Waddell & Reed

Fund Returns & Daily Prices

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.

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.

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.



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Specialty Funds - Class A Shares
Prices & YTD Returns Average Annual Total Returns
NAV as of 7/13/2020 Monthly as of 6/30/2020 Quarterly as of 6/30/2020
Ivy Apollo Multi-Asset Income Fund (IMAAX)1 Inception 10/1/2015 Expense Ratio net/gross: 1.20%/1.24%
Price Change YTD Monthly Quarterly
$9.57 $0.01 -9.13% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -5.62% 1.43% N/A N/A 3.44% -5.62% N/A N/A 3.44%
With Sales Charge -11.08% -0.57% N/A N/A 2.16% -11.08% N/A N/A 2.16%
Ivy Asset Strategy Fund (WASAX)2 Inception 4/20/1995 Expense Ratio net/gross: 1.11%/1.11%
Price Change YTD Monthly Quarterly
$20.84 ($0.07) -3.49% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.08% 6.09% 2.20% 5.58% 6.70% 0.08% 2.20% 5.58% 6.70%
With Sales Charge -5.67% 4.01% 1.00% 4.95% 6.38% -5.67% 1.00% 4.95% 6.38%
Ivy Balanced Fund (IBNAX)3 Inception 11/16/1987 Expense Ratio net/gross: 1.09%/1.09%
Price Change YTD Monthly Quarterly
$23.81 ($0.08) -2.26% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 4.88% 6.31% 4.89% 8.77% 7.61% 4.88% 4.89% 8.77% 7.61%
With Sales Charge -1.15% 4.23% 3.65% 8.13% 7.41% -1.15% 3.65% 8.13% 7.41%
Ivy Energy Fund (IEYAX)4 Inception 4/3/2006 Expense Ratio net/gross: 1.35%/1.55%
Price Change YTD Monthly Quarterly
$4.05 ($0.05) -52.07% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -51.40% -26.29% -20.69% -7.63% -5.66% -51.40% -20.69% -7.63% -5.66%
With Sales Charge -54.17% -27.72% -21.62% -8.18% -6.05% -54.17% -21.62% -8.18% -6.05%
Ivy LaSalle Global Real Estate Fund (IREAX)5 Inception 4/1/2013 Expense Ratio net/gross: 1.48%/1.80%
Price Change YTD Monthly Quarterly
$8.95 ($0.08) -18.86% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -13.80% -0.62% 0.83% N/A 1.73% -13.80% 0.83% N/A 1.73%
With Sales Charge -18.75% -2.57% -0.35% N/A 0.90% -18.75% -0.35% N/A 0.90%
Ivy Natural Resources Fund (IGNAX)6 Inception 1/2/1997 Expense Ratio net/gross: 1.59%/1.59%
Price Change YTD Monthly Quarterly
$9.78 ($0.09) -23.71% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -23.40% -9.83% -8.81% -4.09% 3.53% -23.40% -8.81% -4.09% 3.53%
With Sales Charge -27.80% -11.60% -9.88% -4.65% 3.27% -27.80% -9.88% -4.65% 3.27%
Ivy Science and Technology Fund (WSTAX)7 Inception 7/31/1997 Expense Ratio net/gross: 1.19%/1.19%
Price Change YTD Monthly Quarterly
$77.34 ($1.30) 8.06% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 18.25% 19.42% 13.43% 16.45% 8.83% 18.25% 13.43% 16.45% 8.83%
With Sales Charge 11.45% 17.09% 12.10% 15.76% 8.51% 11.45% 12.10% 15.76% 8.51%
Ivy Securian Real Estate Securities Fund (IRSAX)8 Inception 2/25/1999 Expense Ratio net/gross: 1.44%/1.54%
Price Change YTD Monthly Quarterly
$20.44 ($0.19) -14.78% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -6.98% 1.19% 4.27% 8.53% 8.94% -6.98% 4.27% 8.53% 8.94%
With Sales Charge -12.35% -0.80% 3.04% 7.88% 8.63% -12.35% 3.04% 7.88% 8.63%
