Ivy Fund
Ivy Bond Fund
Ivy Emerging Growth Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Supplement Dated October 10, 1997
to Prospectus Dated April 30, 1997
#
As of September 5, 1997, shares of the four funds that
comprise
Mackenzie Series Trust (a separately registered
investment
company in the Ivy Mackenzie group of funds) are no
longer
available for purchase or exchange.
#
The "Class I" information presented in the "Ivy Bond
Fund"
section of the "Annual Fund Operating Expenses" table
on page 3
is replaced in its entirety as follows:
Class I ............. 0.75% 0.00% 0.27%(3)
1.02%
#
The "Class I" information presented in the "Ivy Bond
Fund"
section of the "Examples" table on page 4 is replaced
in its
entirety as follows:
Class I*** .......... $10 $31 $51 $102
#
The second paragraph under "Minimum Investment
Policies" on
page 15 is replaced in its entirety as follows:
Accounts in Class I of Ivy Bond Fund can be opened
with a
minimum initial investment of $250,000; the
minimum
additional investment is $10,000. The minimum
initial
investment in Class I of Ivy Bond Fund may be
spread over
the thirteen month period following the opening of
the
account.
#
The fourth paragraph under "Exchange Privilege" on page
20 is
replaced in its entirety as follows:
Class I shareholders of Ivy Bond Fund may exchange
their
outstanding Class I shares for Class I shares of
another Ivy
fund on the basis of the relative NAV per Class I
share.
Exchanges from any Class of Fund shares into an
Ivy Fund in
which shares are not already held are subject to
certain
minimum investment restrictions. See "Exchange of
Shares"
in the SAI or contact IMSC at 1-800-777-6472 for
further
details.
#
[logo] IVY FUNDS
Via Mizner Financial Plaza
700 S. Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
Ivy Fund
Ivy Bond Fund
Ivy Emerging Growth Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Supplement Dated October 10, 1997
to Statement of Additional Information Dated April
30, 1997
#
As of September 5, 1997, shares of the four funds that
comprise
Mackenzie Series Trust (a separately registered
investment
company in the Ivy Mackenzie group of funds) are no
longer
available for purchase or exchange.
#
The "Class I" subsection and the first paragraph of the
"All
Classes" subsection under "Exchange of Shares" are
replaced in
their entirety as follows:
CLASS I. Subject to the restrictions set forth in
the
following paragraph, Class I shareholders of Ivy
Bond Fund
may exchange their outstanding Class I shares for
Class I
shares of another Ivy fund on the basis of the
relative NAV
per Class I share.
ALL CLASSES. The minimum value of shares that may
be
exchanged into an Ivy fund in which shares are not
already
held is $1,000 ($5,000,000, in the case of Class I
shares of
Ivy Bond Fund). No exchange out of a Fund (other
than by a
complete exchange of all Fund shares) may be made
if it
would reduce the shareholder's interest in that
Fund to less
than $1,000 ($250,000, in the case of Class I
shares of Ivy
Bond Fund).
#
[logo] IVY FUNDS
Via Mizner Financial Plaza
700 S. Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
