Definitive Materials Filed by Investment Companies. (497)

Ivy Funds

Supplement dated January 18, 2013 to the

Ivy Funds Class R Shares Statement of Additional Information

dated December 18, 2012

The following is added to the section entitled “Portfolio Managers — Portfolio Managers employed by Wall Street Associates, LLC” on page 82:

The following provides information relating to the following co-portfolio manager of Ivy Micro Cap Growth Fund as of December 31, 2012:

Alexis C. Waadt*

 

		Registered Investment Companies				Other Pooled Investment Vehicles				Other Accounts
Number of Accounts Managed			0				0				0
Number of Accounts Managed with Performance-Based Advisory Fees			0				0				0
Assets Managed (in millions)		$	0			$	0			$	0
Assets Managed with Performance-Based Advisory Fees (in millions)		$	0			$	0			$	0

 

*	Ms. Waadt assumed co-management responsibilities of Ivy Micro Cap Growth Fund in January 2013.

The following is added to the section entitled “Portfolio Managers — Portfolio Managers employed by Wall Street Associates, LLC — Ownership of Securities” on page 84 for Ivy Micro Cap Growth Fund:

Ownership of Securities

As of December 31, 2012, the dollar range of shares of the Fund beneficially owned by the following portfolio manager was:

 

Manager		Dollar Range of Shares Owned in Ivy Micro Cap Growth Fund				Dollar Range of Shares Owned in the Fund Complex
Alexis C. Waadt**		$	0			$	0

 

**	Ms. Waadt assumed co-management responsibilities of Ivy Micro Cap Growth Fund in January 2013.

 

Supplement		Statement of Additional Information		1