Ivy Funds

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

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Summary

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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Prices & Returns
POP as of 4/18/2019
Average Annual Total Returns
POP as of 3/31/2019
Expense
Ratios
IATIX Ivy Accumulative Fund 1 $10.25 $0.04 19.60% 13.45% 11.76% 9.59% 14.46% 9.01% 7/11/1995 0.87% 0.90%
IMAIX Ivy Apollo Multi-Asset Income Fund 2 $10.59 ($0.01) 9.35% 3.78% 6.57% 6.20% 10/1/2015 0.76% 0.97%
IIPOX Ivy Apollo Strategic Income Fund 3 4 $9.93 $0.00 4.84% 4.05% 4.74% 4.17% 10/1/2015 0.68% 0.94%
IVAEX Ivy Asset Strategy Fund 5 6 $21.49 $0.02 12.39% 2.93% 7.12% 0.65% 6.38% 5.73% 4/2/2007 0.84% 0.84%
IYBIX Ivy Balanced Fund 7 $24.17 $0.10 12.21% 6.51% 7.30% 5.18% 10.26% 7.03% 4/2/2007 0.87% 0.87%
IMHIX Ivy California Municipal High Income Fund 8 $10.20 $0.00 3.27% 4.77% 3.77% 10/3/2016 0.60% 1.20%
ICIEX Ivy Core Equity Fund 9 $15.92 $0.08 16.63% 5.84% 10.98% 7.66% 14.57% 8.35% 4/2/2007 0.83% 0.83%
IBJIX Ivy Corporate Bond Fund 10 $6.17 $0.01 4.12% 5.02% 2.60% 2.80% 3.91% 4.85% 6/19/1995 0.70% 0.70%
ICKIX Ivy Crossover Credit Fund 11 $9.90 $0.02 6.31% 4.71% 3.20% 4/3/2017 0.65% 1.06%
IPOIX Ivy Emerging Markets Equity Fund 12 $20.28 ($0.07) 17.16% -10.34% 12.83% 5.82% 9.37% 4.71% 4/2/2007 0.99% 1.10%
IVEIX Ivy Energy Fund 13 $10.42 ($0.01) 23.46% -17.85% -3.75% -10.03% 3.07% -0.45% 4/2/2007 0.99% 1.10%
IVSIX Ivy Global Bond Fund 15 $9.70 $0.00 3.48% 3.73% 4.75% 2.27% 3.89% 3.24% 4/4/2008 0.74% 0.91%
IBIIX Ivy Global Equity Income Fund 16 $12.18 ($0.04) 13.55% 0.78% 7.84% 4.83% 9.25% 6/4/2012 0.92% 0.96%
IGIIX Ivy Global Growth Fund 17 $44.92 ($0.03) 15.21% 3.43% 10.10% 5.86% 11.42% 4.74% 4/2/2007 1.06% 1.11%
IGJIX Ivy Government Securities Fund 21 $5.38 $0.01 1.52% 3.96% 0.76% 1.50% 1.92% 4.17% 6/19/1995 0.72% 0.78%
IVHIX Ivy High Income Fund 22 $7.28 $0.00 8.06% 3.18% 8.99% 3.85% 10.39% 7.47% 4/2/2007 0.72% 0.72%
ICEIX Ivy International Core Equity Fund 24 25 $17.40 ($0.04) 13.65% -8.20% 5.83% 2.44% 9.61% 3.80% 4/2/2007 0.79% 0.94%
IVJIX Ivy International Small Cap Fund 26 27 $11.21 ($0.07) 10.12% -13.30% 5.30% 1/10/2017 0.99% 1.34%
IYGIX Ivy Large Cap Growth Fund 28 $24.69 $0.09 18.87% 13.99% 17.31% 13.30% 15.73% 10.28% 4/2/2007 0.69% 0.87%
IRESX Ivy LaSalle Global Real Estate Fund 29 $10.96 $0.02 12.18% 14.00% 5.43% 5.91% 4.88% 4/1/2013 1.05% 1.41%
ILTIX Ivy Limited-Term Bond Fund 31 $10.72 $0.00 1.33% 3.19% 1.63% 1.59% 2.28% 3.10% 4/2/2007 0.66% 0.66%
