[IVY LEAF LOGO] IVY FUNDS(R)
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
Supplement Dated February 2, 2000
to Prospectus Dated May 3, 1999
*
Barbara Trebbi, a senior vice president of IMI, will resign as the
co-manager of Ivy Global Fund and manager of the Ivy International Fund II
effective March 15, 2000. Ms. Trebbi will continue in her current capacity until
that date. Following Ms. Trebbi's departure, IMI's Global and International
Equity Teams, which currently are comprised of investment professionals and
research analysts, will assume responsibility for managing Ivy Global Fund and
Ivy International Fund II, respectively. These teams plan to continue with the
same management philosophies and strategies that have been in place for these
funds.
*
THE FIRST PARAGRAPH UNDER "PRINCIPAL INVESTMENT STRATEGIES" relating to
Ivy European Opportunities Fund on page 2 is revised in its entirety as follows:
The Fund normally invests at least 65% of its total assets in the
equity securities of European companies, which may include:
o companies operating in Europe's emerging markets;
o small-capitalization companies in the more developed markets
of Europe; and
o large European companies, or European companies of any size
that provide special investment opportunities (such as
privatized companies, those providing exceptional value, or
those engaged in initial public offerings).
*
THE PARAGRAPH BELOW FOLLOWS "SMALL- AND MEDIUM-SIZED COMPANY RISK"
UNDER "PRINCIPAL RISKS" on pages 2, 8 and 12:
IPO RISK: Securities issued through an initial public offering (IPO)
can experience an immediate drop in value if the demand for the securities does
not continue to support the offering price. Information about the issuers of IPO
securities is also difficult to acquire since they are new to the market and may
not have lengthy operating histories. The Fund may engage in short-term trading
in connection with its IPO investments, which could produce higher trading costs
and adverse tax consequences. The number of securities issued in an IPO is
limited, so it is likely that IPO securities will represent a smaller component
of the Fund's portfolio as the Fund's assets increase (and thus have a more
limited effect on the Fund's performance).
*
(OVER)
THE FIRST PARAGRAPH UNDER "PRINCIPAL INVESTMENT STRATEGIES" relating to
Ivy Global Science & Technology Fund on page 8 is revised in its entirety as
follows:
The Fund normally invests at least 65% of its total assets in equity
securities of companies throughout the world that are expected to profit from
the development, advancement and use of science and technology.
Industries that are likely to be represented in the Fund's portfolio
holdings include:
o Internet;
o computers and peripheral products;
o software;
o electronic components and systems; and
o telecommunications, media and information services.
The Fund's management team believes that technology is a fertile growth
area, and actively seeks to position the Fund to benefit from this growth by
investing in companies of any size that may deliver rapid earnings growth and
potentially high investment returns, which may include the purchase of stock in
companies engaged in initial public offerings.
*
THE FIRST PARAGRAPH UNDER "PRINCIPAL INVESTMENT STRATEGIES" relating to
Ivy International Small Companies Fund on page 12 is revised in its entirety as
follows:
The Fund invests at least 65% of its assets in the common stock of
foreign issuers having total market capitalizations of less than $1 billion.
The Fund may purchase stock in companies engaged in initial public
offerings. In addition, the Fund might engage in foreign currency exchange
transactions and forward foreign currency contracts to control its exposure to
certain risks.
The Fund is managed by a team that focuses on both value and growth
factors.
*
THE FOLLOWING IS INSERTED AS THE LAST SENTENCE UNDER "RISK
CHARACTERISTICS: COMMON STOCKS" on page 18:
Investors in Ivy European Opportunities Fund, Ivy Global Science &
Technology Fund and Ivy International Small Companies Fund should note that
these risks are heightened in the case of securities issued through IPOs.
*
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
E-mail: [email protected]
16INTLX0200
<PAGE>
[IVY LEAF LOGO] IVY FUNDS(R)
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
ADVISOR CLASS SHARES
Supplement Dated February 2, 2000
to Prospectus Dated May 3, 1999
*
Barbara Trebbi, a senior vice president of IMI, will resign as the
co-manager of Ivy Global Fund and manager of the Ivy International Fund II
effective March 15, 2000. Ms. Trebbi will continue in her current capacity until
that date. Following Ms. Trebbi's departure, IMI's Global and International
Equity Teams, which currently are comprised of investment professionals and
research analysts, will assume responsibility for managing Ivy Global Fund and
Ivy International Fund II, respectively. These teams plan to continue with the
same management philosophies and strategies that have been in place for these
funds.
*
THE FIRST PARAGRAPH UNDER "PRINCIPAL INVESTMENT STRATEGIES" relating to
Ivy European Opportunities Fund on page 2 is revised in its entirety as follows:
The Fund normally invests at least 65% of its total assets in the
equity securities of European companies, which may include:
o companies operating in Europe's emerging markets;
o small-capitalization companies in the more developed markets
of Europe; and
o large European companies, or European companies of any size
that provide special investment opportunities (such as
privatized companies, those providing exceptional value, or
those engaged in initial public offerings).
*
THE PARAGRAPH BELOW FOLLOWS "SMALL- AND MEDIUM-SIZED COMPANY RISK"
UNDER "PRINCIPAL RISKS" on pages 2, 8 and 12:
IPO RISK: Securities issued through an initial public offering (IPO)
can experience an immediate drop in value if the demand for the securities does
not continue to support the offering price. Information about the issuers of IPO
securities is also difficult to acquire since they are new to the market and may
not have lengthy operating histories. The Fund may engage in short-term trading
in connection with its IPO investments, which could produce higher trading costs
and adverse tax consequences. The number of securities issued in an IPO is
limited, so it is likely that IPO securities will represent a smaller component
of the Fund's portfolio as the Fund's assets increase (and thus have a more
limited effect on the Fund's performance).
*
(OVER)
THE FIRST PARAGRAPH UNDER "PRINCIPAL INVESTMENT STRATEGIES" relating to
Ivy Global Science & Technology Fund on page 8 is revised in its entirety as
follows:
The Fund normally invests at least 65% of its total assets in equity
securities of companies throughout the world that are expected to profit from
the development, advancement and use of science and technology.
Industries that are likely to be represented in the Fund's portfolio
holdings include:
o Internet;
o computers and peripheral products;
o software;
o electronic components and systems; and
o telecommunications, media and information services.
The Fund's management team believes that technology is a fertile growth
area, and actively seeks to position the Fund to benefit from this growth by
investing in companies of any size that may deliver rapid earnings growth and
potentially high investment returns, which may include the purchase of stock in
companies engaged in initial public offerings.
*
THE FIRST PARAGRAPH UNDER "PRINCIPAL INVESTMENT STRATEGIES" relating to
Ivy International Small Companies Fund on page 12 is revised in its entirety as
follows:
The Fund invests at least 65% of its assets in the common stock of
foreign issuers having total market capitalizations of less than $1 billion.
The Fund may purchase stock in companies engaged in initial public
offerings. In addition, the Fund might engage in foreign currency exchange
transactions and forward foreign currency contracts to control its exposure to
certain risks.
The Fund is managed by a team that focuses on both value and growth
factors.
*
THE FOLLOWING IS INSERTED AS THE LAST SENTENCE UNDER "RISK
CHARACTERISTICS: COMMON STOCKS" on page 18:
Investors in Ivy European Opportunities Fund, Ivy Global Science &
Technology Fund and Ivy International Small Companies Fund should note that
these risks are heightened in the case of securities issued through IPOs.
*
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
800.456.5111
www.ivymackenzie.com
E-mail: [email protected]
16INTLAC0200
