Fund Detail

Ivy International Balanced Fund
Class A Shares

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Fund Facts
Ticker Symbol IVBAX
CUSIP 465898567
Fund Code 649
Fund Type Global/International
Fund Inception 9/16/1994
Class Inception 9/16/1994
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 3/31/2012) $303.2 mil
Total Equity Holdings (as of 3/31/2012) 63
Total Holdings (as of 3/31/2012) 90
Portfolio Turnover Rate (as of 12/31/2011) 69%
Lipper Category Mixed-Asset Target Alloc Growth Funds
Morningstar Category World Allocation
Benchmarks JPM GBI Global Ex US TR USD
MSCI ACWI Ex USA NR USD
Daily Prices
as of 5/16/2012
Net Asset Value (NAV) $13.55
NAV Change ($) ($0.13)
NAV Change (%) -0.95%
Weekly NAV Change ($) ($0.42)
Weekly NAV Change (%) -3.01%
Public Offering Price (POP) $14.38
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return through a combination of capital appreciation and current income.

Investment Approach
The Fund invests principally in equity and debt securities issued by companies and governments located in largely developed European and Asian/Pacific basin markets of issuers of any size, and investment grade debt securities issued by governmental agencies and corporations. In selecting equity securities, the Fund's manager uses a top-down, macro thematic approach, along with a bottom-up stock selection process, and uses a combination of country analysis, industry dynamics and individual stock selection. Debt securities are selected, after an analysis of trends in interest rates and economic conditions, based on the manager's judgment as to which securities are more likely to perform well under those conditions.
Morningstar Style Box
Morningstar Style Box
Returns and Expenses

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

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

Monthly Rates of Return Average Annual Total Returns
as of 4/30/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 5.89% -4.96% 13.48% 0.31% 7.75% 6.74%
Fund with 5.75% sales charge -0.20% -10.42% 11.26% -0.87% 7.12% 6.38%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 7.22% 0.23% 17.64% 1.39% 8.03% 6.85%
Fund with 5.75% sales charge 1.06% -5.54% 15.34% 0.20% 7.39% 6.49%
JPM GBI Global Ex US TR USD -0.71% 4.25% 7.39% 7.43% 8.77% N/A
MSCI ACWI Ex USA NR USD 11.23% -7.18% 19.12% -1.56% 7.28% N/A
Lipper Mixed-Asset Target Alloc Growth Funds 9.01% 3.18% 17.90% 2.07% 4.64% N/A
Expense Ratios
as of 7/31/2011
Net 1.44%
Gross 1.44%
Growth of a $10,000 Investment
through 3/31/2012

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

Ratings and Rankings
Lipper Rankings
as of 3/31/2012
Category: Mixed-Asset Target Alloc Growth Funds
  Rank Percentile
1 Year 479 / 566 85
3 Year 285 / 528 54
5 Year 320 / 464 69
10 Year 1 / 237 1

