InvestEd 80 Port USD (WAAJX) Exchange: NMFQS

The InvestEd 80 Portfolio is structured as a “fund-of-funds,” which means that it seeks to achieve its investment objective by investing its assets, under normal circumstances, in a combination of other mutual funds and exchange-traded funds (collectively, the Underlying Funds), rather than investing directly in stocks, bonds and other instruments. The Portfolio primarily will invest in mutual funds within the Ivy Funds complex, for which Ivy Investment Management Company (IICO) serves as investment adviser (“affiliated” funds). However, the Portfolio also may purchase shares of funds not affiliated with Ivy Funds (“unaffiliated” funds). The unaffiliated Underlying Funds are exchange-traded funds (ETFs) that are passively managed and seek to track the performance of their designated benchmark indices. The Portfolio typically will invest in Class N shares of the affiliated Underlying Funds.The Portfolio divides its assets between two types of investments: (i) Underlying Funds that invest primarily in equity securities (Underlying Equity Funds) and (ii) Underlying Funds that invest primarily in fixed income securities (Underlying Fixed Income Funds). Under normal circumstances, the Portfolio targets an allocation of approximately 80% of its assets to the Underlying Equity Funds and the remaining 20% of its assets to the Underlying Fixed Income Funds. While the Portfolio seeks to maintain this approximate 80%/20% allocation ratio, from time to time such percentages may vary as much as 10% from those designated targets (i.e., the Portfolio’s equity allocations may range from 70% to 90%, and its fixed income allocations may range from 30% to 10%).The Fund invests in the Underlying Funds to gain exposure to a diversified mixture of investment categories within the equity and fixed income asset classes. The equity investment categories include U.S. and international (including emerging market) equity securities of large cap, mid cap and small cap companies (including growth and value styles). The fixed income investment categories include U.S. and foreign investment grade and non-investment grade corporate bonds, securities issued or guaranteed by the U.S. government or its agencies or instrumentalities (U.S. government securities), and securities issued by foreign governments and securities denominated in currencies other than the U.S. dollar. Certain of the Underlying Funds may, but are not required to, invest in options, futures contracts and other derivative instruments.The Portfolio’s holdings are determined pursuant to a two-stage asset allocation process. First, within the 80%/20% asset class buckets, IICO undertakes a strategic analysis to determine what percentage of the Portfolio’s assets to allocate to different investment categories (i.e., U.S. equity securities, international equity securities, investment grade bonds, non-investment grade bonds and short-term bonds) for each such bucket, based on the risk/return potential of the different investment categories and the risk profile of the Portfolio. Second, IICO selects Underlying Funds that represent those investment categories based on the Underlying Funds’ classifications, historical risk and performance, among other factors. IICO seeks to diversify the Portfolio’s allocation to equities by geography, market capitalization and investment style. IICO seeks to diversify the Portfolio’s allocation to fixed income securities by interest rate and credit exposure.The following chart sets forth the target range of the Portfolio’s asset allocation by asset class, investment category and Underlying Fund. Asset Class Investment Category Underlying Fund Target Allocation Range* Low High Equity 70% 90%   U.S. Equity 40% 60%     iShares Core S&P 500 ETF+ 0% 25%     Ivy Core Equity Fund 0% 25%     Ivy Large Cap Growth Fund 0% 25%     Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 0% 25%     Ivy Value Fund 0% 25%     Ivy Mid Cap Growth Fund 0% 10%     Ivy Mid Cap Income Opportunities Fund 0% 10%     Ivy ProShares Russell 2000 Dividend Growers Index Fund 0% 10%     Ivy Small Cap Core Fund 0% 10%     Ivy Small Cap Growth Fund 0% 10%   Global/International Equity 20% 40%     iShares Core MSCI EAFE ETF+ 0% 25%     Ivy Global Growth Fund 0% 25%     Ivy International Core Equity Fund 0% 25%     Ivy Pzena International Value Fund 0% 25%     Ivy International Small Cap Fund 0% 15%     Ivy Emerging Markets Equity Fund 0% 15%     Ivy LaSalle Global Real Estate Fund 0% 15% Fixed Income 10% 30%   Investment Grade Bond 0% 30%     Ivy Government Securities Fund 0% 15%     Ivy Securian Core Bond Fund 0% 15%     Ivy Corporate Bond Fund 0% 15%     Ivy Crossover Credit Fund 0% 10%   Non-Investment Grade Bond 0% 10%     Ivy Apollo Strategic Income Fund 0% 10%     Ivy Global Bond Fund 0% 10%     Ivy High Income Fund 0% 10%   Short-Term Bond 0% 30%     Ivy Government Money Market Fund 0% 15%     Ivy Limited-Term Bond Fund 0% 15% * Under normal market conditions. + iShares® is a registered trademark of BlackRock (BlackRock, Inc. and its subsidiaries). Neither BlackRock nor the iShares® Funds make any representations regarding the advisability of investing in the InvestEd 80 Portfolio. IICO monitors the Portfolio’s holdings and cash flow and, in general, manages them as needed to adhere to the Portfolio’s target ranges. However, from time to time, IICO or market movements (or a combination of both) may cause the Portfolio’s investment in any asset class or Underlying Fund to move outside its target range. In addition, the Portfolio is typically rebalanced at least quarterly (but may be rebalanced more or less frequently, as necessary) and will usually vary from its 80% equity target between rebalancing transactions.IICO does not intend to trade actively among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities. However, in seeking to enhance performance, IICO may change allocations within the stated ranges. IICO also may, from time to time, modify the above-specified target asset and investment category allocations, as well as the Underlying Funds selected for the Portfolio.By allocating approximately 80% of its assets to equities via investments in the Underlying Equity Funds, the Portfolio is susceptible to significant short-term market fluctuations. It is most appropriate for investors who have a high tolerance for risk and a long-term investment horizon, and who do not expect to incur expenses for higher education for at least 13 years.