497

IVY FUNDS

6300 LAMAR AVENUE

P. O. BOX 29217

SHAWNEE MISSION, KANSAS 66201-9217

January 30, 2013

Securities and Exchange Commission

100 F Street NE

Washington DC 20549

Re: Ivy Funds (Registrant)

File Nos. 811-6569 and 33-45961/CIK #883622

On behalf of the Registrant, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information, contained in the Registrant’s Prospectus dated July 31, 2012, and as supplemented January 11, 2013, and filed pursuant to Rule 497(e) under the Securities Act of 1933, as amended. The purpose of this filing is to submit the data in XBRL format for the Registrant.

If you have any questions or comments concerning the foregoing, please contact me at 913-236-2227.

Very truly yours,

/s/Philip A. Shipp

Philip A. Shipp

Assistant Secretary

XML

Supplement dated January 11, 2013 to the

Ivy Funds Prospectus

dated July 31, 2012

and as supplemented September 12, 2012, December 3, 2012, January 2, 2013 and January 7, 2013

The following replaces the Annual Fund Operating Expenses table and footnotes in the "Fees and Expenses" section on page 3 for Ivy Core Equity Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a % of the value of your investment)	Class A		Class B		Class C		Class E		Class I		Class Y
Management Fees		0.70%		0.70%		0.70%		0.70%		0.70%		0.70%
Distribution and Service (12b-1) Fees		0.25%		1.00%		1.00%		0.25%		0.00%		0.25%
Other Expenses		0.35%		0.66%		0.38%		0.77%		0.24%		0.25%
Total Annual Fund Operating Expenses		1.30%		2.36%		2.08%		1.72%		0.94%		1.20%
Fee Waiver and/or Expense Reimbursement2,3,4		0.15%		0.00%		0.00%		0.37%		0.10%		0.36%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.15%		2.36%		2.08%		1.35%		0.84%		0.84%

¹  For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  Through July 31, 2013, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class E shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

³ Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

⁴  Through July 31, 2014, IICO, IFDI, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the expenses as follows: Class A shares at 1.15%, Class B shares at 2.40%, Class C shares at 2.13%, Class I shares at 0.84% and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

The following replaces the "Example" section on pages 3-4 for Ivy Core Equity Fund:

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 periods 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	$	685	$	949	$	1,233	$	2,040
Class B Shares		639		1,036		1,360		2,432
Class C Shares		211		652		1,119		2,410
Class E Shares		725		1,100		1,511		2,650
Class I Shares		86		290		510		1,146
Class Y Shares		86		345		625		1,423

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	685	$	949	$	1,233	$	2,040
Class B Shares		239		736		1,260		2,432
Class C Shares		211		652		1,119		2,410
Class E Shares		725		1,100		1,511		2,650
Class I Shares		86		290		510		1,146
Class Y Shares		86		345		625		1,423

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

IVY FUNDS

Prospectus Date

rr_ProspectusDate

Jul. 31, 2012

Supplement [Text Block]

ivyf7_SupplementTextBlock

Supplement dated January 11, 2013 to the

Ivy Funds Prospectus

dated July 31, 2012

and as supplemented September 12, 2012, December 3, 2012, January 2, 2013 and January 7, 2013

The following replaces the Annual Fund Operating Expenses table and footnotes in the "Fees and Expenses" section on page 3 for Ivy Core Equity Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a % of the value of your investment)	Class A		Class B		Class C		Class E		Class I		Class Y
Management Fees		0.70%		0.70%		0.70%		0.70%		0.70%		0.70%
Distribution and Service (12b-1) Fees		0.25%		1.00%		1.00%		0.25%		0.00%		0.25%
Other Expenses		0.35%		0.66%		0.38%		0.77%		0.24%		0.25%
Total Annual Fund Operating Expenses		1.30%		2.36%		2.08%		1.72%		0.94%		1.20%
Fee Waiver and/or Expense Reimbursement2,3,4		0.15%		0.00%		0.00%		0.37%		0.10%		0.36%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.15%		2.36%		2.08%		1.35%		0.84%		0.84%

