Ivy Funds

A broad range of distinct mutual funds that cover major asset classes around the globe, including domestic equity and fixed income, international equity and fixed income, emerging markets, sector and allocation funds.

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Summary

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.

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Prices & Returns
POP as of 4/24/2018
Average Annual Total Returns
POP as of 3/31/2018
Expense
Ratios
IATAX Ivy Accumulative Fund 1 2 $10.55 ($0.11) -5.33% 2.86% 3.76% 10.20% 6.62% 10.14% 10/9/1940 1.11% 1.11%
IBOAX Ivy Advantus Bond Fund 7 8 9 $11.10 ($0.01) -7.69% -3.64% -0.08% 1.15% 3.34% 5.39% 8/14/1987 1.05% 1.06%
IRSAX Ivy Advantus Real Estate Securities Fund 53 $23.45 $0.08 -13.83% -8.17% -1.70% 4.27% 4.82% 9.18% 2/25/1999 1.43% 1.53%
IMAAX Ivy Apollo Multi-Asset Income Fund 3 $11.70 ($0.03) -5.21% 1.36% 4.38% 10/1/2015 1.25%
IAPOX Ivy Apollo Strategic Income Fund 4 $10.60 ($0.01) -5.83% -3.31% 1.48% 10/1/2015 1.16% 1.18%
WASAX Ivy Asset Strategy Fund $25.61 ($0.20) -4.66% 6.62% -1.43% 1.91% 2.71% 6.75% 7/10/2000 1.12% 1.12%
IBNAX Ivy Balanced Fund 5 6 $26.15 ($0.21) -6.55% 0.33% 1.13% 5.50% 6.11% 7.49% 11/16/1987 1.11% 1.11%
IBJAX Ivy Bond Fund 10 $6.38 $0.00 -8.65% -5.17% -0.71% 0.13% 2.59% 6.31% 3/30/1964 0.98% 0.98%
IMHAX Ivy California Municipal High Income Fund 11 $10.45 ($0.01) -5.47% 0.70% 0.02% 10/3/2016 0.80% 1.12%
IAAXX Ivy Cash Management Fund 12 13 $1.00 $0.00 0.33% 0.64% 0.24% 0.15% 0.31% 4.49% 8/23/1979 0.73% 0.73%
WCEAX Ivy Core Equity Fund 15 $15.70 ($0.23) -4.58% 9.60% 5.06% 9.35% 8.15% 4.65% 7/3/2000 1.15% 1.21%
ICKAX Ivy Crossover Credit Fund 16 $10.28 ($0.02) -9.39% -4.39% 4/3/2017 0.90% 0.95%
ICDAX Ivy Cundill Global Value Fund 17 $19.67 ($0.08) -7.53% 0.17% 1.72% 3.45% 3.11% 4.90% 9/4/2001 1.65% 1.81%
IPOAX Ivy Emerging Markets Equity Fund 18 19 20 21 $21.92 ($0.12) -7.60% 20.14% 8.60% 8.44% 4.25% 4.99% 10/25/1993 1.58% 1.68%
IEYAX Ivy Energy Fund 23 24 $13.38 ($0.18) -4.03% -17.89% -8.02% -4.51% -2.22% 0.75% 4/3/2006 1.41% 1.41%
IEOAX Ivy European Opportunities Fund $35.71 ($0.08) -2.86% 9.00% 2.71% 5.50% 0.99% 11.88% 5/4/1999 1.71% 1.71%
IVSAX Ivy Global Bond Fund 26 $10.23 $0.00 -6.49% -3.70% 0.72% 0.45% 2.32% 4/4/2008 0.99% 1.33%
IBIAX Ivy Global Equity Income Fund 28 $14.90 ($0.10) -5.25% 6.93% 3.34% 6.53% 9.27% 6/4/2012 1.30% 1.38%
IVINX Ivy Global Growth Fund 29 $49.88 ($0.48) -2.65% 11.14% 4.31% 6.97% 3.71% 7.86% 4/30/1986 1.48% 1.48%
IVBAX Ivy Global Income Allocation Fund 30 $16.28 ($0.06) -7.13% -0.61% 1.37% 3.27% 2.72% 6.09% 9/16/1994 1.46% 1.46%
WRAXX Ivy Government Money Market Fund $1.00 $0.00 0.31% 0.56% 0.21% 0.13% 0.29% 1.34% 6/30/2000 0.63% 0.63%
IGJAX Ivy Government Securities Fund 32 33 $5.47 ($0.01) -6.57% -4.82% -1.69% -1.11% 1.34% 5.77% 4/10/1984 1.00% 1.07%
WHIAX Ivy High Income Fund 21 34 35 $7.95 ($0.02) -4.77% -0.49% 2.80% 3.58% 7.95% 7.14% 7/3/2000 0.97% 0.97%
