IVY GLOBAL INCOME ALLOCATION FUND CLASS C (IVBCX) Exchange: NMFQS

DELISTED - Ivy Global Income Allocation Fund seeks to achieve its objective by investing in equity and debt securities issued by companies and governments, of any size, which IICO believes will be able to generate a reasonable level of current income for investors given current market conditions and that demonstrate favorable prospects for total return. Under normal market conditions, the Fund invests primarily in income-producing securities across the globe. Under normal circumstances, the Fund invests at least 40% (or, if IICO deems it warranted by market conditions, at least 30%) of its total assets in securities of non-U.S. issuers. The Fund may invest in U.S. and non-U.S. issuers (including depositary receipts of foreign issuers) and may invest up to 100% of its total assets in foreign securities. In an attempt to enhance return, the Fund also may invest, to a lesser extent, in securities not currently providing income or in companies and governments in countries with new or comparatively undeveloped and emerging economies. The Fund has the ability to invest across all aspects of a company’s capital structure. The Fund ordinarily invests at least 35% of its total assets in equity securities. With regard to the Fund’s equity portion, the Fund focuses on companies located largely in developed markets that IICO believes have the ability to maintain and/or grow their dividends while providing capital appreciation over the long term, and invests in a variety of economic sectors and industry segments to seek to reduce the effects of price volatility in any one area. IICO seeks to determine the most appropriate sectors and geographies to benefit from its top-down analysis and then seeks to find what it believes are reasonably-valued companies with improving returns on capital, growth prospects, sound balance sheets and steady cash generation. IICO also considers several other factors, which typically include the company’s history of fundamentals, management proficiency, competitive environment and relative valuation. IICO combines a top-down (assessing the market environment), macro approach with a bottom-up (researching individual issuers) stock selection process, and uses a combination of country analysis (economic growth, money flows, business cycle, interest rates, political climate, and currencies), sector and industry dynamics (growth opportunities, competitive dynamics, cyclical sensitivity, and economic returns), and individual stock selection (return on invested capital, strong cash flow, dividend growth and yield, lower leverage, strengthening fundamentals, sound balance sheets, solid or improving competitive advantage, higher expected returns, relative valuation and improving growth prospects) in composing the equity portfolio. Under normal market conditions, the Fund invests the equity portion of the Fund primarily in dividend-paying equity securities across the globe, mostly in dividend-paying common stocks. Although the equity portion of the Fund may invest in companies of any size, it typically has more exposure to large-capitalization issuers. In addition, although the equity portion may invest in both value and growth-oriented companies, the Fund tends to have more exposure to value-oriented companies due to the types of companies in which the Fund invests. The Fund ordinarily invests at least 25% of its total assets in fixed-income securities, which may include loan participations and other loan instruments, and may invest up to 35% of its total assets in non-investment grade (i.e., low-rated) debt securities. After analyzing interest rate, currency and economic conditions, IICO selects debt securities based on its judgment as to which securities are more likely to perform well under those conditions. IICO also considers the credit quality, coupon, maturity, duration, cash flow and issuer fundamentals of each debt security. In selecting debt securities, IICO has flexibility regarding bond type, quality, currency, country and maturity. The Fund considers the risk and reward trade-off among equities, fixed-income and cash in an effort to maximize total return through a combination of current income and capital appreciation. The allocation among asset classes is determined through a balance between a top-down outlook for the global economy and relative valuation. Thematic considerations are used both when determining asset allocation and in helping to decide sector and geographical focuses for the Fund. 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 additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. Generally, in determining whether to sell an equity or a debt security, IICO uses the same type of analysis that it uses in buying securities of that type. For example, IICO may sell a security if it believes the security no longer offers attractive current income prospects or significant growth potential, if it believes the leadership of the company or government has weakened, and/or there exists political or economic instability in the issuer’s country. IICO also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.