UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6569
IVY FUNDS
(Exact name of registrant as specified in charter)
100 Independence, 610 Market Street, Philadelphia, PA 19106-2354
(Address of principal executive offices) (Zip code)
David F. Connor, Esq.
100 Independence, 610 Market Street
Philadelphia, PA 19106-2354
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 523-1918
Date of fiscal year end: March 31
Date of reporting period: September 30, 2021
ITEM 1. REPORTS TO STOCKHOLDERS.
1
| | |
 | | Semiannual Report SEPTEMBER 30, 2021 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ticker | |
| | | Class A | | | Class B | | | Class C | | | Class E | | | Class I | | | Class R6* | | | Class R | | | Class Y | |
IVY FUNDS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Delaware Ivy Asset Strategy Fund(1) | | | WASAX | | | | WASBX | | | | WASCX | | | | IASEX | | | | IVAEX | | | | IASTX | | | | IASRX | | | | WASYX | |
| | | | | | | | |
| Delaware Ivy Balanced Fund(2) | | | IBNAX | | | | IBNBX | | | | IBNCX | | | | | | | | IYBIX | | | | IBARX | | | | IYBFX | | | | IBNYX | |
| | | | | | | | |
| Delaware Ivy Energy Fund(3) | | | IEYAX | | | | IEYBX | | | | IEYCX | | | | | | | | IVEIX | | | | IENRX | | | | IYEFX | | | | IEYYX | |
| | | | | | | | |
| Delaware Ivy LaSalle Global Real Estate Fund(4) | | | IREAX | | | | IREBX | | | | IRECX | | | | | | | | IRESX | | | | IRENX | | | | IRERX | | | | IREYX | |
| | | | | | | | |
| Delaware Ivy Natural Resources Fund(5) | | | IGNAX | | | | IGNBX | | | | IGNCX | | | | IGNEX | | | | IGNIX | | | | INRSX | | | | IGNRX | | | | IGNYX | |
| | | | | | | | |
| Delaware Ivy Science and Technology Fund(6) | | | WSTAX | | | | WSTBX | | | | WSTCX | | | | ISTEX | | | | ISTIX | | | | ISTNX | | | | WSTRX | | | | WSTYX | |
| | | | | | | | |
| Delaware Ivy Securian Real Estate Securities Fund(7) | | | IRSAX | | | | IRSBX | | | | IRSCX | | | | IREEX | | | | IREIX | | | | IRSEX | | | | IRSRX | | | | IRSYX | |
| * | Effective July 1, 2021, references to Class N are replaced with Class R6 for each applicable Fund. |
| (1) | Effective July 1, 2021, the name of Ivy Asset Strategy Fund changed to Delaware Ivy Asset Strategy Fund. |
| (2) | Effective July 1, 2021, the name of Ivy Balanced Fund changed to Delaware Ivy Balanced Fund. |
| (3) | Effective July 1, 2021, the name of Ivy Energy Fund changed to Delaware Ivy Energy Fund. |
| (4) | Effective July 1, 2021, the name of Ivy LaSalle Global Real Estate Fund changed to Delaware Ivy LaSalle Global Real Estate Fund. |
| (5) | Effective July 1, 2021, the name of Ivy Natural Resources Fund changed to Delaware Ivy Natural Resources Fund. |
| (6) | Effective July 1, 2021, the name of Ivy Science and Technology Fund changed to Delaware Ivy Science and Technology Fund. |
| (7) | Effective July 1, 2021, the name of Ivy Securian Real Estate Securities Fund changed to Delaware Ivy Securian Real Estate Securities Fund. |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting www.ivyinvestments.com or calling 1-888-923-3355. Investors should read the prospectus and the summary prospectus carefully before investing. You can obtain shareholder reports and prospectuses online instead of in the mail. Visit www.ivyinvestments.com/go-paperless-with-eDelivery for more information.
IVY INVESTMENTS® refers to the investment management and investment advisory services offered by Macquarie Investment Management Business Trust (MIMBT) through its various series.
On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the “Ivy Funds”), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”).
The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company, a series of Macquarie Investment Management Business Trust, and distributed by Delaware Distributors, L.P.
Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus at www.ivyinvestments.com/reports/ivy.
To view your shareholder statement online, go to www.ivyinvestments.com, log in to your account, and select “Statements,” or to view a mutual fund fee and expense calculator, visit https://tools.finra.org/fund_analyzer/.
Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of September 30, 2021, and subject to change for events occurring after such date. The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor. All third-party marks cited are the property of their respective owners.
© 2021 Macquarie Management Holdings, Inc.
2
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended September 30, 2021.
Actual Expenses
The first section in the following table provides information about actual account values and actual expenses for each share class. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. Fees apply to Individual Retirement Accounts (IRAs), IRA Rollovers, Roth IRAs, Conversion Roth IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) IRAs, Tax-Sheltered Accounts (TSAs), Keogh Plans, Owner Only 401(k) (Exclusive K) Plans and Final Pay Plans. As of the close of the six months covered by the table, a customer is charged an annual fee of $18 within each plan type. This fee is waived for IRA Rollovers and Conversion Roth IRAs if the customer owns another type of IRA. Coverdell Education Savings Account plans are
charged an annual fee of $10 per customer. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the following table. Additional fees have the effect of reducing investment returns.
Hypothetical Example for Comparison Purposes
The second section in the following table provides information about hypothetical account values and hypothetical expenses for each share class based on the Fund’s actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), exchange fees or account fees. Therefore, the second section in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expenses paid may be impacted by expense reduction arrangements. If those arrangements had not been in place, expenses paid would have been higher. See Note 6 in Notes to Financial Statements for further information.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Asset Strategy Fund(a) | |
Class A | | $ | 1,000 | | | $ | 1,056.60 | | | $ | 5.55 | | | $ | 1,000 | | | $ | 1,019.64 | | | $ | 5.45 | | | | 1.09% | |
Class B** | | $ | 1,000 | | | $ | 1,050.50 | | | $ | 10.97 | | | $ | 1,000 | | | $ | 1,014.34 | | | $ | 10.78 | | | | 2.14% | |
Class C | | $ | 1,000 | | | $ | 1,052.50 | | | $ | 9.65 | | | $ | 1,000 | | | $ | 1,015.67 | | | $ | 9.47 | | | | 1.88% | |
Class E | | $ | 1,000 | | | $ | 1,057.60 | | | $ | 4.84 | | | $ | 1,000 | | | $ | 1,020.38 | | | $ | 4.75 | | | | 0.97% | |
Class I | | $ | 1,000 | | | $ | 1,057.70 | | | $ | 4.42 | | | $ | 1,000 | | | $ | 1,020.79 | | | $ | 4.34 | | | | 0.85% | |
Class R | | $ | 1,000 | | | $ | 1,054.50 | | | $ | 7.40 | | | $ | 1,000 | | | $ | 1,017.83 | | | $ | 7.26 | | | | 1.44% | |
Class R6^ | | $ | 1,000 | | | $ | 1,058.70 | | | $ | 3.60 | | | $ | 1,000 | | | $ | 1,021.53 | | | $ | 3.54 | | | | 0.71% | |
Class Y | | $ | 1,000 | | | $ | 1,056.50 | | | $ | 5.55 | | | $ | 1,000 | | | $ | 1,019.64 | | | $ | 5.45 | | | | 1.09% | |
See footnotes on page 5.
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Balanced Fund(b) | |
Class A | | $ | 1,000 | | | $ | 1,046.50 | | | $ | 5.32 | | | $ | 1,000 | | | $ | 1,019.86 | | | $ | 5.25 | | | | 1.04% | |
Class B** | | $ | 1,000 | | | $ | 1,041.40 | | | $ | 10.21 | | | $ | 1,000 | | | $ | 1,015.10 | | | $ | 10.08 | | | | 1.99% | |
Class C | | $ | 1,000 | | | $ | 1,042.20 | | | $ | 9.29 | | | $ | 1,000 | | | $ | 1,015.99 | | | $ | 9.17 | | | | 1.81% | |
Class I | | $ | 1,000 | | | $ | 1,047.40 | | | $ | 4.30 | | | $ | 1,000 | | | $ | 1,020.83 | | | $ | 4.24 | | | | 0.84% | |
Class R | | $ | 1,000 | | | $ | 1,044.10 | | | $ | 7.36 | | | $ | 1,000 | | | $ | 1,017.88 | | | $ | 7.26 | | | | 1.43% | |
Class R6^ | | $ | 1,000 | | | $ | 1,047.90 | | | $ | 3.58 | | | $ | 1,000 | | | $ | 1,021.57 | | | $ | 3.54 | | | | 0.70% | |
Class Y | | $ | 1,000 | | | $ | 1,046.50 | | | $ | 5.32 | | | $ | 1,000 | | | $ | 1,019.86 | | | $ | 5.25 | | | | 1.04% | |
Delaware Ivy Energy Fund(c) | |
Class A | | $ | 1,000 | | | $ | 1,085.80 | | | $ | 6.99 | | | $ | 1,000 | | | $ | 1,018.32 | | | $ | 6.76 | | | | 1.35% | |
Class B** | | $ | 1,000 | | | $ | 1,083.00 | | | $ | 11.56 | | | $ | 1,000 | | | $ | 1,013.97 | | | $ | 11.18 | | | | 2.22% | |
Class C | | $ | 1,000 | | | $ | 1,081.00 | | | $ | 10.93 | | | $ | 1,000 | | | $ | 1,014.61 | | | $ | 10.58 | | | | 2.09% | |
Class I | | $ | 1,000 | | | $ | 1,088.40 | | | $ | 5.12 | | | $ | 1,000 | | | $ | 1,020.12 | | | $ | 4.95 | | | | 0.99% | |
Class R | | $ | 1,000 | | | $ | 1,085.20 | | | $ | 9.07 | | | $ | 1,000 | | | $ | 1,016.40 | | | $ | 8.77 | | | | 1.73% | |
Class R6^ | | $ | 1,000 | | | $ | 1,087.80 | | | $ | 5.12 | | | $ | 1,000 | | | $ | 1,020.12 | | | $ | 4.95 | | | | 0.99% | |
Class Y | | $ | 1,000 | | | $ | 1,086.00 | | | $ | 6.99 | | | $ | 1,000 | | | $ | 1,018.32 | | | $ | 6.76 | | | | 1.35% | |
Delaware Ivy LaSalle Global Real Estate Fund(d) | |
Class A | | $ | 1,000 | | | $ | 1,086.10 | | | $ | 7.72 | | | $ | 1,000 | | | $ | 1,017.67 | | | $ | 7.47 | | | | 1.48% | |
Class B** | | $ | 1,000 | | | $ | 1,081.30 | | | $ | 11.24 | | | $ | 1,000 | | | $ | 1,014.27 | | | $ | 10.88 | | | | 2.17% | |
Class C | | $ | 1,000 | | | $ | 1,082.20 | | | $ | 11.14 | | | $ | 1,000 | | | $ | 1,014.40 | | | $ | 10.78 | | | | 2.13% | |
Class I | | $ | 1,000 | | | $ | 1,087.90 | | | $ | 5.43 | | | $ | 1,000 | | | $ | 1,019.82 | | | $ | 5.25 | | | | 1.05% | |
Class R | | $ | 1,000 | | | $ | 1,083.60 | | | $ | 9.38 | | | $ | 1,000 | | | $ | 1,016.06 | | | $ | 9.07 | | | | 1.80% | |
Class R6^ | | $ | 1,000 | | | $ | 1,087.90 | | | $ | 5.43 | | | $ | 1,000 | | | $ | 1,019.82 | | | $ | 5.25 | | | | 1.05% | |
Class Y | | $ | 1,000 | | | $ | 1,086.10 | | | $ | 7.61 | | | $ | 1,000 | | | $ | 1,017.76 | | | $ | 7.36 | | | | 1.48% | |
Delaware Ivy Natural Resources Fund(e) | |
Class A | | $ | 1,000 | | | $ | 1,035.40 | | | $ | 8.85 | | | $ | 1,000 | | | $ | 1,016.41 | | | $ | 8.77 | | | | 1.73% | |
Class B** | | $ | 1,000 | | | $ | 976.60 | | | $ | 54.06 | | | $ | 1,000 | | | $ | 970.41 | | | $ | 53.89 | | | | 10.90% | |
Class C | | $ | 1,000 | | | $ | 1,031.30 | | | $ | 12.70 | | | $ | 1,000 | | | $ | 1,012.62 | | | $ | 12.58 | | | | 2.48% | |
Class E | | $ | 1,000 | | | $ | 1,039.90 | | | $ | 5.10 | | | $ | 1,000 | | | $ | 1,020.04 | | | $ | 5.05 | | | | 1.17% | |
Class I | | $ | 1,000 | | | $ | 1,038.50 | | | $ | 6.01 | | | $ | 1,000 | | | $ | 1,019.12 | | | $ | 5.96 | | | | 1.19% | |
Class R | | $ | 1,000 | | | $ | 1,035.90 | | | $ | 8.96 | | | $ | 1,000 | | | $ | 1,016.27 | | | $ | 8.87 | | | | 1.75% | |
Class R6^ | | $ | 1,000 | | | $ | 1,039.90 | | | $ | 5.20 | | | $ | 1,000 | | | $ | 1,019.93 | | | $ | 5.15 | | | | 1.02% | |
Class Y | | $ | 1,000 | | | $ | 1,037.70 | | | $ | 7.23 | | | $ | 1,000 | | | $ | 1,018.00 | | | $ | 7.16 | | | | 1.41% | |
See footnotes on page 5.
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Science and Technology Fund(f) | |
Class A | | $ | 1,000 | | | $ | 1,054.80 | | | $ | 5.75 | | | $ | 1,000 | | | $ | 1,019.43 | | | $ | 5.65 | | | | 1.12% | |
Class B** | | $ | 1,000 | | | $ | 1,050.00 | | | $ | 10.35 | | | $ | 1,000 | | | $ | 1,015.01 | | | $ | 10.18 | | | | 2.01% | |
Class C | | $ | 1,000 | | | $ | 1,050.60 | | | $ | 9.84 | | | $ | 1,000 | | | $ | 1,015.48 | | | $ | 9.67 | | | | 1.91% | |
Class E | | $ | 1,000 | | | $ | 1,054.10 | | | $ | 6.37 | | | $ | 1,000 | | | $ | 1,018.85 | | | $ | 6.26 | | | | 1.23% | |
Class I | | $ | 1,000 | | | $ | 1,055.70 | | | $ | 4.93 | | | $ | 1,000 | | | $ | 1,020.29 | | | $ | 4.85 | | | | 0.95% | |
Class R | | $ | 1,000 | | | $ | 1,052.40 | | | $ | 8.00 | | | $ | 1,000 | | | $ | 1,017.32 | | | $ | 7.87 | | | | 1.55% | |
Class R6^ | | $ | 1,000 | | | $ | 1,056.30 | | | $ | 4.11 | | | $ | 1,000 | | | $ | 1,021.03 | | | $ | 4.04 | | | | 0.81% | |
Class Y | | $ | 1,000 | | | $ | 1,054.80 | | | $ | 5.75 | | | $ | 1,000 | | | $ | 1,019.44 | | | $ | 5.65 | | | | 1.12% | |
Delaware Ivy Securian Real Estate Securities Fund(g) | |
Class A | | $ | 1,000 | | | $ | 1,141.30 | | | $ | 7.39 | | | $ | 1,000 | | | $ | 1,018.21 | | | $ | 6.96 | | | | 1.37% | |
Class B** | | $ | 1,000 | | | $ | 1,128.60 | | | $ | 16.60 | | | $ | 1,000 | | | $ | 1,009.43 | | | $ | 15.67 | | | | 3.12% | |
Class C | | $ | 1,000 | | | $ | 1,136.10 | | | $ | 12.39 | | | $ | 1,000 | | | $ | 1,013.49 | | | $ | 11.68 | | | | 2.31% | |
Class E | | $ | 1,000 | | | $ | 1,142.10 | | | $ | 6.75 | | | $ | 1,000 | | | $ | 1,018.75 | | | $ | 6.36 | | | | 1.26% | |
Class I | | $ | 1,000 | | | $ | 1,143.30 | | | $ | 5.79 | | | $ | 1,000 | | | $ | 1,019.69 | | | $ | 5.45 | | | | 1.07% | |
Class R | | $ | 1,000 | | | $ | 1,139.80 | | | $ | 9.20 | | | $ | 1,000 | | | $ | 1,016.44 | | | $ | 8.67 | | | | 1.72% | |
Class R6^ | | $ | 1,000 | | | $ | 1,144.30 | | | $ | 4.93 | | | $ | 1,000 | | | $ | 1,020.44 | | | $ | 4.65 | | | | 0.92% | |
Class Y | | $ | 1,000 | | | $ | 1,141.80 | | | $ | 6.96 | | | $ | 1,000 | | | $ | 1,018.60 | | | $ | 6.56 | | | | 1.29% | |
| * | Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2021, and divided by 365. |
| ** | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (1) | This section uses the Fund’s actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The “Ending Account Value” shown is computed using the Fund’s actual return and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column of this section. |
| (2) | This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund’s ongoing costs with other mutual funds. A shareholder can compare the Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
| ^ | Effective July 1, 2021, references to Class N are replaced with Class R6 for each applicable Fund. |
| (a) | Effective July 1, 2021, the name of Ivy Asset Strategy Fund changed to Delaware Ivy Asset Strategy Fund. |
| (b) | Effective July 1, 2021, the name of Ivy Balanced Fund changed to Delaware Ivy Balanced Fund. |
| (c) | Effective July 1, 2021, the name of Ivy Energy Fund changed to Delaware Ivy Energy Fund. |
| (d) | Effective July 1, 2021, the name of Ivy LaSalle Global Real Estate Fund changed to Delaware Ivy LaSalle Global Real Estate Fund. |
| (e) | Effective July 1, 2021, the name of Ivy Natural Resources Fund changed to Delaware Ivy Natural Resources Fund. |
| (f) | Effective July 1, 2021, the name of Ivy Science and Technology Fund changed to Delaware Ivy Science and Technology Fund. |
| (g) | Effective July 1, 2021, the name of Ivy Securian Real Estate Securities Fund changed to Delaware Ivy Securian Real Estate Securities Fund. |
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads or exchange fees.
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY ASSET STRATEGY FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 68.4% | |
Information Technology | | | 17.4% | |
Industrials | | | 11.9% | |
Financials | | | 9.9% | |
Health Care | | | 9.3% | |
Consumer Discretionary | | | 5.3% | |
Communication Services | | | 5.3% | |
Consumer Staples | | | 4.4% | |
Energy | | | 3.4% | |
Utilities | | | 1.1% | |
Materials | | | 0.4% | |
Bullion (Gold) | | | 5.5% | |
Purchased Options | | | 0.0% | |
Bonds | | | 23.2% | |
Corporate Debt Securities | | | 15.2% | |
Loans | | | 3.9% | |
United States Government and Government Agency Obligations | | | 2.5% | |
Other Government Securities | | | 1.3% | |
Mortgage-Backed Securities | | | 0.3% | |
Asset-Backed Securities | | | 0.0% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 2.9% | |
Country Weightings
| | | | |
North America | | | 58.2% | |
United States | | | 49.0% | |
Other North America | | | 3.7% | |
Bullion (Gold) | | | 5.5% | |
Europe | | | 25.0% | |
Germany | | | 6.2% | |
United Kingdom | | | 5.4% | |
France | | | 4.7% | |
Other Europe | | | 8.7% | |
Pacific Basin | | | 11.8% | |
India | | | 3.9% | |
Other Pacific Basin | | | 7.9% | |
South America | | | 1.5% | |
Bahamas/Caribbean | | | 0.4% | |
Middle East | | | 0.2% | |
Other | | | 0.0% | |
Liabilities (Net of Cash and Other Assets), Cash Equivalents+ and Purchased Options | | | 2.9% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Microsoft Corp. | | United States | | Information Technology | | Systems Software |
Alphabet, Inc., Class A | | United States | | Communication Services | | Interactive Media & Services |
Intuit, Inc. | | United States | | Information Technology | | Application Software |
Visa, Inc., Class A | | United States | | Information Technology | | Data Processing & Outsourced Services |
Reliance Industries Ltd. | | India | | Energy | | Oil & Gas Refining & Marketing |
Amazon.com, Inc. | | United States | | Consumer Discretionary | | Internet & Direct Marketing Retail |
Ingersoll-Rand, Inc. | | United States | | Industrials | | Industrial Machinery |
Merck KGaA | | Germany | | Health Care | | Pharmaceuticals |
Adobe, Inc. | | United States | | Information Technology | | Application Software |
Deutsche Telekom AG, Registered Shares | | Germany | | Communication Services | | Integrated Telecommunication Services |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Asset Strategy Fund changed to Delaware Ivy Asset Strategy Fund. |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY ASSET STRATEGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Integrated Telecommunication Services – 2.9% | |
Deutsche Telekom AG, Registered Shares (A) | | | 2,007 | | | $ | 40,245 | |
Frontier Communications Corp. (B) | | | 1,313 | | | | 36,589 | |
| | | | | | | | |
| | | | | | | 76,834 | |
| | | | | | | | |
| |
Interactive Media & Services – 2.4% | |
Alphabet, Inc., Class A (B) | | | 23 | | | | 61,598 | |
| | | | | | | | |
| |
Total Communication Services – 5.3% | | | | 138,432 | |
Consumer Discretionary | |
| |
Apparel, Accessories & Luxury Goods – 1.1% | |
adidas AG (A) | | | 90 | | | | 28,171 | |
| | | | | | | | |
| |
Auto Parts & Equipment – 1.0% | |
Aptiv plc (B) | | | 183 | | | | 27,201 | |
| | | | | | | | |
| |
Automobile Manufacturers – 0.4% | |
Subaru Corp. (A) | | | 585 | | | | 10,809 | |
| | | | | | | | |
| |
Casinos & Gaming – 0.2% | |
New Cotai Participation Corp., Class B (B)(C)(D)(F) | | | 1,820 | | | | 3,910 | |
Studio City International Holdings Ltd. ADR (B) | | | 203 | | | | 1,659 | |
| | | | | | | | |
| | | | | | | 5,569 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 1.7% | |
Amazon.com, Inc. (B) | | | 13 | | | | 42,958 | |
| | | | | | | | |
| |
Leisure Products – 0.0% | |
Media Group Holdings LLC, Series H (B)(C)(D)(E)(F) | | | 640 | | | | — | * |
Media Group Holdings LLC, Series T (B)(C)(D)(E)(F) | | | 80 | | | | — | * |
| | | | | | | | |
| | | | | | | — | * |
| | | | | | | | |
| |
Total Consumer Discretionary – 4.4% | | | | 114,708 | |
Consumer Staples | |
| |
Household Products – 1.0% | |
Procter & Gamble Co. (The) | | | 186 | | | | 26,043 | |
| | | | | | | | |
| |
Hypermarkets & Super Centers – 0.9% | |
Wal-Mart Stores, Inc. | | | 173 | | | | 24,182 | |
| | | | | | | | |
| |
Packaged Foods & Meats – 1.7% | |
China Mengniu Dairy Co. Ltd. (A) | | | 3,520 | | | | 22,666 | |
Nestle S.A., Registered Shares (A) | | | 185 | | | | 22,308 | |
| | | | | | | | |
| | | | | | | 44,974 | |
| | | | | | | | |
| |
Personal Products – 0.8% | |
Unilever plc (A) | | | 410 | | | | 22,194 | |
| | | | | | | | |
| |
Total Consumer Staples – 4.4% | | | | 117,393 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Energy | |
| |
Oil & Gas Exploration & Production – 1.1% | |
Canadian Natural Resources Ltd. | | | 815 | | | $ | 29,797 | |
| | | | | | | | |
| |
Oil & Gas Refining & Marketing – 2.2% | |
Phillips 66 | | | 157 | | | | 11,004 | |
Reliance Industries Ltd. (A) | | | 1,330 | | | | 45,002 | |
Reliance Industries Ltd. (A) | | | 92 | | | | 2,294 | |
| | | | | | | | |
| | | | | | | 58,300 | |
| | | | | | | | |
| |
Total Energy – 3.3% | | | | 88,097 | |
Financials | |
| |
Diversified Banks – 1.9% | |
BNP Paribas S.A. (A)(G) | | | 481 | | | | 30,766 | |
UniCredit S.p.A. (A) | | | 1,364 | | | | 18,054 | |
| | | | | | | | |
| | | | | | | 48,820 | |
| | | | | | | | |
| |
Financial Exchanges & Data – 0.7% | |
Intercontinental Exchange, Inc. | | | 151 | | | | 17,306 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 1.3% | |
Morgan Stanley | | | 342 | | | | 33,240 | |
| | | | | | | | |
| |
Life & Health Insurance – 1.0% | |
AIA Group Ltd. (A) | | | 2,299 | | | | 26,445 | |
| | | | | | | | |
| |
Mortgage REITs – 1.1% | |
AGNC Investment Corp. | | | 1,888 | | | | 29,772 | |
| | | | | | | | |
| |
Other Diversified Financial Services – 1.5% | |
ORIX Corp. (A)(G) | | | 2,137 | | | | 39,977 | |
| | | | | | | | |
| |
Regional Banks – 1.3% | |
First Republic Bank | | | 169 | | | | 32,576 | |
| | | | | | | | |
| |
Thrifts & Mortgage Finance – 1.1% | |
Housing Development Finance Corp. Ltd. (A) | | | 780 | | | | 28,832 | |
| | | | | | | | |
| |
Total Financials – 9.9% | | | | 256,968 | |
Health Care | |
| |
Biotechnology – 2.3% | |
Genmab A.S. (A)(B) | | | 58 | | | | 25,541 | |
Regeneron Pharmaceuticals, Inc. (B) | | | 59 | | | | 35,475 | |
| | | | | | | | |
| | | | | | | 61,016 | |
| | | | | | | | |
| |
Health Care Equipment – 2.6% | |
Koninklijke Philips Electronics N.V., Ordinary Shares (A) | | | 478 | | | | 21,238 | |
Masimo Corp. (B) | | | 76 | | | | 20,512 | |
Zimmer Holdings, Inc. | | | 180 | | | | 26,415 | |
| | | | | | | | |
| | | | | | | 68,165 | |
| | | | | | | | |
| |
Managed Health Care – 1.0% | |
Anthem, Inc. | | | 70 | | | | 26,112 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Pharmaceuticals – 3.4% | |
Eli Lilly and Co. | | | 110 | | | $ | 25,467 | |
GlaxoSmithKline plc (A) | | | 1,114 | | | | 21,029 | |
Merck KGaA (A) | | | 198 | | | | 42,770 | |
| | | | | | | | |
| | | | | | | 89,266 | |
| | | | | | | | |
| |
Total Health Care – 9.3% | | | | 244,559 | |
Industrials | |
| |
Aerospace & Defense – 2.2% | |
Airbus SE (A) | | | 261 | | | | 34,600 | |
Raytheon Technologies Corp. | | | 276 | | | | 23,686 | |
| | | | | | | | |
| | | | | | | 58,286 | |
| | | | | | | | |
| |
Construction & Engineering – 1.9% | |
Larsen & Toubro Ltd. (A) | | | 1,145 | | | | 26,188 | |
Vinci (A) | | | 235 | | | | 24,466 | |
| | | | | | | | |
| | | | | | | 50,654 | |
| | | | | | | | |
| |
Construction Machinery & Heavy Trucks – 0.4% | |
Caterpillar, Inc. | | | 59 | | | | 11,416 | |
| | | | | | | | |
| |
Electrical Components & Equipment – 1.2% | |
Schneider Electric S.A. (A) | | | 193 | | | | 32,193 | |
| | | | | | | | |
| |
Environmental & Facilities Services – 0.9% | |
Waste Management, Inc. | | | 150 | | | | 22,452 | |
| | | | | | | | |
| |
Industrial Machinery – 1.7% | |
Ingersoll-Rand, Inc. (B) | | | 851 | | | | 42,898 | |
| | | | | | | | |
| |
Railroads – 2.4% | |
Canadian Pacific Railway Ltd. (G) | | | 461 | | | | 29,966 | |
Union Pacific Corp. | | | 171 | | | | 33,565 | |
| | | | | | | | |
| | | | | | | 63,531 | |
| | | | | | | | |
| |
Trading Companies & Distributors – 1.2% | |
Ferguson plc (A) | | | 227 | | | | 31,575 | |
| | | | | | | | |
| |
Total Industrials – 11.9% | | | | 313,005 | |
Information Technology | |
| |
Application Software – 3.6% | |
Adobe, Inc. (B) | | | 71 | | | | 40,608 | |
Intuit, Inc. | | | 96 | | | | 51,862 | |
| | | | | | | | |
| | | | | | | 92,470 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 3.0% | |
Fiserv, Inc. (B) | | | 310 | | | | 33,658 | |
Visa, Inc., Class A | | | 202 | | | | 45,011 | |
| | | | | | | | |
| | | | | | | 78,669 | |
| | | | | | | | |
| |
Electronic Components – 0.8% | |
Largan Precision Co. Ltd. (A) | | | 251 | | | | 19,573 | |
| | | | | | | | |
| |
Internet Services & Infrastructure – 0.6% | |
VeriSign, Inc. (B) | | | 73 | | | | 14,905 | |
| | | | | | | | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY ASSET STRATEGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
IT Consulting & Other Services – 1.0% | |
Gartner, Inc., Class A (B) | | | 85 | | | $ | 25,704 | |
| | | | | | | | |
| |
Semiconductor Equipment – 0.7% | |
ASML Holding N.V., Ordinary Shares (A) | | | 23 | | | | 17,481 | |
| | | | | | | | |
| |
Semiconductors – 1.3% | |
Marvell Technology Group Ltd. | | | 151 | | | | 9,092 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (A) | | | 1,270 | | | | 26,257 | |
| | | | | |
| | | | | | | 35,349 | |
| | | | | | | | |
| |
Systems Software – 3.2% | |
Microsoft Corp. | | | 301 | | | | 84,932 | |
| | | | | |
| |
Technology Hardware, Storage & Peripherals – 3.2% | |
Apple, Inc. | | | 177 | | | | 25,081 | |
Samsung Electronics Co. Ltd. (A) | | | 526 | | | | 32,636 | |
Seagate Technology | | | 312 | | | | 25,734 | |
| | | | | |
| | | | | | | 83,451 | |
| | | | | | | | |
| |
Total Information Technology – 17.4% | | | | 452,534 | |
Materials | |
| |
Gold – 0.4% | |
Barrick Gold Corp. | | | 612 | | | | 11,054 | |
| | | | | |
| |
Total Materials – 0.4% | | | | 11,054 | |
Utilities | |
| |
Multi-Utilities – 1.1% | |
E.ON AG (A) | | | 2,450 | | | | 29,902 | |
| | | | | |
| |
Total Utilities – 1.1% | | | | 29,902 | |
| |
TOTAL COMMON STOCKS – 67.4% | | | $ | 1,766,652 | |
(Cost: $1,783,083) | |
| |
| PREFERRED STOCKS | | | | |
Consumer Discretionary | |
| |
Automobile Manufacturers – 0.9% | |
Volkswagen AG, 2.260% (A) | | | 103 | | | | 23,022 | |
| | | | | |
| |
Total Consumer Discretionary – 0.9% | | | | 23,022 | |
Energy | |
| |
Oil & Gas Exploration & Production – 0.1% | |
Targa Resources Corp., 9.500% (B)(C) | | | 2 | | | | 1,924 | |
| | | | | |
| |
Total Energy – 0.1% | | | | 1,924 | |
| |
TOTAL PREFERRED STOCKS – 1.0% | | | $ | 24,946 | |
(Cost: $22,232) | |
| | | | | | | | | | | | |
PURCHASED
OPTIONS | | Number of
Contracts
(Unrounded) | | | Notional
Amount | | | Value | |
Micron Technology, Inc., | | | | | | | | | | | | |
Call $87.50, Expires
10–15–21 | | | 3,285 | | | | 329 | | | $ | 5 | |
S&P 500 Index, | | | | | | | | | | | | |
Call $4,850.00, Expires
11–19–21 | | | 488 | | | | 49 | | | | 17 | |
Thermo Fisher Scientific, Inc., | | | | | | | | | | | | |
Call $600.00, Expires
10–15–21 | | | 565 | | | | 56 | | | | 154 | |
Volkswagen AG, | | | | | | | | | | | | |
Call EUR230.00, Expires 12–17–21, OTC (Ctrpty: Morgan Stanley & Co., Inc.) (H) | | | 1,092 | | | | 109 | | | | 205 | |
| | | | | | | | | | | | |
| |
TOTAL PURCHASED OPTIONS – 0.0% | | | $ | 381 | |
(Cost: $3,268) | |
| | |
| ASSET-BACKED SECURITIES | | | Principal | | | | |
British Airways Pass-Through Trust, Series 2020-1A, 4.250%, 11–15–32 (I) | | | $ | 933 | | | | 1,007 | |
| | | | | | | | | |
| |
TOTAL ASSET-BACKED SECURITIES – 0.0% | | | $ | 1,007 | |
(Cost: $934) | |
| | |
| CORPORATE DEBT SECURITIES | | | | | | | |
Communication Services | |
| |
Cable & Satellite – 0.3% | |
Altice France Holding S.A., 10.500%, 5–15–27 (I) | | | | 8,387 | | | | 9,182 | |
| | | | | | | | | |
| |
Integrated Telecommunication Services – 0.5% | |
Frontier Communications Corp., 5.875%, 11–1–29 | | | | 4,188 | | | | 4,244 | |
West Corp.,
8.500%, 10–15–25 (G)(I) | | | | 7,825 | | | | 7,785 | |
| | | | | | | | | |
| | | | | | | | | | | 12,029 | |
| | | | | | | | | | | | |
| |
Interactive Media & Services – 0.1% | |
Tencent Holdings Ltd.,
3.240%, 6–3–50 (I) | | | | 3,910 | | | | 3,687 | |
| | | | | | | | | |
| |
Total Communication Services – 0.9% | | | | 24,898 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Consumer Discretionary | |
| |
Automobile Manufacturers – 0.5% | |
Ford Motor Co.,
8.500%, 4–21–23 | | $ | 3,919 | | | $ | 4,315 | |
Nissan Motor Co. Ltd.: | | | | | |
4.345%, 9–17–27 (I) | | | 3,522 | | | | 3,872 | |
4.810%, 9–17–30 (I) | | | 3,902 | | | | 4,391 | |
| | | | | | | | |
| | | | | | | 12,578 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 0.2% | |
Amazon.com, Inc.: | | | | | |
1.500%, 6–3–30 | | | 2,346 | | | | 2,283 | |
2.500%, 6–3–50 | | | 782 | | | | 734 | |
Meituan: | | | | | |
2.125%, 10–28–25 (I) | | | 1,561 | | | | 1,517 | |
3.050%, 10–28–30 (I) | | | 2,601 | | | | 2,414 | |
| | | | | |
| | | | | | | 6,948 | |
| | | | | | | | |
| |
Specialty Stores – 0.3% | |
Staples, Inc.,
7.500%, 4–15–26 (I) | | | 7,809 | | | | 7,930 | |
| | | | | |
| |
Total Consumer Discretionary – 1.0% | | | | 27,456 | |
Consumer Staples | |
| |
Brewers – 0.1% | |
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
3.500%, 6–1–30 | | | 1,570 | | | | 1,721 | |
| | | | | |
| |
Packaged Foods & Meats – 0.1% | |
JBS Finance Luxembourg S.a.r.l., 3.625%, 1–15–32 (I) | | | 2,000 | | | | 2,040 | |
| | | | | |
| |
Total Consumer Staples – 0.2% | | | | 3,761 | |
Energy | |
| |
Integrated Oil & Gas – 0.8% | |
Petroleos Mexicanos: | | | | | |
6.490%, 1–23–27 | | | 15,026 | | | | 15,898 | |
6.840%, 1–23–30 | | | 3,178 | | | | 3,287 | |
Petronas Capital Ltd.,
3.500%, 4–21–30 (I) | | | 1,568 | | | | 1,700 | |
| | | | | |
| | | | | | | 20,885 | |
| | | | | | | | |
| |
Oil & Gas Equipment & Services – 0.1% | |
Guara Norte S.a.r.l.,
5.198%, 6–15–34 (I) | | | 1,965 | | | | 1,977 | |
| | | | | |
| |
Oil & Gas Exploration & Production – 0.9% | |
Laredo Petroleum, Inc.: | | | | | |
9.500%, 1–15–25 | | | 8,259 | | | | 8,569 | |
10.125%, 1–15–28 (G) | | | 9,436 | | | | 10,215 | |
Saudi Arabian Oil Co.: | | | | | |
1.625%, 11–24–25 (I) | | | 1,560 | | | | 1,562 | |
2.250%, 11–24–30 (I) | | | 3,000 | | | | 2,943 | |
| | | | | | | | |
| | | | | | | 23,289 | |
| | | | | | | | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY ASSET STRATEGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Oil & Gas Refining & Marketing – 0.4% | |
PBF Holding Co. LLC,
9.250%, 5–15–25 (I) | | $ | 8,242 | | | $ | 7,820 | |
Valero Energy Corp.,
2.150%, 9–15–27 | | | 1,496 | | | | 1,508 | |
| | | | | | | | |
| | | | | | | 9,328 | |
| | | | | | | | |
| |
Oil & Gas Storage & Transportation – 1.4% | |
Energy Transfer Operating L.P.: | | | | | | | | |
6.750%, 5–15–68 | | | 13,879 | | | | 14,226 | |
7.125%, 5–15–68 | | | 15,000 | | | | 15,769 | |
Energy Transfer Partners L.P.,
6.250%, 2–15–68 | | | 7,000 | | | | 6,280 | |
| | | | | | | | |
| | | | | | | 36,275 | |
| | | | | | | | |
| |
Total Energy – 3.6% | | | | 91,754 | |
Financials | |
| |
Asset Management & Custody Banks – 0.2% | |
Citadel Finance LLC,
3.375%, 3–9–26 (I) | | | 5,834 | | | | 5,922 | |
| | | | | | | | |
| |
Consumer Finance – 0.1% | |
Ally Financial, Inc.,
5.125%, 8–15–69 | | | 2,000 | | | | 2,095 | |
| | | | | | | | |
| |
Diversified Banks – 4.9% | |
Australia and New Zealand Banking Group Ltd.,
2.570%, 11–25–35 (I) | | | 3,119 | | | | 3,030 | |
Banco de Credito del Peru,
3.125%, 7–1–30 (I) | | | 1,562 | | | | 1,548 | |
Banco Mercantil del Norte S.A., 8.375%, 10–14–68 (I) | | | 3,905 | | | | 4,618 | |
Banco Santander S.A.,
5.375%, 4–17–25 (I) | | | 2,548 | | | | 2,851 | |
Barclays plc: | | | | | | | | |
7.875%, 12–29–49 | | | 26,982 | | | | 27,656 | |
8.000%, 9–15–68 | | | 7,237 | | | | 8,178 | |
6.125%, 12–15–68 | | | 3,901 | | | | 4,323 | |
4.375%, 12–15–69 | | | 5,000 | | | | 5,009 | |
BNP Paribas S.A.,
4.625%, 8–25–69 (I) | | | 250 | | | | 256 | |
HSBC Holdings plc,
4.600%, 6–17–69 | | | 3,899 | | | | 3,908 | |
ING Groep N.V.: | | | | | | | | |
3.875%, 11–16–69 | | | 6,000 | | | | 5,834 | |
4.250%, 11–16–69 | | | 4,000 | | | | 3,890 | |
Nordea Bank AB,
3.750%, 3–1–69 (I) | | | 1,500 | | | | 1,479 | |
Societe Generale S.A.,
3.653%, 7–8–35 (I) | | | 3,468 | | | | 3,598 | |
Standard Chartered plc: | | | | | | | | |
4.300%, 6–19–64 (I) | | | 17,000 | | | | 16,766 | |
6.000%, 1–26–69 (I) | | | 5,000 | | | | 5,497 | |
UniCredit S.p.A.: | | | | | | | | |
2.569%, 9–22–26 (I) | | | 7,800 | | | | 7,934 | |
5.861%, 6–19–32 (I) | | | 10,953 | | | | 12,190 | |
5.459%, 6–30–35 (I) | | | 9,547 | | | | 10,541 | |
| | | | | | | | |
| | | | | | | 129,106 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Diversified Capital Markets – 1.4% | |
Credit Suisse Group AG: | | | | | | | | |
6.375%, 2–21–68 (I) | | $ | 4,768 | | | $ | 5,245 | |
7.500%, 6–11–68 (I) | | | 10,148 | | | | 11,110 | |
7.125%, 7–29–68 | | | 17,335 | | | | 18,015 | |
Deutsche Bank AG,
3.035%, 5–28–32 | | | 2,000 | | | | 2,031 | |
| | | | | | | | |
| | | | | | | 36,401 | |
| | | | | | | | |
| |
Financial Exchanges & Data – 0.1% | |
Intercontinental Exchange, Inc., 1.850%, 9–15–32 | | | 2,342 | | | | 2,216 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 0.0% | |
Macquarie Bank Ltd.,
3.624%, 6–3–30 (I) | | | 1,564 | | | | 1,643 | |
| | | | | | | | |
| |
Life & Health Insurance – 0.2% | |
AIA Group Ltd.: | | | | | | | | |
3.375%, 4–7–30 (I) | | | 1,960 | | | | 2,115 | |
3.200%, 9–16–40 (I) | | | 3,902 | | | | 3,946 | |
| | | | | | | | |
| | | | | | | 6,061 | |
| | | | | | | | |
| |
Multi-Line Insurance – 0.1% | |
Athene Holding Ltd.,
6.150%, 4–3–30 | | | 2,713 | | | | 3,417 | |
| | | | | | | | |
| |
Specialized Finance – 0.1% | |
AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust,
4.500%, 9–15–23 | | | 2,343 | | | | 2,497 | |
| | | | | | | | |
| |
Total Financials – 7.1% | | | | 189,358 | |
Industrials | |
| |
Aerospace & Defense – 1.2% | |
Boeing Co. (The): | | | | | | | | |
4.875%, 5–1–25 | | | 3,917 | | | | 4,361 | |
5.150%, 5–1–30 | | | 2,742 | | | | 3,220 | |
5.805%, 5–1–50 | | | 1,571 | | | | 2,098 | |
Wolverine Escrow LLC: | | | | | | | | |
8.500%, 11–15–24 (G)(I) | | | 7,830 | | | | 7,292 | |
9.000%, 11–15–26 (I) | | | 7,837 | | | | 7,249 | |
13.125%, 11–15–27 (I) | | | 10,000 | | | | 6,675 | |
| | | | | | | | |
| | | | | | | 30,895 | |
| | | | | | | | |
| |
Air Freight & Logistics – 0.1% | |
Simpar Europe S.A.,
5.200%, 1–26–31 (I)(J) | | | 2,000 | | | | 1,998 | |
| | | | | | | | |
| |
Airlines – 0.1% | |
Aeropuerto Internacional de Tocumen,
5.125%, 8–11–61 (I) | | | 1,000 | | | | 1,051 | |
Azul Investments LLP,
7.250%, 6–15–26 (G)(I) | | | 1,500 | | | | 1,435 | |
| | | | | | | | |
| | | | | | | 2,486 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Highways & Railtracks – 0.1% | |
Transurban Finance Co. Pty Ltd., 2.450%, 3–16–31 (I) | | $ | 2,167 | | | $ | 2,173 | |
| | | | | | | | |
| |
Total Industrials – 1.5% | | | | 37,552 | |
Information Technology | |
| |
Application Software – 0.0% | |
StoneCo. Ltd.,
3.950%, 6–16–28 (I) | | | 1,000 | | | | 968 | |
| | | | | | | | |
| |
Internet Services & Infrastructure – 0.0% | |
Baidu, Inc.,
1.720%, 4–9–26 | | | 1,672 | | | | 1,677 | |
| | | | | | | | |
| |
Semiconductors – 0.3% | |
Broadcom, Inc.,
3.419%, 4–15–33 (I) | | | 1,959 | | | | 2,030 | |
Taiwan Semiconductor Manufacturing Co. Ltd., 1.375%, 9–28–30 (I) | | | 4,682 | | | | 4,367 | |
| | | | | | | | |
| | | | | | | 6,397 | |
| | | | | | | | |
| |
Technology Hardware, Storage & Peripherals – 0.1% | |
Apple, Inc.,
2.400%, 8–20–50 | | | 3,122 | | | | 2,868 | |
| | | | | | | | |
| |
Total Information Technology – 0.4% | | | | 11,910 | |
Materials | |
| |
Diversified Metals & Mining – 0.2% | |
Glencore Funding LLC: | | | | | | | | |
1.625%, 9–1–25 (I) | | | 2,341 | | | | 2,350 | |
2.500%, 9–1–30 (G)(I) | | | 3,463 | | | | 3,393 | |
| | | | | | | | |
| | | | | | | 5,743 | |
| | | | | | | | |
| |
Total Materials – 0.2% | | | | 5,743 | |
Real Estate | |
| |
Industrial REITs – 0.1% | |
Aircastle Ltd.,
5.250%, 8–11–25 (I) | | | 2,201 | | | | 2,462 | |
| | | | | | | | |
| |
Total Real Estate – 0.1% | | | | 2,462 | |
Utilities | |
| |
Electric Utilities – 0.2% | |
NRG Energy, Inc.: | | | | | | | | |
2.000%, 12–2–25 (I) | | | 3,470 | | | | 3,530 | |
2.450%, 12–2–27 (I) | | | 390 | | | | 396 | |
| | | | | | | | |
| | | | | | | 3,926 | |
| | | | | | | | |
| |
Total Utilities – 0.2% | | | | 3,926 | |
| |
TOTAL CORPORATE DEBT SECURITIES – 15.2% | | | $ | 398,820 | |
(Cost: $386,914) | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY ASSET STRATEGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MORTGAGE-BACKED SECURITIES | | Principal | | | Value | |
Non-Agency REMIC/CMO – 0.3% | |
COLT Mortgage Loan Trust, Series 2021-3, Class B1,
3.059%, 9–27–66 (I) | | $ | 2,000 | | | $ | 1,988 | |
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class B1 (Mortgage spread to 5-year U.S. Treasury index),
4.462%, 5–25–65 (I)(K) | | | 4,968 | | | | 5,031 | |
Merrill Lynch Mortgage Investors Trust, Series 1998-C1, Class F, 6.250%, 11–15–26 (L) | | | 600 | | | | 608 | |
Verus Securitization Trust, Series 2019-INV2, Class B1 (ICE LIBOR plus 260 bps),
4.452%, 7–25–59 (I)(K) | | | 1,097 | | | | 1,116 | |
| | | | | | | | |
| | | | | | | 8,743 | |
| | | | | | | | |
| |
TOTAL MORTGAGE-BACKED SECURITIES – 0.3% | | | $ | 8,743 | |
(Cost: $8,889) | |
| |
| OTHER GOVERNMENT SECURITIES (M) | |
Argentina – 1.1% | |
Province of Buenos Aires,
3.900%, 9–1–37 (I) | | | 7,792 | | | | 3,499 | |
Province of Mendoza,
2.750%, 3–19–29 (I) | | | 15,788 | | | | 11,209 | |
Republic of Argentina: | | | | | | | | |
1.000%, 7–9–29 | | | 1,146 | | | | 438 | |
0.125%, 7–9–30 | | | 27,468 | | | | 10,142 | |
0.125%, 7–9–35 | | | 6,840 | | | | 2,254 | |
| | | | | | | | |
| | | | | | | 27,542 | |
| | | | | | | | |
| |
Brazil — 0.2% | |
Federative Republic of Brazil, 3.750%, 9–12–31 | | | 6,667 | | | | 6,334 | |
| | | | | | | | |
| |
TOTAL OTHER GOVERNMENT SECURITIES – 1.3% | | | $ | 33,876 | |
(Cost: $39,245) | |
| | |
| LOANS (K) | | | | | | |
Communication Services | |
| |
Advertising – 0.2% | |
Advantage Sales & Marketing, Inc. (1-Month ICE LIBOR plus 525 bps),
6.000%, 10–28–27 | | | — | * | | | — | * |
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 525 bps), 6.000%, 10–28–27 | | | 4,997 | | | | 5,032 | |
| | | | | | | | |
| | | | | | | 5,032 | |
| | | | | | | | |
| | | | | | | | |
| LOANS (K) (Continued) | | Principal | | | Value | |
Integrated Telecommunication Services – 0.8% | |
West Corp. (3-Month ICE LIBOR plus 400 bps),
5.000%, 10–10–24 | | $ | 20,489 | | | $ | 20,219 | |
| | | | | | | | |
| |
Total Communication Services – 1.0% | | | | 25,251 | |
Consumer Discretionary | |
| |
Casinos & Gaming – 0.0% | |
New Cotai LLC (14.000% Cash or 14.000% PIK),
14.000%, 9–10–25 (C)(N) | | | 549 | | | | 543 | |
| | | | | | | | |
| |
Specialty Stores – 0.1% | |
PetSmart, Inc. (ICE LIBOR plus 375 bps),
4.500%, 2–12–28 | | | 2,586 | | | | 2,596 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 0.1% | | | | 3,139 | |
Energy | |
| |
Oil & Gas Storage & Transportation – 0.3% | |
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps),
5.121%, 3–1–26 | | | 11,268 | | | | 8,529 | |
| | | | | | | | |
| |
Total Energy – 0.3% | | | | 8,529 | |
Financials | |
| |
Property & Casualty Insurance – 0.7% | |
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps),
4.584%, 2–28–25 | | | 18,649 | | | | 18,649 | |
| | | | | | | | |
| |
Total Financials – 0.7% | | | | 18,649 | |
Health Care | |
| |
Health Care Facilities – 0.4% | |
Surgery Center Holdings, Inc. (1-Month ICE LIBOR plus 375 bps),
4.500%, 8–31–26 | | | 10,240 | | | | 10,269 | |
| | | | | | | | |
| |
Health Care Services – 0.3% | |
Heartland Dental LLC (ICE LIBOR plus 375 bps),
3.584%, 4–30–25 | | | 7,221 | | | | 7,173 | |
| | | | | | | | |
| |
Total Health Care – 0.7% | | | | 17,442 | |
Information Technology | |
| |
Communications Equipment – 0.3% | |
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps),
4.583%, 11–30–25 | | | 9,923 | | | | 9,050 | |
| | | | | | | | |
| |
Total Information Technology – 0.3% | | | | 9,050 | |
| | | | | | | | |
| LOANS (K) (Continued) | | Principal | | | Value | |
Materials | |
| |
Construction Materials – 0.8% | |
Hillman Group, Inc. (The), 0.000%, 1–24–28 (O) | | $ | 5,637 | | | $ | 5,635 | |
Hillman Group, Inc. (The) (1-Month ICE LIBOR plus 275 bps), 3.250%, 2–24–28 | | | 14,363 | | | | 14,357 | |
| | | | | | | | |
| | | | | | | 19,992 | |
| | | | | | | | |
| |
Total Materials – 0.8% | | | | 19,992 | |
| |
TOTAL LOANS – 3.9% | | | $ | 102,052 | |
(Cost: $104,856) | |
| |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS | |
Mortgage-Backed Obligations – 1.2% | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO, 4.500%, 1–15–43 (P) | | | 11,857 | | | | 1,919 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 615 bps),
6.066%, 11–15–47 (L)(P) | | | 5,919 | | | | 972 | |
Federal National Mortgage Association Agency REMIC/CMO: | | | | | | | | |
4.500%, 10–25–40 (P) | | | 6,113 | | | | 919 | |
4.500%, 5–25–47 (P) | | | 5,075 | | | | 811 | |
5.000%, 3–25–49 (P) | | | 4,064 | | | | 677 | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 562 bps),
5.534%, 6–25–45 (K)(P) | | | 11,512 | | | | 2,220 | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 625 bps): | | | | | | | | |
6.034%, 4–25–45 (K)(P) | | | 5,520 | | | | 1,180 | |
6.014%, 4–25–46 (K)(P) | | | 13,234 | | | | 2,305 | |
6.014%, 8–25–46 (K)(P) | | | 14,021 | | | | 2,469 | |
6.164%, 6–25–48 (K)(P) | | | 28,218 | | | | 5,703 | |
Government National Mortgage Association Agency REMIC/CMO: | | | | | | | | |
2.500%, 5–20–51 (P) | | | 38,593 | | | | 4,699 | |
3.000%, 9–20–51 (P) | | | 53,909 | | | | 7,642 | |
| | | | | | | | |
| | | | | | | 31,516 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.2% | | | $ | 31,516 | |
(Cost: $31,339) | |
| |
UNITED STATES GOVERNMENT
OBLIGATIONS | |
Treasury Inflation Protected Obligations – 0.2% | |
U.S. Treasury Notes,
0.625%, 1–15–26 | | | 4,596 | | | | 5,075 | |
| | | | | | | | |
| | | | | | |
| 10 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY ASSET STRATEGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
UNITED STATES GOVERNMENT
OBLIGATIONS (Continued) | | Principal | | | Value | |
Treasury Obligations – 1.1% | |
U.S. Treasury Bonds: | | | | | | | | |
2.750%, 8–15–47 | | $ | 18,500 | | | $ | 21,004 | |
3.000%, 2–15–49 | | | 5,409 | | | | 6,467 | |
| | | | | | | | |
| | | | | | | 27,471 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 1.3% | | | $ | 32,546 | |
(Cost: $28,182) | |
| | |
| BULLION – 5.5% | | Troy
Ounces | | | | |
Gold | | | 83 | | | | 145,048 | |
| | | | | | | | |
(Cost: $96,737) | |
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (R) – 5.1% | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010% (Q) | | | 49,526 | | | $ | 49,526 | |
State Street Institutional U.S. Government Money Market Fund – Premier Class, 0.030% | | | 83,085 | | | | 83,085 | |
| | | | | | | | |
| | | | | | | 132,611 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 5.1% | | | $ | 132,611 | |
(Cost: $132,611) | |
| | | | | | |
| | | | | Value | |
| |
TOTAL INVESTMENT SECURITIES – 102.2% | | $ | 2,678,198 | |
(Cost: $2,638,290) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (2.2)% | | | (56,680 | ) |
| |
NET ASSETS – 100.0% | | $ | 2,621,518 | |
Notes to Consolidated Schedule of Investments
| * | Not shown due to rounding. |
| (A) | Listed on an exchange outside the United States. |
| (B) | No dividends were paid during the preceding 12 months. |
| (C) | Restricted securities. At September 30, 2021, the Fund owned the following restricted securities: |
| | | | | | | | | | | | | | | | |
| Security | | Acquisition Date(s) | | | Shares | | | Cost | | | Value | |
Media Group Holdings LLC, Series H | | | 8–29–13 to 10–31–13 | | | | 640 | | | $ | 446,294 | | | $ | — | * |
Media Group Holdings LLC, Series T | | | 7–2–13 to 1–23–15 | | | | 80 | | | | 168,531 | | | | — | * |
New Cotai Participation Corp., Class B | | | 9–29–20 | | | | 1,820 | | | | 12,324 | | | | 3,910 | |
| | | | |
| | | | | | Principal | | | | | | | |
New Cotai LLC (14.000% Cash or 14.000% PIK), 14.000%, 9–10–25 | | | 9–10–20 to 3–16–21 | | | $ | 549 | | | | 549 | | | | 543 | |
Targa Resources Corp., 9.500% | | | 10–24–17 | | | | 2 | | | | 1,869 | | | | 1,924 | |
| | | | | | | | | | | | |
| | | | | | | | | | $ | 629,567 | | | $ | 6,377 | |
| | | | | | | | | | | | |
| | The total value of these securities represented 0.2% of net assets at September 30, 2021. |
| (D) | Securities whose value was determined using significant unobservable inputs. |
| (E) | Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund and consolidated as described in Note 5 of the Notes to Financial Statements. |
| (F) | Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities. |
| (G) | All or a portion of securities with an aggregate value of $76,206 are on loan. |
| (H) | Principal amounts are denominated in the indicated foreign currency, where applicable (EUR - Euro). |
| (I) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $230,328 or 8.8% of net assets. |
| (J) | Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2021. |
| (K) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Description of the reference rate and spread, if applicable, are included in the security description. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 11 | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY ASSET STRATEGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| (L) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description. |
| (M) | Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities. |
| (N) | Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates. |
| (O) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
| (P) | Interest-only security. Amount shown as principal represents notional amount for computation of interest. |
| (Q) | Investment made with cash collateral received from securities on loan. |
| (R) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following written options were outstanding at September 30, 2021 (contracts and exercise prices unrounded):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Security | | Counterparty, if OTC | | Type | | | Number of
Contracts | | | Notional
Amount | | | Expiration Month | | | Exercise
Price | | | Premium
Received | | | Value | |
Frontier Communications Corp. | | N/A | | | Call | | | | 1,500 | | | | 150 | | | | October 2021 | | | $ | 35.00 | | | $ | 96 | | | $ | (8 | ) |
Micron Technology, Inc. | | N/A | | | Put | | | | 3,285 | | | | 329 | | | | October 2021 | | | | 72.50 | | | | 636 | | | | (849 | ) |
| | N/A | | | Call | | | | 3,285 | | | | 329 | | | | October 2021 | | | | 105.00 | | | | 127 | | | | (3 | ) |
S&P 500 Index | | N/A | | | Put | | | | 61 | | | | 6 | | | | November 2021 | | | | 4,250.00 | | | | 378 | | | | (632 | ) |
Volkswagen AG | | Morgan Stanley & Co., Inc. | | | Put | | | | 1,092 | | | | 109 | | | | December 2021 | | | EUR | 180.00 | | | | 845 | | | | (704 | ) |
| | Morgan Stanley & Co., Inc. | | | Call | | | | 1,092 | | | | 109 | | | | December 2021 | | | | 290.00 | | | | 170 | | | | (18 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 2,252 | | | $ | (2,214 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | 98,187 | | | $ | 40,245 | | | $ | — | |
Consumer Discretionary | | | 71,818 | | | | 38,980 | | | | 3,910 | |
Consumer Staples | | | 50,225 | | | | 67,168 | | | | — | |
Energy | | | 40,801 | | | | 47,296 | | | | — | |
Financials | | | 112,894 | | | | 144,074 | | | | — | |
Health Care | | | 133,981 | | | | 110,578 | | | | — | |
Industrials | | | 163,983 | | | | 149,022 | | | | — | |
Information Technology | | | 356,587 | | | | 95,947 | | | | — | |
Materials | | | 11,054 | | | | — | | | | — | |
Utilities | | | — | | | | 29,902 | | | | — | |
Total Common Stocks | | $ | 1,039,530 | | | $ | 723,212 | | | $ | 3,910 | |
Preferred Stocks | | | — | | | | 24,946 | | | | — | |
Purchased Options | | | 176 | | | | 205 | | | | — | |
Asset-Backed Securities | | | — | | | | 1,007 | | | | — | |
Corporate Debt Securities | | | — | | | | 398,820 | | | | — | |
Mortgage-Backed Securities | | | — | | | | 8,743 | | | | — | |
Other Government Securities | | | — | | | | 33,876 | | | | — | |
Loans | | | — | | | | 102,052 | | | | — | |
United States Government Agency Obligations | | | — | | | | 31,516 | | | | — | |
United States Government Obligations | | | — | | | | 32,546 | | | | — | |
Bullion | | | 145,048 | | | | — | | | | — | |
Short-Term Securities | | | 132,611 | | | | — | | | | — | |
Total | | $ | 1,317,365 | | | $ | 1,356,923 | | | $ | 3,910 | |
| | | | | | |
| 12 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY ASSET STRATEGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Liabilities | | | | | | | | | | | | |
Written Options | | $ | 1,481 | | | $ | 733 | | | $ | — | |
During the period ended September 30, 2021, there were no transfers in or out of Level 3.
