497

IVY FUNDS

6300 LAMAR AVENUE

P. O. BOX 29217

SHAWNEE MISSION, KANSAS 66201-9217

November 16, 2018

Securities and Exchange Commission

100 F Street NE

Washington DC 20549

Re: Ivy Funds (Registrant)

File Nos. 033-45961 and 811-06569 / CIK No. 0000883622

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 supplement dated November 5, 2018, to the Ivy Funds Prospectus dated July 31, 2018. 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

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	497
Document Period End Date	dei_DocumentPeriodEndDate	Mar. 31, 2018
Registrant Name	dei_EntityRegistrantName	IVY FUNDS
Central Index Key	dei_EntityCentralIndexKey	0000883622
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Nov. 05, 2018
Document Effective Date	dei_DocumentEffectiveDate	Nov. 05, 2018
Prospectus Date	rr_ProspectusDate	Jul. 31, 2018
Entity Inv Company Type	dei_EntityInvCompanyType	N-1A

XML

Jul. 31, 2018

Ivy Funds

Supplement dated November 5, 2018 to the

Ivy Funds Prospectus

dated July 31, 2018

as supplemented July 31, 2018 and August 17, 2018

On November 1, 2018, shareholders of the series of the Ivy Funds (each series being a “Target Fund” and collectively, the “Target Funds”) set forth in the table below approved an Agreement and Plan of Reorganization (Plan), pursuant to which substantially all of the assets of each Target Fund were transferred to a corresponding series of the Ivy Funds set forth in the table below (each, an “Acquiring Fund”) in exchange for shares of the respective Acquiring Fund, and in complete liquidation of the respective Target Fund (each, a “Reorganization”).

Acquiring Fund

Ivy Asset Strategy Fund

Effective November 5, 2018, each Reorganization closed. As a result, each Target Fund has been reorganized out of existence and is no longer offered for investment. Accordingly, effective immediately, all references to the Target Funds are hereby removed from the Prospectus.

The following replaces the “Ivy Asset Strategy Fund – Annual Fund Operating Expenses” table (as well as the applicable footnotes) on page 134:

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 N		Class R		Class Y
Management Fees		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%
Distribution and Service (12b-1) Fees		0.25%		1.00%		1.00%		0.25%		0.00%		0.00%		0.50%		0.25%
Other Expenses3		0.23%		0.24%		0.21%		0.37%		0.19%		0.04%		0.29%		0.18%
Acquired Fund Fees and Expenses4		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%
Total Annual Fund Operating Expenses		1.13%		1.89%		1.86%		1.27%		0.84%		0.69%		1.44%		1.08%
Fee Waiver and/or Expense Reimbursement5,6		0.00%		0.00%		0.00%		0.24%		0.00%		0.00%		0.00%		0.00%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement7		1.13%		1.89%		1.86%		1.03%		0.84%		0.69%		1.44%		1.08%

³  Other Expenses includes the expenses of any wholly-owned subsidiaries of the Fund.

⁴  Acquired Fund Fees and Expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the business development companies (BDCs) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of each BDC for the BDC’s most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV.

⁵  Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 E shares at 1.00%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

⁶  Through July 31, 2020, IDI 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 Y shares and the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class A shares and the Class I shares, respectively, 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.

⁷  The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because (i) it has been restated to exclude certain one-time expenses of the Fund and (ii) it reflects a revised ratio for certain share classes following the merger of Ivy Global Income Allocation Fund into the Fund.

The following replaces the “Ivy Asset Strategy Fund – Example” section on page 135:

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	$	684	$	913	$	1,161	$	1,871
Class B Shares		592		894		1,121		2,013
Class C Shares		189		585		1,006		2,180
Class E Shares		372		655		983		1,903
Class I Shares		86		268		466		1,037
Class N Shares		70		221		384		859
Class R Shares		147		456		787		1,724
Class Y Shares		110		343		595		1,317

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

	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	684	$	913	$	1,161	$	1,871
Class B Shares		192		594		1,021		2,013
Class C Shares		189		585		1,006		2,180
Class E Shares		372		655		983		1,903
Class I Shares		86		268		466		1,037
Class N Shares		70		221		384		859
Class R Shares		147		456		787		1,724
Class Y Shares		110		343		595		1,317

