Ivy Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6569

IVY FUNDS

(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

(Address of principal executive offices) (Zip code)

Mara D. Herrington

6300 Lamar Avenue

Overland Park, Kansas 66202

(Name and address of agent for service)

Registrant’s telephone number, including area code: 913-236-2000

Date of fiscal year end: March 31

Date of reporting period: September 30, 2015

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual Report

September 30, 2015

Ivy Funds

Ivy Asset Strategy Fund

Ivy Balanced Fund

Ivy Energy Fund

Ivy Global Natural Resources Fund

Ivy Global Real Estate Fund

Ivy Global Risk-Managed Real Estate Fund

Ivy Real Estate Securities Fund

Ivy Science and Technology Fund

 

CONTENTS

Ivy Funds

President’s Letter	3
Illustration of Fund Expenses	4
Portfolio Highlights and Schedule of Investments:
Ivy Asset Strategy Fund	7
Ivy Balanced Fund	15
Ivy Energy Fund	22
Ivy Global Natural Resources Fund	25
Ivy Global Real Estate Fund	29
Ivy Global Risk-Managed Real Estate Fund	32
Ivy Real Estate Securities Fund	35
Ivy Science and Technology Fund	37
Statements of Assets and Liabilities	42
Statements of Operations	44
Statements of Changes in Net Assets	46
Financial Highlights	50
Notes to Financial Statements	66
Renewal of Investment Management Agreements	82
Proxy Voting Information	85
Quarterly Portfolio Schedule Information	85
IRA Disclosure	85

This report is submitted for the general information of the shareholders of Ivy Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current Ivy Funds prospectus, or summary prospectus, and current performance information, including current Lipper ranking information.

2 SEMIANNUAL REPORT 2015

PRESIDENT’S LETTER

Ivy Funds SEPTEMBER 30, 2015 (UNAUDITED)

Henry J. Hermann, CFA

Dear Shareholder,

Over the six months since our last report to you, we’ve seen a few surprises and some familiar patterns. U.S. economic growth remains acceptable, developed economies overseas have shown very modest growth, while China’s is slowing but still positive. Market volatility around the world in late summer led the U.S. Federal Reserve (Fed) to delay an increase in interest rates.

Growth outside the U.S., though very slow, has been buoyed by Japan and Europe’s very aggressive monetary policies. In August, China surprised markets and devalued its currency. Markets sold off sharply on worries of slower growth and additional currency devaluation measures. Increased volatility and deflation fears from lower commodity prices drove risk-free interest rates sharply lower in developed-market economies.

In the U.S., the Fed remains steadfast in stating rates will rise slowly, the timing of which will be data dependent. The strength of the labor market will be closely watched, given weaker job growth in September, as will the level of wage increases.

We believe the economic foundation in the U.S. remains less than robust, so the odds of a rate increase by December are no better than even. When the Fed does implement a rate increase, it should be small enough not to disrupt economic growth. The U.S. economy’s ability to maintain growth in the face of sluggish global growth is one of the key uncertainties for the months ahead. Improving U.S. jobs, very low inflation and low interest rates create a favorable environment.

While challenges remain, we do see potential catalysts for growth in several areas and industries and our team continues to seek investment opportunities around the globe.

Economic Snapshot

	9/30/15		3/31/15
S&P 500 Index		1,920.03		2,067.89
MSCI EAFE Index		1644.40		1,849.34
10-Year Treasury Yield		2.06%		1.94%
U.S. unemployment rate		5.10%		5.50%
30-year fixed mortgage rate		3.86%		3.69%
Oil price per barrel	$	45.09	$	47.60

Sources: Bloomberg, U.S. Department of Labor, MBA, CME

All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarily large-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in any of these indexes. Mortgage rates are from BankRate and reflect the overnight national average rate on a conventional 30-year fixed loan. Oil prices reflect the market price of West Texas intermediate grade crude.

Respectfully,

Henry J. Herrmann, CFA

President

The opinions expressed in this letter are those of the President of the Ivy Funds and are current only through the end of the period of the report, as stated on the cover. The President’s views are subject to change at any time, based on market and other conditions, and no forecasts can be guaranteed.

2015 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES

Ivy Funds (UNAUDITED)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended September 30, 2015.

Actual Expenses

The first section in the following table provides information about actual account values and actual expenses for each share class. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. Fees apply to Individual Retirement Accounts (IRAs), IRA Rollovers, Roth IRAs, Conversion Roth IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) IRAs, Tax-Sheltered Accounts (TSAs), Keogh Plans, Owner Only 401(k) (Exclusive K) Plans and Final Pay Plans. As of the close of the six months covered by the table, a customer is charged an annual fee of $18 within each plan type. This fee is waived for IRA Rollovers and Conversion Roth IRAs if the customer owns another type of IRA. Coverdell Education Savings Account plans are charged an annual fee of $10 per customer. With limited exceptions, for Class A and Class C shares, if your Fund account

balance is below $650 on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the following table. Additional fees have the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The second section in the following table provides information about hypothetical account values and hypothetical expenses for each share class based on the Fund’s actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), exchange fees or account fees. Therefore, the second section in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expenses paid may be impacted by expense reduction arrangements. If those arrangements had not been in place, expenses paid would have been higher. See Note 7 to the Financial Statements for further information.

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Asset Strategy Fund
Class A	$	1,000	$	877.90	$	4.60	$	1,000	$	1,020.18	$	4.95		0.98%
Class B**	$	1,000	$	874.70	$	8.15	$	1,000	$	1,016.42	$	8.77		1.73%
Class C	$	1,000	$	875.00	$	7.97	$	1,000	$	1,016.60	$	8.57		1.70%
Class E	$	1,000	$	877.90	$	4.69	$	1,000	$	1,020.05	$	5.05		1.00%
Class I	$	1,000	$	879.20	$	3.48	$	1,000	$	1,021.35	$	3.74		0.75%
Class R	$	1,000	$	876.60	$	6.29	$	1,000	$	1,018.37	$	6.76		1.34%
Class R6	$	1,000	$	879.40	$	2.82	$	1,000	$	1,022.11	$	3.03		0.60%
Class Y	$	1,000	$	878.20	$	4.60	$	1,000	$	1,020.18	$	4.95		0.98%

See footnotes on page 6.

4 SEMIANNUAL REPORT 2015

ILLUSTRATION OF FUND EXPENSES

Ivy Funds (UNAUDITED)

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Balanced Fund
Class A	$	1,000	$	927.70	$	5.30	$	1,000	$	1,019.55	$	5.55		1.10%
Class B**	$	1,000	$	924.50	$	8.85	$	1,000	$	1,015.90	$	9.27		1.83%
Class C	$	1,000	$	924.40	$	8.66	$	1,000	$	1,016.11	$	9.07		1.79%
Class E***	$	1,000	$	928.40	$	4.53	$	1,000	$	1,020.35	$	4.75		0.94%
Class I	$	1,000	$	928.80	$	4.05	$	1,000	$	1,020.84	$	4.24		0.85%
Class R	$	1,000	$	926.00	$	6.93	$	1,000	$	1,017.87	$	7.26		1.44%
Class R6	$	1,000	$	929.60	$	3.38	$	1,000	$	1,021.59	$	3.54		0.70%
Class Y	$	1,000	$	927.30	$	5.30	$	1,000	$	1,019.60	$	5.55		1.09%
Ivy Energy Fund
Class A	$	1,000	$	791.20	$	6.54	$	1,000	$	1,017.72	$	7.36		1.47%
Class B**	$	1,000	$	787.60	$	10.46	$	1,000	$	1,013.40	$	11.78		2.33%
Class C	$	1,000	$	788.50	$	9.57	$	1,000	$	1,014.37	$	10.78		2.14%
Class E***	$	1,000	$	792.30	$	5.38	$	1,000	$	1,019.07	$	6.06		1.20%
Class I	$	1,000	$	792.90	$	4.93	$	1,000	$	1,019.58	$	5.55		1.10%
Class R	$	1,000	$	790.40	$	7.61	$	1,000	$	1,016.61	$	8.57		1.69%
Class R6	$	1,000	$	793.20	$	4.21	$	1,000	$	1,020.34	$	4.75		0.94%
Class Y	$	1,000	$	792.10	$	6.09	$	1,000	$	1,018.28	$	6.86		1.36%
Ivy Global Natural Resources Fund
Class A	$	1,000	$	802.80	$	7.21	$	1,000	$	1,017.06	$	8.07		1.60%
Class B**	$	1,000	$	799.00	$	11.60	$	1,000	$	1,012.17	$	12.98		2.58%
Class C	$	1,000	$	800.30	$	10.17	$	1,000	$	1,013.79	$	11.38		2.25%
Class E	$	1,000	$	804.00	$	5.77	$	1,000	$	1,018.70	$	6.46		1.27%
Class I	$	1,000	$	804.70	$	5.23	$	1,000	$	1,019.28	$	5.86		1.15%
Class R	$	1,000	$	802.40	$	7.84	$	1,000	$	1,016.37	$	8.77		1.74%
Class R6	$	1,000	$	805.40	$	4.42	$	1,000	$	1,020.13	$	4.95		0.99%
Class Y	$	1,000	$	803.60	$	6.31	$	1,000	$	1,018.08	$	7.06		1.40%
Ivy Global Real Estate Fund
Class A	$	1,000	$	919.60	$	7.29	$	1,000	$	1,017.49	$	7.67		1.51%
Class B**	$	1,000	$	915.30	$	12.26	$	1,000	$	1,012.25	$	12.88		2.56%
Class C	$	1,000	$	914.40	$	13.11	$	1,000	$	1,011.40	$	13.78		2.73%
Class I	$	1,000	$	920.10	$	7.78	$	1,000	$	1,017.01	$	8.17		1.61%
Class R	$	1,000	$	916.40	$	10.64	$	1,000	$	1,013.97	$	11.18		2.21%
Class Y	$	1,000	$	919.30	$	7.29	$	1,000	$	1,017.51	$	7.67		1.51%
Ivy Global Risk-Managed Real Estate Fund
Class A	$	1,000	$	941.20	$	7.38	$	1,000	$	1,017.48	$	7.67		1.51%
Class B**	$	1,000	$	937.50	$	11.33	$	1,000	$	1,013.37	$	11.78		2.36%
Class C	$	1,000	$	937.50	$	11.53	$	1,000	$	1,013.22	$	11.98		2.36%
Class I	$	1,000	$	942.10	$	6.89	$	1,000	$	1,017.98	$	7.16		1.41%
Class R	$	1,000	$	939.30	$	9.79	$	1,000	$	1,014.98	$	10.18		2.01%
Class Y	$	1,000	$	941.30	$	7.28	$	1,000	$	1,017.60	$	7.57		1.51%

See footnotes on page 6.

2015 SEMIANNUAL REPORT 5

ILLUSTRATION OF FUND EXPENSES

Ivy Funds (UNAUDITED)

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Real Estate Securities Fund
Class A	$	1,000	$	924.00	$	7.12	$	1,000	$	1,017.69	$	7.47		1.48%
Class B**	$	1,000	$	919.90	$	11.42	$	1,000	$	1,013.15	$	11.98		2.39%
Class C	$	1,000	$	921.20	$	10.47	$	1,000	$	1,014.12	$	10.98		2.19%
Class E	$	1,000	$	923.70	$	7.69	$	1,000	$	1,017.05	$	8.07		1.60%
Class I	$	1,000	$	926.10	$	5.01	$	1,000	$	1,019.92	$	5.25		1.03%
Class R	$	1,000	$	923.40	$	7.89	$	1,000	$	1,016.82	$	8.27		1.65%
Class R6	$	1,000	$	926.90	$	4.24	$	1,000	$	1,020.70	$	4.45		0.87%
Class Y	$	1,000	$	925.30	$	6.06	$	1,000	$	1,018.74	$	6.36		1.27%
Ivy Science and Technology Fund
Class A	$	1,000	$	863.60	$	5.87	$	1,000	$	1,018.74	$	6.36		1.26%
Class B**	$	1,000	$	860.40	$	9.40	$	1,000	$	1,015.00	$	10.18		2.01%
Class C	$	1,000	$	860.60	$	9.12	$	1,000	$	1,015.28	$	9.87		1.95%
Class E	$	1,000	$	862.80	$	6.61	$	1,000	$	1,017.93	$	7.16		1.42%
Class I	$	1,000	$	864.80	$	4.57	$	1,000	$	1,020.21	$	4.95		0.97%
Class R	$	1,000	$	862.10	$	7.36	$	1,000	$	1,017.21	$	7.97		1.57%
Class R6	$	1,000	$	865.40	$	3.82	$	1,000	$	1,020.95	$	4.14		0.82%
Class Y	$	1,000	$	863.70	$	5.68	$	1,000	$	1,018.98	$	6.16		1.22%

* Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2015, and divided by 365.

** These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

*** Class share is closed to investment.

(1) This section uses the Fund’s actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The “Ending Account Value” shown is computed using the Fund’s actual return and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column of this section.

(2) This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund’s ongoing costs with other mutual funds. A shareholder can compare the Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads or exchange fees.

6 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Asset Strategy Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	70.1%
Consumer Discretionary	17.2%
Information Technology	13.0%
Consumer Staples	11.0%
Financials	10.6%
Health Care	9.6%
Energy	5.4%
Industrials	3.3%
Bullion (Gold)	3.7%
Purchased Options	0.1%
Bonds	11.5%
Corporate Debt Securities	6.2%
United States Government and Government Agency Obligations	5.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	14.6%

Lipper Rankings

Category: Lipper Alternative Global Macro Funds	Rank	Percentile
1 Year	246/313	79
3 Year	41/212	20
5 Year	38/131	29
10 Year	3/44	7

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	58.7%
United States	58.7%
Europe	14.8%
United Kingdom	10.0%
Other Europe	4.8%
Pacific Basin	8.1%
Bullion (Gold)	3.7%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Purchased Options	14.7%

Top 10 Equity Holdings

Company	Country	Sector	Industry
SABMiller plc	United Kingdom	Consumer Staples	Brewers
AIA Group Ltd.	Hong Kong	Financials	Life & Health Insurance
Citigroup, Inc.	United States	Financials	Other Diversified Financial Services
Phillips 66	United States	Energy	Oil & Gas Refining & Marketing
Coca-Cola Co. (The)	United States	Consumer Staples	Soft Drinks
Home Depot, Inc. (The)	United States	Consumer Discretionary	Home Improvement Retail
Cognizant Technology Solutions Corp., Class A	United States	Information Technology	IT Consulting & Other Services
Kraft Foods Group, Inc.	United States	Consumer Staples	Packaged Foods & Meats
Microsoft Corp.	United States	Information Technology	Systems Software
Adobe Systems, Inc.	United States	Information Technology	Application Software

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 7

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Asset Strategy Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 1.5%
Limited Brands, Inc. (A)		3,151	$	284,002
Auto Parts & Equipment – 2.5%
Continental AG (B)		1,183		252,631
Delphi Automotive plc		2,882		219,109
				471,740
Cable & Satellite – 0.7%
Comcast Corp., Class A		2,144		121,974
Casinos & Gaming – 1.6%
Galaxy Entertainment Group (B)		117,226		300,249
Home Improvement Retail – 2.1%
Home Depot, Inc. (The) (A)		3,387		391,142
Leisure Products – 3.0%
Media Group Holdings LLC, Series H (C)(D)(E)(F)		640		184,179
Media Group Holdings LLC, Series I (C)(D)(E)(F)		381		150,342
Media Group Holdings LLC, Series T (C)(D)(E)(F)		80		212,306
				546,827
Movies & Entertainment – 3.7%
Delta Topco Ltd. (C)		718,555		360,125
Legend Pictures LLC (C)(D)(E)(F)		190		320,514
				680,639
Restaurants – 2.1%
Chipotle Mexican Grill, Inc., Class A (D)		200		143,762
McDonald’s Corp.		2,441		240,482
				384,244
Total Consumer Discretionary – 17.2%				3,180,817
Consumer Staples
Brewers – 2.4%
SABMiller plc (B)		7,830		443,406
Hypermarkets & Super Centers – 0.5%
Costco Wholesale Corp.		692		99,970
Packaged Foods & Meats – 2.9%
Kraft Foods Group, Inc.		5,238		369,663
Mead Johnson Nutrition Co. (A)		2,368		166,678
				536,341

COMMON STOCKS (Continued)	Shares		Value
Soft Drinks – 3.2%
Coca-Cola Co. (The)		9,883	$	396,486
PepsiCo, Inc.		2,129		200,718
				597,204
Tobacco – 2.0%
ITC Ltd. (B)		11,161		55,964
Philip Morris International, Inc.		3,967		314,734
				370,698
Total Consumer Staples – 11.0%				2,047,619
Energy
Oil & Gas Equipment & Services – 0.6%
Halliburton Co.		3,146		111,194
Oil & Gas Exploration & Production – 1.3%
Anadarko Petroleum Corp.		1,049		63,373
EOG Resources, Inc.		329		23,973
Noble Energy, Inc.		4,833		145,857
				233,203
Oil & Gas Refining & Marketing – 2.3%
Phillips 66		5,453		419,016
Oil & Gas Storage & Transportation – 1.2%
Plains GP Holdings L.P., Class A (A)		13,195		230,914
Total Energy – 5.4%				994,327
Financials
Diversified Banks – 4.2%
Axis Bank Ltd. (B)		20,564		155,948
Banca Intesa S.p.A. (B)		67,472		238,360
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (B)		8,435		50,964
State Bank of India (B)		20,774		75,360
Wells Fargo & Co. (A)		5,211		267,559
				788,191
Life & Health Insurance – 2.3%
AIA Group Ltd. (B)		82,848		430,873
Other Diversified Financial Services – 4.1%
Citigroup, Inc.		8,472		420,286
JPMorgan Chase & Co.		5,485		334,421
				754,707
Total Financials – 10.6%				1,973,771
Health Care
Biotechnology – 3.7%
Alexion Pharmaceuticals, Inc. (D)		990		154,857
Amgen, Inc.		2,031		280,886
Biogen, Inc. (A)(D)		873		254,809
				690,552

COMMON STOCKS (Continued)	Shares		Value
Health Care Equipment – 0.6%
Medtronic plc		1,801	$	120,532
Managed Health Care – 0.5%
Anthem, Inc.		653		91,364
Pharmaceuticals – 4.8%
Allergan plc (D)		1,157		314,533
Bristol-Myers Squibb Co.		2,932		173,575
Pfizer, Inc.		9,732		305,673
Shire Pharmaceuticals Group plc ADR		448		92,025
				885,806
Total Health Care – 9.6%				1,788,254
Industrials
Aerospace & Defense – 0.6%
Lockheed Martin Corp.		483		100,193
Construction & Engineering – 0.8%
Larsen & Toubro Ltd. (B)		6,756		151,431
Construction Machinery & Heavy Trucks – 0.2%
AB Volvo, Class B (B)		3,236		30,994
Industrial Machinery – 1.7%
FANUC Ltd. (B)		965		148,485
Ingersoll-Rand plc		3,379		171,562
				320,047
Total Industrials – 3.3%				602,665
Information Technology
Application Software – 3.7%
Adobe Systems, Inc. (A)(D)		4,459		366,603
Intuit, Inc. (G)		3,560		315,977
				682,580
Data Processing & Outsourced Services – 2.5%
Alliance Data Systems Corp. (D)		858		222,308
Visa, Inc., Class A (A)		3,584		249,627
				471,935
Internet Software & Services – 2.3%
Alibaba Group Holding Ltd. ADR (D)		2,653		156,427
Google, Inc., Class A (D)		432		275,584
				432,011
IT Consulting & Other Services – 2.1%
Cognizant Technology Solutions Corp., Class A (D)(G)		6,231		390,102

8 SEMIANNUAL REPORT 2015

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Asset Strategy Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Semiconductor Equipment – 0.4%
Applied Materials, Inc.		4,593	$	67,469
Systems Software – 2.0%
Microsoft Corp.		8,290		366,936
Total Information Technology – 13.0%				2,411,033
TOTAL COMMON STOCKS – 70.1%			$	12,998,486
(Cost: $13,155,942)
PURCHASED OPTIONS	Number of Contracts (Unrounded)
EOG Resources, Inc.,
Call $105.00, Expires 10-16-15, OTC (Ctrpty: Citibank N.A.)		15,040		53
German Stock Index,
Call EUR12,500.00, Expires 12-18-15, OTC (Ctrpty: Barclays Bank plc) (H)		7,475		146
Google, Inc., Class A,
Call $765.00, Expires 12-18-15, OTC (Ctrpty: Deutsche Bank AG)		1,325		341
Micron Technology, Inc.,
Call $31.00, Expires 10-16-15, OTC (Ctrpty: UBS AG)		9,024		13
Microsoft Corp.,
Call $50.00, Expires 1-15-16, OTC (Ctrpty: Bank of America N.A.)		64,837		2,561
S&P 500 Index,
Put $1,875.00, Expires 10-16-15		10,364		22,853
TOTAL PURCHASED OPTIONS – 0.1%			$	25,967
(Cost: $68,474)

CORPORATE DEBT SECURITIES	Principal		Value
Consumer Discretionary
Automobile Manufacturers – 0.8%
Aston Martin Holdings Ltd.,
10.250%, 7-15-18 (I)(J)	$	148,941	$	141,236
Movies & Entertainment – 5.4%
Delta Topco Ltd.,
10.000%, 11-24-60 (C)(I)		662,848		662,849
Legendary Pictures Funding LLC and Legendary Finance, Inc.,
8.000%, 3-15-18 (F)		351,700		346,600
				1,009,449
Total Consumer Discretionary – 6.2%				1,150,685
TOTAL CORPORATE DEBT SECURITIES – 6.2%			$	1,150,685
(Cost: $1,169,697)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.0%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
5.000%, 5-15-18 (K)		236		11
5.500%, 3-15-23 (K)		227		18
5.500%, 10-15-25 (K)		522		73
5.500%, 1-15-33 (K)		228		48
5.500%, 5-15-33 (K)		401		75
6.000%, 11-15-35 (K)		421		85
Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 6-25-23 (K)		390		52
5.500%, 8-25-33 (K)		836		145
5.500%, 12-25-33 (K)		261		12
5.500%, 4-25-34 (K)		810		147
5.500%, 8-25-35 (K)		917		172
5.500%, 11-25-36 (K)		1,445		265

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
Government National Mortgage Association Agency REMIC/CMO:
5.500%, 3-20-32 (K)	$	70	$	1
7.000%, 5-20-33 (K)		1,788		464
5.500%, 11-20-33 (K)		14		—	*
5.500%, 7-20-35 (K)		526		98
				1,666
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0%			$	1,666
(Cost: $1,691)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 5.3%
U.S. Treasury Bonds,
2.875%, 8-15-45		270,941		270,969
U.S. Treasury Notes:
1.625%, 7-31-20		215,567		218,234
2.000%, 8-15-25		498,335		495,934
				985,137
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 5.3%			$	985,137
(Cost: $985,651)
BULLION – 3.7%	Troy Ounces
Gold		611		682,401
(Cost: $737,644)
SHORT-TERM SECURITIES	Principal
Certificate Of Deposit – 0.3%
Bank of America N.A.:
0.250%, 11-2-15	$	25,000		25,006
0.250%, 11-9-15		25,000		25,007
				50,013
Commercial Paper (L) – 11.3%
Air Products and Chemicals, Inc.:
0.170%, 10-1-15		9,000		9,000
0.160%, 10-2-15		20,000		20,000
0.180%, 10-9-15		10,000		10,000
0.160%, 10-19-15		14,000		13,999
Baxter International, Inc.:
0.340%, 10-9-15		25,000		24,998
0.260%, 10-21-15		10,000		9,998
Becton Dickinson & Co.:
0.360%, 10-5-15		33,000		32,999
0.480%, 10-7-15		25,000		24,999
0.480%, 10-8-15		16,000		15,999
0.260%, 10-19-15		20,000		19,997

2015 SEMIANNUAL REPORT 9

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Asset Strategy Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (L) (Continued)
Bemis Co., Inc.:
0.330%, 10-9-15	$	11,000	$	10,999
0.250%, 10-14-15		10,000		9,999
0.250%, 10-16-15		8,000		7,999
0.260%, 10-20-15		19,000		18,997
BMW U.S. Capital LLC (GTD by BMW AG):
0.170%, 10-1-15		75,000		75,000
0.160%, 10-8-15		20,000		19,999
CA GO Notes, Ser B-5 (Taxable), (GTD by U.S. Bank N.A.),
0.150%, 11-3-15		13,733		13,733
Campbell Soup Co.:
0.400%, 10-9-15		16,825		16,824
0.190%, 10-16-15		18,100		18,098
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
0.140%, 10-1-15		90,000		90,000
Corporacion Andina de Fomento,
0.180%, 11-24-15		31,900		31,891
E.I. du Pont de Nemours and Co.:
0.190%, 10-5-15		55,000		54,999
0.160%, 10-14-15		33,500		33,498
Ecolab, Inc.:
0.320%, 10-2-15		12,000		12,000
0.300%, 11-17-15		10,000		9,996
EMC Corp.,
0.210%, 11-24-15		17,082		17,076
Essilor International S.A.:
0.180%, 10-1-15		30,000		30,000
0.170%, 10-5-15		40,000		39,999
0.170%, 10-7-15		30,000		29,999
Federal Home Loan Bank,
0.110%, 12-8-15		15,420		15,417
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.):
0.300%, 10-9-15		15,000		14,999
0.250%, 10-13-15		15,000		14,999
0.250%, 10-16-15		20,000		19,998
0.270%, 10-26-15		15,000		14,997
John Deere Canada ULC (GTD by Deere & Co.):
0.120%, 10-14-15		10,000		9,999
0.120%, 10-15-15		20,000		19,999
John Deere Financial Ltd. (GTD by John Deere Capital Corp.):
0.150%, 10-2-15		26,100		26,100
0.120%, 10-13-15		10,000		10,000
John Deere Financial, Inc. (GTD by John Deere Capital Corp.):
0.180%, 10-5-15		20,000		20,000
0.120%, 10-15-15		30,000		29,998

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (L) (Continued)
Kellogg Co.:
0.330%, 10-1-15	$	15,000	$	15,000
0.350%, 10-2-15		18,000		18,000
0.360%, 10-5-15		25,000		24,999
0.250%, 10-14-15		10,000		9,999
0.250%, 10-15-15		10,000		9,999
L Air Liquide S.A.:
0.180%, 10-2-15		10,000		10,000
0.200%, 10-9-15		72,000		71,997
0.160%, 10-21-15		26,000		25,998
0.160%, 10-22-15		10,000		9,999
Medtronic Global Holdings SCA:
0.320%, 10-1-15		125,000		124,999
0.230%, 10-21-15		25,000		24,997
Microsoft Corp.,
0.060%, 10-20-15		63,692		63,690
Mondelez International, Inc.:
0.350%, 10-2-15		31,250		31,250
0.350%, 10-6-15		3,535		3,535
0.350%, 10-7-15		20,300		20,299
0.260%, 10-19-15		15,000		14,998
National Oilwell Varco, Inc.:
0.200%, 10-6-15		48,000		47,999
0.240%, 10-7-15		41,000		40,999
0.150%, 10-14-15		28,500		28,498
NBCUniversal Enterprise, Inc.:
0.340%, 10-1-15		14,000		14,000
0.400%, 10-7-15		30,000		29,998
Northern Illinois Gas Co.:
0.220%, 10-1-15		14,100		14,100
0.310%, 10-6-15		16,800		16,799
Novartis Finance Corp. (GTD by Novartis AG),
0.120%, 10-16-15		40,000		39,998
PACCAR Financial Corp. (GTD by PACCAR, Inc.),
0.170%, 10-26-15		7,600		7,599
Pfizer, Inc.,
0.100%, 11-17-15		50,000		49,993
River Fuel Co. #2, Inc. (GTD by Bank of Nova Scotia),
0.250%, 10-30-15		5,002		5,001
River Fuel Trust #1 (GTD by Bank of Nova Scotia),
0.180%, 10-7-15		5,821		5,821
St. Jude Medical, Inc.:
0.220%, 10-13-15		21,000		20,998
0.240%, 10-26-15		1,000		1,000
0.250%, 11-2-15		20,000		19,995
The Regents of the Univ of CA, Gen Rev Bonds, SerB (Var Rate Demand Bonds):
0.140%, 10-6-15		11,000		10,996
0.140%, 10-7-15		22,901		22,901
0.080%, 10-13-15		40,095		40,094
Total Capital Canada Ltd. (GTD by Total S.A.),
0.150%, 10-8-15		25,000		24,999
Unilever Capital Corp. (GTD by Unilever N.V.),
0.120%, 10-13-15		50,000		49,998

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (L) (Continued)
United Technologies Corp.,
0.170%, 10-5-15	$	35,000	$	34,999
Virginia Electric and Power Co.:
0.440%, 10-5-15		50,000		49,998
0.270%, 10-7-15		45,000		44,998
0.220%, 10-14-15		16,000		15,999
0.220%, 10-15-15		25,000		24,998
Wal-Mart Stores, Inc.,
0.100%, 11-16-15		25,000		24,997
				2,087,135
Master Note – 0.0%
Toyota Motor Credit Corp.,
0.200%, 10-7-15 (M)		435		435
Municipal Obligations – 2.9%
CA GO Bonds, Ser 2004B6 (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (M)		17,000		17,000
CA GO Bonds, Ser 2005A3 (GTD by Bank of America N.A.),
0.010%, 10-7-15 (M)		5,000		5,000
CA GO Notes, Ser B-6 (Taxable), (GTD by Bank of America N.A.),
0.180%, 11-3-15		10,000		10,000
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by Bank of America N.A.),
0.010%, 10-1-15 (M)		17,400		17,400
CA Muni Fin Auth, Recovery Zone Fac Bonds (Chevron USA, Inc. Proj), Ser 2010C (GTD by Chevron Corp.),
0.010%, 10-1-15 (M)		12,386		12,386
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co.), Ser C (GTD by JPMorgan Chase Bank N.A.),
0.010%, 10-1-15 (M)		24,701		24,701
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by U.S. Government),
0.030%, 10-7-15 (M)		1,443		1,443

10 SEMIANNUAL REPORT 2015

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Asset Strategy Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)		Principal		Value
Municipal Obligations (Continued)
City of Whittier, Hlth Fac Rev Bonds (Presbyterian Intercmnty Hosp), Ser 2009 (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (M)	$	26,375	$	26,375
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2005 (GTD by U.S. Bank N.A.),
0.020%, 10-7-15 (M)		7,045		7,045
Dev Auth of Monroe Cty, Pollutn Ctl Rev Bonds (GA Power Co. Plant Scherer Proj), First Ser 2008 (GTD by Georgia Power Co.),
0.230%, 10-1-15 (M)		24,475		24,475
Fremont (Alameda Cnty, CA), Fremont Public Fin Auth (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (M)		19,510		19,510
Greenville Hosp Sys Board of Trustees, Hosp Rfdg Rev Bonds, Ser 2008B (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (M)		6,000		6,000
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.),
0.020%, 10-7-15 (M)		31,600		31,600
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2008B (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (M)		1,905		1,905
IL Fin Auth, Adj Rate Demand Rev Bonds (Chicago Symphony Orchestra), Ser 2008 (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (M)		24,965		24,965
IL Fin Auth, Var Rate Demand Rev Bonds (The Carle Fndtn), Ser 2009 (GTD by JPMorgan Chase Bank N.A.),
0.020%, 10-7-15 (M)		855		855
IL Fin Auth, Var Rate Demand Rev Bonds (The Univ of Chicago Med Ctr), Ser D (GTD by JPMorgan Chase & Co.),
0.020%, 10-1-15 (M)		9,000		9,000
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1, Adj Rate Spl Tax Bonds, Ser 2012A (GTD by U.S. Bank N.A.),
0.010%, 10-1-15 (M)		28,600		28,600

SHORT-TERM SECURITIES (Continued)		Principal		Value
Municipal Obligations (Continued)
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1, Adj Rate Spl Tax Bonds, Ser 2014C-C (GTD by U.S. Bank N.A.),
0.010%, 10-1-15 (M)	$	10,000	$	10,000
LA Pub Fac Auth, Var Rate Rev Rfdg Bonds (CHRISTUS Hlth), Ser 2009B-1 (GTD by Bank of New York (The)),
0.010%, 10-7-15 (M)		6,605		6,605
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds (Air Products and Chemicals, Inc. Proj), Ser 2007 (GTD by Bank of New York (The)),
0.020%, 10-1-15 (M)		25,077		25,077
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007B (GTD by Chevron Corp.),
0.010%, 10-1-15 (M)		19,000		19,000
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.010%, 10-1-15 (M)		30,810		30,810
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2010J (GTD by Chevron Corp.),
0.010%, 10-1-15 (M)		26,838		26,838
MS Business Fin Corp., Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.010%, 10-1-15 (M)		1,800		1,800
MS Business Fin Corp., Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron USA, Inc. Proj), Ser E (GTD by Chevron Corp.),
0.010%, 10-1-15 (M)		19,894		19,894
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.020%, 10-7-15 (M)		10,084		10,084
NY Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2012A,
0.020%, 10-7-15 (M)		7,000		7,000
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2013A,
0.020%, 10-7-15 (M)		10,000		10,000

SHORT-TERM SECURITIES (Continued)		Principal		Value
Municipal Obligations (Continued)
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2014A,
0.020%, 10-7-15 (M)	$	7,250	$	7,250
NY State Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2013A-1 (GTD by Bank of America N.A.),
0.020%, 10-7-15 (M)		9,500		9,500
NY State Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2013A-2 (GTD by Bank of America N.A.),
0.020%, 10-7-15 (M)		3,000		3,000
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.),
0.010%, 10-7-15 (M)		5,300		5,300
NYC GO Bonds, Fiscal 2008 Series L-4,
0.010%, 10-1-15 (M)		13,000		13,000
San Francisco City and Cnty, Pub Util Comnty Water Rev, Series A1T (Taxable), (GTD by Royal Bank of Canada),
0.220%, 10-19-15		7,793		7,793
Santa Clara Cnty Fin Auth, Var Rate Rev Bonds, El Camino Hosp, Ser 2009A (GTD by Wells Fargo Bank N.A.),
0.010%, 10-7-15 (M)		14,751		14,751
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ, Ser A-1 (GTD by JPMorgan Chase & Co.),
0.040%, 10-7-15 (M)		1,900		1,900
The Regents of the Univ of CA, Commercial Paper Notes, Ser B (Taxable),
0.150%, 11-3-15		12,500		12,498
The Regents of the Univ of CA, Gen Rev Bonds, SerAL (Var Rate Demand Bonds),
0.020%, 10-7-15 (M)		14,000		14,000
Tuscaloosa Cnty Indl Dev Auth, Gulf Opp Zone Bonds (Hunt Refining Proj), Ser 2011G (GTD by Bank of Nova Scotia),
0.010%, 10-7-15 (M)		6,000		6,000
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron USA, Inc. Proj), Ser 1992 (GTD by Chevron Corp.),
0.010%, 10-1-15 (M)		10,267		10,267

2015 SEMIANNUAL REPORT 11

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Asset Strategy Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
Univ of KS Hosp Auth, Var Rate Demand Hlth Fac Rev Bonds (KU Hlth Sys), Ser 2004,
0.010%, 10-1-15 (M)	$	5,140	$	5,140
				545,767
Notes – 0.0%
NIKE, Inc.,
5.150%, 10-15-15		5,000		5,007

SHORT-TERM SECURITIES (Continued)	Principal		Value
United States Government Agency Obligations – 0.5%
Overseas Private Investment Corp. (GTD by U.S. Government):
0.140%, 10-7-15 (M)	$	2,077	$	2,077
0.150%, 10-7-15 (M)		94,499		94,491
				96,568
TOTAL SHORT-TERM SECURITIES – 15.0%			$	2,784,925
(Cost: $2,784,863)
TOTAL INVESTMENT SECURITIES – 100.4%			$	18,629,267
(Cost: $18,903,962)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4)%				(81,809	)
NET ASSETS – 100.0%			$	18,547,458

Notes to Consolidated Schedule of Investments

* Not shown due to rounding.

(A) All or a portion of securities with an aggregate value of $38,388 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(B) Listed on an exchange outside the United States.

(C) Restricted securities. At September 30, 2015, the Fund owned the following restricted securities:

Security	Acquisition Date(s)	Shares		Cost		Market Value
Delta Topco Ltd.	1-23-12 to 6-15-12		718,555	$	371,092	$	360,125
Legend Pictures LLC	12-18-12		190		352,761		320,514
Media Group Holdings LLC, Series H	8-29-13 to 10-31-13		640		448,211		184,179
Media Group Holdings LLC, Series I	4-23-13 to 11-8-13		381		209,901		150,342
Media Group Holdings LLC, Series T	7-2-13 to 1-23-15		80		172,543		212,306
		Principal
Delta Topco Ltd., 10.000%, 11-24-60	4-1-12 to 1-1-15		$662,848		669,057		662,849
				$	2,223,565	$	1,890,315

The total value of these securities represented 10.2% of net assets at September 30, 2015.

(D) No dividends were paid during the preceding 12 months.

(E) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund and consolidated as described in Note 6 of the Notes to Financial Statements.

(F) Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.

(G) All or a portion of securities with an aggregate value of $589,242 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(H) Principal amount and exercise prices are denominated in the indicated foreign currency, where applicable (EUR - Euro).

(I) Payment-in-kind bonds.

(J) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $141,236 or 0.8% of net assets.

(K) Interest-only security. Amount shown as principal represents notional amount for computation of interest.

(L) Rate shown is the yield to maturity at September 30, 2015.

(M) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

12 SEMIANNUAL REPORT 2015

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Asset Strategy Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered			Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
Euro		221,885	U.S. Dollar		246,923		10-15-15	Deutsche Bank AG	$	—	$	1,062
Japanese Yen		12,368,431	U.S. Dollar		102,985		10-15-15	Morgan Stanley International		—		132
									$	—	$	1,194

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
EOG Resources, Inc.	Citibank N.A.		Put		7,510		October 2015	$	87.50	$	2,628	$	(11,528	)
	Citibank N.A.		Put		7,530		October 2015		90.00		3,296		(13,648	)
	Citibank N.A.		Call		15,040		October 2015		120.00		1,097		(45	)
Google, Inc., Class A	Deutsche Bank AG		Put		1,325		December 2015		635.00		1,984		(4,419	)
Microsoft Corp.	Bank of America N.A.		Put		25,935		January 2016		37.00		5,680		(1,530	)
S&P 500 Index	N/A		Put		10,364		October 2015		1,650.00		11,369		(1,451	)
										$	26,054	$	(32,621	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	1,400,471	$	552,880	$	1,227,466
Consumer Staples		1,548,249		499,370		—
Energy		994,327		—		—
Financials		1,022,266		951,505		—
Health Care		1,788,254		—		—
Industrials		271,755		330,910		—
Information Technology		2,411,033		—		—
Total Common Stocks	$	9,436,355	$	2,334,665	$	1,227,466
Purchased Options		22,853		3,114		—
Corporate Debt Securities		—		487,836		662,849
United States Government Agency Obligations		—		1,666		—
United States Government Obligations		—		985,137		—
Bullion		682,401		—		—
Short-Term Securities		—		2,784,925		—
Total	$	10,141,609	$	6,597,343	$	1,890,315
Liabilities
Forward Foreign Currency Contracts	$	—	$	1,194	$	—
Written Options	$	1,451	$	31,170	$	—

During the period ended September 30, 2015, securities totaling $2,809,862 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Corporate Debt Securities
Beginning Balance 4-1-15	$	1,469,902		$	662,848
Net realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(242,436	)		1
Purchases		—			—
Sales		—			—
Amortization/Accretion of premium/discount		—			—
Transfers into Level 3 during the period		—			—
Transfers out of Level 3 during the period		—			—
Ending Balance 9-30-15	$	1,227,466		$	662,849
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-15	$	(242,436	)	$	1

2015 SEMIANNUAL REPORT 13

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Asset Strategy Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information. As shown above, transfers in and out of Level 3 represent the values as of the beginning of the reporting period.

Information about Level 3 fair value measurements:

	Fair Value at 9-30-15		Valuation Technique(s)		Unobservable Input(s)		Input Value(s)
Assets
Common Stocks	$	184,179		Discounted book value		Multiple of book value		1	x
						Illiquidity discount		10	%
		1,043,287		Discounted cash flows model		Long-term growth rate		2.5	%
						Weighted average cost of capital		8.2 to 14.1	%
						Illiquidity discount		10	%
Corporate Debt Securities		662,849		Discounted cash flows model		Long-term growth rate		2.5	%
						Weighted average cost of capital		8.2	%
						Illiquidity discount		10	%

Significant increase in long-term growth rate or multiple of book value inputs could result in a higher fair value measurement. However, significant increase in weighted average cost of capital or illiquidity discount inputs could result in a lower fair value measurement.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

OTC = Over the Counter

REMIC = Real Estate Mortgage Investment Conduit

Country Diversification
(as a % of net assets)
United States	58.7	%
United Kingdom	10.0	%
India	2.3	%
Hong Kong	2.3	%
Ireland	2.0	%

Macau	1.6	%
Germany	1.3	%
Italy	1.3	%
Japan	1.1	%
Other Countries	1.0	%
Other+	18.4	%

+Includes gold bullion, options, cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

14 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Balanced Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	69.2%
Consumer Discretionary	15.8%
Information Technology	11.7%
Financials	10.5%
Health Care	9.6%
Industrials	8.9%
Energy	4.7%
Materials	3.9%
Consumer Staples	3.4%
Telecommunication Services	0.7%
Bonds	27.2%
Corporate Debt Securities	25.8%
United States Government and Government Agency Obligations	1.4%
Mortgage-Backed Securities	0.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.6%

Lipper Rankings

Category: Lipper Mixed-Asset Target Allocation Growth Funds	Rank	Percentile
1 Year	215/508	43
3 Year	161/474	34
5 Year	46/427	11
10 Year	12/312	4

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Limited Brands, Inc.	Consumer Discretionary	Apparel Retail
Home Depot, Inc. (The)	Consumer Discretionary	Home Improvement Retail
PNC Financial Services Group, Inc. (The)	Financials	Regional Banks
Boeing Co. (The)	Industrials	Aerospace & Defense
JPMorgan Chase & Co.	Financials	Other Diversified Financial Services
Carnival Corp.	Consumer Discretionary	Hotels, Resorts & Cruise Lines
Union Pacific Corp.	Industrials	Railroads
Broadcom Corp., Class A	Information Technology	Semiconductors
Cognizant Technology Solutions Corp., Class A	Information Technology	IT Consulting & Other Services
Shire Pharmaceuticals Group plc ADR	Health Care	Pharmaceuticals

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 15

SCHEDULE OF INVESTMENTS

Ivy Balanced Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 2.5%
Limited Brands, Inc.		701	$	63,181
Cable & Satellite – 1.7%
Comcast Corp., Class A		652		37,100
Time Warner Cable, Inc.		34		6,010
				43,110
Casinos & Gaming – 1.1%
Las Vegas Sands, Inc.		712		27,031
Department Stores – 0.8%
Kohl’s Corp.		422		19,545
Home Improvement Retail – 2.3%
Home Depot, Inc. (The)		492		56,810
Homefurnishing Retail – 0.7%
Williams-Sonoma, Inc.		220		16,790
Hotels, Resorts & Cruise Lines – 2.7%
Carnival Corp.		960		47,687
Hyatt Hotels Corp., Class A (A)		420		19,796
				67,483
Internet Retail – 1.5%
Amazon.com, Inc. (A)		73		37,368
Movies & Entertainment – 1.1%
Twenty-First Century Fox, Inc.		1,006		27,238
Restaurants – 1.4%
McDonald’s Corp.		341		33,612
Total Consumer Discretionary – 15.8%				392,168
Consumer Staples
Brewers – 0.9%
Anheuser-Busch InBev S.A. ADR		211		22,465
Distillers & Vintners – 1.6%
Constellation Brands, Inc.		310		38,803
Packaged Foods & Meats – 0.9%
Mead Johnson Nutrition Co.		319		22,443
Total Consumer Staples – 3.4%				83,711
Energy
Oil & Gas Equipment & Services – 1.2%
Schlumberger Ltd.		423		29,181
Oil & Gas Exploration & Production – 2.0%
Newfield Exploration Co. (A)		545		17,940
Noble Energy, Inc.		1,034		31,196
				49,136

COMMON STOCKS (Continued)	Shares		Value
Oil & Gas Storage & Transportation – 1.4%
Energy Transfer Partners L.P.		539	$	22,147
Plains GP Holdings L.P., Class A		746		13,054
				35,201
Total Energy – 4.6%				113,518
Financials
Asset Management & Custody Banks – 1.3%
Northern Trust Corp.		475		32,396
Consumer Finance – 1.1%
American Express Co.		353		26,133
Multi-Line Insurance – 1.3%
American International Group, Inc.		545		30,967
Other Diversified Financial Services – 3.5%
Citigroup, Inc.		783		38,840
JPMorgan Chase & Co.		800		48,745
				87,585
Regional Banks – 2.1%
PNC Financial Services Group, Inc. (The)		594		53,021
Specialized REITs – 1.2%
Crown Castle International Corp.		381		30,034
Total Financials – 10.5%				260,136
Health Care
Biotechnology – 0.7%
Biogen, Inc. (A)		57		16,662
Health Care Equipment – 1.2%
Medtronic plc		436		29,193
Pharmaceuticals – 6.9%
Allergan plc (A)		128		34,710
GlaxoSmithKline plc ADR		638		24,531
Johnson & Johnson		370		34,540
Shire Pharmaceuticals Group plc ADR		198		40,674
Teva Pharmaceutical Industries Ltd. ADR		656		37,038
				171,493
Total Health Care – 8.8%				217,348
Industrials
Aerospace & Defense – 4.5%
Boeing Co. (The)		402		52,583
Lockheed Martin Corp.		143		29,707
Rockwell Collins, Inc.		357		29,213
				111,503
Electrical Components & Equipment – 0.7%
Rockwell Automation, Inc.		187		18,960

COMMON STOCKS (Continued)	Shares		Value
Industrial Conglomerates – 1.4%
General Electric Co.		1,347	$	33,962
Railroads – 1.8%
Union Pacific Corp.		504		44,550
Total Industrials – 8.4%				208,975
Information Technology
Application Software – 1.2%
Autodesk, Inc. (A)		685		30,251
Data Processing & Outsourced Services – 2.5%
Alliance Data Systems Corp. (A)		131		33,888
FleetCor Technologies, Inc. (A)		204		28,129
				62,017
IT Consulting & Other Services – 1.7%
Cognizant Technology Solutions Corp., Class A (A)		677		42,406
Semiconductor Equipment – 1.1%
Applied Materials, Inc.		1,812		26,617
Semiconductors – 4.2%
Broadcom Corp., Class A		850		43,731
Microchip Technology, Inc.		551		23,760
Texas Instruments, Inc.		705		34,921
				102,412
Technology Hardware, Storage & Peripherals – 1.0%
Apple, Inc.		231		25,527
Total Information Technology – 11.7%				289,230
Materials
Diversified Chemicals – 1.5%
Dow Chemical Co. (The)		201		8,529
PPG Industries, Inc.		339		29,687
				38,216
Diversified Metals & Mining – 0.7%
Freeport-McMoRan Copper & Gold, Inc., Class B		1,689		16,371
Industrial Gases – 1.0%
Praxair, Inc.		244		24,833
Total Materials – 3.2%				79,420
TOTAL COMMON STOCKS – 66.4%			$	1,644,506
(Cost: $1,546,782)

16 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Balanced Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

PREFERRED STOCKS	Shares		Value
Energy
Oil & Gas Equipment & Services – 0.1%
Newpark Resources, Inc., Convertible		2,100	$	1,964
Total Energy – 0.1%				1,964
Health Care
Pharmaceuticals – 0.8%
Allergan plc, Convertible Series A, 5.500%		21		19,341
Total Health Care – 0.8%				19,341
Industrials
Environmental & Facilities Services – 0.5%
Stericycle, Inc., 5.250% (A)		117		11,901
Total Industrials – 0.5%				11,901
Materials
Commodity Chemicals – 0.7%
A. Schulman, Inc., Convertible		19		16,363
Total Materials – 0.7%				16,363
Telecommunication Services
Integrated Telecommunication Services – 0.7%
Frontier Communications Corp., Convertible Series A, 11.125%		201		18,706
Total Telecommunication Services – 0.7%				18,706
TOTAL PREFERRED STOCKS – 2.8%			$	68,275
(Cost: $73,517)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Apparel Retail – 0.2%
Limited Brands, Inc.:
6.900%, 7-15-17	$	750		810
6.625%, 4-1-21		2,915		3,236
				4,046
Auto Parts & Equipment – 0.0%
Delphi Corp.,
5.000%, 2-15-23		849		879
Automobile Manufacturers – 0.4%
Volkswagen Group of America, Inc.:
2.125%, 5-23-19 (B)		6,250		5,832
2.400%, 5-22-20 (B)		4,000		3,711
				9,543

CORPORATE DEBT SECURITIES (Continued)		Principal		Value
Broadcasting – 0.0%
Discovery Communications LLC,
3.300%, 5-15-22	$	900	$	877
Cable & Satellite – 0.3%
News American, Inc.,
3.000%, 9-15-22		1,500		1,478
Pearson Funding Five plc,
3.250%, 5-8-23 (B)		900		866
Viacom, Inc.:
2.500%, 9-1-18		1,100		1,106
2.200%, 4-1-19		2,000		1,950
2.750%, 12-15-19		3,000		3,012
				8,412
Distributors – 0.0%
LKQ Corp.,
4.750%, 5-15-23		680		654
General Merchandise Stores – 0.1%
Dollar General Corp.:
4.125%, 7-15-17		450		464
1.875%, 4-15-18		1,000		999
				1,463
Homebuilding – 0.1%
Toll Brothers Finance Corp.,
4.375%, 4-15-23		1,500		1,474
Hotels, Resorts & Cruise Lines – 0.0%
Hyatt Hotels Corp.,
3.375%, 7-15-23		500		488
Internet Retail – 0.1%
Amazon.com, Inc.,
2.600%, 12-5-19		2,900		2,972
Total Consumer Discretionary – 1.2%				30,808
Consumer Staples
Brewers – 0.1%
SABMiller Holdings, Inc.,
2.200%, 8-1-18 (B)		2,700		2,725
Distillers & Vintners – 0.0%
Beam, Inc.,
1.750%, 6-15-18		1,000		996
Drug Retail – 0.2%
CVS Health Corp.,
2.800%, 7-20-20		4,000		4,064

CORPORATE DEBT SECURITIES (Continued)		Principal		Value
Drug Retail (Continued)
Walgreens Boots Alliance, Inc.,
2.700%, 11-18-19	$	1,650	$	1,673
				5,737
Food Distributors – 0.3%
Campbell Soup Co.,
2.500%, 8-2-22		2,400		2,307
ConAgra Foods, Inc.,
1.900%, 1-25-18		3,190		3,174
Wm. Wrigley Jr. Co.,
2.400%, 10-21-18 (B)		1,500		1,527
				7,008
Household Products – 0.0%
Church & Dwight Co., Inc.,
2.875%, 10-1-22		500		494
Personal Products – 0.1%
Estee Lauder Co., Inc. (The),
2.350%, 8-15-22		1,200		1,179
Tobacco – 0.2%
BAT International Finance plc,
2.750%, 6-15-20 (B)		4,000		4,077
Total Consumer Staples – 0.9%				22,216
Energy
Oil & Gas Exploration & Production – 1.5%
BP Capital Markets plc,
2.315%, 2-13-20		3,000		3,011
BP Capital Markets plc (GTD by BP plc),
2.241%, 9-26-18		4,250		4,310
Devon Energy Corp.,
2.250%, 12-15-18		3,000		3,006
ONEOK Partners L.P.,
3.200%, 9-15-18		2,750		2,764
Stone Energy Corp., Convertible,
1.750%, 3-1-17		11,000		9,261
Whiting Petroleum Corp., Convertible,
1.250%, 4-1-20 (B)		20,000		16,287
				38,639
Oil & Gas Storage & Transportation – 1.5%
Buckeye Partners L.P.,
2.650%, 11-15-18		6,300		6,237
Hornbeck Offshore Services, Inc., Convertible,
1.500%, 9-1-19		10,951		8,124

2015 SEMIANNUAL REPORT 17

SCHEDULE OF INVESTMENTS

Ivy Balanced Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation (Continued)
Kinder Morgan Energy Partners L.P.,
2.650%, 2-1-19	$	3,250	$	3,198
Plains All American Pipeline L.P. and PAA Finance Corp.:
2.600%, 12-15-19		1,750		1,729
4.650%, 10-15-25		12,000		12,049
Williams Partners L.P.,
3.600%, 3-15-22		5,500		5,064
				36,401
Total Energy – 3.0%				75,040
Financials
Asset Management & Custody Banks – 0.7%
Ares Capital Corp.:
4.875%, 11-30-18		6,500		6,716
3.875%, 1-15-20		10,000		10,297
				17,013
Consumer Finance – 1.1%
American Express Co.,
4.900%, 12-29-49		5,800		5,553
Capital One Bank USA N.A.:
2.150%, 11-21-18		3,150		3,149
2.250%, 2-13-19		4,000		3,986
Capital One N.A.,
2.400%, 9-5-19		3,250		3,229
Hyundai Capital America,
2.875%, 8-9-18 (B)		1,550		1,576
Intercontinental Exchange Group, Inc.,
2.500%, 10-15-18		1,700		1,734
SLM Corp.,
4.875%, 6-17-19		3,000		2,730
Total System Services, Inc.,
2.375%, 6-1-18		5,538		5,544
				27,501
Diversified Banks – 6.3%
ABN AMRO Bank N.V.,
2.500%, 10-30-18 (B)		6,200		6,287
Bank of America Corp.:
2.000%, 1-11-18		2,500		2,509
8.000%, 12-29-49		8,800		9,196
Bank of New York Mellon Corp. (The),
2.100%, 1-15-19		6,000		6,054
Bank of Nova Scotia (The):
1.450%, 4-25-18		2,500		2,487
2.050%, 10-30-18		5,000		5,041
Barclays Bank plc,
2.500%, 2-20-19		2,600		2,645
BNP Paribas S.A.,
2.450%, 3-17-19		4,500		4,540

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks (Continued)
Commonwealth Bank of Australia,
2.250%, 3-13-19	$	4,750	$	4,798
DBS Group Holdings Ltd.,
2.246%, 7-16-19 (B)		8,750		8,802
ING Bank N.V.:
2.500%, 10-1-19 (B)		5,400		5,472
2.450%, 3-16-20 (B)		7,200		7,269
KeyBank N.A.,
2.500%, 12-15-19		4,000		4,050
Lloyds Bank plc,
2.350%, 9-5-19		2,650		2,661
Lloyds Bank plc (GTD by Lloyds Banking Group plc),
2.300%, 11-27-18		2,000		2,023
Mizuho Bank Ltd.,
2.650%, 9-25-19 (B)		5,200		5,268
National Australia Bank Ltd.,
2.400%, 12-9-19 (B)		12,000		12,121
Rabobank Capital Funding Trust III (GTD by Rabobank Nederland),
5.254%, 12-31-49 (B)		9,162		9,242
Royal Bank of Scotland Group plc (The),
7.640%, 3-29-49		4,500		4,793
Skandinaviska Enskilda Banken AB,
2.375%, 3-25-19 (B)		4,000		4,064
Societe Generale S.A.:
4.250%, 4-14-25 (B)		2,750		2,608
5.922%, 4-29-49 (B)		11,000		11,110
Standard Chartered plc,
2.250%, 4-17-20 (B)		11,000		10,927
Sumitomo Mitsui Banking Corp.,
2.450%, 1-16-20		4,000		4,022
Swedbank AB (publ),
1.750%, 3-12-18 (B)		5,000		5,019
UBS Preferred Funding Trust V,
6.243%, 5-29-49		6,536		6,633
Westpac Banking Corp.,
2.250%, 7-30-18		5,000		5,074
				154,715

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Investment Banking & Brokerage – 1.2%
BGC Partners, Inc.,
5.375%, 12-9-19	$	6,500	$	6,695
Charles Schwab Corp. (The),
2.200%, 7-25-18		1,000		1,015
Credit Suisse Group Funding (Guernsey) Ltd.,
2.750%, 3-26-20 (B)		4,000		3,989
Goldman Sachs Group, Inc. (The):
2.900%, 7-19-18		1,350		1,384
2.625%, 1-31-19		4,000		4,059
2.600%, 4-23-20		3,400		3,407
Morgan Stanley:
2.125%, 4-25-18		2,500		2,515
2.650%, 1-27-20		5,900		5,928
				28,992
Life & Health Insurance – 0.1%
AIA Group Ltd.,
2.250%, 3-11-19 (B)		2,600		2,602
Mortgage REITs – 0.3%
Mubadala GE Capital,
3.000%, 11-10-19 (B)		6,750		6,697
Multi-Line Insurance – 0.1%
American International Group, Inc.,
2.300%, 7-16-19		2,750		2,772
Other Diversified Financial Services – 1.8%
Citigroup, Inc.:
3.875%, 2-19-19		2,600		2,585
5.800%, 11-29-49		8,600		8,465
5.950%, 12-31-49		7,250		6,833
Daimler Finance North America LLC,
2.375%, 8-1-18 (B)		2,600		2,604
Fidelity National Financial, Inc.,
6.600%, 5-15-17		900		962
Fifth Street Finance Corp.,
4.875%, 3-1-19		6,700		6,815
JPMorgan Chase & Co.,
7.900%, 4-29-49		3,000		3,114

18 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Balanced Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Other Diversified Financial Services (Continued)
Moody’s Corp.,
2.750%, 7-15-19	$	1,300	$	1,323
MUFG Americas Holdings Corp.,
2.250%, 2-10-20		2,700		2,691
PennantPark Investment Corp.,
4.500%, 10-1-19		8,100		8,197
Total Capital,
2.125%, 8-10-18		1,500		1,524
				45,113
Regional Banks – 0.5%
PNC Bank N.A.,
2.200%, 1-28-19		4,000		4,044
SunTrust Banks, Inc.:
2.350%, 11-1-18		3,700		3,732
5.625%, 12-29-49		4,800		4,800
				12,576
Specialized REITs – 0.5%
Air Lease Corp.,
3.750%, 2-1-22		4,000		3,979
Aircastle Ltd.,
5.125%, 3-15-21		8,081		8,101
Crown Castle International Corp.,
5.250%, 1-15-23		1,046		1,107
				13,187
Thrifts & Mortgage Finance – 0.3%
Walter Investment Management Corp., Convertible,
4.500%, 11-1-19		10,000		7,262
Total Financials – 12.9%				318,430
Health Care
Biotechnology – 0.5%
Amgen, Inc.:
2.200%, 5-22-19		6,000		6,019
2.125%, 5-1-20		6,000		5,922
				11,941
Health Care Equipment – 0.1%
Mallinckrodt International Finance S.A.,
3.500%, 4-15-18		500		485

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Equipment (Continued)
Zimmer Holdings, Inc.,
2.700%, 4-1-20	$	3,000	$	3,011
				3,496
Health Care Services – 0.2%
Laboratory Corp. of America Holdings,
2.500%, 11-1-18		1,650		1,668
Quest Diagnostics, Inc.,
2.500%, 3-30-20		2,750		2,745
				4,413
Health Care Supplies – 0.7%
C.R. Bard, Inc.,
1.375%, 1-15-18		4,385		4,346
Cardinal Health, Inc.,
2.400%, 11-15-19		3,900		3,948
Express Scripts Holding Co.,
2.250%, 6-15-19		6,000		5,984
Medtronic, Inc.,
2.500%, 3-15-20		3,000		3,041
				17,319
Managed Health Care – 0.5%
Aetna, Inc.,
2.200%, 3-15-19		2,600		2,604
UnitedHealth Group, Inc.,
2.700%, 7-15-20		1,700		1,740
WellPoint, Inc.,
1.875%, 1-15-18		7,200		7,203
				11,547
Pharmaceuticals – 0.8%
Forest Laboratories, Inc.,
5.000%, 12-15-21 (B)		9,500		10,306
Mylan, Inc.,
2.550%, 3-28-19		700		690
Perrigo Co. Ltd.,
2.300%, 11-8-18		9,250		9,151
				20,147
Total Health Care – 2.8%				68,863
Industrials
Aerospace & Defense – 0.4%
Northrop Grumman Corp.,
1.750%, 6-1-18		2,060		2,054
TransDigm Group, Inc.,
7.500%, 7-15-21		8,081		8,424
				10,478
Railroads – 0.1%
Kansas City Southern de Mexico S.A. de C.V.,
2.350%, 5-15-20		900		885

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Trucking – 0.1%
Ryder System, Inc.:
2.450%, 11-15-18	$	2,250	$	2,269
2.350%, 2-26-19		1,000		1,002
				3,271
Total Industrials – 0.6%				14,634
Information Technology
Data Processing & Outsourced Services – 0.2%
Fidelity National Information Services, Inc.,
2.000%, 4-15-18		1,250		1,243
Fiserv, Inc.,
2.700%, 6-1-20		2,900		2,923
				4,166
Semiconductors – 1.5%
Broadcom Corp.,
2.700%, 11-1-18		1,000		1,025
Micron Technology, Inc.,
5.500%, 2-1-25		8,081		7,394
Micron Technology, Inc., Convertible,
3.000%, 11-15-43		33,500		28,161
				36,580
Systems Software – 0.3%
CA, Inc.,
2.875%, 8-15-18		2,850		2,898
Oracle Corp.,
2.250%, 10-8-19		5,300		5,365
				8,263
Total Information Technology – 2.0%				49,009
Materials
Diversified Metals & Mining – 0.4%
Anglo American plc,
4.125%, 4-15-21 (B)		2,200		1,914
Freeport-McMoRan Copper & Gold, Inc.,
2.375%, 3-15-18		450		394
Glencore Funding LLC:
3.125%, 4-29-19 (B)		3,000		2,520
2.875%, 4-16-20 (B)		5,500		4,400
Teck Resources,
3.000%, 3-1-19		1,700		1,211
				10,439
Fertilizers & Agricultural Chemicals – 0.1%
Monsanto Co.,
2.125%, 7-15-19		2,100		2,108
Industrial Gases – 0.1%
Airgas, Inc.,
1.650%, 2-15-18		1,250		1,237

2015 SEMIANNUAL REPORT 19

SCHEDULE OF INVESTMENTS

Ivy Balanced Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrial Gases (Continued)
Praxair, Inc.,
3.000%, 9-1-21	$	1,000	$	1,025
				2,262
Metal & Glass Containers – 0.1%
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5-1-18 (B)		1,281		1,265
Specialty Chemicals – 0.1%
Albemarle Corp. (GTD by Albemarle Holdings Corp. and Albemarle Holdings II Corp.),
3.000%, 12-1-19		1,650		1,657
RPM International, Inc.,
3.450%, 11-15-22		1,000		974
				2,631
Total Materials – 0.8%				18,705
Telecommunication Services
Integrated Telecommunication Services – 0.6%
AT&T, Inc.,
2.300%, 3-11-19		13,000		13,047
Verizon Communications, Inc.,
2.625%, 2-21-20		2,468		2,483
				15,530
Wireless Telecommunication Service – 0.1%
American Tower Corp.,
4.700%, 3-15-22		1,400		1,472
Virgin Media Finance plc,
4.875%, 2-15-22		284		257
				1,729
Total Telecommunication Services – 0.7%				17,259
Utilities
Electric Utilities – 0.2%
Electricite de France S.A.,
2.150%, 1-22-19 (B)		4,000		4,042
PPL Energy Supply LLC,
4.600%, 12-15-21		2,800		2,325
				6,367
Gas Utilities – 0.2%
Sempra Energy,
2.400%, 3-15-20		4,200		4,196
Multi-Utilities – 0.2%
Dominion Resources, Inc.,
2.500%, 12-1-19		4,000		4,025

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Renewable Electricity – 0.3%
Canadian Solar, Inc., Convertible,
4.250%, 2-15-19	$	10,000	$	8,131
Total Utilities – 0.9%				22,719
TOTAL CORPORATE DEBT SECURITIES – 25.8%			$	637,683
(Cost: $650,068)
MORTGAGE-BACKED SECURITIES
Commercial Mortgage-Backed Securities – 0.0%
Banco Hipotecario Nacional:
7.916%, 7-25-09 (B)(D)		7		—
8.000%, 3-31-11 (B)(D)		1		—
				—
TOTAL MORTGAGE-BACKED SECURITIES – 0.0%			$	—
(Cost: $1)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.0%
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9-1-17		26		26
5.000%, 1-1-18		17		17
5.500%, 4-1-18		1		1
6.500%, 10-1-28		44		51
6.500%, 2-1-29		7		8
7.000%, 11-1-31		56		68
6.500%, 2-1-32		44		52
7.000%, 2-1-32		61		71
7.000%, 3-1-32		29		36
7.000%, 7-1-32		35		41
6.500%, 9-1-32		34		41
5.500%, 5-1-33		52		58
5.500%, 6-1-33		29		33
				503
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0%			$	503
(Cost: $441)

UNITED STATES GOVERNMENT OBLIGATIONS	Principal		Value
Treasury Obligations – 1.4%
U.S. Treasury Notes:
0.375%, 1-15-16	$	7,000	$	7,006
0.625%, 7-15-16		8,000		8,019
0.625%, 2-15-17		850		852
0.625%, 5-31-17		8,500		8,506
1.375%, 11-30-18		10,000		10,123
				34,506
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 1.4%			$	34,506
(Cost: $34,285)
SHORT-TERM SECURITIES
Commercial Paper (E) – 4.1%
Air Products and Chemicals, Inc.,
0.160%, 10-20-15		5,000		4,999
Army & Air Force Exchange Service,
0.140%, 10-5-15		5,000		5,000
Baxter International, Inc.,
0.260%, 10-21-15		5,000		4,999
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
0.140%, 10-1-15		9,000		9,000
E.I. du Pont de Nemours and Co.:
0.190%, 10-1-15		15,000		15,000
0.190%, 10-5-15		5,000		5,000
0.120%, 10-15-15		5,000		5,000
Ecolab, Inc.,
0.300%, 11-17-15		5,000		4,998
EMC Corp.,
0.190%, 10-7-15		5,000		5,000
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
0.260%, 10-23-15		1,500		1,500
J.M. Smucker Co. (The),
0.280%, 10-1-15		7,096		7,096
Pfizer, Inc.,
0.100%, 11-17-15		9,800		9,799
St. Jude Medical, Inc.,
0.260%, 11-9-15		5,000		4,998

20 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Balanced Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)		Principal		Value
Commercial Paper (E) (Continued)
United Technologies Corp.:
0.250%, 10-14-15	$	10,000	$	9,999
0.260%, 10-23-15		10,000		9,998
				102,386
Master Note – 0.0%
Toyota Motor Credit Corp.,
0.200%, 10-7-15 (C)		375		375
Municipal Obligations – 0.2%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.),
0.020%, 10-1-15 (C)		500		500

SHORT-TERM SECURITIES (Continued)		Principal		Value
Municipal Obligations (Continued)
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.020%, 10-7-15 (C)	$	4,000	$	4,000
				4,500
TOTAL SHORT-TERM SECURITIES – 4.3%			$	107,261
(Cost: $107,258)
TOTAL INVESTMENT SECURITIES – 100.7%			$	2,492,734
(Cost: $2,412,352)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.7)%				(17,758	)
NET ASSETS – 100.0%			$	2,474,976

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $165,129 or 6.7% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(D) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(E) Rate shown is the yield to maturity at September 30, 2015.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,644,506	$	—	$	—
Preferred Stocks		66,311		1,964		—
Corporate Debt Securities		—		637,683		—
Mortgage-Backed Securities		—		—		—
United States Government Agency Obligations		—		503		—
United States Government Obligations		—		34,506		—
Short-Term Securities		—		107,261		—
Total	$	1,710,817	$	781,917	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 21

PORTFOLIO HIGHLIGHTS

Ivy Energy Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	89.8%
Energy	83.4%
Financials	3.9%
Industrials	2.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	10.2%

Lipper Rankings

Category: Lipper Natural Resources Funds	Rank	Percentile
1 Year	38/86	44
3 Year	12/69	18
5 Year	25/64	39

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	86.0%
United States	82.3%
Canada	3.7%
Europe	3.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	10.2%

Top 10 Equity Holdings

Company	Country	Sector	Industry
CME Group, Inc.	United States	Financials	Specialized Finance
Baker Hughes, Inc.	United States	Energy	Oil & Gas Equipment & Services
Schlumberger Ltd.	United States	Energy	Oil & Gas Equipment & Services
Cimarex Energy Co.	United States	Energy	Oil & Gas Exploration & Production
Halliburton Co.	United States	Energy	Oil & Gas Equipment & Services
EOG Resources, Inc.	United States	Energy	Oil & Gas Exploration & Production
Concho Resources, Inc.	United States	Energy	Oil & Gas Exploration & Production
Pioneer Natural Resources Co.	United States	Energy	Oil & Gas Exploration & Production
Newfield Exploration Co.	United States	Energy	Oil & Gas Exploration & Production
Tesoro Corp.	United States	Energy	Oil & Gas Refining & Marketing

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

22 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Energy Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Energy
Integrated Oil & Gas – 4.3%
Chevron Corp.		45	$	3,510
Exxon Mobil Corp.		76		5,680
Royal Dutch Shell plc, Class A (A)		145		3,447
Suncor Energy, Inc.		176		4,692
				17,329
Oil & Gas Drilling – 1.6%
Helmerich & Payne, Inc.		98		4,608
Patterson-UTI Energy, Inc.		137		1,805
				6,413
Oil & Gas Equipment & Services – 18.7%
Baker Hughes, Inc.		303		15,755
Cameron International Corp. (B)		113		6,932
Core Laboratories N.V.		56		5,594
Dril-Quip, Inc. (B)		61		3,566
FMC Technologies, Inc. (B)		109		3,381
Forum Energy Technologies, Inc. (B)		153		1,868
Halliburton Co.		400		14,138
Schlumberger Ltd.		221		15,246
Superior Energy Services, Inc.		144		1,813
Weatherford International Ltd. (B)		749		6,353
				74,646
Oil & Gas Exploration & Production – 35.7%
Anadarko Petroleum Corp.		147		8,891
Antero Resources Corp. (B)		135		2,866
Cabot Oil & Gas Corp.		225		4,913
Cimarex Energy Co.		145		14,906
Concho Resources, Inc. (B)		111		10,877
Continental Resources, Inc. (B)		264		7,644
Diamondback Energy, Inc. (B)		96		6,195
EOG Resources, Inc.		162		11,775
Gulfport Energy Corp. (B)		178		5,274
Laredo Petroleum Holdings, Inc. (B)		381		3,591
Memorial Resource Development Corp. (B)		299		5,255
Newfield Exploration Co. (B)		320		10,533
Noble Energy, Inc.		231		6,982
Oasis Petroleum LLC (B)		440		3,815
Parsley Energy, Inc., Class A (B)		573		8,640
Pioneer Natural Resources Co.		88		10,753
Rice Energy, Inc. (B)		398		6,424
RSP Permian, Inc. (B)		360		7,283
Southwestern Energy Co. (B)		175		2,220

COMMON STOCKS (Continued)	Shares		Value
Oil & Gas Exploration & Production (Continued)
Whiting Petroleum Corp. (B)		255	$	3,890
				142,727
Oil & Gas Refining & Marketing – 11.3%
HollyFrontier Corp.		111		5,404
Marathon Petroleum Corp.		180		8,358
Marathon Petroleum Corp. L.P.		136		5,206
Phillips 66		112		8,633
Tesoro Corp.		102		9,953
Valero Energy Corp.		130		7,816
				45,370
Oil & Gas Storage & Transportation – 11.8%
Columbia Pipeline Partners L.P.		247		3,122
Enbridge, Inc.		116		4,313
Energy Transfer Equity L.P.		323		6,724
MarkWest Energy Partners L.P.		118		5,057
Phillips 66 Partners L.P.		149		7,326
Plains GP Holdings L.P., Class A		129		2,264
Rice Midstream Partners L.P.		160		2,137
Shell Midstream Partners L.P.		67		1,963
Tallgrass Energy GP L.P., Class A		284		5,650
Valero Energy Partners L.P.		88		3,906
Williams Co., Inc. (The)		125		4,590
				47,052
Total Energy – 83.4%				333,537
Financials
Specialized Finance – 3.9%
CME Group, Inc.		170		15,785
Total Financials – 3.9%				15,785
Industrials
Electrical Components & Equipment – 1.1%
SolarCity Corp. (B)		104		4,459
Railroads – 1.4%
Canadian Pacific Railway Ltd.		37		5,362
Total Industrials – 2.5%				9,821
TOTAL COMMON STOCKS – 89.8%			$	359,143
(Cost: $425,285)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (C) – 9.8%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
0.170%, 10-26-15	$	5,000	$	4,999
Army & Air Force Exchange Service,
0.140%, 10-5-15		5,000		5,000
Baxter International, Inc.,
0.260%, 10-21-15		5,000		4,999
Ecolab, Inc.,
0.260%, 10-22-15		5,250		5,249
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
0.270%, 10-26-15		5,000		4,999
J.M. Smucker Co. (The),
0.280%, 10-1-15		3,224		3,224
Kellogg Co.,
0.350%, 10-2-15		4,000		4,000
L Air Liquide S.A.,
0.180%, 10-2-15		3,000		3,000
Wisconsin Electric Power Co.,
0.290%, 10-1-15		3,888		3,888
				39,358
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10-7-15 (D)		533		533
TOTAL SHORT-TERM SECURITIES – 9.9%			$	39,891
(Cost: $39,891)
TOTAL INVESTMENT SECURITIES – 99.7%			$	399,034
(Cost: $465,176)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%				1,004
NET ASSETS – 100.0%			$	400,038

2015 SEMIANNUAL REPORT 23

SCHEDULE OF INVESTMENTS

Ivy Energy Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) Listed on an exchange outside the United States.

(B) No dividends were paid during the preceding 12 months.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	330,090	$	3,447	$	—
Financials		15,785		—		—
Industrials		9,821		—		—
Total Common Stocks	$	355,696	$	3,447	$	—
Short-Term Securities		—		39,891		—
Total	$	355,696	$	43,338	$	—

During the period ended September 30, 2015, securities totaling $3,620 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronym is used throughout this schedule:

GTD = Guaranteed

Country Diversification

(as a % of net assets)
United States	82.3%
Canada	3.7%
Switzerland	1.6%
Netherlands	1.4%
Other Countries	0.8%
Other+	10.2%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

24 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Global Natural Resources Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	90.6%
Energy	61.0%
Materials	22.5%
Industrials	4.0%
Financials	3.1%
Utilities	0.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	9.4%

Lipper Rankings

Category: Lipper Global Natural Resources Funds	Rank	Percentile
1 Year	61/145	42
3 Year	47/135	35
5 Year	63/113	56
10 Year	28/45	61

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	80.9%
United States	76.1%
Canada	4.8%
Europe	9.7%
United Kingdom	6.7%
Other Europe	3.0%
Pacific Basin	0.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	9.4%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Schlumberger Ltd.	United States	Energy	Oil & Gas Equipment & Services
Halliburton Co.	United States	Energy	Oil & Gas Equipment & Services
Dow Chemical Co. (The)	United States	Materials	Diversified Chemicals
Baker Hughes, Inc.	United States	Energy	Oil & Gas Equipment & Services
LyondellBasell Industries N.V., Class A	United States	Materials	Specialty Chemicals
Rio Tinto plc	United Kingdom	Materials	Diversified Metals & Mining
CME Group, Inc.	United States	Financials	Specialized Finance
EOG Resources, Inc.	United States	Energy	Oil & Gas Exploration & Production
BHP Billiton plc	United Kingdom	Materials	Diversified Metals & Mining
Suncor Energy, Inc.	Canada	Energy	Integrated Oil & Gas

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 25

SCHEDULE OF INVESTMENTS

Ivy Global Natural Resources Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Canada
Energy – 2.8%
Suncor Energy, Inc.		845	$	22,601
Industrials – 2.0%
Canadian Pacific Railway Ltd.		114		16,324
Total Canada – 4.8%			$	38,925
China
Materials – 0.0%
China Metal Recycling (Holdings) Ltd. (A)		30,000		—
Total China – 0.0%			$	—
France
Materials – 0.8%
L Air Liquide S.A.		55		6,550
Total France – 0.8%			$	6,550
Netherlands
Energy – 0.5%
Core Laboratories N.V.		44		4,396
Total Netherlands – 0.5%			$	4,396
Switzerland
Energy – 1.7%
Weatherford International Ltd. (A)		1,591		13,491
Total Switzerland – 1.7%			$	13,491
United Kingdom
Materials – 6.7%
BHP Billiton plc		1,507		22,941
Randgold Resources Ltd. ADR		95		5,620
Rio Tinto plc		787		26,413
				54,974
Total United Kingdom – 6.7%			$	54,974
United States
Energy – 56.0%
Anadarko Petroleum Corp.		264		15,919
Antero Resources Corp. (A)		287		6,079
Baker Hughes, Inc.		573		29,816
Cabot Oil & Gas Corp.		398		8,704
Cameron International Corp. (A)		224		13,720
Cimarex Energy Co.		171		17,545
Concho Resources, Inc. (A)		179		17,586
Continental Resources, Inc. (A)		480		13,901

COMMON STOCKS (Continued)	Shares		Value
Energy (Continued)
Dril-Quip, Inc. (A)		72	$	4,209
Energy Transfer Equity L.P.		621		12,928
EOG Resources, Inc.		318		23,129
Exxon Mobil Corp.		63		4,651
FMC Technologies, Inc. (A)		126		3,920
Gulfport Energy Corp. (A)		232		6,877
Halliburton Co.		1,147		40,550
Helmerich & Payne, Inc.		149		7,056
HollyFrontier Corp.		141		6,906
Marathon Petroleum Corp.		422		19,537
MarkWest Energy Partners L.P.		185		7,955
Newfield Exploration Co. (A)		182		5,996
Noble Energy, Inc.		479		14,443
Oasis Petroleum LLC (A)		939		8,153
Patterson-UTI Energy, Inc.		292		3,841
Phillips 66		270		20,770
Pioneer Natural Resources Co.		131		15,953
Plains GP Holdings L.P., Class A		404		7,069
Rice Energy, Inc. (A)		550		8,892
Rice Midstream Partners L.P.		377		5,024
Schlumberger Ltd.		667		45,989
Shell Midstream Partners L.P.		162		4,774
Superior Energy Services, Inc.		305		3,850
Tallgrass Energy GP L.P., Class A		598		11,891
Tesoro Corp.		99		9,578
Valero Energy Corp.		177		10,653
Valero Energy Partners L.P.		104		4,593
Whiting Petroleum Corp. (A)		419		6,394
Williams Co., Inc. (The)		259		9,529
				458,380
Financials – 3.1%
CME Group, Inc.		278		25,786
Industrials – 2.0%
Caterpillar, Inc.		250		16,312
Materials – 12.9%
Dow Chemical Co. (The)		825		34,991
Freeport-McMoRan Copper & Gold, Inc., Class B		1,114		10,792
LyondellBasell Industries N.V., Class A		347		28,901
PPG Industries, Inc.		140		12,303
Praxair, Inc.		43		4,390

COMMON STOCKS (Continued)	Shares		Value
Materials (Continued)
Southern Copper Corp.		541	$	14,462
				105,839
Total United States – 74.0%			$	606,317
TOTAL COMMON STOCKS – 88.5%			$	724,653
(Cost: $807,046)
INVESTMENT FUNDS
United States – 2.1%
SPDR Gold Trust (A)		159	$	16,991
TOTAL INVESTMENT FUNDS – 2.1%			$	16,991
(Cost: $18,852)
PREFERRED STOCKS
United States
Utilities – 0.0%
Konarka Technologies, Inc., 8.000%, Convertible (A)(B)		3,500		—
Total United States – 0.0%			$	—
TOTAL PREFERRED STOCKS – 0.0%			$	—
(Cost: $10,850)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 9.4%
Baxter International, Inc.
0.260%, 10-22-15	$	5,000		4,999
Danaher Corp.
0.130%, 10-2-15		5,000		5,000
E.I. du Pont de Nemours and Co.
0.120%, 10-15-15		5,000		5,000
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.)
0.270%, 10-26-15		15,000		14,997
J.M. Smucker Co. (The)
0.280%, 10-1-15		2,416		2,416
L Air Liquide S.A.
0.160%, 10-21-15		5,000		4,999
Microsoft Corp.
0.080%, 11-4-15		10,000		9,999
Northern Illinois Gas Co.:
0.290%, 10-13-15		5,000		5,000
0.310%, 10-6-15		10,000		10,000
Siemens Capital Co. LLC (GTD by Siemens AG)
0.150%, 10-29-15		9,591		9,590

26 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Natural Resources Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (C) (Continued)
Wisconsin Gas LLC
0.140%, 10-2-15	$	5,000	$	5,000
				77,000
Master Note – 0.1%
Toyota Motor Credit Corp.
0.200%, 10-7-15 (D)		885		885
TOTAL SHORT-TERM SECURITIES – 9.5%			$	77,885
(Cost: $77,884)
TOTAL INVESTMENT SECURITIES – 100.1%			$	819,529
(Cost: $914,632)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)%				(502	)
NET ASSETS – 100.0%			$	819,027

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Restricted security. At September 30, 2015, the Fund owned the following restricted security:

Security	Acquisition Date(s)	Shares	Cost		Market Value
Konarka Technologies, Inc., 8.000%, Convertible	8-31-07	3,500	$	10,850	$	—

The total value of this security represented 0.0% of net assets at September 30, 2015.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered			Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		36,331	U.S. Dollar		55,432		10-15-15	UBS AG	$	476	$	—
Canadian Dollar		29,536	U.S. Dollar		22,421		10-15-15	UBS AG		290		—
Euro		5,903	U.S. Dollar		6,564		10-15-15	UBS AG		—		33
									$	766	$	33

2015 SEMIANNUAL REPORT 27

SCHEDULE OF INVESTMENTS

Ivy Global Natural Resources Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	498,868	$	—	$	—
Financials		25,786		—		—
Industrials		32,636		—		—
Materials		111,459		55,904		—
Total Common Stocks	$	668,749	$	55,904	$	—
Investment Funds		16,991		—		—
Preferred Stocks		—		—		—
Short-Term Securities		—		77,885		—
Total	$	685,740	$	133,789	$	—
Forward Foreign Currency Contracts	$	—	$	766	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	34	$	—

During the period ended September 30, 2015, securities totaling $79,564 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

Market Sector Diversification

(as a % of net assets)
Energy	61.0%
Materials	22.5%
Industrials	4.0%
Financials	3.1%
Utilities	0.0%
Other+	9.4%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

28 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Global Real Estate Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	98.6%
Financials	97.1%
Telecommunication Services	1.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.4%

Lipper Rankings

Category: Lipper Global Real Estate Funds	Rank	Percentile
1 Year	68/148	46

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	55.1%
United States	52.1%
Other North America	3.0%
Pacific Basin	29.4%
Japan	12.5%
Hong Kong	9.5%
Australia	6.4%
Other Pacific Basin	1.0%
Europe	14.1%
United Kingdom	5.8%
Other Europe	8.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.4%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Simon Property Group, Inc.	United States	Financials	Retail REITs
Equity Residential	United States	Financials	Residential REITs
Mitsubishi Estate Co. Ltd.	Japan	Financials	Real Estate Development
Mitsui Fudosan Co. Ltd.	Japan	Financials	Real Estate Development
Sun Hung Kai Properties Ltd.	Hong Kong	Financials	Real Estate Development
AvalonBay Communities, Inc.	United States	Financials	Residential REITs
Cheung Kong (Holdings) Ltd.	Hong Kong	Financials	Real Estate Development
Public Storage, Inc.	United States	Financials	Specialized REITs
Scentre Group	Australia	Financials	Retail REITs
Camden Property Trust	United States	Financials	Residential REITs

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 29

SCHEDULE OF INVESTMENTS

Ivy Global Real Estate Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Financials – 6.4%
DEXUS Property Group		94	$	476
Investa Office Fund		57		160
Scentre Group		332		915
Westfield Corp.		94		658
				2,209
Total Australia – 6.4%			$	2,209
Belgium
Financials – 0.2%
Befimmo N.V./S.A.		1		72
Total Belgium – 0.2%			$	72
Canada
Financials – 2.8%
Allied Properties		2		55
Canadian Apartments Properties		7		227
Dream Office		3		47
First Capital Realty, Inc.		2		23
H&R Real Estate Investment Trust		15		234
RioCan		10		189
SmartREIT		8		181
				956
Total Canada – 2.8%			$	956
Finland
Financials – 0.7%
Citycon Oyj		96		237
Total Finland – 0.7%			$	237
France
Financials – 2.3%
Gecina		1		178
Klepierre		7		323
Unibail-Rodamco		1		300
				801
Total France – 2.3%			$	801
Germany
Financials – 2.4%
Ado Properties S.A. (A)		4		93
alstria office AG		5		70
Deutsche EuroShop AG		3		135
LEG Immobilien AG		3		274
Vonovia SE		8		264
				836
Total Germany – 2.4%			$	836
Hong Kong
Financials – 9.5%
Cheung Kong (Holdings) Ltd.		136		994

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
Hongkong Land Holdings Ltd.		74		$	490
Sun Hung Kai Properties Ltd.		94			1,226
Swire Properties Ltd.		201			558
					3,268
Total Hong Kong – 9.5%				$	3,268
Japan
Financials – 12.5%
Daiwa Office Investment Corp.		—	*		194
Global One Corp.		—	*		96
Kenedix Office Investment Corp.		—	*		209
Mitsubishi Estate Co. Ltd.		73			1,491
Mitsui Fudosan Co. Ltd.		49			1,343
ORIX JREIT, Inc.		—	*		222
Sumitomo Realty & Development Co. Ltd.		23			732
					4,287
Total Japan – 12.5%				$	4,287
Jersey
Financials – 0.1%
Atrium European Real Estate Ltd.		10			43
Total Jersey – 0.1%				$	43
Mexico
Financials – 0.2%
Prologis Property Mexico S.A. de C.V.		33			51
Total Mexico – 0.2%				$	51
Netherlands
Financials – 0.8%
Eurocommercial Properties N.V.		3			115
Wereldhave N.V.		3			152
					267
Total Netherlands – 0.8%				$	267
Norway
Financials – 0.4%
Entra ASA		19			150
Total Norway – 0.4%				$	150
Singapore
Financials – 1.0%
CapitaCommercial Trust		49			46
CapitaLand Ltd.		68			129
CapitaMall Trust		59			80
Global Logistic Properties Ltd.		35			50

COMMON STOCKS (Continued)	Shares		Value
Financials (Continued)
Mapletree Commercial Trust		37	$	32
				337
Total Singapore – 1.0%			$	337
Sweden
Financials – 0.9%
Fabege AB		9		128
Hufvudstaden AB		15		191
				319
Total Sweden – 0.9%			$	319
Switzerland
Financials – 0.5%
PSP Swiss Property Ltd., Registered Shares		2		175
Total Switzerland – 0.5%			$	175
United Kingdom
Financials – 5.8%
British Land Co. plc (The)		9		117
Capital & Regional plc		116		116
Derwent London plc		5		288
Hammerson plc		36		344
Hansteen Holdings plc		60		109
Land Securities Group plc		38		734
LondonMetric Property plc		54		134
Shaftesbury plc		11		151
				1,993
Total United Kingdom – 5.8%			$	1,993
United States
Financials – 50.6%
Acadia Realty Trust		3		95
American Assets Trust, Inc.		2		66
American Campus Communities, Inc.		9		342
AvalonBay Communities, Inc.		6		1,091
BioMed Realty Trust, Inc.		10		195
Boston Properties, Inc.		6		763
Brixmor Property Group, Inc.		10		245
Camden Property Trust		12		871
Care Capital Properties, Inc.		5		172
CBL & Associates Properties, Inc.		23		317
Columbia Property Trust, Inc.		6		133
Corporate Office Properties Trust		13		278
CubeSmart		10		264
DDR Corp.		17		263
Duke Realty Corp.		22		429
DuPont Fabros Technology, Inc.		3		83
EastGroup Properties, Inc.		2		91
Equity Residential		22		1,666
General Growth Properties, Inc.		14		357

30 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Real Estate Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Financials (Continued)
Health Care, Inc.		7	$	470
Host Hotels & Resorts, Inc.		12		195
Hudson Pacific Properties, Inc.		8		233
LaSalle Hotel Properties		16		452
Medical Properties Trust, Inc.		14		153
National Health Investors, Inc.		2		101
New York, Inc.		18		182
Paramount Group, Inc.		16		267
ProLogis		21		800
Public Storage, Inc.		4		928
Ramco-Gershenson Properties Trust		9		137
Retail Properties of America, Inc.		15		207
RLJ Lodging Trust		12		312
Senior Housing Properties Trust		12		193

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
Simon Property Group, Inc.		13		$	2,451
SL Green Realty Corp.		3			294
Spirit Realty Capital, Inc.		21			189
Sunstone Hotel Investors, Inc.		26			348
Taubman Centers, Inc.		7			474
Terreno Realty Corp.		—	*		5
Ventas, Inc.		11			598
Vornado Realty Trust		8			695
					17,405
Telecommunication Services – 1.5%
American Tower Corp., Class A		6			528
Total United States – 52.1%				$	17,933
TOTAL COMMON STOCKS – 98.6%				$	33,934
(Cost: $33,682)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.4%
Toyota Motor Credit Corp.
0.200%, 10-7-15 (B)	$	133	$	133
TOTAL SHORT-TERM SECURITIES – 0.4%			$	133
(Cost: $133)
TOTAL INVESTMENT SECURITIES – 99.0%			$	34,067
(Cost: $33,815)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%				336
NET ASSETS – 100.0%			$	34,403

Notes to Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Financials	$	19,154	$	14,252	$	—
Telecommunication Services		528		—		—
Total Common Stocks	$	19,682	$	14,252	$	—
Short-Term Securities		—		133		—
Total	$	19,682	$	14,385	$	—

During the period ended September 30, 2015, securities totaling $13,297 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trusts

Market Sector Diversification

(as a % of net assets)
Financials	97.1%
Telecommunication Services	1.5%
Other+	1.4%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 31

PORTFOLIO HIGHLIGHTS

Ivy Global Risk-Managed Real Estate Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	99.2%
Financials	99.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.8%

Lipper Rankings

Category: Lipper Global Real Estate Funds	Rank	Percentile
1 Year	14/148	10

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	55.8%
United States	53.0%
Other North America	2.8%
Pacific Basin	29.0%
Japan	11.2%
Hong Kong	9.6%
Australia	7.0%
Other Pacific Basin	1.2%
Europe	14.4%
United Kingdom	5.8%
Other Europe	8.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.8%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Simon Property Group, Inc.	United States	Financials	Retail REITs
Equity Residential	United States	Financials	Residential REITs
Public Storage, Inc.	United States	Financials	Specialized REITs
Swire Properties Ltd.	Hong Kong	Financials	Real Estate Operating Companies
Hongkong Land Holdings Ltd.	Hong Kong	Financials	Real Estate Development
AvalonBay Communities, Inc.	United States	Financials	Residential REITs
Scentre Group	Australia	Financials	Retail REITs
Boston Properties, Inc.	United States	Financials	Office REITs
Nippon Building Fund, Inc.	Japan	Financials	Office REITs
Camden Property Trust	United States	Financials	Residential REITs

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

32 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Risk-Managed Real Estate Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares			Value
Australia
Financials – 7.0%
DEXUS Property Group		184		$	928
Investa Office Fund		113			314
Scentre Group		630			1,735
Westfield Corp.		177			1,243
					4,220
Total Australia – 7.0%				$	4,220
Belgium
Financials – 0.4%
Befimmo N.V./S.A.		4			250
Total Belgium – 0.4%				$	250
Canada
Financials – 2.8%
Allied Properties		9			236
Boardwalk		2			68
Canadian Apartments Properties		15			449
RioCan		25			482
SmartREIT		19			438
					1,673
Total Canada – 2.8%				$	1,673
France
Financials – 2.4%
Gecina		4			531
Unibail–Rodamco		4			949
					1,480
Total France – 2.4%				$	1,480
Germany
Financials – 3.1%
Ado Properties S.A. (A)		7			170
alstria office AG		26			334
Deutsche EuroShop AG		8			350
Deutsche Wohnen AG		22			592
LEG Immobilien AG		5			446
					1,892
Total Germany – 3.1%				$	1,892
Hong Kong
Financials – 9.6%
Hongkong Land Holdings Ltd.		340			2,248
Link (The)		223			1,225
Swire Properties Ltd.		838			2,322
					5,795
Total Hong Kong – 9.6%				$	5,795
Japan
Financials – 11.2%
Daiwa Office Investment Corp.		—	*		870

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
GLP J		—	*	$	294
Hulic, Inc.		—	*		498
Kenedix Office Investment Corp.		—	*		1,279
Nippon Building Fund, Inc.		—	*		1,669
Nippon Prologis, Inc.		—	*		328
ORIX JREIT, Inc.		1			1,494
Tokyu, Inc.		—	*		360
					6,792
Total Japan – 11.2%				$	6,792
Jersey
Financials – 0.2%
Atrium European Real Estate Ltd.		35			153
Total Jersey – 0.2%				$	153
Netherlands
Financials – 1.1%
Eurocommercial Properties N.V.		7			287
Wereldhave N.V.		6			357
					644
Total Netherlands – 1.1%				$	644
Singapore
Financials – 1.2%
CapitaCommercial Trust		270			255
CapitaMall Trust		239			319
Mapletree Commercial Trust		159			140
					714
Total Singapore – 1.2%				$	714
Sweden
Financials – 0.7%
Hufvudstaden AB		32			423
Total Sweden – 0.7%				$	423
Switzerland
Financials – 0.7%
PSP Swiss Property Ltd., Registered Shares		5			447
Total Switzerland – 0.7%				$	447
United Kingdom
Financials – 5.8%
Derwent London plc		10			575
Hammerson plc		68			640
Hansteen Holdings plc		95			174
Land Securities Group plc		75			1,428
LondonMetric Property plc		109			271

COMMON STOCKS (Continued)	Shares		Value
Financials (Continued)
Shaftesbury plc		29	$	406
				3,494
Total United Kingdom—5.8%			$	3,494
United States
Financials – 53.0%
Acadia Realty Trust		22		667
American Assets Trust, Inc.		9		364
American Campus Communities, Inc.		28		1,021
AvalonBay Communities, Inc.		11		1,934
BioMed Realty Trust, Inc.		25		504
Boston Properties, Inc.		14		1,698
Brixmor Property Group, Inc.		17		397
Camden Property Trust		21		1,562
Care Capital Properties, Inc.		10		326
Corporate Office Properties Trust		23		483
CubeSmart		17		472
Duke Realty Corp.		36		695
EastGroup Properties, Inc.		9		468
Equity One, Inc.		16		384
Equity Residential		43		3,208
Federal Realty Investment Trust		3		457
General Growth Properties, Inc.		26		677
Health Care, Inc.		18		1,239
Hudson Pacific Properties, Inc.		17		489
National Health Investors, Inc.		3		180
National Retail Properties, Inc.		9		317
New York, Inc.		34		342
Paramount Group, Inc.		35		592
ProLogis		37		1,447
Public Storage, Inc.		12		2,473
Ramco-Gershenson Properties Trust		19		280
Retail Properties of America, Inc.		26		368
Senior Housing Properties Trust		20		332
Simon Property Group, Inc.		26		4,697
Taubman Centers, Inc.		21		1,470
Terreno Realty Corp.		1		13
Ventas, Inc.		18		1,027
Vornado Realty Trust		14		1,236
Washington		13		324
				32,143
Total United States – 53.0%			$	32,143
TOTAL COMMON STOCKS – 99.2%			$	60,120
(Cost: $58,812)

2015 SEMIANNUAL REPORT 33

SCHEDULE OF INVESTMENTS

Ivy Global Risk-Managed Real Estate Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.2%
Toyota Motor Credit Corp.
0.200%, 10-7-15 (B)	$	118	$	118
TOTAL SHORT-TERM SECURITIES – 0.2%			$	118
(Cost: $118)
TOTAL INVESTMENT SECURITIES – 99.4%			$	60,238
(Cost: $58,930)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%				369
NET ASSETS – 100.0%			$	60,607

Notes to Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Financials	$	36,387	$	23,733	$	—
Total Common Stocks	$	36,387	$	23,733	$	—
Short-Term Securities		—		118		—
Total	$	36,387	$	23,851	$	—

During the period ended September 30, 2015, securities totaling $24,330 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trusts

Market Sector Diversification

(as a % of net assets)
Financials	99.2%
Other+	0.8%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

34 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Real Estate Securities Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	99.0%
Financials	97.5%
Information Technology	1.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.0%

Lipper Rankings

Category: Lipper Real Estate Funds	Rank	Percentile
1 Year	50/256	20
3 Year	71/216	33
5 Year	107/178	60
10 Year	98/125	78

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Simon Property Group, Inc.	Financials	Retail REITs
Public Storage, Inc.	Financials	Specialized REITs
Equity Residential	Financials	Residential REITs
AvalonBay Communities, Inc.	Financials	Residential REITs
Boston Properties, Inc.	Financials	Office REITs
Vornado Realty Trust	Financials	Office REITs
Essex Property Trust, Inc.	Financials	Residential REITs
ProLogis	Financials	Industrial REITs
Health Care, Inc.	Financials	Health Care REITs
Ventas, Inc.	Financials	Specialized REITs

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 35

SCHEDULE OF INVESTMENTS

Ivy Real Estate Securities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Financials
Health Care REITs – 4.6%
HCP, Inc.		177	$	6,586
Health Care, Inc.		350		23,722
				30,308
Industrial REITs – 5.4%
DCT Industrial Trust, Inc.		176		5,932
First Industrial Realty Trust, Inc.		278		5,820
ProLogis		623		24,232
				35,984
Office REITs – 21.2%
Alexandria Real Estate Equities, Inc.		220		18,653
Boston Properties, Inc.		253		29,943
Douglas Emmett, Inc.		102		2,924
Duke Realty Corp.		839		15,991
Highwoods Properties, Inc.		243		9,405
Hudson Pacific Properties, Inc.		276		7,943
Kilroy Realty Corp.		122		7,940
Mack-Cali Realty Corp.		283		5,349
SL Green Realty Corp.		128		13,837
Vornado Realty Trust		319		28,881
				140,866
Residential REITs – 23.4%
American Campus Communities, Inc.		76		2,758
Apartment Investment and Management Co., Class A		281		10,416
AvalonBay Communities, Inc.		186		32,488
Camden Property Trust		140		10,346

COMMON STOCKS (Continued)	Shares		Value
Residential REITs (Continued)
Equity Lifestyle Properties, Inc.		187	$	10,956
Equity Residential		487		36,552
Essex Property Trust, Inc.		127		28,391
Mid-America Apartment Communities, Inc.		27		2,244
Post Properties		41		2,367
UDR, Inc.		533		18,386
				154,904
Retail REITs – 24.6%
Acadia Realty Trust		224		6,748
Brixmor Property Group, Inc.		244		5,720
Federal Realty Investment Trust		142		19,389
General Growth Properties, Inc.		725		18,840
Kimco Realty Corp.		639		15,604
Macerich Co. (The)		109		8,381
Regency Centers Corp.		146		9,061
Simon Property Group, Inc.		382		70,176
Weingarten Realty Investors		281		9,297
				163,216
Specialized REITs – 18.3%
Chesapeake Lodging Trust		189		4,933
CubeSmart		357		9,701
Digital Realty Trust, Inc.		70		4,559
Extra Space Storage, Inc.		203		15,640
Host Hotels & Resorts, Inc.		420		6,643
Pebblebrook Hotel Trust		351		12,440
Public Storage, Inc.		176		37,162
Strategic Hotels & Resorts, Inc. (A)		299		4,128

COMMON STOCKS (Continued)	Shares		Value
Specialized REITs (Continued)
Sunstone Hotel Investors, Inc.		454	$	6,010
Ventas, Inc.		358		20,043
				121,259
Total Financials – 97.5%				646,537
Information Technology
Internet Software & Services – 1.5%
Equinix, Inc.		36		9,733
Total Information Technology – 1.5%				9,733
TOTAL COMMON STOCKS – 99.0%			$	656,270
(Cost: $478,547)
SHORT-TERM SECURITIES	Principal
Master Note – 0.3%
Toyota Motor Credit Corp.,
0.200%, 10-7-15 (B)	$	2,079		2,079
TOTAL SHORT-TERM SECURITIES – 0.3%			$	2,079
(Cost: $2,079)
TOTAL INVESTMENT SECURITIES – 99.3%			$	658,349
(Cost: $480,626)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%				4,597
NET ASSETS – 100.0%			$	662,946

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	656,270	$	—	$	—
Short-Term Securities		—		2,079		—
Total	$	656,270	$	2,079	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trusts

See Accompanying Notes to Financial Statements.

36 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Science and Technology Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	94.2%
Information Technology	59.9%
Health Care	20.1%
Consumer Discretionary	5.2%
Industrials	3.6%
Telecommunication Services	2.3%
Financials	1.5%
Utilities	0.9%
Materials	0.5%
Consumer Staples	0.2%
Warrants	0.0%
Bonds	0.4%
Corporate Debt Securities	0.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	5.4%

Lipper Rankings

Category: Lipper Science & Technology Funds	Rank	Percentile
1 Year	148/157	94
3 Year	67/147	46
5 Year	27/144	19
10 Year	10/115	9

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	76.6%
United States	76.6%
Europe	8.4%
Pacific Basin	5.2%
Other	3.6%
Israel	3.6%
Bahamas/Caribbean	0.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	5.4%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Alliance Data Systems Corp.	United States	Information Technology	Data Processing & Outsourced Services
Euronet Worldwide, Inc.	United States	Information Technology	Data Processing & Outsourced Services
Micron Technology, Inc.	United States	Information Technology	Semiconductors
Vertex Pharmaceuticals, Inc.	United States	Health Care	Biotechnology
Microsoft Corp.	United States	Information Technology	Systems Software
Cerner Corp.	United States	Health Care	Health Care Technology
Aspen Technology, Inc.	United States	Information Technology	Application Software
NXP Semiconductors N.V.	Netherlands	Information Technology	Semiconductors
WNS (Holdings) Ltd. ADR	India	Information Technology	Data Processing & Outsourced Services
ACI Worldwide, Inc.	United States	Information Technology	Application Software

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 37

SCHEDULE OF INVESTMENTS

Ivy Science and Technology Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Automobile Manufacturers – 2.3%
Tesla Motors, Inc. (A)		532	$	132,149
Consumer Electronics – 2.9%
Garmin Ltd.		1,511		54,207
Harman International Industries, Inc.		1,142		109,592
				163,799
Total Consumer Discretionary – 5.2%				295,948
Consumer Staples
Agricultural Products – 0.2%
Arcadia Biosciences, Inc. (A)(B)		3,161		9,641
Total Consumer Staples – 0.2%				9,641
Financials
Specialized REITs – 1.5%
QTS Realty Trust, Inc., Class A		1,926		84,134
Total Financials – 1.5%				84,134
Health Care
Biotechnology – 8.0%
Evogene Ltd. (A)(B)		1,852		15,278
FibroGen, Inc. (A)		1,187		26,026
Isis Pharmaceuticals, Inc. (A)		3,356		135,629
PTC Therapeutics, Inc. (A)		1,005		26,844
Seres Therapeutics, Inc. (A)		285		8,439
Spark Therapeutics, Inc. (A)		119		4,962
Vertex Pharmaceuticals, Inc. (A)		2,283		237,773
				454,951
Health Care Equipment – 1.7%
Avinger, Inc. (A)(B)		1,361		20,018
Cardiovascular Systems, Inc. (A)		865		13,701
Intuitive Surgical, Inc. (A)		135		62,043
				95,762
Health Care Facilities – 2.6%
Tenet Healthcare Corp. (A)		3,942		145,535
Health Care Technology – 3.7%
Cerner Corp. (A)(C)		3,506		210,208
Life Sciences Tools & Services – 1.6%
PRA Health Sciences, Inc. (A)		2,266		87,994

COMMON STOCKS (Continued)	Shares		Value
Pharmaceuticals – 2.5%
Teva Pharmaceutical Industries Ltd. ADR		2,510	$	141,703
Total Health Care – 20.1%				1,136,153
Industrials
Building Products – 0.9%
Advanced Drainage Systems, Inc.		1,682		48,663
Construction & Engineering – 0.8%
Abengoa S.A., Class B (D)		13,524		12,602
Abengoa S.A., Class B ADR		6,566		30,597
				43,199
Industrial Machinery – 1.9%
Pentair, Inc.		2,157		110,073
Total Industrials – 3.6%				201,935
Information Technology
Application Software – 9.4%
ACI Worldwide, Inc. (A)(B)		8,248		174,195
Aspen Technology, Inc. (A)(B)		5,192		196,810
Globant S.A. (A)		1,620		49,546
Mobileye N.V. (A)		1,075		48,890
Silver Spring Networks, Inc. (A)(B)		4,810		61,949
				531,390
Communications Equipment – 0.8%
Ruckus Wireless, Inc. (A)		3,992		47,427
Data Processing & Outsourced Services – 15.0%
Alliance Data Systems Corp. (A)		1,176		304,638
Euronet Worldwide, Inc. (A)(B)(E)		3,892		288,364
EVERTEC, Inc.		2,365		42,738
QIWI plc ADR		2,125		34,254
WNS (Holdings) Ltd. ADR (A)(B)		6,259		174,933
				844,927
Electronic Components – 1.3%
Universal Display Corp. (A)		2,175		73,719
Electronic Equipment & Instruments – 0.9%
FLIR Systems, Inc.		1,712		47,922
Internet Software & Services – 8.4%
21Vianet Group, Inc. ADR (A)		1,922		35,142
Alibaba Group Holding Ltd. ADR (A)		738		43,544

COMMON STOCKS (Continued)	Shares		Value
Internet Software & Services (Continued)
Facebook, Inc., Class A (A)		1,559	$	140,163
Google, Inc., Class A (A)		146		93,457
Google, Inc., Class C (A)		188		114,409
Twitter, Inc. (A)		1,825		49,176
				475,891
IT Consulting & Other Services – 2.7%
Acxiom Corp. (A)(B)		6,256		123,626
Virtusa Corp. (A)		578		29,631
				153,257
Semiconductor Equipment – 1.0%
Nanometrics, Inc. (A)(B)		1,438		17,463
Photronics, Inc. (A)(B)		4,528		41,027
				58,490
Semiconductors – 16.6%
Cypress Semiconductor Corp.		8,594		73,224
Dialog Semiconductor plc (A)(D)		1,409		56,531
Marvell Technology Group Ltd.		4,890		44,256
Micron Technology, Inc. (A)		17,665		264,625
Microsemi Corp. (A)(B)		5,164		169,498
NXP Semiconductors N.V. (A)		2,079		180,992
Rambus, Inc. (A)(B)		6,607		77,958
Semtech Corp. (A)(B)		3,890		58,741
Silicon Laboratories, Inc. (A)		275		11,433
				937,258
Systems Software – 3.8%
Microsoft Corp.		4,909		217,272
Total Information Technology – 59.9%				3,387,553
Materials
Commodity Chemicals – 0.4%
BioAmber, Inc. (A)(B)		3,749		20,057
Fertilizers & Agricultural Chemicals – 0.1%
Marrone Bio Innovations, Inc. (A)(B)		2,608		5,503
Total Materials – 0.5%				25,560
Telecommunication Services
Alternative Carriers – 1.6%
Zayo Group Holdings, Inc. (A)		3,548		89,977

38 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Science and Technology Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Integrated Telecommunication Services – 0.7%
China Unicom Ltd. (D)		32,182	$	40,942
Total Telecommunication Services – 2.3%				130,919
Utilities
Renewable Electricity – 0.9%
Abengoa Yield plc		2,991		49,496
Total Utilities – 0.9%				49,496
TOTAL COMMON STOCKS – 94.2%			$	5,321,339
(Cost: $4,442,585)
WARRANTS
Commodity Chemicals – 0.0%
BioAmber, Inc., expires 5-9-17 (B)(F)		1,276		2,271
Fertilizers & Agricultural Chemicals – 0.0%
Marrone Bio Innovations, Inc., expires 8-20-20 (B)(F)(G)		2,390		226
TOTAL WARRANTS – 0.0%			$	2,497
(Cost: $447)
CORPORATE DEBT SECURITIES	Principal
Materials
Fertilizers & Agricultural Chemicals – 0.4%
Marrone Bio Innovations, Inc.,
8.000%, 8-20-20 (B)(G)	$	23,900		23,900
Total Materials – 0.4%				23,900
TOTAL CORPORATE DEBT SECURITIES – 0.4%			$	23,900
(Cost: $23,900)
SHORT-TERM SECURITIES
Certificate Of Deposit – 0.2%
Banco del Estado de Chile,
0.210%, 10-19-15		14,750		14,751
Commercial Paper (H) – 4.5%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
0.170%, 10-26-15		5,000		4,999

SHORT-TERM SECURITIES (Continued)	Principal		Value
Baxter International, Inc.:
0.340%, 10-9-15	$	11,000	$	10,999
0.260%, 10-21-15		5,000		4,999
Becton Dickinson & Co.,
0.290%, 11-3-15		10,000		9,997
Bemis Co., Inc.:
0.250%, 10-16-15		8,000		7,999
0.260%, 10-19-15		15,000		14,998
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
0.140%, 10-1-15		5,000		5,000
Danaher Corp.,
0.170%, 10-1-15		15,300		15,300
E.I. du Pont de Nemours and Co.:
0.190%, 10-5-15		10,000		10,000
0.120%, 10-15-15		5,000		5,000
Ecolab, Inc.:
0.260%, 10-22-15		8,000		7,999
0.300%, 11-17-15		10,000		9,996
EMC Corp.,
0.190%, 10-7-15		8,000		8,000
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.):
0.260%, 10-19-15		10,000		9,999
0.260%, 10-23-15		15,000		14,997
John Deere Financial Ltd. (GTD by John Deere Capital Corp.):
0.175%, 10-8-15		12,000		12,000
0.150%, 10-29-15		13,000		12,998
Kellogg Co.,
0.350%, 10-7-15		7,000		7,000
McDonalds Corp.,
0.340%, 10-1-15		10,000		10,000
Microsoft Corp.,
0.080%, 11-4-15		10,000		9,999
Mondelez International, Inc.,
0.350%, 10-6-15		3,565		3,565
NBCUniversal Enterprise, Inc.,
0.340%, 10-1-15		10,000		10,000
Northern Illinois Gas Co.,
0.220%, 10-8-15		8,000		8,000
PACCAR Financial Corp. (GTD by PACCAR, Inc.),
0.150%, 10-6-15		4,000		4,000
Pfizer, Inc.:
0.100%, 11-17-15		10,000		9,999
0.100%, 11-19-15		5,000		4,999
St. Jude Medical, Inc.,
0.220%, 10-13-15		10,000		9,999
Virginia Electric and Power Co.,
0.430%, 10-1-15		10,000		10,000
				252,841

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10-7-15 (I)	$	3,875	$	3,875
Municipal Obligations – 0.3%
CA GO Bonds, Ser 2004B6 (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (I)		4,600		4,600
Castle Rock, CO, Cert of Part, Ser 2008 (GTD by Wells Fargo Bank N.A.),
0.040%, 10-7-15 (I)		4,000		4,000
City of Whittier, Hlth Fac Rev Bonds (Presbyterian Intercmnty Hosp), Ser 2009 (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (I)		1,000		1,000
Fremont (Alameda Cnty, CA), Fremont Public Fin Auth (GTD by U.S. Bank N.A.),
0.010%, 10-7-15 (I)		1,575		1,575
MS Business Fin Corp., Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron USA, Inc. Proj), Ser E (GTD by Chevron Corp.),
0.010%, 10-1-15 (I)		2,606		2,606
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.020%, 10-7-15 (I)		2,416		2,416
				16,197
United States Government Agency Obligations – 0.5%
Overseas Private Investment Corp. (GTD by U.S. Government):
0.150%, 10-7-15 (I)		26,212		26,212
TOTAL SHORT-TERM SECURITIES – 5.6%			$	313,876
(Cost: $313,866)
TOTAL INVESTMENT SECURITIES – 100.2%			$	5,661,612
(Cost: $4,780,798)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%				(10,637	)
NET ASSETS – 100.0%			$	5,650,975

2015 SEMIANNUAL REPORT 39

SCHEDULE OF INVESTMENTS

Ivy Science and Technology Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.

(C) All or a portion of securities with an aggregate value of $5,996 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(D) Listed on an exchange outside the United States.

(E) All or a portion of securities with an aggregate value of $4,075 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(F) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(G) Restricted securities. At September 30, 2015, the Fund owned the following restricted securities:

Security	Acquisition Date(s)	Principal	Cost		Market Value
Marrone Bio Innovations, Inc., 8.000%, 8-20-20	8-20-15	$23,900	$	23,900	$	23,900
		Shares
Marrone Bio Innovations, Inc., expires 8-20-20	8-20-15	2,390	$	—	$	226
			$	23,900	$	24,126

The total value of these securities represented 0.4% of net assets at September 30, 2015.

(H) Rate shown is the yield to maturity at September 30, 2015.

(I) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Apple, Inc.	Citibank N.A.		Put		5,309		October 2015	$	110.00	$	1,893	$	(1,471	)
	Citibank N.A.		Put		5,309		October 2015		115.00		3,000		(2,986	)
										$	4,893	$	(4,457	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	295,948	$	—	$	—
Consumer Staples		9,641		—		—
Financials		84,134		—		—
Health Care		1,136,153		—		—
Industrials		189,333		12,602		—
Information Technology		3,331,022		56,531		—
Materials		25,560		—		—
Telecommunication Services		89,977		40,942		—
Utilities		49,496		—		—
Total Common Stocks	$	5,211,264	$	110,075	$	—
Warrants		2,271		226		—
Corporate Debt Securities		—		—		23,900
Short-Term Securities		—		313,876		—
Total	$	5,213,535	$	424,177	$	23,900
Liabilities
Written Options	$	—	$	4,457	$	—

40 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Science and Technology Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

During the period ended September 30, 2015, securities totaling $161,869 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

REIT = Real Estate Investment Fund

Country Diversification

(as a % of net assets)
United States	76.6%
Israel	3.6%
Netherlands	3.2%
India	3.1%

China	2.1%
United Kingdom	1.9%
Spain	1.7%
Germany	1.0%
Other Countries	1.4%
Other+	5.4%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 41

STATEMENTS OF ASSETS AND LIABILITIES

Ivy Funds AS OF SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Asset Strategy Fund(1)			Ivy Balanced Fund		Ivy Energy Fund			Ivy Global Natural Resources Fund			Ivy Global Real Estate Fund			Ivy Global Risk-Managed Real Estate Fund			Ivy Real Estate Securities Fund
ASSETS
Investments in unaffiliated securities at value+	$	16,732,925		$	2,492,734	$	399,034		$	819,529		$	34,067		$	60,238		$	658,349
Investments in affiliated securities at value+		1,213,941			—		—			—			—			—			—
Bullion at value+		682,401			—		—			—			—			—			—
Investments at Value		18,629,267			2,492,734		399,034			819,529			34,067			60,238			658,349
Cash		926			1		1			—	*		—	*		1			1
Cash denominated in foreign currencies at value+		12			—		—			—			40			121			—
Investment securities sold receivable		21,667			10,307		—			5			226			51			4,191
Dividends and interest receivable		81,475			7,357		123			906			132			203			2,004
Capital shares sold receivable		12,254			6,689		2,294			789			94			53			429
Receivable from affiliates		123			—		—			25			93			66			3
Unrealized appreciation on forward foreign currency contracts		—			—		—			766			—			—			—
Prepaid and other assets		173			85		66			53			31			32			56
Total Assets		18,745,897			2,517,173		401,518			822,073			34,683			60,765			665,033
LIABILITIES
Investment securities purchased payable		50,338			29,070		—			—			230			79			323
Capital shares redeemed payable		106,664			12,422		1,302			1,733			26			52			1,399
Independent Trustees and Chief Compliance Officer fees payable		1,364			50		7			665			—	*		—	*		86
Distribution and service fees payable		215			31		4			8			—	*		—	*		5
Shareholder servicing payable		5,056			525		139			544			14			16			227
Investment management fee payable		289			45		9			21			1			2			15
Accounting services fee payable		23			23		11			20			3			4			17
Unrealized depreciation on forward foreign currency contracts		1,194			—		—			33			—			—			—
Written options at value+		32,621			—		—			—			—			—			—
Other liabilities		675			31		8			22			6			5			15
Total Liabilities		198,439			42,197		1,480			3,046			280			158			2,087
Total Net Assets	$	18,547,458		$	2,474,976	$	400,038		$	819,027		$	34,403		$	60,607		$	662,946
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	18,081,556		$	2,276,424	$	506,311		$	3,040,030		$	33,839		$	59,482		$	467,120
Undistributed (distributions in excess of) net investment income		275,372			8,593		(900	)		1,400			56			(44	)		1,979
Accumulated net realized gain (loss)		474,518			109,577		(39,231	)		(2,128,028	)		257			(135	)		16,124
Net unrealized appreciation (depreciation)		(283,988	)		80,382		(66,142	)		(94,375	)		251			1,304			177,723
Total Net Assets	$	18,547,458		$	2,474,976	$	400,038		$	819,027		$	34,403		$	60,607		$	662,946
CAPITAL SHARES OUTSTANDING:
Class A		209,116			49,840		16,624			36,290			2,852			4,011			17,718
Class B		19,728			2,909		356			1,170			26			54			179
Class C		272,086			31,136		7,471			12,024			90			322			617
Class E		2,657			7		10			358			N/A			N/A			115
Class I		272,470			13,386		6,582			9,514			251			933			390
Class R		5,742			471		1,331			1,948			45			201			51
Class R6		3,821			131		288			290			N/A			N/A			109
Class Y		39,674			6,694		3,590			3,253			98			313			5,317
NET ASSET VALUE PER SHARE:
Class A		$22.73			$23.71		$11.10			$12.95			$10.23			$10.39			$27.07
Class B		$21.63			$23.52		$10.27			$11.17			$10.16			$10.35			$26.29
Class C		$21.77			$23.59		$10.44			$10.94			$10.15			$10.35			$26.63
Class E		$22.79			$23.81		$11.33			$13.21			N/A			N/A			$27.08
Class I		$22.99			$23.69		$11.45			$13.43			$10.23			$10.40			$27.21
Class R		$22.51			$23.71		$11.05			$12.79			$10.19			$10.37			$27.07
Class R6		$23.05			$23.72		$11.47			$13.45			N/A			N/A			$27.24
Class Y		$22.78			$23.71		$11.24			$13.22			$10.29			$10.40			$27.10
+COST
Investments in unaffiliated securities at cost	$	16,631,202		$	2,412,352	$	465,176		$	914,632		$	33,815		$	58,930		$	480,626
Investments in affiliated securities at cost		1,535,116			—		—			—			—			—			—
Bullion at cost		737,644			—		—			—			—			—			—
Cash denominated in foreign currencies at cost		13			—		—			—			40			121			—
Written options premiums received at cost		26,054			—		—			—			—			—			—

* Not shown due to rounding.

(1) Consolidated Statement of Assets and Liabilities (See Note 6 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

42 SEMIANNUAL REPORT 2015

STATEMENTS OF ASSETS AND LIABILITIES

Ivy Funds AS OF SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Science and Technology Fund
ASSETS
Investments in unaffiliated securities at value+	$	4,180,154
Investments in affiliated securities at value+		1,481,458
Investments at Value		5,661,612
Cash		1
Dividends and interest receivable		1,988
Capital shares sold receivable		10,904
Receivable from affiliates		10
Prepaid and other assets		133
Total Assets		5,674,648
LIABILITIES
Capital shares redeemed payable		17,270
Independent Trustees and Chief Compliance Officer fees payable		160
Distribution and service fees payable		48
Shareholder servicing payable		1,531
Investment management fee payable		123
Accounting services fee payable		23
Written options at value+		4,457
Other liabilities		61
Total Liabilities		23,673
Total Net Assets	$	5,650,975
NET ASSETS
Capital paid in (shares authorized - unlimited)	$	4,627,362
Distributions in excess of net investment income		(33,655	)
Accumulated net realized gain		176,018
Net unrealized appreciation		881,250
Total Net Assets	$	5,650,975
CAPITAL SHARES OUTSTANDING:
Class A		40,081
Class B		1,383
Class C		21,340
Class E		427
Class I		32,807
Class R		2,274
Class R6		323
Class Y		17,363
NET ASSET VALUE PER SHARE:
Class A		$48.32
Class B		$41.31
Class C		$42.71
Class E		$48.06
Class I		$52.44
Class R		$47.46
Class R6		$52.53
Class Y		$50.68
+COST
Investments in unaffiliated securities at cost	$	3,647,183
Investments in affiliated securities at cost		1,133,615
Written options premiums received at cost		4,893

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 43

STATEMENTS OF OPERATIONS

Ivy Funds FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands)	Ivy Asset Strategy Fund(1)			Ivy Balanced Fund			Ivy Energy Fund			Ivy Global Natural Resources Fund			Ivy Global Real Estate Fund			Ivy Global Risk-Managed Real Estate Fund			Ivy Real Estate Securities Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	178,860		$	17,689		$	2,632		$	9,337		$	482		$	965		$	7,735
Foreign dividend withholding tax		(6,417	)		(147	)		(51	)		(316	)		(25	)		(57	)		—
Interest and amortization from unaffiliated securities		43,649			11,278			28			32			—	*		—	*		4
Interest and amortization from affiliated securities		14,068			—			—			—			—			—			—
Foreign interest withholding tax		—	*		—			—			—			—			—			—
Total Investment Income		230,160			28,820			2,609			9,053			457			908			7,739
EXPENSES
Investment management fee		65,006			8,470			1,960			4,815			165			296			3,162
Distribution and service fees:
Class A		7,290			1,537			275			747			37			53			626
Class B		2,609			366			23			90			1			5			27
Class C		36,151			3,762			445			848			5			17			91
Class E		88			—	*		—	*		7			N/A			N/A			4
Class R		379			26			41			77			1			5			4
Class Y		1,338			228			53			69			1			5			197
Shareholder servicing:
Class A		4,104			993			304			1,078			60			61			882
Class B		369			51			9			52			—	*		—	*		14
Class C		3,829			377			87			227			1			2			28
Class E		99			—	*		—	*		26			N/A			N/A			11
Class I		6,506			254			70			143			2			7			10
Class R		193			13			21			40			1			3			2
Class R6		3			—	*		—	*		—	*		N/A			N/A			—	*
Class Y		843			140			35			45			1			3			118
Registration fees		294			109			80			65			38			40			65
Custodian fees		625			17			7			11			10			9			9
Independent Trustees and Chief Compliance Officer fees		343			36			7			26			—	*		1			11
Accounting services fee		138			138			74			131			15			24			97
Professional fees		342			24			16			31			20			20			23
Other		1,072			67			28			74			7			6			33
Total Expenses		131,621			16,608			3,535			8,602			365			557			5,414
Less:
Expenses in excess of limit		(125	)		—			—			(25	)		(93	)		(66	)		(359	)
Total Net Expenses		131,496			16,608			3,535			8,577			272			491			5,055
Net Investment Income (Loss)		98,664			12,212			(926	)		476			185			417			2,684
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		(338,185	)		53,853			(14,413	)		(49,898	)		114			351			3,949
Futures contracts		(67,220	)		—			—			—			—			—			—
Written options		49,502			—			—			—			—			—			—
Forward foreign currency contracts		(47,494	)		—			—			(1,242	)		—			—			—
Foreign currency exchange transactions		(1,170	)		—			(1	)		(52	)		(4	)		(6	)		—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(2,289,517	)		(260,523	)		(90,732	)		(156,402	)		(3,225	)		(4,609	)		(64,726	)
Investments in affiliated securities		(156,536	)		—			—			—			—			—			—
Futures contracts		(4,323	)		—			—			—			—			—			—
Written options		(21,067	)		—			—			—			—			—			—
Forward foreign currency contracts		6,992			—			—			(550	)		—			—			—
Foreign currency exchange transactions		352			—			—			30			2			1			—
Net Realized and Unrealized Loss		(2,868,666	)		(206,670	)		(105,146	)		(208,114	)		(3,113	)		(4,263	)		(60,777	)
Net Decrease in Net Assets Resulting from Operations	$	(2,770,002	)	$	(194,458	)	$	(106,072	)	$	(207,638	)	$	(2,928	)	$	(3,846	)	$	(58,093	)

* Not shown due to rounding.

