Fonds IVY du formulaire N-CSR: 30 juin ◄ assurance santé entreprise

Qu’est-ce que l’assurance professionnel ?
L’assurance responsabilité civile pro (RC Pro) est un type d’assurance qui couvre les préjudices matériels ainsi qu’à corporels provoqués dans un agissement professionnel, que ce mettons sur votre lieu de travail et pourquoi pas lors d’une mission.

Elle prend en charge causés à des tiers, qu’ils soient liés chez une relation contractuelle (clients, partenaires, fournisseurs) ou non et garantit :

corporels ;
matériels ;
immatériels.
Cette formule super complète donne l’opportunité aux entrepreneur de regrouper différentes confiance en une seule. Elle offre des garanties cependant aussi des assortiment complémentaires que chacun souscrire selon les caractéristiques de sa profession. En effet, chauffeur de taxi, boulanger ainsi qu’à pharmacien ne sont pas soumis aux mêmes risques et n’ont donc pas les mêmes besoins.

Qui est concernée en l’assurance professionnel ?
L’assurance professionnelle n’est pas obligatoire sauf pour métier réglementées ou bien libérales telles que :
les avocats ;
huissiers ;
agents immobiliers ;
les positif ;
fonction médicales ;
du place de la comptabilité ;
les agents généraux d’assurance ;
les salarié du bâtiment.
Que couvre l’assurance prostituée ?
L’assurance responsabilité civile professionnel prend en charge l’indemnisation des tiers en cas d’accident causé chez :

une erreur ;
une faute ;
une effronterie ;
une négligence ;
l’un de vos employés ainsi qu’à sous-traitants ;
vos locaux ;
un animal vous appartenant ;
votre matériel professionnel.
Notez que l’assurance prostituée couvre aussi votre activité et vos biens professionnels en cas d’incendie, de dégât des eaux, de catastrophe naturelle, de vol mais également de vandalisme.


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Le contenu

LES ETATS-UNIS

COMMISSION DE LA SECURITE ET DU CHANGEMENT

Washington, D.C. 20549

Formulaire N-CSR

CERTIFIÉ
DÉCLARATION DES ACTIONNAIRES INSCRITS

GESTION DES ENTREPRISES D'INVESTISSEMENT

Numéro de loi de la société d'investissement 811-6569

IVY FONDS

(Nom exact
déclarant comme indiqué dans la charte)

6300 lamar
Avenue, Overland Park, Kansas 66202

(Adresse du siège social) (code postal)

Jennifer K. Dulski

6300
Sur l'avenue Lamar

Overland Park, Kansas, 66202

(Nom et adresse de l'agent de service)

Numéro de téléphone du titulaire, y compris l'indicatif régional: (913) 236-2000

Date de fin d'année financière: 30 juin

Date du rapport: 2019 30 juin


Le contenu
POINT 1

RAPPORTS AUX ACTIONNAIRES.


Le contenu

Rapport annuel

2019 30 juin

Probablement
Classe a Classe B. Classe c Classe I Classe N Classe R Classe Y

IVY FONDS

Ivy Savings Fund IATAX IATBX IATCX IATIX IATNX IATLX IATYX
Fonds de distribution mondial Ivy Wilshire IWGAX IWGBX IWGCX IWGIX IWGNX IWGRX IWGYX

À partir de 2021. Le 1 er janvier, conformément à la réglementation de la US Securities and Exchange Commission (SEC),
Les copies papier des rapports annuels et semestriels des actionnaires du Fonds ne seront plus envoyées, à moins que vous ne demandiez spécifiquement des copies papier des rapports. Les rapports seront plutôt disponibles sur le site Web d'Ivy Investments
(www.ivyinvestments.com), et vous recevrez une notification par courrier chaque fois qu'un rapport sera publié, et un lien annexe vous sera fourni pour accéder au rapport.

Si
vous avez déjà choisi de recevoir les rapports des actionnaires par voie électronique, vous ne serez pas concerné par ce changement et vous ne devrez rien faire. Vous pouvez choisir de recevoir des rapports d'actionnaires et d'autres communications des Fonds par voie électronique.
contactez à tout moment votre intermédiaire financier (un courtier vendeur ou une banque, par exemple) ou si vous êtes un investisseur direct.
1-888-923-3355 ou en vous inscrivant sur www.ivyinvestments.com.

Vous pouvez choisir de recevoir gratuitement tous les futurs rapports sur papier. Si vous investissez par l’intermédiaire d’un intermédiaire financier, vous pouvez contacter vos financiers
le courtier vous demande de continuer à recevoir des copies papier des rapports d'actionnaires. Si vous investissez directement avec des fonds, vous pouvez appeler
1-888-923-3355 Indiquez aux fonds que vous souhaitez continuer à recevoir des copies papier des rapports d'actionnaires. Votre choix de
Les rapports papier s'appliqueront à tous les fonds de votre compte si vous investissez par l'intermédiaire de votre intermédiaire financier, ou à tous les fonds d'un complexe de fonds si vous investissez directement avec des fonds.

IVY INVESTISSEMENTS® signifie services financiers
proposé par Ivy Distributors, Inc., courtier membre de la FINRA et distributeur de IVY FUNDS® les fonds communs de placement et les services financiers offerts par les filiales.


Le contenu

Ce rapport est fourni à titre d'information générale pour les actionnaires d'Ivy Fund. La distribution n'est pas autorisée
investisseurs de fonds potentiels, sauf indication contraire précédemment fournie avec le prospectus actuel, le résumé du prospectus et les informations d’exploitation en cours.

2


Le contenu
DÉVELOPPEMENT DU PRÉSIDENT IVY FONDS

LOGO

2019 30 juin (NON AUDITÉ)
Philip Sanders, CFA

Cher actionnaire,

Nous avons vu un peu de tout au cours de l'exercice. Le premier trimestre de l’exercice a été relativement calme et nous avons assisté à un marché spectaculaire.
volatilité des cours boursiers et pire trimestre depuis 2011 jusqu'en 2018 fin. Après une forte correction des marchés boursiers ont rugi: Indice S & P 500 2019 30 juin jusqu’à 17% et les bénéfices dans chaque secteur ont augmenté.
le rassemblement avait procyclique La composante en tant que technologie de l’information, discrétion des consommateurs et industrie a généré les meilleurs rendements pour le secteur, tandis que l’énergie et la santé étaient à la traîne.

L'économie américaine reste relativement saine et constitue actuellement le développement économique le plus long de l'histoire des États-Unis, en dépit du commerce et de l'incertitude mondiale
s'affaiblit. Nous croyons que les fondamentaux essentiels – marchés du travail robustes, salaires en hausse et inflation basse – soutiendront la croissance continue tout au long de 2019. Cependant, la politique commerciale des États-Unis reste un signe extraordinaire et une menace majeure pour l'UE
développement en cours.

La Réserve fédérale américaine (Fed) a jusqu'ici maintenu son taux d'intérêt stable pour 2019. Cependant, en raison de la pression croissante des troubles commerciaux et des
L'incertitude sur la croissance économique mondiale aura probablement pour effet de rendre la Fed plus favorable, ce qui entraînera des baisses de taux d'intérêt au cours du second semestre de l'année civile.

Les marchés émergents ont été confrontés à un certain nombre de vents contraires au cours de leur exercice, à savoir un dollar fort, l’attention de la Chine sur l’assouplissement financier et la réglementation, les guerres commerciales, la volatilité
les prix de l'énergie et le risque géopolitique accru. Malgré les inquiétudes à court terme et l'instabilité attendue du marché boursier mondial, nous pensons que les fondamentaux à long terme des marchés émergents continueront à offrir des opportunités. En comparaison, les États-Unis
Les actions ont largement bénéficié d'un taux de croissance plus attractif tiré par la réforme fiscale, moins de pression réglementaire et le rapatriement des revenus à l'étranger.

En ce qui concerne l'avenir, nous pensons que les actions sont confrontées à un obstacle de plus en plus fort en raison du ralentissement de la croissance mondiale et des turbulences commerciales. Quand on envisage un investissement
En paysagiste, nous continuons à mettre l’accent sur les fondamentaux et la qualité des classes d’actifs et des secteurs. Nous pensons qu’il est important de rester concentré sur les mérites des différents secteurs du marché, des industries et des entreprises lors de l’investissement.
décisions. Ces fondamentaux ont toujours eu tendance à l'emporter sur des facteurs externes tels que

politiques et réglementations gouvernementales. Bien que cela puisse affecter toutes les entreprises et tous les investisseurs, nous sommes convaincus que les compétences en matière d’innovation et de gestion au sein des entreprises sont des facteurs clés.
cours des actions à long terme.

Instantané économique

30/06/2016 30/06/2018

Indice S & P 500

2941.76 2 718,37

Indice MSCI EAEO

1.922.30 1 958,64

10 ans Trésorerie
Rendement

2,00% 2,85%

Taux de chômage américain

3,7% 4,0%

30ème anniversaire fixe
taux hypothécaire

3,73% 4,55%

Prix ​​du baril de pétrole

Dollars 58,47 Dollars 74.15

Sources: Bloomberg, Département du travail des États-Unis, MBA, CME

Toutes les statistiques gouvernementales affichées doivent être revues périodiquement. L’indice S & P 500 est un indice non géré qui suit principalement 500 actions. un grand angle Entreprises américaines. L'indice MSCI EAEO est un indice non géré de titres représentant les marchés des valeurs mobilières en Europe, en Australie et en Extrême-Orient. Il n’est pas possible d’investir directement dans l’un des
ces flèches. Les taux hypothécaires proviennent de BankRate et reflètent le taux standard moyen au jour le jour 30ème anniversaire prêt fixe. Les prix du pétrole reflètent le prix du pétrole brut moyen dans l’ouest du Texas.

Cordialement

LOGO

Philip Sanders, CFA

Le président

Les opinions exprimées dans cette lettre sont les suivantes:
Président du Ivy Fund et ne courent qu’après la période de reporting indiquée sur la couverture. L'attitude du président peut être modifiée à tout moment, en fonction du marché et d'autres conditions, et aucune prévision ne peut être faite
garanti.

L'année 2019 RAPPORT ANNUEL 3

Le contenu
ÉTAT DES DÉPENSES DU FONDS IVY FONDS

(NON AUDITÉ)

Exemple de coût

En tant qu’actionnaire du Fonds, vous engagez deux types de coûts: (1) des coûts de transaction, y compris des paiements d’achat (de chargement), des frais de change et
frais de compte; et (2) les frais courants, y compris les frais de gestion, les frais de distribution et d’entretien et les autres frais du Fonds. Le tableau suivant est destiné à vous aider à comprendre et à comparer les coûts actuels de vos investissements dans des fonds (en dollars).
ces coûts, ainsi que les coûts de fonctionnement d’autres fonds d’investissement. Cet exemple est basé sur un investissement de 1 000 $ investi au début de la période et détenu six mois la période est terminée
2019 30 juin

Coûts réels

La première section de ce tableau fournit des informations sur les valeurs réelles et les coûts réels de chaque compte de classe d'actions. Vous pouvez utiliser cette information
Dans cette section, avec le montant que vous avez investi, évaluez les coûts que vous avez payés au cours de la période. Divisez simplement la valeur de votre compte par 1 000 USD (par exemple, la valeur d'un compte de 7 500 USD divisée par 1 000 = 7,5), puis multipliez le résultat par
numéro dans la première colonne intitulée "Période de facturation" pour estimer les coûts qui ont été payés sur votre compte au cours de cette période. Il peut y avoir des frais supplémentaires pour les propriétaires de certains comptes qui n'existent pas
inclus dans les coûts indiqués dans le tableau. Des frais s'appliquent aux comptes de retraite individuels (IRA), mises à jour IRA, Roth IRA, Conversion Roth IRA, Retraite simplifiée des employés (SEP), Plan d'ajustement incitatif à l'épargne des employés (Simple) IRA, Protection fiscale Comptes (TSA), plans Keogh, plans 401 (k) (exclusif K) réservés au propriétaire et plans de paie finaux. À partir de la fin des six mois de la table, le client doit payer une taxe annuelle de 18 $ chacun
type de plan. Ces frais ne s'appliquent pas aux transferts IRA Roth IRA de transfert et de conversion IRA si le client dispose d'un autre type d'IRA. Les plans Compte d'épargne-études Coverdell sont soumis à des frais annuels de 10 $ par client. Avec des exceptions limitées pour les classes A et B.
Actions de catégorie C si votre fonds

le solde du compte est inférieur à 650 USD le vendredi, avant la dernière semaine de septembre de chaque année, des frais de compte de 20 USD seront facturés au compte. Vous devriez considérer les frais supplémentaires
ont été débités de votre compte via six mois la période pendant laquelle vous évaluez tous les frais de fonctionnement payés au cours de cette période et l'impact de ces charges sur la valeur de votre compte
les coûts ne sont pas reflétés dans les informations de ce tableau. Des frais supplémentaires réduisent le retour sur investissement.

Un exemple hypothétique d'objectifs de comparaison

La deuxième section de ce tableau fournit des informations sur
les valeurs de compte hypothétiques pour chaque catégorie d'actions et la dépense hypothétique basées sur le ratio de dépense réel du Fonds et un rendement implicite de cinq pour cent par an avant dépense, qui n'est pas le rendement réel du Fonds.
les valeurs de compte hypothétiques et les coûts ne peuvent pas être utilisés pour calculer le solde de compte réel ou les coûts que vous avez payés pour la période. Vous pouvez utiliser ces informations pour comparer le coût actuel d’un placement dans le Fonds et dans d’autres fonds. Pour ce faire,
comparez cet exemple hypothétique de cinq pour cent avec l'exemple hypothétique de cinq pour cent présenté dans les rapports d'actionnaires pour d'autres fonds.

Veuillez noter que les coûts indiqués dans le tableau ne concernent que vos coûts actuels et ne reflètent aucun coût de transaction tel que les ventes.
frais (fret), frais de change ou frais de compte. Par conséquent, la deuxième section du tableau est utile pour comparer uniquement les coûts actuels et ne vous aidera pas à déterminer le coût total relatif de la détention de différents fonds. Aussi, si ces
les coûts de transaction ont été inclus, vos coûts auraient été plus élevés.

Les dépenses payées peuvent être affectées par les mesures de réduction des coûts. Si ceux
aucun arrangement n'a été fait, les coûts payés auraient été plus élevés. Pour plus d'informations, voir Voir la note 6 des états financiers.

