X0101 EFFECT 33 LIVE 2011-04-15 10:00:00

N-14

0000883622 IVY FUNDS 333-172671 0000883622 IVY FUNDS S000006291 Ivy Large Cap Growth Fund C000017290 Class A 0000883622 IVY FUNDS S000006287 Ivy Capital Appreciation Fund C000017273 Class A 0000883622 IVY FUNDS S000006291 Ivy Large Cap Growth Fund C000017291 Class B 0000883622 IVY FUNDS S000006287 Ivy Capital Appreciation Fund C000017274 Class B 0000883622 IVY FUNDS S000006291 Ivy Large Cap Growth Fund C000017292 Class C 0000883622 IVY FUNDS S000006287 Ivy Capital Appreciation Fund C000017275 Class C 0000883622 IVY FUNDS S000006291 Ivy Large Cap Growth Fund C000017293 Class Y 0000883622 IVY FUNDS S000006287 Ivy Capital Appreciation Fund C000017276 Class Y 0000883622 IVY FUNDS S000006291 Ivy Large Cap Growth Fund C000043904 Class E 0000883622 IVY FUNDS S000006287 Ivy Capital Appreciation Fund C000043901 Class E 0000883622 IVY FUNDS S000006291 Ivy Large Cap Growth Fund C000045547 Class I 0000883622 IVY FUNDS S000006287 Ivy Capital Appreciation Fund C000045544 Class I