IVJAX Ivy IG International Small Cap Fund 36 $13.87 ($0.02) -3.47% 17.39% 17.31% 1/10/2017 1.45% 1.61%
IVIAX Ivy International Core Equity Fund 21 38 $21.72 ($0.02) -4.61% 5.85% 2.91% 6.79% 3.86% 5.28% 5/13/1997 1.29% 1.29%
WLGAX Ivy Large Cap Growth Fund 40 $23.93 ($0.55) -2.34% 16.35% 9.15% 13.66% 8.71% 6.56% 6/30/2000 1.15% 1.19%
IREAX Ivy LaSalle Global Real Estate Fund 41 $10.93 $0.02 -10.12% -3.24% -1.89% 1.90% 4/1/2013 1.51% 2.08%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund $11.14 $0.03 -10.94% -5.60% -0.80% 2.44% 4/1/2013 1.51% 1.63%
WLTAX Ivy Limited-Term Bond Fund $10.88 $0.00 -3.53% -2.28% -0.12% 0.09% 2.05% 3.12% 8/17/2000 0.88% 0.88%
IVTAX Ivy Managed International Opportunities Fund 18 42 $12.71 ($0.04) -5.07% 8.29% 3.52% 5.92% 2.87% 2.95% 4/2/2007 1.55% 1.58%
IGWAX Ivy Micro Cap Growth Fund $28.31 ($0.39) -0.52% 4.34% 1.80% 7.45% 14.31% 2/17/2009 1.68% 1.68%
WMGAX Ivy Mid Cap Growth Fund 43 $25.31 ($0.35) -1.93% 17.40% 6.29% 9.82% 10.10% 7.26% 6/30/2000 1.31% 1.35%
IVOAX Ivy Mid Cap Income Opportunities Fund 44 $14.43 ($0.14) -6.30% 3.68% 6.68% 9.07% 10/1/2014 1.35% 1.45%
WMBAX Ivy Municipal Bond Fund 46 $12.19 $0.00 -4.91% -2.03% 0.15% 1.00% 3.57% 3.96% 9/15/2000 0.98% 0.98%
IYIAX Ivy Municipal High Income Fund 47 48 $5.26 $0.00 -4.15% -1.12% 1.03% 1.94% 6.24% 5/18/2009 0.87% 0.87%
IGNAX Ivy Natural Resources Fund 31 $16.35 ($0.23) -7.39% -5.54% -4.64% -4.75% -5.87% 5.53% 1/2/1997 1.72% 1.72%
IECAX Ivy Pictet Emerging Markets Local Currency Debt Fund 22 $9.96 $0.02 -4.77% 1.47% 1.34% -1.67% 4/30/2014 1.25% 1.57%
IRBAX Ivy Pictet Targeted Return Bond Fund 63 64 $10.58 $0.00 -6.30% -5.02% -1.41% 1/4/2016 1.24% 1.41%
IPNAX Ivy PineBridge High Yield Fund 49 $10.37 ($0.02) -6.60% -4.44% 5/18/2017 1.00% 1.00%
IAIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund 37 $10.17 ($0.03) -1.03% -0.12% 4/20/2017 0.90% 1.00%
IMWAX Ivy Proshares MSCI ACWI Index Fund 45 $11.66 ($0.10) -3.11% 11.61% 4/20/2017 0.90% 1.31%
IRUAX Ivy ProShares Russell 2000 Dividend Growers Index Fund 54 $10.40 ($0.02) -3.60% -1.97% 4/20/2017 0.90% 1.05%
IAPRX Ivy ProShares S&P 500 Bond Index Fund 55 $9.87 ($0.02) -6.58% -2.97% 4/20/2017 0.65% 0.66%
IDAAX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 56 $11.26 ($0.13) -6.03% 9.24% 4/20/2017 0.75% 0.86%
WSTAX Ivy Science and Technology Fund 57 $67.96 ($1.36) -5.04% 16.23% 6.45% 12.21% 11.51% 7.35% 7/3/2000 1.30% 1.30%
IYSAX Ivy Small Cap Core Fund 21 58 59 60 $20.02 ($0.19) -6.35% -0.14% 6.79% 9.30% 9.13% 8.86% 1/31/1997 1.50% 1.50%
WSGAX Ivy Small Cap Growth Fund 21 61 62 $19.93 ($0.28) -0.69% 13.76% 8.59% 11.44% 11.39% 6.73% 7/3/2000 1.41% 1.41%
IYEAX Ivy Tax-Managed Equity Fund 65 $27.15 ($0.55) -2.33% 16.05% 8.71% 13.02% 13.33% 5/18/2009 1.20% 1.20%
IYVAX Ivy Value Fund 66 67 $24.89 ($0.24) -6.98% 0.04% 3.96% 7.78% 6.79% 6.73% 9/16/1994 1.33% 1.33%
IWGAX Ivy Wilshire Global Allocation Fund 68 69 70 $9.05 ($0.04) -5.95% 3.16% -1.41% 1.98% 2.57% 8.42% 3/9/1995 1.14% 1.21%

