# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001206774-25-000528
**Filing Date:** 2025-7
**Character Count:** 23010
**Document Hash:** 682988396699c977d2750e384253c21b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000528.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001206774-25-000528

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622

**ORGANIZATION NAME:**
- **EIN:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-45961
- **FILM NUMBER:** 251171030

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Macquarie Mid Cap Income Opportunities Fund (Series ID: S000046881)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000146475 | Class A             | IVOAX           |
| C000146476 | Class C             | IVOCX           |
| C000146478 | Institutional Class | IVOIX           |
| C000146479 | Class R             | IVORX           |
| C000146480 | Class Y             | IVOYX           |
| C000146481 | Class R6            | IVOSX           |

![](image1.jpg)

## Summary prospectus
US equity mutual fund

Macquarie Mid Cap Income Opportunities Fund

---

| | |
|:---|:---|
| **Nasdaq ticker symbols** | **Nasdaq ticker symbols** |
| Class A<br>| IVOAX<br>|
| Class C<br>| IVOCX<br>|
| Institutional Class<br>| IVOIX<br>|
| Class R6<br>| IVOSX<br>|
| Class R<br>| IVORX<br>|
| Class Y<br>| IVOYX<br>|

---

July 31, 2025

**Before you invest, you may want to review the Fund's statutory prospectus (and any supplements thereto), which contains more information about the Fund and its risks. You can find the Fund's statutory prospectus and other information about the Fund, including its statement of additional information and most recent reports to shareholders, online at macquarie.com/mam/literature. You can also get this information at no cost by calling 800 523-1918. The Fund's statutory prospectus and statement of additional information, both dated July 31, 2025 (and any supplements thereto), are incorporated by reference into this summary prospectus.**<br>

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Summary prospectus<br>**Macquarie Mid Cap Income Opportunities Fund, a series of Ivy Funds**<br>

**What is the Fund's investment objective?**

Macquarie Mid Cap Income Opportunities Fund seeks to provide total return through a combination of current income and capital appreciation.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Macquarie Funds (formerly, Delaware Funds by Macquarie<sup>®</sup>). More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class<br>| A | C | Inst. | R6 | R | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price<br>| 5.75%<br>|  |  |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower<br>| none<br><sup>1</sup><br>| 1.00%<br><sup>1</sup><br>|  |  |  |  |

---

**Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class<br>| A | C | Inst. | R6 | R | Y |
| Management fees<br>| 0.85%<br>| 0.85%<br>| 0.85%<br>| 0.85%<br>| 0.85%<br>| 0.85%<br>|
| Distribution and service (12b-1) fees<br>| 0.25%<br>| 1.00%<br>|  |  | 0.50%<br>| 0.25%<br>|
| Other expenses<br>| 0.17%<br>| 0.17%<br>| 0.17%<br>| 0.07%<br><sup>2</sup><br>| 0.17%<br>| 0.17%<br>|
| Total annual fund operating expenses<br>| 1.27%<br>| 2.02%<br>| 1.02%<br>| 0.92%<br>| 1.52%<br>| 1.27%<br>|
| Fee waivers and expense reimbursements<br>| (0.19%)<br><sup>3</sup><br>| (0.19%)<br><sup>3</sup><br>| (0.19%)<br><sup>3</sup><br>| (0.19%)<br><sup>3</sup><br>| (0.19%)<br><sup>3</sup><br>| (0.19%)<br><sup>3</sup><br>|
| Total annual fund operating expenses after fee waivers and expense reimbursements<br>| 1.08%<br>| 1.83%<br>| 0.83%<br>| 0.73%<br>| 1.33%<br>| 1.08%<br>|

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<sup>1</sup> For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

<sup>2</sup> "Other expenses" account for Class R6 shares not being subject to certain expenses as described further in the section of the Prospectus entitled "Choosing a share class."

**2**<br>

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<sup>3</sup> The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.83% of the Fund's average daily net assets for all share classes other than Class R6, and 0.73% of the Fund's Class R6 shares' average daily net assets, from July 31, 2025 through July 30, 2026. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class<br>| A | (if not <br>redeemed)<br>C  | C  | Inst. | R6 | R | Y |
| 1 year<br>| $679<br>| $186<br>| $286<br>| $85<br>| $75<br>| $135<br>| $110<br>|
| 3 years<br>| $937<br>| $615<br>| $615<br>| $306<br>| $274<br>| $462<br>| $384<br>|
| 5 years<br>| $1215<br>| $1071<br>| $1071<br>| $545<br>| $491<br>| $811<br>| $679<br>|
| 10 years<br>| $2005<br>| $2333<br>| $2333<br>| $1231<br>| $1114<br>| $1796<br>| $1517<br>|

---

**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Macquarie Mid Cap Income Opportunities Fund seeks to achieve its objective by investing primarily in a diversified portfolio of income-producing common stocks of mid-capitalization companies that the Manager believes demonstrate favorable prospects for total return. Under normal circumstances, the Fund invests at least 80% of its net assets in the securities of mid-capitalization companies, which for purposes of this Fund, typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap<sup>®</sup> Index over the last 13 months at the time of acquisition. As of June 30, 2025, this range of market capitalizations was between approximately $831 million and $89.2 billion. The Fund focuses primarily on mid-capitalization companies that the Manager believes have the

**3**<br>

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Summary prospectus<br>**Macquarie Mid Cap Income Opportunities Fund, a series of Ivy Funds**<br>

ability to sustain, and potentially increase, dividends while providing capital appreciation over the long-term. The Fund also may invest, to a lesser extent, in companies that pay other types of income to shareholders, including return of capital.

