N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-1028

Ivy Funds

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(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

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(Address of principal executive offices) (Zip code)

Kristen A. Richards

6300 Lamar Avenue

Overland Park, Kansas 66202

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(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: June 30, 2007

ITEM 1. SCHEDULE OF INVESTMENTS.

The Investments of Ivy Balanced Fund
June 30, 2007
COMMON STOCKS	Shares			Value
Air Transportation - 0.85%
Southwest Airlines Co.		55,300	$	824,523
Aircraft - 1.65%
Boeing Company (The)		16,600		1,596,256
Banks - 2.34%
Bank of America Corporation		16,600		811,574
Northern Trust Corporation		22,600		1,451,146
				2,262,720
Beverages - 4.37%
Anheuser-Busch Companies, Inc.		15,000		782,400
Brown-Forman Corporation, Class B		12,400		906,192
Coca-Cola Company (The)		18,700		978,197
PepsiCo, Inc.		24,000		1,556,400
				4,223,189
Business Equipment and Services - 1.06%
Pitney Bowes Inc.		21,800		1,020,676
Chemicals -- Petroleum and Inorganic -1.24%
E.I. du Pont de Nemours and Company		23,600		1,199,824
Chemicals -- Specialty - 1.24%
Air Products and Chemicals, Inc.		14,900		1,197,513
Communications Equipment - 4.93%
Cisco Systems, Inc.*		69,800		1,942,185
Nokia Corporation, Series A, ADR		56,200		1,579,782
QUALCOMM Incorporated		28,600		1,240,525
				4,762,492
Computers -- Micro - 2.20%
Apple Inc.*		17,400		2,123,844
Computers -- Peripherals - 1.21%
Microsoft Corporation		39,758		1,171,271
Defense - 2.45%
General Dynamics Corporation		30,200		2,362,244
Electrical Equipment - 1.09%
Emerson Electric Co.		22,400		1,048,320
Electronic Components - 2.75%
Microchip Technology Incorporated		34,700		1,285,982
Texas Instruments Incorporated		36,500		1,373,495
				2,659,477
Food and Related - 1.21%
Wm. Wrigley Jr. Company		21,100		1,167,041
Health Care -- Drugs - 4.93%
Allergan, Inc.		22,200		1,279,608
Genentech, Inc.*		13,700		1,036,542
Gilead Sciences, Inc.*		31,800		1,233,681
Pfizer Inc.		47,200		1,206,904
				4,756,735
Health Care -- General - 4.02%
DENTSPLY International Inc.		35,000		1,338,575
Johnson & Johnson		26,200		1,614,444
Zimmer Holdings, Inc.*		10,900		925,301
				3,878,320
Hospital Supply and Management - 1.17%
Medtronic, Inc.		21,800		1,130,548
Hotels and Gaming - 0.93%
Las Vegas Sands, Inc.*		11,800		901,402
Household -- General Products - 1.77%
Colgate-Palmolive Company		26,300		1,705,555
Insurance -- Life - 1.22%
Aflac Incorporated		23,000		1,182,200
Insurance -- Property and Casualty - 1.12%
Berkshire Hathaway Inc., Class B*		300		1,081,500
Leisure Time Industry - 1.03%
Time Warner Inc.		47,100		990,984
Motion Pictures - 1.39%
News Corporation Limited, Class A		63,400		1,344,714
Multiple Industry - 3.24%
Altria Group, Inc.		9,800		687,372
General Electric Company		63,680		2,437,670
				3,125,042
Non-Residential Construction - 1.86%
Fluor Corporation		16,100		1,793,057
Petroleum -- Domestic - 1.42%
BP p.l.c., ADR		19,000		1,370,660
Petroleum -- International - 3.99%
Chevron Corporation		13,500		1,137,240
Exxon Mobil Corporation		32,400		2,717,712
				3,854,952
Petroleum -- Services - 2.08%
Schlumberger Limited		23,700		2,013,078
Publishing - 1.11%
Meredith Corporation		17,400		1,071,840
Retail -- General Merchandise - 2.08%
Target Corporation		15,000		954,000
Wal-Mart Stores, Inc.		21,900		1,053,609
				2,007,609
Retail -- Specialty Stores - 0.71%
Best Buy Co., Inc.		14,800		690,716
Security and Commodity Brokers - 4.92%
American Express Company		17,800		1,089,004
Chicago Mercantile Exchange Holdings Inc.		1,500		801,540
J.P. Morgan Chase & Co.		26,800		1,298,460
UBS AG		26,000		1,560,260
				4,749,264
Timesharing and Software - 1.07%
Paychex, Inc.		26,400		1,032,900
Trucking and Shipping - 0.69%
Expeditors International of Washington, Inc.		16,100		665,091
Utilities -- Electric - 1.48%
Exelon Corporation		19,700		1,430,220
Utilities -- Telephone - 1.64%
AT&T Inc.		38,100		1,581,150
TOTAL COMMON STOCKS - 72.46%			$	69,976,927
(Cost: $50,435,387)

CORPORATE DEBT SECURITIES		Principal Amount in Thousands
Banks - 0.27%
Wells Fargo Bank, N.A.,
7.55%, 6-21-10		$	250		264,558
Beverages - 0.36%
Diageo Capital plc,
3.5%, 11-19-07			350		347,359
Finance Companies - 2.37%
American International Group,
3.85%, 11-26-07 (A)			500		497,043
Banco Hipotecario Nacional:
7.916%, 7-25-09 (A)			6		65
8.0%, 3-31-11 (A)			199		49,869
First Union-Lehman Brothers-Bank of America Commercial       Mortgage Trust,
6.56%, 11-18-35			352		353,693
General Motors Acceptance Corporation,
6.125%, 8-28-07			300		300,204
Prudential Insurance Company of America,
6.6%, 5-15-08 (A)			750		756,386
Unilever Capital Corporation,
5.9%, 11-15-32			350		330,961
					2,288,221
Food and Related - 1.21%
Archer-Daniels-Midland Company,
7.0%, 2-1-31			700		756,992
Cargill, Inc.,
6.375%, 6-1-12 (B)			400		412,076
					1,169,068
Insurance -- Life - 0.49%
StanCorp Financial Group, Inc.,
6.875%, 10-1-12			450		468,923
TOTAL CORPORATE DEBT SECURITIES - 4.70%				$	4,538,129
(Cost: $4,548,405)
OTHER GOVERNMENT SECURITIES - 0.58%
Canada
Hydro-Quebec,
8.0%, 2-1-13			500	$	558,249
(Cost: $567,035)
UNITED STATES GOVERNMENT AND GOVERNMENT       AGENCY OBLIGATIONS
Mortgage-Backed Obligations - 4.74%
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.23%, 1-1-08			416		414,702
6.0%, 9-1-17			372		374,868
5.0%, 1-1-18			421		408,675
5.5%, 4-1-18			321		317,280
6.5%, 10-1-28			143		146,441
6.5%, 2-1-29			30		30,774
7.0%, 5-1-31			29		30,308
7.5%, 5-1-31			50		52,602
7.0%, 7-1-31			43		44,494
7.0%, 9-1-31			61		63,919
7.0%, 9-1-31			47		48,739
7.0%, 11-1-31			148		154,348
6.5%, 2-1-32			161		164,860
7.0%, 2-1-32			167		174,724
7.0%, 2-1-32			92		96,045
6.5%, 3-1-32			49		49,559
7.0%, 3-1-32			99		103,028
7.0%, 6-1-32			32		33,370
7.0%, 7-1-32			185		191,348
6.5%, 8-1-32			79		80,403
6.0%, 9-1-32			614		610,772
6.5%, 9-1-32			147		150,814
5.5%, 5-1-33			298		288,705
5.5%, 5-1-33			174		168,236
5.5%, 5-1-33			116		112,104
5.5%, 6-1-33			278		269,846
					4,580,964
Treasury Obligations - 10.18%
United States Treasury Bond,
7.5%, 11-15-16			500		589,649
United States Treasury Notes:
3.0%, 2-15-08			900		888,820
4.0%, 3-15-10			800		782,187
4.25%, 10-15-10	2,000				1,961,562
3.875%, 2-15-13	1,250				1,187,207
3.625%, 5-15-13			750		701,192
4.25%, 8-15-13			900		868,992
4.25%, 8-15-15	3,000				2,846,484
					9,826,093
TOTAL UNITED STATES GOVERNMENT AND       GOVERNMENT AGENCY OBLIGATIONS - 14.92%				$	14,407,057
(Cost: $14,806,604)
SHORT-TERM SECURITIES
Insurance -- Life - 3.62%
American General Finance Corporation,
5.27%, 7-2-07	3,500				3,499,488
Utilities -- Telephone - 3.72%
Verizon Communications Inc.,
5.37%, 7-2-07	3,589				3,588,464
TOTAL SHORT-TERM SECURITIES - 7.34%				$	7,087,952
(Cost: $7,087,952)
TOTAL INVESTMENT SECURITIES -100.00%				$	96,568,314
(Cost: $77,445,383)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(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 June 30, 2007 the total value of these securities amounted to $1,303,363 or 1.35% of total investments.

(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 June 30, 2007 the total value of these securities amounted to 0.43% of total investments.

The Investments of Ivy Bond Fund
June 30, 2007
PREFERRED STOCKS	Shares			Value
Real Estate Investment Trust
PS Business Parks, Inc., 7.0% Cumulative		10,500	$	255,675
Public Storage, Inc., 6.25% Cumulative		10,500		244,230
TOTAL PREFERRED STOCKS - 0.63%			$	499,905
(Cost: $520,050)

