IVTAX : Ivy Managed International Opportunities Fund Class A

Fund Summary

The investment seeks to provide capital growth and appreciation. The fund is a "fund-of-funds" that seeks to achieve its objective by providing investors a diversified portfolio of international stocks by investing primarily in Class N shares of certain Ivy Funds global/international mutual funds. By owning shares of the underlying funds, it indirectly holds primarily equity securities of international, including emerging market and, to a lesser extent, U.S. companies of any size.