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Fund Detail

Ivy International Core Equity Fund
Class E Shares

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Fund Facts 
Ticker Symbol
IICEX
CUSIP
465899607
Fund Code
413
Fund Type
Global/International
Fund Inception
05/13/1997
Class Inception
04/02/2007
Fiscal Year End
March
Dividends Paid
Annually
Net Assets (as of 06/30/2010)
$675.6 mil
Total Holdings (as of 06/30/2010)
70
Turnover Rate (as of 03/31/2010)
94%
Lipper Category
International Lg. - Cap Core
Morningstar Category
Foreign Large Value
Benchmark
MSCI EAFE

Daily Prices4

Updated 9/8/2010
Net Asset Value (NAV) $14.57
NAV Change ($) $0.08
NAV Change (%) 0.55%
Weekly NAV Change ($) -$0.14
Weekly NAV Change (%) -0.95%
Public Offering Price (POP) $15.46

   Historical Prices & Distributions

   
   

Fund Description
Fund Objective 
To provide long-term capital growth. Consideration of current income is secondary to this principal objective.
 
Investment Approach 
We primarily use a disciplined approach while looking for investment opportunities around the world, preferring cash-generating, well-managed and reasonably valued companies that are exposed to themes which should yield above average growth.
 
  Morningstar Style Box5

Returns and Expenses1, 2, 3
Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

  Monthly Rates of Return

  Average Annual Total Returns
  as of 8/31/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 2.16% -5.10% N/A N/A -2.91%
Fund with maximum 5.75% sales charge -3.72% -6.96% N/A N/A -4.58%

  Quarterly Rates of Return

  Average Annual Total Returns
  as of 6/30/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 7.96% -7.95% N/A N/A -5.13%
Fund with maximum 5.75% sales charge 1.75% -9.75% N/A N/A -6.85%
MSCI EAFE 5.92% -13.38% 0.88% 0.16% -10.74%
Lipper International Lg. - Cap Core 5.47% -13.75% 0.56% -0.74% -10.96%

Expense Ratios 
as of 07/31/2010
Net  1.53%
Gross  2.53%

Growth of a $10,000 Investment
through 06/30/2010

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

1. Class E shares are subject to an initial sales charge of 5.75 percent when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment.

2. MSCI EAFE is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in an index.

3. Consider All Factors. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These and other risks are more fully described in the fund's prospectus.

Ratings & Rankings
Lipper Rankings
as of 06/30/2010
Category: International Lg. - Cap Core
  Rank Percentile
1 Year 77/392 20
3 Year 4/315 2

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 06/30/2010
Category: Foreign Large Value
Overall   (out of 655 Foreign Large Value)
3 Year   (out of 655 Foreign Large Value)

Rankings are based on risk-adjusted returns.

Holdings
Portfolio Composition6
(as a % of net assets as of 06/30/2010)
Foreign Stock 94.0%
Cash 5.0%
Common Stock 1.0%
Sector Allocation6
(as a % of equity holdings as of 06/30/2010)
Financials 17.7%
Consumer Discretionary 17.2%
Telecommunication Services 11.5%
Industrials 10.9%
Energy 10.3%
Materials 8.8%
Consumer Staples 8.1%
Information Technology 7.9%
Healthcare 6.0%
Utilities 1.5%
Country Allocation6
(as a % of equity holdings as of 06/30/2010)
U.K. 17.8%
Japan 14.7%
France 13.7%
Australia 12.8%
Germany 5.6%
Switzerland 4.9%
Top 10 Equity Holdings6
(as a % of net assets as of 06/30/2010)
TOTAL S.A. 4.0%
Vodafone Group plc 2.4%
Foster's Group Limited 2.3%
Unilever plc 2.3%
Royal Dutch Shell plc, Class A 2.1%
Sanofi-Aventis 2.1%
Cheung Kong (Holdings) Limited 2.1%
Telstra Corporation Limited 2.0%
Taiwan Semiconductor Manufacturing Company Ltd., ADR 1.9%
Barclays plc 1.9%
Total Portfolio Holdings
(updated quarterly, upon availability)
 
View | Download (as of 06/30/2010)
Quality Breakdown
(as of 06/30/2010)
Gov't 0.0%
AAA 0.0%
AA 0.0%
A 0.0%
BBB 0.0%
BB 0.0%
B 0.0%
Below B 0.0%
Non-Rated 0.0%
Effective Duration years

Portfolio Management7
Manager Name Company Name Years in Industry Years with Fund
 John C. Maxwell, CFA  Ivy Investment Management Company  17  4

4. Per share values based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. Ivy Funds Class A and Class Y shares are subject to distribution and service fees of up to 0.25% of the average daily net assets, annually, pursuant to SEC Rule 12b-1, while Class B and Class C shares are subject to distribution and service fees of up to 1.00% of the average daily net assets, annually, pursuant to SEC Rule 12b-1. Class Y shares may be purchased only by certain institutional investors set forth in each fund's prospectus.

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

6. Information is subject to change and is not intended to represent any past or future investment recommendations. Quality ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings obtained from Moody's.

7. Effective January 2009, John Maxwell is primarily responsible for the day-to-day management of Ivy International Core Equity Fund.