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
CMO = Collateralized Mortgage Obligation
GTD = Guaranteed
ICE = Intercontinental Exchange
LIBOR = London Interbank Offered Rate
OTC = Over the Counter
PIK = Payment in Kind
REMIC = Real Estate Mortgage Investment Conduit
REIT = Real Estate Investment Trust
| | | | |
| Country Diversification | |
(as a % of net assets) | |
United States | | | 49.0% | |
Germany | | | 6.2% | |
United Kingdom | | | 5.4% | |
France | | | 4.7% | |
India | | | 3.9% | |
Switzerland | | | 3.3% | |
Canada | | | 2.7% | |
Japan | | | 2.2% | |
Italy | | | 1.9% | |
Netherlands | | | 1.8% | |
Taiwan | | | 1.7% | |
Hong Kong | | | 1.3% | |
South Korea | | | 1.2% | |
China | | | 1.1% | |
Argentina | | | 1.1% | |
Mexico | | | 1.0% | |
Denmark | | | 1.0% | |
Other Countries | | | 2.1% | |
Other+ | | | 8.4% | |
| + | Includes gold bullion, options, liabilities (net of cash and other assets), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 13 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY BALANCED FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 66.3% | |
Information Technology | | | 14.4% | |
Financials | | | 10.9% | |
Health Care | | | 9.3% | |
Consumer Discretionary | | | 8.3% | |
Industrials | | | 6.0% | |
Communication Services | | | 5.8% | |
Consumer Staples | | | 4.9% | |
Energy | | | 4.1% | |
Materials | | | 1.6% | |
Utilities | | | 1.0% | |
Bonds | | | 32.5% | |
United States Government and Government Agency Obligations | | | 20.9% | |
Corporate Debt Securities | | | 11.5% | |
Asset-Backed Securities | | | 0.1% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 1.2% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
Microsoft Corp. | | Information Technology | | Systems Software |
Alphabet, Inc., Class A | | Communication Services | | Interactive Media & Services |
Alphabet, Inc., Class C | | Communication Services | | Interactive Media & Services |
JPMorgan Chase & Co. | | Financials | | Other Diversified Financial Services |
Autodesk, Inc. | | Information Technology | | Application Software |
Constellation Brands, Inc. | | Consumer Staples | | Distillers & Vintners |
Morgan Stanley | | Financials | | Investment Banking & Brokerage |
Micron Technology, Inc. | | Information Technology | | Semiconductors |
Zimmer Holdings, Inc. | | Health Care | | Health Care Equipment |
Philip Morris International, Inc. | | Consumer Staples | | Tobacco |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Balanced Fund changed to Delaware Ivy Balanced Fund. |
| | | | | | |
| 14 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY BALANCED FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Interactive Home Entertainment – 0.7% | |
Electronic Arts, Inc. | | | 122 | | | $ | 17,299 | |
| | | | | | | | |
| |
Interactive Media & Services – 5.1% | |
Alphabet, Inc., Class A (A) | | | 19 | | | | 50,091 | |
Alphabet, Inc., Class C (A) | | | 18 | | | | 48,424 | |
Facebook, Inc., Class A (A) | | | 100 | | | | 34,010 | |
| | | | | | | | |
| | | | | | | 132,525 | |
| | | | | | | | |
| |
Total Communication Services – 5.8% | | | | 149,824 | |
Consumer Discretionary | |
| |
Apparel, Accessories & Luxury Goods – 1.8% | |
Carter’s, Inc. | | | 253 | | | | 24,618 | |
V.F. Corp. | | | 326 | | | | 21,855 | |
| | | | | | | | |
| | | | | | | 46,473 | |
| | | | | | | | |
| |
Automotive Retail – 0.5% | |
O’Reilly Automotive, Inc. (A) | | | 22 | | | | 13,557 | |
| | | | | | | | |
| |
Casinos & Gaming – 0.9% | |
Las Vegas Sands, Inc. (A) | | | 599 | | | | 21,942 | |
| | | | | | | | |
| |
Home Improvement Retail – 1.1% | |
Lowe’s Co., Inc. | | | 135 | | | | 27,375 | |
| | | | | | | | |
| |
Hotels, Resorts & Cruise Lines – 1.0% | |
Hilton Worldwide Holdings, Inc. (A) | | | 203 | | | | 26,817 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 1.6% | |
Amazon.com, Inc. (A) | | | 13 | | | | 42,774 | |
| | | | | | | | |
| |
Restaurants – 0.5% | |
Tim Hortons, Inc. | | | 210 | | | | 12,851 | |
| | | | | | | | |
| |
Specialty Stores – 0.9% | |
Tractor Supply Co. | | | 112 | | | | 22,636 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 8.3% | | | | 214,425 | |
Consumer Staples | |
| |
Distillers & Vintners – 1.8% | |
Constellation Brands, Inc. | | | 216 | | | | 45,470 | |
| | | | | | | | |
| |
Packaged Foods & Meats – 0.7% | |
Mondelez International, Inc., Class A | | | 329 | | | | 19,132 | |
| | | | | | | | |
| |
Soft Drinks – 0.8% | |
Coca-Cola Co. (The) | | | 413 | | | | 21,663 | |
| | | | | | | | |
| |
Tobacco – 1.6% | |
Philip Morris International, Inc. | | | 451 | | | | 42,791 | |
| | | | | | | | |
| |
Total Consumer Staples – 4.9% | | | | 129,056 | |
Energy | |
| |
Integrated Oil & Gas – 0.4% | |
Chevron Corp. | | | 100 | | | | 10,184 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Oil & Gas Exploration & Production – 2.4% | |
Canadian Natural Resources Ltd. | | | 1,011 | | | $ | 36,926 | |
Hess Corp. | | | 325 | | | | 25,393 | |
| | | | | | | | |
| | | | | | | 62,319 | |
| | | | | | | | |
| |
Oil & Gas Storage & Transportation – 0.6% | |
Enterprise Products Partners L.P. | | | 733 | | | | 15,862 | |
| | | | | | | | |
| |
Total Energy – 3.4% | | | | 88,365 | |
Financials | |
| |
Consumer Finance – 1.0% | |
American Express Co. | | | 160 | | | | 26,724 | |
| | | | | | | | |
| |
Financial Exchanges & Data – 1.1% | |
Intercontinental Exchange, Inc. | | | 244 | | | | 28,051 | |
| | | | | | | | |
| |
Insurance Brokers – 0.9% | |
Aon plc | | | 82 | | | | 23,340 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 3.0% | |
Goldman Sachs Group, Inc. (The) | | | 93 | | | | 35,072 | |
Morgan Stanley | | | 460 | | | | 44,757 | |
| | | | | | | | |
| | | | | | | 79,829 | |
| | | | | | | | |
| |
Multi-Sector Holdings – 1.3% | |
Berkshire Hathaway, Inc., Class B (A) | | | 122 | | | | 33,310 | |
| | | | | | | | |
| |
Other Diversified Financial Services – 1.8% | |
JPMorgan Chase & Co. | | | 283 | | | | 46,249 | |
| | | | | | | | |
| |
Property & Casualty Insurance – 0.3% | |
Progressive Corp. (The) | | | 87 | | | | 7,854 | |
| | | | | | | | |
| |
Regional Banks – 1.5% | |
PNC Financial Services Group, Inc. (The) | | | 206 | | | | 40,275 | |
| | | | | | | | |
| |
Total Financials – 10.9% | | | | 285,632 | |
Health Care | |
| |
Health Care Equipment – 1.7% | |
Zimmer Holdings, Inc. | | | 303 | | | | 44,362 | |
| | | | | | | | |
| |
Health Care Technology – 1.3% | |
Cerner Corp. | | | 476 | | | | 33,574 | |
| | | | | | | | |
| |
Managed Health Care – 2.5% | |
Anthem, Inc. | | | 114 | | | | 42,400 | |
UnitedHealth Group, Inc. | | | 62 | | | | 24,390 | |
| | | | | | | | |
| | | | | | | 66,790 | |
| | | | | | | | |
| |
Pharmaceuticals – 3.7% | |
Elanco Animal Health, Inc. (A) | | | 534 | | | | 17,019 | |
Eli Lilly and Co. | | | 170 | | | | 39,369 | |
Jazz Pharmaceuticals plc (A) | | | 181 | | | | 23,503 | |
Merck & Co., Inc. | | | 213 | | | | 15,975 | |
| | | | | | | | |
| | | | | | | 95,866 | |
| | | | | | | | |
| |
Total Health Care – 9.2% | | | | 240,592 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Industrials | |
| |
Aerospace & Defense – 0.9% | |
Raytheon Technologies Corp. | | | 270 | | | $ | 23,185 | |
| | | | | | | | |
| |
Electrical Components & Equipment – 0.9% | |
Emerson Electric Co. | | | 260 | | | | 24,472 | |
| | | | | | | | |
| |
Industrial Machinery – 1.9% | |
Ingersoll-Rand, Inc. (A) | | | 535 | | | | 26,986 | |
Snap-on, Inc. | | | 112 | | | | 23,419 | |
| | | | | | | | |
| | | | | | | 50,405 | |
| | | | | | | | |
| |
Railroads – 2.3% | |
Canadian Pacific Railway Ltd. (B) | | | 465 | | | | 30,244 | |
Union Pacific Corp. | | | 142 | | | | 27,889 | |
| | | | | | | | |
| | | | | | | 58,133 | |
| | | | | | | | |
| |
Total Industrials – 6.0% | | | | 156,195 | |
Information Technology | |
| |
Application Software – 1.8% | |
Autodesk, Inc. (A) | | | 160 | | | | 45,706 | |
| | | | | | | | |
| |
Communications Equipment – 1.7% | |
Cisco Systems, Inc. | | | 295 | | | | 16,069 | |
Motorola Solutions, Inc. | | | 117 | | | | 27,088 | |
| | | | | | | | |
| | | | | | | 43,157 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 0.8% | |
Fiserv, Inc. (A) | | | 186 | | | | 20,132 | |
| | | | | | | | |
| |
IT Consulting & Other Services – 1.3% | |
Cognizant Technology Solutions Corp., Class A | | | 449 | | | | 33,297 | |
| | | | | | | | |
| |
Semiconductors – 4.0% | |
Infineon Technologies AG ADR (B) | | | 951 | | | | 39,108 | |
Microchip Technology, Inc. | | | 136 | | | | 20,887 | |
Micron Technology, Inc. | | | 628 | | | | 44,578 | |
| | | | | | | | |
| | | | | | | 104,573 | |
| | | | | | | | |
| |
Systems Software – 3.9% | |
Microsoft Corp. | | | 362 | | | | 101,979 | |
| | | | | | | | |
| |
Technology Hardware, Storage & Peripherals – 0.9% | |
Apple, Inc. | | | 174 | | | | 24,622 | |
| | | | | | | | |
| |
Total Information Technology – 14.4% | | | | 373,466 | |
Materials | |
| |
Metal & Glass Containers – 0.7% | |
Crown Holdings, Inc. | | | 168 | | | | 16,908 | |
| | | | | | | | |
| |
Specialty Chemicals – 0.9% | |
Sherwin-Williams Co. (The) | | | 84 | | | | 23,604 | |
| | | | | | | | |
| |
Total Materials – 1.6% | | | | 40,512 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 15 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY BALANCED FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Utilities | |
| |
Multi-Utilities – 1.0% | |
Dominion Energy, Inc. | | | 340 | | | $ | 24,861 | |
| | | | | | | | |
| |
Total Utilities – 1.0% | | | | 24,861 | |
| |
TOTAL COMMON STOCKS – 65.5% | | | $ | 1,702,928 | |
(Cost: $1,119,945) | |
| | |
| PREFERRED STOCKS | | | | | | |
Energy | |
| |
Oil & Gas Exploration & Production – 0.7% | |
Targa Resources Corp., 9.500% (A)(C) | | | 18 | | | | 19,133 | |
| | | | | | | | |
| |
Total Energy – 0.7% | | | | 19,133 | |
Health Care | |
| |
Pharmaceuticals – 0.1% | |
Elanco Animal Health, Inc., 5.000% (B) | | | 52 | | | | 2,593 | |
| | | | | | | | |
| |
Total Health Care – 0.1% | | | | 2,593 | |
| |
TOTAL PREFERRED STOCKS – 0.8% | | | $ | 21,726 | |
(Cost: $21,627) | |
| | |
| ASSET-BACKED SECURITIES | | Principal | | | | |
American Airlines Class AA Pass-Through Certificates, Series 2017-2,
3.350%, 10–15–29 | | $ | 3,351 | | | | 3,375 | |
| | | | | | | | |
| |
TOTAL ASSET-BACKED
SECURITIES – 0.1% | | | $ | 3,375 | |
(Cost: $3,369) | |
| | |
| CORPORATE DEBT SECURITIES | | | | | | |
Communication Services | |
| |
Alternative Carriers – 0.1% | |
Bell Canada (GTD by BCE, Inc.), | | | | | | | | |
4.300%, 7–29–49 | | | 880 | | | | 1,050 | |
| | | | | | | | |
| |
Cable & Satellite – 0.5% | |
Charter Communications Operating LLC and Charter Communications Operating Capital Corp., | | | | | | | | |
3.850%, 4–1–61 | | | 1,775 | | | | 1,697 | |
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal): | | | | | | | | |
4.250%, 10–15–30 | | | 2,550 | | | | 2,972 | |
3.900%, 3–1–38 | | | 3,500 | | | | 3,978 | |
Comcast Corp. (GTD by Comcast Cable Communications LLC and NBCUniversal Media LLC), 3.450%, 2–1–50 | | | 4,325 | | | | 4,592 | |
| | | | | | | | |
| | | | | | | 13,239 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Integrated Telecommunication Services – 0.4% | |
AT&T, Inc.: | | | | | | | | |
3.650%, 6–1–51 | | $ | 1,950 | | | $ | 1,991 | |
3.500%, 9–15–53 | | | 2,000 | | | | 1,984 | |
Sprint Corp., | | | | | | | | |
7.875%, 9–15–23 | | | 2,235 | | | | 2,500 | |
Verizon Communications, Inc., | | | | | | | | |
4.500%, 8–10–33 | | | 4,000 | | | | 4,767 | |
| | | | | | | | |
| | | | | | | 11,242 | |
| | | | | | | | |
| |
Movies & Entertainment – 0.2% | |
Walt Disney Co. (The), | | | | | | | | |
2.750%, 9–1–49 | | | 6,500 | | | | 6,250 | |
| | | | | | | | |
| |
Wireless Telecommunication Service – 0.2% | |
T-Mobile USA, Inc., | | | | | | | | |
3.875%, 4–15–30 | | | 4,425 | | | | 4,888 | |
| | | | | | | | |
| |
Total Communication Services – 1.4% | | | | 36,669 | |
Consumer Discretionary | |
| |
Apparel, Accessories & Luxury Goods – 0.1% | |
PVH Corp., | | | | | | | | |
4.625%, 7–10–25 | | | 2,650 | | | | 2,920 | |
| | | | | | | | |
| |
Automotive Retail – 0.1% | |
AutoNation, Inc., | | | | | | | | |
2.400%, 8–1–31 | | | 2,200 | | | | 2,147 | |
| | | | | | | | |
| |
Footwear – 0.0% | |
NIKE, Inc., | | | | | | | | |
3.250%, 3–27–40 | | | 880 | | | | 964 | |
| | | | | | | | |
| |
Home Improvement Retail – 0.2% | |
Home Depot, Inc. (The), | | | | | | | | |
3.350%, 4–15–50 | | | 5,300 | | | | 5,741 | |
| | | | | | | | |
| |
Homebuilding – 0.1% | |
NVR, Inc., | | | | | | | | |
3.000%, 5–15–30 | | | 3,100 | | | | 3,246 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 0.1% | |
Expedia Group, Inc., | | | | | | | | |
6.250%, 5–1–25 (D) | | | 1,160 | | | | 1,338 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 0.6% | | | | 16,356 | |
Consumer Staples | |
| |
Agricultural Products – 0.1% | |
Archer Daniels Midland Co., | | | | | | | | |
3.250%, 3–27–30 | | | 1,890 | | | | 2,073 | |
| | | | | | | | |
| |
Brewers – 0.0% | |
Anheuser-Busch Inbev Finance, Inc. (GTD by AB INBEV/BBR/COB), | | | | | | | | |
4.700%, 2–1–36 | | | 850 | | | | 1,028 | |
| | | | | | | | |
| |
Drug Retail – 0.1% | |
CVS Health Corp., | | | | | | | | |
5.050%, 3–25–48 | | | 1,020 | | | | 1,315 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Food Retail – 0.1% | |
Alimentation Couche-Tard, Inc., | | | | | | | | |
2.950%, 1–25–30 (D) | | $ | 2,650 | | | $ | 2,759 | |
| | | | | | | | |
| |
Packaged Foods & Meats – 0.3% | |
Hormel Foods Corp., | | | | | | | | |
3.050%, 6–3–51 | | | 3,965 | | | | 4,137 | |
Nestle Holdings, Inc., | | | | | | | | |
4.000%, 9–24–48 (D) | | | 2,150 | | | | 2,630 | |
| | | | | | | | |
| | | | | | | 6,767 | |
| | | | | | | | |
| |
Soft Drinks – 0.2% | |
Coca-Cola Co. (The), | | | | | | | | |
2.250%, 1–5–32 | | | 4,400 | | | | 4,462 | |
| | | | | | | | |
| |
Total Consumer Staples – 0.8% | | | | 18,404 | |
Energy | |
| |
Oil & Gas Exploration & Production – 0.2% | |
EQT Corp.,
6.625%, 2–1–25 (E) | | | 3,600 | | | | 4,125 | |
| | | | | | | | |
| |
Oil & Gas Storage & Transportation – 0.1% | |
Cheniere Energy Partners L.P., | | | | | | | | |
3.250%, 1–31–32 (D) | | | 880 | | | | 884 | |
Transcontinental Gas Pipe Line Co. LLC, | | | | | | | | |
4.600%, 3–15–48 | | | 2,000 | | | | 2,433 | |
| | | | | | | | |
| | | | | | | 3,317 | |
| | | | | | | | |
| |
Total Energy – 0.3% | | | | 7,442 | |
Financials | |
| |
Asset Management & Custody Banks – 0.8% | |
Apollo Management Holdings L.P., | | | | | | | | |
2.650%, 6–5–30 (D) | | | 3,075 | | | | 3,109 | |
Ares Capital Corp., | | | | | | | | |
4.250%, 3–1–25 | | | 5,225 | | | | 5,611 | |
Blackstone Holdings Finance Co. LLC, | | | | | | | | |
2.000%, 1–30–32 (D) | | | 4,850 | | | | 4,663 | |
KKR Group Finance Co. VIII LLC (GTD by KKR & Co., Inc. and KKR Group Partnership L.P.), | | | | | | | | |
3.500%, 8–25–50 (D) | | | 1,650 | | | | 1,743 | |
National Securities Clearing Corp., | | | | | | | | |
1.500%, 4–23–25 (D) | | | 2,650 | | | | 2,692 | |
Owl Rock Capital Corp., | | | | | | | | |
4.250%, 1–15–26 | | | 2,625 | | | | 2,819 | |
| | | | | | | | |
| | | | | | | 20,637 | |
| | | | | | | | |
| |
Consumer Finance – 0.2% | |
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.): | | | | | | | | |
3.450%, 4–10–22 | | | 1,500 | | | | 1,516 | |
3.700%, 5–9–23 | | | 1,850 | | | | 1,930 | |
| | | | | | | | |
| | | | | | | 3,446 | |
| | | | | | | | |
| | | | | | |
| 16 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY BALANCED FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Diversified Banks – 0.4% | |
Bank of America Corp., | | | | | | | | |
2.884%, 10–22–30 | | $ | 2,600 | | | $ | 2,716 | |
U.S. Bancorp, | | | | | | | | |
3.100%, 4–27–26 | | | 4,400 | | | | 4,753 | |
Wells Fargo & Co., | | | | | | | | |
2.572%, 2–11–31 | | | 2,130 | | | | 2,178 | |
| | | | | | | | |
| | | | | | | 9,647 | |
| | | | | | | | |
| |
Financial Exchanges & Data – 0.0% | |
Intercontinental Exchange, Inc., | | | | | | | | |
2.100%, 6–15–30 | | | 1,440 | | | | 1,426 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 0.3% | |
Goldman Sachs Group, Inc. (The), | | | | | | | | |
1.992%, 1–27–32 | | | 5,280 | | | | 5,095 | |
Morgan Stanley, | | | | | | | | |
2.699%, 1–22–31 | | | 1,320 | | | | 1,362 | |
| | | | | | | | |
| | | | | | | 6,457 | |
| | | | | | | | |
| |
Life & Health Insurance – 0.2% | |
Northwestern Mutual Life Insurance Co. (The), | | | | | | | | |
3.850%, 9–30–47 (D) | | | 5,000 | | | | 5,715 | |
| | | | | | | | |
| |
Multi-Line Insurance – 0.2% | |
Aon Corp. (GTD by Aon plc), | | | | | | | | |
2.800%, 5–15–30 | | | 3,975 | | | | 4,156 | |
| | | | | | | | |
| |
Other Diversified Financial Services – 0.8% | |
Citigroup, Inc., | | | | | | | | |
6.250%, 12–29–49 | | | 6,428 | | | | 7,458 | |
JPMorgan Chase & Co., | | | | | | | | |
5.000%, 2–1–69 | | | 2,476 | | | | 2,586 | |
JPMorgan Chase & Co. (3-Month U.S. LIBOR plus 332 bps), | | | | | | | | |
3.465%, 1–1–68 (F) | | | 7,700 | | | | 7,729 | |
JPMorgan Chase & Co. (3-Month U.S. LIBOR plus 347 bps), | | | | | | | | |
3.599%, 4–29–49 (F) | | | 1,851 | | | | 1,861 | |
JPMorgan Chase & Co. (3-Month U.S. LIBOR plus 380 bps), | | | | | | | | |
3.926%, 11–1–68 (F) | | | 2,750 | | | | 2,753 | |
| | | | | | | | |
| | | | | | | 22,387 | |
| | | | | | | | |
| |
Specialized Finance – 0.2% | |
AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust, | | | | | | | | |
6.500%, 7–15–25 | | | 1,750 | | | | 2,030 | |
LSEGA Financing plc, | | | | | | | | |
2.500%, 4–6–31 (D) | | | 3,440 | | | | 3,505 | |
| | | | | | | | |
| | | | | | | 5,535 | |
| | | | | | | | |
| |
Total Financials – 3.1% | | | | 79,406 | |
Health Care | |
| |
Biotechnology – 0.2% | |
Amgen, Inc., | | | | | | | | |
3.375%, 2–21–50 | | | 4,300 | | | | 4,422 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Health Care Supplies – 0.1% | |
Dentsply Sirona, Inc., | | | | | | | | |
3.250%, 6–1–30 | | $ | 2,715 | | | $ | 2,895 | |
| | | | | | | | |
| |
Managed Health Care – 0.1% | |
UnitedHealth Group, Inc., | | | | | | | | |
3.050%, 5–15–41 | | | 1,500 | | | | 1,552 | |
| | | | | | | | |
| |
Pharmaceuticals – 0.6% | |
Johnson & Johnson, | | | | | | | | |
3.400%, 1–15–38 | | | 9,000 | | | | 10,118 | |
Merck & Co., Inc., | | | | | | | | |
2.450%, 6–24–50 | | | 3,750 | | | | 3,498 | |
Zoetis, Inc., | | | | | | | | |
2.000%, 5–15–30 | | | 2,640 | | | | 2,618 | |
| | | | | | | | |
| | | | | | | 16,234 | |
| | | | | | | | |
| |
Total Health Care – 1.0% | | | | 25,103 | |
Industrials | |
| |
Aerospace & Defense – 0.3% | |
Boeing Co. (The), | | | | | | | | |
3.750%, 2–1–50 | | | 3,025 | | | | 3,060 | |
General Dynamics Corp., | | | | | | | | |
2.850%, 6–1–41 | | | 1,760 | | | | 1,798 | |
Raytheon Technologies Corp.: | | | | | | | | |
2.250%, 7–1–30 | | | 2,200 | | | | 2,223 | |
3.125%, 7–1–50 | | | 1,325 | | | | 1,341 | |
| | | | | | | | |
| | | | | | | 8,422 | |
| | | | | | | | |
| |
Environmental & Facilities Services – 0.4% | |
Republic Services, Inc.: | | | | | | | | |
2.300%, 3–1–30 | | | 439 | | | | 445 | |
1.450%, 2–15–31 | | | 2,400 | | | | 2,251 | |
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.), | | | | | | | | |
3.150%, 11–15–27 | | | 6,000 | | | | 6,526 | |
| | | | | | | | |
| | | | | | | 9,222 | |
| | | | | | | | |
| |
Railroads – 0.1% | |
Kansas City Southern, | | | | | | | | |
2.875%, 11–15–29 | | | 2,650 | | | | 2,787 | |
| | | | | | | | |
| |
Research & Consulting Services – 0.2% | |
CoStar Group, Inc., | | | | | | | | |
2.800%, 7–15–30 (D) | | | 2,650 | | | | 2,697 | |
Thomson Reuters Corp., | | | | | | | | |
3.350%, 5–15–26 | | | 2,575 | | | | 2,782 | |
| | | | | | | | |
| | | | | | | 5,479 | |
| | | | | | | | |
| |
Total Industrials – 1.0% | | | | 25,910 | |
Information Technology | |
| |
Application Software – 0.5% | |
Adobe, Inc., | | | | | | | | |
2.300%, 2–1–30 | | | 310 | | | | 321 | |
Autodesk, Inc., | | | | | | | | |
2.850%, 1–15–30 | | | 4,500 | | | | 4,702 | |
Infor, Inc., | | | | | | | | |
1.750%, 7–15–25 (D) | | | 875 | | | | 887 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Application Software (Continued) | |
Nuance Communications, Inc., | | | | | | | | |
5.625%, 12–15–26 | | $ | 5,000 | | | $ | 5,181 | |
salesforce.com, Inc.: | | | | | | | | |
2.700%, 7–15–41 | | | 1,325 | | | | 1,323 | |
2.900%, 7–15–51 | | | 1,945 | | | | 1,943 | |
| | | | | | | | |
| | | | | | | 14,357 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 0.2% | |
PayPal Holdings, Inc., | | | | | | | | |
2.300%, 6–1–30 | | | 1,770 | | | | 1,815 | |
Visa, Inc., | | | | | | | | |
2.700%, 4–15–40 | | | 3,060 | | | | 3,134 | |
| | | | | | | | |
| | | | | | | 4,949 | |
| | | | | | | | |
| |
Semiconductors – 0.5% | |
Broadcom, Inc., | | | | | | | | |
3.419%, 4–15–33 (D) | | | 2,200 | | | | 2,279 | |
Intel Corp., | | | | | | | | |
3.250%, 11–15–49 | | | 2,700 | | | | 2,802 | |
TSMC Global Ltd., | | | | | | | | |
1.750%, 4–23–28 (D) | | | 4,400 | | | | 4,348 | |
Xilinx, Inc., | | | | | | | | |
2.375%, 6–1–30 | | | 3,975 | | | | 4,058 | |
| | | | | | | | |
| | | | | | | 13,487 | |
| | | | | | | | |
| |
Systems Software – 0.3% | |
Fortinet, Inc., | | | | | | | | |
2.200%, 3–15–31 | | | 2,650 | | | | 2,629 | |
Microsoft Corp., | | | | | | | | |
3.450%, 8–8–36 | | | 2,240 | | | | 2,566 | |
ServiceNow, Inc., | | | | | | | | |
1.400%, 9–1–30 | | | 3,315 | | | | 3,112 | |
| | | | | | | | |
| | | | | | | 8,307 | |
| | | | | | | | |
| |
Technology Hardware, Storage & Peripherals – 0.3% | |
Apple, Inc.: | | | | | | | | |
2.950%, 9–11–49 | | | 4,500 | | | | 4,583 | |
2.650%, 5–11–50 | | | 1,325 | | | | 1,276 | |
2.650%, 2–8–51 | | | 1,325 | | | | 1,269 | |
| | | | | | | | |
| | | | | | | 7,128 | |
| | | | | | | | |
| |
Total Information Technology – 1.8% | | | | 48,228 | |
Materials | |
| |
Specialty Chemicals – 0.1% | |
Ecolab, Inc., | | | | | | | | |
3.250%, 12–1–27 | | | 3,000 | | | | 3,286 | |
| | | | | | | | |
| |
Total Materials – 0.1% | | | | 3,286 | |
Real Estate | |
| |
Specialized REITs – 0.4% | |
American Tower Trust I,
3.652%, 3–23–28 (D) | | | 2,000 | | | | 2,131 | |
EPR Properties,
4.950%, 4–15–28 | | | 3,915 | | | | 4,306 | |
Extra Space Storage L.P.,
2.350%, 3–15–32 | | | 4,400 | | | | 4,303 | |
| | | | | | | | |
| | | | | | | 10,740 | |
| | | | | | | | |
| |
Total Real Estate – 0.4% | | | | 10,740 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 17 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY BALANCED FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Utilities | |
| |
Electric Utilities – 0.8% | |
Alabama Power Co.,
3.125%, 7–15–51 (B) | | $ | 2,125 | | | $ | 2,184 | |
Ameren Illinois Co.,
3.250%, 3–15–50 | | | 2,000 | | | | 2,131 | |
Commonwealth Edison Co.,
2.200%, 3–1–30 | | | 2,650 | | | | 2,685 | |
Duke Energy Corp.,
3.150%, 8–15–27 | | | 2,500 | | | | 2,695 | |
Duke Energy Indiana LLC,
3.750%, 5–15–46 | | | 880 | | | | 980 | |
Duke Energy Ohio, Inc.,
4.300%, 2–1–49 | | | 835 | | | | 1,027 | |
Entergy Corp.: | | | | | | | | |
2.800%, 6–15–30 | | | 1,765 | | | | 1,823 | |
3.750%, 6–15–50 | | | 700 | | | | 752 | |
Florida Power & Light Co.,
3.150%, 10–1–49 | | | 2,575 | | | | 2,730 | |
Oncor Electric Delivery Co. LLC, 2.750%, 5–15–30 | | | 2,550 | | | | 2,707 | |
Southern California Edison Co., 4.125%, 3–1–48 | | | 2,000 | | | | 2,183 | |
| | | | | | | | |
| | | | | | | 21,897 | |
| | | | | | | | |
| |
Multi-Utilities – 0.1% | |
Berkshire Hathaway Energy Co.: | | | | | | | | |
3.250%, 4–15–28 | | | 1,000 | | | | 1,092 | |
3.800%, 7–15–48 | | | 2,000 | | | | 2,267 | |
| | | | | | | | |
| | | | | | | 3,359 | |
| | | | | | | | |
| |
Water Utilities – 0.1% | |
American Water Capital Corp.,
3.750%, 9–1–47 | | | 2,125 | | | | 2,385 | |
| | | | | | | | |
| |
Total Utilities – 1.0% | | | | 27,641 | |
| |
TOTAL CORPORATE DEBT SECURITIES – 11.5% | | | $ | 299,185 | |
(Cost: $288,403) | |
| | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS | | | | | | |
Mortgage-Backed Obligations – 0.8% | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO,
3.000%, 6–15–45 | | | 5,046 | | | | 5,239 | |
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates: | | | | | | | | |
6.500%, 12–1–31 | | | 15 | | | | 17 | |
6.500%, 1–1–32 | | | 14 | | | | 17 | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | |
Federal National Mortgage Association Agency REMIC/CMO: | | | | | | | | |
3.500%, 6–25–29 | | $ | 4,486 | | | $ | 4,746 | |
3.000%, 10–25–46 | | | 5,940 | | | | 6,270 | |
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | | | | | | | | |
6.500%, 10–1–28 | | | 17 | | | | 20 | |
6.500%, 2–1–29 | | | 2 | | | | 2 | |
7.000%, 11–1–31 | | | 17 | | | | 19 | |
6.500%, 2–1–32 | | | 14 | | | | 17 | |
7.000%, 2–1–32 | | | 17 | | | | 20 | |
7.000%, 3–1–32 | | | 10 | | | | 12 | |
7.000%, 7–1–32 | | | 15 | | | | 17 | |
6.500%, 9–1–32 | | | 12 | | | | 13 | |
5.500%, 5–1–33 | | | 8 | | | | 9 | |
5.500%, 6–1–33 | | | 8 | | | | 9 | |
4.500%, 11–1–43 | | | 3,236 | | | | 3,635 | |
Government National Mortgage Association Fixed Rate Pass-Through Certificates,
6.500%, 8–15–28 | | | 7 | | | | 8 | |
| | | | | | | | |
| | | | | | | 20,070 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.8% | | | $ | 20,070 | |
(Cost: $19,877) | |
| | |
UNITED STATES GOVERNMENT
OBLIGATIONS | | | | | | |
Treasury Obligations – 20.1% | |
U.S. Treasury Bonds: | | | | | | | | |
1.875%, 2–15–41 | | | 4,190 | | | | 4,100 | |
2.250%, 5–15–41 | | | 24,775 | | | | 25,770 | |
1.750%, 8–15–41 | | | 2,160 | | | | 2,065 | |
2.750%, 11–15–47 | | | 8,000 | | | | 9,092 | |
1.250%, 5–15–50 | | | 4,500 | | | | 3,683 | |
2.000%, 8–15–51 | | | 8,875 | | | | 8,720 | |
U.S. Treasury Notes: | | | | | | | | |
2.000%, 7–31–22 | | | 1,880 | | | | 1,910 | |
1.875%, 10–31–22 | | | 3,500 | | | | 3,567 | |
2.000%, 10–31–22 | | | 1,750 | | | | 1,786 | |
0.125%, 12–31–22 | | | 4,780 | | | | 4,779 | |
2.125%, 12–31–22 | | | 15,450 | | | | 15,834 | |
0.125%, 1–31–23 | | | 3,895 | | | | 3,894 | |
2.000%, 2–15–23 | | | 62,050 | | | | 63,628 | |
0.125%, 3–31–23 | | | 22,130 | | | | 22,113 | |
0.125%, 8–31–23 | | | 10,350 | | | | 10,323 | |
0.125%, 1–15–24 | | | 32,655 | | | | 32,487 | |
0.125%, 2–15–24 | | | 3,425 | | | | 3,406 | |
| | | | | | | | |
UNITED STATES GOVERNMENT
OBLIGATIONS (Continued) | | Principal | | | Value | |
Treasury Obligations (Continued) | |
0.375%, 4–15–24 | | $ | 9,170 | | | $ | 9,161 | |
2.000%, 5–31–24 | | | 4,110 | | | | 4,280 | |
1.750%, 6–30–24 | | | 5,900 | | | | 6,109 | |
1.375%, 1–31–25 | | | 1,420 | | | | 1,456 | |
1.125%, 2–28–25 | | | 5,355 | | | | 5,445 | |
2.875%, 4–30–25 | | | 13,500 | | | | 14,550 | |
2.875%, 5–31–25 | | | 69,860 | | | | 75,353 | |
0.375%, 12–31–25 | | | 45,530 | | | | 44,623 | |
0.750%, 4–30–26 | | | 27,610 | | | | 27,403 | |
1.625%, 9–30–26 | | | 23,320 | | | | 24,051 | |
1.500%, 1–31–27 | | | 4,950 | | | | 5,068 | |
0.625%, 3–31–27 | | | 44,135 | | | | 43,078 | |
0.625%, 11–30–27 | | | 12,000 | | | | 11,592 | |
0.750%, 1–31–28 | | | 15,665 | | | | 15,215 | |
1.250%, 3–31–28 | | | 1,765 | | | | 1,766 | |
1.125%, 8–31–28 | | | 6,475 | | | | 6,400 | |
1.500%, 2–15–30 | | | 11,889 | | | | 11,968 | |
| | | | | | | | |
| | | | | | | 524,675 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT
OBLIGATIONS – 20.1% | | | $ | 524,675 | |
(Cost: $526,440) | |
| | |
| SHORT-TERM SECURITIES | | Shares | | | | |
Money Market Funds (H) – 1.5% | | | | | | | | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010% (G) | | | 20,599 | | | | 20,599 | |
State Street Institutional U.S. Government Money Market Fund – Premier Class 0.030% | | | 17,341 | | | | 17,341 | |
| | | | | | | | |
| | | | | | | 37,940 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM
SECURITIES – 1.5% | | | $ | 37,940 | |
(Cost: $37,940) | |
| |
TOTAL INVESTMENT
SECURITIES – 100.3% | | | $ | 2,609,899 | |
(Cost: $2,017,621) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS (I) – (0.3)% | | | | (6,663 | ) |
| |
NET ASSETS – 100.0% | | | $ | 2,603,236 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $27,860 are on loan. |
| | | | | | |
| 18 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY BALANCED FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| (C) | Restricted security. At September 30, 2021, the Fund owned the following restricted security: |
| | | | | | | | | | | | |
| Security | | Acquisition Date(s) | | Shares | | Cost | | | Value | |
Targa Resources Corp., 9.500% | | 3–2–20 | | 18 | | $ | 19,027 | | | $ | 19,133 | |
| | | | | | | | |
The total value of this security represented 0.7% of net assets at September 30, 2021.
| (D) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $41,380 or 1.6% of net assets. |
| (E) | Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2021. |
| (F) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Description of the reference rate and spread, if applicable, are included in the security description. |
| (G) | Investment made with cash collateral received from securities on loan. |
| (H) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (I) | Cash of $812 has been pledged as collateral on open futures contracts. |
The following futures contracts were outstanding at September 30, 2021 (contracts unrounded):
| | | | | | | | | | | | | | | | |
| Description | | Type | | Number of
Contracts | | Expiration
Date | | Notional
Amount | | Value | | Unrealized
Appreciation | | | |
U.S. 10-Year Treasury Note | | Short | | 580 | | 12–31–21 | | 58,000 | | $(76,333) | | $832 | | | | |
| | | | | | | | | | | |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 1,702,928 | | | $ | — | | | $ | — | |
Preferred Stocks | | | 2,593 | | | | 19,133 | | | | — | |
Asset-Backed Securities | | | — | | | | 3,375 | | | | — | |
Corporate Debt Securities | | | — | | | | 299,185 | | | | — | |
United States Government Agency Obligations | | | — | | | | 20,070 | | | | — | |
United States Government Obligations | | | — | | | | 524,675 | | | | — | |
Short-Term Securities | | | 37,940 | | | | — | | | | — | |
Total | | $ | 1,743,461 | | | $ | 866,438 | | | $ | — | |
Futures Contracts | | $ | 832 | | | $ | — | | | $ | — | |
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
CMO = Collateralized Mortgage Obligation
GTD = Guaranteed
LIBOR = London Interbank Offered Rate
REIT = Real Estate Investment Trust
REMIC = Real Estate Mortgage Investment Conduit
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 19 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY ENERGY FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 95.9% | |
Energy | | | 84.9% | |
Information Technology | | | 8.3% | |
Industrials | | | 1.9% | |
Utilities | | | 0.8% | |
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | | | 4.1% | |
Country Weightings
| | | | |
North America | | | 94.2% | |
United States | | | 90.5% | |
Canada | | | 3.7% | |
Europe | | | 1.7% | |
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | | | 4.1% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
ConocoPhillips | | United States | | Energy | | Oil & Gas Exploration & Production |
Pioneer Natural Resources Co. | | United States | | Energy | | Oil & Gas Exploration & Production |
Marathon Petroleum Corp. | | United States | | Energy | | Oil & Gas Refining & Marketing |
Devon Energy Corp. | | United States | | Energy | | Oil & Gas Exploration & Production |
Exxon Mobil Corp. | | United States | | Energy | | Oil & Gas Exploration & Production |
Cactus, Inc., Class A | | United States | | Energy | | Oil & Gas Equipment & Services |
ChampionX Corp. | | United States | | Energy | | Oil & Gas Equipment & Services |
Hess Corp. | | United States | | Energy | | Oil & Gas Exploration & Production |
Valero Energy Corp. | | United States | | Energy | | Oil & Gas Refining & Marketing |
Diamondback Energy, Inc. | | United States | | Energy | | Oil & Gas Exploration & Production |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Energy Fund changed to Delaware Ivy Energy Fund. |
| | | | | | |
| 20 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY ENERGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Energy | |
| |
Integrated Oil & Gas – 3.8% | |
Chevron Corp. | | | 47 | | | $ | 4,744 | |
Suncor Energy, Inc. | | | 157 | | | | 3,261 | |
| | | | | | | | |
| | | | | | | 8,005 | |
| | | | | | | | |
| |
Oil & Gas Drilling – 3.0% | |
Helmerich & Payne, Inc. | | | 98 | | | | 2,690 | |
Transocean, Inc. (A) | | | 944 | | | | 3,579 | |
| | | | | | | | |
| | | | | | | 6,269 | |
| | | | | | | | |
| |
Oil & Gas Equipment & Services – 22.7% | |
Baker Hughes, Inc. | | | 280 | | | | 6,924 | |
Cactus, Inc., Class A | | | 245 | | | | 9,241 | |
ChampionX Corp. (A) | | | 361 | | | | 8,073 | |
Dril-Quip, Inc. (A) | | | 105 | | | | 2,635 | |
Halliburton Co. | | | 265 | | | | 5,735 | |
Liberty Oilfield Services, Inc., Class A (A) | | | 381 | | | | 4,626 | |
NOV, Inc. (A) | | | 251 | | | | 3,287 | |
Schlumberger Ltd. | | | 231 | | | | 6,849 | |
| | | | | | | | |
| | | | | | | 47,370 | |
| | | | | | | | |
| |
Oil & Gas Exploration & Production – 41.5% | |
Apache Corp. | | | 148 | | | | 3,172 | |
Canadian Natural Resources Ltd. | | | 126 | | | | 4,586 | |
Chesapeake Energy Corp. (B) | | | 41 | | | | 2,532 | |
ConocoPhillips | | | 207 | | | | 13,996 | |
Continental Resources, Inc. | | | 123 | | | | 5,698 | |
Devon Energy Corp. | | | 274 | | | | 9,742 | |
Diamondback Energy, Inc. | | | 74 | | | | 7,021 | |
EOG Resources, Inc. | | | 73 | | | | 5,827 | |
Exxon Mobil Corp. | | | 160 | | | | 9,423 | |
Hess Corp. | | | 103 | | | | 8,046 | |
Marathon Oil Corp. | | | 222 | | | | 3,037 | |
Pioneer Natural Resources Co. | | | 73 | | | | 12,216 | |
Viper Energy Partners L.P. | | | 68 | | | | 1,486 | |
| | | | | | | | |
| | | | | | | 86,782 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Oil & Gas Refining & Marketing – 11.8% | |
Marathon Petroleum Corp. | | | 174 | | | $ | 10,776 | |
Phillips 66 | | | 90 | | | | 6,332 | |
Valero Energy Corp. | | | 107 | | | | 7,556 | |
| | | | | | | | |
| | | | | | | 24,664 | |
| | | | | | | | |
| |
Oil & Gas Storage & Transportation – 2.1% | |
Enterprise Products Partners L.P. | | | 153 | | | | 3,312 | |
MPLX L.P. | | | 39 | | | | 1,118 | |
| | | | | | | | |
| | | | | | | 4,430 | |
| | | | | | | | |
| |
Total Energy – 84.9% | | | | 177,520 | |
Industrials | |
| |
Electrical Components & Equipment – 1.0% | |
Plug Power, Inc. (A) | | | 83 | | | | 2,108 | |
| | | | | | | | |
| |
Heavy Electrical Equipment – 0.9% | |
Bloom Energy Corp.,
Class A (A)(B) | | | 96 | | | | 1,798 | |
| | | | | | | | |
| |
Total Industrials – 1.9% | | | | 3,906 | |
Information Technology | |
| |
Application Software – 2.0% | |
Aspen Technology, Inc. (A) | | | 33 | | | | 4,090 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 2.6% | |
Wright Express Corp. (A) | | | 31 | | | | 5,516 | |
| | | | | | | | |
| |
Semiconductor Equipment – 2.4% | |
Enphase Energy, Inc. (A) | | | 33 | | | | 4,916 | |
| | | | | | | | |
| |
Semiconductors – 1.3% | |
First Solar, Inc. (A) | | | 28 | | | | 2,712 | |
| | | | | | | | |
| |
Total Information Technology – 8.3% | | | | 17,234 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Utilities | |
| |
Electric Utilities – 0.8% | |
NextEra Energy, Inc. | | | 21 | | | $ | 1,661 | |
| | | | | | | | |
| |
Total Utilities – 0.8% | | | | 1,661 | |
| |
TOTAL COMMON STOCKS – 95.9% | | | $ | 200,321 | |
(Cost: $140,696) | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds (D) – 3.5% | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010% (C) | | | 3,019 | | | | 3,019 | |
State Street Institutional U.S. Government Money Market Fund – Premier Class
0.030% | | | 4,379 | | | | 4,379 | |
| | | | | | | | |
| | | | | | | 7,398 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 3.5% | | | $ | 7,398 | |
(Cost: $7,398) | |
| |
TOTAL INVESTMENT
SECURITIES – 99.4% | | | $ | 207,719 | |
(Cost: $148,094) | |
| |
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6% | | | | 1,326 | |
| |
NET ASSETS – 100.0% | | | $ | 209,045 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $2,949 are on loan. |
| (C) | Investment made with cash collateral received from securities on loan. |
| (D) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 200,321 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 7,398 | | | | — | | | | — | |
Total | | $ | 207,719 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 21 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY ENERGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | |
| Country Diversification | |
(as a % of net assets) | |
United States | | | 90.5% | |
Canada | | | 3.7% | |
Switzerland | | | 1.7% | |
Other+ | | | 4.1% | |
| + | Includes cash and other assets (net of liabilities), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 22 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY LASALLE GLOBAL REAL ESTATE FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 99.5% | |
Real Estate | | | 98.9% | |
Communication Services | | | 0.6% | |
Cash and Other Assets (Net of Liabilities) | | | 0.5% | |
Country Weightings
| | | | |
North America | | | 59.5% | |
United States | | | 56.3% | |
Other North America | | | 3.2% | |
Pacific Basin | | | 21.2% | |
Japan | | | 9.9% | |
Hong Kong | | | 5.5% | |
Other Pacific Basin | | | 5.8% | |
Europe | | | 18.8% | |
United Kingdom | | | 7.5% | |
Germany | | | 4.8% | |
Other Europe | | | 6.5% | |
Cash and Other Assets (Net of Liabilities) | | | 0.5% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Vonovia SE | | Germany | | Real Estate | | Real Estate Operating Companies |
ProLogis, Inc. | | United States | | Real Estate | | Industrial REITs |
Equinix, Inc. | | United States | | Real Estate | | Specialized REITs |
AvalonBay Communities, Inc. | | United States | | Real Estate | | Residential REITs |
Host Hotels & Resorts, Inc. | | United States | | Real Estate | | Hotel & Resort REITs |
Invitation Homes, Inc. | | United States | | Real Estate | | Residential REITs |
Public Storage, Inc. | | United States | | Real Estate | | Specialized REITs |
Mitsui Fudosan Co. Ltd. | | Japan | | Real Estate | | Diversified Real Estate Activities |
Apartment Investment and Management Co., Class A | | United States | | Real Estate | | Residential REITs |
Digital Realty Trust, Inc. | | United States | | Real Estate | | Specialized REITs |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| (a) | Effective July 1, 2021, the name of Ivy LaSalle Global Real Estate Fund changed to Delaware Ivy LaSalle Global Real Estate Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 23 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LASALLE GLOBAL REAL ESTATE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Australia | |
| |
Real Estate – 2.6% | |
National Storage REIT | | | 307 | | | $ | 504 | |
Vicinity Centres | | | 1,573 | | | | 1,859 | |
| | | | | | | | |
| | | | | | | 2,363 | |
| | | | | | | | |
| |
Total Australia – 2.6% | | | $ | 2,363 | |
Belgium | |
| |
Real Estate – 0.6% | |
Aedifica S.A. | | | 4 | | | | 550 | |
| | | | | | | | |
| |
Total Belgium – 0.6% | | | $ | 550 | |
Canada | |
| |
Real Estate – 3.2% | |
Boardwalk | | | 7 | | | | 247 | |
Cominar Real Estate Investment Trust | | | 15 | | | | 117 | |
First Capital REIT | | | 59 | | | | 812 | |
H&R Real Estate Investment Trust | | | 18 | | | | 225 | |
Tricon Capital Group, Inc. | | | 104 | | | | 1,390 | |
| | | | | | | | |
| | | | | | | 2,791 | |
| | | | | | | | |
| |
Total Canada – 3.2% | | | $ | 2,791 | |
France | |
| |
Real Estate – 2.5% | |
Fonciere des Regions S.A. | | | 2 | | | | 204 | |
Gecina | | | 11 | | | | 1,528 | |
Unibail-Rodamco-Westfield | | | 7 | | | | 496 | |
| | | | | | | | |
| | | | | | | 2,228 | |
| | | | | | | | |
| |
Total France – 2.5% | | | $ | 2,228 | |
Germany | |
| |
Communication Services – 0.6% | |
Vantage Towers AG | | | 14 | | | | 491 | |
| | | | | | | | |
| |
Real Estate – 4.2% | |
Adler Group S.A. | | | 24 | | | | 409 | |
Vonovia SE | | | 56 | | | | 3,345 | |
| | | | | | | | |
| | | | | | | 3,754 | |
| | | | | | | | |
| |
Total Germany – 4.8% | | | $ | 4,245 | |
Hong Kong | |
| |
Real Estate – 5.5% | |
China Resources Land Ltd. | | | 247 | | | | 1,039 | |
Kerry Properties Ltd. | | | 243 | | | | 640 | |
Link (The) | | | 88 | | | | 757 | |
New World Development Co. Ltd. | | | 201 | | | | 816 | |
Swire Properties Ltd. | | | 290 | | | | 727 | |
Wharf (Holdings) Ltd. (The) | | | 169 | | | | 868 | |
| | | | | | | | |
| | | | | | | 4,847 | |
| | | | | | | | |
| |
Total Hong Kong – 5.5% | | | $ | 4,847 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Ireland | |
| |
Real Estate – 0.7% | |
Hibernia REIT plc | | | 132 | | | $ | 178 | |
Irish Residential Properties REIT plc | | | 277 | | | | 464 | |
| | | | | | | | |
| | | | | | | 642 | |
| | | | | | | | |
| |
Total Ireland – 0.7% | | | $ | 642 | |
Japan | |
| |
Real Estate – 9.9% | |
Global One Corp. | | | — | * | | | 52 | |
GLP J-REIT | | | — | * | | | 500 | |
Heiwa Real Estate Co. Ltd. | | | 15 | | | | 510 | |
Ichigo Office REIT Investment Corp. | | | 1 | | | | 672 | |
ITOCHU Advance Logistics Investment Corp. | | | — | * | | | 452 | |
Japan Hotel REIT Investment Corp. | | | 1 | | | | 597 | |
Keihanshin Building Co. Ltd. | | | 8 | | | | 103 | |
Mitsubishi Estate Co. Ltd. | | | 109 | | | | 1,741 | |
Mitsui Fudosan Co. Ltd. | | | 79 | | | | 1,882 | |
Mitsui Fudosan Logistics Park, Inc. | | | — | * | | | 127 | |
Nomura Real Estate Holdings, Inc. | | | 13 | | | | 338 | |
ORIX JREIT, Inc. | | | — | * | | | 689 | |
Starts Proceed Investment Corp. | | | — | * | | | 231 | |
TOC Ltd. | | | 26 | | | | 152 | |
Tokyu Fudosan Holdings Corp. | | | 73 | | | | 448 | |
XYMAX REIT Investment Corp. | | | — | * | | | 192 | |
| | | | | | | | |
| | | | | | | 8,686 | |
| | | | | | | | |
| |
Total Japan – 9.9% | | | $ | 8,686 | |
Netherlands | |
| |
Real Estate – 1.2% | |
NSI N.V. | | | 28 | | | | 1,048 | |
| | | | | | | | |
| |
Total Netherlands – 1.2% | | | $ | 1,048 | |
Singapore | |
| |
Real Estate – 3.2% | |
ARA LOGOS Logistics Trust | | | 365 | | | | 247 | |
Ascendas India Trust | | | 328 | | | | 344 | |
CapitaLand China Trust | | | 388 | | | | 353 | |
CapitaLand Integrated Commercial Trust | | | 974 | | | | 1,450 | |
Frasers Centrepoint Trust | | | 278 | | | | 462 | |
| | | | | | | | |
| | | | | | | 2,856 | |
| | | | | | | | |
| |
Total Singapore – 3.2% | | | $ | 2,856 | |
Spain | |
| |
Real Estate – 1.5% | |
Merlin Properties Socimi S.A. | | | 124 | | | | 1,276 | |
| | | | | | | | |
| |
Total Spain – 1.5% | | | $ | 1,276 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
United Kingdom | |
| |
Real Estate – 7.5% | |
Assura plc | | | 490 | | | $ | 472 | |
Derwent London plc | | | 25 | | | | 1,180 | |
Grainger plc | | | 262 | | | | 1,075 | |
Land Securities Group plc | | | 132 | | | | 1,231 | |
Safestore Holdings plc | | | 46 | | | | 643 | |
SEGRO plc | | | 90 | | | | 1,440 | |
Unite Group plc (The) | | | 45 | | | | 663 | |
| | | | | | | | |
| | | | | | | 6,704 | |
| | | | | | | | |
| |
Total United Kingdom – 7.5% | | | $ | 6,704 | |
United States | |
| |
Real Estate – 56.3% | |
Agree Realty Corp. | | | 19 | | | | 1,284 | |
American Campus Communities, Inc. | | | 15 | | | | 747 | |
Apartment Investment and Management Co., Class A | | | 38 | | | | 1,876 | |
AvalonBay Communities, Inc. | | | 12 | | | | 2,573 | |
Camden Property Trust | | | 12 | | | | 1,775 | |
CBS Outdoor Americas, Inc. | | | 59 | | | | 1,480 | |
Corporate Office Properties Trust | | | 29 | | | | 796 | |
CubeSmart | | | 27 | | | | 1,309 | |
CyrusOne, Inc. | | | 12 | | | | 906 | |
Digital Realty Trust, Inc. | | | 13 | | | | 1,872 | |
Duke Realty Corp. | | | 25 | | | | 1,189 | |
Equinix, Inc. | | | 3 | | | | 2,678 | |
Equity Lifestyle Properties, Inc. | | | 24 | | | | 1,870 | |
First Industrial Realty Trust, Inc. | | | 25 | | | | 1,279 | |
Healthcare Trust of America, Inc., Class A | | | 35 | | | | 1,044 | |
Highwoods Properties, Inc. | | | 20 | | | | 858 | |
Host Hotels & Resorts, Inc. (A) | | | 143 | | | | 2,332 | |
Invitation Homes, Inc. | | | 56 | | | | 2,162 | |
Kite Realty Group Trust | | | 9 | | | | 176 | |
MGM Growth Properties LLC, Class A | | | 38 | | | | 1,457 | |
National Health Investors, Inc. | | | 9 | | | | 499 | |
National Retail Properties, Inc. | | | 16 | | | | 696 | |
ProLogis, Inc. | | | 24 | | | | 3,035 | |
Public Storage, Inc. | | | 7 | | | | 2,009 | |
Realty Income Corp. | | | 17 | | | | 1,105 | |
Retail Opportunity Investments Corp. | | | 69 | | | | 1,195 | |
Retail Properties of America, Inc. | | | 22 | | | | 283 | |
Rexford Industrial Realty, Inc. | | | 17 | | | | 939 | |
Sabra Health Care REIT, Inc. | | | 48 | | | | 709 | |
SBA Communications Corp. | | | 1 | | | | 422 | |
Simon Property Group, Inc. | | | 7 | | | | 960 | |
Terreno Realty Corp. | | | 10 | | | | 615 | |
Urban Edge Properties | | | 71 | | | | 1,302 | |
Ventas, Inc. | | | 30 | | | | 1,679 | |
VEREIT, Inc. | | | 22 | | | | 976 | |
VICI Properties, Inc. | | | 55 | | | | 1,568 | |
| | | | | | |
| 24 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LASALLE GLOBAL REAL ESTATE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Real Estate (Continued) | |
Vornado Realty Trust | | | 32 | | | $ | 1,341 | |
Welltower, Inc. | | | 10 | | | | 805 | |
| | | | | | | | |
| | | | | | | 49,801 | |
| | | | | | | | |
| | |
Total United States – 56.3% | | | | | | $ | 49,801 | |
| | |
TOTAL COMMON STOCKS – 99.5% | | | | | | $ | 88,037 | |
(Cost: $71,233) | |
| | | | | | | | |
| | | | | | Value | |
| |
TOTAL INVESTMENT SECURITIES – 99.5% | | | $ | 88,037 | |
(Cost: $71,233) | |
| | |
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5% | | | | | | | 460 | |
| | |
NET ASSETS – 100.0% | | | | | | $ | 88,497 | |
Notes to Schedule of Investments
| * | Not shown due to rounding. |
| (A) | No dividends were paid during the preceding 12 months. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | 491 | | | $ | — | | | $ | — | |
Real Estate | | | 62,444 | | | | 25,102 | | | | — | |
Total Common Stocks | | $ | 62,935 | | | $ | 25,102 | | | $ | — | |
Total | | $ | 62,935 | | | $ | 25,102 | | | $ | — | |
The following acronym is used throughout this schedule:
REIT = Real Estate Investment Trust
| | | | |
| Market Sector Diversification | |
(as a % of net assets) | |
Real Estate | | | 98.9% | |
Communication Services | | | 0.6% | |
Other+ | | | 0.5% | |
| + | Includes cash and other assets (net of liabilities) |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 25 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY NATURAL RESOURCES FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 99.3% | |
Energy | | | 45.4% | |
Materials | | | 38.7% | |
Industrials | | | 9.0% | |
Consumer Staples | | | 4.0% | |
Information Technology | | | 1.3% | |
Utilities | | | 0.9% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.7% | |
Country Weightings
| | | | |
North America | | | 75.3% | |
United States | | | 64.4% | |
Canada | | | 10.9% | |
Europe | | | 12.2% | |
United Kingdom | | | 7.6% | |
France | | | 3.7% | |
Other Europe | | | 0.9% | |
Pacific Basin | | | 5.4% | |
South America | | | 4.6% | |
Other | | | 1.8% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.7% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
ConocoPhillips | | United States | | Energy | | Oil & Gas Exploration & Production |
EOG Resources, Inc. | | United States | | Energy | | Oil & Gas Exploration & Production |
Pioneer Natural Resources Co. | | United States | | Energy | | Oil & Gas Exploration & Production |
Phillips 66 | | United States | | Energy | | Oil & Gas Refining & Marketing |
Chevron Corp. | | United States | | Energy | | Integrated Oil & Gas |
Diamondback Energy, Inc. | | United States | | Energy | | Oil & Gas Exploration & Production |
Reliance Industries Ltd. | | India | | Energy | | Oil & Gas Refining & Marketing |
Canadian Natural Resources Ltd. | | Canada | | Energy | | Oil & Gas Exploration & Production |
Valero Energy Corp. | | United States | | Energy | | Oil & Gas Refining & Marketing |
TotalEnergies SE ADR | | France | | Energy | | Integrated Oil & Gas |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Natural Resources Fund changed to Delaware Ivy Natural Resources Fund. |
| | | | | | |
| 26 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY NATURAL RESOURCES FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Australia | |
| |
Materials – 2.4% | |
BHP Group plc | | | 223 | | | $ | 5,619 | |
| | | | | | | | |
| |
Total Australia – 2.4% | | | $ | 5,619 | |
Brazil | |
| |
Energy – 1.9% | |
Petroleo Brasileiro S.A. – Petrobras ADR | | | 433 | | | | 4,477 | |
| | | | | | | | |
| |
Total Brazil – 1.9% | | | $ | 4,477 | |
Canada | |
| |
Energy – 3.8% | |
Cameco Corp. | | | 110 | | | | 2,392 | |
Canadian Natural Resources Ltd. | | | 180 | | | | 6,571 | |
| | | | | | | | |
| | | | | | | 8,963 | |
| | | | | | | | |
| |
Industrials – 2.2% | |
Canadian Pacific Railway Ltd. (A) | | | 80 | | | | 5,174 | |
| | | | | | | | |
| |
Materials – 4.8% | |
Agnico-Eagle Mines Ltd. | | | 41 | | | | 2,103 | |
Barrick Gold Corp. | | | 107 | | | | 1,938 | |
Franco-Nevada Corp. | | | 34 | | | | 4,439 | |
Pan American Silver Corp. | | | 33 | | | | 763 | |
Wheaton Precious Metals Corp. (A) | | | 54 | | | | 2,030 | |
| | | | | | | | |
| | | | | | | 11,273 | |
| | | | | | | | |
| |
Total Canada – 10.8% | | | $ | 25,410 | |
Chile | |
| |
Materials – 1.1% | |
Sociedad Quimica y Minera de Chile S.A. ADR | | | 46 | | | | 2,451 | |
| | | | | | | | |
| |
Total Chile – 1.1% | | | $ | 2,451 | |
France | |
| |
Energy – 2.7% | |
TotalEnergies SE ADR | | | 128 | | | | 6,154 | |
| | | | | | | | |
| |
Materials – 1.0% | |
L Air Liquide S.A. | | | 15 | | | | 2,386 | |
| | | | | | | | |
| |
Total France – 3.7% | | | $ | 8,540 | |
Hong Kong | |
| |
Materials – 0.0% | |
China Metal Recycling (Holdings) Ltd. (B)(C) | | | 30,000 | | | | — | * |
| | | | | | | | |
| |
Total Hong Kong – 0.0% | | | $ | — | * |
India | |
| |
Energy – 3.0% | |
Reliance Industries Ltd. | | | 210 | | | | 6,981 | |
| | | | | | | | |
| |
Total India – 3.0% | | | $ | 6,981 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Peru | |
| |
Materials – 1.6% | |
Southern Copper Corp. | | | 65 | | | $ | 3,662 | |
| | | | | | | | |
| |
Total Peru – 1.6% | | | $ | 3,662 | |
Portugal | |
| |
Energy – 0.9% | |
Galp Energia SGPS S.A., Class B | | | 175 | | | | 1,990 | |
| | | | | | | | |
| |
Total Portugal – 0.9% | | | $ | 1,990 | |
South Africa | |
| |
Materials – 1.8% | |
Mondi plc | | | 168 | | | | 4,117 | |
| | | | | | | | |
| |
Total South Africa – 1.8% | | | $ | 4,117 | |
United Kingdom | |
| |
Materials – 7.7% | |
Anglo American plc | | | 112 | | | | 3,910 | |
Croda International plc | | | 36 | | | | 4,142 | |
Linde plc | | | 13 | | | | 3,743 | |
Rio Tinto plc | | | 91 | | | | 5,939 | |
| | | | | | | | |
| | | | | | | 17,734 | |
| | | | | | | | |
| |
Total United Kingdom – 7.7% | | | $ | 17,734 | |
United States | |
| |
Consumer Staples – 4.0% | |
Bunge Ltd. | | | 53 | | | | 4,335 | |
Darling International, Inc. (B) | | | 32 | | | | 2,311 | |
Tyson Foods, Inc. | | | 34 | | | | 2,673 | |
| | | | | | | | |
| | | | | | | 9,319 | |
| | | | | | | | |
| |
Energy – 33.1% | |
Cabot Oil & Gas Corp. | | | 127 | | | | 2,762 | |
Chevron Corp. | | | 76 | | | | 7,710 | |
ConocoPhillips | | | 145 | | | | 9,807 | |
Diamondback Energy, Inc. | | | 75 | | | | 7,072 | |
Enterprise Products Partners L.P. | | | 237 | | | | 5,121 | |
EOG Resources, Inc. | | | 104 | | | | 8,334 | |
Magellan Midstream Partners L.P. | | | 52 | | | | 2,388 | |
Marathon Petroleum Corp. | | | 87 | | | | 5,378 | |
Phillips 66 | | | 113 | | | | 7,933 | |
Pioneer Natural Resources Co. | | | 49 | | | | 8,235 | |
Schlumberger Ltd. | | | 192 | | | | 5,694 | |
Valero Energy Corp. | | | 91 | | | | 6,408 | |
| | | | | | | | |
| | | | | | | 76,842 | |
| | | | | | | | |
| |
Industrials – 6.8% | |
Tetra Tech, Inc. | | | 24 | | | | 3,625 | |
Union Pacific Corp. | | | 30 | | | | 5,889 | |
Waste Management, Inc. | | | 15 | | | | 2,257 | |
Xylem, Inc. | | | 31 | | | | 3,822 | |
| | | | | | | | |
| | | | | | | 15,593 | |
| | | | | | | | |
| |
Information Technology – 1.3% | |
Enphase Energy, Inc. (B) | | | 20 | | | | 2,942 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Materials – 18.3% | |
Air Products and Chemicals, Inc. | | | 13 | | | $ | 3,439 | |
Albemarle Corp. | | | 19 | | | | 4,121 | |
AptarGroup, Inc. | | | 18 | | | | 2,097 | |
Avery Dennison Corp. | | | 17 | | | | 3,604 | |
Danimer Scientific, Inc., Class A (A)(B) | | | 35 | | | | 574 | |
Ecolab, Inc. | | | 13 | | | | 2,730 | |
FMC Corp. | | | 34 | | | | 3,138 | |
Huntsman Corp. | | | 92 | | | | 2,734 | |
Martin Marietta Materials, Inc. | | | 9 | | | | 3,167 | |
MP Materials Corp. (A)(B) | | | 64 | | | | 2,052 | |
Newmont Corp. | | | 31 | | | | 1,673 | |
Packaging Corp. of America | | | 18 | | | | 2,496 | |
PPG Industries, Inc. | | | 18 | | | | 2,638 | |
Scotts Miracle-Gro Co. (The) | | | 8 | | | | 1,099 | |
Sherwin-Williams Co. (The) | | | 16 | | | | 4,576 | |
Steel Dynamics, Inc. | | | 40 | | | | 2,320 | |
| | | | | | | | |
| | | | | | | 42,458 | |
| | | | | | | | |
| |
Utilities – 0.9% | |
American Water Works Co., Inc. | | | 12 | | | | 2,110 | |
| | | | | | | | |
| |
Total United States – 64.4% | | | $ | 149,264 | |
| |
TOTAL COMMON STOCKS – 99.3% | | | $ | 230,245 | |
(Cost: $218,713) | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds (D) – 1.8% | |
State Street Institutional U.S. Government Money Market Fund – Premier Class 0.030% | | | 2,139 | | | | 2,139 | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares 0.010% (E) | | | 1,971 | | | | 1,971 | |
| | | | | | | | |
| | | | | | | 4,110 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 1.8% | | | $ | 4,110 | |
(Cost: $4,110) | |
| |
TOTAL INVESTMENT SECURITIES – 101.1% | | | $ | 234,355 | |
(Cost: $222,823) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)% | | | | (2,437 | ) |
| |
NET ASSETS – 100.0% | | | $ | 231,918 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 27 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY NATURAL RESOURCES FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| * | Not shown due to rounding. |
| (A) | All or a portion of securities with an aggregate value of $9,438 are on loan. |
| (B) | No dividends were paid during the preceding 12 months. |
| (C) | Securities whose value was determined using significant unobservable inputs. |
| (D) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (E) | Investment made with cash collateral received from securities on loan. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Consumer Staples | | $ | 9,319 | | | $ | — | | | $ | ��— | |
Energy | | | 96,436 | | | | 8,971 | | | | — | |
Industrials | | | 20,767 | | | | — | | | | — | |
Information Technology | | | 2,942 | | | | — | | | | — | |
Materials | | | 63,587 | | | | 26,113 | | | | — | * |
Utilities | | | 2,110 | | | | — | | | | — | |
Total Common Stocks | | $ | 195,161 | | | $ | 35,084 | | | $ | — | * |
Short-Term Securities | | | 4,110 | | | | — | | | | — | |
Total | | $ | 199,271 | | | $ | 35,084 | | | $ | — | * |
During the period ended September 30, 2021, there were no transfers in or out of Level 3.