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

IVY FUNDS

Prospectus Date

rr_ProspectusDate

Jul. 31, 2018

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

Ivy Funds

Supplement dated November 5, 2018 to the

Ivy Funds Prospectus

dated July 31, 2018

as supplemented July 31, 2018 and August 17, 2018

On November 1, 2018, shareholders of the series of the Ivy Funds (each series being a “Target Fund” and collectively, the “Target Funds”) set forth in the table below approved an Agreement and Plan of Reorganization (Plan), pursuant to which substantially all of the assets of each Target Fund were transferred to a corresponding series of the Ivy Funds set forth in the table below (each, an “Acquiring Fund”) in exchange for shares of the respective Acquiring Fund, and in complete liquidation of the respective Target Fund (each, a “Reorganization”).

Acquiring Fund

Ivy Asset Strategy Fund

Effective November 5, 2018, each Reorganization closed. As a result, each Target Fund has been reorganized out of existence and is no longer offered for investment. Accordingly, effective immediately, all references to the Target Funds are hereby removed from the Prospectus.

The following replaces the “Ivy Asset Strategy Fund – Annual Fund Operating Expenses” table (as well as the applicable footnotes) on page 134:

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 N		Class R		Class Y
Management Fees		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%
Distribution and Service (12b-1) Fees		0.25%		1.00%		1.00%		0.25%		0.00%		0.00%		0.50%		0.25%
Other Expenses3		0.23%		0.24%		0.21%		0.37%		0.19%		0.04%		0.29%		0.18%
Acquired Fund Fees and Expenses4		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%
Total Annual Fund Operating Expenses		1.13%		1.89%		1.86%		1.27%		0.84%		0.69%		1.44%		1.08%
Fee Waiver and/or Expense Reimbursement5,6		0.00%		0.00%		0.00%		0.24%		0.00%		0.00%		0.00%		0.00%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement7		1.13%		1.89%		1.86%		1.03%		0.84%		0.69%		1.44%		1.08%

³  Other Expenses includes the expenses of any wholly-owned subsidiaries of the Fund.

⁴  Acquired Fund Fees and Expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the business development companies (BDCs) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of each BDC for the BDC’s most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV.

⁵  Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 E shares at 1.00%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

⁶  Through July 31, 2020, IDI 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 Y shares and the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class A shares and the Class I shares, respectively, 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.

⁷  The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because (i) it has been restated to exclude certain one-time expenses of the Fund and (ii) it reflects a revised ratio for certain share classes following the merger of Ivy Global Income Allocation Fund into the Fund.

The following replaces the “Ivy Asset Strategy Fund – Example” section on page 135:

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	$	684	$	913	$	1,161	$	1,871
Class B Shares		592		894		1,121		2,013
Class C Shares		189		585		1,006		2,180
Class E Shares		372		655		983		1,903
Class I Shares		86		268		466		1,037
Class N Shares		70		221		384		859
Class R Shares		147		456		787		1,724
Class Y Shares		110		343		595		1,317

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

	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	684	$	913	$	1,161	$	1,871
Class B Shares		192		594		1,021		2,013
Class C Shares		189		585		1,006		2,180
Class E Shares		372		655		983		1,903
Class I Shares		86		268		466		1,037
Class N Shares		70		221		384		859
Class R Shares		147		456		787		1,724
Class Y Shares		110		343		595		1,317

Ivy Asset Strategy Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

Ivy Funds

Supplement dated November 5, 2018 to the

Ivy Funds Prospectus

dated July 31, 2018

as supplemented July 31, 2018 and August 17, 2018

On November 1, 2018, shareholders of the series of the Ivy Funds (each series being a “Target Fund” and collectively, the “Target Funds”) set forth in the table below approved an Agreement and Plan of Reorganization (Plan), pursuant to which substantially all of the assets of each Target Fund were transferred to a corresponding series of the Ivy Funds set forth in the table below (each, an “Acquiring Fund”) in exchange for shares of the respective Acquiring Fund, and in complete liquidation of the respective Target Fund (each, a “Reorganization”).

