 379 | 401 | ||||||
5.500%, 9-1-36 | 400 | 429 | ||||||
6.500%, 11-1-36 | 1,409 | 1,544 | ||||||
6.000%, 8-1-37 | 772 | 834 | ||||||
6.000%, 9-1-37 | 431 | 471 | ||||||
5.500%, 3-1-38 | 737 | 799 | ||||||
5.000%, 4-1-38 | 902 | 968 | ||||||
5.500%, 5-1-38 | 1,082 | 1,151 | ||||||
6.000%, 10-1-38 | 1,776 | 1,918 | ||||||
6.000%, 12-1-38 | 815 | 884 | ||||||
5.000%, 12-1-39 | 957 | 1,026 | ||||||
5.500%, 12-1-39 | 1,343 | 1,441 | ||||||
5.000%, 3-1-40 | 1,952 | 2,070 | ||||||
4.500%, 4-1-40 | 985 | 1,036 | ||||||
4.500%, 10-1-40 | 2,000 | 2,085 | ||||||
Government National Mortgage Association Agency REMIC/CMO: | ||||||||
5.429%, 12-16-23 (B) | 1,366 | 1,414 | ||||||
4.408%, 1-16-25 | 473 | 483 | ||||||
Government National Mortgage Association Agency REMIC/CMO (Interest Only), (E) | ||||||||
0.728%, 6-17-45 (B) | 3,820 | 114 | ||||||
Government National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
5.000%, 10-1-34 TBA | 440 | 469 | ||||||
5.500%, 7-15-38 | 671 | 724 | ||||||
5.500%, 10-15-38 | 545 | 597 | ||||||
5.500%, 2-15-39 | 459 | 496 | ||||||
5.000%, 1-15-40 | 979 | 1,047 | ||||||
5.000%, 7-15-40 | 997 | 1,063 | ||||||
83,384 | ||||||||
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 31.8% | $ | 88,464 | ||||||
(Cost: $87,052) |
UNITED STATES GOVERNMENT OBLIGATIONS | ||||||||
Treasury Inflation Protected Obligations - 0.5% | ||||||||
United States Treasury Notes, | ||||||||
1.875%, 7-15-13 (G) | 1,306 | 1,388 | ||||||
Treasury Obligations - 15.3% | ||||||||
United States Treasury Bonds: | ||||||||
5.375%, 2-15-31 (H) | 1,775 | 2,285 | ||||||
4.375%, 5-15-40 | 15,025 | 16,870 | ||||||
United States Treasury Notes: | ||||||||
0.375%, 8-31-12 | 550 | 550 | ||||||
1.375%, 1-15-13 | 1,000 | 1,020 | ||||||
1.125%, 6-15-13 | 2,630 | 2,668 | ||||||
1.000%, 7-15-13 | 500 | 505 | ||||||
0.750%, 9-15-13 | 1,500 | 1,505 | ||||||
1.250%, 8-31-15 | 3,840 | 3,840 | ||||||
1.875%, 8-31-17 | 1,610 | 1,609 | ||||||
2.625%, 8-15-20 | 11,505 | 11,611 | ||||||
42,463 | ||||||||
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS - 15.8% | $ | 43,851 | ||||||
(Cost: $43,075) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Commercial Paper (I) - 14.2% | ||||||||
Clorox Co.: | ||||||||
0.350%, 10-18-10 | 5,000 | 4,999 | ||||||
0.340%, 11-4-10 | 3,000 | 2,999 | ||||||
CVS Caremark Corporation, | ||||||||
0.300%, 10-6-10 | 4,500 | 4,500 |
General Mills, Inc., | ||||||||
0.290%, 10-18-10 | 5,000 | 4,999 | ||||||
Hewlett-Packard Company, | ||||||||
0.150%, 10-4-10 | 6,000 | 6,000 | ||||||
IBM International Group Capital LLC (International Business Machines Corporation), | ||||||||
0.000%, 10-1-10 | 7,706 | 7,706 | ||||||
Praxair, Inc., | ||||||||
0.140%, 10-5-10 | 3,298 | 3,298 | ||||||
Wal-Mart Stores, Inc., | ||||||||
0.190%, 10-27-10 | 5,000 | 4,999 | ||||||
39,500 | ||||||||
Master Note - 1.8% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (J) | 4,986 | 4,986 | ||||||
TOTAL SHORT-TERM SECURITIES - 16.0% | $ | 44,486 | ||||||
(Cost: $44,486) | ||||||||
TOTAL INVESTMENT SECURITIES - 113.4% | $ | 315,428 | ||||||
(Cost: $309,689) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (13.4%) | (37,262 | ) | ||||||
NET ASSETS - 100.0% | $ | 278,166 | ||||||
Notes to Schedule of Investments
*Not shown due to rounding.
(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, 2010.
(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, 2010, the total value of these securities amounted to $9,627 or 3.5% 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, 2010, the total value of these securities amounted to $25,762 or 9.3% of net assets.
(E)Amount shown as principal represents notional amount for computation of interest.
(F)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.
(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, 2010:
Description | Type | Expiration Date | Number of Contracts | Market Value | Unrealized Depreciation | |||
U.S. 30 Year Treasury Bond | Short | 12-21-10 | ––* | $ | (8,023) | $(173) |
(I)Rate shown is the yield to maturity at September 30, 2010.
(J)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronyms are used throughout this schedule:
CMBS = Commercial Mortgage-Backed Security
CMO = Collateralized Mortgage Obligation
REIT = Real Estate Investment Trust
REMIC = Real Estate Mortgage Investment Conduit
TBA = To Be Announced
Asset Allocation
Stocks | 90.2% |
Information Technology | 27.2% |
Industrials | 15.1% |
Energy | 12.0% |
Consumer Discretionary | 10.6% |
Financials | 9.6% |
Consumer Staples | 7.4% |
Health Care | 5.2% |
Materials | 3.1% |
Cash and Cash Equivalents | 9.8% |
Lipper Rankings
Category: Lipper Large-Cap Growth Funds | Rank | Percentile |
1 Year | 703/852 | 83 |
3 Year | 683/732 | 94 |
5 Year | 470/614 | 77 |
10 Year | 73/344 | 22 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Apple Inc. | Information Technology |
Google Inc., Class A | Information Technology |
Microsoft Corporation | Information Technology |
Schlumberger Limited | Energy |
Visa Inc., Class A | Information Technology |
Precision Castparts Corp. | Industrials |
Hewlett-Packard Company | Information Technology |
Transocean Inc. | Energy |
Costco Wholesale Corporation | Consumer Staples |
Halliburton Company | Energy |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 968.70 | 1.27% | $ | 6.30 | |||
Class B | $1,000 | $ | 963.20 | 2.17% | $ | 10.70 | |||
Class C | $1,000 | $ | 964.70 | 1.95% | $ | 9.63 | |||
Class E | $1,000 | $ | 968.80 | 1.15% | $ | 5.71 | |||
Class I | $1,000 | $ | 970.10 | 0.89% | $ | 4.43 | |||
Class Y | $1,000 | $ | 968.90 | 1.14% | $ | 5.61 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,018.70 | 1.27% | $ | 6.46 | |||
Class B | $1,000 | $ | 1,014.21 | 2.17% | $ | 10.98 | |||
Class C | $1,000 | $ | 1,015.29 | 1.95% | $ | 9.87 | |||
Class E | $1,000 | $ | 1,019.30 | 1.15% | $ | 5.86 | |||
Class I | $1,000 | $ | 1,020.60 | 0.89% | $ | 4.55 | |||
Class Y | $1,000 | $ | 1,019.37 | 1.14% | $ | 5.76 |
*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, 2010, 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 | |||||
Aerospace & Defense - 7.7% | |||||||
Boeing Company (The) | 82 | $ | 5,456 | ||||
General Dynamics Corporation | 90 | 5,653 | |||||
Honeywell International Inc. | 110 | 4,833 | |||||
Precision Castparts Corp. | 124 | 15,792 | |||||
Raytheon Company | 42 | 1,920 | |||||
Rockwell Collins, Inc. | 125 | 7,281 | |||||
40,935 | |||||||
Air Freight & Logistics - 2.1% | |||||||
FedEx Corporation | 80 | 6,840 | |||||
United Parcel Service, Inc., Class B | 70 | 4,668 | |||||
11,508 | |||||||
Apparel Retail - 0.6% | |||||||
American Eagle Outfitters, Inc. | 220 | 3,291 | |||||
Apparel, Accessories & Luxury Goods - 1.7% | |||||||
Under Armour, Inc., Class A (A) | 207 | 9,301 | |||||
Asset Management & Custody Banks - 3.4% | |||||||
BlackRock, Inc., Class A | 30 | 5,108 | |||||
Invesco Ltd. | 280 | 5,944 | |||||
Janus Capital Group Inc. | 635 | 6,953 | |||||
18,005 | |||||||
Auto Parts & Equipment - 1.4% | |||||||
BorgWarner Inc. (A) | 140 | 7,367 | |||||
Biotechnology - 2.3% | |||||||
Gilead Sciences, Inc. (A) | 310 | 11,039 | |||||
Vertex Pharmaceuticals Incorporated (A) | 40 | 1,383 | |||||
12,422 | |||||||
Casinos & Gaming - 0.6% | |||||||
Wynn Resorts, Limited | 40 | 3,471 | |||||
Communications Equipment - 2.3% | |||||||
Cisco Systems, Inc. (A) | 300 | 6,570 | |||||
QUALCOMM Incorporated | 125 | 5,640 | |||||
12,210 | |||||||
Computer Hardware - 8.7% | |||||||
Apple Inc. (A) | 120 | 34,049 | |||||
Hewlett-Packard Company | 310 | 13,042 | |||||
47,091 | |||||||
Computer Storage & Peripherals - 1.3% | |||||||
NetApp, Inc. (A) | 135 | 6,722 | |||||
Construction & Engineering - 1.3% | |||||||
Fluor Corporation | 140 | 6,934 | |||||
Consumer Finance - 0.8% | |||||||
American Express Company | 100 | 4,203 | |||||
Data Processing & Outsourced Services - 4.3% | |||||||
MasterCard Incorporated, Class A | 26 | 5,824 | |||||
Visa Inc., Class A | 230 | 17,080 | |||||
22,904 | |||||||
Department Stores - 0.5% | |||||||
Kohl's Corporation (A) | 50 | 2,634 | |||||
Diversified Chemicals - 0.4% | |||||||
Dow Chemical Company (The) | 85 | 2,334 | |||||
Electrical Components & Equipment - 0.3% | |||||||
First Solar, Inc. (A) | 11 | 1,621 | |||||
Fertilizers & Agricultural Chemicals - 0.7% | |||||||
Monsanto Company | 75 | 3,595 | |||||
Footwear - 1.5% | |||||||
NIKE, Inc., Class B | 100 | 8,014 | |||||
Health Care Distributors - 1.1% | |||||||
McKesson Corporation | 92 | 5,684 | |||||
Health Care Equipment - 1.1% | |||||||
Hologic, Inc. (A) | 379 | 6,068 | |||||
Home Improvement Retail - 0.6% | |||||||
Lowe's Companies, Inc. | 150 | 3,344 | |||||
Homebuilding - 0.5% | |||||||
Pulte Homes, Inc. (A) | 280 | 2,453 | |||||
Hotels, Resorts & Cruise Lines - 1.9% | |||||||
Carnival Corporation | 14 | 546 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 175 | 9,196 | |||||
9,742 | |||||||
Household Products - 2.0% | |||||||
Colgate-Palmolive Company | 45 | 3,459 | |||||
Procter & Gamble Company (The) | 120 | 7,196 | |||||
10,655 | |||||||
Human Resource & Employment Services - 1.0% | |||||||
Manpower Inc. | 105 | 5,481 | |||||
Hypermarkets & Super Centers - 2.2% | |||||||
Costco Wholesale Corporation | 183 | 11,815 | |||||
Industrial Conglomerates - 1.5% | |||||||
General Electric Company | 100 | 1,625 | |||||
Textron Inc. | 300 | 6,168 | |||||
7,793 | |||||||
Integrated Oil & Gas - 0.9% | |||||||
Exxon Mobil Corporation | 30 | 1,854 | |||||
Occidental Petroleum Corporation | 40 | 3,132 | |||||
4,986 | |||||||
Internet Software & Services - 5.2% | |||||||
Google Inc., Class A (A) | 54 | 28,392 | |||||
Investment Banking & Brokerage - 3.6% | |||||||
Charles Schwab Corporation (The) | 625 | 8,687 | |||||
Goldman Sachs Group, Inc. (The) | 60 | 8,675 | |||||
Morgan Stanley | 90 | 2,221 | |||||
19,583 | |||||||
Oil & Gas Drilling - 2.3% | |||||||
Transocean Inc. (A) | 190 | 12,215 | |||||
Oil & Gas Equipment & Services - 5.8% | |||||||
Halliburton Company | 350 | 11,575 | |||||
Schlumberger Limited | 318 | 19,593 | |||||
31,168 | |||||||
Oil & Gas Exploration & Production - 3.0% | |||||||
Noble Energy, Inc. | 60 | 4,505 | |||||
Southwestern Energy Company (A) | 165 | 5,518 | |||||
Ultra Petroleum Corp. (A) | 138 | 5,793 | |||||
15,816 | |||||||
Other Diversified Financial Services - 1.5% | |||||||
JPMorgan Chase & Co. | 215 | 8,185 | |||||
Pharmaceuticals - 0.7% | |||||||
Allergan, Inc. | 55 | 3,659 | |||||
Railroads - 1.5% | |||||||
Union Pacific Corporation | 98 | 7,976 | |||||
Restaurants - 1.0% | |||||||
McDonald's Corporation | 75 | 5,588 | |||||
Semiconductors - 0.8% | |||||||
Microchip Technology Incorporated | 140 | 4,403 | |||||
Soft Drinks - 1.7% | |||||||
Coca-Cola Company (The) | 125 | 7,315 | |||||
PepsiCo, Inc. | 25 | 1,661 | |||||
8,976 | |||||||
Specialized Consumer Services - 0.3% | |||||||
H&R Block, Inc. | 105 | 1,360 | |||||
Specialized Finance - 0.3% | |||||||
CME Group Inc. | 6 | 1,615 | |||||
Specialty Chemicals - 2.0% | |||||||
Albemarle Corporation | 61 | 2,855 | |||||
Ecolab Inc. | 150 | 7,611 | |||||
10,466 | |||||||
Systems Software - 4.3% | |||||||
Microsoft Corporation | 940 | 23,021 | |||||
Tobacco - 1.5% | |||||||
Philip Morris International Inc. | 145 | 8,123 | |||||
TOTAL COMMON STOCKS - 90.2% | $ | 483,129 | |||||
(Cost: $434,823) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (B) - 6.5% | |||||||
Bemis Company, Inc., | |||||||
0.260%, 10-4-10 | $ 5,000 | 5,000 | |||||
Clorox Co., | |||||||
0.350%, 10-20-10 | 4,000 | 3,999 | |||||
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.), | |||||||
0.230%, 10-4-10 | 5,000 | 5,000 | |||||
Hewlett-Packard Company, | |||||||
0.170%, 10-6-10 | 5,000 | 5,000 | |||||
IBM International Group Capital LLC (International Business Machines Corporation), | |||||||
0.000%, 10-1-10 | 2,274 | 2,274 | |||||
Illinois Tool Works Inc., | |||||||
0.170%, 10-6-10 | 5,000 | 5,000 | |||||
Straight-A Funding, LLC (Federal Financing Bank): | |||||||
0.170%, 10-7-10 | 3,000 | 3,000 | |||||
0.210%, 11-5-10 | 5,100 | 5,098 | |||||
34,371 | |||||||
Master Note - 0.5% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (C) | 2,674 | 2,674 | |||||
United States Government Agency Obligations - 1.9% | |||||||
Overseas Private Investment Corporation: | |||||||
0.200%, 11-15-10 (C) | 7,200 | 7,200 | |||||
0.200%, 11-15-10 (C) | 3,182 | 3,182 | |||||
10,382 | |||||||
TOTAL SHORT-TERM SECURITIES - 8.9% | $ | 47,427 | |||||
(Cost: $47,427) | |||||||
TOTAL INVESTMENT SECURITIES - 99.1% | $ | 530,556 | |||||
(Cost: $482,250) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.9% | 4,800 | ||||||
NET ASSETS - 100.0% | $ | 535,356 | |||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Rate shown is the yield to maturity at September 30, 2010.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
Asset Allocation
Stocks | 91.9% |
Information Technology | 20.4% |
Industrials | 16.0% |
Consumer Discretionary | 15.4% |
Consumer Staples | 13.8% |
Energy | 10.4% |
Financials | 8.4% |
Health Care | 5.1% |
Telecommunication Services | 1.6% |
Materials | 0.8% |
Cash and Cash Equivalents | 8.1% |
Lipper Rankings
Category: Lipper Large-Cap Core Funds | Rank | Percentile |
1 Year | 247/979 | 26 |
3 Year | 203/831 | 25 |
5 Year | 123/700 | 18 |
10 Year | 273/428 | 64 |
Past performance is no guarantee of future results. Rankings are for Class C shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Apple Inc. | Information Technology |
CBS Corporation, Class B | Consumer Discretionary |
Union Pacific Corporation | Industrials |
Philip Morris International Inc. | Consumer Staples |
ConocoPhillips | Energy |
JPMorgan Chase & Co. | Financials |
Amgen Inc. | Health Care |
General Mills, Inc. | Consumer Staples |
Coca-Cola Company (The) | Consumer Staples |
Halliburton Company | Energy |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||||
Based on Actual Fund Return(1) | ||||||||
Class A | $1,000 | $ | 1,000.00 | 1.42% | $ | 7.10 | ||
Class B | $1,000 | $ | 995.10 | 2.50% | $ | 12.47 | ||
Class C | $1,000 | $ | 996.40 | 2.17% | $ | 10.88 | ||
Class E | $1,000 | $ | 1,000.00 | 1.35% | $ | 6.80 | ||
Class I | $1,000 | $ | 1,002.10 | 0.99% | $ | 5.01 | ||
Class Y | $1,000 | $ | 1,000.00 | 1.25% | $ | 6.30 | ||
Based on 5% Return(2) | ||||||||
Class A | $1,000 | $ | 1,017.94 | 1.42% | $ | 7.16 | ||
Class B | $1,000 | $ | 1,012.56 | 2.50% | $ | 12.58 | ||
Class C | $1,000 | $ | 1,014.19 | 2.17% | $ | 10.98 | ||
Class E | $1,000 | $ | 1,018.29 | 1.35% | $ | 6.86 | ||
Class I | $1,000 | $ | 1,020.10 | 0.99% | $ | 5.05 | ||
Class Y | $1,000 | $ | 1,018.78 | 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, 2010, 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 | ||||||
Aerospace & Defense - 3.1% | ||||||||
Boeing Company (The) | 65 | $ | 4,338 | |||||
Honeywell International Inc. | 50 | 2,175 | ||||||
6,513 | ||||||||
Biotechnology - 3.4% | ||||||||
Amgen Inc. (A) | 126 | 6,962 | ||||||
Broadcasting - 4.8% | ||||||||
CBS Corporation, Class B | 512 | 8,116 | ||||||
Discovery Holding Company, Class A (A) | 38 | 1,655 | ||||||
9,771 | ||||||||
Casinos & Gaming - 1.0% | ||||||||
Wynn Resorts, Limited | 23 | 2,005 | ||||||
Communications Equipment - 3.5% | ||||||||
Juniper Networks, Inc. (A) | 127 | 3,856 | ||||||
QUALCOMM Incorporated | 38 | 1,706 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 145 | 1,587 | ||||||
7,149 | ||||||||
Computer Hardware - 6.2% | ||||||||
Apple Inc. (A) | 30 | 8,426 | ||||||
Hewlett-Packard Company | 101 | 4,249 | ||||||
12,675 | ||||||||
Computer Storage & Peripherals - 1.4% | ||||||||
NetApp, Inc. (A) | 58 | 2,878 | ||||||
Construction & Farm Machinery & Heavy Trucks - 5.5% | ||||||||
Caterpillar Inc. | 50 | 3,958 | ||||||
Cummins Inc. | 58 | 5,235 | ||||||
PACCAR Inc | 46 | 2,234 | ||||||
11,427 | ||||||||
Consumer Finance - 2.9% | ||||||||
Capital One Financial Corporation | 152 | 5,992 | ||||||
Department Stores - 2.6% | ||||||||
Macy's Inc. | 237 | 5,482 | ||||||
Diversified Banks - 0.8% | ||||||||
Comerica Incorporated | 45 | 1,673 | ||||||
Fertilizers & Agricultural Chemicals - 0.8% | ||||||||
Monsanto Company | 37 | 1,749 | ||||||
Hotels, Resorts & Cruise Lines - 1.6% | ||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 65 | 3,401 | ||||||
Hypermarkets & Super Centers - 2.1% | ||||||||
Costco Wholesale Corporation | 69 | 4,418 | ||||||
Industrial Machinery - 3.5% | ||||||||
Eaton Corporation | 27 | 2,202 | ||||||
Parker Hannifin Corporation | 71 | 4,974 | ||||||
7,176 | ||||||||
Integrated Oil & Gas - 3.7% | ||||||||
ConocoPhillips | 133 | 7,655 | ||||||
Integrated Telecommunication Services - 1.6% | ||||||||
AT&T Inc. | 113 | 3,235 | ||||||
Investment Banking & Brokerage - 1.2% | ||||||||
Lazard Group LLC | 73 | 2,578 | ||||||
Motorcycle Manufacturers - 1.9% | ||||||||
Harley-Davidson, Inc. | 139 | 3,964 | ||||||
Oil & Gas Equipment & Services - 5.1% | ||||||||
Halliburton Company | 183 | 6,053 | ||||||
Schlumberger Limited | 73 | 4,528 | ||||||
10,581 | ||||||||
Oil & Gas Exploration & Production - 1.6% | ||||||||
Noble Energy, Inc. | 45 | 3,394 | ||||||
Other Diversified Financial Services - 3.5% | ||||||||
JPMorgan Chase & Co. | 191 | 7,259 | ||||||
Packaged Foods & Meats - 3.1% | ||||||||
General Mills, Inc. | 177 | 6,479 | ||||||
Personal Products - 1.8% | ||||||||
Estee Lauder Companies Inc. (The), Class A | 58 | 3,650 | ||||||
Pharmaceuticals - 1.7% | ||||||||
Allergan, Inc. | 54 | 3,608 | ||||||
Railroads - 3.9% | ||||||||
Union Pacific Corporation | 98 | 7,986 | ||||||
Restaurants - 3.5% | ||||||||
McDonald's Corporation | 55 | 4,105 | ||||||
YUM! Brands, Inc. | 70 | 3,220 | ||||||
7,325 | ||||||||
Semiconductor Equipment - 4.5% | ||||||||
Applied Materials, Inc. | 277 | 3,232 | ||||||
Lam Research Corporation (A) | 143 | 5,998 | ||||||
9,230 | ||||||||
Semiconductors - 3.2% | ||||||||
Broadcom Corporation, Class A | 59 | 2,093 | ||||||
Microchip Technology Incorporated | 148 | 4,639 | ||||||
6,732 | ||||||||
Soft Drinks - 3.1% | ||||||||
Coca-Cola Company (The) | 109 | 6,355 | ||||||
Systems Software - 1.6% | ||||||||
Oracle Corporation | 125 | 3,354 | ||||||
Tobacco - 3.7% | ||||||||
Philip Morris International Inc. | 138 | 7,751 | ||||||
TOTAL COMMON STOCKS - 91.9% | $ | 190,407 | ||||||
(Cost: $172,465) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper (B) - 9.6% | ||||||||
Ecolab Inc., | ||||||||
0.000%, 10-1-10 | $ | 2,400 | 2,400 | |||||
McCormick & Co. Inc., | ||||||||
0.000%, 10-1-10 | 2,833 | 2,833 | ||||||
Nokia Corp., | ||||||||
0.220%, 10-13-10 | 3,787 | 3,787 | ||||||
Procter & Gamble International Funding S.C.A. (Procter & Gamble Company (The)), | ||||||||
0.190%, 11-1-10 | 6,000 | 5,999 | ||||||
W.W. Grainger, Inc., | ||||||||
0.160%, 10-6-10 | 5,000 | 5,000 | ||||||
20,019 | ||||||||
Master Note - 1.3% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (C) | 2,741 | 2,741 | ||||||
Municipal Obligations - Taxable - 2.0% | ||||||||
NC Cap Fac Fin Agy, Exempt Fac Rev Bonds (Republic Svcs, Inc. Proj), Ser 2004 (Bank of America, N.A.), | ||||||||
0.270%, 10-1-10 (C) | 4,000 | 4,000 | ||||||
TOTAL SHORT-TERM SECURITIES - 12.9% | $ | 26,760 | ||||||
(Cost: $26,760) | ||||||||
TOTAL INVESTMENT SECURITIES - 104.8% | $ | 217,167 | ||||||
(Cost: $199,225) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (4.8%) | (9,954 | ) | ||||||
NET ASSETS - 100.0% | $ | 207,213 | ||||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Rate shown is the yield to maturity at September 30, 2010.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Asset Allocation
Stocks | 92.3% |
Financials | 25.0% |
Consumer Discretionary | 19.3% |
Energy | 16.9% |
Information Technology | 14.2% |
Consumer Staples | 8.0% |
Industrials | 4.8% |
Telecommunication Services | 2.6% |
Health Care | 1.5% |
Warrants | 1.5% |
Cash and Cash Equivalents | 6.2% |
Lipper Rankings
Category: Lipper Global Multi-Cap Value Funds | Rank | Percentile |
1 Year | 72/83 | 86 |
3 Year | 21/61 | 34 |
5 Year | 33/39 | 83 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
North America | 48.2% |
United States | 44.0% |
Canada | 4.2% |
Pacific Basin | 24.9% |
Japan | 13.5% |
South Korea | 6.7% |
Hong Kong | 4.7% |
Europe | 20.7% |
Italy | 9.1% |
United Kingdom | 5.3% |
Other Europe | 6.3% |
Cash and Cash Equivalents | 6.2% |
Top 10 Equity Holdings
Company | Country | Sector | Industry |
Dell Inc. | United States | Information Technology | Computer Hardware |
Viacom Inc., Class B | United States | Consumer Discretionary | Movies & Entertainment |
FedEx Corporation | United States | Industrials | Air Freight & Logistics |
ConocoPhillips | United States | Energy | Integrated Oil & Gas |
Sega Sammy Holdings Inc. | Japan | Consumer Discretionary | Leisure Products |
First Pacific Company Limited | Hong Kong | Financials | Multi-Sector Holdings |
BP plc, ADR | United Kingdom | Energy | Integrated Oil & Gas |
Fairfax Financial Holdings Limited | Canada | Financials | Multi-Line Insurance |
Samsung Electronics Co., Ltd. | South Korea | Information Technology | Semiconductors |
Bank of America Corporation | United States | Financials | Other Diversified Financial Services |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||
Based on Actual Fund Return(1) | |||||||
Class A | $1,000 | $ | 976.20 | 1.85% | $ | 9.19 | |
Class B | $1,000 | $ | 972.20 | 2.76% | $ | 13.71 | |
Class C | $1,000 | $ | 973.80 | 2.41% | $ | 11.94 | |
Class E | $1,000 | $ | 977.10 | 1.59% | $ | 7.91 | |
Class I | $1,000 | $ | 979.60 | 1.28% | $ | 6.33 | |
Class Y | $1,000 | $ | 978.70 | 1.20% | $ | 5.94 | |
Based on 5% Return(2) | |||||||
Class A | $1,000 | $ | 1,015.80 | 1.85% | $ | 9.37 | |
Class B | $1,000 | $ | 1,011.21 | 2.76% | $ | 13.98 | |
Class C | $1,000 | $ | 1,013.00 | 2.41% | $ | 12.18 | |
Class E | $1,000 | $ | 1,017.09 | 1.59% | $ | 8.07 | |
Class I | $1,000 | $ | 1,018.65 | 1.28% | $ | 6.46 | |
Class Y | $1,000 | $ | 1,019.05 | 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, 2010, 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 | ||||||
Canada - 4.2% | ||||||||
Fairfax Financial Holdings Limited (A) | 32 | $ | 13,171 | |||||
Germany - 2.0% | ||||||||
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft, Registered Shares (A) | 46 | 6,344 | ||||||
Greece - 1.0% | ||||||||
INTRALOT S.A. INTEGRATED LOTTERY SYSTEMS AND SERVICES (A) | 843 | 3,264 | ||||||
Hong Kong - 4.7% | ||||||||
First Pacific Company Limited (A) | 16,113 | 14,641 | ||||||
Ireland - 3.3% | ||||||||
Willis Group Holdings Limited | 332 | 10,233 | ||||||
Italy - 9.1% | ||||||||
EXOR S.p.A. (A) | 472 | 10,949 | ||||||
Mediaset S.p.A. (A) | 790 | 5,599 | ||||||
Parmalat S.p.A. (A) | 4,577 | 11,743 | ||||||
28,291 | ||||||||
Japan - 13.5% | ||||||||
Dai-ichi Mutual Life Insurance Company (The) (A) | 5 | 6,501 | ||||||
FamilyMart Co., Ltd. (A) | 189 | 6,765 | ||||||
Honda Motor Co., Ltd. (A) | 225 | 7,997 | ||||||
Kirin Brewery Company, Limited (A) | 432 | 6,132 | ||||||
Sega Sammy Holdings Inc. (A) | 919 | 14,743 | ||||||
42,138 | ||||||||
South Korea - 2.6% | ||||||||
SK Telecom Co., Ltd. (A) | 53 | 8,009 | ||||||
United Kingdom - 5.3% | ||||||||
BP plc (A) | 264 | 1,774 | ||||||
BP plc, ADR | 355 | 14,603 | ||||||
16,377 | ||||||||
United States - 39.5% | ||||||||
Bank of America Corporation | 932 | 12,221 | ||||||
Chesapeake Energy Corporation | 528 | 11,959 | ||||||
ConocoPhillips | 258 | 14,837 | ||||||
Dell Inc. (B) | 1,468 | 19,025 | ||||||
DIRECTV Group, Inc. (The) (B) | 165 | 6,876 | ||||||
FedEx Corporation | 176 | 15,005 | ||||||
GameStop Corp, Class A (B) | 322 | 6,347 | ||||||
Microsoft Corporation | 494 | 12,088 | ||||||
Montpelier Re Holdings Ltd. | 228 | 3,952 | ||||||
Pfizer Inc. | 277 | 4,754 | ||||||
Viacom Inc., Class B | 426 | 15,407 | ||||||
122,471 | ||||||||
TOTAL COMMON STOCKS - 85.2% | $ | 264,939 | ||||||
(Cost: $220,829) | ||||||||
PREFERRED STOCKS | ||||||||
South Korea - 4.1% | ||||||||
Samsung Electronics Co., Ltd. (A) | 26 | 12,645 | ||||||
United States - 3.0% | ||||||||
Chesapeake Energy Corporation,5.75% Cumulative (B) | 9 | 9,337 | ||||||
TOTAL PREFERRED STOCKS - 7.1% | $ | 21,982 | ||||||
(Cost: $19,963) | ||||||||
WARRANTS - 1.5% | ||||||||
United States | ||||||||
JPMorgan Chase & Co. | 409 | $ | 4,768 | |||||
(Cost: $5,192) | ||||||||
SHORT-TERM SECURITIES - 6.5% | Principal | |||||||
Repurchase Agreements | ||||||||
J.P. Morgan Securities, Inc., Repurchase Agreement dated 9-30-10 to be repurchased at $20,332, | ||||||||
0.130%, 10-1-10 (C) | $ | 20,332 | $ | 20,332 | ||||
(Cost: $20,332) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.3% | $ | 312,021 | ||||||
(Cost: $266,316) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.3%) | (974 | ) | ||||||
NET ASSETS - 100.0% | $ | 311,047 | ||||||
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2010:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | ||
Sell | Euro | Scotia Capital Inc. (USA) | 16,500 | 11-5-10 | $ | –– | $1,528 | |
Sell | Euro | State Street Global Markets | 3,750 | 1-14-11 | –– | 340 | ||
Sell | Euro | Scotia Capital Inc. (USA) | 3,700 | 1-28-11 | –– | 235 | ||
Sell | Japanese Yen | State Street Global Markets | 270,000 | 2-2-11 | –– | 89 | ||
Sell | Japanese Yen | Royal Bank of Canada | 1,011,300 | 2-16-11 | –– | 238 | ||
Sell | Japanese Yen | Scotia Capital Inc. (USA) | 883,000 | 3-2-11 | –– | 156 | ||
Sell | Japanese Yen | Toronto-Dominion Bank (The) | 964,000 | 3-9-11 | –– | 79 | ||
Sell | South Korean Won | Toronto-Dominion Bank (The) | 11,400,000 | 10-22-10 | 166 | –– | ||
Sell | South Korean Won | Toronto-Dominion Bank (The) | 1,500,000 | 10-22-10 | –– | 90 | ||
Sell | South Korean Won | Royal Bank of Canada | 7,400,000 | 10-29-10 | 127 | –– | ||
$ | 293 | $2,755 |
(A)Listed on an exchange outside the United States.
(B)No dividends were paid during the preceding 12 months.
(C)Collateralized by $18,142 United States Treasury Bond, 4.500% due 8-15-39; market value and accrued interest aggregate $20,876.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Financials | 26.5% |
Consumer Discretionary | 19.3% |
Energy | 16.9% |
Information Technology | 14.2% |
Consumer Staples | 8.0% |
Industrials | 4.8% |
Telecommunication Services | 2.6% |
Health Care | 1.5% |
Other+ | 6.2% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 95.1% |
Industrials | 20.0% |
Energy | 19.1% |
Financials | 12.8% |
Consumer Discretionary | 11.4% |
Consumer Staples | 10.8% |
Information Technology | 10.3% |
Materials | 4.5% |
Health Care | 3.7% |
Telecommunication Services | 1.8% |
Utilities | 0.7% |
Cash and Cash Equivalents | 4.9% |
Lipper Rankings
Category: Lipper Equity Income Funds | Rank | Percentile |
---|---|---|
1 Year | 225/276 | 82 |
3 Year | 172/237 | 73 |
5 Year | 96/195 | 49 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Schlumberger Limited | Energy |
Microchip Technology Incorporated | Information Technology |
Halliburton Company | Energy |
Deere & Company | Industrials |
Philip Morris International Inc. | Consumer Staples |
Union Pacific Corporation | Industrials |
Emerson Electric Co. | Industrials |
Capital One Financial Corporation | Financials |
Starwood Hotels & Resorts Worldwide, Inc. | Consumer Discretionary |
JPMorgan Chase & Co. | Financials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 988.30 | 1.37% | $ | 6.86 | |||
Class B | $1,000 | $ | 983.30 | 2.31% | $ | 11.50 | |||
Class C | $1,000 | $ | 985.40 | 2.04% | $ | 10.13 | |||
Class E | $1,000 | $ | 987.60 | 1.37% | $ | 6.86 | |||
Class I | $1,000 | $ | 990.10 | 0.97% | $ | 4.88 | |||
Class Y | $1,000 | $ | 988.40 | 1.22% | $ | 6.06 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,018.21 | 1.37% | $ | 6.96 | |||
Class B | $1,000 | $ | 1,013.48 | 2.31% | $ | 11.68 | |||
Class C | $1,000 | $ | 1,014.84 | 2.04% | $ | 10.28 | |||
Class E | $1,000 | $ | 1,018.20 | 1.37% | $ | 6.96 | |||
Class I | $1,000 | $ | 1,020.20 | 0.97% | $ | 4.95 | |||
Class Y | $1,000 | $ | 1,018.97 | 1.22% | $ | 6.16 |
*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, 2010, 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 | ||||||
Apparel, Accessories & Luxury Goods - 1.5% | ||||||||
V.F. Corporation | 49 | $ | 4,006 | |||||
Asset Management & Custody Banks - 1.5% | ||||||||
T. Rowe Price Group, Inc. | 81 | 4,055 | ||||||
Casinos & Gaming - 1.0% | ||||||||
Wynn Resorts, Limited | 31 | 2,706 | ||||||
Computer Hardware - 1.9% | ||||||||
Hewlett-Packard Company | 125 | 5,246 | ||||||
Construction & Engineering - 1.9% | ||||||||
Fluor Corporation | 106 | 5,253 | ||||||
Construction & Farm Machinery & Heavy Trucks - 7.3% | ||||||||
Caterpillar Inc. | 86 | 6,778 | ||||||
Cummins Inc. | 40 | 3,637 | ||||||
Deere & Company | 131 | 9,166 | ||||||
19,581 | ||||||||
Consumer Finance - 2.8% | ||||||||
Capital One Financial Corporation | 191 | 7,554 | ||||||
Data Processing & Outsourced Services - 2.4% | ||||||||
Visa Inc., Class A | 87 | 6,490 | ||||||
Department Stores - 1.8% | ||||||||
Macy's Inc. | 217 | 5,006 | ||||||
Diversified Banks - 2.6% | ||||||||
Barclays plc, ADR | 94 | 1,780 | ||||||
Wells Fargo & Company | 214 | 5,387 | ||||||
7,167 | ||||||||
Diversified Metals & Mining - 3.4% | ||||||||
Rio Tinto plc, ADR | 88 | 5,145 | ||||||
Southern Copper Corporation | 116 | 4,077 | ||||||
9,222 | ||||||||
Electric Utilities - 0.7% | ||||||||
PPL Corporation | 74 | 2,012 | ||||||
Electrical Components & Equipment - 2.8% | ||||||||
Emerson Electric Co. | 145 | 7,651 | ||||||
Health Care Equipment - 0.7% | ||||||||
Stryker Corporation | 36 | 1,802 | ||||||
Home Improvement Retail - 0.8% | ||||||||
Lowe's Companies, Inc. | 103 | 2,301 | ||||||
Homebuilding - 1.3% | ||||||||
D.R. Horton, Inc. | 306 | 3,398 | ||||||
Hotels, Resorts & Cruise Lines - 3.8% | ||||||||
Marriott International, Inc., Class A | 97 | 3,474 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 131 | 6,876 | ||||||
10,350 | ||||||||
Household Products - 2.6% | ||||||||
Colgate-Palmolive Company | 59 | 4,508 | ||||||
Procter & Gamble Company (The) | 41 | 2,483 | ||||||
6,991 | ||||||||
Industrial Conglomerates - 1.3% | ||||||||
Textron Inc. | 166 | 3,407 | ||||||
Industrial Machinery - 1.8% | ||||||||
Illinois Tool Works Inc. | 103 | 4,862 | ||||||
Integrated Oil & Gas - 2.9% | ||||||||
ConocoPhillips | 49 | 2,798 | ||||||
Exxon Mobil Corporation | 81 | 4,987 | ||||||
7,785 | ||||||||
Integrated Telecommunication Services - 1.8% | ||||||||
AT&T Inc. | 172 | 4,912 | ||||||
Mortgage REITs - 0.9% | ||||||||
Annaly Capital Management, Inc. | 144 | 2,529 | ||||||
Oil & Gas Drilling - 2.9% | ||||||||
Seadrill Limited | 104 | 3,018 | ||||||
Transocean Inc. (A) | 77 | 4,934 | ||||||
7,952 | ||||||||
Oil & Gas Equipment & Services - 11.3% | ||||||||
Halliburton Company | 307 | 10,148 | ||||||
National Oilwell Varco, Inc. | 136 | 6,059 | ||||||
Schlumberger Limited | 232 | 14,284 | ||||||
30,491 | ||||||||
Oil & Gas Exploration & Production - 2.0% | ||||||||
Apache Corporation | 56 | 5,489 | ||||||
Other Diversified Financial Services - 3.9% | ||||||||
Bank of America Corporation | 270 | 3,536 | ||||||
JPMorgan Chase & Co. | 180 | 6,863 | ||||||
10,399 | ||||||||
Paper Packaging - 1.1% | ||||||||
Sonoco Products Company | 87 | 2,894 | ||||||
Personal Products - 1.0% | ||||||||
Estee Lauder Companies Inc. (The), Class A | 41 | 2,615 | ||||||
Pharmaceuticals - 3.0% | ||||||||
Abbott Laboratories | 101 | 5,274 | ||||||
Teva Pharmaceutical Industries Limited, ADR | 55 | 2,880 | ||||||
8,154 | ||||||||
Railroads - 4.9% | ||||||||
Norfolk Southern Corporation | 78 | 4,618 | ||||||
Union Pacific Corporation | 105 | 8,601 | ||||||
13,219 | ||||||||
Restaurants - 1.2% | ||||||||
McDonald's Corporation | 42 | 3,122 | ||||||
Semiconductors - 3.9% | ||||||||
Microchip Technology Incorporated | 331 | 10,417 | ||||||
Soft Drinks - 3.0% | ||||||||
Coca-Cola Company (The) | 83 | 4,880 | ||||||
PepsiCo, Inc. | 49 | 3,226 | ||||||
8,106 | ||||||||
Specialized Finance - 1.1% | ||||||||
CME Group Inc. | 12 | 3,021 | ||||||
Systems Software - 2.1% | ||||||||
Microsoft Corporation | 235 | 5,745 | ||||||
Tobacco - 4.2% | ||||||||
Altria Group, Inc. | 120 | 2,892 | ||||||
Philip Morris International Inc. | 156 | 8,761 | ||||||
11,653 | ||||||||
TOTAL COMMON STOCKS - 95.1% | $ | 257,563 | ||||||
(Cost: $221,982) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper (B) - 4.2% | ||||||||
Clorox Co., | ||||||||
0.350%, 10-20-10 | $ 3,380 | 3,379 | ||||||
Prudential Funding LLC, | ||||||||
0.000%, 10-1-10 | 3,000 | 3,000 | ||||||
Straight-A Funding, LLC (Federal Financing Bank), | ||||||||
0.170%, 10-7-10 | 5,000 | 5,000 | ||||||
11,379 | ||||||||
Master Note - 2.2% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (C) | 5,877 | 5,877 | ||||||
TOTAL SHORT-TERM SECURITIES - 6.4% | $ | 17,256 | ||||||
(Cost: $17,256) | ||||||||
TOTAL INVESTMENT SECURITIES - 101.5% | $ | 274,819 | ||||||
(Cost: $239,238) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (1.5%) | (4,021 | ) | ||||||
NET ASSETS - 100.0% | $ | 270,798 | ||||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Rate shown is the yield to maturity at September 30, 2010.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
REIT = Real Estate Investment Trust
Asset Allocation
Stocks | 96.5% |
Financials | 17.3% |
Consumer Discretionary | 13.6% |
Information Technology | 11.7% |
Industrials | 11.6% |
Consumer Staples | 10.5% |
Energy | 10.0% |
Health Care | 9.9% |
Materials | 9.9% |
Telecommunication Services | 2.0% |
Cash and Cash Equivalents | 3.5% |
Lipper Rankings
Category: Lipper European Region Funds | Rank | Percentile |
1 Year | 56/107 | 52 |
3 Year | 80/96 | 83 |
5 Year | 72/87 | 82 |
10 Year | 25/63 | 40 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
Europe | 93.7% |
United Kingdom | 26.1% |
Germany | 19.2% |
Switzerland | 16.7% |
France | 8.7% |
Italy | 6.1% |
Netherlands | 4.1% |
Other Europe | 12.8% |
Bahamas/Caribbean | 1.6% |
Pacific Basin | 1.2% |
Cash and Cash Equivalents | 3.5% |
Top 10 Equity Holdings
Company | Country | Sector | Industry |
Xstrata plc | United Kingdom | Materials | Diversified Metals & Mining |
Volkswagen AG | Germany | Consumer Discretionary | Automobile Manufacturers |
StatoilHydro ASA | Norway | Energy | Integrated Oil & Gas |
Nestle S.A., Registered Shares | Switzerland | Consumer Staples | Packaged Foods & Meats |
Saipem S.p.A. | Italy | Energy | Oil & Gas Equipment & Services |
Imperial Tobacco Group plc | United Kingdom | Consumer Staples | Tobacco |
Novartis AG, Registered Shares | Switzerland | Health Care | Pharmaceuticals |
Reckitt Benckiser Group plc | United Kingdom | Consumer Staples | Household Products |
Roche Holdings AG, Genusscheine | Switzerland | Health Care | Pharmaceuticals |
Siemens AG | Germany | Industrials | Industrial Conglomerates |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,024.30 | 1.88% | $ | 9.51 | |
Class B | $1,000 | $1,019.50 | 2.88% | $ | 14.64 | |
Class C | $1,000 | $1,021.80 | 2.51% | $ | 12.74 | |
Class E** | $1,000 | $1,027.50 | 1.32% | $ | 6.69 | |
Class I | $1,000 | $1,028.40 | 1.19% | $ | 6.09 | |
Class Y | $1,000 | $1,027.00 | 1.46% | $ | 7.40 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,015.63 | 1.88% | $ | 9.47 | |
Class B | $1,000 | $1,010.60 | 2.88% | $ | 14.58 | |
Class C | $1,000 | $1,012.49 | 2.51% | $ | 12.68 | |
Class E** | $1,000 | $1,018.43 | 1.32% | $ | 6.66 | |
Class I | $1,000 | $1,019.10 | 1.19% | $ | 6.06 | |
Class Y | $1,000 | $1,017.75 | 1.46% | $ | 7.36 |
*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, 2010, 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 | ||||||
Austria - 1.1% | ||||||||
Andritz AG (A) | 20 | $ | 1,404 | |||||
bwin Interactive Entertainment AG (A) | 25 | 1,297 | ||||||
2,701 | ||||||||
Cayman Islands - 1.6% | ||||||||
Subsea 7 Inc. (A)(B) | 200 | 3,909 | ||||||
Cyprus - 0.7% | ||||||||
Prosafe Production (A)(B) | 727 | 1,843 | ||||||
France - 8.7% | ||||||||
BNP Paribas (A) | 67 | 4,752 | ||||||
Gemalto N.V. (A) | 50 | 2,052 | ||||||
Ingenico S.A. (A) | 84 | 2,453 | ||||||
JCDecaux S.A. (A) | 60 | 1,584 | ||||||
LVMH Moet Hennessy - Louis Vuitton (A) | 10 | 1,467 | ||||||
Sanofi-Aventis (A) | 60 | 3,998 | ||||||
VINCI (A) | 100 | 5,012 | ||||||
21,318 | ||||||||
Germany - 15.9% | ||||||||
AIXTRON AG (A) | 130 | 3,908 | ||||||
Bayer Aktiengesellschaft (A) | 50 | 3,482 | ||||||
DaimlerChrysler AG, Registered Shares (A) | 60 | 3,798 | ||||||
Dialog Semiconductor plc (A)(B) | 300 | 4,908 | ||||||
HeidelbergCement AG (A)(C) | 33 | 1,613 | ||||||
HeidelbergCement AG (A) | 20 | 967 | ||||||
Linde Aktiengesellschaft (A) | 35 | 4,569 | ||||||
MorphoSys AG (A)(B) | 70 | 1,582 | ||||||
QIAGEN N.V. (A)(B) | 150 | 2,687 | ||||||
SGL Carbon SE (A)(B) | 50 | 1,748 | ||||||
Siemens AG (A) | 50 | 5,306 | ||||||
Tognum AG (A) | 50 | 1,114 | ||||||
Wirecard AG (A) | 250 | 3,408 | ||||||
39,090 | ||||||||
Greece - 1.0% | ||||||||
Coca-Cola Hellenic Bottling Company S.A. (A) | 90 | 2,376 | ||||||
Ireland - 2.3% | ||||||||
Grafton Group plc, Units (A) | 873 | 3,630 | ||||||
Paddy Power plc (A) | 56 | 1,974 | ||||||
5,604 | ||||||||
Italy - 6.1% | ||||||||
AUTOGRILL S.p.A. (A) | 150 | 1,881 | ||||||
AZIMUT HOLDING S.p.A. (A) | 102 | 999 | ||||||
DiaSorin S.p.A. (A) | 31 | 1,268 | ||||||
Pirelli & C. S.p.A. (A) | 300 | 2,442 | ||||||
Saipem S.p.A. (A) | 150 | 6,008 | ||||||
TREVI-Finanziaria Industriale S.p.A. (A) | 75 | 1,062 | ||||||
UniCredit S.p.A. (A) | 500 | 1,277 | ||||||
14,937 | ||||||||
Netherlands - 4.1% | ||||||||
ASML Holding N.V., Ordinary Shares (A) | 164 | 4,909 | ||||||
ING Groep N.V., Certicaaten Van Aandelen (A) | 350 | 3,631 | ||||||
Koninklijke Philips Electronics N.V., Ordinary Shares (A) | 50 | 1,571 | ||||||
10,111 | ||||||||
Norway - 2.7% | ||||||||
StatoilHydro ASA (A) | 318 | 6,627 | ||||||
Portugal - 1.1% | ||||||||
Galp Energia, SGPS, S.A., Class B (A) | 150 | 2,589 | ||||||
Russia - 1.1% | ||||||||
Sberbank (Savings Bank of the Russian Federation) (A) | 1,000 | 2,805 | ||||||
Spain - 2.8% | ||||||||
Banco Santander Central Hispano, S.A. (A) | 300 | 3,811 | ||||||
Industria de Diseno Textil, S.A. (A) | 40 | 3,177 | ||||||
6,988 | ||||||||
Switzerland - 16.7% | ||||||||
ARYZTA AG (A) | 66 | 2,906 | ||||||
BELIMO Holding AG, Registered Shares (A) | 1 | 1,100 | ||||||
Compagnie Financiere Richemont S.A. (A) | 70 | 3,370 | ||||||
Credit Suisse Group, Registered Shares (A) | 100 | 4,274 | ||||||
Nestle S.A., Registered Shares (A) | 120 | 6,393 | ||||||
Novartis AG, Registered Shares (A) | 100 | 5,734 | ||||||
Roche Holdings AG, Genusscheine (A) | 40 | 5,463 | ||||||
Swatch Group Ltd (The), Bearer Shares (A) | 5 | 1,881 | ||||||
Tecan Group Ltd., Registered Shares (A) | 35 | 2,374 | ||||||
TEMENOS Group AG (A)(B) | 140 | 4,288 | ||||||
UBS AG (A) | 200 | 3,395 | ||||||
41,178 | ||||||||
Turkey - 1.2% | ||||||||
Turkiye Garanti Bankasi Anonim Sirketi (A) | 500 | 2,903 | ||||||
United Kingdom - 26.1% | ||||||||
Aurora Russia Limited (A)(B) | 1,557 | 743 | ||||||
Autonomy Corporation plc (A)(B) | 100 | 2,848 | ||||||
Barclays plc (A) | 1,005 | 4,727 | ||||||
BG Group plc (A) | 200 | 3,514 | ||||||
Britvic plc (A) | 350 | 2,668 | ||||||
Bunzl plc (A) | 200 | 2,385 | ||||||
Capita Group plc (The) (A) | 200 | 2,469 | ||||||
Compass Group plc (A) | 300 | 2,500 | ||||||
HSBC Holdings plc (A) | 455 | 4,609 | ||||||
Imperial Tobacco Group plc (A) | 200 | 5,961 | ||||||
MAXjet Airways, Inc. (A)(B)(D) | 1,129 | –– | * | |||||
MAXjet Airways, Inc. (A)(B) | 150 | –– | * | |||||
Prudential plc (A) | 400 | 3,999 | ||||||
Reckitt Benckiser Group plc (A) | 100 | 5,500 | ||||||
Rio Tinto plc (A) | 75 | 4,384 | ||||||
Royal Bank of Scotland Group plc (The) (A)(B) | 1,000 | 742 | ||||||
Serco Group plc (A) | 300 | 2,898 | ||||||
Vodafone Group plc (A) | 2,000 | 4,936 | ||||||
Xstrata plc (A) | 500 | 9,568 | ||||||
64,451 | ||||||||
TOTAL COMMON STOCKS - 93.2% | $ | 229,430 | ||||||
(Cost: $216,051) | ||||||||
PREFERRED STOCKS - 3.3% | ||||||||
Germany | ||||||||
Fresenius AG (A) | 15 | 1,210 | ||||||
Volkswagen AG (A)(C) | 58 | 6,944 | ||||||
(Cost: $6,051) | $ | 8,154 | ||||||
SHORT-TERM SECURITIES | Principal | |||||||
Master Note - 0.7% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (E) | $ 1,728 | 1,728 | ||||||
United States Government Agency Obligations - 1.6% | ||||||||
Overseas Private Investment Corporation, | ||||||||
0.200%, 11-15-10 (E) | 4,000 | 4,000 | ||||||
TOTAL SHORT-TERM SECURITIES - 2.3% | $ | 5,728 | ||||||
(Cost: $5,728) | ||||||||
TOTAL INVESTMENT SECURITIES - 98.8% | $ | 243,312 | ||||||
(Cost: $227,830) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.2% | 3,076 | |||||||
NET ASSETS - 100.0% | $ | 246,388 | ||||||
Notes to Schedule of Investments
*Not shown due to rounding.
(A)Listed on an exchange outside the United States.
(B)No dividends were paid during the preceding 12 months.
(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, 2010, the total value of these securities amounted to $8,557 or 3.5% 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, 2010, the total value of these securities amounted to less than 0.05% of net assets.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date the variable rate resets.
Market Sector Diversification | |
(as a % of net assets) | |
Financials | 17.3% |
Consumer Discretionary | 13.6% |
Information Technology | 11.7% |
Industrials | 11.6% |
Consumer Staples | 10.5% |
Energy | 10.0% |
Health Care | 9.9% |
Materials | 9.9% |
Telecommunication Services | 2.0% |
Other+ | 3.5% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Bonds | 81.0% |
Corporate Debt Securities | 58.3% |
United States Government and Government Agency Obligations | 20.3% |
Other Government Securities | 2.4% |
Cash and Cash Equivalents and Equities | 19.0% |
Quality Weightings
Investment Grade | 53.7% |
AAA | 20.6% |
AA | 0.3% |
A | 6.8% |
BBB | 26.0% |
Non-Investment Grade | 27.3% |
BB | 16.6% |
B | 9.1% |
Non-rated | 1.6% |
Cash and Cash Equivalents and Equities | 19.0% |
Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
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.
Country Weightings
North America | 42.1% |
United States | 36.8% |
Other North America | 5.3% |
South America | 16.5% |
Brazil | 10.5% |
Argentina | 3.5% |
Other South America | 2.5% |
Europe | 12.8% |
Russia | 4.7% |
Other Europe | 8.1% |
Pacific Basin | 6.9% |
Other | 2.7% |
Bahamas/Caribbean | 0.3% |
Cash and Cash Equivalents | 18.7% |
Lipper Rankings
Category: Lipper Global Income Funds | Rank | Percentile |
1 Year | 93/173 | 54 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,031.20 | 0.99% | $5.08 |
Class B | $1,000 | $1,028.30 | 1.74% | $8.82 |
Class C | $1,000 | $1,028.30 | 1.74% | $8.82 |
Class I | $1,000 | $1,032.50 | 0.74% | $3.76 |
Class Y | $1,000 | $1,031.20 | 0.99% | $5.08 |
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, 2010, 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 - 0.3% | Shares | Value | |||||
Oil & Gas Drilling | |||||||
Seadrill Limited | 22 | $ | 638 | ||||
(Cost: $417) | |||||||
CORPORATE DEBT SECURITIES | Principal | ||||||
Aerospace & Defense - 0.3% | |||||||
Bombardier Inc., | |||||||
7.500%, 3-15-18 (A) | $ 600 | 645 | |||||
Agricultural Products - 1.5% | |||||||
CCL Finance Limited: | |||||||
9.500%, 8-15-14 | 1,650 | 1,935 | |||||
9.500%, 8-15-14 (A) | 500 | 586 | |||||
Corporacion Pesquera Inca S.A.C., | |||||||
9.000%, 2-10-17 | 400 | 414 | |||||
Cosan S.A. Industria e Comercio, | |||||||
8.250%, 11-15-19 | 175 | 177 | |||||
3,112 | |||||||
Air Freight & Logistics - 0.3% | |||||||
FedEx Corporation, | |||||||
7.375%, 1-15-14 | 500 | 589 | |||||
Airlines - 0.3% | |||||||
GOL Finance: | |||||||
9.250%, 7-20-20 | 350 | 362 | |||||
9.250%, 7-20-20 | 250 | 258 | |||||
620 | |||||||
Alternative Carriers - 0.4% | |||||||
PCCW-HKT Capital No. 2 Limited, | |||||||
6.000%, 7-15-13 | 750 | 813 | |||||
Automotive Retail - 0.5% | |||||||
TGI International Ltd., | |||||||
9.500%, 10-3-17 | 950 | 1,078 | |||||
Brewers - 0.8% | |||||||
AmBev International Finance Co. Ltd., | |||||||
9.500%, 7-24-17 (B) | BRL450 | 263 | |||||
Anheuser-Busch InBev Worldwide Inc., | |||||||
3.000%, 10-15-12 | $ 750 | 779 | |||||
Miller Brewing Company, | |||||||
5.500%, 8-15-13 | 500 | 550 | |||||
1,592 | |||||||
Broadcasting - 1.2% | |||||||
Globo Comunicacoe e Participacoes S.A., | |||||||
6.250%, 12-20-49 (C) | 1,050 | 1,073 | |||||
Grupo Televisa, S.A., | |||||||
8.000%, 9-13-11 | 150 | 158 | |||||
Pontis Ltd., | |||||||
6.250%, 12-20-49 (C) | 1,000 | 1,023 | |||||
2,254 | |||||||
Coal & Consumable Fuels - 1.1% | |||||||
Indo Integrated Energy B.V., | |||||||
8.500%, 6-1-12 | 1,500 | 1,589 | |||||
PT Adaro Indonesia, | |||||||
7.625%, 10-22-19 | 500 | 545 | |||||
2,134 |
Construction & Engineering - 0.5% | |||||||
Odebrecht Finance Ltd.: | |||||||
7.500%, 10-18-17 | 500 | 547 | |||||
7.500%, 10-18-17 (A) | 500 | 546 | |||||
1,093 | |||||||
Construction Materials - 0.3% | |||||||
CEMEX Espana, S.A., | |||||||
9.250%, 5-12-20 | 185 | 173 | |||||
Rearden G Holdings EINS GmbH, | |||||||
7.875%, 3-30-20 | 365 | 392 | |||||
565 | |||||||
Consumer Finance - 0.9% | |||||||
Banco BMG S.A., | |||||||
9.150%, 1-15-16 | 990 | 1,085 | |||||
SLM Corporation, | |||||||
5.400%, 10-25-11 | 750 | 758 | |||||
1,843 | |||||||
Department Stores - 0.5% | |||||||
Parkson Retail Group Limited, | |||||||
7.125%, 5-30-12 | 1,000 | 1,036 | |||||
Distillers & Vintners - 1.3% | |||||||
Central European Distribution Corporation, | |||||||
9.125%, 12-1-16 (A) | 2,000 | 2,150 | |||||
Diageo Capital plc, | |||||||
7.375%, 1-15-14 | 250 | 296 | |||||
Diageo Finance B.V., | |||||||
5.500%, 4-1-13 | 250 | 276 | |||||
2,722 | |||||||
Diversified Banks - 3.1% | |||||||
Banco Cruzeiro do Sul S.A., | |||||||
8.500%, 2-20-15 (D) | 1,500 | 1,604 | |||||
Banco Industrial e Comercial S.A., | |||||||
6.250%, 1-20-13 (A) | 1,500 | 1,545 | |||||
Banco Santander (Brasil) S.A., | |||||||
4.500%, 4-6-15 (A) | 750 | 771 | |||||
Banco Santander Chile, S.A., | |||||||
3.750%, 9-22-15 (D) | 550 | 558 | |||||
ICICI Bank Limited: | |||||||
5.750%, 1-12-12 (A) | 500 | �� | 520 | ||||
5.750%, 1-12-12 | 250 | 260 | |||||
6.625%, 10-3-12 | 250 | 268 | |||||
SB Capital S.A., | |||||||
5.930%, 11-14-11 | 500 | 520 | |||||
VTB Capital S.A., | |||||||
6.609%, 10-31-12 | 250 | 264 | |||||
6,310 | |||||||
Diversified Chemicals - 0.6% | |||||||
Dow Chemical Company (The), | |||||||
7.600%, 5-15-14 | 1,000 | 1,168 | |||||
Diversified Metals & Mining - 3.8% | |||||||
Anglo American Capital plc, | |||||||
9.375%, 4-8-14 | 500 | 616 | |||||
Raspadskaya Securities Limited, | |||||||
7.500%, 5-22-12 | 1,400 | 1,445 | |||||
Rio Tinto Finance (USA) Limited, | |||||||
8.950%, 5-1-14 | 750 | 926 | |||||
Southern Peru Copper Corporation, | |||||||
6.375%, 7-27-15 (A) | 275 | 309 | |||||
Suzano Trading Ltd, | |||||||
5.875%, 1-23-21 (D) | 1,400 | 1,400 | |||||
Teck Cominco Limited, | |||||||
7.000%, 9-15-12 | 500 | 539 | |||||
Teck Resources Limited, | |||||||
9.750%, 5-15-14 | 500 | 617 | |||||
Vedanta Resources plc, | |||||||
8.750%, 1-15-14 | 800 | 859 | |||||
Xstrata Canada Corporation, | |||||||
8.375%, 2-15-11 | 1,000 | 1,028 | |||||
7,739 | |||||||
Electric Utilities - 5.0% | |||||||
Allegheny Energy, Inc., | |||||||
8.250%, 4-15-12 (A) | 1,500 | 1,619 | |||||
Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A., | |||||||
8.875%, 12-15-16 | 1,050 | 974 | |||||
DPL Inc., | |||||||
6.875%, 9-1-11 | 500 | 527 | |||||
Empresa Distribuidora y Comercializadora Norte S.A., | |||||||
10.500%, 10-9-17 | 505 | 529 | |||||
ENEL Finance International S.A., | |||||||
3.875%, 10-7-14 (D) | 500 | 524 | |||||
FirstEnergy Corp., | |||||||
6.450%, 11-15-11 | 275 | 288 | |||||
HQI Transelec Chile S.A., | |||||||
7.875%, 4-15-11 | 112 | 116 | |||||
IPALCO Enterprises, Inc., | |||||||
8.625%, 11-14-11 | 1,142 | 1,203 | |||||
Monongahela Power Company, | |||||||
7.950%, 12-15-13 (D) | 1,000 | 1,175 | |||||
Oncor Electric Delivery Company, | |||||||
6.375%, 5-1-12 | 1,000 | 1,089 | |||||
PPL Energy Supply, LLC: | |||||||
6.400%, 11-1-11 | 500 | 528 | |||||
6.300%, 7-15-13 | 500 | 557 | |||||
Southern Power Company, | |||||||
6.250%, 7-15-12 | 500 | 545 | |||||
UtiliCorp United Inc., | |||||||
7.950%, 2-1-11 | 500 | 511 | |||||
10,185 | |||||||
Environmental & Facilities Services - 0.1% | |||||||
Allied Waste Industries, Inc., | |||||||
6.500%, 11-15-10 | 250 | 252 | |||||
Food Distributors - 0.9% | |||||||
Cargill, Inc., | |||||||
6.375%, 6-1-12 (A) | 1,000 | 1,082 | |||||
Olam International Limited, | |||||||
7.500%, 8-12-20 | 750 | 781 | |||||
1,863 | |||||||
Forest Products - 1.0% | |||||||
Celulosa Arauco y Constitucion S.A., | |||||||
7.750%, 9-13-11 | 500 | 526 | |||||
Sino-Forest Corporation, | |||||||
10.250%, 7-28-14 (A) | 1,250 | 1,450 | |||||
1,976 | |||||||
Gas Utilities - 1.0% | |||||||
National Fuel Gas Company, | |||||||
6.700%, 11-21-11 | 1,000 | 1,060 | |||||
Transportadora de Gas Del Sur S.A., | |||||||
7.875%, 5-14-17 | 997 | 975 | |||||
2,035 | |||||||
Health Care Facilities - 0.5% | |||||||
HCA Inc.: | |||||||
6.750%, 7-15-13 | 300 | 306 | |||||
9.125%, 11-15-14 | 225 | 237 | |||||
HealthSouth Corporation, | |||||||
10.750%, 6-15-16 | 475 | 521 | |||||
1,064 | |||||||
Health Care Services - 0.2% | |||||||
DASA Finance Corporation, | |||||||
8.750%, 5-29-18 | 270 | 303 | |||||
Homebuilding - 1.1% | |||||||
Desarrolladora Homex, S.A. de C.V., | |||||||
7.500%, 9-28-15 | 1,100 | 1,133 | |||||
URBI, Desarrollos Urbanos, S.A. de C.V., | |||||||
8.500%, 4-19-16 | 1,000 | 1,068 | |||||
2,201 | |||||||
Hotels, Resorts & Cruise Lines - 0.1% | |||||||
Royal Caribbean Cruises Ltd., | |||||||
8.750%, 2-2-11 | 250 | 255 | |||||
Household Products - 0.4% | |||||||
Clorox Co., | |||||||
5.450%, 10-15-12 | 700 | 761 | |||||
Independent Power Producers & Energy Traders - 2.4% | |||||||
CESP - Companhia Energetica de Sao Paulo: | |||||||
10.000%, 3-2-11 | 350 | 362 | |||||
9.750%, 1-15-15 (B) | BRL1,000 | 728 | |||||
Empresa Nacional de Electricidad S.A., | |||||||
8.350%, 8-1-13 | $ 1,500 | 1,732 | |||||
Star Energy Geothermal (Wayang Windu) Limited, | |||||||
11.500%, 2-12-15 (A) | 750 | 842 | |||||
TransAlta Corporation, | |||||||
5.750%, 12-15-13 | 1,000 | 1,110 | |||||
4,774 | |||||||
Industrial Conglomerates - 0.7% | |||||||
Jaiprakash Associates Limited, Convertible, | |||||||
0.000%, 9-12-12 (E) | 1,000 | 1,270 | |||||
Industrial Machinery - 0.1% | |||||||
Ingersoll-Rand Global Holding Company Limited, | |||||||
6.000%, 8-15-13 | 250 | 280 | |||||
Integrated Oil & Gas - 2.1% | |||||||
Cenovus Energy Inc., | |||||||
4.500%, 9-15-14 | 500 | 551 | |||||
Empresa Nacional del Petroleo, | |||||||
6.750%, 11-15-12 (D) | 750 | 824 | |||||
Gazprom International S.A., | |||||||
7.201%, 2-1-20 | 899 | 973 | |||||
Gazstream S.A., | |||||||
5.625%, 7-22-13 | 407 | 421 | |||||
Petro-Canada, | |||||||
4.000%, 7-15-13 | 500 | 530 | |||||
PF Export Receivables Master Trust, | |||||||
6.436%, 6-1-15 | 240 | 256 | |||||
PF Export Receivables Master Trust, Senior Trust Certificates, Series 2003-A, | |||||||
6.436%, 6-1-15 (D) | 575 | 615 | |||||
4,170 | |||||||
Integrated Telecommunication Services - 0.1% | |||||||
Telefonica de Argentina S.A., | |||||||
9.125%, 11-7-10 | 250 | 251 | |||||
Marine Ports & Services - 0.5% | |||||||
Novorossiysk Port Capital S.A., | |||||||
7.000%, 5-17-12 | 1,000 | 1,035 | |||||
Multi-Utilities - 3.4% | |||||||
Abu Dhabi National Energy Company PJSC: | |||||||
5.620%, 10-25-12 | 1,000 | 1,052 | |||||
6.600%, 8-1-13 | 1,000 | 1,084 | |||||
Aquila, Inc., | |||||||
11.875%, 7-1-12 (F) | 500 | 575 | |||||
Black Hills Corporation, | |||||||
6.500%, 5-15-13 | 1,500 | 1,633 | |||||
KeySpan Corporation, | |||||||
7.625%, 11-15-10 | 1,000 | 1,008 | |||||
NiSource Finance Corp., | |||||||
7.875%, 11-15-10 | 1,250 | 1,259 | |||||
Veolia Environment, | |||||||
5.250%, 6-3-13 | 250 | 273 | |||||
6,884 | |||||||
Office Electronics - 0.1% | |||||||
Xerox Corporation, | |||||||
5.500%, 5-15-12 | 250 | 266 | |||||
Oil & Gas Drilling - 1.5% | |||||||
Noble Group Limited, | |||||||
8.500%, 5-30-13 | 1,300 | 1,466 | |||||
Seadrill Limited, Convertible, | |||||||
3.625%, 11-8-12 | 400 | 444 | |||||
Weatherford International, Inc., | |||||||
5.950%, 6-15-12 | 1,000 | 1,072 | |||||
2,982 | |||||||
Oil & Gas Equipment & Services - 2.1% | |||||||
Petroleum Geo-Services ASA, Convertible, | |||||||
2.700%, 12-3-12 | 2,800 | 2,636 | |||||
SKDP 1 Ltd., | |||||||
12.000%, 5-19-17 | 1,000 | 1,080 | |||||
Smith International, Inc., | |||||||
8.625%, 3-15-14 | 500 | 609 | |||||
4,325 | |||||||
Oil & Gas Exploration & Production - 1.8% | |||||||
Anadarko Petroleum Corporation, | |||||||
5.750%, 6-15-14 | 500 | 540 | |||||
Pan American Energy LLC: | |||||||
7.750%, 2-9-12 | 550 | 568 | |||||
7.875%, 5-7-21 (A) | 1,000 | 1,043 | |||||
7.875%, 5-7-21 | 500 | 521 | |||||
Ras Laffan Liquefied Natural Gas Co. Ltd., | |||||||
5.832%, 9-30-16 | 892 | 985 | |||||
3,657 | |||||||
Oil & Gas Refining & Marketing - 0.5% | |||||||
Frontier Oil Corporation, | |||||||
6.625%, 10-1-11 | 992 | 996 | |||||
Oil & Gas Storage & Transportation - 4.3% | |||||||
AGL Capital Corporation, | |||||||
7.125%, 1-14-11 | 1,000 | 1,017 | |||||
DCP Midstream, LLC, | |||||||
9.700%, 12-1-13 (A) | 500 | 613 | |||||
Energy Transfer Partners, L.P., | |||||||
5.650%, 8-1-12 | 1,000 | 1,064 | |||||
Maritimes & Northeast Pipeline, L.L.C.: | |||||||
7.500%, 5-31-14 | 960 | 1,049 | |||||
7.500%, 5-31-14 (A) | 480 | 524 | |||||
Midcontinent Express Pipeline LLC, | |||||||
5.450%, 9-15-14 | 560 | 598 | |||||
ONEOK Partners, L.P., | |||||||
5.900%, 4-1-12 | 500 | 533 | |||||
Plains All American Pipeline, L.P., and PAA Finance Corp., | |||||||
7.750%, 10-15-12 | 1,000 | 1,114 | |||||
Sunoco Logistics Partners Operations L.P., | |||||||
8.750%, 2-15-14 | 500 | 585 | |||||
TransCapital Limited: | |||||||
7.700%, 8-7-13 | 500 | 552 | |||||
5.670%, 3-5-14 (D) | 500 | 523 | |||||
Transneft, | |||||||
6.103%, 6-27-12 | 500 | 524 | |||||
8,696 | |||||||
Packaged Foods & Meats - 3.1% | |||||||
BFF International Limited, | |||||||
7.250%, 1-28-20 (A) | 2,000 | 2,149 | |||||
Bunge Limited Finance Corp., | |||||||
5.350%, 4-15-14 | 300 | 320 | |||||
Cadbury Schweppes US Finance LLC, | |||||||
5.125%, 10-1-13 (D) | 1,000 | 1,094 | |||||
COSAN FINANCE LIMITED, | |||||||
7.000%, 2-1-17 | 128 | 139 | |||||
JBS Finance II Ltd., | |||||||
8.250%, 1-29-18 (D) | 1,550 | 1,598 | |||||
JBS USA LLC and JBS USA Finance, Inc., | |||||||
11.625%, 5-1-14 | 450 | 520 | |||||
Kraft Foods Inc., | |||||||
6.000%, 2-11-13 | 250 | 278 | |||||
6,098 | |||||||
Paper Products - 1.0% | |||||||
Fibria Overseas Finance Ltd., | |||||||
7.500%, 5-4-20 (A) | 1,196 | 1,270 | |||||
International Paper Company, | |||||||
7.400%, 6-15-14 | 400 | 463 | |||||
Stora Enso Oyj, | |||||||
7.375%, 5-15-11 | 275 | 286 | |||||
2,019 | |||||||
Pharmaceuticals - 0.7% | |||||||
Novartis Capital Corporation, | |||||||
4.125%, 2-10-14 | 500 | 546 | |||||
Shire plc, Convertible, | |||||||
2.750%, 5-9-14 | 900 | 905 | |||||
1,451 | |||||||
Precious Metals & Minerals - 0.5% | |||||||
ALROSA Finance S.A., | |||||||
8.875%, 11-17-14 | 850 | 932 | |||||
Publishing - 0.2% | |||||||
Pearson Dollar Finance Two plc, | |||||||
5.500%, 5-6-13 | 350 | 384 | |||||
Railroads - 0.9% | |||||||
Burlington Northern Santa Fe Corporation, | |||||||
5.900%, 7-1-12 | 300 | 324 | |||||
Kansas City Southern de Mexico, S.A. de C.V., | |||||||
7.625%, 12-1-13 | 1,000 | 1,034 | |||||
Kansas City Southern Railway Company (The), | |||||||
13.000%, 12-15-13 | 250 | 303 | |||||
1,661 | |||||||
Restaurants - 0.4% | |||||||
Arcos Dorados B.V., | |||||||
7.500%, 10-1-19 (A) | 750 | 816 | |||||
Soft Drinks - 0.1% | |||||||
PepsiAmericas, Inc., | |||||||
5.750%, 7-31-12 | 200 | 218 | |||||
Steel - 1.2% | |||||||
ArcelorMittal, | |||||||
9.000%, 2-15-15 | 500 | 604 | |||||
Evraz Group S.A., | |||||||
8.875%, 4-24-13 | 1,800 | 1,914 | |||||
2,518 | |||||||
Tobacco - 0.3% | |||||||
B.A.T. International Finance plc, | |||||||
8.125%, 11-15-13 | 500 | 589 | |||||
Trading Companies & Distributors - 0.2% | |||||||
CITIC Resources Holdings Limited, | |||||||
6.750%, 5-15-14 | 400 | 417 | |||||
Wireless Telecommunication Service - 2.4% | |||||||
America Movil, S.A.B. de C.V.: | |||||||
5.500%, 3-1-14 | 500 | 552 | |||||
3.625%, 3-30-15 | 800 | 833 | |||||
Indosat Palapa Company B.V., | |||||||
7.375%, 7-29-20 (D) | 250 | 276 | |||||
Mobile TeleSystems Finance S.A.: | |||||||
8.375%, 10-14-10 | 200 | 200 | |||||
8.000%, 1-28-12 | 600 | 632 | |||||
Mobile TeleSystems OJSC, | |||||||
8.700%, 6-12-18 (B) | RUB6,000 | 200 | |||||
Open Joint Stock Company "Vimpel-Communications", | |||||||
8.375%, 10-22-11 | $ 250 | 264 | |||||
Reliance Communications Limited, Convertible, | |||||||
0.000%, 3-1-12 (E) | 1,000 | 1,152 | |||||
VIP Finance Ireland Limited, | |||||||
8.375%, 4-30-13 | 550 | 593 | |||||
4,702 | |||||||
TOTAL CORPORATE DEBT SECURITIES - 58.3% | $ | 117,599 | |||||
(Cost: $110,056) | |||||||
OTHER GOVERNMENT SECURITIES | |||||||
Argentina - 0.7% | |||||||
City of Buenos Aires, | |||||||
12.500%, 4-6-15 | 1,000 | 1,068 | |||||
Compania Latinoamericana de Infraestructura & Servicios S.A., | |||||||
9.750%, 5-10-12 | 330 | 315 | |||||
1,383 | |||||||
Norway - 0.3% | |||||||
Norway Government Bonds, | |||||||
6.000%, 5-16-11 (B) | NOK3,200 | 556 | |||||
Russia - 0.2% | |||||||
Open Joint Stock Company "Russian Railroads", | |||||||
8.500%, 7-6-11 (B) | RUB10,000 | 334 | |||||
Supranational - 1.2% | |||||||
CENTRAL AMERICAN BANK FOR ECONOMIC INTEGRATION: | |||||||
4.875%, 1-15-12 | $ 500 | 519 | |||||
4.875%, 1-15-12 (D) | 500 | 519 | |||||
Corporacion Andina de Fomento: | |||||||
7.375%, 1-18-11 | 500 | 509 | |||||
6.875%, 3-15-12 | 1,000 | 1,079 | |||||
2,626 | |||||||
TOTAL OTHER GOVERNMENT SECURITIES - 2.4% | $ | 4,899 | |||||
(Cost: $5,015) | |||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 2.8% | |||||||
Mortgage-Backed Obligations | |||||||
Federal Home Loan Mortgage Corporation Adjustable Rate Participation Certificates: | |||||||
4.000%, 5-15-24 | 437 | 472 | |||||
4.000%, 11-15-36 | 421 | 445 | |||||
Federal Home Loan Mortgage Corporation Agency REMIC/CMO (Interest Only), (G) | |||||||
5.500%, 1-15-38 | 2,653 | 394 | |||||
Federal National Mortgage Association Agency REMIC/CMO: | |||||||
4.000%, 1-25-19 | 383 | 406 | |||||
4.000%, 9-25-24 | 389 | 412 | |||||
5.000%, 2-25-35 | 295 | 306 | |||||
3.500%, 9-25-39 | 440 | 460 | |||||
Federal National Mortgage Association Agency REMIC/CMO (Interest Only): (G) | |||||||
5.000%, 6-25-22 | 642 | 46 | |||||
4.000%, 7-15-23 | 6,299 | 754 | |||||
4.000%, 12-15-23 | 1,816 | 171 | |||||
4.000%, 2-15-24 | 2,684 | 297 | |||||
4.000%, 4-15-24 | 2,811 | 247 | |||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | |||||||
5.000%, 3-1-22 | 399 | 423 | |||||
5.000%, 8-1-23 | 199 | 212 | |||||
Government National Mortgage Association Agency REMIC/CMO (Interest Only), (G) | |||||||
4.500%, 11-20-36 | 2,289 | 314 | |||||
Government National Mortgage Association Fixed Rate Pass-Through Certificates, | |||||||
4.500%, 6-15-23 | 280 | 298 | |||||
(Cost: $6,002) | $ | 5,657 | |||||
UNITED STATES GOVERNMENT OBLIGATIONS - 17.5% | |||||||
Treasury Obligations | |||||||
United States Treasury Notes: | |||||||
1.125%, 12-15-11 | 10,000 | 10,095 | |||||
0.625%, 7-31-12 | 1,850 | 1,858 | |||||
1.375%, 2-15-13 | 15,000 | 15,304 | |||||
0.750%, 8-15-13 | 1,850 | 1,857 | |||||
1.750%, 7-31-15 | 1,980 | 2,028 | |||||
2.375%, 7-31-17 | 1,980 | 2,046 | |||||
3.500%, 5-15-20 | 1,980 | 2,149 | |||||
(Cost: $34,789) | $ | 35,337 | |||||
SHORT-TERM SECURITIES | |||||||
Commercial Paper (H) - 11.9% | |||||||
Avon Capital Corp. (Avon Products, Inc.), | |||||||
0.240%, 10-6-10 | 3,500 | 3,500 | |||||
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.), | |||||||
0.310%, 10-22-10 | 3,500 | 3,499 | |||||
IBM International Group Capital LLC (International Business Machines Corporation), | |||||||
0.000%, 10-1-10 | 1,592 | 1,592 | |||||
Illinois Tool Works Inc., | |||||||
0.140%, 10-4-10 | 1,090 | 1,090 | |||||
Procter & Gamble International Funding S.C.A. (Procter & Gamble Company (The)), | |||||||
0.190%, 11-1-10 | 4,000 | 4,000 | |||||
Prudential Funding LLC, | |||||||
0.000%, 10-1-10 | 3,000 | 3,000 | |||||
Sonoco Products Co., | |||||||
0.000%, 10-1-10 | 3,462 | 3,462 | |||||
Straight-A Funding, LLC (Federal Financing Bank), | |||||||
0.210%, 11-5-10 | 3,900 | 3,899 | |||||
24,042 |
Master Note - 2.3% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (I) | 4,819 | 4,819 | |||||
Municipal Obligations - Taxable - 2.8% | |||||||
Los Angeles, CA, Wastewater Sys Sub Rev Bonds, Var Rate Rfdg, Ser 2008-G (Bank of America, N.A.), | |||||||
0.260%, 10-1-10 (I) | 3,000 | 3,000 | |||||
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bds (Chevron U.S.A. Inc. Proj), Ser 1992 (Chevron Corporation), | |||||||
0.270%, 10-1-10 (I) | 2,550 | 2,550 | |||||
5,550 | |||||||
TOTAL SHORT-TERM SECURITIES - 17.0% | $ | 34,411 | |||||
(Cost: $34,411) | |||||||
TOTAL INVESTMENT SECURITIES - 98.3% | $ | 198,541 | |||||
(Cost: $190,690) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.7% | 3,357 | ||||||
NET ASSETS - 100.0% | $ | 201,898 | |||||
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2010:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||
Buy | Chinese Yuan Renminbi | Goldman Sachs International | 13,200 | 3-24-11 | $ | 7 | $ | –– | |
Buy | Chinese Yuan Renminbi | Citibank, N.A. | 27,500 | 9-19-11 | 15 | –– | |||
Buy | Chinese Yuan Renminbi | Citibank, N.A. | 5,600 | 12-7-11 | 24 | –– | |||
Buy | Chinese Yuan Renminbi | Citibank, N.A. | 10,100 | 12-7-11 | –– | 56 | |||
Sell | Euro | Deutsche Bank AG | 4,100 | 1-6-12 | –– | 257 | |||
Sell | Japanese Yen | Deutsche Bank AG | 471,300 | 5-10-11 | –– | 294 | |||
$ | 46 | $ | 607 |
(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, 2010, the total value of these securities amounted to $18,480 or 9.2% of net assets.
(B)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real, NOK - Norwegian Krone and RUB - Russian Ruble).
(C)This security currently pays the stated rate but this rate will increase in the future.
(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, 2010, the total value of these securities amounted to $10,710 or 5.3% of net assets.
(E)Zero coupon bond.
(F)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
(G)Amount shown as principal represents notional amount for computation of interest.
(H)Rate shown is the yield to maturity at September 30, 2010.