CORPORATE DEBT SECURITIES	Principal Amount in Thousands
Aluminum - 0.24%
Steelcase Inc.,
6.5%, 8-15-11	$	185		187,105
Asset-Backed Securities - 3.90%
ABFS Mortgage Loan Trust 2002-4,
7.423%, 12-15-33 (A)		120		120,210
Associates Manufactured Housing Contract       Pass-Through Certificates,
7.725%, 6-15-28		143		144,174
C-Bass 2006-CB2 Trust,
5.86%, 12-25-36		530		525,160
C-Bass 2006-MH1 Trust:
6.24%, 10-25-36 (A)(B)		105		102,745
6.25%, 10-25-36 (A)(B)		170		167,300
Centex Home Equity Loan Trust 2005-C,
5.048%, 6-25-35 (A)		370		366,522
Citibank Credit Card Issuance Trust, Class 2005-C1,
5.5%, 3-24-17		200		193,140
CountryPlace Manufactured Housing Contract Trust 2005-1,
5.2%, 12-15-35 (A)(C)		300		280,526
Green Tree Financial Corporation:
6.4%, 10-15-18		70		70,278
7.35%, 5-15-27		38		39,358
Home Equity Loan Trust 2003-HS2,
5.09%, 7-25-33 (A)		43		41,716
National Collegiate Trust 1997-S2 (The),
7.24%, 9-20-14		188		178,972
Origen Manufactured Housing Contract Trust 2004-A,
5.7%, 1-15-35		100		97,031
Origen Manufactured Housing Contract Trust:
2004-B,
5.73%, 11-15-35		50		47,640
2005-A:
4.49%, 5-15-18		197		194,761
5.86%, 6-15-36 (A)		120		114,180
2005-B,
5.605%, 5-15-22		80		77,513
Vanderbilt Mortgage and Finance, Inc.,
6.37%, 3-7-28 (A)		147		146,556
WFS Financial 2005-2 Owner Trust,
4.39%, 11-19-12		175		173,516
				3,081,298
Banks - 0.29%
Wells Fargo Mortgage Backed Securities 2003-9 Trust,
5.25%, 8-25-33 (B)		273		227,336
Broadcasting - 0.60%
Cox Communications, Inc.,
7.125%, 10-1-12		450		475,413
Business Equipment and Services - 1.22%
AMVESCAP PLC,
5.625%, 4-17-12		320		317,463
HSBC Finance Corporation,
5.7%, 6-1-11		400		401,106
International Lease Finance Corporation,
5.625%, 9-20-13		250		249,442
				968,011
Chemicals -- Specialty - 0.62%
Valspar Corporation (The),
6.05%, 5-1-17		500		490,513
Collateralized Mortgage Obligations - 7.99%
Banc of America Alternative Loan Trust:
2005-10:
5.66855%, 11-25-35 (A)		282		267,914
5.66855%, 11-25-35 (A)		136		126,882
2005-12:
5.80779%, 1-25-36 (A)		301		289,969
5.80779%, 1-25-36 (A)		219		196,427
2006-4,
6.22513%, 5-25-36 (A)		324		315,335
2006-8,
6.25105%, 11-25-46 (A)		144		120,695
Banc of America Commercial Mortgage Inc., Commercial       Mortgage Pass-Through Certificates:
Series 2001-1,
6.125%, 4-15-36 (B)		380		377,506
Series 2002-2,
6.2%, 7-11-43 (B)		275		276,968
Banc of America Commercial Mortgage Trust 2007-1,
5.451%, 1-15-49		500		483,647
Banc of America Mortgage 2007-1 Trust:
6.0%, 3-25-37		245		238,445
6.0%, 3-25-37		169		161,894
Banc of America Mortgage Trust 2004-7,
5.75%, 8-25-34		94		92,243
Banco Hipotecario Nacional,
7.916%, 7-25-09 (C)		7		74
BlackRock Capital Finance,
7.75%, 9-25-26 (B)		112		111,919
Chase Mortgage Finance Trust, Series 2003-S11,
5.5%, 10-25-33		118		112,318
Credit Suisse First Boston Mortgage Securities Corp.,
6.0%, 11-25-18		47		47,034
Global Mortgage Securitization 2005-A Ltd. and Global       Mortgage Securitization 2005-A LLC:
5.25%, 4-25-32		194		181,512
5.39543%, 4-25-32 (A)		286		257,772
Global Mortgage Securitization Ltd. and Global Mortgage       Securitization, LLC:
5.25%, 11-25-32 (C)		255		245,630
5.25%, 11-25-32 (C)		298		285,955
J.P. Morgan Mortgage Trust 2005-S2,
5.66917%, 9-25-35 (A)		512		487,771
J.P. Morgan Mortgage Trust 2006-S3,
6.5%, 8-25-36		395		390,422
Lehman XS Trust, Series 2005-8,
5.69%, 12-25-35		585		573,750
MASTR Asset Securitization Trust 2003-10,
5.5%, 11-25-33		183		174,776
Mellon Residential Funding,
6.75%, 6-26-28		58		57,996
RALI Series 2003-QS10 Trust,
5.75%, 5-25-33		244		237,718
Structured Asset Securities Corporation,
5.63%, 5-25-34 (A)		208		204,932
				6,317,504
Computers -- Peripherals - 0.61%
Intuit Inc.,
5.75%, 3-15-17		500		481,269
Conduit - 14.59%
Bear Stearns Commercial Mortgage Securities Inc.,       Series 1999-WF2:
6.0%, 7-15-31 (B)		100		99,945
6.0%, 7-15-31 (B)		500		497,081
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4,
5.468%, 6-11-41 (A)		1,500		1,474,139
Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6,
6.0%, 10-15-36 (B)		320		309,796
Bear Stearns Mortgage Funding Trust 2006-SL6,
5.92%, 1-25-37 (A)		265		223,640
CD 2006-CD2 Mortgage Trust,
5.80516%, 1-15-46 (A)(B)		710		696,993
CD 2007-CD4 Commercial Mortgage Trust,
5.883%, 12-11-49 (B)		480		440,400
CHL Mortgage Pass-Through Trust 2004-J4,
5.25%, 5-25-34		692		625,464
COMM 2006-CNL2:
5.57%, 2-5-19 (A)(B)		95		92,009
5.57%, 2-5-19 (A)(B)		225		218,778
Commercial Mortgage Asset Trust,
6.0%, 11-17-32		225		223,687
DLJ Commercial Mortgage Corp. 1998-CG1,
7.36358%, 6-10-31 (A)(B)		350		372,366
First Horizon Mortgage Pass-Through Trust 2003-8,
5.12469%, 10-25-33 (A)		96		78,872
GE Capital Commercial Mortgage Corp. 2002-2,
6.039%, 8-11-36 (B)		565		564,951
GE Commercial Mortgage Corporation, Series 2007-C1 Trust,
5.543%, 12-10-49 (A)		700		681,702
GS Mortgage Securities Corporation II, Commercial Mortgage       Pass-Through Certificates, Series 2001-LI B,
6.733%, 2-14-16 (B)		225		231,981
Hilton Hotel Pool Trust:
5.82%, 10-3-15 (A)(B)		790		797,160
7.653%, 10-3-15 (B)		430		446,556
Hometown Commercial Capital, LLC Hometown Commercial       Mortgage Pass-Through Notes 2006-1,
5.506%, 11-11-38 (C)		526		516,768
Hometown Commercial Trust 2007-1, Commercial       Mortgage-Baked Notes, Series 2007-1,
6.057%, 4-11-17 (C)		480		477,075
Multi Security Asset Trust LP, Commercial Mortgage-Backed       Securities Pass-Through Certificates, Series 2005-RR4:
5.88%, 11-28-35 (A)(C)		105		103,097
5.88%, 11-28-35 (A)(C)		155		143,448
1.09474%, 11-28-35 (Interest Only) (A)(C)		5,993		134,844
Nomura Asset Securities Corporation, Commercial Mortgage       Pass-Through Certificates, Series1998-D6,
6.0%, 3-15-30 (B)		300		305,246
Wachovia Bank Commercial Mortgage Trust (The),
4.942%, 11-15-34 (B)		285		270,401
Wachovia Bank Commercial Mortgage Trust Commercial       Mortgage Pass-Through Certificates:
Series 2006-C26,
6.011%, 6-15-45 (A)		450		454,098
Series 2007- C31,
5.509%, 4-15-47		1,095		1,062,171
				11,542,668
Construction Materials - 1.86%
Crane Co.,
6.55%, 11-15-36		540		520,885
CRH America, Inc.,
6.0%, 9-30-16		370		365,835
USG Corporation,
6.3%, 11-15-16		600		586,291
				1,473,011
Finance Companies - 17.66%
Allied Capital Corporation,
6.625%, 7-15-11		685		691,667
Asset Securitization Corporation:
7.61434%, 2-14-43 (A)		170		180,601
1.61808%, 10-13-26 (Interest Only) (A)(B)		963		42,327
CSAB Mortgage-Backed Trust 2006-2,
6.08%, 9-25-36 (A)		650		638,418
CSFB Commercial Mortgage Trust 2003-C4,
5.322%, 8-15-36 (A)(B)		500		476,097
CWHEQ Home Equity Loan Trust:
Series 2006-S6,
5.962%, 3-25-34		210		204,517
Series 2007-S2,
5.934%, 5-25-37		580		568,094
Caithness Coso Funding Corp.,
5.489%, 6-15-19 (C)		218		211,521
Capmark Financial Group Inc.:
6.3%, 5-10-17 (B)		200		196,811
5.875%, 5-10-12 (B)		400		394,758
Capital Auto Receivables Asset Trust 2006-1,
7.16%, 1-15-13 (B)		245		247,990
Capital Auto Receivables Asset Trust 2007-1,
6.57%, 9-16-13 (B)		525		513,844
Cendant Mortgage Corporation and Bishop's Gate Residential       Mortgage Trust,
6.25%, 6-25-32		126		122,787
Colonial Bank, N.A.,
6.375%, 12-1-15		500		503,274
ERAC USA Finance Company,
5.9%, 11-15-15 (B)		265		258,960
Flagstar Home Equity Loan Trust 2007-1,
5.997%, 1-25-35 (A)(C)		415		403,680
Ford Credit Auto Owner Trust 2006-B,
7.12%, 2-15-13 (B)		140		142,403
Ford Credit Auto Owner Trust 2006-C,
6.89%, 5-15-13		200		199,210
Ford Credit Auto Owner Trust 2007-A,
7.05%, 12-15-13 (B)		175		175,089
Fund American Companies, Inc.,
5.875%, 5-15-13		560		550,679
GMAC LLC,
6.625%, 5-15-12		320		309,018
GMACM Home Equity Loan Trust 2006-HE3,
6.088%, 10-25-36 (A)		485		479,977
GMACM Home Equity Loan Trust 2007-HE1,
5.952%, 8-25-37 (A)		570		559,335
Goldman Sachs Capital I,
6.345%, 2-15-34		610		581,767
J.P. Morgan Alternative Loan Trust 2006-A7,
5.75%, 12-25-36 (A)		645		634,974
J.P. Morgan Mortgage Acquisition Trust 2006-CW2,
6.337%, 8-25-36 (A)		590		586,765
J.P. Morgan Mortgage Acquisition Trust 2006-WF1,
6.41%, 7-25-36 (A)		1,095		1,087,329
JPMorgan Chase Capital XVIII,
6.95%, 8-17-36		425		429,587
Lazard Group LLC,
6.85%, 6-15-17 (B)		750		750,517
Morgan Stanley Capital I, Inc., Commercial Mortgage       Pass-Through Certificates, Series 1998-XL2,
6.43556%, 10-3-34 (A)		500		503,622
PNC Funding Corp,
5.625%, 2-1-17		370		362,464
RASC Series 2003-KS10 Trust,
6.41%, 12-25-33		107		103,249
Selkirk Cogen Funding Corporation,
8.65%, 12-26-07		28		27,610
Symetra Financial Corporation,
6.125%, 4-1-16 (B)		400		395,567
TimberStar Trust I,
6.2082%, 10-15-36 (B)		460		444,349
				13,978,857
Hospital Supply and Management - 1.42%
Coventry Health Care, Inc.,
5.95%, 3-15-17		655		638,953
Laboratory Corporation of America Holdings:
5.5%, 2-1-13		215		207,127
5.625%, 12-15-15		285		274,702
				1,120,782
Household -- General Products - 0.81%
Estee Lauder Companies Inc. (The),
6.0%, 5-15-37		670		640,441
Insurance -- Life - 0.97%
StanCorp Financial Group, Inc.:
6.875%, 10-1-12		450		468,923
6.9%, 5-29-67		300		294,401
				763,324
Insurance -- Property and Casualty - 1.37%
Commerce Group, Inc. (The),
5.95%, 12-9-13		305		302,153
Liberty Mutual Holding Company Inc.,
7.8%, 3-15-37 (C)		360		338,951
Willis North America Inc.,
6.2%, 3-28-17		455		445,534
				1,086,638
Petroleum -- Domestic - 1.47%
Plains Exploration & Production Company,
7.75%, 6-15-15		750		744,375
Williams Partners L.P. and Williams Partners Finance       Corporation,
7.25%, 2-1-17		420		422,100
				1,166,475
Petroleum -- International - 1.17%
Anadarko Petroleum Corporation,
6.45%, 9-15-36		435		418,395
El Paso Corporation,
7.0%, 6-15-17		515		509,358
				927,753
Petroleum -- Services - 0.78%
Energy Transfer Partners, L.P.,
6.625%, 10-15-36		200		195,304
Weatherford International Ltd.,
6.8%, 6-15-37 (B)		415		422,481
				617,785
Real Estate Investment Trust - 2.28%
Equity One, Inc.:
6.25%, 1-15-17		285		284,710
6.0%, 9-15-17 (B)		185		180,960
Healthcare Realty Trust Incorporated,
5.125%, 4-1-14		550		518,840
Highwoods Realty Limited Partnership,
5.85%, 3-15-17 (B)		405		391,730
Nationwide Health Properties, Inc.,
6.0%, 5-20-15		440		430,500
				1,806,740
Security and Commodity Brokers - 1.67%
Janus Capital Group Inc.,
6.25%, 6-15-12		565		568,790
Jefferies Group, Inc.,
6.25%, 1-15-36		400		374,818
Nuveen Investments, Inc.,
5.5%, 9-15-15		465		378,544
				1,322,152
Textile - 0.48%
Mohawk Industries, Inc.,
6.125%, 1-15-16		380		376,147
Utilities -- Electric - 1.47%
MidAmerican Energy Holdings Company,
6.125%, 4-1-36		475		458,899
Oncor Electric Delivery Company,
7.0%, 9-1-22		450		469,971
Pennsylvania Electric Company,
5.125%, 4-1-14		250		237,399
				1,166,269
Utilities -- Telephone - 1.06%
Sprint Capital Corporation,
6.9%, 5-1-19		440		435,572
Qwest Corporation,
6.5%, 6-1-17 (B)		425		404,813
				840,385
TOTAL CORPORATE DEBT SECURITIES - 64.53%			$	51,057,876
(Cost: $52,330,387)
MUNICIPAL OBLIGATION -- TAXABLE - 0.10%
Minnesota
City of Eden Prairie, Minnesota, Taxable Multifamily       Housing Revenue Refunding Bonds (GNMA Collateralized       Mortgage Loan - Parkway Apartments Project), Series 2000B,
7.35%, 2-20-09		75	$	75,914
(Cost: $75,000)
UNITED STATES GOVERNMENT AND       GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations - 1.33%
Federal National Mortgage Association:
4.25%, 5-15-09		500		491,814
5.125%, 1-2-14		575		561,808
				1,053,622
Mortgage-Backed Obligations - 18.88%
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
3.5%, 2-15-30		120		112,174
6.5%, 9-1-32		218		224,375
6.0%, 11-1-33		455		452,977
5.5%, 5-1-34		184		178,071
5.5%, 5-1-34		130		126,519
5.5%, 6-1-34		1,497		1,449,703
5.0%, 9-1-34		41		38,309
5.5%, 9-1-34		150		144,931
5.5%, 10-1-34		351		340,004
5.5%, 7-1-35		428		413,337
5.5%, 7-1-35		215		207,931
5.5%, 10-1-35		567		549,948
Federal National Mortgage Association Fixed Rate,       Pass-Through Certificates,
6.23%, 1-1-08		139		138,234
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.5%, 1-1-17		173		171,005
6.0%, 9-1-17		97		97,466
5.5%, 3-1-18		106		104,380
5.0%, 6-1-18		400		388,164
5.0%, 7-1-18		143		138,671
7.5%, 5-1-31		116		121,345
7.0%, 9-1-31		43		44,840
7.0%, 11-1-31		82		85,749
6.5%, 12-1-31		52		53,060
7.0%, 2-1-32		76		79,420
7.0%, 3-1-32		84		87,518
6.5%, 4-1-32		23		23,634
6.5%, 5-1-32		23		23,558
6.5%, 7-1-32		64		65,466
6.5%, 8-1-32		57		58,599
6.5%, 8-1-32		53		54,095
6.5%, 9-1-32		92		94,894
6.5%, 9-1-32		37		37,982
6.0%, 10-1-32		123		122,455
6.5%, 10-1-32		110		112,415
6.0%, 11-1-32		128		128,207
6.0%, 3-1-33		96		95,914
5.5%, 4-1-33		161		155,690
6.0%, 4-1-33		190		188,853
5.5%, 5-1-33		120		116,543
6.0%, 10-1-33		188		187,436
5.5%, 1-1-34		113		109,570
5.5%, 1-1-34		109		105,315
6.0%, 1-1-34		459		456,429
5.5%, 3-1-34		159		153,824
5.5%, 3-1-34		69		67,138
5.5%, 4-1-34		166		160,615
5.5%, 4-1-34		50		48,899
5.0%, 5-1-34		71		66,819
5.5%, 5-1-34		136		131,852
6.0%, 7-1-34		975		964,335
5.5%, 11-1-34		1,317		1,275,539
6.0%, 11-1-34		797		791,646
5.5%, 2-1-35		201		194,228
4.5%, 3-1-35		453		412,048
5.0%, 7-1-35		206		193,119
5.0%, 7-1-35		101		94,714
5.0%, 7-1-35		86		80,747
5.0%, 7-1-35		49		46,023
4.5%, 9-1-35		414		377,249
5.5%, 10-1-35		943		912,345
Government National Mortgage Association Fixed Rate       Pass Through Certificates,
5.5%, 7-1-35		845		819,914
Government National Mortgage Association Agency       REMIC/CMO (Interest Only),
0.94697%, 6-17-45 (A)		5,031		263,404
				14,939,644
Treasury Inflation Protected Obligation - 1.50%
United States Treasury Note,
1.875%, 7-15-13 (D)		1,100		1,187,403
Treasury Obligations - 8.88%
United States Treasury Bond,
5.375%, 2-15-31		1,015		1,042,278
United States Treasury Notes:
2.75%, 8-15-07		800		797,938
4.625%, 3-31-08		2,000		1,994,062
2.625%, 5-15-08		500		489,844
3.375%, 10-15-09 (E)		1,400		1,354,500
4.625%, 2-29-12		1,365		1,347,512
				7,026,134
TOTAL UNITED STATES GOVERNMENT AND       GOVERNMENT AGENCY OBLIGATIONS - 30.59%			$	24,206,803
(Cost: $24,676,248)
SHORT-TERM SECURITIES
Insurance -- Life - 2.78%
American General Finance Corporation,
5.27%, 7-2-07		2,200		2,199,678
Utilities -- Telephone - 1.37%
Verizon Communications Inc.,
5.37%, 7-2-07		1,085		1,084,838
TOTAL SHORT-TERM SECURITIES - 4.15%			$	3,284,516
(Cost: $3,284,516)
TOTAL INVESTMENT SECURITIES - 100.00%			$	79,125,014
(Cost: $80,886,201)

Notes to Schedule of Investments
Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.
(A)Variable rate security. Interest rate disclosed is that which is in effect June 30, 2007.
(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 June 30, 2007, the total value of these securities amounted to $12,046,133 or 15.22% of total investments.
(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 June 30, 2007, the total value of these securities amounted to $3,141,569 or 3.97% of total investments.
(D)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.
(E)Security serves as collateral for the following open futures contracts at June 30, 2007:
Type	Type	Number of Contracts	Expiration Date		Market Value	Unrealized Appreciation (Depreciation)
United States 2 Year    Treasury Note	Long	73	9-28-07	$	14,876,031		$	(26,599)
United States 5 Year    Treasury Note	Long	25	9-28-07		2,601,954			(13,484)
United States 10 Year    Treasury Note	Short	(94)	9-19-07	(9,936,094)				34,366
United States 30 Year    Treasury Bond	Short	(39)	9-19-07	(4,202,250)				29,156
				$	3,339,641		$	23,439

The Investments of Ivy Cundill Global Value Fund
June 30, 2007
COMMON STOCKS		Shares		Value
Bermuda - 4.22%
First Pacific Company Limited (A)	56,202,000		$	40,610,459
Canada - 1.72%
Fairfax Financial Holdings Limited (A)		86,500		16,524,525
Germany - 5.32%
Munchener Ruckversicherungs-Gesellschaft       Aktiengesellschaft, Registered Shares (A)		278,707		51,188,387
Italy - 4.39%
Italmobiliare S.p.A., Non-Convertible Savings Shares (A)		388,008		42,274,675
Japan - 43.29%
ACOM CO., LTD. (A)		823,080		29,547,319
AIFUL Corporation (A)		1,823,050		52,415,001
Asatsu-DK Inc. (A)		1,354,800		45,884,394
Coca-Cola West Holdings Company, Limited (A)		1,879,200		43,727,172
Kirin Brewery Company, Limited (A)		2,582,000		38,648,739
Mabuchi Motor Co., Ltd. (A)		673,000		41,268,223
Millea Holdings, Inc. (A)		1,061,600		43,627,988
Nippon Television Network Corporation (A)		202,420		27,652,421
Seven & i Holdings Co., Ltd. (A)		713,800		20,406,709
TV Asahi Corporation (A)		15,304		31,198,408
Takefuji Corporation (A)		1,257,480		42,281,967
				416,658,341
Singapore - 4.96%
Singapore Press Holdings Limited (A)	15,738,000			47,704,929
South Korea - 14.77%
Korea Electric Power Corporation (A)		1,124,104		49,887,172
Korea Investment Holdings Co., Ltd. (A)		443,841		30,362,885
Korea Tobacco & Ginseng Corporation (A)		692,838		48,746,517
SK Telecom Co., Ltd. (A)		15,890		3,663,549
Samsung Electronics Co., Ltd. (A)		20,430		9,564,296
				142,224,419
United States - 6.78%
DIRECTV Group, Inc. (The)*		1,458,742		33,711,528
Liberty Media Corporation, Liberty Capital Series A*		143,500		16,879,905
Pfizer Inc.		575,000		14,702,750
				65,294,183
TOTAL COMMON STOCKS - 85.45%			$	822,479,918
(Cost: $695,541,683)

UNREALIZED GAIN (LOSS) ON OPEN       FORWARD CURRENCY CONTRACTS - 1.14%		Face Amount in Thousands
Euro, 9-21-07 (B)	EUR27,197				(603,329	)
Euro, 1-18-08 (B)			34,086		(523,069	)
Japanese Yen, 9-21-07 (B)	JPY29,935,225				14,048,426
Japanese Yen, 1-18-08 (B)	20,628,191				(667,853	)
Singapore Dollar, 9-21-07 (B)	SGD39,900				178,294
Singapore Dollar, 1-18-08 (B)			21,285		(70,658	)
South Korean Won, 9-21-07 (B)	KRW62,269,785				(1,190,553	)
South Korean Won, 1-18-08 (B)	53,623,286				(221,805	)
				$	10,949,453

SHORT-TERM SECURITIES	Principal Amount in Thousands
Repurchase Agreements
J.P. Morgan Securities Inc., 4.0% Repurchase       Agreement dated 6-29-07 to be repurchased       at $42,331,106 on 7-2-07 (C)	$	42,317		42,317,000
J.P. Morgan Securities Inc., 4.0% Repurchase       Agreement dated 6-29-07 to be repurchased       at $42,005,997 on 7-2-07 (D)		41,992		41,992,000
J.P. Morgan Securities Inc., 4.0% Repurchase       Agreement dated 6-29-07 to be repurchased       at $31,693,561 on 7-2-07 (E)		31,683		31,683,000
J.P. Morgan Securities Inc., 4.0% Repurchase       Agreement dated 6-29-07 to be repurchased       at $13,114,370 on 7-2-07 (F)		13,110		13,110,000
TOTAL SHORT-TERM SECURITIES - 13.41%			$	129,102,000
(Cost: $129,102,000)
TOTAL INVESTMENT SECURITIES - 100.00%			$	962,531,371
(Cost: $824,643,683)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

(A)Listed on an exchange outside the United States.

(B)Principal amounts are denominated in the indicated foreign currency, where applicable (EUR - Euro, JPY - Japanese Yen, KRW - South Korean Won, SGD - Singapore Dollar).

(C)Collateralized by $31,617,000 United States Treasury Bond, 8.75% due 8-15-20; market value and accrued interest aggregate $43,404,763.

(D)Collateralized by $31,649,000 United States Treasury Bond, 8.875% due 2-15-19; market value and accrued interest aggregate $43,048,356.

(E)Collateralized by $25,011,000 United States Treasury Bond, 8.125% due 8-15-19; market value and accrued interest aggregate $32,494,326.

(F)Collateralized by $9,503,000 United States Treasury Bond, 10.625% due 8-15-15; market value and accrued interest aggregate $13,428,597.

