There are more markets – and more choices – than at any time in history. Cast a wider net as you search for return by looking beyond the U.S.

Ivy Emerging Markets Equity Fund | Ivy International Core Equity Fund
Ivy IG International Small Cap Fund

Past performance is no guarantee of future results. Sources: * World Fact Book; others from FactSet as of 12/31/2017. There may be duplicate companies in the total figures because of companies trading on multiple exchanges. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets.

As you look for competitive funds in the international space, consider these choices that use Ivy’s active investment approach.

Ivy Emerging Markets Equity Fund (IPOIX)

OVERALL MORNINGSTAR RATING™
★★★★

Out of 674 | as of 05/31/2018
Category: Diversified Emerging Mkts
Based on Risk-Adjusted Returns

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GLOBAL VIEW

The Fund can invest in emerging markets in any region of the world. It focuses on companies located in emerging market countries or economically linked to those countries.

FOCUSED APPROACH

The Fund holds a high-conviction portfolio that seeks to identify high-growth companies trading at attractive valuations.

DISCIPLINED PROCESS

A combination of top-down and bottom-up analysis seeks to identify key countries and sectors for growth, with support from in-depth research to help select securities for the portfolio.

Ivy International Core Equity Fund (ICEIX)

OVERALL MORNINGSTAR RATING™
★★★★

Out of 607 | as of 05/31/2018
Category: Foreign Large Blend
Based on Risk-Adjusted Returns

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BROAD REACH

Wide-range investment mandate, which allows the Fund to invest across the entire international landscape.

TRUE FLEXIBILITY

A core style approach with the ability to over- and underweight international growth or international value stocks as market cycles and research dictates.

FUNDAMENTAL APPROACH

Seeks companies with strong free cash flow in healthy industries that may benefit from global restructuring and growth.

Ivy IG International Small Cap Fund (IVJIX)

OVERALL MORNINGSTAR RATING™

N/A (inception 01/10/2017)

Category: Foreign Small Mid blend
Based on Risk-Adjusted Returns

Sub-Adviser Profile   Download Fund Story

SOUND PHILOSOPHY

Seeks small-cap companies across the international landscape that exhibit perceived growth at a reasonable price.

FUNDAMENTAL + THEMATIC

Fund employs a proprietary, fundamentally driven stock selection process while incorporating a top-down view for macro drivers.

PROVEN MANAGER

I.G. International Management Limited, the Fund's subadvisor, has managed international small cap strategies since 2002. The portfolio management team has more than 35 years industry experience.

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Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Source: Morningstar Direct; Funds listed are the from the IVY FUNDS® mutual funds family for Class I shares. Other funds and share classes have different and/or lesser ratings. Class I shares are only available to certain types of investors. ICEIX: 3-year, 4 stars, 595 funds; 5-year, 5 stars, 533 funds; 10-year, 5 stars, 342 funds. IPOIX: 3-year, 5 stars, 634 funds; 5-year, 5 stars, 436 funds; 10-year, 4 stars, 178 funds. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.