(I)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
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 | 36.8% |
Brazil | 10.5% |
Russia | 4.7% |
Argentina | 3.5% |
Canada | 2.8% |
Norway | 2.5% |
Mexico | 2.5% |
United Kingdom | 2.4% |
India | 2.3% |
Chile | 2.0% |
Indonesia | 1.6% |
China | 1.4% |
Hong Kong | 1.2% |
Luxembourg | 1.2% |
Supranational | 1.2% |
Poland | 1.1% |
United Arab Emirates | 1.0% |
Columbia | 0.5% |
Qatar | 0.5% |
Singapore | 0.4% |
Bermuda | 0.3% |
Italy | 0.3% |
Switzerland | 0.3% |
France | 0.1% |
Spain | 0.1% |
Finland | 0.1% |
Other+ | 18.7% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Bonds | 90.3% |
Corporate Debt Securities | 66.9% |
Senior Loans | 23.0% |
Municipal Bonds - Taxable | 0.4% |
Cash and Cash Equivalents and Equities | 9.7% |
Lipper Rankings
Category: Lipper High Current Yield Funds | Rank | Percentile |
1 Year | 384/482 | 80 |
3 Year | 50/416 | 12 |
5 Year | 50/351 | 15 |
10 Year | 59/234 | 26 |
Past performance is no guarantee of future results. Rankings are for Class C shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Quality Weightings
Investment Grade | 3.3% |
BBB | 3.3% |
Non-Investment Grade | 87.0% |
BB | 12.5% |
B | 45.8% |
CCC | 20.4% |
Non-rated | 8.3% |
Cash and Cash Equivalents and Equities | 9.7% |
Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,063.20 | 1.12% | $5.78 |
Class B | $1,000 | $1,059.00 | 1.92% | $9.88 |
Class C | $1,000 | $1,059.60 | 1.80% | $9.27 |
Class E | $1,000 | $1,061.80 | 1.36% | $7.01 |
Class I | $1,000 | $1,064.90 | 0.82% | $4.23 |
Class Y | $1,000 | $1,063.40 | 1.08% | $5.57 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,019.47 | 1.12% | $5.65 |
Class B | $1,000 | $1,015.45 | 1.92% | $9.67 |
Class C | $1,000 | $1,016.03 | 1.80% | $9.07 |
Class E | $1,000 | $1,018.25 | 1.36% | $6.86 |
Class I | $1,000 | $1,020.97 | 0.82% | $4.14 |
Class Y | $1,000 | $1,019.66 | 1.08% | $5.45 |
*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, 2010, 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 | |||||
Building Products - 0.0% | |||||||
Nortek, Inc. (A) | 14 | $ | 578 | ||||
Casinos & Gaming - 1.0% | |||||||
Sands China Ltd. (A)(B)(C) | 7,883 | 14,224 | |||||
TOTAL COMMON STOCKS - 1.0% | $ | 14,802 | |||||
(Cost: $9,500) | |||||||
PREFERRED STOCKS - 0.0% | |||||||
Consumer Finance | |||||||
GMAC INC. (D) | –– | * | $ | 277 | |||
(Cost: $––) | |||||||
WARRANTS | |||||||
Agricultural Products - 0.1% | |||||||
ASG Consolidated LLC | 12 | 1,287 | |||||
Apparel Retail - 0.2% | |||||||
St. John Knits International, Incorporated (D) | 48 | 2,766 | |||||
TOTAL WARRANTS - 0.3% | $ | 4,053 | |||||
(Cost: $702) | |||||||
CORPORATE DEBT SECURITIES | Principal | ||||||
Aerospace & Defense - 3.8% | |||||||
Alliant Techsystems Inc., | |||||||
6.875%, 9-15-20 | $ 1,850 | 1,880 | |||||
BE Aerospace Inc, | |||||||
6.875%, 10-1-20 | 2,795 | 2,851 | |||||
Sequa Corporation: | |||||||
11.750%, 12-1-15 (C) | 27,005 | 28,489 | |||||
13.500%, 12-1-15 (C) | 21,450 | 22,952 | |||||
56,172 | |||||||
Agricultural Products - 1.6% | |||||||
American Seafoods Group LLC, | |||||||
10.750%, 5-15-16 (C) | 11,655 | 11,887 | |||||
ASG Consolidated LLC, | |||||||
15.000%, 5-15-17 (C) | 11,700 | 10,589 | |||||
22,476 | |||||||
Apparel, Accessories & Luxury Goods - 0.2% | |||||||
Norcraft Companies, L.P. and Norcraft Finance Corp., | |||||||
10.500%, 12-15-15 | 2,405 | 2,513 | |||||
Auto Parts & Equipment - 1.3% | |||||||
Icahn Enterprises L.P., | |||||||
7.750%, 1-15-16 | 10,650 | 10,703 | |||||
J.B. Poindexter & Co., Inc., | |||||||
8.750%, 3-15-14 | 7,619 | 7,448 | |||||
UCI Holdco, Inc., | |||||||
8.292%, 12-15-13 (E)(F) | 1,477 | 1,427 | |||||
19,578 | |||||||
Automotive Retail - 0.8% | |||||||
Sonic Automotive, Inc.: | |||||||
8.625%, 8-15-13 | 2,394 | 2,436 | |||||
9.000%, 3-15-18 | 9,955 | 10,328 | |||||
12,764 |
Broadcasting - 0.9% | |||||||
SIRIUS XM Radio Inc., | |||||||
8.750%, 4-1-15 (C) | 12,590 | 13,377 | |||||
Building Products - 3.7% | |||||||
Goodman Global Group, Inc., | |||||||
0.000%, 12-15-14 (G) | 35,187 | 22,519 | |||||
Hillman Group, Inc. (The), | |||||||
10.875%, 6-1-18 (C) | 9,520 | 10,044 | |||||
Nortek, Inc., | |||||||
11.000%, 12-1-13 | 14,464 | 15,368 | |||||
Ply Gem Industries, Inc., | |||||||
13.125%, 7-15-14 | 7,800 | 7,946 | |||||
55,877 | |||||||
Casinos & Gaming - 3.1% | |||||||
Inn of the Mountain Gods Resort and Casino, | |||||||
12.000%, 11-15-10 (H) | 1,500 | 615 | |||||
Marina District Finance Company, Inc.: | |||||||
9.500%, 10-15-15 (C) | 900 | 873 | |||||
9.875%, 8-15-18 (C) | 900 | 869 | |||||
MCE Finance Limited, | |||||||
10.250%, 5-15-18 (C) | 6,825 | 7,592 | |||||
MGM MIRAGE: | |||||||
13.000%, 11-15-13 | 4,740 | 5,570 | |||||
10.375%, 5-15-14 | 2,725 | 3,032 | |||||
11.125%, 11-15-17 | 6,150 | 7,003 | |||||
9.000%, 3-15-20 (C) | 2,170 | 2,284 | |||||
Pinnacle Entertainment, Inc., | |||||||
8.625%, 8-1-17 | 2,200 | 2,335 | |||||
Scientific Games Corporation: | |||||||
8.125%, 9-15-18 (C) | 975 | 995 | |||||
9.250%, 6-15-19 | 10,725 | 11,394 | |||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp., | |||||||
7.750%, 8-15-20 (C) | 4,500 | 4,748 | |||||
47,310 | |||||||
Commodity Chemicals - 0.1% | |||||||
Celanese US Holdings, LLC, | |||||||
6.625%, 10-15-18 (C) | 1,170 | 1,196 | |||||
Computer & Electronics Retail - 1.5% | |||||||
CDW Corporation, | |||||||
11.000%, 10-12-15 (C) | 23,000 | 23,000 | |||||
Construction & Farm Machinery & Heavy Trucks - 0.3% | |||||||
Case New Holland, Inc., | |||||||
7.875%, 12-1-17 (C) | 3,960 | 4,302 | |||||
Construction Materials - 2.6% | |||||||
CEMEX Finance LLC, | |||||||
9.500%, 12-14-16 (C) | 5,450 | 5,484 | |||||
Headwaters Incorporated, | |||||||
11.375%, 11-1-14 (C) | 12,935 | 13,775 | |||||
Headwaters Incorporated, Convertible: | |||||||
2.500%, 2-1-14 | 7,250 | 5,655 | |||||
14.750%, 2-1-14 (D) | 8,100 | 8,708 | |||||
16.000%, 6-1-16 (C) | 5,687 | 6,568 | |||||
40,190 | |||||||
Consumer Finance - 2.1% | |||||||
Bankrate Inc., | |||||||
11.750%, 7-15-15 (C) | 15,125 | 16,184 | |||||
Credit Acceptance Corporation, | |||||||
9.125%, 2-1-17 (C) | 5,360 | 5,628 | |||||
TMX Finance LLC and TitleMax Finance Corp, | |||||||
13.250%, 7-15-15 (C) | 9,440 | 10,301 | |||||
32,113 | |||||||
Distillers & Vintners - 0.9% | |||||||
Central European Distribution Corporation, | |||||||
9.125%, 12-1-16 (C) | 11,400 | 12,255 | |||||
Central European Distribution Corporation, Convertible, | |||||||
3.000%, 3-15-13 | 1,950 | 1,765 | |||||
14,020 | |||||||
Diversified Banks - 0.1% | |||||||
FCE Bank plc, | |||||||
7.875%, 2-15-11 (I) | GBP1,000 | 1,589 | |||||
Diversified Chemicals - 0.2% | |||||||
Vertellus Specialties Inc., | |||||||
9.375%, 10-1-15 (C) | $ 2,365 | 2,454 | |||||
Diversified Metals & Mining - 0.3% | |||||||
Compass Minerals International, Inc., | |||||||
8.000%, 6-1-19 | 3,850 | 4,067 | |||||
Diversified Support Services - 0.7% | |||||||
KAR Holdings, Inc., | |||||||
8.750%, 5-1-14 | 6,955 | 7,242 | |||||
SITEL, LLC and SITEL Finance Corp., | |||||||
11.500%, 4-1-18 (C) | 4,320 | 3,456 | |||||
10,698 | |||||||
Education Services - 6.4% | |||||||
Education Management LLC and Education Management Finance Corp.: | |||||||
8.750%, 6-1-14 | 7,060 | 7,025 | |||||
10.250%, 6-1-16 | 1,985 | 2,045 | |||||
Laureate Education, Inc.: | |||||||
10.000%, 8-15-15 (C) | 35,398 | 36,105 | |||||
11.000%, 8-15-15 (C)(E) | 14,293 | 14,606 | |||||
11.750%, 8-15-17 (C) | 36,075 | 38,058 | |||||
97,839 | |||||||
Electrical Components & Equipment - 2.3% | |||||||
Goodman Global Group, Inc., | |||||||
13.500%, 2-15-16 | 8,775 | 9,653 | |||||
NXP B.V. and NXP Funding LLC, | |||||||
9.500%, 10-15-15 | 24,752 | 25,370 | |||||
35,023 | |||||||
Electronic Manufacturing Services - 1.1% | |||||||
Jabil Circuit, Inc.: | |||||||
7.750%, 7-15-16 | 6,860 | 7,520 | |||||
8.250%, 3-15-18 | 4,070 | 4,548 | |||||
KEMET Corporation, | |||||||
10.500%, 5-1-18 (C) | 4,400 | 4,604 | |||||
16,672 | |||||||
Environmental & Facilities Services - 0.1% | |||||||
Liberty Tire Recycling Holdco, LLC and Liberty Tire Recycling Finance, Inc., | |||||||
11.000%, 10-1-16 (C) | 944 | 963 | |||||
Food Retail - 0.3% | |||||||
Beverages & More, Inc., | |||||||
9.625%, 10-1-14 (C) | 4,875 | 4,924 | |||||
Forest Products - 0.3% | |||||||
Ainsworth Lumber Co. Ltd., | |||||||
11.000%, 7-29-15 (C)(E) | 5,019 | 4,112 | |||||
General Merchandise Stores - 0.7% | |||||||
Dollar General Corporation, | |||||||
11.875%, 7-15-17 | 8,692 | 10,170 | |||||
Health Care Equipment - 0.6% | |||||||
Biomet, Inc., | |||||||
11.625%, 10-15-17 | 5,450 | 6,070 | |||||
ReAble Therapeutics Finance LLC and ReAble Therapeutics Finance Corporation, | |||||||
10.875%, 11-15-14 | 2,770 | 3,012 | |||||
9,082 | |||||||
Health Care Facilities - 1.2% | |||||||
HCA Inc.: | |||||||
9.875%, 2-15-17 | 500 | 553 | |||||
8.500%, 4-15-19 | 4,750 | 5,296 | |||||
HealthSouth Corporation, | |||||||
8.125%, 2-15-20 | 8,200 | 8,528 | |||||
Radiation Therapy Services, Inc., | |||||||
9.875%, 4-15-17 (C) | 4,260 | 4,207 | |||||
18,584 | |||||||
Health Care Services - 1.5% | |||||||
BioScrip, Inc., | |||||||
10.250%, 10-1-15 | 2,580 | 2,638 | |||||
Gentiva Health Services, Inc., | |||||||
11.500%, 9-1-18 (C) | 9,160 | 9,777 | |||||
OnCure Holdings, Inc., | |||||||
11.750%, 5-15-17 (C) | 5,290 | 4,867 | |||||
US Oncology, Inc., | |||||||
10.750%, 8-15-14 | 5,075 | 5,278 | |||||
22,560 | |||||||
Home Furnishings - 0.3% | |||||||
Simmons Bedding Company, | |||||||
11.250%, 7-15-15 (C) | 4,200 | 4,510 | |||||
Hotels, Resorts & Cruise Lines - 0.8% | |||||||
Starwood Hotels & Resorts Worldwide, Inc.: | |||||||
6.750%, 5-15-18 | 8,000 | 8,600 | |||||
7.150%, 12-1-19 | 3,100 | 3,364 | |||||
11,964 | |||||||
Human Resource & Employment Services - 0.4% | |||||||
SSI Investments II Ltd and SSI, | |||||||
11.125%, 6-1-18 (C) | 5,375 | 5,899 | |||||
Independent Power Producers & Energy Traders - 1.5% | |||||||
AES Corporation (The), | |||||||
9.750%, 4-15-16 | 6,000 | 6,900 | |||||
Calpine Construction Finance Company, L.P., | |||||||
8.000%, 6-1-16 (C) | 9,600 | 10,272 | |||||
Calpine Corporation, | |||||||
7.875%, 7-31-20 (C) | 4,875 | 5,009 | |||||
22,181 | |||||||
Industrial Conglomerates - 0.9% | |||||||
Pinafore, LLC and Pinafore, Inc., | |||||||
9.000%, 10-1-18 (C) | 12,995 | 13,645 | |||||
Industrial Machinery - 0.7% | |||||||
Altra Holdings, Inc., | |||||||
8.125%, 12-1-16 | 4,750 | 4,940 | |||||
CPM Holdings, Inc., | |||||||
10.625%, 9-1-14 (C) | 5,350 | 5,765 | |||||
10,705 | |||||||
Integrated Telecommunication Services - 0.3% | |||||||
West Corporation, | |||||||
9.500%, 10-15-14 | 4,185 | 4,379 | |||||
Internet Software & Services - 1.2% | |||||||
Equinix, Inc., | |||||||
8.125%, 3-1-18 | 3,225 | 3,443 | |||||
Terremark Worldwide, Inc., | |||||||
12.000%, 6-15-17 | 13,237 | 15,124 | |||||
18,567 | |||||||
Investment Banking & Brokerage - 1.9% | |||||||
E*TRADE Financial Corporation: | |||||||
7.375%, 9-15-13 | 2,400 | 2,346 | |||||
7.875%, 12-1-15 | 3,850 | 3,763 | |||||
12.500%, 11-30-17 | 19,634 | 22,383 | |||||
28,492 | |||||||
IT Consulting & Other Services - 1.0% | |||||||
Broadview Networks Holdings, Inc., | |||||||
11.375%, 9-1-12 | 3,480 | 3,410 | |||||
Telvent GIT, S.A., Convertible, | |||||||
5.500%, 4-15-15 (C) | 11,000 | 11,055 | |||||
14,465 | |||||||
Leisure Products - 0.3% | |||||||
Yonkers Racing Corporation, | |||||||
11.375%, 7-15-16 (C) | 4,274 | 4,637 | |||||
Life Sciences Tools & Services - 0.2% | |||||||
PharmaNet Development Group Inc., | |||||||
10.875%, 4-15-17 (C) | 2,400 | 2,478 | |||||
Managed Health Care - 0.0% | |||||||
MultiPlan Inc., | |||||||
9.875%, 9-1-18 (C) | 460 | 481 | |||||
Metal & Glass Containers - 0.2% | |||||||
Graham Packaging Company, L.P. and GPC Capital Corp. I, | |||||||
9.875%, 10-15-14 | 2,500 | 2,594 | |||||
Motorcycle Manufacturers - 0.6% | |||||||
Harley-Davidson Funding Corp., | |||||||
6.800%, 6-15-18 (C) | 8,625 | 9,377 | |||||
Movies & Entertainment - 0.8% | |||||||
MU Finance plc, | |||||||
8.375%, 2-1-17 (C) | 3,900 | 3,803 | |||||
Regal Cinemas Corporation, | |||||||
9.375%, 2-1-12 | 2,000 | 2,000 | |||||
Wallace Theater Holdings Inc., | |||||||
12.500%, 6-15-13 (C)(F) | 5,590 | 5,590 | |||||
11,393 | |||||||
Office Electronics - 0.5% | |||||||
Xerox Capital Trust I, | |||||||
8.000%, 2-1-27 | 8,010 | 8,149 | |||||
Office Services & Supplies - 0.5% | |||||||
Interface, Inc.: | |||||||
11.375%, 11-1-13 | 5,250 | 5,959 | |||||
9.500%, 2-1-14 | 1,850 | 1,912 | |||||
7,871 | |||||||
Oil & Gas Drilling - 2.9% | |||||||
RDS Ultra-Deepwater Ltd, | |||||||
11.875%, 3-15-17 (C) | 8,385 | 8,762 | |||||
Vantage Drilling Company, | |||||||
11.500%, 8-1-15 (C) | 32,100 | 33,705 | |||||
42,467 | |||||||
Oil & Gas Equipment & Services - 0.4% | |||||||
Global Geophysical Services, Inc., | |||||||
10.500%, 5-1-17 (C) | 5,470 | 5,566 | |||||
Oil & Gas Exploration & Production - 0.4% | |||||||
Anadarko Petroleum Corporation: | |||||||
5.950%, 9-15-16 | 3,900 | 4,260 | |||||
6.375%, 9-15-17 | 2,280 | 2,513 | |||||
6,773 | |||||||
Oil & Gas Storage & Transportation - 0.3% | |||||||
Regency Energy Partners LP, | |||||||
9.375%, 6-1-16 (C) | 4,430 | 4,884 | |||||
Other Diversified Financial Services - 0.5% | |||||||
JPMorgan Chase & Co., | |||||||
7.900%, 4-29-49 (F) | 7,250 | 7,769 | |||||
Packaged Foods & Meats - 0.5% | |||||||
FAGE Dairy Industry S.A. and FAGE USA Dairy Industry, Inc., | |||||||
9.875%, 2-1-20 (C) | 2,925 | 2,706 | |||||
Pinnacle Foods Finance LLC, | |||||||
9.250%, 4-1-15 (C) | 4,750 | 4,940 | |||||
7,646 | |||||||
Paper Products - 0.3% | |||||||
Buckeye Technologies Inc., | |||||||
8.500%, 10-1-13 | 3,765 | 3,812 | |||||
Pharmaceuticals - 0.7% | |||||||
Catalent Pharma Solutions, Inc., | |||||||
9.750%, 4-15-17 (I) | EUR1,225 | 1,536 | |||||
Quintiles Transnational Holdings Inc, | |||||||
9.500%, 12-30-14 (C) | $ 8,305 | 8,534 | |||||
10,070 | |||||||
Publishing - 0.1% | |||||||
Nielsen Finance LLC and Nielsen Finance Co., | |||||||
7.750%, 10-15-18 | 1,900 | 1,886 | |||||
Railroads - 0.4% | |||||||
Kansas City Southern de Mexico, S.A. de C.V.: | |||||||
12.500%, 4-1-16 | 2,915 | 3,490 | |||||
8.000%, 2-1-18 (C) | 2,100 | 2,258 | |||||
5,748 | |||||||
Regional Banks - 4.6% | |||||||
CapitalSource Inc., | |||||||
12.750%, 7-15-14 (C) | 17,300 | 20,111 | |||||
CIT Group, Inc.: | |||||||
7.000%, 5-1-13 | 20,850 | 20,955 | |||||
7.000%, 5-1-16 | 8,600 | 8,471 | |||||
7.000%, 5-1-17 | 9,625 | 9,420 | |||||
Marshall & Ilsley Corporation, | |||||||
5.000%, 1-17-17 | 10,450 | 9,962 | |||||
68,919 | |||||||
Restaurants - 2.4% | |||||||
CKE Restaurants, Inc., | |||||||
11.375%, 7-15-18 (C) | 32,900 | 33,723 | |||||
NPC International, Inc., | |||||||
9.500%, 5-1-14 | 1,970 | 2,009 | |||||
35,732 | |||||||
Security & Alarm Services - 0.5% | |||||||
DynCorp International Inc., | |||||||
10.375%, 7-1-17 (C) | 8,075 | 8,035 | |||||
Specialty Chemicals - 0.1% | |||||||
Hexion Finance Escrow LLC and Hexion Escrow Corporation, | |||||||
8.875%, 2-1-18 | 1,950 | 1,911 | |||||
Steel - 0.3% | |||||||
Severstal Columbus LLC, | |||||||
10.250%, 2-15-18 (C) | 3,870 | 4,063 | |||||
WireCo WorldGroup Inc., | |||||||
9.500%, 5-15-17 (C) | 1,950 | 2,004 | |||||
6,067 | |||||||
Wireless Telecommunication Service - 1.7% | |||||||
Digicel Group Limited: | |||||||
8.250%, 9-1-17 (C) | 4,800 | 5,040 | |||||
10.500%, 4-15-18 (C) | 4,988 | 5,474 | |||||
Wind Acquisition Finance S.A., | |||||||
11.750%, 7-15-17 (C) | 14,200 | 15,913 | |||||
26,427 | |||||||
TOTAL CORPORATE DEBT SECURITIES - 66.9% | $ | 1,009,124 | |||||
(Cost: $940,703) | |||||||
MUNICIPAL BONDS - TAXABLE - 0.4% | |||||||
New York | |||||||
NYC Indl Dev Agy, | |||||||
11.000%, 3-1-29 (D) | 5,000 | $ | 6,467 | ||||
(Cost: $5,000) | |||||||
SENIOR LOANS | |||||||
Agricultural Products - 1.0% | |||||||
WM. Bolthouse Farms, Inc., | |||||||
9.500%, 7-25-16 (F) | 16,000 | 16,015 | |||||
Alternative Carriers - 0.1% | |||||||
U.S. Telepacific Corp., | |||||||
9.250%, 7-25-15 (F) | 2,189 | 2,192 | |||||
Apparel Retail - 1.1% | |||||||
St. John Knits International, Inc., | |||||||
13.000%, 3-2-15 (F) | 17,000 | 17,043 | |||||
Broadcasting - 2.4% | |||||||
High Plains Broadcasting Operating Company, LLC, | |||||||
9.000%, 9-14-16 (F) | 7,452 | 7,402 | |||||
Newport Television LLC, | |||||||
9.000%, 9-14-16 (F) | 28,506 | 28,316 | |||||
35,718 | |||||||
Communications Equipment - 1.0% | |||||||
Mitel Networks Corporation, | |||||||
7.352%, 8-15-15 (F) | 17,259 | 15,706 | |||||
Diversified Capital Markets - 0.5% | |||||||
Blackstone UTP Capital LLC, | |||||||
7.750%, 10-29-14 (F) | 6,948 | 7,000 | |||||
Diversified Support Services - 3.2% | |||||||
Advantage Sales and Marketing Inc., | |||||||
8.500%, 4-5-17 (F) | 28,833 | 28,726 | |||||
N.E.W. Holdings I, LLC: | |||||||
9.500%, 3-5-17 (F) | 6,805 | 6,727 | |||||
9.500%, 3-5-17 (F) | 6,805 | 6,727 | |||||
9.500%, 3-5-17 (F) | 6,805 | 6,727 | |||||
48,907 | |||||||
Education Services - 0.6% | |||||||
Laureate Education, Inc., | |||||||
7.000%, 8-1-14 (F) | 9,906 | 9,765 | |||||
Electric Utilities - 3.8% | |||||||
Texas Competitive Electric Holdings Company, LLC: | |||||||
3.758%, 10-10-14 (F) | 64,785 | 49,884 | |||||
3.758%, 10-10-14 (F) | 8,273 | 6,425 | |||||
3.789%, 10-10-14 (F) | 164 | 126 | |||||
3.789%, 10-10-14 (F) | 21 | 17 | |||||
3.789%, 10-10-14 (F) | 5 | 4 | |||||
4.066%, 10-10-14 (F) | 1,174 | 912 | |||||
57,368 | |||||||
Environmental & Facilities Services - 0.4% | |||||||
K2 Pure Solutions Nocal, L.P., | |||||||
10.000%, 7-20-15 (F) | 5,875 | 5,640 | |||||
Health Care Services - 0.9% | |||||||
Gentiva Health Services, Inc., | |||||||
6.750%, 5-23-16 (F) | 13,740 | 13,688 | |||||
Household Products - 0.5% | |||||||
Reynolds Group Holdings, Inc., | |||||||
2.375%, 8-16-16 (F) | 7,215 | 7,243 | |||||
Hypermarkets & Super Centers - 0.6% | |||||||
Roundy's Supermarkets, Inc., | |||||||
10.000%, 4-5-16 (F) | 8,300 | 8,427 | |||||
Independent Power Producers & Energy Traders - 0.2% | |||||||
Energy Future Competitive Holdings Company and Texas Competitive Electric Holdings Company, LLC: | |||||||
3.758%, 10-10-14 (F) | 821 | 637 | |||||
3.758%, 10-10-14 (F) | 184 | 143 | |||||
3.758%, 10-10-14 (F) | 1,952 | 1,511 | |||||
3.789%, 10-10-14 (F) | 6 | 4 | |||||
2,295 | |||||||
Industrial Conglomerates - 0.2% | |||||||
Tomkins plc, | |||||||
6.750%, 9-7-16 (F) | 2,405 | 2,425 | |||||
Internet Software & Services - 2.3% | |||||||
SAVVIS Communications Corporation: | |||||||
6.750%, 7-9-16 (F) | 17,341 | 17,394 | |||||
6.750%, 7-9-16 (F) | 159 | 160 | |||||
Springboard Finance, L.L.C., | |||||||
7.000%, 2-2-15 (F) | 17,063 | 17,115 | |||||
34,669 | |||||||
Leisure Products - 2.8% | |||||||
Guitar Center, Inc., | |||||||
3.760%, 10-9-14 (F) | 10,000 | 8,955 | |||||
Provo Craft & Novelty, Inc., | |||||||
8.000%, 12-31-49 (F) | 12,500 | 12,219 | |||||
Red Football Joint Venture Ltd., | |||||||
14.250%, 8-16-17 (F)(I) | GBP3,019 | 4,647 | |||||
Visant Corporation, | |||||||
7.000%, 9-22-16 (F) | $ 15,000 | 15,062 | |||||
40,883 | |||||||
Oil & Gas Storage & Transportation - 0.5% | |||||||
Blueknight Energy Partners, L.P.: | |||||||
9.500%, 6-30-11 (F) | 7,404 | 7,429 | |||||
9.500%, 6-30-11 (F) | 417 | 410 | |||||
7,839 | |||||||
Regional Banks - 0.9% | |||||||
CIT Group, Inc., | |||||||
6.250%, 8-11-15 (F) | 13,380 | 13,467 | |||||
TOTAL SENIOR LOANS - 23.0% | $ | 346,290 | |||||
(Cost: $341,879) | |||||||
SHORT-TERM SECURITIES | |||||||
Commercial Paper (J) - 7.3% | |||||||
Bank of Nova Scotia, | |||||||
0.190%, 11-1-10 | 4,455 | 4,454 | |||||
Clorox Co.: | |||||||
0.350%, 10-18-10 | 6,000 | 5,999 | |||||
0.360%, 10-22-10 | 10,000 | 9,998 | |||||
0.350%, 10-28-10 | 2,748 | 2,747 | |||||
0.340%, 11-5-10 | 8,949 | 8,946 | |||||
Corporacion Andina de Fomento, | |||||||
0.480%, 10-15-10 | 1,300 | 1,300 | |||||
CVS Caremark Corporation: | |||||||
0.270%, 10-4-10 | 9,000 | 9,000 | |||||
0.320%, 10-13-10 | 11,000 | 10,998 | |||||
General Mills, Inc., | |||||||
0.290%, 10-18-10 | 7,500 | 7,499 | |||||
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.): | |||||||
0.280%, 10-12-10 | 10,000 | 9,999 | |||||
0.310%, 10-22-10 | 19,000 | 18,996 | |||||
Hewlett-Packard Company, | |||||||
0.170%, 10-6-10 | 10,000 | 10,000 | |||||
Kellogg Co., | |||||||
0.240%, 10-5-10 | 7,000 | 7,000 | |||||
McCormick & Co. Inc., | |||||||
0.000%, 10-1-10 | 2,000 | 2,000 | |||||
108,936 | |||||||
Master Note - 0.0% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (K) | 693 | 693 | |||||
Municipal Obligations - Taxable - 1.1% | |||||||
MI Strategic Fund, Var Rate Demand Ltd Oblig Rev Bonds (Air Products and Chemicals, Inc. Proj), Ser 2007 (Bank of New York (The)), | |||||||
0.500%, 10-1-10 (K) | 16,490 | 16,490 | |||||
TOTAL SHORT-TERM SECURITIES - 8.4% | $ | 126,119 | |||||
(Cost: $126,119) | |||||||
TOTAL INVESTMENT SECURITIES - 100.0% | $ | 1,507,132 | |||||
(Cost: $1,423,903) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.0% | 29 | ||||||
NET ASSETS - 100.0% | $ | 1,507,161 | |||||
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2010:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | ||||
Sell | British Pound | Citibank, N.A. | 1,038 | 2-15-11 | $ | 229 | $ | –– | ||
Sell | British Pound | Citibank, N.A. | 3,500 | 4-7-11 | –– | 169 | ||||
Sell | Euro | Citibank, N.A. | 60 | 10-15-10 | 8 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 4-15-11 | 8 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 10-14-11 | 8 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 4-13-12 | 8 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 10-15-12 | 8 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 4-15-13 | 8 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 10-15-13 | 9 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 4-15-14 | 9 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 10-15-14 | 9 | –– | ||||
Sell | Euro | Citibank, N.A. | 59 | 4-15-15 | 9 | –– | ||||
Sell | Euro | Citibank, N.A. | 59 | 10-15-15 | 9 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 4-15-16 | 9 | –– | ||||
Sell | Euro | Citibank, N.A. | 60 | 10-14-16 | 9 | –– | ||||
Sell | Euro | Citibank, N.A. | 1,284 | 4-13-17 | 182 | –– | ||||
$ | 522 | $ | 169 |
*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 liquid under guidelines established by the Board of Trustees. At September 30, 2010, the total value of these securities amounted to $603,988 or 40.1% 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, 2010, the total value of these securities amounted to $18,218 or 1.2% of net assets.
(E)Payment-in-kind bonds.
(F)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
(G)Zero coupon bond.
(H)Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.
(I)Principal amounts are denominated in the indicated foreign currency, where applicable (EUR - Euro and GBP - British Pound).
(J)Rate shown is the yield to maturity at September 30, 2010.
(K)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
Asset Allocation
Stocks | 66.1% |
Financials | 12.9% |
Consumer Discretionary | 9.9% |
Energy | 9.6% |
Telecommunication Services | 9.1% |
Consumer Staples | 6.2% |
Information Technology | 6.2% |
Materials | 4.7% |
Industrials | 4.7% |
Health Care | 2.8% |
Bonds | 31.4% |
Other Government Securities | 17.4% |
Corporate Debt Securities | 14.0% |
Cash and Cash Equivalents | 2.5% |
Lipper Rankings
Category: Lipper Mixed-Asset Target Allocation Growth Funds | Rank | Percentile |
1 Year | 292/561 | 52 |
3 Year | 149/498 | 30 |
5 Year | 21/407 | 6 |
10 Year | 3/202 | 2 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
Europe | 48.9% |
France | 15.4% |
United Kingdom | 11.8% |
Switzerland | 3.9% |
Netherlands | 3.6% |
Other Europe | 14.2% |
Pacific Basin | 38.3% |
Australia | 14.8% |
Japan | 6.3% |
Hong Kong | 3.8% |
Taiwan | 3.5% |
Other Pacific Basin | 9.9% |
North America | 4.5% |
South America | 4.4% |
Other | 1.4% |
Cash and Cash Equivalents | 2.5% |
Top 10 Equity Holdings
Company | Country | Sector | Industry |
TOTAL S.A. | France | Energy | Integrated Oil & Gas |
Unilever plc | United Kingdom | Consumer Staples | Packaged Foods & Meats |
Vodafone Group plc | United Kingdom | Telecommunication Services | Wireless Telecommunication Service |
Royal Dutch Shell plc, Class A | United Kingdom | Energy | Integrated Oil & Gas |
Credit Suisse Group, Registered Shares | Switzerland | Financials | Diversified Capital Markets |
Foster's Group Limited | Australia | Consumer Staples | Brewers |
Cheung Kong (Holdings) Limited | Hong Kong | Financials | Real Estate Development |
Vivendi Universal | France | Consumer Discretionary | Movies & Entertainment |
Sanofi-Aventis | France | Health Care | Pharmaceuticals |
Telstra Corporation Limited | Australia | Telecommunication Services | Integrated Telecommunication Services |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,058.90 | 1.47% | $ | 7.62 | |
Class B | $1,000 | $1,054.50 | 2.46% | $ | 12.64 | |
Class C | $1,000 | $1,055.70 | 2.15% | $ | 11.10 | |
Class E | $1,000 | $1,059.60 | 1.33% | $ | 6.90 | |
Class I | $1,000 | $1,061.50 | 1.00% | $ | 5.15 | |
Class Y | $1,000 | $1,060.20 | 1.26% | $ | 6.49 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.68 | 1.47% | $ | 7.47 | |
Class B | $1,000 | $1,012.75 | 2.46% | $ | 12.38 | |
Class C | $1,000 | $1,014.29 | 2.15% | $ | 10.88 | |
Class E | $1,000 | $1,018.41 | 1.33% | $ | 6.76 | |
Class I | $1,000 | $1,020.05 | 1.00% | $ | 5.05 | |
Class Y | $1,000 | $1,018.74 | 1.26% | $ | 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, 2010, 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 - 10.9% | |||||||
Australia and New Zealand Banking Group Limited (A) | 123 | $ | 2,823 | ||||
Coal & Allied Industries Limited (A) | 25 | 2,526 | |||||
Computershare Limited (A) | 252 | 2,379 | |||||
Crown Limited (A) | 343 | 2,780 | |||||
David Jones Limited (A) | 554 | 2,666 | |||||
Foster's Group Limited (A) | 737 | 4,368 | |||||
John Fairfax Holdings Limited (A) | 1,534 | 2,172 | |||||
Myer Holdings Limited (A) | 776 | 2,821 | |||||
Orica Limited (A) | 108 | 2,682 | |||||
Telstra Corporation Limited (A) | 1,606 | 4,066 | |||||
29,283 | |||||||
Brazil - 0.8% | |||||||
Vivo Participacoes S.A., ADR | 78 | 2,118 | |||||
China - 2.4% | |||||||
China Mobile Limited (A)(B) | 50 | 507 | |||||
China Mobile Limited (A) | 320 | 3,277 | |||||
Industrial and Commercial Bank of China Limited, H Shares (A)(C) | 3,712 | 2,765 | |||||
6,549 | |||||||
France - 9.2% | |||||||
ALSTOM (A) | 42 | 2,139 | |||||
AXA S.A. (A) | 115 | 2,005 | |||||
Sanofi-Aventis (A) | 61 | 4,088 | |||||
Schneider Electric S.A. (A) | 19 | 2,380 | |||||
Societe Generale (A) | 40 | 2,291 | |||||
TOTAL S.A. (A) | 142 | 7,294 | |||||
Vivendi Universal (A) | 158 | 4,320 | |||||
24,517 | |||||||
Germany - 2.0% | |||||||
Bayer Aktiengesellschaft (A) | 46 | 3,216 | |||||
Deutsche Boerse AG (A) | 31 | 2,050 | |||||
5,266 | |||||||
Hong Kong - 3.8% | |||||||
Cheung Kong (Holdings) Limited (A) | 288 | 4,365 | |||||
New World Development Company Limited (A) | 1,508 | 3,040 | |||||
Yue Yuen Industrial (Holdings) Limited (A) | 769 | 2,848 | |||||
10,253 | |||||||
Israel - 1.4% | |||||||
Bezeq - Israel Telecommunication Corp., Ltd. (The) (A) | 1,479 | 3,686 | |||||
Italy - 1.7% | |||||||
Banca Intesa S.p.A. (A) | 605 | 1,966 | |||||
Mediaset S.p.A. (A) | 379 | 2,689 | |||||
4,655 | |||||||
Japan - 6.3% | |||||||
LAWSON, INC. (A) | 48 | 2,204 | |||||
Mitsubishi Corporation (A) | 99 | 2,359 | |||||
Nissin Kogyo Co., Ltd. (A) | 154 | 2,469 | |||||
NTT DoCoMo, Inc. (A) | 2 | 3,425 | |||||
Shin-Etsu Chemical Co., Ltd. (A) | 38 | 1,831 | |||||
Sumitomo Corporation (A) | 191 | 2,467 | |||||
Trend Micro Incorporated (A) | 74 | 2,196 | |||||
16,951 | |||||||
Netherlands - 1.2% | |||||||
Fugro N.V. (A) | 47 | 3,095 | |||||
Norway - 2.2% | |||||||
Seadrill Limited (A) | 126 | 3,638 | |||||
StatoilHydro ASA (A) | 110 | 2,293 | |||||
5,931 | |||||||
Russia - 1.0% | |||||||
Mobile TeleSystems OJSC, ADR | 121 | 2,565 | |||||
Singapore - 1.1% | |||||||
CapitaCommercial Trust (A) | 2,506 | 2,820 | |||||
Spain - 1.8% | |||||||
Indra Sistemas S.A. (A) | 140 | 2,672 | |||||
Tecnicas Reunidas, S.A. (A) | 39 | 2,101 | |||||
4,773 | |||||||
Switzerland - 3.9% | |||||||
Credit Suisse Group, Registered Shares (A) | 104 | 4,447 | |||||
Roche Holdings AG, Genusscheine (A) | 25 | 3,414 | |||||
Syngenta AG (A) | 10 | 2,480 | |||||
10,341 | |||||||
Taiwan - 3.5% | |||||||
High Tech Computer Corp. (A) | 133 | 3,026 | |||||
Siliconware Precision Industries Co., Ltd. (A) | 2,965 | 3,113 | |||||
Taiwan Semiconductor Manufacturing Company Ltd. (A) | 1,681 | 3,335 | |||||
9,474 | |||||||
United Kingdom - 10.9% | |||||||
BAE Systems plc (A) | 600 | 3,224 | |||||
Barclays plc (A) | 593 | 2,789 | |||||
Home Retail Group plc (A) | 594 | 1,921 | |||||
Prudential plc (A) | 334 | 3,339 | |||||
Royal Dutch Shell plc, Class A (A) | 148 | 4,467 | |||||
tesco plc (A) | 372 | 2,478 | |||||
Unilever plc (A) | 163 | 4,703 | |||||
Vodafone Group plc (A) | 1,816 | 4,482 | |||||
WPP Group plc (A) | 181 | 1,998 | |||||
29,401 | |||||||
United States - 2.0% | |||||||
Coca-Cola Company (The) | 52 | 3,045 | |||||
Southern Copper Corporation | 68 | 2,403 | |||||
5,448 | |||||||
TOTAL COMMON STOCKS - 66.1% | $ | 177,126 | |||||
(Cost: $166,714) | |||||||
CORPORATE DEBT SECURITIES | Principal | ||||||
Argentina - 1.2% | |||||||
Arcos Dorados B.V., | |||||||
7.500%, 10-1-19 (C) | $ | 3,000 | 3,263 | ||||
Australia - 2.2% | |||||||
Coles Myer Finance Limited, | |||||||
6.000%, 7-25-12 (D) | AUD1,250 | 1,199 | |||||
Fairfax Media Group Finance Pty Limited, | |||||||
5.250%, 6-15-12 (D) | EUR2,000 | 2,767 | |||||
Vodafone Group plc, | |||||||
6.750%, 1-10-13 (D) | AUD2,000 | 1,945 | |||||
5,911 |
Brazil - 2.4% | |||||||
AmBev International Finance Co. Ltd., | |||||||
9.500%, 7-24-17 (D) | BRL7,500 | 4,387 | |||||
Pontis Ltd., | |||||||
6.250%, 12-20-49 | $2,000 | 2,045 | |||||
6,432 | |||||||
Canada - 1.4% | |||||||
Teck Resources Limited, | |||||||
9.750%, 5-15-14 | 3,000 | 3,700 | |||||
Denmark - 1.3% | |||||||
Carlsberg Finans A/S, | |||||||
7.000%, 2-26-13 (D) | GBP2,000 | 3,456 | |||||
France - 2.3% | |||||||
Vivendi, | |||||||
7.750%, 1-23-14 (D) | EUR2,000 | 3,127 | |||||
WPP Finance S.A., | |||||||
5.250%, 1-30-15 (D) | 2,000 | 2,942 | |||||
6,069 | |||||||
Luxembourg - 1.1% | |||||||
Wind Acquisition Finance S.A.: | |||||||
11.000%, 12-1-15 (D) | 1,500 | 2,153 | |||||
11.750%, 7-15-17 (C) | $ 750 | 840 | |||||
2,993 | |||||||
Netherlands - 1.2% | |||||||
Heineken N.V., | |||||||
7.125%, 4-7-14 (D) | EUR2,000 | 3,098 | |||||
United Kingdom - 0.9% | |||||||
Rio Tinto Finance (USA) Limited, | |||||||
8.950%, 5-1-14 | $2,000 | 2,470 | |||||
TOTAL CORPORATE DEBT SECURITIES - 14.0% | $ | 37,392 | |||||
(Cost: $34,134) | |||||||
OTHER GOVERNMENT SECURITIES | |||||||
Australia - 1.7% | |||||||
New South Wales Treasury Corporation, | |||||||
6.000%, 5-1-12 (D) | AUD4,600 | 4,512 | |||||
France - 3.9% | |||||||
French Treasury Bond (OAT), | |||||||
4.250%, 10-25-17 (D) | EUR6,920 | 10,649 | |||||
Malaysia - 2.6% | |||||||
Malaysian Government Bonds: | |||||||
3.756%, 4-28-11 (D) | MYR8,550 | 2,783 | |||||
3.461%, 7-31-13 (D) | 12,435 | 4,060 | |||||
6,843 |
Mexico - 1.1% | |||||||
United Mexican States Government Bonds, | |||||||
8.000%, 12-19-13 (D) | MXN35,000 | 2,986 | |||||
Netherlands - 1.2% | |||||||
Netherlands Government Bonds, | |||||||
4.500%, 7-15-17 (D) | EUR2,000 | 3,137 | |||||
New Zealand - 1.1% | |||||||
New Zealand Government Bonds, | |||||||
6.000%, 11-15-11 (D) | NZD3,910 | 2,948 | |||||
Poland - 0.4% | |||||||
Poland Government Bonds, | |||||||
6.250%, 10-24-15 (D) | PLN3,250 | 1,171 | |||||
South Korea - 2.7% | |||||||
Republic of Korea (The), | |||||||
7.125%, 4-16-19 | $1,190 | 1,516 | |||||
South Korea Treasury Bonds, | |||||||
5.250%, 9-10-12 (D) | KRW6,350,000 | 5,778 | |||||
7,294 | |||||||
Sweden - 2.7% | |||||||
Kingdom of Sweden (The), | |||||||
5.250%, 3-15-11 (D) | SEK47,170 | 7,130 | |||||
TOTAL OTHER GOVERNMENT SECURITIES - 17.4% | $ | 46,670 | |||||
(Cost: $43,853) | |||||||
SHORT-TERM SECURITIES - 1.4% | |||||||
Master Note | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (E) | $3,782 | $ | 3,782 | ||||
(Cost: $3,782) | |||||||
TOTAL INVESTMENT SECURITIES - 98.9% | $ | 264,970 | |||||
(Cost: $248,483) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.1% | 2,893 | ||||||
NET ASSETS - 100.0% | $ | 267,863 | |||||
Notes to Schedule of Investments
(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 illiquid under guidelines established by the Board of Trustees. At September 30, 2010, the total value of these securities amounted to $507 or 0.2% 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 liquid under guidelines established by the Board of Trustees. At September 30, 2010, the total value of these securities amounted to $6,868 or 2.6% of net assets.
(D)Principal amounts are denominated in the indicated foreign currency, where applicable (AUD - Australian Dollar, BRL - Brazilian Real, EUR - Euro, GBP - British Pound, KRW - South Korean Won, MXN - Mexican Peso, MYR - Malaysian Ringgit, NZD - New Zealand Dollar, PLN - Polish Zloty and SEK - Swedish Krona).
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Other Government Securities | 17.4% |
Consumer Discretionary | 15.3% |
Financials | 12.9% |
Telecommunication Services | 10.9% |
Consumer Staples | 10.7% |
Energy | 9.6% |
Materials | 7.0% |
Information Technology | 6.2% |
Industrials | 4.7% |
Health Care | 2.8% |
Other+ | 2.5% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 98.6% |
Financials | 18.5% |
Consumer Discretionary | 14.1% |
Industrials | 12.3% |
Energy | 11.4% |
Information Technology | 10.4% |
Materials | 10.2% |
Telecommunication Services | 9.9% |
Consumer Staples | 8.1% |
Health Care | 3.7% |
Cash and Cash Equivalents | 1.4% |
Lipper Rankings
Category: Lipper International Large-Cap Core Funds | Rank | Percentile |
1 Year | 43/377 | 12 |
3 Year | 3/307 | 1 |
5 Year | 7/249 | 3 |
10 Year | 6/141 | 5 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
Europe | 52.1% |
United Kingdom | 19.1% |
France | 13.3% |
Switzerland | 6.6% |
Germany | 5.7% |
Other Europe | 7.4% |
Pacific Basin | 37.5% |
Japan | 13.7% |
Australia | 11.2% |
China | 4.5% |
Hong Kong | 3.7% |
Other Pacific Basin | 4.4% |
North America | 6.3% |
Other | 1.5% |
South America | 1.2% |
Cash and Cash Equivalents | 1.4% |
Top 10 Equity Holdings
Company | Country | Sector | Industry |
TOTAL S.A. | France | Energy | Integrated Oil & Gas |
Cheung Kong (Holdings) Limited | Hong Kong | Financials | Real Estate Development |
Credit Suisse Group, Registered Shares | Switzerland | Financials | Diversified Capital Markets |
Vodafone Group plc | United Kingdom | Telecommunication Services | Wireless Telecommunication Service |
Unilever plc | United Kingdom | Consumer Staples | Packaged Foods & Meats |
Sanofi-Aventis | France | Health Care | Pharmaceuticals |
Royal Dutch Shell plc, Class A | United Kingdom | Energy | Integrated Oil & Gas |
Vivendi Universal | France | Consumer Discretionary | Movies & Entertainment |
Foster's Group Limited | Australia | Consumer Staples | Brewers |
Barclays plc | United Kingdom | Financials | Diversified Banks |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||
Based on Actual Fund Return(1) | |||||||
Class A | $1,000 | $1,035.70 | 1.50% | $ | 7.63 | ||
Class B | $1,000 | $1,030.90 | 2.39% | $ | 12.19 | ||
Class C | $1,000 | $1,033.10 | 2.17% | $ | 11.08 | ||
Class E | $1,000 | $1,036.20 | 1.53% | $ | 7.84 | ||
Class I | $1,000 | $1,038.30 | 1.10% | $ | 5.61 | ||
Class Y | $1,000 | $1,036.90 | 1.36% | $ | 6.93 | ||
Based on 5% Return(2) | |||||||
Class A | $1,000 | $1,017.55 | 1.50% | $ | 7.57 | ||
Class B | $1,000 | $1,013.09 | 2.39% | $ | 12.08 | ||
Class C | $1,000 | $1,014.19 | 2.17% | $ | 10.98 | ||
Class E | $1,000 | $1,017.40 | 1.53% | $ | 7.77 | ||
Class I | $1,000 | $1,019.56 | 1.10% | $ | 5.55 | ||
Class Y | $1,000 | $1,018.26 | 1.36% | $ | 6.86 |
*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, 2010, 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 - 11.2% | ||||||||
Australia and New Zealand Banking Group Limited (A) | 522 | $ | 11,939 | |||||
Computershare Limited (A) | 1,188 | 11,194 | ||||||
Crown Limited (A) | 1,370 | 11,109 | ||||||
Foster's Group Limited (A) | 2,914 | 17,262 | ||||||
John Fairfax Holdings Limited (A) | 7,007 | 9,922 | ||||||
Myer Holdings Limited (A) | 2,544 | 9,246 | ||||||
Orica Limited (A) | 482 | 11,986 | ||||||
Telstra Corporation Limited (A) | 6,102 | 15,452 | ||||||
98,110 | ||||||||
Brazil - 1.2% | ||||||||
Vivo Participacoes S.A., ADR | 377 | 10,230 | ||||||
Canada - 2.4% | ||||||||
Canadian Natural Resources Limited (A) | 331 | 11,432 | ||||||
Research In Motion Limited (B) | 201 | 9,762 | ||||||
21,194 | ||||||||
China - 4.5% | ||||||||
China Mobile Limited (A)(C) | 201 | 2,058 | ||||||
China Mobile Limited (A) | 1,390 | 14,229 | ||||||
Industrial and Commercial Bank of China Limited, H Shares (A)(D) | 7,027 | 5,235 | ||||||
Industrial and Commercial Bank of China Limited, H Shares (A) | 9,205 | 6,857 | ||||||
ZTE Corporation, H Shares (A) | 2,697 | 10,741 | ||||||
39,120 | ||||||||
France - 13.3% | ||||||||
ALSTOM (A) | 272 | 13,863 | ||||||
AXA S.A. (A) | 585 | 10,236 | ||||||
Sanofi-Aventis (A) | 286 | 19,067 | ||||||
Schneider Electric S.A. (A) | 83 | 10,572 | ||||||
Societe Generale (A) | 206 | 11,839 | ||||||
TOTAL S.A. (A) | 645 | 33,260 | ||||||
Vivendi Universal (A) | 639 | 17,472 | ||||||
116,309 | ||||||||
Germany - 5.7% | ||||||||
Bayer Aktiengesellschaft (A) | 232 | 16,158 | ||||||
DaimlerChrysler AG, Registered Shares (A) | 216 | 13,645 | ||||||
Deutsche Boerse AG (A) | 152 | 10,151 | ||||||
Deutsche Lufthansa Aktiengesellschaft (A) | 529 | 9,700 | ||||||
49,654 | ||||||||
Hong Kong - 3.7% | ||||||||
Cheung Kong (Holdings) Limited (A) | 1,323 | 20,052 | ||||||
New World Development Company Limited (A) | 6,249 | 12,597 | ||||||
32,649 | ||||||||
Israel - 1.5% | ||||||||
Bezeq - Israel Telecommunication Corp., Ltd. (The) (A) | 5,400 | 13,460 | ||||||
Italy - 2.3% | ||||||||
Banca Intesa S.p.A. (A) | 2,870 | 9,322 | ||||||
Mediaset S.p.A. (A) | 1,567 | 11,109 | ||||||
20,431 | ||||||||
Japan - 13.7% | ||||||||
Bridgestone Corporation (A) | 779 | 14,190 | ||||||
JGC Corporation (A) | 714 | 12,393 | ||||||
Komatsu Ltd. (A) | 469 | 10,895 | ||||||
Mitsubishi Corporation (A) | 499 | 11,839 | ||||||
Mitsubishi Electric Corporation (A) | 1,266 | 10,889 | ||||||
Nihon Densan Kabushiki Kaisha (A) | 128 | 11,395 | ||||||
Nissin Kogyo Co., Ltd. (A) | 968 | 15,475 | ||||||
Shin-Etsu Chemical Co., Ltd. (A) | 198 | 9,661 | ||||||
Sumitomo Corporation (A) | 1,003 | 12,924 | ||||||
Trend Micro Incorporated (A) | 334 | 9,951 | ||||||
119,612 | ||||||||
Mexico - 2.6% | ||||||||
Fomento Economico Mexicano, S.A.B. de C.V. | 219 | 11,116 | ||||||
Grupo Modelo, S.A.B. de C.V., Series C (A) | 2,076 | 11,485 | ||||||
22,601 | ||||||||
Netherlands - 1.4% | ||||||||
Fugro N.V. (A) | 189 | 12,399 | ||||||
Norway - 1.1% | ||||||||
StatoilHydro ASA (A) | 457 | 9,528 | ||||||
Russia - 1.4% | ||||||||
Mobile TeleSystems OJSC, ADR | 582 | 12,352 | ||||||
Singapore - 1.2% | ||||||||
CapitaCommercial Trust (A) | 8,961 | 10,085 | ||||||
Spain - 1.2% | ||||||||
Tecnicas Reunidas, S.A. (A) | 197 | 10,506 | ||||||
Switzerland - 6.6% | ||||||||
Credit Suisse Group, Registered Shares (A) | 463 | 19,779 | ||||||
Roche Holdings AG, Genusscheine (A) | 95 | 12,971 | ||||||
Syngenta AG (A) | 57 | 14,200 | ||||||
TEMENOS Group AG (A)(B) | 342 | 10,484 | ||||||
57,434 | ||||||||
Taiwan - 3.2% | ||||||||
High Tech Computer Corp. (A) | 539 | 12,221 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd., ADR | 1,546 | 15,676 | ||||||
27,897 | ||||||||
United Kingdom - 19.1% | ||||||||
BAE Systems plc (A) | 2,686 | 14,444 | ||||||
Barclays plc (A) | 3,608 | 16,979 | ||||||
BG Group plc (A) | 351 | 6,159 | ||||||
Home Retail Group plc (A) | 2,848 | 9,217 | ||||||
Prudential plc (A) | 1,484 | 14,836 | ||||||
Rio Tinto plc (A) | 224 | 13,110 | ||||||
Royal Dutch Shell plc, Class A (A) | 586 | 17,638 | ||||||
tesco plc (A) | 1,879 | 12,517 | ||||||
Unilever plc (A) | 674 | 19,497 | ||||||
Vodafone Group plc (A) | 7,921 | 19,547 | ||||||
WPP Group plc (A) | 924 | 10,222 | ||||||
Xstrata plc (A) | 683 | 13,078 | ||||||
167,244 | ||||||||
United States - 1.3% | ||||||||
Southern Copper Corporation | 319 | 11,213 | ||||||
TOTAL COMMON STOCKS - 98.6% | $ | 862,028 | ||||||
(Cost: $805,595) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper (E) - 1.7% | ||||||||
Illinois Tool Works Inc., | ||||||||
0.170%, 10-6-10 | $ 11,000 | 10,999 | ||||||
John Deere Credit Limited (John Deere Capital Corporation), | ||||||||
0.210%, 10-20-10 | 4,000 | 4,000 | ||||||
14,999 | ||||||||
Master Note - 0.3% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (F) | 2,313 | 2,313 | ||||||
TOTAL SHORT-TERM SECURITIES - 2.0% | $ | 17,312 | ||||||
(Cost: $17,312) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.6% | $ | 879,340 | ||||||
(Cost: $822,907) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.6%) | (5,041 | ) | ||||||
NET ASSETS - 100.0% | $ | 874,299 | ||||||
Notes to Schedule of Investments
(A)Listed on an exchange outside the United States.
(B)No dividends were paid during the preceding 12 months.
(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, 2010, the total value of these securities amounted to $2,058 or 0.2% 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, 2010, the total value of these securities amounted to $5,235 or 0.6% of net assets.
(E)Rate shown is the yield to maturity at September 30, 2010.
(F)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification | |
(as a % of net assets) | |
Financials | 18.5% |
Consumer Discretionary | 14.1% |
Industrials | 12.3% |
Energy | 11.4% |
Information Technology | 10.4% |
Materials | 10.2% |
Telecommunication Services | 9.9% |
Consumer Staples | 8.1% |
Health Care | 3.7% |
Other+ | 1.4% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 95.9% |
Consumer Discretionary | 16.7% |
Consumer Staples | 14.5% |
Financials | 13.0% |
Information Technology | 11.8% |
Industrials | 10.3% |
Materials | 8.1% |
Energy | 8.0% |
Telecommunication Services | 6.5% |
Health Care | 5.1% |
Utilities | 1.9% |
Cash and Cash Equivalents | 4.1% |
Lipper Rankings
Category: Lipper International Large-Cap Growth Funds | Rank | Percentile |
1 Year | 71/202 | 35 |
3 Year | 103/167 | 62 |
5 Year | 59/126 | 47 |
10 Year | 52/84 | 62 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
Europe | 58.2% |
United Kingdom | 19.7% |
Germany | 12.5% |
Switzerland | 7.6% |
France | 6.8% |
Other Europe | 11.6% |
Pacific Basin | 29.9% |
Japan | 9.6% |
Australia | 5.6% |
Hong Kong | 5.3% |
China | 4.9% |
Other Pacific Basin | 4.5% |
North America | 5.4% |
South America | 2.4% |
Cash and Cash Equivalents | 4.1% |
Top 10 Equity Holdings
Company | Country | Sector | Industry |
British American Tobacco plc | United Kingdom | Consumer Staples | Tobacco |
Foster's Group Limited | Australia | Consumer Staples | Brewers |
VINCI | France | Industrials | Construction & Engineering |
Pinault-Printemps-Redoute S.A. | France | Consumer Discretionary | Department Stores |
DaimlerChrysler AG, Registered Shares | Germany | Consumer Discretionary | Automobile Manufacturers |
Nestle S.A., Registered Shares | Switzerland | Consumer Staples | Packaged Foods & Meats |
TEMENOS Group AG | Switzerland | Information Technology | Systems Software |
Prudential plc | United Kingdom | Financials | Life & Health Insurance |
Bayer Aktiengesellschaft | Germany | Materials | Diversified Chemicals |
High Tech Computer Corp. | Taiwan | Information Technology | Computer Hardware |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||
Based on Actual Fund Return(1) | |||||||
Class A | $1,000 | $1,035.10 | 1.60% | $ | 8.14 | ||
Class B | $1,000 | $1,030.40 | 2.61% | $ | 13.30 | ||
Class C | $1,000 | $1,030.50 | 2.59% | $ | 13.20 | ||
Class E** | $1,000 | $1,036.20 | 1.36% | $ | 6.92 | ||
Class I | $1,000 | $1,037.20 | 1.21% | $ | 6.21 | ||
Class Y | $1,000 | $1,036.50 | 1.42% | $ | 7.23 | ||
Based on 5% Return(2) | |||||||
Class A | $1,000 | $1,017.05 | 1.60% | $ | 8.07 | ||
Class B | $1,000 | $1,011.99 | 2.61% | $ | 13.18 | ||
Class C | $1,000 | $1,012.10 | 2.59% | $ | 13.08 | ||
Class E** | $1,000 | $1,018.25 | 1.36% | $ | 6.86 | ||
Class I | $1,000 | $1,019.00 | 1.21% | $ | 6.16 | ||
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, 2010, 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 - 5.6% | ||||||||
Foster's Group Limited (A) | 771 | $ | 4,567 | |||||
Orica Limited (A) | 78 | 1,930 | ||||||
Telstra Corporation Limited (A) | 1,376 | 3,485 | ||||||
9,982 | ||||||||
Belgium - 1.1% | ||||||||
InBev NV (A) | 34 | 1,999 | ||||||
Brazil - 2.4% | ||||||||
Banco Santander Brasil S.A., Units (A)(B) | 126 | 1,705 | ||||||
BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias eFuturos (A) | 317 | 2,653 | ||||||
4,358 | ||||||||
Canada - 1.1% | ||||||||
Canadian Natural Resources Limited (A) | 57 | 1,958 | ||||||
China - 4.9% | ||||||||
China Construction Bank Corporation (A) | 2,848 | 2,496 | ||||||
Sino-Forest Corporation, Class A (A)(C) | 97 | 1,613 | ||||||
Tingyi Holding Corp. (A) | 764 | 2,107 | ||||||
Wynn Macau, Limited (A)(C) | 1,428 | 2,470 | ||||||
8,686 | ||||||||
France - 6.8% | ||||||||
Cap Gemini S.A. (A) | 28 | 1,424 | ||||||
Pinault-Printemps-Redoute S.A. (A) | 26 | 4,175 | ||||||
Technip-Coflexip (A) | 28 | 2,230 | ||||||
VINCI (A) | 88 | 4,393 | ||||||
12,222 | ||||||||
Germany - 10.4% | ||||||||
adidas AG (A) | 57 | 3,552 | ||||||
Bayer Aktiengesellschaft (A) | 56 | 3,886 | ||||||
DaimlerChrysler AG, Registered Shares (A) | 65 | 4,128 | ||||||
Deutsche Boerse AG (A) | 34 | 2,239 | ||||||
QIAGEN N.V. (A)(C) | 118 | 2,112 | ||||||
SAP Aktiengesellschaft (A) | 54 | 2,685 | ||||||
18,602 | ||||||||
Hong Kong - 5.3% | ||||||||
Cheung Kong (Holdings) Limited (A) | 215 | 3,258 | ||||||
Henderson Land Development Company Limited (A) | 430 | 3,062 | ||||||
Yue Yuen Industrial (Holdings) Limited (A) | 874 | 3,239 | ||||||
9,559 | ||||||||
India - 2.4% | ||||||||
Genpact Limited (C) | 54 | 964 | ||||||
Hero Honda Motors Limited (A) | 47 | 1,960 | ||||||
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED (A)(B) | 285 | 1,284 | ||||||
4,208 | ||||||||
Italy - 1.7% | ||||||||
Saipem S.p.A. (A) | 74 | 2,959 | ||||||
Japan - 9.6% | ||||||||
Bridgestone Corporation (A) | 175 | 3,182 | ||||||
Honda Motor Co., Ltd. (A) | 79 | 2,793 | ||||||
JGC Corporation (A) | 160 | 2,777 | ||||||
KONAMI CORPORATION (A) | 129 | 2,283 | ||||||
Mitsubishi Corporation (A) | 129 | 3,057 | ||||||
Nissin Kogyo Co., Ltd. (A) | 143 | 2,280 | ||||||
YAMADA-DENKI Co., Ltd. (A) | 12 | 739 | ||||||
17,111 | ||||||||
Mexico - 1.3% | ||||||||
Grupo Modelo, S.A.B. de C.V., Series C (A) | 428 | 2,370 | ||||||
Netherlands - 2.1% | ||||||||
ASML Holding N.V., Ordinary Shares (A) | 43 | 1,298 | ||||||
Koninklijke KPN N.V. (A) | 163 | 2,523 | ||||||
3,821 | ||||||||
Norway - 1.3% | ||||||||
Seadrill Limited (A) | 83 | 2,390 | ||||||
Spain - 2.7% | ||||||||
Tecnicas Reunidas, S.A. (A) | 47 | 2,515 | ||||||
Telefonica, S.A. (A) | 97 | 2,401 | ||||||
4,916 | ||||||||
Sweden - 2.7% | ||||||||
ASSA ABLOY AB, Class B (A) | 91 | 2,297 | ||||||
Telefonaktiebolaget LM Ericsson, B Shares (A) | 228 | 2,503 | ||||||
4,800 | ||||||||
Switzerland - 7.6% | ||||||||
Credit Suisse Group, Registered Shares (A) | 46 | 1,979 | ||||||
Nestle S.A., Registered Shares (A) | 77 | 4,076 | ||||||
Swatch Group Ltd (The), Bearer Shares (A) | 2 | 583 | ||||||
Syngenta AG (A) | 12 | 2,910 | ||||||
TEMENOS Group AG (A)(C) | 132 | 4,033 | ||||||
13,581 | ||||||||
Taiwan - 2.1% | ||||||||
High Tech Computer Corp. (A) | 164 | 3,731 | ||||||
United Kingdom - 19.7% | ||||||||
Barclays plc (A) | 165 | 774 | ||||||
British American Tobacco plc (A) | 135 | 5,036 | ||||||
Capita Group plc (The) (A) | 226 | 2,795 | ||||||
Diageo plc (A) | 188 | 3,239 | ||||||
GlaxoSmithKline plc (A) | 164 | 3,229 | ||||||
International Power plc (A) | 551 | 3,358 | ||||||
Prudential plc (A) | 395 | 3,950 | ||||||
Rio Tinto plc (A) | 33 | 1,952 | ||||||
Serco Group plc (A) | 300 | 2,898 | ||||||
tesco plc (A) | 343 | 2,282 | ||||||
Vodafone Group plc (A) | 1,398 | 3,450 | ||||||
Xstrata plc (A) | 116 | 2,224 | ||||||
35,187 | ||||||||
United States - 3.0% | ||||||||
QUALCOMM Incorporated | 46 | 2,084 | ||||||
Schlumberger Limited | 40 | 2,446 | ||||||
Virgin Media Inc. | 40 | 923 | ||||||
5,453 | ||||||||
TOTAL COMMON STOCKS - 93.8% | $ | 167,893 | ||||||
(Cost: $153,908) | ||||||||
PREFERRED STOCKS - 2.1% | ||||||||
Germany | ||||||||
Fresenius AG (A) | 46 | $ | 3,704 | |||||
(Cost: $3,340) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper (D) - 2.2% | ||||||||
John Deere Credit Limited (John Deere Capital Corporation), | ||||||||
0.210%, 10-20-10 | $ | 4,000 | 4,000 | |||||
Master Note - 2.7% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (E) | 4,819 | 4,819 | ||||||
TOTAL SHORT-TERM SECURITIES - 4.9% | $ | 8,819 | ||||||
(Cost: $8,819) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.8% | $ | 180,416 | ||||||
(Cost: $166,067) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.8%) | (1,517 | ) | ||||||
NET ASSETS - 100.0% | $ | 178,899 | ||||||
Notes to Schedule of Investments
The following total return swaps were outstanding at September 30, 2010:
Counterparty | Notional Amount | Underlying Security | Termination Date | Financing Fee# | Unrealized Appreciation | ||
UBS AG, London | $1,493 | Sany Heavy Industry Co., Ltd. | 4-21-11 | USD LIBOR + 0.700% | $ | 583 | |
UBS AG, London | 745 | Sany Heavy Industry Co., Ltd. | 4-25-11 | USD LIBOR + 0.700% | 291 | ||
UBS AG, London | 735 | Sany Heavy Industry Co., Ltd. | 4-26-11 | USD LIBOR + 0.700% | 287 | ||
$ | 1,161 |
#The Fund pays the financing fee multiplied by the notional amount each quarter. On the termination date of the swap contracts, the Fund will pay/receive the return of the underlying security.
(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, 2010, the total value of these securities amounted to $2,989 or 1.7% of net assets.
(C)No dividends were paid during the preceding 12 months.
(D)Rate shown is the yield to maturity at September 30, 2010.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date the variable rate resets.
Market Sector Diversification | |
(as a % of net assets) | |
Consumer Discretionary | 16.7% |
Consumer Staples | 14.5% |
Financials | 13.0% |
Information Technology | 11.8% |
Industrials | 10.3% |
Materials | 8.1% |
Energy | 8.0% |
Telecommunication Services | 6.5% |
Health Care | 5.1% |
Utilities | 1.9% |
Other+ | 4.1% |
+Includes cash and cash equivalents and other assets and liabilities |
Asset Allocation
Stocks | 99.6% |
Information Technology | 43.1% |
Consumer Discretionary | 19.5% |
Financials | 8.6% |
Health Care | 8.4% |
Industrials | 7.7% |
Energy | 5.1% |
Consumer Staples | 3.8% |
Materials | 3.4% |
Cash and Cash Equivalents | 0.4% |
Lipper Rankings
Category: Lipper Large-Cap Growth Funds | Rank | Percentile |
---|---|---|
1 Year | 627/852 | 74 |
3 Year | 451/732 | 62 |
5 Year | 124/614 | 21 |
10 Year | 51/344 | 15 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Apple Inc. | Information Technology |
NetApp, Inc. | Information Technology |
Google Inc., Class A | Information Technology |
Cognizant Technology Solutions Corporation, Class A | Information Technology |
Microchip Technology Incorporated | Information Technology |
Schlumberger Limited | Energy |
JPMorgan Chase & Co. | Financials |
Emerson Electric Co. | Industrials |
Allergan, Inc. | Health Care |
VMware, Inc., Class A | Information Technology |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 983.10 | 1.15% | $ | 5.75 | |||
Class B | $1,000 | $ | 978.20 | 2.36% | $ | 11.67 | |||
Class C | $1,000 | $ | 979.90 | 2.00% | $ | 9.90 | |||
Class E | $1,000 | $ | 983.90 | 1.15% | $ | 5.75 | |||
Class I | $1,000 | $ | 984.30 | 0.92% | $ | 4.56 | |||
Class R | $1,000 | $ | 982.10 | 1.46% | $ | 7.23 | |||
Class Y | $1,000 | $ | 984.20 | 1.06% | $ | 5.26 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,019.30 | 1.15% | $ | 5.86 | |||
Class B | $1,000 | $ | 1,013.23 | 2.36% | $ | 11.88 | |||
Class C | $1,000 | $ | 1,015.06 | 2.00% | $ | 10.08 | |||
Class E | $1,000 | $ | 1,019.30 | 1.15% | $ | 5.86 | |||
Class I | $1,000 | $ | 1,020.46 | 0.92% | $ | 4.65 | |||
Class R | $1,000 | $ | 1,017.75 | 1.46% | $ | 7.36 | |||
Class Y | $1,000 | $ | 1,019.75 | 1.06% | $ | 5.35 |
*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, 2010, 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 | ||||||
Aerospace & Defense - 3.0% | ||||||||
Precision Castparts Corp. | 189 | $ | 24,120 | |||||
Air Freight & Logistics - 0.1% | ||||||||
FedEx Corporation | 10 | 838 | ||||||
Application Software - 2.3% | ||||||||
salesforce.com, inc. (A) | 168 | 18,771 | ||||||
Asset Management & Custody Banks - 2.6% | ||||||||
T. Rowe Price Group, Inc. | 414 | 20,750 | ||||||
Automotive Retail - 1.6% | ||||||||
AutoZone, Inc. (A) | 29 | 6,570 | ||||||
O'Reilly Automotive, Inc. (A) | 114 | 6,086 | ||||||
12,656 | ||||||||
Broadcasting - 0.9% | ||||||||
Discovery Holding Company, Class A (A) | 162 | 7,046 | ||||||
Casinos & Gaming - 4.6% | ||||||||
Las Vegas Sands, Inc. (A) | 370 | 12,895 | ||||||
Wynn Resorts, Limited | 277 | 24,009 | ||||||
36,904 | ||||||||
Communications Equipment - 6.2% | ||||||||
Cisco Systems, Inc. (A) | 1,130 | 24,747 | ||||||
Juniper Networks, Inc. (A) | 130 | 3,930 | ||||||
QUALCOMM Incorporated | 504 | 22,750 | ||||||
51,427 | ||||||||
Computer Hardware - 9.7% | ||||||||
Apple Inc. (A) | 254 | 72,017 | ||||||
Hewlett-Packard Company | 183 | 7,686 | ||||||
79,703 | ||||||||
Computer Storage & Peripherals - 4.7% | ||||||||
NetApp, Inc. (A) | 764 | 38,035 | ||||||
Consumer Finance - 2.1% | ||||||||
American Express Company | 406 | 17,060 | ||||||
Data Processing & Outsourced Services - 3.0% | ||||||||
Visa Inc., Class A | 323 | 23,964 | ||||||
Department Stores - 2.5% | ||||||||
Kohl's Corporation (A) | 388 | 20,440 | ||||||
Electrical Components & Equipment - 3.6% | ||||||||
Emerson Electric Co. | 562 | 29,589 | ||||||
Environmental & Facilities Services - 1.0% | ||||||||
Stericycle, Inc. (A) | 120 | 8,310 | ||||||
Fertilizers & Agricultural Chemicals - 0.1% | ||||||||
Monsanto Company | 15 | 729 | ||||||
Footwear - 1.1% | ||||||||
NIKE, Inc., Class B | 113 | 9,032 | ||||||
General Merchandise Stores - 0.8% | ||||||||
Target Corporation | 124 | 6,637 | ||||||
Health Care Equipment - 1.0% | ||||||||
Intuitive Surgical, Inc. (A) | 28 | 8,030 | ||||||
Home Improvement Retail - 0.2% | ||||||||
Home Depot, Inc. (The) | 52 | 1,638 | ||||||
Hotels, Resorts & Cruise Lines - 4.0% | ||||||||
Carnival Corporation | 308 | 11,753 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 401 | 21,073 | ||||||
32,826 | ||||||||
Household Products - 0.6% | ||||||||
Colgate-Palmolive Company | 64 | 4,888 | ||||||
Industrial Gases - 1.8% | ||||||||
Praxair, Inc. | 168 | 15,137 | ||||||
Internet Software & Services - 4.7% | ||||||||
Google Inc., Class A (A) | 72 | 37,909 | ||||||
IT Consulting & Other Services - 4.4% | ||||||||
Cognizant Technology Solutions Corporation, Class A (A) | 553 | 35,671 | ||||||
Life Sciences Tools & Services - 0.5% | ||||||||
Thermo Fisher Scientific Inc. (A) | 86 | 4,108 | ||||||
Movies & Entertainment - 1.0% | ||||||||
Walt Disney Company (The) | 242 | 8,006 | ||||||
Oil & Gas Equipment & Services - 5.1% | ||||||||
Halliburton Company | 245 | 8,115 | ||||||
Schlumberger Limited | 536 | 33,024 | ||||||
41,139 | ||||||||
Other Diversified Financial Services - 3.9% | ||||||||
JPMorgan Chase & Co. | 844 | 32,116 | ||||||
Personal Products - 0.6% | ||||||||
Estee Lauder Companies Inc. (The), Class A | 82 | 5,204 | ||||||
Pharmaceuticals - 6.9% | ||||||||
Abbott Laboratories | 55 | 2,890 | ||||||
Allergan, Inc. | 431 | 28,668 | ||||||
Teva Pharmaceutical Industries Limited, ADR | 458 | 24,133 | ||||||
55,691 | ||||||||
Restaurants - 2.8% | ||||||||
Starbucks Corporation | 488 | 12,490 | ||||||
YUM! Brands, Inc. | 228 | 10,479 | ||||||
22,969 | ||||||||
Semiconductors - 4.5% | ||||||||
Altera Corporation | 27 | 805 | ||||||
Broadcom Corporation, Class A | 73 | 2,583 | ||||||
Microchip Technology Incorporated | 1,057 | 33,243 | ||||||
36,631 | ||||||||
Soft Drinks - 2.6% | ||||||||
Coca-Cola Company (The) | 141 | 8,275 | ||||||
PepsiCo, Inc. | 185 | 12,291 | ||||||
20,566 | ||||||||
Specialty Chemicals - 1.5% | ||||||||
Ecolab Inc. | 233 | 11,827 | ||||||
Systems Software - 3.6% | ||||||||
Microsoft Corporation | 168 | 4,112 | ||||||
VMware, Inc., Class A (A) | 293 | 24,896 | ||||||
29,008 | ||||||||
TOTAL COMMON STOCKS - 99.6% | $ | 809,375 | ||||||
(Cost: $660,820) | ||||||||
SHORT-TERM SECURITIES | Principal | |||||||
Commercial Paper (B) - 0.3% | ||||||||
E.I. du Pont de Nemours and Company, | ||||||||
0.190%, 10-18-10 | $ 2,500 | 2,500 | ||||||
Master Note - 0.3% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (C) | 2,055 | 2,055 | ||||||
TOTAL SHORT-TERM SECURITIES - 0.6% | $ | 4,555 | ||||||
(Cost: $4,555) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.2% | $ | 813,930 | ||||||
(Cost: $665,375) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.2%) | (1,718 | ) | ||||||
NET ASSETS - 100.0% | $ | 812,212 | ||||||
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)Rate shown is the yield to maturity at September 30, 2010.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Asset Allocation
Bonds | 97.4% |
United States Government and Government Agency Obligations | 50.7% |
Corporate Debt Securities | 44.2% |
Municipal Bonds - Taxable | 2.5% |
Cash and Cash Equivalents | 2.6% |
Lipper Rankings
Category: Lipper Short-Intermediate Investment Grade Debt Funds | Rank | Percentile |
1 Year | 135/143 | 94 |
3 Year | 79/133 | 59 |
5 Year | 83/123 | 67 |
10 Year | 69/73 | 94 |
Past performance is no guarantee of future results. Rankings are for Class C shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
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.
Quality Weightings
Investment Grade | 97.1% |
AAA | 53.7% |
AA | 7.9% |
A | 15.5% |
BBB | 20.0% |
Non-Investment Grade | 0.3% |
BB | 0.3% |
Cash and Cash Equivalents | 2.6% |
Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,035.40 | 0.94% | $4.78 |
Class B | $1,000 | $1,031.10 | 1.76% | $8.94 |
Class C | $1,000 | $1,031.70 | 1.65% | $8.43 |
Class E | $1,000 | $1,034.90 | 1.00% | $5.09 |
Class I | $1,000 | $1,036.70 | 0.69% | $3.46 |
Class Y | $1,000 | $1,035.50 | 0.94% | $4.78 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,020.37 | 0.94% | $4.75 |
Class B | $1,000 | $1,016.25 | 1.76% | $8.87 |
Class C | $1,000 | $1,016.80 | 1.65% | $8.37 |
Class E | $1,000 | $1,020.05 | 1.00% | $5.05 |
Class I | $1,000 | $1,021.62 | 0.69% | $3.44 |
Class Y | $1,000 | $1,020.37 | 0.94% | $4.75 |
*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, 2010, 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 | |||||
Air Freight & Logistics - 0.6% | |||||||
Federal Express Corporation, | |||||||
9.650%, 6-15-12 | $ 6,005 | $ | 6,802 | ||||
Airlines - 0.5% | |||||||
Southwest Airlines Co., | |||||||
6.500%, 3-1-12 | 5,750 | 6,093 | |||||
Asset Management & Custody Banks - 0.4% | |||||||
State Street Corporation, | |||||||
4.300%, 5-30-14 | 2,000 | 2,200 | |||||
TIAA Global Markets, Inc., | |||||||
5.125%, 10-10-12 (A) | 2,250 | 2,434 | |||||
4,634 | |||||||
Asset-Backed Security - 0.5% | |||||||
American Express Travel Related Services Co., Inc., | |||||||
5.250%, 11-21-11 (B) | 6,000 | 6,249 | |||||
Brewers - 1.0% | |||||||
Anheuser-Busch InBev Worldwide Inc.: | |||||||
5.375%, 11-15-14 (A) | 5,500 | 6,176 | |||||
4.125%, 1-15-15 | 5,000 | 5,384 | |||||
11,560 | |||||||
Broadcasting - 0.4% | |||||||
NBC Universal, Inc., | |||||||
3.650%, 4-30-15 (A) | 5,000 | 5,280 | |||||
Cable & Satellite - 1.8% | |||||||
Comcast Cable Communications, Inc., | |||||||
6.750%, 1-30-11 | 5,000 | 5,097 | |||||
DirecTV Holdings LLC and DirecTV Financing Co., | |||||||
7.625%, 5-15-16 | 10,000 | 11,151 | |||||
Time Warner Cable Inc., | |||||||
3.500%, 2-1-15 | 3,750 | 3,937 | |||||
20,185 | |||||||
Communications Equipment - 0.4% | |||||||
Cisco Systems, Inc., | |||||||
5.250%, 2-22-11 | 5,000 | 5,091 | |||||
Computer & Electronics Retail - 1.0% | |||||||
Best Buy Co., Inc., | |||||||
6.750%, 7-15-13 | 11,030 | 12,337 | |||||
Computer Hardware - 1.7% | |||||||
Hewlett-Packard Company, | |||||||
2.125%, 9-13-15 | 17,500 | 17,660 | |||||
International Business Machines Corporation, | |||||||
6.500%, 10-15-13 | 2,500 | 2,906 | |||||
20,566 | |||||||
Construction & Farm Machinery & Heavy Trucks - 1.2% | |||||||
Caterpillar Inc., | |||||||
7.000%, 12-15-13 | 2,000 | 2,374 | |||||
John Deere Capital Corporation, | |||||||
2.800%, 9-18-17 | 12,000 | 12,100 | |||||
14,474 | |||||||
Consumer Finance - 1.1% | |||||||
American Express Credit Corporation, | |||||||
2.750%, 9-15-15 | 11,000 | 11,075 | |||||
Capital One Financial Corporation, | |||||||
7.375%, 5-23-14 | 2,000 | 2,335 | |||||
13,410 | |||||||
Data Processing & Outsourced Services - 1.0% | |||||||
Western Union Company (The), | |||||||
6.500%, 2-26-14 | 10,200 | 11,718 | |||||
Diversified Banks - 1.3% | |||||||
Barclays Bank plc, | |||||||
2.500%, 1-23-13 | 5,000 | 5,109 | |||||
U.S. Bancorp, | |||||||
3.150%, 3-4-15 | 5,000 | 5,287 | |||||
Wells Fargo & Company, | |||||||
3.625%, 4-15-15 | 3,500 | 3,713 | |||||
Wells Fargo Financial, Inc., | |||||||
5.500%, 8-1-12 | 1,487 | 1,599 | |||||
15,708 | |||||||
Diversified Capital Markets - 0.9% | |||||||
Deutsche Bank AG, | |||||||
3.450%, 3-30-15 | 9,900 | 10,443 | |||||
Diversified Chemicals - 0.5% | |||||||
Dow Chemical Company (The), | |||||||
7.600%, 5-15-14 | 5,000 | 5,842 | |||||
Diversified Metals & Mining - 0.9% | |||||||
BHP Billiton Finance (USA) Limited, | |||||||
5.500%, 4-1-14 | 4,000 | 4,502 | |||||
Rio Tinto Finance (USA) Limited, | |||||||
8.950%, 5-1-14 | 5,000 | 6,175 | |||||
10,677 | |||||||
Drug Retail - 1.1% | |||||||
CVS Caremark Corporation, | |||||||
3.250%, 5-18-15 | 6,500 | 6,792 | |||||
Walgreen Co., | |||||||
4.875%, 8-1-13 | 6,000 | 6,657 | |||||
13,449 | |||||||
Electric Utilities - 2.1% | |||||||
Allegheny Energy, Inc., | |||||||
8.250%, 4-15-12 (A) | 2,540 | 2,743 | |||||
DPL Inc., | |||||||
6.875%, 9-1-11 | 10,000 | 10,531 | |||||
Oncor Electric Delivery Company, | |||||||
6.375%, 5-1-12 | 7,500 | 8,168 | |||||
Southern Power Company, | |||||||
6.250%, 7-15-12 | 4,500 | 4,901 | |||||
26,343 | |||||||
Environmental & Facilities Services - 0.8% | |||||||
Allied Waste Industries, Inc., | |||||||
6.500%, 11-15-10 | 4,375 | 4,404 | |||||
Waste Management, Inc., | |||||||
6.375%, 3-11-15 | 4,175 | 4,897 | |||||
9,301 | |||||||
Food Distributors - 0.7% | |||||||
Cargill, Inc., | |||||||
5.600%, 9-15-12 (A) | 7,732 | 8,355 | |||||
Health Care Services - 0.3% | |||||||
Medco Health Solutions, Inc., | |||||||
2.750%, 9-15-15 | 3,500 | 3,557 | |||||
Home Improvement Retail - 0.3% | |||||||
Lowe's Companies, Inc., | |||||||
5.600%, 9-15-12 | 3,736 | 4,070 | |||||
Industrial Conglomerates - 1.1% | |||||||
General Electric Capital Corporation, | |||||||
3.750%, 11-14-14 | 8,000 | 8,475 | |||||
General Electric Capital Corporation (Federal Deposit Insurance Corporation), | |||||||
3.000%, 12-9-11 (C) | 6,000 | 6,183 | |||||
14,658 | |||||||
Industrial Machinery - 0.5% | |||||||
Illinois Tool Works Inc., | |||||||
5.150%, 4-1-14 | 5,000 | 5,676 | |||||
Integrated Oil & Gas - 2.2% | |||||||
Chevron Corporation, | |||||||
3.950%, 3-3-14 | 5,000 | 5,469 | |||||
ConocoPhillips, | |||||||
4.600%, 1-15-15 | 5,500 | 6,179 | |||||
Petro-Canada, | |||||||
4.000%, 7-15-13 | 9,500 | 10,071 | |||||
Western Oil Sands Inc., | |||||||
8.375%, 5-1-12 | 4,000 | 4,405 | |||||
26,124 | |||||||
Integrated Telecommunication Services - 1.9% | |||||||
AT&T Inc., | |||||||
4.950%, 1-15-13 | 500 | 543 | |||||
AT&T Wireless Services, Inc., | |||||||
7.875%, 3-1-11 | 9,885 | 10,180 | |||||
Deutsche Telekom International Finance B.V., | |||||||
4.875%, 7-8-14 | 4,000 | 4,399 | |||||
Verizon New York Inc., | |||||||
6.875%, 4-1-12 | 7,050 | 7,604 | |||||
22,726 | |||||||
Internet Software & Services - 0.8% | |||||||
British Telecommunications plc: | |||||||
5.150%, 1-15-13 | 1,000 | 1,069 | |||||
5.950%, 1-15-18 | 7,878 | 8,782 | |||||
9,851 | |||||||
Investment Banking & Brokerage - 1.7% | |||||||
Goldman Sachs Group, Inc. (The): | |||||||
6.875%, 1-15-11 | 3,500 | 3,562 | |||||
3.700%, 8-1-15 | 7,000 | 7,165 | |||||
Morgan Stanley, | |||||||
4.100%, 1-26-15 | 10,000 | 10,336 | |||||
21,063 | |||||||
Life & Health Insurance - 1.0% | |||||||
MetLife Global Funding I: | |||||||
5.125%, 6-10-14 (A) | 3,500 | 3,884 | |||||
2.500%, 9-29-15 (B) | 8,000 | 8,019 | |||||
11,903 | |||||||
Multi-Utilities - 1.3% | |||||||
NiSource Finance Corp., | |||||||
7.875%, 11-15-10 | 10,000 | 10,069 | |||||
SCANA Corporation, | |||||||
6.250%, 2-1-12 | 5,000 | 5,319 | |||||
15,388 | |||||||
Office Electronics - 0.2% | |||||||
Xerox Corporation, | |||||||
7.625%, 6-15-13 | 2,435 | 2,466 | |||||
Oil & Gas Drilling - 0.4% | |||||||
Weatherford International, Inc., | |||||||
5.950%, 6-15-12 | 5,000 | 5,361 | |||||
Oil & Gas Storage & Transportation - 2.1% | |||||||
AGL Capital Corporation, | |||||||
7.125%, 1-14-11 | 4,000 | 4,069 | |||||
DCP Midstream Operating, LP, | |||||||
3.250%, 10-1-15 | 5,500 | 5,525 | |||||
DCP Midstream, LLC, | |||||||
9.700%, 12-1-13 (A) | 4,500 | 5,515 | |||||
Maritimes & Northeast Pipeline, L.L.C., | |||||||
7.500%, 5-31-14 (A) | 5,762 | 6,290 | |||||
Northern Natural Gas, | |||||||
7.000%, 6-1-11 (B) | 4,000 | 4,155 | |||||
25,554 | |||||||
Other Diversified Financial Services - 2.5% | |||||||
Bank of America Corporation, | |||||||
6.500%, 8-1-16 | 5,000 | 5,625 | |||||
Bank of America Corporation (Federal Deposit Insurance Corporation), | |||||||
3.125%, 6-15-12 (C) | 6,000 | 6,251 | |||||
Citigroup Inc. (Federal Deposit Insurance Corporation), | |||||||
2.875%, 12-9-11 (C) | 6,000 | 6,174 | |||||
JPMorgan Chase & Co.: | |||||||
4.650%, 6-1-14 | 5,000 | 5,475 | |||||
3.700%, 1-20-15 | 6,850 | 7,238 | |||||
30,763 | |||||||
Packaged Foods & Meats - 2.0% | |||||||
General Mills, Inc., | |||||||
6.000%, 2-15-12 | 5,000 | 5,333 | |||||
Kellogg Company, | |||||||
6.600%, 4-1-11 | 8,000 | 8,244 | |||||
Kraft Foods Inc.: | |||||||
2.625%, 5-8-13 | 1,810 | 1,876 | |||||
6.750%, 2-19-14 | 5,000 | 5,816 | |||||
4.125%, 2-9-16 | 2,500 | 2,706 | |||||
23,975 | |||||||
Pharmaceuticals - 2.2% | |||||||
Eli Lilly and Company, | |||||||
4.200%, 3-6-14 | 5,775 | 6,358 | |||||
Merck & Co., Inc., | |||||||
4.000%, 6-30-15 | 2,000 | 2,214 | |||||
Novartis Capital Corporation, | |||||||
4.125%, 2-10-14 | 2,000 | 2,184 | |||||
Pfizer Inc., | |||||||
5.350%, 3-15-15 | 5,000 | 5,771 | |||||
Roche Holdings Ltd, | |||||||
5.000%, 3-1-14 (A) | 4,000 | 4,473 | |||||
Wyeth, | |||||||
5.500%, 2-1-14 | 5,000 | 5,675 | |||||
26,675 | |||||||
Property & Casualty Insurance - 1.3% | |||||||
Berkshire Hathaway Finance Corporation: | |||||||
4.000%, 4-15-12 | 8,000 | 8,390 | |||||
4.750%, 5-15-12 | 550 | 584 | |||||
5.000%, 8-15-13 | 1,500 | 1,660 | |||||
Fidelity National Financial, Inc., | |||||||
6.600%, 5-15-17 | 5,000 | 5,161 | |||||
15,795 | |||||||
Restaurants - 0.5% | |||||||
YUM! Brands, Inc., | |||||||
4.250%, 9-15-15 | 5,750 | 6,268 | |||||
Soft Drinks - 0.8% | |||||||
Bottling Group, LLC, | |||||||
6.950%, 3-15-14 | 2,000 | 2,372 | |||||
Coca-Cola Company (The), | |||||||
3.625%, 3-15-14 | 4,200 | 4,540 | |||||
Coca-Cola Enterprises Inc., | |||||||
4.250%, 3-1-15 | 3,000 | 3,325 | |||||
10,237 | |||||||
Systems Software - 0.7% | |||||||
Microsoft Corporation, | |||||||
1.625%, 9-25-15 | 8,500 | 8,510 | |||||
Wireless Telecommunication Service - 0.5% | |||||||
America Movil, S.A.B. de C.V., | |||||||
3.625%, 3-30-15 | 2,800 | 2,917 | |||||
American Tower Corporation, | |||||||
4.625%, 4-1-15 | 3,000 | 3,201 | |||||
6,118 | |||||||
TOTAL CORPORATE DEBT SECURITIES - 44.2% | $ | 535,255 | |||||
(Cost: $504,090) | |||||||
MUNICIPAL BONDS - TAXABLE | |||||||
Georgia - 0.2% | |||||||
Hosp Auth of Savannah, Rev Bonds, St. Joseph's/Candler Hlth System, Inc., Ser 1998C, | |||||||
6.625%, 7-1-18 | 1,785 | 1,872 | |||||
Hawaii - 0.4% | |||||||
Cnty of Kauai, Taxable GO Bonds, Ser 2010A: | |||||||
1.955%, 8-1-13 | 515 | 528 | |||||
2.498%, 8-1-14 | 1,240 | 1,288 | |||||
3.335%, 8-1-16 | 3,100 | 3,286 | |||||
5,102 | |||||||
Nebraska - 0.6% | |||||||
NE Pub Power Dist, General Rev Bonds, Ser 2008A, | |||||||
5.140%, 1-1-14 | 6,150 | 6,841 | |||||
Rhode Island - 0.4% | |||||||
Providence Hlth & Svc Oblig Group, Direct Oblig Notes, Ser 2009A, | |||||||
5.050%, 10-1-14 | 5,000 | 5,422 | |||||
Utah - 0.9% | |||||||
The Cent UT Wtr Conservancy Dist, Taxable Wtr Conservancy Rev Bds, Ser 2010A: | |||||||
4.150%, 10-1-20 | 6,455 | 6,749 | |||||
4.400%, 10-1-21 | 4,150 | 4,333 | |||||
11,082 | |||||||
TOTAL MUNICIPAL BONDS - TAXABLE - 2.5% | $ | 30,319 | |||||
(Cost: $28,566) |
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS | |||||||
Agency Obligations - 11.7% | |||||||
Federal Farm Credit Bank: | |||||||
4.750%, 9-30-15 | 4,000 | 4,605 | |||||
5.250%, 1-6-16 | 4,000 | 4,706 | |||||
Federal Home Loan Bank: | |||||||
1.750%, 12-14-12 | 16,000 | 16,378 | |||||
4.375%, 9-13-13 | 6,000 | 6,622 | |||||
2.375%, 3-14-14 | 7,000 | 7,309 | |||||
2.875%, 9-11-15 | 8,000 | 8,409 | |||||
Federal Home Loan Mortgage Corporation, | |||||||
1.625%, 4-15-13 | 10,000 | 10,227 | |||||
Federal National Mortgage Association: | |||||||
4.000%, 1-18-13 | 2,500 | 2,523 | |||||
4.375%, 7-17-13 | 8,000 | 8,786 | |||||
1.500%, 6-15-15 | 10,000 | 10,081 | |||||
1.450%, 6-29-15 | 11,000 | 11,114 | |||||
3.000%, 6-30-15 | 19,000 | 19,511 | |||||
1.250%, 8-6-15 | 12,000 | 12,086 | |||||
3.100%, 10-16-15 | 10,000 | 10,373 | |||||
2.000%, 12-30-15 | 10,000 | 10,004 | |||||
142,734 | |||||||
Mortgage-Backed Obligations - 17.0% | |||||||
Federal Home Loan Mortgage Corporation Adjustable Rate Participation Certificates: | |||||||
4.500%, 1-15-18 | 2,405 | 2,525 | |||||
4.000%, 6-15-22 | 3,698 | 3,862 | |||||
4.000%, 2-15-23 | 5,979 | 6,272 | |||||
4.500%, 6-15-27 | 7,246 | 7,614 | |||||
4.500%, 5-15-32 | 7,000 | 7,685 | |||||
5.000%, 9-15-34 | 4,628 | 4,875 | |||||
Federal Home Loan Mortgage Corporation Agency REMIC/CMO: | |||||||
5.000%, 5-15-31 | 874 | 892 | |||||
5.500%, 12-15-31 | 2,193 | 2,289 | |||||
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates: | |||||||
5.500%, 4-1-20 | 2,946 | 3,184 | |||||
4.500%, 10-1-20 | 3,353 | 3,561 | |||||
6.000%, 11-1-36 | 1,564 | 1,686 | |||||
Federal National Mortgage Association Agency REMIC/CMO: | |||||||
4.720%, 9-20-12 | 5,642 | 5,928 | |||||
4.780%, 1-25-17 | 4,031 | 4,031 | |||||
5.000%, 11-25-17 | 9,268 | 10,082 | |||||
5.500%, 12-25-17 | 7,162 | 7,915 | |||||
4.500%, 2-25-28 | 1,602 | 1,656 | |||||
5.500%, 7-15-32 | 4,687 | 5,018 | |||||
5.000%, 12-15-34 | 5,000 | 5,418 | |||||
4.500%, 3-25-37 | 8,145 | 8,723 | |||||
5.500%, 4-25-37 | 6,179 | 6,727 | |||||
4.000%, 3-25-39 | 4,289 | 4,487 | |||||
4.000%, 11-25-39 | 10,663 | 11,294 | |||||
4.500%, 6-25-40 | 11,251 | 12,014 | |||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | |||||||
1.125%, 9-27-13 | 10,500 | 10,529 | |||||
5.500%, 9-1-17 | 8,107 | 8,781 | |||||
4.500%, 9-1-19 | 8,402 | 8,913 | |||||
5.500%, 2-1-22 | 8,215 | 8,882 | |||||
6.000%, 6-1-22 | 4,447 | 4,824 | |||||
5.500%, 11-1-22 | 883 | 955 | |||||
5.000%, 4-1-28 | 4,938 | 5,218 | |||||
5.000%, 5-1-28 | 1,266 | 1,337 |
5.000%, 6-25-32 | 2,385 | 2,485 | |||||
6.000%, 7-1-38 | 3,654 | 3,929 | |||||
Government National Mortgage Association Agency REMIC/CMO: | |||||||
4.585%, 8-16-34 | 1,700 | 1,855 | |||||
5.000%, 4-16-39 | 4,531 | 4,842 | |||||
4.500%, 8-20-40 | 13,907 | 14,684 | |||||
204,972 | |||||||
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 28.7% | $ | 347,706 | |||||
(Cost: $338,880) | |||||||
UNITED STATES GOVERNMENT OBLIGATIONS - 22.0% | |||||||
Treasury Obligations | |||||||
United States Treasury Notes: | |||||||
4.625%, 2-29-12 | 5,000 | 5,303 | |||||
1.000%, 4-30-12 | 20,000 | 20,202 | |||||
3.875%, 2-15-13 | 6,000 | 6,486 | |||||
3.375%, 7-31-13 | 10,000 | 10,791 | |||||
4.250%, 8-15-13 | 11,500 | 12,701 | |||||
1.500%, 12-31-13 | 20,000 | 20,502 | |||||
1.750%, 3-31-14 | 20,000 | 20,652 | |||||
2.375%, 8-31-14 | 10,000 | 10,553 | |||||
2.375%, 2-28-15 | 10,000 | 10,549 | |||||
2.500%, 4-30-15 | 35,000 | 37,110 | |||||
2.125%, 5-31-15 | 25,000 | 26,070 | |||||
3.000%, 2-28-17 | 25,000 | 26,893 | |||||
2.375%, 7-31-17 | 710 | 734 | |||||
3.500%, 5-15-20 | 30,000 | 32,566 | |||||
2.625%, 8-15-20 | 25,000 | 25,230 | |||||
(Cost: $257,306) | $ | 266,342 | |||||
SHORT-TERM SECURITIES | |||||||
Commercial Paper (D) - 1.0% | |||||||
CVS Caremark Corporation, | |||||||
0.270%, 10-4-10 | 2,000 | 2,000 | |||||
McCormick & Co. Inc., | |||||||
0.000%, 10-1-10 | 2,195 | 2,195 | |||||
Straight-A Funding, LLC (Federal Financing Bank), | |||||||
0.210%, 11-5-10 | 5,000 | 4,999 | |||||
W.W. Grainger, Inc., | |||||||
0.160%, 10-6-10 | 3,000 | 3,000 | |||||
12,194 | |||||||
Master Note - 0.1% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (E) | 1,686 | 1,686 | |||||
Municipal Obligations - Taxable - 0.4% | |||||||
LA Pub Fac Auth, Var Rate Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (Bank of New York Mellon Trust Company, N.A. (The)), | |||||||
0.500%, 10-1-10 (E) | 3,000 | 3,000 | |||||
Los Angeles, CA, Wastewater Sys Sub Rev Bonds, Var Rate Rfdg, Ser 2008-G (Bank of America, N.A.), | |||||||
0.260%, 10-1-10 (E) | 2,000 | 2,000 | |||||
5,000 | |||||||
United States Government Agency Obligations - 0.2% | |||||||
Overseas Private Investment Corporation, | |||||||
0.240%, 12-15-10 (E) | 1,889 | 1,889 | |||||
TOTAL SHORT-TERM SECURITIES - 1.7% | $ | 20,769 | |||||
(Cost: $20,769) | |||||||
TOTAL INVESTMENT SECURITIES - 99.1% | $ | 1,200,391 | |||||
(Cost: $1,149,611) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.9% | 11,096 | ||||||
NET ASSETS - 100.0% | $ | 1,211,487 |
Notes to Schedule of Investments
(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, 2010, the total value of these securities amounted to $45,150 or 3.7% 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, 2010, the total value of these securities amounted to $18,423 or 1.5% of net assets.
