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 6/23/2017
Average Annual Total Returns
POP as of 5/31/2017
Expense
Ratios
IBOAX Ivy Advantus Bond Fund 4 5 6 $10.79 $0.00 3.79% -2.07% 0.83% 1.85% 3.15% 5.53% 8/14/1987 0.98% 1.02%
IRSAX Ivy Advantus Real Estate Securities Fund 33 $27.03 $0.08 4.44% -4.00% 5.14% 7.87% 3.09% 9.84% 2/25/1999 1.47% 1.57%
IMAAX Ivy Apollo Multi-Asset Income Fund 1 $10.77 $0.01 5.03% 2.01% 3.61% 10/1/2015 1.30% 1.36%
IAPOX Ivy Apollo Strategic Income Fund 2 $10.23 $0.00 2.63% 0.28% 1.40% 10/1/2015 1.15% 1.21%
WASAX Ivy Asset Strategy Fund $22.45 $0.06 8.19% -0.54% -5.42% 3.24% 3.99% 6.42% 4/20/1995 0.99% 0.99%
IBNAX Ivy Balanced Fund 3 $24.57 $0.02 5.75% 1.60% 1.40% 7.17% 5.63% 7.50% 11/16/1987 1.10% 1.10%
IMHAX Ivy California Municipal High Income Fund 7 $10.17 $0.00 6.11% 2.80% 10/3/2016 0.80% 1.13%
WCEAX Ivy Core Equity Fund 9 $13.84 $0.03 6.87% 2.63% 2.95% 10.55% 5.96% 4.07% 9/21/1992 1.15% 1.18%
ICKAX Ivy Crossover Credit Fund 10 $10.21 $0.00 -3.96% 4/3/2017 0.90% 1.06%
ICDAX Ivy Cundill Global Value Fund 11 $16.90 $0.03 3.11% 8.52% -4.02% 7.88% 0.53% 4.65% 9/4/2001 1.59% 1.75%
IVDAX Ivy Dividend Opportunities Fund $18.46 $0.02 5.76% 3.79% 2.81% 9.90% 3.88% 7.12% 6/30/2003 1.25% 1.25%
IPOAX Ivy Emerging Markets Equity Fund 12 13 14 $17.98 $0.04 21.57% 23.84% 3.23% 6.26% 2.54% 4.26% 10/25/1993 1.58% 1.67%
IEYAX Ivy Energy Fund 16 $10.56 $0.16 -26.10% -10.41% -14.26% -0.24% -0.79% 0.76% 4/3/2006 1.49% 1.49%
IEOAX Ivy European Opportunities Fund $30.08 $0.05 10.47% 7.13% -0.56% 7.77% -1.05% 11.95% 5/4/1999 1.64% 1.64%
IVSAX Ivy Global Bond Fund 17 $9.69 $0.00 2.65% 0.67% -0.88% 1.37% 2.39% 4/4/2008 0.99% 1.29%
IBIAX Ivy Global Equity Income Fund 18 $12.89 $0.01 8.21% 4.20% 1.31% 9.04% 6/4/2012 1.40% 1.46%
IVINX Ivy Global Growth Fund $44.90 $0.13 14.08% 5.17% 1.06% 8.14% 2.30% 7.63% 4/30/1986 1.47% 1.47%
IVBAX Ivy Global Income Allocation Fund 19 $15.14 $0.03 7.83% 4.45% 0.29% 6.09% 2.23% 6.18% 9/16/1994 1.44% 1.44%
WRAXX Ivy Government Money Market Fund 21 $1.00 $0.00 0.02% 0.04% 0.03% 0.02% 0.57% 1.37% 6/30/2000 0.60% 0.60%
WHIAX Ivy High Income Fund $7.63 $0.00 5.18% 8.62% 1.57% 5.64% 7.03% 7.30% 7/31/1997 0.96% 0.96%
IVJAX Ivy IG International Small Cap Fund 22 $11.25 $0.01 5.66% 1/10/2017 1.45% 1.53%
IVIAX Ivy International Core Equity Fund $18.99 $0.03 14.05% 11.74% 1.14% 9.78% 3.01% 5.17% 5/13/1997 1.31% 1.31%
WLGAX Ivy Large Cap Growth Fund 24 $20.35 $0.06 15.49% 11.71% 8.46% 13.01% 7.54% 5.90% 6/30/2000 1.15% 1.16%