(1) Consolidated Statement of Operations (See Note 6 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

44 SEMIANNUAL REPORT 2015

STATEMENTS OF OPERATIONS

Ivy Funds FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands)	Ivy Science and Technology Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	20,139
Foreign dividend withholding tax		(1,152	)
Interest and amortization from unaffiliated securities		461
Interest and amortization from affiliated securities		218
Total Investment Income		19,666
EXPENSES
Investment management fee		25,289
Distribution and service fees:
Class A		2,747
Class B		334
Class C		5,091
Class E		28
Class R		298
Class Y		1,272
Shareholder servicing:
Class A		2,170
Class B		64
Class C		700
Class E		49
Class I		1,515
Class R		152
Class R6		1
Class Y		779
Registration fees		142
Custodian fees		178
Independent Trustees and Chief Compliance Officer fees		90
Accounting services fee		138
Professional fees		69
Other		158
Total Expenses		41,264
Less:
Expenses in excess of limit		(10	)
Total Net Expenses		41,254
Net Investment Loss		(21,588	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		277,975
Investments in affiliated securities		(119,121	)
Written options		5,557
Foreign currency exchange transactions		(13	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(1,008,391	)
Investments in affiliated securities		(42,528	)
Written options		436
Net Realized and Unrealized Loss		(886,085	)
Net Decrease in Net Assets Resulting from Operations	$	(907,673	)

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 45

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Asset Strategy Fund(1)						Ivy Balanced Fund						Ivy Energy Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	98,664		$	229,009		$	12,212		$	12,597		$	(926	)	$	(1,094	)
Net realized gain (loss) on investments		(404,567	)		4,684,980			53,853			101,236			(14,414	)		(15,854	)
Net change in unrealized appreciation (depreciation)		(2,464,099	)		(5,788,861	)		(260,523	)		68,818			(90,732	)		(36,512	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,770,002	)		(874,872	)		(194,458	)		182,651			(106,072	)		(53,460	)
Distributions to Shareholders From:
Net investment income:
Class A		—			(28,374	)		(4,396	)		(6,752	)		—			—
Class B		—			(589	)		(26	)		—			—			—
Class C		—			(8,229	)		(326	)		(58	)		—			—
Class E		—			(258	)		(1	)		(2	)		—			—
Class I		—			(70,078	)		(1,551	)		(2,578	)		—			—
Class R		—			(324	)		(18	)		(22	)		—			—
Class R6		—			(57	)		(18	)		(13	)		—			—
Class Y		—			(5,002	)		(630	)		(1,032	)		—			—
Net realized gains:
Class A		—			(1,122,023	)		—			(30,568	)		—			—
Class B		—			(105,009	)		—			(1,995	)		—			—
Class C		—			(1,414,827	)		—			(18,309	)		—			—
Class E		—			(11,538	)		—			(5	)		—			—
Class I		—			(1,755,141	)		—			(8,576	)		—			—
Class R		—			(26,544	)		—			(235	)		—			—
Class R6		—			(1,679	)		—			(52	)		—			—
Class Y		—			(197,824	)		—			(4,543	)		—			—
Total Distributions to Shareholders		—			(4,747,496	)		(6,966	)		(74,740	)		—			—
Capital Share Transactions		(3,883,249	)		(4,772,735	)		146,304			598,637			69,688			293,560
Net Increase (Decrease) in Net Assets		(6,653,251	)		(10,395,103	)		(55,120	)		706,548			(36,384	)		240,100
Net Assets, Beginning of Period		25,200,709			35,595,812			2,530,096			1,823,548			436,422			196,322
Net Assets, End of Period	$	18,547,458		$	25,200,709		$	2,474,976		$	2,530,096		$	400,038		$	436,422
Undistributed (distributions in excess of) net investment income	$	275,372		$	177,878		$	8,593		$	3,347		$	(900	)	$	27

(1) Consolidated Statements of Changes in Net Assets (See Note 6 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

46 SEMIANNUAL REPORT 2015

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Global Natural Resources Fund						Ivy Global Real Estate Fund						Ivy Global Risk-Managed Real Estate Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	476		$	(960	)	$	185		$	352		$	417		$	613
Net realized gain (loss) on investments		(51,192	)		31,059			110			786			345			609
Net change in unrealized appreciation (depreciation)		(156,922	)		(257,191	)		(3,223	)		3,294			(4,608	)		5,890
Net Increase (Decrease) in Net Assets Resulting from Operations		(207,638	)		(227,092	)		(2,928	)		4,432			(3,846	)		7,112
Distributions to Shareholders From:
Net investment income:
Class A		—			—			(69	)		(479	)		(81	)		(839	)
Class B		—			—			—			(2	)		—			(20	)
Class C		—			—			—			(5	)		—			(42	)
Class E		—			—			N/A			N/A			N/A			N/A
Class I		—			—			(5	)		(42	)		(27	)		(238	)
Class R		—			—			—			(5	)		(2	)		(41	)
Class R6		—			—			N/A			N/A			N/A			N/A
Class Y		—			—			(2	)		(14	)		(6	)		(85	)
Net realized gains:
Class A		—			—			—			(192	)		—			—
Class B		—			—			—			(2	)		—			—
Class C		—			—			—			(5	)		—			—
Class E		—			—			N/A			N/A			N/A			N/A
Class I		—			—			—			(19	)		—			—
Class R		—			—			—			(3	)		—			—
Class R6		—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—			(6	)		—			—
Total Distributions to Shareholders		—			—			(76	)		(774	)		(116	)		(1,265	)
Capital Share Transactions		(103,979	)		(342,833	)		3,244			4,767			1,019			21,559
Net Increase (Decrease) in Net Assets		(311,617	)		(569,925	)		240			8,425			(2,943	)		27,406
Net Assets, Beginning of Period		1,130,644			1,700,569			34,163			25,738			63,550			36,144
Net Assets, End of Period	$	819,027		$	1,130,644		$	34,403		$	34,163		$	60,607		$	63,550
Undistributed (distributions in excess of) net investment income	$	1,400		$	976		$	56		$	(49	)	$	(44	)	$	(339	)

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 47

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Real Estate Securities Fund						Ivy Science and Technology Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	2,684		$	5,489		$	(21,588	)	$	(40,341	)
Net realized gain on investments		3,949			41,982			164,398			60,656
Net change in unrealized appreciation (depreciation)		(64,726	)		99,506			(1,050,483	)		451,918
Net Increase (Decrease) in Net Assets Resulting from Operations	��	(58,093	)		146,977			(907,673	)		472,233
Distributions to Shareholders From:
Net investment income:
Class A		(1,339	)		(2,866	)		—			—
Class B		—			—			—			—
Class C		(7	)		(5	)		—			—
Class E		(6	)		(11	)		—			—
Class I		(54	)		(114	)		—			—
Class R		(3	)		(7	)		—			—
Class R6		(17	)		(28	)		—			—
Class Y		(561	)		(1,473	)		—			—
Net realized gains:
Class A		—			(14,818	)		—			(43,478	)
Class B		—			(184	)		—			(1,723	)
Class C		—			(540	)		—			(21,751	)
Class E		—			(85	)		—			(409	)
Class I		—			(288	)		—			(34,397	)
Class R		—			(53	)		—			(2,299	)
Class R6		—			(102	)		—			(225	)
Class Y		—			(5,234	)		—			(20,535	)
Total Distributions to Shareholders		(1,987	)		(25,808	)		—			(124,817	)
Capital Share Transactions		(50,348	)		93,503			243,450			546,771
Net Increase (Decrease) in Net Assets		(110,428	)		214,672			(664,223	)		894,187
Net Assets, Beginning of Period		773,374			558,702			6,315,198			5,421,011
Net Assets, End of Period	$	662,946		$	773,374		$	5,650,975		$	6,315,198
Undistributed (distributions in excess of) net investment income	$	1,979		$	1,282		$	(33,655	)	$	(12,054	)

See Accompanying Notes to Financial Statements.

48 SEMIANNUAL REPORT 2015

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2015 SEMIANNUAL REPORT 49

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY ASSET STRATEGY FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	25.89	$	0.13	$	(3.29	)	$	(3.16	)	$	—		$	—		$	—
Year ended 3-31-2015		31.61		0.26		(1.01	)		(0.75	)		(0.12	)		(4.85	)		(4.97	)
Year ended 3-31-2014		27.04		0.27		4.45			4.72			(0.15	)		—			(0.15	)
Year ended 3-31-2013		25.44		0.39		1.88			2.27			(0.67	)		—			(0.67	)
Year ended 3-31-2012		25.42		0.20		0.10			0.30			(0.28	)		—			(0.28	)
Year ended 3-31-2011		22.42		0.24		2.81			3.05			(0.05	)		—			(0.05	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		24.73		0.03		(3.13	)		(3.10	)		—			—			—
Year ended 3-31-2015		30.54		0.03		(0.96	)		(0.93	)		(0.03	)		(4.85	)		(4.88	)
Year ended 3-31-2014		26.20		0.05		4.29			4.34			—	*		—			—	*
Year ended 3-31-2013		24.55		0.19		1.82			2.01			(0.36	)		—			(0.36	)
Year ended 3-31-2012		24.53		0.00		0.12			0.12			(0.10	)		—			(0.10	)
Year ended 3-31-2011		21.77		0.04		2.72			2.76			—			—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		24.88		0.04		(3.15	)		(3.11	)		—			—			—
Year ended 3-31-2015		30.69		0.04		(0.97	)		(0.93	)		(0.03	)		(4.85	)		(4.88	)
Year ended 3-31-2014		26.33		0.05		4.32			4.37			(0.01	)		—			(0.01	)
Year ended 3-31-2013		24.67		0.20		1.83			2.03			(0.37	)		—			(0.37	)
Year ended 3-31-2012		24.66		0.01		0.11			0.12			(0.11	)		—			(0.11	)
Year ended 3-31-2011		21.87		0.05		2.74			2.79			—			—			—
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		25.96		0.13		(3.30	)		(3.17	)		—			—			—
Year ended 3-31-2015		31.67		0.23		(0.98	)		(0.75	)		(0.11	)		(4.85	)		(4.96	)
Year ended 3-31-2014		27.10		0.26		4.45			4.71			(0.14	)		—			(0.14	)
Year ended 3-31-2013		25.49		0.38		1.89			2.27			(0.66	)		—			(0.66	)
Year ended 3-31-2012		25.48		0.19		0.10			0.29			(0.28	)		—			(0.28	)
Year ended 3-31-2011		22.47		0.22		2.84			3.06			(0.05	)		—			(0.05	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		26.15		0.16		(3.32	)		(3.16	)		—			—			—
Year ended 3-31-2015		31.88		0.33		(1.02	)		(0.69	)		(0.19	)		(4.85	)		(5.04	)
Year ended 3-31-2014		27.25		0.34		4.48			4.82			(0.19	)		—			(0.19	)
Year ended 3-31-2013		25.67		0.45		1.90			2.35			(0.77	)		—			(0.77	)
Year ended 3-31-2012		25.64		0.25		0.11			0.36			(0.33	)		—			(0.33	)
Year ended 3-31-2011		22.58		0.26		2.86			3.12			(0.06	)		—			(0.06	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		25.68		0.08		(3.25	)		(3.17	)		—			—			—
Year ended 3-31-2015		31.45		0.14		(1.00	)		(0.86	)		(0.06	)		(4.85	)		(4.91	)
Year ended 3-31-2014		26.94		0.16		4.43			4.59			(0.08	)		—			(0.08	)
Year ended 3-31-2013		25.29		0.29		1.88			2.17			(0.52	)		—			(0.52	)
Year ended 3-31-2012		25.28		0.11		0.11			0.22			(0.21	)		—			(0.21	)
Year ended 3-31-2011		22.35		0.13		2.83			2.96			(0.03	)		—			(0.03	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		26.21		0.16		(3.32	)		(3.16	)		—			—			—
Year ended 3-31-2015(6)		31.79		0.22		(0.78	)		(0.56	)		(0.17	)		(4.85	)		(5.02	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		25.94		0.13		(3.29	)		(3.16	)		—			—			—
Year ended 3-31-2015		31.67		0.25		(1.01	)		(0.76	)		(0.12	)		(4.85	)		(4.97	)
Year ended 3-31-2014		27.09		0.27		4.46			4.73			(0.15	)		—			(0.15	)
Year ended 3-31-2013		25.49		0.39		1.88			2.27			(0.67	)		—			(0.67	)
Year ended 3-31-2012		25.46		0.20		0.11			0.31			(0.28	)		—			(0.28	)
Year ended 3-31-2011		22.46		0.23		2.82			3.05			(0.05	)		—			(0.05	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

50 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	22.73		-12.21	%	$	4,752		0.98	%(4)		1.02	%(4)		—	%		—	%		43	%
Year ended 3-31-2015		25.89		-2.28			6,332		0.96			0.86			—			—			75
Year ended 3-31-2014		31.61		17.47			9,659		0.96			0.92			—			—			65
Year ended 3-31-2013		27.04		9.09			7,853		0.98			1.55			—			—			39
Year ended 3-31-2012		25.44		1.31			8,019		0.97			0.81			—			—			47
Year ended 3-31-2011		25.42		13.60			9,083		0.99			1.00			—			—			94
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		21.63		-12.53			427		1.73	(4)		0.26	(4)		—			—			43
Year ended 3-31-2015		24.73		-3.01			571		1.71			0.11			—			—			75
Year ended 3-31-2014		30.54		16.58			783		1.71			0.16			—			—			65
Year ended 3-31-2013		26.20		8.27			715		1.73			0.79			—			—			39
Year ended 3-31-2012		24.55		0.54			695		1.76			0.02			—			—			47
Year ended 3-31-2011		24.53		12.68			672		1.80			0.17			—			—			94
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		21.77		-12.50			5,923		1.70	(4)		0.30	(4)		—			—			43
Year ended 3-31-2015		24.88		-2.99			7,807		1.68			0.13			—			—			75
Year ended 3-31-2014		30.69		16.59			9,880		1.68			0.19			—			—			65
Year ended 3-31-2013		26.33		8.34			8,321		1.70			0.83			—			—			39
Year ended 3-31-2012		24.67		0.56			8,416		1.71			0.06			—			—			47
Year ended 3-31-2011		24.66		12.76			8,851		1.74			0.24			—			—			94
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		22.79		-12.21			61		1.00	(4)		0.99	(4)		1.12	(4)		0.87	(4)		43
Year ended 3-31-2015		25.96		-2.29			72		1.00			0.79			1.10			0.69			75
Year ended 3-31-2014		31.67		17.40			74		1.00			0.87			1.12			0.75			65
Year ended 3-31-2013		27.10		9.07			58		1.00			1.50			1.20			1.30			39
Year ended 3-31-2012		25.49		1.26			50		1.00			0.77			1.23			0.55			47
Year ended 3-31-2011		25.48		13.63			44		1.00			0.95			1.39			0.56			94
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		22.99		-12.08			6,263		0.75	(4)		1.25	(4)		—			—			43
Year ended 3-31-2015		26.15		-2.06			9,112		0.74			1.08			—			—			75
Year ended 3-31-2014		31.88		17.72			13,522		0.73			1.14			—			—			65
Year ended 3-31-2013		27.25		9.33			9,681		0.74			1.76			—			—			39
Year ended 3-31-2012		25.67		1.57			8,180		0.75			1.03			—			—			47
Year ended 3-31-2011		25.64		13.84			6,986		0.77			1.14			—			—			94
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		22.51		-12.34			129		1.34	(4)		0.65	(4)		—			—			43
Year ended 3-31-2015		25.68		-2.67			161		1.33			0.47			—			—			75
Year ended 3-31-2014		31.45		17.03			162		1.33			0.54			—			—			65
Year ended 3-31-2013		26.94		8.71			124		1.34			1.15			—			—			39
Year ended 3-31-2012		25.29		0.96			102		1.33			0.45			—			—			47
Year ended 3-31-2011		25.28		13.24			68		1.31			0.57			—			—			94
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		23.05		-12.06			88		0.60	(4)		1.31	(4)		—			—			43
Year ended 3-31-2015(6)		26.21		-1.67			12		0.59	(4)		1.18	(4)		—			—			75	(7)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		22.78		-12.18			904		0.98	(4)		1.02	(4)		1.00	(4)		1.00	(4)		43
Year ended 3-31-2015		25.94		-2.31			1,134		0.96			0.85			0.98			0.83			75
Year ended 3-31-2014		31.67		17.47			1,516		0.96			0.92			0.98			0.90			65
Year ended 3-31-2013		27.09		9.08			1,168		0.98			1.55			0.99			1.54			39
Year ended 3-31-2012		25.49		1.35			1,167		0.97			0.80			1.00			0.77			47
Year ended 3-31-2011		25.46		13.59			1,167		0.99			0.99			1.02			0.96			94

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 51

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY BALANCED FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	25.65	$	0.14		$	(1.99	)	$	(1.85	)	$	(0.09	)	$	—		$	(0.09	)
Year ended 3-31-2015		24.38		0.20			1.97			2.17			(0.16	)		(0.74	)		(0.90	)
Year ended 3-31-2014		21.60		0.15			3.25			3.40			(0.10	)		(0.52	)		(0.62	)
Year ended 3-31-2013		20.03		0.19			1.70			1.89			(0.17	)		(0.15	)		(0.32	)
Year ended 3-31-2012		19.08		0.17			1.05			1.22			(0.18	)		(0.09	)		(0.27	)
Year ended 3-31-2011		16.73		0.18			2.34			2.52			(0.17	)		—			(0.17	)
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		25.45		0.05			(1.97	)		(1.92	)		(0.01	)		—			(0.01	)
Year ended 3-31-2015		24.19		0.01			1.97			1.98			—			(0.72	)		(0.72	)
Year ended 3-31-2014		21.45		(0.03	)		3.23			3.20			—			(0.46	)		(0.46	)
Year ended 3-31-2013		19.93		0.03			1.69			1.72			(0.05	)		(0.15	)		(0.20	)
Year ended 3-31-2012		18.99		0.02			1.05			1.07			(0.04	)		(0.09	)		(0.13	)
Year ended 3-31-2011		16.67		0.04			2.33			2.37			(0.05	)		—			(0.05	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		25.53		0.06			(1.99	)		(1.93	)		(0.01	)		—			(0.01	)
Year ended 3-31-2015		24.26		0.02			1.97			1.99			—	*		(0.72	)		(0.72	)
Year ended 3-31-2014		21.50		(0.01	)		3.24			3.23			—			(0.47	)		(0.47	)
Year ended 3-31-2013		19.98		0.05			1.68			1.73			(0.06	)		(0.15	)		(0.21	)
Year ended 3-31-2012		19.03		0.04			1.06			1.10			(0.06	)		(0.09	)		(0.15	)
Year ended 3-31-2011		16.69		0.07			2.34			2.41			(0.07	)		—			(0.07	)
Class E Shares(5)
Six-month period ended 9-30-2015 (unaudited)		25.76		0.16			(2.00	)		(1.84	)		(0.11	)		—			(0.11	)
Year ended 3-31-2015		24.48		0.23			1.99			2.22			(0.20	)		(0.74	)		(0.94	)
Year ended 3-31-2014		21.68		0.18			3.27		��	3.45			(0.13	)		(0.52	)		(0.65	)
Year ended 3-31-2013		20.02		0.22			1.78			2.00			(0.19	)		(0.15	)		(0.34	)
Year ended 3-31-2012		19.06		0.21			1.04			1.25			(0.20	)		(0.09	)		(0.29	)
Year ended 3-31-2011		16.74		0.22			2.34			2.56			(0.24	)		—			(0.24	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		25.63		0.18			(2.00	)		(1.82	)		(0.12	)		—			(0.12	)
Year ended 3-31-2015		24.36		0.26			1.98			2.24			(0.23	)		(0.74	)		(0.97	)
Year ended 3-31-2014		21.58		0.21			3.26			3.47			(0.16	)		(0.53	)		(0.69	)
Year ended 3-31-2013		20.01		0.24			1.69			1.93			(0.21	)		(0.15	)		(0.36	)
Year ended 3-31-2012		19.04		0.22			1.06			1.28			(0.22	)		(0.09	)		(0.31	)
Year ended 3-31-2011		16.74		0.21			2.37			2.58			(0.28	)		—			(0.28	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		25.65		0.10			(1.99	)		(1.89	)		(0.05	)		—			(0.05	)
Year ended 3-31-2015		24.37		0.11			1.98			2.09			(0.07	)		(0.74	)		(0.81	)
Year ended 3-31-2014		21.59		0.07			3.26			3.33			(0.03	)		(0.52	)		(0.55	)
Year ended 3-31-2013(6)		20.16		0.00			1.43			1.43			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		25.66		0.19			(1.99	)		(1.80	)		(0.14	)		—			(0.14	)
Year ended 3-31-2015(7)		24.66		0.22			1.72			1.94			(0.20	)		(0.74	)		(0.94	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		25.66		0.14			(2.00	)		(1.86	)		(0.09	)		—			(0.09	)
Year ended 3-31-2015		24.38		0.20			1.99			2.19			(0.17	)		(0.74	)		(0.91	)
Year ended 3-31-2014		21.60		0.15			3.26			3.41			(0.10	)		(0.53	)		(0.63	)
Year ended 3-31-2013		20.03		0.19			1.70			1.89			(0.17	)		(0.15	)		(0.32	)
Year ended 3-31-2012		19.08		0.18			1.05			1.23			(0.19	)		(0.09	)		(0.28	)
Year ended 3-31-2011		16.73		0.20			2.34			2.54			(0.19	)		—			(0.19	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Annualized.

(4) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(5) Class share is closed to investment.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

52 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	23.71		-7.23	%	$	1,183			1.10	%(3)		1.14	%(3)		15	%
Year ended 3-31-2015		25.65		9.06			1,207			1.11			0.78			33
Year ended 3-31-2014		24.38		15.90			863			1.15			0.62			34
Year ended 3-31-2013		21.60		9.56			399			1.17			0.93			35
Year ended 3-31-2012		20.03		6.52			205			1.23			0.90			37
Year ended 3-31-2011		19.08		15.18			114			1.30			1.03			43
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		23.52		-7.55			68			1.83	(3)		0.40	(3)		15
Year ended 3-31-2015		25.45		8.28			74			1.84			0.04			33
Year ended 3-31-2014		24.19		15.01			70			1.89			-0.11			34
Year ended 3-31-2013		21.45		8.73			44			1.95			0.16			35
Year ended 3-31-2012		19.93		5.72			23			2.02			0.10			37
Year ended 3-31-2011		18.99		14.25			11			2.09			0.24			43
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		23.59		-7.56			734			1.79	(3)		0.45	(3)		15
Year ended 3-31-2015		25.53		8.34			736			1.80			0.09			33
Year ended 3-31-2014		24.26		15.11			524			1.84			-0.06			34
Year ended 3-31-2013		21.50		8.75			246			1.88			0.23			35
Year ended 3-31-2012		19.98		5.84			128			1.92			0.21			37
Year ended 3-31-2011		19.03		14.50			69			1.89			0.43			43
Class E Shares(5)
Six-month period ended 9-30-2015 (unaudited)		23.81		-7.16			—	*		0.94	(3)		1.30	(3)		15
Year ended 3-31-2015		25.76		9.22			—	*		0.96			0.92			33
Year ended 3-31-2014		24.48		16.10			—	*		1.00			0.78			34
Year ended 3-31-2013		21.68		10.15			—	*		1.03			1.09			35
Year ended 3-31-2012		20.02		6.71			—	*		1.05			1.11			37
Year ended 3-31-2011		19.06		15.43			—	*		1.10			1.24			43
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		23.69		-7.12			317			0.85	(3)		1.40	(3)		15
Year ended 3-31-2015		25.63		9.34			315			0.86			1.03			33
Year ended 3-31-2014		24.36		16.21			211			0.88			0.89			34
Year ended 3-31-2013		21.58		9.82			66			0.92			1.19			35
Year ended 3-31-2012		20.01		6.88			39			0.94			1.17			37
Year ended 3-31-2011		19.04		15.58			18			0.97			1.20			43
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		23.71		-7.40			11			1.44	(3)		0.83	(3)		15
Year ended 3-31-2015		25.65		8.71			9			1.46			0.43			33
Year ended 3-31-2014		24.37		15.51			4			1.47			0.29			34
Year ended 3-31-2013(6)		21.59		7.09			—	*		1.48	(3)		0.02	(3)		35	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		23.72		-7.04			3			0.70	(3)		1.50	(3)		15
Year ended 3-31-2015(7)		25.66		8.01			4			0.70	(3)		1.29	(3)		33	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		23.71		-7.27			159			1.09	(3)		1.14	(3)		15
Year ended 3-31-2015		25.66		9.10			185			1.11			0.79			33
Year ended 3-31-2014		24.38		15.91			152			1.13			0.64			34
Year ended 3-31-2013		21.60		9.57			89			1.16			0.96			35
Year ended 3-31-2012		20.03		6.57			70			1.19			0.96			37
Year ended 3-31-2011		19.08		15.29			48			1.22			1.10			43

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 53

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY ENERGY FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income		Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	14.03	$	(0.02	)	$	(2.91	)	$	(2.93	)	$	—	$	—	$	—
Year ended 3-31-2015		16.38		(0.05	)		(2.30	)		(2.35	)		—		—		—
Year ended 3-31-2014		13.74		(0.09	)		2.73			2.64			—		—		—
Year ended 3-31-2013		12.68		(0.07	)		1.13			1.06			—		—		—
Year ended 3-31-2012		15.11		(0.09	)		(2.34	)		(2.43	)		—		—		—
Year ended 3-31-2011		11.11		(0.07	)		4.07			4.00			—		—		—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		13.04		(0.08	)		(2.69	)		(2.77	)		—		—		—
Year ended 3-31-2015		15.35		(0.17	)		(2.14	)		(2.31	)		—		—		—
Year ended 3-31-2014		12.98		(0.19	)		2.56			2.37			—		—		—
Year ended 3-31-2013		12.08		(0.17	)		1.07			0.90			—		—		—
Year ended 3-31-2012		14.52		(0.18	)		(2.26	)		(2.44	)		—		—		—
Year ended 3-31-2011		10.77		(0.17	)		3.92			3.75			—		—		—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		13.24		(0.06	)		(2.74	)		(2.80	)		—		—		—
Year ended 3-31-2015		15.55		(0.13	)		(2.18	)		(2.31	)		—		—		—
Year ended 3-31-2014		13.12		(0.16	)		2.59			2.43			—		—		—
Year ended 3-31-2013		12.19		(0.14	)		1.07			0.93			—		—		—
Year ended 3-31-2012		14.62		(0.16	)		(2.27	)		(2.43	)		—		—		—
Year ended 3-31-2011		10.82		(0.15	)		3.95			3.80			—		—		—
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		14.30		(0.01	)		(2.96	)		(2.97	)		—		—		—
Year ended 3-31-2015		16.65		(0.01	)		(2.34	)		(2.35	)		—		—		—
Year ended 3-31-2014		13.92		(0.04	)		2.77			2.73			—		—		—
Year ended 3-31-2013		12.81		(0.03	)		1.14			1.11			—		—		—
Year ended 3-31-2012		15.22		(0.05	)		(2.36	)		(2.41	)		—		—		—
Year ended 3-31-2011		11.16		(0.04	)		4.10			4.06			—		—		—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		14.44		0.00	*		(2.99	)		(2.99	)		—		—		—
Year ended 3-31-2015		16.80		0.02			(2.38	)		(2.36	)		—		—		—
Year ended 3-31-2014		14.03		(0.02	)		2.79			2.77			—		—		—
Year ended 3-31-2013		12.90		(0.02	)		1.15			1.13			—		—		—
Year ended 3-31-2012		15.31		(0.03	)		(2.38	)		(2.41	)		—		—		—
Year ended 3-31-2011		11.21		(0.03	)		4.13			4.10			—		—		—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		13.98		(0.04	)		(2.89	)		(2.93	)		—		—		—
Year ended 3-31-2015		16.35		(0.08	)		(2.29	)		(2.37	)		—		—		—
Year ended 3-31-2014		13.74		(0.11	)		2.72			2.61			—		—		—
Year ended 3-31-2013(7)		12.26		(0.03	)		1.51			1.48			—		—		—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		14.46		0.01			(3.00	)		(2.99	)		—		—		—
Year ended 3-31-2015(8)		18.03		0.03			(3.60	)		(3.57	)		—		—		—
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		14.19		(0.02	)		(2.93	)		(2.95	)		—		—		—
Year ended 3-31-2015		16.55		(0.04	)		(2.32	)		(2.36	)		—		—		—
Year ended 3-31-2014		13.86		(0.06	)		2.75			2.69			—		—		—
Year ended 3-31-2013		12.77		(0.05	)		1.14			1.09			—		—		—
Year ended 3-31-2012		15.20		(0.07	)		(2.36	)		(2.43	)		—		—		—
Year ended 3-31-2011		11.16		(0.06	)		4.10			4.04			—		—		—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) Class share is closed to investment.

(7) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(8) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(10) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

54 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	11.10		-20.88	%	$	185			1.47	%(4)		-0.34	%(4)		—	%		—	%		14	%
Year ended 3-31-2015		14.03		-14.35			213			1.48			-0.33			—			—			22
Year ended 3-31-2014		16.38		19.13			124			1.60			-0.59			—			—			34
Year ended 3-31-2013		13.74		8.44			82			1.60			-0.54			1.68			-0.62			30
Year ended 3-31-2012		12.68		-16.08			85			1.60			-0.66			—			—			20
Year ended 3-31-2011		15.11		36.00			101			1.60			-0.59			1.66			-0.65			22
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		10.27		-21.24			4			2.33	(4)		-1.21	(4)		—			—			14
Year ended 3-31-2015		13.04		-15.05			5			2.29			-1.17			—			—			22
Year ended 3-31-2014		15.35		18.26			5			2.38			-1.37			—			—			34
Year ended 3-31-2013		12.98		7.36			4			2.49			-1.43			—			—			30
Year ended 3-31-2012		12.08		-16.74			4			2.41			-1.47			—			—			20
Year ended 3-31-2011		14.52		34.82			5			2.50			-1.49			—			—			22
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.44		-21.15			78			2.14	(4)		-1.01	(4)		—			—			14
Year ended 3-31-2015		13.24		-14.85			82			2.09			-0.92			—			—			22
Year ended 3-31-2014		15.55		18.43			30			2.16			-1.15			—			—			34
Year ended 3-31-2013		13.12		7.71			19			2.26			-1.20			—			—			30
Year ended 3-31-2012		12.19		-16.62			20			2.23			-1.30			—			—			20
Year ended 3-31-2011		14.62		35.12			25			2.29			-1.29			—			—			22
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		11.33		-20.77			—	*		1.20	(4)		-0.07	(4)		—			—			14
Year ended 3-31-2015		14.30		-14.11			—	*		1.20			-0.08			—			—			22
Year ended 3-31-2014		16.65		19.53			—	*		1.25			-0.25			—			—			34
Year ended 3-31-2013		13.92		8.74			—	*		1.31			-0.26			—			—			30
Year ended 3-31-2012		12.81		-15.83			—	*		1.30			-0.36			—			—			20
Year ended 3-31-2011		15.22		36.38			—	*		1.34			-0.33			—			—			22
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		11.45		-20.71			75			1.10	(4)		0.03	(4)		—			—			14
Year ended 3-31-2015		14.44		-14.05			82			1.09			0.10			—			—			22
Year ended 3-31-2014		16.80		19.74			14			1.14			-0.12			—			—			34
Year ended 3-31-2013		14.03		8.76			6			1.21			-0.14			—			—			30
Year ended 3-31-2012		12.90		-15.74			5			1.19			-0.26			—			—			20
Year ended 3-31-2011		15.31		36.57			10			1.22			-0.23			—			—			22
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		11.05		-20.96			15			1.69	(4)		-0.56	(4)		—			—			14
Year ended 3-31-2015		13.98		-14.50			15			1.69			-0.53			—			—			22
Year ended 3-31-2014		16.35		19.00			5			1.72			-0.70			—			—			34
Year ended 3-31-2013(7)		13.74		12.07			—	*		1.73	(4)		-0.91	(4)		—			—			30	(9)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		11.47		-20.68			3			0.94	(4)		0.21	(4)		—			—			14
Year ended 3-31-2015(8)		14.46		-19.80			2			0.93	(4)		0.34	(4)		—			—			22	(10)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		11.24		-20.79			40			1.36	(4)		-0.22	(4)		—			—			14
Year ended 3-31-2015		14.19		-14.26			37			1.34			-0.22			—			—			22
Year ended 3-31-2014		16.55		19.41			18			1.39			-0.38			—			—			34
Year ended 3-31-2013		13.86		8.54			8			1.45			-0.39			—			—			30
Year ended 3-31-2012		12.77		-15.99			7			1.45			-0.52			—			—			20
Year ended 3-31-2011		15.20		36.20			9			1.49			-0.48			—			—			22

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 55

FINANCIAL HIGHLIGHTS

Ivy Funds

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL NATURAL RESOURCES FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	16.13	$	0.01		$	(3.19	)	$	(3.18	)	$	—		$	—	$	—
Year ended 3-31-2015		19.07		0.00	*		(2.94	)		(2.94	)		—			—		—
Year ended 3-31-2014		17.84		(0.02	)		1.25			1.23			—			—		—
Year ended 3-31-2013		17.76		(0.03	)		0.14			0.11			(0.03	)		—		(0.03	)
Year ended 3-31-2012		24.20		(0.01	)		(6.43	)		(6.44	)		—			—		—
Year ended 3-31-2011		18.60		(0.04	)		5.64			5.60			—			—		—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		13.98		(0.06	)		(2.75	)		(2.81	)		—			—		—
Year ended 3-31-2015		16.67		(0.15	)		(2.54	)		(2.69	)		—			—		—
Year ended 3-31-2014		15.73		(0.15	)		1.09			0.94			—			—		—
Year ended 3-31-2013		15.76		(0.14	)		0.11			(0.03	)		—			—		—
Year ended 3-31-2012		21.65		(0.15	)		(5.74	)		(5.89	)		—			—		—
Year ended 3-31-2011		16.77		(0.18	)		5.06			4.88			—			—		—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		13.67		(0.03	)		(2.70	)		(2.73	)		—			—		—
Year ended 3-31-2015		16.26		(0.10	)		(2.49	)		(2.59	)		—			—		—
Year ended 3-31-2014		15.31		(0.11	)		1.06			0.95			—			—		—
Year ended 3-31-2013		15.31		(0.11	)		0.11			0.00			—			—		—
Year ended 3-31-2012		21.00		(0.12	)		(5.57	)		(5.69	)		—			—		—
Year ended 3-31-2011		16.25		(0.15	)		4.90			4.75			—			—		—
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		16.43		0.04			(3.26	)		(3.22	)		—			—		—
Year ended 3-31-2015		19.36		0.06			(2.99	)		(2.93	)		—			—		—
Year ended 3-31-2014		18.06		0.04			1.26			1.30			—			—		—
Year ended 3-31-2013		17.96		0.01			0.15			0.16			(0.06	)		—		(0.06	)
Year ended 3-31-2012		24.45		0.01			(6.50	)		(6.49	)		—			—		—
Year ended 3-31-2011		18.76		(0.02	)		5.71			5.69			—			—		—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		16.69		0.05			(3.31	)		(3.26	)		—			—		—
Year ended 3-31-2015		19.63		0.09			(3.03	)		(2.94	)		—			—		—
Year ended 3-31-2014		18.28		0.07			1.28			1.35			—			—		—
Year ended 3-31-2013		18.19		0.06			0.14			0.20			(0.11	)		—		(0.11	)
Year ended 3-31-2012		24.69		0.06			(6.56	)		(6.50	)		—			—		—
Year ended 3-31-2011		18.90		0.02			5.77			5.79			—			—		—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		15.94		0.00	*		(3.15	)		(3.15	)		—			—		—
Year ended 3-31-2015		18.87		(0.02	)		(2.91	)		(2.93	)		—			—		—
Year ended 3-31-2014		17.67		(0.04	)		1.24			1.20			—			—		—
Year ended 3-31-2013		17.58		(0.05	)		0.14			0.09			—			—		—
Year ended 3-31-2012		24.00		(0.05	)		(6.37	)		(6.42	)		—			—		—
Year ended 3-31-2011		18.47		(0.08	)		5.61			5.53			—			—		—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		16.70		0.06			(3.31	)		(3.25	)		—			—		—
Year ended 3-31-2015(6)		20.86		0.11			(4.27	)		(4.16	)		—			—		—
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		16.45		0.03			(3.26	)		(3.23	)		—			—		—
Year ended 3-31-2015		19.39		0.04			(2.98	)		(2.94	)		—			—		—
Year ended 3-31-2014		18.10		0.02			1.27			1.29			—			—		—
Year ended 3-31-2013		18.02		0.02			0.13			0.15			(0.07	)		—		(0.07	)
Year ended 3-31-2012		24.50		0.03			(6.51	)		(6.48	)		—			—		—
Year ended 3-31-2011		18.79		(0.01	)		5.72			5.71			—			—		—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

56 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average  Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	12.95		-19.72	%	$	470		1.60	%(4)		0.13	%(4)		—	%		—	%		6	%
Year ended 3-31-2015		16.13		-15.42			645		1.57			-0.03			—			—			22
Year ended 3-31-2014		19.07		6.90			1,008		1.56			-0.09			—			—			100
Year ended 3-31-2013		17.84		0.64			1,375		1.52			-0.18			—			—			83
Year ended 3-31-2012		17.76		-26.61			1,770		1.41			-0.07			—			—			84
Year ended 3-31-2011		24.20		30.11			3,095		1.39			-0.22			—			—			105
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		11.17		-20.10			12		2.58	(4)		-0.87	(4)		—			—			6
Year ended 3-31-2015		13.98		-16.14			21		2.47			-0.95			—			—			22
Year ended 3-31-2014		16.67		5.98			40		2.41			-0.95			—			—			100
Year ended 3-31-2013		15.73		-0.19			69		2.33			-0.97			—			—			83
Year ended 3-31-2012		15.76		-27.21			112		2.20			-0.86			—			—			84
Year ended 3-31-2011		21.65		29.10			198		2.21			-1.05			—			—			105
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.94		-19.97			132		2.25	(4)		-0.53	(4)		—			—			6
Year ended 3-31-2015		13.67		-15.93			187		2.20			-0.65			—			—			22
Year ended 3-31-2014		16.26		6.21			291		2.18			-0.72			—			—			100
Year ended 3-31-2013		15.31		—	*		410		2.13			-0.78			—			—			83
Year ended 3-31-2012		15.31		-27.10			603		2.07			-0.73			—			—			84
Year ended 3-31-2011		21.00		29.23			1,072		2.07			-0.91			—			—			105
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		13.21		-19.60			5		1.27	(4)		0.48	(4)		2.15	(4)		-0.40	(4)		6
Year ended 3-31-2015		16.43		-15.13			6		1.27			0.32			2.03			-0.44			22
Year ended 3-31-2014		19.36		7.20			7		1.27			0.20			2.12			-0.64			100
Year ended 3-31-2013		18.06		0.91			7		1.27			0.05			2.21			-0.89			83
Year ended 3-31-2012		17.96		-26.54			7		1.27			0.06			2.03			-0.69			84
Year ended 3-31-2011		24.45		30.33			9		1.27			-0.12			2.18			-1.03			105
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		13.43		-19.53			128		1.15	(4)		0.58	(4)		—			—			6
Year ended 3-31-2015		16.69		-14.98			174		1.11			0.47			—			—			22
Year ended 3-31-2014		19.63		7.39			224		1.08			0.37			—			—			100
Year ended 3-31-2013		18.28		1.14			484		1.05			0.32			—			—			83
Year ended 3-31-2012		18.19		-26.33			1,137		1.02			0.32			—			—			84
Year ended 3-31-2011		24.69		30.64			1,756		1.02			0.12			—			—			105
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		12.79		-19.76			25		1.74	(4)		0.00	*(4)		—			—			6
Year ended 3-31-2015		15.94		-15.53			33		1.69			-0.12			—			—			22
Year ended 3-31-2014		18.87		6.79			43		1.67			-0.20			—			—			100
Year ended 3-31-2013		17.67		0.51			50		1.63			-0.30			—			—			83
Year ended 3-31-2012		17.58		-26.75			66		1.60			-0.26			—			—			84
Year ended 3-31-2011		24.00		29.94			90		1.56			-0.41			—			—			105
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		13.45		-19.46			4		0.99	(4)		0.77	(4)		—			—			6
Year ended 3-31-2015(6)		16.70		-19.94			5		0.95	(4)		0.97	(4)		—			—			22	(7)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		13.22		-19.64			43		1.40	(4)		0.34	(4)		—			—			6
Year ended 3-31-2015		16.45		-15.16			60		1.35			0.20			—			—			22
Year ended 3-31-2014		19.39		7.07			88		1.33			0.10			—			—			100
Year ended 3-31-2013		18.10		0.93			186		1.27			0.11			1.29			0.09			83
Year ended 3-31-2012		18.02		-26.45			491		1.20			0.14			1.27			0.07			84
Year ended 3-31-2011		24.50		30.39			799		1.20			-0.04			1.27			-0.11			105

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 57

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL REAL ESTATE FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	11.15	$	0.06		$	(0.95	)	$	(0.89	)	$	(0.03	)	$	—		$	(0.03	)
Year ended 3-31-2015		9.83		0.13			1.46			1.59			(0.19	)		(0.08	)		(0.27	)
Year ended 3-31-2014		10.00		0.11			(0.12	)		(0.01	)		(0.16	)		—			(0.16	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		11.10		0.00	*		(0.94	)		(0.94	)		—			—			—
Year ended 3-31-2015		9.79		0.01			1.46			1.47			(0.08	)		(0.08	)		(0.16	)
Year ended 3-31-2014		10.00		0.00	*		(0.12	)		(0.12	)		(0.09	)		—			(0.09	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		11.10		(0.01	)		(0.94	)		(0.95	)		—			—			—
Year ended 3-31-2015		9.80		(0.01	)		1.47			1.46			(0.08	)		(0.08	)		(0.16	)
Year ended 3-31-2014		10.00		0.00	*		(0.11	)		(0.11	)		(0.09	)		—			(0.09	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		11.14		0.05			(0.94	)		(0.89	)		(0.02	)		—			(0.02	)
Year ended 3-31-2015		9.82		0.12			1.46			1.58			(0.18	)		(0.08	)		(0.26	)
Year ended 3-31-2014		10.00		0.09			(0.11	)		(0.02	)		(0.16	)		—			(0.16	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		11.12		0.02			(0.95	)		(0.93	)		—			—			—
Year ended 3-31-2015		9.81		0.05			1.46			1.51			(0.12	)		(0.08	)		(0.20	)
Year ended 3-31-2014		10.00		0.04			(0.11	)		(0.07	)		(0.12	)		—			(0.12	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		11.22		0.06			(0.96	)		(0.90	)		(0.03	)		—			(0.03	)
Year ended 3-31-2015		9.89		0.12			1.48			1.60			(0.19	)		(0.08	)		(0.27	)
Year ended 3-31-2014		10.00		0.11			(0.05	)		0.06			(0.17	)		—			(0.17	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) Ratio of expenses to average net assets excluding offering cost was 2.40%.

(7) Ratio of expenses to average net assets excluding offering cost was 2.39%.

(8) Ratio of expenses to average net assets excluding offering cost was 1.43%.

(9) Ratio of expenses to average net assets excluding offering cost was 1.99%.

58 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	10.23		-8.04	%	$	29			1.51	%(4)		1.13	%(4)		2.14	%(4)		0.50	%(4)		27	%
Year ended 3-31-2015		11.15		16.31			28			1.51			1.22			2.14			0.59			63
Year ended 3-31-2014		9.83		0.02			22			1.51			1.12			2.62			0.01			36
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		10.16		-8.47			—	*		2.56	(4)		0.07	(4)		—			—			27
Year ended 3-31-2015		11.10		15.05			—	*		2.66			0.06			—			—			63
Year ended 3-31-2014		9.79		-1.16			—	*		2.68	(6)		-0.02			3.14			-0.48			36
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.15		-8.56			1			2.73	(4)		-0.11	(4)		—			—			27
Year ended 3-31-2015		11.10		14.92			1			2.68			-0.09			—			—			63
Year ended 3-31-2014		9.80		-1.03			1			2.67	(7)		—			3.12			-0.45			36
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		10.23		-7.99			3			1.61	(4)		1.02	(4)		—			—			27
Year ended 3-31-2015		11.14		16.14			3			1.62			1.08			—			—			63
Year ended 3-31-2014		9.82		-0.13			2			1.71	(8)		0.94			2.16			0.49			36
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		10.19		-8.36			—	*		2.21	(4)		0.40	(4)		—			—			27
Year ended 3-31-2015		11.12		15.40			1			2.25			0.50			—			—			63
Year ended 3-31-2014		9.81		-0.67			—	*		2.27	(9)		0.38			2.73			-0.08			36
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		10.29		-8.07			1			1.51	(4)		1.15	(4)		1.88	(4)		0.78	(4)		27
Year ended 3-31-2015		11.22		16.32			1			1.51			1.15			1.90			0.76			63
Year ended 3-31-2014		9.89		0.68			1			1.51			1.13			2.37			0.27			36

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 59

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL-RISK MANAGED REAL ESTATE FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	11.06	$	0.07	$	(0.72	)	$	(0.65	)	$	(0.02	)	$	—	$	(0.02	)
Year ended 3-31-2015		9.72		0.14		1.48			1.62			(0.28	)		—		(0.28	)
Year ended 3-31-2014		10.00		0.13		(0.24	)		(0.11	)		(0.17	)		—		(0.17	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		11.04		0.03		(0.72	)		(0.69	)		—			—		—
Year ended 3-31-2015		9.70		0.06		1.46			1.52			(0.18	)		—		(0.18	)
Year ended 3-31-2014		10.00		0.03		(0.23	)		(0.20	)		(0.10	)		—		(0.10	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		11.04		0.03		(0.72	)		(0.69	)		—			—		—
Year ended 3-31-2015		9.70		0.05		1.47			1.52			(0.18	)		—		(0.18	)
Year ended 3-31-2014		10.00		0.03		(0.23	)		(0.20	)		(0.10	)		—		(0.10	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		11.07		0.08		(0.72	)		(0.64	)		(0.03	)		—		(0.03	)
Year ended 3-31-2015		9.72		0.15		1.47			1.62			(0.27	)		—		(0.27	)
Year ended 3-31-2014		10.00		0.12		(0.24	)		(0.12	)		(0.16	)		—		(0.16	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		11.05		0.05		(0.72	)		(0.67	)		(0.01	)		—		(0.01	)
Year ended 3-31-2015		9.70		0.09		1.47			1.56			(0.21	)		—		(0.21	)
Year ended 3-31-2014		10.00		0.06		(0.24	)		(0.18	)		(0.12	)		—		(0.12	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		11.07		0.08		(0.73	)		(0.65	)		(0.02	)		—		(0.02	)
Year ended 3-31-2015		9.72		0.13		1.50			1.63			(0.28	)		—		(0.28	)
Year ended 3-31-2014		10.00		0.13		(0.24	)		(0.11	)		(0.17	)		—		(0.17	)

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) Ratio of expenses to average net assets excluding offering cost was 2.15%.

(7) Ratio of expenses to average net assets excluding offering cost was 1.27%.

(8) Ratio of expenses to average net assets excluding offering cost was 1.88%.

60 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	10.39		-5.88	%	$	42		1.51	%(4)		1.40	%(4)		1.81	%(4)		1.10	%(4)		34	%
Year ended 3-31-2015		11.06		16.77			43		1.50			1.31			1.83			0.98			53
Year ended 3-31-2014		9.72		-1.00			20		1.51			1.39			2.08			0.82			38
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		10.35		-6.25			1		2.36	(4)		0.58	(4)		—			—			34
Year ended 3-31-2015		11.04		15.74			1		2.34			0.57			—			—			53
Year ended 3-31-2014		9.70		-1.92			1		2.53	(6)		0.32			2.58			0.27			38
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.35		-6.25			3		2.36	(4)		0.53	(4)		—			—			34
Year ended 3-31-2015		11.04		15.72			3		2.38			0.43			—			—			53
Year ended 3-31-2014		9.70		-1.91			2		2.53	(6)		0.33			2.58			0.28			38
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		10.40		-5.79			10		1.41	(4)		1.49	(4)		—			—			34
Year ended 3-31-2015		11.07		16.79			10		1.47			1.46			—			—			53
Year ended 3-31-2014		9.72		-1.09			8		1.65	(7)		1.20			1.70			1.15			38
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		10.37		-6.07			2		2.01	(4)		0.88	(4)		—			—			34
Year ended 3-31-2015		11.05		16.15			2		2.07			0.88			—			—			53
Year ended 3-31-2014		9.70		-1.72			2		2.26	(8)		0.60			2.31			0.55			38
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		10.40		-5.87			3		1.51	(4)		1.42	(4)		1.70	(4)		1.23	(4)		34
Year ended 3-31-2015		11.07		16.87			5		1.51			1.26			1.71			1.06			53
Year ended 3-31-2014		9.72		-0.98			3		1.50			1.35			1.95			0.90			38

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 61

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY REAL ESTATE SECURITIES FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	29.38	$	0.10		$	(2.34	)	$	(2.24	)	$	(0.07	)	$	—		$	(0.07	)
Year ended 3-31-2015		24.35		0.21			5.86			6.07			(0.17	)		(0.87	)		(1.04	)
Year ended 3-31-2014		23.73		0.16			0.69			0.85			(0.23	)		—			(0.23	)
Year ended 3-31-2013		21.27		0.16			2.45			2.61			(0.15	)		—			(0.15	)
Year ended 3-31-2012		19.42		0.09			1.82			1.91			(0.06	)		—			(0.06	)
Year ended 3-31-2011		15.95		0.03			3.62			3.65			(0.18	)		—			(0.18	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		28.58		(0.03	)		(2.26	)		(2.29	)		—			—			—
Year ended 3-31-2015		23.77		(0.03	)		5.67			5.64			—			(0.83	)		(0.83	)
Year ended 3-31-2014		23.17		(0.06	)		0.66			0.60			—			—			—
Year ended 3-31-2013		20.85		(0.06	)		2.38			2.32			—			—			—
Year ended 3-31-2012		19.20		(0.12	)		1.77			1.65			—			—			—
Year ended 3-31-2011		15.82		(0.17	)		3.57			3.40			(0.02	)		—			(0.02	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		28.92		0.00	*		(2.28	)		(2.28	)		(0.01	)		—			(0.01	)
Year ended 3-31-2015		24.02		0.00	*		5.78			5.78			(0.01	)		(0.87	)		(0.88	)
Year ended 3-31-2014		23.42		0.00	*		0.67			0.67			(0.07	)		—			(0.07	)
Year ended 3-31-2013		21.00		0.01			2.42			2.43			(0.01	)		—			(0.01	)
Year ended 3-31-2012		19.27		(0.05	)		1.78			1.73			—			—			—
Year ended 3-31-2011		15.86		(0.10	)		3.59			3.49			(0.08	)		—			(0.08	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		29.37		0.08			(2.32	)		(2.24	)		(0.05	)		—			(0.05	)
Year ended 3-31-2015		24.35		0.13			5.87			6.00			(0.11	)		(0.87	)		(0.98	)
Year ended 3-31-2014		23.72		0.13			0.70			0.83			(0.20	)		—			(0.20	)
Year ended 3-31-2013		21.27		0.14			2.46			2.60			(0.15	)		—			(0.15	)
Year ended 3-31-2012		19.43		0.10			1.81			1.91			(0.07	)		—			(0.07	)
Year ended 3-31-2011		15.96		0.03			3.63			3.66			(0.19	)		—			(0.19	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		29.53		0.16			(2.35	)		(2.19	)		(0.13	)		—			(0.13	)
Year ended 3-31-2015		24.50		0.32			5.90			6.22			(0.32	)		(0.87	)		(1.19	)
Year ended 3-31-2014		23.85		0.28			0.69			0.97			(0.32	)		—			(0.32	)
Year ended 3-31-2013		21.37		0.24			2.51			2.75			(0.27	)		—			(0.27	)
Year ended 3-31-2012		19.52		0.22			1.80			2.02			(0.17	)		—			(0.17	)
Year ended 3-31-2011		16.00		0.17			3.61			3.78			(0.26	)		—			(0.26	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		29.37		0.08			(2.33	)		(2.25	)		(0.05	)		—			(0.05	)
Year ended 3-31-2015		24.35		0.20			5.81			6.01			(0.12	)		(0.87	)		(0.99	)
Year ended 3-31-2014		23.73		0.15			0.68			0.83			(0.21	)		—			(0.21	)
Year ended 3-31-2013		21.27		0.15			2.44			2.59			(0.13	)		—			(0.13	)
Year ended 3-31-2012		19.43		0.09			1.81			1.90			(0.06	)		—			(0.06	)
Year ended 3-31-2011		15.95		(0.01	)		3.68			3.67			(0.19	)		—			(0.19	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		29.56		0.18			(2.35	)		(2.17	)		(0.15	)		—			(0.15	)
Year ended 3-31-2015(6)		26.13		0.20			4.34			4.54			(0.24	)		(0.87	)		(1.11	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		29.40		0.13			(2.33	)		(2.20	)		(0.10	)		—			(0.10	)
Year ended 3-31-2015		24.39		0.28			5.84			6.12			(0.24	)		(0.87	)		(1.11	)
Year ended 3-31-2014		23.75		0.24			0.68			0.92			(0.28	)		—			(0.28	)
Year ended 3-31-2013		21.28		0.23			2.45			2.68			(0.21	)		—			(0.21	)
Year ended 3-31-2012		19.44		0.16			1.81			1.97			(0.13	)		—			(0.13	)
Year ended 3-31-2011		15.95		0.10			3.62			3.72			(0.23	)		—			(0.23	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

62 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	27.07		-7.60	%	$	480		1.48	%(4)		0.74	%(4)		1.58	%(4)		0.64	%(4)		31	%
Year ended 3-31-2015		29.38		25.19			543		1.46			0.78			1.56			0.68			48
Year ended 3-31-2014		24.35		3.65			384		1.56			0.67			1.66			0.57			73
Year ended 3-31-2013		23.73		12.32			341		1.64			0.71			1.68			0.67			43
Year ended 3-31-2012		21.27		9.88			276		1.73			0.45			—			—			55
Year ended 3-31-2011		19.42		23.00			247		1.79			0.16			—			—			65
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		26.29		-8.01			5		2.39	(4)		-0.22	(4)		2.49	(4)		-0.32	(4)		31
Year ended 3-31-2015		28.58		23.95			6		2.41			-0.10			2.51			-0.20			48
Year ended 3-31-2014		23.77		2.59			6		2.61			-0.28			2.71			-0.38			73
Year ended 3-31-2013		23.17		11.08			7		2.75			-0.29			2.79			-0.33			43
Year ended 3-31-2012		20.85		8.65			7		2.89			-0.62			—			—			55
Year ended 3-31-2011		19.20		21.51			8		3.01			-0.99			—			—			65
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		26.63		-7.88			16		2.19	(4)		0.00	*(4)		2.29	(4)		-0.10	(4)		31
Year ended 3-31-2015		28.92		24.27			21		2.18			0.01			2.28			-0.09			48
Year ended 3-31-2014		24.02		2.90			14		2.27			0.02			2.37			-0.08			73
Year ended 3-31-2013		23.42		11.50			15		2.35			0.03			2.39			-0.01			43
Year ended 3-31-2012		21.00		9.03			12		2.49			-0.28			—			—			55
Year ended 3-31-2011		19.27		22.07			12		2.56			-0.52			—			—			65
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		27.08		-7.63			3		1.60	(4)		0.61	(4)		1.88	(4)		0.33	(4)		31
Year ended 3-31-2015		29.37		24.88			4		1.67			0.49			1.93			0.23			48
Year ended 3-31-2014		24.35		3.58			2		1.67			0.54			2.15			0.06			73
Year ended 3-31-2013		23.72		12.27			2		1.67			0.61			2.27			0.01			43
Year ended 3-31-2012		21.27		9.90			1		1.67			0.50			2.36			-0.19			55
Year ended 3-31-2011		19.43		23.12			1		1.67			0.16			2.52			-0.69			65
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		27.21		-7.39			11		1.03	(4)		1.16	(4)		1.13	(4)		1.06	(4)		31
Year ended 3-31-2015		29.53		25.74			13		1.02			1.18			1.12			1.08			48
Year ended 3-31-2014		24.50		4.20			9		1.02			1.18			1.12			1.08			73
Year ended 3-31-2013		23.85		12.95			7		1.09			1.06			1.12			1.03			43
Year ended 3-31-2012		21.37		10.46			3		1.15			1.15			—			—			55
Year ended 3-31-2011		19.52		23.84			5		1.16			0.97			—			—			65
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		27.07		-7.66			1		1.65	(4)		0.59	(4)		1.75	(4)		0.49	(4)		31
Year ended 3-31-2015		29.37		24.92			2		1.64			0.72			1.74			0.62			48
Year ended 3-31-2014		24.35		3.58			1		1.66			0.62			1.76			0.52			73
Year ended 3-31-2013		23.73		12.23			2		1.71			0.69			1.75			0.65			43
Year ended 3-31-2012		21.27		9.84			1		1.73			0.49			—			—			55
Year ended 3-31-2011		19.43		23.17			1		1.70			-0.05			—			—			65
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		27.24		-7.31			3		0.87	(4)		1.33	(4)		0.97	(4)		1.23	(4)		31
Year ended 3-31-2015(6)		29.56		17.66			4		0.86	(4)		1.10	(4)		0.96	(4)		1.00	(4)		48	(7)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		27.10		-7.47			144		1.27	(4)		0.93	(4)		1.37	(4)		0.83	(4)		31
Year ended 3-31-2015		29.40		25.41			180		1.26			1.05			1.36			0.95			48
Year ended 3-31-2014		24.39		3.97			143		1.27			1.03			1.37			0.93			73
Year ended 3-31-2013		23.75		12.63			168		1.34			1.06			1.37			1.03			43
Year ended 3-31-2012		21.28		10.24			149		1.39			0.82			—			—			55
Year ended 3-31-2011		19.44		23.51			150		1.39			0.57			—			—			65

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 63

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY SCIENCE AND TECHNOLOGY FUND

	Net Asset Value, Beginning of Period		Net Investment Loss(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income		Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	55.95	$	(0.18	)	$	(7.45	)	$	(7.63	)	$	—	$	—		$	—
Year ended 3-31-2015		52.71		(0.36	)		4.77			4.41			—		(1.17	)		(1.17	)
Year ended 3-31-2014		39.79		(0.30	)		14.54			14.24			—		(1.32	)		(1.32	)
Year ended 3-31-2013		33.54		(0.27	)		6.71			6.44			—		(0.19	)		(0.19	)
Year ended 3-31-2012		35.09		(0.32	)		0.93			0.61			—		(2.16	)		(2.16	)
Year ended 3-31-2011		29.35		(0.25	)		6.39			6.14			—		(0.40	)		(0.40	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		48.01		(0.33	)		(6.37	)		(6.70	)		—		—			—
Year ended 3-31-2015		45.73		(0.65	)		4.10			3.45			—		(1.17	)		(1.17	)
Year ended 3-31-2014		34.92		(0.59	)		12.72			12.13			—		(1.32	)		(1.32	)
Year ended 3-31-2013		29.69		(0.48	)		5.90			5.42			—		(0.19	)		(0.19	)
Year ended 3-31-2012		31.58		(0.53	)		0.77			0.24			—		(2.13	)		(2.13	)
Year ended 3-31-2011		26.62		(0.47	)		5.75			5.28			—		(0.32	)		(0.32	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		49.63		(0.33	)		(6.59	)		(6.92	)		—		—			—
Year ended 3-31-2015		47.21		(0.65	)		4.24			3.59			—		(1.17	)		(1.17	)
Year ended 3-31-2014		35.99		(0.58	)		13.12			12.54			—		(1.32	)		(1.32	)
Year ended 3-31-2013		30.57		(0.47	)		6.08			5.61			—		(0.19	)		(0.19	)
Year ended 3-31-2012		32.41		(0.51	)		0.80			0.29			—		(2.13	)		(2.13	)
Year ended 3-31-2011		27.29		(0.44	)		5.91			5.47			—		(0.35	)		(0.35	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		55.70		(0.22	)		(7.42	)		(7.64	)		—		—			—
Year ended 3-31-2015		52.57		(0.45	)		4.75			4.30			—		(1.17	)		(1.17	)
Year ended 3-31-2014		39.74		(0.38	)		14.53			14.15			—		(1.32	)		(1.32	)
Year ended 3-31-2013		33.48		(0.29	)		6.74			6.45			—		(0.19	)		(0.19	)
Year ended 3-31-2012		35.04		(0.33	)		0.92			0.59			—		(2.15	)		(2.15	)
Year ended 3-31-2011		29.33		(0.26	)		6.38			6.12			—		(0.41	)		(0.41	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		60.64		(0.11	)		(8.09	)		(8.20	)		—		—			—
Year ended 3-31-2015		56.87		(0.23	)		5.17			4.94			—		(1.17	)		(1.17	)
Year ended 3-31-2014		42.72		(0.19	)		15.66			15.47			—		(1.32	)		(1.32	)
Year ended 3-31-2013		35.88		(0.17	)		7.20			7.03			—		(0.19	)		(0.19	)
Year ended 3-31-2012		37.36		(0.23	)		1.01			0.78			—		(2.26	)		(2.26	)
Year ended 3-31-2011		31.16		(0.16	)		6.80			6.64			—		(0.44	)		(0.44	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		55.05		(0.26	)		(7.33	)		(7.59	)		—		—			—
Year ended 3-31-2015		52.04		(0.52	)		4.70			4.18			—		(1.17	)		(1.17	)
Year ended 3-31-2014		39.42		(0.46	)		14.40			13.94			—		(1.32	)		(1.32	)
Year ended 3-31-2013		33.32		(0.36	)		6.65			6.29			—		(0.19	)		(0.19	)
Year ended 3-31-2012		34.93		(0.40	)		0.92			0.52			—		(2.13	)		(2.13	)
Year ended 3-31-2011		29.27		(0.32	)		6.37			6.05			—		(0.39	)		(0.39	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		60.70		(0.07	)		(8.10	)		(8.17	)		—		—			—
Year ended 3-31-2015(6)		57.21		(0.12	)		4.78			4.66			—		(1.17	)		(1.17	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		58.68		(0.17	)		(7.83	)		(8.00	)		—		—			—
Year ended 3-31-2015		55.20		(0.35	)		5.00			4.65			—		(1.17	)		(1.17	)
Year ended 3-31-2014		41.60		(0.31	)		15.23			14.92			—		(1.32	)		(1.32	)
Year ended 3-31-2013		35.03		(0.26	)		7.02			6.76			—		(0.19	)		(0.19	)
Year ended 3-31-2012		36.54		(0.31	)		0.98			0.67			—		(2.18	)		(2.18	)
Year ended 3-31-2011		30.54		(0.23	)		6.65			6.42			—		(0.42	)		(0.42	)

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

64 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Loss to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	48.32		-13.64	%	$	1,937		1.26	%(4)		-0.65	%(4)		—	%		—	%		12	%
Year ended 3-31-2015		55.95		8.48			2,198		1.26			-0.67			—			—			32
Year ended 3-31-2014		52.71		35.99			1,998		1.26			-0.63			—			—			35
Year ended 3-31-2013		39.79		19.28			759		1.37			-0.79			—			—			43
Year ended 3-31-2012		33.54		3.01			549		1.39			-1.02			—			—			51
Year ended 3-31-2011		35.09		21.09			568		1.40			-0.83			—			—			47
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		41.31		-13.96			57		2.01	(4)		-1.39	(4)		—			—			12
Year ended 3-31-2015		48.01		7.67			69		2.01			-1.42			—			—			32
Year ended 3-31-2014		45.73		34.91			71		2.04			-1.42			—			—			35
Year ended 3-31-2013		34.92		18.37			40		2.17			-1.59			—			—			43
Year ended 3-31-2012		29.69		2.15			32		2.24			-1.86			—			—			51
Year ended 3-31-2011		31.58		19.98			31		2.29			-1.72			—			—			47
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		42.71		-13.94			911		1.95	(4)		-1.34	(4)		—			—			12
Year ended 3-31-2015		49.63		7.73			999		1.95			-1.37			—			—			32
Year ended 3-31-2014		47.21		35.02			776		1.97			-1.34			—			—			35
Year ended 3-31-2013		35.99		18.47			278		2.07			-1.50			—			—			43
Year ended 3-31-2012		30.57		2.25			219		2.13			-1.76			—			—			51
Year ended 3-31-2011		32.41		20.17			230		2.15			-1.58			—			—			47
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		48.06		-13.72			21		1.42	(4)		-0.80	(4)		1.52	(4)		-0.90	(4)		12
Year ended 3-31-2015		55.70		8.29			22		1.43			-0.84			1.55			-0.96			32
Year ended 3-31-2014		52.57		35.80			17		1.43			-0.80			1.63			-1.00			35
Year ended 3-31-2013		39.74		19.31			9		1.43			-0.85			1.91			-1.33			43
Year ended 3-31-2012		33.48		3.00			6		1.43			-1.06			2.01			-1.64			51
Year ended 3-31-2011		35.04		21.03			6		1.43			-0.87			2.08			-1.52			47
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		52.44		-13.52			1,720		0.97	(4)		-0.36	(4)		—			—			12
Year ended 3-31-2015		60.64		8.79			1,871		0.97			-0.39			—			—			32
Year ended 3-31-2014		56.87		36.37			1,411		0.99			-0.36			—			—			35
Year ended 3-31-2013		42.72		19.70			322		1.04			-0.46			—			—			43
Year ended 3-31-2012		35.88		3.37			186		1.06			-0.69			—			—			51
Year ended 3-31-2011		37.36		21.48			182		1.07			-0.50			—			—			47
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		47.46		-13.79			108		1.57	(4)		-0.96	(4)		—			—			12
Year ended 3-31-2015		55.05		8.15			114		1.57			-0.98			—			—			32
Year ended 3-31-2014		52.04		35.56			105		1.59			-0.96			—			—			35
Year ended 3-31-2013		39.42		18.96			56		1.64			-1.07			—			—			43
Year ended 3-31-2012		33.32		2.76			42		1.64			-1.27			—			—			51
Year ended 3-31-2011		34.93		20.83			35		1.61			-1.06			—			—			47
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		52.53		-13.46			17		0.82	(4)		-0.23	(4)		—			—			12
Year ended 3-31-2015(6)		60.70		8.25			12		0.82	(4)		-0.32	(4)		—			—			32	(7)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		50.68		-13.63			880		1.22	(4)		-0.60	(4)		—			—			12
Year ended 3-31-2015		58.68		8.53			1,030		1.22			-0.63			—			—			32
Year ended 3-31-2014		55.20		36.02			1,043		1.24			-0.61			—			—			35
Year ended 3-31-2013		41.60		19.40			552		1.29			-0.71			—			—			43
Year ended 3-31-2012		35.03		3.10			399		1.30			-0.93			—			—			51
Year ended 3-31-2011		36.54		21.18			445		1.31			-0.74			—			—			47

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 65

NOTES TO FINANCIAL STATEMENTS

Ivy Funds SEPTEMBER 30, 2015 (UNAUDITED)

1. ORGANIZATION

Ivy Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Ivy Asset Strategy Fund, Ivy Balanced Fund, Ivy Energy Fund, Ivy Global Natural Resources Fund, Ivy Global Real Estate Fund, Ivy Global Risk-Managed Real Estate Fund, Ivy Real Estate Securities Fund and Ivy Science and Technology Fund (each, a “Fund”) are eight series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds’ Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager is Ivy Investment Management Company (“IICO” or the “Manager”).

Each Fund offers Class A, Class B, Class C, Class I, Class Y, and Class R shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Certain Funds may also offer Class E shares. Class E shares are closed for all investments in the Ivy Balanced Fund and Ivy Energy Fund. Certain Funds may also offer Class R6 shares. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus a front-end sales charge. For Class A shares, a 1% contingent deferred sales charge (“CDSC”) is only imposed on shares purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC. Class I, Class R, Class R6 and Class Y shares are sold without either a front-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Net investment income, net assets and NAV per share may differ due to each class having its own expenses, such as transfer agent and shareholder servicing fees, directly attributable to that class. Class A, B, C, E, R and Y have a distribution and service plan. Class I shares and Class R6 shares are not included in the plan. Class B shares will automatically convert to Class A shares 96 months after the date of purchase.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund.

Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. All or a portion of the distributions received from a real estate investment trust or publicly traded partnership may be designated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation. Each Fund’s accounting records are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars daily, using foreign exchange rates obtained from an independent pricing service authorized by the Board of Trustees of the Trust (the “Board”). Purchases and sales of investment securities and accruals of income and expenses are translated at the rate of exchange prevailing on the date of the transaction. For assets and liabilities other than investments in securities, net realized and unrealized gains and losses from foreign currency translation arise from changes in currency exchange rates. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments. Foreign exchange rates are typically valued as of the close of the New York Stock Exchange (“NYSE”), normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Income Taxes. It is the policy of each Fund to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Fund intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The Funds’ tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax returns. Management of the Trust periodically reviews all tax positions to assess that it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of the date of these financial statements, management believes that no liability for unrecognized tax positions is required.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded by each Fund on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America (“U.S. GAAP”). If the total dividends and distributions made in any tax year exceeds net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax return of capital.

Segregation and Collateralization. In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods and swaps), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party

66 SEMIANNUAL REPORT 2015

broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments. Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the Statement of Assets and Liabilities as “Restricted cash.” Securities collateral pledged for the same purpose, if any, is noted on the Schedule of Investments.

Concentration of Market and Credit Risk. In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded on the Funds’ Statement of Assets and Liabilities, less any collateral held by the Funds.

Certain Funds may hold high-yield and/or non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default.

Certain Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected on the Statement of Assets and Liabilities.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.

Inflation-Indexed Bonds. Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

Interest Only Obligations. These securities entitle the owner to receive only the interest portion from a bond, Treasury note or pool of mortgages. These securities are generally created by a third party separating a bond or pool of mortgages into distinct interest-only and principal-only securities. As the principal (par) amount of a bond or pool of mortgages is paid down, the amount of interest income earned by the owner will decline as well.

Loans. Certain Funds may invest in loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates, the debtor of which may be a domestic or foreign corporation, partnership or other entity (“Borrower”). Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, London Interbank Offered Rate (“LIBOR”) rates or certificates of deposit rates. Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Loans are exempt from registration under the Securities Act of 1933, as amended, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender. When a Fund purchases a participation of a loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest.

2015 SEMIANNUAL REPORT 67

Payment In-Kind Securities. Certain Funds may invest in payment in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statement of Assets and Liabilities.

Securities on a When-Issued or Delayed Delivery Basis. Certain Funds may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by a Fund on a when-issued basis normally take place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of a Fund’s NAV to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield IICO, or the Fund’s investment subadviser, as applicable, consider advantageous. The Fund maintains internally designated assets with a value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued or delayed delivery basis prior to settlement of the original purchase.

Custodian Fees. “Custodian fees” on the Statement of Operations may include interest expense incurred by a Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. A Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by that Fund. The “Earnings credit” line item, if shown, represents earnings on cash balances maintained by that Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Independent Trustees and Chief Compliance Officer Fees. Fees paid to the Independent Trustees can be paid in cash or deferred to a later date, at the election of the Trustee according to the Deferred Fee Agreement entered into between the Trust and the Trustee(s). Each Fund records its portion of the deferred fees as a liability on the Statement of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statement of Operations. Additionally, fees paid to the Chief Compliance Officer of the Funds are shown on the Statement of Operations.

Indemnifications. The Trust’s organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.

Basis of Preparation. Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The accompanying financial statements were prepared in accordance with U.S. GAAP, including but not limited to ASC 946. U.S. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.

Subsequent Events. Management has performed a review for subsequent events through the date this report was issued.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Each Fund calculates the NAV of its shares as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

For purposes of calculating the NAV, the portfolio securities and other assets are valued on each business day using pricing and valuation methods as adopted by the Board. Where market quotes are readily available, fair value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Prices for fixed-income securities are typically based on quotes that are obtained from an independent pricing service authorized by the Board. To determine values of fixed-income securities, the independent pricing service utilizes such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.

Short-term securities with maturities of 60 days or less are valued based on quotes that are obtained from an independent pricing service authorized by the Board as described in the preceding paragraph above.

Because many foreign markets close before the NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. Waddell & Reed Services Company (“WRSCO”), pursuant to procedures adopted by the Board, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. In

68 SEMIANNUAL REPORT 2015

addition, all securities for which values are not readily available or are deemed unreliable are appraised at fair value as determined in good faith under the supervision of the Board.

Where market quotes are not readily available, portfolio securities or assets are valued at fair value, as determined in good faith by the Board or Valuation Committee pursuant to procedures approved by the Board.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available.

The Board has delegated to WRSCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. The Board has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.

The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available. For instances in which daily market quotes are not readily available, investments may be valued, pursuant to procedures established by the Board, with reference to other securities or indices. In the event that the security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or asset will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.

When a Fund uses these fair valuation methods applied by WRSCO that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at their direction believe accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. The prices used by a Fund may differ from the value that will ultimately be realized at the time the securities were sold.

WRSCO is responsible for monitoring the implementation of the pricing and valuation policies through a series of activities to provide reasonable comfort of the accuracy of prices including: 1) periodic vendor due diligence meetings to review methodologies, new developments, and process at vendors, 2) daily and monthly multi-source pricing comparisons reviewed and submitted to the Valuation Committee, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by management and the Valuation Committee.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized as follows:

Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

A description of the valuation techniques applied to the Funds’ major classes of assets and liabilities measured at fair value on a recurring basis follows:

Asset-Backed Securities and Mortgage-Backed Securities. The fair value of asset-backed securities and mortgage-backed securities are estimated using recently executed transactions and based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, and otherwise they would be categorized as Level 3.

Bullion. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded and are categorized in Level 1 of the fair value hierarchy.

Corporate Bonds. The fair value of corporate bonds, as obtained from an independent pricing service, is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads,

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fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.

Derivative Instruments. Forward foreign currency contracts are valued based upon the closing prices of the forward currency rates determined at the close of the NYSE provided by an independent pricing service. Swaps derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. Swaps are valued by an independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Futures contracts traded on an exchange are generally valued at the settlement price. Listed options are ordinarily valued at the mean of the last bid and ask price provided by an independent pricing service unless the price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer. Over-the-counter (“OTC”) options are ordinarily valued at the mean of the last bid and ask price provided by an independent pricing service for a comparable listed option unless such a price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer. If no comparable listed option exists from which to obtain a price from an independent pricing service and a quotation cannot be obtained from a broker-dealer, the OTC option will be valued using a model reasonably designed to provide a current market price.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap agreements, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case with interest rate swap and option contracts. OTC derivative products valued using pricing models with significant observable inputs are categorized within Level 2 of the fair value hierarchy.

Equity Securities. Equity securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. OTC equity securities and listed securities for which no price is readily available are valued at the average of the last bid and asked prices.

Mutual funds, including investment funds, typically are valued at the NAV reported as of the valuation date.

Securities that are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded and to the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, for which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Loans. Loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service. The fair value of loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable in which case they would be categorized as Level 3.

Municipal Bonds. Municipal bonds are fair valued based on pricing models used by and obtained from an independent pricing service that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Restricted Securities. Restricted securities that are deemed to be both Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are included in Level 3 of the fair value hierarchy to the extent that significant inputs to valuation are unobservable, because they trade infrequently, and, therefore, the inputs are unobservable. Restricted securities that are valued at a discount to similar publicly traded securities may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.

U.S. Government and Agency Securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

70 SEMIANNUAL REPORT 2015

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information. Transfers between levels represent the values as of the beginning of the reporting period.

For fair valuations using unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and Level 3 reconciliation, if any, have been included in the Notes to the Schedule of Investments for each respective Fund.

Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments if applicable, are included on the Statement of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively. Additionally, the net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of September 30, 2015, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

4. DERIVATIVE INSTRUMENTS ($ amounts in thousands unless indicated otherwise)

The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds’ financial positions and results of operations when presented by primary underlying risk exposure.

Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Schedule of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates provided by an independent pricing service determined at the close of the NYSE as provided by a bank, dealer or independent pricing service. The resulting unrealized appreciation and depreciation is reported on the Statement of Assets and Liabilities as a receivable or payable and on the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) on the Statement of Operations.

Risks to a Fund related to the use of such contracts include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, a Fund’s maximum loss will consist of the aggregate unrealized gain on appreciated contracts that is not collateralized.

Ivy Asset Strategy Fund and Ivy Global Natural Resources Fund enter into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from foreign currencies (foreign currency exchange rate risk).

Futures Contracts. Certain Funds may engage in buying and selling futures contracts. Upon entering into a futures contract, the Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. This amount is known as the initial margin. Subsequent payments (variation margins) are made or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index.

Futures contracts are reported on a schedule following the Schedule of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are identified on the Schedule of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted on the Statement of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statement of Operations. Realized gains (losses) are reported on the Statement of Operations at the closing or expiration of futures contracts.

Risks of entering into futures contracts include the possibility of loss of securities or cash held as collateral, that there may be an illiquid market where the Fund is unable to close the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Ivy Asset Strategy Fund invests in long and/or short positions in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Option Contracts. Options purchased by a Fund are accounted for in the same manner as portfolio securities. The cost of instruments acquired through the exercise of call options is increased by the premium paid to purchase the call. The proceeds from instruments sold through the exercise of put options are decreased by the premium paid to purchase the put.

When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently adjusted to reflect the current value of the option written. When an option expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the call option was sold), and the liability related to such option is extinguished. When a written call option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining whether a Fund has realized a gain or loss. For each Fund, when a written put is exercised, the cost basis of the instruments purchased by a Fund is reduced by the amount of the premium received.

2015 SEMIANNUAL REPORT 71

Investments in options, whether purchased or written, involve certain risks. Writing put options and purchasing call options may increase a Fund’s exposure to the underlying instrument. With written options, there may be times when a Fund will be required to purchase or sell instruments to meet its obligation under the option contract where the required action is not beneficial to the Fund, due to unfavorable movement of the market price of the underlying instrument. Additionally, to the extent a Fund enters into OTC option transactions with counterparties, the Fund will be exposed to the risk that counterparties to these OTC transactions will be unable to meet their obligations under the terms of the transaction.

Ivy Asset Strategy Fund and Ivy Science and Technology Fund purchase and write call and put options to increase or decrease hedging exposure to underlying instruments (including credit risk, equity risk, foreign currency exchange rate risk and/or interest rate risk) and/or, in the case of options written, to generate income from options premiums.

Collateral and rights of offset. A Fund may mitigate credit risk with respect to OTC derivative counterparties through credit support annexes (“CSA”) included with an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement which is the standard contract governing most derivative transactions between the Fund and each of its counterparties. The CSA allows the Fund and its counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Fund’s custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the CSA. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. See Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices.

Offsetting of Assets and Liabilities. The following tables present financial instruments that are either (1) offset or (2) subject to an enforceable master netting arrangement or similar agreement as of September 30, 2015:

Assets

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Received			Cash Collateral Received			Net Amount Receivable
Asset Strategy Fund
Investments in unaffiliated securities at value*	$	3,114	$	—	$	3,114	$	(1,924	)	$	(513	)	$	—		$	677
Unrealized appreciation on forward foreign currency contracts(1)	$	37	$	—	$	37	$	(37	)	$	—		$	—		$	—
Total	$	3,151	$	—	$	3,151	$	(1,961	)	$	(513	)	$	—		$	677
Global Natural Resources Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	771	$	—	$	771	$	(33	)	$	—		$	(630	)	$	108

* Purchased options are reported as investments in unaffiliated securities on the Statement of Assets and Liabilities.

(1) Amounts include forward contracts that have an offset to an open and close contract, but have not settled. These amounts are included on the Statement of Assets and Liabilities line item for Investment securities sold receivable.

72 SEMIANNUAL REPORT 2015

Liabilities

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Pledged			Cash Collateral Pledged		Net Amount Payable
Asset Strategy Fund
Unrealized depreciation on forward foreign currency contracts(1)	$	1,867	$	—	$	1,867	$	(37	)	$	(1,830	)	$	—	$	—
Written options at value		31,170		—		31,170		(1,924	)		(29,246	)		—		—
Total	$	33,037	$	—	$	33,037	$	(1,961	)	$	(31,076	)	$	—	$	—
Global Natural Resources Fund
Unrealized depreciation on forward foreign currency contracts	$	33	$	—	$	33	$	(33	)	$	—		$	—	$	—
Science and Technology Fund
Written options at value	$	4,457	$	—	$	4,457	$	—		$	(4,457	)	$	—	$	—

(1) Amounts include forward contracts that have an offset to an open and close contract, but have not settled. These amounts are included on the Statement of Assets and Liabilities line item for Investment securities purchased payable.

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of September 30, 2015:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy Asset Strategy Fund	Equity	Investments in unaffiliated securities at value*		$25,967	Written options at value		$32,621
	Foreign currency			—	Unrealized depreciation on forward foreign currency contracts		1,194
Ivy Global Natural Resources Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		766	Unrealized depreciation on forward foreign currency contracts		33
Ivy Science and Technology Fund	Equity			—	Written options at value		4,457

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended September 30, 2015:

		Net realized gain (loss) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements		Futures contracts			Written options		Forward foreign currency contracts			Total
Ivy Asset Strategy Fund	Equity	$	(104,185	)	$	—	$	(67,220	)	$	49,502	$	—		$	(121,903	)
	Foreign currency		—			—		—			—		(47,494	)		(47,494	)
Ivy Global Natural Resources Fund	Foreign currency		—			—		—			—		(1,242	)		(1,242	)
Ivy Science and Technology Fund	Equity		(11,839	)		—		—			5,557		—			(6,282	)

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

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Change in unrealized appreciation (depreciation) on derivatives recognized on the Statement of Operations for the period ended September 30, 2015:

		Net change in unrealized appreciation (depreciation) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements		Futures contracts			Written options			Forward foreign currency contracts			Total
Ivy Asset Strategy Fund	Equity	$	(27,352	)	$	—	$	(4,323	)	$	(21,067	)	$	—		$	(52,742	)
	Foreign currency		—			—		—			—			6,992			6,992
Ivy Global Natural Resources Fund	Foreign currency		—			—		—			—			(550	)		(550	)
Ivy Science and Technology Fund	Equity		—			—		—			436			—			436

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

During the period ended September 30, 2015, the average derivative volume was as follows:

Fund	Forward foreign currency contracts(1)		Long  futures contracts(1)		Short  futures contracts(1)		Swap agreements(2)		Purchased options(1)		Written options(1)
Ivy Asset Strategy Fund	$	116,544	$	584,378	$	—	$	—	$	44,171	$	46,875
Ivy Global Natural Resources Fund		31		—		—		—		—		—
Ivy Science and Technology Fund		—		—		—		—		1,651		4,002

(1) Average value outstanding during the period.

(2) Average notional amount outstanding during the period.

5. WRITTEN OPTION ACTIVITY ($ amounts in thousands)

Transactions in written options were as follows:

Fund	Outstanding at 3-31-15		Options written		Options closed			Options exercised			Options expired			Outstanding at 9-30-15
Ivy Asset Strategy Fund
Number of Contracts		221,899		680,342		(309,333	)		(177,345	)		(347,859	)		67,704
Premium Received	$	32,247	$	117,038	$	(57,246	)	$	(25,912	)	$	(40,073	)	$	26,054
Ivy Science and Technology Fund
Number of Contracts		N/A		88,438		(72,988	)		(1,755	)		(3,077	)		10,618
Premium Received		N/A	$	24,887	$	(19,379	)	$	(520	)	$	(95	)	$	4,893

6. BASIS FOR CONSOLIDATION OF THE IVY ASSET STRATEGY FUND

Ivy ASF II, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Ivy Asset Strategy Fund (referred to as “the Fund” in this subsection). Ivy ASF III (SBP), LLC and Ivy ASF, LLC (each a “Company”, collectively “the Companies”), Delaware limited liability companies, were incorporated as wholly owned companies acting as investment vehicles for the Fund. Each Subsidiary and Company acts as an investment vehicle for the Fund, in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI.

The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and the Companies. The consolidated financial statements include the accounts of the Fund and its Subsidiary and the Companies. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary and each Company comprising the entire issued share capital of the Subsidiary and each Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and each Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and each Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and each Company.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2015 of each Subsidiary and Company to the Fund (amounts in thousands).

Subsidiary/Company	Date of Incorporation	Subscription Agreement	Fund Net Assets		Subsidiary Net Assets		Percentage of Fund Net Assets
Ivy ASF II, Ltd.	1-31-13	4-10-13	$	18,547,458	$	683,269		3.68	%
Ivy ASF III (SBP), LLC	4-9-13	4-23-13		18,547,458		546,869		2.95
Ivy ASF, LLC	12-10-12	12-18-12		18,547,458		320,520		1.73

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7. INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS ($ amounts in thousands unless indicated otherwise)

Management Fees. IICO, a wholly owned subsidiary of Waddell & Reed Financial, Inc. (“WDR”), serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:

Fund (M - Millions)	$0 to $500M			$500 to $1,000M			$1,000 to $2,000M			$2,000 to $3,000M			$3,000 to $5,000M			$5,000 to $8,000M			$8,000 to $10,000M			$10,000 to $13,000M			$13,000 to $28,000M			$28,000 to $53,000M			Over $53,000M
Ivy Asset Strategy Fund		0.700	%		0.700	%		0.650	%		0.600	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.545	%		0.540	%
Ivy Balanced Fund		0.700			0.700			0.650			0.600			0.550			0.540			0.540			0.530			0.530			0.530			0.530
Ivy Energy Fund		0.850			0.850			0.830			0.800			0.760			0.750			0.750			0.740			0.740			0.740			0.740
Ivy Global Natural Resources Fund		1.000			0.850			0.830			0.800			0.760			0.730			0.730			0.700			0.700			0.700			0.700
Ivy Global Real Estate Fund		0.950			0.950			0.920			0.870			0.840			0.820			0.820			0.800			0.800			0.800			0.800
Ivy Global Risk-Managed Real Estate Fund		0.950			0.950			0.920			0.870			0.840			0.820			0.820			0.800			0.800			0.800			0.800
Ivy Real Estate Securities Fund		0.900			0.900			0.870			0.840			0.800			0.760			0.760			0.720			0.720			0.720			0.720
Ivy Science and Technology Fund		0.850			0.850			0.830			0.800			0.760			0.760			0.755			0.755			0.750			0.750			0.750

For Funds managed solely by IICO, IICO has voluntarily agreed to waive a Fund’s management fee on any day that the Fund’s net assets are less than $25 million, subject to IICO’s right to change or modify this waiver. See Expense Reimbursements and/or Waivers below for amounts waived during the period ended September 30, 2015.

IICO has entered into Subadvisory Agreements with the following entities on behalf of certain Funds:

Under an agreement between IICO and Advantus Capital Management, Inc. (“Advantus”), Advantus serves as subadviser to Ivy Real Estate Securities Fund. Under an agreement between IICO and LaSalle Investment Management Securities, LLC (“LaSalle US”), LaSalle US serves as subadviser to Ivy Global Real Estate Fund and Ivy Global Risk-Managed Real Estate Fund. Each subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of IICO and the oversight of the Board. IICO pays all applicable costs of the subadvisers.

Accounting Services Fees. The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”), an indirect subsidiary of WDR. Under the agreement, WISC acts as the agent in providing bookkeeping and accounting services and assistance to the Trust, including maintenance of Fund records, pricing of Fund shares and preparation of certain shareholder reports. For these services, each Fund pays WISC a monthly fee of one-twelfth of the annual fee based on the average net asset levels shown in the following table:

(M - Millions)	$0 to $10M		$10 to $25M		$25 to $50M		$50 to $100M		$100 to $200M		$200 to $350M		$350 to $550M		$550 to $750M		$750 to $1,000M		Over $1,000M
Annual Fee Rate	$	0.00	$	11.50	$	23.10	$	35.50	$	48.40	$	63.20	$	82.50	$	96.30	$	121.60	$	148.50

In addition, for each class of shares in excess of one, each Fund pays WISC a monthly per-class fee equal to 2.5% of the monthly accounting services base fee.

Each Fund also pays WISC a monthly administrative fee at the annual rate of 0.01%, or one basis point, for the first $1 billion of net assets with no fee charged for net assets in excess of $1 billion. This fee is voluntarily waived by WISC until a Fund’s net assets are at least $10 million and is included in “Accounting services fee” on the Statement of Operations.

Shareholder Servicing. General. Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, Class B, Class C and Class E shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958 per account; however, WISC has agreed to reduce that fee if the number of total shareholder accounts within the Complex (Waddell & Reed Advisors Funds, InvestEd Portfolios and Ivy Funds) reaches certain levels. Effective June 6, 2011 for Class R shares, each Fund pays a monthly fee equal to one-twelfth of 0.25 of 1% of the average daily net assets of the class for the preceding month. Prior to June 6, 2011 the fee was 0.20 of 1%. For Class I and Class Y shares, each Fund pays a monthly fee equal to one-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. For Class R6 shares, each Fund pays WISC a monthly fee equal to one-twelfth of 0.01 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certain out-of-pocket costs for all classes.

Networked accounts. For certain networked accounts (that is, those accounts whose Fund shares are purchased through certain financial intermediaries), WISC has agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may be paid by the Funds to those intermediaries. If the rate of the costs charged by the financial services companies exceeds $12.00 per account for a Fund or an annual fee of 0.14 of 1% that is based on average daily net assets, WISC will reimburse the Fund the amount in excess of such amounts.

Broker accounts. Certain broker-dealers that maintain shareholder accounts with each Fund through an omnibus account provide transfer agent and other shareholder-related services that would otherwise be provided by WISC if the individual accounts that comprise the omnibus account were opened by their beneficial owners directly. Each Fund may pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).

2015 SEMIANNUAL REPORT 75

Distribution and Service Plan. Class A and Class E Shares. Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b–1 under the 1940 Act (the “Distribution and Service Plan”), each Fund may pay a distribution and/or service fee to Ivy Funds Distributors, Inc. (“IFDI”) for Class A and Class E shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. The fee is to be paid to compensate IFDI for amounts it expends in connection with the distribution of the Class A and Class E shares and/or provision of personal services to Fund shareholders and/or maintenance of shareholder accounts of that class.

Class B and Class C Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a service fee not to exceed 0.25% and a distribution fee not to exceed 0.75% of the Fund’s average annual net assets for Class B and Class C shares to compensate IFDI for its services in connection with the distribution of shares of that class and/or provision of personal services to Class B or Class C shareholders and/or maintenance of shareholder accounts of that class.

Class R Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund’s Class R shares to compensate IFDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.

Class Y Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of the Fund’s Class Y shares to compensate IFDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal services to Class Y shareholders and/or maintaining Class Y shareholder accounts.

Sales Charges. As principal underwriter for the Trust’s shares, IFDI receives sales commissions (which are not an expense of the Trust) for sales of Class A and Class E shares. A CDSC may be assessed against a shareholder’s redemption amount of Class B, Class C or certain Class A and Class E shares and is paid to IFDI. During the period ended September 30, 2015, IFDI received the following amounts in sales commissions and CDSCs:

	Gross Sales Commissions		CDSC										Commissions Paid(1)
			Class A			Class B		Class C			Class E
Ivy Asset Strategy Fund	$	814	$	5		$	376	$	235		$	—	$	1,716
Ivy Balanced Fund		576		6			63		47			—		1,061
Ivy Energy Fund		164		1			4		20			—		271
Ivy Global Natural Resources Fund		204		2			10		4			—		213
Ivy Global Real Estate Fund		18		—	*		—		—	*		—		16
Ivy Global Risk-Managed Real Estate Fund		17		—	*		1		—	*		—		18
Ivy Real Estate Securities Fund		185		1			3		6			—		177
Ivy Science and Technology Fund		758		2			37		65			—		1,420

* Not shown due to rounding.

(1) IFDI reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers.

Expense Reimbursements and/or Waivers. Fund and class expense limitations and related waivers/reimbursements for the period ended September 30, 2015 were as follows:

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement		Expense Reduced
Ivy Asset Strategy Fund	Class E	Contractual	8-1-2008	7-31-2016	1.00%	$	42	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	83	12b-1 Fees and/or Shareholder Servicing
Ivy Balanced Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—	N/A
Ivy Energy Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—	N/A
Ivy Global Natural Resources Fund	Class E	Contractual	8-1-2008	7-31-2016	1.27%	$	25	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—	N/A
Ivy Global Real Estate Fund	Class A	Contractual	4-1-2013	7-31-2016	1.51%	$	91	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	4-1-2013	7-31-2016	Not to exceed Class A	$	2	12b-1 Fees and/or Shareholder Servicing
Ivy Global Risk-Managed Real Estate Fund	Class A	Contractual	4-1-2013	7-31-2016	1.51%	$	63	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	4-1-2013	7-31-2016	Not to exceed Class A	$	3	12b-1 Fees and/or Shareholder Servicing

76 SEMIANNUAL REPORT 2015

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement			Expense Reduced
Ivy Real Estate Securities Fund	All Classes	Contractual	12-3-2012	7-31-2016	N/A	$	356	(1)	Investment Management Fee
	Class E	Contractual	8-1-2008	7-31-2016	1.45%(2)	$	3		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Science and Technology Fund	Class E	Contractual	8-1-2008	7-31-2016	1.40%(2)	$	10		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A

(1) The Fund’s investment management fee is being reduced by 0.10% of average daily net assets until July 31, 2016.

(2) Reflects the lower contractual expense limit which went into effect August 1, 2015.

Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2015 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

8. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Trust and the Advisors Fund Complex (Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios; referred to with the Funds for purposes of this section as Funds) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended September 30, 2015.

9. AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands)

A summary of the transactions in affiliated companies during the period ended September 30, 2015 follows:

	3-31-15 Share Balance		Purchases at cost		Sales at Cost		Realized Gain/(Loss)			Distributions Received		9-30-15 Share Balance		9-30-15 Value
Ivy Asset Strategy Fund
Legend Pictures LLC(1)		190	$	—	$	—	$	—		$	—		190	$	320,514
Media Group Holdings LLC, Series H(1)		640		—		—		—			—		640		184,179
Media Group Holdings LLC, Series I(1)		381		—		—		—			—		381		150,342
Media Group Holdings LLC, Series T(1)		80		—		—		—			—		80		212,306
							$	—		$	—			$	867,341
	3-31-15 Principal Balance									Interest Received		9-30-15 Principal Balance
Legendary Pictures Funding LLC and Legendary Finance, Inc., 8.000%, 3-15-18	$	351,700	$	—	$	—	$	—		$	14,068	$	351,700	$	346,600
	3-31-15 Share Balance		Purchases at cost		Sales at Cost		Realized Gain/(Loss)			Distributions Received		9-30-15 Share Balance		9-30-15 Value
Ivy Science and Technology Fund
ACI Worldwide, Inc.(1)		8,022	$	5,525	$	—	$	—	*	$	—		8,248	$	174,195
Acxiom Corp.(1)		6,256		—		—		—			—		6,256		123,626
Arcadia Biosciences, Inc.(1)		N/A		25,097		—		—			—		3,161		9,641
Aspen Technology, Inc.(1)		5,185		235		—		—			—		5,192		196,810
Avinger, Inc.(1)		1,361		—		—		—			—		1,361		20,018
BioAmber, Inc.(1)		2,558		10,716		—		—			—		3,749		20,057
BioAmber, Inc., Warrants(1)		1,126		—		—		—			—		1,276		2,271
Euronet Worldwide, Inc.(1)		3,845		2,883		—		—			—		3,892		288,364
Evogene Ltd.(1)		1,695		1,565		—		—			—		1,852		15,278
iGATE Corp.(1)(2)		5,590		—		146,120		119,121			—		N/A		N/A
Marrone Bio Innovations, Inc(1).		2,608		—		—		—			—		2,608		5,503

2015 SEMIANNUAL REPORT 77

	3-31-15 Share Balance		Purchases at cost		Sales at Cost		Realized Gain/(Loss)		Distributions Received		9-30-15 Share Balance		9-30-15 Value
Marrone Bio Innovations, Inc., Expires 8-20-20(1)		N/A		—		—		—		—		2,390		226
Microsemi Corp.(1)		N/A		37,472		—		—		—		5,164		169,498
Nanometrics, Inc.(1)		1,438		—		—		—		—		1,438		17,463
Photronics, Inc.(1)		3,717		7,145		—		—		—		4,528		41,027
Rambus, Inc.(1)		6,607		—		—		—		—		6,607		77,958
Semtech Corp.(1)		3,400		11,241		—		—		—		3,890		58,741
Silver Spring Networks, Inc.(1)		4,810		—		—		—		—		4,810		61,949
WNS (Holdings) Ltd. ADR(1)		5,981		7,038		—		—		—		6,259		174,933
							$	119,121	$	—			$	1,457,558
	3-31-15 Principal Balance								Interest Received		9-30-15 Principal Balance
Marrone Bio Innovations, Inc., 8.000%, 8-20-20		N/A	$	23,900	$	—	$	—	$	218	$	23,900	$	23,900

* Not shown due to rounding.

(1) No dividends were paid during the preceding 12 months.

(2) No longer affiliated as of September 30, 2015.

10. INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands)

The cost of purchases and the proceeds from maturities and sales of investment securities (excluding short-term securities) for the period ended September 30, 2015, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Asset Strategy Fund	$	985,653	$	7,096,239	$	—	$	11,447,011
Ivy Balanced Fund		—		615,914		7,240		367,107
Ivy Energy Fund		—		117,633		—		60,955
Ivy Global Natural Resources Fund		—		58,624		—		223,783
Ivy Global Real Estate Fund		—		12,823		—		9,190
Ivy Global Risk-Managed Real Estate Fund		—		22,667		—		20,801
Ivy Real Estate Securities Fund		—		215,329		—		261,349
Ivy Science and Technology Fund		—		1,067,181		—		739,288

11. CAPITAL SHARE TRANSACTIONS (All amounts in thousands)

The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. Transactions in shares of beneficial interest were as follows:

	Ivy Asset Strategy Fund												Ivy Balanced Fund
	Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15						Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		13,054		$	331,777			47,606		$	1,407,953			8,439		$	212,643			19,638		$	493,481
Class B		71			1,714			824			21,113			237			5,946			396			9,882
Class C		6,100			149,432			39,829			1,105,493			4,789			119,757			10,719			267,782
Class E		179			4,582			371			10,986			—			—			7			178
Class I		20,198			519,240			139,561			4,195,420			2,791			70,191			6,731			168,878
Class R		625			15,635			1,895			55,783			188			4,757			284			7,126
Class R6		3,758			98,296			459			14,156			59			1,476			172			4,378
Class Y		3,590			90,852			10,581			311,795			785			19,984			2,415			60,315
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			40,400			1,039,911			165			4,126			1,423			35,153
Class B		—			—			3,440			84,800			1			21			67			1,632
Class C		—			—			43,546			1,079,941			10			264			607			14,917
Class E		—			—			457			11,791			—	*		1			—	*		7
Class I		—			—			47,260			1,228,281			47			1,161			363			8,965
Class R		—			—			887			22,679			1			17			10			244
Class R6		—			—			65			1,697			1			18			2			57
Class Y		—			—			6,795			175,308			22			547			189			4,676
Shares redeemed:
Class A		(48,553	)		(1,213,925	)		(148,932	)		(4,436,234	)		(5,845	)		(146,550	)		(9,355	)		(234,360	)
Class B		(3,437	)		(82,385	)		(6,800	)		(189,484	)		(248	)		(6,216	)		(424	)		(10,505	)

78 SEMIANNUAL REPORT 2015

	Ivy Asset Strategy Fund												Ivy Balanced Fund
	Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15						Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Class C		(47,769	)		(1,143,418	)		(91,523	)		(2,544,661	)		(2,495	)		(62,571	)		(4,079	)		(101,735	)
Class E		(308	)		(7,748	)		(383	)		(11,069	)		—			—			(7	)		(178	)
Class I		(96,163	)		(2,417,942	)		(262,487	)		(7,677,182	)		(1,730	)		(43,565	)		(3,496	)		(87,696	)
Class R		(1,136	)		(28,260	)		(1,681	)		(48,332	)		(60	)		(1,472	)		(112	)		(2,793	)
Class R6		(405	)		(9,712	)		(57	)		(1,529	)		(79	)		(2,031	)		(24	)		(601	)
Class Y		(7,633	)		(191,387	)		(21,544	)		(631,351	)		(1,305	)		(32,200	)		(1,651	)		(41,166	)
Net increase (decrease)		(157,829	)	$	(3,883,249	)		(149,431	)	$	(4,772,735	)		5,773		$	146,304			23,875		$	598,637
	Ivy Energy Fund												Ivy Global Natural Resources Fund
	Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15						Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		4,495		$	60,729			12,934		$	196,136			2,166		$	33,296			6,383		$	114,855
Class B		46			590			156			2,187			8			112			27			450
Class C		1,992			25,775			5,209			71,618			261			3,468			899			13,582
Class E		—			—			10			188			25			404			64			1,142
Class I		2,430			33,644			8,318			133,864			1,401			23,080			5,752			112,548
Class R		385			5,201			930			14,355			270			4,055			773			13,792
Class R6		189			2,728			151			2,215			19			315			342			6,865
Class Y		1,464			19,991			3,557			57,372			298			4,482			736			13,592
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			—			—			—			—			—			—
Class B		—			—			—			—			—			—			—			—
Class C		—			—			—			—			—			—			—			—
Class E		—			—			—			—			—			—			—			—
Class I		—			—			—			—			—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class R6		—			—			—			—			—			—			—			—
Class Y		—			—			—			—			—			—			—			—
Shares redeemed:
Class A		(3,077	)		(40,008	)		(5,341	)		(81,867	)		(5,879	)		(90,455	)		(19,225	)		(356,829	)
Class B		(63	)		(780	)		(107	)		(1,578	)		(350	)		(4,744	)		(939	)		(14,884	)
Class C		(679	)		(8,379	)		(953	)		(13,396	)		(1,887	)		(24,829	)		(5,115	)		(77,767	)
Class E		—			—			(10	)		(188	)		(36	)		(555	)		(57	)		(1,042	)
Class I		(1,543	)		(20,825	)		(3,438	)		(52,179	)		(2,297	)		(35,754	)		(6,752	)		(121,488	)
Class R		(118	)		(1,503	)		(149	)		(2,355	)		(387	)		(5,894	)		(980	)		(17,086	)
Class R6		(39	)		(556	)		(12	)		(167	)		(20	)		(306	)		(51	)		(887	)
Class Y		(513	)		(6,919	)		(2,042	)		(32,645	)		(690	)		(10,654	)		(1,630	)		(29,676	)
Net increase (decrease)		4,969		$	69,688			19,213		$	293,560			(7,098	)	$	(103,979	)		(19,773	)	$	(342,833	)
	Ivy Global Real Estate Fund												Ivy Global Risk-Managed Real Estate Fund
	Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15						Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		716		$	7,696			1,603		$	17,148			877		$	9,386			4,038		$	43,610
Class B		1			13			4			40			2			19			21			222
Class C		14			148			51			547			27			288			308			3,463
Class I		22			235			402			4,259			41			447			1,786			19,699
Class R		—	*		3			6			60			1			4			201			2,289
Class Y		20			210			88			992			2			21			544			6,167
Shares issued in reinvestment of distributions to shareholders:
Class A		7			68			59			620			6			67			57			601
Class B		—			—			—	*		1			—			—			—	*		1
Class C		—			—			—	*		4			—			—			1			7
Class I		—	*		2			2			18			—	*		3			1			10
Class R		—			—			—			—			—			—			—			—
Class Y		—	*		1			—	*		3			—	*		—	*		—	*		3

2015 SEMIANNUAL REPORT 79

		Ivy Global Real Estate Fund												Ivy Global Risk-Managed Real Estate Fund
	Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15						Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares redeemed:
Class A		(450	)		(4,790	)		(1,312	)		(14,034	)		(634	)		(6,703	)		(2,376	)		(26,058	)
Class B		—	*		(1	)		(2	)		(20	)		(67	)		(703	)		(2	)		(16	)
Class C		(13	)		(134	)		(17	)		(175	)		(15	)		(164	)		(213	)		(2,425	)
Class I		(9	)		(95	)		(377	)		(4,004	)		(27	)		(288	)		(1,731	)		(19,107	)
Class R		—	*		(2	)		(1	)		(6	)		—	*		(1	)		(200	)		(2,282	)
Class Y		(10	)		(110	)		(60	)		(686	)		(124	)		(1,357	)		(409	)		(4,625	)
Net increase		298		$	3,244			446		$	4,767			89		$	1,019			2,026		$	21,559
	Ivy Real Estate Securities Fund												Ivy Science and Technology Fund
	Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15						Six months ended 9-30-15 (Unaudited)						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		2,117		$	58,310			6,765		$	185,538			6,307		$	346,361			14,862		$	790,241
Class B		2			52			41			1,087			72			3,376			166			7,634
Class C		53			1,458			343			9,334			2,947			143,631			6,311			299,679
Class E		10			267			37			1,031			52			2,843			92			4,879
Class I		135			3,722			292			8,171			6,972			415,877			17,842			1,030,856
Class R		14			397			47			1,265			539			29,209			816			43,023
Class R6		6			174			145			3,931			139			8,362			224			13,124
Class Y		272			7,609			1,169			31,677			2,320			134,267			5,695			318,164
Shares issued in reinvestment of distributions to shareholders:
Class A		50			1,314			628			17,374			—			—			755			39,993
Class B		—			—			6			171			—			—			32			1,479
Class C		—	*		6			18			501			—			—			368			17,353
Class E		—	*		6			4			96			—			—			8			409
Class I		2			49			14			380			—			—			481			27,588
Class R		—	*		2			2			55			—			—			40			2,109
Class R6		1			17			4			120			—			—			4			225
Class Y		21			555			241			6,651			—			—			340			18,883
Shares redeemed:
Class A		(2,971	)		(81,889	)		(4,655	)		(127,234	)		(5,521	)		(299,046	)		(14,234	)		(759,811	)
Class B		(45	)		(1,195	)		(65	)		(1,705	)		(133	)		(6,241	)		(305	)		(13,937	)
Class C		(167	)		(4,502	)		(201	)		(5,337	)		(1,728	)		(82,729	)		(3,005	)		(142,289	)
Class E		(15	)		(408	)		(10	)		(273	)		(14	)		(728	)		(29	)		(1,562	)
Class I		(198	)		(5,371	)		(205	)		(5,590	)		(5,013	)		(289,960	)		(12,280	)		(700,403	)
Class R		(24	)		(660	)		(44	)		(1,198	)		(336	)		(17,892	)		(801	)		(42,045	)
Class R6		(18	)		(516	)		(28	)		(808	)		(21	)		(1,232	)		(23	)		(1,359	)
Class Y		(1,085	)		(29,745	)		(1,156	)		(31,734	)		(2,508	)		(142,648	)		(7,379	)		(407,462	)
Net increase (decrease)		(1,840	)	$	(50,348	)		3,392		$	93,503			4,074		$	243,450			9,980		$	546,771

*Not shown due to rounding.

12. FEDERAL INCOME TAX MATTERS ($ amounts in thousands)

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation (Depreciation)
Ivy Asset Strategy Fund	$	18,806,998	$	1,024,550	$	1,202,281	$	(177,731	)
Ivy Balanced Fund		2,413,690		212,121		133,077		79,044
Ivy Energy Fund		469,275		9,188		79,429		(70,241	)
Ivy Global Natural Resources Fund		924,552		89,528		194,551		(105,023	)
Ivy Global Real Estate Fund		34,309		1,839		2,081		(242	)
Ivy Global Risk-Managed Real Estate Fund		60,126		2,890		2,778		112
Ivy Real Estate Securities Fund		489,298		176,254		7,203		169,051
Ivy Science and Technology Fund		4,781,966		1,404,073		524,427		879,646

80 SEMIANNUAL REPORT 2015

For Federal income tax purposes, the Funds’ distributed and undistributed earnings and profit for the year ended March 31, 2015 and the post-October and late-year ordinary activity were as follows:

Fund	Distributed Ordinary Income		Undistributed Ordinary Income		Distributed Long-Term Capital Gains		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Ivy Asset Strategy Fund	$	112,911	$	3,598	$	4,634,585	$	959,717	$	—	$	—	$	—
Ivy Balanced Fund		17,735		16,588		57,005		43,625		—		—		—
Ivy Energy Fund		—		—		—		—		—		11,995		—
Ivy Global Natural Resources Fund		—		—		—		—		—		25,407		—
Ivy Global Real Estate Fund		642		322		132		188		—		—		—
Ivy Global Risk-Managed Real Estate Fund		1,265		246		—		—		—		—		—
Ivy Real Estate Securities Fund		13,669		4,985		12,139		16,448		—		—		—
Ivy Science and Technology Fund		—		—		124,817		15,810		—		—		11,907

Internal Revenue Code regulations permit each Fund to elect to defer into its next fiscal year capital losses incurred between each November 1 and the end of its fiscal year. Each Fund is also permitted to defer into its next fiscal year late-year ordinary losses that arise from the netting of activity generated between each November 1 and the end of its fiscal year on certain specified ordinary items.

Accumulated capital losses represent net capital loss carryovers as of March 31, 2015 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), a Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years which have only an eight year carryforward period. As a result of this ordering rule, pre-enactment capital loss carryovers may expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. The Fund’s first fiscal year end subject to the Modernization Act was March 31, 2012. The following table shows the expiration dates for capital loss carryovers from pre-enactment taxable years and the amounts of capital loss carryovers, if any, by each of the applicable Funds electing to be taxed as a regulated investment company during the year ended March 31, 2015:

	Pre-Enactment						Post-Enactment
Fund	2016		2017		2018		Short- Term Capital Loss Carryover		Long- Term Capital Loss Carryover
Ivy Asset Strategy Fund	$	—	$	—	$	—	$	—	$	—
Ivy Balanced Fund		—		—		—		—		—
Ivy Energy Fund		—		—		6,022		265		754
Ivy Global Natural Resources Fund		—		—		1,529,206		245,555		262,384
Ivy Global Real Estate Fund		—		—		—		—		—
Ivy Global Risk-Managed Real Estate Fund		—		—		—		—		—
Ivy Real Estate Securities Fund		—		—		—		—		—
Ivy Science and Technology Fund		—		—		—		—		—

2015 SEMIANNUAL REPORT 81

RENEWAL OF INVESTMENT MANAGEMENT AGREEMENTS

Ivy Funds

At a meeting of the Board of Trustees (the “Board”) of Ivy Funds (the “Trust”) held on August 10^th and 11^th, 2015, the Board, including all of the trustees who are not “interested persons” (the “Independent Trustees”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), unanimously approved the continuance of the Investment Management Agreement between Ivy Investment Management Company (“IICO”) and the Trust and the continuance of the Investment Subadvisory Agreements between IICO and:

• Advantus Capital Management, Inc. (with respect to Ivy Bond Fund and Ivy Real Estate Securities Fund);

• Mackenzie Financial Corporation (with respect to Ivy Cundill Global Value Fund);

• LaSalle Investment Management Securities, LLC and LaSalle Investment Management Securities B.V. (with respect to Ivy Global Real Estate Fund and Ivy Global Risk-Managed Real Estate Fund); and

• Pictet Asset Management Limited and Pictet Asset Management (Singapore) Pte Ltd. (with respect to the Ivy Emerging Markets Local Currency Debt Fund) (each such subadviser referred to herein as a “Subadviser”).

The Board’s Independent Trustees were assisted in their review by independent legal counsel, and met with such counsel separately from representatives of IICO. Independent legal counsel explained the factors that the Board should consider as part of its review of the various agreements, all as outlined in a memorandum it had provided to the Board prior to the meeting, including, among other things, the nature and the quality of the services provided by IICO and the Subadvisers, profitability (including any fall-out benefits) from the relationships with each series of the Trust (each a “Fund,” and together, the “Funds”), economies of scale, the role played by the Independent Trustees, and information on comparative fees and expenses. The Independent Trustees also considered the written responses and materials produced by IICO and each Subadviser in response to a 15(c) due diligence request list submitted by the Independent Trustees’ legal counsel prior to the meeting, as well as materials produced in response to a follow-up request list sent to IICO by independent legal counsel on behalf of the Independent Trustees. Included in those responses, which had been provided to the Board prior to the meeting, was a Fund-by-Fund profitability analysis prepared by IICO, as well as an explanation of the methodology by which the profitability analysis was calculated. The Board also received extensive materials on performance, expenses and comparable fund information from Lipper, Inc. (“Lipper”) an independent mutual fund rating service. Finally, the Independent Trustees received and reviewed a considerable amount of information that their independent fee consultant had provided to them. The Independent Trustees previously had reviewed and discussed these materials during a telephonic meeting in July. They further reviewed these materials extensively among themselves, with their independent legal counsel and independent fee consultant, and with the other Board members at an executive session of the Independent Trustees at the August 11^th Board meeting, during which the Board considered various factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the agreements are discussed separately below.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided to the Funds by IICO and each Subadviser, taking into account the large amount of materials produced by IICO and each Subadviser in response to the 15(c) due diligence requests submitted on its behalf by independent legal counsel.

The Board likewise considered the knowledge it had received from its regular meetings, including from the materials provided in connection with those meetings, such as the resources and key personnel of IICO and each Subadviser, as well as the other services provided to the Funds by IICO and each Subadviser (such as, managing the quality of execution of portfolio transactions and the selection of broker-dealers for those transactions, monitoring adherence to each Fund’s investment restrictions, producing reports, providing support services for the Board and Board committees, communicating with shareholders and overseeing the activities of other service providers, including monitoring compliance with various Fund policies and procedures and with applicable laws and regulations). The Board also took into account the compliance environment at IICO and each Subadviser, noting the resources that IICO has dedicated towards compliance. The Board concluded that the nature and extent of the services provided by IICO and each Subadviser were appropriate, that the quality of those services had been consistent with quality norms in the industry and that the Funds were likely to benefit from the continued provision of those services.

Benefits from the Relationship with Funds

The Board next discussed whether IICO or any Subadviser derives any other direct or indirect benefit from serving the Funds. In that regard, the Board discussed the transfer agency/shareholder servicing fees that Waddell & Reed Services Company provides the Funds. The Board took note of the caps that management previously had agreed to on shareholder servicing costs that are calculated in basis points. The Board also considered the benefits that accrue to each service provider organization from its respective relationship with the Funds, including the fact that a variety of services are provided by affiliates of IICO, including distribution, administrative and Fund accounting services, and, as discussed above, shareholder servicing. After full consideration of these and other factors, the Board concluded that none of IICO, any Subadviser or any of their affiliates receives any additional direct or indirect benefits that would preclude the Board from approving the continuation of the Investment Advisory Agreement with IICO or any Investment Subadvisory Agreement with a Subadviser.

Economies of Scale

The Board discussed whether economies of scale are being realized by the Funds and whether fee levels reflect those economies of scale for the benefit of the Funds’ shareholders. The Independent Trustees previously had discussed the asset growth of certain Funds with their independent fee consultant and independent legal counsel at the telephonic meeting in July. The Board considered the fact that as a Fund’s assets have grown, the expenses of that Fund generally have fallen.

82 SEMIANNUAL REPORT 2015

Performance of the Funds and Costs of Services Provided

The Board considered the performance of each Fund and the costs of the services provided, focusing on a number of Funds that the independent fee consultant had identified. Specifically, the Board examined the investment performance of each Fund, including the percentile ranking of each Fund over various periods of time. The Board also examined the performance of each Fund against its respective Lipper index for the same periods. After extensively reviewing all of the performance information provided, the Board concluded that the Funds’ performance in each asset class was acceptable. Although the performance of some of the focus Funds identified by the independent fee consultant lagged that of their peers or respective Lipper index, the Board recognized that IICO, or the applicable Subadviser, had taken, or was taking, steps to address that underperformance, and determined to continue to monitor closely the performance of those Funds.

The Board also considered the expenses and expense ratio of each Fund, and the expense limitation arrangements entered into by IICO in light of the services provided by IICO and each Subadviser. The Board also compared each Fund’s expenses, including advisory, distribution and shareholder servicing fees, with the expenses and advisory fees of other investment advisers managing similarly situated funds, as well as the advisory fees that IICO (or an affiliate) charges for providing advisory services to other accounts in the same asset class for certain Funds. In that regard, the Board noted that IICO performs significant additional services for the Funds as compared to those other accounts. The Board also took into account the information on IICO’s profitability in managing the Funds, including the methodology used to calculate profitability. The Board finally considered the amount of assets in each Fund, each Fund’s average account size and how those factors affect the Funds’ expense ratios, noting that, as the Funds’ assets have increased over time, the expense ratios of the Funds generally have fallen. After completing this examination, the Board concluded that each Fund’s expenses are appropriate at the current time.

Independent Fee Consultant Review

During July of 2015, and as part of their regularly scheduled meetings, the Independent Trustees reviewed a substantial amount of information in connection with considering the continuation of the Investment Management Agreement currently in effect between IICO and the Funds. Independent legal counsel, on behalf of the Independent Trustees, engaged an independent fee consultant to assist them in evaluating the reasonableness of the management fees charged by IICO to the Funds. The independent fee consultant’s review addressed the following fee-related factors:

1. The nature, extent and quality of IICO’s services to the Funds, including performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Management fees (including any components thereof) charged to institutional and other clients of IICO for like services;

4. Costs to IICO and its affiliates of supplying services pursuant to the management fee agreement, and profit margins of IICO and its affiliates from supplying such services; and

5. Possible economies of scale as a Fund grows larger.

The following summarizes the findings of the independent fee consultant retained by the Independent Trustees.¹

Summary Findings

The report stated that IICO delivered reasonable levels of performance in the longer-term periods and reasonable levels of service to the Funds in relation to its management fees as compared to the investment advisers of comparable funds. For the 36 months ended March 31, 2015, approximately 28% of the Funds were in the top quartile of performance and 56% of the Funds were in the top two quartiles of performance. The independent fee consultant noted that the Funds’ performance appeared to be grounded in a number of institutional competitive advantages at IICO including economic analysis, investment management depth, ability to attract top talent, strategic vision, performance-focused culture, economic analysis and an effective trading infrastructure, and that these factors offer the Funds a reasonable expectation of strong investment and service performance over the long term.

The report further indicated that total expenses of the Funds, on average, were 8% below the average total expenses of their respective Broadridge Expense Group peers and 17% below the average total expenses for their Broadridge Expense Universes. The management fees for the Funds, were 9% below the average management fees of their respective Broadridge Expense Group peers and 12% below the average management fees for their Broadridge Expense Universes. The independent fee consultant noted that the Funds generally small account size relative to the Expense Groups introduces certain biases in the Broadridge analyses that work against the Funds in Broadridge expense comparisons and, as a result, the Broadridge findings may be considered conservative in that regard. The independent fee consultant found that within the larger Broadridge averages, the management fees and total expenses of individual Funds and share classes are reasonable relative to their performance.

¹  The independent fee consultant’s evaluation was based on information provided by IICO, Lipper (which during the pendency of the consultant’s review commenced utilizing the name “Broadridge”), other information providers and other independent analyses. The term “management fees” refers to the actual annual advisory and administrative fees, net of any fee waivers, paid by a Fund to IICO, as a percentage of average net assets. The term “total expenses” refers to the total annual expenses, net of any fee waivers, paid by a Fund, as a percentage of average net assets. Where these terms are used in reference to groups of Funds, numbers expressed are usually on an asset-weighted basis. Fee and performance data used in screening methodologies are usually for the period ending March 31, 2015. Lipper report data reflects Class A shares.

2015 SEMIANNUAL REPORT 83

The report also stated that the management fees IICO charges to the Funds are reasonable in relation to the management fees it charges to its institutional account clients. The report noted that these institutional account clients have different service and infrastructure needs and in addition, the average spread between management fees IICO charged to the Funds and those it charges to institutional account clients is reasonable relative to the average fee spreads computed from industry surveys.

The report stated that while it was difficult to confirm overall economies of scale, it was clear that the Funds’ shareholders generally are benefitting from lower expenses as the Funds’ assets grow.

The report also noted that IICO’s overall profitability from managing the Funds and its other operations is near the median of most similarly-sized, publicly-traded peers, but appears adequate to enable IICO to continue to provide quality support to the Funds and their shareholders. Finally, the report noted that IICO has continued to invest in AUM growth, which is designed to help drive down fund expenses and attract top investment management talent, both of which can benefit the Funds’ investors.

Conclusions

The independent fee consultant’s report concluded that it believes that the services provided by IICO and its affiliates and expenses incurred by the Funds in the previous twelve months are reasonable and provide adequate justification for renewal of the Funds’ existing advisory agreements.

Approvals for Ivy Apollo Strategic Income Fund and Ivy Apollo Multi-Asset Income Fund

At a meeting of the Board of Trustees (the “Board”) of Ivy Funds (the “Trust”) held on August 11, 2015, the trustees, including all of the trustees who are not “interested persons” (the “Independent Trustees”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), considered and approved an amendment to the Investment Management Agreement (the “Management Agreement”) between Ivy Investment Management Company (“IICO”) and the Trust, on behalf of Ivy Apollo Strategic Income Fund and Ivy Apollo Multi-Asset Income Fund (the “Funds”), to include the Funds under the Management Agreement. The Board considered and approved two investment subadvisory agreements (the “Subadvisory Agreements”). The Board also considered and approved an investment subadvisory agreement between IICO and Apollo Credit Management, LLC (“Apollo”) with respect to the Funds. The Board also considered and approved an investment subadvisory agreement by and among IICO, LaSalle Investment Management Securities, LLC and LaSalle investment Management Securities B.V. (collectively, “LaSalle”) with respect to Ivy Apollo Multi-Asset Income Fund. The Funds are newly created series of the Trust.

The Independent Trustees were assisted in their consideration of the Management Agreement and the Subadvisory Agreements (together, the “Agreements”) by independent legal counsel, and met with such counsel separately from representatives of IICO. Independent legal counsel had provided the Board with a memorandum that discussed the various factors that the Board should consider as part of its review of the Agreements, including, among other things, the nature and the quality of the services proposed to be provided to the Funds by IICO, LaSalle and Apollo, potential profitability of each of IICO, LaSalle and Apollo (including any fall-out benefits) from their proposed relationship with the Funds, projected economies of scale, the role played by the Independent Trustees and information on comparative fees and expenses. The material factors and conclusions that formed the basis for the Board’s determination to approve the Agreements are discussed below.

In considering the Agreements, the Board noted that although the Funds had not yet commenced operations, the Funds appeared to be designed to be able to achieve acceptable performance. The Board also considered the proposed expenses of the Funds, the cost of the services proposed to be provided by IICO, LaSalle and Apollo, including as compared to the other Funds in the Trust family and comparable funds. The Board also noted the proposed expense cap agreement, and concluded that the proposed expenses of the Funds were acceptable. The Board did not discuss possible economies of scale because the Funds had not yet commenced operations. The Board noted that it would monitor profitability once the Funds began operations. The Board considered the nature, extent and quality of services proposed to be provided to the Funds by IICO, LaSalle and Apollo, taking into account the investment objectives and strategies of the Funds, the Board’s experience with IICO and LaSalle and with respect to Apollo, the information that IICO had presented to the Board on Apollo, Apollo’s prior presentation on its capabilities and global resources available to it, and other materials previously provided to the Board on the Funds. In addition, the Board reviewed the resources and key personnel of IICO, LaSalle and Apollo. The Board also considered other services proposed to be provided to the Fund by IICO based upon its current experiences with IICO, such as IICO’s ability to monitor adherence to the Funds’ investment restrictions, producing reports, providing support services for the Board and Board committees on Fund matters, communicating with shareholders and overseeing the activities of other service providers, including monitoring compliance with various policies and procedures and with applicable laws and regulations. The Board also took into account the compliance environment at Apollo, noting that a review of Apollo’s compliance environment had occurred previously. The Board concluded that the nature and extent of services to be provided by IICO, LaSalle and Apollo are reasonable, considering the quality of the services currently provided by IICO for other Funds of the Trust. The Board also discussed whether either of IICO, LaSalle or Apollo would derive any other direct or indirect benefits from serving as investment adviser or subadviser, as the case may be, to the Funds. The Board considered the benefits that would accrue to IICO, LaSalle and Apollo from their relationship with the Funds, including the fact that a variety of services for the Funds were proposed to be provided by affiliates of IICO, including distribution, shareholder servicing and transfer agency services. After consideration of these and other factors, the Board concluded that none of IICO, LaSalle or Apollo or any of their affiliates would receive any additional direct benefits that would preclude the Board from approving the Agreements for the Funds.

84 SEMIANNUAL REPORT 2015

PROXY VOTING INFORMATION

Ivy Funds

Proxy Voting Guidelines

A description of the policies and procedures Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.800.777.6472 and (ii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Proxy Voting Records

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on Form N-PX through the Ivy Funds’ website at www.ivyfunds.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE INFORMATION

Ivy Funds

Portfolio holdings can be found on the Trust’s website at www.ivyfunds.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found on the Trust’s Form N-Q. These holdings may be viewed in the following ways:

• On the SEC’s website at www.sec.gov.

• For review and copy at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330.