1 Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows Class B shares at 2.29%, Class C shares at 2.07% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the Ivy Trust (the Ivy Trust Board).

Through October 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Ivy Trust Board.

2 Waddell & Reed Advisors (WRA) Accumulative Fund merged into Ivy Accumulative Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Accumulative Fund, which was incepted on October 9, 1940. Ivy Accumulative Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Accumulative Fund.

3 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund's Class A shares at 1.30%, Class C shares at 2.17%, Class I shares and Class N shares at 1.00% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the the Board of Trustees of Ivy Funds (Board). See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board. See the prospectus for more information.

4 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund's Class A shares at 1.15%, Class C shares at 1.85%, Class I shares and Class N shares at 0.85%; and Class Y shares at 1.10%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board. See the prospectus for more information.

5 The Advantus Spectrum Fund merged into the Ivy Balanced Fund on 12/8/03. 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.

6 Waddell & Reed Advisors Continental Income Fund merged into Ivy Balanced Fund on Feb. 26, 2018.

7 The Advantus Bond Fund merged into the Ivy Bond Fund on 12/8/03. The performance shown for periods prior to this date is that of the Advantus Bond Fund Class A shares, restated to reflect current sales charges applicable to Ivy Bond Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Bond Fund. If these expenses were reflected, performance shown would differ.

8 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses for the Fund’s Class E shares at 1.05%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class I shares and Class N shares at 0.54%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees.

9 The Ivy Bond Fund was renamed Ivy Advantus Bond Fund on April 3, 2017.

10 Waddell & Reed Advisors (WRA) Bond Fund merged into Ivy Bond Fund on Oct. 16, 2017. The returns shown prior to this date reflect the performance of WRA Bond Fund, which was incepted on March 30, 1964. Ivy Bond Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Bond Fund. Prior to the reorganization, the Ivy Bond Fund had no assets and had not commenced operations. Performance shown after Jan. 31, 2012, may significantly differ from prior performance due to changes made on that date to WRA Bond Fund's investment strategies. WRA Bond Fund's past performance does not necessarily indicate how Ivy Bond Fund will perform in the future.

11 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for Class A shares at 0.80% and Class I shares at 0.60%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board. See the prospectus for more information.

12 You could lose money by investing in the Ivy Cash Management Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

13 Waddell & Reed Advisors (WRA) Cash Management Fund merged into Ivy Cash Management Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Cash Management Fund, which was incepted on Aug. 23, 1979. Ivy Cash Management Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Cash Management Fund.

15 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.15%; Class E shares at 1.13%; and Class I shares and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

16 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) for the Fund's Class A shares at 0.90%, Class I shares at 0.65%, Class R shares at 1.40%, Class N shares at 0.65%, Class Y shares at 0.90%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

17 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.14% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Through July 31, 2018, IICO, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses for Class E shares at 1.45%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees.

18 Effective February 11, 2014, the name of one of the Fund's underlying funds, Ivy Pacific Opportunities Fund, was changed to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Fund's former strategy to invest primarily in Pacific region equity securities, and the Fund's performance may have differed if the Ivy Emerging Markets Equity Fund's current strategy had been in place.

19 On March 17, 2014, Ivy Asset Strategy New Opportunities Fund merged into Ivy Emerging Markets Equity Fund. The Ivy Asset Strategy New Opportunities Fund has been liquidated and has terminated operations as a management investment company.

20 Fee Waiver and/or Expense Reimbursement:Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.58%; Class B shares at 2.50%; and Class I shares and Class N shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

21 Class T shares were launched on July 5, 2017.

22 The Ivy Emerging Markets Local Currency Debt Fund was renamed Ivy Pictet Emerging Markets Local Currency Debt Fund on April 3, 2017.

23 Fee Waiver and/or Expense Reimbursement: Through April 30, 2018, Ivy Investment Management Company (IICO), the Portfolio’s investment manager, Ivy Distributors, Inc. (IDI), the Portfolio’s distributor, and / or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Portfolio’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and / or shareholder servicing fees to cap the total annual ordinary portfolio operating expenses at 1.13%. Prior to that date, the expense limitation may not be terminated by WRIMCO, Waddell & Reed, WISC or the Board of Trustees.

