Ivy Funds - InvestEd Balanced Portfolio Class A

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Fund Detail

InvestEd Balanced Portfolio
Class A Shares

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Fund Facts

Ticker Symbol WBLAX
CUSIP 93006P707
Fund Code 802
Fund Type InvestEd
Fund Inception 10/01/2001
Class Inception 10/01/2001
Fiscal Year End December
Dividends Paid Annually
Net Assets (as of 06/30/2010) $88.4 mil

Turnover Rate (as of 03/31/2010) 27%
Lipper Category Mixed-Target Alloc. Growth
Morningstar Category Short-term Bond
Benchmarks Citigroup BIG S&P 500 Citigroup Certificate of Deposit 1 Mon

Daily Prices⁶

Updated 9/9/2010
Net Asset Value (NAV)	$10.99
NAV Change ($)	$0.02
NAV Change (%)	0.18%
Weekly NAV Change ($)	$0.01
Weekly NAV Change (%)	0.09%
Public Offering Price (POP)	$11.66

Historical Prices & Distributions


	(e.g. 2007)

Fund Description

Fund Objective

To seek capital growth and income.

Investment Approach

The portfolio is designed for investors who seek capital appreciation in conjunction with income. The portfolio is also designed for investors who plan to maintain their investments, and who do not expect to incur higher education expenses for at least two to three (2-3) years. The portfolio invests in a combination of long-term, growth-oriented Waddell & Reed Advisors equity mutual funds and Waddell & Reed Advisors bond and income-producing mutual funds. Each underlying fund, in turn, invests in a diversified portfolio of securities.

Morningstar Style Box

Returns and Expenses^{1, 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	5.10%	-0.70%	3.67%	N/A	4.66%
Fund with maximum 5.75% sales charge	-0.94%	-2.64%	2.45%	N/A	3.96%
Quarterly Rates of Return	Average Annual Total Returns as of 6/30/2010
	1yr	3yr	5yr	10yr	Lifetime
Fund at NAV	9.28%	-1.44%	3.68%	N/A	4.45%
Fund with maximum 5.75% sales charge	3.00%	-3.37%	2.46%	N/A	3.75%
S&P 500	14.43%	-9.81%	-0.79%	-1.59%	1.84%
Citigroup BIG	9.03%	7.95%	5.77%	6.61%	5.73%
Citigroup Certificate of Deposit 1 Mon	0.22%	2.04%	3.17%	2.91%	2.54%
Lipper Mixed-Target Alloc. Growth	12.80%	-5.74%	0.95%	1.30%	3.16%

Expense Ratios
as of 04/30/2009
Net	1.08%
Gross	1.08%

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. Citigroup Broad Investment Grade is an unmanaged index comprised of securities that represent the bond market. It is not possible to invest directly in an index.

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

3. Citigroup Certificate of Deposit 1-Month is an unmanaged index of certificates of deposits maturing in one month. It is not possible to invest directly in an index.

4. 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.

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

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

Morningstar Ratings
as of 06/30/2010
Category: Short-term Bond
Overall (out of 963 Short-term Bond)
3 Year (out of 963 Short-term Bond)
5 Year (out of 807 Short-term Bond)
Rankings are based on risk-adjusted returns.

Holdings

Portfolio Composition⁷
(as a % of net assets as of 06/30/2010)
Common Stock	100.0%

Underlying Fund Composition
(as a % of net assets as of 06/30/2010)
Waddell & Reed Advisors Government Securities Fund, Class Y	20.7%
Waddell & Reed Advisors Vanguard Fund, Class Y	15.6%
Waddell & Reed Advisors International Growth Fund, Class Y	14.8%
Waddell & Reed Advisors Core Investment Fund, Class Y	11.7%
Waddell & Reed Advisors Global Bond Fund, Class Y	10.3%
Waddell & Reed Advisors Value Fund, Class Y	9.8%
Waddell & Reed Advisors High Income Fund, Class Y	5.2%
Waddell & Reed Advisors Bond Fund, Class Y	5.2%
Waddell & Reed Advisors Dividend Opportunities Fund, Class Y	4.9%
Waddell & Reed Advisors New Concepts Fund, Class Y	2.0%

Total Portfolio Holdings
(updated quarterly, upon availability)

View \| Download (as of 06/30/2010)

Quality Breakdown
(as of 06/30/2010)
Gov't	0.0%
AAA	0.0%
AA	0.0%
A	0.0%
BBB	0.0%
BB	0.0%
B	0.0%
Below B	0.0%
Non-Rated	0.0%
Effective Duration	years

Portfolio Management
Manager Name	Company Name	Years in Industry	Years with Fund
Michael L. Avery		31	8
Ryan Caldwell		12	3