TO ALL TRADITIONAL IRA PLANHOLDERS:

Ivy Funds

As required by law, we are hereby providing notice to you that income tax may be withheld automatically from any distribution or withdrawal from a traditional IRA. A Fund is generally required to withhold taxes unless you make a written election not to have taxes withheld. The election may be made on the distribution/withdrawal form provided by Waddell & Reed, Inc. which can be obtained from your Waddell & Reed representative or by submitting Internal Revenue Service Form W–4P. Once made, an election can be revoked by providing written notice to Waddell & Reed, Inc. If you elect not to have tax withheld you may be required to make payments of estimated tax. Penalties may be imposed by the IRS if withholding and estimated tax payments are not adequate.

2015 SEMIANNUAL REPORT 85

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86 SEMIANNUAL REPORT 2015

The Ivy Funds Family

Domestic Equity Funds

Ivy Core Equity Fund

Ivy Dividend Opportunities Fund

Ivy Large Cap Growth Fund

Ivy Micro Cap Growth Fund

Ivy Mid Cap Growth Fund

Ivy Mid Cap Income Opportunities Fund

Ivy Small Cap Growth Fund

Ivy Small Cap Value Fund

Ivy Tax-Managed Equity Fund

Ivy Value Fund

Global/International Funds

Ivy Cundill Global Value Fund

Ivy Emerging Markets Equity Fund

Ivy Emerging Markets Local Currency Debt Fund

Ivy European Opportunities Fund

Ivy Global Equity Income Fund

Ivy Global Growth Fund

Ivy Global Income Allocation Fund

Ivy International Core Equity Fund

Ivy Managed International Opportunities Fund

Speciality Funds

Ivy Apollo Multi-Asset Income Fund

Ivy Asset Strategy Fund

Ivy Balanced Fund

Ivy Energy Fund

Ivy Global Natural Resources Fund

Ivy Global Real Estate Fund

Ivy Global Risk-Managed Real Estate Fund

Ivy Real Estate Securities Fund

Ivy Science and Technology Fund

Fixed Income Funds

Ivy Apollo Strategic Income Fund

Ivy Bond Fund

Ivy Global Bond Fund

Ivy High Income Fund

Ivy Limited-Term Bond Fund

Ivy Money Market Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

1.800.777.6472

Visit us online at www.ivyfunds.com

The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus containing this and other information for the Ivy Funds, call your financial advisor or visit us online at www.ivyfunds.com. Please read the prospectus, or summary prospectus, carefully before investing.

2015 SEMIANNUAL REPORT 87

SEMIANN-IVYSPEC (9-15)

Semiannual Report

September 30, 2015

Ivy Funds

Ivy Bond Fund

Ivy Core Equity

Ivy Cundill Global Value Fund

Ivy Dividend Opportunities Fund

Ivy Emerging Markets Equity Fund

Ivy European Opportunities Fund

Ivy Global Bond Fund

Ivy Global Equity Income Fund

Ivy Global Growth Fund

Ivy Global Income Allocation Fund

Ivy High Income Fund

Ivy International Core Equity Fund

Ivy Large Cap Growth Fund

Ivy Limited-Term Bond Fund

Ivy Managed International Opportunities Fund

Ivy Micro Cap Growth Fund

Ivy Mid Cap Growth Fund

Ivy Mid Cap Income Opportunities Fund

Ivy Money Market Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

Ivy Small Cap Growth Fund

Ivy Small Cap Value Fund

Ivy Tax-Managed Equity Fund

Ivy Value Fund

 

CONTENTS

Ivy Funds

President’s Letter	3
Illustration of Fund Expenses	4
Portfolio Highlights and Schedule of Investments:
Ivy Bond Fund	10
Ivy Core Equity Fund	18
Ivy Cundill Global Value Fund	21
Ivy Dividend Opportunities Fund	25
Ivy Emerging Markets Equity Fund	28
Ivy European Opportunities Fund	32
Ivy Global Bond Fund	36
Ivy Global Equity Income Fund	42
Ivy Global Growth Fund	46
Ivy Global Income Allocation Fund	49
Ivy High Income Fund	56
Ivy International Core Equity Fund	65
Ivy Large Cap Growth Fund	69
Ivy Limited-Term Bond Fund	72
Ivy Managed International Opportunities Fund	77
Ivy Micro Cap Growth Fund	79
Ivy Mid Cap Growth Fund	82
Ivy Mid Cap Income Opportunities Fund	86
Ivy Money Market Fund	89
Ivy Municipal Bond Fund	93
Ivy Municipal High Income Fund	101
Ivy Small Cap Growth Fund	111
Ivy Small Cap Value Fund	115
Ivy Tax-Managed Equity Fund	118
Ivy Value Fund	121
Statements of Assets and Liabilities	124
Statements of Operations	128
Statements of Changes in Net Assets	132
Financial Highlights	142
Notes to Financial Statements	192
Renewal of Investment Management Agreements	220
Proxy Voting Information	223
Quarterly Portfolio Schedule Information	223
IRA Disclosure	223
Shareholder Meeting Results

This report is submitted for the general information of the shareholders of Ivy Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current Ivy Funds prospectus, or summary prospectus, and current performance information, including current Lipper ranking information.

2 SEMIANNUAL REPORT 2015

PRESIDENT’S LETTER

Ivy Funds SEPTEMBER 30, 2015 (UNAUDITED)

Henry J. Herrmann, CFA

Dear Shareholder,

Over the six months since our last report to you, we’ve seen a few surprises and some familiar patterns. U.S. economic growth remains acceptable, developed economies overseas have shown very modest growth, while China’s is slowing but still positive. Market volatility around the world in late summer led the U.S. Federal Reserve (Fed) to delay an increase in interest rates.

Growth outside the U.S., though very slow, has been buoyed by Japan and Europe’s very aggressive monetary policies. In August, China surprised markets and devalued its currency. Markets sold off sharply on worries of slower growth and additional currency devaluation measures. Increased volatility and deflation fears from lower commodity prices drove risk-free interest rates sharply lower in developed-market economies.

In the U.S., the Fed remains steadfast in stating rates will rise slowly, the timing of which will be data dependent. The strength of the labor market will be closely watched, given weaker job growth in September, as will the level of wage increases.

We believe the economic foundation in the U.S. remains less than robust, so the odds of a rate increase by December are no better than even. When the Fed does implement a rate increase, it should be small enough not to disrupt economic growth. The U.S. economy’s ability to maintain growth in the face of sluggish global growth is one of the key uncertainties for the months ahead. Improving U.S. jobs, very low inflation and low interest rates create a favorable environment.

While challenges remain, we do see potential catalysts for growth in several areas and industries and our team continues to seek investment opportunities around the globe.

Economic Snapshot

	9/30/15		3/31/15
S&P 500 Index		1,920.03		2,067.89
MSCI EAFE Index		1644.40		1,849.34
10-Year Treasury Yield		2.06%		1.94%
U.S. unemployment rate		5.10%		5.50%
30-year fixed mortgage rate		3.86%		3.69%
Oil price per barrel	$	45.09	$	47.60

Sources: Bloomberg, U.S. Department of Labor, MBA, CME

All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarily large-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in any of these indexes. Mortgage rates are from BankRate and reflect the overnight national average rate on a conventional 30-year fixed loan. Oil prices reflect the market price of West Texas intermediate grade crude.

Respectfully,

Henry J. Herrmann, CFA

President

The opinions expressed in this letter are those of the President of the Ivy Funds and are current only through the end of the period of the report, as stated on the cover. The President’s views are subject to change at any time, based on market and other conditions, and no forecasts can be guaranteed.

2015 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES

Ivy Funds      (UNAUDITED)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended September 30, 2015.

Actual Expenses

The first section in the following table provides information about actual account values and actual expenses for each share class. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. Fees apply to Individual Retirement Accounts (IRAs), IRA Rollovers, Roth IRAs, Conversion Roth IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) IRAs, Tax-Sheltered Accounts (TSAs), Keogh Plans, Owner Only 401(k) (Exclusive K) Plans and Final Pay Plans. As of the close of the six months covered by the table, a customer is charged an annual fee of $18 within each plan type. This fee is waived for IRA Rollovers and Conversion Roth IRAs if the customer owns another type of IRA. Coverdell Education Savings Account plans are charged an annual fee of $10 per customer. With limited exceptions, for Class A and Class C shares, if your Fund account

balance is below $650 on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the following table. Additional fees have the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The second section in the following table provides information about hypothetical account values and hypothetical expenses for each share class based on the Fund’s actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), exchange fees or account fees. Therefore, the second section in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expenses paid may be impacted by expense reduction arrangements. If those arrangements had not been in place, expenses paid would have been higher. See Note 7 to the Financial Statements for further information.

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Bond Fund
Class A	$	1,000	$	987.90	$	5.07	$	1,000	$	1,019.97	$	5.15		1.02%
Class B**	$	1,000	$	983.40	$	9.62	$	1,000	$	1,015.39	$	9.77		1.93%
Class C	$	1,000	$	984.10	$	8.83	$	1,000	$	1,016.15	$	8.97		1.78%
Class E	$	1,000	$	987.40	$	5.56	$	1,000	$	1,019.50	$	5.65		1.11%
Class I	$	1,000	$	989.20	$	3.68	$	1,000	$	1,021.34	$	3.74		0.74%
Class R	$	1,000	$	986.30	$	6.65	$	1,000	$	1,018.35	$	6.76		1.35%
Class R6	$	1,000	$	990.00	$	2.99	$	1,000	$	1,022.12	$	3.03		0.59%
Class Y	$	1,000	$	988.10	$	4.87	$	1,000	$	1,020.17	$	4.95		0.98%

See footnotes on page 9.

4 SEMIANNUAL REPORT 2015

ILLUSTRATION OF FUND EXPENSES

Ivy Funds      (UNAUDITED)

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Core Equity Fund
Class A	$	1,000	$	913.20	$	5.55	$	1,000	$	1,019.30	$	5.86		1.15%
Class B**	$	1,000	$	909.40	$	10.02	$	1,000	$	1,014.60	$	10.58		2.09%
Class C	$	1,000	$	910.30	$	9.07	$	1,000	$	1,015.58	$	9.57		1.90%
Class E	$	1,000	$	912.90	$	6.31	$	1,000	$	1,018.46	$	6.66		1.32%
Class I	$	1,000	$	915.10	$	4.02	$	1,000	$	1,020.85	$	4.24		0.84%
Class R	$	1,000	$	912.20	$	7.17	$	1,000	$	1,017.58	$	7.57		1.50%
Class R6	$	1,000	$	915.90	$	3.64	$	1,000	$	1,021.31	$	3.84		0.75%
Class Y	$	1,000	$	915.00	$	4.02	$	1,000	$	1,020.86	$	4.24		0.84%
Ivy Cundill Global Value Fund
Class A	$	1,000	$	883.20	$	7.44	$	1,000	$	1,017.16	$	7.97		1.58%
Class B**	$	1,000	$	877.60	$	12.96	$	1,000	$	1,011.31	$	13.88		2.75%
Class C	$	1,000	$	880.50	$	10.34	$	1,000	$	1,014.10	$	11.08		2.19%
Class E	$	1,000	$	883.10	$	7.34	$	1,000	$	1,017.30	$	7.87		1.55%
Class I	$	1,000	$	884.90	$	5.37	$	1,000	$	1,019.36	$	5.76		1.14%
Class R	$	1,000	$	882.80	$	8.10	$	1,000	$	1,016.42	$	8.67		1.73%
Class R6	$	1,000	$	885.50	$	4.62	$	1,000	$	1,020.19	$	4.95		0.98%
Class Y	$	1,000	$	883.70	$	6.59	$	1,000	$	1,018.12	$	7.06		1.39%
Ivy Dividend Opportunities Fund
Class A	$	1,000	$	905.30	$	5.91	$	1,000	$	1,018.83	$	6.26		1.25%
Class B**	$	1,000	$	901.70	$	9.60	$	1,000	$	1,014.93	$	10.18		2.03%
Class C	$	1,000	$	902.20	$	9.13	$	1,000	$	1,015.47	$	9.67		1.92%
Class E	$	1,000	$	904.90	$	6.38	$	1,000	$	1,018.42	$	6.76		1.33%
Class I	$	1,000	$	906.50	$	4.48	$	1,000	$	1,020.39	$	4.75		0.94%
Class R	$	1,000	$	903.60	$	7.33	$	1,000	$	1,017.42	$	7.77		1.53%
Class R6	$	1,000	$	907.30	$	3.81	$	1,000	$	1,021.11	$	4.04		0.79%
Class Y	$	1,000	$	905.60	$	5.72	$	1,000	$	1,019.11	$	6.06		1.19%
Ivy Emerging Markets Equity Fund
Class A	$	1,000	$	831.70	$	6.87	$	1,000	$	1,017.55	$	7.57		1.50%
Class B**	$	1,000	$	827.20	$	11.42	$	1,000	$	1,012.53	$	12.58		2.50%
Class C	$	1,000	$	828.50	$	10.51	$	1,000	$	1,013.52	$	11.58		2.31%
Class E***	$	1,000	$	831.80	$	6.14	$	1,000	$	1,018.41	$	6.76		1.33%
Class I	$	1,000	$	832.20	$	5.50	$	1,000	$	1,019.02	$	6.06		1.21%
Class R	$	1,000	$	830.10	$	8.33	$	1,000	$	1,016.00	$	9.17		1.82%
Class R6	$	1,000	$	832.70	$	4.86	$	1,000	$	1,019.75	$	5.35		1.07%
Class Y	$	1,000	$	831.60	$	6.78	$	1,000	$	1,017.72	$	7.47		1.46%
Ivy European Opportunities Fund
Class A	$	1,000	$	942.80	$	7.97	$	1,000	$	1,016.88	$	8.27		1.64%
Class B**	$	1,000	$	937.10	$	13.37	$	1,000	$	1,011.25	$	13.88		2.76%
Class C	$	1,000	$	939.80	$	11.15	$	1,000	$	1,013.59	$	11.58		2.29%
Class E***	$	1,000	$	944.10	$	6.42	$	1,000	$	1,018.46	$	6.66		1.32%
Class I	$	1,000	$	944.90	$	5.83	$	1,000	$	1,019.11	$	6.06		1.19%
Class R	$	1,000	$	942.10	$	8.74	$	1,000	$	1,016.03	$	9.07		1.81%
Class R6	$	1,000	$	945.40	$	5.06	$	1,000	$	1,019.82	$	5.25		1.05%
Class Y	$	1,000	$	943.50	$	7.09	$	1,000	$	1,017.76	$	7.36		1.46%

See footnotes on page 9.

2015 SEMIANNUAL REPORT 5

ILLUSTRATION OF FUND EXPENSES

Ivy Funds      (UNAUDITED)

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Global Bond Fund
Class A	$	1,000	$	959.80	$	4.90	$	1,000	$	1,020.10	$	5.05		0.99%
Class B**	$	1,000	$	956.20	$	8.51	$	1,000	$	1,016.34	$	8.77		1.74%
Class C	$	1,000	$	956.20	$	8.51	$	1,000	$	1,016.34	$	8.77		1.74%
Class I	$	1,000	$	961.00	$	3.63	$	1,000	$	1,021.36	$	3.74		0.74%
Class R	$	1,000	$	957.40	$	7.34	$	1,000	$	1,017.60	$	7.57		1.50%
Class R6	$	1,000	$	961.00	$	3.73	$	1,000	$	1,021.31	$	3.84		0.76%
Class Y	$	1,000	$	959.80	$	4.90	$	1,000	$	1,020.10	$	5.05		0.99%
Ivy Global Equity Income Fund
Class A	$	1,000	$	925.30	$	6.26	$	1,000	$	1,018.54	$	6.56		1.30%
Class B**	$	1,000	$	922.20	$	9.32	$	1,000	$	1,015.37	$	9.77		1.94%
Class C	$	1,000	$	923.10	$	9.23	$	1,000	$	1,015.43	$	9.67		1.93%
Class I	$	1,000	$	927.10	$	4.53	$	1,000	$	1,020.35	$	4.75		0.94%
Class R	$	1,000	$	924.90	$	7.51	$	1,000	$	1,017.30	$	7.87		1.55%
Class R6	$	1,000	$	928.40	$	3.95	$	1,000	$	1,021.02	$	4.14		0.81%
Class Y	$	1,000	$	926.20	$	5.78	$	1,000	$	1,019.10	$	6.06		1.19%
Ivy Global Growth Fund
Class A	$	1,000	$	910.90	$	7.07	$	1,000	$	1,017.71	$	7.47		1.47%
Class B**	$	1,000	$	906.40	$	11.63	$	1,000	$	1,012.83	$	12.28		2.45%
Class C	$	1,000	$	907.60	$	10.59	$	1,000	$	1,013.96	$	11.18		2.22%
Class E***	$	1,000	$	912.20	$	5.74	$	1,000	$	1,019.03	$	6.06		1.21%
Class I	$	1,000	$	912.80	$	5.26	$	1,000	$	1,019.61	$	5.55		1.09%
Class R	$	1,000	$	909.90	$	8.12	$	1,000	$	1,016.59	$	8.57		1.70%
Class R6	$	1,000	$	913.20	$	4.50	$	1,000	$	1,020.34	$	4.75		0.95%
Class Y	$	1,000	$	911.30	$	6.59	$	1,000	$	1,018.22	$	6.96		1.37%
Ivy Global Income Allocation Fund
Class A	$	1,000	$	910.90	$	6.11	$	1,000	$	1,018.69	$	6.46		1.28%
Class B**	$	1,000	$	907.10	$	10.39	$	1,000	$	1,014.13	$	10.98		2.19%
Class C	$	1,000	$	908.30	$	9.06	$	1,000	$	1,015.55	$	9.57		1.90%
Class E	$	1,000	$	911.20	$	6.40	$	1,000	$	1,018.39	$	6.76		1.33%
Class I	$	1,000	$	912.50	$	4.40	$	1,000	$	1,020.46	$	4.65		0.92%
Class R	$	1,000	$	910.40	$	7.26	$	1,000	$	1,017.45	$	7.67		1.52%
Class R6	$	1,000	$	913.20	$	3.73	$	1,000	$	1,021.17	$	3.94		0.78%
Class Y	$	1,000	$	911.60	$	5.64	$	1,000	$	1,019.20	$	5.96		1.17%
Ivy High Income Fund
Class A	$	1,000	$	956.70	$	4.70	$	1,000	$	1,020.32	$	4.85		0.95%
Class B**	$	1,000	$	953.20	$	8.20	$	1,000	$	1,016.65	$	8.47		1.68%
Class C	$	1,000	$	953.30	$	8.01	$	1,000	$	1,016.83	$	8.27		1.65%
Class E	$	1,000	$	955.20	$	6.16	$	1,000	$	1,018.72	$	6.36		1.27%
Class I	$	1,000	$	957.90	$	3.43	$	1,000	$	1,021.56	$	3.54		0.70%
Class R	$	1,000	$	955.00	$	6.35	$	1,000	$	1,018.61	$	6.56		1.29%
Class R6	$	1,000	$	958.60	$	2.64	$	1,000	$	1,022.33	$	2.73		0.55%
Class Y	$	1,000	$	956.70	$	4.70	$	1,000	$	1,020.32	$	4.85		0.95%

See footnotes on page 9.

6 SEMIANNUAL REPORT 2015

ILLUSTRATION OF FUND EXPENSES

Ivy Funds      (UNAUDITED)

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy International Core Equity Fund
Class A	$	1,000	$	895.40	$	6.16	$	1,000	$	1,018.56	$	6.56		1.30%
Class B**	$	1,000	$	891.70	$	10.40	$	1,000	$	1,014.11	$	11.08		2.19%
Class C	$	1,000	$	892.50	$	9.37	$	1,000	$	1,015.21	$	9.98		1.97%
Class E	$	1,000	$	894.40	$	7.10	$	1,000	$	1,017.61	$	7.57		1.49%
Class I	$	1,000	$	896.60	$	4.65	$	1,000	$	1,020.18	$	4.95		0.98%
Class R	$	1,000	$	894.80	$	7.48	$	1,000	$	1,017.18	$	7.97		1.58%
Class R6	$	1,000	$	897.40	$	3.98	$	1,000	$	1,020.90	$	4.24		0.82%
Class Y	$	1,000	$	895.60	$	5.97	$	1,000	$	1,018.82	$	6.36		1.25%
Ivy Large Cap Growth Fund
Class A	$	1,000	$	946.80	$	5.65	$	1,000	$	1,019.30	$	5.86		1.15%
Class B**	$	1,000	$	941.80	$	10.00	$	1,000	$	1,014.73	$	10.38		2.07%
Class C	$	1,000	$	943.40	$	9.04	$	1,000	$	1,015.75	$	9.37		1.86%
Class E	$	1,000	$	946.80	$	5.65	$	1,000	$	1,019.30	$	5.86		1.15%
Class I	$	1,000	$	948.20	$	4.29	$	1,000	$	1,020.68	$	4.45		0.88%
Class R	$	1,000	$	945.00	$	7.20	$	1,000	$	1,017.71	$	7.47		1.47%
Class R6	$	1,000	$	948.80	$	3.51	$	1,000	$	1,021.44	$	3.64		0.73%
Class Y	$	1,000	$	946.90	$	5.16	$	1,000	$	1,019.75	$	5.35		1.06%
Ivy Limited-Term Bond Fund
Class A	$	1,000	$	997.60	$	4.39	$	1,000	$	1,020.63	$	4.45		0.89%
Class B**	$	1,000	$	993.40	$	8.57	$	1,000	$	1,016.50	$	8.67		1.71%
Class C	$	1,000	$	993.90	$	8.08	$	1,000	$	1,016.99	$	8.17		1.62%
Class E	$	1,000	$	997.00	$	4.99	$	1,000	$	1,020.06	$	5.05		1.00%
Class I	$	1,000	$	998.80	$	3.20	$	1,000	$	1,021.86	$	3.23		0.64%
Class R	$	1,000	$	995.80	$	6.19	$	1,000	$	1,018.85	$	6.26		1.24%
Class R6	$	1,000	$	999.60	$	2.40	$	1,000	$	1,022.63	$	2.43		0.49%
Class Y	$	1,000	$	997.60	$	4.39	$	1,000	$	1,020.64	$	4.45		0.89%
Ivy Managed International Opportunities Fund(3)
Class A	$	1,000	$	898.30	$	2.18	$	1,000	$	1,022.77	$	2.33		0.46%
Class B**	$	1,000	$	892.50	$	6.62	$	1,000	$	1,018.05	$	7.06		1.40%
Class C	$	1,000	$	892.90	$	5.96	$	1,000	$	1,018.76	$	6.36		1.26%
Class E***	$	1,000	$	898.40	$	1.90	$	1,000	$	1,023.11	$	2.02		0.39%
Class I	$	1,000	$	900.40	$	0.76	$	1,000	$	1,024.25	$	0.81		0.16%
Class R	$	1,000	$	897.10	$	3.04	$	1,000	$	1,021.87	$	3.23		0.64%
Class Y	$	1,000	$	898.20	$	1.80	$	1,000	$	1,023.17	$	1.92		0.38%
Ivy Micro Cap Growth Fund
Class A	$	1,000	$	884.40	$	7.82	$	1,000	$	1,016.81	$	8.37		1.65%
Class B**	$	1,000	$	880.60	$	11.94	$	1,000	$	1,012.38	$	12.78		2.54%
Class C	$	1,000	$	880.80	$	11.28	$	1,000	$	1,013.08	$	12.08		2.40%
Class I	$	1,000	$	886.50	$	5.94	$	1,000	$	1,018.81	$	6.36		1.25%
Class R	$	1,000	$	883.30	$	8.66	$	1,000	$	1,015.91	$	9.27		1.83%
Class R6	$	1,000	$	886.90	$	5.09	$	1,000	$	1,019.67	$	5.45		1.08%
Class Y	$	1,000	$	884.80	$	7.07	$	1,000	$	1,017.54	$	7.57		1.50%

See footnotes on page 9.

2015 SEMIANNUAL REPORT 7

ILLUSTRATION OF FUND EXPENSES

Ivy Funds      (UNAUDITED)

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Mid Cap Growth Fund
Class A	$	1,000	$	877.90	$	6.01	$	1,000	$	1,018.67	$	6.46		1.28%
Class B**	$	1,000	$	874.50	$	9.47	$	1,000	$	1,014.93	$	10.18		2.03%
Class C	$	1,000	$	874.50	$	9.28	$	1,000	$	1,015.13	$	9.97		1.99%
Class E	$	1,000	$	876.50	$	7.04	$	1,000	$	1,017.57	$	7.57		1.50%
Class I	$	1,000	$	879.30	$	4.60	$	1,000	$	1,020.13	$	4.95		0.99%
Class R	$	1,000	$	876.50	$	7.41	$	1,000	$	1,017.12	$	7.97		1.59%
Class R6	$	1,000	$	879.90	$	3.95	$	1,000	$	1,020.91	$	4.24		0.83%
Class Y	$	1,000	$	878.00	$	5.82	$	1,000	$	1,018.91	$	6.26		1.23%
Ivy Mid Cap Income Opportunities Fund
Class A	$	1,000	$	906.80	$	6.48	$	1,000	$	1,018.29	$	6.86		1.35%	(4)
Class C	$	1,000	$	903.20	$	9.90	$	1,000	$	1,014.68	$	10.48		2.07%	(5)
Class E	$	1,000	$	907.10	$	6.20	$	1,000	$	1,018.54	$	6.56		1.30%	(6)
Class I	$	1,000	$	908.30	$	5.06	$	1,000	$	1,019.80	$	5.35		1.05%	(7)
Class R	$	1,000	$	904.50	$	8.57	$	1,000	$	1,016.03	$	9.07		1.80%	(8)
Class R6	$	1,000	$	908.30	$	5.06	$	1,000	$	1,019.80	$	5.35		1.05%	(9)
Class Y	$	1,000	$	906.00	$	6.48	$	1,000	$	1,018.29	$	6.86		1.35%	(10)
Ivy Money Market Fund
Class A	$	1,000	$	1,000.10	$	1.00	$	1,000	$	1,024.02	$	1.01		0.21%
Class B**	$	1,000	$	1,000.10	$	1.00	$	1,000	$	1,024.02	$	1.01		0.21%
Class C**	$	1,000	$	1,000.00	$	1.00	$	1,000	$	1,024.03	$	1.01		0.21%
Class E	$	1,000	$	1,000.10	$	1.00	$	1,000	$	1,024.04	$	1.01		0.21%
Ivy Municipal Bond Fund
Class A	$	1,000	$	1,002.10	$	5.01	$	1,000	$	1,020.06	$	5.05		1.00%
Class B**	$	1,000	$	998.40	$	8.69	$	1,000	$	1,016.36	$	8.77		1.74%
Class C	$	1,000	$	998.40	$	8.69	$	1,000	$	1,016.33	$	8.77		1.75%
Class I	$	1,000	$	1,003.20	$	4.01	$	1,000	$	1,021.11	$	4.04		0.79%
Class Y	$	1,000	$	1,002.10	$	5.01	$	1,000	$	1,020.06	$	5.05		1.00%
Ivy Municipal High Income Fund
Class A	$	1,000	$	1,007.10	$	4.32	$	1,000	$	1,020.74	$	4.34		0.87%
Class B**	$	1,000	$	1,003.30	$	8.11	$	1,000	$	1,016.96	$	8.17		1.62%
Class C	$	1,000	$	1,003.50	$	7.91	$	1,000	$	1,017.13	$	7.97		1.59%
Class I	$	1,000	$	1,008.00	$	3.41	$	1,000	$	1,021.66	$	3.44		0.68%
Class Y	$	1,000	$	1,007.10	$	4.32	$	1,000	$	1,020.75	$	4.34		0.87%
Ivy Small Cap Growth Fund
Class A	$	1,000	$	899.00	$	6.74	$	1,000	$	1,017.97	$	7.16		1.42%
Class B**	$	1,000	$	895.30	$	10.99	$	1,000	$	1,013.52	$	11.68		2.31%
Class C	$	1,000	$	896.10	$	9.76	$	1,000	$	1,014.78	$	10.38		2.06%
Class E	$	1,000	$	898.40	$	7.21	$	1,000	$	1,017.42	$	7.67		1.53%
Class I	$	1,000	$	900.30	$	5.04	$	1,000	$	1,019.76	$	5.35		1.06%
Class R	$	1,000	$	898.10	$	7.88	$	1,000	$	1,016.76	$	8.37		1.66%
Class R6	$	1,000	$	901.30	$	4.37	$	1,000	$	1,020.52	$	4.65		0.91%
Class Y	$	1,000	$	899.50	$	6.27	$	1,000	$	1,018.52	$	6.66		1.31%

See footnotes on page 9.

8 SEMIANNUAL REPORT 2015

ILLUSTRATION OF FUND EXPENSES

Ivy Funds      (UNAUDITED)

	Actual(1)						Hypothetical(2)
Fund	Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Beginning Account Value 3-31-15		Ending Account Value 9-30-15		Expenses Paid During Period*		Annualized Expense Ratio Based on the Six-Month Period
Ivy Small Cap Value Fund
Class A	$	1,000	$	899.30	$	7.41	$	1,000	$	1,017.32	$	7.87		1.55%
Class B**	$	1,000	$	895.40	$	11.85	$	1,000	$	1,012.55	$	12.58		2.50%
Class C	$	1,000	$	896.40	$	10.53	$	1,000	$	1,013.92	$	11.18		2.23%
Class E***	$	1,000	$	900.70	$	5.80	$	1,000	$	1,018.96	$	6.16		1.22%
Class I	$	1,000	$	901.00	$	5.32	$	1,000	$	1,019.50	$	5.65		1.11%
Class R	$	1,000	$	898.50	$	8.16	$	1,000	$	1,016.48	$	8.67		1.72%
Class R6	$	1,000	$	901.90	$	4.56	$	1,000	$	1,020.26	$	4.85		0.96%
Class Y	$	1,000	$	900.10	$	6.56	$	1,000	$	1,018.21	$	6.96		1.37%
Ivy Tax-Managed Equity Fund
Class A	$	1,000	$	961.20	$	6.08	$	1,000	$	1,018.89	$	6.26		1.23%
Class B**	$	1,000	$	957.30	$	9.40	$	1,000	$	1,015.47	$	9.67		1.92%
Class C	$	1,000	$	957.20	$	9.79	$	1,000	$	1,015.08	$	10.08		2.00%
Class I	$	1,000	$	962.00	$	4.91	$	1,000	$	1,020.07	$	5.05		1.00%
Class Y	$	1,000	$	960.70	$	6.08	$	1,000	$	1,018.89	$	6.26		1.23%
Ivy Value Fund
Class A	$	1,000	$	938.90	$	6.30	$	1,000	$	1,018.58	$	6.56		1.30%
Class B**	$	1,000	$	934.20	$	10.93	$	1,000	$	1,013.73	$	11.38		2.27%
Class C	$	1,000	$	935.30	$	9.77	$	1,000	$	1,014.96	$	10.18		2.02%
Class E***	$	1,000	$	940.00	$	5.14	$	1,000	$	1,019.75	$	5.35		1.06%
Class I	$	1,000	$	940.40	$	4.66	$	1,000	$	1,020.22	$	4.85		0.97%
Class R	$	1,000	$	938.00	$	7.56	$	1,000	$	1,017.28	$	7.87		1.56%
Class R6	$	1,000	$	941.00	$	3.88	$	1,000	$	1,021.02	$	4.04		0.81%
Class Y	$	1,000	$	939.40	$	5.92	$	1,000	$	1,018.97	$	6.16		1.22%

* Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2015, and divided by 366.

** These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

***Class share is closed to investment.

(1) This section uses the Fund’s actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The “Ending Account Value” shown is computed using the Fund’s actual return and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column of this section.

(2) This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund’s ongoing costs with other mutual funds. A shareholder can compare the Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

(3) Annualized Expense Ratio Based on the Six-Month Period does not include expenses of Underlying Ivy Funds in which Ivy Managed International Opportunities Fund invests.

(4)Annualized expense ratio based on the period excluding offering costs was 1.17%.

(5)Annualized expense ratio based on the period excluding offering costs was 1.89%.

(6)Annualized expense ratio based on the period excluding offering costs was 1.12%.

(7)Annualized expense ratio based on the period excluding offering costs was 0.87%.

(8)Annualized expense ratio based on the period excluding offering costs was 1.62%.

(9)Annualized expense ratio based on the period excluding offering costs was 0.87%.

(10)Annualized expense ratio based on the period excluding offering costs was 1.17%.

The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads or exchange fees.

2015 SEMIANNUAL REPORT 9

PORTFOLIO HIGHLIGHTS

Ivy Bond Fund

ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	1.1%
Financials	1.1%
Bonds	97.3%
Corporate Debt Securities	39.0%
United States Government and Government Agency Obligations	38.8%
Asset-Backed Securities	10.5%
Mortgage-Backed Securities	7.8%
Municipal Bonds – Taxable	1.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.6%

Lipper Rankings

Category: Lipper Corporate Debt Funds A Rated	Rank	Percentile
1 Year	21/46	45
3 Year	16/40	40
5 Year	13/37	35
10 Year	23/30	75

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Quality Weightings

Investment Grade	86.2%
AAA	5.4%
AA	41.0%
A	11.3%
BBB	28.5%
Non-Investment Grade	11.1%
BB	9.1%
B	0.1%
CCC	0.2%
Below CCC	0.1%
Non-rated	1.6%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Equities	2.7%

Our preference is to always use ratings obtained from Standard & Poor’s. For securities not rated by Standard & Poor’s, ratings are obtained from Moody’s. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

10 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

PREFERRED STOCKS	Shares		Value
Financials
Diversified Banks – 0.6%
Wells Fargo & Co., 5.850%		173	$	4,416
Reinsurance – 0.2%
Pitney Bowes International Holdings, Inc., Series F, 6.125% (A)		2		1,594
Specialized REITs – 0.3%
Ventas, Inc., 5.450%		100		2,500
Total Financials – 1.1%				8,510
TOTAL PREFERRED STOCKS – 1.1%			$	8,510
(Cost: $8,424)
ASSET-BACKED SECURITIES	Principal
Air Canada Pass Through Certificates, Series 2015-1, Class C, 5.000%, 3–15–20 (A)	$	1,500		1,476
America West Airlines, Inc., Pass Through Certificates, Series 1999-1, 7.930%, 1–2–19		673		723
America West Airlines, Inc., Pass Through Certificates, Series 2000-1, 8.057%, 7–2–20		910		1,038
American Airlines Class B Pass Through Certificates, Series 2013-2, 5.600%, 7–15–20 (A)		3,231		3,296
American Airlines Pass-Through Trusts, Pass-Through Certificates, Series 2013-1, 3.700%, 5–1–23		1,000		983
American Airlines, Inc., Class A Pass Through Certificates, Series 2013-2, 5.625%, 1–15–21 (A)		4,425		4,557
Aventura Mall Trust, Series 2013-AVM, Class B, 3.867%, 12–5–32 (A)(B)		3,600		3,801
CarMax Auto Owner Trust 2013-2, Class D, 2.060%, 11–15–19		3,000		2,987
CarMax Auto Owner Trust 2013-4, Class D, 2.600%, 4–15–20		2,000		2,005
Citibank Credit Card Issuance Trust, Class 2005-C1, 2.880%, 1–23–23		1,285		1,343
Continental Airlines 2001-1 A-1, 8.048%, 11–1–20		673		759
Continental Airlines Pass Through Certificates, Series 2009-2, 7.250%, 11–10–19		568		638

ASSET-BACKED SECURITIES (Continued)	Principal		Value
Continental Airlines Pass Through Certificates, Series 2010-1B, 6.000%, 1–12–19	$	863	$	901
Continental Airlines, Inc. Class B Pass Through Certificates, Series 2012-1B, 6.250%, 4–11–20		797		831
CVS Caremark Corp. Pass-Through Trust: 6.036%, 12–10–28		3,747		4,234
6.943%, 1–10–30		1,103		1,308
Delta Air Lines, Inc. Class A Pass Through Certificates, Series 2010-2,
4.250%, 7–30–23		1,400		1,407
Delta Air Lines, Inc. Pass-Through Certificates, Series 2012-1A:
6.375%, 1–2–16 (A)		600		606
4.750%, 5–7–20		1,081		1,141
Delta Air Lines, Inc. Pass-Through Certificates, Series 2012-1B,
6.875%, 5–7–19 (A)		4,288		4,609
Fan Engine Securitization Ltd., Series 2013-1X,
3.000%, 10–15–19 (A)		881		882
GE Equipment Transportation LLC, Series 2013-2:
1.820%, 10–25–21		3,000		3,041
1.900%, 8–23–22		1,800		1,821
Hawaiian Airlines Pass Through Certificates, Series 2013-1,
4.950%, 1–15–22		4,180		4,034
Hyundai Auto Receivables Trust 2014-A, Class D:
2.020%, 8–15–19		1,000		1,011
1.780%, 7–15–20		2,500		2,501
2.530%, 7–15–20		1,000		1,016
Longtrain Leasing III LLC, Series 2015A-1,
2.980%, 1–15–45 (A)		2,780		2,812
Longtrain Leasing III LLC, Series 2015A-2,
4.060%, 1–15–45 (A)		5,120		5,213
SoFi Professional Loan Program LLC, Series 2015-A2,
2.420%, 3–25–30 (A)		1,259		1,257
Tal Advantage V LLC,
3.510%, 2–22–39 (A)		795		799
U.S. Airways, Inc. Class A Pass-Through Certificates, Series 2012-1,
5.900%, 10–1–24		871		962
U.S. Airways, Inc. Class C Pass-Through Certificates, Series 2012-2,
5.450%, 6–3–18		2,000		2,020
U.S. Airways, Inc., Series 2012-2, Class A,
6.750%, 6–3–21		2,020		2,146

ASSET-BACKED SECURITIES (Continued)	Principal		Value
United Airlines Pass-Through Certificates, Series 2014-1B,
4.750%, 4–11–22	$	1,150	$	1,150
United Airlines Pass-Through Certificates, Series 2014-2B,
4.625%, 9–3–22		4,090		4,070
Virgin Australia 2013-1B Trust,
6.000%, 10–23–20 (A)		1,645		1,686
World Omni Automobile Lease Securitization Trust 2015-A, Class B,
1.940%, 12–15–20		3,940		3,953
TOTAL ASSET-BACKED SECURITIES – 10.5%			$	79,017
(Cost: $78,217)
CORPORATE DEBT SECURITIES
Consumer Discretionary
Apparel Retail – 0.4%
Limited Brands, Inc.,
6.625%, 4–1–21		2,340		2,597
Auto Parts & Equipment – 0.3%
Dana Holding Corp.,
6.750%, 2–15–21		1,500		1,556
Tenneco, Inc.,
6.875%, 12–15–20		965		999
				2,555
Automotive Retail – 0.4%
AutoNation, Inc.,
5.500%, 2–1–20		2,792		3,057
Household Appliances – 0.3%
Stanley Black & Decker, Inc.,
5.750%, 12–15–53		2,115		2,235
Total Consumer Discretionary – 1.4%				10,444
Energy
Oil & Gas Drilling – 0.4%
Noble Holding International Ltd. (GTD by Noble-Cayman),
6.950%, 4–1–45		4,339		3,002
Oil & Gas Equipment & Services – 0.7%
Enterprise Products Operating L.P. (GTD by Enterprise Products Partners L.P.),
7.034%, 1–15–68		4,763		5,025
Oil & Gas Exploration & Production – 1.1%
Chesapeake Energy Corp.:
3.539%, 4–15–19 (B)		4,325		3,071
4.875%, 4–15–22		1,730		1,129

2015 SEMIANNUAL REPORT 11

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Exploration & Production (Continued)
Chesapeake Midstream Partners L.P. and CHKM Finance Corp.,
6.125%, 7–15–22	$	2,500	$	2,525
Cimarex Energy Co.,
5.875%, 5–1–22		1,825		1,916
				8,641
Oil & Gas Refining & Marketing – 1.4%
NuStar Logistics L.P. (GTD by NuStar Energy L.P. and NuStar Pipeline Operating Partnership L.P.):
7.900%, 4–15–18 (B)		5,345		5,719
4.800%, 9–1–20		2,340		2,235
Tesoro Corp.,
4.250%, 10–1–17		2,645		2,685
				10,639
Oil & Gas Storage & Transportation – 4.1%
Access Midstream Partners L.P.,
4.875%, 5–15–23		3,500		3,238
Boardwalk Pipeline Partners L.P.,
5.200%, 6–1–18		2,500		2,526
Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
5.750%, 9–15–19		3,975		4,194
Buckeye Partners L.P.,
5.600%, 10–15–44		5,715		5,094
Energy Transfer Partners L.P.,
5.150%, 3–15–45		2,025		1,580
Gulfstream Natural Gas System LLC,
4.600%, 9–15–25 (A)		1,975		1,988
Regency Energy Partners L.P. and Regency Energy Finance Corp.:
6.500%, 7–15–21		3,600		3,715
5.875%, 3–1–22		3,000		3,075
Sunoco Logistics Partners Operations L.P.,
6.850%, 2–15–40		1,265		1,234
Tennessee Gas Pipeline Co.,
8.375%, 6–15–32		4,000		4,175
				30,819
Total Energy – 7.7%				58,126
Financials
Asset Management & Custody Banks – 0.3%
State Street Corp., Series F,
5.250%, 12–29–49		2,275		2,275
Consumer Finance – 2.9%
Capital One Financial Corp., 5.550%, Series E,
5.550%, 12–29–49		5,770		5,698
Discover Bank:
8.700%, 11–18–19		458		547
3.100%, 6–4–20		4,525		4,570

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Finance (Continued)
General Motors Financial Co., Inc.:
4.750%, 8–15–17	$	4,100	$	4,254
3.150%, 1–15–20		1,400		1,386
4.375%, 9–25–21		1,080		1,101
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
3.500%, 7–10–19		1,645		1,662
3.450%, 4–10–22		2,100		2,014
Union 13 Leasing LLC,
1.870%, 6–28–24		867		864
				22,096
Diversified Banks – 3.8%
Bank of America Corp.:
5.750%, 12–1–17		2,405		2,600
5.875%, 1–5–21		665		761
4.000%, 1–22–25		3,250		3,179
3.950%, 4–21–25		1,515		1,474
Bank of America N.A.,
5.300%, 3–15–17		1,469		1,543
Bank of New York Mellon Corp. (The),
4.950%, 12–29–49		2,800		2,758
Barclays plc,
3.650%, 3–16–25		1,775		1,695
Comerica, Inc.,
4.000%, 7–27–25		3,000		3,035
Compass Bank,
3.875%, 4–10–25		5,000		4,663
HSBC Bank USA N.A.,
6.000%, 8–9–17		4,235		4,552
KeyCorp.,
2.900%, 9–15–20		2,050		2,067
				28,327
Investment Banking & Brokerage – 2.4%
Credit Suisse Group Funding (Guernsey) Ltd.:
2.750%, 3–26–20 (A)		3,000		2,992
3.750%, 3–26–25 (A)		1,900		1,846
Goldman Sachs Group, Inc. (The),
5.250%, 7–27–21		1,000		1,115
Morgan Stanley:
6.250%, 8–28–17		3,200		3,473
5.500%, 1–26–20		1,552		1,734
5.500%, 7–28–21		1,090		1,232
5.450%, 12–29–29		1,650		1,624
5.550%, 12–29–49		2,275		2,241
TD Ameritrade Holding Corp.,
2.950%, 4–1–22		1,800		1,802
				18,059
Life & Health Insurance – 0.7%
MetLife, Inc.,
5.250%, 12–29–49		2,500		2,481
Symetra Financial Corp.,
6.125%, 4–1–16 (A)		2,755		2,816
				5,297

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Other Diversified Financial Services – 2.4%
JPMorgan Chase & Co.:
3.900%, 7–15–25	$	3,750	$	3,836
5.000%, 12–29–49		2,600		2,528
JPMorgan Chase Bank N.A.:
5.875%, 6–13–16		1,170		1,209
6.000%, 7–5–17		215		232
6.000%, 10–1–17		2,368		2,559
TIAA Asset Management Finance Co. LLC:
2.950%, 11–1–19 (A)		2,500		2,535
4.125%, 11–1–24 (A)		2,125		2,167
Ulani MSN 37894 LLC,
2.184%, 12–20–24		3,004		3,031
				18,097
Property & Casualty Insurance – 0.2%
Assurant, Inc.,
2.500%, 3–15–18		1,670		1,688
Real Estate Development – 0.7%
ARC Properties Operating Partnership L.P. and Clark Acquisition LLC,
2.000%, 2–6–17		5,450		5,341
Regional Banks – 0.4%
Synovus Financial Corp.,
7.875%, 2–15–19		3,025		3,358
Retail REITs – 0.4%
Retail Properties of America, Inc.,
4.000%, 3–15–25		2,950		2,859
Specialized REITs – 1.4%
American Tower Trust I,
1.551%, 3–15–18 (A)		3,070		3,046
Crown Castle International Corp.,
6.113%, 1–15–20 (A)		4,050		4,565
Hospitality Properties Trust,
4.650%, 3–15–24		1,200		1,202
Ventas Realty L.P. and Ventas Capital Corp.,
2.700%, 4–1–20		1,867		1,859
				10,672
Total Financials – 15.6%				118,069
Health Care
Biotechnology – 1.6%
Celgene Corp.,
5.000%, 8–15–45		6,250		6,203
Gilead Sciences, Inc.,
4.750%, 3–1–46		6,000		6,029
				12,232
Health Care Equipment – 0.0%
Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC,
4.875%, 4–15–20 (A)		250		239

12 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Facilities – 0.3%
NYU Hospitals Center,
4.428%, 7–1–42	$	2,170	$	2,132
Health Care Supplies – 1.2%
Bio–Rad Laboratories, Inc.,
4.875%, 12–15–20		5,000		5,472
Sinai Health System,
3.034%, 1–20–36		1,825		1,822
St. Jude Medical, Inc.,
3.875%, 9–15–25		1,600		1,623
				8,917
Managed Health Care – 0.4%
UnitedHealth Group, Inc.,
3.350%, 7–15–22		2,700		2,787
Pharmaceuticals – 0.6%
Biogen, Inc.,
3.625%, 9–15–22		4,900		4,939
Total Health Care – 4.1%				31,246
Industrials
Airlines – 0.4%
British Airways plc,
5.625%, 6–20–20 (A)		1,228		1,280
U.S. Airways Group, Inc., Class A,
6.250%, 4–22–23		1,001		1,117
U.S. Airways Group, Inc., Class B,
8.500%, 4–22–17		518		552
United Air Lines, Inc.,
10.400%, 11–1–16		286		306
				3,255
Industrial Machinery – 1.0%
Pentair Finance S.A.,
3.625%, 9–15–20		7,625		7,721
Railroads – 1.5%
BNSF Funding Trust I,
6.613%, 12–15–55		6,280		7,049
Canadian Pacific Railway Co.,
6.125%, 9–15–15		3,650		3,874
				10,923
Trading Companies & Distributors – 0.3%
AmeriGas Finance Corp. and AmeriGas Finance LLC,
6.750%, 5–20–20		1,500		1,519
AmeriGas Partners L.P. and AmeriGas Finance Corp.,
6.500%, 5–20–21		477		479
				1,998
Trucking – 0.1%
Tagua Leasing LLC,
1.900%, 7–12–24		994		993
Total Industrials – 3.3%				24,890

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Information Technology
Application Software – 0.7%
Block Financial LLC (GTD by H&R Block, Inc.),
4.125%, 10–1–20	$	5,000	$	5,005
Technology Hardware, Storage & Peripherals – 1.4%
Hewlett Packard Enterprise Co.:
2.850%, 10–5–18 (A)		4,325		4,319
4.400%, 10–15–22 (A)		4,125		4,117
6.200%, 10–15–35 (A)		2,100		2,099
				10,535
Total Information Technology – 2.1%				15,540
Telecommunication Services
Integrated Telecommunication Services – 1.2%
AT&T, Inc.,
5.550%, 8–15–41		1,625		1,650
Frontier Communications Corp.:
6.250%, 9–15–21		750		624
6.875%, 1–15–25		2,000		1,620
11.000%, 9–15–25 (A)		2,000		1,935
SBA Tower Trust,
2.240%, 4–16–18 (A)		3,120		3,100
				8,929
Wireless Telecommunication Service – 0.2%
MetroPCS Communications, Inc.,
6.625%, 4–1–23		1,500		1,485
Total Telecommunication Services – 1.4%				10,414
Utilities
Electric Utilities – 2.8%
AES Corp. (The),
3.324%, 6–1–19 (B)		2,300		2,185
Entergy Corp.,
4.000%, 7–15–22		2,400		2,479
Exelon Corp.,
5.100%, 6–15–45		2,550		2,606
Exelon Generation Co. LLC,
2.950%, 1–15–20		4,785		4,838
Indianapolis Power & Light Co.,
4.700%, 9–1–45 (A)		3,750		3,842
IPALCO Enterprises, Inc.,
3.450%, 7–15–20 (A)		2,800		2,709
Southwestern Electric Power Co.,
5.550%, 1–15–17		2,395		2,519
				21,178

CORPORATE DEBT SECURITIES (Continued)	Principal			Value
Gas Utilities – 0.2%
Suburban Propane Partners L.P. and Suburban Energy Finance Corp.,
5.500%, 6–1–24	$	1,450		$	1,341
Multi-Utilities – 0.4%
Dominion Resources, Inc.,
5.750%, 10–1–54		3,300			3,387
Total Utilities – 3.4%					25,906
TOTAL CORPORATE DEBT SECURITIES – 39.0%				$	294,635
(Cost: $298,806)
MORTGAGE-BACKED SECURITIES
Commercial Mortgage-Backed Securities – 4.7%
7 WTC Depositor LLC Trust 2012-WTC Commercial Mortgage Pass-Through Certificates, Series 2012-7WTC,
4.082%, 3–13–31 (A)		1,477			1,513
BAMLL Commercial Mortgage Securities Trust 2014-520M, Class A,
4.325%, 8–15–46 (A)(B)		6,130			6,397
Banco Hipotecario Nacional:
7.916%, 7–25–09 (A)(C)		31			—	*
0.000%, 3–25–12 (A)(C)		10			—	*
7.540%, 5–31–17 (A)(C)		—	*		—
BB-UBS Trust 2012-SHOW, Commercial Mortgage Pass-Through Certificates, Series 2012 Class A,
3.430%, 11–5–36 (A)		2,850			2,909
BB-UBS Trust 2012-SHOW, Commercial Mortgage Pass-Through Certificates, Series 2012 Class D,
4.026%, 11–5–36 (A)(B)		1,425			1,405
Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2013-SMPD,
3.008%, 1–12–30 (A)(B)		1,240			1,251
Credit Suisse Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2014-ICE, Class B,
1.398%, 4–15–27 (A)(B)		500			498

2015 SEMIANNUAL REPORT 13

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MORTGAGE-BACKED SECURITIES (Continued)	Principal		Value
Commercial Mortgage-Backed Securities (Continued)
Extended Stay America Trust, Commercial Mortgage Pass-Through Certificates, Series 2013-ESH MZ,
2.295%, 12–5–31 (A)	$	2,000	$	2,010
GS Mortgage Securities Corp. Trust, Commercial Mortgage Pass-Through Certificates, Series 2012-BWTR,
3.440%, 11–5–34 (A)(B)		1,000		1,001
Helios Leasing I LLC,
2.018%, 5–29–24		1,072		1,076
Hometown Commercial Capital LLC, Hometown Commercial Mortgage Pass-Through Notes 2006-1,
5.506%, 11–11–38 (A)		655		528
Hometown Commercial Trust, Commercial Mortgage-Backed Notes, Series 2007-1,
6.057%, 6–11–39 (A)		105		75
JPMorgan Chase Commercial Mortgage Securities Trust 2009-IWST, Commercial Mortgage Pass-Through Certificates, Series 2009-IWST:
2.172%, 12–5–27 (A)(B)		5,783		416
7.151%, 12–5–27 (A)		1,425		1,694
7.694%, 12–5–27 (A)(B)		2,600		3,060
Mellon Residential Funding,
6.750%, 6–25–28		1		1
Multi Security Asset Trust L.P., Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2005-RR4:
5.270%, 11–28–35 (A)		124		124
5.880%, 11–28–35 (A)(B)		1,280		1,243
UBS-Barclays Commerical Mortgage Trust, Series 2012-C3 A4,
3.091%, 8–10–49		2,885		2,962
Vornado DP LLC Trust 2010, Commercial Mortgage Pass-Through Certificates, Series 2010-VNO,
5.280%, 9–13–28 (A)		1,200		1,333
Wells Fargo Commerical Mortgage Trust, Series 2012-LC5 A3,
3.148%, 5–15–48		700		701
WFRBS Commercial Mortgage Trust 2001-C2 A-2,
3.791%, 2–15–44 (A)		1,223		1,225
WFRBS Commercial Mortgage Trust 2011-C5,
3.667%, 11–15–44 (B)		435		462

MORTGAGE-BACKED SECURITIES (Continued)	Principal		Value
Commercial Mortgage-Backed Securities (Continued)
WFRBS Commercial Mortgage Trust 2012-C10, Class A-3,
2.870%, 11–15–45	$	3,539	$	3,601
				35,485
Other Mortgage-Backed Securities – 3.1%
ABFS Mortgage Loan Trust 2001-2,
7.490%, 12–25–31 (B)		338		316
Banc of America Mortgage Trust 2004-03,
4.875%, 4–25–19		40		39
Bank of America Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2003-3,
5.500%, 5–25–33		389		400
Bear Stearns Mortgage Securities, Inc.,
8.000%, 11–25–29		132		106
C-Bass 2006-MH1 Trust:
5.476%, 10–25–36 (A)(B)		3,300		3,479
5.601%, 10–25–36 (A)(B)		22		22
CCG Receivables Trust, Series 2015-1, Class A3,
1.920%, 1–17–23 (A)(B)		3,000		3,011
CHL Mortgage Pass-Through Trust 2004-J4,
5.250%, 5–25–34		104		102
Collateralized Mortgage Obligation Trust,
5.000%, 7–1–18		4		4
COMM 2012-9W57 Mortgage Trust, Class A,
2.365%, 2–10–29 (A)		2,250		2,281
Connecticut Avenue Securities, Series 2013-C01,
1.149%, 5–25–24 (B)		1,037		1,030
CountryPlace Manufactured Housing Contract Trust 2005-1:
4.800%, 12–15–35 (A)(B)		195		197
5.200%, 12–15–35 (A)(B)		300		314
Credit Suisse Mortgage Trust 2014-ICE, Class C,
1.748%, 4–15–27 (A)(B)		4,225		4,205
CWHEQ Home Equity Loan Trust, Series 2007-S2,
5.934%, 5–25–37 (B)		294		271
First Horizon Mortgage Pass-Through Trust 2007-4,
5.500%, 8–25–22		47		46
GMACM Home Equity Loan Trust 2007-HE1,
5.952%, 8–25–37 (B)		570		529
Green Tree Financial Corp., Manufactured Housing Contract, Pass-Through Certificates, Series 1993-3A7,
6.400%, 10–15–18		10		10

MORTGAGE-BACKED SECURITIES (Continued)	Principal		Value
Other Mortgage-Backed Securities (Continued)
JPMorgan Mortgage Trust 2004-A3,
2.714%, 7–25–34 (B)	$	170	$	171
Merrill Lynch Mortgage Investors, Inc., Mortgage Pass-Through Certificates, Series 1997-C2,
6.250%, 12–10–29		407		407
Morgan Stanley BAML Trust 2015-C22, Class A4,
3.306%, 4–15–48		100		101
Morgan Stanley Capital I Trust 2012-STAR, Class A-2,
3.201%, 8–5–34 (A)		1,350		1,382
Morgan Stanley Capital I Trust 2012-STAR, Class B,
3.451%, 8–5–34 (A)		930		951
Morgan Stanley Capital I Trust, Series 2012-C4,
1.085%, 3–15–45		119		119
Origen Manufactured Housing Contract Trust 2004-A,
5.700%, 1–15–35		382		392
Origen Manufactured Housing Contract Trust 2004-B,
5.730%, 11–15–35 (B)		457		475
Origen Manufactured Housing Contract Trust 2005-A,
5.860%, 6–15–36 (B)		50		53
Origen Manufactured Housing Contract Trust 2005-B,
5.910%, 1–15–37		651		680
Prudential Home Mortgage Securities:
6.730%, 4–28–24 (A)(B)		1		—	*
7.877%, 9–28–24 (A)(B)		2		1
RASC, Series 2003-KS10 Trust,
6.410%, 12–25–33		159		87
RFMSI, Series 2004-S5 Trust:
4.500%, 5–25–19		79		56
Salomon Brothers Mortgage Securities VII, Inc., Mortgage Pass-Through Certificates, Series 1997-HUD1,
6.795%, 12–25–30 (B)		742		545
Structured Asset Mortgage Investments, Inc.,
1.747%, 5–2–30 (B)		6		2
TimberStar Trust I,
6.208%, 10–15–36 (A)		1,560		1,589
				23,373
TOTAL MORTGAGE-BACKED SECURITIES – 7.8%			$	58,858
(Cost: $59,628)

14 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS – TAXABLE	Principal		Value
Alabama – 0.1%
Util Debt Securitization Auth, Restructuring Bonds, Ser 2013T,
3.435%, 12–15–25	$	470	$	496
Florida – 0.1%
Sarasota Cnty, FL, Cap Impvt Rev Bonds, Ser 2010A,
7.016%, 10–1–40		520		612
New York – 0.8%
Port Auth of NY & NJ Consolidated Bonds, 168th Ser,
4.926%, 10–1–51		3,190		3,448
Port Auth of NY & NJ Consolidated Bonds, Ser 174,
4.458%, 10–1–62		3,000		2,910
				6,358
Washington – 0.2%
Pub Util Dist No. 1, Douglas Cnty, WA, Wells Hydroelec Bonds, Ser 2010A,
5.450%, 9–1–40		1,205		1,372
TOTAL MUNICIPAL BONDS – TAXABLE –1.2%			$	8,838
(Cost: $8,270)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 0.5%
Federal Farm Credit Bank,
2.990%, 2–4–28		3,600		3,537
Mortgage-Backed Obligations – 26.1%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
1.844%, 8–25–24 (B)		1,486		1,491
2.399%, 9–25–24 (B)		4,000		3,973
1.694%, 7–25–25 (B)		2,325		2,331
5.300%, 1–15–33		106		119
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
5.500%, 12–1–17		44		45
5.500%, 9–1–19		84		88
5.000%, 4–1–23		305		328
3.500%, 8–1–26		725		768
2.500%, 3–1–28		743		765
2.500%, 4–1–28		731		752
5.000%, 5–1–29		76		83
3.500%, 5–1–32		1,485		1,572
6.500%, 9–1–32		48		54
6.000%, 11–1–33		66		76
5.500%, 5–1–34		570		648
6.500%, 5–1–34		139		167
5.500%, 6–1–34		174		194
5.000%, 9–1–34		3		3

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS  (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
5.500%, 9–1–34	$	7	$	8
5.500%, 10–1–34		245		277
5.500%, 7–1–35		82		92
5.000%, 8–1–35		82		90
5.500%, 10–1–35		76		86
5.000%, 11–1–35		197		217
5.000%, 12–1–35		54		59
6.500%, 7–1–36		97		115
7.000%, 12–1–37		86		100
5.500%, 2–1–39		390		439
5.000%, 11–1–39		192		214
5.000%, 1–1–40		1,084		1,205
5.000%, 3–1–40		1,682		1,878
5.000%, 4–1–40		371		410
5.000%, 8–1–40		342		376
4.000%, 10–1–40		986		1,057
4.000%, 11–1–40		976		1,059
4.500%, 1–1–41		1,110		1,209
4.000%, 2–1–41		1,777		1,910
4.000%, 3–1–41		552		596
4.500%, 3–1–41		491		537
4.500%, 4–1–41		1,280		1,413
4.000%, 6–1–41		615		665
4.000%, 8–1–41		418		446
4.000%, 11–1–41		4,982		5,335
3.500%, 3–1–42		2,122		2,221
3.000%, 8–1–42		1,494		1,518
3.500%, 8–1–42		3,781		3,955
3.000%, 1–1–43		1,667		1,694
3.000%, 2–1–43		2,044		2,079
3.500%, 12–1–44		6,421		6,691
3.500%, 5–25–45		10,132		10,279
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.000%, 9–1–17		7		7
6.000%, 1–1–18		28		29
5.500%, 2–1–18		29		30
5.500%, 3–1–18		6		6
5.000%, 5–1–18		103		107
5.000%, 6–1–18		24		24
5.000%, 7–1–18		11		12
5.000%, 10–1–18		70		73
5.500%, 9–1–19		29		31
3.000%, 9–1–22		1,011		1,058
5.000%, 7–1–23		166		183
6.000%, 8–1–23		168		185
5.500%, 2–1–24		68		76
4.500%, 4–1–25		280		299
3.500%, 11–1–25		477		508
3.500%, 6–1–26		770		817
3.500%, 10–1–26 TBA		125		132
3.000%, 10–1–27		3,130		3,260
2.500%, 11–1–27		1,435		1,457
2.500%, 10–1–28		705		719
6.000%, 8–1–29		57		65
7.500%, 5–1–31		22		25
7.000%, 9–1–31		8		9
7.000%, 11–1–31		110		133
6.500%, 12–1–31		11		12
6.500%, 2–1–32		115		137
7.000%, 2–1–32		83		97
7.000%, 3–1–32		132		160
6.500%, 4–1–32		21		25
6.500%, 5–1–32		48		55

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS  (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
6.500%, 7–1–32	$	14	$	16
6.500%, 8–1–32		22		26
6.000%, 9–1–32		24		27
6.500%, 9–1–32		55		65
6.000%, 10–1–32		447		515
6.500%, 10–1–32		48		57
6.000%, 11–1–32		319		367
3.500%, 12–1–32		2,162		2,289
6.000%, 3–1–33		549		630
5.500%, 4–1–33		334		380
6.000%, 4–1–33		31		36
5.500%, 5–1–33		36		40
6.000%, 6–1–33		77		87
6.500%, 8–1–33		18		20
6.000%, 10–1–33		42		47
6.000%, 12–1–33		101		116
5.500%, 1–1–34		190		214
6.000%, 1–1–34		61		70
5.000%, 3–1–34		379		419
5.500%, 3–1–34		39		44
5.500%, 4–1–34		37		42
5.000%, 5–1–34		24		27
6.000%, 8–1–34		90		103
5.500%, 9–1–34		291		331
6.000%, 9–1–34		107		122
6.500%, 9–1–34		199		228
5.500%, 11–1–34		419		472
6.000%, 11–1–34		138		155
6.500%, 11–1–34		12		15
5.000%, 12–1–34		555		615
5.500%, 1–1–35		380		431
5.500%, 2–1–35		807		917
6.500%, 3–1–35		203		238
5.000%, 4–1–35		104		115
5.500%, 4–1–35		199		225
4.500%, 5–1–35		397		432
5.500%, 6–1–35		11		12
4.500%, 7–1–35		291		317
5.000%, 7–1–35		752		831
5.500%, 7–1–35		91		102
5.500%, 8–1–35		12		14
5.500%, 10–1–35		369		416
5.500%, 11–1���35		226		253
5.500%, 12–1–35		238		268
5.000%, 2–1–36		59		65
5.500%, 2–1–36		198		215
6.500%, 2–1–36		53		61
5.500%, 9–1–36		272		306
5.500%, 11–1–36		125		139
6.000%, 11–1–36		78		88
6.000%, 1–1–37		51		58
6.000%, 5–1–37		142		162
5.500%, 6–1–37		73		83
6.000%, 8–1–37		75		85
6.000%, 9–1–37		91		103
7.000%, 10–1–37		17		18
5.500%, 3–1–38		252		286
5.000%, 4–1–38		337		379
5.500%, 5–1–38		68		75
6.000%, 10–1–38		252		287
6.000%, 12–1–38		157		180
4.500%, 6–1–39		208		228
5.000%, 12–1–39		456		514
5.500%, 12–1–39		308		349
5.000%, 3–1–40		1,151		1,288

2015 SEMIANNUAL REPORT 15

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
6.000%, 6–1–40	$	154	$	174
4.500%, 10–1–40		1,041		1,132
4.000%, 12–1–40		1,384		1,481
3.500%, 4–1–41		2,273		2,385
4.000%, 4–1–41		1,393		1,502
4.500%, 4–1–41		2,353		2,585
5.000%, 4–1–41		290		327
4.500%, 7–1–41		1,277		1,390
4.000%, 8–1–41		1,027		1,098
4.000%, 9–1–41		1,650		1,777
3.500%, 10–1–41 TBA		16,540		17,260
4.000%, 10–1–41		1,726		1,859
3.500%, 11–1–41		3,699		3,882
3.500%, 1–1–42		3,507		3,672
3.000%, 3–1–42		1,420		1,446
3.500%, 8–1–42		2,284		2,398
3.000%, 9–1–42		2,357		2,399
3.000%, 10–1–42		3,695		3,747
3.500%, 1–1–43		1,254		1,312
3.500%, 2–1–43		1,628		1,718
3.500%, 3–1–43		2,385		2,508
3.000%, 5–1–43		8,174		8,314
4.000%, 1–1–44		1,394		1,513
3.500%, 5–1–45		2,367		2,472
3.500%, 6–1–45		2,136		2,236
3.500%, 7–1–45		1,629		1,702
3.500%, 8–1–45		2,670		2,792
Government National Mortgage Association Agency REMIC/CMO:
0.643%, 7–16–40 (B)(D)		126		—	*
0.000%, 3–16–42 (B)(D)		680		—	*
0.136%, 6–17–45 (B)(D)		459		—	*
Government National Mortgage Association Fixed Rate Pass-Through Certificates:
6.250%, 7–15–24		61		67
4.000%, 8–20–31		774		833
5.000%, 7–15–33		205		229
5.000%, 7–15–34		152		170
5.500%, 12–15–34		196		222
5.000%, 1–15–35		212		234
5.000%, 12–15–35		352		394
4.000%, 6–20–36		1,135		1,222
5.500%, 7–15–38		194		222
5.500%, 10–15–38		254		292
5.500%, 2–15–39		112		127
5.000%, 12–15–39		172		194
5.000%, 1–15–40		1,139		1,259
4.500%, 6–15–40		568		627
5.000%, 7–15–40		357		396
4.000%, 12–20–40		648		704
4.000%, 1–15–41		930		994
4.000%, 10–15–41		556		600
3.500%, 10–20–43		2,342		2,460

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
3.000%, 10–1–44	$	365	$	373
4.000%, 12–20–44		1,071		1,141
3.500%, 2–20–45		4,585		4,813
3.000%, 3–15–45		3,961		4,049
3.000%, 3–20–45		2,437		2,492
3.500%, 3–20–45		2,859		3,001
3.500%, 4–20–45		6,331		6,645
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust 1995-1, Class 1,
7.238%, 2–15–25 (B)		74		84
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust 1995-1, Class 2,
7.793%, 2–15–25		22		25
				197,483
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 26.6%			$	201,020
(Cost: $198,170)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 12.2%
U.S. Treasury Bonds:
5.375%, 2–15–31 (E)		4,940		6,859
3.000%, 5–15–45		31,475		32,234
U.S. Treasury Notes:
0.500%, 3–31–17		4,000		3,999
0.875%, 5–15–17		1,960		1,970
0.875%, 1–31–18		590		592
0.750%, 4–15–18		2,500		2,496
1.625%, 7–31–20		7,800		7,897
1.375%, 8–31–20		20,925		20,953
1.875%, 8–31–22		8,075		8,145
2.000%, 8–15–25		6,710		6,678
				91,823
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 12.2%			$	91,823
(Cost: $90,613)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (F) – 3.2%
Baxter International, Inc.,
0.260%, 10–21–15	$	3,000	$	3,000
John Deere Financial Ltd. (GTD by John Deere Capital Corp.),
0.150%, 10–29–15		2,000		2,000
John Deere Financial, Inc. (GTD by John Deere Capital Corp.),
0.130%, 10–21–15		3,643		3,643
Pfizer, Inc.,
0.100%, 11–17–15		6,000		5,999
St. Jude Medical, Inc.,
0.260%, 11–9–15		5,000		4,998
Wisconsin Electric Power Co.,
0.290%, 10–6–15		5,000		5,000
				24,640
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (G)		681		681
TOTAL SHORT-TERM SECURITIES – 3.3%			$	25,321
(Cost: $25,319)
TOTAL INVESTMENT SECURITIES – 101.7%			$	768,022
(Cost: $767,447)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.7)%				(12,586	)
NET ASSETS – 100.0%			$	755,436

Notes to Schedule of Investments

* Not shown due to rounding.

(A) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $122,297 or 16.2% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

16 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

(C) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(D) Interest-only security. Amount shown as principal represents notional amount for computation of interest.

(E) All or a portion of securities with an aggregate value of $292 have been pledged as collateral on open futures contracts.

(F) Rate shown is the yield to maturity at September 30, 2015.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following futures contracts were outstanding at September 30, 2015 (contracts unrounded):

Description	Type	Expiration Date	Number of Contracts		Value			Unrealized Depreciation
U.S. 10-Year Treasury Note	Short	12–31–15		160	$	(20,598	)	$	(197	)
U.S. Treasury Long Bond	Short	12–31–15		70		(11,014	)		(77	)
					$	(31,612	)	$	(274	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Preferred Stocks	$	6,916	$	1,594	$	—
Asset-Backed Securities		—		78,135		882
Corporate Debt Securities		—		294,635		—
Mortgage-Backed Securities		—		58,856		2
Municipal Bonds		—		8,838		—
United States Government Agency Obligations		—		201,020		—
United States Government Obligations		—		91,823		—
Short-Term Securities		—		25,321		—
Total	$	6,916	$	760,222	$	884
Liabilities
Futures Contracts	$	274	$	—	$	—

During the period ended September 30, 2015, there were no transfers between any levels.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REIT = Real Estate Investment Trust

REMIC = Real Estate Mortgage Investment Conduit

TBA = To Be Announced

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 17

PORTFOLIO HIGHLIGHTS

Ivy Core Equity Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	97.8%
Health Care	21.4%
Information Technology	21.1%
Consumer Discretionary	16.1%
Consumer Staples	10.4%
Financials	8.3%
Industrials	8.1%
Energy	5.0%
Telecommunication Services	4.6%
Materials	2.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.2%

Lipper Rankings

Category: Lipper Large-Cap Core Funds	Rank	Percentile
1 Year	701/876	80
3 Year	587/794	74
5 Year	270/724	38
10 Year	53/517	11

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Citigroup, Inc.	Financials	Other Diversified Financial Services
Philip Morris International, Inc.	Consumer Staples	Tobacco
Google, Inc., Class A	Information Technology	Internet Software & Services
Microsoft Corp.	Information Technology	Systems Software
Allergan plc	Health Care	Pharmaceuticals
Teva Pharmaceutical Industries Ltd. ADR	Health Care	Pharmaceuticals
Shire Pharmaceuticals Group plc ADR	Health Care	Pharmaceuticals
Medtronic plc	Health Care	Health Care Equipment
American Tower Corp., Class A	Telecommunication Services	Wireless Telecommunication Service
Home Depot, Inc. (The)	Consumer Discretionary	Home Improvement Retail

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

18 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Core Equity Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 0.8%
Polo Ralph Lauren Corp.		67	$	7,905
Auto Parts & Equipment – 1.6%
Magna International, Inc.		345		16,583
Broadcasting – 1.1%
CBS Corp., Class B		303		12,071
Cable & Satellite – 2.4%
Comcast Corp., Class A		449		25,516
General Merchandise Stores – 2.5%
Dollar General Corp.		363		26,288
Home Improvement Retail – 2.5%
Home Depot, Inc. (The)		232		26,759
Internet Retail – 1.9%
Amazon.com, Inc. (A)		40		20,476
Restaurants – 3.3%
Chipotle Mexican Grill, Inc., Class A (A)		33		23,984
Starbucks Corp.		182		10,345
				34,329
Total Consumer Discretionary –16.1%				169,927
Consumer Staples
Brewers – 2.0%
Anheuser-Busch InBev S.A. ADR		205		21,753
Distillers & Vintners – 0.5%
Constellation Brands, Inc.		43		5,434
Hypermarkets & Super Centers – 2.2%
Costco Wholesale Corp.		159		22,914
Packaged Foods & Meats – 2.0%
Kraft Foods Group, Inc.		298		20,998
Tobacco – 3.7%
Philip Morris International, Inc.		487		38,671
Total Consumer Staples – 10.4%				109,770
Energy
Oil & Gas Exploration & Production – 4.3%
Cabot Oil & Gas Corp.		658		14,373
Cimarex Energy Co.		149		15,242
EOG Resources, Inc.		224		16,293
				45,908
Oil & Gas Storage & Transportation – 0.7%
MarkWest Energy Partners L.P.		165		7,080
Total Energy – 5.0%				52,988

COMMON STOCKS (Continued)	Shares		Value
Financials
Multi-Line Insurance – 2.2%
American International Group, Inc.		408	$	23,194
Other Diversified Financial Services – 6.1%
Citigroup, Inc.		839		41,598
JPMorgan Chase & Co.		373		22,766
				64,364
Total Financials – 8.3%				87,558
Health Care
Biotechnology – 4.4%
Alexion Pharmaceuticals, Inc. (A)		161		25,225
Celgene Corp. (A)		200		21,591
				46,816
Health Care Equipment – 2.9%
Medtronic plc		450		30,150
Health Care Facilities – 1.8%
HCA Holdings, Inc. (A)		252		19,472
Pharmaceuticals – 12.3%
Allergan plc (A)		130		35,308
Bristol-Myers Squibb Co.		434		25,663
Shire Pharmaceuticals Group plc ADR		164		33,732
Teva Pharmaceutical Industries Ltd. ADR		615		34,723
				129,426
Total Health Care – 21.4%				225,864
Industrials
Aerospace & Defense – 3.8%
Boeing Co. (The)		178		23,309
Rockwell Collins, Inc.		200		16,401
				39,710
Railroads – 4.3%
Canadian Pacific Railway Ltd.		163		23,417
Kansas City Southern		248		22,511
				45,928
Total Industrials – 8.1%				85,638
Information Technology
Application Software – 2.5%
Adobe Systems, Inc. (A)		321		26,401
Data Processing & Outsourced Services – 4.0%
MasterCard, Inc., Class A		252		22,719
Visa, Inc., Class A		281		19,602
				42,321
Internet Software & Services – 3.4%
Google, Inc., Class A (A)		57		36,196

COMMON STOCKS (Continued)	Shares		Value
IT Consulting & Other Services – 2.3%
Cognizant Technology Solutions Corp., Class A (A)		390	$	24,424
Semiconductor Equipment – 2.2%
Applied Materials, Inc.		1,570		23,069
Semiconductors – 3.3%
NXP Semiconductors N.V. (A)		216		18,825
Texas Instruments, Inc.		318		15,732
				34,557
Systems Software – 3.4%
Microsoft Corp.		811		35,908
Total Information Technology – 21.1%				222,876
Materials
Diversified Chemicals – 0.6%
PPG Industries, Inc.		76		6,638
Industrial Gases – 2.2%
Air Products and Chemicals, Inc.		183		23,360
Total Materials – 2.8%				29,998
Telecommunication Services
Alternative Carriers – 1.9%
Level 3 Communications, Inc. (A)		453		19,779
Wireless Telecommunication Service – 2.7%
American Tower Corp., Class A		326		28,655
Total Telecommunication Services – 4.6%				48,434
TOTAL COMMON STOCKS – 97.8%			$	1,033,053
(Cost: $967,946)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 2.0%
Danaher Corp.,
0.130%, 10–2–15	$	5,000		5,000
Ecolab, Inc.,
0.250%, 10–14–15		5,000		4,999
L Air Liquide S.A.,
0.170%, 10–1–15		7,018		7,018
Novartis Finance Corp. (GTD by Novartis AG),
0.170%, 10–5–15		5,000		5,000
				22,017

2015 SEMIANNUAL REPORT 19

SCHEDULE OF INVESTMENTS

Ivy Core Equity Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Master Note – 0.1%
Toyota Motor Credit Corp., 0.200%, 10–7–15 (C)		621	$	621
TOTAL SHORT-TERM SECURITIES – 2.1%			$	22,638
(Cost: $22,638)
TOTAL INVESTMENT SECURITIES – 99.9%			$	1,055,691
(Cost: $990,584)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				874
NET ASSETS – 100.0%			$	1,056,565

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the yield to maturity at September 30, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,033,053	$	—	$	—
Short-Term Securities		—		22,638		—
Total	$	1,033,053	$	22,638	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

See Accompanying Notes to Financial Statements.

20 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Cundill Global Value Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	92.3%
Financials	32.0%
Consumer Discretionary	28.8%
Energy	13.9%
Industrials	9.6%
Materials	5.4%
Information Technology	2.6%
Bonds	3.6%
Corporate Debt Securities	3.5%
Other Government Securities	0.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.1%

Lipper Rankings

Category: Lipper Global Multi-Cap Value Funds	Rank	Percentile
1 Year	106/113	93
3 Year	50/75	66
5 Year	56/63	88
10 Year	34/36	92

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	46.1%
United States	37.3%
Canada	8.8%
Europe	26.8%
Germany	8.0%
France	5.8%
Italy	4.9%
United Kingdom	4.0%
Other Europe	4.1%
Pacific Basin	22.1%
South Korea	9.5%
Japan	7.9%
Hong Kong	4.7%
South America	0.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.1%

Top 10 Equity Holdings

Company	Country	Sector	Industry
American International Group, Inc.	United States	Financials	Multi-Line Insurance
Citigroup, Inc.	United States	Financials	Other Diversified Financial Services
Hyundai Motor Co.	South Korea	Consumer Discretionary	Automobile Manufacturers
Mediaset S.p.A.	Italy	Consumer Discretionary	Broadcasting
Munchener Ruckversicherungs-Gesellschaft AG, Registered Shares	Germany	Financials	Reinsurance
SANKYO Co. Ltd.	Japan	Consumer Discretionary	Leisure Products
Bank of America Corp.	United States	Financials	Diversified Banks
adidas AG	Germany	Consumer Discretionary	Apparel, Accessories & Luxury Goods
POSCO	South Korea	Materials	Steel
Vinci	France	Industrials	Construction & Engineering

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 21

SCHEDULE OF INVESTMENTS

Ivy Cundill Global Value Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Brazil
Energy – 0.0%
Petro Rio S.A. (A)		28	$	12
Financials – 0.9%
BR Properties S.A.		821		2,279
Total Brazil – 0.9%			$	2,291
Canada
Energy – 1.7%
Cenovus Energy, Inc.		287		4,357
Financials – 2.2%
Fairfax Financial Holdings Ltd.		12		5,365
Materials – 1.4%
Canfor Corp. (A)		285		3,400
Total Canada – 5.3%			$	13,122
France
Industrials – 5.8%
Compagnie de Saint-Gobain		160		6,957
Vinci		115		7,300
				14,257
Total France – 5.8%			$	14,257
Germany
Consumer Discretionary – 3.6%
adidas AG		110		8,844
Financials – 4.4%
Munchener Ruckversicherungs- Gesellschaft AG, Registered Shares		59		10,950
Total Germany – 8.0%			$	19,794
Greece
Consumer Discretionary – 0.5%
Intralot S.A. Integrated Lottery Systems and Services (A)		584		1,111
Financials – 0.2%
EFG Eurobank Ergasias S.A. (A)		23,252		576
Total Greece – 0.7%			$	1,687
Hong Kong
Consumer Discretionary – 2.3%
Melco PBL Entertainment (Macau) Ltd. ADR		416		5,727
Financials – 2.4%
Cheung Kong (Holdings) Ltd.		158		2,055
First Pacific Co. Ltd.		6,167		3,768
				5,823
Total Hong Kong – 4.7%			$	11,550

COMMON STOCKS (Continued)	Shares		Value
Italy
Consumer Discretionary – 4.9%
Mediaset S.p.A.		2,634	$	12,125
Total Italy – 4.9%			$	12,125
Japan
Consumer Discretionary – 7.9%
Honda Motor Co. Ltd.		191		5,695
SANKYO Co. Ltd.		301		10,719
Sega Sammy Holdings, Inc.		299		2,919
				19,333
Total Japan – 7.9%			$	19,333
Luxembourg
Energy – 2.4%
Tenaris S.A.		486		5,846
Total Luxembourg – 2.4%			$	5,846
Netherlands
Industrials – 0.9%
TNT Express N.V.		272		2,078
Total Netherlands – 0.9%			$	2,078
South Korea
Consumer Discretionary – 5.3%
Hyundai Motor Co.		94		12,997
Information Technology – 0.2%
Samsung Electronics Co. Ltd.		1		502
Materials – 4.0%
POSCO		61		8,657
POSCO ADR		34		1,188
				9,845
Total South Korea – 9.5%			$	23,344
United Kingdom
Energy – 1.1%
BP plc ADR		86		2,630
Industrials – 2.9%
Group 4 Securicor plc		2,059		7,197
Total United Kingdom – 4.0%			$	9,827
United States
Consumer Discretionary – 4.3%
GameStop Corp., Class A		140		5,753
TRI Pointe Group, Inc. (A)		374		4,901
				10,654
Energy – 5.6%
Apache Corp.		87		3,395
Chesapeake Energy Corp.		259		1,898
Rowan Cos., Inc.		325		5,255
Transocean Ltd.		243		3,134
				13,682

COMMON STOCKS (Continued)	Shares		Value
Financials – 21.9%
American International Group, Inc.		366	$	20,777
Bank of America Corp.		652		10,159
Berkshire Hathaway, Inc., Class B (A)		30		3,886
Citigroup, Inc. (B)		386		19,167
				53,989
Information Technology – 2.4%
Microsoft Corp.		132		5,856
Total United States – 34.2%			$	84,181
TOTAL COMMON STOCKS – 89.2%			$	219,435
(Cost: $222,169)
PREFERRED STOCKS
United States
Energy – 3.1%
Chesapeake Energy Corp., 5.750%, Convertible (C)		10		4,164
Chesapeake Energy Corp., 5.750%, Cumulative		9		3,468
				7,632
Total United States – 3.1%			$	7,632
TOTAL PREFERRED STOCKS – 3.1%			$	7,632
(Cost: $14,905)
CORPORATE DEBT SECURITIES		Principal
Canada
Telecommunication Services – 3.5%
BlackBerry Ltd., Convertible
6.000%, 11–13–20	$	7,020		8,670
Total Canada – 3.5%			$	8,670
TOTAL CORPORATE DEBT SECURITIES – 3.5%			$	8,670
(Cost: $7,020)

22 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Cundill Global Value Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (D)	Principal		Value
Greece – 0.1%
Hellenic Republic:
2.000%, 2–24–23 (E)		EUR       18	$	14
2.000%, 2–24–24 (E)		18		14
2.000%, 2–24–25 (E)		18		14
2.000%, 2–24–26 (E)		18		14
2.000%, 2–24–27 (E)		18		13
2.000%, 2–24–28 (E)		19		14
2.000%, 2–24–29 (E)		19		14
2.000%, 2–24–30 (E)		19		14
2.000%, 2–24–31 (E)		19		13
2.000%, 2–24–32 (E)		19		13
2.000%, 2–24–33 (E)		19		13
2.000%, 2–24–34 (E)		19		13
2.000%, 2–24–35 (E)		19		13
2.000%, 2–24–36 (E)		19		13

OTHER GOVERNMENT SECURITIES (D) (Continued)	Principal		Value
2.000%, 2–24–37 (E)		EUR       19	$	12
2.000%, 2–24–38 (E)		19		12
2.000%, 2–24–39 (E)		19		12
2.000%, 2–24–40 (E)		19		12
2.000%, 2–24–41 (E)		19		12
2.000%, 2–24–42 (E)		19		12
0.000%, 10–15–42 (E)(F)		378		2
				263
TOTAL OTHER GOVERNMENT SECURITIES – 0.1%			$	263
(Cost: $93)

SHORT-TERM SECURITIES	Principal		Value
United States Government Agency Obligations – 4.2%
Overseas Private Investment Corp. (GTD by U.S. Government):
0.150%, 10–7–15 (G)	$	10,347	$	10,348
TOTAL SHORT-TERM SECURITIES – 4.2%			$	10,348
(Cost: $10,348)
TOTAL INVESTMENT SECURITIES – 100.1%			$	246,348
(Cost: $254,535)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)%				(158	)
NET ASSETS – 100.0%			$	246,190

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $159 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(C) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $4,164 or 1.7% of net assets.

(D) Other Government Securities include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(E) Principal amounts are denominated in the indicated foreign currency, where applicable (EUR–Euro).

(F) Zero coupon bond.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized Depreciation
Euro	23,510	U.S. Dollar		26,513		10–16–15		Morgan Stanley International	$	237	$	—
Japanese Yen	2,026,900	U.S. Dollar		16,479		10–28–15		Morgan Stanley International		—		422
British Pound	2,435	U.S. Dollar		3,802		11–6–15		State Street Global Markets		119		—
Euro	2,303	U.S. Dollar		2,594		12–11–15		State Street Global Markets		18		—
									$	374	$	422

2015 SEMIANNUAL REPORT 23

SCHEDULE OF INVESTMENTS

Ivy Cundill Global Value Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	16,381	$	54,410	$	—
Energy		20,681		5,846		—
Financials		61,633		17,349		—
Industrials		—		23,532		—
Information Technology		5,856		502		—
Materials		4,588		8,657		—
Total Common Stocks	$	109,139	$	110,296	$	—
Preferred Stocks		3,468		4,164		—
Corporate Debt Securities		—		8,670		—
Other Government Securities		—		263		—
Short-Term Securities		—		10,348		—
Total	$	112,607	$	133,741	$	—
Forward Foreign Currency Contracts	$	—	$	374	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	422	$	—

During the period ended September 30, 2015, securities totaling $9,127 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities. Securities totaling $129,365 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers between levels represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

OTC = Over the Counter

Market Sector Diversification

(as a % of net assets)
Financials	32.0%
Consumer Discretionary	28.8%
Energy	13.9%
Industrials	9.6%
Materials	5.4%
Telecommunication Services	3.5%
Information Technology	2.6%
Other Government Securities	0.1%
Other+	4.1%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

24 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Dividend Opportunities Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	89.3%
Health Care	18.8%
Industrials	15.0%
Financials	14.2%
Consumer Discretionary	11.7%
Information Technology	11.5%
Consumer Staples	8.0%
Materials	4.6%
Energy	3.8%
Utilities	1.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	10.7%

Lipper Rankings

Category: Lipper Equity Income Funds	Rank	Percentile
1 Year	318/501	64
3 Year	232/384	61
5 Year	222/298	75
10 Year	117/187	63

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Pfizer, Inc.	Health Care	Pharmaceuticals
Teva Pharmaceutical Industries Ltd. ADR	Health Care	Pharmaceuticals
Citigroup, Inc.	Financials	Other Diversified Financial Services
JPMorgan Chase & Co.	Financials	Other Diversified Financial Services
Microsoft Corp.	Information Technology	Systems Software
McDonald’s Corp.	Consumer Discretionary	Restaurants
Medtronic plc	Health Care	Health Care Equipment
Bristol-Myers Squibb Co.	Health Care	Pharmaceuticals
Union Pacific Corp.	Industrials	Railroads
Applied Materials, Inc.	Information Technology	Semiconductor Equipment

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 25

SCHEDULE OF INVESTMENTS

Ivy Dividend Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Advertising – 1.7%
Omnicom Group, Inc.		95	$	6,241
Apparel Retail – 1.7%
Limited Brands, Inc.		70		6,296
Cable & Satellite – 2.8%
Comcast Corp., Class A		116		6,615
Time Warner Cable, Inc.		21		3,704
				10,319
Home Improvement Retail – 2.1%
Home Depot, Inc. (The)		68		7,795
Restaurants – 3.4%
McDonald’s Corp.		124		12,257
Total Consumer Discretionary –11.7%				42,908
Consumer Staples
Brewers – 1.6%
Anheuser-Busch InBev S.A. ADR		57		6,007
Drug Retail – 2.5%
CVS Caremark Corp.		93		8,954
Packaged Foods & Meats – 1.3%
Unilever plc (A)		120		4,904
Tobacco – 2.6%
Philip Morris International, Inc.		119		9,444
Total Consumer Staples – 8.0%				29,309
Energy
Integrated Oil & Gas – 0.6%
Occidental Petroleum Corp.		30		1,961
Oil & Gas Storage & Transportation – 3.2%
Energy Transfer Equity L.P.		405		8,433
MarkWest Energy Partners L.P.		80		3,412
				11,845
Total Energy – 3.8%				13,806
Financials
Diversified Banks – 1.9%
Wells Fargo & Co.		138		7,079
Industrial REITs – 1.6%
ProLogis		149		5,778
Other Diversified Financial Services – 7.3%
Citigroup, Inc.		272		13,501
JPMorgan Chase & Co.		217		13,240
				26,741
Regional Banks – 1.1%
PNC Financial Services Group, Inc. (The)		43		3,795

COMMON STOCKS (Continued)	Shares		Value
Specialized REITs – 2.3%
Crown Castle International Corp.		107	$	8,467
Total Financials– 14.2%				51,860
Health Care
Health Care Equipment – 3.3%
Medtronic plc		182		12,163
Pharmaceuticals – 15.5%
AbbVie, Inc.		103		5,618
Bristol-Myers Squibb Co.		180		10,656
Johnson & Johnson		79		7,379
Merck & Co., Inc.		105		5,206
Pfizer, Inc.		458		14,386
Teva Pharmaceutical Industries Ltd. ADR		241		13,587
				56,832
Total Health Care – 18.8%				68,995
Industrials
Aerospace & Defense – 5.9%
BAE Systems plc (A)		653		4,424
Boeing Co. (The)		66		8,643
Honeywell International, Inc.		88		8,366
				21,433
Commercial Printing – 1.8%
Corrections Corp. of America		225		6,654
Industrial Conglomerates – 2.2%
General Electric Co.		315		7,939
Industrial Machinery – 1.2%
Eaton Corp.		89		4,548
Railroads – 2.8%
Union Pacific Corp.		117		10,300
Research & Consulting Services – 1.1%
Nielsen Holdings plc		90		3,995
Total Industrials – 15.0%				54,869
Information Technology
Data Processing & Outsourced Services – 1.6%
Paychex, Inc.		124		5,928
Semiconductor Equipment – 2.8%
Applied Materials, Inc.		690		10,139
Semiconductors – 2.0%
Texas Instruments, Inc.		149		7,373
Systems Software – 3.6%
Microsoft Corp.		296		13,112
Technology Hardware, Storage & Peripherals – 1.5%
Seagate Technology		123		5,517
Total Information Technology –11.5%				42,069

COMMON STOCKS (Continued)	Shares		Value
Materials
Diversified Chemicals – 3.0%
Dow Chemical Co. (The)		106	$	4,494
PPG Industries, Inc.		73		6,441
				10,935
Industrial Gases – 1.6%
Air Products and Chemicals, Inc.		47		6,035
Total Materials – 4.6%				16,970
Utilities
Electric Utilities – 1.7%
PPL Corp.		194		6,371
Total Utilities – 1.7%				6,371
TOTAL COMMON STOCKS – 89.3%			$	327,157
(Cost: $284,451)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 9.8%
Army & Air Force Exchange Service, 0.140%, 10–5–15	$	5,000		5,000
Baxter International, Inc., 0.260%, 10–21–15		5,000		4,999
McCormick & Co., Inc., 0.290%, 10–1–15		4,700		4,700
Microsoft Corp., 0.160%, 11–18–15		10,000		9,999
Northern Illinois Gas Co., 0.220%, 10–8–15		3,000		3,000
Pfizer, Inc., 0.100%, 11–17–15		8,000		7,999
				35,697
Master Note – 0.9%
Toyota Motor Credit Corp., 0.200%, 10–7–15 (C)		3,347		3,347
TOTAL SHORT-TERM SECURITIES – 10.7%			$	39,044
(Cost: $39,042)
TOTAL INVESTMENT SECURITIES – 100.0%			$	366,201
(Cost: $323,493)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				135
NET ASSETS – 100.0%			$	366,336

26 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Dividend Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) Listed on an exchange outside the United States.

(B) Rate shown is the yield to maturity at September 30, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	42,908	$	—	$	—
Consumer Staples		24,405		4,904		—
Energy		13,806		—		—
Financials		51,860		—		—
Health Care		68,995		—		—
Industrials		50,445		4,424		—
Information Technology		42,069		—		—
Materials		16,970		—		—
Utilities		6,371		—		—
Total Common Stocks	$	317,829	$	9,328	$	—
Short-Term Securities		—		39,044		—
Total	$	317,829	$	48,372	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

REIT = Real Estate Investment Trusts

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 27

PORTFOLIO HIGHLIGHTS

Ivy Emerging Markets Equity Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	86.6%
Financials	18.4%
Consumer Discretionary	16.6%
Information Technology	16.4%
Industrials	9.7%
Consumer Staples	6.4%
Materials	6.2%
Health Care	5.7%
Energy	4.5%
Utilities	2.7%
Rights	0.0%
Purchased Options	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	13.2%

Lipper Rankings

Category: Lipper Emerging Markets Funds	Rank	Percentile
1 Year	73/778	10
3 Year	59/545	11
5 Year	106/367	29
10 Year	33/157	21

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

Pacific Basin	68.3%
China	21.5%
India	16.6%
South Korea	14.0%
Taiwan	8.0%
Hong Kong	4.3%
Other Pacific Basin	3.9%
Other	6.3%
South Africa	4.6%
Israel	1.7%
Europe	4.5%
South America	4.1%
Brazil	4.1%
North America	3.4%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Purchased Options	13.4%

Top 10 Equity Holdings

Company	Country	Sector	Industry
CAR, Inc.	China	Industrials	Trucking
Fosun International Ltd.	Hong Kong	Materials	Steel
Red Star Macalline Group Corp.	China	Consumer Discretionary	Home Furnishings
Naspers Ltd., Class N	South Africa	Consumer Discretionary	Cable & Satellite
Maruti Suzuki India Ltd.	India	Consumer Discretionary	Automobile Manufacturers
Larsen & Toubro Ltd.	India	Industrials	Construction & Engineering
Sberbank of Russia ADR	Russia	Financials	Diversified Banks
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	Information Technology	Semiconductors
Hotel Shilla Co. Ltd.	South Korea	Consumer Discretionary	Hotels, Resorts & Cruise Lines
Samsung Electronics Co. Ltd.	South Korea	Information Technology	Semiconductors

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

28 SEMIANNUAL REPORT 2015

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Emerging Markets Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Brazil
Consumer Staples – 4.1%
BRF-Brasil Foods S.A.		395	$	7,045
Hypermarcas S.A. (A)		1,245		4,768
Raia Drogasil S.A.		1,014		10,003
				21,816
Total Brazil – 4.1%			$	21,816
China
Consumer Discretionary – 6.7%
Bona Film Group Ltd. ADR (A)(B)		453		5,395
Great Wall Motor Co. Ltd.		6,879		7,675
Red Star Macalline Group Corp. (A)(C)		11,830		15,167
Wynn Macau Ltd.		6,376		7,295
				35,532
Financials – 4.6%
BOC Hong Kong (Holdings) Ltd., H Shares		21,655		9,338
China Cinda Asset Management Co. Ltd., H Shares		11,996		4,172
Industrial and Commercial Bank of China Ltd., H Shares		8,246		4,764
Ping An Insurance (Group) Co. of China Ltd., H Shares		1,282		6,406
				24,680
Health Care – 1.8%
CSPC Pharmaceutical Group Ltd.		11,103		9,776
Industrials – 5.8%
CAR, Inc. (A)		16,668		24,127
Zhuzhou CSR Times Electric Co. Ltd., H Shares		922		6,860
				30,987
Information Technology – 1.8%
Tencent Holdings Ltd.		563		9,485
Utilities – 0.8%
Huadian Fuxin Energy Corp. Ltd., H Shares		12,435		4,304
Total China – 21.5%			$	114,764
Hong Kong
Financials – 1.3%
China Overseas Land & Investment Ltd.		2,312		7,030
Materials – 3.0%
Fosun International Ltd.		9,047		15,621
Total Hong Kong – 4.3%			$	22,651

COMMON STOCKS (Continued)	Shares		Value
India
Consumer Discretionary – 4.0%
Cox and Kings (India) Ltd.		611	$	1,923
Maruti Suzuki India Ltd.		187		13,374
Page Industries Ltd.		30		6,058
				21,355
Consumer Staples – 1.3%
ITC Ltd.		1,369		6,863
Energy – 1.7%
Coal India Ltd.		1,806		9,033
Financials – 5.4%
Axis Bank Ltd.		1,054		7,993
HDFC Bank Ltd.		435		7,105
Prestige Estates Projects Ltd.		1,772		5,833
State Bank of India		2,185		7,927
				28,858
Industrials – 2.4%
Larsen & Toubro Ltd.		572		12,817
Information Technology – 1.8%
HCL Technologies Ltd.		636		9,531
Total India – 16.6%			$	88,457
Indonesia
Financials – 1.2%
PT Lippo Karawaci Tbk		81,662		6,308
Industrials – 0.7%
PT Jasa Marga (Persero) Tbk		10,602		3,503
Total Indonesia – 1.9%			$	9,811
Israel
Health Care – 1.7%
Teva Pharmaceutical Industries Ltd. ADR (B)(D)		163		9,194
Total Israel – 1.7%			$	9,194
Mexico
Industrials – 0.8%
Promotora y Operadora de Infraestructura S.A.B. de C.V. (A)		379		4,153
Materials – 1.2%
CEMEX S.A.B. de C.V. (A)		9,598		6,700
Total Mexico – 2.0%			$	10,853
Netherlands
Information Technology – 1.2%
Yandex N.V., Class A (A)		570		6,118
Total Netherlands – 1.2%			$	6,118

COMMON STOCKS (Continued)	Shares		Value
Russia
Consumer Staples – 1.0%
Magnit PJSC GDR		116	$	5,544
Financials – 2.3%
Sberbank of Russia ADR		2,428		12,023
Total Russia – 3.3%			$	17,567
South Africa
Consumer Discretionary – 2.5%
Naspers Ltd., Class N		108		13,519
Energy – 1.4%
Sasol Ltd.		272		7,606
Health Care – 0.7%
Aspen Pharmacare Holdings Ltd.		169		3,606
Total South Africa – 4.6%			$	24,731
South Korea
Consumer Discretionary – 2.1%
Hotel Shilla Co. Ltd.		116		11,352
Financials – 2.9%
Samsung Fire & Marine Insurance Co. Ltd.		29		6,803
Shinhan Financial Group Co. Ltd.		240		8,393
				15,196
Health Care – 1.5%
Celltrion, Inc.		136		7,821
Information Technology – 3.6%
Samsung Electronics Co. Ltd.		11		10,996
SK hynix, Inc.		289		8,229
				19,225
Materials – 2.0%
LG Chem Ltd.		45		10,886
Utilities – 1.9%
Korea Electric Power Corp.		250		10,293
Total South Korea – 14.0%			$	74,773
Taiwan
Information Technology – 8.0%
Advanced Semiconductor Engineering, Inc.		4,909		5,349
Catcher Technology Co. Ltd.		737		7,879
Hon Hai Precision Ind. Co. Ltd.		2,095		5,473
Largan Precision Co. Ltd.		96		7,492
Taiwan Semiconductor Manufacturing Co. Ltd.		2,860		11,463

2015 SEMIANNUAL REPORT 29

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Emerging Markets Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Information Technology (Continued)
Zhen Ding Technology Holding Ltd.		1,793	$	5,139
				42,795
Total Taiwan – 8.0%			$	42,795
Thailand
Consumer Discretionary – 1.3%
Minor International Public Co. Ltd.		8,551		6,787
Total Thailand – 1.3%			$	6,787
Turkey
Financials – 0.7%
Turkiye Garanti Bankasi Anonim Sirketi		1,618		3,765
Total Turkey – 0.7%			$	3,765
United States
Energy – 1.4%
Halliburton Co. (B)		216		7,650
Total United States – 1.4%			$	7,650
TOTAL COMMON STOCKS – 86.6%			$	461,732
(Cost: $470,827)

RIGHTS	Shares		Value
Hong Kong
Materials – 0.0%
Fosun International Ltd.		1,013	$	—	*
TOTAL RIGHTS – 0.0%			$	—	*
(Cost: $–)
PURCHASED OPTIONS		Number of Contracts (Unrounded)
Baidu.com, Inc. ADR:
Call $190.00, Expires 12–18–15		369		15
Call $230.00, Expires 12–18–15		343		2
ICICI Bank Ltd. ADR, Call $12.50, Expires 1-15-16, OTC (Ctrpty: UBS AG)		2,500		20
iShares MSCI Brazil Capped ETF, Call $25.00, Expires 12-18-15, OTC (Ctrpty: UBS AG)		12,000		876
iShares MSCI Emerging Markets ETF, Call $34.50, Expires 10-16-15, OTC (Ctrpty: Citibank N.A.)		7,980		148
TOTAL PURCHASED OPTIONS – 0.2%			$	1,061
(Cost: $2,495)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (E) – 2.6%
General Mills, Inc. 0.310%, 10–5–15	$	4,000	$	4,000
Kellogg Co. 0.350%, 10–2–15		5,000		5,000
St. Jude Medical, Inc. 0.290%, 10–1–15		4,663		4,663
				13,663
Master Note – 0.4%
Toyota Motor Credit Corp.
0.200%, 10–7–15 (F)		2,267		2,267
TOTAL SHORT-TERM SECURITIES – 3.0%			$	15,930
(Cost: $15,930)
TOTAL INVESTMENT SECURITIES – 89.8%			$	478,723
(Cost: $489,252)
CASH AND OTHER ASSETS, NET OF LIABILITIES (B)(D) – 10.2%				54,367
NET ASSETS – 100.0%			$	533,090

Notes to Consolidated Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $16,973 and cash of $3,450 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(C) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $15,167 or 2.8% of net assets.

(D) All or a portion of securities with an aggregate value of $821 and cash of $4,760 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(E) Rate shown is the yield to maturity at September 30, 2015.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered			Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
Chinese Yuan Renminbi		334,000	U.S. Dollar		50,398		8–19–16	Barclays Capital, Inc.	$	—	$	659
Brazilian Real		88,700	U.S. Dollar		21,999		10–23–15	Citibank N.A.		—		209
									$	—	$	868

30 SEMIANNUAL REPORT 2015

CONSOLIDATED SCHEDULE OF INVESTMENTS

Ivy Emerging Markets Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Baidu.com, Inc. ADR	N/A	Put		369		December 2015	$	155.00	$	248	$	(811	)
Halliburton Co.	N/A	Put		725		October 2015		40.00		277		(364	)
ICICI Bank Ltd. ADR	UBS AG	Put		2,500		January 2016		11.00		241		(680	)
	UBS AG	Call		2,500		January 2016		15.00		158		(17	)
iShares MSCI Brazil Capped ETF	UBS AG	Put		12,000		December 2015		19.00		1,116		(1,080	)
iShares MSCI Emerging Markets ETF	Citibank N.A.	Put		7,980		October 2015		30.50		535		(215	)
	N/A	Put		8,185		November 2015		34.50		1,694		(1,977	)
JD.com, Inc., Class A ADR	N/A	Put		1,090		December 2015		22.00		122		(131	)
Lukoil Co. ADR	Bank of America N.A.	Put		980		October 2015		41.00		354		(667	)
Vipshop Holdings Ltd.	N/A	Put		1,620		November 2015		14.00		112		(122	)
YPF Sociedad Amonima ADR	UBS AG	Put		2,000		October 2015		28.00		748		(2,580	)
									$	5,605	$	(8,644	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2			Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	5,395	$	83,150		$	—
Consumer Staples		27,360		6,863			—
Energy		7,650		16,639			—
Financials		12,023		85,837			—
Health Care		9,194		21,203			—
Industrials		4,153		47,307			—
Information Technology		11,257		75,897			—
Materials		6,700		26,507			—
Utilities		—		14,597			—
Total Common Stocks	$	83,732	$	378,000		$	—
Rights		—		—	*		—
Purchased Options		—		1,061			—
Short-Term Securities		—		15,930			—
Total	$	83,732	$	394,991		$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	868		$	—
Written Options	$	3,274	$	5,370		$	—

During the period ended September 30, 2015, securities totaling $317,862 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

OTC = Over the Counter

Market Sector Diversification
(as a % of net assets)
Financials	18.4%
Consumer Discretionary	16.6%
Information Technology	16.4%
Industrials	9.7%

Consumer Staples	6.4%
Materials	6.2%
Health Care	5.7%
Energy	4.5%
Utilities	2.7%
Other+	13.4%

+ Includes purchased options, cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 31

PORTFOLIO HIGHLIGHTS

Ivy European Opportunities Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	99.3%
Industrials	18.2%
Financials	17.1%
Health Care	14.2%
Consumer Staples	12.7%
Consumer Discretionary	11.0%
Information Technology	9.4%
Materials	4.9%
Energy	4.4%
Telecommunication Services	4.2%
Utilities	3.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.7%

Lipper Rankings

Category: Lipper European Region Funds	Rank	Percentile
1 Year	61/137	45
3 Year	64/102	63
5 Year	51/86	59
10 Year	52/70	74

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

Europe	96.2%
United Kingdom	28.8%
France	20.1%
Switzerland	9.5%
Italy	7.4%
Germany	7.4%
Netherlands	6.2%
Ireland	5.2%
Denmark	4.3%
Other Europe	7.3%
North America	3.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.7%

Top 10 Equity Holdings

Company	Country	Sector	Industry
SABMiller plc	United Kingdom	Consumer Staples	Brewers
Orange S.A.	France	Telecommunication Services	Integrated Telecommunication Services
BAE Systems plc	United Kingdom	Industrials	Aerospace & Defense
Roche Holdings AG, Genusscheine	Switzerland	Health Care	Pharmaceuticals
Shire plc	United Kingdom	Health Care	Pharmaceuticals
Axa S.A.	France	Financials	Multi-Line Insurance
Prudential plc	United Kingdom	Financials	Life & Health Insurance
Safran	France	Industrials	Aerospace & Defense
ING Groep N.V., Certicaaten Van Aandelen	Netherlands	Financials	Diversified Banks
Thales	France	Industrials	Aerospace & Defense

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

32 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy European Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Austria
Information Technology – 1.0%
ams AG		63	$	2,353
Total Austria – 1.0%			$	2,353
Belgium
Health Care – 1.0%
UCB S.A./N.V.		30		2,374
Total Belgium – 1.0%			$	2,374
Denmark
Financials – 1.2%
Danske Bank A.S.		87		2,639
Health Care – 2.1%
Novo Nordisk A/S, Class B		45		2,427
William Demant Holding A/S (A)		28		2,306
				4,733
Industrials – 1.0%
Vestas Wind Systems A/S		44		2,310
Total Denmark – 4.3%			$	9,682
France
Consumer Discretionary – 3.7%
Accor S.A.		55		2,563
LVMH Moet Hennessy – Louis Vuitton		14		2,327
Renault S.A.		48		3,470
				8,360
Consumer Staples – 1.1%
Pernod Ricard		24		2,463
Energy – 1.0%
Total S.A.		52		2,354
Financials – 3.3%
Axa S.A.		164		3,993
Societe Generale S.A.		77		3,428
				7,421
Industrials – 4.4%
Compagnie de Saint-Gobain		51		2,232
Safran		52		3,887
Thales		55		3,867
				9,986
Information Technology – 3.7%
Alcatel Lucent, Class A (A)		862		3,181
Cap Gemini S.A.		27		2,410
Ingenico Group		22		2,638
				8,229
Materials – 0.9%
Arkema		33		2,123
Telecommunication Services – 2.0%
Orange S.A.		297		4,501
Total France – 20.1%			$	45,437

COMMON STOCKS (Continued)	Shares		Value
Germany
Health Care – 1.4%
Bayer AG		25	$	3,265
Industrials – 2.3%
GEA Group Aktiengesellschaft, Bochum		30		1,162
KION Holding 1 GmbH		66		2,929
KUKA Aktiengesellschaft		14		1,049
				5,140
Information Technology – 3.7%
Infineon Technologies AG		227		2,554
United Internet AG		54		2,721
Wirecard AG		62		2,969
				8,244
Total Germany – 7.4%			$	16,649
Ireland
Consumer Staples – 2.0%
Glanbia plc		113		2,104
Kerry Group plc, Class A		32		2,386
				4,490
Financials – 1.1%
Bank of Ireland (A)		6,306		2,452
Materials – 2.1%
CRH plc		81		2,127
Smurfit Kappa Group plc		99		2,659
				4,786
Total Ireland – 5.2%			$	11,728
Italy
Consumer Discretionary – 1.0%
Moncler S.p.A.		128		2,285
Energy – 1.0%
Eni S.p.A.		145		2,285
Financials – 2.9%
Banca Intesa S.p.A.		613		2,166
Banca Popolare di Milano Scarl		1,019		1,007
Banco Popolare Societa Cooperativa (A)		75		1,103
Mediolanum S.p.A.		304		2,173
				6,449
Industrials – 2.5%
Atlantia S.p.A.		108		3,034
Prysmian S.p.A.		129		2,665
				5,699
Total Italy – 7.4%			$	16,718
Netherlands
Consumer Discretionary – 0.9%
Koninklijke Philips Electronics N.V., Ordinary Shares		88		2,075

COMMON STOCKS (Continued)	Shares		Value
Consumer Staples – 1.6%
Heineken N.V.		44	$	3,573
Financials – 1.7%
ING Groep N.V., Certicaaten Van Aandelen		274		3,882
Industrials – 1.0%
Randstad Holding N.V.		38		2,275
Materials – 1.0%
Akzo Nobel N.V.		35		2,268
Total Netherlands – 6.2%			$	14,073
Norway
Consumer Staples – 1.6%
Marine Harvest ASA		275		3,493
Energy – 1.2%
DNO International ASA (A)		2,630		2,789
Total Norway – 2.8%			$	6,282
Spain
Telecommunication Services – 1.0%
Cellnex Telecom SAU (A)		132		2,241
Utilities – 1.5%
Iberdrola S.A.		521		3,469
Total Spain – 2.5%			$	5,710
Switzerland
Financials – 2.7%
Credit Suisse Group AG, Registered Shares		47		1,126
Julius Baer Group Ltd.		49		2,220
UBS Group AG		150		2,767
				6,113
Health Care – 4.6%
Lonza Group Ltd., Registered Shares		17		2,200
Novartis AG, Registered Shares		41		3,762
Roche Holdings AG, Genusscheine		17		4,465
				10,427
Industrials – 2.2%
Adecco S.A.		38		2,768
Wolseley plc		35		2,052
				4,820
Total Switzerland – 9.5%			$	21,360
United Kingdom
Consumer Discretionary – 5.4%
Compass Group plc		147		2,340
GKN plc		701		2,846
Taylor Wimpey plc		883		2,615
UBM plc		303		2,234

2015 SEMIANNUAL REPORT 33

SCHEDULE OF INVESTMENTS

Ivy European Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Consumer Discretionary (Continued)
WPP Group plc		107	$	2,234
				12,269
Consumer Staples – 6.4%
Diageo plc		87		2,333
Imperial Tobacco Group plc		71		3,659
Reckitt Benckiser Group plc		31		2,815
SABMiller plc		100		5,669
				14,476
Energy – 1.2%
Genel Energy plc (A)		623		2,619
Financials – 4.2%
Barclays plc		865		3,200
Lloyds Banking Group plc		1,996		2,272
Prudential plc		189		3,979
				9,451
Health Care – 2.0%
Shire plc		64		4,393
Industrials – 4.8%
Ashtead Group plc		220		3,111
BAE Systems plc		664		4,500
International Consolidated Airlines Group S.A. (A)		366		3,268
				10,879

COMMON STOCKS (Continued)	Shares		Value
Information Technology – 1.0%
JUST EAT plc (A)		371	$	2,310
Materials – 0.9%
Essentra plc		173		2,064
Telecommunication Services – 1.2%
BT Group plc		418		2,661
Utilities – 1.7%
National Grid plc		275		3,827
Total United Kingdom – 28.8%			$	64,949
United States
Health Care – 3.1%
Allergan plc (A)(B)		12		3,209
Incyte Corp. (A)(B)		34		3,799
				7,008
Total United States – 3.1%			$	7,008
TOTAL COMMON STOCKS – 99.3%			$	224,323
(Cost: $217,998)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.8%
Toyota Motor Credit Corp.
0.200%, 10–7–15 (C)	$	1,715	$	1,715
TOTAL SHORT-TERM SECURITIES – 0.8%			$	1,715
(Cost: $1,715)
TOTAL INVESTMENT SECURITIES – 100.1%			$	226,038
(Cost: $219,713)
LIABILITIES, NET OF CASH AND OTHER ASSETS (B) – (0.1)%				(312	)
NET ASSETS – 100.0%			$	225,726

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $378 and cash of $198 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

Currency to be Delivered

Currency to be Received

Settlement Date

Counterparty

Unrealized Appreciation

Unrealized Depreciation

Euro

24,903

U.S. Dollar

27,716

10–15–15

State Street Global Markets

$

—

$

116

34 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy European Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	—	$	24,989	$	—
Consumer Staples		—		28,495		—
Energy		—		10,047		—
Financials		—		38,407		—
Health Care		7,008		25,192		—
Industrials		—		41,109		—
Information Technology		—		21,136		—
Materials		—		11,241		—
Telecommunication Services		—		9,403		—
Utilities		—		7,296		—
Total Common Stocks	$	7,008	$	217,315	$	—
Short-Term Securities		—		1,715		—
Total	$	7,008	$	219,030	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	116	$	—

During the period ended September 30, 2015, securities totaling $138,429 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

Market Sector Diversification
(as a % of net assets)
Industrials	18.2%
Financials	17.1%
Health Care	14.2%
Consumer Staples	12.7%
Consumer Discretionary	11.0%
Information Technology	9.4%
Materials	4.9%
Energy	4.4%
Telecommunication Services	4.2%
Utilities	3.2%
Other+	0.7%

+ Includes cash and other assets (net of liabilities), and cash equivalents

The following acronym is used throughout this schedule:

OTC = Over the Counter

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 35

PORTFOLIO HIGHLIGHTS

Ivy Global Bond Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	6.8%
Utilities	1.8%
Health Care	1.6%
Energy	1.3%
Financials	1.2%
Information Technology	0.9%
Bonds	90.8%
Corporate Debt Securities	63.5%
United States Government and Government Agency Obligations	18.6%
Other Government Securities	6.3%
Loans	2.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.4%

Quality Weightings

Investment Grade	41.9%
AA	21.4%
A	1.9%
BBB	18.6%
Non-Investment Grade	48.9%
BB	28.1%
B	12.1%
CCC	4.9%
Non-rated	3.8%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Equities	9.2%

Our preference is to always use ratings obtained from Standard & Poor’s. For securities not rated by Standard & Poor’s, ratings are obtained from Moody’s. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Lipper Rankings

Category: Lipper Global Income Funds	Rank	Percentile
1 Year	174/206	85
3 Year	90/179	50
5 Year	72/129	56

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	42.1%
United States	34.5%
Panama	3.6%
Mexico	3.5%
Other North America	0.5%
Europe	25.0%
United Kingdom	7.4%
Luxembourg	5.9%
Russia	3.8%
Netherlands	3.7%
Other Europe	4.2%
South America	20.2%
Brazil	6.4%
Argentina	3.7%
Other South America	10.1%
Pacific Basin	6.6%
Bahamas/Caribbean	2.3%
Other	1.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.4%

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

36 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Brazil
Utilities – 0.7%
Alupar Investimento S.A.		199	$	740
Transmissora Alianca de Energia Eletrica S.A.		181		871
				1,611
Total Brazil – 0.7%			$	1,611
Chile
Utilities – 0.3%
Aguas Andinas S.A.		1,051		546
Total Chile – 0.3%			$	546
Panama
Financials – 1.2%
Banco Latinoamericano de Comercio Exterior S.A.		115		2,659
Total Panama –1.2%			$	2,659
United Kingdom
Energy – 1.3%
Royal Dutch Shell plc, Class A		87		2,047
Seadrill Partners LLC		69		644
				2,691
Health Care – 0.6%
GlaxoSmithKline plc		69		1,328
Total United Kingdom – 1.9%			$	4,019
United States
Health Care – 1.0%
Bristol-Myers Squibb Co.		36		2,138
Information Technology – 0.9%
Intel Corp.		63		1,891
Utilities – 0.8%
PPL Corp.		57		1,890
Total United States – 2.7%			$	5,919
TOTAL COMMON STOCKS – 6.8%			$	14,754
(Cost: $16,934)
CORPORATE DEBT SECURITIES	Principal
Argentina
Consumer Discretionary – 0.4%
Arcos Dorados Holdings, Inc.
10.250%, 7–13–16 (A)		BRL4,070		902
Energy – 1.3%
Pan American Energy LLC:
7.875%, 5–7–21	$	500		495
7.875%, 5–7–21 (B)		1,000		990
YPF Sociedad Anonima
8.875%, 12–19–18 (B)		1,300		1,274
				2,759

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.5%
Aeropuertos Argentina 2000 S.A.:
10.750%, 12–1–20 (B)	$	1,023	$	1,054
10.750%, 12–1–20		74		76
				1,130
Materials – 0.3%
IRSA Inversiones y Representaciones S.A.
8.500%, 2–2–17		625		613
Utilities – 0.2%
Transportadora de Gas del Sur S.A.
7.875%, 5–14–17		376		368
Total Argentina – 2.7%			$	5,772
Austria
Consumer Staples – 0.8%
JBS Investments GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.)
7.750%, 10–28–20 (B)		1,800		1,845
Total Austria – 0.8%			$	1,845
Brazil
Consumer Staples – 1.1%
BFF International Ltd.
7.250%, 1–28–20 (B)		2,000		2,182
Cosan Finance Ltd.
7.000%, 2–1–17		128		130
				2,312
Energy – 0.5%
Lancer Finance Co. (SPV) Ltd.
5.850%, 12–12–16 (B)(C)		252		—	*
QGOG Constellation S.A.
6.250%, 11–9–19 (B)		2,250		979
				979
Financials – 1.0%
Banco BMG S.A.
9.150%, 1–15–16		198		196
Banco Bradesco S.A.
4.125%, 5–16–16 (B)		1,850		1,845
Banco Cruzeiro do Sul S.A.
8.500%, 2–20–15 (B)(C)		1,500		115
				2,156
Industrials – 1.6%
Embraer Overseas Ltd.
6.375%, 1–24–17		2,675		2,742
Odebrecht Drilling Norbe VII/IX Ltd.
6.350%, 6–30–21 (B)		2,317		816
				3,558

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials – 1.1%
Suzano Trading Ltd.
5.875%, 1–23–21 (B)	$	2,500	$	2,425
Total Brazil – 5.3%			$	11,430
British Virgin Islands
Energy – 0.5%
QGOG Atlantic/Alaskan Rigs Ltd.:
5.250%, 7–30–18 (B)		1,447		926
5.250%, 7–30–18		158		101
				1,027
Total British Virgin Islands – 0.5%			$	1,027
Canada
Financials – 0.5%
Bank of Montreal
1.800%, 7–31–18		1,100		1,104
Total Canada – 0.5%			$	1,104
Cayman Islands
Consumer Staples – 0.4%
Marfrig Overseas Ltd.
9.500%, 5–4–20 (B)		1,000		970
Financials – 0.4%
Banco Bradesco S.A.
4.500%, 1–12–17 (B)		900		896
Industrials – 0.1%
Odebrecht Offshore Drilling Finance
6.750%, 10–1–22 (B)		906		239
Telecommunication Services – 0.6%
Sable International Finance Ltd.
6.875%, 8–1–22 (B)		1,200		1,209
Total Cayman Islands – 1.5%			$	3,314
Chile
Industrials – 1.3%
Guanay Finance Ltd.
6.000%, 12–15–20 (B)		1,500		1,479
LATAM Airlines Group S.A.
7.250%, 6–9–20 (B)		1,500		1,328
				2,807
Materials – 1.8%
Inversiones CMPC S.A. (GTD by Empresas CMPC S.A.):
4.750%, 1–19–18 (B)		2,925		3,015
4.375%, 5–15–23 (B)		1,000		977
				3,992
Total Chile – 3.1%			$	6,799

2015 SEMIANNUAL REPORT 37

SCHEDULE OF INVESTMENTS

Ivy Global Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Columbia
Energy – 1.5%
Empresas Publicas de Medellin E.S.P.
8.375%, 2–1–21 (A)	COP	6,300,000	$	2,043
Pacific Rubiales Energy Corp.:
5.375%, 1–26–19 (B)	$	2,000		745
7.250%, 12–12–21 (B)		1,450		522
				3,310
Financials – 0.8%
Banco de Bogota S.A.
5.000%, 1–15–17 (B)		1,600		1,640
Utilities – 1.0%
Emgesa S.A. E.S.P.
8.750%, 1–25–21 (A)	COP	6,930,000		2,267
Total Columbia – 3.3%			$	7,217
France
Financials – 0.6%
Societe Generale S.A.
5.922%, 4–29–49 (B)	$	1,350		1,364
Total France – 0.6%			$	1,364
Hong Kong
Telecommunication Services – 0.5%
Hutchison Whampoa Ltd.
1.625%, 10–31–17 (B)		1,000		996
Total Hong Kong – 0.5%			$	996
India
Financials – 0.6%
ICICI Bank Ltd.
4.750%, 11–25–16 (B)		1,250		1,291
Industrials – 0.6%
Adani Ports and Special Economic Zone Ltd.
3.500%, 7–29–20 (B)		1,300		1,290
Utilities – 0.9%
Rural Electrification Corp. Ltd.
4.250%, 1–25–16		1,675		1,687
Tata Electric Co.
8.500%, 8–19–17		250		266
				1,953
Total India – 2.1%			$	4,534

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Indonesia
Utilities – 1.2%
Majapahit Holding B.V.
7.750%, 10–17–16	$	2,500	$	2,630
Total Indonesia –1.2%			$	2,630
Ireland
Energy – 0.4%
Novatek Finance Ltd.
7.750%, 2–21–17 (A)(B)	RUB	55,000		797
Financials – 0.6%
MTS International Funding Ltd.
5.000%, 5–30–23 (B)	$	750		673
VEB Finance Ltd.
5.375%, 2–13–17 (B)		600		604
				1,277
Telecommunication Services – 0.3%
Mobile TeleSystems OJSC
5.000%, 5–30–23		700		628
Utilities – 0.6%
RusHydro Finance Ltd.
7.875%, 10–28–15 (A)	RUB	90,000		1,372
Total Ireland – 1.9%			$	4,074
Jamaica
Telecommunication Services – 0.3%
Digicel Group Ltd.
6.000%, 4–15–21 (B)	$	800		726
Total Jamaica – 0.3%			$	726
Luxembourg
Consumer Discretionary – 0.7%
Altice S.A.
7.625%, 2–15–25 (B)		1,700		1,490
Energy – 0.2%
Offshore Drilling Holding S.A.
8.375%, 9–20–20 (B)		700		476
Financials – 2.4%
OJSC Russian Agricultural Bank
5.100%, 7–25–18 (B)		2,950		2,876
VTB Capital S.A.
6.000%, 4–12–17 (B)		2,335		2,392
				5,268
Industrials – 0.2%
Silver II Borrower SCA and Silver II U.S. Holdings
7.750%, 12–15–20 (B)		500		434

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Information Technology – 1.6%
BC Luxco 1 S.A.
7.375%, 1–29–20 (B)	$	3,700	$	3,478
Materials – 0.6%
Evraz Group S.A.
7.400%, 4–24–17		1,200		1,229
Total Luxembourg – 5.7%			$	12,375
Mexico
Consumer Discretionary – 0.7%
Tenedora Nemak S.A. de C.V.
5.500%, 2–28–23 (B)		1,500		1,470
Materials – 2.8%
C5 Capital (SPV) Ltd.
4.604%, 12–29–49 (B)(D)		1,600		1,381
CEMEX S.A.B. de C.V.:
6.500%, 12–10–19 (B)		3,600		3,555
7.250%, 1–15–21 (B)		1,200		1,197
				6,133
Total Mexico –3.5%			$	7,603
Netherlands
Consumer Discretionary – 0.7%
VTR Finance B.V.
6.875%, 1–15–24 (B)		1,680		1,525
Consumer Staples – 0.6%
Marfrig Holdings (Europe) B.V.:
8.375%, 5–9–18 (B)		1,000		932
6.875%, 6–24–19 (B)		500		429
				1,361
Energy – 0.5%
Petrobras Global Finance (GTD by Petroleo Brasileiro S.A.)
4.875%, 3–17–20		1,375		1,007
Materials – 0.6%
Cimpor Financial Operations B.V. (GTD by InterCement Participacoes S.A. and InterCement Brasil S.A.)
5.750%, 7–17–24 (B)		1,850		1,241
Telecommunication Services – 0.1%
VimpleCom Holdings B.V.
9.000%, 2–13–18 (A)(B)	RUB	25,000		350
Utilities – 1.2%
Listrindo Capital B.V.
6.950%, 2–21–19 (B)	$	2,550		2,582
Total Netherlands – 3.7%			$	8,066

38 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Bond Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Panama
Financials – 2.4%
Banco Latinoamericano de Comercio Exterior S.A.
3.750%, 4–4–17 (B)	$	5,200	$	5,262
Total Panama – 2.4%			$	5,262
Peru
Financials – 0.6%
InRetail Shopping Malls
5.250%, 10–10–21 (B)		1,300		1,310
Total Peru – 0.6%			$	1,310
Qatar
Energy – 0.1%
Ras Laffan Liquefied Natural Gas Co. Ltd.
5.832%, 9–30–16		215		220
Total Qatar – 0.1%			$	220
Russia
Energy – 1.0%
Novatek Finance Ltd.
5.326%, 2–3–16 (B)		2,200		2,221
Industrials – 1.0%
SCF Capital Ltd.:
5.375%, 10–27–17 (B)		1,000		972
5.375%, 10–27–17		1,150		1,118
				2,090
Materials – 1.2%
Steel Capital S.A.
6.250%, 7–26–16 (B)		1,500		1,551
Uralkali Finance Ltd.
3.723%, 4–30–18 (B)		1,100		1,038
				2,589
Total Russia – 3.2%			$	6,900
Singapore
Consumer Staples – 2.1%
Olam International Ltd.:
5.750%, 9–20–17		1,150		1,175
7.500%, 8–12–20		2,500		2,700
Olam International Ltd., Convertible
6.000%, 10–15–16		700		708
				4,583
Telecommunication Services – 0.7%
TBG Global Pte. Ltd.
4.625%, 4–3–18 (B)		1,500		1,459
Total Singapore – 2.8%			$	6,042

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
United Arab Emirates
Financials – 0.9%
ICICI Bank Ltd.:
4.800%, 5–22–19 (B)	$	500	$	531
3.500%, 3–18–20 (B)		1,400		1,414
				1,945
Total United Arab Emirates – 0.9%			$	1,945
United Kingdom
Financials – 5.0%
Barclays plc
8.250%, 12–29–49		1,500		1,562
HSBC Holdings plc
5.625%, 12–29–49		1,200		1,155
Royal Bank of Scotland Group plc (The)
7.640%, 3–29–49		2,000		2,130
State Bank of India:
4.125%, 8–1–17 (B)		1,200		1,241
3.250%, 4–18–18 (B)		3,750		3,818
3.622%, 4–17–19 (B)		1,000		1,025
				10,931
Materials – 0.5%
Vedanta Resources plc
6.000%, 1–31–19 (B)		1,550		1,123
Total United Kingdom – 5.5%			$	12,054
United States
Consumer Discretionary – 0.6%
B-Corp Merger Sub, Inc.
8.250%, 6–1–19		725		551
Globo Comunicacoe e Participacoes S.A.
5.307%, 5–11–22 (B)(D)		850		846
				1,397
Consumer Staples – 0.6%
SABMiller Holdings, Inc.
2.200%, 8–1–18 (B)		854		862
Simmons Foods, Inc.
7.875%, 10–1–21 (B)		475		439
					��
				1,301
Energy – 0.9%
Brand Energy & Infrastructure Services
8.500%, 12–1–21 (B)		1,300		1,160
California Resources Corp.
5.000%, 1–15–20		1,150		740
				1,900
Financials – 3.9%
Aircastle Ltd.
4.625%, 12–15–18		1,900		1,935
Citigroup, Inc.:
8.400%, 4–29–49		1,250		1,401
5.950%, 12–29–49		1,100		1,085
General Motors Financial Co., Inc.
3.000%, 9–25–17		1,300		1,314

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
UBS Preferred Funding Trust V
6.243%, 5–29–49	$	2,000	$	2,030
Wells Fargo & Co.
7.980%, 3–29–49		750		792
				8,557
Health Care – 0.3%
Fresenius U.S. Finance II, Inc.
4.500%, 1–15–23 (B)		675		673
Industrials – 0.7%
TransDigm, Inc.
6.000%, 7–15–22		1,607		1,498
Information Technology – 1.0%
Alliance Data Systems Corp.
5.250%, 12–1–17 (B)		1,600		1,624
Micron Technology, Inc.
5.875%, 2–15–22		450		444
				2,068
Materials – 0.5%
Hillman Group, Inc. (The)
6.375%, 7–15–22 (B)		1,218		1,121
Telecommunication Services – 2.3%
American Tower Corp.
3.400%, 2–15–19		1,400		1,441
T-Mobile USA, Inc.
6.000%, 3–1–23		2,977		2,873
Verizon Communications, Inc.
2.625%, 2–21–20		697		701
				5,015
Total United States – 10.8%			$	23,530
TOTAL CORPORATE DEBT SECURITIES – 63.5%			$	138,139
(Cost: $156,716)
OTHER GOVERNMENT SECURITIES (E)
Argentina – 1.0%
City of Buenos Aires
9.950%, 3–1–17 (B)		700		721
Province of Buenos Aires (The)
9.950%, 6–9–21 (B)		1,596		1,508
				2,229
Brazil – 0.4%
OI S.A.
9.750%, 9–15–16 (A)	BRL	4,800		815

2015 SEMIANNUAL REPORT 39

SCHEDULE OF INVESTMENTS

Ivy Global Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (E) (Continued)	Principal		Value
Ireland – 0.1%
Russian Railways via RZD Capital Ltd.
8.300%, 4–2–19 (A)	RUB	19,000	$	256
Luxembourg – 0.2%
BC Luxco 1 S.A.
7.375%, 1–29–20	$	550		517
Russia – 0.6%
Russian Federation
3.500%, 1–16–19 (B)		1,200		1,197
Spain – 0.8%
Banco Bilbao Vizcaya Argentaria S.A.
9.000%, 5–29–49		1,600		1,690
Supranational – 0.4%
Central American Bank for Economic Integration
3.875%, 2–9–17 (B)		800		822
Venezuela – 2.8%
Corporacion Andina de Fomento:
3.750%, 1–15–16		3,625		3,661
1.500%, 8–8–17		2,500		2,499
				6,160
TOTAL OTHER GOVERNMENT SECURITIES – 6.3%			$	13,686
(Cost: $15,632)
LOANS (D)
United States
Energy – 0.4%
Empresas ICA S.A.
7.243%, 6–20–17		1,000		800
Industrials – 1.2%
TransDigm, Inc.
3.750%, 2–28–20		2,641		2,605

LOANS (D) (Continued)	Principal		Value
Information Technology – 0.3%
Magic Newco LLC
5.000%, 12–12–18	$	746	$	746
Materials – 0.5%
BakerCorp International
4.250%, 2–7–20		891		846
EP Minerals LLC
5.500%, 8–20–20		375		374
				1,220
Total United States – 2.4%			$	5,371
TOTAL LOANS – 2.4%			$	5,371
(Cost: $5,631)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
United States – 0.1%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 7–15–23 (F)		289		4
4.000%, 2–15–24 (F)		134		5
4.000%, 4–15–24 (F)		191		18
5.500%, 1–15–38 (F)		399		73
Federal National Mortgage Association Fixed Rate Pass-Through Certificates
5.000%, 3–1–22		53		57
Government National Mortgage Association Agency REMIC/CMO
4.500%, 11–20–36 (F)		228		4
				161
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.1%			$	161
(Cost: $1,623)

UNITED STATES GOVERNMENT OBLIGATIONS	Principal		Value
United States – 18.5%
U.S. Treasury Notes:
0.875%, 2–28–17	$	22,000	$	22,115
2.375%, 7–31–17		1,980		2,044
3.500%, 5–15–20		1,980		2,171
2.625%, 11–15–20		4,500		4,759
2.125%, 8–15–21		3,500		3,603
1.750%, 5–15–22		5,475		5,486
				40,178
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS –18.5%			$	40,178
(Cost: $39,502)
SHORT-TERM SECURITIES
Commercial Paper (G) – 0.9%
Wisconsin Electric Power Co. 0.290%, 10–1–15		2,080		2,080
TOTAL SHORT-TERM SECURITIES – 0.9%			$	2,080
(Cost: $2,080)
TOTAL INVESTMENT SECURITIES – 98.5%			$	214,369
(Cost: $238,118)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.5%				3,173
NET ASSETS – 100.0%			$	217,542

Notes to Schedule of Investments

(A) Principal amounts are denominated in the indicated foreign currency, where applicable (BRL—Brazilian Real, COP—Columbian Peso and RUB—Russian Ruble).

