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Ivy Balanced Fund

  • $23.65 NAV as of 12/2/2016
  • ($0.03) / 0.13% Daily NAV Change
  • 1.12% YTD (NAV)

Summary

Balancing potential risk and reward in a complex world

Straight forward approach
A traditional balanced fund with predictable guardrails that generally invests two-thirds of its assets in U.S. equities and one-third of its assets in fixed-income securities.
Management discipline
Uses fundamental analysis and rigorous screening of stocks and bonds to determine portfolio composition.
Competitive track record
Seeks balanced, consistent growth and current income while managing risk. Manager utilizes a disciplined investment process that is designed to deliver consistent results.

Morningstar Style Box

Blend
Large
MOD
Low
Source: Morningstar

Portfolio Management

Matthew A. Hekman

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 18 Years in Industry
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Matthew A. Hekman is Vice President of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Hekman joined the firm in June 2003 as a performance analyst. He was promoted to investment analyst in March 2005. He joined the large-cap growth team in January 2009. He was appointed assistant vice president and assistant portfolio manager in January 2010. Mr. Hekman joined the large-cap value team as assistant portfolio manager in September 2011. His research responsibilities were concentrated in large-cap value stocks, aerospace and defense, and chemicals. In August 2014, Mr. Hekman was appointed portfolio manager of the Ivy Balanced Fund, Ivy Funds VIP Balanced and Waddell & Reed Advisors Continental Income Fund. Prior to joining the firm, Mr. Hekman was a manager of custody administration and investment accounting with State Street Corporation. He was responsible for five client relationships as well as eight staff members. He oversaw and approved all custody and accounting activities for 26 mutual funds culminating in the submission of a NAV to NASDAQ. In that role, Mr. Hekman acted as a liaison between custody administration, accounting, and investment management personnel. Mr. Hekman graduated from Dordt College in 1998 with a BA in business administration. He earned an MBA with an emphasis in finance from the University of Kansas in 2003. Mr. Hekman is a member of the CFA Institute and the Kansas City CFA Society.

Growth of a $10,000 Investment
through 11/30/2016

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/2/2016

Net Asset Value (NAV) $23.65
Daily NAV Change ($) ($0.03) 0.13%
Weekly NAV Change ($) $-0.08 -0.34%
Public Offering Price (POP) $23.65

Fund Facts

Ticker Symbol IBNYX
CUSIP 465898583
Fund Code 791
Fund Type Specialty Funds
Fund Inception 11/16/1987
Class Inception 12/8/2003
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 10/31/2016) $2.6 bil
Total Equity Holdings (as of 10/31/2016) 54
Total Holdings (as of 10/31/2016) 264
Portfolio Turnover Rate
Lipper Category Mixed-Asset Target Alloc Growth Funds
Morningstar Category Allocation--50% to 70% Equity
Benchmark S&P 500 TR USD
Benchmark Bloomberg Barclays US Govt/Credit TR USD

Performance

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.

Class Y shares are not subject to sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 1.33% -0.91% 3.22% 8.39% 6.45% 7.00%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 2.40% 7.19% 5.31% 10.28% 6.91% 7.18%
Lipper Mixed-Asset Target Alloc Growth Funds 5.86% 9.23% 5.65% 9.97% 5.06% 6.02%
Bloomberg Barclays US Govt/Credit TR USD 6.66% 5.86% 4.22% 3.24% 4.86% 4.54%
S&P 500 TR USD 7.84% 15.43% 11.16% 16.37% 7.24% 7.94%

Calendar Year Return

  2011 2012 2013 2014 2015
S&P 500 TR USD 2.11 16.00 32.39 13.69 1.38
Class Y 2.71 11.51 23.27 7.29 -0.41
Bloomberg Barclays US Govt/Credit TR USD 8.74 4.82 -2.35 6.01 0.15

Morningstar Ratings as of 10/31/2016 Morningstar Logo

Category: Allocation--50% to 70% Equity
Ratings are based on risk-adjusted returns
Overall out of 831
3 Year out of 831
5 Year out of 717
10 Year out of 497

Lipper Ranking through 10/31/2016 Lipper Logo

Category: Mixed-Asset Target Alloc Growth Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 478/500 96
3 Year 280/456 62
5 Year 188/403 47
10 Year 19/309 7

Expense Ratios as of 7/31/2016

Net 1.09%
Gross 1.09%

5-Year Standard Deviation as of 9/30/2016

S&P 500 TR USD 11.12
Bloomberg Barclays US Govt/Credit TR USD N/A

5-Year MPT* Statistics as of 9/30/2016

*Modern Portfolio Theory
Alpha -1.96
Beta 0.77
R-Squared 92.61
Sharpe Ratio 1.15
Capture Ratio Upside: 72.57%
Downside: 88.03%

Distributions

Historical Prices Inception 12/8/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $23.62 NO NO
12/2/2016 $23.65 NO NO