Ivy Wilshire Global Allocation Fund (IWGAX)9,10 Inception 3/9/1995 Expense Ratio net/gross: 1.13%/1.20%
Price Change YTD Monthly Quarterly
$7.93 ($0.03) -4.00% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.95% 3.52% 1.42% 5.07% 8.06% 0.95% 1.42% 5.07% 8.06%
With Sales Charge -4.80% 1.51% 0.23% 4.44% 7.81% -4.80% 0.23% 4.44% 7.81%
Domestic Equity - Class A Shares
Prices & YTD Returns Average Annual Total Returns
NAV as of 7/13/2020 Monthly as of 6/30/2020 Quarterly as of 6/30/2020
Ivy Accumulative Fund (IATAX)11 Inception 10/9/1940 Expense Ratio net/gross: 1.11%/1.11%
Price Change YTD Monthly Quarterly
$11.43 ($0.33) 11.40% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 15.01% 13.50% 9.86% 13.64% 10.36% 15.01% 9.86% 13.64% 10.36%
With Sales Charge 8.44% 11.27% 8.58% 12.97% 10.28% 8.44% 8.58% 12.97% 10.28%
Ivy Core Equity Fund (WCEAX)12 Inception 9/21/1992 Expense Ratio net/gross: 1.02%/1.02%
Price Change YTD Monthly Quarterly
$14.37 ($0.15) 0.77% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 9.88% 11.99% 8.69% 12.77% 5.49% 9.88% 8.69% 12.77% 5.49%
With Sales Charge 3.54% 9.79% 7.40% 12.11% 5.18% 3.54% 7.40% 12.11% 5.18%
Ivy Large Cap Growth Fund (WLGAX)13 Inception 6/30/2000 Expense Ratio net/gross: 1.03%/1.04%
Price Change YTD Monthly Quarterly
$26.29 ($0.43) 11.21% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 19.93% 20.10% 14.94% 16.16% 8.13% 19.93% 14.94% 16.16% 8.13%
With Sales Charge 13.05% 17.76% 13.59% 15.48% 7.81% 13.05% 13.59% 15.48% 7.81%
Ivy Mid Cap Growth Fund (WMGAX)14 Inception 6/30/2000 Expense Ratio net/gross: 1.21%/1.25%
Price Change YTD Monthly Quarterly
$30.92 ($0.67) 13.18% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 21.39% 20.15% 13.54% 14.88% 8.82% 21.39% 13.54% 14.88% 8.82%
With Sales Charge 14.40% 17.80% 12.20% 14.19% 8.50% 14.40% 12.20% 14.19% 8.50%
Ivy Mid Cap Income Opportunities Fund (IVOAX)15 Inception 10/1/2014 Expense Ratio net/gross: 1.28%/1.37%
Price Change YTD Monthly Quarterly
$13.42 ($0.01) -13.54% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -5.40% 4.71% 6.61% N/A 7.32% -5.40% 6.61% N/A 7.32%
With Sales Charge -10.84% 2.67% 5.36% N/A 6.22% -10.84% 5.36% N/A 6.22%
Ivy ProShares Russell 2000 Dividend Growers Index Fund (IRUAX)16 Inception 4/20/2017 Expense Ratio net/gross: 0.88%/1.12%
Price Change YTD Monthly Quarterly
$8.61 $0.02 -23.88% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -16.55% -2.22% N/A N/A -1.69% -16.55% N/A N/A -1.69%
With Sales Charge -18.63% -3.04% N/A N/A -2.48% -18.63% N/A N/A -2.48%
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund (IDAAX)17 Inception 4/20/2017 Expense Ratio net/gross: 0.74%/0.89%
Price Change YTD Monthly Quarterly
$11.88 $0.01 -9.32% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -1.07% 7.19% N/A N/A 7.70% -1.07% N/A N/A 7.70%
With Sales Charge -3.51% 6.30% N/A N/A 6.84% -3.51% N/A N/A 6.84%
Ivy Small Cap Core Fund (IYSAX)18 Inception 1/31/1997 Expense Ratio net/gross: 1.39%/1.42%
Price Change YTD Monthly Quarterly
$14.90 ($0.19) -17.86% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -13.78% -0.07% 4.66% 9.07% 8.04% -13.78% 4.66% 9.07% 8.04%
With Sales Charge -18.72% -2.01% 3.43% 8.42% 7.77% -18.72% 3.43% 8.42% 7.77%