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $94,958 or 43.7% of net assets.

(C) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(E) Other Government Securities include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(F) Interest-only security. Amount shown as principal represents notional amount for computation of interest.

(G) Rate shown is the yield to maturity at September 30, 2015.

40 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following forward foreign currency contracts were outstanding at September 30, 2015:

Currency to be Delivered

Currency to be Received

Settlement Date

Counterparty

Unrealized Appreciation

Unrealized Depreciation

British Pound

2,357

U.S. Dollar

3,594

10–15–15

Barclays Capital, Inc.

$

28

$

—

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Energy	$	644	$	2,047	$	—
Financials		2,659		—		—
Health Care		2,138		1,328		—
Information Technology		1,891		—		—
Utilities		4,047		—		—
Total Common Stocks	$	11,379	$	3,375	$	—
Corporate Debt Securities		—		138,139		—
Other Government Securities		—		13,686		—
Loans		—		4,571		800
United States Government Agency Obligations		—		161		—
United States Government Obligations		—		40,178		—
Short-Term Securities		—		2,080		—
Total	$	11,379	$	202,190	$	800
Forward Foreign Currency Contracts	$	—	$	28	$	—

During the period ended September 30, 2015, securities totaling $1,226 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities. Securities totaling $4,209 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers between levels represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

Market Sector Diversification
(as a % of net assets)
Financials	20.9%
United States Government and Government Agency Obligations	18.6%
Materials	9.9%
Energy	8.6%
Industrials	7.2%
Utilities	6.9%

Other Government Securities	6.3%
Consumer Staples	5.6%
Telecommunication Services	4.8%
Information Technology	3.8%
Consumer Discretionary	3.1%
Health Care	1.9%
Other+	2.4%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 41

PORTFOLIO HIGHLIGHTS

Ivy Global Equity Income Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	99.1%
Health Care	18.6%
Industrials	13.9%
Consumer Staples	12.8%
Utilities	10.6%
Financials	10.6%
Consumer Discretionary	9.4%
Telecommunication Services	9.1%
Energy	6.5%
Information Technology	3.8%
Materials	3.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.9%

Lipper Rankings

Category: Lipper Global Equity Income Funds	Rank	Percentile
1 Year	31/146	22
3 Year	26/113	23

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

Europe	58.5%
United Kingdom	25.5%
France	11.8%
Switzerland	5.2%
Spain	4.7%
Other Europe	11.3%
North America	29.5%
United States	28.5%
Other North America	1.0%
Pacific Basin	7.9%
Australia	4.9%
Other Pacific Basin	3.0%
Other	3.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.9%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Johnson & Johnson	United States	Health Care	Pharmaceuticals
Pfizer, Inc.	United States	Health Care	Pharmaceuticals
Marine Harvest ASA	Norway	Consumer Staples	Packaged Foods & Meats
Lockheed Martin Corp.	United States	Industrials	Aerospace & Defense
PPL Corp.	United States	Utilities	Electric Utilities
National Grid plc	United Kingdom	Utilities	Multi-Utilities
Total S.A.	France	Energy	Integrated Oil & Gas
BAE Systems plc	United Kingdom	Industrials	Aerospace & Defense
Orange S.A.	France	Telecommunication Services	Integrated Telecommunication Services
Merck & Co., Inc.	United States	Health Care	Pharmaceuticals

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

42 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Equity Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Consumer Staples – 0.5%
Woolworths Ltd.		74	$	1,290
Industrials – 1.2%
Spotless Group Holdings Ltd.		2,229		3,377
Materials – 2.1%
Amcor Ltd.		320		2,978
Pact Group Holdings Ltd.		866		2,896
				5,874
Telecommunication Services – 1.1%
Telstra Corp. Ltd. ADR		819		3,239
Total Australia – 4.9%			$	13,780
Canada
Financials – 1.0%
Bank of Montreal		54		2,923
Total Canada – 1.0%			$	2,923
France
Energy – 2.1%
Total S.A.		128		5,776
Financials – 0.5%
Axa S.A.		58		1,402
Health Care – 1.5%
Sanofi-Aventis		45		4,239
Industrials – 2.8%
Compagnie de Saint-Gobain		32		1,395
Safran		43		3,262
Vinci		52		3,324
				7,981
Telecommunication Services – 3.5%
Orange S.A.		377		5,721
Vivendi Universal (A)		174		4,116
				9,837
Utilities – 1.4%
ENGIE		236		3,822
Total France – 11.8%			$	33,057
Germany
Health Care – 1.1%
Bayer AG		23		2,962
Total Germany – 1.1%			$	2,962
Ireland
Information Technology – 1.3%
Seagate Technology		83		3,703
Materials – 0.5%
CRH plc		52		1,374
Total Ireland – 1.8%			$	5,077

COMMON STOCKS (Continued)	Shares		Value
Israel
Health Care – 1.8%
Teva Pharmaceutical Industries Ltd. ADR		87	$	4,917
Telecommunication Services – 1.4%
Bezeq – Israel Telecommunication Corp. Ltd. (The)		2,080		3,981
Total Israel – 3.2%			$	8,898
Italy
Energy – 1.0%
Eni S.p.A.		177		2,781
Industrials – 1.7%
Atlantia S.p.A.		174		4,858
Total Italy – 2.7%			$	7,639
Japan
Consumer Discretionary – 1.0%
Toyota Motor Corp.		48		2,816
Financials – 1.0%
Sumitomo Mitsui Financial Group, Inc.		72		2,735
Total Japan – 2.0%			$	5,551
Netherlands
Consumer Staples – 1.3%
Unilever N.V., Certicaaten Van Aandelen		86		3,466
Financials – 1.0%
ING Groep N.V., Certicaaten Van Aandelen		204		2,894
Total Netherlands – 2.3%			$	6,360
Norway
Consumer Staples – 2.3%
Marine Harvest ASA		514		6,541
Total Norway – 2.3%			$	6,541
Singapore
Consumer Discretionary – 1.0%
Asian Pay Television Trust		5,124		2,829
Total Singapore – 1.0%			$	2,829
Spain
Utilities – 4.7%
Abengoa Yield plc		289		4,780
Enagas S.A.		118		3,372
Iberdrola S.A.		774		5,156
				13,308
Total Spain – 4.7%			$	13,308

COMMON STOCKS (Continued)	Shares		Value
Sweden
Industrials – 1.1%
NCC AB, B Shares		107	$	3,225
Total Sweden – 1.1%			$	3,225
Switzerland
Consumer Staples – 1.2%
Nestle S.A., Registered Shares		44		3,290
Health Care – 3.6%
Novartis AG, Registered Shares		57		5,259
Roche Holdings AG, Genusscheine		18		4,897
				10,156
Industrials – 0.4%
Wolseley plc		22		1,286
Total Switzerland – 5.2%			$	14,732
United Kingdom
Consumer Discretionary – 6.2%
GKN plc		719		2,920
NEXT plc		31		3,549
Taylor Wimpey plc		1,542		4,570
UBM plc		475		3,497
WPP Group plc		139		2,892
				17,428
Consumer Staples – 5.8%
Britvic plc		311		3,195
Diageo plc		118		3,165
Imperial Tobacco Group plc		103		5,339
SABMiller plc		79		4,472
				16,171
Energy – 1.9%
Royal Dutch Shell plc, Class A		226		5,346
Financials – 3.5%
Barclays plc		734		2,717
HSBC Holdings plc		563		4,247
Lloyds Banking Group plc		2,519		2,867
				9,831
Health Care – 1.4%
AstraZeneca plc		64		4,053
Industrials – 3.2%
BAE Systems plc		844		5,722
Cobham plc		744		3,220
				8,942
Telecommunication Services – 1.3%
Vodafone Group plc		1,198		3,778
Utilities – 2.2%
National Grid plc		452		6,302
Total United Kingdom – 25.5%			$	71,851

2015 SEMIANNUAL REPORT 43

SCHEDULE OF INVESTMENTS

Ivy Global Equity Income Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
United States
Consumer Discretionary – 1.2%
Ford Motor Co.		243	$	3,297
Consumer Staples – 1.7%
Altria Group, Inc.		88		4,783
Energy – 1.5%
Occidental Petroleum Corp.		65		4,328
Financials – 2.3%
JPMorgan Chase & Co.		45		2,743
Two Harbors Investment Corp.		412		3,632
				6,375
Health Care – 9.2%
AbbVie, Inc.		50		2,694
Eli Lilly and Co.		36		2,990
Johnson & Johnson (B)		85		7,912
Merck & Co., Inc. (B)		109		5,398
Pfizer, Inc. (B)		223		7,006
				26,000
Industrials – 3.5%
General Electric Co.		128		3,237
Lockheed Martin Corp. (B)		31		6,501
				9,738

COMMON STOCKS (Continued)	Shares		Value
Information Technology – 2.5%
Microsoft Corp.		86	$	3,822
Paychex, Inc.		70		3,334
				7,156
Materials – 1.2%
International Paper Co.		88		3,332
Telecommunication Services – 1.8%
AT&T, Inc.		154		5,013
Utilities – 2.3%
PPL Corp.		196		6,462
Total United States – 27.2%			$	76,484
TOTAL COMMON STOCKS – 97.8%			$	275,217
(Cost: $284,306)
INVESTMENT FUNDS
United States – 1.3%
Ares Capital Corp.		264		3,821
TOTAL INVESTMENT FUNDS –1.3%			$	3,821
(Cost: $4,266)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.8%
Toyota Motor Credit Corp. 0.200%, 10–7–15 (C)	$	2,138	$	2,138
TOTAL SHORT-TERM SECURITIES – 0.8%			$	2,138
(Cost: $2,138)
TOTAL INVESTMENT SECURITIES – 99.9%			$	281,176
(Cost: $290,710)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				249
NET ASSETS – 100.0%			$	281,425

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $286 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered			Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
Australian Dollar		16,330	U.S. Dollar		11,494		10–15–15	State Street Global Markets	$	40	$	—
Euro		31,096	U.S. Dollar		34,608		10–15–15	State Street Global Markets		—		145
Japanese Yen		358,850	U.S. Dollar		2,988		10–15–15	State Street Global Markets		—		4
									$	40	$	149

44 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Equity Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	3,297	$	23,073	$	—
Consumer Staples		4,783		30,758		—
Energy		4,328		13,903		—
Financials		9,298		16,862		—
Health Care		30,917		21,410		—
Industrials		9,738		29,669		—
Information Technology		10,859		—		—
Materials		3,332		7,248		—
Telecommunication Services		5,013		20,835		—
Utilities		11,242		18,652		—
Total Common Stocks	$	92,807	$	182,410	$	—
Investment Funds		3,821		—		—
Short-Term Securities		—		2,138		—
Total	$	96,628	$	184,548	$	—
Forward Foreign Currency Contracts	$	—	$	40	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	149	$	—

During the period ended September 30, 2015, securities totaling $146,951 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

Market Sector Diversification
(as a % of net assets)
Health Care	18.6%
Industrials	13.9%
Consumer Staples	12.8%
Financials	10.6%
Utilities	10.6%

Consumer Discretionary	9.4%
Telecommunication Services	9.1%
Energy	6.5%
Information Technology	3.8%
Materials	3.8%
Other+	0.9%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 45

PORTFOLIO HIGHTLIGHTS

Ivy Global Growth Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	95.1%
Health Care	21.5%
Consumer Discretionary	20.9%
Information Technology	18.8%
Industrials	10.2%
Financials	8.4%
Consumer Staples	6.8%
Telecommunication Services	4.4%
Energy	4.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.9%

Lipper Rankings

Category: Lipper Global Large-Cap Growth Funds	Rank	Percentile
1 Year	69/113	61
3 Year	86/95	90
5 Year	60/67	89
10 Year	37/51	72

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	54.5%
United States	52.9%
Other North America	1.6%
Europe	27.3%
United Kingdom	5.7%
Germany	5.6%
France	3.6%
Netherlands	3.5%
Other Europe	8.9%
Pacific Basin	10.7%
China	5.4%
Japan	4.1%
Other Pacific Basin	1.2%
Other	2.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.9%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Visa, Inc., Class A	United States	Information Technology	Data Processing & Outsourced Services
Amazon.com, Inc.	United States	Consumer Discretionary	Internet Retail
Carnival Corp.	United States	Consumer Discretionary	Hotels, Resorts & Cruise Lines
MasterCard, Inc., Class A	United States	Information Technology	Data Processing & Outsourced Services
Cognizant Technology Solutions Corp., Class A	United States	Information Technology	IT Consulting & Other Services
Google, Inc., Class C	United States	Information Technology	Internet Software & Services
Level 3 Communications, Inc.	United States	Telecommunication Services	Alternative Carriers
HCA Holdings, Inc.	United States	Health Care	Health Care Facilities
Teva Pharmaceutical Industries Ltd. ADR	Israel	Health Care	Pharmaceuticals
Fresenius SE & Co. KGaA	Germany	Health Care	Health Care Services

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

46 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Belgium
Consumer Staples – 2.0%
InBev N.V.		90	$	9,600
Total Belgium – 2.0%			$	9,600
Canada
Industrials – 1.6%
Canadian Pacific Railway Ltd.		52		7,510
Total Canada – 1.6%			$	7,510
China
Consumer Discretionary – 2.8%
JD.com, Inc. ADR (A)		356		9,278
Vipshop Holdings Ltd. (A)		264		4,433
				13,711
Industrials – 0.5%
CAR, Inc. (A)		1,824		2,640
Information Technology – 2.1%
Alibaba Group Holding Ltd. ADR (A)		67		3,958
Legend Holdings Corp. (A)(B)		460		1,598
Tencent Holdings Ltd.		259		4,361
				9,917
Total China – 5.4%			$	26,268
Denmark
Financials – 1.2%
Danske Bank A.S.		191		5,783
Total Denmark – 1.2%			$	5,783
France
Industrials – 3.6%
European Aeronautic Defence and Space Co.		99		5,855
Safran		152		11,443
				17,298
Total France – 3.6%			$	17,298
Germany
Consumer Discretionary – 2.2%
Continental AG		50		10,726
Health Care – 3.4%
Bayer AG		36		4,582
Fresenius SE & Co. KGaA		178		11,949
				16,531
Total Germany – 5.6%			$	27,257
India
Consumer Staples – 1.2%
ITC Ltd.		1,168		5,857
Total India – 1.2%			$	5,857

COMMON STOCKS (Continued)	Shares		Value
Ireland
Health Care – 1.6%
Medtronic plc		112	$	7,467
Total Ireland – 1.6%			$	7,467
Israel
Health Care – 2.6%
Teva Pharmaceutical Industries Ltd. ADR		220		12,419
Total Israel – 2.6%			$	12,419
Italy
Financials – 1.7%
Banca Intesa S.p.A.		2,372		8,379
Total Italy – 1.7%			$	8,379
Japan
Consumer Discretionary – 3.0%
Fuji Heavy Industries Ltd.		177		6,362
Honda Motor Co. Ltd.		278		8,283
				14,645
Industrials – 1.1%
Komatsu Ltd.		348		5,102
Total Japan – 4.1%			$	19,747
Netherlands
Consumer Discretionary – 0.9%
Koninklijke Philips Electronics N.V., Ordinary Shares		191		4,490
Information Technology – 2.6%
ASML Holding N.V., NY Registry Shares		59		5,217
NXP Semiconductors N.V. (A)		84		7,335
				12,552
Total Netherlands – 3.5%			$	17,042
Spain
Financials – 1.0%
CaixaBank S.A.		1,221		4,713
Information Technology – 0.3%
Amadeus IT Holding S.A.		33		1,426
Total Spain – 1.3%			$	6,139
Switzerland
Health Care – 1.1%
Novartis AG, Registered Shares		60		5,474
Total Switzerland – 1.1%			$	5,474
United Kingdom
Consumer Staples – 1.7%
SABMiller plc		141		8,000

COMMON STOCKS (Continued)	Shares		Value
Financials – 1.9%
Prudential plc		435	$	9,181
Health Care – 2.1%
Shire plc		151		10,297
Total United Kingdom – 5.7%			$	27,478
United States
Consumer Discretionary – 12.0%
Amazon.com, Inc. (A)		37		18,694
Carnival Corp.		327		16,270
Hilton Worldwide Holdings, Inc.		338		7,755
Home Depot, Inc. (The)		70		8,141
Limited Brands, Inc.		76		6,894
				57,754
Consumer Staples – 1.9%
Coca-Cola Co. (The)		230		9,215
Energy – 4.1%
Exxon Mobil Corp.		98		7,251
Halliburton Co.		226		7,972
Schlumberger Ltd.		67		4,619
				19,842
Financials – 2.6%
JPMorgan Chase & Co.		66		4,047
Morgan Stanley		117		3,674
Signature Bank (A)		36		5,009
				12,730
Health Care – 10.7%
Acadia Healthcare Co., Inc. (A)		85		5,631
Allergan plc (A)		29		8,016
Biogen, Inc. (A)		38		11,200
Bristol-Myers Squibb Co.		82		4,842
Gilead Sciences, Inc.		94		9,239
HCA Holdings, Inc. (A)		165		12,798
				51,726
Industrials – 3.4%
J.B. Hunt Transport Services, Inc.		148		10,586
Kansas City Southern		64		5,773
				16,359
Information Technology – 13.8%
Cognizant Technology Solutions Corp., Class A (A)		217		13,572
Google, Inc., Class C (A)		22		13,552
MasterCard, Inc., Class A		157		14,181
Micron Technology, Inc. (A)		222		3,324
Visa, Inc., Class A		316		22,036
				66,665

2015 SEMIANNUAL REPORT 47

SCHEDULE OF INVESTMENTS

Ivy Global Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Telecommunication Services – 4.4%
Level 3 Communications, Inc. (A)		300	$	13,086
SBA Communications Corp. (A)		77		8,106
				21,192
Total United States – 52.9%			$	255,483
TOTAL COMMON STOCKS – 95.1%			$	459,201
(Cost: $435,837)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (C) – 4.2%
Baxter International, Inc.
0.260%, 10–22–15	$	5,000	$	4,999
J.M. Smucker Co. (The)
0.280%, 10–1–15		5,453		5,453
Mattel, Inc.
0.250%, 10–13–15		5,000		5,000
Wisconsin Gas LLC
0.140%, 10–2–15		5,000		5,000
				20,452

SHORT-TERM SECURITIES (Continued)	Principal		Value
Mastetr Note – 0.3%
Toyota Motor Credit Corp.
0.200%, 10–7–15 (D)	$	1,510	$	1,510
TOTAL SHORT-TERM SECURITIES – 4.5%			$	21,962
(Cost: $21,961)
TOTAL INVESTMENT SECURITIES – 99.6%			$	481,163
(Cost: $457,798)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%				1,902
NET ASSETS – 100.0%			$	483,065

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $1,598 or 0.3% of net assets.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	71,465	$	29,861	$	—
Consumer Staples		9,215		23,457		—
Energy		19,842		—		—
Financials		12,730		28,056		—
Health Care		71,612		32,302		—
Industrials		23,869		25,040		—
Information Technology		83,175		7,385		—
Telecommunication Services		21,192		—		—
Total Common Stocks	$	313,100	$	146,101	$	—
Short-Term Securities		—		21,962		—
Total	$	313,100	$	168,063	$	—

During the period ended September 30, 2015, securities totaling $150,797 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

Market Sector Diversification
(as a % of net assets)
Health Care	21.5%
Consumer Discretionary	20.9%
Information Technology	18.8%
Industrials	10.2%

Financials	8.4%
Consumer Staples	6.8%
Telecommunication Services	4.4%
Energy	4.1%
Other+	4.9%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

48 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Global Income Allocation Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	61.4%
Financials	18.1%
Industrials	9.3%
Consumer Discretionary	8.5%
Consumer Staples	8.4%
Energy	4.2%
Telecommunication Services	3.0%
Utilities	2.8%
Health Care	2.5%
Information Technology	2.4%
Materials	2.2%
Bonds	33.5%
Corporate Debt Securities	27.0%
Other Government Securities	3.7%
Loans	2.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	5.1%

Lipper Rankings

Category: Lipper Flexible Portfolio Funds	Rank	Percentile
1 Year	411/541	76
3 Year	251/404	62
5 Year	209/260	81
10 Year	82/116	71

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

North America	40.9%
United States	38.2%
Other North America	2.7%
Europe	39.6%
United Kingdom	11.7%
France	5.8%
Spain	5.8%
Other Europe	16.3%
Pacific Basin	10.0%
Australia	6.5%
Other Pacific Basin	3.5%
South America	2.3%
Other	1.1%
Bahamas/Caribbean	1.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	5.1%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Blackstone Mortgage Trust, Inc., Class A	United States	Financials	Mortgage REITs
Sampo plc, A Shares	Finland	Financials	Multi-Line Insurance
ProSiebenSat. 1 Media SE	Germany	Consumer Discretionary	Broadcasting
Limited Brands, Inc.	United States	Consumer Discretionary	Apparel Retail
Ares Capital Corp.	United States	Financials	Asset Management & Custody Banks
Ferrovial S.A.	Spain	Industrials	Construction & Engineering
Two Harbors Investment Corp.	United States	Financials	Mortgage REITs
Taylor Wimpey plc	United Kingdom	Consumer Discretionary	Homebuilding
Philip Morris International, Inc.	United States	Consumer Staples	Tobacco
McDonald’s Corp.	United States	Consumer Discretionary	Restaurants

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 49

SCHEDULE OF INVESTMENTS

Ivy Global Income Allocation Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Energy – 1.4%
Caltex Australia Ltd.		325	$	7,174
Santos Ltd.		1,175		3,325
				10,499
Financials – 1.6%
National Australia Bank Ltd.		300		6,349
Westpac Banking Corp.		250		5,252
				11,601
Industrials – 0.8%
Spotless Group Holdings Ltd.		3,930		5,955
Materials – 0.9%
Amcor Ltd.		683		6,355
Total Australia – 4.7%			$	34,410
Belgium
Consumer Staples – 1.2%
Anheuser-Busch InBev S.A. ADR		83		8,825
Total Belgium – 1.2%			$	8,825
Canada
Energy – 0.8%
Inter Pipeline Ltd.		320		5,904
Total Canada – 0.8%			$	5,904
China
Financials – 0.9%
China Construction Bank Corp.		10,000		6,673
Total China – 0.9%			$	6,673
Denmark
Financials – 1.2%
Danske Bank A.S.		300		9,066
Total Denmark – 1.2%			$	9,066
Finland
Financials – 1.8%
Sampo plc, A Shares		270		13,067
Total Finland – 1.8%			$	13,067
France
Consumer Staples – 1.0%
Casino, Guichard-Perrachon		131		6,979
Financials – 1.1%
Axa S.A.		333		8,087
Industrials – 1.7%
Compagnie de Saint-Gobain		163		7,062
Rexel S.A.		430		5,293
				12,355

COMMON STOCKS (Continued)	Shares		Value
Telecommunication Services – 0.8%
Orange S.A.		387	$	5,868
Utilities – 0.7%
ENGIE		308		4,991
Total France – 5.3%			$	38,280
Germany
Consumer Discretionary – 1.8%
ProSiebenSat. 1 Media SE		260		12,762
Industrials – 0.9%
Deutsche Post AG		250		6,926
Total Germany – 2.7%			$	19,688
Israel
Health Care – 1.1%
Teva Pharmaceutical Industries Ltd. ADR		136		7,678
Total Israel – 1.1%			$	7,678
New Zealand
Consumer Discretionary – 0.5%
SKYCITY Entertainment Group Ltd.		1,500		3,593
Total New Zealand – 0.5%			$	3,593
Norway
Consumer Staples – 1.3%
Marine Harvest ASA		717		9,128
Total Norway – 1.3%			$	9,128
Singapore
Consumer Discretionary – 0.6%
Asian Pay Television Trust		8,571		4,733
Telecommunication Services – 0.9%
Singapore Telecommunications Ltd.		2,550		6,454
Total Singapore – 1.5%			$	11,187
Spain
Industrials – 2.6%
ACS Actividades de Construccion y Servicios S.A.		266		7,648
Ferrovial S.A.		481		11,505
				19,153
Utilities – 1.3%
Abengoa Yield plc		567		9,390
Total Spain – 3.9%			$	28,543
Switzerland
Consumer Staples – 1.0%
Nestle S.A., Registered Shares		93		6,994
Total Switzerland – 1.0%			$	6,994

COMMON STOCKS (Continued)	Shares		Value
United Kingdom
Consumer Discretionary – 1.5%
Taylor Wimpey plc		3,780	$	11,199
Consumer Staples – 1.4%
Imperial Tobacco Group plc		190		9,823
Financials – 3.0%
Legal & General Group plc		2,491		8,982
St. James’s Place plc		625		8,044
Standard Life plc		826		4,853
				21,879
Industrials – 1.3%
BAE Systems plc		1,400		9,490
Total United Kingdom – 7.2%			$	52,391
United States
Consumer Discretionary – 4.1%
Ford Motor Co.		506		6,869
Limited Brands, Inc.		132		11,897
McDonald’s Corp.		110		10,839
				29,605
Consumer Staples – 2.5%
Philip Morris International, Inc. (A)		138		10,929
Procter & Gamble Co. (The)		100		7,194
				18,123
Energy – 2.0%
HollyFrontier Corp.		165		8,072
ONEOK, Inc.		200		6,440
				14,512
Financials – 6.9%
Blackstone Mortgage Trust, Inc., Class A		535		14,673
Crown Castle International Corp.		95		7,493
Fortress Transportation and Infrastructure Investors LLC		692		8,882
Starwood Property Trust, Inc.		400		8,208
Two Harbors Investment Corp.		1,275		11,245
				50,501
Health Care – 1.4%
Bristol-Myers Squibb Co.		166		9,856
Industrials – 2.0%
Caterpillar, Inc.		100		6,536
Rockwell Automation, Inc.		82		8,321
				14,857
Information Technology – 2.4%
Paychex, Inc.		184		8,778
Texas Instruments, Inc.		180		8,914
				17,692

50 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Income Allocation Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Materials – 1.0%
Dow Chemical Co. (The)		175	$	7,420
Utilities – 0.8%
TerraForm Global, Inc., Class A (B)		875		5,827
Total United States – 23.1%			$	168,393
TOTAL COMMON STOCKS – 58.2%			$	423,820
(Cost: $466,632)
INVESTMENT FUNDS
United States – 1.6%
Ares Capital Corp.		815		11,801
TOTAL INVESTMENT FUNDS – 1.6%			$	11,801
(Cost: $14,153)
PREFERRED STOCKS
Luxembourg
Materials – 0.3%
ArcelorMittal, 6.000%, Convertible		269		2,208
Total Luxembourg – 0.3%			$	2,208
United States
Telecommunication Services – 1.3%
Frontier Communications Corp., Convertible Series A, 11.125%		104		9,651
Total United States – 1.3%			$	9,651
TOTAL PREFERRED STOCKS – 1.6%			$	11,859
(Cost: $16,007)
CORPORATE DEBT SECURITIES		Principal
Argentina
Consumer Discretionary – 0.1%
Arcos Dorados Holdings, Inc.
10.250%, 7–13–16 (C)(D)		BRL5,000		1,108

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.8%
Aeropuertos Argentina 2000 S.A.:
10.750%, 12–1–20 (D)	$	735	$	757
10.750%, 12–1–20		4,778		4,921
				5,678
Total Argentina – 0.9%			$	6,786
Australia
Materials – 1.4%
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC
7.125%, 5–1–18 (D)		3,000		2,962
FMG Resources Pty Ltd.:
8.250%, 11–1–19 (D)		4,000		3,210
6.875%, 4–1–22 (D)		5,750		3,709
				9,881
Total Australia – 1.4%			$	9,881
Austria
Consumer Staples – 0.8%
JBS Investments GmbH (GTD by Hungary Holdings Kft)
7.250%, 4–3–24		5,000		4,813
JBS Investments GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.)
7.750%, 10–28–20 (D)		1,000		1,025
				5,838
Total Austria – 0.8%			$	5,838
Brazil
Consumer Staples – 0.2%
AmBev International Finance Co. Ltd.
9.500%, 7–24–17 (C)	BRL	7,500		1,750
Energy – 0.1%
QGOG Constellation S.A.
6.250%, 11–9–19 (D)	$	1,500		652
Total Brazil – 0.3%			$	2,402
Canada
Information Technology – 0.6%
Kronos Acquisition Holdings, Inc.
9.000%, 8–15–23 (D)		5,000		4,475
Total Canada – 0.6%			$	4,475
Cayman Islands
Consumer Staples – 0.4%
Marfrig Overseas Ltd.
9.500%, 5–4–20 (D)		3,000		2,910

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.2%
Odebrecht Offshore Drilling Finance
6.750%, 10–1–22 (D)	$	3,760	$	991
Telecommunication Services – 0.4%
Sable International Finance Ltd.
6.875%, 8–1–22 (D)		3,080		3,103
Total Cayman Islands – 1.0%			$	7,004
Chile
Industrials – 0.2%
LATAM Airlines Group S.A.
7.250%, 6–9–20 (D)		2,000		1,770
Total Chile – 0.2%			$	1,770
Columbia
Energy – 0.2%
Empresas Publicas de Medellin E.S.P.
8.375%, 2–1–21 (C)	COP	3,888,000		1,261
Total Columbia – 0.2%			$	1,261
France
Financials – 0.5%
Societe Generale S.A.:
8.250%, 11–29–49	$	1,000		1,041
7.875%, 12–31–49 (D)		3,000		2,929
				3,970
Total France – 0.5%			$	3,970
Guernsey
Financials – 1.0%
Credit Suisse Group (Guernsey) I Ltd.
7.875%, 2–24–41		6,843		7,046
Total Guernsey – 1.0%			$	7,046
Hong Kong
Utilities – 0.3%
China Resources Power Holdings Co. Ltd.
7.250%, 5–9–49 (E)		2,000		2,020
Total Hong Kong – 0.3%			$	2,020
Ireland
Energy – 0.1%
Novatek Finance Ltd.
7.750%, 2–21–17 (C)(D)	RUB	25,000		362
Total Ireland – 0.1%			$	362

2015 SEMIANNUAL REPORT 51

SCHEDULE OF INVESTMENTS

Ivy Global Income Allocation Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Italy
Financials – 0.8%
Intesa Sanpaolo S.p.A.
6.500%, 2–24–21 (D)	$	5,000	$	5,764
Total Italy – 0.8%			$	5,764
Luxembourg
Consumer Discretionary – 0.9%
Altice S.A.
7.625%, 2–15–25 (D)		7,188		6,299
Energy – 0.1%
Offshore Drilling Holding S.A.
8.375%, 9–20–20 (D)(E)		1,000		680
Information Technology – 0.9%
BC Luxco 1 S.A.
7.375%, 1–29–20 (D)		7,000		6,580
Materials – 0.2%
Evraz Group S.A.:
7.400%, 4–24–17		1,000		1,024
9.500%, 4–24–18 (D)		850		889
				1,913
Utilities – 0.2%
Aguila 3 S.A.
7.875%, 1–31–18 (D)		1,500		1,511
Total Luxembourg – 2.3%			$	16,983
Mexico
Energy – 0.2%
Empresas ICA S.A.B. de C.V.
8.875%, 5–29–24 (D)		4,000		1,750
Materials – 0.2%
CEMEX S.A.B. de C.V.
9.500%, 6–15–18 (D)		1,500		1,620
Telecommunication Services – 0.2%
America Movil S.A.B. de C.V.
6.450%, 12–5–22 (C)	MXN	22,000		1,240
Total Mexico – 0.6%			$	4,610
Netherlands
Materials – 0.5%
Constellium N.V.
8.000%, 1–15–23 (D)	$	4,253		3,764
Telecommunication Services – 0.1%
VimpleCom Holdings B.V.
9.000%, 2–13–18 (C)(D)	RUB	50,000		700

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Utilities – 0.3%
Listrindo Capital B.V.
6.950%, 2–21–19 (D)	$	750	$	759
Listrindo Capital B.V. (GTD by PT Cikarang Listrindo)
6.950%, 2–21–19		1,000		1,013
				1,772
Total Netherlands – 0.9%			$	6,236
Norway
Energy – 0.3%
Det norske oljeselskap ASA
10.250%, 5–27–22 (D)		2,600		2,158
Total Norway – 0.3%			$	2,158
Russia
Industrials – 0.1%
SCF Capital Ltd.
5.375%, 10–27–17		750		729
Total Russia – 0.1%			$	729
Singapore
Consumer Staples – 0.0%
Olam International Ltd.
6.000%, 8–10–18 (C)	SGD	250		182
Total Singapore – 0.0%			$	182
Spain
Industrials – 0.6%
ACI Airport Sudamerica S.A.
6.875%, 11–29–32 (D)	$	5,000		4,150
Total Spain – 0.6%			$	4,150
Turkey
Financials – 0.2%
Türkiye Is Bankasi A.S.
6.000%, 10–24–22 (D)		1,500		1,410
Total Turkey – 0.2%			$	1,410
United Kingdom
Consumer Discretionary – 0.7%
British Sky Broadcasting Group plc
9.500%, 11–15–18 (D)		4,130		4,980
Financials – 3.8%
Barclays plc
8.250%, 12–29–49		11,085		11,546
Lloyds Banking Group plc
7.500%, 4–30–49		6,000		6,127

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
Royal Bank of Scotland Group plc (The):
7.640%, 3–29–49	$	6,000	$	6,390
8.000%, 12–29–49		2,000		2,015
7.500%, 12–29–49		2,000		1,996
				28,074
Total United Kingdom – 4.5%			$	33,054
United States
Consumer Discretionary – 0.6%
B-Corp Merger Sub, Inc.
8.250%, 6–1–19		6,000		4,560
Energy – 0.4%
Brand Energy & Infrastructure Services
8.500%, 12–1–21 (D)		3,000		2,677
Financials – 5.2%
Bank of America Corp.:
6.250%, 9–29–49		3,000		2,932
8.000%, 12–29–49		6,000		6,270
BGC Partners, Inc.
5.375%, 12–9–19		6,000		6,180
JPMorgan Chase & Co.
6.125%, 12–29–49		5,000		4,994
New Cotai LLC and New Cotai Capital Corp.
10.625%, 5–1–19 (D)(F)		5,000		4,075
UBS Preferred Funding Trust V
6.243%, 5–29–49		2,000		2,030
Wells Fargo & Co.
7.980%, 3–29–49		10,534		11,126
				37,607
Health Care – 0.8%
MedImpact Holdings, Inc.
10.500%, 2–1–18 (D)		5,540		5,837
Industrials – 1.4%
Florida East Coast Holdings Corp. and Florida East Coast Industries LLC
6.750%, 5–1–19 (D)		1,856		1,819
HD Supply, Inc.
11.500%, 7–15–20		5,000		5,650
TRAC Intermodal LLC and TRAC Intermodal Corp.
11.000%, 8–15–19		262		284
TransDigm Group, Inc.
7.500%, 7–15–21		2,270		2,367
				10,120
Telecommunication Services – 0.8%
Frontier Communications Corp.
8.875%, 9–15–20 (D)		6,021		5,901

52 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Income Allocation Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Utilities – 0.2%
TerraForm Global Operating LLC
9.750%, 8–15–22 (D)	$	2,000	$	1,600
Total United States – 9.4%			$	68,302
TOTAL CORPORATE DEBT SECURITIES – 27.0%			$	196,393
(Cost: $217,788)
OTHER GOVERNMENT SECURITIES (G)
Argentina – 0.7%
City of Buenos Aires
8.950%, 2–19–21		3,000		3,082
Province of Buenos Aires (The)
9.950%, 6–9–21 (D)		2,660		2,514
				5,596
Australia – 0.4%
New South Wales Treasury Corp.
5.500%, 3–1–17 (C)	AUD	4,000		2,947
Canada – 0.7%
City of Toronto
3.500%, 12–6–21 (C)	CAD	2,000		1,629
Province of Ontario
4.400%, 6–2–19 (C)		2,000		1,669
Regional Municipality of York
4.000%, 6–30–21 (C)		2,000		1,670
				4,968
Germany – 0.4%
KfW, Frankfurt/Main, Federal Republic of Germany
2.875%, 10–12–16 (C)	NOK	26,000		3,114
Ireland – 0.1%
Russian Railways via RZD Capital Ltd.
8.300%, 4–2–19 (C)	RUB	50,000		673
Malaysia – 0.1%
Malaysia Government Bond
3.314%, 10–31–17 (C)	MYR	3,000		681
Spain – 1.3%
Banco Bilbao Vizcaya Argentaria S.A.
9.000%, 5–29–49	$	8,800		9,295
TOTAL OTHER GOVERNMENT SECURITIES – 3.7%			$	27,274
(Cost: $32,738)

LOANS (E)	Principal		Value
United States
Consumer Staples – 0.5%
Focus Brands, Inc.
10.250%, 8–21–18	$	1,000	$	995
GOBP Holdings, Inc.
9.250%, 10–21–22		2,906		2,877
				3,872
Energy – 1.1%
Callon Petroleum Co.
8.500%, 10–8–21		5,460		5,255
Empresas ICA S.A.
7.243%, 6–20–17		3,000		2,400
				7,655
Industrials – 0.6%
Hampton Rubber Co. & SEI Holding Corp.
9.000%, 3–27–22		5,000		3,950
Information Technology – 0.5%
Active Network, Inc. (The)
9.500%, 11–15–21		3,000		2,828
Misys plc and Magic Newco LLC
12.000%, 6–12–19		1,000		1,085
				3,913
Materials – 0.1%
EP Minerals LLC
8.500%, 8–20–21		781		777
Total United States – 2.8%			$	20,167
TOTAL LOANS – 2.8%			$	20,167
(Cost: $22,057)
SHORT-TERM SECURITIES
Commercial Paper (H) – 2.9%
J.M. Smucker Co. (The)
0.280%, 10–1–15		4,537		4,537
L Air Liquide S.A.
0.160%, 10–21–15		3,000		3,000
Pfizer, Inc.
0.100%, 11–19–15		10,000		9,998
Wal-Mart Stores, Inc.
0.140%, 10–26–15		3,500		3,500
				21,035

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.2%
Toyota Motor Credit Corp.
0.200%, 10–7–15 (I)	$	1,525	$	1,525
TOTAL SHORT-TERM SECURITIES – 3.1%			$	22,560
(Cost: $22,559)
TOTAL INVESTMENT SECURITIES – 98.0%			$	713,874
(Cost: $791,934)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 2.0%				14,493
NET ASSETS – 100.0%			$	728,367

2015 SEMIANNUAL REPORT 53

SCHEDULE OF INVESTMENTS

Ivy Global Income Allocation Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $250 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(B) No dividends were paid during the preceding 12 months.

(C) Principal amounts are denominated in the indicated foreign currency, where applicable (AUD – Australian Dollar, BRL – Brazilian Real, CAD –Canadian Dollar, COP – Columbian Peso, MXN – Mexican Peso, MYR – Malaysian Ringgit, NOK – Norwegian Krone, RUB – Russian Ruble and SGD – Singapore Dollar).

(D) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $97,400 or 13.4% of net assets.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(F) Payment-in-kind bonds.

(G) Other Government Securities include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(H) Rate shown is the yield to maturity at September 30, 2015.

(I) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered			Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		14,900	U.S. Dollar		22,734		10-15-15	UBS AG	$	195	$	—
Euro		40,700	U.S. Dollar		45,255		10-15-15	UBS AG		—		232
									$	195	$	232

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	29,605	$	32,287	$	—
Consumer Staples		26,948		32,924		—
Energy		20,416		10,499		—
Financials		50,501		70,373		—
Health Care		17,534		—		—
Industrials		14,857		53,879		—
Information Technology		17,692		—		—
Materials		7,420		6,355		—
Telecommunication Services		—		12,322		—
Utilities		15,217		4,991		—
Total Common Stocks	$	200,190	$	223,630	$	—
Investment Funds		11,801		—		—
Preferred Stocks		9,651		2,208		—
Corporate Debt Securities		—		196,393		—
Other Government Securities		—		27,274		—
Loans		—		16,772		3,395
Short-Term Securities		—		22,560		—
Total	$	221,642	$	488,837	$	3,395
Forward Foreign Currency Contracts	$	—	$	195	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	232	$	—

During the period ended September 30, 2015, securities totaling $4,777 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities. Securities totaling $162,371 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers between levels represent the values as of the beginning of the reporting period.

54 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Global Income Allocation Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

REIT = Real Estate Investment Trust

Market Sector Diversification
(as a % of net assets)
Financials	29.6	%
Industrials	13.2	%
Consumer Discretionary	10.8	%
Consumer Staples	10.3	%
Energy	6.7	%

Materials	4.6	%
Telecommunication Services	4.5	%
Information Technology	4.4	%
Utilities	3.8	%
Other Government Securities	3.7	%
Health Care	3.3	%
Other+	5.1	%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 55

PORTFOLIO HIGHLIGHTS

Ivy High Income Fund

ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	1.3%
Telecommunication Services	0.8%
Financials	0.5%
Consumer Discretionary	0.0%
Warrants	0.0%
Bonds	94.7%
Corporate Debt Securities	68.6%
Loans	26.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.0%

Lipper Rankings

Category: Lipper High Yield Funds	Rank	Percentile
1 Year	411/649	64
3 Year	63/523	13
5 Year	13/441	3
10 Year	6/289	3

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Quality Weightings

Investment Grade	0.4%
BBB	0.4%
Non-Investment Grade	94.3%
BB	14.1%
B	31.6%
CCC	45.7%
Non-rated	2.9%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Equities	5.3%

Our preference is to always use ratings obtained from Standard & Poor’s. For securities not rated by Standard & Poor’s, ratings are obtained from Moody’s. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

56 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares			Value
Consumer Discretionary
Casinos & Gaming – 0.0%
New Cotai Participation Corp., Class B (A)		—	*	$	709
Housewares & Specialties – 0.0%
Provo Craft & Novelty, Inc. (A)(B)		6,090			—	*
Total Consumer Discretionary – 0.0%					709
Financials
Specialized Finance – 0.5%
Maritime Finance Co. Ltd. (A)(B)(C)		1,750			28,140
Total Financials – 0.5%					28,140
TOTAL COMMON STOCKS – 0.5%				$	28,849
(Cost: $34,140)
PREFERRED STOCKS
Telecommunication Services
Integrated Telecommunication Services – 0.8%
Frontier Communications Corp., Convertible Series A, 11.125%		548			51,062
Total Telecommunication Services – 0.8%					51,062
TOTAL PREFERRED STOCKS – 0.8%				$	51,062
(Cost: $55,092)
WARRANTS
Agricultural Products – 0.0%
ASG Consolidated LLC (D)		13			32
Apparel Retail – 0.0%
St. John Knits International, Inc. (D)		48			589
TOTAL WARRANTS – 0.0%				$	621
(Cost: $798)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary
Advertising – 1.0%
Acosta, Inc., 7.750%, 10–1–22 (E)	$	46,896			44,082
Lamar Media Corp., 5.375%, 1–15–24		9,695			9,792

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Advertising (Continued)
Outfront Media Capital LLC and Outfront Media Capital Corp.:
5.250%, 2–15–22	$	3,959	$	3,949
5.625%, 2–15–24		7,522		7,625
5.625%, 2–15–24 (E)		690		700
				66,148
Apparel Retail – 2.6%
Bon-Ton Stores, Inc. (The),
8.000%, 6–15–21		44,412		26,203
Chinos Intermediate Holdings A, Inc.,
7.750%, 5–1–19 (E)(F)		28,481		10,894
Gymboree Corp. (The),
9.125%, 12–1–18		36,350		11,269
Hot Topic, Inc.,
9.250%, 6–15–21 (E)		42,321		40,628
HT Intermediate Holdings Corp.,
12.000%, 5–15–19 (E)(F)		12,946		12,169
Neiman Marcus Group Ltd., Inc.,
8.000%, 10–15–21 (E)		38,442		39,595
Nine West Holdings, Inc.,
8.250%, 3–15–19 (E)		58,714		26,715
				167,473
Auto Parts & Equipment – 0.5%
Midas Intermediate HoldCo II LLC & Midas Intermediate Finance, Inc.,
7.875%, 10–1–22 (E)		20,766		20,247
Schaeffler Finance B.V.,
4.250%, 5–15–21 (E)		14,900		14,304
				34,551
Automotive Retail – 0.7%
Group 1 Automotive, Inc.,
5.000%, 6–1–22		5,526		5,443
Sonic Automotive, Inc.,
5.000%, 5–15–23		40,081		38,378
				43,821
Broadcasting – 1.6%
Clear Channel Communications, Inc.,
10.000%, 1–15–18		18,734		9,929
Clear Channel Outdoor Holdings, Inc.,
6.500%, 11–15–22		47,658		47,718
Clear Channel Worldwide Holdings, Inc., Series A,
7.625%, 3–15–20		3,032		3,024
Clear Channel Worldwide Holdings, Inc., Series B,
7.625%, 3–15–20		10,252		10,278
Cumulus Media, Inc.,
7.750%, 5–1–19		33,969		24,373

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Broadcasting (Continued)
iHeartCommunications, Inc. (GTD by iHeartMedia Capital I LLC),
10.625%, 3–15–23	$	14,468	$	12,226
				107,548
Cable & Satellite – 5.6%
Altice Financing S.A.,
6.625%, 2–15–23 (E)		6,992		6,712
Altice S.A.:
7.250%, 5–15–22 (E)(G)	EUR	3,821		4,024
7.750%, 5–15–22 (E)	$	87,175		79,329
6.250%, 2–15–25 (E)(G)	EUR	3,496		3,427
7.625%, 2–15–25 (E)	$	19,356		16,961
Cablevision Systems Corp.,
5.875%, 9–15–22		9,787		7,414
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.250%, 3–15–21		2,542		2,503
5.250%, 9–30–22		4,053		3,800
5.125%, 2–15–23		6,054		5,585
5.750%, 9–1–23		1,513		1,439
5.750%, 1–15–24		28,521		27,238
Columbus International, Inc.,
7.375%, 3–30–21 (E)		5,116		5,295
DISH DBS Corp.:
6.750%, 6–1–21		17,085		16,316
5.875%, 7–15–22		10,630		9,381
5.000%, 3–15–23		5,265		4,409
Neptune Finco Corp.:
10.125%, 1–15–23 (E)		6,478		6,535
6.625%, 10–15–25 (E)		6,478		6,510
10.875%, 10–15–25 (E)		6,478		6,543
Sirius XM Radio, Inc.:
5.750%, 8–1–21 (E)		5,854		5,858
4.625%, 5–15–23 (E)		47,613		44,518
6.000%, 7–15–24 (E)		4,000		4,020
VTR Finance B.V.,
6.875%, 1–15–24 (E)		72,261		65,577
Wave Holdco LLC and Wave Holdco Corp.,
8.250%, 7–15–19 (E)(F)		11,072		10,795
WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
8.125%, 9–1–20 (E)		24,439		23,828
				368,017

2015 SEMIANNUAL REPORT 57

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Casinos & Gaming – 1.0%
Gateway Casinos & Entertainment Ltd.,
8.500%, 11–26–20 (E)(G)	CAD	22,446	$	16,990
MCE Finance Ltd.,
5.000%, 2–15–21 (E)	$	6,299		5,543
Scientific Games Corp.,
8.125%, 9–15–18		3,778		3,514
Studio City Finance Ltd.,
8.500%, 12–1–20 (E)		8,000		7,440
Wynn Macau Ltd.,
5.250%, 10–15–21 (E)		40,272		34,961
				68,448
Distributors – 1.2%
Pinnacle Operating Corp.,
9.000%, 11–15–20 (E)		78,221		75,874
Education Services – 2.1%
Laureate Education, Inc.,
9.250%, 9–1–19 (E)(H)		174,706		137,144
Hotels, Resorts & Cruise Lines – 0.3%
Interval Acquisition Corp.,
5.625%, 4–15–23 (E)		19,318		19,028
Leisure Facilities – 0.3%
Palace Entertainment Holdings LLC,
8.875%, 4–15–17 (E)		20,302		19,998
Movies & Entertainment – 1.5%
AMC Entertainment, Inc.:
5.875%, 2–15–22		1,361		1,368
5.750%, 6–15–25		21,875		21,274
Cinemark USA, Inc.:
5.125%, 12–15–22		7,087		6,945
4.875%, 6–1–23		29,237		27,994
WMG Acquisition Corp.:
5.625%, 4–15–22 (E)		3,800		3,686
6.750%, 4–15–22 (E)		37,900		35,721
				96,988
Restaurants – 0.1%
Carrols Restaurant Group, Inc.,
8.000%, 5–1–22		8,602		9,054

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Consumer Services – 2.5%
B-Corp Merger Sub, Inc.,
8.250%, 6–1–19	$	88,366	$	67,158
Carlson Travel Holdings,
7.500%, 8–15–19 (E)(F)		17,224		17,267
Carlson Wagonlit B.V.:
6.875%, 6–15–19 (E)		17,712		18,243
7.500%, 6–15–19 (E)(G)	EUR	12,963		15,085
Lansing Trade Group,
9.250%, 2–15–19 (E)	$	11,949		11,501
Nielsen Finance,
5.500%, 10–1–21 (E)		10,651		10,598
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4–15–22 (E)		26,539		25,677
				165,529
Specialty Stores – 1.4%
Jo-Ann Stores Holdings, Inc.,
9.750%, 10–15–19 (E)(F)		101,532		81,225
Jo-Ann Stores, Inc.,
8.125%, 3-15-19 (E)		11,283		10,437
				91,662
Total Consumer Discretionary – 22.4%				1,471,283
Consumer Staples
Food Distributors – 0.8%
Simmons Foods, Inc.,
7.875%, 10–1–21 (E)		59,043		54,541
Packaged Foods & Meats – 1.7%
Bumble Bee Foods LLC,
9.625%, 3–15–18 (E)(F)		21,864		22,137
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7–15–24 (E)		48,716		45,671
5.750%, 6–15–25 (E)		13,766		12,596
Post Holdings, Inc.:
7.375%, 2–15–22		5,532		5,629
7.750%, 3–15–24 (E)		14,786		15,156
8.000%, 7–15–25 (E)		9,410		9,686
				110,875

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Tobacco – 0.5%
Prestige Brands, Inc.,
5.375%, 12–15–21 (E)	$	32,441	$	31,630
Total Consumer Staples – 3.0%				197,046
Energy
Coal & Consumable Fuels – 0.5%
Foresight Energy LLC and Foresight Energy Finance Corp.,
7.875%, 8–15–21 (E)		43,559		33,980
Oil & Gas Drilling – 0.2%
KCA DEUTAG UK Finance plc,
7.250%, 5–15–21 (E)		20,636		14,755
Oil & Gas Equipment & Services – 0.7%
Brand Energy & Infrastructure Services,
8.500%, 12–1–21 (E)		40,871		36,478
Key Energy Services, Inc.,
6.750%, 3–1–21		7,563		2,609
Seventy Seven Energy, Inc.,
6.500%, 7–15–22		9,093		3,546
				42,633
Oil & Gas Exploration & Production – 2.7%
Bellatrix Exploration Ltd.,
8.500%, 5–15–20 (E)		20,556		16,034
California Resources Corp.,
6.000%, 11–15–24		44,852		26,911
Chesapeake Energy Corp.:
6.500%, 8–15–17		14,007		12,606
7.250%, 12–15–18		1,334		1,104
3.539%, 4–15–19 (H)		6,614		4,696
4.875%, 4–15–22		9,286		6,059
Clayton Williams Energy, Inc.,
7.750%, 4–1–19		10,810		9,148
Crownrock L.P.,
7.750%, 2–15–23 (E)		6,941		6,802
Endeavor Energy Resources L.P.:
7.000%, 8–15–21 (E)		16,071		14,866
8.125%, 9–15–23 (E)		6,829		6,556
Gulfport Energy Corp.,
6.625%, 5–1–23 (E)		2,064		1,899
Kodiak Oil & Gas Corp.,
8.125%, 12–1–19		25,941		25,098
Laredo Petroleum, Inc.,
7.375%, 5–1–22		9,213		8,914
Midstates Petroleum Co., Inc. and Midstates Petroleum Co. LLC,
10.000%, 6–1–20 (E)		17,106		12,402
Parsley Energy LLC and Parsely Finance Corp.,
7.500%, 2–15–22 (E)		8,385		8,133
Rice Energy, Inc.:
6.250%, 5–1–22		1,354		1,208
7.250%, 5–1–23 (E)		7,594		7,119

58 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Exploration & Production (Continued)
Whiting Petroleum Corp.,
5.750%, 3–15–21	$	5,553	$	4,806
				174,361
Oil & Gas Refining & Marketing – 0.7%
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (E)(H)		42,138		28,654
Offshore Group Investment Ltd.,
7.500%, 11–1–19		18,966		6,164
Seven Generations Energy Ltd.,
6.750%, 5–1–23 (E)		14,697		12,639
				47,457
Total Energy – 4.8%				313,186
Financials
Consumer Finance – 1.5%
Creditcorp,
12.000%, 7–15–18 (E)		40,520		31,251
Quicken Loans, Inc.,
5.750%, 5–1–25 (E)		28,889		27,372
Speedy Cash Intermediate Holdings Corp.,
10.750%, 5–15–18 (E)		31,913		25,211
Speedy Group Holdings Corp.,
12.000%, 11–15–17 (E)		14,715		11,625
				95,459
Diversified Capital Markets – 1.2%
Patriot Merger Corp.,
9.000%, 7–15–21 (E)		81,556		78,702
Investment Banking & Brokerage – 0.4%
GFI Group, Inc.,
8.625%, 7–19–18 (H)		22,679		24,493
Other Diversified Financial Services – 3.8%
AAF Holdings LLC and AAF Finance Co.,
12.000%, 7–1–19 (E)(F)		21,713		21,387
Abengoa Finance SAU,
7.750%, 2–1–20 (E)		52,600		21,369
Balboa Merger Sub, Inc.,
11.375%, 12–1–21 (E)		97,192		96,949
Greektown Holdings LLC and Greektown Mothership Corp.,
8.875%, 3–15–19 (E)		30,635		31,401
New Cotai LLC and New Cotai Capital Corp.,
10.625%, 5–1–19 (E)(F)		97,051		79,097
				250,203

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Property & Casualty Insurance – 1.8%
Hub International Ltd.,
7.875%, 10–1–21 (E)	$	28,549	$	27,264
Onex USI Acquisition Corp.,
7.750%, 1–15–21 (E)		94,127		92,127
				119,391
Real Estate Development – 0.3%
Hub Holdings LLC and Hub Holdings Finance, Inc.,
8.125%, 7–15–19 (E)(F)		22,364		21,581
Specialized Finance – 1.5%
Consolidated Communications Finance II Co.,
6.500%, 10–1–22 (E)		16,898		15,124
Flexi-Van Leasing, Inc.,
7.875%, 8–15–18 (E)		25,687		26,008
TMX Finance LLC and TitleMax Finance Corp.,
8.500%, 9–15–18 (E)		74,555		58,712
				99,844
Specialized REITs – 0.3%
Aircastle Ltd.:
5.125%, 3–15–21		7,597		7,616
5.500%, 2–15–22		13,473		13,608
				21,224
Thrifts & Mortgage Finance – 0.5%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.750%, 6–15–21 (E)		35,860		33,977
Total Financials – 11.3%				744,874
Health Care
Biotechnology – 0.1%
Concordia Healthcare Corp.,
7.000%, 4–15–23 (E)		7,987		6,969
Health Care Equipment – 0.1%
Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC,
5.750%, 8–1–22 (E)		5,591		5,395
Health Care Facilities – 1.8%
AmSurg Escrow Corp.,
5.625%, 7–15–22		6,801		6,793
Capsugel S.A.,
7.000%, 5–15–19 (E)(F)		9,833		9,808
ConvaTec Finance International S.A.,
8.250%, 1–15–19 (E)(F)		22,916		22,515

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Facilities (Continued)
DaVita HealthCare Partners, Inc.,
5.000%, 5–1–25	$	8,762	$	8,412
FWCT-2 Escrow Corp.,
6.875%, 2–1–22		2,734		2,792
MPH Acquisition Holdings LLC,
6.625%, 4–1–22 (E)		10,893		10,893
Tenet Healthcare Corp.,
8.125%, 4–1–22		50,164		53,319
THC Escrow Corp. II,
6.750%, 6–15–23		4,751		4,703
				119,235
Health Care Services – 1.3%
MedImpact Holdings, Inc.,
10.500%, 2–1–18 (E)		51,111		53,852
Truven Health Analytics, Inc.,
10.625%, 6–1–20		29,049		30,356
				84,208
Health Care Supplies – 0.7%
Ortho-Clinical Diagnostics,
6.625%, 5–15–22 (E)		43,882		37,739
Universal Hospital Services, Inc.,
7.625%, 8–15–20		10,936		10,252
				47,991
Pharmaceuticals – 1.5%
Jaguar Holding Co. II and Pharmaceutical Product Development LLC,
6.375%, 8–1–23 (E)		18,525		18,016
JLL/Delta Dutch Newco B.V.,
7.500%, 2–1–22 (E)		15,644		15,800
JLL/Delta Dutch Pledgeco B.V.,
8.750%, 5–1–20 (E)(F)		41,639		41,899
VRX Escrow Corp.:
5.375%, 3–15–20 (E)		8,875		8,625
5.875%, 5–15–23 (E)		12,375		11,865
				96,205
Total Health Care – 5.5%				360,003
Industrials
Aerospace & Defense – 2.8%
Silver II Borrower SCA and Silver II U.S. Holdings,
7.750%, 12–15–20 (E)		76,607		66,456
TransDigm Group, Inc.:
5.500%, 10–15–20		6,069		5,784
7.500%, 7–15–21		17,192		17,923
TransDigm, Inc.:
6.000%, 7–15–22		45,707		42,622
6.500%, 7–15–24		50,313		47,287
				180,072

2015 SEMIANNUAL REPORT 59

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Air Freight & Logistics – 0.3%
TRAC Intermodal LLC and TRAC Intermodal Corp.,
11.000%, 8–15–19	$	10,978	$	11,911
XPO Logistics, Inc.,
6.500%, 6–15–22 (E)		10,251		8,669
				20,580
Building Products – 0.5%
Ply Gem Industries, Inc.,
6.500%, 2–1–22		35,426		33,686
Diversified Support Services – 0.4%
Algeco Scotsman Global Finance plc:
8.500%, 10–15–18 (E)		16,656		14,577
10.750%, 10–15–19 (E)		22,560		11,957
				26,534
Environmental & Facilities Services – 0.4%
GFL Environmental, Inc.,
7.875%, 4–1–20 (E)		27,779		28,439
Railroads – 0.7%
Florida East Coast Holdings Corp. and Florida East Coast Industries LLC:
6.750%, 5–1–19 (E)		33,639		32,966
9.750%, 5–1–20 (E)		15,221		13,699
				46,665
Total Industrials – 5.1%				335,976
Information Technology
Application Software – 1.5%
Ensemble S Merger Sub, Inc.,
9.000%, 9–30–23 (E)		16,647		16,106
Infor (U.S.), Inc.,
5.750%, 8–15–20 (E)		1,722		1,712
Infor Software Parent LLC and Infor Software Parent, Inc.,
7.125%, 5–1–21 (E)(F)		23,196		20,413
Kronos Acquisition Holdings, Inc.,
9.000%, 8–15–23 (E)		70,540		63,133
				101,364
Data Processing & Outsourced Services – 2.0%
Alliance Data Systems Corp.:
6.375%, 4–1–20 (E)		19,388		19,727
5.375%, 8–1–22 (E)		37,881		36,934
Italics Merger Sub, Inc.,
7.125%, 7–15–23 (E)		76,557		73,112
				129,773
Electronic Manufacturing Services – 0.3%
KEMET Corp.,
10.500%, 5–1–18		19,418		17,913

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Internet Software & Services – 0.1%
J2 Global, Inc.,
8.000%, 8–1–20	$	10,627	$	11,318
IT Consulting & Other Services – 0.7%
NCR Escrow Corp.:
5.875%, 12–15–21		22,601		22,149
6.375%, 12–15–23		22,549		22,098
				44,247
Semiconductors – 0.5%
Micron Technology, Inc.:
5.875%, 2–15–22		29,790		29,380
5.500%, 2–1–25		1,943		1,778
				31,158
Technology Distributors – 0.5%
Sophia L.P. and Sophia Finance, Inc.,
9.625%, 12–1–18 (E)(F)		30,917		31,536
Total Information Technology – 5.6%				367,309
Materials
Aluminum – 1.6%
Constellium N.V.:
8.000%, 1–15–23 (E)		34,437		30,477
5.750%, 5–15–24 (E)		16,523		12,558
Wise Metals Group LLC,
8.750%, 12–15–18 (E)		23,189		22,261
Wise Metals Intermediate Holdings,
9.750%, 6–15–19 (E)(F)		39,976		38,477
				103,773
Construction Materials – 0.7%
Hillman Group, Inc. (The),
6.375%, 7–15–22 (E)		54,152		49,820
Diversified Metals & Mining – 1.4%
Artsonig Pty Ltd.,
11.500%, 4–1–19 (E)(F)		41,465		1,658
Crystal Merger Sub, Inc.,
7.625%, 10–15–21 (E)		7,359		6,844
FMG Resources Pty Ltd.:
8.250%, 11–1–19 (E)		47,183		37,864
9.750%, 3–1–22 (E)		3,438		3,202
6.875%, 4–1–22 (E)		28,227		18,206
Lundin Mining Corp.:
7.500%, 11–1–20 (E)		11,178		10,815
7.875%, 11–1–22 (E)		12,230		11,741
				90,330
Metal & Glass Containers – 1.8%
Ardagh Finance Holdings,
8.625%, 6–15–19 (E)(F)		29,629		30,296

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Metal & Glass Containers (Continued)
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.,
6.000%, 6–30–21 (E)	$	11,126	$	10,625
BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC,
7.125%, 5–1–18 (E)		30,837		30,451
Consolidated Container Co. LLC and Consolidated Container Capital, Inc.,
10.125%, 7–15–20 (E)		24,137		20,275
Signode Industrial Group,
6.375%, 5–1–22 (E)		31,826		30,076
				121,723
Paper Packaging – 0.4%
Beverage Packaging Holdings II Issuer, Inc. and Beverage Packaging Holdings (Luxembourg) II S.A.,
6.000%, 6–15–17 (E)		19,988		19,563
Exopack Holdings S.A.,
7.875%, 11–1–19 (E)		9,310		8,821
				28,384
Precious Metals & Minerals – 0.4%
Prince Mineral Holding Corp.,
11.500%, 12–15–19 (E)(H)		28,421		23,874
Total Materials – 6.3%				417,904
Telecommunication Services
Alternative Carriers – 0.4%
Level 3 Communications, Inc.,
5.750%, 12–1–22		2,009		1,971
Level 3 Escrow II, Inc.,
5.375%, 8–15–22		28,910		28,115
				30,086
Integrated Telecommunication Services – 2.5%
BCP (Singapore) VI Cayman Financing Co. Ltd.,
8.000%, 4–15–21 (E)		9,502		8,903
CenturyLink, Inc.,
5.625%, 4–1–20		12,409		11,478
Frontier Communications Corp.:
8.875%, 9–15–20 (E)		22,650		22,197
6.250%, 9–15–21		15,908		13,243
10.500% , 9–15–22 (E)		13,332		12,965
7.125%, 1–15–23		2,412		1,983
6.875%, 1–15–25		8,428		6,827
11.000%, 9–15–25 (E)		14,998		14,511
GCI, Inc.,
6.875%, 4–15–25		27,591		27,729

60 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services (Continued)
Sprint Corp.:
7.250%, 9–15–21	$	51,261	$	41,970
7.875%, 9–15–23		1,112		900
				162,706
Wireless Telecommunication Service – 1.4%
Digicel Group Ltd.,
8.250%, 9–30–20 (E)		35,200		32,560
Sable International Finance Ltd.,
6.875%, 8–1–22 (E)		23,125		23,298
T-Mobile USA, Inc.:
6.464%, 4–28–19		4,198		4,272
6.633%, 4–28–21		22,320		22,376
6.731%, 4–28–22		7,891		7,871
				90,377
Total Telecommunication Services – 4.3%				283,169
Utilities
Renewable Electricity – 0.3%
Abengoa Yield plc,
7.000%, 11–15–19 (E)	$	26,494	$	23,182
Total Utilities – 0.3%				23,182
TOTAL CORPORATE DEBT SECURITIES – 68.6%			$	4,513,932
(Cost: $5,080,618)
LOANS (H)
Consumer Discretionary
Advertising – 0.3%
Advantage Sales & Marketing, Inc.,
7.500%, 7–25–22		18,474		17,643
Apparel Retail – 2.8%
Gymboree Corp. (The),
5.000%, 2–23–18		7,880		5,161
Hoffmaster Group, Inc.,
10.000%, 5–9–21		25,368		24,861
Nine West Holdings, Inc.,
6.250%, 1–8–20		47,279		26,902
Talbots, Inc. (The):
5.500%, 3–19–20		22,435		22,005
9.500%, 3–19–21		60,086		58,784
True Religion Apparel, Inc.,
5.875%, 7–30–19		76,940		46,035
				183,748
Auto Parts & Equipment – 0.3%
Direct ChassisLink, Inc.,
8.250%, 11–7–19		23,465		22,547

LOANS (H) (Continued)	Principal		Value
Casinos & Gaming – 0.2%
Gateway Casinos & Entertainment Ltd.:
5.250%, 11–26–19 (G)		CAD14,719	$	10,946
5.950%, 11–26–19 (G)		38		28
				10,974
General Merchandise Stores – 1.6%
BJ’s Wholesale Club, Inc.,
8.500%, 3–31-20	$	44,836		44,294
Orchard Acquisition Co. LLC,
7.000%, 2–8–19		65,311		59,216
				103,510
Housewares & Specialties – 0.0%
Provo Craft & Novelty, Inc.,
10.000%, 3–2–16(F)		438		—
Movies & Entertainment – 0.9%
Formula One Holdings Ltd. and Delta Two S.a.r.l.,
7.750%, 7–29–22		64,598		62,014
Specialized Consumer Services – 0.1%
Wand Intermediate I L.P.,
8.250%, 9–17–22		9,035		8,787
Total Consumer Discretionary – 6.2%				409,223
Consumer Staples
Food Distributors – 0.4%
Performance Food Group, Inc.:
6.250%, 11–14–19		15,256		15,249
7.500%, 11–14–19		10,272		10,268
				25,517
Food Retail – 0.5%
Focus Brands, Inc.,
10.250%, 8–21-18		36,399		36,217
Hypermarkets & Super Centers – 0.3%
GOBP Holdings, Inc.,
9.250%, 10–21–22		20,658		20,452

LOANS (H) (Continued)	Principal		Value
Packaged Foods & Meats – 0.3%
Shearer’s Foods LLC,
7.750%, 6–30–22	$	18,980	$	18,553
Total Consumer Staples – 1.5%				100,739
Energy
Coal & Consumable Fuels – 0.3%
Westmoreland Coal Co.,
7.500%, 12–16–20		20,361		17,765
Oil & Gas Drilling – 0.4%
KCA Deutag Alpha Ltd.,
6.250%, 5–16–20		33,727		26,813
Oil & Gas Equipment & Services – 0.1%
Regent Purchaser Investment, Inc.,
6.000%, 8–14–21		25,665		10,009
Oil & Gas Exploration & Production – 0.5%
Callon Petroleum Co.,
8.500%, 10–8–21		34,480		33,187
Sabine Oil & Gas LLC,
8.750%, 12–31-18 (I)		7,527		1,261
				34,448
Oil & Gas Refining & Marketing – 0.2%
Fieldwood Energy LLC,
8.375%, 9–30–20		46,464		12,778
Oil & Gas Storage & Transportation – 1.0%
Bowie Resources Holdings LLC:
6.750%, 8–12–20		41,462		38,214
11.750%, 2–16–21		26,759		24,618
				62,832
Total Energy – 2.5%				164,645
Financials
Consumer Finance – 0.2%
TransFirst, Inc.,
9.000%, 11–12–22		14,395		14,161
Other Diversified Financial Services – 0.6%
WP Mustang Holdings LLC:
5.500%, 5–29–21		10,763		10,512
8.500%, 5–29–22		29,925		28,578
				39,090
Total Financials – 0.8%				53,251
Health Care
Health Care Facilities – 0.6%
Surgery Center Holdings, Inc.,
8.500%, 11–3–21		36,505		36,733

2015 SEMIANNUAL REPORT 61

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

LOANS (H) (Continued)	Principal		Value
Health Care Services – 0.3%
Accellent, Inc.,
7.500%, 3–12–22	$	19,176	$	19,234
Health Care Supplies – 0.4%
Sage Products Holdings III LLC,
9.250%, 6–13–20		27,667		27,713
Health Care Technology – 0.2%
Vitera Healthcare Solutions LLC,
6.000%, 11–4–20		14,118		13,836
Life Sciences Tools & Services – 0.5%
Atrium Innovations, Inc.,
7.750%, 8–10–21		40,260		35,328
Total Health Care – 2.0%				132,844
Industrials
Building Products – 1.4%
C.H.I. Overhead Doors, Inc.,
8.750%, 7–31–23		16,909		16,655
GYP Holdings III Corp.,
7.750%, 4–1–22		50,245		49,146
Hampton Rubber Co. & SEI Holding Corp.,
9.000%, 3–27–22		35,500		28,045
				93,846
Construction & Engineering – 0.3%
Tensar International Corp.:
5.750%, 7–10–21		6,329		5,866
9.500%, 7–10–22		15,197		12,310
				18,176
Environmental & Facilities Services – 0.1%
Brickman Group Ltd. (The),
7.500%, 12–18–21		7,789		7,575
Industrial Conglomerates – 0.2%
Crosby Worldwide Ltd.,
7.000%, 11–22–21		12,913		10,782
Industrial Machinery – 0.8%
Dynacast International LLC,
9.500%, 1–30–23		48,836		48,623
Research & Consulting Services – 0.5%
Larchmont Resources LLC,
8.250%, 8–7–19		40,960		34,406
Total Industrials – 3.3%				213,408
Information Technology
Application Software – 4.5%
Applied Systems, Inc.,
7.500%, 1–23–22		34,872		34,480
Aptean Holdings, Inc.:
5.250%, 2–27–20		14,486		14,196
8.500%, 2–27–21		15,746		15,077

LOANS (H) (Continued)	Principal		Value
Application Software (Continued)
Misys plc and Magic Newco LLC,
12.000%, 6–12–19	$	181,677	$	197,120
TIBCO Software, Inc.,
6.500%, 12–4–20		35,606		35,250
				296,123
Data Processing & Outsourced Services – 0.1%
Sedgwick Claims Management Services, Inc.,
6.750%, 2–28–22		2,270		2,128
Internet Software & Services – 1.3%
TravelCLICK, Inc. & TCH-2 Holdings LLC:
5.500%, 5–12–21		38,754		38,366
8.750%, 11–12–21		39,154		38,371
W3 Co.,
9.250%, 9–1–20		11,387		8,863
				85,600
IT Consulting & Other Services – 1.5%
Active Network, Inc. (The):
5.500%, 11–15–20		20,206		19,987
9.500%, 11–15–21		40,964		38,609
Triple Point Group Holdings, Inc.:
5.250%, 7–13–20		27,654		21,570
9.250%, 7–13–21		24,243		19,152
				99,318
Total Information Technology – 7.4%				483,169
Materials
Construction Materials – 0.1%
Quickrete Holdings, Inc.,
7.000%, 3–30–21		7,006		7,006
Diversified Metals & Mining – 0.2%
EP Minerals LLC,
8.500%, 8–20–21		12,375		12,313
Metal & Glass Containers – 0.1%
Consolidated Container Co. LLC,
7.750%, 1–3–20		11,387		9,565
Paper Packaging – 1.0%
FPC Holdings, Inc.,
9.250%, 5–27–20		32,147		30,861
KIK Custom Products, Inc.,
6.000%, 8–27–22		13,412		13,099
Ranpak (Rack Merger),
8.250%, 10–1–22		22,983		22,782
				66,742

LOANS (H) (Continued)	Principal		Value
Specialty Chemicals – 1.0%
Chemstralia Ltd.,
7.250%, 2–26–22	$	43,249	$	43,033
Chromaflo Technologies Corp.,
8.250%, 6–2–20		21,317		20,171
				63,204
Total Materials – 2.4%				158,830
TOTAL LOANS – 26.1%			$	1,716,109
(Cost: $1,875,630)
SHORT-TERM SECURITIES
Commercial Paper (J) – 1.4%
Baxter International, Inc.,
0.340%, 10–9–15		14,000		13,999
Becton Dickinson & Co.,
0.290%, 11–3–15		16,000		15,996
Bemis Co., Inc.:
0.250%, 10–13–15		5,500		5,499
0.250%, 10–14–15		5,000		4,999
0.260%, 10–21–15		10,000		9,998
Clorox Co. (The),
0.300%, 10–5–15		8,400		8,400
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
0.260%, 10–19–15		10,000		9,999
NBCUniversal Enterprise, Inc.,
0.400%, 10–7–15		27,200		27,199
				96,089
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (K)		4,293		4,293
United States Government Agency Obligations – 0.0%
Overseas Private Investment Corp. (GTD by U.S. Government),
0.150%, 10–7–15 (K)		592		592
TOTAL SHORT-TERM SECURITIES – 1.5%			$	100,974
(Cost: $100,969)
TOTAL INVESTMENT SECURITIES – 97.5%			$	6,411,547
(Cost: $7,147,247)
CASH AND OTHER ASSETS, NET OF LIABILITIES (L) – 2.5%				165,038
NET ASSETS – 100.0%			$	6,576,585

62 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Restricted securities. At September 30, 2015, the Fund owned the following restricted securities:

Security	Acquisition Date(s)	Shares	Cost		Market Value
Maritime Finance Co. Ltd.	9–19–13	1,750	$	33,492	$	28,140
Provo Craft & Novelty, Inc.	9–15–11	6,090		—		*
			$	33,492	$	28,140

The total value of these securities represented 0.4% of net assets at September 30, 2015.

(C) Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.

(D) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(E) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $3,374,907 or 51.3% of net assets.

(F) Payment-in-kind bonds.

(G) Principal amounts are denominated in the indicated foreign currency, where applicable (CAD—Canadian Dollar and EUR—Euro).

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(I) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(J) Rate shown is the yield to maturity at September 30, 2015.

(K) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(L) Cash of $4,110 is held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

The following forward foreign currency contracts were outstanding at September 30, 2015:

	Currency to be Delivered		Currency to be Received		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized Depreciation
Canadian Dollar	37,286	U.S. Dollar		28,350		10–15–15		Morgan Stanley International	$	412	$	—
Euro	20,952	U.S. Dollar		23,316		10–15–15		Morgan Stanley International		—		100
									$	412	$	100

The following total return swap agreements were outstanding at September 30, 2015:

Counterparty	Underlying Security	Termination Date	Notional Amount(1)		Financing Fee(2)(3)		Unrealized Depreciation
JPMorgan Chase Bank N.A.	iBoxx $ Liquid High Yield Index	12/20/2015	$	50,750		3M LIBOR	$	(345	)
Morgan Stanley & Co., Inc.	iBoxx $ Liquid High Yield Index	12/20/2015	$	16,725		3M LIBOR	$	(111	)
							$	(456	)

(1) Notional amount changes by the percentage change of the price of the index applied to the notional amount.

(2) The Fund pays the financing fee multiplied by the notional amount each month.

(3) At the termination date, a net cash flow is exchanged where the market-linked total return is equivalent to the return of the underlying security less a financing rate, if any. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a negative total return.

2015 SEMIANNUAL REPORT 63

SCHEDULE OF INVESTMENTS

Ivy High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	—	$	—	$	28,849
Preferred Stocks		51,062		—		—
Warrants		—		621		—
Corporate Debt Securities		—		4,513,932		—
Loans		—		1,457,268		258,841
Short-Term Securities		—		100,974		—
Total	$	51,062	$	6,072,795	$	287,690
Forward Foreign Currency Contracts	$	—	$	412	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	101	$	—
Total Return Swaps	$	—	$	456	$	—

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Warrants			Loans
Beginning Balance 4-1-15	$	31,309		$	595		$	472,642
Net realized gain (loss)		(1	)		—			(15,893	)
Net change in unrealized appreciation (depreciation)		(950	)		—			(2,336	)
Purchases		—			—			17,154
Sales		(1,509	)		—			(126,702	)
Amortization/Accretion of premium/discount		—			—			874
Transfers into Level 3 during the period		—			—			157,039
Transfers out of Level 3 during the period		—			(595	)		(243,937	)
Ending Balance 9-30-15	$	28,849		$	—		$	258,841
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-15	$	(951	)	$	—		$	(14,168	)

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information. As shown above, transfers in and out of Level 3 represent the values as of the beginning of the reporting period. During the period ended September 30, 2015, there were no transfers between Levels 1 and 2.

Information about Level 3 fair value measurements:

	Fair Value at 9–30–15		Valuation Technique(s)		Unobservable Input(s)
Assets
	$	709		Broker		Broker quotes
Common Stocks		28,140		Third-party vendor pricing service		Broker quotes
Loans		258,841		Third-party vendor pricing service		Broker quotes

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

OTC = Over the Counter

See Accompanying Notes to Financial Statements.

64 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy International Core Equity Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	93.3	%
Financials	21.2	%
Health Care	14.8	%
Consumer Discretionary	13.0	%
Materials	9.9	%
Industrials	9.3	%
Consumer Staples	8.9	%
Information Technology	7.5	%
Telecommunication Services	3.8	%
Energy	3.4	%
Utilities	1.5	%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	6.7	%

Lipper Rankings

Category: Lipper Large-Cap Core Funds	Rank	Percentile
1 Year	701/876	80
3 Year	587/794	74
5 Year	270/724	38
10 Year	53/517	11

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Country Weightings

Europe	58.7%
United Kingdom	23.1%
France	6.6%
Ireland	5.3%
Switzerland	5.1%
Germany	5.0%
Sweden	4.5%
Other Europe	9.1%
Pacific Basin	28.5%
Japan	14.9%
China	6.4%
Australia	4.1%
Other Pacific Basin	3.1%
North America	3.4%
Other	2.0%
South America	0.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	6.7%

Top 10 Equity Holdings

Company	Country	Sector	Industry
SoftBank Group Corp.	Japan	Telecommunication Services	Wireless Telecommunication Service
Svenska Cellulosa Aktiebolaget SCA (publ), Class B	Sweden	Materials	Paper Products
Fresenius SE & Co. KGaA	Germany	Health Care	Health Care Services
WPP Group plc	United Kingdom	Consumer Discretionary	Advertising
Honda Motor Co. Ltd.	Japan	Consumer Discretionary	Automobile Manufacturers
Teva Pharmaceutical Industries Ltd. ADR	Israel	Health Care	Pharmaceuticals
BAE Systems plc	United Kingdom	Industrials	Aerospace & Defense
Mitsubishi Heavy Industries Ltd.	Japan	Industrials	Industrial Machinery
Cognizant Technology Solutions Corp., Class A	United States	Information Technology	IT Consulting & Other Services
Danske Bank A.S.	Denmark	Financials	Diversified Banks

See your advisor or www.ivyfunds.com for more information on the Fund’s most recent published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 65

SCHEDULE OF INVESTMENTS

Ivy International Core Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Financials – 1.8%
Commonwealth Bank of Australia		555	$	28,511
Westpac Banking Corp.		2,069		43,463
				71,974
Health Care – 1.0%
Cochlear Ltd.		694		40,843
Materials – 1.3%
Amcor Ltd.		5,603		52,109
Total Australia – 4.1%			$	164,926
Brazil
Consumer Staples – 0.7%
Hypermarcas S.A. (A)		7,789		29,823
Total Brazil – 0.7%			$	29,823
China
Consumer Discretionary – 1.4%
JD.com, Inc. ADR (A)		2,146		55,926
Consumer Staples – 1.3%
Kweichow Moutai Co. Ltd., Class A		1,777		53,348
Financials – 1.2%
China Construction Bank Corp.		74,869		49,963
Information Technology – 1.6%
Baidu.com, Inc. ADR (A)(B)		469		64,509
Telecommunication Services – 0.9%
China Unicom Ltd.		28,498		36,255
Total China – 6.4%			$	260,001
Denmark
Financials – 1.8%
Danske Bank A.S.		2,393		72,314
Telecommunication Services – 0.1%
TDC A/S		938		4,837
Total Denmark – 1.9%			$	77,151
Finland
Information Technology – 2.0%
Nokia Corp., Series A ADR		3,305		22,405
Nokia OYJ		8,632		59,027
				81,432
Total Finland – 2.0%			$	81,432
France
Consumer Staples – 1.6%
Pernod Ricard		644		65,044
Energy – 1.1%
Total S.A.		985		44,305

COMMON STOCKS (Continued)	Shares		Value
Industrials – 1.6%
Bouygues S.A.		1,748	$	62,025
Materials – 0.8%
ArcelorMittal		6,458		33,491
Utilities – 1.5%
ENGIE		3,790		61,326
Total France – 6.6%			$	266,191
Germany
Consumer Discretionary – 0.5%
Porsche Automobil Holding SE		497		21,133
Health Care – 4.5%
Bayer AG		336		43,105
Fresenius Medical Care AG & Co. KGaA		648		50,668
Fresenius SE & Co. KGaA		1,278		85,758
				179,531
Total Germany – 5.0%			$	200,664
Hong Kong
Financials – 1.1%
Cheung Kong (Holdings) Ltd.		3,489		45,386
Total Hong Kong – 1.1%			$	45,386
Ireland
Financials – 1.2%
Bank of Ireland (A)		131,892		51,284
Health Care – 1.2%
Shire Pharmaceuticals Group plc ADR (B)		239		48,947
Materials – 2.9%
CRH plc		2,363		62,384
James Hardie Industries plc, Class C		4,468		53,935
				116,319
Total Ireland – 5.3%			$	216,550
Israel
Health Care – 2.0%
Teva Pharmaceutical Industries Ltd. ADR (B)		1,444		81,552
Total Israel – 2.0%			$	81,552
Italy
Financials – 1.1%
Banca Intesa S.p.A.		12,349		43,626
Total Italy – 1.1%			$	43,626

COMMON STOCKS (Continued)	Shares		Value
Japan
Consumer Discretionary – 2.6%
Honda Motor Co. Ltd.		2,749	$	82,052
Nissin Kogyo Co. Ltd.		1,667		24,979
				107,031
Energy – 0.9%
Inpex Corp.		4,181		37,378
Financials – 4.4%
Dai-ichi Mutual Life Insurance Co. (The)		4,002		63,711
Sumitomo Mitsui Financial Group, Inc.		1,302		49,368
Tokio Marine Holdings, Inc.		1,752		65,470
				178,549
Industrials – 4.2%
Komatsu Ltd.		3,426		50,284
Mitsubishi Electric Corp.		4,730		43,329
Mitsubishi Heavy Industries Ltd.		16,832		75,277
				168,890
Telecommunication Services – 2.8%
SoftBank Group Corp.		2,404		111,156
Total Japan – 14.9%			$	603,004
Netherlands
Financials – 1.6%
ING Groep N.V., Certicaaten Van Aandelen		4,677		66,269
Total Netherlands – 1.6%			$	66,269
South Korea
Consumer Discretionary – 1.1%
Hyundai Mobis		215		42,129
Information Technology – 0.9%
Samsung Electronics Co. Ltd.		39		37,187
Total South Korea – 2.0%			$	79,316
Spain
Consumer Discretionary – 0.1%
Mediaset Espana Comunicacion S.A.		586		6,405
Financials – 1.3%
CaixaBank S.A.		13,313		51,378
Health Care – 1.1%
Grifols S.A.		725		29,957
Grifols S.A. ADR		463		14,090
				44,047
Total Spain – 2.5%			$	101,830

66 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy International Core Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Sweden
Consumer Discretionary – 1.2%
Aktiebolaget Electrolux, Class B		1,737	$	49,088
Information Technology – 1.2%
Telefonaktiebolaget LM Ericsson, B Shares		4,800		47,086
Materials – 2.1%
Svenska Cellulosa Aktiebolaget SCA (publ), Class B		3,118		87,235
Total Sweden – 4.5%			$	183,409
Switzerland
Consumer Discretionary – 1.3%
Swatch Group Ltd. (The), Bearer Shares		138		51,254
Health Care – 1.3%
Roche Holdings AG, Genusscheine		191		50,679
Industrials – 1.5%
Adecco S.A.		839		61,439
Materials – 1.0%
LafargeHolcim Ltd.		799		41,867
Total Switzerland – 5.1%			$	205,239
United Kingdom
Consumer Discretionary – 3.9%
Carnival plc		473		24,492
Marks and Spencer Group plc		6,771		51,399
WPP Group plc		3,959		82,424
				158,315
Consumer Staples – 5.3%
Diageo plc		1,454		39,054
Diageo plc ADR		211		22,783
Imperial Tobacco Group plc		1,053		54,433
SABMiller plc		962		54,485
Unilever plc		1,092		44,492
				215,247
Energy – 1.4%
BG Group plc		1,132		16,327
BP plc		8,395		42,589
				58,916
Financials – 5.7%
Aviva plc		7,913		54,118
HSBC Holdings plc		5,368		40,308
Legal & General Group plc		17,174		61,924
Prudential plc		1,967		41,487
Standard Chartered plc		3,218		31,233
				229,070

COMMON STOCKS (Continued)	Shares		Value
Health Care – 3.7%
GlaxoSmithKline plc		2,778	$	53,313
GlaxoSmithKline plc ADR (B)		498		19,164
Shire plc		247		16,885
Smith & Nephew plc		3,436		60,029
				149,391
Industrials – 2.0%
BAE Systems plc		11,747		79,630
Materials – 1.1%
Rio Tinto plc		1,306		43,827
Total United Kingdom – 23.1%			$	934,396
United States
Consumer Discretionary – 0.9%
Carnival Corp. (B)		691		34,323
Information Technology – 1.8%
Cognizant Technology Solutions Corp., Class A (A)(B)		1,192		74,627
Materials – 0.7%
Freeport-McMoRan Copper & Gold, Inc., Class B		2,984		28,910
Total United States – 3.4%			$	137,860
TOTAL COMMON STOCKS – 93.3%			$	3,778,625
(Cost: $4,086,605)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 5.4%
Bemis Co., Inc.
0.370%, 10–2–15	$	10,750		10,750
Clorox Co. (The)
0.260%, 10–19–15		8,000		7,999
General Mills, Inc.
0.310%, 10–5–15		25,000		24,999
L Air Liquide S.A.:
0.170%, 10–1–15		29,578		29,578
0.200%, 10–9–15		13,000		12,999
Mattel, Inc.
0.250%, 10–13–15		10,000		9,999
Microsoft Corp.
0.080%, 11–4–15		10,000		9,999
Mondelez International, Inc.
0.260%, 10–21–15		10,000		9,998
Monsanto Co.
0.310%, 11–23–15		6,750		6,747
NBCUniversal Enterprise, Inc.
0.340%, 10–1–15		25,000		25,000
Northern Illinois Gas Co.:
0.290%, 10–13–15		15,000		14,999
0.310%, 10–6–15		6,000		6,000

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (C) (Continued)
PACCAR Financial Corp. (GTD by PACCAR, Inc.)
0.150%, 10–1–15	$	3,357	$	3,357
PepsiCo, Inc.
0.090%, 10–22–15		8,206		8,206
St. Jude Medical, Inc.:
0.290%, 11–30–15		10,000		9,995
0.260%, 11–9–15		5,000		4,999
United Technologies Corp.
0.260%, 10–20–15		15,000		14,998
Virginia Electric and Power Co.
0.230%, 10–20–15		8,750		8,749
				219,371
Master Note – 0.1%
Toyota Motor Credit Corp.
0.200%, 10–7–15 (D)		2,192		2,192
United States Government Agency Obligations – 0.0%
Overseas Private Investment Corp. (GTD by U.S. Government)
0.150%, 10–7–15 (D)		515		515
TOTAL SHORT-TERM SECURITIES – 5.5%			$	222,078
(Cost: $222,071)
TOTAL INVESTMENT SECURITIES – 98.8%			$	4,000,703
(Cost: $4,308,676)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.2%				49,307
NET ASSETS – 100.0%			$	4,050,010

2015 SEMIANNUAL REPORT 67

SCHEDULE OF INVESTMENTS

Ivy International Core Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $5,558 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following forward foreign currency contracts were outstanding at September 30, 2015:

Currency to be Delivered

Currency to be Received

Settlement Date

Counterparty

Unrealized Appreciation

Unrealized Depreciation

Chinese Yuan Renminbi

3,144,297

U.S. Dollar

477,415

3–8–16

Deutsche Bank AG

$

—

$

8,473

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	90,249	$	435,355	$	—
Consumer Staples		52,606		310,856		—
Energy		—		140,599		—
Financials		—		859,813		—
Health Care		163,753		431,237		—
Industrials		—		371,984		—
Information Technology		161,541		143,300		—
Materials		28,910		374,848		—
Telecommunication Services		—		152,248		—
Utilities		—		61,326		—
Total Common Stocks	$	497,059	$	3,281,566	$	—
Short-Term Securities		—		222,078		—
Total	$	497,059	$	3,503,644	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	8,473	$	—

During the period ended September 30, 2015, securities totaling $2,065,993 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

Market Sector Diversification
(as a % of net assets)
Financials	21.2	%
Health Care	14.8	%
Consumer Discretionary	13.0	%
Materials	9.9	%
Industrials	9.3	%

Consumer Staples	8.9	%
Information Technology	7.5	%
Telecommunication Services	3.8	%
Energy	3.4	%
Utilities	1.5	%
Other+	6.7	%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

68 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Large Cap Growth Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	95.4%
Information Technology	32.2%
Consumer Discretionary	25.9%
Health Care	23.5%
Industrials	6.7%
Financials	3.3%
Telecommunication Services	1.8%
Materials	1.0%
Energy	1.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.6%

Lipper Rankings

Category: Lipper Large-Cap Growth Funds	Rank	Percentile
1 Year	169/675	25
3 Year	138/603	23
5 Year	204/540	38
10 Year	113/383	30

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Celgene Corp.	Health Care	Biotechnology
Visa, Inc., Class A	Information Technology	Data Processing & Outsourced Services
MasterCard, Inc., Class A	Information Technology	Data Processing & Outsourced Services
Home Depot, Inc. (The)	Consumer Discretionary	Home Improvement Retail
Apple, Inc.	Information Technology	Technology Hardware, Storage & Peripherals
Allergan plc	Health Care	Pharmaceuticals
Amazon.com, Inc.	Consumer Discretionary	Internet Retail
Gilead Sciences, Inc.	Health Care	Biotechnology
Facebook, Inc., Class A	Information Technology	Internet Software & Services
Cognizant Technology Solutions Corp., Class A	Information Technology	IT Consulting & Other Services

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 69

SCHEDULE OF INVESTMENTS

Ivy Large Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 1.2%
Limited Brands, Inc.		214	$	19,297
Apparel, Accessories & Luxury Goods – 1.2%
Under Armour, Inc., Class A (A)		201		19,472
Automotive Retail – 2.4%
AutoZone, Inc. (A)		13		9,410
O’Reilly Automotive, Inc. (A)		118		29,600
				39,010
Cable & Satellite – 1.9%
Comcast Corp., Class A		545		30,988
Casinos & Gaming – 0.4%
Las Vegas Sands, Inc.		155		5,893
Consumer Electronics – 0.5%
Harman International Industries, Inc.		86		8,207
Footwear – 1.8%
NIKE, Inc., Class B		239		29,427
Home Improvement Retail – 4.2%
Home Depot, Inc. (The)		593		68,474
Hotels, Resorts & Cruise Lines – 1.1%
Hilton Worldwide Holdings, Inc.		808		18,531
Internet Retail – 4.5%
Amazon.com, Inc. (A)		113		57,946
priceline.com, Inc. (A)		12		14,966
				72,912
Leisure Products – 0.6%
Polaris Industries, Inc.		85		10,225
Movies & Entertainment – 1.5%
Walt Disney Co. (The)		238		24,364
Restaurants – 2.3%
Starbucks Corp.		672		38,185
Specialty Stores – 2.3%
Ulta Salon, Cosmetics & Fragrance, Inc. (A)		228		37,293
Total Consumer Discretionary – 25.9%				422,278
Energy
Oil & Gas Exploration & Production – 1.0%
EOG Resources, Inc.		225		16,344
Total Energy – 1.0%				16,344

COMMON STOCKS (Continued)	Shares		Value
Financials
Investment Banking & Brokerage – 1.6%
Charles Schwab Corp. (The)		927	$	26,461
Specialized Finance – 1.7%
CME Group, Inc.		301		27,914
Total Financials – 3.3%				54,375
Health Care
Biotechnology – 12.6%
Alexion Pharmaceuticals, Inc. (A)		82		12,840
Biogen, Inc. (A)		135		39,340
Celgene Corp. (A)		708		76,606
Gilead Sciences, Inc.		579		56,822
Vertex Pharmaceuticals, Inc. (A)		191		19,870
				205,478
Health Care Facilities – 2.9%
HCA Holdings, Inc. (A)		603		46,625
Pharmaceuticals – 8.0%
Allergan plc (A)		219		59,546
Bristol-Myers Squibb Co.		760		45,016
Shire Pharmaceuticals Group plc ADR		129		26,433
				130,995
Total Health Care – 23.5%				383,098
Industrials
Aerospace & Defense – 2.5%
Boeing Co. (The)		185		24,187
Lockheed Martin Corp.		82		16,999
				41,186
Railroads – 4.2%
Canadian Pacific Railway Ltd.		284		40,717
Union Pacific Corp.		316		27,893
				68,610
Total Industrials – 6.7%				109,796
Information Technology
Application Software – 1.9%
Adobe Systems, Inc. (A)		380		31,219
Data Processing & Outsourced Services – 9.7%
Alliance Data Systems Corp. (A)		64		16,652
MasterCard, Inc., Class A		775		69,825
Visa, Inc., Class A		1,024		71,297
				157,774
Internet Software & Services – 9.0%
Facebook, Inc., Class A (A)		590		53,050
Google, Inc., Class A (A)		68		43,665

COMMON STOCKS (Continued)	Shares		Value
Internet Software & Services (Continued)
Google, Inc., Class C (A)		56	$	33,860
LinkedIn Corp., Class A (A)		87		16,560
				147,135
IT Consulting & Other Services – 3.2%
Cognizant Technology Solutions Corp., Class A (A)		833		52,154
Semiconductor Equipment – 1.9%
Applied Materials, Inc.		511		7,508
Lam Research Corp.		370		24,179
				31,687
Semiconductors – 2.3%
NXP Semiconductors N.V. (A)		424		36,935
Technology Hardware, Storage & Peripherals – 4.2%
Apple, Inc.		620		68,340
Total Information Technology – 32.2%				525,244
Materials
Diversified Chemicals – 1.0%
PPG Industries, Inc.		180		15,767
Total Materials – 1.0%				15,767
Telecommunication Services
Wireless Telecommunication Service – 1.8%
American Tower Corp., Class A		214		18,836
SBA Communications Corp. (A)		92		9,678
				28,514
Total Telecommunication Services – 1.8%				28,514
TOTAL COMMON STOCKS – 95.4%			$	1,555,416
(Cost: $1,117,442)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 4.1%
Danaher Corp.,
0.130%, 10–2–15	$	10,000		10,000
DTE Gas Co.,
0.280%, 10–5–15		10,000		10,000
E.I. du Pont de Nemours and Co.,
0.120%, 10–15–15		3,000		3,000
J.M. Smucker Co. (The),
0.280%, 10–1–15		4,517		4,517
L Air Liquide S.A.,
0.180%, 10–2–15		6,000		6,000

70 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Large Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (B) (Continued)
McDonalds Corp.,
0.340%, 10–1–15	$	12,000	$	12,000
Monsanto Co.,
0.310%, 11–23–15		5,000		4,997
Northern Illinois Gas Co.:
0.220%, 10–8–15		5,000		5,000
0.290%, 10–13–15		5,000		4,999
Pfizer, Inc.,
0.100%, 11–19–15		5,000		4,999
				65,512
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)		2,072		2,072
Municipal Obligations – 0.3%
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (GTD by Toronto Dominion Bank),
0.120%, 10–7–15 (C)		5,000		5,000

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.020%, 10–7–15 (C)	$	500	$	500
				5,500
TOTAL SHORT-TERM SECURITIES – 4.5%			$	73,084
(Cost: $73,083)
TOTAL INVESTMENT SECURITIES – 99.9%			$	1,628,500
(Cost: $1,190,525)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				2,381
NET ASSETS – 100.0%			$	1,630,881

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the yield to maturity at September 30, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,555,416	$	—	$	—
Short-Term Securities		—		73,084		—
Total	$	1,555,416	$	73,084	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 71

PORTFOLIO HIGHLIGHTS

Ivy Limited-Term Bond Fund

ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Bonds	88.7%
Corporate Debt Securities	66.9%
United States Government and Government Agency Obligations	21.6%
Municipal Bonds – Taxable	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	11.3%

Lipper Rankings

Category: Lipper Short-Intermediate Investment Grade Debt Funds	Rank	Percentile
1 Year	120/184	65
3 Year	123/154	80
5 Year	97/114	85
10 Year	53/86	61

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Quality Weightings

Investment Grade	84.8%
AA	28.9%
A	25.7%
BBB	30.2%
Non-Investment Grade	3.9%
BB	2.9%
Non-rated	1.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	11.3%

Our preference is to always use ratings obtained from Standard & Poor’s. For securities not rated by Standard & Poor’s, ratings are obtained from Moody’s. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

72 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Limited-Term Bond Fund (in thousands)

SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Consumer Discretionary
Apparel Retail – 1.1%
Limited Brands, Inc.,
8.500%, 6–15–19	$	13,000	$	15,177
TJX Cos., Inc. (The),
2.750%, 6–15–21		3,500		3,562
				18,739
Apparel, Accessories & Luxury Goods – 2.0%
Hanesbrands, Inc.,
6.375%, 12–15–20		17,102		17,700
LVMH Moet Hennessy -Louis Vuitton,
1.625%, 6–29–17 (A)		16,000		16,118
				33,818
Automobile Manufacturers – 2.3%
General Motors Co.,
4.875%, 10–2–23		10,500		10,660
Toyota Motor Credit Corp.:
2.000%, 9–15–16		13,250		13,405
2.000%, 10–24–18		5,125		5,179
Volkswagen Group of America, Inc.,
2.125%, 5–23–19 (A)		12,000		11,198
				40,442
Broadcasting – 0.2%
CBS Corp.,
7.625%, 1–15–16		3,500		3,563
Cable & Satellite – 1.4%
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.:
5.875%, 10–1–19		3,900		4,370
5.200%, 3–15–20		3,000		3,277
Lender Processing Services, Inc. and Black Knight Lending Solutions, Inc.,
5.750%, 4–15–23		4,058		4,296
Time Warner Cable, Inc.,
5.850%, 5–1–17		6,830		7,229
Time Warner Co., Inc. (GTD by Time Warner, Inc.),
7.250%, 10–15–17		4,000		4,441
				23,613
Department Stores – 1.0%
Macy’s Retail Holdings, Inc.:
7.450%, 7–15–17		12,100		13,287
7.875%, 8–15–36		4,000		4,213
				17,500
General Merchandise Stores – 0.9%
Dollar General Corp.:
4.125%, 7–15–17		12,500		12,889
1.875%, 4–15–18		3,000		2,998
				15,887

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Home Improvement Retail – 1.1%
Lowe’s Co., Inc.:
5.000%, 10–15–15	$	8,000	$	8,011
2.125%, 4–15–16		11,366		11,438
				19,449
Internet Retail – 1.1%
Amazon.com, Inc.:
1.200%, 11–29–17		8,000		7,966
3.800%, 12–5–24		10,305		10,553
				18,519
Leisure Products – 0.1%
Mattel, Inc.,
2.500%, 11–1–16		2,500		2,536
Total Consumer Discretionary – 11.2%				194,066
Consumer Staples
Distillers & Vintners – 0.6%
Beam, Inc.,
1.750%, 6–15–18		10,000		9,958
Drug Retail – 0.3%
CVS Health Corp.,
2.800%, 7–20–20		6,050		6,147
Food Distributors – 0.3%
ConAgra Foods, Inc.:
1.300%, 1–25–16		2,940		2,942
5.819%, 6–15–17		2,500		2,673
				5,615
Packaged Foods & Meats – 1.8%
Hershey Co. (The),
1.600%, 8–21–18		8,860		8,910
Kraft Foods, Inc.,
4.125%, 2–9–16		12,000		12,133
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.),
2.650%, 8–15–19		9,450		9,522
				30,565
Soft Drinks – 0.3%
Bottling Group LLC,
5.125%, 1–15–19		4,059		4,486
Total Consumer Staples – 3.3%				56,771
Energy
Integrated Oil & Gas – 0.2%
Statoil ASA (GTD by Statoil Petroleum AS),
1.950%, 11–8–18		3,500		3,522
Oil & Gas Equipment & Services – 1.3%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.),
6.500%, 1–31–19		8,250		9,253

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Equipment & Services (Continued)
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.):
1.950%, 9–14–16 (A)	$	3,000	$	3,030
1.250%, 8–1–17 (A)		5,000		4,990
Schlumberger Norge A.S.,
1.250%, 8–1–17 (A)		2,435		2,429
Schlumberger Norge A.S. (GTD by Schlumberger Ltd.),
1.950%, 9–14–16 (A)		3,000		3,021
				22,723
Oil & Gas Exploration & Production – 2.8%
BP Capital Markets plc,
1.674%, 2–13–18		13,500		13,516
ConocoPhillips Co. (GTD by ConocoPhillips),
3.350%, 11–15–24		4,000		3,909
EOG Resources, Inc.,
2.500%, 2–1–16		6,000		6,029
EQT Corp.,
8.125%, 6–1–19		11,520		13,536
Marathon Oil Corp.,
0.900%, 11–1–15		11,240		11,237
				48,227
Oil & Gas Storage & Transportation – 1.8%
Copano Energy LLC and Copano Energy Finance Corp.,
7.125%, 4–1–21		4,566		4,764
DCP Midstream Operating L.P. (GTD by DCP Midstream Partners L.P.),
3.250%, 10–1–15		5,500		5,500
El Paso Corp.,
7.000%, 6–15–17		12,550		13,379
Kinder Morgan Energy Partners L.P.,
5.950%, 2–15–18		7,000		7,495
				31,138
Total Energy – 6.1%				105,610
Financials
Asset Management & Custody Banks – 1.0%
Ares Capital Corp.,
3.875%, 1–15–20		16,515		17,006
Consumer Finance – 5.7%
American Express Co.,
7.000%, 3–19–18		10,000		11,236
American Express Credit Corp.,
1.300%, 7–29–16		5,320		5,335
American Honda Finance Corp.:
1.500%, 9–11–17 (A)		6,000		6,025
7.625%, 10–1–18 (A)		5,000		5,825

2015 SEMIANNUAL REPORT 73

SCHEDULE OF INVESTMENTS

Ivy Limited-Term Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Finance (Continued)
Capital One Bank USA N.A.,
2.150%, 11–21–18	$	2,650	$	2,649
Capital One Financial Corp.,
6.750%, 9–15–17		9,000		9,848
Capital One N.A.,
2.400%, 9–5–19		6,000		5,961
Caterpillar Financial Services Corp.,
1.000%, 11–25–16		2,000		2,006
Discover Financial Services,
3.950%, 11–6–24		15,350		15,113
Ford Motor Credit Co. LLC:
1.500%, 1–17–17		2,450		2,442
5.000%, 5–15–18		10,000		10,636
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.500%, 7–10–19		4,500		4,547
Hyundai Capital America:
1.875%, 8–9–16 (A)		4,000		4,019
2.875%, 8–9–18 (A)		5,525		5,617
Western Union Co. (The),
5.930%, 10–1–16		7,540		7,869
				99,128
Diversified Banks – 5.2%
Bank of America Corp.,
5.650%, 5–1–18		6,000		6,545
Bank of New York Mellon Corp. (The),
2.300%, 9–11–19		12,750		12,877
Bank of Nova Scotia (The),
2.050%, 10–30–18		14,150		14,267
Commonwealth Bank of Australia,
2.250%, 3–13–19		8,500		8,586
HSBC Bank plc,
3.100%, 5–24–16 (A)		6,000		6,089
KeyCorp.,
2.900%, 9–15–20		12,000		12,098
U.S. Bancorp,
2.200%, 11–15–16		10,000		10,145
Wachovia Corp.,
5.750%, 2–1–18		13,500		14,773
Wells Fargo & Co.,
2.125%, 4–22–19		4,425		4,457
				89,837
Investment Banking & Brokerage – 1.6%
Goldman Sachs Group, Inc. (The),
5.750%, 10–1–16		3,100		3,241
Merrill Lynch & Co., Inc.,
6.400%, 8–28–17		11,000		11,937

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Investment Banking & Brokerage (Continued)
Morgan Stanley,
5.950%, 12–28–17	$	12,600	$	13,731
				28,909
Life & Health Insurance – 1.3%
Aflac, Inc.,
3.625%, 11–15–24		8,546		8,714
MetLife, Inc.,
6.817%, 8–15–18		12,035		13,711
				22,425
Other Diversified Financial Services – 5.1%
Citigroup, Inc.:
1.300%, 11–15–16		5,215		5,226
2.550%, 4–8–19		10,662		10,760
Fidelity National Financial, Inc.,
6.600%, 5–15–17		12,215		13,058
John Deere Capital Corp.,
1.200%, 10–10–17		15,000		14,987
JPMorgan Chase & Co.,
6.000%, 1–15–18		16,500		18,030
Moody’s Corp.,
2.750%, 7–15–19		2,400		2,441
TIAA Asset Management Finance Co. LLC,
2.950%, 11–1–19 (A)		10,000		10,140
USAA Capital Corp.,
2.450%, 8–1–20 (A)		13,865		14,096
				88,738
Property & Casualty Insurance – 0.8%
Berkshire Hathaway, Inc.:
2.200%, 8–15–16		2,650		2,685
1.900%, 1–31–17		4,000		4,054
2.100%, 8–14–19		7,375		7,504
				14,243
Regional Banks – 1.0%
PNC Bank N.A.:
1.300%, 10–3–16		2,000		2,005
2.400%, 10–18–19		5,500		5,549
PNC Funding Corp. (GTD by PNC Financial Services Group, Inc.),
6.700%, 6–10–19		8,500		9,894
				17,448
Specialized REITs – 0.2%
Crown Castle International Corp.,
5.250%, 1–15–23		2,745		2,904
Total Financials – 21.9%				380,638
Health Care
Biotechnology – 0.4%
Amgen, Inc.:
2.125%, 5–15–17		5,500		5,570
1.250%, 5–22–17		1,950		1,946
				7,516

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Equipment – 1.1%
Stryker Corp.,
2.000%, 9–30–16	$	18,110	$	18,310
Health Care Services – 0.7%
Laboratory Corp. of America Holdings,
2.500%, 11–1–18		5,350		5,410
Quest Diagnostics, Inc.,
3.200%, 4–1–16		6,966		7,047
				12,457
Health Care Supplies – 2.3%
Cardinal Health, Inc.,
3.500%, 11–15–24		10,700		10,700
Catholic Health Initiatives,
2.600%, 8–1–18		11,871		12,121
DENTSPLY International, Inc.,
2.750%, 8–15–16		4,000		4,051
Medtronic, Inc.,
3.500%, 3–15–25		11,752		11,996
				38,868
Pharmaceuticals – 1.6%
AbbVie, Inc.,
2.500%, 5–14–20		5,000		4,973
Actavis Funding SCS (GTD by Warner Chilcott Ltd., Actavis Capital S.a.r.l. and Actavis, Inc.),
2.350%, 3–12–18		6,750		6,777
GlaxoSmithKline Capital, Inc.,
5.650%, 5–15–18		6,600		7,316
Merck & Co., Inc.,
1.100%, 1–31–18		4,925		4,919
Mylan, Inc.,
1.350%, 11–29–16		4,291		4,261
				28,246
Total Health Care – 6.1%				105,397
Industrials
Airlines – 0.3%
Southwest Airlines Co.,
5.125%, 3–1–17		5,000		5,259
Construction Machinery & Heavy Trucks – 1.0%
Joy Global, Inc.,
6.000%, 11–15–16		16,157		16,641
Environmental & Facilities Services – 1.6%
Republic Services, Inc.,
3.800%, 5–15–18		14,690		15,416
Waste Management, Inc.:
6.100%, 3–15–18		10,000		11,022
4.750%, 6–30–20		1,675		1,861
				28,299

74 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Limited-Term Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrial Conglomerates – 1.5%
Danaher Corp.,
5.400%, 3–1–19	$	7,700	$	8,600
General Electric Capital Corp.,
5.625%, 5–1–18		15,500		17,161
				25,761
Trading Companies & Distributors – 0.5%
HD Supply, Inc.,
5.250%, 12–15–21 (A)		9,249		9,295
Trucking – 1.2%
Penske Truck Leasing Co. L.P.,
2.500%, 3–15–16 (A)		6,000		6,037
Penske Truck Leasing Co. L.P. and PTL Finance Corp.,
3.750%, 5–11–17 (A)		10,350		10,659
Ryder System, Inc.,
2.450%, 11–15–18		4,650		4,689
				21,385
Total Industrials – 6.1%				106,640
Information Technology
Communications Equipment – 0.3%
QUALCOMM, Inc.,
2.250%, 5–20–20		5,900		5,885
Data Processing & Outsourced Services – 1.0%
Alliance Data Systems Corp.:
5.250%, 12–1–17 (A)		6,600		6,699
6.375%, 4–1–20 (A)		6,000		6,105
5.375%, 8–1–22 (A)		4,338		4,230
				17,034
Electronic Equipment & Instruments – 0.8%
Xerox Corp.,
6.350%, 5–15–18		12,175		13,398
Electronic Manufacturing Services – 0.8%
Jabil Circuit, Inc.,
7.750%, 7–15–16		12,676		13,120
Internet Software & Services – 0.3%
eBay, Inc.,
1.350%, 7–15–17		5,000		4,971
Semiconductors – 0.2%
Intel Corp.,
2.450%, 7–29–20		4,000		4,053
Systems Software – 0.9%
CA, Inc.,
5.375%, 12–1–19		5,000		5,474
Oracle Corp.,
2.950%, 5–15–25		10,721		10,457
				15,931

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Technology Hardware, Storage & Peripherals – 0.8%
Apple, Inc.,
1.550%, 2–7–20	$	14,000	$	13,850
Total Information Technology – 5.1%				88,242
Materials
Diversified Chemicals – 0.4%
Dow Chemical Co. (The),
4.250%, 11–15–20		7,049		7,557
Metal & Glass Containers – 0.5%
FBG Finance Ltd.,
7.875%, 6–1–16 (A)		9,000		9,417
Specialty Chemicals – 0.9%
Methanex Corp.,
3.250%, 12–15–19		14,669		14,642
Total Materials – 1.8%				31,616
Telecommunication Services
Integrated Telecommunication Services – 2.2%
AT&T, Inc.,
2.950%, 5–15–16		6,715		6,795
CC Holdings GS V LLC,
2.381%, 12–15–17		8,335		8,393
SBA Tower Trust,
2.240%, 4–16–18 (A)		6,720		6,676
Verizon Communications, Inc.,
6.350%, 4–1–19		14,000		15,952
				37,816
Wireless Telecommunication Service – 1.1%
American Tower Corp.,
5.900%, 11–1–21		14,500		16,417
Crown Castle Towers LLC,
3.222%, 5–15–22 (A)		4,000		3,900
				20,317
Total Telecommunication Services – 3.3%				58,133
Utilities
Electric Utilities – 0.9%
Kansas City Power & Light Co.,
7.150%, 4–1–19		13,555		15,860
Multi-Utilities – 1.1%
Dominion Resources, Inc.,
6.400%, 6–15–18		11,118		12,421
Dominion Resources, Inc., Series A,
1.400%, 9–15–17		5,850		5,829
				18,250
Total Utilities – 2.0%				34,110
TOTAL CORPORATE DEBT SECURITIES – 66.9%			$	1,161,223
(Cost: $1,154,329)

MUNICIPAL BONDS – TAXABLE	Principal		Value
Hawaii – 0.2%
Cnty of Kauai, Taxable GO Bonds, Ser 2010A,
3.335%, 8–1–16	$	2,600	$	2,659
TOTAL MUNICIPAL BONDS – TAXABLE – 0.2%			$	2,659
(Cost: $2,600)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 0.1%
Federal Home Loan Bank,
4.780%, 1–25–17		942		996
Mortgage-Backed Obligations – 10.8%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
4.000%, 6–15–26		12,984		14,068
4.500%, 5–15–32		685		693
5.000%, 12–15–34		608		680
5.045%, 7–25–44 (A)(B)		5,870		6,238
4.303%, 9–25–44 (A)(B)		8,200		8,540
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
1.300%, 8–24–18		5,850		5,864
5.500%, 4–1–20		579		616
3.000%, 8–1–28		12,822		13,332
3.000%, 9–1–28		12,202		12,676
3.000%, 1–1–33		8,129		8,396
4.436%, 7–25–48 (A)(B)		5,200		5,414
Federal National Mortgage Association Agency REMIC/CMO:
5.500%, 12–25–17		1,138		1,181
2.000%, 4–25–39		10,632		10,521
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
2.000%, 12–30–15		10,000		10,046
5.500%, 9–1–17		1,130		1,161
0.875%, 10–26–17		15,000		15,045
4.514%, 12–1–19		11,138		12,320
4.380%, 6–1–21		14,549		16,101
5.500%, 10–1–21		2,259		2,431
5.450%, 10–18–21		8,028		8,426
5.500%, 2–1–22		1,200		1,289
6.000%, 7–1–22		839		926
3.500%, 8–1–26		6,546		6,966
3.000%, 7–1–28		12,001		12,487
2.000%, 12–25–42		2,949		2,996
Government National Mortgage Association Agency REMIC/CMO,
2.000%, 3–16–42		10,002		9,893
				188,306
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 10.9%			$	189,302
(Cost: $188,189)

2015 SEMIANNUAL REPORT 75

SCHEDULE OF INVESTMENTS

Ivy Limited-Term Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

UNITED STATES GOVERNMENT OBLIGATIONS	Principal		Value
Treasury Obligations – 10.7%
U.S. Treasury Notes:
1.750%, 5– 31–16	$	13,000	$	13,130
1.500%, 7– 31–16		15,000		15,143
0.625%, 9– 30–17		100,000		99,953
2.750%, 2– 28–18		35,000		36,648
1.375%, 8– 31–20		20,000		20,027
				184,901
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 10.7%			$	184,901
(Cost: $184,297)
SHORT-TERM SECURITIES
Commercial Paper (C) – 7.7%
Army & Air Force Exchange Service,
0.140%, 10–5–15		8,000		8,000
E.I. du Pont de Nemours and Co.:
0.190%, 10–1–15		15,000		15,000
0.190%, 10–5–15		10,000		10,000
Ecolab, Inc.,
0.250%, 10–14–15		10,000		9,999
EMC Corp.,
0.190%, 10–7–15		10,000		9,999
J.M. Smucker Co. (The),
0.280%, 10–1–15		3,905		3,905
L Air Liquide S.A.,
0.170%, 10–1–15		10,582		10,582

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (C) (Continued)
McDonalds Corp.,
0.340%, 10–1–15	$	5,000	$	5,000
Mondelez International, Inc.,
0.260%, 10–1–15		14,020		14,020
National Oilwell Varco, Inc.,
0.130%, 10–1–15		3,118		3,118
NBCUniversal Enterprise, Inc.,
0.340%, 10–1–15		5,000		5,000
St. Jude Medical, Inc.:
0.220%, 10–13–15		15,000		14,999
0.290%, 11–30–15		10,000		9,995
Virginia Electric and Power Co.,
0.430%, 10–1–15		15,000		15,000
				134,617
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (D)		3,107		3,107
Municipal Obligations – 1.7%
NY State Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2013A-1 (GTD by Bank of America N.A.),
0.020%, 10–7–15 (D)		7,000		7,000

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
The Regents of the Univ of CA, Gen Rev Bonds, SerAL (Var Rate Demand Bonds),
0.020%, 10–7–15 (D)	$	23,000	$	23,000
				30,000
United States Government Agency Obligations – 0.1%
Overseas Private Investment Corp. (GTD by U.S. Government),
0.150%, 10–7–15 (D)		1,342		1,342
TOTAL SHORT-TERM SECURITIES – 9.7%			$	169,066
(Cost: $169,062)
TOTAL INVESTMENT SECURITIES – 98.4%			$	1,707,151
(Cost: $1,698,477)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.6%				28,494
NET ASSETS – 100.0%			$	1,735,645

Notes to Schedule of Investments

(A) Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015 the total value of these securities amounted to $175,807 or 10.1% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(C)Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	1,161,223	$	—
Municipal Bonds		—		2,659		—
United States Government Agency Obligations		—		189,302		—
United States Government Obligations		—		184,901		—
Short-Term Securities		—		169,066		—
Total	$	—	$	1,707,151	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

76 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Managed International Opportunities Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Ivy Managed International Opportunities Fund

Ivy International Core Equity Fund, Class I	29.5	%
Ivy Global Growth Fund, Class I	25.1	%
Ivy European Opportunities Fund, Class I	20.3	%
Ivy Global Income Allocation Fund, Class I	15.2	%
Ivy Emerging Markets Equity Fund, Class I	9.7	%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.2	%

The percentages of investments in the underlying funds may not currently be within the target allocation ranges disclosed in the Fund’s prospectus due to market movements; these percentages are expected to change over time, and deviation from the target allocation ranges due to market movements is permitted by the prospectus.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 77

SCHEDULE OF INVESTMENTS

Ivy Managed International Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Emerging Markets Equity Fund, Class I		1,453	$	19,897
Ivy European Opportunities Fund, Class I		1,496		41,546
Ivy Global Growth Fund, Class I		1,306		51,546
Ivy Global Income Allocation Fund, Class I		2,257		31,285
Ivy International Core Equity Fund, Class I		3,755		60,567
TOTAL AFFILIATED MUTUAL FUNDS – 99.8%			$	204,841
(Cost: $175,294)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	364	$	364
TOTAL SHORT-TERM SECURITIES – 0.2%			$	364
(Cost: $364)
TOTAL INVESTMENT SECURITIES – 100.0%			$	205,205
(Cost: $175,658)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(83	)
NET ASSETS – 100.0%			$	205,122

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	204,841	$	—	$	—
Short-Term Securities		—		364		—
Total	$	204,841	$	364	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

See Accompanying Notes to Financial Statements.

