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 4/9/2021 Monthly as of 3/31/2021 Quarterly as of 3/31/2021
Ivy Apollo Multi-Asset Income Fund (IMAAX)1,2 Inception 10/1/2015 Expense Ratio net/gross: 1.21%/1.28%
Price Change YTD Monthly Quarterly
$11.26 $0.01 6.40% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 36.11% 6.44% 6.93% N/A 6.64% 36.11% 6.93% N/A 6.64%
With Sales Charge 31.32% 5.17% 6.16% N/A 5.96% 31.32% 6.16% N/A 5.96%
Ivy Asset Strategy Fund (WASAX)3,2 Inception 4/20/1995 Expense Ratio net/gross: 1.13%/1.13%
Price Change YTD Monthly Quarterly
$25.16 $0.04 5.14% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 44.79% 9.91% 9.52% 5.52% 7.51% 44.79% 9.52% 5.52% 7.51%
With Sales Charge 39.74% 8.61% 8.74% 5.15% 7.33% 39.74% 8.74% 5.15% 7.33%
Ivy Balanced Fund (IBNAX)4,2 Inception 11/16/1987 Expense Ratio net/gross: 1.10%/1.10%
Price Change YTD Monthly Quarterly
$27.98 $0.13 7.20% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 42.81% 12.35% 10.35% 8.66% 8.11% 42.81% 10.35% 8.66% 8.11%
With Sales Charge 37.82% 11.02% 9.57% 8.28% 8.00% 37.82% 9.57% 8.28% 8.00%
Ivy Energy Fund (IEYAX)5,2 Inception 4/3/2006 Expense Ratio net/gross: 1.35%/1.71%
Price Change YTD Monthly Quarterly
$6.06 ($0.05) 19.53% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 94.23% -18.24% -10.04% -8.33% -2.99% 94.23% -10.04% -8.33% -2.99%
With Sales Charge 87.32% -19.21% -10.68% -8.66% -3.22% 87.32% -10.68% -8.66% -3.22%
Ivy LaSalle Global Real Estate Fund (IREAX)6,2 Inception 4/1/2013 Expense Ratio net/gross: 1.48%/1.68%
Price Change YTD Monthly Quarterly
$11.11 ($0.03) 9.14% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 37.08% 6.30% 4.19% N/A 4.30% 37.08% 4.19% N/A 4.30%
With Sales Charge 32.22% 5.03% 3.46% N/A 3.84% 32.22% 3.46% N/A 3.84%
Ivy Natural Resources Fund (IGNAX)7,2 Inception 1/2/1997 Expense Ratio net/gross: 1.77%/1.77%
Price Change YTD Monthly Quarterly
$12.54 ($0.01) 11.96% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 58.68% -5.09% 0.25% -6.24% 4.41% 58.68% 0.25% -6.24% 4.41%
With Sales Charge 53.21% -6.21% -0.45% -6.57% 4.26% 53.21% -0.45% -6.57% 4.26%
Ivy Science and Technology Fund (WSTAX)8,2 Inception 7/31/1997 Expense Ratio net/gross: 1.18%/1.18%
Price Change YTD Monthly Quarterly
$96.81 $0.48 8.37% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 67.65% 24.81% 24.00% 16.26% 10.03% 67.65% 24.00% 16.26% 10.03%
With Sales Charge 61.79% 23.34% 23.12% 15.85% 9.84% 61.79% 23.12% 15.85% 9.84%
Ivy Securian Real Estate Securities Fund (IRSAX)9,2 Inception 2/25/1999 Expense Ratio net/gross: 1.43%/1.53%
Price Change YTD Monthly Quarterly
