Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus containing this and other information for the Ivy Funds, call your financial advisor or visit us online at www.ivyfunds.com. Please read the prospectus or summary prospectus carefully before investing.

Past performance is no guarantee of future results. As with any mutual fund, investment return and principal value of an investment will fluctuate, and shares, when redeemed may be worth more or less than their original cost. It is possible to lose money by investing. These and other risks are more fully discussed in the Fund’s prospectus. The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc. Waddell & Reed Financial, Inc., the ultimate parent company of Ivy Funds Distributor, Inc., acquired the investment advisor to the Ivy Funds in December 2002.

The products and services described in this website are offered only in the United States, Puerto Rico and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Ivy Funds distributed by Ivy Funds Distributor, Inc. is offered by prospectus only.

From time to time Ivyfunds.com/theworldcovered will link to websites owned by third parties unaffiliated with Ivy Funds; you use any third party sites and materials at your own risk. Ivy Funds is not responsible for and does not endorse any content, advertising, products, advice, opinions, recommendations, terms of use or privacy policies, or other materials on or available from third parties.

The Ivy Funds posts contain the current opinions of the manager or of Ivy Funds and such opinions are subject to change without notice. These posts have been provided for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. All investments contain risk and may lose value.