Ivy Fund
Ivy Bond Fund
Ivy Emerging Growth Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Supplement Dated March 10, 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
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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.
#
The third paragraph under "Investment Manager" on page 12 is
replaced in its entirety as follows:
PORTFOLIO MANAGEMENT: The following individuals have
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 4
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 9 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.
[logo] IVY FUNDS
Via Mizner Financial Plaza
700 S. Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16IUSXX0397