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
| | | | |
| Market Sector Diversification | |
(as a % of net assets) | |
Energy | | | 45.4% | |
Materials | | | 38.7% | |
Industrials | | | 9.0% | |
Consumer Staples | | | 4.0% | |
Information Technology | | | 1.3% | |
Utilities | | | 0.9% | |
Other+ | | | 0.7% | |
| + | Includes liabilities (net of cash and other assets), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 28 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY SCIENCE AND TECHNOLOGY FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 97.7% | |
Information Technology | | | 60.0% | |
Communication Services | | | 18.2% | |
Consumer Discretionary | | | 9.0% | |
Health Care | | | 7.9% | |
Industrials | | | 2.5% | |
Materials | | | 0.1% | |
Warrants | | | 0.0% | |
Bonds | | | 0.1% | |
Corporate Debt Securities | | | 0.1% | |
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | | | 2.2% | |
Country Weightings
| | | | |
North America | | | 83.4% | |
United States | | | 83.4% | |
Europe | | | 8.4% | |
Netherlands | | | 4.5% | |
Other Europe | | | 3.9% | |
Pacific Basin | | | 4.8% | |
South America | | | 1.0% | |
Other | | | 0.2% | |
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | | | 2.2% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Microsoft Corp. | | United States | | Information Technology | | Systems Software |
Amazon.com, Inc. | | United States | | Consumer Discretionary | | Internet & Direct Marketing Retail |
Facebook, Inc., Class A | | United States | | Communication Services | | Interactive Media & Services |
Apple, Inc. | | United States | | Information Technology | | Technology Hardware, Storage & Peripherals |
ASML Holding N.V., NY Registry Shares | | Netherlands | | Information Technology | | Semiconductor Equipment |
Alphabet, Inc., Class A | | United States | | Communication Services | | Interactive Media & Services |
Micron Technology, Inc. | | United States | | Information Technology | | Semiconductors |
Alphabet, Inc., Class C | | United States | | Communication Services | | Interactive Media & Services |
MasterCard, Inc., Class A | | United States | | Information Technology | | Data Processing & Outsourced Services |
PayPal, Inc. | | United States | | Information Technology | | Data Processing & Outsourced Services |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Science and Technology Fund changed to Delaware Ivy Science and Technology Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 29 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SCIENCE AND TECHNOLOGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Interactive Media & Services – 17.2% | |
Alphabet, Inc., Class A (A) | | | 163 | | | $ | 435,393 | |
Alphabet, Inc., Class C (A) | | | 134 | | | | 357,770 | |
Facebook, Inc., Class A (A) | | | 1,504 | | | | 510,402 | |
Pinterest, Inc., Class A (A) | | | 1,868 | | | | 95,165 | |
Snap, Inc., Class A (A) | | | 1,438 | | | | 106,242 | |
Tencent Holdings Ltd. (B) | | | 1,670 | | | | 99,673 | |
Vimeo, Inc. (A) | | | 2,895 | | | | 85,026 | |
| | | | | | | | |
| | | | | | | 1,689,671 | |
| | | | | | | | |
| |
Wireless Telecommunication Service – 1.0% | |
T-Mobile U.S., Inc. (A) | | | 750 | | | | 95,838 | |
| | | | | | | | |
| |
Total Communication Services – 18.2% | | | | 1,785,509 | |
Consumer Discretionary | |
| |
Auto Parts & Equipment – 0.8% | |
Luminar Technologies, Inc., Class A (A)(C) | | | 5,183 | | | | 80,860 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 8.2% | |
Amazon.com, Inc. (A) | | | 215 | | | | 705,449 | |
MercadoLibre, Inc. (A) | | | 58 | | | | 97,184 | |
| | | | | | | | |
| | | | | | | 802,633 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 9.0% | | | | 883,493 | |
Health Care | |
| |
Biotechnology – 5.6% | |
CRISPR Therapeutics AG (A) | | | 862 | | | | 96,511 | |
Moderna, Inc. (A) | | | 730 | | | | 280,874 | |
Vertex Pharmaceuticals, Inc. (A) | | | 930 | | | | 168,782 | |
| | | | | | | | |
| | | | | | | 546,167 | |
| | | | | | | | |
| |
Health Care Technology – 2.3% | |
Cerner Corp. | | | 3,273 | | | | 230,826 | |
| | | | | | | | |
| |
Total Health Care – 7.9% | | | | 776,993 | |
Industrials | |
| |
Industrial Machinery – 0.2% | |
Kornit Digital Ltd. (A) | | | 121 | | | | 17,520 | |
| | | | | | | | |
| |
Trucking – 2.3% | |
Uber Technologies, Inc. (A) | | | 5,113 | | | | 229,079 | |
| | | | | | | | |
| |
Total Industrials – 2.5% | | | | 246,599 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Information Technology | |
| |
Application Software – 6.8% | |
ACI Worldwide, Inc. (A)(D) | | | 6,491 | | | $ | 199,482 | |
Aspen Technology, Inc. (A) | | | 1,347 | | | | 165,391 | |
Intuit, Inc. | | | 367 | | | | 197,951 | |
Workday, Inc., Class A (A) | | | 439 | | | | 109,733 | |
| | | | | | | | |
| | | | | | | 672,557 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 10.3% | |
Euronet Worldwide, Inc. (A) | | | 1,709 | | | | 217,474 | |
MasterCard, Inc., Class A | | | 914 | | | | 317,719 | |
PayPal, Inc. (A) | | | 1,135 | | | | 295,433 | |
WNS (Holdings) Ltd. ADR (A) | | | 2,234 | | | | 182,751 | |
| | | | | | | | |
| | | | | | | 1,013,377 | |
| | | | | | | | |
| |
Electronic Components – 2.0% | |
Amphenol Corp., Class A | | | 2,719 | | | | 199,134 | |
| | | | | | | | |
| |
Semiconductor Equipment – 4.5% | |
ASML Holding N.V., NY Registry Shares | | | 592 | | | | 441,027 | |
| | | | | | | | |
| |
Semiconductors – 18.5% | |
Ambarella, Inc. (A) | | | 526 | | | | 81,965 | |
Infineon Technologies AG (B) | | | 7,050 | | | | 288,315 | |
Microchip Technology, Inc. | | | 1,632 | | | | 250,546 | |
Micron Technology, Inc. | | | 5,619 | | | | 398,869 | |
NVIDIA Corp. | | | 1,012 | | | | 209,685 | |
ON Semiconductor Corp. (A) | | | 3,583 | | | | 163,996 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 1,696 | | | | 189,385 | |
Universal Display Corp. | | | 1,370 | | | | 234,225 | |
| | | | | | | | |
| | | | | | | 1,816,986 | |
| | | | | | | | |
| |
Systems Software – 12.9% | |
Microsoft Corp. | | | 3,480 | | | | 981,183 | |
ServiceNow, Inc. (A) | | | 472 | | | | 293,483 | |
| | | | | | | | |
| | | | | | | 1,274,666 | |
| | | | | | | | |
| |
Technology Hardware, Storage & Peripherals – 5.0% | |
Apple, Inc. | | | 3,459 | | | | 489,438 | |
| | | | | | | | |
| |
Total Information Technology – 60.0% | | | | 5,907,185 | |
Materials | |
| |
Fertilizers & Agricultural Chemicals – 0.1% | |
Marrone Bio Innovations, Inc. (A)(D) | | | 15,817 | | | | 14,251 | |
| | | | | | | | |
| |
Total Materials – 0.1% | | | | 14,251 | |
| |
TOTAL COMMON STOCKS – 97.7% | | | $ | 9,614,030 | |
(Cost: $4,272,025) | |
| | | | | | | | |
| WARRANTS | | Shares | | | Value | |
Fertilizers & Agricultural Chemicals – 0.0% | |
Marrone Bio Innovations, Inc., expires 12–15–21 (D)(E)(F) | | | 523 | | | $ | 79 | |
| | | | | | | | |
| |
TOTAL WARRANTS – 0.0% | | | $ | 79 | |
(Cost: $—) | |
| | |
| CORPORATE DEBT SECURITIES | | Principal | | | | |
Materials | |
| |
Fertilizers & Agricultural Chemicals – 0.1% | |
Marrone Bio Innovations, Inc., | | | | | | | | |
8.000%, 12–31–22 (D)(E) | | $ | 4,713 | | | | 4,856 | |
| | | | | | | | |
| |
Total Materials – 0.1% | | | | 4,856 | |
| |
TOTAL CORPORATE DEBT SECURITIES – 0.1% | | | $ | 4,856 | |
(Cost: $4,712) | |
| | |
| SHORT-TERM SECURITIES | | Shares | | | | |
Money Market Funds (H) – 2.0% | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010% (G) | | | 32,139 | | | | 32,139 | |
State Street Institutional U.S. Government Money Market Fund – Premier Class, 0.030%, | | | 164,682 | | | | 164,682 | |
| | | | | | | | |
| | | | | | | 196,821 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 2.0% | | | $ | 196,821 | |
(Cost: $196,821) | |
| |
TOTAL INVESTMENT SECURITIES – 99.8% | | | $ | 9,815,786 | |
(Cost: $4,473,558) | |
| |
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2% | | | | 23,797 | |
| |
NET ASSETS – 100.0% | | | $ | 9,839,583 | |
| | | | | | |
| 30 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SCIENCE AND TECHNOLOGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | Listed on an exchange outside the United States. |
| (C) | All or a portion of securities with an aggregate value of $31,355 are on loan. |
| (D) | Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities. |
| (E) | Restricted securities. At September 30, 2021, the Fund owned the following restricted securities: |
| | | | | | | | | | | | | | | | | | | | |
| Security | | Acquisition Date(s) | | | Principal | | | Cost | | | Value | | | | |
Marrone Bio Innovations, Inc., 8.000%, 12-31-22 | | | 8-20-15 | | | $ | 4,713 | | | $ | 4,713 | | | $ | 4,856 | | | | | |
Marrone Bio Innovations, Inc., expires 12-15-21 | | | 5-1-20 | | | | 523 | | | $ | — | | | $ | 79 | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | $ | 4,713 | | | $ | 4,935 | | | | | |
| | | | | | | | | | | | |
| | The total value of these securities represented 0.1% of net assets at September 30, 2021. |
| (F) | Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. |
| (G) | Investment made with cash collateral received from securities on loan. |
| (H) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | 1,685,836 | | | $ | 99,673 | | | $ | — | |
Consumer Discretionary | | | 883,493 | | | | — | | | | — | |
Health Care | | | 776,993 | | | | — | | | | — | |
Industrials | | | 246,599 | | | | — | | | | — | |
Information Technology | | | 5,618,870 | | | | 288,315 | | | | — | |
Materials | | | 14,251 | | | | — | | | | — | |
Total Common Stocks | | $ | 9,226,042 | | | $ | 387,988 | | | $ | — | |
Warrants | | | — | | | | 79 | | | | — | |
Corporate Debt Securities | | | — | | | | 4,856 | | | | — | |
Short-Term Securities | | | 196,821 | | | | — | | | | — | |
Total | | $ | 9,422,863 | | | $ | 392,923 | | | $ | — | |
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
REIT = Real Estate Investment Trust
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 31 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SCIENCE AND TECHNOLOGY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | |
| Country Diversification | |
(as a % of net assets) | |
United States | | | 83.4% | |
Netherlands | | | 4.5% | |
Germany | | | 2.9% | |
Taiwan | | | 1.9% | |
India | | | 1.9% | |
China | | | 1.0% | |
Brazil | | | 1.0% | |
Switzerland | | | 1.0% | |
Other Countries | | | 0.2% | |
Other+ | | | 2.2% | |
| + | Includes cash and other assets (net of liabilities), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 32 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY SECURIAN REAL ESTATE SECURITIES FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 98.2% | |
Real Estate | | | 98.2% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 1.8% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
ProLogis, Inc. | | Real Estate | | Industrial REITs |
Equinix, Inc. | | Real Estate | | Specialized REITs |
Public Storage, Inc. | | Real Estate | | Specialized REITs |
AvalonBay Communities, Inc. | | Real Estate | | Residential REITs |
Digital Realty Trust, Inc. | | Real Estate | | Specialized REITs |
Invitation Homes, Inc. | | Real Estate | | Residential REITs |
Welltower, Inc. | | Real Estate | | Health Care REITs |
UDR, Inc. | | Real Estate | | Residential REITs |
Simon Property Group, Inc. | | Real Estate | | Retail REITs |
Ventas, Inc. | | Real Estate | | Health Care REITs |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Securian Real Estate Securities Fund changed to Delaware Ivy Securian Real Estate Securities Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 33 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN REAL ESTATE SECURITIES FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Real Estate | |
| |
Diversified REITs – 1.9% | |
Essential Properties Realty Trust, Inc. | | | 111 | | | $ | 3,110 | |
VEREIT, Inc. | | | 84 | | | | 3,810 | |
| | | | | | | | |
| | | | | | | 6,920 | |
| | | | | | | | |
| |
Health Care REITs – 7.9% | |
CareTrust REIT, Inc. | | | 107 | | | | 2,164 | |
Healthpeak Properties, Inc. | | | 91 | | | | 3,033 | |
Ventas, Inc. | | | 194 | | | | 10,701 | |
Welltower, Inc. | | | 151 | | | | 12,451 | |
| | | | | | | | |
| | | | | | | 28,349 | |
| | | | | | | | |
| |
Hotel & Resort REITs – 7.0% | |
Host Hotels & Resorts, Inc. (A) | | | 534 | | | | 8,716 | |
MGM Growth Properties LLC, Class A | | | 132 | | | | 5,048 | |
Park Hotels & Resorts, Inc. (A) | | | 347 | | | | 6,642 | |
Pebblebrook Hotel Trust | | | 137 | | | | 3,068 | |
RLJ Lodging Trust | | | 118 | | | | 1,750 | |
| | | | | | | | |
| | | | | | | 25,224 | |
| | | | | | | | |
| |
Industrial REITs – 11.3% | |
Duke Realty Corp. | | | 163 | | | | 7,803 | |
First Industrial Realty Trust, Inc. | | | 66 | | | | 3,417 | |
ProLogis, Inc. | | | 233 | | | | 29,280 | |
| | | | | | | | |
| | | | | | | 40,500 | |
| | | | | | | | |
| |
Office REITs – 5.7% | |
Alexandria Real Estate Equities, Inc. | | | 36 | | | | 6,973 | |
Boston Properties, Inc. | | | 51 | | | | 5,504 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Office REITs (Continued) | |
Highwoods Properties, Inc. | | | 68 | | | $ | 2,970 | |
Kilroy Realty Corp. | | | 78 | | | | 5,175 | |
| | | | | | | | |
| | | | | | | 20,622 | |
| | | | | | | | |
| |
Residential REITs – 26.7% | |
American Homes 4 Rent | | | 261 | | | | 9,957 | |
AvalonBay Communities, Inc. | | | 63 | | | | 13,972 | |
Camden Property Trust | | | 48 | | | | 7,123 | |
Equity Lifestyle Properties, Inc. | | | 96 | | | | 7,498 | |
Equity Residential | | | 61 | | | | 4,918 | |
Essex Property Trust, Inc. | | | 32 | | | | 10,104 | |
Invitation Homes, Inc. | | | 352 | | | | 13,484 | |
Mid-America Apartment Communities, Inc. | | | 37 | | | | 6,835 | |
Sun Communities, Inc. | | | 55 | | | | 10,199 | |
UDR, Inc. | | | 230 | | | | 12,206 | |
| | | | | | | | |
| | | | | | | 96,296 | |
| | | | | | | | |
| |
Retail REITs – 13.0% | |
Agree Realty Corp. | | | 69 | | | | 4,590 | |
Brixmor Property Group, Inc. | | | 277 | | | | 6,113 | |
Kimco Realty Corp. | | | 290 | | | | 6,011 | |
Kite Realty Group Trust | | | 179 | | | | 3,640 | |
National Retail Properties, Inc. | | | 129 | | | | 5,559 | |
Realty Income Corp. | | | 44 | | | | 2,867 | |
Regency Centers Corp. | | | 91 | | | | 6,141 | |
Simon Property Group, Inc. | | | 91 | | | | 11,837 | |
| | | | | | | | |
| | | | | | | 46,758 | |
| | | | | | | | |
| |
Specialized REITs – 24.7% | |
American Tower Corp., Class A | | | 24 | | | | 6,370 | |
Digital Realty Trust, Inc. | | | 96 | | | | 13,809 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Specialized REITs (Continued) | |
Equinix, Inc. | | | 27 | | | $ | 21,301 | |
Extra Space Storage, Inc. | | | 60 | | | | 10,029 | |
Life Storage, Inc. | | | 57 | | | | 6,552 | |
Public Storage, Inc. | | | 62 | | | | 18,390 | |
SBA Communications Corp. | | | 11 | | | | 3,736 | |
VICI Properties, Inc. | | | 310 | | | | 8,806 | |
| | | | | | | | |
| | | | | | | 88,993 | |
| | | | | | | | |
| |
Total Real Estate – 98.2% | | | | 353,662 | |
| |
TOTAL COMMON STOCKS – 98.2% | | | $ | 353,662 | |
(Cost: $207,199) | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds (B) – 2.1% | |
State Street Institutional U.S. Government Money Market Fund – Premier Class 0.030% | | | 7,487 | | | | 7,487 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 2.1% | | | $ | 7,487 | |
(Cost: $7,487) | |
| |
TOTAL INVESTMENT SECURITIES – 100.3% | | | $ | 361,149 | |
(Cost: $214,686) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)% | | | | (991 | ) |
| |
NET ASSETS – 100.0% | | | $ | 360,158 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 353,662 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 7,487 | | | | — | | | | — | |
Total | | $ | 361,149 | | | $ | — | | | $ | — | |
The following acronym is used throughout this schedule:
REIT = Real Estate Investment Trust
See Accompanying Notes to Financial Statements.
| | | | | | |
| 34 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF ASSETS AND LIABILITIES | | IVY FUNDS |
AS OF SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands, except per share amounts) | | Delaware
Ivy Asset
Strategy
Fund(1)(2) | | | Delaware
Ivy
Balanced
Fund(3) | | | Delaware
Ivy Energy
Fund(4) | | | Delaware
Ivy LaSalle
Global
Real Estate
Fund(5) | | | Delaware
Ivy Natural
Resources
Fund(6) | | | Delaware
Ivy Science
and
Technology
Fund(7) | | | Delaware
Ivy Securian
Real Estate
Securities
Fund(8) | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities at value+^ | | $ | 2,529,240 | | | $ | 2,609,899 | | | $ | 207,719 | | | $ | 88,037 | | | $ | 234,355 | | | $ | 9,414,367 | | | $ | 361,149 | |
Investments in affiliated securities at value+ | | | 3,910 | | | | — | | | | — | | | | — | | | | — | | | | 401,419 | | | | — | |
Bullion at value+ | | | 145,048 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Investments at Value | | | 2,678,198 | | | | 2,609,899 | | | | 207,719 | | | | 88,037 | | | | 234,355 | | | | 9,815,786 | | | | 361,149 | |
Cash | | | 161 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Cash denominated in foreign currencies at value+ | | | 463 | | | | — | | | | — | | | | 154 | | | | 1 | | | | — | | | | — | |
Restricted cash | | | 890 | | | | 812 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Investment securities sold receivable | | | 3,957 | | | | 12,881 | | | | — | * | | | 225 | | | | — | * | | | 72,839 | | | | — | |
Dividends and interest receivable | | | 12,733 | | | | 6,011 | | | | 128 | | | | 424 | | | | 430 | | | | 4,439 | | | | 889 | |
Capital shares sold receivable | | | 875 | | | | 1,218 | | | | 4,706 | | | | 8 | | | | 57 | | | | 3,240 | | | | 171 | |
Receivable from affiliates | | | 65 | | | | 4 | | | | 196 | | | | 140 | | | | 17 | | | | 190 | | | | 7 | |
Receivable from securities lending income – net | | | 17 | | | | 4 | | | | — | * | | | — | | | | 1 | | | | 9 | | | | — | |
Prepaid and other assets | | | 76 | | | | 92 | | | | 48 | | | | 45 | | | | 50 | | | | 137 | | | | 47 | |
Total Assets | | | 2,697,435 | | | | 2,630,921 | | | | 212,797 | | | | 89,033 | | | | 234,911 | | | | 9,896,640 | | | | 362,263 | |
| | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash collateral on securities loaned at value | | | 49,526 | | | | 20,599 | | | | 3,019 | | | | — | | | | 1,971 | | | | 32,139 | | | | — | |
Investment securities purchased payable | | | 16,958 | | | | 1,247 | | | | — | | | | 1 | | | | — | | | | — | | | | 951 | |
Capital shares redeemed payable | | | 3,022 | | | | 3,119 | | | | 442 | | | | 225 | | | | 272 | | | | 14,310 | | | | 689 | |
Independent Trustees and Chief Compliance Officer fees payable | | | 822 | | | | 285 | | | | 43 | | | | 4 | | | | 345 | | | | 739 | | | | 56 | |
Overdraft due to custodian | | | — | | | | — | | | | — | | | | 184 | | | | — | | | | — | | | | — | |
Distribution and service fees payable | | | 16 | | | | 15 | | | | 1 | | | | — | * | | | 1 | | | | 55 | | | | 2 | |
Shareholder servicing payable | | | 589 | | | | 375 | | | | 58 | | | | 17 | | | | 114 | | | | 1,311 | | | | 80 | |
Investment management fee payable | | | 47 | | | | 47 | | | | 5 | | | | 2 | | | | 5 | | | | 210 | | | | 8 | |
Accounting services fee payable | | | 23 | | | | 23 | | | | 6 | | | | 4 | | | | 8 | | | | 23 | | | | 11 | |
Variation margin payable | | | — | | | | 82 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Written options at value+ | | | 2,214 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Other liabilities | | | 2,700 | | | | 1,893 | | | | 178 | | | | 99 | | | | 277 | | | | 8,270 | | | | 308 | |
Total Liabilities | | | 75,917 | | | | 27,685 | | | | 3,752 | | | | 536 | | | | 2,993 | | | | 57,057 | | | | 2,105 | |
Total Net Assets | | $ | 2,621,518 | | | $ | 2,603,236 | | | $ | 209,045 | | | $ | 88,497 | | | $ | 231,918 | | | $ | 9,839,583 | | | $ | 360,158 | |
| | | | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital paid in (shares authorized – unlimited) | | $ | 2,441,771 | | | $ | 1,784,727 | | | $ | 449,616 | | | $ | 75,578 | | | $ | 901,222 | | | $ | 2,202,281 | | | $ | 181,506 | |
Accumulated earnings gain (loss) | | | 179,747 | | | | 818,509 | | | | (240,571 | ) | | | 12,919 | | | | (669,304 | ) | | | 7,637,302 | | | | 178,652 | |
Total Net Assets | | $ | 2,621,518 | | | $ | 2,603,236 | | | $ | 209,045 | | | $ | 88,497 | | | $ | 231,918 | | | $ | 9,839,583 | | | $ | 360,158 | |
| | | | | | | |
CAPITAL SHARES OUTSTANDING: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 63,452 | | | | 54,519 | | | | 11,289 | | | | 1,051 | | | | 10,345 | | | | 59,579 | | | | 4,970 | |
Class B | | | 116 | | | | 99 | | | | 31 | | | | 1 | | | | 3 | | | | 68 | | | | 2 | |
Class C | | | 5,205 | | | | 5,498 | | | | 1,442 | | | | 256 | | | | 277 | | | | 4,626 | | | | 64 | |
Class E | | | 1,548 | | | | N/A | | | | N/A | | | | N/A | | | | 192 | | | | 650 | | | | 98 | |
Class I | | | 26,151 | | | | 29,913 | | | | 12,742 | | | | 4,930 | | | | 5,285 | | | | 25,754 | | | | 4,657 | |
Class R | | | 1,074 | | | | 408 | | | | 3,523 | | | | 71 | | | | 861 | | | | 1,539 | | | | 20 | |
Class R6 | | | 614 | | | | 379 | | | | 531 | | | | 1,182 | | | | 87 | | | | 1,748 | | | | 23 | |
Class Y | | | 4,142 | | | | 544 | | | | 1,134 | | | | 95 | | | | 756 | | | | 4,159 | | | | 2,847 | |
| | | | | | | |
NET ASSET VALUE PER SHARE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | $25.61 | | | | $28.52 | | | | $6.71 | | | | $11.62 | | | | $12.86 | | | | $97.08 | | | | $28.29 | |
Class B | | | $23.54 | | | | $27.95 | | | | $6.00 | | | | $11.48 | | | | $9.58 | | | | $71.58 | | | | $26.68 | |
Class C | | | $23.80 | | | | $28.12 | | | | $6.14 | | | | $11.49 | | | | $10.54 | | | | $76.10 | | | | $27.39 | |
Class E | | | $25.72 | | | | N/A | | | | N/A | | | | N/A | | | | $13.28 | | | | $95.74 | | | | $28.32 | |
Class I | | | $26.03 | | | | $28.52 | | | | $7.02 | | | | $11.68 | | | | $13.49 | | | | $111.18 | | | | $28.56 | |
Class R | | | $25.22 | | | | $28.42 | | | | $6.62 | | | | $11.56 | | | | $12.69 | | | | $92.46 | | | | $28.24 | |
Class R6 | | | $26.11 | | | | $28.59 | | | | $7.06 | | | | $11.69 | | | | $13.55 | | | | $112.48 | | | | $28.61 | |
Class Y | | | $25.69 | | | | $28.52 | | | | $6.82 | | | | $11.77 | | | | $13.22 | | | | $104.41 | | | | $28.35 | |
| | | | | | | |
+COST | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities at cost | | $ | 1,914,404 | | | $ | 2,017,621 | | | $ | 148,094 | | | $ | 71,233 | | | $ | 222,823 | | | $ | 4,393,929 | | | $ | 214,686 | |
Investments in affiliated securities at cost | | | 627,149 | | | | — | | | | — | | | | — | | | | — | | | | 79,629 | | | | — | |
Bullion at cost | | | 96,737 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Cash denominated in foreign currencies at cost | | | 467 | | | | — | | | | — | | | | 155 | | | | 1 | | | | — | | | | — | |
Written options premiums received at cost | | | 2,252 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
^Securities loaned at value | | | 76,206 | | | | 27,860 | | | | 2,949 | | | | — | | | | 9,438 | | | | 31,355 | | | | — | |
| * | Not shown due to rounding. |
| (1) | Consolidated Statement of Assets and Liabilities (See Note 5 in Notes to Financial Statements). |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Asset Strategy Fund to Delaware Ivy Asset Strategy Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Balanced Fund to Delaware Ivy Balanced Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Energy Fund to Delaware Ivy Energy Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy LaSalle Global Real Estate Fund to Delaware Ivy LaSalle Global Real Estate Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Natural Resources Fund to Delaware Ivy Natural Resources Fund. |
| (7) | Effective July 1, 2021, the Fund’s name changed from Ivy Science and Technology Fund to Delaware Ivy Science and Technology Fund. |
| (8) | Effective July 1, 2021, the Fund’s name changed from Ivy Securian Real Estate Securities Fund to Delaware Ivy Securian Real Estate Securities Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 35 | |
| | |
| STATEMENTS OF OPERATIONS | | IVY FUNDS |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | Delaware
Ivy Asset
Strategy
Fund(1)(2) | | | Delaware
Ivy
Balanced
Fund(3) | | | Delaware
Ivy
Energy
Fund(4) | | | Delaware
Ivy LaSalle
Global
Real Estate
Fund(5) | | | Delaware
Ivy Natural
Resources
Fund(6) | | | Delaware
Ivy Science
and
Technology
Fund(7) | | | Delaware
Ivy Securian
Real Estate
Securities
Fund(8) | |
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from unaffiliated securities | | $ | 19,881 | | | $ | 12,483 | | | $ | 2,604 | | | $ | 1,371 | | | $ | 4,608 | | | $ | 15,930 | | | $ | 3,622 | |
Foreign dividend withholding tax | | | (1,667 | ) | | | (142 | ) | | | (29 | ) | | | (54 | ) | | | (128 | ) | | | (326 | ) | | | — | |
Interest and amortization from unaffiliated securities | | | 16,335 | | | | 8,214 | | | | 1 | | | | — | * | | | 1 | | | | 25 | | | | — | * |
Interest and amortization from affiliated securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | 186 | | | | — | |
Securities lending income – net | | | 64 | | | | 9 | | | | 3 | | | | — | * | | | 6 | | | | 73 | | | | — | |
Total Investment Income | | | 34,613 | | | | 20,564 | | | | 2,579 | | | | 1,317 | | | | 4,487 | | | | 15,888 | | | | 3,622 | |
| | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment management fee | | | 8,983 | | | | 8,812 | | | | 897 | | | | 466 | | | | 1,034 | | | | 40,025 | | | | 1,662 | |
Distribution and service fees: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 2,096 | | | | 1,983 | | | | 91 | | | | 16 | | | | 174 | | | | 7,485 | | | | 180 | |
Class B | | | 28 | | | | 31 | | | | 1 | | | | 1 | | | | — | * | | | 52 | | | | 1 | |
Class C | | | 695 | | | | 869 | | | | 45 | | | | 16 | | | | 16 | | | | 1,995 | | | | 10 | |
Class E | | | 51 | | | | N/A | | | | N/A | | | | N/A | | | | 4 | | | | 80 | | | | 4 | |
Class R | | | 72 | | | | 29 | | | | 61 | | | | 3 | | | | 30 | | | | 382 | | | | 1 | |
Class Y | | | 140 | | | | 21 | | | | 10 | | | | 1 | | | | 13 | | | | 580 | | | | 100 | |
Shareholder servicing: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,173 | | | | 824 | | | | 142 | | | | 14 | | | | 321 | | | | 2,378 | | | | 158 | |
Class B | | | 12 | | | | 9 | | | | 1 | | | | — | * | | | 3 | | | | 15 | | | | 1 | |
Class C | | | 123 | | | | 108 | | | | 15 | | | | 1 | | | | 7 | | | | 235 | | | | 4 | |
Class E | | | 53 | | | | N/A | | | | N/A | | | | N/A | | | | 13 | | | | 74 | | | | 8 | |
Class I | | | 585 | | | | 704 | | | | 85 | | | | 59 | | | | 66 | | | | 2,372 | | | | 123 | |
Class R | | | 36 | | | | 15 | | | | 31 | | | | 2 | | | | 15 | | | | 192 | | | | 1 | |
Class R6 | | | — | * | | | — | * | | | — | * | | | — | * | | | — | * | | | 10 | | | | — | * |
Class Y | | | 89 | | | | 13 | | | | 7 | | | | 1 | | | | 9 | | | | 354 | | | | 60 | |
Registration fees | | | 68 | | | | 70 | | | | 51 | | | | 50 | | | | 55 | | | | 94 | | | | 57 | |
Custodian fees | | | 89 | | | | 16 | | | | 4 | | | | 12 | | | | 3 | | | | 109 | | | | 3 | |
Independent Trustees and Chief Compliance Officer fees | | | 152 | | | | 98 | | | | 10 | | | | 3 | | | | 41 | | | | 333 | | | | 15 | |
Accounting services fee | | | 138 | | | | 136 | | | | 44 | | | | 25 | | | | 49 | | | | 138 | | | | 65 | |
Professional fees | | | 34 | | | | 13 | | | | 9 | | | | 16 | | | | 27 | | | | 18 | | | | 17 | |
Third-party valuation service fees | | | 4 | | | | — | | | | — | | | | 4 | | | | — | | | | — | * | | | — | |
Other | | | 75 | | | | 53 | | | | 18 | | | | 14 | | | | 23 | | | | 146 | | | | 22 | |
Total Expenses | | | 14,696 | | | | 13,804 | | | | 1,522 | | | | 704 | | | | 1,903 | | | | 57,067 | | | | 2,492 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses in excess of limit | | | (65 | ) | | | (4 | ) | | | (195 | ) | | | (139 | ) | | | (17 | ) | | | (189 | ) | | | (192 | ) |
Total Net Expenses | | | 14,631 | | | | 13,800 | | | | 1,327 | | | | 565 | | | | 1,886 | | | | 56,878 | | | | 2,300 | |
Net Investment Income (Loss) | | | 19,982 | | | | 6,764 | | | | 1,252 | | | | 752 | | | | 2,601 | | | | (40,990 | ) | | | 1,322 | |
| | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | 65,927 | | | | 131,916 | | | | 728 | | | | 10,127 | | | | 4,767 | | | | 1,819,834 | | | | 17,467 | |
Investments in affiliated securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | 225,186 | | | | — | |
Futures contracts | | | — | | | | 417 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Written options | | | 7,147 | | | | — | | | | — | | | | — | | | | — | | | | 6,509 | | | | — | |
Swap agreements | | | 244 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Foreign currency exchange transactions | | | (146 | ) | | | — | | | | — | | | | (4 | ) | | | 1 | | | | (372 | ) | | | — | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | 75,664 | | | | (18,914 | ) | | | 14,307 | | | | (2,346 | ) | | | 1,429 | | | | (1,201,715 | ) | | | 28,553 | |
Investments in affiliated securities | | | (8,929 | ) | | | — | | | | — | | | | — | | | | — | | | | (259,397 | ) | | | — | |
Futures contracts | | | — | | | | 832 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Written options | | | (1,354 | ) | | | — | | | | — | | | | — | | | | — | | | | (4,073 | ) | | | — | |
Swap agreements | | | (176 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Foreign currency exchange transactions | | | (3 | ) | | | — | | | | — | | | | — | * | | | (4 | ) | | | 35 | | | | — | |
Net Realized and Unrealized Gain | | | 138,374 | | | | 114,251 | | | | 15,035 | | | | 7,777 | | | | 6,193 | | | | 586,007 | | | | 46,020 | |
Net Increase in Net Assets Resulting from Operations | | $ | 158,356 | | | $ | 121,015 | | | $ | 16,287 | | | $ | 8,529 | | | $ | 8,794 | | | $ | 545,017 | | | $ | 47,342 | |
| * | Not shown due to rounding. |
| (1) | Consolidated Statement of Operations (See Note 5 in Notes to Financial Statements). |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Asset Strategy Fund to Delaware Ivy Asset Strategy Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Balanced Fund to Delaware Ivy Balanced Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Energy Fund to Delaware Ivy Energy Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy LaSalle Global Real Estate Fund to Delaware Ivy LaSalle Global Real Estate Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Natural Resources Fund to Delaware Ivy Natural Resources Fund. |
| (7) | Effective July 1, 2021, the Fund’s name changed from Ivy Science and Technology Fund to Delaware Ivy Science and Technology Fund. |
| (8) | Effective July 1, 2021, the Fund��s name changed from Ivy Securian Real Estate Securities Fund to Delaware Ivy Securian Real Estate Securities Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 36 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Asset
Strategy Fund(1)(2) | | | Delaware Ivy
Balanced Fund(3) | | | Delaware Ivy
Energy Fund(4) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 19,982 | | | $ | 33,978 | | | $ | 6,764 | | | $ | 22,646 | | | $ | 1,252 | | | $ | 2,673 | |
Net realized gain (loss) on investments | | | 73,172 | | | | 182,066 | | | | 132,333 | | | | 167,124 | | | | 728 | | | | (24,035 | ) |
Net change in unrealized appreciation (depreciation) | | | 65,202 | | | | 697,497 | | | | (18,082 | ) | | | 640,123 | | | | 14,307 | | | | 126,773 | |
Net Increase in Net Assets Resulting from Operations | | | 158,356 | | | | 913,541 | | | | 121,015 | | | | 829,893 | | | | 16,287 | | | | 105,411 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (18,825 | ) | | | (40,600 | ) | | | (2,191 | ) | | | (89,769 | ) | | | — | | | | (1,319 | ) |
Class B | | | (43 | ) | | | (313 | ) | | | — | * | | | (862 | ) | | | — | | | | (2 | ) |
Class C | | | (1,159 | ) | | | (6,150 | ) | | | — | * | | | (14,443 | ) | | | — | | | | (81 | ) |
Class E | | | (490 | ) | | | (1,069 | ) | | | N/A | | | | — | * | | | N/A | | | | — | |
Class I | | | (8,753 | ) | | | (20,658 | ) | | | (1,940 | ) | | | (54,306 | ) | | | — | | | | (2,362 | ) |
Class R | | | (282 | ) | | | (738 | ) | | | — | | | | (759 | ) | | | — | | | | (262 | ) |
Class R6 | | | (210 | ) | | | (489 | ) | | | (31 | ) | | | (734 | ) | | | — | | | | (64 | ) |
Class Y | | | (1,249 | ) | | | (3,091 | ) | | | (22 | ) | | | (1,023 | ) | | | — | | | | (123 | ) |
Total Distributions to Shareholders | | | (31,011 | ) | | | (73,108 | ) | | | (4,184 | ) | | | (161,896 | ) | | | — | | | | (4,213 | ) |
Capital Share Transactions | | | (169,905 | ) | | | (370,035 | ) | | | (99,890 | ) | | | (132,298 | ) | | | (20,595 | ) | | | 1,412 | |
Net Increase (Decrease) in Net Assets | | | (42,560 | ) | | | 470,398 | | | | 16,941 | | | | 535,699 | | | | (4,308 | ) | | | 102,610 | |
Net Assets, Beginning of Period | | | 2,664,078 | | | | 2,193,680 | | | | 2,586,295 | | | | 2,050,596 | | | | 213,353 | | | | 110,743 | |
Net Assets, End of Period | | $ | 2,621,518 | | | $ | 2,664,078 | | | $ | 2,603,236 | | | $ | 2,586,295 | | | $ | 209,045 | | | $ | 213,353 | |
| * | Not shown due to rounding. |
| (1) | Consolidated Statements of Changes in Net Assets (See Note 5 in Notes to Financial Statements). |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Asset Strategy Fund to Delaware Ivy Asset Strategy Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Balanced Fund to Delaware Ivy Balanced Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Energy Fund to Delaware Ivy Energy Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 37 | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy LaSalle Global
Real Estate Fund(1) | | | Delaware Ivy Natural
Resources Fund(2) | | | Delaware Ivy Science and
Technology Fund(3) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 752 | | | $ | 1,569 | | | $ | 2,601 | | | $ | 2,252 | | | $ | (40,990 | ) | | $ | (58,024 | ) |
Net realized gain (loss) on investments | | | 10,123 | | | | (6,199 | ) | | | 4,768 | | | | (6,414 | ) | | | 2,051,157 | | | | 713,902 | |
Net change in unrealized appreciation (depreciation) | | | (2,346 | ) | | | 35,585 | | | | 1,425 | | | | 102,204 | | | | (1,465,150 | ) | | | 3,639,018 | |
Net Increase in Net Assets Resulting from Operations | | | 8,529 | | | | 30,955 | | | | 8,794 | | | | 98,042 | | | | 545,017 | | | | 4,294,896 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (200 | ) | | | (315 | ) | | | — | | | | (373 | ) | | | — | | | | (459,417 | ) |
Class B | | | — | * | | | (18 | ) | | | — | | | | — | | | | — | | | | (2,343 | ) |
Class C | | | (42 | ) | | | (82 | ) | | | — | | | | (3 | ) | | | — | | | | (51,494 | ) |
Class E | | | N/A | | | | N/A | | | | — | | | | (17 | ) | | | — | | | | (4,786 | ) |
Class I | | | (1,083 | ) | | | (1,925 | ) | | | — | | | | (436 | ) | | | — | | | | (211,754 | ) |
Class R | | | (16 | ) | | | (34 | ) | | | — | | | | (37 | ) | | | — | | | | (13,321 | ) |
Class R6 | | | (250 | ) | | | (448 | ) | | | — | | | | (7 | ) | | | — | | | | (13,664 | ) |
Class Y | | | (18 | ) | | | (28 | ) | | | — | | | | (52 | ) | | | — | | | | (35,379 | ) |
Total Distributions to Shareholders | | | (1,609 | ) | | | (2,850 | ) | | | — | | | | (925 | ) | | | — | | | | (792,158 | ) |
Capital Share Transactions | | | (13,069 | ) | | | (37,596 | ) | | | (13,506 | ) | | | (41,811 | ) | | | (566,119 | ) | | | (216,959 | ) |
Net Increase (Decrease) in Net Assets | | | (6,149 | ) | | | (9,491 | ) | | | (4,712 | ) | | | 55,306 | | | | (21,102 | ) | | | 3,285,779 | |
Net Assets, Beginning of Period | | | 94,646 | | | | 104,137 | | | | 236,630 | | | | 181,324 | | | | 9,860,685 | | | | 6,574,906 | |
Net Assets, End of Period | | $ | 88,497 | | | $ | 94,646 | | | $ | 231,918 | | | $ | 236,630 | | | $ | 9,839,583 | | | $ | 9,860,685 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy LaSalle Global Real Estate Fund to Delaware Ivy LaSalle Global Real Estate Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Natural Resources Fund to Delaware Ivy Natural Resources Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Science and Technology Fund to Delaware Ivy Science and Technology Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 38 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | |
| | | Delaware Ivy Securian Real
Estate Securities Fund(1) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
Operations: | | | | | | | | |
Net investment income | | $ | 1,322 | | | $ | 3,110 | |
Net realized gain on investments | | | 17,467 | | | | 24,689 | |
Net change in unrealized appreciation | | | 28,553 | | | | 67,816 | |
Net Increase in Net Assets Resulting from Operations | | | 47,342 | | | | 95,615 | |
| | |
Distributions to Shareholders From: | | | | | | | | |
Accumulated earnings: | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | |
Class A | | | (200 | ) | | | (2,275 | ) |
Class B | | | — | | | | (6 | ) |
Class C | | | — | | | | (29 | ) |
Class E | | | (5 | ) | | | (48 | ) |
Class I | | | (384 | ) | | | (2,558 | ) |
Class R | | | — | * | | | (7 | ) |
Class R6 | | | (2 | ) | | | (10 | ) |
Class Y | | | (140 | ) | | | (1,265 | ) |
Total Distributions to Shareholders | | | (731 | ) | | | (6,198 | ) |
Capital Share Transactions | | | (19,374 | ) | | | (69,952 | ) |
Net Increase in Net Assets | | | 27,237 | | | | 19,465 | |
Net Assets, Beginning of Period | | | 332,921 | | | | 313,456 | |
Net Assets, End of Period | | $ | 360,158 | | | $ | 332,921 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Securian Real Estate Securities Fund to Delaware Ivy Securian Real Estate Securities Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 39 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY ASSET STRATEGY FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income
(Loss)(1) | | |
Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 24.45 | | | $ | 0.19 | | | $ | 1.26 | | | $ | 1.45 | | | $ | (0.29 | ) | | $ | — | | | $ | (0.29 | ) |
Year ended 3-31-2021 | | | 17.41 | | | | 0.29 | | | | 7.39 | | | | 7.68 | | | | (0.39 | ) | | | (0.25 | ) | | | (0.64 | ) |
Year ended 3-31-2020 | | | 20.63 | | | | 0.43 | | | | (2.42 | ) | | | (1.99 | ) | | | (0.42 | ) | | | (0.81 | ) | | | (1.23 | ) |
Year ended 3-31-2019 | | | 24.02 | | | | 0.38 | | | | 0.09 | | | | 0.47 | | | | (0.40 | ) | | | (3.46 | ) | | | (3.86 | ) |
Year ended 3-31-2018 | | | 21.86 | | | | 0.21 | | | | 2.64 | | | | 2.85 | | | | (0.24 | ) | | | (0.45 | ) | | | (0.69 | ) |
Year ended 3-31-2017 | | | 20.83 | | | | 0.00 | * | | | 1.03 | | | | 1.03 | | | | — | | | | — | | | | — | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.51 | | | | 0.05 | | | | 1.14 | | | | 1.19 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Year ended 3-31-2021 | | | 16.08 | | | | 0.10 | | | | 6.80 | | | | 6.90 | | | | (0.22 | ) | | | (0.25 | ) | | | (0.47 | ) |
Year ended 3-31-2020 | | | 19.15 | | | | 0.25 | | | | (2.23 | ) | | | (1.98 | ) | | | (0.28 | ) | | | (0.81 | ) | | | (1.09 | ) |
Year ended 3-31-2019 | | | 22.55 | | | | 0.20 | | | | 0.06 | | | | 0.26 | | | | (0.20 | ) | | | (3.46 | ) | | | (3.66 | ) |
Year ended 3-31-2018 | | | 20.56 | | | | 0.02 | | | | 2.50 | | | | 2.52 | | | | (0.08 | ) | | | (0.45 | ) | | | (0.53 | ) |
Year ended 3-31-2017 | | | 19.73 | | | | (0.16 | ) | | | 0.99 | | | | 0.83 | | | | — | | | | — | | | | — | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.75 | | | | 0.08 | | | | 1.17 | | | | 1.25 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2021 | | | 16.24 | | | | 0.13 | | | | 6.87 | | | | 7.00 | | | | (0.24 | ) | | | (0.25 | ) | | | (0.49 | ) |
Year ended 3-31-2020 | | | 19.33 | | | | 0.27 | | | | (2.26 | ) | | | (1.99 | ) | | | (0.29 | ) | | | (0.81 | ) | | | (1.10 | ) |
Year ended 3-31-2019 | | | 22.71 | | | | 0.22 | | | | 0.07 | | | | 0.29 | | | | (0.21 | ) | | | (3.46 | ) | | | (3.67 | ) |
Year ended 3-31-2018 | | | 20.71 | | | | 0.02 | | | | 2.51 | | | | 2.53 | | | | (0.08 | ) | | | (0.45 | ) | | | (0.53 | ) |
Year ended 3-31-2017 | | | 19.87 | | | | (0.15 | ) | | | 0.99 | | | | 0.84 | | | | — | | | | — | | | | — | |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.56 | | | | 0.21 | | | | 1.27 | | | | 1.48 | | | | (0.32 | ) | | | — | | | | (0.32 | ) |
Year ended 3-31-2021 | | | 17.48 | | | | 0.33 | | | | 7.42 | | | | 7.75 | | | | (0.42 | ) | | | (0.25 | ) | | | (0.67 | ) |
Year ended 3-31-2020 | | | 20.71 | | | | 0.46 | | | | (2.43 | ) | | | (1.97 | ) | | | (0.45 | ) | | | (0.81 | ) | | | (1.26 | ) |
Year ended 3-31-2019 | | | 24.11 | | | | 0.41 | | | | 0.08 | | | | 0.49 | | | | (0.43 | ) | | | (3.46 | ) | | | (3.89 | ) |
Year ended 3-31-2018 | | | 21.95 | | | | 0.24 | | | | 2.66 | | | | 2.90 | | | | (0.29 | ) | | | (0.45 | ) | | | (0.74 | ) |
Year ended 3-31-2017 | | | 20.89 | | | | (0.03 | ) | | | 1.09 | | | | 1.06 | | | | — | | | | — | | | | — | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.85 | | | | 0.22 | | | | 1.29 | | | | 1.51 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2021 | | | 17.68 | | | | 0.35 | | | | 7.51 | | | | 7.86 | | | | (0.44 | ) | | | (0.25 | ) | | | (0.69 | ) |
Year ended 3-31-2020 | | | 20.93 | | | | 0.50 | | | | (2.46 | ) | | | (1.96 | ) | | | (0.48 | ) | | | (0.81 | ) | | | (1.29 | ) |
Year ended 3-31-2019 | | | 24.33 | | | | 0.44 | | | | 0.10 | | | | 0.54 | | | | (0.48 | ) | | | (3.46 | ) | | | (3.94 | ) |
Year ended 3-31-2018 | | | 22.16 | | | | 0.27 | | | | 2.70 | | | | 2.97 | | | | (0.35 | ) | | | (0.45 | ) | | | (0.80 | ) |
Year ended 3-31-2017 | | | 21.06 | | | | 0.05 | | | | 1.05 | | | | 1.10 | | | | — | | | | — | | | | — | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.09 | | | | 0.14 | | | | 1.24 | | | | 1.38 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year ended 3-31-2021 | | | 17.17 | | | | 0.22 | | | | 7.27 | | | | 7.49 | | | | (0.32 | ) | | | (0.25 | ) | | | (0.57 | ) |
Year ended 3-31-2020 | | | 20.35 | | | | 0.36 | | | | (2.37 | ) | | | (2.01 | ) | | | (0.36 | ) | | | (0.81 | ) | | | (1.17 | ) |
Year ended 3-31-2019 | | | 23.73 | | | | 0.31 | | | | 0.08 | | | | 0.39 | | | | (0.31 | ) | | | (3.46 | ) | | | (3.77 | ) |
Year ended 3-31-2018 | | | 21.59 | | | | 0.13 | | | | 2.61 | | | | 2.74 | | | | (0.15 | ) | | | (0.45 | ) | | | (0.60 | ) |
Year ended 3-31-2017 | | | 20.63 | | | | (0.10 | ) | | | 1.06 | | | | 0.96 | | | | — | | | | — | | | | — | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.92 | | | | 0.24 | | | | 1.29 | | | | 1.53 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Year ended 3-31-2021 | | | 17.73 | | | | 0.37 | | | | 7.54 | | | | 7.91 | | | | (0.47 | ) | | | (0.25 | ) | | | (0.72 | ) |
Year ended 3-31-2020 | | | 20.99 | | | | 0.51 | | | | (2.45 | ) | | | (1.94 | ) | | | (0.51 | ) | | | (0.81 | ) | | | (1.32 | ) |
Year ended 3-31-2019 | | | 24.40 | | | | 0.45 | | | | 0.11 | | | | 0.56 | | | | (0.51 | ) | | | (3.46 | ) | | | (3.97 | ) |
Year ended 3-31-2018 | | | 22.24 | | | | 0.28 | | | | 2.73 | | | | 3.01 | | | | (0.40 | ) | | | (0.45 | ) | | | (0.85 | ) |
Year ended 3-31-2017 | | | 21.10 | | | | 0.02 | | | | 1.12 | | | | 1.14 | | | | — | | | | — | | | | — | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.53 | | | | 0.19 | | | | 1.26 | | | | 1.45 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2021 | | | 17.47 | | | | 0.30 | | | | 7.40 | | | | 7.70 | | | | (0.39 | ) | | | (0.25 | ) | | | (0.64 | ) |
Year ended 3-31-2020 | | | 20.69 | | | | 0.44 | | | | (2.42 | ) | | | (1.98 | ) | | | (0.43 | ) | | | (0.81 | ) | | | (1.24 | ) |
Year ended 3-31-2019 | | | 24.09 | | | | 0.39 | | | | 0.08 | | | | 0.47 | | | | (0.41 | ) | | | (3.46 | ) | | | (3.87 | ) |
Year ended 3-31-2018 | | | 21.92 | | | | 0.21 | | | | 2.67 | | | | 2.88 | | | | (0.26 | ) | | | (0.45 | ) | | | (0.71 | ) |
Year ended 3-31-2017 | | | 20.88 | | | | 0.00 | * | | | 1.04 | | | | 1.04 | | | | — | | | | — | | | | — | |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding litigation expenses was 1.00%. |
| (7) | Expense ratio based on the period excluding litigation expenses reimbursement was 0.97%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Asset Strategy Fund to Delaware Ivy Asset Strategy Fund. |
| | | | | | |
| 40 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 25.61 | | | | 5.66 | % | | $ | 1,625 | | | | 1.09 | %(5) | | | 1.44 | %(5) | | | — | % | | | — | % | | | 8 | % |
Year ended 3-31-2021 | | | 24.45 | | | | 44.79 | | | | 1,601 | | | | 1.07 | | | | 1.33 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2020 | | | 17.41 | | | | -10.69 | | | | 1,128 | | | | 1.13 | | | | 2.03 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 20.63 | | | | 2.67 | | | | 1,361 | | | | 1.16 | | | | 1.71 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2018 | | | 24.02 | | | | 13.11 | | | | 1,345 | | | | 1.13 | | | | 0.90 | | | | — | | | | — | | | | 34 | |
Year ended 3-31-2017 | | | 21.86 | | | | 4.95 | | | | 1,315 | | | | 1.12 | | | | -0.02 | | | | — | | | | — | | | | 51 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 23.54 | | | | 5.05 | | | | 3 | | | | 2.14 | (5) | | | 0.44 | (5) | | | — | | | | — | | | | 8 | |
Year ended 3-31-2021 | | | 22.51 | | | | 43.50 | | | | 9 | | | | 2.00 | | | | 0.48 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2020 | | | 16.08 | | | | -11.42 | | | | 18 | | | | 1.97 | | | | 1.28 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 19.15 | | | | 1.89 | | | | 47 | | | | 1.93 | | | | 0.96 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2018 | | | 22.55 | | | | 12.26 | | | | 86 | | | | 1.91 | | | | 0.10 | | | | — | | | | — | | | | 34 | |
Year ended 3-31-2017 | | | 20.56 | | | | 4.21 | | | | 141 | | | | 1.83 | | | | -0.81 | | | | — | | | | — | | | | 51 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 23.80 | | | | 5.25 | | | | 124 | | | | 1.88 | (5) | | | 0.66 | (5) | | | — | | | | — | | | | 8 | |
Year ended 3-31-2021 | | | 22.75 | | | | 43.70 | | | | 146 | | | | 1.86 | | | | 0.63 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2020 | | | 16.24 | | | | -11.37 | | | | 298 | | | | 1.88 | | | | 1.34 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 19.33 | | | | 1.99 | | | | 634 | | | | 1.83 | | | | 1.05 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2018 | | | 22.71 | | | | 12.29 | | | | 995 | | | | 1.89 | | | | 0.11 | | | | — | | | | — | | | | 34 | |
Year ended 3-31-2017 | | | 20.71 | | | | 4.23 | | | | 1,620 | | | | 1.83 | | | | -0.75 | | | | — | | | | — | | | | 51 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 25.72 | | | | 5.76 | | | | 40 | | | | 0.97 | (5) | | | 1.58 | (5) | | | 1.24 | (5) | | | 1.31 | (5) | | | 8 | |
Year ended 3-31-2021 | | | 24.56 | | | | 44.95 | | | | 39 | | | | 0.93 | (7) | | | 1.48 | | | | 1.17 | | | | 1.24 | | | | 40 | |
Year ended 3-31-2020 | | | 17.48 | | | | -10.58 | | | | 30 | | | | 1.00 | | | | 2.17 | | | | 1.25 | | | | 1.92 | | | | 44 | |
Year ended 3-31-2019 | | | 20.71 | | | | 2.74 | | | | 37 | | | | 1.04 | (6) | | | 1.82 | | | | 1.31 | | | | 1.55 | | | | 52 | |
Year ended 3-31-2018 | | | 24.11 | | | | 13.29 | | | | 37 | | | | 1.00 | | | | 1.03 | | | | 1.30 | | | | 0.73 | | | | 34 | |
Year ended 3-31-2017 | | | 21.95 | | | | 5.07 | | | | 38 | | | | 1.03 | | | | -0.13 | | | | 1.28 | | | | -0.38 | | | | 51 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.03 | | | | 5.77 | | | | 681 | | | | 0.86 | (5) | | | 1.67 | (5) | | | — | | | | — | | | | 8 | |
Year ended 3-31-2021 | | | 24.85 | | | | 45.16 | | | | 713 | | | | 0.83 | | | | 1.59 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2020 | | | 17.68 | | | | -10.44 | | | | 586 | | | | 0.87 | | | | 2.31 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 20.93 | | | | 2.93 | | | | 805 | | | | 0.89 | | | | 1.97 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2018 | | | 24.33 | | | | 13.48 | | | | 622 | | | | 0.85 | | | | 1.15 | | | | — | | | | — | | | | 34 | |
Year ended 3-31-2017 | | | 22.16 | | | | 5.22 | | | | 952 | | | | 0.85 | | | | 0.23 | | | | — | | | | — | | | | 51 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 25.22 | | | | 5.45 | | | | 27 | | | | 1.45 | (5) | | | 1.08 | (5) | | | — | | | | — | | | | 8 | |
Year ended 3-31-2021 | | | 24.09 | | | | 44.26 | | | | 28 | | | | 1.42 | | | | 1.02 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2020 | | | 17.17 | | | | -10.93 | | | | 28 | | | | 1.46 | | | | 1.72 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 20.35 | | | | 2.32 | | | | 44 | | | | 1.47 | | | | 1.40 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2018 | | | 23.73 | | | | 12.74 | | | | 54 | | | | 1.45 | | | | 0.57 | | | | — | | | | — | | | | 34 | |
Year ended 3-31-2017 | | | 21.59 | | | | 4.65 | | | | 65 | | | | 1.43 | | | | -0.48 | | | | — | | | | — | | | | 51 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.11 | | | | 5.87 | | | | 16 | | | | 0.71 | (5) | | | 1.84 | (5) | | | — | | | | — | | | | 8 | |
