[LOGO]IVY FUNDS
Ivy International Fund
Supplement Dated May 9, 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 equities 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 was also part of the team that
managed the $5.3 billion 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]
REV5/8/00
<PAGE>
[LOGO] IVY FUNDS
International Equity Funds
Ivy Asia Pacific Fund
Ivy China Region Fund
Ivy Developing Markets Fund
Ivy European Opportunities 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
Supplement Dated May 9, 2000
to Prospectus Dated May 1, 2000
The Board of Trustees of Ivy Fund (the "Trust") has approved a proposed
reorganization involving the acquisition of the assets of Ivy Pan-Europe Fund
("IPEF") by and in exchange for shares of Ivy European Opportunities Fund,
another series of the Trust. Shareholders of IPEF will be asked to approve the
proposed reorganization at a special meeting of shareholders to be held on or
about June 27, 2000. Detailed information about the proposed reorganization will
be sent to IPEF shareholders before the meeting.
***
The Board of Trustees of the Trust has approved a proposed
reorganization involving the acquisition of the assets of Ivy South America Fund
("ISAF") by and in exchange for shares of Ivy Developing Markets Fund, another
series of the Trust. Shareholders of ISAF will be asked to approve the proposed
reorganization at a special meeting of shareholders to be held on or about June
27, 2000. Detailed information about the proposed reorganization will be sent to
ISAF shareholders before the meeting.
***
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
E-mail: [email protected]
<PAGE>
[LOGO] IVY FUNDS
International Equity Funds
ADVISOR CLASS SHARES
Ivy Asia Pacific Fund
Ivy China Region Fund
Ivy Developing Markets Fund
Ivy European Opportunities 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
Supplement Dated May 9, 2000
to Prospectus Dated May 1, 2000
The Board of Trustees of Ivy Fund (the "Trust") has approved a proposed
reorganization involving the acquisition of the assets of Ivy Pan-Europe Fund
("IPEF") by and in exchange for shares of Ivy European Opportunities Fund,
another series of the Trust. Shareholders of IPEF will be asked to approve the
proposed reorganization at a special meeting of shareholders to be held on or
about June 27, 2000. Detailed information about the proposed reorganization will
be sent to IPEF shareholders before the meeting.
***
The Board of Trustees of the Trust has approved a proposed
reorganization involving the acquisition of the assets of Ivy South America Fund
("ISAF") by and in exchange for shares of Ivy Developing Markets Fund, another
series of the Trust. Shareholders of ISAF will be asked to approve the proposed
reorganization at a special meeting of shareholders to be held on or about June
27, 2000. Detailed information about the proposed reorganization will be sent to
ISAF shareholders before the meeting.
***
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
E-mail: [email protected]
<PAGE>
[LOGO] IVY FUNDS
U.S. Equity Funds
Ivy Growth Fund
Ivy Growth with Income Fund
Ivy US Blue Chip Fund
Ivy US Emerging Growth Fund
Supplement Dated May 9, 2000
to Prospectus Dated May 1, 2000
The Board of Trustees of Ivy Fund (the "Trust") has approved a proposed
reorganization involving the acquisition of the assets of Ivy Growth with Income
Fund ("IGWIF") by and in exchange for shares of Ivy US Blue Chip Fund, another
series of the Trust. Shareholders of IGWIF will be asked to approve the proposed
reorganization at a special meeting of shareholders to be held on or about June
27, 2000. Detailed information about the proposed reorganization will be sent to
IGWIF shareholders before the meeting.
***
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
E-mail: [email protected]
<PAGE>
[LOGO] IVY FUNDS
U.S. Equity Funds
ADVISOR CLASS SHARES
Ivy Growth Fund
Ivy Growth with Income Fund
Ivy US Blue Chip Fund
Ivy US Emerging Growth Fund
Supplement Dated May 9, 2000
to Prospectus Dated May 1, 2000
The Board of Trustees of Ivy Fund (the "Trust") has approved a proposed
reorganization involving the acquisition of the assets of Ivy Growth with Income
Fund ("IGWIF") by and in exchange for shares of Ivy US Blue Chip Fund, another
series of the Trust. Shareholders of IGWIF will be asked to approve the proposed
reorganization at a special meeting of shareholders to be held on or about June
27, 2000. Detailed information about the proposed reorganization will be sent to
IGWIF shareholders before the meeting.
***
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
E-mail: [email protected]