(C)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.
(D)Rate shown is the yield to maturity at September 30, 2010.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronyms are used throughout this schedule:
CMO = Collateralized Mortgage Obligation
REMIC = Real Estate Mortgage Investment Conduit
Ivy Managed European/Pacific Fund
Ivy Pacific Opportunities Fund, Class I | 80.4% |
Ivy European Opportunities Fund, Class I | 19.4% |
Cash and Cash Equivalents | 0.2% |
Ivy Managed International Opportunities Fund
Ivy Pacific Opportunities Fund, Class I | 39.3% |
Ivy International Core Equity Fund, Class I | 20.2% |
Ivy International Balanced Fund, Class I | 20.1% |
Ivy European Opportunities Fund, Class I | 10.2% |
Ivy International Growth Fund, Class I | 10.1% |
Cash and Cash Equivalents | 0.1% |
Ivy Managed European/Pacific Fund
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,059.00 | 0.63% | $3.29 |
Class B | $1,000 | $1,054.50 | 1.52% | $7.81 |
Class C | $1,000 | $1,055.60 | 1.43% | $7.40 |
Class E** | $1,000 | $1,060.20 | 0.49% | $2.58 |
Class I | $1,000 | $1,061.20 | 0.24% | $1.24 |
Class Y | $1,000 | $1,060.20 | 0.61% | $3.19 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,021.91 | 0.63% | $3.24 |
Class B | $1,000 | $1,017.43 | 1.52% | $7.67 |
Class C | $1,000 | $1,017.91 | 1.43% | $7.26 |
Class E** | $1,000 | $1,022.59 | 0.49% | $2.53 |
Class I | $1,000 | $1,023.85 | 0.24% | $1.21 |
Class Y | $1,000 | $1,022.01 | 0.61% | $3.13 |
Ivy Managed International Opportunities Fund
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,042.70 | 0.52% | $2.66 |
Class B | $1,000 | $1,038.20 | 1.37% | $6.93 |
Class C | $1,000 | $1,038.10 | 1.27% | $6.52 |
Class E** | $1,000 | $1,041.40 | 0.42% | $2.14 |
Class I | $1,000 | $1,042.60 | 0.17% | $0.82 |
Class Y | $1,000 | $1,041.50 | 0.52% | $2.65 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,022.49 | 0.52% | $2.63 |
Class B | $1,000 | $1,018.22 | 1.37% | $6.86 |
Class C | $1,000 | $1,018.68 | 1.27% | $6.46 |
Class E** | $1,000 | $1,022.98 | 0.42% | $2.12 |
Class I | $1,000 | $1,024.23 | 0.17% | $0.81 |
Class Y | $1,000 | $1,022.48 | 0.52% | $2.63 |
*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, 2010, 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 | 743 | $ | 16,435 | ||||
Ivy Pacific Opportunities Fund, Class I (A) | 4,186 | 67,978 | |||||
TOTAL AFFILIATED MUTUAL FUNDS - 99.8% | $ | 84,413 | |||||
(Cost: $70,483) | |||||||
SHORT-TERM SECURITIES - 0.1% | Principal | ||||||
Master Note | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (B) | $90 | $ | 90 | ||||
(Cost: $90) | |||||||
TOTAL INVESTMENT SECURITIES - 99.9% | $ | 84,503 | |||||
(Cost: $70,573) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.1% | 38 | ||||||
NET ASSETS - 100.0% | $ | 84,541 | |||||
Notes to Schedule of Investments
(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, 2010. Date shown represents the date that the variable rate resets.
Ivy Managed International Opportunities Fund
AFFILIATED MUTUAL FUNDS | Shares | Value | |||||
Ivy European Opportunities Fund, Class I | 782 | $ | 17,306 | ||||
Ivy International Balanced Fund, Class I (A) | 2,355 | 34,172 | |||||
Ivy International Core Equity Fund, Class I | 2,222 | 34,378 | |||||
Ivy International Growth Fund, Class I | 564 | 17,119 | |||||
Ivy Pacific Opportunities Fund, Class I (A) | 4,116 | 66,851 | |||||
TOTAL AFFILIATED MUTUAL FUNDS - 99.9% | $ | 169,826 | |||||
(Cost: $152,617) | |||||||
SHORT-TERM SECURITIES - 0.1% | Principal | ||||||
Master Note | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (B) | $109 | $ | 109 | ||||
(Cost: $109) | |||||||
TOTAL INVESTMENT SECURITIES - 100.0% | $ | 169,935 | |||||
(Cost: $152,726) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.0% | 10 | ||||||
NET ASSETS - 100.0% | $ | 169,945 | |||||
Notes to Schedule of Investments
(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, 2010. Date shown represents the date that the variable rate resets.
Asset Allocation
Stocks | 93.0% |
Information Technology | 36.1% |
Consumer Discretionary | 21.1% |
Health Care | 17.7% |
Industrials | 8.6% |
Energy | 4.5% |
Materials | 1.9% |
Consumer Staples | 1.6% |
Telecommunication Services | 0.8% |
Financials | 0.7% |
Cash and Cash Equivalents | 7.0% |
Lipper Rankings
Category: Lipper Small-Cap Growth Funds | Rank | Percentile |
1 Year | 226/530 | 43 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Fortinet, Inc. | Information Technology |
CommVault Systems, Inc. | Information Technology |
Questcor Pharmaceuticals, Inc. | Health Care |
IntraLinks Holdings, Inc. | Information Technology |
Grand Canyon Education, Inc. | Consumer Discretionary |
Rentrak Corporation | Consumer Discretionary |
NetScout Systems, Inc. | Information Technology |
Pharmasset, Inc. | Health Care |
T-3 Energy Services, Inc. | Energy |
Marten Transport, Ltd. | Industrials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,027.90 | 1.95% | $ | 9.94 | |
Class B | $1,000 | $1,019.80 | 3.57% | $ | 18.08 | |
Class C | $1,000 | $1,023.00 | 2.83% | $ | 14.36 | |
Class I | $1,000 | $1,029.80 | 1.57% | $ | 8.02 | |
Class Y | $1,000 | $1,028.70 | 1.83% | $ | 9.33 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,015.30 | 1.95% | $ | 9.87 | |
Class B | $1,000 | $1,007.18 | 3.57% | $ | 17.96 | |
Class C | $1,000 | $1,010.90 | 2.83% | $ | 14.28 | |
Class I | $1,000 | $1,017.19 | 1.57% | $ | 7.97 | |
Class Y | $1,000 | $1,015.89 | 1.83% | $ | 9.27 |
*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, 2010, 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 - 3.4% | |||||||
MDC Partners Inc., Class A | 52 | $ | 701 | ||||
MediaMind Technologies Inc. (A) | 50 | 687 | |||||
ReachLocal, Inc. (A) | 22 | 299 | |||||
1,687 | |||||||
Aerospace & Defense - 1.2% | |||||||
Global Defense Technology & Systems, Inc. (A) | 42 | 574 | |||||
Apparel Retail - 1.5% | |||||||
Citi Trends Inc. (A) | 22 | 521 | |||||
New York & Company, Inc. (A) | 85 | 217 | |||||
738 | |||||||
Apparel, Accessories & Luxury Goods - 1.0% | |||||||
Volcom, Inc. (A) | 25 | 470 | |||||
Application Software - 8.1% | |||||||
ClickSoftware Technologies Ltd. (A) | 26 | 170 | |||||
Motricity, Inc. (A) | 28 | 337 | |||||
NetScout Systems, Inc. (A) | 43 | 886 | |||||
OPNET Technologies, Inc. | 33 | 594 | |||||
RealPage, Inc. (A) | 34 | 645 | |||||
SciQuest, Inc. (A) | 22 | 269 | |||||
Sonic Solutions (A) | 32 | 361 | |||||
Ultimate Software Group, Inc. (The) (A) | 9 | 363 | |||||
VanceInfo Technologies Inc., ADR (A) | 11 | 343 | |||||
3,968 | |||||||
Asset Management & Custody Banks - 0.7% | |||||||
Envestnet, Inc. (A) | 34 | 359 | |||||
Auto Parts & Equipment - 1.2% | |||||||
Westport Innovations Inc. (A) | 33 | 588 | |||||
Biotechnology - 4.6% | |||||||
Allos Therapeutics, Inc. (A) | 92 | 435 | |||||
Dyax Corp. (A) | 72 | 170 | |||||
Idenix Pharmaceuticals, Inc. (A) | 57 | 178 | |||||
Nanosphere, Inc. (A) | 57 | 286 | |||||
NuPathe Inc. (A) | 42 | 304 | |||||
Pharmasset, Inc. (A) | 30 | 878 | |||||
2,251 | |||||||
Broadcasting - 0.7% | |||||||
Global Traffic Network, Inc. (A) | 72 | 362 | |||||
Commodity Chemicals - 0.7% | |||||||
STR Holdings, Inc. (A) | 15 | 330 | |||||
Communications Equipment - 3.4% | |||||||
Blue Coat Systems, Inc. (A) | 20 | 479 | |||||
Ixia (A) | 40 | 490 | |||||
Meru Networks, Inc. (A) | 22 | 381 | |||||
Oplink Communications, Inc. (A) | 16 | 311 | |||||
1,661 | |||||||
Computer Hardware - 0.5% | |||||||
Super Micro Computer, Inc. (A) | 25 | 259 | |||||
Construction & Farm Machinery & Heavy Trucks - 1.4% | |||||||
Commercial Vehicle Group, Inc. (A) | 38 | 385 | |||||
Wabash National Corporation (A) | 39 | 316 | |||||
701 | |||||||
Data Processing & Outsourced Services - 1.2% | |||||||
SPS Commerce, Inc. (A) | 47 | 601 | |||||
Distillers & Vintners - 0.7% | |||||||
China New Borun Corporation, ADR (A) | 28 | 329 | |||||
Distributors - 1.4% | |||||||
DXP Enterprises, Inc. (A) | 36 | 689 | |||||
Education Services - 3.8% | |||||||
ChinaCast Education Corporation (A) | 75 | 530 | |||||
Grand Canyon Education, Inc. (A) | 49 | 1,073 | |||||
National American University Holdings, Inc. | 42 | 282 | |||||
1,885 | |||||||
Electrical Components & Equipment - 0.5% | |||||||
China Electric Motor, Inc. (A) | 54 | 242 | |||||
Electronic Components - 0.5% | |||||||
Universal Display Corporation (A) | 11 | 268 | |||||
Electronic Equipment & Instruments - 0.7% | |||||||
FARO Technologies, Inc. (A) | 15 | 334 | |||||
Electronic Manufacturing Services - 2.6% | |||||||
Fabrinet (A) | 17 | 266 | |||||
Maxwell Technologies, Inc. (A) | 17 | 244 | |||||
Mercury Computer Systems, Inc. (A) | 34 | 412 | |||||
SMART Modular Technologies (WWH), Inc. (A) | 57 | 346 | |||||
1,268 | |||||||
Fertilizers & Agricultural Chemicals - 0.8% | |||||||
Yongye Biotechnology International, Inc. (A) | 59 | 415 | |||||
Food Retail - 0.5% | |||||||
QKL Stores Inc. (A) | 49 | 238 | |||||
General Merchandise Stores - 1.0% | |||||||
Gordmans Stores, Inc. (A) | 43 | 491 | |||||
Health Care Equipment - 3.4% | |||||||
ABIOMED, Inc. (A) | 47 | 498 | |||||
Quidel Corporation (A) | 32 | 351 | |||||
Spectranetics Corporation (The) (A) | 109 | 589 | |||||
Synovis Life Technologies, Inc. (A) | 18 | 262 | |||||
1,700 | |||||||
Health Care Supplies - 1.5% | |||||||
Rochester Medical Corporation (A) | 27 | 298 | |||||
Winner Medical Group Inc. (A) | 94 | 441 | |||||
739 | |||||||
Health Care Technology - 0.7% | |||||||
Omnicell, Inc. (A) | 26 | 334 | |||||
Home Furnishings - 0.9% | |||||||
Kid Brands, Inc. (A) | 53 | 454 | |||||
Household Appliances - 0.7% | |||||||
Deer Consumer Products, Inc. (A) | 38 | 365 | |||||
Integrated Telecommunication Services - 0.8% | |||||||
City Telecom Ltd, ADR | 31 | 388 | |||||
Internet Software & Services - 6.7% | |||||||
Constant Contact, Inc. (A) | 21 | 450 | |||||
IntraLinks Holdings, Inc. (A) | 68 | 1,146 | |||||
KIT digital, Inc. (A) | 59 | 710 | |||||
Liquidity Services, Inc. (A) | 25 | 395 | |||||
Terremark Worldwide, Inc. (A) | 58 | 598 | |||||
3,299 | |||||||
IT Consulting & Other Services - 0.5% | |||||||
Camelot Information Systems Inc., ADR (A) | 15 | 271 | |||||
Life Sciences Tools & Services - 1.0% | |||||||
Bruker Corporation (A) | 35 | 492 | |||||
Managed Health Care - 0.7% | |||||||
Molina Healthcare, Inc. (A) | 14 | 370 | |||||
Movies & Entertainment - 1.8% | |||||||
Rentrak Corporation (A) | 36 | 905 | |||||
Oil & Gas Drilling - 0.7% | |||||||
Pioneer Drilling Company (A) | 54 | 346 | |||||
Oil & Gas Equipment & Services - 3.2% | |||||||
Basic Energy Services, Inc. (A) | 43 | 367 | |||||
Natural Gas Services Group, Inc. (A) | 25 | 368 | |||||
T-3 Energy Services, Inc. (A) | 33 | 856 | |||||
1,591 | |||||||
Oil & Gas Refining & Marketing - 0.6% | |||||||
China Integrated Energy, Inc. (A) | 41 | 276 | |||||
Personal Products - 0.4% | |||||||
China-Biotics, Inc. (A) | 20 | 219 | |||||
Pharmaceuticals - 5.8% | |||||||
Biodel Inc. (A) | 36 | 189 | |||||
BioMimetic Therapeutics, Inc. (A) | 46 | 520 | |||||
Obagi Medical Products, Inc. (A) | 65 | 687 | |||||
Questcor Pharmaceuticals, Inc. (A) | 118 | 1,174 | |||||
SuperGen, Inc. (A) | 126 | 262 | |||||
2,832 | |||||||
Research & Consulting Services - 1.0% | |||||||
Mistras Group, Inc. (A) | 42 | 489 | |||||
Restaurants - 3.4% | |||||||
BJ's Restaurants, Inc. (A) | 20 | 563 | |||||
California Pizza Kitchen, Inc. (A) | 18 | 300 | |||||
Country Style Cooking Restaurant Chain Co., Ltd.,ADR (A) | 9 | 263 | |||||
McCormick & Schmick's Seafood Restaurants, Inc. (A) | 25 | 193 | |||||
Red Robin Gourmet Burgers, Inc. (A) | 18 | 353 | |||||
1,672 | |||||||
Semiconductor Equipment - 1.2% | |||||||
Nanometrics Incorporated (A) | 38 | 573 | |||||
Semiconductors - 4.4% | |||||||
Alpha and Omega Semiconductor Limited (A) | 11 | 128 | |||||
Cavium Networks, Inc. (A) | 15 | 437 | |||||
Diodes Incorporated (A) | 15 | 258 | |||||
Mellanox Technologies, Ltd. (A) | 15 | 297 | |||||
Monolithic Power Systems, Inc. (A) | 20 | 333 | |||||
O2Micro International Limited (A) | 54 | 329 | |||||
Pericom Semiconductor Corporation (A) | 44 | 380 | |||||
2,162 | |||||||
Specialty Stores - 0.3% | |||||||
Build-A-Bear Workshop, Inc. (A) | 21 | 128 | |||||
Steel - 0.4% | |||||||
China Gerui Advanced Materials Group Limited (A) | 35 | 201 | |||||
Systems Software - 6.3% | |||||||
CommVault Systems, Inc. (A) | 48 | 1,242 | |||||
Fortinet, Inc. (A) | 59 | 1,482 | |||||
Radiant Systems, Inc. (A) | 24 | 405 | |||||
3,129 | |||||||
Trucking - 4.5% | |||||||
Celadon Group, Inc. (A) | 49 | 682 | |||||
Marten Transport, Ltd. | 36 | 837 | |||||
Roadrunner Transportation Systems, Inc. (A) | 35 | 378 | |||||
Vitran Corporation Inc., Class A (A) | 32 | 355 | |||||
2,252 | |||||||
TOTAL COMMON STOCKS - 93.0% | $ | 45,895 | |||||
(Cost: $40,839) | |||||||
SHORT-TERM SECURITIES - 3.4% | Principal | ||||||
Master Note | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (B) | $1,684 | $ | 1,684 | ||||
(Cost: $1,684) | |||||||
TOTAL INVESTMENT SECURITIES - 96.4% | $ | 47,579 | |||||
(Cost: $42,523) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 3.6% | 1,758 | ||||||
NET ASSETS - 100.0% | $ | 49,337 | |||||
Notes to Schedule of Investments
(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, 2010. Date shown represents the date that the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Asset Allocation
Stocks | 96.3% |
Consumer Discretionary | 22.3% |
Information Technology | 18.3% |
Industrials | 16.1% |
Financials | 13.9% |
Health Care | 11.1% |
Energy | 7.8% |
Consumer Staples | 5.5% |
Materials | 1.3% |
Cash and Cash Equivalents | 3.7% |
Lipper Rankings
Category: Lipper Mid-Cap Growth Funds | Rank | Percentile |
1 Year | 130/419 | 31 |
3 Year | 12/377 | 4 |
5 Year | 29/316 | 10 |
10 Year | 36/178 | 21 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Microchip Technology Incorporated | Information Technology |
Whole Foods Market, Inc. | Consumer Staples |
CB Richard Ellis Group, Inc., Class A | Financials |
Fastenal Company | Industrials |
NetApp, Inc. | Information Technology |
Paychex, Inc. | Information Technology |
Discover Financial Services | Financials |
BorgWarner Inc. | Consumer Discretionary |
Allergan, Inc. | Health Care |
Signature Bank | Financials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,066.00 | 1.57% | $ | 8.16 | |
Class B | $1,000 | $1,060.40 | 2.57% | $ | 13.29 | |
Class C | $1,000 | $1,062.10 | 2.23% | $ | 11.55 | |
Class E | $1,000 | $1,065.90 | 1.60% | $ | 8.26 | |
Class I | $1,000 | $1,068.70 | 1.12% | $ | 5.79 | |
Class R | $1,000 | $1,065.50 | 1.65% | $ | 8.57 | |
Class Y | $1,000 | $1,067.90 | 1.25% | $ | 6.41 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.19 | 1.57% | $ | 7.97 | |
Class B | $1,000 | $1,012.19 | 2.57% | $ | 12.98 | |
Class C | $1,000 | $1,013.90 | 2.23% | $ | 11.28 | |
Class E | $1,000 | $1,017.04 | 1.60% | $ | 8.07 | |
Class I | $1,000 | $1,019.46 | 1.12% | $ | 5.65 | |
Class R | $1,000 | $1,016.78 | 1.65% | $ | 8.37 | |
Class Y | $1,000 | $1,018.83 | 1.25% | $ | 6.26 |
*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, 2010, 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 - 1.1% | |||||||
Focus Media Holding Limited, ADR (A) | 169 | $ | 4,105 | ||||
Air Freight & Logistics - 3.3% | |||||||
C.H. Robinson Worldwide, Inc. | 68 | 4,780 | |||||
Expeditors International of Washington, Inc. | 158 | 7,290 | |||||
12,070 | |||||||
Apparel Retail - 3.3% | |||||||
J. Crew Group, Inc. (A) | 159 | 5,351 | |||||
Urban Outfitters, Inc. (A) | 223 | 7,007 | |||||
12,358 | |||||||
Apparel, Accessories & Luxury Goods - 2.9% | |||||||
Columbia Sportswear Company | 62 | 3,635 | |||||
lululemon athletica inc. (A) | 152 | 6,776 | |||||
10,411 | |||||||
Application Software - 4.8% | |||||||
salesforce.com, inc. (A)(B) | 49 | 5,529 | |||||
Solera Holdings, Inc. | 141 | 6,220 | |||||
SuccessFactors, Inc. (A) | 224 | 5,630 | |||||
17,379 | |||||||
Auto Parts & Equipment - 3.2% | |||||||
BorgWarner Inc. (A) | 151 | 7,964 | |||||
Gentex Corporation | 192 | 3,742 | |||||
11,706 | |||||||
Broadcasting - 1.1% | |||||||
CBS Corporation, Class B | 245 | 3,883 | |||||
Computer Storage & Peripherals - 2.6% | |||||||
NetApp, Inc. (A) | 191 | 9,510 | |||||
Construction & Engineering - 1.2% | |||||||
Quanta Services, Inc. (A) | 235 | 4,476 | |||||
Consumer Finance - 2.4% | |||||||
Discover Financial Services | 515 | 8,597 | |||||
Data Processing & Outsourced Services - 2.6% | |||||||
Paychex, Inc. | 341 | 9,378 | |||||
Department Stores - 1.0% | |||||||
Nordstrom, Inc. | 100 | 3,714 | |||||
Distillers & Vintners - 1.6% | |||||||
Brown-Forman Corporation, Class B | 97 | 5,987 | |||||
Electrical Components & Equipment - 2.1% | |||||||
Cooper Industries, Ltd., Class A | 72 | 3,535 | |||||
Roper Industries, Inc. | 62 | 4,061 | |||||
7,596 | |||||||
Environmental & Facilities Services - 1.2% | |||||||
Stericycle, Inc. (A) | 63 | 4,409 | |||||
Food Retail - 2.9% | |||||||
Whole Foods Market, Inc. (A) | 277 | 10,288 | |||||
Health Care Distributors - 1.6% | |||||||
Henry Schein, Inc. (A) | 97 | 5,700 | |||||
Health Care Equipment - 4.8% | |||||||
Hospira, Inc. (A) | 120 | 6,841 | |||||
IDEXX Laboratories, Inc. (A) | 59 | 3,611 | |||||
Intuitive Surgical, Inc. (A) | 12 | 3,405 | |||||
Varian Medical Systems, Inc. (A) | 61 | 3,660 | |||||
17,517 | |||||||
Health Care Services - 0.4% | |||||||
Accretive Health, Inc. (A) | 133 | 1,435 | |||||
Health Care Technology - 1.6% | |||||||
Cerner Corporation (A) | 71 | 5,967 | |||||
Homefurnishing Retail - 0.8% | |||||||
Williams-Sonoma, Inc. | 90 | 2,851 | |||||
Hotels, Resorts & Cruise Lines - 2.2% | |||||||
Royal Caribbean Cruises Ltd. (A) | 97 | 3,063 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 95 | 4,971 | |||||
8,034 | |||||||
Human Resource & Employment Services - 1.5% | |||||||
Manpower Inc. | 106 | 5,520 | |||||
Industrial Machinery - 4.0% | |||||||
Donaldson Company, Inc. | 85 | 4,004 | |||||
Gardner Denver, Inc. | 3 | 172 | |||||
IDEX Corporation | 166 | 5,889 | |||||
Kaydon Corporation | 119 | 4,123 | |||||
14,188 | |||||||
Insurance Brokers - 1.9% | |||||||
Arthur J. Gallagher & Co. | 269 | 7,086 | |||||
Internet Retail - 0.5% | |||||||
Netflix, Inc. (A) | 11 | 1,792 | |||||
Internet Software & Services - 1.1% | |||||||
DealerTrack Holdings, Inc. (A) | 229 | 3,910 | |||||
Investment Banking & Brokerage - 1.9% | |||||||
Greenhill & Co., Inc. | 89 | 7,091 | |||||
Life Sciences Tools & Services - 0.5% | |||||||
TECHNE Corporation | 29 | 1,793 | |||||
Oil & Gas Drilling - 1.5% | |||||||
Patterson-UTI Energy, Inc. | 326 | 5,568 | |||||
Oil & Gas Equipment & Services - 1.9% | |||||||
Dresser-Rand Group Inc. (A) | 186 | 6,850 | |||||
Oil & Gas Exploration & Production - 4.4% | |||||||
Continental Resources, Inc. (A) | 78 | 3,616 | |||||
Noble Energy, Inc. | 77 | 5,771 | |||||
Ultra Petroleum Corp. (A) | 158 | 6,635 | |||||
16,022 | |||||||
Personal Products - 1.0% | |||||||
Mead Johnson Nutrition Company | 65 | 3,685 | |||||
Pharmaceuticals - 2.2% | |||||||
Allergan, Inc. | 118 | 7,874 | |||||
Publishing - 2.0% | |||||||
Meredith Corporation | 219 | 7,303 | |||||
Real Estate Management & Development - 2.7% | |||||||
CB Richard Ellis Group, Inc., Class A (A) | 539 | 9,850 | |||||
Regional Banks - 4.0% | |||||||
Signature Bank (A) | 201 | 7,805 | |||||
TCF Financial Corporation | 417 | 6,745 | |||||
14,550 | |||||||
Restaurants - 2.2% | |||||||
Chipotle Mexican Grill, Inc., Class A (A) | 34 | 5,865 | |||||
P.F. Chang's China Bistro, Inc. | 47 | 2,158 | |||||
8,023 | |||||||
Semiconductor Equipment - 1.6% | |||||||
Lam Research Corporation (A) | 142 | 5,947 | |||||
Semiconductors - 5.6% | |||||||
Linear Technology Corporation | 175 | 5,376 | |||||
Microchip Technology Incorporated | 351 | 11,030 | |||||
Semtech Corporation (A) | 195 | 3,937 | |||||
20,343 | |||||||
Specialized Finance - 1.0% | |||||||
CME Group Inc. | 13 | 3,490 | |||||
Specialty Chemicals - 1.3% | |||||||
RPM International Inc. | 243 | 4,836 | |||||
Specialty Stores - 2.0% | |||||||
PetSmart, Inc. | 204 | 7,124 | |||||
Trading Companies & Distributors - 2.6% | |||||||
Fastenal Company | 179 | 9,534 | |||||
Trucking - 0.2% | |||||||
Knight Transportation, Inc. | 35 | 683 | |||||
TOTAL COMMON STOCKS - 96.3% | $ | 350,433 | |||||
(Cost: $287,298) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (C) - 1.9% | |||||||
McCormick & Co. Inc., | |||||||
0.000%, 10-1-10 | $3,097 | 3,097 | |||||
Nokia Corp., | |||||||
0.210%, 10-14-10 | 4,000 | 4,000 | |||||
7,097 | |||||||
Master Note - 0.3% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (D) | 995 | 995 | |||||
TOTAL SHORT-TERM SECURITIES - 2.2% | $ | 8,092 | |||||
(Cost: $8,092) | |||||||
TOTAL INVESTMENT SECURITIES - 98.5% | $ | 358,525 | |||||
(Cost: $295,390) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.5% | 5,485 | ||||||
NET ASSETS - 100.0% | $ | 364,010 | |||||
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, 2010:
Underlying Security | Counterparty | Contracts Subject to Call | Expiration Month | Exercise Price | Premium Received | Market Value | ||||
salesforce.com, inc. | Goldman, Sachs & Company | –– | * | November 2010 | $135.00 | $ | 57 | $ (37) | ||
Whole Foods Market, Inc. | UBS Securities LLC | 2 | November 2010 | 43.00 | 96 | (67) | ||||
$ | 153 | $(104) |
*Not shown due to rounding.
(C)Rate shown is the yield to maturity at September 30, 2010.
(D)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Asset Allocation
Corporate Obligations | 60.8% |
Commercial Paper | 36.6% |
Notes | 14.5% |
Commercial Paper (backed by irrevocable bank letter of credit) | 7.5% |
Notes (backed by irrevocable bank letter of credit) | 2.2% |
Municipal Obligations | 35.7% |
United States Government and Government Agency Obligations | 3.3% |
Cash and Other Assets, Net of Liabilities | 0.2% |
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,000.10 | 0.48% | $2.40 |
Class B** | $1,000 | $1,000.10 | 0.48% | $2.40 |
Class C** | $1,000 | $1,000.10 | 0.48% | $2.40 |
Class E | $1,000 | $1,000.10 | 0.48% | $2.40 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,022.64 | 0.48% | $2.43 |
Class B** | $1,000 | $1,022.65 | 0.48% | $2.43 |
Class C** | $1,000 | $1,022.67 | 0.48% | $2.43 |
Class E | $1,000 | $1,022.65 | 0.48% | $2.43 |
*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, 2010, and divided by 365.
**These shares are not available for direct investments. However, they are available by exchange from Class B or Class C shares of another Ivy Fund.
(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 OBLIGATIONS | Principal | Value | |||||
Commercial Paper (A) | |||||||
American Honda Finance Corp.: | |||||||
0.180%, 10-6-10 | $ 5,000 | $ | 5,000 | ||||
0.230%, 11-22-10 | 4,500 | 4,498 | |||||
Corporacion Andina de Fomento: | |||||||
0.860%, 10-5-10 | 2,800 | 2,800 | |||||
0.480%, 10-15-10 | 2,700 | 2,699 | |||||
0.190%, 10-28-10 | 5,500 | 5,499 | |||||
Hewlett-Packard Company, | |||||||
0.150%, 10-4-10 | 1,954 | 1,954 | |||||
Honeywell International Inc., | |||||||
0.590%, 12-27-10 | 1,000 | 999 | |||||
John Deere Credit Limited (John Deere Capital Corporation): | |||||||
0.210%, 10-20-10 | 3,000 | 3,000 | |||||
0.210%, 10-28-10 | 3,000 | 2,999 | |||||
Nokia Corp.: | |||||||
0.220%, 10-12-10 | 7,000 | 6,999 | |||||
0.220%, 10-13-10 | 3,000 | 3,000 | |||||
0.210%, 10-14-10 | 1,800 | 1,800 | |||||
Novartis Securities Investment Ltd., | |||||||
0.000%, 10-1-10 | 3,500 | 3,500 | |||||
PACCAR Financial Corp., | |||||||
0.270%, 12-2-10 | 3,500 | 3,498 | |||||
Panasonic Finance America, Inc.: | |||||||
0.190%, 10-4-10 | 1,700 | 1,700 | |||||
0.390%, 11-9-10 | 1,034 | 1,034 | |||||
0.400%, 1-13-11 | 3,000 | 2,996 | |||||
0.430%, 2-14-11 | 5,500 | 5,491 | |||||
Prudential Funding LLC, | |||||||
0.000%, 10-1-10 | 5,000 | 5,000 | |||||
Sonoco Products Co., | |||||||
0.000%, 10-1-10 | 1,000 | 1,000 | |||||
Straight-A Funding, LLC (Federal Financing Bank): | |||||||
0.200%, 10-13-10 | 2,200 | 2,200 | |||||
0.210%, 11-5-10 | 6,900 | 6,899 | |||||
0.250%, 12-7-10 | 1,283 | 1,282 | |||||
0.250%, 12-13-10 | 4,000 | 3,998 | |||||
Wisconsin Electric Power Co., | |||||||
0.000%, 10-1-10 | 8,304 | 8,304 | |||||
Total Commercial Paper - 36.6% | 88,149 | ||||||
Commercial Paper (backed by irrevocable bank letter of credit) (A) | |||||||
COFCO Capital Corp. (Rabobank Nederland), | |||||||
0.280%, 10-20-10 | 11,890 | 11,888 | |||||
River Fuel Company #2, Inc. (Bank of New York (The)), | |||||||
0.340%, 10-29-10 | 4,000 | 3,999 | |||||
River Fuel Funding Company #3, Inc. (Bank of New York (The)), | |||||||
0.280%, 10-29-10 | 1,441 | 1,440 | |||||
River Fuel Trust #1 (Bank of New York (The)), | |||||||
0.340%, 10-29-10 | 743 | 743 | |||||
Total Commercial Paper (backed by irrevocable bank letter of credit) - 7.5% | 18,070 | ||||||
Notes | |||||||
3M Company, | |||||||
5.610%, 12-12-10 | 5,000 | 5,052 | |||||
Bank of America, N.A., | |||||||
0.763%, 10-22-10 (B) | 4,900 | 4,900 | |||||
BellSouth Corporation, | |||||||
4.295%, 4-26-11 (C) | 2,200 | 2,242 | |||||
Citigroup Inc.: | |||||||
0.452%, 11-18-10 (B) | 2,516 | 2,510 | |||||
6.500%, 1-18-11 | 2,680 | 2,715 | |||||
5.100%, 9-29-11 | 2,650 | 2,757 | |||||
Countrywide Home Loans Inc. (Bank of America), | |||||||
4.000%, 3-22-11 | 1,500 | 1,524 | |||||
IBM International Group Capital LLC (International Business Machines Corporation), | |||||||
0.568%, 11-26-10 (B) | 1,500 | 1,500 | |||||
Rabobank Nederland, | |||||||
0.446%, 11-16-10 (B) | 1,500 | 1,500 | |||||
Royal Bank of Scotland plc (The), | |||||||
1.006%, 10-28-10 (B) | 9,000 | 9,000 | |||||
Washington Mutual Finance Corp. (Citigroup), | |||||||
6.875%, 5-15-11 | 1,160 | 1,202 | |||||
Total Notes - 14.5% | 34,902 | ||||||
Notes (backed by irrevocable bank letter of credit) | |||||||
Conestoga Wood Specialties Corp, Var Rate Demand Rev Bonds, Ser 2000 (Wachovia Bank, N.A.), | |||||||
0.330%, 10-1-10 (B) | 1,405 | 1,405 | |||||
The Academy of the New Church, Taxable Var Rate Demand Bonds, Ser 2008 (Wachovia Bank, N.A.), | |||||||
0.280%, 10-1-10 (B) | 2,200 | 2,200 | |||||
Trap Rock Industries, Inc., Taxable Var Demand Bonds, Ser 2005 (Wachovia Bank, N.A.), | |||||||
0.280%, 10-1-10 (B) | 1,725 | 1,725 | |||||
Total Notes (backed by irrevocable bank letter of credit) - 2.2% | 5,330 | ||||||
TOTAL CORPORATE OBLIGATIONS - 60.8% | $ | 146,451 | |||||
(Cost: $146,451) | |||||||
MUNICIPAL OBLIGATIONS | |||||||
California - 4.0% | |||||||
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (Bank of America, N.A), | |||||||
0.290%, 10-1-10 (B) | 2,115 | 2,115 | |||||
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co), Ser C (JPMorgan Chase Bank, N.A), | |||||||
0.290%, 10-1-10 (B) | 5,500 | 5,500 | |||||
Cnty of Santa Clara, Teeter Plan Oblig, Commercial Paper Notes, Ser A, | |||||||
0.260%, 10-6-10 | 2,000 | 2,000 | |||||
9,615 |
Colorado - 1.9% | |||||||
Castle Rock, CO, Var Rate Cert of Participation, Ser 2008 (Wells Fargo Bank, N.A.), | |||||||
0.300%, 10-1-10 (B) | 4,070 | 4,070 | |||||
Exempla General Impvt Dist of Lafayette, CO, Spl Impvt Dist No. 02-01, Spl Assmt Var Rate Rev Rfdg and Impvt Bonds, Ser 2002 (Wells Fargo Bank, N.A.), | |||||||
0.270%, 10-1-10 (B) | 475 | 475 | |||||
4,545 | |||||||
Florida - 3.7% | |||||||
Cape Coral, FL (Bank of America, N.A.), | |||||||
0.320%, 11-1-10 | 3,000 | 3,000 | |||||
FL Muni Power Agy, All-Requirements Power Supply Proj Var Rate Demand Rfdg Rev Bonds, Ser 2008C (Bank of America, N.A.), | |||||||
0.310%, 10-1-10 (B) | 2,000 | 2,000 | |||||
Pinellas Cnty Edu Fac Auth, Rfdg Prog Rev Bonds (Pooled Independent High Edu Institutions Loan Proj), Ser 1985 (Wachovia Bank, N.A.), | |||||||
0.320%, 11-15-10 | 3,900 | 3,900 | |||||
8,900 | |||||||
Georgia - 2.6% | |||||||
Muni Elec Auth of GA: | |||||||
0.310%, 10-12-10 | 2,400 | 2,400 | |||||
0.340%, 11-1-10 | 3,900 | 3,900 | |||||
6,300 | |||||||
Illinois - 3.2% | |||||||
Chicago GO Tender Notes, Taxable Ser 2009 (U.S. Bank, N.A.), | |||||||
0.640%, 12-15-10 | 4,970 | 4,970 | |||||
IL Fin Auth (Loyola Univ of Chicago Fin Prog), Commercial Paper Rev Notes, | |||||||
0.280%, 12-1-10 | 2,000 | 2,000 | |||||
IL Fin Auth, Var Rate Demand Rev Bonds (The Carle Fndtn), Ser 2009 (JPMorgan Chase Bank, N.A.), | |||||||
0.250%, 10-1-10 (B) | 700 | 700 | |||||
7,670 | |||||||
Indiana - 2.1% | |||||||
IN Fin Auth, Hlth Sys Rev Bonds (Sisters of St. Francis Hlth Svcs, Inc. Obligated Group), Ser 2009H (JPMorgan Chase Bank, N.A.), | |||||||
0.260%, 10-1-10 (B) | 5,000 | 5,000 | |||||
Louisiana - 3.1% | |||||||
LA Pub Fac Auth, Var Rate Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (Bank of New York Mellon Trust Company, N.A. (The)), | |||||||
0.500%, 10-1-10 (B) | 1,100 | 1,100 | |||||
LA Pub Fac Auth, Var Rate Rev Rfdg Bonds (CHRISTUS Hlth), Ser 2009B-1 (Bank of New York (The)), | |||||||
0.240%, 10-6-10 (B) | 2,000 | 2,000 | |||||
Parish of St. Bernard, LA, Exempt Fac Var Rate Rev Bonds (Mobil Oil Corp Proj), Ser 1996 (Exxon Mobil Corporation), | |||||||
0.250%, 10-1-10 (B) | 4,500 | 4,500 | |||||
7,600 | |||||||
Maryland - 0.8% | |||||||
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (Wachovia Bank, N.A.), | |||||||
0.280%, 10-1-10 (B) | 1,985 | 1,985 | |||||
Mississippi - 4.3% | |||||||
MS Bus Fin Corp, Adj Mode Indl Dev Rev Bonds (Belk, Inc. Proj), Ser 2005 (Wachovia Bank, N.A.), | |||||||
0.280%, 10-1-10 (B) | 4,925 | 4,925 | |||||
MS Bus Fin Corp, Gulf Opp Zone Indl Dev Var Rate Rev Bonds (Chevron U.S.A. Inc. Proj), Ser 2007D (Chevron Corporation), | |||||||
0.270%, 10-1-10 (B) | 5,500 | 5,500 | |||||
10,425 | |||||||
Missouri - 0.4% | |||||||
Kansas City, MO, Var Rate Demand Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (JPMorgan Chase & Co.), | |||||||
0.350%, 10-1-10 (B) | 975 | 975 | |||||
New York - 5.3% | |||||||
NY Hsng Fin Agy, Related-Caroline Apartments Hsng Rev Bonds, Ser 2008A (Federal Home Loan Mortgage Corporation), | |||||||
0.280%, 10-1-10 (B) | 2,000 | 2,000 | |||||
NY State Hsng Fin Agy, Archstone Westbury Hsng Var Rate Rev Bonds, Ser A (Bank of America, N.A.), | |||||||
0.270%, 10-1-10 (B) | 6,700 | 6,700 | |||||
NYC Indl Dev Agy, Var Rate Demand Civid Fac Rfdg and Impvt Rev Bonds (Touro College Proj), Ser 2007 (JPMorgan Chase Bank, N.A.), | |||||||
0.250%, 10-1-10 (B) | 4,000 | 4,000 | |||||
12,700 | |||||||
Texas - 1.3% | |||||||
Harris Cnty Hosp Dist, Sr Lien Rfdg Var Rate Rev Bonds, Ser 2010, | |||||||
0.270%, 10-1-10 (B) | 2,000 | 2,000 | |||||
Port Arthur Navigation Dist Indl Dev Corp, Exempt Fac Var Rate Rev Bonds (Air Products Proj), Ser 2005 (Air Products and Chemicals, Inc.), | |||||||
0.460%, 10-1-10 (B) | 1,100 | 1,100 | |||||
3,100 | |||||||
Wisconsin - 1.8% | |||||||
Ladysmith, WI, Var Rate Demand Indl Dev Rev Bonds (Indeck Ladysmith, LLC Proj), Ser 2009A (Wells Fargo Bank, N.A.), | |||||||
0.330%, 10-1-10 (B) | 3,500 | 3,500 | |||||
WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (JPMorgan Chase Bank, N.A.), | |||||||
0.280%, 10-1-10 (B) | 770 | 770 | |||||
4,270 | |||||||
Wyoming - 1.2% | |||||||
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bds (Chevron U.S.A. Inc. Proj), Ser 1992 (Chevron Corporation), | |||||||
0.270%, 10-1-10 (B) | 3,000 | 3,000 | |||||
TOTAL MUNICIPAL OBLIGATIONS - 35.7% | $ | 86,085 | |||||
(Cost: $86,085) |
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS | |||||||
United States Government Agency Obligations | |||||||
Defeased Loan Trust 2010-2, | |||||||
1.040%, 8-13-11 | 2,171 | 2,171 | |||||
Overseas Private Investment Corporation: | |||||||
0.240%, 11-15-10 (B) | 2,000 | 2,000 | |||||
0.240%, 12-15-10 (B) | 1,895 | 1,895 | |||||
Totem Ocean Trailer Express, Inc. (United States Government Guaranteed Ship Financing Obligations), | |||||||
0.542%, 10-15-10 (B) | 1,888 | 1,888 | |||||
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 3.3% | $ | 7,954 | |||||
(Cost: $7,954) | |||||||
TOTAL INVESTMENT SECURITIES - 99.8% | $ | 240,490 | |||||
(Cost: $240,490) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.2% | 447 | ||||||
NET ASSETS - 100.0% | $ | 240,937 | |||||
Notes to Schedule of Investments
(A)Rate shown is the yield to maturity at September 30, 2010.
(B)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
(C)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
Asset Allocation
Bonds | 95.0% |
United States Government and Government Agency Obligations | 73.4% |
Corporate Debt Securities | 21.6% |
Cash and Cash Equivalents | 5.0% |
Lipper Rankings
Category: Lipper U.S. Mortgage Funds | Rank | Percentile |
1 Year | 30/98 | 31 |
3 Year | 83/87 | 95 |
5 Year | 76/79 | 95 |
10 Year | 56/58 | 95 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
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.
Quality Weightings
Investment Grade | 87.8% |
AAA | 79.5% |
AA | 3.2% |
A | 3.8% |
BBB | 1.3% |
Non-Investment Grade | 7.2% |
BB | 1.4% |
B | 0.8% |
CCC | 1.7% |
Below CCC | 1.1% |
Non-rated | 2.2% |
Cash and Cash Equivalents | 5.0% |
Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,039.60 | 1.37% | $ | 7.04 | |
Class B | $1,000 | $1,034.20 | 2.40% | $ | 12.21 | |
Class C | $1,000 | $1,035.90 | 2.05% | $ | 10.48 | |
Class E | $1,000 | $1,040.70 | 1.14% | $ | 5.82 | |
Class I | $1,000 | $1,042.20 | 0.85% | $ | 4.29 | |
Class Y | $1,000 | $1,040.80 | 1.12% | $ | 5.71 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,018.21 | 1.37% | $ | 6.96 | |
Class B | $1,000 | $1,013.02 | 2.40% | $ | 12.08 | |
Class C | $1,000 | $1,014.77 | 2.05% | $ | 10.38 | |
Class E | $1,000 | $1,019.37 | 1.14% | $ | 5.76 | |
Class I | $1,000 | $1,020.82 | 0.85% | $ | 4.24 | |
Class Y | $1,000 | $1,019.44 | 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, 2010, 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 | ||||||
Asset-Backed Security - 4.0% | ||||||||
BankAmerica Manufactured Housing Contract Trust: | ||||||||
7.800%, 10-10-26 | $ | 441 | $ | 446 | ||||
7.015%, 1-10-28 | 7 | 7 | ||||||
CountryPlace Manufactured Housing Contract Trust 2005-1, | ||||||||
4.800%, 12-15-35 (A)(B) | 1,275 | 1,131 | ||||||
Ford Credit Auto Owner Trust 2007-A, | ||||||||
7.050%, 12-15-13 (A) | 390 | 412 | ||||||
Green Tree Financial Corporation, | ||||||||
8.300%, 11-15-19 | 176 | 179 | ||||||
Origen Manufactured Housing Contract Trust 2004-A, | ||||||||
5.700%, 1-15-35 | 643 | 694 | ||||||
Origen Manufactured Housing Contract Trust 2004-B, | ||||||||
4.750%, 8-15-21 | 533 | 538 | ||||||
Origen Manufactured Housing Contract Trust 2005-B: | ||||||||
5.605%, 5-15-22 | 360 | 373 | ||||||
5.910%, 1-15-37 | 700 | 743 | ||||||
4,523 | ||||||||
CMBS Other - 4.3% | ||||||||
Carey Commercial Mortgage Trust Series 2002-1, | ||||||||
5.970%, 9-20-19 (C) | 122 | 124 | ||||||
Commercial Mortgage Asset Trust, | ||||||||
7.800%, 11-17-32 (B) | 1,000 | 1,140 | ||||||
Commercial Mortgage Asset Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C1, | ||||||||
6.640%, 1-17-32 | 100 | 100 | ||||||
GMAC Commercial Mortgage Securities, | ||||||||
5.940%, 7-1-13 (A) | 17 | 12 | ||||||
Hometown Commercial Capital, LLC Hometown Commercial Mortgage Pass-Through Notes 2006-1, | ||||||||
5.506%, 11-11-38 (A) | 1,898 | 863 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-LDP2, | ||||||||
4.625%, 3-15-46 | 104 | 106 | ||||||
Merrill Lynch Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-Key1, | ||||||||
4.893%, 11-12-35 | 500 | 509 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4: | ||||||||
5.880%, 11-28-35 (A)(B) | 340 | 81 | ||||||
5.880%, 11-28-35 (A)(B) | 680 | 39 | ||||||
Multi Security Asset Trust LP, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4 (Interest Only), | ||||||||
1.150%, 11-28-35 (A)(B)(D) | 9,312 | 130 | ||||||
Multi Security Asset Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-RR4, | ||||||||
5.000%, 11-28-35 (A) | 2,000 | 1,715 | ||||||
4,819 | ||||||||
Other Mortgage-Backed Securities - 12.9% | ||||||||
Aames Mortgage Trust 2001-4, | ||||||||
6.650%, 1-25-32 (B) | 386 | 219 | ||||||
ABFS Mortgage Loan Trust 2001-2, | ||||||||
7.490%, 12-25-31 (B) | 712 | 369 | ||||||
Asset Securitization Corporation (Interest Only): | ||||||||
1.458%, 10-13-26 (B)(C)(D) | 2,824 | 31 | ||||||
8.621%, 8-13-29 (B)(D) | 788 | 97 | ||||||
Banc of America Alternative Loan Trust 2005-6, | ||||||||
6.000%, 7-25-35 | 670 | 437 | ||||||
Banc of America Alternative Loan Trust 2006-4, | ||||||||
6.201%, 5-25-46 (B) | 553 | 4 | ||||||
Banc of America Mortgage 2007-1 Trust, | ||||||||
6.000%, 3-25-37 | 3,459 | 374 | ||||||
Banc of America Mortgage Alternative Loan Trust 2003-5, | ||||||||
5.500%, 7-25-33 | 1,125 | 205 | ||||||
Banc of America Mortgage Trust 2003-9, | ||||||||
5.500%, 12-25-33 | 673 | 330 | ||||||
Banc of America Mortgage Trust 2004-2, | ||||||||
5.000%, 3-25-19 | 214 | 140 | ||||||
Banc of America Mortgage Trust 2004-3: | ||||||||
4.875%, 4-25-19 | 278 | 186 | ||||||
4.875%, 4-25-19 | 149 | 79 | ||||||
Banc of America Structured Securities Trust 2002-X1 F, | ||||||||
6.274%, 10-11-33 (A) | 1,750 | 1,747 | ||||||
BlackRock Capital Finance, | ||||||||
7.750%, 9-25-26 (C) | 445 | 89 | ||||||
C-Bass 2005-CB3 Trust, | ||||||||
5.109%, 5-25-35 (B) | 49 | 49 | ||||||
C-Bass 2006-MH1 Trust, | ||||||||
5.970%, 10-25-36 (B)(C) | 1,243 | 1,266 | ||||||
Collateralized Mortgage Obligation Trust, | ||||||||
5.000%, 7-1-18 | 18 | 18 | ||||||
First Horizon Mortgage Pass-Through Trust 2003-8, | ||||||||
5.137%, 10-25-33 (B) | 285 | 127 | ||||||
First Horizon Mortgage Pass-Through Trust 2007-4, | ||||||||
5.500%, 8-25-22 | 560 | 419 | ||||||
Global Mortgage Securitization 2005-A Ltd. and Global Mortgage Securitization 2005-A LLC: | ||||||||
5.250%, 4-25-32 | 599 | 459 | ||||||
5.401%, 4-25-32 (B) | 931 | 406 | ||||||
Global Mortgage Securitization Ltd. and Global Mortgage Securitization, LLC: | ||||||||
5.250%, 11-25-32 (A) | 788 | 615 | ||||||
5.250%, 11-25-32 (A) | 368 | 294 | ||||||
Impac CMB Trust Series 2003-2F, | ||||||||
6.500%, 1-25-33 (B) | 470 | 215 | ||||||
J.P. Morgan Mortgage Trust 2004-A3, | ||||||||
4.283%, 7-25-34 (B) | 516 | 389 | ||||||
J.P. Morgan Mortgage Trust 2006-A2: | ||||||||
3.284%, 11-25-33 (B) | 539 | 407 | ||||||
3.128%, 8-25-34 (B) | 1,978 | 417 | ||||||
J.P. Morgan Mortgage Trust 2006-S3, | ||||||||
6.187%, 8-25-36 | 702 | –– | * | |||||
J.P. Morgan Mortgage Trust 2007-A1, | ||||||||
3.776%, 7-25-35 (B) | 2,113 | 86 | ||||||
Mid-State Capital Corporation 2004-1 Trust: | ||||||||
6.005%, 8-15-37 | 309 | 321 | ||||||
6.497%, 8-15-37 | 972 | 946 | ||||||
Morgan Stanley Capital I Trust 2004-TOP15, | ||||||||
4.690%, 6-13-41 | 179 | 179 | ||||||
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-WL1, | ||||||||
6.490%, 7-25-17 (B) | 140 | 126 | ||||||
Prudential Home Mortgage Securities: | ||||||||
6.730%, 4-28-24 (A)(B) | 1 | 1 | ||||||
7.855%, 9-28-24 (B)(C) | 6 | 4 | ||||||
RAMP Series 2005-RS1 Trust, | ||||||||
5.145%, 1-25-35 (B) | 1,013 | 375 | ||||||
RASC Series 2003-KS10 Trust, | ||||||||
6.410%, 12-25-33 | 212 | 47 | ||||||
RESI Finance Limited Partnership 2003-C and RESI Finance DE Corporation 2003-C, | ||||||||
1.657%, 9-10-35 (A)(B) | 660 | 464 | ||||||
RFMSI Series 2004-S5 Trust: | ||||||||
4.500%, 5-25-19 | 239 | 194 | ||||||
4.500%, 5-25-19 | 119 | 89 | ||||||
Salomon Brothers Mortgage Securities VII, Inc., Mortgage Pass-Through Certificates, Series 1997-HUD1, | ||||||||
7.750%, 12-25-30 (B) | 868 | 112 | ||||||
Structured Asset Mortgage Investments, Inc.: | ||||||||
4.833%, 4-30-30 (B) | 11 | 7 | ||||||
4.833%, 4-30-30 (B) | 5 | 3 | ||||||
Structured Asset Securities Corporation: | ||||||||
6.290%, 11-25-32 (B) | 221 | 155 | ||||||
5.250%, 8-25-33 | 442 | 232 | ||||||
6.000%, 6-25-34 (B) | 2,019 | 776 | ||||||
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-MS11 Trust, | ||||||||
5.630%, 12-25-32 (B) | 682 | 453 | ||||||
Wells Fargo Alternative Loan 2007-PA3 Trust, | ||||||||
5.750%, 7-25-37 | 1,036 | 126 | ||||||
Wells Fargo Mortgage Backed Securities 2003-2 Trust, | ||||||||
5.250%, 2-25-18 (A) | 153 | 109 | ||||||
Wells Fargo Mortgage Backed Securities 2003-9 Trust, | ||||||||
5.250%, 8-25-33 (C) | 886 | 429 | ||||||
14,622 | ||||||||
Other Non-Agency REMIC/CMO - 0.4% | ||||||||
Banco Hipotecario Nacional: | ||||||||
7.916%, 7-25-09 (A) | 23 | –– | * | |||||
0.000%, 3-25-11 (A)(E) | 10 | –– | * | |||||
7.540%, 5-31-17 (A) | –– | * | –– | |||||
Bear Stearns Mortgage Securities Inc., | ||||||||
8.000%, 11-25-29 | 270 | 258 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21, | ||||||||
5.400%, 11-25-35 (B) | 1,575 | 237 | ||||||
495 | ||||||||
TOTAL CORPORATE DEBT SECURITIES - 21.6% | $ | 24,459 | ||||||
(Cost: $45,784) | ||||||||
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS | ||||||||
Agency Obligations - 0.8% | ||||||||
Federal National Mortgage Association: | ||||||||
4.750%, 12-15-10 (F) | 400 | 404 | ||||||
5.500%, 2-1-35 | 438 | 469 | ||||||
873 |
Mortgage-Backed Obligations - 72.1% | ||||||||
Federal Home Loan Mortgage Corporation Fixed Rate Participation Certificates: | ||||||||
5.500%, 12-1-17 | 363 | 395 | ||||||
5.500%, 9-1-19 | 537 | 581 | ||||||
3.342%, 12-25-19 | 992 | 1,046 | ||||||
5.000%, 4-1-23 | 2,037 | 2,161 | ||||||
5.000%, 5-1-29 | 308 | 325 | ||||||
5.300%, 1-15-33 | 206 | 224 | ||||||
5.500%, 5-1-34 | 857 | 930 | ||||||
5.500%, 5-1-34 | 526 | 571 | ||||||
6.500%, 5-1-34 | 426 | 471 | ||||||
5.000%, 10-1-34 TBA | 745 | 783 | ||||||
5.500%, 10-1-34 | 610 | 656 | ||||||
5.000%, 8-1-35 | 566 | 598 | ||||||
5.000%, 12-1-35 | 417 | 440 | ||||||
6.500%, 7-1-36 | 505 | 555 | ||||||
4.500%, 10-1-37 | 5,800 | 6,028 | ||||||
7.000%, 12-1-37 | 385 | 429 | ||||||
5.500%, 2-1-39 | 1,801 | 1,920 | ||||||
5.000%, 11-1-39 | 476 | 508 | ||||||
5.000%, 1-1-40 | 2,842 | 2,988 | ||||||
5.000%, 3-1-40 | 475 | 507 | ||||||
5.000%, 4-1-40 | 985 | 1,036 | ||||||
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
6.000%, 1-1-18 | 190 | 206 | ||||||
5.500%, 2-1-18 | 218 | 239 | ||||||
5.000%, 5-1-18 | 727 | 786 | ||||||
5.000%, 10-1-18 | 668 | 712 | ||||||
5.500%, 9-1-19 | 165 | 179 | ||||||
4.500%, 10-1-19 TBA | 1,500 | 1,578 | ||||||
6.000%, 8-1-23 | 722 | 785 | ||||||
4.000%, 10-1-23 TBA | 500 | 522 | ||||||
5.500%, 2-1-24 | 287 | 309 | ||||||
4.500%, 4-1-25 | 933 | 982 | ||||||
6.000%, 8-1-29 | 226 | 249 | ||||||
7.000%, 11-1-31 | 132 | 151 | ||||||
6.500%, 2-1-32 | 118 | 132 | ||||||
6.500%, 2-1-32 | 89 | 99 | ||||||
6.500%, 2-1-32 | 77 | 87 | ||||||
7.000%, 2-1-32 | 152 | 172 | ||||||
7.000%, 3-1-32 | 227 | 258 | ||||||
6.500%, 4-1-32 | 45 | 51 | ||||||
6.500%, 5-1-32 | 88 | 98 | ||||||
6.500%, 5-1-32 | 55 | 62 | ||||||
6.000%, 9-1-32 | 96 | 106 | ||||||
6.500%, 9-1-32 | 50 | 56 | ||||||
6.000%, 10-1-32 | 642 | 707 | ||||||
6.000%, 10-1-32 | 601 | 667 | ||||||
6.500%, 10-1-32 | 44 | 49 | ||||||
6.000%, 11-1-32 | 483 | 532 | ||||||
6.000%, 11-1-32 | 298 | 329 | ||||||
6.000%, 3-1-33 | 729 | 806 | ||||||
6.000%, 3-1-33 | 532 | 586 | ||||||
6.000%, 3-1-33 | 178 | 196 | ||||||
5.500%, 4-1-33 | 1,109 | 1,195 | ||||||
5.500%, 4-1-33 | 593 | 638 | ||||||
5.500%, 5-1-33 | 704 | 756 | ||||||
5.500%, 5-1-33 | 277 | 298 | ||||||
5.500%, 5-1-33 | 189 | 203 | ||||||
6.000%, 6-1-33 | 1,157 | 1,269 | ||||||
6.000%, 6-1-33 | 363 | 399 | ||||||
6.500%, 8-1-33 | 35 | 39 | ||||||
6.000%, 10-1-33 | 194 | 215 | ||||||
6.000%, 12-1-33 | 320 | 355 | ||||||
5.500%, 1-1-34 | 496 | 532 | ||||||
5.500%, 1-1-34 | 392 | 422 | ||||||
5.000%, 3-1-34 | 210 | 222 | ||||||
5.500%, 4-1-34 | 338 | 363 | ||||||
5.000%, 5-1-34 | 114 | 121 | ||||||
6.000%, 8-1-34 | 426 | 465 | ||||||
5.500%, 9-1-34 | 764 | 828 | ||||||
6.000%, 9-1-34 | 439 | 479 | ||||||
6.500%, 9-1-34 | 598 | 663 | ||||||
4.500%, 10-1-34 TBA | 3,500 | 3,643 | ||||||
5.000%, 10-1-34 TBA | 1,700 | 1,790 | ||||||
5.500%, 10-1-34 TBA | 1,000 | 1,063 | ||||||
5.500%, 11-1-34 | 413 | 445 | ||||||
6.000%, 11-1-34 | 177 | 194 | ||||||
6.500%, 11-1-34 | 37 | 41 | ||||||
5.000%, 12-1-34 | 779 | 827 | ||||||
5.500%, 1-1-35 | 774 | 834 | ||||||
5.500%, 1-1-35 | 280 | 302 | ||||||
5.500%, 2-1-35 | 1,684 | 1,841 | ||||||
6.500%, 3-1-35 | 654 | 730 | ||||||
5.000%, 7-1-35 | 1,640 | 1,738 | ||||||
5.000%, 7-1-35 | 461 | 488 | ||||||
5.000%, 7-1-35 | 414 | 440 | ||||||
5.500%, 7-1-35 | 422 | 454 | ||||||
5.500%, 10-1-35 | 619 | 675 | ||||||
5.500%, 11-1-35 | 351 | 375 | ||||||
5.500%, 11-1-35 | 343 | 367 | ||||||
5.500%, 2-1-36 | 984 | 1,044 | ||||||
6.500%, 2-1-36 | 466 | 516 | ||||||
6.500%, 6-1-36 | 663 | 727 | ||||||
5.500%, 9-1-36 | 1,200 | 1,288 | ||||||
5.500%, 11-1-36 | 759 | 809 | ||||||
6.000%, 11-1-36 | 493 | 533 | ||||||
6.000%, 1-1-37 | 342 | 371 | ||||||
6.000%, 5-1-37 | 610 | 668 | ||||||
5.500%, 6-1-37 | 194 | 212 | ||||||
6.000%, 9-1-37 | 65 | 71 | ||||||
7.000%, 10-1-37 | 50 | 56 | ||||||
7.000%, 10-1-37 | 36 | 40 | ||||||
5.500%, 3-1-38 | 169 | 184 | ||||||
5.500%, 5-1-38 | 230 | 245 | ||||||
6.000%, 10-1-38 | 888 | 959 | ||||||
5.000%, 3-1-40 | 976 | 1,035 | ||||||
Government National Mortgage Association Agency REMIC/CMO (Interest Only): (D) | ||||||||
0.525%, 3-16-34 (B) | 5,094 | 103 | ||||||
0.643%, 7-16-40 (B) | 2,330 | 50 | ||||||
0.012%, 3-16-42 (B) | 6,468 14,983 | 6 | ||||||
0.728%, 6-17-45 (B) | 449 | |||||||
Government National Mortgage Association Fixed Rate Pass-Through Certificates: | ||||||||
6.250%, 7-15-24 | 148 | 166 | ||||||
5.000%, 7-15-33 | 638 | 684 | ||||||
2.629%, 9-16-33 | 994 | 1,030 | ||||||
5.000%, 7-15-34 | 549 | 588 | ||||||
5.000%, 10-1-34 TBA | 1,040 | 1,107 | ||||||
5.500%, 12-15-34 | 466 | 503 | ||||||
5.500%, 12-15-34 | 335 | 362 | ||||||
5.000%, 1-15-35 | 993 | 1,063 | ||||||
5.000%, 12-15-35 | 1,232 | 1,319 | ||||||
4.500%, 10-1-38 TBA | 2,000 | 2,105 | ||||||
5.000%, 12-15-39 | 302 | 325 | ||||||
5.000%, 1-15-40 | 1,958 | 2,095 | ||||||
United States Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, 1995-1 Class 1, | ||||||||
7.214%, 2-15-25 (B) | 168 | 192 | ||||||
United States Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, 1995-1 Class 2, | ||||||||
7.793%, 2-15-25 | 49 | 58 | ||||||
81,515 | ||||||||
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS - 72.9% | $ | 82,388 | ||||||
(Cost: $81,001) | ||||||||
UNITED STATES GOVERNMENT OBLIGATIONS - 0.5% | ||||||||
Treasury Obligations | ||||||||
United States Treasury Notes, | ||||||||
4.500%, 3-31-12 (F) | 500 | $ | 531 | |||||
(Cost: $507) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Commercial Paper (G) - 11.6% | ||||||||
Clorox Co., | ||||||||
0.350%, 10-18-10 | 5,000 | 4,999 | ||||||
CVS Caremark Corporation, | ||||||||
0.320%, 10-13-10 | 4,000 | 4,000 | ||||||
IBM International Group Capital LLC (International Business Machines Corporation), | ||||||||
0.000%, 10-1-10 | 1,144 | 1,144 | ||||||
Kellogg Co., | ||||||||
0.240%, 10-5-10 | 3,000 | 3,000 | ||||||
13,143 | ||||||||
Master Note - 3.9% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (H) | 4,405 | 4,405 | ||||||
Municipal Obligations - Taxable - 5.8% | ||||||||
NYC GO Bonds, Fiscal 2006 Ser E (Bank of America, N.A.), | ||||||||
0.270%, 10-1-10 (H) | 6,525 | 6,525 | ||||||
TOTAL SHORT-TERM SECURITIES - 21.3% | $ | 24,073 | ||||||
(Cost: $24,073) | ||||||||
TOTAL INVESTMENT SECURITIES - 116.3% | $ | 131,451 | ||||||
(Cost: $151,365) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (16.3%) | (18,445 | ) | ||||||
NET ASSETS - 100.0% | $ | 113,006 | ||||||
Notes to Schedule of Investments
*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 illiquid under guidelines established by the Board of Trustees. At September 30, 2010, the total value of these securities amounted to $7,613 or 6.7% of net assets.
(B)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
(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, 2010, the total value of these securities amounted to $1,943 or 1.7% of net assets.
(D)Amount shown as principal represents notional amount for computation of interest.
(E)Zero coupon bond.
(F)Securities serve as collateral for the following open futures contracts at September 30, 2010:
Description | Type | Expiration Date | Number of Contracts | Market Value | Unrealized Appreciation (Depreciation) | ||||
U.S. 30 Year Treasury Bond | Short | 12-21-10 | ––* | $ | (1,337) | $ 1 | |||
U.S. 10 Year Treasury Note | Short | 12-21-10 | ––* | (7,185) | (102 | ) | |||
$ | (8,522) | $(101 | ) | ||||||
(G)Rate shown is the yield to maturity at September 30, 2010.
(H)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronyms are used throughout this schedule:
CMBS = Commercial Mortgage-Backed Security
CMO = Collateralized Mortgage Obligation
REMIC = Real Estate Mortgage Investment Conduit
TBA = To Be Announced
Asset Allocation
Bonds | 92.2% |
Municipal Bonds | 92.2% |
Cash and Cash Equivalents | 7.8% |
Lipper Rankings
Category: Lipper General Municipal Debt Funds | Rank | Percentile |
1 Year | 91/250 | 37 |
3 Year | 91/217 | 42 |
5 Year | 109/197 | 56 |
10 Year | 106/159 | 67 |
Past performance is no guarantee of future results. Rankings are for Class C shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Quality Weightings
Investment Grade | 84.6% |
AAA | 19.0% |
AA | 16.2% |
A | 27.0% |
BBB | 22.4% |
Non-Investment Grade | 7.6% |
CCC | 0.6% |
Non-rated | 7.0% |
Cash and Cash Equivalents | 7.8% |
Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,062.60 | 1.12% | $5.78 |
Class B | $1,000 | $1,058.50 | 1.90% | $9.88 |
Class C | $1,000 | $1,058.60 | 1.87% | $9.68 |
Class I | $1,000 | $1,063.70 | 0.91% | $4.75 |
Class Y | $1,000 | $1,062.60 | 1.12% | $5.78 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,019.44 | 1.12% | $5.65 |
Class B | $1,000 | $1,015.52 | 1.90% | $9.67 |
Class C | $1,000 | $1,015.69 | 1.87% | $9.47 |
Class I | $1,000 | $1,020.51 | 0.91% | $4.65 |
Class Y | $1,000 | $1,019.44 | 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, 2010, 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.
MUNICIPAL BONDS | Principal | Value | ||||||
Alabama - 2.3% | ||||||||
The Pub Edu Bldg Auth of Tuscaloosa, Student Hsng Rev Bonds (Univ of AL Ridgecrest Residential Proj), Ser 2008, | ||||||||
6.750%, 7-1-33 | $ | 500 | $ | 582 | ||||
The Spl Care Fac Fin Auth of Birmingham - Children's Hosp, Hlth Care Fac Rev Bonds, Children's Hosp, Ser 2009, | ||||||||
6.000%, 6-1-39 | 750 | 829 | ||||||
Water Works Board of Birmingham, AL, Water Rev Bonds, Ser 2009-A, | ||||||||
5.125%, 1-1-34 | 750 | 809 | ||||||
2,220 | ||||||||
Arizona - 1.4% | ||||||||
Bullhead City, AZ, Bullhead Parkway Impvt Dist, Impvt Bonds, | ||||||||
6.100%, 1-1-13 | 220 | 221 | ||||||
Rio Nuevo Multipurp Fac Dist (Tucson, AZ), Sub Lien Excise Tax Rev Bonds, Ser 2008, | ||||||||
6.625%, 7-15-25 | 500 | 591 | ||||||
Univ Med Ctr Corp (Tucson, AZ), Hosp Rev Bonds, Ser 2009, | ||||||||
6.500%, 7-1-39 | 500 | 552 | ||||||
1,364 | ||||||||
California - 9.5% | ||||||||
CA Hlth Fac Fin Auth, Rev Bonds (Adventist Hlth Sys/West), Ser 2009A, | ||||||||
5.750%, 9-1-39 | 500 | 523 | ||||||
CA Muni Fin Auth, Cmnty Hosp of Cent CA Obligated Group Cert of Participation, | ||||||||
5.500%, 2-1-39 | 460 | 456 | ||||||
CA Pollutn Ctl Fin Auth, Solid Waste Disp Rev Bonds (Republic Svc, Inc. Proj) Ser 2002B, | ||||||||
5.250%, 6-1-23 | 415 | 441 | ||||||
CA Statewide Cmnty Dev Auth, Insd Rev Bonds (Henry Mayo Newhall Mem Hosp), Ser 2007A, | ||||||||
5.000%, 10-1-37 | 500 | 488 | ||||||
Cnty of Sacramento, Arpt Sys Sub and PFC/Grant Rev Bonds, Ser 2009, | ||||||||
5.125%, 7-1-25 | 500 | 556 | ||||||
Golden State Tob Securitization Corp, Enhanced Tob Settlement Asset-Bkd Bonds, Ser 2003B, | ||||||||
5.000%, 6-1-43 | 1,000 | 1,113 | ||||||
Golden State Tob Securitization Corp, Tob Settlement Asset-Bkd Bonds, Ser 2003A-1, | ||||||||
6.750%, 6-1-39 | 200 | 232 | ||||||
Los Angeles Unif Sch Dist (Cnty of Los Angeles, CA), GO Bonds, Election of 2005, Ser 2009 F, | ||||||||
5.000%, 1-1-34 | 500 | 527 | ||||||
Palomar Pomerado Hlth, San Diego Cnty, CA, Cert of Participation, | ||||||||
6.750%, 11-1-39 | 250 | 276 | ||||||
Redev Agy for the Cnty of Riverside, Interstate 215 Corridor Redev Proj Area, 2010 Tax Alloc Bonds, Ser E, | ||||||||
5.250%, 10-1-20 | 570 | 588 | ||||||
Riverside Cmnty College Dist, Riverside Cnty, CA, Election of 2004, GO Bonds, Ser 2004A, | ||||||||
5.500%, 8-1-29 | 200 | 235 | ||||||
Southn CA Pub Power Auth, Transmission Proj Rev Bonds (Southn Transmission Proj), Ser 2008B, | ||||||||
6.000%, 7-1-27 | 500 | 594 | ||||||
State of CA, Various Purp GO Bonds: | ||||||||
5.000%, 2-1-22 | 495 | 526 | ||||||
5.250%, 10-1-29 | 500 | 533 | ||||||
6.000%, 11-1-39 | 500 | 559 | ||||||
6.500%, 4-1-33 | 1,000 | 1,177 | ||||||
Trustees of the CA State Univ Systemwide Rev Bonds, Ser 2002A, | ||||||||
5.500%, 11-1-15 | 250 | 273 | ||||||
Upland Unif Sch Dist (San Bernardino Cnty, CA), Election of 2008 GO Bonds, Ser A, | ||||||||
0.000%, 8-1-31 (A) | 150 | 46 | ||||||
9,143 | ||||||||
Colorado - 5.4% | ||||||||
City and Cnty of Broomfield, CO, Rfdg Cert of Participation, Ser 2010, | ||||||||
5.000%, 12-1-23 (B) | 1,000 | 1,119 | ||||||
Adams 12 Five Star Sch, Adams and Broomfield Cnty, CO Cert of Participation, Ser 2008, | ||||||||
5.000%, 12-1-25 | 500 | 545 | ||||||
CO Edu and Cultural Fac Auth, Independent Sch Rev Rfdg Bonds (Vail Mountain Sch Proj), Ser 2010, | ||||||||
6.125%, 5-1-40 | 475 | 495 | ||||||
CO Hsng and Fin Auth, Sngl Fam Mtg Class I Bonds, Ser 2009A, | ||||||||
5.500%, 11-1-29 | 500 | 531 | ||||||
Denver Hlth and Hosp Auth, Hlthcare Recovery Zone, Fac Rev Bds, Ser 2010, | ||||||||
5.625%, 12-1-40 | 500 | 507 | ||||||
Joint Sch Dist No. 28J, Adams and Arapahoe Counties, CO, GO Bonds, Ser 2008, | ||||||||
6.000%, 12-1-28 | 500 | 589 | ||||||
Lincoln Park Metro Dist, Douglas Cnty, CO, GO Rfdg and Impvt Bonds, Ser 2008, | ||||||||
6.125%, 12-1-30 | 500 | 509 | ||||||
Regional Trans Dist, Private Activity Bonds (Denver Transit Partners Eagle P3 Proj), Ser 2010, | ||||||||
6.500%, 1-15-30 | 750 | 839 | ||||||
5,134 | ||||||||
Connecticut - 0.4% | ||||||||
Capital City Econ Dev Auth, Prkg and Enrg Fee Rev Bonds, Ser 2008D, | ||||||||
5.000%, 6-15-22 | 370 | 423 | ||||||
District Of Columbia - 2.2% | ||||||||
DC GO Rfdg Bonds, Ser 2008F, | ||||||||
5.000%, 6-1-19 | 1,000 | 1,162 | ||||||
DC Hosp Rev Bonds (Sibley Mem Hosp Issue), Ser 2009, | ||||||||
6.375%, 10-1-39 | 500 | 546 | ||||||
Metro WA Arpt Auth, Dulles Toll Road, Second Sr Lien, Rev Bonds, Ser 2009C, | ||||||||
0.000%, 10-1-41 (A) | 500 | 392 | ||||||
2,100 | ||||||||
Florida - 7.8% | ||||||||
Brevard Cnty Hlth Fac Auth, Hlth Rev Bonds (Hlth First, Inc. Proj), Ser 2009B, | ||||||||
7.000%, 4-1-39 | 500 | 567 | ||||||
Brevard Cnty, FL, Indl Dev Rev Bonds (TUFF FL Tech Proj), Ser 2009, | ||||||||
6.750%, 11-1-39 | 500 | 532 | ||||||
Citizens Ppty Insurance Corp, Sr Secured Rev Bonds, Ser 2010A-1, | ||||||||
5.250%, 6-1-17 | 400 | 430 | ||||||
Hillsborough Cnty Indl Dev Auth, Indl Dev Rev Bonds, Hlth Fac Proj (Univ Cmnty Hosp), Ser 2008A, | ||||||||
5.625%, 8-15-29 | 555 | 586 | ||||||
Hillsborough Cnty Indl Dev Auth, Indl Dev Rev Bonds, Hlth Fac Proj (Univ Cmnty Hosp), Ser 2008B, | ||||||||
8.000%, 8-15-32 | 600 | 781 | ||||||
Jacksonville, FL Better Jacksonville Sales Tax Rev Bonds, Ser 2003, | ||||||||
5.250%, 10-1-19 | 250 | 263 | ||||||
Miami-Dade Cnty, FL, Aviation Rev Bonds, Miami Intl Arpt (Hub of the Americas), Ser 2009A, | ||||||||
5.500%, 10-1-36 | 500 | 528 | ||||||
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2010A, | ||||||||
5.500%, 10-1-41 | 385 | 406 | ||||||
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2010B, | ||||||||
5.000%, 10-1-23 | 500 | 538 | ||||||
Miami-Dade Cnty, FL, GO Bonds (Bldg Better Communities Prog), Ser 2008B, | ||||||||
6.250%, 7-1-26 | 500 | 582 | ||||||
Miami-Dade Cnty, FL, Water and Sewer Sys Rev Rfdg Bonds, Ser 2008B, | ||||||||
5.250%, 10-1-22 | 500 | 604 | ||||||
Miami-Dade Cnty, FL, Water and Sewer Sys Rev Rfdg Bonds, Ser 2008C, | ||||||||
5.000%, 10-1-17 | 500 | 581 | ||||||
Port St. Lucie, FL, Spl Assmt Rfdg Bonds (City Ctr Spl Assmt Dist), Ser 2008A, | ||||||||
5.750%, 7-1-20 | 500 | 576 | ||||||
St. Johns Cnty Indl Dev Auth, Rev Bonds (Presbyterian Ret Cmty Proj), Ser 2010A, | ||||||||
5.875%, 8-1-40 | 500 | 517 | ||||||
7,491 | ||||||||
Georgia - 1.2% | ||||||||
Atlanta, GA, Water and Wastewater Rev Bonds, Ser 2009B, | ||||||||
5.375%, 11-1-39 | 500 | 532 | ||||||
Muni Elec Auth of GA, Proj One Sub Bonds, Ser 2008D, | ||||||||
5.750%, 1-1-20 | 500 | 590 | ||||||
1,122 | ||||||||
Illinois - 1.9% | ||||||||
Belleville, IL, Tax Increment Rfdg Rev Bonds (Frank Scott Parkway Redev Proj), Ser 2007A: | ||||||||
5.000%, 5-1-26 | 240 | 200 | ||||||
5.700%, 5-1-36 | 250 | 213 | ||||||
Chicago GO Bonds, Proj and Rfdg, Ser 2004A, | ||||||||
5.250%, 1-1-21 | 250 | 274 | ||||||
IL Fin Auth, Rev and Rfdg Bonds (Roosevelt Univ Proj), Ser 2009, | ||||||||
6.500%, 4-1-39 | 500 | 538 | ||||||
IL Fin Auth, Rev Bonds, The Univ of Chicago, Ser 2008B, | ||||||||
5.500%, 7-1-19 | 500 | 613 | ||||||
1,838 | ||||||||
Indiana - 3.6% | ||||||||
Ball State Univ Board of Trustees, Ball State Univ Student Fee Bonds, Ser K, | ||||||||
5.750%, 7-1-18 | 500 | 533 | ||||||
East Chicago Elementary Sch Bldg Corp (Lake Cnty, IN), First Mtg Bonds, Ser 1993A, | ||||||||
5.500%, 1-15-16 | 225 | 226 | ||||||
Hammond IN, Redev Dist Rev Bonds (Marina Area Proj), Ser 2008, | ||||||||
6.000%, 1-15-17 | 500 | 522 | ||||||
IN Fin Auth, Fac Rev Rfdg Bonds (Miami Correctional Fac - Phase II), Ser 2008C, | ||||||||
5.000%, 7-1-17 | 500 | 581 | ||||||
IN Hlth and Edu Fac Fin Auth, Hosp Rev Bonds (Cmnty Fndtn of NW IN Obligated Group), Ser 2007, | ||||||||
5.500%, 3-1-37 | 250 | 251 | ||||||
Mt. Vernon Sch Bldg Corp of Hancock Cnty, IN, First Mtg Bonds, Ser 2007, | ||||||||
5.250%, 1-15-32 | 500 | 539 | ||||||
New Albany-Floyd Cnty Sch Bldg Corp, First Mtg Bonds, Ser 2002, | ||||||||
5.750%, 7-15-17 | 675 | 737 | ||||||
3,389 | ||||||||
Iowa - 1.1% | ||||||||
Altoona, IA Annual Appropriation Urban Renewal Tax Increment Rev Bonds, Ser 2008, | ||||||||
6.000%, 6-1-34 | 1,000 | 1,075 | ||||||
Kansas - 1.1% | ||||||||
Arkansas City, KS Pub Bldg Commission, Rev Bonds (South Cent KS Regional Med Ctr), Ser 2009, | ||||||||
7.000%, 9-1-38 | 500 | 556 | ||||||
Sedgwick Cnty, KS and Shawnee Cnty, KS, Sngl Fam Mtg Rev Bonds (Mtg-Bkd Sec Prog), Ser 2001A-1, | ||||||||
6.300%, 12-1-32 | 95 | 101 | ||||||
Sedgwick Cnty, KS and Shawnee Cnty, KS, Sngl Fam Mtg Rev Bonds (Mtg-Bkd Sec Prog), Ser 2003A-2, | ||||||||
5.650%, 6-1-35 | 120 | 126 | ||||||
Unif Govt of Wyandotte Cnty/Kansas City, KS, Sales Tax Spl Oblig (Redev Proj Area B - Major Multi-Sport Athletic Complex Proj), Ser 2010B, | ||||||||
0.000%, 6-1-21 (A) | 400 | 225 | ||||||
1,008 | ||||||||
Kentucky - 3.1% | ||||||||
Cmnwlth of KY, State Ppty and Bldg Commission, Rev and Rev Rfdg Bonds, Proj No. 90, | ||||||||
5.750%, 11-1-19 | 500 | 601 | ||||||
KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A: | ||||||||
5.500%, 6-1-21 | 500 | 543 | ||||||
6.500%, 3-1-45 | 350 | 379 | ||||||
Louisville Regional Arpt Auth, Arpt Sys Rev Bonds, Ser 2008A, | ||||||||
5.250%, 7-1-28 | 500 | 522 | ||||||
Ohio, KY, Pollutn Ctl Rfdg Rev Bonds (Big Rivers Elec Corp Proj), Ser 2010A, | ||||||||
6.000%, 7-15-31 | 500 | 521 | ||||||
Tpk Auth of KY, Econ Dev Road Rev Bonds (Revitalization Proj), Ser 2008A, | ||||||||
5.000%, 7-1-16 | 330 | 387 | ||||||
2,953 | ||||||||
Louisiana - 2.3% | ||||||||
Regional Transit Auth (New Orleans, LA), Sales Tax Rev Bonds, Ser 2010, | ||||||||
5.000%, 12-1-22 (B) | 1,000 | 1,106 | ||||||
LA Local Govt Environmental Fac and Cmnty Dev Auth, Hosp Rev Bonds (Woman's Hosp Fndtn Gulf Opp Zone Proj), Ser 2010B, | ||||||||
6.000%, 10-1-44 | 500 | 519 | ||||||
New Orleans Aviation Board, Rev Rfdg Bonds (Restructuring GARBs), Ser 2009A-1, | ||||||||
6.000%, 1-1-23 | 500 | 578 | ||||||
2,203 | ||||||||
Maryland - 1.1% | ||||||||
MD Econ Dev Corp, Pollutn Ctl Rev Rfdg Bonds (Potomac Elec Proj), Ser 2006, | ||||||||
6.200%, 9-1-22 | 500 | 592 | ||||||
MD Trans Auth, Arpt Prkg Rev Bonds (Baltimore/Washington Intl Arpt Proj), Ser 2002B, | ||||||||
5.375%, 3-1-15 | 405 | 428 | ||||||
1,020 | ||||||||
Massachusetts - 1.1% | ||||||||
MA Edu Fin Auth, Edu Loan Rev Bonds, Issue I, Ser 2009, | ||||||||
6.000%, 1-1-28 | 465 | 505 | ||||||
MA Port Auth, PFC Rev Rfdg Bonds, Ser 2010-E, | ||||||||
5.000%, 7-1-15 | 500 | 553 | ||||||
1,058 | ||||||||
Michigan - 2.8% | ||||||||
Kalamazoo Hosp Fin Auth, Hosp Rev Rfdg Bonds (Bronson Methodist Hosp), Ser 2003A, | ||||||||
5.000%, 5-15-26 | 500 | 521 | ||||||
MI Fin Auth, State Aid Rev Notes (Sch Dist of Detroit), Ser 2010E, | ||||||||
4.750%, 8-22-11 | 1,000 | 1,008 | ||||||
MI State Hosp Fin Auth, Hosp Rev and Rfdg Bonds (Henry Ford Hlth Sys), Ser 2009, | ||||||||
5.750%, 11-15-39 | 250 | 259 | ||||||
State Bldg Auth, MI, 2006 Rev Rfdg Bonds (Fac Prog), Ser IA, | ||||||||
0.000%, 10-15-22 (A) | 1,000 | 567 | ||||||
State Bldg Auth, MI, 2008 Rev and Rev Rfdg Bonds (Fac Prog), Ser I, | ||||||||
5.000%, 10-15-18 | 305 | 352 | ||||||
2,707 | ||||||||
Minnesota - 0.9% | ||||||||
Perham, MN GO Disp Sys Rev Bonds, Ser 2001, | ||||||||
6.000%, 5-1-22 | 500 | 501 | ||||||
Victoria, MN, Private Sch Fac Rev Bonds (Holy Fam Catholic High Sch Proj), Ser 1999A, | ||||||||
5.600%, 9-1-19 | 400 | 385 | ||||||
886 | ||||||||
Mississippi - 0.9% | ||||||||
The Univ of Southn MS, S.M. Edu Bldg Corp, Rev Bonds (Campus Fac Impvt Proj), Ser 2009, | ||||||||
5.375%, 9-1-36 | 750 | 827 | ||||||
Missouri - 4.6% | ||||||||
Belton, MO, Tax Increment Rev Bonds (Belton Town Centre Proj), Ser 2004, | ||||||||
6.250%, 3-1-24 | 200 | 197 | ||||||
Broadway-Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A, | ||||||||
6.125%, 12-1-36 | 175 | 120 | ||||||
Hlth and Edu Fac Auth, Hlth Fac Rev Bonds (The Children's Mercy Hosp), Ser 2009, | ||||||||
5.625%, 5-15-39 | 500 | 527 | ||||||
Indl Dev Auth of Grundy Cnty, MO, Hlth Fac Rev Bonds (Wright Mem Hosp), Ser 2009, | ||||||||
6.750%, 9-1-34 | 100 | 104 | ||||||
Indl Dev Auth of Kansas City, MO, Rev Bonds (Plaza Library Proj), Ser 2004, | ||||||||
5.900%, 3-1-24 | 200 | 204 | ||||||
Kearney, MO GO Bonds, Ser 2001, | ||||||||
5.500%, 3-1-16 | 350 | 357 | ||||||
MO Dev Fin Board, Infrastructure Fac Rev Bonds (Branson Landing Proj), Ser 2004A, | ||||||||
5.250%, 12-1-19 | 65 | 67 | ||||||
MO Dev Fin Board, Infrastructure Fac Rev Bonds (Independence, MO - Events Ctr Proj), Ser 2009A, | ||||||||
6.625%, 4-1-33 | 500 | 532 | ||||||
Platte Cnty R-III Sch Dist Bldg Corp, Leasehold Rfdg and Impvt Rev Bonds, Ser 2008, | ||||||||
5.000%, 3-1-28 | 340 | 370 | ||||||
Pub Water Supply Dist No. 1 of Lincoln Cnty, MO, Cert of Participation, Ser 2009, | ||||||||
6.750%, 6-15-35 | 500 | 529 | ||||||
The Indl Dev Auth of Moberly, MO, Annual Appropriation Recovery Zone Fac Bonds (Project Sugar), Ser 2010-C, | ||||||||
6.000%, 9-1-24 | 500 | 517 | ||||||
The Indl Dev Auth of Platte Cnty, MO, Trans Rev Bonds (Zona Rosa Phase II Retail Proj), Ser 2007, | ||||||||
6.850%, 4-1-29 | 250 | 250 | ||||||
The Indl Dev Auth of St. Joseph, MO, Spl Oblig Rev Bonds (St. Joseph Sewage Sys Impvt Proj), Ser 2007, | ||||||||
4.375%, 4-1-18 | 100 | 106 | ||||||
The Indl Dev Auth of the Cnty of St. Louis, MO, Sr Living Fac Rev Bonds (Friendship Vlg of West Cnty), Ser 2007A, | ||||||||
5.500%, 9-1-28 | 500 | 487 | ||||||
4,367 | ||||||||
Nevada - 1.0% | ||||||||
Las Vegas Redev Agy, NV, Tax Increment Rev Bonds, Ser 2009A, | ||||||||
8.000%, 6-15-30 | 500 | 591 | ||||||
Overton Power District No. 5 (NV), Spl Oblig Rev Bonds, Ser 2008, | ||||||||
6.500%, 12-1-18 | 290 | 337 | ||||||
928 | ||||||||
New Hampshire - 0.8% | ||||||||
NH Hlth and Edu Fac Auth, FHA Insd Mtg Rev Bonds, LRGHlthcare Issue, Ser 2009, | ||||||||
7.000%, 4-1-38 | 250 | 297 | ||||||
NH Hsng Fin Auth, Sngl Fam Mtg Acquisition Rev Bonds, Ser 2008, | ||||||||
6.000%, 7-1-38 | 475 | 503 | ||||||
800 | ||||||||
New Jersey - 2.9% | ||||||||
NJ Econ Dev Auth Rev Bonds (Provident Group-Montclair Properties L.L.C. - Monclair St Univ Student Hsng Proj), Ser 2010A, | ||||||||
5.750%, 6-1-31 | 750 | 784 | ||||||
NJ Econ Dev Auth, Sch Fac Constr Bonds, Ser 2005O, | ||||||||
5.125%, 3-1-30 | 250 | 266 | ||||||
NJ Hlth Care Fac Fin Auth, Rev Bonds, Virtua Hlth Issue, Ser 2009A, | ||||||||
5.500%, 7-1-38 | 500 | 543 | ||||||
NJ Trans Trust Fund Auth, Trans Sys Bonds, Ser 2003B-2, | ||||||||
5.000%, 12-15-16 | 500 | 578 | ||||||
Pollutn Ctl Fin Auth Camden Cnty, NJ, Solid Waste Disp and Res Recovery Sys Rev Bonds, Ser 1991A, | ||||||||
7.500%, 12-1-10 | 550 | 547 | ||||||
2,718 | ||||||||
New Mexico - 0.6% | ||||||||
NM Mtg Fin Auth, Sngl Fam Mtg Prog Class I Bonds, Ser 2006D, | ||||||||
6.000%, 1-1-37 | 75 | 82 | ||||||
NM Mtg Fin Auth, Sngl Fam Mtg Prog Class I Bonds, Ser 2008D-2, | ||||||||
5.250%, 7-1-30 | 500 | 527 | ||||||
609 | ||||||||
New York - 2.6% | ||||||||
NYC Indl Dev Agy, Pilot Rev Bonds (Yankee Stadium Proj), Ser 2009A: | ||||||||
0.000%, 3-1-25 (A) | 500 | 253 | ||||||
0.000%, 3-1-26 (A) | 500 | 240 | ||||||
0.000%, 3-1-27 (A) | 500 | 226 | ||||||
Port Auth of NY and NJ, Consolidated Bonds, One Hundred Twenty-Seventh Ser, | ||||||||
5.500%, 12-15-14 | 500 | 544 | ||||||
Port Auth of NY and NJ, Consolidated Bonds, One Hundred Fifty-Second Ser, | ||||||||
5.750%, 11-1-30 | 500 | 560 | ||||||
Suffolk Cnty Indl Dev Agy, Civic Fac Rev Bonds (The Southampton Hosp Assoc Civic Fac), Ser 1999A, | ||||||||
7.250%, 1-1-20 | 110 | 112 | ||||||
Suffolk Cnty Indl Dev Agy, Civic Fac Rev Bonds (The Southampton Hosp Assoc Civic Fac), Ser 1999B, | ||||||||
7.625%, 1-1-30 | 500 | 504 | ||||||
2,439 | ||||||||
North Carolina - 1.6% | ||||||||
NC Eastn Muni Power Agy, Power Sys Rev Bonds, Ser 2008C, | ||||||||
6.000%, 1-1-19 | 250 | 288 | ||||||
NC Med Care Commission, Hlth Care Fac Rev Rfdg Bonds (Univ Hlth Sys of Eastn Carolina), Ser 2008E-2, | ||||||||
6.000%, 12-1-36 | 500 | 555 | ||||||
NC Tpk Auth, Triangle Expressway Sys Rev Bonds, Ser 2009A, | ||||||||
0.000%, 1-1-37 (A) | 500 | 120 | ||||||
Oak Island, NC, Enterprise Sys Rev Bonds, Ser 2009, | ||||||||
6.000%, 6-1-34 | 500 | 550 | ||||||
1,513 | ||||||||
Ohio - 1.0% | ||||||||
OH Major New State Infrastructure Proj Rev Bonds, Ser 2008-I, | ||||||||
6.000%, 6-15-17 | 395 | 492 | ||||||
Toledo-Lucas Cnty Port Auth, Dev Rev Bonds (NW OH Bond Fund - Midwest Terminals Proj), Ser 2007C, | ||||||||
6.000%, 11-15-27 | 475 | 466 | ||||||
958 | ||||||||
Oklahoma - 2.6% | ||||||||
Cleveland Cnty Justice Auth, Sales Tax Rev Bonds (Cleveland Cnty Detention Fac Proj), Ser 2009B, | ||||||||
5.750%, 3-1-29 | 500 | 535 | ||||||
Grand River Dam Auth, Rev Bonds, Ser 2008A, | ||||||||
5.000%, 6-1-18 | 905 | 1,070 | ||||||
OK Dev Fin Auth, Solid Waste Disp Rev Bonds (Waste Mgmt of OK, Inc. Proj), Ser 2004A, | ||||||||
7.000%, 12-1-21 | 600 | 605 | ||||||
Tulsa Pub Fac Auth, Assembly Ctr Lease Payment Rev Bonds, Rfdg Ser 1985, | ||||||||
6.600%, 7-1-14 | 205 | 229 | ||||||
2,439 | ||||||||
Oregon - 0.3% | ||||||||
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2009A, | ||||||||
5.500%, 7-15-35 | 250 | 267 | ||||||
Pennsylvania - 3.8% | ||||||||
Allegheny Cnty Arpt Auth, Arpt Rev Rfdg Bonds, (Pittsburgh Intl Arpt), Ser 2010A, | ||||||||
5.000%, 1-1-17 | 250 | 267 | ||||||
Dauphin Cnty General Auth, Hlth Sys Rev Bonds (Pinnacle Hlth Sys Proj), Ser 2009A, | ||||||||
6.000%, 6-1-36 | 350 | 374 | ||||||
Lycoming Cnty Auth, Hlth Sys Rev Bonds (Susquehanna Hlth Sys Proj), Ser 2009A, | ||||||||
5.750%, 7-1-39 | 500 | 520 | ||||||
PA Tpk Commission, Tpk Sub Rev Bonds, Ser 2009D, | ||||||||
5.500%, 12-1-41 | 250 | 270 | ||||||
PA Tpk Commission, Tpk Subordinate Rev Bonds, Sub Ser 2010 B-2, | ||||||||
0.000%, 12-1-28 (A) | 1,500 | 1,188 | ||||||
Philadelphia, PA, GO Rfdg Bonds, Ser 2008A, | ||||||||
5.250%, 12-15-24 | 445 | 492 | ||||||
The Sch Dist of Philadelphia, PA, GO Bonds, Ser 2002A, | ||||||||
5.500%, 2-1-18 | 500 | 533 | ||||||
3,644 | ||||||||
Puerto Rico - 3.0% | ||||||||
PR Elec Power Auth, Power Rev Rfdg Bonds, Ser DDD, | ||||||||
5.000%, 7-1-21 (B) | 1,000 | 1,102 | ||||||
Cmnwlth of PR, Pub Impvt Rfdg Bonds (GO Bonds), Ser 2007A, | ||||||||
5.500%, 7-1-21 | 750 | 826 | ||||||
PR Elec Power Auth, Power Rev Bonds, Ser 2010XX, | ||||||||
5.750%, 7-1-36 | 500 | 557 | ||||||
PR Sales Tax Fin Corp, Sales Tax Rev Bonds, First Sub Ser 2010A, | ||||||||
0.000%, 8-1-33 (A) | 500 | 354 | ||||||
2,839 | ||||||||
Rhode Island - 0.6% | ||||||||
RI Student Loan Auth, Student Loan Prog Rev Bonds, Sr Ser 2009A, | ||||||||
6.250%, 12-1-27 | 500 | 540 | ||||||
South Carolina - 0.3% | ||||||||
Tob Settlement Rev Mgmt Auth, 5% Tob Settlement Asset-Bkd Rfdg Bonds, Ser 2008, | ||||||||
5.000%, 6-1-18 | 245 | 245 | ||||||
Tennessee - 0.6% | ||||||||
The Hlth, Edu and Hsng Fac Board of the Cnty of Shelby, TN, Rev Bonds (Methodist Le Bonheur Hlthcare), Ser 2008C, | ||||||||
5.250%, 6-1-18 | 500 | 548 | ||||||
Texas - 9.2% | ||||||||
Arlington, TX Spl Tax Rev Bonds, Ser 2008, | ||||||||
5.000%, 8-15-18 | 300 | 352 | ||||||
Bexar Cnty Hlth Fac Dev Corp, Rev Bonds (Army Ret Residence Fndtn Proj), Ser 2010, | ||||||||
6.200%, 7-1-45 | 250 | 262 | ||||||
Board of Regents, TX State Univ Sys, Rev Fin Sys Rev Bonds, Ser 2008, | ||||||||
5.250%, 3-15-19 | 355 | 423 | ||||||
Cass Cnty Indl Dev Corp, Envirnmt Impvt, Rev Rfdg Bonds, Ser 2009A, | ||||||||
9.250%, 3-1-24 | 500 | 683 | ||||||
El Paso, TX (El Paso Cnty), Water and Sewer Rev Rfdg Bonds, Series 2008C, | ||||||||
5.000%, 3-1-17 | 500 | 581 | ||||||
Harris Cnty Cultural Edu Fac Fin Corp, Med Fac Rev Rfdg Bonds (Baylor College of Medicine), Ser 2008D, | ||||||||
5.000%, 11-15-16 | 200 | 216 | ||||||
Hopkins Cnty Hosp Dist, Hosp Rev Bonds, Ser 2008, | ||||||||
6.000%, 2-15-33 | 500 | 480 | ||||||
Howard Cnty, TX GO Bonds, Ser 2008, | ||||||||
4.650%, 2-15-24 | 505 | 520 | ||||||
Lower CO River Auth, Rfdg Rev Bonds, Ser 2008A, | ||||||||
5.750%, 5-15-23 | 500 | 574 | ||||||
Lufkin Hlth Fac Dev Corp, Rev Rfdg and Impvt Bonds (Mem Hlth Sys of East TX), Ser 2009, | ||||||||
6.250%, 2-15-37 | 500 | 513 | ||||||
North TX Twy Auth, Sys Rev Rfdg Bonds (First Tier Current Interest Bonds), Ser 2008A, | ||||||||
6.000%, 1-1-25 | 500 | 564 | ||||||
North TX Twy Auth, Sys Rev Rfdg Bonds, Ser 2008D, | ||||||||
0.000%, 1-1-30 (A) | 1,000 | 367 | ||||||
Pflugerville Independent Sch Dist (Travis Cnty, TX), Unlimited Tax Sch Bldg Bonds, Ser 2001, | ||||||||
5.500%, 8-15-19 | 250 | 261 | ||||||
Prosper, TX (Collin Cnty), Combination Tax and Rev Cert of Oblig, Ser 2008, | ||||||||
5.500%, 2-15-20 | 500 | 579 | ||||||
Tarrant Cnty Cultural Edu Fac Fin Corp, Ret Fac Rev Bonds (NW Sr Hsng Corp - Edgemere Proj), Ser 2006A, | ||||||||
6.000%, 11-15-36 | 500 | 499 | ||||||
Tarrant Cnty Cultural Edu Fac Fin Corp, Ret Fac Rev Bonds (Buckingham Sr Living Cmnty, Inc. Proj), Ser 2007, | ||||||||
5.625%, 11-15-27 | 250 | 239 | ||||||
Trinity River Auth of TX (Tarrant Cnty Water Proj), Impvt Rev Bonds, Ser 2008, | ||||||||
5.750%, 2-1-26 | 325 | 374 | ||||||
TX Private Activity Bond Surface Trans Corp, Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009, | ||||||||
6.875%, 12-31-39 | 500 | 544 | ||||||
TX Private Activity Bond Surface Trans Corp, Sr Lien Rev Bonds (LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj), Ser 2010, | ||||||||
7.500%, 6-30-33 | 750 | 858 | ||||||
8,889 | ||||||||
Vermont - 0.2% | ||||||||
VT Hsng Fin Agy, Sngl Fam Hsng Bonds, Ser 27, | ||||||||
5.500%, 11-1-37 | 155 | 160 | ||||||
Virgin Islands - 1.7% | ||||||||
VI Pub Fin Auth, Sub Rev Bonds (VI Matching Fund Loan Note - Cruzan Proj), Ser 2009A, | ||||||||
6.000%, 10-1-39 | 500 | 540 | ||||||
VI Pub Fin Auth, Subordinated Rev Bonds (VI Matching Fund Loan Note - Diageo Proj), Ser 2009A, | ||||||||
5.000%, 10-1-25 | 1,000 | 1,041 | ||||||
1,581 | ||||||||
Virginia - 1.5% | ||||||||
Indl Dev Auth of Washington Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009C, | ||||||||
7.500%, 7-1-29 | 500 | 582 | ||||||
VA Hsng Dev Auth, Cmnwlth Mtg Bonds, Ser 2008E, | ||||||||
5.500%, 7-1-20 | 500 | 538 | ||||||
VA Pub Bldg Auth, Pub Fac Rev Bonds, Ser 2008B, | ||||||||
5.250%, 8-1-22 | 250 | 296 | ||||||
1,416 | ||||||||
Washington - 1.1% | ||||||||
WA Hlth Care Fac Auth, Rev Bonds (Swedish Hlth Svcs), Ser 2009A, | ||||||||
6.500%, 11-15-33 | 500 | 537 | ||||||
WA Hlth Care Fac Auth, Rev Bonds (VA Mason Med Ctrs), Ser 2007C, | ||||||||
5.500%, 8-15-36 | 500 | 506 | ||||||
1,043 | ||||||||
West Virginia - 0.6% | ||||||||
WV Hosp Fin Auth, Hosp Rev Rfdg and Impvt Bonds (WV Utd Hlth Sys Obligated Group), Ser 2009C, | ||||||||
5.500%, 6-1-39 | 500 | 540 | ||||||
Wisconsin - 0.6% | ||||||||
WI Hlth and Edu Fac Auth, Rev Bonds (Pro Hlth Care, Inc. Obligated Group), Ser 2009, | ||||||||
6.625%, 2-15-39 | 500 | 555 | ||||||
Wyoming - 0.9% | ||||||||
Hsng Auth of Cheyenne, Hsng Rev Bonds (Foxcrest II Proj), Ser 2004, | ||||||||
5.750%, 6-1-34 | 300 | 284 | ||||||
WY Muni Power Agy, Power Supply Sys Rev Bonds, Ser 2008A, | ||||||||
5.250%, 1-1-23 | 500 | 548 | ||||||
832 | ||||||||
TOTAL MUNICIPAL BONDS - 92.2% | $ | 87,831 | ||||||
(Cost: $81,003) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Commercial Paper (C) - 7.3% | ||||||||
CVS Caremark Corporation, | ||||||||
0.270%, 10-4-10 | 2,000 | 2,000 | ||||||
IBM International Group Capital LLC (International Business Machines Corporation), | ||||||||
0.000%, 10-1-10 | 4,907 | 4,907 | ||||||
6,907 | ||||||||
Master Note - 0.7% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (D) | 689 | 689 | ||||||
Municipal Obligations - 1.6% | ||||||||
Los Angeles, CA, Wastewater Sys Sub Rev Bonds, Var Rate Rfdg, Ser 2008-G (Bank of America, N.A.), | ||||||||
0.260%, 10-1-10 (D) | 1,545 | 1,545 | ||||||
TOTAL SHORT-TERM SECURITIES - 9.6% | $ | 9,141 | ||||||
(Cost: $9,141) | ||||||||
TOTAL INVESTMENT SECURITIES - 101.8% | $ | 96,972 | ||||||
(Cost: $90,144) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (1.8%) | (1,699 | ) | ||||||
NET ASSETS - 100.0% | $ | 95,273 | ||||||
Notes to Schedule of Investments
(A)Zero coupon bond.