The Investments of Ivy Dividend Income Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Aircraft - 5.47%
Boeing Company (The)			50,700	$	4,875,312
Goodrich Corporation			43,550		2,593,838
Raytheon Company			40,250		2,169,073
					9,638,223
Banks - 1.65%
Bank of America Corporation			59,450		2,906,510
Beverages - 3.74%
Coca-Cola Company (The)			39,400		2,061,014
Diageo plc, ADR			30,300		2,524,293
PepsiCo, Inc.			31,100		2,016,835
					6,602,142
Capital Equipment - 3.82%
Caterpillar Inc.			19,850		1,554,255
Deere & Company			42,900		5,179,746
					6,734,001
Chemicals -- Petroleum and Inorganic - 3.79%
E.I. du Pont de Nemours and Company			48,400		2,460,656
Monsanto Company			34,750		2,347,015
UAP Holding Corp.			62,450		1,882,555
					6,690,226
Chemicals -- Specialty - 1.46%
Air Products and Chemicals, Inc.			32,050		2,575,858
Computers -- Peripherals - 1.15%
Microsoft Corporation			68,750		2,025,375
Electrical Equipment - 0.91%
Emerson Electric Co.			34,450		1,612,260
Electronic Components - 0.99%
Microchip Technology Incorporated			47,100		1,745,526
Health Care -- Drugs - 2.04%
Abbott Laboratories			36,000		1,927,800
Merck & Co., Inc.			33,350		1,660,830
					3,588,630
Hospital Supply and Management - 0.90%
Medtronic, Inc.			30,650		1,589,509
Hotels and Gaming - 2.51%
Harrah's Entertainment, Inc.			19,550		1,666,833
Starwood Hotels & Resorts Worldwide, Inc.			41,100		2,756,577
					4,423,410
Household -- General Products - 3.06%
Colgate-Palmolive Company			42,650		2,765,853
Procter & Gamble Company (The)			43,050		2,634,230
					5,400,083
Insurance -- Life - 0.88%
Aflac Incorporated			30,200		1,552,280
Insurance -- Property and Casualty - 4.80%
ACE Limited			22,250		1,391,070
Ambac Financial Group, Inc.			23,950		2,088,200
Everest Re Group, Ltd.			15,250		1,656,760
MBIA Inc.			27,400		1,704,828
Travelers Companies, Inc. (The)			30,150		1,613,025
					8,453,883
Metal Fabrication - 1.13%
Loews Corporation, Carolina Group			25,700		1,985,839
Mining - 0.56%
Rio Tinto plc, ADR			3,200		979,584
Multiple Industry - 6.77%
Altria Group, Inc.			66,000		4,629,240
Blackstone Group L.P. (The)*			11,400		333,678
General Electric Company	109,100				4,176,348
NuStar GP Holdings, LLC			72,950		2,791,067
					11,930,333
Non-Residential Construction - 2.21%
Fluor Corporation			34,900		3,886,813
Petroleum -- International - 5.70%
Anadarko Petroleum Corporation			44,550		2,316,154
Apache Corporation			27,900		2,276,361
Exxon Mobil Corporation			54,100		4,537,908
Marathon Oil Corporation			15,200		911,392
					10,041,815
Petroleum -- Services - 9.62%
Baker Hughes Incorporated			41,500		3,491,395
Grant Prideco, Inc.*			33,000		1,776,390
National Oilwell Varco, Inc.*			22,650		2,361,036
Schlumberger Limited			64,200		5,453,148
Transocean Inc.*			17,600		1,865,248
Weatherford International Ltd.*			36,200		1,999,688
					16,946,905
Railroad - 2.23%
Burlington Northern Santa Fe Corporation			17,650		1,502,721
Union Pacific Corporation			21,150		2,435,423
					3,938,144
Real Estate Investment Trust - 2.99%
Douglas Emmett, Inc.			78,500		1,942,090
ProLogis			22,650		1,288,785
Simon Property Group, Inc.			21,900		2,037,576
					5,268,451
Restaurants - 1.21%
McDonald's Corporation			42,000		2,131,920
Security and Commodity Brokers - 9.67%
AllianceBernstein Holding L.P.			52,700		4,589,643
Chicago Mercantile Exchange Holdings Inc.			7,950		4,248,162
J.P. Morgan Chase & Co.			70,702		3,425,512
NYMEX Holdings, Inc.			21,800		2,738,734
UBS AG			34,000		2,040,340
					17,042,391
Tobacco - 1.00%
Reynolds American Inc.			27,000		1,760,400
Utilities -- Electric - 2.58%
Dominion Resources, Inc.			22,100		1,907,451
NRG Energy, Inc.*			63,500		2,639,695
					4,547,146
Utilities -- Gas and Pipeline - 0.70%
Enbridge Inc.			36,350		1,227,903
Utilities -- Telephone - 3.37%
AT&T Inc.			54,073		2,244,029
Iowa Telecommunications Services, Inc.			84,150		1,912,730
Windstream Corporation	120,800				1,783,008
					5,939,767
TOTAL COMMON STOCKS - 86.91%				$	153,165,327
(Cost: $120,147,511)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Commercial Paper
Construction Equipment - 2.88%
Black & Decker Corp.,
5.45%, 7-2-07	$	5,075		5,074,232
Household -- General Products - 1.70%
Procter & Gamble Company (The),
5.32%, 7-12-07		3,000		2,995,123
Insurance -- Life - 2.26%
American General Finance Corporation,
5.27%, 7-2-07		4,000		3,999,414
Leisure Time Industry - 2.84%
Walt Disney Company (The),
5.44%, 7-2-07		5,000		4,999,245
Utilities -- Telephone - 2.84%
Verizon Communications Inc.,
5.37%, 7-2-07		5,000		4,999,254
Total Commercial Paper - 12.52%				22,067,268
Municipal Obligation - 0.57%
California
County of Sacramento, Taxable Pension Funding             Bonds, Series 1995B (Bayerische Landesbank             Girozentrale, New York Branch),
5.35%, 7-1-20 (A)		1,000		1,000,000
TOTAL SHORT-TERM SECURITIES - 13.09%			$	23,067,268
(Cost: $23,067,268)
TOTAL INVESTMENT SECURITIES - 100%			$	176,232,595
(Cost: $143,214,779)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(A)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2007.

The Investments of Ivy European Opportunities Fund
June 30, 2007
COMMON STOCKS AND RIGHTS		Shares			Value
Austria - 1.80%
AGRANA Beteiligungs-AG (A)			10,200	$	1,130,235
OMV Aktiengesellschaft (A)			148,014		9,914,344
					11,044,579
Bermuda - 2.47%
SeaDrill Limited (A)*			702,558		15,160,465
British Virgin Islands - 1.66%
Inmarsat plc (A)	1,255,005				10,187,874
Cayman Islands - 1.02%
Subsea 7 Inc. (A)*			291,174		6,246,197
France - 10.43%
Altamir Amboise (A)			484,911		7,659,080
Altamir Amboise, Rights (A)*			310,347		168,016
France Telecom (A)			401,768		11,093,006
Peugeot S.A. (A)			220,611		17,849,530
Sanofi-Aventis (A)			182,866		14,874,801
TOTAL S.A. (A)			151,219		12,333,298
					63,977,731
Germany - 17.25%
Commerzbank Aktiengesellschaft (A)			342,360		16,333,748
Continental Aktiengesellschaft (A)			82,519		11,611,965
DaimlerChrysler AG, Registered Shares (A)			69,487		6,418,742
Deutsche Post AG (A)			322,362		10,445,079
E.ON AG (A)			52,323		8,752,249
Hypo Real Estate Holding AG (A)			281,994		18,266,540
Pfleiderer Ag, Registered Shares (A)			425,982		13,012,673
RWE Aktiengesellschaft (A)*			85,800		9,117,085
SAP Aktiengesellschaft (A)			230,624		11,817,588
					105,775,669
Greece - 8.60%
Alpha Bank (A)			473,719		14,938,963
Coca-Cola Hellenic Bottling Company S.A. (A)*			264,680		12,179,901
National Bank of Greece S.A. (A)			317,983		18,247,925
Titan Cement Company S.A. (A)			126,954		7,354,174
					52,720,963
Ireland - 3.83%
CRH public limited company (A)			368,252		18,246,878
IAWS Group, plc (A)			250,242		5,253,101
					23,499,979
Italy - 4.64%
AZIMUT HOLDING S.P.A. (A)			567,000		9,746,092
Eni S.p.A. (A)			323,515		11,778,512
UniCredito Italiano S.p.A. (A)			769,096		6,901,410
					28,426,014
Luxembourg - 1.62%
SES GLOBAL S.A., Fiduciary Deposit Receipts (A)			458,062		9,907,059
Netherlands - 4.30%
Aalberts Industries N.V. (A)			296,000		8,152,670
Akzo Nobel N.V. (A)			141,783		12,273,724
Univar N.V. (A)			111,439		5,912,443
					26,338,837
Norway - 5.66%
BW Offshore Limited (A)*	1,049,878				4,949,441
Eitzen Chemical ASA (A)(B)*			847,312		3,649,637
Prosafe ASA (A)			542,100		8,687,279
Statoil ASA (A)			558,894		17,391,541
					34,677,898
Spain - 8.64%
Altadis, S.A. (A)			124,673		8,301,971
Banco Bilbao Vizcaya Argentaria, S.A. (A)			381,445		9,396,087
Banco Santander Central Hispano, S.A. (A)			474,536		8,792,580
Enagas, S.A. (A)			297,235		7,374,051
FOMENTO DE CONSTRUCCIONES Y CONTRATAS,       S.A. (A)			98,848		8,956,992
Promotora de Informaciones, S.A. (A)			233,216		5,151,364
Realia Business, S.A. (A)			574,885		5,010,840
					52,983,885
Sweden - 1.90%
Investor AB, B Shares (A)			446,930		11,631,995
Switzerland - 1.73%
UBS AG (A)			175,672		10,584,903
Turkey - 0.98%
Turkiye Halk Bankasi A.S. (A)(B)*			933,013		6,006,827
United Kingdom - 19.92%
Admiral Group Plc (A)			228,049		4,071,159
Aurora Russia Limited (A)*	1,110,000				2,017,250
British Sky Broadcasting Group plc (A)			920,220		11,826,595
Evolution Group Plc (The) (A)	2,592,416				7,027,916
IP Group plc (A)*	1,619,705				4,813,774
Imperial Tobacco Group PLC (A)			230,000		10,655,247
Investec plc (A)			356,195		4,599,249
Lloyds TSB Group plc (A)*	1,022,122				11,412,101
Man Group plc (A)			932,526		11,404,240
MAXjet Airways, Inc. (A)(B)*	1,129,023				2,987,043
NDS Group plc, ADR*			100,000		4,700,000
Premier Brands Foods plc (A)			918,000		5,336,781
Regal Petroleum plc (A)*			667,000		3,147,616
Regal Petroleum plc (A)(B)*	1,050,000				4,955,018
Royal Bank of Scotland Group plc (The) (A)	1,347,710				17,131,219
Vodafone Group Plc (A)	4,765,992				16,059,550
					122,144,758
TOTAL COMMON STOCKS AND RIGHTS - 96.45%				$	591,315,633
(Cost: $460,726,616)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Finance Companies - 2.57%
BP Capital Markets p.l.c.,
5.34%, 7-2-07	$	15,772		15,769,660
Insurance -- Life - 0.98%
AEGON N.V.,
5.37%, 7-2-07		6,000		5,999,105
TOTAL SHORT-TERM SECURITIES - 3.55%			$	21,768,765
(Cost: $21,768,765)
TOTAL INVESTMENT SECURITIES - 100.00%			$	613,084,398
(Cost: $482,495,381)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(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 Directors. At June 30, 2007, the total value of these securities amounted to $17,598,525 or 2.87% of total investments.

The Investments of Ivy Global Natural Resources Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Bermuda - 1.32%
Aquarius Platinum Limited (A)			500,000	$	15,703,442
China Gas Holdings Limited (A)	83,454,300				35,754,541
Weatherford International Ltd.*			600,000		33,144,000
					84,601,983
Brazil - 12.16%
Aracruz Celulose S.A., ADR			600,000		39,744,000
Bradespar S.A. (A)			1,700,000		64,589,425
Brasil Ecodiesel Industria e Comercio de Biocombustiveis       e Oleos Vegetais S.A. (A)*			600,000		3,856,921
Companhia de Saneamento Basico do Estado de Sao       Paulo - SABESP, ADR			850,000		37,468,000
Companhia Energetica de Minas Gerais - CEMIG, ADR			2,461,800		51,943,980
Companhia Siderurgica Nacional (A)			1,273,400		65,749,425
Companhia Siderurgica Nacional, ADR			500,000		25,860,000
Companhia Vale do Rio Doce, ADR			4,500,000		200,475,000
Cosan S.A. Industria e Comercio (A)*			1,000,000		16,433,385
CPFL Energia S.A. (A)			850,000		17,123,380
CPFL Energia S.A., ADR			275,000		16,700,750
Suzano Bahia Sul Papel E Celulose S.A. (A)			9,917,200		133,566,022
Usinas Siderurgicas de Minas Gerais S.A. - USIMINA S (A)			745,600		49,126,884
Votorantim Celulose e Papel S.A. (A)			750,000		17,165,630
Votorantim Celulose e Papel S.A., ADR			1,750,000		39,847,500
					779,650,302
Canada - 9.92%
ARISE Technologies Corporation (A)*			5,000,000		4,365,173
Agnico-Eagle Mines Limited (A)*			1,800,000		65,426,895
Barrick Gold Corporation (A)			2,750,000		79,976,531
Eldorado Gold Corporation (A)*			3,000,000		17,573,340
Ferus Gas Industries Trust (B)(C)*			615,000		2,020,652
Goldcorp Inc. (A)			1,000,000		23,740,906
IAMGOLD Corporation (A)	10,000,000				76,977,235
Kinross Gold Corporation (A)*			6,500,000		75,601,971
Mullen Group Income Fund (A)			198,100		3,961,070
OPTI Canada Inc. (A)*			1,300,000		27,726,825
Pason Systems Inc. (A)			2,000,000		31,316,592
Progress Energy Trust (A)			1,000,000		12,137,996
Progress Energy Trust (A)(C)			826,900		10,036,909
Pure Energy Services Ltd. (A)*			242,300		2,422,431
Savanna Energy Services Corp. (A)*			800,000		15,019,948
Silver Wheaton Corp. (A)*			4,200,000		49,639,052
Sino-Forest Corporation (A)(C)*			625,000		8,976,766
Talisman Energy Inc. (A)			4,250,000		82,187,280
Trican Well Service Ltd. (A)			1,976,600		40,246,378
Xtreme Coil Drilling Corp. (A)(C)*			650,000		6,712,039
					636,065,989
Cayman Islands - 4.71%
Neo-Neon Holdings Limited (A)*			6,000,000		12,799,263
Noble Corporation			2,200,000		214,544,000
Suntech Power Holdings Co., Ltd., ADR*			2,050,000		74,763,500
					302,106,763
China - 1.63%
China Shenhua Energy Company Limited, H Shares (A)			7,500,000		26,185,543
Xinao Gas Holdings Limited (A)	16,123,000				20,248,601
Yingli Green Energy Holding Company Limited*			4,000,000		58,000,000
					104,434,144
Cyprus - 0.08%
Buried Hill Energy (Cyprus) Public Company Limited (A)(C)*			3,335,000		5,002,500
France - 3.01%
L'Air Liquide S.A. (A)			250,000		32,970,156
Schneider Electric SA (A)			100,000		14,093,524
TOTAL S.A. (A)			1,000,000		81,559,180
Vallourec (A)			200,000		64,481,289
					193,104,149
Germany - 1.25%
Q-Cells AG (A)*			400,000		34,301,956
SGL Carbon AG (A)*			500,000		20,775,530
Siemens AG (A)			175,000		25,118,427
					80,195,913
Hong Kong - 0.98%
CNOOC Limited (A)	42,000,000				47,590,546
Guangdong Investment Limited (A)	26,000,000				15,162,676
					62,753,222
Japan - 0.61%
DOWA HOLDINGS Co., Ltd. (A)			2,500,000		26,700,508
Sumitomo Electric Industries, Ltd.*			850,000		12,674,924
					39,375,432
Luxembourg - 0.76%
Tenaris S.A., ADR			1,000,000		48,960,000
Mexico - 1.77%
Cemex, S.A. de C.V., ADR*			3,073,617		113,416,467
Norway - 0.87%
Statoil ASA (A)			1,800,000		56,012,006
Papua New Guinea - 1.35%
Lihir Gold Limited (A)*	34,000,000				86,475,855
Philippines - 0.07%
PNOC Energy Development Corporation (A)	38,436,300				4,653,909
Russia - 0.18%
OAO LUKOIL, ADR			150,000		11,430,000
South Africa - 4.15%
Gold Fields Limited (A)			5,000,000		77,396,533
Gold Fields Limited, ADR			7,500,000		117,750,000
Impala Platinum Holdings Limited (A)			1,750,000		53,484,259
Mvelaphanda Resources Limited (A)*			2,000,000		17,262,115
					265,892,907
South Korea - 0.58%
GS Holdings Corp. (A)			486,440		23,641,453
Korea Electric Power Corporation (A)			300,000		13,313,850
					36,955,303
Switzerland - 0.51%
Givaudan SA, Registered Shares (A)			33,000		32,689,316
Taiwan - 1.24%
Everlight Electronics Co., Ltd. (A)			7,500,000		26,813,424
Motech Industries Inc. (A)			2,800,000		36,633,603
Motech Industries Inc., GDR (C)*			1,222,000		15,987,915
					79,434,942
Thailand - 2.12%
PTT Public Company Limited (A)	10,000,000				78,204,200
Rayong Refinery Public Company Limited (A)	15,000,000				8,428,675
Thai Oil Public Company Limited (A)	24,000,000				49,007,965
					135,640,840
United Kingdom - 1.28%
BG Group plc (A)			2,511,700		41,434,627
Randgold Resources Limited, ADR			1,500,000		33,262,500
Titanium Resources Group Ltd. (A)*			5,420,900		7,511,187
					82,208,314
United States - 35.58%
Air Products and Chemicals, Inc.			619,500		49,789,215
Allegheny Technologies Incorporated			250,000		26,220,000
Andersons, Inc. (The)			734,000		33,275,890
Arch Coal, Inc.			2,700,000		93,960,000
Atwood Oceanics, Inc.*			900,000		61,758,000
Aventine Renewable Energy Holdings, Inc.*			1,610,231		27,325,620
Bunge Limited			700,000		59,150,000
Burlington Northern Santa Fe Corporation			350,000		29,799,000
Cameron International Corporation*			450,000		32,161,500
Celanese Corporation, Series A			1,500,000		58,170,000
CONSOL Energy Inc.			1,500,000		69,165,000
Cytec Industries Inc.			1,000,000		63,770,000
Diamond Offshore Drilling, Inc.			2,200,000		223,432,000
First Solar, Inc.*			90,300		8,058,372
General Electric Company			4,800,000		183,744,000
GlobalSanteFe Corporation			2,000,000		144,500,000
Grant Prideco, Inc.*			600,000		32,298,000
Helix Energy Solutions Group, Inc.*			1,500,000		59,865,000
iShares Silver Trust*			375,000		46,368,750
MEMC Electronic Materials, Inc.*			357,500		21,850,400
Oceaneering International, Inc.*			1,300,000		68,432,000
Peabody Energy Corporation			2,250,000		108,855,000
Praxair, Inc.			1,500,000		107,985,000
Smith International, Inc.			2,250,000		131,940,000
SunPower Corporation, Class A*			600,000		37,821,000
Superior Energy Services, Inc.*			1,500,000		59,880,000
Tesoro Corporation			700,000		40,005,000
TETRA Technologies, Inc.*			1,950,000		54,990,000
Ultra Petroleum Corp.*			625,000		34,525,000
UltraShort QQQ ProShares			1,200,000		54,792,000
UltraShort S&P500 ProShares			275,000		14,489,750
Valero Energy Corporation			2,850,000		210,501,000
Venoco, Inc.*			267,900		5,001,693
VeraSun Energy Corporation*			1,070,000		15,493,600
WESCO International, Inc.*			200,000		12,090,000
					2,281,461,790
TOTAL COMMON STOCKS - 86.13%				$	5,522,522,046
(Cost: $4,150,319,953)

