Ivy Funds

07/30/2021 | Press release | Distributed by Public on 07/30/2021 17:04

Filing by Investment Company (SEC Filing - 497K)


IVY FUNDS
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund
(the 'Fund')

Supplement to the Fund's Summary Prospectus dated January 31, 2021

1.
The following replaces the 'Annual Fund Operating Expenses' table (as well as the applicable noted footnotes):


Annual Fund Operating Expenses

(expenses that you pay each year as a % of the value of your investment)
Class A
Class E
Class I
Class R6
Management Fees
0.40%
0.40%
0.40%
0.40%
Distribution and Service (12b-1) Fees
0.25%
0.25%
0.00%
0.00%
Other Expenses
0.43%
0.39%
0.44%
0.26%
Total Annual Fund Operating Expenses
1.08%
1.04%
0.84%
0.66%
Fee Waiver and/or Expense Reimbursement3,4
0.20%
0.37%
0.19%
0.03%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
0.88%
0.67%
0.65%
0.63%

3
Through January 31, 2022 (July 29, 2022 for Class E shares), Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 0.88%; Class E shares at 0.67%; and Class I and Class R6 shares at 0.65%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.
4
Through January 31, 2022, Distributor and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class R6 shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.


2.
The following replaces the 'Example' section:

Example

This example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the particular class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that expenses were capped for the period indicated above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
1 Year
3 Years
5 Years
10 Years
Class A Shares
$338
$566
$812
$1,517
Class E Shares
337
597
875
1,657
Class I Shares
66
249
447
1,020
Class R6 Shares
64
208
365
820

You would pay the following expenses if you did not redeem your shares:
1 Year
3 Years
5 Years
10 Years
Class A Shares
$338
$566
$812
$1,517
Class E Shares
337
597
875
1,657
Class I Shares
66
249
447
1,020
Class R6 Shares
64
208
365
820


Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund.

Delaware Management Company (Manager) is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited (MBL), a subsidiary of MGL and an affiliate of the Manager, none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Fund is governed by US laws and regulations.

Please keep this Supplement for future reference.

This Supplement is dated July 30, 2021.