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 2/24/2017
Average Annual Total Returns
POP as of 1/31/2017
Expense
Ratios
IMAAX Ivy Apollo Multi-Asset Income Fund 1 $10.57 ($0.01) 1.93% 2.87% 1.19% 10/1/2015 1.30% 1.36%
IAPOX Ivy Apollo Strategic Income Fund 2 $10.24 $0.00 1.53% 2.71% 0.41% 10/1/2015 1.15% 1.21%
WASAX Ivy Asset Strategy Fund $21.69 ($0.03) 4.53% -6.92% -7.14% 1.34% 4.17% 6.19% 4/20/1995 0.99% 0.99%
IBNAX Ivy Balanced Fund 3 $24.45 $0.03 4.49% 1.70% 2.62% 6.81% 5.84% 7.48% 11/16/1987 1.10% 1.10%
IBOAX Ivy Bond Fund 4 5 $10.66 $0.03 1.63% -2.18% 0.89% 1.78% 3.01% 5.50% 8/14/1987 0.98% 1.02%
IMHAX Ivy California Municipal High Income Fund 6 $9.80 $0.03 0.88% -2.28% 10/3/2016 0.80% 1.13%
WCEAX Ivy Core Equity Fund 8 $13.58 ($0.02) 4.86% 6.05% 4.01% 10.29% 6.40% 3.92% 9/21/1992 1.15% 1.18%
ICDAX Ivy Cundill Global Value Fund 9 $17.14 ($0.12) 4.58% 16.76% -2.77% 5.76% 1.40% 4.72% 9/4/2001 1.59% 1.75%
IVDAX Ivy Dividend Opportunities Fund $18.28 $0.03 4.28% 6.39% 4.09% 8.67% 4.36% 6.97% 6/30/2003 1.25% 1.25%
IPOAX Ivy Emerging Markets Equity Fund 10 11 12 $16.58 ($0.22) 12.10% 22.66% 0.97% 2.80% 2.94% 3.93% 10/25/1993 1.58% 1.67%
IECAX Ivy Emerging Markets Local Currency Debt Fund $8.99 ($0.04) 3.33% 4.10% -5.66% 4/30/2014 1.25% 2.03%
IEYAX Ivy Energy Fund $13.54 ($0.22) -5.25% 33.93% -3.42% 1.19% 3.21% 2.77% 4/3/2006 1.49% 1.49%
IEOAX Ivy European Opportunities Fund $27.34 ($0.37) 0.40% 0.54% -2.18% 4.67% -1.03% 11.54% 5/4/1999 1.64% 1.64%
IVSAX Ivy Global Bond Fund 13 $9.67 $0.00 1.81% 3.78% -0.31% 1.06% 2.25% 4/4/2008 0.99% 1.29%
IBIAX Ivy Global Equity Income Fund 14 $12.35 ($0.05) 2.15% 0.90% 1.54% 7.90% 6/4/2012 1.40% 1.46%
IVINX Ivy Global Growth Fund $41.99 ($0.11) 6.68% 2.43% 0.35% 5.48% 2.35% 7.45% 4/30/1986 1.47% 1.47%
IVBAX Ivy Global Income Allocation Fund 15 $14.80 ($0.01) 4.01% 4.87% 0.93% 3.68% 2.24% 5.99% 9/16/1994 1.44% 1.44%
IGNAX Ivy Global Natural Resources Fund $15.02 ($0.15) -1.44% 26.98% -5.90% -4.58% -2.75% 6.09% 1/2/1997 1.66% 1.66%
WRAXX Ivy Government Money Market Fund $1.00 $0.00 0.01% 0.03% 0.02% 0.02% 0.71% 1.40% 6/30/2000 0.60% 0.60%
WHIAX Ivy High Income Fund $7.64 ($0.01) 2.98% 14.87% 1.45% 5.61% 7.09% 7.22% 7/31/1997 0.96% 0.96%
IVJAX Ivy IG International Small Cap Fund 16 $10.26 ($0.05) -5.09% 1/10/2017 1.45% 1.53%
IVIAX Ivy International Core Equity Fund $17.53 ($0.15) 5.29% 6.23% 0.79% 5.65% 2.94% 4.74% 5/13/1997 1.31% 1.31%
WLGAX Ivy Large Cap Growth Fund 17 $18.94 $0.00 7.49% 6.06% 6.41% 11.17% 7.15% 5.39% 6/30/2000 1.15% 1.16%
IREAX Ivy LaSalle Global Real Estate Fund 18 $10.48 $0.01 3.35% 0.77% 3.13% 1.38% 4/1/2013 1.51% 2.12%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund $10.85 $0.02 2.84% -0.46% 5.62% 2.72% 4/1/2013 1.51% 1.76%
WLTAX Ivy Limited-Term Bond Fund $10.83 $0.02 0.70% -1.02% 0.17% 0.40% 2.80% 3.31% 9/21/1992 0.88% 0.88%
IVTAX Ivy Managed International Opportunities Fund 11 19 $10.34 ($0.08) 5.62% 5.73% -0.02% 3.95% 1.41% 4/2/2007 1.54% 1.54%
IGWAX Ivy Micro Cap Growth Fund $23.16 $0.16 -0.77% 21.92% -2.28% 8.23% 14.76% 2/17/2009 1.69% 1.69%
WMGAX Ivy Mid Cap Growth Fund $20.75 $0.02 6.41% 14.79% 2.07% 7.64% 7.17% 6.17% 6/30/2000 1.29% 1.29%
IVOAX Ivy Mid Cap Income Opportunities Fund 20 $12.76 $0.06 3.07% 18.82% 8.38% 10/1/2014 1.35% 1.66%
WMBAX Ivy Municipal Bond Fund $11.84 $0.02 0.56% -4.67% 1.47% 1.48% 3.45% 4.07% 9/21/1992 0.99% 0.99%
IYIAX Ivy Municipal High Income Fund 21 $5.14 $0.01 1.45% -3.45% 3.89% 3.00% 6.68% 12/30/1998 0.88% 0.88%
IRSAX Ivy Real Estate Securities Fund 23 $26.66 $0.16 2.97% 1.63% 8.64% 7.96% 2.35% 9.91% 2/25/1999 1.47% 1.57%
WSTAX Ivy Science and Technology Fund $54.99 $0.30 7.44% 11.22% 0.14% 12.43% 9.52% 6.08% 7/31/1997 1.28% 1.28%
WSGAX Ivy Small Cap Growth Fund $17.14 $0.06 6.59% 18.29% 3.76% 11.18% 8.10% 5.71% 9/21/1992 1.44% 1.44%
IYSAX Ivy Small Cap Value Fund 24 $17.93 $0.08 4.61% 28.17% 8.20% 12.54% 6.72% 8.96% 1/31/1997 1.56% 1.56%
IRBAX Ivy Targeted Return Bond Fund 25 $9.98 $0.01 0.71% -3.88% -3.79% 1/4/2016 1.38% 1.42%
IYEAX Ivy Tax-Managed Equity Fund $20.93 $0.05 9.52% 6.07% 6.03% 11.21% 11.78% 4/19/2000 1.22% 1.22%
IYVAX Ivy Value Fund 26 $22.88 $0.02 4.33% 13.23% 4.73% 10.93% 4.84% 6.70% 9/16/1994 1.30% 1.30%