24 Waddell & Reed Advisors Energy Fund merged into Ivy Energy Fund on Oct. 16, 2017.

26 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses as follows: Class A shares at 0.99%, Class B shares at 1.74%, Class C shares at 1.74%, Class I shares at 0.74% and Class Y shares at 0.99%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

For the period from May 18, 2017 through July 31, 2018, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class N shares at 0.74%. Prior to July 31, 2018, the expense limitation may not be terminated without the consent of the Board of Trustees.

28 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 tocap the total annual ordinary fund operating expenses for the Fund’s Class A shares at 1.30% and Class Y shares at 1.19%. Prior to that date, the expense limitation may not be terminated byIICO, IDI, WISC or the Board of Trustees.

29 Waddell & Reed Advisors Global Growth Fund merged into Ivy Global Growth Fund on Feb. 26, 2018.

30 For periods prior to December 8, 2003, the performance shown below is the performance of the Class A shares of Advantus International Balanced Fund which along with its other classes of shares was reorganized on December 8, 2003 into Class A shares of Ivy Global Income Allocation Fund. For that time period, the Fund would have had substantially similar annual returns because the shares would have been invested in a similar portfolio of securities, but would differ to the extent that the Fund has different expenses. Performance prior to December 8, 2003, has not been restated to reflect the estimated annual operating expenses of Ivy Global Income Allocation Fund. If those expenses were reflected, performance shown below would differ.

31 The Ivy Global Natural Resources Fund was renamed Ivy Natural Resources Fund on April 3, 2017.

32 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.00%, Class B shares at 2.13%, Class C shares at 1.88% and Class I shares at 0.72%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

33 Waddell & Reed Advisors (WRA) Government Securities Fund merged into Ivy Government Securities Fund on Oct. 16, 2017. The returns shown prior to this date reflect the performance of WRA Government Securities Fund, which was incepted on April 10, 1984. Ivy Government Securities Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Government Securities Fund. Prior to the reorganization, the Ivy Government Securities Fund had no assets and had not commenced operations. Performance shown after Jan. 31, 2012, may significantly differ from prior performance due to changes made on that date to WRA Government Securities Fund's investment strategies. WRA Government Securities Fund's past performance does not necessarily indicate how Ivy Government Securities Fund will perform in the future.

34 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.11%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

35 Waddell & Reed Advisors High Income Fund merged into Ivy High Income Fund on Feb. 26, 2018.

36 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.45% and Class I shares at 1.15%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap. Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent the Board of Trustees.

37 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A at 0.90% and Class I shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

38 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.28%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

40 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses for Class A shares at 1.15%, Class E shares at 1.15%, Class I shares at 0.88%, and Class Y shares at 1.06%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

41 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses for the Fund’s Class A shares at 1.51%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees. See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class I shares at 1.05%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees. See the prospectus for more information.

42 On March 17, 2014, Ivy Managed European/Pacific Fund merged into Ivy Managed International Opportunities Fund. The Ivy Managed European/Pacific Fund has been liquidated and has terminated operations as a management investment company.

43 Waddell & Reed Advisors WRA New Concepts Fund merged into Ivy Mid Cap Growth Fund on Feb. 26, 2018.

44 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 tocap the total annual ordinary fund operating expenses for Class A shares at 1.35%, Class C shares at 2.07%, Class E shares at 1.30%, Class I shares at 1.05%, Class R shares at 1.80%, Class N shares at 1.05% and Class Y shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees (Board)

45 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) for Ivy ProShares MSCI ACWI Index Fund as follows: Class A shares at 0.90% and Class I and Class N shares at 0.65%. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

46 Waddell & Reed Advisors Municipal Bond Fund merged into Ivy Municipal Bond Fund on Oct. 16, 2017.

47 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses as follows: Class B shares at 1.62%, Class C shares at 1.58%, Class I shares at 0.68% and Class Y shares at 0.94%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees. See the prospectus for more information.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees. See the prospectus for more information.

48 Waddell & Reed Advisors Municipal High Income Fund merged into Ivy Municipal High Income Fund on Feb. 26, 2018.

49 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) Fund's Class A shares at 1.00%, Class I and N shares at 0.72%, Class R shares at 1.47%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

53 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Through July 31, 2018, IICO, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses for Class E shares at 1.45%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees.