IREAX Ivy LaSalle Global Real Estate Fund 25 $10.54 $0.04 3.94% -4.02% 0.49% 1.87% 4/1/2013 1.51% 2.12%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund $10.80 $0.04 2.37% -6.88% 2.11% 2.86% 4/1/2013 1.51% 1.76%
WLTAX Ivy Limited-Term Bond Fund $10.85 $0.00 1.44% -1.10% 0.32% 0.53% 2.82% 3.31% 9/21/1992 0.88% 0.88%
IVTAX Ivy Managed International Opportunities Fund 13 26 $11.13 $0.02 13.69% 9.76% 1.26% 7.30% 1.63% 2.25% 4/2/2007 1.40% 1.40%
IGWAX Ivy Micro Cap Growth Fund $24.97 $0.43 6.98% 15.63% 2.07% 9.67% 14.78% 2/17/2009 1.69% 1.69%
WMGAX Ivy Mid Cap Growth Fund $22.09 $0.10 13.28% 7.45% 3.75% 9.92% 6.97% 6.46% 6/30/2000 1.29% 1.29%
IVOAX Ivy Mid Cap Income Opportunities Fund 27 $12.65 $0.08 2.27% 5.29% 7.83% 10/1/2014 1.35% 1.66%
WMBAX Ivy Municipal Bond Fund $11.96 $0.00 2.49% -3.75% 1.02% 1.51% 3.59% 4.12% 9/21/1992 0.99% 0.99%
IYIAX Ivy Municipal High Income Fund 29 $5.13 $0.00 2.79% -3.41% 2.65% 2.81% 6.70% 12/30/1998 0.88% 0.88%
IGNAX Ivy Natural Resources Fund 20 $13.39 $0.13 -12.14% -1.56% -12.80% -2.78% -5.40% 5.45% 1/2/1997 1.66% 1.66%
IECAX Ivy Pictet Emerging Markets Local Currency Debt Fund 15 $9.28 $0.03 6.67% 1.20% -4.35% -3.74% 4/30/2014 1.25% 1.88%
IRBAX Ivy Pictet Targeted Return Bond Fund 39 40 $10.03 $0.00 1.21% -4.21% -2.49% 1/4/2016 1.38% 1.42%
IPNAX Ivy PineBridge High Yield Fund 30 $9.98 $0.02 -5.84% 5/18/2017 1.00% 1.20%
IAIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund 23 $9.98 $0.00 -1.66% 4/20/2017 0.90% 1.00%
IMWAX Ivy Proshares MSCI ACWI Index Fund 28 $10.47 $0.02 1.27% 4/20/2017 0.90% 1.23%
IRUAX Ivy ProShares Russell 2000 Dividend Growers Index Fund 34 $10.10 $0.06 -3.80% 4/20/2017 0.90% 1.04%
IAPRX Ivy ProShares S&P 500 Bond Index Fund 35 $10.13 $0.01 -2.05% 4/20/2017 0.65% 0.66%
IDAAX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 36 $10.33 $0.02 -0.58% 4/20/2017 0.75% 0.83%
WSTAX Ivy Science and Technology Fund $61.39 $0.48 19.95% 19.07% 4.04% 14.18% 9.87% 6.72% 7/31/1997 1.28% 1.28%
IYSAX Ivy Small Cap Core Fund 37 38 $17.79 $0.13 3.79% 13.86% 7.10% 13.76% 6.20% 8.89% 1/31/1997 1.56% 1.56%
WSGAX Ivy Small Cap Growth Fund $18.24 $0.20 13.43% 15.00% 7.43% 12.41% 7.80% 6.00% 9/21/1992 1.44% 1.44%
IYEAX Ivy Tax-Managed Equity Fund $22.01 $0.06 15.18% 7.62% 7.09% 12.62% 12.45% 4/19/2000 1.22% 1.22%
IYVAX Ivy Value Fund 41 $22.96 ($0.01) 4.74% 7.72% 2.86% 11.58% 4.08% 6.66% 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 N shares at 1.00% and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the the Board of Trustees of Ivy Funds (Board). See the prospectus for more information.

