Ivy Funds 497 XBRL

0001193125-12-507855.txt : 20121219 0001193125-12-507855.hdr.sgml : 20121219 20121219123453 ACCESSION NUMBER: 0001193125-12-507855 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121219 DATE AS OF CHANGE: 20121219 EFFECTIVENESS DATE: 20121219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IVY FUNDS CENTRAL INDEX KEY: 0000883622 IRS NUMBER: 481112076 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-45961 FILM NUMBER: 121273674 BUSINESS ADDRESS: STREET 1: 6300 LAMAR AVE CITY: OVERLAND PARK STATE: KS ZIP: 66202 BUSINESS PHONE: 9132362000 MAIL ADDRESS: STREET 1: P O BOX 29217 CITY: SHAWNEE MISSION STATE: KS ZIP: 66201-9217 FORMER COMPANY: FORMER CONFORMED NAME: IVY FUNDS INC DATE OF NAME CHANGE: 20030630 FORMER COMPANY: FORMER CONFORMED NAME: W&R FUNDS INC DATE OF NAME CHANGE: 20000829 FORMER COMPANY: FORMER CONFORMED NAME: WADDELL & REED FUNDS INC DATE OF NAME CHANGE: 19920717

0000883622 S000024830 Ivy Real Estate Securities Fund

C000073895 Class Y IRSYX

C000073896 Class A IRSAX

C000073897 Class B IRSBX

C000073898 Class C IRSCX

C000073899 Class E IREEX

C000073900 Class I IREIX

C000073901 Class R IRSRX

0000883622 S000024834 Ivy Cundill Global Value Fund

C000073920 Class B ICDBX

C000073921 Class A ICDAX

C000073922 Class C ICDCX

C000073923 Class E ICVEX

C000073924 Class I ICVIX

C000073925 Class Y ICDYX

0000883622 S000024838 Ivy Global Natural Resources Fund

C000073943 Class B IGNBX

C000073944 Class C IGNCX

C000073945 Class E IGNEX

C000073946 Class I IGNIX

C000073947 Class R IGNRX

C000073948 Class Y IGNYX

C000073949 Class A IGNAX

497 1 d447576d497.htm IVY FUNDS 497 XBRL Ivy Funds 497 XBRL

IVY FUNDS

6300 LAMAR AVENUE

P. O. BOX 29217

SHAWNEE MISSION, KANSAS 66201-9217

December 19, 2012

Securities and Exchange Commission

100 F Street NE

Washington DC 20549

Re:	Ivy Funds (Registrant)

File Nos. 811-6569 and 33-45961/CIK #883622

On behalf of the Registrant, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information, contained in the Registrant’s Prospectus dated July 31, 2012, and as supplemented December 3, 2012, and filed pursuant to Rule 497(e) under the Securities Act of 1933, as amended. The purpose of this filing is to submit the data in XBRL format for the Registrant.

If you have any questions or comments concerning the foregoing, please contact me at 913-236-2227.