54 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.90% and Class I and Class N shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes

55 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.65% and Class I shares at 0.40%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

56 Fee Waiver and/or Expense Reimbursement:Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.75% and Class I and Class N shares at 0.50%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

57 Waddell & Reed Advisors Science and Technology Fund merged into Ivy Science and Technology Fund on Feb. 26, 2018.

58 The Advantus Venture Fund merged into the Ivy Small Cap Value Fund on 12/8/03. The performance shown for periods prior to this date is that of the Advantus Venture Fund Class A shares, restated to reflect current sales charges applicable to Ivy Small Cap Value Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Small Cap Value Fund. If these expenses were reflected, performance shown would differ.

59 Prior to March 3, 2017, the Ivy Small Cap Core Fund was known as the Ivy Small Cap Value Fund and its benchmark was the Russell 2000 Value Index. The Fund’s benchmark is now the Russell 2000 Index. These changes were made to more closely align with the Fund’s investment objectives.

60 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Distributors, Inc. (IDI), 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 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

61 Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.35%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

62 Waddell & Reed Advisors Small Cap Fund merged into Ivy Small Cap Growth Fund on Feb. 26, 2018.

63 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund’s Class A shares at 1.38%; Class C shares at 2.05%; Class I shares at 1.00%; Class N shares at 0.87%; and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board.

64 The Ivy Targeted Return Fund was renamed Ivy Pictet Targeted Return Bond Fund on April 3, 2017.

65 Waddell & Reed Advisors Tax-Managed Equity Fund merged into Ivy Tax-Managed Equity Fund on Oct. 16, 2017.

66 The Advantus Cornerstone Fund merged into the Ivy Value Fund on 12/8/03. The performance shown for periods prior to this date is that of the Advantus Cornerstone Fund Class A shares, restated to reflect current sales charges applicable to Ivy Value Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Value Fund. If these expenses were reflected, performance shown would differ.

67 Waddell & Reed Advisors Value Fund merged into Ivy Value Fund on Oct. 16, 2017.

68 Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions and extraordinary expenses, if any) as follows: Class A Shares at 1.16%; Class B shares at 2.25%; Class C shares at 2.01%; and Class I Shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

69 Effective May 18, 2017, the name of the Fund changed from Waddell & Reed Advisors Asset Strategy Fund to Waddell & Reed Advisors Wilshire Global Allocation Fund, and the Fund changed its investment strategy to operate as a “fund of funds.” The Fund’s performance prior to that date reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place.

70 Waddell & Reed Advisors (WRA) Wilshire Global Allocation Fund merged into Ivy Wilshire Global Allocation Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Wilshire Global Allocation Fund, which was incepted on March 9, 1995. Ivy Wilshire Global Allocation Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Wilshire Global Allocation Fund. Prior to the reorganization, the Ivy Wilshire Global Allocation Fund had no assets and had not commenced operations.

