497 1 ivyeurop-sai7109.htm IVY FUNDS SAI STICKER

IVY FUNDS

Supplement dated July 1, 2009
to the
Statement of Additional Information dated July 31, 2008

 

At a meeting held on March 26, 2009, the Board of Trustees of Ivy Funds unanimously approved the termination of the Investment Sub-Advisory Agreement between Ivy Investment Management Company (IICO) and Henderson Global Investors (North America) Inc. (Henderson), dated December 31, 2002, relating to Ivy European Opportunities Fund (Fund).  As a result, effective July 1, 2009, IICO, the Fund’s investment adviser, assumes direct investment management responsibilities of the Fund’s portfolio.  All references to Henderson where it appears in the Statement of Additional Information with respect to Ivy European Opportunities Fund are deleted. 

The following is added to the section entitled “Portfolio Managers:”

 Portfolio Managers employed by IICO

 The following table provides information as of March 31, 2009, relating to the portfolio manager of the Fund:

 Thomas Mengel -- Ivy European Opportunities Fund*

 

Registered Investment Companies

Other Pooled Investment Vehicles

 

Other Accounts

Number of Accounts Managed

1

0

2

Number of Accounts Managed with Performance-Based Advisory Fees

0

0

0

Assets Managed (in millions)

$192.7

$0

$4.4

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

$0

$0

$0

* IICO assumed direct investment management responsibility of Ivy European Opportunities Fund effective July 1, 2009.

 

Ownership of Securities

As of March 31, 2009, the dollar range of shares beneficially owned by the portfolio manager was:

 

Manager

 

Portfolio Managed in Ivy Funds

Dollar Range of
Shares Owned in
Portfolio Managed

Dollar Range of Shares
Owned in Funds in Fund
Complex

Thomas Mengel

Ivy European Opportunities Fund

$0

$500,001 to $1,000,000



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 March 31, 2009, the dollar range of shares of the Funds deemed owned by the portfolio manager was:

 

Manager

 

Portfolio Managed in the Ivy Funds

Dollar Range of
Shares Deemed
Owned in Portfolio
or Style Managed1

Dollar Range of Shares
Deemed Owned in Funds
in Fund Complex

Thomas Mengel

Ivy European Opportunities Fund

$100,001 to $500,0002

$100,001 to $500,000


1 Shares deemed owned in any fund within the Fund Complex which is managed by the Manager.
2 Dollar range indicated reflects deferred compensation in Ivy International Growth Fund and Waddell & Reed Advisors International Growth Fund.