Ivy Funds

A broad range of 37 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 1/23/2017
Average Annual Total Returns
POP as of 12/31/2016
Expense
Ratios
IMAAX Ivy Apollo Multi-Asset Income Fund 1 $10.41 ($0.01) 0.39% 0.93% 0.96% 10/1/2015 1.30% 1.84%
IAPOX Ivy Apollo Strategic Income Fund 2 $10.18 $0.00 0.64% 1.57% -0.23% 10/1/2015 1.15% 1.55%
WASAX Ivy Asset Strategy Fund $20.89 ($0.03) 0.68% -10.87% -8.13% 2.84% 4.21% 6.15% 4/20/1995 0.99% 0.99%
IBNAX Ivy Balanced Fund 3 $23.68 ($0.02) 1.20% -3.90% 0.87% 7.13% 5.81% 7.44% 11/16/1987 1.10% 1.10%
IBOAX Ivy Bond Fund 4 5 $10.58 $0.03 0.63% -1.78% 1.22% 1.92% 2.94% 5.49% 8/14/1987 1.02% 1.02%
IMHAX Ivy California Municipal High Income Fund 6 $9.74 $0.00 0.42% -2.63% 10/3/2016 0.80% 1.13%
WCEAX Ivy Core Equity Fund 8 $13.20 ($0.04) 1.93% -2.44% 1.84% 10.56% 6.23% 3.77% 9/21/1992 1.15% 1.18%
ICDAX Ivy Cundill Global Value Fund 9 $16.73 $0.00 2.07% 5.57% -4.47% 7.01% 1.17% 4.58% 9/4/2001 1.59% 1.75%
IVDAX Ivy Dividend Opportunities Fund $17.56 ($0.03) 0.17% 0.55% 2.53% 9.38% 4.42% 6.95% 6/30/2003 1.25% 1.25%
IPOAX Ivy Emerging Markets Equity Fund 10 11 12 $15.82 $0.16 6.96% 3.57% -3.07% 3.08% 1.81% 3.55% 10/25/1993 1.58% 1.67%
IECAX Ivy Emerging Markets Local Currency Debt Fund $8.84 $0.03 1.61% 1.64% -6.55% 4/30/2014 1.25% 2.00%
IEYAX Ivy Energy Fund $14.27 ($0.23) -0.14% 26.57% -4.56% 2.18% 3.15% 2.82% 4/3/2006 1.49% 1.49%
IEOAX Ivy European Opportunities Fund $27.43 ($0.05) 0.73% -7.83% -3.61% 5.70% -0.93% 11.55% 5/4/1999 1.64% 1.64%
IVSAX Ivy Global Bond Fund 13 $9.59 $0.00 0.81% 1.93% -0.79% 1.20% 2.16% 4/4/2008 0.99% 1.29%
IBIAX Ivy Global Equity Income Fund 14 $12.10 ($0.04) 0.08% -1.40% 0.41% 8.05% 6/4/2012 1.40% 1.46%
IVINX Ivy Global Growth Fund $40.60 $0.02 3.15% -8.95% -1.89% 5.71% 2.06% 7.32% 4/30/1986 1.47% 1.47%
IVBAX Ivy Global Income Allocation Fund 15 $14.47 ($0.01) 1.69% 0.26% -0.36% 3.94% 2.09% 5.94% 9/16/1994 1.44% 1.44%
IGNAX Ivy Global Natural Resources Fund $15.43 ($0.14) 1.25% 16.67% -7.77% -3.22% -2.78% 6.03% 1/2/1997 1.66% 1.66%
WRAXX Ivy Government Money Market Fund $1.00 $0.00 0.00% 0.03% 0.02% 0.02% 0.75% 1.40% 6/30/2000 0.60% 0.60%
WHIAX Ivy High Income Fund $7.55 ($0.02) 1.20% 10.06% 1.12% 5.90% 7.07% 7.16% 7/31/1997 0.96% 0.96%
IVJAX Ivy IG International Small Cap Fund 16 $10.00 $0.03 1/10/2017 1.45% 1.53%
IVIAX Ivy International Core Equity Fund $17.12 $0.02 2.82% -4.49% -1.53% 6.17% 2.77% 4.59% 5/13/1997 1.31% 1.31%
WLGAX Ivy Large Cap Growth Fund 17 $18.22 $0.00 3.41% -4.66% 4.25% 11.16% 6.99% 5.18% 6/30/2000 1.15% 1.16%
IREAX Ivy LaSalle Global Real Estate Fund 18 $10.21 $0.07 0.69% -4.31% 3.10% 1.44% 4/1/2013 1.51% 2.12%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund $10.63 $0.10 0.76% -3.07% 6.34% 2.84% 4/1/2013 1.51% 1.76%
WLTAX Ivy Limited-Term Bond Fund $10.80 $0.02 0.28% -0.58% 0.25% 0.53% 2.80% 3.31% 9/21/1992 0.88% 0.88%
IVTAX Ivy Managed International Opportunities Fund 11 19 $10.09 $0.02 3.06% -4.88% -2.29% 4.58% 1.06% 4/2/2007 1.54% 1.54%
IGWAX Ivy Micro Cap Growth Fund $23.11 ($0.12) -0.99% 6.77% -2.06% 10.21% 15.06% 2/17/2009 1.69% 1.69%
WMGAX Ivy Mid Cap Growth Fund $19.96 ($0.05) 2.36% -0.09% 0.42% 8.24% 7.09% 5.99% 6/30/2000 1.29% 1.29%
IVOAX Ivy Mid Cap Income Opportunities Fund 20 $12.39 ($0.02) 0.08% 15.37% 8.55% 10/1/2014 1.35% 1.66%
WMBAX Ivy Municipal Bond Fund $11.82 $0.00 0.15% -3.95% 1.97% 1.96% 3.42% 4.08% 9/21/1992 0.99% 0.99%
IYIAX Ivy Municipal High Income Fund 21 $5.11 $0.01 0.46% -3.50% 4.45% 3.59% 6.70% 12/30/1998 0.88% 0.88%
IRSAX Ivy Real Estate Securities Fund 23 $26.32 $0.23 1.66% -1.91% 9.96% 9.44% 3.27% 10.00% 2/25/1999 1.47% 1.57%
WSTAX Ivy Science and Technology Fund $52.45 ($0.16) 2.48% -4.19% -1.08% 13.23% 9.43% 5.91% 7/31/1997 1.28% 1.28%
WSGAX Ivy Small Cap Growth Fund $16.28 ($0.05) 1.24% 6.89% 2.57% 11.83% 7.95% 5.59% 9/21/1992 1.44% 1.44%
IYSAX Ivy Small Cap Value Fund 24 $17.01 ($0.04) -0.76% 21.12% 6.73% 13.77% 6.63% 8.95% 1/31/1997 1.56% 1.56%
IRBAX Ivy Targeted Return Bond Fund 25 $9.99 $0.01 0.81% -4.54% 1/4/2016 1.38% 2.10%
IYEAX Ivy Tax-Managed Equity Fund $19.87 ($0.01) 3.98% -7.82% 3.47% 10.99% 11.18% 4/19/2000 1.22% 1.22%
IYVAX Ivy Value Fund 26 $21.85 ($0.12) -0.36% 4.40% 3.43% 11.95% 4.90% 6.67% 9/16/1994 1.30% 1.30%