$25.36 ($0.03) 11.23% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 34.24% 9.91% 5.28% 7.92% 9.58% 34.24% 5.28% 7.92% 9.58%
With Sales Charge 29.56% 8.61% 4.54% 7.54% 9.40% 29.56% 4.54% 7.54% 9.40%
Ivy Wilshire Global Allocation Fund (IWGAX)10,11,2 Inception 3/9/1995 Expense Ratio net/gross: 1.13%/1.17%
Price Change YTD Monthly Quarterly
$9.38 $0.01 5.51% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 39.32% 7.98% 8.02% 4.91% 8.62% 39.32% 8.02% 4.91% 8.62%
With Sales Charge 34.39% 6.70% 7.27% 4.54% 8.47% 34.39% 7.27% 4.54% 8.47%
Domestic Equity - Class A Shares
Prices & YTD Returns Average Annual Total Returns
NAV as of 4/9/2021 Monthly as of 3/31/2021 Quarterly as of 3/31/2021
Ivy Accumulative Fund (IATAX)12,2 Inception 10/9/1940 Expense Ratio net/gross: 1.10%/1.10%
Price Change YTD Monthly Quarterly
$15.15 $0.09 7.68% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 71.35% 22.54% 17.66% 13.56% 10.66% 71.35% 17.66% 13.56% 10.66%
With Sales Charge 65.29% 21.10% 16.83% 13.15% 10.62% 65.29% 16.83% 13.15% 10.62%
Ivy Core Equity Fund (WCEAX)13,2 Inception 9/21/1992 Expense Ratio net/gross: 1.03%/1.03%
Price Change YTD Monthly Quarterly
$18.76 $0.17 10.88% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 57.58% 17.06% 15.55% 12.27% 6.66% 57.58% 15.55% 12.27% 6.66%
With Sales Charge 52.01% 15.67% 14.73% 11.87% 6.48% 52.01% 14.73% 11.87% 6.48%
Ivy Large Cap Growth Fund (WLGAX)14,2 Inception 6/30/2000 Expense Ratio net/gross: 1.01%/1.01%
Price Change YTD Monthly Quarterly
$31.03 $0.34 7.22% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 52.78% 21.06% 20.11% 15.35% 8.86% 52.78% 20.11% 15.35% 8.86%
With Sales Charge 47.46% 19.63% 19.25% 14.95% 8.67% 47.46% 19.25% 14.95% 8.67%
Ivy Mid Cap Growth Fund (WMGAX)15,2 Inception 6/30/2000 Expense Ratio net/gross: 1.20%/1.23%
Price Change YTD Monthly Quarterly
$39.17 $0.18 6.61% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 85.37% 25.80% 23.10% 14.41% 10.08% 85.37% 23.10% 14.41% 10.08%
With Sales Charge 78.88% 24.31% 22.22% 14.00% 9.89% 78.88% 22.22% 14.00% 9.89%
Ivy Mid Cap Income Opportunities Fund (IVOAX)16,2 Inception 10/1/2014 Expense Ratio net/gross: 1.27%/1.34%
Price Change YTD Monthly Quarterly
$18.74 $0.08 13.11% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 69.70% 12.75% 13.04% N/A 11.77% 69.70% 13.04% N/A 11.77%
With Sales Charge 63.73% 11.42% 12.23% N/A 11.16% 63.73% 12.23% N/A 11.16%
Ivy ProShares Russell 2000 Dividend Growers Index Fund (IRUAX)17 Inception 4/20/2017 Expense Ratio net/gross: 0.88%/1.08%
Price Change YTD Monthly Quarterly
$12.16 $0.04 15.21% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 43.40% 8.66% N/A N/A 6.68% 43.40% N/A N/A 6.68%
With Sales Charge 39.81% 7.73% N/A N/A 5.98% 39.81% N/A N/A 5.98%