Le vrai(1) Hypothétique(2) Annuelle
Rapport de coût
Basé sur
Six mois
Période
La fondation Accueil
Compte
Valeur
12-31-18 heures
La fin
Compte
Valeur
6-30-19
Les coûts
Payé via
Période *
Accueil
Compte
Valeur
12-31-18 heures
La fin
Compte
Valeur
6-30-19
Les coûts
Payé via
Période *

Ivy Savings Fund

Classe a

Dollars 1000 Dollars 1242.10 Dollars 6.17 Dollars 1000 Dollars 1019.32 Dollars 5,55 1,10%

Classe B **

Dollars 1000 Dollars 1233.80 Dollars 12.62 Dollars 1000 Dollars 1013.48 Dollars 11.38 2,28%

Classe c

Dollars 1000 Dollars 1235,60 Dollars 11h40 Dollars 1000 Dollars 10144.56 Dollars 10,27 2,06%

Classe I

Dollars 1000 Dollars 1 242,70 Dollars 4,82 Dollars 1000 Dollars 1020.50 Dollars 4.34 0,87%

Classe N

Dollars 1000 Dollars 1 244.40 Dollars 4.15 Dollars 1000 Dollars 1021.12 Dollars 3,74 0,74%

Classe R

Dollars 1000 Dollars 1239.70 Dollars 8.17 Dollars 1000 Dollars 1017,46 Dollars 7,36 1,48%

Classe Y

Dollars 1000 Dollars 1240.60 Dollars 6.16 Dollars 1000 Dollars 1019.31 Dollars 5,55 1,10%

Voir aussi: Note de bas de page 5.

4 RAPPORT ANNUEL L'année 2019

Le contenu
ÉTAT DES DÉPENSES DU FONDS IVY FONDS

(NON AUDITÉ)

Le vrai(1) Hypothétique(2) Annuelle
Rapport de coût
Basé sur
Six mois
Période
La fondation Accueil
Compte
Valeur
12-31-18 heures
La fin
Compte
Valeur
6-30-19
Les coûts
Payé via
Période *
Accueil
Compte
Valeur
12-31-18 heures
La fin
Compte
Valeur
6-30-19
Les coûts
Payé via
Période *

Ivy Wilshire Distribution mondiale
La fondation

Classe a

Dollars 1000 Dollars 1.111.00 Dollars 2.11 Dollars 1000 Dollars 1022.83 Dollars 2.02 0,40 pour cent

Classe B **

Dollars 1000 Dollars 1 106,60 Dollars 7,79 Dollars 1000 Dollars 1017,43 Dollars 7,46 1,48%

Classe c

Dollars 1000 Dollars 1.108.20 Dollars 6.01 Dollars 1000 Dollars 1.019.10 Dollars 5,75 1,15%

Classe I

Dollars 1000 Dollars 1113.80 Dollars 0,32 Dollars 1000 Dollars 1024,46 Dollars 0.30am 0,07%

Classe N

Dollars 1000 Dollars 1113.90 Dollars 0,32 Dollars 1000 Dollars 1024,46 Dollars 0.30am 0,07%

Classe R

Dollars 1000 Dollars 1109.60 Dollars 2,95 Dollars 1000 Dollars 101.99 Dollars 2,83 0,57%

Classe Y

Dollars 1000 Dollars 1112.50 Dollars 1,69 Dollars 1000 Dollars 1023.19 Dollars 1,62 0,32%

*

Les frais du Fonds pour chaque catégorie d’actions sont égaux au ratio des frais annuels du Fonds pour chaque catégorie d’actions.
(dans le tableau) multiplié par la valeur de compte moyenne de la période multipliée par 181 jours six mois période terminée en 2019 le 30 juin et divisé par 365.

**

Cette classe d’actions ne peut être investie directement. Cependant, ils sont disponibles pour les dividendes
réinvestissement et conversion d’actions d’un autre fonds Ivy de la même catégorie.

(1)

Cette section utilise le rendement réel du fonds dans son ensemble et son coût réel. Ceci est un guide de la réalité
les frais du Fonds payés au cours de la période. La «valeur finale du compte» affichée est calculée en fonction du rendement réel du fonds, tandis que la colonne «Coût sur la période» indique le montant en dollars que vous auriez payé.
un investisseur qui a démarré à 1 000 $ dans le fonds. Un actionnaire peut utiliser les informations fournies ici avec le montant en dollars investi pour estimer les coûts payés au cours de la période. Pour chaque millier de dollars qu'un actionnaire a investi,
les dépenses sont indiquées dans la dernière colonne de cette section.

(2)

Cette section utilise le rendement annuel hypothétique de cinq pour cent et le coût réel du fonds. Cela aide en comparaison
Dépenses courantes du fonds auprès d’autres fonds d’investissement. Un actionnaire peut comparer les coûts de fonctionnement du Fonds en comparant cet exemple hypothétique avec les exemples hypothétiques figurant dans les relevés de l'actionnaire relatifs aux autres fonds.

Les illustrations ci-dessus sont basées uniquement sur les coûts actuels et ne comprennent pas les coûts de transaction tels que la charge de vente ou
frais de change.

L'année 2019 RAPPORT ANNUEL 5

Le contenu
PROTECTION DE GESTION FONDS COMPTABLE IVY

(NON AUDITÉ)

LOGO

Gustaf C. Zinn

LOGO

John Bichelmeyer

Ci-dessous, Gustaf C. Zinn, CFA, et John Bichelmeyer, CFA, le
portefeuille total Les gestionnaires du fonds d'accumulation Ivy discutent en 2019 30 juin les positions, résultats et résultats de l’exercice clos. M. Zin et M. Bichelmeyer sont devenus portefeuille total Gestionnaires de fonds 2018 en décembre, lorsque Barry Ogden, CFA, a quitté la société. M. Zinn et Bichelmeyer ont respectivement 21 et 22 ans d'expérience dans le secteur.

Performance de l'exercice financier

12 mois clos en 2019 30 juin

Fonds communs de placement Ivy (actions de catégorie A à la valeur liquidative)

13,86%

Ivy Savings Fund (actions de catégorie A, y compris la taxe de vente)

7,30%

Benchmarks et moyennes Morningstar / Lipper

Indice S & P 500

10,42%

(Reflète généralement les grandes et de taille moyenne Actions américaines)

Indice de croissance Russell 3000

10,60%

(Représente généralement la performance totale des actions
capitalisation boursière)

Morningstar Catégorie à croissance élevée Moyenne

10,02 pour cent

(Reflète généralement la performance du pool de fonds
avec des objectifs d'investissement similaires)

Lipper Multi-Cap Un univers de fonds de croissance
Modéré

10,23 pour cent

(Reflète généralement la performance du pool de fonds
avec des objectifs d'investissement similaires)

L'indice Russell 3000 Growth a remplacé l'indice S & P 500 en tant qu'indice de référence du fonds à compter de 2019. 21 février
reflète la nouvelle stratégie du Fonds, qui utilise désormais une philosophie de placement axée sur la croissance pour identifier les sociétés de haute qualité, quelle que soit leur capitalisation boursière.

Veuillez noter que le rendement du fonds comprend les frais applicables, alors que le rendement de l'indice n'inclut pas ces frais. Ci-dessous une discussion de la performance
valeur de l'actif (VNI).

Pilotes clés

Après 2016 L’augmentation mensuelle presque automatique du cours des actions depuis l’élection présidentielle s’est soudainement arrêtée au cours de l’exercice clos le
2019 30 juin L’année a commencé avec un optimisme soutenu à l’égard de la réforme fiscale et de la forte croissance des revenus qui en découle. Cependant, la confiance des investisseurs s'est rapidement accrue au dernier trimestre de l'année civile 2018. Il y avait une litanie
Nous pensons avoir soulevé les préoccupations des investisseurs: instabilité de la Maison-Blanche, relèvement trimestriel consécutif de la hausse des taux d’intérêt de la Réserve fédérale américaine (Fed) et ralentissement de la croissance économique mondiale.

Cela a conduit à une vente massive du stock. L'indice S & P 500, l'indice de référence du fonds à l'époque, était en décembre. Diminué de 9%, donc
le pire résultat mensuel de l'indice pour la dernière année civile depuis 1931 Il n’ya probablement pas de meilleure leçon à tirer des dommages que les investisseurs peuvent faire face aux fluctuations à court terme des marchés boursiers.

Comme c'était dramatique 2018. En conclusion, les actions ont connu l'un des meilleurs trimestres de près d'une décennie pour commencer 2019. Alors qu'est-ce qui a causé ce tournant
semaines? Le facteur clé a été un changement radical du taux d'intérêt de la Fed annoncé par le président Jerome Powell en janvier. Les attentes du marché découlaient de la conviction qu’en 2019. Les cartes ont subi plusieurs modifications de taux d’intérêt, jusqu’à une opportunité pour la Fed de réduire
taux d'intérêt. Cette décision a mis un terme au vent que la politique monétaire mettrait fin à la croissance économique actuelle et augmenterait la valeur des actions. Ce rallye frénétique a permis à l’indice S & P 500 de récupérer ses pertes et d’atteindre des sommets sans précédent à la fin.
Avril

Les hostilités en cours entre les États-Unis et la Chine ont créé une volatilité supplémentaire. Mais la période s'est finalement terminée sur une note positive
reprise des négociations commerciales entre les deux plus grandes économies du monde et anticipation d'une série de coupes dans les fonds fédéraux au cours des 12 prochains mois.

Les auteurs et les destroyers

Comment
2019 30 juin le fonds est fondamentalement différent de ce qu'il était il y a un an. En décembre dernier, nous avons délibérément décidé d’utiliser la flexibilité du Fonds en investissant dans des actions plus petites et plus performantes.
casquette moyenne entreprises. Parce que cette transition a eu lieu en 2018. Au quatrième trimestre, nous avons saisi l’opportunité d’acheter des sociétés de haute qualité axées sur la croissance et présentant des valorisations attractives.
Ce changement de philosophie de placement a également entraîné une modification de l'indice de référence du Fonds, qui est passé de l'indice S & P 500 à l'indice de croissance Russell 3000 en février.

Le fonds a rapporté 13,86% 12 mois période terminée en 2019 30 juin, en avance sur les anciens et les nouveaux repères,
ainsi que l'univers de ses pairs. En regardant plus en détail à tête à tête Le fonds a surperformé l'indice S & P 500 par rapport à chaque indice de référence.
2018 1er juillet – 2019 21 février; et l'indice Russell 3000 Growth à partir de 2019. 21 février jusqu'au 30 juin

6ème RAPPORT ANNUEL L'année 2019

Le contenu

Le Fonds a principalement utilisé des options d’actions fortes pour mesurer le rendement par rapport à l’indice de référence. cependant, les allocations sectorielles ont également été positives
assistant. Le secteur des technologies de l’information a eu une influence déterminante sur la performance relative de la période, représentant plus de la moitié du rendement annuel du fonds. Les atouts de cette industrie sont les logiciels cloud, les semi-conducteurs,
sécurité Internet et technologie / services financiers. Les secteurs de la communication et de l’industrie ont également bien contribué aux résultats. Dans ces deux secteurs, les atouts ont été principalement tirés par plusieurs participations majeures en actions, qui fournissent des résultats financiers.
il a dépassé les attentes.

En revanche, l’énergie a été le seul secteur à réduire la productivité. Ce secteur continue de souffrir de:
déséquilibres de l'offre et de la demande, qui ne risquent pas de s'aggraver à aucun moment.

Il est important de garder à l'esprit que nous prenons en compte notre portefeuille
référence poids, mais ne vise pas pour eux. Le fonds est établi: nom par nom ce qui signifie qu'il n'est pas rare que les pondérations sectorielles diffèrent
flèche. Les domaines que nous considérons comme l’une des meilleures opportunités de croissance structurelle à long terme sont les technologies de l’information, la santé et les services de communication. Les ratios de fonds dans ces secteurs reflètent généralement cette conviction.

Par rapport aux années précédentes, le fonds a considérablement accru son poids dans les technologies de l’information, tout en réduisant son exposition aux cotes de consommation.
énergie et finance sur une base relative. En outre, la part de marché de nos sociétés d’une valeur inférieure à 10 milliards de dollars a considérablement augmenté, l’accent étant mis sur les domaines de croissance attrayants: logiciels en nuage, instruments financiers.
technologie, équipement / technologie de la santé, santé animale et commerce de détail en ligne.

Outlook

En ce qui concerne l’année à venir, nous examinons quelques marchés en mouvement: les relations commerciales américano-chinoises,
ralentissement de la croissance économique, des taux d'intérêt et de 2020 élection. Si quelqu'un nous l'a rappelé au cours des 12 derniers mois, tout peut arriver. Il y aura plus de rebondissements que ce qui peut être raisonnablement prévu. donc notre objectif n'est pas
déterminer à l'avance les résultats de chacun de ces facteurs macroéconomiques.

Les investisseurs ne doivent jamais sous-estimer le potentiel de hausse du marché
le mur de chagrin proverbial. Compte tenu de la vigueur du marché, nous menons des recherches vigilantes pour nous assurer que la modification du titre du fonds modifie la thèse. Nous comprenons que les révisions du marché telles que 2018 Décembre
va certainement se reproduire. Nous restons disciplinés dans notre recherche de nouvelles opportunités. Nous continuerons de nous appuyer sur un processus d’investissement majeur axé sur la recherche pour nous aider à clarifier notre mission qui consiste à trouver des sociétés de haute qualité capables de:
perspectives à long terme positives en termes de revenus, de flux de trésorerie et / ou de croissance des bénéfices à long terme.

L'effet indiqué dans la VNI n'est pas inclus
taxe de vente. Si elle était reflétée, la performance affichée aurait été inférieure. Le rendement, taxe de vente comprise, correspond au montant maximal applicable devant charge de vente.

Les performances passées ne préjugent pas des performances futures. La valeur des actions du Fonds changera et vous pourriez perdre de l'argent sur votre investissement. Ces
Les autres risques sont décrits plus en détail dans le prospectus du Fonds.

Les opinions exprimées dans ce rapport sont celles du portefeuille du Fonds.
gestionnaires et ne sont à jour que jusqu’à la fin du rapport, comme indiqué sur la couverture. Les opinions des dirigeants sont susceptibles de changer à tout moment en fonction des conditions du marché et d’autres conditions, et aucune prévision ne peut être garantie.