78 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Micro Cap Growth Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	94.4%
Health Care	29.7%
Consumer Discretionary	22.7%
Information Technology	19.7%
Industrials	5.4%
Telecommunication Services	5.3%
Financials	3.5%
Materials	3.2%
Consumer Staples	2.8%
Energy	2.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	5.6%

Lipper Rankings

Category: Lipper Small-Cap Growth Funds	Rank	Percentile
1 Year	439/549	80
3 Year	392/485	81
5 Year	327/428	77

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Rentrak Corp.	Consumer Discretionary	Movies & Entertainment
LogMeIn, Inc.	Information Technology	Internet Software & Services
Flotek Industries, Inc.	Materials	Specialty Chemicals
8x8, Inc.	Telecommunication Services	Alternative Carriers
Tile Shop Holdings, Inc.	Consumer Discretionary	Home Improvement Retail
Cornerstone OnDemand, Inc.	Information Technology	Internet Software & Services
Zix Corp.	Information Technology	Application Software
Nautilus Group, Inc. (The)	Consumer Discretionary	Leisure Products
ICU Medical, Inc.	Health Care	Health Care Supplies
Intra-Cellular Therapies, Inc.	Health Care	Pharmaceuticals

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 79

SCHEDULE OF INVESTMENTS

Ivy Micro Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 0.6%
Boot Barn Holdings, Inc. (A)		64	$	1,174
Auto Parts & Equipment – 1.5%
Motorcar Parts of America, Inc. (A)		92		2,868
Broadcasting – 0.8%
Entravision Communications Corp.		221		1,467
Education Services – 1.9%
2U, Inc. (A)		102		3,651
Home Improvement Retail – 2.3%
Tile Shop Holdings, Inc. (A)		369		4,418
Homebuilding – 1.1%
M/I Homes, Inc. (A)		90		2,125
Homefurnishing Retail – 1.2%
Kirkland’s, Inc.		104		2,234
Leisure Products – 2.1%
Nautilus Group, Inc. (The) (A)		263		3,951
Movies & Entertainment – 2.9%
Rentrak Corp. (A)		102		5,515
Restaurants – 4.8%
Dave & Buster’s Entertainment, Inc. (A)		70		2,652
Kona Grill, Inc. (A)		210		3,303
Potbelly Corp. (A)		290		3,187
				9,142
Specialty Stores – 3.5%
Container Store Group, Inc. (The) (A)		212		2,978
Sportsman’s Warehouse Holdings, Inc. (A)		293		3,613
				6,591
Total Consumer Discretionary – 22.7%				43,136
Consumer Staples
Food Distributors – 0.7%
Chefs’ Warehouse Holdings LLC (The) (A)		86		1,215
Packaged Foods & Meats – 0.6%
Inventure Foods, Inc. (A)		135		1,196
Personal Products – 1.5%
Inter Parfums, Inc.		117		2,913
Total Consumer Staples – 2.8%				5,324

COMMON STOCKS (Continued)	Shares			Value
Energy
Oil & Gas Equipment & Services – 2.1%
Natural Gas Services Group, Inc. (A)		85		$	1,635
RigNet, Inc. (A)		97			2,473
					4,108
Total Energy – 2.1%					4,108
Financials
Asset Management & Custody Banks – 2.1%
Actua Corp. (A)		126			1,484
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		147			2,530
					4,014
Investment Banking & Brokerage – 1.4%
Marcus & Millichap, Inc. (A)		59			2,722
Total Financials – 3.5%					6,736
Health Care
Biotechnology – 6.9%
Enanta Pharmaceuticals, Inc. (A)		84			3,036
Natera, Inc. (A)		109			1,183
NewLink Genetics Corp. (A)		42	��		1,487
Repligen Corp. (A)		114			3,167
Retrophin, Inc. (A)		150			3,031
Synergy Pharmaceuticals, Inc. (A)		224			1,187
					13,091
Health Care Equipment – 3.0%
Avinger, Inc. (A)		108			1,591
K2M Group Holdings, Inc. (A)		113			2,092
Oxford Immunotec Global plc (A)		149			2,016
					5,699
Health Care Facilities – 1.3%
Surgical Care Affiliates, Inc. (A)		75			2,445
Health Care Services – 1.4%
Adeptus Health, Inc., Class A (A)		33			2,687
Health Care Supplies – 4.8%
Endologix, Inc. (A)		303			3,713
ICU Medical, Inc. (A)		36			3,887
Penumbra, Inc. (A)		14			580
Sientra, Inc. (A)		95			967
					9,147
Health Care Technology – 4.6%
Evolent Health, Inc., Class A (A)		109			1,746
Imprivata, Inc. (A)		169			3,010
Omnicell, Inc. (A)		62			1,914

COMMON STOCKS (Continued)	Shares		Value
Health Care Technology (Continued)
Press Ganey Holdings, Inc. (A)		70	$	2,077
				8,747
Pharmaceuticals – 7.7%
Aerie Pharmaceuticals, Inc. (A)		140		2,489
Aratana Therapeutics, Inc. (A)		124		1,051
Intersect ENT, Inc. (A)		163		3,823
Intra-Cellular Therapies, Inc. (A)		96		3,860
ZS Pharma, Inc. (A)		53		3,493
				14,716
Total Health Care – 29.7%				56,532
Industrials
Building Products – 1.5%
PGT, Inc. (A)		234		2,872
Construction & Engineering – 1.7%
MYR Group, Inc. (A)		124		3,238
Electrical Components & Equipment – 1.6%
Thermon Group Holdings, Inc. (A)		143		2,941
Heavy Electrical Equipment – 0.6%
Power Solutions International, Inc. (A)		51		1,147
Total Industrials – 5.4%				10,198
Information Technology
Application Software – 2.4%
Globant S.A. (A)		20		609
Zix Corp. (A)		947		3,985
				4,594
Communications Equipment – 1.3%
Ruckus Wireless, Inc. (A)		216		2,571
Electronic Manufacturing Services – 0.3%
Mercury Computer Systems, Inc. (A)		41		652
Internet Software & Services – 11.0%
Amber Road, Inc. (A)		118		497
Cornerstone OnDemand, Inc. (A)		127		4,184
Envestnet, Inc. (A)		82		2,452
Internap Network Services Corp. (A)		438		2,687
LogMeIn, Inc. (A)		76		5,160
Q2 Holdings, Inc. (A)		131		3,236
SPS Commerce, Inc. (A)		39		2,634
				20,850

80 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Micro Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Semiconductor Equipment – 1.6%
PDF Solutions, Inc. (A)		175	$	1,750
SolarEdge Technologies, Inc. (A)		54		1,231
				2,981
Semiconductors – 1.6%
NVE Corp.		63		3,068
Systems Software – 1.5%
Barracuda Networks, Inc. (A)		178		2,779
Total Information Technology – 19.7%				37,495
Materials
Diversified Metals & Mining – 0.6%
Horsehead Holding Corp. (A)		358		1,088
Specialty Chemicals – 2.6%
Flotek Industries, Inc. (A)		300		5,005
Total Materials – 3.2%				6,093

COMMON STOCKS (Continued)	Shares		Value
Telecommunication Services
Alternative Carriers – 2.4%
8x8, Inc. (A)		545	$	4,503
Integrated Telecommunication Services – 1.9%
GTT Communications, Inc. (A)		153		3,561
Wireless Telecommunication Service – 1.0%
RingCentral, Inc., Class A (A)		110		1,998
Total Telecommunication Services – 5.3%				10,062
TOTAL COMMON STOCKS – 94.4%			$	179,684
(Cost: $168,170)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (B) – 3.7%
Baxter International, Inc., 0.260%, 10–21–15	$	3,000	$	2,999
PACCAR Financial Corp. (GTD by PACCAR, Inc.), 0.150%, 10–6–15		4,000		4,000
				6,999
Master Note – 2.6%
Toyota Motor Credit Corp., 0.200%, 10–7–15 (C)		4,915		4,915
TOTAL SHORT-TERM SECURITIES – 6.3%			$	11,914
(Cost: $11,914)
TOTAL INVESTMENT SECURITIES – 100.7%			$	191,598
(Cost: $180,084)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.7)%				(1,316	)
NET ASSETS – 100.0%			$	190,282

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the yield to maturity at September 30, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	179,684	$	—	$	—
Short-Term Securities		—		11,914		—
Total	$	179,684	$	11,914	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

GTD = Guaranteed

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 81

PORTFOLIO HIGHLIGHTS

Ivy Mid Cap Growth Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	99.6%
Consumer Discretionary	21.2%
Health Care	18.4%
Information Technology	17.7%
Industrials	16.9%
Financials	11.8%
Consumer Staples	6.7%
Energy	4.2%
Materials	2.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.4%

Lipper Rankings

Category: Lipper Mid-Cap Growth Funds	Rank	Percentile
1 Year	348/410	85
3 Year	296/349	85
5 Year	247/316	78
10 Year	75/220	34

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Northern Trust Corp.	Financials	Asset Management & Custody Banks
Pandora Media, Inc.	Information Technology	Internet Software & Services
Intuitive Surgical, Inc.	Health Care	Health Care Equipment
Electronic Arts, Inc.	Information Technology	Home Entertainment Software
Signature Bank	Financials	Regional Banks
Fortune Brands Home & Security, Inc.	Industrials	Building Products
CME Group, Inc.	Financials	Specialized Finance
Zoetis, Inc.	Health Care	Pharmaceuticals
Microchip Technology, Inc.	Information Technology	Semiconductors
First Republic Bank	Financials	Regional Banks

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

82 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Mid Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 2.7%
DSW, Inc., Class A		1,987	$	50,301
Urban Outfitters, Inc. (A)		2,144		62,987
				113,288
Apparel, Accessories & Luxury Goods – 4.5%
Burberry Group plc (B)		2,248		46,593
Kate Spade & Co. (A)		1,889		36,107
Polo Ralph Lauren Corp. (C)		578		68,313
Under Armour, Inc., Class A (A)		387		37,419
				188,432
Auto Parts & Equipment – 1.5%
BorgWarner, Inc.		1,502		62,460
Homebuilding – 1.7%
D.R. Horton, Inc.		1,233		36,205
Pulte Homes, Inc.		1,877		35,411
				71,616
Homefurnishing Retail – 2.3%
Bed Bath & Beyond, Inc. (A)		1,169		66,680
Williams-Sonoma, Inc.		387		29,584
				96,264
Internet Retail – 1.0%
TripAdvisor, Inc. (A)		653		41,178
Leisure Products – 3.3%
Mattel, Inc.		2,790		58,759
Polaris Industries, Inc.		690		82,681
				141,440
Restaurants – 2.1%
Dunkin’ Brands Group, Inc. (C)		1,774		86,950
Specialty Stores – 2.1%
Tiffany & Co.		739		57,064
Tractor Supply Co.		377		31,794
				88,858
Total Consumer Discretionary – 21.2%				890,486
Consumer Staples
Distillers & Vintners – 0.9%
Brown-Forman Corp., Class B		390		37,775
Food Retail – 1.4%
Whole Foods Market, Inc.		1,775		56,173
Packaged Foods & Meats – 4.4%
Blue Buffalo Pet Products, Inc. (A)		1,508		27,005
Hain Celestial Group, Inc. (The) (A)		1,478		76,257
Mead Johnson Nutrition Co. (C)		1,167		82,129
				185,391
Total Consumer Staples – 6.7%				279,339

COMMON STOCKS (Continued)	Shares		Value
Energy
Oil & Gas Exploration & Production – 4.2%
Cabot Oil & Gas Corp.		1,795	$	39,244
Cimarex Energy Co.		366		37,500
Continental Resources, Inc. (A)		1,719		49,788
Noble Energy, Inc.		1,155		34,848
Oasis Petroleum LLC (A)		1,569		13,616
				174,996
Total Energy – 4.2%				174,996
Financials
Asset Management & Custody Banks – 3.9%
Northern Trust Corp.		1,815		123,696
Oaktree Capital Group LLC		804		39,806
				163,502
Regional Banks – 5.5%
First Republic Bank		1,496		93,931
Signature Bank (A)		744		102,359
UMB Financial Corp.		652		33,116
				229,406
Specialized Finance – 2.4%
CME Group, Inc.		1,089		100,971
Total Financials – 11.8%				493,879
Health Care
Biotechnology – 6.0%
ACADIA Pharmaceuticals, Inc. (A)		971		32,126
Alkermes plc (A)		1,374		80,630
BioMarin Pharmaceutical, Inc. (A)		585		61,662
Incyte Corp. (A)		356		39,239
Medivation, Inc. (A)		933		39,661
				253,318
Health Care Distributors – 1.6%
Henry Schein, Inc. (A)		505		67,003
Health Care Equipment – 2.8%
Intuitive Surgical, Inc. (A)		256		117,707
Health Care Facilities – 1.0%
Acadia Healthcare Co., Inc. (A)		612		40,544
Health Care Services – 1.9%
Diplomat Pharmacy, Inc. (A)		643		18,473
Laboratory Corp. of America Holdings (A)		562		60,950
				79,423
Health Care Supplies – 1.5%
Align Technology, Inc. (A)		1,101		62,516
Health Care Technology – 1.2%
Cerner Corp. (A)(C)		828		49,654

COMMON STOCKS (Continued)	Shares		Value
Pharmaceuticals – 2.4%
Zoetis, Inc.		2,450	$	100,890
Total Health Care – 18.4%				771,055
Industrials
Air Freight & Logistics – 2.0%
Expeditors International of Washington, Inc.		1,776		83,540
Building Products – 2.4%
Fortune Brands Home & Security, Inc. (C)		2,149		102,014
Electrical Components & Equipment – 0.5%
Generac Holdings, Inc. (A)		719		21,623
Environmental & Facilities Services – 1.3%
Stericycle, Inc. (A)		374		52,053
Industrial Machinery – 1.5%
Flowserve Corp.		1,026		42,217
Woodward, Inc.		502		20,441
				62,658
Research & Consulting Services – 6.1%
CoStar Group, Inc. (A)(D)		498		86,102
Towers Watson & Co., Class A		742		87,059
Verisk Analytics, Inc., Class A (A)		1,137		84,007
				257,168
Trading Companies & Distributors – 2.1%
Fastenal Co.		2,430		88,973
Trucking – 1.0%
J.B. Hunt Transport Services, Inc.		590		42,091
Total Industrials – 16.9%				710,120
Information Technology
Application Software – 1.5%
ANSYS, Inc. (A)		737		65,003
Communications Equipment – 1.3%
F5 Networks, Inc. (A)		455		52,697
Data Processing & Outsourced Services – 1.9%
Alliance Data Systems Corp. (A)		301		77,825
Home Entertainment Software – 2.7%
Electronic Arts, Inc. (A)(C)		1,699		115,087
Internet Software & Services – 3.8%
GrubHub, Inc. (A)		1,701		41,398
Pandora Media, Inc. (A)		5,581		119,098
				160,496
IT Consulting & Other Services – 1.2%
Teradata Corp. (A)		1,794		51,942
Semiconductors – 2.4%
Microchip Technology, Inc.		2,319		99,923

2015 SEMIANNUAL REPORT 83

SCHEDULE OF INVESTMENTS

Ivy Mid Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Systems Software – 1.6%
ServiceNow, Inc. (A)		938	$	65,146
Technology Hardware, Storage & Peripherals – 1.3%
SanDisk Corp.		1,020		55,425
Total Information Technology – 17.7%				743,544
Materials
Fertilizers & Agricultural Chemicals – 1.2%
Scotts Miracle-Gro Co. (The)		819		49,829
Specialty Chemicals – 1.5%
Valspar Corp. (The)		909		65,314
Total Materials – 2.7%				115,143
TOTAL COMMON STOCKS – 99.6%			$	4,178,562
(Cost: $3,991,755)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (E) – 0.2%
Mondelez International, Inc.,
0.260%, 10–21–15	$	10,000	$	9,998
Master Note – 0.1%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (F)		2,117		2,117
Municipal Obligations – 0.0%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Var Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.010%, 10–1–15 (F)		250		250
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.020%, 10–7–15 (F)		1,000		1,000
				1,250

SHORT-TERM SECURITIES (Continued)	Principal		Value
United States Government Agency Obligations – 0.0%
Overseas Private Investment Corp. (GTD by U.S. Government):
0.150%, 10–7–15 (F)	$	942	$	943
TOTAL SHORT-TERM SECURITIES – 0.3%			$	14,308
(Cost: $14,308)
TOTAL INVESTMENT SECURITIES – 99.9%			$	4,192,870
(Cost: $4,006,063)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				2,310
NET ASSETS – 100.0%			$	4,195,180

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Listed on an exchange outside the United States.

(C) All or a portion of securities with an aggregate value of $13,109 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(D) All or a portion of securities with an aggregate value of $3,461 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(E) Rate shown is the yield to maturity at September 30, 2015.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Pacira Pharmaceuticals, Inc.	Goldman Sachs International	Put		2,887		November 2015	$	85.00	$	8,112	$	(12,948	)

84 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Mid Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	843,893	$	46,593	$	—
Consumer Staples		279,339		—		—
Energy		174,996		—		—
Financials		493,879		—		—
Health Care		771,055		—		—
Industrials		710,120		—		—
Information Technology		743,544		—		—
Materials		115,143		—		—
Total Common Stocks	$	4,131,969	$	46,593	$	—
Short-Term Securities		—		14,308		—
Total	$	4,131,969	$	60,901	$	—
Liabilities
Written Options	$	—	$	12,948	$	—

During the period ended September 30, 2015, securities totaling $58,304 were transferred from Level 1 to Level 2. These transfers were the result of fair value procedures applied to international securities due to significant market movement of the S&P 500 on September 30, 2015. Transfers out of Level 1 represent the values as of the beginning of the reporting period.

The following acronyms are used throughout this schedule:

GTD = Guaranteed

OTC = Over the Counter

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 85

PORTFOLIO HIGHLIGHTS

Ivy Mid Cap Income Opportunities Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	98.3%
Industrials	19.1%
Information Technology	14.7%
Financials	14.0%
Consumer Discretionary	13.9%
Consumer Staples	8.6%
Energy	8.5%
Health Care	8.3%
Materials	8.3%
Utilities	2.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.7%

Top 10 Equity Holdings

Company	Sector	Industry
Limited Brands, Inc.	Consumer Discretionary	Apparel Retail
Paychex, Inc.	Information Technology	Data Processing & Outsourced Services
Microchip Technology, Inc.	Information Technology	Semiconductors
Maxim Integrated Products, Inc.	Information Technology	Semiconductors
Xilinx, Inc.	Information Technology	Semiconductors
Broadridge Financial Solutions, Inc.	Information Technology	Data Processing & Outsourced Services
Cracker Barrel Old Country Store, Inc.	Consumer Discretionary	Restaurants
American Water Works Co., Inc.	Utilities	Water Utilities
McCormick & Co., Inc.	Consumer Staples	Packaged Foods & Meats
Clorox Co. (The)	Consumer Staples	Household Products

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

86 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Mid Cap Income Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 3.1%
Limited Brands, Inc.		23	$	2,071
Home Furnishings – 2.7%
Leggett & Platt, Inc.		45		1,869
Leisure Products – 2.5%
Mattel, Inc.		84		1,759
Movies & Entertainment – 2.7%
Cinemark Holdings, Inc.		58		1,884
Restaurants – 2.9%
Cracker Barrel Old Country Store, Inc.		14		2,027
Total Consumer Discretionary –13.9%				9,610
Consumer Staples
Household Products – 2.9%
Clorox Co. (The)		17		2,008
Packaged Foods & Meats – 5.7%
Kellogg Co.		29		1,936
McCormick & Co., Inc.		25		2,024
				3,960
Total Consumer Staples – 8.6%				5,968
Energy
Oil & Gas Drilling – 2.8%
Helmerich & Payne, Inc.		42		1,975
Oil & Gas Storage & Transportation – 5.7%
Plains All American Pipeline L.P.		66		2,005
Targa Resources Partners L.P.		65		1,882
				3,887
Total Energy – 8.5%				5,862
Financials
Asset Management & Custody Banks – 2.8%
Artisan Partners Asset Management, Inc.		54		1,909
Insurance Brokers – 2.6%
Arthur J. Gallagher & Co.		44		1,825

COMMON STOCKS (Continued)	Shares		Value
Regional Banks – 8.6%
BankUnited, Inc.		55	$	1,982
Glacier Bancorp, Inc.		76		1,994
Umpqua Holdings Corp.		121		1,966
				5,942
Total Financials – 14.0%				9,676
Health Care
Health Care Equipment – 2.8%
Becton Dickinson & Co.		14		1,917
Health Care Facilities – 2.8%
HealthSouth Corp.		51		1,953
Health Care Supplies – 2.7%
Cardinal Health, Inc.		25		1,885
Total Health Care – 8.3%				5,755
Industrials
Aerospace & Defense – 2.7%
L-3 Communications Holdings, Inc.		18		1,898
Air Freight & Logistics – 2.8%
C.H. Robinson Worldwide, Inc.		29		1,953
Commercial Printing – 2.8%
Corrections Corp. of America		65		1,926
Diversified Support Services – 2.7%
KAR Auction Services, Inc.		53		1,875
Environmental & Facilities Services – 2.8%
Republic Services, Inc., Class A		47		1,934
Office Services & Supplies – 5.3%
Avery Dennison Corp.		33		1,874
HNI Corp.		43		1,826
				3,700
Total Industrials – 19.1%				13,286
Information Technology
Data Processing & Outsourced Services – 5.9%
Broadridge Financial Solutions, Inc.		37		2,027
Paychex, Inc.		43		2,055
				4,082

COMMON STOCKS (Continued)	Shares		Value
Semiconductors – 8.8%
Maxim Integrated Products, Inc.		61	$	2,031
Microchip Technology, Inc.		47		2,043
Xilinx, Inc.		48		2,029
				6,103
Total Information Technology –14.7%				10,185
Materials
Fertilizers & Agricultural Chemicals – 2.9%
Scotts Miracle-Gro Co. (The)		33		2,004
Paper Packaging – 2.7%
Sonoco Products Co.		49		1,857
Specialty Chemicals – 2.7%
RPM International, Inc.		45		1,864
Total Materials – 8.3%				5,725
Utilities
Water Utilities – 2.9%
American Water Works Co., Inc.		37		2,025
Total Utilities – 2.9%				2,025
TOTAL COMMON STOCKS – 98.3%			$	68,092
(Cost: $70,194)
SHORT-TERM SECURITIES	Principal
Master Note – 2.5%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (A)	$	1,761		1,761
TOTAL SHORT-TERM SECURITIES – 2.5%			$	1,761
(Cost: $1,761)
TOTAL INVESTMENT SECURITIES – 100.8%			$	69,853
(Cost: $71,955)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.8)%				(531	)
NET ASSETS – 100.0%			$	69,322

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

2015 SEMIANNUAL REPORT 87

SCHEDULE OF INVESTMENTS

Ivy Mid Cap Income Opportunities Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	68,092	$	—	$	—
Short-Term Securities		—		1,761		—
Total	$	68,092	$	1,761	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

See Accompanying Notes to Financial Statements.

88 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Money Market Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Corporate Obligations	69.0%
Commercial Paper	38.8%
Notes	16.5%
Certificate Of Deposit	11.2%
Master Note	2.5%
Municipal Obligations	19.1%
United States Government and Government Agency Obligations	11.8%
Cash and Other Assets (Net of Liabilities)	0.1%

Lipper Rankings

Category: Lipper Money Market Funds	Rank	Percentile
1 Year	30/201	15
3 Year	26/198	14
5 Year	27/193	14
10 Year	71/164	44

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

2015 SEMIANNUAL REPORT 89

SCHEDULE OF INVESTMENTS

Ivy Money Market Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Banco del Estado de Chile:
0.380%, 10–6–15 (A)	$	250	$	250
0.210%, 10–19–15		750		750
0.400%, 10–24–15 (A)		2,500		2,500
0.400%, 10–26–15 (A)		1,000		1,000
0.400%, 10–27–15 (A)		4,600		4,600
Bank of Nova Scotia (The),
0.390%, 10–16–15 (A)		2,000		2,000
BMO Harris Bank N.A.:
0.330%, 10–5–15 (A)		2,500		2,500
0.410%, 10–10–15 (A)		4,170		4,170
0.330%, 10–14–15 (A)		1,300		1,300
Toyota Motor Credit Corp., 0.300%, 10–20–15 (A)		3,300		3,300
Total Certificate Of Deposit –11.2%				22,370
Commercial Paper (B)
Air Products and Chemicals, Inc.,
0.160%, 10–19–15		2,000		2,000
Corporacion Andina de Fomento,
0.180%, 11–24–15		2,100		2,099
Danaher Corp.:
0.170%, 10–1–15		1,200		1,200
0.130%, 10–2–15		1,500		1,500
E.I. du Pont de Nemours and Co.,
0.160%, 10–14–15		2,000		2,000
EMC Corp.:
0.190%, 10–7–15		3,333		3,333
0.190%, 10–26–15		1,000		1,000
0.240%, 11–5–15		1,000		1,000
0.210%, 11–24–15		4,000		3,998
Emerson Electric Co.,
0.150%, 10–8–15		1,000		1,000
Essilor International S.A.:
0.180%, 10–1–15		3,000		3,000
0.170%, 10–5–15		2,950		2,950
Federal Home Loan Bank,
0.110%, 12–8–15		2,260		2,259
J.M. Smucker Co. (The),
0.280%, 10–1–15		980		980
John Deere Canada ULC (GTD by Deere & Co.),
0.150%, 10–5–15		1,000		1,000
L Air Liquide S.A.:
0.170%, 10–1–15		2,700		2,700
0.160%, 10–21–15		1,500		1,500
Microsoft Corp.,
0.160%, 11–18–15		4,000		3,999
Mondelez International, Inc.,
0.260%, 10–1–15		980		980
National Oilwell Varco, Inc.:
0.200%, 10–6–15		3,750		3,750
0.240%, 10–7–15		2,000		2,000
0.150%, 10–14–15		2,000		2,000
0.310%, 10–28–15		1,500		1,499
Northern Illinois Gas Co.:
0.220%, 10–1–15		1,100		1,100
0.310%, 10–6–15		3,300		3,300
0.310%, 10–7–15		400		400
0.310%, 10–9–15		1,600		1,600
0.290%, 10–13–15		3,450		3,449

CORPORATE OBLIGATIONS  (Continued)	Principal		Value
Commercial Paper (Continued)
River Fuel Co. #2, Inc. (GTD by Bank of Nova Scotia),
0.250%, 10–30–15	$	5,900	$	5,899
River Fuel Funding Co. #3, Inc. (GTD by Bank of Nova Scotia),
0.220%, 10–15–15		1,726		1,726
River Fuel Trust #1 (GTD by Bank of Nova Scotia):
0.180%, 10–7–15		1,900		1,900
0.210%, 10–30–15		250		250
St. Jude Medical, Inc.:
0.240%, 10–26–15		2,700		2,699
0.460%, 12–4–15		1,150		1,149
The Regents of the Univ of CA, Commercial Paper Notes, Ser B (Taxable),
0.190%, 11–19–15		1,000		1,000
Wisconsin Electric Power Co.:
0.290%, 10–1–15		2,514		2,514
0.290%, 10–6–15		3,000		3,000
Total Commercial Paper – 38.8%				77,733
Master Note
Toyota Motor Credit Corp., 0.200%, 10–7–15 (A)		5,025		5,025
Total Master Note – 2.5%				5,025
Notes
American Honda Finance Corp.:
0.280%, 10–7–15 (A)		3,500		3,500
0.310%, 10–15–15 (A)		1,600		1,600
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
0.800%, 1–15–16		1,000		1,001
Bank of Nova Scotia (The):
0.300%, 10–5–15 (A)		1,500		1,500
0.810%, 10–17–15 (A)		1,500		1,505
0.550%, 12–27–15 (A)		900		901
General Electric Capital Corp.:
0.470%, 10–6–15 (A)		1,500		1,500
0.480%, 10–9–15 (A)		1,846		1,847
1.111%, 11–8–15 (A)		400		401
0.930%, 12–11–15 (A)		1,600		1,602
JPMorgan Chase & Co.,
0.490%, 12–7–15 (A)		3,550		3,550
John Deere Capital Corp.,
0.450%, 12–10–15 (A)		800		800
JPMorgan Chase Bank N.A.:
0.460%, 10–22–15 (A)		1,250		1,250
0.340%, 10–23–15 (A)		1,600		1,600
NIKE, Inc.,
5.150%, 10–15–15		165		165
PepsiCo, Inc.,
0.540%, 11–28–15 (A)		550		550
Rabobank Nederland,
0.360%, 12–1–15 (A)		1,000		1,000

CORPORATE OBLIGATIONS  (Continued)	Principal		Value
Notes (Continued)
Toyota Motor Credit Corp.,
0.300%, 10–14–15 (A)	$	1,500	$	1,500
Wells Fargo & Co.,
0.490%, 10–28–15(A)		400		400
Wells Fargo Bank N.A.:
0.380%, 10–20–15 (A)		1,600		1,600
0.420%, 10–20–15 (A)		2,000		2,000
0.450%, 12–10–15 (A)		1,500		1,500
0.460%, 12–15–15 (A)		1,800		1,800
Total Notes – 16.5%				33,072
TOTAL CORPORATE OBLIGATIONS – 69.0%			$	138,200
(Cost: $138,200)
MUNICIPAL OBLIGATIONS
California – 3.6%
CA GO Bonds, Ser 2005A3 (GTD by Bank of America N.A.), 0.010%, 10–7–15 (A)		570		570
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by U.S. Government), 0.030%, 10–7–15 (A)		700		700
San Francisco City and Cnty, Pub Util Comnty Water Rev, Series A1T (Taxable), (GTD by Royal Bank of Canada), 0.220%, 10–19–15		1,717		1,717
San Francisco City and Cnty, Pub Util Comnty Water Rev, Series A1T (Taxable), (GTD by Royal Bank of Canada), 0.160%, 11–17–15		4,000		4,000
				6,987
Colorado – 1.8%
Castle Rock, CO, Cert of Part, Ser 2008 (GTD by Wells Fargo Bank N.A.), 0.040%, 10–7–15 (A)		720		720
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank N.A.), 0.030%, 10–7–15 (A)		2,700		2,700
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ, Ser A-1 (GTD by JPMorgan Chase & Co.),
0.250%, 10–7–15 (A)		250		250
				3,670

90 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Money Market Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
Georgia – 2.6%
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser B (Taxable), (GTD by TD Bank),
0.180%, 11–3–15	$	4,000	$	4,000
Muni Elec Auth GA, Gen Resolution Proj Bond Anticipation Notes, Ser A (Taxable), (GTD by Wells FargoBank N.A.),
0.170%, 10–6–15		1,200		1,200
				5,200
Illinois – 0.4%
Chicago O’Hare Intl Arpt, Commercial Paper Notes, Ser D-3 (GTD by BMO Harris Bank N.A.),
0.210%, 10–20–15		800		800
Kansas – 1.0%
Univ of KS Hosp Auth, Var Rate Demand Hlth Fac Rev Bonds (KU Hlth Sys), Ser 2004,
0.010%, 10–1–15 (A)		2,040		2,040
Louisiana – 2.0%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.),
0.020%, 10–1–15 (A)		2,911		2,911
Parish of St. Bernard, LA, Exempt Fac Rev Bonds (Mobil Oil Corp. Proj), Ser 1996 (GTD by Exxon Mobil Corp.),
0.010%, 10–1–15 (A)		1,000		1,000
				3,911
Maryland – 0.9%
MD Hlth and Higher Edu Fac Auth Rev Bonds, Anne Arundel Hlth Sys Issue, Ser 2009A (GTD by Toronto Dominion Bank),
0.120%, 10–7–15 (A)		1,900		1,900
Michigan – 1.2%
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds (Air Products and Chemicals, Inc. Proj), Ser 2007 (GTD by Bank of New York (The)),
0.020%, 10–1–15 (A)		2,500		2,500

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
Missouri – 0.5%
Kansas City, MO, Var Rate Demand Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (GTD by JPMorgan Chase & Co.),
0.150%, 10–7–15 (A)	$	950	$	950
New Jersey – 0.5%
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.),
0.190%, 10–7–15 (A)		1,045		1,045
New York – 0.8%
NY Hsng Fin Agy, Related-Caroline Apt Hsng Rev Bonds, Ser 2008A (GTD by Federal Home Loan Mortgage Corp.),
0.010%, 10–7–15 (A)		500		500
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2014A,
0.020%, 10–7–15 (A)		500		500
NYC GO Bonds, Fiscal 2006 Ser E (GTD by Bank of America N.A.),
0.010%, 10–7–15 (A)		644		644
				1,644
Ohio – 0.1%
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006,
0.020%, 10–7–15 (A)		300		300
Tennessee – 0.4%
Johnson City, TN Hlth and Edu Fac, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2013A (GTD by U.S. Bank N.A.), 0.010%, 10–7–15 (A)		760		760
Texas – 2.4%
Port Arthur Nav Dist Indl Dev Corp., Exempt Fac Var Rate Rev Bonds (Air Prdts Proj), Ser 2006 (GTD by Air Products and Chemicals, Inc.), 0.020%, 10–1–15 (A)		1,800		1,800
Port Arthur Nav Dist Indl Dev Corp., Exempt Fac Var Rate Rev Bonds (Air Prdts Proj), Ser 2005 (GTD by Air Products and Chemicals, Inc.), 0.020%, 10–1–15 (A)		2,925		2,925
				4,725

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
Virginia – 0.3%
Stafford County, Staunton Indl Dev Auth (VA) Rev Bonds, Ser 8-A2 (GTD by Bank of America N.A.), 0.180%, 10–1–15	$	570	$	570
Wyoming – 0.6%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron USA, Inc. Proj), Ser 1992 (GTD by Chevron Corp.), 0.010%, 10–1–15 (A)		1,283		1,283
TOTAL MUNICIPAL OBLIGATIONS – 19.1%			$	38,285
(Cost: $38,285)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
United States Government Agency Obligations – 11.8%
Overseas Private Investment Corp. (GTD by U.S. Government):
0.140%, 10–7–15 (A)		3,693		3,693
0.150%, 10–7–15 (A)		15,437		15,437
0.180%, 10–7–15 (A)		2,600		2,600
0.140%, 10–29–15 (A)		2,000		2,000
				23,730
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 11.8%			$	23,730
(Cost: $23,730)
TOTAL INVESTMENT SECURITIES – 99.9%			$	200,215
(Cost: $200,215)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				146
NET ASSETS – 100.0%			$	200,361

2015 SEMIANNUAL REPORT 91

SCHEDULE OF INVESTMENTS

Ivy Money Market Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(B) Rate shown is the yield to maturity at September 30, 2015.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Obligations	$	—	$	138,200	$	—
Municipal Obligations		—		38,285		—
United States Government and Government Agency Obligations		—		23,730		—
Total	$	—	$	200,215	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

GTD = Guaranteed

See Accompanying Notes to Financial Statements.

92 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Municipal Bond Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Bonds	86.6%
Municipal Bonds	86.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	13.4%

Lipper Rankings

Category: Lipper General Municipal Debt Funds	Rank	Percentile
1 Year	201/258	78
3 Year	179/228	79
5 Year	155/206	75
10 Year	70/155	45

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Quality Weightings

Investment Grade	79.1%
AAA	3.0%
AA	38.2%
A	26.1%
BBB	11.8%
Non-Investment Grade	7.5%
BB	1.3%
CCC	0.3%
Non-rated	5.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	13.4%

Our preference is to always use ratings obtained from Standard & Poor’s. For securities not rated by Standard & Poor’s, ratings are obtained from Moody’s. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 93

SCHEDULE OF INVESTMENTS

Ivy Municipal Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS	Principal		Value
Alabama – 1.2%
The Pub Edu Bldg Auth of Tuscaloosa, Student Hsng Rev Bonds (Univ of AL Ridgecrest Residential Proj), Ser 2008,
6.750%, 7–1–33	$	500	$	562
The Spl Care Fac Fin Auth of Birmingham-Children’s Hosp, Hlth Care Fac Rev Bonds, Ser 2009,
6.000%, 6–1–39		750		881
Water Works Board of Birmingham, AL, Water Rev Bonds, Ser 2009-A,
5.125%, 1–1–34		750		834
				2,277
Arizona – 1.2%
AZ Cert of Part, Ser 2010A (Insured by AGM),
5.250%, 10–1–26		1,000		1,117
Rio Nuevo Multipurp Fac Dist (Tucson, AZ), Sub Lien Excise Tax Rev Bonds, Ser 2008,
6.625%, 7–15–25		500		572
Univ Med Ctr Corp. (Tucson, AZ), Hosp Rev Bonds, Ser 2009,
6.500%, 7–1–39		500		598
				2,287
California – 13.2%
Bay Area Toll Auth, San Francisco Bay Area Toll Bridge Rev Bonds, Ser 2008 D-1 Index Rate Bonds,
0.971%, 4–1–45 (A)		1,000		1,002
Bay Area Toll Auth, San Francisco Bay Area Toll Bridge Rev Bonds, Ser 2008 G-1,
1.120%, 4–1–45 (A)		1,500		1,498
CA Cmnty Trans Rev (Installment Sale), Cert of Part (T.R.I.P. - Total Road Impvt Prog), Ser 2012B,
5.250%, 6–1–42		345		382
CA Muni Fin Auth, Cmnty Hosp of Cent CA Oblig Group Cert of Part,
5.500%, 2–1–39		460		512
CA Pollutn Ctl Fin Auth, Solid Waste Disp Rev Bonds (Republic Svc, Inc. Proj), Ser 2002B,
5.250%, 6–1–23		415		441
CA Sch Fin Auth, Charter Sch Rev Bonds (Coastal Academy Proj), Ser 2013A,
5.000%, 10–1–22		375		412

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
CA Statewide Cmnty Dev Auth, Insd Rev Bonds (Henry Mayo Newhall Mem Hosp), Ser 2007A,
5.000%, 10–1–37	$	500	$	544
CA Statewide Cmnty Dev Auth, Student Hsng Rev Bonds (Univ of CA, Irvine East Campus Apt, Phase I Rfdg-CHF-Irvine LLC), Ser 2011,
5.000%, 5–15–21		1,365		1,561
CA Various Purp GO Bonds:
5.250%, 9–1–26		1,500		1,786
5.250%, 10–1–29		500		579
6.500%, 4–1–33		1,000		1,188
6.000%, 11–1–39		500		596
CA Various Purp GO Rfdg Bonds,
5.000%, 2–1–33		2,000		2,288
City of Los Angeles, Wastewater Sys Rev Bonds, Rfdg Ser 2015-D,
5.000%, 6–1–34		1,190		1,398
Cnty of Sacramento, Arpt Sys Sub and PFC/Grant Rev Bonds, Ser 2009,
5.125%, 7–1–25		500		552
Contra Costa Trans Auth, Sales Tax Rev Bonds (Ltd. Tax Bonds), Ltd. Tax Rfdg Bonds, Ser 2012A,
0.502%, 3–1–34 (A)		1,000		1,000
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2013A,
5.000%, 6–1–30		1,000		1,145
La Quinta Redev Proj Areas No. 1 and 2, Tax Alloc Rfdg Bonds, Ser 2014A,
5.000%, 9–1–34		750		858
Los Angeles Unif Sch Dist (Cnty of Los Angeles, CA), GO Bonds, Election of 2005, Ser 2009F,
5.000%, 1–1–34		500		564
Modesto, CA, Irrigation Dist Fin Auth, Elec Sys Rev Bonds, Ser 2015A,
5.000%, 10–1–36		670		761
Mountain View Shoreline Reg Park Comnty (Santa Clara Cnty, CA), Rev Bonds, Ser 2011A,
5.000%, 8–1–21		250		294
Palomar Pomerado Hlth, San Diego Cnty, CA, Cert of Part,
6.750%, 11–1–39		250		278
Redev Agy for Riverside, Interstate 215 Corridor Redev Proj Area, 2010 Tax Alloc Bonds, Ser E,
5.250%, 10–1–20		570		652

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
Redev Agy for Riverside, Interstate 215 Corridor Redev Proj Area, Ser 2010E,
6.000%, 10–1–25	$	445	$	519
San Jose, CA, Arpt Rev Bonds, Ser 2011A-1,
5.250%, 3–1–21		500		587
Southn CA Pub Power Auth, Transmission Proj Rev Bonds (Southn Transmission Proj), Ser 2008B,
6.000%, 7–1–27		500		572
State Pub Works Board of CA, Lease Rev Bonds (Various Cap Proj), Ser 2011A:
5.250%, 10–1–24		500		608
5.000%, 12–1–24		500		602
Trustees of the CA State Univ, Systemwide Rev Bonds, Ser 2015A,
5.000%, 11–1–38		500		578
Upland Unif Sch Dist (San Bernardino Cnty, CA), Election of 2008 GO Bonds, Ser A,
0.000%, 8–1–31 (B)		150		82
Vernon Elec Sys Rev Bonds, Ser 2012A,
5.500%, 8–1–41		315		355
				24,194
Colorado – 2.2%
Adams 12 Five Star Sch, Adams and Broomfield Cnty, CO Cert of Part, Ser 2008,
5.000%, 12–1–25		500		556
City and Cnty of Broomfield, CO, Rfdg Cert of Part, Ser 2010,
5.000%, 12–1–23		500		570
CO Hsng and Fin Auth, Sngl Fam Mtg Class I Bonds, Ser 2009A (Insured by FHA/VA),
5.500%, 11–1–29		10		10
Joint Sch Dist No. 28J, Adams and Arapahoe Cnty, CO, GO Bonds, Ser 2008,
6.000%, 12–1–28		500		580
Lincoln Park Metro Dist, Douglas Cnty, CO, GO Rfdg and Impvt Bonds, Ser 2008,
6.125%, 12–1–30		500		556
Platte Vly Fire Protection Dist, Weld Cnty, CO, Cert of Part, Ser 2012,
5.000%, 12–1–36		300		318

94 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Municipal Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Colorado (Continued)
Rgnl Trans Dist of CO, Cert of Part, Ser 2015A,
5.000%, 6–1–35	$	435	$	493
Rgnl Trans Dist, Private Activity Bonds (Denver Transit Partn Eagle P3 Proj), Ser 2010,
6.500%, 1–15–30		750		873
				3,956
Connecticut – 0.8%
Cap City Econ Dev Auth, Prkg and Enrg Fee Rev Bonds, Ser 2008D,
5.000%, 6–15–22		370		408
CT GO Bonds, Ser 2012D,
0.940%, 9–15–19 (A)		1,000		994
				1,402
District Of Columbia – 1.4%
DC GO Rfdg Bonds, Ser 2008F (Insured by BHAC),
5.000%, 6–1–19		1,000		1,111
DC Hosp Rev Bonds (Sibley Mem Hosp Issue), Ser 2009,
6.375%, 10–1–39		750		905
Metro WA DC Arpt Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2009C,
0.000%, 10–1–41 (B)		500		593
				2,609
Florida – 5.7%
Brevard Cnty Hlth Fac Auth, Hlth Rev Bonds (Hlth First, Inc. Proj), Ser 2009B,
7.000%, 4–1–39		500		603
Brevard Cnty, FL, Indl Dev Rev Bonds (TUFF FL Tech Proj), Ser 2009,
6.750%, 11–1–39		500		550
Citizens Ppty Ins Corp., Sr Secured Rev Bonds, Ser 2010A-1,
5.250%, 6–1–17		400		430
Hillsborough Cnty Aviation Auth, FL Intl Arpt, Sub Rev Bonds, Ser 2015B,
5.000%, 10–1–35		300		336
Hillsborough Cnty Indl Dev Auth, Indl Dev Rev Bonds, Hlth Fac Proj (Univ Cmnty Hosp), Ser 2008A,
5.625%, 8–15–29		555		630
Hillsborough Cnty Indl Dev Auth, Indl Dev Rev Bonds, Hlth Fac Proj (Univ Cmnty Hosp), Ser 2008B,
8.000%, 8–15–32		600		762

MUNICIPAL BONDS (Continued)	Principal		Value
Florida (Continued)
Miami-Dade Cnty, FL, Aviation Rev Bonds, Miami Intl Arpt (Hub of the Americas), Ser 2009A,
5.500%, 10–1–36	$	500	$	565
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2010B,
5.000%, 10–1–23		500		569
Miami-Dade Cnty, FL, GO Bonds (Bldg Better Cmnty Prog), Ser 2008B,
6.250%, 7–1–26		500		570
Miami-Dade Cnty, FL, Water and Sewer Sys Rev Rfdg Bonds, Ser 2008B (Insured by AGM),
5.250%, 10–1–22		500		606
Miami-Dade Cnty, FL, Water and Sewer Sys Rev Rfdg Bonds, Ser 2008C (Insured by BHAC),
5.000%, 10–1–17		500		542
Mid-Bay Bridge Auth, Springing Lien Rev Bonds, Ser 2011A,
7.250%, 10–1–34		500		658
Palm Beach Co, Hlth Fac Auth Rev Bonds (Lifespace Cmnty, Inc.), Ser 2015C,
5.000%, 5–15–30		1,000		1,119
Pinellas Cnty Edu Fac Auth, Rev Rfdg Prog Bonds (Barry Univ Proj), Ser 2012,
5.250%, 10–1–30		750		825
Port St. Lucie, FL, Spl Assmt Rfdg Bonds (City Ctr Spl Assmt Dist), Ser 2008A,
5.750%, 7–1–20		500		552
St. Johns Cnty Indl Dev Auth, Rev Bonds (Presbyterian Ret Cmnty Proj), Ser 2010A,
5.875%, 8–1–40		500		553
Volusia Cnty Edu Fac Auth, Edu Fac Rev Rfdg Bonds (Embry-Riddle Aeronautical Univ, Inc. Proj), Ser 2011,
5.250%, 10–15–22		500		581
				10,451
Georgia – 1.1%
Dev Auth of Burke Cnty (GA), Pollutn Ctl Rev Bonds (Oglethorpe Power Corp. Vogtle Proj), Ser 2003A,
0.372%, 1–1–24 (A)		1,500		1,485

MUNICIPAL BONDS (Continued)	Principal		Value
Georgia (Continued)
Muni Elec Auth of GA, Proj One Sub Bonds, Ser 2008D,
5.750%, 1–1–20	$	500	$	565
				2,050
Hawaii – 1.6%
HI Arpt Sys Rev Bond, Rfdg Ser 2011,
5.000%, 7–1–21		1,000		1,167
HI Dept of Budget and Fin, Spl Purp Rev Bonds (The Queen’s Hlth Sys), Ser 2015A,
5.000%, 7–1–35		1,500		1,702
				2,869
Illinois – 4.3%
Belleville, IL, Tax Incr Rfdg Rev Bonds (Frank Scott Pkwy Redev Proj), Ser 2007A,
5.000%, 5–1–26		185		186
Build IL Sales Tax Rev Bonds, Ser 2011,
5.000%, 6–15–27		500		571
City of Chicago, Second Lien Water Rev Bonds, Ser 2014,
5.000%, 11–1–39		1,500		1,570
IL Fin Auth, Rev and Rfdg Bonds (Roosevelt Univ Proj), Ser 2009,
6.500%, 4–1–39		500		544
IL Fin Auth, Rev Bonds, The Univ of Chicago, Ser 2008B,
5.500%, 7–1–19		500		564
IL Fin Auth, Student Hsng Rev Bonds (CHF-DeKalb LLC – Northn IL Univ Proj), Ser 2011,
5.750%, 10–1–21		395		438
IL GO Bonds, Ser 2012A,
4.000%, 1–1–23		1,000		1,019
IL Muni Elec Agy, Power Supply Sys Rev Rfdg Bonds, Ser 2015A,
5.000%, 2–1–32		695		791
IL Sales Tax Rev Bonds (Jr Oblig), Ser 2013,
5.000%, 6–15–26		300		348
IL State Toll Hwy Auth, Toll Hwy Sr Rev Bonds, 2013 Ser A,
5.000%, 1–1–35		1,100		1,219
State of IL GO Bonds,
5.500%, 7–1–26		500		548
				7,798

2015 SEMIANNUAL REPORT 95

SCHEDULE OF INVESTMENTS

Ivy Municipal Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Indiana – 0.7%
East Chicago Elem Sch Bldg Corp. (Lake Cnty, IN), First Mtg Bonds, Ser 1993A, 5.500%, 1–15–16	$	40	$	40
Hammond, IN, Redev Dist Rev Bonds (Marina Area Proj), Ser 2008, 6.000%, 1–15–17		195		197
IN Fin Auth, Fac Rev Rfdg Bonds (Miami Correctional Fac – Phase II), Ser 2008C, 5.000%, 7–1–17		500		538
Mt. Vernon Sch Bldg Corp. of Hancock Cnty, IN, First Mtg Bonds, Ser 2007 (Insured by AGM), 5.250%, 1–15–32		500		539
				1,314
Iowa – 1.0%
Altoona, IA, Annual Appropriation Urban Renewal Tax Incr Rev Bonds, Ser 2008, 6.000%, 6–1–34		1,000		1,083
IA Higher Edu Loan Auth, Private College Fac Rev Bonds (Upper IA Univ Proj), Ser 2012, 5.000%, 9–1–33		750		747
				1,830
Kansas – 0.9%
Arkansas City, KS, Pub Bldg Comsn, Rev Bonds (South Cent KS Rgnl Med Ctr), Ser 2009, 7.000%, 9–1–38		500		536
Shawnee Cnty, KS, Cert of Part (First Responders Comm Proj), Ser 2012, 5.000%, 9–1–24		1,050		1,193
				1,729
Kentucky – 1.5%
Cmnwlth of KY, State Ppty and Bldg Comsn, Rev and Rev Rfdg Bonds, Proj No. 90, 5.750%, 11–1–19		500		571
KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A:
5.500%, 6–1–21		500		578
6.500%, 3–1–45		675		765
Louisville Rgnl Arpt Auth, Arpt Sys Rev Bonds, Ser 2008A, 5.250%, 7–1–28		500		558

MUNICIPAL BONDS (Continued)	Principal		Value
Kentucky (Continued)
Tpk Auth of KY, Econ Dev Road Rev Bonds (Revitalization Proj), Ser 2008A, 5.000%, 7–1–16	$	330	$	342
				2,814
Louisiana – 2.7%
LA Citizens Prop Ins Corp., Assmt Rev Rfdg Bonds, Ser 2012, 5.000%, 6–1–24		500		579
LA Local Govt Envirnmt Fac and Cmnty Dev Auth, Hosp Rev Bonds (Women’s Hosp Fndtn Gulf Opp Zone Proj), Ser 2010B, 6.000%, 10–1–44		750		860
New Orleans Aviation Board, Rev Rfdg Bonds (Restructuring GARBs), Ser 2009A-1, 6.000%, 1–1–23		500		569
New Orleans, LA, GO Rfdg Bonds, Ser 2012 (Insured by AGM), 5.000%, 12–1–26		1,500		1,704
Rgnl Transit Auth, New Orleans, LA, Sales Tax Rev Bonds, Ser 2010 (Insured by AGM), 5.000%, 12–1–22		1,000		1,144
				4,856
Maine – 1.4%
ME Tpk Auth, Tpk Rev Rfdg Bonds, Ser 2015, 5.000%, 7–1–34		2,255		2,623
Maryland – 0.9%
MD Econ Dev Corp., Pollutn Ctl Rev Rfdg Bonds (Potomac Elec Proj), Ser 2006, 6.200%, 9–1–22		500		579
MD Hlth and Higher Edu Fac Auth, Rev Bonds, Johns Hopkins Hlth Sys Oblig Group Issue, Ser 2012D, 0.962%, 5–15–38 (A)		995		1,001
				1,580
Massachusetts – 0.7%
MA Dev Fin Agy, Rev Bonds, Foxborough Rgnl Charter Sch Issue, Ser 2010, 6.375%, 7–1–30		485		537
MA Edu Fin Auth, Edu Loan Rev Bonds, Issue I, Ser 2009, 6.000%, 1–1–28		725		767
				1,304

MUNICIPAL BONDS (Continued)	Principal		Value
Michigan – 3.8%
Kalamazoo Hosp Fin Auth, Hosp Rev Rfdg Bonds (Bronson Methodist Hosp), Ser 2003A, 5.000%, 5–15–26	$	500	$	543
MI Fin Auth, Rev Bonds (Detroit Sch Dist), Ser 2011, 5.500%, 6–1–21		1,000		1,084
MI Fin Auth, Hosp Rev and Rfdg Bonds (Trinity Hlth Credit Group), Ser 2015MI, 5.000%, 12–1–35		500		560
MI State Bldg Auth, Rev and Rfdg Bonds (Fac Prog), Ser 2015I, 5.000%, 4–15–34		500		570
MI State Hosp Fin Auth, Hosp Rev and Rfdg Bonds (Henry Ford Hlth Sys), Ser 2009, 5.750%, 11–15–39		750		849
MI State Hosp Fin Auth, Var Rate Rev Bonds (Ascension Hlth Credit Group), Ser 1999B-4, 5.000%, 11–15–32		2,000		2,309
State Bldg Auth, MI, 2006 Rev Rfdg Bonds (Fac Prog), Ser IA (Insured by FGIC), 0.000%, 10–15–22 (B)		1,000		744
State Bldg Auth, MI, 2008 Rev Rfdg Bonds (Fac Prog), Ser I, 5.000%, 10–15–18		305		342
				7,001
Minnesota – 0.3%
Minneapolis-St. Paul Metro Arpt Comsn, Sub Arpt Rev Rfdg Bonds, Ser 2010D, 5.000%, 1–1–20		500		571
Mississippi – 0.5%
The Univ of Southn MS, S.M. Edu Bldg Corp., Rev Bonds (Campus Fac Impvt Proj), Ser 2009, 5.375%, 9–1–36		750		842
Missouri – 2.6%
Broadway-Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A, 6.125%, 12–1–36		175		139
Hlth and Edu Fac Auth, Hlth Fac Rev Bonds (The Children’s Mercy Hosp), Ser 2009, 5.625%, 5–15–39		750		828

96 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Municipal Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Missouri (Continued)
Indl Dev Auth of Joplin, MO, Hlth Fac Rev Bonds (Freeman Hlth Sys), Ser 2011, 5.500%, 2–15–31	$	750	$	824
Platte Cnty R-III Sch Dist Bldg Corp., Leasehold Rfdg and Impvt Rev Bonds, Ser 2008, 5.000%, 3–1–28		340		368
Pub Water Supply Dist No. 1 of Lincoln Cnty, MO, Cert of Part, Ser 2009, 6.750%, 6–15–35		500		510
St. Louis Cnty, MO, Indl Dev Auth, Sr Living Fac Rev Bonds (Friendship Vlg Sunset Hills), Ser 2012, 5.000%, 9–1–32		1,120		1,196
The Indl Dev Auth of Moberly, MO, Annual Appropriation Recovery Zone Fac Bonds (Proj Sugar), Ser 2010-C, 6.000%, 9–1–24 (C)		468		33
The Indl Dev Auth of Platte Cnty, MO, Trans Rev Bonds (Zona Rosa Phase II Retail Proj), Ser 2007, 6.850%, 4–1–29		200		205
The Indl Dev Auth of St. Joseph, MO, Spl Oblig Rev Bonds (St. Joseph Sewage Sys Impvt Proj), Ser 2007, 4.375%, 4–1–18		100		106
The Indl Dev Auth of St. Louis, MO, Sr Living Fac Rev Bonds (Friendship Vlg of West Cnty), Ser 2007A, 5.500%, 9–1–28		500		511
				4,720
Nebraska – 0.6%
Omaha, NE, Pub Power Dist, Separate Elec Sys Rev Bonds (NE City 2), Ser 2015A, 5.000%, 2–1–33		1,000		1,149
Nevada – 0.7%
Las Vegas Redev Agy, NV, Tax Incr Rev Bonds, Ser 2009A, 8.000%, 6–15–30		500		570
Overton Power Dist No. 5 (NV), Spl Oblig Rev Bonds, Ser 2008:
6.000%, 12–1–16		75		80
6.250%, 12–1–17		270		302
6.500%, 12–1–18		290		340
				1,292

MUNICIPAL BONDS (Continued)	Principal		Value
New Hampshire – 0.6%
NH Hlth and Edu Fac Auth, Rev Bonds, Rivermead Issue, Ser 2011A, 6.875%, 7–1–41	$	150	$	169
NH Hlth and Edu Fac Auth, FHA Insd Mtg Rev Bonds, LRG Hlthcare Issue, Ser 2009 (Insured by FHA), 7.000%, 4–1–38		500		595
NH Hsng Fin Auth, Sngl Fam Mtg Acquisition Rev Bonds, Ser 2008, 6.000%, 7–1–38		280		287
				1,051
New Jersey – 3.7%
NJ Econ Dev Auth, Rev Bonds (Provident Group-Montclair Ppty LLC - Montclair St Univ Student Hsng Proj), Ser 2010A, 5.750%, 6–1–31		850		949
NJ Econ Dev Auth, Sch Fac Constr Notes, Ser 2012H, 0.920%, 2–1–17 (A)		2,000		1,977
NJ Econ Dev Auth, Sch Fac Constr Rfdg Bonds, Ser 2011EE, 5.250%, 9–1–24		500		533
NJ Higher Edu Student Assistance Auth, Student Loan Rev Bonds, Ser 2011-1, 5.000%, 12–1–19		500		557
NJ Hlth Care Fac Fin Auth, Rev and Rfdg Bonds, Barnabas Hlth Issue, Ser 2011A, 5.625%, 7–1–37		500		564
NJ Hlth Care Fac Fin Auth, Rev Bonds, Virtua Hlth Issue, Ser 2009A, 5.500%, 7–1–38		500		553
NJ Trans Trust Fund Auth, Trans Sys Bonds, Ser 2006A (Insured by AGM/CR), 5.500%, 12–15–22		500		570
NJ Trans Trust Fund Auth, Trans Sys Bonds, Ser 2003B-2, 5.000%, 12–15–16		500		524
Passaic Vly Sewerage Commissioners (NJ), Sewer Sys Bonds, Ser G, 5.750%, 12–1–21		435		516
				6,743
New Mexico – 0.2%
NM Mtg Fin Auth, Sngl Fam Mtg Prog Class I Bonds, Ser 2006D (Insured by GNMA/FNMA/FHLMC), 6.000%, 1–1–37		250		262

MUNICIPAL BONDS (Continued)	Principal		Value
New Mexico (Continued)
NM Mtg Fin Auth, Sngl Fam Mtg Prog Class I Bonds, Ser 2008D-2 (Insured by GNMA/FNMA/FHLMC), 5.250%, 7–1–30	$	65	$	66
				328
New York – 9.7%
Buffalo and Erie Cnty Indl Land Dev Corp., Oblig Group Rev Bonds (Catholic Hlth Sys, Inc. Proj), Ser 2015, 5.250%, 7–1–35		750		842
Dormitory Auth of the State of NY, State Personal Income Tax Rev Bonds (Gen Purp), Ser 2015C (Tax-Exempt), 5.000%, 2–15–38		750		856
Long Island Power Auth, Elec Sys Gen Rev Bonds, Ser 2014A (GTD by AGM), 5.000%, 9–1–39		1,500		1,670
Metro Trans Auth, Trans Rev Bonds, Ser 2014C, 5.000%, 11–15–36		1,500		1,697
NY Convention Ctr Dev Corp., Rev Rfdg Bonds (Hotel Unit Fee Secured), Ser 2015, 5.000%, 11–15–34		1,000		1,146
NY Dormitory Auth, Mercy Med Ctr Rev Bonds (Catholic Hlth of Long Island Oblig Group), Ser 1999B, 0.220%, 7–1–29 (A)		1,425		1,332
NY Enrg Research and Dev Auth, Pollutn Ctl Rev Bonds (Niagara Mohowak Power Corp. Proj), Ser 1985A (Insured by AMBAC), 0.486%, 12–1–23 (A)		1,380		1,311
NY State Enrg Research and Dev Auth, Fac Rev Bonds (Consolidated Edison Co. of NY, Inc. Proj), Sub Ser 1999A-1 (Insured by AMBAC), 0.137%, 5–1–34 (A)		2,000		1,830
NYC GO Bonds, Fiscal 2014 Ser G, 5.000%, 8–1–30		1,000		1,154
NYC Hsng Dev Corp., Multi-Fam Hsng Rev Bonds, Ser 2009K, 4.950%, 11–1–39		415		431
NYC Indl Dev Agy, Pilot Rev Bonds (Yankee Stadium Proj), Ser 2009A:
0.000%, 3–1–25 (B)		500		380
0.000%, 3–1–26 (B)		500		359
0.000%, 3–1–27 (B)		500		344

2015 SEMIANNUAL REPORT 97

SCHEDULE OF INVESTMENTS

Ivy Municipal Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
New York (Continued)
NYC Muni Water Fin Auth, Water and Sewer Sys Second Gen Resolution Rev Bonds, Ser 2015HH,
5.000%, 6–15–37	$	1,500	$	1,728
NYC Transitional Fin Auth, Future Tax Secured Tax-Exempt Sub Bonds, Ser 2013I, 5.000%, 5–1–29		400		467
Port Auth of NY & NJ Consolidated Bonds, One Hundred Fifty-Second Ser (Insured by BHAC),
5.750%, 11–1–30		500		552
Util Debt Securitization Auth, Restructuring Bonds, Ser 2013TE,
5.000%, 12–15–31		1,500		1,764
				17,863
North Carolina – 0.5%
NC Eastn Muni Power Agy, Power Sys Rev Bonds, Ser 2008C, 6.000%, 1–1–19		150		163
NC Tpk Auth, Triangle Expressway Sys Rev Bonds, Ser 2009A,
0.000%, 1–1–37 (B)		500		207
Oak Island, NC, Enterprise Sys Rev Bonds, Ser 2009, 6.000%, 6–1–34		500		590
				960
Ohio – 0.8%
OH Air Quality Dev Auth, Envirnmt Impvt Rev Bonds (Buckeye Power, Inc. Proj), Ser 2010,
5.750%, 12–1–30		500		576
OH Major New State Infra Proj Rev Bonds, Ser 2008-I,
6.000%, 6–15–17		395		431
Toledo-Lucas Cnty Port Auth, Dev Rev Bonds (NW OH Bond Fund) (Midwest Terminals Proj), Ser 2007C,
6.000%, 11–15–27		390		411
				1,418
Oklahoma – 0.5%
Grand River Dam Auth, Rev Bonds, Ser 2008A (Insured by BHAC), 5.000%, 6–1–18		905		1,006

MUNICIPAL BONDS (Continued)	Principal		Value
Oregon – 0.8%
Hosp Fac Auth of Clackamas Cnty, OR, Rev Bonds (Legacy Hlth Sys), Ser 2009A,
5.500%, 7–15–35	$	250	$	277
Port of Portland, OR, Portland Intl Arpt Rfdg Rev Bonds, Ser Twenty-Three, 5.000%, 7–1–34		1,000		1,153
				1,430
Pennsylvania – 3.9%
Allegheny Cnty Arpt Auth, Arpt Rev Rfdg Bonds (Pittsburg Intl Arpt), Ser 2010A, 5.000%, 1–1–17		250		264
Cumberland Cnty Muni Auth, Rfdg Rev Bonds (Asbury PA Oblig Group), Ser 2012, 3.000%, 1–1–17		895		902
Dauphin Cnty Gen Auth, Hlth Sys Rev Bonds (Pinnacle Hlth Sys Proj), Ser 2009A, 6.000%, 6–1–36		600		686
Lycoming Cnty Auth, Hlth Sys Rev Bonds (Susquehanna Hlth Sys Proj), Ser 2009A, 5.750%, 7–1–39		500		539
PA Auth for Indl Dev, Rev Bonds (MaST Charter Sch Proj), Ser 2010, 6.000%, 8–1–35		750		831
PA Higher Edu Fac Auth, Rev Bonds (Shippensburg Univ Student Svc, Inc. Student Hsng Proj at Shippensburg Univ of PA), Ser 2011,
6.000%, 10–1–26		500		558
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009D,
5.500%, 12–1–41		750		844
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2010B-2,
0.000%, 12–1–28 (B)		1,500		1,660
Philadelphia Auth Indl Dev, Rev Bonds (Mariana Bracetti Academy Charter Sch Proj), Ser 2011,
7.250%, 12–15–31		400		444
Philadelphia, PA, GO Rfdg Bonds, Ser 2008A (Insured by AGM),
5.250%, 12–15–24		445		495
				7,223
Rhode Island – 0.3%
RI Student Loan Auth, Student Loan Prog Rev Bonds, Sr Ser 2008A,
5.250%, 12–1–18		445		481

MUNICIPAL BONDS (Continued)	Principal		Value
South Carolina – 0.6%
SC Pub Svc Auth, Tax-Exempt Rfdg and Impvt Rev Oblig, Ser 2015A, 5.000%, 12–1–29	$	1,000	$	1,167
Tennessee – 0.8%
Memphis-Shelby Cnty Arpt Auth, Arpt Rfdg Rev Bonds, Ser 2010B, 5.750%, 7–1–25		750		855
The Hlth, Edu and Hsng Fac Board of Shelby, TN, Rev Bonds (Methodist Le Bonheur Hlthcare), Ser 2008C, 5.250%, 6–1–18		500		551
				1,406
Texas – 8.7%
Arlington, TX, Spl Tax Rev Bonds, Ser 2008 (Insured by BHAC), 5.000%, 8–15–18		300		328
Austin, TX, Arpt Sys Rev Bonds (Travis, Williamson and Hays Counties), Ser 2014, 5.000%, 11–15–39		1,000		1,098
Board of Regents, TX State Univ Sys, Rev Fin Sys Rev Bonds, Ser 2008, 5.250%, 3–15–19		355		392
Cass Cnty Indl Dev Corp., Envirnmt Impvt Rev Rfdg Bonds, Ser 2009A, 9.250%, 3–1–24		500		612
Clifton Higher Edu Fin Corp., Edu Rev Bonds (IDEA Pub Sch), Ser 2011, 5.750%, 8–15–41		500		559
Clifton Higher Edu Fin Corp., Edu Rev Bonds (Uplift Edu), Ser 2014A, 4.250%, 12–1–34		1,000		972
El Paso, TX (El Paso Cnty), Water and Sewer Rev Rfdg Bonds, Ser 2008C, 5.000%, 3–1–17		500		532
Harris Cnty Cultural Edu Fac Fin Corp., Med Fac Rev Rfdg Bonds (Baylor College of Medicine), Ser 2008D, 5.000%, 11–15–16		200		210
Hopkins Cnty Hosp Dist, Hosp Rev Bonds, Ser 2008, 6.000%, 2–15–33		1,000		1,013
Houston Higher Edu Fin Corp., Edu Rev Bonds (Cosmos Fndtn, Inc.), Ser 2011A, 6.500%, 5–15–31		1,000		1,232

98 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Municipal Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
Houston, TX, Arpt Sys, Sub Lien Rev Rfdg Bonds, Ser 2012A,
5.000%, 7–1–32	$	500	$	549
Houston, TX, Combined Util Sys, First Lien Rev Rfdg Bonds (SIFMA Index Floating Rate Bonds), Ser 2012C,
0.620%, 5–15–34 (A)		500		500
Howard Cnty, TX, GO Bonds, Ser 2008,
4.650%, 2–15–24		505		551
Lower Colorado River Auth, Rfdg Rev Bonds, Ser 2008A,
5.750%, 5–15–23		500		564
Mission Econ Dev Corp., Solid Waste Disp Rev Bonds (Dallas Clean Enrg McCommas Bluff LLC Proj), Ser 2011,
5.625%, 12–1–17		505		525
North TX Twy Auth, Sys Rev Rfdg Bonds, Ser 2008D,
0.000%, 1–1–30 (B)		1,000		589
North TX Twy Auth, Sys Rev Rfdg Bonds (First Tier Current Int Bonds), Ser 2008A,
6.000%, 1–1–25		500		558
Prosper, TX (Collin Cnty), Combination Tax and Rev Cert of Oblig, Ser 2008,
5.500%, 2–15–20		500		549
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckingham Sr Living Cmnty, Inc. Proj), Ser 2007,
5.625%, 11–15–27		250		257
Tarrant Cnty, TX, Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckingham Sr Living Cmnty Proj), Ser 2015A,
5.250%, 11–15–35		400		405
Trinity River Auth of TX (Tarrant Cnty Water Proj), Impvt Rev Bonds, Ser 2008,
5.750%, 2–1–26		325		359
TX Muni Gas Acquisition and Supply Corp. III, Gas Supply Rev Bonds, Ser 2012,
5.000%, 12–15–16		1,000		1,049
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009,
6.875%, 12–31–39		500		585

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (LBJ Infra Group LLC IH-635 Managed Lanes Proj), Ser 2010,
7.500%, 6–30–33	$	750	$	913
TX Trans Comsn, Cent TX Tpk Sys Rev Bonds (First Tier Rev Rfdg Bonds), Ser 2015-B,
5.000%, 8–15–37		1,000		1,102
				16,003
Utah – 0.4%
Midvale, UT, Muni Bldg Auth Lease Rev Bonds (City Hall Proj), Ser 2012:
2.000%, 10–15–16		195		198
2.000%, 10–15–17		465		475
				673
Virgin Islands – 0.9%
VI Pub Fin Auth, Sub Rev Bonds (VI Matching Fund Loan Note - Cruzan Proj), Ser 2009A,
6.000%, 10–1–39		500		545
VI Pub Fin Auth, Sub Rev Bonds (VI Matching Fund Loan Note - Diageo Proj), Ser 2009A,
5.000%, 10–1–25		1,000		1,084
				1,629
Virginia – 0.5%
Indl Dev Auth of Washington Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009C,
7.500%, 7–1–29		500		574
VA Pub Bldg Auth, Pub Fac Rev Bonds, Ser 2008B,
5.250%, 8–1–22		250		282
				856
Washington – 0.5%
Port of Seattle, Intermediate Lien Rev Rfdg Bonds, Ser 2015B,
5.000%, 3–1–35		300		340
WA Hlth Care Fac Auth, Rev Bonds (Virginia Mason Med Ctr), Ser 2007C,
5.500%, 8–15–36		500		532
				872

MUNICIPAL BONDS (Continued)	Principal		Value
West Virginia – 0.3%
WV Hosp Fin Auth, Hosp Rev Rfdg and Impvt Bonds (WV Utd Hlth Sys Oblig Group), Ser 2009C,
5.500%, 6–1–39	$	500	$	550
Wisconsin – 0.9%
Milwaukee Cnty, WI, Arpt Rev Rfdg Bonds, Ser 2010B,
5.000%, 12–1–19		1,000		1,137
WI Hlth and Edu Fac Auth, Rev Bonds (Pro Hlth Care, Inc. Oblig Group), Ser 2009,
6.625%, 2–15–39		500		594
				1,731
Wyoming – 1.0%
WY Cmnty Dev Auth, Hsng Rev Bonds, 2014 Ser 1,
3.950%, 12–1–30		1,250		1,283
WY Muni Power Agy, Power Supply Sys Rev Bonds, Ser 2008A,
5.250%, 1–1–23		500		546
				1,829
TOTAL MUNICIPAL BONDS – 86.6%			$	158,737
(Cost: $147,867)
SHORT-TERM SECURITIES
Master Note – 1.7%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (D)		3,059		3,059
Municipal Obligations – 9.1%
CA Hlth Fac Fin Auth, Var Rate Hosp Rev Bonds (Adventist Hlth Sys/West), Ser 1998B (GTD by Bank of America N.A.),
0.010%, 10–1–15 (D)		800		800
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006,
0.020%, 10–7–15 (D)		4,900		4,900
Fremont (Alameda Cnty, CA), Fremont Public Fin Auth (GTD by U.S. Bank N.A.),
0.010%, 10–7–15 (D)		1,900		1,900

2015 SEMIANNUAL REPORT 99

SCHEDULE OF INVESTMENTS

Ivy Municipal Bond Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1, Adj Rate Spl Tax Bonds, Ser 2012A (GTD by U.S. Bank N.A.),
0.010%, 10–1–15 (D)	$	900	$	900
MN Office of Higher Edu, Adj Rate Supplemental Student Loan Prog Rev Bonds, Ser 2008B (Tax-Exempt),
0.020%, 10–7–15 (D)		3,200		3,200

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
Tuscaloosa Cnty Indl Dev Auth, Gulf Opp Zone Bonds (Hunt Refining Proj), Ser 2011I (GTD by Bank of Nova Scotia),
0.010%, 4–1–28 (D)	$	5,000	$	5,000
				16,700
TOTAL SHORT-TERM SECURITIES – 10.8%			$	19,759
(Cost: $19,759)
TOTAL INVESTMENT SECURITIES – 97.4%			$	178,496
(Cost: $167,626)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 2.6%				4,710
NET ASSETS – 100.0%			$	183,206

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(B) Zero coupon bond.

(C) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Municipal Bonds	$	—	$	158,737	$	—
Short-Term Securities		—		19,759		—
Total	$	—	$	178,496	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

AGM = Assured Guaranty Municipal

AMBAC = American Municipal Bond Assurance Corp.

BHAC = Berkshire Hathaway Assurance Corporation

CR = Custodial Receipts

FGIC = Financial Guaranty Insurance Co.

FHA = Federal Housing Administration

FHLMC = Federal Home Loan Mortgage Corp.

FNMA = Federal National Mortgage Association

GNMA = Government National Mortgage Association

GTD = Guaranteed

VA = Department of Veterans Affairs

See Accompanying Notes to Financial Statements.

100 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Municipal High Income Fund

ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	0.1%
Bonds	92.6%
Municipal Bonds	92.4%
Corporate Debt Securities	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	7.3%

Lipper Rankings

Category: Lipper High Yield Municipal Debt Funds	Rank	Percentile
1 Year	85/145	59
3 Year	75/116	65
5 Year	59/109	54

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Quality Weightings

Investment Grade	28.5%
AA	1.6%
A	6.0%
BBB	20.9%
Non-Investment Grade	64.1%
BB	10.9%
B	4.2%
CCC	1.9%
Below CCC	3.2%
Non-rated	43.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ and Equities	7.4%

Our preference is to always use ratings obtained from Standard & Poor’s. For securities not rated by Standard & Poor’s, ratings are obtained from Moody’s. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 101

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Education Services – 0.1%
1155 Island Avenue LLC (A)		6,578	$	1,250
Total Consumer Discretionary – 0.1%			$	1,250
TOTAL COMMON STOCKS – 0.1%			$	1,250
(Cost: $1,074)
CORPORATE DEBT SECURITIES	Principal
Consumer Discretionary Education Services – 0.2%
1155 Island Avenue LLC,
10.000%, 12–11–24 (A)(B)	$	2,960		2,960
Total Consumer Discretionary – 0.2%			$	2,960
TOTAL CORPORATE DEBT SECURITIES – 0.2%			$	2,960
(Cost: $2,560)
MUNICIPAL BONDS
Alabama – 0.8%
AL 21st Century Auth, Tob Stlmt Rev Bonds, Ser 2012-A,
5.000%, 6–1–21		1,000		1,159
Fairfield, AL, GO Warrants, Ser 2012,
6.000%, 6–1–37		8,485		9,045
				10,204
Alaska – 0.5%
Northn Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2006A Sr Cur Int Bonds,
5.000%, 6–1–46		8,500		6,759
American Samoa – 0.4%
American Samoa Econ Dev Auth, Gen Rev and Ref Bonds, Ser 2015A,
6.625%, 9–1–35		5,000		5,014
Arizona – 1.6%
Indl Dev Auth of Mohave Cnty, Correctional Fac Contract Rev Bonds (Mohave Prison LLC Expansion Proj), Ser 2008,
8.000%, 5–1–25		7,500		8,324
Indl Dev Auth of Pima, Edu Rev Bonds (Noah Webster Sch – Pima Proj), Tax-Exempt Ser 2014A,
7.000%, 12–15–43		1,500		1,704

MUNICIPAL BONDS (Continued)	Principal		Value
Arizona (Continued)
Indl Dev Auth of Tempe, AZ, Rev Rfdg Bonds (Friendship Vlg of Tempe), Ser 2012A:
6.000%, 12–1–27	$	2,390	$	2,634
6.250%, 12–1–42		2,150		2,334
6.250%, 12–1–46		1,000		1,084
Indl Dev Auth of Yavapai, Edu Rev Bonds (AZ Agribusiness and Equine Ctr, Inc. Proj), Ser 2011,
7.875%, 3–1–42		3,500		4,072
				20,152
California – 7.7%
Adelanto Pub Auth, Fixed Rate Rfdg Rev Bonds (Util Sys Proj), Ser 2009A,
6.750%, 7–1–39		4,000		4,535
CA Muni Fin Auth, Edu Fac Rev Bonds (American Heritage Edu Fndtn Proj), Ser 2006A,
5.250%, 6–1–36		1,150		1,155
CA Muni Fin Auth, Edu Fac Rev Bonds (King/Chavez Academies Proj), Ser 2009A,
8.750%, 10–1–39		1,505		1,711
CA Muni Fin Auth, Edu Fac Rev Bonds (King/Chavez Academies Proj), Taxable Ser 2009B,
8.000%, 10–1–22		400		451
CA Muni Fin Auth, Edu Fac Rev Bonds (Literacy First Proj), Ser 2010B,
6.000%, 9–1–30		2,170		2,371
CA Sch Fin Auth, Charter Sch Rev Bonds (Coastal Academy Proj), Ser 2013A,
5.000%, 10–1–42		1,200		1,233
CA Statewide Cmnty Dev Auth, Edu Fac Rev Bonds (Independence Support LLC Proj), Ser 2015,
7.000%, 6–1–45		4,000		3,873
CA Statewide Cmnty Dev Auth, Rev Bonds (Lancer Plaza Proj), Ser 2013:
5.625%, 11–1–33		1,400		1,424
5.875%, 11–1–43		1,890		1,922
CA Statewide Cmnty Dev Auth, Sch Fac Rev Bonds (Aspire Pub Sch), Ser 2010:
6.000%, 7–1–40		7,365		7,808
6.350%, 7–1–46		250		267
CA Statewide Cmnty Dev Auth, Sr Living Rev Bonds (Southn CA Presbyterian Homes), Ser 2009:
6.625%, 11–15–24		2,490		2,898

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
7.000%, 11–15–29	$	2,000	$	2,337
7.250%, 11–15–41		6,000		6,981
CA Various Purp GO Bonds,
6.000%, 4–1–35		500		585
Cert of Part, Oro Grande Elem Sch Dist, Ser 2013,
5.125%, 9–15–42		2,760		2,942
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007A-1,
5.125%, 6–1–47		5,140		4,267
Inland Empire Tob Securitization Auth, Tob Stlmt Asset-Bkd Bonds (Inland Empire Tob Securitization Corp.), Ser 2007,
4.625%, 6–1–21		5,790		5,705
Palomar Pomerado Hlth, San Diego Cnty, CA, Cert of Part:
6.750%, 11–1–39		4,935		5,478
6.000%, 11–1–41		3,000		3,191
Redev Agy of San Buenaventura, Merged San Buenaventura Redev Proj, 2008 Tax Alloc Bonds,
8.000%, 8–1–38		100		107
San Buenaventura Rev Bonds (Cmnty Mem Hlth Sys), Ser 2011:
8.000%, 12–1–26		1,400		1,823
8.000%, 12–1–31		9,400		11,808
San Mateo Cmnty Fac Dist No. 2008-1 (Bay Meadows), Spl Tax Bonds, Ser 2012,
6.000%, 9–1–42		8,000		9,069
Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.), Ser 2006A Sr Current Int Bonds,
5.000%, 6-1-37		17,395		15,336
				99,277
Colorado – 3.0%
Arkansas River Power Auth, CO, Power Rev Impvt Bonds, Ser 2008,
6.000%, 10–1–40		5,850		6,094
Arkansas River Power Auth, CO, Power Rev Impvt Bonds, Ser 2010,
6.125%, 10–1–40		5,000		5,525
CO Edu and Cultural Fac Auth, Charter Sch Rev Bonds (The Classical Academy Proj), Ser 2008A,
7.400%, 12–1–38		85		102

102 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Colorado (Continued)
CO Edu and Cultural Fac Auth, Charter Sch Rev Bonds (Twin Peaks Charter Academy Proj), Ser 2008,
7.000%, 11–15–38	$	230	$	273
CO Edu and Cultural Fac Auth, Independent Sch Rev Rfdg Bonds (Vail Mountain Sch Proj), Ser 2010,
6.125%, 5–1–40		1,000		1,102
CO High Performance Trans Enterprise, U.S. 36 and I-25 Managed Lanes Sr Rev Bonds, Ser 2014,
5.750%, 1–1–44		3,250		3,482
CO Hlth Fac Auth, Rev Bonds (CO Sr Residences Proj), Ser 2012:
6.750%, 6–1–32		2,610		2,252
7.125%, 6–1–47		3,000		2,589
CO Hlth Fac Auth, Rev Bonds (Total Longterm Care Natl Oblig Group Proj), Ser 2010A,
6.250%, 11–15–40		1,250		1,375
Kremmling Mem Hosp Dist Proj, Ser 2010,
7.125%, 12–1–45		4,345		3,602
Lincoln Park Metro Dist, Douglas Cnty, CO, GO Rfdg and Impvt Bonds, Ser 2008,
6.200%, 12–1–37		3,500		3,899
Rgnl Trans Dist, Private Activity Bonds (Denver Transit Partn Eagle P3 Proj), Ser 2010,
6.500%, 1–15–30		3,000		3,493
Tallgrass Metro Dist, Arapahoe Cnty, CO, GO Ltd. Tax Rfdg and Impvt Bonds, Ser 2007,
5.250%, 12–1–37		3,605		3,594
Wildgrass Metro Dist, Broomfield Cnty, CO, GO Ltd. Tax Rfdg Bonds, Ser 2007,
6.200%, 12–1–34		1,515		1,617
				38,999
Connecticut – 0.7%
Harbor Point Infra Impvt Dist (Harbor Point Proj), Spl Oblig Rev Bonds, Ser 2010A,
7.875%, 4–1–39		2,000		2,371
Stamford, CT, Spl Oblig Rev Bonds (Mill River Corridor Proj), Ser 2011A,
7.000%, 4–1–41		5,000		6,400
				8,771

MUNICIPAL BONDS (Continued)	Principal		Value
Delaware – 0.6%
DE Econ Dev Auth, Exempt Fac Rev Bonds (Indian River Power LLC Proj), Ser 2010,
5.375%, 10–1–45	$	7,000	$	7,290
District Of Columbia – 0.1%
Metro WA DC Arpt Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2010B,
0.000%, 10–1–44 (C)		1,000		1,070
Florida – 3.7%
Brevard Cnty, FL, Indl Dev Rev Bonds (TUFF FL Tech Proj), Ser 2009:
6.500%, 11–1–29		875		958
6.750%, 11–1–39		2,060		2,267
Cap Trust Agy, First Mtg Rev Bonds (Silver Creek St. Augustin Proj), Ser 2014A,
8.250%, 1–1–49		3,000		2,731
Cap Trust Agy, Rev Bonds (Million Air One LLC Gen Aviation Fac Proj), Ser 2011,
7.750%, 1–1–41		5,685		5,428
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2010A:
6.000%, 9–15–40		4,000		4,152
6.125%, 6–15–43		5,500		5,595
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2014A,
6.125%, 6–15–44		5,300		5,367
FL Dev Fin Corp., Taxable Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2012B,
7.500%, 6–15–18		1,000		1,005
Lee Cnty Indl Dev Auth, Hlthcare Fac Rfdg Rev Bonds (Cypress Cove at Health Park FL, Inc. Proj), Ser 2012,
6.500%, 10–1–47		6,000		6,706
Miami-Dade Cnty Indl Dev Auth, Rev Bonds (Youth Co-Op Charter Sch Proj), Ser 2015A,
6.000%, 9–15–45		3,250		3,255
Mid-Bay Bridge Auth, 1st Sr Lien Rev Bonds, Ser 2015A,
5.000%, 10–1–40		2,000		2,165
Mid-Bay Bridge Auth, Springing Lien Rev Bonds, Ser 2011A,
7.250%, 10–1–40		4,800		6,319
Osceola Cnty, Expressway Sys Rev Bonds (Poinciana Prkwy Proj), Ser 2014A,
5.375%, 10–1–47		2,000		2,136
				48,084

MUNICIPAL BONDS (Continued)	Principal		Value
Georgia – 0.7%
Greene Cnty Dev Auth, GA, First Mtg Rev Bonds (Glen-I LLC Proj), Ser 2015A,
7.250%, 1–1–46	$	9,000	$	9,065
Guam – 1.0%
Cert of Part (JFK High Sch Proj), Dept of Edu, GU, Ser 2010A:
6.625%, 12–1–30		1,400		1,527
6.875%, 12–1–40		3,500		3,841
Govt of GU, GO Bonds, Ser 2009A,
7.000%, 11–15–39		6,000		7,414
				12,782
Hawaii – 0.6%
Dept of Budget and Fin of HI, Spl Purp Sr Living Rev Bonds (15 Craigside Proj), Ser 2009A,
9.000%, 11–15–44		4,200		5,262
Kaua’I Cmnty Fac Dist No. 2008-1 (Kukul’ula Dev Proj), Spl Tax Rev Bonds, Ser 2012,
5.750%, 5–15–42		2,000		2,064
				7,326
Idaho – 0.1%
ID Hsng and Fin Assoc (Compass Pub Charter Sch, Inc. Proj), Ser 2010A:
6.250%, 7–1–40		1,000		1,071
6.250%, 7–1–45		550		588
				1,659
Illinois – 10.1%
Belleville, IL, Tax Incr Rfdg Rev Bonds (Frank Scott Pkwy Redev Proj), Ser 2007A,
5.700%, 5–1–36		4,160		4,202
Cert of Part, Metra Market of Chicago LLC Redev Proj, Ser A,
6.870%, 2–15–24		1,200		1,203
Chicago Midway Arpt, Second Lien Rev and Rev Rfdg Bonds, Ser 2014B,
5.000%, 1–1–35		4,500		4,963
Chicago Midway Arpt, Second Lien Rev Rfdg Bonds, Ser 2013B,
5.000%, 1–1–35		3,000		3,276
Chicago Multi-Fam Hsng Rev Bonds (Goldblatts Supportive Living Proj), Ser 2013,
6.125%, 12–1–43		6,000		5,601
Chicago O’Hare Intl Arpt, Gen Arpt Third Lien Rev Bonds, Ser 2011A,
5.750%, 1–1–39		1,000		1,150

2015 SEMIANNUAL REPORT 103

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Illinois (Continued)
Fairview Heights, IL, Tax Incr Rfdg Rev Bonds (Shoppes at St. Clair Square Redev Proj), Ser 2009A,
8.000%, 12–1–28	$	205	$	216
IL Fin Auth, Rev and Rfdg Bonds (Roosevelt Univ Proj), Ser 2009,
6.500%, 4–1–44		10,000		10,839
IL Fin Auth, Rev Bonds (Admiral at the Lake Proj), Ser 2010A:
8.000%, 5–15–40		15,000		17,223
8.000%, 5–15–46		4,500		5,162
IL Fin Auth, Rev Bonds (Lutheran Home and Svs Oblig Group), Ser 2012,
5.625%, 5–15–42		5,300		5,584
IL Fin Auth, Rev Bonds (Navistar Intl Corp. Proj), Ser 2010,
6.500%, 10–15–40		9,500		9,880
IL Fin Auth, Rev Bonds (Silver Cross Hosp and Med Ctrs), Ser 2009,
7.000%, 8–15–44		7,000		8,576
IL Fin Auth, Rev Bonds (Three Crowns Park Proj), Ser 2006A:
5.875%, 2–15–26		1,000		1,006
5.875%, 2–15–38		3,000		3,011
Springfield, Sangamon Cnty, IL, Spl Svc Area (Legacy Pointe), Tax Bonds, Ser 2009,
7.875%, 3–1–32		500		522
Springfield, Sangamon Cnty, IL, Spl Svc Area (Legacy Pointe), Tax Bonds, Ser 2010,
7.500%, 3–1–32		1,500		1,558
SW IL Dev Auth, Local Govt Prog Rev Bonds (City of Belleville-Carlyle/Green Mount Redev Proj), Ser 2011A,
7.000%, 7–1–41		6,000		6,309
SW IL Dev Auth, Local Govt Prog Rev Bonds (Granite City Proj), Ser 2008,
7.000%, 12–1–22		1,680		1,933
SW IL Dev Auth, Local Govt Prog Rev Bonds (Granite City Proj), Ser 2009,
8.000%, 1–15–22		315		338
SW IL Dev Auth, Local Govt Prog Rev Rfdg Bonds (Granite City Proj), Ser 2012,
5.250%, 3–1–23		4,790		4,990
Upper IL River Vly Dev Auth (Pleasant View Luther Home Proj), Rev Bonds, Ser 2010:
7.250%, 11–15–40		1,100		1,177

MUNICIPAL BONDS (Continued)	Principal		Value
Illinois (Continued)
7.375%, 11–15–45	$	1,500	$	1,604
Upper IL River Vly Dev Auth, Multi-Fam Hsng Rev Bonds (Deer Park of Huntley Proj), Ser 2012,
6.500%, 12–1–32		4,935		5,091
Vlg of Bridgeview, Cook Cnty, IL GO Rfdg Bonds, Ser 2014A,
5.500%, 12–1–43		5,000		4,843
Vlg of Bridgeview, Cook Cnty, IL, GO Bonds, Ser 2015A:
5.750%, 12–1–35		2,705		2,805
5.625%, 12–1–41		3,365		3,393
Vlg of East Dundee, Kane and Cook Cnty, IL, Ltd. Oblig Tax Incr Rev Bonds (Route 25 South Redev Proj), Ser 2012,
5.625%, 12–1–31		1,505		1,490
Vlg of Matteson, Cook Cnty, IL, GO Cap Apprec Debt Cert, Ser 2010,
0.000%, 12–1–29 (C)		1,840		1,567
Vlg of Riverdale, Cook Cnty, IL, Unlimited Tax GO Bonds, Ser 2011,
8.000%, 10–1–36		10,035		10,961
				130,473
Indiana – 3.0%
City of Carmel, IN, Rev Bonds, Ser 2012A:
7.000%, 11–15–27		1,575		1,783
7.000%, 11–15–32		2,000		2,245
7.125%, 11–15–42		7,500		8,426
Hammond, IN, Redev Dist Rev Bonds (Marina Area Proj), Ser 2008,
6.000%, 1–15–17		5		5
Hendricks Cnty Redev Dist, Tax Incr Rev Rfdg Bonds, Ser 2010B,
6.450%, 1–1–23		190		191
IN Fin Auth, Midwestrn Disaster Relief Rev Bonds (OH Vly Elec Corp. Proj), Ser 2012A,
5.000%, 6–1–39		10,000		10,392
Lake Station 2008 Bldg Corp., Lake Station, IN, First Mtg Bonds, Ser 2010,
6.000%, 7–15–27		3,170		3,495
Terre Haute, IN, Rev Bonds (Westminister Vlg Proj), Ser 2012,
6.000%, 8–1–39		5,000		5,055
Whitestown, IN, Econ Dev Tax Incr Rev Bonds (Perry Indl Park and Whitestown Crossing Proj), Ser 2010A,
7.000%, 2–1–30		1,880		2,003

MUNICIPAL BONDS (Continued)	Principal		Value
Indiana (Continued)
Whiting, IN, Redev Dist Tax Incr Rev Bonds (Lakefront Dev Proj), Ser 2010,
6.750%, 1–15–32	$	1,100	$	1,214
Whiting, IN, Redev Dist Tax Incr Rev Bonds (Standard Avenue Proj), Ser 2006,
5.350%, 1–15–27		3,520		3,583
				38,392
Iowa – 0.2%
IA Fin Auth, Ret Cmnty Rev Bonds (Edgewater LLC Proj), Ser 2007A,
6.750%, 11–15–37		3,000		3,154
Kansas – 0.7%
Arkansas City, KS, Pub Bldg Comsn, Rev Bonds (South Cent KS Rgnl Med Ctr), Ser 2009,
7.000%, 9–1–38		500		536
Atchison, KS, Hosp Rev Bonds (Atchison Hosp Assoc), Ser 2009,
4.480%, 9–1–30 (D)		1,000		1,006
Kansas City, Wyandotte Cnty, KS, Unif Govt Spl Oblig Rev Sales Tax Bonds (Vacation Vlg Proj), Ser 2015A,
5.750%, 9–1–32 (E)		4,000		3,983
Lawrence, KS (The Bowersock Mills & Power Co. Hydroelec Proj), Indl Rev Bonds (Recovery Zone Fac Bonds), Ser 2010A,
7.625%, 8–1–37		4,000		4,170
				9,695
Kentucky – 2.2%
KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A:
6.375%, 6–1–40		12,000		13,589
6.500%, 3–1–45		6,000		6,801
KY Pub Trans Infra Auth, First Tier Toll Rev Bonds, Ser 2013A,
5.750%, 7–1–49		5,000		5,614
Murray, KY, Hosp Fac Rev Bonds (Murray-Calloway Cnty Pub Hosp Corp. Proj), Ser 2010,
6.375%, 8–1–40		2,000		2,190
				28,194
Louisiana – 2.0%
LA Local Govt Envirnmt Fac and Cmnty Dev Auth, Rev and Rfdg Bonds (CDF Hlthcare of LA LLC Proj), Ser 2015A,
5.625%, 6–1–45		5,000		5,026

104 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Louisiana (Continued)
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj - Phase IIA), Ser 2014A,
8.375%, 7–1–39	$	13,500	$	13,948
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj), Ser 2013B,
10.500%, 7–1–39		6,000		6,653
				25,627
Maine – 0.2%
ME Hlth and Higher Edu Fac Auth, Rev Bonds (Eastn ME Med Ctr Oblig Group Issue), Ser 2013,
5.000%, 7–1–43		2,000		2,108
Maryland – 0.3%
MD Econ Dev Corp., Econ Dev Rev Bonds (Terminal Proj), Ser B,
5.750%, 6–1–35		500		536
MD Econ Dev Corp., Port Fac Rfdg Rev Bonds (CNX Marine Terminals, Inc. Port of Baltimore Fac), Ser 2010,
5.750%, 9–1–25		3,350		3,371
				3,907
Massachusetts – 2.0%
MA Port Auth, Spl Fac Rev Bonds (Delta Air Lines, Inc. Proj), Ser 2001B (Auction Rate Sec) (Insured by AMBAC),
0.379%, 1–1–31 (D)		30,000		25,463
Michigan – 5.1%
Detroit, MI, GO Bonds, Ser 2004-A (1) (Insured by AMBAC),
5.250%, 4–1–23		220		218
Econ Dev Corp. of Oakland Cnty, Ltd. Oblig Rev Rfdg Bonds (The Roman Catholic Archdiocese of Detroit), Ser 2011,
6.500%, 12–1–20		4,195		4,503
Kent Hosp, Fin Auth Rev Bonds (Metro Hosp Proj), Ser 2005A,
6.250%, 7–1–40		15,500		15,510
MI Fin Auth, Hosp Rev and Rfdg Bonds (Presbyterian Vlg of MI), Ser 2015,
5.250%, 11–15–35		3,000		3,036
MI Fin Auth, Local Govt Loan Prog Rev Bonds (City of Detroit Unlimited Tax GO Restructured Local Proj Bonds), Ser 2014G (Insured by AMBAC),
5.250%, 4–1–23		1,200		1,186

MUNICIPAL BONDS (Continued)	Principal		Value
Michigan (Continued)
MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev and Rev Rfdg Bonds (MI Technical Academy Proj), Ser 2012:
7.100%, 10–1–31	$	1,000	$	1,022
7.450%, 10–1–41		2,000		2,052
MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev Bonds (Hanley Intl Academy, Inc. Proj), Ser 2010A,
6.125%, 9–1–40		4,535		4,765
MI Fin Auth, Rev Bonds (Sch Dist of Detroit), Ser 2012,
5.000%, 6–1–20		1,425		1,565
MI Fin Auth, Sr Edu Fac Rev Bonds (St. Catherine of Siena Academy Proj), Ser 2010A,
8.500%, 10–1–45 (F)		13,000		8,221
MI Fin Auth, State Aid Rev Notes (Detroit Sch Dist), Ser 2001A-1,
8.000%, 10–1–30 (F)		2,480		1,568
MI Pub Edu Fac Auth, Ltd. Oblig Rev Bonds (Old Redford Academy Proj), Ser 2005A,
5.875%, 12–1–30		1,720		1,720
MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2008A,
6.875%, 6–1–42		16,500		16,506
MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Sr Current Int Bonds, Ser 2007A,
5.125%, 6–1–22		4,330		3,863
				65,735
Minnesota – 0.4%
Minneapolis Hlth Care Sys Rev Bonds (Fairview Hlth Svc), Ser 2008B:
6.500%, 11–15–38		4,350		4,971
Missouri – 2.7%
Arnold, MO, Real Ppty Tax Incr Rev Bonds (Arnold Triangle Redev Proj), Ser 2009A,
7.750%, 5–1–28		505		533
Belton, MO, Tax Incr Rev Bonds (Belton Marketplace Redev Proj), Ser 2012,
6.375%, 12–1–29		1,540		1,559
Belton, MO, Tax Incr Rev Bonds (Belton Town Centre Proj), Ser 2006,
5.625%, 3–1–25		520		531
Broadway-Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A,
6.125%, 12–1–36		200		158

MUNICIPAL BONDS (Continued)	Principal		Value
Missouri (Continued)
Grindstone Plaza Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A:
5.250%, 10–1–21	$	250	$	242
5.400%, 10–1–26		385		359
5.500%, 10–1–31		425		383
5.550%, 10–1–36		325		284
Jennings, MO, Tax Incr and Cmnty Impvt Rfdg Rev Bonds (Northland Redev Area Proj), Ser 2006,
5.000%, 11–1–23		2,360		2,361
Lakeside 370 Levee Dist (St. Charles Cnty, MO), Levee Dist Impvt Bonds, Ser 2008:
0.000%, 4–1–55 (C)		988		148
5.750%, 4–1–55		715		672
Land Clearance for Redev Auth of St. Louis, Recovery Zone Fac Bonds (Kiel Opera House Proj), Ser 2010B,
7.000%, 9–1–35		975		1,013
Lee’s Summit, MO, Tax Incr Rev Bonds (Summit Fair Proj), Ser 2011,
7.250%, 4–1–30		5,000		5,171
Meadows Trans Dev Dist (Lake Saint Louis, MO), Ser 2010,
5.400%, 5–1–35		930		970
MO Dev Fin Board, Research Fac Rev Bonds (Midwest Research Institute Proj), Ser 2007,
4.500%, 11–1–27		225		243
St. Louis Cnty, MO, Rev Notes (Lambert Arpt Eastn Perimeter Redev Proj-RPA1), Sr Ser B,
9.000%, 11–1–31		7,975		9,104
St. Louis Muni Fin Corp., Compound Int Leasehold Rev Bonds (Convention Ctr Cap Impvt Proj), Ser 2010A (Insured by AGM):
0.000%, 7–15–36 (C)		750		301
0.000%, 7–15–37 (C)		1,500		573
Tax Incr Fin Comsn of Kansas City, MO, Tax Incr Rev Bonds (Brywood Ctr Proj), Ser 2010A,
8.000%, 4–1–33 (F)		3,950		1,382
The Elm Point Commons Cmnty Impvt Dist (St. Charles, MO), Spl Assmt Bonds, Ser 2007,
5.750%, 3–1–27		105		108
The Indl Dev Auth of Kansas City, MO, Hlth Care Fac First Mtg Rev Bonds (The Bishop Spencer Place Proj), Ser 1994:
6.250%, 1–1–24		1,140		1,142

2015 SEMIANNUAL REPORT 105

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Missouri (Continued)
6.500%, 1–1–35	$	3,000	$	3,005
The Indl Dev Auth of Lee’s Summit, MO, Infra Fac Rev Bonds (Kensington Farms Impvt Proj), Ser 2007,
5.750%, 3–1–29		1,000		975
The Indl Dev Auth of Moberly, MO, Annual Appropriation Recovery Zone Fac Bonds (Proj Sugar), Ser 2010-C,
6.000%, 9–1–24 (F)		1,871		132
The Indl Dev Auth of Platte Cnty, MO, Trans Rev Bonds (Zona Rosa Phase II Retail Proj), Ser 2007,
6.850%, 4–1–29		200		205
The Indl Dev Auth of St. Joseph, MO, Hlthcare Rev Bonds (Living Cmnty of St. Joseph Proj), Ser 2002,
7.000%, 8–15–32		3,000		3,005
				34,559
Nebraska – 0.7%
Cent Plains Enrg Proj, Gas Proj Rev Bonds (Proj No. 3), Ser 2012:
5.250%, 9–1–37		5,000		5,495
5.000%, 9–1–42		3,000		3,226
				8,721
Nevada – 0.2%
Las Vegas Redev Agy, NV, Tax Incr Rev Bonds, Ser 2009A,
8.000%, 6–15–30		1,500		1,708
Overton Power Dist No. 5 (NV), Spl Oblig Rev Bonds, Ser 2008,
8.000%, 12–1–38		265		324
				2,032
New Hampshire – 0.2%
NH Hlth and Edu Fac Auth, Rev Bonds, Rivermead Issue, Ser 2011A,
6.875%, 7–1–41		2,300		2,601
New Jersey – 1.6%
NJ Econ Dev Auth, Cigarette Tax Rev Rfdg Bonds, Ser 2012:
5.000%, 6–15–26		1,000		1,068
5.000%, 6–15–28		1,000		1,054
5.000%, 6–15–29		500		524
NJ Econ Dev Auth, Spl Fac Rev Bonds (Continental Airlines, Inc. Proj), Ser 2000A,
5.625%, 11–15–30		2,500		2,789

MUNICIPAL BONDS (Continued)	Principal		Value
New Jersey (Continued)
NJ Edu Fac Auth, Rev Rfdg Bonds, Univ of Medicine and Dentistry of NJ Issue, Ser 2009B:
7.125%, 12–1–23	$	850	$	1,030
7.500%, 12–1–32		450		551
Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2007-1A Sr Current Int Bonds,
4.750%, 6–1–34		5,000		3,887
Tob Stlmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007-1A,
5.000%, 6–1–41		12,000		9,493
				20,396
New York – 4.6%
Dormitory Auth, Sch Dist Rev Bond Fin Prog, Ser 2010A (Insured by AGM),
5.000%, 10–1–22		1,000		1,156
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A2,
6.500%, 1–1–32		5,269		5,280
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A4,
6.700%, 1–1–49		9,000		8,916
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A5,
6.700%, 1–1–49		2,179		2,158
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014B,
5.500%, 7–1–20		4,358		4,359
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014C,
2.000%, 1–1–49		7,577		414
NY Liberty Dev Corp., Rev Bonds (3 World Trade Center Proj), Ser 2014,
5.000%, 11–15–44		25,000		25,343
The Orange Co. Funding Corp. (NY), Assisted Living Residence Rev Bonds (The Hamlet at Wallkill Assisted Living Proj), Ser 2012,
6.500%, 1–1–46		11,500		11,518
				59,144

MUNICIPAL BONDS (Continued)	Principal		Value
North Carolina – 0.1%
NC Med Care Comsn, Ret Fac First Mtg Rev Bonds (Galloway Ridge Proj), Ser 2010A,
6.000%, 1–1–39	$	1,520	$	1,628
Ohio – 2.2%
Cleveland-Cuyahoga Cnty Port Auth, Dev Rev Bonds (Flats East Dev Proj), Ser 2010B,
7.000%, 5–15–40		2,565		2,935
Cleveland-Cuyahoga Cnty Port Auth, Dev Rev Bonds (Garfield Heights Proj), Ser 2004D,
5.250%, 5–15–23		960		962
Cnty of Muskingum, OH, Hosp Fac Rev Bonds (Genesis Hlth Care Sys Oblig Group Proj), Ser 2013,
5.000%, 2–15–48		8,000		8,215
Columbus-Franklin Cnty Fin Auth, Dev Rev Bonds (Cent OH Rgnl Bond Fund), (One Neighborhood Proj), Ser 2010A,
6.500%, 11–15–39		1,225		1,256
Greene Cnty Port Auth, Adult Svc Fac Rev Bonds (Greene, Inc. Proj), Ser 2009,
7.500%, 12–1–33		500		595	��
SE OH Port Auth, Hosp Fac Rev Rfdg and Impvt Bonds (Mem Hlth Sys of OH), Ser 2012,
6.000%, 12–1–42		3,750		4,055
Toledo-Lucas Cnty Port Auth, Dev Rev Bonds (Toledo Sch for the Arts Proj), Ser 2007B,
5.500%, 5–15–28		820		859
Toledo-Lucas Cnty Port Auth, Spl Assmt Rev Bonds (Crocker Park Pub Impvt Proj), Ser 2003,
5.375%, 12–1–35		9,000		9,018
				27,895
Oklahoma – 0.7%
OK Cnty Fin Auth, Ret Fac Rev Bonds (Concordia Life Care Cmnty), Ser 2005:
6.125%, 11–15–25		2,000		2,004
6.000%, 11–15–38		7,495		7,503
				9,507
Oregon – 1.0%
Hosp Fac Auth of Deschutes Cnty, OR, Hosp Rev Rfdg Bonds (Cascade Hlthcare Cmnty, Inc.), Ser 2008,
8.250%, 1–1–38		1,240		1,530

106 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Oregon (Continued)
Hosp Fac Auth of Salem, OR, Rev Rfdg Bonds (Cap Manor, Inc.), Ser 2012,
6.000%, 5–15–42	$	1,900	$	2,095
OR Fac Auth, Rev Bonds (Concordia Univ Proj), Ser 2010A:
6.125%, 9–1–30		930		989
6.375%, 9–1–40		1,750		1,884
Port of Portland, OR, Portland Intl Arpt Passenger Fac Charge Rev Bonds, Ser 2011A,
5.500%, 7–1–30		5,180		5,883
				12,381
Pennsylvania – 5.0%
Butler Cnty Hosp Auth, Hosp Rev Bonds (Butler Hlth Sys Proj), Ser 2009B,
7.250%, 7–1–39		200		245
Cumberland Cnty Muni Auth, Rfdg Rev Bonds (Asbury PA Oblig Group), Ser 2010,
6.125%, 1–1–45		5,000		5,348
Delaware Cnty Indl Dev Auth, Charter Sch Rev Bonds (Chester Cmnty Charter Sch Proj), Ser 2010A,
6.125%, 8–15–40		14,500		14,804
PA Higher Edu Fac Auth, Rev Bonds (Edinboro Univ Fndtn Student Hsng Proj at Edinboro Univ of PA), Ser 2010,
6.000%, 7–1–43		2,530		2,700
PA Higher Edu Fac Auth, Student Hsng Rev Bonds (Univ Ppty, Inc. Student Hsng Proj at East Stroudsburg Univ of PA), Ser 2010,
6.000%, 7–1–21		1,000		1,134
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009E,
0.000%, 12–1–38 (C)		19,000		20,993
Philadelphia Auth Indl Dev, Rev Bonds (Global Leadership Academy Charter Sch Proj), Ser 2010,
6.375%, 11–15–40		1,000		1,068
Philadelphia Auth Indl Dev, Rev Bonds (Mariana Bracetti Academy Charter Sch Proj), Ser 2011:
7.150%, 12–15–36		6,000		6,587
7.625%, 12–15–41		6,925		7,777
Philadelphia Auth Indl Dev, Rev Bonds (New Foundations Charter Sch Proj), Ser 2012,
6.625%, 12–15–41		2,000		2,201

MUNICIPAL BONDS (Continued)	Principal		Value
Pennsylvania (Continued)
Philadelphia, PA, Gas Works Rev Bonds (1998 Gen Ordinace), Ninth Ser,
5.250%, 8–1–40	$	1,250	$	1,389
The Borough of Langhorne Manor, Higher Edu and Hlth Auth (Bucks Cnty, PA), Hosp Rev Bonds (Lower Bucks Hosp), Ser 1992,
7.300%, 7–1–12 (F)		70		13
				64,259
Puerto Rico – 4.3%
Cmnwlth of PR, GO Bonds of 2014, Ser A,
8.000%, 7–1–35		11,000		8,267
Cmnwlth of PR, Pub Impvt Rfdg GO Bonds, Ser 2011C,
6.500%, 7–1–40		3,000		1,992
Cmnwlth of PR, Pub Impvt Rfdg GO Bonds, Ser 2012A:
5.750%, 7–1–28		3,000		2,029
5.500%, 7–1–39		5,000		3,259
PR Aqueduct and Sewer Auth, Rev Bonds, Ser 2012A (Sr Lien),
5.250%, 7–1–24		9,000		6,339
PR Aqueduct and Sewer Auth, Rev Bonds, Ser A,
6.000%, 7–1–47		12,000		8,258
PR Elec Power Auth, Power Rev Bonds, Ser 2010XX,
5.750%, 7–1–36		2,415		1,571
PR Elec Power Auth, Power Rev Bonds, Ser 2012A,
5.000%, 7–1–42		5,000		3,254
PR Elec Power Auth, Power Rev Bonds, Ser 2013A,
7.000%, 7–1–43		14,000		9,103
PR Pub Bldg Auth, Govt Fac Rev Rfdg Bonds, Ser U,
5.250%, 7–1–42		8,755		5,092
PR Pub Fin Corp. (Cmnwlth Approp Bonds), 2011 Ser B:
6.000%, 8–1–25 (F)		5,025		829
6.000%, 8–1–26 (F)		1,000		165
PR Sales Tax Fin Corp., Sales Tax Rev Bonds, First Sub Ser 2009A,
6.375%, 8–1–39		5,500		2,328
PR Sales Tax Fin Corp., Sales Tax Rev Bonds, First Sub Ser 2010A,
5.375%, 8–1–39		5,000		2,104
PR Sales Tax Fin Corp., Sales Tax Rev Bonds, First Sub Ser 2010C,
6.500%, 8–1–35		1,000		426
				55,016

MUNICIPAL BONDS (Continued)	Principal		Value
South Carolina – 0.1%
Piedmont Muni Pwr Agy, SC, Elec Rev Rfdg Bonds, Ser 2008C,
5.750%, 1–1–34	$	1,550	$	1,821
Texas – 15.0%
Cap Area Cultural Ed Fac Fin Corp., Rev Bonds (The Roman Catholic Diocese of Austin), Ser 2005B,
6.125%, 4–1–45		3,150		3,620
Cass Cnty Indl Dev Corp., Envirnmt Impvt Rev Bonds, Ser 2009A,
9.500%, 3–1–33		500		612
Cent TX Rgnl Mobility Auth, Sr Lien Rev Bonds, Ser 2010:
0.000%, 1–1–36 (C)		500		199
0.000%, 1–1–40 (C)		500		160
Cent TX Rgnl Mobility Auth, Sub Lien Rev Rfdg Bonds, Ser 2013:
5.000%, 1–1–33		6,000		6,496
5.000%, 1–1–42		3,000		3,197
Dallas/Fort Worth Intl Arpt, Joint Rev Impvt Bonds, Ser 2013A,
5.000%, 11–1–45		8,000		8,432
Grand Prkwy Trans Corp., First Tier Toll Rev Bonds, Ser 2013A,
5.500%, 4–1–53		10,000		11,055
Hackberry, TX, Combination Spl Assmt and Contract Rev Road Bonds (Hackberry Hidden Cove Pub Impvt Dist No. 2 Proj), Ser 2009A:
8.625%, 9–1–29		125		138
9.000%, 9–1–38		1,250		1,381
Harris Cnty Cultural Edu Fac Fin Corp., Rev Rfdg Bonds (Space Ctr Houston Proj), Sr Ser 2009,
7.000%, 8–15–28		500		538
Hopkins Cnty Hosp Dist, Hosp Rev Bonds, Ser 2008:
6.000%, 2–15–33		2,000		2,025
6.000%, 2–15–38		250		253
Houston Higher Edu Fin Corp., Edu Rev Bonds (Cosmos Fndtn, Inc.), Ser 2011A,
6.875%, 5–15–41		3,800		4,917
Houston, TX, Arpt Sys Spec Fac Rev Rfdg Bonds (United Airlines, Inc. Arpt Impvt Proj), Ser 2015C,
5.000%, 7–15–20		10,000		10,598
Houston, TX, Arpt Sys, Sub Lien Rev Rfdg Bonds, Ser 2011B:
5.000%, 7–1–25		1,000		1,146
5.000%, 7–1–26		2,680		3,062

2015 SEMIANNUAL REPORT 107

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
La Vernia Higher Edu Fin Corp. (KIPP, Inc.), Ser 2009A,
6.375%, 8–15–44	$	2,000	$	2,393
La Vernia Higher Edu Fin Corp. (Winfree Academy Charter Sch), Edu Rev Bonds, Ser 2009,
9.000%, 8–15–38		2,460		2,782
Lubbock Hlth Fac Dev Corp., First Mtg Rev and Rfdg Bonds (Carillon Sr Life Care Cmnty Proj), Ser 2005A:
6.500%, 7–1–26		1,500		1,536
6.625%, 7–1–36		7,000		7,155
Mission Econ Dev Corp., Solid Waste Disp Rev Bonds (Dallas Clean Enrg McCommas Bluff LLC Proj), Ser 2011,
6.875%, 12–1–24		2,540		2,649
North TX Twy Auth, Spl Proj Sys Rev Bonds Convertible Cap Apprec Bonds, Ser 2011C,
0.000%, 9–1–43 (C)		11,000		9,955
Pharr, TX, Higher Edu Fin Auth, Edu Rev Bonds (Idea Pub Sch), Ser 2009A:
6.250%, 8–15–29		350		391
6.500%, 8–15–39		200		225
Sanger, TX, Indl Dev Corp., Indl Dev Rev Bonds (TX Pellets Proj), Ser 2012B,
8.000%, 7–1–38		12,870		13,876
Tarrant Cnty Cultural Edu Fac Fin Corp., Charter Sch Rev Bonds (Trinity Basin Preparatory Proj), Ser 2009A,
7.750%, 6–1–39		155		190
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckingham Sr Living Cmnty, Inc. Proj), Ser 2007:
5.500%, 11–15–22		2,000		2,066
5.625%, 11–15–27		250		257
5.750%, 11–15–37		6,840		6,981
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Mirador Proj), Ser 2010A:
8.000%, 11–15–29		2,500		2,438
8.125%, 11–15–39		5,000		4,759
Tarrant Cnty, TX, Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckingham Sr Living Cmnty Proj), Ser 2015B-1,
4.500%, 11–15–21		6,000		6,015

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
Travis Cnty Hlth Fac Dev Corp., Ret Fac Rev Bonds (Querencia at Barton Creek Proj), Ser 2005A,
5.100%, 11–15–15	$	400	$	402
TX Muni Gas Acquisition and Supply Corp. III, Gas Supply Rev Bonds, Ser 2012,
5.000%, 12–15–32		3,000		3,245
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (LBJ Infra Group LLC IH-635 Managed Lanes Proj), Ser 2010:
7.500%, 6–30–32		2,000		2,436
7.500%, 6–30–33		2,700		3,287
7.000%, 6–30–40		13,430		15,994
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009,
6.875%, 12–31–39		12,975		15,184
TX Pub Fin Auth Charter Sch Fin Corp., Edu Rev Bonds (Cosmos Fndtn, Inc.), Ser 2010A,
6.200%, 2–15–40		10,000		12,100
TX Pub Fin Auth Charter Sch Fin Corp., Edu Rev Bonds (Odyssey Academy, Inc.), Ser 2010A,
7.125%, 2–15–40		2,000		2,501
TX Trans Comsn, Cent TX Tpk Sys First Tier Rev Rfdg Bonds, Ser 2012-A,
5.000%, 8–15–41		10,000		10,896
Wise Cnty, TX, Lease Rev Bonds (Parker Cnty Jr College Dist Proj), Ser 2011,
8.000%, 8–15–34		5,000		6,009
				193,551
Utah – 0.4%
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (North Davis Preparatory Academy), Ser 2010,
6.250%, 7–15–30		1,015		1,103
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (North Star Academy Proj), Ser 2010B,
7.000%, 7–15–45		2,100		2,316
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (Paradigm High Sch), Ser 2010,
6.375%, 7–15–40		2,160		2,216
				5,635

MUNICIPAL BONDS (Continued)	Principal		Value
Virgin Islands – 0.1%
VI Pub Fin Auth, Sub Rev Bonds (VI Matching Fund Loan Note - Diageo Proj), Ser 2009A,
6.625%, 10–1–29	$	935	$	1,048
Virginia – 2.1%
Econ Dev Auth of James City Cnty, VA, Residential Care Fac Rev Bonds (VA Utd Methodist Homes of Williamsburg, Inc.), Ser 2013A:
6.000%, 6–1–43		3,039		2,972
2.000%, 10–1–48		983		44
Indl Dev Auth of Smyth Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009A,
8.000%, 7–1–38		450		519
Indl Dev Auth of Washington Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009C:
7.250%, 7–1–19		490		545
7.500%, 7–1–29		25		29
Mosaic Dist Cmnty Dev Auth, Fairfax Cnty, VA, Rev Bonds, Ser 2011A,
6.875%, 3–1–36		4,300		4,899
Norfolk Redev and Hsng Auth, Multifam Rental Hsng Fac Rev Bonds (1016 L.P. - Sussex Apt Proj), Ser 1996,
8.000%, 9–1–26		380		380
VA Small Business Fin Auth, Sr Lien Rev Bonds (Elizabeth River Crossing Opco LLC Proj), Ser 2012:
6.000%, 1–1–37		8,000		9,060
5.500%, 1–1–42		7,500		8,163
				26,611
Washington – 1.6%
Indl Dev Corp of the Port of Seattle, Spl Fac Rev Rfdg Bonds (Delta Air Lines, Inc. Proj), Ser 2012,
5.000%, 4–1–30		4,000		4,186
Port of Sunnyside, Yakima Cnty, WA, Rev Bonds (Indl Wastewater Treatment Sys), Ser 2008,
6.625%, 12–1–21		1,945		2,114
WA Hlth Care Fac Auth, Rev Bonds (Cent WA Hlth Svcs Assoc), Ser 2009:
6.250%, 7–1–24		795		920
7.000%, 7–1–31		1,680		2,043
7.000%, 7–1–39		2,000		2,432

108 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Washington (Continued)
WA Hlth Care Fac Auth, Rev Bonds (Seattle Cancer Care Alliance), Ser 2008,
7.375%, 3–1–38	$	250	$	303
WA State Hsng Fin Comsn (Rockwood Ret Cmnty Proj), Nonprofit Hsng Rev and Rfdg Rev Bonds, Ser 2014A,
7.500%, 1–1–49		8,000		9,165
				21,163
West Virginia – 0.3%
Brooke Cnty, WV, Rev Bonds (Bethany College), Ser 2011A,
6.750%, 10–1–37		4,000		4,413
Wisconsin – 1.8%
Pub Fin Auth, Sr Arpt Fac Rev and Rfdg Bonds (TrIps Obligated Group), Ser 2012B,
5.000%, 7–1–42		5,000		5,190
WI Hlth and Edu Fac Auth, Rev Bonds (Beloit College), Ser 2010A:
6.125%, 6–1–35		1,220		1,349
6.125%, 6–1–39		250		275
WI Hlth and Edu Fac Auth, Rev Bonds (Saint John’s Cmnty, Inc.), Ser 2009:
7.250%, 9–15–29		2,180		2,569
7.625%, 9–15–39		5,500		6,514
WI Hlth and Edu Fac Auth, Rev Bonds (Woodland Hills Sr Hsng Proj), Ser 2014,
5.000%, 12–1–44		4,000		4,020
WI Pub Fin Auth, Edu Rev Bonds (Triad Edu Svc), Ser 2015A,
5.500%, 6–15–45		4,000		3,919
				23,836
TOTAL MUNICIPAL BONDS – 92.4%			$	1,190,388
(Cost: $1,157,396)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (G) – 3.0%
Baxter International, Inc.,
0.260%, 10–22–15	$	5,000	$	4,999
Becton Dickinson & Co.,
0.360%, 10–5–15		7,000		7,000
0.260%, 10–19–15		5,000		4,999
Campbell Soup Co.,
0.340%, 10–5–15		10,000		10,000
United Technologies Corp.,
0.250%, 10–14–15		10,000		9,999
				36,997
Master Note – 0.2%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (H)		2,947		2,947
Municipal Obligations – 2.4%
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2005 (GTD by U.S. Bank N.A.),
0.020%, 10–7–15 (H)		700		700
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006,
0.020%, 10–7–15 (H)		1,400		1,400
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.),
0.020%, 10–7–15 (H)		2,000		2,000
MN Office of Higher Edu, Adj Rate Supplemental Student Loan Prog Rev Bonds, Ser 2008B (Tax-Exempt),
0.020%, 10–7–15 (H)		1,300		1,300
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.),
0.010%, 10–1–15 (H)		15,990		15,990

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
NY Hsng Fin Agy, Clinton Park Phase II Hsng Rev Bonds, Ser 2011 A-1 (GTD by Wells Fargo Bank N.A.),
0.020%, 10–7–15 (H)	$	2,000	$	2,000
NY State Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2013A-2 (GTD by Bank of America N.A.),
0.020%, 10–7–15 (H)		6,000		6,000
Tuscaloosa Cnty Indl Dev Auth, Gulf Opp Zone Bonds (Hunt Refining Proj), Ser 2011I (GTD by Bank of Nova Scotia),
0.010%, 4–1–28 (H)		2,000		2,000
				31,390
TOTAL SHORT-TERM SECURITIES – 5.6%			$	71,334
(Cost: $71,333)
TOTAL INVESTMENT SECURITIES – 98.3%			$	1,265,932
(Cost: $1,232,364)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.7% (I)				22,093
NET ASSETS – 100.0%			$	1,288,025

Notes to Schedule of Investments

(A) Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.

(B) Payment-in-kind bonds.

(C) Zero coupon bond.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015.

(E) Purchased on a when-issued basis with settlement subsequent to September 30, 2015.

2015 SEMIANNUAL REPORT 109

SCHEDULE OF INVESTMENTS

Ivy Municipal High Income Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

(F) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(G) Rate shown is the yield to maturity at September 30, 2015.

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

(I) Cash of $554 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2015 (contracts unrounded):

Description	Type	Expiration Date	Number of Contracts		Value			Unrealized Depreciation
U.S. Treasury Long Bond	Short	12-31-15		163	$	(25,647	)	$	(106	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	—	$	1,250	$	—
Corporate Debt Securities		—		2,960		—
Municipal Bonds		—		1,190,388		—
Short-Term Securities		—		71,334		—
Total	$	—	$	1,265,932	$	—
Liabilities
Futures Contracts	$	106	$	—	$	—

During the period ended September 30, 2015, securities totaling $1,250 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities. Transfers out of Level 3 represent the values as of the beginning of the reporting period. There were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this schedule:

AMBAC = American Municipal Bond Assurance Corp.

AGM = Assured Guaranty Municipal

GTD = Guaranteed

See Accompanying Notes to Financial Statements.