Yields

Yields as of 3/31/2018
IATAX Ivy Accumulative Fund
IBOAX Ivy Advantus Bond Fund 2.74% 2.59% 2.67% 2.67%
IRSAX Ivy Advantus Real Estate Securities Fund 0.71% 0.67% 1.12% 0.99%
IMAAX Ivy Apollo Multi-Asset Income Fund 3.78% 3.57% 3.35% 3.35%
IAPOX Ivy Apollo Strategic Income Fund 3.92% 3.70% 3.79% 3.79%
WASAX Ivy Asset Strategy Fund 0.97% 0.92% 1.84% 1.84%
IBNAX Ivy Balanced Fund 1.90% 1.79% 1.32% 1.32%
IBJAX Ivy Bond Fund 2.35% 2.21% 2.39% 2.37%
IMHAX Ivy California Municipal High Income Fund 2.95% 2.83% 2.11% 2.11%
IAAXX Ivy Cash Management Fund
WCEAX Ivy Core Equity Fund 0.25% 0.23%
ICKAX Ivy Crossover Credit Fund 3.40% 3.16%
ICDAX Ivy Cundill Global Value Fund 0.84% 0.80%
IPOAX Ivy Emerging Markets Equity Fund 0.00% 0.00%
IEYAX Ivy Energy Fund 0.31% 0.29%
IEOAX Ivy European Opportunities Fund 1.01% 0.95%
IVSAX Ivy Global Bond Fund 2.32% 2.18% 2.43% 2.37%
IBIAX Ivy Global Equity Income Fund 2.17% 2.05% 1.50% 1.50%
IVINX Ivy Global Growth Fund 0.12% 0.12%
IVBAX Ivy Global Income Allocation Fund 3.69% 3.48% 3.48% 3.48%
WRAXX Ivy Government Money Market Fund
IGJAX Ivy Government Securities Fund 1.25% 1.19% 1.54% 1.31%
WHIAX Ivy High Income Fund 6.93% 6.53% 6.32% 6.32%
IVJAX Ivy IG International Small Cap Fund 0.15% 0.14%
IVIAX Ivy International Core Equity Fund 1.02% 0.96%
WLGAX Ivy Large Cap Growth Fund 0.00% 0.00%
IREAX Ivy LaSalle Global Real Estate Fund 1.04% 0.98% 0.94% 0.69%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund 0.52% 0.49% 1.32% 1.07%
WLTAX Ivy Limited-Term Bond Fund 1.77% 1.72% 2.14% 2.14%
IVTAX Ivy Managed International Opportunities Fund 1.21% 1.14%
IGWAX Ivy Micro Cap Growth Fund 0.00% 0.00%
WMGAX Ivy Mid Cap Growth Fund 0.00% 0.00%
IVOAX Ivy Mid Cap Income Opportunities Fund 1.30% 1.23% 1.22% 1.18%
WMBAX Ivy Municipal Bond Fund 3.14% 3.01% 1.46% 1.46%
IYIAX Ivy Municipal High Income Fund 4.05% 3.88% 2.97% 2.96%
IGNAX Ivy Natural Resources Fund 0.00% 0.00%
IECAX Ivy Pictet Emerging Markets Local Currency Debt Fund 2.55% 2.40% 4.21% 3.84%
IRBAX Ivy Pictet Targeted Return Bond Fund 0.68% 0.64% 1.75% 1.75%
IPNAX Ivy PineBridge High Yield Fund 5.04% 5.04%
IAIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund 5.71% 4.63%
IMWAX Ivy Proshares MSCI ACWI Index Fund
IRUAX Ivy ProShares Russell 2000 Dividend Growers Index Fund 1.60% 0.44%
IAPRX Ivy ProShares S&P 500 Bond Index Fund 3.03% 2.51%
IDAAX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 1.54% 0.79%
WSTAX Ivy Science and Technology Fund 0.00% 0.00%
IYSAX Ivy Small Cap Core Fund 0.00% 0.00%
WSGAX Ivy Small Cap Growth Fund 0.00% 0.00%
IYEAX Ivy Tax-Managed Equity Fund 0.00% 0.00%
IYVAX Ivy Value Fund 1.08% 1.02% 1.09% 1.09%
IWGAX Ivy Wilshire Global Allocation Fund 1.78% 1.69%