Year ended 3-31-2021 | | | 24.92 | | | | 45.35 | | | | 19 | | | | 0.67 | | | | 1.62 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2020 | | | 17.73 | | | | -10.32 | | | | 8 | | | | 0.72 | | | | 2.35 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 20.99 | | | | 3.03 | | | | 5 | | | | 0.79 | | | | 2.03 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2018 | | | 24.40 | | | | 13.65 | | | | 2 | | | | 0.78 | | | | 1.19 | | | | — | | | | — | | | | 34 | |
Year ended 3-31-2017 | | | 22.24 | | | | 5.40 | | | | 13 | | | | 0.69 | | | | 0.07 | | | | — | | | | — | | | | 51 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 25.69 | | | | 5.64 | | | | 106 | | | | 1.09 | (5) | | | 1.44 | (5) | | | 1.11 | (5) | | | 1.42 | (5) | | | 8 | |
Year ended 3-31-2021 | | | 24.53 | | | | 44.75 | | | | 109 | | | | 1.07 | | | | 1.36 | | | | 1.08 | | | | 1.35 | | | | 40 | |
Year ended 3-31-2020 | | | 17.47 | | | | -10.64 | | | | 98 | | | | 1.11 | | | | 2.08 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 20.69 | | | | 2.70 | | | | 151 | | | | 1.13 | | | | 1.73 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2018 | | | 24.09 | | | | 13.15 | | | | 175 | | | | 1.10 | | | | 0.92 | | | | — | | | | — | | | | 34 | |
Year ended 3-31-2017 | | | 21.92 | | | | 4.98 | | | | 237 | | | | 1.08 | | | | — | | | | — | | | | — | | | | 51 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 41 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY BALANCED FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | |
Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 27.29 | | | $ | 0.07 | | | $ | 1.20 | | | $ | 1.27 | | | $ | (0.04 | ) | | $ | — | | | $ | (0.04 | ) |
Year ended 3-31-2021 | | | 20.43 | | | | 0.24 | | | | 8.38 | | | | 8.62 | | | | (0.28 | ) | | | (1.48 | ) | | | (1.76 | ) |
Year ended 3-31-2020 | | | 23.58 | | | | 0.31 | | | | (1.57 | ) | | | (1.26 | ) | | | (0.34 | ) | | | (1.55 | ) | | | (1.89 | ) |
Year ended 3-31-2019 | | | 24.74 | | | | 0.37 | | | | 1.03 | | | | 1.40 | | | | (0.36 | ) | | | (2.20 | ) | | | (2.56 | ) |
Year ended 3-31-2018 | | | 24.33 | | | | 0.37 | | | | 1.18 | | | | 1.55 | | | | (0.48 | ) | | | (0.66 | ) | | | (1.14 | ) |
Year ended 3-31-2017 | | | 22.99 | | | | 0.33 | | | | 1.59 | | | | 1.92 | | | | (0.30 | ) | | | (0.28 | ) | | | (0.58 | ) |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.84 | | | | (0.07 | ) | | | 1.18 | | | | 1.11 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 20.15 | | | | 0.04 | | | | 8.25 | | | | 8.29 | | | | (0.12 | ) | | | (1.48 | ) | | | (1.60 | ) |
Year ended 3-31-2020 | | | 23.29 | | | | 0.11 | | | | (1.55 | ) | | | (1.44 | ) | | | (0.15 | ) | | | (1.55 | ) | | | (1.70 | ) |
Year ended 3-31-2019 | | | 24.47 | | | | 0.18 | | | | 1.01 | | | | 1.19 | | | | (0.17 | ) | | | (2.20 | ) | | | (2.37 | ) |
Year ended 3-31-2018 | | | 24.09 | | | | 0.18 | | | | 1.17 | | | | 1.35 | | | | (0.31 | ) | | | (0.66 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 22.78 | | | | 0.15 | | | | 1.59 | | | | 1.74 | | | | (0.15 | ) | | | (0.28 | ) | | | (0.43 | ) |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.98 | | | | (0.04 | ) | | | 1.18 | | | | 1.14 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 20.24 | | | | 0.06 | | | | 8.30 | | | | 8.36 | | | | (0.14 | ) | | | (1.48 | ) | | | (1.62 | ) |
Year ended 3-31-2020 | | | 23.38 | | | | 0.13 | | | | (1.55 | ) | | | (1.42 | ) | | | (0.17 | ) | | | (1.55 | ) | | | (1.72 | ) |
Year ended 3-31-2019 | | | 24.56 | | | | 0.19 | | | | 1.01 | | | | 1.20 | | | | (0.18 | ) | | | (2.20 | ) | | | (2.38 | ) |
Year ended 3-31-2018 | | | 24.17 | | | | 0.19 | | | | 1.18 | | | | 1.37 | | | | (0.32 | ) | | | (0.66 | ) | | | (0.98 | ) |
Year ended 3-31-2017 | | | 22.85 | | | | 0.16 | | | | 1.59 | | | | 1.75 | | | | (0.15 | ) | | | (0.28 | ) | | | (0.43 | ) |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.29 | | | | 0.10 | | | | 1.19 | | | | 1.29 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2021 | | | 20.42 | | | | 0.29 | | | | 8.39 | | | | 8.68 | | | | (0.33 | ) | | | (1.48 | ) | | | (1.81 | ) |
Year ended 3-31-2020 | | | 23.57 | | | | 0.36 | | | | (1.57 | ) | | | (1.21 | ) | | | (0.39 | ) | | | (1.55 | ) | | | (1.94 | ) |
Year ended 3-31-2019 | | | 24.74 | | | | 0.43 | | | | 1.02 | | | | 1.45 | | | | (0.42 | ) | | | (2.20 | ) | | | (2.62 | ) |
Year ended 3-31-2018 | | | 24.33 | | | | 0.43 | | | | 1.19 | | | | 1.62 | | | | (0.55 | ) | | | (0.66 | ) | | | (1.21 | ) |
Year ended 3-31-2017 | | | 22.98 | | | | 0.39 | | | | 1.60 | | | | 1.99 | | | | (0.36 | ) | | | (0.28 | ) | | | (0.64 | ) |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.22 | | | | 0.01 | | | | 1.19 | | | | 1.20 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 20.39 | | | | 0.15 | | | | 8.36 | | | | 8.51 | | | | (0.20 | ) | | | (1.48 | ) | | | (1.68 | ) |
Year ended 3-31-2020 | | | 23.54 | | | | 0.22 | | | | (1.57 | ) | | | (1.35 | ) | | | (0.25 | ) | | | (1.55 | ) | | | (1.80 | ) |
Year ended 3-31-2019 | | | 24.70 | | | | 0.28 | | | | 1.04 | | | | 1.32 | | | | (0.28 | ) | | | (2.20 | ) | | | (2.48 | ) |
Year ended 3-31-2018 | | | 24.30 | | | | 0.28 | | | | 1.18 | | | | 1.46 | | | | (0.40 | ) | | | (0.66 | ) | | | (1.06 | ) |
Year ended 3-31-2017 | | | 22.96 | | | | 0.25 | | | | 1.60 | | | | 1.85 | | | | (0.23 | ) | | | (0.28 | ) | | | (0.51 | ) |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.36 | | | | 0.12 | | | | 1.19 | | | | 1.31 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2021 | | | 20.47 | | | | 0.33 | | | | 8.40 | | | | 8.73 | | | | (0.36 | ) | | | (1.48 | ) | | | (1.84 | ) |
Year ended 3-31-2020 | | | 23.62 | | | | 0.40 | | | | (1.57 | ) | | | (1.17 | ) | | | (0.43 | ) | | | (1.55 | ) | | | (1.98 | ) |
Year ended 3-31-2019 | | | 24.78 | | | | 0.46 | | | | 1.04 | | | | 1.50 | | | | (0.46 | ) | | | (2.20 | ) | | | (2.66 | ) |
Year ended 3-31-2018 | | | 24.37 | | | | 0.47 | | | | 1.19 | | | | 1.66 | | | | (0.59 | ) | | | (0.66 | ) | | | (1.25 | ) |
Year ended 3-31-2017 | | | 23.01 | | | | 0.42 | | | | 1.61 | | | | 2.03 | | | | (0.39 | ) | | | (0.28 | ) | | | (0.67 | ) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.29 | | | | 0.07 | | | | 1.20 | | | | 1.27 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2021 | | | 20.43 | | | | 0.24 | | | | 8.38 | | | | 8.62 | | | | (0.28 | ) | | | (1.48 | ) | | | (1.76 | ) |
Year ended 3-31-2020 | | | 23.58 | | | | 0.31 | | | | (1.57 | ) | | | (1.26 | ) | | | (0.34 | ) | | | (1.55 | ) | | | (1.89 | ) |
Year ended 3-31-2019 | | | 24.75 | | | | 0.37 | | | | 1.02 | | | | 1.39 | | | | (0.36 | ) | | | (2.20 | ) | | | (2.56 | ) |
Year ended 3-31-2018 | | | 24.34 | | | | 0.38 | | | | 1.17 | | | | 1.55 | | | | (0.48 | ) | | | (0.66 | ) | | | (1.14 | ) |
Year ended 3-31-2017 | | | 22.99 | | | | 0.35 | | | | 1.59 | | | | 1.94 | | | | (0.31 | ) | | | (0.28 | ) | | | (0.59 | ) |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Balanced Fund to Delaware Ivy Balanced Fund. |
| | | | | | |
| 42 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average
Net Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average
Net Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 28.52 | | | | 4.65 | % | | $ | 1,555 | | | | 1.04 | %(5) | | | 0.49 | %(5) | | | — | % | | | — | % | | | 18 | % |
Year ended 3-31-2021 | | | 27.29 | | | | 42.81 | | | | 1,509 | | | | 1.07 | | | | 0.95 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 20.43 | | | | -6.55 | | | | 1,086 | | | | 1.10 | | | | 1.27 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 23.58 | | | | 6.25 | | | | 1,275 | | | | 1.09 | | | | 1.49 | | | | — | | | | — | | | | 53 | |
Year ended 3-31-2018 | | | 24.74 | | | | 6.43 | | | | 1,368 | | | | 1.12 | | | | 1.48 | | | | — | | | | — | | | | 36 | |
Year ended 3-31-2017 | | | 24.33 | | | | 8.44 | | | | 688 | | | | 1.11 | | | | 1.40 | | | | — | | | | — | | | | 47 | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.95 | | | | 4.14 | | | | 3 | | | | 1.99 | (5) | | | -0.49 | (5) | | | — | | | | — | | | | 18 | |
Year ended 3-31-2021 | | | 26.84 | | | | 41.67 | | | | 10 | | | | 1.91 | | | | 0.16 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 20.15 | | | | -7.32 | | | | 19 | | | | 1.90 | | | | 0.48 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 23.29 | | | | 5.43 | | | | 41 | | | | 1.85 | | | | 0.73 | | | | — | | | | — | | | | 53 | |
Year ended 3-31-2018 | | | 24.47 | | | | 5.64 | | | | 58 | | | | 1.86 | | | | 0.75 | | | | — | | | | — | | | | 36 | |
Year ended 3-31-2017 | | | 24.09 | | | | 7.68 | | | | 77 | | | | 1.84 | | | | 0.66 | | | | — | | | | — | | | | 47 | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.12 | | | | 4.22 | | | | 155 | | | | 1.81 | (5) | | | -0.29 | (5) | | | — | | | | — | | | | 18 | |
Year ended 3-31-2021 | | | 26.98 | | | | 41.82 | | | | 183 | | | | 1.82 | | | | 0.23 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 20.24 | | | | -7.24 | | | | 243 | | | | 1.83 | | | | 0.54 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 23.38 | | | | 5.46 | | | | 366 | | | | 1.80 | | | | 0.78 | | | | — | | | | — | | | | 53 | |
Year ended 3-31-2018 | | | 24.56 | | | | 5.69 | | | | 485 | | | | 1.83 | | | | 0.78 | | | | — | | | | — | | | | 36 | |
Year ended 3-31-2017 | | | 24.17 | | | | 7.72 | | | | 707 | | | | 1.80 | | | | 0.69 | | | | — | | | | — | | | | 47 | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.52 | | | | 4.74 | | | | 853 | | | | 0.84 | (5) | | | 0.69 | (5) | | | — | | | | — | | | | 18 | |
Year ended 3-31-2021 | | | 27.29 | | | | 43.15 | | | | 846 | | | | 0.86 | | | | 1.17 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 20.42 | | | | -6.32 | | | | 671 | | | | 0.86 | | | | 1.51 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 23.57 | | | | 6.51 | | | | 873 | | | | 0.84 | | | | 1.73 | | | | — | | | | — | | | | 53 | |
Year ended 3-31-2018 | | | 24.74 | | | | 6.66 | | | | 1,043 | | | | 0.88 | | | | 1.72 | | | | — | | | | — | | | | 36 | |
Year ended 3-31-2017 | | | 24.33 | | | | 8.75 | | | | 673 | | | | 0.85 | | | | 1.63 | | | | — | | | | — | | | | 47 | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.42 | | | | 4.41 | | | | 11 | | | | 1.43 | (5) | | | 0.10 | (5) | | | — | | | | — | | | | 18 | |
Year ended 3-31-2021 | | | 27.22 | | | | 42.31 | | | | 11 | | | | 1.45 | | | | 0.60 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 20.39 | | | | -6.90 | | | | 11 | | | | 1.45 | | | | 0.91 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 23.54 | | | | 5.91 | | | | 13 | | | | 1.43 | | | | 1.14 | | | | — | | | | — | | | | 53 | |
Year ended 3-31-2018 | | | 24.70 | | | | 6.04 | | | | 13 | | | | 1.46 | | | | 1.13 | | | | — | | | | — | | | | 36 | |
Year ended 3-31-2017 | | | 24.30 | | | | 8.12 | | | | 14 | | | | 1.44 | | | | 1.04 | | | | — | | | | — | | | | 47 | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.59 | | | | 4.79 | | | | 11 | | | | 0.70 | (5) | | | 0.83 | (5) | | | — | | | | — | | | | 18 | |
Year ended 3-31-2021 | | | 27.36 | | | | 43.34 | | | | 11 | | | | 0.71 | | | | 1.30 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 20.47 | | | | -6.16 | | | | 7 | | | | 0.71 | | | | 1.65 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 23.62 | | | | 6.66 | | | | 15 | | | | 0.70 | | | | 1.88 | | | | — | | | | — | | | | 53 | |
Year ended 3-31-2018 | | | 24.78 | | | | 6.86 | | | | 10 | | | | 0.72 | | | | 1.88 | | | | — | | | | — | | | | 36 | |
Year ended 3-31-2017 | | | 24.37 | | | | 8.92 | | | | 10 | | | | 0.70 | | | | 1.77 | | | | — | | | | — | | | | 47 | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.52 | | | | 4.65 | | | | 15 | | | | 1.04 | (5) | | | 0.49 | (5) | | | 1.09 | (5) | | | 0.44 | (5) | | | 18 | |
Year ended 3-31-2021 | | | 27.29 | | | | 42.81 | | | | 16 | | | | 1.07 | | | | 0.97 | | | | 1.10 | | | | 0.94 | | | | 52 | |
Year ended 3-31-2020 | | | 20.43 | | | | -6.55 | | | | 14 | | | | 1.10 | | | | 1.27 | | | | 1.11 | | | | 1.26 | | | | 43 | |
Year ended 3-31-2019 | | | 23.58 | | | | 6.22 | | | | 24 | | | | 1.09 | | | | 1.49 | | | | — | | | | 1.49 | | | | 53 | |
Year ended 3-31-2018 | | | 24.75 | | | | 6.44 | | | | 34 | | | | 1.12 | | | | 1.53 | | | | — | | | | — | | | | 36 | |
Year ended 3-31-2017 | | | 24.34 | | | | 8.50 | | | | 70 | | | | 1.10 | | | | 1.47 | | | | — | | | | — | | | | 47 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 43 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY ENERGY FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 6.18 | | | $ | 0.04 | | | $ | 0.49 | | | $ | 0.53 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 3.25 | | | | 0.07 | | | | 2.97 | | | | 3.04 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2020 | | | 9.45 | | | | 0.04 | | | | (6.24 | ) | | | (6.20 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 11.55 | | | | (0.05 | ) | | | (2.05 | ) | | | (2.10 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 13.30 | | | | 0.03 | | | | (1.74 | ) | | | (1.71 | ) | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2017 | | | 10.75 | | | | (0.08 | ) | | | 2.63 | | | | 2.55 | | | | — | | | | — | | | | — | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.54 | | | | 0.00 | * | | | 0.46 | | | | 0.46 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 2.90 | | | | 0.03 | | | | 2.64 | | | | 2.67 | | | | (0.03 | ) | | | — | | | | (0.03 | ) |
Year ended 3-31-2020 | | | 8.51 | | | | (0.03 | ) | | | (5.58 | ) | | | (5.61 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 10.48 | | | | (0.13 | ) | | | (1.84 | ) | | | (1.97 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 12.15 | | | | (0.03 | ) | | | (1.64 | ) | | | (1.67 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 9.90 | | | | (0.18 | ) | | | 2.43 | | | | 2.25 | | | | — | | | | — | | | | — | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.68 | | | | 0.01 | | | | 0.45 | | | | 0.46 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 2.97 | | | | 0.03 | | | | 2.73 | | | | 2.76 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2020 | | | 8.70 | | | | (0.01 | ) | | | (5.72 | ) | | | (5.73 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 10.71 | | | | (0.12 | ) | | | (1.89 | ) | | | (2.01 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 12.39 | | | | 0.00 | * | | | (1.68 | ) | | | (1.68 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 10.08 | | | | (0.16 | ) | | | 2.47 | | | | 2.31 | | | | — | | | | — | | | | — | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.45 | | | | 0.05 | | | | 0.52 | | | | 0.57 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 3.40 | | | | 0.09 | | | | 3.11 | | | | 3.20 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2020 | | | 9.85 | | | | 0.08 | | | | (6.53 | ) | | | (6.45 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 11.99 | | | | (0.01 | ) | | | (2.13 | ) | | | (2.14 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 13.80 | | | | 0.09 | | | | (1.83 | ) | | | (1.74 | ) | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year ended 3-31-2017 | | | 11.11 | | | | (0.05 | ) | | | 2.74 | | | | 2.69 | | | | — | | | | — | | | | — | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.10 | | | | 0.02 | | | | 0.50 | | | | 0.52 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 3.20 | | | | 0.05 | | | | 2.93 | | | | 2.98 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2020 | | | 9.34 | | | | 0.01 | | | | (6.15 | ) | | | (6.14 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 11.45 | | | | (0.08 | ) | | | (2.03 | ) | | | (2.11 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 13.20 | | | | 0.04 | | | | (1.77 | ) | | | (1.73 | ) | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year ended 3-31-2017 | | | 10.69 | | | | (0.12 | ) | | | 2.63 | | | | 2.51 | | | | — | | | | — | | | | — | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.49 | | | | 0.05 | | | | 0.52 | | | | 0.57 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 3.42 | | | | 0.09 | | | | 3.13 | | | | 3.22 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2020 | | | 9.90 | | | | 0.08 | | | | (6.56 | ) | | | (6.48 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 12.05 | | | | 0.00 | * | | | (2.15 | ) | | | (2.15 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 13.86 | | | | 0.17 | | | | (1.90 | ) | | | (1.73 | ) | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2017 | | | 11.14 | | | | (0.02 | ) | | | 2.74 | | | | 2.72 | | | | — | | | | — | | | | — | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.28 | | | | 0.04 | | | | 0.50 | | | | 0.54 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 3.30 | | | | 0.07 | | | | 3.02 | | | | 3.09 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2020 | | | 9.59 | | | | 0.04 | | | | (6.33 | ) | | | (6.29 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 11.72 | | | | (0.05 | ) | | | (2.08 | ) | | | (2.13 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 13.49 | | | | 0.08 | | | | (1.80 | ) | | | (1.72 | ) | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2017 | | | 10.89 | | | | (0.07 | ) | | | 2.67 | | | | 2.60 | | | | — | | | | — | | | | — | |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 1.44%. |
| (7) | Expense ratio based on the period excluding reorganization expenses was 2.36%. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 1.09%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Energy Fund to Delaware Ivy Energy Fund. |
| | | | | | |
| 44 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 6.71 | | | | 8.58 | % | | $ | 76 | | | | 1.35 | %(5) | | | 1.10 | %(5) | | | 1.62 | %(5) | | | 0.83 | %(5) | | | 9 | % |
Year ended 3-31-2021 | | | 6.18 | | | | 94.23 | | | | 72 | | | | 1.35 | | | | 1.52 | | | | 1.87 | | | | 1.00 | | | | 30 | |
Year ended 3-31-2020 | | | 3.25 | | | | -65.61 | | | | 40 | | | | 1.41 | | | | 0.52 | | | | 1.71 | | | | 0.22 | | | | 23 | |
Year ended 3-31-2019 | | | 9.45 | | | | -18.18 | | | | 134 | | | | 1.41 | | | | -0.46 | | | | 1.55 | | | | -0.60 | | | | 31 | |
Year ended 3-31-2018 | | | 11.55 | | | | -12.89 | | | | 211 | | | | 1.46 | (6) | | | 0.26 | | | | 1.53 | | | | 0.19 | | | | 21 | |
Year ended 3-31-2017 | | | 13.30 | | | | 23.72 | | | | 158 | | | | 1.41 | | | | -0.59 | | | | — | | | | — | | | | 39 | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.00 | | | | 8.30 | | | | — | * | | | 2.22 | (5) | | | 0.02 | (5) | | | 2.85 | (5) | | | -0.62 | (5) | | | 9 | |
Year ended 3-31-2021 | | | 5.54 | | | | 92.38 | | | | — | * | | | 2.22 | | | | 0.58 | | | | 3.42 | | | | -0.62 | | | | 30 | |
Year ended 3-31-2020 | | | 2.90 | | | | -65.92 | | | | — | * | | | 2.29 | | | | -0.41 | | | | 2.98 | | | | -1.10 | | | | 23 | |
Year ended 3-31-2019 | | | 8.51 | | | | -18.88 | | | | 1 | | | | 2.21 | | | | -1.28 | | | | 2.48 | | | | -1.55 | | | | 31 | |
Year ended 3-31-2018 | | | 10.48 | | | | -13.66 | | | | 2 | | | | 2.38 | (7) | | | -0.25 | | | | 2.49 | | | | -0.36 | | | | 21 | |
Year ended 3-31-2017 | | | 12.15 | | | | 22.73 | | | | 4 | | | | 2.29 | | | | -1.49 | | | | — | | | | — | | | | 39 | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.14 | | | | 8.10 | | | | 9 | | | | 2.09 | (5) | | | 0.37 | (5) | | | 2.31 | (5) | | | 0.15 | (5) | | | 9 | |
Year ended 3-31-2021 | | | 5.68 | | | | 93.07 | | | | 9 | | | | 2.09 | | | | 0.77 | | | | 2.44 | | | | 0.42 | | | | 30 | |
Year ended 3-31-2020 | | | 2.97 | | | | -65.86 | | | | 6 | | | | 2.11 | | | | -0.20 | | | | 2.31 | | | | -0.40 | | | | 23 | |
Year ended 3-31-2019 | | | 8.70 | | | | -18.77 | | | | 27 | | | | 2.11 | | | | -1.17 | | | | 2.12 | | | | -1.18 | | | | 31 | |
Year ended 3-31-2018 | | | 10.71 | | | | -13.56 | | | | 48 | | | | 2.15 | | | | -0.01 | | | | 2.15 | | | | -0.01 | | | | 21 | |
Year ended 3-31-2017 | | | 12.39 | | | | 22.92 | | | | 87 | | | | 2.11 | | | | -1.31 | | | | — | | | | — | | | | 39 | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.02 | | | | 8.84 | | | | 89 | | | | 0.99 | (5) | | | 1.46 | (5) | | | 1.16 | (5) | | | 1.29 | (5) | | | 9 | |
Year ended 3-31-2021 | | | 6.45 | | | | 95.08 | | | | 97 | | | | 0.99 | | | | 1.87 | | | | 1.20 | | | | 1.66 | | | | 30 | |
Year ended 3-31-2020 | | | 3.40 | | | | -65.48 | | | | 52 | | | | 0.99 | | | | 0.95 | | | | 1.17 | | | | 0.77 | | | | 23 | |
Year ended 3-31-2019 | | | 9.85 | | | | -17.85 | | | | 158 | | | | 1.03 | | | | -0.08 | | | | 1.11 | | | | -0.16 | | | | 31 | |
Year ended 3-31-2018 | | | 11.99 | | | | -12.63 | | | | 263 | | | | 1.11 | (8) | | | 0.76 | | | | 1.12 | | | | 0.75 | | | | 21 | |
Year ended 3-31-2017 | | | 13.80 | | | | 24.21 | | | | 225 | | | | 1.08 | | | | -0.35 | | | | — | | | | — | | | | 39 | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.62 | | | | 8.52 | | | | 23 | | | | 1.73 | (5) | | | 0.70 | (5) | | | — | | | | — | | | | 9 | |
Year ended 3-31-2021 | | | 6.10 | | | | 93.40 | | | | 24 | | | | 1.75 | | | | 1.06 | | | | 1.77 | | | | 1.04 | | | | 30 | |
Year ended 3-31-2020 | | | 3.20 | | | | -65.74 | | | | 7 | | | | 1.74 | | | | 0.19 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2019 | | | 9.34 | | | | -18.43 | | | | 18 | | | | 1.68 | | | | -0.72 | | | | — | | | | — | | | | 31 | |
Year ended 3-31-2018 | | | 11.45 | | | | -13.11 | | | | 22 | | | | 1.70 | | | | 0.37 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2017 | | | 13.20 | | | | 23.48 | | | | 26 | | | | 1.67 | | | | -0.89 | | | | — | | | | — | | | | 39 | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.06 | | | | 8.78 | | | | 4 | | | | 0.99 | (5) | | | 1.49 | (5) | | | 1.00 | (5) | | | 1.48 | (5) | | | 9 | |
Year ended 3-31-2021 | | | 6.49 | | | | 95.11 | | | | 3 | | | | 0.99 | | | | 1.84 | | | | 1.02 | | | | 1.81 | | | | 30 | |
Year ended 3-31-2020 | | | 3.42 | | | | -65.45 | | | | 2 | | | | 0.99 | | | | 0.95 | | | | 0.99 | | | | 0.95 | | | | 23 | |
Year ended 3-31-2019 | | | 9.90 | | | | -17.84 | | | | 5 | | | | 0.94 | | | | 0.04 | | | | — | | | | — | | | | 31 | |
Year ended 3-31-2018 | | | 12.05 | | | | -12.48 | | | | 5 | | | | 0.95 | | | | 1.45 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2017 | | | 13.86 | | | | 24.42 | | | | 12 | | | | 0.93 | | | | -0.18 | | | | — | | | | — | | | | 39 | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 6.82 | | | | 8.60 | | | | 8 | | | | 1.35 | (5) | | | 1.09 | (5) | | | 1.42 | (5) | | | 1.02 | (5) | | | 9 | |
Year ended 3-31-2021 | | | 6.28 | | | | 94.31 | | | | 8 | | | | 1.35 | | | | 1.50 | | | | 1.42 | | | | 1.43 | | | | 30 | |
Year ended 3-31-2020 | | | 3.30 | | | | -65.59 | | | | 4 | | | | 1.41 | | | | 0.46 | | | | 1.42 | | | | 0.45 | | | | 23 | |
Year ended 3-31-2019 | | | 9.59 | | | | -18.17 | | | | 22 | | | | 1.34 | | | | -0.42 | | | | — | | | | — | | | | 31 | |
Year ended 3-31-2018 | | | 11.72 | | | | -12.78 | | | | 42 | | | | 1.35 | | | | 0.71 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2017 | | | 13.49 | | | | 23.87 | | | | 53 | | | | 1.34 | | | | -0.54 | | | | — | | | | — | | | | 39 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 45 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY LASALLE GLOBAL REAL ESTATE FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | |
Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 10.86 | | | $ | 0.07 | | | $ | 0.87 | | | $ | 0.94 | | | $ | (0.18 | ) | | $ | — | | | $ | (0.18 | ) |
Year ended 3-31-2021 | | | 8.16 | | | | 0.12 | | | | 2.88 | | | | 3.00 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year ended 3-31-2020 | | | 11.22 | | | | 0.15 | | | | (2.57 | ) | | | (2.42 | ) | | | (0.38 | ) | | | (0.26 | ) | | | (0.64 | ) |
Year ended 3-31-2019 | | | 10.38 | | | | 0.15 | | | | 1.21 | | | | 1.36 | | | | (0.31 | ) | | | (0.21 | ) | | | (0.52 | ) |
Year ended 3-31-2018 | | | 10.28 | | | | 0.24 | | | | 0.04 | | | | 0.28 | | | | (0.11 | ) | | | (0.07 | ) | | | (0.18 | ) |
Year ended 3-31-2017 | | | 10.58 | | | | 0.09 | | | | (0.14 | ) | | | (0.05 | ) | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.76 | | | | 0.02 | | | | 0.86 | | | | 0.88 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Year ended 3-31-2021 | | | 8.11 | | | | 0.05 | | | | 2.86 | | | | 2.91 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2020 | | | 11.16 | | | | 0.08 | | | | (2.55 | ) | | | (2.47 | ) | | | (0.32 | ) | | | (0.26 | ) | | | (0.58 | ) |
Year ended 3-31-2019 | | | 10.33 | | | | 0.08 | | | | 1.20 | | | | 1.28 | | | | (0.24 | ) | | | (0.21 | ) | | | (0.45 | ) |
Year ended 3-31-2018 | | | 10.24 | | | | 0.15 | | | | 0.07 | | | | 0.22 | | | | (0.06 | ) | | | (0.07 | ) | | | (0.13 | ) |
Year ended 3-31-2017 | | | 10.56 | | | | (0.04 | ) | | | (0.12 | ) | | | (0.16 | ) | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.76 | | | | 0.03 | | | | 0.86 | | | | 0.89 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Year ended 3-31-2021 | | | 8.11 | | | | 0.05 | | | | 2.86 | | | | 2.91 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2020 | | | 11.15 | | | | 0.08 | | | | (2.55 | ) | | | (2.47 | ) | | | (0.31 | ) | | | (0.26 | ) | | | (0.57 | ) |
Year ended 3-31-2019 | | | 10.32 | | | | 0.06 | | | | 1.21 | | | | 1.27 | | | | (0.23 | ) | | | (0.21 | ) | | | (0.44 | ) |
Year ended 3-31-2018 | | | 10.24 | | | | 0.14 | | | | 0.06 | | | | 0.20 | | | | (0.05 | ) | | | (0.07 | ) | | | (0.12 | ) |
Year ended 3-31-2017 | | | 10.55 | | | | (0.06 | ) | | | (0.11 | ) | | | (0.17 | ) | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.91 | | | | 0.10 | | | | 0.87 | | | | 0.97 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2021 | | | 8.19 | | | | 0.16 | | | | 2.89 | | | | 3.05 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2020 | | | 11.24 | | | | 0.21 | | | | (2.57 | ) | | | (2.36 | ) | | | (0.43 | ) | | | (0.26 | ) | | | (0.69 | ) |
Year ended 3-31-2019 | | | 10.41 | | | | 0.19 | | | | 1.21 | | | | 1.40 | | | | (0.36 | ) | | | (0.21 | ) | | | (0.57 | ) |
Year ended 3-31-2018 | | | 10.29 | | | | 0.26 | | | | 0.07 | | | | 0.33 | | | | (0.14 | ) | | | (0.07 | ) | | | (0.21 | ) |
Year ended 3-31-2017 | | | 10.57 | | | | 0.03 | | | | (0.07 | ) | | | (0.04 | ) | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.82 | | | | 0.05 | | | | 0.86 | | | | 0.91 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2021 | | | 8.14 | | | | 0.15 | | | | 2.81 | | | | 2.96 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year ended 3-31-2020 | | | 11.19 | | | | 0.12 | | | | (2.56 | ) | | | (2.44 | ) | | | (0.35 | ) | | | (0.26 | ) | | | (0.61 | ) |
Year ended 3-31-2019 | | | 10.36 | | | | 0.09 | | | | 1.23 | | | | 1.32 | | | | (0.28 | ) | | | (0.21 | ) | | | (0.49 | ) |
Year ended 3-31-2018 | | | 10.27 | | | | 0.18 | | | | 0.07 | | | | 0.25 | | | | (0.09 | ) | | | (0.07 | ) | | | (0.16 | ) |
Year ended 3-31-2017 | | | 10.57 | | | | 0.00 | * | | | (0.11 | ) | | | (0.11 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.92 | | | | 0.10 | | | | 0.87 | | | | 0.97 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2021 | | | 8.19 | | | | 0.16 | | | | 2.90 | | | | 3.06 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2020 | | | 11.26 | | | | 0.20 | | | | (2.58 | ) | | | (2.38 | ) | | | (0.43 | ) | | | (0.26 | ) | | | (0.69 | ) |
Year ended 3-31-2019 | | | 10.42 | | | | 0.21 | | | | 1.19 | | | | 1.40 | | | | (0.35 | ) | | | (0.21 | ) | | | (0.56 | ) |
Year ended 3-31-2018(5) | | | 10.42 | | | | 0.15 | | | | 0.05 | | | | 0.20 | | | | (0.13 | ) | | | (0.07 | ) | | | (0.20 | ) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.00 | | | | 0.08 | | | | 0.88 | | | | 0.96 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2021 | | | 8.27 | | | | 0.20 | | | | 2.83 | | | | 3.03 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year ended 3-31-2020 | | | 11.35 | | | | 0.16 | | | | (2.59 | ) | | | (2.43 | ) | | | (0.39 | ) | | | (0.26 | ) | | | (0.65 | ) |
Year ended 3-31-2019 | | | 10.50 | | | | 0.14 | | | | 1.24 | | | | 1.38 | | | | (0.32 | ) | | | (0.21 | ) | | | (0.53 | ) |
Year ended 3-31-2018 | | | 10.39 | | | | 0.22 | | | | 0.07 | | | | 0.29 | | | | (0.11 | ) | | | (0.07 | ) | | | (0.18 | ) |
Year ended 3-31-2017 | | | 10.64 | | | | 0.07 | | | | (0.07 | ) | | | 0.00 | * | | | (0.25 | ) | | | — | | | | (0.25 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (5) | For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018. |
| (7) | Expense ratio based on the period excluding reorganization expenses was 1.51%. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 1.05%. |
| (9) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy LaSalle Global Real Estate Fund to Delaware Ivy LaSalle Global Real Estate Fund. |
| | | | | | |
| 46 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 11.62 | | | | 8.61 | % | | $ | 12 | | | | 1.48 | %(6) | | | 1.22 | %(6) | | | 1.67 | %(6) | | | 1.03 | %(6) | | | 34 | % |
Year ended 3-31-2021 | | | 10.86 | | | | 37.08 | | | | 11 | | | | 1.48 | | | | 1.23 | | | | 1.79 | | | | 0.92 | | | | 90 | |
Year ended 3-31-2020 | | | 8.16 | | | | -22.88 | | | | 11 | | | | 1.51 | | | | 1.44 | | | | 1.68 | | | | 1.27 | | | | 88 | |
Year ended 3-31-2019 | | | 11.22 | | | | 13.61 | | | | 20 | | | | 1.61 | (7) | | | 1.40 | | | | 1.90 | | | | 1.11 | | | | 91 | |
Year ended 3-31-2018 | | | 10.38 | | | | 2.69 | | | | 8 | | | | 1.51 | | | | 2.29 | | | | 1.79 | | | | 2.01 | | | | 77 | |
Year ended 3-31-2017 | | | 10.28 | | | | -0.45 | | | | 12 | | | | 1.51 | | | | 0.91 | | | | 2.08 | | | | 0.34 | | | | 49 | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.48 | | | | 8.13 | | | | — | * | | | 2.17 | (6) | | | 0.31 | (6) | | | 2.31 | (6) | | | 0.17 | (6) | | | 34 | |
Year ended 3-31-2021 | | | 10.76 | | | | 36.18 | | | | 1 | | | | 2.09 | | | | 0.53 | | | | 2.25 | | | | 0.37 | | | | 90 | |
Year ended 3-31-2020 | | | 8.11 | | | | -23.36 | | | | 1 | | | | 2.12 | | | | 0.79 | | | | 2.21 | | | | 0.70 | | | | 88 | |
Year ended 3-31-2019 | | | 11.16 | | | | 12.86 | | | | 1 | | | | 2.18 | | | | 0.73 | | | | 2.35 | | | | 0.56 | | | | 91 | |
Year ended 3-31-2018 | | | 10.33 | | | | 2.13 | | | | — | * | | | 2.18 | | | | 1.42 | | | | 2.34 | | | | 1.26 | | | | 77 | |
Year ended 3-31-2017 | | | 10.24 | | | | -1.52 | | | | — | * | | | 2.54 | | | | -0.43 | | | | 2.60 | | | | -0.49 | | | | 49 | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.49 | | | | 8.22 | | | | 3 | | | | 2.13 | (6) | | | 0.56 | (6) | | | 2.27 | (6) | | | 0.42 | (6) | | | 34 | |
Year ended 3-31-2021 | | | 10.76 | | | | 36.12 | | | | 3 | | | | 2.15 | | | | 0.52 | | | | 2.31 | | | | 0.36 | | | | 90 | |
Year ended 3-31-2020 | | | 8.11 | | | | -23.32 | | | | 3 | | | | 2.17 | | | | 0.75 | | | | 2.26 | | | | 0.66 | | | | 88 | |
Year ended 3-31-2019 | | | 11.15 | | | | 12.72 | | | | 4 | | | | 2.27 | | | | 0.60 | | | | 2.44 | | | | 0.43 | | | | 91 | |
Year ended 3-31-2018 | | | 10.32 | | | | 1.96 | | | | 1 | | | | 2.30 | �� | | | 1.30 | | | | 2.47 | | | | 1.13 | | | | 77 | |
Year ended 3-31-2017 | | | 10.24 | | | | -1.62 | | | | 1 | | | | 2.66 | | | | -0.57 | | | | 2.72 | | | | -0.63 | | | | 49 | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.68 | | | | 8.79 | | | | 58 | | | | 1.05 | (6) | | | 1.63 | (6) | | | 1.39 | (6) | | | 1.29 | (6) | | | 34 | |
Year ended 3-31-2021 | | | 10.91 | | | | 37.55 | | | | 63 | | | | 1.05 | | | | 1.64 | | | | 1.41 | | | | 1.28 | | | | 90 | |
Year ended 3-31-2020 | | | 8.19 | | | | -22.41 | | | | 60 | | | | 1.05 | | | | 1.90 | | | | 1.34 | | | | 1.61 | | | | 88 | |
Year ended 3-31-2019 | | | 11.24 | | | | 14.00 | | | | 88 | | | | 1.20 | (8) | | | 1.76 | | | | 1.55 | | | | 1.41 | | | | 91 | |
Year ended 3-31-2018 | | | 10.41 | | | | 3.20 | | | | 28 | | | | 1.05 | | | | 2.48 | | | | 1.41 | | | | 2.12 | | | | 77 | |
Year ended 3-31-2017 | | | 10.29 | | | | -0.39 | | | | 20 | | | | 1.50 | | | | 0.25 | | | | 1.61 | | | | 0.14 | | | | 49 | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.56 | | | | 8.36 | | | | 1 | | | | 1.80 | (6) | | | 0.82 | (6) | | | 1.95 | (6) | | | 0.67 | (6) | | | 34 | |
Year ended 3-31-2021 | | | 10.82 | | | | 36.66 | | | | 1 | | | | 1.80 | | | | 1.66 | | | | 1.98 | | | | 1.48 | | | | 90 | |
Year ended 3-31-2020 | | | 8.14 | | | | -23.08 | | | | 3 | | | | 1.80 | | | | 1.16 | | | | 1.93 | | | | 1.03 | | | | 88 | |
Year ended 3-31-2019 | | | 11.19 | | | | 13.19 | | | | 6 | | | | 1.93 | | | | 0.83 | | | | 2.10 | | | | 0.66 | | | | 91 | |
Year ended 3-31-2018 | | | 10.36 | | | | 2.39 | | | | — | * | | | 1.81 | | | | 1.74 | | | | 1.97 | | | | 1.58 | | | | 77 | |
Year ended 3-31-2017 | | | 10.27 | | | | -1.01 | | | | — | * | | | 2.13 | | | | -0.05 | | | | 2.20 | | | | -0.12 | | | | 49 | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.69 | | | | 8.79 | | | | 14 | | | | 1.05 | (6) | | | 1.64 | (6) | | | 1.20 | (6) | | | 1.49 | (6) | | | 34 | |
Year ended 3-31-2021 | | | 10.92 | | | | 37.67 | | | | 15 | | | | 1.05 | | | | 1.71 | | | | 1.22 | | | | 1.54 | | | | 90 | |
Year ended 3-31-2020 | | | 8.19 | | | | -22.53 | | | | 22 | | | | 1.05 | | | | 1.90 | | | | 1.16 | | | | 1.79 | | | | 88 | |
Year ended 3-31-2019 | | | 11.26 | | | | 14.08 | | | | 30 | | | | 1.13 | (8) | | | 2.01 | | | | 1.31 | | | | 1.83 | | | | 91 | |
Year ended 3-31-2018(5) | | | 10.42 | | | | 1.89 | | | | 30 | | | | 1.05 | (6) | | | 1.96 | (6) | | | 1.27 | (6) | | | 1.74 | (6) | | | 77 | (9) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.77 | | | | 8.61 | | | | 1 | | | | 1.48 | (6) | | | 1.25 | (6) | | | 1.62 | (6) | | | 1.11 | (6) | | | 34 | |
Year ended 3-31-2021 | | | 11.00 | | | | 36.96 | | | | 1 | | | | 1.45 | | | | 2.15 | | | | 1.61 | | | | 1.99 | | | | 90 | |
Year ended 3-31-2020 | | | 8.27 | | | | -22.73 | | | | 4 | | | | 1.46 | | | | 1.46 | | | | 1.55 | | | | 1.37 | | | | 88 | |
Year ended 3-31-2019 | | | 11.35 | | | | 13.64 | | | | 5 | | | | 1.51 | | | | 1.29 | | | | 1.68 | | | | 1.12 | | | | 91 | |
Year ended 3-31-2018 | | | 10.50 | | | | 2.76 | | | | 1 | | | | 1.46 | | | | 2.11 | | | | 1.62 | | | | 1.95 | | | | 77 | |
Year ended 3-31-2017 | | | 10.39 | | | | 0.03 | | | | 1 | | | | 1.52 | | | | 0.70 | | | | 1.87 | | | | 0.35 | | | | 49 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 47 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY NATURAL RESOURCES FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | |
Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 12.42 | | | $ | 0.13 | | | $ | 0.31 | | | $ | 0.44 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 7.85 | | | | 0.09 | | | | 4.51 | | | | 4.60 | | | | (0.03 | ) | | | — | | | | (0.03 | ) |
Year ended 3-31-2020 | | | 13.45 | | | | 0.13 | | | | (5.51 | ) | | | (5.38 | ) | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2019 | | | 14.82 | | | | 0.12 | | | | (1.49 | ) | | | (1.37 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 14.80 | | | | (0.03 | ) | | | 0.05 | | | | 0.02 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 12.53 | | | | (0.03 | ) | | | 2.31 | | | | 2.28 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 9.81 | | | | (0.40 | ) | | | 0.17 | | | | (0.23 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | �� | | 6.48 | | | | (0.29 | ) | | | 3.62 | | | | 3.33 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 11.12 | | | | (0.11 | ) | | | (4.53 | ) | | | (4.64 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2019 | | | 12.44 | | | | (0.08 | ) | | | (1.24 | ) | | | (1.32 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 12.57 | | | | (0.18 | ) | | | 0.05 | | | | (0.13 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 10.75 | | | | (0.15 | ) | | | 1.97 | | | | 1.82 | | | | — | | | | — | | | | — | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.22 | | | | 0.06 | | | | 0.26 | | | | 0.32 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 6.48 | | | | 0.01 | | | | 3.74 | | | | 3.75 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2020 | | | 11.13 | | | | 0.03 | | | | (4.55 | ) | | | (4.52 | ) | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Year ended 3-31-2019 | | | 12.33 | | | | 0.03 | | | | (1.23 | ) | | | (1.20 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 12.39 | | | | (0.12 | ) | | | 0.06 | | | | (0.06 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 10.55 | | | | (0.10 | ) | | | 1.94 | | | | 1.84 | | | | — | | | | — | | | | — | |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.77 | | | | 0.18 | | | | 0.33 | | | | 0.51 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 8.05 | | | | 0.16 | | | | 4.64 | | | | 4.80 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2020 | | | 13.81 | | | | 0.20 | | | | (5.64 | ) | | | (5.44 | ) | | | (0.32 | ) | | | — | | | | (0.32 | ) |
Year ended 3-31-2019 | | | 15.25 | | | | 0.17 | | | | (1.55 | ) | | | (1.38 | ) | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2018 | | | 15.15 | | | | 0.04 | | | | 0.06 | | | | 0.10 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 12.81 | | | | 0.04 | | | | 2.37 | | | | 2.41 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.99 | | | | 0.17 | | | | 0.33 | | | | 0.50 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 8.18 | | | | 0.16 | | | | 4.73 | | | | 4.89 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2020 | | | 14.06 | | | | 0.21 | | | | (5.74 | ) | | | (5.53 | ) | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Year ended 3-31-2019 | | | 15.50 | | | | 0.20 | | | | (1.57 | ) | | | (1.37 | ) | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year ended 3-31-2018 | | | 15.40 | | | | 0.05 | | | | 0.05 | | | | 0.10 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 13.02 | | | | 0.05 | | | | 2.41 | | | | 2.46 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.25 | | | | 0.12 | | | | 0.32 | | | | 0.44 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 7.75 | | | | 0.09 | | | | 4.45 | | | | 4.54 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2020 | | | 13.26 | | | | 0.13 | | | | (5.42 | ) | | | (5.29 | ) | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2019 | | | 14.63 | | | | 0.10 | | | | (1.47 | ) | | | (1.37 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2018 | | | 14.61 | | | | (0.04 | ) | | | 0.06 | | | | 0.02 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 12.37 | | | | (0.04 | ) | | | 2.28 | | | | 2.24 | | | | — | | | | — | | | | — | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.03 | | | | 0.19 | | | | 0.33 | | | | 0.52 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 8.21 | | | | 0.18 | | | | 4.73 | | | | 4.91 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2020 | | | 14.12 | | | | 0.23 | | | | (5.75 | ) | | | (5.52 | ) | | | (0.39 | ) | | | — | | | | (0.39 | ) |
Year ended 3-31-2019 | | | 15.58 | | | | 0.23 | | | | (1.59 | ) | | | (1.36 | ) | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2018 | | | 15.44 | | | | 0.07 | | | | 0.07 | | | | 0.14 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 13.06 | | | | 0.07 | | | | 2.42 | | | | 2.49 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.74 | | | | 0.15 | | | | 0.33 | | | | 0.48 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 8.04 | | | | 0.13 | | | | 4.63 | | | | 4.76 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2020 | | | 13.79 | | | | 0.17 | | | | (5.63 | ) | | | (5.46 | ) | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2019 | | | 15.21 | | | | 0.16 | | | | (1.54 | ) | | | (1.38 | ) | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2018 | | | 15.14 | | | | 0.01 | | | | 0.06 | | | | 0.07 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 12.80 | | | | 0.01 | | | | 2.38 | | | | 2.39 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Natural Resources Fund to Delaware Ivy Natural Resources Fund. |
| | | | | | |
| 48 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 12.86 | | | | 3.54 | % | | $ | 133 | | | | 1.73 | %(5) | | | 1.96 | %(5) | | | — | % | | | — | % | | | 12 | % |
Year ended 3-31-2021 | | | 12.42 | | | | 58.68 | | | | 136 | | | | 1.84 | | | | 0.82 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 7.85 | | | | -40.58 | | | | 102 | | | | 1.77 | | | | 1.05 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 13.45 | | | | -9.31 | | | | 218 | | | | 1.59 | | | | 0.82 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2018 | | | 14.82 | | | | 0.20 | | | | 288 | | | | 1.73 | | | | -0.19 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2017 | | | 14.80 | | | | 18.19 | | | | 329 | | | | 1.72 | | | | -0.22 | | | | — | | | | — | | | | 64 | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 9.58 | | | | -2.34 | | | | — | * | | | 10.90 | (5) | | | -7.66 | (5) | | | — | | | | — | | | | 12 | |
Year ended 3-31-2021 | | | 9.81 | | | | 51.39 | | | | — | * | | | 6.05 | | | | -3.48 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 6.48 | | | | -41.73 | | | | — | * | | | 3.81 | | | | -1.04 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 11.12 | | | | -10.61 | | | | 2 | | | | 3.01 | | | | -0.66 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2018 | | | 12.44 | | | | -1.03 | | | | 3 | | | | 2.98 | | | | -1.50 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2017 | | | 12.57 | | | | 16.93 | | | | 7 | | | | 2.77 | | | | -1.27 | | | | — | | | | — | | | | 64 | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.54 | | | | 3.13 | | | | 3 | | | | 2.48 | (5) | | | 1.18 | (5) | | | — | | | | — | | | | 12 | |
Year ended 3-31-2021 | | | 10.22 | | | | 57.83 | | | | 3 | | | | 2.49 | | | | 0.07 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 6.48 | | | | -41.02 | | | | 5 | | | | 2.48 | | | | 0.30 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 11.13 | | | | -9.73 | | | | 21 | | | | 2.07 | | | | 0.28 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2018 | | | 12.33 | | | | -0.48 | | | | 40 | | | | 2.40 | | | | -0.98 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2017 | | | 12.39 | | | | 17.44 | | | | 100 | | | | 2.34 | | | | -0.84 | | | | — | | | | — | | | | 64 | |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.28 | | | | 3.99 | | | | 3 | | | | 1.17 | (5) | | | 2.67 | (5) | | | 2.38 | (5) | | | 1.46 | (5) | | | 12 | |
Year ended 3-31-2021 | | | 12.77 | | | | 59.72 | | | | 3 | | | | 1.17 | | | | 1.48 | | | | 2.21 | | | | 0.44 | | | | 52 | |
Year ended 3-31-2020 | | | 8.05 | | | | -40.26 | | | | 2 | | | | 1.24 | | | | 1.57 | | | | 2.15 | | | | 0.66 | | | | 44 | |
Year ended 3-31-2019 | | | 13.81 | | | | -9.03 | | | | 4 | | | | 1.27 | | | | 1.17 | | | | 2.03 | | | | 0.41 | | | | 21 | |
Year ended 3-31-2018 | | | 15.25 | | | | 0.66 | | | | 5 | | | | 1.27 | | | | 0.27 | | | | 2.15 | | | | -0.61 | | | | 33 | |
Year ended 3-31-2017 | | | 15.15 | | | | 18.77 | | | | 5 | | | | 1.27 | | | | 0.25 | | | | 2.19 | | | | -0.67 | | | | 64 | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.49 | | | | 3.85 | | | | 71 | | | | 1.19 | (5) | | | 2.51 | (5) | | | — | | | | — | | | | 12 | |
Year ended 3-31-2021 | | | 12.99 | | | | 59.85 | | | | 71 | | | | 1.20 | | | | 1.46 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 8.18 | | | | -40.26 | | | | 54 | | | | 1.19 | | | | 1.63 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 14.06 | | | | -8.86 | | | | 106 | | | | 1.10 | | | | 1.30 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2018 | | | 15.50 | | | | 0.71 | | | | 154 | | | | 1.20 | | | | 0.32 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2017 | | | 15.40 | | | | 18.88 | | | | 188 | | | | 1.19 | | | | 0.33 | | | | — | | | | — | | | | 64 | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.69 | | | | 3.59 | | | | 11 | | | | 1.75 | (5) | | | 1.91 | (5) | | | — | | | | — | | | | 12 | |
Year ended 3-31-2021 | | | 12.25 | | | | 58.67 | | | | 12 | | | | 1.77 | | | | 0.90 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 7.75 | | | | -40.53 | | | | 7 | | | | 1.76 | | | | 1.06 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 13.26 | | | | -9.36 | | | | 15 | | | | 1.67 | | | | 0.73 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2018 | | | 14.63 | | | | 0.14 | | | | 21 | | | | 1.78 | | | | -0.26 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2017 | | | 14.61 | | | | 18.11 | | | | 26 | | | | 1.77 | | | | -0.25 | | | | — | | | | — | | | | 64 | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.55 | | | | 3.99 | | | | 1 | | | | 1.02 | (5) | | | 2.70 | (5) | | | — | | | | — | | | | 12 | |
Year ended 3-31-2021 | | | 13.03 | | | | 59.94 | | | | 1 | | | | 0.99 | | | | 1.64 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 8.21 | | | | -40.11 | | | | 3 | | | | 1.02 | | | | 1.81 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 14.12 | | | | -8.71 | | | | 5 | | | | 0.93 | | | | 1.48 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2018 | | | 15.58 | | | | 0.91 | | | | 6 | | | | 1.04 | | | | 0.46 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2017 | | | 15.44 | | | | 19.01 | | | | 10 | | | | 1.02 | | | | 0.48 | | | | — | | | | — | | | | 64 | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.22 | | | | 3.77 | | | | 10 | | | | 1.41 | (5) | | | 2.26 | (5) | | | — | | | | — | | | | 12 | |
Year ended 3-31-2021 | | | 12.74 | | | | 59.33 | | | | 11 | | | | 1.42 | | | | 1.23 | | | | — | | | | — | | | | 52 | |
Year ended 3-31-2020 | | | 8.04 | | | | -40.40 | | | | 8 | | | | 1.42 | | | | 1.39 | | | | — | | | | — | | | | 44 | |
Year ended 3-31-2019 | | | 13.79 | | | | -9.03 | | | | 18 | | | | 1.33 | | | | 1.09 | | | | — | | | | — | | | | 21 | |
Year ended 3-31-2018 | | | 15.21 | | | | 0.46 | | | | 26 | | | | 1.43 | | | | 0.09 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2017 | | | 15.14 | | | | 18.63 | | | | 32 | | | | 1.43 | | | | 0.08 | | | | — | | | | — | | | | 64 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 49 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY SCIENCE AND TECHNOLOGY FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Net Asset
Value,
Beginning of
Period | | | Net
Investment
Loss(1) | | |
Net Realized
and Unrealized
Gain on
Investments | | | Total from
Investment
Operations | | | Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 92.04 | | | $ | (0.40 | ) | | $ | 5.44 | | | $ | 5.04 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 59.85 | | | | (0.55 | ) | | | 40.68 | | | | 40.13 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 65.00 | | | | (0.38 | ) | | | 3.45 | | | | 3.07 | | | | — | | | | (8.22 | ) | | | (8.22 | ) |
Year ended 3-31-2019 | | | 65.33 | | | | (0.30 | ) | | | 7.42 | | | | 7.12 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 56.65 | | | | (0.36 | ) | | | 13.46 | | | | 13.10 | | | | — | | | | (4.42 | ) | | | (4.42 | ) |
Year ended 3-31-2017 | | | 46.35 | | | | (0.32 | ) | | | 10.62 | | | | 10.30 | | | | — | | | | — | | | | — | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 68.17 | | | | (0.62 | ) | | | 4.03 | | | | 3.41 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 46.00 | | | | (0.94 | ) | | | 31.05 | | | | 30.11 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 51.83 | | | | (0.77 | ) | | | 2.99 | | | | 2.22 | | | | — | | | | (8.05 | ) | | | (8.05 | ) |
Year ended 3-31-2019 | | | 54.08 | | | | (0.70 | ) | | | 5.90 | | | | 5.20 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 47.68 | | | | (0.76 | ) | | | 11.33 | | | | 10.57 | | | | — | | | | (4.17 | ) | | | (4.17 | ) |
Year ended 3-31-2017 | | | 39.32 | | | | (0.59 | ) | | | 8.95 | | | | 8.36 | | | | — | | | | — | | | | — | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 72.44 | | | | (0.62 | ) | | | 4.28 | | | | 3.66 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 48.52 | | | | (0.95 | ) | | | 32.81 | | | | 31.86 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 54.26 | | | | (0.76 | ) | | | 3.07 | | | | 2.31 | | | | — | | | | (8.05 | ) | | | (8.05 | ) |
Year ended 3-31-2019 | | | 56.20 | | | | (0.67 | ) | | | 6.18 | | | | 5.51 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 49.39 | | | | (0.76 | ) | | | 11.74 | | | | 10.98 | | | | — | | | | (4.17 | ) | | | (4.17 | ) |
Year ended 3-31-2017 | | | 40.70 | | | | (0.59 | ) | | | 9.28 | | | | 8.69 | | | | — | | | | — | | | | — | |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 90.83 | | | | (0.45 | ) | | | 5.36 | | | | 4.91 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 59.18 | | | | (0.63 | ) | | | 40.22 | | | | 39.59 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 64.37 | | | | (0.45 | ) | | | 3.43 | | | | 2.98 | | | | — | | | | (8.17 | ) | | | (8.17 | ) |
Year ended 3-31-2019 | | | 64.88 | | | | (0.39 | ) | | | 7.33 | | | | 6.94 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 56.28 | | | | (0.44 | ) | | | 13.43 | | | | 12.99 | | | | — | | | | (4.39 | ) | | | (4.39 | ) |
Year ended 3-31-2017 | | | 46.08 | | | | (0.33 | ) | | | 10.53 | | | | 10.20 | | | | — | | | | — | | | | — | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 105.32 | | | | (0.36 | ) | | | 6.22 | | | | 5.86 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 67.65 | | | | (0.45 | ) | | | 46.06 | | | | 45.61 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 72.51 | | | | (0.27 | ) | | | 3.71 | | | | 3.44 | | | | — | | | | (8.30 | ) | | | (8.30 | ) |
