IVJAX : Ivy International Small Cap Fund Class A

Fund Summary

The investment seeks to provide capital growth and appreciation. The fund normally invests at least 80% of its net assets in common stocks of small-capitalization companies. It seeks to be diversified geographically and by industry and, under normal circumstances, will invest primarily in companies located in developed markets outside the United States and Canada, although the fund also may invest in companies located in emerging markets. The fund also may invest in depositary receipts of foreign issuers. It may invest up to 100% of its total assets in foreign securities, including securities denominated in currencies other than the U.S. dollar.