1 Fee Waiver and/or Expense Reimbursement: Through January 31, 2017, 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 1.30%, Class C shares at 2.17%, Class I shares and Class R6 shares at 1.00% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of the Trust (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.

2 Fee Waiver and/or Expense Reimbursement: Through January 31, 2017, 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 at1.15%, Class C shares at 1.85%, Class I shares and Class R6 shares at 0.85% and Class Y shares at 1.10%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of the Trust (Board).

3 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.

4 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.

5 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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, 2017, 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.

Fee Waiver and/or Expense Reimbursement: Through January 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 R6 shares at 0.54%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

6 For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

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 for Class A shares at 0.33%, Class C shares at 0.25%, Class I shares at 0.40% and Class Y shares at 0.45%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

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 of Trustees of Ivy Funds (Board).

8 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 1.25%, Class I shares at 0.84% and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

9 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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, 2017, 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, 2017, 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.

10 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.

11 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.

12 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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, 2017, 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.

Fee Waiver and/or Expense Reimbursement: Through January 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 R6 shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

13 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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.

14 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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.

15 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.

16 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.

17 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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.

18 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 ofTrustees.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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.

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 servi cing fees to cap the total annual ordinary fund operating expenses for the Fund’s Class R6 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 January 31, 2018, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servi cing fees to cap the total annual ordinary fund operating expenses for the Fund’s Class I shares at 1.05% shares. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

19 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.

