IVY FUND
IVY BOND FUND
IVY EMERGING GROWTH FUND
IVY GROWTH FUND
IVY GROWTH WITH INCOME FUND
Supplement Dated January 1, 1997
to Prospectus Dated April 30, 1996
***
Ivy Fund Officers:
Michael G. Landry, Chairman
Keith J. Carlson, President
James W. Broadfoot, Vice President
C. William Ferris, Secretary/Treasurer
***
The first paragraph under "Investment Manager" on page
12 is replaced in its entirety as follows:
For IMI's business management and investment
advisory services, each Fund pays IMI a fee, which
is accrued daily and paid monthly, based on the
Fund's average net assets. Ivy Bond Fund pays a
fee that is equal, on an annual basis, to 0.75% of
the first $100 million in average net assets,
reduced to 0.50% of average net assets in excess of $100
million. For the period from January 1, 1996 to November
29, 1996, the effective management fee paid to IMI was
0.68%. Ivy Emerging Growth Fund and Ivy Growth
Fund each pays a fee that is equal, on an annual
basis, to 0.85% of its average net assets. Ivy
Growth with Income Fund pays a fee that is equal,
on an annual basis, to 0.75% of its average net
assets.
***
IVY FUNDS
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
<PAGE>
IVY FUND
IVY BOND FUND
IVY EMERGING GROWTH FUND
IVY GROWTH FUND
IVY GROWTH WITH INCOME FUND
Supplement Dated January 1, 1997
to Statement of Additional Information Dated April 30, 1996
***
The fifth paragraph under the subheading "Business
Management and Investment Advisory Services" in the
"Investment Advisory and Other Services" section is
replaced in its entirety as follows:
For IMI's business management and investment
advisory services, each Fund pays IMI a fee, which
is accrued daily and paid monthly, based on the
Fund's average net assets. Ivy Bond Fund pays a
fee that is equal, on an annual basis, to 0.75% of
the first $100 million in average net assets,
reduced to 0.50% of average net assets in excess of $100
million. For the period from January 1, 1996 to November
29, 1996, the effective management fee paid to IMI was
0.68%. Ivy Emerging Growth Fund and Ivy Growth
Fund each pays a fee that is equal, on an annual
basis, to 0.85% of its average net assets. Ivy
Growth with Income Fund pays a fee that is equal,
on an annual basis, to 0.75% of its average net
assets.
***
The table that appears in the "Trustees and Officers"
section is replaced in its entirety as follows:
POSITION
WITH THE BUSINESS
AFFILIATIONS NAME, ADDRESS, AGE TRUST AND
PRINCIPAL OCCUPATIONS
John S. Anderegg, Jr. Trustee Chairman,
Dynamics 60 Concord Street Research
Corp. instruments Wilmington, MA 01887
and controls); Director, Age: 72
Burr-Brown Corp.
(operational amplifiers);
Director, Metritage
Incorporated (level
measuring instruments);
Trustee of Mackenzie Series
Trust (1992-present).
Paul H. Broyhill Trustee Chairman, BMC
Fund, Inc. 800 Hickory Blvd. (1983-
present); Chairman, Golfview Park-Box 500
Broyhill Family Foundation, Lenoir, NC 28645
Inc. (1983-Present);
Age: 72 Chairman and
President,
Broyhill Investments, Inc.
(1983-present); Chairman,
Broyhill Timber Resources
(1983-present); Management
of a personal portfolio of
fixed-income and equity
investments (1983-
present); Trustee
of Mackenzie Series
Trust (1988-present);
Director of The Mackenzie
Funds Inc. (1988-1995).
Stanley Channick Trustee President and
Chief 11 Bala Avenue Executive
Officer, The Bala Cynwyd, PA 19004
Whitestone Corporation Age: 73
(insurance agency);
Chairman, Scott Management
Company (administrative
services for insurance
companies); President, The
Channick Group (consultants
to insurance companies
and national
trade
associations); Trustee of
Mackenzie Series Trust
(1994-present); Director of
The Mackenzie Funds Inc.
(1994-1995).
Frank W. DeFriece, Jr. Trustee Director, Manager
and Vice The Landmark Centre
President, Director and 113 Landmark Lane,
Fund Manager, Massengill- Suite B
DeFriece Foundation Bristol, TN 37620-2285
(charitable organization) Age: 75
(1950-present); Trustee and
Vice Chairman, East
Tennessee Public
Communications Corp. (WSJK-
TV) (1984-present); Trustee
of Mackenzie Series
Trust (1985-
present); Director of
The Mackenzie Funds Inc.
(1987-1995).
Roy J. Glauber Trustee Mallinckrodt
Professor of Lyman Laboratory
Physics, Harvard of Physics
University (1974-present); Harvard University
Trustee of Mackenzie Series Cambridge, MA 02138
Trust (1994-present). Age: 71
Michael G. Landry Trustee President, Chief
Executive 700 South Federal Hwy. and Officer
and Suite 300 Chairman Director of
Mackenzie
Boca Raton, FL 33432 Investment
Management Age: 50 Inc.