CORPORATE DEBT SECURITIES - 0.09%		Principal Amount in Thousands
Brazil
Bahia Sul Celulose S.A.,
0.0%, 12-1-12 (C)(D)	BRL10,692			$	6,030,360
(Cost: $5,262,443)
UNREALIZED GAIN (LOSS) ON OPEN FORWARD       CURRENCY CONTRACTS - (0.07%)		Face Amount in Thousands
Canadian Dollar, 7-18-07 (D)	CAD47,500				(103,967	)
Canadian Dollar, 7-25-07 (D)			22,600		(1,067,503	)
Canadian Dollar, 8-1-07 (D)			40,700		(1,278,219	)
Canadian Dollar, 8-8-07 (D)			40,700		(1,277,209	)
Canadian Dollar, 8-15-07 (D)			40,700		(1,276,867	)
Canadian Dollar, 8-22-07 (D)			50,000		336,520
Canadian Dollar, 8-29-07 (D)			50,000		317,946
Canadian Dollar, 9-5-07 (D)			47,500		104,949
Canadian Dollar, 9-12-07 (D)			58,800		370,896
Canadian Dollar, 9-19-07 (D)			47,500		(101,227	)
Canadian Dollar, 9-26-07 (D)			47,500		(100,638	)
South African Rand, 7-11-07 (D)	ZAR57,000				(87,902	)
South African Rand, 7-18-07 (D)			123,100		(181,871	)
South African Rand, 7-25-07 (D)			69,000		(32,339	)
South African Rand, 8-1-07 (D)			125,150		326,206
South African Rand, 8-15-07 (D)			125,150		331,877
South African Rand, 8-22-07 (D)			113,000		(425,665	)
South African Rand, 8-29-07 (D)			93,000		(99,023	)
South African Rand, 9-6-07 (D)			93,000		(97,202	)
South African Rand, 9-12-07 (D)			129,000		(203,003	)
South African Rand, 9-19-07 (D)			69,000		(23,651	)
South African Rand, 9-27-07 (D)			67,000		(93,192	)
				$	(4,661,084	)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Commercial Paper
Banks - 0.47%
Lloyds TSB Bank PLC,
5.29%, 7-3-07	$	30,000		29,991,183
Beverages - 1.55%
Coca-Cola Company (The),
5.24%, 8-2-07		50,000		49,767,111
Concentrate Manufacturing Company of Ireland             (The) (PepsiCo, Inc.),
5.27%, 7-13-07		50,000		49,912,167
				99,679,278
Capital Equipment - 0.39%
Caterpillar Inc.,
5.27%, 7-6-07		25,000		24,981,701
Chemicals -- Specialty - 0.22%
Air Products and Chemicals, Inc.,
5.34%, 7-3-07		13,850		13,845,891
Computers -- Main and Mini - 0.62%
International Business Machines Corporation,
5.24%, 7-26-07		40,000		39,854,444
Electrical Equipment - 0.47%
Emerson Electric Co.,
5.27%, 7-25-07		30,000		29,894,600
Finance Companies - 2.17%
Ciesco, LLC,
5.37%, 7-2-07		12,199		12,197,180
PACCAR Financial Corp.:
5.29%, 7-3-07		15,000		14,995,592
5.24%, 7-31-07		14,977		14,911,601
Prudential Funding LLC,
5.25%, 7-17-07		30,000		29,930,000
Shell International Finance B.V. and Royal Dutch             Shell plc (Royal Dutch Shell plc),
5.25%, 7-17-07		37,000		36,913,667
Toyota Motor Credit Corporation,
5.27%, 7-3-07		30,000		29,991,217
				138,939,257
Food and Related - 0.98%
Hershey Company (The),
5.26%, 7-3-07		35,000		34,989,772
McCormick & Co. Inc.,
5.38%, 7-2-07		28,000		27,995,816
				62,985,588
Health Care -- Drugs - 0.78%
Abbott Laboratories,
5.26%, 7-12-07		50,000		49,919,639
Household -- General Products - 1.55%
Procter & Gamble Company (The):
5.32%, 7-12-07		20,000		19,967,489
5.26%, 7-27-07		30,000		29,886,034
5.26%, 7-30-07		50,000		49,788,139
				99,641,662
Insurance -- Life - 0.08%
American General Finance Corporation,
5.27%, 7-2-07		5,000		4,999,268
Multiple Industry - 1.62%
3M Company:
5.29%, 7-5-07		35,000		34,979,428
5.25%, 7-27-07		20,000		19,924,167
Honeywell International Inc.:
5.31%, 7-2-07		19,000		18,997,197
5.33%, 7-3-07		30,000		29,991,117
				103,891,909
Publishing - 0.26%
E.W. Scripps Co.,
5.35%, 7-2-07		16,463		16,460,553
Retail -- General Merchandise - 0.60%
Target Corporation:
5.33%, 7-2-07		18,828		18,825,213
5.27%, 7-23-07		20,000		19,935,589
				38,760,802
Security and Commodity Brokers - 0.78%
American Express Credit Corp.,
5.26%, 7-26-07		50,000		49,817,361
Utilities -- Telephone - 0.24%
AT&T Inc.,
5.36%, 7-2-07		15,700		15,697,662
Total Commercial Paper - 12.78%				819,360,798
Commercial Paper (backed by irrevocable bank       letter of credit)
Finance Companies - 0.43%
ED&F Man Treasury Management PLC (Societe             Generale N.A.),
5.4%, 7-2-07		12,000		11,998,200
ED&F Man Treasury Management PLC (Royal             Bank of Scotland PLC (The)):
5.36%, 7-3-07		10,000		9,997,022
5.38%, 7-3-07		5,455		5,453,370
				27,448,592
Food and Related - 0.25%
COFCO Capital Corp. (Rabobank Nederland):
5.27%, 7-9-07		9,400		9,388,992
5.26%, 7-10-07		6,600		6,591,321
				15,980,313
Multiple Industry - 0.15%
Louis Dreyfus Corporation (Barclays Bank PLC,             New York Branch),
5.29%, 8-8-07		10,000		9,944,161
Total Commercial Paper (backed by irrevocable       bank letter of credit) - 0.83%				53,373,066
Notes - 0.06%
Finance Companies
Lowell Family, LLC, Variable Rate Taxable             Demand Bonds (LaSalle Bank National Association),
5.36%, 7-5-07 (E)		4,180		4,180,000
Municipal Obligations - Taxable
California - 0.15%
California Pollution Control Financing Authority,             Environmental Improvement Revenue Bonds             (Atlantic Richfield Company Project),             Series 1997 (Taxable), (BP p.l.c.),
5.3%, 8-2-07		9,300		9,300,000
Colorado - 0.01%
Kit Carson County, Colorado, Agricultural             Development Revenue Bonds (Taxable),             (Midwest Farms, L.L. C. Project), Series 1997             (Wells Fargo Bank),
5.35%, 7-5-07 (E)		800		800,000
Washington - 0.02%
Washington State Housing Finance Commission,             Taxable Variable Rate Demand Multifamily             Revenue Bonds (Seaport Landing Retirement             Project), Series 2005B (Bank of America),
5.34%, 7-2-07 (E)		1,320		1,320,000
Total Municipal Obligations - Taxable - 0.18%				11,420,000
TOTAL SHORT-TERM SECURITIES - 13.85%			$	888,333,864
(Cost: $888,333,864)
TOTAL INVESTMENT SECURITIES - 100.00%			$	6,412,225,186
(Cost: $5,043,916,260)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(A)Listed on an exchange outside the United States.

(B)Security valued in good faith by the Valuation Committee approved by the Board of Trustees.

(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 June 30, 2007, the total value of these securities amounted to $54,767,141 or 0.85% of total investments.

(D)Principal amounts are denominated in the indicated foreign currency, were applicable (BRL - Brazilian Real, CAD - Canadian Dollar, ZAR - South African Rand).

(E)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2007.

The Investments of Ivy International Growth Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Australia - 2.33%
Boart Longyear Limited (A)(B)*	1,545,000			$	2,920,976
Novogen LTD (A)*			474,580		796,653
QBE Insurance Group Limited (A)			88,000		2,327,727
					6,045,356
Austria - 0.68%
Erste Bank der oesterreichischen Sparkassen AG (A)			22,450		1,756,256
Bermuda - 1.13%
Esprit Holdings Limited (A)			230,000		2,917,946
Brazil - 0.95%
Petroleo Brasileiro S.A. - Petrobras, ADR			20,300		2,461,781
Canada - 0.87%
Shoppers Drug Mart Corporation (A)(B)			48,450		2,244,096
Cayman Islands - 1.31%
Agile Property Holdings Limited (A)	2,600,000				3,404,952
China - 3.12%
China Mobile Limited (A)			378,000		4,058,356
Qiao Xing Mobile Communication Co., Ltd.*			115,500		1,089,165
SINA Corporation*			70,000		2,928,450
					8,075,971
Finland - 0.87%
Fortum Oyj (A)			72,000		2,259,836
France - 10.08%
ALSTOM (A)*			8,300		1,395,447
LVMH Moet Hennessy - Louis Vuitton (A)			28,600		3,311,151
Pernod Ricard (A)			11,520		2,556,275
SR.Teleperformance (A)(B)			46,666		2,036,920
SUEZ (A)			30,000		1,725,249
TOTAL S.A. (A)			51,000		4,159,518
Technip-Coflexip (A)			30,000		2,489,003
VINCI (A)			87,000		6,532,801
Vallourec (A)			5,900		1,902,198
					26,108,562
Germany - 17.50%
Allianz Aktiengesellschaft, Registered Shares (A)			14,800		3,457,373
Bayer Aktiengesellschaft (A)			70,000		5,287,541
Commerzbank Aktiengesellschaft (A)			50,000		2,385,464
DaimlerChrysler AG, Registered Shares (A)			14,000		1,293,226
Deutsche Borse AG (A)			42,000		4,718,143
E.ON AG (A)			17,600		2,944,013
elexis AG (A)			48,000		1,635,190
Fresenius AG (A)			45,000		3,430,196
ProSieben- Sat.1 Meida Aktiengesellschaft (A)*			50,000		1,967,923
Siemens AG (A)			70,500		10,119,138
Vossloh AG (A)			21,450		2,521,975
Wacker Chemie AG (A)			10,000		2,368,546
Wacker Construction Equipment AG (A)*			36,000		1,338,946
Wacker Construction Equipment AG (A)(B)*			49,500		1,841,050
					45,308,724
Greece - 4.93%
Bank of Cyprus Limited (A)			250,000		4,236,313
Hellenic Exchanges Holding S.A. (A)			150,000		3,938,553
National Bank of Greece S.A. (A)			40,000		2,295,459
Piraeus Bank S.A. (A)			62,500		2,289,030
					12,759,355
India - 0.12%
ICICI Bank Limited, ADR			6,210		305,221
Ireland - 1.70%
Anglo Irish Bank Corporation plc (Great Britain) (A)			59,000		1,205,793
CRH public limited company (A)			64,700		3,205,883
					4,411,676
Italy - 2.82%
AICON SpA (A)(B)*			85,000		499,865
Landi Renzo S.p.A. (A)(C)*			90,000		521,351
Saipem S.p.A. (A)			78,300		2,687,539
UniCredito Italiano S.p.A. (A)			400,001		3,589,371
					7,298,126
Japan - 16.86%
Astellas Pharma Inc. (A)			28,000		1,218,924
Bank of Yokohama, Ltd. (The) (A)			150,000		1,052,589
Canon Inc. (A)			79,200		4,650,688
DENSO CORPORATION (A)			28,000		1,096,122
Daiwa Securities Group Inc. (A)			107,000		1,141,044
Hokuhoku Financial Group, Inc. (A)*			400,000		1,296,244
Hoya Corporation (A)			86,000		2,856,772
Japan Tobacco Inc. (A)			550		2,715,939
Kirin Brewery Company, Limited (A)			140,000		2,095,594
Makita Corporation (A)			70,000		3,115,533
Mitsubishi Estate Co., Ltd. (A)			100,000		2,720,812
Nintendo Co., Ltd. (A)			11,700		4,285,645
Nitori Co., Ltd. (A)			50,000		2,497,462
Shin-Etsu Chemical Co., Ltd. (A)			42,000		3,005,239
SUMCO Corporation (A)			65,000		3,267,817
Toyota Motor Corporation (A)			80,000		5,068,020
YAMADA-DENKI Co., Ltd. (A)*			15,000		1,569,137
					43,653,581
Mexico - 0.45%
Grupo Televisa, S.A., GDR			42,000		1,159,620
Netherlands - 0.58%
Royal Numico N.V. (A)			28,600		1,491,450
Norway - 1.67%
Aker Kvaerner ASA (A)			73,500		1,869,611
Statoil ASA (A)			79,000		2,458,305
					4,327,916
Russia - 0.59%
OAO LUKOIL, ADR			20,000		1,524,000
Singapore - 0.70%
Singapore Exchange Limited (A)			285,000		1,824,596
South Korea - 2.01%
Kookmin Bank (A)			30,000		2,633,544
Samsung Electronics Co., Ltd. (A)			4,200		2,573,145
					5,206,689
Spain - 0.50%
Banco Santander Central Hispano, S.A. (A)			70,000		1,297,016
Sweden - 0.98%
H & M Hennes & Mauritz AB (A)			42,900		2,549,838
Switzerland - 8.82%
ABB Ltd (A)			72,000		1,638,641
Compagnie Financiere Richemont SA (A)			42,550		2,560,315
Holcim Ltd, Registered Shares (A)			32,700		3,555,104
Nestle S.A., Registered Shares (A)			13,000		4,959,476
Roche Holdings AG, Genussschein (A)			28,500		5,072,370
SGS SA (A)			1,180		1,402,669
Swatch Group Ltd (The), Bearer Shares (A)			4,300		1,228,571
UBS AG (A)			40,000		2,410,151
					22,827,297
United Kingdom - 11.51%
BAE Systems plc (A)			285,000		2,317,864
BHP Billiton Plc (A)			144,000		4,019,439
British American Tobacco p.l.c. (A)			141,000		4,807,783
Diageo plc (A)			85,000		1,770,051
IG Group Holdings plc (A)(B)			272,000		1,615,406
Informa plc (A)			155,000		1,735,260
Intertek Group plc (A)			145,000		2,865,175
Reckitt Benckiser plc (A)			87,500		4,805,665
Safestore Holdings Limited (A)(B)*			205,000		786,277
Standard Chartered PLC (A)			42,500		1,391,120
Tanfield Group PLC (A)*	1,000,000				3,694,928
					29,808,968
United States - 2.85%
Research In Motion Limited*			36,850		7,372,764
TOTAL COMMON STOCKS - 95.93%				$	248,401,593
(Cost: $187,915,657)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Finance Companies - 2.91%
BP Capital Markets p.l.c.,
5.34%, 7-2-07	$	7,552		7,550,880
Household -- General Products - 1.16%
Procter & Gamble Company (The),
5.32%, 7-12-07		3,000		2,995,123
TOTAL SHORT-TERM SECURITIES - 4.07%			$	10,546,003
(Cost: $10,546,003)
TOTAL INVESTMENT SECURITIES - 100.00%			$	258,947,596
(Cost: $198,461,660)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(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 Directors. At June 30, 2007, the total value of these securities amounted to $11,944,590 or 4.61% of total investments.

(C)Security was 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. This security has been determined to be illiquid under guidelines established by the Board of Directors. At June 30, 2007, the total value of this security amounted to 0.20% of total investments.