20 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 1.35%, 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 R6 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).

21 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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 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.

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.

23 Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, 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, 2017, 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, 2017, 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.

24 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.

25 Fee Waiver and/or Expense Reimbursement: Through January 31, 2017, 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 at1.38%, Class C shares at 2.08%, Class I shares at 1.00%, Class R6 shares at 0.87% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of the Trust (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, 2017, to the extent that the total annual ordinary fund operating expenses of Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, 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

26 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.

Yields

Yields as of 12/31/2016
IMAAX Ivy Apollo Multi-Asset Income Fund 2.93% 2.76%
IAPOX Ivy Apollo Strategic Income Fund 3.43% 3.23%
WASAX Ivy Asset Strategy Fund 0.00% 0.00%
IBNAX Ivy Balanced Fund 1.11% 1.05%
IBOAX Ivy Bond Fund 2.42% 2.28%
IMHAX Ivy California Municipal High Income Fund
WCEAX Ivy Core Equity Fund
ICDAX Ivy Cundill Global Value Fund
IVDAX Ivy Dividend Opportunities Fund 1.13% 1.07%
IPOAX Ivy Emerging Markets Equity Fund
IECAX Ivy Emerging Markets Local Currency Debt Fund 0.00% 0.00%
IEYAX Ivy Energy Fund
IEOAX Ivy European Opportunities Fund
IVSAX Ivy Global Bond Fund 2.18% 2.06%
IBIAX Ivy Global Equity Income Fund 3.37% 3.18%
IVINX Ivy Global Growth Fund
IVBAX Ivy Global Income Allocation Fund 3.89% 3.67%
IGNAX Ivy Global Natural Resources Fund
WRAXX Ivy Government Money Market Fund
WHIAX Ivy High Income Fund 7.52% 7.08%
IVJAX Ivy IG International Small Cap Fund
IVIAX Ivy International Core Equity Fund
WLGAX Ivy Large Cap Growth Fund
IREAX Ivy LaSalle Global Real Estate Fund 2.75% 2.59%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund 3.70% 3.49%
WLTAX Ivy Limited-Term Bond Fund 1.63% 1.59%
IVTAX Ivy Managed International Opportunities Fund
IGWAX Ivy Micro Cap Growth Fund
WMGAX Ivy Mid Cap Growth Fund
IVOAX Ivy Mid Cap Income Opportunities Fund 0.90% 0.85%
WMBAX Ivy Municipal Bond Fund 2.26% 2.16%
IYIAX Ivy Municipal High Income Fund 4.33% 4.15%
IRSAX Ivy Real Estate Securities Fund 1.39% 1.31%
WSTAX Ivy Science and Technology Fund
WSGAX Ivy Small Cap Growth Fund
IYSAX Ivy Small Cap Value Fund
IRBAX Ivy Targeted Return Bond Fund
IYEAX Ivy Tax-Managed Equity Fund
IYVAX Ivy Value Fund

