IVY FUND
IVY BOND FUND
IVY GROWTH FUND
IVY GROWTH WITH INCOME FUND
IVY US EMERGING GROWTH FUND
SUPPLEMENT DATED AUGUST 3, 1998
TO PROSPECTUS DATED APRIL 30, 1998
*
The following paragraph is added to the "Portfolio Management" section
on page 13:
- - Paul P. Baran is a Senior Vice President of IMI, and has been a
portfolio manager for Ivy Growth Fund and Ivy Growth with Income Fund
since 1998. Prior to joining the organization in 1998, Mr. Baran was
Senior Vice President/Chief Investment Officer of Central Fidelity
National Bank. He has 24 years of professional investment experience
and is a Certified Financial Analyst. He has an MBA from Wayne State
University.
*
[LOGO]IVY MACKENZIE
IVY FUNDS A Growing Global Force
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
161USXX0898
IVY FUND
IVY BOND FUND
IVY GROWTH FUND
IVY GROWTH WITH INCOME FUND
IVY US EMERGING GROWTH FUND
ADVISOR CLASS SHARES
SUPPLEMENT DATED AUGUST 3, 1998
TO PROSPECTUS DATED APRIL 30, 1998
*
The following paragraph is added to the "Portfolio Management" section
on page 7:
- - Paul P. Baran is a Senior Vice President of IMI, and has been a
portfolio manager for Ivy Growth Fund and Ivy Growth with Income Fund
since 1998. Prior to joining the organization in 1998, Mr. Baran was
Senior Vice President/Chief Investment Office of Central Fidelity
National Bank. He has 24 years of professional investment experience
and is a Certified Financial Analyst. He has an MBA from Wayne State
University.
*
[LOGO]IVY MACKENZIE
IVY FUNDS A Growing Global Force
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
161USAC0898