(B)Purchased on a when-issued basis with settlement subsequent to September 30, 2010.
(C)Rate shown is the yield to maturity at September 30, 2010.
(D)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
Asset Allocation
Bonds | 90.7% |
Municipal Bonds | 90.7% |
Cash and Cash Equivalents | 9.3% |
Lipper Rankings
Category: Lipper High Yield Municipal Debt Funds | Rank | Percentile |
1 Year | 3/113 | 3 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Quality Weightings
Investment Grade | 48.1% |
AAA | 3.0% |
AA | 1.8% |
A | 12.0% |
BBB | 31.3% |
Non-Investment Grade | 42.6% |
BB | 3.1% |
B | 4.5% |
CCC | 1.8% |
Non-rated | 33.2% |
Cash and Cash Equivalents | 9.3% |
Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $1,072.60 | 0.95% | $4.97 |
Class B | $1,000 | $1,068.10 | 1.73% | $8.89 |
Class C | $1,000 | $1,067.90 | 1.72% | $8.89 |
Class I | $1,000 | $1,074.10 | 0.70% | $3.63 |
Class Y | $1,000 | $1,072.30 | 0.95% | $4.87 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,020.31 | 0.95% | $4.85 |
Class B | $1,000 | $1,016.49 | 1.73% | $8.67 |
Class C | $1,000 | $1,016.44 | 1.72% | $8.67 |
Class I | $1,000 | $1,021.55 | 0.70% | $3.54 |
Class Y | $1,000 | $1,020.38 | 0.95% | $4.75 |
*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, 2010, 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.
MUNICIPAL BONDS | Principal | Value | ||||||
Arizona - 1.2% | ||||||||
The Indl Dev Auth of Mohave Cnty, Correctional Fac Contract Rev Bonds (Mohave Prison, LLC Expansion Proj), Ser 2008, | ||||||||
8.000%, 5-1-25 | $ | 2,000 | $ | 2,328 | ||||
The Indl Dev Auth of the Cnty of Pima, Edu Rev Bonds (Noah Webster Basic Sch Proj), Ser 2004A, | ||||||||
6.125%, 12-15-34 | 815 | 807 | ||||||
3,135 | ||||||||
Arkansas - 0.2% | ||||||||
Pub Fac Brd of Benton Cnty, AR, Charter Sch Lease Rev Bonds (BCCSO Proj), Ser 2010A, | ||||||||
6.000%, 6-1-40 | 500 | 518 | ||||||
California - 8.2% | ||||||||
Adelanto Pub Auth, Fixed Rate Rfdg Rev Bonds (Util Sys Proj), Ser 2009A, | ||||||||
6.750%, 7-1-39 | 1,400 | 1,490 | ||||||
Anaheim Cmnty Facs Dist No. 08-1 (Platinum Triangle), Spl Tax Bonds, Ser 2010, | ||||||||
6.250%, 9-1-40 | 2,000 | 2,016 | ||||||
CA Muni Fin Auth (Literacy First Proj), Charter Sch Lease Rev Bonds, Ser 2010B, | ||||||||
6.000%, 9-1-30 | 1,085 | 1,101 | ||||||
CA Muni Fin Auth, Edu Fac Rev Bonds (King/Chavez Academies Proj), Ser 2009A, | ||||||||
8.750%, 10-1-39 | 500 | 594 | ||||||
CA Statewide Cmnty Dev Auth, Rev Bonds (Southn CA Presbyterian Homes), Ser 2009, | ||||||||
7.000%, 11-15-29 | 150 | 165 | ||||||
CA Statewide Cmnty Dev Auth, Sch Fac Rev Bonds (Aspire Pub Sch), Ser 2010: | ||||||||
6.000%, 7-1-40 | 250 | 254 | ||||||
6.350%, 7-1-46 | 250 | 258 | ||||||
CA Various Purp GO Bonds: | ||||||||
6.000%, 4-1-35 | 250 | 278 | ||||||
6.000%, 11-1-39 | 500 | 559 | ||||||
CA Dept of Water Res, Power Supply Rev Bonds, Ser 2010L, | ||||||||
5.000%, 5-1-22 | 1,000 | 1,162 | ||||||
Cert of Participation, Oro Grande Elementary Sch Dist, Ser 2010, | ||||||||
6.125%, 9-15-40 | 1,500 | 1,565 | ||||||
Cmnty Fac Dist No. 15 (Mission Ranch) of Riverside Un Sch Dist, Spl Tax Bonds (Impvt Area No. 3), Ser 2009A: | ||||||||
6.500%, 9-1-29 | 360 | 371 | ||||||
6.750%, 9-1-39 | 70 | 72 | ||||||
Cmnty Fac Dist No. 2009-1 of Chino, 2010 Spl Tax Bonds, | ||||||||
6.750%, 9-1-40 | 500 | 516 | ||||||
Cmnty Redev Agy of Hawthorne, Cmnty Fac Dist No. 1999-1 (Gateway Ctr), 2010 Spl Tax Rfdg Bonds, | ||||||||
6.125%, 10-1-25 | 2,200 | 2,345 | ||||||
Golden State Tob Sec Corp, Tob Settlement Asset-Bkd Bonds, Ser 2007A-1, | ||||||||
5.125%, 6-1-47 | 1,000 | 685 | ||||||
Inland Empire Tob Securitization Auth, Tob Settlement Asset-Bkd Bonds (Inland Empire Tob Securitization Corp), Ser 2007, | ||||||||
4.625%, 6-1-21 | 1,000 | 820 | ||||||
Lompoc Redev Agy (Santa Barbara Cnty, CA), Old Town Lompoc Redev Proj, Tax Alloc Bonds, Ser 2010: | ||||||||
5.750%, 9-1-29 | 225 | 231 | ||||||
5.750%, 9-1-31 | 365 | 372 | ||||||
6.000%, 9-1-39 | 1,000 | 1,021 | ||||||
Palomar Pomerado Hlth, San Diego Cnty, CA, Cert of Participation: | ||||||||
6.625%, 11-1-29 | 200 | 221 | ||||||
6.750%, 11-1-39 | 100 | 111 | ||||||
Redev Agy for the Cnty of Riverside, Interstate 215 Corridor Redev Proj Area, 2010 Tax Alloc Bonds, Ser E, | ||||||||
6.500%, 10-1-40 | 1,500 | 1,588 | ||||||
Redev Agy of Hollister, Cmnty Dev Proj Tax Alloc Bonds (Cnty of San Benito, CA), Ser 2009: | ||||||||
6.750%, 10-1-29 | 75 | 83 | ||||||
7.000%, 10-1-32 | 510 | 570 | ||||||
Redev Agy of San Buenaventura, Merged San Buenaventura Redev Proj, 2008 Tax Alloc Bonds, | ||||||||
8.000%, 8-1-38 | 100 | 114 | ||||||
San Diego Cnty Regional Arpt Auth, Sub Arpt Rev Bonds, Ser 2010A, | ||||||||
5.000%, 7-1-21 (A) | 2,000 | 2,258 | ||||||
20,820 | ||||||||
Colorado - 5.5% | ||||||||
Arkansas River Power Auth, CO, Power Rev Impvt Bonds, Ser 2010, | ||||||||
6.125%, 10-1-40 | 2,500 | 2,624 | ||||||
Church Ranch Metro Dist, Westminster, CO, GO Ltd Tax Bonds, Ser 2003, | ||||||||
6.000%, 12-1-33 | 160 | 141 | ||||||
CO Edu and Cultural Fac Auth, Charter Sch Rev Bonds (The Classical Academy Proj), Ser 2008A, | ||||||||
7.400%, 12-1-38 | 85 | 101 | ||||||
CO Edu and Cultural Fac Auth, Charter Sch Rev Bonds (Twin Peaks Charter Academy Proj), Ser 2008, | ||||||||
7.000%, 11-15-38 | 230 | 271 | ||||||
CO Edu and Cultural Fac Auth, Independent Sch Rev Rfdg Bonds (Vail Mountain Sch Proj), Ser 2010, | ||||||||
6.125%, 5-1-40 | 1,000 | 1,042 | ||||||
CO Hlth Fac Auth (Christian Living Cmnty - Clermont Park Proj), Rev Bonds, Ser 2009A: | ||||||||
7.250%, 1-1-19 | 100 | 106 | ||||||
9.000%, 1-1-34 | 30 | 32 | ||||||
CO Hlth Fac Auth, Rev Bonds (Christian Living Cmnty Proj), Ser 2006A, | ||||||||
5.750%, 1-1-37 | 350 | 318 | ||||||
CO Hlth Fac Auth, Rev Bonds (Total Longterm Care Ntl Oblig Group Proj), Ser 2010A, | ||||||||
6.250%, 11-15-40 (A) | 1,250 | 1,263 | ||||||
Cordillera Metro Dist, GO Bonds, Ser 2000B, | ||||||||
6.200%, 12-1-20 | 80 | 80 | ||||||
Denver Hlth and Hosp Auth, Ser 2009A, | ||||||||
6.250%, 12-1-33 | 1,020 | 1,062 | ||||||
Lincoln Park Metro Dist, Douglas Cnty, CO, GO Rfdg and Impvt Bonds, Ser 2008, | ||||||||
6.200%, 12-1-37 | 1,000 | 1,021 | ||||||
North Range Metro Dist No. 2, Adams Cnty, CO, Ltd Tax GO Bonds, Ser 2007, | ||||||||
5.500%, 12-15-27 | 1,000 | 860 | ||||||
Regional Trans Dist, Private Activity Bonds (Denver Transit Partners Eagle P3 Proj), Ser 2010, | ||||||||
6.500%, 1-15-30 | 2,000 | 2,235 | ||||||
Sorrel Ranch Metro Dist, Arapahoe Cnty, CO, GO Ltd Tax Bonds, Ser 2006, | ||||||||
5.750%, 12-1-36 | 345 | 280 | ||||||
Tallgrass Metro Dist, Arapahoe Cnty, CO, GO Ltd Tax Rfdg and Impvt Bonds, Ser 2007, | ||||||||
5.250%, 12-1-37 | 2,161 | 1,796 | ||||||
Tallyn's Reach Metro Dist No. 3 (Aurora, CO), GO Bonds, Ser 2004, | ||||||||
6.625%, 12-1-23 | 500 | 525 | ||||||
Wildgrass Metro Dist, Broomfield Cnty, CO, GO Ltd Tax Rfdg Bonds, Ser 2007, | ||||||||
6.200%, 12-1-34 | 550 | 552 | ||||||
14,309 | ||||||||
Connecticut - 0.3% | ||||||||
CT Dev Auth, Pollutn Ctl Rev Rfdg Bonds (The CT Light and Power Co Proj), Ser 1993B, | ||||||||
5.950%, 9-1-28 | 150 | 152 | ||||||
Eastn CT Res Recovery Auth, Solid Waste Rev Bonds (Wheelabrator Lisbon Proj), Ser 1993A, | ||||||||
5.500%, 1-1-14 | 140 | 140 | ||||||
Harbor Point Infrastructure Impvt Dist (Harbor Point Proj), Spl Oblig Rev Bonds, Ser 2010A, | ||||||||
7.875%, 4-1-39 | 500 | 538 | ||||||
830 | ||||||||
District Of Columbia - 0.7% | ||||||||
Metro WA Arpts Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2010B, | ||||||||
0.000%, 10-1-44 (B) | 1,000 | 658 | ||||||
Metro WA Arpts Auth, Arpt Sys Rev Bonds, Ser 2010A, | ||||||||
5.000%, 10-1-22 | 1,000 | 1,152 | ||||||
1,810 | ||||||||
Florida - 2.5% | ||||||||
Brevard Cnty, FL, Indl Dev Rev Bonds (TUFF FL Tech Proj), Ser 2009: | ||||||||
6.500%, 11-1-29 | 585 | 616 | ||||||
6.750%, 11-1-39 | 1,290 | 1,371 | ||||||
FL Hurricane Catastrophe Fund Fin Corp, Rev Bonds, Ser 2010A, | ||||||||
5.000%, 7-1-15 | 1,000 | 1,094 | ||||||
Hillsborough Cnty Indl Dev Auth, Indl Dev Rev Bonds, Hlth Fac Proj (Univ Cmnty Hosp), Ser 2008B, | ||||||||
8.000%, 8-15-32 | 350 | 456 | ||||||
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2010B, | ||||||||
5.000%, 10-1-25 | 1,000 | 1,083 | ||||||
St. Johns Cnty Indl Dev Auth, Rev Bonds (Presbyterian Ret Cmnty Proj), Ser 2010A, | ||||||||
6.000%, 8-1-45 | 1,800 | 1,866 | ||||||
6,486 | ||||||||
Georgia - 0.6% | ||||||||
DeKalb Cnty, GA, Hosp Auth, Rev Anticipation Cert (DeKalb Med Ctr, Inc. Proj), Ser 2010, | ||||||||
6.125%, 9-1-40 | 500 | 516 | ||||||
Dev Auth of Clayton Cnty, GA, Spl Fac Rev Bonds (Delta Air Lines, Inc. Proj), Ser 2009A, | ||||||||
8.750%, 6-1-29 | 400 | 456 | ||||||
Muni Elec Auth of GA, Combined Cycle Proj Rev Bonds, Ser 2010A, | ||||||||
5.000%, 11-1-24 | 500 | 560 | ||||||
1,532 | ||||||||
Guam - 2.2% | ||||||||
Cert of Participation (John F. Kennedy High Sch Proj), Dept of Edu, GU, | ||||||||
6.625%, 12-1-30 | 1,400 | 1,430 | ||||||
Cert of Participation (John F. Kennedy High Sch Proj), Dept of Edu, GU, Ser 2010A, | ||||||||
6.875%, 12-1-40 | 1,500 | 1,537 | ||||||
Govt of GU, GO Bonds, Ser 1993A, | ||||||||
5.400%, 11-15-18 | 2,000 | 2,001 | ||||||
Govt of GU, GO Bonds, Ser 2009A: | ||||||||
5.750%, 11-15-14 | 125 | 132 | ||||||
7.000%, 11-15-39 | 450 | 508 | ||||||
5,608 | ||||||||
Hawaii - 0.2% | ||||||||
Dept of Budget and Fin of HI, Spl Purp Sr Living Rev Bonds (15 Craigside Proj), Ser 2009A, | ||||||||
8.750%, 11-15-29 | 450 | 528 | ||||||
Idaho - 0.6% | ||||||||
ID Hsng and Fin Assoc (Compass Pub Charter Sch, Inc. Proj), Ser 2010A: | ||||||||
6.250%, 7-1-40 | 1,000 | 1,034 | ||||||
6.250%, 7-1-45 | 550 | 563 | ||||||
1,597 | ||||||||
Illinois - 6.9% | ||||||||
Belleville, IL, Tax Increment Rfdg Rev Bonds (Frank Scott Parkway Redev Proj), Ser 2007A, | ||||||||
5.700%, 5-1-36 | 400 | 341 | ||||||
Bourbonnais, IL, Indl Proj Rev Bonds (Oliver Nazarene Univ Proj), Ser 2010, | ||||||||
6.000%, 11-1-35 | 1,500 | 1,629 | ||||||
Cert of Participation, Metra Market of Chicago, L.L.C. Redev Proj, Ser A, | ||||||||
6.870%, 2-15-24 | 1,600 | 1,681 | ||||||
Chicago O'Hare Intl Arpt Spl Fac Rev Rfdg Bonds (American Airlines, Inc. Proj), Ser 2007, | ||||||||
5.500%, 12-1-30 | 1,500 | 1,219 | ||||||
Fairview Heights, IL, Tax Increment Rfdg Rev Bonds (Shoppes at St. Clair Square Redev Proj), Ser 2009A, | ||||||||
8.000%, 12-1-28 | 510 | 541 | ||||||
IL Fin Auth (Greenfields of Geneva Proj), Rev Bonds, Ser 2010C-3, | ||||||||
6.250%, 2-15-16 | 3,000 | 2,999 | ||||||
IL Fin Auth, Rev Bonds (Silver Cross Hosp and Med Ctrs), Ser 2009, | ||||||||
7.000%, 8-15-44 | 375 | 422 | ||||||
IL Fin Auth, Rev Bonds (Three Crowns Park Proj), Ser 2006A, | ||||||||
5.875%, 2-15-38 | 1,400 | 1,335 | ||||||
IL Fin Auth, Rev Bonds (Rush Univ Med Ctr Oblig Group), Ser 2009C, | ||||||||
6.625%, 11-1-39 | 250 | 274 | ||||||
IL Fin Auth, Rev Bonds (Rush Univ Med Ctr Oblig Group), Ser 2009A, | ||||||||
7.250%, 11-1-38 | 65 | 74 | ||||||
Springfield, Sangamon Cnty, IL, Spl Svc Area (Legacy Pointe) Tax Bonds, Ser 2009, | ||||||||
7.875%, 3-1-32 | 500 | 525 | ||||||
Springfield, Sangamon Cnty, IL, Spl Svc Area (Legacy Pointe), Ad Valorem Tax Bonds, Ser 2010, | ||||||||
7.500%, 3-1-32 | 1,500 | 1,536 | ||||||
SW IL Dev Auth, Local Govt Prog Rev Bonds (Granite City Proj), Ser 2008, | ||||||||
7.000%, 12-1-22 | 500 | 521 | ||||||
SW IL Dev Auth, Local Govt Prog Rev Bonds (Granite City Proj), Ser 2009, | ||||||||
8.000%, 1-15-22 | 740 | 792 | ||||||
Upper IL River Vly Dev Auth (Pleasant View Luther Home Proj), Rev Bonds, Ser 2010: | ||||||||
7.250%, 11-15-40 | 1,100 | 1,095 | ||||||
7.375%, 11-15-45 | 1,500 | 1,504 | ||||||
Vlg of Matteson, Cook Cnty, IL, GO Cap Apprec Debt Cert, Ser 2010, | ||||||||
0.000%, 12-1-29 (B) | 1,840 | 1,391 | ||||||
17,879 | ||||||||
Indiana - 3.3% | ||||||||
Hendricks Cnty, IN Redev Dist, Tax Increment Rev Rfdg Bonds, Ser 2010B, | ||||||||
6.450%, 1-1-23 | 250 | 264 | ||||||
IN Fin Auth, Edu Fac Rev Bonds (Irvington Cmnty Sch Proj), Ser 2009A, | ||||||||
9.000%, 7-1-39 | 175 | 216 | ||||||
Lake Station 2008 Bldg Corp, Lake Station, IN, First Mtg Bonds, Ser 2010, | ||||||||
6.000%, 7-15-27 | 3,170 | 3,425 | ||||||
Rockport, IN, Pollutn Ctrl Rev Rfdg Bonds (IN MI Power Co Proj), Ser 2009A, | ||||||||
6.250%, 6-1-25 | 1,000 | 1,127 | ||||||
Whitestown, IN, Econ Dev Tax Increment Rev Bonds (Perry Industrial Park and Whitestown Crossing Proj), Ser 2010A, | ||||||||
7.000%, 2-1-30 | 1,500 | 1,538 | ||||||
Whiting IN, Redev Dist Tax Increment Rev Bonds (Standard Avenue Proj), Ser 2006, | ||||||||
5.350%, 1-15-27 | 555 | 511 | ||||||
Whiting, IN, Redev Dist Tax Increment Rev Bonds of 2010 (Lakefront Dev Proj), | ||||||||
6.750%, 1-15-32 | 1,430 | 1,462 | ||||||
8,543 | ||||||||
Iowa - 0.2% | ||||||||
Coralville, IA (Coralville Marriott Hotel and Convention Ctr), Cert of Participation in Base Lease Payments, Ser 2006D, | ||||||||
5.250%, 6-1-26 | 500 | 528 | ||||||
Kansas - 0.6% | ||||||||
Arkansas City, KS Pub Bldg Commission, Rev Bonds (South Cent KS Regional Med Ctr), Ser 2009, | ||||||||
7.000%, 9-1-38 | 200 | 222 | ||||||
Olathe, KS, Spl Oblig Tax Increment Rev Bonds (West Vlg Ctr Proj), Ser 2007: | ||||||||
5.450%, 9-1-22 | 500 | 341 | ||||||
5.500%, 9-1-26 | 500 | 338 | ||||||
Unif Govt of Wyandotte Cnty/Kansas City, KS, Sales Tax Spl Oblig (Redev Proj Area B - Major Multi-Sport Athletic Complex Proj), Ser 2010B, | ||||||||
0.000%, 6-1-21 (B) | 1,100 | 620 | ||||||
1,521 | ||||||||
Kentucky - 2.4% | ||||||||
KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A: | ||||||||
6.375%, 6-1-40 | 1,500 | 1,617 | ||||||
6.500%, 3-1-45 | 500 | 542 | ||||||
Murray, KY, Hosp Fac Rev Bonds (Murray-Calloway Cnty Pub Hosp Corp Proj), Ser 2010, | ||||||||
6.375%, 8-1-40 | 2,000 | 2,065 | ||||||
Ohio, KY, Pollutn Ctl Rfdg Rev Bonds (Big Rivers Elec Corp Proj), Ser 2010A, | ||||||||
6.000%, 7-15-31 | 2,000 | 2,083 | ||||||
6,307 | ||||||||
Louisiana - 1.1% | ||||||||
LA Offshore Terminal Auth, Deepwater Port Rev Bonds (LOOP LLC Proj), Ser 2007B-1A, | ||||||||
1.600%, 10-1-37 | 2,000 | 2,000 | ||||||
New Orleans Aviation Board, Gulf Opp Zone CFC Rev Bonds (Consolidated Rental Car Proj), Ser 2009A, | ||||||||
6.500%, 1-1-40 | 745 | 795 | ||||||
2,795 | ||||||||
Maine - 0.2% | ||||||||
Portland, ME, General Arpt Rev Bonds, Ser 2010, | ||||||||
5.000%, 1-1-30 | 500 | 533 | ||||||
Maryland - 1.6% | ||||||||
MD Econ Dev Corp, Econ Dev Rev Bonds (Terminal Proj), Ser B, | ||||||||
5.750%, 6-1-35 | 500 | 521 | ||||||
MD Econ Dev Corp, Port Fac Rfdg Rev Bonds (CNX Marine Terminals Inc. Port of Baltimore Fac), Ser 2010, | ||||||||
5.750%, 9-1-25 | 3,000 | 3,103 | ||||||
MD Hlth and Higher Ed Fac Auth, Rev Bonds, Doctors Cmnty Hosp, Ser 2010, | ||||||||
5.750%, 7-1-38 | 500 | 496 | ||||||
4,120 | ||||||||
Massachusetts - 0.2% | ||||||||
MA Dev Fin Agy, Sr Living Fac Rev Bonds (The Groves in Lincoln Issue), Ser 2009A, | ||||||||
7.875%, 6-1-44 | 200 | 214 | ||||||
MA Dev Fin Agy, Sr Living Fac Rev Bonds (The Groves in Lincoln Issue), Ser 2009C-2, | ||||||||
6.250%, 6-1-14 | 190 | 190 | ||||||
404 | ||||||||
Michigan - 5.1% | ||||||||
Detroit, MI Sewage Disp Sys, Sr Lien Rev Rfdg Bonds (Modal Fixed Rate), Ser 2001(C-1), | ||||||||
7.000%, 7-1-27 | 500 | 601 | ||||||
Detroit, MI Sewage Disp Sys, Sr Lien Rev Rfdg Bonds (Modal Fixed Rate), Ser 2003(B), | ||||||||
7.500%, 7-1-33 | 500 | 611 | ||||||
Detroit, MI, GO Bonds, Ser 2004-A(1), | ||||||||
5.250%, 4-1-23 | 1,420 | 1,228 | ||||||
Flint Hosp Bldg Auth, Bldg Auth Rev Rental Bonds (Hurley Med Ctr), Ser 2010: | ||||||||
7.375%, 7-1-35 | 350 | 369 | ||||||
7.500%, 7-1-39 | 250 | 263 | ||||||
Garden City Hosp Fin Auth, Hosp Rev and Rfdg Bonds (Garden City Hosp Oblig Group), Ser 2007A, | ||||||||
4.875%, 8-15-27 | 250 | 198 | ||||||
MI Fin Auth, Public Sch Academy Ltd Oblig Rev Bonds (Hanley Intl Academy, Inc. Proj), Ser 2010A, | ||||||||
6.125%, 9-1-40 | 4,535 | 4,543 | ||||||
MI Fin Auth, Sr Edu Fac Rev Bonds (St. Catherine of Siena Academy Proj), Ser 2010A, | ||||||||
8.500%, 10-1-45 | 2,000 | 2,027 | ||||||
MI Fin Auth, State Aid Rev Notes (Sch Dist of Detroit), Ser 2010E, | ||||||||
4.750%, 8-22-11 | 2,000 | 2,014 | ||||||
Royal Oak Hosp Fin Auth, Hosp Rev and Rfdg Bonds (William Beaumont Hosp Oblig Group), Ser 2009V: | ||||||||
8.000%, 9-1-29 | 20 | 24 | ||||||
8.250%, 9-1-39 | 750 | 911 | ||||||
Royal Oak Hosp Fin Auth, Hosp Rev and Rfdg Bonds (William Beaumont Hosp Oblig Group), Ser 2009W, | ||||||||
6.000%, 8-1-39 | 150 | 156 | ||||||
The Econ Dev Corp of Dearborn, MI, Ltd Oblig Rev and Rfdg Rev Bonds (Henry Ford Vlg, Inc. Proj), Ser 2008, | ||||||||
7.000%, 11-15-38 | 150 | 146 | ||||||
13,091 | ||||||||
Minnesota - 1.0% | ||||||||
Minneapolis Hlth Care Sys Rev Bonds (Fairview Hlth Services), Ser 2008B, | ||||||||
6.500%, 11-15-38 | 2,350 | 2,708 | ||||||
Missouri - 6.4% | ||||||||
Arnold, MO, Real Ppty Tax Increments Rev Bonds (Arnold Triangle Redev Proj), Ser 2009A, | ||||||||
7.750%, 5-1-28 | 700 | 775 | ||||||
Belton, MO, Tax Increment Rev Bonds (Belton Town Centre Proj), Ser 2006, | ||||||||
5.625%, 3-1-25 | 520 | 479 | ||||||
Broadway-Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A, | ||||||||
6.125%, 12-1-36 | 200 | 137 | ||||||
Grindstone Plaza Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A: | ||||||||
5.500%, 10-1-31 | 365 | 263 | ||||||
5.550%, 10-1-36 | 325 | 228 | ||||||
Jennings, MO, Tax Increment and Cmnty Impvt Rfdg Rev Bonds (Northland Redev Area Proj), Ser 2006, | ||||||||
5.000%, 11-1-23 | 1,460 | 1,345 | ||||||
Lakeside 370 Levee Dist (St. Charles Cnty, MO), Levee Dist Impvt Bonds, Ser 2008: | ||||||||
6.000%, 4-1-18 | 1,100 | 1,087 | ||||||
7.000%, 4-1-28 | 335 | 334 | ||||||
Land Clearance for Redev Auth of St. Louis, Recovery Zone Fac Bonds (Kiel Opera House Proj), Ser 2010B, | ||||||||
7.000%, 9-1-35 | 1,000 | 1,024 | ||||||
Liberty, MO Tax Increment Rev Bonds (Liberty Triangle Proj), Ser 2007, | ||||||||
5.500%, 10-1-22 | 260 | 234 | ||||||
Manchester, MO, Tax Increment and Trans Rfdg Rev Bonds (Highway 141/Manchester Road Proj), Ser 2010, | ||||||||
6.875%, 11-1-39 | 1,500 | 1,537 | ||||||
MO Dev Fin Board, Research Fac Rev Bonds (Midwest Research Institute Proj), Ser 2007, | ||||||||
4.500%, 11-1-27 | 225 | 212 | ||||||
St. Louis Muni Fin Corp, Compound Interest Leasehold Rev Bonds (Convention Ctr Cap Impvt Proj), Ser 2010A: | ||||||||
0.000%, 7-15-36 (B) | 750 | 166 | ||||||
0.000%, 7-15-37 (B) | 1,500 | 311 | ||||||
The Elm Point Commons Cmnty Impvt Dist (St. Charles, MO), Spl Assmt Bonds, Ser 2007, | ||||||||
5.750%, 3-1-27 | 110 | 102 | ||||||
The Indl Dev Auth of Bridgeton, MO, Sales Tax Revenue Bonds (Hilltop Cmnty Impvt Dist Proj), Ser 2008A, | ||||||||
5.875%, 11-1-35 | 250 | 186 | ||||||
The Indl Dev Auth of Kansas City, MO, Hlth Care Fac First Mtg Rev Bonds (The Bishop Spencer Place Proj), Ser 1994: | ||||||||
6.250%, 1-1-24 | 1,500 | 1,483 | ||||||
6.500%, 1-1-35 | 600 | 566 | ||||||
The Indl Dev Auth of Moberly, MO, Annual Appropriation Recovery Zone Fac Bonds (Project Sugar), Ser 2010-C, | ||||||||
6.000%, 9-1-24 | 2,000 | 2,069 | ||||||
The Indl Dev Auth of Platte Cnty, MO, Trans Rev Bonds (Zona Rosa Phase II Retail Proj), Ser 2007, | ||||||||
6.850%, 4-1-29 | 225 | 225 | ||||||
The Indl Dev Auth of St. Joseph, MO, Hlthcare Rev Bonds (Living Cmnty of St. Joseph Proj), Ser 2002, | ||||||||
7.000%, 8-15-32 | 2,000 | 1,912 | ||||||
The Indl Dev Auth of St. Louis, MO, Tax Increment and Cmnty Impvt Dist Rfdg Rev Bonds (Loughborough Commons Redev Proj), Ser 2007, | ||||||||
5.750%, 11-1-27 | 940 | 899 | ||||||
The Indl Dev Auth of the City of Kirkwood, MO, Ret Cmnty Rev Bonds (Aberdeen Heights Proj), Ser 2010C-2, | ||||||||
7.000%, 11-15-15 | 250 | 254 | ||||||
Univ Place Trans Dev Dist (St. Louis Cnty, MO), Sub Trans Sales Tax and Spl Assmt Rev Bonds, Ser 2009, | ||||||||
7.500%, 4-1-32 | 650 | 747 | ||||||
16,575 | ||||||||
Nevada - 1.0% | ||||||||
Clark Cnty, NV, Spl Impvt Dist No. 142 (Mountain's Edge), Local Impvt Bonds, Ser 2003, | ||||||||
6.100%, 8-1-18 | 95 | 95 | ||||||
Las Vegas Redev Agy, NV, Tax Increment Rev Bonds, Ser 2009A: | ||||||||
6.000%, 6-15-15 | 1,325 | 1,469 | ||||||
8.000%, 6-15-30 | 500 | 591 | ||||||
Overton Power Dist No. 5 (NV), Spl Oblig Rev Bonds, Ser 2008, | ||||||||
8.000%, 12-1-38 | 265 | 317 | ||||||
2,472 | ||||||||
New Hampshire - 0.8% | ||||||||
Strafford Cnty, NH, GO Rev Anticipation Notes 2010, | ||||||||
5.500%, 2-18-11 | 2,000 | 2,000 | ||||||
New Jersey - 1.6% | ||||||||
NJ Econ Dev Auth, Spl Fac Rev Bonds (Continental Airlines, Inc. Proj), Ser 1999: | ||||||||
6.250%, 9-15-19 | 115 | 114 | ||||||
6.400%, 9-15-23 | 2,500 | 2,496 | ||||||
NJ Econ Dev Auth, Spl Fac Rev Bonds (Continental Airlines, Inc. Proj), Ser 2000, | ||||||||
7.000%, 11-15-30 | 1,000 | 1,005 | ||||||
NJ Edu Fac Auth, Rev Rfdg Bonds, Univ of Medicine and Dentistry of NJ Issue, Ser 2009B, | ||||||||
7.500%, 12-1-32 | 450 | 531 | ||||||
4,146 | ||||||||
New York - 3.7% | ||||||||
Dormitory Auth, Sch Dist Rev Bond Fin Prog, Ser 2010A, | ||||||||
5.000%, 10-1-22 | 1,000 | 1,141 | ||||||
Long Island Power Auth, Elec Sys General Rev Bonds, Ser 2010A, | ||||||||
5.000%, 5-1-15 | 1,000 | 1,145 | ||||||
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2007A, | ||||||||
6.700%, 1-1-43 | 1,000 | 1,013 | ||||||
NYC GO Bonds, Fiscal Ser 2011B, | ||||||||
5.000%, 8-1-20 | 1,000 | 1,180 | ||||||
NYC Indl Dev Agy, Spl Fac Rev Bonds (American Airlines, Inc. JFK Intl Arpt Proj), Ser 2005: | ||||||||
7.125%, 8-1-11 | 100 | 101 | ||||||
7.500%, 8-1-16 | 500 | 520 | ||||||
7.750%, 8-1-31 | 1,295 | 1,370 | ||||||
Suffolk Cnty Indl Dev Agy, Civic Fac Rev Bonds (The Southampton Hosp Assoc Civic Fac), Ser 1999A: | ||||||||
7.250%, 1-1-20 | 370 | 375 | ||||||
7.250%, 1-1-30 | 1,940 | 1,947 | ||||||
Suffolk Cnty Indl Dev Agy, Civic Fac Rev Bonds (The Southampton Hosp Assoc Civic Fac), Ser 1999B, | ||||||||
7.625%, 1-1-30 | 535 | 539 | ||||||
Yonkers Indl Dev Agy, Civic Fac Rev Bonds (St. John's Riverside Hosp Proj), Ser 2001B, | ||||||||
7.125%, 7-1-31 | 300 | 301 | ||||||
9,632 | ||||||||
North Carolina - 1.5% | ||||||||
NC Med Care Commission (Galloway Ridge Proj), Ret Fac First Mtg Rev Bonds, Ser 2010A, | ||||||||
6.000%, 1-1-39 (A) | 1,520 | 1,516 | ||||||
NC Eastn Muni Power Agy, Power Sys Rev Bonds, Rfdg Ser 2010A, | ||||||||
5.000%, 1-1-21 | 2,015 | 2,320 | ||||||
3,836 | ||||||||
Ohio - 5.2% | ||||||||
OH Pollutn Ctl Rev Bonds (The Standard Oil Co Proj), Ser 1985, | ||||||||
6.750%, 12-1-15 | 2,815 | 3,206 | ||||||
Buckeye Tob Settlement Fin Auth, Tob Settlement Asset-Bkd Bonds, Ser 2007: | ||||||||
5.125%, 6-1-24 | 1,000 | 858 | ||||||
6.500%, 6-1-47 | 150 | 121 | ||||||
Cleveland-Cuyahoga Cnty Port Auth (Garfield Heights Proj), Dev Rev Bonds, Ser 2004D, | ||||||||
5.250%, 5-15-23 | 1,545 | 1,281 | ||||||
Greene Cnty Port Auth, Adult Svc Fac Rev Bonds (Greene, Inc. Proj), Ser 2009, | ||||||||
7.500%, 12-1-33 | 500 | 582 | ||||||
OH Air Quality Dev Auth, Air Quality Rev Bonds (OH Vly Elec Corp Proj), Ser 2009E, | ||||||||
5.625%, 10-1-19 | 2,525 | 2,764 | ||||||
OH Higher Ed Fac Rev Bonds (Ashland Univ 2010 Proj), | ||||||||
6.250%, 9-1-24 | 500 | 523 | ||||||
OH Hosp Fac Rev Bonds (Summa Hlth Sys 2010 Proj), | ||||||||
5.750%, 11-15-40 | 500 | 515 | ||||||
OH Water Dev Auth, Pollutn Ctl Rev Rfdg Bonds, Ser2010-A, | ||||||||
3.375%, 7-1-33 | 2,500 | 2,503 | ||||||
Toledo Lucas Cnty Port Auth, Dev Rev Bonds (Toledo Express Arpt Proj), Ser 2004C, | ||||||||
6.375%, 11-15-32 | 310 | 311 | ||||||
Toledo-Lucas Cnty Port Auth, Dev Rev Bonds (NW OH Bond Fund), (Toledo Sch for the Arts Proj), Ser 2007B, | ||||||||
5.500%, 5-15-28 | 950 | 871 | ||||||
13,535 | ||||||||
Oklahoma - 1.6% | ||||||||
OK Cnty Fin Auth, Ret Fac Rev Bonds (Concordia Life Care Cmnty), Ser 2005A, | ||||||||
6.125%, 11-15-25 | 2,000 | 2,007 | ||||||
OK Cnty Fin Auth, Ret Fac Rev Bonds (Concordia Life Care Cmnty), Ser 2005, | ||||||||
6.000%, 11-15-38 | 2,200 | 2,062 | ||||||
4,069 | ||||||||
Oregon - 1.3% | ||||||||
Hosp Fac Auth of Deschutes Cnty, OR, Hosp Rev Rfdg Bonds (Cascade Hltcare Cmnty, Inc.) Ser 2008, | ||||||||
8.250%, 1-1-38 | 550 | 671 | ||||||
OR Fac Auth, Rev Bonds (Concordia Univ Proj), Ser 2010A: | ||||||||
6.125%, 9-1-30 | 1,135 | 1,160 | ||||||
6.375%, 9-1-40 | 1,600 | 1,642 | ||||||
3,473 | ||||||||
Pennsylvania - 4.2% | ||||||||
Beaver Cnty Indl Dev Auth (Beaver Cnty, PA), Pollutn Ctl Rev Rfdg Bonds, Ser 2005-A, | ||||||||
3.375%, 1-1-35 | 2,500 | 2,503 | ||||||
Butler Cnty Hosp Auth, Hosp Rev Bonds (Butler Hlth Sys Proj), Ser 2009B, | ||||||||
7.250%, 7-1-39 | 90 | 104 | ||||||
PA Econ Dev Fin Auth, Solid Waste Disp Rev Bonds (Waste Mgmt, Inc. Proj), Ser 2004A, | ||||||||
4.700%, 11-1-21 | 675 | 745 | ||||||
PA Higher Edu Fac Auth, Rev Bonds (Edinboro Univ Fndtn Student Hsng Proj at Edinboro Univ PA), Ser 2010, | ||||||||
6.000%, 7-1-43 | 1,530 | 1,579 | ||||||
PA Higher Edu Fac Auth, Student Hsng Rev Bonds (Univ Properties, Inc. Student Hsng Proj at East Stroudsburg Univ of PA), Ser 2010, | ||||||||
6.000%, 7-1-21 | 1,000 | 1,134 | ||||||
PA Tpk Commission, Tpk Sub Rev Bonds, Sub Ser 2010 B-2, | ||||||||
0.000%, 12-1-34 (B) | 3,000 | 2,369 | ||||||
Philadelphia, PA, Gas Works Rev Bonds (1998 Gen Ordinace), Ninth Ser, | ||||||||
5.250%, 8-1-40 | 1,250 | 1,266 | ||||||
Philadelphia, PA, Water and Wastewater Rev Bonds, Ser 2010C, | ||||||||
5.000%, 8-1-23 | 1,000 | 1,118 | ||||||
The Borough of Langhorne Manor, Higher Edu and Hlth Auth (Bucks Cnty, PA), Hosp Rev Bonds (Lower Bucks Hosp), Ser 1992, | ||||||||
7.300%, 7-1-12 (C) | 70 | 46 | ||||||
10,864 | ||||||||
Puerto Rico - 0.9% | ||||||||
PR Elec Power Auth, Power Rev Bonds, Ser 2010XX, | ||||||||
5.250%, 7-1-40 | 500 | 524 | ||||||
PR Sales Tax Fin Corp, Sales Tax Rev Bonds, First Sub Ser 2009A, | ||||||||
6.375%, 8-1-39 | 500 | 568 | ||||||
PR Sales Tax Fin Corp, Sales Tax Rev Bonds, First Sub Ser 2010C, | ||||||||
6.500%, 8-1-35 | 1,000 | 1,163 | ||||||
2,255 | ||||||||
South Carolina - 0.9% | ||||||||
SC Jobs - Econ Dev Auth, Student Hsng Rev Bonds (Coastal Hsng Fndtn, LLC Proj), Ser 2009A: | ||||||||
6.000%, 4-1-30 | 1,510 | 1,578 | ||||||
6.500%, 4-1-42 | 750 | 800 | ||||||
2,378 | ||||||||
Tennessee - 0.8% | ||||||||
The Hlth and Edu Fac Board of Johnson City, TN, Hosp Rfdg Rev Bonds (Mountain States Hlth Alliance), Ser 2010A, | ||||||||
6.500%, 7-1-38 | 500 | 546 | ||||||
The Hlth and Edu Fac Board of the Metro Govt of Nashville and Davidson Cnty, TN (The Blakeford at Green Hills), Rev Rfdg Bonds, Ser 1998, | ||||||||
5.650%, 7-1-24 | 1,700 | 1,602 | ||||||
2,148 | ||||||||
Texas - 10.0% | ||||||||
Dallas-Fort Worth Intl Arpt, Fac Impvt Corp, American Airlines, Inc., Rev Rfdg Bonds, Ser 2000A, | ||||||||
9.000%, 5-1-29 | 2,000 | 2,097 | ||||||
Alliance Arpt Auth, Inc., Spl Fac Rev Bonds (American Airlines, Inc. Proj), Ser 1991, | ||||||||
7.000%, 12-1-11 | 655 | 646 | ||||||
Bexar Cnty Hlth Fac Dev Corp, Rev Bonds (Army Ret Residence Fndtn Proj), Ser 2010, | ||||||||
6.200%, 7-1-45 | 250 | 262 | ||||||
Cass Cnty Indl Dev Corp, Envirnmt Impvt Rev Bonds, Ser 2009A, | ||||||||
9.500%, 3-1-33 | 500 | 656 | ||||||
Cent TX Regional Mobility Auth, Sr Lien Rev Bonds, Ser 2010: | ||||||||
0.000%, 1-1-36 (B) | 500 | 97 | ||||||
0.000%, 1-1-40 (B) | 500 | 73 | ||||||
Hackberry, TX, Combination Spl Assmt and Contract Rev Road Bonds (Hackberry Hidden Cove Pub Impvt Dist No. 2 Proj), Ser 2009A: | ||||||||
8.625%, 9-1-29 | 100 | 107 | ||||||
9.000%, 9-1-38 | 250 | 265 | ||||||
Harris Cnty Cultural Edu Fac Fin Corp, Rev Rfdg Bonds (Space Ctr Houston Proj), Sr Ser 2009, | ||||||||
7.000%, 8-15-28 | 500 | 519 | ||||||
Hopkins Cnty Hosp Dist, Hosp Rev Bonds, Ser 2008, | ||||||||
6.000%, 2-15-38 | 150 | 141 | ||||||
La Vernia Higher Edu Fin Corp (KIPP, Inc.), Ser 2009A, | ||||||||
6.375%, 8-15-44 | 500 | 534 | ||||||
La Vernia Higher Edu Fin Corp (Winfree Academy Charter Sch), Edu Rev Bonds, Ser 2009, | ||||||||
9.000%, 8-15-38 | 495 | 601 | ||||||
Lufkin Hlth Fac Dev Corp, Rev Rfdg and Impvt Bonds (Mem Hlth Sys of East TX), Ser 2009, | ||||||||
6.250%, 2-15-37 | 500 | 513 | ||||||
Pharr, TX Higher Edu Fin Auth, Edu Rev Bonds (Idea Pub Schs), Ser 2009A: | ||||||||
6.250%, 8-15-29 | 350 | 368 | ||||||
6.500%, 8-15-39 | 200 | 211 | ||||||
Tarrant Cnty Cultural Edu Fac Fin Corp, Ret Fac Rev Bonds (NW Sr Hsng Corp - Edgemere Proj), Ser 2006A: | ||||||||
5.750%, 11-15-11 | 910 | 930 | ||||||
6.000%, 11-15-26 | 250 | 255 | ||||||
6.000%, 11-15-36 | 500 | 499 | ||||||
Tarrant Cnty Cultural Edu Fac Fin Corp, Charter Sch Rev Bonds (Trinity Basin Preparatory Proj), Ser 2009A, | ||||||||
7.750%, 6-1-39 | 155 | 176 | ||||||
Tarrant Cnty Cultural Edu Fac Fin Corp, Ret Fac Rev Bonds (Buckingham Sr Living Cmnty, Inc. Proj) Ser 2007, | ||||||||
5.500%, 11-15-22 | 3,000 | 2,964 | ||||||
Tarrant Cnty Cultural Edu Fac Fin Corp, Ret Fac Rev Bonds (Buckingham Sr Living Cmnty, Inc. Proj), Ser 2007, | ||||||||
5.625%, 11-15-27 | 250 | 239 | ||||||
Tarrant Cnty Cultural Edu Fac Fin Corp, Ret Fac Rev Bonds (Mirador Proj), Ser 2010A: | ||||||||
8.000%, 11-15-29 | 2,500 | 2,660 | ||||||
8.125%, 11-15-39 | 250 | 261 | ||||||
8.250%, 11-15-44 | 250 | 263 | ||||||
Travis Cnty Hlth Fac Dev Corp, Ret Fac Rev Bonds (Querencia at Barton Creek Proj), Ser 2005A, | ||||||||
5.100%, 11-15-15 | 400 | 396 | ||||||
TX Private Activity Bond Surface Trans Corp, Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009, | ||||||||
6.875%, 12-31-39 | 1,100 | 1,197 | ||||||
TX Private Activity Bond Surface Trans Corp, Sr Lien Rev Bonds (LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj), Ser 2010, | ||||||||
7.000%, 6-30-40 | 4,000 | 4,369 | ||||||
TX Pub Fin Auth Charter Sch Fin Corp, Ed Rev Bonds (Cosmos Fndtn, Inc.), Ser 2010A, | ||||||||
6.200%, 2-15-40 | 2,000 | 2,081 | ||||||
TX Pub Fin Auth Charter Sch Fin Corp, Edu Rev Bonds (Odyssey Academy, Inc.), Ser 2010A, | ||||||||
7.125%, 2-15-40 | 2,000 | 2,123 | ||||||
25,503 | ||||||||
Utah - 0.8% | ||||||||
Muni Bldg Auth of Uintah Cnty, UT, Lease Rev Bonds, Ser 2008A, | ||||||||
5.300%, 6-1-28 | 350 | 375 | ||||||
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (North Davis Preparatory Academy), Ser 2010, | ||||||||
6.250%, 7-15-30 | 1,015 | 1,040 | ||||||
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (Paradigm High Sch), Ser 2010, | ||||||||
6.375%, 7-15-40 | 750 | 762 | ||||||
2,177 | ||||||||
Virgin Islands - 0.4% | ||||||||
VI Pub Fin Auth, Sub Rev Bonds (VI Matching Fund Loan Note - Diageo Proj), Ser 2009A, | ||||||||
6.625%, 10-1-29 | 935 | 1,085 | ||||||
Virginia - 2.4% | ||||||||
Econ Dev Auth of James City Cnty, VA, Residential Care Fac Rev Bonds (VA Utd Methodist Homes of Williamsburg, Inc.), Ser 2007A: | ||||||||
5.150%, 7-1-17 | 475 | 393 | ||||||
5.400%, 7-1-27 | 1,190 | 801 | ||||||
5.500%, 7-1-37 | 1,600 | 1,003 | ||||||
Indl Dev Auth of Lexington, VA, Hosp Fac Rev Bonds (Stonewall Jackson Hosp), Ser 2000: | ||||||||
7.000%, 7-1-25 | 715 | 725 | ||||||
7.000%, 7-1-30 | 905 | 915 | ||||||
Indl Dev Auth of Smyth Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009A, | ||||||||
8.000%, 7-1-38 | 535 | 630 | ||||||
Indl Dev Auth of Washington Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009C: | ||||||||
7.250%, 7-1-19 | 940 | 1,085 | ||||||
7.500%, 7-1-29 | 25 | 29 | ||||||
Norfolk Redev and Hsng Auth, Multifamily Rental Hsng Fac Rev Bonds (1016 Ltd Partnship - Sussex Apartments Proj), Ser 1996, | ||||||||
8.000%, 9-1-26 | 475 | 476 | ||||||
Tob Settlement Fin Corp, Tob Settlement Asset-Bkd Bonds, Ser 2007B-1, | ||||||||
5.000%, 6-1-47 | 250 | 170 | ||||||
6,227 | ||||||||
Washington - 1.4% | ||||||||
Pub Hosp Dist No. 1, Skagit Cnty, WA (Skagit Vly Hosp), Hosp Rev Bonds, Ser 2005, | ||||||||
5.375%, 12-1-22 | 500 | 512 | ||||||
Pub Hosp Dist No. 1, Skagit Cnty, WA (Skagit Vly Hosp), Hosp Rev Bonds, Ser 2007, | ||||||||
5.625%, 12-1-25 | 500 | 516 | ||||||
WA Hlth Care Fac Auth (Cent WA Hlth Svcs Assoc), Rev Bonds, Ser 2009: | ||||||||
6.250%, 7-1-24 | 685 | 743 | ||||||
7.000%, 7-1-31 | 1,430 | 1,571 | ||||||
WA Hlth Care Fac Auth, Rev Bonds (Seattle Cancer Care Alliance), Ser 2008, | ||||||||
7.375%, 3-1-38 | 155 | 177 | ||||||
3,519 | ||||||||
Wisconsin - 1.0% | ||||||||
WI Hlth and Edu Fac Auth, Rev Bonds (Beloit College), Ser 2010A: | ||||||||
6.125%, 6-1-35 | 120 | 127 | ||||||
6.125%, 6-1-39 | 250 | 263 | ||||||
WI Hlth and Edu Fac Auth, Rev Bonds (Saint John's Communities, Inc.), Ser 2009: | ||||||||
7.250%, 9-15-29 | 1,000 | 1,065 | ||||||
7.625%, 9-15-39 | 1,000 | 1,079 | ||||||
2,534 | ||||||||
TOTAL MUNICIPAL BONDS - 90.7% | $ | 234,030 | ||||||
(Cost: $226,460) | ||||||||
SHORT-TERM SECURITIES | Principal | Value | ||||||
Commercial Paper (D) - 9.7% | ||||||||
Clorox Co.: | ||||||||
0.370%, 10-21-10 | $ | 2,090 | $ | 2,090 | ||||
0.340%, 11-4-10 | 3,000 | 2,999 | ||||||
General Mills, Inc.: | ||||||||
0.290%, 10-18-10 | 3,000 | 2,999 | ||||||
0.280%, 10-25-10 | 3,000 | 2,999 | ||||||
Heinz (H.J.) Finance Co. (Heinz (H.J.) Co.), | ||||||||
0.230%, 10-4-10 | 5,000 | 5,000 | ||||||
IBM International Group Capital LLC (International Business Machines Corporation), | ||||||||
0.000%, 10-1-10 | 1,655 | 1,655 | ||||||
Kellogg Co., | ||||||||
0.240%, 10-5-10 | 5,000 | 5,000 | ||||||
Sonoco Products Co., | ||||||||
0.000%, 10-1-10 | 2,236 | 2,236 | ||||||
24,978 | ||||||||
Master Note - 0.3% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (E) | 873 | 873 | ||||||
Municipal Obligations - 0.8% | ||||||||
Los Angeles, CA, Wastewater Sys Sub Rev Bonds, Var Rate Rfdg, Ser 2008-G (Bank of America, N.A.), | ||||||||
0.260%, 10-1-10 (E) | 2,000 | 2,000 | ||||||
TOTAL SHORT-TERM SECURITIES - 10.8% | $ | 27,851 | ||||||
(Cost: $27,851) | ||||||||
TOTAL INVESTMENT SECURITIES - 101.5% | $ | 261,881 | ||||||
(Cost: $254,311) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (1.5%) | (3,829 | ) | ||||||
NET ASSETS - 100.0% | $ | 258,052 | ||||||
Notes to Schedule of Investments
(A)Purchased on a when-issued basis with settlement subsequent to September 30, 2010.
(B)Zero coupon bond.
(C)Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.
(D)Rate shown is the yield to maturity at September 30, 2010.
(E)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
Asset Allocation
Stocks | 90.8% |
Financials | 25.9% |
Industrials | 17.3% |
Information Technology | 14.8% |
Energy | 7.2% |
Materials | 6.9% |
Consumer Discretionary | 5.5% |
Consumer Staples | 5.3% |
Utilities | 3.9% |
Telecommunication Services | 2.0% |
Health Care | 2.0% |
Cash and Cash Equivalents | 9.2% |
Lipper Rankings
Category: Lipper Pacific Ex Japan Funds | Rank | Percentile |
1 Year | 42/50 | 83 |
3 Year | 19/36 | 52 |
5 Year | 14/31 | 44 |
10 Year | 19/26 | 71 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Country Weightings
Pacific Basin | 87.9% |
China | 28.5% |
South Korea | 15.8% |
India | 11.2% |
Taiwan | 10.1% |
Hong Kong | 9.1% |
Singapore | 8.0% |
Other Pacific Basin | 5.2% |
Europe | 1.5% |
Bahamas/Caribbean | 1.4% |
Cash and Cash Equivalents | 9.2% |
Top 10 Equity Holdings
Company | Country | Sector | Industry |
Industrial and Commercial Bank of China Limited, H Shares | China | Financials | Diversified Banks |
Daelim Industrial Co., Ltd. | South Korea | Industrials | Construction & Engineering |
Zhuzhou CSR Times Electric Co., Ltd., H Shares | China | Industrials | Electrical Components & Equipment |
Hon Hai Precision Ind. Co., Ltd. | Taiwan | Information Technology | Electronic Manufacturing Services |
LG Chem, Ltd. | South Korea | Materials | Commodity Chemicals |
China Yurun Food Group Limited | China | Consumer Staples | Packaged Foods & Meats |
Fubon Financial Holding Co., Ltd. | Taiwan | Financials | Other Diversified Financial Services |
Woori Finance Holdings Co., Ltd. | South Korea | Financials | Diversified Banks |
Beijing Enterprises Holdings Limited | Hong Kong | Industrials | Industrial Conglomerates |
DBS Group Holdings Ltd | Singapore | Financials | Diversified Banks |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,068.70 | 1.75% | $ | 9.10 | |
Class B | $1,000 | $1,062.50 | 2.85% | $ | 14.75 | |
Class C | $1,000 | $1,064.50 | 2.48% | $ | 12.90 | |
Class E** | $1,000 | $1,070.10 | 1.36% | $ | 7.04 | |
Class I | $1,000 | $1,071.20 | 1.25% | $ | 6.52 | |
Class Y | $1,000 | $1,070.30 | 1.51% | $ | 7.87 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,016.29 | 1.75% | $ | 8.87 | |
Class B | $1,000 | $1,010.78 | 2.85% | $ | 14.38 | |
Class C | $1,000 | $1,012.62 | 2.48% | $ | 12.58 | |
Class E** | $1,000 | $1,018.23 | 1.36% | $ | 6.86 | |
Class I | $1,000 | $1,018.81 | 1.25% | $ | 6.36 | |
Class Y | $1,000 | $1,017.51 | 1.51% | $ | 7.67 |
*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, 2010, 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 - 1.4% | |||||||
AutoNavi Holdings Limited, ADR (A) | 133 | $ | 2,325 | ||||
China ITS (Holdings) Co., Ltd. (A)(B)(C) | 2,815 | 1,469 | |||||
China Kanghui Holdings, ADR (A) | 250 | 3,543 | |||||
China Ming Yang Wind Power Group Limited, ADR (A) | 250 | 3,500 | |||||
10,837 | |||||||
China - 28.5% | |||||||
BYD Company Limited, H Shares (C) | 1,005 | 8,072 | |||||
Camelot Information Systems Inc., ADR (A) | 342 | 6,013 | |||||
China BlueChemical Ltd., H Shares (C) | 10,876 | 7,906 | |||||
China Coal Energy Company Limited (C) | 5,013 | 8,296 | |||||
China Merchants Bank Co., Ltd, H Shares (B)(C) | 2,938 | 7,573 | |||||
China Minsheng Banking Corp Ltd., H Shares (C) | 8,286 | 7,422 | |||||
China Mobile Limited (C)(D) | 982 | 10,050 | |||||
China Mobile Limited (C) | 465 | 4,762 | |||||
China Oilfield Services Limited (C) | 5,796 | 9,069 | |||||
China Resources Power Holdings Company Limited (C) | 6,703 | 14,409 | |||||
China Yurun Food Group Limited (B)(C) | 4,026 | 14,944 | |||||
CNinsure Inc., ADR | 163 | 3,805 | |||||
Dongfeng Motor Group Company Limited, H Shares (C) | 5,056 | 10,348 | |||||
Industrial and Commercial Bank of China Limited, H Shares (C) | 27,523 | 20,504 | |||||
PetroChina Company Limited, H Shares (C) | 10,412 | 12,118 | |||||
Renhe Commercial Holdings Company Limited (B)(C) | 33,334 | 6,230 | |||||
Shanda Games Limited, ADR (A) | 800 | 4,288 | |||||
Shanda Interactive Entertainment Limited, ADR (A) | 61 | 2,387 | |||||
SINA Corporation (A) | 166 | 8,393 | |||||
Tencent Holdings Limited (C) | 521 | 11,393 | |||||
Winsway Coking Coal Holdings Limited, H Shares (A)(C)(D) | 12,000 | 5,722 | |||||
Yingde Gases Group Company Limited (A)(C) | 2,536 | 2,396 | |||||
Yingde Gases Group Company Limited (A)(B)(C) | 5,900 | 5,574 | |||||
Yingli Green Energy Holding Company Limited, ADR (A) | 227 | 3,136 | |||||
Zhuzhou CSR Times Electric Co., Ltd., H Shares (C) | 5,537 | 17,770 | |||||
212,580 | |||||||
Hong Kong - 9.1% | |||||||
Beijing Enterprises Holdings Limited (C) | 2,040 | 14,512 | |||||
Boshiwa International Holding Limited (A)(B)(C) | 780 | 752 | |||||
China Metal Recycling (Holdings) Limited (B)(C) | 4,800 | 4,888 | |||||
China Metal Recycling (Holdings) Limited (C) | 2,000 | 2,036 | |||||
China Resources Cement Holdings Limited (A)(C) | 4,416 | 2,601 | |||||
Evergrande Real Estate Group Limited (C) | 31,543 | 10,651 | |||||
Guangdong Investment Limited (C) | 20,770 | 10,842 | |||||
L'Occitane International S.A. (A)(B)(C) | 3,006 | 8,368 | |||||
MicroPort Scientific Corporation (A)(B)(C) | 3,200 | 3,568 | |||||
Sinopharm Group Co. Ltd., H Shares (B)(C) | 1,517 | 6,266 | |||||
West China Cement Limited (A)(B)(C) | 12,386 | 3,736 | |||||
68,220 | |||||||
India - 11.2% | |||||||
Axis Bank Limited (C) | 358 | 12,232 | |||||
Crompton Greaves Limited (C) | 1,129 | 7,860 | |||||
Dr. Reddy's Laboratories Limited (C) | 247 | 7,914 | |||||
HCL Technologies Limited (C) | 1,406 | 13,167 | |||||
Jain Irrigation Systems Limited (C) | 346 | 9,155 | |||||
Lanco Infratech Limited (A)(C) | 5,475 | 8,772 | |||||
Nagarjuna Construction Company Limited (C) | 2,037 | 7,113 | |||||
State Bank of India (C) | 144 | 10,379 | |||||
Zee Entertainment Enterprises Limited (C) | 1,106 | 7,392 | |||||
83,984 | |||||||
Indonesia - 1.5% | |||||||
PT Bank Mandiri (Persero) Tbk (C) | 5,106 | 4,119 | |||||
PT Bank Rakyat Indonesia (C) | 6,317 | 7,078 | |||||
11,197 | |||||||
Malaysia - 2.0% | |||||||
Gamuda Berhad (C) | 6,355 | 7,987 | |||||
Genting Berhad (C) | 2,068 | 6,645 | |||||
14,632 | |||||||
Singapore - 8.0% | |||||||
Cambridge Industrial Trust (B)(C) | 9,500 | 3,937 | |||||
DBS Group Holdings Ltd (C) | 1,346 | 14,411 | |||||
Keppel Corporation Limited (C) | 1,490 | 10,175 | |||||
SembCorp Industries Ltd (C) | 2,203 | 7,305 | |||||
United Overseas Bank Limited (C) | 945 | 13,164 | |||||
Wilmar International Limited (C) | 2,345 | 10,717 | |||||
59,709 | |||||||
South Korea - 15.8% | |||||||
Daelim Industrial Co., Ltd. (C) | 267 | 19,754 | |||||
Hyundai Development Company - Engineering & Construction (C) | 399 | 10,565 | |||||
Hyundai Motor Company (C) | 54 | 7,204 | |||||
LG Chem, Ltd. (C) | 52 | 15,074 | |||||
LG Corp. (C) | 116 | 8,374 | |||||
LG Display Co., Ltd. (C) | 218 | 7,539 | |||||
POSCO (C) | 17 | 7,480 | |||||
Samsung Electronics Co., Ltd. (C) | 18 | 12,518 | |||||
Samsung Life Insurance Co., Ltd. (B)(C) | 77 | 6,998 | |||||
SK Energy Co., Ltd. (C) | 64 | 8,119 | |||||
Woori Finance Holdings Co., Ltd. (C) | 1,174 | 14,620 | |||||
118,245 | |||||||
Taiwan - 10.1% | |||||||
Acer Incorporated (C) | 2,800 | 7,115 | |||||
Asustek Computer Inc. (C) | 980 | 7,027 | |||||
First Commercial Bank Co., Ltd. (C) | 12,142 | 8,045 | |||||
Fubon Financial Holding Co., Ltd. (C) | 12,031 | 14,806 | |||||
Hon Hai Precision Ind. Co., Ltd. (C) | 4,170 | 15,682 | |||||
Taiwan Semiconductor Manufacturing Company Ltd. (C) | 4,254 | 8,443 | |||||
Yuanta Financial Holdings Co., Ltd. (C) | 23,630 | 14,371 | |||||
75,489 | |||||||
Thailand - 1.4% | |||||||
Banpu Public Company Limited, Registered Shares (C) | 452 | 10,716 | |||||
United Kingdom - 1.5% | |||||||
Standard Chartered plc (C) | 384 | 11,372 | |||||
TOTAL COMMON STOCKS - 90.5% | $ | 676,981 | |||||
(Cost: $537,808) |
INVESTMENT FUNDS - 0.3% | |||||||
Vietnam | |||||||
Vietnam Azalea Fund Limited (A)(E)(F) | 500 | $ | 2,170 | ||||
(Cost: $3,304) | |||||||
WARRANTS - 0.0% | |||||||
Malaysia | |||||||
Gamuda Berhad | 794 | $ | 365 | ||||
(Cost: $24) | |||||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (G) - 4.2% | |||||||
Straight-A Funding, LLC (Federal Financing Bank): | |||||||
0.210%, 11-5-10 | $ 7,000 | 6,999 | |||||
0.210%, 11-12-10 | 5,000 | 4,999 | |||||
W.W. Grainger, Inc., | |||||||
0.160%, 10-5-10 | 19,000 | 18,999 | |||||
30,997 |
Commercial Paper (backed by irrevocable bank letter of credit) (G) - 0.9% | |||||||
COFCO Capital Corp. (Rabobank Nederland), | |||||||
0.280%, 10-20-10 | 7,000 | 6,999 | |||||
Master Note - 0.5% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (H) | 3,587 | 3,587 | |||||
TOTAL SHORT-TERM SECURITIES - 5.6% | $ | 41,583 | |||||
(Cost: $41,583) | |||||||
TOTAL INVESTMENT SECURITIES - 96.4% | $ | 721,099 | |||||
(Cost: $582,719) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 3.6% | 27,163 | ||||||
NET ASSETS - 100.0% | $ | 748,262 |
Notes to Schedule of Investments
The following forward foreign currency contracts were outstanding at September 30, 2010:
Type | Currency | Counterparty | Principal Amount of Contract (Denominated in Indicated Currency) | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | ||
Sell | Japanese Yen | Deutsche Bank AG | 4,490,000 | 11-12-10 | $ | –– | $1,467 |
(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, 2010, the total value of these securities amounted to $74,303 or 9.9% of net assets.
(C)Listed on an exchange outside the United States.
(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, 2010, the total value of these securities amounted to $15,772 or 2.1% of net assets.
(E)Illiquid restricted security. At September 30, 2010, the Fund owned the following restricted security:
Security | Acquisition Date(s) | Shares | Cost | Market Value | |||
Vietnam Azalea Fund Limited | 6-14-07 to 1-28-09 | 500 | $ | 3,304 | $2,170 |
The total value of this security represented 0.3% of net assets at September 30, 2010.
(F)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, 2010.
(G)Rate shown is the yield to maturity at September 30, 2010.
(H)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification | Market Sector Diversification (Continued) | |||
(as a % of net assets) | (as a % of net assets) (Continued) | |||
Financials | 25.9% | Consumer Staples | 5.3% | |
Industrials | 17.3% | Utilities | 3.9% | |
Information Technology | 14.8% | Health Care | 2.0% | |
Energy | 7.2% | Telecommunication Services | 2.0% | |
Materials | 6.9% | Other+ | 9.2% | |
Consumer Discretionary | 5.5% |
+Includes cash and cash equivalents and other assets and liabilities
Asset Allocation
Stocks | 96.8% |
Information Technology | 29.8% |
Consumer Discretionary | 22.4% |
Industrials | 15.3% |
Financials | 11.2% |
Health Care | 9.9% |
Energy | 5.9% |
Consumer Staples | 2.0% |
Materials | 0.3% |
Cash and Cash Equivalents | 3.2% |
Lipper Rankings
Category: Lipper Small-Cap Growth Funds | Rank | Percentile |
1 Year | 19/530 | 4 |
3 Year | 37/467 | 8 |
5 Year | 81/396 | 21 |
10 Year | 52/223 | 24 |
Past performance is no guarantee of future results. Rankings are for Class C shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
MICROS Systems, Inc. | Information Technology |
Stratasys, Inc. | Information Technology |
Portfolio Recovery Associates, Inc. | Financials |
Zumiez Inc. | Consumer Discretionary |
Under Armour, Inc., Class A | Consumer Discretionary |
Greenhill & Co., Inc. | Financials |
Volcano Corporation | Health Care |
Core Laboratories N.V. | Energy |
O'Reilly Automotive, Inc. | Consumer Discretionary |
Graco Inc. | Industrials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | ||
Based on Actual Fund Return(1) | ||||||
Class A | $1,000 | $1,078.10 | 1.55% | $ | 8.10 | |
Class B | $1,000 | $1,071.90 | 2.59% | $ | 13.47 | |
Class C | $1,000 | $1,074.40 | 2.21% | $ | 11.51 | |
Class E | $1,000 | $1,078.20 | 1.56% | $ | 8.10 | |
Class I | $1,000 | $1,081.40 | 1.08% | $ | 5.62 | |
Class R | $1,000 | $1,078.10 | 1.63% | $ | 8.52 | |
Class Y | $1,000 | $1,079.40 | 1.33% | $ | 6.97 | |
Based on 5% Return(2) | ||||||
Class A | $1,000 | $1,017.32 | 1.55% | $ | 7.87 | |
Class B | $1,000 | $1,012.08 | 2.59% | $ | 13.08 | |
Class C | $1,000 | $1,013.99 | 2.21% | $ | 11.18 | |
Class E | $1,000 | $1,017.25 | 1.56% | $ | 7.87 | |
Class I | $1,000 | $1,019.64 | 1.08% | $ | 5.45 | |
Class R | $1,000 | $1,016.90 | 1.63% | $ | 8.27 | |
Class Y | $1,000 | $1,018.39 | 1.33% | $ | 6.76 |
*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, 2010, 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 | ||||||
Aerospace & Defense - 2.3% | ||||||||
Ladish Co., Inc. (A) | 381 | $ | 11,870 | |||||
Apparel Retail - 3.5% | ||||||||
Zumiez Inc. (A) | 843 | 17,840 | ||||||
Apparel, Accessories & Luxury Goods - 5.2% | ||||||||
Columbia Sportswear Company | 104 | 6,101 | ||||||
True Religion Apparel, Inc. (A) | 149 | 3,184 | ||||||
Under Armour, Inc., Class A (A) | 394 | 17,762 | ||||||
27,047 | ||||||||
Application Software - 10.2% | ||||||||
ACI Worldwide, Inc. (A) | 526 | 11,775 | ||||||
FactSet Research Systems, Inc. | 142 | 11,506 | ||||||
Solera Holdings, Inc. | 305 | 13,450 | ||||||
SuccessFactors, Inc. (A) | 404 | 10,134 | ||||||
Ultimate Software Group, Inc. (The) (A) | 139 | 5,356 | ||||||
52,221 | ||||||||
Auto Parts & Equipment - 4.6% | ||||||||
Gentex Corporation | 625 | 12,190 | ||||||
LKQ Corporation (A) | 546 | 11,361 | ||||||
23,551 | ||||||||
Automotive Retail - 2.8% | ||||||||
O'Reilly Automotive, Inc. (A) | 267 | 14,178 | ||||||
Communications Equipment - 3.5% | ||||||||
Acme Packet, Inc. (A) | 238 | 9,022 | ||||||
Aruba Networks, Inc. (A) | 418 | 8,929 | ||||||
17,951 | ||||||||
Computer Hardware - 3.8% | ||||||||
Stratasys, Inc. (A) | 706 | 19,561 | ||||||
Construction & Farm Machinery & Heavy Trucks - 2.6% | ||||||||
Westinghouse Air Brake Technologies Corporation | 277 | 13,257 | ||||||
Consumer Finance - 1.1% | ||||||||
First Cash Financial Services, Inc. (A) | 210 | 5,828 | ||||||
Education Services - 5.1% | ||||||||
Capella Education Company (A) | 173 | 13,449 | ||||||
K12 Inc. (A) | 436 | 12,663 | ||||||
26,112 | ||||||||
Electronic Components - 1.7% | ||||||||
DTS, Inc. (A) | 233 | 8,887 | ||||||
Electronic Equipment & Instruments - 2.1% | ||||||||
OSI Systems, Inc. (A) | 303 | 10,987 | ||||||
Environmental & Facilities Services - 2.5% | ||||||||
Waste Connections, Inc. (A) | 323 | 12,794 | ||||||
Gold - 0.3% | ||||||||
Alamos Gold Inc. (B) | 103 | 1,747 | ||||||
Health Care Equipment - 6.7% | ||||||||
NuVasive, Inc. (A) | 221 | 7,769 | ||||||
ResMed Inc. (A) | 328 | 10,775 | ||||||
Volcano Corporation (A) | 608 | 15,799 | ||||||
34,343 | ||||||||
Health Care Services - 0.2% | ||||||||
Healthways, Inc. (A) | 82 | 957 | ||||||
Health Care Supplies - 0.3% | ||||||||
Merit Medical Systems, Inc. (A) | 101 | 1,603 | ||||||
Industrial Machinery - 2.7% | ||||||||
Graco Inc. | 439 | 13,920 | ||||||
Investment Banking & Brokerage - 3.2% | ||||||||
Greenhill & Co., Inc. | 209 | 16,570 | ||||||
Life Sciences Tools & Services - 2.7% | ||||||||
Illumina, Inc. (A) | 282 | 13,855 | ||||||
Oil & Gas Equipment & Services - 5.9% | ||||||||
CARBO Ceramics Inc. | 74 | 5,954 | ||||||
Core Laboratories N.V. | 166 | 14,623 | ||||||
Dril-Quip, Inc. (A) | 157 | 9,726 | ||||||
30,303 | ||||||||
Personal Products - 2.0% | ||||||||
Alberto-Culver Company | 275 | 10,342 | ||||||
Regional Banks - 3.3% | ||||||||
Columbia Banking System, Inc. | 401 | 7,879 | ||||||
SVB Financial Group (A) | 217 | 9,196 | ||||||
17,075 | ||||||||
Research & Consulting Services - 1.2% | ||||||||
CoStar Group, Inc. (A) | 130 | 6,337 | ||||||
Restaurants - 1.2% | ||||||||
Buffalo Wild Wings, Inc. (A) | 132 | 6,331 | ||||||
Semiconductor Equipment - 0.3% | ||||||||
Teradyne, Inc. (A) | 136 | 1,518 | ||||||
Semiconductors - 4.1% | ||||||||
Cavium Networks, Inc. (A) | 361 | 10,379 | ||||||
Semtech Corporation (A) | 528 | 10,667 | ||||||
21,046 | ||||||||
Specialized Finance - 3.6% | ||||||||
Portfolio Recovery Associates, Inc. (A) | 277 | 17,920 | ||||||
Systems Software - 4.1% | ||||||||
MICROS Systems, Inc. (A) | 493 | 20,852 | ||||||
Trucking - 4.0% | ||||||||
Knight Transportation, Inc. | 582 | 11,251 | ||||||
Landstar System, Inc. | 235 | 9,056 | ||||||
20,307 | ||||||||
TOTAL COMMON STOCKS - 96.8% | $ | 497,110 | ||||||
(Cost: $384,368) | ||||||||
SHORT-TERM SECURITIES | Principal | Value | ||||||
Commercial Paper (C) - 2.8% | ||||||||
Hewlett-Packard Company, | ||||||||
0.150%, 10-4-10 | $ | 3,000 | $ | 3,000 | ||||
Kellogg Co., | ||||||||
0.240%, 10-5-10 | 5,000 | 5,000 | ||||||
McCormick & Co. Inc., | ||||||||
0.000%, 10-1-10 | 3,294 | 3,294 | ||||||
W.W. Grainger, Inc., | ||||||||
0.160%, 10-6-10 | 3,000 | 3,000 | ||||||
14,294 | ||||||||
Master Note - 0.8% | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (D) | 4,266 | 4,266 | ||||||
TOTAL SHORT-TERM SECURITIES - 3.6% | $ | 18,560 | ||||||
(Cost: $18,560) | ||||||||
TOTAL INVESTMENT SECURITIES - 100.4% | $ | 515,670 | ||||||
(Cost: $402,928) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.4%) | (1,914 | ) | ||||||
NET ASSETS - 100.0% | $ | 513,756 | ||||||
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)Rate shown is the yield to maturity at September 30, 2010.
