[LOGO]IVY FUNDS
Ivy International Fund
Supplement Dated May 3, 2000
to Prospectus Dated May 1, 2000
*
The information in this Supplement updates and amends the information
presented in the "Management" section of the Prospectus dated May 1, 2000.
*
Northern Cross Investments, Ltd. is resigning its position as
sub-advisor of Ivy International Fund effective May 15, 2000. Following the
resignation of Northern Cross, the Fund's current investment advisor, Ivy
Management, Inc. ("IMI"), will assume management of the Fund's investment
portfolio. Sheridan P. Reilly, Senior Vice President and Chief Investment
Officer for International Equities at IMI, will serve as lead manager for the
Fund, supported by IMI's international equity team (comprised of portfolio
managers and research analysts). Prior to joining IMI in April, 2000, Mr. Reilly
served as team leader for institutional international investing and was
responsible for $14 billion in assets at Scudder Kemper Investments, Inc. in New
York. While at Scudder Kemper Investments, he also managed at various times the
Scudder International Growth and Income Fund, the Kemper International Growth
and Income Fund and the AARP International Stock Fund. He was also part of the
team that managed the Scudder International Fund. Mr. Reilly has 16 years of
professional investment experience.
Ivy International Fund will be reopened to new shareholders on June 1,
2000.
*
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
E-mail: [email protected]