Year ended 3-31-2019 | | | 71.85 | | | | (0.17 | ) | | | 8.28 | | | | 8.11 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 61.88 | | | | (0.26 | ) | | | 14.77 | | | | 14.51 | | | | — | | | | (4.54 | ) | | | (4.54 | ) |
Year ended 3-31-2017 | | | 50.49 | | | | (0.19 | ) | | | 11.58 | | | | 11.39 | | | | — | | | | — | | | | — | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 87.86 | | | | (0.58 | ) | | | 5.18 | | | | 4.60 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 57.58 | | | | (0.85 | ) | | | 39.07 | | | | 38.22 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 62.89 | | | | (0.63 | ) | | | 3.37 | | | | 2.74 | | | | — | | | | (8.05 | ) | | | (8.05 | ) |
Year ended 3-31-2019 | | | 63.68 | | | | (0.52 | ) | | | 7.18 | | | | 6.66 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 55.38 | | | | (0.61 | ) | | | 13.18 | | | | 12.57 | | | | — | | | | (4.27 | ) | | | (4.27 | ) |
Year ended 3-31-2017 | | | 45.45 | | | | (0.46 | ) | | | 10.39 | | | | 9.93 | | | | — | | | | — | | | | — | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 106.48 | | | | (0.28 | ) | | | 6.28 | | | | 6.00 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 68.24 | | | | (0.32 | ) | | | 46.50 | | | | 46.18 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 73.03 | | | | (0.15 | ) | | | 3.75 | | | | 3.60 | | | | — | | | | (8.39 | ) | | | (8.39 | ) |
Year ended 3-31-2019 | | | 72.20 | | | | (0.04 | ) | | | 8.32 | | | | 8.28 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 62.13 | | | | (0.17 | ) | | | 14.85 | | | | 14.68 | | | | — | | | | (4.61 | ) | | | (4.61 | ) |
Year ended 3-31-2017 | | | 50.62 | | | | (0.10 | ) | | | 11.61 | | | | 11.51 | | | | — | | | | — | | | | — | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 98.99 | | | | (0.43 | ) | | | 5.85 | | | | 5.42 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 64.00 | | | | (0.58 | ) | | | 43.51 | | | | 42.93 | | | | — | | | | (7.94 | ) | | | (7.94 | ) |
Year ended 3-31-2020 | | | 69.01 | | | | (0.40 | ) | | | 3.60 | | | | 3.20 | | | | — | | | | (8.21 | ) | | | (8.21 | ) |
Year ended 3-31-2019 | | | 68.90 | | | | (0.31 | ) | | | 7.87 | | | | 7.56 | | | | — | | | | (7.45 | ) | | | (7.45 | ) |
Year ended 3-31-2018 | | | 59.54 | | | | (0.43 | ) | | | 14.21 | | | | 13.78 | | | | — | | | | (4.42 | ) | | | (4.42 | ) |
Year ended 3-31-2017 | | | 48.70 | | | | (0.31 | ) | | | 11.15 | | | | 10.84 | | | | — | | | | — | | | | — | |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 2.03%. |
| (7) | Expense ratio based on the period excluding reorganization expenses was 1.30%. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 1.22%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Science and Technology Fund to Delaware Ivy Science and Technology Fund. |
| | | | | | |
| 50 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Loss to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Loss to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 97.08 | | | | 5.48 | % | | $ | 5,784 | | | | 1.12 | %(5) | | | -0.82 | %(5) | | | — | % | | | — | % | | | 27 | % |
Year ended 3-31-2021 | | | 92.04 | | | | 67.65 | | | | 5,696 | | | | 1.14 | | | | -0.66 | | | | — | | | | — | | | | 9 | |
Year ended 3-31-2020 | | | 59.85 | | | | 2.98 | | | | 3,626 | | | | 1.18 | | | | -0.54 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2019 | | | 65.00 | | | | 12.63 | | | | 3,956 | | | | 1.20 | | | | -0.45 | | | | — | | | | — | | | | 14 | |
Year ended 3-31-2018 | | | 65.33 | | | | 23.34 | | | | 4,018 | | | | 1.22 | | | | -0.56 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2017 | | | 56.65 | | | | 22.22 | | | | 1,026 | | | | 1.30 | | | | -0.66 | | | | — | | | | — | | | | 16 | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 71.58 | | | | 5.00 | | | | 5 | | | | 2.01 | (5) | | | -1.69 | (5) | | | 2.10 | (5) | | | -1.78 | (5) | | | 27 | |
Year ended 3-31-2021 | | | 68.17 | | | | 66.19 | | | | 16 | | | | 2.01 | | | | -1.52 | | | | 2.03 | | | | -1.54 | | | | 9 | |
Year ended 3-31-2020 | | | 46.00 | | | | 2.09 | | | | 22 | | | | 2.03 | | | | -1.39 | | | | 2.05 | | | | -1.41 | | | | 23 | |
Year ended 3-31-2019 | | | 51.83 | | | | 11.70 | | | | 37 | | | | 2.05 | (6) | | | -1.29 | | | | 2.06 | | | | -1.30 | | | | 14 | |
Year ended 3-31-2018 | | | 54.08 | | | | 22.36 | | | | 48 | | | | 2.03 | | | | -1.42 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2017 | | | 47.68 | | | | 21.26 | | | | 48 | | | | 2.06 | | | | -1.41 | | | | — | | | | — | | | | 16 | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 76.10 | | | | 5.06 | | | | 352 | | | | 1.91 | (5) | | | -1.60 | (5) | | | — | | | | — | | | | 27 | |
Year ended 3-31-2021 | | | 72.44 | | | | 66.37 | | | | 413 | | | | 1.92 | | | | -1.45 | | | | — | | | | — | | | | 9 | |
Year ended 3-31-2020 | | | 48.52 | | | | 2.17 | | | | 407 | | | | 1.95 | | | | -1.31 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2019 | | | 54.26 | | | | 11.79 | | | | 532 | | | | 1.94 | | | | -1.18 | | | | — | | | | — | | | | 14 | |
Year ended 3-31-2018 | | | 56.20 | | | | 22.44 | | | | 608 | | | | 1.98 | | | | -1.38 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2017 | | | 49.39 | | | | 21.35 | | | | 683 | | | | 2.00 | | | | -1.35 | | | | — | | | | — | | | | 16 | |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 95.74 | | | | 5.41 | | | | 62 | | | | 1.23 | (5) | | | -0.93 | (5) | | | 1.27 | (5) | | | -0.97 | (5) | | | 27 | |
Year ended 3-31-2021 | | | 90.83 | | | | 67.51 | | | | 60 | | | | 1.24 | | | | -0.76 | | | | 1.28 | | | | -0.80 | | | | 9 | |
Year ended 3-31-2020 | | | 59.18 | | | | 2.85 | | | | 36 | | | | 1.28 | | | | -0.65 | | | | 1.36 | | | | -0.73 | | | | 23 | |
Year ended 3-31-2019 | | | 64.37 | | | | 12.46 | | | | 36 | | | | 1.35 | (7) | | | -0.60 | | | | 1.45 | | | | -0.70 | | | | 14 | |
Year ended 3-31-2018 | | | 64.88 | | | | 23.28 | | | | 32 | | | | 1.30 | | | | -0.69 | | | | 1.46 | | | | -0.85 | | | | 22 | |
Year ended 3-31-2017 | | | 56.28 | | | | 22.13 | | | | 25 | | | | 1.33 | | | | -0.67 | | | | 1.58 | | | | -0.92 | | | | 16 | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 111.18 | | | | 5.57 | | | | 2,863 | | | | 0.95 | (5) | | | -0.64 | (5) | | | — | | | | — | | | | 27 | |
Year ended 3-31-2021 | | | 105.32 | | | | 67.96 | | | | 2,878 | | | | 0.96 | | | | -0.48 | | | | — | | | | — | | | | 9 | |
Year ended 3-31-2020 | | | 67.65 | | | | 3.17 | | | | 1,938 | | | | 0.98 | | | | -0.34 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2019 | | | 72.51 | | | | 12.88 | | | | 2,203 | | | | 0.98 | | | | -0.23 | | | | — | | | | — | | | | 14 | |
Year ended 3-31-2018 | | | 71.85 | | | | 23.63 | | | | 2,235 | | | | 1.00 | | | | -0.37 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2017 | | | 61.88 | | | | 22.56 | | | | 1,327 | | | | 1.00 | | | | -0.35 | | | | — | | | | — | | | | 16 | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 92.46 | | | | 5.24 | | | | 142 | | | | 1.55 | (5) | | | -1.24 | (5) | | | — | | | | — | | | | 27 | |
Year ended 3-31-2021 | | | 87.86 | | | | 66.99 | | | | 151 | | | | 1.55 | | | | -1.08 | | | | — | | | | — | | | | 9 | |
Year ended 3-31-2020 | | | 57.58 | | | | 2.57 | | | | 110 | | | | 1.57 | | | | -0.93 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2019 | | | 62.89 | | | | 12.23 | | | | 127 | | | | 1.56 | | | | -0.81 | | | | — | | | | — | | | | 14 | |
Year ended 3-31-2018 | | | 63.68 | | | | 22.91 | | | | 129 | | | | 1.58 | | | | -0.98 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2017 | | | 55.38 | | | | 21.85 | | | | 108 | | | | 1.59 | | | | -0.94 | | | | — | | | | — | | | | 16 | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 112.48 | | | | 5.63 | | | | 197 | | | | 0.81 | (5) | | | -0.50 | (5) | | | — | | | | — | | | | 27 | |
Year ended 3-31-2021 | | | 106.48 | | | | 68.22 | | | | 192 | | | | 0.81 | | | | -0.33 | | | | — | | | | — | | | | 9 | |
Year ended 3-31-2020 | | | 68.24 | | | | 3.34 | | | | 96 | | | | 0.83 | | | | -0.20 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2019 | | | 73.03 | | | | 13.07 | | | | 101 | | | | 0.82 | | | | -0.05 | | | | — | | | | — | | | | 14 | |
Year ended 3-31-2018 | | | 72.20 | | | | 23.82 | | | | 73 | | | | 0.85 | | | | -0.24 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2017 | | | 62.13 | | | | 22.74 | | | | 93 | | | | 0.85 | | | | -0.18 | | | | — | | | | — | | | | 16 | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 104.41 | | | | 5.47 | | | | 434 | | | | 1.12 | (5) | | | -0.81 | (5) | | | 1.20 | (5) | | | -0.89 | (5) | | | 27 | |
Year ended 3-31-2021 | | | 98.99 | | | | 67.64 | | | | 455 | | | | 1.14 | | | | -0.66 | | | | 1.20 | | | | -0.72 | | | | 9 | |
Year ended 3-31-2020 | | | 64.00 | | | | 2.98 | | | | 340 | | | | 1.18 | | | | -0.54 | | | | 1.22 | | | | -0.58 | | | | 23 | |
Year ended 3-31-2019 | | | 69.01 | | | | 12.64 | | | | 442 | | | | 1.20 | | | | -0.44 | | | | 1.21 | | | | -0.45 | | | | 14 | |
Year ended 3-31-2018 | | | 68.90 | | | | 23.33 | | | | 554 | | | | 1.24 | (8) | | | -0.64 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2017 | | | 59.54 | | | | 22.26 | | | | 644 | | | | 1.24 | | | | -0.59 | | | | — | | | | — | | | | 16 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 51 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY SECURIAN REAL ESTATE SECURITIES FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income
(Loss)(1) | | |
Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 24.82 | | | $ | 0.08 | | | $ | 3.43 | | | $ | 3.51 | | | $ | (0.04 | ) | | $ | — | | | $ | (0.04 | ) |
Year ended 3-31-2021 | | | 18.83 | | | | 0.17 | | | | 6.22 | | | | 6.39 | | | | (0.25 | ) | | | (0.15 | ) | | | (0.40 | ) |
Year ended 3-31-2020 | | | 24.45 | | | | 0.30 | | | | (3.61 | ) | | | (3.31 | ) | | | (0.32 | ) | | | (1.99 | ) | | | (2.31 | ) |
Year ended 3-31-2019 | | | 22.41 | | | | 0.30 | | | | 3.35 | | | | 3.65 | | | | (0.33 | ) | | | (1.28 | ) | | | (1.61 | ) |
Year ended 3-31-2018 | | | 25.94 | | | | 0.39 | | | | (0.82 | ) | | | (0.43 | ) | | | (0.18 | ) | | | (2.92 | ) | | | (3.10 | ) |
Year ended 3-31-2017 | | | 28.60 | | | | 0.24 | | | | (0.26 | ) | | | (0.02 | ) | | | (0.35 | ) | | | (2.29 | ) | | | (2.64 | ) |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 23.64 | | | | (0.20 | ) | | | 3.43 | | | | 3.04 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 17.97 | | | | 0.04 | | | | 5.84 | | | | 5.88 | | | | (0.06 | ) | | | (0.15 | ) | | | (0.21 | ) |
Year ended 3-31-2020 | | | 23.45 | | | | 0.07 | | | | (3.45 | ) | | | (3.38 | ) | | | (0.11 | ) | | | (1.99 | ) | | | (2.10 | ) |
Year ended 3-31-2019 | | | 21.54 | | | | 0.08 | | | | 3.19 | | | | 3.27 | | | | (0.08 | ) | | | (1.28 | ) | | | (1.36 | ) |
Year ended 3-31-2018 | | | 25.11 | | | | 0.14 | | | | (0.79 | ) | | | (0.65 | ) | | | — | | | | (2.92 | ) | | | (2.92 | ) |
Year ended 3-31-2017 | | | 27.80 | | | | (0.03 | ) | | | (0.23 | ) | | | (0.26 | ) | | | (0.14 | ) | | | (2.29 | ) | | | (2.43 | ) |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.11 | | | | (0.05 | ) | | | 3.33 | | | | 3.28 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 18.32 | | | | 0.06 | | | | 5.96 | | | | 6.02 | | | | (0.08 | ) | | | (0.15 | ) | | | (0.23 | ) |
Year ended 3-31-2020 | | | 23.86 | | | | 0.12 | | | | (3.52 | ) | | | (3.40 | ) | | | (0.15 | ) | | | (1.99 | ) | | | (2.14 | ) |
Year ended 3-31-2019 | | | 21.90 | | | | 0.17 | | | | 3.21 | | | | 3.38 | | | | (0.14 | ) | | | (1.28 | ) | | | (1.42 | ) |
Year ended 3-31-2018 | | | 25.45 | | | | 0.23 | | | | (0.84 | ) | | | (0.61 | ) | | | (0.02 | ) | | | (2.92 | ) | | | (2.94 | ) |
Year ended 3-31-2017 | | | 28.15 | | | | (0.01 | ) | | | (0.21 | ) | | | (0.22 | ) | | | (0.19 | ) | | | (2.29 | ) | | | (2.48 | ) |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.84 | | | | 0.10 | | | | 3.43 | | | | 3.53 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2021 | | | 18.84 | | | | 0.21 | | | | 6.22 | | | | 6.43 | | | | (0.28 | ) | | | (0.15 | ) | | | (0.43 | ) |
Year ended 3-31-2020 | | | 24.45 | | | | 0.31 | | | | (3.60 | ) | | | (3.29 | ) | | | (0.33 | ) | | | (1.99 | ) | | | (2.32 | ) |
Year ended 3-31-2019 | | | 22.41 | | | | 0.29 | | | | 3.36 | | | | 3.65 | | | | (0.33 | ) | | | (1.28 | ) | | | (1.61 | ) |
Year ended 3-31-2018 | | | 25.94 | | | | 0.34 | | | | (0.77 | ) | | | (0.43 | ) | | | (0.18 | ) | | | (2.92 | ) | | | (3.10 | ) |
Year ended 3-31-2017 | | | 28.60 | | | | 0.12 | | | | (0.15 | ) | | | (0.03 | ) | | | (0.34 | ) | | | (2.29 | ) | | | (2.63 | ) |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 25.05 | | | | 0.12 | | | | 3.47 | | | | 3.59 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2021 | | | 18.99 | | | | 0.25 | | | | 6.27 | | | | 6.52 | | | | (0.31 | ) | | | (0.15 | ) | | | (0.46 | ) |
Year ended 3-31-2020 | | | 24.63 | | | | 0.38 | | | | (3.62 | ) | | | (3.24 | ) | | | (0.41 | ) | | | (1.99 | ) | | | (2.40 | ) |
Year ended 3-31-2019 | | | 22.57 | | | | 0.39 | | | | 3.36 | | | | 3.75 | | | | (0.41 | ) | | | (1.28 | ) | | | (1.69 | ) |
Year ended 3-31-2018 | | | 26.11 | | | | 0.41 | | | | (0.74 | ) | | | (0.33 | ) | | | (0.29 | ) | | | (2.92 | ) | | | (3.21 | ) |
Year ended 3-31-2017 | | | 28.75 | | | | 0.13 | | | | (0.05 | ) | | | 0.08 | | | | (0.43 | ) | | | (2.29 | ) | | | (2.72 | ) |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.78 | | | | 0.03 | | | | 3.43 | | | | 3.46 | | | | — | * | | | — | | | | — | * |
Year ended 3-31-2021 | | | 18.81 | | | | 0.13 | | | | 6.20 | | | | 6.33 | | | | (0.21 | ) | | | (0.15 | ) | | | (0.36 | ) |
Year ended 3-31-2020 | | | 24.42 | | | | 0.27 | | | | (3.62 | ) | | | (3.35 | ) | | | (0.27 | ) | | | (1.99 | ) | | | (2.26 | ) |
Year ended 3-31-2019 | | | 22.39 | | | | 0.25 | | | | 3.34 | | | | 3.59 | | | | (0.28 | ) | | | (1.28 | ) | | | (1.56 | ) |
Year ended 3-31-2018 | | | 25.92 | | | | 0.36 | | | | (0.85 | ) | | | (0.49 | ) | | | (0.12 | ) | | | (2.92 | ) | | | (3.04 | ) |
Year ended 3-31-2017 | | | 28.59 | | | | 0.09 | | | | (0.17 | ) | | | (0.08 | ) | | | (0.30 | ) | | | (2.29 | ) | | | (2.59 | ) |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 25.09 | | | | 0.15 | | | | 3.48 | | | | 3.63 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2021 | | | 19.02 | | | | 0.28 | | | | 6.28 | | | | 6.56 | | | | (0.34 | ) | | | (0.15 | ) | | | (0.49 | ) |
Year ended 3-31-2020 | | | 24.66 | | | | 0.43 | | | | (3.64 | ) | | | (3.21 | ) | | | (0.44 | ) | | | (1.99 | ) | | | (2.43 | ) |
Year ended 3-31-2019 | | | 22.59 | | | | 0.57 | | | | 3.23 | | | | 3.80 | | | | (0.45 | ) | | | (1.28 | ) | | | (1.73 | ) |
Year ended 3-31-2018 | | | 26.15 | | | | 0.63 | | | | (0.92 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (2.92 | ) | | | (3.27 | ) |
Year ended 3-31-2017 | | | 28.78 | | | | 0.29 | | | | (0.16 | ) | | | 0.13 | | | | (0.47 | ) | | | (2.29 | ) | | | (2.76 | ) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.87 | | | | 0.10 | | | | 3.43 | | | | 3.53 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2021 | | | 18.86 | | | | 0.21 | | | | 6.23 | | | | 6.44 | | | | (0.28 | ) | | | (0.15 | ) | | | (0.43 | ) |
Year ended 3-31-2020 | | | 24.48 | | | | 0.33 | | | | (3.60 | ) | | | (3.27 | ) | | | (0.36 | ) | | | (1.99 | ) | | | (2.35 | ) |
Year ended 3-31-2019 | | | 22.44 | | | | 0.34 | | | | 3.34 | | | | 3.68 | | | | (0.36 | ) | | | (1.28 | ) | | | (1.64 | ) |
Year ended 3-31-2018 | | | 25.97 | | | | 0.40 | | | | (0.79 | ) | | | (0.39 | ) | | | (0.22 | ) | | | (2.92 | ) | | | (3.14 | ) |
Year ended 3-31-2017 | | | 28.62 | | | | 0.24 | | | | (0.21 | ) | | | 0.03 | | | | (0.39 | ) | | | (2.29 | ) | | | (2.68 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Securian Real Estate Securities Fund to Delaware Ivy Securian Real Estate Securities Fund. |
| | | | | | |
| 52 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 28.29 | | | | 14.13 | % | | $ | 141 | | | | 1.37 | %(5) | | | 0.59 | %(5) | | | 1.47 | %(5) | | | 0.49 | %(5) | | | 20 | % |
Year ended 3-31-2021 | | | 24.82 | | | | 34.24 | | | | 130 | | | | 1.45 | | | | 0.79 | | | | 1.55 | | | | 0.69 | | | | 76 | |
Year ended 3-31-2020 | | | 18.83 | | | | -15.35 | | | | 122 | | | | 1.43 | | | | 1.21 | | | | 1.53 | | | | 1.11 | | | | 59 | |
Year ended 3-31-2019 | | | 24.45 | | | | 16.83 | | | | 173 | | | | 1.44 | | | | 1.29 | | | | 1.54 | | | | 1.19 | | | | 69 | |
Year ended 3-31-2018 | | | 22.41 | | | | -2.58 | | | | 189 | | | | 1.42 | | | | 1.51 | | | | 1.52 | | | | 1.41 | | | | 68 | |
Year ended 3-31-2017 | | | 25.94 | | | | 0.02 | | | | 261 | | | | 1.43 | | | | 0.87 | | | | 1.53 | | | | 0.77 | | | | 77 | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.68 | | | | 12.86 | | | | — | * | | | 3.12 | (5) | | | -1.56 | (5) | | | 3.22 | (5) | | | -1.66 | (5) | | | 20 | |
Year ended 3-31-2021 | | | 23.64 | | | | 32.87 | | | | — | * | | | 2.49 | | | | 0.21 | | | | 2.59 | | | | 0.11 | | | | 76 | |
Year ended 3-31-2020 | | | 17.97 | | | | -16.16 | | | | 1 | | | | 2.42 | | | | 0.30 | | | | 2.52 | | | | 0.20 | | | | 59 | |
Year ended 3-31-2019 | | | 23.45 | | | | 15.61 | | | | 2 | | | | 2.44 | | | | 0.38 | | | | 2.54 | | | | 0.28 | | | | 69 | |
Year ended 3-31-2018 | | | 21.54 | | | | -3.48 | | | | 2 | | | | 2.39 | | | | 0.57 | | | | 2.49 | | | | 0.47 | | | | 68 | |
Year ended 3-31-2017 | | | 25.11 | | | | -0.88 | | | | 3 | | | | 2.34 | | | | -0.10 | | | | 2.44 | | | | -0.20 | | | | 77 | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.39 | | | | 13.61 | | | | 2 | | | | 2.31 | (5) | | | -0.38 | (5) | | | 2.41 | (5) | | | -0.48 | (5) | | | 20 | |
Year ended 3-31-2021 | | | 24.11 | | | | 33.03 | | | | 2 | | | | 2.33 | | | | 0.27 | | | | 2.43 | | | | 0.17 | | | | 76 | |
Year ended 3-31-2020 | | | 18.32 | | | | -15.99 | | | | 3 | | | | 2.25 | | | | 0.50 | | | | 2.35 | | | | 0.40 | | | | 59 | |
Year ended 3-31-2019 | | | 23.86 | | | | 15.90 | | | | 6 | | | | 2.19 | | | | 0.74 | | | | 2.29 | | | | 0.64 | | | | 69 | |
Year ended 3-31-2018 | | | 21.90 | | | | -3.26 | | | | 8 | | | | 2.19 | | | | 0.93 | | | | 2.29 | | | | 0.83 | | | | 68 | |
Year ended 3-31-2017 | | | 25.45 | | | | -0.72 | | | | 15 | | | | 2.16 | | | | -0.02 | | | | 2.26 | | | | -0.12 | | | | 77 | |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.32 | | | | 14.21 | | | | 3 | | | | 1.26 | (5) | | | 0.70 | (5) | | | 1.86 | (5) | | | 0.10 | (5) | | | 20 | |
Year ended 3-31-2021 | | | 24.84 | | | | 34.41 | | | | 3 | | | | 1.31 | | | | 0.96 | | | | 1.77 | | | | 0.50 | | | | 76 | |
Year ended 3-31-2020 | | | 18.84 | | | | -15.26 | | | | 3 | | | | 1.37 | | | | 1.24 | | | | 1.75 | | | | 0.86 | | | | 59 | |
Year ended 3-31-2019 | | | 24.45 | | | | 16.80 | | | | 3 | | | | 1.42 | | | | 1.24 | | | | 1.79 | | | | 0.87 | | | | 69 | |
Year ended 3-31-2018 | | | 22.41 | | | | -2.54 | | | | 3 | | | | 1.43 | | | | 1.34 | | | | 1.79 | | | | 0.98 | | | | 68 | |
Year ended 3-31-2017 | | | 25.94 | | | | — | | | | 4 | | | | 1.45 | | | | 0.44 | | | | 1.79 | | | | 0.10 | | | | 77 | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.56 | | | | 14.33 | | | | 133 | | | | 1.07 | (5) | | | 0.88 | (5) | | | 1.17 | (5) | | | 0.78 | (5) | | | 20 | |
Year ended 3-31-2021 | | | 25.05 | | | | 34.68 | | | | 127 | | | | 1.08 | | | | 1.15 | | | | 1.18 | | | | 1.05 | | | | 76 | |
Year ended 3-31-2020 | | | 18.99 | | | | -15.01 | | | | 121 | | | | 1.08 | | | | 1.54 | | | | 1.18 | | | | 1.44 | | | | 59 | |
Year ended 3-31-2019 | | | 24.63 | | | | 17.22 | | | | 160 | | | | 1.07 | | | | 1.65 | | | | 1.17 | | | | 1.55 | | | | 69 | |
Year ended 3-31-2018 | | | 22.57 | | | | -2.17 | | | | 173 | | | | 1.06 | | | | 1.60 | | | | 1.16 | | | | 1.50 | | | | 68 | |
Year ended 3-31-2017 | | | 26.11 | | | | 0.39 | | | | 208 | | | | 1.05 | | | | 0.45 | | | | 1.15 | | | | 0.35 | | | | 77 | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.24 | | | | 13.98 | | | | — | * | | | 1.72 | (5) | | | 0.24 | (5) | | | 1.82 | (5) | | | 0.14 | (5) | | | 20 | |
Year ended 3-31-2021 | | | 24.78 | | | | 33.88 | | | | — | * | | | 1.67 | | | | 0.61 | | | | 1.77 | | | | 0.51 | | | | 76 | |
Year ended 3-31-2020 | | | 18.81 | | | | -15.51 | | | | — | * | | | 1.69 | | | | 1.07 | | | | 1.79 | | | | 0.97 | | | | 59 | |
Year ended 3-31-2019 | | | 24.42 | | | | 16.57 | | | | 1 | | | | 1.64 | | | | 1.05 | | | | 1.74 | | | | 0.95 | | | | 69 | |
Year ended 3-31-2018 | | | 22.39 | | | | -2.79 | | | | 1 | | | | 1.66 | | | | 1.40 | | | | 1.76 | | | | 1.30 | | | | 68 | |
Year ended 3-31-2017 | | | 25.92 | | | | -0.18 | | | | 2 | | | | 1.64 | | | | 0.33 | | | | 1.74 | | | | 0.23 | | | | 77 | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.61 | | | | 14.43 | | | | — | * | | | 0.92 | (5) | | | 1.08 | (5) | | | 1.02 | (5) | | | 0.98 | (5) | | | 20 | |
Year ended 3-31-2021 | | | 25.09 | | | | 34.84 | | | | 1 | | | | 0.94 | | | | 1.26 | | | | 1.04 | | | | 1.16 | | | | 76 | |
Year ended 3-31-2020 | | | 19.02 | | | | -14.86 | | | | — | * | | | 0.94 | | | | 1.70 | | | | 1.04 | | | | 1.60 | | | | 59 | |
Year ended 3-31-2019 | | | 24.66 | | | | 17.42 | | | | 1 | | | | 0.91 | | | | 2.40 | | | | 1.01 | | | | 2.30 | | | | 69 | |
Year ended 3-31-2018 | | | 22.59 | | | | -2.04 | | | | 1 | | | | 0.89 | | | | 2.38 | | | | 0.99 | | | | 2.28 | | | | 68 | |
Year ended 3-31-2017 | | | 26.15 | | | | 0.56 | | | | 3 | | | | 0.87 | | | | 1.04 | | | | 0.97 | | | | 0.94 | | | | 77 | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.35 | | | | 14.18 | | | | 81 | | | | 1.29 | (5) | | | 0.69 | (5) | | | 1.39 | (5) | | | 0.59 | (5) | | | 20 | |
Year ended 3-31-2021 | | | 24.87 | | | | 34.45 | | | | 70 | | | | 1.30 | | | | 0.95 | | | | 1.40 | | | | 0.85 | | | | 76 | |
Year ended 3-31-2020 | | | 18.86 | | | | -15.21 | | | | 63 | | | | 1.29 | | | | 1.35 | | | | 1.39 | | | | 1.25 | | | | 59 | |
Year ended 3-31-2019 | | | 24.48 | | | | 16.99 | | | | 90 | | | | 1.28 | | | | 1.45 | | | | 1.38 | | | | 1.35 | | | | 69 | |
Year ended 3-31-2018 | | | 22.44 | | | | -2.42 | | | | 98 | | | | 1.27 | | | | 1.57 | | | | 1.37 | | | | 1.47 | | | | 68 | |
Year ended 3-31-2017 | | | 25.97 | | | | 0.19 | | | | 129 | | | | 1.26 | | | | 0.86 | | | | 1.36 | | | | 0.76 | | | | 77 | |
See Accompanying Notes to Financial Statements.
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| | |
| NOTES TO FINANCIAL STATEMENTS | | IVY FUNDS |
SEPTEMBER 30, 2021 (UNAUDITED)
Ivy Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Delaware Ivy Asset Strategy Fund (formerly known as Ivy Asset Strategy Fund), Delaware Ivy Balanced Fund (formerly known as Ivy Balanced Fund), Delaware Ivy Energy Fund (formerly known as Ivy Energy Fund), Delaware Ivy LaSalle Global Real Estate Fund (formerly known as Ivy LaSalle Global Real Estate Fund), Delaware Ivy Natural Resources Fund (formerly known as Ivy Natural Resources Fund), Delaware Ivy Science and Technology Fund (formerly known as Ivy Science and Technology Fund) and Delaware Ivy Securian Real Estate Securities Fund (formerly known as Ivy Securian Real Estate Securities Fund) (each, a “Fund”) are seven series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds’ Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager was Ivy Investment Management Company (“IICO” or the “Manager”) through April 30, 2021. Effective April 30, 2021, each Fund’s investment manager is Delaware Management Company (“DMC” or the “Manager”).
Each Fund offers Class A, Class B, Class C, Class I, Class R, Class R6 (formerly Class N), and Class Y shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Certain Funds may also offer Class E shares. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus a front-end sales charge. For Class A and Class E shares, a 1% contingent deferred sales charge (“CDSC”) will be imposed on certain purchases that are subsequently redeemed within a certain time period, all as more fully set forth in the Fund’s prospectus. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC. Class I, Class R, Class R6 and Class Y shares are sold without either a front-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Net investment income, net assets and NAV per share may differ due to each class having its own expenses, such as transfer agent and shareholder servicing fees, directly attributable to that class. Class A, B, C, E, R and Y have a distribution and service plan. Class I shares and Class R6 shares are not included in the plan. With certain exceptions described in the Prospectus, Class B shares and Class C shares will automatically convert to Class A shares 96 months after the date of purchase.
| 2. | | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by each Fund.
Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. All or a portion of the distributions received from a real estate investment trust or publicly traded partnership may be designated as a reduction of cost of the related investment or realized gain. The financial statements reflect an estimate of the reclassification of the distribution character.
Foreign Currency Translation. Each Fund’s accounting records are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars daily, using foreign exchange rates obtained from an independent pricing service approved by the Board of Trustees of the Trust (the “Board”). Purchases and sales of investment securities and accruals of income and expenses are translated at the rate of exchange prevailing on the date of the transaction. For assets and liabilities other than investments in securities, net realized and unrealized gains and losses from foreign currency translation arise from changes in currency exchange rates. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments. Foreign exchange rates are typically valued as of the close of the New York Stock Exchange (“NYSE”), normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Income Taxes. It is the policy of each Fund to distribute all of its taxable income and capital gains to its shareholders and to otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Fund intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The Funds’ tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax returns. Management of the Trust periodically reviews
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| 54 | | SEMIANNUAL REPORT | | 2021 | | |
all tax positions to assess whether it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of the date of these financial statements, management believes that no liability for unrecognized tax positions is required.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded by each Fund on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“U.S. GAAP”). If the total dividends and distributions made in any tax year exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a return of capital for tax purposes.
Segregation and Collateralization. In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”), the Dodd Frank Wall Street Reform and Consumer Protection Act, or the interpretive rules and regulations of the U.S. Commodities Futures Trading Commission require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps), the Fund will segregate collateral or designate on its books and records, cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments. Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the Statements of Assets and Liabilities as “Restricted cash”. Securities collateral pledged for the same purpose, if any, is noted on the Schedule of Investments.
Concentration of Market and Credit Risk. In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded on the Funds’ Statements of Assets and Liabilities, less any collateral held by the Funds.
Certain Funds may hold high-yield or non-investment-grade bonds, that may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default.
Certain Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected on the Statements of Assets and Liabilities.
If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.
The risk that changes related to the use of the London Interbank Offered Rate (“LIBOR”) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (“EONIA”)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.
An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that
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| | | 2021 | | | | SEMIANNUAL REPORT | | | | 55 | |
may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
Inflation-Indexed Bonds. Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.
Interest Only Obligations. These securities entitle the owner to receive only the interest portion from a bond, Treasury note or pool of mortgages. These securities are generally created by a third party separating a bond or pool of mortgages into distinct interest-only and principal-only securities. As the principal (par) amount of a bond or pool of mortgages is paid down, the amount of interest income earned by the owner will decline as well.
Loans. Certain Funds may invest in loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates, the debtor of which may be a domestic or foreign corporation, partnership or other entity (“Borrower”). Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, the LIBOR or certificates of deposit rates. Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Loans are exempt from registration under the Securities Act of 1933, as amended, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.
When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender. When a Fund purchases a participation of a loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no direct right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and interest.
Payment In-Kind Securities. Certain Funds may invest in payment in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in cash or in additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.
Securities on a When-Issued or Delayed Delivery Basis. Certain Funds may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by a Fund on a when-issued basis normally take place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of a Fund’s NAV to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield DMC, or the Fund’s investment subadviser, as applicable, consider advantageous. The Fund maintains internally designated assets with a value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued or delayed delivery basis prior to settlement of the original purchase.
Custodian Fees. “Custodian fees” on the Statements of Operations may include interest expense incurred by a Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. A Fund pays
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| 56 | | SEMIANNUAL REPORT | | 2021 | | |
interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by that Fund. The “Earnings credit” line item, if shown, represents earnings on cash balances maintained by that Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Indemnification. The Trust’s organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.
Basis of Preparation. Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The accompanying financial statements were prepared in accordance with U.S. GAAP, including but not limited to ASC 946. U.S. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.
Subsequent Events. The following subsequent events occurred through the date this report was issued.
Delaware Ivy Asset Strategy Fund. On September 13, 2021, the Board approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of DMC to join F. Chace Brundige of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.
Delaware Ivy Balanced Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of Stefan Löwenthal and Jürgen Wurzer of Macquarie Investment Management Austria Kapitalanlage and Aaron D. Young of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.
Delaware Ivy Energy Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of Samuel Halpert and Geoffrey King of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.
Delaware Ivy Natural Resources Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of Samuel Halpert and Geoffrey King of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.
Delaware Ivy Science and Technology Fund. On November 15, 2021, Gustaf C. Zinn was added as an additional portfolio manager for the Fund.
On November 1, 2021, the Funds, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit with Bank of New York Mellon and a group of financial institutions to be utilized to temporarily finance the repurchase or redemption of Fund shares and for other temporary or emergency purposes. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.
| 3. | | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Each Fund calculates the NAV of its shares as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.
For purposes of calculating the NAV, the portfolio securities and financial instruments are valued on each business day using pricing and valuation methods as adopted by the Board. Where market quotes are readily available, fair value is generally determined on the basis of the last reported sales price, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.
Prices for fixed-income securities are typically based on quotes that are obtained from an independent pricing service approved by the Board. To determine values of fixed-income securities, the independent pricing service utilizes such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.
Short-term securities with maturities of 60 days or less are valued based on quotes that are obtained from an independent pricing service approved by the Board as described in the preceding paragraph above.
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Because many foreign markets close before the NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. Waddell & Reed Services Company (“WRSCO”), pursuant to procedures adopted by the Board, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. In addition, all securities for which values are not readily available or are deemed unreliable are appraised at fair value as determined in good faith under the supervision of the Board.
Where market quotes are not readily available, portfolio securities or financial instruments are valued at fair value, as determined in good faith by the Board or Valuation Committee pursuant to procedures approved by the Board.
Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE close, that materially affect the values of a Fund’s securities or financial instruments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available.
The Board has delegated to WRSCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or financial instruments and for determining whether the value of the applicable securities or financial instruments should be re-evaluated in light of such significant events. DMC, pursuant to authority delegated by the Board, has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.
The Board has adopted methods for valuing securities and financial instruments in circumstances where market quotes are not readily available. For instances in which daily market quotes are not readily available, investments may be valued, pursuant to procedures established by the Board, with reference to other securities or indices. In the event that the security or financial instrument cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or financial instrument will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.
When a Fund uses these fair valuation methods applied by WRSCO that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at its direction believe accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. The prices used by a Fund may differ from the value that will ultimately be realized at the time the securities are sold.
WRSCO is responsible for monitoring the implementation of the pricing and valuation policies through a series of activities to provide reasonable comfort of the accuracy of prices including: 1) periodic vendor due diligence meetings to review methodologies, new developments, and process at vendors, 2) daily and monthly multi-source pricing comparisons reviewed and submitted to the Valuation Committee, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by management and the Valuation Committee.
Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation.
The three-tier hierarchy of inputs is summarized as follows:
| • | | Level 1 – Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities. |
| • | | Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |
| • | | Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at its direction that are used in determining the fair value of investments. |
A description of the valuation techniques applied to the Funds’ major classes of assets and liabilities measured at fair value on a recurring basis follows:
Asset-Backed Securities and Mortgage-Backed Securities. The fair value of asset-backed securities and mortgage-backed securities are estimated using recently executed transactions and based on models that consider the estimated cash flows of
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| 58 | | SEMIANNUAL REPORT | | 2021 | | |
each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, and otherwise they would be categorized as Level 3.
Bullion. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded and are categorized in Level 1 of the fair value hierarchy.
Corporate Bonds. The fair value of corporate bonds, as obtained from an independent pricing service, is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.
Derivative Instruments. Forward foreign currency contracts are valued based upon the closing prices of the forward currency rates determined at the close of the NYSE, which values are provided by an independent pricing service. Swaps derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. Swaps are valued by an independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Exchange-traded futures contracts are generally valued at the settlement price. Listed options are ordinarily valued at the mean of the last bid and ask price for a comparable listed option provided by an independent pricing service unless the price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer. Over-the-counter (“OTC”) options are ordinarily valued at the mean of the last bid and ask price for a comparable listed option provided by an independent pricing service unless such a price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer.
Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap agreements, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case with interest rate swap and option contracts. OTC derivative products valued using pricing models with significant observable inputs are categorized within Level 2 of the fair value hierarchy.
Equity Securities. Equity securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. OTC equity securities and listed securities for which no price is readily available are valued at the average of the last bid and ask prices.
Mutual funds, including investment funds, typically are valued at the NAV reported as of the valuation date.
Securities that are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded and to the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Foreign securities, for which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.
Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.
Loans. Loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service. The fair value of loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable in which case they would be categorized as Level 3.
Municipal Bonds. Municipal bonds are fair valued based on pricing models used by and obtained from an independent pricing service that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
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| | | 2021 | | | | SEMIANNUAL REPORT | | | | 59 | |
Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are included in Level 3 of the fair value hierarchy to the extent that significant inputs to valuation are unobservable, because they trade infrequently, if at all and, therefore, the inputs are unobservable. Restricted securities that are valued at a discount to similar publicly traded securities may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.
U.S. Government and Agency Securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 2 of the fair value hierarchy depending on the liquidity and transparency of the market.
Transfers from Level 2 to Level 3, if any, occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2, if any, occurred primarily due to the increased availability of observable market data due to increased market activity or information.
For fair valuations using unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and Level 3 reconciliation, if any, have been included in the Notes to the Schedule of Investments for each respective Fund.
Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments, if applicable, are included on the Statements of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively.
| 4. | | DERIVATIVE INSTRUMENTS ($ amounts in thousands unless indicated otherwise) |
The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds’ financial positions and results of operations.
Futures Contracts. Certain Funds are authorized to engage in buying and selling futures contracts. Upon entering into a futures contract, a Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. This amount is known as the initial margin. Subsequent amounts, known as variation margin, are paid or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index. Options on futures contracts may also be purchased or sold by a Fund.
Futures contracts are reported on a schedule following the Schedule of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are identified on the Schedule of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted on the Statements of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statements of Operations. Realized gains (losses) are reported on the Statements of Operations at the closing or expiration of futures contracts.
Risks of entering into futures contracts include the possibility of loss of securities or cash held as collateral, that there may be an illiquid market where the Fund is unable to close the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.
Delaware Ivy Balanced Fund invests in long and/or short positions in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk).
Option Contracts. Options purchased by a Fund are accounted for in the same manner as portfolio securities. The cost of the underlying instruments acquired through the exercise of call options is increased by the premium paid to purchase the call. The proceeds from instruments sold through the exercise of put options are decreased by the premium paid to purchase the put.
When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently adjusted to reflect the current value of the option written. When an option expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the call option was sold), and the liability related to such option is extinguished. When a written call option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining whether a Fund has realized a gain or loss. When a written put is exercised, the cost basis of the instruments purchased by a Fund is reduced by the amount of the premium received.
Investments in options, whether purchased or written, involve certain risks. Writing put options and purchasing call options may increase a Fund’s exposure to the underlying instrument. With written options, there may be times when a Fund will be required to purchase or sell instruments to meet its obligation under the option contract where the required action is not beneficial to the Fund, due to unfavorable movement of the market price of the underlying instrument.
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| 60 | | SEMIANNUAL REPORT | | 2021 | | |
Option contracts can be traded on a regulated exchange or traded OTC. Unlike the trades on a regulated exchange where the clearinghouse guarantees the performances of both the buyer and the seller, to the extent a Fund enters into OTC option transactions with counterparties, the Fund will be exposed to the risk that counterparties to these OTC transactions will be unable to meet their obligations under the terms of the transaction.
Delaware Ivy Asset Strategy Fund and Delaware Ivy Science and Technology Fund purchase and write call and put options to increase or decrease hedging exposure to underlying instruments (which include credit risk, equity risk, foreign currency exchange rate risk, event risk and/or interest rate risk), increase exposure to various equity markets or certain sectors, gain exposure to or facilitate trading in certain securities and/or, in the case of options written, to generate returns from options premiums.
Swap Agreements. Certain Funds are authorized to invest in swap agreements. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (“centrally cleared swaps”).
Swaps are marked to market daily and changes in value are recorded as unrealized appreciation (depreciation) on the Statements of Operations. Payments received or made by the Fund are recorded as realized gain or loss on the Statements of Operations. Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap premiums paid and swap premiums received, respectively, if any, on the Statements of Assets and Liabilities and amortized over the term of the swap. An early termination payment received or made at an early termination or a final payment made at the maturity of the swap is recorded as realized gain or loss on the Statements of Operations.
After a centrally cleared swap is accepted for clearing, a Fund may be required to deposit initial margin with a Clearing Member in the form of cash or securities. Securities deposited as initial margin, if any, are designated on the Schedule of Investments. Cash deposited as initial margin is identified on the Schedule of Investments and is recorded as restricted cash on the Statements of Assets and Liabilities.
Total return swaps involve a commitment of one party to pay periodic interest payments in exchange for a market-linked return based on a security or a basket of securities including a variety of securities or representing a particular index. To the extent the total return of the security, a basket of securities, or an index exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
Delaware Ivy Asset Strategy Fund enters into total return swaps to hedge exposure to a security or market.
The creditworthiness of the counterparty with which a Fund enters into a swap agreement is monitored by DMC. If a counterparty creditworthiness declines, the value of the agreement would likely decline, potentially resulting in losses. If a default occurs by the counterparty to such a transaction, the Fund will have contractual remedies pursuant to the agreement related to the transaction. The maximum loss a Fund may incur consists of the aggregate unrealized gain on appreciated contracts that is not collateralized due to facts specific to certain situations (i.e., collateral may not have been posted by the counterparty due to the required collateral amount being less than the pre-agreed thresholds. Additionally, regulatory developments called stay resolutions and the ensuing required contractual amendments to the transactional documentation, including derivatives, permit the relevant regulators to preclude parties to a transaction from terminating trades, among other rights it may have in the trade agreements should a counterparty that it regulates experience financial distress. A relevant regulator also has the authority to reduce the value of certain liabilities owed by the counterparty to a Fund and/or convert cash liabilities of a regulated entity into equity holdings. The power given to the relevant regulators includes the ability to amend transactional agreements unilaterally, modify the maturity of eligible liabilities, reduce the amount of interest payable or change the date on which interest becomes payable, among other powers.
To prevent incurring losses due to the counterparty credit risk, DMC actively monitors the creditworthiness of the counterparties with which it has entered financial transactions. DMC consistently and frequently risk manages the credit risk of the counterparties it faces in transactions.
