Ivy Funds N-14 Registration statement for investment companies business combination

As filed with the U.S. Securities and Exchange Commission on December 8, 2017     Registration No. 333-_____

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form N-14

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.	☐
Post-Effective Amendment No.	☐

IVY FUNDS

(a Delaware statutory trust)

(Exact Name as Specified in Charter)

6300 Lamar Avenue, Overland Park, Kansas

(Address of Principal Executive Office)

66202-4200

(Zip Code)

Registrant’s Telephone Number, including Area Code (913) 236-2000

Philip A. Shipp

6300 Lamar Avenue

Overland Park, Kansas 66202-4200

(Name and Address of Agent for Service)

Approximate Date of Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933.

Title of Securities Being Offered: Shares of Beneficial Interest, no par value.

An indefinite amount of the Registrant’s securities has been registered under the Securities Act of 1933 pursuant to Rule 24-f2 under the Investment Company Act of 1940. In reliance upon such Rule, no filing fee is paid at this time.

It is proposed that this filing will become effective on January 8, 2018 pursuant to Rule 488.

THE WADDELL & REED ADVISORS FUNDS

Equity Funds:

Waddell & Reed Advisors Accumulative Fund

Waddell & Reed Advisors Continental Income Fund

Waddell & Reed Advisors Global Growth Fund

Waddell & Reed Advisors New Concepts Fund

Waddell & Reed Advisors Science and Technology Fund

Waddell & Reed Advisors Small Cap Fund

Waddell & Reed Advisors Vanguard Fund

Waddell & Reed Advisors Wilshire Global Allocation Fund

Fixed Income Funds:

Waddell & Reed Advisors High Income Fund

Waddell & Reed Advisors Municipal High Income Fund

Money Market Fund:

Waddell & Reed Advisors Cash Management

6300 Lamar Avenue, Overland Park, Kansas 66202-4200

Dear Shareholder:

I am writing to inform you that in late February 2018 the Waddell & Reed Advisors Funds named above (each a “WRA Fund,” collectively, the “WRA Funds”), each a series of Waddell & Reed Advisors Funds (the “WRA Trust”), will be reorganized into corresponding series (each an “Ivy Fund,” collectively, the “Ivy Funds”) of Ivy Funds, an affiliated investment company.

The Ivy Funds are managed by Ivy Investment Management Company (“IICO”), an affiliate of Waddell & Reed Investment Management Company (“WRIMCO”), the investment manager of the WRA Funds. Both IICO and WRIMCO are subsidiaries of Waddell & Reed, Financials Inc.

The Board of Trustees of WRA Trust unanimously approved the reorganization as being in the best interests of the WRA Funds after considering each WRA Fund in comparison to its corresponding Ivy Fund. You will not incur any sales loads or similar transaction costs in connection with the reorganization. The attached Combined Prospectus and Information Statement contains further information about the reorganization and the Ivy Funds. Please read it carefully.

You do not need to take any action regarding your account. Your shares of a WRA Fund will automatically be converted, at net asset value, into shares of equal net asset value of the corresponding Ivy Fund on February 26, 2018, as discussed in more detail below. Please note that the reorganization is not a taxable event, but redeeming or exchanging your shares prior to the reorganization may be a taxable event depending on your individual tax situation. If you have any questions regarding the enclosed Combined Prospectus and Information Statement, please call Waddell & Reed Services Company at 1-(800)-777-6472 or your financial advisor.

Sincerely,

Phillip J. Sanders, President

January 8, 2018

Combined Prospectus and Information Statement

January 8, 2018

WADDELL & REED ADVISORS FUNDS

IVY FUNDS

6300 Lamar Ave

Shawnee Mission, Kansas 66201-9217

1-(800)-777-6472

TABLE OF CONTENTS

SYNOPSIS	6
COMPARISON OF THE FUNDS	15
INFORMATION ABOUT THE REORGANIZATION	114
APPENDIX A – FORM OF AGREEMENT AND PLAN OF REORGANIZATION	A-1
APPENDIX B – FINANCIAL HIGHLIGHTS	B-1
APPENDIX C – DESCRIPTIONS OF PRINCIPAL INVESTMENT RISKS	C-1

This Combined Prospectus and Information Statement (“Prospectus/Information Statement”) is being sent to shareholders of the Waddell & Reed Advisors (“WRA”) Accumulative Fund, WRA Continental Income Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Vanguard Fund, WRA Wilshire Global Allocation Fund, WRA High Income Fund, WRA Municipal High Income Fund and WRA Cash Management (each, a “WRA Fund,” and collectively, the “WRA Funds”).

This Prospectus/Information Statement contains information you should know about the Agreement and Plan of Reorganization (the “Reorganization Plan”) relating to the proposed reorganization (the “Reorganization”) by and between Waddell & Reed Advisors Funds (the “WRA Trust”) and Ivy Funds (the “Ivy Trust”). The Reorganization involves the transfer of all of the assets and liabilities attributable to Class A, Class B, Class C and Class Y shares of each WRA Fund to a corresponding investment portfolio of the Ivy Trust (each, an “Ivy Fund,” and collectively, the “Ivy Funds”), in exchange for Class A, Class B, Class C and Class I shares of the corresponding Ivy Fund with an aggregate net asset value (“NAV”) equal to the net value of the assets and liabilities transferred by each WRA Fund. If the Reorganization occurs, you will become a shareholder of an Ivy Fund as set forth in the below chart. After that exchange, shares of each class of an Ivy Fund received

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by a WRA Fund will be distributed pro rata to such WRA Fund’s shareholders of the corresponding class in liquidation of the WRA Fund. (The WRA Funds and Ivy Funds are sometimes referred to as “Funds”). WRA Trust and the Ivy Trust are both registered, open-end management investment companies organized as Delaware statutory trusts. The investment objective of each WRA Fund is identical to its corresponding Ivy Fund.

Under the Reorganization Plan, each WRA Fund will be reorganized into the Ivy Fund listed directly opposite such WRA Fund in the table below.

WRA Funds	Ivy Funds
Equity Funds
WRA Accumulative Fund	Ivy Accumulative Fund
WRA Continental Income Fund	Ivy Balanced Fund
WRA Global Growth Fund	Ivy Global Growth Fund
WRA New Concepts Fund	Ivy Mid Cap Growth Fund
WRA Science and Technology Fund	Ivy Science and Technology Fund
WRA Small Cap Fund	Ivy Small Cap Growth Fund
WRA Vanguard Fund	Ivy Large Cap Growth Fund
WRA Wilshire Global Allocation Fund	Ivy Wilshire Global Allocation Fund
Fixed Income Funds
WRA High Income Fund	Ivy High Income Fund
WRA Municipal High Income Fund	Ivy Municipal High Income Fund
Money Market Fund
WRA Cash Management	Ivy Cash Management Fund

This Prospectus/Information Statement provides information that a WRA Fund shareholder should know about the Reorganization sets forth concisely information about the Ivy Funds that a prospective investor ought to know before investing. The Prospectus/Information Statement should be retained for future reference. It is both an information statement for the Reorganization and a prospectus for the Ivy Funds. In connection with the Reorganization, the Ivy Trust has recently organized the Ivy Accumulative Fund, Ivy Cash Management Fund, and Ivy Wilshire Global Allocation Fund (the “Shell Ivy Funds”) which currently have no assets or liabilities. Each Shell Ivy Fund has been created in connection with the Reorganization Plan to continue the business of its corresponding WRA Fund and will have an identical investment objective, principal investment strategies and fundamental investment restrictions as its respective corresponding WRA Fund. The Shell Ivy Funds will not commence operations until the date of the

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Reorganization. The Ivy Balanced Fund, Ivy Global Growth Fund, Ivy Mid Cap Growth Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund, Ivy Large Cap Growth Fund, Ivy High Income Fund and Ivy Municipal High Income Fund (may be referred to as the “Existing Ivy Funds”).

The following documents have been filed with the Securities and Exchange Commission (the “SEC”) and are incorporated into this Prospectus/Information Statement by reference:

The Prospectus for the WRA Funds (equity funds) dated October 31, 2017, as supplemented to date (the “WRA Equity Prospectus”) (previously filed on EDGAR, Accession No. 0001193125-17-332731).

The Prospectus for the WRA Funds (fixed income and money market funds), dated January 31, 2017, as supplemented to date (the “WRA Fixed Income Prospectus”) (previously filed on EDGAR, Accession Nos. 0001193125-17-030285/239789/299264/326685).

The Prospectus for the Ivy Funds dated July 5, 2017, as supplemented to date (the “Existing Ivy Funds Prospectus”) (previously filed on EDGAR, Accession No. 0001193125-17-225159/261969/287046/299235).

The Prospectus for the Ivy Accumulative, Ivy Wilshire Global Allocation, and Ivy Cash Management Funds dated December 22, 2017 (the “Shell Ivy Funds Prospectus”) (previously filed on EDGAR, Accession Nos. 0001193125-17-316379).

The Statement of Additional Information dated January 8, 2018 relating to the Reorganization (“SAI”).

The following documents have been filed with SEC and are incorporated into the SAI:

The Statement of Additional Information for the WRA Funds (equity funds), dated October 31, 2017, as supplemented to date (the “WRA Equity SAI”) (previously filed on EDGAR, Accession No. 0001193125-17-332738).

The Statement of Additional Information for the fixed income and money market WRA Funds, dated January 31, 2017, as supplemented to date (the “WRA Fixed Income SAI”) (previously filed on EDGAR, Accession No. 0001193125-17-030285/239790/299269/332738).

The WRA Funds’ Annual Reports for the fiscal years ended June 30, 2017 (equity funds) and September 30, 2017 (fixed income and money market funds) (previously filed on EDGAR, Accession Nos. 0001193125-17-278973/363467).

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The Ivy Funds’ Annual Reports for the fiscal years ended March 31, 2017 and the Semiannual Reports for the period ended September 30, 2017 (previously filed on EDGAR, Accession Nos. 0001193125-17-197772/363464).

The Statement of Additional Information for the Ivy Funds, dated July 5, 2017, as supplemented to date (the “Existing Ivy Funds SAI”) (previously filed on EDGAR, Accession Nos. 0001193125-17-225159/261970/299238).

The Statement of Additional Information for the Ivy Accumulative, Ivy Wilshire Global Allocation, and Ivy Cash Management Fund dated December 22, 2017, as supplemented to date (the “Shell Ivy Funds SAI”) (previously filed on EDGAR, Accession No. 0001193125-17-316379).

The Shell Ivy Funds do not have any annual or semiannual reports because they have not yet commenced operations

For a free copy of any of the documents listed above, you may call 1-(800)-777-6472, or you may write to the attention of WRA Funds at:

WRA Funds

6300 Lamar Avenue

P.O. Box 29217

Shawnee Mission, Kansas 66201-9217

The WRA Trust and Ivy Trust are each subject to the informational requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (the “1940 Act”), and in accordance therewith files reports and other information with the SEC. You also may obtain many of these documents by accessing the Internet site for WRA Trust at www.waddell.com or the Ivy Trust at www.ivyinvestments.com. Text-only versions of the WRA Funds’ and Ivy Funds’ documents can be viewed online or downloaded from the EDGAR database on the SEC’s Internet site at www.sec.gov. You can review and copy information about the WRA Funds and Ivy Funds by visiting the SEC’s Public Reference Room at 100F Street, N.E., Washington, D.C. 20549. You can obtain copies, upon payment of a duplicating fee, by sending an e-mail request to publicinfo@sec.gov or by writing the SEC Public Reference Branch, Office of Consumer Affairs and Information Services, Securities and Exchange Commission, Washington, D.C. 20549. Information on the operations of the Public Reference Room may be obtained by calling 1-(202)-551-8090.

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The SEC has not approved or disapproved these securities or determined if this Prospectus/Information Statement is truthful or complete. Any representation to the contrary is a criminal offense.

We are not asking you for a proxy or written consent and you are requested not to send us a proxy or written consent.

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SYNOPSIS

This Prospectus/Information Statement provides a brief overview of the key features and other matters typically of concern to shareholders affected by a reorganization of a mutual fund into another mutual fund. These responses are qualified in their entirety by the remainder of this Prospectus/Information Statement, which you should read carefully because it contains additional information and further details regarding the Reorganization. The material terms of the Reorganization are discussed in more detail in the section titled “Terms of the Reorganization Plan,” and in the full text of the Reorganization Plan, which is attached as Appendix A.

WHAT IS HAPPENING?

The Board of Trustees of the WRA Trust (the “WRA Trust Board”) approved the Reorganization Plan, and the resulting Reorganization, in which each WRA Fund would be reorganized into a corresponding Ivy Fund. This means that an Ivy Fund would receive all of the assets and liabilities of the corresponding WRA Fund in exchange for shares of the Ivy Fund. Each WRA Fund, in turn, will distribute those Ivy Fund shares to its shareholders in liquidation and shareholders of a WRA Fund will become shareholders of the corresponding Ivy Fund. Your shares of a WRA Fund will then be cancelled. Pursuant to the Reorganization Plan, shares of a corresponding Ivy Fund that you will receive will have an aggregate NAV equal to the aggregate NAV of your WRA Fund shares as of the business day before the closing of the Reorganization. The Reorganization is currently scheduled to take place on or about February 26, 2018. You are not being asked to approve the Reorganization Plan or the Reorganization. Shareholder approval is not required.

The WRA Funds have the same investment objective and substantially similar principal investment strategies and principal investment risks as its corresponding Ivy Fund. Please see “COMPARISON OF THE FUNDS – Comparison of Investment Objectives, Comparison of Principal Investment Strategies and Comparison of Principal Investment Risks” for more information comparing the investment objectives, principal investment strategies and principal investment risks of each Fund.

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WHY WAS THE REORGANIZATION APPROVED?

The WRA Trust Board approved the Reorganization Plan and the Reorganization. In reviewing the Reorganization, the WRA Trust Board also considered the following factors, among others:

• Continuity of Investment Objectives, Principal Investment Strategies and Principal Investment Risks – Each WRA Fund has an identical investment objective, identical fundamental investment restrictions, either identical or substantially similar principal investment strategies, and either identical or substantially similar principal investment risks as it corresponding Ivy Fund. The mirror-like nature of the Ivy Funds and WRA Funds will allow WRA shareholders to maintain continuity in their investment selection;

• Potential Economies of Scale – The Reorganization of each WRA Fund is intended to create a larger fund in its corresponding Ivy Fund, which will permit fixed costs to be spread over a larger asset base, potentially resulting in economies of scale over time. In addition, a larger fund will more easily reach various breakpoints in service provider fee schedules;

• Tax-Free Reorganization – The Reorganization is expected to be tax-free for shareholders of a WRA Fund who chooses to remain a shareholder of the corresponding Ivy Fund, while a liquidation or shareholder redemption would be a realization event for tax purposes;

• Reorganization Expenses Allocated Among the Funds – The total amount of the expenses for the Reorganization is estimated to be approximately $1.7 million. The expenses will be allocated between the WRA Funds ($850,000) and the Ivy Funds ($850,000). This expense allocation will be made whether or not the Reorganization is consummated. The Board of the WRA Trust, the Board of the Ivy Trust and Fund management believed that a partial allocation of Reorganization expenses to each Fund was appropriate because the Reorganization is expected to be beneficial to each Fund and its shareholders. For a more detailed discussion of the considerations of the Board, see the section below titled “INFORMATION ABOUT THE REORGANIZATION-Reasons for the Reorganization.”

• Same or Lower Overall Expenses – By reorganizing into an Ivy Fund, former WRA Fund shareholders will be subject to the same or lower ongoing expenses than those imposed by the

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WRA Fund. For WRA Funds that will be reorganizing into Ivy Funds where the current annual fund operating expenses of a share class of an Ivy Fund are higher than its corresponding share class of a WRA Fund, Ivy Investment Management Company (“IICO”), the investment manager of the Ivy Funds, has agreed to limit the operating expenses that will be charged to shareholders of such class of shares of an Ivy Fund to be equal to any lower expense ratio of the corresponding class of a Reorganizing WRA Fund through July 31, 2020 or October 31, 2020 with respect to the Continuing WRA Funds;

• Continuity of Portfolio Management – Each of the WRA Funds will be reorganizing into a corresponding Ivy Fund that has the same portfolio manager(s); and

• No Shareholder Dilution – The Reorganization will occur at the NAV of each entity and therefore will not dilute the interests of the WRA Fund shareholders.

Please review “Reasons for the Reorganization” in the “INFORMATION ABOUT THE REORGANIZATION” section in this Prospectus/Information Statement for more information regarding the factors considered by the WRA Trust Board.

WHAT IVY FUND SHARES WILL I RECEIVE IN THE REORGANIZATION AND ARE THEIR CHARACTERISTICS DIFFERENT FROM MY CURRENT SHARES?

Under the Reorganization Plan, Class A, Class B, Class C and Class Y shares of each WRA Fund will be reorganized into the corresponding Class A, Class B, Class C and Class I shares of the corresponding Ivy Fund (except for WRA Cash Management which offers no Class Y shares).

The shares of an Ivy Fund you receive in exchange for your WRA Fund shares will have an aggregate NAV equal to the aggregate NAV of your respective WRA Fund shares as of the close of business on the business day before the closing of the Reorganization. You will have voting rights similar to those you currently have, but as a shareholder of an Ivy Fund. For more information, please see “COMPARISON OF THE FUNDS – Comparison of Business Structures, Shareholder Rights and Applicable Law.” The purchase, redemption and exchange privileges of an Ivy Fund are substantially similar to those currently offered by the WRA Fund. All shareholder features that you have elected will remain available and in effect after the Reorganization unless you direct that those elections be changed.

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Depending on the particular Ivy Fund, distributions by an Ivy Fund may be paid on a different schedule after the Reorganization. Each WRA Fund and Ivy Fund distributes substantially all of its net investment income and net realized capital gains to its shareholders each year. For the schedule of these distributions for each WRA Fund and its corresponding Ivy Fund, see “COMPARISON OF THE FUNDS – Share Class Characteristics, Shareholder Transactions and Services-Dividends and Other Distributions.” Net realized capital gains (and any gains from foreign currency transactions) ordinarily are distributed by each Fund in December.

For more information on the characteristics of the Ivy Fund shares you will receive in comparison to the corresponding WRA Fund shares you currently own, please see the section “Shares You Will Receive” in the “INFORMATION ABOUT THE REORGANIZATION” section of this Prospectus/Information Statement.

HOW DO THE FUNDS’ INVESTMENT OBJECTIVES, FUNDAMENTAL INVESTMENT RESTRICTIONS, PRINCIPAL INVESTMENT STRATEGIES AND PRINCIPAL INVESTMENT RISKS COMPARE?

Investment Objectives and Fundamental Investment Restrictions:

The investment objectives and fundamental investment restrictions of each WRA Fund and its corresponding Ivy Fund are identical. For more information, see “COMPARISON OF THE FUNDS – Comparison of Investment Objectives” and COMPARISON OF THE FUNDS – Comparison of Fundamental Investment Restrictions.”

Principal Investment Strategies:

The principal investment strategies of the (i) WRA Accumulative Fund; (ii) WRA Cash Management; and (iii) WRA Wilshire Global Allocation Fund (collectively, the “Continuing WRA Funds”) are identical to those of their corresponding Shell Ivy Fund because each Shell Ivy Fund has each been organized solely in connection with this Reorganization to acquire the assets and liabilities and continue the business of its corresponding WRA Fund.

The principal investment strategies of each of the WRA Funds other than the Continuing WRA Funds (i.e., WRA Continental Income Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Vanguard Fund, WRA High Income Fund and WRA Municipal High Income Fund, collectively, the “Reorganizing WRA Funds”) are identical or substantially similar to

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those of its corresponding Ivy Fund. For additional information, see “COMPARISON OF THE FUNDS – Comparison of Principal Investment Strategies.��

Principal Investment Risks:

The principal investment risks of each of the WRA Funds are identical to its corresponding Ivy Fund. For additional information, see “COMPARISON OF THE FUNDS – Comparison of Principal Investment Risks,” and Appendix C – “Description of Principal Investment Risks.”

WILL THE REORGANIZATION RESULT IN A HIGHER INVESTMENT MANAGEMENT FEE RATE AND HIGHER FUND EXPENSE RATES?

No. For the Continuing WRA Funds reorganizing into a Shell Ivy Fund, the advisory fee rate and annual fund operating expense ratio of the corresponding Shell Ivy Fund will be the same after the Reorganization. For Reorganizing WRA Funds that will be reorganizing into an Existing Ivy Fund, where the current annual fund operating expenses of a share class of an Ivy Fund are higher than the corresponding share class of the Existing WRA Fund Reorganization counterpart, IICO, the investment manager to the Ivy Funds has agreed to limit the operating expenses that will be charged to shareholders of such class of shares of an Existing Ivy Fund to be equal to any lower expense ratio of the corresponding class of a Reorganizing WRA Fund through July 31, 2020.

Additional pro forma fee, expense, and financial information is included in the “COMPARISON OF THE FUNDS – Comparison of Shareholder Fees and Annual Fund Operating Expenses” section of this Prospectus/Information Statement.

WHAT ARE THE FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATION?

The Reorganization is expected to be tax-free to shareholders for federal income tax purposes. This means that neither shareholders nor the WRA Funds expect to recognize a gain or loss as a result of the Reorganization.

Immediately prior to the Reorganization, each Reorganizing WRA Fund (i.e., WRA Continental Income Fund, WRA Global Growth Fund,

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WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Vanguard Fund, WRA High Income Fund and WRA Municipal High Income Fund) will declare and pay a distribution of substantially all net investment company taxable income, if any, net realized capital gains (after reduction by any available capital loss carry-forwards), if any, and at least 90 percent of its net tax-exempt income, if any, to its shareholders. The cost basis and holding period of a WRA Fund shares are expected to carry over to your new shares in the corresponding Ivy Fund.

WILL THE SERVICE PROVIDERS CHANGE?

Yes. Waddell & Reed Investment Management Company (“WRIMCO”) currently serves as the investment manager to the WRA Funds. IICO currently serves as the investment manager to each of the Existing Ivy Funds and will continue to do so after the Reorganization. IICO will serve as the investment manager to each of the Shell Ivy Funds following the Reorganization. Both WRIMCO and IICO are affiliates of Waddell & Reed Financial, Inc. (Waddell & Reed). The portfolio manager for each of the WRA Funds is the same portfolio manager for the corresponding Ivy Fund. (See “COMPARISON OF THE FUNDS-Management of the Funds – Investment Manager/Portfolio Managers”).

Waddell & Reed, Inc. (“WRI”), serves as the WRA Funds’ principal underwriter and distributor. Ivy Distributors, Inc. (“IDI”), serves as the Ivy Funds’ principal underwriter and distributor and will serve as the Ivy Funds’ principal underwriter following the Reorganization. Both IDI and WRI are affiliates of Waddell & Reed. The WRA Funds and Ivy Funds have the same accounting services agent, transfer agent, custodian and independent registered public accounting firm. Upon completion of the Reorganization, the Ivy Funds will continue to engage their existing service providers. For more information, see “COMPARISON OF THE FUNDS-Management of the Funds – Other Service Providers.”

WILL THERE BE ANY SALES LOAD, COMMISSION OR OTHER TRANSACTION FEE IN CONNECTION WITH THE REORGANIZATION?

No. There will be no sales charge, sales load, commission or other transactional fee in connection with the Reorganization. The full and fractional value of Class A, Class B, Class C and Class Y shares of a WRA Fund will be exchanged for full and fractional Class A, Class B, Class C and Class I shares, respectively, of the corresponding Ivy Fund having equal aggregate value, without any sales charge, sales load, commission or other transactional fee being imposed.

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For Class B and Class C shares, or certain Class A shares that you received in connection with the Reorganization to which a contingent deferred sales charge (“CDSC”) would otherwise apply, the time period for the CDSC will continue to age from the date you purchased the respective shares of a WRA Fund. Class Y shares are not subject to a CDSC. The shares acquired in the Reorganization may be exchanged for shares of the same class of any other fund in the Ivy Family of Funds or WRA Trust without the payment of an additional initial sales charge or CDSC, for as long as you own your shares acquired in the Reorganization.

ARE THERE ANY SIGNIFICANT DIFFERENCES BETWEEN WRA FUND SHARES AND IVY FUND SHARES?

No. The procedures for purchasing, redeeming and exchanging your shares of any Ivy Fund will be the same after the Reorganization as they are currently for the corresponding WRA Fund. In addition, the sales charge, redemption fee, distribution plan and administrative services plan structures for the WRA Funds and Ivy Funds are identical. For more information, see the section entitled “COMPARISONS OF THE FUNDS- Share Class Characteristics, Shareholder Transactions and Services” and the Existing Ivy Funds Prospectus and Shell Ivy Funds Prospectus that accompanies this Prospectus/Information Statement.

WILL I NEED TO OPEN AN ACCOUNT IN AN IVY FUND PRIOR TO THE REORGANIZATION?

No. An account will be set up in your name and your shares of a WRA Fund will automatically be converted to corresponding shares of the corresponding Ivy Fund. You will receive confirmation following the Reorganization.

WILL MY COST BASIS CHANGE AS A RESULT OF THE REORGANIZATION?

No. Your total cost basis is not expected to change as a result of the Reorganization. However, for shareholders of a Reorganizing WRA Fund (i.e., WRA Continental Income Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Vanguard Fund, WRA High Income Fund and WRA Municipal High Income Fund, collectively, the “Reorganizing WRA Funds”) that is being reorganized into a corresponding Existing Ivy Fund, the number of shares you hold after the Reorganization may be different than the number of shares you held prior to the Reorganization. As a result, your average cost basis per share may change. Since the

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Reorganization is expected to be treated as a tax-free reorganization for the WRA Funds, shareholders should not recognize any capital gain or loss as a direct result of the Reorganization.

WILL THE FUNDS PAY FEES ASSOCIATED WITH THE REORGANIZATION?

Yes. The total amount of the expenses for the Reorganization is estimated to be approximately $1.7 million. The expenses will be allocated between the WRA Funds ($850,000) and the Ivy Funds ($850,000).

WHEN WILL THE REORGANIZATION TAKE PLACE?

The Reorganization will occur on or about the closing date, which is currently scheduled for February 26, 2018 (the “Closing Date”). Shortly after completion of the Reorganization, affected shareholders will receive a confirmation statement reflecting their new Ivy Fund account number and number of shares owned.

CAN I STILL ADD TO MY EXISTING WRA FUND ACCOUNT UNTIL THE REORGANIZATION?

Yes. WRA Fund shareholders may continue to make additional investments until February 26, 2018, unless the WRA Trust Board determines to limit future investments to ensure a smooth transition of shareholder accounts or for any other reason. In anticipation of the Reorganization, the WRA Funds are expected to be closed to new shareholders as of February 15, 2018.

WHAT IF I WANT TO EXCHANGE MY SHARES INTO ANOTHER WRA FUND IN THE WRA TRUST PRIOR TO THE REORGANIZATION?

You may exchange your shares into another fund of the WRA Trust before the Closing Date in accordance with your pre-existing exchange privileges. If you choose to exchange your shares of a WRA Fund for another fund in the WRA Family of Funds, your request will be treated as a normal exchange of shares and will be a taxable transaction unless your shares are held in a tax-deferred account, such as an individual retirement account (“IRA”). Exchanges may be subject to minimum investment requirements, sales loads, and redemption fees. This is not an offer to sell shares of other funds of the WRA Trust, it is for informational purposes only. Before exchanging into a fund, please read its prospectus carefully. You should also be aware that each of the WRA Funds listed on the front cover of this Prospectus/Information Statement

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will be reorganized into a corresponding Ivy Fund so ultimately your investment will be reorganized into another Ivy Fund.

WHY ARE SHAREHOLDERS NOT BEING ASKED TO VOTE ON THE REORGANIZATION?

The 1940 Act and the WRA Trust’s Trust Instrument (the “WRA Trust Instrument”) each permit reorganizations of a WRA Fund to occur without seeking a shareholder vote provided that certain conditions are met, including with regard to regulations under the 1940 Act: (1) the fundamental investment policies of the acquired fund (i.e., policies that may not be changed without a shareholder vote) are not materially different from the acquiring fund; (2) the acquired fund’s investment advisory agreement is not materially different from the acquiring fund’s investment advisory agreement; (3) the independent directors of the acquired fund will comprise a majority of the independent directors of the acquiring fund; and (4) Rule 12b-1 distribution fees of the acquired fund are no greater than the Rule 12b-1 distribution fees of the acquiring fund. The conditions permitting the Reorganization to occur without seeking a shareholder vote have been met by the WRA Funds and the Ivy Funds.

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COMPARISON OF THE FUNDS

This section provides a comparison of each WRA Fund and its corresponding Ivy Fund, including but not limited to, each Fund’s shareholder fees and annual fund operating expenses, investment objective, principal investment strategies, principal investment risks, fundamental investment restrictions, investment advisory fees, and historical investment performance. There is no assurance that a Fund will achieve its stated objective.

Comparison of Shareholder Fees and Annual Fund Operating Expenses

Shareholder fees are fees paid directly from your investment. Annual fund operating expenses are paid out of a Fund’s assets and include fees for portfolio management and administrative services, including recordkeeping, accounting and other shareholder services. You do not pay these fees directly, but as the examples in the table below show, these costs are borne indirectly by all shareholders.

WRA Funds	Ivy Funds
Declared daily and paid monthly: •    WRA High Income Fund •    WRA Municipal High Income Fund •    WRA Cash Management Fund	Declared daily and paid monthly: •    Ivy High Income Fund •    Ivy Municipal High Income Fund •    Ivy Cash Management Fund
Declared semi-annually in June and December: •    WRA Accumulative Fund •    WRA Global Growth Fund •    WRA Science and Technology Fund •    WRA Vanguard Fund	Declared semi-annually in June and December: •    Ivy Accumulative Fund Declared annually in December: •    Ivy Global Growth Fund •    Ivy Science and Technology Fund •    Ivy Large Cap Growth Fund

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WRA Funds	Ivy Funds
Declared quarterly in March, June, September and December: •    WRA Continental Income Fund •    WRA Wilshire Global Allocation Fund	Declared quarterly in March, June, September and December: •    Ivy Balanced Fund •    Ivy Wilshire Global Allocation Fund
Declared annually in December: •    WRA New Concepts Fund •    WRA Small Cap Fund	Declared annually in December: •    Ivy Mid Cap Growth Fund •    Ivy Small Cap Growth Fund

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WRA Accumulative Fund into Ivy Accumulative Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended June 30, 2017, for the WRA Accumulative Fund and the Ivy Accumulative Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Accumulative Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on July 1, 2016 and had a year of combined operations.

	WRA Accumulative Fund (Target Fund)											Ivy Accumulative Fund (Acquiring Fund)											Ivy Accumulative Fund after Reorganization with the WRA Accumulative Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

17

	WRA Accumulative Fund (Target Fund)												Ivy Accumulative Fund (Acquiring Fund)												Ivy Accumulative Fund after Reorganization with the WRA Accumulative Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.18	%		0.73	%		0.41	%		0.23	%		0.18	%		0.73	%		0.41	%		0.23	%		0.18	%		0.73	%		0.41	%		0.23	%
Total Annual Fund Operating Expenses		1.11	%		2.41	%3		2.09	%3		0.91	%3		1.11	%		2.41	%4		2.09	%4		0.91	%4		1.11	%		2.41	%5		2.09	%5		0.91	%5
Fee Waiver and/or Expense Reimbursement		None			0.12	%3		0.02	%3		0.04	%3		None			0.12	%4		0.02	%4		0.04	%4		None			0.12	%5		0.02	%5		0.04	%5
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.11	%		2.29	%3		2.07	%3		0.87	%3		1.11	%		2.29	%4		2.07	%4		0.87	%4		1.11	%		2.29	%5		2.07	%5		0.87	%5

¹  For Class A shares, a 1% CDSC is only imposed on Class A shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the start of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

18

³  Through October 31, 2018, WRIMCO, WRI and/or Waddell & Reed Services Company, doing business as WI Services Company (“WISC”), the Funds’ transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 2.29%, Class C shares at 2.07% and Class Y shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the WRA Trust (“WRA Trust Board”).

⁴  Through October 31, 2018, IICO, Ivy Distributors, Inc. (“IDI”), the Ivy Funds’ distributor, and/or WISC, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows Class B shares at 2.29%, Class C shares at 2.07% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the Ivy Trust (the “Ivy Trust Board”).

⁵  Through October 31, 2020, IICO, Ivy Distributors, Inc. (“IDI”), the Ivy Funds’ distributor, and/or WISC, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows Class B shares at 2.29%, Class C shares at 2.07% and Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of the Ivy Trust (the “Ivy Trust Board”).

19

Examples:

These Examples are intended to help you compare the cost of investing in the WRA Accumulative Fund, the Ivy Accumulative Fund and the Ivy Accumulative Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Accumulative Fund, the Ivy Accumulative Fund and the Ivy Accumulative Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through October 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Accumulative Fund	$	682	$	908	$	1,151	$	1,849
Ivy Accumulative Fund	$	682	$	908	$	1,151	$	1,849
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	682	$	908	$	1,151	$	1,849
Class B Shares
WRA Accumulative Fund	$	632	$	1,040	$	1,375	$	2,413
Ivy Accumulative Fund	$	632	$	1,040	$	1,375	$	2,413
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	632	$	1,028	$	1,363	$	2,403
Class C Shares
WRA Accumulative Fund	$	210	$	653	$	1,122	$	2,419
Ivy Accumulative Fund	$	210	$	653	$	1,122	$	2,419
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	210	$	651	$	1,120	$	2,418
Class Y Shares/Class I Shares
WRA Accumulative Fund	$	89	$	286	$	500	$	1,116
Ivy Accumulative Fund	$	89	$	286	$	500	$	1,116
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	89	$	282	$	496	$	1,112

20

You would pay the following expenses if you did not redeem your shares:

Class A Shares
WRA Accumulative Fund	$	682	$	908	$	1,151	$	1,849
Ivy Accumulative Fund	$	682	$	908	$	1,151	$	1,849
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	682	$	908	$	1,151	$	1,849
Class B Shares
WRA Accumulative Fund	$	232	$	740	$	1,275	$	2,413
Ivy Accumulative Fund	$	232	$	740	$	1,275	$	2,413
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	232	$	728	$	1,263	$	2,403
Class C Shares
WRA Accumulative Fund	$	210	$	653	$	1,122	$	2,419
Ivy Accumulative Fund	$	210	$	653	$	1,122	$	2,419
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	210	$	651	$	1,120	$	2,418
Class Y Shares/Class I Shares
WRA Accumulative Fund	$	89	$	286	$	500	$	1,116
Ivy Accumulative Fund	$	89	$	286	$	500	$	1,116
Ivy Accumulative Fund (pro forma, assuming consummation of the Reorganization)	$	89	$	282	$	496	$	1,112

21

WRA Continental Income Fund into Ivy Balanced Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017, for the WRA Continental Income Fund and the Ivy Balanced Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Balanced Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA Continental Income Fund (Target Fund)											Ivy Balanced Fund (Acquiring Fund)											Ivy Balanced Fund after Reorganization with the WRA Continental Income Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

22

	WRA Continental Income Fund (Target Fund)												Ivy Balanced Fund (Acquiring Fund)												Ivy Balanced Fund after Reorganization with the WRA Continental Income Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.68	%		0.68	%		0.68	%		0.68	%		0.67	%		0.67	%		0.67	%		0.67	%		0.63	%		0.63	%		0.63	%		0.63	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		0.00	%		0.25	%		1.00	%		1.00	%		0.00	%
Other Expenses		0.20	%		0.67	%		0.34	%		0.21	%		0.19	%		0.18	%		0.15	%		0.19	%		0.19	%		0.20	%		0.15	%		0.20	%
Total Annual Fund Operating Expenses		1.13	%3		2.35	%3		2.02	%3		0.89	%3		1.11	%		1.85	%		1.82	%		0.86	%		1.07	%		1.83	%		1.78	%		0.83	%
Fee Waiver and/or Expense Reimbursement		0.01	%3		0.06	%3		0.01	%3		0.01	%3		None			None			None			None			None			None			None			None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.12	%3		2.29	%3		2.01	%3		0.88	%3		1.11	%		1.85	%		1.82	%		0.86	%		1.07	%		1.83	%		1.78	%		0.83	%

¹  For Class A shares, a 1% CDSC is only imposed on shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the close of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

23

³  Through October 31, 2018, WRIMCO, WRI, the WRA Funds’ distributor, and/or WISC, the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.12%, Class B shares at 2.29%, Class C shares at 2.01% and Class Y shares at 0.88%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

24

Examples:

These Examples are intended to help you compare the cost of investing in the WRA Continental Income Fund, the Ivy Balanced Fund and the Ivy Balanced Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Continental Income Fund, the Ivy Balanced Fund and the Ivy Balanced Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Continental Income Fund	$	683	$	913	$	1,161	$	1,870
Ivy Balanced Fund	$	682	$	908	$	1,151	$	1,849
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	678	$	896	$	1,131	$	1,806
Class B Shares
WRA Continental Income Fund	$	632	$	1,028	$	1,350	$	2,376
Ivy Balanced Fund	$	588	$	882	$	1,101	$	1,976
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	586	$	876	$	1,090	$	1,949
Class C Shares
WRA Continental Income Fund	$	204	$	633	$	1,087	$	2,347
Ivy Balanced Fund	$	185	$	573	$	985	$	2,137
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	181	$	560	$	964	$	2,095
Class Y Shares/Class I Shares
WRA Continental Income Fund	$	90	$	283	$	492	$	1,095
Ivy Balanced Fund	$	88	$	274	$	477	$	1,061
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	85	$	265	$	460	$	1,025

25

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Continental Income Fund	$	683	$	913	$	1,161	$	1,870
Ivy Balanced Fund	$	682	$	908	$	1,151	$	1,849
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	678	$	896	$	1,131	$	1,806
Class B Shares
WRA Continental Income Fund	$	232	$	728	$	1,250	$	2,376
Ivy Balanced Fund	$	188	$	582	$	1,001	$	1,976
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	186	$	576	$	990	$	1,949
Class C Shares
WRA Continental Income Fund	$	204	$	633	$	1,087	$	2,347
Ivy Balanced Fund	$	185	$	573	$	985	$	2,137
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	181	$	560	$	964	$	2,095
Class Y Shares/Class I Shares
WRA Continental Income Fund	$	90	$	283	$	492	$	1,095
Ivy Balanced Fund	$	88	$	274	$	477	$	1,061
Ivy Balanced Fund (pro forma, assuming consummation of the Reorganization)	$	85	$	265	$	460	$	1,025

26

WRA Global Growth Fund into Ivy Global Growth Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017 for the WRA Global Growth Fund and the Ivy Global Growth Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Global Growth Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA Global Growth Fund (Target Fund)											Ivy Global Growth Fund (Acquiring Fund)											Ivy Global Growth Fund after Reorganization with the WRA Global Growth Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

27

	WRA Global Growth Fund (Target Fund)												Ivy Global Growth Fund (Acquiring Fund)												Ivy Global Growth Fund after Reorganization with the WRA Global Growth Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.22	%		1.00	%		1.00	%		None			0.24	%		1.00	%		1.00	%		None
Other Expenses		0.30	%		1.11	%		0.68	%		0.23	%		0.37	%		0.73	%		0.33	%		0.26	%		0.28	%		0.76	%		0.31	%		0.23	%
Total Annual Fund Operating Expenses		1.40	%		2.96	%3		2.53	%3		1.08	%3		1.44	%		2.58	%		2.18	%		1.11	%		1.37	%		2.61	%4		2.16	%		1.08	%4
Fee Waiver and/or Expense Reimbursement		None			0.10	%3		0.00	%3		0.02	%3		None			None			None			None			None			0.03	%4		None			0.02	%4
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.40	%		2.86	%3		2.53	%3		1.06	%3		1.44	%		2.58	%		2.18	%		1.11	%		1.37	%		2.58	%4		2.16	%		1.06	%4

¹  For Class A shares, a 1% CDSC is only imposed on shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the close of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

³  Through October 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 2.86%, Class C shares at 2.57% and Class Y shares at 1.06%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

28

⁴ Through July 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class B shares at 2.58% and Class I shares at 1.06%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

29

Examples:

These Examples are intended to help you compare the cost of investing in the WRA Global Growth Fund, the Ivy Global Growth Fund and the Ivy Global Growth Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Global Growth Fund, the Ivy Global Growth Fund and the Ivy Global Growth Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Global Growth Fund	$	709	$	993	$	1,297	$	2,158
Ivy Global Growth Fund	$	713	$	1,004	$	1,317	$	2,200
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	706	$	984	$	1,282	$	2,127
Class B Shares
WRA Global Growth Fund	$	689	$	1,206	$	1,649	$	2,904
Ivy Global Growth Fund	$	661	$	1,102	$	1,470	$	2,636
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	661	$	1,106	$	1,480	$	2,637
Class C Shares
WRA Global Growth Fund	$	256	$	788	$	1,345	$	2,866
Ivy Global Growth Fund	$	221	$	682	$	1,169	$	2,513
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	219	$	676	$	1,159	$	2,493
Class Y Share/Class I Shares
WRA Global Growth Fund	$	108	$	341	$	594	$	1,315
Ivy Global Growth Fund	$	113	$	353	$	612	$	1,352
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	108	$	339	$	592	$	1,313

30

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Global Growth Fund	$	709	$	993	$	1,297	$	2,158
Ivy Global Growth Fund	$	713	$	1,004	$	1,317	$	2,200
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	706	$	984	$	1,282	$	2,127
Class B Shares
WRA Global Growth Fund	$	289	$	906	$	1,549	$	2,904
Ivy Global Growth Fund	$	261	$	802	$	1,370	$	2,636
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	261	$	806	$	1,380	$	2,637
Class C Shares
WRA Global Growth Fund	$	256	$	788	$	1,345	$	2,866
Ivy Global Growth Fund	$	221	$	682	$	1,169	$	2,513
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	219	$	676	$	1,159	$	2,493
Class Y Shares/Class I Shares
WRA Global Growth Fund	$	108	$	341	$	594	$	1,315
Ivy Global Growth Fund	$	113	$	353	$	612	$	1,352
Ivy Global Growth Fund (pro forma, assuming consummation of the Reorganization)	$	108	$	339	$	592	$	1,313

31

WRA New Concepts Fund into Ivy Mid Cap Growth Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017, for the WRA New Concepts Fund and the Ivy Mid Cap Growth Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Mid Cap Growth Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA New Concepts Fund (Target Fund)											Ivy Mid Cap Growth Fund (Acquiring Fund)											Ivy Mid Cap Growth Fund after Reorganization with the WRA New Concepts Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

32

	WRA New Concepts Fund (Target Fund)												Ivy Mid Cap Growth Fund (Acquiring Fund)												Ivy Mid Cap Growth Fund after Reorganization with the WRA New Concepts Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.84	%		0.84	%		0.84	%		0.84	%		0.83	%		0.83	%		0.83	%		0.83	%		0.81	%		0.81	%		0.81	%		0.81	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.25	%		0.73	%		0.51	%		0.21	%		0.24	%		0.26	%		0.20	%		0.19	%		0.23	%		0.36	%		0.21	%		0.20	%
Total Annual Fund Operating Expenses		1.34	%3		2.57	%3		2.35	%3		1.05	%3		1.32	%4		2.09	%		2.03	%		1.02	%		1.29	%		2.17	%5		2.02	%		1.01	%
Fee Waiver and/or Expense Reimbursement		0.01	%3		0.04	%3		0.01	%3		0.01	%3		0.01	%4		None			None			None			None			0.08	%5		None			None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.33	%3		2.53	%3		2.34	%3		1.04	%3		1.31	%4		2.09	%		2.03	%		1.02	%		1.29	%		2.09	%5		2.02	%		1.01	%

¹  For Class A shares, a 1% CDSC is only imposed on shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the close of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

33

³  Through October 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.33%, Class B shares at 2.53%, Class C shares at 2.34% and Class Y shares at 1.04%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

⁴ Through July 31, 2018, IICO, IDI, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class A shares at 1.31%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

⁵ Through July 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class B shares at 2.09%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

34

Examples:

These Examples are intended to help you compare the cost of investing in the WRA New Concepts Fund, the Ivy Mid Cap Growth Fund and the Ivy Mid Cap Growth Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA New Concepts Fund, the Ivy Mid Cap Growth Fund and the Ivy Mid Cap Growth Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA New Concepts Fund	$	703	$	974	$	1,266	$	2,094
Ivy Mid Cap Growth Fund	$	701	$	968	$	1,256	$	2,073
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	699	$	960	$	1,242	$	2,042
Class B Shares
WRA New Concepts Fund	$	656	$	1,096	$	1,462	$	2,600
Ivy Mid Cap Growth Fund	$	612	$	955	$	1,224	$	2,224
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	612	$	963	$	1,249	$	2,267
Class C Shares
WRA New Concepts Fund	$	237	$	732	$	1,254	$	2,685
Ivy Mid Cap Growth Fund	$	206	$	637	$	1,093	$	2,358
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	205	$	634	$	1,088	$	2,348
Class Y Shares/Class I Shares
WRA New Concepts Fund	$	106	$	333	$	578	$	1,282
Ivy Mid Cap Growth Fund	$	104	$	325	$	563	$	1,248
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	103	$	322	$	558	$	1,236

35

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA New Concepts Fund	$	703	$	974	$	1,266	$	2,094
Ivy Mid Cap Growth Fund	$	701	$	968	$	1,256	$	2,073
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	699	$	960	$	1,242	$	2,042
Class B Shares
WRA New Concepts Fund	$	256	$	796	$	1,362	$	2,600
Ivy Mid Cap Growth Fund	$	212	$	655	$	1,124	$	2,224
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	212	$	663	$	1,149	$	2,267
Class C Shares
WRA New Concepts Fund	$	237	$	732	$	1,254	$	2,685
Ivy Mid Cap Growth Fund	$	206	$	637	$	1,093	$	2,358
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	205	$	634	$	1,088	$	2,348
Class Y Shares/Class I Shares
WRA New Concepts Fund	$	106	$	333	$	578	$	1,282
Ivy Mid Cap Growth Fund	$	104	$	325	$	563	$	1,248
Ivy Mid Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	103	$	322	$	558	$	1,236

36

WRA Science and Technology Fund into Ivy Science and Technology Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017, for the WRA Science and Technology Fund and the Ivy Science and Technology Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Science and Technology Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA Science and Technology Fund (Target Fund)											Ivy Science and Technology Fund (Acquiring Fund)											Ivy Science and Technology Fund after Reorganization with the WRA Science and Technology Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

37

	WRA Science and Technology Fund (Target Fund)												Ivy Science and Technology Fund (Acquiring Fund)												Ivy Science and Technology Fund after Reorganization with the WRA Science and Technology Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.82	%		0.82	%		0.82	%		0.82	%		0.81	%		0.81	%		0.81	%		0.81	%		0.79	%		0.79	%		0.79	%		0.79	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.17	%		0.61	%		0.45	%		0.21	%		0.19	%		0.22	%		0.17	%		0.18	%		0.17	%		0.29	%		0.18	%		0.19	%
Total Annual Fund Operating Expenses		1.24	%		2.43	%3		2.27	%3		1.03	%		1.25	%		2.03	%		1.98	%		0.99	%		1.21	%		2.08	%4		1.97	%		0.98	%
Fee Waiver and/or Expense Reimbursement		None			0.00	%3		0.00	%3		None			None			None			None			None			None			0.05	%4		None			None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.24	%		2.43	%3		2.27	%3		1.03	%		1.25	%		2.03	%		1.98	%		0.99	%		1.21	%		2.03	%4		1.97	%		0.98	%

¹  For Class A shares, a 1% CDSC is only imposed on shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the start of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

38

³  Through October 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 2.43% and Class C shares at 2.33%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

⁴ Through July 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class B shares at 2.03%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

39

Examples:

These Examples are intended to help you compare the cost of investing in the WRA Science and Technology Fund, the Ivy Science and Technology Fund and the Ivy Science and Technology Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Science and Technology Fund, the Ivy Science and Technology Fund and the Ivy Science and Technology Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Science and Technology Fund	$	694	$	946	$	1,217	$	1,989
Ivy Science and Technology Fund	$	695	$	949	$	1,222	$	1,999
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	691	$	937	$	1,202	$	1,957
Class B Shares
WRA Science and Technology Fund	$	646	$	1,058	$	1,396	$	2,471
Ivy Science and Technology Fund	$	606	$	937	$	1,193	$	2,158
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	606	$	942	$	1,209	$	2,179
Class C Shares
WRA Science and Technology Fund	$	230	$	709	$	1,215	$	2,605
Ivy Science and Technology Fund	$	201	$	621	$	1,068	$	2,306
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	200	$	618	$	1,062	$	2,296
Class Y Shares/Class I Shares
WRA Science and Technology Fund	$	105	$	328	$	569	$	1,259
Ivy Science and Technology Fund	$	101	$	315	$	547	$	1,213
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	100	$	312	$	542	$	1,201

40

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Science and Technology Fund	$	694	$	946	$	1,217	$	1,989
Ivy Science and Technology Fund	$	695	$	949	$	1,222	$	1,999
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	691	$	937	$	1,202	$	1,957
Class B Shares
WRA Science and Technology Fund	$	246	$	758	$	1,296	$	2,471
Ivy Science and Technology Fund	$	206	$	637	$	1,093	$	2,158
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	206	$	642	$	1,109	$	2,179
Class C Shares
WRA Science and Technology Fund	$	230	$	709	$	1,215	$	2,605
Ivy Science and Technology Fund	$	201	$	621	$	1,068	$	2,306
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	200	$	618	$	1,062	$	2,296
Class Y Shares/Class I Shares
WRA Science and Technology Fund	$	105	$	328	$	569	$	1,259
Ivy Science and Technology Fund	$	101	$	315	$	547	$	1,213
Ivy Science and Technology Fund (pro forma, assuming consummation of the Reorganization)	$	100	$	312	$	542	$	1,201

41

WRA Small Cap Fund into Ivy Small Cap Growth Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017, for the WRA Small Cap Fund and the Ivy Small Cap Growth Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Small Cap Growth Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA Small Cap Fund (Target Fund)											Ivy Small Cap Growth Fund (Acquiring Fund)											Ivy Small Cap Growth Fund after Reorganization with the WRA Small Cap Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

42

	WRA Small Cap Fund (Target Fund)												Ivy Small Cap Growth Fund (Acquiring Fund)												Ivy Small Cap Growth Fund after Reorganization with the WRA Small Cap Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.84	%		0.84	%		0.84	%		0.84	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.29	%		0.77	%		0.44	%		0.25	%		0.30	%		0.38	%		0.21	%		0.23	%		0.27	%		0.49	%		0.20	%		0.21	%
Total Annual Fund Operating Expenses		1.39	%3		2.62	%3		2.29	%3		1.10	%		1.40	%		2.23	%		2.06	%		1.08	%		1.36	%		2.33	%4		2.04	%		1.05	%
Fee Waiver and/or Expense Reimbursement		0.01	%3		0.07	%3		0.01	%3		None			None			None			None			None			None			0.10	%4		None			None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.38	%3		2.55	%3		2.28	%3		1.10	%		1.40	%		2.23	%		2.06	%		1.08	%		1.36	%		2.23	%4		2.04	%		1.05	%

¹ For Class A shares, a 1% CDSC is only imposed on shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the start of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

43

³  Through October 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.38%, Class B shares at 2.55% and Class C shares at 2.28%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

⁴ Through July 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class B shares at 2.23%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

44

Examples:

These Examples are intended to help you compare the cost of investing in the WRA Small Cap Fund, the Ivy Small Cap Growth Fund and the Ivy Small Cap Growth Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Small Cap Fund, the Ivy Small Cap Growth Fund and the Ivy Small Cap Growth Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Small Cap Fund	$	707	$	989	$	1,291	$	2,147
Ivy Small Cap Growth Fund	$	709	$	993	$	1,297	$	2,158
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	706	$	981	$	1,277	$	2,116
Class B Shares
WRA Small Cap Fund	$	658	$	1,108	$	1,484	$	2,649
Ivy Small Cap Growth Fund	$	626	$	997	$	1,295	$	2,355
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	626	$	1,008	$	1,327	$	2,407
Class C Shares
WRA Small Cap Fund	$	231	$	714	$	1,224	$	2,625
Ivy Small Cap Growth Fund	$	209	$	646	$	1,108	$	2,390
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	207	$	640	$	1,098	$	2,369
Class Y Shares/Class I Shares
WRA Small Cap Fund	$	112	$	350	$	606	$	1,340
Ivy Small Cap Growth Fund	$	110	$	343	$	595	$	1,317
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	107	$	334	$	579	$	1,283

45

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Small Cap Fund	$	707	$	989	$	1,291	$	2,147
Ivy Small Cap Growth Fund	$	709	$	993	$	1,297	$	2,158
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	706	$	981	$	1,277	$	2,116
Class B Shares
WRA Small Cap Fund	$	258	$	808	$	1,384	$	2,649
Ivy Small Cap Growth Fund	$	226	$	697	$	1,195	$	2,355
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	226	$	708	$	1,227	$	2,407
Class C Shares
WRA Small Cap Fund	$	231	$	714	$	1,224	$	2,625
Ivy Small Cap Growth Fund	$	209	$	646	$	1,108	$	2,390
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	207	$	640	$	1,098	$	2,369
Class Y Shares/ Class I Shares
WRA Small Cap Fund	$	112	$	350	$	606	$	1,340
Ivy Small Cap Growth Fund	$	110	$	343	$	595	$	1,317
Ivy Small Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	107	$	334	$	579	$	1,283

46

WRA Vanguard Fund into Ivy Large Cap Growth Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017, for the WRA Vanguard Fund and the Ivy Large Cap Growth Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Large Cap Growth Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA Vanguard Fund (Target Fund)											Ivy Large Cap Growth Fund (Acquiring Fund)											Ivy Large Cap Growth Fund after Reorganization with the WRA Vanguard Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

47

	WRA Vanguard Fund (Target Fund)												Ivy Large Cap Growth Fund (Acquiring Fund)												Ivy Large Cap Growth Fund after Reorganization with the WRA Vanguard Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.64	%		0.64	%		0.64	%		0.64	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.20	%		0.66	%		0.44	%		0.20	%		0.26	%		0.37	%		0.19	%		0.20	%		0.20	%		0.43	%		0.20	%		0.19	%
Total Annual Fund Operating Expenses		1.13	%		2.34	%3		2.12	%3		0.88	%3		1.19	%4		2.05	%		1.87	%		0.88	%4		1.09	%		2.07	%5		1.84	%		0.83	%
Fee Waiver and/or Expense Reimbursement		None			0.03	%3		0.00	%3		0.01	%3		0.04	%4		None			None			0.00	%4		None			0.02	%5		None			None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.13	%		2.31	%3		2.12	%3		0.87	%3		1.15	%4		2.05	%		1.87	%		0.88	%4		1.09	%		2.05	%5		1.84	%		0.83	%

¹  For Class A shares, a 1% CDSC is only imposed on shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the start of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

³  Through October 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 2.31%, Class C shares at 2.12% and Class Y shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

48

⁴  Through July 31, 2019, IICO, IDI, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class A shares at 1.15% and Class I shares at 0.88%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

⁵  Through July 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses Class B shares at 2.05%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

49

Examples:

These Examples are intended to help you compare the cost of investing in the WRA Vanguard Fund, the Ivy Large Cap Growth Fund and the Ivy Large Cap Growth Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Vanguard Fund, the Ivy Large Cap Growth Fund and the Ivy Large Cap Growth Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Vanguard Fund	$	684	$	913	$	1,161	$	1,871
Ivy Large Cap Growth Fund	$	685	$	927	$	1,188	$	1,932
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	680	$	902	$	1,141	$	1,827
Class B Shares
WRA Vanguard Fund	$	634	$	1,028	$	1,348	$	2,371
Ivy Large Cap Growth Fund	$	608	$	943	$	1,203	$	2,158
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	608	$	945	$	1,210	$	2,145
Class C Shares
WRA Vanguard Fund	$	215	$	664	$	1,139	$	2,452
Ivy Large Cap Growth Fund	$	190	$	588	$	1,011	$	2,190
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	187	$	579	$	995	$	2,159
Class Y Shares/Class I Shares
WRA Vanguard Fund	$	89	$	280	$	487	$	1,083
Ivy Large Cap Growth Fund	$	90	$	281	$	488	$	1,084
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	85	$	265	$	460	$	1,025

50

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Vanguard Fund	$	684	$	913	$	1,161	$	1,871
Ivy Large Cap Growth Fund	$	685	$	927	$	1,188	$	1,932
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	680	$	902	$	1,141	$	1,827
Class B Shares
WRA Vanguard Fund	$	234	$	728	$	1,248	$	2,371
Ivy Large Cap Growth Fund	$	208	$	643	$	1,103	$	2,158
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	208	$	645	$	1,110	$	2,145
Class C Shares
WRA Vanguard Fund	$	215	$	664	$	1,139	$	2,452
Ivy Large Cap Growth Fund	$	190	$	588	$	1,011	$	2,190
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	187	$	579	$	995	$	2,159
Class Y Shares/Class I Shares
WRA Vanguard Fund	$	89	$	280	$	487	$	1,083
Ivy Large Cap Growth Fund	$	90	$	281	$	488	$	1,084
Ivy Large Cap Growth Fund (pro forma, assuming consummation of the Reorganization)	$	85	$	265	$	460	$	1,025

51

WRA Wilshire Global Allocation Fund into Ivy Wilshire Global Allocation Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended June 30, 2017, for the WRA Wilshire Global Allocation Fund and the Ivy Wilshire Global Allocation Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Wilshire Global Allocation Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on July 1, 2016 and had a year of combined operations.

	WRA Wilshire Global Allocation Fund (Target Fund)											Ivy Wilshire Global Allocation Fund (Acquiring Fund)											Ivy Wilshire Global Allocation Fund after Reorganization with the WRA Wilshire Global Allocation Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

52

	WRA Wilshire Global Allocation Fund (Target Fund)												Ivy Wilshire Global Allocation Fund (Acquiring Fund)												Ivy Wilshire Global Allocation Fund after Reorganization with the WRA Wilshire Global Allocation Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.13	%		0.25	%		0.15	%		0.09	%		0.13	%		0.25	%		0.15	%		0.09	%		0.13	%		0.25	%		0.15	%		0.09	%
Acquired Fund Fees and Expenses3		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%
Total Annual Fund Operating Expenses4		1.21	%5		2.08	%5		1.98	%5		0.92	%5		1.21	%6		2.08	%6		1.98	%6		0.92	%6		1.21	%7		2.08	%7		1.98	%7		0.92	%7
Fee Waiver and/or Expense Reimbursement		0.07	%5		0.07	%5		0.07	%5		0.09	%5		0.07	%6		0.07	%6		0.07	%6		0.09	%6		0.07	%7		0.07	%7		0.07	%7		0.09	%7
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement4		1.14	%5		2.01	%5		1.91	%5		0.83	%5		1.14	%6		2.01	%6		1.91	%6		0.83	%6		1.14	%7		2.01	%7		1.91	%7		0.83	%7

¹ For Class A shares, a 1% CDSC is only imposed on Class A shares that were purchased NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

53

² With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the start of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

³ Acquired Fund Fees and Expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the underlying funds in which the Fund invests. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of each underlying fund for the Fund’s most recent fiscal year.

⁴ The Total Annual Fund Operating Expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the Acquired Fund Fees and Expenses. Total Annual Fund Operating Expenses have been restated to reflect current fees.

⁵ Through October 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees, shareholder servicing fees and/or acquired fund fees and expenses to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions and extraordinary expenses, if any) as follows: Class A shares at 1.16%; Class B shares at 2.25%; Class C shares at 2.01%; and Class Y shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.

⁶ Through October 31, 2018, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, and extraordinary expenses, if any) as follows: Class A shares at 1.16%; Class B shares at 2.25%; Class C shares at 2.01%; and Class I shares at 0.83% Prior to that date, the expense limitation may not be terminated without the consent of the Ivy Trust Board.

⁷  Through October 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, and extraordinary expenses, if any) as follows: Class A shares at 1.16%; Class B shares at 2.25%; Class C shares at 2.01%; and Class I shares at 0.83% Prior to that date, the expense limitation may not be terminated without the consent of the Ivy Trust Board.

54

Examples:

These Examples are intended to help you compare the cost of investing in the WRA Wilshire Global Allocation Fund, the Ivy Wilshire Global Allocation Fund and the Ivy Wilshire Global Allocation Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Wilshire Global Allocation Fund, the Ivy Wilshire Global Allocation Fund and the Ivy Wilshire Global Allocation Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Wilshire Global Allocation Fund	$	685	$	930	$	1,195	$	1,951
Ivy Wilshire Global Allocation Fund	$	685	$	930	$	1,195	$	1,951
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	685	$	924	$	1,189	$	1,945
Class B Shares
WRA Wilshire Global Allocation Fund	$	604	$	945	$	1,212	$	2,182
Ivy Wilshire Global Allocation Fund	$	604	$	945	$	1,212	$	2,182
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	604	$	938	$	1,205	$	2,176
Class C Shares
WRA Wilshire Global Allocation Fund	$	194	$	615	$	1,061	$	2,301
Ivy Wilshire Global Allocation Fund	$	194	$	615	$	1,061	$	2,301
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	194	$	607	$	1,054	$	2,295
Class Y Shares/Class I Shares
WRA Wilshire Global Allocation Fund	$	85	$	284	$	500	$	1,123
Ivy Wilshire Global Allocation Fund	$	85	$	284	$	500	$	1,123
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	85	$	275	$	491	$	1,114

55

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Wilshire Global Allocation Fund	$	685	$	930	$	1,195	$	1,951
Ivy Wilshire Global Allocation Fund	$	685	$	930	$	1,195	$	1,951
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	685	$	924	$	1,189	$	1,945
Class B Shares
WRA Wilshire Global Allocation Fund	$	204	$	645	$	1,112	$	2,182
Ivy Wilshire Global Allocation Fund	$	204	$	645	$	1,112	$	2,182
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	204	$	638	$	1,105	$	2,176
Class C Shares
WRA Wilshire Global Allocation Fund	$	194	$	615	$	1,061	$	2,301
Ivy Wilshire Global Allocation Fund	$	194	$	615	$	1,061	$	2,301
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	194	$	607	$	1,054	$	2,295
Class Y Shares/Class I Shares
WRA Wilshire Global Allocation Fund	$	85	$	284	$	500	$	1,123
Ivy Wilshire Global Allocation Fund	$	85	$	284	$	500	$	1,123
Ivy Wilshire Global Allocation Fund (pro forma, assuming consummation of the Reorganization)	$	85	$	275	$	491	$	1,114

56

WRA High Income Fund into Ivy High Income Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017 for the WRA High Income Fund and the Ivy High Income Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy High Income Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA High Income Fund (Target Fund)											Ivy High Income Fund (Acquiring Fund)											Ivy High Income Fund after Reorganization with the WRA High Income Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		5.75	%		None			None			None		5.75	%		None			None			None		5.75	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

57

	WRA High Income Fund (Target Fund)												Ivy High Income Fund (Acquiring Fund)												Ivy High Income Fund after Reorganization with the WRA High Income Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.57	%		0.57	%		0.57	%		0.57	%		0.53	%		0.53	%		0.53	%		0.53	%		0.52	%		0.52	%		0.52	%		0.52	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.18	%		0.66	%		0.25	%		0.21	%		0.17	%		0.18	%		0.13	%		0.18	%		0.16	%		0.20	%		0.14	%		0.18	%
Total Annual Fund Operating Expenses		1.00	%		2.23	%3		1.82	%3		0.78	%		0.95	%		1.71	%		1.66	%		0.71	%		0.93	%		1.72	%4		1.66	%4		0.70	%
Fee Waiver and/or Expense Reimbursement		None			0.02	%3		0.00	%3		None			None			None			None			None			None			0.01	%4		0.00	%4		None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.00	%		2.21	%3		1.82	%3		0.78	%		0.95	%		1.71	%		1.66	%		0.71	%		0.93	%		1.71	%4		1.66	%4		0.70	%

¹  For Class A shares, a 1% CDSC is only imposed on Class A shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

58

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the start of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

³  Through January 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 2.21% and Class C shares at 1.82%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

⁵ Through July 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class B shares at 1.71% and Class C shares at 1.66%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

59

Examples:

These Examples are intended to help you compare the cost of investing in the WRA High Income Fund, the Ivy High Income Fund and the Ivy High Income Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA High Income Fund, the Ivy High Income Fund and the Ivy High Income Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA High Income Fund	$	671	$	875	$	1,096	$	1,729
Ivy High Income Fund	$	666	$	860	$	1,070	$	1,674
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	664	$	854	$	1,060	$	1,652
Class B Shares
WRA High Income Fund	$	624	$	995	$	1,293	$	2,251
Ivy High Income Fund	$	574	$	839	$	1,028	$	1,818
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	574	$	840	$	1,031	$	1,819
Class C Shares
WRA High Income Fund	$	185	$	573	$	985	$	2,137
Ivy High Income Fund	$	169	$	523	$	902	$	1,965
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	169	$	523	$	902	$	1,965
Class Y Shares/Class I Shares
WRA High Income Fund	$	80	$	249	$	433	$	966
Ivy High Income Fund	$	73	$	227	$	395	$	883
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	72	$	224	$	390	$	871

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You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA High Income Fund	$	671	$	875	$	1,096	$	1,729
Ivy High Income Fund	$	666	$	860	$	1,070	$	1,674
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	664	$	854	$	1,060	$	1,652
Class B Shares
WRA High Income Fund	$	224	$	695	$	1,193	$	2,251
Ivy High Income Fund	$	174	$	539	$	928	$	1,818
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	174	$	540	$	931	$	1,819
Class C Shares
WRA High Income Fund	$	185	$	573	$	985	$	2,137
Ivy High Income Fund	$	169	$	523	$	902	$	1,965
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	169	$	523	$	902	$	1,965
Class Y Shares/Class I Shares
WRA High Income Fund	$	80	$	249	$	433	$	966
Ivy High Income Fund	$	73	$	227	$	395	$	883
Ivy High Income Fund (pro forma, assuming consummation of the Reorganization)	$	72	$	224	$	390	$	871

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WRA Municipal High Income Fund into Ivy Municipal High Income Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017 for the WRA Municipal High Income Fund and the Ivy Municipal High Income Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Municipal High Income Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA Municipal High Income Fund (Target Fund)											Ivy Municipal High Income Fund (Acquiring Fund)											Ivy Municipal High Income Fund after Reorganization with the WRA Municipal High Income Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares		Class A Shares			Class B Shares			Class C Shares			Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		4.25	%		None			None			None		4.25	%		None			None			None		4.25	%		None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None		1.00	%1		5.00	%1		1.00	%1		None
Maximum Account Fee	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None	$	20	2		None		$	20	2		None

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	WRA Municipal High Income Fund (Target Fund)												Ivy Municipal High Income Fund (Acquiring Fund)												Ivy Municipal High Income Fund after Reorganization with the WRA Municipal High Income Fund (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class Y Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares			Class A Shares			Class B Shares			Class C Shares			Class I Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.52	%		0.52	%		0.52	%		0.52	%		0.51	%		0.51	%		0.51	%		0.51	%		0.47	%		0.47	%		0.47	%		0.47	%
Distribution and Service (12b-1) Fees		0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None			0.25	%		1.00	%		1.00	%		None
Other Expenses		0.13	%		0.36	%		0.21	%		0.21	%		0.12	%		0.16	%		0.12	%		0.21	%		0.10	%		0.16	%		0.12	%		0.20	%
Total Annual Fund Operating Expenses		0.90	%		1.88	%3		1.73	%3		0.73	%3		0.88	%		1.67	%4		1.63	%4		0.72	%4		0.82	%		1.63	%5		1.59	%5		0.67	%5
Fee Waiver and/or Expense Reimbursement		None			0.07	%3		0.03	%3		0.02	%3		None			0.05	%4		0.05	%4		0.04	%4		None			0.01	%5		0.01	%5		None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.90	%		1.81	%3		1.70	%3		0.71	%3		0.88	%		1.62	%4		1.58	%4		0.68	%4		0.82	%		1.62	%5		1.58	%5		0.67	%

¹  For Class A shares, a 1% CDSC is only imposed on Class A shares that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the start of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

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³  Through January 31, 2018, WRIMCO, WRI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 1.81%, Class C shares at 1.70% and Class Y shares at 0.71%. Prior to that date, the expense limitation may not be terminated without the consent of the WRA Trust Board.

⁴  Through July 31, 2018, IICO, IDI, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class B shares at 1.62%; Class C shares at 1.58% and Class I shares at 0.68%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

⁵ Through July 31, 2020, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class B shares at 1.62% and Class C shares at 1.58%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Ivy Trust Board.

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Examples:

These Examples are intended to help you compare the cost of investing in the WRA Municipal High Income Fund, the Ivy Municipal High Income Fund and the Ivy Municipal High Income Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Municipal High Income Fund, the Ivy Municipal High Income Fund and the Ivy Municipal High Income Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Municipal High Income Fund	$	513	$	700	$	902	$	1,486
Ivy Municipal High Income Fund	$	511	$	694	$	892	$	1,463
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	505	$	676	$	861	$	1,395
Class B Shares
WRA Municipal High Income Fund	$	584	$	884	$	1,110	$	1,939
Ivy Municipal High Income Fund	$	565	$	822	$	1,003	$	1,762
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	565	$	812	$	985	$	1,714
Class C Shares
WRA Municipal High Income Fund	$	173	$	542	$	936	$	2,038
Ivy Municipal High Income Fund	$	161	$	509	$	882	$	1,929
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	161	$	500	$	864	$	1,887
Class Y Shares/Class I Shares
WRA Municipal High Income Fund	$	73	$	231	$	404	$	905
Ivy Municipal High Income Fund	$	69	$	226	$	397	$	891
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	68	$	214	$	373	$	835

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You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Municipal High Income Fund	$	513	$	700	$	902	$	1,486
Ivy Municipal High Income Fund	$	511	$	694	$	892	$	1,463
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	505	$	676	$	861	$	1,395
Class B Shares
WRA Municipal High Income Fund	$	184	$	584	$	1,010	$	1,939
Ivy Municipal High Income Fund	$	165	$	522	$	903	$	1,762
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	165	$	512	$	885	$	1,714
Class C Shares
WRA Municipal High Income Fund	$	173	$	542	$	936	$	2,038
Ivy Municipal High Income Fund	$	161	$	509	$	882	$	1,929
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	161	$	500	$	864	$	1,887
Class Y Shares/Class I Shares
WRA Municipal High Income Fund	$	73	$	231	$	404	$	905
Ivy Municipal High Income Fund	$	69	$	226	$	397	$	891
Ivy Municipal High Income Fund (pro forma, assuming consummation of the Reorganization)	$	68	$	214	$	373	$	835

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WRA Cash Management into Ivy Cash Management Fund

The Annual Fund Operating Expenses shown in the table below are based on expenses for the twelve-month period ended September 30, 2017, for WRA Cash Management and the Ivy Cash Management Fund. Also shown are the Annual Fund Operating Expenses projected for the Ivy Cash Management Fund on a pro forma basis after giving effect to the proposed Reorganization, based on combined net assets as if the Reorganization had occurred on October 1, 2016 and had a year of combined operations.

	WRA Cash Management (Target Fund)									Ivy Cash Management Fund (Acquiring Fund)									Ivy Cash Management Fund after Reorganization with WRA Cash Management (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class A Shares			Class B Shares			Class C Shares			Class A Shares			Class B Shares			Class C Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) imposed on purchases (as a % of offering price)		None			None			None			None			None			None			None			None			None
Maximum Deferred Sales Charge1 (Load) (as a % of lesser of amount invested or redemption value)		1.00	%1		5.00	%1		1.00	%1		1.00	%1		5.00	%1		1.00	%1		1.00	%1		5.00	%1		1.00	%1
Maximum Account Fee	$	20	2		None		$	20	2	$	20	2		None		$	20	2	$	20	2		None		$	20	2

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	WRA Cash Management (Target Fund)									Ivy Cash Management Fund (Acquiring Fund)									Ivy Cash Management Fund after Reorganization with WRA Cash  Management (pro forma combined)
	Class A Shares			Class B Shares			Class C Shares			Class A Shares			Class B Shares			Class C Shares			Class A Shares			Class B Shares			Class C Shares
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%
Distribution and Service (12b-1) Fees		None			1.00	%		1.00	%		None			1.00	%		1.00	%		None			1.00	%		1.00	%
Other Expenses		0.39	%		0.25	%		0.25	%		0.39	%		0.25	%		0.25	%		0.39	%		0.25	%		0.25	%
Total Annual Fund Operating Expenses		0.75	%		1.61	%		1.61	%		0.75	%		1.61	%		1.61	%		0.75	%		1.61	%		1.61	%
Fee Waiver and/or Expense Reimbursement		None			None			None			None			None			None			None			None			None
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.75	%		1.61	%		1.61	%		0.75	%		1.61	%		1.61	%		0.75	%		1.61	%		1.61	%

¹  For Class A shares, a 1% CDSC is only imposed on Class A shares if they were exchanged from Class A shares of another WRA Fund (or, in certain circumstances, lvy Funds) that were purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within twelve months of purchase.

²  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $650 at the close of business on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20.

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Examples:

These Examples are intended to help you compare the cost of investing in the WRA Cash Management, the Ivy Cash Management Fund and the Ivy Cash Management Fund after the Reorganization, with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the WRA Cash Management Fund, the Ivy Cash Management and the Ivy Cash Management Fund after the Reorganization for the time periods indicated and reinvest all dividends and distributions. The Examples also assume that your investment has a 5% return each year, that the Funds’ operating expenses without waivers remain the same and that expenses were capped for the periods indicated above. The pro forma expense examples reflect the expense limitation agreement in effect through July 31, 2020. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Cash Management	$	77	$	240	$	417	$	930
Ivy Cash Management Fund	$	77	$	240	$	417	$	930
Ivy Cash Management Fund (pro forma, assuming consummation of the Reorganization)	$	77	$	240	$	417	$	930
Class B Shares
WRA Cash Management	$	564	$	808	$	976	$	1,680
Ivy Cash Management Fund	$	564	$	808	$	976	$	1,680
Ivy Cash Management Fund (pro forma, assuming consummation of the Reorganization)	$	564	$	808	$	976	$	1,680
Class C Shares
WRA Cash Management	$	164	$	508	$	876	$	1,911
Ivy Cash Management Fund	$	164	$	508	$	876	$	1,911
Ivy Cash Management Fund (pro forma, assuming consummation of the Reorganization)	$	164	$	508	$	876	$	1,911

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You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares
WRA Cash Management	$	77	$	240	$	417	$	930
Ivy Cash Management Fund	$	77	$	240	$	417	$	930
Ivy Cash Management Fund (pro forma, assuming consummation of the Reorganization)	$	77	$	240	$	417	$	930
Class B Shares
WRA Cash Management	$	164	$	508	$	876	$	1,680
Ivy Cash Management Fund	$	164	$	508	$	876	$	1,680
Ivy Cash Management Fund (pro forma, assuming consummation of the Reorganization)	$	164	$	508	$	876	$	1,680
Class C Shares
WRA Cash Management	$	164	$	508	$	876	$	1,911
Ivy Cash Management Fund	$	164	$	508	$	876	$	1,911
Ivy Cash Management Fund (pro forma, assuming consummation of the Reorganization)	$	164	$	508	$	876	$	1,911

Comparison of Investment Objectives

Each WRA Fund and its corresponding Ivy Fund have identical investment objectives.

WRA Accumulative Fund and Ivy Accumulative Fund: To seek to provide capital growth and appreciation.

WRA Continental Income Fund and Ivy Balanced Fund: To seek to provide total return through a combination of capital appreciation and current income.

WRA Global Growth Fund and Ivy Global Growth Fund: To seek to provide growth of capital.

WRA New Concepts Fund and Ivy Mid Cap Growth Fund: To seek to provide growth of capital.

WRA Science and Technology Fund and Ivy Science and Technology Fund: To seek to provide growth of capital.

WRA Small Cap Fund and Ivy Small Cap Growth Fund: To seek to provide growth of capital.

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WRA Vanguard Fund and Ivy Large Cap Growth Fund: To seek to provide growth of capital.

WRA Wilshire Global Allocation Fund and Ivy Wilshire Global Allocation Fund: To seek to provide total return.

WRA High Income Fund and Ivy High Income Fund: To seek to provide total return through a combination of high current income and capital appreciation.

WRA Municipal High Income Fund and Ivy Municipal High Income Fund: To seek to provide a high level of current income that is not subject to Federal income tax.

WRA Cash Management and Ivy Cash Management Fund: To seek to provide current income consistent with maintaining liquidity and preservation of capital.

Comparison of Principal Investment Strategies

The principal investment strategies of each WRA Fund are identical or substantially similar to those of its corresponding Ivy Fund. The following pages provide the principal investment strategies of each WRA Fund and indicate whether its corresponding Ivy Fund has the same principal investment strategies. If the principal investment strategies are not the same, any material differences are highlighted.

For more information concerning investment strategies and restrictions, see the Existing Ivy Funds Prospectus and Shell Ivy Funds Prospectus which accompany this Prospectus/Information Statement.

WRA Accumulative Fund/Ivy Accumulative Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

Each Fund invests primarily in common stocks of companies that the investment manager, considers to be high in quality and attractive in their long-term investment potential. Although the Funds generally emphasize large-capitalization companies (typically, companies with capitalizations of at least $10 billion at the time of acquisition), they may invest in companies of any size, and of any industry, in seeking to achieve its objective.

The Funds may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies. Value stocks are those that the investment managers believe

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are currently selling below their true worth. A stock has growth potential if, in the investment managers’ opinion, the earnings of the company are likely to grow faster than the economy.

The investment managers’ investment philosophies for the Funds is a blend between bottom-up (researching individual issuers) fundamental stock and sector analysis, coupled with a top-down (assessing the market environment) macroeconomic perspective that the investment managers use to guide them in their selection of weightings in industries and sectors.

In selecting securities for a Funds, the investment manager invests in companies that, in its opinion, have the potential for slightly higher growth rates than other companies, and companies that they believe are able to differentiate themselves with a product or a franchise of products, a brand or a technological advantage that give them an advantage over their competitors. An investment manager considers many factors, which may include: stability and predictability of earnings growth; acceleration of earnings and/or revenue; improvement in profitability and market share; and sustainable generation of cashflows from operations.

Many of the companies in which the Funds may invest have diverse operations, with products or services in foreign markets. Therefore, the Funds may have indirect exposure to various foreign markets through investments in these companies, even if the Funds are not invested directly in such markets.

The Funds may utilize derivative instruments, primarily options, both written and purchased, on individual equity securities and domestic equity indexes, to generate additional income from written option premiums, to seek to exploit opportunities as a result of ongoing uncertainties in the economy, or in an attempt to hedge market risk on equity securities. The Funds also may utilize futures contracts to gain exposure to, or hedge against, changes in interest rates or changes in the value of equity securities.

Generally, in determining whether to sell a security, the investment managers considers many factors, which may include: changes in economic or market factors in general or with respect to a particular industry or sector; changes in the market trends or other factors affecting an individual security; and changes in the relative market performance or its belief in the appreciation possibilities offered by individual securities. The investment managers also may sell a security to reduce the Funds’ holdings in that security, to take advantage of what they believe are more attractive investment opportunities or to raise cash.

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WRA Continental Income Fund/Ivy Balanced Fund

The WRA Fund and its corresponding Ivy Fund have almost identical principal investment strategies (any wording differences between each Fund’s description of principal investment strategies are non-material) that are described as follows:

The Funds seek to achieve their objective by investing primarily in a mix of stocks, debt securities and short-term instruments, depending on market conditions. Regarding its equity investments, the Funds invest primarily in medium to large, well-established companies, most of which pay a regular dividend. The Funds invest at least 25% of its total assets in equity securities. The Funds typically hold a limited number of stocks (generally 45 to 55), with the objective of providing potential capital appreciation and some dividend income.

In addition, the Funds invest at least 25% of its total assets in debt securities with the objective of providing income and relative stability of capital. The Funds may invest in preferred stocks. The majority of the Funds’ debt securities are either U.S. government securities or investment-grade corporate bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the investment managers, to be of comparable quality. The Funds may invest up to 20% of their total assets in non-investment grade debt securities. The Funds have no limitations on the range of maturities of the debt securities in which it may invest, or on the size of companies in which they may invest.

In evaluating investments for the Funds, the investment managers consider a company’s potential for growth, as well as opportunities to improve its profitability, which result in growth in earnings and cash flows. In so doing, the investment managers evaluate a company’s management team, its financial position, its competitive position and the condition of its respective industry in addition to other factors. The investment managers utilize financial statements, independent research by its investment management personnel, third party research, brand studies done by outside parties and other tools and processes to identify what it believes to be attractive investment opportunities with a focus on the trajectory and sustainability of a company’s business model. In addition, the investment managers’ analyses inform their view of an appropriate valuation for each potential investment. In selecting equity securities for the Funds, the investment managers follow a growth at a

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reasonable price investing strategy. In selecting debt securities for the Funds, the investment managers generally seek to invest in investment-grade securities.

Many of the companies in which the Funds may invest have diverse operations, with products or services in foreign markets. Therefore, the Funds may have indirect exposure to various foreign markets through investments in these companies, even if the Funds are not invested directly in such markets.

Generally, in determining whether to sell a security, the investment managers use the same analysis as identified above in order to determine if the security is appropriately valued or has met its anticipated price. The investment managers also may sell a security if the security ceases to produce income, to reduce the Funds’ holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash

WRA Global Growth Fund/Ivy Global Growth Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

The Funds seek to achieve their objectives by investing primarily in common stocks of U.S. and foreign companies (including depositary receipts of foreign issuers) that the Funds’ investment managers, believe are competitively well-positioned, gaining market share, have the potential for long-term growth and/or operate in regions or countries that the investment managers believes possess attractive growth characteristics. The Funds primarily invest in issuers of developed countries, including the U.S., although the Funds have the ability to invest in issuers domiciled in or doing business in any country or region around the globe, including emerging markets. While the Funds primarily invest in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $10 billion at the time of acquisition), they may invest in securities issued by companies of any size. Under normal circumstances, the Funds invest at least 40% (or, if the portfolio manager deems it warranted by market conditions, at least 30%) of their total assets in foreign securities. The Funds may invest up to 100% of their total assets in foreign securities, including securities denominated in currencies other than the U.S. dollar. Under normal circumstances, the Funds will allocate their assets among at least three different countries (one of which may be the United States). The Funds typically hold a limited number of stocks (generally 45 to 70).

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The investment managers utilize a research-based investment process that focuses on bottom-up (researching individual issuers) stock selection, followed by a top-down (assessing the market environment) global economic analysis. The investment managers seek strong companies that possess a unique, sustainable competitive advantage that the investment managers believe will allow them to withstand competitive pressures and grow faster than the general economy. The investment managers may look at a number of factors in selecting securities for the Funds’ portfolios, including: a company’s competitive position and its sustainability; a company’s growth and earnings potential and valuation; a company’s financials, including cash flow and balance sheet; management of the company; strength of the industry; size of the company’s total addressable market; margin trends; switching costs; control of distribution channels; and applicable economic, market and political conditions of the country in which the company is located and/or in which it is doing business. In its top-down analysis, the investment managers consider factors such as the geopolitical economic and political environment, regulatory policy, geopolitical risk and the current environment.

Many of the companies in which the Funds may invest have diverse operations, with products or services in foreign markets. Therefore, the Funds may have indirect exposure to various additional foreign markets through investments in these companies, even if the Funds are not invested directly in such markets.

Generally, in determining whether to sell a security, the investment managers use the same type of analysis that they use in buying securities. For example, the investment managers may sell a security issued by a company if they believe the company has experienced a fundamental breakdown of its sustainable competitive advantage or no longer offers significant growth potential, if they believe the management of the company has weakened or its margin and/or its valuation appears unsustainable, if they believe there are macro-economic factors that override a company’s fundamentals and/or there exists political or economic instability in the issuer’s country. The investment managers also may sell a security to reduce the Funds’ holdings in that security, to take advantage of what they believe are more attractive investment opportunities or to raise cash.

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WRA New Concepts Fund/Ivy Mid Cap Growth Fund

The WRA Fund and its corresponding Ivy Fund have substantially similar principal investment strategies that are described as follows:

The Funds seek to achieve their objective by investing primarily in common stocks of mid-capitalization companies that the investment managers believe are high quality and/or offer above-average growth potential. While the WRA Fund does not have a formal 80% policy, under normal circumstances, the Funds invest at least 80% of their net assets in the securities of mid-capitalization companies, which, for purposes of these Funds, typically are companies with market capitalizations within the range of companies in the Russell Midcap Growth Index at the time of acquisition. As of June 30, 2017 (the quarter-end closest to the index’s rebalance), this range of market capitalizations was between approximately $2.16 billion and $30.62 billion.

In selecting securities for the Funds, the investment managers primarily emphasizes a bottom-up (researching individual issuers) approach and focuses on companies they believe have the potential for strong growth, increasing profitability, attractive valuations and sound capital structures. The investment managers may look at a number of factors in their consideration of a company, such as: new or innovative products or services; adaptive or creative management; strong financial and operational capabilities to sustain multi-year growth; stable and consistent revenue, earnings, and cash flow; strong balance sheet; market potential; and profit potential. Part of the investment managers’ investment processes also include a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending.

Generally, in determining whether to sell a security, the investment managers considers many factors, including what they believe to be excessive valuation given company growth prospects, deterioration of fundamentals, weak cash flow to support shareholder returns, and unexpected and poorly explained management changes. The investment managers also may sell a security to reduce the Funds’ holdings in that security, to take advantage of what they believe are more attractive investment opportunities or to raise cash.

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WRA Science and Technology Fund/Ivy Science and Technology Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

The Funds invest primarily in the equity securities of science and technology companies around the globe. Under normal circumstances, the Funds invest at least 80% of their net assets in securities of science or technology companies. Such companies may include companies that, in the opinion of the investment managers, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage. Science and technology companies are companies whose products, processes or services, in the opinion of the investment managers, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. The Funds also may invest in companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities. The Funds may invest in securities issued by companies of any size, and may invest without limitation in foreign securities, including securities of issuers within emerging markets.

The investment managers typically emphasizes growth potential in selecting stocks; that is, the investment managers seeks companies in which earnings are likely to grow faster than the economy. The investment managers aim to identify strong secular trends within industries and then apply a largely bottom-up (researching individual issuers) stock selection process by considering a number of factors in selecting securities for the Funds’ portfolios. These may include but are not limited to a company’s growth potential, earnings potential, quality of management, valuation, financial statements, industry position/market size potential and applicable economic and market conditions, as well as whether a company’s products and services have high barriers to entry. The Funds typically hold a limited number of stocks (generally 45 to 65).

Many of the companies in which the Funds may invest have diverse operations, with products or services in foreign markets. Therefore, the Funds may have indirect exposure to various foreign markets through investments in these companies, even if the Funds are not invested directly in such markets.

Generally, in determining whether to sell a security, the investment managers use the same type of analysis that they use in buying securities

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in order to determine whether the security has ceased to offer significant growth potential, has become overvalued and/or whether the company prospects of the issuer have deteriorated due to a change in management, change in strategy and/or a change in its financial characteristics. The investment managers also may sell a security to reduce the Funds’ holdings in that security, to take advantage of what they believe are more attractive investment opportunities or to raise cash.

WRA Small Cap Fund/Ivy Small Cap Growth Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

The Funds seek to achieve their objectives by investing, under normal circumstances, at least 80% of their net assets in common stocks of small-capitalization companies. For purposes of these Funds, small-capitalization companies typically are companies with market capitalizations within the range of companies in the Russell 2000 Growth Index at the time of acquisition. As of June 30, 2017 (the quarter-end closest to the index’s rebalance), this range of market capitalizations was between approximately $90.89 million and $5.86 billion. The Funds emphasize smaller companies positioned in new or emerging industries where the investment managers believe there is opportunity for higher growth than in established companies or industries. The Funds’ investments in equity securities may include common stocks that are offered in initial public offerings (IPOs).

In selecting securities for the Funds, the investment managers utilize a bottom-up (researching individual issuers) stock-picking process that focuses on companies they believe have sustainable long-term growth potential with superior financial characteristics and, therefore, are believed by the investment managers to be of a higher quality than many other small-capitalization companies. The investment managers may look at a number of factors regarding a company, such as: management that is aggressive, creative, strong and/or dedicated; technological or specialized expertise; new or unique products or services; entry into new or emerging industries; growth in earnings/growth in revenue and sales/positive cash flows; ROIC (return on invested capital); market share; barriers to entry; operating margins; rising returns on investment; and security size and liquidity.

Generally, in determining whether to sell a security, the investment managers use the same type of analysis that they use in buying securities. For example, the investment managers may sell a security if

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they believe that the stock no longer offers significant growth potential, which may be due to a change in the business or management of the company or a change in the industry or sector of the company. The investment managers also may sell a security to reduce the Funds’ holding in that security, if they loses confidence in the management of the company, to take advantage of what they believes are more attractive investment opportunities or to raise cash.

WRA Vanguard Fund/Ivy Large Cap Growth Fund

The WRA Fund and its corresponding Ivy Fund have substantially similar principal investment strategies that are described as follows:

The Funds seek to achieve their objectives by investing primarily in diversified portfolios of common stocks issued by large-capitalization, growth-oriented companies with above-average levels of profitability and that the investment managers believe have the ability to sustain growth over the long term. While the WRA Fund does not have a formal 80% policy, under normal circumstances, the Funds invest at least 80% of their net assets in large-capitalization companies, which typically are companies with market capitalizations of at least $10 billion at the time of acquisition. Growth-oriented companies are those whose earnings the investment managers believe are likely to grow faster than the economy.

The investment managers primarily utilize a bottom-up (researching individual issuers) strategy in selecting securities for the Funds and seek to invest for the Funds in companies that they believe possess, or have the potential to achieve, dominant market positions and/or structural competitive advantages. The investment managers believe that these characteristics can help to mitigate competition and lead to more resilient and sustainable revenue and earnings growth.

The investment managers attempt to focus on companies operating in large, growing, addressable markets (generally, the total potential markets for their goods and services) whose competitive market position the investment managers believe will allow them to grow faster than the general economy. The key factors the investment managers typically analyze consist of: a company’s brand equity, proprietary technology, economies of scale, barriers to entry, strength of management, and level of competitive intensity; return of capital in the form of higher dividends or share repurchases; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers and competitors. The Funds typically hold a limited number of stocks (generally 45 to 60).