In selecting securities for the Fund, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and may look at a number of factors in its consideration of a company, such as: competitive and sustainable dividend yield; potential growth in dividends; strong financial and operational capabilities; stable and consistent revenue, earnings, and cash flow; a sound balance sheet; market potential; profit potential and a proven track record of, or the potential for, returning capital to shareholders. Part of the Manager's investment process also includes a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending.

The Fund typically will hold a limited number of stocks (generally 35 to 50). The Fund will emphasize investments in dividend-paying and other income-producing securities to seek to provide a steady return. The Fund's portfolio holdings generally will be of approximate equal weight, but the Manager may adjust the weighting depending upon market conditions, for investment opportunities, or when the Manager adds or divests certain positions. The Manager intends to re-balance the Fund's portfolio holdings at least quarterly in an effort to maintain an approximate equal weighting.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities of that type. For example, the Manager may sell a security if it believes the security is no longer able to pay a dividend in the future, no longer offers attractive current income prospects or significant growth potential or if there have been changes in economic or market factors in general or with respect to a particular industry or sector, changes in the market trends or other factors affecting an individual security. The Manager also may sell a security to rebalance the portfolio, to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Manager may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL), to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

**What are the principal risks of investing in the Fund?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. An investment in the Fund may not be appropriate for all investors. The Fund's principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**4**<br>

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**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as industrials) will decline because of changing expectations for the performance of that industry or sector.

**Industrials sector risk** — The risk that the value of a fund's shares will be affected by factors particular to the industrials and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a fund's value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

**Active management and selection risk** — The risk that the securities selected by a fund's management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

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.

**How has Macquarie Mid Cap Income Opportunities Fund performed?**

The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year and the table shows how the Fund's average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. On April 30, 2021, the Fund became part of the Macquarie Funds and Delaware Management Company became the Fund's investment manager. The returns shown from before April 30, 2021 are from the Fund's prior investment manager. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps

**5**<br>

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Summary prospectus<br>**Macquarie Mid Cap Income Opportunities Fund, a series of Ivy Funds**<br>

in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at macquarie.com/mam/performance.

**Calendar year-by-year total return (Class A)**

![](image2.jpg)

As of June 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 5.02%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 23.59% for the quarter ended June 30, 2020, and its lowest quarterly return was -29.52% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes<br>| 2.69%<br>| 6.77%<br>| 8.25%<br>|
| Class A return after taxes on distributions<br>| 0.29%<br>| 5.52%<br>| 7.36%<br>|
| Class A return after taxes on distributions and sale of Fund shares<br>| 3.48%<br>| 5.19%<br>| 6.57%<br>|
| Class C return before taxes<br>| 7.12%<br>| 7.23%<br>| 8.26%<br>|
| Institutional Class return before taxes<br>| 9.15%<br>| 8.39%<br>| 9.26%<br>|
| Class R6 return before taxes<br>| 9.27%<br>| 8.42%<br>| 9.31%<br>|
| Class R return before taxes<br>| 8.63%<br>| 7.71%<br>| 8.53%<br>|
| Class Y return before taxes<br>| 8.93%<br>| 8.04%<br>| 8.90%<br>|
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)<br>| 23.81%<br>| 13.86%<br>| 12.55%<br>|
| Russell Midcap Index (reflects no deduction for fees, expenses, or taxes)<br>| 15.34%<br>| 9.92%<br>| 9.63%<br>|

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Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**6**<br>

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After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

**Who manages the Fund?**

**Investment manager** 

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio managers**<br>| &nbsp;&nbsp; **Title with Delaware Management Company**<br>| &nbsp;&nbsp; **Start date on the Fund**<br>|
|  Kimberly Scott, CFA<br>| Managing Director, Senior Portfolio Manager<br>| October 2014<br>|
|  Bradley Halverson<br>| Managing Director, Senior Portfolio Manager<br>| November 2021<br>|

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**Sub-advisor** 

Macquarie Investment Management Global Limited

On April 21, 2025, Macquarie Group Limited, the parent company of the Manager, a series of Macquarie Investment Management Business Trust (MIMBT), together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about October 31, 2025.

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at macquarie.com/mam/account-access; by calling 800 523-1918; by regular mail (c/o Macquarie Funds, P.O. Box 534437, Pittsburgh, PA 15253-4437); by overnight courier service (c/o Macquarie Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by wire.

For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Class R, Institutional Class, Class Y, and Class R6 shares

**7**<br>

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Summary prospectus<br>**Macquarie Mid Cap Income Opportunities Fund, a series of Ivy Funds**<br>

(except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Please refer to the Fund's prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

**Tax information**

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**IVSUM-IVOAX 7/25** 

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