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund (IDAAX)18 Inception 4/20/2017 Expense Ratio net/gross: 0.74%/0.84%
Price Change YTD Monthly Quarterly
$14.64 $0.09 9.81% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 52.41% 13.62% N/A N/A 13.43% 52.41% N/A N/A 13.43%
With Sales Charge 48.58% 12.69% N/A N/A 12.70% 48.58% N/A N/A 12.70%
Ivy Small Cap Core Fund (IYSAX)19,2 Inception 1/31/1997 Expense Ratio net/gross: 1.38%/1.41%
Price Change YTD Monthly Quarterly
$23.01 $0.14 18.49% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 74.15% 12.48% 14.15% 9.97% 9.57% 74.15% 14.15% 9.97% 9.57%
With Sales Charge 68.01% 11.16% 13.34% 9.58% 9.41% 68.01% 13.34% 9.58% 9.41%
Ivy Small Cap Growth Fund (WSGAX)20,2 Inception 9/21/1992 Expense Ratio net/gross: 1.31%/1.31%
Price Change YTD Monthly Quarterly
$22.96 $0.04 7.64% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 84.34% 17.97% 19.61% 13.00% 8.59% 84.34% 19.61% 13.00% 8.59%
With Sales Charge 77.90% 16.57% 18.76% 12.60% 8.41% 77.90% 18.76% 12.60% 8.41%
Ivy Value Fund (IYVAX)21,2 Inception 9/16/1994 Expense Ratio net/gross: 1.20%/1.21%
Price Change YTD Monthly Quarterly
$26.74 $0.14 14.56% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 61.22% 10.78% 11.19% 9.34% 7.42% 61.22% 11.19% 9.34% 7.42%
With Sales Charge 55.56% 9.48% 10.39% 8.96% 7.28% 55.56% 10.39% 8.96% 7.28%
Global/International - Class A Shares
Prices & YTD Returns Average Annual Total Returns
NAV as of 4/9/2021 Monthly as of 3/31/2021 Quarterly as of 3/31/2021
Ivy Emerging Markets Equity Fund (IPOAX)22,23,2 Inception 10/25/1993 Expense Ratio net/gross: 1.46%/1.46%
Price Change YTD Monthly Quarterly
$28.15 ($0.34) 2.40% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 81.21% 9.93% 16.12% 6.19% 5.74% 81.21% 16.12% 6.19% 5.74%
With Sales Charge 74.83% 8.63% 15.30% 5.82% 5.61% 74.83% 15.30% 5.82% 5.61%
Ivy Global Equity Income Fund (IBIAX)24,2 Inception 6/4/2012 Expense Ratio net/gross: 1.22%/1.25%
Price Change YTD Monthly Quarterly
$13.99 $0.02 9.37% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 47.07% 7.42% 8.89% N/A 9.37% 47.07% 8.89% N/A 9.37%
With Sales Charge 41.92% 6.16% 8.12% N/A 8.93% 41.92% 8.12% N/A 8.93%
Ivy Global Growth Fund (IVINX)25,2 Inception 4/30/1986 Expense Ratio net/gross: 1.36%/1.36%
Price Change YTD Monthly Quarterly
$58.62 $0.23 7.94% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 57.85% 12.89% 13.03% 8.70% 8.46% 57.85% 13.03% 8.70% 8.46%
With Sales Charge 52.32% 11.55% 12.23% 8.32% 8.35% 52.32% 12.23% 8.32% 8.35%
Ivy International Core Equity Fund (IVIAX)26,2 Inception 5/13/1997 Expense Ratio net/gross: 1.23%/1.31%