IVTIX Ivy Managed International Opportunities Fund 32 33 $10.56 ($0.03) 13.67% -7.03% 6.68% 3.09% 8.42% 2.87% 4/2/2007 1.02% 1.04%
IYMIX Ivy Mid Cap Growth Fund 35 $28.02 $0.04 23.49% 16.12% 18.35% 10.63% 17.36% 10.43% 4/2/2007 0.79% 1.03%
IVOIX Ivy Mid Cap Income Opportunities Fund 36 $14.50 $0.06 15.09% 5.67% 11.05% 10.01% 10/1/2014 0.83% 1.12%
IMBIX Ivy Municipal Bond Fund 38 39 40 $11.67 $0.00 1.78% 3.53% 1.93% 2.91% 3.86% 11/3/2009 0.70% 0.73%
WYMHX Ivy Municipal High Income Fund 41 $5.00 $0.00 2.03% 4.04% 2.80% 4.50% 7.06% 4.72% 12/30/1998 0.61% 0.71%
IGNIX Ivy Natural Resources Fund 20 $14.59 $0.00 16.91% -8.86% 2.95% -6.26% 2.45% -2.96% 4/2/2007 1.11% 1.11%
IECIX Ivy Pictet Emerging Markets Local Currency Debt Fund $8.63 ($0.01) 2.62% -10.56% 0.04% -2.16% 4/30/2014 0.80% 1.23%
IRBIX Ivy Pictet Targeted Return Bond Fund 58 $9.89 $0.01 3.02% 3.98% 2.34% 2.22% 1/4/2016 1.00% 1.21%
IPNIX Ivy PineBridge High Yield Fund 42 $9.85 $0.00 9.77% 5.68% 3.89% 5/18/2017 0.72% 1.00%
IIIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund 23 $9.73 ($0.02) 8.93% 4.53% 3.71% 4/20/2017 0.65% 1.17%
IMWIX Ivy Proshares MSCI ACWI Index Fund 37 $11.75 ($0.01) 15.17% 2.46% 8.73% 4/20/2017 0.65% 1.09%
IRUIX Ivy ProShares Russell 2000 Dividend Growers Index Fund 44 45 46 $10.84 $0.00 9.42% 10.58% 5.74% 4/20/2017 0.65% 0.83%
IPRIX Ivy ProShares S&P 500 Bond Index Fund 47 $9.88 $0.02 5.35% 4.77% 2.30% 4/20/2017 0.40% 0.60%
IDAIX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 45 46 48 $12.14 $0.02 13.80% 11.40% 12.22% 4/20/2017 0.50% 0.65%
ICVIX Ivy Pzena International Value Fund 43 $16.08 ($0.07) 12.68% -5.79% 6.67% -0.29% 7.95% 2.04% 4/2/2007 1.14% 1.32%
ISTIX Ivy Science and Technology Fund 49 $75.64 $0.17 27.32% 12.88% 19.59% 9.64% 16.41% 12.35% 4/2/2007 0.99% 0.99%
IVBIX Ivy Securian Core Bond Fund 50 51 52 $10.62 $0.02 3.49% 4.46% 3.63% 3.44% 5.52% 3.86% 4/2/2007 0.54% 0.74%
IREIX Ivy Securian Real Estate Securities Fund 53 54 $24.18 $0.25 12.85% 17.22% 4.80% 8.49% 16.87% 4.64% 4/2/2007 1.06% 1.16%
IVVIX Ivy Small Cap Core Fund 55 $18.47 ($0.07) 15.22% 6.79% 13.57% 8.19% 14.05% 7.74% 4/2/2007 0.89% 1.10%
IYSIX Ivy Small Cap Growth Fund 56 57 $23.49 $0.02 17.92% 8.14% 17.53% 9.98% 17.56% 10.41% 4/2/2007 0.89% 1.06%
IYAIX Ivy Value Fund 61 $23.54 ($0.04) 13.55% 3.95% 9.35% 5.84% 13.37% 5.98% 4/2/2007 0.92% 0.92%
IWGIX Ivy Wilshire Global Allocation Fund 62 $8.15 ($0.01) 10.43% 0.85% 5.90% 0.24% 6.19% 8.52% 9/27/1995 0.83% 0.90%