Historical Distributions Inception 12/8/2003

Ex-date Income Capital Gains Reinvest Gains Payment Date
9/15/2016 $0.047 Long: $0.000 Short: $0.000 $23.85 9/15/2016
6/16/2016 $0.045 Long: $0.000 Short: $0.000 $23.22 6/16/2016
12/10/2015 $0.171 Long: $0.938 Short: $0.239 $23.63 12/10/2015
9/10/2015 $0.045 Long: $0.000 Short: $0.000 $24.27 9/10/2015
6/11/2015 $0.045 Long: $0.000 Short: $0.000 $25.81 6/11/2015
3/12/2015 $0.02 Long: $0.000 Short: $0.000 $25.66 3/12/2015
12/11/2014 $0.0983 Long: $0.649 Short: $0.088 $24.66 12/11/2014
9/11/2014 $0.024 Long: $0.000 Short: $0.000 $25.32 9/11/2014
6/12/2014 $0.023 Long: $0.000 Short: $0.000 $25.06 6/12/2014
3/13/2014 $0.015 Long: $0.000 Short: $0.000 $24.13 3/13/2014
12/12/2013 $0.0594 Long: $0.399 Short: $0.126 $23.41 12/12/2013
9/12/2013 $0.015 Long: $0.000 Short: $0.000 $23.07 9/12/2013
6/13/2013 $0.015 Long: $0.000 Short: $0.000 $22.21 6/13/2013
3/14/2013 $0.01 Long: $0.000 Short: $0.000 $21.58 3/14/2013
12/13/2012 $0.103 Long: $0.119 Short: $0.033 $19.98 12/13/2012
9/13/2012 $0.025 Long: $0.000 Short: $0.000 $20.66 9/13/2012
6/14/2012 $0.03 Long: $0.000 Short: $0.000 $19.24 6/14/2012
3/15/2012 $0.031 Long: $0.000 Short: $0.000 $19.93 3/15/2012

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

12-Month Trailing Dist. Yield as of 10/31/2016

NAV 1.07%
With Sales Charge 1.07%

Annualized 30-Day SEC Yield as of 10/31/2016

Subsidized - NAV 1.13%
Unsubsidized - NAV 1.13%

Portfolio

Top 10 Equity Holdings as a % of net assets 10/31/2016

Carnival Corp. Carnival Corporation operates as a cruise and vacation company. 2.13%
Apple, Inc. Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. 1.89%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 1.72%
Applied Materials, Inc. Applied Materials, Inc. provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide. 1.72%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 1.72%
Johnson & Johnson Johnson & Johnson is a holding company. The Company, along with its subsidiaries, is engaged in the research and development, manufacture and sale of a range of products in the healthcare field. 1.69%
Autodesk, Inc. 1.47%
Allergan plc, Convertible Series A, 5.500%, 3/1/2018 1.47%
Comcast Corp., Class A Comcast Corporation operates as a media and technology company worldwide. It operates through cable communications, cable networks, broadcast television, filmed entertainment, and theme parks segments. 1.47%
Teva Pharmaceutical Industries Ltd., Convertible, 7.000%, 12/15/2018 1.44%

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 93.8%
Medium 6.2%
Small 0.0%
Median Market Cap (as of 10/31/2016) $35.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 10/31/2016

Pharmaceuticals 12.4%
Packaged Foods & Meats 6.7%
Oil & Gas Exploration & Production 5.2%
Biotechnology 4.7%
Hotels, Resorts & Cruise Lines 3.8%
Other Diversified Financial Services 3.7%
Technology Hardware, Storage & Peripherals 3.4%
Semiconductor Equipment 3.1%
Managed Health Care 3.0%
Application Software 2.6%

Maturity
as a % of fixed income assets as of 9/30/2016

<1 Year 22.3%
1-5 Years 41.4%
5-10 Years 27.1%
10-20 Years 1.9%
>20 Years 7.4%
Average Maturity 4.80 years
Effective Duration 4.00 years

Fixed Income Country Allocation
as a % of bond holdings as of 10/31/2016

United States 80.6%
United Kingdom 6.0%
Netherlands 3.0%
France 2.6%
Canada 1.8%
Australia 1.6%
Ireland 1.2%
Japan 1.0%
Singapore 1.0%
Sweden 0.4%
Guernsey 0.4%
Hong Kong 0.3%

Sector Allocation
as a % of equity assets as of 10/31/2016

Health Care 24.15%
Information Technology 17.41%
Consumer Discretionary 14.49%
Consumer Staples 13.80%
Financials 8.90%
Energy 7.98%
Industrials 5.77%
Materials 4.13%
Real Estate 2.49%
Telecommunication Services 0.88%

Quality
as a % of fixed income assets as of 10/31/2016

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Government Bonds 15.70%
AA 5.40%
A 19.10%
BBB 40.30%
BB 13.80%
B 2.70%
CCC 3.00%

Portfolio Composition
as a % of net assets as of 10/31/2016

Domestic Common Stock 44.25%
Corporate Bonds 30.09%
Cash and Cash Equivalents 7.85%
Preferred Stock 6.31%
Government Bonds 5.66%
Foreign Common Stock 5.63%
Senior Loans 0.21%

Equity Country Allocation
as a % of equity assets as of 10/31/2016

United States 87.7%
Ireland 5.6%
Israel 4.9%
Belgium 1.9%

Documents

Select a document below to view or download.

Documents

Risk factors. 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. 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. The lower-rated securities in which the Fund may invest may carry greater risk of nonpayment of interest or principal then higher-rated bonds. In addition to the risks typically associated with fixed-income securities, loan participations in which the Fund may invest carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loan participations may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Fund typically holds a limited number of stocks (generally 50 to 65). As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a large number of securities. The value of a security believed by the Fund’s manager to be undervalued may never reach what the manager believes to be its full value, or such security’s value may decrease. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Index Description: The Barclays US Govt/Credit TR USD - The Barclays U.S. Government/Credit Index measures the performance of U.S. dollar-denominated United States Treasuries, government-related, and investment-grade U.S. corporate securities that have a remaining maturity of greater than or equal to one year. In addition, the securities have $250 million or more of outstanding face value and are fixed-rate and non-convertible securities. It is not possible to invest directly in an index.

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.

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.

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. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

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.

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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