# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001206774-25-000533
**Filing Date:** 2025-7
**Character Count:** 30447
**Document Hash:** 0f3a89a2c6b6705e1a73349333e2d4c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000533.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001206774-25-000533

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622

**ORGANIZATION NAME:**
- **EIN:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-45961
- **FILM NUMBER:** 251171184

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Macquarie High Income Fund (Series ID: S000006289)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017281 | Class A             | WHIAX           |
| C000017283 | Class C             | WRHIX           |
| C000017284 | Class Y             | WHIYX           |
| C000045546 | Institutional Class | IVHIX           |
| C000122150 | Class R             | IYHIX           |
| C000146681 | Class R6            | IHIFX           |

![](image1.jpg)

## Summary prospectus
Fixed income mutual fund

Macquarie High Income Fund

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| | |
|:---|:---|
| **Nasdaq ticker symbols** | **Nasdaq ticker symbols** |
| Class A<br>| WHIAX<br>|
| Class C<br>| WRHIX<br>|
| Institutional Class<br>| IVHIX<br>|
| Class R6<br>| IHIFX<br>|
| Class R<br>| IYHIX<br>|
| Class Y<br>| WHIYX<br>|

---

July 31, 2025

**Before you invest, you may want to review the Fund's statutory prospectus (and any supplements thereto), which contains more information about the Fund and its risks. You can find the Fund's statutory prospectus and other information about the Fund, including its statement of additional information and most recent reports to shareholders, online at macquarie.com/mam/literature. You can also get this information at no cost by calling 800 523-1918. The Fund's statutory prospectus and statement of additional information, both dated July 31, 2025 (and any supplements thereto), are incorporated by reference into this summary prospectus.**<br>

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Summary prospectus<br>**Macquarie High Income Fund, a series of Ivy Funds**<br>

**What is the Fund's investment objective?** 

Macquarie High Income Fund seeks to provide total return through a combination of high current income and capital appreciation.

**What are the Fund's fees and expenses?** 

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Macquarie Funds (formerly, Delaware Funds by Macquarie<sup>®</sup>). More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class<br>| A | C | Inst. | R6 | R | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price <br>| 4.50%<br>|  |  |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower <br>| none<br><sup>1</sup><br>| 1.00%<br><sup>1</sup><br>|  |  |  |  |

---

**Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class<br>| A | C | Inst. | R6 | R | Y |
| Management fees <br>| 0.55%<br>| 0.55%<br>| 0.55%<br>| 0.55%<br>| 0.55%<br>| 0.55%<br>|
| Distribution and service (12b-1) fees <br>| 0.25%<br>| 1.00%<br>|  |  | 0.50%<br>| 0.25%<br>|
| Other expenses <br>| 0.16%<br><sup>2,3</sup><br>| 0.16%<br><sup>2,3</sup><br>| 0.16%<br><sup>2,3</sup><br>| 0.07%<br><sup>2,3,4</sup><br>| 0.16%<br><sup>2,3</sup><br>| 0.16%<br><sup>2,3</sup><br>|
| Total annual fund operating expenses <br>| 0.96%<br>| 1.71%<br>| 0.71%<br>| 0.62%<br>| 1.21%<br>| 0.96%<br>|
| Fee waivers and expense reimbursements <br>| (0.08%)<br><sup>5</sup><br>| (0.08%)<br><sup>5</sup><br>| (0.08%)<br><sup>5</sup><br>| (0.08%)<br><sup>5</sup><br>| (0.08%)<br><sup>5</sup><br>| (0.08%)<br><sup>5</sup><br>|
| Total annual fund operating expenses after fee waivers and expense reimbursements <br>| 0.88%<br>| 1.63%<br>| 0.63%<br>| 0.54%<br>| 1.13%<br>| 0.88%<br>|

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<sup>1</sup> For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

<sup>2</sup> "Other expenses" have been restated to reflect current fees.

<sup>3</sup> "Other expenses" includes the expenses of any wholly-owned subsidiaries of the Fund.

<sup>4</sup> "Other expenses" account for Class R6 shares not being subject to certain expenses as described further in the section of the Prospectus entitled "Choosing a share class."