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Many of the companies in which the Funds may invest have diverse operations, with products or services in foreign markets. Therefore, the Funds may have indirect exposure to various foreign markets through investments in these companies, even if the Funds are not invested directly in such markets.

In general, the investment managers may sell a security when, in the investment managers’ opinion, a company experiences deterioration in its growth and/or profitability characteristics, or a fundamental breakdown of its sustainable competitive advantages. The investment managers also may sell a security if they believe that the security no longer presents sufficient appreciation potential; this may be caused by, or be an effect of, changes in the industry or sector of the issuer, loss by the company of its competitive position, and/or poor use of resources. The investment managers also may sell a security to reduce the Funds’ holdings in that security, to take advantage of what they believe are more attractive investment opportunities or to raise cash.

WRA Wilshire Global Allocation Fund/Ivy Wilshire Global Allocation Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

The Funds are fund-of-funds that seek to achieve their objectives primarily by allocating its assets among a diverse group of affiliated equity and fixed income mutual funds.

The WRA Fund invests primarily in mutual funds that are series of either the WRA Trust or the Ivy Trust and the Ivy Fund invests in mutual funds that are series of the Ivy Trust (each such fund is an “Underlying Affiliated Fund”). After the Reorganization the Ivy Fund will invest in the same Underlying Affiliated Funds in which the WRA Fund currently invests. Each Underlying Affiliated Fund, in turn, invests in a diversified portfolio of securities from one or more of the following asset classes: domestic equity securities, foreign equity securities (from issuers in both developed and emerging markets) and bonds (both investment grade and high yield) issued by domestic and foreign corporations and governments. The Funds invest in Underlying Affiliated Funds that utilize a variety of growth or income investment strategies to seek to achieve their respective objectives. The Underlying Affiliated Funds of either the WRA Trust or Ivy Trust are managed by WRIMCO or IICO as applicable.

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Under normal circumstances, the Funds’ “policy” asset mix is 65% invested in equities and 35% invested in fixed income. However, at any given time, the Funds’ permissible ranges are 45% to 85% invested in equities and 15% to 55% invested in fixed income.

Wilshire Associates Incorporated, the Funds’ subadviser (Wilshire), allocates certain of the Funds’ assets among the Underlying Affiliated Funds using a methodology designed to provide exposure to a broad array of asset classes and investment strategies. Within the permissible ranges, Wilshire establishes a “target” allocation for each asset class and dynamically allocates and repositions the amount of the Funds’ assets invested in the Underlying Affiliated Funds over time based upon market and economic conditions. The Wilshire Fund Management business unit of Wilshire is the subadviser to the Funds.

Through its investments in the Underlying Affiliated Funds, the Funds will invest, under normal circumstances, at least 40% of its assets in foreign investments.

The Funds’ investment managers, develop the universe of Underlying Affiliated Funds that Wilshire may consider when making allocation decisions. Wilshire monitors the Funds’ holdings and cash flow and, in general, manages them as needed in order to maintain the Funds’ target allocations. Wilshire does not intend to trade actively among the Underlying Affiliated Funds nor does it intend to attempt to capture short-term market opportunities. However, in seeking to enhance performance, Wilshire may change target allocations within the permissible ranges at any time. Wilshire may modify the above-specified target asset allocations for the Fund and also may modify, from time to time, the Underlying Affiliated Funds selected for the Fund. In addition, from time to time Wilshire or market movements (or a combination of both) may cause the Funds’ investment to temporarily vary from their target percentage. Wilshire will consider rebalancing the Funds’ assets at least quarterly; however, they may rebalance the assets at any time that, in Wilshire’s judgment, a rebalance is necessary, particularly if movements in the market and portfolio activity shift the Fund near the permissible allocation ranges.

Effective May 18, 2017, the WRA Wilshire Global Allocation Fund began operating as a fund-of-funds. Prior to that date, the WRA Fund invested in, stocks, bonds and short term instruments of issuers in markets around the globe, as well as in derivative instruments, precious metals and investments with exposure to various foreign currencies. In addition, the WRA Wilshire Global Allocation Fund invested in, among other investments, private placements and other restricted securities in

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an amount up to 15% of its net assets, in accordance with its investment restrictions. Private placements and other restricted securities may be difficult to resell because a ready market for resale may not exist at any given time. Effective with its change to a fund-of-funds, the WRA Wilshire Global Allocation Fund does not intend to further invest in private placements and restricted securities and will seek to sell its holdings of such securities in accordance with its revised principal investment strategies. However, a portion of the WRA Wilshire Global Allocation Fund’s assets may remain invested in such securities given their limited market for resale. WRIMCO will continue to manage the WRA Wilshire Global Allocation Fund’s investments in restricted securities and private placements (the “Private Equity Segment”) during that transition.

WRA High Income Fund/Ivy High Income Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

The Funds seek to achieve their objectives by investing primarily in diversified portfolios of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of U.S. and foreign issuers, the risks of which are, in the judgment of their investment managers, consistent with the Funds’ objectives. The Fund invests primarily in lower-quality debt securities, which include debt securities rated BBB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the investment managers to be of comparable quality. The Funds may invest up to 100% of their total assets in non-investment grade debt securities, commonly called “high yield” or “junk” bonds, which include debt securities rated BB+ or lower by S&P or comparably rated by another NRSRO or, if unrated, determined by the investment managers to be of comparable quality. The Funds may invest in fixed-income securities of any maturity and in companies of any size.

The Funds may invest up to 100% of their total assets in foreign securities that are denominated in U.S. dollars or foreign currencies. Many of the companies in which the Funds may invest have diverse operations, with products or services in foreign markets. Therefore, the Funds may have indirect exposure to various foreign markets through investments in these companies, even if the Funds are not invested directly in such markets.

The Funds may invest in private placements and other restricted securities.

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Although the investment managers consider credit ratings in selecting investments for the Funds, the investment managers base their investment decisions for particular instruments primarily on their own credit analyses and not on a NRSRO’s credit rating. The investment managers may look at a number of factors in selecting securities for the Funds, beginning with a primarily bottom-up (researching individual issuers) analysis of a company’s fundamentals, including financial strength, growth of operating cash flows, strength of management, borrowing requirements, improving credit metrics, potential to improve credit standing, responsiveness to changes in interest rates and business conditions, strength of business model, and capital structure and future capital needs, and progressing to consideration of the current economic environment, the direction and level of interest rates and inflation, and industry fundamentals and trends in the general economy.

The investment managers attempt to optimize the Funds’ risk/reward by investing in the debt portion of the capital structure that the investment managers believe to be most attractive, which may include secured and/or unsecured loans or floating rate notes, secured and/or unsecured high-yield bonds. For example, if the investment managers believe that market conditions are favorable for a particular type of fixed-income instrument, such as high yield bonds, most or all of the fixed-income instruments in which the Funds invest may be high yield bonds. Similarly, if the investment managers believe that market conditions are favorable for loans, most or all of the fixed-income instruments in which the Funds invest may be loans, including second-lien loans which typically are lower in the capital structure and less liquid than first-lien loans.

Generally, in determining whether to sell a security, the investment managers consider the dynamics of an industry and/or company change or anticipated change, a change in strategy by a company, a deterioration of the company’s financial model, credit quality or credit standing, and/or a change in management’s consideration of its creditors. The investment managers also may sell a security if, in the investment managers’ opinion, the price of the security has risen to fully reflect the company’s improved creditworthiness and other investments with greater potential exist. The investment managers also may sell a security to take advantage of what they believe are more attractive investment opportunities, to reduce the Funds’ holdings in that security or to raise cash.

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WRA Municipal High Income Fund/Ivy Municipal High Income Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

The Funds seek to achieve their objectives by investing, under normal circumstances, at least 80% of its net assets in diversified portfolios of municipal bonds. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam), the interest on which is excludable from gross income for Federal income tax purposes, although a significant portion of such interest may be an item of tax preference for purposes of the Federal alternative minimum tax (AMT) (Tax Preference Item).

The Funds typically invest in medium- and lower-quality bonds that include bonds rated BBB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Funds’ investment managers, to be of comparable quality. Such investments include non-investment grade debt securities, commonly called “high yield” or “junk” bonds, which typically are rated BB+ or lower by S&P or comparably rated by another NRSRO or, if unrated, determined by the investment managers to be of comparable quality. The Funds may invest up to 100% of its total assets in non-investment grade bonds. Although the investment managers consider credit ratings in selecting investments for the Funds, the investment managers base their investment decisions for a particular instrument primarily on their own credit analyses and not on a NRSRO’s credit rating. The investment managers will consider, among other things, the issuer’s financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, and interest and asset coverage.

The investment managers’ view on interest rates largely determines the desired duration of the Funds’ holdings and how to structure the portfolios to achieve a duration target. In current market conditions, the Funds invest substantially in municipal bonds with remaining maturities of 10 to 30 years.

The Funds may invest in higher-quality municipal bonds at times when yield spreads are narrow and IICO believes that the higher yields do not justify the increased risk, and/or when, in the opinion of the investment managers, there is a lack of medium- and lower-quality bonds in which to invest.

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The investment managers typically conduct a top-down (assessing the market environment) analysis in conjunction with their security selection, and they may look at a number of factors in selecting individual securities for the Funds’ portfolios. These factors include the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, the structure of the security, including whether it has a call feature, and the state in which the security is issued.

The Fund primarily invests in revenue bonds: revenue bonds are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain PABs, which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues.

The Funds may invest significantly in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal bonds of issuers located in the same geographic area.

Generally, in determining whether to sell a security, the investment managers use the same type of analysis that they use when buying securities to determine whether the security continues to be a desired investment for the Funds, including consideration of the security’s current credit quality. Additionally, the investment managers may sell a security to reduce the Funds’ holdings in that security, to take advantage of what they believe are more attractive investment opportunities or to raise cash.

WRA Cash Management/Ivy Cash Management Fund

The WRA Fund and its corresponding Ivy Fund have identical principal investment strategies that are described as follows:

The Funds seek to achieve their objectives by investing in U.S. dollar-denominated, high-quality money market obligations and instruments. The Funds seek, as well, to maintain a NAV of $1.00 per share. The Funds maintain a dollar-weighted average maturity of 60

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calendar days or less, and the Funds invest only in securities with a remaining maturity of not more than 397 calendar days.

The investment managers may look at a number of factors in selecting securities for the Funds’ portfolios. These may include the credit quality of the particular issuer or guarantor of the security, along with the liquidity, maturity and yield, as well as the industry sector of the issuer of the security. The investment managers also must select securities for the Funds in compliance with the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the 1940 Act, as amended (Rule 2a-7) that apply to money market funds.

Generally, in determining whether to sell a security, the investment managers uses the same type of analysis that they uses when buying securities to determine whether the security no longer offers adequate return or complies with Rule 2a-7. The investment managers also may sell a security to reduce the Funds’ holding in that security, to take advantage of what they believe are more attractive investment opportunities or to raise cash.

Comparison of Principal Investment Risks

Like all investments, an investment in each Fund involves risk. All of the principal investment risks applicable to a WRA Fund are identical to its corresponding Ivy Fund as listed below. As previously noted, a WRA Fund and its corresponding Ivy Fund have the same investment objective and substantially similar principal investment strategies. An investment in a WRA Fund involves the same risks as an investment in its corresponding Ivy Fund. The fact that a particular risk is not identified does not mean that a Fund, as part of its overall investment strategy, does not invest or is precluded from investing in securities that give rise to that risk.

As with any mutual fund, the value of a Fund’s shares will change, and you could lose money on your investment. A variety of factors can affect the investment performance of a Fund and prevent it from achieving its objective.

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The following pages lists the risks of each WRA Fund and its corresponding Ivy Fund. See Appendix C – “Descriptions of Principal Investment Risks” for more information about each risk.

WRA Accumulative Fund/Ivy Accumulative Fund

Company Risk	Derivatives Risk	Foreign Exposure Risk	Growth Stock Risk	Large Company Risk
Management Risk	Market Risk	Portfolio Turnover Risk	Value Stock Risk

WRA Continental Income Fund/Ivy Balanced Fund

Company Risk	Credit Risk	Dividend-Paying Stock Risk	��	Foreign Exposure Risk	Growth Stock Risk
Holdings Risk	Interest Rate Risk	Large Company Risk		Low-Rated Securities Risk	Management Risk
Market Risk	Mid Size Company Risk	Preferred Stock Risk		Reinvestment Risk	U.S. Government Securities Risk
Value Stock Risk

WRA Global Growth Fund/Ivy Global Growth Fund

Company Risk	Depositary Receipts Risk	Emerging Market Risk	Foreign Currency Risk	Foreign Exposure Risk
Foreign Securities Risk	Growth Stock Risk	Holdings Risk	Large Company Risk	Management Risk
Market Risk	Sector Risk

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WRA New Concepts Fund/Ivy Mid Cap Growth Fund

Company Risk	Growth Stock Risk	Management Risk	Market Risk	Mid-Size Company Risk
Sector Risk

WRA Science and Technology Fund/Ivy Science and Technology Fund

Company Risk	Concentration Risk	Emerging Market Risk	Foreign Exposure Risk	Foreign Securities Risk
Growth Stock Risk	Holdings Risk	Large Company Risk	Liquidity Risk	Management Risk
Market Risk	Mid Size Company Risk	Science and Technology Industry Risk	Small Company Risk

WRA Small Cap Fund/Ivy Small Cap Growth Fund

Company Risk	Growth Stock Risk	Initial Public Offering Risk	Liquidity Risk	Management Risk
Market Risk	Sector Risk	Small Company Risk

WRA Vanguard Fund/Ivy Large Cap Growth Fund

Company Risk	Foreign Exposure Risk	Growth Stock Risk	Holdings Risk	Large Company Risk
Management Risk	Market Risk	Sector Risk

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WRA Wilshire Global Allocation Fund/Ivy Wilshire Global Allocation Fund

Company Risk	Emerging Market Risk	Foreign Currency Risk	Foreign Exposure Risk	Foreign Securities Risk
Fund of Funds Risk	Equity Funds Risk	Bond Funds Risk	Investment Company Securities Risk	Large Company Risk
Low-Rated Securities Risk	Management Risk	Market Risk	Portfolio Turnover Risk	Private Placements and Other Restricted Securities Risk

WRA High Income Fund/Ivy High Income Fund

Company Risk	Credit Risk	Extension Risk	Foreign Exposure Risk	Foreign Securities Risk
Income Risk	Interest Rate Risk	Liquidity Risk	Loan Risk	Low-Rated Securities Risk
Management Risk	Market Risk	Private Placement and Other Restricted Securities Risk	Reinvestment Risk

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WRA Municipal High Income Fund/Ivy Municipal High Income Fund

Alternative Minimum Tax Risk	Credit Risk	Extension Risk	Focus Risk	Income Risk
Interest Rate Risk	Liquidity Risk	Low-Rated Security Risk	Management Risk	Market Risk
Political, Legislative or Regulatory Risk	Reinvestment Risk	Taxability Risk

WRA Cash Management/Ivy Cash Management Fund

Amortized Cost Risk	Company Risk	Credit Risk	Income Risk	Interest Rate Risk
Management Risk	Market Risk	Money Market Fund Regulatory Risk	Reinvestment Risk

Comparison of Fundamental Investment Restrictions

Fundamental investment restrictions cannot be changed without shareholder approval of the affected Fund. Each WRA Fund and its corresponding Ivy Fund have the same fundamental investment restriction regarding borrowing money, acting as underwriter, making loans, purchasing or selling real estate or commodities, issuing series securities, and concentrating in an industry. In addition, the WRA Municipal High Income Fund and its corresponding Ivy Municipal High Income Fund each have a fundamental investment policy of investing 80% of its net assets in municipal bonds.

Comparison of Fund Performance

The table below provides some indication of the risks of investing in a Reorganizing WRA Fund and its corresponding Existing Ivy Fund. The table shows the average annual total returns (before taxes) of Class A, Class B, Class C, and Class Y shares of a Reorganizing WRA Fund and Class A, Class B, Class C and Class I shares of its corresponding Existing Ivy Fund. The returns reflect the maximum applicable sales charges for a

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Fund. Performance results include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results of those periods would have been lower.

A Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Current performance may be lower or higher. Please visit www.waddell.com for the WRA Funds and www.ivyinvestments.com for the Existing Ivy Fund’s updated performance.

WRA Continental Income Fund/Ivy Balanced Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years
WRA Continental Income Fund Class A		4.47	%		7.08	%		5.56	%
Ivy Balanced Fund Class A		4.57	%		7.03	%		5.51	%
WRA Continental Income Fund Class B		5.56	%		6.99	%		5.29	%
Ivy Balanced Fund Class B		6.15	%		7.36	%		5.47	%
WRA Continental Income Fund Class C		9.88	%		7.43	%		5.25	%
Ivy Balanced Fund Class C		10.20	%		7.56	%		5.43	%
WRA Continental Income Fund Class Y		11.18	%		8.66	%		6.51	%
Ivy Balanced Fund Class I		11.24	%		8.59	%		6.47	%

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WRA Global Growth Fund/Ivy Global Growth Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years
WRA Global Growth Fund Class A		17.57	%		7.30	%		2.82	%
Ivy Global Growth Fund Class A		17.71	%		7.01	%		2.10	%
WRA Global Growth Fund Class B		18.90	%		6.89	%		2.32	%
Ivy Global Growth Fund Class B		19.57	%		7.01	%		1.87	%
WRA Global Growth Fund Class C		23.35	%		7.41	%		2.34	%
Ivy Global Growth Fund Class C		24.01	%		7.47	%		1.82	%
WRA Global Growth Fund Class Y		25.18	%		8.98	%		3.85	%
Ivy Global Growth Fund Class I		25.33	%		8.69	%		3.09	%
WRA New Concepts Fund/Ivy Mid Cap Growth Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years
WRA New Concepts Fund Class A		18.76	%		11.23	%		8.75	%
Ivy Mid Cap Growth Fund Class A		18.76	%		11.13	%		8.40	%
WRA New Concepts Fund Class B		20.39	%		11.12	%		8.40	%
Ivy Mid Cap Growth Fund Class B		20.98	%		11.45	%		8.23	%
WRA New Concepts Fund Class C		24.61	%		11.49	%		8.34	%
Ivy Mid Cap Growth Fund Class C		25.04	%		11.65	%		8.26	%
WRA New Concepts Fund Class Y		26.38	%		12.93	%		9.82	%
Ivy Mid Cap Growth Fund Class I		26.35	%		12.80	%		9.44	%

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WRA Science and Technology Fund/Ivy Science and Technology Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years
WRA Science and Technology Fund Class A		28.02	%		15.40	%		10.02	%
Ivy Science and Technology Fund Class A		29.07	%		15.31	%		10.59	%
WRA Science and Technology Fund Class B		30.19	%		15.37	%		9.69	%
Ivy Science and Technology Fund Class B		31.90	%		15.68	%		10.48	%
WRA Science and Technology Fund Class C		34.49	%		15.65	%		9.57	%
Ivy Science and Technology Fund Class C		35.95	%		15.86	%		10.44	%
WRA Science and Technology Fund Class Y		36.05	%		17.08	%		11.01	%
Ivy Science and Technology Fund Class I		37.30	%		17.02	%		11.61	%
WRA Small Cap Fund/Ivy Small Cap Growth Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years
WRA Small Cap Fund Class A		16.23	%		14.08	%		9.44	%
Ivy Small Cap Growth Fund Class A		16.21	%		13.89	%		9.31	%
WRA Small Cap Fund Class B		17.85	%		14.01	%		9.14	%
Ivy Small Cap Growth Fund Class B		18.20	%		14.11	%		9.08	%
WRA Small Cap Fund Class C		22.23	%		14.48	%		9.18	%
Ivy Small Cap Growth Fund Class C		22.44	%		14.50	%		9.24	%
WRA Small Cap Fund Class Y		23.65	%		15.86	%		10.60	%
Ivy Small Cap Growth Fund Class I		23.65	%		15.65	%		10.43	%

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WRA Vanguard Fund/Ivy Large Cap Growth Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years
WRA Vanguard Fund Class A		21.00	%		14.35	%		6.78	%
Ivy Large Cap Growth Fund Class A		20.94	%		14.40	%		6.97	%
WRA Vanguard Fund Class B		22.87	%		14.24	%		6.39	%
Ivy Large Cap Growth Fund Class B		23.24	%		14.60	%		6.69	%
WRA Vanguard Fund Class C		27.08	%		14.57	%		6.30	%
Ivy Large Cap Growth Fund Class C		27.44	%		14.92	%		6.76	%
WRA Vanguard Fund Class Y		28.64	%		16.04	%		7.77	%
Ivy Large Cap Growth Fund Class I		28.64	%		16.07	%		7.88	%
WRA High Income Fund/Ivy High Income Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years
WRA High Income Fund Class A		1.90	%		4.48	%		6.94	%
Ivy High Income Fund Class A		2.62	%		4.33	%		7.35	%
WRA High Income Fund Class B		2.75	%		4.35	%		6.66	%
Ivy High Income Fund Class B		3.97	%		4.63	%		7.27	%
WRA High Income Fund Class C		7.20	%		4.90	%		6.73	%
Ivy High Income Fund Class C		8.09	%		4.82	%		7.20	%
WRA High Income Fund Class Y		8.31	%		6.01	%		7.90	%
Ivy High Income Fund Class I		9.13	%		5.83	%		8.28	%

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WRA Municipal High Income Fund/Ivy Municipal High Income Fund
Average Annual Total Return (Before Taxes) As of November 30, 2017	1 Year			5 Years			10 Years			Since Inception
WRA Municipal High Income Fund Class A		-0.53	%		2.04	%		4.15	%
Ivy Municipal High Income Fund Class A		-0.54	%		1.85	%		N/A			6.37	%(1)
WRA Municipal High Income Fund Class B		-1.07	%		1.78	%		3.83	%
Ivy Municipal High Income Fund Class B		-0.79	%		1.78	%		N/A			6.14	%(1)
WRA Municipal High Income Fund Class C		3.04	%		2.10	%		3.72	%
Ivy Municipal High Income Fund Class C		3.25	%		1.99	%		N/A			6.13	%(1)
WRA Municipal High Income Fund Class Y		4.04	%		N/A			N/A			0.95	%(2)
Ivy Municipal High Income Fund Class I		4.15	%		2.91	%		5.22	%

⁽¹⁾  Inception date: May 18, 2009.

⁽²⁾  Inception date: June 10, 2016.

Management of the Funds

Investment Manager:

Each WRA Fund is managed by WRIMCO. Each Existing Ivy Fund is, and each Shell Ivy Fund will be, managed by IICO. IICO will remain the investment manager of the Ivy combined Funds after the Reorganization.

The address of WRIMCO and IICO is 6300 Lamar Avenue, P.O. Box 29217, Shawnee Mission, Kansas 66201-9217. Both WRIMCO and IICO are an indirect, wholly owned subsidiary of Waddell & Reed, a publicly held company.

The investment sub-adviser for the WRA Wilshire Global Allocation Fund is, and Ivy Wilshire Global Allocation Fund will be, Wilshire Association Incorporated, 1299 Ocean Avenue, Santa Monica, CA 90401.

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The following table shows the contractual investment management fee ratios for each WRA Fund and its corresponding Ivy Fund and the net investment management fees paid by each Fund for its last fiscal year.

WRA Accumulative Fund 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; 0.55% of net assets over $3 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.68%

Ivy Accumulative Fund* 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; 0.55% of net assets over $3 billion. *   The Ivy Accumulative Fund is new and has not yet commenced operations.

WRA Continental Income Fund 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; and 0.55% of net assets over $3 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.68%

Ivy Balanced Fund 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; 0.55% of net assets over $3 billion and up to $5 billion; 0.54% of net assets over $5 billion and up to $10 billion; and 0.53% of net assets over $10 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.66%

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WRA Global Growth Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; and 0.76% of net assets over $3 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.85%

Ivy Global Growth Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; 0.70% of net assets over $3 billion and up to $5 billion; 0.695% of net assets over $5 billion and up to $10 billion; and 0.69% of net assets over $10 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.85%

WRA New Concepts Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; and 0.76% of net assets over $3 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.84%

Ivy Mid Cap Growth Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; 0.76% of net assets over $3 billion and up to $5 billion; 0.73% of net assets over $5 billion and up to $10 billion; 0.70% of net assets over $10 billion and up to $15 billion; and 0.67% of net assets over $15 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.83%

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WRA Science and Technology Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; and 0.76% of net assets over $3 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.82%

Ivy Science & Technology Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; 0.76% of net assets over $3 billion and up to $8 billion; 0.755% of net assets over $8 billion and up to $13 billion; and 0.75% of net assets over $13 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.81%

WRA Small Cap Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; and 0.76% of net assets over $3 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.85%

Ivy Small Cap Growth Fund 0.85% of net assets up to $1 billion; 0.83% of net assets over $1 billion and up to $2 billion; 0.80% of net assets over $2 billion and up to $3 billion; 0.76% of net assets over $3 billion and up to $5 billion; 0.73% of net assets over $5 billion and up to $10 billion; and 0.72% of net assets over $10 billion Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.85%

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WRA Vanguard Fund 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; and 0.55% of net assets over $3 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.68%

Ivy Large Cap Growth Fund 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; 0.55% of net assets over $3 billion and up to $5 billion; 0.545% of net assets over $5 billion and up to $10 billion; and 0.54% of net assets over $10 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.68%

WRA Wilshire Global Allocation Fund Private Equity Segment – Investments in restricted securities and private placements. 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; and 0.55% of net assets over $3 billion. Multi-Asset Segment – Investments in underlying affiliated mutual funds. 0.06% of net assets up to $500 million; 0.05% of net assets over $500 million and up to $1 billion; 0.04% of net assets over $1 billion and up to $2 billion; and 0.03% of net assets over $2 billion.

Ivy Wilshire Global Allocation Fund* Private Equity Segment – Investments in restricted securities and private placements. 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.60% of net assets over $2 billion and up to $3 billion; and 0.55% of net assets over $3 billion. Multi-Asset Segment – Investments in underlying affiliated mutual funds. 0.06% of net assets up to $500 million; 0.05% of net assets over $500 million and up to $1 billion; 0.04% of net assets over $1 billion and up to $2 billion; and 0.03% of net assets over $2 billion. *   The Ivy Wilshire Global Allocation Fund is new and has not yet commenced operations.

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Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended June 30, 2017: 0.59%(1) (1)       Prior to May 18, 2017, this was the investment management fee in effect. Effective May 18, 2017, the investment management fee, accrued daily, is payable by the Fund to WRIMCO pursuant to the above schedule.
WRA High Income Fund 0.625% of net assets up to $500 million; 0.60% of net assets over $500 million and up to $1 billion; 0.55% of net assets over $1 billion and up to $1.5 billion; and 0.50% of net assets over $1.5 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended September 30, 2017: 0.57%	Ivy High Income Fund 0.625% of net assets up to $500 million; 0.60% of net assets over $500 million and up to $1 billion; 0.55% of net assets over $1 billion and up to $1.5 billion; 0.50% of net assets over $1.5 billion and up to $10 billion; 0.49% of net assets over $10 billion and up to $20 billion; and 0.48% of net assets over $20 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.53%
WRA Municipal High Income Fund 0.525% of net assets up to $500 million; 0.50% of net assets over $500 million and up to $1 billion; 0.45% of net assets over $1 billion and up to $1.5 billion; and 0.40% of net assets over $1.5 billion.	Ivy Municipal High Income Fund 0.525% of net assets up to $500 million; 0.50% of net assets over $500 million and up to $1 billion; 0.45% of net assets over $1 billion and up to $1.5 billion; 0.40% of net assets over $1.5 billion and up to $5 billion; 0.395% of net assets over $5 billion and up to $10 billion;

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Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended September 30, 2017: 0.51%

0.39% of net assets over $10 billion and up to $15 billion; and 0.385% of net assets over $15 billion. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended March 31, 2017: 0.49%

WRA Cash Management 0.35% of net assets up to $500 million; 0.35% of net assets over $500 million and up to $1,000 million; 0.30% of net assets over $1,000 million and up to $1,500 million; and 0.30% of net assets over $1,500 million. Net Management Fee Paid (as a percent of the Fund’s average net assets) for the fiscal year ended September 30, 2017: 0.36%(2) (2)        Prior to January 31, 2017, this was the investment management fee in effect. Effective January 31, 2017, the investment management fee, accrued daily, is payable by the Fund to WRIMCO pursuant to the above schedule.

Ivy Cash Management Fund* 0.35% of net assets up to $500 million; 0.35% of net assets over $500 million and up to $1,000 million; 0.30% of net assets over $1,000 million and up to $1,500 million; and 0.30% of net assets over $1,500 million. *   The Ivy Cash Management Fund is new and has not yet commenced operations.

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Portfolio Managers:

Each of the WRA Funds will be reorganizing into a corresponding Ivy Fund that has the same portfolio management team. The current portfolio manager listed for each Ivy Fund will continue to manage the Ivy Fund following the Reorganization.

WRA Fund	Portfolio Managers	Ivy Fund	Portfolio Managers
WRA Accumulative Fund	Barry M. Ogden	Ivy Accumulative Fund	Same
WRA Continental Income Fund	Matthew A. Hekman Rick Perry	Ivy Balanced Fund	Same
WRA Global Growth Fund	Sarah C. Ross	Ivy Global Growth Fund	Same
WRA New Concepts Fund	Kimberly A. Scott Nathan A. Brown	Ivy Mid Cap Growth Fund	Same
WRA Science and Technology Fund	Zachary H. Shafran Bradley J. Warden	Ivy Science and Technology Fund	Same
WRA Small Cap Fund	Timothy J. Miller Kenneth G. McQuade Bradley P. Halverson	Ivy Small Cap Growth Fund	Same
WRA Vanguard Fund	Daniel P. Becker Bradley M. Klapmeyer	Ivy Large Cap Growth Fund	Same
WRA Wilshire Global Allocation Fund	F. Chace Brundige Cynthia P. Prince-Fox Nathan Palmer Anthony Wicklund Elizabeth Yates	Ivy Wilshire Global Allocation Fund	Same

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WRA Fund	Portfolio Managers	Ivy Fund	Portfolio Managers
WRA High Income Fund	Chad A. Gunther	Ivy High Income Fund	Same
WRA Municipal High Income Fund	Michael J. Walls	Ivy Municipal High Income Fund	Same
WRA Cash Management	Mira Stevovich	Ivy Cash Management Fund	Same

Principal Underwriter:

The address of the WRA Funds’ principal underwriter, WRI, and Ivy Funds’ principal underwriter, IDI, is 6300 Lamar Avenue, Overland Park, Kansas 66201.

Other Service Providers.

The WRA Funds and the Ivy Funds have the same service providers. Upon completion of the Reorganization, the Ivy Funds will continue to engage its existing service providers. Following are the names and addresses of certain service providers for the WRA Funds and the Ivy Funds.

	WRA Funds and Ivy Funds
Accounting Services Agent and Transfer Agent	Waddell & Reed Services Company doing business as WI Services Company 6300 Lamar Avenue P.O. Box 29217 Shawnee Mission, Kansas 66201-9217
Custodian	Bank of New York Mellon One Wall Street New York, NY 10286
Independent Registered Public Accounting Firm	Deloitte & Touche LLP 1100 Walnut Street, Suite 3300 Kansas City, Missouri 64106

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Share Class Characteristics, Shareholder Transactions and Services

Generally, the sales charge, redemption fee, distribution plan and administrative services plan structures for the WRA Funds and Ivy Funds are identical. The Funds’ and Ivy Funds’ purchase, redemption, exchange, dividend and other policies and procedures are substantially similar. For more information, see the sections below and the Existing Ivy Funds Prospectus and Shell Ivy Funds Prospectus that accompanies this Prospectus/Information Statement.

Purchase, Exchange, and Redemption Procedures:

Procedures for and policies relating to the purchase, exchange and redemption of each Fund’s shares are substantially similar. For more detailed information you should refer to the section entitled “Your Account” for the purchase, exchange, and redemption procedures applicable to the purchases, exchanges, and redemptions of the Ivy Funds’ shares that can be found in the Existing Ivy Funds Prospectus and Shell Ivy Funds Prospectus that accompanies this Prospectus/Information Statement and is incorporated by reference herein.

If you purchase a WRA Fund or Ivy Fund through a broker-dealer or other financial intermediary (such as a bank), a WRA Fund, WRIMCO and/or its affiliates, or an Ivy Fund, IICO and/or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.

Rule 12b-1 Plans

Both the WRA Funds and Ivy Funds have adopted a Distribution Plan under Rule 12b-1 of the 1940 Act with respect to certain classes of shares (the “Distribution Plan”). Each Distribution Plan permits a Fund to pay marketing and other fees to support the sale and distribution of each class of shares as well as the services provided to shareholders by their financial advisors or financial intermediaries. The following chart summarizes the Distribution Plan for Class A, Class B and Class C Shares.

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WRA Funds Rule 12b-1 Plan	Ivy Funds Rule 12b-1 Plan
Class A Plan A WRA Fund may pay WRI a fee of up to 0.25%, on an annual basis, of the average daily net assets of that Fund’s Class A shares. This fee is to compensate WRI for, either directly or through third parties, distributing the WRA Fund’s Class A shares, providing personal service to Class A shareholders and/or maintaining Class A shareholder accounts. For the WRA Accumulative Fund, the WRA Trust Board has limited payments under the Fund’s Plan to 0.234% of the Fund’s average net Class A assets on an annual basis. The WRA Trust Board may in the future, without shareholder approval, authorize payments under the Fund’s Plans up to a maximum of 0.25% of the Fund’s average Class A net assets on an annual basis, if it determines to do so.	Class A Plan An Ivy Fund may pay IDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of that Fund’s Class A shares. This fee is to compensate IDI for, either directly or through third parties, distributing the Fund’s Class A shares, providing personal service to Class A shareholders and/or maintaining Class A shareholder accounts. For Ivy Accumulative Fund, the Ivy Trust Board has limited payments under the Fund’s Plan to 0.234%, of the Fund’s average net Class A assets on an annual basis. The Board may in the future, without shareholder approval, authorize payments under the Fund’s Plan up to a maximum of 0.25% of the Fund’s average Class A net assets on an annual basis, if it determines to do so.
Class B and Class C Plans A WRA Fund may pay WRI, on an annual basis, a maximum service fee of 0.25% of the average daily net assets of that class to compensate WRI for, either directly or through third parties, providing personal service to shareholders of that class and/or maintaining shareholder accounts for that class and a maximum distribution fee of up to 0.75% of the average daily net assets of that class to compensate WRI for, either directly or through third parties, distributing shares of that class.	Class B and Class C Plans An Ivy Fund may pay IDI, on an annual basis, a maximum service fee of 0.25% of the average daily net assets of Class B and Class C shares to compensate IDI for, either directly or through third parties, providing personal service to shareholders of those classes and/or maintaining shareholder accounts for those classes and a maximum distribution fee of up to 0.75% of the average daily net assets of those classes to compensate IDI for, either directly or through third parties, distributing shares of those classes.

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Comparison of Dividends and Other Distribution Schedules

Each of the WRA Funds and Ivy Funds distributes substantially all of its net investment income and net realized capital gains to its shareholders each year. Usually, the Funds distribute net investment income at the following times:

WRA Funds	Ivy Funds
Declared daily and paid monthly: •    WRA Cash Management •    WRA High Income Fund •    WRA Municipal High Income Fund	Declared daily and paid monthly: •    Ivy Cash Management Fund •    Ivy High Income Fund •    Ivy Municipal High Income Fund
Declared quarterly in March, June, September and December: •    WRA Continental Income Fund •    WRA Wilshire Global Allocation Fund	Declared quarterly in March, June, September and December: •    Ivy Balanced Fund •    Ivy Wilshire Global Allocation Fund
Declared semiannually in June and December: •    WRA Accumulative Fund •    WRA Global Growth Fund •    WRA Science and Technology Fund •    WRA Vanguard Fund	Declared semiannually in June and December: •    Ivy Accumulative Fund Declared annually in December •    Ivy Global Growth Fund •    Ivy Science and Technology Fund •    Ivy Large Cap Growth Fund
Declared annually in December: •    WRA New Concepts Fund •    WRA Small Cap Fund	Declared annually in December: •    Ivy Mid Cap Growth Fund •    Ivy Small Cap Growth Fund

A Fund’s distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case you may be taxed upon withdrawal of monies from the tax-deferred arrangement.

For more information about dividends, distributions and the tax implications of investing in the Ivy Fund, please see the section entitled “Distribution and Taxes” in the Existing Ivy Funds Prospectus and Shell

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Ivy Funds Prospectus that accompany this Prospectus/Information Statement and is incorporated by reference herein.

Comparison of Business Structures, Shareholder Rights and Applicable Law

Each WRA Fund is a series of the WRA Trust, a Delaware statutory trust. Each WRA Fund will reorganize into a corresponding Ivy Fund which is a series of the Ivy Trust, a Delaware statutory trust. The following is a discussion of certain provisions of the governing instruments and governing laws of the WRA Funds and the Ivy Funds, but is not a complete description thereof. Further information about each Fund’s governance structure is contained in the Fund’s shareholder reports and its governing instruments. The governing instruments are exhibits to the WRA Trust’s and Ivy Trust’s respective registration statements filed with the SEC.

Organization. Each WRA Fund is a series of the WRA Trust, a Delaware statutory trust pursuant to the Delaware Statutory Trust Act (the “Delaware Act”). The WRA Trust is governed by the WRA Trust Instrument and its By-laws (the “WRA By-laws”), each as may be amended, from time to time, and its business affairs are managed under the supervision of the WRA Trust Board. Each Ivy Fund is a series of the Ivy Trust, a Delaware statutory trust pursuant to the Delaware Act. The Ivy Trust is governed by its Agreement and Declaration of Trust (“Ivy Declaration of Trust”) and its By-laws (the, “Ivy By-laws”), and its business affairs are managed under the supervision of the Ivy Trust Board.

Shares. The WRA Trust Board and the Ivy Trust Board have the power to issue shares with or without par value, as the Trustees shall determine, and such issuance does not require shareholder approval. The governing instruments of the WRA Funds and the Ivy Funds provides that the amount of shares that the WRA Funds and Ivy Funds each may issue is unlimited. Shares issued pursuant to the WRA Trust Instrument or the Ivy Declaration of Trust shall be fully paid and non-assessable. Shares of the WRA Funds and the Ivy Funds have no preemptive rights.

Composition of the Board of Trustees. The number of Trustees of the WRA Trust may be fixed from time to time by a majority of the WRA Trust Board, provided, however, that there shall be at least two Trustees. The WRA Trust Board currently has eleven Trustees (nine “independent” Trustees and two “interested” Trustees).

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The number of Trustees of the Ivy Trust may be fixed from time to time by the Trustees, provided, however, that there shall be at least one Trustee. The Ivy Trust currently has ten trustees (nine “independent” Trustees and one “interested” trustee). Each Trustee of the WRA Trust and the Ivy Trust may serve during the continued lifetime of their respective Trust until the next meeting of shareholders called for the purpose of electing trustees and until the election and qualification of his or her successor or, if sooner, until he or she dies, declines to serve, resigns, retires, is removed or is incapacitated as provided by the WRA Trust Instrument or Ivy Declaration of Trust, respectively.

Shareholder Meetings and Rights of Shareholders to Call a Meeting. The WRA Funds and the Ivy Funds are not required to hold annual meetings of shareholders, except as required by law.

The governing instruments of the WRA Trust provide that meetings of shareholders may be called by the secretary whenever ordered by the chairman of the WRA Trust Board, the president, or by a majority of the WRA Trust Board, and shall be called by the secretary upon written request of the shareholders entitled to vote not less than 25% (or 10% to the extent required by Section 16(a) of the 1940 Act) of all the outstanding votes entitled to be voted at such meeting, provided that (a) such request shall state the purposes of such meeting and the matters proposed to be acted on; and (b) the shareholders requesting such meeting shall have paid to the WRA Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the secretary shall determine and specify to such shareholders.

The governing instruments of the Ivy Trust provide that meetings of shareholders may be called by the secretary whenever ordered by the chairman of the Ivy Trust Board, the president, or by a majority of the Ivy Trust Board, and shall be called by the secretary upon written request of the shareholders entitled to vote not less than 25% (or 10% to the extent required by Section 16(a) of the 1940 Act) of the total combined votes of all shares of the Ivy Trust issued and outstanding, provided that (a) such request shall state the purposes of such meeting and the matters proposed to be acted on; and (b) the shareholders requesting such meeting shall have paid to the Ivy Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the secretary shall determine and specify to such shareholders.

Submission of Shareholder Proposals. Neither the WRA Funds nor the Ivy Funds have provisions in their respective governing instruments that require shareholders to provide advance notice in order to present a proposal at a shareholder meeting. Nonetheless, the federal securities laws, which apply to the WRA Funds and the Ivy Funds, require that

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certain conditions be met to present any proposal at a shareholder meeting. The matters to be considered and brought before an annual or special meeting of shareholders of the WRA Funds and the Ivy Funds are limited to only those matters, including the nomination and election of trustees, that are properly brought before the meeting. These requirements are intended to provide the WRA Trust Board and the Ivy Trust Board the opportunity to better evaluate the proposal and provide additional information to shareholders for their consideration in connection with the proposal. Failure to satisfy the requirements of these advance notice provisions means that a shareholder may not be able to present a proposal at the annual or special shareholder meeting.

Number of Votes; Aggregate Voting. The governing instruments of both the WRA Funds and the Ivy Funds provide that each shareholder is entitled to one vote for each whole share held, and a fractional vote for each fractional share held. Shareholders of the WRA Funds and the Ivy Funds are not entitled to cumulative voting in the election of Trustees. The governing instruments of both the WRA Funds and the Ivy Funds provide that all shares shall be voted in aggregate, except (a) when required by the 1940 Act, shares shall be voted by individual series or class; (b) when the matter involves any action that the Trustees have determined will affect only the interests of one or more series, then only shareholders of such series shall be entitled to vote thereon; and (c) when the matter involves any action that the Trustees have determined will affect only the interests of one or more classes, then only the shareholders of such class or classes shall be entitled to vote thereon.

Derivative Actions. The WRA Funds do not have provisions in their governing instruments regarding derivative actions. Shareholders of the WRA Funds may bring a derivative action on behalf of the WRA Trust according to the requirements set forth in Chapter 3816 of the Delaware Act, which requires a pre-suit demand upon the WRA Trust Board, unless a demand is not required because such demand is not likely to succeed.

The Ivy Declaration of Trust states that, in addition to the requirements set forth in Section 3816 of the Delaware Act, a shareholder may bring a derivative action on behalf of the Ivy Trust only if several conditions are met. These conditions include, among other things, a pre-suit demand upon the Ivy Trust Board and, unless a demand is not required because such demand is not likely to succeed, shareholders who hold at least 10% of the outstanding shares of the Ivy Trust or the series or class to which the claim relates must join in the demand for the Ivy Trust Board to commence an action, and the Ivy Trust Board must be afforded a reasonable time to consider such shareholder request and to investigate the basis of the claim.

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Right to Vote. The 1940 Act provides that shareholders of the WRA Funds and the Ivy Funds have the power to vote with respect to certain matters: specifically, for the election of trustees, the selection of auditors (under certain circumstances), approval of investment advisory agreements and plans of distribution, and amendments to policies, objectives, or restrictions deemed to be fundamental. Shareholders of the WRA Funds and Ivy Funds also have the right to vote on certain matters affecting the WRA Funds and the Ivy Funds or a particular share class thereof under their respective governing instruments and the Delaware Act. Shareholders of the WRA Funds and Ivy Funds, as applicable, have the right to vote only (a) for the election or removal of trustees; (b) with respect to such additional matters relating to the WRA Trust or Ivy Trust as may be required by federal law, including the 1940 Act, or any registration of the WRA Trust or Ivy Trust with the SEC (or any successor agency) or any state; and (c) as the WRA Trust or Ivy Trust Board may otherwise consider necessary or desirable in their sole discretion.

Quorum and Voting. If an approval is required by the 1940 Act, then, except for the election of trustees, the vote required by the 1940 Act is the lesser of (a) 67% or more of the outstanding voting securities present at the meeting, if the holders of more than 50% of the outstanding voting securities entitled to vote are present or represented by proxy; or (b) more than 50% of the outstanding voting securities entitled to vote.

For both the WRA Trust and the Ivy Trust, except when a larger quorum is required by federal law, the presence in person or by proxy of shareholders owning shares representing one-third or more of the total combined votes of all shares of each series or class, or of the WRA Trust or Ivy Trust, as applicable, entitled to vote shall be a quorum for the transaction of business at a shareholders’ meeting with respect to such series or class or with respect to the entire WRA Trust or Ivy Trust, respectively. At all meetings of the shareholders, a quorum being present, the Trustees shall be elected by a vote of a plurality of the votes cast by shareholders present in person or by proxy and all other matters shall be decided by a majority of the shareholders present in person or by proxy. If the WRA Trust Instrument or Ivy Declaration of Trust, the WRA or Ivy By-laws, or applicable federal law permits or requires that shares be voted on any matter by individual series or classes, then a majority of the votes cast by the shareholders of that series or class present in person or by proxy shall decide that matter insofar as that series or class is concerned. If the matter to be voted on is one for which, by express provision of the 1940 Act, a different vote is required, then in such case such express provision shall control the decision of such matter.

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Amendment of Governing Instruments. Except as described below, the trustees of the WRA Funds and the Ivy Funds have the right to amend, from time to time, the governing instruments.

Both the WRA Trust Instrument and the Ivy Declaration of Trust may be restated and/or amended at any time by (a) an instrument in writing signed by a majority of the Trustees then holding office; or (b) adoption by a majority of the Trustees then holding office of a resolution specifying the restatement and/or amendment. No vote or consent of any shareholder shall be required for any amendment to the WRA Trust Instrument or Ivy Declaration of Trust except (a) as determined by the Trustees in their sole discretion; or (b) as required by federal law, including the 1940 Act, but only to the extent so required.

For the WRA Funds, the WRA By-laws may be amended by the Trustees without any shareholder vote. For the Ivy Funds, the Ivy By-laws may only be amended by the Trustees, and no shareholder vote shall be required for any such amendment.

Mergers, Reorganizations, Conversions and Terminations. For both the WRA Funds and the Ivy Funds, the Trustees may, in their sole discretion and without shareholder approval unless such approval is required by the 1940 Act, (a) cause the WRA Trust or Ivy Trust, as applicable, to convert or merge, reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies, associations, corporations or other business entities (or a series of any of the foregoing to the extent permitted by law) (including trusts, partnerships, limited liability companies, associations, corporations or other business entities created by the Trustees to accomplish such conversion, merger, reorganization or consolidation) so long as the surviving or resulting entity is an open-end management investment company under the 1940 Act, or is a series thereof, to the extent permitted by law, and that, in the case of any trust, partnership, limited liability company, association, corporation or other business entity created by the Trustees to accomplish such conversion, merger, reorganization or consolidation, may (but need not) succeed to or assume the WRA Trust or Ivy Trust’s, as applicable, registration under the 1940 Act and that, in any case, is formed, organized or existing under the laws of the United States or of a state, commonwealth, possession or colony of the United States; (b) cause the shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law; (c) cause the WRA Trust or Ivy Trust, as applicable, to incorporate under the laws of a state, commonwealth, possession or colony of the United States; (d) sell or convey all or substantially all of the assets of the WRA

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Trust or Ivy Trust, as applicable, or any series or class to another series or class of the WRA Trust or Ivy Trust, as applicable, or to another trust, partnership, limited liability company, association, corporation or other business entity (or a series of any of the foregoing to the extent permitted by law) (including a trust, partnership, limited liability company, association, corporation or other business entity created by the Trustees to accomplish such sale and conveyance), organized under the laws of the United States or of any state, commonwealth, possession or colony of the United States so long as such trust, partnership, limited liability company, association, corporation or other business entity is an open-end management investment company under the 1940 Act and, in the case of any trust, partnership, limited liability company, association, corporation or other business entity created by the Trustees to accomplish such sale and conveyance, may (but need not) succeed to or assume the WRA Trust’s or Ivy Trust’s, as applicable, registration under the 1940 Act, for adequate consideration as determined by the Trustees that may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent of the WRA Trust or Ivy Trust, as applicable, or any affected series or class, and that may include shares of such other series or class of the WRA Trust or Ivy Trust, as applicable, or shares of beneficial interest, stock or other ownership interest of such trust, partnership, limited liability company, association, corporation or other business entity (or series thereof); or (e) at any time sell or convert into money all or any part of the assets of the WRA Trust or Ivy Trust, as applicable, or any series or class thereof. The WRA Trust or Ivy Trust may be dissolved at any time by the Trustees by written notice to the shareholders. Any series of shares may be dissolved at any time by the Trustees by written notice to the shareholders of such series. Any class of any series of shares may be terminated at any time by the Trustees by written notice to the shareholders of such class. Any action to dissolve the WRA Trust or Ivy Trust shall be deemed to also be an action to dissolve each series, and to terminate each class, thereof.

Liability of Shareholders. The governing instruments of the WRA Funds and the Ivy Funds generally provide that shareholders will not be subject to personal liability for the obligations of a Fund. The governing instruments of the WRA Funds provide for shareholder indemnification if any shareholder is personally held liable for the obligations of the WRA Trust. The governing instruments of the Ivy Funds also provide for shareholder indemnification if any shareholder is personally held liable for the obligations of the Ivy Trust.

Liability of Trustees and Officers. The governing instruments for the WRA Funds state that, provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best

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interests of the WRA Trust, the Trustees and officers of the WRA Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing of them or any officer, agent, employee, investment manager, principal underwriter or independent contractor of the WRA Trust, but nothing contained in the WRA Trust Instrument or in the Delaware Act shall protect any Trustee or officer of the WRA Trust against liability to the WRA Trust or to shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

The governing instruments for the Ivy Funds provide that a Trustee shall be liable to the Ivy Trust and to any shareholder solely for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee and shall not be liable for errors of judgment or mistakes of fact or law.

Indemnification. The WRA Trust Instrument of the WRA Trust and the Ivy Declaration of Trust of the Ivy Trust each provide that each person who is, or has been, a Trustee, officer, or employee of the respective Trust (“Covered Person”) shall be indemnified by that Trust or the appropriate series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit, or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof. No indemnification shall be provided to a Covered Person (a) who shall have been adjudicated by a court or body before which the proceeding was brought: (i) to be liable to the respective Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office; or (ii) not to have acted in good faith in the reasonable belief that his or her action was in the best interest of the respective Trust; or (b) in the event of a settlement, if there has been a determination that such Covered Person engaged in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office: (i) by the court or other body approving the settlement; (ii) by at least a majority of those Trustees who are neither Disinterested Trustees nor are parties to the matter based upon a review of readily available facts; or (iii) by written opinion of independent legal counsel based upon a review of readily available facts.

Both the WRA Trust and the Ivy Trust may advance expenses incurred in defending any proceedings subject to certain conditions.

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INFORMATION ABOUT THE REORGANIZATION

General

Shareholders who are concerned about the Reorganization of a WRA Fund into the corresponding Ivy Fund may redeem or exchange their WRA Fund shares at any time prior to the consummation of the Reorganization. Exchanges and redemptions are considered taxable events and may result in capital gains or capital loss for tax purposes. In addition, shareholders should be aware that the Reorganization as proposed is not expected to result in recognition of gain or loss to shareholders for federal income tax purposes and that, if the Reorganization is consummated, shareholders will be free to redeem their shares of an Ivy Fund that they receive in the Reorganization at the shares’ current NAV, less any applicable CDSC.

Shares You Will Receive

If the Reorganization occurs, the Class A, Class B, Class C or Class I shares of an Ivy Fund you receive in exchange for your WRA Fund Class A, Class B, Class C or Class Y shares will have an aggregate NAV equal to the aggregate NAV of your corresponding WRA Fund shares as of the close of business on the business day before the Closing Date of the Reorganization. You will have voting rights substantially similar to those you currently have, but as a shareholder of the an Ivy Fund. For more information, see “COMPARISON OF THE FUNDS – Comparison of Business Structures, Shareholder Rights and Applicable Law.” All shareholder features that you have elected will remain available and in effect after the Reorganization unless you direct that the elections be changed. See “COMPARISON OF THE FUNDS – Share Class Characteristics and Shareholder Transaction Services – Purchase, Exchange and Redemption Procedures.”

Reasons for the Reorganization

At a meeting held on November 15, 2017, the WRA Trust Board, including all of the Trustees who are not “interested persons” of the WRA Trust (“Independent Trustees”), unanimously approved the Reorganization Plan and the resulting Reorganization. The WRA Trust Board further determined that the Reorganization Plan and the resulting Reorganization, would be in the best interests of each WRA Fund, and that the interests of existing shareholders of each WRA Fund would not be diluted as a result of the Reorganization. Similarly, the Ivy Trust Board, including all of the Independent Trustees, unanimously approved the Reorganization Plan and the Reorganization. The Ivy Trust Board

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further determined that the Reorganization Plan and the resulting Reorganization would be in the best interest of each Ivy Fund and that the interests of existing shareholders of each Ivy Fund would not be diluted as a result of the Reorganization.

In proposing the Reorganization, WRIMCO presented to the WRA Trust Board, at the November 15, 2017 meeting, its rationale for the Reorganization and, in particular identified, the following factors:

– Continuity of Investment Objectives, Principal Investment Strategies and Principal Risks – Each WRA Fund has an identical investment objective, identical fundamental investment restrictions, either identical or substantially similar principal investment strategies, and either identical or substantially similar investment principal risks as its corresponding Ivy Fund. The mirror-like nature of the Ivy Funds and WRA Funds will allow WRA shareholders to maintain continuity in their investment selection;

– Potential Economies of Scale – The Reorganization of each WRA Fund is intended to create a larger fund in its corresponding Ivy Fund, which will permit fixed costs to be spread over a larger asset base, potentially resulting in economies of scale over time. In addition, a larger fund will more easily reach various breakpoints in service provider fee schedules;

– Tax-Free Reorganization – The Reorganization will enable a WRA Fund’s shareholder to exchange their investment for an investment in the corresponding Ivy Fund without recognizing gain or loss for federal income tax purposes. By contrast, if a WRA Fund shareholder were to redeem his or her shares to invest in another fund, the transaction would be a taxable event for such shareholder (unless the shareholder is tax exempt). Similarly, if a WRA Fund were liquidated or reorganized in a taxable transaction, the transaction would be a taxable event for the WRA Fund’s shareholder (other than tax-exempt shareholders). After the Reorganization, shareholders may redeem any or all of their Ivy Fund shares at NAV (subject to any applicable CDSC, as with a redemption of their WRA Fund shares) at any time, at which point the shareholders (other than those who are tax-exempt) would recognize a taxable gain or loss;

– Reorganization Expenses Allocated Among the Funds. The total amount of the expenses for the Reorganization is estimated to be

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approximately $1.7 million. The expenses will be allocated between the WRA Funds ($850,000) and the Ivy Funds ($850,000). This expense allocation will be made whether or not the Reorganization is consummated. The Board of the WRA Trust, the Board of the Ivy Trust and Fund management believed that a partial allocation of Reorganization expenses to each Fund was appropriate because the Reorganization is expected to be beneficial to each Fund and its shareholders for the reasons discussed in this section.

– Consolidation of Redundant Funds – The Reorganization will enable WRIMCO and IICO to consolidate similar funds in two affiliated fund families into a fund complex that offers a wider range of mutual fund offerings;

– Same or Lower Overall Expenses – By reorganizing into an Ivy Fund, former WRA Fund shareholders will be subject to the same or lower ongoing expenses than those imposed by the WRA Fund. For WRA Funds that will be reorganizing into corresponding Ivy Funds where the current annual fund operating expenses of a share class of an Ivy Fund are higher than its corresponding share class of an WRA Fund, IICO has agreed to limit the operating expenses that will be charged to shareholders of such class of shares of an Ivy Fund to be equal to any lower expense ratio of the corresponding class of a Reorganizing WRA Fund through July 31, 2020 or October 31, 2020 with respect to the Continuing WRA Funds;

– Continuity of Portfolio Management – Each WRA Fund will be reorganizing into a corresponding Ivy Fund that has the same portfolio management team; and

– No Shareholder Dilution – The Reorganization will occur at the NAV of each WRA Fund and therefore will not dilute the interests of the WRA Fund shareholders.

Other considerations of the WRA Trust Board include:

– the fact that shareholders of the WRA Funds will not pay any sales charge in connection with the Reorganization;

– the investment management fees paid by the WRA Funds and corresponding Ivy Funds and the historical and expected expense ratios of the Ivy Funds as compared to the corresponding WRA Funds;

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– the historical investment performance records of the WRA Funds and the corresponding Ivy Funds, relative to each other;

– the asset base of each Ivy Fund as compared to its corresponding WRA Fund;

– the terms and conditions of the Reorganization Plan;

– the potential benefits to be recognized by WRIMCO and IICO, and their affiliates, including any fall-out benefits;

– alternatives to the Reorganization, including liquidation or seeking out other merger partners; and

– the advice and recommendation of WRIMCO, including their opinion that in light of the foregoing, the Reorganization would be in the best interests of the WRA Funds’ shareholders.

The WRA Trust Board also considered the fact that an Existing Ivy Fund’s ability to use pre-Reorganization losses of the corresponding Reorganizing WRA Fund to offset post-Reorganization gains of the combined Fund was expected to be limited due to the application of loss limitation rules under federal tax law. The effect of this limitation will depend on the amount of losses in each Reorganizing WRA Fund at the time of the Reorganization, as well as the amount of post-Reorganization gains that are recognized. As a result, under certain circumstances a Reorganizing WRA Fund’s shareholders could receive taxable distributions as shareholders of the corresponding Existing Ivy Fund earlier than they would have if the Reorganization had not occurred. In addition, the WRA Trust Board also considered that shareholders of a Reorganizing WRA Fund will receive a proportionate share of any taxable income and gains realized by the combined Ivy Fund and not distributed to its shareholders prior to the Reorganization when such income and gains are eventually distributed by the combined Ivy Fund. As a result, shareholders of a Reorganizing WRA Fund may receive a greater amount of taxable distributions than they would have had the Reorganization not occurred. In addition, the WRA Trust Board further considered that if an Existing Ivy Fund, following the Reorganization, has proportionately greater unrealized appreciation in its portfolio investments as a percentage of its NAV than the corresponding Reorganizing WRA Fund, shareholders of the Reorganizing WRA Fund, post-closing, may receive greater amounts of taxable gain as such portfolio investments are sold than they otherwise might have if the Reorganization had not occurred.

In considering the approval of the Reorganization Plan, the WRA Trust Board did not identify any factor as all-important or all-controlling

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and instead considered these factors collectively in light of the WRA Trust’s surrounding circumstances. After considering the above factors and based on the deliberations and its evaluation of the information provided to it, the WRA Trust Board concluded that the approval of the Reorganization Plan was in the best interest of each WRA Fund and that the interest of existing shareholders of a WRA Fund would not be diluted as a result of the Reorganization.

Terms of the Reorganization Plan

A form of the Reorganization Plan is attached as Appendix A to this Prospectus/Information Statement for your review. The following is a brief summary of the principal terms of the Reorganization Plan:

– Each WRA Fund will transfer all of its assets in exchange for the corresponding Ivy Fund’s assumption of all of the WRA Fund’s liabilities and shares of the corresponding Ivy Fund with an aggregate NAV equal to the aggregate NAV of the transferred assets and liabilities;

– The Class A, Class B, Class C and Class I shares of an Ivy Fund received by the corresponding WRA Fund will be distributed to the WRA Fund’s respective shareholders of the corresponding Class A, Class B, Class C and Class Y shares pro rata in accordance with their percentage ownership of such class of the WRA Fund in full liquidation of the WRA Fund;

– After the Reorganization, each WRA Fund will be terminated, and its affairs will be wound up in an orderly fashion; and

– The Reorganization will occur on the next business day after the time when the assets of each WRA Fund and its corresponding Ivy Fund are valued for purposes of the Reorganization (currently scheduled to be on February 26, 2018 or such other date and time as the officers of the WRA Trust and Ivy Trust may determine).

The consummation of the Reorganization is subject to a number of conditions set forth in the Reorganization Plan. The Reorganization Plan may be terminated and the Reorganization abandoned at any time prior to the Closing Date, as set forth in the Reorganization Plan, by the WRA Trust Board or the Ivy Trust Board, if it determines that the Reorganization would be inadvisable. Authorized officers of the WRA Trust and the Ivy Trust also may amend the Reorganization Plan at any time in any manner.

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Federal Income Tax Consequences

The Reorganization is intended to be tax-free. As a condition to consummation of the Reorganization, Stradley Ronon Stevens and Young, LLP, counsel to the WRA Trust and Ivy Trust will deliver an opinion (“Tax Opinion”) to the WRA Trust and Ivy Trust to the effect that, based on the facts and assumptions stated therein (as well as certain representations of each Trust) and the existing federal income tax law, and conditioned on the Reorganization being completed in accordance with the Reorganization Plan, for federal income tax purposes:

• The Reorganization will qualify as a “reorganization” (as defined in section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), and each Fund will be a “party to a reorganization” (within the meaning of section 368(b) of the Code);

• Neither the WRA Funds nor the Ivy Funds will recognize any gain or loss on the Reorganization;

• The WRA Funds’ shareholders will not recognize any gain or loss on the exchange of their WRA Fund shares for corresponding Ivy Fund shares;

• The holding period for, and tax basis in, Ivy Fund shares that a WRA Fund shareholder receives pursuant to the Reorganization will include the holding period for, and will be the same as the aggregate tax basis in, the WRA Fund shares the shareholder holds immediately before the Reorganization (provided the shareholder holds the shares as capital assets at the time of the closing of the Reorganization); and

• An Ivy Fund’s tax basis in each asset the corresponding WRA Fund transfers to it will be the same as the WRA Fund’s tax basis therein immediately before the Reorganization, and the Ivy Fund’s holding period for each such asset will include the WRA Fund’s holding period therefore (except where an Ivy Fund’s investment activities have the effect of reducing or eliminating an asset’s holding period).

Notwithstanding the foregoing, no opinion will be expressed as to the effect of the Reorganization on a WRA Fund, an Ivy Fund, or any WRA Fund shareholder with respect to any asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on termination or transfer thereof) under a mark to market system of accounting. None of the Funds has requested

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or will request an advance ruling from the IRS as to the U.S. federal income tax consequences of the Reorganization.

The Tax Opinion is not binding on the Internal Revenue Service (“IRS”) or the courts and is not a guarantee that the tax consequences of the Reorganization will be as described above. If the Reorganization was consummated but the IRS or the courts were to determine that the Reorganization did not qualify as a tax-free reorganization under the Code, and thus was taxable, the applicable WRA Fund would recognize gain or loss on the transfer of its assets to the corresponding Ivy Fund, and each shareholder of the applicable WRA Fund that held shares in a taxable account would recognize a taxable gain or loss equal to the difference between its tax basis in its WRA Fund shares and the fair market value of the shares of the Ivy Fund it received.

Prior to the closing of the Reorganization, each Reorganizing WRA Fund but not the Continuing WRA Funds will distribute to its shareholders substantially all of its net investment company taxable income and net realized capital gain (after reduction by any available capital loss carryovers), if any, and at least 90 percent of its net tax-exempt income, if any, that have not previously been distributed to them. Any distributions of investment company taxable income and net realized capital gain will be taxable to the shareholders.

Due to similarities between each WRA Fund and its corresponding Ivy Fund, a restructuring of the investment portfolio of a WRA Fund or its corresponding Ivy Fund, either before or after the Reorganization, is not anticipated.

General Limitations on Capital Losses. Assuming the Reorganization qualifies as tax-free reorganization, as expected, each of the Ivy Funds will succeed to the tax attributes of the corresponding WRA Fund upon the closing of the Reorganization, including any capital loss carryovers that could have been used by each WRA Fund to offset its future realized capital gains, if any, for federal income tax purposes, subject to limitations under the Code. Where these limitations apply, all or a portion of a Fund’s capital loss carryovers may become unavailable, the effect of which may be to increase the amount of taxable gain to the combined Fund and its shareholders post-closing. Capital losses of a Fund arising in taxable years beginning after December 22, 2010 may be carried forward indefinitely to offset future capital gains; capital losses arising in earlier taxable years generally may be carried forward only to each of the eight (8) taxable years succeeding the loss year. The Regulated Investment Company Modernization Act of 2010 eliminated the eight-year carryover period for capital losses that arise in taxable

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years beginning after its December 22, 2010 enactment date. Capital losses incurred in pre-enactment taxable years may not be used to offset capital gains until all net capital losses arising in post-enactment taxable years have been utilized (“RIC Mod Rule”). As a result, some net capital loss carryovers incurred in pre-enactment taxable years which otherwise would have been utilized under prior law may expire unutilized.

Capital Loss Carryovers of the Reorganizing WRA Funds. First, a Fund’s capital loss carryovers are subject to an annual limitation if a Fund undergoes a more than 50% change in ownership. The annual limitation will equal the aggregate NAV of the smaller Fund in a Reorganization on the Closing Date multiplied by the long term tax exempt rate for ownership changes during the month in which the Reorganization closes; such limitation will be increased by the amount of any built-in gain (i.e., unrealized appreciation in the value of investments of the smaller Fund on the Closing Date that is recognized in a taxable year). Second, if a Fund has built-in gains at the time of a Reorganization that are realized by the combined Fund in the five-year period following the Reorganization, such built-in gains, when realized, may not be offset by the losses (including any capital loss carryovers and “built-in losses”) of the other Fund. Third, the capital losses of a Reorganizing WRA Fund that may be used by the corresponding Existing Ivy Fund (including to offset any “built-in gains” of the Reorganizing WRA Fund itself) for the first taxable year ending after the Closing Date will be limited to an amount equal to the capital gain net income of the Existing Ivy Fund for such taxable year (excluding capital loss carryovers) treated as realized post-closing based on the number of days remaining in such year. Finally, a Reorganization may result in an earlier expiration of a Reorganizing WRA Fund’s capital loss carryovers because the Reorganization causes the Reorganizing WRA Fund’s tax year to close early in the year of the Reorganization.

The aggregate capital loss carryovers of the Reorganizing WRA Funds and the approximate annual limitation on the use by the corresponding Existing Ivy Funds, post-closing, of the smaller Fund’s capital loss carryovers following the Reorganizations are below. The amount of aggregate capital loss carryovers in the charts below equals: (1) for the Reorganizing WRA Funds with a fiscal year ended June 30, the capital loss carryovers as of the fiscal period ended June 30, 2017, and (2) for the Reorganizing WRA Funds with a fiscal year ended September 30, the capital loss carryovers as of the fiscal period ended September 30, 2017. The annual limitation is based on the long-term tax-exempt rate for ownership changes as of September 30, 2017 of 1.93%.

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WRA Vanguard Fund/Ivy Large Cap Growth Fund

	WRA Vanguard Fund			Ivy Large Cap Growth Fund
	As of 6/30/17 (in thousands)			As of 9/30/17 (in thousands)
Aggregate capital loss carryovers	($	3,254	)	$	0
Unrealized appreciation on a tax basis	$	567,172		$	702,222
Net asset value	$	1,648,384		$	1,865,923
Annual limitation		N/A		$	31,358

Depending on the facts at the time of closing the Reorganization, the annual limitation on the use of Ivy Large Cap Growth Fund’s aggregate capital loss carryovers, if any, is not anticipated to be material.

WRA Continental Income Fund/Ivy Balanced Fund

	WRA Continental Income Fund		Ivy Balanced Fund
	As of 6/30/17 (in thousands)		As of 9/30/17 (in thousands)
Aggregate capital loss carryovers	$	11	$	0
Unrealized appreciation on a tax basis	$	124,320	$	206,108
Net asset value	$	1,455,295	$	1,946,924
Annual limitation	$	28,087		N/A

Depending on the facts at the time of closing the Reorganization, the annual limitation on the use of WRA Continental Income Fund’s aggregate capital loss carryovers is not anticipated to be material.

WRA Global Growth Fund/Ivy Global Growth Fund

	WRA Global Growth  Fund		Ivy Global Growth Fund
	As of 6/30/17 (in thousands)		As of 9/30/17 (in thousands)
Aggregate capital loss carryovers	$	0	$	0
Unrealized appreciation on a tax basis	$	102,168	$	86,898
Net asset value	$	613,489	$	439,966
Annual limitation		N/A	$	8,389

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Depending on the facts at the time of closing the Reorganization, the annual limitation on the use of Ivy Global Growth Fund’s aggregate capital loss carryovers, if any, is not anticipated to be material.

WRA New Concepts Fund/Ivy Mid Cap Growth Fund

	WRA New Concepts  Fund		Ivy Mid Cap Growth  Fund
	As of 6/30/17 (in thousands)		As of 9/30/17 (in thousands)
Aggregate capital loss carryovers	$	0	$	0
Unrealized appreciation on a tax basis	$	412,793	$	612,711
Net asset value	$	1,678,385	$	2,341,901
Annual limitation	$	32,393		N/A

Depending on the facts at the time of closing the Reorganization, the annual limitation on the use of WRA New Concepts Fund’s aggregate capital loss carryovers, if any, is not anticipated to be material.

WRA Science and Technology Fund/Ivy Science and Technology Fund

	WRA Science & Technology Fund		Ivy Science & Technology Fund
	As of 6/30/17 (in thousands)		As of 9/30/17 (in thousands)
Aggregate capital loss carryovers	$	0	$	0
Unrealized appreciation on a tax basis	$	1,574,687	$	2,072,282
Net asset value	$	3,494,894	$	4,203,469
Annual limitation	$	67,451		N/A

Depending on the facts at the time of closing the Reorganization, the annual limitation on the use of WRA Science & Technology Fund’s aggregate capital loss carryovers, if any, is not anticipated to be material.

WRA Small Cap Fund/Ivy Small Cap Growth Fund

	WRA Small Cap Fund		Ivy Small Cap Growth Fund
	As of 6/30/17 (in  thousands)		As of 9/30/17 (in thousands)
Aggregate capital loss carryovers	$	0	$	0
Unrealized appreciation on a tax basis	$	267,945	$	314,248
Net asset value	$	914,678	$	1,121,601
Annual limitation	$	17,653		N/A

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Depending on the facts at the time of closing the Reorganization, the annual limitation on the use of WRA Small Cap Fund’s aggregate capital loss carryovers, if any, is not anticipated to be material.

WRA High Income Fund/Ivy High Income Fund

	WRA High Income Fund			Ivy High Income Fund
	As of 9/30/17 (in thousands)			As of 9/30/17 (in thousands)
Capital loss carryover (as of 9/30/17)
Not subject to expiration	($	143,678	)	($	587,254	)
Unrealized depreciation on a tax basis	($	43,164	)	($	233,867	)
Aggregate capital loss carryovers	($	195,345	)	($	835,502	)
Net asset value	$	1,975,297		$	4,405,477
Annual limitation	$	39,735			N/A

Depending on the facts at the time of closing the Reorganization, the annual limitation on the use of WRA High Income Fund’s aggregate capital loss carryovers is not anticipated to be material.

WRA Municipal High Income Fund/Ivy Municipal High Income Fund

	WRA Municipal High Income Fund			Ivy Municipal High Income Fund
	As of 9/30/17 (in thousands)			As of 9/30/17 (in thousands)
Capital loss carryover
Expiring 2018	($	16,061	)	$	0
Not subject to expiration	($	26,249	)	$	0
Unrealized appreciation on a tax basis	$	14,985		$	32,196
Aggregate capital loss carryovers	($	27,357	)	($	15,236	)
Net asset value	$	750,514		$	919,261
Annual limitation	$	15,243			N/A

Depending on the facts at the time of closing the Reorganization, a substantial portion of WRA Municipal High Income Fund’s aggregate capital loss carryovers may expire unutilized because the Reorganization will cause the WRA Municipal High Income Fund’s tax year to close early and the RIC Mod Rule will require the WRA Municipal High Income Fund to use all of its capital loss carryovers arising in post-enactment taxable years prior to using the losses arising in pre-enactment years, as

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discussed above. However, there is no assurance that such losses would be used even in the absence of the Reorganization.

For more information with respect to each Fund’s capital loss carryovers, please refer to each Fund’s shareholder report.

Capital Loss Carryovers of the Continuing WRA Funds. If, as is anticipated, at the time of the closing of the Reorganization, a Shell Ivy Fund has either no assets or nominal assets incident to its organization, there will be no change of ownership of the corresponding WRA Fund as a result of the Reorganization. Thus, the Reorganization of a Continuing WRA Fund into a Shell Ivy Fund is not expected to result in any limitation on the use by the Shell Ivy Fund of the Continuing WRA Fund’s capital loss carryovers, if any. However, the capital losses of a Shell Ivy Fund, as the successor in interest to a Continuing WRA Fund, may subsequently become subject to an annual limitation as a result of sales of the Shell Ivy Fund shares or other reorganization transactions in which the Shell Ivy Fund might engage post-Reorganization.

Appreciation in Value of Investments. Shareholders of a Reorganizing WRA Fund will receive a proportionate share of any taxable income and gains realized by the combined Ivy Fund and not distributed to its shareholders prior to the Reorganization when such income and gains are eventually distributed by the combined Ivy Fund. As a result, shareholders of a Reorganizing WRA Fund may receive a greater amount of taxable distributions than they would have had the Reorganization not occurred. In addition, if an Existing Ivy Fund, following the Reorganization, has proportionately greater unrealized appreciation in its portfolio investments as a percentage of its NAV than the corresponding Reorganizing WRA Fund, shareholders of the Reorganizing WRA Fund, post-closing, may receive greater amounts of taxable gain as such portfolio investments are sold than they otherwise might have if the Reorganization had not occurred.

The foregoing description of the federal income tax consequences of the Reorganization applies generally to shareholders who are not tax-exempt investors and does not take into account your particular facts and circumstances. Consult your own tax adviser about the effect of state, local, foreign, and other tax laws.

Capitalization

The following tables show on an unaudited basis the capitalization of each WRA Fund and its corresponding Ivy Fund as of June 30, 2017 for WRA Accumulative Fund and Ivy Accumulative Fund and WRA Wilshire

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Global Allocation Fund and Ivy Wilshire Global Allocation Fund and as of September 30, 2017 for the remaining WRA Funds and their corresponding Ivy Funds, and on a pro forma combined basis, giving effect to the Reorganization of the assets and liabilities of each WRA Fund by the corresponding Ivy Fund at NAV as of that date.

	WRA ACCUMULATIVE FUND+		IVY ACCUMULATIVE FUND*		PRO FORMA ADJUSTMENTS			IVY ACCUMULATIVE FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	1,147,527,770	$	-	$	(42,097	)3	$	1,147,485,673
Shares outstanding		113,675,798		-		49,244			113,725,042
Net asset value per share	$	10.09	$	-				$	10.09
Class B Shares2
Net asset value	$	2,182,191	$	-	$	(80	)3	$	2,182,111
Shares outstanding		256,920		-		101			257,021
Net asset value per share	$	8.49	$	-				$	8.49
Class C Shares2
Net asset value	$	5,482,660	$	-	$	(201	)3	$	5,482,459
Shares outstanding		630,198		-		(30	)		630,168
Net asset value per share	$	8.70	$	-				$	8.70
WRA Accumulative Fund Class Y Shares into Ivy Accumulative Fund
Class I Shares2
Net asset value	$	$270,837,065	$	-	$	(9,935	)3	$	270,827,130
Shares outstanding		26,647,962		-		8,252			26,656,214
Net asset value per share	$	10.16	$	-				$	10.16

+ WRA Accumulative Fund will be the accounting survivor for financial statement purposes.

* The Ivy Accumulative Fund is new and has not commenced operations as of the date of this Prospectus/Information Statement.

¹  Assumes the Reorganization was consummated on June 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Accumulative Fund will be received by shareholders of WRA Accumulative Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Accumulative Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Accumulative Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Accumulative Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $52,313, to be borne by the WRA Accumulative Fund.

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	WRA CONTINENTAL INCOME FUND		IVY BALANCED FUND+		PRO FORMA ADJUSTMENTS			IVY BALANCED FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	814,697,239	$	612,902,649	$	(47,868	)3	$	1,427,552,020
Shares outstanding		83,341,012		24,685,579		(50,533,557	)		57,493,033
Net asset value per share	$	9.78	$	24.83				$	24.83
Class B Shares2
Net asset value	$	2,778,478	$	65,148,744	$	(5,088	)3	$	67,922,134
Shares outstanding		289,041		2,650,785		(176,517	)		2,763,309
Net asset value per share	$	9.61	$	24.58				$	24.58
Class C Shares2
Net asset value	$	$14,113,681	$	588,704,835	$	(45,978	)3	$	602,772,538
Shares outstanding		1,454,764		23,871,277		(882,710	)		24,443,331
Net asset value per share	$	9.70	$	24.66				$	24.66
Class E Shares
Net asset value	$	-	$	198,384	$	(15	)3	$	198,369
Shares outstanding		-		7,952		(1	)		7,951
Net asset value per share	$	-	$	24.95				$	24.95
WRA Continental Income Fund Class Y Shares into Ivy Balanced Fund
Class I Shares2
Net asset value	$	580,262,978	$	602,036,859	$	(47,019	)3	$	1,182,252,819
Shares outstanding		59,284,444		24,251,915		(35,903,288	)		47,633,071
Net asset value per share	$	9.79	$	24.82				$	24.82
Class N Shares
Net asset value	$	-	$	11,791,896	$	(921	)3	$	11,790,975
Shares outstanding		-		474,238		(37	)		474,201
Net asset value per share	$	-	$	24.86				$	24.86
Class R Shares
Net asset value	$	-	$	13,359,813	$	(1,043	)3	$	13,358,770
Shares outstanding		-		538,867		(42	)		538,825
Net asset value per share	$	-	$	24.79				$	24.79
Class Y Shares
Net asset value	$	-	$	52,780,366	$	(4,122	)3	$	52,776,244
Shares outstanding		-		2,125,325		178			2,125,503
Net asset value per share	$	-	$	24.83				$	24.83

+ Ivy Balanced Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Balanced Fund will be received by shareholders of WRA Continental Income Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Balanced Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Continental Income Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Balanced Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054 to be split between the WRA Continental Income Fund and Ivy Balanced Fund.

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	WRA GLOBAL GROWTH FUND		IVY GLOBAL GROWTH FUND+		PRO FORMA ADJUSTMENTS			IVY GLOBAL GROWTH FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	363,976,490	$	119,363,871	$	(41,252	)3	$	483,299,109
Shares outstanding		27,382,190		2,541,674		(19,632,145	)		10,291,719
Net asset value per share	$	13.29	$	46.96				$	46.96
Class B Shares2
Net asset value	$	467,582	$	1,607,410	$	(556	)3	$	2,074,436
Shares outstanding		40,581		40,089		(28,939	)		51,732
Net asset value per share	$	11.52	$	40.10				$	40.10
Class C Shares2
Net asset value	$	1,309,631	$	24,653,644	$	(8,520	)3	$	25,954,755
Shares outstanding		107,769		607,975		(75,676	)		640,068
Net asset value per share	$	$12.15	$	40.55				$	40.55
Class E Shares
Net asset value	$	-	$	149,061	$	(52	)3	$	149,009
Shares outstanding		-		3,150		(1	)		3,150
Net asset value per share	$	-	$	47.31				$	47.31
WRA Global Growth Fund Class Y Shares into Ivy Global Growth Fund
Class I Shares2
Net asset value	$	187,167,440	$	253,311,153	$	(87,545	)3	$	440,391,048
Shares outstanding		13,939,424		5,289,943		(10,033,479	)		9,195,887
Net asset value per share	$	13.43	$	47.89				$	47.89
Class N Shares
Net asset value	$	-	$	28,479,282	$	(9,843	)3	$	28,469,439
Shares outstanding		-		591,572		(204	)		591,367
Net asset value per share	$	-	$	48.14				$	48.14
Class R
Net asset value	$	-	$	1,967,177	$	(680	)3	$	1,966,497
Shares outstanding		-		42,206		(15	)		42,191
Net asset value per share	$	-	$	46.61				$	46.61
Class Y Shares
Net asset value	$	-	$	10,434,885	$	(3,606	)3	$	10,431,279
Shares outstanding		-		221,161		(65	)		221,095
Net asset value per share	$	-	$	47.18				$	47.18

+ Ivy Global Growth Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Global Growth Fund will be received by shareholders of WRA Global Growth Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Global Growth Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Global Growth Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Global Growth Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054, to be split between the WRA Global Growth Fund and the Ivy Global Growth Fund.

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	WRA NEW CONCEPTS FUND		IVY MID CAP GROWTH FUND+		PRO FORMA ADJUSTMENTS			IVY MID CAP GROWTH FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	1,093,995,765	$	430,101,466	$	(27,925	)3	$	1,524,069,306
Shares outstanding		98,184,519		18,608,062		(50,844,104	)		65,948,477
Net asset value per share	$	11.14	$	23.11				$	23.11
Class B Shares2
Net asset value	$	4,031,626	$	17,112,074	$	(1,111	)3	$	21,142,589
Shares outstanding		537,044		908,621		(322,851	)		1,122,814
Net asset value per share	$	7.51	$	18.83				$	18.83
Class C Shares2
Net asset value	$	8,738,732	$	208,432,365	$	(13,533	)3	$	217,157,564
Shares outstanding		1,108,666		10,414,002		(670,215	)		10,852,452
Net asset value per share	$	7.88	$	20.01				$	20.01
Class E Shares
Net asset value	$	-	$	9,474,135	$	(615	)3	$	9,473,520
Shares outstanding		-		419,389		(21	)		419,368
Net asset value per share	$	-	$	22.59				$	22.59
WRA New Concepts Fund Class Y Shares into Ivy Mid Cap Growth Fund
Class I Shares2
Net asset value	$	552,511,737	$	1,200,440,016	$	(77,942	)3	$	1,752,873,811
Shares outstanding		43,988,093		48,558,616		(21,637,574	)		70,909,135
Net asset value per share	$	12.56	$	24.72				$	24.72
Class N Shares
Net asset value	$	-	$	136,077,122	$	(8,835	)3	$	136,068,287
Shares outstanding		-		5,470,452		(355	)		5,470,097
Net asset value per share	$	-	$	24.87				$	24.87
Class R Shares
Net asset value	$	-	$	50,926,177	$	(3,307	)3	$	50,922,870
Shares outstanding		-		2,251,793		(146	)		2,251,646
Net asset value per share	$	-	$	22.62				$	22.62
Class Y Shares
Net asset value	$	-	$	289,338,031	$	(18,786	)3	$	289,319,245
Shares outstanding		-		12,025,277		(371	)		12,024,906
Net asset value per share	$	-	$	24.06				$	24.06

+ Ivy Mid Cap Growth Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Mid Cap Growth Fund will be received by shareholders of WRA New Concepts Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Mid Cap Growth Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA New Concepts Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Mid Cap Growth Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054 to be split between the WRA New Concepts Fund and the Ivy Mid Cap Growth Fund.

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	WRA SCIENCE AND TECHNOLOGY FUND		IVY SCIENCE AND TECHNOLOGY FUND+		PRO FORMA ADJUSTMENTS			IVY SCIENCE AND TECHNOLOGY FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	2,889,121,522	$	1,090,263,310	$	(39,438	)3	$	3,979,345,394
Shares outstanding		166,144,972		16,594,153		(122,170,702	)		60,568,423
Net asset value per share	$	17.39	$	65.70				$	65.70
Class B Shares2
Net asset value	$	9,667,234	$	44,876,318	$	(1,623	)3	$	54,541,929
Shares outstanding		808,961		814,700		(633,430	)		990,231
Net asset value per share	$	11.95	$	55.08				$	55.08
Class C Shares2
Net asset value	$	20,631,921	$	689,892,246	$	(24,956	)3	$	710,499,211
Shares outstanding		1,690,884		12,087,529		(1,328,804	)		12,449,609
Net asset value per share	$	12.20	$	57.07				$	57.07
Class E Shares
Net asset value	$	-	$	29,580,639	$	(1,070	)3	$	29,579,569
Shares outstanding		-		453,235		(47	)		453,188
Net asset value per share	$	-	$	65.27				$	65.27
WRA Science and Technology Fund Class Y Shares into Ivy Science and Technology Fund
Class I Shares2
Net asset value	$	792,805,903	$	1,457,068,281	$	(52,707	)3	$	2,249,821,477
Shares outstanding		40,397,571		20,276,206		(29,365,379	)		31,308,398
Net asset value per share	$	19.63	$	71.86				$	71.86
Class N Shares
Net asset value	$	-	$	98,043,541	$	(3,547	)3	$	98,039,994
Shares outstanding		-		1,357,861		(49	)		1,357,812
Net asset value per share	$	-	$	72.20				$	72.20
Class R Shares
Net asset value	$	-	$	124,608,710	$	(4,508	)3	$	124,604,202
Shares outstanding		-		1,943,413		(70	)		1,943,343
Net asset value per share	$	-	$	64.12				$	64.12
Class Y Shares
Net asset value	$	-	$	669,135,612	$	(24,205	)3	$	669,111,407
Shares outstanding		-		9,689,167		(326	)		9,688,842
Net asset value per share	$	-	$	69.06				$	69.06

+ Ivy Science and Technology Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Science and Technology Fund will be received by shareholders of WRA Science and Technology Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Science and Technology Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Science and Technology Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Science and Technology Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054 to be split between the WRA Science and Technology Fund and the Ivy Science and Technology Fund.

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	WRA SMALL  CAP FUND		IVY SMALL  CAP GROWTH FUND+		PRO FORMA ADJUSTMENTS			IVY SMALL CAP GROWTH FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	633,371,739	$	253,936,930	$	(34,426	)3	$	887,274,242
Shares outstanding		35,228,075		13,458,731		(1,666,444	)		47,020,363
Net asset value per share	$	17.98	$	18.87				$	18.87
Class B Shares2
Net asset value	$	3,243,766	$	7,711,791	$	(1,045	)3	$	10,954,512
Shares outstanding		254,076		539,351		(27,377	)		766,050
Net asset value per share	$	12.77	$	14.30				$	14.30
Class C Shares2
Net asset value	$	7,905,470	$	180,077,050	$	(24,413	)3	$	187,958,107
Shares outstanding		571,321		11,558,399		(65,657	)		12,064,063
Net asset value per share	$	13.84	$	15.58				$	15.58
Class E Shares
Net asset value	$	-	$	8,828,219	$	(1,197	)3	$	8,827,022
Shares outstanding		-		471,764		17			471,781
Net asset value per share	$	-	$	18.71				$	18.71
WRA Small Cap Fund Class Y Shares into Ivy Small Cap Growth Fund
Class I Shares2
Net asset value	$	275,168,861	$	375,204,534	$	(50,866	)3	$	650,322,529
Shares outstanding		13,376,565		15,581,146		(1,950,962	)		27,006,750
Net asset value per share	$	20.57	$	24.08				$	24.08
Class N Shares
Net asset value	$	-	$	110,022,726	$	(14,916	)3	$	110,007,810
Shares outstanding		-		4,544,022		(616	)		4,543,406
Net asset value per share	$	-	$	24.21				$	24.21
Class R Shares
Net asset value	$	-	$	51,312,230	$	(6,956	)3	$	51,305,274
Shares outstanding		-		2,765,901		(375	)		2,765,526
Net asset value per share	$	-	$	18.55				$	18.55
Class T Shares
Net asset value	$	-	$	259,078	$	(35	)3	$	259,043
Shares outstanding		-		13,729		(1	)		13,728
Net asset value per share	$	-	$	18.87				$	18.87
Class Y Shares
Net asset value	$	-	$	134,248,324	$	(18,200	)3	$	134,230,124
Shares outstanding		-		5,878,312		(1,337	)		5,876,976
Net asset value per share	$	-	$	22.84				$	22.84

+ Ivy Small Cap Growth Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Small Cap Growth Fund will be received by shareholders of WRA Small Cap Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Small Cap Growth Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Small Cap Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Small Cap Growth Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054 to be split between the WRA Small Cap Fund and the Ivy Small Cap Growth Fund.

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	WRA VANGUARD FUND		IVY LARGE CAP GROWTH FUND+		PRO FORMA ADJUSTMENTS			IVY LARGE CAP GROWTH FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	1,158,394,899	$	527,172,082	$	(42,959	)3	$	1,685,524,021
Shares outstanding		104,396,598		24,601,045		(50,345,098	)		78,652,544
Net asset value per share	$	11.10	$	21.43				$	21.43
Class B Shares2
Net asset value	$	2,664,007	$	9,219,117	$	(751	)3	$	11,882,373
Shares outstanding		344,216		548,831		(185,763	)		707,284
Net asset value per share	$	7.74	$	16.80				$	16.80
Class C Shares2
Net asset value	$	7,612,130	$	96,301,162	$	(7,848	)3	$	103,905,445
Shares outstanding		950,629		5,330,003		(530,469	)		5,750,163
Net asset value per share	$	8.01	$	18.07				$	18.07
Class E Shares
Net asset value	$	-	$	15,040,765	$	(1,226	)3	$	15,039,539
Shares outstanding		-		702,683		100			702,782
Net asset value per share	$	-	$	21.40				$	21.40
WRA Vanguard Fund Class Y Shares into Ivy Large Cap Growth Fund
Class I Shares2
Net asset value	$	497,871,601	$	1,001,010,279	$	(81,572	)3	$	1,498,800,308
Shares outstanding		41,836,338		44,540,227		(19,674,281	)		66,702,283
Net asset value per share	$	11.90	$	22.47				$	22.47
Class N Shares
Net asset value	$	-	$	161,314,495	$	(13,146	)3	$	161,301,349
Shares outstanding		-		7,136,346		(582	)		7,135,764
Net asset value per share	$	-	$	22.60				$	22.60
Class R Shares
Net asset value	$	-	$	21,085,986	$	(1,718	)3	$	21,084,268
Shares outstanding		-		1,019,452		(83	)		1,019,369
Net asset value per share	$	-	$	20.68				$	20.68
Class Y Shares
Net asset value	$	-	$	34,779,395	$	(2,834	)3	$	34,776,561
Shares outstanding		-		1,584,739		(385	)		1,584,354
Net asset value per share	$	-	$	21.95				$	21.95

+ Ivy Large Cap Growth Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Large Cap Growth Fund will be received by shareholders of WRA Vanguard Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Large Cap Growth Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Vanguard Fund will be exchanged for new Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Large Cap Growth Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054 to be split between the WRA Vanguard Fund and the Ivy Large Cap Growth Fund.