Rankings

Rankings (Fund/Category) as of 3/31/2018
IATAX Ivy Accumulative Fund Multi-Cap Core Funds 620/767 530/646 299/567 311/398
IBOAX Ivy Advantus Bond Fund Corporate Debt Funds A Rated 19/49 20/46 22/41 16/33
IRSAX Ivy Advantus Real Estate Securities Fund Real Estate Funds 125/261 150/229 101/198 90/139
IMAAX Ivy Apollo Multi-Asset Income Fund Mixed-Asset Target Allocation Moderate Funds 285/551
IAPOX Ivy Apollo Strategic Income Fund Multi-Sector Income Funds 212/321
WASAX Ivy Asset Strategy Fund Alternative Global Macro Funds 24/266 185/242 84/197 32/63
IBNAX Ivy Balanced Fund Mixed-Asset Target Alloc Growth Funds 452/497 417/436 335/410 98/305
IBJAX Ivy Bond Fund Corporate Debt Funds A Rated 45/49 32/46 36/41 27/33
IMHAX Ivy California Municipal High Income Fund California Municipal Debt Funds 7/116
IAAXX Ivy Cash Management Fund Money Market Funds 76/113 54/81 54/81 33/78
WCEAX Ivy Core Equity Fund Large-Cap Core Funds 106/802 599/694 506/628 193/471
ICKAX Ivy Crossover Credit Fund Corporate Debt Funds BBB-Rated
ICDAX Ivy Cundill Global Value Fund Global Multicap Value 88/104 85/90 61/64 34/39
IPOAX Ivy Emerging Markets Equity Fund Emerging Markets Funds 194/823 118/675 10/478 27/200
IEYAX Ivy Energy Fund Natural Resources Funds 71/88 48/77 31/64 28/54
IEOAX Ivy European Opportunities Fund European Region Funds 67/154 61/127 47/95 46/66
IVSAX Ivy Global Bond Fund Global Income Funds 159/191 68/173 84/159
IBIAX Ivy Global Equity Income Fund Global Equity Income Funds 12/167 72/139 31/117
IVINX Ivy Global Growth Fund Global Large-Cap Growth Funds 89/141 103/118 84/96 51/57
IVBAX Ivy Global Income Allocation Fund Flexible Portfolio Funds 447/638 303/489 238/375 156/175
WRAXX Ivy Government Money Market Fund U.S. Government Money Market Funds 53/153 37/125 33/122 10/106
IGJAX Ivy Government Securities Fund General U.S. Government Fds 76/100 63/92 81/89 63/74
WHIAX Ivy High Income Fund High Current Yield Funds 46/658 105/564 69/465 10/300
IVJAX Ivy IG International Small Cap Fund International Small-/Mid-Cap Growth Funds 100/203
IVIAX Ivy International Core Equity Fund International Large-Cap Core 81/100 39/78 4/70 6/52
WLGAX Ivy Large Cap Growth Fund Large-Cap Growth Funds 230/695 320/602 202/560 275/407
IREAX Ivy LaSalle Global Real Estate Fund Global Real Estate Funds 146/179 136/149
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund Global Real Estate Funds 169/179 104/149
WLTAX Ivy Limited-Term Bond Fund Short-Intmdt Investment Grade Debt Funds 99/173 90/156 91/130 59/83
IVTAX Ivy Managed International Opportunities Fund International Multi-Cap Core 253/420 184/330 84/282 44/185
IGWAX Ivy Micro Cap Growth Fund Small-Cap Growth Funds 526/549 453/479 406/439
WMGAX Ivy Mid Cap Growth Fund Mid-Cap Growth Funds 56/374 184/339 221/303 46/216
IVOAX Ivy Mid Cap Income Opportunities Fund Mid-Cap Core Funds 194/439 55/344
WMBAX Ivy Municipal Bond Fund General Municipal Debt Funds 188/256 162/225 161/196 87/152
IYIAX Ivy Municipal High Income Fund High Yield Municipal Debt Funds 144/162 117/134 103/115
IGNAX Ivy Natural Resources Fund Global Natural Resources Funds 80/118 73/109 63/103 50/67
IECAX Ivy Pictet Emerging Markets Local Currency Debt Fund Emerging Markets Local Currency Debt Fds 80/95 63/78
IRBAX Ivy Pictet Targeted Return Bond Fund Alternative Credit Focus 220/265
IPNAX Ivy PineBridge High Yield Fund High Current Yield Funds
IAIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund High Current Yield Funds
IMWAX Ivy Proshares MSCI ACWI Index Fund Global Large-Cap Core Funds
IRUAX Ivy ProShares Russell 2000 Dividend Growers Index Fund Small-Cap Core Funds
IAPRX Ivy ProShares S&P 500 Bond Index Fund Intermediate Investment-Grade Debt Funds
IDAAX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Multi-Cap Core Funds
WSTAX Ivy Science and Technology Fund Science & Technology Funds 128/162 131/141 116/132 77/114
IYSAX Ivy Small Cap Core Fund Small-Cap Core Funds 823/991 181/812 343/697 190/512
WSGAX Ivy Small Cap Growth Fund Small-Cap Growth Funds 238/549 100/479 164/439 53/333
IYEAX Ivy Tax-Managed Equity Fund Large-Cap Growth Funds 246/695 372/602 301/560
IYVAX Ivy Value Fund Large Cap Value Funds 407/490 351/418 318/370 137/268
IWGAX Ivy Wilshire Global Allocation Fund Flexible Portfolio Funds 170/638 447/489 300/375 159/175

