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IVY INTERNATIONAL FUND Supplement dated May 19, 1999 to Prospectus Dated May 3, 1999 The table appearing after the third paragraph in the Section "Additional Purchase Information - How to Eliminate Your Initial Sales Charge" on Page 9 is replaced with the following table: Purchase Amount Commission ---------------------------------------- First $3,000,000.............. 0.50% Next $2,000,000............... 0.25% Over $5,000,000............... 0.10%
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