(D)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
Asset Allocation
Stocks | 97.5% |
Financials | 30.8% |
Consumer Discretionary | 17.1% |
Information Technology | 15.0% |
Industrials | 13.8% |
Health Care | 5.9% |
Materials | 5.2% |
Energy | 4.2% |
Utilities | 4.1% |
Consumer Staples | 1.4% |
Cash and Cash Equivalents | 2.5% |
Category: Lipper Small-Cap Value Funds | Rank | Percentile |
1 Year | 97/254 | 39 |
3 Year | 33/222 | 15 |
5 Year | 50/176 | 29 |
10 Year | 51/84 | 60 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Gaylord Entertainment Company | Consumer Discretionary |
Tenneco Automotive Inc. | Consumer Discretionary |
Southwest Gas Corporation | Utilities |
iGate Corporation | Information Technology |
CBL & Associates Properties, Inc. | Financials |
Timken Company (The) | Industrials |
NV Energy, Inc. | Utilities |
Triumph Group, Inc. | Industrials |
THL Credit, Inc. | Financials |
AAR CORP. | Industrials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 984.00 | 1.71% | $ | 8.53 | |||
Class B | $1,000 | $ | 977.80 | 2.96% | $ | 14.73 | |||
Class C | $1,000 | $ | 979.60 | 2.48% | $ | 12.27 | |||
Class E** | $1,000 | $ | 986.20 | 1.25% | $ | 6.16 | |||
Class I | $1,000 | $ | 987.10 | 1.13% | $ | 5.66 | |||
Class Y | $1,000 | $ | 985.70 | 1.40% | $ | 6.95 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,016.49 | 1.71% | $ | 8.67 | |||
Class B | $1,000 | $ | 1,010.21 | 2.96% | $ | 14.98 | |||
Class C | $1,000 | $ | 1,012.64 | 2.48% | $ | 12.48 | |||
Class E** | $1,000 | $ | 1,018.82 | 1.25% | $ | 6.26 | |||
Class I | $1,000 | $ | 1,019.41 | 1.13% | $ | 5.76 | |||
Class Y | $1,000 | $ | 1,018.06 | 1.40% | $ | 7.06 |
*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, 2010, 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 - 1.4% | |||||||
MDC Partners Inc., Class A | 245 | $ | 3,274 | ||||
Aerospace & Defense - 4.0% | |||||||
AAR CORP. (A) | 244 | 4,561 | |||||
Triumph Group, Inc. | 64 | 4,751 | |||||
9,312 | |||||||
Apparel, Accessories & Luxury Goods - 1.5% | |||||||
Jones Apparel Group, Inc. | 178 | 3,498 | |||||
Application Software - 3.0% | |||||||
Quest Software, Inc. (A) | 152 | 3,742 | |||||
TIBCO Software Inc. (A) | 192 | 3,410 | |||||
7,152 | |||||||
Auto Parts & Equipment - 3.3% | |||||||
Superior Industries International, Inc. | 136 | 2,350 | |||||
Tenneco Automotive Inc. (A) | 193 | 5,591 | |||||
7,941 | |||||||
Broadcasting - 3.5% | |||||||
Belo Corp., Class A (A) | 360 | 2,229 | |||||
E. W. Scripps Company (The) (A) | 379 | 2,983 | |||||
Entercom Communications Corp. (A) | 414 | 3,256 | |||||
8,468 | |||||||
Casinos & Gaming - 0.7% | |||||||
Bally Technologies, Inc. (A) | 48 | 1,685 | |||||
Communications Equipment - 0.3% | |||||||
Tellabs, Inc. | 107 | 798 | |||||
Computer Storage & Peripherals - 0.3% | |||||||
Quantum Corporation (A) | 348 | 737 | |||||
Diversified Chemicals - 1.2% | |||||||
Ashland Inc. | 58 | 2,819 | |||||
Electric Utilities - 2.0% | |||||||
NV Energy, Inc. | 362 | 4,763 | |||||
Electronic Manufacturing Services - 2.1% | |||||||
Celestica Inc. (A) | 382 | 3,221 | |||||
Sanmina-SCI Corporation (A) | 152 | 1,840 | |||||
5,061 | |||||||
Gas Utilities - 2.1% | |||||||
Southwest Gas Corporation | 148 | 4,960 | |||||
Health Care Facilities - 2.6% | |||||||
AmSurg Corp. (A) | 87 | 1,517 | |||||
LifePoint Hospitals, Inc. (A) | 89 | 3,135 | |||||
Sun Healthcare Group, Inc. (A) | 177 | 1,500 | |||||
6,152 | |||||||
Homebuilding - 1.5% | |||||||
M.D.C. Holdings, Inc. | 64 | 1,870 | |||||
M/I Homes, Inc. (A) | 156 | 1,617 | |||||
3,487 | |||||||
Hotels, Resorts & Cruise Lines - 2.9% | |||||||
Gaylord Entertainment Company (A) | 227 | 6,927 | |||||
Human Resource & Employment Services - 3.1% | |||||||
Kforce Inc. (A) | 254 | 3,490 | |||||
TrueBlue, Inc. (A) | 290 | 3,960 | |||||
7,450 | |||||||
Industrial Machinery - 3.4% | |||||||
IDEX Corporation | 93 | 3,317 | |||||
Timken Company (The) | 126 | 4,814 | |||||
8,131 | |||||||
Investment Banking & Brokerage - 1.7% | |||||||
Piper Jaffray Companies (A) | 62 | 1,813 | |||||
Stifel Financial Corp. (A) | 47 | 2,157 | |||||
3,970 | |||||||
IT Consulting & Other Services - 3.1% | |||||||
Camelot Information Systems Inc., ADR (A) | 149 | 2,625 | |||||
iGate Corporation | 267 | 4,843 | |||||
7,468 | |||||||
Life Sciences Tools & Services - 2.3% | |||||||
ICON plc, ADR (A) | 150 | 3,240 | |||||
PAREXEL International Corporation (A) | 92 | 2,133 | |||||
5,373 | |||||||
Managed Health Care - 1.0% | |||||||
Coventry Health Care, Inc. (A) | 111 | 2,396 | |||||
Metal & Glass Containers - 1.7% | |||||||
Silgan Holdings Inc. | 131 | 4,146 | |||||
Movies & Entertainment - 1.4% | |||||||
Regal Entertainment Group | 248 | 3,249 | |||||
Office REITs - 0.3% | |||||||
Lexington Corporation Properties Trust | 86 | 614 | |||||
Oil & Gas Equipment & Services - 1.3% | |||||||
Superior Energy Services, Inc. (A) | 118 | 3,152 | |||||
Oil & Gas Storage & Transportation - 2.9% | |||||||
Blueknight Energy Partners, L.P. (A) | 110 | 959 | |||||
MarkWest Energy Partners, L.P. | 50 | 1,785 | |||||
Regency Energy Partners LP | 170 | 4,164 | |||||
6,908 | |||||||
Personal Products - 1.4% | |||||||
Inter Parfums, Inc. | 192 | 3,377 | |||||
Property & Casualty Insurance - 0.1% | |||||||
Argo Group International Holdings, Ltd. | 7 | 250 | |||||
Publishing - 0.9% | |||||||
Washington Post Company, Class B (The) | 5 | 2,077 | |||||
Regional Banks - 13.4% | |||||||
Bank of Marin Bancorp | 79 | 2,541 | |||||
Columbia Banking System, Inc. | 132 | 2,584 | |||||
East West Bancorp, Inc. | 225 | 3,656 | |||||
First Horizon National Corporation (A) | 304 | 3,467 | |||||
IBERIABANK Corporation | 86 | 4,299 | |||||
Nara Bancorp, Inc. (A) | 345 | 2,437 | |||||
PrivateBancorp, Inc. | 155 | 1,767 | |||||
Synovus Financial Corp. | 1,044 | 2,569 | |||||
Texas Capital Bancshares, Inc. (A) | 157 | 2,711 | |||||
Whitney Holding Corporation | 194 | 1,588 | |||||
Wintrust Financial Corporation | 124 | 4,013 | |||||
31,632 | |||||||
Reinsurance - 3.6% | |||||||
Reinsurance Group of America, Incorporated | 86 | 4,153 | |||||
RenaissanceRe Holdings Ltd. | 74 | 4,407 | |||||
8,560 | |||||||
Residential REITs - 2.8% | |||||||
American Campus Communities, Inc. | 148 | 4,490 | |||||
Apartment Investment and Management Company, Class A | 99 | 2,110 | |||||
6,600 | |||||||
Retail REITs - 2.0% | |||||||
CBL & Associates Properties, Inc. | 369 | 4,823 | |||||
Semiconductors - 1.7% | |||||||
Atmel Corporation (A) | 498 | 3,962 | |||||
Specialized REITs - 1.0% | |||||||
Strategic Hotels & Resorts, Inc. (A) | 575 | 2,438 | |||||
Specialty Chemicals - 2.3% | |||||||
RPM International Inc. | 88 | 1,745 | |||||
Sensient Technologies Corporation | 118 | 3,586 | |||||
5,331 | |||||||
Technology Distributors - 4.5% | |||||||
Arrow Electronics, Inc. (A) | 89 | 2,390 | |||||
Avnet, Inc. (A) | 122 | 3,301 | |||||
Insight Enterprises, Inc. (A) | 154 | 2,404 | |||||
Tech Data Corporation (A) | 59 | 2,394 | |||||
10,489 | |||||||
Trucking - 3.3% | |||||||
Marten Transport, Ltd. | 146 | 3,384 | |||||
Werner Enterprises, Inc. (B) | 214 | 4,385 | |||||
7,769 | |||||||
TOTAL COMMON STOCKS - 91.6% | $ | 217,199 | |||||
(Cost: $183,011) |
INVESTMENT FUNDS - 5.9% | |||||||
Asset Management & Custody Banks | |||||||
Ares Capital Corporation | 189 | 2,962 | |||||
Hercules Technology Growth Capital, Inc. | 357 | 3,609 | |||||
MCG Capital Corporation | 491 | 2,867 | |||||
THL Credit, Inc. | 390 | 4,594 | |||||
(Cost: $12,827) | $ | 14,032 | |||||
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (C) - 1.5% | |||||||
Illinois Tool Works Inc., | |||||||
0.140%, 10-4-10 | $1,145 | 1,145 | |||||
McCormick & Co. Inc., | |||||||
0.000%, 10-1-10 | 2,300 | 2,300 | |||||
3,445 | |||||||
Master Note - 0.8% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (D) | 1,944 | 1,944 | |||||
TOTAL SHORT-TERM SECURITIES - 2.3% | $ | 5,389 | |||||
(Cost: $5,389) | |||||||
TOTAL INVESTMENT SECURITIES - 99.8% | $ | 236,620 | |||||
(Cost: $201,227) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.2% | 561 | ||||||
NET ASSETS - 100.0% | $ | 237,181 |
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, 2010:
Underlying Security | Counterparty | Contracts Subject to Call | Expiration Month | Exercise Price | Premium Received | Market Value | |||||
Ashland Inc. | Goldman, Sachs & Company | 1 | October 2010 | $60.00 | $ | 23 | $(3 | ) | |||
Inter Parfums, Inc. | Morgan Stanley Smith Barney LLC | –– | * | October 2010 | 20.00 | 17 | –– | * | |||
PAREXEL International Corporation | Morgan Stanley Smith Barney LLC | 1 | December 2010 | 28.00 | 35 | (41 | ) | ||||
Sensient Technologies Corporation | Goldman, Sachs & Company | 1 | October 2010 | 30.00 | 34 | (120 | ) | ||||
Tenneco Automotive Inc. | Goldman, Sachs & Company | –– | * | October 2010 | 30.00 | 21 | (43 | ) | |||
$ | 130 | $(207 | ) | ||||||||
Underlying Security | Counterparty | Contracts Subject to Put | Expiration Month | Exercise Price | Premium Received | Market Value | ||||||
Gaylord Entertainment Company | Goldman, Sachs & Company | –– | * | October 2010 | $ | 20.00 | $ | 13 | $(5 | ) | ||
Reinsurance Group of America, Incorporated | Goldman, Sachs & Company | –– | * | October 2010 | 40.00 | 20 | (3 | ) | ||||
$ | 33 | $(8 | ) | |||||||||
*Not shown due to rounding.
(C)Rate shown is the yield to maturity at September 30, 2010.
(D)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
REIT = Real Estate Investment Trust
Asset Allocation
Stocks | 93.8% |
Information Technology | 29.6% |
Consumer Discretionary | 22.6% |
Industrials | 10.1% |
Health Care | 8.8% |
Consumer Staples | 7.2% |
Financials | 6.7% |
Energy | 6.2% |
Materials | 2.6% |
Cash and Cash Equivalents | 6.2% |
Lipper Rankings
Category: Lipper Large-Cap Growth Funds | Rank | Percentile |
1 Year | 772/852 | 91 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Apple Inc. | Information Technology |
NetApp, Inc. | Information Technology |
Schlumberger Limited | Energy |
Google Inc., Class A | Information Technology |
Amazon.com, Inc. | Consumer Discretionary |
Cisco Systems, Inc. | Information Technology |
Wynn Resorts, Limited | Consumer Discretionary |
Microsoft Corporation | Information Technology |
Halliburton Company | Energy |
Allergan, Inc. | Health Care |
Before- and After-Tax Returns(1) | 1-year period ended 9-30-10 | 5-year period ended 9-30-10 | 10-year period ended 9-30-10 | Since inception of Class(2) through 9-30-10 | ||||||||
Class A | ||||||||||||
Before Taxes | -0.22 | % | –– | % | –– | % | 10.37 | % | ||||
After Taxes on Distributions | -0.22 | % | –– | % | –– | % | 10.37 | % | ||||
After Taxes on Distributions and Sale of Fund Shares | -0.15 | %(3) | –– | % | –– | % | 8.84 | % | ||||
Class B | ||||||||||||
Before Taxes | 1.17 | % | –– | % | –– | % | 11.65 | % | ||||
After Taxes on Distributions | 1.17 | % | –– | % | –– | % | 11.65 | % | ||||
After Taxes on Distributions and Sale of Fund Shares | 0.76 | % | –– | % | –– | % | 9.94 | % | ||||
Class C | ||||||||||||
Before Taxes | 5.17 | % | –– | % | –– | % | 14.44 | % | ||||
After Taxes on Distributions | 5.17 | % | –– | % | –– | % | 14.44 | % | ||||
After Taxes on Distributions and Sale of Fund Shares | 3.36 | % | –– | % | –– | % | 12.32 | % | ||||
Class I | ||||||||||||
Before Taxes | 6.26 | % | 2.70 | % | 0.43 | % | N/A | |||||
After Taxes on Distributions | 6.26 | % | 2.70 | % | 0.40 | % | N/A | |||||
After Taxes on Distributions and Sale of Fund Shares | 4.07 | % | 2.31 | % | 0.35 | % | N/A | |||||
Class Y(4) | ||||||||||||
Before Taxes | 5.86 | % | –– | % | –– | % | 15.25 | % | ||||
After Taxes on Distributions | 5.86 | % | –– | % | –– | % | 15.25 | % | ||||
After Taxes on Distributions and Sale of Fund Shares | 3.81 | % | –– | % | –– | % | 13.01 | % | ||||
Russell 1000 Growth Index | 12.65 | % | 2.06 | % | -3.44 | % | N/A |
(1)Data quoted is past performance and is based on deduction of the maximum applicable sales load for each of the periods. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Please visit www.ivyfunds.com for the Fund's most recent month-end performance. Class A shares carry a maximum front-end sales load of 5.75%. Class B and Class C shares carry a maximum contingent deferred sales charge (CDSC) of 5% and 1%, respectively. (Accordingly, the Class C shares reflect no CDSC since it only applies to Class C shares redeemed within twelve months after purchase.) Class I and Class Y shares are not subject to sales charges.
(2)5-18-09 for Class A, Class B, Class C and Class Y shares (the date on which shares were first acquired by shareholders).
(3)After-tax returns may be better than before-tax returns due to an assumed tax benefit from losses on a sale of the Fund's shares at the end of the period.
(4)The return shown for Class Y is hypothetical because there were no shares or assets for the period from July 28, 2009 through October 7, 2009. Class A data has been substituted for Class Y data during that period.
The table above shows average annual returns on a before-tax and after-tax basis. Returns Before Taxes shows the actual change in the value of the Fund shares over the periods shown, but does not reflect the impact of taxes on Fund distributions or the sale of Fund shares. The two after-tax returns take into account taxes that may be associated with owning Fund shares. Returns After Taxes on Distributions is the Fund's actual performance, adjusted by the effect of taxes on distributions made by the Fund during the period shown. Returns After Taxes on Distributions and Sale of Fund Shares is further adjusted to reflect the tax impact on any change in the value of Fund shares as if they had been sold on the last day of the period.
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts, or to shares held by non-taxable entities.
The Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund were reorganized as the Class I shares of Ivy Tax-Managed Equity Fund on May 18, 2009. The performance shown for periods prior to this date is that of the Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund. Performance has not been restated to reflect the estimated annual operating expenses of the Ivy Tax-Managed Equity Fund. If those expenses were reflected, performance shown would differ.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* |
Based on Actual Fund Return(1) | ||||
Class A | $1,000 | $971.20 | 2.62% | $12.91 |
Class B | $1,000 | $967.40 | 3.14% | $15.44 |
Class C | $1,000 | $967.40 | 3.16% | $15.64 |
Class I | $1,000 | $973.20 | 2.11% | $10.46 |
Class Y | $1,000 | $971.20 | 2.52% | $12.42 |
Based on 5% Return(2) | ||||
Class A | $1,000 | $1,011.95 | 2.62% | $13.18 |
Class B | $1,000 | $1,009.33 | 3.14% | $15.77 |
Class C | $1,000 | $1,009.21 | 3.16% | $15.97 |
Class I | $1,000 | $1,014.48 | 2.11% | $10.68 |
Class Y | $1,000 | $1,012.45 | 2.52% | $12.68 |
*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, 2010, 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 | ||||||
Aerospace & Defense - 2.0% | ||||||||
Precision Castparts Corp. | 1 | $ | 138 | |||||
Air Freight & Logistics - 1.3% | ||||||||
FedEx Corporation | 1 | 86 | ||||||
Asset Management & Custody Banks - 1.0% | ||||||||
T. Rowe Price Group, Inc. | 1 | 67 | ||||||
Automotive Retail - 1.5% | ||||||||
AutoZone, Inc. (A) | –– | * | 103 | |||||
Biotechnology - 1.4% | ||||||||
Gilead Sciences, Inc. (A) | 3 | 95 | ||||||
Casinos & Gaming - 4.2% | ||||||||
Las Vegas Sands, Inc. (A) | 3 | 103 | ||||||
Wynn Resorts, Limited | 2 | 179 | ||||||
282 | ||||||||
Communications Equipment - 4.6% | ||||||||
Cisco Systems, Inc. (A) | 9 | 189 | ||||||
QUALCOMM Incorporated | 3 | 125 | ||||||
314 | ||||||||
Computer Hardware - 8.2% | ||||||||
Apple Inc. (A) | 1 | 406 | ||||||
Hewlett-Packard Company | 4 | 159 | ||||||
565 | ||||||||
Computer Storage & Peripherals - 4.2% | ||||||||
NetApp, Inc. (A) | 6 | 287 | ||||||
Construction & Farm Machinery & Heavy Trucks - 4.4% | ||||||||
Caterpillar Inc. | 2 | 171 | ||||||
Deere & Company | 2 | 130 | ||||||
301 | ||||||||
Consumer Finance - 1.4% | ||||||||
American Express Company | 2 | 97 | ||||||
Department Stores - 2.0% | ||||||||
Kohl's Corporation (A) | 3 | 141 | ||||||
Electrical Components & Equipment - 2.4% | ||||||||
Emerson Electric Co. | 3 | 167 | ||||||
General Merchandise Stores - 1.4% | ||||||||
Target Corporation | 2 | 99 | ||||||
Health Care Equipment - 0.4% | ||||||||
Intuitive Surgical, Inc. (A) | –– | * | 28 | |||||
Home Improvement Retail - 3.0% | ||||||||
Home Depot, Inc. (The) | 4 | 124 | ||||||
Lowe's Companies, Inc. | 4 | 80 | ||||||
204 | ||||||||
Hotels, Resorts & Cruise Lines - 3.4% | ||||||||
Carnival Corporation | 2 | 94 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 3 | 141 | ||||||
235 | ||||||||
Household Products - 1.2% | ||||||||
Colgate-Palmolive Company | 1 | 85 | ||||||
Hypermarkets & Super Centers - 1.2% | ||||||||
Costco Wholesale Corporation | 1 | 83 | ||||||
Industrial Gases - 1.2% | ||||||||
Praxair, Inc. | 1 | 83 | ||||||
Internet Retail - 2.8% | ||||||||
Amazon.com, Inc. (A) | 1 | 196 | ||||||
Internet Software & Services - 3.0% | ||||||||
Google Inc., Class A (A) | –– | * | 205 | |||||
Investment Banking & Brokerage - 1.7% | ||||||||
Goldman Sachs Group, Inc. (The) | 1 | 119 | ||||||
IT Consulting & Other Services - 2.3% | ||||||||
Cognizant Technology Solutions Corporation, Class A (A) | 2 | 155 | ||||||
Life Sciences Tools & Services - 2.1% | ||||||||
Thermo Fisher Scientific Inc. (A) | 3 | 146 | ||||||
Movies & Entertainment - 1.7% | ||||||||
Walt Disney Company (The) | 3 | 114 | ||||||
Oil & Gas Equipment & Services - 6.2% | ||||||||
Halliburton Company | 5 | 173 | ||||||
Schlumberger Limited | 4 | 254 | ||||||
427 | ||||||||
Other Diversified Financial Services - 1.5% | ||||||||
JPMorgan Chase & Co. | 3 | 105 | ||||||
Personal Products - 1.2% | ||||||||
Estee Lauder Companies Inc. (The), Class A | 1 | 80 | ||||||
Pharmaceuticals - 4.9% | ||||||||
Allergan, Inc. | 3 | 172 | ||||||
Ironwood Pharmaceuticals, Inc., Class A (A) | 2 | 20 | ||||||
Teva Pharmaceutical Industries Limited, ADR | 3 | 142 | ||||||
334 | ||||||||
Restaurants - 2.6% | ||||||||
Starbucks Corporation | 4 | 92 | ||||||
YUM! Brands, Inc. | 2 | 87 | ||||||
179 | ||||||||
Semiconductors - 3.3% | ||||||||
Altera Corporation | 1 | 41 | ||||||
Broadcom Corporation, Class A | 2 | 70 | ||||||
Microchip Technology Incorporated | 4 | 119 | ||||||
230 | ||||||||
Soft Drinks - 3.6% | ||||||||
Coca-Cola Company (The) | 3 | 146 | ||||||
PepsiCo, Inc. | 2 | 103 | ||||||
249 | ||||||||
Specialized Finance - 1.1% | ||||||||
IntercontinentalExchange, Inc. (A) | 1 | 75 | ||||||
Specialty Chemicals - 1.4% | ||||||||
Ecolab Inc. | 2 | 97 | ||||||
Systems Software - 4.0% | ||||||||
Microsoft Corporation | 7 | 175 | ||||||
Oracle Corporation | 4 | 102 | ||||||
277 | ||||||||
TOTAL COMMON STOCKS - 93.8% | $ | 6,448 | ||||||
(Cost: $5,707) | ||||||||
SHORT-TERM SECURITIES - 8.5% | Principal | |||||||
Master Note | ||||||||
Toyota Motor Credit Corporation, | ||||||||
0.150%, 10-1-10 (B) | $ 587 | $ | 587 | |||||
(Cost: $587) | ||||||||
TOTAL INVESTMENT SECURITIES - 102.3% | $ | 7,035 | ||||||
(Cost: $6,294) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS - (2.3%) | (155 | ) | ||||||
NET ASSETS - 100.0% | $ | 6,880 | ||||||
Notes to Schedule of Investments
*Not shown due to rounding.
(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, 2010. Date shown represents the date that the variable rate resets.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Asset Allocation
Stocks | 93.2% |
Financials | 24.8% |
Energy | 19.4% |
Information Technology | 12.7% |
Consumer Discretionary | 11.5% |
Industrials | 8.4% |
Health Care | 8.4% |
Consumer Staples | 4.7% |
Materials | 2.1% |
Utilities | 1.2% |
Warrants | 0.7% |
Cash and Cash Equivalents | 6.1% |
Lipper Rankings
Category: Lipper Large-Cap Value Funds | Rank | Percentile |
1 Year | 170/530 | 33 |
3 Year | 44/479 | 10 |
5 Year | 96/419 | 23 |
10 Year | 127/202 | 63 |
Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.
Top 10 Equity Holdings
Company | Sector |
Bank of America Corporation | Financials |
Travelers Companies, Inc. (The) | Financials |
Wells Fargo & Company | Financials |
ConocoPhillips | Energy |
Hewlett-Packard Company | Information Technology |
McKesson Corporation | Health Care |
Occidental Petroleum Corporation | Energy |
Xerox Corporation | Information Technology |
UnitedHealth Group Incorporated | Health Care |
ACE Limited | Financials |
See your advisor or www.ivyfunds.com for more information on the Fund's most recently published Top 10 Equity Holdings.
For the Six Months Ended September 30, 2010 | Beginning Account Value 3-31-10 | Ending Account Value 9-30-10 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During Period* | |||||
Based on Actual Fund Return(1) | |||||||||
Class A | $1,000 | $ | 967.90 | 1.66% | $ | 8.17 | |||
Class B | $1,000 | $ | 960.30 | 3.24% | $ | 15.88 | |||
Class C | $1,000 | $ | 964.10 | 2.47% | $ | 12.18 | |||
Class E** | $1,000 | $ | 969.90 | 1.27% | $ | 6.30 | |||
Class I | $1,000 | $ | 970.50 | 1.20% | $ | 5.91 | |||
Class Y | $1,000 | $ | 969.20 | 1.44% | $ | 7.09 | |||
Based on 5% Return(2) | |||||||||
Class A | $1,000 | $ | 1,016.75 | 1.66% | $ | 8.37 | |||
Class B | $1,000 | $ | 1,008.84 | 3.24% | $ | 16.27 | |||
Class C | $1,000 | $ | 1,012.68 | 2.47% | $ | 12.48 | |||
Class E** | $1,000 | $ | 1,018.69 | 1.27% | $ | 6.46 | |||
Class I | $1,000 | $ | 1,019.05 | 1.20% | $ | 6.06 | |||
Class Y | $1,000 | $ | 1,017.85 | 1.44% | $ | 7.26 |
*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, 2010, 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 - 1.9% | |||||||
Omnicom Group Inc. | 34 | $ | 1,323 | ||||
Aerospace & Defense - 1.8% | |||||||
Honeywell International Inc. | 29 | 1,292 | |||||
Apparel, Accessories & Luxury Goods - 1.5% | |||||||
V.F. Corporation (A) | 13 | 1,045 | |||||
Biotechnology - 1.1% | |||||||
Amgen Inc. (B) | 14 | 772 | |||||
Brewers - 0.9% | |||||||
Molson Coors Brewing Company, Class B | 14 | 642 | |||||
Broadcasting - 0.3% | |||||||
CBS Corporation, Class B (A) | 13 | 200 | |||||
Computer Hardware - 6.0% | |||||||
Hewlett-Packard Company | 66 | 2,776 | |||||
International Business Machines Corporation (A) | 11 | 1,435 | |||||
4,211 | |||||||
Consumer Finance - 2.2% | |||||||
Capital One Financial Corporation (A) | 39 | 1,550 | |||||
Department Stores - 2.2% | |||||||
Macy's Inc. (A) | 67 | 1,556 | |||||
Diversified Banks - 4.0% | |||||||
Wells Fargo & Company | 113 | 2,840 | |||||
Diversified Chemicals - 2.1% | |||||||
Dow Chemical Company (The) | 54 | 1,477 | |||||
Drug Retail - 2.6% | |||||||
CVS Corporation | 59 | 1,860 | |||||
Electric Utilities - 1.2% | |||||||
PPL Corporation | 32 | 869 | |||||
Health Care Distributors - 3.9% | |||||||
McKesson Corporation | 45 | 2,755 | |||||
Hotels, Resorts & Cruise Lines - 4.8% | |||||||
Carnival Corporation (A) | 55 | 2,109 | |||||
Marriott International, Inc., Class A | 38 | 1,369 | |||||
3,478 | |||||||
Industrial Conglomerates - 2.2% | |||||||
General Electric Company | 94 | 1,524 | |||||
Industrial Machinery - 1.7% | |||||||
Ingersoll-Rand plc | 35 | 1,239 | |||||
Integrated Oil & Gas - 10.0% | |||||||
ConocoPhillips | 48 | 2,779 | |||||
Marathon Oil Corporation | 49 | 1,635 | |||||
Occidental Petroleum Corporation | 34 | 2,678 | |||||
7,092 | |||||||
Investment Banking & Brokerage - 2.2% | |||||||
Morgan Stanley | 64 | 1,572 | |||||
IT Consulting & Other Services - 1.1% | |||||||
Accenture plc, Class A | 19 | 812 | |||||
Managed Health Care - 3.4% | |||||||
UnitedHealth Group Incorporated (A) | 69 | 2,412 | |||||
Office Electronics - 3.6% | |||||||
Xerox Corporation | 248 | 2,569 | |||||
Oil & Gas Equipment & Services - 2.3% | |||||||
National Oilwell Varco, Inc. | 37 | 1,623 | |||||
Oil & Gas Storage & Transportation - 7.1% | |||||||
Energy Transfer Equity, L.P. | 31 | 1,154 | |||||
Enterprise Products Partners L.P. | 30 | 1,182 | |||||
MarkWest Energy Partners, L.P. | 37 | 1,311 | |||||
Regency Energy Partners LP | 58 | 1,411 | |||||
5,058 | |||||||
Other Diversified Financial Services - 4.6% | |||||||
Bank of America Corporation | 249 | 3,268 | |||||
Property & Casualty Insurance - 7.4% | |||||||
ACE Limited | 40 | 2,342 | |||||
Travelers Companies, Inc. (The) | 57 | 2,952 | |||||
5,294 | |||||||
Railroads - 2.7% | |||||||
Union Pacific Corporation (A) | 23 | 1,882 | |||||
Regional Banks - 2.3% | |||||||
Regions Financial Corporation | 102 | 740 | |||||
SunTrust Banks, Inc. | 35 | 909 | |||||
1,649 | |||||||
Reinsurance - 2.1% | |||||||
RenaissanceRe Holdings Ltd. | 25 | 1,487 | |||||
Specialty Stores - 0.8% | |||||||
Office Depot, Inc. (B) | 122 | 562 | |||||
Systems Software - 2.0% | |||||||
Symantec Corporation (B) | 96 | 1,456 | |||||
Tobacco - 1.2% | |||||||
Philip Morris International Inc. | 15 | 829 | |||||
TOTAL COMMON STOCKS - 93.2% | $ | 66,198 | |||||
(Cost: $59,265) | |||||||
WARRANTS | |||||||
Diversified Banks - 0.4% | |||||||
Wells Fargo & Company | 37 | 288 | |||||
Other Diversified Financial Services - 0.3% | |||||||
Bank of America Corporation | 36 | 234 | |||||
TOTAL WARRANTS - 0.7% | $ | 522 | |||||
(Cost: $611) |
SHORT-TERM SECURITIES | Principal | ||||||
Commercial Paper (C) - 0.6% | |||||||
Illinois Tool Works Inc., | |||||||
0.140%, 10-4-10 | $ 433 | 433 | |||||
Master Note - 5.5% | |||||||
Toyota Motor Credit Corporation, | |||||||
0.150%, 10-1-10 (D) | 3,895 | 3,895 | |||||
TOTAL SHORT-TERM SECURITIES - 6.1% | $ | 4,328 | |||||
(Cost: $4,328) | |||||||
TOTAL INVESTMENT SECURITIES - 100.0% | $ | 71,048 | |||||
(Cost: $64,204) | |||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.0% | 20 | ||||||
NET ASSETS - 100.0% | $ | 71,068 | |||||
Notes to Schedule of Investments
(A)Securities serve as cover or collateral for the following written options outstanding at September 30, 2010:
Underlying Security | Counterparty | Contracts Subject to Call | Expiration Month | Exercise Price | Premium Received | Market Value | ||||
Capital One Financial Corporation | Goldman, Sachs & Company | ––* | December 2010 | $44.00 | $ | 7 | $ (8 | ) | ||
Carnival Corporation | Goldman, Sachs & Company | ––* | October 2010 | 35.00 | 3 | (40 | ) | |||
CBS Corporation, Class B | Goldman, Sachs & Company | ––* | November 2010 | 18.00 | 2 | (4 | ) | |||
International Business Machines Corporation | Goldman, Sachs & Company | ––* | October 2010 | 140.00 | 5 | –– | * | |||
Macy's Inc. | Goldman, Sachs & Company | ––* | November 2010 | 25.00 | 18 | (21 | ) | |||
Union Pacific Corporation | Goldman, Sachs & Company | ––* | October 2010 | 80.00 | 3 | (12 | ) | |||
UnitedHealth Group Incorporated: | Goldman, Sachs & Company | ––* | December 2010 | 38.00 | 16 | (25 | ) | |||
Goldman, Sachs & Company | ––* | December 2010 | 39.00 | 15 | (17 | ) | ||||
V.F. Corporation | Morgan Stanley Smith Barney LLC | ––* | November 2010 | 85.00 | 12 | (15 | ) | |||
$ | 81 | $(142 | ) | |||||||
Underlying Security | Counterparty | Contracts Subject to Put | Expiration Month | Exercise Price | Premium Received | Market Value | ||||
Amgen Inc. | Morgan Stanley Smith Barney LLC | ––* | October 2010 | $47.50 | $ | 6 | $–– | * | ||
CVS Corporation: | Goldman, Sachs & Company | ––* | October 2010 | 25.00 | 5 | –– | * | |||
Goldman, Sachs & Company | ––* | November 2010 | 22.50 | 4 | (1 | ) | ||||
Hewlett-Packard Company | Goldman, Sachs & Company | ––* | October 2010 | 34.00 | 3 | –– | * | |||
Wells Fargo & Company | Goldman, Sachs & Company | ––* | October 2010 | 21.00 | 8 | (1 | ) | |||
$ | 26 | $(2 | ) | |||||||
*Not shown due to rounding.
(B)No dividends were paid during the preceding 12 months.
(C)Rate shown is the yield to maturity at September 30, 2010.
(D)Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010. Date shown represents the date that the variable rate resets.
(In thousands, except per share amounts) | Ivy Bond Fund | Ivy Capital Appreciation Fund | Ivy Core Equity Fund | Ivy Cundill Global Value Fund | Ivy Dividend Opportunities Fund | Ivy European Opportunities Fund | Ivy Global Bond Fund | |||||||||||||
ASSETS | ||||||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 315,428 | $ | 530,556 | $ | 217,167 | $ | 312,021 | $ | 274,819 | $ | 243,312 | $ | 198,541 | ||||||
Investments at Market Value | 315,428 | 530,556 | 217,167 | 312,021 | 274,819 | 243,312 | 198,541 | |||||||||||||
Unrealized appreciation on forward foreign currency contracts | –– | –– | –– | 293 | –– | –– | 46 | |||||||||||||
Investment securities sold receivable | 9,110 | 4,496 | –– | 1,624 | –– | 2,340 | 342 | |||||||||||||
Dividends and interest receivable | 2,074 | 450 | 265 | 974 | 482 | 1,281 | 2,566 | |||||||||||||
Capital shares sold receivable | 701 | 844 | 333 | 156 | 870 | 296 | 1,171 | |||||||||||||
Receivable from affiliates | 3 | 8 | 3 | 30 | 9 | –– | 216 | |||||||||||||
Prepaid and other assets | 58 | 71 | 62 | 55 | 56 | 51 | 50 | |||||||||||||
Total Assets | 327,374 | 536,425 | 217,830 | 315,153 | 276,236 | 247,280 | 202,932 | |||||||||||||
LIABILITIES | ||||||||||||||||||||
Investment securities purchased payable | 48,048 | –– | 10,050 | 21 | 4,788 | 214 | 29 | |||||||||||||
Variation margin payable | 4 | –– | –– | –– | –– | –– | –– | |||||||||||||
Unrealized depreciation on forward foreign currency contracts | –– | –– | –– | 2,755 | –– | –– | 607 | |||||||||||||
Capital shares redeemed payable | 558 | 551 | 355 | 653 | 441 | 350 | 286 | |||||||||||||
Distributions payable | 57 | –– | –– | –– | –– | –– | –– | |||||||||||||
Trustees and Chief Compliance Officer fees payable | 10 | 20 | 66 | 75 | 14 | 47 | 2 | |||||||||||||
Overdraft due to custodian | 354 | 289 | 45 | 399 | 62 | 106 | 38 | |||||||||||||
Distribution and service fees payable | 3 | 3 | 3 | 4 | 12 | 3 | 2 | |||||||||||||
Shareholder servicing payable | 60 | 145 | 69 | 145 | 85 | 123 | 43 | |||||||||||||
Investment management fee payable | 4 | 10 | 4 | 9 | 5 | 6 | 4 | |||||||||||||
Accounting services fee payable | 8 | 12 | 6 | 8 | 8 | 8 | 6 | |||||||||||||
Other liabilities | 102 | 39 | 19 | 37 | 23 | 35 | 17 | |||||||||||||
Total Liabilities | 49,208 | 1,069 | 10,617 | 4,106 | 5,438 | 892 | 1,034 | |||||||||||||
Total Net Assets | $ | 278,166 | $ | 535,356 | $ | 207,213 | $ | 311,047 | $ | 270,798 | $ | 246,388 | $ | 201,898 | ||||||
NET ASSETS | ||||||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 271,146 | $ | 728,528 | $ | 188,290 | $ | 365,646 | $ | 277,385 | $ | 409,321 | $ | 192,826 | ||||||
Undistributed (distributions in excess of) net investment income | (318 | ) | 15 | (738 | ) | 936 | 388 | 1,419 | 378 | |||||||||||
Accumulated net realized gain (loss) | 1,772 | (241,493 | ) | 1,716 | (98,733 | ) | (42,555 | ) | (179,857 | ) | 1,403 | |||||||||
Net unrealized appreciation | 5,566 | 48,306 | 17,945 | 43,198 | 35,580 | 15,505 | 7,291 | |||||||||||||
Total Net Assets | $ | 278,166 | $ | 535,356 | $ | 207,213 | $ | 311,047 | $ | 270,798 | $ | 246,388 | $ | 201,898 | ||||||
CAPITAL SHARES OUTSTANDING: | ||||||||||||||||||||
Class A | 22,260 | 37,706 | 11,337 | 18,987 | 14,582 | 8,324 | 11,414 | |||||||||||||
Class B | 737 | 822 | 549 | 1,414 | 890 | 391 | 615 | |||||||||||||
Class C | 3,056 | 4,571 | 11,001 | 3,084 | 3,055 | 779 | 4,259 | |||||||||||||
Class E | 282 | 283 | 127 | 40 | 187 | 3 | N/A | |||||||||||||
Class I | 86 | 20,122 | 408 | 495 | 450 | 1,655 | 1,630 | |||||||||||||
Class Y | 635 | 769 | 700 | 1,351 | 1,090 | 103 | 1,403 | |||||||||||||
NET ASSET VALUE PER SHARE: | ||||||||||||||||||||
Class A | $10.28 | $8.36 | $8.91 | $12.33 | $13.39 | $21.96 | $10.45 | |||||||||||||
Class B | 10.28 | 7.60 | 8.06 | 11.88 | 13.26 | 20.93 | 10.45 | |||||||||||||
Class C | 10.28 | 7.66 | 8.20 | 11.91 | 13.31 | 21.08 | 10.45 | |||||||||||||
Class E | 10.28 | 8.39 | 8.90 | 12.35 | 13.35 | 22.07 | N/A | |||||||||||||
Class I | 10.28 | 8.45 | 9.57 | 12.50 | 13.41 | 22.12 | 10.45 | |||||||||||||
Class Y | 10.28 | 8.40 | 9.39 | 12.42 | 13.40 | 22.08 | 10.45 | |||||||||||||
+COST | ||||||||||||||||||||
Investments in unaffiliated securities at cost | $ | 309,689 | $ | 482,250 | $ | 199,225 | $ | 266,316 | $ | 239,238 | $ | 227,830 | $ | 190,690 |
(In thousands, except per share amounts) | Ivy High Income Fund | Ivy International Balanced Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Large Cap Growth Fund | Ivy Limited- Term Bond Fund | Ivy Managed European/ Pacific Fund | ||||||||||||||
ASSETS | |||||||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 1,507,132 | $ | 264,970 | $ | 879,340 | $ | 180,416 | $ | 813,930 | $ | 1,200,391 | $ | 90 | |||||||
Investments in affiliated securities at market value+ | –– | –– | –– | –– | –– | –– | 84,413 | ||||||||||||||
Investments at Market Value | 1,507,132 | 264,970 | 879,340 | 180,416 | 813,930 | 1,200,391 | 84,503 | ||||||||||||||
Cash | 2,038 | 439 | –– | 77 | –– | –– | –– | ||||||||||||||
Restricted cash | –– | –– | –– | 525 | –– | –– | –– | ||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 522 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Unrealized appreciation on swap agreements | –– | –– | –– | 1,161 | –– | –– | –– | ||||||||||||||
Investment securities sold receivable | 11,863 | 1,655 | 13,964 | –– | 11,451 | –– | 27 | ||||||||||||||
Dividends and interest receivable | 25,981 | 2,969 | 3,184 | 1,020 | 291 | 9,402 | –– | * | |||||||||||||
Capital shares sold receivable | 13,243 | 252 | 2,587 | 132 | 11,749 | 8,077 | 208 | ||||||||||||||
Receivable from affiliates | 4 | 5 | 8 | 2 | 358 | 2 | –– | ||||||||||||||
Prepaid and other assets | 120 | 46 | 87 | 47 | 85 | 111 | 46 | ||||||||||||||
Total Assets | 1,560,903 | 270,336 | 899,170 | 183,380 | 837,864 | 1,217,983 | 84,784 | ||||||||||||||
LIABILITIES | |||||||||||||||||||||
Investment securities purchased payable | 50,061 | 2,025 | 23,382 | 3,093 | 11,134 | –– | 105 | ||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 169 | –– | –– | –– | –– | –– | –– | ||||||||||||||
Capital shares redeemed payable | 1,802 | 280 | 832 | 1,229 | 13,622 | 4,246 | 100 | ||||||||||||||
Distributions payable | 922 | –– | –– | –– | –– | 222 | –– | ||||||||||||||
Trustees and Chief Compliance Officer fees payable | 26 | 23 | 24 | 56 | 44 | 26 | 1 | ||||||||||||||
Overdraft due to custodian | –– | –– | 260 | –– | 539 | 1,712 | 7 | ||||||||||||||
Distribution and service fees payable | 16 | 3 | 7 | 9 | 6 | 14 | 1 | ||||||||||||||
Shareholder servicing payable | 297 | 89 | 229 | 64 | 221 | 202 | 14 | ||||||||||||||
Investment management fee payable | 24 | 5 | 20 | 4 | 16 | 15 | –– | * | |||||||||||||
Accounting services fee payable | 22 | 8 | 18 | 6 | 18 | 22 | 2 | ||||||||||||||
Other liabilities | 403 | 40 | 99 | 20 | 52 | 37 | 13 | ||||||||||||||
Total Liabilities | 53,742 | 2,473 | 24,871 | 4,481 | 25,652 | 6,496 | 243 | ||||||||||||||
Total Net Assets | $ | 1,507,161 | $ | 267,863 | $ | 874,299 | $ | 178,899 | $ | 812,212 | $ | 1,211,487 | $ | 84,541 | |||||||
NET ASSETS | |||||||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 1,365,903 | $ | 299,566 | $ | 840,383 | $ | 232,870 | $ | 756,865 | $ | 1,158,579 | $ | 97,492 | |||||||
Undistributed (distributions in excess of) net investment income | –– | 4,150 | 8,643 | 1,354 | (535 | ) | (952 | ) | (263 | ) | |||||||||||
Accumulated net realized gain (loss) | 57,885 | (52,426 | ) | (31,204 | ) | (70,881 | ) | (92,673 | ) | 3,081 | (26,618 | ) | |||||||||
Net unrealized appreciation | 83,373 | 16,573 | 56,477 | 15,556 | 148,555 | 50,779 | 13,930 | ||||||||||||||
Total Net Assets | $ | 1,507,161 | $ | 267,863 | $ | 874,299 | $ | 178,899 | $ | 812,212 | $ | 1,211,487 | $ | 84,541 | |||||||
CAPITAL SHARES OUTSTANDING: | |||||||||||||||||||||
Class A | 90,736 | 13,386 | 32,483 | 4,095 | 38,979 | 68,754 | 9,675 | ||||||||||||||
Class B | 4,816 | 550 | 1,231 | 149 | 849 | 2,395 | 210 | ||||||||||||||
Class C | 37,287 | 1,560 | 6,922 | 1,084 | 4,319 | 23,634 | 258 | ||||||||||||||
Class E | 330 | 98 | 154 | 3 | 93 | 76 | 24 | ||||||||||||||
Class I | 28,855 | 2,626 | 10,848 | 633 | 14,911 | 5,835 | 26 | ||||||||||||||
Class R | N/A | N/A | N/A | N/A | 1,285 | N/A | N/A | ||||||||||||||
Class Y | 15,715 | 401 | 5,842 | 102 | 9,225 | 6,463 | 51 | ||||||||||||||
NET ASSET VALUE PER SHARE: | |||||||||||||||||||||
Class A | $8.48 | $14.39 | $15.37 | $30.06 | $11.65 | $11.31 | $8.26 | ||||||||||||||
Class B | 8.48 | 14.13 | 14.01 | 27.12 | 10.32 | 11.31 | 8.13 | ||||||||||||||
Class C | 8.48 | 14.21 | 14.03 | 27.07 | 10.73 | 11.31 | 8.16 | ||||||||||||||
Class E | 8.48 | 14.40 | 15.44 | 30.09 | 11.65 | 11.31 | 8.28 | ||||||||||||||
Class I | 8.48 | 14.51 | 15.47 | 30.35 | 11.93 | 11.31 | 8.32 | ||||||||||||||
Class R | N/A | N/A | N/A | N/A | 11.53 | N/A | N/A | ||||||||||||||
Class Y | 8.48 | 14.45 | 15.47 | 30.12 | 11.82 | 11.31 | 8.28 | ||||||||||||||
+COST | |||||||||||||||||||||
Investments in unaffiliated securities at cost | $ | 1,423,903 | $ | 248,483 | $ | 822,907 | $ | 166,067 | $ | 665,375 | $ | 1,149,611 | $90 | ||||||||
Investments in affiliated securities at cost | –– | –– | –– | –– | –– | –– | 70,483 |
*Not shown due to rounding.
(In thousands, except per share amounts) | Ivy Managed International Opportunities Fund | Ivy Micro Cap Growth Fund | Ivy Mid Cap Growth Fund | Ivy Money Market Fund | Ivy Mortgage Securities Fund | Ivy Municipal Bond Fund | Ivy Municipal High Income Fund | |||||||||||||||
ASSETS | ||||||||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 109 | $ | 47,579 | $ | 358,525 | $ | 240,490 | $ | 131,451 | $ | 96,972 | $ | 261,881 | ||||||||
Investments in affiliated securities at market value+ | 169,826 | –– | –– | –– | –– | –– | –– | |||||||||||||||
Investments at Market Value | 169,935 | 47,579 | 358,525 | 240,490 | 131,451 | 96,972 | 261,881 | |||||||||||||||
Cash | –– | 54 | –– | 98 | –– | –– | –– | |||||||||||||||
Investment securities sold receivable | 58 | 3,385 | 3,356 | –– | 6,148 | 174 | –– | |||||||||||||||
Dividends and interest receivable | –– | * | 1 | 197 | 382 | 540 | 1,220 | 3,194 | ||||||||||||||
Capital shares sold receivable | 312 | 354 | 5,633 | 504 | 73 | 435 | 6,925 | |||||||||||||||
Variation margin receivable | –– | –– | –– | –– | 6 | –– | –– | |||||||||||||||
Receivable from affiliates | –– | * | 21 | 43 | 485 | 2 | –– | * | 35 | |||||||||||||
Prepaid and other assets | 51 | 36 | 65 | 60 | 46 | 48 | 74 | |||||||||||||||
Total Assets | 170,356 | 51,430 | 367,819 | 242,019 | 138,266 | 98,849 | 272,109 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Investment securities purchased payable | 127 | 1,964 | 3,123 | –– | 24,813 | 3,326 | 13,017 | |||||||||||||||
Variation margin payable | –– | –– | –– | –– | 1 | –– | –– | |||||||||||||||
Capital shares redeemed payable | 228 | 90 | 289 | 991 | 247 | 118 | 172 | |||||||||||||||
Distributions payable | –– | –– | –– | –– | 27 | 24 | 116 | |||||||||||||||
Trustees and Chief Compliance Officer fees payable | 3 | –– | * | 21 | 15 | 32 | 7 | 1 | ||||||||||||||
Overdraft due to custodian | 10 | –– | 121 | –– | 5 | 73 | 692 | |||||||||||||||
Distribution and service fees payable | 1 | –– | * | 3 | 1 | 1 | 1 | 2 | ||||||||||||||
Shareholder servicing payable | 21 | 18 | 108 | 46 | 66 | 11 | 20 | |||||||||||||||
Investment management fee payable | –– | * | 1 | 8 | 3 | 2 | 1 | 3 | ||||||||||||||
Accounting services fee payable | 4 | 3 | 9 | 8 | 5 | 4 | 6 | |||||||||||||||
Written options at market value+ | –– | –– | 104 | –– | –– | –– | –– | |||||||||||||||
Other liabilities | 17 | 17 | 23 | 18 | 61 | 11 | 28 | |||||||||||||||
Total Liabilities | 411 | 2,093 | 3,809 | 1,082 | 25,260 | 3,576 | 14,057 | |||||||||||||||
Total Net Assets | $ | 169,945 | $ | 49,337 | $ | 364,010 | $ | 240,937 | $ | 113,006 | $ | 95,273 | $ | 258,052 | ||||||||
NET ASSETS | ||||||||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 186,016 | $ | 42,178 | $ | 309,016 | $ | 240,937 | $ | 183,495 | $ | 88,941 | $ | 250,353 | ||||||||
Undistributed (distributions in excess of) net investment income | (439 | ) | (589 | ) | (704 | ) | –– | (2,350 | ) | 12 | 92 | |||||||||||
Accumulated net realized gain (loss) | (32,840 | ) | 2,692 | (7,486 | ) | –– | * | (48,124 | ) | (508 | ) | 37 | ||||||||||
Net unrealized appreciation (depreciation) | 17,208 | 5,056 | 63,184 | –– | (20,015 | ) | 6,828 | 7,570 | ||||||||||||||
Total Net Assets | $ | 169,945 | $ | 49,337 | $ | 364,010 | $ | 240,937 | $ | 113,006 | $ | 95,273 | $ | 258,052 | ||||||||
CAPITAL SHARES OUTSTANDING: | ||||||||||||||||||||||
Class A | 18,306 | 2,807 | 14,037 | 183,546 | 11,907 | 5,544 | 23,094 | |||||||||||||||
Class B | 378 | 44 | 558 | 9,430 | 394 | 181 | 607 | |||||||||||||||
Class C | 550 | 124 | 2,029 | 43,927 | 784 | 2,368 | 10,414 | |||||||||||||||
Class E | 22 | N/A | 117 | 4,034 | 37 | N/A | N/A | |||||||||||||||
Class I | 22 | 47 | 999 | N/A | 90 | 45 | 16,225 | |||||||||||||||
Class R | N/A | N/A | 583 | N/A | N/A | N/A | N/A | |||||||||||||||
Class Y | 51 | 22 | 6,159 | N/A | 166 | 48 | 408 | |||||||||||||||
NET ASSET VALUE PER SHARE: | ||||||||||||||||||||||
Class A | $8.80 | $16.22 | $14.87 | $1.00 | $8.45 | $11.64 | $5.08 | |||||||||||||||
Class B | 8.70 | 15.94 | 13.34 | 1.00 | 8.45 | 11.64 | 5.08 | |||||||||||||||
Class C | 8.72 | 16.05 | 13.85 | 1.00 | 8.45 | 11.64 | 5.08 | |||||||||||||||
Class E | 8.80 | N/A | 14.72 | 1.00 | 8.45 | N/A | N/A | |||||||||||||||
Class I | 8.82 | 16.26 | 15.41 | N/A | 8.45 | 11.64 | 5.08 | |||||||||||||||
Class R | N/A | N/A | 14.81 | N/A | N/A | N/A | N/A | |||||||||||||||
Class Y | 8.78 | 16.15 | 15.26 | N/A | 8.45 | 11.64 | 5.08 | |||||||||||||||
+COST | ||||||||||||||||||||||
Investments in unaffiliated securities at cost | $109 | $ | 42,523 | $ | 295,390 | $ | 240,490 | $ | 151,365 | $ | 90,144 | $ | 254,311 | |||||||||
Investments in affiliated securities at cost | 152,617 | –– | –– | –– | –– | –– | –– | |||||||||||||||
Written options premiums received at cost | –– | –– | 153 | –– | –– | –– | –– |
*Not shown due to rounding.
(In thousands, except per share amounts) | Ivy Pacific Opportunities Fund | Ivy Small Cap Growth Fund | Ivy Small Cap Value Fund | Ivy Tax- Managed Equity Fund | Ivy Value Fund | |||||||||||
ASSETS | ||||||||||||||||
Investments in unaffiliated securities at market value+ | $ | 718,929 | $ | 515,670 | $ | 236,620 | $ | 7,035 | $ | 71,048 | ||||||
Investments in affiliated securities at market value+ | 2,170 | –– | –– | –– | –– | |||||||||||
Investments at Market Value | 721,099 | 515,670 | 236,620 | 7,035 | 71,048 | |||||||||||
Cash | –– | –– | –– | 2 | –– | |||||||||||
Cash denominated in foreign currencies at market value+ | 20,742 | –– | –– | –– | –– | |||||||||||
Restricted cash | 1,190 | –– | –– | –– | –– | |||||||||||
Investment securities sold receivable | 27,030 | 2,886 | 1,366 | 108 | 292 | |||||||||||
Dividends and interest receivable | 1,142 | 1 | 221 | 3 | 111 | |||||||||||
Capital shares sold receivable | 1,029 | 1,436 | 459 | 2 | 275 | |||||||||||
Receivable from affiliates | –– | 5 | –– | 6 | 25 | |||||||||||
Prepaid and other assets | 72 | 70 | 51 | 47 | 45 | |||||||||||
Total Assets | 772,304 | 520,068 | 238,717 | 7,203 | 71,796 | |||||||||||
LIABILITIES | ||||||||||||||||
Investment securities purchased payable | 20,077 | 4,796 | 866 | 306 | 421 | |||||||||||
Unrealized depreciation on forward foreign currency contracts | 1,467 | –– | –– | –– | –– | |||||||||||
Capital shares redeemed payable | 1,100 | 1,114 | 263 | 6 | 90 | |||||||||||
Trustees and Chief Compliance Officer fees payable | 34 | 112 | 18 | –– | * | 11 | ||||||||||
Overdraft due to custodian | 111 | 105 | 21 | –– | 8 | |||||||||||
Distribution and service fees payable | 5 | 7 | 2 | –– | * | 1 | ||||||||||
Shareholder servicing payable | 246 | 127 | 113 | 2 | 34 | |||||||||||
Investment management fee payable | 20 | 12 | 6 | –– | 1 | |||||||||||
Accounting services fee payable | 15 | 12 | 8 | –– | 4 | |||||||||||
Written options at market value+ | –– | –– | 215 | –– | 144 | |||||||||||
Other liabilities | 967 | 27 | 24 | 9 | 14 | |||||||||||
Total Liabilities | 24,042 | 6,312 | 1,536 | 323 | 728 | |||||||||||
Total Net Assets | $ | 748,262 | $ | 513,756 | $ | 237,181 | $ | 6,880 | $ | 71,068 | ||||||
NET ASSETS | ||||||||||||||||
Capital paid in (shares authorized - unlimited) | $ | 651,865 | $ | 446,842 | $ | 213,846 | $ | 6,325 | $ | 69,628 | ||||||
Undistributed (distributions in excess of) net investment income | 4,131 | (3,106 | ) | (467 | ) | (46 | ) | 192 | ||||||||
Accumulated net realized loss | (44,386 | ) | (42,721 | ) | (11,539 | ) | (141 | ) | (5,559 | ) | ||||||
Net unrealized appreciation | 136,652 | 112,741 | 35,341 | 742 | 6,807 | |||||||||||
Total Net Assets | $ | 748,262 | $ | 513,756 | $ | 237,181 | $ | 6,880 | $ | 71,068 | ||||||
CAPITAL SHARES OUTSTANDING: | ||||||||||||||||
Class A | 34,443 | 13,495 | 13,320 | 457 | 4,043 | |||||||||||
Class B | 1,141 | 728 | 379 | 45 | 166 | |||||||||||
Class C | 2,325 | 14,272 | 990 | 51 | 383 | |||||||||||
Class E | 8 | 134 | 7 | N/A | 6 | |||||||||||
Class I | 8,874 | 2,694 | 112 | 59 | 51 | |||||||||||
Class R | N/A | 576 | N/A | N/A | N/A | |||||||||||
Class Y | 560 | 9,524 | 1,315 | 46 | 81 | |||||||||||
NET ASSET VALUE PER SHARE: | ||||||||||||||||
Class A | $15.86 | $12.29 | $14.75 | $10.47 | $15.06 | |||||||||||
Class B | 13.78 | 10.88 | 13.64 | 10.37 | 14.52 | |||||||||||
Class C | 14.19 | 11.27 | 13.96 | 10.37 | 14.79 | |||||||||||
Class E | 16.03 | 12.27 | 14.98 | N/A | 15.13 | |||||||||||
Class I | 16.24 | 14.21 | 15.29 | 10.52 | 15.14 | |||||||||||
Class R | N/A | 12.29 | N/A | N/A | N/A | |||||||||||
Class Y | 16.14 | 13.87 | 15.11 | 10.47 | 15.10 | |||||||||||
+COST | ||||||||||||||||
Investments in unaffiliated securities at cost | $ | 579,415 | $ | 402,928 | $ | 201,227 | $ | 6,294 | $ | 64,204 | ||||||
Investments in affiliated securities at cost | 3,304 | –– | –– | –– | –– | |||||||||||
Cash denominated in foreign currencies at cost | 20,224 | –– | –– | –– | –– | |||||||||||
Written options premiums received at cost | –– | –– | 163 | –– | 107 |
*Not shown due to rounding.
(In thousands) | Ivy Bond Fund | Ivy Capital Appreciation Fund | Ivy Core Equity Fund | Ivy Cundill Global Value Fund | Ivy Dividend Opportunities Fund | Ivy European Opportunities Fund | Ivy Global Bond Fund | ||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||
Dividends from unaffiliated securities | $ | 11 | $ | 3,019 | $ | 1,098 | $ | 5,225 | $ | 2,788 | $ | 3,566 | $ | 24 | |||||||
Foreign dividend withholding tax | –– | –– | (1 | ) | (665 | ) | (2 | ) | (486 | ) | –– | ||||||||||
Interest and amortization from unaffiliated securities | 4,616 | 44 | 22 | 9 | 12 | 5 | 4,018 | ||||||||||||||
Foreign interest withholding tax | –– | –– | –– | –– | –– | –– | (11 | ) | |||||||||||||
Total Investment Income | 4,627 | 3,063 | 1,119 | 4,569 | 2,798 | 3,085 | 4,031 | ||||||||||||||
EXPENSES | |||||||||||||||||||||
Investment management fee | 628 | 1,776 | 702 | 1,586 | 890 | 1,048 | 550 | ||||||||||||||
Distribution and service fees: | |||||||||||||||||||||
Class A | 247 | 404 | 119 | 297 | 227 | 216 | 128 | ||||||||||||||
Class B | 35 | 33 | 23 | 89 | 52 | 40 | 28 | ||||||||||||||
Class C | 128 | 199 | 453 | 188 | 199 | 82 | 196 | ||||||||||||||
Class E | 3 | 3 | 1 | 1 | 3 | –– | * | N/A | |||||||||||||
Class Y | 8 | 9 | 7 | 20 | 18 | 3 | 19 | ||||||||||||||
Shareholder servicing: | |||||||||||||||||||||
Class A | 223 | 463 | 159 | 560 | 273 | 492 | 116 | ||||||||||||||
Class B | 18 | 14 | 15 | 56 | 26 | 33 | 6 | ||||||||||||||
Class C | 24 | 43 | 149 | 61 | 44 | 37 | 28 | ||||||||||||||
Class E | 7 | 10 | 5 | 3 | 13 | –– | * | N/A | |||||||||||||
Class I | 1 | 140 | 3 | 5 | 5 | 25 | 11 | ||||||||||||||
Class Y | 5 | 6 | 5 | 15 | 11 | 2 | 12 | ||||||||||||||
Registration fees | 55 | 57 | 57 | 47 | 46 | 45 | 49 | ||||||||||||||
Custodian fees | 15 | 11 | 6 | 36 | 7 | 35 | 12 | ||||||||||||||
Trustees and Chief Compliance Officer fees | 3 | 8 | (1 | ) | –– | * | 4 | 1 | 3 | ||||||||||||
Accounting services fee | 48 | 78 | 41 | 51 | 48 | 47 | 35 | ||||||||||||||
Legal fees | 1 | 2 | 1 | 2 | 1 | 1 | 1 | ||||||||||||||
Audit fees | 18 | 11 | 15 | 23 | 14 | 23 | 33 | ||||||||||||||
Other | 17 | 58 | 22 | 40 | 29 | 34 | 14 | ||||||||||||||
Total Expenses | 1,484 | 3,325 | 1,782 | 3,080 | 1,910 | 2,164 | 1,241 | ||||||||||||||
Less: | |||||||||||||||||||||
Expenses in excess of limit | (3 | ) | (8 | ) | (3 | ) | (29 | ) | (9 | ) | –– | (216 | ) | ||||||||
Total Net Expenses | 1,481 | 3,317 | 1,779 | 3,051 | 1,901 | 2,164 | 1,025 | ||||||||||||||
Net Investment Income (Loss) | 3,146 | | (254 | ) | (660 | ) | 1,518 | | 897 | | 921 | 3,006 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||
Investments in unaffiliated securities | 5,761 | (1,782 | ) | 11,420 | (1,562 | ) | 1,526 | 901 | 1,099 | ||||||||||||
Futures contracts | (188 | ) | –– | –– | –– | –– | 668 | –– | |||||||||||||
Written options | –– | (51 | ) | –– | –– | –– | –– | –– | |||||||||||||
Forward foreign currency contracts | ��– | –– | –– | 5,832 | –– | 4,396 | 216 | ||||||||||||||
Foreign currency exchange transactions | –– | –– | –– | 193 | –– | (68 | ) | 1 | |||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||
Investments in unaffiliated securities | 5,637 | (17,688 | ) | (11,527 | ) | (6,851 | ) | (5,061 | ) | (1,881 | ) | 1,470 | |||||||||
Futures contracts | (18 | ) | –– | –– | –– | –– | –– | –– | |||||||||||||
Written options | –– | 421 | –– | –– | –– | –– | –– | ||||||||||||||
Forward foreign currency contracts | –– | –– | –– | (7,664 | ) | –– | (183 | ) | (300 | ) | |||||||||||
Foreign currency exchange transactions | –– | –– | 1 | (217 | ) | –– | 111 | 2 | |||||||||||||
Net Realized and Unrealized Gain (Loss) | 11,192 | (19,100 | ) | (106 | ) | (10,269 | ) | (3,535 | ) | 3,944 | 2,488 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 14,338 | | $ | (19,354 | ) | $ | (766 | ) | $ | (8,751 | ) | $ | (2,638 | ) | $ | 4,865 | $ | 5,494 |
*Not shown due to rounding.
(In thousands) | Ivy High Income Fund | Ivy International Balanced Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Large Cap Growth Fund | Ivy Limited- Term Bond Fund | Ivy Managed European/ Pacific Fund | ||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||
Dividends from unaffiliated securities | $ | 11 | $ | 4,430 | $ | 15,745 | $ | 3,066 | $ | 4,480 | $ | –– | $ | –– | |||||||
Foreign dividend withholding tax | –– | (478 | ) | (1,781 | ) | (260 | ) | (14 | ) | –– | –– | ||||||||||
Interest and amortization from unaffiliated securities | 61,968 | 2,216 | 39 | 8 | 21 | 17,076 | –– | * | |||||||||||||
Foreign interest withholding tax | –– | (1 | ) | –– | –– | –– | –– | –– | |||||||||||||
Total Investment Income | 61,979 | 6,167 | 14,003 | 2,814 | 4,487 | 17,076 | –– | * | |||||||||||||
EXPENSES | |||||||||||||||||||||
Investment management fee | 3,872 | 894 | 3,188 | 745 | 3,063 | 2,483 | 20 | ||||||||||||||
Distribution and service fees: | |||||||||||||||||||||
Class A | 849 | 225 | 541 | 119 | 561 | 844 | 93 | ||||||||||||||
Class B | 169 | 37 | 80 | 19 | 44 | 121 | 8 | ||||||||||||||
Class C | 1,345 | 110 | 433 | 141 | 233 | 1,221 | 10 | ||||||||||||||
Class E | 3 | 2 | 3 | –– | * | 1 | 1 | –– | * | ||||||||||||
Class R | N/A | N/A | N/A | N/A | 35 | N/A | N/A | ||||||||||||||
Class Y | 125 | 7 | 102 | 3 | 134 | 83 | 1 | ||||||||||||||
Shareholder servicing: | |||||||||||||||||||||
Class A | 677 | 328 | 640 | 171 | 572 | 506 | 44 | ||||||||||||||
Class B | 42 | 22 | 33 | 11 | 25 | 26 | 2 | ||||||||||||||
Class C | 184 | 32 | 95 | 69 | 53 | 142 | 2 | ||||||||||||||
Class E | 9 | 7 | 11 | –– | * | 4 | 1 | –– | * | ||||||||||||
Class I | 167 | 30 | 104 | 19 | 193 | 39 | –– | * | |||||||||||||
Class R | N/A | N/A | N/A | N/A | 14 | N/A | N/A | ||||||||||||||
Class Y | 83 | 4 | 67 | 3 | 83 | 53 | –– | * | |||||||||||||
Registration fees | 90 | 47 | 79 | 45 | 71 | 107 | 45 | ||||||||||||||
Custodian fees | 28 | 50 | 103 | 109 | 16 | 19 | 2 | ||||||||||||||
Trustees and Chief Compliance Officer fees | 21 | 3 | 11 | (1 | ) | 12 | 17 | 1 | |||||||||||||
Accounting services fee | 134 | 48 | 97 | 36 | 114 | 128 | 13 | ||||||||||||||
Legal fees | 6 | 1 | 3 | 1 | 4 | 5 | –– | * | |||||||||||||
Audit fees | 28 | 25 | 22 | 21 | 16 | 17 | 10 | ||||||||||||||
Other | 154 | 26 | 71 | –– | * | 88 | 70 | 11 | |||||||||||||
Total Expenses | 7,986 | 1,898 | 5,683 | 1,511 | 5,336 | 5,883 | 262 | ||||||||||||||
Less: | |||||||||||||||||||||
Expenses in excess of limit | (4 | ) | (5 | ) | (8 | ) | (1 | ) | (358 | ) | (2 | ) | –– | ||||||||
Total Net Expenses | 7,982 | 1,893 | 5,675 | 1,510 | 4,978 | 5,881 | 262 | ||||||||||||||
Net Investment Income (Loss) | 53,997 | 4,274 | 8,328 | 1,304 | (491 | ) | 11,195 | (262 | ) | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||
Investments in unaffiliated securities | 34,487 | 13,266 | 27,274 | 9,721 | (8,484 | ) | 2,390 | –– | |||||||||||||
Investments in affiliated securities | –– | –– | –– | –– | –– | –– | (1,900 | ) | |||||||||||||
Swap agreements | –– | –– | –– | 149 | –– | –– | –– | ||||||||||||||
Forward foreign currency contracts | 16 | 1,721 | –– | 1,823 | –– | –– | –– | ||||||||||||||
Foreign currency exchange transactions | 12 | (100 | ) | (110 | ) | (76 | ) | –– | –– | –– | |||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||
Investments in unaffiliated securities | (5,960 | ) | (4,520 | ) | (2,771 | ) | (8,282 | )(1) | (7,754 | ) | 21,910 | –– | |||||||||
Investments in affiliated securities | –– | –– | –– | –– | –– | –– | 6,734 | ||||||||||||||
Swap agreements | –– | –– | –– | 1,161 | –– | –– | –– | ||||||||||||||
Forward foreign currency contracts | (163 | ) | (538 | ) | –– | (1,554 | ) | –– | –– | –– | |||||||||||
Foreign currency exchange transactions | (147 | ) | 134 | 61 | 43 | –– | –– | –– | |||||||||||||
Net Realized and Unrealized Gain (Loss) | 28,245 | 9,963 | 24,454 | 2,985 | (16,238 | ) | 24,300 | 4,834 | |||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 82,242 | | $ | 14,237 | | $ | 32,782 | | $ | 4,289 | | $ | (16,729 | ) | $ | 35,495 | | $ | 4,572 |
*Not shown due to rounding.
(1)Net of India deferred taxes of $24.
(In thousands) | Ivy Managed International Opportunities Fund | Ivy Micro Cap Growth Fund | Ivy Mid Cap Growth Fund | Ivy Money Market Fund | Ivy Mortgage Securities Fund | Iv Municipal Bond Fund | Ivy Municipal High Income Fund | |||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||
Dividends from unaffiliated securities | $ | –– | $ | 16 | $ | 1,557 | $ | –– | $ | –– | $ | –– | $ | –– | ||||||||
Foreign dividend withholding tax | –– | (1 | ) | –– | –– | –– | –– | –– | ||||||||||||||
Interest and amortization from unaffiliated securities | –– | * | 2 | 11 | 588 | 1,163 | 2,017 | 3,201 | ||||||||||||||
Total Investment Income | –– | * | 17 | 1,568 | 588 | 1,163 | 2,017 | 3,201 | ||||||||||||||
EXPENSES | ||||||||||||||||||||||
Investment management fee | 39 | 185 | 1,213 | 466 | 348 | 219 | 319 | |||||||||||||||
Distribution and service fees: | ||||||||||||||||||||||
Class A | 186 | 45 | 221 | –– | 158 | 69 | 71 | |||||||||||||||
Class B | 16 | 3 | 35 | 45 | 17 | 9 | 13 | |||||||||||||||
Class C | 23 | 9 | 113 | 213 | 34 | 128 | 130 | |||||||||||||||
Class E | –– | * | N/A | 2 | –– | –– | * | N/A | N/A | |||||||||||||
Class R | N/A | N/A | 15 | N/A | N/A | N/A | N/A | |||||||||||||||
Class Y | –– | * | –– | * | 81 | N/A | 2 | 1 | 2 | |||||||||||||
Shareholder servicing: | ||||||||||||||||||||||
Class A | 67 | 73 | 317 | 131 | 270 | 32 | 23 | |||||||||||||||
Class B | 3 | 3 | 20 | 10 | 13 | 1 | 1 | |||||||||||||||
Class C | 2 | 4 | 29 | 32 | 12 | 14 | 7 | |||||||||||||||
Class E | –– | * | N/A | 7 | 5 | 2 | N/A | N/A | ||||||||||||||
Class I | –– | * | –– | * | 7 | N/A | –– | * | –– | * | 29 | |||||||||||
Class R | N/A | N/A | 6 | N/A | N/A | N/A | N/A | |||||||||||||||
Class Y | –– | * | –– | * | 51 | N/A | 1 | –– | * | 1 | ||||||||||||
Registration fees | 48 | 38 | 60 | 57 | 46 | 49 | 67 | |||||||||||||||
Custodian fees | 2 | 15 | 9 | 8 | 14 | 4 | 4 | |||||||||||||||
Trustees and Chief Compliance Officer fees | 3 | 1 | 3 | 3 | –– | * | 1 | 2 | ||||||||||||||
Accounting services fee | 21 | 16 | 51 | 46 | 34 | 24 | 28 | |||||||||||||||
Legal fees | 1 | –– | * | 1 | 8 | –– | * | –– | * | –– | * | |||||||||||
Audit fees | 10 | 12 | 14 | 9 | 30 | 16 | 16 | |||||||||||||||
Other | 15 | 9 | 30 | 16 | 11 | 4 | 4 | |||||||||||||||
Total Expenses | 436 | 413 | 2,285 | 1,049 | 992 | 571 | 717 | |||||||||||||||
Less: | ||||||||||||||||||||||
Expenses in excess of limit | –– | * | (21 | ) | (43 | ) | (485 | ) | (1 | ) | –– | * | (64 | ) | ||||||||
Total Net Expenses | 436 | 392 | 2,242 | 564 | 991 | 571 | 653 | |||||||||||||||
Net Investment Income (Loss) | (436 | ) | (375 | ) | (674 | ) | 24 | | 172 | | 1,446 | | 2,548 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||
Investments in unaffiliated securities | –– | 2,036 | 932 | (46 | ) | (2,080 | ) | (126 | ) | 7 | ||||||||||||
Investments in affiliated securities | (12,499 | ) | –– | –– | –– | –– | –– | –– | ||||||||||||||
Futures contracts | –– | –– | –– | –– | (492 | ) | –– | –– | ||||||||||||||
Written options | –– | –– | (371 | ) | –– | –– | –– | –– | ||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||
Investments in unaffiliated securities | –– | (333 | ) | 21,893 | –– | 8,041 | 3,622 | 6,055 | ||||||||||||||
Investments in affiliated securities | 19,513 | –– | –– | –– | –– | –– | –– | |||||||||||||||
Futures contracts | –– | –– | –– | –– | (68 | ) | –– | –– | ||||||||||||||
Written options | –– | –– | 188 | –– | –– | –– | –– | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 7,014 | 1,703 | 22,642 | (46 | ) | 5,401 | 3,496 | 6,062 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 6,578 | | $ | 1,328 | | $ | 21,968 | | $ | (22 | ) | $ | 5,573 | | $ | 4,942 | | $ | 8,610 |
*Not shown due to rounding.
(In thousands) | Ivy Pacific Opportunities Fund | Ivy Small Cap Growth Fund | Ivy Small Cap Value Fund | Ivy Tax- Managed Equity Fund | Ivy Value Fund | |||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends from unaffiliated securities | $ | 12,276 | $ | 926 | $ | 1,674 | $ | 30 | $ | 486 | ||||||
Foreign dividend withholding tax | (1,263 | ) | (16 | ) | (5 | ) | –– | * | –– | |||||||
Interest and amortization from unaffiliated securities | 29 | 28 | 10 | 1 | 2 | |||||||||||
Total Investment Income | 11,042 | 938 | 1,679 | 31 | 488 | |||||||||||
EXPENSES | ||||||||||||||||
Investment management fee | 3,286 | 1,954 | 1,028 | 19 | 229 | |||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 636 | 180 | 251 | 5 | 70 | |||||||||||
Class B | 78 | 39 | 32 | 2 | 12 | |||||||||||
Class C | 162 | 763 | 71 | 2 | 27 | |||||||||||
Class E | –– | * | 2 | –– | * | N/A | –– | * | ||||||||
Class R | N/A | 14 | N/A | N/A | N/A | |||||||||||
Class Y | 11 | 159 | 24 | 1 | 1 | |||||||||||
Shareholder servicing: | ||||||||||||||||
Class A | 978 | 255 | 473 | 5 | 137 | |||||||||||
Class B | 56 | 24 | 31 | –– | * | 15 | ||||||||||
Class C | 59 | 207 | 35 | –– | * | 13 | ||||||||||
Class E | –– | * | 8 | –– | * | N/A | –– | * | ||||||||
Class I | 90 | 17 | 1 | –– | * | –– | * | |||||||||
Class R | N/A | 6 | N/A | N/A | N/A | |||||||||||
Class Y | 7 | 98 | 17 | –– | * | 1 | ||||||||||
Registration fees | 65 | 63 | 54 | 56 | 49 | |||||||||||
Custodian fees | 262 | 12 | 8 | 2 | 4 | |||||||||||
Trustees and Chief Compliance Officer fees | 9 | –– | * | 3 | –– | * | –– | * | ||||||||
Accounting services fee | 88 | 70 | 48 | –– | 23 | |||||||||||
Legal fees | 2 | 2 | 1 | –– | * | –– | * | |||||||||
Audit fees | 24 | 20 | 19 | 8 | 13 | |||||||||||
Other | 72 | 38 | 34 | 2 | 13 | |||||||||||
Total Expenses | 5,885 | 3,931 | 2,130 | 102 | 607 | |||||||||||
Less: | ||||||||||||||||
Expenses in excess of limit | –– | (6 | ) | –– | (25 | ) | (25 | ) | ||||||||
Total Net Expenses | 5,885 | 3,925 | 2,130 | 77 | 582 | |||||||||||
Net Investment Income (Loss) | 5,157 | (2,987 | ) | (451 | ) | (46 | ) | (94 | ) | |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments in unaffiliated securities | 34,960 | 2,318 | 8,494 | (128 | ) | 2,698 | ||||||||||
Futures contracts | –– | (162 | ) | (2,351 | ) | –– | (352 | ) | ||||||||
Written options | –– | –– | (640 | ) | –– | 156 | ||||||||||
Forward foreign currency contracts | (902 | ) | –– | –– | –– | –– | ||||||||||
Foreign currency exchange transactions | (954 | ) | –– | 4 | –– | –– | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments in unaffiliated securities | 12,525 | (1) | 37,105 | (9,791 | ) | 72 | (4,316 | ) | ||||||||
Investments in affiliated securities | (185 | ) | –– | –– | –– | –– | ||||||||||
Written options | –– | –– | (53 | ) | –– | (78 | ) | |||||||||
Forward foreign currency contracts | (3,219 | ) | –– | –– | –– | –– | ||||||||||
Foreign currency exchange transactions | 459 | (1 | ) | –– | –– | –– | ||||||||||
Net Realized and Unrealized Gain (Loss) | 42,684 | 39,260 | (4,337 | ) | (56 | ) | (1,892 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 47,841 | $ | 36,273 | $ | (4,788 | ) | $ | (102 | ) | $ | (1,986 | ) | |||
*Not shown due to rounding.
(1)Net of India deferred taxes of $822.
Ivy Bond Fund | Ivy Capital Appreciation Fund | Ivy Core Equity Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 3,146 | $ | 5,201 | $ | (254 | ) | $ | 820 | $ | (660 | ) | $ | (365 | ) | |||||||||
Net realized gain (loss) on investments | 5,573 | 1,889 | (1,833 | ) | (47,311 | ) | 11,420 | 23,007 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 5,619 | 13,798 | (17,267 | ) | 223,605 | (11,526 | ) | 45,926 | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,338 | 20,888 | (19,354 | ) | 177,114 | (766 | ) | 68,568 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (2,961 | ) | (4,510 | ) | –– | (102 | ) | –– | –– | |||||||||||||||
Class B | (67 | ) | (102 | ) | –– | –– | –– | –– | ||||||||||||||||
Class C | (289 | ) | (437 | ) | –– | –– | –– | –– | ||||||||||||||||
Class E | (38 | ) | (61 | ) | –– | (3 | ) | –– | –– | |||||||||||||||
Class I | (13 | ) | (23 | ) | –– | (433 | ) | –– | –– | |||||||||||||||
Class Y | (97 | ) | (151 | ) | –– | (2 | ) | –– | –– | |||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class E | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class I | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class Y | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Tax return of capital: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | (186 | ) | |||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class E | –– | –– | –– | –– | –– | (2 | ) | |||||||||||||||||
Class I | –– | –– | –– | –– | –– | (12 | ) | |||||||||||||||||
Class Y | –– | –– | –– | –– | –– | (19 | ) | |||||||||||||||||
Total Distributions to Shareholders | (3,465 | ) | (5,284 | ) | –– | (540 | ) | –– | (219 | ) | ||||||||||||||
Capital Share Transactions | 64,903 | 69,906 | (27,832 | ) | 35,526 | 370 | (9,772 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 75,776 | 85,510 | (47,186 | ) | 212,100 | (396 | ) | 58,577 | ||||||||||||||||
Net Assets, Beginning of Period | 202,390 | | 116,880 | | 582,542 | | 370,442 | 207,609 | | 149,032 | ||||||||||||||
Net Assets, End of Period | $ | 278,166 | | $ | 202,390 | | $ | 535,356 | | $ | 582,542 | $ | 207,213 | | $ | 207,609 | ||||||||
Undistributed (distributions in excess of) net investment income | $(318 | ) | $ –– | $15 | $269 | $(738 | ) | $(78 | ) | |||||||||||||||
Ivy Cundill Global Value Fund | Ivy Dividend Opportunities Fund | Ivy European Opportunities Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,518 | $ | 1,568 | $ | 897 | $ | 2,118 | $ | 921 | $ | 3,321 | ||||||||||||
Net realized gain (loss) on investments | 4,463 | (18,208 | ) | 1,526 | (11,910 | ) | 5,897 | (20,150 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (14,732 | ) | 142,172 | (5,061 | ) | 85,623 | (1,953 | ) | 96,981 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (8,751 | ) | 125,532 | (2,638 | ) | 75,831 | 4,865 | 80,152 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | –– | (1,702 | ) | (811 | ) | (1,538 | ) | –– | (3,004 | ) | ||||||||||||||
Class B | –– | (48 | ) | (3 | ) | (7 | ) | –– | (101 | ) | ||||||||||||||
Class C | –– | (172 | ) | (64 | ) | (113 | ) | –– | (267 | ) | ||||||||||||||
Class E | –– | (4 | ) | (11 | ) | (20 | ) | –– | (1 | ) | ||||||||||||||
Class I | –– | (60 | ) | (37 | ) | (73 | ) | –– | (672 | ) | ||||||||||||||
Class Y | –– | (135 | ) | (75 | ) | (174 | ) | –– | (55 | ) | ||||||||||||||
Advisor Class | N/A | (24 | ) | N/A | N/A | N/A | (16 | ) | ||||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class E | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class I | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class Y | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Advisor Class | N/A | –– | N/A | N/A | N/A | –– | ||||||||||||||||||
Tax return of capital: | ||||||||||||||||||||||||
Class A | –– | (530 | ) | –– | –– | –– | –– | |||||||||||||||||
Class B | –– | (14 | ) | –– | –– | –– | –– | |||||||||||||||||
Class C | –– | (54 | ) | –– | –– | –– | –– | |||||||||||||||||
Class E | –– | (1 | ) | –– | –– | –– | –– | |||||||||||||||||
Class I | –– | (18 | ) | –– | –– | –– | –– | |||||||||||||||||
Class Y | –– | (42 | ) | –– | –– | –– | –– | |||||||||||||||||
Advisor Class | N/A | (7 | ) | N/A | N/A | N/A | –– | |||||||||||||||||
Total Distributions to Shareholders | –– | (2,811 | ) | (1,001 | ) | (1,925 | ) | –– | (4,116 | ) | ||||||||||||||
Capital Share Transactions | (20,955 | ) | (59,890 | ) | 15,037 | (12,116 | ) | (13,386 | ) | (7,534 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets | (29,706 | ) | 62,831 | 11,398 | 61,790 | (8,521 | ) | 68,502 | ||||||||||||||||
Net Assets, Beginning of Period | 340,753 | 277,922 | 259,400 | 197,610 | 254,909 | 186,407 | ||||||||||||||||||
Net Assets, End of Period | $ | 311,047 | $ | 340,753 | $ | 270,798 | $ | 259,400 | $ | 246,388 | $ | 254,909 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $936 | $(775 | ) | $388 | $492 | $1,419 | $566 | |||||||||||||||||
Ivy Global Bond Fund | Ivy High Income Fund | Ivy International Balanced Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 3,006 | $ | 4,099 | $ | 53,997 | $ | 72,621 | $ | 4,274 | $ | 4,980 | ||||||||||||
Net realized gain (loss) on investments | 1,316 | (265 | ) | 34,515 | 61,475 | 14,887 | (48,925 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 1,172 | 8,019 | (6,270 | ) | 121,009 | (4,924 | ) | 122,706 | ||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 5,494 | 11,853 | 82,242 | 255,105 | 14,237 | 78,761 | ||||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (1,653 | ) | (1,829 | ) | (28,614 | ) | (42,361 | ) | –– | (264 | ) | |||||||||||||
Class B | (71 | ) | (134 | ) | (1,289 | ) | (1,660 | ) | –– | (2 | ) | |||||||||||||
Class C | (488 | ) | (529 | ) | (10,408 | ) | (12,912 | ) | –– | (29 | ) | |||||||||||||
Class E | N/A | N/A | (103 | ) | (140 | ) | –– | (2 | ) | |||||||||||||||
Class I | (248 | ) | (309 | ) | (9,439 | ) | (10,612 | ) | –– | (92 | ) | |||||||||||||
Class Y | (242 | ) | (332 | ) | (4,225 | ) | (6,568 | ) | –– | (3 | ) | |||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | (12,080 | ) | –– | –– | |||||||||||||||||
Class B | –– | –– | –– | (538 | ) | –– | –– | |||||||||||||||||
Class C | –– | –– | –– | (4,406 | ) | –– | –– | |||||||||||||||||
Class E | N/A | N/A | –– | (40 | ) | –– | –– | |||||||||||||||||
Class I | –– | –– | –– | (3,230 | ) | –– | –– | |||||||||||||||||
Class Y | –– | –– | –– | (1,898 | ) | –– | –– | |||||||||||||||||
Total Distributions to Shareholders | (2,702 | ) | (3,133 | ) | (54,078 | ) | (96,445 | ) | –– | (392 | ) | |||||||||||||
Capital Share Transactions | 43,666 | 82,317 | 246,469 | 731,206 | (12,529 | ) | (2,561 | ) | ||||||||||||||||
Net Increase in Net Assets | 46,458 | 91,037 | 274,633 | 889,866 | 1,708 | 75,808 | ||||||||||||||||||
Net Assets, Beginning of Period | 155,440 | 64,403 | 1,232,528 | 342,662 | 266,155 | 190,347 | ||||||||||||||||||
Net Assets, End of Period | $ | 201,898 | $ | 155,440 | $ | 1,507,161 | $ | 1,232,528 | $ | 267,863 | $ | 266,155 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $378 | $171 | $ –– | $69 | $4,150 | $(23 | ) | |||||||||||||||||
Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Large Cap Growth Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 8,328 | $ | 5,016 | $ | 1,304 | $ | 1,514 | $ | (491 | ) | $ | 2,719 | |||||||||||
Net realized gain (loss) on investments | 27,164 | 37,944 | 11,617 | 4,169 | (8,484 | ) | 24,816 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | (2,710 | ) | 114,761 | (8,632 | ) | 55,651 | (7,754 | ) | 209,474 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 32,782 | 157,721 | 4,289 | 61,334 | (16,729 | ) | 237,009 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | –– | (2,498 | ) | –– | (980 | ) | –– | (1,881 | ) | |||||||||||||||
Class B | –– | (23 | ) | –– | (9 | ) | –– | –– | ||||||||||||||||
Class C | –– | (255 | ) | –– | (78 | ) | –– | –– | ||||||||||||||||
Class E | –– | (14 | ) | –– | (1 | ) | –– | (4 | ) | |||||||||||||||
Class I | –– | (918 | ) | –– | (407 | ) | –– | (1,487 | ) | |||||||||||||||
Class R | N/A | N/A | N/A | N/A | –– | (10 | ) | |||||||||||||||||
Class Y | –– | (987 | ) | –– | (33 | ) | –– | (506 | ) | |||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class E | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class I | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class R | N/A | N/A | N/A | N/A | –– | –– | ||||||||||||||||||
Class Y | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Total Distributions to Shareholders | –– | (4,695 | ) | –– | (1,508 | ) | –– | (3,888 | ) | |||||||||||||||
Capital Share Transactions | 126,268 | 327,499 | (20,111 | ) | 7,007 | (90,622 | ) | 126,008 | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 159,050 | 480,525 | (15,822 | ) | 66,833 | (107,351 | ) | 359,129 | ||||||||||||||||
Net Assets, Beginning of Period | 715,249 | 234,724 | 194,721 | | 127,888 | 919,563 | | 560,434 | ||||||||||||||||
Net Assets, End of Period | $ | 874,299 | $ | 715,249 | $ | 178,899 | | $ | 194,721 | $ | 812,212 | | $ | 919,563 | ||||||||||
Undistributed (distributions in excess of) net investment income | $8,643 | $425 | $1,354 | $127 | $(535 | ) | $(44 | ) | ||||||||||||||||
Ivy Limited-Term Bond Fund | Ivy Managed European/Pacific Fund | Ivy Managed International Opportunities Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 11,195 | $ | 18,189 | $ | (262 | ) | $ | (165 | ) | $ | (436 | ) | $ | 339 | |||||||||
Net realized gain (loss) on investments | 2,390 | 4,038 | (1,900 | ) | (7,519 | ) | (12,499 | ) | (5,722 | ) | ||||||||||||||
Net change in unrealized appreciation | 21,910 | 13,823 | 6,734 | 33,262 | 19,513 | 52,912 | ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 35,495 | 36,050 | 4,572 | 25,578 | 6,578 | 47,529 | ||||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (8,306 | ) | (12,151 | ) | –– | (20 | ) | –– | (338 | ) | ||||||||||||||
Class B | (198 | ) | (434 | ) | –– | –– | –– | –– | ||||||||||||||||
Class C | (2,136 | ) | (4,066 | ) | –– | –– | * | –– | –– | |||||||||||||||
Class E | (7 | ) | (4 | ) | –– | –– | * | –– | (1 | ) | ||||||||||||||
Class I | (685 | ) | (843 | ) | –– | –– | * | –– | (1 | ) | ||||||||||||||
Class Y | (815 | ) | (1,414 | ) | –– | –– | * | –– | (1 | ) | ||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | (1,112 | ) | –– | –– | –– | –– | |||||||||||||||||
Class B | –– | (48 | ) | –– | –– | –– | –– | |||||||||||||||||
Class C | –– | (465 | ) | –– | –– | –– | –– | |||||||||||||||||
Class E | –– | (1 | ) | –– | –– | –– | –– | |||||||||||||||||
Class I | –– | (77 | ) | –– | –– | –– | –– | |||||||||||||||||
Class Y | –– | (128 | ) | –– | –– | –– | –– | |||||||||||||||||
Tax return of capital: | ||||||||||||||||||||||||
Class A | –– | –– | –– | (90 | ) | –– | (271 | ) | ||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | * | –– | –– | |||||||||||||||||
Class E | –– | –– | –– | –– | * | –– | –– | * | ||||||||||||||||
Class I | –– | –– | –– | –– | * | –– | –– | * | ||||||||||||||||
Class Y | –– | –– | –– | (2 | ) | –– | (1 | ) | ||||||||||||||||
Total Distributions to Shareholders | (12,147 | ) | (20,743 | ) | –– | (112 | ) | –– | (613 | ) | ||||||||||||||
Capital Share Transactions | 289,419 | | 372,930 | 302 | | 12,723 | | 2,546 | | 24,330 | ||||||||||||||
Net Increase in Net Assets | 312,767 | 388,237 | 4,874 | 38,189 | 9,124 | 71,246 | ||||||||||||||||||
Net Assets, Beginning of Period | 898,720 | | 510,483 | 79,667 | | 41,478 | | 160,821 | | 89,575 | ||||||||||||||
Net Assets, End of Period | $ | 1,211,487 | | $ | 898,720 | $ | 84,541 | | $ | 79,667 | | $ | 169,945 | | $ | 160,821 | ||||||||
Distributions in excess of net investment income | $(952 | ) | $ –– | $(263 | ) | $(1 | ) | $(439 | ) | $(3 | ) | |||||||||||||
*Not shown due to rounding.
Ivy Micro Cap Growth Fund | Ivy Mid Cap Growth Fund | Ivy Money Market Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (375 | ) | $ | (356 | ) | $ | (674 | ) | $ | (869 | ) | $ | 24 | $ | 1,211 | ||||||||
Net realized gain (loss) on investments | 2,036 | 1,380 | 561 | 6,075 | (46 | ) | 65 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | (333 | ) | 5,434 | 22,081 | 65,750 | –– | –– | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,328 | 6,458 | 21,968 | 70,956 | (22 | ) | 1,276 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | (18 | ) | (1,081 | ) | ||||||||||||||||
Class B | –– | –– | –– | –– | (1 | ) | (20 | ) | ||||||||||||||||
Class C | –– | –– | –– | –– | (4 | ) | (89 | ) | ||||||||||||||||
Class E | N/A | N/A | –– | –– | (1 | ) | (21 | ) | ||||||||||||||||
Class I | –– | –– | –– | –– | N/A | N/A | ||||||||||||||||||
Class R | N/A | N/A | –– | –– | N/A | N/A | ||||||||||||||||||
Class Y | –– | –– | –– | –– | N/A | N/A | ||||||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | (525 | ) | –– | –– | –– | (26 | ) | ||||||||||||||||
Class B | –– | (10 | ) | –– | –– | –– | (2 | ) | ||||||||||||||||
Class C | –– | (22 | ) | –– | –– | –– | (10 | ) | ||||||||||||||||
Class E | N/A | N/A | –– | –– | –– | (1 | ) | |||||||||||||||||
Class I | –– | (11 | ) | –– | –– | N/A | N/A | |||||||||||||||||
Class R | N/A | N/A | –– | –– | N/A | N/A | ||||||||||||||||||
Class Y | –– | (4 | ) | –– | –– | N/A | N/A | |||||||||||||||||
Total Distributions to Shareholders | –– | (572 | ) | –– | –– | (24 | ) | (1,250 | ) | |||||||||||||||
Capital Share Transactions | 18,248 | 20,151 | 90,683 | 85,365 | (6,445 | ) | (86,579 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 19,576 | 26,037 | 112,651 | 156,321 | (6,491 | ) | (86,553 | ) | ||||||||||||||||
Net Assets, Beginning of Period | 29,761 | | 3,724 | | 251,359 | | 95,038 | | 247,428 | | 333,981 | |||||||||||||
Net Assets, End of Period | $ | 49,337 | | $ | 29,761 | | $ | 364,010 | | $ | 251,359 | | $ | 240,937 | | $ | 247,428 | |||||||
Distributions in excess of net investment income | $(589 | ) | $(213 | ) | $(704 | ) | $(30 | ) | $ –– | $ –– | ||||||||||||||
Ivy Mortgage Securities Fund | Ivy Municipal Bond Fund | Ivy Municipal High Income Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10(1) | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 172 | $ | 5,201 | $ | 1,446 | $ | 2,460 | $ | 2,548 | $ | 731 | ||||||||||||
Net realized gain (loss) on investments | (2,572 | ) | (20,061 | ) | (126 | ) | (82 | ) | 7 | 123 | ||||||||||||||
Net change in unrealized appreciation | 7,973 | 31,110 | 3,622 | 4,332 | 6,055 | 1,516 | ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 5,573 | 16,250 | 4,942 | 6,710 | 8,610 | 2,370 | ||||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (2,330 | ) | (6,120 | ) | (1,024 | ) | (1,638 | ) | (1,178 | ) | (361 | ) | ||||||||||||
Class B | (46 | ) | (147 | ) | (25 | ) | (54 | ) | (46 | ) | (54 | ) | ||||||||||||
Class C | (102 | ) | (286 | ) | (376 | ) | (754 | ) | (433 | ) | (135 | ) | ||||||||||||
Class E | (6 | ) | (15 | ) | N/A | N/A | N/A | N/A | ||||||||||||||||
Class I | (11 | ) | (25 | ) | (8 | ) | (7 | ) | (801 | ) | (113 | ) | ||||||||||||
Class Y | (27 | ) | (125 | ) | (8 | ) | (8 | ) | (31 | ) | (36 | ) | ||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | (14 | ) | |||||||||||||||||
Class B | –– | –– | –– | –– | –– | (2 | ) | |||||||||||||||||
Class C | –– | –– | –– | –– | –– | (6 | ) | |||||||||||||||||
Class E | –– | –– | N/A | N/A | N/A | N/A | ||||||||||||||||||
Class I | –– | –– | –– | –– | –– | (3 | ) | |||||||||||||||||
Class Y | –– | –– | –– | –– | –– | (1 | ) | |||||||||||||||||
Total Distributions to Shareholders | (2,522 | ) | (6,718 | ) | (1,441 | ) | (2,461 | ) | (2,489 | ) | (725 | ) | ||||||||||||
Capital Share Transactions | (31,817 | ) | (17,210 | ) | 20,313 | 10,642 | 208,052 | 37,570 | ||||||||||||||||
Net Increase (Decrease) in Net Assets | (28,766 | ) | (7,678 | ) | 23,814 | 14,891 | 214,173 | 39,215 | ||||||||||||||||
Net Assets, Beginning of Period | 141,772 | | 149,450 | | 71,459 | 56,568 | 43,879 | 4,664 | ||||||||||||||||
Net Assets, End of Period | $ | 113,006 | | $ | 141,772 | | $ | 95,273 | $ | 71,459 | $ | 258,052 | $ | 43,879 | ||||||||||
Undistributed (distributions in excess of) net investment income | $(2,350 | ) | $ –– | $12 | $7 | $92 | $32 | |||||||||||||||||
(1)For the period from May 18, 2009 (commencement of operations) through September 30, 2010.
