IVY FUND
Ivy Bond Fund
Ivy Emerging Growth Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Supplement Dated April 11, 1997
To Prospectus Dated April 30, 1996
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Ivy Fund Officers:
Michael G. Landry, Chairman
Keith J. Carlson, President
James W. Broadfoot, Vice President
C. William Ferris, Secretary/Treasurer
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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 year ended
December 31, 1996, Ivy Bond Fund paid IMI an effective
investment management fee of 0.75% of the Fund's
average net assets. Ivy Emerging Growth Fund and Ivy
Growth Fund each pay 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.
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The third paragraph under "Investment Manager" on page
12 is replaced in its entirety as follows:
Portfolio Management: The following individuals
have Portfolio Management:
responsibilities for management of the Funds:
James W. Broadfoot, an Executive Vice President
and Chief Investment Officer of IMI, has been a
portfolio manager for Ivy Emerging Growth Fund since
the Fund's inception in 1993, Ivy Growth Fund since
1994 and Ivy Growth with Income Fund since 1997. Prior
to joining the organization in 1990, Mr. Broadfoot was
the principal in an investment counsel firm specializing in
small capitalization companies. Mr. Broadfoot has 24 years of
professional investment experience. He earned an MBA
from The Wharton School of The University of
Pennsylvania and is a Chartered Financial Analyst.
Frank DuMond is a portfolio manager for Ivy Growth
Fund and Ivy Growth with Income Fund. Mr. DuMond has
served as portfolio manager since 1997, and prior to
that served as a research analyst from 1994 through
1996. Mr. DuMond joined the organization in 1994 and
has four years of professional investment experience.
He holds a Bachelor of Science degree from the
Massachusetts Institute of Technology.
Leslie A. Ferris, a Senior Vice President of IMI,
has been a portfolio manager for Ivy Bond Fund since
1993. Ms. Ferris joined the organization in 1988 and
has 15 years of professional investment experience.
She is a Chartered Financial Analyst and holds an MBA
degree from the University of Chicago. From 1982 to
1988, she was a portfolio manager at Kemper Financial Services,
Inc.
Barbara Trebbi, a Senior Vice President of IMI,
joined the organization in 1988 and has nine years of
professional investment experience. She has been a
portfolio manager of Ivy Growth Fund since 1993. She
is a Chartered Financial Analyst and holds a Graduate
Diploma from the London School of Economics.
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The following paragraph is substituted for the first
paragraph under "Exchange Privilege" on page 19:
Shareholders of a Fund have an exchange privilege
with other Ivy and Mackenzie funds (except Ivy
International Fund unless they have an existing Ivy
International Fund account). The Funds reserve the
right to reject, for any reason, any exchange order.
[logo] Ivy Mackenzie
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16IUSXX0497
IVY FUND
Ivy Bond Fund
Ivy Emerging Growth Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Supplement Dated April 11, 1997
To Statement of Additional Information Dated April
30, 1996
#
The following sentence is substituted for the first
sentence of the first paragraph under "Exchange of
Shares" on page 39:
As described in the Prospectus, shareholders of
each Fund have an exchange privilege with certain other
Ivy Mackenzie Funds (except Ivy International Fund
unless you have an existing Ivy International Fund
account).
[logo] Ivy Mackenzie
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
