Ivy Funds

Supplement dated March 17, 2014 to the

Ivy Emerging Markets Equity Fund (formerly, Ivy Pacific Opportunities Fund)

Statement of Additional Information

dated February 11, 2014

The following expense reimbursement information is added as the last paragraph of the “Investment Advisory and Other Services – Distribution Services” section on page 55:

Through July 30, 2016, IICO, IFDI and/or WISC 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 for Class A shares at 1.50% and Class B shares at 2.50%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

The following additional portfolio manager information is added to the “Portfolio Manager” section on page 56:

The following tables provide information relating to Mr. Krumplys as of February 28, 2014:

Jonas Krumplys — Ivy Emerging Markets Equity Fund

 

       Registered
Investment
Companies 		     Other Pooled
Investment
Vehicles 		     Other
Accounts 		 

Number of Accounts Managed

     1         0         0   

Number of Accounts Managed with Performance-Based Advisory Fees

     0         0         0   

Assets Managed (in millions)

   $ 233.6       $ 0       $ 0   

Assets Managed with Performance-Based Advisory Fees (in millions)

   $ 0       $ 0       $ 0   

The following additional portfolio manager information is added to the “Ownership of Securities” section on page 57:

As of February 28, 2014, the dollar range of shares beneficially owned by Mr. Krumplys is:

 

Manager

   Fund(s) Managed in the
Ivy Family of Funds 		  Dollar Range of
Fund Shares Owned 		     Dollar Range of Shares Owned in
Similarly Managed Funds
within the Fund Complex 		   Dollar Range of Shares Owned
in the Fund Complex

Jonas Krumplys

   Ivy Emerging
Markets Equity* 		  $ 0       N/A    $100,001 to $500,000

 

* Mr. Krumplys assumed co-portfolio management responsibilities as of March 2014.

With limited exceptions, a portion of each portfolio manager’s compensation is held in a deferred account, and deemed to be invested in funds within the Fund Complex. As of February 28, 2014, the dollar range of shares deemed owned by Mr. Krumplys is:

 

Supplement   Statement of Additional Information   1

Manager

     Fund(s) Managed in the
Ivy Family of Funds 		  Dollar Range of Shares Deemed
Owned in Fund(s) or
Similarly Managed Style 1 		     Dollar Range of Shares Deemed
Owned in the Fund Complex

Jonas Krumplys

     Ivy Emerging
Markets Equity* 		  $ 0       $100,001 to $500,000

 

1  

Shares deemed to be owned in any Fund or similarly managed style within the Fund Complex which is managed by the portfolio manager.

* Mr. Krumplys assumed co-portfolio management responsibilities as of March 2014.

 

2   Statement of Additional Information   Supplement
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