Ivy Pacific Opportunities Fund | Ivy Small Cap Growth Fund | Ivy Small Cap Value Fund | ||||||||||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 5,157 | $ | (3,491 | ) | $ | (2,987 | ) | $ | (4,832 | ) | $ | (451 | ) | $ | (1,072 | ) | |||||||
Net realized gain on investments | 33,104 | 10,155 | 2,156 | 34,465 | 5,507 | 17,283 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 9,580 | 224,499 | 37,104 | 126,279 | (9,844 | ) | 57,014 | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 47,841 | 231,163 | 36,273 | 155,912 | (4,788 | ) | 73,225 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class E | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class I | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class R | N/A | N/A | –– | –– | N/A | N/A | ||||||||||||||||||
Class Y | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Advisor Class | N/A | –– | N/A | N/A | N/A | N/A | ||||||||||||||||||
Net realized gains: | ||||||||||||||||||||||||
Class A | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class B | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class C | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class E | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Class I | –– | –– | –– | –– | –– | –��� | ||||||||||||||||||
Class R | N/A | N/A | –– | –– | N/A | N/A | ||||||||||||||||||
Class Y | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Advisor Class | N/A | –– | N/A | N/A | N/A | N/A | ||||||||||||||||||
Total Distributions to Shareholders | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Capital Share Transactions | 22,030 | 133,582 | 46,048 | 25,973 | (2,567 | ) | 46,226 | |||||||||||||||||
Net Increase (Decrease) in Net Assets | 69,871 | 364,745 | 82,321 | 181,885 | (7,355 | ) | 119,451 | |||||||||||||||||
Net Assets, Beginning of Period | 678,391 | 313,646 | 431,435 | 249,550 | 244,536 | 125,085 | ||||||||||||||||||
Net Assets, End of Period | $ | 748,262 | $ | 678,391 | $ | 513,756 | $ | 431,435 | $ | 237,181 | $ | 244,536 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $4,131 | $(72 | ) | $(3,106 | ) | $(119 | ) | $(467 | ) | $(20 | ) | |||||||||||||
Ivy Tax-Managed Equity Fund | Ivy Value Fund | |||||||||||||||
(In thousands) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10(1) | Six months ended 9-30-10 (Unaudited) | Fiscal year ended 3-31-10 | ||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (46 | ) | $ | (36 | ) | $ | (94 | ) | $ | 70 | |||||
Net realized gain (loss) on investments | (128 | ) | (10 | ) | 2,502 | 191 | ||||||||||
Net change in unrealized appreciation (depreciation) | 72 | 669 | (4,394 | ) | 21,772 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (102 | ) | 623 | (1,986 | ) | 22,033 | ||||||||||
Distributions to Shareholders From: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | –– | –– | –– | (80 | ) | |||||||||||
Class B | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | –– | ||||||||||||
Class E | N/A | N/A | –– | –– | * | |||||||||||
Class I | –– | –– | –– | (1 | ) | |||||||||||
Class Y | –– | –– | –– | (2 | ) | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | –– | –– | –– | –– | ||||||||||||
Class B | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | –– | ||||||||||||
Class E | N/A | N/A | –– | –– | ||||||||||||
Class I | –– | –– | –– | –– | ||||||||||||
Class Y | –– | –– | –– | –– | ||||||||||||
Tax return of capital: | ||||||||||||||||
Class A | –– | –– | –– | (73 | ) | |||||||||||
Class B | –– | –– | –– | –– | ||||||||||||
Class C | –– | –– | –– | –– | ||||||||||||
Class E | N/A | N/A | –– | (1 | ) | |||||||||||
Class I | –– | –– | –– | –– | * | |||||||||||
Class Y | –– | –– | –– | (1 | ) | |||||||||||
Total Distributions to Shareholders | –– | –– | –– | (158 | ) | |||||||||||
Capital Share Transactions | 2,123 | | 4,038 | | 7,591 | | 4,894 | |||||||||
Net Increase in Net Assets | 2,021 | 4,661 | 5,605 | 26,769 | ||||||||||||
Net Assets, Beginning of Period | 4,859 | | 198 | | 65,463 | | 38,694 | |||||||||
Net Assets, End of Period | $ | 6,880 | | $ | 4,859 | | $ | 71,068 | | $ | 65,463 | |||||
Undistributed (distributions in excess of) net investment income | $(46 | ) | $ –– | * | $192 | $286 | ||||||||||
*Not shown due to rounding.
(1)For the period from May 18, 2009 (commencement of operations) through September 30, 2010.
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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 9-30-2010 (unaudited) | $ | 9.82 | $ | 0.14 | (2) | $ | 0.47 | (2) | $ | 0.61 | $ | (0.15 | ) | $ | –– | $ | (0.15 | ) | ||||
Fiscal year ended 3-31-2010 | 8.76 | 0.33 | (2) | 1.07 | (2) | 1.40 | (0.34 | ) | –– | (0.34 | ) | |||||||||||
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 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 9.82 | 0.09 | (2) | 0.47 | (2) | 0.56 | (0.10 | ) | –– | (0.10 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.76 | 0.22 | (2) | 1.07 | (2) | 1.29 | (0.23 | ) | –– | (0.23 | ) | |||||||||||
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 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 9.82 | 0.11 | (2) | 0.47 | (2) | 0.58 | (0.12 | ) | –– | (0.12 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.76 | 0.28 | (2) | 1.06 | (2) | 1.34 | (0.28 | ) | –– | (0.28 | ) | |||||||||||
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 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 9.82 | 0.14 | (2) | 0.47 | (2) | 0.61 | (0.15 | ) | –– | (0.15 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.76 | 0.34 | (2) | 1.07 | (2) | 1.41 | (0.35 | ) | –– | (0.35 | ) | |||||||||||
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 9-30-2010 (unaudited) | 9.82 | 0.16 | (2) | 0.47 | (2) | 0.63 | (0.17 | ) | –– | (0.17 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.76 | 0.38 | (2) | 1.06 | (2) | 1.44 | (0.38 | ) | –– | (0.38 | ) | |||||||||||
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 9-30-2010 (unaudited) | 9.82 | 0.15 | (2) | 0.47 | (2) | 0.62 | (0.16 | ) | –– | (0.16 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 8.76 | 0.35 | (2) | 1.07 | (2) | 1.42 | (0.36 | ) | –– | (0.36 | ) | |||||||||||
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 | ) |
*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.
| 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 9-30-2010 (unaudited) | $ | 10.28 | 6.28 | %(3) | $ | 229 | 1.13 | %(4) | 2.73 | %(4) | –– | % | –– | % | 229 | % | ||||||||
Fiscal year ended 3-31-2010 | 9.82 | 16.27 | (3) | 168 | 1.21 | 3.58 | –– | –– | 410 | |||||||||||||||
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 | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.28 | 5.72 | 8 | 2.19 | (4) | 1.70 | (4) | –– | –– | 229 | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.82 | 14.84 | 6 | 2.41 | 2.36 | –– | –– | 410 | ||||||||||||||||
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 | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.28 | 5.90 | 31 | 1.84 | (4) | 1.98 | (4) | –– | –– | 229 | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.82 | 15.44 | 19 | 1.95 | 2.87 | –– | –– | 410 | ||||||||||||||||
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 | ||||||||||||||||
Class E Shares | ||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.28 | 6.24 | (3) | 3 | 1.21 | (4) | 2.67 | (4) | 1.49 | (4) | 2.39 | (4) | 229 | |||||||||||
Fiscal year ended 3-31-2010 | 9.82 | 16.30 | (3) | 2 | 1.21 | 3.56 | 1.68 | 3.09 | 410 | |||||||||||||||
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 9-30-2010 (unaudited) | 10.28 | 6.45 | 1 | 0.82 | (4) | 3.05 | (4) | –– | –– | 229 | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.82 | 16.73 | 1 | 0.84 | 3.84 | –– | –– | 410 | ||||||||||||||||
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 9-30-2010 (unaudited) | 10.28 | 6.33 | 7 | 1.05 | (4) | 2.85 | (4) | –– | –– | 229 | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.82 | 16.41 | 6 | 1.09 | 3.58 | –– | –– | 410 | ||||||||||||||||
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 |
IVY CAPITAL APPRECIATION 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 9-30-2010 (unaudited) | $ | 8.63 | $ | (0.01 | )(2) | $ | (0.26 | )(2) | $ | (0.27 | ) | $ | –– | $ | –– | $ | –– | |||||
Fiscal year ended 3-31-2010 | 5.87 | 0.01 | (2) | 2.75 | (2) | 2.76 | –– | * | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.71 | (0.01 | )(2) | (3.83 | )(2) | (3.84 | ) | –– | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2008 | 10.09 | 0.00 | (2) | (0.27 | )(2) | (0.27 | ) | –– | (0.11 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 9.16 | 0.00 | (2) | 0.93 | (2) | 0.93 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 7.99 | (0.03 | )(2) | 1.20 | (2) | 1.17 | –– | –– | –– | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 7.89 | (0.04 | )(2) | (0.25 | )(2) | (0.29 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 5.42 | (0.06 | )(2) | 2.53 | (2) | 2.47 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 9.05 | (0.14 | ) | (3.49 | ) | (3.63 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 9.43 | (0.10 | )(2) | (0.25 | )(2) | (0.35 | ) | –– | (0.03 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 8.65 | (0.09 | )(2) | 0.87 | (2) | 0.78 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 7.62 | (0.11 | )(2) | 1.14 | (2) | 1.03 | –– | –– | –– | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 7.94 | (0.03 | )(2) | (0.25 | )(2) | (0.28 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 5.44 | (0.04 | )(2) | 2.54 | (2) | 2.50 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 9.06 | (0.09 | ) | (3.53 | ) | (3.62 | ) | –– | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2008 | 9.45 | (0.08 | )(2) | (0.28 | )(2) | (0.36 | ) | –– | (0.03 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 8.64 | (0.07 | )(2) | 0.88 | (2) | 0.81 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 7.60 | (0.09 | )(2) | 1.13 | (2) | 1.04 | –– | –– | –– | |||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.66 | 0.00 | (2) | (0.27 | )(2) | (0.27 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 5.88 | 0.02 | (2) | 2.77 | (2) | 2.79 | (0.01 | ) | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.70 | (0.01 | ) | (3.81 | ) | (3.82 | ) | –– | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.12 | (0.03 | )(2) | (0.30 | )(2) | (0.33 | ) | –– | (0.09 | ) | –– | |||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.71 | 0.01 | (2) | (0.27 | )(2) | (0.26 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 5.92 | 0.04 | (2) | 2.77 | (2) | 2.81 | (0.02 | ) | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.74 | 0.02 | (2) | (3.84 | )(2) | (3.82 | ) | –– | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.14 | 0.02 | (2) | (0.29 | )(2) | (0.27 | ) | –– | (0.13 | ) | –– | |||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.67 | 0.00 | (2) | (0.27 | )(2) | (0.27 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 5.90 | 0.01 | (2) | 2.76 | (2) | 2.77 | –– | * | –– | –– | ||||||||||||
Fiscal year ended 3-31-2009 | 9.73 | 0.00 | (3.83 | ) | (3.83 | ) | –– | –– | –– | * | ||||||||||||
Fiscal year ended 3-31-2008 | 10.10 | 0.00 | (2) | (0.26 | )(2) | (0.26 | ) | –– | (0.11 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 9.16 | 0.01 | (2) | 0.93 | (2) | 0.94 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 7.99 | (0.02 | )(2) | 1.19 | (2) | 1.17 | –– | –– | –– |
*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.
| Total Distributions | 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 9-30-2010 (unaudited) | $ | –– | $ | 8.36 | - -3.13 | %(3) | $ | 315 | 1.27 | %(4) | - -0.15 | %(4) | –– | % | –– | % | 18 | % | ||||||||||
Fiscal year ended 3-31-2010 | –– | * | 8.63 | 47.07 | (3) | 337 | 1.28 | 0.12 | –– | –– | 42 | |||||||||||||||||
Fiscal year ended 3-31-2009 | –– | * | 5.87 | - -39.54 | (3) | 196 | 1.31 | - -0.18 | –– | –– | 77 | |||||||||||||||||
Fiscal year ended 3-31-2008 | (0.11 | ) | 9.71 | - -2.83 | (3) | 393 | 1.15 | - -0.01 | –– | –– | 81 | |||||||||||||||||
Fiscal year ended 3-31-2007 | –– | 10.09 | 10.15 | (3) | 58 | 1.35 | 0.05 | 1.40 | 0.00 | 95 | ||||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 9.16 | 14.64 | (3) | 36 | 1.30 | - -0.29 | 1.55 | - -0.54 | 60 | ||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 7.60 | - -3.68 | 6 | 2.17 | (4) | - -1.04 | (4) | –– | –– | 18 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 7.89 | 45.57 | 7 | 2.23 | - -0.81 | –– | –– | 42 | |||||||||||||||||||
Fiscal year ended 3-31-2009 | –– | 5.42 | -40.11 | 5 | 2.29 | - -1.17 | –– | –– | 77 | |||||||||||||||||||
Fiscal year ended 3-31-2008 | (0.03 | ) | 9.05 | - -3.76 | 12 | 2.13 | - -0.99 | –– | –– | 81 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | –– | 9.43 | 9.02 | 4 | 2.47 | - -1.07 | 2.51 | - -1.11 | 95 | |||||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 8.65 | 13.52 | 2 | 2.31 | - -1.30 | 2.56 | - -1.55 | 60 | |||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 7.66 | - -3.53 | 35 | 1.95 | (4) | - -0.83 | (4) | –– | –– | 18 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 7.94 | 45.96 | 46 | 2.02 | - -0.60 | –– | –– | 42 | |||||||||||||||||||
Fiscal year ended 3-31-2009 | –– | * | 5.44 | - -39.95 | 40 | 2.03 | - -0.91 | –– | –– | 77 | ||||||||||||||||||
Fiscal year ended 3-31-2008 | (0.03 | ) | 9.06 | - -3.82 | 80 | 1.89 | - -0.77 | –– | –– | 81 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | –– | 9.45 | 9.38 | 11 | 2.14 | - -0.75 | 2.18 | - -0.79 | 95 | |||||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 8.64 | 13.68 | 7 | 2.07 | - -1.05 | 2.32 | - -1.30 | 60 | |||||||||||||||||||
Class E Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.39 | - -3.12 | (3) | 2 | 1.15 | (4) | - -0.03 | (4) | 1.82 | (4) | - -0.70 | (4) | 18 | ||||||||||||||
Fiscal year ended 3-31-2010 | (0.01 | ) | 8.66 | 47.45 | (3) | 2 | 1.15 | 0.26 | 1.92 | - -0.51 | 42 | |||||||||||||||||
Fiscal year ended 3-31-2009 | –– | * | 5.88 | - -39.37 | (3) | 2 | 1.23 | - -0.10 | 1.85 | - -0.72 | 77 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.09 | ) | 9.70 | - -3.40 | (3) | 2 | 1.35 | (4) | - -0.28 | (4) | 1.73 | (4) | - -0.66 | (4) | 81 | (6) | ||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.45 | - -2.99 | 170 | 0.89 | (4) | 0.23 | (4) | –– | –– | 18 | |||||||||||||||||
Fiscal year ended 3-31-2010 | (0.02 | ) | 8.71 | 47.52 | 183 | 0.90 | 0.52 | –– | –– | 42 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | –– | * | 5.92 | - -39.21 | 111 | 0.90 | 0.28 | –– | –– | 77 | ||||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.13 | ) | 9.74 | - -2.83 | 12 | 0.86 | (4) | 0.23 | (4) | –– | –– | 81 | (6) | |||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.40 | - -3.11 | 6 | 1.14 | (4) | - -0.02 | (4) | –– | –– | 18 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | * | 8.67 | 47.00 | 8 | 1.21 | 0.21 | –– | –– | 42 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | –– | * | 5.90 | - -39.35 | 16 | 1.16 | - -0.07 | –– | –– | 77 | ||||||||||||||||||
Fiscal year ended 3-31-2008 | (0.11 | ) | 9.73 | - -2.83 | 58 | 1.14 | 0.00 | –– | –– | 81 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | –– | 10.10 | 10.37 | 10 | 1.27 | 0.16 | 1.31 | 0.12 | 95 | |||||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 9.16 | 14.64 | 1 | 1.20 | - -0.23 | 1.45 | - -0.48 | 60 |
IVY 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 | Distributions From Return of Capital | |||||||||||||||
Class A Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 8.91 | $ | (0.01 | )(2) | $ | 0.01 | (2) | $ | 0.00 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 6.04 | 0.00 | (2) | 2.89 | (2) | 2.89 | –– | –– | (0.02 | ) | ||||||||||||
Fiscal year ended 3-31-2009 | 9.33 | 0.00 | (3.27 | ) | (3.27 | ) | –– | –– | (0.02 | ) | ||||||||||||
Fiscal year ended 3-31-2008 | 10.03 | 0.01 | 0.25 | 0.26 | –– | (0.96 | ) | –– | ||||||||||||||
Fiscal year ended 3-31-2007 | 10.24 | 0.00 | 0.88 | 0.88 | –– | (1.09 | ) | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 9.03 | 0.00 | 1.21 | 1.21 | –– | –– | –– | |||||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.10 | (0.05 | )(2) | 0.01 | (2) | (0.04 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 5.54 | (0.06 | )(2) | 2.62 | (2) | 2.56 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 8.64 | (0.11 | ) | (2.98 | ) | (3.09 | ) | –– | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 9.34 | (0.06 | ) | 0.22 | 0.16 | –– | (0.86 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2007 | 9.70 | (0.07 | ) | 0.80 | 0.73 | –– | (1.09 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 8.63 | (0.10 | ) | 1.17 | 1.07 | –– | –– | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.23 | (0.04 | )(2) | 0.01 | (2) | (0.03 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 5.61 | (0.04 | )(2) | 2.66 | (2) | 2.62 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 8.74 | (0.06 | ) | (3.05 | ) | (3.11 | ) | –– | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 9.44 | (0.05 | ) | 0.22 | 0.17 | –– | (0.87 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2007 | 9.77 | (0.06 | ) | 0.82 | 0.76 | –– | (1.09 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 8.68 | (0.09 | ) | 1.18 | 1.09 | –– | –– | –– | ||||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.90 | (0.01 | )(2) | 0.01 | (2) | 0.00 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 6.03 | 0.00 | (2) | 2.89 | (2) | 2.89 | –– | –– | (0.02 | ) | ||||||||||||
Fiscal year ended 3-31-2009 | 9.33 | 0.02 | (2) | (3.30 | )(2) | (3.28 | ) | –– | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.05 | (0.03 | )(2) | 0.26 | (2) | 0.23 | –– | (0.95 | ) | –– | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 9.55 | 0.01 | (2) | 0.01 | (2) | 0.02 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 6.47 | (0.01 | )(2) | 3.13 | (2) | 3.12 | –– | –– | (0.04 | ) | ||||||||||||
Fiscal year ended 3-31-2009 | 9.93 | 0.08 | (2) | (3.52 | )(2) | (3.44 | ) | –– | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.52 | 0.10 | 0.30 | 0.40 | –– | (0.99 | ) | –– | ||||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 9.39 | 0.00 | (2) | 0.00 | (2) | 0.00 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 6.36 | 0.00 | (2) | 3.06 | (2) | 3.06 | –– | –– | (0.03 | ) | ||||||||||||
Fiscal year ended 3-31-2009 | 9.80 | 0.06 | (2) | (3.48 | )(2) | (3.42 | ) | –– | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 10.49 | 0.06 | (2) | 0.22 | (2) | 0.28 | –– | (0.97 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 10.65 | 0.04 | (2) | 0.89 | (2) | 0.93 | –– | (1.09 | ) | –– | ||||||||||||
Fiscal year ended 3-31-2006 | 9.38 | 0.09 | 1.18 | 1.27 | –– | –– | –– |
*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.
| Total Distributions | 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 Loss to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | –– | $ | 8.91 | 0.00 | %(3) | $ | 101 | 1.42 | %(4) | - -0.31 | %(4) | –– | % | –– | % | 76 | % | ||||||||||
Fiscal year ended 3-31-2010 | (0.02 | ) | 8.91 | 47.83 | (3) | 97 | 1.44 | 0.19 | –– | –– | 101 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.02 | ) | 6.04 | - -35.09 | (3) | 65 | 1.46 | 0.38 | –– | –– | 115 | |||||||||||||||||
Fiscal year ended 3-31-2008 | (0.96 | ) | 9.33 | 1.52 | (3) | 88 | 1.35 | 0.36 | –– | –– | 81 | |||||||||||||||||
Fiscal year ended 3-31-2007 | (1.09 | ) | 10.03 | 8.54 | (3) | 83 | 1.37 | 0.21 | –– | –– | 114 | |||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 10.24 | 13.40 | (3) | 74 | 1.42 | - -0.03 | –– | –– | 79 | ||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.06 | - -0.49 | 4 | 2.50 | (4) | - -1.40 | (4) | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 8.10 | 46.21 | 5 | 2.51 | - -0.87 | –– | –– | 101 | |||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.01 | ) | 5.54 | - -35.75 | 4 | 2.48 | - -0.68 | –– | –– | 115 | ||||||||||||||||||
Fiscal year ended 3-31-2008 | (0.86 | ) | 8.64 | 0.65 | 9 | 2.27 | - -0.51 | –– | –– | 81 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | (1.09 | ) | 9.34 | 7.45 | 11 | 2.29 | - -0.71 | –– | –– | 114 | ||||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 9.70 | 12.40 | 11 | 2.32 | - -0.94 | –– | –– | 79 | |||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.20 | - -0.36 | 90 | 2.17 | (4) | - -1.06 | (4) | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 8.23 | 46.70 | 96 | 2.20 | - -0.57 | –– | –– | 101 | |||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.02 | ) | 5.61 | - -35.63 | 75 | 2.21 | - -0.42 | –– | –– | 115 | ||||||||||||||||||
Fiscal year ended 3-31-2008 | (0.87 | ) | 8.74 | 0.78 | 135 | 2.11 | - -0.34 | –– | –– | 81 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | (1.09 | ) | 9.44 | 7.71 | 159 | 2.13 | - -0.55 | –– | –– | 114 | ||||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 9.77 | 12.56 | 173 | 2.17 | - -0.79 | –– | –– | 79 | |||||||||||||||||||
Class E Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.90 | 0.00 | (3) | 1 | 1.35 | (4) | - -0.22 | (4) | 2.02 | (4) | - -0.89 | (4) | 76 | ||||||||||||||
Fiscal year ended 3-31-2010 | (0.02 | ) | 8.90 | 48.03 | (3) | 1 | 1.35 | 0.26 | 2.16 | - -0.55 | 101 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.02 | ) | 6.03 | - -35.20 | (3) | 1 | 1.56 | 0.31 | 2.12 | - -0.25 | 115 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.95 | ) | �� | 9.33 | 1.22 | (3) | 1 | 1.80 | (4) | - -0.43 | (4) | –– | –– | 81 | (6) | |||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 9.57 | 0.21 | 4 | 0.99 | (4) | 0.15 | (4) | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2010 | (0.04 | ) | 9.55 | 48.34 | 3 | 0.99 | 0.55 | –– | –– | 101 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.02 | ) | 6.47 | - -34.68 | –– | * | 0.97 | 1.03 | –– | –– | 115 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.99 | ) | 9.93 | 2.80 | –– | * | 0.99 | (4) | 0.72 | (4) | –– | –– | 81 | (6) | ||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 9.39 | 0.00 | 7 | 1.25 | (4) | - -0.10 | (4) | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2010 | (0.03 | ) | 9.39 | 48.15 | 5 | 1.24 | 0.39 | –– | –– | 101 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.02 | ) | 6.36 | - -34.94 | 4 | 1.23 | 0.71 | –– | –– | 115 | ||||||||||||||||||
Fiscal year ended 3-31-2008 | (0.97 | ) | 9.80 | 1.67 | 2 | 1.22 | 0.60 | –– | –– | 81 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | (1.09 | ) | 10.49 | 8.69 | 3 | 1.21 | 0.35 | –– | –– | 114 | ||||||||||||||||||
Fiscal year ended 3-31-2006 | –– | 10.65 | 13.54 | 2 | 1.22 | 0.16 | –– | –– | 79 |
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 | Distributions From Return of Capital | |||||||||||||||
Class A Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 12.63 | $ | 0.06 | (2) | $ | (0.36 | )(2) | $ | (0.30 | ) | $ | –– | $ | –– | $ | –– | |||||
Fiscal year ended 3-31-2010 | 8.55 | 0.04 | (2) | 4.15 | (2) | 4.19 | (0.08 | ) | –– | (0.03 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 12.97 | 0.16 | (4.55 | ) | (4.39 | ) | (0.03 | ) | –– | * | –– | |||||||||||
Fiscal year ended 3-31-2008 | 16.28 | 0.18 | (2.00 | ) | (1.82 | ) | (0.18 | ) | (1.31 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 15.52 | 0.13 | 1.49 | 1.62 | (0.11 | ) | (0.75 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 13.79 | 0.17 | 2.21 | 2.38 | (0.16 | ) | (0.49 | ) | –– | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.22 | 0.01 | (2) | (0.35 | )(2) | (0.34 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.31 | (0.04 | )(2) | 3.99 | (2) | 3.95 | (0.03 | ) | –– | (0.01 | ) | |||||||||||
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 | ) | –– | ||||||||||
Fiscal year ended 3-31-2007 | 15.23 | (0.01 | ) | 1.46 | 1.45 | –– | (0.75 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 13.54 | 0.06 | 2.14 | 2.20 | (0.02 | ) | (0.49 | ) | –– | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.23 | 0.03 | (2) | (0.35 | )(2) | (0.32 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.30 | 0.00 | (2) | 3.99 | (2) | 3.99 | (0.05 | ) | –– | (0.01 | ) | |||||||||||
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 | ) | –– | |||||||||||
Fiscal year ended 3-31-2007 | 15.16 | 0.03 | 1.46 | 1.49 | (0.02 | ) | (0.75 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 13.48 | 0.08 | 2.14 | 2.22 | (0.05 | ) | (0.49 | ) | –– | |||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.64 | 0.08 | (2) | (0.37 | )(2) | (0.29 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.55 | 0.06 | (2) | 4.16 | (2) | 4.22 | (0.10 | ) | –– | (0.03 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 12.93 | 0.10 | (4.48 | ) | (4.38 | ) | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2008(5) | 16.23 | 0.02 | (2) | (1.87 | )(2) | (1.85 | ) | (0.14 | ) | (1.31 | ) | –– | ||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.76 | 0.10 | (2) | (0.36 | )(2) | (0.26 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.64 | 0.07 | (2) | 4.22 | (2) | 4.29 | (0.13 | ) | –– | (0.04 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 13.11 | 0.05 | (2) | (4.43 | )(2) | (4.38 | ) | (0.09 | ) | –– | * | –– | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.29 | 0.24 | (2) | (1.87 | )(2) | (1.63 | ) | (0.24 | ) | (1.31 | ) | –– | ||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.69 | 0.10 | (2) | (0.37 | )(2) | (0.27 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.58 | 0.07 | (2) | 4.22 | (2) | 4.29 | (0.14 | ) | –– | (0.04 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 13.02 | 0.14 | (2) | (4.49 | )(2) | (4.35 | ) | (0.09 | ) | –– | * | –– | ||||||||||
Fiscal year ended 3-31-2008 | 16.33 | 0.25 | (2) | (2.01 | )(2) | (1.76 | ) | (0.24 | ) | (1.31 | ) | –– | ||||||||||
Fiscal year ended 3-31-2007 | 15.56 | 0.19 | 1.49 | 1.68 | (0.16 | ) | (0.75 | ) | –– | |||||||||||||
Fiscal year ended 3-31-2006 | 13.82 | 0.19 | 2.26 | 2.45 | (0.22 | ) | (0.49 | ) | –– |
*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.
| Total Distributions | 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 9-30-2010 (unaudited) | $ | –– | $ | 12.33 | - -2.38 | %(3) | $ | 234 | 1.85 | %(4) | 1.03 | %(4) | –– | % | –– | % | 26 | % | ||||||||||
Fiscal year ended 3-31-2010 | (0.11 | ) | 12.63 | 49.03 | (3) | 255 | 1.90 | 0.57 | 1.92 | 0.55 | 35 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.03 | ) | 8.55 | - -33.87 | (3) | 207 | 1.81 | 1.26 | –– | –– | 43 | |||||||||||||||||
Fiscal year ended 3-31-2008 | (1.49 | ) | 12.97 | - -12.07 | (3) | 443 | 1.59 | 1.05 | –– | –– | 39 | |||||||||||||||||
Fiscal year ended 3-31-2007 | (0.86 | ) | 16.28 | 10.71 | (3) | 688 | 1.55 | 0.81 | –– | –– | 42 | |||||||||||||||||
Fiscal year ended 3-31-2006 | (0.65 | ) | 15.52 | 17.49 | (3) | 625 | 1.62 | 1.09 | –– | –– | 4 | |||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 11.88 | - -2.78 | 17 | 2.76 | (4) | 0.13 | (4) | –– | –– | 26 | |||||||||||||||||
Fiscal year ended 3-31-2010 | (0.04 | ) | 12.22 | 47.51 | 20 | 2.81 | - -0.29 | –– | –– | 35 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | –– | 8.31 | - -34.46 | 17 | 2.71 | 0.35 | –– | –– | 43 | |||||||||||||||||||
Fiscal year ended 3-31-2008 | (1.35 | ) | 12.68 | - -12.83 | 37 | 2.48 | 0.18 | –– | –– | 39 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | (0.75 | ) | 15.93 | 9.82 | 59 | 2.44 | - -0.07 | –– | –– | 42 | ||||||||||||||||||
Fiscal year ended 3-31-2006 | (0.51 | ) | 15.23 | 16.43 | 57 | 2.51 | 0.21 | –– | –– | 4 | ||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 11.91 | - -2.62 | 37 | 2.41 | (4) | 0.50 | (4) | –– | –– | 26 | |||||||||||||||||
Fiscal year ended 3-31-2010 | (0.06 | ) | 12.23 | 48.10 | 43 | 2.46 | 0.08 | –– | –– | 35 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | –– | 8.30 | - -34.23 | 40 | 2.42 | 0.72 | –– | –– | 43 | |||||||||||||||||||
Fiscal year ended 3-31-2008 | (1.39 | ) | 12.62 | - -12.65 | 99 | 2.25 | 0.37 | –– | –– | 39 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | (0.77 | ) | 15.88 | 10.03 | 233 | 2.21 | 0.15 | –– | –– | 42 | ||||||||||||||||||
Fiscal year ended 3-31-2006 | (0.54 | ) | 15.16 | 16.70 | 211 | 2.28 | 0.43 | –– | –– | 4 | ||||||||||||||||||
Class E Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 12.35 | - -2.29 | (3) | –– | * | 1.59 | (4) | 1.25 | (4) | 2.45 | (4) | 0.39 | (4) | 26 | |||||||||||||
Fiscal year ended 3-31-2010 | (0.13 | ) | 12.64 | 49.41 | (3) | –– | * | 1.59 | 0.75 | 2.63 | - -0.29 | 35 | ||||||||||||||||
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(5) | (1.45 | ) | 12.93 | - -12.31 | (3) | –– | * | 2.31 | (4) | 0.29 | (4) | –– | –– | 39 | (6) | |||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 12.50 | - -2.04 | 6 | 1.28 | (4) | 1.62 | (4) | –– | –– | 26 | |||||||||||||||||
Fiscal year ended 3-31-2010 | (0.17 | ) | 12.76 | 49.77 | 6 | 1.31 | 0.93 | –– | –– | 35 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.09 | ) | 8.64 | - -33.46 | 4 | 1.25 | 1.25 | –– | –– | 43 | ||||||||||||||||||
Fiscal year ended 3-31-2008(5) | (1.55 | ) | 13.11 | - -10.93 | 2 | 1.21 | (4) | 1.45 | (4) | –– | –– | 39 | (6) | |||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 12.42 | - -2.13 | 17 | 1.20 | (4) | 1.65 | (4) | 1.54 | (4) | 1.31 | (4) | 26 | |||||||||||||||
Fiscal year ended 3-31-2010 | (0.18 | ) | 12.69 | 50.14 | 17 | 1.20 | 1.12 | 1.55 | 0.77 | 35 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.09 | ) | 8.58 | - -33.44 | 9 | 1.19 | 1.59 | 1.50 | 1.28 | 43 | ||||||||||||||||||
Fiscal year ended 3-31-2008 | (1.55 | ) | 13.02 | - -11.73 | 8 | 1.20 | 1.42 | 1.45 | 1.17 | 39 | ||||||||||||||||||
Fiscal year ended 3-31-2007 | (0.91 | ) | 16.33 | 11.14 | 15 | 1.20 | 1.18 | 1.42 | 0.96 | 42 | ||||||||||||||||||
Fiscal year ended 3-31-2006 | (0.71 | ) | 15.56 | 17.99 | 17 | 1.19 | 1.46 | 1.46 | 1.19 | 4 |
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 9-30-2010 (unaudited) | $ | 13.61 | $ | 0.06 | (2) | $ | (0.22 | )(2) | $ | (0.16 | ) | $ | (0.06 | ) | $ | –– | $ | (0.06 | ) | |||
Fiscal year ended 3-31-2010 | 9.86 | 0.12 | (2) | 3.74 | (2) | 3.86 | (0.11 | ) | –– | (0.11 | ) | |||||||||||
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 | ) | ||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.49 | (0.01 | )(2) | (0.22 | )(2) | (0.23 | ) | –– | * | –– | –– | * | ||||||||||
Fiscal year ended 3-31-2010 | 9.79 | 0.00 | (2) | 3.71 | (2) | 3.71 | (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 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.53 | 0.01 | (2) | (0.21 | )(2) | (0.20 | ) | (0.02 | ) | –– | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2010 | 9.81 | 0.04 | (2) | 3.71 | (2) | 3.75 | (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 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.58 | 0.05 | (2) | (0.22 | )(2) | (0.17 | ) | (0.06 | ) | –– | (0.06 | ) | ||||||||||
Fiscal year ended 3-31-2010 | 9.84 | 0.13 | (2) | 3.73 | (2) | 3.86 | (0.12 | ) | –– | (0.12 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 16.01 | 0.10 | (6.17 | ) | (6.07 | ) | (0.10 | ) | –– | (0.10 | ) | |||||||||||
Fiscal year ended 3-31-2008(5) | 15.76 | (0.01 | )(2) | 0.51 | (2) | 0.50 | (0.07 | ) | (0.18 | ) | (0.25 | ) | ||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.63 | 0.08 | (2) | (0.22 | )(2) | (0.14 | ) | (0.08 | ) | –– | (0.08 | ) | ||||||||||
Fiscal year ended 3-31-2010 | 9.88 | 0.17 | (2) | 3.75 | (2) | 3.92 | (0.17 | ) | –– | (0.17 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 16.07 | 0.08 | (2) | (6.10 | )(2) | (6.02 | ) | (0.17 | ) | –– | (0.17 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 15.76 | 0.20 | 0.47 | 0.67 | (0.18 | ) | (0.18 | ) | (0.36 | ) | ||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.63 | 0.07 | (2) | (0.23 | )(2) | (0.16 | ) | (0.07 | ) | –– | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2010 | 9.87 | 0.14 | (2) | 3.75 | (2) | 3.89 | (0.13 | ) | –– | (0.13 | ) | |||||||||||
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 | ) |
*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.
| 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 9-30-2010 (unaudited) | $ | 13.39 | - -1.17 | %(3) | $ | 195 | 1.37 | %(4) | 0.83 | %(4) | –– | % | –– | % | 17 | % | |||||||||
Fiscal year ended 3-31-2010 | 13.61 | 39.29 | (3) | 182 | 1.40 | 1.02 | –– | –– | 46 | ||||||||||||||||
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 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.26 | - -1.67 | 12 | 2.31 | (4) | - -0.10 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.49 | 37.88 | 10 | 2.44 | - -0.01 | –– | –– | 46 | |||||||||||||||||
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 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.31 | - -1.46 | 41 | 2.04 | (4) | 0.15 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.53 | 38.30 | 43 | 2.09 | 0.35 | –– | –– | 46 | |||||||||||||||||
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 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.35 | - -1.24 | (3) | 2 | 1.37 | (4) | 0.83 | (4) | 2.14 | (4) | 0.06 | (4) | 17 | ||||||||||||
Fiscal year ended 3-31-2010 | 13.58 | 39.33 | (3) | 2 | 1.37 | 1.06 | 2.35 | 0.08 | 46 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 9.84 | - -37.98 | (3) | 2 | 1.60 | 0.78 | 2.27 | 0.11 | 30 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 16.01 | 3.01 | (3) | 2 | 2.17 | (4) | - -0.18 | (4) | –– | –– | 30 | (6) | |||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.41 | - -0.99 | 6 | 0.97 | (4) | 1.23 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.63 | 39.80 | 6 | 0.98 | 1.51 | –– | –– | 46 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 9.88 | - -37.60 | 2 | 0.99 | 1.75 | –– | –– | 30 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | 16.07 | 4.08 | –– | * | 1.00 | (4) | 1.17 | (4) | –– | –– | 30 | (6) | |||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.40 | - -1.16 | 15 | 1.22 | (4) | 0.97 | (4) | –– | –– | 17 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.63 | 39.58 | 16 | 1.23 | 1.19 | –– | –– | 46 | |||||||||||||||||
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 |
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 9-30-2010 (unaudited) | $ | 21.44 | $ | 0.08 | (1) | $ | 0.44 | (1) | $ | 0.52 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 15.08 | 0.27 | (1) | 6.43 | (1) | 6.70 | (0.34 | ) | –– | –– | ||||||||||||
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 | ) | –– | –– | ||||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 20.53 | (0.02 | )(1) | 0.42 | (1) | 0.40 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 14.50 | 0.10 | (1) | 6.14 | (1) | 6.24 | (0.21 | ) | –– | –– | ||||||||||||
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 | –– | –– | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 20.63 | 0.02 | (1) | 0.43 | (1) | 0.45 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 14.55 | 0.18 | (1) | 6.17 | (1) | 6.35 | (0.27 | ) | –– | –– | ||||||||||||
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 | –– | –– | –– | ||||||||||||||
Class E Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 21.48 | 0.13 | (1) | 0.46 | (1) | 0.59 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 15.08 | 0.39 | (1) | 6.44 | (1) | 6.83 | (0.43 | ) | –– | –– | ||||||||||||
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 9-30-2010 (unaudited) | 21.51 | 0.14 | (1) | 0.47 | (1) | 0.61 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 15.09 | 0.44 | (1) | 6.43 | (1) | 6.87 | (0.45 | ) | –– | –– | ||||||||||||
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 9-30-2010 (unaudited) | 21.50 | 0.13 | (1) | 0.45 | (1) | 0.58 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 15.10 | 0.33 | (1) | 6.48 | (1) | 6.81 | (0.41 | ) | –– | –– | ||||||||||||
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 | ) | –– | –– |
*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.
| 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 9-30-2010 (unaudited) | $ | –– | $ | 21.96 | 2.43 | %(2) | $183 | 1.88 | %(3) | 0.77 | %(3) | 19 | % | |||||||||
Fiscal year ended 3-31-2010 | (0.34 | ) | 21.44 | 44.42 | (2) | 189 | 1.98 | 1.35 | 100 | |||||||||||||
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 | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 20.93 | 1.95 | 8 | 2.88 | (3) | - -0.20 | (3) | 19 | |||||||||||||
Fiscal year ended 3-31-2010 | (0.21 | ) | 20.53 | 43.02 | 9 | 2.96 | 0.47 | 100 | ||||||||||||||
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 | |||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 21.08 | 2.18 | 16 | 2.51 | (3) | 0.18 | (3) | 19 | |||||||||||||
Fiscal year ended 3-31-2010 | (0.27 | ) | 20.63 | 43.62 | 19 | 2.55 | 0.87 | 100 | ||||||||||||||
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 | |||||||||||||||
Class E Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 22.07 | 2.75 | (2) | –– | * | 1.32 | (3) | 1.28 | (3) | 19 | |||||||||||
Fiscal year ended 3-31-2010 | (0.43 | ) | 21.48 | 45.28 | (2) | –– | * | 1.37 | 1.92 | 100 | ||||||||||||
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 9-30-2010 (unaudited) | –– | 22.12 | 2.84 | 37 | 1.19 | (3) | 1.41 | (3) | 19 | |||||||||||||
Fiscal year ended 3-31-2010 | (0.45 | ) | 21.51 | 45.52 | 34 | 1.23 | 2.15 | 100 | ||||||||||||||
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 9-30-2010 (unaudited) | –– | 22.08 | 2.70 | 2 | 1.46 | (3) | 1.24 | (3) | 19 | |||||||||||||
Fiscal year ended 3-31-2010 | (0.41 | ) | 21.50 | 45.09 | 3 | 1.51 | 1.74 | 100 | ||||||||||||||
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 |
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 9-30-2010 (unaudited) | $ | 10.30 | $ | 0.19 | (2) | $ | 0.13 | (2) | $ | 0.32 | $ | (0.17 | ) | $ | –– | $ | (0.17 | ) | ||||
Fiscal year ended 3-31-2010 | 9.39 | 0.37 | (2) | 0.82 | (2) | 1.19 | (0.28 | ) | –– | (0.28 | ) | |||||||||||
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 9-30-2010 (unaudited) | 10.29 | 0.15 | (2) | 0.14 | (2) | 0.29 | (0.13 | ) | –– | (0.13 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 9.38 | 0.32 | (2) | 0.80 | (2) | 1.12 | (0.21 | ) | –– | (0.21 | ) | |||||||||||
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 9-30-2010 (unaudited) | 10.29 | 0.15 | (2) | 0.14 | (2) | 0.29 | (0.13 | ) | –– | (0.13 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 9.38 | 0.30 | (2) | 0.82 | (2) | 1.12 | (0.21 | ) | –– | (0.21 | ) | |||||||||||
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 9-30-2010 (unaudited) | 10.30 | 0.20 | (2) | 0.13 | (2) | 0.33 | (0.18 | ) | –– | (0.18 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 9.39 | 0.40 | (2) | 0.82 | (2) | 1.22 | (0.31 | ) | –– | (0.31 | ) | |||||||||||
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 9-30-2010 (unaudited) | 10.30 | 0.19 | (2) | 0.13 | (2) | 0.32 | (0.17 | ) | –– | (0.17 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 9.39 | 0.37 | (2) | 0.82 | (2) | 1.19 | (0.28 | ) | –– | (0.28 | ) | |||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | 0.23 | (2) | (0.57 | )(2) | (0.34 | ) | (0.15 | ) | (0.12 | ) | (0.27 | ) |
(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.
| 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 9-30-2010 (unaudited) | $10.45 | 3.12 | %(3) | $ | 119 | 0.99 | %(4) | 3.57 | %(4) | 1.27 | %(4) | 3.29 | %(4) | 16 | % | ||||||||||
Fiscal year ended 3-31-2010 | 10.30 | 12.84 | (3) | 89 | 0.99 | 3.95 | 1.32 | 3.62 | 19 | ||||||||||||||||
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 9-30-2010 (unaudited) | 10.45 | 2.83 | 6 | 1.74 | (4) | 2.83 | (4) | 1.98 | (4) | 2.59 | (4) | 16 | |||||||||||||
Fiscal year ended 3-31-2010 | 10.29 | 12.01 | 6 | 1.74 | 3.22 | 2.00 | 2.96 | 19 | |||||||||||||||||
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 9-30-2010 (unaudited) | 10.45 | 2.83 | 44 | 1.74 | (4) | 2.82 | (4) | 1.93 | (4) | 2.63 | (4) | 16 | |||||||||||||
Fiscal year ended 3-31-2010 | 10.29 | 12.01 | 33 | 1.74 | 3.20 | 1.97 | 2.97 | 19 | |||||||||||||||||
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 9-30-2010 (unaudited) | 10.45 | 3.25 | 17 | 0.74 | (4) | 3.83 | (4) | 0.94 | (4) | 3.63 | (4) | 16 | |||||||||||||
Fiscal year ended 3-31-2010 | 10.30 | 13.13 | 14 | 0.74 | 4.20 | 0.96 | 3.98 | 19 | |||||||||||||||||
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 9-30-2010 (unaudited) | 10.45 | 3.12 | 15 | 0.99 | (4) | 3.57 | (4) | 1.19 | (4) | 3.37 | (4) | 16 | |||||||||||||
Fiscal year ended 3-31-2010 | 10.30 | 12.84 | 14 | 0.99 | 3.96 | 1.22 | 3.73 | 19 | |||||||||||||||||
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 |
IVY HIGH INCOME 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 9-30-2010 (unaudited) | $ | 8.32 | $ | 0.36 | (2) | $ | 0.16 | (2) | $ | 0.52 | $ | (0.36 | ) | $ | –– | $ | (0.36 | ) | ||||
Fiscal year ended 3-31-2010 | 6.58 | 0.64 | (2) | 1.93 | (2) | 2.57 | (0.66 | ) | (0.17 | ) | (0.83 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 8.01 | 0.65 | (1.46 | ) | (0.81 | ) | (0.62 | ) | –– | (0.62 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 8.92 | 0.66 | (0.92 | ) | (0.26 | ) | (0.65 | ) | –– | (0.65 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 8.60 | 0.62 | 0.32 | 0.94 | (0.62 | ) | –– | (0.62 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 8.69 | 0.58 | (0.09 | ) | 0.49 | (0.58 | ) | –– | (0.58 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.32 | 0.32 | (2) | 0.16 | (2) | 0.48 | (0.32 | ) | –– | (0.32 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 6.57 | 0.57 | (2) | 1.94 | (2) | 2.51 | (0.59 | ) | (0.17 | ) | (0.76 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 8.01 | 0.59 | (1.48 | ) | (0.89 | ) | (0.55 | ) | –– | (0.55 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 8.92 | 0.56 | (0.91 | ) | (0.35 | ) | (0.56 | ) | –– | (0.56 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 8.60 | 0.53 | 0.32 | 0.85 | (0.53 | ) | –– | (0.53 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 8.69 | 0.50 | (0.09 | ) | 0.41 | (0.50 | ) | –– | (0.50 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.32 | 0.33 | (2) | 0.16 | (2) | 0.49 | (0.33 | ) | –– | (0.33 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 6.58 | 0.60 | (2) | 1.92 | (2) | 2.52 | (0.61 | ) | (0.17 | ) | (0.78 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 8.01 | 0.58 | (1.44 | ) | (0.86 | ) | (0.57 | ) | –– | (0.57 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 8.92 | 0.59 | (0.92 | ) | (0.33 | ) | (0.58 | ) | –– | (0.58 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 8.60 | 0.55 | 0.32 | 0.87 | (0.55 | ) | –– | (0.55 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 8.69 | 0.51 | (0.09 | ) | 0.42 | (0.51 | ) | –– | (0.51 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.32 | 0.35 | (2) | 0.16 | (2) | 0.51 | (0.35 | ) | –– | (0.35 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 6.57 | 0.61 | (2) | 1.95 | (2) | 2.56 | (0.64 | ) | (0.17 | ) | (0.81 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 8.00 | 0.63 | (1.46 | ) | (0.83 | ) | (0.60 | ) | –– | (0.60 | ) | |||||||||||
Fiscal year ended 3-31-2008(5) | 8.92 | 0.62 | (2) | (0.93 | )(2) | (0.31 | ) | (0.61 | ) | –– | (0.61 | ) | ||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.32 | 0.37 | (2) | 0.16 | (2) | 0.53 | (0.37 | ) | –– | (0.37 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 6.58 | 0.69 | (2) | 1.91 | (2) | 2.60 | (0.69 | ) | (0.17 | ) | (0.86 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 8.01 | 0.68 | (1.45 | ) | (0.77 | ) | (0.66 | ) | –– | (0.66 | ) | |||||||||||
Fiscal year ended 3-31-2008(5) | 8.92 | 0.79 | (2) | (0.94 | )(2) | (0.15 | ) | (0.76 | ) | –– | (0.76 | ) | ||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.32 | 0.36 | (2) | 0.16 | (2) | 0.52 | (0.36 | ) | –– | (0.36 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 6.58 | 0.66 | (2) | 1.92 | (2) | 2.58 | (0.67 | ) | (0.17 | ) | (0.84 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 8.02 | 0.73 | (2) | (1.53 | )(2) | (0.80 | ) | (0.64 | ) | –– | (0.64 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 8.92 | 0.68 | (0.92 | ) | (0.24 | ) | (0.66 | ) | –– | (0.66 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 8.60 | 0.64 | 0.32 | 0.96 | (0.64 | ) | –– | (0.64 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 8.69 | 0.59 | (0.09 | ) | 0.50 | (0.59 | ) | –– | (0.59 | ) |
*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.
| 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 9-30-2010 (unaudited) | $ | 8.48 | 6.32 | %(3) | $ | 769 | 1.12 | %(4) | 8.42 | %(4) | –– | % | –– | % | 48 | % | |||||||||
Fiscal year ended 3-31-2010 | 8.32 | 40.44 | (3) | 649 | 1.13 | 8.24 | –– | –– | 84 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 6.58 | - -10.29 | (3) | 231 | 1.34 | 9.33 | –– | –– | 77 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 8.01 | - -3.04 | (3) | 127 | 1.36 | 7.76 | –– | –– | 83 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 8.92 | 11.39 | (3) | 79 | 1.38 | 7.20 | –– | –– | 98 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 8.60 | 5.80 | (3) | 39 | 1.45 | 6.70 | –– | –– | 45 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.48 | 5.90 | 41 | 1.92 | (4) | 7.61 | (4) | –– | –– | 48 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.32 | 39.36 | 31 | 2.00 | 7.36 | –– | –– | 84 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 6.57 | - -11.37 | 10 | 2.46 | 8.16 | –– | –– | 77 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 8.01 | -4.06 | 7 | 2.43 | 6.62 | –– | –– | 83 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 8.92 | 10.24 | 7 | 2.43 | 6.14 | –– | –– | 98 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 8.60 | 4.85 | 6 | 2.36 | 5.79 | –– | –– | 45 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.48 | 5.96 | 316 | 1.80 | (4) | 7.73 | (4) | –– | –– | 48 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.32 | 39.45 | 249 | 1.83 | 7.50 | –– | –– | 84 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 6.58 | - -10.99 | 54 | 2.10 | 8.72 | –– | –– | 77 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 8.01 | - -3.84 | 14 | 2.18 | 6.86 | –– | –– | 83 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 8.92 | 10.51 | 17 | 2.18 | 6.39 | –– | –– | 98 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 8.60 | 5.00 | 17 | 2.21 | 5.94 | –– | –– | 45 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.48 | 6.18 | (3) | 3 | 1.36 | (4) | 8.17 | (4) | 1.67 | (4) | 7.86 | (4) | 48 | ||||||||||||
Fiscal year ended 3-31-2010 | 8.32 | 40.29 | (3) | 2 | 1.36 | 8.02 | 1.83 | 7.55 | 84 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 6.57 | - -10.52 | (3) | 1 | 1.60 | 9.12 | 1.81 | 8.91 | 77 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 8.00 | - -3.69 | (3) | 1 | 1.97 | (4) | 7.19 | (4) | –– | –– | 83 | (6) | |||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.48 | 6.49 | 245 | 0.82 | (4) | 8.72 | (4) | –– | –– | 48 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.32 | 40.89 | 199 | 0.82 | 8.48 | –– | –– | 84 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 6.58 | - -9.89 | 9 | 0.90 | 10.28 | –– | –– | 77 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | 8.01 | - -1.90 | –– | * | 0.99 | (4) | 8.11 | (4) | –– | –– | 83 | (6) | |||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.48 | 6.34 | 133 | 1.08 | (4) | 8.44 | (4) | –– | –– | 48 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.32 | 40.49 | 103 | 1.09 | 8.28 | –– | –– | 84 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 6.58 | - -10.23 | 38 | 1.14 | 9.69 | –– | –– | 77 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 8.02 | - -2.78 | 4 | 1.20 | 7.85 | –– | –– | 83 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 8.92 | 11.60 | 11 | 1.20 | 7.37 | –– | –– | 98 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 8.60 | 6.00 | 10 | 1.25 | 6.90 | –– | –– | 45 |
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 9-30-2010 (unaudited) | $13.59 | $ | 0.22 | (2) | $ | 0.58 | (2) | $ | 0.80 | $ | –– | $ | –– | $ | –– | |||||||
Fiscal year ended 3-31-2010 | 9.56 | 0.26 | (2) | 3.79 | (2) | 4.05 | (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 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.40 | 0.16 | (2) | 0.57 | (2) | 0.73 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.52 | 0.12 | (2) | 3.76 | (2) | 3.88 | –– | * | –– | –– | * | |||||||||||
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 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.46 | 0.18 | (2) | 0.57 | (2) | 0.75 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.53 | 0.18 | (2) | 3.77 | (2) | 3.95 | (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 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.59 | 0.23 | (2) | 0.58 | (2) | 0.81 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.54 | 0.27 | (2) | 3.80 | (2) | 4.07 | (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 9-30-2010 (unaudited) | 13.67 | 0.26 | (2) | 0.58 | (2) | 0.84 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.57 | 0.33 | (2) | 3.80 | (2) | 4.13 | (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 9-30-2010 (unaudited) | 13.63 | 0.24 | (2) | 0.58 | (2) | 0.82 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.57 | 0.28 | (2) | 3.80 | (2) | 4.08 | (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 | ) |
*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.
| 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 9-30-2010 (unaudited) | $14.39 | 5.89 | %(3) | $ | 193 | 1.47 | %(4) | 3.35 | %(4) | –– | % | –– | % | 43 | % | ||||||||||
Fiscal year ended 3-31-2010 | 13.59 | 42.40 | (3) | 183 | 1.51 | 2.05 | –– | –– | 131 | ||||||||||||||||
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 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.13 | 5.45 | 8 | 2.46 | (4) | 2.37 | (4) | –– | –– | 43 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.40 | 40.79 | 8 | 2.56 | 1.04 | –– | –– | 131 | |||||||||||||||||
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 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.21 | 5.57 | 22 | 2.15 | (4) | 2.68 | (4) | –– | –– | 43 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.46 | 41.42 | 24 | 2.15 | 1.44 | –– | –– | 131 | |||||||||||||||||
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 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.40 | 5.96 | (3) | 1 | 1.33 | (4) | 3.49 | (4) | 2.15 | (4) | 2.67 | (4) | 43 | ||||||||||||
Fiscal year ended 3-31-2010 | 13.59 | 42.72 | (3) | 1 | 1.33 | 2.19 | 2.35 | 1.17 | 131 | ||||||||||||||||
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 9-30-2010 (unaudited) | 14.51 | 6.15 | 38 | 1.00 | (4) | 3.87 | (4) | –– | –– | 43 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.67 | 43.15 | 45 | 1.00 | 2.63 | –– | –– | 131 | |||||||||||||||||
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 9-30-2010 (unaudited) | 14.45 | 6.02 | 6 | 1.26 | (4) | 3.58 | (4) | –– | –– | 43 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.63 | 42.69 | 6 | 1.26 | 2.10 | –– | –– | 131 | |||||||||||||||||
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 |
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 9-30-2010 (unaudited) | $14.84 | $ | 0.16 | (2) | $ | 0.37 | (2) | $ | 0.53 | $ | –– | $ | –– | $ | –– | |||||||
Fiscal year ended 3-31-2010 | 9.54 | 0.13 | (2) | 5.27 | (2) | 5.40 | (0.10 | ) | –– | (0.10 | ) | |||||||||||
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 | –– | –– | –– | ||||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.59 | 0.09 | (2) | 0.33 | (2) | 0.42 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.77 | 0.02 | (2) | 4.82 | (2) | 4.84 | (0.02 | ) | –– | (0.02 | ) | |||||||||||
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 | –– | –– | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.58 | 0.10 | (2) | 0.35 | (2) | 0.45 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.76 | 0.05 | (2) | 4.82 | (2) | 4.87 | (0.05 | ) | –– | (0.05 | ) | |||||||||||
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 | –– | –– | –– | ||||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.90 | 0.15 | (2) | 0.39 | (2) | 0.54 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.59 | 0.16 | (2) | 5.27 | (2) | 5.43 | (0.12 | ) | –– | (0.12 | ) | |||||||||||
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 9-30-2010 (unaudited) | 14.90 | 0.18 | (2) | 0.39 | (2) | 0.57 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.58 | 0.20 | (2) | 5.30 | (2) | 5.50 | (0.18 | ) | –– | (0.18 | ) | |||||||||||
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 9-30-2010 (unaudited) | 14.92 | 0.17 | (2) | 0.38 | (2) | 0.55 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.59 | 0.04 | (2) | 5.43 | (2) | 5.47 | (0.14 | ) | –– | (0.14 | ) | |||||||||||
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 | –– | –– | –– |
(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.
| 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 9-30-2010 (unaudited) | $15.37 | 3.57 | %(3) | $ | 499 | 1.50 | %(4) | 2.24 | %(4) | –– | % | –– | % | 54 | % | ||||||||||
Fiscal year ended 3-31-2010 | 14.84 | 56.68 | (3) | 430 | 1.59 | 1.09 | –– | –– | 94 | ||||||||||||||||
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 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.01 | 3.09 | 17 | 2.39 | (4) | 1.41 | (4) | –– | –– | 54 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.59 | 55.20 | 17 | 2.54 | 0.19 | –– | –– | 94 | |||||||||||||||||
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 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.03 | 3.31 | 97 | 2.17 | (4) | 1.56 | (4) | –– | –– | 54 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.58 | 55.61 | 85 | 2.21 | 0.47 | –– | –– | 94 | |||||||||||||||||
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 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.44 | 3.62 | (3) | 2 | 1.53 | (4) | 2.17 | (4) | 2.28 | (4) | 1.42 | (4) | 54 | ||||||||||||
Fiscal year ended 3-31-2010 | 14.90 | 56.68 | (3) | 2 | 1.53 | 1.23 | 2.53 | 0.23 | 94 | ||||||||||||||||
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 9-30-2010 (unaudited) | 15.47 | 3.83 | 168 | 1.10 | (4) | 2.52 | (4) | –– | –– | 54 | |||||||||||||||
Fiscal year ended 3-31-2010 | 14.90 | 57.44 | 93 | 1.12 | 1.55 | –– | –– | 94 | |||||||||||||||||
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 9-30-2010 (unaudited) | 15.47 | 3.69 | 90 | 1.36 | (4) | 2.41 | (4) | –– | –– | 54 | |||||||||||||||
Fiscal year ended 3-31-2010 | 14.92 | 57.10 | 88 | 1.36 | 0.82 | –– | –– | 94 | |||||||||||||||||
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 |
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 9-30-2010 (unaudited) | $29.04 | $ | 0.22 | (2) | $ | 0.80 | (2) | $ | 1.02 | $ | –– | $ | –– | $ | –– | |||||||
Fiscal year ended 3-31-2010 | 19.83 | 0.27 | (2) | 9.18 | (2) | 9.45 | (0.24 | ) | –– | (0.24 | ) | |||||||||||
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 | ) | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 26.32 | 0.07 | (2) | 0.73 | (2) | 0.80 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.06 | 0.02 | (2) | 8.29 | (2) | 8.31 | (0.05 | ) | –– | (0.05 | ) | |||||||||||
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 | –– | –– | –– | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 26.27 | 0.07 | (2) | 0.73 | (2) | 0.80 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 18.02 | 0.01 | (2) | 8.30 | (2) | 8.31 | (0.06 | ) | –– | (0.06 | ) | |||||||||||
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 | –– | –– | –– | |||||||||||||
Class E Shares(5) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 29.04 | 0.25 | (2) | 0.80 | (2) | 1.05 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 19.83 | 0.35 | (2) | 9.18 | (2) | 9.53 | (0.32 | ) | –– | (0.32 | ) | |||||||||||
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 9-30-2010 (unaudited) | 29.26 | 0.31 | (2) | 0.78 | (2) | 1.09 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 19.98 | 0.28 | (2) | 9.35 | (2) | 9.63 | (0.35 | ) | –– | (0.35 | ) | |||||||||||
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 9-30-2010 (unaudited) | 29.06 | 0.25 | (2) | 0.81 | (2) | 1.06 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 19.86 | 0.28 | (2) | 9.23 | (2) | 9.51 | (0.31 | ) | –– | (0.31 | ) | |||||||||||
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 | ) |
*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.
| 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 9-30-2010 (unaudited) | $30.06 | 3.51 | %(3) | $ | 123 | 1.60 | %(4) | 1.56 | %(4) | –– | % | –– | % | 41 | % | ||||||||||
Fiscal year ended 3-31-2010 | 29.04 | 47.70 | (3) | 120 | 1.61 | 1.04 | –– | –– | 80 | ||||||||||||||||
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 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 27.12 | 3.04 | 4 | 2.61 | (4) | 0.58 | (4) | –– | –– | 41 | |||||||||||||||
Fiscal year ended 3-31-2010 | 26.32 | 46.03 | 4 | 2.69 | 0.06 | –– | –– | 80 | |||||||||||||||||
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 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 27.07 | 3.05 | 29 | 2.59 | (4) | 0.59 | (4) | –– | –– | 41 | |||||||||||||||
Fiscal year ended 3-31-2010 | 26.27 | 46.15 | 31 | 2.62 | 0.07 | –– | –– | 80 | |||||||||||||||||
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 | |||||||||||||||||
Class E Shares(5) | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 30.09 | 3.62 | (3) | –– | * | 1.36 | (4) | 1.80 | (4) | –– | –– | 41 | |||||||||||||
Fiscal year ended 3-31-2010 | 29.04 | 48.11 | (3) | –– | * | 1.32 | 1.31 | –– | –– | 80 | |||||||||||||||
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 9-30-2010 (unaudited) | 30.35 | 3.72 | 19 | 1.21 | (4) | 2.24 | (4) | –– | –– | 41 | |||||||||||||||
Fiscal year ended 3-31-2010 | 29.26 | 48.28 | 36 | 1.18 | 1.22 | –– | –– | 80 | |||||||||||||||||
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 9-30-2010 (unaudited) | 30.12 | 3.65 | 3 | 1.42 | (4) | 1.77 | (4) | 1.52 | (4) | 1.67 | (4) | 41 | |||||||||||||
Fiscal year ended 3-31-2010 | 29.06 | 47.95 | 3 | 1.42 | 1.16 | 1.48 | 1.10 | 80 | |||||||||||||||||
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 |
IVY LARGE CAP 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 9-30-2010 (unaudited) | $11.85 | $(0.01 | )(2) | $ | (0.19 | )(2) | $ | (0.20 | ) | $ | –– | $ | –– | $ | –– | |||||||
Fiscal year ended 3-31-2010 | 8.71 | 0.04 | (2) | 3.15 | (2) | 3.19 | (0.05 | ) | –– | (0.05 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 13.17 | 0.04 | (2) | (4.49 | )(2) | (4.45 | ) | (0.01 | ) | –– | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 11.82 | (0.02 | )(2) | 1.49 | (2) | 1.47 | –– | (0.12 | ) | (0.12 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.61 | (0.03 | ) | 0.24 | 0.21 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 9.54 | (0.06 | ) | 2.13 | 2.07 | –– | –– | –– | ||||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.55 | (0.07 | )(2) | (0.16 | )(2) | (0.23 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 7.82 | (0.09 | )(2) | 2.82 | (2) | 2.73 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 11.98 | (0.10 | )(2) | (4.06 | )(2) | (4.16 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 10.89 | (0.16 | ) | 1.37 | 1.21 | –– | (0.12 | ) | (0.12 | ) | ||||||||||||
Fiscal year ended 3-31-2007 | 10.83 | (0.12 | ) | 0.18 | 0.06 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 8.99 | (0.14 | ) | 1.98 | 1.84 | –– | –– | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.95 | (0.05 | )(2) | (0.17 | )(2) | (0.22 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.09 | (0.05 | )(2) | 2.91 | (2) | 2.86 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 12.33 | (0.05 | )(2) | (4.19 | )(2) | (4.24 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 11.18 | (0.13 | )(2) | 1.40 | (2) | 1.27 | –– | (0.12 | ) | (0.12 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.09 | (0.12 | ) | 0.21 | 0.09 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 9.18 | (0.10 | ) | 2.01 | 1.91 | –– | –– | –– | ||||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.84 | (0.01 | )(2) | (0.18 | )(2) | (0.19 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.70 | 0.03 | (2) | 3.16 | (2) | 3.19 | (0.05 | ) | –– | (0.05 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 13.16 | 0.04 | (2) | (4.49 | )(2) | (4.45 | ) | (0.01 | ) | –– | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 11.84 | (0.02 | )(2) | 1.46 | (2) | 1.44 | –– | (0.12 | ) | (0.12 | ) | |||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.12 | 0.01 | (2) | (0.20 | )(2) | (0.19 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.91 | 0.06 | (2) | 3.22 | (2) | 3.28 | (0.07 | ) | –– | (0.07 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 13.46 | 0.06 | (2) | (4.58 | )(2) | (4.52 | ) | (0.03 | ) | –– | (0.03 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 11.99 | 0.01 | (2) | 1.58 | (2) | 1.59 | –– | (0.12 | ) | (0.12 | ) | |||||||||||
Class R Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.74 | (0.03 | )(2) | (0.18 | )(2) | (0.21 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.63 | 0.00 | (2) | 3.12 | (2) | 3.12 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 13.08 | 0.02 | (2) | (4.47 | )(2) | (4.45 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 11.78 | (0.06 | )(2) | 1.48 | (2) | 1.42 | –– | (0.12 | ) | (0.12 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.60 | (0.06 | ) | 0.24 | 0.18 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006(7) | 11.27 | (0.03 | ) | 0.36 | 0.33 | –– | –– | –– | ||||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.01 | 0.00 | (2) | (0.19 | )(2) | (0.19 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010 | 8.83 | 0.05 | (2) | 3.19 | (2) | 3.24 | (0.06 | ) | –– | (0.06 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 13.35 | 0.05 | (2) | (4.55 | )(2) | (4.50 | ) | (0.02 | ) | –– | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 11.97 | (0.01 | )(2) | 1.51 | (2) | 1.50 | –– | (0.12 | ) | (0.12 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.74 | (0.01 | ) | 0.24 | 0.23 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 9.62 | (0.04 | ) | 2.16 | 2.12 | –– | –– | –– |
*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.
| 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 9-30-2010 (unaudited) | $11.65 | - -1.69 | %(3) | $454 | 1.15 | %(4) | - -0.13 | %(4) | 1.28 | %(4) | - -0.26 | %(4) | 40 | % | |||||||||||
Fiscal year ended 3-31-2010 | 11.85 | 36.63 | (3) | 464 | 1.15 | 0.33 | 1.30 | 0.18 | 60 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 8.71 | - -33.80 | (3) | 335 | 1.15 | 0.40 | 1.34 | 0.21 | 76 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 13.17 | 12.32 | (3) | 278 | 1.15 | - -0.13 | 1.29 | - -0.27 | 79 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 11.82 | 1.81 | (3) | 162 | 1.20 | - -0.44 | 1.39 | - -0.44 | 93 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 11.61 | 21.70 | (3) | 157 | 1.41 | - -0.62 | –– | –– | 79 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.32 | - -2.18 | 9 | 2.36 | (4) | - -1.34 | (4) | –– | –– | 40 | |||||||||||||||
Fiscal year ended 3-31-2010 | 10.55 | 34.91 | 9 | 2.41 | - -0.94 | –– | –– | 60 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.82 | - -34.73 | 7 | 2.49 | - -1.01 | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 11.98 | 10.98 | 13 | 2.32 | - -1.28 | –– | –– | 79 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 10.89 | 0.55 | 12 | 2.42 | - -1.48 | –– | –– | 93 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 10.83 | 20.47 | 11 | 2.45 | - -1.65 | –– | –– | 79 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.73 | - -2.01 | 46 | 2.00 | (4) | - -0.98 | (4) | –– | –– | 40 | |||||||||||||||
Fiscal year ended 3-31-2010 | 10.95 | 35.35 | 50 | 2.02 | - -0.54 | –– | –– | 60 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.09 | - -34.39 | 33 | 2.08 | - -0.54 | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 12.33 | 11.23 | 34 | 2.07 | - -1.04 | –– | –– | 79 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 11.18 | 0.81 | 19 | 2.18 | - -1.23 | –– | –– | 93 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 11.09 | 20.81 | 17 | 2.21 | - -1.42 | –– | –– | 79 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.65 | - -1.61 | (3) | 1 | 1.15 | (4) | - -0.13 | (4) | 1.91 | (4) | - -0.89 | (4) | 40 | ||||||||||||
Fiscal year ended 3-31-2010 | 11.84 | 36.67 | (3) | 1 | 1.15 | 0.31 | 2.05 | - -0.59 | 60 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 8.70 | - -33.83 | (3) | 1 | 1.15 | 0.38 | 2.27 | - -0.74 | 76 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 13.16 | 12.05 | (3) | –– | * | 1.15 | (4) | - -0.13 | (4) | 1.75 | (4) | - -0.73 | (4) | 79 | (6) | ||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.93 | - -1.57 | 178 | 0.92 | (4) | 0.12 | (4) | –– | –– | 40 | |||||||||||||||
Fiscal year ended 3-31-2010 | 12.12 | 36.86 | 270 | 0.92 | 0.56 | –– | –– | 60 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.91 | - -33.61 | 102 | 0.92 | 0.87 | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | 13.46 | 13.15 | 2 | 0.96 | (4) | 0.09 | (4) | –– | –– | 79 | (6) | ||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.53 | - -1.79 | 15 | 1.46 | (4) | - -0.45 | (4) | –– | –– | 40 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.74 | 36.18 | 13 | 1.46 | 0.00 | –– | –– | 60 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.63 | - -34.02 | 4 | 1.47 | 0.15 | –– | –– | 76 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 13.08 | 11.94 | 1 | 1.49 | - -0.48 | –– | –– | 79 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 11.78 | 1.55 | –– | * | �� | 1.51 | - -0.57 | –– | –– | 93 | |||||||||||||||
Fiscal year ended 3-31-2006(7) | 11.60 | 2.93 | –– | * | 1.56 | (4) | - -0.88 | (4) | –– | –– | 79 | (8) | |||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.82 | - -1.58 | 109 | 1.06 | (4) | - -0.04 | (4) | 1.17 | (4) | - -0.15 | (4) | 40 | |||||||||||||
Fiscal year ended 3-31-2010 | 12.01 | 36.69 | 112 | 1.06 | 0.41 | 1.17 | 0.30 | 60 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.83 | - -33.74 | 79 | 1.06 | 0.42 | 1.19 | 0.29 | 76 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 13.35 | 12.42 | 109 | 1.06 | - -0.04 | 1.19 | - -0.17 | 79 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 11.97 | 1.96 | 59 | 1.08 | - -0.13 | 1.19 | - -0.24 | 93 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 11.74 | 22.04 | 66 | 1.20 | - -0.40 | 1.21 | - -0.41 | 79 |
(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 LIMITED-TERM 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 9-30-2010 (unaudited) | $ | 11.06 | $ | 0.13 | (2) | $ | 0.26 | (2) | $ | 0.39 | $ | (0.14 | ) | $ | –– | $ | (0.14 | ) | ||||
Fiscal year ended 3-31-2010 | 10.77 | 0.31 | (2) | 0.33 | (2) | 0.64 | (0.32 | ) | (0.03 | ) | (0.35 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 10.48 | 0.31 | 0.29 | 0.60 | (0.31 | ) | –– | (0.31 | ) | |||||||||||||
Fiscal year ended 3-31-2008 | 10.15 | 0.38 | 0.33 | 0.71 | (0.38 | ) | –– | (0.38 | ) | |||||||||||||
Fiscal year ended 3-31-2007 | 10.00 | 0.33 | 0.15 | 0.48 | (0.33 | ) | –– | (0.33 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 10.14 | 0.30 | (0.14 | ) | 0.16 | (0.30 | ) | –– | (0.30 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.06 | 0.08 | (2) | 0.26 | (2) | 0.34 | (0.09 | ) | –– | (0.09 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 10.77 | 0.22 | (2) | 0.33 | (2) | 0.55 | (0.23 | ) | (0.03 | ) | (0.26 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 10.48 | 0.23 | 0.29 | 0.52 | (0.23 | ) | –– | (0.23 | ) | |||||||||||||
Fiscal year ended 3-31-2008 | 10.15 | 0.29 | 0.33 | 0.62 | (0.29 | ) | –– | (0.29 | ) | |||||||||||||
Fiscal year ended 3-31-2007 | 10.00 | 0.24 | 0.15 | 0.39 | (0.24 | ) | –– | (0.24 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 10.14 | 0.21 | (0.14 | ) | 0.07 | (0.21 | ) | –– | (0.21 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.06 | 0.09 | (2) | 0.26 | (2) | 0.35 | (0.10 | ) | –– | (0.10 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 10.77 | 0.24 | (2) | 0.33 | (2) | 0.57 | (0.25 | ) | (0.03 | ) | (0.28 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 10.48 | 0.24 | 0.29 | 0.53 | (0.24 | ) | –– | (0.24 | ) | |||||||||||||
Fiscal year ended 3-31-2008 | 10.15 | 0.29 | 0.33 | 0.62 | (0.29 | ) | –– | (0.29 | ) | |||||||||||||
Fiscal year ended 3-31-2007 | 10.00 | 0.24 | 0.15 | 0.39 | (0.24 | ) | –– | (0.24 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 10.14 | 0.21 | (0.14 | ) | 0.07 | (0.21 | ) | –– | (0.21 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.06 | 0.13 | (2) | 0.26 | (2) | 0.39 | (0.14 | ) | –– | (0.14 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 10.77 | 0.31 | (2) | 0.34 | (2) | 0.65 | (0.33 | ) | (0.03 | ) | (0.36 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 10.48 | 0.34 | 0.29 | 0.63 | (0.34 | ) | –– | (0.34 | ) | |||||||||||||
Fiscal year ended 3-31-2008(5) | 10.15 | 0.40 | 0.33 | 0.73 | (0.40 | ) | –– | (0.40 | ) | |||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.06 | 0.14 | (2) | 0.26 | (2) | 0.40 | (0.15 | ) | –– | (0.15 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 10.77 | 0.35 | (2) | 0.33 | (2) | 0.68 | (0.36 | ) | (0.03 | ) | (0.39 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 10.48 | 0.35 | 0.29 | 0.64 | (0.35 | ) | –– | (0.35 | ) | |||||||||||||
Fiscal year ended 3-31-2008(5) | 10.15 | 0.49 | 0.33 | 0.82 | (0.49 | ) | –– | (0.49 | ) | |||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.06 | 0.13 | (2) | 0.26 | (2) | 0.39 | (0.14 | ) | –– | (0.14 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 10.77 | 0.32 | (2) | 0.33 | (2) | 0.65 | (0.33 | ) | (0.03 | ) | (0.36 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 10.48 | 0.32 | 0.29 | 0.61 | (0.32 | ) | –– | (0.32 | ) | |||||||||||||
Fiscal year ended 3-31-2008 | 10.15 | 0.39 | 0.33 | 0.72 | (0.39 | ) | –– | (0.39 | ) | |||||||||||||
Fiscal year ended 3-31-2007 | 10.00 | 0.34 | 0.15 | 0.49 | (0.34 | ) | –– | (0.34 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 10.14 | 0.31 | (0.14 | ) | 0.17 | (0.31 | ) | –– | (0.31 | ) |
*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.
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 9-30-2010 (unaudited) | $ | 11.31 | 3.54 | %(3) | $ | 777 | 0.94 | %(4) | 2.28 | %(4) | –– | % | –– | % | 22 | % | |||||||||
Fiscal year ended 3-31-2010 | 11.06 | 6.03 | (3) | 570 | 1.00 | 2.84 | –– | –– | 33 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 10.77 | 5.89 | (3) | 289 | 0.91 | 2.89 | 1.06 | 2.74 | 20 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 10.48 | 7.13 | (3) | 72 | 1.19 | 3.70 | 1.27 | 3.62 | 86 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 10.15 | 4.89 | (3) | 35 | 1.33 | 3.30 | –– | –– | 41 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 10.00 | 1.59 | (3) | 33 | 1.31 | 2.98 | –– | –– | 28 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.31 | 3.11 | 27 | 1.76 | (4) | 1.46 | (4) | –– | –– | 22 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.06 | 5.16 | 21 | 1.82 | 2.06 | –– | –– | 33 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 10.77 | 5.04 | 20 | 1.73 | 2.08 | 1.88 | 1.93 | 20 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 10.48 | 6.21 | 6 | 2.07 | 2.83 | 2.15 | 2.75 | 86 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 10.15 | 3.94 | 5 | 2.23 | 2.39 | –– | –– | 41 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 10.00 | 0.68 | 5 | 2.22 | 2.06 | –– | –– | 28 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.31 | 3.17 | 267 | 1.65 | (4) | 1.58 | (4) | –– | –– | 22 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.06 | 5.27 | 213 | 1.71 | 2.14 | –– | –– | 33 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 10.77 | 5.11 | 157 | 1.59 | 2.12 | 1.74 | 1.97 | 20 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 10.48 | 6.19 | 15 | 2.09 | 2.81 | 2.17 | 2.73 | 86 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 10.15 | 3.98 | 12 | 2.20 | 2.42 | –– | –– | 41 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 10.00 | 0.73 | 13 | 2.17 | 2.12 | –– | –– | 28 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.31 | 3.49 | (3) | 1 | 1.00 | (4) | 2.15 | (4) | 1.21 | (4) | 1.94 | (4) | 22 | ||||||||||||
Fiscal year ended 3-31-2010 | 11.06 | 6.07 | (3) | –– | * | 0.98 | 2.78 | –– | –– | 33 | |||||||||||||||
Fiscal year ended 3-31-2009 | 10.77 | 6.15 | (3) | –– | * | 0.73 | 3.21 | 0.88 | 3.06 | 20 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.48 | 7.31 | (3) | –– | * | 0.98 | (4) | 3.93 | (4) | 1.06 | (4) | 3.85 | (4) | 86 | (6) | ||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.31 | 3.67 | 66 | 0.69 | (4) | 2.50 | (4) | –– | –– | 22 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.06 | 6.35 | 37 | 0.73 | 3.09 | –– | –– | 33 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 10.77 | 6.26 | 6 | 0.57 | 3.22 | 0.72 | 3.07 | 20 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.48 | 8.31 | –– | * | 0.89 | (4) | 4.02 | (4) | 0.97 | (4) | 3.94 | (4) | 86 | (6) | |||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.31 | 3.55 | 73 | 0.94 | (4) | 2.29 | (4) | 0.94 | (4) | 2.29 | (4) | 22 | |||||||||||||
Fiscal year ended 3-31-2010 | 11.06 | 6.07 | 57 | 0.98 | 2.87 | –– | –– | 33 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 10.77 | 5.95 | 37 | 0.86 | 2.89 | 1.01 | 2.74 | 20 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 10.48 | 7.25 | 2 | 1.09 | 3.79 | 1.17 | 3.71 | 86 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 10.15 | 5.06 | 1 | 1.17 | 3.44 | –– | –– | 41 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 10.00 | 1.72 | 2 | 1.19 | 3.10 | –– | –– | 28 |
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 | Distributions From Return of Capital | ||||||||||||||||
Class A Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 7.80 | $ | (0.02 | )(2) | $ | 0.48 | (2) | $ | 0.46 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 4.90 | (0.03 | )(2) | 2.94 | (2) | 2.91 | –– | * | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 9.81 | 0.19 | (4.46 | ) | (4.27 | ) | (0.31 | ) | (0.33 | ) | –– | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.47 | (2) | (0.15 | )(2) | 0.32 | (0.51 | ) | –– | –– | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 7.71 | (0.06 | )(2) | 0.48 | (2) | 0.42 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 4.86 | (0.08 | )(2) | 2.93 | (2) | 2.85 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 9.78 | 0.12 | (4.46 | ) | (4.34 | ) | (0.25 | ) | (0.33 | ) | –– | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.44 | (2) | (0.21 | )(2) | 0.23 | (0.45 | ) | –– | –– | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 7.73 | (0.05 | )(2) | 0.48 | (2) | 0.43 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 4.87 | (0.07 | )(2) | 2.93 | (2) | 2.86 | –– | * | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2009 | 9.79 | 0.13 | (4.46 | ) | (4.33 | ) | (0.26 | ) | (0.33 | ) | –– | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.45 | (2) | (0.21 | )(2) | 0.24 | (0.45 | ) | –– | –– | ||||||||||||
Class E Shares(6) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 7.81 | (0.02 | )(2) | 0.49 | (2) | 0.47 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 4.91 | (0.01 | )(2) | 2.93 | (2) | 2.92 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 9.81 | 0.20 | (4.45 | ) | (4.25 | ) | (0.32 | ) | (0.33 | ) | –– | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.49 | (2) | (0.16 | )(2) | 0.33 | (0.52 | ) | –– | –– | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 7.84 | (0.01 | )(2) | 0.49 | (2) | 0.48 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 4.92 | (0.01 | )(2) | 2.95 | (2) | 2.94 | –– | * | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 9.82 | 0.21 | (4.45 | ) | (4.24 | ) | (0.33 | ) | (0.33 | ) | –– | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.52 | (2) | (0.16 | )(2) | 0.36 | (0.54 | ) | –– | –– | ||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 7.81 | (0.02 | )(2) | 0.49 | (2) | 0.47 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 4.91 | (0.01 | )(2) | 2.92 | (2) | 2.91 | –– | * | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 9.81 | 0.19 | (4.45 | ) | (4.26 | ) | (0.31 | ) | (0.33 | ) | –– | |||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.49 | (2) | (0.16 | )(2) | 0.33 | (0.52 | ) | –– | –– |
*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.
Total Distributions | 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 9-30-2010 (unaudited) | $ | –– | $ | 8.26 | 5.90 | %(3) | $80 | 0.63 | %(4) | - -0.63 | %(4) | –– | % | –– | % | 4 | % | |||||||||||
Fiscal year ended 3-31-2010 | (0.01 | ) | 7.80 | 59.43 | (3) | 75 | 0.66 | - -0.21 | –– | –– | 13 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.64 | ) | 4.90 | -43.93 | (3) | 39 | 0.72 | 2.51 | –– | –– | 25 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.51 | ) | 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 9-30-2010 (unaudited) | –– | 8.13 | 5.45 | 2 | 1.52 | (4) | - -1.52 | (4) | –– | –– | 4 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 7.71 | 58.64 | 2 | 1.60 | - -1.14 | –– | –– | 13 | |||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.58 | ) | 4.86 | -44.75 | 1 | 1.70 | 1.53 | –– | –– | 25 | ||||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.45 | ) | 9.78 | 1.87 | 1 | 1.77 | (4) | 5.43 | (4) | 1.78 | (4) | 5.42 | (4) | –– | * | |||||||||||||
Class C Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.16 | 5.56 | 2 | 1.43 | (4) | - -1.43 | (4) | –– | –– | 4 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | * | 7.73 | 58.76 | 2 | 1.43 | - -0.97 | –– | –– | 13 | ||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.59 | ) | 4.87 | -44.59 | 1 | 1.52 | 1.53 | –– | –– | 25 | ||||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.45 | ) | 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 9-30-2010 (unaudited) | –– | 8.28 | 6.02 | (3) | –– | * | 0.49 | (4) | - -0.49 | (4) | –– | –– | 4 | |||||||||||||||
Fiscal year ended 3-31-2010 | (0.02 | ) | 7.81 | 59.40 | (3) | –– | * | 0.49 | - -0.06 | –– | –– | 13 | ||||||||||||||||
Fiscal year ended 3-31-2009 | (0.65 | ) | 4.91 | -43.74 | (3) | –– | * | 0.53 | 2.49 | –– | –– | 25 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.52 | ) | 9.81 | 2.79 | (3) | –– | * | 0.79 | (4) | 4.44 | (4) | 0.80 | (4) | 4.43 | (4) | –– | * | |||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.32 | 6.12 | –– | * | 0.24 | (4) | - -0.24 | (4) | –– | –– | 4 | ||||||||||||||||
Fiscal year ended 3-31-2010 | (0.02 | ) | 7.84 | 59.76 | –– | * | 0.23 | 0.20 | –– | –– | 13 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.66 | ) | 4.92 | -43.56 | –– | * | 0.27 | 2.73 | –– | –– | 25 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.54 | ) | 9.82 | 3.07 | –– | * | 0.55 | (4) | 4.67 | (4) | 0.56 | (4) | 4.66 | (4) | –– | * | ||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.28 | 6.02 | –– | * | 0.61 | (4) | - -0.61 | (4) | –– | –– | 4 | ||||||||||||||||
Fiscal year ended 3-31-2010 | (0.01 | ) | 7.81 | 59.32 | –– | * | 0.55 | 0.05 | –– | –– | 13 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.64 | ) | 4.91 | -43.84 | –– | * | 0.73 | 2.45 | –– | –– | 25 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.52 | ) | 9.81 | 2.77 | –– | * | 0.81 | (4) | 4.76 | (4) | 0.82 | (4) | 4.75 | (4) | –– | * |
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 | Distributions From Return of Capital | ||||||||||||||||
Class A Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 8.44 | $ | (0.02 | )(2) | $ | 0.38 | (2) | $ | 0.36 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 5.62 | 0.01 | (2) | 2.85 | (2) | 2.86 | (0.02 | ) | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 10.06 | 0.21 | (4.21 | ) | (4.00 | ) | (0.27 | ) | (0.15 | ) | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.35 | (2) | 0.04 | (2) | 0.39 | (0.33 | ) | –– | –– | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.38 | (0.06 | )(2) | 0.38 | (2) | 0.32 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 5.59 | (0.04 | )(2) | 2.83 | (2) | 2.79 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 10.04 | 0.16 | (2) | (4.23 | )(2) | (4.07 | ) | (0.21 | ) | (0.15 | ) | (0.02 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.33 | (2) | (0.02 | )(2) | 0.31 | (0.27 | ) | –– | –– | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.40 | (0.05 | )(2) | 0.37 | (2) | 0.32 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 5.59 | (0.03 | )(2) | 2.84 | (2) | 2.81 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 10.04 | 0.15 | (2) | (4.22 | )(2) | (4.07 | ) | (0.21 | ) | (0.15 | ) | (0.02 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.30 | (2) | 0.02 | (2) | 0.32 | (0.28 | ) | –– | –– | ||||||||||||
Class E Shares(6) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.45 | (0.02 | )(2) | 0.37 | (2) | 0.35 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 5.62 | 0.01 | (2) | 2.86 | (2) | 2.87 | (0.02 | ) | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 10.06 | 0.23 | (4.23 | ) | (4.00 | ) | (0.28 | ) | (0.14 | ) | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.38 | (2) | 0.02 | (2) | 0.40 | (0.34 | ) | –– | –– | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.46 | (0.01 | )(2) | 0.37 | (2) | 0.36 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 5.63 | 0.02 | (2) | 2.87 | (2) | 2.89 | (0.03 | ) | –– | (0.03 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 10.07 | 0.24 | (4.21 | ) | (3.97 | ) | (0.30 | ) | (0.15 | ) | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.41 | (2) | 0.02 | (2) | 0.43 | (0.36 | ) | –– | –– | ||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.43 | (0.02 | )(2) | 0.37 | (2) | 0.35 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 5.61 | 0.01 | (2) | 2.85 | (2) | 2.86 | (0.02 | ) | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 10.06 | 0.22 | (4.22 | ) | (4.00 | ) | (0.28 | ) | (0.15 | ) | (0.02 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 10.00 | 0.37 | (2) | 0.03 | (2) | 0.40 | (0.34 | ) | –– | –– |
*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.
