IVY FUND
Ivy Asia Pacific Fund
Ivy Canada Fund
Ivy China Region Fund
Ivy Global Fund
Ivy Global Natural Resources Fund
Ivy Global Science & Technology Fund
Ivy International Fund
Ivy International Small Companies Fund
Ivy Latin America Strategy Fund
Ivy New Century Fund
Supplement Dated April 11, 1997
To Prospectus Dated January 1, 1997
#
The following is inserted under "Ivy International
Fund" on page 14:
Sales of shares of this Fund to new investors are
being suspended. See "How to Buy Shares".
#
The following is inserted under "How to Buy Shares" on
page 23:
Effective five business (5) days following April
11, 1997 (the "Effective Date"), Ivy International Fund
will suspend the offer of its shares to new investors.
After the Effective Date, shares of Ivy International
Fund will be available for purchase only by existing
shareholders of Ivy International Fund. In addition, a
prospective investor who has communicated his or her
definite indication of interest in purchasing Ivy International
Fund within 30 days prior to the Effective Date, to either
IMDI or through his or her investment professional, may
purchase Ivy International Fund shares within three
months following the Effective Date, provided the
investor meets the minimum initial investment
requirement of Ivy International Fund. At the
Effective Date, expressions of interest will no longer be
accepted by IMDI. IMSC must receive payment for an investor's
purchase of shares of Ivy International Fund prior to the
Effective Date and cannot be held responsible for delays
in receipt due to postal mishandling. Once a
shareholder's account has been liquidated, the
shareholder may not invest in Ivy International Fund at
a later date.
The following paragraph is substituted for the first
paragraph under "Exchange Privilege" on page 28:
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
16INTLX0497
IVY FUND
Ivy Asia Pacific Fund
Ivy Canada Fund
Ivy China Region Fund
Ivy Global Fund
Ivy Global Natural Resources Fund
Ivy Global Science & Technology Fund
Ivy International Fund
Ivy International Small Companies Fund
Ivy Latin America Strategy Fund
Ivy New Century Fund
Supplement Dated April 11, 1997
To Statement of Additional Information Dated January
1, 1997
#
The following is inserted under "Ivy International
Fund" on page 6:
Sales of shares of this Fund to new investors are
being suspended. See "Additional Rights and
Privileges".
#
The following is inserted after the second paragraph
under "Additional Rights and Privileges" on page 33:
Effective five business (5) days following April
11, 1997 (the "Effective Date"), Ivy International Fund
will suspend the offer of its shares to new investors.
After the Effective Date, shares of Ivy International
Fund will be available for purchase only by existing
shareholders of Ivy International Fund. In addition, a
prospective investor who has communicated his or her
definite indication of interest in purchasing Ivy International
Fund within 30 days prior to the Effective Date, to either
IMDI or through his or her investment professional, may
purchase Ivy International Fund shares within three
months following the Effective Date, provided the
investor meets the minimum initial investment
requirement of Ivy International Fund. At the
Effective Date, expressions of interest will no longer be
accepted by IMDI. IMSC must receive payment for an investor's
purchase of shares of Ivy International Fund prior to the
Effective Date and cannot be held responsible for delays
in receipt due to postal mishandling. Once a
shareholder's account has been liquidated, the
shareholder may not invest in Ivy International Fund at
a later date.
The following sentence is substituted for the first
sentence of the first paragraph under "Exchange of
Shares" on page 34:
As described in the Prospectus, shareholders of
each Fund have an exchange privilege with certain other
Ivy Mackenzie Funds
(except Ivy International Fund unless they 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