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	WRA  WILSHIRE GLOBAL ALLOCATION FUND+		IVY  WILSHIRE GLOBAL ALLOCATION FUND*		PRO FORMA ADJUSTMENTS			IVY WILSHIRE GLOBAL ALLOCATION FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	1,080,497,797	$	0	$	(32,370	)3	$	1,080,465,427
Shares outstanding		125,824,533		0		(42,760	)		125,781,773
Net asset value per share	$	8.59	$	0				$	8.59
Class B Shares2
Net asset value	$	10,387,719	$	0	$	(311	)3	$	10,387,408
Shares outstanding		1,287,826		0		(663	)		1,287,163
Net asset value per share	$	8.07	$	0				$	8.07
Class C Shares2
Net asset value	$	26,484,842	$	0	$	(793	)3	$	26,484,049
Shares outstanding		3,248,358		0		1,219			3,249,577
Net asset value per share	$	8.15	$	0				$	8.15
WRA Wilshire Global Allocation Fund Class Y Shares into Ivy Wilshire Global Allocation Fund
Class I Shares2
Net asset value	$	628,860,510	$	0	$	(18,839	)3	$	628,841,671
Shares outstanding		72,305,250		0		(24,598	)		72,280,652
Net asset value per share	$	8.70	$	0				$	8.70

+ WRA Wilshire Global Allocation Fund will be the accounting survivor for financial statement purposes.

* The Ivy Wilshire Global Allocation Fund is new and has not commenced operation as of the date of this Prospectus/Information Statement.

¹  Assumes the Reorganization was consummated on June 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Wilshire Global Allocation Fund will be received by shareholders of WRA Wilshire Global Allocation Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Wilshire Global Allocation Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Wilshire Global Allocation Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Wilshire Global Allocation Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $52,313 to be borne by the WRA Wilshire Global Allocation Fund.

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	WRA HIGH INCOME FUND		IVY HIGH INCOME FUND+		PRO FORMA ADJUSTMENTS			IVY HIGH INCOME FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	1,178,525,493	$	1,220,849,550	$	(42,137	)3	$	2,399,332,906
Shares outstanding		173,557,500		160,119,335		(18,803,750	)		314,873,085
Net asset value per share	$	6.79	$	7.62				$	7.62
Class B Shares2
Net asset value	$	3,344,294	$	69,968,001	$	(2,415	)3	$	73,309,880
Shares outstanding		492,503		9,176,588		(48,372	)		9,620,719
Net asset value per share	$	6.79	$	7.62				$	7.62
Class C Shares2
Net asset value	$	35,593,583	$	903,109,025	$	(31,171	)3	$	938,671,437
Shares outstanding		5,241,747		118,446,457		(502,976	)		123,185,228
Net asset value per share	$	6.79	$	7.62				$	7.62
Class E Shares
Net asset value	$	-	$	9,745,244	$	(336	)3	$	9,744,908
Shares outstanding		-		1,278,134		725			1,278,859
Net asset value per share	$	-	$	7.62				$	7.62
WRA High Income Fund Class Y Shares into Ivy High Income Fund
Class I Shares2
Net asset value	$	757,832,535	$	1,708,793,470	$	(58,979	)3	$	2,466,567,026
Shares outstanding		111,603,449		224,115,262		(12,022,251	)		323,696,460
Net asset value per share	$	6.79	$	7.62				$	7.62
Class N Shares
Net asset value	$	-	$	65,836,518	$	(2,272	)3	$	65,834,246
Shares outstanding		-		8,634,733		(298	)		8,634,435
Net asset value per share	$	-	$	7.62				$	7.62
Class R Shares
Net asset value	$	-	$	67,802,331	$	(2,340	)3	$	67,799,991
Shares outstanding		-		8,892,528		(307	)		8,892,222
Net asset value per share	$	-	$	7.62				$	7.62
Class T Shares
Net asset value	$	-	$	250,151	$	(9	)3	$	250,142
Shares outstanding		-		32,808		19			32,827
Net asset value per share	$	-	$	7.62				$	7.62
Class Y Shares
Net asset value	$	-	$	359,120,135	$	(12,395	)3	$	359,107,740
Shares outstanding		-		47,099,859		27,141			47,127,000
Net asset value per share	$	-	$	7.62				$	7.62

+ Ivy High Income Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy High Income Fund will be received by shareholders of WRA High Income Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy High Income Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA High Income Fund will be exchanged for Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy High Income Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054 to be split between the WRA High Income Fund and the Ivy High Income Fund.

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	WRA MUNICIPAL HIGH INCOME FUND		IVY MUNICIPAL HIGH INCOME FUND+		PRO FORMA ADJUSTMENTS			IVY MUNICIPAL HIGH INCOME FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	606,538,281	$	200,706,457	$	(33,199	)3	$	807,211,539
Shares outstanding		128,100,801		39,390,537		(9,214,565	)		158,276,772
Net asset value per share	$	4.73	$	5.10				$	5.10
Class B Shares2
Net asset value	$	478,122	$	9,979,754	$	(1,651	)3	$	10,456,224
Shares outstanding		100,979		1,958,615		(9,354	)		2,050,240
Net asset value per share	$	4.73	$	5.10				$	5.10
Class C Shares2
Net asset value	$	19,356,969	$	159,641,041	$	(26,406	)3	$	178,971,604
Shares outstanding		4,088,190		31,331,015		(326,734	)		35,092,471
Net asset value per share	$	4.73	$	5.10				$	5.10
WRA Municipal High Income Fund Class Y Shares into Ivy Municipal High Income
Class I Shares2
Net asset value	$	124,140,169	$	534,589,662	$	(88,426	)3	$	658,641,105
Shares outstanding		26,218,385		104,917,899		(1,990,910	)		129,145,373
Net asset value per share	$	4.73	$	5.10				$	5.10
Class N Shares
Net asset value	$	-	$	273,105	$	(45	)3	$	273,060
Shares outstanding		-		53,598		(9	)		53,589
Net asset value per share	$	-	$	5.10				$	5.10
Class Y Shares
Net asset value	$	-	$	14,070,661	$	(2,327	)3	$	14,068,334
Shares outstanding		-		2,761,511		(3,014	)		2,758,497
Net asset value per share	$	-	$	5.10				$	5.10

+ Ivy Municipal High Income Fund will be the accounting survivor for financial statement purposes.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Municipal High Income Fund will be received by shareholders of WRA Municipal High Income Fund on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Municipal High Income Fund that will actually be received on or after that date.

²  Class A shares, Class B shares, Class C shares and Class Y shares of WRA Municipal High Income Fund will be exchanged for new Class A shares, Class B shares, Class C shares, and Class I shares, respectively, of Ivy Municipal High Income Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $152,054 to be split between the WRA Municipal High Income Fund and the Ivy Municipal High Income Fund.

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	WRA CASH MANAGEMENT+		IVY CASH MANAGEMENT FUND*		PRO FORMA ADJUSTMENTS			IVY CASH MANAGEMENT FUND PRO FORMA COMBINED1,2
Class A Shares2
Net asset value	$	1,377,764,987	$	0	$	(52,192	)3	$	1,377,712,795
Shares outstanding		1,377,828,463		0		(115,667	)		1,377,712,795
Net asset value per share	$	1.00	$	0				$	1.00
Class B Shares2
Net asset value	$	$653,799	$	0	$	(25	)3	$	653,774
Shares outstanding		654,135		0		(360	)		653,774
Net asset value per share	$	1.00	$	0				$	1.00
Class C Shares2
Net asset value	$	2,525,464	$	0	$	(96	)3	$	2,525,368
Shares outstanding		2,527,903		0		(2,536	)		2,525,368
Net asset value per share	$	1.00	$	0				$	1.00

+ WRA Cash Management will be the accounting survivor for financial statement purposes.

* The Ivy Cash Management Fund is new and has not commenced operations as of the date of this Prospectus/Information Statement.

¹  Assumes the Reorganization was consummated on September 30, 2017, and is for information purposes only. No assurance can be given as to how many shares of Ivy Cash Management Fund will be received by shareholders of WRA Cash Management on the date the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Ivy Cash Management Fund that will actually be received on or after that date.

²  Class A shares, Class B shares and Class C shares of WRA Cash Management will be exchanged for new Class A shares, Class B shares and Class C shares, respectively, of Ivy Cash Management Fund upon consummation of the Reorganization.

³  Adjustments reflect estimated one-time accounting, legal and other costs of approximately $52,313 to be borne by the WRA Cash Management.

Ownership of Shares

As of February     , 2018, the WRA Trust believes that its Trustees and officers, as a group, owned less than one percent of each class of shares of each WRA Fund and of the WRA Trust as a whole. The tables below show, as of February     , 2018, the shareholders of record who owned 5% or more of the outstanding shares of the noted class of shares of a WRA Fund.

Fund Name Class Shareholder Name City and State Amount of
Shares
Owned Percentage
of Fund
Owned

The percentage of Shell Ivy Funds that would be owned by the shareholders named above upon consummation of the Reorganization based on their holdings shown above is expected to be substantially the same. The percentages of the Existing Ivy Funds that would be owned by

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the shareholders named above upon consummation of the Reorganization based on the holdings shown above is expected to decline.

As of February     , 2018, the Ivy Trust believes that its Trustees and officers, as a group, owned less than one percent of each class of shares of each Ivy Fund and of the Ivy Trust as a whole. The tables below show, as of February     , 2018, the shareholders of record who owned 5% or more of the outstanding shares of the noted class of shares of an Ivy Fund.

Fund Name Class Shareholder Name City and State Amount of
Shares
Owned Percentage
of Fund
Owned

Shareholder Communications. Shareholder communications to the WRA Trust Board must be in writing and addressed to the Board of Trustees of the Waddell & Reed Advisors Funds and to the attention of Jennifer K. Dulski, Secretary of the WRA Funds, at 6300 Lamar Avenue, Overland Park, Kansas 66202. If a specific trustee is the intended recipient of such communication, the name of that trustee must be noted therein. The Secretary will forward such correspondence only to the intended recipient if one is noted. Prior to forwarding any correspondence, the Secretary will review the communication and will not forward communications deemed by the Secretary, in her discretion, to be frivolous, of inconsequential commercial value or otherwise inappropriate for the WRA Trust Board’s consideration. Any communication reviewed by the Secretary and not forwarded to the WRA Trust Board for consideration shall be forwarded to and reviewed by independent legal counsel to the Independent Trustees. In the event independent legal counsel to the Independent Trustees disagrees with the determination of the Secretary and deems such communication appropriate for WRA Trust Board consideration, such communication shall be forwarded to the WRA Trust Board or members thereof, as appropriate. Each WRA Fund will retain shareholder communications addressed to the WRA Trust Board in accordance with its record retention policy.

Additional Information

For additional information about the WRA Funds, see the WRA Equity Prospectus and the WRA Fixed Income Prospectus along with the WRA SAI, copies of which may be obtained without charge by writing or calling the WRA Trust at the address and telephone number set forth on the first page of this Prospectus/Information Statement. For additional information about the Ivy Funds, see the Existing Ivy Funds Prospectus,

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Shell Ivy Funds Prospectus, Existing Ivy Funds SAI and the Shell Ivy Funds SAI, copies of which, to the extent not included herewith, may be obtained without charge by writing or calling the Ivy Trust at the address and telephone number set forth on the first page of this Prospectus/Information Statement. Information about the WRA Funds and the Ivy Funds (including the most recent Annual and Semiannual Reports) is available from the SEC’s web site at http://www.sec.gov and also may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov or from the SEC’s Public Reference Room, Room 1580, 100 F Street NE, Washington, D.C. 20549-1520 and at certain of the SEC’s regional offices: SEC Regional Offices: Atlanta – 950 East Paces Ferry NE, Suite 900, Atlanta GA 30326; Boston – 33 Arch Street, 23rd Floor, Boston, MA 02110; Chicago – 175 West Jackson Blvd., Suite 900, Chicago, IL 60604; Denver – 1961 Stout Street, Suite 1700, Denver, CO 80294; Fort Worth – Burnett Plaza, Suite 1900, 801 Cherry Street, Unit #18, Fort Worth, TX 76102; Los Angeles – 444 South Flower Street, Suite 900, Los Angeles, CA 90071; Miami – 801 Brickell Ave., Suite 1800, Miami, FL 33131; New York – 200 Vesey Street, Suite 400, New York, NY 10281; Philadelphia – One Penn Center, 1617 JFK Boulevard, Suite 520, Philadelphia, PA 19103; Salt Lake City – 351 S. West Temple Street, Suite 6.100, Salt Lake City, UT 84101; and San Francisco – 44 Montgomery Street, Suite 2800, San Francisco, CA 94104. You can find out about the operation of the Public Reference Room and applicable copying charges by calling 202.551.8090.

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APPENDIX A – FORM OF AGREEMENT AND PLAN OF REORGANIZATION

This AGREEMENT AND PLAN OF REORGANIZATION (“Agreement”), made as of this 15th day of November, 2017, by and between the Ivy Funds (the “Acquiring Trust”), a statutory trust created under the laws of the State of Delaware, with its principal place of business at 6300 Lamar Ave, Shawnee Mission, KS 66201-9217, on behalf of certain series, as listed in column 2 of Schedule I attached hereto and the Waddell & Reed Advisors Funds (“WRA Trust”), a statutory trust created under the laws of the State of Delaware, with its principal place of business at 6300 Lamar Ave, Shawnee Mission, KS 66201-9217, on behalf of its series as listed in column 1 of Schedule I attached hereto. Waddell & Reed Investment Management Company, the investment manager to the WRA Trust (“WRIMCO”), and Ivy Investment Management Company, the investment manager to the Acquiring Trust (“IICO”), each join this Agreement solely for the purposes of Section 9.

WHEREAS, WRA Trust offers, among others, the following investment portfolios: Waddell & Reed Advisors (“WRA”) Continental Income Fund; (2) WRA Global Growth Fund; (3) WRA New Concepts Fund; (4) WRA Science and Technology Fund; (5) WRA Small Cap Fund; (6) WRA Vanguard Fund; (7) WRA High Income Fund; and (8) WRA Municipal High Income Fund (each a “Reorganizing Acquired Fund” and collectively, the “Reorganizing Acquired Funds”) as listed in column 1 of Schedule I;

WHEREAS, WRA Trust also offers, among others, the following investment portfolios: (1) WRA Accumulative Fund; (2) WRA Wilshire Global Allocation Fund; and (3) WRA Cash Management (each a “Continuing Acquired Fund” and collectively, the “Continuing Acquired Funds” and together with the Reorganizing Acquired Funds, the “Acquired Funds”) as listed in column 1 of Schedule I;

WHEREAS, the Acquiring Trust currently offers, among others, the following investment portfolios: (1) Ivy Balanced Fund; (2) Ivy Global Growth Fund; (3) Ivy Mid Cap Growth Fund; (4) Ivy Science and Technology Fund; (5) Ivy Small Cap Growth Fund; (6) Ivy Large Cap Growth Fund; (7) Ivy High Income Fund; and (8) Ivy Municipal High Income Fund (each an “Operating Acquiring Fund” and collectively, the “Operating Acquiring Funds”) as listed in column 2 of Schedule I;

WHEREAS, the Acquiring Trust has recently organized the following additional investment portfolios: (1) Ivy Accumulative Fund; (2) Ivy Wilshire Global Allocation Fund; and (3) Ivy Cash Management Fund

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(each a “Shell Acquiring Fund” and collectively the “Shell Acquiring Funds” and together with the Operating Acquiring Funds, the “Acquiring Funds”) as listed in column 2 of Schedule I;

WHEREAS, each of the parties hereto desires to enter into and perform the reorganization described herein (the “Reorganization”) pursuant to which, among other things, at the respective times hereinafter set forth, (1) each Acquired Fund shall transfer all of its respective Assets (as defined below) to its corresponding Acquiring Fund (the name of which is set forth directly opposite the name of such Acquired Fund on Schedule I hereto) in exchange solely for full and fractional Class A, Class B, Class C and Class I shares of beneficial interest (as applicable) of the corresponding Acquiring Fund as set forth in Schedule I; (ii) the assumption by the Acquiring Trust on behalf of the corresponding Acquiring Fund of all of the Liabilities (as defined below) of its corresponding Acquired Fund; (2) the distribution of each of the corresponding Acquiring Fund’s shares to the shareholders of its corresponding Acquired Fund according to their respective interests in complete liquidation of an Acquired Fund; and (iii) the dissolution of each Acquired Fund as soon as practicable after the closing date (as referenced in Section 3 hereof and hereinafter called the “Closing Date”), all upon and subject to the terms and conditions of this Agreement hereinafter set forth;

WHEREAS, the parties intend this Agreement to be, and adopt it as, a plan of reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”);

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, and intending to be legally bound hereby, the parties hereto covenant and agree as follows:

1. Transfer of Assets and Liabilities, Liquidation and Dissolution of Each of the Acquired Funds.

Subject to the terms and conditions herein set forth and on the basis of the representations and warranties contained herein,

(a) On the Closing Date (as defined in Section 3), WRA Trust, on behalf of each of Acquired Fund, will transfer and deliver to the Acquiring Trust, on behalf of each of the corresponding Acquiring Funds (the name of which is set forth directly opposite the name of such Acquired Fund on Schedule I hereto), all property, goodwill, and assets of every description and all interests, rights, privileges and powers of an Acquired Fund that are shown as an asset on the books and records of an

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Acquired Fund on the Closing Date (the “Assets”). In consideration thereof, the Acquiring Trust agrees that on the Closing Date: (i) the Acquiring Trust of behalf of each Acquiring Fund shall assume and pay when due all obligations and liabilities of its corresponding Acquired Fund, existing on or after the Closing Date, whether absolute, accrued, contingent or otherwise (except that certain expenses of the Reorganization contemplated hereby to be paid by the persons as provided in Section 9 hereof shall not be assumed or paid by an Acquiring Fund) (collectively, the “Liabilities”), and such Liabilities shall become the obligations and liabilities of the corresponding Acquiring Fund; and (ii) the Acquiring Trust, on behalf of each Acquiring Fund shall deliver to WRA Trust, the number of full and fractional (calculated to the third decimal place) shares of each Class A, Class B, Class C and Class I shares of beneficial interest (as applicable), without par value, of each of the Acquiring Funds (as set forth in Schedule I) (“Acquiring Fund Shares”), determined as provided in Section 2(a) below. In order to effect the delivery of shares, the Acquiring Trust will establish an open account of each Acquiring Fund for each shareholder of its corresponding Acquired Fund and, on the Closing Date, will credit to such account the number of full and fractional (calculated to the third decimal place) Acquiring Fund Shares as calculated in accordance with Section 2(a). Simultaneously with the crediting of the Acquiring Fund Shares to the shareholders of record of its corresponding Acquired Fund, the shares of an Acquired Fund held by such shareholders shall be cancelled by the WRA Trust. The Acquiring Trust shall not be obligated to issue certificates representing Acquiring Fund Shares in connection with such exchange.

(b) Immediately upon receipt of Acquiring Fund Shares of each Acquiring Fund, each Acquired Fund shall distribute, in complete liquidation, pro rata to the shareholders of record of such Acquired Fund at the Closing Date, the respective Acquiring Fund Shares that have been received.

(c) As soon as practicable following the Closing Date, WRA Trust shall dissolve the Acquired Funds pursuant to the provisions of its Trust Instrument and the laws of the State of Delaware, and, after the Closing Date, the Acquired Funds shall not conduct any business except in connection with their liquidation.

(d) The Acquiring Trust, on behalf of each Acquiring Fund, and WRA Trust, on behalf of each Acquired Fund, intend that the Reorganization will qualify as a reorganization within the meaning of Section 368(a)(1) of the Code. The Acquiring Trust, on behalf of each Acquiring Fund, and

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WRA Trust, on behalf of each Acquired Fund, shall not take any action or cause any action to be taken (including, without limitation the filing of any Tax Return) that is inconsistent with such treatment or results in the failure of such Reorganization to qualify as a reorganization within the meaning of Section 368(a)(1) of the Code.

2. Share Calculations and Valuation of Assets

(a) The number of Class A, Class B, Class C and Class I shares (as applicable) of each Acquiring Fund issued to its corresponding Acquired Fund will be determined as follows: the value of each Acquired Fund’s Assets that are so conveyed less the Liabilities that are assumed (determined as of the Valuation Date as defined below), that are attributable to Class A shares, Class B shares, Class C shares or Class Y shares (as applicable) of such Acquired Fund shall be divided by the net asset value (“NAV”) of one Class A share, Class B share, Class C share or Class I share, respectively, of its corresponding Acquiring Fund that is to be delivered with respect thereto (determined as of the Valuation Date as defined below).

(b) With respect to each Acquired Fund, the value of its Assets shall be the value of such Assets computed as of the time at which the Acquired Fund’s NAV is calculated as of the regular close of business (“Close of Business”) of the New York Stock Exchange (“NYSE”) on the valuation date (as defined in Section 3 hereof and hereinafter called the “Valuation Date”), which shall be the business day immediately preceding the Closing Date, using the valuation procedures set forth in WRA Trust’s currently effective prospectus and statement of additional information with respect to each Acquired Fund.

(c) The NAV per share of each class of Acquiring Fund Shares shall be computed on the Valuation Date in the manner set forth in the Ivy Fund’s currently effective prospectus with respect to an Acquiring Fund. With regard to the Shell Acquiring Funds, the NAV per share of each class of shares of a Shell Acquiring Fund shall be deemed to be the same as the NAV per share of each corresponding class of shares of the corresponding Continuing Acquired Fund.

3. Valuation Date and Closing Date

(a) The Valuation Date, with respect to the Acquired Funds and their corresponding Acquiring Funds, shall be Close of Business on [February 23, 2018], or such earlier or later date and time as may be mutually agreed in writing by an authorized officer of each of the parties (the “Valuation Date”).

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(b) The Closing Date, with respect to the Acquired Funds and their corresponding Acquiring Funds, shall occur on February 26, 2018, or such other date as the officers of each of the parties may mutually agree (the “Closing Date”). The closing of the Reorganization shall take place at the principal office of the Ivy Funds, 6300 Lamar Ave, Shawnee Mission, KS 66201-9217 or at such other place as the officers of the parties may mutually agree. All acts taking place at the closing shall be deemed to take place simultaneously as of immediately before the opening of business on the Closing Date.

(c) Notwithstanding anything herein to the contrary, in the event that on the Valuation Date (a) the NYSE shall be closed to trading or trading thereon shall be restricted or (b) trading or the reporting of trading on such exchange or elsewhere shall be disrupted so that, in the judgment of the officers of the Acquiring Trust and WRA Trust, accurate appraisal of the value of the net Assets of any Acquired Fund is impracticable, the Valuation Date shall be postponed until the first business day after the day when trading on the NYSE shall have been fully resumed without restriction or disruption, reporting shall have been restored and accurate appraisal of the value of the net Assets of each of the Acquired Funds is practicable in the judgment of the officers of the Acquiring Trust and WRA Trust.

(d) On the Closing Date, the portfolio securities of each Acquired Fund and all of an Acquired Fund’s cash shall be delivered by such Acquired Fund to the account of its corresponding Acquiring Fund, such portfolio securities to be duly endorsed in proper form for transfer in such manner and condition as to constitute good delivery thereof in accordance with the custom of brokers or, in the case of portfolio securities held in the U.S. Treasury Department’s book-entry system or by the Depository Trust Company, Participants Trust Company or other third party depositories, by transfer in accordance with Rule 17f-4, Rule 17f-5 or Rule 17f-7, as the case may be, under the Investment Company Act of 1940, as amended (the “1940 Act”) and accompanied by all necessary federal and state stock transfer stamps or a check for the appropriate purchase price of such transfer stamps. The cash delivered shall be in the form of currency or certified or official bank checks, payable to the order of “Bank of New York Mellon, custodian for each Acquired Fund, as listed on Schedule I, a series of Ivy Funds.”

(e) On the Closing Date, WRA Trust or its transfer agent shall deliver to the Acquiring Funds Trust or its designated agent a list of the names and addresses (which may be in electronic form) of each Acquired Fund’s shareholders and the number of outstanding shares of beneficial

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interest of each class of an Acquired Fund owned by each Acquired Fund’s shareholder, all as of the Close of Business on the Valuation Date.

(f) On the Closing Date, each party shall deliver to the other such bills of sale, instruments of assumption of liabilities, checks, assignments, stock certificates, receipts or other documents as such other party or its counsel may reasonably request in connection with the transfer of Assets, assumption of liabilities and liquidation contemplated by Section 1.

4. Representations and Warranties by WRA Trust

WRA Trust, on behalf of each of the Acquired Funds, represents and warrants to the Acquiring Trust that:

(a) WRA Trust is a statutory trust created under the laws of the State of Delaware on October 14, 2008 and is validly existing and in good standing under the laws of that State. WRA Trust, of which each Acquired Fund is a separate series of shares of beneficial interest, is duly registered under the 1940 Act, as an open-end, management investment company. Such registration is in full force and effect as of the date hereof and will be in full force and effect as of the Closing Date and all of the shares of each of the Acquired Funds issued and outstanding have been sold pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (the “1933 Act”), and the 1940 Act, except for any shares sold pursuant to the private offering exemption for purposes of raising initial capital or obtaining any required initial shareholder approvals.

(b) WRA Trust is authorized to issue an unlimited number of shares of each class of shares of beneficial interest, without par value, of each Acquired Fund. Each outstanding share of each Acquired Fund is validly issued, fully paid, non-assessable, has full voting rights, and, except for any such shares sold pursuant to the private offering exemption for purposes of raising initial capital or obtaining any required initial shareholder approvals, is freely transferable.

(c) WRA Trust has the necessary power and authority to conduct its business and the business of each Acquired Fund as such businesses are now being conducted.

(d) WRA Trust is not a party to or obligated under any provision of its Trust Instrument, By-Laws, or any material contract or any other material commitment or obligation, and is not subject to any order or decree, that would be violated by its execution of or performance under this Agreement.

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(e) WRA Trust, on behalf of each Acquired Fund, has no material contracts or other commitments (other than the Agreement or agreement for the purchase of securities entered into the ordinary course of business and consistent with the obligations under the Agreement) which will not be terminated by it in accordance with their terms at or prior to the Closing Date or which will result in a penalty or additional fee to be due from or payable by it.

(f) Each Acquired Fund does not have any known liabilities, costs or expenses of a material amount, contingent or otherwise, other than those reflected in the financial statements referred to in Section 4(j) hereof and those incurred in the ordinary course of business as an investment company and of a nature and amount similar to, and consistent with those shown in such financial statements since the dates of those financial statements.

(g) WRA Trust has elected to treat each Acquired Fund as a regulated investment company (“RIC”) for federal income tax purposes under Part I of Subchapter M of the Code, each Acquired Fund is a “fund” as defined in Section 851(g)(2) of the Code, has qualified as a RIC for each taxable year since its inception and will qualify as a RIC as of the Closing Date, and the consummation of the transactions contemplated by the Agreement will not cause any Acquired Fund to fail to be qualified as a RIC as of the Closing Date. Each Acquired Fund has no earnings and profits accumulated in any taxable year to which the provisions of Subchapter M of the Code (or the corresponding provisions of prior law) did not apply.

(h) On the Closing Date, all material Returns (as defined below) of an Acquired Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be true, correct and complete in all material respects, and all Taxes (as defined below) shown as due or claimed to be due by any government entity shall have been paid or provision has been made for the payment thereof. To the WRA Trust’s knowledge, no such Return is currently under audit by any federal, state, local or foreign Tax authority; no assessment has been asserted with respect to such Returns; there are no levies, liens or other encumbrances on an Acquired Fund or its Assets resulting from the non-payment of any Taxes; no waivers of the time to assess any such Taxes are outstanding nor are any written requests for such waivers pending; and adequate provision has been made in an Acquired Fund’s financial statements for all Taxes in respect of all periods ended on or before the date of such financial statements. As used in this Agreement, “Tax” or “Taxes” means any tax, governmental fee or other like

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assessment or charge of any kind whatsoever (including, but not limited to, withholding on amounts paid to or by any person), together with any interest, penalty, addition to tax or additional amount imposed by any governmental authority (domestic or foreign) responsible for the imposition of any such tax. “Return” means reports, returns, information returns, elections, agreements, declarations, or other documents of any nature or kind (including any attached schedules, supplements and additional or supporting material) filed or required to be filed with respect to Taxes, including any claim for refund, amended return or declaration of estimated Taxes (and including any amendments with respect thereto).

(i) The books and records of WRA Trust and each Acquired Fund are true and correct in all material respects and contain no material omissions with respect to the business and operations of WRA Trust and each Acquired Fund.

(j) The financial statements appearing in (i) the Annual Report to Shareholders of the WRA Accumulative Fund, WRA Continental Income Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Vanguard Fund and WRA Wilshire Global Allocation Fund (“Acquired Equity Funds”) for the fiscal year ended June 30, 2017, and (ii) Annual Report to Shareholders of the WRA High Income Fund, WRA Municipal High Income Fund and WRA Cash Management (“Acquired Fixed Income Funds”) for the fiscal year ended September 30, 2017, audited by Deloitte & Touche LLP, and any interim unaudited financial statements fairly present the financial position of Acquired Equity Funds and Acquired Fixed Income Funds as of the dates indicated, and the results of its operations for the periods indicated, in conformity with generally accepted accounting principles applied on a consistent basis. Since the date of such financial statements, there have been no material adverse changes in such Acquired Fund’s financial condition, assets, liabilities, or business (other than changes occurring in the ordinary course of business) and there are no known contingent liabilities of an Acquired Fund arising after such date. For the purposes of this subsection (j), a decline in the NAV of an Acquired Fund shall not constitute a material adverse change.

(k) The Registration Statement on Form N-14 (the “Registration Statement”) referred to in Section 7(e), including any prospectus or statement of additional information contained or incorporated therein by reference and any supplements or amendments thereto, insofar as it relates to an Acquired Fund, will, from the effective date of the

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Registration Statement through the Closing Date: (i) comply in all material respects with the provisions of the 1933 Act and the 1940 Act, the rules and regulations thereunder, and all applicable state securities laws and the rules and regulations thereunder; and (ii) not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which the statements were made, not misleading, provided, however, that the representations and warranties of this subparagraph shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by an Acquiring Fund for use therein.

(l) Each Acquired Fund’s current prospectus or prospectuses and statement of additional information or statements of additional information (collectively, as amended or supplemented from time to time, the “Acquired Fund Prospectus”) conform in all material respects with the applicable requirements of the 1933 Act, and the rules and regulations of the SEC thereunder and does not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and there are no material contracts to which an Acquired Fund is a party that are not referred to in an Acquired Fund Prospectus or in the registration statement of which it is a part;

(m) There is no inter-corporate indebtedness existing between an Acquired Fund and its corresponding Acquiring Fund that was issued, acquired, or will be settled at a discount.

(n) Each Acquired Fund has no outstanding options, warrants, pre-emptive rights or other rights to subscribe for or purchase Acquiring Fund Shares except for the right of investors to acquire its shares at the applicable stated offering price in the normal course of its business as an open-end management investment company operating under the 1940 Act.

(o) There is no material suit, judicial action, or legal or administrative proceeding pending or threatened against an Acquired Fund. No Acquired Fund, is a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects an Acquired Fund’s business or its ability to consummate the transactions herein contemplated.

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(p) Neither WRA Trust nor any Acquired Fund is under the jurisdiction of a Court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code.

(q) Neither WRA Trust nor any Acquired Fund has any unamortized or unpaid organizational fees or expenses.

(r) No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the WRA Trust, on behalf of each Acquired Fund, of the transactions contemplated by the Agreement, except as may otherwise be required under federal or state securities laws or the rules and regulations thereunder.

(s) At the Closing Date, WRA Trust will, on behalf of each of the Acquired Funds, (i) have good and marketable title to all of the Assets to be transferred to the Acquiring Fund pursuant to Section 1, free and clear of all liens or encumbrances of any nature whatsoever except such restrictions as might arise under the 1933 Act with respect to privately placed or otherwise restricted securities that it may have acquired in the ordinary course of business and such imperfections of title or encumbrances as do not materially detract from the value or use of the Assets subject thereto, or materially affect title thereto; and (ii) will have full rights, power and authority to sell, assign transfer and deliver such Assets to be transferred to an Acquiring Fund pursuant to this Agreement.

5. Representations and Warranties by the Acquiring Trust

The Acquiring Trust, on behalf of each of the Acquiring Funds, represents and warrants to WRA Trust that:

(a) The Acquiring Trust is a statutory trust created under the laws of the State of Delaware on November 13, 2008 and is validly existing and in good standing under the laws of that State. The Acquiring Trust, of which each Acquiring Fund is a separate series of shares of beneficial interest, is duly registered under the 1940 Act as an open-end, management investment company. Such registration is in full force and effect as of the date hereof or will be in full force and effect as of the Closing Date and all of the shares of each of the Operating Acquiring Funds issued and outstanding have been sold pursuant to an effective registration statement filed under the 1933 Act and the 1940 Act, except for any shares sold pursuant to the private offering exemption for purposes of raising initial capital or obtaining any required initial shareholder approvals.

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(b) The Acquiring Trust is authorized to issue an unlimited number of shares of each class of shares of beneficial interest, without par value, of each Acquiring Fund. Each outstanding share of each Operating Acquiring Fund is validly issued, fully paid, non-assessable, has full voting rights and, except for any such shares sold pursuant to the private offering exemption for purposes of raising initial capital or obtaining any required initial shareholder approvals, is freely transferable. The Acquiring Fund Shares of each Acquiring Fund to be issued pursuant to Section 1 hereof will, upon their issuance, be validly issued, fully paid, non-assessable and freely transferable and have full voting rights.

(c) The Acquiring Trust has the necessary power and authority to conduct its business and the business of each Acquiring Fund as such businesses are now being conducted.

(d) The Acquiring Trust is not a party to or obligated under any provision of its Agreement and Declaration of Trust, By-Laws, or any material contract or any other material commitment or obligation, and is not subject to any order or decree, that would be violated by its execution of or performance under this Agreement.

(e) Each Operating Acquiring Fund does not have any known liabilities, costs or expenses of a material amount, contingent or otherwise, other than those reflected in the financial statements referred to in Section 5(i) hereof and those incurred in the ordinary course of business as an investment company and of a nature and amount similar to, and consistent with, those shown in such financial statements since the dates of those financial statements.

(f) The Acquiring Trust, with respect to each Operating Acquiring Fund, has elected, and with respect to each Shell Acquiring Fund, intends to elect, to treat each Acquiring Fund as a RIC for federal income tax purposes under Part I of Subchapter M of the Code, and each Acquiring Fund is a “fund” as defined in Section 851(g)(2) of the Code. Each Operating Acquiring Fund has qualified as a RIC for each taxable year since inception that has ended prior to the Closing Date, and the consummation of the transactions contemplated by the Agreement will not cause an Operating Acquiring Fund to fail to be qualified as a RIC as of the Closing Date. Each Acquiring Fund will satisfy the requirements of Part I of Subchapter M of the Code to maintain qualification as a regulated investment company for its current taxable year and ending on the Applicable Closing Date. Each Acquiring Fund has no earnings and profits accumulated in any taxable year to which the provisions of Subchapter M of the Code (or the corresponding provisions of prior law) did not apply.

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(g) On the Closing Date, all material Returns of an Acquiring Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be true, correct and complete in all material respects, and all Taxes shown as due or claimed to be due by any government entity shall have been paid or provision has been made for the payment thereof. To Acquiring Trust’s knowledge, no such Return is currently under audit by any federal, state, local or foreign Tax authority; no assessment has been asserted with respect to such Returns; there are no levies, liens or other encumbrances on an Acquiring Fund or its assets resulting from the non-payment of any Taxes; no waivers of the time to assess any such Taxes are outstanding nor are any written requests for such waivers pending; and adequate provision has been made in an Acquiring Fund’s financial statements for all Taxes in respect of all periods ended on or before the date of such financial statements.

(h) The books and records of the Acquiring Trust and each Acquiring Fund, are true and correct in all material respects and contain no material omissions with respect to the business and operations of the Acquiring Trust and each Acquiring Fund.

(i) The financial statements appearing in the Operating Acquiring Funds’ Annual Report to Shareholders for the fiscal year ended March 31, 2017, audited by Deloitte & Touche, LLP, and any interim unaudited financial statements fairly present the financial position of the Operating Acquiring Funds as of the date indicated, and the results of its operations for the period indicated, in conformity with generally accepted accounting principles applied on a consistent basis. Since the date of such financial statements, there have been no material adverse changes in an Acquiring Fund’s financial condition, assets, liabilities, or business (other than changes occurring in the ordinary course of business) and there are no known contingent liabilities of an Acquiring Fund arising after such date. For the purposes of this subsection (i), a decline in the NAV of the Acquiring Fund shall not constitute a material adverse change. Each Shell Acquiring Fund is, and will be at the time of the Closing Date, a shell series, without assets or liabilities, created for the purpose of acquiring the Assets and Liabilities of its corresponding Continuing Acquired Fund.

(j) The Registration Statement, including any prospectus or statement of additional information contained or incorporated therein by reference and any supplements or amendments thereto, insofar as it relates to an Acquiring Fund and an Acquiring Fund Shares, will, from the effective date of the Registration Statement through the Closing

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Date: (i) comply in all material respects with the provisions of the 1933 Act, and the 1940 Act, the rules and regulations thereunder, and all applicable state securities laws and the rules and regulations thereunder; and (ii) not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which the statements were made, not misleading, provided, however, that the representations and warranties of this subparagraph shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by an Acquired Fund for use therein.

(k) Each Acquiring Fund’s current prospectus and statement of additional information (collectively, as amended or supplemented from time to time, the “Acquiring Fund Prospectus”) conforms in all material respects with the applicable requirements of the 1933 Act and the rules and regulations of the SEC thereunder and does not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and there are no material contracts to which the Acquiring Fund is a party that are not referred to in the Acquiring Fund Prospectus or in the registration statement of which it is a part;

(l) There is no inter-corporate indebtedness existing between an Acquired Fund and its corresponding Acquiring Fund that was issued, acquired, or will be settled at a discount.

(m) Each Acquiring Fund has no outstanding options, warrants, pre-emptive rights or other rights to subscribe for or purchase Acquiring Fund Shares, except for the right of investors to acquire its shares at the applicable stated offering price in the normal course of its business as an open-end management investment company operating under the 1940 Act.

(n) There is no material suit, judicial action, or legal or administrative proceeding or investigation pending or threatened against an Acquiring Fund. No Acquiring Fund is a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects an Acquiring Fund’s business or its ability to consummate the transactions herein contemplated.

(o) Neither the Acquiring Trust nor any Acquiring Fund is under the jurisdiction of a Court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code.

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(p) Neither the Acquiring Trust nor any Operating Acquiring Fund has any unamortized or unpaid organizational fees or expenses.

(q) No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Acquiring Trust, on behalf of each Acquiring Fund, of the transactions contemplated by the Agreement, except as may otherwise be required under federal or state securities laws or the rules and regulations thereunder.

(r) On the Closing Date, the Acquiring Fund Shares of each Acquiring Fund to be issued pursuant to this Agreement will be eligible for offering to the public in those states of the United States and jurisdictions in which the shares of the corresponding Acquired Fund are currently eligible for offering to the public, and there will be an unlimited number of shares of each Acquiring Fund registered under the 1933 Act such that there is a sufficient number of such shares to permit the transfers contemplated by this Agreement to be consummated.

(s) Each Shell Acquiring Fund is, and will be at the time of Closing, a newly created series, without assets (other than seed capital) or liabilities, formed for the purpose of receiving the Assets of the corresponding Continuing Acquired Fund in connection with the Reorganization.

6. Covenants of WRA Trust

(a) WRA Trust covenants to operate the business of each Acquired Fund as currently conducted between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the distribution of customary dividends and distributions and any other distribution necessary or desirable to minimize federal income or excise Taxes.

(b) WRA Trust undertakes that WRA Trust and each Acquired Fund will not acquire the Acquiring Fund Shares of each corresponding Acquiring Fund for the purpose of making distributions thereof other than to the applicable Acquired Fund’s shareholders.

(c) WRA Trust covenants that by the time of the Closing Date, all of each Acquired Fund’s federal and other Tax returns and reports required by law to be filed on or before such date shall have been filed and all federal and other Taxes shown as due on said returns shall have either been paid or adequate liability reserves shall have been provided for the payment of such Taxes; provided, however, if all of the income Tax Returns (e.g., Form 1120-RIC) required to be filed by the Acquired Equity

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Funds for the fiscal year ended June 30, 2017 and by the Acquired Fixed Income Funds for the fiscal year ended September 30, 2017 have not been filed by the Closing, the WRA Trust shall timely file with the relevant taxing authorities all such returns and the WRA Trust shall make available to the Acquiring Trust such returns one week prior to filing such returns.

(d) WRA Trust will at the Closing Date provide the Acquiring Trust with:

(i) A statement of the respective tax basis of all investments to be transferred by each Acquired Fund to the corresponding Acquiring Fund and the holding periods of such investments;

(ii) A copy (which may be in electronic form) of the shareholder ledger accounts of each of the Acquired Funds, including, without limitation (“Acquired Fund Shareholder Documentation”),

(A) the name, address and taxpayer identification number of each shareholder of record,

(B) the number of shares of beneficial interest held by each shareholder,

(C) the dividend reinvestment elections applicable to each shareholder, and

(D) the backup withholding and nonresident alien withholding certifications, notices or records on file with each Acquired Fund with respect to each shareholder, and such information as the Acquiring Trust on behalf of an Acquiring Fund may reasonably request concerning Acquired Fund shares or Acquired Fund shareholders in connection with Acquired Fund’s cost basis reporting and related obligations under Sections 1012, 6045, 6045A, and 6045B of the Code and related regulations issued by the United States Treasury following the Closing Date for all of the shareholders of record of an Acquired Fund’s shares as of the Close of Business on the Valuation Date as described in Section 2, who are to become holders of an Acquiring Fund as a result of the transfer of assets that is the subject of this Agreement.

(iii) A copy of any other Tax books and records of an Acquired Fund necessary for purposes of preparing any Tax Returns, schedules, forms, statements or related documents (including but not limited to any income, excise or information returns, as well as

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any transfer statements (as described in Treas. Reg. § 1.6045A-1)) required by law to be filed by an Acquired Fund after the Closing Date.

(iv) All FASB ASC 740-10-25 (formerly, FIN 48) work papers and supporting statements pertaining to an Acquired Fund (“FIN 48 Workpapers”).

(e) As promptly as practicable, but in any case within sixty days after the date of the Closing Date, WRA Trust shall furnish the Acquiring Trust, in such form as is reasonably satisfactory to the Acquiring Trust, a statement of the earnings and profits of an Acquired Fund for federal income tax purposes that will be carried over by an Acquiring Fund as a result of Section 381 of the Code.

(f) WRA Trust undertakes that, if the Reorganization is consummated, each Acquired Fund will liquidate and dissolve.

(g) The Board of Trustees of WRA Trust shall cause to be prepared, filed with the United States Securities and Exchange Commission (the “Commission”), and mailed to each shareholder of record of each Acquired Fund, the combined information statement/prospectus that complies in all material respects with the applicable provisions of the 1933 Act and the 1940 Act, and the respective rules and regulations thereunder. In addition, the WRA Trust shall provide the Acquiring Trust with information reasonably necessary for the preparation and distribution of the combined information statement/prospectus to be included in the Registration Statement, in compliance with the 1933 Act and the 1940 Act.

(h) WRA Trust, on behalf of each Reorganizing Acquired Fund, will declare and pay or cause to be paid a dividend or dividends prior to the Closing Date that, together with all previous dividends, shall have the effect of distributing to its shareholders (i) all of a Reorganizing Acquired Fund’s investment company taxable income for the taxable year ended prior to the Closing Date and substantially all of such investment company taxable income for the final taxable year ending with its complete liquidation (in each case determined without regard to any deductions for dividends paid); (ii) all of a Reorganizing Acquired Fund’s net capital gain recognized in its taxable year ended prior to the Closing Date and substantially all of any such net capital gain recognized in such final taxable year (in each case after reduction for any capital loss carryover); and (iii) at least 90 percent of the excess, if any, of a Reorganizing Acquired Fund’s interest income excludible from gross income under Section 103(a) of the Code over its deductions disallowed

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under Sections 265 and 171(a)(2) of the Code for the taxable year prior to the First Closing Date and at least 90 percent of such net tax-exempt income for such final taxable year.

(i) Subject to the provisions of this Agreement, the WRA Trust shall take, or cause to be taken, all actions or do or cause to be done, all things reasonably necessary, proper or advisable to consummate the transactions contemplated by the Agreement.

7. Covenants of the Acquiring Trust

(a) The Acquiring Trust covenants to operate the business of each Operating Acquiring Fund as currently conducted between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the distribution of customary dividends and distributions and any other distribution necessary or desirable to minimize federal income or excise Taxes.

(b) The Acquiring Trust covenants that the Acquiring Fund Shares of each Acquiring Fund to be issued and delivered to the corresponding Acquired Fund pursuant to the terms of Section 1 hereof shall have been duly authorized as of the Closing Date and, when so issued and delivered, shall be registered under the 1933 Act, validly issued, fully paid and non-assessable, and no shareholder of any Acquiring Fund shall have any statutory or contractual preemptive right of subscription or purchase in respect thereof.

(c) The Acquiring Trust covenants to establish and organize each of the Shell Acquiring Funds so that it may conduct its business in substantially the same manner as the business of the corresponding Continuing Acquired Fund is currently conducted between the date hereof and the Closing Date.

(d) The Acquiring Trust covenants that by the Closing Date, the federal and other Tax returns and reports required by law to be filed by it and the Acquiring Funds, if any, on or before such date shall have been filed and all federal and other Taxes shown as due on said returns shall have either been paid or adequate liability reserves shall have been provided for the payment of such Taxes.

(e) The Acquiring Trust will file with the Commission a Registration Statement under the 1933 Act (“Registration Statement”), relating to the Acquiring Fund Shares of the Acquiring Funds issuable hereunder, will use its best efforts to provide that such Registration Statement becomes effective as promptly as practicable and will mail to each shareholder of record of an Acquired Fund entitled to receive the combined information statement/prospectus included in the Registration Statement.

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(f) The Acquiring Trust shall provide an Acquiring Fund with information reasonably necessary for the preparation and distribution of the combined information statement/prospectus to be included in the Registration Statement, in compliance with the 1933 Act and the 1940 Act.

(g) Subject to the provisions of the Agreement, the Acquiring Trust shall take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate the transactions contemplated by the Agreement.

8. Conditions Precedent to be Fulfilled by WRA Trust and the Acquiring Trust

The respective obligations of WRA Trust and the Acquiring Trust to effectuate this Agreement and the Reorganization hereunder shall be subject to the following respective conditions:

(a) That (i) all the representations and warranties of the other party contained herein shall be true and correct in all material respects as of the Closing Date with the same effect as though made as of and at such date; and (ii) the other party shall have performed all obligations required by this Agreement to be performed by it at or prior to the Closing Date.

(b) That the Registration Statement will have become effective and Commission shall not have issued an unfavorable advisory report under Section 25(b) of the 1940 Act, nor instituted nor threatened to institute any proceeding seeking to enjoin the consummation of the Reorganization contemplated hereby under Section 25(c) of the 1940 Act, and no other legal, administrative or other proceeding shall be instituted or threatened that would materially and adversely affect the financial condition of either party or would prohibit the transactions contemplated hereby.

(c) WRA Trust, on behalf of each Reorganizing Acquired Fund, shall have declared and paid or cause to have been paid a dividend or dividends prior to the Closing Date that, together with all previous dividends, shall have the effect of distributing to its shareholders (i) all of a Reorganizing Acquired Fund’s investment company taxable income for the taxable year ended prior to the Closing Date and substantially all of such investment company taxable income for the final taxable year ending with its complete liquidation (in each case determined without regard to any deductions for dividends paid); (ii) all of a Reorganizing Acquired Fund’s net capital gain recognized in its taxable year ended prior to the Closing Date and substantially all of any such net capital gain

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recognized in such final taxable year in each case after reduction for any capital loss carryover; and (iii) at least 90 percent of the excess, if any, of a Reorganizing Acquired Fund’s interest income excludible from gross income under Section 103(a) of the Code over its deductions disallowed under Sections 265 and 171(a)(2) of the Code for the taxable year prior to the First Closing Date and at least 90 percent of such net tax-exempt income for such final taxable year.

(d) That all required consents of other parties and all other consents, orders and permits of federal, state and local authorities (including those of the Commission and of state securities authorities, including any necessary “no-action” positions or exemptive orders from such federal and state authorities) to permit consummation of the transaction contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a material adverse effect, or the risk thereof, on the assets and properties of the applicable Acquired Fund and/or Acquiring Funds.

(e) That prior to or at the Closing Date, WRA Trust on behalf of each of the Acquired Funds and the Acquiring Trust, on behalf of each of the Acquiring Funds, shall receive an opinion from Stradley Ronon Stevens & Young, LLP (“Stradley”) to the effect that, provided the acquisition contemplated hereby is carried out in accordance with the applicable laws of the State of Delaware, the terms of this Agreement and in accordance with customary representations provided by the Acquiring Trust and WRA Trust in certificates delivered to Stradley, as to each Acquiring Fund and corresponding Acquired Fund:

(i) The acquisition by an Acquiring Fund of all of the assets of the corresponding Acquired Fund, as provided for in the Agreement, in exchange for Acquiring Fund Shares to be issued pursuant to Section 1 hereof and the assumption by the corresponding Acquiring Fund of the Liabilities of the corresponding Acquired Fund, followed by the distribution by each Acquired Fund to its shareholders of Acquiring Fund Shares in complete liquidation of Acquired Fund, should qualify as a reorganization within the meaning of Section 368(a) of the Code, and each Acquired Fund and Acquiring Fund each will be a “party to the reorganization” within the meaning of Section 368(b) of the Code;

(ii) No gain or loss will be recognized by any Acquired Fund upon the transfer of all of its assets to, and assumption of its Liabilities by, the corresponding Acquiring Fund in exchange solely for the Acquiring Fund Shares pursuant to Section 361(a), 361(c)(1) and Section 357(a) of the Code;

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(iii) No gain or loss will be recognized by any Acquiring Fund upon the receipt by it of all of the assets of the corresponding Acquired Fund in exchange solely for voting shares of the Acquiring Fund (to be issued in accordance with Section 1 hereof) and the assumption by the Acquiring Fund of the Liabilities of the corresponding Acquired Fund pursuant to Section 1032(a) of the Code;

(iv) No gain or loss will be recognized by an Acquired Fund upon the distribution of the Acquiring Fund Shares to its shareholders in complete liquidation of an Acquired Fund (in pursuance of the Agreement) pursuant to Section 361(c)(1) of the Code;

(v) The basis of the assets of each Acquired Fund received by the corresponding Acquiring Fund will be the same as the basis of these assets to an Acquired Fund immediately prior to the exchange pursuant to Section 362(b) of the Code;

(vi) The holding period of the assets of any Acquired Fund received by the corresponding Acquiring Fund will include the period during which such assets were held by an Acquired Fund pursuant to Section 1223(2) of the Code;

(vii) No gain or loss will be recognized by the shareholders of any Acquired Fund upon the exchange of their Acquired Fund shares for voting shares (including fractional shares to which they may be entitled) of the corresponding Acquiring Fund, pursuant to Section 354(a)(1) of the Code;

(viii) The basis of the Acquiring Fund Shares received by the shareholders of each Acquired Fund in accordance with Section 1 hereof (including fractional shares to which they may be entitled) will be the same as the basis of Acquired Fund shares exchanged therefor pursuant to Section 358(a)(1) of the Code;

(ix) The holding period of the Acquiring Fund Shares received by the shareholders of each Acquired Fund in accordance with Section 1 hereof (including fractional shares to which they may be entitled) will include the holding period of an Acquired Fund shares surrendered in exchange therefor, provided that such Acquired Fund shares were held as a capital asset on the date of the Reorganization pursuant to Section 1223(1) of the Code; and

(x) For purposes of Section 381 of the Code, either: each Acquiring Fund will succeed to and take into account, as of the date of the transfer as defined in Section 1.381(b)-1(b) of the income tax

A-20

regulations issued by the United States Department of the Treasury (the “Income Tax Regulations”), the items of the Acquired Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code, and the Income Tax Regulations; or (ii) each Acquiring Fund will succeed to and take into account, as of the date of the transfer as defined in Section 1.381(b)-1(b) of the Income Tax Regulations), the items of Acquired Fund described in Section 381(c) of the Code as if there had been no Reorganization.

(f) That the Acquiring Trust’s Registration Statement with respect to the Acquiring Fund Shares of each of the Acquiring Funds to be delivered to the Acquired Fund’s shareholders in accordance with Section 1 hereof shall have become effective, and no stop order suspending the effectiveness of the Registration Statement or any amendment or supplement thereto, shall have been issued prior to the Closing Date or shall be in effect at the Closing Date, and no proceedings for the issuance of such an order shall be pending or threatened on that date.

(g) That the Acquiring Fund Shares of each of the Acquiring Funds to be delivered in accordance with Section 1 hereof shall be eligible for sale by the Acquiring Trust with the securities commission or agency of each state or other jurisdiction of the United States with which such eligibility is required in order to permit the shares lawfully to be delivered to the shareholders of its corresponding Acquired Fund.

(h) The WRA Trust shall have delivered to the Acquiring Trust (i) a statement of each Acquired Fund’s Assets, together with a list of portfolio securities of the Acquired Fund showing the adjusted tax basis of such securities by lot and the holding periods of such securities, as of the Closing Date, (ii) the Acquired Fund Shareholder Documentation, (iii) the FIN 48 Workpapers, (iv) any Tax books and records as described in Section 6(d)(iii), and (v) a statement of earnings and profits as provided in Section 6(e).

9. Fees and Expenses

The expenses of entering into and carrying out the provisions of this Agreement, whether or not consummated, which fees and expenses shall include, without limitation, costs of legal advice, accounting, printing, mailing, transfer taxes, and any other stamp duty taxes, if any, shall be evenly split between the Acquired Funds and Acquiring Funds.

A-21

10. Termination; Waiver; Order

(a) Anything contained in this Agreement to the contrary notwithstanding, this Agreement may be terminated and the Reorganization abandoned at any time prior to the Closing Date as follows:

(1) by mutual consent of WRA Trust and the Acquiring Trust;

(2) by the Acquiring Trust if any condition precedent to its obligations set forth in Section 8 has not been fulfilled or waived by the Acquiring Trust; or

(3) by WRA Trust if any condition precedent to its obligations set forth in Section 8 has not been fulfilled or waived by WRA Trust.

(b) If the transactions contemplated by this Agreement have not been consummated by May 1, 2018 this Agreement shall automatically terminate, unless a later date is agreed to by the officers of the WRA Trust and the Acquiring Trust.

(c) In the event of termination of this Agreement pursuant to the provisions hereof, the Agreement shall become void and have no further effect, and there shall not be any liability on the part of either WRA Trust or the Acquiring Trust or persons who are their trustees, officers, agents or shareholders in respect of this Agreement but all expenses incidental to the preparation and carrying out of the Agreement shall be paid as provided in Section 9 hereof.

(d) At any time prior to the Closing Date, any of the terms or conditions of this Agreement may be waived by either WRA Trust or the Acquiring Trust, respectively (whichever is entitled to the benefit thereof). Such waiver shall be in writing and authorized by an officer of the waiving party. The failure of either party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of either party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.

(e) The respective representations and warranties contained in Sections 4 and 5 hereof shall expire with, and be terminated by, the consummation of the Reorganization, and neither WRA Trust nor the Acquiring Trust, nor any of their officers, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date.

A-22

(f) If any order or orders of the Commission with respect to this Agreement shall be issued prior to the Closing Date and shall impose any terms or conditions that are determined by action of the Board of Trustees of WRA Trust or the Board of Trustees of the Acquiring Trust to be acceptable, such terms and conditions shall be binding as if a part of this Agreement.

11. Liability of the Acquiring Trust and WRA Trust

(a) Each party acknowledges and agrees that all obligations of the Acquiring Trust under this Agreement are binding only with respect to the Acquiring Funds; that any liability of the Acquiring Trust under this Agreement with respect to any Acquiring Fund, or in connection with the transactions contemplated herein with respect to any Acquiring Fund, shall be discharged only out of the assets of the affected Acquiring Fund; that no other series of the Acquiring Trust shall be liable with respect to this Agreement or in connection with the transactions contemplated herein; and that neither WRA Trust nor any Acquired Fund shall seek satisfaction of any such obligation or liability from the shareholders of the Acquiring Trust, the trustees, officers, employees or agents of the Acquiring Trust, or any of them.

(b) Each party acknowledges and agrees that all obligations of WRA Trust under this Agreement are binding only with respect to the Acquired Funds; that any liability of WRA Trust under this Agreement with respect to the Acquired Funds, or in connection with the transactions contemplated herein with respect to any Acquired Fund, shall be discharged only out of the assets of the affected Acquired Fund; that no other series of WRA Trust shall be liable with respect to this Agreement or in connection with the transactions contemplated herein; and that neither the Acquiring Trust nor any Acquiring Fund shall seek satisfaction of any such obligation or liability from the shareholders of WRA Trust, the trustees, officers, employees or agents of WRA Trust, or any of them.

12. Cooperation and Exchange of Information

(a) WRA Trust and Acquiring Trust will provide each other and their respective representatives with such cooperation, assistance, and information as either of them reasonably may request of the other in filing any Tax returns, amended return or claim for refund, determining a liability for Taxes, or in determining the financial reporting of any tax position, or a right to a refund of Taxes or participating in or conducting any audit or other proceeding in respect of Taxes.

A-23

(b) Any reporting responsibility of an Acquired Fund for the period up to and including the Closing Date (and until such later date on which a Reorganizing Acquired Fund is terminated) is and shall remain the responsibility of the WRA Trust, including, without limitation, responsibility for (i) preparing and filing Tax Returns relating to Tax periods ending on or prior to the Closing Date (whether due before or after the Closing Date); and (ii) preparing and filing other documents with the SEC, any state securities commission, and any federal, state or local Tax authorities or any other relevant regulatory authority, except as otherwise is mutually agreed by the parties.

(c) After the Closing Date, WRA Trust, on behalf of a Reorganizing Acquired Fund, shall or shall cause its agents to prepare any federal, state or local Tax Returns, including any Forms 1099, required to be filed by WRA Trust with respect to a Reorganizing Acquired Fund’s final taxable year ending with its complete liquidation and for any prior periods or taxable years and shall further cause such Tax Returns and Forms 1099 to be duly filed with the appropriate taxing authorities.

13. Entire Agreement and Amendments

This Agreement embodies the entire Agreement between the parties and there are no agreements, understandings, restrictions, or warranties between the parties other than those set forth herein or herein provided for. This Agreement may be amended only by mutual consent of the parties in writing. Neither this Agreement nor any interest herein may be assigned without the prior written consent of the other party.

14. Counterparts

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts together shall constitute but one instrument.

A-24

15. Notices

Any notice, report, or demand required or permitted by any provision of this Agreement shall be in writing and shall be deemed to have been given if delivered or mailed, first class postage prepaid, addressed to the following addresses:

To WRA Trust:

Waddell & Reed Advisors Fund

6300 Lamar Avenue

P.O. Box 29217

Shawnee Mission, KS 66201-9217

To the Acquiring Trust:

Ivy Funds

6300 Lamar Avenue

P.O. Box 29217

Shawnee Mission, KS 66201-9217

With a copy (which shall not constitute notice) to:

Stradley Ronon Stevens & Young, LLP

191 North Wacker Drive

Suite 1601

Chicago, IL 60606

Attention: Alan Goldberg, Esquire

16. Governing Law

This Agreement shall be governed by and carried out in accordance with the laws of the State of Delaware without regard to its principles of conflicts of laws.

17. Effect of Facsimile Signature

A facsimile signature of an authorized officer of a party hereto on this Agreement and/or any transfer document shall have the same effect as if executed in the original by such officer.

18. Publicity

Any announcements or similar publicity with respect to this Agreement or the transactions contemplated herein will be made at such time and in such manner as the parties mutually shall agree in writing, provided that nothing herein shall prevent either party from making such public announcements as may be required by applicable law, in

A-25

which case the party issuing such statement or communication shall advise the other party prior to such issuance.

19. Confidentiality

(a) The parties will hold, and will cause their board members, officers, employees, representatives, agents and affiliated persons to hold, in strict confidence, and not disclose to any other person, and not use in any way except in connection with the transactions herein contemplated, without the prior written consent of the other party, all confidential information obtained from the other party in connection with the transactions contemplated by this Agreement, except such information may be disclosed: (i) to governmental or regulatory bodies, and, where necessary, to any other person in connection with the obtaining of consents or waivers as contemplated by this Agreement; (ii) if required by court order or decree or applicable law; (iii) if it is publicly available through no act or failure to act of such party; (iv) if it was already known to such party on a non-confidential basis on the date of receipt; (v) during the course of or in connection with any litigation, government investigation, arbitration, or other proceedings based upon or in connection with the subject matter of this Agreement, including, without limitation, the failure of the transactions contemplated hereby to be consummated; or (vi) if it is otherwise expressly provided for herein.

(b) In the event of a termination of this Agreement, the parties agree that they, along with their board members, employees, representative agents and affiliated persons, shall, and shall cause their affiliates to, except with the prior written consent of the other party, keep secret and retain in strict confidence, and not use for the benefit of itself or themselves, nor disclose to any other persons, any and all confidential or proprietary information relating to the other party and their related parties and affiliates, whether obtained through their due diligence investigation, this Agreement or otherwise, except such information may be disclosed: (i) if required by court order or decree or applicable law; (ii) if it is publicly available through no act or failure to act of such party; (iii) if it was already known to such party on a non-confidential basis on the date of receipt; (iv) during the course of or in connection with any litigation, government investigation, arbitration, or other proceedings based upon or in connection with the subject matter of this Agreement, including, without limitation, the failure of the transactions contemplated hereby to be consummated; or (v) if it is otherwise expressly provided for herein.

A-26

20. Headings

The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

IN WITNESS WHEREOF, WRA Trust and the Acquiring Trust have each caused this Agreement and Plan of Reorganization to be executed on its behalf by its duly authorized officers, all as of the day and year first-above written.

Waddell & Reed Advisors Fund, on behalf of each Acquired Fund

By:

Name:

Title:

Ivy Funds, on behalf of each Acquiring Fund

By:

Name:

Title:

Solely for purposes of Section 9

Ivy Investment Management Company

By:

Name:

Title:

Solely for purposes of Section 9

Waddell & Reed Investment Management Company

By:

Name:

Title:

Signature Page to Agreement and Plan of Reorganization

A-27

SCHEDULE I

WRA Trust Reorganizing Acquired Funds	Acquiring Trust Operating Acquiring Funds
WRA Continental Income Fund Class A Class B Class C Class Y	Ivy Balanced Fund Class A Class B Class C Class I
WRA Global Growth Fund Class A Class B Class C Class Y	Ivy Global Growth Fund Class A Class B Class C Class I
WRA New Concepts Fund Class A Class B Class C Class Y	Ivy Mid Cap Growth Fund Class A Class B Class C Class I
WRA Science and Technology Fund Class A Class B Class C Class Y	Ivy Science and Technology Fund Class A Class B Class C Class I
WRA Small Cap Fund Class A Class B Class C Class Y	Ivy Small Cap Growth Fund Class A Class B Class C Class I
WRA Vanguard Fund Class A Class B Class C Class Y	Ivy Large Cap Growth Fund Class A Class B Class C Class I
WRA High Income Fund Class A Class B Class C Class Y	Ivy High Income Fund Class A Class B Class C Class I

Sch. 1-1

WRA Trust Reorganizing Acquired Funds	Acquiring Trust Operating Acquiring Funds
WRA Municipal High Income Fund Class A Class B Class C Class Y	Ivy Municipal High Income Fund Class A Class B Class C Class I
Continuing Acquired Funds	Shell Acquiring Funds
WRA Accumulative Fund Class A Class B Class C Class Y	Ivy Accumulative Fund Class A Class B Class C Class I
WRA Wilshire Global Allocation Fund Class A Class B Class C Class Y	Ivy Wilshire Global Allocation Fund Class A Class B Class C Class I
WRA Cash Management Class A Class B Class C	Ivy Cash Management Fund Class A Class B Class C

Sch. 1-2

APPENDIX B – FINANCIAL HIGHLIGHTS

The following information is to help you understand the financial performance of each of the classes of the WRA Funds and the Existing Ivy Funds for the fiscal periods shown. Certain information reflects financial results for a single Fund share. Total return shows how much your investment would have increased (or decreased) during each period, assuming reinvestment of all dividends and other distributions. Except for the six-month period information ended September 30, 2017 for the Ivy Funds, information provided has been audited by Deloitte & Touche LLP, whose Report of Independent Registered Public Accounting Firm, along with each Fund’s financial statements and financial highlights, for the most recent fiscal period included in the WRA Funds’ Annual Report to Shareholders and the unaudited Ivy Funds Semiannual Report to Shareholders, is incorporated by reference into the SAI. The annual reports of the WRA and Ivy Funds and the unaudited semiannual report of the Ivy Funds contain additional performance information and will be made available upon request and without charge.

B-1

WRA ACCUMULATIVE 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
Class A Shares
Year ended 6-30-2017	$	9.27	$	0.04		$	1.22		$	1.26		$	(0.03	)	$	(0.41	)
Year ended 6-30-2016		11.19		0.06			(0.48	)		(0.42	)		(0.07	)		(1.43	)
Year ended 6-30-2015		11.74		0.04			1.24			1.28			(0.02	)		(1.81	)
Year ended 6-30-2014		9.18		0.02			2.57			2.59			(0.03	)		-	*
Year ended 6-30-2013		7.87		0.07			1.29			1.36			(0.05	)		-
Class B Shares(4)
Year ended 6-30-2017		7.91		(0.06	)		1.03			0.97			-			(0.39	)
Year ended 6-30-2016		9.75		(0.05	)		(0.42	)		(0.47	)		-			(1.37	)
Year ended 6-30-2015		10.41		(0.09	)		1.09			1.00			-			(1.66	)
Year ended 6-30-2014		8.22		(0.10	)		2.29			2.19			-			-	*
Year ended 6-30-2013		7.10		(0.04	)		1.16			1.12			-	*		-
Class C Shares
Year ended 6-30-2017		8.08		(0.05	)		1.06			1.01			-			(0.39	)
Year ended 6-30-2016		9.93		(0.03	)		(0.43	)		(0.46	)		-			(1.39	)
Year ended 6-30-2015		10.59		(0.06	)		1.10			1.04			-			(1.70	)
Year ended 6-30-2014		8.34		(0.08	)		2.33			2.25			-			-	*
Year ended 6-30-2013		7.19		(0.02	)		1.18			1.16			(0.01	)		-
Class Y Shares
Year ended 6-30-2017		9.32		0.06			1.23			1.29			(0.04	)		(0.41	)
Year ended 6-30-2016		11.26		0.06			(0.46	)		(0.40	)		(0.11	)		(1.43	)
Year ended 6-30-2015		11.80		0.06			1.26			1.32			(0.05	)		(1.81	)
Year ended 6-30-2014		9.23		0.05			2.57			2.62			(0.05	)		-	*
Year ended 6-30-2013		7.90		0.09			1.30			1.39			(0.06	)		-

* Not shown due to rounding.

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾ Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-2

Total Distributions			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
$	(0.44	)	$	10.09		14.02	%	$	1,148		1.09	%		0.42	%		1.11	%		0.40	%		102	%
	(1.50	)		9.27		-3.99			1,125		1.07			0.59			1.12			0.54			102
	(1.83	)		11.19		12.19			1,447		1.06			0.32			1.11			0.27			113
	(0.03	)		11.74		28.26			1,329		1.10			0.19			1.15			0.14			104
	(0.05	)		9.18		17.31			1,125		1.15			0.79			1.20			0.74			87
	(0.39	)		8.49		12.62			2		2.29			-0.78			2.41			-0.90			102
	(1.37	)		7.91		-5.17			3		2.28			-0.62			2.31			-0.65			102
	(1.66	)		9.75		10.88			4		2.26			-0.89			2.29			-0.92			113
	-	*		10.41		26.71			5		2.35			-1.06			2.38			-1.09			104
	-	*		8.22		15.79			6		2.47			-0.53			2.51			-0.57			87
	(0.39	)		8.70		12.96			5		2.06			-0.55			2.09			-0.58			102
	(1.39	)		8.08		-4.97			6		2.04			-0.38			2.07			-0.41			102
	(1.70	)		9.93		11.07			6		2.02			-0.64			2.05			-0.67			113
	-	*		10.59		27.04			6		2.09			-0.80			2.12			-0.83			104
	(0.01	)		8.34		16.16			5		2.18			-0.24			2.21			-0.27			87
	(0.45	)		10.16		14.28			271		0.87			0.64			0.91			0.60			102
	(1.54	)		9.32		-3.81			280		0.83			0.75			0.86			0.72			102
	(1.86	)		11.26		12.48			5		0.84			0.56			0.87			0.53			113
	(0.05	)		11.80		28.52			4		0.86			0.43			0.89			0.40			104
	(0.06	)		9.23		17.65			3		0.86			1.09			0.90			1.05			87

B-3

WRA CONTINENTAL INCOME 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
Class A Shares
Year ended 6-30-2017	$	9.33	$	0.14		$	0.61		$	0.75		$	(0.13	)	$	(0.23	)
Year ended 6-30-2016		10.44		0.13			(0.36	)		(0.23	)		(0.11	)		(0.77	)
Year ended 6-30-2015		10.55		0.09			0.28			0.37			(0.07	)		(0.41	)
Year ended 6-30-2014		9.33		0.08			1.69			1.77			(0.07	)		(0.48	)
Year ended 6-30-2013		8.70		0.11			1.04			1.15			(0.11	)		(0.41	)
Class B Shares(4)
Year ended 6-30-2017		9.19		0.03			0.60			0.63			(0.03	)		(0.23	)
Year ended 6-30-2016		10.30		0.02			(0.36	)		(0.34	)		(0.02	)		(0.75	)
Year ended 6-30-2015		10.46		(0.02	)		0.27			0.25			-			(0.41	)
Year ended 6-30-2014		9.27		(0.03	)		1.69			1.66			-			(0.47	)
Year ended 6-30-2013		8.67		0.01			1.02			1.03			(0.03	)		(0.40	)
Class C Shares
Year ended 6-30-2017		9.26		0.05			0.61			0.66			(0.03	)		(0.23	)
Year ended 6-30-2016		10.38		0.04			(0.36	)		(0.32	)		(0.03	)		(0.77	)
Year ended 6-30-2015		10.51		0.00			0.28			0.28			-			(0.41	)
Year ended 6-30-2014		9.30		(0.01	)		1.70			1.69			-			(0.48	)
Year ended 6-30-2013		8.68		0.03			1.04			1.07			(0.04	)		(0.41	)
Class Y Shares
Year ended 6-30-2017		9.33		0.16			0.61			0.77			(0.15	)		(0.23	)
Year ended 6-30-2016		10.45		0.06			(0.27	)		(0.21	)		(0.14	)		(0.77	)
Year ended 6-30-2015		10.56		0.12			0.28			0.40			(0.10	)		(0.41	)
Year ended 6-30-2014		9.33		0.10			1.71			1.81			(0.10	)		(0.48	)
Year ended 6-30-2013		8.70		0.13			1.04			1.17			(0.13	)		(0.41	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-4

Total Distributions			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
$	(0.36	)	$	9.72		8.17	%	$	841		1.12	%		1.45	%		1.14	%		1.43	%		52	%
	(0.88	)		9.33		-2.29			879		1.15			1.30			1.16			1.29			51
	(0.48	)		10.44		3.62			1,502		1.14			0.87			1.15			0.86			38
	(0.55	)		10.55		19.49			1,302		1.16			0.75			1.18			0.73			34
	(0.52	)		9.33		13.72			840		1.18			1.19			1.20			1.17			49
	(0.26	)		9.56		6.88			3		2.29			0.27			2.36			0.20			52
	(0.77	)		9.19		-3.46			4		2.26			0.19			2.27			0.18			51
	(0.41	)		10.30		2.49			5		2.21			-0.21			2.22			-0.22			38
	(0.47	)		10.46		18.24			5		2.27			-0.35			2.29			-0.37			34
	(0.43	)		9.27		12.50			6		2.34			0.06			2.36			0.04			49
	(0.26	)		9.66		7.28			14		2.00			0.56			2.02			0.54			52
	(0.80	)		9.26		-3.20			15		2.00			0.45			2.01			0.44			51
	(0.41	)		10.38		2.77			16		1.98			0.03			1.99			0.02			38
	(0.48	)		10.51		18.59			16		2.00			-0.08			2.02			-0.10			34
	(0.45	)		9.30		12.74			10		2.06			0.32			2.08			0.30			49
	(0.38	)		9.72		8.41			597		0.88			1.66			0.90			1.64			52
	(0.91	)		9.33		-2.11			636		0.84			0.94			0.85			0.93			51
	(0.51	)		10.45		3.91			5		0.86			1.13			0.87			1.12			38
	(0.58	)		10.56		19.92			7		0.88			1.04			0.90			1.02			34
	(0.54	)		9.33		14.04			6		0.89			1.49			0.91			1.47			49

B-5

WRA 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
Class A Shares
Year ended 6-30-2017	$	10.84	$	0.01		$	1.68		$	1.69		$	-		$	-
Year ended 6-30-2016		12.34		(0.02	)		(0.84	)		(0.86	)		-			(0.64	)
Year ended 6-30-2015		12.93		0.03			(0.13	)		(0.10	)		(0.05	)		(0.44	)
Year ended 6-30-2014		10.51		0.08			2.52			2.60			(0.18	)		-
Year ended 6-30-2013		9.24		0.09			1.20			1.29			(0.02	)		-
Class B Shares(4)
Year ended 6-30-2017		9.57		(0.15	)		1.49			1.34			-			-
Year ended 6-30-2016		11.13		(0.18	)		(0.74	)		(0.92	)		-			(0.64	)
Year ended 6-30-2015		11.83		(0.14	)		(0.12	)		(0.26	)		-			(0.44	)
Year ended 6-30-2014		9.60		(0.08	)		2.31			2.23			-			-
Year ended 6-30-2013		8.54		(0.06	)		1.12			1.06			-			-
Class C Shares
Year ended 6-30-2017		10.05		(0.11	)		1.55			1.44			-			-
Year ended 6-30-2016		11.62		(0.14	)		(0.79	)		(0.93	)		-			(0.64	)
Year ended 6-30-2015		12.28		(0.09	)		(0.13	)		(0.22	)		-			(0.44	)
Year ended 6-30-2014		9.97		(0.05	)		2.40			2.35			(0.04	)		-
Year ended 6-30-2013		8.84		(0.02	)		1.15			1.13			-			-
Class Y Shares
Year ended 6-30-2017		10.91		0.05			1.69			1.74			-			-
Year ended 6-30-2016		12.37		0.02			(0.84	)		(0.82	)		-			(0.64	)
Year ended 6-30-2015		12.95		0.08			(0.14	)		(0.06	)		(0.08	)		(0.44	)
Year ended 6-30-2014		10.52		0.12			2.53			2.65			(0.22	)		-
Year ended 6-30-2013		9.26		0.13			1.21			1.34			(0.08	)		-

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-6

Total Distributions		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
$	-	$	12.53		15.59	%	$	353			1.41	%		0.10	%		1.42	%		0.09	%		83	%
	(0.64)		10.84		-7.24			348			1.39			-0.19			1.42			-0.22			44
	(0.49)		12.34		-0.59			571			1.39			0.24			1.42			0.21			72
	(0.18)		12.93		24.81			572			1.42			0.65			1.45			0.62			49
	(0.02)		10.51		14.04			464			1.46			0.89			1.49			0.86			44
	-		10.91		14.00			-	*		2.86			-1.43			2.99			-1.56			83
	(0.64)		9.57		-8.60			1			2.85			-1.73			2.88			-1.76			44
	(0.44)		11.13		-2.06			1			2.83			-1.27			2.86			-1.30			72
	-		11.83		23.24			2			2.76			-0.77			2.79			-0.80			49
	-		9.60		12.41			2			2.91			-0.63			2.94			-0.66			44
	-		11.49		14.33			1			2.55			-1.06			2.57			-1.08			83
	(0.64)		10.05		-8.32			1			2.49			-1.34			2.52			-1.37			44
	(0.44)		11.62		-1.65			2			2.42			-0.80			2.45			-0.83			72
	(0.04)		12.28		23.59			2			2.49			-0.47			2.52			-0.50			49
	-		9.97		12.78			2			2.52			-0.24			2.55			-0.27			44
	-		12.65		15.95			259			1.06			0.43			1.10			0.39			83
	(0.64)		10.91		-6.89			262			1.03			0.15			1.06			0.12			44
	(0.52)		12.37		-0.30			76			1.04			0.63			1.07			0.60			72
	(0.22)		12.95		25.45			59			1.05			0.97			1.08			0.94			49
	(0.08)		10.52		14.46			55			1.05			1.30			1.08			1.27			44

B-7

WRA NEW CONCEPTS 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
Class A Shares
Year ended 6-30-2017	$	9.36	$	(0.05	)	$	1.63		$	1.58		$	-	$	(0.33	)
Year ended 6-30-2016		11.25		(0.03	)		(0.81	)		(0.84	)		-		(1.05	)
Year ended 6-30-2015		12.06		(0.06	)		0.88			0.82			-		(1.63	)
Year ended 6-30-2014		10.93		(0.08	)		2.43			2.35			-		(1.22	)
Year ended 6-30-2013		9.53		(0.06	)		1.87			1.81			-		(0.41	)
Class B Shares(4)
Year ended 6-30-2017		6.51		(0.11	)		1.10			0.99			-		(0.33	)
Year ended 6-30-2016		8.15		(0.10	)		(0.58	)		(0.68	)		-		(0.96	)
Year ended 6-30-2015		9.22		(0.14	)		0.64			0.50			-		(1.57	)
Year ended 6-30-2014		8.65		(0.17	)		1.91			1.74			-		(1.17	)
Year ended 6-30-2013		7.71		(0.15	)		1.50			1.35			-		(0.41	)
Class C Shares
Year ended 6-30-2017		6.80		(0.10	)		1.15			1.05			-		(0.33	)
Year ended 6-30-2016		8.47		(0.09	)		(0.61	)		(0.70	)		-		(0.97	)
Year ended 6-30-2015		9.51		(0.13	)		0.67			0.54			-		(1.58	)
Year ended 6-30-2014		8.89		(0.15	)		1.95			1.80			-		(1.18	)
Year ended 6-30-2013		7.89		(0.13	)		1.54			1.41			-		(0.41	)
Class Y Shares
Year ended 6-30-2017		10.48		(0.02	)		1.82			1.80			-		(0.33	)
Year ended 6-30-2016		12.46		0.01			(0.90	)		(0.89	)		-		(1.09	)
Year ended 6-30-2015		13.17		(0.03	)		0.97			0.94			-		(1.65	)
Year ended 6-30-2014		11.82		(0.04	)		2.63			2.59			-		(1.24	)
Year ended 6-30-2013		10.23		(0.02	)		2.02			2.00			-		(0.41	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-8

Total Distributions		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
	$(0.33)	$	10.61		17.26	%	$	1,077		1.32	%		-0.47	%		1.35	%		-0.50	%		26	%
	(1.05)		9.36		-7.25			1,015		1.37			-0.27			1.38			-0.28			40
	(1.63)		11.25		7.51			1,816		1.34			-0.53			1.35			-0.54			33
	(1.22)		12.06		22.44			1,764		1.36			-0.67			1.37			-0.68			51
	(0.41)		10.93		19.55			1,476		1.41			-0.61			1.42			-0.62			38
	(0.33)		7.17		15.72			4		2.53			-1.66			2.59			-1.72			26
	(0.96)		6.51		-8.22			5		2.53			-1.43			2.54			-1.44			40
	(1.57)		8.15		6.28			7		2.47			-1.66			2.48			-1.67			33
	(1.17)		9.22		21.04			9		2.50			-1.80			2.51			-1.81			51
	(0.41)		8.65		18.30			11		2.62			-1.81			2.63			-1.82			38
	(0.33)		7.52		15.93			9		2.32			-1.47			2.34			-1.49			26
	(0.97)		6.80		-8.07			8		2.32			-1.23			2.33			-1.24			40
	(1.58)		8.47		6.50			11		2.25			-1.44			2.26			-1.45			33
	(1.18)		9.51		21.31			12		2.27			-1.58			2.28			-1.59			51
	(0.41)		8.89		18.52			11		2.35			-1.54			2.37			-1.56			38
	(0.33)		11.95		17.52			588		1.04			-0.18			1.07			-0.21			26
	(1.09)		10.48		-6.91			592		1.02			0.14			1.03			0.13			40
	(1.65)		12.46		7.86			89		1.01			-0.21			1.02			-0.22			33
	(1.24)		13.17		22.82			83		1.02			-0.32			1.03			-0.33			51
	(0.41)		11.82		20.08			80		1.02			-0.22			1.03			-0.23			38

B-9

WRA 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
Class A Shares
Year ended 6-30-2017	$	12.22	$	(0.08	)	$	3.68		$	3.60		$	-	$	-
Year ended 6-30-2016		15.70		(0.11	)		(2.30	)		(2.41	)		-		(1.07	)
Year ended 6-30-2015		16.85		(0.11	)		0.42			0.31			-		(1.46	)
Year ended 6-30-2014		13.55		(0.09	)		4.75			4.66			-		(1.36	)
Year ended 6-30-2013		10.45		(0.08	)		3.41			3.33			-		(0.23	)
Class B Shares(4)
Year ended 6-30-2017		8.52		(0.17	)		2.55			2.38			-		-
Year ended 6-30-2016		11.42		(0.18	)		(1.65	)		(1.83	)		-		(1.07	)
Year ended 6-30-2015		12.78		(0.20	)		0.30			0.10			-		(1.46	)
Year ended 6-30-2014		10.65		(0.20	)		3.69			3.49			-		(1.36	)
Year ended 6-30-2013		8.36		(0.17	)		2.69			2.52			-		(0.23	)
Class C Shares
Year ended 6-30-2017		8.68		(0.16	)		2.60			2.44			-		-
Year ended 6-30-2016		11.60		(0.17	)		(1.68	)		(1.85	)		-		(1.07	)
Year ended 6-30-2015		12.95		(0.19	)		0.30			0.11			-		(1.46	)
Year ended 6-30-2014		10.77		(0.19	)		3.73			3.54			-		(1.36	)
Year ended 6-30-2013		8.43		(0.16	)		2.73			2.57			-		(0.23	)
Class Y Shares
Year ended 6-30-2017		13.75		(0.06	)		4.15			4.09			-		-
Year ended 6-30-2016		17.48		(0.06	)		(2.60	)		(2.66	)		-		(1.07	)
Year ended 6-30-2015		18.55		(0.07	)		0.46			0.39			-		(1.46	)
Year ended 6-30-2014		14.76		(0.05	)		5.20			5.15			-		(1.36	)
Year ended 6-30-2013		11.33		(0.04	)		3.70			3.66			-		(0.23	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-10

Total Distributions			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
$	-		$	15.82		29.46	%	$	2,703		1.25	%		-0.58	%		1.25	%		-0.58	%		22	%
	(1.07	)		12.22		-16.09			2,302		1.27			-0.78			1.28			-0.79			9
	(1.46	)		15.70		2.28			3,638		1.24			-0.67			1.24			-0.67			29
	(1.36	)		16.85		35.51			3,736		1.26			-0.58			1.26			-0.58			41
	(0.23	)		13.55		32.42			2,763		1.32			-0.67			1.33			-0.68			50
	-			10.90		27.93			10		2.41			-1.75			2.42			-1.76			22
	(1.07	)		8.52		-17.08			11		2.37			-1.89			2.38			-1.90			9
	(1.46	)		11.42		1.30			18		2.30			-1.73			2.30			-1.73			29
	(1.36	)		12.78		34.10			23		2.32			-1.66			2.32			-1.66			41
	(0.23	)		10.65		30.81			23		2.49			-1.84			2.50			-1.85			50
	-			11.12		28.11			20		2.31			-1.63			2.31			-1.63			22
	(1.07	)		8.68		-16.99			16		2.28			-1.78			2.29			-1.79			9
	(1.46	)		11.60		1.36			21		2.20			-1.62			2.20			-1.62			29
	(1.36	)		12.95		34.20			22		2.19			-1.52			2.19			-1.52			41
	(0.23	)		10.77		31.15			16		2.31			-1.66			2.32			-1.67			50
	-			17.84		29.74			762		1.03			-0.36			1.03			-0.36			22
	(1.07	)		13.75		-15.87			698		0.99			-0.43			1.00			-0.44			9
	(1.46	)		17.48		2.51			136		0.99			-0.41			0.99			-0.41			29
	(1.36	)		18.55		35.93			136		0.99			-0.32			0.99			-0.32			41
	(0.23	)		14.76		32.81			99		1.01			-0.35			1.02			-0.36			50

B-11

WRA SMALL CAP 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
Class A Shares
Year ended 6-30-2017	$	14.68	$	(0.14	)	$	3.61		$	3.47		$	-	$	(0.81	)
Year ended 6-30-2016		17.73		(0.12	)		(0.75	)		(0.87	)		-		(2.18	)
Year ended 6-30-2015		17.91		(0.13	)		1.41			1.28			-		(1.46	)
Year ended 6-30-2014		16.87		(0.19	)		3.85			3.66			-		(2.62	)
Year ended 6-30-2013		14.70		(0.15	)		3.08			2.93			-		(0.76	)
Class B Shares(4)
Year ended 6-30-2017		10.78		(0.23	)		2.61			2.38			-		(0.81	)
Year ended 6-30-2016		13.78		(0.22	)		(0.60	)		(0.82	)		-		(2.18	)
Year ended 6-30-2015		14.39		(0.25	)		1.10			0.85			-		(1.46	)
Year ended 6-30-2014		14.09		(0.31	)		3.16			2.85			-		(2.55	)
Year ended 6-30-2013		12.54		(0.28	)		2.59			2.31			-		(0.76	)
Class C Shares
Year ended 6-30-2017		11.58		(0.22	)		2.82			2.60			-		(0.81	)
Year ended 6-30-2016		14.59		(0.19	)		(0.64	)		(0.83	)		-		(2.18	)
Year ended 6-30-2015		15.11		(0.23	)		1.17			0.94			-		(1.46	)
Year ended 6-30-2014		14.66		(0.28	)		3.29			3.01			-		(2.56	)
Year ended 6-30-2013		12.97		(0.24	)		2.69			2.45			-		(0.76	)
Class Y Shares
Year ended 6-30-2017		16.63		(0.10	)		4.10			4.00			-		(0.81	)
Year ended 6-30-2016		19.71		(0.06	)		(0.84	)		(0.90	)		-		(2.18	)
Year ended 6-30-2015		19.71		(0.07	)		1.57			1.50			-		(1.50	)
Year ended 6-30-2014		18.30		(0.13	)		4.20			4.07			-		(2.66	)
Year ended 6-30-2013		15.81		(0.09	)		3.34			3.25			-		(0.76	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-12

Total Distributions			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
$	(0.81	)	$	17.34		24.18	%	$	632		1.38	%		-0.87	%		1.40	%		-0.89	%		53	%
	(2.18	)		14.68		-4.76			546		1.43			-0.76			1.45			-0.78			42
	(1.46	)		17.73		7.94			859		1.41			-0.75			1.43			-0.77			42
	(2.62	)		17.91		22.91			870		1.43			-1.04			1.45			-1.06			47
	(0.76	)		16.87		21.06			742		1.52			-0.98			1.54			-1.00			40
	(0.81	)		12.35		22.76			4		2.54			-2.02			2.62			-2.10			53
	(2.18	)		10.78		-5.88			4		2.56			-1.89			2.58			-1.91			42
	(1.46	)		13.78		6.80			7		2.53			-1.87			2.55			-1.89			42
	(2.55	)		14.39		21.47			9		2.53			-2.14			2.55			-2.16			47
	(0.76	)		14.09		19.70			10		2.70			-2.15			2.72			-2.17			40
	(0.81	)		13.37		23.10			8		2.27			-1.76			2.30			-1.79			53
	(2.18	)		11.58		-5.60			7		2.26			-1.59			2.28			-1.61			42
	(1.46	)		14.59		7.09			9		2.24			-1.58			2.26			-1.60			42
	(2.56	)		15.11		21.82			10		2.25			-1.86			2.27			-1.88			47
	(0.76	)		14.66		20.14			10		2.34			-1.80			2.36			-1.82			40
	(0.81	)		19.82		24.54			271		1.09			-0.58			1.10			-0.59			53
	(2.18	)		16.63		-4.42			245		1.03			-0.37			1.05			-0.39			42
	(1.50	)		19.71		8.37			24		1.03			-0.36			1.05			-0.38			42
	(2.66	)		19.71		23.39			19		1.04			-0.66			1.06			-0.68			47
	(0.76	)		18.30		21.62			34		1.05			-0.52			1.07			-0.54			40

B-13

WRA VANGUARD 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
Class A Shares
Year ended 6-30-2017	$	9.23	$	0.00	*	$	1.71		$	1.71		$	-		$	(0.63	)
Year ended 6-30-2016		10.48		0.00	*		(0.26	)		(0.26	)		-			(0.99	)
Year ended 6-30-2015		10.39		(0.03	)		1.26			1.23			-	*		(1.14	)
Year ended 6-30-2014		9.50		0.00	*		2.62			2.62			-	*		(1.73	)
Year ended 6-30-2013		8.78		0.02			1.10			1.12			(0.01	)		(0.39	)
Class B Shares(4)
Year ended 6-30-2017		6.68		(0.08	)		1.22			1.14			-			(0.60	)
Year ended 6-30-2016		7.90		(0.09	)		(0.18	)		(0.27	)		-			(0.95	)
Year ended 6-30-2015		8.15		(0.11	)		0.96			0.85			-			(1.10	)
Year ended 6-30-2014		7.81		(0.10	)		2.13			2.03			-			(1.69	)
Year ended 6-30-2013		7.37		(0.08	)		0.91			0.83			-			(0.39	)
Class C Shares
Year ended 6-30-2017		6.88		(0.07	)		1.25			1.18			-			(0.60	)
Year ended 6-30-2016		8.09		(0.07	)		(0.19	)		(0.26	)		-			(0.95	)
Year ended 6-30-2015		8.31		(0.10	)		0.98			0.88			-			(1.10	)
Year ended 6-30-2014		7.93		(0.08	)		2.15			2.07			-			(1.69	)
Year ended 6-30-2013		7.45		(0.06	)		0.93			0.87			-			(0.39	)
Class Y Shares
Year ended 6-30-2017		9.84		0.03			1.82			1.85			-			(0.64	)
Year ended 6-30-2016		11.09		0.03			(0.27	)		(0.24	)		-			(1.01	)
Year ended 6-30-2015		10.94		0.00	*		1.32			1.32			(0.02	)		(1.15	)
Year ended 6-30-2014		9.91		0.03			2.75			2.78			(0.02	)		(1.73	)
Year ended 6-30-2013		9.13		0.05			1.15			1.20			(0.03	)		(0.39	)

* Not shown due to rounding.