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. 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. 8. The Fund's Board of Directors has established target ranges for the allocation of the portfolio's assets. The range of portfolio net assets invested in equity funds will be from 40% to 80%; correspondingly, the range of portfolio net assets invested in bond and income-producing funds will be from 60% to 20%. Subject to these asset allocation ranges, the Board of Directors has established these target ranges for investment of the portfolio's assets in specific underlying funds.
Performance at net asset value (NAV) does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load of 5.75% (4.25% for the Conservative Portfolio). Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date. Shares of Waddell & Reed InvestEd Portfolios, Inc. are offered by Waddell & Reed, Inc. as part of the Arizona Family College Savings Program Trust Fund, a 529 plan administered by the Arizona Commission for Postsecondary Education (the "Program"). Accounts are held in the name and the benefit of the Arizona Commission of Postsecondary Education in its capacity as Trustee of the Family College Savings Program Trust Fund (the "Trust"). An investment in the Program constitutes a purchase of an interest in the Trust, a municipal fund security. The Trust invests in shares of Waddell & Reed InvestEd Portfolios, Inc., a mutual fund along with certain other investments. InvestEd accounts are not insured by the State of Arizona, the Arizona Commission for Postsecondary education, Waddell & Reed, Inc. or any affiliated or related party, and neither the principal deposited nor the investment return is guaranteed by the above parties. The InvestEd Portfolios have been organized as a "fund of funds" with three portfolios that invest in various Waddell & Reed Advisors Funds. Non-residents or taxpayers of states other than Arizona should consider participating in the 529 plan(s) available in their state of residence, as such plan(s) may offer more favorable state income tax or other benefits than those offered under the InvestEd Plan. Please consult your tax advisor regarding your personal tax situation. Investors should consider the investment objectives, risks, charges and expenses associated with the InvestEd Plan carefully before investing. This and other information is found in the Waddell & Reed InvestEd Portfolios prospectus, the InvestEd Program Overview and the InvestEd Account Application, all of which can be obtained from your financial advisor. Please read these materials carefully before investing. An investor should also consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 college savings plan.

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. 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.

8. The Fund's Board of Directors has established target ranges for the allocation of the portfolio's assets. The range of portfolio net assets invested in equity funds will be from 40% to 80%; correspondingly, the range of portfolio net assets invested in bond and income-producing funds will be from 60% to 20%. Subject to these asset allocation ranges, the Board of Directors has established these target ranges for investment of the portfolio's assets in specific underlying funds.

Performance at net asset value (NAV) does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load of 5.75% (4.25% for the Conservative Portfolio). Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Shares of Waddell & Reed InvestEd Portfolios, Inc. are offered by Waddell & Reed, Inc. as part of the Arizona Family College Savings Program Trust Fund, a 529 plan administered by the Arizona Commission for Postsecondary Education (the "Program"). Accounts are held in the name and the benefit of the Arizona Commission of Postsecondary Education in its capacity as Trustee of the Family College Savings Program Trust Fund (the "Trust"). An investment in the Program constitutes a purchase of an interest in the Trust, a municipal fund security. The Trust invests in shares of Waddell & Reed InvestEd Portfolios, Inc., a mutual fund along with certain other investments. InvestEd accounts are not insured by the State of Arizona, the Arizona Commission for Postsecondary education, Waddell & Reed, Inc. or any affiliated or related party, and neither the principal deposited nor the investment return is guaranteed by the above parties. The InvestEd Portfolios have been organized as a "fund of funds" with three portfolios that invest in various Waddell & Reed Advisors Funds.

Non-residents or taxpayers of states other than Arizona should consider participating in the 529 plan(s) available in their state of residence, as such plan(s) may offer more favorable state income tax or other benefits than those offered under the InvestEd Plan. Please consult your tax advisor regarding your personal tax situation.

Investors should consider the investment objectives, risks, charges and expenses associated with the InvestEd Plan carefully before investing. This and other information is found in the Waddell & Reed InvestEd Portfolios prospectus, the InvestEd Program Overview and the InvestEd Account Application, all of which can be obtained from your financial advisor. Please read these materials carefully before investing.

An investor should also consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 college savings plan.

Past performance is no guarantee of future results. The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc. Waddell & Reed Financial, Inc., the ultimate parent company of Ivy Funds Distributor, Inc., acquired the investment advisor to the Ivy Funds in December 2002.

The products and services described in this website are offered only in the United States, Puerto Rico and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Ivy Funds distributed by Ivy Funds Distributor, Inc. and Waddell & Reed InvestEd Portfolios distributed by Waddell & Reed, Inc. are offered by prospectus only.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus, or if available, a summary prospectus, containing this and other information for the Ivy Funds, call your financial advisor or visit us online at www.ivyfunds.com. Please read the prospectus or summary prospectus carefully before investing.