¹  For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  Through July 31, 2013, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class E shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

³ Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

⁴  Through July 31, 2014, IICO, IFDI, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the expenses as follows: Class A shares at 1.15%, Class B shares at 2.40%, Class C shares at 2.13%, Class I shares at 0.84% and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

The following replaces the "Example" section on pages 3-4 for Ivy Core Equity Fund:

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 periods 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	$	685	$	949	$	1,233	$	2,040
Class B Shares		639		1,036		1,360		2,432
Class C Shares		211		652		1,119		2,410
Class E Shares		725		1,100		1,511		2,650
Class I Shares		86		290		510		1,146
Class Y Shares		86		345		625		1,423

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	685	$	949	$	1,233	$	2,040
Class B Shares		239		736		1,260		2,432
Class C Shares		211		652		1,119		2,410
Class E Shares		725		1,100		1,511		2,650
Class I Shares		86		290		510		1,146
Class Y Shares		86		345		625		1,423

Ivy Core Equity Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

ivyf7_SupplementTextBlock

Supplement dated January 11, 2013 to the

Ivy Funds Prospectus

dated July 31, 2012

and as supplemented September 12, 2012, December 3, 2012, January 2, 2013 and January 7, 2013

The following replaces the Annual Fund Operating Expenses table and footnotes in the "Fees and Expenses" section on page 3 for Ivy Core Equity Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a % of the value of your investment)	Class A		Class B		Class C		Class E		Class I		Class Y
Management Fees		0.70%		0.70%		0.70%		0.70%		0.70%		0.70%
Distribution and Service (12b-1) Fees		0.25%		1.00%		1.00%		0.25%		0.00%		0.25%
Other Expenses		0.35%		0.66%		0.38%		0.77%		0.24%		0.25%
Total Annual Fund Operating Expenses		1.30%		2.36%		2.08%		1.72%		0.94%		1.20%
Fee Waiver and/or Expense Reimbursement2,3,4		0.15%		0.00%		0.00%		0.37%		0.10%		0.36%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.15%		2.36%		2.08%		1.35%		0.84%		0.84%

¹  For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

²  Through July 31, 2013, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class E shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

³ Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

⁴  Through July 31, 2014, IICO, IFDI, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the expenses as follows: Class A shares at 1.15%, Class B shares at 2.40%, Class C shares at 2.13%, Class I shares at 0.84% and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

The following replaces the "Example" section on pages 3-4 for Ivy Core Equity Fund:

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 periods 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	$	685	$	949	$	1,233	$	2,040
Class B Shares		639		1,036		1,360		2,432
Class C Shares		211		652		1,119		2,410
Class E Shares		725		1,100		1,511		2,650
Class I Shares		86		290		510		1,146
Class Y Shares		86		345		625		1,423

You would pay the following expenses if you did not redeem your shares:

	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	685	$	949	$	1,233	$	2,040
Class B Shares		239		736		1,260		2,432
Class C Shares		211		652		1,119		2,410
Class E Shares		725		1,100		1,511		2,650
Class I Shares		86		290		510		1,146
Class Y Shares		86		345		625		1,423

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

July 31, 2014

Expense Footnotes [Text Block]

rr_ExpenseFootnotesTextBlock

For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

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 periods indicated above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleNoRedemptionByYearCaption

You would pay the following expenses if you did not redeem your shares:

Ivy Core Equity Fund | Class A Shares

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.35%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.30%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

0.15%

^[1],[2],[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.15%

1 Year

rr_ExpenseExampleYear01

685

3 Years

rr_ExpenseExampleYear03

949

5 Years

rr_ExpenseExampleYear05

1,233

10 Years

rr_ExpenseExampleYear10

2,040

1 Year

rr_ExpenseExampleNoRedemptionYear01

685

3 Years

rr_ExpenseExampleNoRedemptionYear03

949

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,233

10 Years

rr_ExpenseExampleNoRedemptionYear10

2,040

Ivy Core Equity Fund | Class B Shares

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

0.66%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.36%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[1],[2],[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