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-14

Total Distributions			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
$	(0.63	)	$	10.31		19.31	%	$	1,111		1.13	%		0.01	%		1.13	%		0.01	%		47	%
	(0.99	)		9.23		-2.91			1,032		1.13			-0.04			1.15			-0.06			46
	(1.14	)		10.48		12.53			1,432		1.13			-0.25			1.15			-0.27			36
	(1.73	)		10.39		29.25			1,364		1.17			0.02			1.19			-			43
	(0.40	)		9.50		13.29			1,273		1.21			0.24			1.23			0.22			78
	(0.60	)		7.22		18.09			3		2.30			-1.16			2.35			-1.21			47
	(0.95	)		6.68		-4.04			4		2.32			-1.25			2.34			-1.27			46
	(1.10	)		7.90		11.13			5		2.28			-1.40			2.30			-1.42			36
	(1.69	)		8.15		27.74			6		2.37			-1.19			2.39			-1.21			43
	(0.39	)		7.81		11.78			7		2.50			-1.06			2.52			-1.08			78
	(0.60	)		7.46		18.16			7		2.11			-0.90			2.13			-0.92			47
	(0.95	)		6.88		-3.79			6		2.09			-1.06			2.11			-1.08			46
	(1.10	)		8.09		11.40			6		2.08			-1.20			2.10			-1.22			36
	(1.69	)		8.31		27.91			6		2.16			-0.98			2.18			-1.00			43
	(0.39	)		7.93		12.20			6		2.26			-0.81			2.28			-0.83			78
	(0.64	)		11.05		19.57			527		0.87			0.27			0.90			0.24			47
	(1.01	)		9.84		-2.59			469		0.85			0.26			0.87			0.24			46
	(1.17	)		11.09		12.76			92		0.85			0.02			0.87			-	*		36
	(1.75	)		10.94		29.65			86		0.86			0.33			0.88			0.31			43
	(0.42	)		9.91		13.64			80		0.86			0.57			0.88			0.55			78

B-15

WRA WILSHIRE GLOBAL ALLOCATION 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
Class A Shares
Year ended 6-30-2017	$	7.94	$	0.01		$	0.64		$	0.65		$	-		$	-
Year ended 6-30-2016		8.88		0.02			(0.96	)		(0.94	)		-			-
Year ended 6-30-2015		11.66		0.08			(0.58	)		(0.50	)		(0.08	)		(2.20	)
Year ended 6-30-2014		10.21		0.09			1.91			2.00			(0.05	)		(0.50	)
Year ended 6-30-2013		8.96		0.13			1.34			1.47			(0.22	)		-
Class B Shares(5)
Year ended 6-30-2017		7.53		(0.07	)		0.61			0.54			-			-
Year ended 6-30-2016		8.52		(0.07	)		(0.92	)		(0.99	)		-			-
Year ended 6-30-2015		11.30		(0.02	)		(0.56	)		(0.58	)		-	*		(2.20	)
Year ended 6-30-2014		9.96		(0.02	)		1.86			1.84			-			(0.50	)
Year ended 6-30-2013		8.72		0.03			1.30			1.33			(0.09	)		-
Class C Shares
Year ended 6-30-2017		7.60		(0.05	)		0.60			0.55			-			-
Year ended 6-30-2016		8.57		(0.05	)		(0.92	)		(0.97	)		-			-
Year ended 6-30-2015		11.36		0.00			(0.57	)		(0.57	)		(0.02	)		(2.20	)
Year ended 6-30-2014		9.99		0.00			1.87			1.87			-			(0.50	)
Year ended 6-30-2013		8.75		0.05			1.30			1.35			(0.11	)		-
Class Y Shares
Year ended 6-30-2017		8.01		0.04			0.65			0.69			-			-
Year ended 6-30-2016		8.94		0.05			(0.98	)		(0.93	)		-			-
Year ended 6-30-2015		11.71		0.11			(0.58	)		(0.47	)		(0.10	)		(2.20	)
Year ended 6-30-2014		10.25		0.14			1.90			2.04			(0.08	)		(0.50	)
Year ended 6-30-2013		9.01		0.15			1.35			1.50			(0.26	)		-

* Not shown due to rounding.

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, if applicable. Total returns for periods less than one year are not annualized.

⁽³⁾  Does not include expenses of underlying 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-16

Total Distributions			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
$	-		$	8.59		8.19	%	$	1,080		1.16	%		0.15	%		1.21	%		0.10	%		156	%
	-			7.94		-10.59			1,370		1.16			0.25			1.16			0.25			64
	(2.28	)		8.88		-4.46			3,023		1.10			0.80			1.10			0.80			69
	(0.55	)		11.66		19.69			3,461		1.10			0.82			1.10			0.82			83
	(0.22	)		10.21		16.50			2,933		1.15			1.33			1.16			1.32			50
	-			8.07		7.17			10		2.23			-0.92			2.40			-1.09			156
	-			7.53		-11.62			17		2.25			-0.85			2.25			-0.85			64
	(2.20	)		8.52		-5.40			30		2.11			-0.21			2.11			-0.21			69
	(0.50	)		11.30		18.55			46		2.08			-0.19			2.08			-0.19			83
	(0.09	)		9.96		15.29			52		2.14			0.34			2.15			0.33			50
	-			8.15		7.24			26		1.97			-0.65			2.06			-0.74			156
	-			7.60		-11.32			34		2.01			-0.61			2.01			-0.61			64
	(2.22	)		8.57		-5.29			52		1.95			-0.04			1.95			-0.04			69
	(0.50	)		11.36		18.80			68		1.92			-0.01			1.92			-0.01			83
	(0.11	)		9.99		15.48			66		1.97			0.51			1.98			0.50			50
	-			8.70		8.61			630		0.83			0.48			0.88			0.43			156
	-			8.01		-10.40			805		0.83			0.63			0.83			0.63			64
	(2.30	)		8.94		-4.16			64		0.82			1.10			0.82			1.10			69
	(0.58	)		11.71		20.04			79		0.82			1.21			0.82			1.21			83
	(0.26	)		10.25		16.82			60		0.84			1.47			0.85			1.46			50

B-17

WRA 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
Class A Shares
Year ended 9-30-2017	$	6.62	$	0.46	$	0.16		$	0.62		$	(0.45	)	$	-
Year ended 9-30-2016		6.58		0.48		0.03			0.51			(0.47	)		-
Year ended 9-30-2015		7.52		0.48		(0.80	)		(0.32	)		(0.48	)		(0.14	)
Year ended 9-30-2014		7.66		0.51		0.05			0.56			(0.51	)		(0.19	)
Year ended 9-30-2013		7.43		0.56		0.24			0.80			(0.57	)		-
Class B Shares(4)
Year ended 9-30-2017		6.62		0.38		0.16			0.54			(0.37	)		-
Year ended 9-30-2016		6.58		0.40		0.03			0.43			(0.39	)		-
Year ended 9-30-2015		7.52		0.40		(0.80	)		(0.40	)		(0.40	)		(0.14	)
Year ended 9-30-2014		7.66		0.42		0.05			0.47			(0.42	)		(0.19	)
Year ended 9-30-2013		7.43		0.48		0.23			0.71			(0.48	)		-
Class C Shares
Year ended 9-30-2017		6.62		0.40		0.17			0.57			(0.40	)		-
Year ended 9-30-2016		6.58		0.42		0.04			0.46			(0.42	)		-
Year ended 9-30-2015		7.52		0.43		(0.80	)		(0.37	)		(0.43	)		(0.14	)
Year ended 9-30-2014		7.66		0.45		0.05			0.50			(0.45	)		(0.19	)
Year ended 9-30-2013		7.43		0.50		0.24			0.74			(0.51	)		-
Class Y Shares
Year ended 9-30-2017		6.62		0.48		0.16			0.64			(0.47	)		-
Year ended 9-30-2016		6.58		0.49		0.04			0.53			(0.49	)		-
Year ended 9-30-2015		7.52		0.50		(0.80	)		(0.30	)		(0.50	)		(0.14	)
Year ended 9-30-2014		7.66		0.53		0.05			0.58			(0.53	)		(0.19	)
Year ended 9-30-2013		7.43		0.58		0.24			0.82			(0.59	)		-

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

⁽⁵⁾  Expense ratio based on the period excluding reorganization expenses was 2.21%.

B-18

Total Distributions			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
$	(0.45	)	$	6.79		9.63	%	$	1,179		1.00	%		6.81	%		-	%		-	%		40	%
	(0.47	)		6.62		8.33			1,186		1.02			7.49			1.04			7.47			38
	(0.62	)		6.58		-4.49			1,789		1.00			6.79			1.01			6.78			43
	(0.70	)		7.52		7.47			1,977		1.00			6.57			1.01			6.56			65
	(0.57	)		7.66		11.01			1,782		1.03			7.39			1.04			7.38			92
	(0.37	)		6.79		8.29			3		2.23	(5)		5.58			2.24			5.57			40
	(0.39	)		6.62		7.00			4		2.25			6.25			2.26			6.24			38
	(0.54	)		6.58		-5.59			6		2.17			5.60			2.18			5.59			43
	(0.61	)		7.52		6.29			9		2.11			5.50			2.12			5.49			65
	(0.48	)		7.66		9.78			11		2.14			6.31			2.15			6.30			92
	(0.40	)		6.79		8.75			35		1.82			5.99			-			-			40
	(0.42	)		6.62		7.46			34		1.83			6.66			1.84			6.65			38
	(0.57	)		6.58		-5.24			37		1.78			6.00			1.79			5.99			43
	(0.64	)		7.52		6.65			50		1.77			5.81			1.78			5.80			65
	(0.51	)		7.66		10.15			47		1.80			6.60			1.81			6.59			92
	(0.47	)		6.79		9.86			758		0.77			7.05			-			-			40
	(0.49	)		6.62		8.62			850		0.74			7.64			0.76			7.62			38
	(0.64	)		6.58		-4.24			291		0.73			7.05			0.74			7.04			43
	(0.72	)		7.52		7.76			325		0.73			6.83			0.74			6.82			65
	(0.59	)		7.66		11.33			285		0.75			7.66			0.76			7.65			92

B-19

WRA 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
Class A Shares
Year ended 9-30-2017	$	4.96	$	0.20	$	(0.22	)	$	(0.02	)	$	(0.21	)	$	-
Year ended 9-30-2016		4.90		0.22		0.06			0.28			(0.22	)		-
Year ended 9-30-2015		4.93		0.22		(0.04	)		0.18			(0.21	)		-
Year ended 9-30-2014		4.67		0.24		0.26			0.50			(0.24	)		-
Year ended 9-30-2013		5.03		0.23		(0.36	)		(0.13	)		(0.23	)		-
Class B Shares(4)
Year ended 9-30-2017		4.96		0.16		(0.23	)		(0.07	)		(0.16	)		-
Year ended 9-30-2016		4.90		0.17		0.06			0.23			(0.17	)		-
Year ended 9-30-2015		4.93		0.17		(0.03	)		0.14			(0.17	)		-
Year ended 9-30-2014		4.67		0.20		0.25			0.45			(0.19	)		-
Year ended 9-30-2013		5.03		0.18		(0.36	)		(0.18	)		(0.18	)		-
Class C Shares
Year ended 9-30-2017		4.96		0.17		(0.23	)		(0.06	)		(0.17	)		-
Year ended 9-30-2016		4.90		0.18		0.06			0.24			(0.18	)		-
Year ended 9-30-2015		4.93		0.17		(0.03	)		0.14			(0.17	)		-
Year ended 9-30-2014		4.67		0.20		0.26			0.46			(0.20	)		-
Year ended 9-30-2013		5.03		0.19		(0.36	)		(0.17	)		(0.19	)		-
Class Y Shares
Year ended 9-30-2017		4.96		0.21		(0.23	)		(0.02	)		(0.21	)		-
Year ended 9-30-2016(5)		4.96		0.24		(0.17	)		0.07			(0.07	)		-

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

⁽⁵⁾  For the period from June 10, 2016 (commencement of operations of the class) through September 30, 2016.

⁽⁶⁾ Annualized

⁽⁷⁾  Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended September 30, 2016.

⁽⁸⁾ Expense ratio based on the period excluding reorganization expenses was 1.81%.

⁽⁹⁾ Expense ratio based on the period excluding reorganization expenses was 1.70%.

⁽¹⁰⁾ Expense ratio based on the period excluding reorganization expenses was 0.71%.

B-20

Total Distributions			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
$	(0.21	)	$	4.73		-0.43	%	$	607		0.89	%		4.29	%		0.89	%		4.29	%		9	%
	(0.22	)		4.96		5.81			708		0.86			4.50			0.88			4.48			4
	(0.21	)		4.90		3.78			816		0.87			4.37			0.90			4.34			7
	(0.24	)		4.93		11.03			785		0.90			5.12			0.93			5.09			8
	(0.23	)		4.67		-2.80			693		0.89			4.57			0.91			4.55			19
	(0.16	)		4.73		-1.37			1		1.85	(8)		3.36			1.92			3.29			9
	(0.17	)		4.96		4.80			1		1.83			3.53			1.85			3.51			4
	(0.17	)		4.90		2.78			1		1.85			3.40			1.87			3.38			7
	(0.19	)		4.93		9.95			1		1.88			4.15			1.91			4.12			8
	(0.18	)		4.67		-3.75			2		1.88			3.58			1.90			3.56			19
	(0.17	)		4.73		-1.24			19		1.73	(9)		3.46			1.76			3.43			9
	(0.18	)		4.96		4.93			25		1.70			3.66			1.72			3.64			4
	(0.17	)		4.90		2.92			23		1.71			3.53			1.73			3.51			7
	(0.20	)		4.93		10.11			24		1.73			4.29			1.76			4.26			8
	(0.19	)		4.67		-3.58			27		1.70			3.76			1.72			3.74			19
	(0.21	)		4.73		-0.30			124		0.74	(10)		4.44			0.76			4.42			9
	(0.07	)		4.96		1.42			149		0.69	(6)		4.69	(6)		0.71	(6)		4.67	(6)		4	(7)

B-21

WRA CASH MANAGEMENT

	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
Class A Shares
Year ended 9-30-2017	$	1.00	$	0.00	*	$	0.00	*	$	0.00	*	$	-	*	$	-
Year ended 9-30-2016		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2015		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2014		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2013		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Class B Shares(4)
Year ended 9-30-2017		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2016		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2015		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2014		1.00		0.00	*		0.00	*		0.00	*��		-	*		-
Year ended 9-30-2013		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Class C Shares(4)
Year ended 9-30-2017		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2016		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2015		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2014		1.00		0.00	*		0.00	*		0.00	*		-	*		-
Year ended 9-30-2013		1.00		0.00	*		0.00	*		0.00	*		-	*		-

* Not shown due to rounding.

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge or CDSC, 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⁾  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 Waddell & Reed Advisors Fund or Ivy Fund.

B-22

Total Distributions		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)
	$-*	$	1.00		0.27	%	$	1,378		0.74	%		0.27	%		0.75	%		0.26	%
	-*		1.00		0.02			1,401		0.49			0.02			0.79			-0.28
	-*		1.00		0.02			1,350		0.19			0.02			0.80			-0.59
	-*		1.00		0.02			1,271		0.17			0.02			0.79			-0.60
	-*		1.00		0.02			1,290		0.25			0.02			0.82			-0.55
	-*		1.00		0.02			1		0.96			0.02			1.61			-0.63
	-*		1.00		0.02			1		0.49			0.02			1.73			-1.22
	-*		1.00		0.02			1		0.19			0.02			1.79			-1.58
	-*		1.00		0.02			1		0.17			0.02			1.99			-1.80
	-*		1.00		0.02			2		0.26			0.02			1.33			-1.05
	-*		1.00		0.02			2		0.98			0.02			1.61			-0.61
	-*		1.00		0.02			3		0.46			0.02			1.62			-1.14
	-*		1.00		0.02			5		0.18			0.02			1.59			-1.39
	-*		1.00		0.02			5		0.17			0.02			1.59			-1.40
	-*		1.00		0.02			8		0.24			0.02			1.63			-1.37

B-23

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	24.33	$	0.20		$	0.53		$	0.73		$	(0.23	)	$	-
Year ended 3-31-2017		22.99		0.33			1.59			1.92			(0.30	)		(0.28	)
Year ended 3-31-2016		25.65		0.29			(1.51	)		(1.22	)		(0.26	)		(1.18	)
Year ended 3-31-2015		24.38		0.20			1.97			2.17			(0.16	)		(0.74	)
Year ended 3-31-2014		21.60		0.15			3.25			3.40			(0.10	)		(0.52	)
Year ended 3-31-2013		20.03		0.19			1.70			1.89			(0.17	)		(0.15	)
Class B Shares(4)
Six-month period ended 9-30-2017 (unaudited)		24.09		0.11			0.52			0.63			(0.14	)		-
Year ended 3-31-2017		22.78		0.15			1.59			1.74			(0.15	)		(0.28	)
Year ended 3-31-2016		25.45		0.11			(1.50	)		(1.39	)		(0.10	)		(1.18	)
Year ended 3-31-2015		24.19		0.01			1.97			1.98			-			(0.72	)
Year ended 3-31-2014		21.45		(0.03	)		3.23			3.20			-			(0.46	)
Year ended 3-31-2013		19.93		0.03			1.69			1.72			(0.05	)		(0.15	)
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		24.17		0.11			0.53			0.64			(0.15	)		-
Year ended 3-31-2017		22.85		0.16			1.59			1.75			(0.15	)		(0.28	)
Year ended 3-31-2016		25.53		0.13			(1.52	)		(1.39	)		(0.11	)		(1.18	)
Year ended 3-31-2015		24.26		0.02			1.97			1.99			-	*		(0.72	)
Year ended 3-31-2014		21.50		(0.01	)		3.24			3.23			-			(0.47	)
Year ended 3-31-2013		19.98		0.05			1.68			1.73			(0.06	)		(0.15	)
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		24.33		0.23			0.53			0.76			(0.27	)		-
Year ended 3-31-2017		22.98		0.39			1.60			1.99			(0.36	)		(0.28	)
Year ended 3-31-2016		25.63		0.36			(1.52	)		(1.16	)		(0.31	)		(1.18	)
Year ended 3-31-2015		24.36		0.26			1.98			2.24			(0.23	)		(0.74	)
Year ended 3-31-2014		21.58		0.21			3.26			3.47			(0.16	)		(0.53	)
Year ended 3-31-2013		20.01		0.24			1.69			1.93			(0.21	)		(0.15	)

* Not shown due to rounding.

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-24

Total Distributions			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
$	(0.23	)	$	24.83		3.03	%	$	613		1.13	%(3)		1.64	%(3)		14	%
	(0.58	)		24.33		8.44			688		1.11			1.40			47
	(1.44	)		22.99		-4.92			1,311		1.10			1.21			56
	(0.90	)		25.65		9.06			1,207		1.11			0.78			33
	(0.62	)		24.38		15.90			863		1.15			0.62			34
	(0.32	)		21.60		9.56			399		1.17			0.93			35
	(0.14	)		24.58		2.63			65		1.86	(3)		0.90	(3)		14
	(0.43	)		24.09		7.68			77		1.84			0.66			47
	(1.28	)		22.78		-5.62			80		1.83			0.48			56
	(0.72	)		25.45		8.28			74		1.84			0.04			33
	(0.46	)		24.19		15.01			70		1.89			-0.11			34
	(0.20	)		21.45		8.73			44		1.95			0.16			35
	(0.15	)		24.66		2.64			589		1.83	(3)		0.94	(3)		14
	(0.43	)		24.17		7.72			707		1.80			0.69			47
	(1.29	)		22.85		-5.62			892		1.79			0.53			56
	(0.72	)		25.53		8.34			736		1.80			0.09			33
	(0.47	)		24.26		15.11			524		1.84			-0.06			34
	(0.21	)		21.50		8.75			246		1.88			0.23			35
	(0.27	)		24.82		3.13			602		0.88	(3)		1.89	(3)		14
	(0.64	)		24.33		8.75			673		0.85			1.63			47
	(1.49	)		22.98		-4.70			373		0.84			1.47			56
	(0.97	)		25.63		9.34			315		0.86			1.03			33
	(0.69	)		24.36		16.21			211		0.88			0.89			34
	(0.36	)		21.58		9.82			66		0.92			1.19			35

B-25

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	42.67	$	0.11		$	4.18		$	4.29		$	-		$	-
Year ended 3-31-2017		39.23		0.04			3.40			3.44			-			-
Year ended 3-31-2016		42.75		(0.09	)		(2.49	)		(2.58	)		(0.04	)		(0.90	)
Year ended 3-31-2015		41.15		0.19			1.95			2.14			(0.03	)		(0.51	)
Year ended 3-31-2014		35.50		0.19			5.92			6.11			(0.46	)		-
Year ended 3-31-2013		33.45		0.27			2.07			2.34			(0.29	)		-
Class B Shares(5)
Six-month period ended 9-30-2017 (unaudited)		36.62		(0.10	)		3.58			3.48			-			-
Year ended 3-31-2017		34.07		(0.45	)		3.00			2.55			-			-
Year ended 3-31-2016		37.61		(0.44	)		(2.20	)		(2.64	)		-			(0.90	)
Year ended 3-31-2015		36.59		(0.15	)		1.68			1.53			-			(0.51	)
Year ended 3-31-2014		31.63		(0.16	)		5.25			5.09			(0.13	)		-
Year ended 3-31-2013		29.88		(0.05	)		1.84			1.79			(0.04	)		-
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		36.98		(0.04	)		3.61			3.57			-			-
Year ended 3-31-2017		34.26		(0.29	)		3.01			2.72			-			-
Year ended 3-31-2016		37.68		(0.34	)		(2.18	)		(2.52	)		-			(0.90	)
Year ended 3-31-2015		36.57		(0.09	)		1.71			1.62			-			(0.51	)
Year ended 3-31-2014		31.61		(0.08	)		5.22			5.14			(0.18	)		-
Year ended 3-31-2013		29.85		(0.02	)		1.83			1.81			(0.05	)		-
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		43.44		0.20			4.25			4.45			-			-
Year ended 3-31-2017		39.81		0.04			3.59			3.63			-			-
Year ended 3-31-2016		43.24		0.05			(2.49	)		(2.44	)		(0.09	)		(0.90	)
Year ended 3-31-2015		41.57		0.35			1.96			2.31			(0.13	)		(0.51	)
Year ended 3-31-2014		35.85		0.40			5.92			6.32			(0.60	)		-
Year ended 3-31-2013		33.84		0.33			2.16			2.49			(0.48	)		-

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-26

Total Distributions		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
	$-	$	46.96		10.06	%	$	119		1.42	%(4)		0.51	%(4)		-	%		-	%		35	%
	-		42.67		8.77			115		1.48			0.11			-			-			66
	(0.94)		39.23		-6.12			375		1.47			-0.22			-			-			51
	(0.54)		42.75		5.26			409		1.45			0.47			-			-			61
	(0.46)		41.15		17.26			340		1.49			0.50			-			-			46
	(0.29)		35.50		7.04			198		1.48			0.80			-			-			40
	-		40.10		9.50			2		2.48	(4)		-0.50	(4)								35
	-		36.62		7.48			2		2.67			-1.30			-			-			66
	(0.90)		34.07		-7.12			3		2.52			-1.22			-			-			51
	(0.51)		37.61		4.25			4		2.43			-0.40			-			-			61
	(0.13)		36.59		16.13			5		2.47			-0.46			-			-			46
	(0.04)		31.63		5.95			4		2.47			-0.16			-			-			40
	-		40.55		9.66			25		2.16	(4)		-0.21	(4)								35
	-		36.98		7.94			25		2.21			-0.84			-			-			66
	(0.90)		34.26		-6.79			25		2.22			-0.96			-			-			51
	(0.51)		37.68		4.51			26		2.21			-0.25			-			-			61
	(0.18)		36.57		16.30			28		2.31			-0.23			-			-			46
	(0.05)		31.61		6.03			24		2.39			-0.07			-			-			40
	-		47.89		10.24			253		1.12	(4)		0.85	(4)								35
	-		43.44		9.12			270		1.11			0.10			-			-			66
	(0.99)		39.81		-5.73			78		1.09			0.13			-			-			51
	(0.64)		43.24		5.66			77		1.09			0.84			-			-			61
	(0.60)		41.57		17.73			66		1.11			1.02			-			-			46
	(0.48)		35.85		7.38			48		1.13			0.96			-			-			40

B-27

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	20.81	$	(0.05	)	$	2.35		$	2.30		$	-	$	-
Year ended 3-31-2017		18.96		(0.08	)		2.71			2.63			-		(0.78	)
Year ended 3-31-2016		23.43		(0.06	)		(2.33	)		(2.39	)		-		(2.08	)
Year ended 3-31-2015		23.45		(0.12	)		2.49			2.37			-		(2.39	)
Year ended 3-31-2014		20.22		(0.14	)		4.17			4.03			-		(0.80	)
Year ended 3-31-2013		18.62		(0.09	)		1.80			1.71			-		(0.11	)
Class B Shares(5)
Six-month period ended 9-30-2017 (unaudited)		17.02		(0.11	)		1.92			1.81			-		-
Year ended 3-31-2017		15.76		(0.20	)		2.24			2.04			-		(0.78	)
Year ended 3-31-2016		19.84		(0.19	)		(1.96	)		(2.15	)		-		(1.93	)
Year ended 3-31-2015		20.30		(0.25	)		2.13			1.88			-		(2.34	)
Year ended 3-31-2014		17.66		(0.27	)		3.61			3.34			-		(0.70	)
Year ended 3-31-2013		16.42		(0.23	)		1.58			1.35			-		(0.11	)
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		18.09		(0.11	)		2.03			1.92			-		-
Year ended 3-31-2017		16.69		(0.20	)		2.38			2.18			-		(0.78	)
Year ended 3-31-2016		20.88		(0.19	)		(2.07	)		(2.26	)		-		(1.93	)
Year ended 3-31-2015		21.24		(0.26	)		2.25			1.99			-		(2.35	)
Year ended 3-31-2014		18.44		(0.26	)		3.77			3.51			-		(0.71	)
Year ended 3-31-2013		17.11		(0.21	)		1.65			1.44			-		(0.11	)
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		22.23		(0.02	)		2.51			2.49			-		-
Year ended 3-31-2017		20.15		(0.03	)		2.89			2.86			-		(0.78	)
Year ended 3-31-2016		24.77		0.00	*		(2.46	)		(2.46	)		-		(2.16	)
Year ended 3-31-2015		24.60		(0.05	)		2.63			2.58			-		(2.41	)
Year ended 3-31-2014		21.17		(0.07	)		4.36			4.29			-		(0.86	)
Year ended 3-31-2013		19.43		(0.04	)		1.89			1.85			-		(0.11	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-28

Total Distributions			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
$	-		$	23.11		11.05	%	$	430		1.31	%(4)		-0.43	%(4)		1.33	%(4)		-0.45	%(4)		13	%
	(0.78	)		20.81		13.99			428		1.31			-0.39			1.35			-0.43			14
	(2.08	)		18.96		-10.27			787		1.29			-0.30			-			-			38
	(2.39	)		23.43		10.73			1,025		1.28			-0.50			1.29			-0.51			35
	(0.80	)		23.45		20.09			1,558		1.34			-0.63			-			-			43
	(0.11	)		20.22		9.28			1,160		1.31			-0.52			-			-			32
	-			18.83		10.63			17		2.09	(4)		-1.22	(4)		-			-			13
	(0.78	)		17.02		13.07			17		2.10			-1.24			-			-			14
	(1.93	)		15.76		-10.95			19		2.05			-1.06			-			-			38
	(2.34	)		19.84		9.94			24		2.05			-1.26			-			-			35
	(0.70	)		20.30		19.14			26		2.10			-1.39			-			-			43
	(0.11	)		17.66		8.27			21		2.21			-1.42			-			-			32
	-			20.01		10.67			209		2.03	(4)		-1.16	(4)		-			-			13
	(0.78	)		18.09		13.19			213		2.04			-1.16			-			-			14
	(1.93	)		16.69		-10.92			264		2.01			-1.02			-			-			38
	(2.35	)		20.88		10.00			343		2.01			-1.22			-			-			35
	(0.71	)		21.24		19.25			295		2.01			-1.31			-			-			43
	(0.11	)		18.44		8.46			183		2.07			-1.28			-			-			32
	-			24.72		11.20			1,201		1.03	(4)		-0.16	(4)		-			-			13
	(0.78	)		22.23		14.31			1,112		1.04			-0.15			-			-			14
	(2.16	)		20.15		-10.00			1,423		1.00			-0.01			-			-			38
	(2.41	)		24.77		11.09			2,933		0.99			-0.19			-			-			35
	(0.86	)		24.60		20.52			2,098		0.99			-0.28			-			-			43
	(0.11	)		21.17		9.57			1,316		1.02			-0.24			-			-			32

B-29

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	56.65	$	(0.19	)	$	9.24		$	9.05		$	-	$	-
Year ended 3-31-2017		46.35		(0.32	)		10.62			10.30			-		-
Year ended 3-31-2016		55.95		(0.35	)		(7.99	)		(8.34	)		-		(1.26	)
Year ended 3-31-2015		52.71		(0.36	)		4.77			4.41			-		(1.17	)
Year ended 3-31-2014		39.79		(0.30	)		14.54			14.24			-		(1.32	)
Year ended 3-31-2013		33.54		(0.27	)		6.71			6.44			-		(0.19	)
Class B Shares(5)
Six-month period ended 9-30-2017 (unaudited)		47.68		(0.36	)		7.76			7.40			-		-
Year ended 3-31-2017		39.32		(0.59	)		8.95			8.36			-		-
Year ended 3-31-2016		48.01		(0.63	)		(6.80	)		(7.43	)		-		(1.26	)
Year ended 3-31-2015		45.73		(0.65	)		4.10			3.45			-		(1.17	)
Year ended 3-31-2014		34.92		(0.59	)		12.72			12.13			-		(1.32	)
Year ended 3-31-2013		29.69		(0.48	)		5.90			5.42			-		(0.19	)
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		49.39		(0.36	)		8.04			7.68			-		-
Year ended 3-31-2017		40.70		(0.59	)		9.28			8.69			-		-
Year ended 3-31-2016		49.63		(0.63	)		(7.04	)		(7.67	)		-		(1.26	)
Year ended 3-31-2015		47.21		(0.65	)		4.24			3.59			-		(1.17	)
Year ended 3-31-2014		35.99		(0.58	)		13.12			12.54			-		(1.32	)
Year ended 3-31-2013		30.57		(0.47	)		6.08			5.61			-		(0.19	)
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		61.88		(0.12	)		10.10			9.98			-		-
Year ended 3-31-2017		50.49		(0.19	)		11.58			11.39			-		-
Year ended 3-31-2016		60.64		(0.22	)		(8.67	)		(8.89	)		-		(1.26	)
Year ended 3-31-2015		56.87		(0.23	)		5.17			4.94			-		(1.17	)
Year ended 3-31-2014		42.72		(0.19	)		15.66			15.47			-		(1.32	)
Year ended 3-31-2013		35.88		(0.17	)		7.20			7.03			-		(0.19	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-30

Total Distributions			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
$	-		$	65.70		15.97	%	$	1,090		1.25	%(4)		-0.62	%(4)		-	%		-	%		11	%
	-			56.65		22.22			1,026		1.30			-0.66			-			-			16
	(1.26	)		46.35		-15.10			1,790		1.28			-0.69			-			-			24
	(1.17	)		55.95		8.48			2,198		1.26			-0.67			-			-			32
	(1.32	)		52.71		35.99			1,998		1.26			-0.63			-			-			35
	(0.19	)		39.79		19.28			759		1.37			-0.79			-			-			43
	-			55.08		15.54			45		2.02	(4)		-1.40	(4)		-			-			11
	-			47.68		21.26			48		2.06			-1.41			-			-			16
	(1.26	)		39.32		-15.71			52		2.02			-1.42			-			-			24
	(1.17	)		48.01		7.67			69		2.01			-1.42			-			-			32
	(1.32	)		45.73		34.91			71		2.04			-1.42			-			-			35
	(0.19	)		34.92		18.37			40		2.17			-1.59			-			-			43
	-			57.07		15.57			690		1.98	(4)		-1.35	(4)		-			-			11
	-			49.39		21.35			683		2.00			-1.35			-			-			16
	(1.26	)		40.70		-15.68			833		1.97			-1.37			-			-			24
	(1.17	)		49.63		7.73			999		1.95			-1.37			-			-			32
	(1.32	)		47.21		35.02			776		1.97			-1.34			-			-			35
	(0.19	)		35.99		18.47			278		2.07			-1.50			-			-			43
	-			71.86		16.13			1,456		0.99	(4)		-0.37	(4)		-			-			11
	-			61.88		22.56			1,327		1.00			-0.35			-			-			16
	(1.26	)		50.49		-14.84			1,364		0.97			-0.39			-			-			24
	(1.17	)		60.64		8.79			1,871		0.97			-0.39			-			-			32
	(1.32	)		56.87		36.37			1,411		0.99			-0.36			-			-			35
	(0.19	)		42.72		19.70			322		1.04			-0.46			-			-			43

B-31

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	17.23	$	(0.08	)	$	1.72		$	1.64		$	-		$	-
Year ended 3-31-2017		14.81		(0.13	)		3.58			3.45			-			(1.03	)
Year ended 3-31-2016		18.71		(0.14	)		(1.43	)		(1.57	)		-			(2.33	)
Year ended 3-31-2015		18.51		(0.14	)		1.52			1.38			-			(1.18	)
Year ended 3-31-2014		16.33		(0.19	)		4.04			3.85			-			(1.67	)
Year ended 3-31-2013		14.51		(0.14	)		2.35			2.21			-			(0.39	)
Class B Shares(5)
Six-month period ended 9-30-2017 (unaudited)		13.11		(0.12	)		1.31			1.19			-			-
Year ended 3-31-2017		11.57		(0.21	)		2.78			2.57			-			(1.03	)
Year ended 3-31-2016		15.28		(0.23	)		(1.15	)		(1.38	)		-			(2.33	)
Year ended 3-31-2015		15.47		(0.25	)		1.24			0.99			-			(1.18	)
Year ended 3-31-2014		13.95		(0.30	)		3.42			3.12			-			(1.60	)
Year ended 3-31-2013		12.57		(0.25	)		2.02			1.77			-			(0.39	)
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		14.28		(0.12	)		1.42			1.30			-			-
Year ended 3-31-2017		12.50		(0.20	)		3.01			2.81			-			(1.03	)
Year ended 3-31-2016		16.27		(0.21	)		(1.23	)		(1.44	)		-			(2.33	)
Year ended 3-31-2015		16.35		(0.23	)		1.33			1.10			-			(1.18	)
Year ended 3-31-2014		14.63		(0.28	)		3.60			3.32			-			(1.60	)
Year ended 3-31-2013		13.12		(0.21	)		2.11			1.90			-			(0.39	)
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		21.96		(0.07	)		2.19			2.12			-			-
Year ended 3-31-2017		18.57		(0.10	)		4.52			4.42			-			(1.03	)
Year ended 3-31-2016		22.77		(0.09	)		(1.77	)		(1.86	)		(0.01	)		(2.33	)
Year ended 3-31-2015		22.19		(0.09	)		1.85			1.76			-			(1.18	)
Year ended 3-31-2014		19.26		(0.15	)		4.80			4.65			-			(1.72	)
Year ended 3-31-2013		16.98		(0.09	)		2.76			2.67			-			(0.39	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-32

Total Distributions			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
$	-		$	18.87		9.52	%	$	254		1.38	%(4)		-0.95	%(4)		-	%		-	%		20	%
	(1.03	)		17.23		23.58			236		1.41			-0.81			-			-			53
	(2.33	)		14.81		-8.91			325		1.44			-0.80			-			-			43
	(1.18	)		18.71		8.03			384		1.43			-0.80			-			-			43
	(1.67	)		18.51		24.27			406		1.43			-1.07			-			-			45
	(0.39	)		16.33		15.70			281		1.49			-0.97			-			-			38
	-			14.30		9.08			8		2.22	(4)		-1.79	(4)		-			-			20
	(1.03	)		13.11		22.55			8		2.24			-1.66			-			-			53
	(2.33	)		11.57		-9.71			8		2.32			-1.69			-			-			43
	(1.18	)		15.28		7.07			11		2.31			-1.69			-			-			43
	(1.60	)		15.47		23.14			13		2.34			-1.99			-			-			45
	(0.39	)		13.95		14.61			11		2.49			-1.96			-			-			38
	-			15.58		9.10			180		2.05	(4)		-1.62	(4)		-			-			20
	(1.03	)		14.28		22.80			176		2.07			-1.49			-			-			53
	(2.33	)		12.50		-9.48			166		2.07			-1.43			-			-			43
	(1.18	)		16.27		7.36			207		2.07			-1.44			-			-			43
	(1.60	)		16.35		23.43			225		2.08			-1.73			-			-			45
	(0.39	)		14.63		15.00			189		2.13			-1.61			-			-			38
	-			24.08		9.65			376		1.08	(4)		-0.64	(4)		-			-			20
	(1.03	)		21.96		24.03			313		1.07			-0.51			-			-			53
	(2.34	)		18.57		-8.59			169		1.06			-0.43			-			-			43
	(1.18	)		22.77		8.42			214		1.06			-0.43			-			-			43
	(1.72	)		22.19		24.78			246		1.06			-0.71			-			-			45
	(0.39	)		19.26		16.13			176		1.07			-0.54			-			-			38

B-33

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	19.17	$	(0.01	)	$	2.27		$	2.26		$	-		$	-
Year ended 3-31-2017		17.66		0.00	*		2.42			2.42			-			(0.91	)
Year ended 3-31-2016		19.19		(0.03	)		(0.32	)		(0.35	)		-			(1.18	)
Year ended 3-31-2015		17.59		(0.04	)		3.03			2.99			-			(1.39	)
Year ended 3-31-2014		15.87		0.01			3.75			3.76			-			(2.04	)
Year ended 3-31-2013		15.14		0.03			0.73			0.76			(0.03	)		-
Class B Shares(5)
Six-month period ended 9-30-2017 (unaudited)		15.09		(0.08	)		1.79			1.71			-			-
Year ended 3-31-2017		14.22		(0.14	)		1.92			1.78			-			(0.91	)
Year ended 3-31-2016		15.82		(0.16	)		(0.26	)		(0.42	)		-			(1.18	)
Year ended 3-31-2015		14.84		(0.16	)		2.53			2.37			-			(1.39	)
Year ended 3-31-2014		13.73		(0.12	)		3.21			3.09			-			(1.98	)
Year ended 3-31-2013		13.20		(0.10	)		0.63			0.53			-			-
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		16.22		(0.07	)		1.92			1.85			-			-
Year ended 3-31-2017		15.19		(0.11	)		2.05			1.94			-			(0.91	)
Year ended 3-31-2016		16.78		(0.14	)		(0.27	)		(0.41	)		-			(1.18	)
Year ended 3-31-2015		15.64		(0.15	)		2.68			2.53			-			(1.39	)
Year ended 3-31-2014		14.36		(0.11	)		3.37			3.26			-			(1.98	)
Year ended 3-31-2013		13.78		(0.08	)		0.66			0.58			-			-
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		20.08		0.02			2.37			2.39			-			-
Year ended 3-31-2017		18.41		0.05			2.53			2.58			-			(0.91	)
Year ended 3-31-2016		19.90		0.02			(0.33	)		(0.31	)		-			(1.18	)
Year ended 3-31-2015		18.15		0.01			3.13			3.14			-			(1.39	)
Year ended 3-31-2014		16.31		0.06			3.85			3.91			(0.03	)		(2.04	)
Year ended 3-31-2013		15.54		0.07			0.76			0.83			(0.06	)		-

* Not shown due to rounding.

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-34

Total Distributions			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
$	-		$	21.43		11.79	%	$	527		1.15	%(4)		-0.07	%(4)		1.16	%(4)		-0.08	%(4)		25	%
	(0.91	)		19.17		14.12			487		1.15			0.01			1.19			-0.03			43
	(1.18	)		17.66		-2.08			1,197		1.15			-0.15			1.16			-0.16			38
	(1.39	)		19.19		17.45			1,093		1.15			-0.20			1.17			-0.22			36
	(2.04	)		17.59		24.21			1,090		1.15			0.07			1.19			0.03			50
	(0.03	)		15.87		5.03			994		1.15			0.22			1.22			0.15			73
	-			16.80		11.33			9		2.03	(4)		-0.94	(4)		-			-			25
	(0.91	)		15.09		13.01			10		2.08			-0.94			-			-			43
	(1.18	)		14.22		-2.98			11		2.07			-1.07			-			-			38
	(1.39	)		15.82		16.49			12		2.01			-1.06			-			-			36
	(1.98	)		14.84		23.08			11		2.06			-0.84			-			-			50
	-			13.73		4.02			11		2.15			-0.78			2.18			-0.81			73
	-			18.07		11.41			96		1.87	(4)		-0.79	(4)		-			-			25
	(0.91	)		16.22		13.24			97		1.87			-0.73			-			-			43
	(1.18	)		15.19		-2.74			107		1.86			-0.85			-			-			38
	(1.39	)		16.78		16.67			94		1.86			-0.92			-			-			36
	(1.98	)		15.64		23.17			78		1.90			-0.68			-			-			50
	-			14.36		4.28			71		1.93			-0.57			-			-			73
	-			22.47		11.90			1,002		0.88	(4)		0.20	(4)		0.89	(4)		0.19	(4)		25
	(0.91	)		20.08		14.42			961		0.88			0.24			0.88			0.24			43
	(1.18)			18.41		-1.79			272		0.88			0.11			-			-			38
	(1.39)			19.90		17.75			318		0.88			0.04			-			-			36
	(2.07)			18.15		24.52			118		0.88			0.34			0.88			0.34			50
	(0.06)			16.31		5.36			142		0.88			0.45			0.89			0.45			73

B-35

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	7.60	$	0.27	$	0.02		$	0.29		$	(0.27	)	$	-
Year ended 3-31-2017		6.91		0.55		0.68			1.23			(0.54	)		-
Year ended 3-31-2016		8.09		0.58		(1.19	)		(0.61	)		(0.57	)		-
Year ended 3-31-2015		8.75		0.57		(0.52	)		0.05			(0.57	)		(0.14	)
Year ended 3-31-2014		8.72		0.58		0.18			0.76			(0.60	)		(0.13	)
Year ended 3-31-2013		8.30		0.63		0.52			1.15			(0.63	)		(0.10	)
Class B Shares(5)
Six-month period ended 9-30-2017 (unaudited)		7.60		0.24		0.02			0.26			(0.24	)		-
Year ended 3-31-2017		6.91		0.49		0.68			1.17			(0.48	)		-
Year ended 3-31-2016		8.09		0.53		(1.19	)		(0.66	)		(0.52	)		-
Year ended 3-31-2015		8.75		0.51		(0.52	)		(0.01	)		(0.51	)		(0.14	)
Year ended 3-31-2014		8.72		0.52		0.17			0.69			(0.53	)		(0.13	)
Year ended 3-31-2013		8.30		0.57		0.52			1.09			(0.57	)		(0.10	)
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		7.60		0.25		0.02			0.27			(0.25	)		-
Year ended 3-31-2017		6.91		0.50		0.68			1.18			(0.49	)		-
Year ended 3-31-2016		8.09		0.53		(1.19	)		(0.66	)		(0.52	)		-
Year ended 3-31-2015		8.75		0.51		(0.52	)		(0.01	)		(0.51	)		(0.14	)
Year ended 3-31-2014		8.72		0.52		0.18			0.70			(0.54	)		(0.13	)
Year ended 3-31-2013		8.30		0.57		0.52			1.09			(0.57	)		(0.10	)
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		7.60		0.28		0.02			0.30			(0.28	)		-
Year ended 3-31-2017		6.91		0.56		0.69			1.25			(0.56	)		-
Year ended 3-31-2016		8.09		0.60		(1.19	)		(0.59	)		(0.59	)		-
Year ended 3-31-2015		8.75		0.59		(0.52	)		0.07			(0.59	)		(0.14	)
Year ended 3-31-2014		8.72		0.60		0.18			0.78			(0.62	)		(0.13	)
Year ended 3-31-2013		8.30		0.65		0.52			1.17			(0.65	)		(0.10	)

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-36

Total Distributions		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
	$(0.27)	$	7.62		3.90	%	$	1,221		0.95	%(4)		7.15	%(4)		-	%		-	%		20	%
	(0.54)		7.60		18.34			1,250		0.97			7.51			-			-			35
	(0.57)		6.91		-7.75			1,865		0.96			7.71			-			-			29
	(0.71)		8.09		0.62			2,920		0.94			6.70			-			-			44
	(0.73)		8.75		9.09			4,151		0.93			6.68			-			-			75
	(0.73)		8.72		14.50			3,080		0.93			7.42			-			-			68
	(0.24)		7.62		3.50			70		1.72	(4)		6.39	(4)		-			-			20
	(0.48)		7.60		17.46			79		1.72			6.72			-			-			35
	(0.52)		6.91		-8.43			84		1.70			6.98			-			-			29
	(0.65)		8.09		-0.13			133		1.67			5.98			-			-			44
	(0.66)		8.75		8.28			165		1.68			5.96			-			-			75
	(0.67)		8.72		13.64			152		1.69			6.65			-			-			68
	(0.25)		7.62		3.53			903		1.67	(4)		6.43	(4)		-			-			20
	(0.49)		7.60		17.51			970		1.67			6.77			-			-			35
	(0.52)		6.91		-8.40			1,025		1.66			7.02			-			-			29
	(0.65)		8.09		-0.07			1,618		1.64			6.02			-			-			44
	(0.67)		8.75		8.32			1,919		1.64			5.98			-			-			75
	(0.67)		8.72		13.71			1,501		1.64			6.70			-			-			68
	(0.28)		7.62		4.02			1,708		0.72	(4)		7.37	(4)		-			-			20
	(0.56)		7.60		18.64			1,737		0.71			7.69			-			-			35
	(0.59)		6.91		-7.52			1,266		0.70			7.94			-			-			29
	(0.73)		8.09		0.88			2,523		0.69			6.91			-			-			44
	(0.75)		8.75		9.36			4,075		0.69			6.90			-			-			75
	(0.75)		8.72		14.77			2,513		0.70			7.64			-			-			68

B-37

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
Class A Shares
Six-month period ended 9-30-2017 (unaudited)	$	5.09	$	0.09	$	0.02		$	0.11		$	(0.10	)	$	-
Year ended 3-31-2017		5.28		0.23		(0.19	)		0.04			(0.23	)		-
Year ended 3-31-2016		5.31		0.22		(0.03	)		0.19			(0.22	)		-
Year ended 3-31-2015		5.03		0.23		0.28			0.51			(0.23	)		-
Year ended 3-31-2014		5.47		0.24		(0.42	)		(0.18	)		(0.24	)		(0.02	)
Year ended 3-31-2013		5.23		0.21		0.24			0.45			(0.21	)		-
Class B Shares(5)
Six-month period ended 9-30-2017 (unaudited)		5.09		0.07		0.02			0.09			(0.08	)		-
Year ended 3-31-2017		5.28		0.19		(0.19	)		0.00	*		(0.19	)		-
Year ended 3-31-2016		5.31		0.18		(0.03	)		0.15			(0.18	)		-
Year ended 3-31-2015		5.03		0.19		0.28			0.47			(0.19	)		-
Year ended 3-31-2014		5.47		0.20		(0.42	)		(0.22	)		(0.20	)		(0.02	)
Year ended 3-31-2013		5.23		0.17		0.24			0.41			(0.17	)		-
Class C Shares
Six-month period ended 9-30-2017 (unaudited)		5.09		0.08		0.01			0.09			(0.08	)		-
Year ended 3-31-2017		5.28		0.19		(0.19	)		0.00	*		(0.19	)		-
Year ended 3-31-2016		5.31		0.18		(0.03	)		0.15			(0.18	)		-
Year ended 3-31-2015		5.03		0.19		0.28			0.47			(0.19	)		-
Year ended 3-31-2014		5.47		0.20		(0.42	)		(0.22	)		(0.20	)		(0.02	)
Year ended 3-31-2013		5.23		0.17		0.24			0.41			(0.17	)		-
Class I Shares
Six-month period ended 9-30-2017 (unaudited)		5.09		0.10		0.01			0.11			(0.10	)
Year ended 3-31-2017		5.28		0.24		(0.19	)		0.05			(0.24	)		-
Year ended 3-31-2016		5.31		0.23		(0.03	)		0.20			(0.23	)		-
Year ended 3-31-2015		5.03		0.24		0.28			0.52			(0.24	)		-
Year ended 3-31-2014		5.47		0.24		(0.42	)		(0.18	)		(0.24	)		(0.02	)
Year ended 3-31-2013		5.23		0.22		0.24			0.45			(0.22	)		-

* Not shown due to rounding.

⁽¹⁾  Based on average weekly shares outstanding.

⁽²⁾  Based on NAV, which does not reflect the sales charge, redemption fee or CDSC, 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.

B-38

Total Distributions		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
	$(0.10)	$	5.10		2.08	%	$	201		0.88	%(4)		3.67	%(4)		0.91	%(4)		3.64	%(4)		1	%
	(0.23)		5.09		0.65			235		0.87			4.27			-			-			8
	(0.22)		5.28		3.61			389		0.86			4.19			0.88			4.17			4
	(0.23)		5.31		10.29			377		0.85			4.46			0.87			4.44			9
	(0.26)		5.03		-3.32			366		0.86			4.58			0.87			4.57			21
	(0.21)		5.47		8.71			545		0.84			3.91			0.85			3.90			9
	(0.08)		5.10		1.73			10		1.62	(4)		2.91	(4)		1.69	(4)		2.84	(4)		1
	(0.19)		5.09		-0.11			11		1.62			3.52			1.63			3.51			8
	(0.18)		5.28		2.84			14		1.62			3.43			1.64			3.41			4
	(0.19)		5.31		9.44			15		1.62			3.69			1.64			3.67			9
	(0.22)		5.03		-4.07			15		1.64			3.82			1.65			3.81			21
	(0.17)		5.47		7.86			19		1.62			3.12			1.63			3.11			9
	(0.08)		5.10		1.75			160		1.58	(4)		2.96	(4)		1.65	(4)		2.89	(4)		1
	(0.19)		5.09		-0.07			182		1.58			3.56			1.60			3.54			8
	(0.18)		5.28		2.87			237		1.58			3.47			1.60			3.45			4
	(0.19)		5.31		9.50			238		1.58			3.72			1.60			3.70			9
	(0.22)		5.03		-4.04			216		1.60			3.84			1.61			3.83			21
	(0.17)		5.47		7.92			323		1.57			3.17			1.59			3.15			9
	(0.10)		5.10		2.17			534		0.68	(4)		3.85	(4)		0.75	(4)		3.78	(4)		1
	(0.24)		5.09		0.84			617		0.68			4.46			0.69			4.45			8
	(0.23)		5.28		3.80			701		0.67			4.38			0.69			4.36			4
	(0.24)		5.31		10.50			703		0.68			4.62			0.70			4.60			9
	(0.26)		5.03		-3.16			586		0.69			4.76			0.70			4.75			21
	(0.22)		5.47		8.88			749		0.68			4.06			0.69			4.05			9

B-39

APPENDIX C – DESCRIPTIONS OF PRINCIPAL INVESTMENT RISKS

Alternative Minimum Tax Risk – The Fund may invest in municipal bonds the interest on which (and, therefore, any part of Fund dividends attributable to such interest) is an item of tax preference for purposes of the Federal Alternative Minimum Tax (AMT). If a Fund shareholder’s AMT liability is increased as a result of such treatment, that would reduce the Fund’s after-tax return to the shareholder.

Amortized Cost Risk – In the event that the Board determines that the extent of the deviation between the Fund’s amortized cost per share and its market-based NAV per share could result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate, or reduce to the extent practicable, such dilution or unfair results, including but not limited to, suspending redemption of Fund shares or liquidating the Fund.

Bond Funds Risk – A portion of the Fund’s assets may be invested in funds that have exposure to bonds and other fixed-income securities. The principal risks that may be encountered by such investments are: bond prices overall may decline when interest rates rise (interest rate risk); a bond issuer may fail to pay interest and principal in a timely manner (credit risk); and a fixed-income security issuer may repay a higher yielding bond before its maturity date, during periods of falling interest rates (reinvestment risk). Interest rates in the U.S. are at, or near, historic lows, which may increase the Fund’s exposure to risks associated with rising rates. In addition, a general rise in rates may result in decreased liquidity and increased volatility in the fixed-income markets generally.

Company Risk – A company may be more volatile or perform worse than the overall market due to specific factors, such as adverse changes to its business or investor perceptions about the company.

Concentration Risk – Because the Fund invests more than 25% of its total assets in the science and technology industry, the Fund’s performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in this industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. In addition, the Fund’s performance may be more volatile than an investment in a portfolio of broad market securities and may underperform the market as a whole, due to the relatively limited number of issuers of science and technology securities.

C-1

Credit Risk – An issuer of a fixed-income obligation may not make payments on the obligation when due or may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of the Fund’s securities could affect the Fund’s performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

Depositary Receipts Risk – Investments in depositary receipts (including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) generally are subject to the same risks of investing in the foreign securities that they evidence or into which they may be converted.

Derivatives Risk – The use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects the Fund’s NAV and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. Derivatives can be highly complex, can create investment leverage, may perform in unanticipated ways and may be highly volatile, and the Fund could lose more than the amount it invests. Derivatives may be difficult to value and may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than others. To the extent the judgment of the adviser as to certain anticipated price movements is incorrect, the risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate specifically with the security or other risk being hedged. Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, another party to the transaction. When the Fund uses derivatives, it likely will be required to provide margin or collateral and/or segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund’s ability to pursue other opportunities as they arise. Ongoing changes to regulation of the

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derivatives markets and potential changes in the regulation of funds using derivatives instruments could limit the Fund’s ability to pursue its investment strategies.

Dividend-Paying Stock Risk – Dividend-paying stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend a company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as other investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates.

Emerging Market Risk – Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Investments in securities issued in these countries may be more volatile and less liquid than securities issued in more developed countries. Emerging markets are more susceptible to capital controls, governmental interference, local taxes being imposed on international investments, restrictions on gaining access to sales proceeds, and less efficient trading markets.

Energy Sector Risk – Investment risks associated with investing in energy securities, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, demand of energy fuels, energy conservation, the success of exploration projects, and tax and other governmental regulations.

Equity Funds Risk – The Fund invests in equity funds, for which a principal risk is market risk, the chance that stock prices overall will decline over short or even long periods of time. This includes the risk that returns from the stock market segments in which the Fund is most heavily indirectly invested may underperform other asset classes, other market segments or the overall stock market. The values of certain types of stocks, such as stocks of small cap companies and foreign companies,

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may fluctuate more widely than others. The prices of small cap company stocks may be based, in part, on future expectations rather than current achievements.

Extension Risk – A rise in interest rates could cause borrowers to pay back the principal on certain debt securities, such as mortgage-backed or asset-backed securities, more slowly than expected, thus lengthening the average life of such securities. This could cause the value of such securities to be more volatile or to decline more than other fixed-income securities, and may magnify the effect of the rate increase on the price of such securities.

Focus Risk – At times, the Fund may invest significantly in municipal bonds that finance similar types of projects, such as those in health care, life care, education, transportation and special tax sections, and in municipal bonds of issuers located in the same geographic area. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project or a declining need for the project, likely would affect all similar projects, thereby increasing market risk.

Foreign Currency Risk – Foreign securities may be denominated in foreign currencies. The value of the Fund’s investments, as measured in U.S. dollars, may be unfavorably affected by changes in foreign currency exchange rates and exchange control regulations.

Foreign Exposure Risk – The securities of many companies may have significant exposure to foreign markets as a result of the company’s operations, products or services in those foreign markets. As a result, a company’s domicile and/or the markets in which the company’s securities trade may not be fully reflective of its sources of revenue. Such securities would be subject to some of the same risks as an investment in foreign securities, including the risk that political and economic events unique to a country or region will adversely affect those markets in which the company’s products or services are sold.

Foreign Securities Risk – Investing in foreign securities involves a number of economic, financial, legal and political considerations that are not associated with the U.S. markets and that could affect the Fund’s performance unfavorably, depending upon the prevailing conditions at any given time. Among these potential risks are: greater price volatility; comparatively weak supervision and regulation of securities exchanges, brokers and issuers; higher brokerage costs; social, political or economic instability; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or

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expropriation of assets; adverse foreign tax consequences; different and/or less stringent financial reporting standards; and settlement, custodial or other operational delays. The risks may be exacerbated in connection with investments in emerging markets. World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, key information about the issuer, the markets or the local government or economy may be unavailable, incomplete or inaccurate. Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Fund of Funds Risk – The ability of the Fund to meet its investment objective is directly related to its target allocations among the Underlying Affiliated Funds and the ability of those funds to meet their investment objectives. The Fund’s share price will likely change daily based on the performance of the Underlying Affiliated Funds in which it invests. In general, the Fund is subject to the same risks as those of the Underlying Affiliated Funds it holds. The adviser has the authority to select and replace Underlying Affiliated Funds. The adviser is subject to a potential conflict of interest in doing so because the adviser serves as the investment manager to some of the Underlying Affiliated Funds and the advisory fees paid by some of those funds are higher than fees paid by other Underlying Affiliated Funds. It is important to note, however, that the adviser has a fiduciary duty to the Fund and must act in the Fund’s best interests.

Growth Stock Risk – Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general.

Holdings Risk – The Fund typically holds a limited number of stocks and the Fund’s portfolio managers also tend to invest a significant portion of the Fund’s total assets in a limited number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Fund’s portfolio managers invested a greater portion of the Fund’s total assets in a larger number of stocks.

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Initial Public Offering (IPO) Risk – Any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, the Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on the Fund’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs also is likely to decline as the Fund grows.

Income Risk – The risk that the Fund may experience a decline in its income due to falling interest rates, earnings declines, or income decline within a security. The amount and rate of distributions that the Fund’s shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by the Fund to shareholders may be less.

Interest Rate Risk – A rise in interest rates may cause a decline in the value of the Fund’s securities, especially securities with longer maturities. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security’s price. Thus, the sensitivity of the Fund’s debt securities to interest rate risk will increase with any increase in the duration of those securities. A decline in interest rates may cause the Fund to experience a decline in its income. Interest rates in the U.S. are at, or near, historic lows, which may increase the Fund’s exposure to risks associated with rising rates. The Fund may be subject to heightened interest rate risk as a result of a rise or anticipated rise in interest rates. In addition, a general rise in rates may result in decreased liquidity and increased volatility in the fixed-income markets generally.

Investment Company Securities Risk – Investment in other investment companies typically reflects the risks of the types of securities in which the investment companies invest. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses, which could result in the duplication of certain fees.

Large Company Risk – Large-capitalization companies may go in and out of favor based on market and economic conditions. Large-capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Although the

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securities of larger companies may be less volatile than those of companies with smaller market capitalizations, returns on investments in securities of large-capitalization companies could trail the returns on investments in securities of smaller companies.

Liquidity Risk – Generally, a security is liquid if the Fund is able to sell the security at a fair price within a reasonable time. Liquidity generally is related to the market trading volume for a particular security. Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wider fluctuations in market value. Less liquid securities are more difficult to dispose of at their recorded values and are subject to increased spreads and volatility. Also, the Fund may not be able to dispose of illiquid securities when that would be beneficial at a favorable time or price. Certain investments that were liquid when the Fund purchased them may become illiquid, sometimes abruptly.

Loan Risk – In addition to the risks typically associated with fixed-income securities, loans carry other risks, including the risk of insolvency of the lending bank or other intermediary. The risks associated with loans are similar to the risks of low-rated debt securities or “junk” bonds since loans typically are below investment grade. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be difficult to value, sometimes trade infrequently on the secondary market and generally are subject to extended settlement periods. Any of these factors may impair the Fund’s ability to sell or realize promptly the full value of its loans in the event of a need to liquidate such loans. Accordingly, loans that have been sold may not be immediately available to meet redemptions. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of the collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. In the event the borrower defaults, the Fund’s access to the collateral may be limited or delayed by bankruptcy and other insolvency laws. These risks could cause the Fund to lose income or principal on a particular investment, which could affect the Fund’s returns. In addition, loans also are subject to the risk that a court could subordinate the loan to presently existing or future indebtedness or take other action detrimental to the holders of the loan. Further, in the event of a default,

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second or lower lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower’s obligations to the senior secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which the Fund has an interest. Loans made to finance highly leveraged companies or to finance corporate acquisitions or other transactions may be especially vulnerable to adverse changes in economic or market conditions.

With loan assignments, as an assignee, the Fund normally will succeed to all rights and obligations of its assignor with respect to the portion of the loan that is being assigned. However, the rights and obligations acquired by the purchaser of a loan assignment may differ from, and be more limited than, those held by the original lenders or the assignor. With loan participations, the Fund may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly, so that delays and expense may be greater than those that would be involved if the Fund could enforce its rights directly against the borrower.

Low-Rated Securities Risk – In general, low-rated debt securities (commonly referred to as high yield” or “junk” bonds) offer higher yields due to the increased risk that the issuer will be unable to meet its obligations on interest or principal payments at the time called for by the debt instrument. For this reason, these securities are considered speculative and could significantly weaken the Fund’s returns. In adverse economic or other circumstances, issuers of these low-rated securities and obligations are more likely to have difficulty making principal and interest payments than issuers of higher-rated securities and obligations. In addition, these low-rated securities and obligations may fluctuate more widely in price and yield than higher-rated securities and obligations and may fall in price during times when the economy is weak or is expected to become weak. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of low-rated securities may be more complex to analyze than that of issuers of investment-grade debt securities.

Management Risk – Fund performance is primarily dependent on the investment adviser’s skill in evaluating and managing the Fund’s portfolio. There can be no guarantee that its decisions will produce the desired results, and the Fund may not perform as well as other similar mutual funds.

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Market Risk – Markets can be volatile, and the Fund’s holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Since the financial crisis that started in 2008, the U.S. and many foreign economies continue to experience its after-effects, which have resulted, and may continue to result, in volatility in the financial markets, both U.S. and foreign. Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by the Fund. These circumstances also have decreased liquidity in some markets and may continue to do so. In addition, certain events, such as natural disasters, terrorist attacks, war, and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

Mid-Size Company Risk – Securities of mid-capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies’ limited product lines, limited markets and financial resources and dependence upon a relatively small management group. Securities of mid-capitalization companies may be more volatile and less liquid than the securities of larger companies, and may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns.

Money Market Fund Regulatory Risk – As a money market fund, the Fund is subject to the specific rules governing money market funds and is subject to regulation by the SEC. These rules govern the manner in which the Fund is structured and operated and could significantly affect the money market fund industry generally and, therefore, may impact Fund expenses, operations, returns, and liquidity.

Political, Legislative or Regulatory Risk – The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the Federal or state level.

Portfolio Turnover Risk – The risk that frequent buying and selling of investments involve higher costs to the Fund and may affect the Fund’s performance over time. High rates of portfolio turnover may result in the realization of net short-term capital gains. The payment of

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taxes on distributions of these gains could adversely affect a shareholder’s after-tax return on its investment in the Fund. Any distributions attributable to such net gains will be taxed as ordinary income for Federal income tax purposes.

Preferred Stock Risk – Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

Private Placement and Other Restricted Securities Risk – Restricted securities, which include private placements, are securities that are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. Privately placed securities and other restricted securities will have the effect of increasing the level of Fund illiquidity to the extent the Fund finds it difficult to sell these securities when the adviser believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair value of such securities for purposes of computing the NAV of the Fund.

Reinvestment Risk – A decline in interest rates may cause issuers to prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income.

Science and Technology Industry Risk – Investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. In addition, these securities may be impacted by commodity and energy prices, which can be volatile, and may increase the volatility of these securities.

Sector Risk – At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a

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broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

Small Company Risk – Securities of small-capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies’ small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small-capitalization companies at the desired time.

Taxability Risk – The Fund and its investment manager rely on the opinion of an issuer’s bond counsel that the interest paid on the issuer’s securities will not be subject to Federal income tax. However, after the Fund buys a security backed by such an opinion, the Internal Revenue Service (IRS) may determine that interest on the security is, in fact, taxable, in which event the dividends the Fund pays with respect to that interest would be subject to Federal income tax (unless that determination is overturned in a judicial proceeding).

U.S. Government Securities Risk – Certain U.S. government securities, such as U.S. Treasury (Treasury) securities and securities issued by the Government National Mortgage Association (Ginnie Mae), are backed by the full faith and credit of the U.S. government. Other U.S. government securities, such as securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks (FHLB), are not backed by the full faith and credit of the U.S. government and, instead, may be supported only by the credit of the issuer or by the right of the issuer to borrow from the Treasury.

Value Stock Risk – Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the adviser, undervalued. The value of a security believed by the adviser to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

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IVY FUNDS

6300 Lamar Avenue

Overland Park, Kansas 66202-4200

(913) 236-2000

STATEMENT OF ADDITIONAL INFORMATION

Dated January 8, 2018

This Statement of Additional Information (the “SAI”) relates to the reorganization of eleven series of the Waddell and Reed Advisors Funds (the “WRA Trust”) (each, a “WRA Fund” and collectively, the “WRA Funds”), into eleven corresponding series (each, an “Ivy Fund” and collectively, the “Ivy Funds”) of Ivy Funds, an affiliated investment company (the “Ivy Trust”). The Ivy Funds are managed by Ivy Investment Management Company (“IICO”), an affiliate of Waddell & Reed Investment Management Company (“WRIMCO”), the investment manager of the WRA Funds. Both IICO and WRIMCO are subsidiaries of Waddell & Reed Financial, Inc.

Each WRA Fund will transfer all of its assets and liabilities attributable to Class A, Class B, Class C and Class Y shares to a corresponding Ivy Fund in exchange for Class A, Class B, Class C and Class I shares of the corresponding Ivy Fund with an aggregate net asset value (“NAV”) equal to the net value of the assets and liabilities transferred by each WRA Fund (the “Reorganization”), as set forth below in the chart:

WRA Funds	Ivy Funds
Equity Funds
WRA Accumulative Fund	Ivy Accumulative Fund
WRA Continental Income Fund	Ivy Balanced Fund
WRA Global Growth Fund	Ivy Global Growth Fund
WRA New Concepts Fund	Ivy Mid Cap Growth Fund
WRA Science and Technology Fund	Ivy Science and Technology Fund
WRA Small Cap Fund	Ivy Small Cap Growth Fund
WRA Vanguard Fund	Ivy Large Cap Growth Fund
WRA Wilshire Global Allocation Fund	Ivy Wilshire Global Allocation Fund
Fixed Income Funds
WRA High Income Fund	Ivy High Income Fund
WRA Municipal High Income Fund	Ivy Municipal High Income Fund
Money Market Fund
WRA Cash Management	Ivy Cash Management Fund

This SAI contains information which may be of interest to shareholders but which is not included in the Combined Prospectus and Information Statement dated January 8, 2018 (the “Prospectus/Information Statement”), which relates to the Reorganization.

This SAI, which is not a prospectus, supplements and should be read in conjunction with the Prospectus/Information Statement dated January 8, 2018. The Prospectus/Information Statement has been filed with the Securities and Exchange Commission and is available upon request and without charge by writing to or calling the Ivy Trust at the address or telephone number set forth above.

Unless otherwise indicated, capitalized terms used herein and not otherwise defined have the same meanings as are given to them in the Prospectus/Information Statement.

Table of Contents

I. Additional Information about the Ivy Funds and WRA Funds	2
II. Financial Statements	2
III. Pro Forma Financial Statements	2

I. Additional Information about the Ivy Funds and WRA Funds

Further information about Class A shares, Class B shares, Class C shares and Class I shares of the Ivy Funds is contained in, and incorporated herein by reference to, the SAI of the Ivy Funds dated July 5, 2017, as supplemented to date (previously filed on EDGAR, Accession No. 0001193125-17-221109).

Further information about Class A shares, Class B shares, Class C shares and Class I shares of the Ivy Accumulative Fund, Ivy Wilshire Global Allocation Fund, and the Ivy Cash Management Fund (the “Shell Ivy Funds”) is contained in, and incorporated herein by reference to, the SAI of the Shell Ivy Funds dated December 22, 2017 as supplemented to date (previously filed on EDGAR, Accession No. 0001193135-17-316379).

The Statement of Additional Information for the WRA Funds, dated October 31, 2017, as supplemented to date (the “WRA SAI”) (previously filed on EDGAR, Accession No. 0001193125-17-332738).

II. Financial Statements

1. Annual Report of the WRA Funds for the fiscal year ended September 30, 2017 (fixed income and money market funds) (previously filed on EDGAR, Accession No. Accession No. 0001193125-17-363467). Only the audited financial statements and related report of the independent registered public accounting firm included in the Annual Report are incorporated herein by reference, and no other parts of the Annual Report are incorporated herein by reference.

2. Annual Report of the WRA Funds for the fiscal year ended June 30, 2017 (equity funds) (previously filed on EDGAR, Accession No. 0001193125-17-278973). Only the audited financial statements and related report of the independent registered public accounting firm included in the Annual Report are incorporated herein by reference, and no other parts of the Annual Report are incorporated herein by reference.

3. Annual Report of the Ivy Funds for the fiscal year ended March 31, 2017 (previously filed on EDGAR, Accession No. 0001193125-17-197772). Only the audited financial statements and related report of the independent registered public accounting firm included in the Annual Report are incorporated herein by reference, and no other parts of the Annual Report are incorporated herein by reference.

4. Semiannual Report of the Ivy Funds for the period ended September 30, 2017 (previously filed on EDGAR, Accession No. 0001193125-17-363464). Only the financial statements included in the Semiannual Report are incorporated herein by reference, and no other parts of the Semiannual Report are incorporated herein by reference.

5. The Shell Ivy Funds do not have any annual or semiannual reports because they have not yet commenced operations

III. Pro Forma Financial Statements

WRA FUNDS

IVY FUNDS

PRO FORMA FINANCIAL INFORMATION

(UNAUDITED)

The unaudited Pro Forma Combined Schedules of Investments and Combined Statements of Assets and Liabilities reflect the financial position of the WRA Funds and Ivy Funds at September 30, 2017 and assumes the Reorganization occurred on that date. The unaudited Pro Forma Combined Statements of Operations reflects the results of operations of the WRA Funds and Ivy Funds for the twelve months ended September 30, 2017 and assumes the merger occurred at the beginning of the period. In addition, the Pro Forma Financial Information has been prepared based upon the proposed fee and expense structure after the Reorganization, as discussed in the combined Prospectus/Information Statement.

2

The Pro Forma financial information has been estimated in good faith based upon information regarding the WRA Funds and the Ivy Funds for the twelve month period ended September 30, 2017. The Pro Forma Financial Information should be read in conjunction with the historical financial statements and notes thereto of the WRA Funds and the Ivy Funds, which are available in their respective annual and semi–annual shareholder reports.

Pro Forma financial information has not been prepared for the reorganization of the WRA Accumulative Fund into the Ivy Accumulative Fund, the WRA Wilshire Global Allocation Fund into the Ivy Wilshire Global Allocation Fund and the WRA Cash Management into the Ivy Cash Management Fund because the WRA Accumulative Fund, WRA Wilshire Global Allocation Fund and WRA Cash Management will be reorganized into newly organized shell investment companies with no assets and liabilities that will commence operation upon completion of the Reorganization and will continue the operation of the WRA Accumulative Fund, WRA Wilshire Global Allocation Fund and WRA Cash Management.

3

Pro Forma Statement of Assets and Liabilities (Unaudited)    

September 30, 2017    

(in thousands, except per share amounts)	WRA Continental Income Fund		Ivy Balanced Fund		Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+	$	1,396,873	$	1,927,419	$	—		$	3,324,292
Investments at Value		1,396,873		1,927,419		—			3,324,292
Cash		187		162		—			349
Investment securities sold receivable		13,625		19,191		—			32,816
Dividends and interest receivable		3,801		5,307		—			9,108
Capital shares sold receivable		221		1,652		—			1,873
Prepaid and other assets		106		106		—			212
Total assets		1,414,813		1,953,837		—			3,368,650
LIABILITIES
Investment securities purchased payable		1,491		1,491		—			2,982
Capital shares redeemed payable		880		4,730		—			5,610
Independent Trustees and Chief Compliance Officer fees payable		274		77		—			351
Distribution and service fees payable		12		45		—			57
Shareholder servicing payable		217		433		—			650
Investment management fee payable		53		72		—			125
Accounting services fee payable		22		23		—			45
Other liabilities		12		42		152	(a)		206
Total liabilities		2,961		6,913		152			10,026
Total Net Assets	$	1,411,852	$	1,946,924	$	(152	)	$	3,358,624
NET ASSETS
Capital paid in (shares authorized - unlimited)	$	1,210,075	$	1,641,850	$	—		$	2,851,925
Distributions in excess of net investment income		5,412		8,729		(152	)		13,989
Accumulated net realized gain		43,867		86,363		—			130,230
Net unrealized appreciation		152,498		209,982		—			362,480
Total Net Assets	$	1,411,852	$	1,946,924	$	(152	)	$	3,358,624
Class A
Net Assets	$	814,697	$	612,903	$	(48	) (a)	$	1,427,552
Outstanding Shares		83,341		24,686		(50,534	) (b)		57,493
Net asset value per share	$	9.78	$	24.83				$	24.83
Add: selling commission (5.75% of offering price)		0.60		1.51					1.51
Maximum offering price per Class A share (Class A NAV divided by 94.25%)	$	10.38	$	26.34				$	26.34
Class B
Net Assets	$	2,778	$	65,149	$	(5	) (a)	$	67,922
Outstanding Shares		289		2,651		(177	) (b)		2,763
Net asset value per share	$	9.61	$	24.58				$	24.58
Class C
Net Assets	$	14,114	$	588,705	$	(46	) (a)	$	602,773
Outstanding Shares		1,455		23,871		(883	) (b)		24,443
Net asset value per share	$	9.70	$	24.66				$	24.66

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(in thousands, except per share amounts)	WRA Continental Income Fund		Ivy Balanced Fund		Pro forma Adjustments			Combining Pro Forma
Class E
Net Assets			$	198	$	—	*(a)	$	198
Outstanding Shares				8		—	*(b)		8
Net asset value per share			$	24.95				$	24.95
Add: selling commission (2.50% of offering price)				0.64					0.64
Maximum offering price per Class E share (Class E NAV divided by 97.5%)			$	25.59					25.59
Class Y – WRA Continental Income Fund into Class I – Ivy Balanced Fund
Net Assets	$	580,263	$	602,037	$	(47	) (a)	$	1,182,253
Outstanding Shares		59,284		24,252		(35,903	) (b)		47,633
Net asset value per share	$	9.79	$	24.82				$	24.82
Class N
Net Assets			$	11,792	$	(1	) (a)	$	11,791
Outstanding Shares				474		—	*(b)		474
Net asset value per share			$	24.86				$	24.86
Class R
Net Assets			$	13,360	$	(1	) (a)	$	13,359
Outstanding Shares				539		—	*(b)		539
Net asset value per share			$	24.79				$	24.79
Class Y – Ivy Balanced Fund
Net Assets			$	52,780	$	(4	) (a)	$	52,776
Outstanding Shares				2,125		(1	) (b)		2,124
Net asset value per share			$	24.83				$	24.83
+Cost
Investments in unaffiliated securities at cost	$	1,244,378	$	1,717,437	$	—		$	2,961,815

* Not shown due to rounding.     

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.    

(b) Share adjustment – redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

See Accompanying Notes to Pro Forma Financial Statements.

5

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA Continental Income Fund			Ivy Balanced Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Dividends from unaffiliated securities	$	21,481		$	32,932		$	—		$	54,413
Foreign dividend withholding tax		(425	)		(677	)		—			(1,102	)
Interest and amortization from unaffiliated securities		17,247			27,012			—			44,259
Total investment income		38,303			59,267			—			97,570
EXPENSES
Investment management fee		10,137			15,057			(1,604	) (a)		23,590
Distribution and service fees:
Class A		2,125			1,757			—			3,882
Class B		32			757			—			789
Class C		149			7,135			—			7,284
Class E		—			1			—			1
Class R		—			68			—			68
Class Y		—			183			—			183
Shareholder servicing:
Class A		1,363			1,105			(25	) (b)		2,443
Class B		20			112			(1	) (b)		131
Class C		42			814			(1	) (b)		855
Class I		—			1,092			—			1,092
Class N		—			1			—			1
Class R		—			34			—			34
Class Y		1,021			116			—			1,137
Registration fees		96			195			(93	) (b)		198
Custodian fees		25			26			—			51
Independent Trustees and Chief Compliance Officer fees		130			107			—			237
Accounting services fees		260			275			(260	) (c)		275
Professional fees		46			35			(10	) (d)		71
Other		179			180			(6	) (e)		353
Total expenses		15,625			29,050			(2,000	)		42,675
Less:
Expenses in excess of limit		(197	)		—			—			(197	)
Total Net Expenses		15,428			29,050			(2,000	)		42,478
Net investment income (loss)		22,875			30,217			2,000			55,092
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		68,031			126,273			—			194,304
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		6,463			(16,222	)		—			(9,759	)
Net gain on investments		74,494			110,051			—			184,545
Net increase in net assets resulting from operations	$	97,369		$	140,268		$	2,000		$	239,637

(a) Based on management fee of 0.63% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

See Notes to Pro Forma Financial Statements.