Price Change YTD Monthly Quarterly
$20.33 ($0.02) 8.95% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 50.62% 3.83% 7.52% 4.92% 5.36% 50.62% 7.52% 4.92% 5.36%
With Sales Charge 45.37% 2.61% 6.76% 4.54% 5.20% 45.37% 6.76% 4.54% 5.20%
Ivy International Small Cap Fund (IVJAX)27,28,2 Inception 1/10/2017 Expense Ratio net/gross: 1.37%/1.57%
Price Change YTD Monthly Quarterly
$15.45 $0.02 9.65% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV N/A N/A N/A N/A N/A N/A N/A N/A N/A
With Sales Charge N/A N/A N/A N/A N/A N/A N/A N/A N/A
Ivy Managed International Opportunities Fund (IVTAX)29,2 Inception 4/2/2007 Expense Ratio net/gross: 1.33%/1.38%
Price Change YTD Monthly Quarterly
$12.76 ($0.04) 7.50% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 61.81% 7.00% 9.74% 5.32% 4.25% 61.81% 9.74% 5.32% 4.25%
With Sales Charge 56.21% 5.74% 8.97% 4.94% 3.98% 56.21% 8.97% 4.94% 3.98%
Ivy Proshares MSCI ACWI Index Fund (IMWAX)30 Inception 4/20/2017 Expense Ratio net/gross: 0.90%/1.37%
Price Change YTD Monthly Quarterly
$15.16 $0.06 8.01% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 54.11% 11.68% N/A N/A 12.56% 54.11% N/A N/A 12.56%
With Sales Charge 50.19% 10.75% N/A N/A 11.83% 50.19% N/A N/A 11.83%
Ivy Pzena International Value Fund (ICDAX)31,2 Inception 9/4/2001 Expense Ratio net/gross: 1.56%/1.77%
Price Change YTD Monthly Quarterly
$18.82 ($0.05) 12.69% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 69.18% 6.41% 9.00% 4.75% 5.45% 69.18% 9.00% 4.75% 5.45%
With Sales Charge 63.29% 5.15% 8.22% 4.37% 5.26% 63.29% 8.22% 4.37% 5.26%
Fixed Income Funds - Class A Shares
Prices & YTD Returns Average Annual Total Returns
NAV as of 4/9/2021 Monthly as of 3/31/2021 Quarterly as of 3/31/2021
Ivy Apollo Strategic Income Fund (IAPOX)32,33 Inception 10/1/2015 Expense Ratio net/gross: 1.06%/1.18%
Price Change YTD Monthly Quarterly
$10.28 $0.00 1.32% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 19.73% 5.44% 5.18% N/A 4.75% 19.73% 5.18% N/A 4.75%
With Sales Charge 16.73% 4.55% 4.65% N/A 4.26% 16.73% 4.65% N/A 4.26%
Ivy California Municipal High Income Fund (IMHAX)34,33 Inception 10/3/2016 Expense Ratio net/gross: 0.81%/1.24%
Price Change YTD Monthly Quarterly
$10.68 $0.00 0.48% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 6.88% 4.20% N/A N/A 3.78% 6.88% N/A N/A 3.78%
With Sales Charge 4.21% 3.32% N/A N/A 3.19% 4.21% N/A N/A 3.19%
Ivy Cash Management Fund (IAAXX) Inception 8/23/1979 Expense Ratio net/gross: 0.63%/0.63%
Price Change YTD Monthly Quarterly
$1.00 $0.00 0.01% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.09% 1.09% 0.79% 0.41% 4.24% 0.09% 0.79% 0.41% 4.24%
With Sales Charge 0.09% 1.09% 0.79% 0.41% 4.24% 0.09% 0.79% 0.41% 4.24%