The Investments of Ivy International Balanced Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Australia - 0.61%
National Australia Bank Limited (A)			54,242	$	1,886,366
Austria - 0.46%
Telekom Austria Aktiengesellschaft (A)			56,430		1,412,946
Belgium - 0.62%
Belgacom SA (A)			42,790		1,902,486
Canada - 0.16%
Barrick Gold Corporation (A)			17,500		508,942
Cayman - 1.24%
ACE Limited			46,490		2,906,555
XL Capital Ltd, Class A			10,870		916,232
					3,822,787
China - 0.79%
China Telecom Corporation Limited (A)	3,774,000				2,220,227
China Telecom Corporation Limited (A)(B)			360,000		211,786
					2,432,013
Denmark - 0.45%
Vestas Wind Systems A/S (A)*			21,080		1,395,541
Finland - 1.44%
Stora Enso Oyj, Class R (A)			104,960		1,985,979
UPM-Kymmene Corporation (A)			98,830		2,447,843
					4,433,822
France - 7.55%
AXA S.A. (A)			109,570		4,747,020
France Telecom (A)			220,724		6,094,295
Sanofi-Aventis (A)			69,548		5,657,217
THOMSON (A)			179,190		3,426,886
TOTAL S.A. (A)			41,440		3,379,812
					23,305,230
Germany - 4.25%
Bayerische Motoren Werke Aktiengesellschaft (A)			47,660		3,074,339
Deutsche Post AG (A)			70,260		2,276,544
E.ON AG (A)			5,810		971,859
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft,       Registered Shares (A)			17,210		3,160,854
Siemens AG (A)			25,310		3,632,842
					13,116,438
Hong Kong - 0.77%
Hutchison Whampoa Limited, Ordinary Shares (A)			239,000		2,373,433
Israel - 1.00%
Check Point Software Technologies Ltd.*			135,710		3,096,902
Italy - 2.13%
Eni S.p.A. (A)			83,858		3,053,096
Mediaset S.p.A. (A)			341,234		3,535,422
					6,588,518
Japan - 3.76%
AIFUL Corporation (A)			43,300		1,244,930
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (A)			189		2,087,634
Konica Minolta Holdings, Inc. (A)			76,500		1,130,181
Nissan Motor Co., Ltd. (A)			136,400		1,463,427
Promise Co., Ltd. (A)*			46,200		1,425,868
Sony Corporation (A)			61,500		3,161,787
Takeda Pharmaceutical Company Limited (A)			16,900		1,092,581
					11,606,408
Netherlands - 4.83%
Akzo Nobel N.V. (A)			16,030		1,387,668
ING Groep N.V., Certicaaten Van Aandelen (A)			110,560		4,906,628
Koninklijke Philips Electronics N.V., Ordinary Shares (A)			40,460		1,728,250
Reed Elsevier NV (A)			183,940		3,520,216
Vedior N.V. (A)			111,960		3,365,543
					14,908,305
Norway - 1.80%
Norske Skogindustrier ASA (A)			163,411		2,360,992
Telenor ASA (A)			163,300		3,205,382
					5,566,374
Singapore - 2.41%
DBS Group Holdings Ltd (A)			33,000		491,524
Flextronics International Ltd.*			237,690		2,570,617
Singapore Telecommunications Limited (A)			931,000		2,067,875
Venture Corporation Limited (A)			226,000		2,317,949
					7,447,965
South Korea - 3.07%
KT Corporation, ADR			48,730		1,143,206
Kookmin Bank, ADR			16,440		1,442,117
SK Telecom Co., Ltd., ADR			41,000		1,121,350
Samsung Electronics Co., Ltd. (A)			7,368		4,514,031
Samsung Electronics Co., Ltd., GDR (B)			4,010		1,241,095
					9,461,799
Spain - 2.41%
Gamesa Corporacion Tecnologica, S.A. (A)			53,110		1,940,813
Repsol YPF, S.A. (A)			70,566		2,793,606
Telefonica, S.A., ADR			40,135		2,679,413
Telefonica, S.A., Brazilian Depositary Receipts (A)			569		12,536
					7,426,368
Sweden - 1.23%
Nordea Bank AB, Finnish Depositary Receipts (A)			89,560		1,408,523
Securitas AB, Class B (A)			105,270		1,677,744
Securitas Systems AB, Class B (A)			204,730		700,474
					3,786,741
Switzerland - 3.18%
Lonza Group Ltd, Registered Shares (A)			5,800		534,654
Nestle S.A., Registered Shares (A)			7,930		3,025,280
Novartis AG, Registered Shares (A)			67,150		3,793,164
Swiss Reinsurance Company, Registered Shares (A)			26,800		2,455,113
					9,808,211
Taiwan - 4.54%
Chunghwa Telecom Co., Ltd., ADR			159,659		3,011,161
Compal Electronics Inc., GDR			54,799		295,953
Compal Electronics Inc., GDR (B)			133,829		722,771
Lite-On Technology Corporation (A)			487,000		627,531
Lite-On Technology Corporation, GDR			367,924		4,740,957
Mega Financial Holding Company (A)	6,790,000				4,596,772
					13,995,145
Thailand - 0.00%
Advanced Info Service Public Company Limited (A)			3,000		7,516
United Kingdom - 18.06%
Aviva plc (A)			262,580		3,920,403
BAE SYSTEMS plc (A)			93,350		759,202
BP p.l.c. (A)			424,390		5,138,905
British Sky Broadcasting Group plc (A)			230,870		2,967,123
Compass Group PLC (A)			560,920		3,894,496
Fiberweb plc (A)			51,522		163,213
GlaxoSmithKline plc (A)			145,100		3,802,472
Group 4 Securicor plc (A)			897,590		3,812,207
HSBC Holdings plc (A)			190,630		3,502,680
INVESCO PLC (A)			26,400		342,737
Kingfisher plc (A)			623,370		2,835,321
Old Mutual plc (A)	1,439,190				4,881,304
Pearson plc (A)			86,110		1,457,704
Rentokil Initial plc (A)			376,520		1,213,532
Royal Bank of Scotland Group plc (The) (A)			407,310		5,177,461
Royal Dutch Shell plc, Class B (A)			71,241		2,979,939
tesco plc (A)			157,950		1,327,404
Unilever PLC (A)			52,092		1,689,397
Vodafone Group Plc (A)	1,678,588				5,656,191
Vodafone Group Plc, ADR			6,590		221,622
					55,743,313
TOTAL COMMON STOCKS - 66.76%				$	206,033,569
(Cost: $165,672,085)

CORPORATE DEBT SECURITY - 2.50%		Principal Amount in Thousands
Banks
KfW, Frankfurt am Main,
0.456%, 8-08-11 (C)(D)	JPY950,000			$	7,716,809
(Cost: $8,289,642)
OTHER GOVERNMENT SECURITIES
Australia - 1.54%
New South Wales Treasury Corporation,
8.0%, 3-01-08 (C)	AUD4,350				3,723,238
Queensland Treasury Corporation,
8.0%, 9-14-07 (C)			1,200		1,020,472
					4,743,710
Austria - 0.19%
Republic of Austria:
5.5%, 10-20-07 (C)	EUR360				488,778
4.0%, 7-15-09 (C)			70		93,849
					582,627
Belgium - 0.23%
Belgium Government Bond:
7.5%, 7-29-08 (C)			405		565,404
5.0%, 9-28-12 (C)			100		137,956
					703,360
Canada - 1.92%
Canadian Government Bond:
4.5%, 9-01-07 (C)	CAD5,540				5,198,057
6.0%, 6-01-11 (C)			748		737,692
					5,935,749
Finland - 0.33%
Finland Government Bond:
3.0%, 7-04-08 (C)	EUR400				533,938
5.0%, 4-25-09 (C)			60		81,898
5.75%, 2-23-11 (C)			280		393,955
					1,009,791
Germany - 0.07%
Deutsche Bundesrepublik,
5.0%, 7-04-11 (C)			170		233,854
Ireland - 0.24%
Ireland Government Bond,
5.0%, 4-18-13 (C)			540		746,104
Malaysia - 4.50%
Bank Negara Monetary Notes:
0.0%, 12-06-07 (C)	MYR3,400				970,698
0.0%, 12-13-07 (C)			8,665		2,472,258
0.0%, 12-21-07 (C)			19,200		5,474,000
3.546%, 1-11-08 (C)			8,250		2,393,834
3.569%, 2-14-08 (C)			1,450		420,941
0.0%, 2-28-08 (C)			1,160		328,625
3.17%, 5-15-08 (C)			1,400		405,120
Malaysian Treasury Bills:
0.0%, 1-04-08 (C)			400		113,943
0.0%, 2-29-08 (C)			800		226,735
0.0%, 3-28-08 (C)			500		141,350
0.0%, 5-09-08 (C)			2,000		563,246
0.0%, 6-06-08 (C)			1,300		365,107
					13,875,857
New Zealand - 0.10%
New Zealand Government Bond,
6.0%, 11-15-11 (C)	NZD410				302,692
Norway - 2.28%
Norway Treasury Bills:
0.0%, 9-19-07 (C)	NOK18,200				3,061,579
0.0%, 12-19-07 (C)			23,805		3,961,320
					7,022,899
Poland - 3.00%
Poland Government Bond:
5.75%, 6-24-08 (C)	PLN1,200				433,611
6.0%, 5-24-09 (C)			9,425		3,431,439
6.25%, 10-24-15 (C)			3,250		1,212,559
5.75%, 9-23-22 (C)			11,570		4,191,457
					9,269,066
Singapore - 1.37%
Singapore Government Bond,
2.625%, 10-01-07 (C)	SGD6,450				4,217,223
South Korea - 1.53%
South Korea Treasury Bond:
3.75%, 9-10-07 (C)	KRW1,100,000				1,187,351
4.5%, 9-09-08 (C)	1,000,000				1,072,612
4.25%, 9-10-08 (C)	2,300,000				2,460,190
					4,720,153
Spain - 0.15%
Spain Government Bond,
6.0%, 1-31-08 (C)	EUR 350				478,010
Supranational - 1.99%
European Investment Bank:
2.125%, 9-20-07 (C)	JPY645,000				5,254,064
0.525%, 9-21-11 (C)(D)	110,000				893,214
					6,147,278
Sweden - 7.53%
Sweden Government Bond:
8.0%, 8-15-07 (C)	SEK24,480				3,595,473
6.5%, 5-05-08 (C)	118,100				17,635,912
Sweden Treasury Bills,
0.0%, 9-19-07 (C)			13,800		2,004,137
					23,235,522
Thailand - 0.08%
Thailand Government Bond,
5.5%, 8-10-08 (C)	THB8,770				260,187
TOTAL OTHER GOVERNMENT SECURITIES - 27.05%				$	83,484,082
(Cost: $79,615,839)
SHORT-TERM SECURITIES
Leisure Time Industry - 1.62%
Walt Disney Company (The),
5.39%, 7-03-07		$	5,000		4,998,503
Security and Commodity Brokers - 2.07%
UBS Finance Delaware LLC (UBS AG),
5.35%, 7-02-07			6,384		6,383,051
TOTAL SHORT-TERM SECURITIES - 3.69%				$	11,381,554
(Cost: $11,381,554)
TOTAL INVESTMENT SECURITIES - 100.00%				$	308,616,014
(Cost: $264,959,120)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(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 determinded to be illiquid under guidelines established by the Board of Trustees. At June 30, 2007, the total value of these securities amounted. to $2,175,652 or 0.70% of total investments

(C)Principal amounts are denominated in the indicated foreign currency, where applicable (AUD - Australian Dollar, CAD - Canadian Dollar, EUR - Euro, JPY - Japanese Yen, KRW - South Korean Won, MYR- Malaysian Ringgit, NOK - Norwegian Krone, NZD - New Zealand Dollar, PLN - Polish Zloty, SEK - Swedish Krona, SGD - Singapore Dollar, THB - Thailand Baht).

(D)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2007.

The Investments of Ivy International Core Equity Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Australia - 3.60%
Boart Longyear Limited (A)*			223,730	$	422,984
Boart Longyear Limited (A)(B)*	1,405,000				2,656,292
Metcash Limited (A)			680,050		2,594,466
Rio Tinto Limited (A)			38,370		3,213,657
					8,887,399
Bermuda - 2.10%
Esprit Holdings Limited (A)			212,500		2,695,928
Hongkong Land Holdings Limited (A)			555,000		2,497,500
					5,193,428
Brazil - 1.66%
Petroleo Brasileiro S.A. - Petrobras, ADR			33,760		4,094,075
Canada - 1.31%
Goldcorp Inc. (A)			136,600		3,243,008
Cayman Islands - 0.77%
Agile Property Holdings Limited (A)	1,458,000				1,909,392
China - 3.64%
China Mobile Limited (A)			293,500		3,151,131
Qiao Xing Mobile Communication Co., Ltd.*			243,200		2,293,376
SINA Corporation*			84,750		3,545,516
					8,990,023
Denmark - 1.21%
Bang & Olufsen a/s (A)*			25,000		2,996,326
France - 13.40%
ALSTOM (A)*			16,380		2,753,906
BNP Paribas (A)			27,260		3,260,058
L'Oreal (A)			36,860		4,380,196
LVMH Moet Hennessy - Louis Vuitton (A)			26,850		3,108,546
SUEZ (A)			56,520		3,250,369
TOTAL S.A. (A)			55,410		4,519,194
Technip-Coflexip (A)			39,820		3,303,737
VINCI (A)			36,900		2,770,809
Vallourec (A)			9,440		3,043,517
Vivendi Universal (A)			63,160		2,727,801
					33,118,133
Germany - 10.53%
Beiersdorf Aktiengesellschaft (A)			41,840		2,986,023
Commerzbank Aktiengesellschaft (A)			66,490		3,172,190
Deutsche Bank AG (A)			21,480		3,116,541
Deutsche Borse AG (A)			41,480		4,659,728
Deutsche Post AG (A)			79,910		2,589,220
Fresenius AG (A)			45,220		3,446,965
Siemens AG (A)			42,060		6,037,035
					26,007,702
Greece - 1.28%
Alpha Bank (A)			99,970		3,152,603
Hong Kong - 1.32%
Cheung Kong (Holdings) Limited (A)			249,000		3,260,896
Ireland - 1.16%
Irish Life & Permanent plc (A)			113,460		2,863,949
Italy - 1.05%
Capitalia S.p.A. (A)			261,020		2,603,664
Japan - 19.90%
Bridgestone Corporation (A)*			140,600		3,014,692
Daiwa Securities Group Inc. (A)			252,000		2,687,318
Hokuriku Electric Power Company (A)			155,900		3,019,870
JGC Corporation (A)			142,000		2,664,122
Konica Minolta Holdings, Inc. (A)			200,500		2,962,108
Kurita Water Industries Ltd. (A)			86,800		2,728,252
Makita Corporation (A)			70,800		3,151,139
Mitsubishi Electric Corporation (A)			332,000		3,079,342
Nissin Kogyo Co., Ltd. (A)			115,400		3,214,798
ORIX Corporation (A)			10,100		2,661,888
Shimachu Co., Ltd. (A)			97,500		2,629,036
Sumitomo Mitsui Financial Group, Inc. (A)*			250		2,335,025
Suzuki Motor Corporation (A)			147,300		4,187,208
Toda Corporation (A)			471,000		2,509,450
Toyota Motor Corporation (A)			77,100		4,884,305
Ushio Inc. (A)			155,500		3,454,152
					49,182,705
Netherlands - 4.45%
Heineken N.V. (A)			96,170		5,660,734
Royal Numico N.V. (A)			55,120		2,874,431
TNT N.V. (A)			54,560		2,468,621
					11,003,786
Norway - 2.83%
Aker Kvaerner ASA (A)			127,560		3,244,728
Orkla ASA (A)			197,250		3,746,344
					6,991,072
Singapore - 1.45%
Singapore Telecommunications Limited (A)	1,616,000				3,589,352
South Korea - 1.16%
Kookmin Bank (A)			32,580		2,860,029
Sweden - 2.60%
Rezidor Hotel Group AB (A)			175,800		1,542,286
Rezidor Hotel Group AB (A)(B)			130,000		1,140,484
Telefonaktiebolaget LM Ericsson, B Shares (A)*			932,120		3,742,545
					6,425,315
Switzerland - 7.50%
Holcim Ltd, Registered Shares (A)			21,770		2,366,808
Nestle S.A., Registered Shares (A)			13,000		4,959,476
Novartis AG, ADR			44,690		2,505,768
Roche Holdings AG, Genussschein (A)			18,340		3,264,115
Swatch Group Ltd (The), Bearer Shares (A)			11,010		3,145,714
Zurich Financial Services, Registered Shares (A)			7,340		2,278,915
					18,520,796
United Kingdom - 13.39%
BAE Systems plc (A)			667,050		5,425,022
BAE Systems plc (A)(B)			100,000		813,286
Barclays PLC (A)			200,250		2,798,787
British American Tobacco p.l.c. (A)			94,580		3,224,966
Delek US Holdings, Inc. (A)(B)*			500,000		1,962,930
Informa plc (A)			238,200		2,666,704
Intertek Group plc (A)			144,980		2,864,780
Prudential plc (A)			229,370		3,288,690
Smiths Group plc (A)			67,460		1,605,287
Standard Chartered PLC (A)			84,410		2,762,928
Vodafone Group Plc (A)			938,179		3,161,300
WPP Group plc (A)			167,640		2,519,751
					33,094,431
United States - 0.51%
Comtech Group, Inc.*			75,600		1,250,046
TOTAL COMMON STOCKS - 96.82%				$	239,238,130
(Cost: $210,350,525)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Finance Companies - 2.20%
BP Capital Markets p.l.c.,
5.34%, 7-2-07	$	5,441		5,440,193
Security and Commodity Brokers - 0.98%
UBS Finance Delaware LLC (UBS AG),
5.35%, 7-2-07		2,418		2,417,641
TOTAL SHORT-TERM SECURITIES - 3.18%			$	7,857,834
(Cost: $7,857,834)
TOTAL INVESTMENT SECURITIES - 100.00%			$	247,095,964
(Cost: $218,208,359)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(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 has been determined to be liquid under guidelines established by the Board of Directors. At June 30, 2007, the total value of these securities amounted to $6,572,992 or 2.66% of total investments.

The Investments of Ivy Managed European/Pacific Fund
June 30, 2007
AFFILIATED MUTUAL FUNDS	Shares			Value
Ivy European Opportunities Fund, Class I*		203,601	$	8,968,613
Ivy Pacific Opportunities Fund, Class I*		317,582		6,176,969
TOTAL AFFILIATED MUTUAL FUNDS - 97.24%			$	15,145,582
(Cost: $14,590,936)

SHORT-TERM SECURITIES - 2.76%	Principal Amount in Thousands
Repurchase Agreement
J.P. Morgan Securities, Inc., 4.0% Repurchase       Agreement dated 6-29-07 to be repurchased       at $430,143 on 7-2-07 (A)	$	430	$	430,000
(Cost: $430,000)
TOTAL INVESTMENT SECURITIES - 100.00%			$	15,575,582
(Cost: $15,020,936)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

(A)Collateralized by $385,000 United States Treasury Bond, 6.125% due 8-15-29; market value and accrued interest aggregate $442,640.