Acquiring Fund

Ivy Asset Strategy Fund

Effective November 5, 2018, each Reorganization closed. As a result, each Target Fund has been reorganized out of existence and is no longer offered for investment. Accordingly, effective immediately, all references to the Target Funds are hereby removed from the Prospectus.

The following replaces the “Ivy Asset Strategy Fund – Annual Fund Operating Expenses” table (as well as the applicable footnotes) on page 134:

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 N		Class R		Class Y
Management Fees		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%		0.62%
Distribution and Service (12b-1) Fees		0.25%		1.00%		1.00%		0.25%		0.00%		0.00%		0.50%		0.25%
Other Expenses3		0.23%		0.24%		0.21%		0.37%		0.19%		0.04%		0.29%		0.18%
Acquired Fund Fees and Expenses4		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%
Total Annual Fund Operating Expenses		1.13%		1.89%		1.86%		1.27%		0.84%		0.69%		1.44%		1.08%
Fee Waiver and/or Expense Reimbursement5,6		0.00%		0.00%		0.00%		0.24%		0.00%		0.00%		0.00%		0.00%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement7		1.13%		1.89%		1.86%		1.03%		0.84%		0.69%		1.44%		1.08%

³  Other Expenses includes the expenses of any wholly-owned subsidiaries of the Fund.

⁴  Acquired Fund Fees and Expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the business development companies (BDCs) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of each BDC for the BDC’s most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV.

⁵  Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 E shares at 1.00%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

⁶  Through July 31, 2020, IDI 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 Y shares and the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class A shares and the Class I shares, respectively, 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.

⁷  The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because (i) it has been restated to exclude certain one-time expenses of the Fund and (ii) it reflects a revised ratio for certain share classes following the merger of Ivy Global Income Allocation Fund into the Fund.

The following replaces the “Ivy Asset Strategy Fund – Example” section on page 135:

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	$	684	$	913	$	1,161	$	1,871
Class B Shares		592		894		1,121		2,013
Class C Shares		189		585		1,006		2,180
Class E Shares		372		655		983		1,903
Class I Shares		86		268		466		1,037
Class N Shares		70		221		384		859
Class R Shares		147		456		787		1,724
Class Y Shares		110		343		595		1,317

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

	1 Year		3 Years		5 Years		10 Years
Class A Shares	$	684	$	913	$	1,161	$	1,871
Class B Shares		192		594		1,021		2,013
Class C Shares		189		585		1,006		2,180
Class E Shares		372		655		983		1,903
Class I Shares		86		268		466		1,037
Class N Shares		70		221		384		859
Class R Shares		147		456		787		1,724
Class Y Shares		110		343		595		1,317

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

<b>Annual Fund Operating Expenses<br/><br/>(expenses that you pay each year as a % of the value of your investment)</b>

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

July 31, 2020

Expenses Restated to Reflect Current [Text]

rr_ExpensesRestatedToReflectCurrent

The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because (i) it has been restated to exclude certain one-time expenses of the Fund and (ii) it reflects a revised ratio for certain share classes following the merger of Ivy Global Income Allocation Fund into the Fund.

Expense Example [Heading]

rr_ExpenseExampleHeading

<b>Example </b>

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 period 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

<b>You would pay the following expenses if you did not redeem your shares: </b>

Ivy Asset Strategy Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.23%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.13%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[3],[4]

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

rr_NetExpensesOverAssets

1.13%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 684

3 Years

rr_ExpenseExampleYear03

913

5 Years

rr_ExpenseExampleYear05

1,161

10 Years

rr_ExpenseExampleYear10

1,871

1 Year

rr_ExpenseExampleNoRedemptionYear01

684

3 Years

rr_ExpenseExampleNoRedemptionYear03

913

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,161

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,871

Ivy Asset Strategy Fund | Class B

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

0.24%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.89%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[3],[4]

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

rr_NetExpensesOverAssets

1.89%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 592

3 Years

rr_ExpenseExampleYear03

894

5 Years

rr_ExpenseExampleYear05

1,121

10 Years

rr_ExpenseExampleYear10

2,013

1 Year

rr_ExpenseExampleNoRedemptionYear01

192

3 Years

rr_ExpenseExampleNoRedemptionYear03

594

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,021

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,013

Ivy Asset Strategy Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

0.21%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.86%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[3],[4]

