IVY FUND
Ivy US Blue Chip Fund
ADVISOR CLASS SHARES
Supplement Dated December 9, 1998
to Statement of Additional Information Dated November 2, 1998
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The following paragraph is added after the first paragraph in the "Distribution
Services" section on page 29:
The Fund has authorized IMDI to accept on its behalf purchase and
redemption orders. IMDI is also authorized to designate other intermediaries to
accept purchase and redemption orders on the Fund's behalf. The Fund will be
deemed to have received a purchase or redemption order when an authorized
intermediary or, if applicable, an intermediary's authorized designee, accepts
the order. Client orders will be priced at the Fund's Net Asset Value next
computed after an authorized intermediary or the intermediary's authorized
designee accepts them.
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1-800-456-5111
IUSBCAC1298