Ivy Small Cap Growth Fund (WSGAX)19 Inception 9/21/1992 Expense Ratio net/gross: 1.32%/1.32%
Price Change YTD Monthly Quarterly
$16.83 ($0.44) -0.47% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.60% 9.20% 8.98% 12.89% 6.96% 0.60% 8.98% 12.89% 6.96%
With Sales Charge -5.17% 7.06% 7.70% 12.22% 6.64% -5.17% 7.70% 12.22% 6.64%
Ivy Value Fund (IYVAX)20 Inception 9/16/1994 Expense Ratio net/gross: 1.20%/1.21%
Price Change YTD Monthly Quarterly
$19.37 ($0.02) -18.08% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -8.21% 0.61% 2.85% 8.61% 6.30% -8.21% 2.85% 8.61% 6.30%
With Sales Charge -13.47% -1.36% 1.64% 7.97% 6.06% -13.47% 1.64% 7.97% 6.06%
Global/International - Class A Shares
Prices & YTD Returns Average Annual Total Returns
NAV as of 7/13/2020 Monthly as of 6/30/2020 Quarterly as of 6/30/2020
Ivy Emerging Markets Equity Fund (IPOAX)21 Inception 10/25/1993 Expense Ratio net/gross: 1.44%/1.44%
Price Change YTD Monthly Quarterly
$21.19 ($0.26) 3.27% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 4.71% 3.96% 4.03% 4.48% 4.51% 4.71% 4.03% 4.48% 4.51%
With Sales Charge -1.33% 1.93% 2.80% 3.87% 4.28% -1.33% 2.80% 3.87% 4.28%
Ivy Global Equity Income Fund (IBIAX)22 Inception 6/4/2012 Expense Ratio net/gross: 1.22%/1.23%
Price Change YTD Monthly Quarterly
$11.22 $0.00 -11.60% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -6.04% 1.88% 2.92% N/A 6.97% -6.04% 2.92% N/A 6.97%
With Sales Charge -11.46% -0.10% 1.70% N/A 6.19% -11.46% 1.70% N/A 6.19%
Ivy Global Growth Fund (IVINX)23 Inception 4/30/1986 Expense Ratio net/gross: 1.37%/1.37%
Price Change YTD Monthly Quarterly
$47.67 ($0.60) 0.42% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 3.76% 8.24% 6.26% 9.02% 7.85% 3.76% 6.26% 9.02% 7.85%
With Sales Charge -2.20% 6.12% 5.00% 8.38% 7.66% -2.20% 5.00% 8.38% 7.66%
Ivy International Core Equity Fund (IVIAX)24 Inception 5/13/1997 Expense Ratio net/gross: 1.23%/1.26%
Price Change YTD Monthly Quarterly
$15.98 ($0.02) -9.20% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -5.39% -2.24% -0.07% 5.37% 4.44% -5.39% -0.07% 5.37% 4.44%
With Sales Charge -10.84% -4.16% -1.25% 4.75% 4.17% -10.84% -1.25% 4.75% 4.17%
Ivy International Small Cap Fund (IVJAX)25,26 Inception 1/10/2017 Expense Ratio net/gross: 1.39%/1.58%
Price Change YTD Monthly Quarterly
$11.05 ($0.04) -10.67% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.10% 0.50% N/A N/A 3.77% 0.10% N/A N/A 3.77%
With Sales Charge -5.64% -1.46% N/A N/A 2.01% -5.64% N/A N/A 2.01%
Ivy Managed International Opportunities Fund (IVTAX)27 Inception 4/2/2007 Expense Ratio net/gross: 1.32%/1.37%
Price Change YTD Monthly Quarterly
$9.67 ($0.06) -7.46% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -3.08% -0.05% 1.08% 4.68% 2.18% -3.08% 1.08% 4.68% 2.18%
With Sales Charge -8.66% -2.01% -0.10% 4.07% 1.73% -8.66% -0.10% 4.07% 1.73%
Ivy Proshares MSCI ACWI Index Fund (IMWAX)28 Inception 4/20/2017 Expense Ratio net/gross: 0.89%/1.28%
Price Change YTD Monthly Quarterly
$12.15 ($0.11) -3.77% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 1.96% 5.83% N/A N/A 6.86% 1.96% N/A N/A 6.86%
