[Ivy Leaf Logo] Ivy Funds(R)
Ivy US Emerging Growth Fund
Supplement Dated September 29, 1999
to Prospectus Dated May 3, 1999
*
The paragraph below follows the last paragraph under the section
entitled "HOW TO ELIMINATE YOUR INITIAL SALES CHARGE" under "Additional purchase
information (Class A shares)" on page 15:
With respect solely to Ivy US Emerging Growth Fund, former
Class N shareholders of Hudson Capital Appreciation Fund are exempt
from the initial sales charge on Class A shares of the Fund.
*
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
e-mail: [email protected]
[code]
[Ivy Leaf Logo] Ivy Funds(R)
Ivy US Emerging Growth Fund
Supplement Dated September 29, 1999
to Statement of Additional Information Dated May 3, 1999
*
The paragraph below follows the last paragraph under the section
entitled "INITIAL SALES CHARGE SHARES" on page 60:
On August 19, 1999, Ivy US Emerging Growth Fund ("Ivy US
Growth") and Hudson Capital Appreciation Fund ("Hudson Capital")
entered into an Agreement and Plan of Reorganization (the "Plan")
pursuant to which all or substantially all of the assets of Hudson
Capital would be acquired by Ivy US Growth in exchange solely for Class
A and Class B voting shares of beneficial interest of Ivy US Growth
(the "Reorganization"). In connection with the Reorganization, the
parties agreed that no sales charge would be imposed in connection with
the issuance of Ivy US Growth shares to shareholders of Hudson Capital
pursuant to the Plan. In addition, the parties agreed that former Class
N shareholders of Hudson Capital would be exempt from the initial sales
charge on additional purchases of Class A shares of Ivy US Growth.
*
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
e-mail: [email protected]
[code]