6

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Consumer Discretionary
						Automotive Retail – 0.5%
	33		42		75	O’Reilly Automotive, Inc.(A)	$	7,172	$	9,078	$	16,250
						Cable & Satellite – 1.3%
	468		652		1,120	Comcast Corp., Class A		18,024		25,085		43,109
						Casinos & Gaming – 1.7%
	360		514		874	Las Vegas Sands, Inc.		23,117		32,959		56,076
						General Merchandise Stores – 0.7%
	130		163		293	Dollar General Corp.		10,528		13,207		23,735
						Home Improvement Retail – 1.5%
	258		363		621	Lowe’s Co., Inc.		20,597		29,040		49,637
						Hotels, Resorts & Cruise Lines – 2.3%
	516		715		1,231	Carnival Corp.		33,299		46,142		79,441
						Movies & Entertainment – 1.4%
	785		1,053		1,838	Twenty-First Century Fox, Inc.		20,255		27,163		47,418
						Restaurants – 1.1%
	209		299		508	YUM! Brands, Inc.		15,392		22,020		37,412
						Total Consumer Discretionary – 10.5%		148,384		204,694		353,078
						Consumer Staples
						Brewers – 1.1%
	131		176		307	Anheuser-Busch InBev S.A. ADR		15,569		21,033		36,602
						Drug Retail – 0.5%
	84		103		187	CVS Caremark Corp.		6,798		8,396		15,194
						Packaged Foods & Meats – 0.9%
	166		232		398	Kraft Foods Group, Inc.		12,842		17,969		30,811
						Total Consumer Staples – 2.5%		35,209		47,398		82,607
						Energy
						Integrated Oil & Gas – 1.5%
	174		242		416	Chevron Corp.		20,480		28,465		48,945
						Oil & Gas Equipment & Services – 1.2%
	239		337		576	Schlumberger Ltd.		16,638		23,530		40,168
						Oil & Gas Exploration & Production – 1.5%
	351		452		803	Newfield Exploration Co.(A)		10,423		13,414		23,837
	401		563		964	Noble Energy, Inc.		11,373		15,974		27,347
								21,796		29,388		51,184
						Oil & Gas Refining & Marketing – 0.4%
	65		91		156	Phillips 66		5,918		8,309		14,227
						Total Energy – 4.6%		64,832		89,692		154,524
						Financials
						Diversified Banks – 2.2%
	174		249		423	Northern Trust Corp.		15,959		22,909		38,868
	280		391		671	Wells Fargo & Co.		15,442		21,558		37,000
								31,401		44,467		75,868

7

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Financial Exchanges & Data – 1.8%
	373		508		881	Intercontinental Exchange, Inc.	$	25,598	$	34,917	$	60,515
						Investment Banking & Brokerage – 1.5%
	90		127		217	Goldman Sachs Group, Inc. (The)		21,442		30,088		51,530
						Life & Health Insurance – 1.5%
	365		515		880	MetLife, Inc.		18,972		26,734		45,706
	33		47		80	MetLife, Inc.(A)		2,019		2,844		4,863
								20,991		29,578		50,569
						Other Diversified Financial Services – 2.6%
	378		525		903	JPMorgan Chase & Co.		36,074		50,138		86,212
						Regional Banks – 1.9%
	200		273		473	PNC Financial Services Group, Inc. (The)		26,887		36,758		63,645
						Total Financials – 11.5%		162,393		225,946		388,339
						Health Care
						Biotechnology – 2.6%
	60		84		144	Biogen, Inc.(A)		18,787		26,208		44,995
	94		129		223	BioMarin Pharmaceutical, Inc.(A)		8,711		12,006		20,717
	56		79		135	Shire Pharmaceuticals Group plc ADR		8,637		12,081		20,718
								36,135		50,295		86,430
						Health Care Services – 1.5%
	136		185		321	Laboratory Corp. of America Holdings(A)		20,487		27,997		48,484
						Managed Health Care – 2.1%
	47		60		107	Anthem, Inc.		8,886		11,298		20,184
	106		155		261	UnitedHealth Group, Inc.		20,780		30,327		51,107
								29,666		41,625		71,291
						Pharmaceuticals – 2.9%
	82		115		197	Allergan plc		16,868		23,651		40,519
	538		756		1,294	Pfizer, Inc.		19,217		26,993		46,210
	260		408		668	Teva Pharmaceutical Industries Ltd. ADR		4,569		7,185		11,754
								40,654		57,829		98,483
						Total Health Care – 9.1%		126,942		177,746		304,688
						Industrials
						Aerospace & Defense – 0.9%
	114		150		264	United Technologies Corp.		13,187		17,429		30,616
						Building Products – 1.0%
	348		467		815	Johnson Controls, Inc.		14,032		18,796		32,828
						Construction Machinery & Heavy Trucks – 1.4%
	190		265		455	Allison Transmission Holdings, Inc.		7,142		9,955		17,097
	172		237		409	PACCAR, Inc.		12,464		17,130		29,594
								19,606		27,085		46,691
						Industrial Machinery – 0.9%
	76		104		180	Parker Hannifin Corp.		13,249		18,237		31,486
						Railroads – 1.8%
	222		306		528	Union Pacific Corp.		25,757		35,516		61,273

8

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Trucking – 1.2%
	422		563		985	Knight Transportation, Inc.(A)	$	17,538	$	23,391	$	40,929
						Total Industrials – 7.2%		103,369		140,454		243,823
						Information Technology
						Application Software – 2.3%
	294		411		705	Autodesk, Inc.(A)		32,948		46,111		79,059
						Data Processing & Outsourced Services – 1.3%
	132		175		307	MasterCard, Inc., Class A		18,610		24,675		43,285
						IT Consulting & Other Services – 1.5%
	278		393		671	Cognizant Technology Solutions Corp., Class A		20,181		28,504		48,685
						Semiconductor Equipment – 0.9%
	246		328		574	Applied Materials, Inc.		12,819		17,093		29,912
						Semiconductors – 2.5%
	343		442		785	Integrated Device Technology, Inc.(A)		9,120		11,744		20,864
	585		782		1,367	Intel Corp.		22,288		29,794		52,082
	82		113		195	QUALCOMM, Inc.		4,240		5,881		10,121
								35,648		47,419		83,067
						Systems Software – 2.0%
	383		517		900	Microsoft Corp.		28,493		38,519		67,012
						Technology Hardware, Storage & Peripherals – 2.7%
	247		345		592	Apple, Inc.		38,041		53,107		91,148
						Total Information Technology – 13.2%		186,740		255,428		442,168
						Materials
						Commodity Chemicals – 1.0%
	619		869		1,488	Valvoline, Inc.		14,509		20,368		34,877
						Specialty Chemicals – 1.7%
	213		293		506	PPG Industries, Inc.		23,177		31,794		54,971
						Total Materials – 2.7%		37,686		52,162		89,848
						Real Estate
						Specialized REITs – 0.4%
	60		74		134	Crown Castle International Corp.		6,029		7,368		13,397
						Total Real Estate – 0.4%		6,029		7,368		13,397
						TOTAL COMMON STOCKS – 61.7%	$	871,584	$	1,200,888	$	2,072,472
						(Cost: $1,642,416)
						PREFERRED STOCKS
						Energy
						Integrated Oil & Gas – 0.9%
	225		320		545	Hess Corp., Convertible, 8.000%		13,266		18,867		32,133
						Total Energy – 0.9%		13,266		18,867		32,133
						Financials
						Investment Banking & Brokerage – 0.4%
	200		300		500	Morgan Stanley, 5.850%		5,468		8,202		13,670

9

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		SHARES				PREFERRED STOCKS			VALUE
						Other Diversified Financial Services – 0.4%
	180		357		537	Citigroup, Inc., 6.300%	$	4,892	$	9,703	$	14,595
						Regional Banks – 0.2%
	64		120		184	First Republic Bank, Series G, 5.500%		1,672		3,136		4,808
						Total Financials – 1.0%		12,032		21,041		33,073
						Health Care
						Managed Health Care – 0.8%
	205		342		547	Anthem, Inc., 5.250%		10,720		17,883		28,603
						Pharmaceuticals – 2.1%
	27		36		63	Allergan plc, Convertible Series A, 5.500%		19,552		26,267		45,819
	27		41		68	Teva Pharmaceutical Industries Ltd., Convertible, 7.000%		9,305		14,130		23,435
								28,857		40,397		69,254
						Total Health Care – 2.9%		39,577		58,280		97,857
						Industrials
						Environmental & Facilities Services – 0.7%
	167		225		392	Stericycle, Inc., 5.250%		9,826		13,239		23,065
						Total Industrials – 0.7%		9,826		13,239		23,065
						Materials
						Commodity Chemicals – 0.8%
	11		19		30	A. Schulman, Inc., Convertible, 6.000%		9,421		16,464		25,885
						Total Materials – 0.8%		9,421		16,464		25,885
						Telecommunication Services
						Integrated Telecommunication Services – 0.1%
	86		125		211	Frontier Communications Corp., Convertible Series A, 11.125%		1,655		2,405		4,060
						Total Telecommunication Services – 0.1%		1,655		2,405		4,060
						TOTAL PREFERRED STOCKS – 6.4%	$	85,777	$	130,296	$	216,073
						(Cost: $285,881)
		PRINCIPAL				ASSET-BACKED SECURITIES
						AerCap Ireland Capital Designated Activity Co. and AerCap Global Aviation Trust,
$	4,250	$	—	$	4,250	3.650%, 7-21-27		4,232		—		4,232
						TOTAL ASSET-BACKED SECURITIES – 0.1%	$	4,232	$	—	$	4,232
						(Cost: $4,229)
						CORPORATE DEBT SECURITIES
						Consumer Discretionary
						Apparel, Accessories & Luxury Goods – 0.4%
						Under Armour, Inc.,
	6,800		9,500		16,300	3.250%, 6-15-26		6,320		8,829		15,149
						Auto Parts & Equipment – 0.2%
						Lear Corp.,
	2,000		3,250		5,250	3.800%, 9-15-27		1,991		3,236		5,227

10

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Automobile Manufacturers – 0.1%
						General Motors Co.,
$	1,250	$	1,250	$	2,500	4.200%, 10-1-27	$	1,268	$	1,268	$	2,536
						Broadcasting – 0.2%
						Discovery Communications LLC:
	900		900		1,800	3.300%, 5-15-22		907		907		1,814
	1,000		1,000		2,000	2.950%, 3-20-23		1,001		1,001		2,002
	2,000		2,750		4,750	3.950%, 3-20-28		1,994		2,742		4,736
								3,902		4,650		8,552
						General Merchandise Stores – 0.0%
						Dollar General Corp.,
	750		1,000		1,750	1.875%, 4-15-18		751		1,001		1,752
						Homebuilding – 0.1%
						Toll Brothers Finance Corp.,
	1,000		1,500		2,500	4.375%, 4-15-23		1,045		1,568		2,613
						Hotels, Resorts & Cruise Lines – 0.2%
						Wyndham Worldwide Corp.:
	500		1,000		1,500	4.150%, 4-1-24		507		1,014		1,521
	2,000		2,000		4,000	4.500%, 4-1-27		2,006		2,006		4,012
								2,513		3,020		5,533
						Internet & Direct Marketing Retail – 0.2%
						Amazon.com, Inc.,
	1,000		3,000		4,000	2.800%, 8-22-24(B)		1,002		3,005		4,007
						Expedia, Inc.,
	2,000		—		2,000	3.800%, 2-15-28(B)		1,981		—		1,981
								2,983		3,005		5,988
						Publishing – 0.1%
						Thomson Reuters Corp.,
	1,120		2,000		3,120	3.350%, 5-15-26		1,115		1,991		3,106
						Total Consumer Discretionary – 1.5%		21,888		28,568		50,456
						Consumer Staples
						Brewers – 0.1%
						Molson Coors Brewing Co.,
	800		1,500		2,300	3.000%, 7-15-26		778		1,458		2,236
						Distillers & Vintners – 0.0%
						Beam, Inc.,
	750		1,000		1,750	1.750%, 6-15-18		749		999		1,748
						Household Products – 0.2%
						Clorox Co. (The),
	1,500		1,500		3,000	3.100%, 10-1-27		1,492		1,492		2,984
						Colgate-Palmolive Co.,
	2,500		—		2,500	3.700%, 8-1-47		2,463		—		2,463
								3,955		1,492		5,447
						Tobacco – 0.2%
						BAT International Finance plc,
	2,400		4,000		6,400	2.750%, 6-15-20(B)		2,439		4,064		6,503
						Total Consumer Staples – 0.5%		7,921		8,013		15,934

11

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Energy
						Integrated Oil & Gas – 0.4%
						Hess Corp.,
$	4,950	$	7,500	$	12,450	4.300%, 4-1-27	$	4,925	$	7,462	$	12,387
						Oil & Gas Drilling – 0.7%
						Nabors Industries Ltd., Convertible,
	12,600		16,500		29,100	0.750%, 1-15-24(B)		10,245		13,417		23,662
						Oil & Gas Equipment & Services – 0.2%
						Schlumberger Holding Corp.,
	3,150		4,500		7,650	2.350%, 12-21-18(B)		3,168		4,525		7,693
						Oil & Gas Exploration & Production – 0.8%
						BP Capital Markets plc (GTD by BP plc):
	2,850		4,250		7,100	2.241%, 9-26-18		2,867		4,275		7,142
	1,500		3,000		4,500	2.315%, 2-13-20		1,513		3,026		4,539
						Concho Resources, Inc.,
	4,400		6,500		10,900	4.375%, 1-15-25		4,631		6,841		11,472
						ONEOK Partners L.P.,
	1,500		2,750		4,250	3.200%, 9-15-18		1,518		2,783		4,301
								10,529		16,925		27,454
						Oil & Gas Storage & Transportation – 1.4%
						Colorado Interstate Gas Co.,
	3,340		5,000		8,340	4.150%, 8-15-26(B)		3,319		4,970		8,289
						Hornbeck Offshore Services, Inc., Convertible,
	8,392		11,621		20,013	1.500%, 9-1-19		6,546		9,064		15,610
						Kinder Morgan, Inc.,
	2,000		2,000		4,000	3.150%, 1-15-23		2,009		2,009		4,018
						Plains All American Pipeline L.P. and PAA Finance Corp.,
	2,000		3,500		5,500	4.650%, 10-15-25		2,059		3,603		5,662
						Sunoco Logistics Partners Operations L.P. (GTD by Energy Transfer Partners L.P.),
	2,000		1,000		3,000	4.000%, 10-1-27		1,992		996		2,988
						Williams Partners L.P.,
	3,500		5,500		9,000	3.600%, 3-15-22		3,615		5,681		9,296
								19,540		26,323		45,863
						Total Energy – 3.5%		48,407		68,652		117,059
						Financials
						Asset Management & Custody Banks – 0.3%
						Ares Capital Corp.,
	3,300		6,500		9,800	4.875%, 11-30-18		3,394		6,684		10,078
						Consumer Finance – 0.7%
						Capital One Bank USA N.A.:
	1,500		3,150		4,650	2.150%, 11-21-18		1,504		3,158		4,662
	2,000		4,000		6,000	2.250%, 2-13-19		2,005		4,011		6,016
						Ford Motor Credit Co. LLC:
	1,250		2,500		3,750	3.339%, 3-28-22		1,270		2,540		3,810
	2,000		1,000		3,000	2.979%, 8-3-22		1,999		999		2,998
						General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
	500		1,000		1,500	3.450%, 4-10-22		508		1,016		1,524
	800		1,050		1,850	3.700%, 5-9-23		815		1,070		1,885

12

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Hyundai Capital America,
$	1,200	$	1,550	$	2,750	2.875%, 8-9-18(B)	$	1,206	$	1,558	$	2,764
								9,307		14,352		23,659
						Diversified Banks – 4.4%
						Australia and New Zealand Banking Group Ltd.,
	4,800		7,150		11,950	4.400%, 5-19-26(B)		4,993		7,437		12,430
						Bank of America Corp.:
	2,100		2,500		4,600	2.000%, 1-11-18		2,103		2,503		4,606
	500		750		1,250	4.000%, 1-22-25		517		776		1,293
	7,000		10,000		17,000	8.000%, 7-29-49		7,100		10,143		17,243
						Barclays plc,
	3,200		5,000		8,200	5.200%, 5-12-26		3,416		5,338		8,754
						BNP Paribas S.A.,
	2,600		4,500		7,100	2.450%, 3-17-19		2,622		4,539		7,161
						DBS Group Holdings Ltd.,
	4,000		5,000		9,000	2.246%, 7-16-19(B)		4,007		5,009		9,016
						HSBC Holdings plc,
	3,750		5,000		8,750	3.400%, 3-8-21		3,866		5,155		9,021
						ING Bank N.V.,
	3,000		1,300		4,300	2.500%, 10-1-19(B)		3,026		1,311		4,337
						Mizuho Bank Ltd.,
	3,500		5,200		8,700	2.650%, 9-25-19(B)		3,532		5,248		8,780
						Skandinaviska Enskilda Banken AB,
	2,000		4,000		6,000	2.375%, 3-25-19(B)		2,015		4,029		6,044
						Societe Generale S.A.,
	1,750		2,750		4,500	4.250%, 4-14-25(B)		1,793		2,818		4,611
						Standard Chartered plc,
	5,900		10,700		16,600	2.250%, 4-17-20(B)		5,887		10,676		16,563
						Sumitomo Mitsui Banking Corp.,
	2,400		4,000		6,400	2.450%, 1-16-20		2,419		4,031		6,450
						U.S. Bancorp,
	1,900		2,500		4,400	3.100%, 4-27-26		1,890		2,487		4,377
						Wells Fargo & Co.,
	6,790		10,000		16,790	7.980%, 3-29-49		6,994		10,300		17,294
						Westpac Banking Corp.,
	4,000		5,000		9,000	2.250%, 7-30-18		4,019		5,024		9,043
								60,199		86,824		147,023
						Investment Banking & Brokerage – 1.1%
						BGC Partners, Inc.,
	2,000		2,500		4,500	5.375%, 12-9-19		2,105		2,631		4,736
						Credit Suisse Group Funding (Guernsey) Ltd.,
	2,500		4,000		6,500	2.750%, 3-26-20		2,526		4,041		6,567
						Goldman Sachs Group, Inc. (The):
	3,000		3,000		6,000	2.905%, 7-24-23		3,001		3,001		6,002
	3,000		4,000		7,000	3.272%, 9-29-25		3,001		4,002		7,003
	1,000		1,300		2,300	5.700%, 12-29-49		1,034		1,344		2,378
						Morgan Stanley,
	4,000		5,000		9,000	3.591%, 7-22-28		4,005		5,007		9,012
								15,672		20,026		35,698
						Life & Health Insurance – 0.5%
						AIA Group Ltd.,
	1,600		2,600		4,200	2.250%, 3-11-19(B)		1,597		2,596		4,193

13

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Northwestern Mutual Life Insurance Co. (The),
$	3,000	$	2,000	$	5,000	3.850%, 9-30-47(B)	$	2,964	$	1,976	$	4,940
						Prudential Financial, Inc.,
	1,000		1,600		2,600	8.875%, 6-15-38		1,047		1,676		2,723
						Sumitomo Life Insurance Co.,
	2,000		3,000		5,000	4.000%, 9-14-77(B)		1,964		2,945		4,909
								7,572		9,193		16,765
						Multi-Line Insurance – 0.4%
						American International Group, Inc.,
	1,950		2,750		4,700	2.300%, 7-16-19		1,959		2,763		4,722
						Aon plc (GTD by Aon Corp.),
	3,500		6,000		9,500	2.800%, 3-15-21		3,514		6,024		9,538
								5,473		8,787		14,260
						Other Diversified Financial Services – 2.0%
						Citigroup, Inc.:
	5,300		8,500		13,800	5.800%, 11-29-49		5,472		8,776		14,248
	5,350		9,250		14,600	5.950%, 12-29-49		5,762		9,947		15,709
						Fidelity National Information Services, Inc.,
	500		1,250		1,750	2.000%, 4-15-18		501		1,252		1,753
						JPMorgan Chase & Co.:
	6,060		8,200		14,260	7.900%, 4-29-49		6,242		8,446		14,688
	3,200		4,500		7,700	5.000%, 12-29-49		3,254		4,576		7,830
	1,250		1,500		2,750	5.300%, 11-1-65		1,303		1,564		2,867
						PennantPark Investment Corp.,
	4,000		5,000		9,000	4.500%, 10-1-19		4,047		5,059		9,106
						Total Capital (GTD by Total S.A.),
	1,200		1,500		2,700	2.125%, 8-10-18		1,206		1,507		2,713
								27,787		41,127		68,914
						Property & Casualty Insurance – 0.1%
						Berkshire Hathaway Finance Corp. (GTD by Berkshire Hathaway, Inc.),
	1,500		2,300		3,800	2.200%, 3-15-21		1,510		2,315		3,825
						Regional Banks – 1.1%
						Citizens Financial Group, Inc.,
	6,000		8,900		14,900	3.750%, 7-1-24		6,003		8,903		14,906
						PNC Bank N.A.,
	2,500		4,000		6,500	3.250%, 6-1-25		2,551		4,082		6,633
						SunTrust Banks, Inc.:
	2,800		3,700		6,500	2.350%, 11-1-18		2,814		3,719		6,533
	2,800		4,800		7,600	5.625%, 12-29-49		2,926		5,016		7,942
								14,294		21,720		36,014
						Specialized Finance – 0.3%
						Diamond 1 Finance Corp. and Diamond 2 Finance Corp.,
	4,300		6,000		10,300	5.450%, 6-15-23(B)		4,716		6,581		11,297
						Total Financials – 10.9%		149,924		217,609		367,533
						Health Care
						Biotechnology – 0.3%
						Amgen, Inc.,
	3,000		6,000		9,000	2.125%, 5-1-20		3,006		6,011		9,017

14

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Health Care Equipment – 0.1%
						Zimmer Holdings, Inc.,
$	1,650	$	3,000	$	4,650	2.700%, 4-1-20	$	1,666	$	3,030	$	4,696
						Health Care Services – 0.4%
						Cardinal Health, Inc.,
	2,400		3,900		6,300	2.400%, 11-15-19		2,418		3,930		6,348
						Quest Diagnostics, Inc.,
	3,220		5,000		8,220	3.450%, 6-1-26		3,248		5,043		8,291
								5,666		8,973		14,639
						Health Care Supplies – 0.3%
						Shire Acquisitions Investments Ireland Designated Activity Co.,
	4,000		5,000		9,000	2.875%, 9-23-23		3,979		4,974		8,953
						Pharmaceuticals – 0.5%
						AbbVie, Inc.,
	2,240		3,500		5,740	3.200%, 5-14-26		2,244		3,506		5,750
						Forest Laboratories, Inc.,
	5,000		4,500		9,500	5.000%, 12-15-21(B)		5,463		4,917		10,380
						Mylan, Inc.,
	—		700		700	2.550%, 3-28-19		—		703		703
								7,707		9,126		16,833
						Total Health Care – 1.6%		22,024		32,114		54,138
						Industrials
						Aerospace & Defense – 0.5%
						Huntington Ingalls Industries, Inc.,
	3,000		4,000		7,000	5.000%, 11-15-25(B)		3,240		4,320		7,560
						TransDigm, Inc. (GTD by TransDigm Group, Inc.),
	3,500		5,500		9,000	6.375%, 6-15-26		3,585		5,634		9,219
								6,825		9,954		16,779
						Airlines – 0.2%
						Southwest Airlines Co.,
	2,625		2,900		5,525	2.650%, 11-5-20		2,659		2,938		5,597
						Diversified Support Services – 0.1%
						Ahern Rentals, Inc.,
	1,200		1,118		2,318	7.375%, 5-15-23(B)		1,098		1,023		2,121
						Industrial Conglomerates – 0.1%
						3M Co.,
	1,500		1,500		3,000	2.875%, 10-15-27		1,492		1,492		2,984
						Railroads – 0.0%
						Kansas City Southern de Mexico S.A. de C.V.,
	776		873		1,649	2.350%, 5-15-20		774		870		1,644
						Total Industrials – 0.9%		12,848		16,277		29,125
						Information Technology
						Data Processing & Outsourced Services – 0.2%
						Fiserv, Inc.,
	1,800		2,900		4,700	2.700%, 6-1-20		1,821		2,933		4,754

15

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						IT Consulting & Other Services – 0.1%
						Keysight Technologies, Inc.,
$	2,000	$	2,500	$	4,500	4.600%, 4-6-27	$	2,103	$	2,629	$	4,732
						Semiconductors – 0.1%
						Micron Technology, Inc.,
	1,390		2,122		3,512	5.500%, 2-1-25		1,482		2,263		3,745
						Total Information Technology – 0.4%		5,406		7,825		13,231
						Materials
						Construction Materials – 0.3%
						Hillman Group, Inc. (The),
	4,000		5,000		9,000	6.375%, 7-15-22(B)		3,980		4,975		8,955
						Diversified Metals & Mining – 0.2%
						Anglo American Capital plc,
	2,000		—		2,000	3.625%, 9-11-24(B)		1,994		—		1,994
						Anglo American plc,
	1,300		2,200		3,500	4.125%, 4-15-21(B)		1,352		2,287		3,639
								3,346		2,287		5,633
						Metal & Glass Containers – 0.3%
						BakerCorp International, Inc.,
	5,046		7,747		12,793	8.250%, 6-1-19		4,693		7,205		11,898
						Paper Packaging – 0.2%
						WestRock Co.,
	3,500		3,500		7,000	3.000%, 9-15-24(B)		3,494		3,494		6,988
						Total Materials – 1.0%		15,513		17,961		33,474
						Real Estate
						Specialized REITs – 0.3%
						Crown Castle International Corp.:
	1,171		1,046		2,217	5.250%, 1-15-23		1,296		1,158		2,454
	500		500		1,000	3.200%, 9-1-24		497		497		994
	1,600		2,600		4,200	3.700%, 6-15-26		1,611		2,618		4,229
	2,000		2,000		4,000	3.650%, 9-1-27		1,998		1,998		3,996
								5,402		6,271		11,673
						Total Real Estate – 0.3%		5,402		6,271		11,673
						Telecommunication Services
						Integrated Telecommunication Services – 0.6%
						AT&T, Inc.:
	4,000		900		4,900	4.125%, 2-17-26		4,110		925		5,035
	2,000		2,000		4,000	3.900%, 8-14-27		2,002		2,002		4,004
	1,000		1,000		2,000	4.900%, 8-14-37		1,012		1,012		2,024
	1,500		1,500		3,000	5.150%, 2-14-50		1,511		1,511		3,022
						Verizon Communications, Inc.:
	1,600		—		1,600	2.946%, 3-15-22		1,627		—		1,627
	2,000		2,000		4,000	4.500%, 8-10-33		2,050		2,051		4,101
								12,312		7,501		19,813
						Wireless Telecommunication Service – 0.6%
						American Tower Corp.:
	5,000		7,500		12,500	2.250%, 1-15-22		4,917		7,376		12,293
	1,140		1,400		2,540	4.700%, 3-15-22		1,235		1,517		2,752
	2,080		3,000		5,080	3.375%, 10-15-26		2,055		2,964		5,019

16

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Virgin Media Finance plc,
$	298	$	284	$	582	4.875%, 2-15-22	$	290	$	276	$	566
								8,497		12,133		20,630
						Total Telecommunication Services – 1.2%		20,809		19,634		40,443
						Utilities
						Electric Utilities – 0.6%
						Duke Energy Corp.,
	1,500		1,000		2,500	3.150%, 8-15-27		1,486		991		2,477
						Electricite de France S.A.,
	2,450		3,750		6,200	2.150%, 1-22-19(B)		2,459		3,764		6,223
						Entergy Texas, Inc.,
	1,500		2,400		3,900	2.550%, 6-1-21		1,489		2,382		3,871
						Exelon Corp.,
	1,800		2,500		4,300	2.450%, 4-15-21		1,800		2,500		4,300
						PPL Energy Supply LLC,
	2,100		2,800		4,900	4.600%, 12-15-21		1,727		2,303		4,030
								8,961		11,940		20,901
						Independent Power Producers & Energy Traders – 0.5%
						Canadian Solar, Inc., Convertible,
	5,755		9,700		15,455	4.250%, 2-15-19		5,561		9,372		14,933
						Total Utilities – 1.1%		14,522		21,312		35,834
						TOTAL CORPORATE DEBT SECURITIES – 22.9%	$	324,664	$	444,236	$	768,900
						(Cost: $762,365)
						LOANS(C)
						Industrials
						Industrial Machinery – 0.3%
						Dynacast International LLC (ICE LIBOR plus 850 bps),
	4,455		6,526		10,981	9.833%, 1-30-23(D)		4,455		6,526		10,981
						Total Industrials – 0.3%		4,455		6,526		10,981
						TOTAL LOANS – 0.3%	$	4,455	$	6,526	$	10,981
						(Cost: $10,792)
						UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
						Agency Obligations – 0.0%
						National Archives Facility Trust,
	780		—		780	8.500%, 9-1-19		839		—		839
						Mortgage-Backed Obligations – 1.5%
						Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
	24		—		24	6.500%, 12-1-31		27		—		27
	31		—		31	6.500%, 1-1-32		36		—		36
	3,508		5,880		9,388	4.500%, 6-1-44		3,779		6,334		10,113
	4,176		6,931		11,107	3.000%, 6-15-45		4,302		7,141		11,443
						Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
	—		1		1	5.000%, 1-1-18		—		1		1
	49		—		49	4.500%, 7-1-18		50		—		50
	162		—		162	4.500%, 9-1-19		166		—		166

17

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				UNITED STATES GOVERNMENT AGENCY OBLIGATIONS			VALUE
$	—	$	31	$	31	6.500%, 10-1-28	$	—	$	34	$	34
	—		5		5	6.500%, 2-1-29		—		5		5
	2,379		4,018		6,397	3.500%, 6-25-29		2,500		4,222		6,722
	—		41		41	7.000%, 11-1-31		—		46		46
	—		31		31	6.500%, 2-1-32		—		35		35
	—		46		46	7.000%, 2-1-32		—		53		53
	—		21		21	7.000%, 3-1-32		—		24		24
	—		25		25	7.000%, 7-1-32		—		28		28
	—		25		25	6.500%, 9-1-32		—		28		28
	—		19		19	5.500%, 5-1-33		—		22		22
	—		18		18	5.500%, 6-1-33		—		20		20
	2,989		5,001		7,990	4.500%, 11-1-43		3,267		5,466		8,733
	4,025		6,723		10,748	3.000%, 10-25-46		4,115		6,873		10,988
						Government National Mortgage Association Fixed Rate Pass-Through Certificates:
	36		—		36	4.000%, 9-15-18		36		—		36
	28		—		28	6.500%, 8-15-28		31		—		31
								18,309		30,332		48,641
						TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.5%	$	19,148	$	30,332	$	49,480
						(Cost: $50,289)
						UNITED STATES GOVERNMENT OBLIGATIONS
						Treasury Inflation Protected Obligations – 3.3%
						U.S. Treasury Notes:
	16,850		24,509		41,359	0.125%, 7-15-26		16,375		23,818		40,193
	14,950		21,745		36,695	2.125%, 2-15-40		18,790		27,331		46,121
	10,228		14,463		24,691	1.000%, 2-15-46		10,362		14,654		25,016
								45,527		65,803		111,330
						Treasury Obligations – 0.7%
						U.S. Treasury Notes:
	2,000		2,000		4,000	1.875%, 7-31-22		1,995		1,995		3,990
	2,000		3,000		5,000	2.125%, 7-31-24		1,996		2,994		4,990
	2,000		—		2,000	1.875%, 8-31-24		1,963		—		1,963
	3,500		6,500		10,000	2.250%, 8-15-27		3,475		6,453		9,928
								9,429		11,442		20,871
						TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 4.0%	$	54,956	$	77,245	$	132,201
						(Cost: $135,884)
						SHORT-TERM SECURITIES
						Commercial Paper(E) – 1.1%
						BorgWarner, Inc.,
	5,000		9,000		14,000	1.380%, 10-5-17		4,999		8,998		13,997
						J.M. Smucker Co. (The),
	—		5,000		5,000	1.371%, 10-6-17		—		4,999		4,999
						Kroger Co. (The),
	—		3,301		3,301	1.300%, 10-2-17		—		3,301		3,301
						McCormick & Co., Inc.,
	—		10,000		10,000	1.580%, 10-10-17		—		9,995		9,995

18

WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Continental Income Fund		Ivy Balanced Fund		Acquiring Fund Proforma
		PRINCIPAL				SHORT-TERM SECURITIES			VALUE
						Sysco Corp.,
$	4,854	$	—	$	4,854	1.350%, 10-2-17	$	4,853	$	—	$	4,853
								9,852		27,293		37,145
						Master Note – 0.1%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
	1,710		1,103		2,813	1.450%, 10-4-17(F)		1,710		1,103		2,813
						Municipal Obligations – 0.7%
						CA GO Bonds, Ser 2004B6 (GTD by U.S. Bank N.A.) (BVAL plus 7 bps),
	—		5,000		5,000	0.890%, 10-7-17(F)		—		5,000		5,000
						NY Hsng Fin Agy, Riverside Ctr 2 Hsng Rev Bonds, Ser 2012A (GTD by Bank of America N.A.) (BVAL plus 18 bps),
	—		4,500		4,500	0.970%, 10-7-17(F)		—		4,500		4,500
						NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2015B (GTD by Wells Fargo Bank N.A.) (BVAL plus 20 bps),
	7,000		—		7,000	1.250%, 10-7-17(F)		7,000		—		7,000
						San Diego, CA, Hsng Auth, Var Rate Demand Multi-Fam Hsng Rev Rfdg Bonds (Hillside Garden Apt), Ser 2004C (GTD by FNMA) (BVAL plus 13 bps),
	1,000		—		1,000	0.930%, 10-7-17(F)		1,000		—		1,000
						Univ of KS Hosp Auth, Var Rate Demand Hlth Fac Rev Bonds (KU Hlth Sys), Ser 2004 (GTD by U.S. Bank N.A.) (BVAL plus 17 bps),
	5,720		—		5,720	0.940%, 10-1-17(F)		5,720		—		5,720
								13,720		9,500		23,220
						United States Government Agency Obligations – 0.2%
						Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
	2,000		—		2,000	1.120%, 10-7-17(F)		2,000		—		2,000
	4,775		—		4,775	1.130%, 10-7-17(F)		4,775		—		4,775
								6,775		—		6,775
						TOTAL SHORT-TERM SECURITIES – 2.1%	$	32,057	$	37,896	$	69,953
						(Cost: $69,956)
						TOTAL INVESTMENT SECURITIES – 99.0%	$	1,396,873	$	1,927,419	$	3,324,292
						(Cost: $2,961,812)
						CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%		14,979		19,505		34,484
						NET ASSETS – 100.0%	$	1,411,852	$	1,946,924	$	3,358,776	(G)

19

NOTES TO PROFORMA SCHEDULE OF INVESTMENTS

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

(B) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the total value of these securities amounted to $189,879 or 5.7% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Description of the reference rate and spread, if applicable, are included in the security description.

(D) Securities whose value was determined using significant unobservable inputs.

(E) Rate shown is the yield to maturity at September 30, 2017.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(G) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	2,072,472	$	—	$	—
Preferred Stocks		190,188		25,885		—
Asset-Backed Securities		—		4,232		—
Corporate Debt Securities		—		768,900		—
Loans		—		—		10,981
United States Government Agency Obligations		—		49,480		—
United States Government Obligations		—		132,201		—
Short-Term Securities		—		69,953		—
Total	$	2,262,660	$	1,050,651	$	10,981

As of September 30, 2017, there were no transfers between any levels during the period.

The following acronyms are used throughout this pro forma schedule:

ADR  = American Depositary Receipts

BVAL = Bloomberg Valuation Municipal AAA Benchmark

FNMA = Federal National Mortgage Association

GTD  = Guaranteed

ICE  = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

REIT  = Real Estate Investment Trust

TB = Treasury Bill

20

Pro Forma Statement of Assets and Liabilities (Unaudited)

September 30, 2017

(in thousands, except per share amounts)	WRA Global Growth Fund		Ivy Global Growth Fund		Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+	$	550,492	$	447,549	$	—		$	998,041
Investments at Value		550,492		447,549		—			998,041
Cash		48		—		—			48
Cash denominated in foreign currencies at value+		990		1,580		—			2,570
Investment securities sold receivable		12,536		769		—			13,305
Dividends and interest receivable		729		840		—			1,569
Capital shares sold receivable		80		142		—			222
Prepaid and other assets		71		61		—			132
Total assets		564,946		450,941		—			1,015,887
LIABILITIES
Investment securities purchased payable		11,037		10,050		—			21,087
Capital shares redeemed payable		631		688		—			1,319
Independent Trustees and Chief Compliance Officer fees payable		205		79		—			284
Overdraft due to custodian		—		5		—			5
Distribution and service fees payable		5		3		—			8
Shareholder servicing payable		102		98		—			200
Investment management fee payable		26		21		—			47
Accounting services fee payable		13		12		—			25
Other liabilities		6		19		152	(a)		177
Total liabilities		12,025		10,975		152			23,152
Total Net Assets	$	552,921	$	439,966	$	(152	)	$	992,735
NET ASSETS
Capital paid in (shares authorized - unlimited)	$	389,329	$	321,445	$	—		$	710,774
Distributions in excess of net investment income		1,349		1,421		(152	)		2,618
Accumulated net realized gain		47,129		29,975		—			77,104
Net unrealized appreciation		115,114		87,125		—			202,239
Total Net Assets	$	552,921	$	439,966	$	(152	)	$	992,735
Class A
Net Assets	$	363,976	$	119,364	$	(41	) (a)	$	483,299
Outstanding Shares		27,382		2,542		(19,632	) (b)		10,292
Net asset value per share	$	13.29	$	46.96				$	46.96
Add: selling commission (5.75% of offering price)		0.81		2.86					2.86
Maximum offering price per Class A share (Class A NAV divided by 94.25%)	$	14.10	$	49.82				$	49.82
Class B
Net Assets	$	468	$	1,607	$	(1	) (a)	$	2,074
Outstanding Shares		41		40		(29	) (b)		52
Net asset value per share	$	11.52	$	40.10				$	40.10
Class C
Net Assets	$	1,310	$	24,654	$	(8	) (a)	$	25,956
Outstanding Shares		108		608		(76	) (b)		640
Net asset value per share	$	12.15	$	40.55				$	40.55

21

(in thousands, except per share amounts)	WRA Global Growth Fund		Ivy Global Growth Fund		Pro forma Adjustments			Combining Pro Forma
Class E
Net Assets			$	149	$	—	*(a)	$	149
Outstanding Shares				3		—	*(b)		3
Net asset value per share			$	47.31				$	47.31
Add: selling commission (2.50% of offering price)				1.21					1.21
Maximum offering price per Class E share (Class E NAV divided by 97.5%)			$	48.52				$	48.52
Class Y - WRA Global Growth Fund into Class I - Ivy Global Growth Fund
Net Assets	$	187,167	$	253,311	$	(87	) (a)	$	440,391
Outstanding Shares		13,939		5,290		(10,033	) (b)		9,196
Net asset value per share	$	13.43	$	47.89				$	47.89
Class N
Net Assets			$	28,479	$	(10	) (a)	$	28,469
Outstanding Shares				592		(3	) (b)		589
Net asset value per share			$	48.14				$	48.14
Class R
Net Assets			$	1,967	$	(1	) (a)	$	1,966
Outstanding Shares				42		��	*(b)		42
Net asset value per share			$	46.61				$	46.61
Class Y - Ivy Global Growth Fund
Net Assets			$	10,435	$	(4	) (a)	$	10,431
Outstanding Shares				221		—	*(b)		221
Net asset value per share			$	47.18				$	47.18
+Cost
Investments in unaffiliated securities at cost	$	435,385	$	360,419	$	—		$	795,804
Cash denominated in foreign currencies at cost		990		1,581		—			2,571

* Not shown due to rounding.

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.

(b) Share adjustment - redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

See Accompanying Notes to Pro Forma Financial Statements.

22

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA Global Growth Fund			Ivy Global Growth Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Dividends from unaffiliated securities	$	10,740		$	7,768		$	—		$	18,508
Foreign dividend withholding tax		(740	)		(536	)		—			(1,276	)
Interest and amortization from unaffiliated securities		192			118			—			310
Total investment income		10,192			7,350			—			17,542
EXPENSES
Investment management fee		5,213			3,767			(10	) (a)		8,970
Distribution and service fees:
Class A		878			251			—			1,129
Class B		5			18			—			23
Class C		13			245			—			258
Class R		—			11			—			11
Class Y		—			32			—			32
Shareholder servicing:
Class A		766			311			(77	) (b)		1,000
Class B		6			11			(1	) (b)		16
Class C		7			56			(2	) (b)		61
Class I		—			457			(11	) (b)		446
Class N		—			2			—			2
Class R		—			5			—			5
Class Y		425			21			—			446
Registration fees		76			115			(65	) (b)		126
Custodian fees		36			34			—			70
Independent Trustees and Chief Compliance Officer fees		72			26			—			98
Accounting services fees		164			141			(31	) (c)		274
Professional fees		33			24			(10	) (d)		47
Other		118			95			(104	) (e)		109
Total expenses		7,812			5,622			(311	)		13,123
Less:
Expenses in excess of limit		(57	)		—			(1	) (f)		(58	)
Total Net Expenses		7,755			5,622			(312	)		13,065
Net investment income		2,437			1,728			312			4,477
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		68,623			44,979			—			113,602
Foreign currency exchange transactions		11			(4	)		—			7
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		20,621			18,402			—			39,023
Foreign currency exchange transactions		(30	)		(26	)		—			(56	)
Net gain on investments		89,225			63,351			—			152,576
Net increase in net assets resulting from operations	$	91,662		$	65,079		$	312		$	157,053

(a) Based on management fee of 0.85% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

(f) Decrease due to expense waivers on surviving fund.

See Notes to Pro Forma Financial Statements.

23

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA Global Growth Fund		Ivy Global Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Global Growth Fund		Ivy Global Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Canada
						Energy – 0.8%
	283		221		504	Seven Generations Energy Ltd., Class A(A)	$	4,483	$	3,488	$	7,971
						Total Canada – 0.8%	$	4,483	$	3,488	$	7,971
						China
						Financials – 2.3%
	1,654		1,316		2,970	Ping An Insurance (Group) Co. of China Ltd., H Shares		12,690		10,096		22,786
						Information Technology – 5.5%
	112		88		200	Alibaba Group Holding Ltd. ADR(A)		19,385		15,152		34,537
	263		206		469	Tencent Holdings Ltd.		11,324		8,866		20,190
								30,709		24,018		54,727
						Total China – 7.8%	$	43,399	$	34,114	$	77,513
						France
						Consumer Staples – 1.2%
	49		38		87	Pernod Ricard S.A.		6,775		5,282		12,057
						Energy – 1.5%
	159		126		285	Total S.A. ADR		8,503		6,770		15,273
						Financials – 1.3%
	237		184		421	Axa S.A.		7,178		5,571		12,749
						Industrials – 4.1%
	238		189		427	Airbus SE		22,604		17,985		40,589
						Total France – 8.1%	$	45,060	$	35,608	$	80,668
						Germany
						Consumer Discretionary – 2.9%
	91		70		161	Bayerische Motoren Werke AG		9,277		7,098		16,375
	212		167		379	ProSiebenSat. 1 Media SE		7,225		5,701		12,926
								16,502		12,799		29,301
						Health Care – 1.7%
	116		92		208	Fresenius SE & Co. KGaA		9,361		7,435		16,796
						Industrials – 2.4%
	93		74		167	Siemens AG		13,146		10,417		23,563
						Total Germany – 7.0%	$	39,009	$	30,651	$	69,660
						India
						Financials – 1.6%
	170		136		306	HDFC Bank Ltd.		4,710		3,749		8,459
	155		123		278	Housing Development Finance Corp. Ltd.		4,127		3,285		7,412
								8,837		7,034		15,871
						Total India – 1.6%	$	8,837	$	7,034	$	15,871
						Japan
						Consumer Discretionary – 5.0%
	251		200		451	Fuji Heavy Industries Ltd.		9,063		7,227		16,290
	719		571		1,290	Isuzu Motors Ltd.		9,526		7,571		17,097
	284		226		510	Start Today Co. Ltd.		8,988		7,154		16,142
								27,577		21,952		49,529

24

WRA Global Growth Fund		Ivy Global Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Global Growth Fund		Ivy Global Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Industrials – 2.8%
	79		63		142	Dakin Industries Ltd.	$	7,990	$	6,339	$	14,329
	371		281		652	Recruit Holdings Co. Ltd.		8,035		6,094		14,129
								16,025		12,433		28,458
						Total Japan – 7.8%	$	43,602	$	34,385	$	77,987
						Macau
						Consumer Discretionary – 1.3%
	1,022		813		1,835	Galaxy Entertainment Group		7,196		5,724		12,920
						Total Macau – 1.3%	$	7,196	$	5,724	$	12,920
						Mexico
						Consumer Staples – 0.9%
	2,211		1,711		3,922	Wal-Mart de Mexico S.A.B. de C.V.		5,062		3,917		8,979
						Total Mexico – 0.9%	$	5,062	$	3,917	$	8,979
						Netherlands
						Industrials – 3.5%
	470		374		844	Koninklijke Philips Electronics N.V., Ordinary Shares		19,417		15,447		34,864
						Information Technology – 0.3%
	10		7		17	ASML Holding N.V., NY Registry Shares		1,642		1,258		2,900
						Total Netherlands – 3.8%	$	21,059	$	16,705	$	37,764
						Spain
						Consumer Discretionary – 0.9%
	420		333		753	Mediaset Espana Comunicacion S.A.		4,742		3,759		8,501
						Total Spain – 0.9%	$	4,742	$	3,759	$	8,501
						Switzerland
						Industrials – 2.6%
	186		148		334	Adecco S.A.		14,453		11,521		25,974
						Total Switzerland – 2.6%	$	14,453	$	11,521	$	25,974
						United Kingdom
						Consumer Discretionary – 1.0%
	259		207		466	Compass Group plc		5,504		4,381		9,885
						Consumer Staples – 1.2%
	105		83		188	British American Tobacco plc		6,564		5,222		11,786
						Financials – 2.6%
	606		480		1,086	Prudential plc		14,506		11,484		25,990
						Total United Kingdom – 4.8%	$	26,574	$	21,087	$	47,661
						United States
						Consumer Discretionary – 8.7%
	17		13		30	Amazon.com, Inc.(A)		16,311		12,831		29,142
	98		78		176	Home Depot, Inc. (The)		16,083		12,789		28,872
	73		58		131	Lowe’s Co., Inc.		5,800		4,624		10,424
	91		72		163	Marriott International, Inc., Class A		10,025		7,949		17,974
								48,219		38,193		86,412
						Consumer Staples – 2.2%
	85		68		153	Kraft Foods Group, Inc.		6,603		5,261		11,864
	50		38		88	Philip Morris International, Inc.		5,538		4,269		9,807
								12,141		9,530		21,671

25

WRA Global Growth Fund		Ivy Global Growth Fund		Acquiring Fund Proforma			DESCRIPTION	WRA Global Growth Fund		Ivy Global Growth Fund		Acquiring Fund Proforma
		SHARES					COMMON STOCKS			VALUE
							Energy – 3.9%
	73		58		131		EOG Resources, Inc.	$	7,104	$	5,643	$	12,747
	162		127		289		Halliburton Co.		7,444		5,862		13,306
	105		80		185		Schlumberger Ltd.		7,324		5,604		12,928
									21,872		17,109		38,981
							Financials – 3.8%
	55		44		99		CME Group, Inc.		7,492		5,963		13,455
	28		22		50		Goldman Sachs Group, Inc. (The)		6,543		5,310		11,853
	129		103		232		MetLife, Inc.(A)		6,800		5,411		12,211
									20,835		16,684		37,519
							Health Care – 11.9%
	80		64		144		Alexion Pharmaceuticals, Inc.(A)		11,292		8,971		20,263
	35		28		63		Allergan plc		7,107		5,646		12,753
	101		81		182		Celgene Corp.(A)		14,753		11,743		26,496
	137		109		246		HCA Holdings, Inc.(A)		10,933		8,694		19,627
	31		23		54		Incyte Corp.(A)		3,571		2,732		6,303
	56		44		100		Jazz Pharmaceuticals plc(A)		8,143		6,486		14,629
	52		42		94		Thermo Fisher Scientific, Inc.		9,914		7,859		17,773
									65,713		52,131		117,844
							Information Technology – 20.5%
	92		73		165		Adobe Systems, Inc.(A)		13,732		10,935		24,667
	6		5		11		Alphabet, Inc., Class C(A)		5,979		4,607		10,586
	20		15		35		Arista Networks, Inc.(A)		3,745		2,857		6,602
	46		36		82		Broadcom Corp., Class A		11,142		8,836		19,978
	98		78		176		Facebook, Inc., Class A(A)		16,820		13,372		30,192
	176		139		315		MasterCard, Inc., Class A		24,841		19,586		44,427
	263		209		472		Microsoft Corp.		19,612		15,551		35,163
	169		133		302		Visa, Inc., Class A		17,754		14,031		31,785
									113,625		89,775		203,400
						��
							Total United States – 51.0%	$	282,405	$	223,422	$	505,827
							TOTAL COMMON STOCKS – 98.4%	$	545,881	$	431,415	$	977,296
							(Cost: $775,057)
		PRINCIPAL					SHORT-TERM SECURITIES
							Commercial Paper(B) – 1.5%
							J.M. Smucker Co. (The)
$	—	$	5,000	$	5,000		1.371%, 10-6-17		—		4,999		4,999
							Sysco Corp.
	4,448		—		4,448		1.350%, 10-2-17		4,447		—		4,447
							Walgreens Boots Alliance, Inc.
	—		5,000		5,000		1.490%, 10-12-17		—		4,997		4,997
									4,447		9,996		14,443

26

WRA Global Growth Fund		Ivy Global Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Global Growth Fund		Ivy Global Growth Fund			Acquiring Fund Proforma
		PRINCIPAL				SHORT-TERM SECURITIES			VALUE
						Master Note – 0.6%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
	$ 164	$	6,138	$	6,302	1.450%, 10-4-17(C)	$	164	$	6,138		$	6,302
						TOTAL SHORT-TERM SECURITIES – 2.1%	$	4,611	$	16,134		$	20,745
						(Cost: $20,747)
						TOTAL INVESTMENT SECURITIES – 100.5%	$	550,492	$	447,549		$	998,041
						(Cost: $795,804)
						LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.5)%		2,429		(7,583	)		(5,154	)
						NET ASSETS – 100.0%	$	552,921	$	439,966		$	992,887	(D)

NOTES TO PROFORMA SCHEDULE OF INVESTMENTS

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

(B) Rate shown is the yield to maturity at September 30, 2017.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(D) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	977,296	$	—	$	—
Short-Term Securities		—		20,745		—
Total	$	977,296	$	20,745	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this pro forma schedule:

ADR = American Depositary Receipts

LIBOR = London Interbank Offered Rate

Pro Forma Market Sector Diversification
(as a % of net assets)
Information Technology	26.3	%
Consumer Discretionary	19.8	%
Industrials	15.4	%
Health Care	13.6	%
Financials	11.6	%
Energy	6.2	%
Consumer Staples	5.5	%
Other+	1.6	%

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

27

Pro Forma Statement of Assets and Liabilities (Unaudited)

September 30, 2017

(in thousands, except per share amounts)	WRA New Concepts Fund			Ivy Mid Cap Growth Fund			Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+	$	1,662,046		$	2,349,563		$	—		$	4,011,609
Investments at Value		1,662,046			2,349,563			—			4,011,609
Cash		104			54			—			158
Investment securities sold receivable		4,183			1,701			—			5,884
Dividends and interest receivable		369			451			—			820
Capital shares sold receivable		45			2,651			—			2,696
Receivable from affiliates		—			47			—			47
Prepaid and other assets		96			121			—			217
Total assets		1,666,843			2,354,588			—			4,021,431
LIABILITIES
Investment securities purchased payable		5,109			7,229			—			12,338
Capital shares redeemed payable		998			3,695			—			4,693
Independent Trustees and Chief Compliance Officer fees payable		329			123			—			452
Distribution and service fees payable		16			24			—			40
Shareholder servicing payable		287			479			—			766
Investment management fee payable		77			107			—			184
Accounting services fee payable		22			23			—			45
Written options at value+		706			966			—			1,672
Other liabilities		21			41			152	(a)		214
Total liabilities		7,565			12,687			152			20,404
Total Net Assets	$	1,659,278		$	2,341,901		$	(152	)	$	4,001,027
NET ASSETS
Capital paid in (shares authorized - unlimited)	$	1,129,410		$	1,592,423		$	—		$	2,721,833
Distributions in excess of net investment income		(4,484	)		(16,066	)		(152	)		(20,702	)
Accumulated net realized gain		71,766			134,396			—			206,162
Net unrealized appreciation		462,586			631,148			—			1,093,734
Total Net Assets	$	1,659,278		$	2,341,901		$	(152	)	$	4,001,027
Class A
Net Assets	$	1,093,995		$	430,101		$	(28	) (a)	$	1,524,068
Outstanding Shares		98,185			18,608			(50,845	) (b)		65,948
Net asset value per share	$	11.14		$	23.11					$	23.11
Add: selling commission (5.75% of offering price)		0.68			1.41						1.41
Maximum offering price per Class A share (Class A NAV divided by 94.25%)	$	11.82		$	24.52					$	24.52
Class B
Net Assets	$	4,032		$	17,112		$	(1	) (a)	$	21,143
Outstanding Shares		537			909			(323	) (b)		1,123
Net asset value per share	$	7.51		$	18.83					$	18.83
Class C
Net Assets	$	8,739		$	208,432		$	(14	) (a)	$	217,157
Outstanding Shares		1,109			10,414			(671	) (b)		10,852
Net asset value per share	$	7.88		$	20.01					$	20.01

28

(in thousands, except per share amounts)	WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Pro forma Adjustments			Combining Pro Forma
Class E
Net Assets			$	9,474	$	(1	) (a)	$	9,473
Outstanding Shares				419		—	*(b)		419
Net asset value per share			$	22.59				$	22.59
Add: selling commission (2.50% of offering price)				0.58					0.58
Maximum offering price per Class E share (Class E NAV divided by 97.5%)			$	23.17				$	23.17
Class Y - WRA New Concepts Fund into Class I - Ivy Mid Cap Growth Fund
Net Assets	$	552,512	$	1,200,441	$	(77	) (a)	$	1,752,876
Outstanding Shares		43,988		48,559		(21,638	) (b)		70,909
Net asset value per share	$	12.56	$	24.72				$	24.72
Class N
Net Assets			$	136,077	$	(9	) (a)	$	136,068
Outstanding Shares				5,470		—	*(b)		5,470
Net asset value per share			$	24.87				$	24.87
Class R
Net Assets			$	50,926	$	(3	) (a)	$	50,923
Outstanding Shares				2,252		—	*(b)		2,252
Net asset value per share			$	22.62				$	22.62
Class Y - Ivy Mip Cap Growth Fund
Net Assets			$	289,338	$	(19	) (a)	$	289,319
Outstanding Shares				12,025		—	*(b)		12,025
Net asset value per share			$	24.06				$	24.06
+Cost
Investments in unaffiliated securities at cost	$	1,199,340	$	1,718,251	$	—		$	2,917,591
Written options premiums received at cost		586		802		—			1,388

* Not shown due to rounding.

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.

(b) Share adjustment - redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

See Accompanying Notes to Pro Forma Financial Statements.

29

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA New Concepts Fund			Ivy Mid Cap Growth Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Dividends from unaffiliated securities	$	12,886		$	17,671		$	—		$	30,557
Interest and amortization from unaffiliated securities		234			235			—			469
Total investment income		13,120			17,906			—			31,026
EXPENSES
Investment management fee		13,808			19,531			(1,066	) (a)		32,273
Distribution and service fees:
Class A		2,614			1,140			—			3,754
Class B		45			171			—			216
Class C		87			2,164			—			2,251
Class E		—			21			—			21
Class R		—			272			—			272
Class Y		—			807			—			807
Shareholder servicing:
Class A		2,076			929			(22	) (b)		2,983
Class B		30			39			(1	) (b)		68
Class C		38			358			(1	) (b)		395
Class E		—			42			—			42
Class I		—			1,883			—			1,883
Class N		—			12			—			12
Class R		—			144			—			144
Class Y		982			499			—			1,481
Registration fees		92			147			(30	) (b)		209
Custodian fees		30			37			—			67
Independent Trustees and Chief Compliance Officer fees		148			113			—			261
Accounting services fees		260			281			(265	) (c)		276
Professional fees		50			37			(10	) (d)		77
Other		230			204			(156	) (e)		278
Total expenses		20,490			28,831			(1,551	)		47,770
Less:
Expenses in excess of limit		(155	)		(99	)		(17	) (f)		(271	)
Total Net Expenses		20,335			28,732			(1,568	)		47,499
Net investment income (loss)		(7,215	)		(10,826	)		1,568			(16,473	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		87,475			145,146			—			232,621
Written options		684			51			—			735
Foreign currency exchange transactions		8			5			—			13
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		194,389			248,644			—			443,033
Written options		701			190			—			891
Net gain on investments		283,257			394,036			—			677,293
Net increase in net assets resulting from operations	$	276,042		$	383,210		$	1,568		$	660,820

(a) Based on management fee of 0.81% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

(f) Decrease due to expense waivers on surviving fund.

See Notes to Pro Forma Financial Statements.

30

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Consumer Discretionary
						Apparel, Accessories & Luxury Goods – 3.6%
	1,016		1,657		2,673	Burberry Group plc(A)	$	23,968	$	39,070	$	63,038
	489		668		1,157	lululemon athletica, Inc.(B)		30,416		41,563		71,979
	249		340		589	Under Armour, Inc., Class C(B)		3,735		5,109		8,844
								58,119		85,742		143,861
						Auto Parts & Equipment – 2.4%
	808		1,113		1,921	BorgWarner, Inc.		41,375		56,995		98,370
						Homefurnishing Retail – 1.4%
	472		638		1,110	Williams-Sonoma, Inc.		23,542		31,819		55,361
						Hotels, Resorts & Cruise Lines – 1.3%
	425		582		1,007	Norwegian Cruise Line Holdings Ltd.(B)		22,985		31,458		54,443
						Internet & Direct Marketing Retail – 0.4%
	323		442		765	Duluth Holdings, Inc., Class B(B)		6,551		8,976		15,527
						Leisure Products – 2.7%
	422		598		1,020	Polaris Industries, Inc.		44,163		62,521		106,684
						Restaurants – 2.8%
	48		69		117	Chipotle Mexican Grill, Inc., Class A(B)		14,907		21,120		36,027
	586		835		1,421	Dunkin’ Brands Group, Inc.		31,091		44,324		75,415
								45,998		65,444		111,442
						Specialty Stores – 4.7%
	422		578		1,000	Tiffany & Co.		38,708		53,040		91,748
	642		877		1,519	Tractor Supply Co.		40,612		55,531		96,143
								79,320		108,571		187,891
						Total Consumer Discretionary – 19.3%		322,053		451,526		773,579
						Consumer Staples
						Food Retail – 1.0%
	860		1,240		2,100	Sprouts Farmers Market, Inc.(B)		16,145		23,269		39,414
						Packaged Foods & Meats – 4.5%
	773		1,067		1,840	Blue Buffalo Pet Products, Inc.(B)		21,918		30,239		52,157
	556		769		1,325	Hain Celestial Group, Inc. (The)(B)		22,882		31,628		54,510
	94		133		227	Hershey Foods Corp.		10,212		14,467		24,679
	511		714		1,225	Lance, Inc.		19,480		27,236		46,716
								74,492		103,570		178,062
						Total Consumer Staples – 5.5%		90,637		126,839		217,476
						Energy
						Oil & Gas Exploration & Production – 2.3%
	713		991		1,704	Cabot Oil & Gas Corp.		19,061		26,504		45,565
	172		236		408	Cimarex Energy Co.		19,558		26,780		46,338
								38,619		53,284		91,903
						Total Energy – 2.3%		38,619		53,284		91,903

31

WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Financials
						Asset Management & Custody Banks – 1.0%
	317		526		843	Oaktree Capital Group LLC	$	14,898	$	24,760	$	39,658
						Diversified Banks – 1.2%
	220		314		534	Northern Trust Corp.		20,259		28,851		49,110
						Financial Exchanges & Data – 3.4%
	304		439		743	CME Group, Inc.		41,229		59,604		100,833
	81		111		192	MarketAxess Holdings, Inc.		15,007		20,512		35,519
								56,236		80,116		136,352
						Regional Banks – 3.1%
	317		448		765	First Republic Bank		33,134		46,806		79,940
	129		201		330	Signature Bank(B)		16,580		25,764		42,344
								49,714		72,570		122,284
						Total Financials – 8.7%		141,107		206,297		347,404
						Health Care
						Biotechnology – 3.2%
	714		1,035		1,749	ACADIA Pharmaceuticals, Inc.(B)		26,896		39,006		65,902
	281		393		674	BioMarin Pharmaceutical, Inc.(B)		26,114		36,568		62,682
								53,010		75,574		128,584
						Health Care Equipment – 6.4%
	50		74		124	Abiomed, Inc.(B)		8,485		12,421		20,906
	336		466		802	Edwards Lifesciences Corp.(B)		36,676		50,926		87,602
	60		82		142	Intuitive Surgical, Inc.(B)		62,237		85,667		147,904
								107,398		149,014		256,412
						Health Care Services – 1.5%
	161		223		384	Laboratory Corp. of America Holdings(B)		24,264		33,630		57,894
						Health Care Supplies – 1.5%
	133		190		323	Align Technology, Inc.(B)		24,718		35,348		60,066
						Pharmaceuticals – 4.9%
	117		160		277	Jazz Pharmaceuticals plc(B)		17,044		23,349		40,393
	250		338		588	Pacira Pharmaceuticals, Inc.(B)		9,386		12,681		22,067
	893		1,230		2,123	Zoetis, Inc.		56,929		78,417		135,346
								83,359		114,447		197,806
						Total Health Care – 17.5%		292,749		408,013		700,762
						Industrials
						Air Freight & Logistics – 2.1%
	568		827		1,395	Expeditors International of Washington, Inc.		34,018		49,522		83,540
						Building Products – 4.1%
	408		559		967	A. O. Smith Corp.		24,261		33,203		57,464
	241		331		572	Allegion plc		20,858		28,606		49,464
	358		514		872	Fortune Brands Home & Security, Inc.		24,045		34,561		58,606
								69,164		96,370		165,534
						Construction Machinery & Heavy Trucks – 2.3%
	143		179		322	WABCO Holdings, Inc.(B)		21,105		26,504		47,609
	259		341		600	Westinghouse Air Brake Technologies Corp.		19,649		25,866		45,515
								40,754		52,370		93,124

32

WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Industrial Machinery – 1.9%
	261		373		634	IDEX Corp.	$	31,734	$	45,314	$	77,048
						Railroads – 0.3%
	38		54		92	Kansas City Southern		4,180		5,922		10,102
						Research & Consulting Services – 1.4%
	488		669		1,157	TransUnion(B)		23,042		31,618		54,660
						Trading Companies & Distributors – 3.3%
	1,192		1,689		2,881	Fastenal Co.		54,326		76,968		131,294
						Total Industrials – 15.4%		257,218		358,084		615,302
						Information Technology
						Application Software – 2.9%
	152		211		363	Ellie Mae, Inc.(B)		12,490		17,366		29,856
	301		469		770	Guidewire Software, Inc.(B)		23,424		36,518		59,942
	66		94		160	Tyler Technologies, Inc.(B)		11,585		16,410		27,995
								47,499		70,294		117,793
						Communications Equipment – 2.7%
	106		145		251	Arista Networks, Inc.(B)		20,046		27,424		47,470
	189		268		457	Harris Corp.		24,897		35,275		60,172
								44,943		62,699		107,642
						Data Processing & Outsourced Services – 1.2%
	694		941		1,635	Square, Inc., Class A(B)		20,001		27,108		47,109
						Electronic Components – 1.4%
	493		687		1,180	Maxim Integrated Products, Inc.		23,515		32,789		56,304
						Electronic Manufacturing Services – 2.3%
	958		1,369		2,327	Trimble Navigation Ltd.(B)		37,594		53,728		91,322
						Home Entertainment Software –2.9%
	403		575		978	Electronic Arts, Inc.(B)		47,574		67,866		115,440
						Internet Software & Services – 8.6%
	176		253		429	CoStar Group, Inc.(B)		47,273		67,893		115,166
	743		1,019		1,762	GrubHub, Inc.(B)		39,143		53,639		92,782
	144		197		341	MercadoLibre, Inc.		37,330		50,992		88,322
	2,616		3,604		6,220	Pandora Media, Inc.(B)		20,139		27,749		47,888
								143,885		200,273		344,158
						Semiconductors – 2.0%
	372		527		899	Microchip Technology, Inc.		33,408		47,334		80,742
						Systems Software – 4.4%
	303		428		731	Red Hat, Inc.(B)		33,585		47,420		81,005
	332		473		805	ServiceNow, Inc.(B)		39,035		55,533		94,568
								72,620		102,953		175,573
						Total Information Technology – 28.4%		471,039		665,044		1,136,083
						Materials
						Fertilizers & Agricultural Chemicals – 1.0%
	181		249		430	Scotts Miracle-Gro Co. (The)		17,611		24,242		41,853

33

WRA New Concepts Fund		Ivy Mid Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA New Concepts Fund			Ivy Mid Cap Growth Fund			Acquiring Fund Proforma
		SHARES				COMMON STOCKS				VALUE
						Specialty Chemicals – 1.1%
	634		868		1,502	Axalta Coating Systems Ltd.(B)	$	18,321		$	25,105		$	43,426
						Total Materials – 2.1%		35,932			49,347			85,279
						TOTAL COMMON STOCKS – 99.2%	$	1,649,354		$	2,318,434		$	3,967,788
						(Cost: $2,873,878)
		NUMBER OF CONTRACTS (UNROUNDED)				PURCHASED OPTIONS
						Kansas City Southern,
	239		339		578	Call $115.00, Expires 12-15-17, OTC (Ctrpty: UBS AG)		42			59			101
						Russell 2000 Index,
	642		907		1,549	Put $1,450.00, Expires 11-17-17		921			1,302			2,223
						SPDR S&P Midcap 400 ETF Trust,
	5,476		7,735		13,211	Put $320.00, Expires 11-17-17, OTC (Ctrpty: Citibank N.A.)		1,547			2,185			3,732
						TOTAL PURCHASED OPTIONS – 0.2%	$	2,510		$	3,546		$	6,056
						(Cost: $5,945)
		PRINCIPAL				SHORT-TERM SECURITIES
						Commercial Paper(C) – 0.9%
						Commercial Bank PSQC (GTD by Wells Fargo Bank N.A.),
$	—	$	7,000	$	7,000	1.580%, 10-10-17		—			6,997			6,997
						General Mills, Inc.,
	—		4,000		4,000	1.510%, 10-10-17		—			3,998			3,998
						Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
	—		5,000		5,000	1.490%, 10-12-17		—			4,998			4,998
						J.M. Smucker Co. (The),
	—		2,596		2,596	1.390%, 10-2-17		—			2,596			2,596
						John Deere Canada ULC (GTD by Deere & Co.),
	—		5,000		5,000	1.190%, 10-23-17		—			4,996			4,996
						McDonalds Corp.,
	—		4,000		4,000	1.500%, 10-11-17		—			3,998			3,998
						Sonoco Products Co.,
	7,651		—		7,651	1.330%, 10-2-17		7,650			—			7,650
								7,650			27,583			35,233
						Master Note – 0.0%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
	2,532		—		2,532	1.450%, 10-4-17(D)		2,532			—			2,532
						TOTAL SHORT-TERM SECURITIES – 0.9%	$	10,182		$	27,583		$	37,765
						(Cost: $37,768)
						TOTAL INVESTMENT SECURITIES – 100.3%	$	1,662,046		$	2,349,563		$	4,011,609
						(Cost: $2,917,591)
						LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)%		(2,768	)		(7,662	)		(10,430	)
						NET ASSETS – 100.0%	$	1,659,278		$	2,341,901		$	4,001,179	(E)

34

NOTES TO PROFORMA 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, 2017.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(E) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

NUMBER OF CONTRACTS (UNROUNDED)				WRITTEN OPTIONS (Counterparty, if OTC)	VALUE
				Kansas City Southern (Ctrpty: UBS AG)
	239	339	578	Put $100.00, Expires December 2017, Premium Received ($93)	($	35	)	($	49	)	($	84	)
				Sprouts Farmers Market, Inc.
	1,789	2,444	4,233	Put $22.50, Expires October 2017, Premium Received ($1,295)		(671	)		(917	)		(1,588	)
				Total Premium Received ($1,388)	($	706	)	($	966	)	($	1,672	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	3,967,788	$	—	$	—
Purchased Options		2,223		3,833		—
Short-Term Securities		—		37,765		—
Total	$	3,970,011	$	41,598	$	—
Liabilities
Written Options	$	—	$	1,672	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this pro forma schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

35

Pro Forma Statement of Assets and Liabilities (Unaudited)

September 30, 2017

(in thousands, except per share amounts)		WRA Science & Technology Fund			Ivy Science & Technology Fund			Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+		$	3,348,029		$	3,747,756		$	—		$	7,095,785
Investment in affiliated securities at value+			351,380			451,796			—			803,176
Investments at Value			3,699,409			4,199,552			—			7,898,961
Cash			—			4,220			—			4,220
Investment securities sold receivable			21,568			26,258			—			47,826
Dividends and interest receivable			2,334			2,792			—			5,126
Capital shares sold receivable			139			4,048			—			4,187
Receivable from affiliates			—			25			—			25
Prepaid and other assets			141			168			—			309
Total assets			3,723,591			4,237,063			—			7,960,654
LIABILITIES
Investment securities purchased payable			7,607			12,284			—			19,891
Capital shares redeemed payable			2,313			19,917			—			22,230
Independent Trustees and Chief Compliance Officer fees payable			631			194			—			825
Overdraft due to custodian			52			—			—			52
Distribution and service fees payable	��		41			68			—			109
Shareholder servicing payable			495			869			—			1,364
Investment management fee payable			166			187			—			353
Accounting services fee payable			22			23			—			45
Written options at value+			3			4			—			7
Other liabilities			34			48			152	(a)		234
Total liabilities			11,364			33,594			152			45,110
Total Net Assets		$	3,712,227		$	4,203,469		$	(152	)	$	7,915,544
NET ASSETS
Capital paid in (shares authorized - unlimited)		$	1,605,121		$	1,951,116		$	—		$	3,556,237
Distributions in excess of net investment income			(13,994	)		(19,509	)		(152	)		(33,655	)
Accumulated net realized gain			267,697			197,516			—			465,213
Net unrealized appreciation			1,853,403			2,074,346			—			3,927,749
Total Net Assets		$	3,712,227		$	4,203,469		$	(152	)	$	7,915,544
Class A
Net Assets		$	2,889,122		$	1,090,264		$	(39	) (a)	$	3,979,347
Outstanding Shares			166,145			16,594			(122,171	) (b)		60,568
Net asset value per share		$	17.39		$	65.70					$	65.70
Add: selling commission (5.75% of offering price)			1.06			4.01						4.01
Maximum offering price per Class A share (Class A NAV divided by 94.25%)		$	18.45		$	69.71					$	69.71
Class B
Net Assets		$	9,667		$	44,876		$	(2	) (a)	$	54,541
Outstanding Shares			809			815			(634	) (b)		990
Net asset value per share		$	11.95		$	55.08					$	55.08
Class C
Net Assets		$	20,632		$	689,892		$	(25	) (a)	$	710,499
Outstanding Shares			1,691			12,088			(1,329	) (b)		12,450
Net asset value per share		$	12.20		$	57.07					$	57.07

36

(in thousands, except per share amounts)	WRA Science & Technology Fund		Ivy Science & Technology Fund		Pro forma Adjustments			Combining Pro Forma
Class E
Net Assets			$	29,580	$	(1	) (a)	$	29,579
Outstanding Shares				453		—	*(b)		453
Net asset value per share			$	65.27				$	65.27
Add: selling commission (2.50% of offering price)				1.67					1.67
Maximum offering price per Class E share (Class E NAV divided by 97.5%)			$	66.94					66.94
Class Y – WRA Science & Technology Fund into Class I – Ivy Science & Technology Fund
Net Assets	$	792,806	$	1,457,068	$	(52	) (a)	$	2,249,822
Outstanding Shares		40,398		20,276		(29,366	) (b)		31,308
Net asset value per share	$	19.63	$	71.86				$	71.86
Class N
Net Assets			$	98,044	$	(4	) (a)	$	98,040
Outstanding Shares				1,358		—	*(b)		1,358
Net asset value per share			$	72.20				$	72.20
Class R
Net Assets			$	124,609	$	(5	) (a)	$	124,604
Outstanding Shares				1,943		—	*(b)		1,943
Net asset value per share			$	64.12				$	64.12
Class Y – Ivy Science & Technology Fund
Net Assets			$	669,136	$	(24	) (a)	$	669,112
Outstanding Shares				9,689		—	*(b)		9,689
Net asset value per share			$	69.06				$	69.06
+Cost
Investments in unaffiliated securities at cost	$	1,666,649	$	1,846,946	$	—		$	3,513,595
Investments in affiliated securities at cost		179,550		278,479		—			458,029
Written options premiums received at cost		197		223		—			420

* Not shown due to rounding.

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.

(b) Share adjustment - redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

See Accompanying Notes to Pro Forma Financial Statements.

37

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA Science & Technology Fund			Ivy Science & Technology Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Dividends from unaffiliated securities	$	20,132		$	23,375		$	—		$	43,507
Foreign dividend withholding tax		(365	)		(498	)		—			(863	)
Interest and amortization from unaffiliated securities		1,573			759			—			2,332
Interest and amortization from affiliated securities		1,104			1,912			—			3,016
Total investment income		22,444			25,548			—			47,992
EXPENSES
Investment management fee		27,801			32,354			(1,983	) (a)		58,172
Distribution and service fees:
Class A		6,537			2,716			—			9,253
Class B		104			462			—			566
Class C		188			6,882			—			7,070
Class E		—			63			—			63
Class R		—			547			—			547
Class Y		—			1,627			—			1,627
Shareholder servicing:
Class A		3,619			1,762			(18	) (b)		5,363
Class B		59			91			(2	) (b)		148
Class C		76			1,027			(1	) (b)		1,102
Class E		—			108			—			108
Class I		—			2,074			—			2,074
Class N		—			15			—			15
Class R		—			280			—			280
Class Y		1,262			1,001			—			2,263
Registration fees		113			163			(30	) (b)		246
Custodian fees		51			49			—			100
Independent Trustees and Chief Compliance Officer fees		293			188			—			481
Accounting services fees		260			274			(260	) (c)		274
Professional fees		78			56			(10	) (d)		124
Other		362			284			(201	) (e)		445
Total expenses		40,803			52,023			(2,505	)		90,321
Less:
Expenses in excess of limit		—			(55	)		(28	) (f)		(83	)
Total Net Expenses		40,803			51,968			(2,533	)		90,238
Net investment income (loss)		(18,359	)		(26,420	)		2,533			(42,246	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		280,281			383,302			—			663,583
Investments affiliated securities		(57,374	)		(70,861	)		—			(128,235	)
Written options		2,000			2,379			—			4,379
Foreign currency exchange transactions		(50	)		(62	)		—			(112	)
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		(94,428	)		842,643			—			748,215
Investments affiliated securities		95,314			(112,035	)		—			(16,721	)
Written options		54			31			—			85
Net gain on investments		225,797			1,045,397			—			1,271,194
Net increase in net assets resulting from operations	$	207,438		$	1,018,977		$	2,533		$	1,228,948

* Not shown due to rounding.

(a) Based on management fee of 0.79% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

(f) Decrease due to expense waivers on surviving fund.

See Notes to Pro Forma Financial Statements.

38

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Consumer Discretionary
						Automobile Manufacturers – 0.7%
	84		96		180	Tesla Motors, Inc.(A)	$	28,584	$	32,678	$	61,262
						Internet & Direct Marketing Retail – 1.9%
	19		22		41	Amazon.com, Inc.(A)		17,881		20,765		38,646
	284		325		609	Netflix, Inc.(A)		51,486		58,993		110,479
								69,367		79,758		149,125
						Total Consumer Discretionary – 2.6%		97,951		112,436		210,387
						Consumer Staples
						Agricultural Products – 0.0%
	1,586		1,942		3,528	Arcadia Biosciences, Inc.(A)		682		835		1,517
						Total Consumer Staples – 0.0%		682		835		1,517
						Health Care
						Biotechnology – 11.1%
	365		415		780	BioMarin Pharmaceutical, Inc.(A)		33,961		38,633		72,594
	1,155		1,465		2,620	Evogene Ltd.(A)(B)		5,094		6,461		11,555
	224		255		479	Gilead Sciences, Inc.		18,173		20,636		38,809
	1,965		2,251		4,216	Ionis Pharmaceuticals, Inc.(A)		99,630		114,100		213,730
	412		469		881	Kite Pharma, Inc.(A)		74,136		84,277		158,413
	1,183		1,344		2,527	Vertex Pharmaceuticals, Inc.(A)		179,787		204,266		384,053
								410,781		468,373		879,154
						Health Care Technology – 3.8%
	1,883		2,306		4,189	Cerner Corp.(A)		134,310		164,478		298,788
						Total Health Care – 14.9%		545,091		632,851		1,177,942
						Industrials
						Air Freight & Logistics – 1.0%
	3,035		3,454		6,489	Best, Inc. ADR(A)		36,332		41,350		77,682
						Total Industrials – 1.0%		36,332		41,350		77,682
						Information Technology
						Application Software – 8.4%
	5,485		7,802		13,287	ACI Worldwide, Inc.(A)(B)		124,957		177,740		302,697
	2,078		2,373		4,451	Aspen Technology, Inc.(A)		130,530		149,036		279,566
	410		459		869	Globant S.A.(A)		16,422		18,398		34,820
	1,488		1,734		3,222	Snap, Inc., Class A(A)		21,633		25,215		46,848
								293,542		370,389		663,931
						Data Processing & Outsourced Services – 11.1%
	481		550		1,031	Alliance Data Systems Corp.		106,599		121,852		228,451
	1,663		1,895		3,558	Euronet Worldwide, Inc.(A)		157,604		179,639		337,243
	3,921		4,581		8,502	WNS (Holdings) Ltd. ADR(A)(B)		143,125		167,219		310,344
								407,328		468,710		876,038
						Electronic Components – 3.7%
	1,075		1,235		2,310	Universal Display Corp.		138,573		159,110		297,683

39

WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Internet Software & Services – 14.3%
	888		1,020		1,908	Alibaba Group Holding Ltd. ADR(A)	$	153,401	$	176,112	$	329,513
	86		99		185	Alphabet, Inc., Class A(A)		83,448		96,301		179,749
	112		129		241	Alphabet, Inc., Class C(A)		106,958		123,479		230,437
	950		1,094		2,044	Facebook, Inc., Class A(A)		162,395		187,007		349,402
	2,555		2,952		5,507	Pandora Media, Inc.(A)		19,676		22,727		42,403
								525,878		605,626		1,131,504
						IT Consulting & Other Services – 1.2%
	1,362		1,561		2,923	CSRA, Inc.		43,965		50,369		94,334
						Semiconductor Equipment – 2.1%
	448		509		957	ASML Holding N.V., NY Registry Shares		76,646		87,124		163,770
						Semiconductors – 21.1%
	7,504		8,334		15,838	Cypress Semiconductor Corp.		112,705		125,180		237,885
	408		469		877	Dialog Semiconductor plc(A)(C)		18,031		20,720		38,751
	3,417		3,901		7,318	Marvell Technology Group Ltd.		61,168		69,819		130,987
	465		533		998	Microchip Technology, Inc.		41,721		47,835		89,556
	6,800		7,729		14,529	Micron Technology, Inc.(A)		267,432		303,970		571,402
	3,261		3,746		7,007	Microsemi Corp.(A)		167,871		192,863		360,734
	4,663		5,497		10,160	Rambus, Inc.(A)(B)		62,250		73,386		135,636
	1,331		1,532		2,863	Semtech Corp.(A)		49,964		57,513		107,477
								781,142		891,286		1,672,428
						Systems Software – 5.6%
	2,784		3,166		5,950	Microsoft Corp.		207,410		235,843		443,253
						Technology Hardware, Storage & Peripherals – 6.3%
	884		1,010		1,894	Apple, Inc.(D)		136,273		155,600		291,873
	4,980		5,389		10,369	Hewlett-Packard Co.		99,401		107,566		206,967
								235,674		263,166		498,840
						Total Information Technology – 73.8%		2,710,158		3,131,623		5,841,781
						Materials
						Fertilizers & Agricultural Chemicals – 0.1%
	1,828		2,608		4,436	Marrone Bio Innovations, Inc.(A)(B)		2,102		2,999		5,101
						Total Materials – 0.1%		2,102		2,999		5,101
						Real Estate
						Specialized REITs – 1.5%
	1,065		1,219		2,284	QTS Realty Trust, Inc., Class A		55,779		63,848		119,627
						Total Real Estate – 1.5%		55,779		63,848		119,627
						Telecommunication Services
						Alternative Carriers – 1.9%
	2,039		2,341		4,380	Zayo Group Holdings, Inc.(A)		70,172		80,570		150,742
						Total Telecommunication Services – 1.9%		70,172		80,570		150,742

40

WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Science and Technology Fund			Ivy Science and Technology Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS				VALUE
						Utilities
						Renewable Electricity – 0.9%
	1,610		2,025		3,635	Atlantica Yield plc	$	31,723		$	39,887	$	71,610
						Total Utilities – 0.9%		31,723			39,887		71,610
						TOTAL COMMON STOCKS – 96.7%	$	3,549,990		$	4,106,399	$	7,656,389
						(Cost: $3,726,602)
						WARRANTS
						Fertilizers & Agricultural Chemicals – 0.0%
	1,380		2,390		3,770	Marrone Bio Innovations, Inc., expires 8-20-23(B)(E)(F)		—	*		—		—	*
						TOTAL WARRANTS – 0.0%	$	—	*	$	—	$	—	*
						(Cost: $—)
		NUMBER OF CONTRACTS (UNROUNDED)				PURCHASED OPTIONS
						Apple, Inc.,
	6,776		7,692		14,468	Call $167.50, Expires 10-6-17, OTC (Ctrpty: Citibank N.A.)		20			23		43
						TOTAL PURCHASED OPTIONS – 0.0%	$	20		$	23	$	43
						(Cost: $2,618)
		PRINCIPAL				CORPORATE DEBT SECURITIES
						Materials
						Fertilizers & Agricultural Chemicals – 0.5%
						Marrone Bio Innovations, Inc.,
	$13,800	$	23,900	$	37,700	8.000%, 8-20-20(B)(E)		13,852			23,991		37,843
						Total Materials – 0.5%		13,852			23,991		37,843
						TOTAL CORPORATE DEBT SECURITIES – 0.5%	$	13,852		$	23,991	$	37,843
						(Cost: $37,700)
						SHORT-TERM SECURITIES
						Commercial Paper(G) – 2.2%
						BorgWarner, Inc.,
	6,000		—		6,000	1.380%, 10-5-17		5,999			—		5,999
						DTE Gas Co.,
	17,000		—		17,000	1.500%, 10-11-17		16,992			—		16,992
						E.I. du Pont de Nemours and Co.,
	—		10,000		10,000	1.440%, 10-25-17		—			9,990		9,990
						Essilor International S.A.,
	15,000		—		15,000	1.270%, 10-16-17		14,992			—		14,992
						GlaxoSmithKline LLC (GTD by GlaxoSmithKline plc),
	—		5,109		5,109	1.181%, 10-6-17		—			5,108		5,108

41

WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma
		PRINCIPAL				SHORT-TERM SECURITIES			VALUE
						Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
	$ 15,000	$	—	$	15,000	1.331%, 10-3-17	$	14,998	$	—	$	14,998
						Kellogg Co.,
	5,000		—		5,000	1.480%, 10-13-17		4,997		—		4,997
						Kroger Co. (The),
	19,091		—		19,091	1.300%, 10-2-17		19,089		—		19,089
						Medtronic Global Holdings SCA:
	—		12,000		12,000	1.252%, 10-3-17		—		11,998		11,998
	10,000		10,000		20,000	1.530%, 10-16-17		9,993		9,993		19,986
						Mondelez International, Inc.,
	11,000		—		11,000	1.510%, 10-10-17		10,995		—		10,995
						River Fuel Funding Co. #3, Inc. (GTD by Bank of Nova Scotia),
	—		11,000		11,000	1.300%, 10-31-17		—		10,988		10,988
						Walgreens Boots Alliance, Inc.:
	5,000		5,000		10,000	1.300%, 10-4-17		4,999		4,999		9,998
	—		8,000		8,000	1.360%, 10-5-17		—		7,998		7,998
						Wisconsin Gas LLC,
	—		3,000		3,000	1.200%, 10-3-17		—		2,999		2,999
	7,000		—		7,000	1.180%, 10-5-17		6,998		—		6,998
								110,052		64,073		174,125
						Master Note – 0.1%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
	4,590		3,116		7,706	1.450%, 10-4-17(H)		4,590		3,116		7,706
						Municipal Obligations – 0.1%
						CA Infra and Econ Dev Bank, Var Rate Demand Rfdg Rev Bonds (LA Cnty Mus of Nat Hist Fndtn), Ser 2008A (GTD by Wells Fargo Bank N.A.) (BVAL plus 2 bps),
	4,900		—		4,900	0.780%, 10-1-17(H)		4,900		—		4,900
						Elmhurst, IL, Adj Demand Rev Bonds, Joint Comsn on Accred of Hlthcare Org (GTD by JPMorgan Chase Bank N.A.) (BVAL plus 23 bps),
	—		1,950		1,950	0.950%, 10-5-17(H)		—		1,950		1,950
						NJ Hlth Care Fac Fin Auth, Rev Bonds, AHS Hosp Corp. Issue, Ser 2008C (GTD by JPMorgan Chase & Co.) (BVAL plus 9 bps),
	2,000		—		2,000	0.910%, 10-7-17(H)		2,000		—		2,000
								6,900		1,950		8,850

42

WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Science and Technology Fund		Ivy Science and Technology Fund		Acquiring Fund Proforma
		PRINCIPAL				SHORT-TERM SECURITIES			VALUE
						United States Government Agency Obligations – 0.2%
						Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
	$ 14,005	$	—	$	14,005	1.130%, 10-7-17(H)	$	14,005	$	—	$	14,005
						TOTAL SHORT-TERM SECURITIES – 2.6%	$	135,547	$	69,139	$	204,686
						(Cost: $204,704)
						TOTAL INVESTMENT SECURITIES – 99.8%	$	3,699,409	$	4,199,552	$	7,898,961
						(Cost: $3,971,624)
						CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%		12,818		3,917		16,735
						NET ASSETS – 100.0%	$	3,712,227	$	4,203,469	$	7,915,696	(I)

NOTES TO PROFORMA SCHEDULE OF INVESTMENTS

* Not shown due to rounding.

(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) Listed on an exchange outside the United States.

(D) All or a portion of securities with an aggregate value of $222,981 are held in collateralixed accounts to cover potential obligations with respect to outstanding written options.

(E) Restricted securities. At September 30, 2017, 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	$37,700	$37,700	$37,843
		Shares
Marrone Bio Innovations, inc., expires 8-20-23	8-20-15	3,770	—	—   *
			$37,700	$37,843

The total value of these securities represented 0.5% of net assets at September 30, 2017.

(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) Rate shown is the yield to maturity at September 30, 2017.

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(I) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

NUMBER OF CONTRACTS (UNROUNDED)			WRITTEN OPTIONS (Counterparty, if OTC)	VALUE
			Apple, Inc. (Ctrpty: Citibank N.A.)
6,776	7,692	14,468	Call $177.50, Expires October 2017, Premium Received ($420)	$	(3	)	$	(4	)	$	(7	)

43

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	7,656,389	$	—		$	—
Warrants		—		—	*		—
Purchased Options		—		43			—
Corporate Debt Securities		—		37,843			—
Short-Term Securities		—		204,686			—
Total	$	7,656,389	$	242,572		$	—
Liabilities
Written Options	$	—	$	7		$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this pro forma schedule:

ADR = American Depositary Receipts

BVAL = Bloomberg Valuation Municipal AAA Benchmark

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

REIT = Real Estate Investment Trust

TB = Treasury Bill

Pro Forma Country Diversification
(as a % of net assets)
United States	82.9	%
China	5.1	%
India	3.9	%
Netherlands	2.1	%
Bemuda	1.7	%
Other Countries	1.5	%
Other+	2.8	%

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

44

Pro Forma Statement of Assets and Liabilities (Unaudited)

September 30, 2017

(in thousands, except per share amounts)	WRA Small Cap Fund			Ivy Small Cap Growth Fund			Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+	$	920,093		$	1,121,604		$	—		$	2,041,697
Investments at Value		920,093			1,121,604			—			2,041,697
Cash		34			1			—			35
Investment securities sold receivable		1,574			1,919			—			3,493
Dividends and interest receivable		85			100			—			185
Capital shares sold receivable		186			1,056			—			1,242
Receivable from affiliates		—			10			—			10
Swap agreements, at value		532			632			—			1,164
Prepaid and other assets		74			85			—			159
Total assets		922,578			1,125,407			—			2,047,985
LIABILITIES
Investment securities purchased payable		1,788			2,174			—			3,962
Capital shares redeemed payable		656			1,153			—			1,809
Independent Trustees and Chief Compliance Officer fees payable		188			165			—			353
Distribution and service fees payable		9			17			—			26
Shareholder servicing payable		170			203			—			373
Investment management fee payable		43			52			—			95
Accounting services fee payable		18			24			—			42
Other liabilities		16			18			152	(a)		186
Total liabilities		2,888			3,806			152			6,846
Total Net Assets	$	919,690		$	1,121,601		$	(152	)	$	2,041,139
NET ASSETS
Capital paid in (shares authorized - unlimited)	$	531,062		$	690,125		$	—		$	1,221,187
Distributions in excess of net investment income		(4,560	)		(6,595	)		(152	)		(11,307	)
Accumulated net realized gain		120,956			122,997			—			243,953
Net unrealized appreciation		272,232			315,074			—			587,306
Total Net Assets	$	919,690		$	1,121,601		$	(152	)	$	2,041,139
Class A
Net Assets	$	633,372		$	253,937		$	(34	) (a)	$	887,275
Outstanding Shares		35,228			13,459			(1,667	) (b)		47,020
Net asset value per share	$	17.98		$	18.87					$	18.87
Add: selling commission (5.75% of offering price)		1.10			1.15						1.15
Maximum offering price per Class A share (Class A NAV divided by 94.25%)	$	19.08		$	20.02					$	20.02
Class B
Net Assets	$	3,244		$	7,712		$	(1	) (a)	$	10,955
Outstanding Shares		254			539			(27	) (b)		766
Net asset value per share	$	12.77		$	14.30					$	14.30
Class C
Net Assets	$	7,905		$	180,077		$	(24	) (a)	$	187,958
Outstanding Shares		571			11,558			(65	) (b)		12,064
Net asset value per share	$	13.84		$	15.58					$	15.58

45

(in thousands, except per share amounts)	WRA Small Cap Fund		Ivy Small Cap Growth Fund		Pro forma Adjustments			Combining Pro Forma
Class E
Net Assets			$	8,828	$	(1	) (a)	$	8,827
Outstanding Shares				472		—	*(b)		472
Net asset value per share			$	18.71				$	18.71
Add: selling commission (2.50% of offering price)				0.48					0.48
Maximum offering price per Class E share (Class E NAV divided by 97.5%)			$	19.19					19.19
Class Y – WRA Small Cap Fund into Class I – Ivy Small Cap Growth Fund
Net Assets	$	275,169	$	375,205	$	(51	) (a)	$	650,323
Outstanding Shares		13,377		15,581		(1,951	) (b)		27,007
Net asset value per share	$	20.57	$	24.08				$	24.08
Class N
Net Assets			$	110,023	$	(15	) (a)	$	110,008
Outstanding Shares				4,544		(1	) (b)		4,543
Net asset value per share			$	24.21				$	24.21
Class R
Net Assets			$	51,312	$	(7	) (a)	$	51,305
Outstanding Shares				2,766		—	*(b)		2,766
Net asset value per share			$	18.55				$	18.55
Class T (c)
Net Assets			$	259	$	—	*(a)	$	259
Outstanding Shares				14		—	*(b)		14
Net asset value per share			$	18.87				$	18.87
Add: selling commission (2.50% of offering price)				0.48					0.48
Maximum offering price per Class T share (Class T NAV divided by 97.5%)			$	19.35					19.35
Class Y – Ivy Small Cap Growth Fund
Net Assets			$	134,248	$	(19	) (a)	$	134,229
Outstanding Shares				5,878		(1	) (b)		5,877
Net asset value per share			$	22.84				$	22.84
+Cost
Investments in unaffiliated securities at cost	$	648,406	$	807,178	$	—		$	1,455,584

* Not shown due to rounding.

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.

(b) Share adjustment - redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

(c) Ivy Small Cap Growth Fund began offering Class T shares on July 5, 2017.

See Accompanying Notes to Pro Forma Financial Statements.

46

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA Small Cap Fund			Ivy Small Cap Growth Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Dividends from unaffiliated securities	$	3,864		$	4,393		$	—		$	8,257
Foreign dividend withholding tax		(10	)		(11	)		—			(21	)
Interest and amortization from unaffiliated securities		382			502			—			884
Total investment income		4,236			4,884			—			9,120
EXPENSES
Investment management fee		7,414			8,463			(159	) (a)		15,718
Distribution and service fees:
Class A		1,504			601			—			2,105
Class B		37			78			—			115
Class C		77			1,724			—			1,801
Class E		—			20			—			20
Class R		—			237			—			237
Class T		—			—	*		—			—	*
Class Y		—			354			—			354
Shareholder servicing:
Class A		1,348			550			(10	) (b)		1,888
Class B		26			25			—	*(b)		51
Class C		28			260			(1	) (b)		287
Class E		—			39			—			39
Class I		—			498			—			498
Class N		—			8			—			8
Class R		—			122			—			122
Class T		—			—	*		—			—	*
Class Y		447			223			—			670
Registration fees		83			130			(50	) (b)		163
Custodian fees		26			27			—			53
Independent Trustees and Chief Compliance Officer fees		78			56			—			134
Accounting services fees		218			255			(198	) (c)		275
Professional fees		38			31			(10	) (d)		59
Other		147			107			(113	) (e)		141
Total expenses		11,471			13,808			(541	)		24,738
Less:
Expenses in excess of limit		(54	)		(20	)		(12	) (f)		(86	)
Total Net Expenses		11,417			13,788			(553	)		24,652
Net investment income (loss)		(7,181	)		(8,904	)		553			(15,532	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		131,063			158,061			—			289,124
Written options		(626	)		(695	)		—			(1,321	)
Swap agreements		(42	)		(50	)		—			(92	)
Foreign currency exchange transactions		(3	)		(3	)		—			(6	)
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		53,393			52,930			—			106,323
Net gain on investments		183,785			210,243			—			394,028
Net increase in net assets resulting from operations	$	176,604		$	201,339		$	553		$	378,496

(a) Based on management fee of 0.84% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

(f) Decrease due to expense waivers on surviving fund.

See Notes to Pro Forma Financial Statements.

47

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Consumer Discretionary
						Apparel Retail – 1.5%
	141		172		313	Burlington Stores, Inc.(A)	$	13,450	$	16,419	$	29,869
	5		6		11	Caleres, Inc.		163		198		361
								13,613		16,617		30,230
						Auto Parts & Equipment – 1.0%
	74		91		165	Visteon Corp.(A)		9,174		11,202		20,376
						Distributors – 1.5%
	125		153		278	Pool Corp.		13,530		16,508		30,038
						General Merchandise Stores – 1.0%
	191		233		424	Ollie’s Bargain Outlet Holdings, Inc.(A)		8,862		10,816		19,678
						Homebuilding – 1.6%
	229		279		508	Installed Building Products, Inc.(A)		14,829		18,099		32,928
						Hotels, Resorts & Cruise Lines – 1.4%
	340		415		755	Hilton Grand Vacations, Inc.(A)		13,130		16,028		29,158
						Leisure Facilities – 0.9%
	35		43		78	Vail Resorts, Inc.		7,961		9,720		17,681
						Leisure Products – 0.4%
	242		296		538	Nautilus Group, Inc. (The)(A)		4,097		5,001		9,098
						Restaurants – 4.1%
	236		289		525	Dave & Buster’s Entertainment, Inc.(A)		12,405		15,143		27,548
	255		311		566	Texas Roadhouse, Inc., Class A		12,531		15,292		27,823
	394		481		875	Wingstop, Inc.		13,107		15,997		29,104
								38,043		46,432		84,475
						Specialty Stores – 1.7%
	211		258		469	Five Below, Inc.(A)		11,596		14,153		25,749
	327		399		726	Party City Holdco, Inc.(A)		4,430		5,404		9,834
								16,026		19,557		35,583
						Total Consumer Discretionary – 15.1%		139,265		169,980		309,245
						Consumer Staples
						Packaged Foods & Meats – 1.0%
	237		290		527	Lance, Inc.		9,046		11,042		20,088
						Total Consumer Staples – 1.0%		9,046		11,042		20,088
						Energy
						Oil & Gas Equipment & Services – 2.3%
	392		479		871	Keane Group, Inc.(A)		6,538		7,981		14,519
	489		597		1,086	RPC, Inc.		12,132		14,807		26,939
	102		124		226	U.S. Silica Holdings, Inc.		3,157		3,851		7,008
								21,827		26,639		48,466
						Oil & Gas Exploration & Production – 1.2%
	215		263		478	Centennial Resource Development, Inc., Class A(A)		3,865		4,717		8,582
	183		223		406	Jagged Peak Energy, Inc.(A)		2,493		3,044		5,537

48

WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
	90		110		200	Petroleum Development Corp.(A)	$	4,418	$	5,393	$	9,811
								10,776		13,154		23,930
						Total Energy – 3.5%		32,603		39,793		72,396
						Financials
						Regional Banks – 5.5%
	182		222		404	Ameris Bancorp		8,726		10,651		19,377
	553		675		1,228	Home BancShares, Inc.		13,947		17,022		30,969
	64		78		142	SVB Financial Group(A)		11,974		14,604		26,578
	291		355		646	Western Alliance Bancorp.(A)		15,441		18,849		34,290
								50,088		61,126		111,214
						Thrifts & Mortgage Finance – 0.5%
	19		23		42	LendingTree, Inc.(A)		4,595		5,622		10,217
						Total Financials – 6.0%		54,683		66,748		121,431
						Health Care
						Health Care Equipment – 7.2%
	113		138		251	Inogen, Inc.(A)		10,772		13,147		23,919
	126		154		280	iRhythm Technologies, Inc.(A)		6,538		7,982		14,520
	572		698		1,270	K2M Group Holdings, Inc.(A)		12,134		14,810		26,944
	137		168		305	Nevro Corp.(A)		12,486		15,244		27,730
	139		170		309	NuVasive, Inc.(A)		7,714		9,416		17,130
	139		169		308	Penumbra, Inc.(A)		12,530		15,294		27,824
	123		150		273	Tactile Systems Technology, Inc.(A)		3,810		4,649		8,459
								65,984		80,542		146,526
						Health Care Facilities – 1.9%
	374		456		830	Acadia Healthcare Co., Inc.(A)		17,844		21,781		39,625
						Health Care Services – 4.9%
	589		719		1,308	AMN Healthcare Services, Inc.(A)		26,907		32,842		59,749
	179		219		398	Envision Healthcare Holdings, Inc.(A)		8,060		9,835		17,895
	306		374		680	Teladoc, Inc.(A)		10,149		12,389		22,538
								45,116		55,066		100,182
						Life Sciences Tools & Services – 0.8%
	128		156		284	Cambrex Corp.(A)		7,015		8,564		15,579
						Managed Health Care – 1.6%
	288		352		640	HealthEquity, Inc.(A)		14,572		17,784		32,356
						Pharmaceuticals – 0.4%
	81		99		180	Aerie Pharmaceuticals, Inc.(A)		3,947		4,819		8,766
						Total Health Care – 16.8%		154,478		188,556		343,034
						Industrials
						Aerospace & Defense – 2.8%
	487		594		1,081	Mercury Computer Systems, Inc.(A)		25,260		30,832		56,092
						Agricultural & Farm Machinery – 0.7%
	101		124		225	Toro Co. (The)		6,293		7,683		13,976
						Air Freight & Logistics – 2.3%
	314		384		698	XPO Logistics, Inc.(A)		21,310		26,007		47,317
						Building Products – 0.7%
	195		238		433	JELD-WEN Holding, Inc.(A)		6,940		8,471		15,411
						Construction & Engineering – 1.6%
	171		208		379	Dycom Industries, Inc.(A)		14,642		17,872		32,514

49

WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Diversified Support Services – 0.6%
	108		131		239	Healthcare Services Group, Inc.	$	5,807	$	7,086	$	12,893
						Industrial Machinery – 5.0%
	154		188		342	John Bean Technologies Corp.		15,600		19,037		34,637
	72		88		160	RBC Bearings, Inc.(A)		8,977		10,955		19,932
	138		168		306	Timken Co. (The)		6,688		8,164		14,852
	194		237		431	Woodward, Inc.		15,080		18,401		33,481
								46,345		56,557		102,902
						Security & Alarm Services – 1.3%
	143		174		317	Brink’s Co. (The)		12,006		14,651		26,657
						Trading Companies & Distributors – 3.6%
	361		441		802	Beacon Roofing Supply, Inc.(A)		18,519		22,601		41,120
	90		110		200	Watsco, Inc.		14,490		17,678		32,168
								33,009		40,279		73,288
						Trucking – 1.3%
	282		344		626	Knight Transportation, Inc.(A)		11,709		14,289		25,998
						Total Industrials – 19.9%		183,321		223,727		407,048
						Information Technology
						Application Software – 11.7%
	305		373		678	BroadSoft, Inc.(A)		15,357		18,742		34,099
	99		121		220	Ellie Mae, Inc.(A)		8,139		9,929		18,068
	204		249		453	Globant S.A.(A)		8,170		9,973		18,143
	193		235		428	HubSpot, Inc.(A)		16,196		19,769		35,965
	225		274		499	Paycom Software, Inc.(A)		16,836		20,547		37,383
	72		88		160	Tyler Technologies, Inc.(A)		12,603		15,392		27,995
	102		125		227	Ultimate Software Group, Inc. (The)(A)		19,412		23,691		43,103
	365		445		810	Zendesk, Inc.(A)		10,614		12,954		23,568
								107,327		130,997		238,324
						Communications Equipment – 1.2%
	193		235		428	Lumentum Holdings, Inc.(A)		10,473		12,783		23,256
						Electronic Manufacturing Services – 1.0%
	244		298		542	Fabrinet(A)		9,058		11,055		20,113
						Internet Software & Services – 3.4%
	36		44		80	Envestnet, Inc.(A)		1,826		2,229		4,055
	479		585		1,064	Five9, Inc.(A)		11,450		13,977		25,427
	82		98		180	Mimecast Ltd.(A)		2,328		2,785		5,113
	220		269		489	Q2 Holdings, Inc.(A)		9,167		11,187		20,354
	56		68		124	Shopify, Inc., Class A(A)		6,465		7,886		14,351
								31,236		38,064		69,300
						IT Consulting & Other Services – 3.4%
	529		646		1,175	Booz Allen Hamilton Holding Corp.		19,795		24,162		43,957
	229		280		509	InterXion Holding N.V.(A)		11,673		14,250		25,923
								31,468		38,412		69,880
						Semiconductors – 3.8%
	228		278		506	Integrated Device Technology, Inc.(A)		6,053		7,384		13,437
	125		153		278	Monolithic Power Systems, Inc.		13,340		16,281		29,621
	216		264		480	Power Integrations, Inc.		15,819		19,307		35,126
								35,212		42,972		78,184

50

WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Systems Software – 2.6%
	172		210		382	Proofpoint, Inc.(A)	$	15,028	$	18,343	$	33,371
	215		258		473	Varonis Systems, Inc.(A)		9,025		10,807		19,832
								24,053		29,150		53,203
						Technology Distributors – 0.8%
	84		103		187	Tech Data Corp.(A)		7,472		9,116		16,588
						Total Information Technology – 27.9%		256,299		312,549		568,848
						Materials
						Construction Materials – 2.1%
	386		471		857	Summit Materials, Inc., Class A(A)		12,354		15,079		27,433
	88		107		195	U.S. Concrete, Inc.(A)		6,691		8,166		14,857
								19,045		23,245		42,290
						Paper Products – 0.2%
	116		141		257	KapStone Paper and Packaging Corp.		2,489		3,038		5,527
						Total Materials – 2.3%		21,534		26,283		47,817
						Real Estate
						Real Estate Services – 2.2%
	313		382		695	RE/MAX Holdings, Inc., Class A		19,866		24,251		44,117
						Total Real Estate – 2.2%		19,866		24,251		44,117
						TOTAL COMMON STOCKS – 94.7%	$	871,095	$	1,062,929	$	1,934,024
						(Cost: $1,347,902)
		PRINCIPAL				SHORT-TERM SECURITIES
						Commercial Paper(B) – 5.1%
						BorgWarner, Inc.,
$	—	$	3,000	$	3,000	1.380%, 10-5-17		—		2,999		2,999
						Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
	10,000		22,000		32,000	1.180%, 10-5-17		9,998		21,995		31,993
						Commercial Bank PSQC (GTD by Wells Fargo Bank N.A.),
	—		6,014		6,014	1.580%, 10-10-17		—		6,011		6,011
						DTE Electric Co.,
	5,000		—		5,000	1.281%, 10-4-17		4,999		—		4,999
						Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
	—		5,000		5,000	1.240%, 10-6-17		��		4,999		4,999
						J.M. Smucker Co. (The),
	—		5,000		5,000	1.371%, 10-6-17		—		4,999		4,999
						Kroger Co. (The),
	5,591		—		5,591	1.300%, 10-2-17		5,590		—		5,590
						L Oreal USA, Inc.,
	—		5,000		5,000	1.170%, 10-2-17		—		5,000		5,000
						McCormick & Co., Inc.,
	10,000		—		10,000	1.580%, 10-10-17		9,996		—		9,996
						Mondelez International, Inc.,
	—		5,000		5,000	1.510%, 10-10-17		—		4,998		4,998
						Sysco Corp.,
	—		6,540		6,540	1.350%, 10-2-17		—		6,539		6,539
						Virginia Electric and Power Co.,
	5,000		—		5,000	1.560%, 10-12-17		4,997		—		4,997

51

WRA Small Cap Fund		Ivy Small Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Small Cap Fund			Ivy Small Cap Growth Fund			Acquiring Fund Proforma
		PRINCIPAL				SHORT-TERM SECURITIES				VALUE
						Walgreens Boots Alliance, Inc.:
$	5,000	$	—	$	5,000	1.300%, 10-4-17	$	4,999		$	—		$	4,999
	5,000		—		5,000	1.490%, 10-12-17		4,998			—			4,998
								45,577			57,540			103,117
						Master Note – 0.2%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
	3,421		1,135		4,556	1.450%, 10-4-17(C)		3,421			1,135			4,556
						TOTAL SHORT-TERM SECURITIES – 5.3%	$	48,998		$	58,675		$	107,673
						(Cost: $107,682)
						TOTAL INVESTMENT SECURITIES – 100.0%	$	920,093		$	1,121,604		$	2,041,697
						(Cost: $1,455,584)
						LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%		(403	)		(3	)		(406	)
						NET ASSETS – 100.0%	$	919,690		$	1,121,601		$	2,041,291	(D)

NOTES TO PROFORMA SCHEDULE OF INVESTMENTS

* Not shown due to rounding.