Ivy Corporate Bond Fund (IBJAX)35,33 Inception 3/30/1964 Expense Ratio net/gross: 1.00%/1.00%
Price Change YTD Monthly Quarterly
$6.43 ($0.01) -3.53% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 8.82% 5.81% 3.93% 3.67% 6.40% 8.82% 3.93% 3.67% 6.40%
With Sales Charge 6.13% 4.90% 3.42% 3.40% 6.35% 6.13% 3.42% 3.40% 6.35%
Ivy Crossover Credit Fund (ICKAX)36,33 Inception 4/3/2017 Expense Ratio net/gross: 0.90%/1.21%
Price Change YTD Monthly Quarterly
$10.62 ($0.02) -2.56% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 18.59% 7.68% N/A N/A 6.10% 18.59% N/A N/A 6.10%
With Sales Charge 15.61% 6.78% N/A N/A 5.42% 15.61% N/A N/A 5.42%
Ivy Global Bond Fund (IVSAX)37 Inception 4/4/2008 Expense Ratio net/gross: 0.96%/1.22%
Price Change YTD Monthly Quarterly
$10.29 $0.00 -1.30% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 13.77% 4.63% 4.76% 2.99% 3.32% 13.77% 4.76% 2.99% 3.32%
With Sales Charge 10.89% 3.74% 4.22% 2.73% 3.11% 10.89% 4.22% 2.73% 3.11%
Ivy Government Money Market Fund (WRAXX)38 Inception 6/30/2000 Expense Ratio net/gross: 0.77%/0.77%
Price Change YTD Monthly Quarterly
$1.00 $0.00 0.00% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 0.04% 0.91% 0.67% 0.34% 1.27% 0.04% 0.67% 0.34% 1.27%
With Sales Charge 0.04% 0.91% 0.67% 0.34% 1.27% 0.04% 0.67% 0.34% 1.27%
Ivy Government Securities Fund (IGJAX)39,33 Inception 4/10/1984 Expense Ratio net/gross: 0.97%/1.05%
Price Change YTD Monthly Quarterly
$5.60 ($0.01) -2.15% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV -2.71% 3.15% 1.44% 1.73% 5.68% -2.71% 1.44% 1.73% 5.68%
With Sales Charge -5.16% 2.26% 0.93% 1.48% 5.61% -5.16% 0.93% 1.48% 5.61%
Ivy High Income Fund (WHIAX)40,33 Inception 7/31/1997 Expense Ratio net/gross: 0.95%/0.95%
Price Change YTD Monthly Quarterly
$7.25 ($0.01) 4.75% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 30.33% 5.67% 8.06% 6.36% 7.23% 30.33% 8.06% 6.36% 7.23%
With Sales Charge 27.10% 4.79% 7.51% 6.09% 7.10% 27.10% 7.51% 6.09% 7.10%
Ivy Limited-Term Bond Fund (WLTAX)41 Inception 9/21/1992 Expense Ratio net/gross: 0.91%/0.91%
Price Change YTD Monthly Quarterly
$11.06 $0.00 -0.14% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 2.99% 3.03% 2.06% 1.80% 3.23% 2.99% 2.06% 1.80% 3.23%
With Sales Charge 0.41% 2.17% 1.54% 1.54% 3.11% 0.41% 1.54% 1.54% 3.11%
Ivy Municipal Bond Fund (WMBAX)42,33 Inception 9/21/1992 Expense Ratio net/gross: 0.83%/0.91%
Price Change YTD Monthly Quarterly
$11.93 $0.00 0.07% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 4.07% 3.34% 2.40% 3.70% 4.09% 4.07% 2.40% 3.70% 4.09%
With Sales Charge 1.46% 2.48% 1.89% 3.44% 3.96% 1.46% 1.89% 3.44% 3.96%
