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Fund Detail

Ivy Balanced Fund
Class A Shares

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Fund Facts 
Ticker Symbol
IBNAX
CUSIP
465898625
Fund Code
644
Fund Type
Specialty Funds
Fund Inception
11/16/1987
Class Inception
11/16/1987
Fiscal Year End
March
Dividends Paid
Quarterly
Net Assets (as of 06/30/2010)
$166.0 mil
Total Holdings (as of 06/30/2010)
139
Turnover Rate (as of 03/31/2010)
57%
Lipper Category
Mixed-Target Alloc. Growth
Morningstar Category
Moderate Allocation
Benchmarks
S&P 500
Citigroup Govt/Credit

Daily Prices6

Updated 9/9/2010
Net Asset Value (NAV) $16.14
NAV Change ($) $0.03
NAV Change (%) 0.19%
Weekly NAV Change ($) -$0.07
Weekly NAV Change (%) -0.43%
Public Offering Price (POP) $17.12

   Historical Prices & Distributions

   
   

Fund Description
Fund Objective 
To provide current income. As a secondary objective, the Fund seeks long term appreciation of capital.
 
Investment Approach 
We look at a number of factors in selecting securities for the Fund's portfolio. On the equity side, we look at a blend of value and growth potential in selecting stocks. In selecting debt securities, we seek what we feel are high-quality securities with minimal credit risk. We use the same analysis on the sell side to determine if a security is still undervalued or maintaining minimal credit risk.
 
  Morningstar Style Box7

Returns and Expenses1, 2, 3, 4, 5
Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

  Monthly Rates of Return

  Average Annual Total Returns
  as of 8/31/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 5.54% -1.16% 3.31% -0.07% 7.10%
Fund with maximum 5.75% sales charge -0.53% -3.09% 2.09% -0.66% 6.82%

  Quarterly Rates of Return

  Average Annual Total Returns
  as of 6/30/2010
  1yr 3yr 5yr 10yr Lifetime
Fund at NAV 11.33% -1.03% 3.35% 0.32% 7.09%
Fund with maximum 5.75% sales charge 4.93% -2.96% 2.13% -0.28% 6.81%
S&P 500 14.43% -9.81% -0.79% -1.59% -7.38%
Citigroup Govt/Credit 9.75% 7.59% 5.39% 6.59% 6.81%
Lipper Mixed-Target Alloc. Growth 12.80% -5.74% 0.95% 1.30% -4.08%

Expense Ratios 
as of 07/31/2010
Net  1.37%
Gross  1.37%

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

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

1. 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.

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

3. S&P 500 is an unmanaged index of common stocks. It is not possible to invest directly in an index.

4. Citigroup Govt./Credit is an unmanaged index comprised of securities that represent the government and corporate bond market. It is not possible to invest directly in an index.

5. Consider All Factors. 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. These and other risks are more fully described in the fund's prospectus.

Ratings & Rankings
Lipper Rankings
as of 06/30/2010
Category: Mixed-Target Alloc. Growth
  Rank Percentile
1 Year 434/577 76
3 Year 8/512 2
5 Year 17/421 5
10 Year 156/217 72

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings8
as of 06/30/2010
Category: Moderate Allocation
Overall   (out of 963 Moderate Allocation)
3 Year   (out of 963 Moderate Allocation)
5 Year   (out of 807 Moderate Allocation)
10 Year   (out of 436 Moderate Allocation)

Rankings are based on risk-adjusted returns.

Holdings
Portfolio Composition9
(as a % of net assets as of 06/30/2010)
Common Stock 64.0%
Corporate Bonds 22.0%
Government Bonds 7.0%
Cash 5.0%
Foreign Stock 2.0%
Sector Allocation9
(as a % of equity holdings as of 06/30/2010)
Information Technology 22.0%
Industrials 18.2%
Consumer Discretionary 15.4%
Consumer Staples 13.7%
Financials 11.1%
Energy 9.2%
Healthcare 7.1%
Materials 1.8%
Utilities 1.4%
Maturity9
(as of 06/30/2010)
<1 Year 27.4%
1-5 Years 55.1%
6-10 Years 16.8%
11-20 Years 0.0%
>20 Years 0.7%
Average Maturity 3.13 years
Top 10 Equity Holdings9
(as a % of net assets as of 06/30/2010)
Apple Inc. 2.8%
JPMorgan Chase & Co. 2.3%
Colgate-Palmolive Company 2.3%
Microchip Technology Incorporated 2.1%
Emerson Electric Co. 2.1%
Hewlett-Packard Company 1.6%
ConocoPhillips 1.6%
PepsiCo, Inc. 1.6%
Cisco Systems, Inc. 1.5%
Brown-Forman Corporation, Class B 1.5%
Total Portfolio Holdings
(updated quarterly, upon availability)
 
View | Download (as of 06/30/2010)
Quality Breakdown9
(as of 06/30/2010)
Gov't 24.7%
AAA 3.2%
AA 12.6%
A 29.2%
BBB 25.1%
BB 1.1%
B 1.5%
Below B 2.6%
Non-Rated 0.0%
Effective Duration 2.73 years

Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
 Cynthia P. Prince-Fox  Ivy Investment Management Company  27  7

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

7. 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.

8. 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.

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