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

(B) Rate shown is the yield to maturity at September 30, 2017.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(D) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

NOTIONAL AMOUNT					TOTAL RETURN SWAP AGREEMENTS	UNREALIZED APPRECIATION
					Biotech Custom Index
$30,014	$	35,657	$	65,671	Ctrpty: JPMorgan Chase Bank N.A., Matures 1-9-18	$	532	$	632	$	1,164

The following table represents security positions within the total return basket swap as of September 30, 2017:

REFERENCE ENTITY	SHARES			NOTIONAL AMOUNT		UNREALIZED APPRECIATION
Kite Pharma, Inc.		—	*	$	5,384	$	96
Exact Sciences Corp.		2			3,680		65
Aerie Pharmaceuticals, Inc.		2			3,123		55
Myriad Genetics, Inc.		2			2,660		46
Exelixis, Inc.		2			2,595		46
TESARO, Inc.		—	*		2,555		46
PRA Health Sciences, Inc.		—	*		2,493		44
INC Research Holdings, Inc.		—	*		2,190		39
Clovis Oncology, Inc.		—	*		2,133		37
Ligand Pharmaceuticals, Inc.		—	*		1,917		34
Amicus Therapeutics, Inc.		2			1,887		33
Nektar Therapeutics		2			1,829		33
Bluebird Bio, Inc.		—	*		1,796		32
Prothena Corp. plc		—	*		1,708		30
Halozyme Therapeutics, Inc.		2			1,665		29

52

REFERENCE ENTITY	SHARES			NOTIONAL AMOUNT		UNREALIZED APPRECIATION
Spark Therapeutics, Inc.		—	*	$	1,518	$	27
Sarepta Therapeutics, Inc.		—	*		1,496		26
Ultragenyx Pharmaceutical, Inc.		—	*		1,418		25
Sage Therapeutics, Inc.		—	*		1,363		24
Array BioPharma, Inc.		2			1,160		20
ImmunoGen, Inc.		2			1,050		18
Dynavax Technologies Corp.		—	*		971		17
Portola Pharmaceuticals, Inc.		—	*		945		17
Avexis, Inc.		—	*		860		15
Repligen Corp.		—	*		829		15
Acceleron Pharma, Inc.		—	*		801		14
Global Blood Therapeutics, Inc.		—	*		762		13
Dermira, Inc.		—	*		731		13
ZIOPHARM Oncology, Inc.		2			723		13
Vanda Pharmaceuticals, Inc.		—	*		698		13
Keryx Biopharmaceuticals, Inc.		2			692		13
Seres Therapeutics, Inc.		—	*		612		11
Progenics Pharmaceuticals, Inc.		2			600		11
Lexicon Pharmaceuticals, Inc.		—	*		596		11
Ironwood Pharmaceuticals, Inc.		—	*		586		11
Heron Therapeutics, Inc.		—	*		532		9
Acorda Therapeutics, Inc.		—	*		523		9
Alder Biopharmaceuticals, Inc.		—	*		495		9
Inovio Pharmaceuticals, Inc.		2			492		9
Agios Pharmaceuticals, Inc.		—	*		484		9
ANI Pharmaceuticals, Inc.		—	*		481		9
Pacific Biosciences of California, Inc.		2			472		8
Five Prime Therapeutics, Inc.		—	*		463		8
Eagle Pharmaceuticals, Inc.		—	*		455		8
Synergy Pharmaceuticals, Inc.		3			448		8
ACADIA Pharmaceuticals, Inc.		—	*		407		7
Juno Therapeutics, Inc.		—	*		381		7
Retrophin, Inc.		—	*		372		7
Ionis Pharmaceuticals, Inc.		—	*		372		7
Coherus Biosciences, Inc.		—	*		365		6
China Biologic Products Holdings, Inc.		—	*		322		6
PTC Therapeutics, Inc.		—	*		315		6
Amarin Corp. plc		2			300		5
AMAG Pharmaceuticals, Inc.		—	*		276		5
Novavax, Inc.		4			228		4
Achillion Pharmaceuticals, Inc.		—	*		199		4
Minerva Neurosciences, Inc.		—	*		177		3
Intrexon Corp.		—	*		173		3
Merrimack Pharmaceuticals, Inc.		—	*		166		3
Radius Health, Inc.		—	*		164		3
Celldex Therapeutics, Inc.		1			149		2
Advaxis, Inc.		—	*		140		2
Intercept Pharmaceuticals, Inc.		—	*		94		2
Xbiotech, Inc.		—	*		90		2
Ophthotech Corp.		—	*		70		2
Sophiris Bio, Inc.		—	*		39		—	*
AquaBounty Technologies, Inc.		—	*		1		—	*
						$	1,164

53

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	1,934,024	$	—	$	—
Short-Term Securities		—		107,673		—
Total	$	1,934,024	$	107,673	$	—
Total Return Swaps	$	—	$	1,164	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the period.

The following acronyms are used throughout this pro forma schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

54

Pro Forma Statement of Assets and Liabilities (Unaudited)

September 30, 2017

(in thousands, except per share amounts)	WRA Vanguard Fund		Ivy Large Cap Growth Fund		Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+	$	1,660,676	$	1,860,046	$	—		$	3,520,722
Investments at Value		1,660,676		1,860,046		—			3,520,722
Cash		6		1		—			7
Investment securities sold receivable		6,177		6,897		—			13,074
Dividends and interest receivable		879		961		—			1,840
Capital shares sold receivable		239		1,078		—			1,317
Receivable from affiliates		—		80		—			80
Prepaid and other assets		121		105		—			226
Total assets		1,668,098		1,869,168		—			3,537,266
LIABILITIES
Capital shares redeemed payable		775		2,657		—			3,432
Independent Trustees and Chief Compliance Officer fees payable		423		130		—			553
Distribution and service fees payable		16		14		—			30
Shareholder servicing payable		175		327		—			502
Investment management fee payable		62		69		—			131
Accounting services fee payable		22		23		—			45
Other liabilities		82		25		15	2 (a)		259
Total liabilities		1,555		3,245		152			4,952
Total Net Assets	$	1,666,543	$	1,865,923	$	(152	)	$	3,532,314
NET ASSETS
Capital paid in (shares authorized - unlimited)	$	907,324	$	1,097,088	$	—		$	2,004,412
Distributions in excess of net investment income		587		1,454		(152	)		1,889
Accumulated net realized gain		85,740		62,854		—			148,594
Net unrealized appreciation		672,892		704,527		—			1,377,419
Total Net Assets	$	1,666,543	$	1,865,923	$	(152	)	$	3,532,314
Class A
Net Assets	$	1,158,395	$	527,172	$	(42	) (a)	$	1,685,525
Outstanding Shares		104,397		24,601		(50,345	) (b)		78,653
Net asset value per share	$	11.10	$	21.43				$	21.43
Add: selling commission (5.75% of offering price)		0.68		1.31					1.31
Maximum offering price per Class A share (Class A NAV divided by 94.25%)	$	11.78	$	22.74				$	22.74
Class B
Net Assets	$	2,664	$	9,219	$	(1	) (a)	$	11,882
Outstanding Shares		344		549		(186	) (b)		707
Net asset value per share	$	7.74	$	16.80				$	16.80
Class C
Net Assets	$	7,612	$	96,301	$	(8	) (a)	$	103,905
Outstanding Shares		951		5,330		(531	) (b)		5,750
Net asset value per share	$	8.01	$	18.07				$	18.07

55

(in thousands, except per share amounts)	WRA Vanguard Fund		Ivy Large Cap Growth Fund		Pro forma Adjustments			Combining Pro Forma
Class E
Net Assets			$	15,041	$	(1)	(a)	$	15,040
Outstanding Shares				703		—	*(b)		703
Net asset value per share			$	21.40				$	21.40
Add: selling commission (2.50% of offering price)				0.55					0.55
Maximum offering price per Class E share (Class E NAV divided by 97.5%)			$	21.95					21.95
Class Y – WRA Vanguard Fund into Class I – Ivy Large Cap Growth Fund
Net Assets	$	497,872	$	1,001,011	$	(82)	(a)	$	1,498,801
Outstanding Shares		41,836		44,540		(19,674)	(b)		66,702
Net asset value per share	$	11.90	$	22.47				$	22.47
Class N
Net Assets			$	161,314	$	(13)	(a)	$	161,301
Outstanding Shares				7,136		(1)	(b)		7,135
Net asset value per share			$	22.60				$	22.60
Class R
Net Assets			$	21,086	$	(2)	(a)	$	21,084
Outstanding Shares				1,019		—	*(b)		1,019
Net asset value per share			$	20.68				$	20.68
Class Y – Ivy Large Cap Growth Fund
Net Assets			$	34,779	$	(3)	(a)	$	34,776
Outstanding Shares				1,585		—	*(b)		1,585
Net asset value per share			$	21.95				$	21.95
+Cost
Investments in unaffiliated securities at cost	$	987,785	$	1,155,519	$	—		$	2,143,304

* Not shown due to rounding.

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.

(b) Share adjustment - redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

See Accompanying Notes to Pro Forma Financial Statements.

56

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA Vanguard Fund			Ivy Large Cap Growth Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Dividends from unaffiliated securities	$	18,034		$	18,738		$	—		$	36,772
Foreign dividend withholding tax		(23	)		(23	)		—			(46	)
Interest and amortization from unaffiliated securities		175			122			—			297
Total investment income		18,186			18,837			—			37,023
EXPENSES
Investment management fee		11,031			11,487			(1,300	) (a)		21,218
Distribution and service fees:
Class A		2,738			1,243			—			3,981
Class B		30			99			—			129
Class C		71			985			—			1,056
Class E		—			33			—			33
Class R		—			105			—			105
Class Y		—			116			—			116
Shareholder servicing:
Class A		1,637			1,033			(55	) (b)		2,615
Class B		19			31			(1	) (b)		49
Class C		27			147			(1	) (b)		173
Class E		—			47			—			47
Class I		—			1,550			—			1,550
Class N		—			5			—			5
Class R		—			53			—			53
Class Y		833			71			—			904
Registration fees		101			148			(80	) (b)		169
Custodian fees		27			31			—			58
Independent Trustees and Chief Compliance Officer fees		161			83			—			244
Accounting services fees		260			274			(260	) (c)		274
Professional fees		49			34			(10	) (d)		73
Other		181			163			(33	) (e)		311
Total expenses		17,165			17,738			(1,740	)		33,163
Less:
Expenses in excess of limit		(68	)		(251	)		(3	) (f)		(322	)
Total Net Expenses		17,097			17,487			(1,743	)		32,841
Net investment income (loss)		1,089			1,350			1,743			4,182
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		92,634			108,632			—			201,266
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		208,084			200,957			—			409,041
Net gain on investments		300,718			309,589			—			610,307
Net increase in net assets resulting from operations	$	301,807		$	310,939		$	1,743		$	614,489

(a) Based on management fee of 0.64% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

(f) Decrease due to expense waivers on surviving fund.

See Notes to Pro Forma Financial Statements.

57

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA Vanguard Fund		Ivy Large Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Vanguard Fund			Ivy Large Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS				VALUE
						Consumer Discretionary
						Automobile Manufacturers – 2.0%
	305		340		645	Ferrari N.V.	$	33,653		$	37,562	$	71,215
						Cable & Satellite – 2.0%
	856		944		1,800	Comcast Corp., Class A		32,919			36,340		69,259
						Home Improvement Retail – 4.1%
	425		468		893	Home Depot, Inc. (The)		69,546			76,628		146,174
						Internet & Direct Marketing Retail – 5.6%
	64		70		134	Amazon.com, Inc.(A)		61,214			67,495		128,709
	18		20		38	priceline.com, Inc.(A)		32,955			36,433		69,388
								94,169	��		103,928		198,097
						Total Consumer Discretionary – 13.7%		230,287			254,458		484,745
						Consumer Staples
						Tobacco – 3.6%
	549		606		1,155	Philip Morris International, Inc.		60,978			67,261		128,239
						Total Consumer Staples – 3.6%		60,978			67,261		128,239
						Energy
						Oil & Gas Equipment & Services – 1.4%
	501		560		1,061	Halliburton Co.		23,077			25,766		48,843
						Total Energy – 1.4%		23,077			25,766		48,843
						Financials
						Financial Exchanges & Data – 4.8%
	379		418		797	CME Group, Inc.		51,450			56,741		108,191
	191		211		402	S&P Global, Inc.		29,869			32,998		62,867
								81,319			89,739		171,058
						Investment Banking & Brokerage – 2.4%
	902		993		1,895	Charles Schwab Corp. (The)		39,436			43,421		82,857
						Total Financials – 7.2%		120,755			133,160		253,915
						Health Care
						Biotechnology – 6.5%
	95		106		201	Alexion Pharmaceuticals, Inc.(A)		13,271			14,814		28,085
	454		501		955	Celgene Corp.(A)		66,224			73,025		139,249
	191		213		404	Vertex Pharmaceuticals, Inc.(A)		28,979			32,339		61,318
								108,474			120,178		228,652
						Health Care Equipment – 4.4%
	284		316		600	Danaher Corp.		24,319			27,141		51,460
	202		223		425	Edwards Lifesciences Corp.(A)		22,072			24,349		46,421
	25		28		53	Intuitive Surgical, Inc.(A)		26,461			29,598		56,059
								72,852			81,088		153,940
						Pharmaceuticals – 0.6%
	161		180		341	Bristol-Myers Squibb Co.		10,249			11,441		21,690
						Total Health Care – 11.5%		191,575			212,707		404,282

58

WRA Vanguard Fund		Ivy Large Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Vanguard Fund		Ivy Large Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Industrials
						Aerospace & Defense – 4.5%
	158		175		333	Lockheed Martin Corp.	$	48,995	$	54,177	$	103,172
	92		103		195	Northrop Grumman Corp.		26,470		29,549		56,019
								75,465		83,726		159,191
						Construction Machinery & Heavy Trucks – 2.1%
	280		309		589	Caterpillar, Inc.		34,869		38,560		73,429
						Electrical Components & Equipment – 0.5%
	50		56		106	Rockwell Automation, Inc.		8,875		9,909		18,784
						Industrial Machinery – 1.6%
	57		63		120	Parker Hannifin Corp.		9,889		11,044		20,933
	115		129		244	Stanley Black & Decker, Inc.		17,316		19,505		36,821
								27,205		30,549		57,754
						Railroads – 1.7%
	239		267		506	Union Pacific Corp.		27,763		30,987		58,750
						Total Industrials – 10.4%		174,177		193,731		367,908
						Information Technology
						Application Software – 6.4%
	353		388		741	Adobe Systems, Inc.(A)		52,586		57,837		110,423
	583		651		1,234	salesforce.com, Inc.(A)		54,445		60,770		115,215
								107,031		118,607		225,638
						Data Processing & Outsourced Services – 13.0%
	74		82		156	FleetCor Technologies, Inc.(A)		11,391		12,707		24,098
	564		623		1,187	MasterCard, Inc., Class A		79,566		88,024		167,590
	941		1,056		1,997	PayPal, Inc.(A)		60,240		67,590		127,830
	639		704		1,343	Visa, Inc., Class A		67,259		74,110		141,369
								218,456		242,431		460,887
						Home Entertainment Software – 2.7%
	381		420		801	Electronic Arts, Inc.(A)		44,922		49,621		94,543
						Internet Software & Services – 9.2%
	50		55		105	Alphabet, Inc., Class A(A)		48,589		53,555		102,144
	40		44		84	Alphabet, Inc., Class C(A)		38,592		42,538		81,130
	399		440		839	Facebook, Inc., Class A(A)		68,245		75,234		143,479
								155,426		171,327		326,753
						Semiconductor Equipment – 5.2%
	394		440		834	Applied Materials, Inc.		20,534		22,919		43,453
	353		396		749	Lam Research Corp.		65,356		73,336		138,692
								85,890		96,255		182,145
						Semiconductors – 2.8%
	513		576		1,089	Microchip Technology, Inc.		46,092		51,718		97,810
						Systems Software – 4.4%
	1,002		1,103		2,105	Microsoft Corp.		74,661		82,148		156,809
						Technology Hardware, Storage & Peripherals – 4.5%
	488		538		1,026	Apple, Inc.		75,165		82,867		158,032
						Total Information Technology – 48.2%		807,643		894,974		1,702,617

59

WRA Vanguard Fund		Ivy Large Cap Growth Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Vanguard Fund		Ivy Large Cap Growth Fund		Acquiring Fund Proforma
		SHARES				COMMON STOCKS			VALUE
						Real Estate
						Specialized REITs – 0.9%
	111		123		234	American Tower Corp., Class A	$	15,185	$	16,798	$	31,983
						Total Real Estate – 0.9%		15,185		16,798		31,983
						TOTAL COMMON STOCKS – 96.9%	$	1,623,677	$	1,798,855	$	3,422,532
						(Cost: $2,045,105)
		PRINCIPAL				SHORT-TERM SECURITIES
						Commercial Paper(B) – 2.8%
						BorgWarner, Inc.,
	$5,000	$	—	$	5,000	1.380%, 10-5-17		4,999		—		4,999
						Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
	5,000		—		5,000	1.180%, 10-5-17		4,999		—		4,999
						Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.):
	—		10,000		10,000	1.331%, 10-3-17		—		9,999		9,999
	—		8,500		8,500	1.350%, 10-4-17		—		8,498		8,498
	—		5,000		5,000	1.240%, 10-6-17		—		4,999		4,999
						John Deere Canada ULC (GTD by Deere & Co.),
	—		10,000		10,000	1.190%, 10-23-17		—		9,992		9,992
						Kroger Co. (The),
	—		3,625		3,625	1.300%, 10-2-17		—		3,625		3,625
						Medtronic Global Holdings SCA,
	—		10,000		10,000	1.530%, 10-16-17		—		9,993		9,993
						Northern Illinois Gas Co.,
	15,000		—		15,000	1.250%, 10-2-17		14,998		—		14,998
						Rockwell Automation, Inc.,
	6,000		—		6,000	1.200%, 10-5-17		5,999		—		5,999
						Sysco Corp.,
	5,524		—		5,524	1.350%, 10-2-17		5,523		—		5,523
						United Technologies Corp.,
	—		9,100		9,100	1.430%, 11-7-17		—		9,086		9,086
						Virginia Electric and Power Co.,
	—		5,000		5,000	1.560%, 10-12-17		—		4,997		4,997
								36,518		61,189		97,707
						Master Note – 0.0%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
	481		2		483	1.450%, 10-4-17(C)		481		2		483
						TOTAL SHORT-TERM SECURITIES – 2.8%	$	36,999	$	61,191	$	98,190
						(Cost: $98,199)
						TOTAL INVESTMENT SECURITIES – 99.7%	$	1,660,676	$	1,860,046	$	3,520,722
						(Cost: $2,143,304)
						CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%		5,867		5,877		11,744
						NET ASSETS – 100.0%	$	1,666,543	$	1,865,923	$	3,532,466	(D)

60

NOTES TO PROFORMA SCHEDULE OF INVESTMENTS

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

(B) Rate shown is the yield to maturity at September 30, 2017.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(D) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	3,422,532	$	—	$	—
Short-Term Securities		—		98,190		—
Total	$	3,422,532	$	98,190	$	—

As of September 30, 2017, there were no transfers between Level��1 and 2 during the period.

The following acronyms are used throughout this pro forma schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

61

Pro Forma Statement of Assets and Liabilities (Unaudited)

September 30, 2017

(in thousands, except per share amounts)	WRA High Income Fund			Ivy High Income Fund			Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+	$	1,938,140		$	4,325,966		$	—		$	6,264,106
Investment in affiliated securities at value+		4,099			34,492			—			38,591
Investments at Value		1,942,239			4,360,458		$	—			6,302,697
Cash		3,453			10,496			—			13,949
Restricted cash		90			160			—			250
Investment securities sold receivable		23,302			29,915			—			53,217
Dividends and interest receivable		33,302			71,813			—			105,115
Capital shares sold receivable		861			10,066			—			10,927
Receivable from affiliates		1			41			—			42
Unrealized appreciation of forward foreign currency contracts		8			23			—			31
Prepaid and other assets		140			215			—			355
Total assets		2,003,396			4,483,187			—			6,486,583
LIABILITIES
Investment securities purchased payable		23,097			60,260			—			83,357
Capital shares redeemed payable		3,216			13,638			—			16,854
Distributions payable		1,041			2,279			—			3,320
Independent Trustees and Chief Compliance Officer fees payable		289			226			—			515
Distribution and service fees payable		18			77			—			95
Shareholder servicing payable		267			854			—			1,121
Investment management fee payable		62			128			—			190
Accounting services fee payable		22			23			—			45
Unrealized depreciation of forward foreign currency contracts		64			154			—			218
Other liabilities		23			71			152	(a)		246
Total liabilities		28,099			77,710			152			105,961
Total Net Assets	$	1,975,297		$	4,405,477		$	(152	)	$	6,380,622
NET ASSETS
Capital paid in (shares authorized - unlimited)	$	2,161,702		$	5,228,673		$	—		$	7,390,375
Undistributed net investment income		422			—			(152	)		270
Accumulated net realized loss		(144,924	)		(591,479	)		—			(736,403	)
Net unrealized depreciation		(41,903	)		(231,717	)		—			(273,620	)
Total Net Assets	$	1,975,297		$	4,405,477		$	(152	)	$	6,380,622
Class A
Net Assets	$	1,178,526		$	1,220,850		$	(43	) (a)	$	2,399,333
Outstanding Shares		173,557			160,119			(18,803	) (b)		314,873
Net asset value per share	$	6.79		$	7.62					$	7.62
Add: selling commission (5.75% of offering price)		0.41			0.46						0.46
Maximum offering price per Class A share (Class A NAV divided by 94.25%)	$	7.20		$	8.08					$	8.08
Class B
Net Assets	$	3,344		$	69,968		$	(2	) (a)	$	73,310
Outstanding Shares		493			9,177			(49	) (b)		9,621
Net asset value per share	$	6.79		$	7.62					$	7.62

62

(in thousands, except per share amounts)	WRA High Income Fund		Ivy High Income Fund		Pro forma Adjustments			Combining Pro Forma
Class C
Net Assets	$	35,594	$	903,110	$	(31	) (a)	$	938,673
Outstanding Shares		5,242		118,446		(503	) (b)		123,185
Net asset value per share	$	6.79	$	7.62				$	7.62
Class E
Net Assets			$	9,745	$	—	*(a)	$	9,745
Outstanding Shares				1,278		1	(b)		1,279
Net asset value per share			$	7.62				$	7.62
Add: selling commission (2.50% of offering price)				0.20					0.20
Maximum offering price per Class E share (Class E NAV divided by 97.5%)			$	7.82				$	7.82
Class Y - WRA High Income Fund into Class I - Ivy High Income Fund
Net Assets	$	757,833	$	1,708,795	$	(60	) (a)	$	2,466,568
Outstanding Shares		111,603		224,115		(12,021	) (b)		323,697
Net asset value per share	$	6.79	$	7.62				$	7.62
Class N
Net Assets			$	65,837	$		(2) (a)	$	65,835
Outstanding Shares				8,635		—	*(b)		8,635
Net asset value per share			$	7.62				$	7.62
Class R
Net Assets			$	67,802	$		(2) (a)	$	67,800
Outstanding Shares				8,893		—	*(b)		8,893
Net asset value per share			$	7.62				$	7.62
Class T (c)
Net Assets			$	250	$	—	*(a)	$	250
Outstanding Shares				33		—	*(b)		33
Net asset value per share			$	7.62				$	7.62
Add: selling commission (2.50% of offering price)				0.20					0.20
Maximum offering price per Class T share (Class T NAV divided by 97.5%)			$	7.82				$	7.82
Class Y - Ivy High Income Fund
Net Assets			$	359,120	$	(12	) (a)	$	359,108
Outstanding Shares				47,100		27	(b)		47,127
Net asset value per share			$	7.62				$	7.62
+Cost
Investments in unaffiliated securities at cost	$	1,980,009	$	4,545,106	$	—		$	6,525,115
Investments in affiliated securities at cost		4,079		46,943					51,022

* Not shown due to rounding.

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.

(b) Share adjustment - redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

(c) Ivy High Income Fund began offering Class T shares on July 5, 2017.

See Accompanying Notes to Pro Forma Financial Statements.

63

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA High Income Fund			Ivy High Income Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Dividends from unaffiliated securities	$	—		$	441		$	—		$	441
Dividends from affiliated securities		—			1,810			—			1,810
Interest and amortization from unaffiliated securities		158,502			366,116			—			524,618
Interest and amortization from affiliated securities		209			858			—			1,067
Total investment income		158,711			369,225			—			527,936
EXPENSES
Investment management fee		11,530			24,134			(1,341	) (a)		34,323
Distribution and service fees:
Class A		3,003			3,277			—			6,280
Class B		40			779			—			819
Class C		352			9,632			—			9,984
Class E		—			23			—			23
Class R		—			346			—			346
Class T		—			—	*		—			—	*
Class Y		—			987			—			987
Shareholder servicing:
Class A		1,707			1,890			(77	) (b)		3,520
Class B		26			123			(1	) (b)		148
Class C		75			1,055			(3	) (b)		1,127
Class E		—			43			—			43
Class I		—			2,690			(45	) (b)		2,645
Class N		—			5		��	—			5
Class R		—			176			—			176
Class T		—			—	*		—			—	*
Class Y		1,312			649			—			1,961
Registration fees		111			234			(50	) (b)		295
Custodian fees		19			19			—			38
Independent Trustees and Chief Compliance Officer fees		161			216			—			377
Accounting services fees		260			276			(257	) (c)		279
Professional fees		85			119			(15	) (d)		189
Other		128			315			(43	) (e)		400
Total expenses		18,809			46,988			(1,832	)		63,965
Less:
Expenses in excess of limit		(1	)		(44	)		(8	) (f)		(53	)
Total Net Expenses		18,808			46,944			(1,840	)		63,912
Net investment income		139,903			322,281			1,840			464,024
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		2,797			(19,651	)		—			(16,854	)
Forward foreign currency contracts		(571	)		(1,444	)		—			(2,015	)
Foreign currency exchange transactions		(10	)		(30	)		—			(40	)
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		46,441			160,695			—			207,136
Investments affiliated securities		20			2,445			—			2,465
Forward foreign currency contracts		(126	)		(341	)		—			(467	)
Foreign currency exchange transactions		4			25			—			29
Net realized and unrealized gain		48,555			141,699						190,254
Net increase in net assets resulting from operations	$	188,458		$	463,980		$	1,840		$	654,278

(a) Based on management fee of 0.52% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

(f) Decrease due to expense waivers on surviving fund.

See Notes to Pro Forma Financial Statements.

64

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA High Income Fund			Ivy High Income Fund			Acquiring Fund Proforma			DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
			SHARES						COMMON STOCKS			VALUE
									Consumer Discretionary
									Cable & Satellite – 0.2%
	196			454			650		Altice N.V., Class A(A)(B)	$	3,925	$	9,096	$	13,021
									Casinos & Gaming – 0.0%
	—	*		—	*		—	*	New Cotai Participation Corp., Class B(A)(C)(D)		84		354		438
									Education Services – 1.2%
	1,187			3,921			5,108		Laureate Education, Inc., Class A(A)		17,277		57,044		74,321
									Total Consumer Discretionary – 1.4%		21,286		66,494		87,780
									Energy
									Coal & Consumable Fuels – 0.0%
	114			357			471		Foresight Energy L.P.		479		1,502		1,981
									Oil & Gas Equipment & Services – 0.1%
	27			—			27		Key Energy Services, Inc.(A)		358		—		358
	4			15			19		Larchmont Resources LLC(A)(C)(E)		1,193		4,905		6,098
											1,551		4,905		6,456
									Oil & Gas Exploration & Production – 0.2%
	170			580			750		Midstates Petroleum Co., Inc.(A)		2,637		9,006		11,643
	1			4			5		Sabine Oil & Gas Corp.(A)(C)		51		192		243
											2,688		9,198		11,886
									Total Energy – 0.3%		4,718		15,605		20,323
									Financials
									Specialized Finance – 0.3%
	—			1,750			1,750		Maritime Finance Co. Ltd.(A)(C)(D)(E)		—		17,640		17,640
									Total Financials – 0.3%		—		17,640		17,640
									TOTAL COMMON STOCKS – 2.0%	$	26,004	$	99,739	$	125,743
									(Cost: $142,292)
									PREFERRED STOCKS
									Consumer Staples
									Agricultural Products – 0.5%
	12,015			37,029			49,044		Pinnacle Agriculture Enterprises LLC(A)(C)(D)		7,570		23,328		30,898
									Total Consumer Staples – 0.5%		7,570		23,328		30,898
									Telecommunication Services
									Integrated Telecommunication Services – 0.1%
	57			196			253		Frontier Communications Corp., Convertible Series A, 11.125%		1,104		3,762		4,866
									Total Telecommunication Services – 0.1%		1,104		3,762		4,866
									TOTAL PREFERRED STOCKS – 0.6%	$	8,674	$	27,090	$	35,764
									(Cost: $43,725)

65

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund			Ivy High Income Fund			Acquiring Fund Proforma
		SHARES				WARRANTS				VALUE
						Agricultural Products – 0.0%
	7		13		20	ASG Consolidated LLC, expires 5-15-18(D)(F)	$	—	*	$	—	*	$	—	*
						Apparel Retail – 0.0%
	—		48		48	St. John Knits International, Inc., expires 12-31-29(F)		—			127			127
						Oil & Gas Exploration & Production – 0.0%
	4		16		20	Sabine Oil & Gas Corp., expires 12-29-29(C)(F)		27			103			130
						TOTAL WARRANTS – 0.0%	$	27		$	230		$	257
						(Cost: $1,351)
		PRINCIPAL				CORPORATE DEBT SECURITIES
						Consumer Discretionary
						Advertising – 0.5%
						Acosta, Inc.,
$	9,483	$	20,410	$	29,893	7.750%, 10-1-22(G)		6,828			14,695			21,523
						Outfront Media Capital LLC and Outfront Media Capital Corp.,
	1,785		8,212		9,997	5.625%, 2-15-24		1,861			8,561			10,422
								8,689			23,256			31,945
						Apparel Retail – 0.7%
						Hot Topic, Inc.,
	16,133		35,881		52,014	9.250%, 6-15-21(G)		13,633			30,319			43,952
						Apparel, Accessories & Luxury Goods – 0.1%
						Wrangler Buyer Corp.,
	972		2,162		3,134	6.000%, 10-1-25(G)		989			2,200			3,189
						Automotive Retail – 0.6%
						Allison Transmission, Inc.,
	1,753		4,034		5,787	5.000%, 10-1-24(G)		1,819			4,187			6,006
						Group 1 Automotive, Inc.,
	2,292		3,436		5,728	5.000%, 6-1-22		2,375			3,560			5,935
						Penske Automotive Group, Inc.,
	1,219		2,983		4,202	5.500%, 5-15-26		1,260			3,084			4,344
						Sonic Automotive, Inc.,
	7,435		17,353		24,788	5.000%, 5-15-23		7,268			16,963			24,231
								12,722			27,794			40,516
						Broadcasting – 3.2%
						Clear Channel International B.V.,
	1,455		3,257		4,712	8.750%, 12-15-20(G)		1,528			3,420			4,948
						Clear Channel Outdoor Holdings, Inc.,
	16,559		43,832		60,391	6.500%, 11-15-22		17,041			45,096			62,137
						Clear Channel Worldwide Holdings, Inc., Series A,
	—		1,380		1,380	7.625%, 3-15-20		—			1,359			1,359
						Clear Channel Worldwide Holdings, Inc., Series B,
	12,304		28,217		40,521	7.625%, 3-15-20		12,150			27,864			40,014
						Cumulus Media, Inc.,
	10,806		33,969		44,775	7.750%, 5-1-19		3,107			9,766			12,873

66

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						iHeartCommunications, Inc. (GTD by iHeartMedia Capital I LLC),
$	4,542	$	9,924	$	14,466	10.625%, 3-15-23	$	3,225	$	7,046	$	10,271
						Sirius XM Radio, Inc.:
	14,438		33,613		48,051	4.625%, 5-15-23(G)		14,835		34,538		49,373
	18,000		—		18,000	6.000%, 7-15-24(G)		19,373		—		19,373
								71,259		129,089		200,348
						Cable & Satellite – 8.7%
						Altice Financing S.A.:
	4,517		12,126		16,643	6.625%, 2-15-23(G)		4,788		12,854		17,642
	8,844		20,535		29,379	7.500%, 5-15-26(G)		9,728		22,588		32,316
						Altice S.A.:
EUR	771	EUR	3,821	EUR	4,592	7.250%, 5-15-22(G)(H)		969		4,800		5,769
$	30,562	$	68,474	$	99,036	7.750%, 5-15-22(G)		32,434		72,668		105,102
EUR	966	EUR	3,496	EUR	4,462	6.250%, 2-15-25(G)(H)		1,239		4,483		5,722
$	5,375	$	14,356	$	19,731	7.625%, 2-15-25(G)		5,798		15,487		21,285
						Altice U.S. Finance I Corp.,
	4,968		11,626		16,594	5.500%, 5-15-26(G)		5,241		12,266		17,507
						Block Communications, Inc.,
	1,439		3,271		4,710	6.875%, 2-15-25(G)		1,562		3,550		5,112
						Cablevision Systems Corp.,
	5,561		8,681		14,242	5.875%, 9-15-22		5,756		8,985		14,741
						CCO Holdings LLC and CCO Holdings Capital Corp.:
	2,566		5,722		8,288	5.500%, 5-1-26(G)		2,659		5,930		8,589
	8,499		18,991		27,490	5.000%, 2-1-28(G)		8,499		18,991		27,490
						DISH DBS Corp.:
	5,314		12,085		17,399	6.750%, 6-1-21		5,845		13,293		19,138
	2,460		10,630		13,090	5.875%, 7-15-22		2,614		11,294		13,908
	1,207		3,054		4,261	5.875%, 11-15-24		1,265		3,200		4,465
	3,676		8,887		12,563	7.750%, 7-1-26		4,218		10,198		14,416
						Neptune Finco Corp.:
	9,511		20,510		30,021	10.125%, 1-15-23(G)		10,973		23,664		34,637
	2,140		6,478		8,618	6.625%, 10-15-25(G)		2,343		7,093		9,436
	5,805		14,255		20,060	10.875%, 10-15-25(G)		7,177		17,623		24,800
						Numericable - SFR S.A.,
	22,514		51,178		73,692	7.375%, 5-1-26(G)		24,259		55,144		79,403
						VTR Finance B.V.,
	22,263		46,939		69,202	6.875%, 1-15-24(G)		23,543		49,638		73,181
						WaveDivision Escrow LLC and WaveDivision Escrow Corp.,
	16,739		—		16,739	8.125%, 9-1-20(G)		17,116		—		17,116
								178,026		373,749		551,775
						Casinos & Gaming – 2.6%
						Gateway Casinos & Entertainment Ltd.,
	5,344		11,851		17,195	8.250%, 3-1-24(G)		5,611		12,444		18,055
						Golden Nugget, Inc.:
	12,223		26,914		39,137	6.750%, 10-15-24(G)		12,360		27,217		39,577
	4,889		10,766		15,655	8.750%, 10-1-25(G)		4,975		10,954		15,929
						Studio City Finance Ltd.,
	11,503		8,973		20,476	8.500%, 12-1-20(G)		11,834		9,231		21,065
						Wynn Macau Ltd.:
	17,304		38,222		55,526	5.250%, 10-15-21(G)		17,763		39,235		56,998

67

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
$	1,700	$	3,705	$	5,405	4.875%, 10-1-24(G)	$	1,732	$	3,775	$	5,507
	2,445		5,385		7,830	5.500%, 10-1-27(G)		2,480		5,462		7,942
								56,755		108,318		165,073
						Department Stores – 0.3%
						Bon-Ton Stores, Inc. (The),
	12,060		37,256		49,316	8.000%, 6-15-21		4,342		13,412		17,754
						Education Services – 1.9%
						Laureate Education, Inc.,
	35,760		78,145		113,905	8.250%, 5-1-25(G)		38,531		84,201		122,732
						Homefurnishing Retail – 0.5%
						Restoration Hardware Holdings, Inc., Convertible:
	4,114		8,977		13,091	0.000%, 6-15-19(G)(I)		3,769		8,225		11,994
	6,271		14,358		20,629	0.000%, 7-15-20(G)(I)		5,350		12,249		17,599
								9,119		20,474		29,593
						Leisure Facilities – 0.1%
						Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC,
	2,472		5,444		7,916	5.375%, 4-15-27(G)		2,596		5,716		8,312
						Movies & Entertainment – 1.3%
						Cinemark USA, Inc.:
	585		1,258		1,843	5.125%, 12-15-22		600		1,291		1,891
	9,500		21,139		30,639	4.875%, 6-1-23		9,595		21,350		30,945
						EMI Music Publishing Group North America Holdings,
	2,929		7,135		10,064	7.625%, 6-15-24(G)		3,259		7,938		11,197
						WMG Acquisition Corp.,
	13,701		25,538		39,239	6.750%, 4-15-22(G)		14,403		26,847		41,250
								27,857		57,426		85,283
						Publishing – 0.6%
						E.W. Scripps Co.,
	740		1,630		2,370	5.125%, 5-15-25(G)		755		1,662		2,417
						MDC Partners, Inc.,
	11,290		26,229		37,519	6.500%, 5-1-24(G)		11,374		26,426		37,800
								12,129		28,088		40,217
						Restaurants – 0.5%
						1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.,
	9,699		21,714		31,413	5.000%, 10-15-25(G)		9,869		22,094		31,963
						Specialized Consumer Services – 0.7%
						Nielsen Co. (Luxembourg) S.a.r.l. (The):
	6,936		3,151		10,087	5.500%, 10-1-21(G)		7,127		3,238		10,365
	2,475		5,614		8,089	5.000%, 2-1-25(G)		2,577		5,846		8,423
						Nielsen Finance LLC and Nielsen Finance Co.,
	11,077		15,039		26,116	5.000%, 4-15-22(G)		11,479		15,584		27,063
								21,183		24,668		45,851

68

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Specialty Stores – 1.6%
						Cumberland Farms, Inc.,
$	4,014	$	8,822	$	12,836	6.750%, 5-1-25(G)	$	4,266	$	9,376	$	13,642
						Jo-Ann Stores Holdings, Inc. (9.750% Cash or 10.500% PIK),
	28,889		64,495		93,384	9.750%, 10-15-19(G)(J)		28,094		62,721		90,815
								32,360		72,097		104,457
						Total Consumer Discretionary – 23.9%		500,059		1,022,901		1,522,960
						Consumer Staples
						Food Distributors – 1.4%
						Performance Food Group, Inc.,
	5,504		12,254		17,758	5.500%, 6-1-24(G)		5,683		12,652		18,335
						Simmons Foods, Inc.,
	15,551		34,500		50,051	7.875%, 10-1-21(G)		16,500		36,604		53,104
						U.S. Foods, Inc.,
	7,442		10,878		18,320	5.875%, 6-15-24(G)		7,795		11,395		19,190
								29,978		60,651		90,629
						Packaged Foods & Meats – 2.2%
						JBS Investments GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.),
	1,000		2,300		3,300	7.750%, 10-28-20(G)		1,022		2,352		3,374
						JBS USA LLC and JBS USA Finance, Inc.:
	10,650		25,097		35,747	5.875%, 7-15-24(G)		10,677		25,160		35,837
	8,993		20,007		29,000	5.750%, 6-15-25(G)		8,959		19,932		28,891
						Pilgrim’s Pride Corp.:
	724		1,616		2,340	5.750%, 3-15-25(G)		748		1,668		2,416
	3,377		7,546		10,923	5.875%, 9-30-27(G)		3,461		7,735		11,196
						Post Holdings, Inc.:
	1,854		4,205		6,059	5.500%, 3-1-25(G)		1,923		4,362		6,285
	2,929		—		2,929	8.000%, 7-15-25(G)		3,310		—		3,310
	2,644		5,849		8,493	5.000%, 8-15-26(G)		2,639		5,838		8,477
	11,553		25,924		37,477	5.750%, 3-1-27(G)		11,900		26,702		38,602
								44,639		93,749		138,388
						Personal Products – 0.1%
						Revlon Consumer Products Corp.,
	1,999		4,734		6,733	5.750%, 2-15-21		1,744		4,130		5,874
						Revlon Escrow Corp.,
	1,235		2,924		4,159	6.250%, 8-1-24		954		2,259		3,213
								2,698		6,389		9,087
						Total Consumer Staples – 3.7%		77,315		160,789		238,104
						Energy
						Oil & Gas Drilling – 1.2%
						KCA Deutag UK Finance plc:
	5,266		18,636		23,902	7.250%, 5-15-21(G)		5,042		17,844		22,886
	5,210		11,507		16,717	9.875%, 4-1-22(G)		5,406		11,938		17,344
						Noble Holding International Ltd.,
	2,464		5,677		8,141	7.750%, 1-15-24		2,187		5,038		7,225
						Offshore Drilling Holding S.A.,
	20,048		44,521		64,569	8.375%, 9-20-20(G)(K)		8,220		18,254		26,474

69

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund			Ivy High Income Fund			Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES				VALUE
						Offshore Group Investment Ltd.,
$	5,169	$	14,866	$	20,035	0.000%, 11-1-19(D)	$	—	*	$	—	*	$	—	*
						Rowan Cos., Inc. (GTD by Rowan plc),
	1,488		3,398		4,886	7.375%, 6-15-25		1,454			3,322			4,776
						Trinidad Drilling Ltd.,
	124		280		404	6.625%, 2-15-25(G)		116			262			378
								22,425			56,658			79,083
						Oil & Gas Equipment & Services – 0.4%
						Brand Energy & Infrastructure Services, Inc.,
	3,577		7,963		11,540	8.500%, 7-15-25(G)		3,872			8,620			12,492
						SESI LLC:
	2,660		6,059		8,719	7.125%, 12-15-21		2,713			6,180			8,893
	971		2,170		3,141	7.750%, 9-15-24(G)		1,005			2,246			3,251
								7,590			17,046			24,636
						Oil & Gas Exploration & Production – 4.2%
						Bellatrix Exploration Ltd.,
	6,164		13,598		19,762	8.500%, 5-15-20(G)		5,732			12,646			18,378
						California Resources Corp.,
	2,016		4,662		6,678	8.000%, 12-15-22(G)		1,310			3,030			4,340
						Carrizo Oil & Gas, Inc.,
	2,590		5,785		8,375	7.500%, 9-15-20		2,645			5,908			8,553
						Continental Resources, Inc. (GTD by Banner Pipeline Co. LLC and CLR Asset Holdings LLC),
	6,391		14,182		20,573	5.000%, 9-15-22		6,495			14,413			20,908
						Crownrock L.P.,
	1,941		6,941		8,882	7.750%, 2-15-23(G)		2,072			7,410			9,482
						EnCana Corp.,
	2,862		7,113		9,975	6.500%, 8-15-34		3,348			8,321			11,669
						Endeavor Energy Resources L.P.:
	10,611		24,868		35,479	7.000%, 8-15-21(G)		10,982			25,738			36,720
	1,808		6,146		7,954	8.125%, 9-15-23(G)		1,944			6,607			8,551
						Laredo Petroleum, Inc.:
	8,698		17,510		26,208	7.375%, 5-1-22		9,003			18,123			27,126
	1,705		3,784		5,489	6.250%, 3-15-23		1,756			3,897			5,653
						Murphy Oil USA, Inc. (GTD by Murphy USA),
	741		1,629		2,370	5.625%, 5-1-27		796			1,751			2,547
						PDC Energy, Inc.,
	1,001		2,310		3,311	6.125%, 9-15-24		1,046			2,414			3,460
						Seven Generations Energy Ltd.:
	8,153		15,124		23,277	8.250%, 5-15-20(G)		8,520			15,804			24,324
	11,328		27,127		38,455	6.750%, 5-1-23(G)		11,937			28,585			40,522
	4,832		10,771		15,603	5.375%, 9-30-25(G)		4,868			10,852			15,720
						Ultra Resources, Inc.:
	4,184		9,273		13,457	6.875%, 4-15-22(G)		4,268			9,459			13,727
	1,231		2,726		3,957	7.125%, 4-15-25(G)		1,243			2,753			3,996
						Whiting Petroleum Corp.,
	2,804		6,223		9,027	5.750%, 3-15-21		2,755			6,114			8,869
								80,720			183,825			264,545

70

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Oil & Gas Refining & Marketing – 0.1%
						Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.),
$	2,475	$	5,596	$	8,071	6.125%, 10-1-24	$	2,586	$	5,848	$	8,434
						Oil & Gas Storage & Transportation – 0.1%
						Crestwood Midstream Partners L.P. and Crestwood Midstream Finance Corp.,
	1,088		2,433		3,521	6.250%, 4-1-23		1,122		2,509		3,631
						Total Energy – 6.0%		114,443		265,886		380,329
						Financials
						Consumer Finance – 1.4%
						Creditcorp,
	11,476		40,520		51,996	12.000%, 7-15-18(G)		9,869		34,847		44,716
						CURO Financial Technologies Corp.,
	2,595		5,881		8,476	12.000%, 3-1-22(G)		2,790		6,322		9,112
						Quicken Loans, Inc.,
	8,962		23,889		32,851	5.750%, 5-1-25(G)		9,410		25,084		34,494
								22,069		66,253		88,322
						Insurance Brokers – 0.8%
						NFP Corp.,
	14,598		32,425		47,023	6.875%, 7-15-25(G)		14,817		32,911		47,728
						Investment Banking & Brokerage – 0.2%
						E*TRADE Financial Corp.,
	1,740		4,068		5,808	5.875%, 12-29-49		1,853		4,332		6,185
						VHF Parent LLC,
	1,711		3,797		5,508	6.750%, 6-15-22(G)		1,782		3,954		5,736
								3,635		8,286		11,921
						Other Diversified Financial Services – 3.2%
						AAF Holdings LLC and AAF Finance Co. (12.000% Cash or 12.750% PIK),
	4,628		10,702		15,330	12.000%, 7-1-19(G)(J)		4,836		11,184		16,020
						Balboa Merger Sub, Inc.,
	25,339		22,692		48,031	11.375%, 12-1-21(G)		27,715		24,819		52,534
						New Cotai LLC and New Cotai Capital Corp. (10.625% Cash or 10.625% PIK),
	43,515		96,762		140,277	10.625%, 5-1-19(G)(J)		42,645		94,827		137,472
								75,196		130,830		206,026
						Property & Casualty Insurance – 0.1%
						Hub International Ltd.,
	8,878		—		8,878	7.875%, 10-1-21(G)		9,244		—		9,244
						Specialized Finance – 1.9%
						Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:
	1,712		4,154		5,866	5.875%, 6-15-21(G)		1,790		4,343		6,133
	1,221		2,979		4,200	5.450%, 6-15-23(G)		1,339		3,267		4,606

71

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
$	1,712	$	4,154	$	5,866	7.125%, 6-15-24(G)	$	1,891	$	4,589	$	6,480
	2,441		5,960		8,401	6.020%, 6-15-26(G)		2,710		6,617		9,327
						Flexi-Van Leasing, Inc.,
	5,782		12,769		18,551	7.875%, 8-15-18(G)		5,782		12,769		18,551
						TMX Finance LLC and TitleMax Finance Corp.,
	25,811		57,305		83,116	8.500%, 9-15-18(G)		23,875		53,007		76,882
								37,387		84,592		121,979
						Thrifts & Mortgage Finance – 0.3%
						Provident Funding Associates L.P. and PFG Finance Corp.,
	6,100		13,571		19,671	6.375%, 6-15-25(G)		6,405		14,249		20,654
						Total Financials – 7.9%		168,753		337,121		505,874
						Health Care
						Health Care Facilities – 1.6%
						DaVita HealthCare Partners, Inc.,
	1,304		2,970		4,274	5.125%, 7-15-24		1,298		2,957		4,255
						Greatbatch Ltd.,
	9,423		20,906		30,329	9.125%, 11-1-23(G)		10,278		22,804		33,082
						HCA, Inc. (GTD by HCA Holdings, Inc.),
	—		2,404		2,404	5.250%, 6-15-26		—		2,590		2,590
						MPH Acquisition Holdings LLC,
	4,881		8,898		13,779	7.125%, 6-1-24(G)		5,247		9,565		14,812
						Surgery Center Holdings, Inc.,
	7,967		17,519		25,486	8.875%, 4-15-21(G)		8,366		18,395		26,761
						Tenet Healthcare Corp.:
	6,592		—		6,592	6.750%, 2-1-20		6,790		—		6,790
	869		1,985		2,854	7.500%, 1-1-22(G)		920		2,102		3,022
	11,492		—		11,492	8.125%, 4-1-22		11,693		—		11,693
								44,592		58,413		103,005
						Health Care Supplies – 0.8%
						Kinetic Concepts, Inc. and KCI USA, Inc.,
	1,180		2,794		3,974	12.500%, 11-1-21(G)		1,313		3,108		4,421
						Universal Hospital Services, Inc.,
	13,711		30,077		43,788	7.625%, 8-15-20		13,882		30,453		44,335
								15,195		33,561		48,756
						Life Sciences Tools & Services – 0.6%
						Avantor, Inc.:
	3,624		8,080		11,704	6.000%, 10-1-24(G)		3,710		8,272		11,982
	8,457		18,852		27,309	9.000%, 10-1-25(G)		8,647		19,276		27,923
								12,357		27,548		39,905
						Pharmaceuticals – 1.7%
						Concordia Healthcare Corp.:
	27,123		59,541		86,664	9.500%, 10-21-22(G)		4,746		10,419		15,165
	2,927		7,125		10,052	7.000%, 4-15-23(G)		476		1,158		1,634
						IMS Health, Inc.,
	2,940		6,780		9,720	5.000%, 10-15-26(G)		3,116		7,187		10,303
						Jaguar Holding Co. II and Pharmaceutical Product Development LLC,
	5,723		—		5,723	6.375%, 8-1-23(G)		5,988		—		5,988

72

WRA High Income Fund		Ivy High Income Fund			Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL					CORPORATE DEBT SECURITIES			VALUE
							Valeant Pharmaceuticals International, Inc.:
$	3,668	$	8,127		$	11,795	7.000%, 10-1-20	$	3,691	$	8,178	$	11,869
	244		545			789	5.500%, 3-1-23(G)		214		478		692
							VPII Escrow Corp.,
	4,619		6,802			11,421	7.500%, 7-15-21(G)		4,608		6,785		11,393
							VRX Escrow Corp.:
	5,499		12,225			17,724	5.375%, 3-15-20(G)		5,492		12,210		17,702
	3,910		8,682			12,592	5.875%, 5-15-23(G)		3,456		7,673		11,129
	7,319		16,249			23,568	6.125%, 4-15-25(G)		6,422		14,258		20,680
									38,209		68,346		106,555
							Total Health Care – 4.7%		110,353		187,868		298,221
							Industrials
							Aerospace & Defense – 2.0%
							KLX, Inc.,
	13,832		21,081			34,913	5.875%, 12-1-22(G)		14,492		22,086		36,578
							TransDigm, Inc.,
	2,463		5,455			7,918	6.500%, 5-15-25		2,537		5,619		8,156
							TransDigm, Inc. (GTD by TransDigm Group, Inc.):
	13,668		13,200			26,868	6.000%, 7-15-22		14,181		13,695		27,876
	12,197		27,597			39,794	6.500%, 7-15-24		12,593		28,494		41,087
	6,375		10,559			16,934	6.375%, 6-15-26		6,530		10,816		17,346
									50,333		80,710		131,043
							Air Freight & Logistics – 0.3%
							XPO Logistics, Inc.:
	3,196		7,550			10,746	6.500%, 6-15-22(G)		3,356		7,928		11,284
	1,738		4,075			5,813	6.125%, 9-1-23(G)		1,814		4,253		6,067
									5,170		12,181		17,351
							Building Products – 1.2%
							Alcoa Nederland Holding B.V.:
	1,297		2,557			3,854	6.750%, 9-30-24(G)		1,436		2,832		4,268
	1,297		2,557			3,854	7.000%, 9-30-26(G)		1,469		2,896		4,365
							Ply Gem Industries, Inc.,
	13,768		28,758			42,526	6.500%, 2-1-22		14,354		30,004		44,358
							Summit Materials LLC and Summit Materials Finance Corp.:
	967		2,416			3,383	8.500%, 4-15-22		1,088		2,718		3,806
	2,012		5,046			7,058	6.125%, 7-15-23		2,123		5,323		7,446
							WESCO Distribution, Inc. (GTD by WESCO International, Inc.),
	2,443		5,940			8,383	5.375%, 6-15-24		2,577		6,267		8,844
									23,047		50,040		73,087
							Diversified Support Services – 0.5%
				��			Ahern Rentals, Inc.,
	7,837		17,389			25,226	7.375%, 5-15-23(G)		7,171		15,911		23,082
							Ritchie Bros. Auctioneers, Inc.,
	2,471		5,675			8,146	5.375%, 1-15-25(G)		2,613		6,001		8,614
							United Rentals (North America), Inc. (GTD by United Rentals, Inc.),
	1,220		1,490			2,710	5.875%, 9-15-26		1,325		1,619		2,944
									11,109		23,531		34,640

73

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Environmental & Facilities Services – 0.2%
						GFL Environmental, Inc.:
$	2,194	$	5,386	$	7,580	9.875%, 2-1-21(G)	$	2,339	$	5,741	$	8,080
	1,730		3,790		5,520	5.625%, 5-1-22(G)		1,799		3,942		5,741
								4,138		9,683		13,821
						Industrial Conglomerates – 0.0%
						TriMas Corp.,
	489		1,077		1,566	4.875%, 10-15-25(G)		493		1,086		1,579
						Research & Consulting Services – 0.1%
						Eagle Holding Co. II LLC (7.625% Cash or 8.375% PIK),
	989		2,173		3,162	7.625%, 5-15-22(G)(J)		1,026		2,254		3,280
						Security & Alarm Services – 1.1%
						Prime Security Services Borrower LLC,
	19,268		42,686		61,954	9.250%, 5-15-23(G)		21,264		47,106		68,370
						Total Industrials – 5.4%		116,580		226,591		343,171
						Information Technology
						Application Software – 1.5%
						Kronos Acquisition Holdings, Inc.,
	28,821		64,021		92,842	9.000%, 8-15-23(G)		28,100		62,421		90,521
						Solera LLC and Solera Finance, Inc.,
	1,941		4,337		6,278	10.500%, 3-1-24(G)		2,210		4,937		7,147
								30,310		67,358		97,668
						Communications Equipment – 0.5%
						West Corp.,
	9,244		20,642		29,886	5.375%, 7-15-22(G)		9,336		20,848		30,184
						Data Processing & Outsourced Services – 2.5%
						Alliance Data Systems Corp.:
	9,158		—		9,158	6.375%, 4-1-20(G)		9,273		—		9,273
	3,396		7,708		11,104	5.875%, 11-1-21(G)		3,532		8,016		11,548
	13,282		29,436		42,718	5.375%, 8-1-22(G)		13,680		30,319		43,999
						Italics Merger Sub, Inc.,
	27,070		59,658		86,728	7.125%, 7-15-23(G)		27,205		59,956		87,161
						j2 Cloud Services LLC and j2 Global, Inc.,
	2,442		5,422		7,864	6.000%, 7-15-25(G)		2,555		5,673		8,228
								56,245		103,964		160,209
						Electronic Components – 0.1%
						TTM Technologies, Inc.,
	2,446		5,385		7,831	5.625%, 10-1-25(G)		2,475		5,449		7,924
						IT Consulting & Other Services – 1.1%
						Cardtronics, Inc. and Cardtronics USA, Inc.,
	1,476		3,285		4,761	5.500%, 5-1-25(G)		1,510		3,361		4,871
						NCR Escrow Corp.:
	9,790		21,676		31,466	5.875%, 12-15-21		10,115		22,396		32,511
	8,839		20,537		29,376	6.375%, 12-15-23		9,428		21,905		31,333
								21,053		47,662		68,715

74

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Semiconductors – 0.4%
						Micron Technology, Inc.:
$	4,995	$	12,294	$	17,289	7.500%, 9-15-23	$	5,551	$	13,662	$	19,213
	2,185		1,035		3,220	5.500%, 2-1-25		2,330		1,103		3,433
								7,881		14,765		22,646
						Technology Hardware, Storage & Peripherals – 0.5%
						Western Digital Corp.:
	1,215		3,009		4,224	7.375%, 4-1-23(G)		1,331		3,296		4,627
	7,130		16,726		23,856	10.500%, 4-1-24		8,378		19,653		28,031
								9,709		22,949		32,658
						Total Information Technology – 6.6%		137,009		282,995		420,004
						Materials
						Aluminum – 2.1%
						Constellium N.V.:
	15,394		34,437		49,831	8.000%, 1-15-23(G)		16,279		36,417		52,696
	4,758		16,523		21,281	5.750%, 5-15-24(G)		4,758		16,523		21,281
	9,852		22,308		32,160	6.625%, 3-1-25(G)		10,086		22,838		32,924
						Kaiser Aluminum Corp.,
	975		2,392		3,367	5.875%, 5-15-24		1,043		2,560		3,603
						Novelis Corp. (GTD by Novelis, Inc.):
	3,725		8,724		12,449	6.250%, 8-15-24(G)		3,884		9,096		12,980
	2,497		5,784		8,281	5.875%, 9-30-26(G)		2,535		5,871		8,406
								38,585		93,305		131,890
						Commodity Chemicals – 0.4%
						NOVA Chemicals Corp.:
	6,106		13,567		19,673	4.875%, 6-1-24(G)		6,182		13,737		19,919
	2,442		5,427		7,869	5.250%, 6-1-27(G)		2,467		5,481		7,948
								8,649		19,218		27,867
						Construction Materials – 0.7%
						Hillman Group, Inc. (The),
	13,625		30,106		43,731	6.375%, 7-15-22(G)		13,557		29,955		43,512
						Diversified Chemicals – 0.4%
						PSPC Escrow Corp.,
	4,928		11,779		16,707	6.500%, 2-1-22(G)		5,107		12,206		17,313
						PSPC Escrow II Corp.,
	2,503		5,919		8,422	10.375%, 5-1-21(G)		2,728		6,452		9,180
								7,835		18,658		26,493
						Diversified Metals & Mining – 0.4%
						Artsonig Pty Ltd. (11.500% Cash or 12.000% PIK),
	14,651		52,349		67,000	11.500%, 4-1-19(G)(J)		146		524		670
						Crystal Merger Sub, Inc.,
	2,100		8,259		10,359	7.625%, 10-15-21(G)		2,183		8,584		10,767
						FMG Resources August 2006 Partners Ltd.,
	655		1,388		2,043	5.125%, 5-15-24(G)		665		1,409		2,074
						Lundin Mining Corp.:
	3,710		1,178		4,888	7.500%, 11-1-20(G)		3,858		1,225		5,083
	3,039		3,980		7,019	7.875%, 11-1-22(G)		3,305		4,328		7,633
								10,157		16,070		26,227

75

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Fertilizers & Agricultural Chemicals – 1.1%
						CF Industries, Inc.,
$	968	$	2,162	$	3,130	3.450%, 6-1-23	$	956	$	2,135	$	3,091
						Pinnacle Operating Corp.,
	17,307		53,335		70,642	9.000%, 5-15-23(G)		16,354		50,401		66,755
								17,310		52,536		69,846
						Metal & Glass Containers – 2.0%
						ARD Finance S.A.,
	1,387		3,217		4,604	7.125%, 9-15-23		1,481		3,434		4,915
						BakerCorp International, Inc.,
	30,280		67,965		98,245	8.250%, 6-1-19		28,160		63,208		91,368
						HudBay Minerals, Inc.:
	995		2,262		3,257	7.250%, 1-15-23(G)		1,060		2,409		3,469
	1,492		3,395		4,887	7.625%, 1-15-25(G)		1,615		3,675		5,290
						Signode Industrial Group,
	8,462		11,052		19,514	6.375%, 5-1-22(G)		8,779		11,466		20,245
								41,095		84,192		125,287
						Paper Packaging – 0.3%
						Flex Acquisition Co., Inc.,
	1,732		3,940		5,672	6.875%, 1-15-25(G)		1,798		4,090		5,888
						Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.,
	5,649		8,571		14,220	5.125%, 7-15-23(G)		5,895		8,945		14,840
								7,693		13,035		20,728
						Specialty Chemicals – 0.1%
						Kraton Polymers LLC and Kraton Polymers Capital Corp.,
	2,492		5,507		7,999	7.000%, 4-15-25(G)		2,673		5,906		8,579
						Steel – 0.1%
						U.S. Steel Corp.,
	1,708		4,186		5,894	8.375%, 7-1-21(G)		1,887		4,626		6,513
						Total Materials – 7.6%		149,441		337,501		486,942
						Real Estate
						Health Care REITs – 0.0%
						MPT Operating Partnership L.P. and MPT Finance Corp. (GTD by Medical Properties Trust, Inc.),
	1,236		2,928		4,164	5.250%, 8-1-26		1,276		3,023		4,299
						Real Estate Development – 0.4%
						Hub Holdings LLC and Hub Holdings Finance, Inc. (8.125% Cash or 8.875% PIK),
	6,610		17,764		24,374	8.125%, 7-15-19(G)(J)		6,627		17,808		24,435
						Total Real Estate – 0.4%		7,903		20,831		28,734
						Telecommunication Services
						Alternative Carriers – 0.6%
						Consolidated Communications Finance II Co.,
	9,760		21,192		30,952	6.500%, 10-1-22		9,382		20,371		29,753

76

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				CORPORATE DEBT SECURITIES			VALUE
						Zayo Group LLC and Zayo Capital, Inc.:
$	1,738	$	—	$	1,738	6.000%, 4-1-23	$	1,839	$	—	$	1,839
	1,981		4,500		6,481	5.750%, 1-15-27(G)		2,100		4,770		6,870
								13,321		25,141		38,462
						Integrated Telecommunication Services –3.5%
						Frontier Communications Corp.:
	4,201		15,908		20,109	6.250%, 9-15-21		3,454		13,080		16,534
	9,275		20,679		29,954	10.500%, 9-15-22		8,092		18,042		26,134
	1,013		2,412		3,425	7.125%, 1-15-23		775		1,845		2,620
	2,912		8,428		11,340	6.875%, 1-15-25		2,177		6,300		8,477
	8,560		23,102		31,662	11.000%, 9-15-25		7,276		19,637		26,913
						GCI, Inc.,
	7,552		22,144		29,696	6.875%, 4-15-25		8,119		23,805		31,924
						Sprint Corp.:
	20,041		43,872		63,913	7.250%, 9-15-21		22,270		48,753		71,023
	15,048		16,141		31,189	7.875%, 9-15-23		17,456		18,723		36,179
	5,951		—		5,951	7.125%, 6-15-24		6,695		—		6,695
								76,314		150,185		226,499
						Wireless Telecommunication Service – 1.3%
						Sable International Finance Ltd.,
	10,351		26,720		37,071	6.875%, 8-1-22(G)		11,127		28,724		39,851
						Sprint Nextel Corp.:
	547		1,367		1,914	9.000%, 11-15-18(G)		587		1,468		2,055
	1,208		3,022		4,230	7.000%, 8-15-20		1,320		3,302		4,622
	989		2,342		3,331	11.500%, 11-15-21		1,257		2,977		4,234
						T-Mobile USA, Inc.:
	4,371		10,395		14,766	6.000%, 4-15-24		4,639		11,032		15,671
	2,140		12,863		15,003	6.500%, 1-15-26		2,362		14,197		16,559
								21,292		61,700		82,992
						Total Telecommunication Services – 5.4%		110,927		237,026		347,953
						TOTAL CORPORATE DEBT SECURITIES – 71.6%	$	1,492,783	$	3,079,509	$	4,572,292
						(Cost: $4,680,306)
						LOANS(L)
						Consumer Discretionary
						Advertising – 0.4%
						Advantage Sales & Marketing, Inc. (ICE LIBOR plus 650 bps),
	8,283		18,474		26,757	7.735%, 7-25-22		7,409		16,525		23,934
						Apparel Retail – 1.5%
						Talbots, Inc. (The) (ICE LIBOR plus 450 bps),
	8,058		19,207		27,265	5.735%, 3-19-20		7,736		18,439		26,175
						Talbots, Inc. (The) (ICE LIBOR plus 850 bps),
	14,844		33,232		48,076	9.735%, 3-19-21(D)		14,398		32,235		46,633

77

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				LOANS(L)			VALUE
						True Religion Apparel, Inc. (ICE LIBOR plus 487.5 bps):
$	40	$	202	$	242	6.101%, 7-30-19(M)	$	10	$	52	$	62
	15,561		77,951		93,512	6.171%, 7-30-19(M)		3,968		19,877		23,845
								26,112		70,603		96,715
						Casinos & Gaming – 0.1%
						Gateway Casinos & Entertainment Ltd. (ICE LIBOR plus 375 bps),
	1,723		3,910		5,633	5.083%, 2-22-23		1,732		3,931		5,663
						Department Stores – 0.9%
						Belk, Inc. (ICE LIBOR plus 475 bps),
	20,496		45,066		65,562	6.054%, 12-10-22		17,142		37,692		54,834
						Education Services – 1.4%
						Laureate Education, Inc. (ICE LIBOR plus 450 bps),
	28,314		62,411		90,725	5.735%, 4-26-24		28,414		62,632		91,046
						General Merchandise Stores – 2.0%
						BJ’s Wholesale Club, Inc. (ICE LIBOR plus 375 bps),
	16,299		36,459		52,758	4.982%, 2-3-24		15,600		34,896		50,496
						BJ’s Wholesale Club, Inc. (ICE LIBOR plus 750 bps),
	12,846		28,637		41,483	8.732%, 1-26-25		12,249		27,306		39,555
						Orchard Acquisition Co. LLC (ICE LIBOR plus 600 bps),
	17,870		63,765		81,635	7.313%, 2-8-19		8,339		29,757		38,096
								36,188		91,959		128,147
						Home Furnishings – 0.6%
						Serta Simmons Bedding LLC (ICE LIBOR plus 800 bps),
	12,167		26,971		39,138	9.312%, 11-8-24		11,672		25,875		37,547
						Hotels, Resorts & Cruise Lines – 0.0%
						Travel Leaders Group LLC (ICE LIBOR plus 450 bps),
	741		1,681		2,422	5.814%, 1-25-24		751		1,703		2,454
						Housewares & Specialties – 0.4%
						KIK Custom Products, Inc. (ICE LIBOR plus 450 bps),
	6,071		16,302		22,373	5.737%, 8-26-22		6,126		16,448		22,574
						Restaurants – 0.4%
						NPC International, Inc. (ICE LIBOR plus 350 bps),
	1,740		3,828		5,568	4.738%, 4-20-24		1,757		3,866		5,623
						NPC International, Inc. (ICE LIBOR plus 750 bps),
	7,050		15,590		22,640	8.738%, 4-18-25		7,138		15,785		22,923
								8,895		19,651		28,546
						Specialized Consumer Services – 0.1%
						Asurion LLC (ICE LIBOR plus 600 bps),
	1,212		2,700		3,912	7.235%, 8-4-25		1,238		2,759		3,997

78

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				LOANS(L)			VALUE
						Specialty Stores – 0.3%
						Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps),
$	6,979	$	15,450	$	22,429	6.391%, 10-21-23	$	6,657	$	14,736	$	21,393
						Total Consumer Discretionary – 8.1%		152,336		364,514		516,850
						Consumer Staples
						Food Distributors – 0.3%
						Chefs’ Warehouse, Inc. (The) (ICE LIBOR plus 575 bps),
	4,966		11,926		16,892	5.990%, 6-22-22		5,021		12,060		17,081
						Hypermarkets & Super Centers – 0.3%
						GOBP Holdings, Inc. (ICE LIBOR plus 825 bps),
	5,087		15,658		20,745	9.583%, 10-21-22		5,097		15,688		20,785
						Packaged Foods & Meats – 0.3%
						Shearer’s Foods LLC (ICE LIBOR plus 675 bps),
	3,838		18,980		22,818	8.083%, 6-30-22(D)		3,627		17,936		21,563
						Total Consumer Staples – 0.9%		13,745		45,684		59,429
						Energy
						Coal & Consumable Fuels – 1.0%
						Foresight Energy LLC (ICE LIBOR plus 725 bps),
	16,118		35,620		51,738	7.083%, 3-28-22		15,040		33,238		48,278
						Westmoreland Coal Co. (ICE LIBOR plus 650 bps),
	8,877		19,953		28,830	7.833%, 12-16-20(D)		5,770		12,969		18,739
								20,810		46,207		67,017
						Oil & Gas Drilling – 0.6%
						KCA Deutag Alpha Ltd. (ICE LIBOR plus 525 bps),
	10,796		26,249		37,045	7.065%, 5-16-20		10,394		25,273		35,667
						Oil & Gas Equipment & Services – 0.5%
						Brand Energy & Infrastructure Services, Inc. (ICE LIBOR plus 425 bps):
	4,087		9,068		13,155	5.514%, 6-21-24		4,107		9,111		13,218
	779		1,728		2,507	5.564%, 6-21-24		783		1,737		2,520
	12		27		39	5.583%, 6-21-24		12		27		39
						Larchmont Resources LLC (10.320% Cash or 10.320% PIK),
	2,996		12,317		15,313	10.320%, 8-7-20(D)(E)(J)		2,906		11,947		14,853
								7,808		22,822		30,630
						Oil & Gas Exploration & Production – 0.4%
						Chesapeake Energy Corp. (ICE LIBOR plus 750 bps),
	7,457		17,434		24,891	8.814%, 8-23-21		8,028		18,769		26,797

79

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				LOANS(L)			VALUE
						Oil & Gas Storage & Transportation – 1.0%
						Bowie Resources Holdings LLC (ICE LIBOR plus 1,075 bps),
$	3,043	$	26,759	$	29,802	11.985%, 2-16-21	$	2,824	$	24,830	$	27,654
						Bowie Resources Holdings LLC (ICE LIBOR plus 575 bps),
	5,080		33,170		38,250	6.985%, 8-12-20		4,896		31,967		36,863
								7,720		56,797		64,517
						Total Energy – 3.5%		54,760		169,868		224,628
						Financials
						Insurance Brokers – 0.2%
						NFP Corp. (ICE LIBOR plus 350 bps),
	3,144		6,938		10,082	4.735%, 1-8-24		3,163		6,982		10,145
						Investment Banking & Brokerage – 0.5%
						Jane Street Group LLC (ICE LIBOR plus 450 bps),
	9,663		21,610		31,273	5.735%, 8-25-22		9,741		21,786		31,527
						Specialized Finance – 0.1%
						Orchestra Borrower LLC and Orchestra Co-Issuer, Inc. (3-Month ICE LIBOR plus 375 bps),
	1,674		3,714		5,388	5.061%, 12-30-21		1,691		3,751		5,442
						Total Financials – 0.8%		14,595		32,519		47,114
						Health Care
						Life Sciences Tools & Services – 0.3%
						Avantor, Inc.,
	6,019		13,419		19,438	0.000%, 9-22-24(N)		6,036		13,456		19,492
						Total Health Care – 0.3%		6,036		13,456		19,492
						Industrials
						Building Products – 0.3%
						Hampton Rubber Co. & SEI Holding Corp. (ICE LIBOR plus 800 bps),
	—		23,667		23,667	9.235%, 3-27-22		—		20,916		20,916
						Construction & Engineering – 0.2%
						Tensar International Corp. (ICE LIBOR plus 850 bps),
	3,077		15,197		18,274	9.833%, 7-10-22(D)		2,462		12,158		14,620
						Diversified Support Services – 0.3%
						USS Ultimate Holdings, Inc. (ICE LIBOR plus 375 bps),
	2,899		6,483		9,382	4.984%, 8-25-24		2,928		6,548		9,476
						USS Ultimate Holdings, Inc. (ICE LIBOR plus 775 bps),
	2,416		5,403		7,819	8.985%, 8-25-25		2,428		5,430		7,858
								5,356		11,978		17,334

80

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				LOANS(L)			VALUE
						Industrial Conglomerates – 1.0%
						Crosby Worldwide Ltd. (ICE LIBOR plus 300 bps),
$	2,456	$	5,587	$	8,043	4.315%, 11-22-20	$	2,265	$	5,154	$	7,419
						Crosby Worldwide Ltd. (ICE LIBOR plus 600 bps),
	3,950		10,976		14,926	7.315%, 11-22-21		3,259		9,055		12,314
						PAE Holding Corp. (ICE LIBOR plus 550 bps),
	11,597		26,279		37,876	6.735%, 10-20-22		11,641		26,378		38,019
						PAE Holding Corp. (ICE LIBOR plus 950 bps),
	1,995		4,490		6,485	10.735%, 10-20-23		1,997		4,496		6,493
								19,162		45,083		64,245
						Industrial Machinery – 1.3%
						Dynacast International LLC (ICE LIBOR plus 850 bps),
	20,042		61,040		81,082	9.833%, 1-30-23(D)		20,042		61,040		81,082
						Total Industrials – 3.1%		47,022		151,175		198,197
						Information Technology
						Application Software – 0.3%
						TIBCO Software, Inc. (ICE LIBOR plus 350 bps),
	—		21,073		21,073	4.740%, 12-4-20		—		21,126		21,126
						Applications Software – 0.4%
						Applied Systems, Inc.,
	—		8,585		8,585	0.000%, 9-18-25(N)		—		8,843		8,843
						Applied Systems, Inc. (ICE LIBOR plus 700 bps),
	3,899		—		3,899	8.324%, 9-18-25		4,016		—		4,016
						TIBCO Software, Inc. (ICE LIBOR plus 350 bps),
	11,627		—		11,627	4.740%, 12-4-20		11,656		—		11,656
								15,672		8,843		24,515
						Data Processing & Outsourced Services – 0.1%
						Colorado Buyer, Inc. (ICE LIBOR plus 300 bps),
	1,993		4,407		6,400	8.570%, 5-1-25		2,020		4,466		6,486
						Internet Software & Services – 1.1%
						Ancestry.com LLC (ICE LIBOR plus 825 bps),
	3,775		8,329		12,104	9.490%, 10-19-24		3,826		8,443		12,269
						TravelCLICK, Inc. & TCH-2 Holdings LLC (ICE LIBOR plus 400 bps),
	6,075		20,644		26,719	5.235%, 5-12-21		6,098		20,721		26,819
						TravelCLICK, Inc. & TCH-2 Holdings LLC (ICE LIBOR plus 775 bps),
	4,800		23,427		28,227	8.985%, 11-12-21(D)		4,800		23,427		28,227
								14,724		52,591		67,315

81

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				LOANS(L)			VALUE
						IT Consulting & Other Services – 0.0%
						Triple Point Group Holdings, Inc. (ICE LIBOR plus 425 bps),
$	844	$	1,839	$	2,683	5.583%, 7-13-20	$	769	$	1,676	$	2,445
						Total Information Technology – 1.9%		33,185		88,702		121,887
						Materials
						Diversified Metals & Mining – 0.2%
						EP Minerals LLC (ICE LIBOR plus 750 bps),
	2,803		12,375		15,178	8.817%, 8-20-21(D)		2,719		12,004		14,723
						Paper Packaging – 1.0%
						FPC Holdings, Inc. (ICE LIBOR plus 800 bps),
	14,284		31,969		46,253	9.333%, 5-27-20		13,689		30,637		44,326
						Ranpak (Rack Merger) (ICE LIBOR plus 725 bps),
	3,385		14,052		17,437	8.484%, 10-1-22(D)		3,351		13,912		17,263
								17,040		44,549		61,589
						Total Materials – 1.2%		19,759		56,553		76,312
						TOTAL LOANS – 19.8%	$	341,438	$	922,471	$	1,263,909
						(Cost: $1,403,704)
						SHORT-TERM SECURITIES
						Commercial Paper(O) – 4.6%
						Commercial Bank PSQC (GTD by Wells Fargo Bank N.A.),
	—		5,000		5,000	1.580%, 10-10-17		—		4,998		4,998
						DTE Electric Co.,
	—		10,000		10,000	1.281%, 10-4-17		—		9,998		9,998
						DTE Gas Co.,
	20,500		—		20,500	1.490%, 10-12-17		20,490		—		20,490
						E.I. du Pont de Nemours and Co.:
	—		10,375		10,375	1.510%, 10-10-17		—		10,371		10,371
	—		15,000		15,000	1.460%, 10-17-17		—		14,990		14,990
	—		2,500		2,500	1.460%, 10-18-17		—		2,498		2,498
	—		15,000		15,000	1.440%, 10-25-17		—		14,985		14,985
						General Mills, Inc.,
	—		10,000		10,000	1.470%, 10-16-17		—		9,994		9,994
						International Paper Co.:
	—		5,000		5,000	1.330%, 10-6-17		—		4,998		4,998
	10,000		5,000		15,000	1.500%, 10-11-17		9,995		4,998		14,993
						J.M. Smucker Co. (The),
	5,000		20,000		25,000	1.371%, 10-6-17		4,999		19,995		24,994
						Kellogg Co.,
	—		5,000		5,000	1.480%, 10-13-17		—		4,997		4,997
						McCormick & Co., Inc.,
	—		16,000		16,000	1.341%, 10-4-17		—		15,997		15,997
						Medtronic Global Holdings SCA,
	—		5,000		5,000	1.231%, 10-2-17		—		4,999		4,999
	5,000		—		5,000	1.580%, 10-10-17		4,998		—		4,998

82

WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA High Income Fund		Ivy High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				SHORT-TERM SECURITIES			VALUE
						Mondelez International, Inc.:
$	—	$	15,000	$	15,000	1.382%, 10-2-17	$	—	$	14,998	$	14,998
	—		20,000		20,000	1.371%, 10-4-17		—		19,996		19,996
	7,000		—		7,000	1.341%, 10-5-17		6,998		—		6,998
	—		11,000		11,000	1.510%, 10-10-17		—		10,996		10,996
						Sysco Corp.,
	7,609		13,470		21,079	1.350%, 10-2-17		7,608		13,468		21,076
						Virginia Electric and Power Co.,
	—		20,000		20,000	1.570%, 10-11-17		—		19,990		19,990
						Walgreens Boots Alliance, Inc.:
	8,000		—		8,000	1.300%, 10-4-17		7,998		—		7,998
	—		7,000		7,000	1.360%, 10-5-17		—		6,999		6,999
	—		14,500		14,500	1.500%, 10-11-17		—		14,493		14,493
	5,000		—		5,000	1.490%, 10-12-17		4,998		—		4,998
								68,084		224,758		292,842
						Master Note – 0.2%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
	5,229		6,661		11,890	1.450%, 10-4-17(P)		5,229		6,661		11,890
						TOTAL SHORT-TERM SECURITIES – 4.8%	$	73,313	$	231,419	$	304,732
						(Cost: $304,759)
						TOTAL INVESTMENT SECURITIES – 98.8%	$	1,942,239	$	4,360,458	$	6,302,697
						(Cost: $6,576,137)
						CASH AND OTHER ASSETS, NET OF LIABILITIES(Q) – 1.2%		33,058		45,019		78,077
						NET ASSETS – 100.0%	$	1,975,297	$	4,405,477	$	6,380,774	(R)

NOTES TO PROFORMA SCHEDULE OF INVESTMENTS

* Not shown due to rounding.

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

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

(C) Restricted securities. At September 30, 2017, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares			Cost		Market Value
Larchmont Resources LLC		12-8-16		19		$	6,189	$	6,098
Marine Finance Co. Ltd.		9-19-13		1,750			30,173		17,640
New Cotai Participation Corp., Class B		4-12-13		—	*		804		438
Pinnacle Agriculture Enterprises LLC		3-10-17		49,044			22,291		30,898
Sabine Oil & Gas Corp.		12-7-16		5			233		243
Sabine Oil & Gas Corp., expires 12-29-29		12-7-16		20			145		130
						$	59,835	$	55,447

The total value of these securities represented 0.9% of net assets at September 30, 2017.

(D) Securities whose value was determined using significant unobservable inputs.

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

(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.

83

(G) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions wxempt from registration, normally to qualified institutional buyers. At September 30, 2017 the total value of these securities amounted to $3,382,063 or 53.0% of net assets.

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

(I) Zero coupon bond.

(J) Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates.

(K) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2017.

(L) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017.

Description of the reference rate and spread, if applicable, are included in the security description.

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

(N) All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.

(O) Rate shown is the yield to maturity at September 30, 2017.

(P) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(Q) Cash of $250 has been pledged as collateral for OTC foreign forward curreny contracts.

(R) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

PRINCIPAL AMOUNT OF CONTRACT (DENOMINATED IN INDICATED CURRENCY)			FORWARD FOREIGN CURRENCY CONTRACTS	UNREALIZED APPRECIATION/ (DEPRECIATION)
CAD 9,743	CAD 23,421	CAD 33,164	Sell Canadian Dollar, Counterparty – Morgan Stanley International, Settlement Date 10-5-17	$	(64	)	$	(154	)	$	(218	)
Euro 5,803	Euro 16,936	Euro 22,739	Sell Euro, Counterparty – Morgan Stanley International, Settlement Date 10-5-17		8			23			31
				$	(56	)	$	(131	)	$	(187	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	87,342	$	—	$	438
Energy		13,982		6,341		—
Financials		—		—		17,640
Total Common Stocks	$	101,324	$	6,341	$	18,078
Preferred Stocks		4,866		—		30,898
Warrants		—		257		—	*
Corporate Debt Securities		—		4,572,292		—	*
Loans		—		1,006,206		257,703
Short-Term Securities		—		304,732		—
Total	$	106,190	$	5,889,828	$	306,679
Forward Foreign Currency Contracts	$	—	$	31	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	218	$	—

84

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

	Common Stocks			Preferred Stocks		Warrants			Corporate Debt Securities			Loans
Beginning Balance 10-1-16	$	15,912		$	—	$	—	*	$	—	*	$	420,187
Net realized gain (loss)		305			—		—			—			(25,313	)
Net change in unrealized appreciation (depreciation)		2,166			8,607		—			—			5,259
Purchases		—			22,291		—			—			20,546
Sales		(305	)		—		—			—			(268,637	)
Amortization/Accretion of premium/discount		—			—		—			—			661
Transfers into Level 3 during the period		—			—		—			—			109,993
Transfers out of Level 3 during the period		—			—		—			—			(4,993	)
Ending Balance 9-30-17	$	18,078		$	30,898	$	—	*	$	—	*	$	257,703
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-17	$	2,166		$	8,607	$	—		$	—			8,262

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 twelve month period ended September 30, 2017, there were no transfers between Levels 1 and 2.

Information about Level 3 fair value measurements:

Assets	Fair  Value 9-30-17			Valuation Technique(s)	Unobservable Input(s)	Input value(s)
Common Stocks	$	18,078		Market comparable approach	Adjusted revenue multiple		7.53x
					Illiquidity discount		10	%
Preferred Stocks		30,898		Market comparable approach	Adjusted EBITDA		8.52x
Warrants		—	*	Third-party valuation service	Broker quotes		N/A
Corporate Debt Securities		—	*	Third-party valuation service	Broker quotes		N/A
Loans		257,703		Third-party valuation service	Broker quotes		N/A

Significant increases (decreases) in the adjusted revenue multiple and adjusted EBITDA multiple inputs could result in a higher (lower) fair value measurement. However, significant increases (decreases) in the illiquidity discount input could result in a lower (higher) fair value measurement.