The Investments of Ivy Managed International Opportunities Fund
June 30, 2007
AFFILIATED MUTUAL FUNDS	Shares			Value
Ivy European Opportunities Fund, Class I*		99,903	$	4,400,714
Ivy International Balanced Fund, Class I		662,716		11,571,019
Ivy International Core Equity Fund, Class I*		307,246		5,889,910
Ivy International Growth Fund, Class I*		118,315		4,449,834
Ivy Pacific Opportunities Fund, Class I*		155,130		3,017,273
TOTAL AFFILIATED MUTUAL FUNDS - 96.65%			$	29,328,750
(Cost: $28,786,888)

SHORT-TERM SECURITIES - 3.35%	Principal Amount in Thousands
Repurchase Agreement
J.P. Morgan Securities, Inc., 4.0% Repurchase       Agreement dated 6-29-07 to be repurchased       at $1,016,339 on 7-2-07 (A)	$	1,016	$	1,016,000
(Cost: $1,016,000)
TOTAL INVESTMENT SECURITIES - 100.00%			$	30,344,750
(Cost: $29,802,888)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

(A)Collateralized by $909,000 United States Treasury Bond, 6.125% due 8-15-29; market value and accrued interest aggregate $1,045,091.

The Investments of Ivy Mortgage Securities Fund
June 30, 2007
CORPORATE DEBT SECURITIES		Principal Amount in Thousands				Value
Finance Companies
ABFS Mortgage Loan Trust 2001-2,
6.99%, 12-25-31 (A)		$	1,170		$	1,180,405
ABFS Mortgage Loan Trust 2002-4,
7.423%, 12-15-33 (A)			1,485			1,487,596
Aames Mortgage Trust 2001-4,
6.65%, 1-25-32 (A)			588			589,304
Asset Securitization Corporation:
1.61808%, 10-13-26 (Interest Only) (A)(B)			4,166			183,176
2.59147%, 8-13-29 (Interest Only) (A)			7,164			354,416
7.61434%, 2-14-43 (A)			1,430			1,519,174
Associates Manufactured Housing Contract Pass-Through       Certificates,
7.9%, 3-15-27			1,509			1,536,440
Auburn Funding, LLC,
6.92%, 1-25-12 (A)(C)			1,920			1,871,100
Banc of America Alternative Loan Trust:
2004-11,
6.0%, 12-25-34			1,161			1,133,933
2005-6,
6.0%, 7-25-35			895			886,074
2005-8:
5.57487%, 9-25-35 (A)			2,061			1,965,847
5.57487%, 9-25-35 (A)			409			380,350
2005-10,
5.66855%, 11-25-35 (A)			1,162			1,004,573
2005-12,
5.80779%, 1-25-36 (A)			1,643			1,558,484
2006-4:
6.22513%, 5-25-36 (A)			899			809,935
6.22513%, 5-25-36 (A)			644			625,892
2006-6,
6.0%, 6-25-46			3,070			3,003,686
Banc of America Commercial Mortgage Inc., Commercial       Mortgage Pass-Through Certificates:
Series 2002-2,
6.2%, 7-11-43 (B)			1,200			1,208,586
Series 2003-1,
4.9%, 9-11-36 (B)			1,000			943,546
Series 2004-6,
5.104%, 12-10-42 (A)(B)			800			757,434
Banc of America Commercial Mortgage Trust 2007-1,
5.451%, 1-15-49			1,000			967,295
Banc of America Funding 2004-2 Trust,
6.5%, 7-20-32			1,221			1,222,406
Banc of America Funding Corporation,
5.00784%, 9-20-34 (A)			1,325			1,291,988
Banc of America Mortgage:
2005-J Trust,
5.08865%, 11-25-35 (A)			2,189			2,168,094
2007-1 Trust:
6.0%, 3-25-37			3,630			3,526,465
6.0%, 3-25-37			1,000			973,245
Alternative Loan Trust 2003-5,
5.5%, 7-25-33			1,282			1,162,180
Trust 2003-9,
5.5%, 12-25-33			819			707,114
Trust 2004-1,
5.5%, 2-25-34			1,910			1,745,304
Trust 2004-2:
5.0%, 3-25-19			304			292,489
5.0%, 3-25-19			237			225,735
5.5%, 3-25-34			471			436,291
Trust 2004-3:
4.875%, 4-25-19			410			392,157
4.875%, 4-25-19			220			208,124
Trust 2004-7,
5.75%, 8-25-34			1,152			1,133,275
Banc of America Structured Securities Trust 2002-X1 F,
6.274%, 10-11-33 (B)			1,750			1,770,216
Banco Hipotecario Nacional:
7.916%, 7-25-09 (C)			23			233
2.57%, 3-25-11 (C)			10			100
7.54%, 5-31-17 (C)			- ---	*		1
Bank of America, N.A.-First Union National Bank       Commercial Mortgage Trust,
6.25%, 4-11-37 (B)			1,750			1,767,652
BankAmerica Manufactured Housing Contract Trust:
7.8%, 10-10-26			2,000			2,021,162
7.015%, 1-10-28			1,163			1,173,248
Bear Stearns Commercial Mortgage Securities Inc.:
Series 2001-TOP2 Trust Fund:
7.49056%, 2-15-35 (A)(B)			3,000			3,131,295
7.83056%, 2-15-35 (A)(B)			795			837,514
Series 2000-WF1 Trust Fund,
6.5%, 2-15-32			1,015			1,030,572
Bear Stearns Commercial Mortgage Securities       Trust 2002-TOP6,
6.0%, 10-15-36 (B)			938			907,605
Bear Stearns Mortgage Funding Trust 2006-SL2,
5.73%, 9-25-36 (A)			2,295			2,102,245
Bear Stearns Mortgage Securities Inc.,
8.0%, 11-25-29			439			437,401
BlackRock Capital Finance,
7.75%, 9-25-26 (B)			597			596,902
C-Bass 2005-CB3 Trust,
5.109%, 12-25-34 (A)			1,254			1,164,025
C-Bass 2006-CB2 Trust,
5.717%, 12-25-36 (A)			512			510,384
C-Bass 2006-MH1 Trust,
5.97%, 9-25-36 (A)(B)			1,445			1,424,582
CHL Mortgage Pass-Through Trust:
2002-32,
5.52807%, 1-25-33 (A)			1,398			1,334,584
2003-28,
4.15%, 8-25-33			1,500			1,421,515
2003-HYB2,
3.9709%, 7-19-33 (A)			2,109			2,013,014
COMM 2006-CNL2,
5.5699%, 2-5-19 (A)(B)			925			895,881
CSAB Mortgage-Backed Trust 2006-2,
6.08%, 9-25-36 (A)			3,540			3,476,921
CSFB Commercial Mortgage Trust 2003-C4,
5.322%, 8-15-36 (A)(B)			1,000			952,194
CWHEQ Home Equity Loan Trust, Series 2006-S3,
6.518%, 1-25-29 (A)			2,135			2,140,900
Capital Auto Receivables Asset Trust 2006-1,
7.16%, 1-15-13 (B)			1,140			1,153,913
Centex Home Equity Loan Trust 2005-C,
5.048%, 6-25-35 (A)			2,301			2,279,370
Chase Mortgage Finance Trust:
Series 2003-S2,
5.0%, 3-25-18			1,728			1,704,393
Series 2003-S11,
5.5%, 10-25-33			882			842,388
Citicorp Residential Mortgage Trust Series 2006-2,
5.872%, 9-25-36 (A)			1,555			1,551,779
CitiMortgage Alternative Loan Trust, Series 2006-A7,
0.0%, 12-25-36 (D)			3,417			3,301,158
Collateralized Mortgage Obligation Trust,
5.0%, 7-1-18			34			33,144
Conseco Finance Securitizations Corp.,
6.981%, 6-15-32			1,163			1,165,945
CountryPlace Manufactured Housing Contract Trust 2005-1,
4.8%, 12-15-35 (A)(C)			1,275			1,236,441
Countrywide Home Loans Alternative Loan Trust 2004-J9,
4.586%, 10-25-34 (A)			2,382			2,358,696
Countrywide Home Loans, Inc. Asset-Backed Certificates,       Series 2005-10,
4.915%, 2-25-36 (A)			5,000			4,742,204
Credit Suisse Commercial Mortgage Trust Series 2006-C5,
5.311%, 12-15-39			1,000			958,697
Credit Suisse First Boston Mortgage Securities Corp.,
6.0%, 11-25-18			519			517,370
DLJ Commercial Mortgage Corp. 1998-CG1,
7.36358%, 6-10-31 (A)(B)			1,640			1,744,800
FFCA Secured Lending Corporation:
6.42%, 2-18-22 (A)(C)			1,500			1,422,161
6.67%, 2-18-22 (A)(C)			1,000			939,547
First Horizon Mortgage Pass-Through Trust 2003-8,
5.12469%, 10-25-33 (A)			371			304,221
Flagstar Home Equity Loan Trust 2007-1,
5.997%, 1-25-35 (A)(C)			1,630			1,585,540
Ford Credit Auto Owner Trust 2006-B,
7.12%, 2-15-13 (B)			635			645,897
Ford Credit Auto Owner Trust 2007-A,
7.05%, 12-15-13 (B)			390			390,198
GMAC Commercial Mortgage Securities,
5.94%, 7-1-13 (B)			191			189,440
Global Mortgage Securitization 2005-A Ltd. and Global       Mortgage Securitization 2005-A LLC:
5.25%, 4-25-32			793			742,549
5.39543%, 4-25-32 (A)			1,234			1,110,403
Global Mortgage Securitization Ltd. and Global Mortgage       Securitization, LLC:
5.25%, 11-25-32 (C)			1,096			1,051,499
5.25%, 11-25-32 (C)			511			491,259
Green Tree Financial Corporation:
7.65%, 4-15-19			728			752,407
8.3%, 11-15-19			564			584,764
9.1%, 4-15-25			1,075			1,113,081
9.0%, 6-15-25			1,052			1,093,216
Greenwich Capital Commercial Funding Corp., Commercial       Mortgage Trust 2002-C1,
5.5%, 1-11-35 (B)			780			756,976
Hilton Hotel Pool Trust:
5.82%, 10-3-15 (A)(B)			500			504,532
7.653%, 10-3-15 (B)			1,955			2,030,271
Home Equity Loan Trust 2003-HS2,
5.09%, 7-25-33 (A)			213			208,578
Hometown Commercial Capital, LLC Hometown Commercial       Mortgage Pass-Through Notes 2006-1,
5.506%, 11-11-38 (C)			2,373			2,330,332
Impac CMB Trust Series 2003-2F,
6.0%, 1-25-33 (A)			917			891,763
J.P. Morgan Alternative Loan Trust 2006-A6,
5.95%, 11-25-36 (A)			2,500			2,464,805
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
6.2207%, 10-12-37 (B)			2,300			2,328,242
J.P. Morgan Chase Commercial Mortgage Securities       Trust 2007-LDP10,
5.42%, 1-15-49			3,000			2,896,158
J.P. Morgan Mortgage Acquisition Trust:
2006-CW2,
6.337%, 8-25-36 (A)			2,725			2,710,060
2006-WF1,
6.41%, 7-25-36 (A)			2,510			2,492,416
J.P. Morgan Mortgage Trust:
2004-A3,
4.29637%, 7-25-34 (A)			1,459			1,406,376
2005-S2:
5.66917%, 9-25-35 (A)			2,242			2,137,819
6.5%, 9-25-35			2,390			2,411,382
2006-A2:
3.75442%, 11-25-33 (A)			1,629			1,597,403
3.81585%, 8-25-34 (A)			2,141			2,069,761
2006-A6,
6.05869%, 10-25-36 (A)			2,510			2,526,602
2006-S3:
6.187%, 8-25-36			1,206			1,178,874
6.5%, 8-25-36			1,810			1,789,021
2007-A1,
4.81722%, 7-25-35 (A)			2,193			2,111,612
2007-A2,
5.72268%, 4-25-37 (A)			3,626			3,610,498
LB-UBS Commercial Mortgage Trust 2003-C3,
4.846%, 2-15-37 (A)(B)			300			282,281
Lehman Mortgage Trust Mortgage Pass-Through Certificates,       Series 2006-5,
6.89035%, 9-25-36 (A)			2,007			2,016,556
Lehman XS Trust, Series 2005-8,
5.69%, 12-25-35			3,057			2,998,214
MASTR Asset Securitization Trust:
2003-6,
5.5%, 7-25-33			1,712			1,672,227
2003-10,
5.5%, 11-25-33			1,470			1,404,448
Metropolitan Asset Funding, Inc.,
6.98%, 5-20-12 (B)			14			14,427
Mid-State Capital Corporation 2004-1 Trust:
6.005%, 8-15-37			346			345,285
6.497%, 8-15-37			1,257			1,245,425
Morgan Stanley Capital I Trust 2003-IQ5,
5.93551%, 4-15-38 (A)(B)			2,348			2,317,598
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-WL1,
6.51989%, 4-25-17 (A)			278			278,791
Morgan Stanley Dean Witter Capital I Trust 2002-IQ3,
6.6026%, 9-15-37 (A)(B)			768			753,445
Multi Security Asset Trust LP, Commercial Mortgage-Backed       Securities Pass-Through Certificates, Series 2005-RR4:
1.09474%, 11-28-35 (Interest Only) (A)(C)	30,757					692,029
5.0%, 11-28-35 (C)			2,000			1,957,500
5.88%, 11-28-35 (A)(C)			680			629,319
5.88%, 11-28-35 (A)(C)			340			333,837
NationsLink Funding Corporation, Commercial Mortgage       Pass-Through Certificates, Series 1998-2,
5.0%, 8-20-30 (B)			1,000			936,265
Nomura Asset Securities Corporation, Commercial Mortgage       Pass-Through Certificates, Series1998-D6,
6.0%, 3-15-30 (B)			1,650			1,678,856
Oakwood Mortgage Investors, Inc.:
8.1%, 10-15-21 (B)			344			345,070
7.375%, 8-15-27			318			320,032
Origen Manufactured Housing Contract Trust:
2004-A:
5.7%, 1-15-35			543			526,876
5.91%, 1-15-35			1,600			1,565,623
2004-B,
4.75%, 8-15-21			400			381,187
2005-A,
4.97%, 10-15-21			935			902,076
2005-B:
5.605%, 5-15-22			360			348,807
5.91%, 1-15-37			600			569,168
PHH Alternative Mortgage Trust, Series 2007-1, Class II-B-2,
6.0%, 2-25-37			1,568			1,484,965
Prudential Home Mortgage Securities:
6.98%, 9-28-08 (A)(B)			5			4,510
6.72999%, 4-28-24 (A)(C)			3			3,318
8.045%, 9-28-24 (A)(B)			24			24,052
RALI Series 2003-QS10 Trust,
5.5%, 5-25-33			2,202			2,113,457
RALI Series 2003-QS11 Trust,
5.75%, 6-25-33			2,506			2,439,387
RAMP Series 2005-RS1 Trust,
5.145%, 1-25-35 (A)			1,075			1,029,396
RASC Series 2003-KS10 Trust,
6.41%, 12-25-33			332			320,072
RESI Finance Limited Partnership 2003-C and RESI       Finance DE Corporation 2003-C,
6.72%, 9-10-35 (A)(C)			1,434			1,451,980
RFMSI Series 2004-S5 Trust:
4.5%, 5-25-19			343			322,617
4.5%, 5-25-19			171			159,227
Salomon Brothers Mortgage Securities VII, Inc., Mortgage       Pass-Through Certificates, Series 1997-HUD1,
7.75%, 12-25-30 (A)			1,289			1,321,253
Structured Adjustable Rate Mortgage Loan Trust,       Series 2005-21,
5.4%, 11-25-35 (A)			1,575			1,502,895
Structured Asset Mortgage Investments, Inc.:
5.89382%, 4-30-30 (A)			20			19,942
5.89382%, 4-30-30 (A)			9			9,194
Structured Asset Securities Corporation:
5.54%, 11-25-32 (A)			236			234,496
5.25%, 8-25-33			1,316			1,233,557
5.25%, 8-25-33			573			529,743
5.63%, 5-25-34 (A)			916			901,699
6.0%, 6-25-34 (A)			2,750			2,713,399
Vanderbilt Mortgage and Finance, Inc.:
7.955%, 12-7-24			711			739,928
7.525%, 11-7-26			915			917,690
Wachovia Bank Commercial Mortgage Trust (The),
4.942%, 11-15-34 (B)			964			914,621
Washington Mutual MSC Mortgage Pass-Through Certificates       Series 2002-MS11 Trust,
5.60377%, 12-25-32 (A)			967			939,215
Wells Fargo Alternative Loan 2007-PA3 Trust,
6.20103%, 6-1-27 (A)			1,565			1,485,283
Wells Fargo Mortgage Backed Securities 2003-2 Trust,
5.25%, 2-25-18			275			260,544
Wells Fargo Mortgage Backed Securities 2003-4 Trust,
5.5%, 6-25-33			943			869,281
Wells Fargo Mortgage Backed Securities 2003-9 Trust,
5.25%, 8-25-33 (B)			1,140			948,539
Wells Fargo Mortgage Backed Securities 2004-1 Trust (The),
5.5%, 2-25-34			1,644			1,580,750
Wells Fargo Mortgage Backed Securities 2005-16 Trust,
5.75%, 1-25-36			500			486,660
TOTAL CORPORATE DEBT SECURITIES - 54.90%					$	198,499,232
(Cost: $202,867,744)
UNITED STATES GOVERNMENT AGENCY       OBLIGATIONS
Agency Obligations - 0.19%
Federal Home Loan Mortgage Corporation,
2.75%, 3-15-08 (E)			200			196,439
Federal National Mortgage Association,
5.0%, 9-15-08 (E)			500			498,392
						694,831
Mortgage-Backed Obligations - 36.67%
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO,
5.0%, 6-15-31			2,000			1,890,962
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
9.25675%, 3-15-09 (A)			406			406,211
5.5%, 12-1-17			709			700,859
5.5%, 9-1-19			1,243			1,227,154
5.5%, 5-1-20			1,634			1,611,131
5.5%, 6-1-20			1,305			1,286,403
3.5%, 2-15-30			1,922			1,794,782
6.5%, 9-1-32			1,170			1,202,006
5.3%, 1-15-33			206			196,712
5.0%, 7-15-33			2,158			1,996,779
5.5%, 5-1-34			1,302			1,262,684
5.5%, 5-1-34			913			885,631
6.5%, 5-1-34			856			868,621
6.0%, 7-1-34			1,000			990,625
5.5%, 10-1-34			1,059			1,025,291
5.0%, 5-15-35			2,196			1,970,989
5.5%, 7-1-35			2,868			2,772,410
5.0%, 8-1-35			919			863,654
5.5%, 10-1-35			1,682			1,629,475
5.0%, 12-1-35			862			810,242
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.5%, 1-1-17			1,402			1,386,777
6.0%, 1-1-18			440			442,030
5.5%, 2-1-18			446			441,371
5.5%, 3-1-18			2,069			2,045,944
5.0%, 5-1-18			1,393			1,351,532
5.0%, 10-1-18			1,377			1,335,586
5.5%, 9-1-19			356			351,724
5.5%, 2-1-24			529			516,925
6.0%, 8-1-29			433			431,216
7.0%, 11-1-31			206			214,372
6.5%, 2-1-32			186			190,223
6.5%, 2-1-32			148			152,083
6.5%, 2-1-32			129			131,934
7.0%, 2-1-32			258			268,925
7.0%, 3-1-32			359			374,446
6.5%, 4-1-32			79			80,852
6.5%, 5-1-32			139			141,350
6.5%, 5-1-32			89			90,458
6.5%, 7-1-32			685			701,419
6.0%, 9-1-32			155			155,366
6.5%, 9-1-32			87			88,688
6.0%, 10-1-32			1,022			1,020,713
6.0%, 10-1-32			1,002			1,001,250
6.5%, 10-1-32			66			68,130
6.0%, 11-1-32			857			855,102
6.0%, 11-1-32			504			503,698
6.0%, 3-1-33			1,307			1,305,590
6.0%, 3-1-33			1,201			1,198,920
6.0%, 3-1-33			850			848,897
6.0%, 3-1-33			257			256,181
5.5%, 4-1-33			1,740			1,686,646
5.5%, 5-1-33			3,525			3,399,422
5.5%, 5-1-33			558			540,916
5.5%, 5-1-33			301			291,356
6.0%, 6-1-33			2,753			2,736,770
6.5%, 8-1-33			44			45,296
6.0%, 10-1-33			283			282,051
5.0%, 11-1-33			1,751			1,649,816
6.0%, 12-1-33			521			518,905
5.0%, 1-1-34			1,679			1,581,308
5.5%, 1-1-34			1,540			1,491,800
5.0%, 3-1-34			990			932,341
5.0%, 3-1-34			411			386,480
5.5%, 3-1-34			2,295			2,225,074
5.5%, 4-1-34			1,987			1,927,373
5.5%, 4-1-34			2,271			2,198,802
5.0%, 5-1-34			191			179,543
5.0%, 7-1-34			3,640			3,410,225
5.5%, 7-1-34			1,851			1,794,902
6.0%, 7-1-34			3,000			2,967,186
6.0%, 8-1-34			665			660,595
6.5%, 8-1-34			4,935			4,981,266
5.5%, 9-1-34			1,331			1,288,976
6.0%, 9-1-34			874			867,526
6.5%, 9-1-34			1,206			1,223,017
5.5%, 10-1-34			2,000			1,937,310
5.5%, 11-1-34			730			707,235
6.0%, 11-1-34			399			395,823
6.5%, 11-1-34			80			81,165
6.0%, 12-1-34			2,479			2,460,745
5.5%, 1-1-35			662			640,111
4.5%, 2-1-35			472			430,209
5.5%, 2-1-35			2,481			2,405,086
5.5%, 2-1-35			1,976			1,914,460
5.5%, 2-1-35			1,205			1,166,967
6.5%, 3-1-35			1,263			1,285,353
6.0%, 4-1-35			1,760			1,744,011
6.0%, 6-1-35			2,885			2,863,389
4.648%, 7-1-35 (A)			1,296			1,279,031
5.0%, 7-1-35			825			775,489
5.5%, 7-1-35			824			796,629
5.5%, 10-1-35			1,747			1,691,112
5.5%, 10-1-35			962			931,561
5.5%, 2-1-36			1,691			1,621,341
6.5%, 2-1-36			705			712,696
6.5%, 6-1-36			1,307			1,319,244
6.0%, 8-1-36			2,090			2,068,847
6.0%, 11-1-36			2,345			2,321,388
Government National Mortgage Association Agency       REMIC/CMO (Interest Only):
1.14313%, 3-16-34 (A)			7,661			324,374
0.86197%, 7-16-40 (A)			4,225			142,667
0.26748%, 3-16-42 (A)	15,546					181,511
0.94697%, 6-17-45 (A)	19,733					1,033,196
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
7.875%, 5-15-17			632			639,038
6.25%, 7-15-24			284			289,147
5.5%, 3-16-32			4,575			4,508,002
5.0%, 7-15-34			928			879,833
5.5%, 12-15-34			1,729			1,681,498
5.0%, 1-15-35			1,832			1,734,959
5.5%, 7-1-35			3,000			2,910,936
5.0%, 12-15-35			2,005			1,897,714
6.0%, 7-1-36			1,875			1,865,040
United States Department of Veterans Affairs,       Guaranteed REMIC Pass-Through Certificates,       Vendee Mortgage Trust:
1995-1 Class 1,
7.20881%, 2-15-25 (A)			230			237,164
1995-1 Class 2,
7.7925%, 2-15-25			74			76,896
						132,563,092
TOTAL UNITED STATES GOVERNMENT AGENCY       OBLIGATIONS - 36.86%					$	133,257,923
(Cost: $137,409,086)
SHORT-TERM SECURITIES
Commercial Paper
Finance Companies - 1.65%
PACCAR Financial Corp.,
5.24%, 7-31-07			6,000			5,973,800
Household -- General Products - 1.10%
Procter & Gamble Company (The),
5.32%, 7-12-07			4,000			3,993,498
Leisure Time Industry - 1.38%
Walt Disney Company (The),
5.44%, 7-2-07			5,000			4,999,244
Publishing - 1.95%
E.W. Scripps Co.,
5.35%, 7-2-07			7,036			7,034,954
Security and Commodity Brokers - 1.66%
UBS Finance Delaware LLC (UBS AG),
5.35%, 7-2-07			5,995			5,994,109
Total Commercial Paper - 7.74%						27,995,605
Commercial Paper (backed by irrevocable bank       letter of credit) - 0.50%
Finance Companies
ED&F Man Treasury Management PLC (Royal Bank of             Scotland PLC (The)),
5.38%, 7-3-07			1,795			1,794,464
TOTAL SHORT-TERM SECURITIES - 8.24%					$	29,790,069
(Cost: $29,790,069)
TOTAL INVESTMENT SECURITIES - 100.00%					$	361,547,224
(Cost: $370,066,899)