Les indices mentionnés ne sont pas gérés, incluent les dividendes réinvestis et n'incluent pas les frais. On ne peut pas investir directement dans un indice, pas plus qu'un indice
représentant du Ivy Accumulative Fund.

2019 RAPPORT ANNUEL 7ème

Table des matières
POINTS FORTS DU PORTEFEUILLE IVY FONDS ACCUMULATIF

TOUTES LES DONNÉES SONT AU 30 JUIN 2019 (NON AUDITÉ)

Répartition de l'actif

Stocks

98,1%

Technologie de l'information

35,3%

Soins de santé

18,2%

Consommation discrétionnaire

12,7%

Services de communication

11,0%

Les industriels

9,9%

Agrafes de consommation

3,4%

Financiers

3,3%

Immobilier

2,3%

Matériaux

2,0%

Passif (net de trésorerie et autres actifs), et
Équivalents de trésorerie +

1,9%

10 principaux titres de participation

Société Secteur Industrie

Microsoft Corp.

Technologie de l'information

Logiciels de systèmes

Amazon.com, Inc.

Consommation discrétionnaire

Internet et marketing direct
Détail

Walt Disney Co. (Le)

Services de communication

Films et divertissement

Boeing Co. (Le)

Les industriels

Aéronautique & Défense

Elanco Animal Health, Inc.

Soins de santé

Produits pharmaceutiques

Fiserv, Inc.

Technologie de l'information

Traitement des données et sous-traitance
Les services

MasterCard, Inc., classe A

Technologie de l'information

Traitement des données et sous-traitance
Les services

Danaher Corp.

Soins de santé

Équipement de soins de santé

Prendre deux Interactif
Software, Inc.

Services de communication

Divertissement interactif à la maison

Gardner Denver Holdings, Inc.

Les industriels

Machines industrielles

Top 10 Equity récemment publié par le Fonds pour plus d'informations
Holdings.

+

Les équivalents de trésorerie sont définis comme des titres très liquides dont l’échéance est inférieure à trois mois. Trésorerie
les équivalents peuvent inclure les États-Unis Bons du Trésor, certificats de dépôt bancaires, acceptations bancaires, papier commercial et autres instruments du marché monétaire.

8ème RAPPORT ANNUEL 2019

Table des matières
COMPARAISON DE CHANGEMENT DE VALEUR D'UN INVESTISSEMENT DE 10 000 $ IVY FONDS ACCUMULATIF

(NON AUDITÉ)

LOGO

Veuillez noter que la performance des autres classes d’actions du Fonds sera supérieure ou inférieure à la performance indiquée.
ci-dessus pour la classe A en fonction des différences de charges et de frais payés par les actionnaires qui investissent dans des classes différentes.

(1)

La valeur de l’investissement dans le Fonds est affectée par la charge de vente au moment du placement et par le
dépenses courantes du Fonds et assume le réinvestissement des dividendes et des distributions.

Rendement total annuel moyen(2) Classe a(3) Classe B(4) Classe c Classe I Classe N Classe R Classe Y

1 an période terminée 6-30-19

7,30% 8,53% 12,88% 14.07% 14,31% 13,52% 13,87%

5 ans période terminée 6-30-19

8.03% 7,88% 8,25% 9,56%

10 ans période terminée 6-30-19

12,44% 12.00% 11,97% 13,38%

Depuis la création de la classe jusqu'à 6-30-19(5)

12,02% 11,20% 11,62%

(2)

Les données indiquées correspondent aux performances passées et sont basées sur la déduction de la charge de vente maximale applicable de chacun des produits.
les périodes. Les performances actuelles peuvent être inférieures ou supérieures. Les performances passées ne préjugent pas des résultats futurs. Le retour sur investissement et la valeur principale d’un investissement fluctueront et les actions, lors du rachat, peuvent valoir plus ou moins que leur
coût d'origine. Please visit www.ivyinvestments.com for the Fund’s most recent month end performance. Class A Shares carry a maximum front-end sales load of 5.75%. Class B and Class C shares
carry a maximum contingent deferred sales charge (CDSC) of 5% and 1%, respectively (the Class C shares reflect no CDSC since it only applies to Class C shares redeemed within twelve months after purchase). Class I, Class N,
Class R and Class Y shares are not subject to sales charges.

(3)

Class A shares carry a CDSC on shares purchased at net asset value for $1 million or more that are
subsequently redeemed within 12 months of purchase.

(4)

Class B shares are not currently available for direct investment. However, they are available for dividend
reinvestment and exchange of the same class shares of another Ivy Fund.

(5)

2-26-18 for Class N shares,
2-26-18 for Class R shares and 2-26-18 for Class Y shares (the date on which
shares were first acquired by shareholders).

Past performance is not necessarily indicative of future performance. Indexes are
unmanaged. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance results may 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 for those periods would have been lower.

a)

The Russell 3000 Growth Index replaced the S&P 500 Index as the Fund’s benchmark effective February 21,
2019 to reflect a change to the Fund’s strategy, which now applies a growth-oriented investment philosophy to identify high-quality companies across all market capitalizations.

2019 ANNUAL REPORT 9ème

Table of Contents
SCHEDULE OF INVESTMENTS IVY ACCUMULATIVE FUND (in thousands)

JUNE 30, 2019

COMMON STOCKS Shares Value

Communication Services

Interactive Home Entertainment – 4.4%

Electronic Arts, Inc. (A)

250 $ 25,295

Take-Two Interactive Software, Inc. (A)

320 36,295

61,590

Movies & Entertainment – 6.6%

Live Nation, Inc. (A)

320 21,232

Spotify Technology S.A. (A)

158 23,168

Walt Disney Co. (The)

348 48,579

92,979

Total Communication Services –
11.0%

154,569

Consumer Discretionary

Apparel, Accessories & Luxury Goods –
1.8%

lululemon athletica, Inc. (A)

142 25,554

Automotive Retail – 1.8%

O’Reilly Automotive, Inc. (A)

70 25,742

Internet & Direct Marketing Retail –
5.1%

Amazon.com, Inc. (A)

27ème 51,317

Farfetch Ltd., Class A (A)

976 20,307

71,624

Restaurants – 2.2%

Domino’s Pizza, Inc.

112 31,223

Specialized Consumer Services – 1.8%

ServiceMaster Global Holdings, Inc. (A)

470 24,487

Total Consumer
Discretionary – 12.7%

178,630

Consumer Staples

Distillers & Vintners – 1.3%

MGP Ingredients, Inc. (B)

266 17,638

Hypermarkets & Super Centers –
2.1%

Costco Wholesale Corp.

112 29,571

Total Consumer Staples – 3.4%

47,209

Financials

Financial Exchanges & Data –
2.3%

MarketAxess Holdings, Inc.

99 31,949

Investment Banking & Brokerage –
1.0%

Tradeweb Markets, Inc., Class A

325 14,238

Total Financials – 3.3%

46,187

Health Care

Health Care Equipment – 10.0%

Danaher Corp.

268 38,331

DexCom, Inc. (A)

215 32,231

Insulet Corp. (A)

229 27,278

Intuitive Surgical, Inc. (A)

37 19,304
COMMON STOCKS (Continued) Shares Value

Health Care Equipment (Continued)

Tactile Systems Technology, Inc. (A)

405 $ 23,024

140,168

Health Care Supplies – 1.6%

Align Technology, Inc. (A)

85 23,210

Health Care Technology – 1.8%

Tabula Rasa HealthCare,
Inc. (A)(B)

496 24,775

Pharmaceuticals – 4.8%

Aerie Pharmaceuticals, Inc. (A)

761 22,486

Elanco Animal Health, Inc. (A)

1,323 44,714

67,200

Total Health Care – 18.2%

255,353

Industrials

Aerospace & Defense – 3.3%

Boeing Co. (The)

128 46,630

Industrial Machinery – 4.2%

Gardner Denver Holdings, Inc. (A)

1,040 35,980

Kornit Digital Ltd. (A)

725 22,967

58,947

Research & Consulting Services –
2.4%

CoStar Group, Inc. (A)

62 34,352

Total Industrials – 9.9%

139,929

Information Technology

Application Software – 10.2%

Adobe, Inc. (A)

115 33,855

Five9, Inc. (A)

606 31,092

Intuit, Inc.

87 22,736

Mimecast Ltd. (A)

696 32,524

Q2 Holdings, Inc. (A)

297 22,710

142,917

Data Processing & Outsourced Services –
7.8%

Fiserv, Inc. (A)

467 42,581

MasterCard, Inc., Class A

156 41,240

PayPal, Inc. (A)

227 26,028

109,849

Internet Services & Infrastructure –
5.0%

8×8, Inc. (A)

1,315 31,682

Fastly, Inc., Class A (A)

623 12,634

GoDaddy, Inc., Class A (A)

375 26,327

70,643

IT Consulting & Other Services –
1.9%

Chegg, Inc. (A)

694 26,766

Semiconductors – 4.0%

Analog Devices, Inc.

158 17,856

nLight, Inc. (A)

835 16,032

QUALCOMM, Inc.

294 22,364

56,252

COMMON STOCKS (Continued) Shares Value

Systems Software – 6.4%

Microsoft Corp.

674 $ 90,276

Total Information Technology –
35.3%

496,703

Medžiagos

Specialty Chemicals – 2.0%

Sherwin-Williams Co. (The)

62 28,231

Total Materials – 2.0%

28,231

Real Estate

Specialized REITs – 2.3%

Equinix, Inc.

65 32,880

Total Real Estate – 2.3%

32,880

TOTAL COMMON STOCKS – 98.1%

$ 1,379,691

(Cost: $1,103,012)

SHORT-TERM SECURITIES Principal

Commercial Paper (C) – 1.9%

McCormick & Co., Inc.:

2.492%,
7-9-19

$ 5,000 4,996

3.100%,
7-11-19

8,000 7,993

Sonoco Products Co.,

2.531%, 7-1-19

4,946 4,945

Walgreens Boots Alliance, Inc.,

2.840%,
7-16-19

3,895 3,890

Wisconsin Gas LLC,

2.940%, 7-17-19

5,000 4,993

26,817

Master Note – 0.3%

Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus
15 bps), 2.620%, 7-5-19 (D)

4,332 4,332

Shares

Money Market Funds – 0.6%

Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
2.360%, (E)(F)

8,577 8,577

TOTAL SHORT-TERM
SECURITIES – 2.8%

$ 39,726

(Cost: $39,732)

TOTAL INVESTMENT
SECURITIES – 100.9%

$ 1,419,417

(Cost: $1,142,744)

LIABILITIES, NET OF CASH AND OTHER ASSETS
– (0.9)%

(13,201 )

NET ASSETS – 100.0%

$ 1,406,216

10ème ANNUAL REPORT 2019

Table of Contents
SCHEDULE OF INVESTMENTS IVY ACCUMULATIVE FUND (in thousands)

JUNE 30, 2019

Notes to Schedule of Investments

(A)

No dividends were paid during the preceding 12 months.

(B)

All or a portion of securities with an aggregate value of $21,400 are on loan.

(C)

Rate shown is the yield to maturity at June 30, 2019.

(D)

Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2019. 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)

Investment made with cash collateral received from securities on loan.

(F)

Rate shown is the annualized 7-day yield at June 30, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of June 30,
2019. See Note 3 to the Financial Statements for further information regarding fair value measurement.

Level 1 Level 2 Level 3

Turtas

Investments in Securities

Common Stocks

$ 1,379,691 $ $

Short-Term Securities

8,577 31,149

Total

$ 1,388,268 $ 31,149 $

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment
Trust

See Accompanying Notes to Financial Statements.

2019 ANNUAL REPORT 11ème

Table of Contents
MANAGEMENT DISCUSSION IVY WILSHIRE GLOBAL ALLOCATION FUND

(UNAUDITED)

LOGO

Chace Brundige

LOGO

W. Jeffery Surles

LOGO

Nathan Palmer

LOGO

Anthony Wicklund

Ivy Wilshire Global Allocation Fund is managed by Ivy Investment Management Company (IICO) and sub-advised by Wilshire Associates Incorporated (Wilshire Associates). Wilshire Associates manages the multi-asset segment of the Fund that invests in affiliated mutual funds. IICO develops the universe of
affiliated mutual funds, which Wilshire Associates may consider when making asset allocation decisions for the Fund, and manages the Fund’s other holdings. Below, portfolio managers Nathan Palmer, CFA, and Anthony Wicklund, CFA, CAIA, of
Wilshire Associates; and F. Chace Brundige, CFA, and W. Jeffery Surles, CFA, of IICO discuss positioning, performance and results for the fiscal year ended June 30, 2019. Mr. Palmer and Mr. Wicklund have managed the Fund since 2017.
Mr. Palmer has 22 years of industry experience and Mr. Wicklund has 18 years of industry experience. Mr. Brundige has managed the Fund since 2014 and has 26 years of industry experience. Mr. Surles has managed the Fund since 2018
and has 18 years of industry experience.

Fiscal Year Performance

For the 12 Months Ended June 30, 2019

Ivy Wilshire Global Allocation Fund (Class A shares at net asset value)

3.52%

Ivy Wilshire Global Allocation Fund (Class A shares including sales charges)

-2.46%

Benchmark(s) and Morningstar/Lipper averages

MSCI ACWI Index

5.74%

(generally reflects the performance of stocks in developed
and emerging market countries)

Bloomberg Barclays Multiverse USD Hedged Index

7.89%

(generally reflects the performance of global bond markets
across investment grade and high yield securities)

65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged Index

6.83%

(generally reflects the performance of a custom blend of
global stock markets across developed and emerging market countries, and global bond markets across investment grade and high yield securities)

Morningstar World Allocation Universe Average

3.05%

(generally reflects the performance of the universe of funds
with similar investment objectives)

Lipper Flexible Portfolio Funds Universe Average

2.88%

(generally reflects the performance of the universe of funds
with similar investment objectives)

Multiple indexes are shown because the Fund invests in multiple asset classes.

Please note that Fund returns include applicable fees and expenses while index returns do not include any such fees. The performance discussion below is at net
asset value (NAV).

Positive results, but a Bumpy Ride

Although the Fund had a positive return for the fiscal year ended June 30, 2019, the year was noteworthy for the number of strong moves in the markets.
all-equity MSCI ACWI Index recorded only three individual months with losses, but each decline was more than 5.9%. Those negative

months were balanced by four months with gains of 3.0% or more, including two months greater than 6.5%. A number of factors led to increased market volatility, including a change in the U.S.
interest rate outlook, slowing U.S. corporate earnings growth and continued global trade tensions.

