IVY FUND
Ivy Bond Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Ivy US Emerging Growth Fund
Supplement Dated August 20, 1998
to Prospectus Dated April 30, 1998
*
The "Portfolio Management" section on page 13 is replaced in its
entirety as follows:
PORTFOLIO MANAGEMENT:
Investment management teams comprised of portfolio managers and
analysts conduct in-depth research and analysis to support the investment
decision process for all Ivy domestic equity and fixed income funds.
The Fixed Income Team manages Ivy Bond Fund. Members of the Team
include Michael Borowsky, Brian Barrett, Michael Landry and Wayne Steinman. Mr.
Borowsky is primarily responsible for the selection of the Fund's high yield
bonds and emerging market debt. Prior to joining the team in 1994, he was a
fixed income specialist at Lehwald, Orosey and Pepe. He holds a Bachelor of
Science degree in finance and economics from Drexel University.
The Domestic Equity Team manages Ivy Growth with Income Fund. Members
of the Team include Paul P. Baran,James W. Broadfoot, Frank DuMond and
Keith Maher.
Ivy Growth Fund is managed by the following individuals:
- Paul P. Baran, Senior Vice President of IMI and portfolio manager
for Ivy Growth Fund since 1998. Prior to joining IMI 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 Chartered Financial Analyst.
- James W. Broadfoot, President and Chief Investment Officer of IMI,
Vice President of the Trust, and portfolio manager for Ivy Growth
Fund since 1994. Prior to joining the organization in 1990, Mr.
Broadfoot was the principal in an investment counsel firm
specializing in emerging growth companies. He has 25 years of
professional investment experience and is a Chartered Financial
Analyst.
- Frank DuMond, portfolio manager for Ivy Growth Fund since 1997. Mr.
DuMond joined the organization in 1994 as a portfolio analyst, and has four
years of professional investment experience. He is a Chartered Financial Analyst
and holds a Bachelor of Science degree from the Massachusetts Institute of
Technology.
- Barbara Trebbi, Senior Vice President of IMI and portfolio manager for
Ivy Growth Fund since 1993. Ms. Trebbi joined the organization in 1988 and has
10 years of professional investment experience. She is a Chartered Financial
Analyst.
James W. Broadfoot also manages Ivy US Emerging Growth Fund. He has managed
the Fund since its inception in 1993.
*
[LOGO]
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16IUSXX0898
<PAGE>
IVY FUND
Ivy Bond Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Ivy US Emerging Growth Fund
ADVISOR CLASS SHARES
Supplement Dated August 20, 1998
to Prospectus Dated April 30, 1998
*
The "Portfolio Management" section on page 7 is replaced in its
entirety as follows:
PORTFOLIO MANAGEMENT:
Investment management teams comprised of portfolio managers and
analysts conduct in-depth research and analysis to support the investment
decision process for all Ivy domestic equity and fixed income funds.
The Fixed Income Team manages Ivy Bond Fund. Members of the Team
include Michael Borowsky, Brian Barrett, Michael Landry and Wayne Steinman. Mr.
Borowsky is primarily responsible for the selection of the Fund's high yield
bonds and emerging market debt. Prior to joining the team in 1994, he was a
fixed income specialist at Lehwald, Orosey and Pepe. He holds a Bachelor of
Science degree in finance and economics from Drexel University.
The Domestic Equity Team manages Ivy Growth with Income Fund. Members
of the Team include Paul P. Baran, James W. Broadfoot, Frank DuMond and
Keith Maher.
Ivy Growth Fund is managed by the following individuals:
- Paul P. Baran, Senior Vice President of IMI and portfolio manager
for Ivy Growth Fund since 1998. Prior to joining IMI 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 Chartered Financial Analyst.
- James W. Broadfoot, President and Chief Investment Officer of IMI,
Vice President of the Trust, and portfolio manager for Ivy Growth
Fund since 1994. Prior to joining the organization in 1990, Mr.
Broadfoot was the principal in an investment counsel firm
specializing in emerging growth companies. He has 25 years of
professional investment experience and is a Chartered Financial
Analyst.
- Frank DuMond, portfolio manager for Ivy Growth Fund since 1997. Mr.
DuMond joined the organization in 1994 as a portfolio analyst, and has four
years of professional investment experience. He is a Chartered Financial Analyst
and holds a Bachelor of Science degree from the Massachusetts Institute of
Technology.
- - Barbara Trebbi, Senior Vice President of IMI and portfolio manager
for Ivy Growth Fund since 1993. Ms. Trebbi joined the organization in 1988 and
has 10 years of professional investment experience. She is a Chartered Financial
Analyst.
James W. Broadfoot also manages Ivy US Emerging Growth Fund.
He has managed the Fund since its inception in 1993.
