Jul. 31, 2018

Ivy Funds

Supplement dated February 21, 2019 to the

Ivy Funds Prospectus

dated July 31, 2018

as supplemented July 31, 2018, August 17, 2018, November 5, 2018, December 3, 2018 and January 31, 2019                                                                                        

Effective immediately, the Prospectus is amended to reflect the following:

• The name of Ivy IG International Small Cap Fund is changed to Ivy International Small Cap Fund.