2.36%

1 Year

rr_ExpenseExampleYear01

639

3 Years

rr_ExpenseExampleYear03

1,036

5 Years

rr_ExpenseExampleYear05

1,360

10 Years

rr_ExpenseExampleYear10

2,432

1 Year

rr_ExpenseExampleNoRedemptionYear01

239

3 Years

rr_ExpenseExampleNoRedemptionYear03

736

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,260

10 Years

rr_ExpenseExampleNoRedemptionYear10

2,432

Ivy Core Equity Fund | Class C Shares

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

0.38%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.08%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[1],[2],[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

2.08%

1 Year

rr_ExpenseExampleYear01

211

3 Years

rr_ExpenseExampleYear03

652

5 Years

rr_ExpenseExampleYear05

1,119

10 Years

rr_ExpenseExampleYear10

2,410

1 Year

rr_ExpenseExampleNoRedemptionYear01

211

3 Years

rr_ExpenseExampleNoRedemptionYear03

652

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,119

10 Years

rr_ExpenseExampleNoRedemptionYear10

2,410

Ivy Core Equity Fund | Class E Shares

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.77%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.72%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

0.37%

^[1],[2],[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.35%

1 Year

rr_ExpenseExampleYear01

725

3 Years

rr_ExpenseExampleYear03

1,100

5 Years

rr_ExpenseExampleYear05

1,511

10 Years

rr_ExpenseExampleYear10

2,650

1 Year

rr_ExpenseExampleNoRedemptionYear01

725

3 Years

rr_ExpenseExampleNoRedemptionYear03

1,100

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,511

10 Years

rr_ExpenseExampleNoRedemptionYear10

2,650

Ivy Core Equity Fund | Class I Shares

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

0.24%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

0.94%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

0.10%

^[1],[2],[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.84%

1 Year

rr_ExpenseExampleYear01

86

3 Years

rr_ExpenseExampleYear03

290

5 Years

rr_ExpenseExampleYear05

510

10 Years

rr_ExpenseExampleYear10

1,146

1 Year

rr_ExpenseExampleNoRedemptionYear01

86

3 Years

rr_ExpenseExampleNoRedemptionYear03

290

5 Years

rr_ExpenseExampleNoRedemptionYear05

510

10 Years

rr_ExpenseExampleNoRedemptionYear10

1,146

Ivy Core Equity Fund | Class Y Shares

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.70%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.25%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.20%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

0.36%

^[1],[2],[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.84%

1 Year

rr_ExpenseExampleYear01

86

3 Years

rr_ExpenseExampleYear03

345

5 Years

rr_ExpenseExampleYear05

625

10 Years

rr_ExpenseExampleYear10

1,423

1 Year

rr_ExpenseExampleNoRedemptionYear01

86

3 Years

rr_ExpenseExampleNoRedemptionYear03

345

5 Years

rr_ExpenseExampleNoRedemptionYear05

625

10 Years

rr_ExpenseExampleNoRedemptionYear10

1,423

[1] Through July 31, 2013, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 expenses for Class E shares at 1.35%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

[2] Through July 31, 2013, to the extent that the total annual fund operating expenses of the Class Y shares exceeds the total annual fund operating expenses of the Class A shares, IFDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual fund operating expenses of the Class Y shares do not exceed the total annual fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

[3] Through July 31, 2014, IICO, IFDI, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the expenses as follows: Class A shares at 1.15%, Class B shares at 2.40%, Class C shares at 2.13%, Class I shares at 0.84% and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

XML

Document and Entity Information	12 Months Ended
	Jul. 31, 2012
Risk/Return:
Document Type	Other
Document Period End Date	Mar. 31, 2012
Registrant Name	IVY FUNDS
Central Index Key	0000883622
Amendment Flag	false
Document Creation Date	Jan. 11, 2013
Document Effective Date	Jan. 11, 2013
Prospectus Date	Jul. 31, 2012

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	IVY FUNDS
Prospectus Date	rr_ProspectusDate	Jul. 31, 2012
Document Creation Date	dei_DocumentCreationDate	Jan. 11, 2013