110 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Small Cap Growth Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	90.3%
Information Technology	23.1%
Consumer Discretionary	22.2%
Health Care	15.7%
Financials	14.2%
Industrials	10.4%
Energy	2.8%
Consumer Staples	1.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	9.7%

Lipper Rankings

Category: Lipper Small-Cap Growth Funds	Rank	Percentile
1 Year	180/549	33
3 Year	291/485	60
5 Year	311/428	73
10 Year	89/305	30

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Ultimate Software Group, Inc. (The)	Information Technology	Application Software
Vail Resorts, Inc.	Consumer Discretionary	Leisure Facilities
Jack Henry & Associates, Inc.	Information Technology	Data Processing & Outsourced Services
SVB Financial Group	Financials	Regional Banks
Watsco, Inc.	Industrials	Trading Companies & Distributors
DexCom, Inc.	Health Care	Health Care Equipment
Bank of the Ozarks, Inc.	Financials	Regional Banks
AMN Healthcare Services, Inc.	Health Care	Health Care Services
Manhattan Associates, Inc.	Information Technology	Application Software
Monro Muffler Brake, Inc.	Consumer Discretionary	Automotive Retail

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 111

SCHEDULE OF INVESTMENTS

Ivy Small Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 0.5%
Zumiez, Inc. (A)		323	$	5,048
Apparel, Accessories & Luxury Goods – 3.9%
Carter’s, Inc.		161		14,566
Kate Spade & Co. (A)		511		9,758
Oxford Industries, Inc.		199		14,687
				39,011
Automotive Retail – 2.9%
CST Brands, Inc.		230		7,725
Monro Muffler Brake, Inc.		314		21,224
				28,949
Broadcasting – 0.3%
Townsquare Media, Inc. (A)		289		2,827
Distributors – 1.8%
Pool Corp.		258		18,661
General Merchandise Stores – 2.3%
Burlington Stores, Inc. (A)		388		19,783
Ollie’s Bargain Outlet Holdings, Inc. (A)		224		3,620
				23,403
Hotels, Resorts & Cruise Lines – 1.0%
La Quinta Holdings, Inc. (A)		629		9,925
Internet Retail – 0.8%
Travelport Worldwide Ltd.		592		7,829
Leisure Facilities – 3.4%
Vail Resorts, Inc.		330		34,576
Restaurants – 5.3%
Dave & Buster’s Entertainment, Inc. (A)		478		18,100
Fiesta Restaurant Group, Inc. (A)		410		18,579
Sonic Corp. (B)		759		17,419
				54,098
Total Consumer Discretionary – 22.2%				224,327
Consumer Staples
Packaged Foods & Meats – 1.9%
Amplify Snack Brands, Inc. (A)		128		1,371
Lance, Inc. (B)		535		18,039
				19,410
Total Consumer Staples – 1.9%				19,410
Energy
Oil & Gas Exploration & Production – 2.8%
Bonanza Creek Energy, Inc. (A)		390		1,586
Diamondback Energy, Inc. (A)		157		10,123

COMMON STOCKS (Continued)	Shares		Value
Oil & Gas Exploration & Production (Continued)
Matador Resources Co. (A)		200	$	4,142
RSP Permian, Inc. (A)		356		7,199
Viper Energy Partners L.P.		378		5,406
				28,456
Total Energy – 2.8%				28,456
Financials
Asset Management & Custody Banks – 2.6%
Financial Engines, Inc.		117		3,450
Janus Capital Group, Inc.		519		7,059
WisdomTree Investment, Inc.		979		15,783
				26,292
Consumer Finance – 0.6%
Portfolio Recovery Associates, Inc. (A)		119		6,301
Real Estate Services – 1.3%
RE/MAX Holdings, Inc., Class A		363		13,072
Regional Banks – 9.7%
Bank of the Ozarks, Inc.		575		25,149
Cathay General Bancorp		545		16,331
Home BancShares, Inc.		328		13,301
IBERIABANK Corp.		72		4,214
PrivateBancorp, Inc.		312		11,963
SVB Financial Group (A)		230		26,558
				97,516
Total Financials – 14.2%				143,181
Health Care
Biotechnology – 1.7%
Cepheid(A)		387		17,504
Health Care Equipment – 2.5%
DexCom, Inc. (A)		296		25,380
Health Care Facilities – 3.4%
Acadia Healthcare Co., Inc. (A)		128		8,483
AmSurg Corp. (A)		206		15,969
Surgical Care Affiliates, Inc. (A)		285		9,313
				33,765
Health Care Services – 4.1%
AMN Healthcare Services, Inc.(A)		794		23,828
Ensign Group, Inc. (The)		156		6,650
ExamWorks Group, Inc. (A)		381		11,150
				41,628
Health Care Supplies – 1.4%
Endologix, Inc. (A)		52		637
LDR Holding Corp. (A)		399		13,774
				14,411

COMMON STOCKS (Continued)	Shares		Value
Health Care Technology – 1.0%
Medidata Solutions, Inc. (A)		237	$	9,978
Life Sciences Tools & Services – 0.4%
Cambrex Corp.(A)		86		3,417
Pharmaceuticals – 1.2%
Akorn, Inc. (A)		238		6,779
Aratana Therapeutics, Inc. (A)		61		519
Intersect ENT, Inc. (A)		216		5,061
				12,359
Total Health Care – 15.7%				158,442
Industrials
Air Freight & Logistics – 0.9%
Hub Group, Inc. (A)		241		8,771
Building Products – 0.9%
Apogee Enterprises, Inc.		193		8,638
Construction Machinery & Heavy Trucks – 0.2%
Wabash National Corp. (A)		185		1,955
Human Resource & Employment Services – 0.6%
Kforce, Inc.		246		6,454
Office Services & Supplies – 1.8%
HNI Corp.		435		18,661
Trading Companies & Distributors – 4.0%
Rush Enterprises, Inc. (A)		615		14,888
Watsco, Inc. (B)		218		25,805
				40,693
Trucking – 2.0%
Covenant Transportation Group, Inc., Class A (A)		286		5,132
Knight Transportation, Inc.		448		10,740
Saia, Inc. (A)		150		4,635
				20,507
Total Industrials – 10.4%				105,679
Information Technology
Application Software – 12.0%
Descartes Systems Group, Inc. (The) (A)(C)		505		8,943
HubSpot, Inc. (A)		84		3,886
Manhattan Associates, Inc. (A)		344		21,419
Paycom Software, Inc. (A)		352		12,626
SS&C Technologies Holdings, Inc.		278		19,457
Tyler Technologies, Inc. (A)		122		18,141
Ultimate Software Group, Inc. (The) (A)(B)		209		37,422
				121,894

112 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Small Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Data Processing & Outsourced Services – 2.7%
Jack Henry & Associates, Inc. (B)		390	$	27,169
Electronic Manufacturing Services – 0.7%
Mercury Computer Systems, Inc. (A)		483		7,680
Internet Software & Services – 2.4%
Demandware, Inc. (A)		162		8,362
GrubHub, Inc. (A)		266		6,469
Textura Corp. (A)		363		9,379
				24,210
IT Consulting & Other Services – 2.6%
Booz Allen Hamilton Holding Corp.		392		10,264
CACI International, Inc., Class A (A)		106		7,834
Science Applications International Corp.		206		8,271
				26,369
Semiconductors – 2.0%
Microsemi Corp. (A)		329		10,804
Power Integrations, Inc. (B)		217		9,130
				19,934
Systems Software – 0.7%
Proofpoint, Inc. (A)		112		6,762
Total Information Technology – 23.1%				234,018
TOTAL COMMON STOCKS – 90.3%			$	913,513
(Cost: $708,025)

CSHORT-TERM SECURITIES	Principal		Value
Commercial Paper (D) – 10.5%
Air Products and Chemicals, Inc.,
0.160%, 10–20–15	$	10,000	$	9,999
Army & Air Force Exchange Service,
0.140%, 10–5–15		5,600		5,600
Baxter International, Inc.,
0.260%, 10–21–15		5,000		4,999
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
0.140%, 10–1–15		6,000		6,000
Danaher Corp.,
0.130%, 10–2–15		5,000		5,000
DTE Gas Co.,
0.280%, 10–5–15		10,000		10,000
E.I. du Pont de Nemours and Co.,
0.120%, 10–15–15		5,000		5,000
Ecolab, Inc.,
0.250%, 10–14–15		5,000		4,999
Kellogg Co.,
0.350%, 10–2–15		4,500		4,500
L Air Liquide S.A.,
0.170%, 10–1–15		1,822		1,822
NBCUniversal Enterprise, Inc.,
0.340%, 10–1–15		11,000		11,000
Northern Illinois Gas Co.,
0.310%, 10–7–15		17,600		17,599
Pfizer, Inc.,
0.100%, 11–17–15		10,000		9,999
St. Jude Medical, Inc.,
0.260%, 11–9–15		5,000		4,999
United Technologies Corp.,
0.250%, 10–14–15		5,000		4,999
				106,515

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.3%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (E)	$	2,692	$	2,692
TOTAL SHORT-TERM SECURITIES – 10.8%			$	109,207
(Cost: $109,204)
TOTAL INVESTMENT SECURITIES – 101.1%			$	1,022,720
(Cost: $817,229)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)%				(11,202	)
NET ASSETS – 100.0%			$	1,011,518

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $7,578 are held in collateralized accounts for OTC derivatives collateral as governed by International Swaps and Derivatives Association, Inc. Master Agreements.

(C) Listed on an exchange outside the United States.

(D) Rate shown is the yield to maturity at September 30, 2015.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following total return swap agreements were outstanding at September 30, 2015:

Counterparty	Number of Shares	Underlying Security	Termination Date		Notional Amount		Financing Fee(1)(2)		Unrealized Depreciation
JPMorgan Chase Bank N.A.	133,520	Biotech Custom Index		09/05/2016	$	17,596		1M LIBOR less 50 bps	$	(3,680	)

(1) The Fund pays the financing fee multiplied by the notional amount each month.

(2) At the termination date, a net cash flow is exchanged where the market-linked total return is equivalent to the return of the underlying security less a financing rate, if any. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a negative total return.

2015 SEMIANNUAL REPORT 113

SCHEDULE OF INVESTMENTS

Ivy Small Cap Growth Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	913,513	$	—	$	—
Short-Term Securities		—		109,207		—
Total	$	913,513	$	109,207	$	—
Liabilities
Total Return Swaps	$	—	$	3,681	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

GTD = Guarenteed

OTC = Over the Counter

See Accompanying Notes to Financial Statements.

114 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Small Cap Value Fund

ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	96.4%
Financials	26.2%
Consumer Discretionary	16.5%
Industrials	16.2%
Consumer Staples	11.1%
Materials	9.6%
Information Technology	6.7%
Utilities	5.0%
Health Care	3.4%
Energy	1.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.6%

Lipper Rankings

Category: Lipper Small-Cap Value Funds	Rank	Percentile
1 Year	151/306	50
3 Year	130/260	50
5 Year	158/222	71
10 Year	78/142	55

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Flotek Industries, Inc.	Materials	Specialty Chemicals
BankUnited, Inc.	Financials	Regional Banks
B&G Foods, Inc.	Consumer Staples	Packaged Foods & Meats
Krispy Kreme Doughnuts, Inc.	Consumer Discretionary	Restaurants
LifePoint Health, Inc.	Health Care	Health Care Facilities
Matson, Inc.	Industrials	Marine
Diamond Foods, Inc.	Consumer Staples	Packaged Foods & Meats
Monro Muffler Brake, Inc.	Consumer Discretionary	Automotive Retail
Masonite International Corp.	Industrials	Building Products
Southwest Gas Corp.	Utilities	Gas Utilities

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 115

SCHEDULE OF INVESTMENTS

Ivy Small Cap Value Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 0.6%
Men’s Wearhouse, Inc. (The)		36	$	1,531
Automotive Retail – 2.8%
Monro Muffler Brake, Inc.		106		7,160
Homebuilding – 1.5%
Beazer Homes USA, Inc. (A)		279		3,724
Internet Retail – 5.1%
FTD Co., Inc. (A)		133		3,958
NutriSystem, Inc.		177		4,697
Travelport Worldwide Ltd.		337		4,449
				13,104
Leisure Products – 0.8%
Callaway Golf Co.		243		2,025
Movies & Entertainment – 2.3%
Carmike Cinemas, Inc. (A)		298		5,987
Restaurants – 3.4%
Krispy Kreme Doughnuts, Inc. (A)		586		8,572
Total Consumer Discretionary – 16.5%				42,103
Consumer Staples
Food Retail – 2.3%
Smart & Final Stores, Inc. (A)		379		5,960
Packaged Foods & Meats – 8.8%
B&G Foods, Inc.		253		9,222
Diamond Foods, Inc. (A)		234		7,206
TreeHouse Foods, Inc. (A)		77		5,990
				22,418
Total Consumer Staples – 11.1%				28,378
Energy
Oil & Gas Exploration & Production – 1.7%
Laredo Petroleum Holdings, Inc. (A)		467		4,401
Total Energy – 1.7%				4,401
Financials
Consumer Finance – 2.7%
Portfolio Recovery Associates, Inc. (A)		128		6,795
Investment Banking & Brokerage – 2.2%
Greenhill & Co., Inc.		201		5,722
Property & Casualty Insurance – 2.1%
Argo Group International Holdings Ltd.		95		5,378

COMMON STOCKS (Continued)	Shares		Value
Regional Banks – 13.2%
BankUnited, Inc.		259	$	9,259
First Horizon National Corp.		246		3,482
PrivateBancorp, Inc.		99		3,795
Synovus Financial Corp.		193		5,715
Webster Financial Corp.		191		6,798
Western Alliance Bancorporation (A)		155		4,751
				33,800
Reinsurance – 4.5%
Endurance Specialty Holdings Ltd.		79		4,791
Reinsurance Group of America, Inc.		73		6,604
				11,395
Retail REITs – 1.5%
Kite Realty Group Trust		163		3,876
Total Financials – 26.2%				66,966
Health Care
Health Care Facilities – 3.4%
HealthSouth Corp.		18		675
LifePoint Health, Inc. (A)		112		7,955
				8,630
Total Health Care – 3.4%				8,630
Industrials
Aerospace & Defense – 0.6%
KLX, Inc. (A)		38		1,362
Building Products – 4.3%
Continental Building Products, Inc. (A)		190		3,911
Masonite International Corp. (A)		115		6,985
				10,896
Commercial Printing – 1.7%
Deluxe Corp.		78		4,359
Diversified Support Services – 1.4%
G&K Services, Inc. (A)		54		3,578
Industrial Machinery – 2.6%
CLARCOR, Inc.		48		2,288
Woodward, Inc.		107		4,347
				6,635
Marine – 4.2%
Kirby Corp. (A)		52		3,228
Matson, Inc.		195		7,521
				10,749
Office Services & Supplies – 1.4%
Avery Dennison Corp.		64		3,615
Total Industrials – 16.2%				41,194

COMMON STOCKS (Continued)	Shares		Value
Information Technology
Electronic Manufacturing Services – 0.8%
Plexus Corp. (A)		55	$	2,114
Home Entertainment Software – 2.7%
Take-Two Interactive Software, Inc. (A)		234		6,723
Semiconductor Equipment – 0.9%
Teradyne, Inc.		129		2,319
Semiconductors – 1.2%
Fairchild Semiconductor International, Inc. (A)		218		3,054
Technology Distributors – 1.1%
Ingram Micro, Inc., Class A		103		2,803
Total Information Technology – 6.7%				17,013
Materials
Aluminum – 1.8%
Kaiser Aluminum Corp.		58		4,647
Paper Products – 1.7%
Schweitzer-Mauduit International, Inc.		125		4,287
Specialty Chemicals – 4.7%
Flotek Industries, Inc. (A)		723		12,068
Steel – 1.4%
Allegheny Technologies, Inc.		249		3,529
Total Materials – 9.6%				24,531
Utilities
Electric Utilities – 2.3%
Great Plains Energy, Inc.		212		5,734
Gas Utilities – 2.7%
Southwest Gas Corp.		118		6,891
Total Utilities – 5.0%				12,625
TOTAL COMMON STOCKS – 96.4%			$	245,841
(Cost: $236,638)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 1.9%
United Technologies Corp., 0.250%, 10–14–15	$	5,000		5,000

116 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Small Cap Value Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.6%
Toyota Motor Credit Corp., 0.200%,    10–7–15 (C)	$	1,452	$	1,452
TOTAL SHORT-TERM SECURITIES – 2.5%			$	6,452
(Cost: $6,451)
TOTAL INVESTMENT SECURITIES – 98.9%			$	252,293
(Cost: $243,089)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.1%				2,877
NET ASSETS – 100.0%			$	255,170

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the yield to maturity at September 30, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	245,841	$	—	$	—
Short-Term Securities		—		6,452		—
Total	$	245,841	$	6,452	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 117

PORTFOLIO HIGHLIGHTS

Ivy Tax-Managed Equity Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	92.2%
Information Technology	27.4%
Health Care	22.3%
Consumer Discretionary	20.9%
Industrials	10.6%
Consumer Staples	7.5%
Telecommunication Services	2.1%
Energy	1.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	7.8%

Lipper Rankings

Category: Lipper Large-Cap Growth Funds	Rank	Percentile
1 Year	193/675	29
3 Year	110/603	19
5 Year	235/540	44

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
Amazon.com, Inc.	Consumer Discretionary	Internet Retail
Allergan plc	Health Care	Pharmaceuticals
Apple, Inc.	Information Technology	Technology Hardware, Storage & Peripherals
salesforce.com, Inc.	Information Technology	Application Software
Limited Brands, Inc.	Consumer Discretionary	Apparel Retail
Verisk Analytics, Inc., Class A	Industrials	Research & Consulting Services
Shire Pharmaceuticals Group plc ADR	Health Care	Pharmaceuticals
Visa, Inc., Class A	Information Technology	Data Processing & Outsourced Services
Facebook, Inc., Class A	Information Technology	Internet Software & Services
Adobe Systems, Inc.	Information Technology	Application Software

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

118 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Tax-Managed Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Apparel Retail – 3.3%
Limited Brands, Inc.		32	$	2,875
Cable & Satellite – 3.8%
Comcast Corp., Class A		27		1,547
Time Warner Cable, Inc.		10		1,740
				3,287
Casinos & Gaming – 0.5%
Las Vegas Sands, Inc.		11		413
Footwear – 2.2%
NIKE, Inc., Class B		15		1,901
Hotels, Resorts & Cruise Lines – 1.2%
Hilton Worldwide Holdings, Inc.		44		1,009
Internet Retail – 7.6%
Amazon.com, Inc. (A)		8		3,942
JD.com, Inc. ADR (A)		27		700
priceline.com, Inc. (A)		2		1,855
				6,497
Leisure Products – 2.3%
Polaris Industries, Inc.		16		1,960
Total Consumer Discretionary – 20.9%				17,942
Consumer Staples
Brewers – 1.0%
Anheuser-Busch InBev S.A. ADR		9		906
Food Retail – 1.4%
Casey’s General Stores, Inc.		11		1,173
Hypermarkets & Super Centers – 1.2%
Costco Wholesale Corp.		7		1,006
Packaged Foods & Meats – 2.0%
Blue Buffalo Pet Products, Inc. (A)		40		724
Mead Johnson Nutrition Co.		14		1,017
				1,741
Personal Products – 1.2%
Estee Lauder Co., Inc. (The), Class A		13		1,013
Tobacco – 0.7%
Philip Morris International, Inc.		8		641
Total Consumer Staples – 7.5%				6,480

COMMON STOCKS (Continued)	Shares		Value
Energy
Oil & Gas Equipment & Services – 1.4%
Halliburton Co.		18	$	641
Schlumberger Ltd.		8		569
				1,210
Total Energy – 1.4%				1,210
Health Care
Biotechnology – 9.1%
ACADIA Pharmaceuticals, Inc. (A)		23		775
Alexion Pharmaceuticals, Inc. (A)		11		1,673
Biogen, Inc. (A)		4		1,269
Gilead Sciences, Inc.		16		1,594
Incyte Corp. (A)		11		1,247
PTC Therapeutics, Inc. (A)		13		358
Vertex Pharmaceuticals, Inc. (A)		9		896
				7,812
Health Care Facilities – 1.2%
HCA Holdings, Inc. (A)		14		1,091
Pharmaceuticals – 12.0%
Allergan plc (A)		13		3,494
Aratana Therapeutics, Inc. (A)		52		436
Bristol-Myers Squibb Co.		29		1,705
Shire Pharmaceuticals Group plc ADR		13		2,668
Teva Pharmaceutical Industries Ltd. ADR		36		2,021
				10,324
Total Health Care – 22.3%				19,227
Industrials
Aerospace & Defense – 1.9%
Boeing Co. (The)		13		1,668
Railroads – 3.3%
Kansas City Southern		15		1,350
Union Pacific Corp.		17		1,476
				2,826
Research & Consulting Services – 3.1%
Verisk Analytics, Inc., Class A (A)		36		2,694
Trucking – 2.3%
J.B. Hunt Transport Services, Inc.		27		1,957
Total Industrials – 10.6%				9,145
Information Technology
Application Software – 6.2%
Adobe Systems, Inc. (A)		30		2,442
salesforce.com, Inc. (A)		42		2,916
				5,358

COMMON STOCKS (Continued)	Shares		Value
Communications Equipment – 0.5%
F5 Networks, Inc. (A)		3	$	394
Data Processing & Outsourced Services –9.4%
Alliance Data Systems Corp. (A)		7		1,748
FleetCor Technologies, Inc. (A)		10		1,431
MasterCard, Inc., Class A		26		2,361
Visa, Inc., Class A		37		2,586
				8,126
Internet Software & Services – 6.7%
Facebook, Inc., Class A (A)		28		2,496
Google, Inc., Class A (A)		3		2,138
Google, Inc., Class C (A)		2		1,160
				5,794
Semiconductor Equipment – 0.8%
Applied Materials, Inc.		45		658
Technology Hardware, Storage & Peripherals – 3.8%
Apple, Inc.		29		3,235
Total Information Technology – 27.4%				23,565
Telecommunication Services
Wireless Telecommunication Service – 2.1%
SBA Communications Corp. (A)		17		1,771
Total Telecommunication Services – 2.1%				1,771
TOTAL COMMON STOCKS – 92.2%			$	79,340
(Cost: $66,283)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 4.7%
Wisconsin Electric Power Co., 0.290%, 10–1–15	$	4,041		4,041
Master Note – 4.0%
Toyota Motor Credit Corp.,
0.200%, 10–7–15 (C)		3,450		3,450
TOTAL SHORT-TERM SECURITIES – 8.7%			$	7,491
(Cost: $7,491)
TOTAL INVESTMENT SECURITIES – 100.9%			$	86,831
(Cost: $73,774)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.9)%				(794	)
NET ASSETS – 100.0%			$	86,037

2015 SEMIANNUAL REPORT 119

SCHEDULE OF INVESTMENTS

Ivy Tax-Managed Equity Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the yield to maturity at September 30, 2015.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	79,340	$	—	$	—
Short-Term Securities		—		7,491		—
Total	$	79,340	$	7,491	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

See Accompanying Notes to Financial Statements.

120 SEMIANNUAL REPORT 2015

PORTFOLIO HIGHLIGHTS

Ivy Value Fund ALL DATA IS AS OF SEPTEMBER 30, 2015 (UNAUDITED)

Asset Allocation

Stocks	94.2%
Financials	29.6%
Consumer Discretionary	16.8%
Information Technology	14.3%
Consumer Staples	11.3%
Health Care	11.2%
Energy	5.4%
Utilities	3.2%
Materials	2.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	5.8%

Lipper Rankings

Category: Lipper Large-Cap Value Funds	Rank	Percentile
1 Year	404/516	79
3 Year	89/455	20
5 Year	191/406	47
10 Year	99/298	34

Past performance is no guarantee of future results. Rankings are for Class A shares and are based on average annual total returns, but do not consider sales charges. Rankings for other share classes may vary.

Top 10 Equity Holdings

Company	Sector	Industry
American International Group, Inc.	Financials	Multi-Line Insurance
Citigroup, Inc.	Financials	Other Diversified Financial Services
Capital One Financial Corp.	Financials	Consumer Finance
Microsoft Corp.	Information Technology	Systems Software
JPMorgan Chase & Co.	Financials	Other Diversified Financial Services
Western Digital Corp.	Information Technology	Technology Hardware, Storage & Peripherals
Exelon Corp.	Utilities	Electric Utilities
Philip Morris International, Inc.	Consumer Staples	Tobacco
Time Warner Cable, Inc.	Consumer Discretionary	Cable & Satellite
Magna International, Inc.	Consumer Discretionary	Auto Parts & Equipment

See your advisor or www.ivyfunds.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2015 SEMIANNUAL REPORT 121

SCHEDULE OF INVESTMENTS

Ivy Value Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Auto Parts & Equipment – 2.8%
Magna International, Inc.		169	$	8,104
Cable & Satellite – 5.6%
Comcast Corp., Class A		138		7,866
Time Warner Cable, Inc.(A)		46		8,269
				16,135
Casinos & Gaming – 2.3%
Las Vegas Sands, Inc.		174		6,622
Department Stores – 2.1%
Macy’s, Inc.		117		5,984
Homebuilding – 1.7%
Pulte Homes, Inc.		257		4,848
Hotels, Resorts & Cruise Lines – 2.3%
Wyndham Worldwide Corp.		93		6,715
Total Consumer Discretionary – 16.8%				48,408
Consumer Staples
Agricultural Products – 2.6%
Ingredion, Inc.		87		7,622
Brewers – 2.4%
Molson Coors Brewing Co., Class B(A)		84		6,982
Drug Retail – 1.6%
CVS Caremark Corp.		46		4,458
Soft Drinks – 1.7%
Coca-Cola Enterprises, Inc.		102		4,927
Tobacco – 3.0%
Philip Morris International, Inc.(A)		109		8,607
Total Consumer Staples – 11.3%				32,596
Energy
Oil & Gas Refining & Marketing – 3.9%
Marathon Petroleum Corp.(A)		166		7,695
NuStar Energy L.P.		79		3,559
				11,254
Oil & Gas Storage & Transportation – 1.5%
VTTI Energy Partners L.P.		221		4,323
Total Energy – 5.4%				15,577
Financials
Asset Management & Custody Banks – 2.0%
State Street Corp.		86		5,787

COMMON STOCKS (Continued)	Shares		Value
Consumer Finance – 4.4%
Capital One Financial Corp.		175	$	12,684
Life & Health Insurance – 2.2%
MetLife, Inc.		132		6,229
Multi-Line Insurance – 6.0%
American International Group, Inc.		306		17,364
Other Diversified Financial Services – 8.6%
Citigroup, Inc.(A)		279		13,861
JPMorgan Chase & Co.		178		10,840
				24,701
Property & Casualty Insurance – 2.8%
Allstate Corp. (The)		139		8,072
Regional Banks – 0.9%
First Republic Bank		43		2,674
Reinsurance – 2.7%
Reinsurance Group of America, Inc.		85		7,664
Total Financials – 29.6%				85,175
Health Care
Biotechnology – 2.4%
Amgen, Inc.		50		6,930
Health Care Facilities – 2.7%
HCA Holdings, Inc.(B)		98		7,589
Managed Health Care – 3.8%
Anthem, Inc.		24		3,402
Cigna Corp.		12		1,580
Humana, Inc.		34		6,032
				11,014
Pharmaceuticals – 2.3%
Teva Pharmaceutical Industries Ltd. ADR		116		6,560
Total Health Care – 11.2%				32,093
Information Technology
Semiconductor Equipment – 2.2%
Lam Research Corp.		95		6,226
Semiconductors – 2.2%
Micron Technology, Inc.(B)		420		6,292
Systems Software – 4.2%
Microsoft Corp.		275		12,149
Technology Hardware, Storage & Peripherals – 5.7%
SanDisk Corp.(A)		133		7,215
Western Digital Corp.		118		9,334
				16,549
Total Information Technology – 14.3%				41,216

COMMON STOCKS (Continued)	Shares		Value
Materials
Diversified Chemicals – 2.4%
Dow Chemical Co. (The)		163	$	6,903
Total Materials – 2.4%				6,903
Utilities
Electric Utilities – 3.2%
Exelon Corp.		309		9,171
Total Utilities – 3.2%				9,171
TOTAL COMMON STOCKS – 94.2%			$	271,139
(Cost: $258,183)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 4.0%
J.M. Smucker Co. (The), 0.280%, 10–1–15	$	4,519		4,519
L Air Liquide S.A.: 0.180%, 10–2–15		2,000		2,000
0.200%, 10–9–15		5,000		5,000
				11,519
Master Note – 1.2%
Toyota Motor Credit Corp., 0.200%, 10–7–15 (D)		3,514		3,514
TOTAL SHORT-TERM SECURITIES – 5.2%			$	15,033
(Cost: $15,033)
TOTAL INVESTMENT SECURITIES – 99.4%			$	286,172
(Cost: $273,216)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%				1,718
NET ASSETS – 100.0%			$	287,890

122 SEMIANNUAL REPORT 2015

SCHEDULE OF INVESTMENTS

Ivy Value Fund (in thousands) SEPTEMBER 30, 2015 (UNAUDITED)

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $8,592 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(B) No dividends were paid during the preceding 12 months.

(C) Rate shown is the yield to maturity at September 30, 2015.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2015. Date shown represents the date that the variable rate resets.

The following written options were outstanding at September 30, 2015 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type	Number of Contracts		Expiration Month		Exercise Price		Premium Received		Value
Energizer Holdings, Inc.	Deutsche Bank AG	Put		367		November 2015	$	30.00	$	73	$	(8	)
First Republic Bank	N/A	Put		107		November 2015		55.00		13		(7	)
JPMorgan Chase & Co.	N/A	Put		144		December 2015		55.00		14		(18	)
Molson Coors Brewing Co., Class B	N/A	Call		172		November 2015		90.00		42		(39	)
Philip Morris International, Inc.	N/A	Call		186		October 2015		85.50		9		(4	)
Time Warner Cable, Inc.	N/A	Call		82		October 2015		195.00		31		(6	)
	N/A	Call		80		October 2015		200.00		16		(3	)
VTTI Energy Partners L.P.	Goldman Sachs International	Put		490		October 2015		20.00		15		(59	)
									$	213	$	(144	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2015. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	271,139	$	—	$	—
Short-Term Securities		—		15,033		—
Total	$	271,139	$	15,033	$	—
Liabilities
Written Options	$	66	$	78	$	—

During the period ended September 30, 2015, there were no transfers between Level 1 and 2.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 123

STATEMENTS OF ASSETS AND LIABILITIES

Ivy Funds AS OF SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Bond Fund			Ivy Core Equity Fund		Ivy Cundill Global Value Fund			Ivy Dividend Opportunities Fund			Ivy Emerging Markets Equity Fund(1)			Ivy European Opportunities Fund			Ivy Global Bond Fund
ASSETS
Investments in unaffiliated securities at value+	$	768,022		$	1,055,691	$	246,348		$	366,201		$	478,723		$	226,038		$	214,369
Investments at Value		768,022			1,055,691		246,348			366,201			478,723			226,038			214,369
Cash		—	*		1		729			1			1,473			1			33
Cash denominated in foreign currencies at value+		—			—		—	*		—			53,403			—			—
Restricted cash		—			—		—			—			8,261			—			—
Investment securities sold receivable		20,478			6,684		11			—			—			1,435			223
Dividends and interest receivable		5,338			1,342		958			739	��		222			435			2,931
Capital shares sold receivable		1,877			1,093		109			205			2,503			390			277
Receivable from affiliates		4			302		2			6			267			—			328
Unrealized appreciation on forward foreign currency contracts		—			—		374			—			—			—			28
Variation margin receivable		52			—		—			—			—			—			—
Prepaid and other assets		64			73		46			54			74			243			41
Total Assets		795,835			1,065,186		248,577			367,206			544,926			228,542			218,230
LIABILITIES
Investment securities purchased payable		38,630			5,801		1,243			—			972			2,208			—
Capital shares redeemed payable		1,270			2,401		454			704			1,004			304			569
Distributions payable		150			—		—			—			—			—			—
Independent Trustees and Chief Compliance Officer fees payable		74			107		117			29			73			74			9
Distribution and service fees payable		6			9		2			3			4			2			2
Shareholder servicing payable		169			241		122			106			205			86			83
Investment management fee payable		11			20		6			7			14			6			4
Accounting services fee payable		16			23		8			11			14			8			8
Unrealized depreciation on forward foreign currency contracts		—			—		422			—			868			116			—
Written options at value+		—			—		—			—			8,644			—			—
Other liabilities		73			19		13			10			38			12			13
Total Liabilities		40,399			8,621		2,387			870			11,836			2,816			688
Total Net Assets	$	755,436		$	1,056,565	$	246,190		$	366,336		$	533,090		$	225,726		$	217,542
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	776,627		$	923,957	$	266,748		$	290,756		$	603,207		$	340,375		$	246,126
Undistributed (distributions in excess of) net investment income		(589	)		1,110		1,555			1,670			5,462			1,143			1,784
Accumulated net realized gain (loss)		(20,903	)		66,391		(13,748	)		31,202			(60,035	)		(121,964	)		(6,595	)
Net unrealized appreciation (depreciation)		301			65,107		(8,365	)		42,708			(15,544	)		6,172			(23,773	)
Total Net Assets	$	755,436		$	1,056,565	$	246,190		$	366,336		$	533,090		$	225,726		$	217,542
CAPITAL SHARES OUTSTANDING:
Class A		67,325			41,891		15,234			15,812			27,897			5,910			16,021
Class B		534			820		120			515			439			43			354
Class C		2,504			11,681		1,066			2,574			2,776			404			2,730
Class E		345			721		57			274			15			3			N/A
Class I		720			13,891		244			1,137			7,867			1,689			4,401
Class R		51			180		19			18			197			11			51
Class R6		142			2,802		74			27			443			67			40
Class Y		218			8,167		128			450			530			82			341
NET ASSET VALUE PER SHARE:
Class A		$10.52			$13.05		$14.59			$17.64			$13.34			$27.52			$9.09
Class B		$10.52			$11.24		$13.34			$17.33			$11.15			$25.50			$9.08
Class C		$10.52			$11.57		$13.70			$17.42			$11.64			$26.06			$9.09
Class E		$10.52			$12.99		$14.66			$17.58			$13.50			$27.72			N/A
Class I		$10.52			$14.34		$14.99			$17.69			$13.69			$27.77			$9.09
Class R		$10.52			$12.98		$14.54			$17.62			$13.29			$27.49			$9.07
Class R6		$10.52			$14.37		$15.01			$17.72			$13.74			$27.90			$9.09
Class Y		$10.52			$13.99		$14.82			$17.67			$13.58			$27.72			$9.09
+COST
Investments in unaffiliated securities at cost	$	767,447		$	990,584	$	254,535		$	323,493		$	489,252		$	219,713		$	238,118
Cash denominated in foreign currencies at cost		—			—		—			—			54,514			—			—
Written options premiums received at cost		—			—		—			—			5,605			—			—

* Not shown due to rounding.

(1) Consolidated Statement of Assets and Liabilities (See Note 6 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

124 SEMIANNUAL REPORT 2015

STATEMENTS OF ASSETS AND LIABILITIES

Ivy Funds AS OF SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Global Equity Income Fund			Ivy Global Growth Fund			Ivy Global Income Allocation Fund			Ivy High Income Fund			Ivy International Core Equity Fund			Ivy Large Cap Growth Fund			Ivy Limited- Term Bond Fund
ASSETS
Investments in unaffiliated securities at value+	$	281,176		$	481,163		$	713,874		$	6,383,407		$	4,000,703		$	1,628,500		$	1,707,151
Investments in affiliated securities at value+		—			—			—			28,140			—			—			—
Investments at Value		281,176			481,163			713,874			6,411,547			4,000,703			1,628,500			1,707,151
Cash		65			1			444			20,335			1,124			1			1
Cash denominated in foreign currencies at value+		—			—	*		107			48			3,061			—			—
Restricted cash		—			—			—			4,110			73			—			—
Investment securities sold receivable		6,029			5			11,017			69,799			34,619			18,918			—
Dividends and interest receivable		1,009			862			7,053			129,046			11,949			527			13,994
Capital shares sold receivable		315			1,726			1,165			9,677			18,304			2,562			25,119
Receivable from affiliates		66			—			4			31			5			98			1
Unrealized appreciation on forward foreign currency contracts		40			—			195			412			—			—			—
Prepaid and other assets		49			57			58			146			146			78			85
Total Assets		288,749			483,814			733,917			6,645,151			4,069,984			1,650,684			1,746,351
LIABILITIES
Investment securities purchased payable		6,342			—			2,128			26,281			—			17,169			6,250
Capital shares redeemed payable		711			458			2,869			35,841			10,371			2,039			3,825
Distributions payable		—			—			—			3,823			—			—			159
Independent Trustees and Chief Compliance Officer fees payable		3			88			44			195			81			128			74
Distribution and service fees payable		2			3			6			62			20			11			14
Shareholder servicing payable		86			159			212			1,573			828			373			307
Investment management fee payable		5			11			14			94			88			30			21
Accounting services fee payable		8			12			18			23			23			23			23
Unrealized depreciation on forward foreign currency contracts		149			—			232			100			8,473			—			—
Unrealized depreciation on swap agreements		—			—			—			456			—			—			—
Other liabilities		18			18			27			118			90			30			33
Total Liabilities		7,324			749			5,550			68,566			19,974			19,803			10,706
Total Net Assets	$	281,425		$	483,065		$	728,367		$	6,576,585		$	4,050,010		$	1,630,881		$	1,735,645
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	285,133		$	448,209		$	820,192		$	7,392,620		$	4,297,704		$	1,121,766		$	1,750,284
Undistributed (distributions in excess of) net investment income		853			569			5,887			(3	)		23,841			(3,797	)		(250	)
Accumulated net realized gain (loss)		5,105			10,976			(19,536	)		(80,165	)		45,136			74,937			(23,063	)
Net unrealized appreciation (depreciation)		(9,666	)		23,311			(78,176	)		(735,867	)		(316,671	)		437,975			8,674
Total Net Assets	$	281,425		$	483,065		$	728,367		$	6,576,585		$	4,050,010		$	1,630,881		$	1,735,645
CAPITAL SHARES OUTSTANDING:
Class A		19,890			9,372			44,505			340,283			89,917			60,436			140,384
Class B		148			76			320			14,700			781			687			1,066
Class C		1,131			661			3,326			181,085			16,074			5,635			11,350
Class E		N/A			3			184			1,201			312			538			350
Class I		1,625			1,979			4,377			261,603			103,657			14,617			5,218
Class R		22			36			18			8,397			1,671			1,186			87
Class R6		105			60			126			2,696			9,219			333			230
Class Y		356			279			117			71,102			32,002			6,504			1,679
NET ASSET VALUE PER SHARE:
Class A		$12.09			$38.94			$13.75			$7.46			$16.01			$18.17			$10.82
Class B		$12.08			$34.09			$13.51			$7.46			$14.24			$14.90			$10.82
Class C		$12.09			$34.20			$13.59			$7.46			$14.28			$15.83			$10.82
Class E		N/A			$39.07			$13.76			$7.46			$16.09			$18.15			$10.82
Class I		$12.10			$39.47			$13.86			$7.46			$16.13			$18.87			$10.82
Class R		$12.10			$38.80			$13.75			$7.46			$15.99			$17.71			$10.82
Class R6		$12.11			$39.56			$13.87			$7.46			$16.19			$18.91			$10.82
Class Y		$12.09			$39.06			$13.81			$7.46			$16.12			$18.53			$10.82
+COST
Investments in unaffiliated securities at cost	$	290,710		$	457,798		$	791,934		$	7,113,756		$	4,308,676		$	1,190,525		$	1,698,477
Investments in affiliated securities at cost		—			—			—			33,491			—			—			—
Cash denominated in foreign currencies at cost		—			—			107			48			3,100			—			—

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 125

STATEMENTS OF ASSETS AND LIABILITIES

Ivy Funds AS OF SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Managed International Opportunities Fund			Ivy Micro Cap Growth Fund			Ivy Mid Cap Growth Fund			Ivy Mid Cap Income Opportunities Fund			Ivy Money Market Fund			Ivy Municipal Bond Fund			Ivy Municipal High Income Fund
ASSETS
Investments in unaffiliated securities at value+	$	364		$	191,598		$	4,192,870		$	69,853		$	200,215		$	178,496		$	1,261,722
Investments in affiliated securities at value+		204,841			—			—			—			—			—			4,210
Investments at Value		205,205			191,598			4,192,870			69,853			200,215			178,496			1,265,932
Cash		1			1			1			2			4			1			343
Restricted cash		—			—			—			—			—			—			554
Investment securities sold receivable		80			95			32,434			—			—			—			—
Dividends and interest receivable		—	*		54			2,717			129			35			1,959			20,718
Capital shares sold receivable		115			177			8,288			153			1,060			2,971			6,323
Receivable from affiliates		1			—			3			130			528			—	*		7
Variation margin receivable		—			—			—			—			—			—			92
Prepaid and other assets		38			39			96			70			38			43			62
Total Assets		205,440			191,964			4,236,409			70,337			201,880			183,470			1,294,031
LIABILITIES
Investment securities purchased payable		40			1,342			17,046			829			—			—			3,970
Capital shares redeemed payable		214			233			9,880			164			1,442			179			1,388
Distributions payable		—			—			—			—			1			32			381
Independent Trustees and Chief Compliance Officer fees payable		13			4			104			—	*		27			13			27
Distribution and service fees payable		2			1			20			—	*		1			2			9
Shareholder servicing payable		36			78			1,056			15			35			24			175
Investment management fee payable		—	*		5			93			2			2			2			17
Accounting services fee payable		5			8			23			4			6			6			22
Written options at value+		—			—			12,948			—			—			—			—
Other liabilities		8			11			59			1			5			6			17
Total Liabilities		318			1,682			41,229			1,015			1,519			264			6,006
Total Net Assets	$	205,122		$	190,282		$	4,195,180		$	69,322		$	200,361		$	183,206		$	1,288,025
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	216,219		$	169,691		$	3,606,553		$	72,740		$	200,387		$	175,264		$	1,267,391
Undistributed (distributions in excess of) net investment income		(122	)		(2,318	)		(10,410	)		216			—			134			2,992
Accumulated net realized gain (loss)		(40,522	)		11,395			417,066			(1,532	)		(26	)		(3,062	)		(15,820	)
Net unrealized appreciation (depreciation)		29,547			11,514			181,971			(2,102	)		—			10,870			33,462
Total Net Assets	$	205,122		$	190,282		$	4,195,180		$	69,322		$	200,361		$	183,206		$	1,288,025
CAPITAL SHARES OUTSTANDING:
Class A		20,677			7,315			42,593			4,930			147,692			12,635			68,866
Class B		200			85			1,160			N/A			5,864			176			2,644
Class C		539			423			16,635			284			40,962			1,998			43,352
Class E		44			N/A			353			201			5,869			N/A			N/A
Class I		113			671			105,591			671			N/A			461			127,560
Class R		56			31			3,766			201			N/A			N/A			N/A
Class R6		N/A			109			2,112			249			N/A			N/A			N/A
Class Y		98			68			26,598			401			N/A			55			3,251
NET ASSET VALUE PER SHARE:
Class A		$9.45			$21.87			$20.57			$9.99			$1.00			$11.95			$5.24
Class B		$9.22			$20.87			$17.35			N/A			$1.00			$11.95			$5.24
Class C		$9.25			$21.14			$18.26			$9.99			$1.00			$11.95			$5.24
Class E		$9.46			N/A			$20.09			$10.00			$1.00			N/A			N/A
Class I		$9.49			$22.27			$21.78			$10.00			N/A			$11.95			$5.24
Class R		$9.42			$21.81			$20.23			$9.99			N/A			N/A			N/A
Class R6		N/A			$22.34			$21.83			$10.00			N/A			N/A			N/A
Class Y		$9.44			$22.51			$21.30			$9.99			N/A			$11.95			$5.24
+COST
Investments in unaffiliated securities at cost	$	364		$	180,084		$	4,006,063		$	71,955		$	200,215		$	167,626		$	1,228,730
Investments in affiliated securities at cost		175,294			—			—			—			—			—			3,634
Written options premiums received at cost		—			—			8,112			—			—			—			—

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

126 SEMIANNUAL REPORT 2015

STATEMENTS OF ASSETS AND LIABILITIES

Ivy Funds AS OF SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Small Cap Growth Fund			Ivy Small Cap Value Fund		Ivy Tax- Managed Equity Fund			Ivy Value Fund
ASSETS
Investments in unaffiliated securities at value+	$	1,022,720		$	252,293	$	86,831		$	286,172
Investments at Value		1,022,720			252,293		86,831			286,172
Cash		1			1		1			1
Investment securities sold receivable		5,923			5,339		333			2,147
Dividends and interest receivable		69			199		51			428
Capital shares sold receivable		1,025			78		337			227
Receivable from affiliates		6			—		—	*		—
Prepaid and other assets		63			47		38			50
Total Assets		1,029,807			257,957		87,591			289,025
LIABILITIES
Investment securities purchased payable		8,996			2,206		1,481			590
Capital shares redeemed payable		1,789			412		48			253
Independent Trustees and Chief Compliance Officer fees payable		181			33		1			20
Distribution and service fees payable		10			2		1			2
Shareholder servicing payable		272			108		14			100
Investment management fee payable		24			6		1			6
Accounting services fee payable		23			8		4			11
Unrealized depreciation on swap agreements		3,680			—		—			—
Written options at value+		—			—		—			144
Other liabilities		3,314			12		4			9
Total Liabilities		18,289			2,787		1,554			1,135
Total Net Assets	$	1,011,518		$	255,170	$	86,037		$	287,890
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	696,315		$	214,206	$	70,228		$	244,127
Undistributed (distributions in excess of) net investment income		(5,044	)		2,263		(170	)		5,190
Accumulated net realized gain		118,437			29,497		2,922			25,548
Net unrealized appreciation		201,810			9,204		13,057			13,025
Total Net Assets	$	1,011,518		$	255,170	$	86,037		$	287,890
CAPITAL SHARES OUTSTANDING:
Class A		20,210			12,805		4,083			11,488
Class B		642			182		65			168
Class C		12,239			1,078		199			899
Class E		342			8		N/A			7
Class I		9,337			1,544		250			411
Class R		2,588			133		N/A			15
Class R6		1,005			194		N/A			68
Class Y		11,358			318		47			82
NET ASSET VALUE PER SHARE:
Class A		$16.82			$15.71		$18.56			$21.97
Class B		$13.68			$13.44		$17.93			$20.59
Class C		$14.58			$14.11		$17.89			$21.26
Class E		$16.71			$16.15		N/A			$22.08
Class I		$20.50			$16.66		$18.73			$22.10
Class R		$16.66			$15.67		N/A			$21.92
Class R6		$20.54			$16.74		N/A			$22.17
Class Y		$19.68			$16.31		$18.58			$22.03
+COST
Investments in unaffiliated securities at cost	$	817,229		$	243,089	$	73,774		$	273,216
Written options premiums received at cost		—			—		—			213

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 127

STATEMENTS OF OPERATIONS

Ivy Funds FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands)	Ivy Bond Fund			Ivy Core Equity Fund			Ivy Cundill Global Value Fund			Ivy Dividend Opportunities Fund			Ivy Emerging Markets Equity Fund(1)			Ivy European Opportunities Fund			Ivy Global Bond Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	241		$	7,436		$	3,820		$	4,580		$	6,532		$	3,300		$	598
Foreign dividend withholding tax		—			(148	)		(325	)		(59	)		(617	)		(359	)		(18	)
Interest and amortization from unaffiliated securities		12,117			31			231			40			93			3			5,092
Foreign interest withholding tax		—			—			—			—			(6	)		—			—
Total Investment Income		12,358			7,319			3,726			4,561			6,002			2,944			5,672
EXPENSES
Investment management fee		1,937			3,987			1,485			1,435			3,116			998			790
Distribution and service fees:
Class A		879			753			335			389			555			208			210
Class B		28			53			10			53			31			7			21
Class C		130			770			88			257			184			54			144
Class E		5			13			1			7			—	*		—	*		N/A
Class R		1			6			1			1			5			1			1
Class Y		3			151			3			11			20			4			6
Shareholder servicing:
Class A		645			521			475			328			686			279			243
Class B		10			18			7			13			16			5			11
Class C		25			115			19			34			44			13			23
Class E		9			20			4			14			—	*		—	*		N/A
Class I		6			178			4			17			104			29			37
Class R		1			3			—	*		—	*		2			—	*		1
Class R6		—	*		1			—	*		—	*		—	*		—	*		—	*
Class Y		2			92			2			7			13			3			4
Registration fees		75			73			53			57			70			54			49
Custodian fees		13			10			14			6			66			17			8
Independent Trustees and Chief Compliance Officer fees		11			17			6			6			10			4			4
Accounting services fee		94			138			52			69			89			48			50
Professional fees		31			17			22			15			30			22			32
Other		27			35			22			19			51			19			14
Total Expenses		3,932			6,971			2,603			2,738			5,092			1,765			1,648
Less:
Expenses in excess of limit		(4	)		(302	)		(210	)		(6	)		(267	)		—			(328	)
Total Net Expenses		3,928			6,669			2,393			2,732			4,825			1,765			1,320
Net Investment Income		8,430			650			1,333			1,829			1,177			1,179			4,352
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		(1,509	)		44,428			(2,922	)		11,895			3,529			1,212			(2,636	)
Futures contracts		(4	)		—			—			—			646			—			(253	)
Written options		—			—			—			109			(3,510	)		—			—
Swap agreements		—			—			—			—			1,049			—			—
Forward foreign currency contracts		—			—			389			—			1,559			(2,706	)		(82	)
Foreign currency exchange transactions		—			—			(33	)		(5	)		(666	)		39			(28	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(16,263	)		(146,244	)		(30,077	)		(52,600	)		(114,785	)		(13,727	)		(10,491	)
Futures contracts		93			—			—			—			—			—			(166	)
Written options		—			—			—			(57	)		(3,488	)		—			—
Swap agreements		—			—			—			—			49			—			—
Forward foreign currency contracts		—			—			(1,608	)		—			(868	)		(589	)		(37	)
Foreign currency exchange transactions		—			—			40			—			(1,302	)		29			(43	)
Net Realized and Unrealized Loss		(17,683	)		(101,816	)		(34,211	)		(40,658	)		(117,787	)		(15,742	)		(13,736	)
Net Decrease in Net Assets Resulting from Operations	$	(9,253	)	$	(101,166	)	$	(32,878	)	$	(38,829	)	$	(116,610	)	$	(14,563	)	$	(9,384	)

* Not shown due to rounding.

(1) Consolidated Statement of Operations (See Note 6 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

128 SEMIANNUAL REPORT 2015

STATEMENTS OF OPERATIONS

Ivy Funds FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands)	Ivy Global Equity Income Fund			Ivy Global Growth Fund			Ivy Global Income Allocation Fund			Ivy High Income Fund			Ivy International Core Equity Fund			Ivy Large Cap Growth Fund			Ivy Limited- Term Bond Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	8,492		$	4,318		$	15,282		$	2,066		$	66,010		$	7,387		$	314
Foreign dividend withholding tax		(731	)		(376	)		(904	)		—			(6,895	)		(125	)		—
Interest and amortization from unaffiliated securities		6			24			8,653			308,128			101			64			18,308
Foreign interest withholding tax		—			—	*		—			—			(1	)		—			—
Total Investment Income		7,767			3,966			23,031			310,194			59,215			7,326			18,622
EXPENSES
Investment management fee		1,051			2,239			2,722			19,437			15,985			5,777			3,706
Distribution and service fees:
Class A		320			483			827			3,520			1,897			1,408			1,865
Class B		9			18			25			618			65			58			63
Class C		70			128			247			7,632			1,079			467			574
Class E		N/A			—	*		4			12			7			13			4
Class R		1			3			1			155			61			61			2
Class Y		6			13			3			828			702			163			25
Shareholder servicing:
Class A		381			577			826			2,214			1,674			1,072			1,152
Class B		1			9			10			86			23			20			15
Class C		9			34			31			793			151			64			75
Class E		N/A			—	*		8			23			16			19			5
Class I		16			61			42			1,847			1,221			235			35
Class R		—	*		2			—	*		79			31			31			1
Class R6		—	*		—	*		—	*		1			4			—	*		—	*
Class Y		4			9			2			555			473			98			16
Registration fees		50			67			75			198			158			78			98
Custodian fees		17			25			25			32			186			15			14
Independent Trustees and Chief Compliance Officer fees		4			9			11			106			54			25			23
Accounting services fee		51			75			114			138			138			138			138
Professional fees		18			21			27			83			39			21			23
Other		17			48			34			261			111			65			57
Total Expenses		2,025			3,821			5,034			38,618			24,075			9,828			7,891
Less:
Expenses in excess of limit		(66	)		—			(4	)		(32	)		(5	)		(98	)		(1	)
Total Net Expenses		1,959			3,821			5,030			38,586			24,070			9,730			7,890
Net Investment Income (Loss)		5,808			145			18,001			271,608			35,145			(2,404	)		10,732
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		479			8,414			(6,025	)		(60,036	)		71,689			67,759			(2,049	)
Written options		—			—			528			—			—			—			—
Forward foreign currency contracts		(2,466	)		(4,267	)		(1,031	)		(1,060	)		4,122			—			—
Foreign currency exchange transactions		(32	)		(57	)		49			80			(921	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(25,851	)		(50,977	)		(82,347	)		(507,617	)		(588,249	)		(156,912	)		(13,315	)
Investments in affiliated securities		—			—			—			(1,081	)		—			—			—
Written options		—			—			(242	)		—			—			—			—
Swap agreements		—			—			—			(456	)		—			—			—
Forward foreign currency contracts		(628	)		(317	)		(293	)		(621	)		(3,704	)		—			—
Foreign currency exchange transactions		2			22			24			55			63			—			—
Net Realized and Unrealized Loss		(28,496	)		(47,182	)		(89,337	)		(570,736	)		(517,000	)		(89,153	)		(15,364	)
Net Decrease in Net Assets Resulting from Operations	$	(22,688	)	$	(47,037	)	$	(71,336	)	$	(299,128	)	$	(481,855	)	$	(91,557	)	$	(4,632	)

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 129

STATEMENTS OF OPERATIONS

Ivy Funds FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands)	Ivy Managed International Opportunities Fund			Ivy Micro Cap Growth Fund				Ivy Mid Cap Growth Fund			Ivy Mid Cap Income Opportunities Fund			Ivy Money Market Fund			Ivy Municipal Bond Fund			Ivy Municipal High Income Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	—		$	358			$	20,944		$	1,038		$	—		$	—		$	—
Dividends from affiliated securities		616			—				—			—			—			—			—
Foreign dividend withholding tax		—			—				(100	)		—			—			—			—
Interest and amortization from unaffiliated securities		—	*		13				70			1			185			3,089			32,891
Interest and amortization from affiliated securities		—			—				—			—			—			—			147
Total Investment Income		616			371				20,914			1,039			185			3,089			33,038
EXPENSES
Investment management fee		59			1,067				19,505			298			308			471			3,285
Distribution and service fees:
Class A		281			236				1,250			59			—			184			461
Class B		11			10				116			N/A			23			11			71
Class C		28			51				1,703			15			163			118			1,166
Class E		1			N/A				10			3			—			N/A			N/A
Class R		1			2				229			6			N/A			N/A			N/A
Class Y		2			2				831			5			N/A			1			24
Shareholder servicing:
Class A		80			303				1,007			61			79			79			161
Class B		3			5				23			N/A			3			1			7
Class C		4			16				273			2			16			12			67
Class E		—	*		N/A				19			—	*		6			N/A			N/A
Class I		—	*		16				2,205			6			N/A			4			531
Class R		—	*		1				121			3			N/A			N/A			N/A
Class R6		N/A			—	*			2			—	*		N/A			N/A			N/A
Class Y		—	*		2				521			4			N/A			1			16
Registration fees		44			52				102			31			38			40			74
Offering cost		—			—				—			65			—			—			—
Custodian fees		4			9				37			3			7			4			10
Independent Trustees and Chief Compliance Officer fees		3			3				70			1			3			2			18
Accounting services fee		29			48				138			25			34			36			132
Professional fees		10			16				32			14			10			16			31
Other		14			14				170			2			7			7			25
Total Expenses		574			1,853				28,364			603			697			987			6,079
Less:
Expenses in excess of limit		(2	)		—				(4	)		(130	)		(528	)		—	*		(108	)
Total Net Expenses		572			1,853				28,360			473			169			987			5,971
Net Investment Income (Loss)		44			(1,482	)			(7,446	)		566			16			2,102			27,067
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		—			14,911		��		265,645			(1,606	)		8			(560	)		(2,561	)
Investments in affiliated securities		18,709			—				—			—			—			—			—
Written options		—			—				(6,248	)		—			—			—			—
Foreign currency exchange transactions		—			—				—	*		—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		—			(38,205	)			(836,951	)		(5,891	)		—			(1,100	)		(13,951	)
Investments in affiliated securities		(42,058	)		—				—			—			—			—			(14	)
Futures contracts		—			—				—			—			—			—			(106	)
Written options		—			—				(4,845	)		—			—			—			—
Net Realized and Unrealized Gain (Loss)		(23,349	)		(23,294	)			(582,399	)		(7,497	)		8			(1,660	)		(16,632	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(23,305	)	$	(24,776	)		$	(589,845	)	$	(6,931	)	$	24		$	442		$	10,435

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

130 SEMIANNUAL REPORT 2015

STATEMENTS OF OPERATIONS

Ivy Funds FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

(In thousands)	Ivy Small Cap Growth Fund				Ivy Small Cap Value Fund			Ivy Tax- Managed Equity Fund			Ivy Value Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	3,123			$	1,852		$	365		$	2,982
Foreign dividend withholding tax		—				(2	)		(6	)		(35	)
Interest and amortization from unaffiliated securities		70				10			5			13
Total Investment Income		3,193				1,860			364			2,960
EXPENSES
Investment management fee		4,778				1,222			276			1,134
Distribution and service fees:
Class A		470				284			94			354
Class B		50				15			7			20
Class C		1,005				86			15			107
Class E		8				—	*		N/A			—	*
Class R		116		��		5			N/A			1
Class Y		318				8			1			3
Shareholder servicing:
Class A		492				384			50			341
Class B		20				8			—	*		9
Class C		151				22			2			22
Class E		17				—	*		N/A			—	*
Class I		168				22			3			9
Class R		59				2			N/A			1
Class R6		1				—	*		N/A			—	*
Class Y		197				6			1			2
Registration fees		66				53			41			65
Custodian fees		13				9			4			6
Independent Trustees and Chief Compliance Officer fees		18				5			1			5
Accounting services fee		138				51			24			55
Professional fees		23				19			12			19
Other		52				18			3			20
Total Expenses		8,160				2,219			534			2,173
Less:
Expenses in excess of limit		(6	)			—			—	*		—
Total Net Expenses		8,154				2,219			534			2,173
Net Investment Income (Loss)		(4,961	)			(359	)		(170	)		787
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		74,380				9,940			1,534			18,181
Written options		228				—			—			119
Swap agreements		(4,115	)			—			—			—
Foreign currency exchange transactions		1				—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(175,819	)			(38,819	)		(5,074	)		(37,315	)
Written options		—				—			—			217
Swap agreements		(3,661	)			—			—			—
Foreign currency exchange transactions		—	*			—			—			—
Net Realized and Unrealized Loss		(108,986	)			(28,879	)		(3,540	)		(18,798	)
Net Decrease in Net Assets Resulting from Operations	$	(113,947	)		$	(29,238	)	$	(3,710	)	$	(18,011	)

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 131

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Bond Fund						Ivy Core Equity Fund						Ivy Cundill Global Value Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	8,430		$	14,566		$	650		$	1,104		$	1,333		$	741
Net realized gain (loss) on investments		(1,513	)		9,440			44,428			79,672			(2,566	)		5,055
Net change in unrealized appreciation (depreciation)		(16,170	)		11,876			(146,244	)		16,279			(31,645	)		(36,070	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,253	)		35,882			(101,166	)		97,055			(32,878	)		(30,274	)
Distributions to Shareholders From:
Net investment income:
Class A		(8,558	)		(15,481	)		—			—			—			—
Class B		(44	)		(99	)		—			—			—			—
Class C		(217	)		(381	)		—			—			—			—
Class E		(43	)		(85	)		—			—			—			—
Class I		(98	)		(158	)		—			(385	)		—			—
Class R		(5	)		(6	)		—			—			—			—
Class R6		(21	)		(23	)		—			(3	)		—			—
Class Y		(30	)		(64	)		—			(153	)		—			—
Net realized gains:
Class A		—			—			—			(43,397	)		—			—
Class B		—			—			—			(818	)		—			—
Class C		—			—			—			(11,940	)		—			—
Class E		—			—			—			(617	)		—			—
Class I		—			—			—			(16,394	)		—			—
Class R		—			—			—			(171	)		—			—
Class R6		—			—			—			(250	)		—			—
Class Y		—			—			—			(6,537	)		—			—
Total Distributions to Shareholders		(9,016	)		(16,297	)		—			(80,665	)		—			—
Capital Share Transactions		30,047			123,728			20,267			237,462			(39,442	)		(23,159	)
Net Increase (Decrease) in Net Assets		11,778			143,313			(80,899	)		253,852			(72,320	)		(53,433	)
Net Assets, Beginning of Period		743,658			600,345			1,137,464			883,612			318,510			371,943
Net Assets, End of Period	$	755,436		$	743,658		$	1,056,565		$	1,137,464		$	246,190		$	318,510
Undistributed (distributions in excess of) net investment income	$	(589	)	$	(3	)	$	1,110		$	460		$	1,555		$	255

See Accompanying Notes to Financial Statements.

132 SEMIANNUAL REPORT 2015

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Dividend Opportunities Fund						Ivy Emerging Markets Equity Fund(1)						Ivy European Opportunities Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,829		$	4,007		$	1,177		$	1,416		$	1,179		$	1,165
Net realized gain (loss) on investments		11,999			50,524			2,607			62,061			(1,455	)		17,073
Net change in unrealized depreciation		(52,657	)		(23,024	)		(120,394	)		(15,073	)		(14,287	)		(19,686	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(38,829	)		31,507			(116,610	)		48,404			(14,563	)		(1,448	)
Distributions to Shareholders From:
Net investment income:
Class A		(989	)		(3,298	)		—			(3,355	)		—			(2,516	)
Class B		—			(40	)		—			—			—			(6	)
Class C		(5	)		(217	)		—			(39	)		—			(98	)
Class E		(14	)		(45	)		—			(2	)		—			(2	)
Class I		(104	)		(299	)		—			(1,308	)		—			(583	)
Class R		(1	)		(3	)		—			(5	)		—			(5	)
Class R6		(3	)		(5	)		—			(58	)		—			(39	)
Class Y		(31	)		(120	)		—			(83	)		—			(28	)
Net realized gains:
Class A		—			(30,956	)		—			—			—			—
Class B		—			(1,236	)		—			—			—			—
Class C		—			(5,197	)		—			—			—			—
Class E		—			(485	)		—			—			—			—
Class I		—			(2,212	)		—			—			—			—
Class R		—			(34	)		—			—			—			—
Class R6		—			(45	)		—			—			—			—
Class Y		—			(1,041	)		—			—			—			—
Total Distributions to Shareholders		(1,147	)		(45,233	)		—			(4,850	)		—			(3,277	)
Capital Share Transactions		(19,787	)		54,998			37,751			(171,945	)		47,709			(13,059	)
Net Increase (Decrease) in Net Assets		(59,763	)		41,272			(78,859	)		(128,391	)		33,146			(17,784	)
Net Assets, Beginning of Period		426,099			384,827			611,949			740,340			192,580			210,364
Net Assets, End of Period	$	366,336		$	426,099		$	533,090		$	611,949		$	225,726		$	192,580
Undistributed (distributions in excess of) net investment income	$	1,670		$	993		$	5,462		$	4,951		$	1,143		$	(75	)

(1) Consolidated Statements of Changes in Net Assets (See Note 6 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 133

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Global Bond Fund						Ivy Global Equity Income Fund						Ivy Global Growth Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	4,352		$	10,092		$	5,808		$	7,443		$	145		$	2,330
Net realized gain (loss) on investments		(2,999	)		(1,081	)		(2,019	)		10,642			4,090			20,452
Net change in unrealized appreciation (depreciation)		(10,737	)		(14,484	)		(26,477	)		(3,207	)		(51,272	)		3,262
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,384	)		(5,473	)		(22,688	)		14,878			(47,037	)		26,044
Distributions to Shareholders From:
Net investment income:
Class A		(2,115	)		(6,182	)		(4,855	)		(7,083	)		—			(250	)
Class B		(37	)		(142	)		(31	)		(54	)		—			—
Class C		(252	)		(849	)		(226	)		(243	)		—			—
Class E		N/A			N/A			N/A			N/A			—			—	*
Class I		(639	)		(2,215	)		(452	)		(755	)		—			(226	)
Class R		(5	)		(12	)		(5	)		(9	)		—			—
Class R6		(5	)		(6	)		(29	)		(31	)		—			(6	)
Class Y		(60	)		(270	)		(92	)		(154	)		—			(17	)
Net realized gains:
Class A		—			—			—			(4,442	)		—			(4,729	)
Class B		—			—			—			(37	)		—			(54	)
Class C		—			—			—			(195	)		—			(368	)
Class E		N/A			N/A			N/A			N/A			—			(1	)
Class I		—			—			—			(494	)		—			(859	)
Class R		—			—			—			(6	)		—			(13	)
Class R6		—			—			—			(27	)		—			(31	)
Class Y		—			—			—			(90	)		—			(155	)
Total Distributions to Shareholders		(3,113	)		(9,676	)		(5,690	)		(13,620	)		—			(6,709	)
Capital Share Transactions		(40,598	)		(5,958	)		14,096			81,899			(965	)		61,871
Net Increase (Decrease) in Net Assets		(53,095	)		(21,107	)		(14,282	)		83,157			(48,002	)		81,206
Net Assets, Beginning of Period		270,637			291,744			295,707			212,550			531,067			449,861
Net Assets, End of Period	$	217,542		$	270,637		$	281,425		$	295,707		$	483,065		$	531,067
Undistributed net investment income	$	1,784		$	573		$	853		$	767		$	569		$	481

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

134 SEMIANNUAL REPORT 2015

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Global Income Allocation Fund						Ivy High Income Fund						Ivy International Core Equity Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	18,001		$	27,048		$	271,608		$	660,107		$	35,145		$	27,916
Net realized gain (loss) on investments		(6,479	)		29,559			(61,016	)		87,488			74,890			143,145
Net change in unrealized depreciation		(82,858	)		(39,782	)		(509,720	)		(691,739	)		(591,890	)		(30,720	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(71,336	)		16,825			(299,128	)		55,856			(481,855	)		140,341
Distributions to Shareholders From:
Net investment income:
Class A		(13,881	)		(22,360	)		(102,629	)		(237,844	)		—			(14,825	)
Class B		(85	)		(185	)		(4,053	)		(8,954	)		—			(70	)
Class C		(899	)		(1,440	)		(50,296	)		(110,961	)		—			(953	)
Class E		(56	)		(103	)		(339	)		(647	)		—			(49	)
Class I		(1,266	)		(2,455	)		(86,180	)		(232,534	)		—			(15,770	)
Class R		(5	)		(10	)		(2,164	)		(3,068	)		—			(124	)
Class R6		(42	)		(50	)		(707	)		(323	)		—			(75	)
Class Y		(48	)		(200	)		(24,076	)		(65,747	)		—			(3,248	)
Net realized gains:
Class A		—			—			—			(54,388	)		—			(113,327	)
Class B		—			—			—			(2,437	)		—			(1,380	)
Class C		—			—			—			(30,222	)		—			(14,341	)
Class E		—			—			—			(173	)		—			(442	)
Class I		—			—			—			(48,424	)		—			(94,330	)
Class R		—			—			—			(908	)		—			(1,210	)
Class R6		—			—			—			(62	)		—			(500	)
Class Y		—			—			—			(14,849	)		—			(23,237	)
Total Distributions to Shareholders		(16,282	)		(26,803	)		(270,444	)		(811,541	)		—			(283,881	)
Capital Share Transactions		51,591			197,484			(868,827	)		(2,708,175	)		1,049,785			1,503,559
Net Increase (Decrease) in Net Assets		(36,027	)		187,506			(1,438,399	)		(3,463,860	)		567,930			1,360,019
Net Assets, Beginning of Period		764,394			576,888			8,014,984			11,478,844			3,482,080			2,122,061
Net Assets, End of Period	$	728,367		$	764,394		$	6,576,585		$	8,014,984		$	4,050,010		$	3,482,080
Undistributed (distributions in excess of) net investment income	$	5,887		$	4,119		$	(3	)	$	(177	)	$	23,841		$	(10,383	)

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 135

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Large Cap Growth Fund						Ivy Limited-Term Bond Fund						Ivy Managed International Opportunities Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(2,404	)	$	(3,163	)	$	10,732		$	22,335		$	44		$	3,369
Net realized gain (loss) on investments		67,759			129,243			(2,049	)		(7,519	)		18,709			6,888
Net change in unrealized appreciation (depreciation)		(156,912	)		120,609			(13,315	)		11,669			(42,058	)		2,248
Net Increase (Decrease) in Net Assets Resulting from Operations		(91,557	)		246,689			(4,632	)		26,485			(23,305	)		12,505
Distributions to Shareholders From:
Net investment income:
Class A		—			—			(10,061	)		(21,105	)		—			(3,196	)
Class B		—			—			(33	)		(89	)		—			(24	)
Class C		—			—			(356	)		(809	)		—			(52	)
Class E		—			—			(22	)		(47	)		—			(7	)
Class I		—			—			(346	)		(809	)		—			(20	)
Class R		—			—			(4	)		(5	)		—			(7	)
Class R6		—			—			(26	)		(43	)		N/A			N/A
Class Y		—			—			(134	)		(338	)		—			(26	)
Net realized gains:
Class A		—			(70,570	)		—			—			—			—
Class B		—			(925	)		—			—			—			—
Class C		—			(6,725	)		—			—			—			—
Class E		—			(578	)		—			—			—			—
Class I		—			(19,854	)		—			—			—			—
Class R		—			(2,067	)		—			—			—			—
Class R6		—			(314	)		—			—			N/A			N/A
Class Y		—			(9,260	)		—			—			—			—
Total Distributions to Shareholders		—			(110,293	)		(10,982	)		(23,245	)		—			(3,332	)
Capital Share Transactions		32,060			88,029			43,867			30,070			(10,606	)		(36,714	)
Net Increase (Decrease) in Net Assets		(59,497	)		224,425			28,253			33,310			(33,911	)		(27,541	)
Net Assets, Beginning of Period		1,690,378			1,465,953			1,707,392			1,674,082			239,033			266,574
Net Assets, End of Period	$	1,630,881		$	1,690,378		$	1,735,645		$	1,707,392		$	205,122		$	239,033
Distributions in excess of net investment income	$	(3,797	)	$	(1,393	)	$	(250	)	$	—		$	(122	)	$	(166	)

See Accompanying Notes to Financial Statements.

136 SEMIANNUAL REPORT 2015

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Micro Cap Growth Fund						Ivy Mid Cap Growth Fund						Ivy Mid Cap Income Opportunities Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Period from 10-1-14 (commencement of operations) to 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(1,482	)	$	(3,563	)	$	(7,446	)	$	(18,967	)	$	566		$	414
Net realized gain (loss) on investments		14,911			(3,144	)		259,397			336,868			(1,606	)		51
Net change in unrealized appreciation (depreciation)		(38,205	)		(5,322	)		(841,796	)		195,497			(5,891	)		3,789
Net Increase (Decrease) in Net Assets Resulting from Operations		(24,776	)		(12,029	)		(589,845	)		513,398			(6,931	)		4,254
Distributions to Shareholders From:
Net investment income:
Class A		—			—			—			—			(362	)		(137	)
Class B		—			—			—			—			N/A			N/A
Class C		—			—			—			—			(11	)		(5	)
Class E		N/A			N/A			—			—			(17	)		(11	)
Class I		—			—			—			—			(70	)		(50	)
Class R		—			—			—			—			(10	)		(7	)
Class R6		—			—			—			—			(24	)		(15	)
Class Y		—			—			—			—			(31	)		(16	)
Net realized gains:
Class A		—			(11,149	)		—			(96,250	)		—			(7	)
Class B		—			(107	)		—			(2,584	)		N/A			N/A
Class C		—			(547	)		—			(33,651	)		—			(1	)
Class E		N/A			N/A			—			(660	)		—			—	*
Class I		—			(1,214	)		—			(263,600	)		—			(2	)
Class R		—			(39	)		—			(9,167	)		—			—	*
Class R6		—			(147	)		—			(377	)		—			(1	)
Class Y		—			(151	)		—			(68,339	)		—			(1	)
Total Distributions to Shareholders		—			(13,354	)		—			(474,628	)		(525	)		(253	)
Capital Share Transactions		(21,509	)		(4,586	)		(376,071	)		342,769			11,093			61,684
Net Increase (Decrease) in Net Assets		(46,285	)		(29,969	)		(965,916	)		381,539			3,637			65,685
Net Assets, Beginning of Period		236,567			266,536			5,161,096			4,779,557			65,685			—
Net Assets, End of Period	$	190,282		$	236,567		$	4,195,180		$	5,161,096		$	69,322		$	65,685
Undistributed (distributions in excess of) net investment income	$	(2,318	)	$	(836	)	$	(10,410	)	$	(2,964	)	$	216		$	175

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 137

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Money Market Fund						Ivy Municipal Bond Fund						Ivy Municipal High Income Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	16		$	35		$	2,102		$	3,934		$	27,067		$	55,977
Net realized gain (loss) on investments		8			2			(560	)		(1,710	)		(2,561	)		(671	)
Net change in unrealized appreciation (depreciation)		—			—			(1,100	)		5,815			(14,071	)		67,300
Net Increase in Net Assets Resulting from Operations		24			37			442			8,039			10,435			122,606
Distributions to Shareholders From:
Net investment income:
Class A		(12	)		(25	)		(1,784	)		(3,340	)		(7,491	)		(16,273	)
Class B		—	*		(1	)		(18	)		(44	)		(235	)		(539	)
Class C		(3	)		(8	)		(198	)		(405	)		(3,902	)		(8,385	)
Class E		(1	)		(1	)		N/A			N/A			N/A			N/A
Class I		N/A			N/A			(71	)		(88	)		(14,592	)		(29,085	)
Class Y		N/A			N/A			(8	)		(16	)		(391	)		(941	)
Net realized gains:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class E		—			—			N/A			N/A			N/A			N/A
Class I		N/A			N/A			—			—			—			—
Class Y		N/A			N/A			—			—			—			—
Total Distributions to Shareholders		(16	)		(35	)		(2,079	)		(3,893	)		(26,611	)		(55,223	)
Capital Share Transactions		39,721			(23,125	)		4,669			36,930			(49,995	)		89,149
Net Increase (Decrease) in Net Assets		39,729			(23,123	)		3,032			41,076			(66,171	)		156,532
Net Assets, Beginning of Period		160,632			183,755			180,174			139,098			1,354,196			1,197,664
Net Assets, End of Period	$	200,361		$	160,632		$	183,206		$	180,174		$	1,288,025		$	1,354,196
Undistributed net investment income	$	—		$	—		$	134		$	111		$	2,992		$	2,536

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

138 SEMIANNUAL REPORT 2015

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Small Cap Growth Fund						Ivy Small Cap Value Fund						Ivy Tax-Managed Equity Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15			Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment loss	$	(4,961	)	$	(9,199	)	$	(359	)	$	(593	)	$	(170	)	$	(100	)
Net realized gain on investments		70,494			80,622			9,940			39,504			1,534			2,720
Net change in unrealized appreciation (depreciation)		(179,480	)		10,673			(38,819	)		(22,143	)		(5,074	)		6,595
Net Increase (Decrease) in Net Assets Resulting from Operations		(113,947	)		82,096			(29,238	)		16,768			(3,710	)		9,215
Distributions to Shareholders From:
Net investment income:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class E		—			—			—			—			N/A			N/A
Class I		—			—			—			—			—			—
Class R		—			—			—			—			N/A			N/A
Class R6		—			—			—			—			N/A			N/A
Class Y		—			—			—			—			—			—
Net realized gains:
Class A		—			(22,816	)		—			(22,769	)		—			(1,288	)
Class B		—			(820	)		—			(355	)		—			(31	)
Class C		—			(14,455	)		—			(1,865	)		—			(53	)
Class E		—			(338	)		—			(14	)		N/A			N/A
Class I		—			(11,560	)		—			(3,369	)		—			(46	)
Class R		—			(2,725	)		—			(191	)		N/A			N/A
Class R6		—			(1,117	)		—			(308	)		N/A			N/A
Class Y		—			(13,860	)		—			(638	)		—			(19	)
Total Distributions to Shareholders		—			(67,691	)		—			(29,509	)		—			(1,437	)
Capital Share Transactions		(25,826	)		(75,929	)		(20,608	)		13,297			10,533			26,771
Net Increase (Decrease) in Net Assets		(139,773	)		(61,524	)		(49,846	)		556			6,823			34,549
Net Assets, Beginning of Period		1,151,291			1,212,815			305,016			304,460			79,214			44,665
Net Assets, End of Period	$	1,011,518		$	1,151,291		$	255,170		$	305,016		$	86,037		$	79,214
Undistributed (distributions in excess of) net investment income	$	(5,044	)	$	(84	)	$	2,263		$	2,622		$	(170	)	$	—

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 139

STATEMENTS OF CHANGES IN NET ASSETS

Ivy Funds

	Ivy Value Fund
(In thousands)	Six months ended 9-30-15 (Unaudited)			Year ended 3-31-15
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	787		$	1,420
Net realized gain on investments		18,300			27,309
Net change in unrealized depreciation		(37,098	)		(13,125	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(18,011	)		15,604
Distributions to Shareholders From:
Net investment income:
Class A		—			(647	)
Class B		—			—
Class C		—			—
Class E		—			(1	)
Class I		—			(107	)
Class R		—			—	*
Class R6		—			(2	)
Class Y		—			(25	)
Net realized gains:
Class A		—			(20,381	)
Class B		—			(343	)
Class C		—			(1,447	)
Class E		—			(11	)
Class I		—			(1,679	)
Class R		—			(25	)
Class R6		—			(37	)
Class Y		—			(642	)
Total Distributions to Shareholders		—			(25,347	)
Capital Share Transactions		(34,587	)		74,526
Net Increase (Decrease) in Net Assets		(52,598	)		64,783
Net Assets, Beginning of Period		340,488			275,705
Net Assets, End of Period	$	287,890		$	340,488
Undistributed net investment income	$	5,190		$	4,403

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

140 SEMIANNUAL REPORT 2015

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2015 SEMIANNUAL REPORT 141

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY BOND FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	10.78	$	0.12	$	(0.25	)	$	(0.13	)	$	(0.13	)	$	—		$	(0.13	)
Year ended 3-31-2015		10.46		0.23		0.35			0.58			(0.26	)		—			(0.26	)
Year ended 3-31-2014		10.71		0.24		(0.19	)		0.05			(0.30	)		—			(0.30	)
Year ended 3-31-2013		10.44		0.26		0.39			0.65			(0.31	)		(0.07	)		(0.38	)
Year ended 3-31-2012		10.10		0.17		0.51			0.68			(0.34	)		—			(0.34	)
Year ended 3-31-2011		9.82		0.29		0.40			0.69			(0.32	)		(0.09	)		(0.41	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		10.78		0.07		(0.25	)		(0.18	)		(0.08	)		—			(0.08	)
Year ended 3-31-2015		10.46		0.13		0.35			0.48			(0.16	)		—			(0.16	)
Year ended 3-31-2014		10.71		0.15		(0.20	)		(0.05	)		(0.20	)		—			(0.20	)
Year ended 3-31-2013		10.44		0.15		0.40			0.55			(0.21	)		(0.07	)		(0.28	)
Year ended 3-31-2012		10.10		0.06		0.51			0.57			(0.23	)		—			(0.23	)
Year ended 3-31-2011		9.82		0.18		0.40			0.58			(0.21	)		(0.09	)		(0.30	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.78		0.08		(0.25	)		(0.17	)		(0.09	)		—			(0.09	)
Year ended 3-31-2015		10.46		0.15		0.35			0.50			(0.18	)		—			(0.18	)
Year ended 3-31-2014		10.71		0.17		(0.21	)		(0.04	)		(0.21	)		—			(0.21	)
Year ended 3-31-2013		10.44		0.18		0.40			0.58			(0.24	)		(0.07	)		(0.31	)
Year ended 3-31-2012		10.10		0.09		0.51			0.60			(0.26	)		—			(0.26	)
Year ended 3-31-2011		9.82		0.21		0.40			0.61			(0.24	)		(0.09	)		(0.33	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		10.78		0.12		(0.26	)		(0.14	)		(0.12	)		—			(0.12	)
Year ended 3-31-2015		10.46		0.22		0.35			0.57			(0.25	)		—			(0.25	)
Year ended 3-31-2014		10.71		0.24		(0.20	)		0.04			(0.29	)		—			(0.29	)
Year ended 3-31-2013		10.44		0.25		0.40			0.65			(0.31	)		(0.07	)		(0.38	)
Year ended 3-31-2012		10.10		0.17		0.51			0.68			(0.34	)		—			(0.34	)
Year ended 3-31-2011		9.82		0.28		0.40			0.68			(0.31	)		(0.09	)		(0.40	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		10.78		0.14		(0.26	)		(0.12	)		(0.14	)		—			(0.14	)
Year ended 3-31-2015		10.46		0.26		0.35			0.61			(0.29	)		—			(0.29	)
Year ended 3-31-2014		10.71		0.28		(0.20	)		0.08			(0.33	)		—			(0.33	)
Year ended 3-31-2013		10.44		0.29		0.40			0.69			(0.35	)		(0.07	)		(0.42	)
Year ended 3-31-2012		10.10		0.20		0.51			0.71			(0.37	)		—			(0.37	)
Year ended 3-31-2011		9.82		0.32		0.40			0.72			(0.35	)		(0.09	)		(0.44	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		10.78		0.10		(0.25	)		(0.15	)		(0.11	)		—			(0.11	)
Year ended 3-31-2015		10.46		0.20		0.35			0.55			(0.23	)		—			(0.23	)
Year ended 3-31-2014		10.71		0.21		(0.19	)		0.02			(0.27	)		—			(0.27	)
Year ended 3-31-2013(6)		10.69		0.02		0.08			0.10			(0.08	)		—			(0.08	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		10.78		0.14		(0.25	)		(0.11	)		(0.15	)		—			(0.15	)
Year ended 3-31-2015(7)		10.58		0.18		0.22			0.40			(0.20	)		—			(0.20	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		10.78		0.12		(0.25	)		(0.13	)		(0.13	)		—			(0.13	)
Year ended 3-31-2015		10.46		0.23		0.35			0.58			(0.26	)		—			(0.26	)
Year ended 3-31-2014		10.71		0.25		(0.20	)		0.05			(0.30	)		—			(0.30	)
Year ended 3-31-2013		10.44		0.26		0.40			0.66			(0.32	)		(0.07	)		(0.39	)
Year ended 3-31-2012		10.10		0.18		0.51			0.69			(0.35	)		—			(0.35	)
Year ended 3-31-2011		9.82		0.30		0.40			0.70			(0.33	)		(0.09	)		(0.42	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

142 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	10.52		-1.21	%	$	707			1.02	%(4)		2.28	%(4)		—	%		—	%		96	%
Year ended 3-31-2015		10.78		5.58			695			1.02			2.17			—			—			182
Year ended 3-31-2014		10.46		0.48			561			1.04			2.35			—			—			202
Year ended 3-31-2013		10.71		6.33			554			1.06			2.42			—			—			269
Year ended 3-31-2012		10.44		6.83			437			1.11			1.68			—			—			309
Year ended 3-31-2011		10.10		7.08			333			1.14			2.97			—			—			432
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		10.52		-1.66			6			1.93	(4)		1.37	(4)		—			—			96
Year ended 3-31-2015		10.78		4.56			6			2.00			1.19			—			—			182
Year ended 3-31-2014		10.46		-0.45			7			1.98			1.45			—			—			202
Year ended 3-31-2013		10.71		5.28			11			2.05			1.41			—			—			269
Year ended 3-31-2012		10.44		5.68			10			2.19			0.61			—			—			309
Year ended 3-31-2011		10.10		5.94			9			2.22			1.87			2.23			1.86			432
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.52		-1.59			26			1.78	(4)		1.52	(4)		—			—			96
Year ended 3-31-2015		10.78		4.76			28			1.80			1.38			—			—			182
Year ended 3-31-2014		10.46		-0.31			21			1.82			1.61			—			—			202
Year ended 3-31-2013		10.71		5.55			39			1.79			1.67			—			—			269
Year ended 3-31-2012		10.44		6.03			40			1.84			0.92			—			—			309
Year ended 3-31-2011		10.10		6.31			26			1.85			2.16			—			—			432
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		10.52		-1.26			4			1.11	(4)		2.19	(4)		1.33			1.97			96
Year ended 3-31-2015		10.78		5.45			4			1.14			2.05			1.35			1.84			182
Year ended 3-31-2014		10.46		0.38			4			1.14			2.26			1.35			2.05			202
Year ended 3-31-2013		10.71		6.25			5			1.14			2.33			1.35			2.12			269
Year ended 3-31-2012		10.44		6.79			4			1.14			1.66			1.42			1.38			309
Year ended 3-31-2011		10.10		7.01			3			1.19			2.87			1.47			2.59			432
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		10.52		-1.08			8			0.74	(4)		2.56	(4)		—			—			96
Year ended 3-31-2015		10.78		5.90			7			0.74			2.44			—			—			182
Year ended 3-31-2014		10.46		0.77			4			0.76			2.65			—			—			202
Year ended 3-31-2013		10.71		6.67			6			0.76			2.68			—			—			269
Year ended 3-31-2012		10.44		7.19			4			0.77			1.96			—			—			309
Year ended 3-31-2011		10.10		7.43			1			0.80			3.34			—			—			432
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		10.52		-1.37			1			1.35	(4)		1.96	(4)		—			—			96
Year ended 3-31-2015		10.78		5.27			—	*		1.32			1.87			—			—			182
Year ended 3-31-2014		10.46		0.18			—	*		1.35			2.04			—			—			202
Year ended 3-31-2013(6)		10.71		0.96			—	*		1.30	(4)		0.82	(4)		—			—			269	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		10.52		-1.00			1			0.59	(4)		2.71	(4)		—			—			96
Year ended 3-31-2015(7)		10.78		3.81			1			0.58	(4)		2.54	(4)		—			—			182	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		10.52		-1.19			2			0.98	(4)		2.32	(4)		—			—			96
Year ended 3-31-2015		10.78		5.62			3			0.99			2.20			—			—			182
Year ended 3-31-2014		10.46		0.51			3			1.00			2.42			—			—			202
Year ended 3-31-2013		10.71		6.39			5			1.00			2.49			—			—			269
Year ended 3-31-2012		10.44		6.91			8			1.03			1.78			—			—			309
Year ended 3-31-2011		10.10		7.17			7			1.05			3.00			—			—			432

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 143

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CORE EQUITY FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	14.29	$	0.01		$	(1.25	)	$	(1.24	)	$	—		$	—		$	—
Year ended 3-31-2015		14.04		0.02			1.33			1.35			—			(1.10	)		(1.10	)
Year ended 3-31-2014		12.15		0.05			2.67			2.72			(0.04	)		(0.79	)		(0.83	)
Year ended 3-31-2013		10.91		0.04			1.33			1.37			(0.05	)		(0.08	)		(0.13	)
Year ended 3-31-2012		10.68		0.02			0.58			0.60			—			(0.37	)		(0.37	)
Year ended 3-31-2011		8.91		(0.01	)		1.95			1.94			—			(0.17	)		(0.17	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		12.36		(0.05	)		(1.07	)		(1.12	)		—			—			—
Year ended 3-31-2015		12.32		(0.10	)		1.16			1.06			—			(1.02	)		(1.02	)
Year ended 3-31-2014		10.78		(0.07	)		2.36			2.29			—			(0.75	)		(0.75	)
Year ended 3-31-2013		9.75		(0.07	)		1.18			1.11			—			(0.08	)		(0.08	)
Year ended 3-31-2012		9.59		(0.08	)		0.52			0.44			—			(0.28	)		(0.28	)
Year ended 3-31-2011		8.10		(0.10	)		1.76			1.66			—			(0.17	)		(0.17	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		12.71		(0.04	)		(1.10	)		(1.14	)		—			—			—
Year ended 3-31-2015		12.63		(0.08	)		1.19			1.11			—			(1.03	)		(1.03	)
Year ended 3-31-2014		11.03		(0.05	)		2.41			2.36			—			(0.76	)		(0.76	)
Year ended 3-31-2013		9.95		(0.04	)		1.20			1.16			—			(0.08	)		(0.08	)
Year ended 3-31-2012		9.77		(0.06	)		0.55			0.49			—			(0.31	)		(0.31	)
Year ended 3-31-2011		8.23		(0.07	)		1.78			1.71			—			(0.17	)		(0.17	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		14.23		0.00	*		(1.24	)		(1.24	)		—			—			—
Year ended 3-31-2015		14.00		(0.01	)		1.32			1.31			—			(1.08	)		(1.08	)
Year ended 3-31-2014		12.12		0.02			2.67			2.69			(0.02	)		(0.79	)		(0.81	)
Year ended 3-31-2013		10.89		0.03			1.32			1.35			(0.04	)		(0.08	)		(0.12	)
Year ended 3-31-2012		10.67		0.01			0.59			0.60			—			(0.38	)		(0.38	)
Year ended 3-31-2011		8.90		0.00			1.94			1.94			—			(0.17	)		(0.17	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		15.67		0.03			(1.36	)		(1.33	)		—			—			—
Year ended 3-31-2015		15.29		0.07			1.45			1.52			(0.03	)		(1.11	)		(1.14	)
Year ended 3-31-2014		13.15		0.09			2.91			3.00			(0.07	)		(0.79	)		(0.86	)
Year ended 3-31-2013		11.78		0.08			1.44			1.52			(0.07	)		(0.08	)		(0.15	)
Year ended 3-31-2012		11.50		0.05			0.64			0.69			—			(0.41	)		(0.41	)
Year ended 3-31-2011		9.55		0.03			2.09			2.12			—			(0.17	)		(0.17	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		14.23		(0.01	)		(1.24	)		(1.25	)		—			—			—
Year ended 3-31-2015		14.01		(0.03	)		1.31			1.28			—			(1.06	)		(1.06	)
Year ended 3-31-2014		12.13		0.01			2.67			2.68			(0.01	)		(0.79	)		(0.80	)
Year ended 3-31-2013(6)		11.15		0.00			0.98			0.98			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		15.69		0.03			(1.35	)		(1.32	)		—			—			—
Year ended 3-31-2015(7)		15.69		0.06			1.06			1.12			(0.01	)		(1.11	)		(1.12	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		15.29		0.03			(1.33	)		(1.30	)		—			—			—
Year ended 3-31-2015		14.94		0.07			1.42			1.49			(0.03	)		(1.11	)		(1.14	)
Year ended 3-31-2014		12.87		0.09			2.84			2.93			(0.07	)		(0.79	)		(0.86	)
Year ended 3-31-2013		11.54		0.06			1.40			1.46			(0.05	)		(0.08	)		(0.13	)
Year ended 3-31-2012		11.27		0.03			0.63			0.66			—			(0.39	)		(0.39	)
Year ended 3-31-2011		9.39		0.01			2.04			2.05			—			(0.17	)		(0.17	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

144 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	13.05		-8.68	%	$	548			1.15	%(4)		0.13	%(4)		1.17	%(4)		0.11	%(4)		36	%
Year ended 3-31-2015		14.29		9.86			611			1.15			0.13			1.17			0.11			65
Year ended 3-31-2014		14.04		22.76			499			1.15			0.35			1.20			0.30			61
Year ended 3-31-2013		12.15		12.66			320			1.23			0.35			1.26			0.32			60
Year ended 3-31-2012		10.91		6.16			196			1.30			0.15			—			—			65
Year ended 3-31-2011		10.68		21.99			139			1.40			-0.10			—			—			107
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		11.24		-9.06			9			2.09	(4)		-0.82	(4)		—			—			36
Year ended 3-31-2015		12.36		8.80			11			2.08			-0.79			—			—			65
Year ended 3-31-2014		12.32		21.62			11			2.12			-0.62			—			—			61
Year ended 3-31-2013		10.78		11.49			10			2.24			-0.68			—			—			60
Year ended 3-31-2012		9.75		5.05			5			2.36			-0.89			—			—			65
Year ended 3-31-2011		9.59		20.73			5			2.46			-1.19			—			—			107
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		11.57		-8.97			136			1.90	(4)		-0.62	(4)		—			—			36
Year ended 3-31-2015		12.71		9.04			160			1.90			-0.62			—			—			65
Year ended 3-31-2014		12.63		21.79			144			1.94			-0.44			—			—			61
Year ended 3-31-2013		11.03		11.76			115			2.02			-0.43			—			—			60
Year ended 3-31-2012		9.95		5.46			99			2.08			-0.61			—			—			65
Year ended 3-31-2011		9.77		21.01			105			2.15			-0.87			—			—			107
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		12.99		-8.71			9			1.32	(4)		-0.04	(4)		1.41	(4)		-0.13	(4)		36
Year ended 3-31-2015		14.23		9.60			10			1.35			-0.06			1.43			-0.14			65
Year ended 3-31-2014		14.00		22.57			7			1.35			0.15			1.51			-0.01			61
Year ended 3-31-2013		12.12		12.53			4			1.35			0.25			1.61			-0.01			60
Year ended 3-31-2012		10.89		6.13			3			1.35			0.10			1.72			-0.27			65
Year ended 3-31-2011		10.67		22.02			2			1.35			-0.05			1.92			-0.62			107
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		14.34		-8.49			199			0.84	(4)		0.43	(4)		0.90	(4)		0.37	(4)		36
Year ended 3-31-2015		15.67		10.14			234			0.84			0.45			0.90			0.39			65
Year ended 3-31-2014		15.29		23.18			153			0.84			0.63			0.91			0.56			61
Year ended 3-31-2013		13.15		13.08			60			0.91			0.69			0.93			0.67			60
Year ended 3-31-2012		11.78		6.57			28			0.94			0.47			—			—			65
Year ended 3-31-2011		11.50		22.41			5			0.99			0.33			—			—			107
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		12.98		-8.78			2			1.50	(4)		-0.21	(4)		—			—			36
Year ended 3-31-2015		14.23		9.40			2			1.50			-0.22			—			—			65
Year ended 3-31-2014		14.01		22.41			2			1.50			0.04			—			—			61
Year ended 3-31-2013(6)		12.13		8.79			—	*		1.50	(4)		-0.13	(4)		—			—			60	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		14.37		-8.41			40			0.75	(4)		0.44	(4)		—			—			36
Year ended 3-31-2015(7)		15.69		7.39			4			0.75	(4)		0.60	(4)		—			—			65	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		13.99		-8.50			114			0.84	(4)		0.43	(4)		1.15	(4)		0.12	(4)		36
Year ended 3-31-2015		15.29		10.18			105			0.84			0.45			1.15			0.14			65
Year ended 3-31-2014		14.94		23.14			68			0.84			0.64			1.16			0.32			61
Year ended 3-31-2013		12.87		12.82			27			1.09			0.48			1.18			0.40			60
Year ended 3-31-2012		11.54		6.35			18			1.20			0.27			—			—			65
Year ended 3-31-2011		11.27		22.04			11			1.24			0.06			—			—			107

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 145

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CUNDILL GLOBAL VALUE FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	16.52	$	0.08		$	(2.01	)	$	(1.93	)	$	—		$	—	$	—
Year ended 3-31-2015		17.96		0.04			(1.48	)		(1.44	)		—			—		—
Year ended 3-31-2014		14.68		(0.03	)		3.32			3.29			(0.01	)		—		(0.01	)
Year ended 3-31-2013		13.44		0.01			1.23			1.24			—			—		—
Year ended 3-31-2012		14.00		0.02			(0.57	)		(0.55	)		(0.01	)		—		(0.01	)
Year ended 3-31-2011		12.63		0.03			1.34			1.37			—			—		—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		15.20		(0.02	)		(1.84	)		(1.86	)		—			—		—
Year ended 3-31-2015		16.72		(0.15	)		(1.37	)		(1.52	)		—			—		—
Year ended 3-31-2014		13.81		(0.19	)		3.10			2.91			—			—		—
Year ended 3-31-2013		12.78		(0.11	)		1.14			1.03			—			—		—
Year ended 3-31-2012		13.43		(0.09	)		(0.56	)		(0.65	)		—			—		—
Year ended 3-31-2011		12.22		(0.07	)		1.28			1.21			—			—		—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		15.56		0.02			(1.88	)		(1.86	)		—			—		—
Year ended 3-31-2015		17.03		(0.07	)		(1.40	)		(1.47	)		—			—		—
Year ended 3-31-2014		13.99		(0.12	)		3.16			3.04			—			—		—
Year ended 3-31-2013		12.88		(0.05	)		1.16			1.11			—			—		—
Year ended 3-31-2012		13.48		(0.05	)		(0.55	)		(0.60	)		—			—		—
Year ended 3-31-2011		12.23		(0.03	)		1.28			1.25			—			—		—
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		16.60		0.08			(2.02	)		(1.94	)		—			—		—
Year ended 3-31-2015		18.05		0.04			(1.49	)		(1.45	)		—			—		—
Year ended 3-31-2014		14.78		(0.03	)		3.34			3.31			(0.04	)		—		(0.04	)
Year ended 3-31-2013		13.49		0.04			1.25			1.29			—			—		—
Year ended 3-31-2012		14.04		0.05			(0.57	)		(0.52	)		(0.03	)		—		(0.03	)
Year ended 3-31-2011		12.64		0.06			1.34			1.40			—			—		—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		16.94		0.12			(2.07	)		(1.95	)		—			—		—
Year ended 3-31-2015		18.33		0.12			(1.51	)		(1.39	)		—			—		—
Year ended 3-31-2014		14.98		0.05			3.39			3.44			(0.09	)		—		(0.09	)
Year ended 3-31-2013		13.64		0.09			1.25			1.34			—			—		—
Year ended 3-31-2012		14.23		0.10			(0.59	)		(0.49	)		(0.10	)		—		(0.10	)
Year ended 3-31-2011		12.76		0.11			1.36			1.47			—			—		—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		16.47		0.06			(1.99	)		(1.93	)		—			—		—
Year ended 3-31-2015		17.94		0.02			(1.49	)		(1.47	)		—			—		—
Year ended 3-31-2014		14.68		(0.05	)		3.32			3.27			(0.01	)		—		(0.01	)
Year ended 3-31-2013(6)		13.62		(0.01	)		1.07			1.06			—			—		—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		16.95		0.13			(2.07	)		(1.94	)		—			—		—
Year ended 3-31-2015(7)		18.57		0.08			(1.70	)		(1.62	)		—			—		—
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		16.77		0.10			(2.05	)		(1.95	)		—			—		—
Year ended 3-31-2015		18.20		0.07			(1.50	)		(1.43	)		—			—		—
Year ended 3-31-2014		14.86		(0.01	)		3.39			3.38			(0.04	)		—		(0.04	)
Year ended 3-31-2013		13.56		0.09			1.21			1.30			—			—		—
Year ended 3-31-2012		14.15		0.11			(0.59	)		(0.48	)		(0.11	)		—		(0.11	)
Year ended 3-31-2011		12.69		0.11			1.35			1.46			—			—		—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

146 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	14.59		-11.68	%	$	221			1.58	%(4)		0.93	%(4)		1.72	%(4)		0.79	%(4)		13	%
Year ended 3-31-2015		16.52		-8.02			288			1.56			0.24			1.70			0.10			28
Year ended 3-31-2014		17.96		22.41			332			1.61			-0.20			1.75			-0.34			47
Year ended 3-31-2013		14.68		9.23			196			1.86			0.05			1.91			—			26
Year ended 3-31-2012		13.44		-3.93			200			1.86			0.16			—			—			38
Year ended 3-31-2011		14.00		10.85			250			1.83			0.27			—			—			46
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		13.34		-12.24			2			2.75	(4)		-0.23	(4)		2.89	(4)		-0.37	(4)		13
Year ended 3-31-2015		15.20		-9.09			2			2.73			-0.91			2.87			-1.05			28
Year ended 3-31-2014		16.72		21.07			4			2.72			-1.23			2.86			-1.37			47
Year ended 3-31-2013		13.81		8.06			6			2.94			-0.92			2.99			-0.97			26
Year ended 3-31-2012		12.78		-4.84			10			2.81			-0.76			—			—			38
Year ended 3-31-2011		13.43		9.90			16			2.74			-0.61			—			—			46
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		13.70		-11.95			15			2.19	(4)		0.32	(4)		2.33	(4)		0.18	(4)		13
Year ended 3-31-2015		15.56		-8.63			19			2.19			-0.39			2.33			-0.53			28
Year ended 3-31-2014		17.03		21.73			24			2.22			-0.78			2.36			-0.92			47
Year ended 3-31-2013		13.99		8.62			21			2.39			-0.44			2.44			-0.49			26
Year ended 3-31-2012		12.88		-4.45			26			2.42			-0.39			—			—			38
Year ended 3-31-2011		13.48		10.22			36			2.41			-0.28			—			—			46
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		14.66		-11.69			1			1.55	(4)		0.95	(4)		2.08	(4)		0.42	(4)		13
Year ended 3-31-2015		16.60		-8.03			1			1.59			0.21			2.00			-0.20			28
Year ended 3-31-2014		18.05		22.43			1			1.59			-0.17			2.08			-0.65			47
Year ended 3-31-2013		14.78		9.56			1			1.59			0.28			2.35			-0.48			26
Year ended 3-31-2012		13.49		-3.66			1			1.59			0.42			2.36			-0.35			38
Year ended 3-31-2011		14.04		11.08			1			1.59			0.46			2.37			-0.32			46
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		14.99		-11.51			4			1.14	(4)		1.38	(4)		1.28	(4)		1.24	(4)		13
Year ended 3-31-2015		16.94		-7.58			5			1.12			0.64			1.26			0.50			28
Year ended 3-31-2014		18.33		22.98			7			1.14			0.27			1.28			0.13			47
Year ended 3-31-2013		14.98		9.82			4			1.24			0.70			1.29			0.65			26
Year ended 3-31-2012		13.64		-3.32			5			1.27			0.75			—			—			38
Year ended 3-31-2011		14.23		11.52			6			1.28			0.85			—			—			46
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		14.54		-11.72			—	*		1.73	(4)		0.78	(4)		1.87	(4)		0.64	(4)		13
Year ended 3-31-2015		16.47		-8.19			—	*		1.72			0.09			1.86			-0.05			28
Year ended 3-31-2014		17.94		22.30			—	*		1.72			-0.28			1.86			-0.42			47
Year ended 3-31-2013(6)		14.68		7.78			—	*		1.66	(4)		-0.37	(4)		1.71	(4)		-0.42	(4)		26	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		15.01		-11.45			1			0.98	(4)		1.53	(4)		1.12	(4)		1.39	(4)		13
Year ended 3-31-2015(7)		16.95		-8.72			1			0.95	(4)		0.72	(4)		1.09	(4)		0.58	(4)		28	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		14.82		-11.63			2			1.39	(4)		1.17	(4)		1.53	(4)		1.03	(4)		13
Year ended 3-31-2015		16.77		-7.86			3			1.38			0.41			1.52			0.27			28
Year ended 3-31-2014		18.20		22.76			4			1.35			-0.04			1.49			-0.18			47
Year ended 3-31-2013		14.86		9.59			4			1.47			0.74			1.63			0.58			26
Year ended 3-31-2012		13.56		-3.24			13			1.20			0.85			1.54			0.51			38
Year ended 3-31-2011		14.15		11.51			20			1.20			0.85			1.54			0.51			46

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 147

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY DIVIDEND OPPORTUNITIES FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	19.55	$	0.09	$	(1.94	)	$	(1.85	)	$	(0.06	)	$	—		$	(0.06	)
Year ended 3-31-2015		20.27		0.22		1.39			1.61			(0.22	)		(2.11	)		(2.33	)
Year ended 3-31-2014		17.20		0.19		3.33			3.52			(0.16	)		(0.29	)		(0.45	)
Year ended 3-31-2013		15.70		0.23		1.48			1.71			(0.21	)		—			(0.21	)
Year ended 3-31-2012		16.14		0.18		(0.44	)		(0.26	)		(0.18	)		—			(0.18	)
Year ended 3-31-2011		13.61		0.13		2.55			2.68			(0.15	)		—			(0.15	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		19.22		0.02		(1.91	)		(1.89	)		—			—			—
Year ended 3-31-2015		19.97		0.06		1.37			1.43			(0.07	)		(2.11	)		(2.18	)
Year ended 3-31-2014		16.99		0.05		3.27			3.32			(0.05	)		(0.29	)		(0.34	)
Year ended 3-31-2013		15.54		0.09		1.48			1.57			(0.12	)		—			(0.12	)
Year ended 3-31-2012		15.98		0.04		(0.43	)		(0.39	)		(0.05	)		—			(0.05	)
Year ended 3-31-2011		13.49		0.00		2.52			2.52			(0.03	)		—			(0.03	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		19.31		0.03		(1.92	)		(1.89	)		—	*		—			—	*
Year ended 3-31-2015		20.05		0.08		1.38			1.46			(0.09	)		(2.11	)		(2.20	)
Year ended 3-31-2014		17.05		0.07		3.29			3.36			(0.07	)		(0.29	)		(0.36	)
Year ended 3-31-2013		15.59		0.11		1.49			1.60			(0.14	)		—			(0.14	)
Year ended 3-31-2012		16.03		0.07		(0.43	)		(0.36	)		(0.08	)		—			(0.08	)
Year ended 3-31-2011		13.53		0.03		2.54			2.57			(0.07	)		—			(0.07	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		19.48		0.09		(1.94	)		(1.85	)		(0.05	)		—			(0.05	)
Year ended 3-31-2015		20.21		0.19		1.39			1.58			(0.20	)		(2.11	)		(2.31	)
Year ended 3-31-2014		17.16		0.17		3.32			3.49			(0.15	)		(0.29	)		(0.44	)
Year ended 3-31-2013		15.66		0.21		1.49			1.70			(0.20	)		—			(0.20	)
Year ended 3-31-2012		16.10		0.17		(0.44	)		(0.27	)		(0.17	)		—			(0.17	)
Year ended 3-31-2011		13.58		0.13		2.54			2.67			(0.15	)		—			(0.15	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		19.61		0.13		(1.96	)		(1.83	)		(0.09	)		—			(0.09	)
Year ended 3-31-2015		20.33		0.28		1.40			1.68			(0.29	)		(2.11	)		(2.40	)
Year ended 3-31-2014		17.25		0.26		3.33			3.59			(0.22	)		(0.29	)		(0.51	)
Year ended 3-31-2013		15.73		0.28		1.49			1.77			(0.25	)		—			(0.25	)
Year ended 3-31-2012		16.17		0.24		(0.45	)		(0.21	)		(0.23	)		—			(0.23	)
Year ended 3-31-2011		13.63		0.18		2.56			2.74			(0.20	)		—			(0.20	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		19.53		0.07		(1.95	)		(1.88	)		(0.03	)		—			(0.03	)
Year ended 3-31-2015		20.25		0.16		1.40			1.56			(0.17	)		(2.11	)		(2.28	)
Year ended 3-31-2014		17.19		0.14		3.33			3.47			(0.12	)		(0.29	)		(0.41	)
Year ended 3-31-2013(6)		15.79		0.01		1.39			1.40			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		19.64		0.14		(1.95	)		(1.81	)		(0.11	)		—			(0.11	)
Year ended 3-31-2015(7)		20.64		0.20		1.15			1.35			(0.24	)		(2.11	)		(2.35	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		19.58		0.10		(1.94	)		(1.84	)		(0.07	)		—			(0.07	)
Year ended 3-31-2015		20.30		0.23		1.40			1.63			(0.24	)		(2.11	)		(2.35	)
Year ended 3-31-2014		17.23		0.21		3.33			3.54			(0.18	)		(0.29	)		(0.47	)
Year ended 3-31-2013		15.72		0.24		1.50			1.74			(0.23	)		—			(0.23	)
Year ended 3-31-2012		16.16		0.19		(0.44	)		(0.25	)		(0.19	)		—			(0.19	)
Year ended 3-31-2011		13.63		0.15		2.55			2.70			(0.17	)		—			(0.17	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

148 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	17.64		-9.47	%	$	279			1.25	%(4)		0.98	%(4)		—	%		—	%		21	%
Year ended 3-31-2015		19.55		8.19			322			1.24			1.07			—			—			48
Year ended 3-31-2014		20.27		20.70			291			1.27			1.03			—			—			43
Year ended 3-31-2013		17.20		11.06			246			1.28			1.43			—			—			45
Year ended 3-31-2012		15.70		-1.54			261			1.29			1.21			—			—			37
Year ended 3-31-2011		16.14		19.85			252			1.33			0.94			—			—			45
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		17.33		-9.83			9			2.03	(4)		0.20	(4)		—			—			21
Year ended 3-31-2015		19.22		7.33			12			2.01			0.30			—			—			48
Year ended 3-31-2014		19.97		19.70			13			2.05			0.25			—			—			43
Year ended 3-31-2013		16.99		10.10			11			2.13			0.60			—			—			45
Year ended 3-31-2012		15.54		-2.35			15			2.18			0.30			—			—			37
Year ended 3-31-2011		15.98		18.69			16			2.25			0.02			—			—			45
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		17.42		-9.78			45			1.92	(4)		0.31	(4)		—			—			21
Year ended 3-31-2015		19.31		7.46			54			1.91			0.40			—			—			48
Year ended 3-31-2014		20.05		19.85			47			1.93			0.37			—			—			43
Year ended 3-31-2013		17.05		10.32			39			1.97			0.73			—			—			45
Year ended 3-31-2012		15.59		-2.23			43			2.00			0.48			—			—			37
Year ended 3-31-2011		16.03		19.07			50			2.02			0.24			—			—			45
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		17.58		-9.51			5			1.33	(4)		0.90	(4)		1.56	(4)		0.67	(4)		21
Year ended 3-31-2015		19.48		8.01			5			1.37			0.94			1.58			0.73			48
Year ended 3-31-2014		20.21		20.52			4			1.37			0.93			1.66			0.64			43
Year ended 3-31-2013		17.16		11.00			4			1.36			1.31			1.80			0.87			45
Year ended 3-31-2012		15.66		-1.61			3			1.37			1.14			1.92			0.59			37
Year ended 3-31-2011		16.10		19.80			3			1.37			0.89			2.03			0.23			45
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		17.69		-9.35			20			0.94	(4)		1.29	(4)		—			—			21
Year ended 3-31-2015		19.61		8.50			23			0.93			1.38			—			—			48
Year ended 3-31-2014		20.33		21.06			19			0.94			1.36			—			—			43
Year ended 3-31-2013		17.25		11.45			15			0.93			1.74			—			—			45
Year ended 3-31-2012		15.73		-1.18			14			0.94			1.60			—			—			37
Year ended 3-31-2011		16.17		20.32			7			0.97			1.31			—			—			45
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		17.62		-9.64			—	*		1.53	(4)		0.71	(4)		—			—			21
Year ended 3-31-2015		19.53		7.90			—	*		1.52			0.80			—			—			48
Year ended 3-31-2014		20.25		20.29			—	*		1.54			0.76			—			—			43
Year ended 3-31-2013(6)		17.19		8.93			—	*		1.51	(4)		0.23	(4)		—			—			45	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		17.72		-9.27			—	*		0.79	(4)		1.46	(4)		—			—			21
Year ended 3-31-2015(7)		19.64		6.76			—	*		0.79	(4)		1.46	(4)		—			—			48	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		17.67		-9.44			8			1.19	(4)		1.03	(4)		—			—			21
Year ended 3-31-2015		19.58		8.25			10			1.18			1.13			—			—			48
Year ended 3-31-2014		20.30		20.74			11			1.19			1.11			—			—			43
Year ended 3-31-2013		17.23		11.19			12			1.18			1.51			—			—			45
Year ended 3-31-2012		15.72		-1.43			15			1.19			1.27			—			—			37
Year ended 3-31-2011		16.16		19.99			18			1.21			1.05			—			—			45

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 149

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY EMERGING MARKETS EQUITY FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	16.04	$	0.03		$	(2.73	)	$	(2.70	)	$	—		$	—		$	—
Year ended 3-31-2015		15.04		0.04			1.08			1.12			(0.12	)		—			(0.12	)
Year ended 3-31-2014		13.88		0.02			1.22			1.24			(0.08	)		—			(0.08	)
Year ended 3-31-2013		13.98		0.03			(0.03	)		0.00			(0.10	)		—			(0.10	)
Year ended 3-31-2012		16.94		0.01			(2.39	)		(2.38	)		(0.06	)		(0.52	)		(0.58	)
Year ended 3-31-2011		14.84		(0.01	)		2.11			2.10			—			—			—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		13.48		(0.05	)		(2.28	)		(2.33	)		—			—			—
Year ended 3-31-2015		12.66		(0.10	)		0.92			0.82			—			—			—
Year ended 3-31-2014		11.78		(0.12	)		1.00			0.88			—			—			—
Year ended 3-31-2013		11.92		(0.10	)		(0.04	)		(0.14	)		—	*		—			—	*
Year ended 3-31-2012		14.64		(0.13	)		(2.07	)		(2.20	)		—			(0.52	)		(0.52	)
Year ended 3-31-2011		12.97		(0.15	)		1.82			1.67			—			—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		14.05		(0.03	)		(2.38	)		(2.41	)		—			—			—
Year ended 3-31-2015		13.20		(0.09	)		0.95			0.86			(0.01	)		—			(0.01	)
Year ended 3-31-2014		12.23		(0.07	)		1.06			0.99			(0.02	)		—			(0.02	)
Year ended 3-31-2013		12.36		(0.06	)		(0.03	)		(0.09	)		(0.04	)		—			(0.04	)
Year ended 3-31-2012		15.10		(0.08	)		(2.14	)		(2.22	)		—			(0.52	)		(0.52	)
Year ended 3-31-2011		13.33		(0.10	)		1.87			1.77			—			—			—
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		16.23		0.04			(2.77	)		(2.73	)		—			—			—
Year ended 3-31-2015		15.23		0.05			1.10			1.15			(0.15	)		—			(0.15	)
Year ended 3-31-2014		14.04		0.06			1.25			1.31			(0.12	)		—			(0.12	)
Year ended 3-31-2013		14.12		0.09			(0.03	)		0.06			(0.14	)		—			(0.14	)
Year ended 3-31-2012		17.15		0.06			(2.41	)		(2.35	)		(0.16	)		(0.52	)		(0.68	)
Year ended 3-31-2011		14.98		0.05			2.12			2.17			—			—			—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		16.45		0.06			(2.82	)		(2.76	)		—			—			—
Year ended 3-31-2015		15.43		0.08			1.11			1.19			(0.17	)		—			(0.17	)
Year ended 3-31-2014		14.23		0.09			1.26			1.35			(0.15	)		—			(0.15	)
Year ended 3-31-2013		14.30		0.10			(0.02	)		0.08			(0.15	)		—			(0.15	)
Year ended 3-31-2012		17.39		0.08			(2.46	)		(2.38	)		(0.19	)		(0.52	)		(0.71	)
Year ended 3-31-2011		15.16		0.05			2.18			2.23			—			—			—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		16.01		0.00	*		(2.72	)		(2.72	)		—			—			—
Year ended 3-31-2015		15.02		(0.02	)		1.09			1.07			(0.08	)		—			(0.08	)
Year ended 3-31-2014		13.87		(0.01	)		1.23			1.22			(0.07	)		—			(0.07	)
Year ended 3-31-2013(7)		14.07		(0.04	)		(0.16	)		(0.20	)		—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		16.50		0.06			(2.82	)		(2.76	)		—			—			—
Year ended 3-31-2015(8)		16.41		(0.03	)		0.26			0.23			(0.14	)		—			(0.14	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		16.33		0.06			(2.81	)		(2.75	)		—			—			—
Year ended 3-31-2015		15.33		0.03			1.10			1.13			(0.13	)		—			(0.13	)
Year ended 3-31-2014		14.13		0.05			1.26			1.31			(0.11	)		—			(0.11	)
Year ended 3-31-2013		14.22		0.09			(0.05	)		0.04			(0.13	)		—			(0.13	)
Year ended 3-31-2012		17.25		0.05			(2.44	)		(2.39	)		(0.12	)		(0.52	)		(0.64	)
Year ended 3-31-2011		15.08		0.03			2.14			2.17			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) Class share is closed to investment.

(7) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(8) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(10) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

150 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	13.34		-16.83	%	$	372			1.50	%(4)		0.33	%(4)		1.63	%(4)		0.20	%(4)		63	%
Year ended 3-31-2015		16.04		7.48			436			1.50			0.23			1.67			0.06			103
Year ended 3-31-2014		15.04		8.95			536			1.73			0.17			—			—			138
Year ended 3-31-2013		13.88		-0.02			491			1.74			0.25			—			—			142
Year ended 3-31-2012		13.98		-13.71			504			1.75			0.04			—			—			97
Year ended 3-31-2011		16.94		14.15			600			1.72			-0.07			—			—			137
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		11.15		-17.28			5			2.50	(4)		-0.69	(4)		2.60	(4)		-0.79	(4)		63
Year ended 3-31-2015		13.48		6.48			7			2.50			-0.75			2.71			-0.96			103
Year ended 3-31-2014		12.66		7.47			9			3.00			-1.04			—			—			138
Year ended 3-31-2013		11.78		-1.13			8			2.94			-0.88			—			—			142
Year ended 3-31-2012		11.92		-14.69			10			2.88			-1.03			—			—			97
Year ended 3-31-2011		14.64		12.88			16			2.81			-1.07			—			—			137
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		11.64		-17.15			32			2.31	(4)		-0.48	(4)		—			—			63
Year ended 3-31-2015		14.05		6.56			35			2.40			-0.66			—			—			103
Year ended 3-31-2014		13.20		8.06			44			2.47			-0.59			—			—			138
Year ended 3-31-2013		12.23		-0.77			16			2.53			-0.48			—			—			142
Year ended 3-31-2012		12.36		-14.37			20			2.51			-0.63			—			—			97
Year ended 3-31-2011		15.10		13.28			32			2.46			-0.73			—			—			137
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		13.50		-16.82			—	*		1.33	(4)		0.48	(4)		—			—			63
Year ended 3-31-2015		16.23		7.63			—	*		1.34			0.34			—			—			103
Year ended 3-31-2014		15.23		9.35			—	*		1.35			0.44			—			—			138
Year ended 3-31-2013		14.04		0.40			—	*		1.34			0.64			—			—			142
Year ended 3-31-2012		14.12		-13.32			—	*		1.37			0.41			—			—			97
Year ended 3-31-2011		17.15		14.49			—	*		1.36			0.30			—			—			137
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		13.69		-16.78			108			1.21	(4)		0.72	(4)		—			—			63
Year ended 3-31-2015		16.45		7.78			117			1.23			0.49			—			—			103
Year ended 3-31-2014		15.43		9.52			139			1.22			0.62			—			—			138
Year ended 3-31-2013		14.23		0.55			147			1.22			0.69			—			—			142
Year ended 3-31-2012		14.30		-13.28			138			1.25			0.52			—			—			97
Year ended 3-31-2011		17.39		14.71			159			1.24			0.28			—			—			137
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		13.29		-16.99			3			1.82	(4)		-0.04	(4)		—			—			63
Year ended 3-31-2015		16.01		7.13			1			1.83			-0.16			—			—			103
Year ended 3-31-2014		15.02		8.75			1			1.83			-0.05			—			—			138
Year ended 3-31-2013(7)		13.87		-1.35			—	*		1.80	(4)		-1.09	(4)		—			—			142	(9)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		13.74		-16.73			6			1.07	(4)		0.75	(4)		—			—			63
Year ended 3-31-2015(8)		16.50		1.47			6			1.08	(4)		-0.30	(4)		—			—			103	(10)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		13.58		-16.84			7			1.46	(4)		0.70	(4)		—			—			63
Year ended 3-31-2015		16.33		7.41			10			1.50			0.20			1.53			0.17			103
Year ended 3-31-2014		15.33		9.19			11			1.47			0.34			—			—			138
Year ended 3-31-2013		14.13		0.31			5			1.47			0.63			—			—			142
Year ended 3-31-2012		14.22		-13.48			6			1.50			0.30			—			—			97
Year ended 3-31-2011		17.25		14.39			9			1.50			0.22			—			—			137

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 151

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY EUROPEAN OPPORTUNITIES FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	29.19	$	0.16		$	(1.83	)	$	(1.67	)	$	—		$	—	$	—
Year ended 3-31-2015		29.76		0.17			(0.24	)		(0.07	)		(0.50	)		—		(0.50	)
Year ended 3-31-2014		24.70		0.32			4.82			5.14			(0.08	)		—		(0.08	)
Year ended 3-31-2013		22.89		0.07			1.83			1.90			(0.09	)		—		(0.09	)
Year ended 3-31-2012		24.61		0.07			(1.72	)		(1.65	)		(0.07	)		—		(0.07	)
Year ended 3-31-2011		21.44		(0.01	)		3.24			3.23			(0.06	)		—		(0.06	)
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		27.21		0.01			(1.72	)		(1.71	)		—			—		—
Year ended 3-31-2015		27.66		(0.14	)		(0.22	)		(0.36	)		(0.09	)		—		(0.09	)
Year ended 3-31-2014		23.16		0.01			4.49			4.50			—			—		—
Year ended 3-31-2013		21.62		(0.15	)		1.69			1.54			—			—		—
Year ended 3-31-2012		23.40		(0.13	)		(1.65	)		(1.78	)		—			—		—
Year ended 3-31-2011		20.53		(0.21	)		3.08			2.87			—	*		—		—	*
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		27.73		0.06			(1.73	)		(1.67	)		—			—		—
Year ended 3-31-2015		28.25		(0.02	)		(0.21	)		(0.23	)		(0.29	)		—		(0.29	)
Year ended 3-31-2014		23.53		0.16			4.56			4.72			—			—		—
Year ended 3-31-2013		21.86		(0.06	)		1.73			1.67			—			—		—
Year ended 3-31-2012		23.58		(0.06	)		(1.66	)		(1.72	)		—			—		—
Year ended 3-31-2011		20.63		(0.14	)		3.11			2.97			(0.02	)		—		(0.02	)
Class E Shares(5)
Six-month period ended 9-30-2015 (unaudited)		29.36		0.22			(1.86	)		(1.64	)		—			—		—
Year ended 3-31-2015		29.93		0.27			(0.21	)		0.06			(0.63	)		—		(0.63	)
Year ended 3-31-2014		24.84		0.44			4.85			5.29			(0.20	)		—		(0.20	)
Year ended 3-31-2013		23.02		0.18			1.84			2.02			(0.20	)		—		(0.20	)
Year ended 3-31-2012		24.76		0.18			(1.74	)		(1.56	)		(0.18	)		—		(0.18	)
Year ended 3-31-2011		21.48		0.09			3.28			3.37			(0.09	)		—		(0.09	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		29.39		0.18			(1.80	)		(1.62	)		—			—		—
Year ended 3-31-2015		29.97		0.32			(0.24	)		0.08			(0.66	)		—		(0.66	)
Year ended 3-31-2014		24.87		0.48			4.85			5.33			(0.23	)		—		(0.23	)
Year ended 3-31-2013		23.04		0.26			1.81			2.07			(0.24	)		—		(0.24	)
Year ended 3-31-2012		24.82		0.21			(1.75	)		(1.54	)		(0.24	)		—		(0.24	)
Year ended 3-31-2011		21.51		0.12			3.29			3.41			(0.10	)		—		(0.10	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		29.18		0.14			(1.83	)		(1.69	)		—			—		—
Year ended 3-31-2015		29.75		0.12			(0.21	)		(0.09	)		(0.48	)		—		(0.48	)
Year ended 3-31-2014		24.70		0.31			4.82			5.13			(0.08	)		—		(0.08	)
Year ended 3-31-2013(6)		24.16		0.00			0.54			0.54			—			—		—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		29.51		0.26			(1.87	)		(1.61	)		—			—		—
Year ended 3-31-2015(7)		29.18		0.05			0.85			0.90			(0.57	)		—		(0.57	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		29.38		0.13			(1.79	)		(1.66	)		—			—		—
Year ended 3-31-2015		29.95		0.17			(0.16	)		0.01			(0.58	)		—		(0.58	)
Year ended 3-31-2014		24.86		0.44			4.81			5.25			(0.16	)		—		(0.16	)
Year ended 3-31-2013		23.04		0.15			1.85			2.00			(0.18	)		—		(0.18	)
Year ended 3-31-2012		24.75		0.17			(1.75	)		(1.58	)		(0.13	)		—		(0.13	)
Year ended 3-31-2011		21.50		0.09			3.24			3.33			(0.08	)		—		(0.08	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Annualized.