Very truly yours,

/s/Philip A. Shipp

Philip A. Shipp

Assistant Secretary

EX-101.INS 2 ivfy5-20121203.xml XBRL INSTANCE DOCUMENT 0000883622 2011-08-01 2012-07-31 0000883622 ivfy5:S000024834Member 2011-08-01 2012-07-31 0000883622 ivfy5:S000024830Member 2011-08-01 2012-07-31 0000883622 ivfy5:S000024838Member 2011-08-01 2012-07-31 IVY FUNDS 0000883622 Other false 2012-12-03 2012-12-03 2012-03-31 2012-07-31 Ivy Funds Supplement dated December 3, 2012 to the Ivy Funds Prospectus dated July 31, 2012 and as supplemented September 12, 2012 The following replaces the Annual Fund Operating Expenses table and footnotes in the “Fees and Expenses” section on page 71 for Ivy Cundill Global Value Fund: Annual Fund Operating Expenses   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">(expenses that you pay each year as a % of the value of your investment)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class A</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class B</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class C</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class E</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class I</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class Y</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Management Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Other Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.61%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.27%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.29%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.86%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.27%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.54%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Fee Waiver and/or Expense Reimbursement2,3,4</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.77%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.67%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.13%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.40%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">1 </td> <td align="left" valign="top">For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">2</td> <td align="left" valign="top"> Through July 31, 2014, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.14% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">3</td> <td align="left" valign="top"> Through July 31, 2013, IICO, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class A shares at 1.90% and Class E shares at 1.59%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">4</td> <td align="left" valign="top"> Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees. </td></tr></table> The following replaces the “Example” section on pages 71-72 for Ivy Cundill Global Value Fund: Example This example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the particular class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same taking into account that expenses were reduced for the period indicated above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">740</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,511</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,619</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">670</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,158</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,572</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,901</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">231</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">741</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,278</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,746</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">747</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,260</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,797</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,261</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">115</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">389</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">684</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,522</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">473</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">826</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,823</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> You would pay the following expenses if you did not redeem your shares:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">740</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,511</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,619</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">270</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">858</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,472</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,901</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">231</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">741</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,278</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,746</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">747</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,260</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,797</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,261</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">115</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">389</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">684</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,522</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">473</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">826</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,823</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   The following replaces the last paragraph of the “Principal Investment Strategies” section on page 132 for Ivy Global Natural Resources Fund: The Fund may, but is not required to, use a range of derivative instruments to hedge market risk on equity securities, increase exposure to specific sectors or companies, and manage exposure to various foreign currencies and precious metals. In an effort to hedge market risk and increase exposure to equity markets, the Fund may utilize futures on equity indices and/or purchase option contracts on individual equity securities and exchange-traded funds (ETFs). In seeking to manage foreign currency exposure, the Fund may utilize forward contracts to either increase or decrease exposure to a given currency. In seeking to manage the Fund’s exposure to precious metals, IICO may utilize futures contracts, both long and short positions as well as options contracts, both written and purchased, on precious metals. The following is added alphabetically to the “Principal Investment Risks” section on page 132 for Ivy Global Natural Resources Fund:   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">n </td> <td width="1%" valign="top"> </td> <td align="left" valign="top"> Commodities Risk. Commodity trading is generally considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of the Fund’s investments in commodities are cyclical economic conditions, sudden political events and adverse international monetary policies. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Also, the Fund may pay more to store and accurately value its commodity holdings than it does with its other portfolio investments. Moreover, under the federal tax law, the Fund may not earn more than 10% of its annual gross income from gains resulting from selling commodities (and other non-qualifying income). Accordingly, the Fund may be required to hold its commodities or to sell them at a loss, or to sell portfolio securities at a gain, when for investment reasons it would not otherwise do so. </td></tr></table> The following replaces the Annual Fund Operating Expenses table and footnotes in the “Fees and Expenses” section on page 136 for Ivy Real Estate Securities Fund: Annual Fund Operating Expenses   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="53%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">(expenses that you pay each year as a % of the value of your investment)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class A</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class B</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class C</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class E</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class I</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class R</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class Y</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Management Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Other Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.58%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.34%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.24%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.15%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.74%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.39%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Fee Waiver and/or Expense Reimbursement2,3,4</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.69%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.79%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.39%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.67%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.64%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.29%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">1 </td> <td align="left" valign="top"> For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">2 </td> <td align="left" valign="top"> Through July 31, 2014, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">3</td> <td align="left" valign="top"> Through July 31, 2013, IICO, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class E shares at 1.67%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">4</td> <td align="left" valign="top"> Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees. </td></tr></table> The following replaces the “Example” section on pages 136-137 for Ivy Real Estate Securities Fund: Example This example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the particular class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same taking into account that expenses were reduced for the period indicated above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">731</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,451</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,491</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">682</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,185</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,614</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,931</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">242</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">766</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,317</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,818</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">755</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,267</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,804</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,266</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">107</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">623</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,389</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class R Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">167</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">538</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">934</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,043</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">430</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">751</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,660</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   You would pay the following expenses if you did not redeem your shares:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">731</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,451</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,491</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">282</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">885</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,514</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,931</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">242</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">766</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,317</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,818</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">755</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,267</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,804</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,266</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">107</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">623</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,389</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class R Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">167</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">538</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">934</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,043</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">430</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">751</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,660</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> Ivy Funds Supplement dated December 3, 2012 to the Ivy Funds Prospectus dated July 31, 2012 and as supplemented September 12, 2012 The following replaces the Annual Fund Operating Expenses table and footnotes in the “Fees and Expenses” section on page 71 for Ivy Cundill Global Value Fund: Annual Fund Operating Expenses   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">(expenses that you pay each year as a % of the value of your investment)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class A</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class B</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class C</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class E</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class I</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class Y</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Management Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Other Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.61%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.11%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.27%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.29%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.86%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.81%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.42%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.27%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.54%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Fee Waiver and/or Expense Reimbursement2,3,4</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.77%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.14%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.72%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.67%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.28%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.13%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.40%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">1 </td> <td align="left" valign="top">For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">2</td> <td align="left" valign="top"> Through July 31, 2014, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.14% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">3</td> <td align="left" valign="top"> Through July 31, 2013, IICO, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class A shares at 1.90% and Class E shares at 1.59%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">4</td> <td align="left" valign="top"> Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees. </td></tr></table> The following replaces the “Example” section on pages 71-72 for Ivy Cundill Global Value Fund: Example This example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the particular class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same taking into account that expenses were reduced for the period indicated above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">740</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,511</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,619</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">670</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,158</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,572</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,901</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">231</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">741</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,278</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,746</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">747</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,260</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,797</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,261</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">115</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">389</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">684</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,522</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">473</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">826</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,823</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> You would pay the following expenses if you did not redeem your shares:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">740</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,511</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,619</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">270</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">858</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,472</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,901</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">231</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">741</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,278</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,746</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">747</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,260</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,797</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,261</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">115</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">389</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">684</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,522</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">143</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">473</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">826</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,823</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   Ivy Funds Supplement dated December 3, 2012 to the Ivy Funds Prospectus dated July 31, 2012 and as supplemented September 12, 2012 The following replaces the Annual Fund Operating Expenses table and footnotes in the “Fees and Expenses” section on page 136 for Ivy Real Estate Securities Fund: Annual Fund Operating Expenses   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="53%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">(expenses that you pay each year as a % of the value of your investment)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class A</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class B</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class C</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class E</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class I</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class R</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">Class Y</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Management Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.90%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and Service (12b-1) Fees</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.00%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.50%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Other Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.58%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.99%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.59%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.21%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.25%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.34%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.24%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.73%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.89%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.49%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.36%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.15%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.74%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.39%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Fee Waiver and/or Expense Reimbursement2,3,4</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.69%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">0.10%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</div></td> <td valign="bottom">    </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.63%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.79%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">2.39%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.67%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.05%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.64%</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right">1.29%</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">1 </td> <td align="left" valign="top"> For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">2 </td> <td align="left" valign="top"> Through July 31, 2014, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">3</td> <td align="left" valign="top"> Through July 31, 2013, IICO, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class E shares at 1.67%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees. </td></tr></table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">4</td> <td align="left" valign="top"> Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees. </td></tr></table> The following replaces the “Example” section on pages 136-137 for Ivy Real Estate Securities Fund: Example This example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the particular class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same taking into account that expenses were reduced for the period indicated above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">731</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,451</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,491</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">682</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,185</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,614</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,931</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">242</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">766</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,317</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,818</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">755</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,267</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,804</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,266</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">107</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">623</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,389</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class R Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">167</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">538</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">934</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,043</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">430</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">751</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,660</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   You would pay the following expenses if you did not redeem your shares:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">    </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">1 Year</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">3 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">5 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000">10 Years</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class A Shares</div></td> <td valign="bottom">    </td> <td valign="bottom">$</td> <td valign="bottom" align="right">731</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,451</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,491</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">282</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">885</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,514</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,931</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class C Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">242</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">766</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,317</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,818</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class E Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">755</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,267</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,804</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,266</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class I Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">107</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">623</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,389</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class R Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">167</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">538</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">934</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,043</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class Y Shares</div></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">430</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">751</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,660</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> Ivy Funds Supplement dated December 3, 2012 to the Ivy Funds Prospectus dated July 31, 2012 and as supplemented September 12, 2012 The following replaces the last paragraph of the “Principal Investment Strategies” section on page 132 for Ivy Global Natural Resources Fund: The Fund may, but is not required to, use a range of derivative instruments to hedge market risk on equity securities, increase exposure to specific sectors or companies, and manage exposure to various foreign currencies and precious metals. In an effort to hedge market risk and increase exposure to equity markets, the Fund may utilize futures on equity indices and/or purchase option contracts on individual equity securities and exchange-traded funds (ETFs). In seeking to manage foreign currency exposure, the Fund may utilize forward contracts to either increase or decrease exposure to a given currency. In seeking to manage the Fund’s exposure to precious metals, IICO may utilize futures contracts, both long and short positions as well as options contracts, both written and purchased, on precious metals. The following is added alphabetically to the “Principal Investment Risks” section on page 132 for Ivy Global Natural Resources Fund:   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left">n </td> <td width="1%" valign="top"> </td> <td align="left" valign="top"> Commodities Risk. Commodity trading is generally considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of the Fund’s investments in commodities are cyclical economic conditions, sudden political events and adverse international monetary policies. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Also, the Fund may pay more to store and accurately value its commodity holdings than it does with its other portfolio investments. Moreover, under the federal tax law, the Fund may not earn more than 10% of its annual gross income from gains resulting from selling commodities (and other non-qualifying income). Accordingly, the Fund may be required to hold its commodities or to sell them at a loss, or to sell portfolio securities at a gain, when for investment reasons it would not otherwise do so. </td></tr></table> EX-101.SCH 3 ivfy5-20121203.xsd XBRL TAXONOMY EXTENSION SCHEMA 000000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Summary {Unlabeled} - IVY FUNDS link:presentationLink link:calculationLink link:definitionLink 000012 - Schedule - Shareholder Fees {- Ivy Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000013 - Schedule - Annual Fund Operating Expenses {- Ivy Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000014 - Schedule - Expense Example {Transposed} {- Ivy Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000015 - Schedule - Expense Example, No Redemption {Transposed} {- Ivy Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000016 - Schedule - Annual Total Returns - Ivy Real Estate Securities Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns {Transposed} {- Ivy Real Estate Securities Fund} link:presentationLink link:calculationLink link:definitionLink 000018 - Document - Risk/Return Detail {Unlabeled} - Ivy Real Estate Securities Fund link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - IVY FUNDS link:presentationLink link:calculationLink link:definitionLink 000010 - Document - Risk/Return Supplement {Unlabeled} - IVY FUNDS link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 ivfy5-20121203_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 ivfy5-20121203_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ivfy5-20121203_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Prospectus: Risk/Return: Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Document [Axis] Prospectus Performance Measure [Axis] Before Taxes After Taxes on Distributions and Sales After Taxes on Distributions Series [Axis] Series S000024834 [Member] Ivy Cundill Global Value Fund Ivy Cundill Global Value Fund. Ivy Global Natural Resources Fund S000024838 [Member] Ivy Global Natural Resources Fund. Ivy Real Estate Securities Fund Member Ivy Real Estate Securities Fund S000024830 [Member] Share Class [Axis] Share Classes Class A,Ivy Real Estate Securities Fund Member C000073896 [Member] Class A,Ivy Real Estate Securities Fund Member Class B,Ivy Real Estate Securities Fund Member C000073897 [Member] Class B,Ivy Real Estate Securities Fund Member Class C,Ivy Real Estate Securities Fund Member C000073898 [Member] Class C,Ivy Real Estate Securities Fund Member Class E,Ivy Real Estate Securities Fund Member C000073899 [Member] Class E,Ivy Real Estate Securities Fund Member C000073900 [Member] Class I,Ivy Real Estate Securities Fund Member Class I,Ivy Real Estate Securities Fund Member Class R,Ivy Real Estate Securities Fund Member Class R,Ivy Real Estate Securities Fund Member C000073901 [Member] Class Y,Ivy Real Estate Securities Fund Member C000073895 [Member] Class Y,Ivy Real Estate Securities Fund Member Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Bar Chart Narrative [Text Block] Bar Chart [Heading] Bar Chart [Table] Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance [Table] Market Index Performance [Table] Performance Table Footnotes Performance Table Closing [Text Block] Shareholder Fees: Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses: Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses Other Expenses (as a percentage of Assets): Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Total Expenses Fee Waiver or Reimbursement Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Net Expenses Expense Example: Expense Example, By Year, Column [Text] Column 1 Year Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years 3 Years 5 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years 10 Years Expense Example, No Redemption: Column Expense Example, No Redemption, By Year, Column [Text] 1 Year Expense Example, No Redemption, 1 Year 3 Years Expense Example, No Redemption, 3 Years 5 Years Expense Example, No Redemption, 5 Years 10 Years Expense Example, No Redemption, 10 Years Bar Chart Table: Caption Annual Return Caption [Text] Column Annual Return, Column [Text] Annual Return, Inception Date Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Average Annual Return: Label 1 Year 5 Years 10 Years Since Inception Inception Date Risk/Return Detail [Table] Supplement [Text Block] Supplement Text Block. 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