Form 497K IVY FUNDS

As noted in the supplement dated September 14, 2021, on September 13, 2021, the Board of Trustees of the Ivy Funds unanimously voted and approved a proposal to liquidate and dissolve the Fund. The liquidation and dissolution are expected to take effect on or about November 15, 2021 (Effective Date). Retirement accounts, as applicable, within this Fund will be liquidated on or about the Effective Date (Liquidation Date) and the proceeds (less mandatory tax withholding) will be mailed to the address of record if no action is taken. For Fund accounts with automated purchases, exchanges, and/or withdrawals established, these transactions will cease prior to liquidation if no action is taken.

As noted in the supplement dated September 14, 2021, the Fund will be closed to new investors and all sales efforts will cease as of September 30, 2021. However, the Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five (5) business days before the Liquidation Date.

Until the liquidation of the Fund, shareholders of the Fund will have the opportunity to exchange their shares for shares of the same class of any other legacy Ivy Fund. Any exchange would be made at the current net asset values of the Fund and the selected legacy Ivy Fund. The Fund’s shareholders would not incur front-end or contingent deferred sales charges upon these exchanges, as applicable. Additionally, no applicable contingent deferred sales charge will be assessed in connection with any redemption of your shares from the Fund prior to the Liquidation Date. Exchanges are not available with legacy Delaware Funds at this time.