1 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 R6 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.

2 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 R6 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.

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. 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 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. See the prospectus for more information.

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. See the prospectus for more information.

6 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.

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 Class A shares at 1.58% and Class B shares at 2.50%. 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 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. See the prospectus for more information.

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. See the prospectus for more information.

13 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Waddell & Reed Investment Management Company (WRIMCO), the Fund’s investment manager, Waddell & Reed, Inc., 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 B shares at 2.50%, Class C shares at 2.03%, and Class Y shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of 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 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, 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. See the prospectus for more information.

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, 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, 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. See the prospectus for more information.

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, 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 2.08%; 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 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. 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.

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 1/31/2017
IMAAX Ivy Apollo Multi-Asset Income Fund 2.92% 2.75%
IAPOX Ivy Apollo Strategic Income Fund 3.46% 3.26%
WASAX Ivy Asset Strategy Fund 0.00% 0.00%
IBNAX Ivy Balanced Fund 1.09% 1.03%
IBOAX Ivy Bond Fund 2.45% 2.31%
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% 1.06%
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 2.08% 1.96%
IBIAX Ivy Global Equity Income Fund 3.37% 3.18%
IVINX Ivy Global Growth Fund
IVBAX Ivy Global Income Allocation Fund 3.84% 3.62%
IGNAX Ivy Global Natural Resources Fund
WRAXX Ivy Government Money Market Fund
WHIAX Ivy High Income Fund 7.45% 7.03%
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% 2.60%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund 3.71% 3.50%
WLTAX Ivy Limited-Term Bond Fund 1.65% 1.61%
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 2.31% 2.21%
IYIAX Ivy Municipal High Income Fund 4.39% 4.20%
IRSAX Ivy Real Estate Securities Fund 1.40% 1.32%
WSTAX Ivy Science and Technology Fund
WSGAX Ivy Small Cap Growth Fund
IYSAX Ivy Small Cap Value Fund
IRBAX Ivy Targeted Return Bond Fund 1.24% 1.17%
IYEAX Ivy Tax-Managed Equity Fund
IYVAX Ivy Value Fund

