IVY FUNDS
Delaware Ivy Small Cap Growth Fund
Supplement to the Fund’s Summary and Statutory Prospectuses and
Statements of Additional Information (SAI) dated
July 31, 2023, as amended
Effective on or about
December 31, 2024, the name of the Fund is changed to
“Macquarie Small Cap Growth Fund” and each
related reference is hereby replaced in the Fund’s prospectuses and SAI.
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2.
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Share Class Name Change
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The share class name for the Class I will be changed to
“Institutional Class” and each related reference is hereby
replaced in the Fund’s prospectuses and SAI effective on or about
December 31, 2024.
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3.
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Portfolio Manager Addition
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Effective immediately (Effective Date), Joshua Brown is
added as an additional portfolio manager of the Fund and will serve as a portfolio manager of the Fund with Timothy J. Miller and Kenneth G. McQuade.
On the Effective Date, the following is added to the information in the section of the Fund’s Summary Prospectus entitled “Who manages the
Fund? — Investment manager”:
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Portfolio managers
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Title with Delaware Management Company
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Start date on the Fund
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Joshua Brown
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Senior Vice President, Portfolio Manager, Senior Equity Analyst
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January 2024
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On the Effective Date, the first sentence of the section of the Fund’s Statutory Prospectus entitled “Who manages the Funds – Portfolio
managers” pertaining to the Fund is deleted in its entirety and replaced with the following:
Timothy J. Miller, Kenneth G. McQuade, and Joshua Brown are primarily responsible for the day-to-day portfolio management of the Fund.
On the Effective Date, the following is added to the section of the Fund’s Statutory Prospectus entitled “Who manages the Funds –
Portfolio managers”:
Joshua Brown, Senior Vice President, Portfolio Manager, Senior Equity Analyst Joshua
Brown is a Portfolio Manager for Macquarie Asset Management’s Ivy Small Cap Growth Team, a role he assumed in January 2024. He is responsible for making day-to-day investment decisions for the team’s strategy. The team manages all small-cap
growth products for the firm, including mutual funds, institutional accounts, and Variable Annuity accounts. He is also a smid-cap generalist analyst, covering sectors and companies with market caps below $10 billion. He has more than 15 years of
industry experience covering equities. He joined Macquarie as part of the firm’s acquisition of Ivy Investments in 2021. Previously, he was a Senior Equity Analyst at Ivy Investments, covering transportation, automotive technology, insurance, metals
& mining, chemicals, and leisure products. He joined Ivy Investments as an Equity Analyst. He
started his analyst career as an investment intern for Ivy Investments, covering oil and gas master limited partnerships. Prior to that,
he spent five years as a Financial Advisor for Citigroup Smith Barney. He earned a Bachelor of Science in finance from the University of Kansas and a Master of Business Administration with a concentration in investment management from the University
of Texas at Austin.
On the Effective Date, the following information as of
December 31, 2023, is added to the section of each SAI entitled
“Portfolio Managers
– Other Accounts Managed”:
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No. of Accounts
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Total Assets Managed
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No. of Accounts with Performance-Based Fees
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Total Assets in Accounts with Performance-Based Fees
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Joshua Brown
Registered Investment Companies:
Other Pooled Investment Vehicles:
Other Accounts:
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0
0
0
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$0
$0
$0
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0
0
0
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$0
$0
$0
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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 or acting on a distribution check (if applicable).
Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). None of the entities noted in this
document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these 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 otherwise provide assurance in respect of 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 principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee
repayment of capital in respect of the investment.
Please keep this Supplement for future reference.
