-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Q5H2l9G/Af6Pvv+mym5Qi/vGbNaMDwKOvzZkb5c3fsprUaV88G1nkceg2cdIovuJ
 J0kfl3uEAcGzVPUaVsKQRA==

<SEC-DOCUMENT>0001105607-04-000198.txt : 20040608
<SEC-HEADER>0001105607-04-000198.hdr.sgml : 20040608
<ACCEPTANCE-DATETIME>20040608134854
ACCESSION NUMBER:		0001105607-04-000198
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040608
EFFECTIVENESS DATE:		20040608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IVY FUNDS INC
		CENTRAL INDEX KEY:			0000883622
		IRS NUMBER:				481112076
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	033-45961
		FILM NUMBER:		04853479

	BUSINESS ADDRESS:	
		STREET 1:		6300 LAMAR AVE
		CITY:			OVERLAND PARK
		STATE:			KS
		ZIP:			66202
		BUSINESS PHONE:		9132362000

	MAIL ADDRESS:	
		STREET 1:		P O BOX 29217
		CITY:			SHAWNEE MISSION
		STATE:			KS
		ZIP:			66201-9217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	W&R FUNDS INC
		DATE OF NAME CHANGE:	20000829

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WADDELL & REED FUNDS INC
		DATE OF NAME CHANGE:	19920717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IVY FUNDS
		CENTRAL INDEX KEY:			0000052858
		IRS NUMBER:				046006759
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	002-17613
		FILM NUMBER:		04853480

	BUSINESS ADDRESS:	
		STREET 1:		6300 LAMAR AVENUE
		STREET 2:		P. O. BOX 29217
		CITY:			OVERLAND PARK
		STATE:			KS
		ZIP:			66202
		BUSINESS PHONE:		913-236-2000

	MAIL ADDRESS:	
		STREET 1:		P. O. BOX 29217
		CITY:			SHAWNEE MISSION
		STATE:			KS
		ZIP:			66201-9217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IVY FUND
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>ivy-scvmgr6_04.htm
<DESCRIPTION>STICKER
<TEXT>
<HTML>


<B><P ALIGN="CENTER">IVY FUNDS</P>
<P ALIGN="CENTER">Equity Funds</P>
</B>
	<P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplement Dated June 8, 2004 To Prospectus Dated January 28, 2004<br>
		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(and supplemented May 24, 2004, April 30, 2004 and February 26, 2004)</P>
	<P>&nbsp;</P>
	<P><i>The following information replaces the disclosure regarding the management of Ivy Small Cap Value Fund in the Section entitled "Portfolio Management":</i></P>
	<P><b>Ivy Small Cap Value Fund: </b>Paul Haagensen is primarily responsible for the management of Ivy Small Cap Value Fund. Mr. Haagensen has held his Fund responsibilities since January 2004. He is a Managing Director of State Street Research, and has been with State Street Research since August 2002. From 1984 to August 2002, Mr. Haagensen was employed by Putnam Investments, serving as a senior analyst and portfolio manager. He is a Chartered Financial Analyst.</P>
	<P>&nbsp;</P>
<P>&nbsp;</P>
<P>WRS3300L<BR>
530943</P>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----