X0101 EFFECT 33 LIVE 2014-01-31 11:15:00

N-14

0000883622 IVY FUNDS 333-192918 0000883622 IVY FUNDS S000024829 Ivy Pacific Opportunities Fund C000073889 Class Y 0000883622 IVY FUNDS S000028675 Ivy Asset Strategy New Opportunities Fund C000087762 Class Y 0000883622 IVY FUNDS S000024829 Ivy Pacific Opportunities Fund C000073890 Class A 0000883622 IVY FUNDS S000028675 Ivy Asset Strategy New Opportunities Fund C000087758 Class A 0000883622 IVY FUNDS S000024829 Ivy Pacific Opportunities Fund C000073891 Class B 0000883622 IVY FUNDS S000028675 Ivy Asset Strategy New Opportunities Fund C000087759 Class B 0000883622 IVY FUNDS S000024829 Ivy Pacific Opportunities Fund C000073892 Class C 0000883622 IVY FUNDS S000028675 Ivy Asset Strategy New Opportunities Fund C000087760 Class C 0000883622 IVY FUNDS S000024829 Ivy Pacific Opportunities Fund C000073893 Class E 0000883622 IVY FUNDS S000028675 Ivy Asset Strategy New Opportunities Fund C000087763 Class E 0000883622 IVY FUNDS S000024829 Ivy Pacific Opportunities Fund C000073894 Class I 0000883622 IVY FUNDS S000028675 Ivy Asset Strategy New Opportunities Fund C000087761 Class I 0000883622 IVY FUNDS S000024829 Ivy Pacific Opportunities Fund C000122158 Class R 0000883622 IVY FUNDS S000028675 Ivy Asset Strategy New Opportunities Fund C000087764 Class R