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

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 N shares at 0.85%; and Class Y shares at 1.10%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). See the prospectus for more information.

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

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

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

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

7 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.

9 Fee Waiver and/or Expense Reimbursement: Through April 30, 2018, Ivy Investment Management Company (IICO), the Portfolio’s investment manager, Ivy Distributors, Inc. (IDI), the Portfolio’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Portfolio’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary portfolio operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) for Class II shares at 0.95%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

10 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) for the Fund's Class A shares at 0.90%, Class I shares at 0.65%, Class R shares at 1.40%, Class N shares at 0.65%, Class Y shares at 0.90%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

11 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.

12 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.

13 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.

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 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2018, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class I shares and Class N shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

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

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

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

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 as follows: Class A shares at 0.99%, Class B shares at 1.74%, Class C shares at 1.74%, Class I shares at 0.74% and Class Y shares at 0.99%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

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

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 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.

19 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.

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

21 You could lose money by investing in the Ivy Government Money Market fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

22 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.

23 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A at 0.90% and Class I shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

24 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.

25 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.

26 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.

27 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 Class A shares at 1.35%, Class C shares at 2.07%, Class E shares at 1.30%, Class I shares at 1.05%, Class R shares at 1.80%, Class N shares at 1.05% and Class Y shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees (Board)

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

29 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.

30 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) Fund's Class A shares at 1.00%, Class I and N shares at 0.72%, Class R shares at 1.47%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

33 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.

34 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.90% and Class I and Class N shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes

35 Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.65% and Class I shares at 0.40%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

36 Fee Waiver and/or Expense Reimbursement:Through January 31, 2019, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.75% and Class I and Class N shares at 0.50%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the Fund's prospectus for more information.

37 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.

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

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

40 Fee Waiver and/or Expense Reimbursement: Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund’s Class A shares at 1.38%; Class C shares at 2.05%; Class I shares at 1.00%; Class N shares at 0.87%; and Class Y shares at 1.25%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.

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

41 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 5/31/2017
IBOAX Ivy Advantus Bond Fund 2.52% 2.38%
IRSAX Ivy Advantus Real Estate Securities Fund 1.23% 1.17%
IMAAX Ivy Apollo Multi-Asset Income Fund 2.81% 2.65%
IAPOX Ivy Apollo Strategic Income Fund 3.63% 3.42%
WASAX Ivy Asset Strategy Fund 0.00% 0.00%
IBNAX Ivy Balanced Fund 1.23% 1.16%
IMHAX Ivy California Municipal High Income Fund
WCEAX Ivy Core Equity Fund
ICKAX Ivy Crossover Credit Fund
ICDAX Ivy Cundill Global Value Fund
IVDAX Ivy Dividend Opportunities Fund 1.29% 1.22%
IPOAX Ivy Emerging Markets Equity Fund
IEYAX Ivy Energy Fund
IEOAX Ivy European Opportunities Fund
IVSAX Ivy Global Bond Fund 2.06% 1.94%
IBIAX Ivy Global Equity Income Fund 3.29% 3.10%
IVINX Ivy Global Growth Fund
IVBAX Ivy Global Income Allocation Fund 3.62% 3.41%
WRAXX Ivy Government Money Market Fund
WHIAX Ivy High Income Fund 7.00% 6.59%
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 2.40% 2.26%
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund 3.38% 3.19%
WLTAX Ivy Limited-Term Bond Fund 1.62% 1.58%
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 2.42% 2.32%
IYIAX Ivy Municipal High Income Fund 4.45% 4.26%
IGNAX Ivy Natural Resources Fund
IECAX Ivy Pictet Emerging Markets Local Currency Debt Fund 0.00% 0.00%
IRBAX Ivy Pictet Targeted Return Bond Fund 1.24% 1.17%
IPNAX Ivy PineBridge High Yield Fund
IAIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund
IMWAX Ivy Proshares MSCI ACWI Index Fund
IRUAX Ivy ProShares Russell 2000 Dividend Growers Index Fund
IAPRX Ivy ProShares S&P 500 Bond Index Fund
IDAAX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
WSTAX Ivy Science and Technology Fund
IYSAX Ivy Small Cap Core Fund
WSGAX Ivy Small Cap Growth Fund
IYEAX Ivy Tax-Managed Equity Fund
IYVAX Ivy Value Fund