(1987-present); [*Deemed to be an
President, Director and "interested person"
Chairman of Ivy Management, of the Trust, as
Inc. (1992-present); defined under the
Chairman and Director of 1940 Act.]
Ivy Mackenzie Services
Corp.(1993-present);
Chairman and Director of
Ivy Mackenzie Distributors,
Inc. (1994-present);
Director and
President of Ivy
Mackenzie Distributors,
Inc. (1993-1994); Director
and President of The
Mackenzie Funds Inc. (1987-
1995); Trustee of Mackenzie
Series Trust (1987-
present); President of
Mackenzie Series Trust
(1987-1996); Chairman of
Mackenzie Series
Trust (1996-
present).
Joseph G. Rosenthal Trustee Chartered
Accountant 110 Jardin Drive (1958-
present); Trustee Unit #12
of Mackenzie Series Concord, Ontario Canada
Trust (1985-present); L4K 2T7
Director of The Mackenzie Age: 62
Funds Inc. (1987-1995).
Richard N. Silverman Trustee Director, Newton-
Wellesley 18 Bonnybrook Road
Hospital; Director, Beth Waban, MA 02168
Israel Hospital; Director, Age: 72
Boston Ballet; Director,
Boston Children's Museum;
Director, Brimmer and May
School.
J. Brendan Swan Trustee President,
Airspray 4701 North Federal Hwy.
International, Inc.; Suite 465
Joint Managing Director, Pompano Beach, FL 33064
Airspray International Age: 66
B.V. (an environmentally
sensitive packaging
company); Director of
Polyglass LTD.; Director,
The Mackenzie Funds Inc.
(1992-1995); Trustee of
Mackenzie Series Trust
(1992-present).
Keith J. Carlson Trustee Senior Vice
President 700 South Federal Hwy. and and
Director of Mackenzie Suite 300
President Investment Management,
Boca Raton, FL 33432 Inc. (1994-
present); Age: 40 Senior
Vice President, [*Deemed to be an
Treasurer of Mackenzie "interested person"
Investment Management Inc. of the Trust, as
(1989-1994); Senior Vice defined under the
President and Director of 1940 Act.]
Ivy Management, Inc. (1994-
present); Senior Vice
President, Treasurer and
Director of Ivy
Management, Inc.
(1992-1994); Vice
President of The Mackenzie
Funds Inc. (1987-1995);
Senior Vice President and
Director, Ivy Mackenzie
Services Corp. (1996-
present); President and
Director of Ivy Mackenzie
Services Corp.
(1993-1996); Vice
President of Mackenzie
Series Trust (1994-1996);
Treasurer of Mackenzie
Series Trust (1985-1994);
President and Trustee of
Mackenzie Series Trust
(1996-present); President,
Chief Executive Officer
and Director of
Ivy Mackenzie
Distributors, Inc. (1994-
present); Executive Vice
President and Director of
Ivy Mackenzie Distributors,
Inc. (1993-1994).
C. William Ferris Secretary/ Senior Vice
President, 700 South Federal Hwy. Treasurer Chief
Financial Officer Suite 300
and Secretary/Treasurer Boca Raton, FL 33432
of Mackenzie Investment Age: 52
Management Inc. (1995-
present); Senior Vice
President, Finance and
Administration/Compliance
Officer of Mackenzie
Investment Management Inc.
(1989-1994); Senior Vice
President, Secretary/
Treasurer and Clerk
of Ivy
Management, Inc. (1994-
present); Vice President,
Finance/Administration and
Compliance Officer of Ivy
Management, Inc. (1992-
1994); Senior Vice
President, Secretary/
Treasurer and Director of
Ivy Mackenzie
Distributors,
Inc. (1994-present);
Secretary/ Treasurer and
Director of Ivy Mackenzie
Distributors, Inc. (1993-
1994); President and
Director of Ivy Mackenzie
Services Corp. (1996-
present);
Secretary/Treasurer and
Director of Ivy Mackenzie
Services Corp. (1993-1996);
Secretary/ Treasurer of The
Mackenzie Funds Inc. (1993-
1995); Secretary/Treasurer
of Mackenzie Series
Trust (1994-
present).
James W. Broadfoot Vice Executive Vice
President, 700 South Federal Hwy. President Ivy
Management, Inc. (1996 Suite 300
-present); Senior Vice Boca Raton, FL 33432
President, Ivy Management, Age:54
Inc. (1992-1996); Director
and Senior Vice President,
Mackenzie Investment
Management Inc. (1995-
present); Senior Vice
President, Mackenzie
Investment Management
Inc. (1990-1995);
Author/Consultant (1987-
1990).
***
IVY FUNDS
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111