1 Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows Class B shares at 2.29%, Class C shares at 2.06% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the Ivy Trust (the Ivy Trust Board).

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

2 Fee Waiver and/or Expense Reimbursement: Through Jan. 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund’s Class A shares at 1.30%, Class C shares at 2.17%, Class I and Class N shares at 0.75% 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).

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

3 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 1.15%, Class C shares at 1.85%, 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).

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IICO, the Fund’s investment manager, IDI, the Fund’s distributor, and/or 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 I shares and Class N shares at 0.67%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

4 Joseph Moroney, CFA, was named a co-portfolio manager on Ivy Apollo Strategic Income Fund on April 30, 2018.

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

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

6 Ivy Global Income Allocation Fund merged into Ivy Asset Strategy Fund on Nov. 5, 2018.

7 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

8 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 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, 2019, 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 July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.10%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 A shares at 1.04%; Class B shares at 2.13%; and Class I shares and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

10 Effective Apr. 30, 2018, Ivy Bond was renamed Ivy Corporate Bond.

11 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).

12 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.58%; Class B shares at 2.50%; and Class I shares and Class N shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

13 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.41%; Class B shares at 2.29%; Class C shares at 2.11%; and Class I shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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

15 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares and Class Y shares at 0.99%; Class B shares and Class C shares at 1.74%; and Class I shares and Class N shares at 0.74%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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

16 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.24%; Class B shares at 1.95%; Class E shares at 1.13%; Class I shares at 0.92%; and Class Y shares at 1.19%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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

17 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 2.58%; and Class I shares at 1.06%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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

20 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.27%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

21 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.00%, Class B shares at 2.13%, Class C shares at 1.88% and Class I shares at 0.72%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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

22 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.08%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 B shares at 1.71%; and Class C shares at 1.66%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

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, 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 E shares at 1.28%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 0.79%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

25 Ivy European Opportunities Fund merged into Ivy International Core Equity Fund on Nov. 5, 2018.

26 Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.45%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (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.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IICO, the Fund’s investment manager, IDI, the Fund’s distributor, and/or 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 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.

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

27 Effective Feb. 21, 2019, the name of the Fund changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

28 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares and Class E shares at 1.15%; and Class Y shares at 1.06%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 B shares at 2.05%; and Class I shares and Class N shares at 0.69%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

29 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.51%; and Class I shares and Class N shares at 1.05%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 and the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class A shares and the Class I shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

31 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 0.95%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

32 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.49%; Class B shares at 1.40%; Class C shares at 1.29%; Class I shares at 0.16%; Class R shares at 0.72%; and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 and the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class A shares and the Class I shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

33 Effective July 31, 2018, the Fund may invest its assets in three additional underlying funds with the following target allocation ranges: Ivy International Small Cap Fund 0-60%, Ivy Global Equity Income Fund 0-60% and Ivy Pzena International Value Fund 0-60%.

35 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.31%; and Class E shares at 1.28%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 B shares at 2.09%; and Class I shares and Class N shares at 0.79%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

36 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares and Class Y shares at 1.35%; Class C shares at 2.07%; Class E shares at 1.30%; and Class R shares at 1.80%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, 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 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

37 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.

38 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.84%; and Class I shares at 0.70%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

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

40 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.84%; and Class I shares at 0.70%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

41 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class Y shares at 0.94%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 B shares at 1.62%; Class C shares at 1.58%; and Class I shares at 0.61%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

42 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).

43 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 0.21% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent , have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

44 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 shares 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.

Fee Waiver and/or Expense Reimbursement: Through July 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) as follows: Class E shares at 0.73%. Prior to that date, the expense limitation may not be terminated without the consent of the 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.

45 Devin Sullivan was named a portfolio manager on the Fund on April 12, 2018. He has 12 years of industry experience.

46 Rachel Ames served as a portfolio manager on the Fund until April 2018.

47 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.

48 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.

49 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.30%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020 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 B shares at 2.03%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

50 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.01%; and 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 (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Due to a separate contractual class waiver, 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.

51 Effective Apr. 30, 2018, Ivy Advantus Bond Fund was renamed Ivy Securian Core Bond Fund.

53 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.42%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

54 Effective April 30, 2018, the name of Ivy Advantus Real Estate Securities Fund changed to Ivy Securian Real Estate Securities Fund.