With Sales Charge -0.56% 4.93% N/A N/A 6.01% -0.56% N/A N/A 6.01%
Ivy Pzena International Value Fund (ICDAX)29 Inception 9/4/2001 Expense Ratio net/gross: 1.54%/1.75%
Price Change YTD Monthly Quarterly
$13.31 ($0.01) -16.45% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -10.96% -3.97% -1.30% 3.23% 3.65% -10.96% -1.30% 3.23% 3.65%
With Sales Charge -16.06% -5.84% -2.47% 2.62% 3.32% -16.06% -2.47% 2.62% 3.32%
Fixed Income Funds - Class A Shares
Prices & YTD Returns Average Annual Total Returns
NAV as of 7/13/2020 Monthly as of 6/30/2020 Quarterly as of 6/30/2020
Ivy Apollo Strategic Income Fund (IAPOX)30 Inception 10/1/2015 Expense Ratio net/gross: 1.05%/1.15%
Price Change YTD Monthly Quarterly
$9.72 $0.04 -0.80% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.39% 2.57% N/A N/A 3.39% 0.39% N/A N/A 3.39%
With Sales Charge -5.37% 0.58% N/A N/A 2.11% -5.37% N/A N/A 2.11%
Ivy California Municipal High Income Fund (IMHAX)31 Inception 10/3/2016 Expense Ratio net/gross: 0.80%/1.29%
Price Change YTD Monthly Quarterly
$10.42 $0.00 -0.40% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 1.30% 3.46% N/A N/A 3.49% 1.30% N/A N/A 3.49%
With Sales Charge -2.97% 1.96% N/A N/A 2.31% -2.97% N/A N/A 2.31%
Ivy Cash Management Fund (IAAXX) Inception 8/23/1979 Expense Ratio net/gross: 0.71%/0.71%
Price Change YTD Monthly Quarterly
$1.00 $0.00 0.35% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 1.13% 1.27% 0.79% 0.41% 4.32% 1.13% 0.79% 0.41% 4.32%
With Sales Charge 1.13% 1.27% 0.79% 0.41% 4.32% 1.13% 0.79% 0.41% 4.32%
Ivy Corporate Bond Fund (IBJAX)32 Inception 3/30/1964 Expense Ratio net/gross: 1.02%/1.02%
Price Change YTD Monthly Quarterly
$6.93 $0.02 7.61% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 9.52% 5.56% 4.70% 3.78% 6.49% 9.52% 4.70% 3.78% 6.49%
With Sales Charge 3.22% 3.51% 3.48% 3.17% 6.38% 3.22% 3.48% 3.17% 6.38%
Ivy Crossover Credit Fund (ICKAX)33 Inception 4/3/2017 Expense Ratio net/gross: 0.90%/1.25%
Price Change YTD Monthly Quarterly
$11.23 $0.03 7.60% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 10.43% 6.33% N/A N/A 6.49% 10.43% N/A N/A 6.49%
With Sales Charge 4.06% 4.25% N/A N/A 4.56% 4.06% N/A N/A 4.56%
Ivy Global Bond Fund (IVSAX)34 Inception 4/4/2008 Expense Ratio net/gross: 0.96%/1.23%
Price Change YTD Monthly Quarterly
$10.14 $0.01 2.79% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 3.58% 3.85% 3.47% 2.97% 3.19% 3.58% 3.47% 2.97% 3.19%
With Sales Charge 1.03% 2.97% 2.94% 2.71% 2.98% 1.03% 2.94% 2.71% 2.98%
Ivy Government Money Market Fund (WRAXX)35 Inception 6/30/2000 Expense Ratio net/gross: 0.78%/0.78%
Price Change YTD Monthly Quarterly
$1.00 $0.00 0.27% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.94% 1.09% 0.67% 0.35% 1.32% 0.94% 0.67% 0.35% 1.32%
With Sales Charge 0.94% 1.09% 0.67% 0.35% 1.32% 0.94% 0.67% 0.35% 1.32%
Ivy Government Securities Fund (IGJAX)36 Inception 4/10/1984 Expense Ratio net/gross: 0.97%/1.13%
Price Change YTD Monthly Quarterly
$5.80 $0.00 5.61% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 6.55% 3.63% 2.65% 1.95% 5.89% 6.55% 2.65% 1.95% 5.89%
With Sales Charge 1.93% 2.15% 1.77% 1.50% 5.76% 1.93% 1.77% 1.50% 5.76%