Volatility returned to the equity markets in late 2017
and continued into 2018 and 2019. Volatility can create compelling investment opportunities for active investment managers, but can also lead to near-term pain as portfolios are reoriented. Continued trade tensions between the U.S. and several
global trading partners, most notably China, kept the market on edge during the fiscal year. The effects of the 2017 U.S. tax cut began to wane and corporate earnings growth slowed considerably, adding uncertainty to the outlook for many individual
stocks. Growth stocks continued to outperform value stocks globally, with the energy sector serving as a notable drain on domestic value equities. Disappointing results from shale oil drilling companies dampened enthusiasm for domestic energy
producers. Despite sanctions on Venezuela and Iran, the price of Brent crude oil fell 14.15% during the fiscal year and hurt energy equities. Emerging market equities performed in line with developed, non-U.S.
equities during the fiscal year, but lagged domestic equities. Despite the fundamental cheapness of many global currencies, trade war rhetoric and actions weighed on the currencies of many U.S. trading partners and served as a headwind for foreign
equity returns during much of the fiscal year.

Although economic growth is slowing or at a low rate in many foreign developed markets, corporate earnings
growth expectations exceed the outlook for U.S. corporations in many countries. The expected earnings-per-share (EPS) growth for

12ème ANNUAL REPORT 2019

Table of Contents

the MSCI Europe
Index is higher in 2019 than it was in 2018 and more than twice the growth anticipated in the S&P 500 Index. Although monetary policy remains loose in Europe, corporations did not benefit from massive fiscal stimulus on the scale of U.S. tax
cuts and thus the pace of earnings growth may be more sustainable.

The U.S. Federal Reserve (Fed) seeks to focus on economic fundamentals, but there has
been a growing recognition that market expectations and reactions can affect future economic results. Chairman Jerome Powell appeared to become more sensitive to market perception and the Fed modified its message to show sensitivity to market
perceptions. Not only did the Fed indicate it no longer intends to raise interest rates and tighten monetary policy, the expectation is that there may be two or three interest rate cuts of 0.25 percentage point each by the end of first-quarter 2020.
We believe global equity markets are likely to remain sensitive to changes in U.S. interest rates.

Balancing allocations in volatile
markets

The Fund reported a positive return for the fiscal year and outpaced the average return of its category peers, but lagged the return of
its blended benchmark index.

The Fund ended the fiscal year with about 36% of its assets allocated to fixed income products, about 29% allocated to
domestic equity products and about 35% allocated to foreign equity and global real estate products. Among the underlying affiliated mutual funds, Ivy International Core Equity Fund was the largest allocation at the close of the fiscal year at about
16%, followed by Ivy Securian Core Bond Fund at about 10%.

For the fiscal year, the largest contributors to performance were the Fund’s allocations to
Ivy Large Cap Growth Fund, Ivy Securian Core Bond Fund and Ivy Value Fund. From an allocation standpoint, our decision to overweight exposure to foreign equities and global real estate detracted from performance as U.S. equity markets continued to
outpace developed international and emerging markets equities during the fiscal year. The Fund was negatively impacted by its exposure to U.S. dollar-hedged fixed income securities issued in developed markets.

Looking for opportunities ahead

The Fund’s allowable allocation ranges are wide, but we anticipate equity investments will range from 45-85% et
fixed income investments will range from 15-55% during most market environments. The Fund’s long-term strategic target is a 65% allocation to equities and 35% to global fixed income.

Although we trimmed exposure to emerging markets equities during the final quarter of the fiscal year, we continue to favor investment opportunities in foreign
developed and emerging market equities relative to U.S. equities. The moderation of our large overweight to emerging markets equities versus foreign developed equities was based on valuations in emerging markets moving closer to fair value. We still
favor emerging markets equities due to the relative cheapness of many emerging markets currencies, improved sentiment regarding emerging markets and the potential for strong returns if a constructive, long-term trade agreement between the U.S. and
China is struck.

Domestically, we continue to favor value equities relative to growth equities. We believe value equities have similar earnings growth
prospects as growth equities, but continue to not participate as much in market rallies. Additionally, value equities provide marginally more defensive exposure, while growth equity index returns have been propelled by a small number of names, some
of whom may become subject to enhanced regulatory scrutiny. We are positioning for mean reversion in favor of value equities.

Within fixed income, we no
longer favor government securities over credit issues, nor are we underweight duration. Although we believe that government securities provide important portfolio protection, we do not believe they currently provide risk-adjusted return
opportunities that exceed those offered by credit issues. In addition, the move back to neutral duration posture has enhanced the defensive characteristics of the portfolio, since duration traditionally has a negative correlation to equities during
periods of market stress.

Performance shown at NAV does not include the effect of sales charges. If reflected, the performance shown would have been
lower. Performance including sales charges reflects the maximum applicable front-end sales load.

Past
performance is not a guarantee of future results. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money on your investment.

The ability of the Fund to meet its investment objective depends both on the allocation of its assets among the underlying funds and the ability of those
funds to meet their respective investment objectives. The Fund’s share price will likely change daily based on the performance of the underlying funds in which it invests. In general, the Fund is subject to the same risks as those of the
underlying funds it holds.

2019 ANNUAL REPORT 13ème

Table of Contents

Although asset
allocation among different underlying funds and asset categories generally tends to limit risk and exposure to any one underlying fund, the risk remains that the allocation of assets may skew toward an underlying fund that performs poorly relative
to the Fund’s other investments, or to the market as a whole, which would result in the Fund performing poorly.

International investing
involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets.

Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in
high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds.

Investing in companies involved in
one specified sector, country or market capitalization may be more risky and volatile than an investment with greater diversification. The Fund attempts to diversify by investing in a variety of underlying funds, however, certain funds may have
correlated risks that are not foreseen or unintended.

These and other risks are more fully described in the Fund’s prospectus.

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

indexes noted are unmanaged, include reinvested dividends and do not include fees. One cannot invest directly in an index, nor is an index representative of the Ivy Wilshire Global Allocation Fund.

14ème ANNUAL REPORT 2019

Table of Contents
PORTFOLIO HIGHLIGHTS IVY WILSHIRE GLOBAL ALLOCATION FUND

ALL DATA IS AS OF JUNE 30, 2019 (UNAUDITED)

Asset Allocation

Stocks

0.1%

Consumer Discretionary

0.1%

Affiliated Mutual Funds

99.1%

Ivy International Core Equity Fund, Class N

15.8%

Ivy Securian Core Bond Fund, Class N

10.2%

Ivy Emerging Markets Equity Fund, Class N

8.2%

Ivy Value Fund, Class N

7.8%

Ivy Pictet Targeted Return Bond Fund, Class N

6.1%

Ivy Large Cap Growth Fund, Class N

5.1%

Ivy Pzena International Value Fund, Class N

4.8%

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund,
Class N

4.5%

Ivy International Small Cap Fund, Class N

4.4%

Ivy Apollo Strategic Income Fund, Class N

4.0%

Ivy Corporate Bond Fund, Class N

3.6%

Ivy Government Securities Fund, Class N

3.1%

Ivy PineBridge High Yield Fund, Class N

3.0%

Ivy Pictet Emerging Markets Local Currency Debt Fund,
Class N

3.0%

Ivy Core Equity Fund, Class N

2.5%

Ivy Small Cap Core Fund, Class N

2.0%

Ivy Mid Cap Growth Fund, Class N

2.0%

Ivy Global Bond Fund, Class N

2.0%

Ivy Mid Cap Income Opportunities Fund, Class N

2.0%

Ivy LaSalle Global Real Estate Fund, Class N

2.0%

Ivy ProShares Russell 2000 Dividend Growers Index Fund,
Class N

2.0%

Ivy Small Cap Growth Fund, Class N

1.0%

Bonds

0.3%

Corporate Debt Securities

0.3%

Cash and Other Assets (Net of Liabilities), and Cash
Equivalents+

0.5%

The percentages of investments in the
underlying funds may not currently be within the target allocation ranges disclosed in the Fund’s prospectus due to market movements; these percentages are expected to change over time, and deviation from the target allocation ranges due to
market movements is permitted by the prospectus.

+

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

2019 ANNUAL REPORT 15ème

Table of Contents
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IVY WILSHIRE GLOBAL ALLOCATION FUND

(UNAUDITED)

LOGO

Please note that the performance of the Fund’s other share classes will be greater or less than the performance shown
above for Class A based on the differences in loads and fees paid by shareholders investing in the different classes.

(1)

The value of the investment in the Fund is impacted by the sales load at the time of the investment and by the
ongoing expenses of the Fund and assumes reinvestment of dividends and distributions.

Average Annual Total Return(2) Class A(3) Class B(4) Class C Class I Class N Class R Class Y

1-year period ended 6-30-19

-2.46% -1.32% 2.91% 3.98% 3.95% 3.36% 3.63%

5-year period ended 6-30-19

-0.87% -0.84% -0.48% 0.64%

10-year period ended 6-30-19

5.18% 4.98% 4.95% 6.13%

Since Inception of Class through 6-30-19(5)

0.81% 0.30% 0.58%

(2)

Data quoted is past performance and is based on deduction of the maximum applicable sales load for each of
the periods. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their
original cost. Please visit www.ivyinvestments.com for the Fund’s most recent month end performance. Class A Shares carry a maximum front-end sales load of 5.75%. Class B and Class C shares carry a maximum contingent deferred
sales charge (CDSC) of 5% and 1%, respectively (the Class C shares reflect no CDSC since it only applies to Class C shares redeemed within twelve months after purchase). Class I, Class N, Class R and Class Y shares are
not subject to sales charges.

(3)

Class A shares carry a CDSC on shares purchased at net asset value for $1 million or more that are
subsequently redeemed within 12 months of purchase.

(4)

Class B shares are not currently available for direct investment. However, they are available for dividend
reinvestment and exchange of the same class shares of another Ivy Fund.

(5)

2-26-18 for Class N shares,
2-26-18 for Class R shares and 2-26-18 for Class Y shares (the date on which
shares were first acquired by shareholders).

Past performance is not necessarily indicative of future performance. Indexes are
unmanaged. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance results may 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 for those periods would have been lower.

16ème ANNUAL REPORT 2019

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS IVY WILSHIRE GLOBAL ALLOCATION FUND (in thousands)

JUNE 30, 2019

COMMON STOCKS Shares Value

Consumer Discretionary

Leisure Facilities – 0.0%

COTA Racing & Entertainment LLC, Class B (A)

* $

Leisure Products – 0.1%

Media Group Holdings LLC, Series H (A)(B)(C)(D)(E)

73 *

Media Group Holdings LLC, Series T (A)(B)(C)(D)(E)

9ème 1,284

1,284

Total Consumer Discretionary –
0.1%

1,284

TOTAL COMMON STOCKS – 0.1%

$ 1,284

(Cost: $70,024)

AFFILIATED MUTUAL FUNDS

Ivy Apollo Strategic Income Fund, Class N

4,997 50,115

Ivy Core Equity Fund, Class N

1,912 30,890

Ivy Corporate Bond Fund, Class N

7,116 45,472

Ivy Emerging Markets Equity Fund, Class N

5,238 104,022

Ivy Global Bond Fund, Class N

2,587 25,688

Ivy Government Securities Fund, Class N

6,970 38,477

Ivy International Core Equity Fund, Class N

11,569 198,878

Ivy International Small Cap Fund, Class N

5,002 56,017
AFFILIATED MUTUAL
FUNDS
(Continued)
Shares Value

Ivy Large Cap Growth Fund, Class N

2,457 $ 63,703

Ivy LaSalle Global Real Estate Fund, Class N

2,293 25,319

Ivy Mid Cap Growth Fund, Class N

870 25,343

Ivy Mid Cap Income Opportunities Fund, Class N

1,708 24,970

Ivy Pictet Emerging Markets Local Currency Debt Fund, Class N

4,282 38,283

Ivy Pictet Targeted Return Bond Fund, Class N

7,582 76,805

Ivy PineBridge High Yield Fund, Class N

3,803 37,610

Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class N

2,286 25,082

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund, Class N

4,658 57,202

Ivy Pzena International Value Fund, Class N

3,962 61,052

Ivy Securian Core Bond Fund, Class N

11,837 128,783

Ivy Small Cap Core Fund, Class N

1,287 24,948

Ivy Small Cap Growth Fund, Class N

508 12,596

Ivy Value Fund, Class N

4,202 98,821

TOTAL AFFILIATED MUTUAL
FUNDS – 99.1%

$ 1,250,076

(Cost: $1,224,618)

CORPORATE DEBT SECURITIES Principal Value

Consumer Discretionary

Leisure Facilities – 0.3%

Circuit of the Americas LLC, Series D,
0.000%, 10-2-23 (F)

$ 7,285 $ 4,054

Total Consumer Discretionary –
0.3%

4,054

TOTAL CORPORATE DEBT
SECURITIES – 0.3%

$ 4,054

(Cost: $5,939)

SHORT-TERM SECURITIES

Master Note – 0.5%

Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus
15 bps), 2.620%, 7-5-19 (G)

5,741 5,741

TOTAL
SHORT-TERM
SECURITIES – 0.5%

$ 5,741

(Cost: $5,741)

TOTAL INVESTMENT
SECURITIES – 100.0%

$ 1,261,155

(Cost: $1,306,322)

CASH AND OTHER ASSETS, NET OF LIABILITIES
– 0.0%

71

NET ASSETS – 100.0%

$ 1,261,226

Notes to Consolidated
Schedule of Investments

*

Not shown due to rounding.

(A)

No dividends were paid during the preceding 12 months.

(B)

Restricted securities. At June 30, 2019, the Fund owned the following restricted securities:

Security Acquisition Date(s) Shares Cost Market Value

Media Group Holdings LLC, Series H

8-29-13 to 10-31-13 73 $ 50,887 $ *

Media Group Holdings LLC, Series T

7-2-13 à 1-23-15 9ème 19,137 1,284

$ 70,024 $ 1,284

total value of these securities represented 0.1% of net assets at June 30, 2019.

(C)

Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund
and consolidated as described in Note 5 of the Notes to Financial Statements.

(D)

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

(E)

Securities whose value was determined using significant unobservable inputs.

(G)

Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2019. 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.