Collateral and rights of offset. A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes (“CSA”) included with an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement which is the standard contract governing all OTC derivative transactions between the Fund and each of its counterparties. Although it is not possible to eliminate credit risk entirely, the CSA allows the Fund and its counterparty to reduce their exposure to the risk of payment default by the other party by holding an amount in collateral equivalent to the realized and unrealized amount of exposure to the counterparty, which is generally held by the Fund’s custodian. An amount of collateral is moved to/from applicable counterparties only if the amount of collateral required to be posted surpasses both the threshold and the minimum transfer amount pre-agreed in the CSA between the Fund and the counterparty. See Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices.
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| | | 2021 | | | | SEMIANNUAL REPORT | | | | 61 | |
Offsetting of Assets and Liabilities. The following tables present financial instruments that are either (1) offset or (2) subject to an enforceable master netting arrangement or similar agreement as of September 30, 2021:
Assets
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Gross Amounts Not Offset on the
Statements of Assets and Liabilities | |
| Fund | | Counterparty | | | Gross
Amounts of
Recognized
Assets | | | Gross Amounts
Offset on the
Statements of
Assets and
Liabilities | | | Net Amounts
of Assets
Presented on
the Statements
of Assets and
Liabilities | | | Financial
Instruments and
Derivatives
Available for
Offset | | | Non-Cash
Collateral
Received | | | Cash
Collateral
Received | | | Net
Amount
Receivable | |
Delaware Ivy Asset Strategy Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities at value* | |
| Morgan Stanley
& Co, Inc. |
| | $ | 205 | | | $ | — | | | $ | 205 | | | $ | (205 | ) | | $ | — | | | $ | — | | | $ | — | |
| * | Purchased options are reported as investments in unaffiliated securities on the Statements of Assets and Liabilities. |
Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Gross Amounts Not Offset on the
Statements of Assets and Liabilities | |
| Fund | | Counterparty | | | Gross
Amounts of
Recognized
Liabilities | | | Gross Amounts
Offset on the
Statements of
Assets and
Liabilities | | | Net Amounts
of Liabilities
Presented on
the Statements
of Assets and
Liabilities | | | Financial
Instruments and
Derivatives
Available for
Offset | | | Non-Cash
Collateral
Pledged | | | Cash
Collateral
Pledged | | | Net
Amount
Payable | |
Delaware Ivy Asset Strategy Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Written options at value | |
| Morgan Stanley
& Co, Inc. |
| | $ | 722 | | | $ | — | | | $ | 722 | | | $ | (205 | ) | | $ | — | | | $ | (517 | ) | | $ | — | |
Additional Disclosure Related to Derivative Instruments
Fair values of derivative instruments as of September 30, 2021:
| | | | | | | | | | | | | | |
| | | | | Assets | | | Liabilities | |
| Fund | | Type of Risk
Exposure | | Statements of Assets & Liabilities
Location | | Value | | | Statements of Assets & Liabilities
Location | | Value | |
| Delaware Ivy Asset Strategy Fund | | Equity | | Investments in unaffiliated securities at value* | | | $381 | | | Written options at value | | $ | 2,214 | |
| Delaware Ivy Balanced Fund | | Interest rate | | Unrealized appreciation on futures contracts** | | | 832 | | | | | | — | |
| * | Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments. |
| ** | The value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended September 30, 2021 |
Amount of realized gain (loss) on derivatives recognized on the Statements of Operations for the period ended September 30, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Net realized gain (loss) on: | | | | |
| Fund | | Type of Risk
Exposure | | Investments in
unaffiliated
securities* | | | Swap
agreements | | | Futures
contracts | | | Written
options | | | Forward foreign
currency
contracts | | | Total | |
| Delaware Ivy Asset Strategy Fund | | Equity | | $ | (3,406 | ) | | $ | 244 | | | $ | — | | | $ | 7,147 | | | $ | — | | | $ | 3,985 | |
| Delaware Ivy Balanced Fund | | Interest rate | | | — | | | | — | | | | 417 | | | | — | | | | — | | | | 417 | |
| Delaware Ivy Science and Technology Fund | | Equity | | | (10,127 | ) | | | — | | | | — | | | | 6,509 | | | | — | | | | (3,618 | ) |
| * | Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments. |
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| 62 | | SEMIANNUAL REPORT | | 2021 | | |
Change in unrealized appreciation (depreciation) on derivatives recognized on the Statements of Operations for the period ended September 30, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Net change in unrealized appreciation (depreciation) on: | | | | |
| Fund | | Type of Risk
Exposure | | Investments in
unaffiliated
securities* | | | Swap
agreements | | | Futures
contracts | | | Written
options | | | Forward foreign
currency
contracts | | | Total | |
| Delaware Ivy Asset Strategy Fund | | Equity | | $ | (5,327 | ) | | $ | (382 | ) | | $ | — | | | $ | (1,354 | ) | | $ | — | | | $ | (7,066 | ) |
| Delaware Ivy Balanced Fund | | Interest rate | | | — | | | | — | | | | 832 | | | | — | | | | — | | | | 832 | |
| Delaware Ivy Science and Technology Fund | | Equity | | | 3,536 | | | | — | | | | — | | | | (4,073 | ) | | | — | | | | (537 | ) |
| * | Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments. |
During the period ended September 30, 2021, the average derivative volume was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Forward foreign
currency
contracts(1) | | | Long futures
contracts(2) | | | Short futures
contracts(2) | | | Swap
agreements(3) | | | Purchased
options(2) | | | Written
options(2) | |
Delaware Ivy Asset Strategy Fund | | $ | — | | | $ | — | | | $ | — | | | $ | 65,318 | | | $ | 4,915 | | | $ | — | |
Delaware Ivy Balanced Fund | | | — | | | | — | | | | 33,103 | | | | — | | | | — | | | | — | |
Delaware Ivy Science and Technology Fund | | | — | | | | — | | | | — | | | | — | | | | 660 | | | | 1,761 | |
| (1) | Average absolute value of unrealized appreciation/depreciation during the period. |
| (2) | Average value outstanding during the period. |
| (3) | Average notional amount outstanding during the period. |
| 5. | | BASIS OF CONSOLIDATION FOR THE DELAWARE IVY ASSET STRATEGY FUND |
Ivy ASF II, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Delaware Ivy Asset Strategy Fund (referred to as “the Fund” in this subsection). Ivy ASF III (SBP), LLC (the “Company”), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Fund. The Subsidiary and the Company act as investment vehicles for the Fund, in order to affect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI.
The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Fund and its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company.
See the table below for details regarding the structure, incorporation and relationship as of September 30, 2021 of the Subsidiary and the Company to the Fund (amounts in thousands).
| | | | | | | | | | | | | | | | | | | | |
| Subsidiary/Company | | Date of
Incorporation | | | Subscription
Agreement | | | Fund Net
Assets | | | Subsidiary/
Company
Net Assets | | | Percentage
of Fund Net Assets | |
Ivy ASF II, Ltd. | | | 1-31-13 | | | | 4-10-13 | | | $ | 2,621,518 | | | $ | 145,067 | | | | 5.53 | % |
Ivy ASF III (SBP), LLC | | | 4-9-13 | | | | 4-23-13 | | | | 2,621,518 | | | | 142 | | | | 0.01 | % |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 63 | |
| 6. | | INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS ($ amounts in thousands unless indicated otherwise) |
Management Fees. IICO served as each Fund’s investment manager through April 30, 2021. Effective April 30, 2021, DMC serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund
(M - Millions) | | $0 to
$500M | | | $500 to
$1,000M | | | $1,000 to
$2,000M | | | $2,000 to
$3,000M | | | $3,000 to
$5,000M | | | $5,000 to
$8,000M | | | $8,000 to
$10,000M | | | $10,000 to
$13,000M | | | $13,000 to
$28,000M | | | $28,000 to
$53,000M | | | Over
$53,000M | |
Delaware Ivy Asset Strategy Fund | | | 0.700 | % | | | 0.700 | % | | | 0.650 | % | | | 0.600 | % | | | 0.550 | % | | | 0.550 | % | | | 0.550 | % | | | 0.550 | % | | | 0.550 | % | | | 0.545 | % | | | 0.540 | % |
Delaware Ivy Balanced Fund | | | 0.700 | | | | 0.700 | | | | 0.650 | | | | 0.600 | | | | 0.550 | | | | 0.540 | | | | 0.540 | | | | 0.530 | | | | 0.530 | | | | 0.530 | | | | 0.530 | |
Delaware Ivy Energy Fund | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.750 | | | | 0.750 | | | | 0.740 | | | | 0.740 | | | | 0.740 | | | | 0.740 | |
Delaware Ivy LaSalle Global Real Estate Fund | | | 0.950 | | | | 0.950 | | | | 0.920 | | | | 0.870 | | | | 0.840 | | | | 0.820 | | | | 0.820 | | | | 0.800 | | | | 0.800 | | | | 0.800 | | | | 0.800 | |
Delaware Ivy Natural Resources Fund | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.730 | | | | 0.730 | | | | 0.700 | | | | 0.700 | | | | 0.700 | | | | 0.700 | |
Delaware Ivy Science and Technology Fund | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.760 | | | | 0.755 | | | | 0.755 | | | | 0.750 | | | | 0.750 | | | | 0.750 | |
Delaware Ivy Securian Real Estate Securities Fund | | | 0.900 | | | | 0.900 | | | | 0.870 | | | | 0.840 | | | | 0.800 | | | | 0.760 | | | | 0.760 | | | | 0.720 | | | | 0.720 | | | | 0.720 | | | | 0.720 | |
DMC has entered into Subadvisory Agreements with the following entities on behalf of certain Funds:
Under an agreement between DMC and Securian Asset Management, Inc. (“Securian AM”), Securian AM serves as subadviser to Delaware Ivy Securian Real Estate Securities Fund. Under an agreement between DMC and LaSalle Investment Management Securities, LLC (“LaSalle”), LaSalle serves as subadviser to Delaware Ivy LaSalle Global Real Estate Fund. Each subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of DMC and the oversight of the Board. DMC pays all applicable costs of the subadvisers.
Independent Trustees and Chief Compliance Officer Fees. Through April 30, 2021, fees paid to the Independent Trustees can be paid in cash or deferred to a later date, at the election of the Trustees according to the Deferred Fee Agreement entered into between the Trust and the Trustee(s). Each Fund records its portion of the deferred fees as a liability on the Statements of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statements of Operations. Additionally, fees paid to the Chief Compliance Officer of the Funds are shown on the Statements of Operations.
Accounting Services Fees. The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”). Under the agreement, WISC acts as the agent in providing bookkeeping and accounting services and assistance to the Trust, including maintenance of Fund records, pricing of Fund shares and preparation of certain shareholder reports. For these services, each Fund pays WISC a monthly fee of one-twelfth of the annual fee based on the average net asset levels shown in the following table:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (M - Millions) | | $0 to
$10M | | | $10 to
$25M | | | $25 to
$50M | | | $50 to
$100M | | | $100 to
$200M | | | $200 to
$350M | | | $350 to
$550M | | | $550 to
$750M | | | $750 to
$1,000M | | | Over
$1,000M | |
Annual Fee Rate | | $ | 0.00 | | | $ | 11.50 | | | $ | 23.10 | | | $ | 35.50 | | | $ | 48.40 | | | $ | 63.20 | | | $ | 82.50 | | | $ | 96.30 | | | $ | 121.60 | | | $ | 148.50 | |
In addition, for each class of shares in excess of one, each Fund pays WISC a monthly per-class fee equal to 2.5% of the monthly accounting services base fee.
Each Fund also pays WISC a monthly administrative fee at the annual rate of 0.01%, or one basis point, for the first $1 billion of net assets with no fee charged for net assets in excess of $1 billion. This fee is voluntarily waived by WISC until a Fund’s net assets are at least $10 million and is included in “Accounting services fee” on the Statements of Operations.
Shareholder Servicing. General. Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, Class B, Class C and Class E shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958 per account; however, WISC has agreed to reduce that fee if the number of total shareholder accounts within the Complex (InvestEd Portfolios and Ivy Funds) reaches certain
| | | | | | |
| 64 | | SEMIANNUAL REPORT | | 2021 | | |
levels. For Class R shares, each Fund pays a monthly fee equal to one-twelfth of 0.25 of 1% of the average daily net assets of the class for the preceding month. For Class I and Class Y shares, each Fund pays a monthly fee equal to one-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. For Class R6 shares, each Fund pays WISC a monthly fee equal to one-twelfth of 0.01 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certain out-of-pocket costs for all classes.
Networked accounts. For certain networked accounts (that is, those accounts whose Fund shares are purchased through certain financial intermediaries), WISC has agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may be paid by the Funds to those intermediaries. The Fund will reimburse WISC for such costs if the annual rate of the third-party per account charges for a Fund are less than or equal to $12.00 per account or an annual fee of 0.14 of 1% that is based on average daily net assets.
Broker accounts. Certain broker-dealers that maintain shareholder accounts with each Fund through an omnibus account provide transfer agent and other shareholder-related services that would otherwise be provided by WISC if the individual accounts that comprise the omnibus account were opened by their beneficial owners directly. Each Fund may pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).
Distribution and Service Plan. Class A and Class E Shares. Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b–1 under the 1940 Act (the “Distribution and Service Plan”), each Fund may pay a distribution and/or service fee to Ivy Distributors, Inc. (“IDI”) through April 30, 2021 and Delaware Distributors, L.P. (“DDLP”) effective April 30, 2021 for Class A and Class E shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. The fee is to be paid to compensate DDLP/IDI for amounts it expends in connection with the distribution of the Class A and Class E shares and/or provision of personal services to Fund shareholders and/or maintenance of shareholder accounts of that class.
Class B and Class C Shares. Under the Distribution and Service Plan, each Fund may pay DDLP/IDI a service fee not to exceed 0.25% and a distribution fee not to exceed 0.75% of the Fund’s average annual net assets for Class B and Class C shares to compensate DDLP/IDI for its services in connection with the distribution of shares of that class and/or provision of personal services to Class B or Class C shareholders and/or maintenance of shareholder accounts of that class.
Class R Shares. Under the Distribution and Service Plan, each Fund may pay DDLP/IDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund’s Class R shares to compensate DDLP/IDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.
Class Y Shares. Under the Distribution and Service Plan, each Fund may pay DDLP/IDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of the Fund’s Class Y shares to compensate DDLP/IDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal services to Class Y shareholders and/or maintaining Class Y shareholder accounts.
Sales Charges. As principal underwriter for the Trust’s shares, DDLP/IDI receives sales commissions (which are not an expense of the Trust) for sales of Class A and Class E shares. A CDSC may be assessed against a shareholder’s redemption amount of Class B, Class C or certain Class A and Class E shares and is paid to DDLP/IDI. During the period ended September 30, 2021, DDLP/IDI received the following amounts in sales commissions and CDSCs:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Gross Sales | | | CDSC | | | Commissions | |
| | | Commissions | | | Class A | | | Class B | | | Class C | | | Class E | | | Paid(1) | |
Delaware Ivy Asset Strategy Fund | | $ | 50 | | | $ | — | * | | $ | — | | | $ | 2 | | | $ | — | | | $ | 23 | |
Delaware Ivy Balanced Fund | | | 164 | | | | 1 | | | | — | | | | 4 | | | | — | | | | 56 | |
Delaware Ivy Energy Fund | | | 17 | | | | — | * | | | — | | | | 1 | | | | — | | | | 6 | |
Delaware Ivy LaSalle Global Real Estate Fund | | | — | * | | | — | * | | | — | | | | — | * | | | — | | | | — | * |
Delaware Ivy Natural Resources Fund | | | 11 | | | | 1 | | | | — | | | | — | * | | | — | | | | 4 | |
Delaware Ivy Science and Technology Fund | | | 362 | | | | 3 | | | | — | * | | | 6 | | | | — | | | | 160 | |
Delaware Ivy Securian Real Estate Securities Fund | | | 9 | | | | — | * | | | — | | | | — | * | | | — | | | | 3 | |
| * | Not shown due to rounding. |
| (1) | DDLP/IDI reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 65 | |
Expense Reimbursements and/or Waivers. DMC, the Funds’ investment manager, DDLP, the Funds’ distributor, and/or Waddell & Reed Services Company, doing business as WISC, the Funds’ transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any). Fund and class expense limitations and related waivers/reimbursements for the period ended September 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | |
| Fund Name | | Share
Class
Name | | Type of
Expense
Limit | | Commencement
Date | | End Date | | Expense
Limit | | Amount of
Expense Waiver/
Reimbursement | | Expense Reduced |
Delaware Ivy Asset Strategy Fund | | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 0.97% | | | $ | 55 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | | $ | 10 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Balanced Fund | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | | $ | 4 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Energy Fund | | Class A | | Contractual | | 10-16-2017 | | 7-29-2022 | | 1.35% | | | $ | 100 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class B | | Contractual | | 10-16-2017 | | 7-29-2022 | | 2.22% | | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Contractual | | 10-16-2017 | | 7-29-2022 | | 2.09% | | | $ | 10 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 10-16-2017 | | 7-29-2022 | | 0.99% | | | $ | 81 | | | Shareholder Servicing |
| | Class R6 | | Voluntary | | N/A | | N/A | | Not to exceed Class I | | | $ | — | * | | Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | | $ | 3 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy LaSalle Global Real Estate Fund | | All Classes | | Contractual | | 1-12-2017 | | 7-29-2022 | | N/A | | | $ | 70 | (1) | | Investment Management Fee |
| | Class A | | Contractual | | 4-1-2013 | | 7-29-2022 | | 1.48% | | | $ | 4 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class B | | Contractual | | 11-5-2018 | | 7-29-2022 | | 2.17% | | | $ | — | | | N/A |
| | Class I | | Contractual | | 1-12-2017 | | 7-29-2022 | | 1.05% | | | $ | 65 | | | Shareholder Servicing |
| | Class R | | Contractual | | 11-5-2018 | | 7-29-2022 | | 1.80% | | | $ | — | * | | 12b-1 Fees and/or Shareholder Servicing |
| | | Class R6 | | Contractual | | 7-5-2017 | | 7-29-2022 | | 1.05% | | | $ | 1 | | | Shareholder Servicing |
Delaware Ivy Natural Resources Fund | | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.17% | | | $ | 17 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Science and Technology Fund | | Class B | | Contractual | | 2-26-2018 | | 7-29-2022 | | 2.01% | | | $ | 5 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.23%(2) | | | $ | 13 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | | $ | 171 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Securian Real Estate Securities Fund | | All Classes | | Contractual | | 12-3-2012 | | 7-29-2022 | | N/A | | | $ | 185 | (3) | | Investment Management Fee |
| | | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.22%(4) | | | $ | 7 | | | 12b-1 Fees and/or Shareholder Servicing |
| * | Not shown due to rounding. |
| (1) | Due to Class A, Class B, Class I, Class R, Class R6 and/or Class Y contractual expense limits, investment management fees were waived for all share classes. |
| (2) | Reflects the lower expense limit which went into effect July 29, 2021. Prior to July 29, 2021, the expense limit in effect was 1.24%. |
| (3) | The Fund’s investment management fee is being reduced by 0.10% of average daily net assets until July 29, 2022. |
| (4) | Reflects the lower expense limit which went into effect July 29, 2021. Prior to July 29, 2021, the expense limit in effect was 1.31%. |
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| 66 | | SEMIANNUAL REPORT | | 2021 | | |
Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2021 are shown as a receivable from affiliates on the Statements of Assets and Liabilities.
| 7. | | INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The program was in existence in the past but has now been terminated. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended September 30, 2021.
| 8. | | AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands) |
A summary of the transactions in affiliated companies during the period ended September 30, 2021 follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3-31-21
Value | | | Gross
Additions | | | Gross
Reductions | | | Realized
Gain/(Loss) | | | Net Change in
Unrealized
Appreciation | | | 9-30-21
Value | | | Distributions
Received | | | Capital Gain
Distributions | |
Delaware Ivy Asset Strategy Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media Group Holdings LLC, Series H(1)(2)(3) | | $ | — | * | | $ | — | | | $ | 408 | (4) | | $ | — | | | $ | — | | | $ | — | * | | $ | — | | | $ | — | |
Media Group Holdings LLC, Series T(1)(2)(3) | | | — | * | | | — | | | | — | | | | — | | | | — | | | | — | * | | | — | | | | — | |
New Cotai Participation Corp., Class B(1)(2)(3) | | | 12,839 | | | | — | | | | — | | | | — | | | | (8,929 | ) | | | 3,910 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 12,839 | | | | | | | | | | | $ | — | | | $ | (8,929 | ) | | $ | 3,910 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | 3-31-21
Value | | | Gross
Additions | | | Gross
Reductions | | | Realized
Gain/(Loss) | | | Net Change in
Unrealized
Appreciation/
(Depreciation) | | | 9-30-21
Value | | | Distributions
Received | | | Capital Gain
Distributions | |
Delaware Ivy Science and Technology Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ACI Worldwide, Inc.(1) | | $ | 326,752 | | | $ | — | | | $ | 77,039 | | | $ | 62,174 | | | $ | (112,405 | ) | | $ | 199,482 | | | $ | — | | | $ | — | |
Marrone Bio Innovations, Inc.(1) | | | 46,328 | | | | — | | | | 8,727 | | | | (3,386 | ) | | | (19,964 | ) | | | 14,251 | | | | — | | | | — | |
Marrone Bio Innovations, Inc., expires 12-15-21(2) | | | 701 | | | | — | | | | — | | | | — | | | | (622 | ) | | | 79 | | | | — | | | | — | |
WNS (Holdings) Ltd. ADR(1) | | | 342,200 | | | | — | | | | 199,459 | | | | 166,398 | | | | (126,388 | ) | | | 182,751 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 715,981 | | | | | | | | | | | $ | 225,186 | | | $ | (259,379 | ) | | $ | 396,563 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | 3-31-21
Value | | | | | | | | | | | | Net Change in
Unrealized
Depreciation | | | | | | Interest
Received | | | | |
Marrone Bio Innovations, Inc., 8.000%, 12-31-22(2) | | $ | 4,873 | | | | — | | | | — | | | | — | | | $ | (17 | ) | | $ | 4,856 | | | $ | 189 | | | $ | — | |
| * | Not shown due to rounding. |
| (1) | No dividends were paid during the preceding 12 months. |
| (2) | Restricted securities. |
| (3) | Securities whose value was determined using significant unobservable inputs. |
| (4) | The amount shown of $408 represents a return of capital. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 67 | |
| 9. | | INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands) |
The cost of purchases and the proceeds from maturities and sales of investment securities (excluding short-term securities) for the period ended September 30, 2021, were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases | | | Sales | |
| | | U.S. Government | | | Other Issuers | | | U.S. Government | | | Other Issuers | |
Delaware Ivy Asset Strategy Fund | | $ | 12,370 | | | $ | 199,169 | | | $ | — | | | $ | 389,648 | |
Delaware Ivy Balanced Fund | | | 229,620 | | | | 235,341 | | | | 142,223 | | | | 424,853 | |
Delaware Ivy Energy Fund | | | — | | | | 18,108 | | | | — | | | | 39,074 | |
Delaware Ivy LaSalle Global Real Estate Fund | | | — | | | | 32,796 | | | | — | | | | 45,386 | |
Delaware Ivy Natural Resources Fund | | | — | | | | 28,359 | | | | — | | | | 38,325 | |
Delaware Ivy Science and Technology Fund | | | — | | | | 2,675,460 | | | | — | | | | 3,412,423 | |
Delaware Ivy Securian Real Estate Securities Fund | | | — | | | | 71,310 | | | | — | | | | 93,246 | |
| 10. | | LOANS OF PORTFOLIO SECURITIES ($ amounts in thousands) |
Each Fund may lend their portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, The Bank of New York Mellon (“BNYM”). The borrower pledges and maintains with the Fund collateral consisting of cash or securities issued or guaranteed by the U.S. government. The collateral received by the Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% of the market value for all other securities, except in the case of loans of foreign securities which are denominated and payable in U.S. dollars, in which case the collateral is required to have a value of at least 102% of the market value of the loaned securities. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Cash received as collateral for securities on loan may be reinvested in the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares or certain other registered money market funds and are disclosed in the Fund’s Schedule of Investments and are reflected in the Statements of Assets and Liabilities as cash collateral on securities loaned at value. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Fund and the Fund does not have the ability to re-hypothecate these securities. The securities on loan for each Fund are also disclosed in its Schedule of Investments. The total value of any securities on loan as of September 30, 2021 and the total value of the related cash collateral are disclosed in the Statements of Assets and Liabilities. Income earned by the Funds from securities lending activity is disclosed in the Statements of Operations.
The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of September 30, 2021:
| | | | | | | | | | | | | | | | |
| Fund | | Value of
Securities
on Loan | | | Cash
Collateral
Received | | | Non-Cash
Collateral
Received | | | Total
Collateral
Received | |
Delaware Ivy Asset Strategy Fund | | $ | 76,206 | | | $ | 49,526 | | | $ | 3,314 | | | $ | 79,520 | |
Delaware Ivy Balanced Fund | | | 27,860 | | | | 20,599 | | | | 7,899 | | | | 28,498 | |
Delaware Ivy Energy Fund | | | 2,949 | | | | 3,019 | | | | — | | | | 3,019 | |
Delaware Ivy Natural Resources Fund | | | 9,438 | | | | 1,971 | | | | 7,748 | | | | 9,719 | |
Delaware Ivy Science and Technology Fund | | | 31,355 | | | | 32,139 | | | | — | | | | 32,139 | |
The cash collateral received amounts presented in the table above are transactions accounted for as secured borrowings and have an overnight and continuous maturity. The proceeds from the cash collateral received is invested in registered money market funds.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower indemnity provided by BNYM. BNYM’s indemnity allows for full replacement of securities lent wherein BNYM will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral or to the extent such proceeds are insufficient or the collateral is unavailable, BNYM will purchase the unreturned loan securities at BNYM’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
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| 68 | | SEMIANNUAL REPORT | | 2021 | | |
| 11. | | CAPITAL SHARE TRANSACTIONS (All amounts in thousands) |
The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. Transactions in shares of beneficial interest were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Asset Strategy Fund | | | Delaware Ivy Balanced Fund | |
| | | Six months ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,844 | | | $ | 47,637 | | | | 11,646 | | | $ | 260,013 | | | | 2,848 | | | $ | 81,700 | | | | 7,856 | | | $ | 198,786 | |
Class B | | | 1 | | | | 24 | | | | 1 | | | | 27 | | | | 1 | | | | 33 | | | | 12 | | | | 277 | |
Class C | | | 157 | | | | 3,764 | | | | 390 | | | | 8,050 | | | | 204 | | | | 5,776 | | | | 568 | | | | 14,005 | |
Class E | | | 59 | | | | 1,532 | | | | 105 | | | | 2,331 | | | | N/A | | | | N/A | | | | — | | | | — | |
Class I | | | 991 | | | | 26,043 | | | | 3,611 | | | | 80,503 | | | | 2,252 | | | | 64,872 | | | | 4,499 | | | | 112,449 | |
Class R | | | 60 | | | | 1,545 | | | | 151 | | | | 3,228 | | | | 37 | | | | 1,068 | | | | 67 | | | | 1,708 | |
Class R6 | | | 50 | | | | 1,311 | | | | 466 | | | | 10,950 | | | | 32 | | | | 923 | | | | 149 | | | | 3,819 | |
Class Y | | | 106 | | | | 2,759 | | | | 279 | | | | 6,127 | | | | 36 | | | | 1,036 | | | | 115 | | | | 2,825 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 655 | | | | 17,173 | | | | 1,629 | | | | 36,917 | | | | 72 | | | | 2,085 | | | | 3,317 | | | | 84,592 | |
Class B | | | 2 | | | | 39 | | | | 14 | | | | 290 | | | | — | * | | | — | * | | | 28 | | | | 706 | |
Class C | | | 47 | | | | 1,140 | | | | 281 | | | | 5,915 | | | | — | * | | | — | * | | | 560 | | | | 14,149 | |
Class E | | | 19 | | | | 490 | | | | 47 | | | | 1,069 | | | | N/A | | | | N/A | | | | — | * | | | — | * |
Class I | | | 317 | | | | 8,448 | | | | 867 | | | | 19,942 | | | | 65 | | | | 1,895 | | | | 2,068 | | | | 52,721 | |
Class R | | | 10 | | | | 266 | | | | 31 | | | | 693 | | | | — | | | | — | | | | 28 | | | | 722 | |
Class R6 | | | 8 | | | | 207 | | | | 21 | | | | 486 | | | | 1 | | | | 31 | | | | 29 | | | | 734 | |
Class Y | | | 46 | | | | 1,199 | | | | 131 | | | | 2,974 | | | | 1 | | | | 20 | | | | 36 | | | | 912 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (4,529 | ) | | | (117,251 | ) | | | (12,557 | ) | | | (275,257 | ) | | | (3,715 | ) | | | (106,752 | ) | | | (9,026 | ) | | | (224,028 | ) |
Class B | | | (281 | ) | | | (6,676 | ) | | | (774 | ) | | | (15,473 | ) | | | (282 | ) | | | (7,930 | ) | | | (600 | ) | | | (14,600 | ) |
Class C | | | (1,429 | ) | | | (34,296 | ) | | | (12,574 | ) | | | (261,356 | ) | | | (1,478 | ) | | | (41,906 | ) | | | (6,353 | ) | | | (158,315 | ) |
Class E | | | (110 | ) | | | (2,871 | ) | | | (279 | ) | | | (6,114 | ) | | | N/A | | | | N/A | | | | (10 | ) | | | (237 | ) |
Class I | | | (3,829 | ) | | | (100,682 | ) | | | (8,978 | ) | | | (199,260 | ) | | | (3,420 | ) | | | (98,534 | ) | | | (8,378 | ) | | | (207,844 | ) |
Class R | | | (177 | ) | | | (4,527 | ) | | | (618 | ) | | | (13,080 | ) | | | (35 | ) | | | (998 | ) | | | (231 | ) | | | (5,822 | ) |
Class R6 | | | (225 | ) | | | (5,886 | ) | | | (129 | ) | | | (2,906 | ) | | | (42 | ) | | | (1,203 | ) | | | (127 | ) | | | (3,251 | ) |
Class Y | | | (435 | ) | | | (11,293 | ) | | | (1,615 | ) | | | (36,104 | ) | | | (69 | ) | | | (2,006 | ) | | | (264 | ) | | | (6,606 | ) |
Net decrease | | | (6,643 | ) | | $ | (169,905 | ) | | | (17,854 | ) | | $ | (370,035 | ) | | | (3,492 | ) | | $ | (99,890 | ) | | | (5,657 | ) | | $ | (132,298 | ) |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 69 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Energy Fund | | | Delaware Ivy LaSalle Global Real Estate Fund | |
| | | Six months ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 2,085 | | | $ | 13,769 | | | | 4,271 | | | $ | 20,716 | | | | 157 | | | $ | 1,820 | | | | 122 | | | $ | 1,112 | |
Class B | | | — | | | | — | | | | 68 | | | | 300 | | | | — | | | | — | | | | — | | | | — | |
Class C | | | 99 | | | | 599 | | | | 519 | | | | 2,202 | | | | 3 | | | | 32 | | | | 4 | | | | 42 | |
Class E | | | N/A | | | | N/A | | | | — | | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | 1,547 | | | | 10,519 | | | | 9,253 | | | | 42,908 | | | | 154 | | | | 1,814 | | | | 825 | | | | 7,773 | |
Class R | | | 956 | | | | 6,059 | | | | 3,905 | | | | 18,454 | | | | 1 | | | | 8 | | | | 7 | | | | 61 | |
Class R6 | | | 245 | | | | 1,677 | | | | 526 | | | | 2,685 | | | | 11 | | | | 127 | | | | 416 | | | | 3,905 | |
Class Y | | | 356 | | | | 2,378 | | | | 1,348 | | | | 6,295 | | | | — | | | | — | | | | — | * | | | — | * |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 244 | | | | 1,275 | | | | 15 | | | | 178 | | | | 30 | | | | 304 | |
Class B | | | — | | | | — | | | | — | * | | | 2 | | | | — | * | | | — | * | | | — | * | | | 1 | |
Class C | | | — | | | | — | | | | 17 | | | | 80 | | | | 1 | | | | 8 | | | | 2 | | | | 18 | |
Class E | | | N/A | | | | N/A | | | | — | | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | — | | | | — | | | | 424 | | | | 2,305 | | | | 87 | | | | 1,057 | | | | 186 | | | | 1,866 | |
Class R | | | — | | | | — | | | | 51 | | | | 262 | | | | 1 | | | | 16 | | | | 3 | | | | 34 | |
Class R6 | | | — | | | | — | | | | 12 | | | | 64 | | | | 20 | | | | 250 | | | | 45 | | | | 448 | |
Class Y | | | — | | | | — | | | | 22 | | | | 116 | | | | 1 | | | | 18 | | | | 3 | | | | 28 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (2,387 | ) | | | (15,096 | ) | | | (5,348 | ) | | | (26,996 | ) | | | (132 | ) | | | (1,568 | ) | | | (477 | ) | | | (4,457 | ) |
Class B | | | (51 | ) | | | (300 | ) | | | (50 | ) | | | (208 | ) | | | (67 | ) | | | (765 | ) | | | (3 | ) | | | (31 | ) |
Class C | | | (290 | ) | | | (1,716 | ) | | | (975 | ) | | | (4,204 | ) | | | (47 | ) | | | (530 | ) | | | (62 | ) | | | (567 | ) |
Class E | | | N/A | | | | N/A | | | | (10 | ) | | | (47 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | (3,845 | ) | | | (25,566 | ) | | | (9,926 | ) | | | (46,796 | ) | | | (1,031 | ) | | | (12,313 | ) | | | (2,671 | ) | | | (25,398 | ) |
Class R | | | (1,407 | ) | | | (8,823 | ) | | | (2,194 | ) | | | (10,104 | ) | | | (32 | ) | | | (380 | ) | | | (332 | ) | | | (3,231 | ) |
Class R6 | | | (208 | ) | | | (1,420 | ) | | | (453 | ) | | | (2,144 | ) | | | (238 | ) | | | (2,824 | ) | | | (1,760 | ) | | | (15,741 | ) |
Class Y | | | (416 | ) | | | (2,675 | ) | | | (1,235 | ) | | | (5,753 | ) | | | (2 | ) | | | (17 | ) | | | (379 | ) | | | (3,763 | ) |
Net increase (decrease) | | | (3,316 | ) | | $ | (20,595 | ) | | | 469 | | | $ | 1,412 | | | | (1,098 | ) | | $ | (13,069 | ) | | | (4,041 | ) | | $ | (37,596 | ) |
| | | | | | |
| 70 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Natural Resources Fund | | | Delaware Ivy Science and Technology Fund | |
| | | Six months ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 322 | | | $ | 4,217 | | | | 854 | | | $ | 9,121 | | | | 1,672 | | | $ | 163,563 | | | | 4,916 | | | $ | 410,374 | |
Class B | | | — | | | | — | | | | — | * | | | 1 | | | | 1 | | | | 61 | | | | 5 | | | | 274 | |
Class C | | | 27 | | | | 290 | | | | 120 | | | | 983 | | | | 106 | | | | 8,121 | | | | 404 | | | | 25,869 | |
Class E | | | 11 | | | | 149 | | | | 17 | | | | 186 | | | | 33 | | | | 3,157 | | | | 75 | | | | 6,156 | |
Class I | | | 501 | | | | 6,869 | | | | 1,530 | | | | 16,336 | | | | 1,707 | | | | 191,000 | | | | 4,135 | | | | 381,361 | |
Class R | | | 151 | | | | 1,945 | | | | 402 | | | | 4,362 | | | | 84 | | | | 7,871 | | | | 381 | | | | 29,129 | |
Class R6 | | | 11 | | | | 158 | | | | 112 | | | | 1,189 | | | | 190 | | | | 21,500 | | | | 942 | | | | 86,217 | |
Class Y | | | 71 | | | | 954 | | | | 201 | | | | 2,207 | | | | 205 | | | | 21,582 | | | | 1,052 | | | | 91,484 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 31 | | | | 352 | | | | — | | | | — | | | | 4,871 | | | | 428,661 | |
Class B | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 32 | | | | 2,074 | |
Class C | | | — | | | | — | | | | — | * | | | 3 | | | | — | | | | — | | | | 726 | | | | 50,433 | |
Class E | | | — | | | | — | | | | 1 | | | | 17 | | | | — | | | | — | | | | 55 | | | | 4,785 | |
Class I | | | — | | | | — | | | | 35 | | | | 413 | | | | — | | | | — | | | | 2,011 | | | | 202,405 | |
Class R | | | — | | | | — | | | | 3 | | | | 36 | | | | — | | | | — | | | | 157 | | | | 13,231 | |
Class R6 | | | — | | | | — | | | | 1 | | | | 7 | | | | — | | | | — | | | | 134 | | | | 13,632 | |
Class Y | | | — | | | | — | | | | 4 | | | | 50 | | | | — | | | | — | | | | 361 | | | | 34,195 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (927 | ) | | | (12,125 | ) | | | (2,901 | ) | | | (30,367 | ) | | | (3,983 | ) | | | (389,658 | ) | | | (8,484 | ) | | | (706,584 | ) |
Class B | | | (7 | ) | | | (74 | ) | | | (38 | ) | | | (315 | ) | | | (166 | ) | | | (12,042 | ) | | | (279 | ) | | | (17,269 | ) |
Class C | | | (67 | ) | | | (718 | ) | | | (581 | ) | | | (5,106 | ) | | | (1,181 | ) | | | (90,947 | ) | | | (3,815 | ) | | | (256,422 | ) |
Class E | | | (22 | ) | | | (303 | ) | | | (66 | ) | | | (702 | ) | | | (43 | ) | | | (4,166 | ) | | | (79 | ) | | | (6,517 | ) |
Class I | | | (693 | ) | | | (9,433 | ) | | | (2,692 | ) | | | (28,534 | ) | | | (3,281 | ) | | | (367,049 | ) | | | (7,454 | ) | | | (700,007 | ) |
Class R | | | (263 | ) | | | (3,380 | ) | | | (399 | ) | | | (4,168 | ) | | | (262 | ) | | | (24,340 | ) | | | (733 | ) | | | (57,424 | ) |
Class R6 | | | (15 | ) | | | (206 | ) | | | (380 | ) | | | (4,231 | ) | | | (240 | ) | | | (27,412 | ) | | | (685 | ) | | | (64,105 | ) |
Class Y | | | (139 | ) | | | (1,849 | ) | | | (342 | ) | | | (3,651 | ) | | | (639 | ) | | | (67,360 | ) | | | (2,138 | ) | | | (188,911 | ) |
Net decrease | | | (1,039 | ) | | $ | (13,506 | ) | | | (4,088 | ) | | $ | (41,811 | ) | | | (5,797 | ) | | $ | (566,119 | ) | | | (3,410 | ) | | $ | (216,959 | ) |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 71 | |
| | | | | | | | | | | | | | | | |
| | | Delaware Ivy Securian Real Estate Securities
Fund | |
| | | Six months ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | |
Class A | | | 184 | | | $ | 5,125 | | | | 305 | | | $ | 6,649 | |
Class B | | | 1 | | | | 15 | | | | — | * | | | — | * |
Class C | | | 5 | | | | 134 | | | | 6 | | | | 123 | |
Class E | | | 4 | | | | 114 | | | | 4 | | | | 92 | |
Class I | | | 372 | | | | 10,626 | | | | 898 | | | | 19,568 | |
Class R | | | 4 | | | | 118 | | | | 7 | | | | 146 | |
Class R6 | | | 5 | | | | 149 | | | | 7 | | | | 155 | |
Class Y | | | 262 | | | | 7,432 | | | | 208 | | | | 4,607 | |
Shares issued in reinvestment of distributions to shareholders: | |
Class A | | | 7 | | | | 197 | | | | 101 | | | | 2,214 | |
Class B | | | — | | | | — | | | | — | * | | | 6 | |
Class C | | | — | | | | — | | | | 1 | | | | 28 | |
Class E | | | — | * | | | 5 | | | | 2 | | | | 48 | |
Class I | | | 13 | | | | 379 | | | | 112 | | | | 2,475 | |
Class R | | | — | * | | | — | * | | | — | * | | | 7 | |
Class R6 | | | — | * | | | 2 | | | | 1 | | | | 10 | |
Class Y | | | 5 | | | | 139 | | | | 57 | | | | 1,247 | |
Shares redeemed: | |
Class A | | | (463 | ) | | | (12,906 | ) | | | (1,656 | ) | | | (35,822 | ) |
Class B | | | (16 | ) | | | (415 | ) | | | (34 | ) | | | (714 | ) |
Class C | | | (20 | ) | | | (542 | ) | | | (89 | ) | | | (1,884 | ) |
Class E | | | (9 | ) | | | (254 | ) | | | (37 | ) | | | (785 | ) |
Class I | | | (811 | ) | | | (23,227 | ) | | | (2,289 | ) | | | (49,997 | ) |
Class R | | | (4 | ) | | | (107 | ) | | | (8 | ) | | | (172 | ) |
Class R6 | | | (2 | ) | | | (68 | ) | | | (12 | ) | | | (261 | ) |
Class Y | | | (221 | ) | | | (6,290 | ) | | | (809 | ) | | | (17,692 | ) |
Net decrease | | | (684 | ) | | $ | (19,374 | ) | | | (3,225 | ) | | $ | (69,952 | ) |
| * | Not shown due to rounding. |
| 12. | | FEDERAL INCOME TAX MATTERS ($ amounts in thousands) |
For Federal income tax purposes, cost of investments owned at September 30, 2021 and the related unrealized appreciation (depreciation) were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Cost of
Investments | | | Gross
Appreciation | | | Gross
Depreciation | | | Net
Unrealized
Appreciation
(Depreciation) | |
Delaware Ivy Asset Strategy Fund | | $ | 3,213,269 | | | $ | 686,987 | | | $ | 1,224,110 | | | $ | (537,123 | ) |
Delaware Ivy Balanced Fund | | | 2,021,781 | | | | 610,951 | | | | 22,833 | | | | 588,118 | |
Delaware Ivy Energy Fund | | | 159,582 | | | | 54,131 | | | | 5,994 | | | | 48,137 | |
Delaware Ivy LaSalle Global Real Estate Fund | | | 75,589 | | | | 14,249 | | | | 1,801 | | | | 12,448 | |
Delaware Ivy Natural Resources Fund | | | 226,933 | | | | 54,458 | | | | 47,036 | | | | 7,422 | |
Delaware Ivy Science and Technology Fund | | | 4,525,830 | | | | 5,414,200 | | | | 124,244 | | | | 5,289,956 | |
Delaware Ivy Securian Real Estate Securities Fund | | | 221,618 | | | | 139,531 | | | | — | | | | 139,531 | |
| | | | | | |
| 72 | | SEMIANNUAL REPORT | | 2021 | | |
For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended March 31, 2021 and the post-October and late-year ordinary activity were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Fund | | Undistributed
Ordinary
Income | | | Undistributed
Long-Term
Capital Gains | | | Tax Return
of Capital | | | Post-
October
Capital
Losses
Deferred | | | Late-
Year
Ordinary
Losses
Deferred | |
Delaware Ivy Asset Strategy Fund | | $ | 26,057 | | | $ | 147,715 | | | $ | — | | | $ | — | | | $ | — | |
Delaware Ivy Balanced Fund | | | 12,410 | | | | 82,540 | | | | — | | | | — | | | | — | |
Delaware Ivy Energy Fund | | | 1,155 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy LaSalle Global Real Estate Fund | | | 1,602 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Natural Resources Fund | | | 3,640 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Science and Technology Fund | | | 3,434 | | | | 335,154 | | | | — | | | | — | | | | — | |
Delaware Ivy Securian Real Estate Securities Fund | | | 32 | | | | 22,002 | | | | — | | | | — | | | | — | |
Internal Revenue Code regulations permit each Fund to elect to defer into its next fiscal year capital losses and certain specified ordinary items incurred between each November 1 and the end of its fiscal year. Each Fund is also permitted to defer into its next fiscal certain ordinary losses that are generated between January 1 and the end of its fiscal year.
The tax character of dividends and distributions paid during the two fiscal years ended March 31, 2021 and 2020 were as follows:
| | | | | | | | | | | | | | | | |
| | | March 31, 2021 | | | March 31, 2020 | |
| Fund | | Distributed
Ordinary
Income(1) | | | Distributed
Long-Term
Capital Gains | | | Distributed
Ordinary
Income(1) | | | Distributed
Long-Term
Capital Gains | |
Delaware Ivy Asset Strategy Fund | | $ | 44,766 | | | $ | 28,342 | | | $ | 54,824 | | | $ | 104,834 | |
Delaware Ivy Balanced Fund | | | 36,253 | | | | 125,643 | | | | 31,277 | | | | 156,112 | |
Delaware Ivy Energy Fund | | | 4,213 | | | | — | | | | — | | | | — | |
Delaware Ivy LaSalle Global Real Estate Fund | | | 2,850 | | | | — | | | | 6,056 | | | | 2,484 | |
Delaware Ivy Natural Resources Fund | | | 925 | | | | — | | | | 6,264 | | | | — | |
Delaware Ivy Science and Technology Fund | | | — | | | | 792,158 | | | | 16,927 | | | | 813,408 | |
Delaware Ivy Securian Real Estate Securities Fund | | | 4,178 | | | | 2,020 | | | | 6,326 | | | | 31,798 | |
| (1) | Includes short-term capital gains, if any. |
Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.
Accumulated capital losses represent net capital loss carryovers as of March 31, 2021 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of March 31, 2021, the capital loss carryovers were as follows:
| | | | | | | | |
| Fund | | Short-Term
Capital Loss
Carryover | | | Long-Term
Capital Loss
Carryover | |
Delaware Ivy Asset Strategy Fund | | $ | 7,206 | | | $ | — | |
Delaware Ivy Balanced Fund | | | — | | | | — | |
Delaware Ivy Energy Fund | | | 110,165 | | | | 181,434 | |
Delaware Ivy LaSalle Global Real Estate Fund | | | 5,513 | | | | 3,240 | |
Delaware Ivy Natural Resources Fund | | | 303,993 | | | | 382,416 | |
Delaware Ivy Science and Technology Fund | | | — | | | | — | |
Delaware Ivy Securian Real Estate Securities Fund | | | — | | | | — | |
Waddell & Reed Advisors Energy Fund was merged into Ivy Energy Fund as of October 16, 2017. At the time of the merger, Waddell & Reed Advisors Energy Fund had capital loss carryovers available to offset future gains of the Ivy Energy Fund.
These carryovers are annually limited to $3,780 plus any unused limitations from prior years and any built in gains realized.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 73 | |
| | |
| BOARD CONSIDERATIONS IN APPROVING DMC/SUB-ADVISORY AGREEMENTS | | IVY FUNDS |
(UNAUDITED)
Because there was no change of control of any of the Unaffiliated Sub-Advisors with respect to the Transaction and because the new Unaffiliated Sub-advisory Agreements with DMC were substantially similar to the prior Unaffiliated Sub-Advisors’ agreements with IICO, the Board considered the information previously provided by the Unaffiliated Sub-Advisors during the Board’s most recent annual contract renewal meeting or the meeting where an Unaffiliated Sub-Advisor was initially hired if the Unaffiliated Sub-Advisor was still within the initial term of its Unaffiliated Sub-Advisory Agreement. As a result, the Board focused primarily on the approval of DMC (and its Affiliated Sub-Advisors) and the terms of the DMC Advisory Agreement. Below is a description of the Board’s considerations.
At Meeting, the Board, including the Board’s Independent Trustees, considered and unanimously approved the DMC Advisory Agreements between the Trusts, on behalf of each Fund, and DMC. The Board also determined to recommend that shareholders of each Fund approve the proposed DMC Advisory Agreements. The Board’s Independent Trustees reviewed the approval of the DMC Advisory Agreement in executive sessions with their independent legal counsel at which no representatives of DMC or IICO were present. In voting their approval of the proposed Management Agreement at the Meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.
Background for the Board Approvals
At a meeting held on December 17, 2020, representatives of WDR, IICO and DMC met with the Board to discuss the merger agreement with Macquarie, pursuant to which Macquarie would acquire WDR. The Independent Trustees were advised that the Transaction, if completed, would constitute a change of control event and result in the termination of the IICO investment advisory agreements. The Independent Trustees were also advised that it was proposed that DMC, a wholly-owned subsidiary of Macquarie, would serve as the investment adviser to each Fund after the closing of the Transaction and that the Board would be asked to consider approval of the terms and conditions of the DMC Advisory Agreements with DMC and thereafter to submit the DMC Advisory Agreements to each Fund’s shareholders for approval.
In anticipation of the Transaction, the Trustees met at a series of subsequent meetings on January 6, 2021, January 9, 2021, and January 12, 2021, which included meetings of the full Board and separate meetings of the Independent Trustees for the purposes of considering, among other things: whether it would be in the best interests of each Fund and its respective shareholders to approve the DMC Advisory Agreements; and the anticipated impacts of the Transaction on the Funds and their shareholders (each, a “Board Meeting”). During each of these Board Meetings, the Board sought additional and clarifying information as they deemed necessary or appropriate. In this connection, the Independent Trustees worked with their independent legal counsel to prepare formal due diligence requests (the “Diligence Requests”) that were submitted to DMC. The Diligence Requests sought information relevant to the Boards’ consideration of the DMC Advisory Agreements and distribution arrangements, and other anticipated impacts of the Transaction on the Funds and their shareholders. DMC provided documents and information in response to the Diligence Requests (the “Response Materials”). Senior management representatives of DMC, WDR and IICO participated in a portion of each Board Meeting and addressed various questions raised by the Board. Throughout the process, the Independent Trustees were assisted by their independent legal counsel, who advised them on, among other things, their duties and obligations relating to their consideration of the DMC Advisory Agreements.
The Board’s evaluation of the DMC Advisory Agreements reflected the information provided specifically in connection with its review of the DMC Advisory Agreements, as well as, where relevant, information that was previously furnished to the Board in connection with the most recent renewal of the IICO investment advisory agreements at a meeting of the Board on August 11-12, 2020 (“2020 15(c) Board Meeting”) and at other subsequent Board meetings in 2020. The Board’s evaluation of the DMC Advisory Agreements also reflected the knowledge gained as Trustees of the Funds with respect to services provided by IICO and its affiliates.
The Board’s approvals and recommendations were based on their determination, within their business judgment, that it would be in the best interests of each Fund and the Fund’s respective shareholders, for DMC to provide investment advisory services to the Funds, following the closing of the Transaction.
Factors Considered in Approving the Proposed DMC Advisory Agreements
In connection with the Board’s consideration of the DMC Advisory Agreements, DMC and IICO advised the Board about a variety of matters, including the following:
| • | | The nature, extent, and quality of the services to be provided to the Funds by DMC post-Transaction are expected to be of at least the same level as the services currently provided to the Funds by IICO. |
| | | | | | |
| 74 | | SEMIANNUAL REPORT | | 2021 | | |
| • | | DMC’s stated commitment to maintaining and enhancing the Ivy Fund Complex shareholder experience. |
| • | | DMC does not propose changes to the investment objective(s) of any Funds. |
| • | | The DMC Advisory Agreement do not change any Fund’s contractual advisory fee rate. |
| • | | The portfolio managers and portfolio management teams at IICO that manage the Funds are expected to continue to do so post-Transaction as employees of Macquarie, if they choose to become employees of Macquarie. |
| • | | DMC proposes that the same Unaffiliated Sub-Advisors be retained post-Transaction. |
| • | | DMC may utilize certain Affiliated Sub-Advisors to leverage Macquarie’s global equity and/or global fixed income investment platform in providing advisory, trading and other services to the Funds. |
| • | | Delaware Distributors, L.P.’s (“DDLP”) distribution capabilities, including its significant network of intermediary relationships, which may provide additional opportunities for the Funds to grow assets and lower fees and expenses through increased economies of scale. |
| • | | The support expressed by the current senior management team at IICO for the Transaction and IICO’s recommendation that the Board approve the DMC Advisory Agreements. |
| • | | The commitments of Macquarie and WDR to bear all of the direct expenses of the Transaction, including all legal costs and costs associated with the proxy solicitation, regardless of whether the Transaction is consummated. |
| • | | In addition to the matters noted above, in their deliberations regarding approval of the DMC Advisory Agreements, the Board considered the factors discussed below, among others. |
The Nature, Extent, and Quality of Services Expected to be Provided by DMC. The Board received and considered information regarding the nature, extent and quality of services expected to be provided by DMC. In evaluating the nature, extent and quality of services to be provided by DMC, the Board considered information provided by DMC regarding its advisory services, investment philosophy and process, investment management capabilities, business and operating structure, scale of operations, leadership and reputation, distribution capabilities, and financial condition (both pre- and post-Closing). The Board also considered the capabilities, resources, and personnel of DMC, including senior and other personnel of IICO who had been extended offers to join DMC, in order to determine whether DMC is capable of providing the same level of investment management services currently provided to each Fund, and also considered the transition and integration plans to move management of the Funds to DMC. The Board recognized that the IICO personnel who had been extended offers may not accept such offers and personnel changes may occur in the future in the ordinary course. The Board also considered the policies and practices of DMC regarding the selection of broker/dealers and the execution of portfolio transactions. The Board considered the resources and infrastructure that DMC intends to devote to its compliance program to ensure compliance with applicable laws and regulations as well as DMC’s commitment to those programs. The Board also considered the resources that DMC has devoted to its risk management program and cybersecurity program. The Board also reviewed information provided by DMC related to its business, legal, and regulatory affairs. This review considered the resources available to DMC to provide the services specified under the DMC Advisory Agreements. The Board considered DMC’s financial condition, including the financing of the Transaction, and noted that DMC is expected to be able to provide a high level of service to the Funds and continuously invest and re-invest in its business. Finally, the Board considered that, following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Funds and their shareholders by DMC compared to those currently provided by IICO.
The Board considered that, while it was proposed that DMC would become the investment adviser to the Funds, the same portfolio managers and portfolio management teams at IICO that manage Funds are expected to continue to do so after the Transaction as employees of Macquarie if they choose to become employees of Macquarie. The Board determined that they had considered the qualifications of the portfolio managers at IICO at the 2020 15(c) Board Meeting.
The Board considered that certain Funds would continue to operate in a manager-of-managers structure post-Transaction, with expanded relief provided that Fund shareholders approved relying on DMC’s manager-of-managers relief. The Board considered that DMC’s experience in allocating assets to, and overseeing the advisory services of, its sub-advisers, was similar to IICO’s role in allocating assets to and overseeing the advisory services provided by the current sub-advisers to the Funds, as applicable. The Board considered that DMC may utilize certain affiliated sub-advisors to leverage Macquarie’s global equity and/or global fixed income investment platform in providing advisory, trading and other services to the Funds.
The Board considered that the terms and conditions of the DMC Advisory Agreements are substantially similar to the terms and conditions of the IICO investment advisory agreements.
After review of these and other considerations, the Board concluded that DMC will be capable of providing investment advisory services of the same high quality as the investment advisory services provided to the Funds by IICO, and that these services are appropriate in nature and extent in light of the Funds’ operations and investor needs.
Performance of the Funds. With respect to the performance of the Funds, the Board considered their review at the 2020 15(c) Board Meeting of peer group and benchmark investment performance comparison data relating to each Fund’s
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| | | 2021 | | | | SEMIANNUAL REPORT | | | | 75 | |
long-term performance record for similar accounts. The Board considered that information reviewed at the 2020 15(c) Board Meeting would be relevant given that the Funds are expected to retain their current portfolio managers, portfolio management teams or unaffiliated Sub-Advisors. Based on information presented to the Board at the 2020 15(c) Board Meeting and its discussions with DMC, the Board concluded that DMC is capable of generating a level of long-term investment performance that is appropriate in light of each Fund’s investment objectives, strategies and restrictions.
Fees to Be Paid to DMC and Expenses of the Funds. The Board considered that they had reviewed each Fund’s existing advisory fee rate at the 2020 15(c) Board Meeting. The Board considered that the DMC Advisory Agreements do not change any Fund’s contractual advisory fee rate. The Board also considered that DMC and IICO had represented to the Board that they will use their best efforts to ensure that they and their respective affiliates do not take any action that imposes an “unfair burden” on the Funds as a result of the Transaction or as a result of any express or implied terms, conditions or understandings applicable to the change of control event, for so long as the requirements of Section 15(f) apply. The Board also considered a comparison of the proposed advisory fees to be paid by each Fund to the advisory fees paid by funds and other accounts managed by DMC. The Board concluded that the retention of DMC was unlikely to impose an unfair burden on the Funds’ because, after the Transaction, none of IICO, DMC, DDLP, or any of their respective affiliates, would be entitled to receive any compensation directly or indirectly (i) from any person in connection with the purchase or sale of securities or other property to, from, or on behalf of the Funds (other than ordinary fees for bona fide principal underwriting services), or (ii) from the Funds or their shareholders for other than bona fide investment advisory or other services. Based on its review, the Board determined, with respect to each Fund, that DMC’s advisory fee is fair and reasonable in light of the nature, extent and quality of services to be provided to the Fund under the DMC Advisory Agreements.
Extent to Which DMC May Realize Economies of Scale as the Funds Grow Larger and Whether Fee Levels Reflect These Economies of Scale for the Benefit of the Funds’ Shareholders. The Board considered potential or anticipated economies of scale in relation to the services DMC would provide to each Fund. The Board considered that the DMC Advisory Agreements include the same advisory fee breakpoints for the same Funds as the IICO investment advisory agreements. The Board also considered DMC’s representation that the significant increase in its assets under management post-Transaction may reasonably be expected to enable the new combined firm to reach greater economies of scale in a shorter time frame. The Board also considered DMC’s representation that it expected to realize economies of scale in connection with the operation of the Funds, specifically by achieving operational efficiencies, cost synergies and possible consolidation of service providers and vendors. The Board noted that they will have the opportunity to periodically re-examine whether a Fund or the respective Trust has achieved economies of scale, and the appropriateness of investment advisory fees payable to DMC, in the future.