Rankings

Rankings (Fund/Category) as of 12/31/2016
IMAAX Ivy Apollo Multi-Asset Income Fund Mixed-Asset Target Allocation Moderate Funds 229/576
IAPOX Ivy Apollo Strategic Income Fund Multi-Sector Income Funds 126/305
WASAX Ivy Asset Strategy Fund Alternative Global Macro Funds 301/310 248/266 63/184 5/55
IBNAX Ivy Balanced Fund Mixed-Asset Target Alloc Growth Funds 479/505 348/455 239/409 25/314
IBOAX Ivy Bond Fund Corporate Debt Funds A Rated 22/46 21/44 20/38 24/30
IMHAX Ivy California Municipal High Income Fund California Municipal Debt Funds
WCEAX Ivy Core Equity Fund Large-Cap Core Funds 841/874 735/796 556/707 135/558
ICDAX Ivy Cundill Global Value Fund Global Multicap Value 22/101 67/71 37/54 26/33
IVDAX Ivy Dividend Opportunities Fund Equity Income Funds 482/518 346/441 234/317 162/215
IPOAX Ivy Emerging Markets Equity Fund Emerging Markets Funds 343/844 102/628 54/444 46/173
IECAX Ivy Emerging Markets Local Currency Debt Fund Emerging Markets Local Currency Debt Fds 65/95
IEYAX Ivy Energy Fund Natural Resources Funds 22/93 25/81 21/66 14/53
IEOAX Ivy European Opportunities Fund European Region Funds 79/165 39/112 50/92 53/70
IVSAX Ivy Global Bond Fund Global Income Funds 15/215 71/200 42/149
IBIAX Ivy Global Equity Income Fund Global Equity Income Funds 132/166 73/140
IVINX Ivy Global Growth Fund Global Large-Cap Growth Funds 115/123 98/105 66/70 48/56
IVBAX Ivy Global Income Allocation Fund Flexible Portfolio Funds 318/619 249/442 214/335 113/143
IGNAX Ivy Global Natural Resources Fund Global Natural Resources Funds 82/134 52/125 55/117 36/51
WRAXX Ivy Government Money Market Fund U.S. Government Money Market Funds 33/148 32/136 29/134 23/110
WHIAX Ivy High Income Fund High Current Yield Funds 53/681 333/575 78/455 6/306
IVJAX Ivy IG International Small Cap Fund International Small-/Mid-Cap Growth Funds
IVIAX Ivy International Core Equity Fund International Large-Cap Core 67/129 4/106 8/100 5/79
WLGAX Ivy Large Cap Growth Fund Large-Cap Growth Funds 399/665 270/596 316/531 137/383
IREAX Ivy LaSalle Global Real Estate Fund Global Real Estate Funds 121/182 74/135
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund Global Real Estate Funds 88/182 6/135
WLTAX Ivy Limited-Term Bond Fund Short-Intmdt Investment Grade Debt Funds 109/193 121/162 92/113 53/86
IVTAX Ivy Managed International Opportunities Fund International Multi-Cap Core 227/442 59/344 183/288
IGWAX Ivy Micro Cap Growth Fund Small-Cap Growth Funds 128/556 432/504 282/442
WMGAX Ivy Mid Cap Growth Fund Mid-Cap Growth Funds 160/389 287/361 283/317 66/230
IVOAX Ivy Mid Cap Income Opportunities Fund Mid-Cap Core Funds 19/425
WMBAX Ivy Municipal Bond Fund General Municipal Debt Funds 96/262 188/230 154/205 58/152
IYIAX Ivy Municipal High Income Fund High Yield Municipal Debt Funds 78/160 87/134 89/111
IRSAX Ivy Real Estate Securities Fund Real Estate Funds 245/267 120/235 117/210 90/133
WSTAX Ivy Science and Technology Fund Science & Technology Funds 138/160 141/149 84/141 18/118
WSGAX Ivy Small Cap Growth Fund Small-Cap Growth Funds 123/556 173/504 139/442 38/321
IYSAX Ivy Small Cap Value Fund Small-Cap Value Funds 112/314 51/268 80/238 64/146
IRBAX Ivy Targeted Return Bond Fund Alternative Credit Focus
IYEAX Ivy Tax-Managed Equity Fund Large-Cap Growth Funds 557/665 364/596 336/531
IYVAX Ivy Value Fund Large Cap Value Funds 410/479 355/413 218/369 101/255

Ticker Symbols & Fund Codes

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 IBOAX 465898344 646
Ivy California Municipal High Income Fund IMHAX 465899144 600
Ivy Core Equity Fund WCEAX 466000106 601
Ivy Cundill Global Value Fund ICDAX 465898880 615
Ivy Dividend Opportunities Fund IVDAX 465898666 686
Ivy Emerging Markets Equity Fund IPOAX 465897866 611
Ivy Emerging Markets Local Currency Debt Fund IECAX 465899227 631
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 Global Natural Resources Fund IGNAX 465897429 612
Ivy Government Money Market Fund WRAXX 466000486 670
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 Real Estate Securities Fund IRSAX 465898476 648
Ivy Science and Technology Fund WSTAX 466000718 608
Ivy Small Cap Growth Fund WSGAX 466000502 602
Ivy Small Cap Value Fund IYSAX 465898435 645
Ivy Targeted Return Bond Fund IRBAX 46600B789 652
Ivy Tax-Managed Equity Fund IYEAX 466001831 699
Ivy Value Fund IYVAX 465898385 632

Documents & Prospectuses

Fund Name Fund Fact Sheet Summary Prospectus Prospectus XBRL Annual
Report
Semi-Annual Report SAI Quarterly
Fund
Commentary
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)
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)
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 Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) 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 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 Dividend 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 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 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 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 Global 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 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 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 Summary Prospectus (PDF Document) Prospectus (PDF Document) SAI (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 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 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 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 Small Cap 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 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)
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)

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.

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

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.

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.

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.

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.

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