2019 ANNUAL REPORT 17ème

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS IVY WILSHIRE GLOBAL ALLOCATION FUND (in thousands)

JUNE 30, 2019

The following table is a summary of the valuation of the Fund’s investments by the
fair value hierarchy levels as of June 30, 2019. See Note 3 to the Financial Statements for further information regarding fair value measurement.

Level 1 Level 2 Level 3

Turtas

Investments in Securities

Common Stocks

$ $ $ 1,284

Affiliated Mutual Funds

1,250,076

Corporate Debt Securities

4,054

Short-Term Securities

5,741

Total

$ 1,250,076 $ 9,795 $ 1,284

During the year ended June 30, 2019, there were no transfers in or out of Level 3.

The following acronym is used throughout this schedule:

LIBOR = London
Interbank Offered Rate

See Accompanying Notes to Financial Statements.

18ème ANNUAL REPORT 2019

Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF JUNE 30, 2019

(In thousands, except per share amounts) Ivy
Accumulative
Fund
Ivy
Wilshire
Global
Allocation
Fund(1)

ASSETS

Investments in unaffiliated securities at value+^

$ 1,419,417 $ 9,795

Investments in affiliated securities at value+

1,251,360

Investments at Value

1,419,417 1,261,155

Cash

1 28ème

Investment securities sold receivable

2,373

Dividends and interest receivable

55 275

Capital shares sold receivable

605 447

Receivable from affiliates

50 217

Receivable from securities lending income – net

3

Prepaid and other assets

95 69

Total Assets

1,420,226 1,264,564

LIABILITIES

Cash collateral on securities loaned at value

8,577

Investment securities purchased payable

2,280

Capital shares redeemed payable

2,298 2,763

Independent Trustees and Chief Compliance Officer fees payable

535 394

Distribution and service fees payable

24ème 18ème

Shareholder servicing payable

175 123

Investment management fee payable

79 6ème

Accounting services fee payable

23ème 15ème

Other liabilities

19ème 19ème

Total Liabilities

14,010 3,338

Total Net Assets

$ 1,406,216 $ 1,261,226

NET ASSETS

Capital paid in (shares authorized – unlimited)

$ 1,026,536 $ 1,295,310

Accumulated earnings gain (loss)

379,680 (34,084 )

Total Net Assets

$ 1,406,216 $ 1,261,226

CAPITAL SHARES OUTSTANDING:

Class A

107,882 101,041

Class B

104 480

Class C

366 1,384

Class I

24,499 51,898

Class N

24ème 29ème

Class R

24ème 29ème

Class Y

24ème 29ème

NET ASSET VALUE PER SHARE:

Class A

$10.57 $8.11

Class B

$8.55 $7.58

Class C

$8.81 $7.68

Class I

$10.65 $8.22

Class N

$10.59 $8.12

Class R

$10.55 $8.10

Class Y

$10.57 $8.11

+COST

Investments in unaffiliated securities at cost

$ 1,142,744 $ 11,680

Investments in affiliated securities at cost

1,294,642

^Securities loaned at value

21,400

(1)

Consolidated Statement of Assets and Liabilities (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

2019 ANNUAL REPORT 19ème

Table of Contents
STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE YEAR ENDED JUNE 30, 2019

(In thousands) Ivy
Accumulative
Fund
Ivy
Wilshire
Global
Allocation
Fund(1)

INVESTMENT INCOME

Dividends from unaffiliated securities

$ 13,507 $

Dividends from affiliated securities

31,130

Interest and amortization from unaffiliated securities

1,253 98

Securities lending income – net

419

Total Investment Income

15,179 31,228

EXPENSES

Investment management fee

9,246 727

Distribution and service fees:

Class A

2,746 2,191

Class B

11ème 47

Class C

28ème 120

Class R

1 1

Class Y

1 1

Shareholder servicing:

Class A

1,321 749

Class B

11ème 19ème

Class C

11ème 14ème

Class I

417 72

Class N

* *

Class R

1 *

Class Y

* *

Registration fees

131 133

Custodian fees

25ème 8ème

Independent Trustees and Chief Compliance Officer fees

136 116

Accounting services fee

271 180

Professional fees

43 56

Other

110 182

Total Expenses

14,510 4,616

Less:

Expenses in excess of limit

(106 ) (497 )

Total Net Expenses

14,404 4,119

Net Investment Income

775 27,109

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) on:

Investments in unaffiliated securities

180,115 25ème

Investments in affiliated securities

1,280

Distributions of realized capital gains from affiliated securities

43,565

Futures contracts

(2 )

Written options

737

Foreign currency exchange transactions

*

Net change in unrealized appreciation (depreciation) on:

Investments in unaffiliated securities

(5,397 ) 269

Investments in affiliated securities

(28,385 )

Futures contracts

(86 )

Written options

195

Foreign currency exchange transactions

(7 )

Net Realized and Unrealized Gain

175,562 16,747

Net Increase in Net Assets Resulting from
Operations

$ 176,337 $ 43,856

*

Not shown due to rounding.

(1)

Consolidated Statement of Operations (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

20ème ANNUAL REPORT 2019

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

Ivy Accumulative Fund Ivy Wilshire Global
Allocation Fund(1)
(In thousands) Year ended
6-30-19
Year ended
6-30-18
Year ended
6-30-19
Year ended
6-30-18

INCREASE (DECREASE) IN NET ASSETS

Operations:

Net investment income

$ 775 $ 6,438 $ 27,109 $ 22,971

Net realized gain on investments

180,850 85,688 44,870 57,205

Net change in unrealized appreciation (depreciation)

(5,288 ) 59,161 (28,123 ) 26,369

Net Increase in Net Assets Resulting from
Operations

176,337 151,287 43,856 106,545

Distributions to Shareholders From:

Net investment income:

Class A

(5,022 ) (18,575 )

Class B

(50 )

Class C

(204 )

Class I

(1,600 ) (13,167 )

Class N

Class R

Class Y

Net realized gains:

Class A

(74,552 ) (55,287 )

Class B

(140 ) (490 )

Class C

(395 ) (1,422 )

Class I

(16,451 ) (31,172 )

Class N

Class R

Class Y

Accumulated earnings:

(combined net investment income and net realized gains)

Class A

(116,331 ) (63,026 )

Class B

(127 ) (315 )

Class C

(315 ) (805 )

Class I

(26,154 ) (35,071 )

Class N

(29 ) (18 )

Class R

(27 ) (17 )

Class Y

(27 ) (17 )

Total Distributions to Shareholders

(143,010 ) (98,160 ) (99,269 ) (120,367 )

Capital Share Transactions

9,963 (116,231 ) (209,532 ) (206,238 )

Net Increase (Decrease) in Net Assets

43,290 (63,104 ) (264,945 ) (220,060 )

Net Assets, Beginning of Period

1,362,926 1,426,030 1,526,171 1,746,231

Net Assets, End of Period

$ 1,406,216 $ 1,362,926 $ 1,261,226 $ 1,526,171

Undistributed net investment income

$ 2,338 $ 6,297

(1)

Consolidated Statements of Changes in Net Assets (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

2019 ANNUAL REPORT 21ème

Table of Contents
FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY 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
Total
Distributions

Class A Shares

Year ended
6-30-2019

$ 10.47 $ 0.00 * $ 1.25 $ 1.25 $ (0.05 ) $ (1.10 ) $ (1.15 )

Year ended
6-30-2018

10.09 0.05 1.08 1.13 (0.05 ) (0.70 ) (0.75 )

Year ended
6-30-2017

9.27 0.04 1.22 1.26 (0.03 ) (0.41 ) (0.44 )

Year ended
6-30-2016

11.19 0.06 (0.48 ) (0.42 ) (0.07 ) (1.43 ) (1.50 )

Year ended
6-30-2015

11.74 0.04 1.24 1.28 (0.02 ) (1.81 ) (1.83 )

Class B
Shares(4)

Year ended
6-30-2019

8.67 (0.09 ) 1.00 0.91 (1.03 ) (1.03 )

Year ended
6-30-2018

8.49 (0.07 ) 0.91 0.84 (0.66 ) (0.66 )

Year ended
6-30-2017

7.91 (0.06 ) 1.03 0.97 (0.39 ) (0.39 )

Year ended
6-30-2016

9.75 (0.05 ) (0.42 ) (0.47 ) (1.37 ) (1.37 )

Year ended
6-30-2015

10.41 (0.09 ) 1.09 1.00 (1.66 ) (1.66 )

Class C Shares

Year ended
6-30-2019

8.90 (0.08 ) 1.04 0.96 (1.05 ) (1.05 )

Year ended
6-30-2018

8.70 (0.05 ) 0.92 0.87 (0.67 ) (0.67 )

Year ended
6-30-2017

8.08 (0.05 ) 1.06 1.01 (0.39 ) (0.39 )

Year ended
6-30-2016

9.93 (0.03 ) (0.43 ) (0.46 ) (1.39 ) (1.39 )

Year ended
6-30-2015

10.59 (0.06 ) 1.10 1.04 (1.70 ) (1.70 )

Class I Shares

Year ended
6-30-2019

10.55 0.03 1.25 1.28 (0.08 ) (1.10 ) (1.18 )

Year ended
6-30-2018

10.16 0.07 1.08 1.15 (0.07 ) (0.69 ) (0.76 )

Year ended
6-30-2017

9.32 0.06 1.23 1.29 (0.04 ) (0.41 ) (0.45 )

Year ended
6-30-2016

11.26 0.06 (0.46 ) (0.40 ) (0.11 ) (1.43 ) (1.54 )

Year ended
6-30-2015

11.80 0.06 1.26 1.32 (0.05 ) (1.81 ) (1.86 )

Class N Shares

Year ended
6-30-2019

10.48 0.04 1.25 1.29 (0.08 ) (1.10 ) (1.18 )

Year ended 6-30-2018(6)

10.29 0.03 0.16 0.19

Class R Shares

Year ended
6-30-2019

10.45 (0.04 ) 1.26 1.22 (0.02 ) (1.10 ) (1.12 )

Year ended 6-30-2018(6)

10.29 0.01 0.15 0.16

Class Y Shares

Year ended
6-30-2019

10.47 0.00 * 1.25 1.25 (0.05 ) (1.10 ) (1.15 )

Year ended 6-30-2018(6)

10.29 0.00 * 0.18 0.18

*

Not shown due to rounding.

(1)

Based on average weekly shares outstanding.

(2)

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

(3)

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

(4)

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.

(5)

Expense ratio based on the period excluding reorganization expenses was 2.29%.

(6)

For the period from February 26, 2018 (commencement of operations of the class) through June 30, 2018.

(8)

Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended
June 30, 2018.

22 ANNUAL REPORT 2019

Table of Contents

Net Asset
Value,
End of Period
Total
Return(2)
Net Assets,
End of Period
(in millions)
Ratio of
Expenses to
Average Net
Turtas
Including
Expense
Waiver
Ratio of Net
Investment
Income
(Loss) to
Average Net
Turtas
Including
Expense
Waiver
Ratio of
Expenses to
Average 
Net
Turtas
Excluding
Expense
Waiver(3)
Ratio of Net
Investment
Income
(Loss) to
Average Net
Turtas
Excluding
Expense
Waiver(3)
Portfolio
Turnover
Rate

Class A Shares

Year ended
6-30-2019

$ 10.57 13.86 % $ 1,141 1.11 % 0.02 % % % 123 %

Year ended
6-30-2018

10.47 11.66 1,119 1.10 0.43 1.11 0.42 79

Year ended
6-30-2017

10.09 14.02 1,148 1.09 0.42 1.11 0,40 102

Year ended
6-30-2016

9.27 -3.99 1,125 1.07 0.59 1.12 0.54 102

Year ended
6-30-2015

11.19 12.19 1,447 1.06 0.32 1.11 0.27 113

Class B
Shares(4)

Year ended
6-30-2019

8.55 12.47 1 2.29 -1.09 2.74 -1.54 123

Year ended
6-30-2018

8.67 10.35 1 2.34 (5) -0.82 2.46 -0.94 79

Year ended
6-30-2017

8.49 12.62 2 2.29 -0.78 2.41 -0.90 102

Year ended
6-30-2016

7.91 -5.17 3 2.28 -0.62 2.31 -0.65 102

Year ended
6-30-2015

9.75 10.88 4 2.26 -0.89 2.29 -0.92 113

Class C Shares

Year ended
6-30-2019

8.81 12.88 3 2.07 -0.97 2.15 -1.05 123

Year ended
6-30-2018

8.90 10.45 3 2.07 -0.56 2.08 -0.57 79

Year ended
6-30-2017

8.70 12.96 5 2.06 -0.55 2.09 -0.58 102

Year ended
6-30-2016

8.08 -4.97 6ème 2.04 -0.38 2.07 -0.41 102

Year ended
6-30-2015

9.93 11.07 6ème 2.02 -0.64 2.05 -0.67 113

Class I Shares

Year ended
6-30-2019

10.65 14.07 261 0.87 0.25 0.91 0.21 123

Year ended
6-30-2018

10.55 11.91 240 0.87 0.65 0.92 0.60 79

Year ended
6-30-2017

10.16 14.28 271 0.87 0.64 0.91 0.60 102

Year ended
6-30-2016

9.32 -3.81 280 0.83 0.75 0.86 0.72 102

Year ended
6-30-2015

11.26 12.48 5 0.84 0.56 0.87 0.53 113

Class N Shares

Year ended
6-30-2019

10.59 14.31 * 0.75 0,40 123

Year ended 6-30-2018(6)

10.48 1.85 * 0.74 (7) 0.90 (7) 79 (8)

Class R Shares

Year ended
6-30-2019

10.55 13.52 * 1.49 -0.35 123

Year ended 6-30-2018(6)

10.45 1.56 * 1.49 (7) 0.16 (7) 79 (8)

Class Y Shares

Year ended
6-30-2019

10.57 13.87 * 1.11 0.03 1.14 0.00 123

Year ended 6-30-2018(6)

10.47 1.75 * 1.08 (7) 0.57 (7) 79 (8)

See Accompanying Notes to Financial Statements.