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

Morningstar Ratings
as of 3/31/2012
Category: World Allocation
Overall (out of 230 World Allocation)
3 Year (out of 230 World Allocation)
5 Year (out of 148 World Allocation)
10 Year (out of 72 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2012)
Foreign Common Stock 73.22%
Corporate Bonds 11.75%
Government Bonds 10.79%
Cash and Cash Equivalents 3.15%
Domestic Common Stock 1.09%
Sector Allocation
(as a % of equity holdings as of 3/31/2012)
Financials 20.4%
Telecommunication Services 17.8%
Consumer Staples 10.5%
Utilities 10.1%
Industrials 10.0%
Energy 8.8%
Health Care 6.9%
Consumer Discretionary 6.6%
Information Technology 4.8%
Materials 4.2%
Country Allocation
(as a % of equity holdings as of 3/31/2012)
United Kingdom 14.0%
France 12.3%
Australia 10.8%
Japan 10.7%
Singapore 6.3%
Switzerland 6.0%
Chile 5.1%
Norway 4.8%
Taiwan 4.6%
China 4.2%
Germany 3.8%
Netherlands 3.3%
Brazil 2.8%
Hong Kong 1.9%
Czech Republic 1.8%
United States 1.5%
Finland 1.3%
Sweden 1.1%
India 1.0%
Israel 1.0%
Denmark 0.9%
New Zealand 0.7%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2012)
TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping.Total S.A. 3.1%
Telstra Corporation Limited (Telstra) is an Australia-based company. The Company is engaged in providing telecommunications and information services for domestic and international customers.Telstra Corporation Limited 2.7%
Sanofi-Aventis, a pharmaceutical company, contributes to enhancing life by providing an offering of medicines, vaccines, and integrated healthcare solutions adapted to local needs and means primarily in Europe and the United States.Sanofi-Aventis 2.2%
Embotelladora Andina SA (Andina) is a Chile-based producer of soft drinks. Andina’s principal business is the production and distribution of Coca-Cola brand soft drinks, mineral water and juices, among others, which are sold within Chile, Brazil and Argentina.Embotelladora Andina S.A. 2.0%
LAWSON, INC. is a Japan-based company mainly engaged in the operation of convenience stores. The Company has five business segments: The Convenience Store, The Entertainment and E-commerce, The Financial Service, The Consulting, and The Advertising segments.Lawson, Inc. 1.9%
Unilever PLC provides fast-moving consumer goods in Asia, Africa, Europe, and Latin America.Unilever plc 1.9%
Deutsche Post AG is a Germany-based holding company and logistics services provider. The Company operates four business divisions: Mail; Express; Global Forwarding, Freight, and Supply Chain.Deutsche Post AG 1.8%
GlaxoSmithKline plc (GSK) is global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products.GlaxoSmithKline plc 1.8%
Aguas Andinas SA is a Chile-based company engaged in the provision of sanitation services, supply of potable water and the collection and disposal of waste water. It operates in two segments, Water segment and Non Water segment.Aguas Andinas S.A. 1.8%
Hutchison Port Holdings Trust is a port investor, developer, operator, and is also involved in transportation related services/logistics operations, including container storage/repair, container tracking, general/bulk cargo tranfer, warehousing, marine shuttle services and other related services. Hutchison Port Holdings Trust 1.7%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2012)
Quality
(as a % of bond holdings as of 3/31/2012)
AAA 16.6 %
A 48.3 %
BBB 14.2 %
BB 5.0 %
B 4.1 %
Non-Rated 11.8 %
Maturity
(as a % of bond holdings as of 3/31/2012)
<1 Year 38.1 %
1-5 Years 44.4 %
6-10 Years 17.5 %
11-20 Years 0.0 %
>20 Years 0.0 %
Average Maturity 2.19 years
Effective Duration 1.85 years

Average maturity and effective duration include bonds, cash and cash equivalents.

Risk Factors: Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. These and other risks are more fully described in the Fund's prospectus. As with any mutual fund, the value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Not all funds or fund classes may be offered at all broker/ dealers.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time.

Stylebox: The style boxes reveal a fund's investment strategy by displaying, for equity, the fund's investment style and the market capitalization of the stocks owned and for fixed income, the average credit quality of the bonds owned and the interest rate sensitivity, as measured by a bond's maturity.

Index Description: JP Morgan Non-US is an unmanaged index comprised of securities that represent the global market. It is not possible to invest directly in an index.

Index Description: MSCI AC World Ex USA is an unmanaged index comprised of securities that represent the securities markets around the world excluding the USA. It is not possible to invest directly in an index.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Advantus International Balanced Fund merged into the Ivy International Balanced Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus International Balanced Fund Class A shares, restated to reflect current sales charges applicable to Ivy International Balanced Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy International Balanced Fund. If these expenses were reflected, performance shown would differ.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2012, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the expenses for the Fund’s Class E shares at 1.33%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower. Please refer to the fund’s Fund Detail page.

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

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

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's