Ivy High Income Fund (WHIAX)37 Inception 7/31/1997 Expense Ratio net/gross: 0.95%/0.95%
Price Change YTD Monthly Quarterly
$6.39 $0.04 -7.11% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -6.22% 0.49% 2.51% 5.90% 6.53% -6.22% 2.51% 5.90% 6.53%
With Sales Charge -11.61% -1.45% 1.29% 5.27% 6.22% -11.61% 1.29% 5.27% 6.22%
Ivy Limited-Term Bond Fund (WLTAX)38 Inception 9/21/1992 Expense Ratio net/gross: 0.91%/0.91%
Price Change YTD Monthly Quarterly
$11.09 $0.00 2.93% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 3.87% 2.66% 2.24% 1.82% 3.32% 3.87% 2.24% 1.82% 3.32%
With Sales Charge 1.25% 1.79% 1.72% 1.56% 3.19% 1.25% 1.72% 1.56% 3.19%
Ivy Municipal Bond Fund (WMBAX)39 Inception 9/21/1992 Expense Ratio net/gross: 0.83%/0.90%
Price Change YTD Monthly Quarterly
$11.85 $0.01 1.72% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 2.73% 2.79% 2.69% 3.40% 4.12% 2.73% 2.69% 3.40% 4.12%
With Sales Charge -1.61% 1.31% 1.80% 2.96% 3.89% -1.61% 1.80% 2.96% 3.89%
Ivy Municipal High Income Fund (IYIAX)40 Inception 12/30/1998 Expense Ratio net/gross: 0.87%/0.87%
Price Change YTD Monthly Quarterly
$4.98 $0.01 0.58% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 2.12% 3.03% 3.16% 4.46% 6.05% 2.12% 3.16% 4.46% 6.05%
With Sales Charge -2.15% 1.53% 2.28% 4.01% 5.63% -2.15% 2.28% 4.01% 5.63%
Ivy Pictet Emerging Markets Local Currency Debt Fund (IECAX) Inception 4/30/2014 Expense Ratio net/gross: 1.21%/1.44%
Price Change YTD Monthly Quarterly
$8.48 ($0.01) -5.99% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -4.54% -2.20% -0.11% N/A -1.99% -4.54% -0.11% N/A -1.99%
With Sales Charge -10.02% -4.12% -1.28% N/A -2.93% -10.02% -1.28% N/A -2.93%
Ivy Pictet Targeted Return Bond Fund (IRBAX)41 Inception 1/4/2016 Expense Ratio net/gross: 1.22%/1.40%
Price Change YTD Monthly Quarterly
$10.13 ($0.01) 0.40% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 2.18% 2.82% N/A N/A 2.44% 2.18% N/A N/A 2.44%
With Sales Charge -3.65% 0.81% N/A N/A 1.09% -3.65% N/A N/A 1.09%
Ivy PineBridge High Yield Fund (IPNAX)42 Inception 5/18/2017 Expense Ratio net/gross: 0.99%/1.15%
Price Change YTD Monthly Quarterly
$9.54 $0.04 -1.97% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.04% 3.12% N/A N/A 3.03% 0.04% N/A N/A 3.03%
With Sales Charge -5.69% 1.10% N/A N/A 1.09% -5.69% N/A N/A 1.09%
Ivy ProShares Interest Rate Hedged High Yield Index Fund (IAIRX)43 Inception 4/20/2017 Expense Ratio net/gross: 0.90%/1.16%
Price Change YTD Monthly Quarterly
$8.64 $0.04 -7.32% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -6.34% 0.02% N/A N/A 0.32% -6.34% N/A N/A 0.32%
With Sales Charge -8.72% -0.83% N/A N/A -0.49% -8.72% N/A N/A -0.49%
Ivy ProShares S&P 500 Bond Index Fund (IAPRX)44 Inception 4/20/2017 Expense Ratio net/gross: 0.65%/0.69%
Price Change YTD Monthly Quarterly
$11.20 $0.04 7.76% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 10.08% 5.84% N/A N/A 5.73% 10.08% N/A N/A 5.73%
With Sales Charge 7.36% 4.94% N/A N/A 4.88% 7.36% N/A N/A 4.88%
Ivy Securian Core Bond Fund (IBOAX)45 Inception 8/14/1987 Expense Ratio net/gross: 0.93%/1.05%
Price Change YTD Monthly Quarterly
$11.17 $0.02 3.90% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 5.24% 4.13% 3.89% 4.06% 5.58% 5.24% 3.89% 4.06% 5.58%