2019 ANNUAL REPORT 23ème

Table of Contents
FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY 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
Total
Distributions

Class A Shares

Year ended
6-30-2019

$ 8.48 $ 0.15 $ 0.08 $ 0.23 $ (0.17 ) $ (0.43 ) $ (0.60 )

Year ended
6-30-2018

8.59 0.11 0.42 0.53 (0.16 ) (0.48 ) (0.64 )

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 ) (2.28 )

Class B
Shares(5)

Year ended
6-30-2019

7.96 0.06 0.09 0.15 (0.10 ) (0.43 ) (0.53 )

Year ended
6-30-2018

8.07 0.03 0,39 0.42 (0.05 ) (0.48 ) (0.53 )

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 ) (2.20 )

Class C Shares

Year ended
6-30-2019

8.04 0.08 0.09 0.17 (0.10 ) (0.43 ) (0.53 )

Year ended
6-30-2018

8.15 0.05 0,39 0.44 (0.07 ) (0.48 ) (0.55 )

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 ) (2.22 )

Class I Shares

Year ended
6-30-2019

8.58 0.18 0.09 0.27 (0.20 ) (0.43 ) (0.63 )

Year ended
6-30-2018

8.70 0.15 0.41 0.56 (0.20 ) (0.48 ) (0.68 )

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 ) (2.30 )

Class N Shares

Year ended
6-30-2019

8.48 0.18 0.08 0.26 (0.19 ) (0.43 ) (0.62 )

Year ended 6-30-2018(6)

8.72 0.03 (0.27 ) (0.24 )

Class R Shares

Year ended
6-30-2019

8.47 0.14 0.08 0.22 (0.16 ) (0.43 ) (0.59 )

Year ended 6-30-2018(6)

8.72 0.01 (0.26 ) (0.25 )

Class Y Shares

Year ended
6-30-2019

8.48 0.16 0.08 0.24 (0.18 ) (0.43 ) (0.61 )

Year ended 6-30-2018(6)

8.72 0.00 * (0.24 ) (0.24 )

*

Not shown due to rounding.

(1)

Based on average weekly shares outstanding.

(2)

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

(3)

Does not include expenses of underlying Ivy Funds in which the Fund invests.

(4)

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

(5)

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.

(6)

For the period from February 26, 2018 (commencement of operations of the class) through June 30, 2018.

(8)

Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended
June 30, 2018.

.

24ème ANNUAL REPORT 2019

Table of Contents

Net Asset
Value,
End of Period
Total
Return(2)
Net Assets,
End of Period
(in millions)
Ratio of
Expenses to
Average 
Net
Turtas
Including
Expense
Waiver(3)
Ratio of Net
Investment
Income
(Loss) to
Average Net
Turtas
Including
Expense
Waiver(3)
Ratio of
Expenses to
Average 
Net
Turtas
Excluding
Expense
Waiver(3)(4)
Ratio of Net
Investment
Income
(Loss) to
Average Net
Turtas
Excluding
Expense
Waiver(3)(4)
Portfolio
Turnover
Rate

Class A Shares

Year ended
6-30-2019

$ 8.11 3.52 % $ 820 0,40 % 1.89 % 0.44 % 1.85 % 36 %

Year ended
6-30-2018

8.48 6.14 972 0.41 1.27 0,45 1.23 35

Year ended
6-30-2017

8.59 8.19 1,080 1.16 0.15 1.21 0.10 156

Year ended
6-30-2016

7.94 -10.59 1,370 1.16 0.25 1.16 0.25 64

Year ended
6-30-2015

8.88 -4.46 3,023 1.10 0.80 1.10 0.80 69

Class B
Shares(5)

Year ended
6-30-2019

7.58 2.49 4 1.48 0.81 1.50 0.79 36

Year ended
6-30-2018

7.96 5.11 6ème 1.37 0.31 1.41 0.27 35

Year ended
6-30-2017

8.07 7.17 10ème 2.23 -0.92 2.40 -1.09 156

Year ended
6-30-2016

7.53 -11.62 17ème 2.25 -0.85 2.25 -0.85 64

Year ended
6-30-2015

8.52 -5.40 30ème 2.11 -0.21 2.11 -0.21 69

Class C Shares

Year ended
6-30-2019

7.68 2.91 11ème 1.19 1.07 1.21 1.05 36

Year ended
6-30-2018

8.04 5.31 14ème 1.18 0.64 1.22 0.60 35

Year ended
6-30-2017

8.15 7.24 26ème 1.97 -0.65 2.06 -0.74 156

Year ended
6-30-2016

7.60 -11.32 34 2.01 -0.61 2.01 -0.61 64

Year ended
6-30-2015

8.57 -5.29 52 1.95 -0.04 1.95 -0.04 69

Class I Shares

Year ended
6-30-2019

8.22 3.98 426 0.07 2.22 0.12 2.17 36

Year ended
6-30-2018

8.58 6.43 534 0.09 1.59 0.15 1.53 35

Year ended
6-30-2017

8.70 8.61 630 0.83 0.48 0.88 0.43 156

Year ended
6-30-2016

8.01 -10.40 805 0.83 0.63 0.83 0.63 64

Year ended
6-30-2015

8.94 -4.16 64 0.82 1.10 0.82 1.10 69

Class N Shares

Year ended
6-30-2019

8.12 3.95 * 0.07 2.25 0.09 2.23 36

Year ended 6-30-2018(6)

8.48 -2.75 * 0.25 (7) 0.91 (7) 0.36 (7) 0.80 (7) 35 (8)

Class R Shares

Year ended
6-30-2019

8.10 3.36 * 0.58 1.74 0.60 1.72 36

Year ended 6-30-2018(6)

8.47 -2.87 * 0.72 (7) 0.44 (7) 0.84 (7) 0.32 (7) 35 (8)

Class Y Shares

Year ended
6-30-2019

8.11 3.63 * 0.32 2.01 0.34 1.99 36

Year ended 6-30-2018(6)

8.48 -2.75 * 0.50 (7) 0.66 (7) 0.61 (7) 0.55 (7) 35 (8)

See Accompanying Notes to Financial Statements.

2019 ANNUAL REPORT 25ème

Table of Contents
NOTES TO FINANCIAL STATEMENTS IVY FUNDS

JUNE 30, 2019

Ivy Funds, a Delaware statutory trust (the
“Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Ivy Accumulative Fund and Ivy Wilshire
Global Allocation Fund (each, a “Fund”) are two series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more
fully in the Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager is Ivy Investment Management Company (“IICO” or the “Manager”).

Effective May 18, 2017, the Waddell & Reed Advisors Wilshire Global Allocation Fund (the Ivy Wilshire Global Allocation Fund’s
“Predecessor Fund”) began operating 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 Predecessor 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 the Predecessor Fund’s
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. IICO will continue to manage the Fund’s
investments in restricted securities and private placements (the “Private Equity Segment”) during that transition.

Each Fund offers Class A,
Class B, Class C, Class I, Class N, Class R 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. Class A shares are sold at their offering price, which is normally net asset value (“NAV”) plus a
front-end sales charge. For Class A shares, a 1% contingent deferred sales charge (“CDSC”) is only imposed on shares purchased at NAV for $1 million or more that are subsequently redeemed
within 12 months of purchase. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC. Class I, Class N, Class R 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, R and
Y have a distribution and service plan. Class I shares and Class N shares are not included in the plan. With certain exceptions described in the Prospectus, Class B shares will automatically convert to Class A shares 96 months
after the date of purchase. With certain exceptions described in the Prospectus, Class C shares will automatically convert to Class A shares 120 months after the date of purchase.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

26ème ANNUAL REPORT 2019

Table of Contents

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. 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.

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. Viduje konors
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).
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.

The 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.

The 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.

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

2019 ANNUAL REPORT 27ème

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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 of business, the Trust may also enter into contracts that provide general indemnification.
Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.

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

New Rule Issuance. In March 2017, the Financial Accounting Standards Board (“FASB”) issued
Accounting Standards Update (“ASU”) No. 2017-08 (“ASU 2017-08”), “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 changed the amortization period for certain callable debt securities held at a premium.
Specifically, it required the premium to be amortized to the earliest call date. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior
period information presented in the financial statements.

In August 2018, the FASB issued ASU 2018-13,
Fair Value Measurement (Topic 820). The amendments in the ASU impact disclosure requirements for fair value measurement. It is anticipated that this change will enhance the effectiveness of disclosures in the notes to the financial statements. Tai
ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted and can include the entire standard or certain provisions that exclude or amend disclosures. For the year ended June 30, 2019, the Funds
have chosen to adopt the standard. The adoption of this ASU is reflected in the disclosures of the financial statements.

In August 2018, U.S. Securities
and Exchange Commission (“SEC”) adopted amendments to certain financial statement disclosure requirements to conform them to U.S. GAAP for investment companies. These amendments made certain removals from, changes to and additions to
existing disclosure requirements under Regulation S-X. These amendments became effective for filings made with the SEC after November 5, 2018. The Funds’ adoption of these amendments, effective with
the financial statements prepared as of June 30, 2019, required modified disclosures reflected herein, but had no effect on the Funds’ net assets or results of operations.

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

28ème ANNUAL REPORT 2019

Table of Contents

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.
Board has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.

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.

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.

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:

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

2019 ANNUAL REPORT 29ème

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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, which values 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. Exchange-traded futures contracts are generally valued at the
settlement price. Listed options are ordinarily valued at the mean of the last bid and ask price for a comparable listed option 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 for a comparable listed option
provided by an independent pricing service unless such a price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer.

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 or equity prices.

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.

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.

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.

30ème ANNUAL REPORT 2019

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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 June 30, 2019, if applicable, is included on the Statement of Operations in net change in unrealized
appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

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

The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments,
and how derivative instruments affect the Funds’ financial positions and results of operations.

Futures Contracts. All Funds are
authorized to engage in buying and selling futures contracts. Upon entering into a futures contract, a Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. Tai
amount is known as the initial margin. Subsequent amounts, known as variation margin, are paid or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index. Options on futures
contracts may also be purchased or sold by a Fund.

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

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

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

Option Contracts. Options purchased by a Fund are accounted for in the same manner as portfolio securities. The cost of the underlying 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.

Option contracts can be traded on a regulated exchange or traded OTC. Unlike the
trades on a regulated exchange where the clearinghouse guarantees the performances of both the buyer and the seller, 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 Accumulative Fund purchases and
writes 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.

Collateral and rights of offset. A Fund mitigates 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 all OTC derivative transactions between the Fund and each of its

2019 ANNUAL REPORT 31ème

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counterparties. Although it is not possible to eliminate credit risk entirely, the CSA allows the Fund and its counterparty to reduce their exposure to the risk of payment default
by the other party by holding an amount in collateral equivalent to the realized and unrealized amount of exposure to the counterparty, which is generally held by the Fund’s custodian. An amount of collateral is moved to/from
applicable counterparties only if the amount of collateral required to be posted surpasses both the threshold and the minimum transfer amount pre-agreed in the CSA between the Fund and the counterparty. Pamatyti
Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices.

Additional
Disclosure Related to Derivative Instruments

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the
year ended June 30, 2019:

Net realized gain (loss) on:
Fund Type of Risk
Exposure
Investments in
unaffiliated
securities*
Swap
susitarimus
Futures
sutartys
Written
galimybės
Forward
užsienio
valiuta
sutartys
Total
Ivy Accumulative Fund Equity $ 295 $ $ (2 ) $ 737 $ $ 1,030

*

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

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statement of Operations
for the year ended June 30, 2019:

Net change in unrealized appreciation (depreciation) on:
Fund Type of Risk
Exposure
Investments in
unaffiliated
securities*
Swap
susitarimus
Futures
sutartys
Written
galimybės
Forward
užsienio
valiuta
sutartys
Total
Ivy Accumulative Fund Equity $ 12ème $ $ (86 ) $ 195 $ $ 121

*

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

During the year ended June 30, 2019, the average derivative volume was as follows:

Fund Forward foreign
currency contracts(1)
Long futures
sutartys(2)
Short futures
sutartys(2)
Swap
susitarimus(3)
Purchased
galimybės(2)
Written
galimybės(2)

Ivy Accumulative Fund

$ $ $ 1,975 $ $ 47 $ 161

(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.

5. BASIS FOR CONSOLIDATION OF THE IVY WILSHIRE GLOBAL ALLOCATION FUND

WRA ASF III (SBP), LLC (the “Company”), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment
vehicle for the Ivy Wilshire Global Allocation Fund (referred to as “the Fund” in this subsection). The Company acts as an investment vehicle for the Fund, in order to effect certain investments for the Fund consistent with the
Fund’s investment objectives and policies as specified in its prospectus and SAI.

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

See the table below for details regarding the structure, incorporation and
relationship as of June 30, 2019 of the Company to the Fund (amounts in thousands).

Société Date of
Incorporation
Subscription
Agreement
Fund Net
Turtas

Société

Net Assets

Percentage
of Fund

Net Assets

WRA ASF III (SBP), LLC

4-9-13 4-23-13 $ 1,261,226 $ 1,301 0.10 %

32 ANNUAL REPORT 2019

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

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

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, and 0.55% of net assets over $3 billion.

Ivy Wilshire Global Allocation Fund: For the Private Equity Segment: 0.70% of net assets of this segment up
to $1 billion; 0.65% of net assets of this segment over $1 billion and up to $2 billion; 0.60% of net assets of this segment over $2 billion and up to $3 billion; and 0.55% of net assets of this segment over $3 billion.

For the Multi-Asset Segment, the Fund’s cash on hand and all other Fund assets other than the Private Equity
Segment: 0.06% of net assets of this segment up to $500 million; 0.05% of net assets of this segment over $500 million and up to $1 billion; 0.04% of net assets of this segment over $1 billion and up to $2 billion; and 0.03%
of net assets of this segment over $2 billion.

Under an agreement between IICO and Wilshire, Wilshire serves as subadviser for the Multi-Asset Segment
of the Ivy Wilshire Global Allocation Fund. The subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of IICO and the oversight of the Board. IICO pays all
applicable costs of the subadviser.

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. 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, Ivy Accumulative Fund (and Ivy Wilshire Global Allocation Fund prior to May 18, 2017), pays WISC a monthly fee of one-twelfth à propos de
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, the Ivy Accumulative Fund (and the Ivy Wilshire Global Allocation Fund
prior to May 18, 2017) pays WISC a monthly per-class fee equal to 2.5% of the monthly accounting services base fee.

