IVY FUND
Ivy Bond Fund
Ivy Emerging Growth Fund
Ivy Growth Fund
Ivy Growth with Income Fund
ADVISOR CLASS SHARES
Supplement Dated January 20, 1998
to Prospectus Dated January 1, 1998
#
Ivy Emerging Growth Fund has changed its name to Ivy US
Emerging Growth Fund.
[logo] Ivy Mackenzie
Ivy Funds - A Growing Global Force
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16DOMADV0198
IVY FUND
Ivy Bond Fund
Ivy Emerging Growth Fund
Ivy Growth Fund
Ivy Growth with Income Fund
ADVISOR CLASS SHARES
Supplement Dated January 20, 1998
to Statement of Additional Information Dated January 1,
1998
#
Ivy Emerging Growth Fund has changed its name to
Ivy US Emerging Growth Fund.
[logo] Ivy Mackenzie
Ivy Funds - A Growing Global Force
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
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 IIIvy International Small Companies Fund
Ivy Latin America Strategy Fund
Ivy New Century Fund
Ivy Pan-Europe Fund
ADVISOR CLASS SHARES
Supplement Dated January 20, 1998
to Prospectus Dated January 1, 1998
#
Ivy Latin America Strategy Fund has changed its name to Ivy
South America Fund.
Ivy New Century Fund has changed its name to Ivy Developing
Nations Fund.
#
The heading "Customer Fee Credits" in the "Annual Fund
Operating Expenses" table on page 2 is replaced with the heading
"Custody Fee Credits".
#
The following paragraph is substituted for the first
paragraph under "Ivy Latin America Strategy Fund" on page 6:
IVY SOUTH AMERICA FUND: The Fund's principal investment
objective is long-term capital growth. Consideration of current
income is secondary to this principal objective. Under normal
conditions the Fund invests at least 65% of its total assets in
securities issued in South America. Securities of South American
issuers include (a) securities of companies organized under the
laws of a South American country or for which the principal
securities trading market is in South America; (b) securities
that are issued or guaranteed by the government of a South
American country, its agencies or instrumentalities, political
subdivisions or the country's central bank; (c) securities of a
company, wherever organized, where at least 50% of the company's
non-current assets, capitalization, gross revenue or profit in
any one of the two most recent fiscal years represents (directly
or indirectly through subsidiaries) assets or activities located
in South America; or (d) any of the preceding types of securities
in the form of depository shares. The Fund may participate,
however, in markets throughout Latin America, which for purposes
of this Prospectus is defined as Mexico, Central America, South
America and the Spanish-speaking islands of the Caribbean, and it
is expected that the Fund will be invested at all times in at
least three countries. Under present conditions, the Fund expects
to focus its investments in Argentina, Brazil, Chile, Colombia,
Peru and Venezuela, which IMI believes are the most developed
capital markets in South America. The Fund does not expect to
concentrate its investments in any particular industry.
#
The following sentence is substituted for the second
sentence of the third paragraph under "Ivy Latin America Strategy
Fund" on page 7:
These include debt securities issued by South American
Governments ("Sovereign Debt").
#
The following sentence is substituted for the first sentence
of the fourth paragraph under "Ivy Latin America Strategy Fund"
on page 7:
To meet redemptions, or while the Fund is anticipating
investments in South American securities, the Fund may hold cash
or cash equivalents such as bank obligations (including
certificates of deposit and bankers' acceptances), commercial
paper, short-term notes and repurchase agreements.
#
The following sentence is substituted for the third sentence
of the fifth paragraph under "Ivy Latin America Strategy Fund" on
page 7:
The Fund will treat any South American securities that are
subject to restrictions on repatriation for more than seven days,
as well as any securities issued in connection with South
American debt conversion programs that are restricted to
remittance of invested capital or profits, as illiquid securities
for purposes of this limitation.
[logo] Ivy Mackenzie
Ivy Funds - A Growing Global Force
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16INTADV0198
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 II
Ivy International Small Companies Fund
Ivy Latin America Strategy Fund
Ivy New Century Fund
Ivy Pan-Europe Fund
ADVISOR CLASS SHARES
Supplement Dated January 20, 1998
to Statement of Additional Information Dated January 1, 1998
#
Ivy Latin America Strategy Fund has changed its name to Ivy
South America Fund.
Ivy New Century Fund has changed its name to Ivy Developing
Nations Fund.
#
The following paragraph is substituted for the first
paragraph under "Ivy Latin America Strategy Fund":
IVY SOUTH AMERICA FUND: The Fund's principal investment
objective is long-term capital growth. Consideration of current
income is secondary to this principal objective. Under normal
conditions the Fund invests at least 65% of its total assets in
securities issued in South America. Securities of South American
issuers include (a) securities of companies organized under the
laws of a South American country or for which the principal
securities trading market is in South America; (b) securities
that are issued or guaranteed by the government of a South
American country, its agencies or instrumentalities, political
subdivisions or the country's central bank; (c) securities of a
company, wherever organized, where at least 50% of the company's
non-current assets, capitalization, gross revenue or profit in
any one of the two most recent fiscal years represents (directly
or indirectly through subsidiaries) assets or activities located
in South America; or (d) any of the preceding types of securities
in the form of depository shares. The Fund may participate,
however, in markets throughout Latin America, which for purposes
of this Prospectus is defined as Mexico, Central America, South
America and the Spanish-speaking islands of the Caribbean, and it
is expected that the Fund will be invested at all times in at
least three countries. Under present conditions, the Fund expects
to focus its investments in Argentina, Brazil, Chile, Colombia,
Peru and Venezuela, which IMI believes are the most developed
capital markets in South America. The Fund does not expect to
concentrate its investments in any particular industry.
#
The following sentence is substituted for the second
sentence of the third paragraph under "Ivy Latin America Strategy
Fund":
These include debt securities issued by South American
Governments ("Sovereign Debt").
#
The following sentence is substituted for the first sentence
of the fourth paragraph under "Ivy Latin America Strategy Fund":
To meet redemptions, or while the Fund is anticipating
investments in South American securities, the Fund may hold cash
or cash equivalents such as bank obligations (including
certificates of deposit and bankers' acceptances), commercial
paper, short-term notes and repurchase agreements.
#
The following sentence is substituted for the third sentence
of the fifth paragraph under "Ivy Latin America Strategy Fund":
The Fund will treat any South American securities that are
subject to restrictions on repatriation for more than seven days,
as well as any securities issued in connection with South
American debt conversion programs that are restricted to
remittance of invested capital or profits, as illiquid securities
for purposes of this limitation.
[logo] Ivy Mackenzie
Ivy Funds - A Growing Global Force
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