**2**<br>

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<sup>5</sup> The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.63% of the Fund's average daily net assets for all share classes other than Class R6, and 0.54% of the Fund's Class R6 shares' average daily net assets, from July 31, 2025 through July 30, 2026. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. The Fund's Class A shares also are subject to a blended 12b-1 fee of 0.10% on certain shares acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class<br>| A | (if not redeemed)<br>C | C | Inst. | R6 | R | Y |
| 1 year <br>| $536<br>| $166<br>| $266<br>| $64<br>| $55<br>| $115<br>| $90<br>|
| 3 years <br>| $734<br>| $531<br>| $531<br>| $219<br>| $190<br>| $376<br>| $298<br>|
| 5 years <br>| $950<br>| $921<br>| $921<br>| $387<br>| $338<br>| $657<br>| $523<br>|
| 10 years <br>| $1568<br>| $2013<br>| $2013<br>| $875<br>| $767<br>| $1459<br>| $1171<br>|

---

**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.

**What are the Fund's principal investment strategies?** 

Macquarie High Income Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the judgment of the Manager, consistent with the Fund's objective. The Fund invests primarily in lower-quality debt securities, which include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally

**3**<br>

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Summary prospectus<br>**Macquarie High Income Fund, a series of Ivy Funds**<br>

recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment-grade debt securities, commonly called "high-yield" or "junk" bonds, which include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest in fixed-income securities of any maturity.

The Fund may invest up to 100% of its total assets in foreign securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may invest in restricted securities.

Although the Manager considers credit ratings in selecting investments for the Fund, the Manager bases its investment decisions for a particular instrument primarily on its own credit analysis and not on a NRSRO's credit rating. In selecting securities, the Manager may conduct an initial screening of issuers based on characteristics such as yield, performance, maturity and relative value across and within sectors. Following its initial screening, the Manager may look at a number of factors beginning with a primarily bottom-up (researching individual issuers) analysis that includes extensive modeling and talking with a company's management team, industry consultants and sell-side research to help formulate opinions, and progressing to consideration of the current economic environment, the direction and level of interest rates and inflation, and industry fundamentals and trends in the general economy. Other factors considered include a company's financial strength, growth of operating cash flows, strength of management, borrowing requirements, improving credit metrics, potential to improve credit standing, responsiveness to changes in interest rates and business conditions, strength of business model, competitive advantage and capital structure and future capital needs. Initial position sizes are determined based on factors that include size of issue, rating, duration, coupon, call-ability, exposure to a specific industry and leverage.

The Manager attempts to optimize the Fund's risk/reward by investing in the debt portion of the capital structure that the Manager believes to be most attractive, which may include secured and/or unsecured loans, floating rate notes and/or secured and/or unsecured high-yield bonds. For example, if the Manager believes that market conditions are favorable for a particular type of fixed-income instrument, such as high-yield bonds, most or all of the fixed-income instruments in which the Fund invests may be high-yield bonds. Similarly, if the Manager believes that market conditions are favorable for loans, most or all of the fixed-income instruments in which the Fund invests may be loans, including second-lien loans which typically are lower in the capital structure and less liquid than first-lien loans.

Generally, in determining whether to sell a security, the Manager considers the dynamics of an industry and/or company change or anticipated change, a change in strategy by a company, a deterioration of the company's financial model, credit quality or credit standing, and/or a change in management's consideration of its creditors. The Manager also may sell a security if, in the

**4**<br>

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Manager's opinion, the price of the security has risen to fully reflect the company's improved creditworthiness and other investments with greater potential exist. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund's holding in that security or to raise cash.

At times, the Fund may invest in a wholly-owned company acting as an investment vehicle for the Fund to effect certain investments consistent with the Fund's investment objectives (Subsidiary). The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to certain investments in accordance with the limits of the federal tax laws. The Fund complies with the provisions of the Investment Company Act of 1940, as amended (1940 Act), that govern investment policies, capital structure and leverage on an aggregate basis with the Subsidiary. The Subsidiary complies with the 1940 Act's provisions relating to affiliated transactions and custody of assets. Please refer to the Fund's SAI for information about the custodian of the Subsidiary.

Under the global fixed income investment platform, the Manager can receive the following support services from Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors") with respect to the Fund: (i) providing investment advice and recommendations; (ii) executing security trades where the Affiliated Sub-Advisor has local market expertise; and (iii) exercising investment discretion where the Affiliated Sub-Advisor has local market expertise.

**What are the principal risks of investing in the Fund?** 

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. An investment in the Fund may not be appropriate for all investors. The Fund's principal risks include:

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**Loans and other direct indebtedness risk** — The risk that a fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A fund's ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade

**5**<br>

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Summary prospectus<br>**Macquarie High Income Fund, a series of Ivy Funds**<br>

settlement periods. In addition, certain loans in which a fund invests may not be considered securities. A fund therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

**Restricted securities risk** — The risk that restricted securities are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. These securities include private placements or other unregistered securities, such as "Rule 144A Securities", which are securities that may be sold only to qualified institutional buyers pursuant to the Securities Act of 1933, as amended (1933 Act). Privately placed securities, Rule 144A securities and other restricted securities may have the effect of increasing the level of Fund illiquidity to the extent the Fund finds it difficult to sell these securities when the Manager believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of the Fund.