Total Distributions | 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 9-30-2010 (unaudited) | $ | –– | $ | 8.80 | 4.27 | %(3) | $ | 161 | 0.52 | %(4) | - -0.52 | %(4) | –– | % | –– | % | 22 | % | ||||||||||
Fiscal year ended 3-31-2010 | (0.04 | ) | 8.44 | 50.82 | (3) | 152 | 0.55 | 0.30 | –– | –– | 9 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.44 | ) | 5.62 | -40.20 | (3) | 84 | 0.57 | 2.85 | –– | –– | 16 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.33 | ) | 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 9-30-2010 (unaudited) | –– | 8.70 | 3.82 | 3 | 1.37 | (4) | - -1.37 | (4) | –– | –– | 22 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 8.38 | 49.91 | 4 | 1.43 | - -0.58 | –– | –– | 9 | |||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.38 | ) | 5.59 | -40.93 | 3 | 1.41 | 1.92 | –– | –– | 16 | ||||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.27 | ) | 10.04 | 2.98 | 4 | 1.48 | (4) | 4.05 | (4) | 1.49 | (4) | 4.04 | (4) | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.72 | 3.81 | 5 | 1.27 | (4) | - -1.27 | (4) | –– | –– | 22 | |||||||||||||||||
Fiscal year ended 3-31-2010 | –– | 8.40 | 50.27 | 5 | 1.32 | - -0.46 | –– | –– | 9 | |||||||||||||||||||
Fiscal year ended 3-31-2009 | (0.38 | ) | 5.59 | -40.91 | 3 | 1.35 | 2.19 | –– | –– | 16 | ||||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.28 | ) | 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 9-30-2010 (unaudited) | –– | 8.80 | 4.14 | (3) | –– | * | 0.42 | (4) | - -0.42 | (4) | –– | –– | 22 | |||||||||||||||
Fiscal year ended 3-31-2010 | (0.04 | ) | 8.45 | 51.16 | (3) | –– | * | 0.42 | 0.41 | –– | –– | 9 | ||||||||||||||||
Fiscal year ended 3-31-2009 | (0.44 | ) | 5.62 | -40.12 | (3) | –– | * | 0.45 | 2.83 | –– | –– | 16 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.34 | ) | 10.06 | 3.82 | (3) | –– | * | 0.60 | (4) | 3.57 | (4) | 0.61 | (4) | 3.56 | (4) | –– | ||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.82 | 4.26 | –– | * | 0.17 | (4) | - -0.17 | (4) | –– | –– | 22 | ||||||||||||||||
Fiscal year ended 3-31-2010 | (0.06 | ) | 8.46 | 51.31 | –– | * | 0.16 | 0.66 | –– | –– | 9 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.47 | ) | 5.63 | - -39.86 | –– | * | 0.18 | 3.08 | –– | –– | 16 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.36 | ) | 10.07 | 4.10 | –– | * | 0.36 | (4) | 3.81 | (4) | 0.37 | (4) | 3.80 | (4) | –– | |||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 8.78 | 4.15 | –– | * | 0.52 | (4) | - -0.52 | (4) | 0.55 | (4) | - -0.55 | (4) | 22 | ||||||||||||||
Fiscal year ended 3-31-2010 | (0.04 | ) | 8.43 | 50.91 | –– | * | 0.55 | 0.28 | 0.58 | 0.25 | 9 | |||||||||||||||||
Fiscal year ended 3-31-2009 | (0.45 | ) | 5.61 | -40.21 | –– | * | 0.59 | 2.56 | 0.60 | 2.55 | 16 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.34 | ) | 10.06 | 3.81 | –– | * | 0.64 | (4) | 3.83 | (4) | 0.65 | (4) | 3.82 | (4) | –– |
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 9-30-2010 (unaudited) | $ | 15.78 | $ | (0.14 | )(2) | $ | 0.58 | (2) | $ | 0.44 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 9.77 | (0.29 | )(2) | 6.69 | (2) | 6.40 | –– | (0.39 | ) | (0.39 | ) | |||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.02 | ) | (0.21 | ) | (0.23 | ) | –– | –– | –– | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.63 | (0.26 | )(2) | 0.57 | (2) | 0.31 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.76 | (0.51 | )(2) | 6.66 | (2) | 6.15 | –– | (0.28 | ) | (0.28 | ) | |||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.04 | ) | (0.20 | ) | (0.24 | ) | –– | –– | –– | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.69 | (0.21 | )(2) | 0.57 | (2) | 0.36 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.76 | (0.44 | )(2) | 6.68 | (2) | 6.24 | –– | (0.31 | ) | (0.31 | ) | |||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.03 | ) | (0.21 | ) | (0.24 | ) | –– | –– | –– | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.79 | (0.11 | )(2) | 0.58 | (2) | 0.47 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.77 | (0.24 | )(2) | 6.68 | (2) | 6.44 | –– | (0.42 | ) | (0.42 | ) | |||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.02 | ) | (0.21 | ) | (0.23 | ) | –– | –– | –– | ||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.70 | (0.13 | )(2) | 0.58 | (2) | 0.45 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 9.77 | (0.31 | )(2) | 6.63 | (2) | 6.32 | –– | (0.39 | ) | (0.39 | ) | |||||||||||
Fiscal year ended 3-31-2009(5) | 10.00 | (0.02 | ) | (0.21 | ) | (0.23 | ) | –– | –– | –– |
*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.
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 9-30-2010 (unaudited) | $ | 16.22 | 2.79 | %(3) | $46 | 1.95 | %(4) | - -1.86 | %(4) | 2.07 | %(4) | - -1.98 | %(4) | 37 | % | ||||||||||
Fiscal year ended 3-31-2010 | 15.78 | 66.16 | (3) | 28 | 2.17 | - -2.08 | 2.79 | - -2.70 | 94 | ||||||||||||||||
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 9-30-2010 (unaudited) | 15.94 | 1.98 | 1 | 3.57 | (4) | - -3.48 | (4) | –– | –– | 37 | |||||||||||||||
Fiscal year ended 3-31-2010 | 15.63 | 63.49 | –– | * | 3.91 | - -3.82 | 4.13 | -4.04 | 94 | ||||||||||||||||
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 9-30-2010 (unaudited) | 16.05 | 2.30 | 2 | 2.83 | (4) | - -2.74 | (4) | –– | –– | 37 | |||||||||||||||
Fiscal year ended 3-31-2010 | 15.69 | 64.45 | 1 | 3.29 | - -3.19 | 3.51 | - -3.41 | 94 | |||||||||||||||||
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 9-30-2010 (unaudited) | 16.26 | 2.98 | 1 | 1.57 | (4) | - -1.48 | (4) | –– | –– | 37 | |||||||||||||||
Fiscal year ended 3-31-2010 | 15.79 | 66.68 | –– | * | 1.89 | - -1.79 | 2.23 | - -2.13 | 94 | ||||||||||||||||
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 9-30-2010 (unaudited) | 16.15 | 2.87 | –– | * | 1.83 | (4) | - -1.71 | (4) | –– | –– | 37 | ||||||||||||||
Fiscal year ended 3-31-2010 | 15.70 | 65.38 | –– | * | 2.35 | - -2.27 | 2.57 | - -2.49 | 94 | ||||||||||||||||
Fiscal year ended 3-31-2009(5) | 9.77 | - -2.30 | –– | * | 2.21 | (4) | - -2.03 | (4) | –– | –– | 5 | ||||||||||||||
IVY MID CAP 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 9-30-2010 (unaudited) | $ | 13.95 | $ | (0.03 | )(2) | $ | 0.95 | (2) | $ | 0.92 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 8.57 | (0.06 | )(2) | 5.44 | (2) | 5.38 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 12.77 | (0.05 | ) | (4.15 | ) | (4.20 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 13.07 | (0.09 | ) | (0.21 | ) | (0.30 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 12.59 | (0.06 | ) | 0.54 | 0.48 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 9.99 | (0.04 | ) | 2.64 | 2.60 | –– | –– | –– | ||||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.58 | (0.09 | )(2) | 0.85 | (2) | 0.76 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 7.81 | (0.16 | )(2) | 4.93 | (2) | 4.77 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 11.79 | (0.17 | )(2) | (3.81 | )(2) | (3.98 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 12.18 | (0.30 | ) | (0.09 | ) | (0.39 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 11.85 | (0.23 | ) | 0.56 | 0.33 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 9.50 | (0.18 | ) | 2.53 | 2.35 | –– | –– | –– | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.04 | (0.07 | )(2) | 0.88 | (2) | 0.81 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.06 | (0.14 | )(2) | 5.12 | (2) | 4.98 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 12.09 | (0.19 | ) | (3.84 | ) | (4.03 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 12.48 | (0.25 | ) | (0.14 | ) | (0.39 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 12.10 | (0.19 | ) | 0.57 | 0.38 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 9.67 | (0.12 | ) | 2.55 | 2.43 | –– | –– | –– | ||||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.81 | (0.03 | )(2) | 0.94 | (2) | 0.91 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.48 | (0.05 | )(2) | 5.38 | (2) | 5.33 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 12.68 | (0.06 | ) | (4.14 | ) | (4.20 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008(5) | 13.13 | (0.22 | )(2) | (0.23 | )(2) | (0.45 | ) | –– | –– | –– | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.42 | 0.00 | (2) | 0.99 | (2) | 0.99 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.81 | 0.00 | (2) | 5.61 | (2) | 5.61 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 13.07 | 0.00 | (4.26 | ) | (4.26 | ) | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2008(5) | 13.28 | (0.03 | )(2) | (0.18 | )(2) | (0.21 | ) | –– | –– | –– | ||||||||||||
Class R Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.90 | (0.04 | )(2) | 0.95 | (2) | 0.91 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.54 | (0.07 | )(2) | 5.43 | (2) | 5.36 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 12.73 | (0.06 | ) | (4.13 | ) | (4.19 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 13.05 | (0.10 | ) | (0.22 | ) | (0.32 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 12.58 | (0.07 | ) | 0.54 | 0.47 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006(7) | 11.77 | 0.02 | 0.79 | 0.81 | –– | –– | –– | |||||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.29 | (0.01 | )(2) | 0.98 | (2) | 0.97 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.74 | (0.01 | )(2) | 5.56 | (2) | 5.55 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 12.97 | (0.01 | ) | (4.22 | ) | (4.23 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2008 | 13.23 | (0.07 | ) | (0.19 | ) | (0.26 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2007 | 12.70 | (0.03 | ) | 0.56 | 0.53 | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2006 | 10.04 | 0.05 | (2) | 2.61 | (2) | 2.66 | –– | –– | –– |
*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.
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 9-30-2010 (unaudited) | $ | 14.87 | 6.60 | %(3) | $ | 209 | 1.57 | %(4) | - -0.48 | %(4) | –– | % | –– | % | 19 | % | |||||||||
Fiscal year ended 3-31-2010 | 13.95 | 62.78 | (3) | 162 | 1.65 | - -0.51 | 1.67 | - -0.53 | 40 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 8.57 | - -32.89 | (3) | 75 | 1.65 | - -0.39 | 1.78 | - -0.52 | 49 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 12.77 | - -2.37 | (3) | 108 | 1.60 | - -0.67 | –– | –– | 42 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 13.07 | 3.89 | (3) | 104 | 1.59 | - -0.48 | –– | –– | 25 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 12.59 | 26.03 | (3) | 105 | 1.62 | - -0.30 | –– | –– | 28 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.34 | 6.04 | 7 | 2.57 | (4) | - -1.47 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 12.58 | 61.08 | 7 | 2.68 | - -1.53 | –– | –– | 40 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.81 | - -33.76 | 4 | 2.92 | - -1.69 | –– | –– | 49 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 11.79 | - -3.20 | 9 | 2.56 | - -1.62 | –– | –– | 42 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 12.18 | 2.79 | 11 | 2.62 | - -1.52 | –– | –– | 25 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 11.85 | 24.74 | 12 | 2.70 | - -1.43 | –– | –– | 28 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.85 | 6.21 | 28 | 2.23 | (4) | - -1.13 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.04 | 61.79 | 17 | 2.35 | - -1.21 | 2.38 | - -1.24 | 40 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.06 | - -33.33 | 6 | 2.35 | - -1.10 | 2.59 | - -1.34 | 49 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 12.09 | - -3.13 | 10 | 2.35 | - -1.41 | 2.38 | - -1.44 | 42 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 12.48 | 3.14 | 12 | 2.35 | - -1.25 | 2.42 | - -1.32 | 25 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 12.10 | 25.13 | 14 | 2.35 | - -1.09 | 2.40 | - -1.14 | 28 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.72 | 6.59 | (3) | 2 | 1.60 | (4) | - -0.50 | (4) | 2.22 | (4) | - -1.12 | (4) | 19 | ||||||||||||
Fiscal year ended 3-31-2010 | 13.81 | 62.85 | (3) | 1 | 1.60 | - -0.46 | 2.60 | - -1.46 | 40 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 8.48 | - -33.12 | (3) | –– | * | 1.99 | - -0.71 | 3.12 | - -1.84 | 49 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 12.68 | - -3.43 | (3) | –– | * | 2.52 | (4) | - -1.61 | (4) | –– | –– | 42 | (6) | ||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.41 | 6.87 | 15 | 1.12 | (4) | - -0.02 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 14.42 | 63.68 | 6 | 1.14 | - -0.03 | –– | –– | 40 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.81 | - -32.59 | –– | * | 1.17 | 0.09 | –– | –– | 49 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 13.07 | - -1.58 | 1 | 1.17 | (4) | - -0.23 | (4) | –– | –– | 42 | (6) | ||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.81 | 6.55 | 9 | 1.65 | (4) | - -0.55 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.90 | 62.76 | 4 | 1.67 | - -0.57 | –– | –– | 40 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.54 | - -32.91 | –– | * | 1.72 | - -0.45 | –– | –– | 49 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 12.73 | - -2.45 | –– | * | 1.68 | - -0.75 | –– | –– | 42 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 13.05 | 3.74 | –– | * | 1.71 | - -0.59 | –– | –– | 25 | ||||||||||||||||
Fiscal year ended 3-31-2006(7) | 12.58 | 6.68 | –– | * | 1.75 | (4) | 0.73 | (4) | –– | –– | 28 | (8) | |||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.26 | 6.79 | 94 | 1.25 | (4) | - -0.16 | (4) | 1.37 | (4) | - -0.28 | (4) | 19 | |||||||||||||
Fiscal year ended 3-31-2010 | 14.29 | 63.50 | 54 | 1.25 | - -0.11 | 1.38 | - -0.24 | 40 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.74 | - -32.61 | 9 | 1.25 | 0.00 | 1.40 | - -0.15 | 49 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 12.97 | - -1.97 | 12 | 1.25 | - -0.33 | 1.40 | - -0.48 | 42 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 13.23 | 4.17 | 10 | 1.25 | - -0.15 | 1.42 | - -0.32 | 25 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 12.70 | 26.50 | 9 | 1.25 | 0.43 | 1.43 | 0.25 | 28 |
(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 MONEY MARKET FUND | ||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gain 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 9-30-2010 (unaudited) | $ | 1.00 | $ | 0.00 | (2) | $ | 0.00 | (2) | $ | 0.00 | $ | –– | * | $ | –– | $ | –– | * | ||||
Fiscal year ended 3-31-2010 | 1.00 | 0.01 | (2) | 0.00 | (2) | 0.01 | (0.01 | ) | –– | * | (0.01 | ) | ||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 0.02 | (2) | 0.00 | (2) | 0.02 | (0.02 | ) | –– | (0.02 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 1.00 | 0.04 | (2) | 0.00 | (2) | 0.04 | (0.04 | ) | –– | (0.04 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04 | ) | –– | (0.04 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 1.00 | 0.03 | 0.00 | 0.03 | (0.03 | ) | –– | (0.03 | ) | |||||||||||||
Class B Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 1.00 | 0.00 | (2) | 0.00 | (2) | 0.00 | –– | * | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2010 | 1.00 | 0.00 | (2) | 0.00 | (2) | 0.00 | –– | * | –– | * | –– | * | ||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 0.01 | (2) | 0.00 | (2) | 0.01 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 1.00 | 0.03 | (2) | 0.00 | (2) | 0.03 | (0.03 | ) | –– | (0.03 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 1.00 | 0.03 | 0.00 | 0.03 | (0.03 | ) | –– | (0.03 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | –– | (0.02 | ) | |||||||||||||
Class C Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 1.00 | 0.00 | (2) | 0.00 | (2) | 0.00 | –– | * | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2010 | 1.00 | 0.00 | (2) | 0.00 | (2) | 0.00 | –– | * | –– | * | –– | * | ||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 0.01 | (2) | 0.00 | (2) | 0.01 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 1.00 | 0.03 | (2) | 0.00 | (2) | 0.03 | (0.03 | ) | –– | (0.03 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 1.00 | 0.03 | 0.00 | 0.03 | (0.03 | ) | –– | (0.03 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | –– | (0.02 | ) | |||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 1.00 | 0.00 | (2) | 0.00 | (2) | 0.00 | –– | * | –– | –– | * | |||||||||||
Fiscal year ended 3-31-2010 | 1.00 | 0.00 | (2) | 0.00 | (2) | 0.00 | –– | * | –– | * | –– | * | ||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 0.01 | (2) | 0.00 | (2) | 0.01 | (0.01 | ) | –– | (0.01 | ) | |||||||||||
Fiscal year ended 3-31-2008(5) | 1.00 | 0.04 | (2) | 0.00 | (2) | 0.04 | (0.04 | ) | –– | (0.04 | ) |
*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)Annualized.
(4)These shares are not available for direct investment. However, they are available by exchange from Class B or Class C shares of another Ivy Fund.
(5)For the period from April 2, 2007 (commencement of operations of the class) through March 31, 2008.
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 (Loss) to Average Net Assets Excluding Expense Waiver(1) | ||||||||||||||||
Class A Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 1.00 | 0.01 | % | $ | 184 | 0.48 | %(3) | 0.02 | %(3) | 0.67 | %(3) | - -0.17 | %(3) | ||||||||
Fiscal year ended 3-31-2010 | 1.00 | 0.53 | 195 | 0.65 | 0.50 | 0.65 | 0.50 | |||||||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 1.65 | 219 | 0.73 | 1.51 | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2008 | 1.00 | 4.19 | 91 | 0.88 | 4.02 | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2007 | 1.00 | 4.44 | 59 | 0.88 | 4.38 | 0.98 | 4.28 | |||||||||||||||
Fiscal year ended 3-31-2006 | 1.00 | 2.87 | 44 | 0.91 | 2.87 | 1.06 | 2.72 | |||||||||||||||
Class B Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 1.00 | 0.01 | 9 | 0.48 | (3) | 0.02 | (3) | 1.75 | (3) | - -1.25 | (3) | |||||||||||
Fiscal year ended 3-31-2010 | 1.00 | 0.16 | 9 | 1.07 | 0.16 | 1.75 | - -0.52 | |||||||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 0.74 | 19 | 1.61 | 0.58 | 1.70 | 0.49 | |||||||||||||||
Fiscal year ended 3-31-2008 | 1.00 | 3.25 | 7 | 1.80 | 3.01 | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2007 | 1.00 | 3.44 | 4 | 1.86 | 3.43 | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2006 | 1.00 | 1.82 | 2 | 1.95 | 1.86 | –– | –– | |||||||||||||||
Class C Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 1.00 | 0.01 | 44 | 0.48 | (3) | 0.02 | (3) | 1.68 | (3) | - -1.18 | (3) | |||||||||||
Fiscal year ended 3-31-2010 | 1.00 | 0.16 | 39 | 1.08 | 0.16 | 1.67 | - -0.43 | |||||||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 0.78 | 91 | 1.58 | 0.58 | 1.63 | 0.53 | |||||||||||||||
Fiscal year ended 3-31-2008 | 1.00 | 3.31 | 18 | 1.73 | 3.03 | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2007 | 1.00 | 3.45 | 6 | 1.84 | 3.45 | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2006 | 1.00 | 1.83 | 3 | 1.94 | 1.75 | –– | –– | |||||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 1.00 | 0.01 | 4 | 0.48 | (3) | 0.02 | (3) | 0.79 | (3) | - -0.29 | (3) | |||||||||||
Fiscal year ended 3-31-2010 | 1.00 | 0.49 | 4 | 0.69 | 0.49 | 0.70 | 0.48 | |||||||||||||||
Fiscal year ended 3-31-2009 | 1.00 | 1.51 | 5 | 0.88 | 1.31 | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2008(5) | 1.00 | 4.07 | 1 | 0.93 | (3) | 3.77 | (3) | –– | –– |
IVY MORTGAGE 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 9-30-2010 (unaudited) | $ | 8.28 | $ | 0.02 | (2) | $ | 0.31 | (2) | $ | 0.33 | $ | (0.16 | ) | $ | –– | $ | (0.16 | ) | ||||
Fiscal year ended 3-31-2010 | 7.73 | 0.29 | (2) | 0.64 | (2) | 0.93 | (0.38 | ) | –– | (0.38 | ) | |||||||||||
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 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.28 | (0.03 | )(2) | 0.31 | (2) | 0.28 | (0.11 | ) | –– | (0.11 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 7.73 | 0.22 | (2) | 0.63 | (2) | 0.85 | (0.30 | ) | –– | (0.30 | ) | |||||||||||
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 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.28 | (0.01 | )(2) | 0.31 | (2) | 0.30 | (0.13 | ) | –– | (0.13 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 7.73 | 0.25 | (2) | 0.63 | (2) | 0.88 | (0.33 | ) | –– | (0.33 | ) | |||||||||||
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 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.28 | 0.03 | (2) | 0.31 | (2) | 0.34 | (0.17 | ) | –– | (0.17 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 7.73 | 0.32 | (2) | 0.64 | (2) | 0.96 | (0.41 | ) | –– | (0.41 | ) | |||||||||||
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 9-30-2010 (unaudited) | 8.28 | 0.04 | (2) | 0.31 | (2) | 0.35 | (0.18 | ) | –– | (0.18 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 7.73 | 0.34 | (2) | 0.64 | (2) | 0.98 | (0.43 | ) | –– | (0.43 | ) | |||||||||||
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 9-30-2010 (unaudited) | 8.28 | 0.03 | (2) | 0.31 | (2) | 0.34 | (0.17 | ) | –– | (0.17 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 7.73 | 0.36 | (2) | 0.60 | (2) | 0.96 | (0.41 | ) | –– | (0.41 | ) | |||||||||||
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 | ) |
*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.
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 9-30-2010 (unaudited) | $ | 8.45 | 3.96 | %(3) | $ | 101 | 1.37 | %(4) | 0.30 | %(4) | –– | % | –– | % | 165 | % | |||||||||
Fiscal year ended 3-31-2010 | 8.28 | 12.37 | (3) | 130 | 1.41 | 3.73 | –– | –– | 268 | ||||||||||||||||
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 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.45 | 3.42 | 3 | 2.40 | (4) | - -0.72 | (4) | –– | –– | 165 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.28 | 11.14 | 4 | 2.55 | 2.75 | –– | –– | 268 | |||||||||||||||||
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 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.45 | 3.59 | 7 | 2.05 | (4) | - -0.37 | (4) | –– | –– | 165 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.28 | 11.58 | 6 | 2.15 | 3.18 | –– | –– | 268 | |||||||||||||||||
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 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 8.45 | 4.07 | (3) | –– | * | 1.14 | (4) | 0.55 | (4) | 1.97 | (4) | - -0.28 | (4) | 165 | |||||||||||
Fiscal year ended 3-31-2010 | 8.28 | 12.68 | (3) | –– | * | 1.14 | 3.95 | 2.07 | 3.02 | 268 | |||||||||||||||
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 9-30-2010 (unaudited) | 8.45 | 4.22 | 1 | 0.85 | (4) | 0.83 | (4) | –– | –– | 165 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.28 | 13.00 | 1 | 0.87 | 4.11 | –– | –– | 268 | |||||||||||||||||
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 9-30-2010 (unaudited) | 8.45 | 4.08 | 1 | 1.12 | (4) | 0.56 | (4) | –– | –– | 165 | |||||||||||||||
Fiscal year ended 3-31-2010 | 8.28 | 12.76 | 1 | 1.10 | 4.72 | –– | –– | 268 | |||||||||||||||||
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 |
IVY MUNICIPAL 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 9-30-2010 (unaudited) | $ | 11.16 | $ | 0.22 | (2) | $ | 0.48 | (2) | $ | 0.70 | $ | (0.22 | ) | $ | –– | $ | (0.22 | ) | ||||
Fiscal year ended 3-31-2010 | 10.41 | 0.45 | (2) | 0.75 | (2) | 1.20 | (0.45 | ) | –– | (0.45 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 10.80 | 0.39 | (2) | (0.39 | )(2) | 0.00 | (0.39 | ) | –– | (0.39 | ) | |||||||||||
Fiscal year ended 3-31-2008 | 11.12 | 0.39 | (2) | (0.32 | )(2) | 0.07 | (0.39 | ) | –– | (0.39 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.04 | 0.41 | (2) | 0.08 | (2) | 0.49 | (0.41 | ) | –– | (0.41 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 11.13 | 0.42 | (0.09 | ) | 0.33 | (0.42 | ) | –– | (0.42 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.16 | 0.17 | (2) | 0.48 | (2) | 0.65 | (0.17 | ) | –– | (0.17 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 10.41 | 0.36 | (2) | 0.75 | (2) | 1.11 | (0.36 | ) | –– | (0.36 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 10.80 | 0.31 | (2) | (0.39 | )(2) | (0.08 | ) | (0.31 | ) | –– | (0.31 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 11.12 | 0.31 | (0.32 | ) | (0.01 | ) | (0.31 | ) | –– | (0.31 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.04 | 0.32 | 0.08 | 0.40 | (0.32 | ) | –– | (0.32 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 11.13 | 0.34 | (0.09 | ) | 0.25 | (0.34 | ) | –– | (0.34 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.16 | 0.17 | (2) | 0.48 | (2) | 0.65 | (0.17 | ) | –– | (0.17 | ) | |||||||||||
Fiscal year ended 3-31-2010 | 10.41 | 0.37 | (2) | 0.75 | (2) | 1.12 | (0.37 | ) | –– | (0.37 | ) | |||||||||||
Fiscal year ended 3-31-2009 | 10.80 | 0.31 | (2) | (0.39 | )(2) | (0.08 | ) | (0.31 | ) | –– | (0.31 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 11.12 | 0.31 | (0.32 | ) | (0.01 | ) | (0.31 | ) | –– | (0.31 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.04 | 0.32 | 0.08 | 0.40 | (0.32 | ) | –– | (0.32 | ) | |||||||||||||
Fiscal year ended 3-31-2006 | 11.13 | 0.34 | (0.09 | ) | 0.25 | (0.34 | ) | –– | (0.34 | ) | ||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.16 | 0.23 | (2) | 0.48 | (2) | 0.71 | (0.23 | ) | –– | (0.23 | ) | |||||||||||
Fiscal year ended 3-31-2010(5) | 11.10 | 0.19 | (2) | 0.06 | (2) | 0.25 | (0.19 | ) | –– | (0.19 | ) | |||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.16 | 0.22 | (2) | 0.48 | (2) | 0.70 | (0.22 | ) | –– | (0.22 | ) | |||||||||||
Fiscal year ended 3-31-2010(7) | 11.30 | 0.22 | (2) | (0.14 | )(2) | 0.08 | (0.22 | ) | –– | (0.22 | ) | |||||||||||
Fiscal period ended 9-24-2008(8) | 10.80 | 0.14 | (2) | (0.36 | )(2) | (0.22 | ) | (0.14 | ) | –– | (0.14 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 11.12 | 0.38 | (2) | (0.32 | )(2) | 0.06 | (0.38 | ) | –– | (0.38 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 11.04 | 0.39 | (2) | 0.08 | (2) | 0.47 | (0.39 | ) | –– | (0.39 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 11.13 | 0.42 | (0.09 | ) | 0.33 | (0.42 | ) | –– | (0.42 | ) | ||||||||||||
Fiscal year ended 3-31-2005 | 11.31 | 0.37 | (0.18 | ) | 0.19 | (0.37 | ) | –– | (0.37 | ) | ||||||||||||
Fiscal year ended 3-31-2004 | 11.10 | 0.35 | 0.21 | 0.56 | (0.35 | ) | –– | (0.35 | ) |
*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 November 4, 2009 (commencement of operations of the class) through March 31, 2010.
(6)For the fiscal year ended March 31, 2010.
(7)For the period from October 8, 2009 (recommencement of operations) through March 31, 2010.
(8)For the period from April 1, 2008 through September 24, 2008 when all outstanding Class Y shares were redeemed at the ending net asset value shown.
(9)For the fiscal year ended March 31, 2009.
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 9-30-2010 (unaudited) | $ | 11.64 | 6.26 | %(3) | $64 | 1.12 | %(4) | 3.70 | %(4) | –– | % | –– | % | 3 | % | ||||||||||
Fiscal year ended 3-31-2010 | 11.16 | 11.66 | (3) | 46 | 1.15 | 4.09 | –– | –– | 18 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 10.41 | 0.09 | (3) | 33 | 1.24 | 3.76 | –– | –– | 26 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 10.80 | 0.69 | (3) | 20 | 1.26 | 3.62 | 1.31 | 3.57 | 62 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 11.12 | 4.51 | (3) | 9 | 1.11 | 3.67 | 1.35 | 3.43 | 26 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 11.04 | 3.00 | (3) | 6 | 0.90 | 3.77 | 1.33 | 3.34 | 20 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.64 | 5.85 | 2 | 1.90 | (4) | 2.92 | (4) | –– | –– | 3 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.16 | 10.75 | 2 | 1.92 | 3.33 | –– | –– | 18 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 10.41 | - -0.71 | 2 | 2.02 | 2.98 | –– | –– | 26 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 10.80 | - -0.13 | 1 | 2.08 | 2.81 | 2.13 | 2.76 | 62 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 11.12 | 3.70 | 1 | 1.85 | 2.92 | 2.09 | 2.68 | 26 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 11.04 | 2.20 | 1 | 1.70 | 2.96 | 2.13 | 2.53 | 20 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.64 | 5.86 | 27 | 1.87 | (4) | 2.96 | (4) | –– | –– | 3 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.16 | 10.84 | 23 | 1.90 | 3.34 | –– | –– | 18 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 10.41 | - -0.69 | 22 | 2.00 | 3.00 | –– | –– | 26 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 10.80 | - -0.14 | 12 | 2.08 | 2.80 | 2.13 | 2.75 | 62 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 11.12 | 3.69 | 15 | 1.87 | 2.90 | 2.11 | 2.66 | 26 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 11.04 | 2.19 | 16 | 1.69 | 2.97 | 2.12 | 2.54 | 20 | |||||||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.64 | 6.37 | 1 | 0.91 | (4) | 3.93 | (4) | –– | –– | 3 | |||||||||||||||
Fiscal year ended 3-31-2010(5) | 11.16 | 2.27 | –– | * | 0.91 | (4) | 4.32 | (4) | –– | –– | 18 | (6) | |||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.64 | 6.26 | 1 | 1.12 | (4) | 3.72 | (4) | 1.16 | (4) | 3.68 | (4) | 3 | |||||||||||||
Fiscal year ended 3-31-2010(7) | 11.16 | 0.68 | –– | * | 1.15 | (4) | 4.10 | (4) | 1.17 | (4) | 4.08 | (4) | 18 | (6) | |||||||||||
Fiscal period ended 9-24-2008(8) | 10.44 | - -2.08 | –– | 1.51 | (4) | 3.42 | (4) | –– | –– | 26 | (9) | ||||||||||||||
Fiscal year ended 3-31-2008 | 10.80 | 0.58 | –– | * | 1.38 | 3.50 | 1.43 | 3.45 | 62 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 11.12 | 4.36 | –– | * | 1.23 | 3.55 | 1.47 | 3.31 | 26 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 11.04 | 2.98 | –– | * | 0.92 | 3.74 | 1.35 | 3.31 | 20 | ||||||||||||||||
Fiscal year ended 3-31-2005 | 11.13 | 1.75 | –– | * | 1.22 | 3.13 | 1.48 | 2.87 | 17 | ||||||||||||||||
Fiscal year ended 3-31-2004 | 11.31 | 5.13 | –– | * | 1.44 | 3.14 | –– | –– | 11 |
IVY MUNICIPAL HIGH INCOME FUND | ||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Ne 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 9-30-2010 (unaudited) | $4.84 | $ | 0.11 | (2) | $ | 0.24 | (2) | $ | 0.35 | $ | (0.11 | ) | $ | –– | $ | (0.11 | ) | |||||
Fiscal year ended 3-31-2010(5) | 4.21 | 0.22 | (2) | 0.63 | (2) | 0.85 | (0.21 | ) | (0.01 | ) | (0.22 | ) | ||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 4.84 | 0.09 | (2) | 0.24 | (2) | 0.33 | (0.09 | ) | –– | (0.09 | ) | |||||||||||
Fiscal year ended 3-31-2010(5) | 4.21 | 0.17 | (2) | 0.64 | (2) | 0.81 | (0.17 | ) | (0.01 | ) | (0.18 | ) | ||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 4.84 | 0.09 | (2) | 0.24 | (2) | 0.33 | (0.09 | ) | –– | (0.09 | ) | |||||||||||
Fiscal year ended 3-31-2010(5) | 4.21 | 0.18 | (2) | 0.63 | (2) | 0.81 | (0.17 | ) | (0.01 | ) | (0.18 | ) | ||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 4.84 | 0.12 | (2) | 0.24 | (2) | 0.36 | (0.12 | ) | –– | (0.12 | ) | |||||||||||
Fiscal year ended 3-31-2010(6) | 4.21 | 0.23 | (2) | 0.63 | (2) | 0.86 | (0.22 | ) | (0.01 | ) | (0.23 | ) | ||||||||||
Fiscal period ended 5-17-2009(7) | 4.48 | 0.16 | (2) | (0.27 | )(2) | (0.11 | ) | (0.16 | ) | –– | (0.16 | ) | ||||||||||
Fiscal year ended 9-30-2008(7) | 5.00 | 0.24 | (0.51 | ) | (0.27 | ) | (0.25 | ) | –– | (0.25 | ) | |||||||||||
Fiscal year ended 9-30-2007(7) | 5.10 | 0.25 | (0.10 | ) | 0.15 | (0.25 | ) | –– | (0.25 | ) | ||||||||||||
Fiscal year ended 9-30-2006(7) | 4.98 | 0.25 | 0.12 | 0.37 | (0.25 | ) | –– | (0.25 | ) | |||||||||||||
Fiscal year ended 9-30-2005(7) | 4.88 | 0.27 | 0.10 | 0.37 | (0.27 | ) | –– | (0.27 | ) | |||||||||||||
Fiscal year ended 9-30-2004(7) | 4.83 | 0.27 | 0.05 | 0.32 | (0.27 | ) | –– | (0.27 | ) | |||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 4.84 | 0.11 | (2) | 0.24 | (2) | 0.35 | (0.11 | ) | –– | (0.11 | ) | |||||||||||
Fiscal year ended 3-31-2010(5) | 4.21 | 0.15 | (2) | 0.64 | (2) | 0.79 | (0.15 | ) | (0.01 | ) | (0.16 | ) |
*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 May 18, 2009 (commencement of operations of the class) through March 31, 2010.
(6)The Ivy Municipal High Income Fund commenced operations on May 18, 2009 after the reorganization of the Class Y shares of Waddell & Reed Advisors Municipal High Income Fund into Class I shares of the Fund. The information shown is for a share outstanding during the fiscal period from May 18, 2009 through March 31, 2010 for Ivy Municipal High Income Fund.
(7) The information shown is for a share outstanding during the fiscal year or period ended for Class Y of the Waddell & Reed Advisors Municipal High Income Fund prior to the reorganization.
(8)The return shown for Class Y is hypothetical because there were no shares or assets for the period from July 28, 2009 through October 7, 2009. Class A data has been substituted for Class Y data during that period.
Net Asset Value, End of Period | Total Return | Ne 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 9-30-2010 (unaudited) | $ | 5.08 | 7.26 | %(3) | $ | 117 | 0.95 | %(4) | 4.22 | %(4) | 1.04 | %(4) | 4.13 | %(4) | 1 | % | |||||||||
Fiscal year ended 3-31-2010(5) | 4.84 | 20.45 | (3) | 25 | 0.95 | (4) | 5.41 | (4) | 1.68 | (4) | 4.68 | (4) | 14 | ||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 5.08 | 6.81 | 3 | 1.73 | (4) | 3.51 | (4) | 1.78 | (4) | 3.45 | (4) | 1 | |||||||||||||
Fiscal year ended 3-31-2010(5) | 4.84 | 19.59 | 2 | 1.72 | (4) | 4.52 | (4) | 2.38 | (4) | 3.86 | (4) | 14 | |||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 5.08 | 6.79 | 53 | 1.72 | (4) | 3.44 | (4) | 1.77 | (4) | 3.39 | (4) | 1 | |||||||||||||
Fiscal year ended 3-31-2010(5) | 4.84 | 19.55 | 8 | 1.76 | (4) | 4.54 | (4) | 2.42 | (4) | 3.88 | (4) | 14 | |||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 5.08 | 7.41 | 83 | 0.70 | (4) | 4.54 | (4) | 0.86 | (4) | 4.28 | (4) | 1 | |||||||||||||
Fiscal year ended 3-31-2010(6) | 4.84 | 20.68 | 8 | 0.70 | (4) | 5.77 | (4) | 1.53 | (4) | 4.94 | (4) | 14 | |||||||||||||
Fiscal period ended 5-17-2009(7) | 4.21 | -4.72 | –– | * | 0.87 | (4) | 6.35 | (4) | 0.91 | (4) | 6.31 | (4) | 28 | ||||||||||||
Fiscal year ended 9-30-2008(7) | 4.48 | - -5.67 | –– | * | 0.70 | 5.03 | 0.74 | 4.99 | 26 | ||||||||||||||||
Fiscal year ended 9-30-2007(7) | 5.00 | 2.92 | –– | * | 0.75 | 4.90 | 0.79 | 4.86 | 33 | ||||||||||||||||
Fiscal year ended 9-30-2006(7) | 5.10 | 7.61 | –– | * | 0.75 | 4.96 | –– | –– | 29 | ||||||||||||||||
Fiscal year ended 9-30-2005(7) | 4.98 | 7.67 | –– | * | 0.76 | 5.38 | –– | –– | 24 | ||||||||||||||||
Fiscal year ended 9-30-2004(7) | 4.88 | 6.87 | –– | * | 0.75 | 5.78 | –– | –– | 28 | ||||||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 5.08 | 7.23 | 2 | 0.95 | (4) | 4.33 | (4) | 1.00 | (4) | 4.29 | (4) | 1 | |||||||||||||
Fiscal year ended 3-31-2010(5) | 4.84 | 19.02 | (8) | 1 | 1.10 | (4) | 5.10 | (4) | 1.76 | (4) | 4.44 | (4) | 14 |
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 | ||||||||||||||
Class A Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 14.84 | $ | 0.11 | (1) | $ | 0.91 | (1) | $ | 1.02 | $ | –– | $ | –– | |||||
Fiscal year ended 3-31-2010 | 8.86 | (0.08 | )(1) | 6.06 | (1) | 5.98 | –– | –– | |||||||||||
Fiscal year ended 3-31-2009 | 17.61 | 0.05 | (6.96 | ) | (6.91 | ) | –– | (1.84 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 16.91 | (0.01 | ) | 2.80 | 2.79 | (0.05 | ) | (2.04 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 14.32 | (0.02 | ) | 3.23 | 3.21 | (0.01 | ) | (0.61 | ) | ||||||||||
Fiscal year ended 3-31-2006 | 10.61 | 0.02 | (1) | 3.83 | (1) | 3.85 | (0.04 | ) | (0.10 | ) | |||||||||
Class B Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.97 | 0.03 | (1) | 0.78 | (1) | 0.81 | –– | –– | |||||||||||
Fiscal year ended 3-31-2010 | 7.83 | (0.19 | )(1) | 5.33 | (1) | 5.14 | –– | –– | |||||||||||
Fiscal year ended 3-31-2009 | 16.01 | (0.09 | ) | (6.30 | ) | (6.39 | ) | –– | (1.79 | ) | |||||||||
Fiscal year ended 3-31-2008 | 15.49 | (0.19 | ) | 2.56 | 2.37 | –– | (1.85 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 13.29 | (0.07 | ) | 2.88 | 2.81 | –– | (0.61 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 9.91 | (0.06 | )(1) | 3.54 | (1) | 3.48 | –– | (0.10 | ) | ||||||||||
Class C Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.33 | 0.05 | (1) | 0.81 | (1) | 0.86 | –– | –– | |||||||||||
Fiscal year ended 3-31-2010 | 8.01 | (0.17 | )(1) | 5.49 | (1) | 5.32 | –– | –– | |||||||||||
Fiscal year ended 3-31-2009 | 16.27 | (0.09 | ) | (6.37 | ) | (6.46 | ) | –– | (1.80 | ) | |||||||||
Fiscal year ended 3-31-2008 | 15.73 | (0.14 | ) | 2.58 | 2.44 | –– | (1.90 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 13.45 | (0.08 | ) | 2.97 | 2.89 | –– | (0.61 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 10.01 | (0.06 | )(1) | 3.60 | (1) | 3.54 | –– | (0.10 | ) | ||||||||||
Class E Shares(4) | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.98 | 0.14 | (1) | 0.91 | (1) | 1.05 | –– | –– | |||||||||||
Fiscal year ended 3-31-2010 | 8.90 | (0.01 | )(1) | 6.09 | (1) | 6.08 | –– | –– | |||||||||||
Fiscal year ended 3-31-2009 | 17.62 | 0.07 | (6.93 | ) | (6.86 | ) | –– | (1.86 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 16.88 | 0.06 | 2.82 | 2.88 | (0.10 | ) | (2.04 | ) | |||||||||||
Class I Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.16 | 0.14 | (1) | 0.94 | (1) | 1.08 | –– | –– | |||||||||||
Fiscal year ended 3-31-2010 | 9.00 | (0.01 | )(1) | 6.17 | (1) | 6.16 | –– | –– | |||||||||||
Fiscal year ended 3-31-2009 | 17.77 | 0.10 | (1) | (7.00 | )(1) | (6.90 | ) | –– | (1.87 | ) | |||||||||
Fiscal year ended 3-31-2008(5) | 17.00 | (0.03 | )(1) | 2.98 | (1) | 2.95 | (0.14 | ) | (2.04 | ) | |||||||||
Class Y Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.08 | 0.13 | (1) | 0.93 | (1) | 1.06 | –– | –– | |||||||||||
Fiscal year ended 3-31-2010 | 8.98 | (0.05 | )(1) | 6.15 | (1) | 6.10 | –– | –– | |||||||||||
Fiscal year ended 3-31-2009 | 17.75 | 0.08 | (6.99 | ) | (6.91 | ) | –– | (1.86 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 17.03 | 0.01 | 2.83 | 2.84 | (0.08 | ) | (2.04 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 14.41 | 0.02 | 3.26 | 3.28 | (0.05 | ) | (0.61 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 10.67 | 0.04 | (1) | 3.87 | (1) | 3.91 | (0.07 | ) | (0.10 | ) |
*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.
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 9-30-2010 (unaudited) | $ | –– | $ | 15.86 | 6.87 | %(2) | $ | 546 | 1.75 | %(3) | 1.49 | %(3) | 51 | % | ||||||||
Fiscal year ended 3-31-2010 | –– | 14.84 | 67.50 | (2) | 514 | 1.83 | - -0.61 | 81 | ||||||||||||||
Fiscal year ended 3-31-2009 | (1.84 | ) | 8.86 | - -38.76 | (2) | 239 | 1.92 | 0.37 | 112 | |||||||||||||
Fiscal year ended 3-31-2008 | (2.09 | ) | 17.61 | 14.30 | (2) | 471 | 1.74 | - -0.08 | 96 | |||||||||||||
Fiscal year ended 3-31-2007 | (0.62 | ) | 16.91 | 22.60 | (2) | 375 | 1.84 | - -0.14 | 74 | |||||||||||||
Fiscal year ended 3-31-2006 | (0.14 | ) | 14.32 | 36.51 | (2) | 191 | 1.95 | 0.24 | 87 | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 13.78 | 6.25 | 16 | 2.85 | (3) | 0.42 | (3) | 51 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 12.97 | 65.65 | 17 | 2.91 | - -1.64 | 81 | |||||||||||||||
Fiscal year ended 3-31-2009 | (1.79 | ) | 7.83 | - -39.46 | 10 | 3.07 | - -0.77 | 112 | ||||||||||||||
Fiscal year ended 3-31-2008 | (1.85 | ) | 16.01 | 13.16 | 21 | 2.74 | - -1.05 | 96 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.61 | ) | 15.49 | 21.33 | 20 | 2.88 | - -1.15 | 74 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.10 | ) | 13.29 | 35.26 | 11 | 2.91 | - -0.51 | 87 | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 14.19 | 6.45 | 33 | 2.48 | (3) | 0.79 | (3) | 51 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 13.33 | 66.42 | 35 | 2.56 | - -1.38 | 81 | |||||||||||||||
Fiscal year ended 3-31-2009 | (1.80 | ) | 8.01 | - -39.22 | 16 | 2.69 | - -0.36 | 112 | ||||||||||||||
Fiscal year ended 3-31-2008 | (1.90 | ) | 16.27 | 13.36 | 38 | 2.49 | - -0.82 | 96 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.61 | ) | 15.73 | 21.68 | 34 | 2.60 | - -0.87 | 74 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.10 | ) | 13.45 | 35.51 | 18 | 2.75 | - -0.50 | 87 | ||||||||||||||
Class E Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 16.03 | 7.01 | (2) | –– | * | 1.36 | (3) | 1.87 | (3) | 51 | |||||||||||
Fiscal year ended 3-31-2010 | –– | 14.98 | 68.32 | (2) | –– | * | 1.42 | - -0.11 | 81 | |||||||||||||
Fiscal year ended 3-31-2009 | (1.86 | ) | 8.90 | - -38.43 | (2) | –– | * | 1.44 | 0.79 | 112 | ||||||||||||
Fiscal year ended 3-31-2008(5) | (2.14 | ) | 17.62 | 14.79 | (2) | –– | * | 1.43 | (3) | 0.26 | (3) | 96 | (6) | |||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 16.24 | 7.12 | 144 | 1.25 | (3) | 1.89 | (3) | 51 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 15.16 | 68.44 | 104 | 1.29 | - -0.11 | 81 | |||||||||||||||
Fiscal year ended 3-31-2009 | (1.87 | ) | 9.00 | - -38.34 | 45 | 1.31 | 0.81 | 112 | ||||||||||||||
Fiscal year ended 3-31-2008(5) | (2.18 | ) | 17.77 | 15.10 | 38 | 1.31 | (3) | 0.06 | (3) | 96 | (6) | |||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 16.14 | 7.03 | 9 | 1.51 | (3) | 1.78 | (3) | 51 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 15.08 | 67.93 | 9 | 1.55 | - -0.38 | 81 | |||||||||||||||
Fiscal year ended 3-31-2009 | (1.86 | ) | 8.98 | - -38.47 | 4 | 1.57 | 0.69 | 112 | ||||||||||||||
Fiscal year ended 3-31-2008 | (2.12 | ) | 17.75 | 14.48 | 7 | 1.55 | 0.06 | 96 | ||||||||||||||
Fiscal year ended 3-31-2007 | (0.66 | ) | 17.03 | 22.95 | 8 | 1.58 | 0.11 | 74 | ||||||||||||||
Fiscal year ended 3-31-2006 | (0.17 | ) | 14.41 | 36.90 | 4 | 1.68 | 0.46 | 87 |
IVY SMALL CAP 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 9-30-2010 (unaudited) | $ | 11.40 | $ | (0.07 | )(2) | $ | 0.96 | (2) | $ | 0.89 | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 7.08 | (0.12 | )(2) | 4.44 | (2) | 4.32 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 10.31 | (0.12 | ) | (3.04 | ) | (3.16 | ) | –– | (0.07 | ) | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 12.98 | (0.13 | )(2) | (0.71 | )(2) | (0.84 | ) | –– | (1.83 | ) | (1.83 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 14.87 | (0.12 | )(2) | 0.18 | (2) | 0.06 | –– | (1.95 | ) | (1.95 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 12.32 | (0.21 | ) | 3.22 | 3.01 | –– | (0.46 | ) | (0.46 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.15 | (0.11 | )(2) | 0.84 | (2) | 0.73 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 6.37 | (0.20 | )(2) | 3.98 | (2) | 3.78 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 9.39 | (0.37 | ) | (2.58 | ) | (2.95 | ) | –– | (0.07 | ) | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 11.97 | (0.23 | ) | (0.64 | ) | (0.87 | ) | –– | (1.71 | ) | (1.71 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 13.99 | (0.24 | ) | 0.17 | (0.07 | ) | –– | (1.95 | ) | (1.95 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 11.73 | (0.23 | ) | 2.95 | 2.72 | –– | (0.46 | ) | (0.46 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.49 | (0.10 | )(2) | 0.88 | (2) | 0.78 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 6.56 | (0.16 | )(2) | 4.09 | (2) | 3.93 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 9.62 | (0.28 | ) | (2.71 | ) | (2.99 | ) | –– | (0.07 | ) | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 12.22 | (0.23 | ) | (0.62 | ) | (0.85 | ) | –– | (1.75 | ) | (1.75 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 14.20 | (0.23 | ) | 0.20 | (0.03 | ) | –– | (1.95 | ) | (1.95 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 11.87 | (0.25 | ) | 3.04 | 2.79 | –– | (0.46 | ) | (0.46 | ) | ||||||||||||
Class E Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.38 | (0.07 | )(2) | 0.96 | (2) | 0.89 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 7.06 | (0.11 | )(2) | 4.43 | (2) | 4.32 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 10.29 | (0.13 | )(2) | (3.03 | )(2) | (3.16 | ) | –– | (0.07 | ) | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 13.03 | (0.18 | )(2) | (0.77 | )(2) | (0.95 | ) | –– | (1.79 | ) | (1.79 | ) | ||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.14 | (0.04 | )(2) | 1.11 | (2) | 1.07 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 8.12 | (0.07 | )(2) | 5.09 | (2) | 5.02 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 11.73 | (0.07 | )(2) | (3.47 | )(2) | (3.54 | ) | –– | (0.07 | ) | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2008(5) | 14.35 | 0.09 | (0.82 | ) | (0.73 | ) | –– | (1.89 | ) | (1.89 | ) | |||||||||||
Class R Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.40 | (0.07 | )(2) | 0.96 | (2) | 0.89 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 7.08 | (0.12 | )(2) | 4.44 | (2) | 4.32 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 10.30 | (0.15 | ) | (3.00 | ) | (3.15 | ) | –– | (0.07 | ) | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 12.96 | (0.19 | ) | (0.65 | ) | (0.84 | ) | –– | (1.82 | ) | (1.82 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 14.87 | (0.15 | ) | 0.19 | 0.04 | –– | (1.95 | ) | (1.95 | ) | ||||||||||||
Fiscal year ended 3-31-2006(7) | 13.78 | (0.04 | ) | 1.13 | 1.09 | –– | –– | –– | ||||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.85 | (0.06 | )(2) | 1.08 | (2) | 1.02 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2010 | 7.96 | (0.10 | )(2) | 4.99 | (2) | 4.89 | –– | –– | –– | |||||||||||||
Fiscal year ended 3-31-2009 | 11.53 | (0.10 | )(2) | (3.40 | )(2) | (3.50 | ) | –– | (0.07 | ) | (0.07 | ) | ||||||||||
Fiscal year ended 3-31-2008 | 14.31 | (0.11 | ) | (0.81 | ) | (0.92 | ) | –– | (1.86 | ) | (1.86 | ) | ||||||||||
Fiscal year ended 3-31-2007 | 16.15 | (0.11 | ) | 0.22 | 0.11 | –– | (1.95 | ) | (1.95 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 13.33 | (0.16 | ) | 3.44 | 3.28 | –– | (0.46 | ) | (0.46 | ) |
*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.
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 9-30-2010 (unaudited) | $ | 12.29 | 7.81 | %(3) | $ | 166 | 1.55 | %(4) | - -1.14 | %(4) | –– | % | –– | % | 24 | % | |||||||||
Fiscal year ended 3-31-2010 | 11.40 | 61.02 | (3) | 132 | 1.66 | - -1.24 | –– | –– | 72 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 7.08 | - -30.58 | (3) | 66 | 1.71 | - -1.38 | –– | –– | 85 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 10.31 | - -8.32 | (3) | 97 | 1.56 | - -1.00 | –– | –– | 79 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 12.98 | 0.76 | (3) | 109 | 1.49 | - -0.86 | –– | –– | 96 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 14.87 | 24.70 | (3) | 141 | 1.50 | - -0.90 | –– | –– | 87 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.88 | 7.19 | 8 | 2.59 | (4) | - -2.18 | (4) | –– | –– | 24 | |||||||||||||||
Fiscal year ended 3-31-2010 | 10.15 | 59.34 | 8 | 2.77 | - -2.34 | –– | –– | 72 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 6.37 | - -31.35 | 6 | 2.75 | - -2.43 | –– | –– | 85 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 9.39 | - -9.19 | 12 | 2.45 | - -1.87 | –– | –– | 79 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 11.97 | - -0.15 | 16 | 2.45 | - -1.82 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 13.99 | 23.46 | 19 | 2.45 | - -1.86 | –– | –– | 87 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 11.27 | 7.44 | 161 | 2.21 | (4) | - -1.80 | (4) | –– | –– | 24 | |||||||||||||||
Fiscal year ended 3-31-2010 | 10.49 | 59.91 | 154 | 2.29 | - -1.86 | –– | –– | 72 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 6.56 | - -31.01 | 103 | 2.34 | - -2.01 | –– | –– | 85 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 9.62 | - -8.91 | 187 | 2.20 | - -1.62 | –– | –– | 79 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 12.22 | 0.14 | 259 | 2.20 | - -1.57 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 14.20 | 23.78 | 328 | 2.20 | - -1.62 | –– | –– | 87 | |||||||||||||||||
Class E Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.27 | 7.82 | (3) | 2 | 1.56 | (4) | - -1.15 | (4) | 2.29 | (4) | - -1.88 | (4) | 24 | ||||||||||||
Fiscal year ended 3-31-2010 | 11.38 | 61.19 | (3) | 1 | 1.56 | - -1.14 | 2.69 | - -2.27 | 72 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 7.06 | - -30.64 | (3) | 1 | 1.90 | - -1.57 | 2.82 | - -2.49 | 85 | ||||||||||||||||
Fiscal year ended 3-31-2008(5) | 10.29 | - -9.15 | (3) | 1 | 2.26 | (4) | - -1.79 | (4) | –– | –– | 79 | (6) | |||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.21 | 8.14 | 38 | 1.08 | (4) | - -0.68 | (4) | –– | –– | 24 | |||||||||||||||
Fiscal year ended 3-31-2010 | 13.14 | 61.82 | 8 | 1.10 | - -0.68 | –– | –– | 72 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 8.12 | - -30.12 | 4 | 1.09 | - -0.76 | –– | –– | 85 | |||||||||||||||||
Fiscal year ended 3-31-2008(5) | 11.73 | - -6.82 | 2 | 1.10 | (4) | - -0.52 | (4) | –– | –– | 79 | (6) | ||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 12.29 | 7.81 | 7 | 1.63 | (4) | - -1.22 | (4) | –– | –– | 24 | |||||||||||||||
Fiscal year ended 3-31-2010 | 11.40 | 61.02 | 4 | 1.64 | - -1.24 | –– | –– | 72 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.08 | - -30.52 | –– | * | 1.63 | - -1.30 | –– | –– | 85 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 10.30 | - -8.35 | –– | * | 1.64 | - -1.10 | –– | –– | 79 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 12.96 | 0.62 | –– | * | 1.63 | - -1.01 | –– | –– | 96 | ||||||||||||||||
Fiscal year ended 3-31-2006(7) | 14.87 | 7.91 | –– | * | 1.67 | (4) | - -0.99 | (4) | –– | –– | 87 | (8) | |||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.87 | 7.94 | 132 | 1.33 | (4) | - -0.93 | (4) | –– | –– | 24 | |||||||||||||||
Fiscal year ended 3-31-2010 | 12.85 | 61.43 | 124 | 1.35 | - -0.92 | –– | –– | 72 | |||||||||||||||||
Fiscal year ended 3-31-2009 | 7.96 | - -30.30 | 70 | 1.34 | - -1.01 | –– | –– | 85 | |||||||||||||||||
Fiscal year ended 3-31-2008 | 11.53 | - -8.13 | 124 | 1.33 | - -0.76 | –– | –– | 79 | |||||||||||||||||
Fiscal year ended 3-31-2007 | 14.31 | 1.02 | 154 | 1.32 | - -0.70 | –– | –– | 96 | |||||||||||||||||
Fiscal year ended 3-31-2006 | 16.15 | 24.86 | 173 | 1.33 | - -0.74 | –– | –– | 87 |
(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 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 | ||||||||||||||
Class A Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 14.99 | $ | (0.02 | )(1) | $ | (0.22 | )(1) | $ | (0.24 | ) | $ | –– | $ | –– | ||||
Fiscal year ended 3-31-2010 | 9.87 | (0.07 | )(1) | 5.19 | (1) | 5.12 | –– | –– | |||||||||||
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 | ) | |||||||||
Fiscal year ended 3-31-2007 | 16.24 | (0.03 | ) | 1.35 | 1.32 | –– | (1.34 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.88 | (0.11 | ) | 2.62 | 2.51 | –– | (3.15 | ) | |||||||||||
Class B Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 13.95 | (0.11 | )(1) | (0.20 | )(1) | (0.31 | ) | –– | –– | ||||||||||
Fiscal year ended 3-31-2010 | 9.29 | (0.21 | )(1) | 4.87 | (1) | 4.66 | –– | –– | |||||||||||
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 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.72 | (0.14 | ) | 1.24 | 1.10 | –– | (1.34 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.59 | (0.25 | ) | 2.53 | 2.28 | –– | (3.15 | ) | |||||||||||
Class C Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.25 | (0.08 | )(1) | (0.21 | )(1) | (0.29 | ) | –– | –– | ||||||||||
Fiscal year ended 3-31-2010 | 9.45 | (0.16 | )(1) | 4.96 | (1) | 4.80 | –– | –– | |||||||||||
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 | ) | |||||||||
Fiscal year ended 3-31-2007 | 15.87 | (0.12 | ) | 1.28 | 1.16 | –– | (1.34 | ) | |||||||||||
Fiscal year ended 3-31-2006 | 16.67 | (0.21 | ) | 2.56 | 2.35 | –– | (3.15 | ) | |||||||||||
Class E Shares(4) | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.19 | 0.01 | (1) | (0.22 | )(1) | (0.21 | ) | –– | –– | ||||||||||
Fiscal year ended 3-31-2010 | 9.94 | (0.01 | )(1) | 5.26 | (1) | 5.25 | –– | –– | |||||||||||
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 | ) | |||||||||
Class I Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.49 | 0.02 | (1) | (0.22 | )(1) | (0.20 | ) | –– | –– | ||||||||||
Fiscal year ended 3-31-2010 | 10.13 | 0.00 | (1) | 5.36 | (1) | 5.36 | –– | –– | |||||||||||
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 | ) | |||||||||
Class Y Shares | |||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.33 | 0.00 | (1) | (0.22 | )(1) | (0.22 | ) | –– | –– | ||||||||||
Fiscal year ended 3-31-2010 | 10.05 | (0.02 | )(1) | 5.30 | (1) | 5.28 | –– | –– | |||||||||||
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 | ) | |||||||||
Fiscal year ended 3-31-2007 | 16.36 | 0.03 | 1.37 | 1.40 | –– | (1.34 | ) | ||||||||||||
Fiscal year ended 3-31-2006 | 16.92 | (0.06 | ) | 2.65 | 2.59 | –– | (3.15 | ) |
*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.
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 9-30-2010 (unaudited) | $ | –– | $ | 14.75 | - -1.60 | %(2) | $ | 197 | 1.71 | %(3) | - -0.32 | %(3) | 28 | % | ||||||||
Fiscal year ended 3-31-2010 | –– | 14.99 | 51.87 | (2) | 202 | 1.77 | - -0.55 | 100 | ||||||||||||||
Fiscal year ended 3-31-2009 | –– | 9.87 | - -23.84 | (2) | 106 | 1.93 | - -0.54 | 101 | ||||||||||||||
Fiscal year ended 3-31-2008 | (0.88 | ) | 12.96 | - -15.19 | (2) | 104 | 1.76 | - -0.63 | 118 | |||||||||||||
Fiscal year ended 3-31-2007 | (1.34 | ) | 16.22 | 8.26 | (2) | 121 | 1.74 | - -0.24 | 123 | |||||||||||||
Fiscal year ended 3-31-2006 | (3.15 | ) | 16.24 | 16.44 | (2) | 86 | 1.80 | - -0.76 | 157 | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 13.64 | - -2.22 | 5 | 2.96 | (3) | - -1.59 | (3) | 28 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 13.95 | 50.16 | 7 | 2.99 | - -1.77 | 100 | |||||||||||||||
Fiscal year ended 3-31-2009 | –– | 9.29 | - -24.72 | 4 | 3.04 | - -1.67 | 101 | |||||||||||||||
Fiscal year ended 3-31-2008 | (0.71 | ) | 12.34 | - -16.14 | 5 | 2.83 | - -1.69 | 118 | ||||||||||||||
Fiscal year ended 3-31-2007 | (1.34 | ) | 15.48 | 7.11 | 9 | 2.82 | - -1.33 | 123 | ||||||||||||||
Fiscal year ended 3-31-2006 | (3.15 | ) | 15.72 | 15.28 | 7 | 2.84 | - -1.80 | 157 | ||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 13.96 | - -2.04 | 14 | 2.48 | (3) | - -1.09 | (3) | 28 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 14.25 | 50.79 | 14 | 2.55 | - -1.33 | 100 | |||||||||||||||
Fiscal year ended 3-31-2009 | –– | 9.45 | - -24.46 | 6 | 2.72 | - -1.34 | 101 | |||||||||||||||
Fiscal year ended 3-31-2008 | (0.76 | ) | 12.51 | - -15.91 | 8 | 2.54 | - -1.40 | 118 | ||||||||||||||
Fiscal year ended 3-31-2007 | (1.34 | ) | 15.69 | 7.43 | 12 | 2.52 | - -1.04 | 123 | ||||||||||||||
Fiscal year ended 3-31-2006 | (3.15 | ) | 15.87 | 15.64 | 10 | 2.54 | - -1.50 | 157 | ||||||||||||||
Class E Shares(4) | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 14.98 | - -1.38 | (2) | –– | * | 1.25 | (3) | 0.14 | (3) | 28 | |||||||||||
Fiscal year ended 3-31-2010 | –– | 15.19 | 52.82 | (2) | –– | * | 1.27 | - -0.05 | 100 | |||||||||||||
Fiscal year ended 3-31-2009 | –– | 9.94 | - -23.42 | (2) | –– | * | 1.30 | 0.07 | 101 | |||||||||||||
Fiscal year ended 3-31-2008(5) | (0.93 | ) | 12.98 | - -14.82 | (2) | –– | * | 1.26 | (3) | - -0.14 | (3) | 118 | (6) | |||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 15.29 | - -1.29 | 2 | 1.13 | (3) | 0.26 | (3) | 28 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 15.49 | 52.91 | 2 | 1.18 | 0.04 | 100 | |||||||||||||||
Fiscal year ended 3-31-2009 | –– | 10.13 | - -23.26 | 1 | 1.18 | 0.20 | 101 | |||||||||||||||
Fiscal year ended 3-31-2008(5) | (0.96 | ) | 13.20 | - -14.39 | –– | * | 1.19 | (3) | - -0.07 | (3) | 118 | (6) | ||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | –– | 15.11 | - -1.43 | 20 | 1.40 | (3) | - -0.01 | (3) | 28 | |||||||||||||
Fiscal year ended 3-31-2010 | –– | 15.33 | 52.54 | 19 | 1.40 | - -0.17 | 100 | |||||||||||||||
Fiscal year ended 3-31-2009 | –– | 10.05 | - -23.46 | 8 | 1.42 | - -0.06 | 101 | |||||||||||||||
Fiscal year ended 3-31-2008 | (0.93 | ) | 13.13 | - -14.89 | 14 | 1.39 | - -0.25 | 118 | ||||||||||||||
Fiscal year ended 3-31-2007 | (1.34 | ) | 16.42 | 8.70 | 21 | 1.39 | 0.08 | 123 | ||||||||||||||
Fiscal year ended 3-31-2006 | (3.15 | ) | 16.36 | 16.88 | 24 | 1.41 | - -0.37 | 157 |
IVY TAX-MANAGED 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 9-30-2010 (unaudited) | $ | 10.78 | $ | (0.08 | )(2) | $ | (0.23 | )(2) | $ | (0.31 | ) | $ | –– | $ | –– | $ | –– | |||||
Fiscal year ended 3-31-2010(5) | 8.62 | (0.11 | )(2) | 2.27 | (2) | 2.16 | –– | –– | –– | |||||||||||||
Class B Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.72 | (0.11 | )(2) | (0.24 | )(2) | (0.35 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010(5) | 8.62 | (0.15 | )(2) | 2.25 | (2) | 2.10 | –– | –– | –– | |||||||||||||
Class C Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.72 | (0.11 | )(2) | (0.24 | )(2) | (0.35 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010(5) | 8.62 | (0.15 | )(2) | 2.25 | (2) | 2.10 | –– | –– | –– | |||||||||||||
Class I Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.81 | (0.05 | )(2) | (0.24 | )(2) | (0.29 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010(6) | 8.62 | (0.07 | )(2) | 2.26 | (2) | 2.19 | –– | –– | –– | |||||||||||||
Fiscal period ended 5-17-2009(7) | 11.51 | (0.07 | )(2) | (2.82 | )(2) | (2.89 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 6-30-2008(7) | 11.00 | (0.12 | ) | 0.63 | 0.51 | –– | –– | –– | ||||||||||||||
Fiscal year ended 6-30-2007(7) | 9.32 | (0.02 | ) | 1.70 | 1.68 | –– | –– | –– | ||||||||||||||
Fiscal year ended 6-30-2006(7) | 8.76 | (0.05 | )(2) | 0.61 | (2) | 0.56 | –– | –– | –– | |||||||||||||
Fiscal year ended 6-30-2005(7) | 8.28 | 0.01 | 0.50 | 0.51 | (0.03 | ) | –– | (0.03 | ) | |||||||||||||
Fiscal year ended 6-30-2004(7) | 6.95 | (0.01 | ) | 1.34 | 1.33 | –– | –– | –– | ||||||||||||||
Class Y Shares | ||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.78 | (0.07 | )(2) | (0.24 | )(2) | (0.31 | ) | –– | –– | –– | ||||||||||||
Fiscal year ended 3-31-2010(5) | 8.62 | (0.07 | )(2) | 2.23 | (2) | 2.16 | –– | –– | –– |
*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 May 18, 2009 (commencement of operations of the class) through March 31, 2010.
(6)The Ivy Tax-Managed Equity Fund commenced operations on May 18, 2009 after the reorganization of the Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund into Class I shares of the Fund. The information shown is for a share outstanding during the fiscal period from May 18, 2009 through March 31, 2010 for Ivy Tax-Managed Equity Fund.
(7)The information shown is for a share outstanding during the fiscal year or period ended for Class Y of the Waddell & Reed Advisors Tax-Managed Equity Fund prior to the reorganization.
(8)The return shown for Class Y is hypothetical because there were no shares or assets for the period from July 28, 2009 through October 7, 2009. Class A data has been substituted for Class Y data during that period.
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 Loss to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | ||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 10.47 | - -2.88 | %(3) | $ | 5 | 2.62 | %(4) | - -1.56 | %(4) | 3.47 | %(4) | - -2.41 | %(4) | 22 | % | |||||||||
Fiscal year ended 3-31-2010(5) | 10.78 | 25.06 | (3) | 3 | 2.57 | (4) | - -1.26 | (4) | 4.33 | (4) | - -3.02 | (4) | 19 | ||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.37 | - -3.26 | –– | * | 3.14 | (4) | - -2.09 | (4) | 3.99 | (4) | - -2.94 | (4) | 22 | ||||||||||||
Fiscal year ended 3-31-2010(5) | 10.72 | 24.36 | –– | * | 3.12 | (4) | - -1.81 | (4) | 4.88 | (4) | - -3.57 | (4) | 19 | ||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.37 | - -3.26 | 1 | 3.16 | (4) | - -2.12 | (4) | 4.01 | (4) | - -2.97 | (4) | 22 | |||||||||||||
Fiscal year ended 3-31-2010(5) | 10.72 | 24.36 | 1 | 3.13 | (4) | - -1.82 | (4) | 4.89 | (4) | - -3.58 | (4) | 19 | |||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.52 | - -2.68 | 1 | 2.11 | (4) | - -1.06 | (4) | 3.12 | (4) | - -2.07 | (4) | 22 | |||||||||||||
Fiscal year ended 3-31-2010(6) | 10.81 | 25.41 | 1 | 2.11 | (4) | - -0.82 | (4) | 4.03 | (4) | - -2.74 | (4) | 19 | |||||||||||||
Fiscal period ended 5-17-2009(7) | 8.62 | - -25.11 | –– | * | 2.42 | (4) | - -1.05 | (4) | –– | –– | 40 | ||||||||||||||
Fiscal year ended 6-30-2008(7) | 11.51 | 4.64 | –– | * | 2.11 | - -0.97 | –– | –– | 27 | ||||||||||||||||
Fiscal year ended 6-30-2007(7) | 11.00 | 18.03 | –– | * | 1.24 | - -0.23 | –– | –– | 55 | ||||||||||||||||
Fiscal year ended 6-30-2006(7) | 9.32 | 6.39 | –– | * | 1.30 | - -0.60 | –– | –– | 100 | ||||||||||||||||
Fiscal year ended 6-30-2005(7) | 8.76 | 6.11 | –– | * | 1.14 | 0.09 | –– | –– | 66 | ||||||||||||||||
Fiscal year ended 6-30-2004(7) | 8.28 | 19.14 | –– | * | 1.24 | - -0.80 | –– | –– | 92 | ||||||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 10.47 | - -2.88 | –– | * | 2.52 | (4) | - -1.47 | (4) | 3.37 | (4) | - -2.32 | (4) | 22 | ||||||||||||
Fiscal year ended 3-31-2010(5) | 10.78 | 25.06 | (8) | –– | * | 2.52 | (4) | - -1.11 | (4) | 4.28 | (4) | - -2.87 | (4) | 19 |
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 | Distributions From Return of Capital | Total Distributions | ||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 15.56 | $ | (0.01 | )(2) | $ | (0.49 | )(2) | $ | (0.50 | ) | $ | –– | $ | –– | $ | –– | $ | –– | ||||||
Fiscal year ended 3-31-2010 | 9.94 | 0.02 | (2) | 5.65 | (2) | 5.67 | (0.03 | ) | –– | (0.02 | ) | (0.05 | ) | ||||||||||||
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 | ) | |||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.12 | (0.13 | )(2) | (0.47 | )(2) | (0.60 | ) | –– | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.78 | (0.17 | )(2) | 5.51 | (2) | 5.34 | –– | –– | –– | –– | |||||||||||||||
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 | ) | ||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.34 | (0.07 | )(2) | (0.48 | )(2) | (0.55 | ) | –– | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.86 | (0.08 | )(2) | 5.56 | (2) | 5.48 | –– | –– | –– | –– | |||||||||||||||
Fiscal year ended 3-31-2009 | 15.83 | 0.00 | (2) | (5.97 | )(2) | (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 | ) | ||||||||||||||
Class E Shares(5) | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.60 | 0.02 | (2) | (0.49 | )(2) | (0.47 | ) | –– | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.95 | 0.06 | (2) | 5.70 | (2) | 5.76 | (0.06 | ) | –– | (0.05 | ) | (0.11 | ) | ||||||||||||
Fiscal year ended 3-31-2009 | 15.97 | 0.20 | (6.04 | ) | (5.84 | ) | (0.18 | ) | –– | –– | (0.18 | ) | |||||||||||||
Fiscal year ended 3-31-2008(6) | 19.09 | 0.18 | (1.90 | ) | (1.72 | ) | (0.16 | ) | (1.24 | ) | –– | (1.40 | ) | ||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.60 | 0.03 | (2) | (0.49 | )(2) | (0.46 | ) | –– | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.95 | 0.06 | (2) | 5.71 | (2) | 5.77 | (0.06 | ) | –– | (0.06 | ) | (0.12 | ) | ||||||||||||
Fiscal year ended 3-31-2009 | 15.97 | 0.22 | (6.04 | ) | (5.82 | ) | (0.20 | ) | –– | –– | (0.20 | ) | |||||||||||||
Fiscal year ended 3-31-2008(6) | 19.10 | 0.20 | (1.90 | ) | (1.70 | ) | (0.19 | ) | (1.24 | ) | –– | (1.43 | ) | ||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.58 | 0.01 | (2) | (0.49 | )(2) | (0.48 | ) | –– | –– | –– | –– | ||||||||||||||
Fiscal year ended 3-31-2010 | 9.95 | 0.04 | (2) | 5.67 | (2) | 5.71 | (0.04 | ) | –– | (0.04 | ) | (0.08 | ) | ||||||||||||
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 | (2) | (1.85 | )(2) | (1.69 | ) | (0.15 | ) | (1.24 | ) | –– | (1.39 | ) | |||||||||||
Fiscal year ended 3-31-2007 | 17.18 | 0.22 | (2) | 2.22 | (2) | 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 | ) |
*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.
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 Loss to Average Net Assets Excluding Expense Waiver(1) | Portfolio Turnover Rate | ||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | $ | 15.06 | - -3.21 | %(3) | $ | 61 | 1.66 | %(4) | - -0.17 | %(4) | 1.75 | %(4) | - -0.26 | %(4) | 19 | % | |||||||||
Fiscal year ended 3-31-2010 | 15.56 | 57.09 | (3) | 56 | 1.85 | 0.26 | –– | –– | 77 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 9.94 | - -37.09 | (3) | 34 | 1.79 | 0.98 | –– | –– | 57 | ||||||||||||||||
Fiscal year ended 3-31-2008 | 15.95 | - -9.83 | (3) | 57 | 1.52 | 0.63 | –– | –– | 66 | ||||||||||||||||
Fiscal year ended 3-31-2007 | 19.04 | 14.12 | (3) | 73 | 1.49 | 0.76 | –– | –– | 61 | ||||||||||||||||
Fiscal year ended 3-31-2006 | 17.17 | 7.75 | (3) | 58 | 1.53 | 0.65 | –– | –– | 63 | ||||||||||||||||
Class B Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.52 | - -3.97 | 2 | 3.24 | (4) | - -1.76 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 15.12 | 54.60 | 3 | 3.40 | - -1.28 | –– | –– | 77 | |||||||||||||||||
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 | |||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 14.79 | - -3.59 | 6 | 2.47 | (4) | - -0.98 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 15.34 | 55.58 | 5 | 2.70 | - -0.63 | –– | –– | 77 | |||||||||||||||||
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 | |||||||||||||||||
Class E Shares(5) | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.13 | - -3.01 | (3) | –– | * | 1.27 | (4) | 0.21 | (4) | –– | –– | 19 | |||||||||||||
Fiscal year ended 3-31-2010 | 15.60 | 58.05 | (3) | –– | * | 1.29 | 0.82 | –– | –– | 77 | |||||||||||||||
Fiscal year ended 3-31-2009 | 9.95 | - -36.75 | (3) | –– | * | 1.25 | 1.52 | –– | –– | 57 | |||||||||||||||
Fiscal year ended 3-31-2008(6) | 15.97 | - -9.76 | (3) | –– | * | 1.18 | (4) | 0.98 | (4) | –– | –– | 66 | (7) | ||||||||||||
Class I Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.14 | - -2.95 | 1 | 1.20 | (4) | 0.40 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 15.60 | 58.20 | –– | * | 1.15 | 0.87 | –– | –– | 77 | ||||||||||||||||
Fiscal year ended 3-31-2009 | 9.95 | - -36.67 | –– | * | 1.11 | 1.66 | –– | –– | 57 | ||||||||||||||||
Fiscal year ended 3-31-2008(6) | 15.97 | - -9.63 | –– | * | 1.07 | (4) | 1.09 | (4) | –– | –– | 66 | (7) | |||||||||||||
Class Y Shares | |||||||||||||||||||||||||
Six-month period ended 9-30-2010 (unaudited) | 15.10 | - -3.08 | 1 | 1.44 | (4) | 0.08 | (4) | –– | –– | 19 | |||||||||||||||
Fiscal year ended 3-31-2010 | 15.58 | 57.52 | 1 | 1.54 | 0.57 | –– | –– | 77 | |||||||||||||||||
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 |
On April 1, 2010, each of the 33 series of Ivy Funds, a Delaware statutory trust (Trust), became the successor fund to corresponding series of a Maryland corporation and a Massachusetts business trust pursuant to a Plan of Reorganization and Termination that was approved by shareholders of each fund (each, a Reorganization and collectively, the Reorganizations). The Reorganizations were accomplished through tax-free exchanges of shares, which had no impact on net assets and number of shares outstanding. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Ivy Bond Fund, Ivy Capital Appreciation Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy High Income Fund, Ivy International Balanced Fund, Ivy International Core Equity Fund, Ivy International Growth Fund, Ivy Large Cap Growth Fund, Ivy Limited-Term Bond Fund, Ivy Managed European/Pacific Fund, Ivy Managed International Opportunities Fund, Ivy Micro Cap Growth Fund, Ivy Mid Cap Growth Fund, Ivy Money Market Fund, Ivy Mortgage Securities Fund, Ivy Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Pacific Opportunities Fund, Ivy Small Cap Growth Fund, Ivy Small Cap Value Fund, Ivy Tax-Managed Equity Fund and Ivy Value Fund (each, a Fund) are series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds' Prospectus and Statement of Additional Information. Each Fund's investment manager is Ivy Investment Management Company (IICO or the Manager).
Each Fund offers Class A, Class B and Class C shares. Certain Funds may also offer Class E, Class I, Class R and/or Class Y 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. 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. Net investment income, 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 a distribution and service plan. Class I shares are not included in the plan. 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's investments are reported at fair value. 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.
Equity 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 equity 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 for fixed-income securities are typically based on quotes that are obtained from an independent pricing service authorized 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 that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.
Listed options are valued at the closing price 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. Over-the-counter options are valued at the price provided by a dealer in that security. Swaps are valued by the independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Futures contracts traded on an exchange are generally valued at the settlement price. Mutual funds, including investment funds, typically are valued at the net asset value reported as of the valuation date.
Forward foreign currency contracts are valued daily based upon the closing prices of the forward currency rates determined at the close of the NYSE.
Senior loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service.
Short-term securities with maturities of 60 days or less and all securities held by Ivy Money Market Fund 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 NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. IICO, pursuant to procedures adopted by the Board of Trustees, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. 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 supervision of the Board of Trustees.
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 publicly 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 a 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 a Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery tr ansactions, 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 IICO, or the Fund's investment subadvisor, as applicable, consider 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.
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 may 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, 2010, there were no such unfunded commitments.
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.
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. As of September 30, 2010, Ivy High Income Fund and Ivy Municipal High Income Fund held defaulted securities with an aggregate market value of $615 and $46, respectively, representing less than 0.05% of each Fund's net assets.
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 gain (loss) and net change in unrealized appreciation (depreciation) on 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 us ing an independent pricing 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.
Segregation and Collateralization. In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (SEC) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods and swaps), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments.
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 and for the fiscal period ended September 30, 2010, 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 2006.
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 Fee. "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 custodian's prime rate less 150 basis points. The "Earnings credit" line item, if shown, 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 and Chief Compliance Officer Fees. Fees paid to the Trustees can be paid in cash or deferred to a later date, at the election of the 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. Additionally, fees paid to the office of the Chief Compliance Officer of the Funds 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 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 each Fund's investment manager. The management fee is accrued daily by each Fund at the following annual rates:
Fund | Net Asset Breakpoints | Annual Rate |
Ivy Bond Fund | Up to $500 Million | 0.525% |
Over $500 Million up to $1 Billion | 0.500% | |
Over $1 Billion up to $1.5 Billion | 0.450% | |
Over $1.5 Billion | 0.400% | |
Ivy Capital Appreciation Fund | Up to $1 Billion | 0.650% |
Over $1 Billion up to $2 Billion | 0.600% | |
Over $2 Billion up to $3 Billion | 0.550% | |
Over $3 Billion | 0.500% | |
Ivy Core Equity Fund | Up to $1 Billion | 0.700% |
Over $1 Billion up to $2 Billion | 0.650% | |
Over $2 Billion up to $3 Billion | 0.600% | |
Over $3 Billion up to $5 Billion | 0.550% | |
Over $5 Billion up to $6 Billion | 0.525% | |
Over $6 Billion | 0.500% | |
Ivy Cundill Global Value Fund | Up to $500 Million | 1.000% |
Over $500 Million up to $1 Billion | 0.850% | |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Dividend Opportunities Fund | Up to $1 Billion | 0.700% |
Over $1 Billion up to $2 Billion | 0.650% | |
Over $2 Billion up to $3 Billion | 0.600% | |
Over $3 Billion | 0.550% | |
Ivy European Opportunities Fund | Up to $250 Million | 1.000% |
Over $250 Million up to $500 Million | 0.850% | |
Over $500 Million | 0.750% | |
Ivy Global Bond Fund | Up to $500 Million | 0.625% |
Over $500 Million up to $1 Billion | 0.600% | |
Over $1 Billion up to $1.5 Billion | 0.550% | |
Over $1.5 Billion | 0.500% | |
Ivy High Income Fund | Up to $500 Million | 0.625% |
Over $500 Million up to $1 Billion | 0.600% | |
Over $1 Billion up to $1.5 Billion | 0.550% | |
Over $1.5 Billion | 0.500% | |
Ivy International Balanced Fund | Up to $1 Billion | 0.700% |
Over $1 Billion up to $2 Billion | 0.650% | |
Over $2 Billion up to $3 Billion | 0.600% | |
Over $3 Billion | 0.550% | |
Ivy International Core Equity Fund | Up to $1 Billion | 0.850% |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.700% | |
Ivy International Growth Fund | Up to $1 Billion | 0.850% |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.700% | |
Ivy Large Cap Growth Fund | Up to $1 Billion | 0.700% |
Over $1 Billion up to $2 Billion | 0.650% | |
Over $2 Billion up to $3 Billion | 0.600% | |
Over $3 Billion | 0.550% | |
Ivy Limited-Term Bond Fund | Up to $500 Million | 0.500% |
Over $500 Million up to $1 Billion | 0.450% | |
Over $1 Billion up to $1.5 Billion | 0.400% | |
Over $1.5 Billion | 0.350% | |
Ivy Managed European/Pacific Fund | None | 0.050% |
Ivy Managed International Opportunities Fund | None | 0.050% |
Ivy Micro Cap Growth Fund | Up to $1 Billion | 0.950% |
Over $1 Billion up to $2 Billion | 0.930% | |
Over $2 Billion up to $3 Billion | 0.900% | |
Over $3 Billion | 0.860% | |
Ivy Mid Cap Growth Fund | Up to $1 Billion | 0.850% |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Money Market Fund | None | 0.400% |
Ivy Mortgage Securities Fund | Up to $500 Million | 0.500% |
Over $500 Million up to $1 Billion | 0.450% | |
Over $1 Billion up to $1.5 Billion | 0.400% | |
Over $1.5 Billion | 0.350% | |
Ivy Municipal Bond Fund | Up to $500 Million | 0.525% |
Over $500 Million up to $1 Billion | 0.500% | |
Over $1 Billion up to $1.5 Billion | 0.450% | |
Over $1.5 Billion | 0.400% | |
Ivy Municipal High Income Fund | Up to $500 Million | 0.525% |
Over $500 Million up to $1 Billion | 0.500% | |
Over $1 Billion up to $1.5 Billion | 0.450% | |
Over $1.5 Billion | 0.400% | |
Ivy Pacific Opportunities Fund | Up to $500 Million | 1.000% |
Over $500 Million up to $1 Billion | 0.850% | |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Small Cap Growth Fund | Up to $1 Billion | 0.850% |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Small Cap Value Fund | Up to $1 Billion | 0.850% |
Over $1 Billion up to $2 Billion | 0.830% | |
Over $2 Billion up to $3 Billion | 0.800% | |
Over $3 Billion | 0.760% | |
Ivy Tax-Managed Equity Fund | Up to $1 Billion | 0.650% |
Over $1 Billion up to $2 Billion | 0.600% | |
Over $2 Billion up to $3 Billion | 0.550% | |
Over $3 Billion | 0.500% | |
Ivy Value Fund | Up to $1 Billion | 0.700% |
Over $1 Billion up to $2 Billion | 0.650% | |
Over $2 Billion up to $3 Billion | 0.600% | |
Over $3 Billion | 0.550% |
Effective August 26, 2009, the management fee for Ivy European Opportunities Fund is:
Up to $250 Million | 0.900% | |
Over $250 Million up to $500 Million | 0.850% | |
Over $500 Million | 0.750% |
For the period from October 1, 2008 to July 31, 2010, IICO contractually agreed to reduce the management fee paid to 0.35%, on an annual basis, of net assets for any day that Ivy Limited-Term Bond Fund's net assets are below $500 million.
For the period from May 18, 2009 to September 30, 2016, IICO voluntarily agreed to reduce the management fee paid to 0.485%, on an annual basis, of net assets for any day that Ivy Municipal High Income Fund's net assets are below $500 million.
For Funds managed solely by IICO, IICO has voluntarily agreed to waive a Fund's management fee on any day that the Fund's net assets are less than $25 million, subject to IICO's right to change or modify this waiver. See Expense Reimbursements and/or Waivers below for amounts waived during the fiscal period ended September 30, 2010.
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 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 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. IICO pays all costs associated with retaining the subadvisors.
Accounting Services Fees. The Trust has an Accounting Services Agreement with Waddell & Reed Services Company, doing business as WI Services Company (WISC), an indirect subsidiary of WDR. Under the agreement, 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 | ||||
From | $ | 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 a monthly fee of one-twelfth of the annual fee shown in the following table for its services:
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 | ||||
From | $ | 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 and Class E 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; 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 and Ivy Funds) reaches certain levels. Ivy Money Market Fund pays a monthly fee of $1.75 for each shareholder account that was in existence at any time during the prior month plus, for Class A shareholder accounts, $0.75 for each shareholder check processed in the prior month. Ivy Limited-Term Bond Fund Class A, which also has check writing privileges, pays $0.75 for each shareholder check processed in the prior month. For Class R shares, each Fund pays a monthly fee equal to one-twelfth of 0.20 of 1% of the ave rage 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.
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. Class A and Class E Shares. Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the Distribution and Service Plan), each Fund, other than Ivy Money Market Fund, may pay a distribution and/or service fee to Ivy Funds Distributors, Inc. (IFDI) for Class A and Class E shares in an amount not to exceed 0.25% of the Fund's average annual net assets. The fee is to be paid to compensate IFDI for amounts it expends in connection with the distribution of the Class A and Class E 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. Under the Distribution and Service Plan, each Fund may pay IFDI a service fee not to exceed 0.25% and a distribution fee not to exceed 0.75% of the Fund's average annual net assets for Class B and Class C shares to compensate IFDI for its services in connection with the distribution of shares of that class and/or provision of personal services to Class B or Class C shareholders and/or maintenance of shareholder accounts of that class.
Class R Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund's Class R shares to compensate IFDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.
Class Y Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of the Fund's Class Y shares to compensate IFDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal services to Class Y shareholders and/or maintaining Class Y shareholder accounts.