55 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class I shares and Class N shares at 0.89%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

56 Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.35%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 B shares at 2.23%; and Class I shares and Class N shares at 0.89%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class T shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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

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

58 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 1.38%; Class C shares at 2.08%; 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, 2019, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

61 Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.22%; Class B shares at 2.36%; and Class I shares at 0.92%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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

62 Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions and extraordinary expenses, if any) as follows: Class A Shares at 1.16%; Class B shares at 2.25%; Class C shares at 2.01%; and Class I Shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.

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

Yields

Yields as of 3/31/2019
IATIX Ivy Accumulative Fund 0.69% 0.69%
IMAIX Ivy Apollo Multi-Asset Income Fund 4.57% 4.57% 4.55% 4.52%
IIPOX Ivy Apollo Strategic Income Fund 4.78% 4.78% 4.96% 4.89%
IVAEX Ivy Asset Strategy Fund 1.95% 1.95% 2.25% 2.25%
IYBIX Ivy Balanced Fund 1.63% 1.63% 1.52% 1.52%
IMHIX Ivy California Municipal High Income Fund 2.72% 2.72% 2.73% 2.73%
ICIEX Ivy Core Equity Fund 0.74% 0.74%
IBJIX Ivy Corporate Bond Fund 2.85% 2.85% 2.94% 2.94%
ICKIX Ivy Crossover Credit Fund 3.57% 3.57% 3.62% 3.24%
IPOIX Ivy Emerging Markets Equity Fund 0.97% 0.97%
IVEIX Ivy Energy Fund 0.00% 0.00%
IVSIX Ivy Global Bond Fund 3.13% 3.13% 3.29% 3.13%
IBIIX Ivy Global Equity Income Fund 1.72% 1.72% 2.37% 2.34%
IGIIX Ivy Global Growth Fund 0.44% 0.44%
IGJIX Ivy Government Securities Fund 1.78% 1.78% 2.03% 1.99%
IVHIX Ivy High Income Fund 7.18% 7.18% 7.78% 7.78%
ICEIX Ivy International Core Equity Fund 2.38% 2.38%
IVJIX Ivy International Small Cap Fund 1.61% 1.61%
IYGIX Ivy Large Cap Growth Fund 0.00% 0.00%
IRESX Ivy LaSalle Global Real Estate Fund 3.08% 3.08% 1.21% 1.02%
ILTIX Ivy Limited-Term Bond Fund 2.19% 2.19% 2.29% 2.29%
IVTIX Ivy Managed International Opportunities Fund 1.72% 1.72%
IYMIX Ivy Mid Cap Growth Fund 0.00% 0.00%
IVOIX Ivy Mid Cap Income Opportunities Fund 1.69% 1.69% 1.85% 1.82%
IMBIX Ivy Municipal Bond Fund 3.62% 3.62% 1.61% 1.58%
WYMHX Ivy Municipal High Income Fund 4.56% 4.56% 3.06% 3.01%
IGNIX Ivy Natural Resources Fund 0.51% 0.51%
IECIX Ivy Pictet Emerging Markets Local Currency Debt Fund 0.23% 0.23% 5.78% 5.44%
IRBIX Ivy Pictet Targeted Return Bond Fund 5.17% 5.17% 1.91% 1.71%
IPNIX Ivy PineBridge High Yield Fund 5.36% 5.36% 6.15% 5.91%
IIIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund 5.32% 5.32% 6.14% 5.91%
IMWIX Ivy Proshares MSCI ACWI Index Fund 1.69% 1.69%
IRUIX Ivy ProShares Russell 2000 Dividend Growers Index Fund 1.86% 1.86% 1.89% 1.73%
IPRIX Ivy ProShares S&P 500 Bond Index Fund 3.13% 3.13% 3.28% 3.13%
IDAIX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 2.00% 2.00% 1.95% 1.83%
ICVIX Ivy Pzena International Value Fund 0.83% 0.83%
ISTIX Ivy Science and Technology Fund 0.00% 0.00%
IVBIX Ivy Securian Core Bond Fund 3.45% 3.45% 3.44% 3.25%
IREIX Ivy Securian Real Estate Securities Fund 1.59% 1.59% 1.55% 1.32%
IVVIX Ivy Small Cap Core Fund 0.00% 0.00%
IYSIX Ivy Small Cap Growth Fund 0.00% 0.00%
IYAIX Ivy Value Fund 1.15% 1.15% 1.47% 1.47%
IWGIX Ivy Wilshire Global Allocation Fund 2.36% 2.36%

