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Delaware Ivy International Small Cap Fund
(formerly Ivy International Small Cap Fund) (the “Fund”)

Supplement to the Summary and Statutory Prospectus of the Fund
each dated January 28, 2022

On May 19, 2022, the Board of Trustees of Ivy Funds (the “Board”) approved certain changes to the investment strategies of the Fund. These strategy changes will become effective on or about June 30, 2022 (the “Effective Date”).

On the Effective Date, the following replaces the section of the Fund’s simplified prospectus entitled “Delaware Ivy International Small Cap Fund — What are the Fund’s primary investment strategies?” and the section of the statutory prospectus entitled “Fund summaries: Delaware Ivy International Small Cap Fund — What are the principal investment strategies of the fund?” :

Delaware Ivy International Small Cap Fund seeks to achieve its objective of growth and capital appreciation by investing, under normal circumstances, at least 80% of its net assets in the common stocks of small capitalization companies located anywhere in the world. The Fund considers small-cap companies to be companies whose market capitalization is within the range of companies in the MSCI ACWI ex USA Small Cap Index at the time of purchase. As of December 31, 2021, this market cap range was between $15 million and $9.2 billion. This range is subject to change depending on market fluctuations. The Fund may continue to hold securities of a company even if its current market capitalization subsequently exceeds the market capitalization range of the MSCI ACWI ex USA Small Cap Index.

The Manager currently invests primarily in companies domiciled outside of the United States, although the Fund may also invest in companies located in emerging markets. The Fund may also invest in certificates of deposit (eg US certificates of deposit, European certificates of deposit and global certificates of deposit) of foreign issuers. The Fund may invest up to 100% of its total assets in foreign securities, including securities denominated in currencies other than US dollars.

The Fund may concentrate part of its investments in a particular sector or sectors of the economy. Many of the companies in which the Fund may invest have diverse businesses, with products or services in foreign markets. Accordingly, the Fund may have indirect exposure to various additional overseas markets through investments in such companies, although the Fund does not invest directly in such markets. Using a bottom-up approach, the manager will look to select stocks of companies that he believes are experiencing positive fundamental change, which could lead to earnings growth above expectations. The manager believes that the magnitude and duration of growth induced by a positive fundamental change is often underestimated and that the stocks of companies experiencing such a change will generally continue to benefit from relative price strength and continue to outperform the market as a whole. The Manager may sell a security if it no longer believes that the security is likely to contribute to the achievement of the Fund’s investment objective or if there are other opportunities that seem more attractive.

The Manager may authorize its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute transactions in the securities of the Fund on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Because everyone’s tax situation is unique, you should consult your tax advisor regarding federal, state, local or foreign tax consequences before investing in the Fund.

Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). None of the entities mentioned herein are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of such entities do not represent deposits or other liabilities of Macquarie Bank.

Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or provide any other assurance with respect to the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk, including possible delays in repayment and loss of income and invested capital and (b) none of Macquarie Bank or any no other Macquarie group company guarantees any particular rate of return or performance on the investment, nor does it guarantee the return of capital on the investment.

Please retain this supplement for future reference.

This Supplement is dated 20 May 2022.