Effective May 18, 2017, under the Accounting and Administrative Services Agreement for the Ivy Wilshire Global Allocation Fund, the Fund pays WISC a
monthly fee of one-twelfth of the annual fee shown in the following table:

(M – Millions) $0 to
$10M
$10 to
$25M
$25 to
$50M
$50 to
$100M
$100 to
$200M
$200 to
$350M
$350 to
$550M
$550 to
$750M
$750 to
$1,000M
Over
$1,000M

Annual Fee Rate

$ 0.00 $ 5.748 $ 11.550 $ 17.748 $ 24.198 $ 31.602 $ 41.250 $ 48.150 $ 60.798 $ 74.250

In addition, for each class of shares in excess of one, effective May 18, 2017, the Ivy Wilshire Global Allocation Fund
pays WISC a monthly per-class fee equal to 1.25% of the monthly accounting services base fee.

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

Shareholder
Servicing. General.
Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, Class B and Class C 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 (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.

2019 ANNUAL REPORT 33

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

Class B and Class C Shares. Under the Distribution and Service Plan, each Fund may pay IDI 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 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 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.

Sales Charges. As principal underwriter for the
Trust’s shares, IDI receives sales commissions (which are not an expense of the Trust) for sales of Class A shares. A CDSC may be assessed against a shareholder’s redemption amount of Class B, Class C or certain Class A
shares and is paid to IDI. During the year ended June 30, 2019, IDI received the following amounts in sales commissions and CDSCs:

Gross Sales
Commissions
CDSC Commissions
Paid(1)
Class A Class B Class C

Ivy Accumulative Fund

$ 376 $ 1 $ * $ * $ 322

Ivy Wilshire Global Allocation Fund

777 1 1 2 672

*

Not shown due to rounding.

(1)

IDI reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers.

Expense Reimbursements and/or Waivers. IICO, the Funds’ investment manager, IDI, the Funds’ distributor, and/or
Waddell & Reed Services Company, doing business as 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 and extraordinary expenses, if any).

In the table below, Ivy Accumulative Fund’s expense limits exclude acquired fund fees and expenses, while Ivy Wilshire Global Allocation Fund’s
expense limits include acquired fund fees and expenses. Acquired fund fees and expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the underlying Ivy Funds in which the Ivy Wilshire Global Allocation Fund
invests. Fund and class expense limitations and related waivers/reimbursements for the year ended June 30, 2019 were as follows:

Fund Name Partager
Class
nom
Type of
Expense
Limit
Commencement
Date
End
Date
Expense
Limit
Amount of
Expense Waiver/
Reimbursement
Expense Reduced

Ivy Accumulative Fund

Class B Contractual 10-1-2016 10-31-2020 2.29% $ 5 12b-1 Fees and/or Shareholder Servicing
Class C Contractual 10-1-2016 10-31-2020 2.07% $ 2 12b-1 Fees and/or Shareholder Servicing
Class I Contractual 10-1-2016 10-31-2020 0.87% $ 99 Shareholder Servicing
Class N Contractual 8-15-2018 10-31-2020 Not to exceed Class I $ Non applicable
Class Y Contractual 2-26-2018 10-31-2020 Not to exceed Class A $ * 12b-1 Fees and/or Shareholder Servicing

34 ANNUAL REPORT 2019

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Fund Name Partager
Class
nom
Type of
Expense
Limit
Commencement
Date
End
Date
Expense
Limit
Amount of
Expense Waiver/
Reimbursement
Expense Reduced

Ivy Wilshire Global Allocation Fund

All Classes Contractual 5-18-2017 10-31-2020 Non applicable $ 335 (1) Investment Management Fee
Class A Contractual 5-18-2017 10-31-2020 1.16% $ 77 12b-1 Fees and/or Shareholder Servicing
Class B Contractual 10-1-2016 10-31-2020 2.25% $ Non applicable
Class C Contractual 10-1-2016 10-31-2020 2.01% $ Non applicable
Class I Contractual 10-1-2016 10-31-2020 0,83% $ 85 Shareholder Servicing
Class N Contractual 8-15-2018 10-31-2020 Not to exceed Class I $ Non applicable
Class Y Contractual 2-26-2018 10-31-2020 Not to exceed Class A $ Non applicable

*

Not shown due to rounding.

(1)

Due to Class A, Class B, Class C, Class I, Class N and/or Class Y contractual
expense limits, investment management fees were waived for all share classes.

Any amounts due to the funds as a reimbursement but not
paid as of June 30, 2019 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

7. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC
(“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 7) have the ability to lend money to, and borrow money from, each other pursuant to
a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”),
subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds made no Interfund Loans under the Interfund
Lending Program during the year ended June 30, 2019.

8. AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands)

A summary of the
transactions in affiliated companies during the year ended June 30, 2019 follows:

6-30-18
Partager
Balance
Gross
Additions
Gross
Reductions
Realized
Gain/(Loss)(1)
Distributions
Received
6-30-19
Partager
Balance
6-30-19
Value
Net Change
in Unrealized
Appreciation/
(Depreciation)

Ivy Wilshire Global Allocation Fund

Media Group Holdings LLC,
Series H(2)

73 $ $ $ $ 73 $ * $ 9ème

Media Group Holdings LLC,
Series T(2)

9ème 9ème 1,284 827

Ivy Apollo Strategic Income Fund, Class N

5,413 10,563 15,123 (380 ) 2,372 4,997 50,115 929

Ivy Core Equity Fund, Class N

3,223 4,915 25,479 5,761 963 1,912 30,890 (4,053 )

Ivy Corporate Bond Fund, Class N

8,977 21,331 33,134 (1,086 ) 1,109 7,116 45,472 3,410

Ivy Emerging Markets Equity Fund, Class N

5,732 44,440 54,309 2,780 1,500 5,238 104,022 1,197

Ivy European Opportunities Fund,
Class N(3)

1,578 50,134 2,480 Non applicable Non applicable (1,988 )

Ivy Global Bond Fund, Class N

Non applicable 27,298 2,460 16ème 240 2,587 25,688 850

Ivy Government Securities Fund, Class N

27,956 1,922 116,135 (2,512 ) 1,820 6,970 38,477 5,360

Ivy International Small Cap Fund, Class N

5,843 7,628 18,539 (1,464 ) 929 5,002 56,017 (7,622 )

Ivy International Core Equity Fund, Class N

12,936 41,422 73,046 9,241 4,969 11,569 198,878 (26,536 )

Ivy Large Cap Growth Fund, Class N

3,175 9,650 26,076 9,881 80 2,457 63,703 (385 )

2019 ANNUAL REPORT 35

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6-30-18
Partager
Balance
Gross
Additions
Gross
Reductions
Realized
Gain/(Loss)(1)
Distributions
Received
6-30-19
Partager
Balance
6-30-19
Value
Net Change
in Unrealized
Appreciation/
(Depreciation)

Ivy LaSalle Global Real Estate Fund, Class N

2,256 $ 7,110 $ 6,548 $ 472 $ 740 2,293 $ 25,319 $ 505

Ivy Limited-Term Bond Fund,
Class N(3)

Non applicable 62,218 62,218 662 985 Non applicable Non applicable

Ivy Mid Cap Growth Fund, Class N

1,170 2,560 9,390 3,931 870 25,343 (236 )

Ivy Mid Cap Income Opportunities Fund, Class N

2,252 1,124 7,880 1,518 641 1,708 24,970 223

Ivy Pictet Emerging Markets Local Currency Debt Fund, Class N

4,904 7,622 13,957 (949 ) 97 4,282 38,283 2,639

Ivy Pictet Targeted Return Bond Fund, Class N

7,665 23,325 24,393 (301 ) 4,180 7,582 76,805 1,302

Ivy PineBridge High Yield Fund, Class N

3,167 14,822 8,720 (288 ) 1,603 3,803 37,610 656

Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class N

1,514 15,285 6,897 (66 ) 678 2,286 25,082 580

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund, Class N

7,648 2,652 35,294 2,400 1,918 4,658 57,202 4,574

Ivy Pzena International Value Fund, Class N

Non applicable 95,586 23,875 4,277 780 3,962 61,052 (10,660 )

Ivy Securian Core Bond Fund, Class N

11,840 64,254 64,761 (1,626 ) 3,303 11,837 128,783 5,329

Ivy Small Cap Core Fund, Class N

740 19,625 8,699 1,200 733 1,287 24,948 (2,519 )

Ivy Small Cap Growth Fund, Class N

620 2,076 4,568 1,853 84 508 12,596 (1,200 )

Ivy Value Fund, Class N

5,518 8,657 39,859 7,045 1,406 4,202 98,821 (1,576 )

$ 44,845 $ 31,130 $ 1,251,360 $ (28,385 )

*

Not shown due to rounding.

(1)

Included in Realized Gain/Loss, if applicable, are distributions from capital gains from the underlying
securities.

(2)

No dividends were paid during the preceding 12 months.

(3)

No longer affiliated as of June 30, 2019.

9. INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands)

The cost of
purchases and the proceeds from maturities and sales of investment securities (excluding short-term securities) for the year ended June 30, 2019, were as follows:

Purchases Sales
U.S. Government Other Issuers U.S. Government Other Issuers

Ivy Accumulative Fund

$ $ 1,600,696 $ $ 1,731,906

Ivy Wilshire Global Allocation Fund

496,105 732,774

10. LOANS OF PORTFOLIO SECURITIES ($ amounts in thousands)

The Funds may lend
their portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, The Bank of New York Mellon (“BNYM”). The borrower pledges and maintains with the Fund collateral consisting of cash or securities
issued or guaranteed by the U.S. government. The collateral received by the Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% of the
market value for all other securities, except in the case of loans of foreign securities which are denominated and payable in U.S. Dollars, in which case the collateral is required to have a value of at least 102% of the market value of the loaned
securities. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During
the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the
borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

36 ANNUAL REPORT 2019

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Cash received as collateral for securities on loan may be reinvested in the Dreyfus Institutional Preferred Government Money Market Fund — Institutional
Shares or certain other registered money market funds and are disclosed in the Fund’s Schedule of Investments and are reflected in the Statement of Assets and Liabilities as cash collateral on securities loaned at value. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities as it is held
by the lending agent on behalf of the Fund and the Fund does not have the ability to re-hypothecate these securities. The securities on loan for each Fund are also disclosed in its Schedule of Investments.
total value of any securities on loan as of June 30, 2019 and the total value of the related cash collateral are disclosed in the Statement of Assets and Liabilities. Income earned by the Funds from securities lending activity is disclosed in
the Statements of Operations.

The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of June 30, 2019:

Fund Market Value of Securities
on Loan
Cash Collateral
Received
Non-Cash Collateral
Received
Total Collateral Received

Ivy Accumulative Fund

$ 21,400 $ 8,577 $ 13,264 $ 21,841

The cash collateral received amounts presented in the table above are transactions accounted for as secured borrowings and have
an overnight and continuous maturity. The proceeds from the cash collateral received is invested in registered money market funds.

The risks of securities
lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower indemnity provided by BNYM. BNYM’s indemnity
allows for full replacement of securities lent wherein BNYM will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral or to the extent such proceeds are insufficient or the collateral is
unavailable, BNYM will purchase the unreturned loan securities at BNYM’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

11. CAPITAL SHARE TRANSACTIONS (All amounts in thousands)

The Trust has
authorized an unlimited number of no par value shares of beneficial interest of each class of each Fund. Transactions in shares of beneficial interest were as follows:

Ivy Accumulative Fund Ivy Wilshire Global Allocation Fund
Year ended
6-30-19
Year ended
6-30-18
Year ended
6-30-19
Year ended
6-30-18
Shares Value Shares Value Shares Value Shares Value

Shares issued from sale of shares:

Class A

4,474 $ 44,494 2,776 $ 28,922 5,654 $ 45,843 7,656 $ 66,958

Class B

4 35 3 30ème 11ème 83 10ème 80

Class C

126 1,049 117 1,020 163 1,245 234 1,948

Class I

5,907 60,817 4,576 47,100 4,760 39,314 7,093 62,766

Class N

24ème 250 29ème 250

Class R

24ème 250 29ème 250

Class Y

24ème 250 29ème 250

Shares issued in reinvestment of distributions to shareholders:

Class A

12,196 109,276 7,635 74,593 8,464 61,957 8,538 72,571

Class B

17ème 127 17ème 140 46 315 67 539

Class C

42 314 47 390 115 799 195 1,584

Class I

2,845 25,658 1,805 17,742 4,662 34,502 5,101 43,821

Class N

Class R

Class Y

Shares redeemed:

Class A

(15,584 ) (158,331 ) (17,292 ) (176,212 ) (27,730 ) (224,408 ) (27,366 ) (239,040 )

Class B

(85 ) (715 ) (110 ) (936 ) (359 ) (2,732 ) (582 ) (4,768 )

Class C

(118 ) (1,029 ) (477 ) (4,166 ) (650 ) (5,003 ) (1,921 ) (16,055 )

Class I

(7,009 ) (71,732 ) (10,272 ) (105,604 ) (19,704 ) (161,447 ) (22,320 ) (197,392 )

Class N

Class R

Class Y

Net increase (decrease)

2,815 $ 9,963 (11,103 ) $ (116,231 ) (24,568 ) $ (209,532 ) (23,208 ) $ (206,238 )

2019 ANNUAL REPORT 37

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

For Federal income tax
purposes, cost of investments owned at June 30, 2019 and the related unrealized appreciation (depreciation) were as follows:

Fund Cost of
Investments
Gross
Appreciation
Gross
Depreciation
Net
Unrealized
Appreciation
(Depreciation)

Ivy Accumulative Fund

$ 1,146,972 $ 295,453 $ 23,008 $ 272,445

Ivy Wilshire Global Allocation Fund

1,323,684 54,390 116,902 (62,512 )

For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended June 30, 2019 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 Accumulative Fund

$ $ 124,580 $ $ 13,945 $ 2,867

Ivy Wilshire Global Allocation Fund

4,649 24,988 834

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
années

The tax character of dividends and distributions paid during the two fiscal years ended June 30, 2019 and 2018 were as follows:

June 30, 2019 June 30, 2018
Fund Distributed
Ordinary
Income(1)
Distributed
Long-Term
Capital Gains
Distributed
Ordinary
Income(1)
Distributed
Long-Term
Capital Gains

Ivy Accumulative Fund

$ 70,144 $ 72,866 $ 49,020 $ 49,140

Ivy Wilshire Global Allocation Fund

64,382 34,887 44,863 75,504

(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.

Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. These
differences are due to differing treatments for items such as deferral of wash sales, post-October losses, late-year ordinary losses, foreign currency transactions, net operating losses, income from passive foreign investment companies (PFICs),
investments held within the wholly-owned subsidiary and companies, and partnership transactions. At June 30, 2019, the following reclassifications were made:

Fund Accumulated Net
Earnings
Gain (Loss)
Paid-In Capital

Ivy Accumulative Fund

$ * $ *

Ivy Wilshire Global Allocation Fund

*

Not shown due to rounding.

38 ANNUAL REPORT 2019

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM IVY FUNDS

To the Shareholders and Board of Trustees of Ivy Funds:

Opinion on the Financial Statements and Financial Highlights

We have audited the
accompanying statements of assets and liabilities of Ivy Accumulative Fund and Ivy Wilshire Global Allocation Fund, each a series of Ivy Funds (the “Funds”), including the schedules of investments, as of June 30, 2019, the related
statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our
opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, and the results of their operations for the year then ended, the changes in
their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the
responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal
control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control
over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement
of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial
highlights. Our procedures included confirmation of securities owned as of June 30, 2019, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We
believe that our audits provide a reasonable basis for our opinion.

LOGO

Kansas City, Missouri

August 16, 2019

We have served as the auditor of one or more
Waddell & Reed investment companies since 1997.

2019 ANNUAL REPORT 39

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INCOME TAX INFORMATION IVY FUNDS

AMOUNTS NOT ROUNDED (UNAUDITED)

The Funds hereby designate the following amounts of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for
corporations or as qualified dividend income for individuals for the tax period ended June 30, 2019:

Les dividendes
Received
Deduction for
Corporations
Qualified
Dividend
Income for
Individuals

Ivy Accumulative Fund

$ 24,999,568 $ 25,646,614

Ivy Wilshire Global Allocation Fund

5,980,924 13,507,392

The Funds hereby designate the following amounts as distributions of long-term capital gains:

Ivy Accumulative Fund

$ 72,866,543

Ivy Wilshire Global Allocation Fund

34,887,140

40 ANNUAL REPORT 2019

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BOARD OF TRUSTEES AND OFFICERS IVY FUNDS

(UNAUDITED)

Each of the individuals listed below serves as a trustee for the Trust (45 portfolios), and (except as noted in the tables below) for the rest of the funds
within the Fund Complex, which also includes, in addition to the Trust, InvestEd Portfolios (“InvestEd”) (6 portfolios), the Ivy High Income Opportunities Fund (a closed-end fund) (“IVH”),
Ivy NextShares (“NextShares”) (3 portfolios) and Ivy Variable Insurance Portfolios (“Ivy VIP”) (28 Portfolios).

Board members who are
not “interested persons” of the Funds as defined in Section 2(a)(19) of the 1940 Act (“Independent Trustees”) constitute at least 75% of the Board.

Joseph Harroz, Jr. serves as Independent Chairman of the Trust’s Board and of the Board of Trustees of the other funds in the Fund Complex. Subject to the
Trustee Emeritus and Retirement Policy, a Trustee serves until his or her successor is elected and qualified or until his or her earlier death, resignation or removal.

The Statement of Additional Information (“SAI”) for the Trust includes additional information about the Trust’s Trustees. The SAI is available
without charge, upon request by calling 1.888.923.3355. It is also available on the Ivy Investments website, www.ivyinvestments.com.

Independent Trustees

following table provides information regarding each Independent Trustee.

Name, Address and
Year of Birth
Position Held with
the Trust
Trustee Since Principal Occupation(s)
During Past 5 Years
Number of Funds
in Fund
Complex
Overseen
Other Directorships Held
During Past 5 Years

James M. Concannon

6300 Lamar Avenue

Overland Park, KS 66202

1947

Trustee 2017 Professor of Law, Washburn University School of Law (1973 to present). 83 Director, Kansas Legal Services for Prisoners, Inc. (non-profit community service); Director, U.S. Alliance Corp. (Insurance) and wholly-owned
subsidiaries: U.S. Alliance Life and Security Company and Dakota Capital Life Insurance Company (Insurance) (2009 to present); Director, Kansas Appleseed, Inc. (non-profit community service) (2007 to present);
Trustee, Waddell & Reed Advisors Funds (1997-2018); Trustee, IVH (2017 to present); Trustee, NextShares (2017 to present); Trustee, InvestEd (2001 to present); Trustee, Ivy VIP (1997 to
present).

2019 ANNUAL REPORT 41

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Name, Address and
Year of Birth
Position Held with
the Trust
Trustee Since Principal Occupation(s)
During Past 5 Years
Number of Funds
in Fund
Complex
Overseen
Other Directorships Held
During Past 5 Years

H. Jeffrey Dobbs

6300 Lamar Avenue

Overland Park, KS 66202

1955

Trustee 2019 Global Sector Chairman, Industrial Manufacturing, KPMG LLP (2010-2015). 82 Director, Valparaiso University (2012 to present) Director, TechAccel LLC (2015 to present) (Tech R&D); Board Member, Kansas City Repertory Theatre (2015 to present); Board Member,
Patients Voices, Inc. (technology) (2018 to present); Director, National Association of Manufacturers (2010-2015); Director, The Children’s Center (2003-2015); Director, Metropolitan Affairs Coalition (2003-2015); Director, Michigan Roundtable
for Diversity and Inclusion (2003-2015); Trustee, NextShares (2019 to present); Trustee, InvestEd (2019 to present); Trustee, Ivy VIP (2019 to present).

James D. Gressett

6300 Lamar Avenue

Overland Park, KS 66202

1950

Trustee 2002 Chief Executive Officer (CEO) of CalPac Pizza LLC (2011 to present); CEO of CalPac Pizza II LLC (2012 to present); CEO of PacPizza LLC (Pizza Hut franchise) (2000 to present); Member/CEO,
Southern Pac Pizza LLC (2013 to present); Partner, Century Bridge Partners (real estate investments) (2007 to present); Manager, Hartley Ranch Angus Beef, LLC (2013 to present); President, Penn Capital Corp. (1995 to present); Partner, Penn Capital
Partners (1999 to present); Partner, 1788 Chicken, LLC (Food Franchise) (2016 to present).
83 Member/Secretary, The Metochoi Group LLC (1999 to present); Member/Chairman, Idea Homes LLC (homebuilding and development) (2013 to present); Trustee, Waddell & Reed Advisors Funds
(2017-2018); Trustee, IVH (2013 to present); Trustee, NextShares (2016 to present); Trustee, InvestEd (2017 to present); Trustee, Ivy VIP (2017 to present).

42 ANNUAL REPORT 2019

Table of Contents

Name, Address and
Year of Birth
Position Held with
the Trust
Trustee Since Principal Occupation(s)
During Past 5 Years
Number of Funds
in Fund
Complex
Overseen
Other Directorships Held
During Past 5 Years

Joseph Harroz, Jr.

6300 Lamar Avenue

Overland Park, KS 66202

1967

Trustee

Independent Chairman

1998

2006

Interim President (2019 to present), Vice President (2010-2019) and Dean (2010 to present), College of Law, University of Oklahoma; Managing Member, Harroz Investments, LLC, (commercial
enterprises) (1998 to present).
83 Director and Shareholder, Valliance Bank (2007 to present); Director, Foundation Healthcare (formerly Graymark HealthCare) (2008-2017); Trustee, The Mewbourne Family Support Organization (2006
to present) (non-profit); Independent Director, LSQ Manager, Inc. (real estate) (2007-2016); Director, Oklahoma Foundation for Excellence (non-profit) (2008 to present);
Independent Chairman and Trustee, Waddell & Reed Advisors Funds (Independent Chairman: 2015-2018; Trustee: 1998-2018); Independent Chairman and Trustee, IVH (2013 to present); Independent Chairman and Trustee, NextShares (2016 to present);
Independent Chairman and Trustee, InvestEd (Independent Chairman: 2015 to present; Trustee: 2001 to present); Independent Chairman and Trustee, Ivy VIP (Independent Chairman: 2015 to present; Trustee: 1998 to present).

Glendon E. Johnson, Jr.

6300 Lamar Avenue

Overland Park, KS 66202

1951

Trustee 2002 Of Counsel, Lee & Smith, PC (law firm, emphasis on finance, securities, mergers and acquisitions law) (1996 to present); Owner and Manager, Castle Valley Ranches, LLC (ranching) and
Castle Valley Outdoors, LLC (outdoor recreation) (1995 to present); Formerly, Partner, Kelly, Drye & Warren LLP (law firm) (1989-1996); Partner, Lane & Edson PC (law firm) (1987-1989).
83 Director, Thomas Foundation for Cancer Research (2005 to present); Director, Warriors Afield Legacy Foundation (non-profit) (2014 to present); Trustee,
Waddell & Reed Advisors Funds (2017-2018); Trustee, IVH (2013 to present); Trustee, NextShares (2016 to present); Trustee, InvestEd (2017 to present); Trustee, Ivy VIP (2017 to
present).

2019 ANNUAL REPORT 43

Table of Contents

Name, Address and
Year of Birth
Position Held with
the Trust
Trustee Since Principal Occupation(s)
During Past 5 Years
Number of Funds
in Fund
Complex
Overseen
Other Directorships Held
During Past 5 Years

Sandra A.J. Lawrence

6300 Lamar Avenue

Overland Park, KS 66202

1957

Trustee 2019 Retired, formerly, Chief Administrative Officer, Children’s Mercy Hospitals and Clinics (2016-2019); CFO, Children’s Mercy Hospitals and Clinics (2005-2016). 82 Director, Hall Family Foundation (1993 to present); Director, Westar Energy (2004 to present); Trustee, Nelson-Atkins Museum of Art (non-profit) (2007
to present); Director, Kansas Metropolitan Business and Healthcare Coalition (non-profit) (2017 to present); Director, National Association of Corporate Directors
(non-profit) (2017 to present); Director, American Shared Hospital Services (2017 to present); Director, Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company,
Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018 to present); Director, Stowers (research) (2018); Director, Turn the Page KC (non-profit) (2012-2016); Trustee,
NextShares (2019 to present); Trustee, InvestEd (2019 to present); Trustee, Ivy VIP (2019 to present).

Frank J. Ross, Jr.

Polsinelli PC

900 West
48th Place

Suite 900

Kansas City, MO 64112

1953

Trustee 2017 Shareholder/Director, Polsinelli PC (law firm) (1980 to present). 83 Trustee, Waddell & Reed Advisors Funds (1996-2018); Trustee, IVH (2017 to present); Trustee, NextShares (2017 to present); Trustee, InvestEd (2001 to present); Trustee, Ivy VIP (1996
to present).

44 ANNUAL REPORT 2019

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Name, Address and
Year of Birth
Position Held with
the Trust
Trustee Since Principal Occupation(s)
During Past 5 Years
Number of Funds
in Fund
Complex
Overseen
Other Directorships Held
During Past 5 Years

Michael G. Smith

6300 Lamar Avenue

Overland Park, KS 66202

1944

Trustee 2002 Retired; formerly, with Merrill Lynch as Managing Director of Global Investor Client Strategy (1996-1998), Head of Regional Institutional Sales (1995-1996) and of U.S. Central Region
(1986-1995, 1999).
83 Director of Executive Board, Cox Business School, Southern Methodist University (1998-2019); Lead Director, Northwestern Mutual Funds (2003-2017); Director, CTMG, Inc. (clinical testing)
(2008-2015); Trustee, Waddell & Reed Advisors Funds (2017-2018); Trustee, IVH (2013 to present); Trustee, NextShares (2016 to present); Trustee, InvestEd (2017 to present); Trustee, Ivy VIP (2017 to present).

Edward M. Tighe

6300 Lamar Avenue

Overland Park, KS 66202

1942

Trustee 1999 Retired; formerly, CEO and Director of Asgard Holdings, LLC (computer network and security services) (2002-2004); President, Citco Technology Management (1995-2000); CEO, Global Mutual Fund
Services (1993-2000); Sr. Vice President, Templeton Global Investors (1988-1992).
83 Trustee, Hansberger Institutional Funds (2000-2007); Director, The Research Coast Principium Foundation, Inc. (non-profit) (2012-2015); Trustee,
Waddell & Reed Advisors Funds (2017-2018); Trustee, IVH (2013 to present); Trustee, NextShares (2016 to present); Trustee, InvestEd (2017 to present); Trustee, Ivy VIP (2017 to present).

2019 ANNUAL REPORT 45

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Interested Trustees

Messrs. Herrmann and Sanders are “interested” by virtue of their current or former engagement as an officer of Waddell & Reed Financial,
Inc. (“WDR”) or its wholly owned subsidiaries, including each Fund’s investment manager, Ivy Investment Management Company (“IICO”), each Fund’s principal underwriter, Ivy Distributors, Inc. (“IDI”), and each
Fund’s shareholder servicing and accounting services agent, Waddell & Reed Services Company, doing business as WI Services Company (“WISC”), as well as by virtue of their personal ownership in shares of WDR.

Name, Address and
Year of Birth
Position(s) Held
with the Trust
Trustee/Officer
Nuo
Principal Occupation(s)
During Past 5 Years
Number of Funds
in Fund
Complex
Overseen
Other Directorships Held

Henry J. Herrmann

6300 Lamar Avenue

Overland Park, KS 66202

1942

Trustee 1998 Retired, Non-Executive Chairman of the Board, WDR (2016-2018); Formerly Chairman, WDR (2010-2018); CEO, WDR (2005-2016); President, CEO and Chairman,
IICO (2002-2016); President, CEO and Chairman, Waddell & Reed Investment Management Company (WRIMCO) (1993-2016); President of each of the funds in the Fund Complex (2001-2016).
83 Director, WDR, (1998 to present); Director, IICO (2002-2016); Director, WRIMCO (1991-2016); Director, WISC (2001-2016); Director, W&R Capital Management Group, Inc. (2008-2016); Director,
Waddell & Reed (1993-2016); Director, Blue Cross Blue Shield of Kansas City (2007-2017); Trustee, Waddell & Reed Advisors Funds (1998-2018); Trustee, IVH (2013 to present); Trustee, NextShares (2016 to present); Trustee, InvestEd
(2001 to present); Trustee, Ivy VIP (1998 to present).

Philip J. Sanders

6300 Lamar Avenue

Overland Park, KS 66202

1959

Trustee 2019 CEO, WDR (2016 to present); President, CEO and Chairman, IICO (2016 to present) and WRIMCO (2016-2018); CIO, WDR (2011-2019); CIO, IICO (2010-2019) and WRIMCO (2010-2018); President of each of
the funds in the Fund Complex (2016 to present).