(4) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(5) Class share is closed to investment.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

152 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	27.52		-5.72	%	$	163			1.64	%(3)		1.07	%(3)		47	%
Year ended 3-31-2015		29.19		-0.13			150			1.70			0.57			172
Year ended 3-31-2014		29.76		20.83			163			1.76			1.17			116
Year ended 3-31-2013		24.70		8.31			162			1.81			0.32			71
Year ended 3-31-2012		22.89		-6.67			167			1.84			0.33			49
Year ended 3-31-2011		24.61		15.07			197			1.82			-0.07			66
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		25.50		-6.29			1			2.76	(3)		0.08	(3)		47
Year ended 3-31-2015		27.21		-1.27			2			2.90			-0.50			172
Year ended 3-31-2014		27.66		19.43			2			2.91			0.04			116
Year ended 3-31-2013		23.16		7.12			3			2.89			-0.68			71
Year ended 3-31-2012		21.62		-7.61			5			2.84			-0.63			49
Year ended 3-31-2011		23.40		13.99			8			2.81			-1.01			66
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		26.06		-6.02			11			2.29	(3)		0.41	(3)		47
Year ended 3-31-2015		27.73		-0.75			10			2.35			-0.06			172
Year ended 3-31-2014		28.25		20.06			11			2.37			0.61			116
Year ended 3-31-2013		23.53		7.64			9			2.43			-0.26			71
Year ended 3-31-2012		21.86		-7.29			11			2.47			-0.26			49
Year ended 3-31-2011		23.58		14.41			15			2.46			-0.65			66
Class E Shares(5)
Six-month period ended 9-30-2015 (unaudited)		27.72		-5.59			—	*		1.32	(3)		1.44	(3)		47
Year ended 3-31-2015		29.36		0.30			—	*		1.31			0.92			172
Year ended 3-31-2014		29.93		21.34			—	*		1.33			1.62			116
Year ended 3-31-2013		24.84		8.83			—	*		1.31			0.79			71
Year ended 3-31-2012		23.02		-6.18			—	*		1.32			0.80			49
Year ended 3-31-2011		24.76		15.71			—	*		1.32			0.40			66
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		27.77		-5.51			47			1.19	(3)		1.23	(3)		47
Year ended 3-31-2015		29.39		0.38			27			1.21			1.09			172
Year ended 3-31-2014		29.97		21.50			31			1.19			1.76			116
Year ended 3-31-2013		24.87		8.96			37			1.18			1.13			71
Year ended 3-31-2012		23.04		-6.06			53			1.19			0.94			49
Year ended 3-31-2011		24.82		15.87			43			1.18			0.52			66
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		27.49		-5.79			—	*		1.81	(3)		0.91	(3)		47
Year ended 3-31-2015		29.18		-0.21			—	*		1.81			0.42			172
Year ended 3-31-2014		29.75		20.73			—	*		1.79			1.15			116
Year ended 3-31-2013(6)		24.70		2.28			—	*		1.74	(3)		0.02	(3)		71	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		27.90		-5.46			2			1.05	(3)		1.71	(3)		47
Year ended 3-31-2015(7)		29.51		3.20			2			1.08	(3)		0.26	(3)		172	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		27.72		-5.65			2			1.46	(3)		0.87	(3)		47
Year ended 3-31-2015		29.38		0.15			2			1.47			0.58			172
Year ended 3-31-2014		29.95		21.17			3			1.46			1.57			116
Year ended 3-31-2013		24.86		8.71			1			1.42			0.66			71
Year ended 3-31-2012		23.04		-6.30			2			1.45			0.75			49
Year ended 3-31-2011		24.75		15.52			2			1.45			0.38			66

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 153

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL BOND FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	9.59	$	0.17	$	(0.55	)	$	(0.38	)	$	(0.12	)	$	—		$	(0.12	)
Year ended 3-31-2015		10.06		0.34		(0.49	)		(0.15	)		(0.32	)		—			(0.32	)
Year ended 3-31-2014		10.26		0.35		(0.19	)		0.16			(0.34	)		(0.02	)		(0.36	)
Year ended 3-31-2013		10.20		0.40		0.11			0.51			(0.42	)		(0.03	)		(0.45	)
Year ended 3-31-2012		10.35		0.39		(0.11	)		0.28			(0.39	)		(0.04	)		(0.43	)
Year ended 3-31-2011		10.30		0.36		0.08			0.44			(0.33	)		(0.06	)		(0.39	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		9.58		0.13		(0.55	)		(0.42	)		(0.08	)		—			(0.08	)
Year ended 3-31-2015		10.06		0.26		(0.49	)		(0.23	)		(0.25	)		—			(0.25	)
Year ended 3-31-2014		10.25		0.27		(0.18	)		0.09			(0.26	)		(0.02	)		(0.28	)
Year ended 3-31-2013		10.19		0.32		0.11			0.43			(0.34	)		(0.03	)		(0.37	)
Year ended 3-31-2012		10.35		0.31		(0.12	)		0.19			(0.31	)		(0.04	)		(0.35	)
Year ended 3-31-2011		10.29		0.28		0.09			0.37			(0.25	)		(0.06	)		(0.31	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		9.59		0.13		(0.55	)		(0.42	)		(0.08	)		—			(0.08	)
Year ended 3-31-2015		10.06		0.26		(0.48	)		(0.22	)		(0.25	)		—			(0.25	)
Year ended 3-31-2014		10.25		0.27		(0.18	)		0.09			(0.26	)		(0.02	)		(0.28	)
Year ended 3-31-2013		10.19		0.32		0.11			0.43			(0.34	)		(0.03	)		(0.37	)
Year ended 3-31-2012		10.35		0.31		(0.12	)		0.19			(0.31	)		(0.04	)		(0.35	)
Year ended 3-31-2011		10.29		0.28		0.09			0.37			(0.25	)		(0.06	)		(0.31	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		9.59		0.18		(0.55	)		(0.37	)		(0.13	)		—			(0.13	)
Year ended 3-31-2015		10.06		0.36		(0.48	)		(0.12	)		(0.35	)		—			(0.35	)
Year ended 3-31-2014		10.25		0.37		(0.18	)		0.19			(0.36	)		(0.02	)		(0.38	)
Year ended 3-31-2013		10.19		0.42		0.11			0.53			(0.44	)		(0.03	)		(0.47	)
Year ended 3-31-2012		10.35		0.41		(0.11	)		0.30			(0.42	)		(0.04	)		(0.46	)
Year ended 3-31-2011		10.30		0.39		0.08			0.47			(0.36	)		(0.06	)		(0.42	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		9.57		0.14		(0.54	)		(0.40	)		(0.10	)		—			(0.10	)
Year ended 3-31-2015		10.05		0.29		(0.49	)		(0.20	)		(0.28	)		—			(0.28	)
Year ended 3-31-2014		10.24		0.29		(0.18	)		0.11			(0.28	)		(0.02	)		(0.30	)
Year ended 3-31-2013(6)		10.17		0.09		0.04			0.13			(0.06	)		—			(0.06	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		9.59		0.18		(0.55	)		(0.37	)		(0.13	)		—			(0.13	)
Year ended 3-31-2015(7)		10.15		0.24		(0.56	)		(0.32	)		(0.24	)		—			(0.24	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		9.59		0.17		(0.55	)		(0.38	)		(0.12	)		—			(0.12	)
Year ended 3-31-2015		10.07		0.34		(0.50	)		(0.16	)		(0.32	)		—			(0.32	)
Year ended 3-31-2014		10.26		0.34		(0.18	)		0.16			(0.33	)		(0.02	)		(0.35	)
Year ended 3-31-2013		10.20		0.40		0.11			0.51			(0.42	)		(0.03	)		(0.45	)
Year ended 3-31-2012		10.36		0.39		(0.12	)		0.27			(0.39	)		(0.04	)		(0.43	)
Year ended 3-31-2011		10.30		0.36		0.09			0.45			(0.33	)		(0.06	)		(0.39	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

154 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	9.09		-4.02	%	$	147			0.99	%(4)		3.50	%(4)		1.29	%(4)		3.20	%(4)		11	%
Year ended 3-31-2015		9.59		-1.54			177			0.99			3.39			1.22			3.16			26
Year ended 3-31-2014		10.06		1.65			187			0.99			3.43			1.25			3.17			21
Year ended 3-31-2013		10.26		5.12			174			0.99			3.92			1.24			3.67			26
Year ended 3-31-2012		10.20		2.74			158			0.99			3.81			1.25			3.55			26
Year ended 3-31-2011		10.35		4.34			141			0.99			3.50			1.25			3.24			26
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		9.08		-4.38			3			1.74	(4)		2.75	(4)		2.27	(4)		2.22	(4)		11
Year ended 3-31-2015		9.58		-2.36			5			1.74			2.64			2.10			2.28			26
Year ended 3-31-2014		10.06		0.90			6			1.74			2.67			2.10			2.31			21
Year ended 3-31-2013		10.25		4.34			7			1.74			3.17			2.15			2.76			26
Year ended 3-31-2012		10.19		1.96			6			1.74			3.05			2.26			2.53			26
Year ended 3-31-2011		10.35		3.66			7			1.74			2.76			2.06			2.44			26
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		9.09		-4.38			25			1.74	(4)		2.75	(4)		1.92	(4)		2.57	(4)		11
Year ended 3-31-2015		9.59		-2.26			31			1.74			2.64			1.87			2.51			26
Year ended 3-31-2014		10.06		0.90			33			1.74			2.67			1.88			2.53			21
Year ended 3-31-2013		10.25		4.34			44			1.74			3.18			1.90			3.02			26
Year ended 3-31-2012		10.19		1.96			41			1.74			3.06			1.93			2.87			26
Year ended 3-31-2011		10.35		3.66			44			1.74			2.76			1.92			2.58			26
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		9.09		-3.90			40			0.74	(4)		3.76	(4)		0.91	(4)		3.59	(4)		11
Year ended 3-31-2015		9.59		-1.29			53			0.74			3.65			0.87			3.52			26
Year ended 3-31-2014		10.06		1.91			58			0.74			3.67			0.89			3.52			21
Year ended 3-31-2013		10.25		5.39			59			0.74			4.13			0.89			3.97			26
Year ended 3-31-2012		10.19		3.00			28			0.74			4.07			0.91			3.90			26
Year ended 3-31-2011		10.35		4.61			25			0.74			3.76			0.92			3.58			26
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		9.07		-4.26			—	*		1.50	(4)		3.00	(4)		—			—			11
Year ended 3-31-2015		9.57		-2.10			—	*		1.46			2.90			—			—			26
Year ended 3-31-2014		10.05		1.14			—	*		1.48			2.93			—			—			21
Year ended 3-31-2013(6)		10.24		1.30			—	*		1.45	(4)		3.10	(4)		—			—			26	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		9.09		-3.90			—	*		0.76	(4)		3.73	(4)		—			—			11
Year ended 3-31-2015(7)		9.59		-3.23			—	*		0.70	(4)		3.62	(4)		—			—			26	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		9.09		-4.02			3			0.99	(4)		3.50	(4)		1.16	(4)		3.33	(4)		11
Year ended 3-31-2015		9.59		-1.63			5			0.99			3.40			1.12			3.27			26
Year ended 3-31-2014		10.07		1.65			8			0.99			3.42			1.13			3.28			21
Year ended 3-31-2013		10.26		5.12			5			0.99			3.94			1.14			3.78			26
Year ended 3-31-2012		10.20		2.74			7			0.99			3.78			1.16			3.61			26
Year ended 3-31-2011		10.36		4.44			15			0.99			3.51			1.17			3.33			26

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 155

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL EQUITY INCOME FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	13.32	$	0.26	$	(1.24	)	$	(0.98	)	$	(0.25	)	$	—		$	(0.25	)
Year ended 3-31-2015		13.27		0.39		0.36			0.75			(0.44	)		(0.26	)		(0.70	)
Year ended 3-31-2014		11.82		0.57		1.44			2.01			(0.46	)		(0.10	)		(0.56	)
Year ended 3-31-2013(5)		10.00		0.35		1.84			2.19			(0.28	)		(0.09	)		(0.37	)
Class B Shares(6)
Six-month period ended 9-30-2015 (unaudited)		13.31		0.21		(1.23	)		(1.02	)		(0.21	)		—			(0.21	)
Year ended 3-31-2015		13.27		0.32		0.34			0.66			(0.36	)		(0.26	)		(0.62	)
Year ended 3-31-2014		11.81		0.47		1.46			1.93			(0.37	)		(0.10	)		(0.47	)
Year ended 3-31-2013(5)		10.00		0.27		1.85			2.12			(0.22	)		(0.09	)		(0.31	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		13.31		0.21		(1.22	)		(1.01	)		(0.21	)		—			(0.21	)
Year ended 3-31-2015		13.27		0.30		0.36			0.66			(0.36	)		(0.26	)		(0.62	)
Year ended 3-31-2014		11.81		0.50		1.44			1.94			(0.38	)		(0.10	)		(0.48	)
Year ended 3-31-2013(5)		10.00		0.27		1.85			2.12			(0.22	)		(0.09	)		(0.31	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		13.33		0.28		(1.24	)		(0.96	)		(0.27	)		—			(0.27	)
Year ended 3-31-2015		13.28		0.43		0.37			0.80			(0.49	)		(0.26	)		(0.75	)
Year ended 3-31-2014		11.82		0.61		1.46			2.07			(0.51	)		(0.10	)		(0.61	)
Year ended 3-31-2013(5)		10.00		0.37		1.85			2.22			(0.31	)		(0.09	)		(0.40	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		13.32		0.24		(1.23	)		(0.99	)		(0.23	)		—			(0.23	)
Year ended 3-31-2015		13.28		0.36		0.35			0.71			(0.41	)		(0.26	)		(0.67	)
Year ended 3-31-2014		11.82		0.52		1.46			1.98			(0.42	)		(0.10	)		(0.52	)
Year ended 3-31-2013(7)		11.28		0.11		0.46			0.57			(0.03	)		—			(0.03	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		13.33		0.29		(1.23	)		(0.94	)		(0.28	)		—			(0.28	)
Year ended 3-31-2015(8)		13.37		0.25		0.27			0.52			(0.30	)		(0.26	)		(0.56	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		13.32		0.26		(1.23	)		(0.97	)		(0.26	)		—			(0.26	)
Year ended 3-31-2015		13.28		0.41		0.35			0.76			(0.46	)		(0.26	)		(0.72	)
Year ended 3-31-2014		11.82		0.58		1.46			2.04			(0.48	)		(0.10	)		(0.58	)
Year ended 3-31-2013(5)		10.00		0.34		1.86			2.20			(0.29	)		(0.09	)		(0.38	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from June 4, 2012 (commencement of operations of the class) through March 31, 2013.

(6) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(7) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(8) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(10) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

156 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	12.09		-7.47	%	$	240			1.30	%(4)		3.88	%(4)		1.36	%(4)		3.83	%(4)		42	%
Year ended 3-31-2015		13.32		5.84			253			1.30			2.94			1.38			2.86			137
Year ended 3-31-2014		13.27		17.46			184			1.30			4.51			1.48			4.33			98
Year ended 3-31-2013(5)		11.82		22.15			59			1.29	(4)		3.82	(4)		1.68	(4)		3.43	(4)		73
Class B Shares(6)
Six-month period ended 9-30-2015 (unaudited)		12.08		-7.78			2			1.94	(4)		3.25	(4)		—			—			42
Year ended 3-31-2015		13.31		5.08			2			1.98			2.40			—			—			137
Year ended 3-31-2014		13.27		16.68			2			2.04			3.73			2.05			3.72			98
Year ended 3-31-2013(5)		11.81		22.41			1			2.01	(4)		2.89	(4)		2.21	(4)		2.69	(4)		73
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		12.09		-7.69			14			1.93	(4)		3.24	(4)		—			—			42
Year ended 3-31-2015		13.31		5.10			13			1.95			2.28			—			—			137
Year ended 3-31-2014		13.27		16.75			8			1.99			3.91			2.04			3.86			98
Year ended 3-31-2013(5)		11.81		21.46			4			1.95	(4)		2.95	(4)		2.15	(4)		2.75	(4)		73
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		12.10		-7.29			20			0.94	(4)		4.26	(4)		0.95	(4)		4.25	(4)		42
Year ended 3-31-2015		13.33		6.22			22			0.94			3.21			0.98			3.17			137
Year ended 3-31-2014		13.28		17.97			15			0.94			4.86			1.06			4.74			98
Year ended 3-31-2013(5)		11.82		22.47			12			0.94	(4)		3.95	(4)		1.29	(4)		3.60	(4)		73
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		12.10		-7.51			—	*		1.55	(4)		3.65	(4)		—			—			42
Year ended 3-31-2015		13.32		5.47			—	*		1.58			2.75			—			—			137
Year ended 3-31-2014		13.28		17.11			—	*		1.65			4.11			1.66			4.10			98
Year ended 3-31-2013(7)		11.82		5.05			—	*		1.67	(4)		3.36	(4)		1.87	(4)		3.16	(4)		73	(9)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		12.11		-7.16			1			0.81	(4)		4.37	(4)		—			—			42
Year ended 3-31-2015(8)		13.33		4.05			1			0.83	(4)		2.94	(4)		—			—			137	(10)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		12.09		-7.38			4			1.19	(4)		4.01	(4)		1.21	(4)		3.99	(4)		42
Year ended 3-31-2015		13.32		5.88			5			1.19			3.11			1.23			3.07			137
Year ended 3-31-2014		13.28		17.68			4			1.19			4.60			1.31			4.48			98
Year ended 3-31-2013(5)		11.82		22.25			4			1.18	(4)		3.70	(4)		1.54	(4)		3.34	(4)		73

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 157

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL GROWTH FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	42.75	$	0.01		$	(3.82	)	$	(3.81	)	$	—		$	—		$	—
Year ended 3-31-2015		41.15		0.19			1.95			2.14			(0.03	)		(0.51	)		(0.54	)
Year ended 3-31-2014		35.50		0.19			5.92			6.11			(0.46	)		—			(0.46	)
Year ended 3-31-2013		33.45		0.27			2.07			2.34			(0.29	)		—			(0.29	)
Year ended 3-31-2012		33.23		0.26			(0.04	)		0.22			—			—			—
Year ended 3-31-2011		29.04		0.39			4.42			4.81			(0.62	)		—			(0.62	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		37.61		(0.17	)		(3.35	)		(3.52	)		—			—			—
Year ended 3-31-2015		36.59		(0.15	)		1.68			1.53			—			(0.51	)		(0.51	)
Year ended 3-31-2014		31.63		(0.16	)		5.25			5.09			(0.13	)		—			(0.13	)
Year ended 3-31-2013		29.88		(0.05	)		1.84			1.79			(0.04	)		—			(0.04	)
Year ended 3-31-2012		29.99		(0.04	)		(0.07	)		(0.11	)		—			—			—
Year ended 3-31-2011		26.32		0.08			3.99			4.07			(0.40	)		—			(0.40	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		37.68		(0.13	)		(3.35	)		(3.48	)		—			—			—
Year ended 3-31-2015		36.57		(0.09	)		1.71			1.62			—			(0.51	)		(0.51	)
Year ended 3-31-2014		31.61		(0.08	)		5.22			5.14			(0.18	)		—			(0.18	)
Year ended 3-31-2013		29.85		(0.02	)		1.83			1.81			(0.05	)		—			(0.05	)
Year ended 3-31-2012		29.93		(0.02	)		(0.06	)		(0.08	)		—			—			—
Year ended 3-31-2011		26.27		0.10			3.97			4.07			(0.41	)		—			(0.41	)
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		42.83		0.06			(3.82	)		(3.76	)		—			—			—
Year ended 3-31-2015		41.19		0.31			1.94			2.25			(0.10	)		(0.51	)		(0.61	)
Year ended 3-31-2014		35.53		0.32			5.89			6.21			(0.55	)		—			(0.55	)
Year ended 3-31-2013		33.52		0.35			2.07			2.42			(0.41	)		—			(0.41	)
Year ended 3-31-2012		33.22		0.33			(0.03	)		0.30			—			—			—
Year ended 3-31-2011		29.04		0.45			4.42			4.87			(0.69	)		—			(0.69	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		43.24		0.08			(3.85	)		(3.77	)		—			—			—
Year ended 3-31-2015		41.57		0.35			1.96			2.31			(0.13	)		(0.51	)		(0.64	)
Year ended 3-31-2014		35.85		0.40			5.92			6.32			(0.60	)		—			(0.60	)
Year ended 3-31-2013		33.84		0.33			2.16			2.49			(0.48	)		—			(0.48	)
Year ended 3-31-2012		33.50		0.37			(0.03	)		0.34			—			—			—
Year ended 3-31-2011		29.26		0.69			4.28			4.97			(0.73	)		—			(0.73	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		42.64		(0.05	)		(3.79	)		(3.84	)		—			—			—
Year ended 3-31-2015		41.11		0.01			2.03			2.04			—			(0.51	)		(0.51	)
Year ended 3-31-2014		35.48		0.13			5.88			6.01			(0.38	)		—			(0.38	)
Year ended 3-31-2013(7)		34.77		0.01			0.70			0.71			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		43.32		0.12			(3.88	)		(3.76	)		—			—			—
Year ended 3-31-2015(8)		42.56		0.15			1.22			1.37			(0.10	)		(0.51	)		(0.61	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		42.86		0.03			(3.83	)		(3.80	)		—			—			—
Year ended 3-31-2015		41.23		0.24			1.96			2.20			(0.06	)		(0.51	)		(0.57	)
Year ended 3-31-2014		35.57		0.30			5.87			6.17			(0.51	)		—			(0.51	)
Year ended 3-31-2013		33.54		0.27			2.10			2.37			(0.34	)		—			(0.34	)
Year ended 3-31-2012		33.28		0.29			(0.03	)		0.26			—			—			—
Year ended 3-31-2011		29.06		0.58			4.31			4.89			(0.67	)		—			(0.67	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) Class share is closed to investment.

(7) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(8) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(10) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

158 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	38.94		-8.91	%	$	365			1.47	%(4)		0.05	%(4)		—	%		—	%		31	%
Year ended 3-31-2015		42.75		5.26			409			1.45			0.47			—			—			61
Year ended 3-31-2014		41.15		17.26			340			1.49			0.50			—			—			46
Year ended 3-31-2013		35.50		7.04			198			1.48			0.80			—			—			40
Year ended 3-31-2012		33.45		0.66			151			1.52			0.81			—			—			49
Year ended 3-31-2011		33.23		16.67			142			1.62			1.28			—			—			74
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		34.09		-9.36			3			2.45	(4)		-0.90	(4)		—			—			31
Year ended 3-31-2015		37.61		4.25			4			2.43			-0.40			—			—			61
Year ended 3-31-2014		36.59		16.13			5			2.47			-0.46			—			—			46
Year ended 3-31-2013		31.63		5.95			4			2.47			-0.16			—			—			40
Year ended 3-31-2012		29.88		-0.34			3			2.55			-0.16			—			—			49
Year ended 3-31-2011		29.99		15.53			4			2.61			0.29			—			—			74
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		34.20		-9.24			23			2.22	(4)		-0.70	(4)		—			—			31
Year ended 3-31-2015		37.68		4.51			26			2.21			-0.25			—			—			61
Year ended 3-31-2014		36.57		16.30			28			2.31			-0.23			—			—			46
Year ended 3-31-2013		31.61		6.03			24			2.39			-0.07			—			—			40
Year ended 3-31-2012		29.85		-0.24			25			2.46			-0.09			—			—			49
Year ended 3-31-2011		29.93		15.55			31			2.59			0.31			—			—			74
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		39.07		-8.78			—	*		1.21	(4)		0.31	(4)		—			—			31
Year ended 3-31-2015		42.83		5.55			—	*		1.21			0.74			—			—			61
Year ended 3-31-2014		41.19		17.58			—	*		1.22			0.84			—			—			46
Year ended 3-31-2013		35.53		7.27			—	*		1.25			1.04			—			—			40
Year ended 3-31-2012		33.52		0.90			—	*		1.29			1.04			—			—			49
Year ended 3-31-2011		33.22		16.88			—	*		1.40			1.49			—			—			74
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		39.47		-8.72			78			1.09	(4)		0.37	(4)		—			—			31
Year ended 3-31-2015		43.24		5.66			77			1.09			0.84			—			—			61
Year ended 3-31-2014		41.57		17.73			66			1.11			1.02			—			—			46
Year ended 3-31-2013		35.85		7.38			48			1.13			0.96			—			—			40
Year ended 3-31-2012		33.84		1.05			24			1.17			1.14			—			—			49
Year ended 3-31-2011		33.50		17.09			23			1.25			1.85			—			—			74
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		38.80		-9.01			1			1.70	(4)		-0.25	(4)		—			—			31
Year ended 3-31-2015		42.64		5.03			1			1.69			0.02			—			—			61
Year ended 3-31-2014		41.11		17.01			—	*		1.70			0.33			—			—			46
Year ended 3-31-2013(7)		35.48		2.04			—	*		1.70	(4)		0.15	(4)		—			—			40	(9)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		39.56		-8.68			2			0.95	(4)		0.56	(4)		—			—			31
Year ended 3-31-2015(8)		43.32		3.31			3			0.95	(4)		0.55	(4)		—			—			61	(10)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		39.06		-8.87			11			1.37	(4)		0.13	(4)		—			—			31
Year ended 3-31-2015		42.86		5.40			11			1.35			0.57			—			—			61
Year ended 3-31-2014		41.23		17.38			11			1.38			0.79			—			—			46
Year ended 3-31-2013		35.57		7.14			13			1.39			0.81			—			—			40
Year ended 3-31-2012		33.54		0.78			11			1.40			0.93			1.42			0.91			49
Year ended 3-31-2011		33.28		16.93			9			1.42			1.62			1.58			1.46			74

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 159

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL INCOME ALLOCATION FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	15.42	$	0.35	$	(1.70	)	$	(1.35	)	$	(0.32	)	$	—	$	(0.32	)
Year ended 3-31-2015		15.58		0.62		(0.18	)		0.44			(0.60	)		—		(0.60	)
Year ended 3-31-2014		14.79		0.68		0.70			1.38			(0.59	)		—		(0.59	)
Year ended 3-31-2013		14.52		0.62		0.33			0.95			(0.68	)		—		(0.68	)
Year ended 3-31-2012		15.19		0.57		(0.57	)		0.00			(0.67	)		—		(0.67	)
Year ended 3-31-2011		13.59		0.36		1.54			1.90			(0.30	)		—		(0.30	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		15.15		0.28		(1.67	)		(1.39	)		(0.25	)		—		(0.25	)
Year ended 3-31-2015		15.32		0.48		(0.18	)		0.30			(0.47	)		—		(0.47	)
Year ended 3-31-2014		14.55		0.52		0.70			1.22			(0.45	)		—		(0.45	)
Year ended 3-31-2013		14.29		0.48		0.32			0.80			(0.54	)		—		(0.54	)
Year ended 3-31-2012		14.93		0.43		(0.57	)		(0.14	)		(0.50	)		—		(0.50	)
Year ended 3-31-2011		13.40		0.23		1.51			1.74			(0.21	)		—		(0.21	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		15.24		0.30		(1.67	)		(1.37	)		(0.28	)		—		(0.28	)
Year ended 3-31-2015		15.41		0.51		(0.18	)		0.33			(0.50	)		—		(0.50	)
Year ended 3-31-2014		14.64		0.57		0.70			1.27			(0.50	)		—		(0.50	)
Year ended 3-31-2013		14.38		0.52		0.32			0.84			(0.58	)		—		(0.58	)
Year ended 3-31-2012		15.02		0.49		(0.58	)		(0.09	)		(0.55	)		—		(0.55	)
Year ended 3-31-2011		13.46		0.28		1.52			1.80			(0.24	)		—		(0.24	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		15.42		0.35		(1.69	)		(1.34	)		(0.32	)		—		(0.32	)
Year ended 3-31-2015		15.58		0.62		(0.19	)		0.43			(0.59	)		—		(0.59	)
Year ended 3-31-2014		14.79		0.68		0.70			1.38			(0.59	)		—		(0.59	)
Year ended 3-31-2013		14.52		0.62		0.33			0.95			(0.68	)		—		(0.68	)
Year ended 3-31-2012		15.20		0.59		(0.58	)		0.01			(0.69	)		—		(0.69	)
Year ended 3-31-2011		13.59		0.38		1.54			1.92			(0.31	)		—		(0.31	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		15.54		0.38		(1.71	)		(1.33	)		(0.35	)		—		(0.35	)
Year ended 3-31-2015		15.70		0.67		(0.17	)		0.50			(0.66	)		—		(0.66	)
Year ended 3-31-2014		14.90		0.74		0.71			1.45			(0.65	)		—		(0.65	)
Year ended 3-31-2013		14.62		0.70		0.32			1.02			(0.74	)		—		(0.74	)
Year ended 3-31-2012		15.31		0.64		(0.58	)		0.06			(0.75	)		—		(0.75	)
Year ended 3-31-2011		13.67		0.45		1.53			1.98			(0.34	)		—		(0.34	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		15.41		0.34		(1.70	)		(1.36	)		(0.30	)		—		(0.30	)
Year ended 3-31-2015		15.57		0.59		(0.18	)		0.41			(0.57	)		—		(0.57	)
Year ended 3-31-2014		14.79		0.64		0.70			1.34			(0.56	)		—		(0.56	)
Year ended 3-31-2013(6)		14.37		0.15		0.32			0.47			(0.05	)		—		(0.05	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		15.55		0.40		(1.72	)		(1.32	)		(0.36	)		—		(0.36	)
Year ended 3-31-2015(7)		15.95		0.45		(0.40	)		0.05			(0.45	)		—		(0.45	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		15.48		0.36		(1.70	)		(1.34	)		(0.33	)		—		(0.33	)
Year ended 3-31-2015		15.64		0.67		(0.21	)		0.46			(0.62	)		—		(0.62	)
Year ended 3-31-2014		14.85		0.71		0.70			1.41			(0.62	)		—		(0.62	)
Year ended 3-31-2013		14.57		0.62		0.36			0.98			(0.70	)		—		(0.70	)
Year ended 3-31-2012		15.25		0.59		(0.57	)		0.02			(0.70	)		—		(0.70	)
Year ended 3-31-2011		13.63		0.41		1.53			1.94			(0.32	)		—		(0.32	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

160 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	13.75		-8.91	%	$	611			1.28	%(4)		4.66	%(4)		—	%		—	%		31	%
Year ended 3-31-2015		15.42		2.87			653			1.29			4.00			—			—			69
Year ended 3-31-2014		15.58		9.60			494			1.35			4.52			1.35			4.52			92
Year ended 3-31-2013		14.79		6.84			308			1.35			4.38			1.51			4.22			109
Year ended 3-31-2012		14.52		0.23			228			1.44			3.94			—			—			61
Year ended 3-31-2011		15.19		14.08			213			1.44			2.56			—			—			71
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		13.51		-9.29			4			2.19	(4)		3.76	(4)		—			—			31
Year ended 3-31-2015		15.15		1.95			5			2.18			3.12			—			—			69
Year ended 3-31-2014		15.32		8.53			6			2.27			3.54			—			—			92
Year ended 3-31-2013		14.55		5.90			7			2.31			3.48			2.54			3.25			109
Year ended 3-31-2012		14.29		-0.75			7			2.41			3.05			—			—			61
Year ended 3-31-2011		14.93		13.04			8			2.41			1.62			—			—			71
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		13.59		-9.17			45			1.90	(4)		4.04	(4)		—			—			31
Year ended 3-31-2015		15.24		2.18			50			1.91			3.34			—			—			69
Year ended 3-31-2014		15.41		8.86			28			1.99			3.82			1.99			3.82			92
Year ended 3-31-2013		14.64		6.13			25			2.02			3.70			2.12			3.60			109
Year ended 3-31-2012		14.38		-0.41			19			2.10			3.41			—			—			61
Year ended 3-31-2011		15.02		13.42			23			2.10			1.93			—			—			71
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		13.76		-8.88			3			1.33	(4)		4.60	(4)		1.61	(4)		4.32	(4)		31
Year ended 3-31-2015		15.42		2.82			3			1.33			3.97			1.61			3.69			69
Year ended 3-31-2014		15.58		9.56			3			1.33			4.51			1.70			4.14			92
Year ended 3-31-2013		14.79		6.94			2			1.33			4.42			2.03			3.72			109
Year ended 3-31-2012		14.52		0.30			2			1.33			4.07			1.90			3.50			61
Year ended 3-31-2011		15.20		14.25			2			1.33			2.65			2.05			1.93			71
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		13.86		-8.75			61			0.92	(4)		5.00	(4)		—			—			31
Year ended 3-31-2015		15.54		3.22			48			0.92			4.28			—			—			69
Year ended 3-31-2014		15.70		10.07			39			0.93			4.90			0.94			4.89			92
Year ended 3-31-2013		14.90		7.33			30			0.91			4.98			1.03			4.86			109
Year ended 3-31-2012		14.62		0.67			43			0.99			4.39			—			—			61
Year ended 3-31-2011		15.31		14.63			42			0.99			3.08			—			—			71
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		13.75		-8.96			—	*		1.52	(4)		4.42	(4)		—			—			31
Year ended 3-31-2015		15.41		2.64			—	*		1.51			3.80			—			—			69
Year ended 3-31-2014		15.57		9.32			—	*		1.55			4.28			—			—			92
Year ended 3-31-2013(6)		14.79		3.30			—	*		1.52	(4)		3.73	(4)		1.53	(4)		3.72	(4)		109	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		13.87		-8.68			2			0.78	(4)		5.17	(4)		—			—			31
Year ended 3-31-2015(7)		15.55		0.36			2			0.78	(4)		4.40	(4)		—			—			69	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		13.81		-8.84			2			1.17	(4)		4.72	(4)		1.18	(4)		4.71	(4)		31
Year ended 3-31-2015		15.48		2.97			3			1.17			4.29			1.18			4.28			69
Year ended 3-31-2014		15.64		9.77			7			1.17			4.68			1.19			4.66			92
Year ended 3-31-2013		14.85		7.08			5			1.17			4.40			1.29			4.28			109
Year ended 3-31-2012		14.57		0.38			4			1.26			4.12			—			—			61
Year ended 3-31-2011		15.25		14.33			6			1.25			2.80			—			—			71

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 161

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY HIGH INCOME FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	8.09	$	0.29	$	(0.63	)	$	(0.34	)	$	(0.29	)	$	—		$	(0.29	)
Year ended 3-31-2015		8.75		0.57		(0.52	)		0.05			(0.57	)		(0.14	)		(0.71	)
Year ended 3-31-2014		8.72		0.58		0.18			0.76			(0.60	)		(0.13	)		(0.73	)
Year ended 3-31-2013		8.30		0.63		0.52			1.15			(0.63	)		(0.10	)		(0.73	)
Year ended 3-31-2012		8.46		0.64		0.02			0.66			(0.65	)		(0.17	)		(0.82	)
Year ended 3-31-2011		8.32		0.69		0.50			1.19			(0.69	)		(0.36	)		(1.05	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		8.09		0.26		(0.63	)		(0.37	)		(0.26	)		—			(0.26	)
Year ended 3-31-2015		8.75		0.51		(0.52	)		(0.01	)		(0.51	)		(0.14	)		(0.65	)
Year ended 3-31-2014		8.72		0.52		0.17			0.69			(0.53	)		(0.13	)		(0.66	)
Year ended 3-31-2013		8.30		0.57		0.52			1.09			(0.57	)		(0.10	)		(0.67	)
Year ended 3-31-2012		8.46		0.58		0.02			0.60			(0.59	)		(0.17	)		(0.76	)
Year ended 3-31-2011		8.32		0.62		0.50			1.12			(0.62	)		(0.36	)		(0.98	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		8.09		0.26		(0.63	)		(0.37	)		(0.26	)		—			(0.26	)
Year ended 3-31-2015		8.75		0.51		(0.52	)		(0.01	)		(0.51	)		(0.14	)		(0.65	)
Year ended 3-31-2014		8.72		0.52		0.18			0.70			(0.54	)		(0.13	)		(0.67	)
Year ended 3-31-2013		8.30		0.57		0.52			1.09			(0.57	)		(0.10	)		(0.67	)
Year ended 3-31-2012		8.46		0.58		0.03			0.61			(0.60	)		(0.17	)		(0.77	)
Year ended 3-31-2011		8.32		0.63		0.50			1.13			(0.63	)		(0.36	)		(0.99	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		8.09		0.28		(0.63	)		(0.35	)		(0.28	)		—			(0.28	)
Year ended 3-31-2015		8.75		0.54		(0.51	)		0.03			(0.55	)		(0.14	)		(0.69	)
Year ended 3-31-2014		8.72		0.55		0.17			0.72			(0.56	)		(0.13	)		(0.69	)
Year ended 3-31-2013		8.30		0.59		0.52			1.11			(0.59	)		(0.10	)		(0.69	)
Year ended 3-31-2012		8.46		0.62		0.01			0.63			(0.62	)		(0.17	)		(0.79	)
Year ended 3-31-2011		8.32		0.67		0.50			1.17			(0.67	)		(0.36	)		(1.03	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		8.09		0.30		(0.63	)		(0.33	)		(0.30	)		—			(0.30	)
Year ended 3-31-2015		8.75		0.59		(0.52	)		0.07			(0.59	)		(0.14	)		(0.73	)
Year ended 3-31-2014		8.72		0.60		0.18			0.78			(0.62	)		(0.13	)		(0.75	)
Year ended 3-31-2013		8.30		0.65		0.52			1.17			(0.65	)		(0.10	)		(0.75	)
Year ended 3-31-2012		8.46		0.66		0.03			0.69			(0.68	)		(0.17	)		(0.85	)
Year ended 3-31-2011		8.32		0.72		0.50			1.22			(0.72	)		(0.36	)		(1.08	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		8.09		0.28		(0.63	)		(0.35	)		(0.28	)		—			(0.28	)
Year ended 3-31-2015		8.75		0.54		(0.52	)		0.02			(0.54	)		(0.14	)		(0.68	)
Year ended 3-31-2014		8.72		0.52		0.21			0.73			(0.57	)		(0.13	)		(0.70	)
Year ended 3-31-2013(6)		8.54		0.16		0.17			0.33			(0.15	)		—			(0.15	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		8.09		0.31		(0.63	)		(0.32	)		(0.31	)		—			(0.31	)
Year ended 3-31-2015(7)		8.63		0.40		(0.40	)		0.00	*		(0.40	)		(0.14	)		(0.54	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		8.09		0.29		(0.63	)		(0.34	)		(0.29	)		—			(0.29	)
Year ended 3-31-2015		8.75		0.57		(0.52	)		0.05			(0.57	)		(0.14	)		(0.71	)
Year ended 3-31-2014		8.72		0.58		0.18			0.76			(0.60	)		(0.13	)		(0.73	)
Year ended 3-31-2013		8.30		0.63		0.52			1.15			(0.63	)		(0.10	)		(0.73	)
Year ended 3-31-2012		8.46		0.64		0.03			0.67			(0.66	)		(0.17	)		(0.83	)
Year ended 3-31-2011		8.32		0.69		0.50			1.19			(0.69	)		(0.36	)		(1.05	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

162 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	7.46		-4.33	%	$	2,539			0.95	%(4)		7.34	%(4)		—	%		—	%		16	%
Year ended 3-31-2015		8.09		0.62			2,920			0.94			6.70			—			—			44
Year ended 3-31-2014		8.75		9.09			4,151			0.93			6.68			—			—			75
Year ended 3-31-2013		8.72		14.50			3,080			0.93			7.42			—			—			68
Year ended 3-31-2012		8.30		8.47			1,847			1.00			7.87			—			—			80
Year ended 3-31-2011		8.46		15.21			1,027			1.08			8.22			—			—			89
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		7.46		-4.68			110			1.68	(4)		6.60	(4)		—			—			16
Year ended 3-31-2015		8.09		-0.13			133			1.67			5.98			—			—			44
Year ended 3-31-2014		8.75		8.28			165			1.68			5.96			—			—			75
Year ended 3-31-2013		8.72		13.64			152			1.69			6.65			—			—			68
Year ended 3-31-2012		8.30		7.63			90			1.79			7.10			—			—			80
Year ended 3-31-2011		8.46		14.31			50			1.88			7.43			—			—			89
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		7.46		-4.67			1,352			1.65	(4)		6.64	(4)		—			—			16
Year ended 3-31-2015		8.09		-0.07			1,618			1.64			6.02			—			—			44
Year ended 3-31-2014		8.75		8.32			1,919			1.64			5.98			—			—			75
Year ended 3-31-2013		8.72		13.71			1,501			1.64			6.70			—			—			68
Year ended 3-31-2012		8.30		7.73			850			1.70			7.16			—			—			80
Year ended 3-31-2011		8.46		14.42			416			1.77			7.52			—			—			89
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		7.46		-4.48			9			1.27	(4)		7.02	(4)		—			—			16
Year ended 3-31-2015		8.09		0.30			10			1.26			6.42			—			—			44
Year ended 3-31-2014		8.75		8.69			10			1.27			6.34			—			—			75
Year ended 3-31-2013		8.72		13.96			8			1.36			6.99			1.38			6.97			68
Year ended 3-31-2012		8.30		8.08			5			1.36			7.55			1.45			7.47			80
Year ended 3-31-2011		8.46		14.86			4			1.36			7.95			1.59			7.72			89
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		7.46		-4.21			1,953			0.70	(4)		7.58	(4)		—			—			16
Year ended 3-31-2015		8.09		0.88			2,523			0.69			6.91			—			—			44
Year ended 3-31-2014		8.75		9.36			4,075			0.69			6.90			—			—			75
Year ended 3-31-2013		8.72		14.77			2,513			0.70			7.64			—			—			68
Year ended 3-31-2012		8.30		8.78			1,255			0.73			8.07			—			—			80
Year ended 3-31-2011		8.46		15.56			384			0.79			8.49			—			—			89
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		7.46		-4.50			63			1.29	(4)		7.00	(4)		—			—			16
Year ended 3-31-2015		8.09		0.31			58			1.29			6.45			—			—			44
Year ended 3-31-2014		8.75		8.71			30			1.28			6.00			—			—			75
Year ended 3-31-2013(6)		8.72		3.94			—	*		1.27	(4)		6.61	(4)		—			—			68	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		7.46		-4.14			20			0.55	(4)		7.76	(4)		—			—			16
Year ended 3-31-2015(7)		8.09		0.13			13			0.54	(4)		7.47	(4)		—			—			44	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		7.46		-4.33			531			0.95	(4)		7.32	(4)		0.96	(4)		7.31	(4)		16
Year ended 3-31-2015		8.09		0.64			740			0.94			6.69			0.95			6.68			44
Year ended 3-31-2014		8.75		9.09			1,129			0.93			6.67			0.94			6.66			75
Year ended 3-31-2013		8.72		14.50			835			0.93			7.41			0.95			7.39			68
Year ended 3-31-2012		8.30		8.51			464			0.99			7.84			—			—			80
Year ended 3-31-2011		8.46		15.25			192			1.05			8.22			—			—			89

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 163

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY INTERNATIONAL CORE EQUITY FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	17.88	$	0.15	$	(2.02	)	$	(1.87	)	$	—		$	—		$	—
Year ended 3-31-2015		19.04		0.19		0.67			0.86			(0.23	)		(1.79	)		(2.02	)
Year ended 3-31-2014		15.98		0.18		3.24			3.42			(0.35	)		(0.01	)		(0.36	)
Year ended 3-31-2013		15.26		0.21		0.73			0.94			(0.22	)		—			(0.22	)
Year ended 3-31-2012		17.14		0.27		(1.66	)		(1.39	)		(0.27	)		(0.22	)		(0.49	)
Year ended 3-31-2011		14.84		0.18		2.27			2.45			(0.15	)		—			(0.15	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		15.97		0.07		(1.80	)		(1.73	)		—			—			—
Year ended 3-31-2015		17.23		0.03		0.59			0.62			(0.09	)		(1.79	)		(1.88	)
Year ended 3-31-2014		14.49		0.04		2.93			2.97			(0.22	)		(0.01	)		(0.23	)
Year ended 3-31-2013		13.86		0.07		0.66			0.73			(0.10	)		—			(0.10	)
Year ended 3-31-2012		15.64		0.14		(1.53	)		(1.39	)		(0.17	)		(0.22	)		(0.39	)
Year ended 3-31-2011		13.59		0.05		2.06			2.11			(0.06	)		—			(0.06	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		16.00		0.07		(1.79	)		(1.72	)		—			—			—
Year ended 3-31-2015		17.25		0.05		0.61			0.66			(0.12	)		(1.79	)		(1.91	)
Year ended 3-31-2014		14.51		0.07		2.93			3.00			(0.25	)		(0.01	)		(0.26	)
Year ended 3-31-2013		13.88		0.11		0.65			0.76			(0.13	)		—			(0.13	)
Year ended 3-31-2012		15.65		0.17		(1.53	)		(1.36	)		(0.19	)		(0.22	)		(0.41	)
Year ended 3-31-2011		13.58		0.07		2.08			2.15			(0.08	)		—			(0.08	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		17.99		0.13		(2.03	)		(1.90	)		—			—			—
Year ended 3-31-2015		19.14		0.16		0.68			0.84			(0.20	)		(1.79	)		(1.99	)
Year ended 3-31-2014		16.07		0.16		3.25			3.41			(0.33	)		(0.01	)		(0.34	)
Year ended 3-31-2013		15.33		0.20		0.75			0.95			(0.21	)		—			(0.21	)
Year ended 3-31-2012		17.21		0.27		(1.67	)		(1.40	)		(0.26	)		(0.22	)		(0.48	)
Year ended 3-31-2011		14.90		0.17		2.29			2.46			(0.15	)		—			(0.15	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		17.99		0.18		(2.04	)		(1.86	)		—			—			—
Year ended 3-31-2015		19.15		0.25		0.68			0.93			(0.30	)		(1.79	)		(2.09	)
Year ended 3-31-2014		16.07		0.25		3.25			3.50			(0.41	)		(0.01	)		(0.42	)
Year ended 3-31-2013		15.33		0.27		0.75			1.02			(0.28	)		—			(0.28	)
Year ended 3-31-2012		17.22		0.32		(1.66	)		(1.34	)		(0.33	)		(0.22	)		(0.55	)
Year ended 3-31-2011		14.90		0.23		2.30			2.53			(0.21	)		—			(0.21	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		17.87		0.12		(2.00	)		(1.88	)		—			—			—
Year ended 3-31-2015		19.03		0.10		0.71			0.81			(0.18	)		(1.79	)		(1.97	)
Year ended 3-31-2014		15.98		0.11		3.26			3.37			(0.31	)		(0.01	)		(0.32	)
Year ended 3-31-2013(6)		15.40		0.04		0.54			0.58			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		18.04		0.15		(2.00	)		(1.85	)		—			—			—
Year ended 3-31-2015(7)		20.09		0.13		(0.12	)		0.01			(0.27	)		(1.79	)		(2.06	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		18.00		0.16		(2.04	)		(1.88	)		—			—			—
Year ended 3-31-2015		19.16		0.18		0.70			0.88			(0.25	)		(1.79	)		(2.04	)
Year ended 3-31-2014		16.08		0.21		3.25			3.46			(0.37	)		(0.01	)		(0.38	)
Year ended 3-31-2013		15.35		0.24		0.73			0.97			(0.24	)		—			(0.24	)
Year ended 3-31-2012		17.23		0.29		(1.66	)		(1.37	)		(0.29	)		(0.22	)		(0.51	)
Year ended 3-31-2011		14.92		0.20		2.28			2.48			(0.17	)		—			(0.17	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

164 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	16.01		-10.46	%	$	1,440			1.30	%(4)		1.67	%(4)		—	%		—	%		34	%
Year ended 3-31-2015		17.88		4.98			1,383			1.35			0.99			—			—			87
Year ended 3-31-2014		19.04		21.42			1,028			1.40			1.01			—			—			87
Year ended 3-31-2013		15.98		6.30			694			1.46			1.43			—			—			81
Year ended 3-31-2012		15.26		-7.86			717			1.49			1.75			—			—			88
Year ended 3-31-2011		17.14		16.60			673			1.46			1.21			—			—			101
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		14.24		-10.83			11			2.19	(4)		0.82	(4)		—			—			34
Year ended 3-31-2015		15.97		4.02			13			2.20			0.17			—			—			87
Year ended 3-31-2014		17.23		20.47			13			2.22			0.26			—			—			87
Year ended 3-31-2013		14.49		5.37			12			2.35			0.56			—			—			81
Year ended 3-31-2012		13.86		-8.68			15			2.36			1.02			—			—			88
Year ended 3-31-2011		15.64		15.56			20			2.35			0.40			—			—			101
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		14.28		-10.75			230			1.97	(4)		0.92	(4)		—			—			34
Year ended 3-31-2015		16.00		4.25			168			2.02			0.32			—			—			87
Year ended 3-31-2014		17.25		20.64			117			2.07			0.40			—			—			87
Year ended 3-31-2013		14.51		5.61			98			2.10			0.81			—			—			81
Year ended 3-31-2012		13.88		-8.45			113			2.13			1.18			—			—			88
Year ended 3-31-2011		15.65		15.88			132			2.13			0.55			—			—			101
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		16.09		-10.56			5			1.49	(4)		1.47	(4)		1.67	(4)		1.29	(4)		34
Year ended 3-31-2015		17.99		4.82			5			1.53			0.84			1.74			0.63			87
Year ended 3-31-2014		19.14		21.32			4			1.53			0.90			1.85			0.58			87
Year ended 3-31-2013		16.07		6.27			3			1.52			1.36			2.05			0.83			81
Year ended 3-31-2012		15.33		-7.88			3			1.53			1.74			2.09			1.18			88
Year ended 3-31-2011		17.21		16.56			3			1.53			1.13			2.16			0.50			101
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		16.13		-10.34			1,672			0.98	(4)		1.95	(4)		—			—			34
Year ended 3-31-2015		17.99		5.32			1,347			1.02			1.30			—			—			87
Year ended 3-31-2014		19.15		21.93			802			1.04			1.39			—			—			87
Year ended 3-31-2013		16.07		6.75			572			1.05			1.80			—			—			81
Year ended 3-31-2012		15.33		-7.47			505			1.07			2.07			—			—			88
Year ended 3-31-2011		17.22		17.03			307			1.08			1.51			—			—			101
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		15.99		-10.52			27			1.58	(4)		1.32	(4)		—			—			34
Year ended 3-31-2015		17.87		4.70			19			1.61			0.54			—			—			87
Year ended 3-31-2014		19.03		21.19			5			1.64			0.61			—			—			87
Year ended 3-31-2013(6)		15.98		3.77			—	*		1.62	(4)		0.96	(4)		—			—			81	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		16.19		-10.26			149			0.82	(4)		1.67	(4)		—			—			34
Year ended 3-31-2015(7)		18.04		0.48			21			0.86	(4)		1.10	(4)		—			—			87	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		16.12		-10.44			516			1.25	(4)		1.74	(4)		—			—			34
Year ended 3-31-2015		18.00		5.04			526			1.27			0.95			—			—			87
Year ended 3-31-2014		19.16		21.63			153			1.29			1.20			—			—			87
Year ended 3-31-2013		16.08		6.42			148			1.31			1.62			—			—			81
Year ended 3-31-2012		15.35		-7.67			165			1.33			1.88			—			—			88
Year ended 3-31-2011		17.23		16.72			120			1.34			1.36			—			—			101

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 165

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY LARGE CAP GROWTH FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	19.19	$	(0.03	)	$	(0.99	)	$	(1.02	)	$	—		$	—		$	—
Year ended 3-31-2015		17.59		(0.04	)		3.03			2.99			—			(1.39	)		(1.39	)
Year ended 3-31-2014		15.87		0.01			3.75			3.76			—			(2.04	)		(2.04	)
Year ended 3-31-2013		15.14		0.03			0.73			0.76			(0.03	)		—			(0.03	)
Year ended 3-31-2012		13.61		(0.01	)		1.54			1.53			—			—			—
Year ended 3-31-2011		11.85		0.00			1.77			1.77			(0.01	)		—			(0.01	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		15.82		(0.10	)		(0.82	)		(0.92	)		—			—			—
Year ended 3-31-2015		14.84		(0.16	)		2.53			2.37			—			(1.39	)		(1.39	)
Year ended 3-31-2014		13.73		(0.12	)		3.21			3.09			—			(1.98	)		(1.98	)
Year ended 3-31-2013		13.20		(0.10	)		0.63			0.53			—			—			—
Year ended 3-31-2012		11.99		(0.13	)		1.34			1.21			—			—			—
Year ended 3-31-2011		10.55		(0.13	)		1.57			1.44			—			—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		16.78		(0.08	)		(0.87	)		(0.95	)		—			—			—
Year ended 3-31-2015		15.64		(0.15	)		2.68			2.53			—			(1.39	)		(1.39	)
Year ended 3-31-2014		14.36		(0.11	)		3.37			3.26			—			(1.98	)		(1.98	)
Year ended 3-31-2013		13.78		(0.08	)		0.66			0.58			—			—			—
Year ended 3-31-2012		12.49		(0.11	)		1.40			1.29			—			—			—
Year ended 3-31-2011		10.95		(0.09	)		1.63			1.54			—			—			—
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		19.17		(0.03	)		(0.99	)		(1.02	)		—			—			—
Year ended 3-31-2015		17.57		(0.04	)		3.03			2.99			—			(1.39	)		(1.39	)
Year ended 3-31-2014		15.86		0.01			3.74			3.75			—			(2.04	)		(2.04	)
Year ended 3-31-2013		15.13		0.03			0.73			0.76			(0.03	)		—			(0.03	)
Year ended 3-31-2012		13.60		(0.01	)		1.54			1.53			—			—			—
Year ended 3-31-2011		11.84		(0.01	)		1.78			1.77			(0.01	)		—			(0.01	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		19.90		0.00	*		(1.03	)		(1.03	)		—			—			—
Year ended 3-31-2015		18.15		0.01			3.13			3.14			—			(1.39	)		(1.39	)
Year ended 3-31-2014		16.31		0.06			3.85			3.91			(0.03	)		(2.04	)		(2.07	)
Year ended 3-31-2013		15.54		0.07			0.76			0.83			(0.06	)		—			(0.06	)
Year ended 3-31-2012		13.93		0.02			1.59			1.61			—			—			—
Year ended 3-31-2011		12.12		0.03			1.81			1.84			(0.03	)		—			(0.03	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		18.74		(0.06	)		(0.97	)		(1.03	)		—			—			—
Year ended 3-31-2015		17.25		(0.09	)		2.97			2.88			—			(1.39	)		(1.39	)
Year ended 3-31-2014		15.62		(0.04	)		3.67			3.63			—			(2.00	)		(2.00	)
Year ended 3-31-2013		14.92		(0.02	)		0.72			0.70			—			—			—
Year ended 3-31-2012		13.46		(0.05	)		1.51			1.46			—			—			—
Year ended 3-31-2011		11.74		(0.03	)		1.75			1.72			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		19.93		0.01			(1.03	)		(1.02	)		—			—			—
Year ended 3-31-2015(6)		18.91		0.02			2.39			2.41			—			(1.39	)		(1.39	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		19.57		(0.02	)		(1.02	)		(1.04	)		—			—			—
Year ended 3-31-2015		17.89		(0.02	)		3.09			3.07			—			(1.39	)		(1.39	)
Year ended 3-31-2014		16.11		0.03			3.80			3.83			(0.01	)		(2.04	)		(2.05	)
Year ended 3-31-2013		15.36		0.05			0.74			0.79			(0.04	)		—			(0.04	)
Year ended 3-31-2012		13.80		0.01			1.55			1.56			—			—			—
Year ended 3-31-2011		12.01		0.01			1.80			1.81			(0.02	)		—			(0.02	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

166 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	18.17		-5.32	%	$	1,098		1.15	%(4)		-0.29	%(4)		1.16	%(4)		-0.30	%(4)		19	%
Year ended 3-31-2015		19.19		17.45			1,093		1.15			-0.20			1.17			-0.22			36
Year ended 3-31-2014		17.59		24.21			1,090		1.15			0.07			1.19			0.03			50
Year ended 3-31-2013		15.87		5.03			994		1.15			0.22			1.22			0.15			73
Year ended 3-31-2012		15.14		11.24			995		1.15			-0.06			1.22			-0.13			57
Year ended 3-31-2011		13.61		14.98			550		1.15			0.01			1.25			-0.09			91
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		14.90		-5.82			10		2.07	(4)		-1.20	(4)		—			—			19
Year ended 3-31-2015		15.82		16.49			12		2.01			-1.06			—			—			36
Year ended 3-31-2014		14.84		23.08			11		2.06			-0.84			—			—			50
Year ended 3-31-2013		13.73		4.02			11		2.15			-0.78			2.18			-0.81			73
Year ended 3-31-2012		13.20		10.09			15		2.18			-1.10			2.22			-1.14			57
Year ended 3-31-2011		11.99		13.65			10		2.32			-1.17			—			—			91
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		15.83		-5.66			89		1.86	(4)		-1.00	(4)		—			—			19
Year ended 3-31-2015		16.78		16.67			94		1.86			-0.92			—			—			36
Year ended 3-31-2014		15.64		23.17			78		1.90			-0.68			—			—			50
Year ended 3-31-2013		14.36		4.28			71		1.93			-0.57			—			—			73
Year ended 3-31-2012		13.78		10.33			81		1.95			-0.86			—			—			57
Year ended 3-31-2011		12.49		14.06			53		1.98			-0.83			—			—			91
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		18.15		-5.32			10		1.15	(4)		-0.29	(4)		1.35	(4)		-0.49	(4)		19
Year ended 3-31-2015		19.17		17.47			9		1.15			-0.21			1.39			-0.45			36
Year ended 3-31-2014		17.57		24.16			7		1.15			0.06			1.46			-0.25			50
Year ended 3-31-2013		15.86		5.03			6		1.15			0.21			1.59			-0.24			73
Year ended 3-31-2012		15.13		11.25			5		1.15			-0.06			1.62			-0.53			57
Year ended 3-31-2011		13.60		14.99			2		1.15			-0.02			1.83			-0.70			91
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		18.87		-5.18			276		0.88	(4)		-0.02	(4)		—			—			19
Year ended 3-31-2015		19.90		17.75			318		0.88			0.04			—			—			36
Year ended 3-31-2014		18.15		24.52			118		0.88			0.34			0.88			0.34			50
Year ended 3-31-2013		16.31		5.36			142		0.88			0.45			0.89			0.45			73
Year ended 3-31-2012		15.54		11.56			242		0.89			0.18			—			—			57
Year ended 3-31-2011		13.93		15.22			173		0.92			0.22			—			—			91
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		17.71		-5.50			21		1.47	(4)		-0.61	(4)		—			—			19
Year ended 3-31-2015		18.74		17.16			26		1.47			-0.52			—			—			36
Year ended 3-31-2014		17.25		23.75			31		1.47			-0.26			—			—			50
Year ended 3-31-2013		15.62		4.69			28		1.48			-0.11			—			—			73
Year ended 3-31-2012		14.92		10.85			24		1.48			-0.39			—			—			57
Year ended 3-31-2011		13.46		14.65			20		1.46			-0.29			—			—			91
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		18.91		-5.12			6		0.73	(4)		0.14	(4)		—			—			19
Year ended 3-31-2015(6)		19.93		13.18			6		0.72	(4)		0.17	(4)		—			—			36	(7)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		18.53		-5.31			121		1.06	(4)		-0.20	(4)		1.12	(4)		-0.26	(4)		19
Year ended 3-31-2015		19.57		17.62			132		1.06			-0.11			1.12			-0.17			36
Year ended 3-31-2014		17.89		24.30			131		1.06			0.16			1.13			0.09			50
Year ended 3-31-2013		16.11		5.09			126		1.06			0.31			1.13			0.23			73
Year ended 3-31-2012		15.36		11.38			121		1.06			0.04			1.14			-0.04			57
Year ended 3-31-2011		13.80		15.09			142		1.06			0.10			1.16			0.00			91

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 167

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY LIMITED-TERM BOND FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	10.92	$	0.07	$	(0.10	)	$	(0.03	)	$	(0.07	)	$	—		$	(0.07	)
Year ended 3-31-2015		10.90		0.15		0.02			0.17			(0.15	)		—			(0.15	)
Year ended 3-31-2014		11.20		0.14		(0.23	)		(0.09	)		(0.15	)		(0.06	)		(0.21	)
Year ended 3-31-2013		11.16		0.17		0.08			0.25			(0.18	)		(0.03	)		(0.21	)
Year ended 3-31-2012		11.04		0.20		0.20			0.40			(0.23	)		(0.05	)		(0.28	)
Year ended 3-31-2011		11.06		0.25		0.02			0.27			(0.27	)		(0.02	)		(0.29	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		10.92		0.03		(0.10	)		(0.07	)		(0.03	)		—			(0.03	)
Year ended 3-31-2015		10.90		0.06		0.02			0.08			(0.06	)		—			(0.06	)
Year ended 3-31-2014		11.20		0.05		(0.23	)		(0.18	)		(0.06	)		(0.06	)		(0.12	)
Year ended 3-31-2013		11.16		0.07		0.09			0.16			(0.09	)		(0.03	)		(0.12	)
Year ended 3-31-2012		11.04		0.11		0.20			0.31			(0.14	)		(0.05	)		(0.19	)
Year ended 3-31-2011		11.06		0.16		0.02			0.18			(0.18	)		(0.02	)		(0.20	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.92		0.03		(0.10	)		(0.07	)		(0.03	)		—			(0.03	)
Year ended 3-31-2015		10.90		0.07		0.02			0.09			(0.07	)		—			(0.07	)
Year ended 3-31-2014		11.20		0.06		(0.23	)		(0.17	)		(0.07	)		(0.06	)		(0.13	)
Year ended 3-31-2013		11.16		0.08		0.09			0.17			(0.10	)		(0.03	)		(0.13	)
Year ended 3-31-2012		11.04		0.12		0.20			0.32			(0.15	)		(0.05	)		(0.20	)
Year ended 3-31-2011		11.06		0.17		0.02			0.19			(0.19	)		(0.02	)		(0.21	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		10.92		0.07		(0.10	)		(0.03	)		(0.07	)		—			(0.07	)
Year ended 3-31-2015		10.90		0.13		0.03			0.16			(0.14	)		—			(0.14	)
Year ended 3-31-2014		11.20		0.13		(0.23	)		(0.10	)		(0.14	)		(0.06	)		(0.20	)
Year ended 3-31-2013		11.16		0.15		0.09			0.24			(0.17	)		(0.03	)		(0.20	)
Year ended 3-31-2012		11.04		0.19		0.20			0.39			(0.22	)		(0.05	)		(0.27	)
Year ended 3-31-2011		11.06		0.24		0.02			0.26			(0.26	)		(0.02	)		(0.28	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		10.92		0.08		(0.09	)		(0.01	)		(0.09	)		—			(0.09	)
Year ended 3-31-2015		10.90		0.17		0.03			0.20			(0.18	)		—			(0.18	)
Year ended 3-31-2014		11.20		0.17		(0.23	)		(0.06	)		(0.18	)		(0.06	)		(0.24	)
Year ended 3-31-2013		11.16		0.19		0.09			0.28			(0.21	)		(0.03	)		(0.24	)
Year ended 3-31-2012		11.04		0.23		0.20			0.43			(0.26	)		(0.05	)		(0.31	)
Year ended 3-31-2011		11.06		0.28		0.02			0.30			(0.30	)		(0.02	)		(0.32	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		10.92		0.05		(0.10	)		(0.05	)		(0.05	)		—			(0.05	)
Year ended 3-31-2015		10.90		0.11		0.03			0.14			(0.12	)		—			(0.12	)
Year ended 3-31-2014		11.20		0.11		(0.23	)		(0.12	)		(0.12	)		(0.06	)		(0.18	)
Year ended 3-31-2013(6)		11.19		0.02		0.02			0.04			(0.03	)		—			(0.03	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		10.92		0.09		(0.09	)		0.00	*		(0.10	)		—			(0.10	)
Year ended 3-31-2015(7)		10.91		0.13		0.01			0.14			(0.13	)		—			(0.13	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		10.92		0.07		(0.10	)		(0.03	)		(0.07	)		—			(0.07	)
Year ended 3-31-2015		10.90		0.15		0.02			0.17			(0.15	)		—			(0.15	)
Year ended 3-31-2014		11.20		0.14		(0.23	)		(0.09	)		(0.15	)		(0.06	)		(0.21	)
Year ended 3-31-2013		11.16		0.17		0.08			0.25			(0.18	)		(0.03	)		(0.21	)
Year ended 3-31-2012		11.04		0.21		0.19			0.40			(0.23	)		(0.05	)		(0.28	)
Year ended 3-31-2011		11.06		0.25		0.02			0.27			(0.27	)		(0.02	)		(0.29	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

168 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	10.82		-0.24	%	$	1,520			0.89	%(4)		1.32	%(4)		—	%		—	%		18	%
Year ended 3-31-2015		10.92		1.60			1,504			0.88			1.36			—			—			39
Year ended 3-31-2014		10.90		-0.74			1,446			0.89			1.31			—			—			39
Year ended 3-31-2013		11.20		2.29			1,211			0.88			1.48			—			—			55
Year ended 3-31-2012		11.16		3.66			1,046			0.90			1.84			—			—			40
Year ended 3-31-2011		11.04		2.45			794			0.93			2.18			—			—			54
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		10.82		-0.66			12			1.71	(4)		0.50	(4)		—			—			18
Year ended 3-31-2015		10.92		0.75			13			1.72			0.52			—			—			39
Year ended 3-31-2014		10.90		-1.59			19			1.76			0.44			—			—			39
Year ended 3-31-2013		11.20		1.45			25			1.71			0.66			—			—			55
Year ended 3-31-2012		11.16		2.80			26			1.74			1.00			—			—			40
Year ended 3-31-2011		11.04		1.61			24			1.75			1.36			—			—			54
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.82		-0.61			123			1.62	(4)		0.59	(4)		—			—			18
Year ended 3-31-2015		10.92		0.83			117			1.64			0.60			—			—			39
Year ended 3-31-2014		10.90		-1.47			131			1.63			0.56			—			—			39
Year ended 3-31-2013		11.20		1.54			218			1.61			0.76			—			—			55
Year ended 3-31-2012		11.16		2.89			242			1.65			1.10			—			—			40
Year ended 3-31-2011		11.04		1.72			216			1.65			1.47			—			—			54
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		10.82		-0.30			4			1.00	(4)		1.20	(4)		1.04	(4)		1.16	(4)		18
Year ended 3-31-2015		10.92		1.48			4			1.00			1.24			1.03			1.21			39
Year ended 3-31-2014		10.90		-0.85			3			1.00			1.20			1.02			1.18			39
Year ended 3-31-2013		11.20		2.17			4			1.00			1.35			—			—			55
Year ended 3-31-2012		11.16		3.58			3			1.00			1.72			1.09			1.63			40
Year ended 3-31-2011		11.04		2.35			1			1.00			2.08			1.19			1.89			54
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		10.82		-0.12			56			0.64	(4)		1.56	(4)		—			—			18
Year ended 3-31-2015		10.92		1.86			44			0.63			1.60			—			—			39
Year ended 3-31-2014		10.90		-0.50			49			0.64			1.54			—			—			39
Year ended 3-31-2013		11.20		2.54			117			0.64			1.72			—			—			55
Year ended 3-31-2012		11.16		3.92			102			0.66			2.07			—			—			40
Year ended 3-31-2011		11.04		2.71			51			0.68			2.43			—			—			54
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		10.82		-0.42			1			1.24	(4)		0.94	(4)		—			—			18
Year ended 3-31-2015		10.92		1.24			1			1.23			1.00			—			—			39
Year ended 3-31-2014		10.90		-1.08			—	*		1.24			0.96			—			—			39
Year ended 3-31-2013(6)		11.20		0.41			—	*		1.21	(4)		0.59	(4)		—			—			55	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		10.82		-0.04			2			0.49	(4)		1.74	(4)		—			—			18
Year ended 3-31-2015(7)		10.92		1.31			3			0.48	(4)		1.75	(4)		—			—			39	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		10.82		-0.24			18			0.89	(4)		1.33	(4)		0.90	(4)		1.32	(4)		18
Year ended 3-31-2015		10.92		1.59			21			0.88			1.35			0.89			1.34			39
Year ended 3-31-2014		10.90		-0.74			26			0.89			1.30			0.90			1.29			39
Year ended 3-31-2013		11.20		2.29			58			0.88			1.48			0.89			1.47			55
Year ended 3-31-2012		11.16		3.66			51			0.90			1.85			0.92			1.84			40
Year ended 3-31-2011		11.04		2.45			54			0.93			2.19			0.94			2.18			54

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 169

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MANAGED INTERNATIONAL OPPORTUNITIES FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Distributions From Return of Capital			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	10.52	$	0.00	*	$	(1.07	)	$	(1.07	)	$	—		$	—	$	—		$	—
Year ended 3-31-2015		10.15		0.14			0.37			0.51			(0.14	)		—		—			(0.14	)
Year ended 3-31-2014		8.98		0.11			1.17			1.28			(0.11	)		—		—			(0.11	)
Year ended 3-31-2013		8.70		0.11			0.29			0.40			(0.12	)		—		—			(0.12	)
Year ended 3-31-2012		9.56		0.14			(0.86	)		(0.72	)		(0.14	)		—		—			(0.14	)
Year ended 3-31-2011		8.44		0.03			1.14			1.17			(0.03	)		—		(0.02	)		(0.05	)
Class B Shares(6)
Six-month period ended 9-30-2015 (unaudited)		10.33		(0.05	)		(1.06	)		(1.11	)		—			—		—			—
Year ended 3-31-2015		9.99		0.06			0.36			0.42			(0.08	)		—		—			(0.08	)
Year ended 3-31-2014		8.85		0.03			1.17			1.20			(0.06	)		—		—			(0.06	)
Year ended 3-31-2013		8.59		0.04			0.29			0.33			(0.07	)		—		—			(0.07	)
Year ended 3-31-2012		9.48		0.06			(0.87	)		(0.81	)		(0.08	)		—		—			(0.08	)
Year ended 3-31-2011		8.38		(0.04	)		1.14			1.10			—	*		—		—	*		—	*
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		10.36		(0.04	)		(1.07	)		(1.11	)		—			—		—			—
Year ended 3-31-2015		10.02		0.07			0.36			0.43			(0.09	)		—		—			(0.09	)
Year ended 3-31-2014		8.87		0.04			1.17			1.21			(0.06	)		—		—			(0.06	)
Year ended 3-31-2013		8.61		0.04			0.29			0.33			(0.07	)		—		—			(0.07	)
Year ended 3-31-2012		9.49		0.07			(0.86	)		(0.79	)		(0.09	)		—		—			(0.09	)
Year ended 3-31-2011		8.40		(0.03	)		1.13			1.10			(0.01	)		—		—	*		(0.01	)
Class E Shares(7)
Six-month period ended 9-30-2015 (unaudited)		10.53		0.01			(1.08	)		(1.07	)		—			—		—			—
Year ended 3-31-2015		10.16		0.15			0.37			0.52			(0.15	)		—		—			(0.15	)
Year ended 3-31-2014		8.99		0.12			1.17			1.29			(0.12	)		—		—			(0.12	)
Year ended 3-31-2013		8.70		0.12			0.30			0.42			(0.13	)		—		—			(0.13	)
Year ended 3-31-2012		9.57		0.15			(0.88	)		(0.73	)		(0.14	)		—		—			(0.14	)
Year ended 3-31-2011		8.45		0.05			1.13			1.18			(0.04	)		—		(0.02	)		(0.06	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		10.54		0.02			(1.07	)		(1.05	)		—			—		—			—
Year ended 3-31-2015		10.17		0.19			0.35			0.54			(0.17	)		—		—			(0.17	)
Year ended 3-31-2014		9.01		0.14			1.15			1.29			(0.13	)		—		—			(0.13	)
Year ended 3-31-2013		8.73		0.13			0.30			0.43			(0.15	)		—		—			(0.15	)
Year ended 3-31-2012		9.58		0.16			(0.85	)		(0.69	)		(0.16	)		—		—			(0.16	)
Year ended 3-31-2011		8.46		0.05			1.14			1.19			(0.04	)		—		(0.03	)		(0.07	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		10.50		(0.01	)		(1.07	)		(1.08	)		—			—		—			—
Year ended 3-31-2015		10.13		0.13			0.37			0.50			(0.13	)		—		—			(0.13	)
Year ended 3-31-2014		8.97		0.10			1.16			1.26			(0.10	)		—		—			(0.10	)
Year ended 3-31-2013(8)		8.88		(0.01	)		0.10			0.09			—			—		—			—
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		10.51		0.01			(1.08	)		(1.07	)		—			—		—			—
Year ended 3-31-2015		10.14		0.17			0.35			0.52			(0.15	)		—		—			(0.15	)
Year ended 3-31-2014		8.97		0.13			1.16			1.29			(0.12	)		—		—			(0.12	)
Year ended 3-31-2013		8.69		0.12			0.29			0.41			(0.13	)		—		—			(0.13	)
Year ended 3-31-2012		9.55		0.16			(0.88	)		(0.72	)		(0.14	)		—		—			(0.14	)
Year ended 3-31-2011		8.43		0.03			1.14			1.17			(0.03	)		—		(0.02	)		(0.05	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Does not include expenses of underlying Ivy Funds in which the Fund invests.

(4) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(5) Annualized.

(6) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(7) Class share is closed to investment.

(8) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

170 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver(3)			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)(4)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)(4)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	9.45		-10.17	%	$	195			0.46	%(5)		0.06	%(5)		—	%		—	%		32	%
Year ended 3-31-2015		10.52		5.17			228			0.48			1.36			—			—			4
Year ended 3-31-2014		10.15		14.33			254			0.49			1.16			—			—			21
Year ended 3-31-2013		8.98		4.65			183			0.49			1.32			—			—			21
Year ended 3-31-2012		8.70		-7.42			185			0.50			1.58			—			—			8
Year ended 3-31-2011		9.56		13.88			188			0.50			0.38			—			—			22
Class B Shares(6)
Six-month period ended 9-30-2015 (unaudited)		9.22		-10.75			2			1.40	(5)		-0.88	(5)		1.53	(5)		-1.01	(5)		32
Year ended 3-31-2015		10.33		4.28			2			1.36			0.60			—			—			4
Year ended 3-31-2014		9.99		13.53			3			1.39			0.28			—			—			21
Year ended 3-31-2013		8.85		3.83			2			1.40			0.44			—			—			21
Year ended 3-31-2012		8.59		-8.42			3			1.39			0.66			—			—			8
Year ended 3-31-2011		9.48		13.14			3			1.36			-0.47			—			—			22
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		9.25		-10.71			5			1.26	(5)		-0.73	(5)		—			—			32
Year ended 3-31-2015		10.36		4.32			5			1.29			0.73			—			—			4
Year ended 3-31-2014		10.02		13.57			6			1.26			0.43			—			—			21
Year ended 3-31-2013		8.87		4.01			5			1.29			0.53			—			—			21
Year ended 3-31-2012		8.61		-8.25			5			1.30			0.79			—			—			8
Year ended 3-31-2011		9.49		13.05			5			1.26			-0.38			—			—			22
Class E Shares(7)
Six-month period ended 9-30-2015 (unaudited)		9.46		-10.16			—	*		0.39	(5)		0.14	(5)		—			—			32
Year ended 3-31-2015		10.53		5.25			—	*		0.39			1.49			—			—			4
Year ended 3-31-2014		10.16		14.38			—	*		0.40			1.24			—			—			21
Year ended 3-31-2013		8.99		4.86			—	*		0.39			1.44			—			—			21
Year ended 3-31-2012		8.70		-7.45			—	*		0.40			1.66			—			—			8
Year ended 3-31-2011		9.57		13.94			—	*		0.41			0.48			—			—			22
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		9.49		-9.96			1			0.16	(5)		0.37	(5)		—			—			32
Year ended 3-31-2015		10.54		5.41			1			0.16			1.82			0.18			1.80			4
Year ended 3-31-2014		10.17		14.41			1			0.16			1.47			—			—			21
Year ended 3-31-2013		9.01		4.97			1			0.16			1.46			—			—			21
Year ended 3-31-2012		8.73		-7.04			1			0.15			1.89			—			—			8
Year ended 3-31-2011		9.58		14.09			—	*		0.16			0.54			—			—			22
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		9.42		-10.29			1			0.64	(5)		-0.11	(5)		—			—			32
Year ended 3-31-2015		10.50		5.07			1			0.63			1.26			—			—			4
Year ended 3-31-2014		10.13		14.12			1			0.63			1.01			—			—			21
Year ended 3-31-2013(8)		8.97		1.01			—	*		0.72	(5)		-0.55	(5)		—			—			21	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		9.44		-10.18			1			0.38	(5)		0.12	(5)		0.40	(5)		0.10	(5)		32
Year ended 3-31-2015		10.51		5.26			2			0.38			1.63			0.47			1.54			4
Year ended 3-31-2014		10.14		14.42			2			0.40			1.33			—			—			21
Year ended 3-31-2013		8.97		4.77			1			0.38			1.42			—			—			21
Year ended 3-31-2012		8.69		-7.42			1			0.46			1.85			—			—			8
Year ended 3-31-2011		9.55		13.90			1			0.50			0.40			0.52			0.38			22

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 171

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MICRO CAP GROWTH FUND

	Net Asset Value, Beginning of Period		Net Investment Loss(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	24.73	$	(0.16	)	$	(2.70	)	$	(2.86	)	$	—		$	—		$	—
Year ended 3-31-2015		27.31		(0.36	)		(0.82	)		(1.18	)		—			(1.40	)		(1.40	)
Year ended 3-31-2014		20.45		(0.36	)		8.65			8.29			—			(1.43	)		(1.43	)
Year ended 3-31-2013		19.27		(0.25	)		1.43			1.18			—			—			—
Year ended 3-31-2012		19.63		(0.29	)		1.27			0.98			—			(1.34	)		(1.34	)
Year ended 3-31-2011		15.78		(0.30	)		4.80			4.50			(0.05	)		(0.60	)		(0.65	)
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		23.70		(0.26	)		(2.57	)		(2.83	)		—			—			—
Year ended 3-31-2015		26.23		(0.56	)		(0.79	)		(1.35	)		—			(1.18	)		(1.18	)
Year ended 3-31-2014		19.86		(0.57	)		8.36			7.79			—			(1.42	)		(1.42	)
Year ended 3-31-2013		18.93		(0.44	)		1.37			0.93			—			—			—
Year ended 3-31-2012		19.27		(0.49	)		1.26			0.77			—			(1.11	)		(1.11	)
Year ended 3-31-2011		15.63		(0.52	)		4.71			4.19			—			(0.55	)		(0.55	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		24.00		(0.25	)		(2.61	)		(2.86	)		—			—			—
Year ended 3-31-2015		26.56		(0.53	)		(0.80	)		(1.33	)		—			(1.23	)		(1.23	)
Year ended 3-31-2014		20.05		(0.52	)		8.45			7.93			—			(1.42	)		(1.42	)
Year ended 3-31-2013		19.04		(0.38	)		1.39			1.01			—			—			—
Year ended 3-31-2012		19.42		(0.43	)		1.25			0.82			—			(1.20	)		(1.20	)
Year ended 3-31-2011		15.69		(0.43	)		4.75			4.32			—			(0.59	)		(0.59	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		25.12		(0.12	)		(2.73	)		(2.85	)		—			—			—
Year ended 3-31-2015		27.65		(0.27	)		(0.83	)		(1.10	)		—			(1.43	)		(1.43	)
Year ended 3-31-2014		20.65		(0.26	)		8.75			8.49			—			(1.49	)		(1.49	)
Year ended 3-31-2013		19.37		(0.17	)		1.45			1.28			—			—			—
Year ended 3-31-2012		19.73		(0.21	)		1.26			1.05			—			(1.41	)		(1.41	)
Year ended 3-31-2011		15.79		(0.22	)		4.82			4.60			(0.06	)		(0.60	)		(0.66	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		24.69		(0.19	)		(2.69	)		(2.88	)		—			—			—
Year ended 3-31-2015		27.27		(0.41	)		(0.81	)		(1.22	)		—			(1.36	)		(1.36	)
Year ended 3-31-2014		20.45		(0.40	)		8.64			8.24			—			(1.42	)		(1.42	)
Year ended 3-31-2013(5)		17.77		(0.10	)		2.78			2.68			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		25.19		(0.10	)		(2.75	)		(2.85	)		—			—			—
Year ended 3-31-2015(6)		23.73		(0.15	)		3.01			2.86			—			(1.40	)		(1.40	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		25.44		(0.15	)		(2.78	)		(2.93	)		—			—			—
Year ended 3-31-2015		28.02		(0.33	)		(0.84	)		(1.17	)		—			(1.41	)		(1.41	)
Year ended 3-31-2014		20.51		(0.33	)		9.29			8.96			—			(1.45	)		(1.45	)
Year ended 3-31-2013		19.29		(0.22	)		1.44			1.22			—			—			—
Year ended 3-31-2012		19.64		(0.26	)		1.28			1.02			—			(1.37	)		(1.37	)
Year ended 3-31-2011		15.70		(0.26	)		4.78			4.52			—			(0.58	)		(0.58	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Annualized.

(4) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(5) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

172 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Loss to Average Net Assets Including Expense Waiver			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	21.87		-11.56	%	$	159			1.65	%(3)		-1.32	%(3)		64	%
Year ended 3-31-2015		24.73		-3.91			199			1.64			-1.50			47
Year ended 3-31-2014		27.31		41.32			213			1.64			-1.45			67
Year ended 3-31-2013		20.45		6.12			80			1.78			-1.36			51
Year ended 3-31-2012		19.27		6.56			72			1.78			-1.63			78
Year ended 3-31-2011		19.63		28.73			78			1.88			-1.69			78
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		20.87		-11.94			2			2.54	(3)		-2.21	(3)		64
Year ended 3-31-2015		23.70		-4.80			2			2.54			-2.40			47
Year ended 3-31-2014		26.23		39.96			3			2.59			-2.40			67
Year ended 3-31-2013		19.86		4.97			2			2.90			-2.48			51
Year ended 3-31-2012		18.93		5.28			1			2.99			-2.84			78
Year ended 3-31-2011		19.27		27.00			1			3.20			-3.02			78
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		21.14		-11.92			9			2.40	(3)		-2.07	(3)		64
Year ended 3-31-2015		24.00		-4.63			10			2.39			-2.25			47
Year ended 3-31-2014		26.56		40.28			14			2.35			-2.15			67
Year ended 3-31-2013		20.05		5.36			5			2.55			-2.14			51
Year ended 3-31-2012		19.04		5.65			4			2.62			-2.47			78
Year ended 3-31-2011		19.42		27.72			4			2.66			-2.48			78
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		22.27		-11.35			15			1.25	(3)		-0.92	(3)		64
Year ended 3-31-2015		25.12		-3.56			21			1.24			-1.09			47
Year ended 3-31-2014		27.65		41.90			34			1.23			-1.01			67
Year ended 3-31-2013		20.65		6.66			4			1.31			-0.93			51
Year ended 3-31-2012		19.37		7.00			3			1.34			-1.19			78
Year ended 3-31-2011		19.73		29.36			3			1.41			-1.24			78
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		21.81		-11.67			1			1.83	(3)		-1.50	(3)		64
Year ended 3-31-2015		24.69		-4.08			1			1.83			-1.69			47
Year ended 3-31-2014		27.27		41.09			—	*		1.84			-1.66			67
Year ended 3-31-2013(5)		20.45		15.08			—	*		1.89	(3)		-1.84	(3)		51	(7)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		22.34		-11.31			2			1.08	(3)		-0.75	(3)		64
Year ended 3-31-2015(6)		25.19		12.53			2			1.08	(3)		-0.94	(3)		47	(8)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		22.51		-11.52			2			1.50	(3)		-1.17	(3)		64
Year ended 3-31-2015		25.44		-3.77			2			1.49			-1.34			47
Year ended 3-31-2014		28.02		44.49			3			1.50			-1.30			67
Year ended 3-31-2013		20.51		6.32			1			1.60			-1.21			51
Year ended 3-31-2012		19.29		6.79			1			1.59			-1.45			78
Year ended 3-31-2011		19.64		29.00			1			1.67			-1.45			78

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 173

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MID CAP GROWTH FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income		Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	23.43	$	(0.05	)	$	(2.81	)	$	(2.86	)	$	—	$	—		$	—
Year ended 3-31-2015		23.45		(0.12	)		2.49			2.37			—		(2.39	)		(2.39	)
Year ended 3-31-2014		20.22		(0.14	)		4.17			4.03			—		(0.80	)		(0.80	)
Year ended 3-31-2013		18.62		(0.09	)		1.80			1.71			—		(0.11	)		(0.11	)
Year ended 3-31-2012		18.36		(0.12	)		0.85			0.73			—		(0.47	)		(0.47	)
Year ended 3-31-2011		13.95		(0.05	)		4.46			4.41			—		—			—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		19.84		(0.11	)		(2.38	)		(2.49	)		—		—			—
Year ended 3-31-2015		20.30		(0.25	)		2.13			1.88			—		(2.34	)		(2.34	)
Year ended 3-31-2014		17.66		(0.27	)		3.61			3.34			—		(0.70	)		(0.70	)
Year ended 3-31-2013		16.42		(0.23	)		1.58			1.35			—		(0.11	)		(0.11	)
Year ended 3-31-2012		16.40		(0.25	)		0.74			0.49			—		(0.47	)		(0.47	)
Year ended 3-31-2011		12.58		(0.18	)		4.00			3.82			—		—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		20.88		(0.11	)		(2.51	)		(2.62	)		—		—			—
Year ended 3-31-2015		21.24		(0.26	)		2.25			1.99			—		(2.35	)		(2.35	)
Year ended 3-31-2014		18.44		(0.26	)		3.77			3.51			—		(0.71	)		(0.71	)
Year ended 3-31-2013		17.11		(0.21	)		1.65			1.44			—		(0.11	)		(0.11	)
Year ended 3-31-2012		17.04		(0.23	)		0.77			0.54			—		(0.47	)		(0.47	)
Year ended 3-31-2011		13.04		(0.15	)		4.15			4.00			—		—			—
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		22.92		(0.07	)		(2.76	)		(2.83	)		—		—			—
Year ended 3-31-2015		23.02		(0.19	)		2.46			2.27			—		(2.37	)		(2.37	)
Year ended 3-31-2014		19.90		(0.20	)		4.09			3.89			—		(0.77	)		(0.77	)
Year ended 3-31-2013		18.37		(0.14	)		1.78			1.64			—		(0.11	)		(0.11	)
Year ended 3-31-2012		18.17		(0.15	)		0.82			0.67			—		(0.47	)		(0.47	)
Year ended 3-31-2011		13.81		(0.07	)		4.43			4.36			—		—			—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		24.77		(0.02	)		(2.97	)		(2.99	)		—		—			—
Year ended 3-31-2015		24.60		(0.05	)		2.63			2.58			—		(2.41	)		(2.41	)
Year ended 3-31-2014		21.17		(0.07	)		4.36			4.29			—		(0.86	)		(0.86	)
Year ended 3-31-2013		19.43		(0.04	)		1.89			1.85			—		(0.11	)		(0.11	)
Year ended 3-31-2012		19.07		(0.07	)		0.90			0.83			—		(0.47	)		(0.47	)
Year ended 3-31-2011		14.42		0.01			4.64			4.65			—		—			—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		23.08		(0.08	)		(2.77	)		(2.85	)		—		—			—
Year ended 3-31-2015		23.18		(0.18	)		2.45			2.27			—		(2.37	)		(2.37	)
Year ended 3-31-2014		20.02		(0.19	)		4.12			3.93			—		(0.77	)		(0.77	)
Year ended 3-31-2013		18.49		(0.15	)		1.79			1.64			—		(0.11	)		(0.11	)
Year ended 3-31-2012		18.27		(0.16	)		0.85			0.69			—		(0.47	)		(0.47	)
Year ended 3-31-2011		13.90		(0.08	)		4.45			4.37			—		—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		24.81		0.01			(2.99	)		(2.98	)		—		—			—
Year ended 3-31-2015(6)		24.38		(0.02	)		2.84			2.82			—		(2.39	)		(2.39	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		24.26		(0.04	)		(2.92	)		(2.96	)		—		—			—
Year ended 3-31-2015		24.18		(0.11	)		2.58			2.47			—		(2.39	)		(2.39	)
Year ended 3-31-2014		20.83		(0.12	)		4.30			4.18			—		(0.83	)		(0.83	)
Year ended 3-31-2013		19.17		(0.09	)		1.86			1.77			—		(0.11	)		(0.11	)
Year ended 3-31-2012		18.86		(0.10	)		0.88			0.78			—		(0.47	)		(0.47	)
Year ended 3-31-2011		14.29		(0.02	)		4.59			4.57			—		—			—

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

174 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	20.57		-12.21	%	$	877		1.28	%(4)		-0.41	%(4)		—	%		—	%		22	%
Year ended 3-31-2015		23.43		10.73			1,025		1.28			-0.50			1.29			-0.51			35
Year ended 3-31-2014		23.45		20.09			1,558		1.34			-0.63			—			—			43
Year ended 3-31-2013		20.22		9.28			1,160		1.31			-0.52			—			—			32
Year ended 3-31-2012		18.62		4.29			636		1.40			-0.69			—			—			29
Year ended 3-31-2011		18.36		31.61			369		1.49			-0.34			—			—			39
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		17.35		-12.55			20		2.03	(4)		-1.16	(4)		—			—			22
Year ended 3-31-2015		19.84		9.94			24		2.05			-1.26			—			—			35
Year ended 3-31-2014		20.30		19.14			26		2.10			-1.39			—			—			43
Year ended 3-31-2013		17.66		8.27			21		2.21			-1.42			—			—			32
Year ended 3-31-2012		16.42		3.33			17		2.35			-1.63			—			—			29
Year ended 3-31-2011		16.40		30.37			12		2.47			-1.32			—			—			39
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		18.26		-12.55			304		1.99	(4)		-1.12	(4)		—			—			22
Year ended 3-31-2015		20.88		10.00			343		2.01			-1.22			—			—			35
Year ended 3-31-2014		21.24		19.25			295		2.01			-1.31			—			—			43
Year ended 3-31-2013		18.44		8.46			183		2.07			-1.28			—			—			32
Year ended 3-31-2012		17.11		3.50			135		2.14			-1.44			—			—			29
Year ended 3-31-2011		17.04		30.68			69		2.16			-1.02			—			—			39
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		20.09		-12.35			7		1.50	(4)		-0.63	(4)		1.59	(4)		-0.72	(4)		22
Year ended 3-31-2015		22.92		10.46			7		1.60			-0.82			1.63			-0.85			35
Year ended 3-31-2014		23.02		19.75			6		1.60			-0.90			1.71			-1.01			43
Year ended 3-31-2013		19.90		8.97			4		1.60			-0.81			1.90			-1.11			32
Year ended 3-31-2012		18.37		4.00			3		1.60			-0.88			1.97			-1.25			29
Year ended 3-31-2011		18.17		31.57			3		1.60			-0.44			2.09			-0.93			39
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		21.78		-12.07			2,299		0.99	(4)		-0.13	(4)		—			—			22
Year ended 3-31-2015		24.77		11.09			2,933		0.99			-0.19			—			—			35
Year ended 3-31-2014		24.60		20.52			2,098		0.99			-0.28			—			—			43
Year ended 3-31-2013		21.17		9.57			1,316		1.02			-0.24			—			—			32
Year ended 3-31-2012		19.43		4.65			788		1.05			-0.38			—			—			29
Year ended 3-31-2011		19.07		32.25			116		1.08			0.04			—			—			39
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		20.23		-12.35			76		1.59	(4)		-0.73	(4)		—			—			22
Year ended 3-31-2015		23.08		10.40			96		1.59			-0.80			—			—			35
Year ended 3-31-2014		23.18		19.83			103		1.59			-0.89			—			—			43
Year ended 3-31-2013		20.02		8.92			77		1.62			-0.82			—			—			32
Year ended 3-31-2012		18.49		4.09			50		1.63			-0.93			—			—			29
Year ended 3-31-2011		18.27		31.44			21		1.63			-0.48			—			—			39
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		21.83		-12.01			46		0.83	(4)		0.07	(4)		—			—			22
Year ended 3-31-2015(6)		24.81		12.18			27		0.84	(4)		-0.15	(4)		—			—			35	(7)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		21.30		-12.20			566		1.23	(4)		-0.37	(4)		—			—			22
Year ended 3-31-2015		24.26		10.82			706		1.23			-0.44			—			—			35
Year ended 3-31-2014		24.18		20.21			694		1.23			-0.53			—			—			43
Year ended 3-31-2013		20.83		9.33			521		1.27			-0.48			—			—			32
Year ended 3-31-2012		19.17		4.44			439		1.25			-0.55			1.30			-0.60			29
Year ended 3-31-2011		18.86		31.98			207		1.25			-0.10			1.34			-0.19			39

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 175

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MID CAP INCOME OPPORTUNITIES FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)(4)	$	11.10	$	0.09	$	(1.12	)	$	(1.03	)	$	(0.08	)	$	—		$	(0.08	)
Year ended 3-31-2015(5)		10.00		0.10		1.05			1.15			(0.05	)		—	*		(0.05	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)(4)		11.10		0.05		(1.12	)		(1.07	)		(0.04	)		—			(0.04	)
Year ended 3-31-2015(5)		10.00		0.05		1.07			1.12			(0.02	)		—	*		(0.02	)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)(4)		11.11		0.09		(1.12	)		(1.03	)		(0.08	)		—			(0.08	)
Year ended 3-31-2015(5)		10.00		0.09		1.07			1.16			(0.05	)		—	*		(0.05	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)(4)		11.11		0.10		(1.11	)		(1.01	)		(0.10	)		—			(0.10	)
Year ended 3-31-2015(5)		10.00		0.10		1.08			1.18			(0.07	)		—	*		(0.07	)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)(4)		11.10		0.06		(1.12	)		(1.06	)		(0.05	)		—			(0.05	)
Year ended 3-31-2015(5)		10.00		0.06		1.07			1.13			(0.03	)		—	*		(0.03	)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)(4)		11.11		0.10		(1.11	)		(1.01	)		(0.10	)		—			(0.10	)
Year ended 3-31-2015(5)		10.00		0.10		1.08			1.18			(0.07	)		—	*		(0.07	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)(4)		11.11		0.09		(1.13	)		(1.04	)		(0.08	)		—			(0.08	)
Year ended 3-31-2015(5)		10.00		0.09		1.07			1.16			(0.05	)		—	*		(0.05	)

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) For the period from October 1, 2014 (commencement of operations of the class) through September 30, 2015.

(5) For the period from October 1, 2014 (commencement of operations of the class) through March 31, 2015.

(6) Annualized.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(9) Ratio of expenses to average net assets excluding offering cost was 1.17%.

(10) Ratio of expenses to average net assets excluding offering cost was 1.89%.

(11) Ratio of expenses to average net assets excluding offering cost was 1.12%.

(12) Ratio of expenses to average net assets excluding offering cost was 0.87%.

(13) Ratio of expenses to average net assets excluding offering cost was 1.62%.

(14) Ratio of expenses to average net assets excluding offering cost was 0.87%.

(15) Ratio of expenses to average net assets excluding offering cost was 1.17%.

(16) Ratio of expenses to average net assets excluding offering cost was 1.16%.

(17) Ratio of expenses to average net assets excluding offering cost was 1.88%.

(18) Ratio of expenses to average net assets excluding offering cost was 1.11%.

(19) Ratio of expenses to average net assets excluding offering cost was 0.86%.

(20) Ratio of expenses to average net assets excluding offering cost was 1.61%.

(21) Ratio of expenses to average net assets excluding offering cost was 0.86%.

(22) Ratio of expenses to average net assets excluding offering cost was 1.16%.

176 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)(4)	$	9.99		-9.32	%	$	49		1.35	%(6)(9)		1.63	%(6)		1.77	%(6)		1.22	%(6)		14	%(7)
Year ended 3-31-2015(5)		11.10		11.56			43		1.35	(6)(16)		1.83	(6)		1.60	(6)		1.58	(6)		10	(8)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)(4)		9.99		-9.68			3		2.07	(6)(10)		0.87	(6)		2.38	(6)		0.57	(6)		14	(7)
Year ended 3-31-2015(5)		11.10		11.26			3		2.07	(6)(17)		0.98	(6)		2.22	(6)		0.83	(6)		10	(8)
Class E Shares
Six-month period ended 9-30-2015 (unaudited)(4)		10.00		-9.29			2		1.30	(6)(11)		1.64	(6)		1.51	(6)		1.44	(6)		14	(7)
Year ended 3-31-2015(5)		11.11		11.68			2		1.30	(6)(18)		1.70	(6)		1.42	(6)		1.58	(6)		10	(8)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)(4)		10.00		-9.17			7		1.05	(6)(12)		1.89	(6)		1.40	(6)		1.54	(6)		14	(7)
Year ended 3-31-2015(5)		11.11		11.81			9		1.05	(6)(19)		1.97	(6)		1.32	(6)		1.70	(6)		10	(8)
Class R Shares
Six-month period ended 9-30-2015 (unaudited)(4)		9.99		-9.55			2		1.80	(6)(13)		1.14	(6)		2.01	(6)		0.94	(6)		14	(7)
Year ended 3-31-2015(5)		11.10		11.38			2		1.80	(6)(20)		1.20	(6)		1.92	(6)		1.08	(6)		10	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)(4)		10.00		-9.17			2		1.06	(6)(14)		1.89	(6)		1.26	(6)		1.69	(6)		14	(7)
Year ended 3-31-2015(5)		11.11		11.81			3		1.05	(6)(21)		1.97	(6)		1.18	(6)		1.84	(6)		10	(8)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)(4)		9.99		-9.40			4		1.36	(6)(15)		1.60	(6)		1.67	(6)		1.28	(6)		14	(7)
Year ended 3-31-2015(5)		11.11		11.66			4		1.35	(6)(22)		1.73	(6)		1.57	(6)		1.51	(6)		10	(8)

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 177

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MONEY MARKET FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain on Investments		Total from Investment Operations		Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	1.00	$	0.00	$	0.00	$	0.00	$	—	*	$	—		$	—	*
Year ended 3-31-2015		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2014		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2013		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2012		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2011		1.00		0.00		0.00		0.00		—	*		—	*		—	*
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2015		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2014		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2013		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2012		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2011		1.00		0.00		0.00		0.00		—	*		—	*		—	*
Class C Shares(5)
Six-month period ended 9-30-2015 (unaudited)		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2015		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2014		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2013		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2012		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2011		1.00		0.00		0.00		0.00		—	*		—	*		—	*
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2015		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2014		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2013		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2012		1.00		0.00		0.00		0.00		—	*		—			—	*
Year ended 3-31-2011		1.00		0.00		0.00		0.00		—	*		—	*		—	*

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

178 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	1.00		0.02	%	$	147		0.21	%(4)		0.02	%(4)		0.64	%(4)		-0.41	%(4)
Year ended 3-31-2015		1.00		0.02			119		0.17			0.02			0.68			-0.49
Year ended 3-31-2014		1.00		0.02			137		0.20			0.02			0.69			-0.47
Year ended 3-31-2013		1.00		0.02			128		0.31			0.02			0.67			-0.34
Year ended 3-31-2012		1.00		0.02			171		0.28			0.02			0.66			-0.36
Year ended 3-31-2011		1.00		0.04			159		0.43			0.02			0.69			-0.24
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		1.00		0.02			6		0.21	(4)		0.02	(4)		1.65	(4)		-1.42	(4)
Year ended 3-31-2015		1.00		0.02			4		0.17			0.02			1.73			-1.54
Year ended 3-31-2014		1.00		0.02			7		0.20			0.02			1.74			-1.52
Year ended 3-31-2013		1.00		0.02			8		0.31			0.02			1.70			-1.37
Year ended 3-31-2012		1.00		0.02			8		0.28			0.02			1.73			-1.43
Year ended 3-31-2011		1.00		0.04			7		0.43			0.02			1.80			-1.35
Class C Shares(5)
Six-month period ended 9-30-2015 (unaudited)		1.00		0.02			41		0.21	(4)		0.02	(4)		1.60	(4)		-1.37	(4)
Year ended 3-31-2015		1.00		0.02			32		0.17			0.02			1.62			-1.43
Year ended 3-31-2014		1.00		0.02			34		0.20			0.02			1.63			-1.41
Year ended 3-31-2013		1.00		0.02			35		0.31			0.02			1.65			-1.32
Year ended 3-31-2012		1.00		0.02			41		0.28			0.02			1.64			-1.34
Year ended 3-31-2011		1.00		0.04			32		0.43			0.02			1.67			-1.22
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		1.00		0.02			6		0.21	(4)		0.02	(4)		0.71	(4)		-0.48	(4)
Year ended 3-31-2015		1.00		0.02			6		0.17			0.02			0.74			-0.55
Year ended 3-31-2014		1.00		0.02			6		0.20			0.02			0.73			-0.51
Year ended 3-31-2013		1.00		0.02			5		0.31			0.02			0.75			-0.42
Year ended 3-31-2012		1.00		0.02			4		0.28			0.02			0.78			-0.48
Year ended 3-31-2011		1.00		0.04			3		0.43			0.02			0.79			-0.34

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 179

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MUNICIPAL BOND FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	12.07	$	0.15	$	(0.13	)	$	0.02		$	(0.14	)	$	—	$	(0.14	)
Year ended 3-31-2015		11.74		0.31		0.33			0.64			(0.31	)		—		(0.31	)
Year ended 3-31-2014		12.19		0.34		(0.45	)		(0.11	)		(0.34	)		—		(0.34	)
Year ended 3-31-2013		11.88		0.34		0.31			0.65			(0.34	)		—		(0.34	)
Year ended 3-31-2012		10.95		0.42		0.93			1.35			(0.42	)		—		(0.42	)
Year ended 3-31-2011		11.16		0.43		(0.21	)		0.22			(0.43	)		—		(0.43	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		12.07		0.10		(0.12	)		(0.02	)		(0.10	)		—		(0.10	)
Year ended 3-31-2015		11.74		0.22		0.33			0.55			(0.22	)		—		(0.22	)
Year ended 3-31-2014		12.19		0.25		(0.45	)		(0.20	)		(0.25	)		—		(0.25	)
Year ended 3-31-2013		11.88		0.25		0.31			0.56			(0.25	)		—		(0.25	)
Year ended 3-31-2012		10.95		0.33		0.93			1.26			(0.33	)		—		(0.33	)
Year ended 3-31-2011		11.16		0.34		(0.21	)		0.13			(0.34	)		—		(0.34	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		12.07		0.10		(0.12	)		(0.02	)		(0.10	)		—		(0.10	)
Year ended 3-31-2015		11.74		0.22		0.33			0.55			(0.22	)		—		(0.22	)
Year ended 3-31-2014		12.19		0.25		(0.45	)		(0.20	)		(0.25	)		—		(0.25	)
Year ended 3-31-2013		11.88		0.25		0.31			0.56			(0.25	)		—		(0.25	)
Year ended 3-31-2012		10.95		0.33		0.93			1.26			(0.33	)		—		(0.33	)
Year ended 3-31-2011		11.16		0.34		(0.21	)		0.13			(0.34	)		—		(0.34	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		12.07		0.16		(0.12	)		0.04			(0.16	)		—		(0.16	)
Year ended 3-31-2015		11.74		0.33		0.34			0.67			(0.34	)		—		(0.34	)
Year ended 3-31-2014		12.19		0.36		(0.45	)		(0.09	)		(0.36	)		—		(0.36	)
Year ended 3-31-2013		11.88		0.36		0.31			0.67			(0.36	)		—		(0.36	)
Year ended 3-31-2012		10.95		0.44		0.93			1.37			(0.44	)		—		(0.44	)
Year ended 3-31-2011		11.16		0.45		(0.21	)		0.24			(0.45	)		—		(0.45	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		12.07		0.15		(0.13	)		0.02			(0.14	)		—		(0.14	)
Year ended 3-31-2015		11.74		0.31		0.33			0.64			(0.31	)		—		(0.31	)
Year ended 3-31-2014		12.19		0.34		(0.45	)		(0.11	)		(0.34	)		—		(0.34	)
Year ended 3-31-2013		11.88		0.34		0.31			0.65			(0.34	)		—		(0.34	)
Year ended 3-31-2012		10.95		0.42		0.93			1.35			(0.42	)		—		(0.42	)
Year ended 3-31-2011		11.16		0.43		(0.21	)		0.22			(0.43	)		—		(0.43	)

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

180 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	11.95		0.21	%	$	150		1.00	%(4)		2.45	%(4)		—	%		—	%		3	%
Year ended 3-31-2015		12.07		5.51			148		1.01			2.60			—			—			8
Year ended 3-31-2014		11.74		-0.86			113		1.02			2.90			—			—			7
Year ended 3-31-2013		12.19		5.50			133		1.01			2.77			—			—			6
Year ended 3-31-2012		11.88		12.49			97		1.06			3.60			—			—			4
Year ended 3-31-2011		10.95		1.89			64		1.10			3.79			—			—			6
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		11.95		-0.16			2		1.74	(4)		1.71	(4)		—			—			3
Year ended 3-31-2015		12.07		4.71			2		1.77			1.87			—			—			8
Year ended 3-31-2014		11.74		-1.63			2		1.79			2.12			—			—			7
Year ended 3-31-2013		12.19		4.72			4		1.75			2.04			—			—			6
Year ended 3-31-2012		11.88		11.67			3		1.81			2.83			—			—			4
Year ended 3-31-2011		10.95		1.10			2		1.88			3.00			—			—			6
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		11.95		-0.16			24		1.75	(4)		1.70	(4)		—			—			3
Year ended 3-31-2015		12.07		4.72			24		1.76			1.86			—			—			8
Year ended 3-31-2014		11.74		-1.62			21		1.78			2.12			—			—			7
Year ended 3-31-2013		12.19		4.71			31		1.76			2.03			—			—			6
Year ended 3-31-2012		11.88		11.65			28		1.82			2.85			—			—			4
Year ended 3-31-2011		10.95		1.12			20		1.86			3.02			—			—			6
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		11.95		0.32			6		0.79	(4)		2.66	(4)		—			—			3
Year ended 3-31-2015		12.07		5.73			5		0.80			2.75			—			—			8
Year ended 3-31-2014		11.74		-0.65			2		0.81			3.11			—			—			7
Year ended 3-31-2013		12.19		5.72			2		0.80			2.94			—			—			6
Year ended 3-31-2012		11.88		12.75			1		0.85			3.79			—			—			4
Year ended 3-31-2011		10.95		2.10			1		0.88			4.02			—			—			6
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		11.95		0.21			1		1.00	(4)		2.45	(4)		1.05	(4)		2.40	(4)		3
Year ended 3-31-2015		12.07		5.52			1		1.01			2.60			1.05			2.56			8
Year ended 3-31-2014		11.74		-0.87			1		1.02			2.89			1.06			2.85			7
Year ended 3-31-2013		12.19		5.49			1		1.01			2.78			1.06			2.73			6
Year ended 3-31-2012		11.88		12.51			1		1.06			3.63			1.11			3.58			4
Year ended 3-31-2011		10.95		1.90			1		1.10			3.78			1.13			3.75			6

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 181

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MUNICIPAL HIGH INCOME FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	5.31	$	0.11	$	(0.07	)	$	0.04		$	(0.11	)	$	—		$	(0.11	)
Year ended 3-31-2015		5.03		0.23		0.28			0.51			(0.23	)		—			(0.23	)
Year ended 3-31-2014		5.47		0.24		(0.42	)		(0.18	)		(0.24	)		(0.02	)		(0.26	)
Year ended 3-31-2013		5.23		0.21		0.24			0.45			(0.21	)		—			(0.21	)
Year ended 3-31-2012		4.75		0.25		0.48			0.73			(0.25	)		—			(0.25	)
Year ended 3-31-2011		4.84		0.22		(0.09	)		0.13			(0.22	)		—	*		(0.22	)
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		5.31		0.09		(0.07	)		0.02			(0.09	)		—			(0.09	)
Year ended 3-31-2015		5.03		0.19		0.28			0.47			(0.19	)		—			(0.19	)
Year ended 3-31-2014		5.47		0.20		(0.42	)		(0.22	)		(0.20	)		(0.02	)		(0.22	)
Year ended 3-31-2013		5.23		0.17		0.24			0.41			(0.17	)		—			(0.17	)
Year ended 3-31-2012		4.75		0.20		0.49			0.69			(0.21	)		—			(0.21	)
Year ended 3-31-2011		4.84		0.18		(0.09	)		0.09			(0.18	)		—	*		(0.18	)
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		5.31		0.09		(0.07	)		0.02			(0.09	)		—			(0.09	)
Year ended 3-31-2015		5.03		0.19		0.28			0.47			(0.19	)		—			(0.19	)
Year ended 3-31-2014		5.47		0.20		(0.42	)		(0.22	)		(0.20	)		(0.02	)		(0.22	)
Year ended 3-31-2013		5.23		0.17		0.24			0.41			(0.17	)		—			(0.17	)
Year ended 3-31-2012		4.75		0.21		0.48			0.69			(0.21	)		—			(0.21	)
Year ended 3-31-2011		4.84		0.19		(0.09	)		0.10			(0.19	)		—	*		(0.19	)
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		5.31		0.11		(0.07	)		0.04			(0.11	)		—			(0.11	)
Year ended 3-31-2015		5.03		0.24		0.28			0.52			(0.24	)		—			(0.24	)
Year ended 3-31-2014		5.47		0.24		(0.42	)		(0.18	)		(0.24	)		(0.02	)		(0.26	)
Year ended 3-31-2013		5.23		0.22		0.24			0.46			(0.22	)		—			(0.22	)
Year ended 3-31-2012		4.75		0.25		0.48			0.73			(0.25	)		—			(0.25	)
Year ended 3-31-2011		4.84		0.24		(0.09	)		0.15			(0.24	)		—	*		(0.24	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		5.31		0.11		(0.07	)		0.04			(0.11	)		—			(0.11	)
Year ended 3-31-2015		5.03		0.23		0.28			0.51			(0.23	)		—			(0.23	)
Year ended 3-31-2014		5.47		0.24		(0.42	)		(0.18	)		(0.24	)		(0.02	)		(0.26	)
Year ended 3-31-2013		5.23		0.21		0.24			0.45			(0.21	)		—			(0.21	)
Year ended 3-31-2012		4.75		0.24		0.49			0.73			(0.25	)		—			(0.25	)
Year ended 3-31-2011		4.84		0.22		(0.09	)		0.13			(0.22	)		—	*		(0.22	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

182 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	5.24		0.71	%	$	361		0.87	%(4)		4.14	%(4)		0.88	%(4)		4.13	%(4)		2	%
Year ended 3-31-2015		5.31		10.29			377		0.85			4.46			0.87			4.44			9
Year ended 3-31-2014		5.03		-3.32			366		0.86			4.58			0.87			4.57			21
Year ended 3-31-2013		5.47		8.71			545		0.84			3.91			0.85			3.90			9
Year ended 3-31-2012		5.23		15.62			384		0.87			4.88			0.90			4.85			4
Year ended 3-31-2011		4.75		2.71			146		0.94			4.63			0.98			4.59			13
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		5.24		0.33			14		1.62	(4)		3.39	(4)		1.63	(4)		3.38	(4)		2
Year ended 3-31-2015		5.31		9.44			15		1.62			3.69			1.64			3.67			9
Year ended 3-31-2014		5.03		-4.07			15		1.64			3.82			1.65			3.81			21
Year ended 3-31-2013		5.47		7.86			19		1.62			3.12			1.63			3.11			9
Year ended 3-31-2012		5.23		14.70			12		1.67			4.07			1.70			4.04			4
Year ended 3-31-2011		4.75		1.87			4		1.72			3.82			1.76			3.78			13
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		5.24		0.35			227		1.59	(4)		3.42	(4)		1.60	(4)		3.41	(4)		2
Year ended 3-31-2015		5.31		9.50			238		1.58			3.72			1.60			3.70			9
Year ended 3-31-2014		5.03		-4.04			216		1.60			3.84			1.61			3.83			21
Year ended 3-31-2013		5.47		7.92			323		1.57			3.17			1.59			3.15			9
Year ended 3-31-2012		5.23		14.77			198		1.62			4.12			1.65			4.09			4
Year ended 3-31-2011		4.75		1.91			65		1.67			3.89			1.71			3.85			13
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		5.24		0.80			669		0.68	(4)		4.33	(4)		0.69	(4)		4.32	(4)		2
Year ended 3-31-2015		5.31		10.50			703		0.68			4.62			0.70			4.60			9
Year ended 3-31-2014		5.03		-3.16			586		0.69			4.76			0.70			4.75			21
Year ended 3-31-2013		5.47		8.88			749		0.68			4.06			0.69			4.05			9
Year ended 3-31-2012		5.23		15.82			416		0.70			5.04			0.74			5.00			4
Year ended 3-31-2011		4.75		2.98			131		0.70			4.90			0.79			4.81			13
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		5.24		0.71			17		0.87	(4)		4.14	(4)		0.96	(4)		4.05	(4)		2
Year ended 3-31-2015		5.31		10.35			21		0.85			4.39			0.95			4.29			9
Year ended 3-31-2014		5.03		-3.32			15		0.85			4.52			0.95			4.42			21
Year ended 3-31-2013		5.47		8.71			34		0.84			3.92			0.94			3.82			9
Year ended 3-31-2012		5.23		15.65			26		0.87			4.83			0.99			4.71			4
Year ended 3-31-2011		4.75		2.73			6		0.94			4.76			1.05			4.65			13

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 183

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY SMALL CAP GROWTH FUND

	Net Asset Value, Beginning of Period		Net Investment Loss(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income		Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	18.71	$	(0.08	)	$	(1.81	)	$	(1.89	)	$	—	$	—		$	—
Year ended 3-31-2015		18.51		(0.14	)		1.52			1.38			—		(1.18	)		(1.18	)
Year ended 3-31-2014		16.33		(0.19	)		4.04			3.85			—		(1.67	)		(1.67	)
Year ended 3-31-2013		14.51		(0.14	)		2.35			2.21			—		(0.39	)		(0.39	)
Year ended 3-31-2012		15.39		(0.17	)		(0.21	)		(0.38	)		—		(0.50	)		(0.50	)
Year ended 3-31-2011		11.40		(0.13	)		4.12			3.99			—		—			—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		15.28		(0.13	)		(1.47	)		(1.60	)		—		—			—
Year ended 3-31-2015		15.47		(0.25	)		1.24			0.99			—		(1.18	)		(1.18	)
Year ended 3-31-2014		13.95		(0.30	)		3.42			3.12			—		(1.60	)		(1.60	)
Year ended 3-31-2013		12.57		(0.25	)		2.02			1.77			—		(0.39	)		(0.39	)
Year ended 3-31-2012		13.56		(0.28	)		(0.21	)		(0.49	)		—		(0.50	)		(0.50	)
Year ended 3-31-2011		10.15		(0.23	)		3.64			3.41			—		—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		16.27		(0.12	)		(1.57	)		(1.69	)		—		—			—
Year ended 3-31-2015		16.35		(0.23	)		1.33			1.10			—		(1.18	)		(1.18	)
Year ended 3-31-2014		14.63		(0.28	)		3.60			3.32			—		(1.60	)		(1.60	)
Year ended 3-31-2013		13.12		(0.21	)		2.11			1.90			—		(0.39	)		(0.39	)
Year ended 3-31-2012		14.07		(0.24	)		(0.21	)		(0.45	)		—		(0.50	)		(0.50	)
Year ended 3-31-2011		10.49		(0.20	)		3.78			3.58			—		—			—
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		18.60		(0.09	)		(1.80	)		(1.89	)		—		—			—
Year ended 3-31-2015		18.43		(0.16	)		1.51			1.35			—		(1.18	)		(1.18	)
Year ended 3-31-2014		16.27		(0.22	)		4.03			3.81			—		(1.65	)		(1.65	)
Year ended 3-31-2013		14.47		(0.15	)		2.34			2.19			—		(0.39	)		(0.39	)
Year ended 3-31-2012		15.36		(0.18	)		(0.21	)		(0.39	)		—		(0.50	)		(0.50	)
Year ended 3-31-2011		11.38		(0.14	)		4.12			3.98			—		—			—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		22.77		(0.06	)		(2.21	)		(2.27	)		—		—			—
Year ended 3-31-2015		22.19		(0.09	)		1.85			1.76			—		(1.18	)		(1.18	)
Year ended 3-31-2014		19.26		(0.15	)		4.80			4.65			—		(1.72	)		(1.72	)
Year ended 3-31-2013		16.98		(0.09	)		2.76			2.67			—		(0.39	)		(0.39	)
Year ended 3-31-2012		17.83		(0.13	)		(0.22	)		(0.35	)		—		(0.50	)		(0.50	)
Year ended 3-31-2011		13.14		(0.09	)		4.78			4.69			—		—			—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		18.55		(0.10	)		(1.79	)		(1.89	)		—		—			—
Year ended 3-31-2015		18.41		(0.18	)		1.50			1.32			—		(1.18	)		(1.18	)
Year ended 3-31-2014		16.26		(0.23	)		4.02			3.79			—		(1.64	)		(1.64	)
Year ended 3-31-2013		14.48		(0.17	)		2.34			2.17			—		(0.39	)		(0.39	)
Year ended 3-31-2012		15.38		(0.19	)		(0.21	)		(0.40	)		—		(0.50	)		(0.50	)
Year ended 3-31-2011		11.40		(0.15	)		4.13			3.98			—		—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		22.79		(0.04	)		(2.21	)		(2.25	)		—		—			—
Year ended 3-31-2015(6)		20.97		(0.02	)		3.02			3.00			—		(1.18	)		(1.18	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		21.88		(0.08	)		(2.12	)		(2.20	)		—		—			—
Year ended 3-31-2015		21.42		(0.14	)		1.78			1.64			—		(1.18	)		(1.18	)
Year ended 3-31-2014		18.66		(0.20	)		4.64			4.44			—		(1.68	)		(1.68	)
Year ended 3-31-2013		16.50		(0.13	)		2.68			2.55			—		(0.39	)		(0.39	)
Year ended 3-31-2012		17.38		(0.16	)		(0.22	)		(0.38	)		—		(0.50	)		(0.50	)
Year ended 3-31-2011		12.85		(0.12	)		4.65			4.53			—		—			—

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

184 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Loss to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	16.82		-10.10	%	$	341		1.42	%(4)		-0.85	%(4)		—	%		—	%		21	%
Year ended 3-31-2015		18.71		8.03			384		1.43			-0.80			—			—			43
Year ended 3-31-2014		18.51		24.27			406		1.43			-1.07			—			—			45
Year ended 3-31-2013		16.33		15.70			281		1.49			-0.97			—			—			38
Year ended 3-31-2012		14.51		-1.98			241		1.50			-1.21			—			—			65
Year ended 3-31-2011		15.39		35.00			240		1.51			-1.05			—			—			53
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		13.68		-10.47			9		2.31	(4)		-1.74	(4)		—			—			21
Year ended 3-31-2015		15.28		7.07			11		2.31			-1.69			—			—			43
Year ended 3-31-2014		15.47		23.14			13		2.34			-1.99			—			—			45
Year ended 3-31-2013		13.95		14.61			11		2.49			-1.96			—			—			38
Year ended 3-31-2012		12.57		-3.07			10		2.57			-2.27			—			—			65
Year ended 3-31-2011		13.56		33.60			11		2.54			-2.08			—			—			53
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		14.58		-10.39			178		2.06	(4)		-1.49	(4)		—			—			21
Year ended 3-31-2015		16.27		7.36			207		2.07			-1.44			—			—			43
Year ended 3-31-2014		16.35		23.43			225		2.08			-1.73			—			—			45
Year ended 3-31-2013		14.63		15.00			189		2.13			-1.61			—			—			38
Year ended 3-31-2012		13.12		-2.67			181		2.17			-1.87			—			—			65
Year ended 3-31-2011		14.07		34.13			207		2.18			-1.71			—			—			53
Class E Shares
Six-month period ended 9-30-2015 (unaudited)		16.71		-10.16			6		1.53	(4)		-0.96	(4)		1.71	(4)		-1.14	(4)		21
Year ended 3-31-2015		18.60		7.90			6		1.56			-0.92			1.79			-1.15			43
Year ended 3-31-2014		18.43		24.13			5		1.56			-1.21			1.87			-1.52			45
Year ended 3-31-2013		16.27		15.61			3		1.56			-1.03			2.06			-1.53			38
Year ended 3-31-2012		14.47		-2.05			3		1.56			-1.27			2.08			-1.79			65
Year ended 3-31-2011		15.36		34.97			3		1.56			-1.08			2.17			-1.69			53
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		20.50		-9.97			191		1.06	(4)		-0.49	(4)		—			—			21
Year ended 3-31-2015		22.77		8.42			214		1.06			-0.43			—			—			43
Year ended 3-31-2014		22.19		24.78			246		1.06			-0.71			—			—			45
Year ended 3-31-2013		19.26		16.13			176		1.07			-0.54			—			—			38
Year ended 3-31-2012		16.98		-1.54			119		1.07			-0.79			—			—			65
Year ended 3-31-2011		17.83		35.69			84		1.07			-0.61			—			—			53
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		16.66		-10.19			43		1.66	(4)		-1.09	(4)		—			—			21
Year ended 3-31-2015		18.55		7.74			45		1.66			-1.02			—			—			43
Year ended 3-31-2014		18.41		23.99			42		1.66			-1.30			—			—			45
Year ended 3-31-2013		16.26		15.45			22		1.67			-1.15			—			—			38
Year ended 3-31-2012		14.48		-2.11			17		1.66			-1.37			—			—			65
Year ended 3-31-2011		15.38		34.91			15		1.62			-1.16			—			—			53
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		20.54		-9.87			21		0.91	(4)		-0.34	(4)		—			—			21
Year ended 3-31-2015(6)		22.79		14.83			22		0.90	(4)		-0.12	(4)		—			—			43	(7)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		19.68		-10.05			223		1.31	(4)		-0.74	(4)		—			—			21
Year ended 3-31-2015		21.88		8.16			262		1.30			-0.68			—			—			43
Year ended 3-31-2014		21.42		24.45			276		1.30			-0.95			—			—			45
Year ended 3-31-2013		18.66		15.87			220		1.31			-0.79			—			—			38
Year ended 3-31-2012		16.50		-1.75			207		1.32			-1.03			—			—			65
Year ended 3-31-2011		17.38		35.25			222		1.33			-0.86			—			—			53

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 185

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY SMALL CAP VALUE FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	17.47	$	(0.02	)	$	(1.74	)	$	(1.76	)	$	—		$	—		$	—
Year ended 3-31-2015		18.32		(0.04	)		0.99			0.95			—			(1.80	)		(1.80	)
Year ended 3-31-2014		17.23		(0.11	)		3.55			3.44			(0.07	)		(2.28	)		(2.35	)
Year ended 3-31-2013		14.96		0.02			2.82			2.84			—			(0.57	)		(0.57	)
Year ended 3-31-2012		18.12		0.00			(1.69	)		(1.69	)		(0.01	)		(1.46	)		(1.47	)
Year ended 3-31-2011		14.99		0.03			3.10			3.13			—			—			—
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		15.01		(0.09	)		(1.48	)		(1.57	)		—			—			—
Year ended 3-31-2015		16.10		(0.18	)		0.84			0.66			—			(1.75	)		(1.75	)
Year ended 3-31-2014		15.39		(0.25	)		3.14			2.89			(0.02	)		(2.16	)		(2.18	)
Year ended 3-31-2013		13.48		(0.13	)		2.50			2.37			—			(0.46	)		(0.46	)
Year ended 3-31-2012		16.66		(0.15	)		(1.57	)		(1.72	)		—			(1.46	)		(1.46	)
Year ended 3-31-2011		13.95		(0.15	)		2.86			2.71			—			—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		15.74		(0.07	)		(1.56	)		(1.63	)		—			—			—
Year ended 3-31-2015		16.76		(0.14	)		0.89			0.75			—			(1.77	)		(1.77	)
Year ended 3-31-2014		15.94		(0.21	)		3.26			3.05			(0.04	)		(2.19	)		(2.23	)
Year ended 3-31-2013		13.92		(0.08	)		2.60			2.52			—			(0.50	)		(0.50	)
Year ended 3-31-2012		17.09		(0.10	)		(1.61	)		(1.71	)		—			(1.46	)		(1.46	)
Year ended 3-31-2011		14.25		(0.08	)		2.92			2.84			—			—			—
Class E Shares(5)
Six-month period ended 9-30-2015 (unaudited)		17.93		0.01			(1.79	)		(1.78	)		—			—			—
Year ended 3-31-2015		18.76		0.03			1.01			1.04			—			(1.87	)		(1.87	)
Year ended 3-31-2014		17.59		(0.04	)		3.63			3.59			(0.09	)		(2.33	)		(2.42	)
Year ended 3-31-2013		15.25		0.10			2.85			2.95			—			(0.61	)		(0.61	)
Year ended 3-31-2012		18.43		0.07			(1.71	)		(1.64	)		(0.08	)		(1.46	)		(1.54	)
Year ended 3-31-2011		15.19		0.10			3.14			3.24			—			—			—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		18.49		0.02			(1.85	)		(1.83	)		—			—			—
Year ended 3-31-2015		19.29		0.05			1.04			1.09			—			(1.89	)		(1.89	)
Year ended 3-31-2014		18.03		(0.02	)		3.72			3.70			(0.10	)		(2.34	)		(2.44	)
Year ended 3-31-2013		15.61		0.11			2.94			3.05			—			(0.63	)		(0.63	)
Year ended 3-31-2012		18.83		0.07			(1.73	)		(1.66	)		(0.10	)		(1.46	)		(1.56	)
Year ended 3-31-2011		15.49		0.13			3.21			3.34			—			—			—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		17.44		(0.04	)		(1.73	)		(1.77	)		—			—			—
Year ended 3-31-2015		18.31		(0.06	)		0.98			0.92			—			(1.79	)		(1.79	)
Year ended 3-31-2014		17.23		(0.13	)		3.54			3.41			(0.07	)		(2.26	)		(2.33	)
Year ended 3-31-2013(6)		15.24		(0.02	)		2.01			1.99			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		18.56		0.03			(1.85	)		(1.82	)		—			—			—
Year ended 3-31-2015(7)		18.96		0.08			1.36			1.44			—			(1.84	)		(1.84	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		18.12		(0.01	)		(1.80	)		(1.81	)		—			—			—
Year ended 3-31-2015		18.94		(0.02	)		1.04			1.02			—			(1.84	)		(1.84	)
Year ended 3-31-2014		17.74		(0.07	)		3.66			3.59			(0.08	)		(2.31	)		(2.39	)
Year ended 3-31-2013		15.38		0.01			2.95			2.96			—			(0.60	)		(0.60	)
Year ended 3-31-2012		18.58		0.04			(1.72	)		(1.68	)		(0.06	)		(1.46	)		(1.52	)
Year ended 3-31-2011		15.33		0.08			3.17			3.25			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Annualized.