Rankings

Rankings (Fund/Category) as of 5/31/2017
IBOAX Ivy Advantus Bond Fund Corporate Debt Funds A Rated 12/46 21/44 20/39 25/33
IRSAX Ivy Advantus Real Estate Securities Fund Real Estate Funds 163/265 95/232 94/203 87/138
IMAAX Ivy Apollo Multi-Asset Income Fund Mixed-Asset Target Allocation Moderate Funds 487/567
IAPOX Ivy Apollo Strategic Income Fund Multi-Sector Income Funds 190/333
WASAX Ivy Asset Strategy Fund Alternative Global Macro Funds 198/305 232/264 65/193 10/53
IBNAX Ivy Balanced Fund Mixed-Asset Target Alloc Growth Funds 468/500 379/446 337/411 32/319
IMHAX Ivy California Municipal High Income Fund California Municipal Debt Funds
WCEAX Ivy Core Equity Fund Large-Cap Core Funds 800/822 684/733 596/664 166/517
ICKAX Ivy Crossover Credit Fund
ICDAX Ivy Cundill Global Value Fund Global Multicap Value 70/102 75/78 52/59 37/40
IVDAX Ivy Dividend Opportunities Fund Equity Income Funds 465/535 369/469 258/347 177/225
IPOAX Ivy Emerging Markets Equity Fund Emerging Markets Funds 65/834 23/647 42/456 37/185
IEYAX Ivy Energy Fund Natural Resources Funds 66/93 40/82 28/67 20/59
IEOAX Ivy European Opportunities Fund European Region Funds 100/160 49/117 80/98 61/71
IVSAX Ivy Global Bond Fund Global Income Funds 28/213 72/198 52/161
IBIAX Ivy Global Equity Income Fund Global Equity Income Funds 112/165 75/142
IVINX Ivy Global Growth Fund Global Large-Cap Growth Funds 113/122 92/100 76/83 48/53
IVBAX Ivy Global Income Allocation Fund Flexible Portfolio Funds 261/638 282/465 145/355 128/163
WRAXX Ivy Government Money Market Fund U.S. Government Money Market Funds 88/158 48/132 40/130 21/112
WHIAX Ivy High Income Fund High Current Yield Funds 25/663 245/567 94/452 7/304
IVJAX Ivy IG International Small Cap Fund International Small-/Mid-Cap Growth Funds
IVIAX Ivy International Core Equity Fund International Large-Cap Core 41/129 4/103 6/95 4/80
WLGAX Ivy Large Cap Growth Fund Large-Cap Growth Funds 360/662 302/596 312/535 156/390
IREAX Ivy LaSalle Global Real Estate Fund Global Real Estate Funds 130/176 112/132
IVRAX Ivy LaSalle Global Risk-Managed Real Estate Fund Global Real Estate Funds 171/176 49/132
WLTAX Ivy Limited-Term Bond Fund Short-Intmdt Investment Grade Debt Funds 110/178 100/154 94/128 49/82
IVTAX Ivy Managed International Opportunities Fund International Multi-Cap Core 191/435 67/351 227/291 42/178
IGWAX Ivy Micro Cap Growth Fund Small-Cap Growth Funds 125/553 435/502 378/446
WMGAX Ivy Mid Cap Growth Fund Mid-Cap Growth Funds 303/397 323/370 274/326 69/237
IVOAX Ivy Mid Cap Income Opportunities Fund Mid-Cap Core Funds 341/418
WMBAX Ivy Municipal Bond Fund General Municipal Debt Funds 182/262 187/231 171/206 68/152
IYIAX Ivy Municipal High Income Fund High Yield Municipal Debt Funds 114/159 101/140 92/111
IGNAX Ivy Natural Resources Fund Global Natural Resources Funds 61/134 65/129 57/117 44/61
IECAX Ivy Pictet Emerging Markets Local Currency Debt Fund Emerging Markets Local Currency Debt Fds 86/94 25/80
IRBAX Ivy Pictet Targeted Return Bond Fund Alternative Credit Focus 261/285
IPNAX Ivy PineBridge High Yield Fund High Current Yield Funds
IAIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund High Current Yield Funds
IMWAX Ivy Proshares MSCI ACWI Index Fund Global Large-Cap Core Funds
IRUAX Ivy ProShares Russell 2000 Dividend Growers Index Fund Small-Cap Core Funds
IAPRX Ivy ProShares S&P 500 Bond Index Fund Core Funds
IDAAX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Multi-Cap Core Funds
WSTAX Ivy Science and Technology Fund Science & Technology Funds 134/166 137/148 105/140 45/124
IYSAX Ivy Small Cap Core Fund Small-Cap Core Funds 149/933 122/780 90/667 146/487
WSGAX Ivy Small Cap Growth Fund Small-Cap Growth Funds 139/553 137/502 157/446 35/332
IYEAX Ivy Tax-Managed Equity Fund Large-Cap Growth Funds 604/662 454/596 355/535
IYVAX Ivy Value Fund Large Cap Value Funds 266/488 371/420 268/375 127/265