The following acronyms are used throughout this pro forma schedule:

GTD = Guaranteed

ICE = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

PIK = Payment in Kind

REIT = Real Estate Investment Trust

85

Pro Forma Statement of Assets and Liabilities (Unaudited)

September 30, 2017

(in thousands, except per share amounts)	WRA Municipal High Income Fund			Ivy Municipal High Income Fund			Pro forma Adjustments			Combining Pro Forma
ASSETS
Investment in unaffiliated securities at value+	$	739,858		$	898,837		$	—		$	1,638,695
Investment in affiliated securities at value+		—			5,112			—			5,112
Investments at Value		739,858			903,949			—			1,643,807
Cash		1			1			—			2
Restricted cash		488			607			—			1,095
Dividends and interest receivable		11,481			15,046			—			26,527
Capital shares sold receivable		280			2,141			—			2,421
Receivable from affiliates		13			178			—			191
Prepaid and other assets		187			67			—			254
Total assets		752,308			921,989			—			1,674,297
LIABILITIES
Capital shares redeemed payable		1,426			2,187			—			3,613
Distributions payable		100			299			—			399
Independent Trustees and Chief Compliance Officer fees payable		136			40			—			176
Distribution and service fees payable		9			12			—			21
Shareholder servicing payable		65			127			—			192
Investment management fee payable		21			26			—			47
Accounting services fee payable		18			20			—			38
Variation margin payable		5			6			—			11
Other liabilities		14			11			152	(a)		177
Total liabilities		1,794			2,728			152			4,674
Total Net Assets	$	750,514		$	919,261		$	(152	)	$	1,669,623
NET ASSETS
Capital paid in (shares authorized—unlimited)	$	777,840		$	933,414		$	—		$	1,711,254
Undistributed net investment income		2,085			2,636			(152	)		4,569
Accumulated net realized loss		(42,679	)		(46,453	)		0			(89,132	)
Net unrealized appreciation		13,268			29,664			—			42,932
Total Net Assets	$	750,514		$	919,261		$	(152	)	$	1,669,623
Class A
Net Assets	$	606,539		$	200,707		$	(33	)(a)	$	807,213
Outstanding Shares		128,101			39,390			(9,214	)(b)		158,277
Net asset value per share	$	4.73		$	5.10					$	5.10
Add: selling commission (5.75% of offering price)		0.29			0.31						0.31
Maximum offering price per Class A share (Class A NAV divided by 94.25%)	$	5.02		$	5.41					$	5.41
Class B
Net Assets	$	478		$	9,980		$	(2	)(a)	$	10,456
Outstanding Shares		101			1,959			(10	)(b)		2,050
Net asset value per share	$	4.73		$	5.10					$	5.10
Class C
Net Assets	$	19,356		$	159,641		$	(26	)(a)	$	178,971
Outstanding Shares		4,088			31,331			(327	)(b)		35,092
Net asset value per share	$	4.73		$	5.10					$	5.10

86

(in thousands, except per share amounts)	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Pro forma Adjustments			Combining Pro Forma
Class Y—WRA Municipal High Income Fund into Class I Ivy Municipal High Income Fund
Net Assets	$	124,141	$	534,589	$	(89	)(a)	$	658,641
Outstanding Shares		26,218		104,918		(1,991	)(b)		129,145
Net asset value per share	$	4.73	$	5.10				$	5.10
Class N
Net Assets			$	273	$	—	*(a)	$	273
Outstanding Shares				53		—	*(b)		53
Net asset value per share			$	5.10				$	5.10
Class Y—Ivy Municipal High Income Fund
Net Assets			$	14,071	$	(2	)(a)	$	14,069
Outstanding Shares				2,762		—	*(b)		2,762
Net asset value per share			$	5.10				$	5.10
+Cost
Investments in unaffiliated securities at cost	$	726,958	$	870,744	$	—		$	1,597,702
Investments in affiliated securities at cost		—		3,998					3,998

* Not shown due to rounding.

(a) Accrued cost of one time proxy, accounting, legal and other costs borne 100% by the Acquired Fund.

(b) Share adjustment—redemption of Acquired Fund’s shares and issuance of Acquiring Fund’s shares for net assets at NAV per share of each class of Acquiring Fund.

See Accompanying Notes to Pro Forma Financial Statements.

87

Pro Forma Statement of Operations (Unaudited)

For the year ended September 30, 2017

(in thousands)	WRA Municipal High Income Fund			Ivy Municipal High Income Fund			Pro forma Adjustments			Combining Pro Forma
INVESTMENT INCOME
Interest and amortization from unaffiliated securities	$	41,630		$	53,128		$	—		$	94,758
Interest and amortization from affiliated securities		—			330			—			330
Total investment income		41,630			53,458			—			95,088
EXPENSES
Investment management fee		4,140			5,586			(808	) (a)		8,918
Distribution and service fees:
Class A		1,620			625			—			2,245
Class B		6			114			—			120
Class C		217			1,872			—			2,089
Class Y		—			39			—			39
Shareholder servicing:
Class A		438			175			(53	) (b)		560
Class B		2			12			—	* (b)		14
Class C		39			120			(5	) (b)		154
Class I		—			972			(34	)		938
Class N		—			—	*		—			—	*
Class Y		248			26			—			274
Registration fees		85			105			(65	) (b)		125
Custodian fees		15			15			—			30
Independent Trustees and Chief Compliance Officer fees		68			51			—			119
Accounting services fees		212			253			(199	) (c)		266
Professional fees		52			41			(20	) (d)		73
Other		62			105			(41	) (e)		126
Total expenses		7,204			10,111			(1,225	)		16,090
Less:
Expenses in excess of limit		(58	)		(414	)		(21	) (f)		(493	)
Total Net Expenses		7,146			9,697			(1,246	)		15,597
Net investment income		34,484			43,761			1,246			79,491
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments unaffiliated securities		(14,999	)		(34,034	)		—			(49,033	)
Futures contracts		(50	)		231			—			181
Net change in unrealized appreciation (depreciation) on:
Investments unaffiliated securities		(25,255	)		(31,562	)		—			(56,817	)
Investments affiliated securities					563
Futures contracts		(37	)		(180	)		—			(217	)
Net Realized and Unrealized Loss		(40,341	)		(64,982	)					(105,323	)
Net decrease in net assets resulting from operations	$	(5,857	)	$	(21,221	)	$	1,246		$	(25,832	)

* Not shown due to rounding.

(a) Based on management fee of 0.47% of net assets.

(b) Shareholder Servicing adjusted due to combining identical accounts as well as a reduction in out-of-pocket expenses.

(c) Accounting services fee adjustment due to lower annual fee due to a higher total net assets.

(d) Audit fees adjustment due to combination of funds to one entity.

(e) Decrease due to economies of scale achieved by merging funds.

(f) Decrease due to expense waivers on surviving fund.

See Notes to Pro Forma Financial Statements.

88

PRO FORMA SCHEDULE OF INVESTMENTS (in thousands)

SEPTEMBER 30, 2017

(Unaudited)

WRA Municipal High Income Fund			Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
			SHARES				COMMON STOCKS			VALUE
							Consumer Discretionary
							Education Services –0.1%
	—			6,578		6,578	1155 Island Avenue LLC(A)(I)	$	—	$	1,841	$	1,841
							Total Consumer Discretionary – 0.1%		—		1,841		1,841
							TOTAL COMMON STOCKS – 0.1%	$	—	$	1,841	$	1,841
							(Cost: $1,074)
			PRINCIPAL				CORPORATE DEBT SECURITIES
							Consumer Discretionary
							Education – 0.2%
							1155 Island Avenue LLC,
$	—	*	$	311	$	311	10.000%, 12-11-24(A)		—		311		311
							1155 Island Avenue LLC (10.000% Cash or 12.500% PIK),
	—			2,960		2,960	10.000%, 12-11-24(A)(B)		—		2,960		2,960
									—		3,271		3,271
							TOTAL CORPORATE DEBT SECURITIES – 0.2%	$	—	$	3,271	$	3,271
							(Cost: $2,924)
							MUNICIPAL BONDS
							Alabama – 2.8%
							AL 21st Century Auth, Tob Stlmt Rev Bonds, Ser 2012-A,
	—			1,000		1,000	5.000%, 6-1-21		—		1,120		1,120
							AL Econ Stlmt Auth, BP Stlmt Rev Bonds, Ser 2016A,
	9,000			—		9,000	4.000%, 9-15-33		9,421		—		9,421
							Butler Cnty Indl Dev Auth, Envirnmt Impvt Rev Bonds, Ser 2008A,
	1,000			—		1,000	7.000%, 9-1-32		1,037		—		1,037
							DC Tob Stlmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2006A,
	20,000			26,000		46,000	0.000%, 6-15-46(C)		2,920		3,796		6,716
							Fairfield, AL, GO Warrants, Ser 2012,
	—			8,485		8,485	6.000%, 6-1-37		—		8,883		8,883
							Jefferson Cnty, AL, Swr Rev Bonds, Ser 2013-D,
	2,970			7,500		10,470	6.500%, 10-1-53		3,546		8,954		12,500
							Lower AL Gas Dist, Gas Proj Rev Bonds, Ser 2016A,
	6,000			—		6,000	5.000%, 9-1-46		7,314		—		7,314
									24,238		22,753		46,991

89

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Alaska – 0.8%
						Northn Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2006A Sr Cur Int Bonds,
$	6,320	$	7,000	$	13,320	5.000%, 6-1-46	$	6,167	$	6,831	$	12,998
						American Samoa – 0.6%
						American Samoa Econ Dev Auth, Gen Rev and Rfdg Bonds, Ser 2015A,
	5,000		5,000		10,000	6.625%, 9-1-35		5,028		5,028		10,056
						Arizona – 1.5%
						AZ Hlth Fac Auth, Rev Bonds (Banner Hlth), Ser 2007B (3-Month U.S. LIBOR*0.67 plus 81 bps),
	10,000		—		10,000	0.981%, 1-1-37(E)		8,822		—		8,822
						Indl Dev Auth of Pima, Edu Rev Bonds (Noah Webster Sch - Pima Proj), Tax-Exempt Ser 2014A,
	—		1,500		1,500	7.000%, 12-15-43		—		1,650		1,650
						Indl Dev Auth of Tempe, AZ, Rev Rfdg Bonds (Friendship Vlg of Tempe), Ser 2012A:
	—		2,390		2,390	6.000%, 12-1-27		—		2,590		2,590
	1,430		—		1,430	6.000%, 12-1-32		1,533		—		1,533
	—		2,150		2,150	6.250%, 12-1-42		—		2,303		2,303
	1,500		1,000		2,500	6.250%, 12-1-46		1,603		1,069		2,672
						Indl Dev Auth of Yavapai, Edu Rev Bonds (AZ Agribusiness and Equine Ctr, Inc. Proj), Ser 2011,
	2,000		3,500		5,500	7.875%, 3-1-42		2,244		3,927		6,171
								14,202		11,539		25,741
						California – 10.3%
						Adelanto Pub Auth, Fixed Rate Rfdg Rev Bonds (Util Sys Proj), Ser 2009A,
	—		4,000		4,000	6.750%, 7-1-39		—		4,283		4,283
						CA Cnty Tob Securitization Agy, Tob Stlmt Asset-Bkd Bonds (Stanislaus Cnty Tob Funding Corp.), Ser 2006,
	6,250		—		6,250	0.000%, 6-1-55(C)		287		—		287
						CA Muni Fin Auth, Charter Sch Rev Bonds (Palmdale Aerospace Academy Proj), Ser 2016A,
	—		1,750		1,750	5.000%, 7-1-41		—		1,824		1,824
	1,670		—		1,670	5.000%, 7-1-46		1,736		—		1,736
						CA Muni Fin Auth, Edu Fac Rev Bonds (King/Chavez Academies Proj), Taxable Ser 2009B,
	—		400		400	8.000%, 10-1-22		—		456		456
						CA Muni Fin Auth, Edu Fac Rev Bonds (Literacy First Proj), Ser 2010B,
	—		2,040		2,040	6.000%, 9-1-30		—		2,190		2,190

90

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						CA Muni Fin Auth, Rev Bonds (Ret Hsng Fndtn Oblig Group), Ser 2017A,
$	750	$	—	$	750	5.000%, 11-15-31	$	925	$	—	$	925
						CA Sch Fin Auth, Charter Sch Rev Bonds (Coastal Academy Proj), Ser 2013A,
	—		1,200		1,200	5.000%, 10-1-42		—		1,249		1,249
						CA Sch Fin Auth, Charter Sch Rev Bonds (Encore Edu Oblig Group), Ser 2016A:
	2,010		—		2,010	5.000%, 6-1-42		1,973		—		1,973
	1,890		—		1,890	5.000%, 6-1-52		1,812		—		1,812
						CA Sch Fin Auth, Charter Sch Rev Rfdg Bonds (Aspire Pub Sch - Oblig Group), Ser 2016,
	1,500		—		1,500	5.000%, 8-1-41		1,655		—		1,655
						CA Sch Fin Auth, Sch Fac Rev Bonds (Alliance for College-Ready Pub Sch Proj), Ser 2016C,
	3,660		—		3,660	5.250%, 7-1-52		4,064		—		4,064
						CA Statewide Cmnty Dev Auth, Edu Fac Rev Bonds (Independence Support LLC Proj), Ser 2015,
	—		4,000		4,000	7.000%, 6-1-45		—		3,501		3,501
						CA Statewide Cmnty Dev Auth, Rev Bonds (Lancer Plaza Proj), Ser 2013:
	—		1,400		1,400	5.625%, 11-1-33		—		1,535		1,535
	—		1,890		1,890	5.875%, 11-1-43		—		2,083		2,083
						CA Statewide Cmnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2016A:
	—		3,000		3,000	5.000%, 12-1-46		—		3,282		3,282
	2,500		—		2,500	5.250%, 12-1-56		2,752		—		2,752
						CA Statewide Cmnty Dev Auth, Rfdg Rev Bonds (CA Baptist Univ), Ser 2017A,
	1,000		—		1,000	5.000%, 11-1-41		1,081		—		1,081
						CA Statewide Cmnty Dev Auth, Sr Living Rev Bonds (Southn CA Presbyterian Homes), Ser 2009:
	—		2,490		2,490	6.625%, 11-15-24		—		2,745		2,745
	1,500		2,000		3,500	7.000%, 11-15-29		1,649		2,199		3,848
	—		6,000		6,000	7.250%, 11-15-41		—		6,569		6,569
						CA Statewide Cmnty Dev Auth, Student Hsng Rfdg Rev Bonds (Univ of CA, Irvine East Campus Apt, CHF-Irvine LLC), Ser 2016,
	1,500		—		1,500	5.000%, 5-15-40		1,713		—		1,713
						CA Various Purp GO Bonds,
	—		500		500	6.000%, 4-1-35		—		537		537
						Cert of Part, Oro Grande Elem Sch Dist, Ser 2010,
	5,000		—		5,000	6.125%, 9-15-40		5,627		—		5,627

91

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Cert of Part, Oro Grande Elem Sch Dist, Ser 2013,
$	—	$	2,760	$	2,760	5.125%, 9-15-42	$	—	$	2,987	$	2,987
						Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-1 (Insured by AGM),
	1,300		1,500		2,800	3.950%, 1-15-53		1,297		1,497		2,794
						Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2017A-1,
	1,250		—		1,250	5.000%, 6-1-29		1,469		—		1,469
						Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007A-1:
	—		2,245		2,245	5.000%, 6-1-33		—		2,243		2,243
	7,000		13,140		20,140	5.125%, 6-1-47		6,990		13,121		20,111
						Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015A,
	6,265		—		6,265	5.000%, 6-1-35		7,239		—		7,239
						Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007A-1 Sr Current Interest Bonds,
	4,680		—		4,680	5.750%, 6-1-47		4,680		—		4,680
						Palamar Hlth, Rfdg Rev Bonds, Ser 2016,
	3,000		5,700		8,700	4.000%, 11-1-39		2,987		5,675		8,662
						Palomar Pomerado Hlth, San Diego Cnty, CA, Cert of Part:
	2,000		—		2,000	6.625%, 11-1-29		2,235		—		2,235
	—		3,000		3,000	6.000%, 11-1-41		—		3,247		3,247
						Redev Agy for Riverside, Interstate 215 Corridor Redev Proj Area, 2010 Tax Alloc Bonds, Ser E,
	2,500		—		2,500	6.500%, 10-1-40		2,907		—		2,907
						Redev Agy of San Buenaventura, Merged San Buenaventura Redev Proj, 2008 Tax Alloc Bonds:
	1,000		—		1,000	7.750%, 8-1-28		1,015		—		1,015
	1,400		100		1,500	8.000%, 8-1-38		1,422		101		1,523
						San Buenaventura Rev Bonds (Cmnty Mem Hlth Sys), Ser 2011:
	—		1,400		1,400	8.000%, 12-1-26		—		1,724		1,724
	—		9,400		9,400	8.000%, 12-1-31		—		11,332		11,332
	4,000		—		4,000	7.500%, 12-1-41		4,673		—		4,673
						San Mateo Cmnty Fac Dist No. 2008-1 (Bay Meadows), Spl Tax Bonds, Ser 2012,
	1,000		8,000		9,000	6.000%, 9-1-42		1,113		8,902		10,015
						Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.), Ser 2006A Sr Current Int Bonds,
	5,500		12,395		17,895	5.000%, 6-1-37		5,498		12,391		17,889

92

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.), Ser A-1,
$	6,650	$	—	$	6,650	5.125%, 6-1-46	$	6,650	$	—	$	6,650
								75,449		95,673		171,122
						Colorado – 4.3%
						Arkansas River Power Auth, CO, Power Rev Impvt Bonds, Ser 2006,
	2,000		—		2,000	5.250%, 10-1-40		2,004		—		2,004
						Arkansas River Power Auth, CO, Power Rev Impvt Bonds, Ser 2008,
	4,710		5,715		10,425	6.000%, 10-1-40		4,817		5,845		10,662
						Arkansas River Power Auth, CO, Power Rev Impvt Bonds, Ser 2010,
	—		5,000		5,000	6.125%, 10-1-40		—		5,382		5,382
						CO Edu and Cultural Fac Auth, Charter Sch Rev Bonds (The Classical Academy Proj), Ser 2008A,
	2,700		85		2,785	7.400%, 12-1-38		2,902		91		2,993
						CO Edu and Cultural Fac Auth, Charter Sch Rev Bonds (The Classical Academy Proj), Ser 2008B,
	1,110		—		1,110	8.000%, 12-1-38		1,189		—		1,189
						CO Edu and Cultural Fac Auth, Charter Sch Rev Bonds (Twin Peaks Charter Academy Proj), Ser 2008,
	4,000		—		4,000	7.000%, 11-15-38		4,270		—		4,270
						CO Edu and Cultural Fac Auth, Charter Sch Rev Dev and Rfdg Bonds (Windsor Charter Academy Proj), Ser 2016:
	—		570		570	3.875%, 9-1-26		—		558		558
	—		1,000		1,000	5.000%, 9-1-36		—		1,005		1,005
	—		1,390		1,390	5.000%, 9-1-46		—		1,389		1,389
						CO High Performance Trans Enterprise, U.S. 36 and I-25 Managed Lanes Sr Rev Bonds, Ser 2014,
	—		3,250		3,250	5.750%, 1-1-44		—		3,651		3,651
						CO Hlth Fac Auth, Rev Bonds (CO Sr Residences Proj), Ser 2012:
	—		2,610		2,610	6.750%, 6-1-32(D)		—		2,048		2,048
	3,665		—		3,665	7.000%, 6-1-42(D)		2,875		—		2,875
	—		3,000		3,000	7.125%, 6-1-47(D)		—		2,353		2,353
						CO Hlth Fac Auth, Rev Bonds (Total Longterm Care Natl Oblig Group Proj), Ser 2010A,
	—		1,250		1,250	6.250%, 11-15-40		—		1,444		1,444

93

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						CO Hlth Fac Auth, Rev Rfdg Bonds (Christian Living Cmnty Proj), Ser 2012,
	$ 1,000	$	—	$	1,000	5.250%, 1-1-37	$	1,053	$	—	$	1,053
						CO Intl Ctr Metro Dist No. 3, GO Rfdg and Impvt Bonds, Ser 2016,
	3,140		—		3,140	5.000%, 12-1-46		3,046		—		3,046
						Green Gables Metro Dist No. 1, Ltd. Tax GO Bonds, Ser 2016A,
	1,250		—		1,250	5.300%, 12-1-46		1,269		—		1,269
						Leyden Rock Metro Dist No. 10 (Arvada, CO), Ltd. Tax GO Rfdg and Impvt Bonds, Ser 2016A,
	—		1,250		1,250	5.000%, 12-1-45		—		1,273		1,273
						Leyden Rock Metro Dist No. 10 (Arvada, CO), Ltd. Tax Subordinate GO Bonds, Ser 2016B,
	—		500		500	7.250%, 12-15-45		—		498		498
						Littleton Vlg Metro Dist No. 2, Ltd. Tax GO and Spl Rev Bonds, Ser 2015,
	—		1,700		1,700	5.375%, 12-1-45		—		1,715		1,715
						North Range Metro Dist No. 2, Adams Cnty, CO, Ltd. Tax GO Bonds, Ser 2007,
	7,300		—		7,300	5.500%, 12-15-37		7,372		—		7,372
						Pub Auth for CO Enrg, Natural Gas Purchase Rev Bonds, Ser 2008,
	3,000		—		3,000	6.500%, 11-15-38		4,213		—		4,213
						Rgnl Trans Dist, Private Activity Bonds (Denver Transit Partn Eagle P3 Proj), Ser 2010,
	3,000		3,000		6,000	6.500%, 1-15-30		3,341		3,341		6,682
						Sierra Ridge Metro Dist No. 2, Ltd. Tax GO Bonds, Ser 2016A,
	—		1,500		1,500	5.500%, 12-1-46		—		1,531		1,531
						Solaris Metro Dist No. 3, Ltd. Tax GO Rfdg Bonds, Ser 2016A,
	1,880		—		1,880	5.000%, 12-1-46		1,951		—		1,951
								40,302		32,124		72,426
						Connecticut – 0.6%
						CT Hlth and Edu Fac Auth, Hlthcare Fac Expansion Rev Bonds (Church Home of Hartford, Inc. Proj), Ser 2016A:
	—		1,000		1,000	5.000%, 9-1-46		—		1,013		1,013
	1,600		—		1,600	5.000%, 9-1-53		1,605		—		1,605
						Harbor Point Infra Impvt Dist (Harbor Point Proj), Spl Oblig Rev Bonds, Ser 2010A,
	4,500		2,000		6,500	7.875%, 4-1-39		4,976		2,212		7,188
								6,581		3,225		9,806

94

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						District Of Columbia – 0.1%
						Metro WA DC Arpt Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2010B,
$	—	$	1,000	$	1,000	0.000%, 10-1-44(C)	$	—	$	1,176	$	1,176
						Florida – 3.6%
						Brevard Cnty, FL, Indl Dev Rev Bonds (TUFF FL Tech Proj), Ser 2009:
	2,250		875		3,125	6.500%, 11-1-29		2,386		928		3,314
	2,390		2,060		4,450	6.750%, 11-1-39		2,540		2,189		4,729
						Cap Trust Agy, FL, First Mtg Rev Bonds (Silver Creek St. Augustine Proj), Ser 2014A,
	—		3,000		3,000	8.250%, 1-1-49(D)		—		2,486		2,486
						Cap Trust Agy, FL, First Mtg Rev Bonds (Silver Creek St. Augustine Proj), Ser 2016A,
	—		645		645	5.750%, 1-1-50(D)		—		603		603
						Cap Trust Agy, FL, First Mtg Rev Bonds (Silver Creek St. Augustine Proj), Ser 2016B,
	—		555		555	7.000%, 1-1-35(D)		—		543		543
						FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2010A:
	2,600		—		2,600	6.000%, 6-15-32		2,793		—		2,793
	6,000		4,000		10,000	6.000%, 9-15-40		6,237		4,158		10,395
	1,000		5,500		6,500	6.125%, 6-15-43		1,073		5,899		6,972
						FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2014A:
	—		110		110	6.000%, 6-15-34		—		116		116
	—		5,300		5,300	6.125%, 6-15-44		—		5,571		5,571
						FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2015A,
	—		2,000		2,000	6.000%, 6-15-35		—		2,120		2,120
						FL Dev Fin Corp., Rev Bonds (Sculptor Charter Sch Proj), Ser 2008A,
	1,940		—		1,940	7.250%, 10-1-38		2,002		—		2,002
						FL Dev Fin Corp., Taxable Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2012B,
	—		300		300	7.500%, 6-15-18		—		303		303
						Lee Cnty Indl Dev Auth, Hlthcare Fac Rfdg Rev Bonds (Cypress Cove at Health Park FL, Inc. Proj), Ser 2012,
	3,835		6,000		9,835	6.500%, 10-1-47		4,166		6,519		10,685
						Miami-Dade Cnty Indl Dev Auth, Rev Bonds (Youth Co-Op Charter Sch Proj), Ser 2015A,
	—		3,250		3,250	6.000%, 9-15-45		—		3,390		3,390

95

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Mid-Bay Bridge Auth, 1st Sr Lien Rev Bonds, Ser 2015A,
$	—	$	2,000	$	2,000	5.000%, 10-1-40	$	—	$	2,237	$	2,237
						Osceola Cnty, Expressway Sys Rev Bonds (Poinciana Prkwy Proj), Ser 2014A,
	—		2,000		2,000	5.375%, 10-1-47		—		2,154		2,154
								21,197		39,216		60,413
						Georgia – 1.5%
						Cobb Cnty, GA, Dev Auth Sr Living Rfdg Rev Bonds (Provident Vlg Creekside Proj), Ser 2016A:
	—		1,250		1,250	6.000%, 7-1-36		—		1,173		1,173
	2,000		2,000		4,000	6.000%, 7-1-51		1,821		1,821		3,642
						Greene Cnty Dev Auth, GA, First Mtg Rev Bonds (Glen-I LLC Proj), Ser 2015A,
	6,000		9,000		15,000	7.250%, 1-1-46		6,061		9,091		15,152
						Savannah Econ Dev Auth, Rfdg Rev Bonds (The Marshes of Skidaway Island Proj), Ser 2013,
	4,000		—		4,000	7.250%, 1-1-49		4,598		—		4,598
								12,480		12,085		24,565
						Guam – 0.3%
						Cert of Part (JFK High Sch Proj), Dept of Edu, GU, Ser 2010A:
	—		1,400		1,400	6.625%, 12-1-30		—		1,464		1,464
	—		3,500		3,500	6.875%, 12-1-40		—		3,684		3,684
								—		5,148		5,148
						Hawaii – 0.6%
						Dept of Budget and Fin of HI, Spl Purp Sr Living Rev Bonds (15 Craigside Proj), Ser 2009A:
	300		—		300	8.750%, 11-15-29		343		—		343
	2,000		4,200		6,200	9.000%, 11-15-44		2,331		4,894		7,225
						Kaua’I Cmnty Fac Dist No. 2008-1 (Kukul’ula Dev Proj), Spl Tax Rev Bonds, Ser 2012,
	—		2,000		2,000	5.750%, 5-15-42		—		2,048		2,048
								2,674		6,942		9,616
						Idaho – 0.1%
						ID Hsng and Fin Assoc (Compass Pub Charter Sch, Inc. Proj), Ser 2010A:
	—		1,000		1,000	6.250%, 7-1-40		—		1,044		1,044
	—		550		550	6.250%, 7-1-45		—		574		574
								—		1,618		1,618
						Illinois – 9.4%
						Belleville, IL, Tax Incr Rfdg Rev Bonds (Frank Scott Pkwy Redev Proj), Ser 2007A,
	2,500		4,160		6,660	5.700%, 5-1-36		2,500		4,160		6,660

96

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Cert of Part, Metra Market of Chicago LLC Redev Proj, Ser A,
$	—	$	1,000	$	1,000	6.870%, 2-15-24	$	—	$	1,003	$	1,003
						Chicago Midway Arpt, Second Lien Rev Rfdg Bonds, Ser 2013B,
	—		3,000		3,000	5.000%, 1-1-35		—		3,334		3,334
						Chicago Multi-Fam Hsng, Rev Bonds (Goldblatts Supportive Living Proj), Ser 2013,
	3,000		6,000		9,000	6.125%, 12-1-43		2,657		5,314		7,971
						Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Bonds, Ser 2015D,
	—		2,000		2,000	5.000%, 1-1-46		—		2,248		2,248
						Chicago O’Hare Intl Arpt, Gen Arpt Third Lien Rev Bonds, Ser 2011A:
	—		1,000		1,000	5.750%, 1-1-39		—		1,143		1,143
						Cook Cnty, IL, Recovery Zone Fac Rev Bonds (Navistar Intl Corp. Proj), Ser 2010,
	4,500		2,000		6,500	6.500%, 10-15-40		4,837		2,150		6,987
						Fairview Heights, IL, Tax Incr Rfdg Rev Bonds (Shoppes at St. Clair Square Redev Proj), Ser 2009A,
	250		45		295	8.000%, 12-1-28		255		46		301
						IL Fin Auth, Multi-Family Hsng Rev Bonds (St. Anthony of Lansing Proj), Ser 2012,
	4,655		—		4,655	6.500%, 12-1-32		4,906		—		4,906
						IL Fin Auth, Rev and Rfdg Bonds (Roosevelt Univ Proj), Ser 2009,
	—		8,000		8,000	6.500%, 4-1-44		—		8,552		8,552
						IL Fin Auth, Rev Bonds (Admiral at the Lake Proj), Ser 2010A:
	5,000		13,000		18,000	8.000%, 5-15-40		5,525		14,366		19,891
	9,000		—		9,000	8.000%, 5-15-46		9,930		—		9,930
						IL Fin Auth, Rev Bonds (Lutheran Home and Svs Oblig Group), Ser 2012:
	—		5,300		5,300	5.625%, 5-15-42		—		5,503		5,503
	2,500		—		2,500	5.750%, 5-15-46		2,604		—		2,604
						IL Fin Auth, Rev Bonds (Navistar Intl Corp. Proj), Ser 2010,
	—		6,500		6,500	6.500%, 10-15-40				6,987		6,987
						IL Fin Auth, Rev Bonds (Rush Univ Med Ctr Oblig Group), Ser 2009A,
	2,565		—		2,565	7.250%, 11-1-38		2,737		—		2,737
						IL Fin Auth, Rev Bonds (Silver Cross Hosp and Med Ctrs), Ser 2009,
	5,000		—		5,000	7.000%, 8-15-44		5,547		—		5,547
						Springfield, Sangamon Cnty, IL, Spl Svc Area (Legacy Pointe), Tax Bonds, Ser 2009,
	3,500		500		4,000	7.875%, 3-1-32		3,574		511		4,085

97

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Springfield, Sangamon Cnty, IL, Spl Svc Area (Legacy Pointe), Tax Bonds, Ser 2010,
$	2,000	$	1,500	$	3,500	7.500%, 3-1-32	$	2,035	$	1,526	$	3,561
						SW IL Dev Auth, Local Govt Prog Rev Bonds (City of Belleville-Carlyle/Green Mount Redev Proj), Ser 2011A,
	—		6,000		6,000	7.000%, 7-1-41		—		6,159		6,159
						SW IL Dev Auth, Local Govt Prog Rev Bonds (Granite City Proj), Ser 2008,
	2,970		1,410		4,380	7.000%, 12-1-22		3,142		1,492		4,634
						SW IL Dev Auth, Local Govt Prog Rev Bonds (Granite City Proj), Ser 2009,
	265		165		430	8.000%, 1-15-22		268		167		435
						SW IL Dev Auth, Local Govt Prog Rev Rfdg Bonds (Granite City Proj), Ser 2012,
	1,945		3,365		5,310	5.250%, 3-1-23		1,977		3,420		5,397
						SW IL Dev Auth, Sr Care Fac Rev Bonds (Eden Ret Ctr, Inc. Proj), Ser 2006,
	2,675		—		2,675	5.850%, 12-1-36		2,427		—		2,427
						Upper IL River Vly Dev Auth (Pleasant View Luther Home Proj), Rev Bonds, Ser 2010:
	—		1,100		1,100	7.250%, 11-15-40		—		1,148		1,148
	—		1,500		1,500	7.375%, 11-15-45		—		1,563		1,563
						Upper IL River Vly Dev Auth, Multi-Fam Hsng Rev Bonds (Deer Park of Huntley Proj), Ser 2012,
	—		4,930		4,930	6.500%, 12-1-32		—		5,113		5,113
						Vlg of Bridgeview, Cook Cnty, IL, GO Bonds, Ser 2015A:
	—		2,705		2,705	5.750%, 12-1-35		—		2,523		2,523
	4,000		3,365		7,365	5.625%, 12-1-41		3,607		3,035		6,642
						Vlg of Bridgeview, Cook Cnty, IL, GO Rfdg Bonds, Ser 2014A,
	1,500		1,500		3,000	5.500%, 12-1-43		1,369		1,369		2,738
						Vlg of East Dundee, Kane and Cook Cnty, IL, Ltd. Oblig Tax Incr Rev Bonds (Route 25 South Redev Proj), Ser 2012,
	—		1,505		1,505	5.625%, 12-1-31		—		1,501		1,501
						Vlg of Riverdale, Cook Cnty, IL, Unlimited Tax GO Bonds, Ser 2011,
	2,315		9,785		12,100	8.000%, 10-1-36		2,470		10,440		12,910
								62,367		94,773		157,140
						Indiana – 3.7%
						Allen Cnty, IN, Econ Dev Rev Bonds (StoryPoint Fort Wayne Proj), Sr Ser 2017A-1:
	1,000		—		1,000	6.625%, 1-15-34		1,057		—		1,057
	1,400		—		1,400	6.750%, 1-15-43		1,479		—		1,479
	2,000		—		2,000	6.875%, 1-15-52		2,113		—		2,113

98

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						City of Carmel, IN, Rev Bonds, Ser 2012A:
$	—	$	1,575	$	1,575	7.000%, 11-15-27	$	—	$	1,728	$	1,728
	—		2,000		2,000	7.000%, 11-15-32		—		2,179		2,179
	—		7,500		7,500	7.125%, 11-15-42		—		8,179		8,179
	6,250		—		6,250	7.125%, 11-15-47		6,801		—		6,801
						IN Fin Auth, Midwestn Disaster Relief Rev Bonds (OH Vly Elec Corp. Proj), Ser 2012A,
	6,335		7,000		13,335	5.000%, 6-1-39		6,449		7,126		13,575
						Lake Station 2008 Bldg Corp., Lake Station, IN, First Mtg Bonds, Ser 2010,
	2,000		3,170		5,170	6.000%, 7-15-27		2,129		3,375		5,504
						Terre Haute, IN, Rev Bonds (Westminister Vlg Proj), Ser 2012,
	1,000		5,000		6,000	6.000%, 8-1-39		1,011		5,054		6,065
						Westfield Redev Dist, Tax Incr Rev Bonds of 2009,
	2,000		—		2,000	6.500%, 2-1-30		2,151		—		2,151
						Whitestown, IN, Econ Dev Tax Incr Rev Bonds (Perry Indl Park and Whitestown Crossing Proj), Ser 2010A,
	3,685		1,880		5,565	7.000%, 2-1-30		4,183		2,134		6,317
						Whiting, IN, Redev Dist Tax Incr Rev Bonds (Standard Avenue Proj), Ser 2006,
	—		2,725		2,725	5.350%, 1-15-27		—		2,725		2,725
						Whiting, IN, Redev Dist Tax Incr Rev Bonds, Ser 2016,
	1,000		1,600		2,600	4.000%, 1-15-32		943		1,508		2,451
								28,316		34,008		62,324
						Iowa – 0.1%
						IA Fin Auth, Rev and Rfdg Bonds (Childserve Proj), Ser 2015B,
	2,425		—		2,425	5.000%, 6-1-36		2,410		—		2,410
						Kansas – 1.5%
						Arkansas City, KS, Pub Bldg Comsn, Rev Bonds (South Cent KS Rgnl Med Ctr), Ser 2009:
	—		1,145		1,145	6.250%, 9-1-24		—		1,192		1,192
	900		—		900	7.000%, 9-1-29		950		—		950
	3,000		500		3,500	7.000%, 9-1-38		3,167		528		3,695
						Atchison, KS, Hosp Rev Bonds (Atchison Hosp Assoc), Ser 2009 (Bloomberg Fair Value Yield Index for the Qualified “A” Rated Municipal Index 5-Year Maturity plus 290 bps),
	—		1,000		1,000	4.480%, 9-1-30(E)		—		1,018		1,018
						Kansas City, Wyandotte Cnty, KS, Unif Govt Spl Oblig Rev Sales Tax Bonds (Vacation Vlg Proj), Ser 2015A,
	3,000		4,000		7,000	5.750%, 9-1-32		3,024		4,033		7,057

99

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund			Ivy Municipal High Income Fund			Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS				VALUE
						Lawrence, KS (The Bowersock Mills & Power Co. Hydroelec Proj), Indl Rev Bonds (Recovery Zone Fac Bonds), Ser 2010A,
$	3,500	$	4,000	$	7,500	7.625%, 8-1-37	$	3,658		$	4,180		$	7,838
						Olathe, KS, Trans Dev Dist Sales Tax Rev Bonds (The Olathe Gateway TDD No. 1a Proj), Ser 2006:
	68		—		68	5.000%, 12-1-16(D)		11			—			11
	95		—		95	5.000%, 12-1-28(D)		15			—			15
						Unif Govt of Wyandotte Cnty, Kansas City, KS, Spl Oblig Rfdg and Impvt Rev Bonds (Wyandotte Plaza Redev Proj), Ser 2016,
	—		3,000		3,000	5.000%, 12-1-34		—			3,038			3,038
								10,825			13,989			24,814
						Kentucky – 0.9%
						KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A:
	5,500		—		5,500	6.375%, 6-1-40		6,255			—			6,255
	2,500		—		2,500	6.500%, 3-1-45		2,851			—			2,851
						KY Pub Trans Infra Auth, First Tier Toll Rev Bonds, Ser 2013A,
	—		4,000		4,000	5.750%, 7-1-49		—			4,457			4,457
						Murray, KY, Hosp Fac Rev Bonds (Murray-Calloway Cnty Pub Hosp Corp. Proj), Ser 2010,
	—		2,000		2,000	6.375%, 8-1-40		—			2,126			2,126
								9,106			6,583			15,689
						Louisiana – 0.8%
						LA Local Govt Envirnmt Fac and Cmnty Dev Auth, Rev Bonds (Shreveport Arpt Cargo Fac Proj), Ser 2008C,
	1,000		—		1,000	7.000%, 1-1-33		1,073			—			1,073
						LA Local Govt Envirnmt Fac and Cmnty Dev Auth, Rev and Rfdg Bonds (CDF Hlthcare of LA LLC Proj), Ser 2015A,
	3,000		5,000		8,000	5.625%, 6-1-45		3,005			5,009			8,014
						LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj - Phase IIA), Ser 2014A,
	4,168		9,379		13,547	8.375%, 7-1-39(D)		—	*		—	*		—	*
						LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj), Ser 2013B,
	7,895		4,306		12,201	10.500%, 7-1-39(D)		—	*		—	*		—	*
						LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj), Ser 2015,
	1,977		—		1,977	7.750%, 7-1-39(D)		—	*		—			—	*

100

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						New Orleans Aviation Board, Gulf Opp Zone CFC Rev Bonds (Consolidated Rental Car Proj), Ser 2009A,
$	4,600	$	—	$	4,600	6.500%, 1-1-40	$	4,866	$	—	$	4,866
								8,944		5,009		13,953
						Maryland – 0.1%
						MD Econ Dev Corp., Econ Dev Rev Bonds (Terminal Proj), Ser B,
	1,250		500		1,750	5.750%, 6-1-35		1,338		535		1,873
						Massachusetts – 1.7%
						MA Dev Fin Agy, Rev Bonds, Foxborough Rgnl Charter Sch Issue, Ser 2010,
	4,000		—		4,000	7.000%, 7-1-42		4,373		—		4,373
						MA Port Auth, Spl Fac Rev Bonds (Delta Air Lines, Inc. Proj), Ser 2001B (Auction Rate Sec) (Insured by AMBAC) (BMA Index*2.65),
	10,500		15,000		25,500	2.173%, 1-1-31(E)		9,660		13,800		23,460
								14,033		13,800		27,833
						Michigan – 2.3%
						Detroit, MI, GO Bonds, Ser 2004-A (1) (Insured by AMBAC),
	—		220		220	5.250%, 4-1-23		—		221		221
						Econ Dev Corp. of Oakland Cnty, Ltd. Oblig Rev Rfdg Bonds (The Roman Catholic Archdiocese of Detroit), Ser 2011,
	—		3,485		3,485	6.500%, 12-1-20		—		3,613		3,613
						MI Fin Auth, Hosp Rev and Rfdg Bonds (Presbyterian Vlg of MI), Ser 2015,
	2,340		3,000		5,340	5.250%, 11-15-35		2,445		3,135		5,580
						MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev and Rev Rfdg Bonds (MI Technical Academy Proj), Ser 2012:
	1,000		1,000		2,000	7.100%, 10-1-31(D)		240		240		480
	1,000		2,000		3,000	7.450%, 10-1-41(D)		240		480		720
						MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev Bonds (Hanley Intl Academy, Inc. Proj), Ser 2010A,
	—		4,535		4,535	6.125%, 9-1-40		—		4,711		4,711
						MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev Bonds (Old Redford Academy Proj), Ser 2010A:
	2,000		—		2,000	5.900%, 12-1-30		2,029		—		2,029
	3,000		—		3,000	6.500%, 12-1-40		3,069		—		3,069
						MI Pub Edu Fac Auth, Ltd. Oblig Rev Bonds (Old Redford Academy Proj), Ser 2005A,
	—		1,720		1,720	5.875%, 12-1-30		—		1,720		1,720

101

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2008A,
$	7,600	$	—	$	7,600	6.875%, 6-1-42	$	7,726	$	—	$	7,726
						MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2008C,
	50,000		50,000		100,000	0.000%, 6-1-58(C)		1,232		1,232		2,464
						MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Sr Current Int Bonds, Ser 2007A,
	—		3,635		3,635	5.125%, 6-1-22		—		3,619		3,619
						The Econ Dev Corp. of Dearborn, MI, Ltd. Oblig Rev and Rfdg Rev Bonds (Henry Ford Vlg, Inc. Proj), Ser 2008:
	605		—		605	6.000%, 11-15-18		598		—		598
	2,400		—		2,400	7.000%, 11-15-38		2,277		—		2,277
								19,856		18,971		38,827
						Minnesota – 0.2%
						Minneapolis Hlth Care Sys, Rev Bonds (Fairview Hlth Svc), Ser 2008B,
	—		3,675		3,675	6.500%, 11-15-38		—		3,880		3,880
						Missouri – 3.7%
						Arnold, MO, Real Ppty Tax Incr Rev Bonds (Arnold Triangle Redev Proj), Ser 2009A,
	1,750		395		2,145	7.750%, 5-1-28		1,877		424		2,301
						Arnold, MO, Sales Tax Incr Rev Bonds (Arnold Triangle Redev Proj), Ser 2009B,
	2,045		—		2,045	8.000%, 5-1-28		2,199		—		2,199
						Ballwin, MO, Tax Incr Rfdg and Impvt Rev Bonds (Ballwin Town Ctr Redev Proj), Ser 2002A,
	885		—		885	6.250%, 10-1-17		885		—		885
						Belton, MO, Tax Incr Rev Bonds (Belton Marketplace Redev Proj), Ser 2012,
	—		820		820	6.375%, 12-1-29		—		829		829
						Blue Springs, MO, Spl Oblig Tax Incr and Spl Dist Rfdg and Impvt Bonds (Adams Farm Proj), Ser 2015A,
	5,000		—		5,000	5.250%, 6-1-39		5,037		—		5,037
						Branson, MO, Indl Dev Auth, Tax Incr Rfdg Rev Bonds (Branson Shoppes Redev Proj), Ser 2017A,
	1,150		—		1,150	3.900%, 11-1-29		1,151		—		1,151
						Broadway-Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A:
	675		—		675	5.875%, 12-1-31		526		—		526
	675		200		875	6.125%, 12-1-36		525		155		680

102

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Grindstone Plaza Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A:
$	—	$	250	$	250	5.250%, 10-1-21	$	—	$	246	$	246
	760		385		1,145	5.400%, 10-1-26		719		364		1,083
	1,500		425		1,925	5.500%, 10-1-31		1,372		389		1,761
	400		325		725	5.550%, 10-1-36		356		289		645
						Hlth and Edu Fac Auth of MO, Edu Fac Rfdg Rev Bonds, Rockhurst Univ, Ser 2011A,
	1,500		—		1,500	6.500%, 10-1-30		1,589		—		1,589
						Jennings, MO, Tax Incr and Cmnty Impvt Rfdg Rev Bonds (Northland Redev Area Proj), Ser 2006,
	1,145		1,060		2,205	5.000%, 11-1-23		1,096		1,015		2,111
						Kirkwood, MO, Indl Dev Auth, Ret Cmnty Rev Bonds (Aberdeen Heights), Ser 2017A,
	4,000		—		4,000	5.250%, 5-15-50		4,194		—		4,194
						Lakeside 370 Levee Dist (St. Charles Cnty, MO), Levee Dist Impvt Bonds, Ser 2008:
	3,302		988		4,290	0.000%, 4-1-55(C)		475		142		617
	2,076		621		2,697	5.750%, 4-1-55		1,893		566		2,459
						Land Clearance for Redev Auth of St. Louis, Recovery Zone Fac Bonds (Kiel Opera House Proj), Ser 2010B,
	2,640		885		3,525	7.000%, 9-1-35		2,697		904		3,601
						Lee’s Summit, MO, Tax Incr Rev Bonds (Summit Fair Proj), Ser 2011,
	—		5,000		5,000	7.250%, 4-1-30		—		5,190		5,190
						Meadows Trans Dev Dist (Lake Saint Louis, MO), Ser 2010,
	—		660		660	5.400%, 5-1-35		—		667		667
						MO Dev Fin Board, Infra Fac Rev Bonds (Branson Landing Proj), Ser 2005A,
	580		—		580	6.000%, 6-1-20		615		—		615
						MO Dev Fin Board, Research Fac Rev Bonds (Midwest Research Institute Proj), Ser 2007,
	3,500		—		3,500	4.500%, 11-1-27		3,512		—		3,512
						St. Louis Muni Fin Corp., Compound Int Leasehold Rev Bonds (Convention Ctr Cap Impvt Proj), Ser 2010A (Insured by AGM):
	1,500		750		2,250	0.000%, 7-15-36(C)		724		362		1,086
	2,500		1,500		4,000	0.000%, 7-15-37(C)		1,153		692		1,845
						Stone Canyon Cmnty Impvt Dist, Independence, MO, Rev Bonds (Pub Infra Impvt Proj), Ser 2007,
	1,250		—		1,250	5.750%, 4-1-27(D)		331		—		331

103

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Tax Incr Fin Comsn of Kansas City, MO, Tax Incr Rev Bonds (Brywood Ctr Proj), Ser 2010A,
$	—	$	3,950	$	3,950	8.000%, 4-1-33(D)	$	—	$	1,381	$	1,381
						The Indl Dev Auth of Branson, MO, Tax Incr Rev Bonds (Branson Shoppes Redev Proj), Ser 2006A,
	2,325		—		2,325	5.950%, 11-1-29		2,326		—		2,326
						The Indl Dev Auth of Grandview, MO, Tax Incr Rev Bonds (Grandview Crossing Proj 1), Ser 2006,
	1,000		—		1,000	5.750%, 12-1-28(D)		180		—		180
						The Indl Dev Auth of Lee’s Summit, MO, Infra Fac Rev Bonds (Kensington Farms Impvt Proj), Ser 2007,
	1,185		1,000		2,185	5.750%, 3-1-29(D)		729		615		1,344
						The Indl Dev Auth of Platte Cnty, MO, Trans Rev Bonds (Zona Rosa Phase II Retail Proj), Ser 2007,
	2,730		200		2,930	6.850%, 4-1-29		2,800		205		3,005
						The Indl Dev Auth of St. Joseph, MO, Hlthcare Rev Bonds (Living Cmnty of St. Joseph Proj), Ser 2002,
	5,820		2,915		8,735	7.000%, 8-15-32		5,824		2,917		8,741
								44,785		17,352		62,137
						Nebraska – 1.2%
						Cent Plains Enrg Proj, Gas Proj Rev Bonds (Proj No. 3), Ser 2012:
	8,000		5,000		13,000	5.250%, 9-1-37		8,864		5,540		14,404
	2,000		3,000		5,000	5.000%, 9-1-42		2,175		3,263		5,438
								11,039		8,803		19,842
						Nevada – 0.4%
						Director of the State of NV, Dept of Business and Industry Charter Sch Lease Rev Bonds (Somerset Academy), Ser 2015A,
	2,515		—		2,515	5.125%, 12-15-45		2,578		—		2,578
						Overton Power Dist No. 5 (NV), Spl Oblig Rev Bonds, Ser 2008,
	3,000		265		3,265	8.000%, 12-1-38		3,245		287		3,532
								5,823		287		6,110
						New Hampshire – 0.2%
						NH Hlth and Edu Fac Auth, Rev Bonds, Rivermead Issue, Ser 2011A,
	—		2,300		2,300	6.875%, 7-1-41		—		2,571		2,571
						New Jersey – 2.2%
						NJ Econ Dev Auth, Cigarette Tax Rev Rfdg Bonds, Ser 2012:
	—		1,000		1,000	5.000%, 6-15-26		—		1,088		1,088
	—		1,000		1,000	5.000%, 6-15-28		—		1,079		1,079
	—		500		500	5.000%, 6-15-29		—		537		537

104

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						NJ Econ Dev Auth, Spl Fac Rev Bonds (Continental Airlines, Inc. Proj), Ser 1999,
$	2,000	$	—	$	2,000	5.125%, 9-15-23	$	2,202	$	—	$	2,202
						NJ Hlth Care Fac Fin Auth, Rev and Rfdg Bonds (Univ Hosp Issue), Ser 2015A,
	—		2,355		2,355	5.000%, 7-1-46		—		2,627		2,627
						Tob Stlmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007-1A:
	1,300		—		1,300	5.000%, 6-1-29		1,300		—		1,300
	9,730		13,750		23,480	5.000%, 6-1-41		9,514		13,445		22,959
						Tob Stlmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007-1A Sr Current Int Bonds,
	—		5,000		5,000	4.750%, 6-1-34		—		4,887		4,887
								13,016		23,663		36,679
						New Mexico – 0.3%
						NM Hosp Equip Loan Council, Hosp Impvt and Rfdg Rev Bonds (Gerald Champion Rgnl Med Ctr Proj), Ser 2012A,
	2,000		2,750		4,750	5.500%, 7-1-42		2,172		2,986		5,158
						New York – 5.7%
						Brooklyn Arena Local Dev Corp., PILOT Rev Rfdg Bonds (Barclays Ctr), Ser 2016A (Insured by AGM),
	—		2,000		2,000	5.000%, 7-15-42		—		2,238		2,238
						Build NYC Res Corp., Rev Bonds (Albert Einstein Sch of Medicine, Inc. Proj), Ser 2015,
	5,000		2,400		7,400	5.500%, 9-1-45		5,504		2,642		8,146
						Dormitory Auth, Sch Dist Rev Bond Fin Prog, Ser 2010A (Insured by AGM),
	—		1,000		1,000	5.000%, 10-1-22		—		1,108		1,108
						Glen Cove Local Econ Assistance Corp., Convertible Cap Apprec Rev Bonds (Garvies Point Pub Impvt Proj), Ser 2016C,
	—		5,000		5,000	0.000%, 1-1-55(C)		—		3,808		3,808
						MTA Hudson Rail Yards Trust Oblig, Ser 2016A,
	—		5,000		5,000	5.000%, 11-15-56		—		5,603		5,603
						Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A2,
	1,125		5,269		6,394	6.500%, 1-1-32		1,145		5,361		6,506
						Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A4,
	3,750		9,000		12,750	6.700%, 1-1-49		3,816		9,158		12,974

105

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A5,
$	726	$	2,179	$	2,905	6.700%, 1-1-49	$	739	$	2,217	$	2,956
						Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014B,
	489		1,466		1,955	5.500%, 7-1-20		497		1,490		1,987
						Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014C,
	2,674		7,885		10,559	2.000%, 1-1-49		446		1,314		1,760
						Nassau Cnty Tob Stlmnt Corp., Tob Stlmnt Asset-Bkd Bonds, Ser 2006A-3 Sr Current Int Bonds,
	3,000		7,000		10,000	5.125%, 6-1-46		2,992		6,982		9,974
						NY Cntys Tob Trust VI, Tob Stlmt Pass-Through Bonds, Ser 2016A,
	1,000		—		1,000	5.000%, 6-1-51		1,031		—		1,031
						NY Liberty Dev Corp., Rev Bonds (3 World Trade Center Proj), Ser 2014,
	7,000		5,000		12,000	5.000%, 11-15-44		7,642		5,458		13,100
						NY Trans Dev Corp., Spl Fac Bonds (Laguardia Arpt Terminal B Redev Proj), Ser 2016A,
	2,500		—		2,500	5.250%, 1-1-50		2,784		—		2,784
						The Orange Co. Funding Corp. (NY), Assisted Living Residence Rev Bonds (The Hamlet at Wallkill Assisted Living Proj), Ser 2012,
	6,015		11,500		17,515	6.500%, 1-1-46		6,156		11,770		17,926
						Westchester Tob Asset Securitization Corp., Tob Stlmt Bonds, Ser 2016B,
	2,500		—		2,500	5.000%, 6-1-41		2,686		—		2,686
								35,438		59,149		94,587
						North Carolina – 0.2%
						NC Med Care Comsn, Ret Fac First Mtg Rev Bonds (Galloway Ridge Proj), Ser 2010A,
	—		1,520		1,520	6.000%, 1-1-39		—		1,580		1,580
						NC Tpk Auth, Monroe Expressway Toll Rev Bonds, Ser 2016C,
	4,160		—		4,160	0.000%, 7-1-41(C)		1,312		—		1,312
								1,312		1,580		2,892
						Ohio – 1.2%
						Cleveland-Cuyahoga Cnty Port Auth, Dev Rev Bonds (Flats East Dev Proj), Ser 2010B,
	—		2,490		2,490	7.000%, 5-15-40		—		2,716		2,716

106

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Cnty of Muskingum, OH, Hosp Fac Rev Bonds (Genesis Hlth Care Sys Oblig Group Proj), Ser 2013,
$	—	$	5,000	$	5,000	5.000%, 2-15-48	$	—	$	5,193	$	5,193
						Columbus-Franklin Cnty Fin Auth, Dev Rev Bonds (Cent OH Rgnl Bond Fund), (One Neighborhood Proj), Ser 2010A,
	—		1,225		1,225	6.500%, 11-15-39		—		1,228		1,228
						Greene Cnty Port Auth, Adult Svc Fac Rev Bonds (Greene, Inc. Proj), Ser 2009,
	3,500		500		4,000	7.500%, 12-1-33		3,981		569		4,550
						SE OH Port Auth, Hosp Fac Rev Rfdg and Impvt Bonds (Mem Hlth Sys of OH), Ser 2012,
	—		3,750		3,750	6.000%, 12-1-42		—		4,121		4,121
						Summit Cnty Port Auth, OH (Cleveland - Flats East Dev Proj), Ser 2010B,
	1,195		—		1,195	6.875%, 5-15-40		1,290		—		1,290
						Toledo-Lucas Cnty Port Auth, Dev Rev Bonds (Toledo Sch for the Arts Proj), Ser 2007B,
	—		757		757	5.500%, 5-15-28		—		757		757
								5,271		14,584		19,855
						Oklahoma – 0.9%
						OK Cnty Fin Auth, Ret Fac Rev Bonds (Concordia Life Care Cmnty), Ser 2005:
	1,845		1,860		3,705	6.125%, 11-15-25		1,845		1,860		3,705
	4,550		7,495		12,045	6.000%, 11-15-38		4,447		7,325		11,772
								6,292		9,185		15,477
						Oregon – 0.7%
						Hosp Fac Auth of Salem, OR, Rev Rfdg Bonds (Cap Manor, Inc.), Ser 2012,
	—		1,900		1,900	6.000%, 5-15-42		—		2,075		2,075
						OR Fac Auth, Rev Bonds (Concordia Univ Proj), Ser 2010A:
	—		885		885	6.125%, 9-1-30		—		1,010		1,010
	—		1,750		1,750	6.375%, 9-1-40		—		2,010		2,010
						Port of Portland, OR, Portland Intl Arpt Passenger Fac Charge Rev Bonds, Ser 2011A,
	5,000		—		5,000	5.500%, 7-1-30		5,676		—		5,676
								5,676		5,095		10,771
						Pennsylvania – 4.8%
						Cumberland Cnty Muni Auth, Rfdg Rev Bonds (Asbury PA Oblig Group), Ser 2010,
	—		5,000		5,000	6.125%, 1-1-45		—		5,187		5,187

107

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Cumberland Cnty Muni Auth, Rfdg Rev Bonds (Asbury PA Oblig Group), Ser 2012,
$	3,000	$	—	$	3,000	5.250%, 1-1-41	$	3,056	$	—	$	3,056
						Delaware Cnty Indl Dev Auth, Charter Sch Rev Bonds (Chester Cmnty Charter Sch Proj), Ser 2010A,
	6,540		11,750		18,290	6.125%, 8-15-40		5,975		10,734		16,709
						Delaware Cnty Indl Dev Auth, PA, Rfdg Rev Bonds (Covanta Proj), Ser 2015A,
	5,000		—		5,000	5.000%, 7-1-43		5,039		—		5,039
						PA Higher Edu Fac Auth, Rev Bonds (Edinboro Univ Fndtn Student Hsng Proj at Edinboro Univ of PA), Ser 2010,
	—		2,530		2,530	6.000%, 7-1-43		—		2,860		2,860
						PA Higher Edu Fac Auth, Student Hsng Rev Bonds (Univ Ppty, Inc. Student Hsng Proj at East Stroudsburg Univ of PA), Ser 2010,
	—		1,000		1,000	6.000%, 7-1-21		—		1,086		1,086
						PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009E (SIFMA Municipal Swap Index plus 100 bps),
	3,000		13,000		16,000	0.000%, 12-1-38(J)		3,714		16,096		19,810
						Philadelphia Auth Indl Dev, Rev Bonds (Global Leadership Academy Charter Sch Proj), Ser 2010,
	—		1,000		1,000	6.375%, 11-15-40		—		1,055		1,055
						Philadelphia Auth Indl Dev, Rev Bonds (Mariana Bracetti Academy Charter Sch Proj), Ser 2011:
	—		6,000		6,000	7.150%, 12-15-36		—		6,691		6,691
	—		6,925		6,925	7.625%, 12-15-41		—		7,842		7,842
						Philadelphia Auth Indl Dev, Rev Bonds (New Foundations Charter Sch Proj), Ser 2012,
	—		3,500		3,500	6.625%, 12-15-41		—		3,960		3,960
						Philadelphia, PA, Gas Works Rev Bonds (1998 Gen Ordinace), Ninth Ser,
	—		755		755	5.250%, 8-1-40		—		824		824
						Scranton-Lackawanna Hlth and Welfare Auth, Univ Rev Bonds (Marywood Univ Proj), Ser 2016,
	2,000		2,265		4,265	5.000%, 6-1-46		2,015		2,282		4,297

108

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						The Borough of Langhorne Manor, Higher Edu and Hlth Auth (Bucks Cnty, PA), Hosp Rev Bonds (Lower Bucks Hosp), Ser 1992,
$	1,850	$	70	$	1,920	7.300%, 7-1-12(D)	$	389	$	15	$	404
	3,400		—		3,400	7.350%, 7-1-22(D)		714		—		714
								20,902		58,632		79,534
						Rhode Island – 0.3%
						Tob Stlmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015B,
	5,000		—		5,000	5.000%, 6-1-50		5,118		—		5,118
						South Carolina – 0.4%
						Piedmont Muni Pwr Agy, SC, Elec Rev Rfdg Bonds, Ser 2008C,
	—		1,550		1,550	5.750%, 1-1-34		—		1,767		1,767
						SC Jobs - Econ Dev Auth, Student Hsng Rev Bonds (Coastal Hsng Fndtn LLC Proj), Ser 2009A,
	5,000		—		5,000	6.500%, 4-1-42		5,659		—		5,659
								5,659		1,767		7,426
						Tennessee – 0.2%
						Metro Nashville Arpt Auth, Arpt Impvt Rev Bonds, Ser 2015A,
	1,000		2,000		3,000	5.000%, 7-1-40		1,144		2,288		3,432
						Texas – 16.0%
						Arlington, TX, Higher Edu Fin Corp., Edu Rev Bonds (Wayside Sch), Ser 2016A:
	—		640		640	4.375%, 8-15-36		—		638		638
	1,250		—		1,250	4.625%, 8-15-46		1,250		—		1,250
						Arlington, TX, Higher Edu Fin Corp., Rev Bonds (Newman Intl Academy), Ser 2016A,
	4,585		—		4,585	5.375%, 8-15-36		4,542		—		4,542
						Bexar Cnty Hlth Fac Dev Corp., Rev Bonds (Army Ret Residence Fndtn Proj), Ser 2010,
	1,750		—		1,750	6.200%, 7-1-45		1,991		—		1,991
						Cap Area Cultural Edu Fac Fin Corp., Rev Bonds (The Roman Catholic Diocese of Austin), Ser 2005B,
	—		3,150		3,150	6.125%, 4-1-45		—		3,456		3,456
						Cass Cnty Indl Dev Corp., Envirnmt Impvt Rev Bonds, Ser 2009A,
	3,500		500		4,000	9.500%, 3-1-33		3,865		552		4,417
						Cent TX Rgnl Mobility Auth, Sr Lien Rev Bonds, Ser 2010:
	2,000		500		2,500	0.000%, 1-1-36(C)		967		242		1,209
	1,500		500		2,000	0.000%, 1-1-40(C)		607		202		809

109

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Cent TX Rgnl Mobility Auth, Sr Lien Rev Bonds, Ser 2015A,
$	—	$	4,000	$	4,000	5.000%, 1-1-45	$	—	$	4,447	$	4,447
						Cent TX Rgnl Mobility Auth, Sub Lien Rev Rfdg Bonds, Ser 2013:
	—		6,000		6,000	5.000%, 1-1-33		—		6,579		6,579
	—		3,000		3,000	5.000%, 1-1-42		—		3,261		3,261
						Cent TX Rgnl Mobility Auth, Sr Lien Rev Rfdg Bonds, Ser 2016,
	2,000		—		2,000	5.000%, 1-1-46		2,236		—		2,236
						Dallas/Fort Worth Intl Arpt, Joint Rev Impvt Bonds, Ser 2013A,
	5,500		8,000		13,500	5.000%, 11-1-45		5,937		8,636		14,573
						Dallas/Fort Worth Intl Arpt, Joint Rev Impvt Bonds, Ser 2013B,
	5,000		—		5,000	5.000%, 11-1-44		5,645		—		5,645
						Grand Prkwy Trans Corp., First Tier Toll Rev Bonds, Ser 2013A,
	10,000		5,000		15,000	5.500%, 4-1-53		11,353		5,676		17,029
						Hackberry, TX, Combination Spl Assmt and Contract Rev Road Bonds (Hackberry Hidden Cove Pub Impvt Dist No. 2 Proj), Ser 2009A:
	—		120		120	8.625%, 9-1-29		—		137		137
	2,865		1,245		4,110	9.000%, 9-1-38		3,291		1,430		4,721
						Harris Cnty Cultural Edu Fac Fin Corp., Rev Rfdg Bonds (Space Ctr Houston Proj), Sr Ser 2009,
	4,500		500		5,000	7.000%, 8-15-28		4,757		529		5,286
						Hopkins Cnty Hosp Dist, Hosp Rev Bonds, Ser 2008:
	—		2,000		2,000	6.000%, 2-15-33		—		2,019		2,019
	1,600		250		1,850	6.000%, 2-15-38		1,614		252		1,866
						Houston Higher Edu Fin Corp., Edu Rev Bonds (Cosmos Fndtn, Inc.), Ser 2011A,
	—		3,800		3,800	6.875%, 5-15-41		—		4,559		4,559
						Houston, TX, Arpt Sys, Sub Lien Rev Rfdg Bonds, Ser 2011B:
	—		1,000		1,000	5.000%, 7-1-25		—		1,129		1,129
	—		2,680		2,680	5.000%, 7-1-26		—		3,025		3,025
						La Vernia Higher Edu Fin Corp. (Winfree Academy Charter Sch), Edu Rev Bonds, Ser 2009,
	4,985		2,395		7,380	9.000%, 8-15-38		5,278		2,536		7,814
						La Vernia Higher Edu Fin Corp., Edu Rev Bonds (KIPP, Inc.), Ser 2009A,
	2,000		2,000		4,000	6.375%, 8-15-44		2,195		2,195		4,390
						Mission Econ Dev Corp., Solid Waste Disp Rev Bonds (Dallas Clean Enrg McCommas Bluff LLC Proj), Ser 2011,
	2,000		2,540		4,540	6.875%, 12-1-24		2,016		2,560		4,576

110

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						New Hope Cultural Edu Fac Fin Corp., Edu Rev Bonds (Jubilee Academic Ctr), Ser 2016A,
$	2,000	$	4,000	$	6,000	5.000%, 8-15-46	$	2,003	$	4,007	$	6,010
						New Hope Cultural Edu Fac Fin Corp., TX Ret Fac Rev Bonds (Carillon Lifecare Cmnty Proj), Ser 2016:
	—		1,250		1,250	5.000%, 7-1-36		—		1,289		1,289
	—		2,000		2,000	5.000%, 7-1-46		—		2,032		2,032
						North TX Twy Auth, Spl Proj Sys Rev Bonds Convertible Cap Apprec Bonds, Ser 2011C,
	—		9,000		9,000	0.000%, 9-1-43(C)		—		9,694		9,694
						North TX Twy Auth, Sys First Tier Rev Rfdg Bonds, Ser 2016A,
	2,000		—		2,000	5.000%, 1-1-39		2,294		—		2,294
						Pharr, TX, Higher Edu Fin Auth, Edu Rev Bonds (Idea Pub Sch), Ser 2009A:
	900		350		1,250	6.250%, 8-15-29		985		383		1,368
	1,800		200		2,000	6.500%, 8-15-39		1,981		220		2,201
						Sanger, TX, Indl Dev Corp., Indl Dev Rev Bonds (TX Pellets Proj), Ser 2012B,
	5,000		12,870		17,870	8.000%, 7-1-38(D)		1,200		3,089		4,289
						Tarrant Cnty Cultural Edu Fac Fin Corp., Charter Sch Rev Bonds (Trinity Basin Preparatory Proj), Ser 2009A:
	425		—		425	7.300%, 6-1-29		462		—		462
	1,200		—		1,200	7.750%, 6-1-39		1,333		—		1,333
						Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Air Force Vig Oblig Group Proj), Ser 2016,
	2,650		4,000		6,650	5.000%, 5-15-45		2,773		4,185		6,958
						Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckingham Sr Living Cmnty, Inc. Proj), Ser 2007:
	—		2,000		2,000	5.500%, 11-15-22		—		2,006		2,006
	—		250		250	5.625%, 11-15-27		—		251		251
	6,000		6,840		12,840	5.750%, 11-15-37		6,009		6,850		12,859
						Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckner Sr Living—Ventana Proj), Ser 2017A:
	1,000		—		1,000	6.750%, 11-15-47		1,084		—		1,084
	2,500		—		2,500	6.750%, 11-15-52		2,702		—		2,702
						Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Mirador Proj), Ser 2010A:
	—		2,500		2,500	4.625%, 11-15-41		—		2,098		2,098
	750		5,000		5,750	4.875%, 11-15-48		632		4,213		4,845
	7,000		—		7,000	5.000%, 11-15-55		5,884		—		5,884

111

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						TX Muni Gas Acquisition and Supply Corp. III, Gas Supply Rev Bonds, Ser 2012,
$	1,000	$	3,000	$	4,000	5.000%, 12-15-32	$	1,111	$	3,333	$	4,444
						TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (LBJ Infra Group LLC IH-635 Managed Lanes Proj), Ser 2010:
	1,500		2,000		3,500	7.500%, 6-30-32		1,721		2,295		4,016
	—		2,700		2,700	7.500%, 6-30-33		—		3,078		3,078
	6,000		11,430		17,430	7.000%, 6-30-40		6,784		12,924		19,708
						TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009,
	9,750		12,975		22,725	6.875%, 12-31-39		10,842		14,428		25,270
						TX Pub Fin Auth Charter Sch Fin Corp., Edu Rev Bonds (Odyssey Academy, Inc.), Ser 2010A,
	3,000		2,000		5,000	7.125%, 2-15-40		3,421		2,281		5,702
						TX Trans Comsn, Cent TX Tpk Sys First Tier Rev Rfdg Bonds, Ser 2012-A,
	6,445		10,000		16,445	5.000%, 8-15-41		7,174		11,131		18,305
						Wise Cnty, TX, Lease Rev Bonds (Parker Cnty Jr College Dist Proj), Ser 2011,
	—		5,000		5,000	8.000%, 8-15-34		—		5,741		5,741
								117,939		149,588		267,527
						Utah – 0.5%
						Muni Bldg Auth of Uintah Cnty, UT, Lease Rev Bonds, Ser 2008A,
	2,000		—		2,000	5.500%, 6-1-37		2,062		—		2,062
						UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (North Davis Preparatory Academy), Ser 2010,
	—		1,015		1,015	6.250%, 7-15-30		—		1,079		1,079
						UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (North Star Academy Proj), Ser 2010B,
	—		2,100		2,100	7.000%, 7-15-45		—		2,264		2,264
						UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (Paradigm High Sch), Ser 2010,
	—		2,160		2,160	6.375%, 7-15-40		—		2,259		2,259
								2,062		5,602		7,664
						Virgin Islands – 0.4%
						VI Pub Fin Auth, Sub Rev Bonds (VI Matching Fund Loan Note – Diageo Proj), Ser 2009A:
	1,500		3,135		4,635	6.625%, 10-1-29		1,012		2,116		3,128
	2,000		3,000		5,000	6.750%, 10-1-37		1,373		2,059		3,432
								2,385		4,175		6,560

112

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						Virginia – 3.3%
						Econ Dev Auth of James City Cnty, VA, Residential Care Fac Rev Bonds (VA Utd Methodist Homes of Williamsburg, Inc.), Ser 2013A:
$	3,899	$	3,029	$	6,928	6.000%, 6-1-43	$	3,870	$	3,007	$	6,877
	1,265		983		2,248	2.000%, 10-1-48		59		46		105
						Indl Dev Auth of Smyth Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009A,
	4,615		450		5,065	8.000%, 7-1-38		4,932		481		5,413
						Indl Dev Auth of Washington Cnty, VA, Hosp Rev Bonds (Mountain States Hlth Alliance), Ser 2009C:
	—		240		240	7.250%, 7-1-19		—		255		255
	—		25		25	7.500%, 7-1-29		—		27		27
						Lexington, VA, Indl Dev Auth, Residential Care Fac Rfdg Rev Bonds (Kendal at Lexington), Ser 2016,
	800		—		800	4.000%, 1-1-37		805		—		805
						Marquis Cmnty Dev Auth (VA), Rev Bonds, Ser 2007B,
	2,779		—		2,779	5.625%, 9-1-41		2,117		—		2,117
						Marquis Cmnty Dev Auth (VA), Rev Bonds, Ser 2007C,
	821		—		821	0.000%, 9-1-41(C)		113		—		113
						Marquis Cmnty Dev Auth (York Country, VA), Convertible Cap Apprec Rev Bonds, Ser 2015,
	859		—		859	0.000%, 9-1-45(C)		573		—		573
						Mosaic Dist Cmnty Dev Auth, Fairfax Cnty, VA, Rev Bonds, Ser 2011A,
	—		4,300		4,300	6.875%, 3-1-36		—		4,728		4,728
						VA Small Business Fin Auth, Sr Lien Rev Bonds (95 Express Lanes LLC Proj), Ser 2012,
	4,590		—		4,590	5.000%, 7-1-34		4,962		—		4,962
						VA Small Business Fin Auth, Sr Lien Rev Bonds (Elizabeth River Crossing Opco LLC Proj), Ser 2012:
	1,615		6,650		8,265	6.000%, 1-1-37		1,835		7,556		9,391
	11,000		7,500		18,500	5.500%, 1-1-42		12,246		8,349		20,595
								31,512		24,449		55,961
						Washington – 1.1%
						Port of Sunnyside, Yakima Cnty, WA, Rev Bonds (Indl Wastewater Treatment Sys), Ser 2008,
	1,390		1,610		3,000	6.625%, 12-1-21		1,421		1,646		3,067
						WA Hlth Care Fac Auth, Rev Bonds (Cent WA Hlth Svcs Assoc), Ser 2009:
	—		795		795	6.250%, 7-1-24		—		862		862

113

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
		PRINCIPAL				MUNICIPAL BONDS			VALUE
						WA Hlth Care Fac Auth, Rev Bonds (Seattle Cancer Care Alliance), Ser 2008,
$	4,100	$	—	$	4,100	7.375%, 3-1-38	$	4,465	$	—	$	4,465
						WA State Hsng Fin Comsn (Rockwood Ret Cmnty Proj), Nonprofit Hsng Rev and Rfdg Rev Bonds, Ser 2014A,
	—		8,000		8,000	7.500%, 1-1-49		—		9,371		9,371
								5,886		11,879		17,765
						West Virginia – 0.3%
						Brooke Cnty, WV, Rev Bonds (Bethany College), Ser 2011A,
	1,000		4,000		5,000	6.750%, 10-1-37		1,017		4,068		5,085
						Wisconsin – 2.4%
						Pub Fin Auth, Edu Rev Bonds (NC Charter Edu Fndtn Proj), Ser 2016A:
	4,000		—		4,000	5.000%, 6-15-36		3,971		—		3,971
	—		6,000		6,000	5.000%, 6-15-46		—		5,770		5,770
						Pub Fin Auth, Higher Edu Fac Rev Bonds (Wittenberg Univ Proj), Ser 2016,
	4,000		4,000		8,000	5.250%, 12-1-39		3,857		3,857		7,714
						Pub Fin Auth, Sr Arpt Fac Rev and Rfdg Bonds (TrIps Obligated Group), Ser 2012B,
	4,500		4,000		8,500	5.000%, 7-1-42		4,816		4,281		9,097
						WI Hlth and Edu Fac Auth, Rev Bonds (Beloit College), Ser 2010A:
	1,000		1,220		2,220	6.125%, 6-1-35		1,132		1,380		2,512
	1,000		—		1,000	6.125%, 6-1-39		1,131		—		1,131
						WI Pub Fin Auth, Edu Rev Bonds (Cornerstone Charter Academy Proj), Ser 2016A,
	—		4,000		4,000	5.125%, 2-1-46		—		3,805		3,805
						WI Pub Fin Auth, Edu Rev Bonds (Triad Edu Svc), Ser 2015A,
	2,000		4,000		6,000	5.500%, 6-15-45		2,020		4,040		6,060
								16,927		23,133		40,060
						Wyoming – 0.2%
						WY Muni Power Agy, Power Supply Sys Rev Bonds, Ser 2008A,
	4,000		—		4,000	5.500%, 1-1-38		4,048		—		4,048
						TOTAL MUNICIPAL BONDS – 94.4%	$	710,936	$	865,742	$	1,576,678
						(Cost: $1,535,683)

114

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
			PRINCIPAL			SHORT-TERM SECURITIES				VALUE
						Commercial Paper(F) – 1.7%
						BorgWarner, Inc.,
$	4,000	$	3,000	$	7,000	1.380%, 10-5-17	$	3,999	$	2,999	$	6,998
						E.I. du Pont de Nemours and Co.,
	—		5,000		5,000	1.361%, 10-4-17		—		4,999		4,999
						General Mills, Inc.,
	—		4,000		4,000	1.510%, 10-10-17		—		3,999		3,999
						J.M. Smucker Co. (The),
	5,000		—		5,000	1.371%, 10-6-17		4,999		—		4,999
						Sysco Corp.,
	7,219		—		7,219	1.350%, 10-2-17		7,218		—		7,218
								16,216		11,997		28,213
						Master Note – 0.3%
						Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
	4,406		228		4,634	1.450%, 10-4-17(G)		4,406		228		4,634
						Municipal Obligations – 1.7%
						CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by FNMA) (BVAL plus 10 bps),
	1,000		—		1,000	0.990%, 10-7-17(G)		1,000		—		1,000
						Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006 (GTD by U.S. Bank N.A.) (BVAL plus 13 bps),
	—		2,250		2,250	0.960%, 10-7-17(G)		—		2,250		2,250
						Exempla Gen Impvt Dist of Lafayette, CO, Spl Impvt Dist No. 02-01, Spl Assmt Rev Rfdg Bonds, Ser 2002 (GTD by Wells Fargo Bank N.A.) (BVAL plus 11 bps),
	—		1,575		1,575	0.950%, 10-7-17(G)		—		1,575		1,575
						Greenville Hosp Sys Board of Trustees, Hosp Rfdg Rev Bonds, Ser 2008B (GTD by U.S. Bank N.A.) (BVAL plus 10 bps),
	—		4,500		4,500	0.940%, 10-7-17(G)		—		4,500		4,500
						IL Fin Auth, Var Rate Demand Rev Bonds (North Park Univ Proj), Ser 2005 (GTD by JPMorgan Chase Bank N.A.) (BVAL plus 22 bps),
	—		2,000		2,000	0.940%, 10-7-17(G)		—		2,000		2,000
						LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2009A (GTD by Air Products and Chemicals, Inc.) (BVAL plus 24 bps),
	4,000		—		4,000	0.980%, 10-7-17(G)		4,000		—		4,000

115

WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma		DESCRIPTION	WRA Municipal High Income Fund		Ivy Municipal High Income Fund		Acquiring Fund Proforma
						Minneapolis, MN, Hsng Dev, Rfdg Rev Bonds (One Ten Grant Proj), Ser 1989 (GTD by FNMA) (BVAL plus 8 bps),
$	—	$	3,845	$	3,845	0.920%, 10-7-17(G)	$	—	$	3,845	$	3,845
						NJ Hlth Care Fac Fin Auth, Rev Bonds, AHS Hosp Corp. Issue, Ser 2008C (GTD by JPMorgan Chase & Co.) (BVAL plus 9 bps),
	—		4,500		4,500	0.910%, 10-7-17(G)		—		4,500		4,500
						NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2015B (GTD by Wells Fargo Bank N.A.) (BVAL plus 20 bps),
	1,300		—		1,300	1.250%, 10-7-17(G)		1,300		—		1,300
						NYC Hsng Dev Corp., Multi-Fam Mtg Rev Bonds (Markham Gardens Apt), Ser 2006A (GTD by FHLMC) (BVAL plus 14 bps),
	2,000		—		2,000	0.990%, 10-7-17(G)		2,000		—		2,000
						WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (GTD by JPMorgan Chase Bank N.A.) (BVAL plus 25 bps),
	—		2,200		2,200	0.970%, 10-7-17(G)		—		2,200		2,200
								8,300		20,870		29,170
						TOTAL SHORT-TERM SECURITIES – 3.7%	$	28,922	$	33,095	$	62,017
						(Cost: $62,019)
						TOTAL INVESTMENT SECURITIES – 98.4%	$	739,858	$	903,949	$	1,643,807
						(Cost: $1,601,700)
						CASH AND OTHER ASSETS, NET OF LIABILITIES(H) – 1.6%		10,656		15,312		25,968
						NET ASSETS – 100.0%	$	750,514	$	919,261	$	1,669,775	(K)

NOTES TO PROFORMA SCHEDULE OF INVESTMENTS

* Not shown due to rounding.

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

(B) Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates.

(C) Zero coupon bond.

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

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017.

Description of the reference rate and spread, if applicable, are included in the security description.

(F) Rate shown is the yield to maturity at September 30, 2017.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2017. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(H) Cash of $1,095 has been pledged as collateral on open futures contracts.

(I) Securities whose value was determined using significant unobservable inputs.

116

(J) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2017.

(K) No adjustments are shown to the unaudited Pro Forma Schedule of Investments due to the fact that upon consummation of the merger, securities will not need to be sold in order for the Acquiring Fund to comply with its prospectus restrictions. The foregoing sentence shall not restrict in any way the ability of the investment adviser of either of the Funds from buying or selling securities in the normal course of such Fund’s business and operations.

NUMBER OF CONTRACTS (UNROUNDED)					FUTURES CONTRACTS	UNREALIZED APPRECIATION
(148)	(184	)	(332	)	U.S. Treasury Long Bond	$	368	$	457	$	825

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2017. 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	$	—	$	—	$	1,841
Corporate Debt Securities		—		3,271		—
Municipal Bonds		—		1,576,678		—
Short-Term Securities		—		62,017		—
Total	$	—	$	1,641,966	$	1,841
Futures Contracts	$	825	$	—	$	—

As of September 30, 2017, there were no transfers between any levels.

The following acronyms are used throughout this pro forma schedule:

AGM = American Municipal Bond Assurance Corp.

AMBAC = American Municipal Bond Assurance Corp.

BVAL = Bloomberg Valuation Municipal AAA Benchmark

FHLMC = Federal Home Loan Mortgage Association

FNMA = Federal National Mortgage Association

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

PIK = Payment in Kind

SIFMA = Securities Industry and Financial Markets Association

117

NOTES TO PRO FORMA STATEMENTS OF ASSETS AND LIABILITIES

AS OF SEPTEMBER 30, 2017

AND THE PRO FORMA STATEMENTS OF OPERATIONS

FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2017

(In thousands, except where otherwise noted) (Unaudited)

1. ORGANIZATION

Ivy Balanced Fund, Waddell & Reed Advisors Continental Income Fund, Ivy Global Growth Fund, Waddell & Reed Advisors Global Growth Fund, Ivy High Income Fund, Waddell & Reed Advisors High Income Fund, Ivy Municipal High Income Fund, Waddell & Reed Advisors Municipal High Income Fund, Ivy Mid Cap Growth Fund, Waddell & Reed Advisors New Concepts Fund, Ivy Science and Technology Fund, Waddell & Reed Advisors Science and Technology Fund, Ivy Small Cap Growth Fund, Waddell & Reed Advisors Small Cap Fund, Ivy Large Cap Growth Fund and Waddell & Reed Advisors Vanguard Fund (each a “Fund”, collectively the “Funds”) are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as diversified, open-end management investment companies. Each Fund’s investment objective is specified below.

Ivy Balanced Fund and Waddell & Reed Advisors Continental Income Funds’ investment objective is to provide total return through a combination of capital appreciation and current income by investing in a diversified mix of stocks, debt securities and short-term instruments.

Ivy Global Growth Fund and Waddell & Reed Advisors Global Growth Funds’ investment objective is to provide growth of capital by investing in a diversified portfolio of common stocks of growth-oriented U.S. and foreign issuers.

Ivy High Income Fund and Waddell & Reed Advisors High Income Funds’ investment objective is to provide total return through a combination of high current income and capital appreciation by investing in a diversified portfolio of high-yield, high-risk, fixed-income securities.

Ivy Municipal High Income Fund and Waddell & Reed Advisors Municipal High Income Funds’ investment objective is to provide a high level of current income that is not subject to Federal income tax by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of municipal bonds.

Ivy Mid Cap Growth Fund and Waddell & Reed Advisors New Concepts Funds’ investment objective is to provide growth of capital by investing in a diversified portfolio of U.S. and, to a lesser extent, foreign mid-capitalization companies.

Ivy Science and Technology Fund and Waddell & Reed Advisors Science and Technology Funds’ investment objective is to provide growth of capital by investing in the equity securities of science and technology companies around the globe.

Ivy Small Cap Growth Fund and Waddell & Reed Advisors Small Cap Funds’ investment objective is to provide growth of capital by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small-capitalization companies.

Ivy Large Cap Growth Fund and Waddell & Reed Advisors Vanguard Funds’ investment objective is to provide growth of capital by investing in a diversified portfolio of common stocks issued by growth-oriented, large-capitalization (and, to a lesser extent, mid-capitalization) U.S. (and, to a lesser extent, foreign), companies with above-average levels of profitability.

Ivy Balanced Fund, Ivy Global Growth Fund, Ivy High Income Fund, Ivy Municipal High Income Fund, Ivy Mid Cap Growth Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund and Ivy Large Cap Growth Funds’ (the “Acquiring Funds”) investment manager is Ivy Investment Management Company (“IICO”).

Waddell & Reed Advisors Continental Income Fund, Waddell & Reed Advisors Global Growth Fund, Waddell & Reed Advisors High Income Fund, Waddell & Reed Advisors Municipal High Income Fund, Waddell & Reed Advisors New Concepts Fund, Waddell & Reed Advisors Science and Technology Fund, Waddell & Reed Advisors Small Cap Fund and Waddell & Reed Advisors Vanguard Funds’ (the “Target Funds”) investment manager is Waddell & Reed Investment Management Company (“WRIMCO”).

Each Fund offers Class A, Class B, Class C and Class Y 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 or Waddell & Reed Advisors Funds. Certain Funds may also offer Class E, Class I, Class N, Class R and/or Class T shares. Class E shares are closed for all investments in the Ivy Balanced Fund and Ivy Global Growth 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

1

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 N, Class R, Class T 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, T and Y have a distribution and service plan. Class I shares, Class N and Waddell & Reed Advisors Class Y shares are not included in the plan. Class B shares will automatically convert to Class A shares 96 months after the date of purchase.

Effective May 18, 2017, the Wilshire Global Allocation Fund operates as a fund-of-funds. Wilshire Associates Incorporated (“Wilshire”), the Fund’s subadviser, allocates certain of the Fund’s assets among the underlying affiliated funds (the “Multi-Asset Segment”). Prior to May 18, 2017, the Fund invested in, among other investments, private placements and other restricted securities in accordance with its investment restrictions. Private placements and other restricted securities may be difficult to resell because a ready market for resale may not exist at any given time. Effective with its change to a fund-of-funds, the Fund does not intend to further invest in private placements and restricted securities and will seek to sell its holdings of such securities in accordance with its revised principal investment strategies. However, a portion of the Fund’s assets may remain invested in such securities given their limited market for resale. WRIMCO will continue to manage the Fund’s investments in restricted securities and private placements (the “Private Equity Segment”) during that transition.

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 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 approved 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 to otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. After the acquisition, the Acquiring Funds intend to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of taxable income sufficient to relieve it from all, or substantially all, Federal income taxes. 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 whether 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.

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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 exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a return of capital for tax purposes.

Segregation and Collateralization. In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”), the Dodd Frank Wall Street Reform and Consumer Protection Act, or the interpretive rules and regulations of the U.S. Commodities Futures Trading Commission 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 or non-investment-grade bonds, that 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.

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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, the London Interbank Offered Rate (“LIBOR”) 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 direct 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 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 cash or in 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 WRIMCO, 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.

Indemnification. 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

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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 financial instruments 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 the last reported sales price, 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 approved 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 approved 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 financial instruments 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 financial instruments. 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 financial instruments and for determining whether the value of the applicable securities or financial instruments 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 financial instruments 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 financial instrument cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or financial instrument will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.

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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 its 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 are 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 its 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.

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, are 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.

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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 ask 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 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, if at all 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 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.

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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, 2017, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

The Funds may own different types of assets that are classified as Level 2 or Level 3. Assets classified as Level 2 can have a variety of observable inputs, including, but not limited to, benchmark yields, reported trades, broker quotes, benchmark securities, and bid/offer quotations. These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value.

The following tables are a summary of the valuation of each Fund’s investments by the fair value hierarchy levels as of September 30, 2017.

Ivy Balanced Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,200,888	$	—	$	—
Preferred Stocks		113,832		16,464		—
Corporate Debt Securities		—		444,236		—
Loans		—		—		6,526
United States Government Agency Obligations		—		30,332		—
United States Government Obligations		—		77,245		—
Short-Term Securities		—		37,896		—
Total	$	1,314,720	$	606,173	$	6,526

As of September 30, 2017, there were no transfers between any levels during the twelve month period.

Waddell & Reed Advisors Continental Income Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	871,584	$	—	$	—
Preferred Stocks		76,356		9,421		—
Asset-Backed Securities		—		4,232		—
Corporate Debt Securities		—		324,664		—
Loans		—		—		4,455
United States Government Agency Obligations		—		19,148		—
United States Government Obligations		—		54,956		—
Short-Term Securities		—		32,057		—
Total	$	947,940	$	444,478	$	4,455

As of September 30, 2017, there were no transfers between any levels during the twelve month period.

Ivy Global Growth Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	431,415	$	—	$	—
Short-Term Securities		—		16,134		—
Total	$	431,415	$	16,134	$	—

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As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Waddell & Reed Advisors Global Growth Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	545,881	$	—	$	—
Short-Term Securities		—		4,611		—
Total	$	545,881	$	4,611	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Ivy High Income Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	66,140	$	—	$	354
Energy		10,508		5,097		—
Financials		—		—		17,640
Total Common Stocks	$	76,648	$	5,097	$	17,994
Preferred Stocks		3,762		—		23,328
Warrants		—		230		—	*
Corporate Debt Securities		—		3,079,509		—	*
Loans		—		724,843		197,628
Short-Term Securities		—		231,419		—
Total	$	80,410	$	4,041,098	$	238,950
Forward Foreign Currency Contracts	$	—	$	23	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	154	$	—

As of September 30, 2017, securities totaling $72,821 were transferred from Level 2 to Level 3 due to the lack of observable market data due to decreased market activity or information for these securities. Securities totaling $52,492 were transferred from Level 3 to Level 2 due to the increased availability of observable market data due to increased market activity or information for these securities. Transfers in and out of Level 3 represent the values as of the beginning of the reporting period. There were no transfers between Levels 1 and 2 during twelve month period.

Waddell & Reed Advisors High Income Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	21,202	$	—	$	84
Energy		3,474		1,244		—
Total Common Stocks	$	24,676	$	1,244	$	84
Preferred Stocks		1,104		—		7,570
Warrants		—		27		—	*
Corporate Debt Securities		—		1,492,783		—	*
Loans		—		281,363		60,075
Short-Term Securities		—		73,313		—
Total	$	25,780	$	1,848,730	$	67,729
Forward Foreign Currency Contracts	$	—	$	8	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	64	$	—

9

As of September 30, 2017, securities totaling $19,504 were transferred from Level 2 to Level 3 due to the lack of observable market data due to decreased market activity or information for these securities. Securities totaling $4,993 were transferred from Level 3 to Level 2 due to the increased availability of observable market data due to increased market activity or information for these securities. Transfers in and out of Level 3 represent the values as of the beginning of the reporting period. There were no transfers between Levels 1 and 2 during twelve month period.

Ivy Municipal High Income Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	—	$	—	$	1,841
Corporate Debt Securities		—		3,271		—
Municipal Bonds		—		865,742		—
Short-Term Securities		—		33,095		—
Total	$	—	$	902,108	$	1,841
Futures Contracts	$	457	$	—	$	—

As of September 30, 2017, there were no transfers between any levels during the twelve month period.