(4) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(5) Class share is closed to investment.

(6) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

186 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)				Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	15.71		-10.07	%	$	202		��		1.55	%(3)		-0.25	%(3)		62	%
Year ended 3-31-2015		17.47		5.74			240				1.54			-0.20			106
Year ended 3-31-2014		18.32		21.10			244				1.57			-0.62			61
Year ended 3-31-2013		17.23		19.49			226				1.66			0.15			52
Year ended 3-31-2012		14.96		-8.06			209				1.67			0.00			50
Year ended 3-31-2011		18.12		20.88			254				1.65			0.19			73
Class B Shares(4)
Six-month period ended 9-30-2015 (unaudited)		13.44		-10.46			2				2.50	(3)		-1.21	(3)		62
Year ended 3-31-2015		15.01		4.68			3				2.50			-1.17			106
Year ended 3-31-2014		16.10		19.87			4				2.58			-1.63			61
Year ended 3-31-2013		15.39		18.22			4				2.78			-0.97			52
Year ended 3-31-2012		13.48		-9.09			4				2.78			-1.09			50
Year ended 3-31-2011		16.66		19.43			6				2.85			-1.07			73
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		14.11		-10.36			15				2.23	(3)		-0.93	(3)		62
Year ended 3-31-2015		15.74		5.02			18				2.21			-0.89			106
Year ended 3-31-2014		16.76		20.24			19				2.25			-1.30			61
Year ended 3-31-2013		15.94		18.74			16				2.35			-0.54			52
Year ended 3-31-2012		13.92		-8.80			16				2.40			-0.72			50
Year ended 3-31-2011		17.09		19.93			19				2.42			-0.57			73
Class E Shares(5)
Six-month period ended 9-30-2015 (unaudited)		16.15		-9.93			—	*			1.22	(3)		0.08	(3)		62
Year ended 3-31-2015		17.93		6.08			—	*			1.21			0.14			106
Year ended 3-31-2014		18.76		21.56			—	*			1.21			-0.26			61
Year ended 3-31-2013		17.59		20.03			—	*			1.22			0.61			52
Year ended 3-31-2012		15.25		-7.68			—	*			1.23			0.44			50
Year ended 3-31-2011		18.43		21.33			—	*			1.24			0.61			73
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		16.66		-9.90			26				1.11	(3)		0.19	(3)		62
Year ended 3-31-2015		18.49		6.20			29				1.10			0.26			106
Year ended 3-31-2014		19.29		21.67			26				1.10			-0.15			61
Year ended 3-31-2013		18.03		20.17			19				1.11			0.72			52
Year ended 3-31-2012		15.61		-7.59			16				1.11			0.48			50
Year ended 3-31-2011		18.83		21.56			4				1.12			0.78			73
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		15.67		-10.15			2				1.72	(3)		-0.41	(3)		62
Year ended 3-31-2015		17.44		5.57			2				1.70			-0.32			106
Year ended 3-31-2014		18.31		20.91			1				1.70			-0.78			61
Year ended 3-31-2013(6)		17.23		13.06			—	*			1.68	(3)		-0.44	(3)		52	(8)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		16.74		-9.81			3				0.96	(3)		0.34	(3)		62
Year ended 3-31-2015(7)		18.56		8.17			3				0.96	(3)		0.70	(3)		106	(9)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		16.31		-9.99			5				1.37	(3)		-0.12	(3)		62
Year ended 3-31-2015		18.12		5.93			10				1.36			-0.09			106
Year ended 3-31-2014		18.94		21.35			10				1.33			-0.39			61
Year ended 3-31-2013		17.74		19.85			7				1.41			0.05			52
Year ended 3-31-2012		15.38		-7.87			22				1.39			0.28			50
Year ended 3-31-2011		18.58		21.20			26				1.39			0.47			73

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 187

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY TAX-MANAGED EQUITY FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	19.31	$	(0.04	)	$	(0.71	)	$	(0.75	)	$	—		$	—		$	—
Year ended 3-31-2015		16.84		(0.02	)		2.86			2.84			—			(0.37	)		(0.37	)
Year ended 3-31-2014		14.13		(0.05	)		3.23			3.18			—			(0.47	)		(0.47	)
Year ended 3-31-2013		13.15		0.05			0.99			1.04			(0.06	)		—			(0.06	)
Year ended 3-31-2012		12.15		(0.03	)		1.03			1.00			—			—			—
Year ended 3-31-2011		10.78		(0.10	)		1.47			1.37			—			—			—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		18.73		(0.10	)		(0.70	)		(0.80	)		—			—			—
Year ended 3-31-2015		16.45		(0.14	)		2.79			2.65			—			(0.37	)		(0.37	)
Year ended 3-31-2014		13.87		(0.14	)		3.15			3.01			—			(0.43	)		(0.43	)
Year ended 3-31-2013		12.92		(0.03	)		0.99			0.96			(0.01	)		—			(0.01	)
Year ended 3-31-2012		12.01		(0.10	)		1.01			0.91			—			—			—
Year ended 3-31-2011		10.72		(0.17	)		1.46			1.29			—			—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		18.69		(0.11	)		(0.69	)		(0.80	)		—		��	—			—
Year ended 3-31-2015		16.42		(0.15	)		2.79			2.64			—			(0.37	)		(0.37	)
Year ended 3-31-2014		13.85		(0.15	)		3.15			3.00			—			(0.43	)		(0.43	)
Year ended 3-31-2013		12.91		(0.03	)		0.97			0.94			—			—			—
Year ended 3-31-2012		12.01		(0.11	)		1.01			0.90			—			—			—
Year ended 3-31-2011		10.72		(0.17	)		1.46			1.29			—			—			—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		19.47		(0.01	)		(0.73	)		(0.74	)		—			—			—
Year ended 3-31-2015		16.93		0.02			2.89			2.91			—			(0.37	)		(0.37	)
Year ended 3-31-2014		14.20		0.00			3.23			3.23			—			(0.50	)		(0.50	)
Year ended 3-31-2013		13.27		0.09			0.92			1.01			(0.08	)		—			(0.08	)
Year ended 3-31-2012		12.22		0.00			1.05			1.05			—			—			—
Year ended 3-31-2011		10.81		(0.08	)		1.49			1.41			—			—			—
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		19.34		(0.04	)		(0.72	)		(0.76	)		—			—			—
Year ended 3-31-2015		16.86		(0.03	)		2.88			2.85			—			(0.37	)		(0.37	)
Year ended 3-31-2014		14.15		(0.04	)		3.23			3.19			—			(0.48	)		(0.48	)
Year ended 3-31-2013		13.16		0.05			1.00			1.05			(0.06	)		—			(0.06	)
Year ended 3-31-2012		12.15		(0.02	)		1.03			1.01			—			—			—
Year ended 3-31-2011		10.78		(0.10	)		1.47			1.37			—			—			—

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

188 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	18.56		-3.88	%	$	75		1.23	%(4)		-0.38	%(4)		—	%		—	%		12	%
Year ended 3-31-2015		19.31		17.00			71		1.29			-0.13			—			—			36
Year ended 3-31-2014		16.84		22.65			40		1.43			-0.30			—			—			32
Year ended 3-31-2013		14.13		7.91			24		1.14			0.34			1.63			-0.15			26
Year ended 3-31-2012		13.15		8.23			15		1.32			-0.27			1.97			-0.92			26
Year ended 3-31-2011		12.15		12.71			9		2.10			-0.93			2.75			-1.58			41
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		17.93		-4.27			1		1.92	(4)		-1.06	(4)		—			—			12
Year ended 3-31-2015		18.73		16.25			1		1.95			-0.82			—			—			36
Year ended 3-31-2014		16.45		21.80			1		2.06			-0.92			—			—			32
Year ended 3-31-2013		13.87		7.41			1		1.69			-0.22			2.19			-0.72			26
Year ended 3-31-2012		12.92		7.58			1		1.90			-0.85			2.55			-1.50			26
Year ended 3-31-2011		12.01		12.03			1		2.74			-1.56			3.39			-2.21			41
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		17.89		-4.28			4		2.00	(4)		-1.13	(4)		—			—			12
Year ended 3-31-2015		18.69		16.21			2		2.01			-0.86			—			—			36
Year ended 3-31-2014		16.42		21.76			2		2.09			-0.96			—			—			32
Year ended 3-31-2013		13.85		7.28			1		1.76			-0.24			2.26			-0.74			26
Year ended 3-31-2012		12.91		7.49			1		1.97			-0.92			2.62			-1.57			26
Year ended 3-31-2011		12.01		12.03			1		2.75			-1.57			3.40			-2.22			41
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		18.73		-3.80			5		1.00	(4)		-0.13	(4)		—			—			12
Year ended 3-31-2015		19.47		17.33			4		1.04			0.10			—			—			36
Year ended 3-31-2014		16.93		22.91			1		1.15			-0.02			—			—			32
Year ended 3-31-2013		14.20		7.70			1		0.80			0.68			1.30			0.18			26
Year ended 3-31-2012		13.27		8.59			1		1.02			0.03			1.67			-0.62			26
Year ended 3-31-2011		12.22		13.04			1		1.87			-0.70			2.52			-1.35			41
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		18.58		-3.93			1		1.23	(4)		-0.38	(4)		1.25	(4)		-0.40	(4)		12
Year ended 3-31-2015		19.34		17.04			1		1.29			-0.16			—			—			36
Year ended 3-31-2014		16.86		22.56			1		1.41			-0.27			—			—			32
Year ended 3-31-2013		14.15		8.12			1		1.02			0.39			1.51			-0.10			26
Year ended 3-31-2012		13.16		8.31			1		1.25			-0.17			1.90			-0.82			26
Year ended 3-31-2011		12.15		12.71			1		2.09			-0.91			2.74			-1.56			41

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 189

FINANCIAL HIGHLIGHTS

Ivy Funds FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY VALUE FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	23.40	$	0.06		$	(1.49	)	$	(1.43	)	$	—		$	—		$	—
Year ended 3-31-2015		23.82		0.12			1.25			1.37			(0.06	)		(1.73	)		(1.79	)
Year ended 3-31-2014		20.30		0.07			4.42			4.49			(0.04	)		(0.93	)		(0.97	)
Year ended 3-31-2013		17.57		0.15			2.73			2.88			(0.15	)		—	*		(0.15	)
Year ended 3-31-2012		17.93		0.13			(0.19	)		(0.06	)		(0.12	)		(0.18	)		(0.30	)
Year ended 3-31-2011		15.56		(0.02	)		2.39			2.37			—			—			—
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		22.04		(0.05	)		(1.40	)		(1.45	)		—			—			—
Year ended 3-31-2015		22.53		(0.10	)		1.19			1.09			—			(1.58	)		(1.58	)
Year ended 3-31-2014		19.28		(0.12	)		4.19			4.07			—			(0.82	)		(0.82	)
Year ended 3-31-2013		16.72		(0.03	)		2.59			2.56			—			—	*		—	*
Year ended 3-31-2012		17.15		(0.07	)		(0.18	)		(0.25	)		—			(0.18	)		(0.18	)
Year ended 3-31-2011		15.12		(0.25	)		2.28			2.03			—			—			—
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		22.73		(0.02	)		(1.45	)		(1.47	)		—			—			—
Year ended 3-31-2015		23.18		(0.05	)		1.22			1.17			—			(1.62	)		(1.62	)
Year ended 3-31-2014		19.80		(0.09	)		4.31			4.22			—			(0.84	)		(0.84	)
Year ended 3-31-2013		17.16		0.02			2.67			2.69			(0.05	)		—	*		(0.05	)
Year ended 3-31-2012		17.53		0.00			(0.17	)		(0.17	)		(0.02	)		(0.18	)		(0.20	)
Year ended 3-31-2011		15.34		(0.14	)		2.33			2.19			—			—			—
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		23.49		0.09			(1.50	)		(1.41	)		—			—			—
Year ended 3-31-2015		23.90		0.17			1.27			1.44			(0.10	)		(1.75	)		(1.85	)
Year ended 3-31-2014		20.36		0.11			4.44			4.55			(0.09	)		(0.92	)		(1.01	)
Year ended 3-31-2013		17.61		0.20			2.74			2.94			(0.19	)		—	*		(0.19	)
Year ended 3-31-2012		18.03		0.18			(0.19	)		(0.01	)		(0.23	)		(0.18	)		(0.41	)
Year ended 3-31-2011		15.60		0.04			2.39			2.43			—			—			—
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		23.50		0.10			(1.50	)		(1.40	)		—			—			—
Year ended 3-31-2015		23.90		0.19			1.28			1.47			(0.11	)		(1.76	)		(1.87	)
Year ended 3-31-2014		20.36		0.14			4.44			4.58			(0.11	)		(0.93	)		(1.04	)
Year ended 3-31-2013		17.61		0.22			2.74			2.96			(0.21	)		—	*		(0.21	)
Year ended 3-31-2012		18.05		0.21			(0.20	)		0.01			(0.27	)		(0.18	)		(0.45	)
Year ended 3-31-2011		15.60		0.08			2.37			2.45			—			—			—
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		23.37		0.03			(1.48	)		(1.45	)		—			—			—
Year ended 3-31-2015		23.79		0.05			1.26			1.31			(0.01	)		(1.72	)		(1.73	)
Year ended 3-31-2014		20.28		0.01			4.41			4.42			(0.01	)		(0.90	)		(0.91	)
Year ended 3-31-2013(7)		18.17		0.04			2.07			2.11			—			—			—
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		23.56		0.13			(1.52	)		(1.39	)		—			—			—
Year ended 3-31-2015(8)		24.96		0.18			0.25			0.43			(0.10	)		(1.73	)		(1.83	)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		23.45		0.07			(1.49	)		(1.42	)		—			—			—
Year ended 3-31-2015		23.86		0.14			1.26			1.40			(0.07	)		(1.74	)		(1.81	)
Year ended 3-31-2014		20.33		0.09			4.43			4.52			(0.06	)		(0.93	)		(0.99	)
Year ended 3-31-2013		17.59		0.17			2.75			2.92			(0.18	)		—	*		(0.18	)
Year ended 3-31-2012		17.99		0.14			(0.17	)		(0.03	)		(0.19	)		(0.18	)		(0.37	)
Year ended 3-31-2011		15.58		0.02			2.39			2.41			—			—			—

*Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund or Waddell & Reed Advisors Fund.

(6) Class share is closed to investment.

(7) For the period from December 19, 2012 (commencement of operations of the class) through March 31, 2013.

(8) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2013.

(10) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

190 SEMIANNUAL REPORT 2015

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2015 (unaudited)	$	21.97		-6.11	%	$	253			1.30	%(4)		0.53	%(4)		—	%		—	%		28	%
Year ended 3-31-2015		23.40		5.71			295			1.27			0.48			—			—			82
Year ended 3-31-2014		23.82		22.44			248			1.31			0.30			—			—			58
Year ended 3-31-2013		20.30		16.59			156			1.43			0.82			—			—			57
Year ended 3-31-2012		17.57		-0.13			106			1.53			0.77			—			—			54
Year ended 3-31-2011		17.93		15.23			87			1.59			-0.12			1.66			-0.19			40
Class B Shares(5)
Six-month period ended 9-30-2015 (unaudited)		20.59		-6.58			3			2.27	(4)		-0.45	(4)		—			—			28
Year ended 3-31-2015		22.04		4.80			4			2.18			-0.43			—			—			82
Year ended 3-31-2014		22.53		21.35			6			2.17			-0.57			—			—			58
Year ended 3-31-2013		19.28		15.40			5			2.43			-0.16			—			—			57
Year ended 3-31-2012		16.72		-1.34			3			2.78			-0.47			—			—			54
Year ended 3-31-2011		17.15		13.43			3			3.12			-1.66			—			—			40
Class C Shares
Six-month period ended 9-30-2015 (unaudited)		21.26		-6.47			19			2.02	(4)		-0.19	(4)		—			—			28
Year ended 3-31-2015		22.73		5.00			22			1.97			-0.22			—			—			82
Year ended 3-31-2014		23.18		21.64			14			2.01			-0.41			—			—			58
Year ended 3-31-2013		19.80		15.77			9			2.13			0.12			—			—			57
Year ended 3-31-2012		17.16		-0.85			8			2.25			0.02			—			—			54
Year ended 3-31-2011		17.53		14.28			8			2.40			-0.92			—			—			40
Class E Shares(6)
Six-month period ended 9-30-2015 (unaudited)		22.08		-6.00			—	*		1.06	(4)		0.78	(4)		—			—			28
Year ended 3-31-2015		23.49		5.98			—	*		1.05			0.70			—			—			82
Year ended 3-31-2014		23.90		22.73			—	*		1.09			0.51			—			—			58
Year ended 3-31-2013		20.36		16.93			—	*		1.14			1.11			—			—			57
Year ended 3-31-2012		17.61		0.26			—	*		1.18			1.08			—			—			54
Year ended 3-31-2011		18.03		15.58			—	*		1.24			0.22			—			—			40
Class I Shares
Six-month period ended 9-30-2015 (unaudited)		22.10		-5.96			9			0.97	(4)		0.81	(4)		—			—			28
Year ended 3-31-2015		23.50		6.13			15			0.94			0.79			—			—			82
Year ended 3-31-2014		23.90		22.85			5			0.99			0.63			—			—			58
Year ended 3-31-2013		20.36		17.03			4			1.02			1.21			—			—			57
Year ended 3-31-2012		17.61		0.38			3			1.06			1.25			—			—			54
Year ended 3-31-2011		18.05		15.71			2			1.12			0.47			—			—			40
Class R Shares
Six-month period ended 9-30-2015 (unaudited)		21.92		-6.20			—	*		1.56	(4)		0.29	(4)		—			—			28
Year ended 3-31-2015		23.37		5.45			—	*		1.54			0.21			—			—			82
Year ended 3-31-2014		23.79		22.13			1			1.57			0.03			—			—			58
Year ended 3-31-2013(7)		20.28		11.61			—	*		1.55	(4)		0.73	(4)		—			—			57	(9)
Class R6 Shares
Six-month period ended 9-30-2015 (unaudited)		22.17		-5.90			2			0.81	(4)		1.06	(4)		—			—			28
Year ended 3-31-2015(8)		23.56		1.72			1			0.79	(4)		1.11	(4)		—			—			82	(10)
Class Y Shares
Six-month period ended 9-30-2015 (unaudited)		22.03		-6.06			2			1.22	(4)		0.56	(4)		—			—			28
Year ended 3-31-2015		23.45		5.84			3			1.20			0.58			—			—			82
Year ended 3-31-2014		23.86		22.56			2			1.22			0.40			—			—			58
Year ended 3-31-2013		20.33		16.78			2			1.27			0.97			—			—			57
Year ended 3-31-2012		17.59		0.09			2			1.31			0.86			—			—			54
Year ended 3-31-2011		17.99		15.47			2			1.37			0.11			—			—			40

See Accompanying Notes to Financial Statements.

2015 SEMIANNUAL REPORT 191

NOTES TO FINANCIAL STATEMENTS

Ivy Funds SEPTEMBER 30, 2015 (UNAUDITED)

1. ORGANIZATION

Ivy Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Emerging Markets Equity Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy Global Equity Income Fund, Ivy Global Growth Fund, Ivy Global Income Allocation Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Large Cap Growth Fund, Ivy Limited-Term Bond Fund, Ivy Managed International Opportunities Fund, Ivy Micro Cap Growth Fund, Ivy Mid Cap Growth Fund, Ivy Mid Cap Income Opportunities Fund, Ivy Money Market Fund, Ivy Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Small Cap Growth Fund, Ivy Small Cap Value Fund, Ivy Tax-Managed Equity Fund and Ivy Value Fund (each, a “Fund”) are 25 series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds’ Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager is Ivy Investment Management Company (“IICO” or the “Manager”).

Each Fund offers Class A and Class C shares. Each Fund (excluding Ivy Mid Cap Income Opportunities Fund) offers Class B shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Class C shares are not available for direct investment in the Ivy Money Market Fund. Class C shares of Ivy Money Market Fund will continue to be available for dividend reinvestment and exchanges from Class C shares of another fund within Ivy Funds. Certain Funds may also offer Class E, Class I, Class R, Class R6 and/or Class Y shares. Class E shares are closed for all investments in the Ivy Emerging Markets Equity Fund, Ivy European Opportunities Fund, Ivy Global Growth Fund, Ivy Managed International Opportunities Fund, Ivy Small Cap Value Fund and Ivy Value Fund. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus a front-end sales charge. For Class A shares, a 1% contingent deferred sales charge (“CDSC”) is only imposed on shares purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC. Class I, Class R, Class R6 and Class Y shares are sold without either a front-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Net investment income, net assets and NAV per share may differ due to each class having its own expenses, such as transfer agent and shareholder servicing fees, directly attributable to that class. Class A, B, C, E, R and Y have a distribution and service plan. Class I shares and Class R6 shares are not included in the plan. Class B shares will automatically convert to Class A shares 96 months after the date of purchase.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund.

Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. All or a portion of the distributions received from a real estate investment trust or publicly traded partnership may be designated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation. Each Fund’s accounting records are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars daily, using foreign exchange rates obtained from an independent pricing service authorized by the Board of Trustees of the Trust (the “Board”). Purchases and sales of investment securities and accruals of income and expenses are translated at the rate of exchange prevailing on the date of the transaction. For assets and liabilities other than investments in securities, net realized and unrealized gains and losses from foreign currency translation arise from changes in currency exchange rates. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments. Foreign exchange rates are typically valued as of the close of the New York Stock Exchange (“NYSE”), normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Income Taxes. It is the policy of each Fund to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Fund intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The Funds’ tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax returns. Management of the Trust periodically reviews all tax positions to assess that it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of the date of these financial statements, management believes that no liability for unrecognized tax positions is required.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded by each Fund on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America (“U.S. GAAP”). If the total dividends and distributions

192 SEMIANNUAL REPORT 2015

made in any tax year exceeds net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a tax return of capital.

Segregation and Collateralization. In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods and swaps), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments. Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the Statement of Assets and Liabilities as “Restricted cash.” Securities collateral pledged for the same purpose, if any, is noted on the Schedule of Investments. 

Concentration of Market and Credit Risk. In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded on the Funds’ Statement of Assets and Liabilities, less any collateral held by the Funds.

Certain Funds may hold high-yield and/or non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default.

Certain Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected on the Statement of Assets and Liabilities.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.

Inflation-Indexed Bonds. Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

Interest Only Obligations. These securities entitle the owner to receive only the interest portion from a bond, Treasury note or pool of mortgages. These securities are generally created by a third party separating a bond or pool of mortgages into distinct interest-only and principal-only securities. As the principal (par) amount of a bond or pool of mortgages is paid down, the amount of interest income earned by the owner will decline as well. 

Loans. Certain Funds may invest in loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates, the debtor of which may be a domestic or foreign corporation, partnership or other entity (“Borrower”). Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, London Interbank Offered Rate (“LIBOR”) rates or certificates of deposit rates. Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Loans are exempt from registration under the Securities Act of 1933, as amended, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender. When a Fund purchases a participation of a loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation

2015 SEMIANNUAL REPORT 193

interest in loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest.

Payment In-Kind Securities. Certain Funds may invest in payment in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statement of Assets and Liabilities. 

Securities on a When-Issued or Delayed Delivery Basis. Certain Funds may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by a Fund on a when-issued basis normally take place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of a Fund’s NAV to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield IICO, or the Fund’s investment subadviser, as applicable, consider advantageous. The Fund maintains internally designated assets with a value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued or delayed delivery basis prior to settlement of the original purchase. 

Custodian Fees. “Custodian fees” on the Statement of Operations may include interest expense incurred by a Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. A Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by that Fund. The “Earnings credit” line item, if shown, represents earnings on cash balances maintained by that Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. 

Offering costs. Each Fund bears all costs associated with the offering expenses of the Fund including legal, printing and support services. All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.

Independent Trustees and Chief Compliance Officer Fees. Fees paid to the Independent Trustees can be paid in cash or deferred to a later date, at the election of the Trustee according to the Deferred Fee Agreement entered into between the Trust and the Trustee(s). Each Fund records its portion of the deferred fees as a liability on the Statement of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statement of Operations. Additionally, fees paid to the office of the Chief Compliance Officer of the Funds are shown on the Statement of Operations. 

Indemnifications. The Trust’s organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.

Basis of Preparation. Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The accompanying financial statements were prepared in accordance with U.S. GAAP, including but not limited to ASC 946. U.S. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.

New Rule Issuance. In July 2014, the SEC issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Funds’ financial statements and related disclosures. 

Subsequent Events. Management has performed a review for subsequent events through the date this report was issued.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Each Fund calculates the NAV of its shares as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

194 SEMIANNUAL REPORT 2015

For purposes of calculating the NAV, the portfolio securities and other assets are valued on each business day using pricing and valuation methods as adopted by the Board. Where market quotes are readily available, fair value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Prices for fixed-income securities are typically based on quotes that are obtained from an independent pricing service authorized by the Board. To determine values of fixed-income securities, the independent pricing service utilizes such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.

Investments in Ivy Money Market Fund are valued on the basis of amortized cost (which approximates value), whereby a portfolio security is valued at its cost initially, and thereafter valued to reflect a constant amortization to maturity of any discount or premium. Short-term securities with maturities of 60 days or less held in all Funds (with the exception of Ivy Money Market Fund) are valued based on quotes that are obtained from an independent pricing service authorized by the Board as described in the preceding paragraph above.

Because many foreign markets close before the NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. Waddell & Reed Services Company (“WRSCO”), pursuant to procedures adopted by the Board, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. In addition, all securities for which values are not readily available or are deemed unreliable are appraised at fair value as determined in good faith under the supervision of the Board.

Where market quotes are not readily available, portfolio securities or assets are valued at fair value, as determined in good faith by the Board or Valuation Committee pursuant to procedures approved by the Board.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available.

The Board has delegated to WRSCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. The Board has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.

The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available. For instances in which daily market quotes are not readily available, investments may be valued, pursuant to procedures established by the Board, with reference to other securities or indices. In the event that the security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or asset will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.

When a Fund uses these fair valuation methods applied by WRSCO that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at their direction believe accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. The prices used by a Fund may differ from the value that will ultimately be realized at the time the securities were sold.

WRSCO is responsible for monitoring the implementation of the pricing and valuation policies through a series of activities to provide reasonable comfort of the accuracy of prices including: 1) periodic vendor due diligence meetings to review methodologies, new developments, and process at vendors, 2) daily and monthly multi-source pricing comparisons reviewed and submitted to the Valuation Committee, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by management and the Valuation Committee.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized as follows:

Level 1 – Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

A description of the valuation techniques applied to the Funds’ major classes of assets and liabilities measured at fair value on a recurring basis follows:

Asset-Backed Securities and Mortgage-Backed Securities. The fair value of asset-backed securities and mortgage-backed securities are estimated using recently executed transactions and based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, and otherwise they would be categorized as Level 3.

Bullion. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded and are categorized in Level 1 of the fair value hierarchy.

Corporate Bonds. The fair value of corporate bonds, as obtained from an independent pricing service, is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.

Derivative Instruments. Forward foreign currency contracts are valued based upon the closing prices of the forward currency rates determined at the close of the NYSE provided by an independent pricing service. Swaps derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. Swaps are valued by an independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Futures contracts traded on an exchange are generally valued at the settlement price. Listed options are ordinarily valued at the mean of the last bid and ask price provided by an independent pricing service unless the price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer. Over-the-counter (“OTC”) options are ordinarily valued at the mean of the last bid and ask price provided by an independent pricing service for a comparable listed option unless such a price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer. If no comparable listed option exists from which to obtain a price from an independent pricing service and a quotation cannot be obtained from a broker-dealer, the OTC option will be valued using a model reasonably designed to provide a current market price.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap agreements, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case with interest rate swap and option contracts. OTC derivative products valued using pricing models with significant observable inputs are categorized within Level 2 of the fair value hierarchy.

Equity Securities. Equity securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. OTC equity securities and listed securities for which no price is readily available are valued at the average of the last bid and asked prices.

Mutual funds, including investment funds, typically are valued at the NAV reported as of the valuation date.

Securities that are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded and to the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, for which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Loans. Loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service. The fair value of loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are

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generally observable market inputs obtained from independent sources. Loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable in which case they would be categorized as Level 3.

Municipal Bonds. Municipal bonds are fair valued based on pricing models used by and obtained from an independent pricing service that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Restricted Securities. Restricted securities that are deemed to be both Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are included in Level 3 of the fair value hierarchy to the extent that significant inputs to valuation are unobservable, because they trade infrequently, and, therefore, the inputs are unobservable. Restricted securities that are valued at a discount to similar publicly traded securities may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.

U.S. Government and Agency Securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information. Transfers between levels represent the values as of the beginning of the reporting period.

For fair valuations using unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and Level 3 reconciliation, if any, have been included in the Notes to the Schedule of Investments for each respective Fund.

Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments if applicable, are included on the Statement of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively. Additionally, the net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of September 30, 2015, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

4. DERIVATIVE INSTRUMENTS ($ amounts in thousands unless indicated otherwise)

The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds’ financial positions and results of operations when presented by primary underlying risk exposure.

Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Schedule of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates provided by an independent pricing service determined at the close of the NYSE as provided by a bank, dealer or independent pricing service. The resulting unrealized appreciation and depreciation is reported on the Statement of Assets and Liabilities as a receivable or payable and on the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) on the Statement of Operations.

Risks to a Fund related to the use of such contracts include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, a Fund’s maximum loss will consist of the aggregate unrealized gain on appreciated contracts that is not collateralized.

Ivy Cundill Global Value Fund, Ivy Emerging Markets Equity Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy Global Equity Income Fund, Ivy Global Growth Fund, Ivy Global Income Allocation Fund, Ivy High Income Fund, and Ivy International Core Equity Fund enter into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from foreign currencies (foreign currency exchange rate risk).

Futures Contracts. Certain Funds may engage in buying and selling futures contracts. Upon entering into a futures contract, the Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. This amount is known as the initial margin. Subsequent payments (variation margins) are made or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index.

Futures contracts are reported on a schedule following the Schedule of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are identified on the Schedule of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted on the Statement of Assets

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and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statement of Operations. Realized gains (losses) are reported on the Statement of Operations at the closing or expiration of futures contracts.

Risks of entering into futures contracts include the possibility of loss of securities or cash held as collateral, that there may be an illiquid market where the Fund is unable to close the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Ivy Bond Fund, Ivy Emerging Markets Equity Fund, Ivy Global Bond Fund, and Ivy Municipal High Income Fund invest in long and/or short positions in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Option Contracts. Options purchased by a Fund are accounted for in the same manner as portfolio securities. The cost of instruments acquired through the exercise of call options is increased by the premium paid to purchase the call. The proceeds from instruments sold through the exercise of put options are decreased by the premium paid to purchase the put.

When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently adjusted to reflect the current value of the option written. When an option expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the call option was sold), and the liability related to such option is extinguished. When a written call option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining whether a Fund has realized a gain or loss. For each Fund, when a written put is exercised, the cost basis of the instruments purchased by a Fund is reduced by the amount of the premium received.

Investments in options, whether purchased or written, involve certain risks. Writing put options and purchasing call options may increase a Fund’s exposure to the underlying instrument. With written options, there may be times when a Fund will be required to purchase or sell instruments to meet its obligation under the option contract where the required action is not beneficial to the Fund, due to unfavorable movement of the market price of the underlying instrument. Additionally, to the extent a Fund enters into OTC option transactions with counterparties, the Fund will be exposed to the risk that counterparties to these OTC transactions will be unable to meet their obligations under the terms of the transaction.

Ivy Dividend Opportunities Fund, Ivy Emerging Markets Equity Fund, Ivy Global Income Allocation Fund, Ivy Mid Cap Growth Fund, Ivy Small Cap Growth Fund, and Ivy Value Fund purchase and write call and put options to increase or decrease hedging exposure to underlying instruments (including credit risk, equity risk, foreign currency exchange rate risk and/or interest rate risk) and/or, in the case of options written, to generate income from options premiums.

Swap Agreements. Certain Funds may invest in swap agreements. Swaps are marked to market daily and changes in value are recorded as unrealized appreciation (depreciation) on the Statement of Operations. Payments received or made by the Fund are recorded as realized gain or loss on the Statement of Operations. Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap premiums paid and swap premiums received, respectively, if any, on the Statement of Assets and Liabilities and amortized over the term of the swap. A liquidation payment received or made at the termination or maturity of the swap is recorded as realized gain or loss on the Statement of Operations.

Total return swaps involve a commitment to pay periodic interest payments in exchange for a market-linked return based on a security or a basket of securities representing a variety of securities or a particular index. To the extent the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Ivy Emerging Markets Equity Fund, Ivy High Income Fund, and Ivy Small Cap Growth Fund enter into total return swaps to hedge exposure to a security or market.

The creditworthiness of the counterparty with which a Fund enters into a swap agreement is monitored by IICO. If a firm’s creditworthiness declines, the value of the agreement would likely decline, potentially resulting in losses. If a default occurs by the counterparty to such a transaction, the Fund will have contractual remedies pursuant to the agreement related to the transaction. The maximum loss a Fund may incur consists of the aggregate unrealized gain on appreciated contracts that is not collateralized.

Collateral and rights of offset. A Fund may mitigate credit risk with respect to OTC derivative counterparties through credit support annexes (“CSA”) included with an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement which is the standard contract governing most derivative transactions between the Fund and each of its counterparties. The CSA allows the Fund and its counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Fund’s custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the CSA. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. See Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices. 

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Offsetting of Assets and Liabilities. The following tables present financial instruments that are either (1) offset or (2) subject to an enforceable master netting arrangement or similar agreement as of September 30, 2015:

The following tables present financial instruments subject to master netting agreements as of September 30, 2015:

Assets

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Received		Cash Collateral Received			Net Amount Receivable
Ivy Cundill Global Value Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	375	$	—	$	375	$	(237	)	$	—	$	—		$	138
Ivy Emerging Markets Equity Fund
Investments in unaffiliated securities at value*	$	1,044	$	—	$	1,044	$	(1,044	)	$	—	$	—		$	—
Ivy Global Bond Fund
Unrealized appreciation on forward foreign currency contracts	$	28	$	—	$	28	$	—		$	—	$	—		$	28
Ivy Global Equity Income Fund
Unrealized appreciation on forward foreign currency contracts	$	40	$	—	$	40	$	(40	)	$	—	$	—		$	—
Ivy Global Income Allocation Fund
Unrealized appreciation on forward foreign currency contracts	$	195	$	—	$	195	$	(195	)	$	—	$	—		$	—
Ivy High Income Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	1,551	$	—	$	1,551	$	(841	)	$	—	$	(564	)	$	146
Ivy International Core Equity Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	2,978	$	—	$	2,978	$	(2,978	)	$	—	$	—		$	—

* Purchased options are reported as investments in unaffiliated securities on the Statement of Assets and Liabilities.

(1) Amounts include forward contracts that have an offset to an open and close contract, but have not settled. These amounts are included on the Statement of Assets and Liabilities line item for Investment securities sold receivable.

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Liabilities

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Amount Payable
Ivy Cundill Global Value Fund
Unrealized depreciation on forward foreign currency contracts(1)	$	511	$	—	$	511	$	(237	)	$	(157	)	$	—		$	117
Ivy Emerging Markets Equity Fund
Written Options at value	$	5,240	$	—	$	5,240	$	(1,044	)	$	(4,072	)	$	—		$	124
Unrealized depreciation on forward foreign currency contracts		868		—		868		—			(659	)		—			209
Total	$	6,108	$	—	$	6,108	$	(1,044	)	$	(4,731	)	$	—		$	333
Ivy European Opportunities Fund
Unrealized depreciation on forward foreign currency contracts	$	116	$	—	$	116	$	—		$	—		$	(116	)	$	—
Ivy Global Equity Income Fund
Unrealized depreciation on forward foreign currency contracts	$	149	$	—	$	149	$	(40	)	$	(109	)	$	—		$	—
Ivy Global Income Allocation Fund
Unrealized depreciation on forward foreign currency contracts	$	232	$	—	$	232	$	(195	)	$	(37	)	$	—		$	—
Ivy High Income Fund
Unrealized depreciation on forward foreign currency contracts(1)	$	4,972	$	—	$	4,972	$	(841	)	$	—		$	(4,110	)	$	21
Unrealized depreciation on swap agreements		456		—		456		—			—			—			456
Total	$	5,428	$	—	$	5,428	$	(841	)	$	—		$	(4,110	)	$	477
Ivy International Core Equity Fund
Unrealized depreciation on forward foreign currency contracts	$	8,473	$	—	$	8,473	$	(2,978	)	$	(5,418	)	$	—		$	77
Ivy Mid Cap Growth Fund
Written Options at value	$	12,948	$	—	$	12,948	$	—		$	(12,679	)	$	—		$	269
Ivy Small Cap Growth Fund
Unrealized depreciation on swap agreements	$	3,680	$	—	$	3,680	$	—		$	(3,680	)	$	—		$	—
Ivy Value Fund
Written Options at value	$	59	$	—	$	59	$	—		$	—		$	—		$	59

(1) Amounts include forward contracts that have an offset to an open and close contract, but have not settled. These amounts are included on the Statement of Assets and Liabilities line item for Investment securities purchased payable.

200 SEMIANNUAL REPORT 2015

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of September 30, 2015:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy Bond Fund	Interest rate			$—	Unrealized depreciation on futures contracts*		$274
Ivy Cundill Global Value Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		374	Unrealized depreciation on forward foreign currency contracts		422
Ivy Emerging Markets Equity Fund	Equity	Investments in unaffiliated securities at value**		1,061	Written options at value		8,644
	Foreign currency			—	Unrealized depreciation on forward foreign currency contracts		868
Ivy European Opportunities Fund	Foreign currency			—	Unrealized depreciation on forward foreign currency contracts		116
Ivy Global Bond Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		28			—
Ivy Global Equity Income Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		40	Unrealized depreciation on forward foreign currency contracts		149
Ivy Global Income Allocation Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		195	Unrealized depreciation on forward foreign currency contracts		232
Ivy High Income Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		412	Unrealized depreciation on forward foreign currency contracts		100
	Interest rate			—	Unrealized depreciation on swap agreements		456
Ivy International Core Equity Fund	Foreign currency			—	Unrealized depreciation on forward foreign currency contracts		8,473
Ivy Mid Cap Growth Fund	Equity			—	Written options at value		12,948
Ivy Municipal High Income Fund	Interest rate			—	Unrealized depreciation on futures contracts*		106
Ivy Small Cap Growth Fund	Equity			—	Unrealized depreciation on swap agreements		3,680
Ivy Value Fund	Equity			—	Written options at value		144

* The value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended September 30, 2015.

** Purchased options are reported as investments in unaffiliated securities and are reflected in the accompanying Schedule of Investments.

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended September 30, 2015:

		Net realized gain (loss) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements		Futures contracts			Written options			Forward foreign currency contracts			Total
Ivy Bond Fund	Interest rate	$	—		$	—	$	(4	)	$	—		$	—		$	(4	)
Ivy Cundill Global Value Fund	Foreign currency		—			—		—			—			389			389
Ivy Dividend Opportunities Fund	Equity		—			—		—			109			—			109
Ivy Emerging Markets Equity Fund	Equity		75			1,049		646			(3,510	)		—			(1,740	)
	Foreign currency		—			—		—			—			1,559			1,559
Ivy European Opportunities Fund	Foreign currency		—			—		—			—			(2,706	)		(2,706	)
Ivy Global Bond Fund	Foreign currency		—			—		—			—			(82	)		(82	)
	Interest rate		—			—		(253	)		—			—			(253	)
Ivy Global Equity Income Fund	Foreign currency		—			—		—			—			(2,466	)		(2,466	)
Ivy Global Growth Fund	Foreign currency		—			—		—			—			(4,267	)		(4,267	)
Ivy Global Income Allocation Fund	Equity		(304	)		—		—			528			—			224
	Foreign currency		—			—		—			—			(1,031	)		(1,031	)
Ivy High Income Fund	Foreign currency		—			—		—			—			(1,060	)		(1,060	)
Ivy International Core Equity Fund	Foreign currency		—			—		—			—			4,122			4,122
Ivy Mid Cap Growth Fund	Equity		8,795			—		—			(6,248	)		—			2,547

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		Net realized gain (loss) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements			Futures contracts		Written options		Forward foreign currency contracts		Total
Ivy Small Cap Growth Fund	Equity	$	17		$	(4,115	)	$	—	$	228	$	—	$	(3,870	)
Ivy Value Fund	Equity		(12	)		—			—		119		—		107

* Purchased options are reported as investments in unaffiliated securities and are reflected in the accompanying Schedule of Investments.

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statement of Operations for the period ended September 30, 2015:

		Net change in unrealized appreciation (depreciation) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements			Futures contracts			Written options			Forward foreign currency contracts			Total
Ivy Bond Fund	Interest rate	$	—		$	—		$	93		$	—		$	—		$	93
Ivy Cundill Global Value Fund	Foreign currency		—			—			—			—			(1,608	)		(1,608	)
Ivy Dividend Opportunities Fund	Equity		—			—			—			(57	)		—			(57	)
Ivy Emerging Markets Equity Fund	Equity		(1,548	)		49			—			(3,488	)		—			(4,987	)
	Foreign currency		—			—			—			—			(868	)		(868	)
Ivy European Opportunities Fund	Foreign currency		—			—			—			—			(589	)		(589	)
Ivy Global Bond Fund	Foreign currency		—			—			—			—			(37	)		(37	)
	Interest rate		—			—			(166	)		—			—			(166	)
Ivy Global Equity Income Fund	Foreign currency		—			—			—			—			(628	)		(628	)
Ivy Global Growth Fund	Foreign currency		—			—			—			—			(317	)		(317	)
Ivy Global Income Allocation Fund	Equity		243			—			—			(242	)		—			1
	Foreign currency		—			—			—			—			(293	)		(293	)
Ivy High Income Fund	Foreign currency		—			—			—			—			(621	)		(621	)
	Interest rate		—			(456	)		—			—			—			(456	)
Ivy International Core Equity Fund	Foreign currency		—			—			—			—			(3,704	)		(3,704	)
Ivy Mid Cap Growth Fund	Equity		—			—			—			(4,845	)		—			(4,845	)
Ivy Municipal High Income Fund	Interest rate		—			—			(106	)		—			—			(106	)
Ivy Small Cap Growth Fund	Equity		—			(3,661	)		—			—			—			(3,661	)
Ivy Value Fund	Equity		—			—			—			217			—			217

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

During the period ended September 30, 2015, the average derivative volume was as follows:

Fund	Forward foreign currency contracts(1)		Long futures contracts(1)		Short futures contracts(1)		Swap agreements(2)		Purchased options(1)		Written options(1)
Ivy Bond Fund	$	—	$	—	$	31,935	$	—	$	—	$	—
Ivy Cundill Global Value Fund		633		—		—		—		—		—
Ivy Dividend Opportunities Fund		—		—		—		—		—		8
Ivy Emerging Markets Equity Fund		195		—		—		4,195		1,045		3,586
Ivy European Opportunities Fund		150		—		—		—		—		—
Ivy Global Bond Fund		10		3,594		—		—		—		—
Ivy Global Equity Income Fund.		145		—		—		—		—		—
Ivy Global Growth Fund		390		—		—		—		—		—
Ivy Global Income Allocation Fund		67		—		—		—		182		91
Ivy High Income Fund		275		—		—		9,639		—		—
Ivy International Core Equity Fund		3,683		—		—		—		—		—
Ivy Mid Cap Growth Fund		—		—		—		—		2,461		6,190
Ivy Municipal High Income Fund		—		—		3,664		—		—		—
Ivy Small Cap Growth Fund		—		—		—		24,010		—		—
Ivy Value Fund		—		—		—		—		—		255

(1) Average value outstanding during the period.

(2) Average notional amount outstanding during the period.

202 SEMIANNUAL REPORT 2015

5. WRITTEN OPTION ACTIVITY ($ amounts in thousands)

Transactions in written options were as follows:

Fund	Outstanding at 3-31-15		Options written		Options closed			Options exercised			Options expired			Outstanding at 9-30-15
Ivy Dividend Opportunities Fund
Number of Contracts		792		—		—			—			(792	)		N/A
Premium Received	$	109	$	—	$	—		$	—		$	(109	)		N/A
Ivy Emerging Markets Equity Fund
Number of Contracts		17,484		104,737		(66,805	)		—			(15,467	)		39,949
Premium Received	$	1,784	$	11,294	$	(6,084	)	$	—		$	(1,389	)	$	5,605
Ivy Global Income Allocation Fund
Number of Contracts		7,640		—		(2,820	)		—			(4,820	)		N/A
Premium Received	$	592	$	—	$	(214	)	$	—		$	(378	)		N/A
Ivy Mid Cap Growth Fund
Number of Contracts		11,279		48,618		(33,179	)		(9,900	)		(13,931	)		2,887
Premium Received	$	2,039	$	29,424	$	(20,911	)	$	(893	)	$	(1,547	)	$	8,112
Ivy Small Cap Growth Fund
Number of Contracts		N/A		2,242		(2,242	)		—			—			N/A
Premium Received		N/A	$	260	$	(260	)	$	—		$	—			N/A
Ivy Value Fund
Number of Contracts		9,709		6,581		(3,219	)		(352	)		(11,091	)		1,628
Premium Received	$	277	$	878	$	(189	)	$	(181	)	$	(572	)	$	213

6. BASIS FOR CONSOLIDATION OF THE IVY EMERGING MARKETS EQUITY FUND

Ivy EME, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Ivy Emerging Markets Equity Fund (referred to as “the Fund” in this subsection). The Subsidiary acts as an investment vehicle for the Fund, in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its Subsidiary. The consolidated financial statements include the accounts of the Fund and its Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2015 of the Subsidiary to the Fund (amounts in thousands).

Subsidiary	Date of Incorporation		Subscription Agreement		Fund Net Assets		Subsidiary Net Assets		Percentage of Fund Net Assets
Ivy EME, Ltd.		1-31-13		4-10-13	$	533,090	$	356		0.07	%

7. INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS ($ amounts in thousands unless indicated otherwise)

Management Fees. IICO, a wholly owned subsidiary of Waddell & Reed Financial, Inc. (“WDR”), serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:

Fund (M - Millions)	$0 to $250M			$250 to $500M			$500 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,000 to $3,000M			$3,000 to $5,000M			$5,000 to $6,000M			$6,000 to $10,000M			$10,000 to $15,000M			$15,000 to $20,000M			Over $20,000M
Ivy Bond Fund		0.525	%��		0.525	%		0.500	%		0.450	%		0.400	%		0.400	%		0.400	%		0.395	%		0.395	%		0.390	%		0.390	%		0.390	%
Ivy Core Equity Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.525			0.500			0.490			0.490			0.490
Ivy Cundill Global Value Fund		1.000			1.000			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.700			0.700			0.700
Ivy Dividend Opportunities Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.540			0.540			0.530			0.530			0.530
Ivy Emerging Markets Equity Fund		1.000			1.000			0.850			0.830			0.830			0.800			0.760			0.755			0.755			0.750			0.750			0.750
Ivy European Opportunities Fund		0.900			0.850			0.750			0.750			0.750			0.740			0.740			0.720			0.720			0.710			0.710			0.710
Ivy Global Bond Fund		0.625			0.625			0.600			0.550			0.500			0.500			0.500			0.490			0.490			0.480			0.480			0.480
Ivy Global Equity Income Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.545			0.545			0.540			0.540			0.540
Ivy Global Growth Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.700			0.695			0.695			0.690			0.690			0.690
Ivy Global Income Allocation Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.545			0.545			0.540			0.540			0.540

2015 SEMIANNUAL REPORT 203

Fund (M - Millions)	$0 to $250M			$250 to $500M			$500 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,000 to $3,000M			$3,000 to $5,000M			$5,000 to $6,000M			$6,000 to $10,000M			$10,000 to $15,000M			$15,000 to $20,000M			Over $20,000M
Ivy High Income Fund		0.625	%		0.625	%		0.600	%		0.550	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.490	%		0.490	%		0.480	%
Ivy International Core Equity Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.700			0.690			0.690			0.680			0.680			0.680
Ivy Large Cap Growth Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.545			0.545			0.540			0.540			0.540
Ivy Limited-Term Bond Fund		0.500			0.500			0.450			0.400			0.350			0.350			0.350			0.340			0.340			0.330			0.330			0.330
Ivy Managed International Opportunities Fund		0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050
Ivy Micro Cap Growth Fund		0.950			0.950			0.950			0.930			0.930			0.900			0.860			0.830			0.830			0.800			0.800			0.800
Ivy Mid Cap Growth Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.700			0.670			0.670
Ivy Mid Cap Income Opportunities Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.700			0.670			0.670
Ivy Money Market Fund		0.350			0.350			0.350			0.300			0.300			0.300			0.300			0.300			0.300			0.300			0.300			0.300
Ivy Municipal Bond Fund		0.525			0.525			0.500			0.450			0.400			0.400			0.400			0.395			0.395			0.390			0.385			0.385
Ivy Municipal High Income Fund		0.525			0.525			0.500			0.450			0.400			0.400			0.400			0.395			0.395			0.390			0.385			0.385
Ivy Small Cap Growth Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.720			0.720			0.720
Ivy Small Cap Value Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.720			0.720			0.720
Ivy Tax-Managed Equity Fund		0.650			0.650			0.650			0.600			0.600			0.550			0.500			0.495			0.495			0.490			0.490			0.490
Ivy Value Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.545			0.545			0.540			0.540			0.540

For the period from May 18, 2009 to September 30, 2016, IICO voluntarily agreed to reduce the management fee paid to 0.485%, on an annual basis, of net assets for any day that Ivy Municipal High Income Fund’s net assets are below $500 million.

For Funds managed solely by IICO, IICO has voluntarily agreed to waive a Fund’s management fee on any day that the Fund’s net assets are less than $25 million, subject to IICO’s right to change or modify this waiver. See Expense Reimbursements and/or Waivers below for amounts waived during the period ended September 30, 2015.

IICO has entered into Subadvisory Agreements with the following entities on behalf of certain Funds:

Under an agreement between IICO and Mackenzie Financial Corporation (“Mackenzie”), Mackenzie serves as subadviser to Ivy Cundill Global Value Fund. Under an agreement between IICO and Advantus Capital Management, Inc. (“Advantus”), Advantus serves as subadviser to Ivy Bond Fund. Each subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of IICO and the oversight of the Board. IICO pays all applicable costs of the subadvisers.

Accounting Services Fees. The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”), an indirect subsidiary of WDR. Under the agreement, WISC acts as the agent in providing bookkeeping and accounting services and assistance to the Trust, including maintenance of Fund records, pricing of Fund shares and preparation of certain shareholder reports. For these services, each Fund, other than Ivy Managed International Opportunities Fund, pays WISC a monthly fee of one-twelfth of the annual fee based on the average net asset levels shown in the following table: 

(M - Millions)	$0 to $10M		$10 to $25M		$25 to $50M		$50 to $100M		$100 to $200M		$200 to $350M		$350 to $550M		$550 to $750M		$750 to $1,000M		Over $1,000M
Annual Fee Rate	$	0.00	$	11.50	$	23.10	$	35.50	$	48.40	$	63.20	$	82.50	$	96.30	$	121.60	$	148.50

In addition, for each class of shares in excess of one, each Fund pays WISC a monthly per-class fee equal to 2.5% of the monthly accounting services base fee.

Under the Accounting and Administrative Services Agreement for the Ivy Managed International Opportunities Fund, the Fund pays WISC a monthly fee of one-twelfth of the annual fee shown in the following table:

(M - Millions)	$0 to $10M		$10 to $25M		$25 to $50M		$50 to $100M		$100 to $200M		$200 to $350M		$350 to $550M		$550 to $750M		$750 to $1,000M		Over $1,000M
Annual Fee Rate	$	0.000	$	5.748	$	11.550	$	17.748	$	24.198	$	31.602	$	41.250	$	48.150	$	60.798	$	74.250

In addition, for each class of shares in excess of one, the Ivy Managed International Opportunities Fund pays WISC a monthly per-class fee equal to 1.25% of the monthly accounting services base fee.

Each Fund also pays WISC a monthly administrative fee at the annual rate of 0.01%, or one basis point, for the first $1 billion of net assets with no fee charged for net assets in excess of $1 billion. This fee is voluntarily waived by WISC until a Fund’s net assets are at least $10 million and is included in “Accounting services fee” on the Statement of Operations.

Shareholder Servicing. General. Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, Class B, Class C and Class E shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958 per account; however, WISC has agreed to reduce that fee if the number of total shareholder accounts within the Complex (Waddell & Reed Advisors Funds, InvestEd Portfolios and Ivy Funds) reaches certain levels. Ivy Money Market Fund pays a monthly fee of $1.75 for each shareholder account that was in existence at any time during the prior month plus, for Class A shareholder accounts, $0.75 for each shareholder check processed in the prior month. Ivy Limited-Term Bond Fund Class A, which also has check writing privileges, pays $0.75 for each shareholder

204 SEMIANNUAL REPORT 2015

check processed in the prior month. Effective June 6, 2011 for Class R shares, each Fund pays a monthly fee equal to one-twelfth of 0.25 of 1% of the average daily net assets of the class for the preceding month. Prior to June 6, 2011 the fee was 0.20 of 1%. For Class I and Class Y shares, each Fund pays a monthly fee equal to one-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. For Class R6 shares, each Fund pays WISC a monthly fee equal to one-twelfth of 0.01 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certain out-of-pocket costs for all classes.

Networked accounts. For certain networked accounts (that is, those accounts whose Fund shares are purchased through certain financial intermediaries), WISC has agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may be paid by the Funds to those intermediaries. If the rate of the costs charged by the financial services companies exceeds $12.00 per account for a Fund or an annual fee of 0.14 of 1% that is based on average daily net assets, WISC will reimburse the Fund the amount in excess of such amounts.

Broker accounts. Certain broker-dealers that maintain shareholder accounts with each Fund through an omnibus account provide transfer agent and other shareholder-related services that would otherwise be provided by WISC if the individual accounts that comprise the omnibus account were opened by their beneficial owners directly. Each Fund may pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).

Distribution and Service Plan. Class A and Class E Shares. Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b–1 under the 1940 Act (the “Distribution and Service Plan”), each Fund, other than Ivy Money Market Fund, may pay a distribution and/or service fee to Ivy Funds Distributors, Inc. (“IFDI”) for Class A and Class E shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. The fee is to be paid to compensate IFDI for amounts it expends in connection with the distribution of the Class A and Class E shares and/or provision of personal services to Fund shareholders and/or maintenance of shareholder accounts of that class.

Class B and Class C Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a service fee not to exceed 0.25% and a distribution fee not to exceed 0.75% of the Fund’s average annual net assets for Class B and Class C shares to compensate IFDI for its services in connection with the distribution of shares of that class and/or provision of personal services to Class B or Class C shareholders and/or maintenance of shareholder accounts of that class.

Class R Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund’s Class R shares to compensate IFDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.

Class Y Shares. Under the Distribution and Service Plan, each Fund may pay IFDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of the Fund’s Class Y shares to compensate IFDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal services to Class Y shareholders and/or maintaining Class Y shareholder accounts.

Sales Charges. As principal underwriter for the Trust’s shares, IFDI receives sales commissions (which are not an expense of the Trust) for sales of Class A and Class E shares. A CDSC may be assessed against a shareholder’s redemption amount of Class B, Class C or certain Class A and Class E shares and is paid to IFDI. During the period ended September 30, 2015, IFDI received the following amounts in sales commissions and CDSCs:

	Gross Sales Commissions		CDSC											Commissions Paid(1)
			Class A			Class B			Class C			Class E
Ivy Bond Fund	$	153	$	3		$	5		$	2		$	—	$	134
Ivy Core Equity Fund		223		2			5			6			—		193
Ivy Cundill Global Value Fund		40		—	*		1			—	*		—		38
Ivy Dividend Opportunities Fund		79		—	*		6			1			—		62
Ivy Emerging Markets Equity Fund		161		—	*		5			2			—		210
Ivy European Opportunities Fund		63		—	*		—	*		3			—		70
Ivy Global Bond Fund		24		—	*		7			1			N/A		31
Ivy Global Equity Income Fund		70		—	*		—	*		—	*		N/A		73
Ivy Global Growth Fund		60		—	*		5			1			—		60
Ivy Global Income Allocation Fund		152		1			3			4			—		138
Ivy High Income Fund		744		11			130			103			—		1,080
Ivy International Core Equity Fund		493		1			6			16			—		1,100
Ivy Large Cap Growth Fund		404		3			8			5			—		385
Ivy Limited-Term Bond Fund		559		30			16			10			—		563
Ivy Managed International Opportunities Fund		52		—	*		2			—	*		—		45
Ivy Micro Cap Growth Fund		76		—	*		1			1			N/A		69
Ivy Mid Cap Growth Fund		215		2			17			12			—		394
Ivy Mid Cap Income Opportunities Fund		29		—	*		N/A			—	*		—		29
Ivy Money Market Fund		—		—	*		5			6			—		—
Ivy Municipal Bond Fund		25		—	*		2			1			N/A		28
Ivy Municipal High Income Fund		86		7			14			15			N/A		149
Ivy Small Cap Growth Fund		128		—	*		4			3			—		148
Ivy Small Cap Value Fund		45		1			1			1			—		44
Ivy Tax-Managed Equity Fund		35		—	*		8			—	*		N/A		36
Ivy Value Fund		41		17			5			1			—		31

* Not shown due to rounding.

(1) IFDI reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers.

2015 SEMIANNUAL REPORT 205

Expense Reimbursements and/or Waivers. Fund and class expense limitations and related waivers/reimbursements for the period ended September 30, 2015 were as follows:

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement			Expense Reduced
Ivy Bond Fund	Class E	Contractual	1-31-2011	7-31-2016	1.05%(1)	$	4		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Core Equity Fund	Class A	Contractual	1-11-2013	7-31-2016	1.15%	$	49		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2016	1.25%(1)	$	5		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	1-11-2013	7-31-2016	0.84%	$	65		Shareholder Servicing
	Class Y	Contractual	1-11-2013	7-31-2016	0.84%	$	183		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Cundill Global Value Fund	All Classes	Contractual	12-3-2012	7-31-2016	N/A	$	208	(2)	Investment Management Fee
	Class E	Contractual	8-1-2008	7-31-2016	1.45%(1)	$	2		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Dividend Opportunities Fund	Class E	Contractual	8-1-2008	7-31-2016	1.23%(1)	$	6		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Emerging Markets Equity Fund	Class A	Contractual	3-17-2014	7-31-2016	1.50%	$	264		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	3-17-2014	7-31-2016	2.50%	$	3		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	3-17-2014	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy European Opportunities Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Global Bond Fund	Class A	Contractual	6-2-2008	7-31-2016	0.99%	$	251		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	6-2-2008	7-31-2016	1.74%	$	11		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	6-2-2008	7-31-2016	1.74%	$	24		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	6-2-2008	7-31-2016	0.74%	$	38		Shareholder Servicing
	Class Y	Contractual	6-2-2008	7-31-2016	0.99%	$	4		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A

206 SEMIANNUAL REPORT 2015

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement			Expense Reduced
Ivy Global Equity Income Fund	Class A	Contractual	6-4-2012	7-31-2016	1.30%	$	65		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	6-4-2012	7-31-2016	0.94%	$	1		Shareholder Servicing
	Class Y	Contractual	6-4-2012	7-31-2016	1.19%	$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	6-4-2012	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Global Growth Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Global Income Allocation Fund	Class E	Contractual	6-4-2012	7-31-2016	1.33%	$	4		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	6-4-2012	7-31-2016	1.17%	$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy High Income Fund	Class E	Contractual	8-1-2008	7-31-2016	1.20%(1)	$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	32		12b-1 Fees and/or Shareholder Servicing
Ivy International Core Equity Fund	Class E	Contractual	8-1-2008	7-31-2016	1.40%(1)	$	5		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Large Cap Growth Fund	Class A	Contractual	6-1-2006	7-31-2016	1.15%	$	53		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2016	1.15%	$	10		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	6-13-2011	7-31-2016	0.88%	$	—		N/A
	Class Y	Contractual	6-1-2006	7-31-2016	1.06%	$	35		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Limited-Term Bond Fund	Class E	Contractual	8-1-2010	7-31-2016	1.00%	$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	1		12b-1 Fees and/or Shareholder Servicing
Ivy Managed International Opportunities Fund	Class A	Contractual	3-17-2014	7-31-2016	0.49%	$	—		N/A
	Class B	Contractual	3-17-2014	7-31-2016	1.40%	$	2		N/A
	Class C	Contractual	3-17-2014	7-31-2016	1.29%	$	—		N/A
	Class E	Contractual	3-17-2014	7-31-2016	0.39%	$	—		N/A
	Class I	Contractual	3-17-2014	7-31-2016	0.16%	$	—		Shareholder Servicing
	Class R	Contractual	3-17-2014	7-31-2016	0.72%	$	—		N/A
	Class Y	Contractual	3-17-2014	7-31-2016	0.38%	$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	3-17-2014	7-31-2016	Not to exceed Class A	$	—		N/A

2015 SEMIANNUAL REPORT 207

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement			Expense Reduced
Ivy Micro Cap Growth Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Mid Cap Growth Fund	Class A	Contractual	8-1-2014	7-31-2016	1.31%	$	—		N/A
	Class E	Contractual	8-1-2008	7-31-2016	1.30%(1)	$	4		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Mid Cap Income Opportunities Fund	All Classes	Contractual	10-1-2014	7-31-2016	N/A	$	69	(3)	Investment Management Fee
	Class A	Contractual	10-1-2014	7-31-2016	1.35%	$	51		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2014	7-31-2016	2.07%	$	2		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	10-1-2014	7-31-2016	1.30%	$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-1-2014	7-31-2016	1.05%	$	6		Shareholder Servicing
	Class R	Contractual	10-1-2014	7-31-2016	1.80%	$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class R6	Contractual	10-1-2014	7-31-2016	1.05%	$	—	*	Shareholder Servicing
	Class Y	Contractual	10-1-2014	7-31-2016	1.35%	$	2		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	10-1-2014	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Money Market Fund	Class A	Voluntary	N/A	N/A	To maintain minimum yield(4)	$	254		12b-1 Fees and/or Shareholder Servicing
	Class B	Voluntary	N/A	N/A	To maintain minimum yield(4)	$	33		12b-1 Fees and/or Shareholder Servicing
	Class C	Voluntary	N/A	N/A	To maintain minimum yield(4)	$	227		12b-1 Fees and/or Shareholder Servicing
	Class E	Voluntary	N/A	N/A	To maintain minimum yield(4)	$	14		12b-1 Fees and/or Shareholder Servicing
Ivy Municipal Bond Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—	*	12b-1 Fees and/or Shareholder Servicing
Ivy Municipal High Income Fund	All Classes	Voluntary	N/A	N/A	Reduction of Investment Management Fee	$	101		Investment Management Fee
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	7		12b-1 Fees and/or Shareholder Servicing
Ivy Small Cap Growth Fund	Class E	Contractual	8-1-2008	7-31-2016	1.45%(1)	$	6		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A
Ivy Small Cap Value Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A

208 SEMIANNUAL REPORT 2015

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement			Expense Reduced
Ivy Tax-Managed Equity Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—	*	12b-1 Fees and/or Shareholder Servicing
Ivy Value Fund	Class Y	Contractual	8-1-2011	7-31-2016	Not to exceed Class A	$	—		N/A

* Not shown due to rounding.

(1) Reflects the lower contractual expense limit which went into effect 8-1-2015.

(2) The Fund’s management fee is being reduced by 0.14% of average daily net assets.

(3) Due to Class A, Class C, Class E, Class I, Class R, Class R6, and/or Class Y contractual expense limits, investment management fees were waived for all share classes.

(4) Minimum yield was 0.02% throughout the period of this report.

Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2015 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

8. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Trust and the Advisors Fund Complex (Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios; referred to with the Funds for purposes of this section as Funds) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended September 30, 2015.

9. AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands)

A summary of the transactions in affiliated companies during the period ended September 30, 2015 follows:

	3-31-15 Share Balance		Purchases at cost		Sales at Cost		Realized Gain/(Loss)			Distributions Received		9-30-15 Share Balance		9-30-15 Value
Ivy High Income Fund
Maritime Finance Co. Ltd.		1,750	$	—	$	—	$	—		$	—		1,750	$	28,140
Ivy Municipal High Income Fund
1155 Island Avenue LLC		6,578	$	—	$	—	$	—		$	—		6,578	$	1,250
	3-31-15 Principal Balance									Interest Received		9-30-15 Principal Balance
1155 Island Avenue LLC, 10.000%, 12-11-24	$	2,960	$	—	$	—	$	—		$	147	$	2,960	$	2,960
	3-31-15 Share Balance		Purchases at cost		Sales at Cost		Realized Gain/ (Loss)(1)			Distributions Received		9-30-15 Share Balance		9-30-15 Value
Ivy Managed International Opportunities Fund
Ivy Emerging Markets Equity Fund, Class I		5,869	$	896	$	54,028	$	18,956		$	—		1,453	$	19,897
Ivy European Opportunities Fund, Class I		761		23,570		1,814		105			—		1,496		41,546
Ivy Global Growth Fund, Class I		1,114		14,198		5,626		(103	)		—		1,306		51,546
Ivy Global Income Allocation Fund, Class I		1,507		13,221		1,825		(54	)		616		2,257		31,285
Ivy International Core Equity Fund, Class I		2,682		23,185		3,644		(195	)		—		3,755		60,567
							$	18,709		$	616			$	204,841

(1) Included in Realized Gain/Loss, if applicable, are distributions from the capital gains from the underlying securities.

10. INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands)

The cost of purchases and the proceeds from maturities and sales of investment securities (excluding short-term securities) for the period ended September 30, 2015, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Bond Fund	$	548,781	$	186,360	$	516,300	$	175,160
Ivy Core Equity Fund		—		394,792		—		395,402

2015 SEMIANNUAL REPORT 209

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Cundill Global Value Fund	$	—	$	35,625	$	—	$	42,804
Ivy Dividend Opportunities Fund		—		78,515		—		97,846
Ivy Emerging Markets Equity Fund		—		358,133		—		382,914
Ivy European Opportunities Fund		—		150,952		—		101,632
Ivy Global Bond Fund		—		27,196		30,054		35,496
Ivy Global Equity Income Fund		—		140,961		—		121,640
Ivy Global Growth Fund		—		155,900		—		169,981
Ivy Global Income Allocation Fund		—		276,712		—		226,014
Ivy High Income Fund		—		1,152,275		—		1,891,521
Ivy International Core Equity Fund		—		2,212,967		—		1,311,701
Ivy Large Cap Growth Fund		—		323,158		—		303,446
Ivy Limited-Term Bond Fund		139,218		130,795		62,858		229,318
Ivy Managed International Opportunities Fund		—		75,070		—		85,646
Ivy Micro Cap Growth Fund		—		134,695		—		163,173
Ivy Mid Cap Growth Fund		—		1,028,506		—		1,324,866
Ivy Mid Cap Income Opportunities Fund		—		20,863		—		9,714
Ivy Money Market Fund		—		—		—		—
Ivy Municipal Bond Fund		—		10,632		—		3,958
Ivy Municipal High Income Fund		—		47,271		—		27,830
Ivy Small Cap Growth Fund		—		221,434		—		326,176
Ivy Small Cap Value Fund		—		171,124		—		192,796
Ivy Tax-Managed Equity Fund		—		17,658		—		9,317
Ivy Value Fund		—		86,240		—		129,623

11. CAPITAL SHARE TRANSACTIONS (All amounts in thousands)

The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. Transactions in shares of beneficial interest were as follows:

	Ivy Bond Fund												Ivy Core Equity Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		11,375		$	120,680			28,922		$	307,839			5,692		$	80,557			18,511		$	266,897
Class B		71			749			175			1,860			37			465			208			2,579
Class C		425			4,493			1,539			16,374			761			9,569			3,240			41,788
Class E		30			321			69			734			109			1,545			204			2,936
Class I		262			2,783			624			6,644			1,711			26,836			12,325			197,611
Class R		19			200			8			86			32			439			62			916
Class R6		16			171			158			1,680			2,733			43,024			293			4,717
Class Y		33			355			256			2,730			2,575			39,700			3,244			49,873
Shares issued in reinvestment of distributions to shareholders:
Class A		785			8,310			1,372			14,619			—			—			3,019			41,836
Class B		4			37			8			87			—			—			63			759
Class C		17			177			29			312			—			—			850			10,497
Class E		4			43			8			85			—			—			45			617
Class I		7			78			11			113			—			—			885			13,448
Class R		—	*		2			—	*		—	*		—			—			7			103
Class R6		2			17			2			18			—			—			15			235
Class Y		3			30			6			63			—			—			348			5,153
Shares redeemed:
Class A		(9,274	)		(98,263	)		(19,535	)		(208,063	)		(6,568	)		(93,065	)		(14,341	)		(208,572	)
Class B		(109	)		(1,150	)		(261	)		(2,777	)		(109	)		(1,346	)		(236	)		(2,958	)
Class C		(501	)		(5,326	)		(1,036	)		(11,033	)		(1,691	)		(21,300	)		(2,840	)		(36,535	)
Class E		(40	)		(422	)		(67	)		(716	)		(65	)		(928	)		(62	)		(903	)
Class I		(229	)		(2,425	)		(367	)		(3,909	)		(2,773	)		(43,018	)		(8,295	)		(132,888	)
Class R		(1	)		(6	)		—	*		—	*		(11	)		(150	)		(31	)		(445	)
Class R6		(7	)		(73	)		(28	)		(296	)		(193	)		(2,964	)		(48	)		(743	)
Class Y		(69	)		(734	)		(256	)		(2,722	)		(1,264	)		(19,097	)		(1,274	)		(19,459	)
Net increase		2,823		$	30,047			11,637		$	123,728			976		$	20,267			16,192		$	237,462

* Not shown due to rounding.

210 SEMIANNUAL REPORT 2015

	Ivy Cundill Global Value Fund												Ivy Dividend Opportunities Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		968		$	15,961			4,533		$	79,789			1,447		$	27,835			4,757		$	97,124
Class B		1			8			7			109			6			123			59			1,186
Class C		14			218			216			3,523			119			2,247			725			14,494
Class E		5			80			20			364			22			415			54			1,093
Class I		35			584			379			6,891			73			1,375			1,797			38,196
Class R		—	*		8			—	*		8			2			38			—			—
Class R6		2			40			118			2,213			8			148			25			515
Class Y		7			111			35			618			22			421			75			1,521
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			—			—			51			954			1,727			33,227
Class B		—			—			—			—			—			—			54			1,024
Class C		—			—			—			—			—	*		5			237			4,495
Class E		—			—			—			—			1			14			28			530
Class I		—			—			—			—			3			51			61			1,179
Class R		—			—			—			—			—			—			—			—
Class R6		—			—			—			—			—	*		2			1			21
Class Y		—			—			—			—			1			28			56			1,088
Shares redeemed:
Class A		(3,126	)		(51,382	)		(5,568	)		(96,602	)		(2,115	)		(40,633	)		(4,410	)		(90,071	)
Class B		(30	)		(461	)		(111	)		(1,809	)		(100	)		(1,898	)		(132	)		(2,618	)
Class C		(151	)		(2,331	)		(421	)		(6,849	)		(366	)		(6,953	)		(461	)		(9,220	)
Class E		(12	)		(189	)		(20	)		(363	)		(25	)		(472	)		(26	)		(533	)
Class I		(75	)		(1,261	)		(475	)		(8,447	)		(96	)		(1,840	)		(1,640	)		(34,928	)
Class R		—	*		(2	)		—			—			—			—			—			—
Class R6		(7	)		(125	)		(39	)		(667	)		(4	)		(76	)		(3	)		(54	)
Class Y		(41	)		(701	)		(112	)		(1,937	)		(81	)		(1,571	)		(161	)		(3,271	)
Net increase (decrease)		(2,410	)	$	(39,442	)		(1,438	)	$	(23,159	)		(1,032	)	$	(19,787	)		2,823		$	54,998
	Ivy Emerging Markets Equity Fund												Ivy European Opportunities Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		5,173		$	83,107			5,032		$	78,482			1,333		$	39,634			1,289		$	37,351
Class B		31			398			13			166			4			109			7			177
Class C		637			8,914			224			3,064			109			3,089			71			1,937
Class E		—			—			—			—			—			—			—			—
Class I		7,968			130,758			818			13,262			974			28,851			169			4,986
Class R		136			2,111			14			216			1			17			—	*		4
Class R6		112			1,811			451			7,576			9			278			78			2,295
Class Y		985			16,799			124			2,011			94			2,861			418			12,041
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			217			3,297			—			—			89			2,467
Class B		—			—			—			—			—			—			—	*		5
Class C		—			—			3			35			—			—			3			76
Class E		—			—			—	*		1			—			—			—	*		2
Class I		—			—			81			1,259			—			—			21			570
Class R		—			—			—	*		1			—			—			—	*		—	*
Class R6		—			—			3			56			—			—			1			34
Class Y		—			—			5			81			—			—			1			27
Shares redeemed:
Class A		(4,415	)		(68,391	)		(13,724	)		(213,816	)		(558	)		(16,456	)		(1,747	)		(50,218	)
Class B		(81	)		(1,048	)		(262	)		(3,414	)		(15	)		(425	)		(38	)		(1,016	)
Class C		(348	)		(4,689	)		(1,072	)		(14,622	)		(50	)		(1,400	)		(106	)		(2,887	)
Class E		—			—			—			—			—			—			—			—
Class I		(7,241	)		(116,023	)		(2,780	)		(44,731	)		(212	)		(6,294	)		(282	)		(8,220	)
Class R		(4	)		(56	)		(3	)		(46	)		—	*		(2	)		—	*		—	*
Class R6		(57	)		(874	)		(67	)		(1,065	)		(4	)		(110	)		(18	)		(522	)
Class Y		(1,066	)		(15,066	)		(238	)		(3,758	)		(86	)		(2,443	)		(433	)		(12,168	)
Net increase (decrease)		1,830		$	37,751			(11,161	)	$	(171,945	)		1,599		$	47,709			(477	)	$	(13,059	)

* Not shown due to rounding.

2015 SEMIANNUAL REPORT 211

		Ivy Global Bond Fund												Ivy Global Equity Income Fund
		Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
		Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A			2,154		$	20,611			6,962		$	69,534			2,825		$	37,149			8,630		$	114,528
Class B			7			68			89			898			10			137			138			1,879
Class C			192			1,843			1,115			11,202			221			2,909			1,108			14,959
Class I			559			5,329			2,612			26,274			63			831			2,872			39,292
Class R			3			26			23			224			—	*		—	*		—	*		2
Class R6			11			109			32			319			12			165			116			1,558
Class Y			66			631			353			3,535			15			196			662			9,104
Shares issued in reinvestment of distributions to shareholders:
Class A			204			1,950			569			5,640			372			4,799			865			11,307
Class B			3			30			12			114			1			9			2			22
Class C			19			179			65			648			10			123			16			204
Class I			48			463			155			1,534			5			63			20			258
Class R			—	*		2			—	*		5			—	*		—	*		—	*		—	*
Class R6			—	*		1			—	*		1			2			29			4			49
Class Y			6			59			24			243			1			9			1			18
Shares redeemed:
Class A			(4,671	)		(44,367	)		(7,768	)		(76,932	)		(2,311	)		(30,387	)		(4,338	)		(57,955	)
Class B			(154	)		(1,461	)		(181	)		(1,779	)		(4	)		(57	)		(137	)		(1,871	)
Class C			(678	)		(6,460	)		(1,294	)		(12,766	)		(60	)		(787	)		(728	)		(9,939	)
Class I			(1,783	)		(17,029	)		(2,932	)		(28,856	)		(74	)		(917	)		(2,380	)		(32,434	)
Class R			(3	)		(31	)		(6	)		(59	)		—	*		(1	)		—	*		(1	)
Class R6			(1	)		(11	)		(2	)		(21	)		(6	)		(72	)		(24	)		(305	)
Class Y			(270	)		(2,540	)		(591	)		(5,716	)		(8	)		(102	)		(638	)		(8,776	)
Net increase (decrease)			(4,288	)	$	(40,598	)		(763	)	$	(5,958	)		1,074		$	14,096			6,189		$	81,899
		Ivy Global Growth Fund												Ivy Global Income Allocation Fund
		Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
		Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A			1,219		$	51,649			3,159		$	131,190			6,071		$	91,959			17,412		$	270,113
Class B			7			248			28			1,044			6			91			39			596
Class C	��		52			1,941			118			4,366			421			6,249			3,007			45,764
Class E			—			—			3			128			15			226			30			461
Class I			627			27,149			662			27,895			1,660			25,395			3,490			55,050
Class R			19			780			31			1,309			—	*		2			—	*		8
Class R6			4			197			66			2,804			14			211			124			1,979
Class Y			138			5,801			239			10,043			10			149			79			1,233
Shares issued in reinvestment of distributions to shareholders:
Class A			—			—			118			4,771			906			13,554			1,416			21,836
Class B			—			—			1			50			5			76			10			160
Class C			—			—			9			327			50			743			77			1,170
Class E			—			—			—	*		2			4			56			7			103
Class I			—			—			25			1,035			71			1,059			137			2,128
Class R			—			—			—	*		7			—			—			—			—
Class R6			—			—			1			33			2			36			3			43
Class Y			—			—			4			148			3			38			11			182
Shares redeemed:
Class A			(1,409	)		(59,844	)		(1,970	)		(82,044	)		(4,855	)		(73,072	)		(8,082	)		(124,566	)
Class B			(34	)		(1,269	)		(58	)		(2,158	)		(51	)		(760	)		(113	)		(1,719	)
Class C			(92	)		(3,450	)		(184	)		(6,833	)		(437	)		(6,562	)		(1,633	)		(24,314	)
Class E			—			—			(3	)		(128	)		(12	)		(184	)		(24	)		(365	)
Class I			(433	)		(18,704	)		(483	)		(20,301	)		(435	)		(6,557	)		(3,053	)		(46,649	)
Class R			(6	)		(233	)		(21	)		(868	)		—			—			—			—
Class R6			(4	)		(151	)		(8	)		(335	)		(5	)		(74	)		(12	)		(191	)
Class Y			(118	)		(5,079	)		(257	)		(10,614	)		(70	)		(1,044	)		(365	)		(5,538	)
Net increase (decrease)			(30	)	$	(965	)		1,480		$	61,871			3,373		$	51,591			12,560		$	197,484

* Not shown due to rounding.

212 SEMIANNUAL REPORT 2015

	Ivy High Income Fund												Ivy International Core Equity Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		41,823		$	331,867			119,706		$	1,020,573			22,238		$	401,077			31,768		$	594,509
Class B		206			1,626			512			4,338			95			1,532			206			3,601
Class C		12,060			96,063			49,207			419,101			6,477			105,078			4,549			75,594
Class E		106			839			246			2,081			52			940			59			1,125
Class I		41,710			330,372			244,300			2,083,688			38,429			694,281			40,214			745,987
Class R		1,669			13,279			4,369			37,218			715			12,861			787			14,630
Class R6		1,761			14,068			1,744			14,314			8,447			154,088			1,246			22,559
Class Y		11,982			95,228			53,561			453,614			8,272			148,989			24,856			443,115
Shares issued in reinvestment of distributions to shareholders:
Class A		11,607			91,424			31,348			262,970			—			—			7,185			123,144
Class B		393			3,096			1,058			8,843			—			—			86			1,314
Class C		4,972			39,180			13,254			110,843			—			—			807			12,400
Class E		43			336			98			821			—			—			29			491
Class I		8,494			66,989			24,864			208,715			—			—			5,379			92,632
Class R		262			2,059			460			3,820			—			—			67			1,152
Class R6		88			689			44			362			—			—			32			549
Class Y		2,348			18,529			7,759			65,171			—			—			1,352			23,330
Shares redeemed:
Class A		(74,370	)		(586,784	)		(264,430	)		(2,248,615	)		(9,672	)		(172,470	)		(15,561	)		(292,844	)
Class B		(2,320	)		(18,394	)		(3,968	)		(33,430	)		(130	)		(2,074	)		(229	)		(3,868	)
Class C		(36,011	)		(284,920	)		(81,869	)		(686,963	)		(879	)		(13,904	)		(1,663	)		(27,663	)
Class E		(167	)		(1,312	)		(256	)		(2,140	)		(18	)		(324	)		(38	)		(717	)
Class I		(100,637	)		(796,410	)		(423,122	)		(3,591,356	)		(9,685	)		(172,348	)		(12,568	)		(233,911	)
Class R		(703	)		(5,560	)		(1,096	)		(9,133	)		(101	)		(1,786	)		(47	)		(895	)
Class R6		(778	)		(6,125	)		(164	)		(1,339	)		(392	)		(6,777	)		(114	)		(2,055	)
Class Y		(34,785	)		(274,966	)		(98,822	)		(831,671	)		(5,498	)		(99,378	)		(4,990	)		(90,620	)
Net increase (decrease)		(110,247	)	$	(868,827	)		(321,196	)	$	(2,708,175	)		58,350		$	1,049,785			83,412		$	1,503,559
	Ivy Large Cap Growth Fund												Ivy Limited-Term Bond Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		9,949		$	191,099			16,050		$	298,906			27,803		$	301,440			59,088		$	644,415
Class B		90			1,413			191			3,008			50			545			138			1,505
Class C		582			9,690			1,210			19,851			3,207			34,757			6,422			69,944
Class E		89			1,712			104			1,963			83			898			133			1,458
Class I		939			18,379			11,595			226,691			2,424			26,262			3,975			43,361
Class R		154			2,886			363			6,649			42			454			49			532
Class R6		47			925			316			6,224			26			282			394			4,298
Class Y		309			6,080			1,328			24,969			133			1,439			472			5,155
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			3,719			67,420			902			9,783			1,887			20,589
Class B		—			—			51			757			3			29			7			76
Class C		—			—			317			5,029			28			302			61			671
Class E		—			—			32			578			2			22			4			46
Class I		—			—			977			18,356			24			263			54			587
Class R		—			—			108			1,917			—	*		2			—	*		2
Class R6		—			—			17			314			2			24			4			40
Class Y		—			—			480			8,871			11			119			28			301
Shares redeemed:
Class A		(6,479	)		(124,330	)		(24,762	)		(462,971	)		(25,960	)		(281,635	)		(55,917	)		(609,852	)
Class B		(192	)		(3,035	)		(225	)		(3,443	)		(221	)		(2,397	)		(621	)		(6,780	)
Class C		(520	)		(8,703	)		(962	)		(15,620	)		(2,614	)		(28,414	)		(7,803	)		(85,095	)
Class E		(34	)		(659	)		(69	)		(1,289	)		(77	)		(838	)		(87	)		(945	)
Class I		(2,284	)		(45,480	)		(3,101	)		(59,927	)		(1,258	)		(13,659	)		(4,494	)		(49,001	)
Class R		(351	)		(6,649	)		(863	)		(15,749	)		(2	)		(23	)		(27	)		(291	)
Class R6		(19	)		(374	)		(28	)		(560	)		(104	)		(1,126	)		(92	)		(1,001	)
Class Y		(558	)		(10,894	)		(2,363	)		(43,915	)		(429	)		(4,662	)		(912	)		(9,945	)
Net increase		1,722		$	32,060			4,485		$	88,029			4,075		$	43,867			2,763		$	30,070

* Not shown due to rounding.

2015 SEMIANNUAL REPORT 213

	Ivy Managed International Opportunities Fund												Ivy Micro Cap Growth Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		1,766		$	18,759			3,832		$	39,487			781		$	19,364			2,910		$	70,596
Class B		12			132			8			85			4			105			5			126
Class C		68			717			103			1,039			52			1,232			163			3,859
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		29			297			53			557			133			3,361			965			23,963
Class R		—			—			—			—			3			63			15			358
Class R6		N/A			N/A			N/A			N/A			24			629			132			3,233
Class Y		60			659			53			546			8			219			94			2,346
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			325			3,168			—			—			481			11,007
Class B		—			—			2			20			—			—			5			106
Class C		—			—			5			46			—			—			24			533
Class E		—			—			1			6			N/A			N/A			N/A			N/A
Class I		—			—			1			12			—			—			52			1,204
Class R		—			—			—			—			—			—			1			11
Class R6		N/A			N/A			N/A			N/A			—			—			6			132
Class Y		—			—			2			19			—			—			5			118
Shares redeemed:
Class A		(2,681	)		(28,345	)		(7,531	)		(77,740	)		(1,470	)		(36,557	)		(3,148	)		(75,721	)
Class B		(43	)		(442	)		(114	)		(1,150	)		(10	)		(239	)		(48	)		(1,112	)
Class C		(46	)		(467	)		(212	)		(2,143	)		(66	)		(1,593	)		(274	)		(6,402	)
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		(51	)		(562	)		(18	)		(184	)		(292	)		(7,309	)		(1,419	)		(34,905	)
Class R		—			—			—			—			(1	)		(17	)		(2	)		(38	)
Class R6		N/A			N/A			N/A			N/A			(10	)		(244	)		(44	)		(1,067	)
Class Y		(126	)		(1,354	)		(47	)		(482	)		(20	)		(523	)		(118	)		(2,933	)
Net decrease		(1,012	)	$	(10,606	)		(3,537	)	$	(36,714	)		(864	)	$	(21,509	)		(195	)	$	(4,586	)
	Ivy Mid Cap Growth Fund												Ivy Mid Cap Income Opportunities Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Period from 10-1-14 to  3-31-15(1)
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		5,490		$	126,129			12,057		$	281,178			1,597		$	17,217			4,902		$	52,192
Class B		50			979			63			1,235			N/A			N/A			N/A			N/A
Class C		1,902			38,880			4,089			85,160			41			438			492			5,131
Class E		40			893			66			1,505			—			—			401			4,160
Class I		13,606			328,807			53,994			1,339,577			38			422			1,426			14,833
Class R		629			14,260			1,275			29,268			—			—			401			4,158
Class R6		1,186			28,471			1,116			26,909			19			210			448			4,671
Class Y		3,440			82,018			8,826			211,673			23			251			681			7,101
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			4,198			92,771			28			298			9			102
Class B		—			—			130			2,433			N/A			N/A			N/A			N/A
Class C		—			—			1,411			27,840			—	*		3			—	*		1
Class E		—			—			31			660			—			—			—			—
Class I		—			—			10,285			240,061			1			7			1			8
Class R		—			—			350			7,626			—			—			—			—
Class R6		—			—			16			377			1			5			—	*		2
Class Y		—			—			2,407			55,055			1			7			—	*		1
Shares redeemed:
Class A		(6,661	)		(151,699	)		(38,938	)		(925,023	)		(540	)		(5,809	)		(1,067	)		(11,534	)
Class B		(101	)		(1,940	)		(253	)		(5,061	)		N/A			N/A			N/A			N/A
Class C		(1,686	)		(34,212	)		(2,952	)		(61,840	)		(36	)		(382	)		(212	)		(2,283	)
Class E		(18	)		(395	)		(31	)		(702	)		—			—			(200	)		(2,152	)
Class I		(26,411	)		(640,935	)		(31,181	)		(761,362	)		(138	)		(1,441	)		(657	)		(7,070	)
Class R		(1,023	)		(23,037	)		(1,895	)		(43,749	)		—			—			(200	)		(2,150	)
Class R6		(160	)		(3,897	)		(47	)		(1,164	)		(9	)		(94	)		(210	)		(2,257	)
Class Y		(5,930	)		(140,393	)		(10,850	)		(261,658	)		(4	)		(39	)		(300	)		(3,230	)
Net increase (decrease)		(15,647	)	$	(376,071	)		14,167		$	342,769			1,022		$	11,093			5,915		$	61,684

* Not shown due to rounding.

(1) Period from October 1, 2014 (commencement of operations) to March 31, 2015.

214 SEMIANNUAL REPORT 2015

	Ivy Money Market Fund												Ivy Municipal Bond Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		93,387		$	93,387			139,621		$	139,621			2,545		$	30,335			5,297		$	63,416
Class B		2,836			2,836			3,443			3,443			25			303			31			375
Class C		26,674			26,674			73,295			73,295			208			2,473			629			7,532
Class E		2,043			2,043			2,639			2,639			N/A			N/A			N/A			N/A
Class I		N/A			N/A			N/A			N/A			69			822			300			3,592
Class Y		N/A			N/A			N/A			N/A			—			—			11			125
Shares issued in reinvestment of distributions to shareholders:
Class A		11			11			25			25			132			1,576			251			3,003
Class B		—	*		—	*		1			1			1			12			2			30
Class C		3			3			6			6			14			162			27			328
Class E		—	*		—	*		1			1			N/A			N/A			N/A			N/A
Class I		N/A			N/A			N/A			N/A			4			54			5			65
Class Y		N/A			N/A			N/A			N/A			—	*		3			—	*		5
Shares redeemed:
Class A		(64,555	)		(64,555	)		(158,165	)		(158,165	)		(2,298	)		(27,396	)		(2,949	)		(35,284	)
Class B		(1,268	)		(1,268	)		(6,070	)		(6,070	)		(40	)		(472	)		(54	)		(650	)
Class C		(17,932	)		(17,932	)		(75,175	)		(75,175	)		(223	)		(2,665	)		(420	)		(5,031	)
Class E		(1,478	)		(1,478	)		(2,746	)		(2,746	)		N/A			N/A			N/A			N/A
Class I		N/A			N/A			N/A			N/A			(44	)		(531	)		(46	)		(553	)
Class Y		N/A			N/A			N/A			N/A			(1	)		(7	)		(2	)		(23	)
Net increase (decrease)		39,721		$	39,721			(23,125	)	$	(23,125	)		392		$	4,669			3,082		$	36,930
	Ivy Municipal High Income Fund												Ivy Small Cap Growth Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		9,490		$	49,840			28,375		$	148,417			2,491		$	46,140			5,445		$	96,695
Class B		39			206			262			1,372			22			333			23			345
Class C		3,351			17,673			10,798			56,371			462			7,453			952			14,864
Class E		N/A			N/A			N/A			N/A			36			660			75			1,327
Class I		14,580			76,565			53,531			278,745			1,082			24,515			2,888			61,921
Class R		N/A			N/A			N/A			N/A			435			7,968			836			14,750
Class R6		N/A			N/A			N/A			N/A			137			3,100			1,022			22,433
Class Y		436			2,295			6,269			32,806			1,246			27,086			2,182			45,257
Shares issued in reinvestment of distributions to shareholders:
Class A		1,182			6,206			2,647			13,822			—			—			1,299			22,322
Class B		24			127			56			292			—			—			56			788
Class C		498			2,616			1,084			5,660			—			—			886			13,258
Class E		N/A			N/A			N/A			N/A			—			—			20			338
Class I		1,881			9,874			3,791			19,813			—			—			465			9,703
Class R		N/A			N/A			N/A			N/A			—			—			133			2,275
Class R6		N/A			N/A			N/A			N/A			—			—			53			1,117
Class Y		68			355			153			801			—			—			653			13,108
Shares redeemed:
Class A		(12,839	)		(67,324	)		(32,839	)		(171,072	)		(2,840	)		(52,702	)		(8,112	)		(144,617	)
Class B		(180	)		(946	)		(446	)		(2,336	)		(84	)		(1,276	)		(189	)		(2,766	)
Class C		(5,429	)		(28,506	)		(10,029	)		(52,204	)		(934	)		(15,029	)		(2,910	)		(45,486	)
Class E		N/A			N/A			N/A			N/A			(16	)		(300	)		(36	)		(638	)
Class I		(21,492	)		(112,710	)		(41,358	)		(214,997	)		(1,127	)		(25,403	)		(5,078	)		(109,634	)
Class R		N/A			N/A			N/A			N/A			(284	)		(5,237	)		(821	)		(14,390	)
Class R6		N/A			N/A			N/A			N/A			(85	)		(1,926	)		(123	)		(2,669	)
Class Y		(1,196	)		(6,266	)		(5,371	)		(28,341	)		(1,891	)		(41,208	)		(3,696	)		(76,230	)
Net increase (decrease)		(9,587	)	$	(49,995	)		16,923		$	89,149			(1,350	)	$	(25,826	)		(3,977	)	$	(75,929	)

* Not shown due to rounding.

2015 SEMIANNUAL REPORT 215

	Ivy Small Cap Value Fund												Ivy Tax-Managed Equity Fund
	Six months ended 9-30-15						Year ended 3-31-15						Six months ended 9-30-15						Year ended 3-31-15
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		801		$	13,648			2,980		$	53,172			929		$	18,283			2,003		$	36,831
Class B		1			10			13			206			6			110			32			575
Class C		78			1,196			220			3,538			81			1,533			79			1,403
Class E		—			—			7			144			N/A			N/A			N/A			N/A
Class I		121			2,199			995			19,120			83			1,658			119			2,254
Class R		41			690			73			1,303			N/A			N/A			N/A			N/A
Class R6		23			415			196			3,803			N/A			N/A			N/A			N/A
Class Y		50			886			284			5,104			5			104			13			233
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			1,347			22,316			—			—			67			1,230
Class B		—			—			24			342			—			—			—	*		5
Class C		—			—			108			1,610			—			—			2			35
Class E		—			—			1			14			N/A			N/A			N/A			N/A
Class I		—			—			170			2,973			—			—			1			21
Class R		—			—			9			147			N/A			N/A			N/A			N/A
Class R6		—			—			16			284			N/A			N/A			N/A			N/A
Class Y		—			—			30			517			—			—			1			11
Shares redeemed:
Class A		(1,729	)		(29,358	)		(3,932	)		(70,450	)		(516	)		(10,175	)		(775	)		(14,169	)
Class B		(30	)		(437	)		(61	)		(944	)		(17	)		(327	)		(12	)		(214	)
Class C		(152	)		(2,312	)		(337	)		(5,460	)		(17	)		(314	)		(51	)		(926	)
Class E		—			—			(8	)		(144	)		N/A			N/A			N/A			N/A
Class I		(137	)		(2,450	)		(928	)		(17,208	)		(13	)		(262	)		(23	)		(418	)
Class R		(18	)		(311	)		(35	)		(607	)		N/A			N/A			N/A			N/A
Class R6		(11	)		(205	)		(30	)		(542	)		N/A			N/A			N/A			N/A
Class Y		(259	)		(4,579	)		(318	)		(5,941	)		(4	)		(77	)		(5	)		(100	)
Net increase (decrease)		(1,221	)	$	(20,608	)		824		$	13,297			537		$	10,533			1,451		$	26,771
													Ivy Value Fund
													Six months ended 9-30-15						Year ended 3-31-15
													Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A														1,278		$	30,411			5,707		$	139,648
Class B														15			329			82			1,928
Class C														73			1,670			519			12,514
Class E														—			—			6			158
Class I														45			1,070			948			23,810
Class R														—	*		2			—	*		12
Class R6														14			328			56			1,343
Class Y														7			164			326			8,229
Shares issued in reinvestment of distributions to shareholders:
Class A														—			—			877			20,627
Class B														—			—			14			309
Class C														—			—			59			1,343
Class E														—			—			1			11
Class I														—			—			67			1,589
Class R														—			—			—	*		—	*
Class R6														—			—			1			21
Class Y														—			—			24			575
Shares redeemed:
Class A														(2,381	)		(56,790	)		(4,413	)		(107,259	)
Class B														(50	)		(1,130	)		(140	)		(3,203	)
Class C														(149	)		(3,421	)		(226	)		(5,326	)
Class E														—			—			(6	)		(158	)
Class I														(257	)		(6,168	)		(610	)		(14,399	)
Class R														—			—			—	*		(4	)
Class R6														(1	)		(28	)		(1	)		(29	)
Class Y														(42	)		(1,024	)		(310	)		(7,213	)
Net increase (decrease)														(1,448	)	$	(34,587	)		2,981		$	74,526

* Not shown due to rounding.

216 SEMIANNUAL REPORT 2015

12. COMMITMENTS ($ amounts in thousands)

Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is included in interest income on the Statement of Operations. As of September 30, 2015, there were no outstanding bridge loan commitments.

13. FEDERAL INCOME TAX MATTERS ($ amounts in thousands)

For Federal income tax purposes, cost of investments owned at September 30, 2015 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation (Depreciation)
Ivy Bond Fund	$	769,324	$	12,264	$	13,566	$	(1,302	)
Ivy Core Equity Fund		992,081		114,440		50,830		63,610
Ivy Cundill Global Value Fund		257,702		40,463		51,817		(11,354	)
Ivy Dividend Opportunities Fund		323,478		54,427		11,704		42,723
Ivy Emerging Markets Equity Fund		491,059		47,423		59,759		(12,336	)
Ivy European Opportunities Fund		221,063		18,433		13,458		4,975
Ivy Global Bond Fund		238,119		3,933		27,683		(23,750	)
Ivy Global Equity Income Fund		291,756		10,387		20,967		(10,580	)
Ivy Global Growth Fund		457,886		55,910		32,633		23,277
Ivy Global Income Allocation Fund		792,104		21,674		99,904		(78,230	)
Ivy High Income Fund		7,150,556		45,154		784,163		(739,009	)
Ivy International Core Equity Fund		4,332,015		163,082		494,394		(331,312	)
Ivy Large Cap Growth Fund		1,195,316		473,283		40,099		433,184
Ivy Limited-Term Bond Fund		1,699,554		11,642		4,045		7,597
Ivy Managed International Opportunities Fund		188,571		16,634		—		16,634
Ivy Micro Cap Growth Fund		180,170		32,109		20,681		11,428
Ivy Mid Cap Growth Fund		4,026,936		678,031		512,097		165,934
Ivy Mid Cap Income Opportunities Fund		72,502		2,740		5,389		(2,649	)
Ivy Money Market Fund		200,215		—		—		—
Ivy Municipal Bond Fund		167,492		11,749		745		11,004
Ivy Municipal High Income Fund		1,229,580		85,699		49,347		36,352
Ivy Small Cap Growth Fund		817,836		247,179		42,295		204,884
Ivy Small Cap Value Fund		244,683		24,528		16,918		7,610
Ivy Tax-Managed Equity Fund		73,841		15,348		2,358		12,990
Ivy Value Fund		275,080		33,092		22,000		11,092

For Federal income tax purposes, the Funds’ distributed and undistributed earnings and profit for the year ended March 31, 2015 and the post-October and late-year ordinary activity were as follows:

Fund	Distributed Ordinary Income		Undistributed Ordinary Income		Distributed Long-Term Capital Gains		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late- Year Ordinary Losses Deferred
Ivy Bond Fund	$	16,383	$	169	$	—	$	—	$	—	$	—	$	—
Ivy Core Equity Fund		10,172		853		70,493		23,565		—		—		—
Ivy Cundill Global Value Fund		—		375		—		—		—		—		—
Ivy Dividend Opportunities Fund		8,347		1,265		36,886		18,648		—		—		—
Ivy Emerging Markets Equity Fund		4,850		4,978		—		—		—		—		—
Ivy European Opportunities Fund		3,277		—		—		—		—		3,231		—
Ivy Global Bond Fund		9,677		582		—		—		—		1,199		—
Ivy Global Equity Income Fund		8,517		772		5,103		8,438		—		—		—
Ivy Global Growth Fund		499		570		6,210		7,255		—		—		—
Ivy Global Income Allocation Fund		26,803		4,162		—		—		—		7,117		—
Ivy High Income Fund		714,539		3,164		102,306		—		—		16,409		—
Ivy International Core Equity Fund		96,423		7,357		187,458		—		—		27,940		—
Ivy Large Cap Growth Fund		—		—		110,292		50,840		—		—		1,267
Ivy Limited-Term Bond Fund		23,368		244		—		—		—		—		—
Ivy Managed International Opportunities Fund		3,332		—		—		—		—		—		153
Ivy Micro Cap Growth Fund		3,852		—		9,502		—		—		2,664		834
Ivy Mid Cap Growth Fund		43,907		47,510		430,721		120,490		—		—		—
Ivy Mid Cap Income Opportunities Fund		253		311		—		—		—		—		—

2015 SEMIANNUAL REPORT 217

Fund	Distributed Ordinary Income		Undistributed Ordinary Income		Distributed Long-Term Capital Gains		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late- Year Ordinary Losses Deferred
Ivy Money Market Fund	$	34	$	28	$	—	$	—	$	—	$	—	$	—
Ivy Municipal Bond Fund		3,922		33		—		—		—		1,234		—
Ivy Municipal High Income Fund		55,643		247		—		—		—		3,580		—
Ivy Small Cap Growth Fund		—		79		67,691		48,384		—		—		—
Ivy Small Cap Value Fund		3,510		—		25,999		23,568		—		35		—
Ivy Tax-Managed Equity Fund		—		350		1,437		1,069		—		��		—
Ivy Value Fund		8,378		326		16,969		13,921		—		190		—

Internal Revenue Code regulations permit each Fund to elect to defer into its next fiscal year capital losses incurred between each November 1 and the end of its fiscal year. Each Fund is also permitted to defer into its next fiscal year late-year ordinary losses that arise from the netting of activity generated between each November 1 and the end of its fiscal year on certain specified ordinary items.

Accumulated capital losses represent net capital loss carryovers as of March 31, 2015 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), a Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years which have only an eight year carryforward period. As a result of this ordering rule, pre-enactment capital loss carryovers may expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. The Fund’s first fiscal year end subject to the Modernization Act was March 31, 2012. The following table shows the expiration dates for capital loss carryovers from pre-enactment taxable years and the amounts of capital loss carryovers, if any, by each of the applicable Funds electing to be taxed as a regulated investment company during the year ended March 31, 2015:

	Pre-Enactment								Post-Enactment
Fund	2016		2017		2018		2019		Short- Term Capital Loss Carryover		Long- Term Capital Loss Carryover
Ivy Bond Fund	$	6,969	$	11,988	$	—	$	—	$	—	$	—
Ivy Core Equity Fund		—		—		—		—		—		—
Ivy Cundill Global Value Fund		—		—		6,489		—		—		—
Ivy Dividend Opportunities Fund		—		—		—		—		—		—
Ivy Emerging Markets Equity Fund		—		—		606		—		57,210		1,842
Ivy European Opportunities Fund		—		—		115,739		—		—		—
Ivy Global Bond Fund		—		—		—		—		232		1,961
Ivy Global Equity Income Fund		—		—		—		—		—		—
Ivy Global Growth Fund		—		—		—		—		—		—
Ivy Global Income Allocation Fund		—		—		5,466		—		—		—
Ivy High Income Fund		—		—		—		—		—		—
Ivy International Core Equity Fund		—		—		—		—		—		—
Ivy Large Cap Growth Fund		—		40,265		—		—		—		—
Ivy Limited-Term Bond Fund		—		—		—		—		9,936		10,001
Ivy Managed International Opportunities Fund		—		15,270		9,587		10,440		—		4,492
Ivy Micro Cap Growth Fund		—		—		—		—		433		—
Ivy Mid Cap Growth Fund		—		—		—		—		—		—
Ivy Mid Cap Income Opportunities Fund		—		—		—		—		—		—
Ivy Money Market Fund		—		—		—		33		—		—
Ivy Municipal Bond Fund		34		101		84		146		171		731
Ivy Municipal High Income Fund		—		—		—		—		8,621		1,058
Ivy Small Cap Growth Fund		—		—		—		—		—		—
Ivy Small Cap Value Fund		—		—		—		—		—		—
Ivy Tax-Managed Equity Fund		—		—		—		—		—		—
Ivy Value Fund		—		—		—		—		—		—

Ivy Mortgage Securities Fund was merged into Ivy Bond Fund as of January 24, 2011. At the time of the merger, Ivy Mortgage Securities Fund had capital loss carryovers available to offset future gains of the Ivy Bond Fund. These carryovers are limited to $10,361 for the period ending March 31, 2016 and $4,298 for each period ending from March 31, 2017 through 2018 plus any unused limitations from prior years.

Ivy Capital Appreciation Fund was merged into Ivy Large Cap Growth Fund as of June 13, 2011. At the time of the merger, Ivy Capital Appreciation Fund had capital loss carryovers available to offset future gains of the Ivy Large Cap Growth Fund. These carryovers are limited to $18,066 for each period ending from March 31, 2016 through 2017 plus any unused limitations from prior years.

218 SEMIANNUAL REPORT 2015

Ivy Asset Strategy New Opportunities Fund was merged into Ivy Emerging Markets Equity Fund as of March 17, 2014. At the time of the merger, Ivy Asset Strategy New Opportunities Fund had capital loss carryovers available to offset future gains of the Ivy Emerging Markets Equity Fund. These carryovers are annually limited to $7,827 plus any unused limitations from prior years.

Ivy Managed European/Pacific Fund was merged into Ivy Managed International Opportunities Fund as of March 17, 2014. At the time of the merger, Ivy Managed European/Pacific Fund had capital loss carryovers available to offset future gains of the Ivy Managed International Opportunities Fund. These carryovers are annually limited to $2,377 plus any unused limitations from prior years.

2015 SEMIANNUAL REPORT 219

RENEWAL OF INVESTMENT MANAGEMENT AGREEMENTS

Ivy Funds

At a meeting of the Board of Trustees (the “Board”) of Ivy Funds (the “Trust”) held on August 10^th and 11^th, 2015, the Board, including all of the trustees who are not “interested persons” (the “Independent Trustees”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), unanimously approved the continuance of the Investment Management Agreement between Ivy Investment Management Company (“IICO”) and the Trust and the continuance of the Investment Subadvisory Agreements between IICO and:

• Advantus Capital Management, Inc. (with respect to Ivy Bond Fund and Ivy Real Estate Securities Fund);

• Mackenzie Financial Corporation (with respect to Ivy Cundill Global Value Fund);

• LaSalle Investment Management Securities, LLC and LaSalle Investment Management Securities B.V. (with respect to Ivy Global Real Estate Fund and Ivy Global Risk-Managed Real Estate Fund); and

• Pictet Asset Management Limited and Pictet Asset Management (Singapore) Pte Ltd. (with respect to the Ivy Emerging Markets Local Currency Debt Fund) (each such subadviser referred to herein as a “Subadviser”).

The Board’s Independent Trustees were assisted in their review by independent legal counsel, and met with such counsel separately from representatives of IICO. Independent legal counsel explained the factors that the Board should consider as part of its review of the various agreements, all as outlined in a memorandum it had provided to the Board prior to the meeting, including, among other things, the nature and the quality of the services provided by IICO and the Subadvisers, profitability (including any fall-out benefits) from the relationships with each series of the Trust (each a “Fund,” and together, the “Funds”), economies of scale, the role played by the Independent Trustees, and information on comparative fees and expenses. The Independent Trustees also considered the written responses and materials produced by IICO and each Subadviser in response to a 15(c) due diligence request list submitted by the Independent Trustees’ legal counsel prior to the meeting, as well as materials produced in response to a follow-up request list sent to IICO by independent legal counsel on behalf of the Independent Trustees. Included in those responses, which had been provided to the Board prior to the meeting, was a Fund-by-Fund profitability analysis prepared by IICO, as well as an explanation of the methodology by which the profitability analysis was calculated. The Board also received extensive materials on performance, expenses and comparable fund information from Lipper, Inc. (“Lipper”) an independent mutual fund rating service. Finally, the Independent Trustees received and reviewed a considerable amount of information that their independent fee consultant had provided to them. The Independent Trustees previously had reviewed and discussed these materials during a telephonic meeting in July. They further reviewed these materials extensively among themselves, with their independent legal counsel and independent fee consultant, and with the other Board members at an executive session of the Independent Trustees at the August 11^th Board meeting, during which the Board considered various factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the agreements are discussed separately below.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided to the Funds by IICO and each Subadviser, taking into account the large amount of materials produced by IICO and each Subadviser in response to the 15(c) due diligence requests submitted on its behalf by independent legal counsel.

The Board likewise considered the knowledge it had received from its regular meetings, including from the materials provided in connection with those meetings, such as the resources and key personnel of IICO and each Subadviser, as well as the other services provided to the Funds by IICO and each Subadviser (such as, managing the quality of execution of portfolio transactions and the selection of broker-dealers for those transactions, monitoring adherence to each Fund’s investment restrictions, producing reports, providing support services for the Board and Board committees, communicating with shareholders and overseeing the activities of other service providers, including monitoring compliance with various Fund policies and procedures and with applicable laws and regulations). The Board also took into account the compliance environment at IICO and each Subadviser, noting the resources that IICO has dedicated towards compliance. The Board concluded that the nature and extent of the services provided by IICO and each Subadviser were appropriate, that the quality of those services had been consistent with quality norms in the industry and that the Funds were likely to benefit from the continued provision of those services.

Benefits from the Relationship with Funds

The Board next discussed whether IICO or any Subadviser derives any other direct or indirect benefit from serving the Funds. In that regard, the Board discussed the transfer agency/shareholder servicing fees that Waddell & Reed Services Company provides the Funds. The Board took note of the caps that management previously had agreed to on shareholder servicing costs that are calculated in basis points. The Board also considered the benefits that accrue to each service provider organization from its respective relationship with the Funds, including the fact that a variety of services are provided by affiliates of IICO, including distribution, administrative and Fund accounting services, and, as discussed above, shareholder servicing. After full consideration of these and other factors, the Board concluded that none of IICO, any Subadviser or any of their affiliates receives any additional direct or indirect benefits that would preclude the Board from approving the continuation of the Investment Advisory Agreement with IICO or any Investment Subadvisory Agreement with a Subadviser.

Economies of Scale

The Board discussed whether economies of scale are being realized by the Funds and whether fee levels reflect those economies of scale for the benefit of the Funds’ shareholders. The Independent Trustees previously had discussed the asset growth of certain Funds with their independent fee consultant and independent legal counsel at the telephonic meeting in July. The Board considered the fact that as a Fund’s assets have grown, the expenses of that Fund generally have fallen.

220 SEMIANNUAL REPORT 2015

Performance of the Funds and Costs of Services Provided

The Board considered the performance of each Fund and the costs of the services provided, focusing on a number of Funds that the independent fee consultant had identified. Specifically, the Board examined the investment performance of each Fund, including the percentile ranking of each Fund over various periods of time. The Board also examined the performance of each Fund against its respective Lipper index for the same periods. After extensively reviewing all of the performance information provided, the Board concluded that the Funds’ performance in each asset class was acceptable. Although the performance of some of the focus Funds identified by the independent fee consultant lagged that of their peers or respective Lipper index, the Board recognized that IICO, or the applicable Subadviser, had taken, or was taking, steps to address that underperformance, and determined to continue to monitor closely the performance of those Funds.

The Board also considered the expenses and expense ratio of each Fund, and the expense limitation arrangements entered into by IICO in light of the services provided by IICO and each Subadviser. The Board also compared each Fund’s expenses, including advisory, distribution and shareholder servicing fees, with the expenses and advisory fees of other investment advisers managing similarly situated funds, as well as the advisory fees that IICO (or an affiliate) charges for providing advisory services to other accounts in the same asset class for certain Funds. In that regard, the Board noted that IICO performs significant additional services for the Funds as compared to those other accounts. The Board also took into account the information on IICO’s profitability in managing the Funds, including the methodology used to calculate profitability. The Board finally considered the amount of assets in each Fund, each Fund’s average account size and how those factors affect the Funds’ expense ratios, noting that, as the Funds’ assets have increased over time, the expense ratios of the Funds generally have fallen. After completing this examination, the Board concluded that each Fund’s expenses are appropriate at the current time.

Independent Fee Consultant Review

During July of 2015, and as part of their regularly scheduled meetings, the Independent Trustees reviewed a substantial amount of information in connection with considering the continuation of the Investment Management Agreement currently in effect between IICO and the Funds. Independent legal counsel, on behalf of the Independent Trustees, engaged an independent fee consultant to assist them in evaluating the reasonableness of the management fees charged by IICO to the Funds. The independent fee consultant’s review addressed the following fee-related factors:

1. The nature, extent and quality of IICO’s services to the Funds, including performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Management fees (including any components thereof) charged to institutional and other clients of IICO for like services;

4. Costs to IICO and its affiliates of supplying services pursuant to the management fee agreement, and profit margins of IICO and its affiliates from supplying such services; and

5. Possible economies of scale as a Fund grows larger.

The following summarizes the findings of the independent fee consultant retained by the Independent Trustees.¹

Summary Findings

The report stated that IICO delivered reasonable levels of performance in the longer-term periods and reasonable levels of service to the Funds in relation to its management fees as compared to the investment advisers of comparable funds. For the 36 months ended March 31, 2015, approximately 28% of the Funds were in the top quartile of performance and 56% of the Funds were in the top two quartiles of performance. The independent fee consultant noted that the Funds’ performance appeared to be grounded in a number of institutional competitive advantages at IICO including economic analysis, investment management depth, ability to attract top talent, strategic vision, performance-focused culture, economic analysis and an effective trading infrastructure, and that these factors offer the Funds a reasonable expectation of strong investment and service performance over the long term.

The report further indicated that total expenses of the Funds, on average, were 8% below the average total expenses of their respective Broadridge Expense Group peers and 17% below the average total expenses for their Broadridge Expense Universes. The management fees for the Funds, were 9% below the average management fees of their respective Broadridge Expense Group peers and 12% below the average management fees for their Broadridge Expense Universes. The independent fee consultant noted that the Funds generally small account size relative to the Expense Groups introduces certain biases in the Broadridge analyses that work against the Funds in Broadridge expense comparisons and, as a result, the Broadridge findings may be considered conservative in that regard. The independent fee consultant found that within the larger Broadridge averages, the management fees and total expenses of individual Funds and share classes are reasonable relative to their performance.

¹  The independent fee consultant’s evaluation was based on information provided by IICO, Lipper (which during the pendency of the consultant’s review commenced utilizing the name “Broadridge”), other information providers and other independent analyses. The term “management fees” refers to the actual annual advisory and administrative fees, net of any fee waivers, paid by a Fund to IICO, as a percentage of average net assets. The term “total expenses” refers to the total annual expenses, net of any fee waivers, paid by a Fund, as a percentage of average net assets. Where these terms are used in reference to groups of Funds, numbers expressed are usually on an asset-weighted basis. Fee and performance data used in screening methodologies are usually for the period ending March 31, 2015. Lipper report data reflects Class A shares.

2015 SEMIANNUAL REPORT 221

The report also stated that the management fees IICO charges to the Funds are reasonable in relation to the management fees it charges to its institutional account clients. The report noted that these institutional account clients have different service and infrastructure needs and in addition, the average spread between management fees IICO charged to the Funds and those it charges to institutional account clients is reasonable relative to the average fee spreads computed from industry surveys.

The report stated that while it was difficult to confirm overall economies of scale, it was clear that the Funds’ shareholders generally are benefitting from lower expenses as the Funds’ assets grow.

The report also noted that IICO’s overall profitability from managing the Funds and its other operations is near the median of most similarly-sized, publicly-traded peers, but appears adequate to enable IICO to continue to provide quality support to the Funds and their shareholders. Finally, the report noted that IICO has continued to invest in AUM growth, which is designed to help drive down fund expenses and attract top investment management talent, both of which can benefit the Funds’ investors.

Conclusions

The independent fee consultant’s report concluded that it believes that the services provided by IICO and its affiliates and expenses incurred by the Funds in the previous twelve months are reasonable and provide adequate justification for renewal of the Funds’ existing advisory agreements.

Approvals for Ivy Apollo Strategic Income Fund and Ivy Apollo Multi-Asset Income Fund

At a meeting of the Board of Trustees (the “Board”) of Ivy Funds (the “Trust”) held on August 11, 2015, the trustees, including all of the trustees who are not “interested persons” (the “Independent Trustees”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), considered and approved an amendment to the Investment Management Agreement (the “Management Agreement”) between Ivy Investment Management Company (“IICO”) and the Trust, on behalf of Ivy Apollo Strategic Income Fund and Ivy Apollo Multi-Asset Income Fund (the “Funds”), to include the Funds under the Management Agreement. The Board considered and approved two investment subadvisory agreements (the “Subadvisory Agreements”). The Board also considered and approved an investment subadvisory agreement between IICO and Apollo Credit Management, LLC (“Apollo”) with respect to the Funds. The Board also considered and approved an investment subadvisory agreement by and among IICO, LaSalle Investment Management Securities, LLC and LaSalle investment Management Securities B.V. (collectively, “LaSalle”) with respect to Ivy Apollo Multi-Asset Income Fund. The Funds are newly created series of the Trust.

The Independent Trustees were assisted in their consideration of the Management Agreement and the Subadvisory Agreements (together, the “Agreements”) by independent legal counsel, and met with such counsel separately from representatives of IICO. Independent legal counsel had provided the Board with a memorandum that discussed the various factors that the Board should consider as part of its review of the Agreements, including, among other things, the nature and the quality of the services proposed to be provided to the Funds by IICO, LaSalle and Apollo, potential profitability of each of IICO, LaSalle and Apollo (including any fall-out benefits) from their proposed relationship with the Funds, projected economies of scale, the role played by the Independent Trustees and information on comparative fees and expenses. The material factors and conclusions that formed the basis for the Board’s determination to approve the Agreements are discussed below.

In considering the Agreements, the Board noted that although the Funds had not yet commenced operations, the Funds appeared to be designed to be able to achieve acceptable performance. The Board also considered the proposed expenses of the Funds, the cost of the services proposed to be provided by IICO, LaSalle and Apollo, including as compared to the other Funds in the Trust family and comparable funds. The Board also noted the proposed expense cap agreement, and concluded that the proposed expenses of the Funds were acceptable. The Board did not discuss possible economies of scale because the Funds had not yet commenced operations. The Board noted that it would monitor profitability once the Funds began operations. The Board considered the nature, extent and quality of services proposed to be provided to the Funds by IICO, LaSalle and Apollo, taking into account the investment objectives and strategies of the Funds, the Board’s experience with IICO and LaSalle and with respect to Apollo, the information that IICO had presented to the Board on Apollo, Apollo’s prior presentation on its capabilities and global resources available to it, and other materials previously provided to the Board on the Funds. In addition, the Board reviewed the resources and key personnel of IICO, LaSalle and Apollo. The Board also considered other services proposed to be provided to the Fund by IICO based upon its current experiences with IICO, such as IICO’s ability to monitor adherence to the Funds’ investment restrictions, producing reports, providing support services for the Board and Board committees on Fund matters, communicating with shareholders and overseeing the activities of other service providers, including monitoring compliance with various policies and procedures and with applicable laws and regulations. The Board also took into account the compliance environment at Apollo, noting that a review of Apollo’s compliance environment had occurred previously. The Board concluded that the nature and extent of services to be provided by IICO, LaSalle and Apollo are reasonable, considering the quality of the services currently provided by IICO for other Funds of the Trust. The Board also discussed whether either of IICO, LaSalle or Apollo would derive any other direct or indirect benefits from serving as investment adviser or subadviser, as the case may be, to the Funds. The Board considered the benefits that would accrue to IICO, LaSalle and Apollo from their relationship with the Funds, including the fact that a variety of services for the Funds were proposed to be provided by affiliates of IICO, including distribution, shareholder servicing and transfer agency services. After consideration of these and other factors, the Board concluded that none of IICO, LaSalle or Apollo or any of their affiliates would receive any additional direct benefits that would preclude the Board from approving the Agreements for the Funds.

222 SEMIANNUAL REPORT 2015

PROXY VOTING INFORMATION

Ivy Funds

Proxy Voting Guidelines

A description of the policies and procedures Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.800.777.6472 and (ii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Proxy Voting Records

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on Form N-PX through the Ivy Funds’ website at www.ivyfunds.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE INFORMATION

Ivy Funds

Portfolio holdings can be found on the Trust’s website at www.ivyfunds.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found on the Trust’s Form N-Q. These holdings may be viewed in the following ways:

• On the SEC’s website at www.sec.gov.

• For review and copy at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330.

TO ALL TRADITIONAL IRA PLANHOLDERS:

Ivy Funds

As required by law, we are hereby providing notice to you that income tax may be withheld automatically from any distribution or withdrawal from a traditional IRA. A Fund is generally required to withhold taxes unless you make a written election not to have taxes withheld. The election may be made on the distribution/withdrawal form provided by Waddell & Reed, Inc. which can be obtained from your Waddell & Reed representative or by submitting Internal Revenue Service Form W–4P. Once made, an election can be revoked by providing written notice to Waddell & Reed, Inc. If you elect not to have tax withheld you may be required to make payments of estimated tax. Penalties may be imposed by the IRS if withholding and estimated tax payments are not adequate.

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226 SEMIANNUAL REPORT 2015

The Ivy Funds Family

Domestic Equity Funds

Ivy Core Equity Fund

Ivy Dividend Opportunities Fund

Ivy Large Cap Growth Fund

Ivy Micro Cap Growth Fund

Ivy Mid Cap Growth Fund

Ivy Mid Cap Income Opportunities Fund

Ivy Small Cap Growth Fund

Ivy Small Cap Value Fund

Ivy Tax-Managed Equity Fund

Ivy Value Fund

Global/International Funds

Ivy Cundill Global Value Fund

Ivy Emerging Markets Equity Fund

Ivy Emerging Markets Local Currency Debt Fund

Ivy European Opportunities Fund

Ivy Global Equity Income Fund

Ivy Global Growth Fund

Ivy Global Income Allocation Fund

Ivy International Core Equity Fund

Ivy Managed International Opportunities Fund

Speciality Funds

Ivy Apollo Multi-Asset Income Fund

Ivy Asset Strategy Fund

Ivy Balanced Fund

Ivy Energy Fund

Ivy Global Natural Resources Fund

Ivy Global Real Estate Fund

Ivy Global Risk-Managed Real Estate Fund

Ivy Real Estate Securities Fund

Ivy Science and Technology Fund

Fixed Income Funds

Ivy Apollo Strategic Income Fund

Ivy Bond Fund

Ivy Global Bond Fund

Ivy High Income Fund

Ivy Limited-Term Bond Fund

Ivy Money Market Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

1.800.777.6472

Visit us online at www.ivyfunds.com

The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus containing this and other information for the Ivy Funds, call your financial advisor or visit us online at www.ivyfunds.com. Please read the prospectus, or summary prospectus, carefully before investing.

2015 SEMIANNUAL REPORT 227

SEMIANN-IVYFUNDS (9-15)

ITEM 2. CODE OF ETHICS

Required in annual report only.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Required in annual report only.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Required in annual report only.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

See Item 1 Shareholder Report.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, have

1

concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant’s management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Required in annual report only.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).

Attached hereto as Exhibit 99.CERT.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)).

Attached hereto as Exhibit 99.906CERT.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

IVY FUNDS

(Registrant)

By	/s/ Mara D. Herrington
	Mara D. Herrington, Vice President and Secretary
Date:	December 10, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Henry J. Herrmann
	Henry J. Herrmann, President and Principal Executive Officer
Date:	December 10, 2015
By	/s/ Joseph W. Kauten
	Joseph W. Kauten, Vice President and Principal Financial Officer
Date:	December 10, 2015