Rankings

Rankings (Fund/Category) as of 1/31/2017
IMAAX Ivy Apollo Multi-Asset Income Fund Mixed-Asset Target Allocation Moderate Funds 495/576
IAPOX Ivy Apollo Strategic Income Fund Multi-Sector Income Funds 151/305
WASAX Ivy Asset Strategy Fund Alternative Global Macro Funds 279/308 254/267 97/189 8/55
IBNAX Ivy Balanced Fund Mixed-Asset Target Alloc Growth Funds 481/506 322/457 216/409 27/322
IBOAX Ivy Bond Fund Corporate Debt Funds A Rated 22/46 20/44 20/38 24/30
IMHAX Ivy California Municipal High Income Fund California Municipal Debt Funds
WCEAX Ivy Core Equity Fund Large-Cap Core Funds 796/872 720/792 537/704 117/557
ICDAX Ivy Cundill Global Value Fund Global Multicap Value 17/101 68/71 43/54 25/33
IVDAX Ivy Dividend Opportunities Fund Equity Income Funds 474/517 356/445 243/319 162/215
IPOAX Ivy Emerging Markets Equity Fund Emerging Markets Funds 83/846 96/629 40/446 23/175
IECAX Ivy Emerging Markets Local Currency Debt Fund Emerging Markets Local Currency Debt Fds 62/95
IEYAX Ivy Energy Fund Natural Resources Funds 26/93 27/81 20/66 8/53
IEOAX Ivy European Opportunities Fund European Region Funds 83/167 48/115 65/97 58/70
IVSAX Ivy Global Bond Fund Global Income Funds 16/211 65/197 43/150
IBIAX Ivy Global Equity Income Fund Global Equity Income Funds 159/166 92/141
IVINX Ivy Global Growth Fund Global Large-Cap Growth Funds 101/123 99/105 68/72 48/56
IVBAX Ivy Global Income Allocation Fund Flexible Portfolio Funds 327/620 243/440 203/337 113/144
IGNAX Ivy Global Natural Resources Fund Global Natural Resources Funds 51/134 54/126 60/118 39/51
WRAXX Ivy Government Money Market Fund U.S. Government Money Market Funds 40/152 34/136 30/134 21/110
WHIAX Ivy High Income Fund High Current Yield Funds 33/681 306/576 62/456 7/307
IVJAX Ivy IG International Small Cap Fund International Small-/Mid-Cap Growth Funds
IVIAX Ivy International Core Equity Fund International Large-Cap Core 52/132 4/108 8/102 5/81
WLGAX Ivy Large Cap Growth Fund Large-Cap Growth Funds 460/668 280/597 275/534 143/385
IREAX Ivy LaSalle Global Real Estate Fund Global Real Estate Funds 119/183 96/135
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund Global Real Estate Funds 144/183 14/135
WLTAX Ivy Limited-Term Bond Fund Short-Intmdt Investment Grade Debt Funds 116/193 119/162 92/113 53/87
IVTAX Ivy Managed International Opportunities Fund International Multi-Cap Core 160/439 72/344 195/289
IGWAX Ivy Micro Cap Growth Fund Small-Cap Growth Funds 84/562 476/504 366/445
WMGAX Ivy Mid Cap Growth Fund Mid-Cap Growth Funds 107/392 299/361 275/317 64/230
IVOAX Ivy Mid Cap Income Opportunities Fund Mid-Cap Core Funds 214/422
WMBAX Ivy Municipal Bond Fund General Municipal Debt Funds 120/262 183/230 156/207 62/152
IYIAX Ivy Municipal High Income Fund High Yield Municipal Debt Funds 62/160 86/135 87/111
IRSAX Ivy Real Estate Securities Fund Real Estate Funds 248/268 115/238 126/210 94/135
WSTAX Ivy Science and Technology Fund Science & Technology Funds 143/161 141/149 90/141 31/119
WSGAX Ivy Small Cap Growth Fund Small-Cap Growth Funds 281/562 181/504 130/445 34/324
IYSAX Ivy Small Cap Value Fund Small-Cap Value Funds 119/318 45/268 63/238 48/148
IRBAX Ivy Targeted Return Bond Fund Alternative Credit Focus 263/287
IYEAX Ivy Tax-Managed Equity Fund Large-Cap Growth Funds 455/668 343/597 271/534
IYVAX Ivy Value Fund Large Cap Value Funds 369/484 370/414 227/370 100/256

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) 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 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) 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)

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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