Rankings & Ratings

Rankings (Fund/Category) as of 3/31/2019
IATIX Ivy Accumulative Fund Large Growth 344/1397 1148/1256 868/1114 669/805
IMAIX Ivy Apollo Multi-Asset Income Fund Allocation--30% to 50% Equity 159/558 88/488
IIPOX Ivy Apollo Strategic Income Fund Multisector Bond 75/326 133/291
IVAEX Ivy Asset Strategy Fund World Allocation 89/469 74/397 283/321 142/161
IYBIX Ivy Balanced Fund Allocation--50% to 70% Equity 112/758 357/690 304/601 169/439
IMHIX Ivy California Municipal High Income Fund Muni California Long 38/108
ICIEX Ivy Core Equity Fund Large Growth 1216/1397 1176/1256 1033/1114 655/805
IBJIX Ivy Corporate Bond Fund Corporate Bond 55/250 161/180 122/149 81/87
ICKIX Ivy Crossover Credit Fund Corporate Bond 93/250
IPOIX Ivy Emerging Markets Equity Fund Diversified Emerging Mkts 471/833 53/707 13/553 80/238
IVEIX Ivy Energy Fund Equity Energy 80/100 73/91 39/79 26/57
IVSIX Ivy Global Bond Fund Multisector Bond 103/326 130/291 154/225 118/131
IBIIX Ivy Global Equity Income Fund World Large Stock 546/900 544/732 424/617
IGIIX Ivy Global Growth Fund World Large Stock 326/900 324/732 307/617 211/370
IGJIX Ivy Government Securities Fund Intermediate Government 81/234 138/208 139/194 124/153
IVHIX Ivy High Income Fund High Yield Bond 578/700 40/610 171/519 72/332
ICEIX Ivy International Core Equity Fund Foreign Large Blend 609/753 447/644 169/514 60/384
IVJIX Ivy International Small Cap Fund Foreign Small/Mid Growth 86/132
IYGIX Ivy Large Cap Growth Fund Large Growth 275/1397 327/1256 222/1114 447/805
IRESX Ivy LaSalle Global Real Estate Fund Global Real Estate 23/219 139/196 80/152
ILTIX Ivy Limited-Term Bond Fund Short-Term Bond 190/531 264/476 140/415 153/266
IVTIX Ivy Managed International Opportunities Fund Foreign Large Blend 482/753 293/644 74/514 179/384
IYMIX Ivy Mid Cap Growth Fund Mid-Cap Growth 42/615 73/555 129/495 59/352
IVOIX Ivy Mid Cap Income Opportunities Fund Mid-Cap Value 44/417 34/368
IMBIX Ivy Municipal Bond Fund Muni National Interm 258/293 142/258 113/227
WYMHX Ivy Municipal High Income Fund High Yield Muni 162/182 127/154 102/131 52/83
IGNIX Ivy Natural Resources Fund Natural Resources 88/129 92/120 76/114 62/85
IECIX Ivy Pictet Emerging Markets Local Currency Debt Fund Emerging-Markets Local-Currency Bond 48/69 62/67
IRBIX Ivy Pictet Targeted Return Bond Fund Nontraditional Bond 45/310 198/278
IPNIX Ivy PineBridge High Yield Fund High Yield Bond 94/700
IIIRX Ivy ProShares Interest Rate Hedged High Yield Index Fund High Yield Bond 344/700
IMWIX Ivy Proshares MSCI ACWI Index Fund World Large Stock 402/900
IRUIX Ivy ProShares Russell 2000 Dividend Growers Index Fund Small Value 2/440
IPRIX Ivy ProShares S&P 500 Bond Index Fund Corporate Bond 87/250
IDAIX Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Large Blend 101/1412
ICVIX Ivy Pzena International Value Fund World Large Stock 839/900 642/732 610/617 362/370
ISTIX Ivy Science and Technology Fund Technology 82/216 139/186 158/174 114/146
IVBIX Ivy Securian Core Bond Fund Intermediate-Term Bond 229/1024 70/901 38/769 111/564
IREIX Ivy Securian Real Estate Securities Fund Real Estate 137/251 146/225 86/198 98/139
IVVIX Ivy Small Cap Core Fund Small Blend 43/738 41/634 37/519 256/382
IYSIX Ivy Small Cap Growth Fund Small Growth 325/679 223/588 127/522 108/392
IYAIX Ivy Value Fund Large Value 650/1229 739/1096 756/939 364/691
IWGIX Ivy Wilshire Global Allocation Fund World Allocation 195/469 220/397 290/321 145/161