Ticker Symbols & Fund Codes

Ivy Advantus Bond Fund IBOAX 465898344 646
Ivy Advantus Real Estate Securities Fund IRSAX 465898476 648
Ivy Apollo Multi-Asset Income Fund IMAAX 46600B847 673
Ivy Apollo Strategic Income Fund IAPOX 46600B805 674
Ivy Asset Strategy Fund WASAX 466000759 606
Ivy Balanced Fund IBNAX 465898625 644
Ivy California Municipal High Income Fund IMHAX 465899144 600
Ivy Core Equity Fund WCEAX 466000106 601
Ivy Crossover Credit Fund ICKAX 46600B730 679
Ivy Cundill Global Value Fund ICDAX 465898880 615
Ivy Dividend Opportunities Fund IVDAX 465898666 686
Ivy Emerging Markets Equity Fund IPOAX 465897866 611
Ivy Energy Fund IEYAX 466000395 694
Ivy European Opportunities Fund IEOAX 465898815 614
Ivy Global Bond Fund IVSAX 465899748 697
Ivy Global Equity Income Fund IBIAX 465899631 659
Ivy Global Growth Fund IVINX 465897502 617
Ivy Global Income Allocation Fund IVBAX 465898567 649
Ivy Government Money Market Fund WRAXX 466000486 670
Ivy High Income Fund WHIAX 466000668 609
Ivy IG International Small Cap Fund IVJAX 46600A682 678
Ivy International Core Equity Fund IVIAX 465897353 613
Ivy Large Cap Growth Fund WLGAX 466000627 667
Ivy LaSalle Global Real Estate Fund IREAX 465899359 658
Ivy LaSalle Global Risk-Managed Real Estate Fund IVRAX 465899284 657
Ivy Limited-Term Bond Fund WLTAX 466000882 603
Ivy Managed International Opportunities Fund IVTAX 465898229 695
Ivy Micro Cap Growth Fund IGWAX 465899680 698
Ivy Mid Cap Growth Fund WMGAX 466000577 668
Ivy Mid Cap Income Opportunities Fund IVOAX 46600B102 663
Ivy Municipal Bond Fund WMBAX 466000841 604
Ivy Municipal High Income Fund IYIAX 466001849 665
Ivy Natural Resources Fund IGNAX 465897429 612
Ivy Pictet Emerging Markets Local Currency Debt Fund IECAX 465899227 631
Ivy Pictet Targeted Return Bond Fund IRBAX 46600B789 652
Ivy PineBridge High Yield Fund IPNAX 46600A310 650
Ivy ProShares Interest Rate Hedged High Yield Index Fund IAIRX 46600A518 662
Ivy Proshares MSCI ACWI Index Fund IMWAX 46600A377 660
Ivy ProShares Russell 2000 Dividend Growers Index Fund IRUAX 46600A575 653
Ivy ProShares S&P 500 Bond Index Fund IAPRX 46600A443 661
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund IDAAX 46600A641 654
Ivy Science and Technology Fund WSTAX 466000718 608
Ivy Small Cap Core Fund IYSAX 465898435 645
Ivy Small Cap Growth Fund WSGAX 466000502 602
Ivy Tax-Managed Equity Fund IYEAX 466001831 699
Ivy Value Fund IYVAX 465898385 632

Documents & Prospectuses

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

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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