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it's important to know the investment landscape

Change can provide opportunities for those who know where to look. Ivy analysts and portfolio managers search the globe to uncover promising ideas. We know the differences between U.S. and international stocks have blurred — the market is truly becoming global.

44%

OF SALES BY S&P 500 COMPANIES CAME FROM OVERSEAS.1

63%

OF SALES BY MSCI EAFE COMPANIES CAME FROM OUTSIDE THE COUNTRY OF DOMICILE.2

<15%

OF GLOBAL GDP IS REPRESENTED BY THE U.S. ECONOMY 3

266

OF THE WORLD’S LARGEST 500 COMPANIES ARE DOMICILED OUTSIDE THE U.S.4

Sources: 1S&P 500 2015: Global Sales Year in Review; 2MSCI EAFE Index constituents based on fiscal year-end reported revenues; 3World Fact Book; 4MSCI ACWI Index constituents.

Pursuing developed and emerging market equities in any region

Ivy International Core Equity Fund (ICEIX)

OVERALL MORNINGSTAR RATING™
★★★★★

Out of 586 | as of 03/31/2017
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 Emerging Markets Equity Fund (IPOIX)

OVERALL MORNINGSTAR RATING™
★★★★★

Out of 629 | as of 03/31/2017
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.



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. 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, 5 stars, 586 funds; 5-year, 5 stars, 525 funds; 10-year, 5 stars, 327 funds. IPOIX: 3-year, 5 stars, 629 funds; 5-year, 5 stars, 429 funds; 10-year, 4 stars, 177 funds. The Morningstar RatingTM 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 Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; 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.

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