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

rr_NetExpensesOverAssets

1.86%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 189

3 Years

rr_ExpenseExampleYear03

585

5 Years

rr_ExpenseExampleYear05

1,006

10 Years

rr_ExpenseExampleYear10

2,180

1 Year

rr_ExpenseExampleNoRedemptionYear01

189

3 Years

rr_ExpenseExampleNoRedemptionYear03

585

5 Years

rr_ExpenseExampleNoRedemptionYear05

1,006

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,180

Ivy Asset Strategy Fund | Class E

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.37%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.27%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

0.24%

^[3],[4]

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

rr_NetExpensesOverAssets

1.03%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 372

3 Years

rr_ExpenseExampleYear03

655

5 Years

rr_ExpenseExampleYear05

983

10 Years

rr_ExpenseExampleYear10

1,903

1 Year

rr_ExpenseExampleNoRedemptionYear01

372

3 Years

rr_ExpenseExampleNoRedemptionYear03

655

5 Years

rr_ExpenseExampleNoRedemptionYear05

983

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,903

Ivy Asset Strategy Fund | Class I

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

0.19%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

0.84%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[3],[4]

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

rr_NetExpensesOverAssets

0.84%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 86

3 Years

rr_ExpenseExampleYear03

268

5 Years

rr_ExpenseExampleYear05

466

10 Years

rr_ExpenseExampleYear10

1,037

1 Year

rr_ExpenseExampleNoRedemptionYear01

86

3 Years

rr_ExpenseExampleNoRedemptionYear03

268

5 Years

rr_ExpenseExampleNoRedemptionYear05

466

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,037

Ivy Asset Strategy Fund | Class N

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

0.04%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

0.69%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[3],[4]

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

rr_NetExpensesOverAssets

0.69%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 70

3 Years

rr_ExpenseExampleYear03

221

5 Years

rr_ExpenseExampleYear05

384

10 Years

rr_ExpenseExampleYear10

859

1 Year

rr_ExpenseExampleNoRedemptionYear01

70

3 Years

rr_ExpenseExampleNoRedemptionYear03

221

5 Years

rr_ExpenseExampleNoRedemptionYear05

384

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 859

Ivy Asset Strategy Fund | Class R

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.50%

Other Expenses

rr_OtherExpensesOverAssets

0.29%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.44%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[3],[4]

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

rr_NetExpensesOverAssets

1.44%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 147

3 Years

rr_ExpenseExampleYear03

456

5 Years

rr_ExpenseExampleYear05

787

10 Years

rr_ExpenseExampleYear10

1,724

1 Year

rr_ExpenseExampleNoRedemptionYear01

147

3 Years

rr_ExpenseExampleNoRedemptionYear03

456

5 Years

rr_ExpenseExampleNoRedemptionYear05

787

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,724

Ivy Asset Strategy Fund | Class Y

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.62%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.18%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.03%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.08%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

none

^[3],[4]

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

rr_NetExpensesOverAssets

1.08%

^[5]

1 Year

rr_ExpenseExampleYear01

$ 110

3 Years

rr_ExpenseExampleYear03

343

5 Years

rr_ExpenseExampleYear05

595

10 Years

rr_ExpenseExampleYear10

1,317

1 Year

rr_ExpenseExampleNoRedemptionYear01

110

3 Years

rr_ExpenseExampleNoRedemptionYear03

343

5 Years

rr_ExpenseExampleNoRedemptionYear05

595

10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,317

[1] Other Expenses includes the expenses of any wholly-owned subsidiaries of the Fund.

[2] Acquired Fund Fees and Expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the business development companies (BDCs) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of each BDC for the BDC’s most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV.

[3] Through July 31, 2020, IDI 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 Y shares and the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class A shares and the Class I shares, respectively, 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.

[4] Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), 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 E shares at 1.00%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

[5] The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because (i) it has been restated to exclude certain one-time expenses of the Fund and (ii) it reflects a revised ratio for certain share classes following the merger of Ivy Global Income Allocation Fund into the Fund.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	IVY FUNDS
Prospectus Date	rr_ProspectusDate	Jul. 31, 2018
Document Creation Date	dei_DocumentCreationDate	Nov. 05, 2018