Profits to be Realized by DMC and its Affiliates from Their Relationship with the Trusts. The Board considered the benefits DMC and its affiliates may derive from their relationship with the Funds. The Board also considered information on DMC’s profitability that was provided to the board of trustees of the Delaware Funds by Macquarie complex in connection with their most recent 15(c) process. The Board considered DMC’s representation that the fully integrated Ivy Fund Complex, including investments to support ongoing growth, was expected to have an overall marginally positive impact on DMC’s overall financial profitability. The Board considered that the expected profitability of DMC and its affiliates was not excessive in light of the nature, extent and quality of the services to be provided to each Fund. The Board noted the difficulty of accurately projecting profitability under the current circumstances and noted that they would have the opportunity to give further consideration to DMC’s profitability with respect to the Funds at the end of the initial two-year term of the DMC Advisory Agreements.
Fall-Out Benefits to DMC and its Affiliates. The Board considered the possible fall-out benefits and other types of benefits that may accrue to DMC and its affiliates. The Board noted that the Transaction provides DMC and its affiliates the opportunity to deliver investment products and services to the WDR network. The Board considered that the Transaction, if completed, would significantly increase DMC’s assets under management and expand DMC’s investment capabilities and relationships with certain wealth management intermediaries. Specifically, the Board considered that upon completion of the Transaction, Macquarie has agreed to sell WDR’s wealth management platform to LPL Financial Holdings Inc. This increased size and diversification could facilitate DMC’s continued investment in its business and products, which DMC would be able to leverage across a broader base of assets. DMC also would be able to use trading commission credits from the Funds’ transactions in securities to “purchase” third-party research and execution services to support its investment process. Based on their review, the Boards determined that any “fall-out” benefits and other types of benefits that may accrue to DMC are fair and reasonable.
Conclusions. Based on the foregoing and other relevant considerations, at the January 2021 Meeting, the Board, including a majority of the Independent Trustees, acting within their business judgment, (1) concluded that the terms of the DMC Advisory Agreements are fair and reasonable and that approval of the DMC Advisory Agreements is in the best interests of each Fund and its respective shareholders, (2) voted to approve the DMC Advisory Agreements, and (3) voted to recommend approval of the DMC Advisory Agreement by shareholders of the Funds. The Board evaluated all information available to them on a Fund-by-Fund basis and their determinations were made separately in respect of each Fund. The Board noted some factors may have been more or less important with respect to any particular Fund and that no one factor was determinative of their decisions which, instead, were premised upon the totality of factors considered. In this connection, the Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the DMC Advisory Agreements and to recommend approval of the DMC Advisory Agreements by shareholders of the Funds.
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| 76 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PROXY VOTING INFORMATION | | IVY FUNDS |
(UNAUDITED)
Proxy Voting Guidelines
A description of the policies and procedures Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.888.923.3355 and (ii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Proxy Voting Records
Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on Form N-PX through the Ivy Investments’ website at www.ivyinvestments.com and on the SEC’s website at www.sec.gov.
| | |
| QUARTERLY PORTFOLIO SCHEDULE INFORMATION | | IVY FUNDS |
Portfolio holdings can be found on the Trust’s website at www.ivyinvestments.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found as an exhibit to the Trust’s Form N-PORT. These holdings may be viewed in the following ways:
| • | | On the SEC’s website at www.sec.gov. |
| • | | For review and copy at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330. |
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| | |
| DELAWARE FUNDS BY MACQUARIE FAMILY | | |
Domestic Equity Funds
Delaware Ivy Accumulative Fund
Delaware Ivy Core Equity Fund
Delaware Ivy Large Cap Growth Fund
Delaware Ivy Mid Cap Growth Fund
Delaware Ivy Mid Cap Income Opportunities Fund
Delaware Ivy Small Cap Core Fund
Delaware Ivy Small Cap Growth Fund
Delaware Ivy Value Fund
Global/International Funds
Delaware Ivy Emerging Markets Equity Fund
Delaware Ivy Global Equity Income Fund
Delaware Ivy Global Growth Fund
Delaware Ivy International Small Cap Fund
Delaware Ivy International Core Equity Fund
Delaware Ivy Managed International Opportunities Fund
Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund
Delaware Ivy Pzena International Value Fund
Index Funds
Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund
Delaware Ivy ProShares MSCI ACWI Index Fund
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund
Delaware Ivy ProShares S&P 500 Bond Index Fund
Delaware Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
Specialty Funds
Delaware Ivy Apollo Multi-Asset Income Fund
Delaware Ivy Asset Strategy Fund
Delaware Ivy Balanced Fund
Delaware Ivy Energy Fund
Delaware Ivy LaSalle Global Real Estate Fund
Delaware Ivy Natural Resources Fund
Delaware Ivy Science and Technology Fund
Delaware Ivy Securian Real Estate Securities Fund
Delaware Ivy Wilshire Global Allocation Fund
Fixed Income Funds
Delaware Ivy Apollo Strategic Income Fund
Delaware Ivy California Municipal High Income Fund
Delaware Ivy Corporate Bond Fund
Delaware Ivy Crossover Credit Fund
Delaware Ivy Global Bond Fund
Delaware Ivy Government Securities Fund
Delaware Ivy High Income Fund
Delaware Ivy Limited-Term Bond Fund
Delaware Ivy Municipal Bond Fund
Delaware Ivy Municipal High Income Fund
Delaware Ivy Pictet Targeted Return Bond Fund
Delaware Ivy PineBridge High Yield Fund
Delaware Ivy Securian Core Bond Fund
Money Market Funds
Delaware Ivy Cash Management Fund
Delaware Ivy Government Money Market Fund
1.888.923.3355
Visit us online at www.ivyinvestments.com
The Ivy Funds are managed by Delaware Management Company and distributed by Delaware Distributors, L.P.
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SEMIANN-IVYSPEC (9-21)
| | |
 | | Semiannual Report SEPTEMBER 30, 2021 |
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| | | Ticker | |
| | | Class A | | | Class B | | | Class C | | | Class E | | | Class I | | | Class R6* | | | Class R | | | Class Y | |
IVY FUNDS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Delaware Ivy Core Equity Fund(1) | | | WCEAX | | | | WCEBX | | | | WTRCX | | | | ICFEX | | | | ICIEX | | | | ICEQX | | | | IYCEX | | | | WCEYX | |
| | | | | | | | |
| Delaware Ivy Emerging Markets Equity Fund(2) | | | IPOAX | | | | IPOBX | | | | IPOCX | | | | | | | | IPOIX | | | | IMEGX | | | | IYPCX | | | | IPOYX | |
| | | | | | | | |
| Delaware Ivy Global Bond Fund(3) | | | IVSAX | | | | IVSBX | | | | IVSCX | | | | | | | | IVSIX | | | | IVBDX | | | | IYGOX | | | | IVSYX | |
| | | | | | | | |
| Delaware Ivy Global Equity Income Fund(4) | | | IBIAX | | | | IBIBX | | | | IBICX | | | | IBIEX | | | | IBIIX | | | | IICNX | | | | IYGEX | | | | IBIYX | |
| | | | | | | | |
| Delaware Ivy Global Growth Fund(5) | | | IVINX | | | | IVIBX | | | | IVNCX | | | | | | | | IGIIX | | | | ITGRX | | | | IYIGX | | | | IVIYX | |
| | | | | | | | |
| Delaware Ivy Government Money Market Fund(6) | | | WRAXX | | | | WRBXX | | | | WRCXX | | | | IVEXX | | | | | | | | WRNXX | | | | | | | | | |
| | | | | | | | |
| Delaware Ivy High Income Fund(7) | | | WHIAX | | | | WHIBX | | | | WRHIX | | | | IVHEX | | | | IVHIX | | | | IHIFX | | | | IYHIX | | | | WHIYX | |
| | | | | | | | |
| Delaware Ivy International Core Equity Fund(8) | | | IVIAX | | | | IIFBX | | | | IVIFX | | | | IICEX | | | | ICEIX | | | | IINCX | | | | IYITX | | | | IVVYX | |
| | | | | | | | |
| Delaware Ivy Large Cap Growth Fund(9) | | | WLGAX | | | | WLGBX | | | | WLGCX | | | | ILCEX | | | | IYGIX | | | | ILGRX | | | | WLGRX | | | | WLGYX | |
| | | | | | | | |
| Delaware Ivy Limited-Term Bond Fund(10) | | | WLTAX | | | | WLTBX | | | | WLBCX | | | | IVLEX | | | | ILTIX | | | | ILMDX | | | | IYLTX | | | | WLTYX | |
| | | | | | | | |
| Delaware Ivy Managed International Opportunities Fund(11) | | | IVTAX | | | | IVTBX | | | | IVTCX | | | | | | | | IVTIX | | | | IVTNX | | | | IYMGX | | | | IVTYX | |
| | | | | | | | |
| Delaware Ivy Mid Cap Growth Fund(12) | | | WMGAX | | | | WMGBX | | | | WMGCX | | | | IMCEX | | | | IYMIX | | | | IGRFX | | | | WMGRX | | | | WMGYX | |
| | | | | | | | |
| Delaware Ivy Mid Cap Income Opportunities Fund(13) | | | IVOAX | | | | | | | | IVOCX | | | | | | | | IVOIX | | | | IVOSX | | | | IVORX | | | | IVOYX | |
| | | | | | | | |
| Delaware Ivy Municipal Bond Fund(14) | | | WMBAX | | | | WMBBX | | | | WMBCX | | | | | | | | IMBIX | | | | IMBNX | | | | | | | | WMBYX | |
| | | | | | | | |
| Delaware Ivy Municipal High Income Fund(15) | | | IYIAX | | | | IYIBX | | | | IYICX | | | | | | | | WYMHX | | | | IYINX | | | | | | | | IYIYX | |
| | | | | | | | |
| Delaware Ivy Pzena International Value Fund(16) | | | ICDAX | | | | ICDBX | | | | ICDCX | | | | | | | | ICVIX | | | | ICNGX | | | | IYCUX | | | | ICDYX | |
| | | | | | | | |
| Delaware Ivy Securian Core Bond Fund(17) | | | IBOAX | | | | IBOBX | | | | IBOCX | | | | IVBEX | | | | IVBIX | | | | IBNDX | | | | IYBDX | | | | IBOYX | |
| | | | | | | | |
| Delaware Ivy Small Cap Core Fund(18) | | | IYSAX | | | | IYSBX | | | | IYSCX | | | | | | | | IVVIX | | | | ISPVX | | | | IYSMX | | | | IYSYX | |
| | | | | | | | |
| Delaware Ivy Small Cap Growth Fund(19) | | | WSGAX | | | | WSGBX | | | | WRGCX | | | | ISGEX | | | | IYSIX | | | | IRGFX | | | | WSGRX | | | | WSCYX | |
| | | | | | | | |
| Delaware Ivy Value Fund(20) | | | IYVAX | | | | IYVBX | | | | IYVCX | | | | | | | | IYAIX | | | | IVALX | | | | IYVLX | | | | IYVYX | |
| * | Effective July 1, 2021, references to Class N are replaced with Class R6 for each applicable Fund. |
| (1) | Effective July 1, 2021, the name of Ivy Core Equity Fund changed to Delaware Ivy Core Equity Fund. |
| (2) | Effective July 1, 2021, the name of Ivy Emerging Markets Equity Fund changed to Delaware Ivy Emerging Markets Equity Fund. |
| (3) | Effective July 1, 2021, the name of Ivy Global Bond Fund changed to Delaware Ivy Global Bond Fund. |
| (4) | Effective July 1, 2021, the name of Ivy Global Equity Income Fund changed to Delaware Ivy Global Equity Income Fund. |
| (5) | Effective July 1, 2021, the name of Ivy Global Growth Fund changed to Delaware Ivy Global Growth Fund. |
| (6) | Effective July 1, 2021, the name of Ivy Government Money Market Fund changed to Delaware Ivy Government Money Market Fund. |
| (7) | Effective July 1, 2021, the name of Ivy High Income Fund changed to Delaware Ivy High Income Fund. |
| (8) | Effective July 1, 2021, the name of Ivy International Core Equity Fund changed to Delaware Ivy International Core Equity Fund. |
| (9) | Effective July 1, 2021, the name of Ivy Large Cap Growth Fund changed to Delaware Ivy Large Cap Growth Fund. |
| (10) | Effective July 1, 2021, the name of Ivy Limited-Term Bond Fund changed to Delaware Ivy Limited-Term Bond Fund. |
| (11) | Effective July 1, 2021, the name of Ivy Managed International Opportunities Fund changed to Delaware Ivy Managed International Opportunities Fund. |
| (12) | Effective July 1, 2021, the name of Ivy Mid Cap Growth Fund changed to Delaware Ivy Mid Cap Growth Fund. |
| (13) | Effective July 1, 2021, the name of Ivy Mid Cap Income Opportunities Fund changed to Delaware Ivy Mid Cap Income Opportunities Fund. |
| (14) | Effective July 1, 2021, the name of Ivy Municipal Bond Fund changed to Delaware Ivy Municipal Bond Fund. |
| (15) | Effective July 1, 2021, the name of Ivy Municipal High Income Fund changed to Delaware Ivy Municipal High Income Fund. |
| (16) | Effective July 1, 2021, the name of Ivy Pzena International Value Fund changed to Delaware Ivy Pzena International Value Fund. |
| (17) | Effective July 1, 2021, the name of Ivy Securian Core Bond Fund changed to Delaware Ivy Securian Core Bond Fund. |
| (18) | Effective July 1, 2021, the name of Ivy Small Cap Core Fund changed to Delaware Ivy Small Cap Core Fund. |
| (19) | Effective July 1, 2021, the name of Ivy Small Cap Growth Fund changed to Delaware Ivy Small Cap Growth Fund. |
| (20) | Effective July 1, 2021, the name of Ivy Value Fund changed to Delaware Ivy Value Fund. |
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting www.ivyinvestments.com or calling 1-888-923-3355. Investors should read the prospectus and the summary prospectus carefully before investing. You can obtain shareholder reports and prospectuses online instead of in the mail. Visit www.ivyinvestments.com/go-paperless-with-eDelivery for more information.
IVY INVESTMENTS® refers to the investment management and investment advisory services offered by Macquarie Investment Management Business Trust (MIMBT) through its various series.
On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the “Ivy Funds”), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”).
The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company, a series of Macquarie Investment Management Business Trust, and distributed by Delaware Distributors, L.P.
2
| | | | |
Illustration of Fund Expenses | | | 5 | |
Portfolio Highlights and Schedule of Investments: | | | | |
Delaware Ivy Core Equity Fund (formerly, Ivy Core Equity Fund) | | | 11 | |
Delaware Ivy Emerging Markets Equity Fund (formerly, Ivy Emerging Markets Equity Fund) | | | 14 | |
Delaware Ivy Global Bond Fund (formerly, Ivy Global Bond Fund) | | | 18 | |
Delaware Ivy Global Equity Income Fund (formerly Ivy Global Equity Income Fund) | | | 26 | |
Delaware Ivy Global Growth Fund (formerly, Ivy Global Growth Fund) | | | 30 | |
Delaware Ivy Government Money Market Fund (formerly, Ivy Government Money Market Fund) | | | 33 | |
Delaware Ivy High Income Fund (formerly, Ivy High Income Fund) | | | 36 | |
Delaware Ivy International Core Equity Fund (formerly, Ivy International Core Equity Fund) | | | 45 | |
Delaware Ivy Large Cap Growth Fund (formerly, Ivy Large Cap Growth Fund) | | | 49 | |
Delaware Ivy Limited-Term Bond Fund (formerly, Ivy Limited-Term Bond Fund) | | | 52 | |
Delaware Ivy Managed International Opportunities Fund (formerly, Ivy Managed International Opportunities Fund) | | | 59 | |
Delaware Ivy Mid Cap Growth Fund (formerly, Ivy Mid Cap Growth Fund) | | | 61 | |
Delaware Ivy Mid Cap Income Opportunities Fund (formerly, Ivy Mid Cap Income Opportunities Fund) | | | 65 | |
Delaware Ivy Municipal Bond Fund (formerly, Ivy Municipal Bond Fund) | | | 68 | |
Delaware Ivy Municipal High Income Fund (formerly, Ivy Municipal High Income Fund) | | | 76 | |
Delaware Ivy Pzena International Value Fund (formerly, Ivy Pzena International Value Fund) | | | 83 | |
Delaware Ivy Securian Core Bond Fund (formerly, Ivy Securian Core Bond Fund) | | | 87 | |
Delaware Ivy Small Cap Core Fund (formerly, Ivy Small Cap Core Fund) | | | 96 | |
Delaware Ivy Small Cap Growth Fund (formerly, Ivy Small Cap Growth Fund) | | | 99 | |
Delaware Ivy Value Fund (formerly, Ivy Value Fund) | | | 102 | |
Statements of Assets and Liabilities | | | 105 | |
Statements of Operations | | | 108 | |
Statements of Changes in Net Assets | | | 111 | |
Financial Highlights | | | 118 | |
Notes to Financial Statements | | | 158 | |
Board Considerations in Approving DMC/Sub-Advisory Agreements | | | 192 | |
Proxy Voting Information | | | 195 | |
Quarterly Portfolio Schedule Information | | | 195 | |
3
Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus at www.ivyinvestments.com/reports/ivy.
To view your shareholder statement online, go to www.ivyinvestments.com, log in to your account, and select “Statements,” or to view a mutual fund fee and expense calculator, visit https://tools.finra.org/fund_analyzer/.
Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of September 30, 2021, and subject to change for events occurring after such date. The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor. All third-party marks cited are the property of their respective owners.
© 2021 Macquarie Management Holdings, Inc.
4
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended September 30, 2021.
Actual Expenses
The first section in the following table provides information about actual account values and actual expenses for each share class. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. Fees apply to Individual Retirement Accounts (IRAs), IRA Rollovers, Roth IRAs, Conversion Roth IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) IRAs, Tax-Sheltered Accounts (TSAs), Keogh Plans, Owner Only 401(k) (Exclusive K) Plans and Final Pay Plans. As of the close of the six months covered by the table, a customer is charged an annual fee of $18 within each plan type. This fee is waived for IRA Rollovers and Conversion Roth IRAs if the customer owns another type of IRA. Coverdell Education Savings Account plans are
charged an annual fee of $10 per customer. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the following table. Additional fees have the effect of reducing investment returns.
Hypothetical Example for Comparison Purposes
The second section in the following table provides information about hypothetical account values and hypothetical expenses for each share class based on the Fund’s actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), exchange fees or account fees. Therefore, the second section in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expenses paid may be impacted by expense reduction arrangements. If those arrangements had not been in place, expenses paid would have been higher. See Note 6 in Notes to Financial Statements for further information.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Core Equity Fund(a) | |
Class A | | $ | 1,000 | | | $ | 1,098.80 | | | $ | 5.04 | | | $ | 1,000 | | | $ | 1,020.23 | | | $ | 4.85 | | | | 0.96% | |
Class B** | | $ | 1,000 | | | $ | 1,092.20 | | | $ | 10.88 | | | $ | 1,000 | | | $ | 1,014.66 | | | $ | 10.48 | | | | 2.08% | |
Class C | | $ | 1,000 | | | $ | 1,093.50 | | | $ | 9.53 | | | $ | 1,000 | | | $ | 1,015.94 | | | $ | 9.17 | | | | 1.82% | |
Class E | | $ | 1,000 | | | $ | 1,098.20 | | | $ | 5.14 | | | $ | 1,000 | | | $ | 1,020.15 | | | $ | 4.95 | | | | 0.97% | |
Class I | | $ | 1,000 | | | $ | 1,099.20 | | | $ | 4.20 | | | $ | 1,000 | | | $ | 1,021.10 | | | $ | 4.04 | | | | 0.79% | |
Class R | | $ | 1,000 | | | $ | 1,096.50 | | | $ | 7.34 | | | $ | 1,000 | | | $ | 1,018.08 | | | $ | 7.06 | | | | 1.39% | |
Class R6^ | | $ | 1,000 | | | $ | 1,100.40 | | | $ | 3.36 | | | $ | 1,000 | | | $ | 1,021.85 | | | $ | 3.23 | | | | 0.64% | |
Class Y | | $ | 1,000 | | | $ | 1,099.50 | | | $ | 4.41 | | | $ | 1,000 | | | $ | 1,020.86 | | | $ | 4.24 | | | | 0.84% | |
See footnotes on page 10.
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Emerging Markets Equity Fund(b) | |
Class A | | $ | 1,000 | | | $ | 960.10 | | | $ | 6.66 | | | $ | 1,000 | | | $ | 1,018.29 | | | $ | 6.86 | | | | 1.35% | |
Class B** | | $ | 1,000 | | | $ | 954.60 | | | $ | 12.02 | | | $ | 1,000 | | | $ | 1,012.79 | | | $ | 12.38 | | | | 2.45% | |
Class C | | $ | 1,000 | | | $ | 956.40 | | | $ | 10.17 | | | $ | 1,000 | | | $ | 1,014.66 | | | $ | 10.48 | | | | 2.08% | |
Class I | | $ | 1,000 | | | $ | 961.40 | | | $ | 4.90 | | | $ | 1,000 | | | $ | 1,020.11 | | | $ | 5.05 | | | | 0.99% | |
Class R | | $ | 1,000 | | | $ | 958.20 | | | $ | 8.22 | | | $ | 1,000 | | | $ | 1,016.64 | | | $ | 8.47 | | | | 1.68% | |
Class R6^ | | $ | 1,000 | | | $ | 962.00 | | | $ | 4.61 | | | $ | 1,000 | | | $ | 1,020.36 | | | $ | 4.75 | | | | 0.94% | |
Class Y | | $ | 1,000 | | | $ | 959.90 | | | $ | 6.47 | | | $ | 1,000 | | | $ | 1,018.42 | | | $ | 6.66 | | | | 1.33% | |
Delaware Ivy Global Bond Fund(c) | |
Class A | | $ | 1,000 | | | $ | 1,013.90 | | | $ | 4.83 | | | $ | 1,000 | | | $ | 1,020.25 | | | $ | 4.85 | | | | 0.96% | |
Class B** | | $ | 1,000 | | | $ | 1,010.20 | | | $ | 8.44 | | | $ | 1,000 | | | $ | 1,016.64 | | | $ | 8.47 | | | | 1.68% | |
Class C | | $ | 1,000 | | | $ | 1,010.90 | | | $ | 8.65 | | | $ | 1,000 | | | $ | 1,016.44 | | | $ | 8.67 | | | | 1.72% | |
Class I | | $ | 1,000 | | | $ | 1,015.90 | | | $ | 3.73 | | | $ | 1,000 | | | $ | 1,021.36 | | | $ | 3.74 | | | | 0.74% | |
Class R | | $ | 1,000 | | | $ | 1,012.30 | | | $ | 7.34 | | | $ | 1,000 | | | $ | 1,017.73 | | | $ | 7.36 | | | | 1.46% | |
Class R6^ | | $ | 1,000 | | | $ | 1,015.10 | | | $ | 3.53 | | | $ | 1,000 | | | $ | 1,021.54 | | | $ | 3.54 | | | | 0.70% | |
Class Y | | $ | 1,000 | | | $ | 1,013.80 | | | $ | 4.83 | | | $ | 1,000 | | | $ | 1,020.25 | | | $ | 4.85 | | | | 0.96% | |
Delaware Ivy Global Equity Income Fund(d) | |
Class A | | $ | 1,000 | | | $ | 1,022.80 | | | $ | 6.17 | | | $ | 1,000 | | | $ | 1,018.97 | | | $ | 6.16 | | | | 1.22% | |
Class B** | | $ | 1,000 | | | $ | 1,020.00 | | | $ | 9.70 | | | $ | 1,000 | | | $ | 1,015.47 | | | $ | 9.67 | | | | 1.92% | |
Class C | | $ | 1,000 | | | $ | 1,018.90 | | | $ | 10.20 | | | $ | 1,000 | | | $ | 1,015.00 | | | $ | 10.18 | | | | 2.01% | |
Class E | | $ | 1,000 | | | $ | 1,024.20 | | | $ | 5.47 | | | $ | 1,000 | | | $ | 1,019.62 | | | $ | 5.45 | | | | 1.09% | |
Class I | | $ | 1,000 | | | $ | 1,024.20 | | | $ | 4.66 | | | $ | 1,000 | | | $ | 1,020.47 | | | $ | 4.65 | | | | 0.92% | |
Class R | | $ | 1,000 | | | $ | 1,021.20 | | | $ | 7.78 | | | $ | 1,000 | | | $ | 1,017.37 | | | $ | 7.77 | | | | 1.53% | |
Class R6^ | | $ | 1,000 | | | $ | 1,024.90 | | | $ | 3.95 | | | $ | 1,000 | | | $ | 1,021.12 | | | $ | 3.94 | | | | 0.79% | |
Class Y | | $ | 1,000 | | | $ | 1,023.00 | | | $ | 6.07 | | | $ | 1,000 | | | $ | 1,019.12 | | | $ | 6.06 | | | | 1.19% | |
Delaware Ivy Global Growth Fund(e) | |
Class A | | $ | 1,000 | | | $ | 1,061.00 | | | $ | 6.60 | | | $ | 1,000 | | | $ | 1,018.68 | | | $ | 6.46 | | | | 1.27% | |
Class B** | | $ | 1,000 | | | $ | 1,054.30 | | | $ | 12.94 | | | $ | 1,000 | | | $ | 1,012.47 | | | $ | 12.68 | | | | 2.52% | |
Class C | | $ | 1,000 | | | $ | 1,056.10 | | | $ | 11.31 | | | $ | 1,000 | | | $ | 1,014.10 | | | $ | 11.08 | | | | 2.18% | |
Class I | | $ | 1,000 | | | $ | 1,062.20 | | | $ | 5.46 | | | $ | 1,000 | | | $ | 1,019.78 | | | $ | 5.35 | | | | 1.06% | |
Class R | | $ | 1,000 | | | $ | 1,058.90 | | | $ | 8.54 | | | $ | 1,000 | | | $ | 1,016.77 | | | $ | 8.37 | | | | 1.66% | |
Class R6^ | | $ | 1,000 | | | $ | 1,062.90 | | | $ | 4.74 | | | $ | 1,000 | | | $ | 1,020.49 | | | $ | 4.65 | | | | 0.91% | |
Class Y | | $ | 1,000 | | | $ | 1,061.00 | | | $ | 6.60 | | | $ | 1,000 | | | $ | 1,018.65 | | | $ | 6.46 | | | | 1.27% | |
Delaware Ivy Government Money Market Fund(f) | |
Class A | | $ | 1,000 | | | $ | 1,000.00 | | | $ | 0.30 | | | $ | 1,000 | | | $ | 1,024.75 | | | $ | 0.30 | | | | 0.06% | |
Class B** | | $ | 1,000 | | | $ | 1,000.00 | | | $ | 0.40 | | | $ | 1,000 | | | $ | 1,024.67 | | | $ | 0.40 | | | | 0.08% | |
Class C** | | $ | 1,000 | | | $ | 1,000.00 | | | $ | 0.30 | | | $ | 1,000 | | | $ | 1,024.75 | | | $ | 0.30 | | | | 0.06% | |
Class E | | $ | 1,000 | | | $ | 1,000.00 | | | $ | 0.30 | | | $ | 1,000 | | | $ | 1,024.76 | | | $ | 0.30 | | | | 0.06% | |
Class N | | $ | 1,000 | | | $ | 1,000.00 | | | $ | 0.30 | | | $ | 1,000 | | | $ | 1,024.77 | | | $ | 0.30 | | | | 0.06% | |
See footnotes on page 10.
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy High Income Fund(g) | |
Class A | | $ | 1,000 | | | $ | 1,032.00 | | | $ | 4.78 | | | $ | 1,000 | | | $ | 1,020.34 | | | $ | 4.75 | | | | 0.94% | |
Class B** | | $ | 1,000 | | | $ | 1,027.90 | | | $ | 8.62 | | | $ | 1,000 | | | $ | 1,016.56 | | | $ | 8.57 | | | | 1.70% | |
Class C | | $ | 1,000 | | | $ | 1,028.30 | | | $ | 8.42 | | | $ | 1,000 | | | $ | 1,016.76 | | | $ | 8.37 | | | | 1.66% | |
Class E | | $ | 1,000 | | | $ | 1,031.50 | | | $ | 5.28 | | | $ | 1,000 | | | $ | 1,019.87 | | | $ | 5.25 | | | | 1.04% | |
Class I | | $ | 1,000 | | | $ | 1,033.10 | | | $ | 3.76 | | | $ | 1,000 | | | $ | 1,021.38 | | | $ | 3.74 | | | | 0.73% | |
Class R | | $ | 1,000 | | | $ | 1,030.00 | | | $ | 6.80 | | | $ | 1,000 | | | $ | 1,018.40 | | | $ | 6.76 | | | | 1.33% | |
Class R6^ | | $ | 1,000 | | | $ | 1,033.90 | | | $ | 2.95 | | | $ | 1,000 | | | $ | 1,022.12 | | | $ | 2.93 | | | | 0.59% | |
Class Y | | $ | 1,000 | | | $ | 1,032.00 | | | $ | 4.78 | | | $ | 1,000 | | | $ | 1,020.34 | | | $ | 4.75 | | | | 0.94% | |
Delaware Ivy International Core Equity Fund(h) | |
Class A | | $ | 1,000 | | | $ | 1,042.90 | | | $ | 6.23 | | | $ | 1,000 | | | $ | 1,018.94 | | | $ | 6.16 | | | | 1.23% | |
Class B** | | $ | 1,000 | | | $ | 1,038.80 | | | $ | 10.60 | | | $ | 1,000 | | | $ | 1,014.68 | | | $ | 10.48 | | | | 2.08% | |
Class C | | $ | 1,000 | | | $ | 1,039.20 | | | $ | 9.79 | | | $ | 1,000 | | | $ | 1,015.48 | | | $ | 9.67 | | | | 1.92% | |
Class E | | $ | 1,000 | | | $ | 1,043.50 | | | $ | 6.03 | | | $ | 1,000 | | | $ | 1,019.20 | | | $ | 5.96 | | | | 1.17% | |
Class I | | $ | 1,000 | | | $ | 1,045.00 | | | $ | 3.99 | | | $ | 1,000 | | | $ | 1,021.14 | | | $ | 3.94 | | | | 0.79% | |
Class R | | $ | 1,000 | | | $ | 1,041.40 | | | $ | 7.76 | | | $ | 1,000 | | | $ | 1,017.43 | | | $ | 7.67 | | | | 1.53% | |
Class R6^ | | $ | 1,000 | | | $ | 1,045.40 | | | $ | 3.99 | | | $ | 1,000 | | | $ | 1,021.14 | | | $ | 3.94 | | | | 0.79% | |
Class Y | | $ | 1,000 | | | $ | 1,043.00 | | | $ | 6.03 | | | $ | 1,000 | | | $ | 1,019.19 | | | $ | 5.96 | | | | 1.18% | |
Delaware Ivy Large Cap Growth Fund(i) | |
Class A | | $ | 1,000 | | | $ | 1,147.90 | | | $ | 5.05 | | | $ | 1,000 | | | $ | 1,020.32 | | | $ | 4.75 | | | | 0.95% | |
Class B** | | $ | 1,000 | | | $ | 1,143.00 | | | $ | 9.75 | | | $ | 1,000 | | | $ | 1,015.92 | | | $ | 9.17 | | | | 1.83% | |
Class C | | $ | 1,000 | | | $ | 1,143.60 | | | $ | 9.54 | | | $ | 1,000 | | | $ | 1,016.15 | | | $ | 8.97 | | | | 1.78% | |
Class E | | $ | 1,000 | | | $ | 1,147.20 | | | $ | 5.80 | | | $ | 1,000 | | | $ | 1,019.66 | | | $ | 5.45 | | | | 1.08% | |
Class I | | $ | 1,000 | | | $ | 1,149.60 | | | $ | 3.44 | | | $ | 1,000 | | | $ | 1,021.87 | | | $ | 3.23 | | | | 0.64% | |
Class R | | $ | 1,000 | | | $ | 1,145.80 | | | $ | 7.40 | | | $ | 1,000 | | | $ | 1,018.22 | | | $ | 6.96 | | | | 1.37% | |
Class R6^ | | $ | 1,000 | | | $ | 1,149.80 | | | $ | 3.33 | | | $ | 1,000 | | | $ | 1,021.93 | | | $ | 3.13 | | | | 0.64% | |
Class Y | | $ | 1,000 | | | $ | 1,147.90 | | | $ | 5.05 | | | $ | 1,000 | | | $ | 1,020.32 | | | $ | 4.75 | | | | 0.95% | |
Delaware Ivy Limited-Term Bond Fund(j) | |
Class A | | $ | 1,000 | | | $ | 1,004.20 | | | $ | 4.41 | | | $ | 1,000 | | | $ | 1,020.67 | | | $ | 4.45 | | | | 0.88% | |
Class B** | | $ | 1,000 | | | $ | 999.30 | | | $ | 13.40 | | | $ | 1,000 | | | $ | 1,011.65 | | | $ | 13.48 | | | | 2.68% | |
Class C | | $ | 1,000 | | | $ | 1,000.40 | | | $ | 8.20 | | | $ | 1,000 | | | $ | 1,016.84 | | | $ | 8.27 | | | | 1.64% | |
Class E | | $ | 1,000 | | | $ | 1,004.10 | | | $ | 4.51 | | | $ | 1,000 | | | $ | 1,020.55 | | | $ | 4.55 | | | | 0.90% | |
Class I | | $ | 1,000 | | | $ | 1,005.20 | | | $ | 3.41 | | | $ | 1,000 | | | $ | 1,021.68 | | | $ | 3.44 | | | | 0.68% | |
Class R | | $ | 1,000 | | | $ | 1,002.20 | | | $ | 6.41 | | | $ | 1,000 | | | $ | 1,018.69 | | | $ | 6.46 | | | | 1.27% | |
Class R6^ | | $ | 1,000 | | | $ | 1,006.00 | | | $ | 2.61 | | | $ | 1,000 | | | $ | 1,022.44 | | | $ | 2.63 | | | | 0.52% | |
Class Y | | $ | 1,000 | | | $ | 1,004.20 | | | $ | 4.41 | | | $ | 1,000 | | | $ | 1,020.66 | | | $ | 4.45 | | | | 0.88% | |
See footnotes on page 10.
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Managed International Opportunities Fund(3)(k) | |
Class A | | $ | 1,000 | | | $ | 1,018.40 | | | $ | 2.32 | | | $ | 1,000 | | | $ | 1,022.79 | | | $ | 2.33 | | | | 0.46% | |
Class B** | | $ | 1,000 | | | $ | 1,014.80 | | | $ | 6.35 | | | $ | 1,000 | | | $ | 1,018.81 | | | $ | 6.36 | | | | 1.25% | |
Class C | | $ | 1,000 | | | $ | 1,014.70 | | | $ | 6.35 | | | $ | 1,000 | | | $ | 1,018.81 | | | $ | 6.36 | | | | 1.25% | |
Class I | | $ | 1,000 | | | $ | 1,019.00 | | | $ | 0.81 | | | $ | 1,000 | | | $ | 1,024.30 | | | $ | 0.81 | | | | 0.16% | |
Class R | | $ | 1,000 | | | $ | 1,016.80 | | | $ | 3.33 | | | $ | 1,000 | | | $ | 1,021.77 | | | $ | 3.34 | | | | 0.66% | |
Class R6^ | | $ | 1,000 | | | $ | 1,019.00 | | | $ | 0.71 | | | $ | 1,000 | | | $ | 1,024.32 | | | $ | 0.71 | | | | 0.16% | |
Class Y | | $ | 1,000 | | | $ | 1,018.40 | | | $ | 1.92 | | | $ | 1,000 | | | $ | 1,023.19 | | | $ | 1.92 | | | | 0.38% | |
Delaware Ivy Mid Cap Growth Fund(l) | |
Class A | | $ | 1,000 | | | $ | 1,090.90 | | | $ | 5.96 | | | $ | 1,000 | | | $ | 1,019.39 | | | $ | 5.76 | | | | 1.13% | |
Class B** | | $ | 1,000 | | | $ | 1,085.80 | | | $ | 10.85 | | | $ | 1,000 | | | $ | 1,014.72 | | | $ | 10.48 | | | | 2.07% | |
Class C | | $ | 1,000 | | | $ | 1,086.70 | | | $ | 10.02 | | | $ | 1,000 | | | $ | 1,015.47 | | | $ | 9.67 | | | | 1.91% | |
Class E | | $ | 1,000 | | | $ | 1,090.30 | | | $ | 6.48 | | | $ | 1,000 | | | $ | 1,018.88 | | | $ | 6.26 | | | | 1.24% | |
Class I | | $ | 1,000 | | | $ | 1,092.80 | | | $ | 4.08 | | | $ | 1,000 | | | $ | 1,021.12 | | | $ | 3.94 | | | | 0.79% | |
Class R | | $ | 1,000 | | | $ | 1,088.80 | | | $ | 8.04 | | | $ | 1,000 | | | $ | 1,017.34 | | | $ | 7.77 | | | | 1.54% | |
Class R6^ | | $ | 1,000 | | | $ | 1,092.90 | | | $ | 4.19 | | | $ | 1,000 | | | $ | 1,021.12 | | | $ | 4.04 | | | | 0.79% | |
Class Y | | $ | 1,000 | | | $ | 1,091.00 | | | $ | 5.96 | | | $ | 1,000 | | | $ | 1,019.39 | | | $ | 5.76 | | | | 1.13% | |
Delaware Ivy Mid Cap Income Opportunities Fund(m) | |
Class A | | $ | 1,000 | | | $ | 1,041.50 | | | $ | 6.12 | | | $ | 1,000 | | | $ | 1,019.02 | | | $ | 6.06 | | | | 1.21% | |
Class C | | $ | 1,000 | | | $ | 1,036.80 | | | $ | 10.08 | | | $ | 1,000 | | | $ | 1,015.19 | | | $ | 9.98 | | | | 1.97% | |
Class I | | $ | 1,000 | | | $ | 1,043.00 | | | $ | 4.29 | | | $ | 1,000 | | | $ | 1,020.91 | | | $ | 4.24 | | | | 0.83% | |
Class R | | $ | 1,000 | | | $ | 1,039.00 | | | $ | 8.05 | | | $ | 1,000 | | | $ | 1,017.13 | | | $ | 7.97 | | | | 1.58% | |
Class R6^ | | $ | 1,000 | | | $ | 1,043.00 | | | $ | 4.29 | | | $ | 1,000 | | | $ | 1,020.91 | | | $ | 4.24 | | | | 0.83% | |
Class Y | | $ | 1,000 | | | $ | 1,040.90 | | | $ | 6.22 | | | $ | 1,000 | | | $ | 1,018.98 | | | $ | 6.16 | | | | 1.21% | |
Delaware Ivy Municipal Bond Fund(n) | |
Class A | | $ | 1,000 | | | $ | 1,005.60 | | | $ | 4.21 | | | $ | 1,000 | | | $ | 1,020.90 | | | $ | 4.24 | | | | 0.83% | |
Class B** | | $ | 1,000 | | | $ | 999.10 | | | $ | 13.99 | | | $ | 1,000 | | | $ | 1,011.06 | | | $ | 14.08 | | | | 2.79% | |
Class C | | $ | 1,000 | | | $ | 1,001.20 | | | $ | 8.61 | | | $ | 1,000 | | | $ | 1,016.47 | | | $ | 8.67 | | | | 1.71% | |
Class I | | $ | 1,000 | | | $ | 1,006.20 | | | $ | 3.51 | | | $ | 1,000 | | | $ | 1,021.56 | | | $ | 3.54 | | | | 0.70% | |
Class R6^ | | $ | 1,000 | | | $ | 1,006.80 | | | $ | 3.01 | | | $ | 1,000 | | | $ | 1,022.09 | | | $ | 3.03 | | | | 0.59% | |
Class Y | | $ | 1,000 | | | $ | 1,005.70 | | | $ | 4.21 | | | $ | 1,000 | | | $ | 1,020.91 | | | $ | 4.24 | | | | 0.83% | |
Delaware Ivy Municipal High Income Fund(o) | |
Class A | | $ | 1,000 | | | $ | 1,028.60 | | | $ | 4.46 | | | $ | 1,000 | | | $ | 1,020.66 | | | $ | 4.45 | | | | 0.88% | |
Class B** | | $ | 1,000 | | | $ | 1,024.60 | | | $ | 8.20 | | | $ | 1,000 | | | $ | 1,016.95 | | | $ | 8.17 | | | | 1.62% | |
Class C | | $ | 1,000 | | | $ | 1,025.00 | | | $ | 8.00 | | | $ | 1,000 | | | $ | 1,017.16 | | | $ | 7.97 | | | | 1.58% | |
Class I | | $ | 1,000 | | | $ | 1,030.00 | | | $ | 3.05 | | | $ | 1,000 | | | $ | 1,022.02 | | | $ | 3.03 | | | | 0.61% | |
Class R6^ | | $ | 1,000 | | | $ | 1,030.10 | | | $ | 3.05 | | | $ | 1,000 | | | $ | 1,022.07 | | | $ | 3.03 | | | | 0.60% | |
Class Y | | $ | 1,000 | | | $ | 1,028.60 | | | $ | 4.46 | | | $ | 1,000 | | | $ | 1,020.66 | | | $ | 4.45 | | | | 0.88% | |
See footnotes on page 10.
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Pzena International Value Fund(p) | |
Class A | | $ | 1,000 | | | $ | 1,005.40 | | | $ | 7.22 | | | $ | 1,000 | | | $ | 1,017.91 | | | $ | 7.26 | | | | 1.43% | |
Class B** | | $ | 1,000 | | | $ | 980.00 | | | $ | 24.95 | | | $ | 1,000 | | | $ | 999.84 | | | $ | 25.20 | | | | 5.03% | |
Class C | | $ | 1,000 | | | $ | 1,001.20 | | | $ | 11.31 | | | $ | 1,000 | | | $ | 1,013.79 | | | $ | 11.38 | | | | 2.25% | |
Class I | | $ | 1,000 | | | $ | 1,006.80 | | | $ | 5.42 | | | $ | 1,000 | | | $ | 1,019.66 | | | $ | 5.45 | | | | 1.08% | |
Class R | | $ | 1,000 | | | $ | 1,003.80 | | | $ | 8.82 | | | $ | 1,000 | | | $ | 1,016.27 | | | $ | 8.87 | | | | 1.76% | |
Class R6^ | | $ | 1,000 | | | $ | 1,007.30 | | | $ | 4.62 | | | $ | 1,000 | | | $ | 1,020.46 | | | $ | 4.65 | | | | 0.92% | |
Class Y | | $ | 1,000 | | | $ | 1,005.80 | | | $ | 6.72 | | | $ | 1,000 | | | $ | 1,018.37 | | | $ | 6.76 | | | | 1.34% | |
Delaware Ivy Securian Core Bond Fund(q) | |
Class A | | $ | 1,000 | | | $ | 1,025.20 | | | $ | 4.35 | | | $ | 1,000 | | | $ | 1,020.74 | | | $ | 4.34 | | | | 0.86% | |
Class B** | | $ | 1,000 | | | $ | 1,018.50 | | | $ | 10.80 | | | $ | 1,000 | | | $ | 1,014.38 | | | $ | 10.78 | | | | 2.13% | |
Class C | | $ | 1,000 | | | $ | 1,021.20 | | | $ | 8.39 | | | $ | 1,000 | | | $ | 1,016.81 | | | $ | 8.37 | | | | 1.65% | |
Class E | | $ | 1,000 | | | $ | 1,024.70 | | | $ | 4.76 | | | $ | 1,000 | | | $ | 1,020.33 | | | $ | 4.75 | | | | 0.95% | |
Class I | | $ | 1,000 | | | $ | 1,027.30 | | | $ | 2.23 | | | $ | 1,000 | | | $ | 1,022.83 | | | $ | 2.23 | | | | 0.45% | |
Class R | | $ | 1,000 | | | $ | 1,023.40 | | | $ | 6.07 | | | $ | 1,000 | | | $ | 1,019.06 | | | $ | 6.06 | | | | 1.20% | |
Class R6^ | | $ | 1,000 | | | $ | 1,027.30 | | | $ | 2.23 | | | $ | 1,000 | | | $ | 1,022.83 | | | $ | 2.23 | | | | 0.45% | |
Class Y | | $ | 1,000 | | | $ | 1,025.20 | | | $ | 4.35 | | | $ | 1,000 | | | $ | 1,020.74 | | | $ | 4.34 | | | | 0.86% | |
Delaware Ivy Small Cap Core Fund(r) | |
Class A | | $ | 1,000 | | | $ | 996.90 | | | $ | 6.69 | | | $ | 1,000 | | | $ | 1,018.39 | | | $ | 6.76 | | | | 1.33% | |
Class B** | | $ | 1,000 | | | $ | 989.00 | | | $ | 13.72 | | | $ | 1,000 | | | $ | 1,011.29 | | | $ | 13.88 | | | | 2.75% | |
Class C | | $ | 1,000 | | | $ | 993.60 | | | $ | 10.27 | | | $ | 1,000 | | | $ | 1,014.74 | | | $ | 10.38 | | | | 2.06% | |
Class I | | $ | 1,000 | | | $ | 999.20 | | | $ | 4.40 | | | $ | 1,000 | | | $ | 1,020.63 | | | $ | 4.45 | | | | 0.89% | |
Class R | | $ | 1,000 | | | $ | 995.50 | | | $ | 8.18 | | | $ | 1,000 | | | $ | 1,016.85 | | | $ | 8.27 | | | | 1.64% | |
Class R6^ | | $ | 1,000 | | | $ | 999.20 | | | $ | 4.40 | | | $ | 1,000 | | | $ | 1,020.63 | | | $ | 4.45 | | | | 0.89% | |
Class Y | | $ | 1,000 | | | $ | 997.10 | | | $ | 6.49 | | | $ | 1,000 | | | $ | 1,018.56 | | | $ | 6.56 | | | | 1.33% | |
Delaware Ivy Small Cap Growth Fund(s) | |
Class A | | $ | 1,000 | | | $ | 1,018.80 | | | $ | 6.16 | | | $ | 1,000 | | | $ | 1,018.96 | | | $ | 6.16 | | | | 1.22% | |
Class B** | | $ | 1,000 | | | $ | 1,013.90 | | | $ | 10.88 | | | $ | 1,000 | | | $ | 1,014.22 | | | $ | 10.88 | | | | 2.17% | |
Class C | | $ | 1,000 | | | $ | 1,015.00 | | | $ | 10.28 | | | $ | 1,000 | | | $ | 1,014.87 | | | $ | 10.28 | | | | 2.04% | |
Class E | | $ | 1,000 | | | $ | 1,018.70 | | | $ | 6.56 | | | $ | 1,000 | | | $ | 1,018.59 | | | $ | 6.56 | | | | 1.30% | |
Class I | | $ | 1,000 | | | $ | 1,020.60 | | | $ | 4.45 | | | $ | 1,000 | | | $ | 1,020.63 | | | $ | 4.45 | | | | 0.89% | |
Class R | | $ | 1,000 | | | $ | 1,017.20 | | | $ | 8.07 | | | $ | 1,000 | | | $ | 1,017.03 | | | $ | 8.07 | | | | 1.60% | |
Class R6^ | | $ | 1,000 | | | $ | 1,020.80 | | | $ | 4.34 | | | $ | 1,000 | | | $ | 1,020.74 | | | $ | 4.34 | | | | 0.86% | |
Class Y | | $ | 1,000 | | | $ | 1,019.00 | | | $ | 6.16 | | | $ | 1,000 | | | $ | 1,018.96 | | | $ | 6.16 | | | | 1.22% | |
See footnotes on page 10.
| | |
| ILLUSTRATION OF FUND EXPENSES | | IVY FUNDS |
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual(1) | | | Hypothetical(2) | | | Annualized
Expense Ratio
Based on the
Six-Month
Period | |
| Fund | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | | | Beginning
Account
Value
3-31-21 | | | Ending
Account
Value
9-30-21 | | | Expenses
Paid During
Period* | |
Delaware Ivy Value Fund(t) | |
Class A | | $ | 1,000 | | | $ | 1,071.80 | | | $ | 5.90 | | | $ | 1,000 | | | $ | 1,019.37 | | | $ | 5.76 | | | | 1.14% | |
Class B** | | $ | 1,000 | | | $ | 1,065.10 | | | $ | 11.98 | | | $ | 1,000 | | | $ | 1,013.51 | | | $ | 11.68 | | | | 2.31% | |
Class C | | $ | 1,000 | | | $ | 1,067.00 | | | $ | 10.13 | | | $ | 1,000 | | | $ | 1,015.23 | | | $ | 9.87 | | | | 1.96% | |
Class I | | $ | 1,000 | | | $ | 1,073.10 | | | $ | 4.66 | | | $ | 1,000 | | | $ | 1,020.60 | | | $ | 4.55 | | | | 0.89% | |
Class R | | $ | 1,000 | | | $ | 1,071.20 | | | $ | 7.77 | | | $ | 1,000 | | | $ | 1,017.52 | | | $ | 7.57 | | | | 1.50% | |
Class R6^ | | $ | 1,000 | | | $ | 1,073.80 | | | $ | 3.84 | | | $ | 1,000 | | | $ | 1,021.38 | | | $ | 3.74 | | | | 0.74% | |
Class Y | | $ | 1,000 | | | $ | 1,071.50 | | | $ | 5.90 | | | $ | 1,000 | | | $ | 1,019.34 | | | $ | 5.76 | | | | 1.14% | |
| * | Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 2021, and divided by 365. |
| ** | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (1) | This section uses the Fund’s actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The “Ending Account Value” shown is computed using the Fund’s actual return and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column of this section. |
| (2) | This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund’s ongoing costs with other mutual funds. A shareholder can compare the Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
| (3) | Annualized Expense Ratio Based on the Six-Month Period does not include expenses of Underlying Ivy Funds in which Delaware Ivy Managed International Opportunities Fund invests. |
| ^ | Effective July 1, 2021, references to Class N are replaced with Class R6 for each applicable Fund. |
| (a) | Effective July 1, 2021, the name of Ivy Core Equity Fund changed to Delaware Ivy Core Equity Fund. |
| (b) | Effective July 1, 2021, the name of Ivy Emerging Markets Equity Fund changed to Delaware Ivy Emerging Markets Equity Fund. |
| (c) | Effective July 1, 2021, the name of Ivy Global Bond Fund changed to Delaware Ivy Global Bond Fund. |
| (d) | Effective July 1, 2021, the name of Ivy Global Equity Income Fund changed to Delaware Ivy Global Equity Income Fund. |
| (e) | Effective July 1, 2021, the name of Ivy Global Growth Fund changed to Delaware Ivy Global Growth Fund. |
| (f) | Effective July 1, 2021, the name of Ivy Government Money Market Fund changed to Delaware Ivy Government Money Market Fund. |
| (g) | Effective July 1, 2021, the name of Ivy High Income Fund changed to Delaware Ivy High Income Fund. |
| (h) | Effective July 1, 2021, the name of Ivy International Core Equity Fund changed to Delaware Ivy International Core Equity Fund. |
| (i) | Effective July 1, 2021, the name of Ivy Large Cap Growth Fund changed to Delaware Ivy Large Cap Growth Fund. |
| (j) | Effective July 1, 2021, the name of Ivy Limited-Term Bond Fund changed to Delaware Ivy Limited-Term Bond Fund. |
| (k) | Effective July 1, 2021, the name of Ivy Managed International Opportunities Fund changed to Delaware Ivy Managed International Opportunities Fund. |
| (l) | Effective July 1, 2021, the name of Ivy Mid Cap Growth Fund changed to Delaware Ivy Mid Cap Growth Fund. |
| (m) | Effective July 1, 2021, the name of Ivy Mid Cap Income Opportunities Fund changed to Delaware Ivy Mid Cap Income Opportunities Fund. |
| (n) | Effective July 1, 2021, the name of Ivy Municipal Bond Fund changed to Delaware Ivy Municipal Bond Fund. |
| (o) | Effective July 1, 2021, the name of Ivy Municipal High Income Fund changed to Delaware Ivy Municipal High Income Fund. |
| (p) | Effective July 1, 2021, the name of Ivy Pzena International Value Fund changed to Delaware Ivy Pzena International Value Fund. |
| (q) | Effective July 1, 2021, the name of Ivy Securian Core Bond Fund changed to Delaware Ivy Securian Core Bond Fund. |
| (r) | Effective July 1, 2021, the name of Ivy Small Cap Core Fund changed to Delaware Ivy Small Cap Core Fund. |
| (s) | Effective July 1, 2021, the name of Ivy Small Cap Growth Fund changed to Delaware Ivy Small Cap Growth Fund. |
| (t) | Effective July 1, 2021, the name of Ivy Value Fund changed to Delaware Ivy Value Fund. |
The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads or exchange fees.