Waddell & Reed Advisors Municipal High Income Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Municipal Bonds	$	—	$	710,936	$	—
Short-Term Securities		—		28,922		—
Total	$	—	$	739,858	$	—
Futures Contracts	$	368	$	—	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Ivy Mid Cap Growth Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	2,318,434	$	—	$	—
Purchased Options		1,302		2,244		—
Short-Term Securities		—		27,583		—
Total	$	2,319,736	$	29,827	$	—
Liabilities
Written Options	$	—	$	966	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Waddell & Reed Advisors New Concepts Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,649,354	$	—	$	—
Purchased Options		921		1,589		—
Short-Term Securities		—		10,182		—
Total	$	1,650,275	$	11,771	$	—
Liabilities
Written Options	$	—	$	706	$	—

10

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Ivy Science and Technology Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	4,106,399	$	—	$	—
Warrants		—		—		—
Purchased Options		—		23		—
Corporate Debt Securities		—		23,991		—
Short-Term Securities		—		69,139		—
Total	$	4,106,399	$	93,153	$	—
Liabilities
Written Options	$	—	$	4	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Waddell & Reed Advisors Science and Technology Fund	Level 1		Level 2			Level 3
Assets
Investments in Securities
Common Stocks	$	3,549,990	$	—		$	—
Warrants		—		—	*		—
Purchased Options		—		20			—
Corporate Debt Securities		—		13,852			—
Short-Term Securities		—		135,547			—
Total	$	3,549,990	$	149,419		$	—
Liabilities
Written Options	$	—	$	3		$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Ivy Small Cap Growth Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,062,929	$	—	$	—
Short-Term Securities		—		58,675		—
Total	$	1,062,929	$	58,675	$	—
Total Return Swaps	$	—	$	632	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Waddell & Reed Advisors Small Cap Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	871,095	$	—	$	—
Short-Term Securities		—		48,998		—
Total	$	871,095	$	48,998	$	—
Total Return Swaps	$	—	$	532	$	—

11

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Ivy Large Cap Growth Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,798,855	$	—	$	—
Short-Term Securities		—		61,191		—
Total	$	1,798,855	$	61,191	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

Waddell & Reed Advisors Vanguard Fund	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	1,623,677	$	—	$	—
Short-Term Securities		—		36,999		—
Total	$	1,623,677	$	36,999	$	—

As of September 30, 2017, there were no transfers between Level 1 and 2 during the twelve month period.

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 Global Growth Fund, Waddell & Reed Advisors Global Growth Fund, Ivy High Income Fund and Waddell & Reed Advisors High Income 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.

12

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 Municipal High Income Fund and Waddell & Reed Advisors 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. 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 Mid Cap Growth Fund, Waddell & Reed New Concepts Fund, Ivy Science and Technology Fund and Waddell & Reed Advisors Science and Technology Fund purchase and write call and put options to increase or decrease hedging exposure to underlying instruments (which include credit risk, equity risk, foreign currency exchange rate risk, event risk and/or interest rate risk), increase exposure to various equity markets or certain sectors, gain exposure to or facilitate trading in certain securities and/or, in the case of options written, to generate returns 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 or receive periodic interest payments in exchange for a market-linked return based on a security or a basket of securities including a variety of securities or representing 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 Small Cap Growth Fund and Waddell & Reed Advisors Small Cap 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.

13

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 with collateral, which is generally held by the Fund’s custodian or broker. 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, 2017:

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 High Income Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	581	$	—	$	581	$	(210	)	$	—		$	(371	)	$	—
Waddell & Reed Advisors High Income Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	1,836	$	—	$	1,836	$	(8	)	$	(1,734	)	$	—		$	94
Ivy Mid Cap Growth Fund
Investments in unaffiliated securities at value*	$	2,244	$	—	$	2,244	$	(49	)	$	—		$	—		$	2,195
Waddell & Reed Advisors New Concepts Fund
Investments in unaffiliated securities at value*	$	1,589	$	—	$	1,589	$	(35	)	$	—		$	—		$	1,554
Ivy Science and Technology Fund
Investments in unaffiliated securities at value*	$	23	$	—	$	23	$	(4	)	$	—		$	—		$	19
Waddell & Reed Advisors Science and Technology Fund
Investments in unaffiliated securities at value*	$	20	$	—	$	20	$	(4	)	$	—		$	—		$	16
Ivy Small Cap Growth Fund
Swap agreements, at value	$	632	$	—	$	632	$	—		$	(422	)	$	—		$	210
Waddell & Reed Advisors Small Cap Fund
Swap agreements, at value	$	532	$	—	$	532	$	—		$	(351	)	$	—		$	181

14

* 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.

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
Ivy High Income Fund
Unrealized depreciation on forward foreign currency contracts(1)	$	342	$	—	$	342	$	(210	)	$	—	$	(132	)	$	—
Waddell & Reed Advisors High Income Fund
Unrealized depreciation on forward foreign currency(1)	$	64	$	—	$	64	$	(8	)	$	—	$	(56	)	$	—
Ivy Mid Cap Growth Fund
Written options at value	$	49	$	—	$	49	$	(49	)	$	—	$	—		$	—
Waddell & Reed Advisors New Concepts Fund
Written options at value	$	35	$	—	$	35	$	(35	)	$	—	$	—		$	—
Ivy Science and Technology Fund
Written options at value	$	4	$	—	$	4	$	(4	)	$	—	$	—		$	—
Waddell & Reed Advisors Science and Technology Fund
Written options at value	$	4	$	—	$	4	$	(4	)	$	—	$	—		$	—

⁽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, 2017:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy High Income Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts	$	23	Unrealized depreciation on forward foreign currency contracts	$	154
Waddell & Reed Advisors High Income Fund	Foreign currency	Unrealized depreciation on forward foreign currency contracts		8	Unrealized depreciation on forward foreign currency contracts		64
Ivy Mid Cap Growth Fund	Equity	Investments in unaffiliated securities at value**		3,546	Written options at value		966

15

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Waddell & Reed Advisors New Concepts Fund	Equity	Investments in unaffiliated securities at value**	$	2,510	Written options at value	$	706
Ivy Municipal High Income Fund	Interest rate	Unrealized appreciation on futures contracts*		457			—
Waddell & Reed Advisors Municipal High Income Fund	Interest rate	Unrealized appreciation on futures contracts*		368			—
Ivy Science and Technology Fund	Equity	Investments in unaffiliated securities at value**		23	Written options at value		4
Waddell & Reed Advisors Science and Technology Fund	Equity	Investments in unaffiliated securities at value**		20	Written options at value		3
Ivy Small Cap Growth Fund	Equity	Swap agreements, at value		632			—
Waddell & Reed Advisors Small Cap Fund	Equity	Swap agreements, at value		532			—

* 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 the twelve month period ended September 30, 2017.

** 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 twelve month period ended September 30, 2017:

		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 High Income Fund	Foreign currency	$	—	$	—		$	—		$	—	$	(1,444	)	$	(1,444)
Waddell & Reed Advisors High Income Fund	Foreign currency		—		—			—			—		(571	)		(571)
Ivy Mid Cap Growth Fund	Equity		544		—			—			51		—			595
Waddell & Reed Advisors New Concepts Fund	Equity		296		—			—			684		—			980
Ivy Municipal High Income Fund	Interest rate		—		—			231			—		—			231
Waddell & Reed Advisors Municipal High Income Fund	Interest rate		—		—			(50	)		—		—			(50)
Ivy Science and Technology Fund	Equity		(2,606)		—			—			2,379		—			(227)
Waddell & Reed Advisors Science and Technology Fund	Equity		(502)		—			—			2,000		—			1,498
Ivy Small Cap Growth Fund	Equity		—		(50	)		—			—		—			(50)
Waddell & Reed Advisors Small Cap Fund	Equity		—		(42	)		—			—		—			(42)

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

16

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statement of Operations for the twelve month period ended September 30, 2017:

		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 High Income Fund	Foreign currency	$	—	$	—	$	—	$	—		$	(341	)	$	(341	)
Waddell & Reed Advisors High Income Fund	Foreign currency		—		—		—		—			(126	)		(126	)
Ivy Mid Cap Growth Fund	Equity		57		—		—		190			—			247
Waddell & Reed Advisors New Concepts Fund	Equity		147		—		—		701			—			848
Ivy Municipal High Income Fund	Interest rate		—		—		—		(180	)		—			(180	)
Waddell & Reed Advisors Municipal High Income Fund	Interest rate		—		—		—		(37	)		—			(37	)
Ivy Science and Technology Fund	Equity		583		—		—		31			—			614
Waddell & Reed Advisors Science and Technology Fund	Equity		234		—		—		54			—			288

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

During the twelve month period ended September 30, 2017, the average derivative volume was as follows:

Fund	Forward foreign currency contracts(1)		Long futures contracts(2)		Short futures contracts(2)			Swap agreements(3)		Purchased options(2)		Written options(2)
Ivy Global Growth Fund	$	19	$	—	$	—		$	—	$	—	$	—
Waddell & Reed Advisors Global Growth Fund		25		—		—			—		—		—
Ivy High Income Fund		178		—		—			—		—		—
Waddell & Reed Advisors High Income Fund		64		—		—			—		—		—
Ivy Mid Cap Growth Fund		—		—		—			—		906		3,795
Waddell & Reed Advisors New Concepts Fund		—		—		—			—		566		1,521
Ivy Municipal High Income Fund		—		—		(20,802	)		—		—		—
Waddell & Reed Advisors Municipal High Income Fund		—		—		(15,778	)		—		—		—
Ivy Science and Technology Fund		—		—		—			—		395		272
Waddell & Reed Advisors Science and Technology Fund		—		—		—			—		340		235
Ivy Small Cap Growth Fund		—		—		—			28,529		—		—
Waddell & Reed Advisors Small Cap Fund		—		—		—			24,883		—		—

* Not shown due to rounding.

⁽¹⁾  Average absolute value of unrealized appreciation/depreciation during the period.

⁽²⁾  Average value outstanding during the period.

⁽³⁾  Average notional amount outstanding during the period.

17

5. BASIS OF COMBINATION ($ amounts in thousands)

The Board at a meeting held on November 14, 2017 unanimously approved a proposed reorganization, in which the Ivy Balanced Fund, Ivy Global Growth Fund, Ivy High Income Fund, Ivy Municipal High Income Fund, Ivy Mid Cap Growth Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund and Ivy Large Cap Growth Fund of the Trust will acquire all of the assets and assume all of the liabilities of the Waddell & Reed Advisors Continental Income Fund, Waddell & Reed Advisors Global Growth Fund, Waddell & Reed Advisors High Income Fund, Waddell & Reed Advisors Municipal High Income Fund, Waddell & Reed Advisors New Concepts Fund, Waddell & Reed Advisors Science and Technology Fund, Waddell & Reed Advisors Small Cap Fund and Waddell & Reed Advisors Vanguard Fund, respectively, in exchange for an equal aggregate NAV of newly issued shares of beneficial interest of the Acquiring Funds of the Trust (the “Reorganization”). As contemplated under the Reorganization, the Target Fund will distribute the respective Acquiring Fund shares of beneficial interest to its shareholders, after which it will liquidate and cease to be a series of the Trust. Under the Reorganization, shareholders of each class of shares of each Target Fund will receive shares of the same class in the respective Acquiring Fund that they currently own. The aggregate NAV each Acquiring Fund shares received by the respective Target Fund shareholders in the Reorganization will be equal to the aggregate NAV of the shareholders’ current shares of the Target Fund held on the business day prior to closing of the Reorganization, less the costs of the Reorganization attributable to their common shares. Each Acquiring Fund will continue to operate after the Reorganization as a separate series of the Trust.

The Reorganization is intended to be accounted for as a tax-free reorganization of investments companies. The unaudited Pro Forma Combined Schedules of Investments and Combined Statements of Assets and Liabilities reflect the financial position of the Funds at September 30, 2017 and assumes the merger occurred on that date. The unaudited Pro Forma Combined Statements of Operations reflects the results of operations of the Funds for the twelve months ended September 30, 2017 and assumes the merger occurred at the beginning of the period. These statements have been derived from the books and records of the Funds at the dates indicated above in conformity with U.S. GAAP. As of September 30, 2017, the portfolio of securities held by each Target Fund complied with the fundamental investment restrictions of the respective Acquiring Fund, and each Target Fund and respective Acquiring Funds’ investment objectives were the same. The historical cost basis of investment securities is expected to be carried forward to the surviving entity. The fiscal year end for the surviving Funds is March 31.

The accompanying pro forma combined financial statements should be read in conjunction with the historical financial statements of the Funds incorporated by reference in the Reorganization Statement of Additional Information. Such pro forma combined financial statements are presented for information only and may not necessarily be representative of what the actual combined financial statements would have been had the Reorganization occurred on September 30, 2017. Following the Reorganization, each Acquiring Fund will be the accounting survivor.

Certain expenses of the Reorganization, estimated to be $152 for all funds, respectively, will be borne by the Waddell & Reed Advisors Continental Income Fund, Waddell & Reed Advisors Global Growth Fund, Waddell & Reed Advisors High Income Fund, Waddell & Reed Advisors Municipal High Income Fund, Waddell & Reed Advisors New Concepts Fund, Waddell & Reed Advisors Science and Technology Fund, Waddell & Reed Advisors Small Cap Fund and Waddell & Reed Advisors Vanguard Fund, respectively. In addition, with regard to the Waddell & Reed Advisors Accumulative Fund, Waddell & Reed Advisors Cash Management and Waddell & Reed Advisors Wilshire Global Allocation Fund, certain expenses of the Reorganization are estimated to be $52 for all funds, respectively. Pro Forma financial information, however, is not required to be prepared for the reorganization of these three Funds into their Ivy Fund counterpart because the Waddell & Reed Advisors Accumulative Fund, Waddell & Reed Advisors Cash Management and Waddell & Reed Advisors Wilshire Global Allocation Fund will be reorganized into newly organized shell Ivy Funds with no assets and liabilities that will commence operation upon completion of the Reorganization and will continue the operation of the Waddell & Reed Advisors Accumulative Fund, Waddell & Reed Advisors Cash Management and Waddell & Reed Advisors Wilshire Global Allocation Fund.

6. INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS

Management Fees. IICO, a wholly owned subsidiary of Waddell & Reed Financial, Inc. (“WDR”), serves as investment manager for Ivy Balanced Fund, Ivy Global Growth Fund, Ivy High Income Fund, Ivy Municipal High Income Fund, Ivy Mid Cap Growth Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund and Ivy Large Cap Growth Fund. WRIMCO, a wholly owned subsidiary of Waddell & Reed, Inc. (“W&R”), serves as investment manager for Waddell & Reed Advisors Continental Income Fund, Waddell & Reed Advisors Global Growth Fund, Waddell & Reed Advisors High Income Fund, Waddell & Reed Advisors Municipal High Income Fund, Waddell & Reed Advisors New Concepts Fund, Waddell & Reed Advisors Science and

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Technology Fund, Waddell & Reed Advisors Small Cap Fund and Waddell & Reed Advisors Vanguard Fund. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:

Fund	Net Asset Breakpoints	Annual Rate
Ivy Balanced Fund	$0 to $1,000 Million	0.700%
(pre and post merger)	$1,000 to $2,000 Million	0.650%
	$2,000 to $3,000 Million	0.600%
	$3,000 to $5,000 Million	0.550%
	$5,000 to $10,000 Million	0.540%
	Over $10,000 Million	0.530%
Waddell & Reed Advisors Continental Income Fund	$0 to $1,000 Million	0.700%
	$1,000 to $2,000 Million	0.650%
	$2,000 to $3,000 Million	0.600%
	Over $3,000 Million	0.550%
Ivy Global Growth Fund	$0 to $1,000 Million	0.850%
(pre and post merger)	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	$3,000 to $5,000 Million	0.700%
	$5,000 to $10,000 Million	0.695%
	Over $10,000 Million	0.690%
Waddell & Reed Advisors Global Growth Fund	$0 to $1,000 Million	0.850%
	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	Over $3,000 Million	0.760%
Ivy High Income Fund	$0 to $500 Million	0.625%
(pre and post merger)	$500 to $1,000 Million	0.600%
	$1,000 to $1,500 Million	0.550%
	$1,500 to $10,000 Million	0.500%
	$10,000 to $20,000 Million	0.490%
	Over $20,000 Million	0.480%
Waddell & Reed Advisors High Income Fund	$0 to $500 Million	0.625%
	$500 to $1,000 Million	0.600%
	$1,000 to $1,500 Million	0.550%
	Over $1,500 Million	0.500%
Ivy Municipal High Income Fund	$0 to $500 Million	0.525%
(pre and post merger)	$500 to $1,000 Million	0.500%
	$1,000 to $1,500 Million	0.450%
	$1,500 to $5,000 Million	0.400%
	$5,000 to $10,000 Million	0.395%
	$10,000 to $15,000 Million	0.390%
	Over $15,000 Million	0.385%

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Fund	Net Asset Breakpoints	Annual Rate
Waddell & Reed Advisors Municipal High Income Fund	$0 to $500 Million	0.525%
	$500 to $1,000 Million	0.500%
	$1,000 to $1,500 Million	0.450%
	Over $1,500 Million	0.400%
Ivy Mid Cap Growth Fund	$0 to $1,000 Million	0.850%
(pre and post merger)	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	$3,000 to $5,000 Million	0.760%
	$5,000 to $10,000 Million	0.730%
	$10,000 to $15,000 Million	0.700%
	Over $15,000 Million	0.670%
Waddell & Reed Advisors New Concepts Fund	$0 to $1,000 Million	0.850%
	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	Over $3,000 Million	0.760%
Ivy Science and Technology Fund	$0 to $1,000 Million	0.850%
(pre and post merger)	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	$3,000 to $8,000 Million	0.760%
	$8,000 to $13,000 Million	0.755%
	Over $13,000 Million	0.750%
Waddell & Reed Advisors Science and Technology Fund	$0 to $1,000 Million	0.850%
	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	Over $3,000 Million	0.760%
Ivy Small Cap Growth Fund	$0 to $1,000 Million	0.850%
(pre and post merger)	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	$3,000 to $5,000 Million	0.760%
	$5,000 to $10,000 Million	0.730%
	Over $10,000 Million	0.720%
Waddell & Reed Advisors Small Cap Fund	$0 to $1,000 Million	0.850%
	$1,000 to $2,000 Million	0.830%
	$2,000 to $3,000 Million	0.800%
	Over $3,000 Million	0.760%
Ivy Large Cap Growth Fund	$0 to $1,000 Million	0.700%
(pre and post merger)	$1,000 to $2,000 Million	0.650%
	$2,000 to $3,000 Million	0.600%
	$3,000 to $5,000 Million	0.550%
	$5,000 to $10,000 Million	0.545%
	Over $10,000 Million	0.540%

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Fund	Net Asset Breakpoints	Annual Rate
Waddell & Reed Advisors Vanguard Fund	$0 to $1,000 Million	0.700%
	$1,000 to $2,000 Million	0.650%
	$2,000 to $3,000 Million	0.600%
	Over $3,000 Million	0.550%

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 Trustees 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.

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 and affiliate of W&R. 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, Class E and Class T 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. 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. 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 N 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. The Fund will reimburse WISC for such costs if the annual rate of the third-party per account charges for a Fund are less than or equal to $12.00 per account or an annual fee of 0.14 of 1% that is based on average daily net assets.

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, Class E and Class T 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”), the Acquiring Funds may pay a distribution and/or service fee to Ivy Distributors, Inc. (“IDI”) for Class A, Class E and Class T shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. Under a Distribution and Service Plan adopted by the Trust, the Target Funds may pay a distribution and/or service fee to W&R for Class A shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. For Waddell & Reed Advisors Municipal High Income Fund, the Board has limited payments to 0.247% of the

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Fund’s average Class A net assets on an annual basis. The fee is to be paid to compensate IDI and W&R for amounts it expends in connection with the distribution of the Class A, Class E and Class T 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 Acquiring Fund may pay IDI (each Target Fund may pay W&R) 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 IDI and W&R 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 IDI 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 IDI 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 Acquiring Ivy Fund may pay IDI 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 IDI 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. Waddell & Reed Advisors Class Y shares do not have a Distribution and Service Plan.

Sales Charges. As principal underwriter for the Trust’s shares, IDI (from the Acquiring Funds) and W&R (from the Target Funds) 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 IDI or W&R. During the twelve month period ended September 30, 2017, IDI and W&R received the following amounts in sales commissions and CDSCs:

	Gross Sales Commissions		CDSC											Commissions Paid
			Class A			Class B			Class C			Class E
Ivy Balanced Fund	$	520	$	11		$	142		$	68		$	—	$	543	(1)
Waddell & Reed Advisors Continental Income Fund		701		1			2			2			N/A		445	(2)
Ivy Global Growth Fund		56		—	*		3			1			—		51	(1)
Waddell & Reed Advisors Global Growth Fund		143		—	*		—	*		—	*		N/A		83	(2)
Ivy High Income Fund		1,250		7			118			62			—		1,252	(1)
Waddell & Reed Advisors High Income Fund		1,152		13			2			5			N/A		802	(2)
Ivy Municipal High Income Fund		144		4			23			13			N/A		177	(1)
Waddell & Reed Advisors Municipal High Income Fund		330		2			—	*		6			N/A		266	(2)
Ivy Mid Cap Growth Fund		255		2			18			9			—		246	(1)
Waddell & Reed Advisors New Concepts Fund		821		1			2			1			N/A		506	(2)
Ivy Science and Technology Fund		681		4			95			34			—		665	(1)
Waddell & Reed Advisors Science and Technology Fund		2,005		5			4			3			N/A		1,236	(2)
Ivy Small Cap Growth Fund		265		1			6			8			—		270	(1)
Waddell & Reed Advisors Small Cap Fund		569		1			1			1			N/A		352	(2)
Ivy Large Cap Growth Fund		574		1			11			8			—		506	(1)
Waddell & Reed Advisors Vanguard Fund		704		2			1			1			N/A		426	(2)

* Not shown due to rounding.

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

⁽²⁾ W&R reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers.

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Expense Reimbursements and/or Waivers. Fund and class expense limitations and related waivers/reimbursements for the twelve months ended September 30, 2017 were as follows:

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy Balanced Fund	Class Y	Contractual	8-1-2011	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
Waddell & Reed Advisors Continental Income Fund	Class A	Contractual	10-1-2016	10-31-2018	1.12%	12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	10-1-2016	10-31-2018	2.29%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	10-31-2018	2.01%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	10-1-2016	10-31-2018	0.88%	12b-1 Fees and/or Shareholder Servicing
Acquiring Fund ProForma	Class Y	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy Global Growth Fund	Class Y	Contractual	8-1-2011	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
Waddell & Reed Advisors Global Growth Fund	Class B	Contractual	10-1-2016	10-31-2018	2.86%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	10-31-2018	2.57%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	10-1-2016	10-31-2018	1.06%	12b-1 Fees and/or Shareholder Servicing
Acquiring Fund ProForma	Class B	Contractual	Effective Date of Merger	7-31-2020	2.58%	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	Effective Date of Merger	7-31-2020	1.06%	Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy High Income Fund	Class E	Contractual	8-1-2008	7-31-2018	1.11%(1)	12b-1 Fees and/or Shareholder Servicing
	Class T	Contractual	7-5-2017	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

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Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Waddell & Reed Advisors High Income Fund	Class B	Contractual	10-1-2016	1-31-2018	2.21%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	1-31-2018	1.82%	12b-1 Fees and/or Shareholder Servicing
Acquiring Fund ProForma	Class B	Contractual	Effective Date of Merger	7-31-2020	1.71%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	Effective Date of Merger	7-31-2020	1.66%	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	Effective Date of Merger	7-31-2020	1.11%	12b-1 Fees and/or Shareholder Servicing
	Class T	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy Municipal High Income Fund	All Classes	Contractual	6-2-2008	7-31-2018	N/A	Investment Management Fee
	Class B	Contractual	8-1-2011	7-31-2018	1.62%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	8-1-2011	7-31-2018	1.58%	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	8-1-2011	7-31-2018	0.68%	12b-1 Fees and/or Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2018	Not to exceed Class I	Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2018	0.94%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
Waddell & Reed Advisors Municipal High Income Fund	Class B	Contractual	10-1-2016	1-31-2018	1.81%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	1-31-2018	1.70%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	10-1-2016	1-31-2018	0.71%	12b-1 Fees and/or Shareholder Servicing
Acquiring Fund ProForma	Class B	Contractual	Effective Date of Merger	7-31-2020	1.62%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	Effective Date of Merger	7-31-2020	1.58%	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	Effective Date of Merger	7-31-2020	0.68%	Shareholder Servicing
	Class N	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class I	Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	0.94%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

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Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy Mid Cap Growth Fund	Class A	Contractual	8-1-2014	7-31-2018	1.31%	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2018	1.30%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
Waddell & Reed Advisors New Concepts Fund	Class A	Contractual	10-1-2016	10-31-2018	1.33%	12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	10-1-2016	10-31-2018	2.53%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	10-31-2018	2.34%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	10-1-2016	10-31-2018	1.04%	Shareholder Servicing
Acquiring Fund ProForma	Class B	Contractual	Effective Date of Merger	7-31-2020	2.09%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy Science and Technology Fund	Class E	Contractual	8-1-2008	7-31-2018	1.30%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
Waddell & Reed Advisors Science and Technology Fund	Class B	Contractual	10-1-2016	10-31-2018	2.43%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	10-31-2018	2.33%	12b-1 Fees and/or Shareholder Servicing
Acquiring Fund ProForma	Class B	Contractual	Effective Date of Merger	7-31-2020	2.03%	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	Effective Date of Merger	7-31-2020	1.30%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy Small Cap Growth Fund	Class E	Contractual	8-1-2008	7-31-2018	1.35%(1)	12b-1 Fees and/or Shareholder Servicing
	Class T	Contractual	7-5-2017	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2018	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

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Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Waddell & Reed Advisors Small Cap Fund	Class A	Contractual	10-1-2016	10-31-2018	1.38%	12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	10-1-2016	10-31-2018	2.55%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	10-31-2018	2.28%	12b-1 Fees and/or Shareholder Servicing
Acquiring Fund ProForma	Class B	Contractual	Effective Date of Merger	7-31-2020	2.23%	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	Effective Date of Merger	7-31-2020	1.35%	12b-1 Fees and/or Shareholder Servicing
	Class T	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	Not to exceed Class A	12b-1 Fees and/or Shareholder Servicing

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Expense Reduced
Ivy Large Cap Growth Fund	Class A	Contractual	6-1-2006	7-31-2018	1.15%	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2018	1.15%	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	6-13-2011	7-31-2018	0.88%	Shareholder Servicing
	Class Y	Contractual	6-1-2006	7-31-2018	1.06%	12b-1 Fees and/or Shareholder Servicing
Waddell & Reed Advisors Vanguard Fund	Class B	Contractual	10-1-2016	10-31-2018	2.31%	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	10-31-2018	2.12%	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	10-1-2016	10-31-2018	0.87%	12b-1 Fees and/or Shareholder Servicing
Acquiring Fund ProForma	Class B	Contractual	Effective Date of Merger	7-31-2020	2.05%	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	Effective Date of Merger	7-31-2020	1.15%	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	Effective Date of Merger	7-31-2020	0.88%	Shareholder Servicing
	Class Y	Contractual	Effective Date of Merger	7-31-2020	1.06%	12b-1 Fees and/or Shareholder Servicing

⁽¹⁾  Reflects the lower expense limit which went into effect July 5, 2017.

Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2017 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

26

7. CAPITAL SHARE TRANSACTIONS

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:

	For the twelve months ended September 30, 2017
Ivy Balanced Fund	Shares			Value
Shares issued from sale of shares:
Class A		4,115		$	99,054
Class B		278			6,561
Class C		2,488			59,244
Class E		—			—
Class I		9,089			218,970
Class N		252			6,135
Class R		159			3,804
Class Y		374			9,020
Shares issued in reinvestment of distributions to shareholders:
Class A		841			20,042
Class B		60			1,425
Class C		609			14,349
Class E		—	*		3
Class I		832			19,861
Class N		14			332
Class R		13			307
Class Y		84			2,000
Shares redeemed:
Class A		(15,748	)		(378,780	)
Class B		(1,288	)		(30,786	)
Class C		(16,035	)		(383,237	)
Class E		—			—
Class I		(17,428	)		(419,834	)
Class N		(178	)		(4,329	)
Class R		(168	)		(4,047	)
Class Y		(2,546	)		(61,482	)
Net decrease		(34,183	)	$	(821,388	)

* Not shown due to rounding.

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors Continental Income Fund	Shares			Value
Shares issued from sale of shares:
Class A		7,109		$	67,676
Class B		28			266
Class C		217			2,053
Class Y		12,630			120,461
Shares issued in reinvestment of distributions to shareholders:
Class A		3,756			35,195
Class B		12			108
Class C		53			492
Class Y		2,930			27,495
Shares redeemed:
Class A		(20,035	)		(191,356	)
Class B		(147	)		(1,376	)
Class C		(434	)		(4,116	)
Class Y		(24,571	)		(234,605	)
Net decrease		(18,452	)	$	(177,707	)

27

	For the twelve months ended September 30, 2017
Ivy Global Growth Fund	Shares			Value
Shares issued from sale of shares:
Class A		282		$	12,119
Class B		2			52
Class C		70			2,559
Class E		—			—
Class I		1,242			53,635
Class N		483			21,832
Class R		19			771
Class Y		78			3,290
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—
Class B		—			—
Class C		—			—
Class E		—			—
Class I		—			—
Class N		—			—
Class R		—			—
Class Y		—			—
Shares redeemed:
Class A		(729	)		(30,818	)
Class B		(20	)		(754	)
Class C		(168	)		(6,197	)
Class E		—			—
Class I		(3,472	)		(149,146	)
Class N		(97	)		(4,238	)
Class R		(39	)		(1,603	)
Class Y		(228	)		(9,768	)
Net decrease		(2,577	)	$	(108,266	)

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors Global Growth Fund	Shares			Value
Shares issued from sale of shares:
Class A		1,529		$	18,130
Class B		1			11
Class C		15			165
Class Y		3,497			41,889
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—
Class B		—			—
Class C		—			—
Class Y		—			—
Shares redeemed:
Class A		(5,253	)		(62,902	)
Class B		(26	)		(274	)
Class C		(33	)		(362	)
Class Y		(13,512	)		(170,501	)
Net decrease		(13,782	)	$	(173,844	)

28

	For the twelve months ended September 30, 2017
Ivy High Income Fund	Shares			Value
Shares issued from sale of shares:
Class A		51,260		$	386,911
Class B		339			2,542
Class C		14,285			107,790
Class E		234			1,770
Class I		107,039			809,154
Class N		6,239			47,415
Class R		1,673			12,607
Class T		33			250
Class Y		24,626			185,458
Shares issued in reinvestment of distributions to shareholders:
Class A		10,239			77,371
Class B		512			3,870
Class C		6,418			48,508
Class E		85			639
Class I		13,691			103,572
Class N		400			3,022
Class R		562			4,250
Class T		—			—
Class Y		2,755			20,824
Shares redeemed:
Class A		(93,906	)		(708,199	)
Class B		(2,920	)		(22,078	)
Class C		(39,978	)		(301,631	)
Class E		(272	)		(2,055	)
Class I		(126,619	)		(953,601	)
Class N		(4,040	)		(29,982	)
Class R		(2,614	)		(19,767	)
Class T		—			—
Class Y		(34,303	)		(259,635	)
Net decrease		(64,262	)	$	(480,995	)

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors High Income Fund	Shares			Value
Shares issued from sale of shares:
Class A		23,595		$	158,654
Class B		35			234
Class C		1,123			7,576
Class Y		28,836			194,149
Shares issued in reinvestment of distributions to shareholders:
Class A		11,046			74,543
Class B		32			217
Class C		279			1,882
Class Y		8,030			54,186
Shares redeemed:
Class A		(40,229	)		(271,160	)
Class B		(278	)		(1,877	)
Class C		(1,282	)		(8,656	)
Class Y		(53,631	)		(360,140	)
Net decrease		(22,444	)	$	(150,392	)

29

	For the twelve months ended September 30, 2017
Ivy Municipal High Income Fund	Shares			Value
Shares issued from sale of shares:
Class A		7,427		$	38,236
Class B		75			387
Class C		1,900			9,778
Class I		38,314			196,176
Class N		54			274
Class Y		1,939			9,917
Shares issued in reinvestment of distributions to shareholders:
Class A		1,674			8,594
Class B		45			235
Class C		894			4,594
Class I		3,627			18,623
Class N		—	*		—	*
Class Y		111			571
Shares redeemed:
Class A		(29,259	)		(149,942	)
Class B		(646	)		(3,320	)
Class C		(14,176	)		(72,619	)
Class I		(82,610	)		(423,816	)
Class N		—	*		—	*
Class Y		(2,551	)		(13,070	)
Net decrease		(73,182	)	$	(375,382	)

* Not shown due to rounding.

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors Municipal High Income Fund	Shares			Value
Shares issued from sale of shares:
Class A		9,078		$	43,388
Class B		—	*		1
Class C		518			2,475
Class Y		6,979			33,249
Shares issued in reinvestment of distributions to shareholders:
Class A		4,609			21,962
Class B		4			18
Class C		148			707
Class Y		1,213			5,782
Shares redeemed:
Class A		(28,332	)		(134,711	)
Class B		(50	)		(243	)
Class C		(1,576	)		(7,500	)
Class Y		(11,955	)		(56,931	)
Net decrease		(19,364	)	$	(91,803	)

* Not shown due to rounding.

30

	For the twelve months ended September 30, 2017
Ivy Mid Cap Growth Fund	Shares			Value
Shares issued from sale of shares:
Class A		3,571		$	74,607
Class B		94			1,598
Class C		957			17,271
Class E		89			1,802
Class I		15,884			356,855
Class N		4,627			105,620
Class R		536			10,973
Class Y		2,709			58,711
Shares issued in reinvestment of distributions to shareholders:
Class A		884			17,805
Class B		45			745
Class C		484			8,498
Class E		15			297
Class I		1,997			42,946
Class N		98			2,118
Class R		89			1,761
Class Y		491			10,288
Shares redeemed:
Class A		(11,951	)		(248,292	)
Class B		(321	)		(5,477	)
Class C		(4,439	)		(80,394	)
Class E		(68	)		(1,407	)
Class I		(32,588	)		(714,854	)
Class N		(3,227	)		(69,727	)
Class R		(1,465	)		(30,005	)
Class Y		(8,925	)		(193,629	)
Net decrease		(30,414	)	$	(631,890	)

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors New Concepts Fund	Shares			Value
Shares issued from sale of shares:
Class A		7,044		$	70,476
Class B		27			180
Class C		194			1,382
Class Y		8,585			97,378
Shares issued in reinvestment of distributions to shareholders:
Class A		3,498			33,966
Class B		36			238
Class C		57			393
Class Y		1,619			17,679
Shares redeemed:
Class A		(17,811	)		(180,344	)
Class B		(275	)		(1,883	)
Class C		(351	)		(2,547	)
Class Y		(20,436	)		(235,823	)
Net decrease		(17,813	)	$	(198,905	)

31

	For the twelve months ended September 30, 2017
Ivy Science and Technology Fund	Shares			Value
Shares issued from sale of shares:
Class A		2,517		$	141,497
Class B		51			2,379
Class C		760			37,153
Class E		81			4,508
Class I		8,473			517,339
Class N		476			29,616
Class R		568			31,299
Class Y		2,207			131,084
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—
Class B		—			—
Class C		—			—
Class E		—			—
Class I		—			—
Class N		—			—
Class R		—			—
Class Y		—			—
Shares redeemed:
Class A		(10,145	)		(554,745	)
Class B		(382	)		(18,085	)
Class C		(5,582	)		(268,265	)
Class E		(67	)		(3,778	)
Class I		(10,581	)		(642,028	)
Class N		(685	)		(43,531	)
Class R		(707	)		(38,452	)
Class Y		(5,769	)		(334,689	)
Net decrease		(18,785	)	$	(1,008,698	)

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors Science and Technology Fund	Shares			Value
Shares issued from sale of shares:
Class A		9,693		$	142,553
Class B		20			205
Class C		341			3,572
Class Y		8,762			146,674
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—
Class B		—			—
Class C		—			—
Class Y		—			—
Shares redeemed:
Class A		(26,717	)		(398,312	)
Class B		(457	)		(4,683	)
Class C		(494	)		(5,211	)
Class Y		(16,569	)		(280,451	)
Net decrease		(25,421	)	$	(395,653	)

32

	For the twelve months ended September 30, 2017
Ivy Small Cap Growth Fund	Shares			Value
Shares issued from sale of shares:
Class A		3,621		$	61,935
Class B		61			786
Class C		1,079			15,213
Class E		109			1,836
Class I		7,401			162,824
Class N		2,824			61,840
Class R		752			12,695
Class T		14			250
Class Y		1,743			36,209
Shares issued in reinvestment of distributions to shareholders:
Class A		829			13,748
Class B		47			591
Class C		822			11,322
Class E		26			434
Class I		537			11,335
Class N		136			2,876
Class R		154			2,511
Class T		—			—
Class Y		299			5,994
Shares redeemed:
Class A		(4,897	)		(83,940	)
Class B		(180	)		(2,362	)
Class C		(2,283	)		(32,583	)
Class E		(76	)		(1,282	)
Class I		(4,681	)		(102,179	)
Class N		(700	)		(15,448	)
Class R		(851	)		(14,320	)
Class T		—			—
Class Y		(7,388	)		(149,933	)
Net increase (decrease)		(602	)	$	352

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors Small Cap Fund	Shares			Value
Shares issued from sale of shares:
Class A		3,701		$	59,776
Class B		13			149
Class C		104			1,300
Class Y		4,257			79,699
Shares issued in reinvestment of distributions to shareholders:
Class A		1,809			28,559
Class B		26			288
Class C		37			458
Class Y		610			10,996
Shares redeemed:
Class A		(6,567	)		(107,770	)
Class B		(163	)		(1,894	)
Class C		(160	)		(2,033	)
Class Y		(5,557	)		(104,082	)
Net decrease		(1,890	)	$	(34,554	)

33

	For the twelve months ended September 30, 2017
Ivy Large Cap Growth Fund	Shares			Value
Shares issued from sale of shares:
Class A		4,770		$	92,077
Class B		125			1,873
Class C		949			15,343
Class E		141			2,752
Class I		9,997			201,711
Class N		7,708			163,153
Class R		155			2,878
Class Y		302			5,871
Shares issued in reinvestment of distributions to shareholders:
Class A		1,184			21,090
Class B		40			566
Class C		290			4,377
Class E		32			573
Class I		2,242			41,785
Class N		1			15
Class R		53			912
Class Y		88			1,600
Shares redeemed:
Class A		(8,264	)		(158,185	)
Class B		(335	)		(5,093	)
Class C		(2,594	)		(42,056	)
Class E		(113	)		(2,198	)
Class I		(16,610	)		(335,892	)
Class N		(589	)		(12,825	)
Class R		(416	)		(7,717	)
Class Y		(5,178	)		(97,571	)
Net decrease		(6,022	)	$	(104,961	)

	For the twelve months ended September 30, 2017
Waddell & Reed Advisors Vanguard Fund	Shares			Value
Shares issued from sale of shares:
Class A		7,415		$	74,122
Class B		13			93
Class C		208			1,510
Class Y		14,429			156,133
Shares issued in reinvestment of distributions to shareholders:
Class A		7,019			64,714
Class B		43			282
Class C		82			547
Class Y		2,968			29,294
Shares redeemed:
Class A		(18,672	)		(187,931	)
Class B		(213	)		(1,495	)
Class C		(271	)		(1,976	)
Class Y		(22,098	)		(245,323	)
Net decrease		(9,077	)	$	(110,030	)

34

8. CAPITAL SHARES

The pro forma NAV per share assumes the issuance of shares of the Acquiring Fund that would have been issued at September 30, 2017, in connection with proposed reorganization. The number of shares assumed to be issued is equal to the NAV of shares of the Acquired Fund, as of September 30, 2017, divided by the NAV per share of the shares of the Acquiring Fund as of September 30, 2017. The pro forma number of shares outstanding, by class, for the combined fund consists of the following at September 30, 2017:

Ivy Balanced Fund

Class of Shares	Shares of Acquiring Fund  Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		24,686		32,807			57,493
Class B		2,651		112			2,763
Class C		23,871		572			24,443
Class E		8		—	*		8
Class I		24,252		23,381			47,633
Class N		474		—	*		474
Class R		539		—	*		539
Class Y		2,125		(1	)		2,124

* Not shown due to rounding.

Ivy Global Growth Fund

Class of Shares	Shares of Acquiring Fund  Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		2,542		7,750			10,292
Class B		40		12			52
Class C		608		32			640
Class E		3		—	*		3
Class I		5,290		3,906			9,196
Class N		592		(3	)		589
Class R		42		—	*		42
Class Y		221		—	*		221

* Not shown due to rounding.

Ivy High Income Fund

Class of Shares	Shares of Acquiring Fund Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		160,119		154,760			314,879
Class B		9,177		444			9,621
Class C		118,446		4,744			123,190
Class E		1,278		1			1,279
Class I		224,115		99,589			323,704
Class N		8,635		5			8,640
Class R		8,893		5			8,898
Class T		33		—	*		33
Class Y		47,100		29			47,129

* Not shown due to rounding.

35

Ivy Municipal High Income Fund

Class of Shares	Shares of Acquiring Fund  Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		39,390		118,894			158,284
Class B		1,959		92			2,051
Class C		31,331		3,766			35,097
Class I		104,918		24,245			129,163
Class N		53		1			54
Class Y		2,762		—	*		2,762

* Not shown due to rounding.

Ivy Mid Cap Growth Fund

Class of Shares	Shares of Acquiring Fund  Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		18,608		47,340			65,948
Class B		909		214			1,123
Class C		10,414		438			10,852
Class E		419		—	*		419
Class I		48,559		22,350			70,909
Class N		5,470		1			5,471
Class R		2,252		—	*		2,252
Class Y		12,025		—	*		12,025

* Not shown due to rounding.

Ivy Science and Technology Fund

Class of Shares	Shares of Acquiring Fund  Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		16,594		43,974			60,568
Class B		815		175			990
Class C		12,088		362			12,450
Class E		453		—	*		453
Class I		20,276		11,032			31,308
Class N		1,358		—	*		1,358
Class R		1,943		—	*		1,943
Class Y		9,689		—	*		9,689

* Not shown due to rounding.

Ivy Small Cap Growth Fund

Class of Shares	Shares of Acquiring Fund  Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		13,459		33,561			47,020
Class B		539		227			766
Class C		11,558		506			12,064
Class E		472		—	*		472
Class I		15,581		11,426			27,007
Class N		4,544		(1	)		4,543
Class R		2,766		—	*		2,766
Class T		14		—	*		14
Class Y		5,878		(1	)		5,877

* Not shown due to rounding.

36

Ivy Large Cap Growth Fund

Class of Shares	Shares of Acquiring Fund  Pre-Combination		Additional Shares Assumed Issued in Reorganization			Total Outstanding Shares Post- Combination
Class A		24,601		54,052			78,653
Class B		549		158			707
Class C		5,330		420			5,750
Class E		703		—	*		703
Class I		44,540		22,162			66,702
Class N		7,136		(1	)		7,135
Class R		1,019		1			1,020
Class Y		1,585		—	*		1,585

* Not shown due to rounding.

9. FEDERAL INCOME TAX MATTERS

For Federal income tax purposes, cost of investments owned at September 30, 2017 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of investments		Gross appreciation		Gross depreciation		Net unrealized appreciation/ (depreciation)
Ivy Balanced Fund	$	1,721,311	$	289,101	$	82,993	$	206,108
Waddell & Reed Advisors Continental Income Fund		1,244,375		209,136		56,638		152,498
Ivy Global Growth Fund		360,651		90,859		3,961		86,898
Waddell & Reed Advisors Global Growth Fund		435,385		119,908		4,801		115,107
Ivy High Income Fund		4,594,325		148,548		382,415		(233,867	)
Waddell & Reed Advisors High Income Fund		1,985,403		71,883		115,047		(43,164	)
Ivy Municipal High Income Fund		871,753		70,223		38,027		32,196
Waddell & Reed Advisors Municipal High Income Fund		724,873		51,345		36,360		14,985
Ivy Mid Cap Growth Fund		1,736,852		727,620		114,909		612,711
Waddell & Reed Advisors New Concepts Fund		1,199,340		533,970		71,265		462,705
Ivy Science and Technology Fund		2,127,270		2,172,915		100,633		2,072,282
Waddell & Reed Advisors Science and Technology Fund		1,846,199		1,936,317		83,107		1,853,210
Ivy Small Cap Growth Fund		807,356		328,457		14,209		314,248
Waddell & Reed Advisors Small Cap Fund		648,406		282,894		11,207		271,687
Ivy Large Cap Growth Fund		1,157,824		704,488		2,266		702,222
Waddell & Reed Advisors Vanguard Fund		987,785		674,590		1,699		672,891

The tax cost of investments will remain unchanged for the combined fund.

For Federal income tax purposes, the Funds’ distributed and undistributed earnings and profit for the fiscal year ended March 31, 2017 and the post-October and late-year ordinary activity were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Ivy Balanced Fund	$	11,201	$	30,589	$	—	$	—	$	—
Ivy Global Growth Fund		—		1,025		—		—		—
Ivy High Income Fund		1,380		—		—		—		—
Ivy Municipal High Income Fund		226		719		—		—		—
Ivy Mid Cap Growth Fund		—		96,977		—		—		7,156
Ivy Science and Technology Fund		—		112,084		—		—		5,730
Ivy Small Cap Growth Fund		—		76,821		—		—		2,104
Ivy Large Cap Growth Fund		1,035		36,410		—		—		—

37

For Federal income tax purposes, the Funds’ distributed and undistributed earnings and profit for the fiscal year ended September 30, 2017 and the post-October and late-year ordinary activity were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Waddell & Reed Advisors High Income Fund	$	1,763	$	—	$	—	$	—	$	—
Waddell & Reed Advisors Municipal High Income Fund		235		—		—		—		—

For Federal income tax purposes, the Funds’ distributed and undistributed earnings and profit for the fiscal year ended June 30, 2017 and the post-October and late-year ordinary activity were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Waddell & Reed Advisors Continental Income Fund	$	9,866	$	59,107	$	—	$	11	$	—
Waddell & Reed Advisors Global Growth Fund		1,446		23,718		—		—		—
Waddell & Reed Advisors New Concepts Fund		2,845		31,922		—		—		—
Waddell & Reed Advisors Science and Technology Fund		—		198,636		—		—		8,164
Waddell & Reed Advisors Small Cap Fund		3,873		84,028		—		—		—
Waddell & Reed Advisors Vanguard Fund		1,392		69,677		—		3,254		97

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

The tax character of dividends and distributions paid during the two fiscal years ended March 31, 2017 and 2016 were as follows:

	March 31, 2017				March 31, 2016
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Ivy Balanced Fund	$	28,198	$	28,965	$	48,087	$	100,678
Ivy Global Growth Fund		—		—		573		11,167
Ivy High Income Fund		346,065		—		487,204		—
Ivy Municipal High Income Fund		54,485		—		53,839		—
Ivy Mid Cap Growth Fund		—		92,513		47,509		339,017
Ivy Science and Technology Fund		—		—		—		144,996
Ivy Small Cap Growth Fund		—		51,252		79		130,985
Ivy Large Cap Growth Fund		—		76,259		—		109,373

⁽¹⁾  Includes short-term capital gains distributed, if any.

38

The tax character of dividends and distributions paid during the two fiscal years ended September 30, 2017 and 2016 were as follows:

	September 30, 2017				September 30, 2016
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Waddell & Reed Advisors High Income Fund	$	137,332	$	—	$	148,499	$	—
Waddell & Reed Advisors Municipal High Income Fund		34,830		—		38,406		—

⁽¹⁾  Includes short-term capital gains distributed, if any.

The tax character of dividends and distributions paid during the two fiscal years ended June 30, 2017 and 2016 were as follows:

	June 30, 2017				June 30, 2016
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Waddell & Reed Advisors Continental Income Fund	$	26,003	$	31,641	$	24,989	$	105,831
Waddell & Reed Advisors Global Growth Fund		—		—		—		34,466
Waddell & Reed Advisors New Concepts Fund		—		52,981		16,263		158,975
Waddell & Reed Advisors Science and Technology Fund		—		—		—		255,000
Waddell & Reed Advisors Small Cap Fund		—		40,847		—		109,348
Waddell & Reed Advisors Vanguard Fund		4,524		92,461		5,939		142,004

⁽¹⁾  Includes short-term capital gains distributed, if any.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Accumulated capital losses represent net capital loss carryovers as of March 31, 2017 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, 2017:

	Pre-Enactment				Post-Enactment
Fund	2018		2019		Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Ivy Balanced Fund	$	—	$	—	$	—	$	—
Ivy Global Growth Fund		—		—		—		—
Ivy High Income Fund		—		—		34,237		587,254
Ivy Municipal High Income Fund		—		—		—		—
Ivy Mid Cap Growth Fund		—		—		—		—
Ivy Science and Technology Fund		—		—		—		—
Ivy Small Cap Growth Fund		—		—		—		—
Ivy Large Cap Growth Fund		—		—		—		—

39

Accumulated capital losses represent net capital loss carryovers as of September 30, 2017 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under 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 September 30, 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 September 30, 2017:

	Pre-Enactment				Post-Enactment
Fund	2018		2019		Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Waddell & Reed Advisors High Income Fund	$	—	$	—	$	5,137	$	138,541
Waddell & Reed Advisors Municipal High Income Fund		16,061		—		528		25,721

Accumulated capital losses represent net capital loss carryovers as of June 30, 2017 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under 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 June 30, 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 June 30, 2017:

	Pre-Enactment		Post-Enactment
Fund	2019		Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Waddell & Reed Advisors Continental Income Fund	$	—	$	—	$	—
Waddell & Reed Advisors Global Growth Fund		—		—		—
Waddell & Reed Advisors New Concepts Fund		—		—		—
Waddell & Reed Advisors Science and Technology Fund		—		—		—
Waddell & Reed Advisors Small Cap Fund		—		—		—
Waddell & Reed Advisors Vanguard Fund		—		—		—

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PART C: OTHER INFORMATION

Item 15. Indemnification

Reference is made to Article VII of the Trust Instrument of the Registrant, filed by EDGAR on January 29, 2010 as Exhibit (a)(1) to Post-Effective Amendment No. 65 and to Article VI of the Distribution Agreement, filed by EDGAR on January 29, 2010 as Exhibit (e)(1) to Post-Effective Amendment No. 65, and to Article VII of the Amended and Restated Agreement and Declaration of Trust, filed by EDGAR on September 1, 2017 as Exhibit (a)(19) to Post-Effective Amendment No. 146, each of which provides indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act.

Registrant undertakes to carry out all indemnification provisions of its Trust Instrument, Bylaws, and the below-described contracts in accordance with the Investment Company Act Release No. 11330 (September 4, 1980) and successor releases.

Insofar as indemnification for liability arising under the 1933 Act, as amended, may be provided to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer of controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 16. Exhibits:

1.	Articles of Incorporation:
	(i)	Declaration of Trust for Ivy Funds, dated November 13, 2008, filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
	(ii)	Schedule A to Declaration of Trust effective June 4, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
	(iii)	Schedule A to Declaration of Trust, dated November 12, 2012, filed with Post-Effective Amendment No. 79, and incorporated by reference herein.
	(iv)	Schedule A to Declaration of Trust, amended February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
	(v)	Schedule A to Declaration of Trust, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
	(vi)	Schedule A to Declaration of Trust, amended November 12, 2013 and March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
	(vii)	Schedule A to the Agreement and Declaration of Trust, amended May 20, 2014, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
	(viii)	Schedule A to the Agreement and Declaration of Trust, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.

1

	(ix)	Schedule A to the Agreement and Declaration of Trust, amended January 30, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
	(x)	Schedule A to the Agreement and Declaration of Trust, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
	(xi)	Schedule A to the Agreement and Declaration of Trust, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
	(xii)	Schedule A to the Agreement and Declaration of Trust, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
	(xiii)	Schedule A to the Agreement and Declaration of Trust, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
	(xiv)	Schedule A to the Agreement and Declaration of Trust, filed with Post-Effective Amendment No. 129 and incorporated by reference herein.
	(xv)	Schedule A to the Agreement and Declaration of Trust, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
	(xvi)	Schedule A to the Agreement and Declaration of Trust, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
	(xvii)	Schedule A to the Agreement and Declaration of Trust, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
	(xviii)	Amended and Restated Agreement and Declaration of Trust for Ivy Funds, dated August 15, 2017, filed with Post-Effective Amendment No. 146 and incorporated by reference herein.
	(xix)	Schedule A to the Agreement and Declaration of Trust, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
2.	By-laws:
	(i)	By-laws for Ivy Funds, dated November 13, 2008, filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
3.	Voting Trust Agreement affecting more than 5% of any class of equity securities of Registrant: Not applicable.
4.	Form of Agreement and Plan of Reorganization attached as Exhibit A to the Information Statement/Prospectus and incorporated herein by reference.
5.	Instruments Defining the Rights of Security Holders:
	Articles III, V, VI and VII of the Trust Instrument and Articles II and VI of the Bylaws each define the rights of shareholders.
6.	Investment Advisory Contracts:
	(i)	Investment Management Agreement between Ivy Funds and Ivy Investment Management Company on behalf of each of the series of the Trust, as amended February 11, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
	(ii)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Advantus Capital Management, Inc. (Ivy Bond Fund, Ivy Mortgage Securities Fund and Ivy Real Estate

2

	Securities Fund), filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
(iii)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Wall Street Associates (Ivy Micro Cap Growth Fund), filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
(iv)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Mackenzie Financial Corporation (Ivy Global Natural Resources Fund), filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
(v)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Mackenzie Financial Corporation (Ivy Cundill Global Value Fund), filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
(vi)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company on behalf of each of the series of the Trust, effective June 13, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
(vii)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company on behalf of each of the series of the Trust, effective June 4, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
(viii)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company dated June 4, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
(ix)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company dated February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(x)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company dated February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(xi)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and LaSalle Investment Management Securities, LLC and LaSalle Investment Management Securities B.V. (Ivy Global Real Estate Fund and Ivy Global Risk-Managed Real Estate Fund) dated April 1, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(xii)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
(xiii)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
(xiv)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Pictet Asset Management Limited and Pictet Asset Management (Singapore) PTE Ltd (Ivy Emerging Markets Local Currency Debt Fund), dated February 26, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xv)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.

3

(xvi)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xvii)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Wall Street Associates (Ivy Micro Cap Growth Fund), effective July 2, 2014, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
(xviii)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Mackenzie Financial Corporation (Ivy Cundill Global Value Fund), effective February 21, 2014, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
(xix)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(xx)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(xxi)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended January 1, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
(xxii)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended January 1, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
(xxiii)	Appendix C to the Shareholder Servicing Agreement between Ivy Funds and Ivy Investment Management Company, amended May 31, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xxiv)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Apollo Credit Management, LLC (Ivy Apollo Strategic Income Fund and Ivy Apollo Multi-Asset Income Fund) dated October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xxv)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and LaSalle Investment Management Securities, LLC and LaSalle Investment Management Securities B.V. (Ivy Apollo Multi-Asset Income Fund) dated October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xxvi)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xxvii)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xxviii)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.

4

(xxix)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(xxx)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and Pictet Asset Management Limited and Pictet Asset Management SA (Ivy Targeted Return Bond Fund) dated December 23, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(xxxi)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(xxxii)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(xxxiii)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xxxiv)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xxxv)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and I.G. International Management Ltd. (Ivy IG International Small Cap Fund) dated January 9, 2017, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xxxvi)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 129, and incorporated herein by reference.
(xxxvii)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 129, and incorporated herein by reference.
(xxxviii)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(xxxix)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(xl)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and ProShare Advisors LLC (Ivy ProShares S&P 500 Dividend Aristocrats Index Fund, Ivy ProShares Russell 2000 Dividend Growers Index Fund, Ivy ProShares Interest Rate Hedged High Yield Index Fund, Ivy ProShares S&P 500 Bond Index Fund and Ivy ProShares MSCI ACWI Index Fund) dated April 18, 2017, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(xli)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.

5

	(xlii)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
	(xliii)	Investment Sub-Advisory Agreement between Ivy Investment Management Company and PineBridge Investments LLC (Ivy PineBridge High Yield Fund) dated May 17, 2017, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
	(xliv)	Appendix A to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
	(xlv)	Appendix B to the Investment Management Agreement between Ivy Funds and Ivy Investment Management Company, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
7.	Distribution Agreements:
	(i)	Distribution Agreement between Ivy Funds and Ivy Funds Distributor, Inc., dated November 13, 2008, filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
	(ii)	Distribution Agreement between Ivy Funds and Ivy Funds Distributor, Inc., as amended May 22, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
8.	Bonus or Profit Sharing Contracts: Not applicable.
9.	Custodian Agreements:
	(i)	Custodian Agreement between UMB Bank, n.a. and Ivy Funds, dated March 8, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
	(ii)	Rule 17f-5 Delegation Agreement between Ivy Funds and UMB Bank, N.A., dated March 8, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
	(iii)	Appendix B to the Custodian Agreement between UMB Bank, n.a. and Ivy Funds, effective June 13, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
	(iv)	Supplement to the Custodian Agreement between UMB Bank, n.a. and Ivy Funds, dated as of July 1, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
	(v)	Custody Agreement between The Bank of New York Mellon and Ivy Funds, dated March 9, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
	(vi)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
	(vii)	Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, dated March 9, 2012, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
	(viii)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.

6

(ix)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
(x)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended November 12, 2013 and March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xi)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, amended November 12, 2013 and March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xii)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(xiii)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(xiv)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended January 1, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
(xv)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, amended January 1, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
(xvi)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xvii)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xviii)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(xix)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(xx)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(xxi)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(xxii)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.

7

	(xxiii)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
	(xxiv)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
	(xxv)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
	(xxvi)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
	(xxvii)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
	(xxviii)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
	(xxix)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
	(xxx)	Schedule I to the Custody Agreement between Ivy Funds and The Bank of New York Mellon, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
	(xxxi)	Annex I to the Foreign Custody Manager Agreement between Ivy Funds and The Bank of New York Mellon, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
10.	Rule 12b-1 Plans and Rule 18f-3 Plans:
	(i)	Distribution and Service Plan, dated November 13, 2008, filed with Post-Effective Amendment No. 65, and incorporated by reference herein.
	(ii)	Amended and Restated Appendix A to the Ivy Funds Distribution and Service Plan, dated November 13, 2008, as amended January 9, 2017, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
	(iii)	Amended and Restated Appendix A to the Ivy Funds Distribution and Service Plan, dated November 13, 2008, as amended January 9, 2017, and effective April 20, 2017, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
	(iv)	Amended and Restated Appendix A to the Ivy Funds Distribution and Service Plan, dated November 13, 2008, as amended January 9, 2017, and effective May 18, 2017, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
	(v)	Multiple Class Plan for Ivy Funds, as amended February 11, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
	(vi)	Appendix A to the Multiple Class Plan for Ivy Funds, effective June 13, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
	(vii)	Appendix A to the Multiple Class Plan for Ivy Funds effective June 4, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.

8

	(viii)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 79, and incorporated by reference herein.
	(ix)	Appendix A to the Multiple Class Plan for Ivy Funds, amended February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
	(x)	Appendix A to the Multiple Class Plan for Ivy Funds, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
	(xi)	Appendix A to the Multiple Class Plan for Ivy Funds, amended November 12, 2013 and March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
	(xii)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
	(xiii)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
	(xiv)	Appendix A to the Multiple Class Plan for Ivy Funds, amended January 30, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
	(xv)	Appendix A to the Multiple Class Plan for Ivy Funds, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
	(xvi)	Appendix A to the Multiple Class Plan for Ivy Funds, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
	(xvii)	Appendix A to the Multiple Class Plan for Ivy Funds, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
	(xviii)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
	(xix)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
	(xx)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
	(xxi)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
	(xxii)	Appendix A to the Multiple Class Plan for Ivy Funds, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
	(xxiii)	Appendix A to the Multiple Class Plan for Ivy Funds as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
11.	Opinion and Consent of Counsel that shares will be validly issued, fully paid and non-assessable: Filed herewith as Exhibit 11.
12.	Opinion of Counsel with respect to tax consequences: To be filed by Post-effective amendment pursuant to an undertaking.
13.	Other Material Contracts:

9

(i)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Bond Fund, Ivy Capital Appreciation Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Balanced Fund, Ivy International Core Equity Fund, Ivy Mid Cap Growth Fund, Ivy Money Market Fund, Ivy Mortgage Securities Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund and Ivy Small Cap Growth Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(ii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy New Opportunities Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(iii)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund and Ivy International Growth Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(iv)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Energy Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(v)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Bond Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(vi)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Large Cap Growth Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(vii)	Expense Limitation Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Micro Cap Growth Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(viii)	Expense Limitation Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Municipal High Income Fund and Ivy Tax-Managed Equity Fund, dated February 13, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(ix)	Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, as amended February 11, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(x)	Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, as amended February 11, 2010, filed with Post-Effective Amendment No. 68, and incorporated by reference herein.
(xi)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy New Opportunities Fund, dated April 1, 2010, filed with Post-Effective Amendment No. 69, and incorporated by reference herein.

10

(xii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Limited-Term Bond Fund, dated May 26, 2010, filed with Post-Effective Amendment No. 69, and incorporated by reference herein.
(xiii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Value Fund, dated July 29, 2010, filed with Post-Effective Amendment No. 69, and incorporated by reference herein.
(xiv)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Asset Strategy New Opportunities Fund, Ivy Balanced Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Energy Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Balanced Fund, Ivy International Core Equity Fund, Ivy International Growth Fund, Ivy Large Cap Growth Fund, Ivy Limited-Term Bond Fund, Ivy Managed European/Pacific Fund, Ivy Managed International Opportunities Fund, Ivy Micro Cap Growth Fund, Ivy Mid Cap Growth Fund, Ivy Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Pacific Opportunities Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund, Ivy Small Cap Value Fund, Ivy Tax-Managed Equity Fund and Ivy Value Fund, dated May 24, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
(xv)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Asset Strategy New Opportunities Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Energy Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Balanced Fund, Ivy International Core Equity Fund, Ivy Limited-Term Bond Fund, Ivy Mid Cap Growth Fund, Ivy Municipal High Income Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund and Ivy Value Fund, dated May 24, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
(xvi)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Bond Fund, dated May 24, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
(xvii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Large Cap Growth Fund, dated May 24, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
(xviii)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, effective June 9, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
(xix)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, effective June 13, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.
(xx)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, effective June 13, 2011, filed with Post-Effective Amendment No. 70, and incorporated by reference herein.

11

(xxi)	Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, as amended May 22, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
(xxii)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company effective June 4, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
(xxiii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Equity Income Fund, dated May 22, 2012, filed with Post-Effective Amendment No. 73, and incorporated by reference herein.
(xxiv)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Asset Strategy New Opportunities Fund, Ivy Balanced Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Energy Fund, Ivy European Opportunities Fund, Ivy Global Income Allocation Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy International Growth Fund, Ivy Large Cap Growth Fund, Ivy Limited-Term Bond Fund, Ivy Managed European/Pacific Fund, Ivy Managed International Opportunities Fund, Ivy Micro Cap Growth Fund, Ivy Mid Cap Growth Fund, Ivy Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Pacific Opportunities Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund, Ivy Small Cap Value Fund, Ivy Tax-Managed Equity Fund and Ivy Value Fund, dated May 22, 2012, filed with Post-Effective Amendment No. 75, and incorporated by reference herein.
(xxv)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Asset Strategy New Opportunities Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Energy Fund, Ivy Global Income Allocation Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Limited-Term Bond Fund, Ivy Mid Cap Growth Fund, Ivy Municipal High Income Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund and Ivy Value Fund, dated May 22, 2012, filed with Post-Effective Amendment No. 75, and incorporated by reference herein.
(xxvi)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Bond Fund, dated May 22, 2012, filed with Post-Effective Amendment No. 75, and incorporated by reference herein.
(xxvii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Income Allocation Fund, dated May 22, 2012, filed with Post-Effective Amendment No. 75, and incorporated by reference herein.
(xxviii)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 79, and incorporated by reference herein.
(xxix)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company amended February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.

12

(xxx)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company amended February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(xxxi)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company amended February 26, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(xxxii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Real Estate Fund and Ivy Global Risk-Managed Real Estate Fund effective March 6, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(xxxiii)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Real Estate Fund and Ivy Global Risk-Managed Real Estate Fund effective March 6, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(xxxiv)	Exhibit C to the Administrative and Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 84, and incorporated by reference herein.
(xxxv)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Asset Strategy New Opportunities Fund, Ivy Balanced Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Energy Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy Global Equity Income Fund, Ivy Global Income Allocation Fund, Ivy Global Natural Resources Fund, Ivy Global Real Estate Fund, Ivy Global Risk-Managed Real Estate Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy International Growth Fund, Ivy Large Cap Growth Fund, Ivy Limited-Term Bond Fund, Ivy Managed European/Pacific Fund, Ivy Managed International Opportunities Fund, Ivy Micro Cap Growth Fund, Ivy Mid Cap Growth Fund, Ivy Money Market Fund, Ivy Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Pacific Opportunities Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund, Ivy Small Cap Value Fund, Ivy Tax-Managed Equity Fund and Ivy Value Fund, dated July 1, 2013, filed with Post-Effective Amendment No. 84, and incorporated by reference herein.
(xxxvi)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Asset Strategy New Opportunities Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Energy Fund, Ivy Global Equity Income Fund, Ivy Global Income Allocation Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Limited-Term Bond Fund, Ivy Mid Cap Growth Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund, and Ivy Small Cap Growth Fund, dated July 1, 2013, filed with Post-Effective Amendment No. 84, and incorporated by reference herein.
(xxxvii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Bond Fund, dated July 1, 2013, filed with Post-Effective Amendment No. 84, and incorporated by reference herein.
(xxxviii)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.

13

(xxxix)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
(xl)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
(xli)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Emerging Markets Equity Fund, dated November 12, 2013, filed with Post-Effective Amendment No. 90, and incorporated by reference herein.
(xlii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Emerging Markets Local Currency Debt Fund, effective February 26, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xliii)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Emerging Markets Local Currency Debt Fund, effective February 26, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xliv)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 12, 2013 and March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xlv)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 12, 2013 and March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xlvi)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 12, 2013 and March 17, 2014, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xlvii)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended May 20, 2014, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
(xlviii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Mid Cap Income Opportunities Fund, effective August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(xlix)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Mid Cap Income Opportunities Fund, effective August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(l)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(li)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.

14

(lii)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, amended August 12, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(liii)	Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, effective August 13, 2014, filed with Post-Effective Amendment No. 100, and incorporated by reference herein.
(liv)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, amended January 1, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
(lv)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended January 1, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
(lvi)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended January 1, 2015, filed with Post-Effective Amendment No. 102, and incorporated by reference herein.
(lvii)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended February 24, 2015, filed with Post-Effective Amendment No. 105, and incorporated by reference herein.
(lviii)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(lix)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(lx)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(lxi)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Apollo Strategic Income Fund and Ivy Apollo Multi-Asset Income Fund, effective October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(lxii)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Apollo Strategic Income Fund and Ivy Apollo Multi-Asset Income Fund, effective October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(lxiii)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(lxiv)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment

15

	Management Company and Waddell & Reed Investment Management Company, amended October 1, 2015, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(lxv)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Targeted Return Bond Fund dated December 21, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(lxvi)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Targeted Return Bond Fund dated December 21, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(lxvii)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(lxviii)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(lxix)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(lxx)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(lxxi)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, amended November 17, 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(lxxii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Emerging Markets Local Currency Debt Fund dated December 21, 2015, filed with Post-Effective Amendment No. 112, and incorporated by reference herein.
(lxxiii)	Expense Reimbursement Agreement between Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Emerging Markets Local Currency Debt Fund dated December 21, 2015, filed with Post-Effective Amendment No. 112, and incorporated by reference herein.
(lxxiv)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Global Equity Income Fund, Ivy Global Income Allocation Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Large Cap Growth Fund, Ivy LaSalle Global Real Estate Fund, Ivy LaSalle Global Risk-Managed Real Estate Fund, Ivy Limited-Term Bond Fund, Ivy Mid Cap Growth Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund and Ivy Small Cap Growth Fund, dated July 28, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.

16

(lxxv)	Expense Reimbursement Agreement between Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Asset Strategy Fund, Ivy Balanced Fund, Ivy Bond Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Emerging Markets Equity Fund, Ivy Energy Fund, Ivy European Opportunities Fund, Ivy Global Bond Fund, Ivy Global Equity Income Fund, Ivy Global Growth Fund, Ivy Global Income Allocation Fund, Ivy Global Natural Resources Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Large Cap Growth Fund, Ivy LaSalle Global Real Estate Fund, Ivy LaSalle Global Risk-Managed Real Estate 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 Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Real Estate Securities Fund, Ivy Science and Technology Fund, Ivy Small Cap Growth Fund, Ivy Small Cap Value Fund, Ivy Tax-Managed Equity Fund and Ivy Value Fund, dated July 28, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(lxxvi)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Global Bond Fund, dated July 28, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(lxxvii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Emerging Markets Equity Fund, dated July 28, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(lxxviii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Managed International Opportunities Fund, dated July 28, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(lxxix)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Mid Cap Income Opportunities Fund, dated July 28, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(lxxx)	Investment Management Fee Reduction Agreement between Ivy Investment Management Company and Ivy Funds, on behalf of its series Ivy Cundill Global Value Fund, dated July 28, 2016, and effective August 1, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(lxxxi)	Investment Management Fee Reduction Agreement between Ivy Investment Management Company and Ivy Funds, on behalf of its series Ivy Real Estate Securities Fund, dated July 28, 2016, and effective August 1, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(lxxxii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Funds Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy California Municipal High Income Fund dated September 30, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(lxxxiii)	Expense Reimbursement Agreement between Ivy Funds Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy California Municipal High Income Fund dated September 30, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.

17

(lxxxiv)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(lxxxv)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(lxxxvi)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(lxxxvii)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(lxxxviii)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, amended and effective October 3, 2016, filed with Post-Effective Amendment No. 117, and incorporated by reference herein.
(lxxxix)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy IG International Small Cap Fund, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xc)	Expense Reimbursement Agreement between Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy IG International Small Cap Fund, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xci)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xcii)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xciii)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xciv)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xcv)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xcvi)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., and Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Bond Fund, Ivy Emerging Markets Equity Fund and Ivy LaSalle Global Real Estate Fund, dated

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	January 9, 2017, filed with Post-Effective Amendment No. 124, and incorporated by reference herein.
(xcvii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., and Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Apollo Multi-Asset Income Fund and Ivy Apollo Strategic Income Fund, dated January 31, 2017, filed with Post-Effective Amendment No. 124, and incorporated by reference herein.
(xcviii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., and Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Emerging Markets Local Currency Debt Fund, dated January 31, 2017, filed with Post-Effective Amendment No. 124, and incorporated by reference herein.
(xcix)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., and Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Targeted Return Bond Fund, dated January 31, 2017, filed with Post-Effective Amendment No. 124, and incorporated by reference herein.
(c)	Expense Reimbursement Agreement between Ivy Distributors, Inc., and Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Apollo Multi-Asset Income Fund, Ivy Apollo Strategic Income Fund, Ivy Emerging Markets Local Currency Debt Fund and Ivy Targeted Return Bond Fund, dated January 31, 2017, filed with Post-Effective Amendment No. 124, and incorporated by reference herein.
(ci)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Crossover Credit Fund, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
(cii)	Expense Reimbursement Agreement between Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy Crossover Credit Fund, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
(ciii)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
(civ)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
(cv)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
(cvi)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
(cvii)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 129, and incorporated by reference herein.
(cviii)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy

19

	ProShares S&P 500 Dividend Aristocrats Index Fund, Ivy ProShares Russell 2000 Dividend Growers Index Fund, Ivy ProShares Interest Rate Hedged High Yield Index Fund, Ivy ProShares S&P 500 Bond Index Fund and Ivy ProShares MSCI ACWI Index Fund, dated February 22, 2017, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(cix)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(cx)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(cxi)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(cxii)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(cxiii)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(cxiv)	Expense Reimbursement Agreement between Ivy Investment Management Company, Ivy Distributors, Inc., and Waddell & Reed Services Company, and Ivy Funds, on behalf of its series Ivy PineBridge High Yield Fund, dated May 17, 2017, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
(cxv)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
(cxvi)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
(cxvii)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
(cxviii)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
(cxix)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
(cxx)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.

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(cxxi)	Expense Reimbursement Agreement by and between Ivy Investment Management Company, Ivy Distributors, Inc. and Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Advantus Bond Fund, Ivy Advantus Real Estate Securities Fund, Ivy Asset Strategy Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Emerging Markets Equity Fund, Ivy Global Bond Fund, Ivy Global Equity Income Fund, Ivy Global Income Allocation Fund, Ivy Government Securities Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Large Cap Growth Fund, Ivy LaSalle Global Real Estate Fund, Ivy LaSalle Global Risk-Managed Real Estate Fund, Ivy Limited-Term Bond Fund, Ivy Managed International Opportunities Fund, Ivy Mid Cap Growth Fund, Ivy Mid Cap Income Opportunities Fund, Ivy Municipal High Income Fund, Ivy Natural Resources Fund, Ivy Science and Technology Fund and Ivy Small Cap Growth Fund, dated May 18, 2017, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
(cxxii)	Expense Reimbursement Agreement by and between Ivy Distributors, Inc. and Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Advantus Bond Fund, Ivy Advantus Real Estate Securities Fund, Ivy Asset Strategy Fund, Ivy Balanced Fund, Ivy Core Equity Fund, Ivy Cundill Global Value Fund, Ivy Dividend Opportunities Fund, Ivy Emerging Markets Equity Fund, Ivy Energy 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 LaSalle Global Real Estate Fund, Ivy LaSalle Global Risk-Managed Real Estate 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 Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Natural Resources Fund, Ivy Science and Technology Fund, Ivy Small Cap Core Fund, Ivy Small Cap Growth Fund, Ivy Tax-Managed Equity Fund and Ivy Value Fund, dated May 18, 2017, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
(cxxiii)	Investment Management Fee Reduction Agreement by and between Ivy Investment Management Company and Ivy Funds, on behalf of its series Ivy Cundill Global Value Fund, dated August 1, 2016, as amended May 18, 2017, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
(cxxiv)	Investment Management Fee Reduction Agreement by and between Ivy Investment Management Company and Ivy Funds, on behalf of its series Ivy Advantus Real Estate Securities Fund, dated August 1, 2016, as amended May 18, 2017, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
(cxxv)	Expense Reimbursement Agreement by and between Ivy Distributors, Inc., Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy California Municipal High Income Fund, Ivy Government Money Market Fund, Ivy LaSalle Global Real Estate Fund, Ivy LaSalle Global Risk-Managed Real Estate Fund, Ivy Managed International Opportunities Fund, Ivy Municipal Bond Fund, Ivy Municipal High Income Fund and Ivy Tax-Managed Equity Fund, dated June 29, 2017, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
(cxxvi)	Expense Reimbursement Agreement by and between Ivy Distributors, Inc., Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Emerging Markets Equity Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Small Cap Core Fund and Ivy Small Cap Growth Fund, dated June 29, 2017, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
(cxxvii)	Appendix A to the Accounting and Administrative Services Agreement between Ivy Funds and Waddell & Reed Services Company, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
(cxxviii)	Schedule A to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment

21

		Management Company and Waddell & Reed Investment Management Company, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
	(cxxix)	Schedule B to the Master Interfund Lending Agreement between Ivy Funds, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Investment Management Company and Waddell & Reed Investment Management Company, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
	(cxxx)	Appendix A to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
	(cxxxi)	Exhibit B to the Shareholder Servicing Agreement between Ivy Funds and Waddell & Reed Services Company, as amended September 1, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
	(cxxxii)	Expense Reimbursement Agreement by and between Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Government Securities Fund, dated May 17, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
	(cxxxiii)	Expense Reimbursement Agreement by and between Ivy Distributors, Inc., Waddell & Reed Services Company and Ivy Funds, on behalf of its series Ivy Government Securities Fund, dated May 17, 2017, filed with Post-Effective Amendment No. 146, and incorporated by reference herein.
14.	Consents of Independent Registered Public Accounting Firm: Filed herewith as Exhibits No. 14(a) and 14(b)
15.	Omitted Financial Statements: Not applicable.
16.	Powers of Attorney: Filed herewith as Exhibit No. 16
17.	Additional Exhibits:
	(i)	Code of Ethics, as amended August 2007, filed by EDGAR on May 30, 2008 as EX-99.B(p)code to Post-Effective Amendment No. 37 to the Registration Statement on Form N-1A and incorporated by reference herein.
	(ii)	Code of Ethics pursuant to the Sarbanes-Oxley Act of 2002, filed by EDGAR on January 28, 2004 as EX-99.B(p)code-so-ivy to Post-Effective Amendment No. 21 to the Registration Statement on Form N-1A and incorporated by reference herein.
	(iii)	Code of Ethics for Waddell & Reed Financial, Inc., Waddell & Reed, Inc., Waddell & Reed Investment Management Company, Fiduciary Trust Company of New Hampshire, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, Waddell & Reed InvestEd Portfolios, Ivy Funds, Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, doing business as WI Services Company, as revised May 2010, filed with Post-Effective Amendment No. 69, and incorporated by reference herein.
	(iv)	Code of Ethics for Advantus Capital Management, Inc., dated January 2009, filed with Post-Effective Amendment No. 69, and incorporated by reference herein.
	(v)	Code of Ethics for Mackenzie Financial Corporation, dated October 2008, filed with Post-Effective Amendment No. 69, and incorporated by reference herein.

22

(vi)	Code of Ethics for Wall Street Associates, dated December 2009, filed with Post-Effective Amendment No. 69, and incorporated by reference herein.
(vii)	Code of Ethics for Waddell & Reed Financial, Inc., Waddell & Reed, Inc., Waddell & Reed Investment Management Company, Fiduciary Trust Company of New Hampshire, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, Waddell & Reed InvestEd Portfolios, Ivy Funds, Ivy Investment Management Company, Ivy Funds Distributor, Inc. and Waddell & Reed Services Company, doing business as WI Services Company (WISC), as revised May 2011, filed with Post-Effective Amendment No. 72, and incorporated by reference herein.
(viii)	Code of Ethics for Mackenzie Financial Corporation, dated April 2012, filed with Post-Effective Amendment No. 75, and incorporated by reference herein.
(ix)	Code of Ethics for Advantus Capital Management, Inc., dated May 2012, filed with Post-Effective Amendment No. 75, and incorporated by reference herein.
(x)	Code of Ethics for Waddell & Reed Financial, Inc., Waddell & Reed, Inc., Waddell & Reed Investment Management Company, Fiduciary Trust Company of New Hampshire, Waddell & Reed Advisors Funds, Ivy Funds Variable Insurance Portfolios, InvestEd Portfolios, Ivy Funds, Ivy Investment Management Company, Ivy Funds Distributor, Inc., and Waddell & Reed Services Company, doing business as WI Services Company, as revised November 2012, filed with Post-Effective Amendment No. 79, and incorporated by reference herein.
(xi)	Code of Ethics for LaSalle Investment Management (Securities), L.P., LaSalle Investment Management Securities B.V. and LaSalle Investment Management Securities Hong Kong, effective January 24, 2013, filed with Post-Effective Amendment No. 82, and incorporated by reference herein.
(xii)	Code of Ethics for Wall Street Associates, dated December 2012, filed with Post-Effective Amendment No. 84, and incorporated by reference herein.
(xiii)	Code of Ethics for Advantus Capital Management, Inc. and Affiliates, dated April 10, 2013, filed with Post-Effective Amendment No. 84, and incorporated by reference herein.
(xiv)	Code of Ethics for Pictet Asset Management, dated July 2013, filed with Post-Effective Amendment No. 95, and incorporated by reference herein.
(xv)	Code of Ethics for Advantus Capital Management, Inc., dated January 31, 2014, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
(xvi)	Code of Ethics for LaSalle Investment Management (Securities), L.P., LaSalle Investment Management Securities B.V. and LaSalle Investment Management Securities Hong Kong, effective April 7, 2014, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
(xvii)	Code of Ethics for Mackenzie Financial Corporation, dated October 2012, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
(xviii)	Code of Ethics for Wall Street Associates, dated December 2013, filed with Post-Effective Amendment No. 98, and incorporated by reference herein.
(xix)	Code of Ethics for LaSalle Investment Management (Securities), L.P., LaSalle Investment Management Securities B.V. and LaSalle Investment Management Securities Hong Kong, amended March 25, 2015, filed with Post-Effective Amendment No. 105, and incorporated by reference herein.

23

(xx)	Code of Ethics for Apollo Credit Management, LLC, amended July 2014, filed with Post-Effective Amendment No. 107, and incorporated by reference herein.
(xxi)	Code of Ethics for Pictet Asset Management, amended March 2015, filed with Post-Effective Amendment No. 110, and incorporated by reference herein.
(xxii)	Code of Ethics for LaSalle Investment Management Securities, effective March 14, 2016, filed with Post-Effective Amendment No. 115, and incorporated by reference herein.
(xxiii)	Investors Group Inc. Personal Trading Conduct Policy for Directors and Access Persons, dated April 28, 2010, filed with Post-Effective Amendment No. 121, and incorporated by reference herein.
(xxiv)	Code of Ethics for Waddell & Reed Financial, Inc., Waddell & Reed, Inc., Waddell & Reed Investment Management Company, Fiduciary Trust Company of New Hampshire, Waddell & Reed Advisors Funds, Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy Funds, Ivy NextShares, Ivy Investment Management Company, Ivy Distributors, Inc., Waddell & Reed Services Company, doing business as WI Services Company, and Ivy High Income Opportunities Fund, as revised August 2015, filed with Post-Effective Amendment No. 124, and incorporated by reference herein.
(xxv)	Code of Ethics for Apollo Credit Management, LLC, amended October 2016, filed with Post-Effective Amendment No. 124, and incorporated by reference herein.
(xxvi)	Code of Ethics for ProShare Advisors LLC, dated September 16, 2015, as revised September 12, 2016, filed with Post-Effective Amendment No. 132, and incorporated by reference herein.
(xxvii)	Code of Ethics for PineBridge Investments LLC, effective November 2016, filed with Post-Effective Amendment No. 137, and incorporated by reference herein.
(xxviii)	Code of Ethics for Advantus Capital Management, Inc., dated July 28, 2016, filed with Post-Effective Amendment No. 142, and incorporated by reference herein.
(xxix)	Ivy Funds Prospectus dated July 5, 2017 and the supplements dated July 14, 2017, August 10, 2017, August 18, 2017, September 18, 2017, September 29, 2017, November 17, 2017 and November 22, 2017 (Accession Nos. 0001193125-17-225159/228572/254219/261969/287046/299235/346833 and 350562), are each incorporated by reference herein.
(xxx)	Ivy Funds Statement of Additional Information dated July 5, 2017 and the supplements dated July 14, 2017, August 18, 2017, September 29, 2017 and November 22, 2017 (Accession Nos. 0001193125-17-225159/228574/261970/299238/ and 350562), are each incorporated by reference herein.
(xxxi)	Ivy Funds Annual Report dated March 31, 2017, is incorporated herein by reference to the Annual Report previously filed on EDGAR, on Form N-CSR on June 8, 2017.
(xxxii)	Waddell & Reed Advisors (WRA) Funds Prospectus for the WRA Bond Fund, WRA Global Bond Fund, WRA Government Securities Fund, WRA High Income Fund, WRA Municipal Bond Fund, WRA Municipal High Income Fund, and WRA Cash Management Fund dated January 31, 2017 is incorporated herein by reference to the Prospectus filed with Post-Effective Amendment No. 45 and incorporated by reference herein.
(xxxiii)	Waddell & Reed Advisors (WRA) Funds Prospectus dated October 31, 2017 for the WRA Small Cap Fund, WRA Accumulative Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Wilshire Global Allocation Fund, WRA Vanguard Fund and WRA Continental Income Fund filed on EDGAR pursuant to Rule 497 on November 3, 2017, and incorporated by reference herein.
(xxxiv)	Waddell & Reed Advisors (WRA) Funds Statement of Additional Information dated January 31, 2017 for the WRA Accumulative Fund, WRA Asset Strategy Fund, WRA Continental Income Fund,

24

		WRA Core Investment Fund, WRA Dividend Opportunities Fund, WRA Energy Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Tax-Managed Equity Fund, WRA Value Fund, WRA Vanguard Fund, WRA Bond Fund, WRA Cash Management Fund, WRA Global Bond Fund, WRA Government Securities Fund, WRA High Income Fund, WRA Municipal Bond Fund and WRA Municipal High Income Fund filed on EDGAR pursuant to Rule 497 on February 3, 2017, and incorporated by reference herein.
	(xxxv)	Waddell & Reed Advisors (WRA) Funds Statement of Additional Information dated October 31, 2017 for the WRA Small Cap Fund, WRA Accumulative Fund, WRA High Income Fund, WRA Global Growth Fund, WRA Municipal High Income Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Wilshire Global Allocation Fund, WRA Vanguard Fund, WRA Cash Management and WRA Continental Income Fund filed on EDGAR pursuant to Rule 497 on November 3, 2017, and incorporated by reference herein.
	(xxxvi)	Waddell & Reed Advisors (WRA) Funds Annual Report for the WRA Accumulative Fund, WRA Asset Strategy Fund, WRA Continental Income Fund, WRA Core Investment Fund, WRA Dividend Opportunities Fund, WRA Energy Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Tax-Managed Equity Fund, WRA Value Fund, WRA Vanguard Fund, dated June 30, 2017, is incorporated herein by reference to the Annual Report filed on EDGAR on Form N-CSR on September 7, 2017.
	(xxxvii)	Waddell & Reed Advisors (WRA) Funds Annual Report for the WRA Bond Fund, WRA Global Bond Fund, WRA Government Securities Fund, WRA High Income Fund, WRA Municipal Bond Fund, WRA Municipal High Income Fund, and WRA Cash Management Fund dated September 30, 2016 is incorporated herein by reference to the Annual Report filed on EDGAR on Form N-CSR on December 9, 2016.
	(xxxviii)	Waddell & Reed Advisors (WRA) Funds Semiannual Report for the WRA Accumulative Fund, WRA Asset Strategy Fund, WRA Continental Income Fund, WRA Core Investment Fund, WRA Dividend Opportunities Fund, WRA Energy Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Small Cap Fund, WRA Tax-Managed Equity Fund, WRA Value Fund, and WRA Vanguard Fund, and WRA Accumulative Fund dated December 31, 2016, is incorporated herein by reference to the Semiannual Report filed on EDGAR, on Form N-CSR on March 10, 2017.
	(xxxix)	Waddell & Reed Advisors (WRA) Funds Semiannual Report for the WRA Bond Fund, WRA Global Bond Fund, WRA Government Securities Fund, WRA High Income Fund, WRA Municipal Bond Fund, WRA Municipal High Income Fund, and WRA Cash Management Fund dated March 31, 2016 is incorporated herein by reference to the Semiannual Report filed on EDGAR, on Form N-CSR on June 9, 2016.
	(xxxx)	Waddell & Reed Advisors Funds Prospectus and SAI for the WRA Wilshire Global Allocation Fund, formerly Asset Strategy Fund) dated May 18, 2017 filed with Post-Effective Amendment No. 48 and incorporated by reference herein.
	(xxxxi)	Waddell & Reed Advisors (WRA) Funds Prospectus for the, WRA Small Cap Fund, WRA Accumulative Fund, WRA Global Growth Fund, WRA New Concepts Fund, WRA Science and Technology Fund, WRA Wilshire Global Allocation Fund, WRA Vanguard Fund, and WRA Continental Income Fund dated October 31, 2017 filed with Post-Effective Amendment No. 50 and incorporated by reference herein.
Item 17. Undertakings:
(i)	The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering

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	prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.
(ii)	The undersigned Registrant agrees that every prospectus that is filed under paragraph (i) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.
(iii)	The undersigned Registrant agrees to file by post-effective amendment the opinion of counsel regarding tax consequences of the proposed reorganization required by Item 16(12) of Form N-14 within a reasonable time after receipt of such opinion.

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SIGNATURES

As required by the Securities Act of 1933, as amended, this registration statement has been signed on behalf of the registrant in the City of Overland Park, and State of Kansas, on the 8th day of December, 2017.

IVY FUNDS

a Delaware statutory trust

(Registrant)

By: /s/ Philip J. Sanders        

           Philip J. Sanders, President

As required by the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on the 8^th day of December, 2017.

Signatures	Title
/s/ Joseph Harroz, Jr.*	Chairman and Trustee
Joseph Harroz, Jr.
/s/ Philip J. Sanders	President
Philip J. Sanders
/s/ Joseph W. Kauten	Vice President, Treasurer, Principal Financial Officer
Joseph W. Kauten	and Principal Accounting Officer
/s/ Jarold W. Boettcher*	Trustee
Jarold W. Boettcher
/s/ James M. Concannon*	Trustee
James M. Concannon
/s/ John A. Dillingham*	Trustee
John A. Dillingham
/s/ James D. Gressett*	Trustee
James D. Gressett
/s/ Henry J. Herrmann*	Trustee
Henry J. Herrmann
/s/ Glendon E. Johnson, Jr.*	Trustee
Glendon E. Johnson, Jr.
/s/ Frank J. Ross, Jr.*	Trustee
Frank J. Ross, Jr.
/s/ Michael G. Smith*	Trustee
Michael G. Smith
/s/ Edward M. Tighe*	Trustee
Edward M. Tighe
*By: /s/ Philip A. Shipp	ATTEST: /s/ Jennifer K. Dulski
Philip A. Shipp          Attorney-in-Fact	Jennifer K. Dulski                  Secretary

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EXHIBIT INDEX

Index No.	Description of Exhibit
EX-99.11 EX-99.14(a) EX-99.14(b) EX-99.16	Opinion and Consent of Counsel Consent of Independent Registered Accounting Firm (a) Consent of Independent Registered Accounting Firm (b) Power of Attorney

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