Fund Detail

Returns and Expenses
Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.
Monthly Rates of Return	Average Annual Total Returns as of 4/30/2012
	YTD	1yr	3yr	5yr	10yr	Life
Fund at NAV	12.97%	-17.93%	12.23%	2.10%	10.85%	4.31%
Fund with 5.75% sales charge	6.47%	-22.65%	10.04%	0.90%	10.20%	3.97%
Quarterly Rates of Return	Average Annual Total Returns as of 3/31/2012
	YTD	1yr	3yr	5yr	10yr	Life
Fund at NAV	13.29%	-13.71%	18.16%	2.92%	11.07%	4.34%
Fund with 5.75% sales charge	6.78%	-18.67%	15.85%	1.71%	10.41%	4.01%
MSCI AC Asia Ex Japan NR USD	13.71%	-7.05%	24.38%	5.06%	11.52%	N/A
Lipper Pacific Ex Japan Funds	12.89%	-7.39%	24.64%	4.38%	11.14%	N/A

Portfolio Management
Manager Name	Company Name	Years in Industry	Years with Fund
Frederick Jiang has been assistant portfolio manager for the Ivy Pacific Opportunities Fund since July 2003 and became portfolio manager of the Fund in March 2004. From July 1999 to July 2003, he served as an investment analyst for Waddell & Reed covering the Asia-Pacific region. Prior to joining Waddell & Reed, Mr. Jiang was affiliated with ABN AMRO Hoare Govett Asia, Ltd. in Hong Kong from 1994 to 1997 as an equity research analyst. As a member of ABN AMRO's China Research Team, he covered China's equity market and followed the consumer durables, building construction materials and shipbuilding sectors. Mr. Jiang holds a BA degree in Economics from the Central University of Finance and Economics, Beijing, China, and earned an MBA degree in Finance from New York University in 1999. Mr. Jiang is a Chartered Financial Analyst.Frederick Jiang, CFA , CPA	Ivy Investment Management Company	18	8

Risk Factors: Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment or interest or principal than higher-rated bonds. As with any mutual fund, 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. The Fund may include a significant portion of its investments that will pay interest that is taxable under the Alternative Minimum Tax (AMT). 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.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time.

Stylebox: The style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: MSCI AC Asia Ex Japan is an unmanaged index comprised of securities that represent the securities markets in the Asia region excluding Japan. It is not possible to invest directly in an index.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower. Please refer to the fund’s Fund Detail page.

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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