With Sales Charge -0.78% 2.08% 2.67% 3.45% 5.39% -0.78% 2.67% 3.45% 5.39%
Ivy Funds - Class A Shares
NAV as of 7/13/2020
Fund Code Price Change $ Change %
Ivy Accumulative Fund (IATAX) 682 $11.43 ($0.33) -2.81%
Ivy Apollo Multi-Asset Income Fund (IMAAX) 673 $9.57 $0.01 0.10%
Ivy Apollo Strategic Income Fund (IAPOX) 674 $9.72 $0.04 0.41%
Ivy Asset Strategy Fund (WASAX) 606 $20.84 ($0.07) -0.33%
Ivy Balanced Fund (IBNAX) 644 $23.81 ($0.08) -0.33%
Ivy California Municipal High Income Fund (IMHAX) 600 $10.42 $0.00 0.00%
Ivy Cash Management Fund (IAAXX) 685 $1.00 $0.00 0.00%
Ivy Core Equity Fund (WCEAX) 601 $14.37 ($0.15) -1.03%
Ivy Corporate Bond Fund (IBJAX) 681 $6.93 $0.02 0.29%
Ivy Crossover Credit Fund (ICKAX) 679 $11.23 $0.03 0.27%
Ivy Emerging Markets Equity Fund (IPOAX) 611 $21.19 ($0.26) -1.21%
Ivy Energy Fund (IEYAX) 694 $4.05 ($0.05) -1.22%
Ivy Global Bond Fund (IVSAX) 697 $10.14 $0.01 0.10%
Ivy Global Equity Income Fund (IBIAX) 659 $11.22 $0.00 0.00%
Ivy Global Growth Fund (IVINX) 617 $47.67 ($0.60) -1.24%
Ivy Government Money Market Fund (WRAXX) 670 $1.00 $0.00 0.00%
Ivy Government Securities Fund (IGJAX) 690 $5.80 $0.00 0.00%
Ivy High Income Fund (WHIAX) 609 $6.39 $0.04 0.63%
Ivy High Income Opportunities Fund (IVH ) 991 $13.02 $0.12 0.93%
Ivy International Core Equity Fund (IVIAX) 613 $15.98 ($0.02) -0.13%
Ivy International Small Cap Fund (IVJAX) 678 $11.05 ($0.04) -0.36%
Ivy Large Cap Growth Fund (WLGAX) 667 $26.29 ($0.43) -1.61%
Ivy LaSalle Global Real Estate Fund (IREAX) 658 $8.95 ($0.08) -0.89%
Ivy Limited-Term Bond Fund (WLTAX) 603 $11.09 $0.00 0.00%
Ivy Managed International Opportunities Fund (IVTAX) 695 $9.67 ($0.06) -0.62%
Ivy Mid Cap Growth Fund (WMGAX) 668 $30.92 ($0.67) -2.12%
Ivy Mid Cap Income Opportunities Fund (IVOAX) 663 $13.42 ($0.01) -0.07%
Ivy Municipal Bond Fund (WMBAX) 604 $11.85 $0.01 0.08%
Ivy Municipal High Income Fund (IYIAX) 665 $4.98 $0.01 0.20%
Ivy Natural Resources Fund (IGNAX) 612 $9.78 ($0.09) -0.91%
Ivy Pictet Emerging Markets Local Currency Debt Fund (IECAX) 631 $8.48 ($0.01) -0.12%
Ivy Pictet Targeted Return Bond Fund (IRBAX) 652 $10.13 ($0.01) -0.10%
Ivy PineBridge High Yield Fund (IPNAX) 650 $9.54 $0.04 0.42%
Ivy ProShares Interest Rate Hedged High Yield Index Fund (IAIRX) 662 $8.64 $0.04 0.47%
Ivy Proshares MSCI ACWI Index Fund (IMWAX) 660 $12.15 ($0.11) -0.90%
Ivy ProShares Russell 2000 Dividend Growers Index Fund (IRUAX) 653 $8.61 $0.02 0.23%
Ivy ProShares S&P 500 Bond Index Fund (IAPRX) 661 $11.20 $0.04 0.36%
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund (IDAAX) 654 $11.88 $0.01 0.08%
Ivy Pzena International Value Fund (ICDAX) 615 $13.31 ($0.01) -0.08%
Ivy Science and Technology Fund (WSTAX) 608 $77.34 ($1.30) -1.65%
Ivy Securian Core Bond Fund (IBOAX) 646 $11.17 $0.02 0.18%
Ivy Securian Real Estate Securities Fund (IRSAX) 648 $20.44 ($0.19) -0.92%
Ivy Small Cap Core Fund (IYSAX) 645 $14.90 ($0.19) -1.26%
Ivy Small Cap Growth Fund (WSGAX) 602 $16.83 ($0.44) -2.55%
Ivy Value Fund (IYVAX) 632 $19.37 ($0.02) -0.10%
Ivy Wilshire Global Allocation Fund (IWGAX) 683 $7.93 ($0.03) -0.38%

1. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses, and extraordinaryexpenses, if any) for the Fund’s Class A shares at 1.28%, Class C shares at 2.16%, Class I and Class N shares at 0.75% and Class Y shares at 1.25%. Prior to that date, the expense limitation maynot be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may bewaived to cap total annual ordinaryfund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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 operatingexpenses 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 theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

2. Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: Class E shares at 0.97%. 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 operatingexpenses 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 theend 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 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).

4. 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 ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: 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, 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 ordinaryfund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses,if any) as follows: Class A shares at1.35%; Class B shares at 2.22%; and Class C shares at 2.09%. 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 operatingexpenses 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 theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

5. 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 1.05%; and Class R shares at 1.80%. Prior to that date, the expense limitation may not be terminated without the consent of theBoard 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 A shares at1.48%; and Class B shares at 2.17%.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 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.

6. Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, 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 fundfees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.17%. 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 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.

7. Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, Ivy Investment Management Company (IICO), the Fund’sinvestment 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 capthe 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 2.01% and Class E shares at 1.25%. 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 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.

8. Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annualrate 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, 2021, 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 transferagent, 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 wouldexclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.31%. Prior to that date, the expenselimitation 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 operatingexpenses 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 theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

9. 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 ServicesCompany, 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 I Shares at 0.83%. 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 shareclasses 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, 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 A shares at 1.13%; Class B shares at 2.12%; and Class C shares at 1.96%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

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 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 theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

10.

Effective May 18, 2017, the name of the Fund changed from Waddell & Reed Advisors Asset Strategy Fund to Waddell & Reed Advisors (WRA) Wilshire Global Allocation Fund, and the Fund changed its investment strategy to operate as a “fund of funds.” The Fund’s performance prior to that date reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place. WRA Wilshire Global Allocation Fund merged into Ivy Wilshire Global Allocation Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Wilshire Global Allocation Fund, which was incepted on March 9, 1995. Ivy Wilshire Global Allocation Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Wilshire Global Allocation Fund. Prior to the reorganization, the Ivy Wilshire Global Allocation Fund had no assets and had not commenced operations.

11. 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 ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: 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 (Board).

Fee Waiver and/or Expense Reimbursement: Through October 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 annualordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class Bshares at 2.18%; and Class C 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 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 operatingexpenses 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 theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

12. 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 ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: Class I shares and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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 ordinaryfund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses,if any) as follows: Class A shares at1.03%; Class B shares at 2.08%; and Class E 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 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 operatingexpenses 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 theend 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 Y 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, 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 A shares at 1.04%; Class B shares at 1.83%; and Class E shares at 1.10%. 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, 2022, 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 0.64%. 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 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.