Notes to Schedule of Investments
Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.
*Not shown due to rounding.
(A)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2007.
(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 Directors. At June 30, 2007, the total value of these securities amounted to $33,340,516 or 9.22% of total investments.
(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 Directors. At June 30, 2007, the total value of these securities amounted to $15,996,196 or 4.42% of total investments.
(D)This security does not bear interest for an initial period of time and subsequently becomes interest bearing.
(E)Securites serve as collateral for the following open futures contracts at June 30, 2007:
Description	Type	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation (Depreciation)
United States 5 Year    Treasury Note	Short	6	9-28-07	$	624,469		$	4,657
United States 10 Year    Treasury Note	Short	65	9-19-07		6,870,703			49,120
United States 10 Year    Treasury Note	Short	19	9-19-07		2,008,359		(22,954)
				$	9,503,531		$	30,823

The Investments of Ivy Pacific Opportunities Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Australia - 1.60%
Rio Tinto Limited (A)			96,440	$	8,077,275
Bermuda - 3.56%
China Yurun Food Group Limited (A)			5,000,000		5,588,807
Enerchina Holdings Limited (A)*	56,718,000				3,989,526
REXCAPITAL Financial Holdings Limited (A)*	52,975,000				5,758,741
Sinolink Worldwide Holdings Limited (A)	10,899,000				2,606,549
Wah Sang Gas Holdings Limited (A)(B)*			736,000		15,060
					17,958,683
Canada - 0.47%
Canadian Solar Inc.*			250,000		2,356,250
Cayman Islands - 6.28%
Agile Property Holdings Limited (A)			4,678,000		6,126,294
Foxconn International Holdings Limited (A)*			1,557,000		4,460,405
Heng Tai Consumables Group Limited (A)*	18,000,000				3,867,403
KWG Property Holding Limited (A)(C)*			1,100,000		1,024,146
Shandong Simcere Medgenn Bio-Pharmaceutical       Company Limited*			350,000		4,938,500
Shimao Property Holdings Limited (A)			2,167,500		4,845,496
Tencent Holdings Limited (A)			1,600,000		6,445,672
					31,707,916
China - 17.86%
China BlueChemical Ltd., H Shares (A)			7,604,000		4,152,481
China High Speed Transmission Equipment Group Co.,       Ltd. (A)(C)*			400,000		362,185
China Merchants Bank Co., Limited, H Shares (A)*			1,329,500		4,046,718
China Merchants Bank Co., Limited, H Shares (A)(D)*			2,000,000		6,087,579
China Mobile Limited (A)			1,277,500		13,715,741
China Oilfield Services Limited (A)			5,190,000		5,236,994
China Petroleum & Chemical Corporation, H Shares (A)			7,106,000		7,861,022
China Shenhua Energy Company Limited, H Shares (A)			2,316,000		8,086,096
China Shenhua Energy Company Limited, H shares (A)(D)			1,200,000		4,189,687
Hunan Nonferrous Metals Corporation Limited (A)			8,204,000		5,099,171
PetroChina Company Limited, H Shares (A)			2,222,000		3,273,665
PetroChina Company Limited, H Shares (A)(C)			1,526,000		2,248,250
Ping An Insurance (Group) Company of China, Ltd.,       H Shares (A)			1,094,500		7,733,672
SINA Corporation*			144,570		6,048,086
Sinopec Shanghai Petrochemical Company Limited (A)*			7,000,000		4,583,589
Xinhua Finance Media, ADR*			598,100		4,946,287
Yingli Green Energy Holding Company Limited*			175,000		2,537,500
					90,208,723
Hong Kong - 6.65%
Bank of East Asia, Limited (The) (A)*			1,178,600		6,632,187
Beijing Enterprises Holdings Limited (A)			1,538,000		5,841,851
Cheung Kong (Holdings) Limited (A)			450,000		5,893,186
Hang Lung Properties Limited (A)*			1,651,000		5,690,409
Hutchison Whampoa Limited, Ordinary Shares (A)			498,000		4,945,480
Lee & Man Paper Manufacturing Limited (A)			1,658,000		4,590,713
					33,593,826
India - 8.19%
Bharat Heavy Electricals Limited (A)			225,860		8,533,075
Gujarat Ambuja Cements Limited (A)			1,699,734		5,198,793
ICICI Bank Limited, ADR			200,000		9,830,000
Infosys Technologies Limited (A)			120,000		5,686,918
Reliance Industries Limited (A)			168,940		7,057,878
Satyam Computer Services Limited (A)			440,000		5,059,919
					41,366,583
Indonesia - 1.92%
PT Astra International Tbk (A)*			2,866,000		5,360,863
PT Bank Rakyat Indonesia (A)			6,778,500		4,313,932
					9,674,795
South Korea - 23.56%
Daegu Bank, Ltd. (A)			443,300		7,773,405
Daelim Industrial Co., Ltd. (A)			55,000		8,185,853
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (A)			106,240		6,014,344
Dongkuk Steel Mill Co., Ltd. (A)			140,450		4,568,407
HYUNDAI MOBIS (A)			53,560		5,090,186
HYUNDAI STEEL COMPANY (A)			44,240		2,442,215
Hana Financial Group, Inc. (A)			100,000		4,876,333
Hyundai Department Store Co., Ltd. (A)*			70,510		8,319,089
Hyundai Development Company - Engineering &       Construction (A)			80,720		5,749,176
KCC Corporation (A)			11,340		5,155,382
Kookmin Bank (A)			138,140		12,126,594
Korea Investment Holdings Co., Ltd. (A)			75,000		5,130,703
Korea Tobacco & Ginseng Corporation (A)			67,710		4,763,923
Kyeryong Construction Industrial Co. Ltd (A)			102,500		5,580,722
LG Chem, Ltd. (A)			85,000		7,185,690
NHN Corporation (A)*			28,620		5,219,971
SK Telecom Co., Ltd. (A)			15,000		3,458,354
Samsung Corporation (A)			148,250		7,269,281
Samsung Electronics Co., Ltd. (A)			16,440		10,072,025
					118,981,653
Malaysia - 4.29%
Bumiputra-Commerce Holdings Berhad (A)			1,356,000		4,595,279
Genting Berhad (A)			2,067,900		4,941,398
IOI Corporation Berhad (A)			1,841,000		2,772,831
LION DIVERSIFIED HOLDINGS BERHAD (A)			1,946,300		4,679,012
Malayan Banking Berhad (A)			1,345,000		4,674,873
					21,663,393
Singapore - 7.56%
DBS Group Holdings Ltd (A)			626,000		9,324,057
K-REIT Asia (A)			1,205,940		2,253,136
Keppel Corporation Limited (A)			725,080		5,920,954
Keppel Land Limited (A)			1,000,000		5,716,152
SembCorp Industries Ltd (A)			1,424,000		5,302,499
Singapore Telecommunications Limited (A)			2,139,350		4,751,782
Wilmar International Limited (A)			2,356,000		4,894,385
					38,162,965
Taiwan - 13.23%
AU Optronics Corp., ADR*			309,460		5,322,712
Cathay Financial Holding Co., Ltd. (A)			2,145,662		5,124,885
Foxconn Technology Co., Ltd. (A)			484,900		5,827,770
Fubon Financial Holding Co., Ltd. (A)			5,573,000		5,087,020
Hon Hai Precision Ind. Co., Ltd. (A)			744,000		6,429,015
MediaTek Incorporation (A)			514,000		8,007,302
Nan Ya Plastics Corporation (A)			2,496,000		5,498,400
TSRC Corporation (A)			3,195,000		3,689,230
Taiwan Fertilizer Co., Ltd. (A)			2,647,000		5,557,202
Taiwan Semiconductor Manufacturing Company Ltd. (A)			3,546,009		7,649,609
Wistron Corporation (A)			4,599,470		8,592,693
					66,785,838
Thailand - 0.96%
Advanced Info Service Public Company Limited (A)			961,500		2,408,972
PTT Public Company Limited (A)			315,000		2,463,432
					4,872,404
United Kingdom - 1.47%
Standard Chartered PLC (A)			231,500		7,425,338
TOTAL COMMON STOCKS - 97.60%				$	492,835,642
(Cost: $366,200,380)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Commercial Paper - 1.18%
Security and Commodity Brokers
UBS Finance Delaware LLC (UBS AG),
5.35%, 7-2-07	$	5,940		5,939,117
Commercial Paper (backed by irrevocable bank letter       of credit) - 1.22%
Finance Companies
ED&F Man Treasury Management PLC             (Societe Generale N.A.),
5.4%, 7-2-07		6,170		6,169,075
TOTAL SHORT-TERM SECURITIES - 2.40%			$	12,108,192
(Cost: $12,108,192)
TOTAL INVESTMENT SECURITIES - 100.00%			$	504,943,834
(Cost: $378,308,572)

Notes to Schedule of Investments

Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.

*No dividends were paid during the preceding 12 months.

(A)Listed on an exchange outside the United States.

(B)Security valued in good faith by the Valuation Committee approved by the Board of Trustees.

(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 June 30, 2007, the total value of these securities amounted to $3,634,581 or 0.72% of total investments.

(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 June 30, 2007, the total value of these securities amounted to $10,277,266 or 2.04% of total investments.