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, 2010, IFDI received the following amounts in sales commissions and CDSCs:
Gross Sale Commissions | CDSC | ||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class E | |||||||||||||||||||
Ivy Bond Fund | $ | 203 | $ | 2 | $ | 5 | $ | 1 | $ | –– | |||||||||||||
Ivy Capital Appreciation Fund | 228 | –– | * | 6 | 1 | –– | |||||||||||||||||
Ivy Core Equity Fund | 71 | 2 | 3 | 2 | –– | ||||||||||||||||||
Ivy Cundill Global Value Fund | 119 | –– | * | 10 | 1 | –– | |||||||||||||||||
Ivy Dividend Opportunities Fund | 128 | 1 | 3 | 2 | –– | ||||||||||||||||||
Ivy European Opportunities Fund | 100 | –– | * | 7 | –– | * | –– | ||||||||||||||||
Ivy Global Bond Fund | 99 | 3 | 6 | 5 | –– | ||||||||||||||||||
Ivy High Income Fund | 569 | 15 | 41 | 39 | –– | ||||||||||||||||||
Ivy International Balanced Fund | 135 | –– | * | 4 | –– | * | –– | ||||||||||||||||
Ivy International Core Equity Fund | 282 | 4 | 7 | 12 | –– | ||||||||||||||||||
Ivy International Growth Fund | 52 | –– | * | 3 | –– | * | –– | ||||||||||||||||
Ivy Large Cap Growth Fund | 223 | –– | * | 5 | 3 | –– | |||||||||||||||||
Ivy Limited-Term Bond Fund | 933 | 37 | 18 | 38 | –– | ||||||||||||||||||
Ivy Managed European/Pacific Fund | 63 | –– | * | 1 | –– | * | –– | ||||||||||||||||
Ivy Managed International Opportunities Fund | 111 | –– | * | 1 | –– | * | –– | ||||||||||||||||
Ivy Micro Cap Growth Fund | 130 | –– | –– | * | –– | * | –– | ||||||||||||||||
Ivy Mid Cap Growth Fund | 144 | –– | * | 3 | 1 | –– | |||||||||||||||||
Ivy Money Market Fund | –– | –– | * | 29 | 8 | –– | |||||||||||||||||
Ivy Mortgage Securities Fund | 48 | 1 | 1 | –– | * | –– | |||||||||||||||||
Ivy Municipal Bond Fund | 59 | 3 | 1 | –– | * | –– | |||||||||||||||||
Ivy Municipal High Income Fund | 170 | –– | * | 2 | 3 | –– | |||||||||||||||||
Ivy Pacific Opportunities Fund | 415 | 4 | 10 | 4 | –– | ||||||||||||||||||
Ivy Small Cap Growth Fund | 125 | –– | * | 4 | 6 | –– | |||||||||||||||||
Ivy Small Cap Value Fund | 168 | –– | * | 2 | 3 | –– | |||||||||||||||||
Ivy Tax-Managed Equity Fund | 2 | 1 | –– | –– | * | –– | |||||||||||||||||
Ivy Value Fund | 42 | –– | * | 1 | –– | * | –– | ||||||||||||||||
*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, 2010, the following amounts were paid by IFDI:
Ivy Bond Fund | $ | 205 | ||
Ivy Capital Appreciation Fund | 237 | |||
Ivy Core Equity Fund | 86 | |||
Ivy Cundill Global Value Fund | 126 | |||
Ivy Dividend Opportunities Fund | 167 | |||
Ivy European Opportunities Fund | 104 | |||
Ivy Global Bond Fund | 145 | |||
Ivy High Income Fund | 1,289 | |||
Ivy International Balanced Fund | 143 | |||
Ivy International Core Equity Fund | 434 | |||
Ivy International Growth Fund | 62 | |||
Ivy Large Cap Growth Fund | 248 | |||
Ivy Limited-Term Bond Fund | 1,397 | |||
Ivy Managed European/Pacific Fund | 58 | |||
Ivy Managed International Opportunities Fund | 101 | |||
Ivy Micro Cap Growth Fund | 116 | |||
Ivy Mid Cap Growth Fund | 195 | |||
Ivy Money Market Fund | –– | |||
Ivy Mortgage Securities Fund | 49 | |||
Ivy Municipal Bond Fund | 84 | |||
Ivy Municipal High Income Fund | 538 | |||
Ivy Pacific Opportunities Fund | 435 | |||
Ivy Small Cap Growth Fund | 167 | |||
Ivy Small Cap Value Fund | 181 | |||
Ivy Tax-Managed Equity Fund | 2 | |||
Ivy Value Fund | 42 |
Expense Reimbursements and/or Waivers. Fund and class expense limitations and related waivers/reimbursements for the fiscal period ended September 30, 2010 are as follows:
Fund Name | Share Class Name | Type of Expense Limit | Commence- ment Date | End Date | Expense Limit | Amount of Expense Reduction | Expense Reduced | |||
Ivy Bond Fund | ||||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.21% | $ | 3 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Contractual | 8-1-2008 | 7-31-2011 | 1.21% | $ | –– | NA | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Capital Appreciation Fund | ||||||||||
Class A | Contractual | 8-1-2008 | 7-31-2010 | 1.35% | $ | –– | NA | |||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.15% | $ | 8 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Core Equity Fund | ||||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.35% | $ | 3 | 12b-1 Fees and/or Shareholder Servicing | |||
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% | $ | –– | 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 | 2.55% | $ | –– | NA | |||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 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% | $ | 27 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Dividend Opportunities Fund | ||||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.37% | $ | 9 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy European Opportunities Fund | ||||||||||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Global Bond Fund | ||||||||||
All Classes | Contractual | 6-2-2008 | 7-31-2011 | NA | $ | 37 | (1) | Investment Management Fee | ||
Class A | Contractual | 6-2-2008 | 7-31-2011 | 0.99% | $ | 120 | 12b-1 Fees and/or Shareholder Servicing | |||
Class B | Contractual | 6-2-2008 | 7-31-2011 | 1.74% | $ | 6 | 12b-1 Fees and/or Shareholder Servicing | |||
Class C | Contractual | 6-2-2008 | 7-31-2011 | 1.74% | $ | 30 | 12b-1 Fees and/or Shareholder Servicing | |||
Class I | Contractual | 6-2-2008 | 7-31-2011 | 0.74% | $ | 11 | Shareholder Servicing | |||
Class Y | Contractual | 6-2-2008 | 7-31-2011 | 0.99% | $ | 12 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy High Income Fund | ||||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.36% | $ | 4 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy International Balanced Fund | ||||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.33% | $ | 5 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
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 | 7-31-2011 | 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 | 7-31-2011 | 1.42% | $ | 1 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Large Cap Growth Fund | ||||||||||
Class A | Contractual | 8-1-2008 | 7-31-2011 | 1.15% | $ | 298 | 12b-1 Fees and/or Shareholder Servicing | |||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.15% | $ | 4 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Contractual | 8-1-2008 | 7-31-2011 | 1.06% | $ | 56 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Limited-Term Bond Fund | ||||||||||
Class E | Contractual | 8-1-2010 | 7-31-2011 | 1.00% | $ | 1 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | 12b-1 Fees and/or Shareholder Servicing | |||
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 | $ | –– | 12b-1 Fees and/or Shareholder Servicing | |||
Ivy Micro Cap Growth Fund | ||||||||||
Class A | Contractual | 7-31-2009 | 7-31-2011 | 1.95% | $ | 21 | 12b-1 Fees and/or Shareholder Servicing | |||
Class I | Contractual | 7-31-2009 | 7-31-2011 | 1.70% | $ | –– | NA | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Mid Cap Growth Fund | ||||||||||
Class A | Voluntary | NA | NA | 1.65% | $ | –– | NA | |||
Class C | Voluntary | NA | NA | 2.35% | $ | –– | NA | |||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.60% | $ | 5 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | 1.25% | $ | 38 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Money Market Fund | ||||||||||
All Classes | Voluntary | NA | NA | NA | $ | 39 | (3) | Investment Management Fee | ||
Class A | Voluntary | NA | NA | To maintain minimum yield(2) | $ | 139 | 12b-1 Fees and/or Shareholder Servicing | |||
Class B | Voluntary | NA | NA | To maintain minimum yield(2) | $ | 56 | 12b-1 Fees and/or Shareholder Servicing | |||
Class C | Voluntary | NA | NA | To maintain minimum yield(2) | $ | 246 | 12b-1 Fees and/or Shareholder Servicing | |||
Class E | Voluntary | NA | NA | To maintain minimum yield(2) | $ | 5 | 12b-1 Fees and/or Shareholder Servicing | |||
Class E | Contractual | 8-1-2008 | 7-31-2010 | 0.88% | $ | –– | NA | |||
Ivy Mortgage Securities Fund | ||||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.14% | $ | 1 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Municipal Bond Fund | ||||||||||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | 12b-1 Fees and/or Shareholder Servicing | |||
Ivy Municipal High Income Fund | ||||||||||
All Classes | Contractual | 5-18-2009 | 7-31-2011 | NA | $ | 28 | (4) | Investment management fee and other common expenses | ||
Class A | Contractual | 5-18-2009 | 7-31-2011 | 0.95% | $ | 13 | 12b-1 Fees and/or Shareholder Servicing | |||
Class B | Contractual | 5-18-2009 | 7-31-2011 | 1.73% | $ | –– | * | 12b-1 Fees and/or Shareholder Servicing | ||
Class C | Contractual | 5-18-2009 | 7-31-2011 | 1.77% | $ | –– | NA | |||
Class I | Contractual | 5-18-2009 | 7-31-2011 | 0.70% | $ | 22 | Shareholder Servicing | |||
Class Y | Contractual | 5-18-2009 | 7-31-2011 | 1.10% | $ | –– | NA | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | 12b-1 Fees and/or Shareholder Servicing | |||
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 | |||
Ivy Small Cap Growth Fund | ||||||||||
Class E | Contractual | 8-1-2008 | 7-31-2011 | 1.56% | $ | 6 | 12b-1 Fees and/or Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Small Cap Value Fund | ||||||||||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Tax-Managed Equity Fund | ||||||||||
All Classes | Contractual | 5-18-2009 | 7-31-2011 | NA | $ | 24 | (5) | Investment management fee and other common expenses | ||
Class I | Contractual | 5-18-2009 | 7-31-2011 | 2.11% | $ | 1 | Shareholder Servicing | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
Ivy Value Fund | ||||||||||
Class A | Contractual | 8-1-2010 | 7-31-2011 | 1.55% | $ | 25 | 12b-1 Fees and/or Shareholder Servicing | |||
Class I | Contractual | 8-1-2010 | 7-31-2011 | 1.30% | $ | –– | NA | |||
Class Y | Contractual | 8-1-2010 | 7-31-2011 | 1.55% | $ | –– | NA | |||
Class Y | Voluntary | NA | NA | Not to exceed Class A | $ | –– | NA | |||
*Not shown due to rounding. | ||||||||||
(1)Due to Class A, Class B, Class C, Class I and/or Class Y contractual expense limits, investment management fees were waived for all share classes. | ||||||||||
(2)Minimum yield was 0.02% throughout the period of this report. | ||||||||||
(3)To maintain minimum yield, investment management fees were waived for all share classes. | ||||||||||
(4)Due to Class A, Class B, Class C, Class I and/or Class Y contractual expense limits, investment management fee and/or other common expenses were waived for all share classes. | ||||||||||
(5)Due to Class I contractual expense limit, investment management fee and/or other common expenses were waived for all share classes. |
Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2010 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.
3. INVESTMENT VALUATIONSFair 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, 2010. The Schedule of Investments provides additional details on each Fund's portfolio holdings.
Fund | Level 1 | Level 2 | Level 3 | |||||||
Ivy Bond Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Preferred Stocks | $ | –– | $ | 319 | $ | –– | ||||
Corporate Debt Securities | –– | 127,638 | 5,870 | |||||||
Other Government Securities | –– | 4,800 | –– | |||||||
United States Government Agency Obligations | –– | 85,878 | 2,586 | |||||||
United States Government Obligations | –– | 43,851 | –– | |||||||
Short-Term Securities | –– | 44,486 | –– | |||||||
Total Investments in Securities | $ | –– | $ | 306,972 | $ | 8,456 | ||||
Liabilities | ||||||||||
Futures Contracts | $ | 173 | $ | –– | $ | –– | ||||
Ivy Capital Appreciation Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 483,129 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 47,427 | –– | |||||||
Total Investments in Securities | $ | 483,129 | $ | 47,427 | $ | –– | ||||
Ivy Core Equity Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 190,407 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 26,760 | –– | |||||||
Total Investments in Securities | $ | 190,407 | $ | 26,760 | $ | –– | ||||
Ivy Cundill Global Value Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 250,196 | $ | –– | $ | 14,743 | ||||
Preferred Stocks | 12,645 | 9,337 | –– | |||||||
Warrants | 4,768 | –– | –– | |||||||
Short-Term Securities | –– | 20,332 | –– | |||||||
Total Investments in Securities | $ | 267,609 | $ | 29,669 | $ | 14,743 | ||||
Forward Foreign Currency Contracts | $ | –– | $ | 293 | $ | –– | ||||
Liabilities | ||||||||||
Forward Foreign Currency Contracts | $ | –– | $ | 2,755 | $ | –– | ||||
Ivy Dividend Opportunities Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 257,563 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 17,256 | –– | |||||||
Total Investments in Securities | $ | 257,563 | $ | 17,256 | $ | –– | ||||
Ivy European Opportunities Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 229,430 | $ | –– | $ | –– | ||||
Preferred Stocks | 8,154 | –– | –– | |||||||
Short-Term Securities | –– | 5,728 | –– | |||||||
Total Investments in Securities | $ | 237,584 | $ | 5,728 | $ | –– | ||||
Ivy Global Bond Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 638 | $ | –– | $ | –– | ||||
Corporate Debt Securities | –– | 116,265 | 1,334 | |||||||
Other Government Securities | –– | 4,565 | 334 | |||||||
United States Government Agency Obligations | –– | 5,657 | –– | |||||||
United States Government Obligations | –– | 35,337 | –– | |||||||
Short-Term Securities | –– | 34,411 | –– | |||||||
Total Investments in Securities | $ | 638 | $ | 196,235 | $ | 1,668 | ||||
Forward Foreign Currency Contracts | $ | –– | $ | 46 | $ | –– | ||||
Liabilities | ||||||||||
Forward Foreign Currency Contracts | $ | –– | $ | 607 | $ | –– | ||||
Ivy High Income Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 14,224 | $ | 578 | $ | –– | ||||
Preferred Stocks | –– | 277 | –– | |||||||
Warrants | –– | 1,287 | 2,766 | |||||||
Corporate Debt Securities | –– | 986,124 | 23,000 | |||||||
Municipal Bonds | –– | 6,467 | –– | |||||||
Senior Loans | –– | 211,754 | 134,536 | |||||||
Short-Term Securities | –– | 126,119 | –– | |||||||
Total Investments in Securities | $ | 14,224 | $ | 1,332,606 | $ | 160,302 | ||||
Forward Foreign Currency Contracts | $ | –– | $ | 522 | $ | –– | ||||
Liabilities | ||||||||||
Forward Foreign Currency Contracts | $ | –– | $ | 169 | $ | –– | ||||
Ivy International Balanced Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 176,619 | $ | 507 | $ | –– | ||||
Corporate Debt Securities | –– | 33,004 | 4,388 | |||||||
Other Government Securities | –– | 46,670 | –– | |||||||
Short-Term Securities | –– | 3,782 | –– | |||||||
Total Investments in Securities | $ | 176,619 | $ | 83,963 | $ | 4,388 | ||||
Ivy International Core Equity Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 859,970 | $ | 2,058 | $ | –– | ||||
Short-Term Securities | –– | 17,312 | –– | |||||||
Total Investments in Securities | $ | 859,970 | $ | 19,370 | $ | –– | ||||
Ivy International Growth Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 167,893 | $ | –– | $ | –– | ||||
Preferred Stocks | 3,704 | –– | –– | |||||||
Short-Term Securities | –– | 8,819 | –– | |||||||
Total Investments in Securities | $ | 171,597 | $ | 8,819 | $ | –– | ||||
Swap Agreements | $ | –– | $ | 1,161 | $ | –– | ||||
Ivy Large Cap Growth Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 809,375 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 4,555 | –– | |||||||
Total Investments in Securities | $ | 809,375 | $ | 4,555 | $ | –– | ||||
Ivy Limited-Term Bond Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Corporate Debt Securities | $ | –– | $ | 535,255 | $ | –– | ||||
Municipal Bonds | –– | 30,319 | –– | |||||||
United States Government Agency Obligations | –– | 347,706 | –– | |||||||
United States Government Obligations | –– | 266,342 | –– | |||||||
Short-Term Securities | –– | 20,769 | –– | |||||||
Total Investments in Securities | $ | –– | $ | 1,200,391 | $ | –– | ||||
Ivy Managed European/Pacific Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Affiliated Mutual Funds | $ | 84,413 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 90 | –– | |||||||
Total Investments in Securities | $ | 84,413 | $ | 90 | $ | –– | ||||
Ivy Managed International Opportunities Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Affiliated Mutual Funds | $ | 169,826 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 109 | –– | |||||||
Total Investments in Securities | $ | 169,826 | $ | 109 | $ | –– | ||||
Ivy Micro Cap Growth Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 45,895 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 1,684 | –– | |||||||
Total Investments in Securities | $ | 45,895 | $ | 1,684 | $ | –– | ||||
Ivy Mid Cap Growth Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 350,433 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 8,092 | –– | |||||||
Total Investments in Securities | $ | 350,433 | $ | 8,092 | $ | –– | ||||
Liabilities | ||||||||||
Written Options | $ | 37 | $ | 67 | $ | –– | ||||
Ivy Money Market Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Corporate Obligations | $ | –– | $ | 146,451 | $ | –– | ||||
Municipal Obligations | –– | 86,085 | –– | |||||||
United States Government Agency Obligations | –– | 7,954 | –– | |||||||
Total Investments in Securities | $ | –– | $ | 240,490 | $ | –– | ||||
Ivy Mortgage Securities Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Corporate Debt Securities | $ | –– | $ | 20,424 | $ | 4,035 | ||||
United States Government Agency Obligations | –– | 82,388 | –– | |||||||
United States Government Obligations | –– | 531 | –– | |||||||
Short-Term Securities | –– | 24,073 | –– | |||||||
Total Investments in Securities | $ | –– | $ | 127,416 | $ | 4,035 | ||||
Futures Contracts | $ | 1 | $ | –– | $ | –– | ||||
Liabilities | ||||||||||
Futures Contracts | $ | 102 | $ | –– | $ | –– | ||||
Ivy Municipal Bond Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Municipal Bonds | $ | –– | $ | 87,831 | $ | –– | ||||
Short-Term Securities | –– | 9,141 | –– | |||||||
Total Investments in Securities | $ | –– | $ | 96,972 | $ | –– | ||||
Ivy Municipal High Income Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Municipal Bonds | $ | –– | $ | 234,030 | $ | –– | ||||
Short-Term Securities | –– | 27,851 | –– | |||||||
Total Investments in Securities | $ | –– | $ | 261,881 | $ | –– | ||||
Ivy Pacific Opportunities Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 661,208 | $ | 15,773 | $ | –– | ||||
Investment Funds | –– | –– | 2,170 | |||||||
Warrants | 365 | –– | –– | |||||||
Short-Term Securities | –– | 41,583 | –– | |||||||
Total Investments in Securities | $ | 661,573 | $ | 57,356 | $ | 2,170 | ||||
Liabilities | ||||||||||
Forward Foreign Currency Contracts | $ | –– | $ | 1,467 | $ | –– | ||||
Ivy Small Cap Growth Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 497,110 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 18,560 | –– | |||||||
Total Investments in Securities | $ | 497,110 | $ | 18,560 | $ | –– | ||||
Ivy Small Cap Value Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 217,199 | $ | –– | $ | –– | ||||
Investment Funds | 14,032 | –– | –– | |||||||
Short-Term Securities | –– | 5,389 | –– | |||||||
Total Investments in Securities | $ | 231,231 | $ | 5,389 | $ | –– | ||||
Liabilities | ||||||||||
Written Options | $ | 174 | $ | 41 | $ | –– | ||||
Ivy Tax-Managed Equity Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 6,448 | $ | –– | $ | –– | ||||
Short-Term Securities | –– | 587 | –– | |||||||
Total Investments in Securities | $ | 6,448 | $ | 587 | $ | –– | ||||
Ivy Value Fund | ||||||||||
Assets | ||||||||||
Investments in Securities | ||||||||||
Common Stocks | $ | 66,198 | $ | –– | $ | –– | ||||
Warrants | 522 | –– | –– | |||||||
Short-Term Securities | –– | 4,328 | –– | |||||||
Total Investments in Securities | $ | 66,720 | $ | 4,328 | $ | –– | ||||
Liabilities | ||||||||||
Written Options | $ | 144 | $ | –– | $ | –– |
The following tables are a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
| Corporate Debt Securities | United States Government Agency Obligations | |||||||
Ivy Bond Fund | |||||||||
Beginning Balance 4-1-10 | $ | 4,319 | $ | –– | |||||
Net realized gain (loss) | 36 | –– | |||||||
Net unrealized appreciation (depreciation) | 198 | 13 | |||||||
Purchases | 1,184 | 2,573 | |||||||
Sales | (411 | ) | –– | ||||||
Transfers into Level 3 during the period | 544 | –– | |||||||
Transfers out of Level 3 during the period | –– | –– | |||||||
Ending Balance 9-30-10 | $ | 5,870 | $ | 2,586 | |||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | 336 | $ | 13 |
| Common Stocks | |||
Ivy Cundill Global Value Fund | ||||
Beginning Balance 4-1-10 | $ | 12,261 | ||
Net realized gain (loss) | –– | |||
Net unrealized appreciation (depreciation) | –– | |||
Purchases | –– | |||
Sales | –– | |||
Transfers into Level 3 during the period | 14,743 | |||
Transfers out of Level 3 during the period | (12,261 | ) | ||
Ending Balance 9-30-10 | $ | 14,743 | ||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | 3,617 |
| Corporate Debt Securities | Other Government Securities | |||||||
Ivy Global Bond Fund | |||||||||
Beginning Balance 4-1-10 | $ | 205 | $ | 347 | |||||
Net realized gain (loss) | –– | –– | |||||||
Net unrealized appreciation (depreciation) | (6 | ) | (13 | ) | |||||
Purchases | –– | –– | |||||||
Sales | –– | –– | |||||||
Transfers into Level 3 during the period | 1,135 | –– | |||||||
Transfers out of Level 3 during the period | –– | –– | |||||||
Ending Balance 9-30-10 | $ | 1,334 | $ | 334 | |||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | (6 | ) | $ | (13 | ) | |||
| Warrants | Corporate Debt Securities | Senior Loans | |||||||||||
Ivy High Income Fund | ||||||||||||||
Beginning Balance 4-1-10 | $ | –– | * | $ | 18,252 | $ | 41,495 | |||||||
Net realized gain (loss) | –– | (47 | ) | 1,982 | ||||||||||
Net unrealized appreciation (depreciation) | 2,766 | 72 | (1,431 | ) | ||||||||||
Purchases | –– | –– | 39,405 | |||||||||||
Sales | –– | (25 | ) | (8,269 | ) | |||||||||
Transfers into Level 3 during the period | –– | 23,000 | 61,354 | |||||||||||
Transfers out of Level 3 during the period | –– | (18,252 | ) | –– | ||||||||||
Ending Balance 9-30-10 | $ | 2,766 | $ | 23,000 | $ | 134,536 | ||||||||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | 2,766 | $ | 115 | $ | 549 | ||||||||
*Not shown due to rounding |
| Corporate Debt Securities | |||
Ivy International Balanced Fund | ||||
Beginning Balance 4-1-10 | $ | –– | ||
Net realized gain (loss) | –– | |||
Net unrealized appreciation (depreciation) | –– | |||
Purchases | –– | |||
Sales | –– | |||
Transfers into Level 3 during the period | 4,388 | |||
Transfers out of Level 3 during the period | –– | |||
Ending Balance 9-30-10 | $ | 4,388 | ||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | 213 |
| United States Government Agency Obligations | |||
Ivy Limited-Term Bond Fund | ||||
Beginning Balance 4-1-10 | $ | 9,984 | ||
Net realized gain (loss) | –– | |||
Net unrealized appreciation (depreciation) | –– | |||
Purchases | –– | |||
Sales | –– | |||
Transfers into Level 3 during the period | –– | |||
Transfers out of Level 3 during the period | (9,984 | ) | ||
Ending Balance 9-30-10 | $ | –– | ||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | –– |
| Written Options | |||
---|---|---|---|---|
Ivy Mid Cap Growth Fund | ||||
Beginning Balance 4-1-10 | $ | (192 | ) | |
Net realized gain (loss) | (302 | ) | ||
Net unrealized appreciation (depreciation) | 139 | |||
Purchases | –– | |||
Sales | 355 | |||
Transfers into Level 3 during the period | –– | |||
Transfers out of Level 3 during the period | –– | |||
Ending Balance 9-30-10 | $ | –– | ||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | –– |
| Corporate Debt Securities | |||
Ivy Mortgage Securities Fund | ||||
Beginning Balance 4-1-10 | $ | 3,902 | ||
Net realized gain (loss) | (2 | ) | ||
Net unrealized appreciation (depreciation) | 331 | |||
Purchases | –– | |||
Sales | (199 | ) | ||
Transfers into Level 3 during the period | 3 | |||
Transfers out of Level 3 during the period | –– | |||
Ending Balance 9-30-10 | $ | 4,035 | ||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | 1,025 |
| Investment Funds | |||
Ivy Pacific Opportunities Fund | ||||
Beginning Balance 4-1-10 | $ | 2,355 | ||
Net realized gain (loss) | –– | |||
Net unrealized appreciation (depreciation) | (185 | ) | ||
Purchases | –– | |||
Sales | –– | |||
Transfers into Level 3 during the period | –– | |||
Transfers out of Level 3 during the period | –– | |||
Ending Balance 9-30-10 | $ | 2,170 | ||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | (185 | ) | |
| Written Options | |||
Ivy Value Fund | ||||
Beginning Balance 4-1-10 | $ | (34 | ) | |
Net realized gain (loss) | 14 | |||
Net unrealized appreciation (depreciation) | 18 | |||
Purchases | –– | |||
Sales | 2 | |||
Transfers into Level 3 during the period | –– | |||
Transfers out of Level 3 during the period | –– | |||
Ending Balance 9-30-10 | $ | –– | ||
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-10 | $ | –– |
Transfers from Level 2 to Level 3 occurred generally due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred generally due to the increased availability of observable market data due to increased market activity or information. As shown above, transfers in and out of Level 3 represent the value at the later of the beginning of the fiscal period or the purchase date of the security.
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 in net realized gain (loss) on investments in unaffiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated securities, respectively. Additionally, the net change in unrealized appreciation for all Level 3 investments still held as of September 30, 2010, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated securities.
As shown above, the Funds may own different types of assets that are classified as Level 2 or Level 3. Assets classified as Level 2 can have a variety of observable inputs, including, but not limited to, benchmark yields, reported trades, broker quotes, benchmark securities, and bid/offer quotations. These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value.
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 TRANSACTIONS
For the fiscal period ended September 30, 2010, 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:
Fund | Purchases | Sales | ||||||
Ivy Bond Fund | $ | 109,237 | $ | 87,439 | ||||
Ivy Capital Appreciation Fund | 85,060 | 150,039 | ||||||
Ivy Core Equity Fund | 139,276 | 137,874 | ||||||
Ivy Cundill Global Value Fund | 76,390 | 98,685 | ||||||
Ivy Dividend Opportunities Fund | 53,155 | 41,449 | ||||||
Ivy European Opportunities Fund | 41,868 | 48,004 | ||||||
Ivy Global Bond Fund | 28,158 | 22,561 | ||||||
Ivy High Income Fund | 801,519 | 591,202 | ||||||
Ivy International Balanced Fund | 104,635 | 113,098 | ||||||
Ivy International Core Equity Fund | 520,954 | 385,193 | ||||||
Ivy International Growth Fund | 67,703 | 80,592 | ||||||
Ivy Large Cap Growth Fund | 334,418 | 418,115 | ||||||
Ivy Limited-Term Bond Fund | 130,831 | 87,168 | ||||||
Ivy Managed European/Pacific Fund | 3,490 | 3,548 | ||||||
Ivy Managed International Opportunities Fund | 37,301 | 35,218 | ||||||
Ivy Micro Cap Growth Fund | 31,075 | 13,857 | ||||||
Ivy Mid Cap Growth Fund | 137,045 | 51,403 | ||||||
Ivy Money Market Fund | –– | –– | ||||||
Ivy Mortgage Securities Fund | 1,391 | 14,136 | ||||||
Ivy Municipal Bond Fund | 15,736 | 2,034 | ||||||
Ivy Municipal High Income Fund | 185,196 | 423 | ||||||
Ivy Pacific Opportunities Fund | 327,138 | 349,408 | ||||||
Ivy Small Cap Growth Fund | 157,325 | 106,312 | ||||||
Ivy Small Cap Value Fund | 72,671 | 65,278 | ||||||
Ivy Tax-Managed Equity Fund | 3,052 | 1,156 | ||||||
Ivy Value Fund | 15,678 | 12,022 |
Purchases of and proceeds from maturities and sales of U.S. Government securities were as follows:
Fund | Purchases | Sales | ||||||
Ivy Bond Fund | $ | 475,429 | $ | 428,597 | ||||
Ivy Global Bond Fund | 9,841 | 1,379 | ||||||
Ivy Limited-Term Bond Fund | 369,949 | 134,521 | ||||||
Ivy Mortgage Securities Fund | 210,532 | 225,267 |
For Federal income tax purposes, cost of investments owned at September 30, 2010 and the related unrealized appreciation (depreciation) were as follows:
Fund | Cost of investments | Gross appreciation | Gross depreciation | Net unrealized appreciation (depreciation) | |||||||||||||
Ivy Bond Fund | $ | 310,070 | $ | 9,412 | $ | 4,054 | $ | 5,358 | |||||||||
Ivy Capital Appreciation Fund | 489,770 | 72,802 | 32,016 | 40,786 | |||||||||||||
Ivy Core Equity Fund | 199,675 | 22,065 | 4,573 | 17,492 | |||||||||||||
Ivy Cundill Global Value Fund | 267,445 | 60,841 | 16,265 | 44,576 | |||||||||||||
Ivy Dividend Opportunities Fund | 241,355 | 37,357 | 3,893 | 33,464 | |||||||||||||
Ivy European Opportunities Fund | 229,618 | 34,159 | 20,465 | 13,694 | |||||||||||||
Ivy Global Bond Fund | 190,690 | 8,690 | 839 | 7,851 | |||||||||||||
Ivy High Income Fund | 1,424,055 | 90,516 | 7,439 | 83,077 | |||||||||||||
Ivy International Balanced Fund | 248,568 | 22,299 | 5,897 | 16,402 | |||||||||||||
Ivy International Core Equity Fund | 835,037 | 63,285 | 18,982 | 44,303 | |||||||||||||
Ivy International Growth Fund | 166,412 | 20,379 | 6,399 | 13,980 | |||||||||||||
Ivy Large Cap Growth Fund | 676,012 | 141,562 | 3,644 | 137,918 | |||||||||||||
Ivy Limited-Term Bond Fund | 1,149,628 | 50,911 | 148 | 50,763 | |||||||||||||
Ivy Managed European/Pacific Fund | 80,618 | 3,885 | –– | 3,885 | |||||||||||||
Ivy Managed International Opportunities Fund | 163,974 | 10,779 | 4,818 | 5,961 | |||||||||||||
Ivy Micro Cap Growth Fund | 43,095 | 6,419 | 1,935 | 4,484 | |||||||||||||
Ivy Mid Cap Growth Fund | 296,172 | 65,426 | 3,073 | 62,353 | |||||||||||||
Ivy Money Market Fund | 240,490 | –– | –– | –– | |||||||||||||
Ivy Mortgage Securities Fund | 151,390 | 3,461 | 23,400 | (19,939 | ) | ||||||||||||
Ivy Municipal Bond Fund | 90,150 | 7,040 | 218 | 6,822 | |||||||||||||
Ivy Municipal High Income Fund | 254,503 | 7,401 | 23 | 7,378 | |||||||||||||
Ivy Pacific Opportunities Fund | 586,793 | 152,651 | 19,167 | 133,484 | |||||||||||||
Ivy Small Cap Growth Fund | 406,430 | 117,073 | 7,833 | 109,240 | |||||||||||||
Ivy Small Cap Value Fund | 201,461 | 40,297 | 5,138 | 35,159 | |||||||||||||
Ivy Tax-Managed Equity Fund | 6,292 | 807 | 64 | 743 | |||||||||||||
Ivy Value Fund | 64,811 | 8,331 | 2,094 | 6,237 |
For Federal income tax purposes, the Funds' distributed and undistributed earnings and profit for the fiscal year ended March 31, 2010 and the related net capital losses and post-October activity updated with information available through the date of this report were as follows:
Ivy Bond Fund | Ivy Capital Appreciation Fund | Ivy Core Equity Fund | Ivy Cundill Global Value Fund | Ivy Dividend Opportunities Fund | Ivy European Opportunities Fund | Ivy Global Bond Fund | |||||||||||||||||
Net ordinary income | $ | 5,288 | $ | 829 | $ | –– | $ | 2,054 | $ | 2,334 | $ | 4,765 | $ | 3,185 | |||||||||
Distributed ordinary income | 5,246 | 540 | –– | 2,144 | 1,925 | 4,116 | 3,133 | ||||||||||||||||
Undistributed ordinary income | 67 | 289 | –– | –– | 505 | 649 | 316 | ||||||||||||||||
Realized long term capital gains | –– | –– | –– | –– | –– | –– | –– | ||||||||||||||||
Distributed long term capital gains | –– | –– | –– | –– | –– | –– | –– | ||||||||||||||||
Undistributed long term capital gains | –– | –– | –– | –– | –– | –– | –– | ||||||||||||||||
Tax return of capital | –– | –– | 219 | 666 | –– | –– | –– | ||||||||||||||||
Post-October losses deferred | 874 | 1,871 | –– | 8,308 | –– | 1,274 | 174 |
Ivy High Income Fund | Ivy International Balanced Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Large Cap Growth Fund | Ivy Limited- Term Bond Fund | Ivy Managed European/ Pacific Fund | |||||||||||||||||
Net ordinary income | $ | 119,184 | $ | –– | $ | 5,022 | $ | 1,650 | $ | 2,736 | $ | 20,306 | $ | –– | |||||||||
Distributed ordinary income | 95,696 | 392 | 4,695 | 1,509 | 3,888 | 20,171 | 21 | ||||||||||||||||
Undistributed ordinary income | 25,165 | –– | 649 | 243 | –– | 245 | –– | ||||||||||||||||
Realized long term capital gains | –– | –– | –– | –– | –– | 1,156 | –– | ||||||||||||||||
Distributed long term capital gains | –– | –– | –– | –– | –– | 452 | –– | ||||||||||||||||
Undistributed long term capital gains | –– | –– | –– | –– | –– | 703 | –– | ||||||||||||||||
Tax return of capital | –– | –– | –– | –– | –– | –– | 92 | ||||||||||||||||
Post-October losses deferred | –– | 655 | 5,722 | 57 | –– | –– | –– |
Ivy Managed International Opportunities Fund | Ivy Micro Cap Growth Fund | Ivy Mid Cap Growth Fund | Ivy Money Market Fund | Ivy Mortgage Securities Fund | Ivy Municipal Bond Fund | Ivy Municipal High Income Fund | |||||||||||||||||
Net ordinary income | $ | 341 | $ | 1,312 | $ | –– | $ | 1,264 | $ | 6,728 | $ | 2,463 | $ | 758 | |||||||||
Distributed ordinary income | 341 | 572 | –– | 1,267 | 6,716 | 2,453 | 701 | ||||||||||||||||
Undistributed ordinary income | –– | 740 | –– | 60 | 76 | 28 | 57 | ||||||||||||||||
Realized long term capital gains | –– | 304 | –– | –– | –– | –– | –– | ||||||||||||||||
Distributed long term capital gains | –– | –– | –– | –– | –– | –– | –– | ||||||||||||||||
Undistributed long term capital gains | –– | 304 | –– | –– | –– | –– | –– | ||||||||||||||||
Tax return of capital | 272 | –– | –– | –– | –– | –– | –– | ||||||||||||||||
Post-October losses deferred | 1 | –– | –– | –– | * | 6,813 | 16 | 4 |
Ivy Pacific Opportunities Fund | Ivy Small Cap Growth Fund | Ivy Small Cap Value Fund | Ivy Tax-Managed Equity Fund | Ivy Value Fund | |||||||||||||
Net ordinary income | $ | –– | $ | –– | $ | –– | $ | –– | $ | 44 | |||||||
Distributed ordinary income | –– | –– | –– | –– | 103 | ||||||||||||
Undistributed ordinary income | –– | –– | –– | –– | –– | ||||||||||||
Realized long term capital gains | –– | –– | –– | –– | –– | ||||||||||||
Distributed long term capital gains | –– | –– | –– | –– | –– | ||||||||||||
Undistributed long term capital gains | –– | –– | –– | –– | –– | ||||||||||||
Tax return of capital | –– | –– | –– | –– | 55 | ||||||||||||
Post-October losses deferred | 8,696 | –– | 1 | –– | * | 961 | |||||||||||
*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 Bond Fund | Ivy Capital Appreciation Fund | Ivy Core Equity Fund | Ivy Cundill Global Value Fund | Ivy Dividend Opportunities Fund | Ivy European Opportunities Fund | Ivy Global Bond Fund | ||||||||||||||||||||||
March 31, 2011 | $ | –– | $ | –– | $ | 3,245 | $ | –– | $ | –– | $ | –– | $ | –– | ||||||||||||||
March 31, 2015 | 335 | –– | –– | –– | –– | –– | –– | |||||||||||||||||||||
March 31, 2017 | 2,157 | 67,670 | 4,846 | 16,673 | 5,985 | 49,771 | –– | |||||||||||||||||||||
March 31, 2018 | 259 | 162,357 | 361 | 83,613 | 36,103 | 132,101 | 240 | |||||||||||||||||||||
Total carryover | $ | 2,751 | $ | 230,027 | $ | 8,452 | $ | 100,286 | $ | 42,088 | $ | 181,872 | $ | 240 | ||||||||||||||
Ivy International Balanced Fund | Ivy International Core Equity Fund | Ivy International Growth Fund | Ivy Large Cap Growth Fund | Ivy Managed European/ Pacific Fund | Ivy Managed International Opportunities Fund | Ivy Mid Cap Growth Fund | ||||||||||||||||||||||
March 31, 2011 | $ | –– | $ | –– | $ | 47,214 | $ | –– | $ | –– | $ | –– | $ | 5,584 | ||||||||||||||
March 31, 2012 | –– | –– | –– | –– | –– | –– | 561 | |||||||||||||||||||||
March 31, 2017 | –– | 35,471 | 8,672 | 37,506 | 3 | 2 | –– | |||||||||||||||||||||
March 31, 2018 | 66,135 | 7,599 | 23,988 | 32,974 | 16,286 | 11,127 | 1,132 | |||||||||||||||||||||
Total carryover | $ | 66,135 | $ | 43,070 | $ | 79,874 | $ | 70,480 | $ | 16,289 | $ | 11,129 | $ | 7,277 | ||||||||||||||
Ivy Mortgage Securities Fund | Ivy Municipal Bond Fund | Ivy Pacific Opportunities Fund | Ivy Small Cap Growth Fund | Ivy Small Cap Value Fund | Ivy Tax Managed Equity Fund | Ivy Value Fund | ||||||||||||||||||||||
March 31, 2011 | $ | –– | $ | 75 | $ | –– | $ | 565 | $ | –– | $ | –– | $ | –– | ||||||||||||||
March 31, 2014 | 164 | –– | –– | –– | –– | –– | –– | |||||||||||||||||||||
March 31, 2015 | 484 | –– | –– | –– | –– | –– | –– | |||||||||||||||||||||
March 31, 2016 | 902 | 89 | –– | –– | –– | –– | –– | |||||||||||||||||||||
March 31, 2017 | 6,969 | 101 | 31,589 | 34,994 | 16,843 | –– | 4,155 | |||||||||||||||||||||
March 31, 2018 | 30,194 | 84 | 32,066 | 5,551 | –– | 7 | 1,767 | |||||||||||||||||||||
Total carryover | $ | 38,713 | $ | 349 | $ | 63,655 | $ | 41,110 | $ | 16,843 | $ | 7 | $ | 5,922 | ||||||||||||||
The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. On April 1, 2010, all Advisor class shares were converted to Class I. Transactions in shares of beneficial interest were as follows:
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Bond Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 7,000 | $ | 70,425 | 9,087 | $ | 86,676 | |||||||
Class B | 197 | 1,974 | 464 | 4,427 | |||||||||
Class C | 1,540 | 15,474 | 1,426 | 13,502 | |||||||||
Class E | 65 | 655 | 120 | 1,145 | |||||||||
Class I | 37 | 370 | 452 | 4,389 | |||||||||
Class Y | 53 | 538 | 581 | 5,381 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 244 | 2,454 | 357 | 3,377 | |||||||||
Class B | 6 | 58 | 9 | 86 | |||||||||
Class C | 20 | 208 | 32 | 302 | |||||||||
Class E | 4 | 36 | 6 | 61 | |||||||||
Class I | 1 | 6 | 1 | 10 | |||||||||
Class Y | 10 | 97 | 15 | 144 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (2,118 | ) | (21,301 | ) | (3,480 | ) | (32,616 | ) | |||||
Class B | (102 | ) | (1,026 | ) | (218 | ) | (2,022 | ) | |||||
Class C | (425 | ) | (4,279 | ) | (1,011 | ) | (9,450 | ) | |||||
Class E | (21 | ) | (211 | ) | (26 | ) | (252 | ) | |||||
Class I | (15 | ) | (145 | ) | (410 | ) | (3,978 | ) | |||||
Class Y | (43 | ) | (430 | ) | (141 | ) | (1,276 | ) | |||||
Net increase | 6,453 | $ | 64,903 | 7,264 | $ | 69,906 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Capital Appreciation Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 8,237 | $ | 67,089 | 17,664 | $ | 135,296 | |||||||
Class B | 73 | 543 | 331 | 2,266 | |||||||||
Class C | 438 | 3,265 | 1,243 | 8,663 | |||||||||
Class E | 21 | 173 | 49 | 371 | |||||||||
Class I | 1,255 | 10,329 | 6,177 | 46,101 | |||||||||
Class Y | 128 | 1,079 | 323 | 2,477 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 12 | 97 | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | * | 3 | ||||||||
Class I | –– | –– | 44 | 363 | |||||||||
Class Y | –– | –– | –– | * | 2 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (9,525 | ) | (77,541 | ) | (12,124 | ) | (92,290 | ) | |||||
Class B | (172 | ) | (1,271 | ) | (408 | ) | (2,802 | ) | |||||
Class C | (1,631 | ) | (12,059 | ) | (2,856 | ) | (19,948 | ) | |||||
Class E | (16 | ) | (127 | ) | (34 | ) | (270 | ) | |||||
Class I | (2,104 | ) | (17,171 | ) | (3,944 | ) | (30,175 | ) | |||||
Class Y | (264 | ) | (2,141 | ) | (2,157 | ) | (14,628 | ) | |||||
Net increase (decrease) | (3,560 | ) | $ | (27,832 | ) | 4,320 | $ | 35,526 | |||||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Core Equity Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 1,900 | $ | 16,431 | 2,799 | $ | 21,784 | |||||||
Class B | 46 | 359 | 115 | 829 | |||||||||
Class C | 577 | 4,640 | 944 | 6,984 | |||||||||
Class E | 20 | 178 | 24 | 185 | |||||||||
Class I | 140 | 1,288 | 340 | 2,773 | |||||||||
Class Y | 464 | 4,387 | 310 | 2,373 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 22 | 176 | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | * | 2 | ||||||||
Class I | –– | –– | –– | * | 2 | ||||||||
Class Y | –– | –– | 2 | 16 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (1,450 | ) | (12,480 | ) | (2,694 | ) | (20,803 | ) | |||||
Class B | (128 | ) | (1,006 | ) | (284 | ) | (1,987 | ) | |||||
Class C | (1,286 | ) | (10,251 | ) | (2,590 | ) | (18,585 | ) | |||||
Class E | (4 | ) | (32 | ) | (8 | ) | (63 | ) | |||||
Class I | (27 | ) | (250 | ) | (105 | ) | (883 | ) | |||||
Class Y | (325 | ) | (2,894 | ) | (324 | ) | (2,575 | ) | |||||
Net increase (decrease) | (73 | ) | $ | 370 | (1,449 | ) | $ | (9,772 | ) | ||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Cundill Global Value Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 1,479 | $ | 18,023 | 2,323 | $ | 25,843 | |||||||
Class B | 37 | 428 | 78 | 841 | |||||||||
Class C | 66 | 789 | 150 | 1,615 | |||||||||
Class E | 3 | 32 | 7 | 76 | |||||||||
Class I | 149 | 1,887 | 338 | 3,733 | |||||||||
Class Y | 222 | 2,718 | 1,205 | 13,194 | |||||||||
Advisor Class | –– | –– | –– | * | –– | * | |||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 180 | 2,147 | |||||||||
Class B | –– | –– | 5 | 54 | |||||||||
Class C | –– | –– | 17 | 200 | |||||||||
Class E | –– | –– | –– | * | 5 | ||||||||
Class I | –– | –– | 5 | 56 | |||||||||
Class Y | –– | –– | 15 | 177 | |||||||||
Advisor Class | –– | –– | 2 | 31 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (2,652 | ) | (32,095 | ) | (6,496 | ) | (71,582 | ) | |||||
Class B | (233 | ) | (2,720 | ) | (576 | ) | (6,176 | ) | |||||
Class C | (468 | ) | (5,474 | ) | (1,496 | ) | (16,031 | ) | |||||
Class E | (1 | ) | (9 | ) | (6 | ) | (64 | ) | |||||
Class I | (92 | ) | (1,113 | ) | (311 | ) | (3,606 | ) | |||||
Class Y | (179 | ) | (2,155 | ) | (911 | ) | (9,444 | ) | |||||
Advisor Class | (99 | ) | (1,266 | ) | (78 | ) | (959 | ) | |||||
Net decrease | (1,768 | ) | $ | (20,955 | ) | (5,549 | ) | $ | (59,890 | ) | |||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Dividend Opportunities Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 3,094 | $ | 39,900 | 4,719 | $ | 57,787 | |||||||
Class B | 199 | 2,526 | 174 | 2,117 | |||||||||
Class C | 360 | 4,623 | 810 | 9,852 | |||||||||
Class E | 15 | 200 | 44 | 548 | |||||||||
Class I | 90 | 1,181 | 496 | 5,832 | |||||||||
Class Y | 113 | 1,483 | 496 | 6,114 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 62 | 785 | 118 | 1,481 | |||||||||
Class B | –– | * | 3 | –– | * | 6 | |||||||
Class C | 4 | 50 | 7 | 91 | |||||||||
Class E | 1 | 11 | 2 | 20 | |||||||||
Class I | 2 | 21 | 3 | 36 | |||||||||
Class Y | 5 | 68 | 11 | 135 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (1,970 | ) | (25,483 | ) | (4,971 | ) | (61,276 | ) | |||||
Class B | (72 | ) | (921 | ) | (302 | ) | (3,686 | ) | |||||
Class C | (467 | ) | (6,017 | ) | (1,430 | ) | (16,999 | ) | |||||
Class E | (9 | ) | (116 | ) | (28 | ) | (350 | ) | |||||
Class I | (77 | ) | (988 | ) | (280 | ) | (3,420 | ) | |||||
Class Y | (180 | ) | (2,289 | ) | (846 | ) | (10,404 | ) | |||||
Net increase (decrease) | 1,170 | $ | 15,037 | (977 | ) | $ | (12,116 | ) | |||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy European Opportunities Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 843 | $ | 17,034 | 2,050 | $ | 42,145 | |||||||
Class B | 13 | 255 | 30 | 562 | |||||||||
Class C | 14 | 271 | 43 | 835 | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | 152 | 3,123 | 463 | 9,384 | |||||||||
Class Y | 7 | 136 | 26 | 536 | |||||||||
Advisor Class | –– | –– | –– | * | 7 | ||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 135 | 2,905 | |||||||||
Class B | –– | –– | 4 | 87 | |||||||||
Class C | –– | –– | 10 | 205 | |||||||||
Class E | –– | –– | –– | * | 1 | ||||||||
Class I | –– | –– | 30 | 657 | |||||||||
Class Y | –– | –– | 3 | 55 | |||||||||
Advisor Class | –– | –– | –– | * | 6 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (1,346 | ) | (26,885 | ) | (2,351 | ) | (46,884 | ) | |||||
Class B | (71 | ) | (1,374 | ) | (157 | ) | (2,991 | ) | |||||
Class C | (160 | ) | (3,123 | ) | (261 | ) | (5,039 | ) | |||||
Class E | –– | –– | –– | –– | |||||||||
Class I | (83 | ) | (1,651 | ) | (458 | ) | (9,025 | ) | |||||
Class Y | (23 | ) | (471 | ) | (34 | ) | (709 | ) | |||||
Advisor Class | (32 | ) | (701 | ) | (14 | ) | (271 | ) | |||||
Net decrease | (686 | ) | $ | (13,386 | ) | (481 | ) | $ | (7,534 | ) | |||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Global Bond Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 4,357 | $ | 45,076 | 7,652 | $ | 76,626 | |||||||
Class B | 117 | 1,214 | 199 | 1,996 | |||||||||
Class C | 1,417 | 14,626 | 2,605 | 26,083 | |||||||||
Class I | 524 | 5,440 | 1,066 | 10,673 | |||||||||
Class Y | 710 | 7,293 | 777 | 7,775 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 136 | 1,403 | 159 | 1,598 | |||||||||
Class B | 4 | 43 | 13 | 128 | |||||||||
Class C | 35 | 359 | 40 | 403 | |||||||||
Class I | 13 | 134 | 23 | 226 | |||||||||
Class Y | 18 | 182 | 29 | 287 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (1,751 | ) | (18,095 | ) | (2,611 | ) | (26,185 | ) | |||||
Class B | (46 | ) | (478 | ) | (304 | ) | (3,055 | ) | |||||
Class C | (440 | ) | (4,544 | ) | (760 | ) | (7,636 | ) | |||||
Class I | (224 | ) | (2,307 | ) | (313 | ) | (3,166 | ) | |||||
Class Y | (644 | ) | (6,680 | ) | (343 | ) | (3,436 | ) | |||||
Net increase | 4,226 | $ | 43,666 | 8,232 | $ | 82,317 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy High Income Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 27,931 | $ | 231,630 | 65,702 | $ | 507,400 | |||||||
Class B | 1,536 | 12,770 | 2,587 | 20,074 | |||||||||
Class C | 12,060 | 100,093 | 26,349 | 203,986 | |||||||||
Class E | 75 | 625 | 123 | 972 | |||||||||
Class I | 11,029 | 91,569 | 27,082 | 208,462 | |||||||||
Class Y | 8,266 | 68,569 | 16,318 | 125,174 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 2,834 | 23,504 | 5,619 | 44,818 | |||||||||
Class B | 92 | 766 | 173 | 1,384 | |||||||||
Class C | 780 | 6,468 | 1,430 | 11,456 | |||||||||
Class E | 12 | 99 | 22 | 175 | |||||||||
Class I | 433 | 3,594 | 569 | 4,585 | |||||||||
Class Y | 470 | 3,900 | 938 | 7,509 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (18,053 | ) | (149,325 | ) | (28,422 | ) | (227,057 | ) | |||||
Class B | (493 | ) | (4,098 | ) | (631 | ) | (5,009 | ) | |||||
Class C | (5,503 | ) | (45,492 | ) | (5,980 | ) | (48,108 | ) | |||||
Class E | (23 | ) | (193 | ) | (32 | ) | (262 | ) | |||||
Class I | (6,505 | ) | (53,797 | ) | (5,122 | ) | (41,380 | ) | |||||
Class Y | (5,342 | ) | (44,213 | ) | (10,684 | ) | (82,973 | ) | |||||
Net increase | 29,599 | $ | 246,469 | 96,041 | $ | 731,206 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy International Balanced Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 1,642 | $ | 21,796 | 3,260 | $ | 41,062 | |||||||
Class B | 40 | 533 | 90 | 1,146 | |||||||||
Class C | 79 | 1,047 | 260 | 3,307 | |||||||||
Class E | 9 | 118 | 25 | 323 | |||||||||
Class I | 145 | 1,963 | 721 | 9,104 | |||||||||
Class Y | 24 | 329 | 362 | 4,703 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 22 | 256 | |||||||||
Class B | –– | –– | –– | * | 2 | ||||||||
Class C | –– | –– | 2 | 26 | |||||||||
Class E | –– | –– | –– | * | 2 | ||||||||
Class I | –– | –– | 8 | 91 | |||||||||
Class Y | –– | –– | –– | * | 3 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (1,709 | ) | (22,662 | ) | (3,217 | ) | (40,021 | ) | |||||
Class B | (72 | ) | (942 | ) | (168 | ) | (2,025 | ) | |||||
Class C | (307 | ) | (4,042 | ) | (567 | ) | (6,935 | ) | |||||
Class E | (6 | ) | (73 | ) | (8 | ) | (103 | ) | |||||
Class I | (777 | ) | (10,068 | ) | (1,033 | ) | (12,549 | ) | |||||
Class Y | (41 | ) | (528 | ) | (78 | ) | (953 | ) | |||||
Net decrease | (973 | ) | $ | (12,529 | ) | (321 | ) | $ | (2,561 | ) | |||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy International Core Equity Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 8,607 | $ | 123,800 | 18,511 | $ | 256,235 | |||||||
Class B | 171 | 2,295 | 627 | 7,896 | |||||||||
Class C | 1,481 | 19,440 | 3,583 | 45,934 | |||||||||
Class E | 23 | 330 | 59 | 815 | |||||||||
Class I | 6,508 | 92,532 | 3,516 | 48,872 | |||||||||
Class Y | 1,740 | 24,451 | 7,780 | 106,435 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 159 | 2,319 | |||||||||
Class B | –– | –– | 1 | 17 | |||||||||
Class C | –– | –– | 15 | 196 | |||||||||
Class E | –– | –– | 1 | 14 | |||||||||
Class I | –– | –– | 52 | 753 | |||||||||
Class Y | –– | –– | 66 | 972 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (5,089 | ) | (71,438 | ) | (5,738 | ) | (77,394 | ) | |||||
Class B | (217 | ) | (2,806 | ) | (231 | ) | (2,809 | ) | |||||
Class C | (793 | ) | (10,179 | ) | (737 | ) | (9,156 | ) | |||||
Class E | (7 | ) | (104 | ) | (11 | ) | (151 | ) | |||||
Class I | (1,926 | ) | (27,014 | ) | (710 | ) | (9,820 | ) | |||||
Class Y | (1,798 | ) | (25,039 | ) | (3,091 | ) | (43,629 | ) | |||||
Net increase | 8,700 | $ | 126,268 | 23,852 | $ | 327,499 | |||||||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy International Growth Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 377 | $ | 10,404 | 620 | $ | 16,344 | |||||||
Class B | 12 | 313 | 23 | 548 | |||||||||
Class C | 24 | 619 | 67 | 1,586 | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | 52 | 1,464 | 546 | 14,284 | |||||||||
Class Y | 13 | 373 | 29 | 769 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 30 | 845 | |||||||||
Class B | –– | –– | –– | * | 7 | ||||||||
Class C | –– | –– | 3 | 71 | |||||||||
Class E | –– | –– | –– | * | 1 | ||||||||
Class I | –– | –– | 14 | 383 | |||||||||
Class Y | –– | –– | 1 | 32 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (418 | ) | (11,587 | ) | (700 | ) | (18,278 | ) | |||||
Class B | (29 | ) | (734 | ) | (66 | ) | (1,520 | ) | |||||
Class C | (114 | ) | (2,878 | ) | (223 | ) | (5,270 | ) | |||||
Class E | –– | –– | –– | –– | |||||||||
Class I | (656 | ) | (17,595 | ) | (88 | ) | (2,370 | ) | |||||
Class Y | (18 | ) | (490 | ) | (16 | ) | (425 | ) | |||||
Net increase (decrease) | (757 | ) | $ | (20,111 | ) | 240 | $ | 7,007 | |||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||
Ivy Large Cap Growth Fund | Shares | Value | Shares | Value | |||||||
Shares issued from sale of shares: | |||||||||||
Class A | 5,938 | $ | 67,262 | 13,786 | $ | 143,201 | |||||
Class B | 105 | 1,046 | 333 | 3,149 | |||||||
Class C | 412 | 4,333 | 1,745 | 16,741 | |||||||
Class E | 11 | 129 | 34 | 367 | |||||||
Class I | 4,155 | 48,341 | 17,360 | 173,901 | |||||||
Class R | 351 | 3,906 | 925 | 9,879 | |||||||
Class Y | 1,084 | 12,436 | 4,828 | 51,418 | |||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||
Class A | –– | –– | 141 | 1,575 | |||||||
Class B | –– | –– | –– | –– | |||||||
Class C | –– | –– | –– | –– | |||||||
Class E | –– | –– | –– | * | 4 | ||||||
Class I | –– | –– | 45 | 511 | |||||||
Class R | –– | –– | 1 | 10 | |||||||
Class Y | –– | –– | 42 | 475 | |||||||
Shares redeemed: | |||||||||||
Class A | (6,089 | ) | (69,173 | ) | (13,222 | ) | (140,214 | ) | |||
Class B | (142 | ) | (1,431 | ) | (386 | ) | (3,620 | ) | |||
Class C | (660 | ) | (6,896 | ) | (1,264 | ) | (12,158 | ) | |||
Class E | (3 | ) | (39 | ) | (10 | ) | (112 | ) | |||
Class I | (11,507 | ) | (134,162 | ) | (6,574 | ) | (70,838 | ) | |||
Class R | (202 | ) | (2,254 | ) | (276 | ) | (2,936 | ) | |||
Class Y | (1,219 | ) | (14,120 | ) | (4,435 | ) | (45,345 | ) | |||
Net increase (decrease) | (7,766 | ) | $ | (90,622 | ) | 13,073 | $ | 126,008 | |||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Limited-Term Bond Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 32,077 | $ | 358,193 | 42,141 | $ | 463,701 | |||||||
Class B | 871 | 9,714 | 827 | 9,089 | |||||||||
Class C | 8,911 | 99,412 | 13,521 | 148,677 | |||||||||
Class E | 52 | 577 | 28 | 309 | |||||||||
Class I | 3,570 | 39,910 | 4,648 | 50,926 | |||||||||
Class Y | 3,071 | 34,270 | 7,173 | 78,684 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 670 | 7,492 | 1,086 | 11,958 | |||||||||
Class B | 12 | 139 | 32 | 353 | |||||||||
Class C | 133 | 1,489 | 269 | 2,957 | |||||||||
Class E | 1 | 7 | –– | * | 4 | ||||||||
Class I | 38 | 421 | 42 | 467 | |||||||||
Class Y | 60 | 667 | 114 | 1,261 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (15,476 | ) | (172,811 | ) | (18,604 | ) | (204,295 | ) | |||||
Class B | (370 | ) | (4,129 | ) | (849 | ) | (9,315 | ) | |||||
Class C | (4,697 | ) | (52,401 | ) | (9,100 | ) | (99,835 | ) | |||||
Class E | (4 | ) | (44 | ) | (11 | ) | (123 | ) | |||||
Class I | (1,156 | ) | (12,899 | ) | (1,878 | ) | (20,690 | ) | |||||
Class Y | (1,843 | ) | (20,588 | ) | (5,585 | ) | (61,198 | ) | |||||
Net increase | 25,920 | $ | 289,419 | 33,854 | $ | 372,930 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Managed European/Pacific Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 1,662 | $ | 12,685 | 3,910 | $ | 27,875 | |||||||
Class B | 20 | 155 | 85 | 589 | |||||||||
Class C | 17 | 130 | 119 | 843 | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | 1 | 9 | 3 | 21 | |||||||||
Class Y | 3 | 25 | 97 | 624 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 14 | 108 | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | * | –– | * | |||||||
Class E | –– | –– | –– | * | –– | * | |||||||
Class I | –– | –– | –– | * | –– | * | |||||||
Class Y | –– | –– | –– | * | 2 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (1,594 | ) | (12,029 | ) | (2,273 | ) | (15,908 | ) | |||||
Class B | (24 | ) | (183 | ) | (37 | ) | (254 | ) | |||||
Class C | (61 | ) | (457 | ) | (73 | ) | (526 | ) | |||||
Class E | –– | –– | –– | –– | |||||||||
Class I | –– | –– | (1 | ) | (12 | ) | |||||||
Class Y | (4 | ) | (33 | ) | (90 | ) | (639 | ) | |||||
Net increase | 20 | $ | 302 | 1,754 | $ | 12,723 | |||||||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Managed International Opportunities Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 2,871 | $ | 23,478 | 6,283 | $ | 48,593 | |||||||
Class B | 35 | 284 | 117 | 893 | |||||||||
Class C | 59 | 482 | 182 | 1,409 | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | –– | –– | –– | * | 1 | ||||||||
Class Y | 13 | 107 | 8 | 66 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 72 | 602 | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | * | 1 | ||||||||
Class I | –– | –– | –– | * | 1 | ||||||||
Class Y | –– | –– | –– | * | 2 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (2,534 | ) | (20,456 | ) | (3,338 | ) | (25,591 | ) | |||||
Class B | (80 | ) | (645 | ) | (110 | ) | (823 | ) | |||||
Class C | (82 | ) | (662 | ) | (96 | ) | (726 | ) | |||||
Class E | –– | –– | –– | –– | |||||||||
Class I | –– | * | (1 | ) | –– | –– | |||||||
Class Y | (5 | ) | (41 | ) | (14 | ) | (98 | ) | |||||
Net increase | 277 | $ | 2,546 | 3,104 | $ | 24,330 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Micro Cap Growth Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 1,498 | $ | 23,386 | 1,940 | $ | 26,246 | |||||||
Class B | 21 | 315 | 29 | 379 | |||||||||
Class C | 69 | 1,082 | 92 | 1,236 | |||||||||
Class I | 37 | 585 | 49 | 708 | |||||||||
Class Y | 23 | 366 | 1 | 21 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 38 | 513 | |||||||||
Class B | –– | –– | 1 | 9 | |||||||||
Class C | –– | –– | 2 | 21 | |||||||||
Class I | –– | –– | 1 | 11 | |||||||||
Class Y | –– | –– | –– | * | 4 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (439 | ) | (6,713 | ) | (560 | ) | (7,781 | ) | |||||
Class B | (6 | ) | (93 | ) | (17 | ) | (230 | ) | |||||
Class C | (27 | ) | (399 | ) | (26 | ) | (363 | ) | |||||
Class I | (18 | ) | (267 | ) | (32 | ) | (455 | ) | |||||
Class Y | (1 | ) | (14 | ) | (12 | ) | (168 | ) | |||||
Net increase | 1,157 | $ | 18,248 | 1,506 | $ | 20,151 | |||||||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Mid Cap Growth Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 4,011 | $ | 56,680 | 5,196 | $ | 62,415 | |||||||
Class B | 91 | 1,153 | 140 | 1,548 | |||||||||
Class C | 870 | 11,403 | 823 | 9,532 | |||||||||
Class E | 26 | 369 | 51 | 617 | |||||||||
Class I | 748 | 10,813 | 448 | 5,814 | |||||||||
Class R | 317 | 4,396 | 355 | 4,524 | |||||||||
Class Y | 3,056 | 43,253 | 3,890 | 48,608 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | –– | –– | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | –– | –– | –– | –– | |||||||||
Class R | –– | –– | –– | –– | |||||||||
Class Y | –– | –– | –– | –– | |||||||||
Shares redeemed: | |||||||||||||
Class A | (1,565 | ) | (21,734 | ) | (2,393 | ) | (28,713 | ) | |||||
Class B | (73 | ) | (918 | ) | (169 | ) | (1,800 | ) | |||||
Class C | (164 | ) | (2,115 | ) | (230 | ) | (2,583 | ) | |||||
Class E | (4 | ) | (53 | ) | (4 | ) | (45 | ) | |||||
Class I | (173 | ) | (2,507 | ) | (64 | ) | (842 | ) | |||||
Class R | (58 | ) | (813 | ) | (45 | ) | (573 | ) | |||||
Class Y | (656 | ) | (9,244 | ) | (1,109 | ) | (13,137 | ) | |||||
Net increase | 6,426 | $ | 90,683 | 6,889 | $ | 85,365 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Money Market Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 97,183 | $ | 97,183 | 263,350 | $ | 263,350 | |||||||
Class B | 3,553 | 3,553 | 4,252 | 4,252 | |||||||||
Class C | 27,915 | 27,915 | 37,357 | 37,357 | |||||||||
Class E | 1,067 | 1,067 | 1,686 | 1,686 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 15 | 15 | 1,071 | 1,071 | |||||||||
Class B | 1 | 1 | 20 | 20 | |||||||||
Class C | 4 | 4 | 91 | 91 | |||||||||
Class E | –– | * | –– | * | 21 | 21 | |||||||
Shares redeemed: | |||||||||||||
Class A | (108,583 | ) | (108,583 | ) | (288,167 | ) | (288,167 | ) | |||||
Class B | (3,432 | ) | (3,432 | ) | (14,350 | ) | (14,350 | ) | |||||
Class C | (23,036 | ) | (23,036 | ) | (89,259 | ) | (89,259 | ) | |||||
Class E | (1,132 | ) | (1,132 | ) | (2,651 | ) | (2,651 | ) | |||||
Net decrease | (6,445 | ) | $ | (6,445 | ) | (86,579 | ) | $ | (86,579 | ) | |||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Mortgage Securities Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 1,625 | $ | 13,642 | 3,652 | $ | 29,389 | |||||||
Class B | 18 | 151 | 34 | 275 | |||||||||
Class C | 217 | 1,821 | 178 | 1,438 | |||||||||
Class E | 3 | 25 | 3 | 22 | |||||||||
Class I | 33 | 275 | 77 | 610 | |||||||||
Class Y | 27 | 225 | 59 | 468 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 251 | 2,116 | 709 | 5,670 | |||||||||
Class B | 5 | 42 | 17 | 136 | |||||||||
Class C | 10 | 88 | 32 | 255 | |||||||||
Class E | 1 | 5 | 2 | 14 | |||||||||
Class I | –– | * | 4 | 1 | 10 | ||||||||
Class Y | 3 | 27 | 15 | 120 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (5,656 | ) | (47,852 | ) | (5,793 | ) | (46,080 | ) | |||||
Class B | (62 | ) | (523 | ) | (222 | ) | (1,755 | ) | |||||
Class C | (190 | ) | (1,599 | ) | (562 | ) | (4,466 | ) | |||||
Class E | (3 | ) | (28 | ) | (3 | ) | (28 | ) | |||||
Class I | (6 | ) | (46 | ) | (45 | ) | (362 | ) | |||||
Class Y | (23 | ) | (190 | ) | (365 | ) | (2,926 | ) | |||||
Net decrease | (3,747 | ) | $ | (31,817 | ) | (2,211 | ) | $ | (17,210 | ) | |||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Municipal Bond Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 1,933 | $ | 21,998 | 1,779 | $ | 19,460 | |||||||
Class B | 61 | 695 | 37 | 407 | |||||||||
Class C | 440 | 5,001 | 617 | 6,770 | |||||||||
Class I | 9 | 97 | 36 | 400 | |||||||||
Class Y | 12 | 140 | 39 | 440 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 81 | 924 | 135 | 1,488 | |||||||||
Class B | 1 | 11 | 2 | 20 | |||||||||
Class C | 21 | 240 | 45 | 491 | |||||||||
Class I | –– | * | 3 | –– | * | 7 | |||||||
Class Y | –– | * | 3 | 1 | 8 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (568 | ) | (6,456 | ) | (1,026 | ) | (11,225 | ) | |||||
Class B | (36 | ) | (402 | ) | (38 | ) | (413 | ) | |||||
Class C | (167 | ) | (1,901 | ) | (657 | ) | (7,211 | ) | |||||
Class I | –– | * | –– | * | –– | –– | |||||||
Class Y | (3 | ) | (40 | ) | –– | * | –– | * | |||||
Net increase | 1,784 | $ | 20,313 | 970 | $ | 10,642 | |||||||
*Not shown due to rounding. |
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Municipal High Income Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 20,225 | $ | 100,929 | 5,391 | $ | 25,356 | |||||||
Class B | 523 | 2,593 | 409 | 1,790 | |||||||||
Class C | 9,086 | 45,293 | 1,829 | 8,434 | |||||||||
Class I | 15,424 | 76,917 | 1,699 | 8,112 | |||||||||
Class Y | 375 | 1,876 | 491 | 2,219 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | 164 | 821 | 64 | 303 | |||||||||
Class B | 4 | 19 | 11 | 53 | |||||||||
Class C | 47 | 236 | 26 | 121 | |||||||||
Class I | 105 | 528 | 22 | 104 | |||||||||
Class Y | 5 | 24 | 7 | 32 | |||||||||
Shares redeemed: | |||||||||||||
Class A | (2,409 | ) | (11,951 | ) | (342 | ) | (1,637 | ) | |||||
Class B | (286 | ) | (1,422 | ) | (54 | ) | (257 | ) | |||||
Class C | (424 | ) | (2,102 | ) | (149 | ) | (702 | ) | |||||
Class I | (922 | ) | (4,572 | ) | (1,211 | ) | (5,322 | ) | |||||
Class Y | (229 | ) | (1,137 | ) | (240 | ) | (1,036 | ) | |||||
Net increase | 41,688 | $ | 208,052 | 7,953 | $ | 37,570 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Pacific Opportunities Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 4,971 | $ | 73,044 | 17,506 | $ | 233,164 | |||||||
Class B | 76 | 987 | 504 | 5,836 | |||||||||
Class C | 175 | 2,312 | 1,527 | 18,246 | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | 2,432 | 36,048 | 2,633 | 36,542 | |||||||||
Class Y | 77 | 1,178 | 421 | 5,577 | |||||||||
Advisor Class | –– | –– | –– | –– | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | –– | –– | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | –– | –– | –– | –– | |||||||||
Class Y | –– | –– | –– | –– | |||||||||
Advisor Class | –– | –– | –– | –– | |||||||||
Shares redeemed: | |||||||||||||
Class A | (5,131 | ) | (74,676 | ) | (9,929 | ) | (135,419 | ) | |||||
Class B | (221 | ) | (2,845 | ) | (499 | ) | (5,991 | ) | |||||
Class C | (465 | ) | (6,017 | ) | (835 | ) | (10,330 | ) | |||||
Class E | –– | –– | –– | –– | |||||||||
Class I | (392 | ) | (5,747 | ) | (758 | ) | (10,791 | ) | |||||
Class Y | (146 | ) | (2,176 | ) | (232 | ) | (3,252 | ) | |||||
Advisor Class | (5 | ) | (78 | ) | –– | –– | |||||||
Net increase | 1,371 | $ | 22,030 | 10,338 | $ | 133,582 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Small Cap Growth Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 3,927 | $ | 45,158 | 5,704 | $ | 54,382 | |||||||
Class B | 75 | 766 | 272 | 2,259 | |||||||||
Class C | 882 | 9,306 | 1,638 | 14,520 | |||||||||
Class E | 24 | 278 | 50 | 490 | |||||||||
Class I | 2,488 | 32,684 | 434 | 4,946 | |||||||||
Class R | 342 | 3,940 | 415 | 4,046 | |||||||||
Class Y | 2,211 | 28,582 | 2,552 | 27,445 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | –– | –– | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | –– | –– | –– | –– | |||||||||
Class R | –– | –– | –– | –– | |||||||||
Class Y | –– | –– | –– | –– | |||||||||
Shares redeemed: | |||||||||||||
Class A | (1,988 | ) | (22,670 | ) | (3,403 | ) | (32,667 | ) | |||||
Class B | (133 | ) | (1,361 | ) | (363 | ) | (3,113 | ) | |||||
Class C | (1,336 | ) | (14,052 | ) | (2,580 | ) | (22,772 | ) | |||||
Class E | (5 | ) | (61 | ) | (9 | ) | (89 | ) | |||||
Class I | (412 | ) | (5,266 | ) | (361 | ) | (4,129 | ) | |||||
Class R | (145 | ) | (1,688 | ) | (99 | ) | (999 | ) | |||||
Class Y | (2,299 | ) | (29,568 | ) | (1,778 | ) | (18,346 | ) | |||||
Net increase | 3,631 | $ | 46,048 | 2,472 | $ | 25,973 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Small Cap Value Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 2,445 | $ | 35,766 | 5,773 | $ | 74,204 | |||||||
Class B | 34 | 461 | 190 | 2,416 | |||||||||
Class C | 222 | 3,133 | 469 | 5,715 | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | 27 | 403 | 149 | 2,019 | |||||||||
Class Y | 250 | 3,736 | 1,495 | 18,256 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | –– | –– | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | –– | –– | –– | –– | |||||||||
Class Y | –– | –– | –– | –– | |||||||||
Shares redeemed: | |||||||||||||
Class A | (2,629 | ) | (37,880 | ) | (2,991 | ) | (37,836 | ) | |||||
Class B | (149 | ) | (1,986 | ) | (109 | ) | (1,272 | ) | |||||
Class C | (210 | ) | (2,859 | ) | (177 | ) | (2,088 | ) | |||||
Class E | –– | –– | –– | –– | |||||||||
Class I | (27 | ) | (402 | ) | (96 | ) | (1,332 | ) | |||||
Class Y | (201 | ) | (2,939 | ) | (1,054 | ) | (13,856 | ) | |||||
Net increase (decrease) | (238 | ) | $ | (2,567 | ) | 3,649 | $ | 46,226 | |||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Tax-Managed Equity Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 230 | $ | 2,354 | 281 | $ | 2,779 | |||||||
Class B | 1 | 7 | 58 | 509 | |||||||||
Class C | 5 | 51 | 60 | 534 | |||||||||
Class I | –– | * | 5 | 37 | 329 | ||||||||
Class Y | 5 | 54 | 87 | 800 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | –– | –– | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class I | –– | –– | –– | –– | |||||||||
Class Y | –– | –– | –– | –– | |||||||||
Shares redeemed: | |||||||||||||
Class A | (33 | ) | (332 | ) | (21 | ) | (210 | ) | |||||
Class B | –– | –– | (14 | ) | (133 | ) | |||||||
Class C | (1 | ) | (10 | ) | (14 | ) | (133 | ) | |||||
Class I | –– | * | (6 | ) | –– | * | (1 | ) | |||||
Class Y | –– | –– | (46 | ) | (436 | ) | |||||||
Net increase | 207 | $ | 2,123 | 428 | $ | 4,038 | |||||||
Six months ended 9-30-10 | Fiscal year ended 3-31-10 | ||||||||||||
Ivy Value Fund | Shares | Value | Shares | Value | |||||||||
Shares issued from sale of shares: | |||||||||||||
Class A | 949 | $ | 14,115 | 1,241 | $ | 17,054 | |||||||
Class B | 15 | 211 | 45 | 601 | |||||||||
Class C | 73 | 1,087 | 206 | 2,847 | |||||||||
Class E | –– | –– | –– | –– | |||||||||
Class I | 47 | 707 | 11 | 145 | |||||||||
Class Y | 43 | 638 | 18 | 226 | |||||||||
Shares issued in reinvestment of distributions to shareholders: | |||||||||||||
Class A | –– | –– | 11 | 143 | |||||||||
Class B | –– | –– | –– | –– | |||||||||
Class C | –– | –– | –– | –– | |||||||||
Class E | –– | –– | –– | * | 1 | ||||||||
Class I | –– | –– | –– | * | 1 | ||||||||
Class Y | –– | –– | –– | * | 2 | ||||||||
Shares redeemed: | |||||||||||||
Class A | (536 | ) | (8,040 | ) | (1,045 | ) | (13,932 | ) | |||||
Class B | (22 | ) | (319 | ) | (75 | ) | (956 | ) | |||||
Class C | (39 | ) | (573 | ) | (83 | ) | (1,091 | ) | |||||
Class E | –– | –– | –– | –– | |||||||||
Class I | (11 | ) | (160 | ) | (2 | ) | (24 | ) | |||||
Class Y | (5 | ) | (75 | ) | (9 | ) | (123 | ) | |||||
Net increase | 514 | $ | 7,591 | 318 | $ | 4,894 | |||||||
*Not shown due to rounding. |
7. DERIVATIVE INSTRUMENTS
The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds' financial position and results of operations when presented by primary underlying risk exposure.
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 related to the use of such contracts 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 maximum loss will consist of the aggregate unrealized gain on appreciated contracts.
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.
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. The maximum loss a Fund may incur consists of the aggregate unrealized gain on appreciated contracts.
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.
Collateral. A Fund may mitigate counterparty risk through credit support annexes (CSA) included with an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement which is the standard contract governing most derivative transactions between the Fund and each of its counterparties. The CSA allows the Fund and its counterparty to offset certain derivative financial instruments' payables and/or receivables with collateral, which is generally held by the Fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the CSA. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. See Note 1 "Segregation and Collateralization" for additional information with respect to collateral practices.
Objectives and StrategiesIvy 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 the duration of the Fund, as determined by the Fund's subadvisor.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Interest rate | N/A | $0 | Unrealized depreciation on futures contracts* | $173 | |
*The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of September 30, 2010. |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Interest rate | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | $(188) | $(18) |
During the fiscal period ended September 30, 2010, the Fund's average market value outstanding for short futures contracts and long futures contracts was $4,845 and $9,189, respectively.
Ivy Capital Appreciation Fund. The Fund's objective in using derivatives during the period was to enhance the performance of the Fund by adding premium income from written options. To achieve this objective, the Fund had written primarily deep out of the money calls and puts on individual domestic equity securities.
There were no open derivative instruments as of September 30, 2010.
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Equity | Net realized gain (loss) on written options/Net change in unrealized appreciation (depreciation) on written options | $(51) | $421 |
During the fiscal period ended September 30, 2010, the Fund's average number of written option contracts outstanding was less than 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, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | $293 | Unrealized depreciation on forward foreign currency contracts | $2,755 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $5,832 | $(7,664) |
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for short forward contracts and long forward contracts was $104,991 and $107,092, respectively.
Ivy European Opportunities Fund. The Fund's objective in using derivatives during the period was to manage the exposure to various foreign currencies and to hedge market risk on equity securities. To manage foreign currency exposure, the Fund utilized forward contracts to either increase or decrease exposure to a given currency. To achieve the objective of hedging market risk, the Fund utilized futures on foreign equity indices.
There were no open derivative instruments as of September 30, 2010.
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations | ||||||
Equity | Net realized gain (loss) on investments in futures contracts | $ | 668 | $ | 0 | ||||
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/ Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | 4,396 | (183 | ) | |||||
Total | $ | 5,064 | $ | (183 | ) | ||||
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for short forward contracts and long forward contracts was $29,148 and $29,417, respectively. Additionally, the Fund's average market value outstanding for short futures contracts was $4,507.
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, to gain exposure to a currency where a foreign bond is not available, or to take a fundamental position long or short in a particular currency.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | $46 | Unrealized depreciation on forward foreign currency contracts | $607 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $216 | $(300) |
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for short forward contracts and long forward contracts was $15,418 and $15,130, respectively.
Ivy High Income 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, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign currency | Unrealized appreciation on forward foreign currency contracts | $522 | Unrealized depreciation on forward foreign currency contracts | $169 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $16 | $(163) |
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for short forward contracts and long forward contracts was $8,950 and $9,603, 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.
There were no open derivative instruments as of September 30, 2010.
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $1,721 | $(538) |
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for short forward contracts and long forward contracts was $25,620 and $25,942, respectively.
Ivy International Growth Fund. The Fund's objective in using derivatives during the period was to manage the exposure to various foreign currencies and gain exposure to certain individual securities that are not available for direct purchase. To manage foreign currency exposure, the Fund utilized forward contracts to either increase or decrease exposure to a given currency. To gain exposure to certain individual securities, the Fund utilized total return swaps.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Equity | Unrealized appreciation on swap agreements | $1,161 | N/A | $0 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations | |||||
Equity | Net realized gain (loss) on investments in swap agreements/Net change in unrealized appreciation (depreciation) on swap agreements | $ | 149 | $ | 1,161 | |||
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/ Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | 1,823 | (1,554 | ) | ||||
Total | $ | 1,972 | $ | (393 | ) | |||
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for short forward contracts and long forward contracts was $32,391 and $33,036, respectively. Additionally, the Fund's average number of swap contracts outstanding was 722.
Ivy Mid Cap Growth Fund. The Fund's objectives to using derivatives during the period was to both gain exposure to certain sectors and to hedge certain event risks on positions held by the Fund. To achieve these objectives, the Fund utilized options, both written and purchased, on either an index or on individual or baskets of equity securities.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Equity | N/A | $0 | Written options at market value | $104 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Equity | Net realized gain (loss) on investments in unaffiliated securities and written options/ Net change in unrealized appreciation (depreciation) on written options | $(254) | $188 |
During the fiscal period ended September 30, 2010, the Fund's average number of purchased option contracts and written option contracts outstanding was 1 and 1, 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 the duration of the Fund, as determined by the Fund's subadvisor.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Interest rate | Unrealized appreciation on futures contracts* | $1 | Unrealized depreciation on futures contracts* | $102 | |
*The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of September 30, 2010. |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Interest rate | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | $(492) | $(68) |
During the fiscal period ended September 30, 2010, the Fund's average market value outstanding for short futures contracts was $4,042.
Ivy Pacific Opportunities 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, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Foreign currency | N/A | $0 | Unrealized depreciation on forward foreign currency contracts | $1,467 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Foreign currency | Net realized gain (loss) on forward foreign currency contracts/Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | $(902) | $(3,219) |
During the fiscal period ended September 30, 2010, the Fund's average principal amount outstanding for forward contracts were as follows: short forward contracts - $46,963, long forward contracts - $46,520.
Ivy Small Cap Growth Fund. The Fund's objectives in using derivatives during the period included hedging market risk on equity securities and increasing exposure to various equity markets. To achieve these objectives, the Fund utilized futures on domestic equity indices.
There were no open derivative instruments as of September 30, 2010.
The effect of derivative instruments on the Statement of Operations for fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Equity | Net realized gain (loss) on futures contracts | $(162) | $0 |
During the fiscal period ended September 30, 2010, the Fund's average market value outstanding for long futures contracts was $5,094.
Ivy Small Cap Value Fund. The Fund's objectives in using derivatives during the period included hedging market risk on equity securities, generating additional income from written option premiums, and gaining exposure to or facilitate trading in certain securities. To achieve the objective of hedging market risk, the Fund utilized futures on domestic equity indices. To achieve the objective of generating additional income and gaining exposure to certain securities, the Fund utilized written options on individual equity securities.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Equity | N/A | $0 | Written options at market value | $215 |
The effect of derivative instruments on the Statement of Operations for fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Equity | Net realized gain (loss) on written options and futures contracts/Net change in unrealized appreciation (depreciation) on written options | $(2,991) | $(53) |
During the fiscal period ended September 30, 2010, the Fund's average market value outstanding for short futures contracts was $6,532. Additionally, the Fund's average number of written option contracts outstanding was 3.
Ivy Value Fund. The Fund's objectives in using derivatives during the period included hedging market risk on equity securities, generating additional income from written option premiums, and gaining exposure to, or facilitate trading in, certain securities. To achieve the objective of hedging market risk, the Fund utilized futures on domestic equity indices. To achieve the objective of generating additional income and gaining exposure to certain securities, the Fund utilized options, both written and purchased, on individual equity securities.
Fair values of derivative instruments as of September 30, 2010:
Asset Derivatives | Liability Derivatives | ||||
Type of Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Equity | N/A | $0 | Written options at market value | $144 |
The effect of derivative instruments on the Statement of Operations for the fiscal period ended September 30, 2010:
Type of Risk Exposure | Location of Gain (Loss) on Derivatives Recognized in the Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in the Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statement of Operations |
Equity | Net realized gain (loss) on investments in unaffiliated securities, written options and futures contracts/ Net change in unrealized appreciation (depreciation) on written options | $(238) | $(78) |
During the fiscal period ended September 30, 2010, the Fund's average market value outstanding for short futures contracts was $1,610. Additionally, the Fund's average number of purchased option contracts and written option contracts outstanding was 1 and 1, respectively.
8. COMMITMENTIn 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, 2010, Ivy Pacific Opportunities Fund had made a total contribution of $3,304. No public market currently exists for the shares of VAF nor are the shares listed on any securities exchange. VAF intends to become listed within one year after the final commitment has been drawn down. VAF's investment strategy is to make minority investments in future blue-chip Vietnamese companies that are already listed or intend to be listed in the next 24 months.
9. AFFILIATED COMPANY TRANSACTIONSA summary of the transactions in affiliated companies during the fiscal period ended September 30, 2010 follows:
3-31-10 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/(Loss)(2) | Distributions Received | 9-30-10 Share Balance | 9-30-10 Market Value | |||||||||||||||||
Ivy Managed European/Pacific Fund | |||||||||||||||||||||||
Ivy European Opportunities Fund, Class I | 745 | $ | 698 | $ | 1,254 | $ | (544 | ) | $ | –– | 743 | $ | 16,435 | ||||||||||
Ivy Pacific Opportunities Fund, Class I(1) | 4,196 | 2,792 | 4,194 | (1,356 | ) | –– | 4,186 | 67,978 | |||||||||||||||
$ | ��– | $ | 84,413 | ||||||||||||||||||||
3-31-10 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/(Loss)(2) | Distributions Received | 9-30-10 Share Balance | 9-30-10 Market Value | |||||||||||||||||
Ivy Managed International Opportunities Fund | |||||||||||||||||||||||
Ivy European Opportunities Fund, Class I | 739 | $ | 1,375 | $ | 1,057 | $ | (563 | ) | $ | –– | 782 | $ | 17,306 | ||||||||||
Ivy International Balanced Fund, Class I(1) | 2,920 | 1,636 | 11,495 | (2,646 | ) | –– | 2,355 | 34,172 | |||||||||||||||
Ivy International Core Equity Fund, Class I | 2,734 | 1,636 | 11,826 | (3,286 | ) | –– | 2,222 | 34,378 | |||||||||||||||
Ivy International Growth Fund, Class I | 1,116 | 1,166 | 21,343 | (5,390 | ) | –– | 564 | 17,119 | |||||||||||||||
Ivy Pacific Opportunities Fund, Class I(1) | 2,079 | 31,488 | 1,996 | (614 | ) | –– | 4,116 | 66,851 | |||||||||||||||
$ | –– | $ | 169,826 | ||||||||||||||||||||
3-31-10 Share Balance | Purchases at Cost | Sales at Cost | Realized Gain/(Loss) | Distributions Received | 9-30-10 Share Balance | 9-30-10 Market Value | |||||||||||||||||
Ivy Pacific Opportunities Fund | |||||||||||||||||||||||
Vietnam Azalea Fund Limited(1) | 500 | $ | –– | $ | –– | $ | –– | $ | –– | 500 | $2,170 | ||||||||||||
(1)No dividends were paid during the preceding 12 months. | |||||||||||||||||||||||
(2)Included in Realized Gain/Loss, if applicable, are distributions from capital gains from the underlying securities. |
For Ivy Capital Appreciation Fund, transactions in written call options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | 1 | $ | 73 | |||||||
Options written | –– | –– | ||||||||
Options terminated in closing purchase transactions | –– | * | (17 | ) | ||||||
Options exercised | (1 | ) | (35 | ) | ||||||
Options expired | –– | * | (21 | ) | ||||||
Outstanding at September 30, 2010 | –– | $ | –– | |||||||
For Ivy Capital Appreciation Fund, transactions in written put options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | –– | * | $ | 23 | ||||||
Options written | –– | –– | ||||||||
Options terminated in closing purchase transactions | –– | * | (23 | ) | ||||||
Options exercised | –– | –– | ||||||||
Options expired | –– | –– | ||||||||
Outstanding at September 30, 2010 | –– | $ | –– | |||||||
For Ivy Mid Cap Growth Fund, transactions in written call options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | 1 | $ | 52 | |||||||
Options written | 3 | 215 | ||||||||
Options terminated in closing purchase transactions | (2 | ) | (114 | ) | ||||||
Options exercised | –– | –– | ||||||||
Options expired | –– | –– | ||||||||
Outstanding at September 30, 2010 | 2 | $ | 153 | |||||||
*Not shown due to rounding. |
For Ivy Mid Cap Growth Fund, transactions in written put options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | –– | $ | –– | |||||||
Options written | 6 | 212 | ||||||||
Options terminated in closing purchase transactions | (6 | ) | (212 | ) | ||||||
Options exercised | –– | –– | ||||||||
Options expired | –– | –– | ||||||||
Outstanding at September 30, 2010 | –– | $ | –– | |||||||
For Ivy Small Cap Value Fund, transactions in written call options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | –– | $ | –– | |||||||
Options written | 9 | 362 | ||||||||
Options terminated in closing purchase transactions | (3 | ) | (100 | ) | ||||||
Options exercised | (1 | ) | (36 | ) | ||||||
Options expired | (2 | ) | (96 | ) | ||||||
Outstanding at September 30, 2010 | 3 | $ | 130 | |||||||
For Ivy Small Cap Value Fund, transactions in written put options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | –– | $ | –– | |||||||
Options written | 5 | 283 | ||||||||
Options terminated in closing purchase transactions | –– | �� | –– | |||||||
Options exercised | (3 | ) | (190 | ) | ||||||
Options expired | (1 | ) | (60 | ) | ||||||
Outstanding at September 30, 2010 | 1 | $ | 33 | |||||||
For Ivy Value Fund, transactions in written call options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | 1 | $ | 51 | |||||||
Options written | 1 | 98 | ||||||||
Options terminated in closing purchase transactions | –– | * | (11 | ) | ||||||
Options exercised | –– | –– | ||||||||
Options expired | (1 | ) | (57 | ) | ||||||
Outstanding at September 30, 2010 | 1 | $ | 81 | |||||||
For Ivy Value Fund, transactions in written put options were as follows: | ||||||||||
Number of Contracts | Premium Received | |||||||||
Outstanding at March 31, 2010 | 1 | $ | 67 | |||||||
Options written | 2 | 122 | ||||||||
Options terminated in closing purchase transactions | (1 | ) | (76 | ) | ||||||
Options exercised | –– | * | (12 | ) | ||||||
Options expired | (1 | ) | (75 | ) | ||||||
Outstanding at September 30, 2010 | 1 | $ | 26 | |||||||
*Not shown due to rounding. |
11. PENDING REORGANIZATION
A special meeting of shareholders of Ivy Mortgage Securities Fund is scheduled to be held on November 23, 2010. The proposal that will be considered and acted upon at the meeting is whether to approve an Agreement and Plan of Reorganization providing for the transfer of all of the assets of Ivy Mortgage Securities Fund to, and the assumption of all of the liabilities of the Ivy Mortgage Securities Fund by, Ivy Bond Fund in exchange for shares of the Ivy Bond Fund. Shareholders of record of Ivy Mortgage Securities Fund as of the close of business on August 30, 2010 are entitled to vote at the meeting.
At a meeting of the Board of Trustees of Ivy Funds (the "Trust") held on August 24 and 25, 2010, 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 Investment Management Agreement between Ivy Investment Management Company ("IICO") and the Trust and the continuance of the Investment Subadvisory Agreements between IICO and:
- Advantus Capital Management, Inc. (with respect to Ivy Bond Fund, Ivy Mortgage Securities Fund and Ivy Real Estate Securities Fund)
- Mackenzie Financial Corporation (with respect to Ivy Global Natural Resources Fund and Ivy Cundill Global Value Fund)
- Wall Street Associates (with respect to Ivy Micro Cap Growth Fund)
(each such subadviser referred to herein as a "Subadviser").
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 each series of the Trust (each a "Fund," and together, 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 B oard 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 24th and 25th 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 Boar d'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 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 the 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, administrative and fund accounting 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 the Funds' asset sizes and fee structures did not warrant the restructuring or reevaluation of the fee breakpoints for the Funds at the current time.
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. The Board focused particularly on, among other Funds, the Ivy Asset Strategy Fund, Ivy Bond Fund, Ivy Capital Appreciation Fund, Ivy Cundill Global Value Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy Global Natural Resources Fund and Ivy Large Cap Growth Fund. In addition, the Board considered that IICO relatively recently had assumed the day-to-day 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 quartile 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 focus Funds identified by the independent fee consultant 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, noting that, as the Funds' assets have increased over time, the expense ratios of the Funds generally have fallen. After completing this examination, the Board concluded that each Fund's expenses are appropriate at the current time.
Independent Fee Consultant ReviewDuring August of 2010, and as part of their regularly scheduled meetings, the Disinterested Trustees of Ivy Funds (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 ("WRSCO"), 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 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 Funds. The independent fee consultant's revi ew addressed the following fee-related factors:
- The nature, extent and quality of IICO's services to the Ivy Funds, including performance
- Management fees (including any components thereof) charged by other mutual fund companies for like services
- Management fees (including any components thereof) charged to institutional and other clients of IICO for like services
- Costs to IICO and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit
- Profit margins of IICO and its affiliates from supplying such services
- Possible economies of scale as an Ivy Fund grows larger
The following summarizes the findings of the independent fee consultant retained by the Disinterested Trustees.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, 2010, when compared to their respective peer groups established by Lipper, Inc. ("Lipper"), approximately 54% of the Ivy Funds were in the top quintile of performance and 62% of the Ivy Funds were in the top two quintiles of performance. For the one-, and five-year periods ended March 31, 2010, the report stated that 33% and 64% of the Ivy Funds were in the top two quintiles of performance, respectively. 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 infrastruc ture.
The report stated that for the 12 months ended March 31, 2010, the asset-weighted average expense ratios of the Ivy Funds were 2% below the mean expense ratios of comparable Lipper Expense Group peers and 16% below asset-weighted average expense ratios of funds in the Lipper Expense Universe. The management fees for the Ivy Funds on average were approximately 9% below the mean management fees for their Lipper Expense Groups and approximately 17% below the mean for their Lipper Expense Universe. The independent fee consultant noted that the Ivy Funds' small average account size introduces certain biases in the Lipper analyses that works 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 also stated that the management fees IICO charges to the Ivy Funds 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, based on industry data, the average spread between management fees charged to the Ivy Funds and those it charges to institutional accounts is below the average fee spreads observed at other investment advisers in industry surveys.
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 similarly-sized, publicly traded mutual fund managers, but appears sufficient to enable IICO to continue to provide quality support to the Ivy Funds and their shareholders.
The independent fee consultant undertook an economy of pricing analysis that showed that Ivy Funds incur lower fees and expenses with increasing fund AUM which the independent fee consultant believes should benefit Ivy Fund investors as the Ivy Funds mature.
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 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 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, 2010.
The 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, 2010 are reasonable and provide adequate justification for renewal of the Ivy Funds' existing advisory agreements.
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.
Portfolio holdings can be found on the Trust's website at www.ivyfunds.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found on the Trust's Form N-Q. These holdings may be viewed 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.
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.
Global/International FundsIvy 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
Specialty FundsIvy 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
Fixed Income FundsIvy Asset Strategy Fund
Ivy Asset Strategy New Opportunities Fund
Ivy Balanced Fund
Ivy Energy Fund
Ivy Global Natural Resources Fund
Ivy Real Estate Securities Fund
Ivy Science and Technology Fund
1.800.777.6472Ivy 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
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, or summary prospectus, carefully before investing.
SEMIAN-IVYFUNDS (9-10)
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 6, 2010
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 6, 2010
By | /s/Joseph W. Kauten |
Joseph W. Kauten, Vice President and Principal Financial Officer |
Date: December 6, 2010