14. 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 ServicesCompany, 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 0.79%. 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 A shares at1.30%; Class B shares at 2.07%; and Class E shares at 1.24%. 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 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.

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 ServicesCompany, 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%; Class R shares at 1.80%; and Class Y 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, 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 A shares at1.34%; Class C shares at 2.06%; and 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.

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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, 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.

16. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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 0.88%; Class E shares at 0.71%; and Class I and Class N shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board).

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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.

17. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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 0.74%; Class E shares at 0.60%; 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.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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.

18. 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.

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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, and the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

19. 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 fundfees 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, 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 B shares at2.17%; Class C shares at 2.04%; and Class E shares at 1.30%. 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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, and 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.

20. 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 ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: 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, 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 ordinaryfund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses,if any) as follows: Class A shares at1.20%; and Class B shares at 2.31%. 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 operatingexpenses 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 theend 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 ServicesCompany, 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 0.99%. 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, 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 A shares at1.56%; and Class B shares at 2.45%. 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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, and 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.

22. 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 ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: 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, 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 ordinaryfund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses,if any) as follows: Class A shares at1.22%; Class B shares at 1.92%; and Class E shares at 1.09%. 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 operatingexpenses 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 theend 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 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 ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: 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, 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 ordinaryfund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses,if any) as follows: Class B shares at2.52%. 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 operatingexpenses 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 theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

24. 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 ServicesCompany, 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 0.79%; Class R shares at 1.53%; and Class Y shares at 1.18%. 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 A shares at1.23%; Class B shares at 2.08%; Class C shares at 1.92%; and Class E shares at 1.18%. 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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, and 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 ofthe Board.

25. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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 1.44% 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). 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, 2021, 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.

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

27. 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 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, 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 A shares at 0.46%; and Class B shares and Class C shares at 1.25%. 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 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.

28. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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 0.89%; Class E shares at 0.70%; and Class I and Class N shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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.

29. Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, 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 without the consent of the Board of Trustees (Board).

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 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.

30. Fee Waiver and/or Expense Reimbursement: hrough January 31, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses, and extraordinaryexpenses, if any) for the Fund’s Class A shares at 1.14%, Class C shares at 1.82%, Class I shares and Class N shares at 0.67%; and Class Y shares at 1.10%. Prior to that date, the expenselimitation 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 totalannual 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, 2021, 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 operatingexpenses 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 theend 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 January 31, 2021, 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 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 January 31, 2021, 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 January 31, 2021, 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 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 of Trustees of Ivy Funds (Board).

33. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.90% and Class I and Class N shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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.

34. 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 ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: Class I shares and Class N shares at 0.74%; and Class Y shares at 0.99%. Prior to that date, the expense limitation may not beterminated without the consent ofthe 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 ordinaryfund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses,if any) as follows: Class A shares at0.96%; Class B shares at 1.68%; and Class C shares at 1.72%. 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 operatingexpenses 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 theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

35. Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, 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 shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: Class E shares at 0.49%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

36. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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 0.97%, Class B shares at 2.02%, Class C shares at 1.85% 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 of Ivy Funds (Board).

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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.

37. 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 ServicesCompany, 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 shareholderservicing 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 C shares at 1.66%. 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 B shares at 1.70; and Class E shares at 1.04%. 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 N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, and 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.

38. Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, 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 fundfees and expenses and extraordinary expenses, if any) as follows: Class E shares at 0.93%. 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 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.

39. 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 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, 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 ordinaryfund 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 0.83%. 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 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.

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 B shares at 1.62%; Class C shares at 1.58%; Class I shares at 0.61%; and 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, 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.

41. 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) 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, 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, 2021, 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 0.99% and Class I and Class N shares at 0.72%. 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 January 31, 2021, 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.

43. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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%; Class E shares at 0.89% and Class I and Class N shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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.

44. Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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%; Class E shares at 0.59%; and Class I and Class N 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

Fee Waiver and/or Expense Reimbursement: Through January 31, 2021, 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.

45. 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 fundfees and expenses and extraordinary expenses, if any) as follows: Class I shares and Class N shares at 0.54%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (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 E shares at0.95%. 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 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.

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.

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

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