Ticker Symbols & Fund Codes

Ivy Accumulative Fund IATIX 46600G838 442
Ivy Apollo Multi-Asset Income Fund IMAIX 46600B821 453
Ivy Apollo Strategic Income Fund IIPOX 46600B870 454
Ivy Asset Strategy Fund IVAEX 466001864 473
Ivy Balanced Fund IYBIX 465898146 483
Ivy California Municipal High Income Fund IMHIX 465899128 500
Ivy Core Equity Fund ICIEX 466000163 470
Ivy Corporate Bond Fund IBJIX 46600G507 439
Ivy Crossover Credit Fund ICKIX 46600B714 467
Ivy Emerging Markets Equity Fund IPOIX 465899854 476
Ivy Energy Fund IVEIX 466000148 494
Ivy Global Bond Fund IVSIX 465899714 497
Ivy Global Equity Income Fund IBIIX 465899599 459
Ivy Global Growth Fund IGIIX 465898724 481
Ivy Government Securities Fund IGJIX 46600B177 469
Ivy High Income Fund IVHIX 466000122 475
Ivy International Core Equity Fund ICEIX 465899706 478
Ivy International Small Cap Fund IVJIX 46600A666 468
Ivy Large Cap Growth Fund IYGIX 466001203 489
Ivy LaSalle Global Real Estate Fund IRESX 465899326 458
Ivy Limited-Term Bond Fund ILTIX 466001401 472
Ivy Managed International Opportunities Fund IVTIX 465898179 495
Ivy Mid Cap Growth Fund IYMIX 466001609 490
Ivy Mid Cap Income Opportunities Fund IVOIX 46600B409 463
Ivy Municipal Bond Fund IMBIX 46601B101 492
Ivy Municipal High Income Fund WYMHX 466001757 465
Ivy Natural Resources Fund IGNIX 465899508 477
Ivy Pictet Emerging Markets Local Currency Debt Fund IECIX 465899185 451
Ivy Pictet Targeted Return Bond Fund IRBIX 46600B763 452
Ivy PineBridge High Yield Fund IPNIX 46600A294 450
Ivy ProShares Interest Rate Hedged High Yield Index Fund IIIRX 46600A476 462
Ivy Proshares MSCI ACWI Index Fund IMWIX 46600A344 460
Ivy ProShares Russell 2000 Dividend Growers Index Fund IRUIX 46600A542 456
Ivy ProShares S&P 500 Bond Index Fund IPRIX 46600A419 461
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund IDAIX 46600A617 455
Ivy Pzena International Value Fund ICVIX 465898112 480
Ivy Science and Technology Fund ISTIX 466001807 474
Ivy Securian Core Bond Fund IVBIX 465897775 485
Ivy Securian Real Estate Securities Fund IREIX 465899839 487
Ivy Small Cap Core Fund IVVIX 465899813 484
Ivy Small Cap Growth Fund IYSIX 466001872 471
Ivy Value Fund IYAIX 465899789 482
Ivy Wilshire Global Allocation Fund IWGIX 46600G747 443

Documents & Prospectuses

Fund Name Fund Fact Sheet Summary Prospectus Prospectus XBRL Annual
Report
Semi-Annual Report SAI Quarterly
Fund
Commentary
Ivy Accumulative Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) 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) Quarterly Fund Commentary (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 Corporate 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 Crossover Credit 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 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 Government Securities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy High Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy 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 International Small Cap 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 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 Mid Cap Growth Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Mid Cap Income Opportunities Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Municipal Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Municipal High Income Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Natural Resources Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Pictet Emerging Markets Local Currency Debt Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Pictet Targeted Return Bond Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy PineBridge High Yield Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares Interest Rate Hedged High Yield Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Proshares MSCI ACWI Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares Russell 2000 Dividend Growers Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares S&P 500 Bond Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Pzena International 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 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 Securian Core 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 Securian 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 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 Value Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy Wilshire Global Allocation Fund Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) 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.

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

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.