Form 497 IVY FUNDS

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share
classes (except certain money market funds and any assets held in group retirement plans) of Ivy Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations
(“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Ivy Fund assets in the ROA calculation is dependent on
the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales
charge.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA
accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders
intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost minus redemptions or market value of qualifying holdings at LOI
initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts.
Each purchase the

shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of
eligible Ivy Funds assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not
reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the
IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as
determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing
pursuant to Edward Jones’ policies and procedures.

Shares purchased in an Edward Jones fee-based program.

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

Shares purchased from the proceeds of redeemed shares of the same Ivy Funds so long as the following conditions
are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and. purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from
liquidations in a non-retirement account.

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund
and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Prospectus.

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following
the anniversary of the purchase date or earlier at the discretion of Edward Jones.

The death or disability of the shareholder.

Systematic withdrawals with up to 10% per year of the account value.

Return of excess contributions from an Individual Retirement Account (IRA).

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken
in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

Shares exchanged in an Edward Jones fee-based program.

Shares acquired through NAV reinstatement.

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

Initial purchase minimum: $250

Subsequent purchase minimum: none

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following
are examples of accounts that are not included in this policy:

A fee-based account held on an Edward Jones platform

A 529 account held on an Edward Jones platform

An account with an active systematic investment plan or LOI

At any time it deems necessary, Edward Jones has the authority to exchange a shareholder’s holdings of a
share class of a fund to Class A shares of the same fund at NAV.