Ivy Municipal High Income Fund (IYIAX)43,33 Inception 12/30/1998 Expense Ratio net/gross: 0.88%/0.88%
Price Change YTD Monthly Quarterly
$5.07 $0.00 0.84% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 7.12% 3.83% 3.09% 4.92% 6.02% 7.12% 3.09% 4.92% 6.02%
With Sales Charge 4.55% 2.96% 2.56% 4.66% 5.79% 4.55% 2.56% 4.66% 5.79%
Ivy Pictet Emerging Markets Local Currency Debt Fund (IECAX)33 Inception 4/30/2014 Expense Ratio net/gross: 1.20%/1.51%
Price Change YTD Monthly Quarterly
$8.97 ($0.05) -4.88% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 18.30% -1.78% 1.07% N/A -0.87% 18.30% 1.07% N/A -0.87%
With Sales Charge 15.39% -2.59% 0.57% N/A -1.24% 15.39% 0.57% N/A -1.24%
Ivy Pictet Targeted Return Bond Fund (IRBAX)44,33 Inception 1/4/2016 Expense Ratio net/gross: 1.22%/1.41%
Price Change YTD Monthly Quarterly
$10.12 ($0.01) -1.75% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 4.45% 3.08% 2.35% N/A 2.29% 4.45% 2.35% N/A 2.29%
With Sales Charge 1.84% 2.20% 1.83% N/A 1.79% 1.84% 1.83% N/A 1.79%
Ivy PineBridge High Yield Fund (IPNAX)45,33 Inception 5/18/2017 Expense Ratio net/gross: 0.99%/1.16%
Price Change YTD Monthly Quarterly
$10.23 ($0.01) 1.62% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 22.58% 6.65% N/A N/A 5.50% 22.58% N/A N/A 5.50%
With Sales Charge 19.56% 5.76% N/A N/A 4.80% 19.56% N/A N/A 4.80%
Ivy ProShares Interest Rate Hedged High Yield Index Fund (IAIRX)46 Inception 4/20/2017 Expense Ratio net/gross: 0.90%/1.25%
Price Change YTD Monthly Quarterly
$9.20 $0.00 1.98% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 18.79% 3.48% N/A N/A 3.28% 18.79% N/A N/A 3.28%
With Sales Charge 15.80% 2.62% N/A N/A 2.61% 15.80% N/A N/A 2.61%
Ivy ProShares S&P 500 Bond Index Fund (IAPRX)47 Inception 4/20/2017 Expense Ratio net/gross: 0.65%/0.69%
Price Change YTD Monthly Quarterly
$10.43 ($0.02) -4.64% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 5.53% 5.60% N/A N/A 4.11% 5.53% N/A N/A 4.11%
With Sales Charge 2.93% 4.71% N/A N/A 3.44% 2.93% N/A N/A 3.44%
Ivy Securian Core Bond Fund (IBOAX)48,33 Inception 8/14/1987 Expense Ratio net/gross: 0.91%/1.02%
Price Change YTD Monthly Quarterly
$10.85 ($0.01) -1.85% 1yr 3yr 5yr 10yr Life 1yr 5yr 10yr Life
At NAV 7.32% 4.33% 3.71% 3.77% 5.48% 7.32% 3.71% 3.77% 5.48%
With Sales Charge 4.63% 3.46% 3.18% 3.51% 5.40% 4.63% 3.18% 3.51% 5.40%
Ivy Funds - Class A Shares
NAV as of 4/9/2021
Fund Code Price Change $ Change %
Ivy Accumulative Fund (IATAX) 682 $15.15 $0.09 0.60%
Ivy Apollo Multi-Asset Income Fund (IMAAX) 673 $11.26 $0.01 0.09%
Ivy Apollo Strategic Income Fund (IAPOX) 674 $10.28 $0.00 0.00%
Ivy Asset Strategy Fund (WASAX) 606 $25.16 $0.04 0.16%