Ticker Symbols & Fund Codes

Ivy Accumulative Fund IATAX 46600G879 682
Ivy Advantus Bond Fund IBOAX 465898344 646
Ivy Advantus Real Estate Securities Fund IRSAX 465898476 648
Ivy Apollo Multi-Asset Income Fund IMAAX 46600B847 673
Ivy Apollo Strategic Income Fund IAPOX 46600B805 674
Ivy Asset Strategy Fund WASAX 466000759 606
Ivy Balanced Fund IBNAX 465898625 644
Ivy Bond Fund IBJAX 46600G101 681
Ivy California Municipal High Income Fund IMHAX 465899144 600
Ivy Cash Management Fund IAAXX 46600G697 685
Ivy Core Equity Fund WCEAX 466000106 601
Ivy Crossover Credit Fund ICKAX 46600B730 679
Ivy Cundill Global Value Fund ICDAX 465898880 615
Ivy Emerging Markets Equity Fund IPOAX 465897866 611
Ivy Energy Fund IEYAX 466000395 694
Ivy European Opportunities Fund IEOAX 465898815 614
Ivy Global Bond Fund IVSAX 465899748 697
Ivy Global Equity Income Fund IBIAX 465899631 659
Ivy Global Growth Fund IVINX 465897502 617
Ivy Global Income Allocation Fund IVBAX 465898567 649
Ivy Government Money Market Fund WRAXX 466000486 670
Ivy Government Securities Fund IGJAX 46600B227 690
Ivy High Income Fund WHIAX 466000668 609
Ivy IG International Small Cap Fund IVJAX 46600A682 678
Ivy International Core Equity Fund IVIAX 465897353 613
Ivy Large Cap Growth Fund WLGAX 466000627 667
Ivy LaSalle Global Real Estate Fund IREAX 465899359 658
Ivy LaSalle Global Risk-Managed Real Estate Fund IVRAX 465899284 657
Ivy Limited-Term Bond Fund WLTAX 466000882 603
Ivy Managed International Opportunities Fund IVTAX 465898229 695
Ivy Micro Cap Growth Fund IGWAX 465899680 698
Ivy Mid Cap Growth Fund WMGAX 466000577 668
Ivy Mid Cap Income Opportunities Fund IVOAX 46600B102 663
Ivy Municipal Bond Fund WMBAX 466000841 604
Ivy Municipal High Income Fund IYIAX 466001849 665
Ivy Natural Resources Fund IGNAX 465897429 612
Ivy Pictet Emerging Markets Local Currency Debt Fund IECAX 465899227 631
Ivy Pictet Targeted Return Bond Fund IRBAX 46600B789 652
Ivy PineBridge High Yield Fund IPNAX 46600A310 650
Ivy ProShares Interest Rate Hedged High Yield Index Fund IAIRX 46600A518 662
Ivy Proshares MSCI ACWI Index Fund IMWAX 46600A377 660
Ivy ProShares Russell 2000 Dividend Growers Index Fund IRUAX 46600A575 653
Ivy ProShares S&P 500 Bond Index Fund IAPRX 46600A443 661
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund IDAAX 46600A641 654
Ivy Science and Technology Fund WSTAX 466000718 608
Ivy Small Cap Core Fund IYSAX 465898435 645
Ivy Small Cap Growth Fund WSGAX 466000502 602
Ivy Tax-Managed Equity Fund IYEAX 466001831 699
Ivy Value Fund IYVAX 465898385 632
Ivy Wilshire Global Allocation Fund IWGAX 46600G788 683

Documents & Prospectuses

Fund Name Fund Fact Sheet Summary Prospectus Prospectus XBRL Annual
Report
Semi-Annual Report SAI Quarterly
Fund
Commentary
Ivy Accumulative Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) SAI (PDF Document)
Ivy Advantus Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Advantus Real Estate Securities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Apollo Multi-Asset Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Apollo Strategic Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Asset Strategy Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Balanced Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy California Municipal High Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Cash Management Fund Summary Prospectus (PDF Document) Prospectus (PDF Document) SAI (PDF Document)
Ivy Core Equity Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Crossover Credit Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) SAI (PDF Document)
Ivy Cundill Global Value Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Emerging Markets Equity Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Energy Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy European Opportunities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Global Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Global Equity Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Global Growth Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Global Income Allocation Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Government Money Market Fund Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Ivy Government Securities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy High Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy IG International Small Cap Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy International Core Equity Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Large Cap Growth Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy LaSalle Global Real Estate Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy LaSalle Global Risk-Managed Real Estate Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Limited-Term Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Managed International Opportunities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Micro Cap Growth Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Mid Cap Growth Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Mid Cap Income Opportunities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Municipal Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Municipal High Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Natural Resources Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Pictet Emerging Markets Local Currency Debt Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Pictet Targeted Return Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy PineBridge High Yield Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares Interest Rate Hedged High Yield Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Proshares MSCI ACWI Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares Russell 2000 Dividend Growers Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares S&P 500 Bond Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Science and Technology Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Small Cap Core Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Small Cap Growth Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Tax-Managed Equity Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Value Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Wilshire Global Allocation Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) SAI (PDF Document)

An investment in a money market fund is neither insured nor guaranteed by the FDIC or any other governmental agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

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.

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. Estimate the value of the funds and impact of fees and expenses on your investment.

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.

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.

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.

Lipper Rankings are based on average annual total returns not including sales charge for the periods indicated. Ranking is for the share class specified; other classes may have different performance characteristics. Under no circumstances does information constitute a recommendation to buy or sell mutual funds. Lipper undertakes no responsibility for updating the calculations more frequently than monthly to incorporate more current data.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Class A share performance, including sales charges, reflects the maximum applicable front-end sales load of 5.75 percent, except Municipal Bond, and Municipal High Income, which have a 4.25 percent maximum sales load, and Limited-Term Bond, which has a 2.5 percent maximum sales load.

Class B share performance, including sales charges, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5 percent beginning at the time of purchase to zero at the beginning of the seventh year.

For Class C shares, a 1 percent CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Class Y shares are not subject to sales charges. Performance at net asset value (NAV) does not include the effect of sales charges.

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