*
[LOGO]
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16IUSAC0898
IVY FUND
Ivy Asia Pacific Fund
Ivy Canada Fund
Ivy China Region Fund
Ivy Developing Nations Fund
Ivy Global Fund
Ivy Global Natural Resources Fund
Ivy Global Science & Technology Fund
Ivy International Fund
Ivy International Fund II
Ivy International Small Companies Fund
Ivy Pan-Europe Fund
Ivy South America Fund
Supplement Dated August 20, 1998
to Prospectus Dated April 30, 1998
*
The "Portfolio Management" section on page 25 is replaced in its entirety as
follows:
PORTFOLIO MANAGEMENT:
Investment management teams comprised of portfolio managers and
analysts conduct in-depth research and analysis to support the investment
decision process for all Ivy international equity funds.
The Ivy International Equity Team manages Ivy Asia Pacific Fund, Ivy
China Region Fund, Ivy Developing Nations Fund, Ivy International Small
Companies Fund, Ivy Pan-Europe Fund and Ivy South America Fund. Members of the
Team include Michael G. Landry, Justin Lu, Oleg A. Makhorine, Moira McLachlan,
Eric Michelis, Jonathan Q.
Tang and Barbara Trebbi.
The Ivy Global Equity Team manages Ivy Global Fund and Ivy Global Science &
Technology Fund. Members of the Team include James W. Broadfoot, Michael G.
Landry, Justin Lu, Keith J. Maher, Oleg A. Makhorine, Moira McLachlan, Eric
Michelis and Jonathan Q. Tang.
Frederick Sturm, a Senior Vice President of MFC, manages Ivy Canada
Fund and Ivy Global Natural Resources Fund. Mr. Sturm has been the portfolio
manager of Ivy Canada Fund since 1992, and the manager of Ivy Global Natural
Resources Fund since its inception in 1997. Mr. Sturm joined MFC in 1983 and has
12 years of professional investment experience. He is a Chartered Financial
Analyst and holds a graduate degree in commerce and finance from the University
of Toronto.
Hakan Castegren manages Ivy International Fund. Mr. Castegren is the
President of Northern Cross and has been the portfolio manager for Ivy
International Fund since 1986. He has more than 40 years of professional
investment experience and holds an MBA from the Stockholm School of Economics.
Barbara Trebbi manages Ivy International Fund II. Ms. Trebbi is a Senior
Vice President of IMI and has been the portfolio manager for Ivy International
Fund II since its inception in 1997. Ms. Trebbi joined IMI in 1988 and has 10
years of professional investment experience. She is a Chartered Financial
Analyst and holds a graduate diploma from the London School of Economics.
*
[LOGO]
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16INTLX0898
<PAGE>
IVY FUND
Ivy Asia Pacific Fund
Ivy Canada Fund
Ivy China Region Fund
Ivy Developing Nations Fund
Ivy Global Fund
Ivy Global Natural Resources Fund
Ivy Global Science & Technology Fund
Ivy International Fund II
Ivy International Small Companies Fund
Ivy Pan-Europe Fund
Ivy South America Fund
ADVISOR CLASS SHARES
Supplement Dated August 20, 1998
to Prospectus Dated April 30, 1998
*
The "Portfolio Management" section on page 13 is replaced in its entirety as
follows:
PORTFOLIO MANAGEMENT:
Investment management teams comprised of portfolio managers and
analysts conduct in-depth research and analysis to support the investment
decision process for all Ivy international equity funds.
The Ivy International Equity Team manages Ivy Asia Pacific Fund, Ivy
China Region Fund, Ivy Developing Nations Fund, Ivy International Small
Companies Fund, Ivy Pan-Europe Fund and Ivy South America Fund. Members of the
Team include Michael G. Landry, Justin Lu, Oleg A. Makhorine, Moira McLachlan,
Eric Michelis, Jonathan Q.
Tang and Barbara Trebbi.
The Ivy Global Equity Team manages Ivy Global Fund and Ivy Global Science &
Technology Fund. Members of the Team include James W. Broadfoot, Michael G.
Landry, Justin Lu, Keith J. Maher, Oleg A. Makhorine, Moira McLachlan, Eric
Michelis and Jonathan Q. Tang.
Frederick Sturm, a Senior Vice President of MFC, manages Ivy Canada
Fund and Ivy Global Natural Resources Fund. Mr. Sturm has been the portfolio
manager of Ivy Canada Fund since 1992, and the manager of Ivy Global Natural
Resources Fund since its inception in 1997. Mr. Sturm joined MFC in 1983 and has
12 years of professional investment experience. He is a Chartered Financial
Analyst and holds a graduate degree in commerce and finance from the University
of Toronto.
Barbara Trebbi manages Ivy International Fund II. Ms. Trebbi is a Senior
Vice President of IMI and has been the portfolio manager for Ivy International
Fund II since its inception in 1997. Ms. Trebbi joined IMI in 1988 and has 10
years of professional investment experience. She is a Chartered Financial
Analyst and holds a graduate diploma from the London School of Economics.
*
[LOGO]
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16INTAC0898