Ivy Balanced Fund (IBNAX) 644 $27.98 $0.13 0.47%
Ivy California Municipal High Income Fund (IMHAX) 600 $10.68 $0.00 0.00%
Ivy Cash Management Fund (IAAXX) 685 $1.00 $0.00 0.00%
Ivy Core Equity Fund (WCEAX) 601 $18.76 $0.17 0.91%
Ivy Corporate Bond Fund (IBJAX) 681 $6.43 ($0.01) -0.16%
Ivy Crossover Credit Fund (ICKAX) 679 $10.62 ($0.02) -0.19%
Ivy Emerging Markets Equity Fund (IPOAX) 611 $28.15 ($0.34) -1.19%
Ivy Energy Fund (IEYAX) 694 $6.06 ($0.05) -0.82%
Ivy Global Bond Fund (IVSAX) 697 $10.29 $0.00 0.00%
Ivy Global Equity Income Fund (IBIAX) 659 $13.99 $0.02 0.14%
Ivy Global Growth Fund (IVINX) 617 $58.62 $0.23 0.39%
Ivy Government Money Market Fund (WRAXX) 670 $1.00 $0.00 0.00%
Ivy Government Securities Fund (IGJAX) 690 $5.60 ($0.01) -0.18%
Ivy High Income Fund (WHIAX) 609 $7.25 ($0.01) -0.14%
Ivy High Income Opportunities Fund (IVH ) 991 $15.15 $0.00 0.00%
Ivy International Core Equity Fund (IVIAX) 613 $20.33 ($0.02) -0.10%
Ivy International Small Cap Fund (IVJAX) 678 $15.45 $0.02 0.13%
Ivy Large Cap Growth Fund (WLGAX) 667 $31.03 $0.34 1.11%
Ivy LaSalle Global Real Estate Fund (IREAX) 658 $11.11 ($0.03) -0.27%
Ivy Limited-Term Bond Fund (WLTAX) 603 $11.06 $0.00 0.00%
Ivy Managed International Opportunities Fund (IVTAX) 695 $12.76 ($0.04) -0.31%
Ivy Mid Cap Growth Fund (WMGAX) 668 $39.17 $0.18 0.46%
Ivy Mid Cap Income Opportunities Fund (IVOAX) 663 $18.74 $0.08 0.43%
Ivy Municipal Bond Fund (WMBAX) 604 $11.93 $0.00 0.00%
Ivy Municipal High Income Fund (IYIAX) 665 $5.07 $0.00 0.00%
Ivy Natural Resources Fund (IGNAX) 612 $12.54 ($0.01) -0.08%
Ivy Pictet Emerging Markets Local Currency Debt Fund (IECAX) 631 $8.97 ($0.05) -0.55%
Ivy Pictet Targeted Return Bond Fund (IRBAX) 652 $10.12 ($0.01) -0.10%
Ivy PineBridge High Yield Fund (IPNAX) 650 $10.23 ($0.01) -0.10%
Ivy ProShares Interest Rate Hedged High Yield Index Fund (IAIRX) 662 $9.20 $0.00 0.00%
Ivy Proshares MSCI ACWI Index Fund (IMWAX) 660 $15.16 $0.06 0.40%
Ivy ProShares Russell 2000 Dividend Growers Index Fund (IRUAX) 653 $12.16 $0.04 0.33%
Ivy ProShares S&P 500 Bond Index Fund (IAPRX) 661 $10.43 ($0.02) -0.19%
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund (IDAAX) 654 $14.64 $0.09 0.62%
Ivy Pzena International Value Fund (ICDAX) 615 $18.82 ($0.05) -0.26%
Ivy Science and Technology Fund (WSTAX) 608 $96.81 $0.48 0.50%
Ivy Securian Core Bond Fund (IBOAX) 646 $10.85 ($0.01) -0.09%
Ivy Securian Real Estate Securities Fund (IRSAX) 648 $25.36 ($0.03) -0.12%
Ivy Small Cap Core Fund (IYSAX) 645 $23.01 $0.14 0.61%
Ivy Small Cap Growth Fund (WSGAX) 602 $22.96 $0.04 0.17%
Ivy Value Fund (IYVAX) 632 $26.74 $0.14 0.53%
Ivy Wilshire Global Allocation Fund (IWGAX) 683 $9.38 $0.01 0.11%

1. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 1.28%, Class C shares at 2.16% and Class I and Class N shares at 0.75%. 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 maybe 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, 2022, 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.

2. The Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares was revised downwards to 3.50%, effective Oct. 1, 2020. The low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

3. 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 & ReedServices 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 0.97%. Prior to that date, the expense limitation may not be terminated without the consent of theBoard of Trustees (Board).

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 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.

4. Fee waiver and/or Expense Reimbursement: Through July 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 theClass 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 (Board).

5. 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 & ReedServices 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 1.35%; Class B shares at 2.22%; Class C shares at 2.09%; 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, 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.

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 feesand/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 1.48%; Class B shares at 2.17%; Class I shares and Class N shares at 1.05%; and Class R shares at1.80%. 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, 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’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & ReedServices 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 1.17%. 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, 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, 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 B shares at 2.01% and Class E shares at 1.24%. 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, 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.

9. Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fundby 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, 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 transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fundoperating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class E shares at 1.31%. 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, 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 fundoperating 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.

10. 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.

11.

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.

12. Fee Waiver and/or Expense Reimbursement: Through October 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-1fees 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 C shares at 2.03%; 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 (Board).

Fee Waiver and/or Expense Reimbursement: Through October 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.

13. 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 & ReedServices 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 1.03%; Class B shares at 2.08%; Class E shares at 0.99%; and Class I shares andClass Y shares at0.84%. 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, 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, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & ReedServices 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 1.04%; Class B shares at 1.83%; Class E shares at 1.10%; and 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, 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, 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.

15. 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 fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.30%; Class B shares at 2.07%; Class E shares at 1.24%; 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 of Trustees (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 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.

16. 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 & ReedServices 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 1.34%; Class C shares at 2.06%; Class I shares and Class N shares at 0.83%; 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, 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.

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 0.88%; 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.

18. 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.

19. 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 feesand/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, 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 fundoperating expenses of the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, and 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, 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 C shares at 2.04%; 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 of Trustees (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, and 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, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & ReedServices 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 1.20%; Class B shares at 2.31%; 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, 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.

22. 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 & ReedServices 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 1.03%; Class B shares at 2.08%; Class E shares at 0.99%; and Class I shares andClass Y shares at0.84%. 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, 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

23. Effective February 11, 2014, Ivy Pacific Opportunities Fund was changed to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Fund’s former strategy to invest primarily in Pacific region equity securities, and the Fund’s performance may have differed if the Ivy Emerging Markets Equity Fund’s current strategy had been in place.

24. 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 & ReedServices 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 1.92%; Class E shares at 1.09%; 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, 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.

25. 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 & ReedServices 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 2.52%; 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, 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

26. 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 & ReedServices 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 1.23%; Class B shares at 2.08%; Class C shares at 1.92%; Class E shares at 1.18%; Class I shares andClass 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, 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 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. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 1.44% 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 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, 2022, 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. Effective Feb. 21, 2019, the name of the Fund changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

29. 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 fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.46%; Class B shares at 1.25%; Class C shares at 1.25%; 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, 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.

30. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 0.89%; Class E shares at 0.70%; 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 (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.

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

32. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 1.14%, 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 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, 2022, 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.

33. The Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares was revised downwards to 2.50%, effective Oct. 1, 2020. The low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

34. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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) 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, 2022, 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.

35. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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).

36. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 0.90% and Class I and Class N shares at 0.65%. Prior to that date, the expense limitation may notbe 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, 2022, 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, 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 I shares and Class N shares at 0.74 and Class Y shares at 0.96%. 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 0.96%; 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, 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.

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 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 0.49%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

39. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 0.97%, 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, 2022, 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 theend 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, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & ReedServices 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 1.70%; Class C shares at 1.66%; and Class E shares at 1.04%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

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, and 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, 2021, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & ReedServices 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 0.93%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

42.

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 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 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 0.83%. 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, 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.

43. 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 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 0.88%. 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, 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.

44. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 1.37%, 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.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinaryfund 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.

45. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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) for the Fund’s Class A shares at 0.99% and Class I shares and Class N shares at 0.72%. Prior to thatdate, 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 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, 2022, 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.

46. 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.

47. Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, 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-1fees 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 0.65%; Class E shares at 0.59%; and Class I shares at 0.40%. Prior to that date, the expense limitation maynot be terminatedwithout the consent of the Board of Trustees (Board).

48. 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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