The Investments of Ivy Real Estate Securities Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Business Equipment and Services - 4.22%
Brookfield Properties Corporation			936,700	$	22,771,177
CB Richard Ellis Group, Inc., Class A			66,700		2,434,550
					25,205,727
Health Care -- General - 0.32%
Brookdale Senior Living, Inc.			41,500		1,891,155
Hotels and Gaming - 3.33%
Hilton Hotels Corporation			247,600		8,287,172
Marriott International, Inc., Class A			59,100		2,555,484
Starwood Hotels & Resorts Worldwide, Inc.			134,600		9,027,622
					19,870,278
Multiple Industry - 2.86%
Digital Realty Trust, Inc.			164,100		6,183,288
Forest City Enterprises, Inc., Class A			135,778		8,347,631
Macquarie Infrastructure Company Trust			61,000		2,530,280
					17,061,199
Real Estate Investment Trust - 88.83%
AMB Property Corporation			202,200		10,761,084
Acadia Realty Trust			113,100		2,934,945
Alexandria Real Estate Equities, Inc.			77,300		7,484,186
American Campus Communities, Inc.			249,100		7,047,039
American Financial Realty Trust			134,000		1,382,880
Archstone-Smith Trust			405,100		23,945,461
Ashford Hospitality Trust, Inc.			178,900		2,103,864
Associated Estates Realty Corporation			138,400		2,157,656
AvalonBay Communities, Inc.			167,600		19,924,288
BioMed Realty Trust, Inc.			435,612		10,942,573
Boston Properties, Inc.			241,000		24,613,330
Brandywine Realty Trust			388,400		11,100,472
Camden Property Trust			200,900		13,454,273
Corporate Office Properties Trust			216,700		8,886,867
DCT Industrial Trust Inc.			528,400		5,685,584
Developers Diversified Realty Corporation			254,800		13,430,508
Douglas Emmett, Inc.			45,600		1,128,144
EastGroup Properties, Inc.			64,000		2,804,480
Equity Inns, Inc.			115,100		2,578,240
Equity Lifestyle Properties, Inc.			93,700		4,890,203
Equity Residential			526,500		24,024,195
Essex Property Trust, Inc.			77,500		9,013,250
Extra Space Storage Inc.			158,300		2,611,950
Federal Realty Investment Trust			117,900		9,108,954
First Potomac Realty Trust			70,300		1,637,287
General Growth Properties, Inc.			290,332		15,373,079
Hersha Hospitality Trust			172,300		2,036,586
Home Properties, Inc.			83,000		4,310,190
Hospitality Properties Trust			53,100		2,203,119
Host Hotels & Resorts, Inc.	1,119,747				25,888,551
Kilroy Realty Corporation			98,700		6,991,908
Kimco Realty Corporation			429,500		16,351,065
Kite Realty Group Trust			181,800		3,457,836
LaSalle Hotel Properties			67,000		2,909,140
Liberty Property Trust			180,400		7,924,972
Macerich Company (The)			151,400		12,478,388
Maguire Properties, Inc.			264,200		9,069,986
Mid-America Apartment Communities, Inc.			73,300		3,846,784
PS Business Parks, Inc.			64,300		4,074,691
ProLogis			639,065		36,362,799
Public Storage, Inc.			291,100		22,362,302
Regency Centers Corporation			133,500		9,411,750
SL Green Realty Corp.			149,500		18,521,555
Simon Property Group, Inc.			470,300		43,756,712
Sunstone Hotel Investors, Inc.			149,000		4,230,110
Tanger Factory Outlet Centers, Inc.			94,500		3,539,025
Taubman Centers, Inc.			162,000		8,036,820
UDR, Inc.			136,942		3,601,575
Ventas, Inc.			184,700		6,695,375
Vornado Realty Trust			265,100		29,118,584
Weingarten Realty Investors			107,500		4,418,250
					530,622,865
Utilities -- Telephone - 0.34%
Crown Castle International Corp.			56,800		2,060,136
TOTAL COMMON STOCKS - 99.90%				$	596,711,360
(Cost: $475,865,767)

SHORT-TERM SECURITIES - 0.10%	Principal Amount in Thousands
Banks
PepsiCo, Inc.,
5.33%, 7-2-07	$	597	$	596,912
(Cost: $596,912)
TOTAL INVESTMENT SECURITIES - 100.00%			$	597,308,272
(Cost: $476,462,679)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

The Investments of Ivy Small Cap Value Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Aircraft - 0.99%
Orbital Sciences Corporation*			84,400	$	1,773,244
Aluminum - 0.85%
Kaiser Aluminum Corporation*			20,900		1,523,401
Apparel - 0.64%
Albany International Corp., Class A			28,100		1,136,364
Banks - 9.46%
Boston Private Financial Holdings, Inc.			85,000		2,284,375
Cathay General Bancorp			56,800		1,905,640
Columbia Banking System, Inc.			27,400		801,724
First Midwest Bancorp, Inc.			65,700		2,332,678
First Niagara Financial Group, Inc.	153,900				2,016,860
First State Bancorporation			37,000		786,805
KBW, Inc.*			53,300		1,565,954
Sterling Bancshares, Inc.	105,100				1,189,207
Umpqua Holdings Corporation			62,074		1,459,049
United Bankshares, Inc.			40,200		1,278,159
Wintrust Financial Corporation			28,500		1,248,300
					16,868,751
Broadcasting - 1.41%
Belo Corp., Class A			93,000		1,914,870
Outdoor Channel Holdings, Inc.*			53,000		598,900
					2,513,770
Business Equipment and Services - 9.35%
Brink's Company (The)			61,700		3,818,613
Dollar Thrifty Automotive Group, Inc.*			33,200		1,355,888
Education Realty Trust, Inc.			53,900		756,217
H&E Equipment Services, Inc.*			65,300		1,811,422
PHH Corporation*			81,900		2,556,099
TriZetto Group, Inc. (The)*			70,300		1,360,657
Waste Connections, Inc.*			83,850		2,535,624
Watson Wyatt & Company Holdings, Inc., Class A			49,000		2,473,520
					16,668,040
Capital Equipment - 3.74%
Actuant Corporation, Class A			35,400		2,232,324
Astec Industries, Inc.*			37,000		1,563,065
Chart Industries, Inc.*			56,700		1,612,831
Goodman Global, Inc.*			57,129		1,269,406
					6,677,626
Chemicals -- Specialty - 1.60%
H.B. Fuller Company			95,500		2,854,495
Communications Equipment - 0.97%
Dycom Industries, Inc.*			57,449		1,722,321
Computers -- Peripherals - 2.77%
Electronics for Imaging, Inc.*			94,900		2,675,231
Lawson Software, Inc.*	228,300				2,256,746
					4,931,977
Construction Materials - 1.47%
Texas Industries, Inc.			33,400		2,618,894
Containers - 2.22%
Silgan Holdings Inc.			71,651		3,958,001
Cosmetics and Toiletries - 1.92%
Elizabeth Arden, Inc.*			77,276		1,874,329
Nu Skin Enterprises, Inc., Class A			93,563		1,543,790
					3,418,119
Electrical Equipment - 0.80%
Microsemi Corporation*			59,900		1,434,905
Electronic Components - 1.65%
Cirrus Logic, Inc.*	119,300				990,786
RF Micro Devices, Inc.*	150,000				936,750
Trident Microsystems, Inc.*			55,500		1,017,593
					2,945,129
Food and Related - 4.82%
Hain Celestial Group, Inc. (The)*	105,900				2,873,067
Pilgrim's Pride Corporation			99,400		3,794,098
Ralcorp Holdings, Inc.*			12,787		683,465
Sanderson Farms, Inc.			27,800		1,250,861
					8,601,491
Forest and Paper Products - 0.91%
Louisiana-Pacific Corporation			85,400		1,615,768
Health Care -- Drugs - 1.94%
Axcan Pharma Inc.*	179,454				3,465,257
Health Care -- General - 3.11%
Amedisys, Inc.*			24,500		890,085
DJO Incorporated*	112,825				4,656,288
					5,546,373
Hospital Supply and Management - 2.61%
Kindred Healthcare, Inc.*			66,900		2,055,168
Magellan Health Services, Inc.*			55,900		2,596,555
					4,651,723
Hotels and Gaming - 5.31%
Morgans Hotel Group Co.*			91,436		2,228,753
Orient-Express Hotels Ltd.			50,400		2,691,360
Pinnacle Entertainment, Inc.*			75,100		2,114,065
Vail Resorts, Inc.*			39,987		2,434,009
					9,468,187
Insurance -- Property and Casualty - 4.02%
Aspen Insurance Holdings Limited			53,400		1,498,938
Endurance Specialty Holdings Ltd.			47,161		1,888,326
IPC Holdings, Ltd.			51,521		1,663,355
Platinum Underwriters Holdings, Ltd.			61,191		2,126,387
					7,177,006
Leisure Time Industry - 1.36%
LeapFrog Enterprises, Inc.*			84,238		863,439
RC2 Corporation*			39,000		1,559,025
					2,422,464
Metal Fabrication - 0.43%
A.M. Castle & Co.			21,200		761,292
Multiple Industry - 0.60%
Mariner Energy, Inc.*			43,900		1,064,575
Non-Residential Construction - 2.44%
Perini Corporation*			50,500		3,107,265
Washington Group International, Inc.*			15,653		1,252,397
					4,359,662
Petroleum -- Domestic - 1.41%
Delta Petroleum Corporation*			62,100		1,246,968
Goodrich Petroleum Corporation*			36,576		1,266,627
					2,513,595
Petroleum -- Services - 2.99%
Cal Dive International, Inc.*			79,000		1,313,770
Hercules Offshore, Inc.*			50,583		1,637,625
Oceaneering International, Inc.*			26,400		1,389,696
Universal Compression Holdings, Inc.*			13,700		992,839
					5,333,930
Real Estate Investment Trust - 3.67%
Arbor Realty Trust, Inc.			56,100		1,447,941
BioMed Realty Trust, Inc.			18,000		452,160
Corporate Office Properties Trust			21,500		881,715
DCT Industrial Trust Inc.			90,800		977,008
Gramercy Capital Corp.			39,019		1,074,583
LaSalle Hotel Properties			39,500		1,715,090
					6,548,497
Restaurants - 0.46%
Landry's Restaurants, Inc.			27,224		823,798
Retail -- Food Stores - 1.14%
Ruddick Corporation			67,300		2,027,076
Retail -- General Merchandise - 2.65%
BJ's Wholesale Club, Inc.*	131,100				4,723,533
Retail -- Specialty Stores - 3.70%
Big 5 Sporting Goods Corporation			38,600		984,107
Borders Group, Inc.			31,800		606,108
Children's Place Retail Stores, Inc. (The)*			26,900		1,389,250
Hot Topic, Inc.*			87,967		955,322
Sally Holdings, Inc.*			66,734		600,606
Talbots, Inc. (The)			82,700		2,069,981
					6,605,374
Savings and Loans - 1.36%
Sterling Financial Corporation			61,948		1,792,465
WSFS Financial Corporation			9,692		634,002
					2,426,467
Security and Commodity Brokers - 1.81%
National Financial Partners Corp.			11,103		514,180
Piper Jaffray Companies			48,628		2,710,038
					3,224,218
Timesharing and Software - 0.44%
TradeStation Group, Inc.*			67,300		783,036
Trucking and Shipping - 1.93%
Kirby Corporation*			53,487		2,053,366
Knight Transportation, Inc.			71,500		1,385,670
					3,439,036
Utilities -- Electric - 3.41%
Black Hills Corporation			45,700		1,816,575
ITC Holdings Corp.			33,900		1,377,357
PNM Resources, Inc.			67,500		1,875,825
UIL Holdings Corporation			30,500		1,009,550
					6,079,307
Utilities -- Gas and Pipeline - 1.17%
South Jersey Industries, Inc.			30,500		1,079,090
Southwest Gas Corporation			29,700		1,004,157
					2,083,247
TOTAL COMMON STOCKS - 93.53%				$	166,789,949
(Cost: $149,631,667)

SHORT-TERM SECURITIES	Principal Amount in Thousands
Insurance -- Life - 2.24%
American General Finance Corporation,
5.27%, 7-2-07	$	4,000		3,999,414
Retail -- General Merchandise - 1.68%
Target Corporation,
5.27%, 7-2-07		3,000		2,999,561
Utilities -- Telephone - 2.55%
Verizon Communications Inc.,
5.37%, 7-2-07		4,540		4,539,323
TOTAL SHORT-TERM SECURITIES - 6.47%			$	11,538,298
(Cost: $11,538,298)
TOTAL INVESTMENT SECURITIES - 100.00%			$	178,328,247
(Cost: $161,169,965)

Notes to Schedule of Investments

*No dividends were paid during the preceding 12 months.

The Investments of Ivy Value Fund
June 30, 2007
COMMON STOCKS		Shares			Value
Aircraft - 3.24%
Lockheed Martin Corporation			9,700	$	913,061
Raytheon Company			39,400		2,123,266
					3,036,327
Banks - 8.41%
Bank of America Corporation			75,856		3,708,600
Citigroup Inc.			44,313		2,272,814
Wachovia Corporation			19,950		1,022,438
Wells Fargo & Company			25,000		879,250
					7,883,102
Beverages - 1.46%
Diageo plc, ADR			16,350		1,362,119
Business Equipment and Services - 1.01%
Waste Management, Inc.			24,200		945,010
Capital Equipment - 1.21%
Illinois Tool Works Inc.			20,980		1,136,906
Chemicals -- Petroleum and Inorganic - 0.91%
E.I. du Pont de Nemours and Company			16,850		856,654
Chemicals -- Specialty - 0.67%
Air Products and Chemicals, Inc. (A)			7,800		626,886
Communications Equipment - 0.93%
Cisco Systems, Inc. (A)*			13,500		375,637
Nokia Corporation, Series A, ADR			17,500		491,925
					867,562
Computers -- Main and Mini - 5.54%
Hewlett-Packard Company			91,100		4,064,882
Xerox Corporation*			61,100		1,129,128
					5,194,010
Computers -- Peripherals - 0.39%
Adobe Systems Incorporated*			9,200		369,196
Defense - 0.79%
General Dynamics Corporation (A)			9,500		743,090
Electronic Components - 0.36%
Motorola, Inc.			19,000		336,300
Finance Companies - 6.16%
Capital One Financial Corporation (A)			26,900		2,110,036
Countrywide Financial Corporation (A)			10,800		392,580
Fannie Mae			27,900		1,822,707
Freddie Mac			23,900		1,450,730
					5,776,053
Food and Related - 2.15%
General Mills, Inc.			19,800		1,156,716
Kraft Foods Inc.			24,421		860,840
					2,017,556
Furniture and Furnishings - 0.78%
Masco Corporation			25,800		734,526
Health Care -- Drugs - 4.14%
Endo Pharmaceuticals Holdings Inc. (A)			16,900		578,656
McKesson Corporation			31,400		1,872,696
Pfizer Inc.			55,700		1,424,249
					3,875,601
Health Care -- General - 1.27%
Boston Scientific Corporation (A)*			26,900		412,646
Da Vita Inc. (A)*			14,400		775,872
					1,188,518
Hospital Supply and Management - 4.84%
Aetna Inc.			27,700		1,368,380
Coventry Health Care, Inc.*			31,800		1,833,270
Humana Inc. (A)*			21,800		1,327,838
					4,529,488
Insurance -- Life - 2.99%
Unum Group	107,200				2,798,992
Insurance -- Property and Casualty - 7.53%
Assurant, Inc.			16,100		948,612
Everest Re Group, Ltd.			17,100		1,857,744
MBIA Inc.			20,800		1,294,176
Travelers Companies, Inc. (The)			55,252		2,955,982
					7,056,514
Metal Fabrication - 1.79%
Loews Corporation, Carolina Group			21,700		1,676,759
Multiple Industry - 3.79%
Altria Group, Inc.			50,600		3,549,084
Petroleum -- International - 13.20%
Chevron Corporation			39,600		3,335,904
ConocoPhillips			15,600		1,224,600
Devon Energy Corporation			17,500		1,370,075
Exxon Mobil Corporation			63,206		5,301,719
Marathon Oil Corporation			18,900		1,133,244
					12,365,542
Railroad - 1.92%
Union Pacific Corporation			15,600		1,796,340
Real Estate Investment Trust - 1.06%
Vornado Realty Trust			9,000		988,560
Retail -- General Merchandise - 1.79%
Family Dollar Stores, Inc.			27,200		933,504
Macy's Inc. (A)			18,700		743,886
					1,677,390
Retail -- Specialty Stores - 0.14%
Home Depot, Inc. (The)			3,400		133,790
Security and Commodity Brokers - 8.56%
Bear Stearns Companies Inc. (The)			8,000		1,120,000
CIT Group Inc.			19,500		1,069,185
J.P. Morgan Chase & Co.			80,302		3,890,632
Morgan Stanley			23,100		1,937,628
					8,017,445
Utilities -- Electric - 2.99%
Mirant Corporation*			31,200		1,330,680
NRG Energy, Inc.*			35,400		1,471,578
					2,802,258
Utilities -- Gas and Pipeline - 2.03%
FirstEnergy Corp.			29,400		1,903,062
Utilities -- Telephone - 3.99%
AT&T Inc.			50,700		2,104,050
Sprint Nextel Corporation			22,400		463,904
Verizon Communications Inc.			28,500		1,173,345
					3,741,299
TOTAL COMMON STOCKS - 96.04%				$	89,985,939
(Cost: $69,185,590)

SHORT-TERM SECURITIES - 3.96%	Principal Amount in Thousands
Utilities -- Telephone
Verizon Communications Inc.,
5.37%, 7-2-07	$	3,715	$	3,714,446
(Cost: $3,714,446)
TOTAL INVESTMENT SECURITIES - 100.00%			$	93,700,385
(Cost: $72,900,036)

Notes to Schedule of Investments
Certain acronyms may be used within the body of the Fund's holdings. The definitions of these acronyms are as follows: ADR - American Depositary Receipts; CMO - Collateralized Mortgage Obligation; GDR - Global Depositary Receipts; and REMIC - Real Estate Mortgage Investment Conduit.
*No dividends were paid during the preceding 12 months.
(A)Securities serve as cover for the following written options outstanding at June 30, 2007:
Underlying Security	Contracts Subject to Call	Expiration Month/ Exercise Price	Premium Received			Market Value
Air Products and Chemicals, Inc.	78	July/80		$	10,686		$	15,600
Boston Scientific Corporation	159	July/19			2,464			143
Boston Scientific Corporation	110	August/17.5			4,020			2,200
Cisco Systems, Inc.	135	July/30			4,185			1,350
Da Vita Inc.	144	July/60			9,792			360
General Dynamics Corporation	41	August/85			4,797			1,435
Humana Inc.	204	August/70			27,948			5,100
				$	63,892		$	26,188
Underlying Security	Contracts Subject to Put	Expiration Month/ Exercise Price	Premium Received			Market Value
Countrywide Financial Corporation	115	July/30		$	10,120		$	1,725
Countrywide Financial Corporation	108	July/35			6,863			10,800
Capital One Financial Corporation	86	August/75			7,568			13,330
Capital One Financial Corporation	86	September/75			11,781			15,910
Endo Pharmaceuticals Holdings Inc.	148	July/25			4,292			740
Macy's Inc.	4	August/37.5			428			340
				$	41,052		$	42,845

ITEM 2. 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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
	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.

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/Kristen A. Richards

         Kristen A. Richards, Vice President and Assistant Secretary

Date: August 29, 2007

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, Principal Executive Officer

Date: August 29, 2007

By     /s/Joseph W. Kauten

         Joseph W. Kauten, Principal Financial Officer

Date: August 29, 2007

EX-99.CERT

         Exhibit 99.CERT

CERTIFICATION

I, Henry J. Herrmann, certify that:

1.         I have reviewed this report on Form N-Q of Ivy Funds;

2         Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.         Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.         The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

         a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

         b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

         c)         Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

         d)         Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.         The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

         a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

         b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 29, 2007	/s/Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer

CERTIFICATION

I, Joseph W. Kauten, certify that:

1.         I have reviewed this report on Form N-Q of Ivy Funds;

2         Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.         Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.         The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

         a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

         b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

         c)         Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

         d)         Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.         The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

         a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

         b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 29, 2007	/s/Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer