IVY FUND
497, 1999-06-21
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                           [LOGO]   IVY FUND

                         Ivy European Opportunities Fund
                                 Ivy Global Fund
                        Ivy Global Natural Resources Fund
                      Ivy Global Science & Technology Fund
                            Ivy International Fund II
                     Ivy International Small Companies Fund
                               Ivy Pan-Europe Fund

                         Supplement Dated June 21, 1999
                         to Prospectus Dated May 3, 1999

                                        *

        Effective June 21, 1999, orders for the purchase of shares of Ivy
           European Opportunities Fund are no longer being accepted.

                                        *











                           Via Mizner Financial Plaza
                            700 South Federal Highway
                            Boca Raton, Florida 33432
                                 1-800-456-5111
                              www.ivymackenzie.com
                         e-mail: [email protected]


16INTLX0699






                             [LOGO] IVY FUND

                         Ivy European Opportunities Fund
                                 Ivy Global Fund
                        Ivy Global Natural Resources Fund
                      Ivy Global Science & Technology Fund
                            Ivy International Fund II
                     Ivy International Small Companies Fund
                               Ivy Pan-Europe Fund

                              ADVISOR CLASS SHARES

                         Supplement Dated June 21, 1999
                         to Prospectus Dated May 3, 1999

                                        *

 Effective June 21, 1999, orders for the purchase of shares of Ivy European
 Opportunities Fund are no longer being accepted.

                                        *











                           Via Mizner Financial Plaza
                            700 South Federal Highway
                            Boca Raton, Florida 33432
                                 1-800-456-5111
                              www.ivymackenzie.com
                         e-mail: [email protected]


16INTAC0699





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