**Foreign risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Currency risk** — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

**Prepayment risk** — The risk that the principal on a bond that is held by a fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A fund may then have to reinvest that money at a lower interest rate.

**Subsidiary risk**—The Subsidiary is not registered, nor subject to the investor protections, under the 1940 Act, and does not benefit from all the investor protections that apply to 1940 Act-registered funds. Changes in applicable tax laws could result in the inability of the Fund and/or the Subsidiary to operate as described herein, which could adversely affect the Fund and its shareholders.

**6**<br>

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**Active management and selection risk** — The risk that the securities selected by a fund's management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

**How has Macquarie High Income Fund performed?** 

The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year and the table shows how the Fund's average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. On April 30, 2021, the Fund became part of the Macquarie Funds and Delaware Management Company became the Fund's investment manager. The returns shown from before April 30, 2021 are from the Fund's prior investment manager. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at macquarie.com/mam/performance.

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Summary prospectus<br>**Macquarie High Income Fund, a series of Ivy Funds**<br>

**Calendar year-by-year total return (Class A)**![](image2.jpg)

As of June 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 1.40%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 8.54% for the quarter ended June 30, 2020, and its lowest quarterly return was -15.83% for the quarter ended March 31, 2020. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes <br>| 1.13%<br>| 2.21%<br>| 3.50%<br>|
| Class A return after taxes on distributions <br>| -1.48%<br>| -0.54%<br>| 0.57%<br>|
| Class A return after taxes on distributions and sale of Fund shares <br>| 0.64%<br>| 0.46%<br>| 1.31%<br>|
| Class C return before taxes <br>| 4.19%<br>| 2.69%<br>| 3.52%<br>|
| Institutional Class return before taxes <br>| 6.24%<br>| 3.68%<br>| 4.36%<br>|
| Class R6 return before taxes<br>| 6.28%<br>| 3.78%<br>| 4.50%<br>|
| Class R return before taxes <br>| 5.71%<br>| 3.11%<br>| 3.77%<br>|
| Class Y return before taxes <br>| 5.97%<br>| 3.44%<br>| 4.11%<br>|
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses or taxes)<br>| 1.25%<br>| -0.33%<br>| 1.35%<br>|
| ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses or taxes) <br>| 8.20%<br>| 4.03%<br>| 5.08%<br>|

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After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts

**8**<br>

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(IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

**Who manages the Fund?**

**Investment manager**

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio managers**<br>| &nbsp;&nbsp; **Title with Delaware Management Company**<br>| &nbsp;&nbsp; **Start date on the Fund**<br>|
|  Vivek Bommi, CFA<br>| Managing Director, Head of Leveraged Credit<br>| November 2023<br>|
|  John McCarthy, CFA<br>| Managing Director, Senior Portfolio Manager<br>| November 2021<br>|

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**Sub-advisors**

Macquarie Investment Management Austria Kapitalanlage AG

Macquarie Investment Management Europe Limited

Macquarie Investment Management Global Limited

On April 21, 2025, Macquarie Group Limited, the parent company of the Manager, a series of Macquarie Investment Management Business Trust (MIMBT), together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about October 31, 2025.

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at macquarie.com/mam/account-access; by calling 800 523-1918; by regular mail (c/o Macquarie Funds, P.O. Box 534437, Pittsburgh, PA 15253-4437); by overnight courier service (c/o Macquarie Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by wire.

For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Class R, Institutional Class, Class

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Summary prospectus<br>**Macquarie High Income Fund, a series of Ivy Funds**<br>

Y, and Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Please refer to the Fund's prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

**Tax information**

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account. The Fund may invest, indirectly through the Subsidiary, in certain foreign operating companies consistent with the Fund's investment strategies that are classified as partnerships for US federal income tax purposes (Partnership Investments). Partnerships in the United States are governed by Subchapter K of the Internal Revenue Code of 1986 (IRC), which is found in Sections 701 through 777 of the Code. Partnerships themselves are not subject to income tax. Instead, income, deductions, and credits flow through to the partners and each partner must take into account their distributive share of the partnership's income, gain, loss, deduction, or credit on their tax returns. For purposes of "qualifying income," income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a fund. (Refer to amended IRS Section 851(b) and Section 851(b)(2) of the IRC.) However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (QPTP) will be treated as qualifying income.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**IVSUM-WHIAX 7/25** 

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