| | | | | | |
| 10 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY CORE EQUITY FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 99.9% | |
Information Technology | | | 26.5% | |
Financials | | | 21.2% | |
Health Care | | | 13.1% | |
Industrials | | | 10.3% | |
Consumer Discretionary | | | 10.0% | |
Communication Services | | | 8.0% | |
Consumer Staples | | | 5.2% | |
Materials | | | 3.4% | |
Utilities | | | 2.2% | |
Liabilities (Net of Cash and Other Assets) and Cash Equivalents+ | | | 0.1% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
Microsoft Corp. | | Information Technology | | Systems Software |
Alphabet, Inc., Class A | | Communication Services | | Interactive Media & Services |
Apple, Inc. | | Information Technology | | Technology Hardware, Storage & Peripherals |
Amazon.com, Inc. | | Consumer Discretionary | | Internet & Direct Marketing Retail |
Fiserv, Inc. | | Information Technology | | Data Processing & Outsourced Services |
UnitedHealth Group, Inc. | | Health Care | | Managed Health Care |
JPMorgan Chase & Co. | | Financials | | Other Diversified Financial Services |
MasterCard, Inc., Class A | | Information Technology | | Data Processing & Outsourced Services |
Aon plc | | Financials | | Insurance Brokers |
HCA Holdings, Inc. | | Health Care | | Health Care Facilities |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Core Equity Fund changed to Delaware Ivy Core Equity Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 11 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY CORE EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Cable & Satellite – 1.5% | |
Charter Communications, Inc., Class A (A) | | | 101 | | | $ | 73,266 | |
| | | | | | | | |
| |
Interactive Home Entertainment – 1.0% | |
Take-Two Interactive Software, Inc. (A) | | | 310 | | | | 47,772 | |
| | | | | | | | |
| |
Interactive Media & Services – 4.9% | |
Alphabet, Inc., Class A (A) | | | 88 | | | | 235,334 | |
| | | | | | | | |
| |
Movies & Entertainment – 0.6% | |
Netflix, Inc. (A) | | | 48 | | | | 29,327 | |
| | | | | | | | |
| |
Total Communication Services – 8.0% | | | | 385,699 | |
Consumer Discretionary | |
| |
Auto Parts & Equipment – 2.3% | |
Aptiv plc (A) | | | 732 | | | | 109,023 | |
| | | | | | | | |
| |
Automotive Retail – 1.3% | |
AutoZone, Inc. (A) | | | 38 | | | | 64,490 | |
| | | | | | | | |
| |
Footwear – 1.6% | |
NIKE, Inc., Class B | | | 545 | | | | 79,193 | |
| | | | | | | | |
| |
Homebuilding – 1.2% | |
D.R. Horton, Inc. | | | 701 | | | | 58,860 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 3.6% | |
Amazon.com, Inc. (A) | | | 53 | | | | 175,293 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 10.0% | | | | 486,859 | |
Consumer Staples | |
| |
Food Distributors – 2.6% | |
Sysco Corp. | | | 1,597 | | | | 125,326 | |
| | | | | | | | |
| |
Hypermarkets & Super Centers – 2.6% | |
Costco Wholesale Corp. | | | 278 | | | | 125,131 | |
| | | | | | | | |
| |
Total Consumer Staples – 5.2% | | | | 250,457 | |
Financials | |
| |
Asset Management & Custody Banks – 6.2% | |
Artisan Partners Asset Management, Inc. | | | 1,543 | | | | 75,504 | |
Blackstone Group, Inc. (The), Class A | | | 995 | | | | 115,761 | |
KKR & Co. | | | 1,809 | | | | 110,151 | |
| | | | | | | | |
| | | | | | | 301,416 | |
| | | | | | | | |
| |
Consumer Finance – 2.6% | |
American Express Co. | | | 753 | | | | 126,096 | |
| | | | | | | | |
| |
Financial Exchanges & Data – 2.4% | |
CME Group, Inc. | | | 600 | | | | 115,967 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Insurance Brokers – 2.7% | |
Aon plc | | | 459 | | | $ | 131,132 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 3.4% | |
Charles Schwab Corp. (The) | | | 812 | | | | 59,118 | |
Morgan Stanley | | | 1,102 | | | | 107,242 | |
| | | | | | | | |
| | | | | | | 166,360 | |
| | | | | | | | |
| |
Other Diversified Financial Services – 3.1% | |
JPMorgan Chase & Co. | | | 911 | | | | 149,095 | |
| | | | | | | | |
| |
Property & Casualty Insurance – 0.8% | |
Progressive Corp. (The) | | | 404 | | | | 36,506 | |
| | | | | | | | |
| |
Total Financials – 21.2% | | | | 1,026,572 | |
Health Care | |
| |
Health Care Equipment – 2.9% | |
Danaher Corp. | | | 249 | | | | 75,845 | |
Zimmer Holdings, Inc. | | | 435 | | | | 63,716 | |
| | | | | | | | |
| | | | | | | 139,561 | |
| | | | | | | | |
| |
Health Care Facilities – 2.7% | |
HCA Holdings, Inc. | | | 536 | | | | 130,070 | |
| | | | | | | | |
| |
Managed Health Care – 3.1% | |
UnitedHealth Group, Inc. | | | 393 | | | | 153,663 | |
| | | | | | | | |
| |
Pharmaceuticals – 4.4% | |
Eli Lilly and Co. | | | 492 | | | | 113,703 | |
Zoetis, Inc. | | | 519 | | | | 100,756 | |
| | | | | | | | |
| | | | | | | 214,459 | |
| | | | | | | | |
| |
Total Health Care – 13.1% | | | | 637,753 | |
Industrials | |
| |
Aerospace & Defense – 3.0% | |
Airbus SE ADR | | | 3,036 | | | | 101,382 | |
Raytheon Technologies Corp. | | | 539 | | | | 46,347 | |
| | | | | | | | |
| | | | | | | 147,729 | |
| | | | | | | | |
| |
Agricultural & Farm Machinery – 1.5% | |
Deere & Co. | | | 211 | | | | 70,866 | |
| | | | | | | | |
| |
Industrial Machinery – 0.2% | |
Stanley Black & Decker, Inc. | | | 42 | | | | 7,306 | |
| | | | | | | | |
| |
Railroads – 1.7% | |
Union Pacific Corp. | | | 429 | | | | 84,083 | |
| | | | | | | | |
| |
Research & Consulting Services – 1.3% | |
TransUnion | | | 562 | | | | 63,136 | |
| | | | | | | | |
| |
Trading Companies & Distributors – 2.6% | |
United Rentals, Inc. (A) | | | 358 | | | | 125,718 | |
| | | | | | | | |
| |
Total Industrials – 10.3% | | | | 498,838 | |
Information Technology | |
| |
Application Software – 0.2% | |
Autodesk, Inc. (A) | | | 36 | | | | 10,172 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Data Processing & Outsourced Services – 7.9% | |
Fiserv, Inc. (A) | | | 1,501 | | | $ | 162,911 | |
MasterCard, Inc., Class A | | | 394 | | | | 137,013 | |
PayPal, Inc. (A) | | | 328 | | | | 85,254 | |
| | | | | | | | |
| | | | | | | 385,178 | |
| | | | | | | | |
| |
Electronic Manufacturing Services – 2.6% | |
TE Connectivity Ltd. | | | 935 | | | | 128,307 | |
| | | | | | | | |
| |
Semiconductors – 3.5% | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 649 | | | | 72,496 | |
Texas Instruments, Inc. | | | 497 | | | | 95,617 | |
| | | | | | | | |
| | | | | | | 168,113 | |
| | | | | | | | |
| |
Systems Software – 8.1% | |
Microsoft Corp. | | | 1,397 | | | | 393,854 | |
| | | | | | | | |
| |
Technology Hardware, Storage & Peripherals – 4.2% | |
Apple, Inc. | | | 1,430 | | | | 202,407 | |
| | | | | | | | |
| |
Total Information Technology – 26.5% | | | | 1,288,031 | |
Materials | |
| |
Industrial Gases – 1.3% | |
Linde plc | | | 217 | | | | 63,586 | |
| | | | | | | | |
| |
Specialty Chemicals – 2.1% | |
Sherwin-Williams Co. (The) | | | 359 | | | | 100,306 | |
| | | | | | | | |
| |
Total Materials – 3.4% | | | | 163,892 | |
Utilities | |
| |
Electric Utilities – 2.2% | |
NextEra Energy, Inc. | | | 1,361 | | | | 106,845 | |
| | | | | | | | |
| |
Total Utilities – 2.2% | | | | 106,845 | |
| |
TOTAL COMMON STOCKS – 99.9% | | | $ | 4,844,946 | |
(Cost: $2,783,027) | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds (B) – 0.2% | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, | | | | | | | | |
0.030% | | | 11,029 | | | | 11,029 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM
SECURITIES – 0.2% | | | $ | 11,029 | |
(Cost: $11,029) | |
| |
TOTAL INVESTMENT
SECURITIES – 100.1% | | | $ | 4,855,975 | |
(Cost: $2,794,056) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)% | | | | (3,044 | ) |
| |
NET ASSETS – 100.0% | | | $ | 4,852,931 | |
| | | | | | |
| 12 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY CORE EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 4,844,946 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 11,029 | | | | — | | | | — | |
Total | | $ | 4,855,975 | | | $ | — | | | $ | — | |
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 13 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY EMERGING MARKETS EQUITY FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 97.3% | |
Consumer Discretionary | | | 22.2% | |
Information Technology | | | 18.2% | |
Communication Services | | | 16.6% | |
Financials | | | 14.6% | |
Energy | | | 6.8% | |
Consumer Staples | | | 5.9% | |
Industrials | | | 4.9% | |
Materials | | | 3.5% | |
Real Estate | | | 2.6% | |
Health Care | | | 2.0% | |
Rights | | | 0.1% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 2.6% | |
Country Weightings
| | | | |
Pacific Basin | | | 74.1% | |
China | | | 29.8% | |
India | | | 15.1% | |
Taiwan | | | 12.4% | |
South Korea | | | 12.0% | |
Other Pacific Basin | | | 4.8% | |
South America | | | 10.1% | |
Brazil | | | 8.2% | |
Other South America | | | 1.9% | |
Europe | | | 7.2% | |
Russia | | | 7.2% | |
Africa | | | 3.7% | |
South Africa | | | 3.7% | |
North America | | | 1.4% | |
Bahamas/Caribbean | | | 0.9% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 2.6% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Taiwan Semiconductor Manufacturing Co. Ltd. | | Taiwan | | Information Technology | | Semiconductors |
Tencent Holdings Ltd. | | China | | Communication Services | | Interactive Media & Services |
Samsung Electronics Co. Ltd. | | South Korea | | Information Technology | | Technology Hardware, Storage & Peripherals |
Li Ning Co. Ltd. | | China | | Consumer Discretionary | | Apparel, Accessories & Luxury Goods |
Reliance Industries Ltd. | | India | | Energy | | Oil & Gas Refining & Marketing |
Yandex N.V., Class A | | Russia | | Communication Services | | Interactive Media & Services |
ICICI Bank Ltd. | | India | | Financials | | Diversified Banks |
JD.com, Inc. ADR | | China | | Consumer Discretionary | | Internet & Direct Marketing Retail |
Bharti Airtel Ltd. | | India | | Communication Services | | Wireless Telecommunication Service |
Meituan Dianping, Class B | | China | | Consumer Discretionary | | Internet & Direct Marketing Retail |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Emerging Markets Equity Fund changed to Delaware Ivy Emerging Markets Equity Fund. |
| | | | | | |
| 14 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY EMERGING MARKETS EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Brazil | |
| |
Consumer Discretionary – 3.2% | |
Lojas Renner S.A. | | | 6,018 | | | $ | 37,846 | |
MercadoLibre, Inc. (A) | | | 20 | | | | 33,042 | |
| | | | | | | | |
| | | | | | | 70,888 | |
| | | | | | | | |
| |
Consumer Staples – 1.5% | |
Ambev S.A. | | | 12,206 | | | | 34,361 | |
| | | | | | | | |
| |
Energy – 2.0% | |
Petroleo Brasileiro S.A. | | | 8,828 | | | | 44,091 | |
| | | | | | | | |
| |
Financials – 1.5% | |
Banco do Brasil S.A. | | | 6,317 | | | | 33,639 | |
| | | | | | | | |
| |
Total Brazil – 8.2% | | | $ | 182,979 | |
Cayman Islands | |
| |
Financials – 0.9% | |
Patria Investments Ltd., Class A | | | 1,239 | | | | 20,236 | |
| | | | | | | | |
| |
Total Cayman Islands – 0.9% | | | $ | 20,236 | |
China | |
| |
Communication Services – 7.0% | |
Tencent Holdings Ltd. | | | 2,628 | | | | 156,896 | |
| | | | | | | | |
| |
Consumer Discretionary – 15.2% | |
Alibaba Group Holding Ltd. ADR (A) | | | 289 | | | | 42,753 | |
Huazhu Group Ltd. ADR (A) | | | 1,034 | | | | 47,426 | |
JD.com, Inc. ADR (A) | | | 942 | | | | 68,050 | |
Li Ning Co. Ltd. | | | 7,185 | | | | 82,807 | |
Meituan Dianping, Class B (A) | | | 1,956 | | | | 62,445 | |
Midea Group Co. Ltd., Class A | | | 3,405 | | | | 36,691 | |
| | | | | | | | |
| | | | | | | 340,172 | |
| | | | | | | | |
| |
Consumer Staples – 3.1% | |
China Mengniu Dairy Co. Ltd. | | | 6,459 | | | | 41,595 | |
Shanghai Jahwa United Co. Ltd., Class A | | | 3,946 | | | | 26,803 | |
| | | | | | | | |
| | | | | | | 68,398 | |
| | | | | | | | |
| |
Health Care – 1.5% | |
BeiGene Ltd. ADR (A) | | | 94 | | | | 33,966 | |
| | | | | | | | |
| |
Industrials – 1.6% | |
Hefei Meiya Optoelectronic Technology, Inc., A Shares | | | 6,028 | | | | 35,452 | |
| | | | | | | | |
| |
Information Technology – 0.9% | |
Venustech Group, Inc., Class A | | | 4,760 | | | | 20,356 | |
| | | | | | | | |
| |
Real Estate – 0.5% | |
Logan Group Co. Ltd. | | | 10,775 | | | | 11,244 | |
| | | | | | | | |
| |
Total China – 29.8% | | | $ | 666,484 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Hong Kong | |
| |
Financials – 1.2% | |
Hong Kong Exchanges and Clearing Ltd. | | | 444 | | | $ | 27,270 | |
| | | | | | | | |
| |
Total Hong Kong – 1.2% | | | $ | 27,270 | |
India | |
| |
Communication Services – 3.0% | |
Bharti Airtel Ltd. (A) | | | 7,344 | | | | 67,888 | |
| | | | | | | | |
| |
Energy – 3.6% | |
Reliance Industries Ltd. | | | 2,390 | | | | 80,904 | |
| | | | | | | | |
| |
Financials – 7.0% | |
Axis Bank Ltd. | | | 2,460 | | | | 25,224 | |
HDFC Bank Ltd. | | | 2,786 | | | | 59,561 | |
ICICI Bank Ltd. | | | 7,550 | | | | 70,949 | |
| | | | | | | | |
| | | | | | | 155,734 | |
| | | | | | | | |
| |
Industrials – 1.4% | |
Larsen & Toubro Ltd. | | | 1,351 | | | | 30,906 | |
| | | | | | | | |
| |
Total India – 15.0% | | | $ | 335,432 | |
Panama | |
| |
Industrials – 1.9% | |
Copa Holdings S.A., Class A (A) | | | 535 | | | | 43,563 | |
| | | | | | | | |
| |
Total Panama – 1.9% | | | $ | 43,563 | |
Russia | |
| |
Communication Services – 3.5% | |
Yandex N.V., Class A (A) | | | 979 | | | | 78,025 | |
| | | | | | | | |
| |
Consumer Discretionary – 0.6% | |
Fix Price Group Ltd. GDR (B) | | | 1,489 | | | | 13,381 | |
| | | | | | | | |
| |
Energy – 1.2% | |
PJSC LUKOIL | | | 277 | | | | 26,171 | |
| | | | | | | | |
| |
Financials – 1.7% | |
Sberbank of Russia PJSC ADR | | | 2,041 | | | | 38,054 | |
| | | | | | | | |
| |
Real Estate – 0.2% | |
Etalon Group Ltd. GDR | | | 2,973 | | | | 4,630 | |
| | | | | | | | |
| |
Total Russia – 7.2% | | | $ | 160,261 | |
Singapore | |
| |
Communication Services – 1.7% | |
Sea Ltd. ADR (A) | | | 118 | | | | 37,502 | |
| | | | | | | | |
| |
Total Singapore – 1.7% | | | $ | 37,502 | |
South Africa | |
| |
Communication Services – 1.4% | |
Naspers Ltd., Class N | | | 184 | | | | 30,380 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Financials – 2.3% | |
Capitec Bank Holdings Ltd. | | | 424 | | | $ | 51,207 | |
| | | | | | | | |
| |
Total South Africa – 3.7% | | | $ | 81,587 | |
South Korea | |
| |
Consumer Discretionary – 3.2% | |
Hanon Systems | | | 1,515 | | | | 19,846 | |
Hyundai Motor Co. | | | 301 | | | | 50,102 | |
| | | | | | | | |
| | | | | | | 69,948 | |
| | | | | | | | |
| |
Consumer Staples – 1.3% | |
LG Household & Health Care Ltd. | | | 26 | | | | 29,532 | |
| | | | | | | | |
| |
Health Care – 0.5% | |
EOFlow Co. Ltd. (A) | | | 238 | | | | 10,400 | |
| | | | | | | | |
| |
Information Technology – 4.9% | |
Samsung Electronics Co. Ltd. | | | 1,770 | | | | 109,743 | |
| | | | | | | | |
| |
Materials – 2.1% | |
LG Chem Ltd. | | | 71 | | | | 46,283 | |
| | | | | | | | |
| |
Total South Korea – 12.0% | | | $ | 265,906 | |
Taiwan | |
| |
Information Technology – 12.4% | |
Delta Electronics, Inc. | | | 3,685 | | | | 33,016 | |
MediaTek, Inc. | | | 1,371 | | | | 44,125 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 9,546 | | | | 197,440 | |
| | | | | | | | |
| | | | | | | 274,581 | |
| | | | | | | | |
| |
Total Taiwan – 12.4% | | | $ | 274,581 | |
United States | |
| |
Materials – 1.4% | |
Freeport-McMoRan Copper & Gold, Inc., Class B | | | 1,008 | | | | 32,782 | |
| | | | | | | | |
| |
Total United States – 1.4% | | | $ | 32,782 | |
Vietnam | |
| |
Real Estate – 1.9% | |
Vinhomes JSC | | | 12,249 | | | | 42,137 | |
| | | | | | | | |
| |
Total Vietnam – 1.9% | | | $ | 42,137 | |
| |
TOTAL COMMON STOCKS – 97.3% | | | $ | 2,170,720 | |
(Cost: $1,422,276) | |
| | |
| RIGHTS | | | | | | |
India – 0.1% | |
Bharti Airtel Ltd. | | | 525 | | | | 1,068 | |
| | | | | | | | |
| |
TOTAL RIGHTS – 0.1% | | | $ | 1,068 | |
(Cost: $862) | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 15 | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY EMERGING MARKETS EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (C) – 2.8% | |
State Street Institutional U.S. Government Money Market Fund - Premier Class | | | | | | | | |
0.030% | | | 61,708 | | | $ | 61,708 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 2.8% | | | $ | 61,708 | |
(Cost: $61,708) | |
| |
TOTAL INVESTMENT SECURITIES – 100.2% | | | $ | 2,233,496 | |
(Cost: $1,484,846) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)% | | | | (3,538 | ) |
| |
NET ASSETS – 100.0% | | | $ | 2,229,958 | |
Notes to Consolidated Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $13,381 or 0.6% of net assets. |
| (C) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | 115,527 | | | $ | 255,164 | | | $ | — | |
Consumer Discretionary | | | 229,117 | | | | 265,272 | | | | — | |
Consumer Staples | | | 34,361 | | | | 97,930 | | | | — | |
Energy | | | 44,091 | | | | 107,075 | | | | — | |
Financials | | | 105,082 | | | | 221,058 | | | | — | |
Health Care | | | 33,966 | | | | 10,400 | | | | — | |
Industrials | | | 43,563 | | | | 66,358 | | | | — | |
Information Technology | | | — | | | | 404,680 | | | | — | |
Materials | | | 32,782 | | | | 46,283 | | | | — | |
Real Estate | | | — | | | | 58,011 | | | | — | |
Total Common Stocks | | $ | 638,489 | | | $ | 1,532,231 | | | $ | — | |
Rights | | | — | | | | 1,068 | | | | — | |
Short-Term Securities | | | 61,708 | | | | — | | | | — | |
Total | | $ | 700,197 | | | $ | 1,533,299 | | | $ | — | |
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
| | | | | | |
| 16 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| CONSOLIDATED SCHEDULE OF INVESTMENTS | | DELAWARE IVY EMERGING MARKETS EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | |
| Market Sector Diversification | | | |
(as a % of net assets) | |
Consumer Discretionary | | | 22.2% | |
Information Technology | | | 18.2% | |
Communication Services | | | 16.6% | |
Financials | | | 14.6% | |
Energy | | | 6.8% | |
Consumer Staples | | | 5.9% | |
Industrials | | | 4.9% | |
Materials | | | 3.5% | |
Real Estate | | | 2.6% | |
Health Care | | | 2.0% | |
Other+ | | | 2.6% | |
| + | Includes liabilities (net of cash and other assets), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 17 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY GLOBAL BOND FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Bonds | | | 95.1% | |
Corporate Debt Securities | | | 73.5% | |
United States Government and Government Agency Obligations | | | 14.4% | |
Other Government Securities | | | 7.2% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 4.9% | |
Quality Weightings
| | | | |
Investment Grade | | | 71.0% | |
AAA | | | 3.2% | |
AA | | | 14.1% | |
A | | | 13.7% | |
BBB | | | 40.0% | |
Non-Investment Grade | | | 24.1% | |
BB | | | 17.3% | |
B | | | 5.1% | |
CCC | | | 1.6% | |
Non-rated | | | 0.1% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 4.9% | |
Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Country Weightings
| | | | |
North America | | | 35.9% | |
United States | | | 25.5% | |
Mexico | | | 8.1% | |
Other North America | | | 2.3% | |
South America | | | 18.1% | |
Chile | | | 5.2% | |
Brazil | | | 4.6% | |
Peru | | | 4.7% | |
Other South America | | | 3.6% | |
Pacific Basin | | | 16.8% | |
India | | | 3.7% | |
Other Pacific Basin | | | 13.1% | |
Europe | | | 12.2% | |
Bahamas/Caribbean | | | 4.9% | |
Middle East | | | 4.7% | |
Africa | | | 2.4% | |
Other | | | 0.7% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 4.9% | |
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Global Bond Fund changed to Delaware Ivy Global Bond Fund. |
| | | | | | |
| 18 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| CORPORATE DEBT SECURITIES | | Principal | | | Value | |
Argentina | |
| |
Energy – 0.5% | |
Pampa Energia S.A. | | | | | | | | |
7.500%, 1-24-27 (A) | | $ | 2,850 | | | $ | 2,632 | |
| | | | | | | | |
| |
Industrials – 0.2% | |
Aeropuertos Argentina 2000 S.A. (9.375% Cash or 9.375% PIK) | | | | | | | | |
9.375%, 2-1-27 (A)(B) | | | 929 | | | | 817 | |
| | | | | | | | |
| |
Total Argentina – 0.7% | | | $ | 3,449 | |
Australia | | | | | | | | |
| | |
Financials – 0.6% | | | | | | | | |
Australia and New Zealand Banking Group Ltd. | | | | | | | | |
4.400%, 5-19-26 (A) | | | 3,000 | | | | 3,361 | |
| | | | | | | | |
| |
Utilities – 0.8% | |
Ausgrid Finance Pty Ltd. | | | | | | | | |
3.850%, 5-1-23 (A) | | | 4,400 | | | | 4,568 | |
| | | | | | | | |
| |
Total Australia – 1.4% | | | $ | 7,929 | |
Austria | | | | | | | | |
| | |
Consumer Staples – 0.7% | | | | | | | | |
JBS Investments II GmbH (GTD by JBS S.A.): | | | | | | | | |
7.000%, 1-15-26 (A) | | | 1,500 | | | | 1,570 | |
5.750%, 1-15-28 (A) | | | 2,300 | | | | 2,420 | |
| | | | | | | | |
| | | | | | | 3,990 | |
| | | | | | | | |
| |
Total Austria – 0.7% | | | $ | 3,990 | |
Bermuda | | | | | | | | |
| | |
Consumer Staples – 0.6% | | | | | | | | |
Bacardi Ltd. | | | | | | | | |
4.450%, 5-15-25 (A) | | | 2,800 | | | | 3,087 | |
| | | | | | | | |
| |
Energy – 0.6% | |
GeoPark Ltd. | | | | | | | | |
5.500%, 1-17-27 (A) | | | 3,100 | | | | 3,058 | |
| | | | | | | | |
| |
Total Bermuda – 1.2% | | | $ | 6,145 | |
Brazil | | | | | | | | |
| | |
Financials – 0.9% | | | | | | | | |
XP, Inc. | | | | | | | | |
3.250%, 7-1-26 (A) | | | 4,900 | | | | 4,772 | |
| | | | | | | | |
| | |
Industrials – 0.5% | | | | | | | | |
Cosan Ltd. | | | | | | | | |
5.500%, 9-20-29 (A) | | | 2,700 | | | | 2,857 | |
| | | | | | | | |
| | |
Information Technology – 0.4% | | | | | | | | |
StoneCo. Ltd. | | | | | | | | |
3.950%, 6-16-28 (A) | | | 2,000 | | | | 1,937 | |
| | | | | | | | |
| | |
Materials – 2.1% | | | | | | | | |
Nexa Resources S.A. | | | | | | | | |
6.500%, 1-18-28 (A) | | | 2,200 | | | | 2,418 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Materials (Continued) | | | | | | | | |
Suzano Austria GmbH: | | | | | | | | |
2.500%, 9-15-28 | | $ | 1,400 | | | $ | 1,363 | |
6.000%, 1-15-29 | | | 2,000 | | | | 2,350 | |
Unigel Luxembourg S.A. | | | | | | | | |
8.750%, 10-1-26 (A) | | | 1,350 | | | | 1,453 | |
Vale Overseas Ltd. | | | | | | | | |
6.250%, 8-10-26 | | | 3,850 | | | | 4,554 | |
| | | | | | | | |
| | | | | | | 12,138 | |
| | | | | | | | |
| |
Utilities – 0.4% | |
Aegea Finance S.a.r.l. | | | | | | | | |
5.750%, 10-10-24 (A) | | | 2,300 | | | | 2,360 | |
| | | | | | | | |
| |
Total Brazil – 4.3% | | | $ | 24,064 | |
British Virgin Islands | | | | | | | | |
| | |
Consumer Staples – 0.4% | | | | | | | | |
Central American Bottling Corp. | | | | | | | | |
5.750%, 1-31-27 (A) | | | 2,000 | | | | 2,063 | |
| | | | | | | | |
| | |
Information Technology – 1.0% | | | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | | | | | | |
1.000%, 9-28-27 (A) | | | 5,600 | | | | 5,375 | |
| | | | | | | | |
| |
Total British Virgin Islands – 1.4% | | | $ | 7,438 | |
Canada | | | | | | | | |
| | |
Energy – 0.5% | | | | | | | | |
Harvest Operations Corp. | | | | | | | | |
1.000%, 4-26-24 (A) | | | 750 | | | | 750 | |
TransCanada PipeLines Ltd. | | | | | | | | |
4.250%, 5-15-28 | | | 2,000 | | | | 2,279 | |
| | | | | | | | |
| | | | | | | 3,029 | |
| | | | | | | | |
| | |
Financials – 0.9% | | | | | | | | |
Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.) | | | | | | | | |
4.350%, 4-15-30 | | | 1,900 | | | | 2,196 | |
Royal Bank of Canada: | | | | | | | | |
3.700%, 10-5-23 | | | 750 | | | | 798 | |
4.650%, 1-27-26 | | | 1,500 | | | | 1,703 | |
| | | | | | | | |
| | | | | | | 4,697 | |
| | | | | | | | |
| | |
Materials – 0.9% | | | | | | | | |
First Quantum Minerals Ltd. | | | | | | | | |
6.500%, 3-1-24 (A) | | | 1,350 | | | | 1,369 | |
Gran Colombia Gold Corp. | | | | | | | | |
6.875%, 8-9-26 (A) | | | 3,200 | | | | 3,212 | |
| | | | | | | | |
| | | | 4,581 | |
| | | | | | | | |
| |
Total Canada – 2.3% | | | $ | 12,307 | |
Cayman Islands | | | | | | | | |
| | |
Consumer Discretionary – 0.2% | | | | | | | | |
Meituan | | | | | | | | |
3.050%, 10-28-30 (A) | | | 1,067 | | | | 990 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Financials – 0.9% | | | | | | | | |
Alpha Star Holding III Ltd. | | | | | | | | |
6.250%, 4-20-22 | | $ | 1,000 | | | $ | 1,017 | |
Grupo Aval Ltd.: | | | | | | | | |
4.750%, 9-26-22 (A) | | | 1,500 | | | | 1,541 | |
4.375%, 2-4-30 (A) | | | 1,300 | | | | 1,286 | |
Itau Unibanco Holdings S.A. | | | | | | | | |
3.250%, 1-24-25 (A) | | | 1,230 | | | | 1,245 | |
| | | | | | | | |
| | | | 5,089 | |
| | | | | | | | |
| | |
Industrials – 0.2% | | | | | | | | |
DP World Crescent Ltd. | | | | | | | | |
3.875%, 7-18-29 | | | 1,150 | | | | 1,245 | |
| | | | | | | | |
| |
Total Cayman Islands – 1.3% | | | $ | 7,324 | |
Chile | | | | | | | | |
| | |
Communication Services – 0.6% | | | | | | | | |
VTR Finance B.V. | | | | | | | | |
6.375%, 7-15-28 (A) | | | 2,951 | | | | 3,185 | |
| | | | | | | | |
| | |
Consumer Discretionary – 0.6% | | | | | | | | |
Saci Falabella: | | | | | | | | |
3.750%, 4-30-23 | | | 1,850 | | | | 1,931 | |
4.375%, 1-27-25 (A) | | | 1,000 | | | | 1,081 | |
3.750%, 10-30-27 (A) | | | 500 | | | | 533 | |
| | | | | | | | |
| | | | | | | 3,545 | |
| | | | | | | | |
| | |
Energy – 0.1% | | | | | | | | |
GeoPark Ltd. | | | | | | | | |
6.500%, 9-21-24 (A) | | | 702 | | | | 722 | |
| | | | | | | | |
| | |
Financials – 0.3% | | | | | | | | |
Banco del Estado de Chile | | | | | | | | |
2.704%, 1-9-25 (A) | | | 1,500 | | | | 1,557 | |
| | | | | | | | |
| | |
Industrials – 0.2% | | | | | | | | |
Empresa de Transporte de Pasajeros Metro S.A. | | | | | | | | |
3.650%, 5-7-30 (A) | | | 1,200 | | | | 1,302 | |
| | | | | | | | |
| | |
Materials – 0.9% | | | | | | | | |
Celulosa Arauco y Constitucion S.A. | | | | | | | | |
4.500%, 8-1-24 | | | 4,800 | | | | 5,196 | |
| | | | | | | | |
| | |
Utilities – 2.0% | | | | | | | | |
Colbun S.A. | | | | | | | | |
4.500%, 7-10-24 (A) | | | 5,600 | | | | 6,017 | |
Enel Chile S.A. | | | | | | | | |
4.875%, 6-12-28 | | | 2,080 | | | | 2,386 | |
Inversiones Latin America Power Ltd. | | | | | | | | |
5.125%, 6-15-33 (A) | | | 2,600 | | | | 2,558 | |
| | | | | | | | |
| | | | | | | 10,961 | |
| | | | | | | | |
| |
Total Chile – 4.7% | | | $ | 26,468 | |
China | |
| |
Communication Services – 0.7% | |
Tencent Holdings Ltd. | | | | | | | | |
2.985%, 1-19-23 (A) | | | 1,800 | | | | 1,848 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 19 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Communication Services (Continued) | |
Weibo Corp. | | | | | | | | |
3.500%, 7-5-24 | | $ | 1,900 | | | $ | 1,980 | |
| | | | | | | | |
| | | | | | | 3,828 | |
| | | | | | | | |
| |
Consumer Discretionary – 0.9% | |
Alibaba Group Holding Ltd.: | | | | | | | | |
2.800%, 6-6-23 | | | 1,600 | | | | 1,655 | |
3.400%, 12-6-27 | | | 3,000 | | | | 3,216 | |
| | | | | | | | |
| | | | | | | 4,871 | |
| | | | | | | | |
| |
Energy – 0.4% | |
Sinopec Group Overseas Development (2018) Ltd. | | | | | | | | |
4.125%, 9-12-25 (A) | | | 2,000 | | | | 2,203 | |
| | | | | | | | |
| |
Information Technology – 0.4% | |
Baidu, Inc.: | | | | | | | | |
1.625%, 2-23-27 | | | 800 | | | | 790 | |
3.425%, 4-7-30 | | | 500 | | | | 531 | |
Lenovo Group Ltd. | | | | | | | | |
3.421%, 11-2-30 (A) | | | 800 | | | | 834 | |
| | | | | | | | |
| | | | | | | 2,155 | |
| | | | | | | | |
| |
Real Estate – 0.5% | |
Country Garden Holdings Co. Ltd. | | | | | | | | |
2.700%, 7-12-26 | | | 3,000 | | | | 2,801 | |
| | | | | | | | |
| |
Utilities – 0.4% | |
ENN Energy Holdings Ltd. | | | | | | | | |
2.625%, 9-17-30 (A) | | | 2,000 | | | | 1,985 | |
| | | | | | | | |
| |
Total China – 3.3% | | | $ | 17,843 | |
Colombia | | | | | | | | |
| | |
Financials – 0.4% | | | | | | | | |
Banco de Bogota S.A. | | | | | | | | |
5.375%, 2-19-23 (A)(C) | | | 2,000 | | | | 2,080 | |
| | | | | | | | |
| |
Utilities – 0.5% | |
Empresas Publicas de Medellin E.S.P. | | | | | | | | |
4.250%, 7-18-29 (A) | | | 2,800 | | | | 2,792 | |
| | | | | | | | |
| |
Total Colombia – 0.9% | | | $ | 4,872 | |
Denmark | | | | | | | | |
| | |
Financials – 0.2% | | | | | | | | |
Danske Bank A.S. | | | | | | | | |
5.000%, 1-12-23 (A) | | | 1,150 | | | | 1,163 | |
| | | | | | | | |
| |
Total Denmark – 0.2% | | | $ | 1,163 | |
France | | | | | | | | |
| | |
Consumer Staples – 0.1% | | | | | | | | |
Pernod Ricard S.A. | | | | | | | | |
4.250%, 7-15-22 (A) | | | 750 | | | | 773 | |
| | | | | | | | |
| |
Total France – 0.1% | | | $ | 773 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Hong Kong | | | | | | | | |
| | |
Financials – 0.3% | | | | | | | | |
AIA Group Ltd. | | | | | | | | |
3.375%, 4-7-30 (A) | | $ | 300 | | | $ | 324 | |
Bangkok Bank Public Co. Ltd. | | | | | | | | |
4.050%, 3-19-24 (A) | | | 1,200 | | | | 1,289 | |
| | | | | | | | |
| | | | | | | 1,613 | |
| | | | | | | | |
| |
Total Hong Kong – 0.3% | | | $ | 1,613 | |
India | | | | | | | | |
| | |
Communication Services – 0.6% | | | | | | | | |
Network i2i Ltd. | | | | | | | | |
5.650%, 4-15-68 (A) | | | 750 | | | | 800 | |
Summit Digitel Infrastructure Private Ltd. | | | | | | | | |
2.875%, 8-12-31 (A) | | | 2,300 | | | | 2,213 | |
| | | | | | | | |
| | | | | | | 3,013 | |
| | | | | | | | |
| |
Energy – 0.6% | |
Reliance Industries Ltd. | | | | | | | | |
3.667%, 11-30-27 (A) | | | 3,000 | | | | 3,266 | |
| | | | | | | | |
| |
Financials – 0.7% | |
Power Finance Corp. Ltd. | | | | | | | | |
3.900%, 9-16-29 | | | 3,700 | | | | 3,783 | |
| | | | | | | | |
| |
Industrials – 0.6% | |
Adani Ports & Special Economic Zone Ltd. | | | | | | | | |
3.828%, 2-2-32 (A) | | | 3,000 | | | | 2,984 | |
| | | | | | | | |
| |
Information Technology – 0.4% | |
HCL America, Inc. | | | | | | | | |
1.375%, 3-10-26 | | | 2,250 | | | | 2,226 | |
| | | | | | | | |
| |
Utilities – 0.8% | |
Adani Electricity Mumbai Ltd. | | | | | | | | |
3.949%, 2-12-30 (A) | | | 1,180 | | | | 1,181 | |
Adani Green Energy (UP) Ltd., Parampujya Solar Energy Private Ltd. and Prayatna Developers Private Ltd. | | | | | | | | |
4.375%, 9-8-24 (A) | | | 2,400 | | | | 2,406 | |
Greenko Mauritius Ltd. | | | | | | | | |
6.250%, 2-21-23 (A) | | | 1,350 | | | | 1,387 | |
| | | | | | | | |
| | | | | | | 4,974 | |
| | | | | | | | |
| |
Total India – 3.7% | | | $ | 20,246 | |
Indonesia | | | | | | | | |
| | |
Utilities – 1.3% | | | | | | | | |
Perusahaan Listrik Negara: | | | | | | | | |
5.450%, 5-21-28 (A) | | | 1,100 | | | | 1,280 | |
5.375%, 1-25-29 (A) | | | 4,800 | | | | 5,565 | |
| | | | | | | | |
| | | | | | | 6,845 | |
| | | | | | | | |
| |
Total Indonesia – 1.3% | | | $ | 6,845 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Ireland | | | | | | | | |
| | |
Consumer Staples – 0.3% | | | | | | | | |
Eurotorg LLC (Via Bonitron Designated Activity Co.) | | | | | | | | |
9.000%, 10-22-25 (A) | | $ | 1,400 | | | $ | 1,480 | |
| | | | | | | | |
| |
Total Ireland – 0.3% | | | $ | 1,480 | |
Isle of Man | | | | | | | | |
| | |
Consumer Discretionary – 0.8% | | | | | | | | |
GOHL Capital Ltd. | | | | | | | | |
4.250%, 1-24-27 | | | 4,000 | | | | 4,220 | |
| | | | | | | | |
| |
Total Isle of Man – 0.8% | | | $ | 4,220 | |
Japan | | | | | | | | |
| | |
Financials – 1.1% | | | | | | | | |
Mitsubishi UFJ Financial Group, Inc. | | | | | | | | |
3.287%, 7-25-27 | | | 1,500 | | | | 1,638 | |
Mizuho Financial Group, Inc. | | | | | | | | |
3.170%, 9-11-27 | | | 1,500 | | | | 1,614 | |
Sumitomo Mitsui Financial Group, Inc. | | | | | | | | |
3.748%, 7-19-23 | | | 2,650 | | | | 2,809 | |
| | | | | | | | |
| | | | | | | 6,061 | |
| | | | | | | | |
| |
Total Japan – 1.1% | | | $ | 6,061 | |
Luxembourg | | | | | | | | |
| | |
Consumer Staples – 0.7% | | | | | | | | |
JBS Finance Luxembourg S.a.r.l. | | | | | | | | |
3.625%, 1-15-32 (A) | | | 2,865 | | | | 2,922 | |
Minerva Luxembourg S.A. | | | | | | | | |
5.875%, 1-19-28 (A) | | | 900 | | | | 964 | |
| | | | | | | | |
| | | | | | | 3,886 | |
| | | | | | | | |
| |
Energy – 0.4% | |
Raizen Fuels Finance Ltd. | | | | | | | | |
5.300%, 1-20-27 (A)(C) | | | 2,000 | | | | 2,245 | |
| | | | | | | | |
| |
Financials – 1.1% | |
JSM Global S.a.r.l. | | | | | | | | |
4.750%, 10-20-30 (A) | | | 3,000 | | | | 3,056 | |
Mexico Remittances Funding Fiduciary Estate | | | | | | | | |
4.875%, 1-15-28 (A) | | | 3,000 | | | | 2,972 | |
| | | | | | | | |
| | | | | | | 6,028 | |
| | | | | | | | |
| |
Utilities – 0.4% | |
FEL Energy VI S.a.r.l. | | | | | | | | |
5.750%, 12-1-40 (A) | | | 1,989 | | | | 2,084 | |
| | | | | | | | |
| |
Total Luxembourg – 2.6% | | | $ | 14,243 | |
Macau | |
| |
Consumer Discretionary – 0.3% | |
Sands China Ltd.: | | | | | | | | |
5.125%, 8-8-25 | | | 1,400 | | | | 1,509 | |
3.800%, 1-8-26 | | | 250 | | | | 258 | |
| | | | | | | | |
| | | | | | | 1,767 | |
| | | | | | | | |
| |
Total Macau – 0.3% | | | $ | 1,767 | |
| | | | | | |
| 20 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Malaysia | |
| |
Consumer Discretionary – 0.8% | |
GENM Capital Labuan Ltd. | | | | | | | | |
3.882%, 4-19-31 (A) | | $ | 4,400 | | | $ | 4,359 | |
| | | | | | | | |
| |
Energy – 0.1% | |
Petronas Capital Ltd. | | | | | | | | |
3.500%, 4-21-30 (A) | | | 650 | | | | 705 | |
| | | | | | | | |
| |
Total Malaysia – 0.9% | | | $ | 5,064 | |
Mauritius | |
| |
Industrials – 0.5% | |
HTA Group Ltd. | | | | | | | | |
7.000%, 12-18-25 (A) | | | 2,800 | | | | 2,953 | |
| | | | | | | | |
| |
Total Mauritius – 0.5% | | | $ | 2,953 | |
Mexico | | | | | | | | |
| |
Communication Services – 0.2% | |
Axtel S.A.B. de C.V. | | | | | | | | |
6.375%, 11-14-24 (A) | | | 1,349 | | | | 1,381 | |
| | | | | | | | |
| |
Consumer Staples – 1.6% | |
Becle S.A.B. de C.V. | | | | | | | | |
3.750%, 5-13-25 (A) | | | 5,800 | | | | 6,323 | |
Grupo Bimbo S.A.B. de C.V. | | | | | | | | |
3.875%, 6-27-24 (A) | | | 2,300 | | | | 2,472 | |
| | | | | | | | |
| | | | | | | 8,795 | |
| | | | | | | | |
| |
Energy – 0.4% | |
Petroleos Mexicanos | | | | | | | | |
6.490%, 1-23-27 | | | 1,970 | | | | 2,084 | |
| | | | | | | | |
| |
Financials – 1.6% | |
Banco Santander (Mexico) S.A. | | | | | | | | |
5.950%, 10-1-28 (A) | | | 850 | | | | 908 | |
Banco Santander S.A.: | | | | | | | | |
4.125%, 11-9-22 (A) | | | 3,800 | | | | 3,924 | |
5.375%, 4-17-25 (A) | | | 1,150 | | | | 1,287 | |
Credito Real S.A.B. de C.V. | | | | | | | | |
9.500%, 2-7-26 (A)(C) | | | 1,200 | | | | 1,103 | |
Trust F/1401 | | | | | | | | |
4.869%, 1-15-30 (A) | | | 1,400 | | | | 1,528 | |
| | | | | | | | |
| | | | | | | 8,750 | |
| | | | | | | | |
| |
Industrials – 0.6% | |
Alfa S.A.B. de C.V. | | | | | | | | |
5.250%, 3-25-24 (A) | | | 1,400 | | | | 1,509 | |
Grupo Kuo S.A.B. de C.V. | | | | | | | | |
5.750%, 7-7-27 (A) | | | 1,350 | | | | 1,396 | |
| | | | | | | | |
| | | | | | | 2,905 | |
| | | | | | | | |
| |
Materials – 2.4% | |
CEMEX S.A.B. de C.V. | | | | | | | | |
5.200%, 9-17-30 (A) | | | 2,000 | | | | 2,151 | |
Cydsa S.A.B. de C.V. | | | | | | | | |
6.250%, 10-4-27 (A) | | | 2,000 | | | | 2,089 | |
Grupo Cementos de Chihuahua S.A.B. de C.V. | | | | | | | | |
5.250%, 6-23-24 (A) | | | 2,000 | | | | 2,053 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Materials (Continued) | |
Industrias Penoles S.A.B. de C.V. | | | | | | | | |
4.150%, 9-12-29 (A) | | $ | 1,800 | | | $ | 1,978 | |
Orbia Advance Corp. S.A.B. de C.V.: | | | | | | | | |
1.875%, 5-11-26 (A) | | | 2,000 | | | | 2,005 | |
4.000%, 10-4-27 (A) | | | 2,300 | | | | 2,510 | |
| | | | | | | | |
| | | | | | | 12,786 | |
| | | | | | | | |
| |
Real Estate – 0.2% | |
Corporacion Inmobiliaria Vesta S.A.B. de C.V. | | | | | | | | |
3.625%, 5-13-31 (A) | | | 1,100 | | | | 1,117 | |
| | | | | | | | |
| |
Utilities – 0.4% | |
Comision Federal de Electricidad | | | | | | | | |
3.875%, 7-26-33 (A) | | | 2,250 | | | | 2,219 | |
| | | | | | | | |
| |
Total Mexico – 7.4% | | | $ | 40,037 | |
Netherlands | |
| |
Consumer Discretionary – 0.4% | |
Prosus N.V. | | | | | | | | |
3.680%, 1-21-30 (A) | | | 2,190 | | | | 2,274 | |
| | | | | | | | |
| |
Energy – 0.5% | |
Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.) | | | | | | | | |
5.600%, 1-3-31 | | | 2,400 | | | | 2,608 | |
| | | | | | | | |
| |
Health Care – 0.8% | |
Teva Pharmaceutical Finance Netherlands II B.V. (GTD by Teva Pharmaceutical Industries Ltd.) | | | | | | | | |
7.125%, 1-31-25 | | | 1,300 | | | | 1,423 | |
Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.): | | | | | | | | |
2.800%, 7-21-23 | | | 1,400 | | | | 1,393 | |
6.750%, 3-1-28 (C) | | | 1,200 | | | | 1,373 | |
| | | | | | | | |
| | | | | | | 4,189 | |
| | | | | | | | |
| |
Total Netherlands – 1.7% | | | $ | 9,071 | |
Nigeria | |
| |
Financials – 0.5% | |
Africa Finance Corp.: | | | | | | | | |
4.375%, 4-17-26 (A) | | | 1,900 | | | | 2,087 | |
2.875%, 4-28-28 (A) | | | 800 | | | | 807 | |
| | | | | | | | |
| | | | | | | 2,894 | |
| | | | | | | | |
| |
Total Nigeria – 0.5% | | | $ | 2,894 | |
Norway | |
| |
Energy – 0.5% | |
Aker BP ASA | | | | | | | | |
3.750%, 1-15-30 (A) | | | 2,600 | | | | 2,785 | |
| | | | | | | | |
| |
Total Norway – 0.5% | | | $ | 2,785 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Panama | |
| |
Financials – 0.6% | |
Banco Latinoamericanco de Comercio Exterior S.A. | | | | | | | | |
2.375%, 9-14-25 (A) | | $ | 2,000 | | | $ | 2,045 | |
Banistmo S.A. | | | | | | | | |
4.250%, 7-31-27 (A) | | | 1,000 | | | | 1,026 | |
| | | | | | | | |
| | | | | | | 3,071 | |
| | | | | | | | |
| |
Utilities – 0.4% | |
AES Panama Generation Holdings S.R.L. | | | | | | | | |
4.375%, 5-31-30 (A) | | | 2,000 | | | | 2,065 | |
| | | | | | | | |
| |
Total Panama – 1.0% | | | $ | 5,136 | |
Peru | |
| |
Consumer Discretionary – 0.6% | |
InRetail Shopping Malls | | | | | | | | |
5.750%, 4-3-28 (A) | | | 3,000 | | | | 3,137 | |
| | | | | | | | |
| | |
Financials – 1.6% | | | | | | | | |
Banco de Credito del Peru | | | | | | | | |
4.250%, 4-1-23 (A) | | | 1,350 | | | | 1,408 | |
Banco Internacional del Peru S.A. | | | | | | | | |
3.250%, 10-4-26 (A) | | | 5,600 | | | | 5,746 | |
Corporacion Financiera de Desarrolla S.A. | | | | | | | | |
2.400%, 9-28-27 (A) | | | 1,300 | | | | 1,292 | |
| | | | | | | | |
| | | | | | | 8,446 | |
| | | | | | | | |
| | |
Materials – 0.5% | | | | | | | | |
San Miguel Industrias PET S.A. | | | | | | | | |
3.500%, 8-2-28 (A) | | | 2,550 | | | | 2,525 | |
| | | | | | | | |
| | |
Utilities – 0.9% | | | | | | | | |
Fenix Power Peru S.A. | | | | | | | | |
4.317%, 9-20-27 (C) | | | 1,446 | | | | 1,480 | |
Inkia Energy Ltd. | | | | | | | | |
5.875%, 11-9-27 (A) | | | 2,000 | | | | 2,084 | |
Kallpa Generacion S.A. | | | | | | | | |
4.875%, 5-24-26 (A) | | | 1,000 | | | | 1,072 | |
| | | | | | | | |
| | | | | | | 4,636 | |
| | | | | | | | |
| |
Total Peru – 3.6% | | | $ | 18,744 | |
Saudi Arabia | | | | | | | | |
| | |
Energy – 0.2% | | | | | | | | |
Saudi Arabian Oil Co. | | | | | | | | |
1.250%, 11-24-23 (A) | | | 800 | | | | 806 | |
| | | | | | | | |
| | |
Financials – 0.1% | | | | | | | | |
Arab Petroleum Investments Corp. | | | | | | | | |
1.483%, 10-6-26 (A) | | | 750 | | | | 751 | |
| | | | | | | | |
| |
Total Saudi Arabia – 0.3% | | | $ | 1,557 | |
South Korea | | | | | | | | |
| | |
Communication Services – 0.1% | | | | | | | | |
SK Telecom Co. Ltd. | | | | | | | | |
3.750%, 4-16-23 (A) | | | 500 | | | | 523 | |
| | | | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 21 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Consumer Discretionary – 0.1% | |
Kia Corp. | | | | | | | | |
1.750%, 10-16-26 (A) | | $ | 600 | | | $ | 602 | |
| | | | | | | | |
| | |
Financials – 1.1% | | | | | | | | |
Hyundai Capital Services, Inc.: | | | | | | | | |
2.983%, 8-29-22 (A) | | | 2,100 | | | | 2,146 | |
1.250%, 2-8-26 (A) | | | 1,800 | | | | 1,774 | |
Korea Development Bank | | | | | | | | |
3.250%, 2-19-24 | | | 2,300 | | | | 2,448 | |
| | | | | | | | |
| | | | | | | 6,368 | |
| | | | | | | | |
| | |
Information Technology – 0.7% | | | | | | | | |
SK Hynix, Inc. | | | | | | | | |
3.000%, 9-17-24 | | | 3,850 | | | | 4,046 | |
| | | | | | | | |
| | |
Materials – 0.3% | | | | | | | | |
LG Chem Ltd. | | | | | | | | |
1.375%, 7-7-26 (A) | | | 1,500 | | | | 1,484 | |
| | | | | | | | |
| |
Total South Korea – 2.3% | | | $ | 13,023 | |
Spain | | | | | | | | |
| | |
Financials – 1.0% | | | | | | | | |
Banco Santander S.A.: | | | | | | | | |
2.706%, 6-27-24 | | | 4,000 | | | | 4,208 | |
3.490%, 5-28-30 | | | 1,000 | | | | 1,077 | |
| | | | | | | | |
| | | | | | | 5,285 | |
| | | | | | | | |
| | |
Utilities – 0.5% | | | | | | | | |
EnfraGen Energia Sur S.A.U. | | | | | | | | |
5.375%, 12-30-30 (A) | | | 2,900 | | | | 2,850 | |
| | | | | | | | |
| |
Total Spain – 1.5% | | | $ | 8,135 | |
Supranational | | | | | | | | |
| | |
Financials – 0.4% | | | | | | | | |
Central American Bank for Economic Integration | | | | | | | | |
1.140%, 2-9-26 (A) | | | 2,000 | | | | 1,990 | |
| | | | | | | | |
| |
Total Supranational – 0.4% | | | $ | 1,990 | |
Switzerland | | | | | | | | |
| | |
Financials – 0.4% | | | | | | | | |
Credit Suisse Group AG | | | | | | | | |
4.282%, 1-9-28 (A) | | | 1,800 | | | | 2,002 | |
| | | | | | | | |
| |
Total Switzerland – 0.4% | | | $ | 2,002 | |
Thailand | | | | | | | | |
| | |
Financials – 0.1% | | | | | | | | |
GC Treasury Center Co. Ltd. | | | | | | | | |
2.980%, 3-18-31 (A) | | | 750 | | | | 762 | |
| | | | | | | | |
| |
Total Thailand – 0.1% | | | $ | 762 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Turkey | | | | | | | | |
| | |
Industrials – 0.9% | | | | | | | | |
Koc Holding A.S. | | | | | | | | |
6.500%, 3-11-25 (A) | | $ | 4,800 | | | $ | 5,145 | |
| | | | | | | | |
| |
Total Turkey – 0.9% | | | $ | 5,145 | |
United Arab Emirates | | | | | | | | |
| | |
Consumer Discretionary – 0.4% | | | | | | | | |
GEMS MENASA Cayman Ltd. and GEMS Education Delaware LLC | | | | | | | | |
7.125%, 7-31-26 (A) | | | 2,300 | | | | 2,361 | |
| | | | | | | | |
| | |
Energy – 0.5% | | | | | | | | |
Abu Dhabi National Energy Co. | | | | | | | | |
4.375%, 4-23-25 (A) | | | 600 | | | | 668 | |
Galaxy Pipeline Assets BidCo Ltd. | | | | | | | | |
1.750%, 9-30-27 (A) | | | 2,100 | | | | 2,125 | |
| | | | | | | | |
| | | | | | | 2,793 | |
| | | | | | | | |
| | |
Financials – 2.1% | | | | | | | | |
DAE Funding LLC | | | | | | | | |
1.550%, 8-1-24 (A) | | | 1,200 | | | | 1,191 | |
ICICI Bank Ltd. | | | | | | | | |
4.000%, 3-18-26 (A) | | | 4,000 | | | | 4,312 | |
NBK SPC Ltd. | | | | | | | | |
1.625%, 9-15-27 (A) | | | 6,000 | | | | 5,934 | |
| | | | | | | | |
| | | | | | | 11,437 | |
| | | | | | | | |
| |
Total United Arab Emirates – 3.0% | | | $ | 16,591 | |
United Kingdom | | | | | | | | |
| | |
Consumer Staples – 0.4% | | | | | | | | |
Imperial Tobacco Finance plc | | | | | | | | |
3.750%, 7-21-22 (A) | | | 2,300 | | | | 2,345 | |
| | | | | | | | |
| | |
Financials – 2.4% | | | | | | | | |
ANZ New Zealand International Ltd. | | | | | | | | |
3.450%, 1-21-28 (A) | | | 1,300 | | | | 1,436 | |
Barclays plc | | | | | | | | |
4.337%, 1-10-28 | | | 1,800 | | | | 2,015 | |
HSBC Holdings plc | | | | | | | | |
4.583%, 6-19-29 | | | 1,900 | | | | 2,158 | |
Royal Bank of Scotland Group plc (The) | | | | | | | | |
6.000%, 12-19-23 | | | 2,000 | | | | 2,217 | |
State Bank of India: | | | | | | | | |
4.375%, 1-24-24 (A) | | | 2,500 | | | | 2,676 | |
4.875%, 4-17-24 (A) | | | 2,300 | | | | 2,505 | |
| | | | | | | | |
| | | | | | | 13,007 | |
| | | | | | | | |
| | |
Materials – 0.2% | | | | | | | | |
AngloGold Ashanti Holdings plc (GTD by AngloGold Ashanti Ltd.) | | | | | | | | |
3.750%, 10-1-30 | | | 1,450 | | | | 1,489 | |
| | | | | | | | |
| |
Total United Kingdom – 3.0% | | | $ | 16,841 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
United States | | | | | | | | |
| |
Communication Services – 0.3% | |
ATP Tower Holdings LLC, Andean Tower Partners Colombia SAS, Andean Telecom Partners Chile S.p.A. and Andean Telecom Partners Peru S.R.L. | | | | | | | | |
4.050%, 4-27-26 (A) | | $ | 1,700 | | | $ | 1,707 | |
| | | | | | | | |
| | |
Consumer Discretionary – 1.0% | | | | | | | | |
D.R. Horton, Inc. | | | | | | | | |
2.600%, 10-15-25 | | | 2,400 | | | | 2,520 | |
Volkswagen Group of America, Inc. | | | | | | | | |
4.250%, 11-13-23 (A) | | | 2,500 | | | | 2,682 | |
| | | | | | | | |
| | | | | | | 5,202 | |
| | | | | | | | |
| | |
Consumer Staples – 2.0% | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB) | | | | | | | | |
4.000%, 4-13-28 | | | 2,850 | | | | 3,219 | |
Keurig Dr Pepper, Inc. | | | | | | | | |
4.597%, 5-25-28 | | | 2,800 | | | | 3,253 | |
NBM U.S. Holdings, Inc. | | | | | | | | |
7.000%, 5-14-26 (A) | | | 2,000 | | | | 2,130 | |
Reynolds American, Inc. | | | | | | | | |
4.450%, 6-12-25 | | | 2,000 | | | | 2,206 | |
| | | | | | | | |
| | | | | | | 10,808 | |
| | | | | | | | |
| | |
Financials – 4.3% | | | | | | | | |
Bank of America Corp. | | | | | | | | |
3.593%, 7-21-28 | | | 3,175 | | | | 3,483 | |
BBVA Bancomer S.A.: | | | | | | | | |
1.875%, 9-18-25 (A) | | | 1,400 | | | | 1,409 | |
5.875%, 9-13-34 (A) | | | 1,700 | | | | 1,850 | |
Citadel Finance LLC | | | | | | | | |
3.375%, 3-9-26 (A) | | | 2,500 | | | | 2,538 | |
Citigroup, Inc. | | | | | | | | |
3.520%, 10-27-28 | | | 3,125 | | | | 3,401 | |
Goldman Sachs Group, Inc. (The) | | | | | | | | |
3.814%, 4-23-29 | | | 2,600 | | | | 2,879 | |
Industrial and Commercial Bank of China Ltd. | | | | | | | | |
2.957%, 11-8-22 | | | 750 | | | | 768 | |
JPMorgan Chase & Co.: | | | | | | | | |
3.540%, 5-1-28 | | | 2,132 | | | | 2,330 | |
4.000%, 10-1-68 (C) | | | 1,250 | | | | 1,256 | |
TerraForm Global Operating LLC (GTD by TerraForm Global LLC) | | | | | | | | |
6.125%, 3-1-26 (A) | | | 1,300 | | | | 1,342 | |
Wells Fargo & Co. | | | | | | | | |
4.300%, 7-22-27 | | | 3,000 | | | | 3,411 | |
| | | | | | | | |
| | | | | | | 24,667 | |
| | | | | | | | |
| | |
Health Care – 0.9% | | | | | | | | |
Bayer U.S. Finance II LLC | | | | | | | | |
4.250%, 12-15-25 (A) | | | 2,000 | | | | 2,212 | |
Fresenius U.S. Finance II, Inc. | | | | | | | | |
4.500%, 1-15-23 (A) | | | 2,925 | | | | 3,042 | |
| | | | | | | | |
| | | | | | | 5,254 | |
| | | | | | | | |
| | | | | | |
| 22 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Industrials – 1.0% | | | | | | | | |
Azul Investments LLP: | | | | | | | | |
5.875%, 10-26-24 (A)(C) | | $ | 2,000 | | | $ | 1,888 | |
7.250%, 6-15-26 (A)(C) | | | 1,300 | | | | 1,243 | |
BAE Systems Holdings, Inc. | | | | | | | | |
3.800%, 10-7-24 (A) | | | 2,225 | | | | 2,404 | |
| | | | | | | | |
| | | | | | | 5,535 | |
| | | | | | | | |
| | |
Materials – 0.4% | | | | | | | | |
GUSAP III L.P. | | | | | | | | |
4.250%, 1-21-30 (A)(C) | | | 1,900 | | | | 2,033 | |
| | | | | | | | |
| | |
Real Estate – 1.2% | | | | | | | | |
Aircastle Ltd. | | | | | | | | |
4.400%, 9-25-23 | | | 2,800 | | | | 2,983 | |
Crown Castle International Corp. | | | | | | | | |
4.000%, 3-1-27 | | | 3,000 | | | | 3,339 | |
| | | | | | | | |
| | | | | | | 6,322 | |
| | | | | | | | |
| |
Total United States – 11.1% | | | $ | 61,528 | |
Uruguay | | | | | | | | |
| | |
Industrials – 0.3% | | | | | | | | |
Navios South American Logistics, Inc. and Navios Logistics Finance (U.S.), Inc. | | | | | | | | |
10.750%, 7-1-25 (A) | | | 1,530 | | | | 1,668 | |
| | | | | | | | |
| |
Total Uruguay – 0.3% | | | $ | 1,668 | |
Venezuela | | | | | | | | |
| | |
Financials – 0.7% | | | | | | | | |
Corporacion Andina de Fomento: | | | | | | | | |
3.250%, 2-11-22 | | | 3,250 | | | | 3,285 | |
2.375%, 5-12-23 | | | 650 | | | | 668 | |
| | | | | | | | |
| | | | | | | 3,953 | |
| | | | | | | | |
| |
Total Venezuela – 0.7% | | | $ | 3,953 | |
Vietnam | | | | | | | | |
| | |
Energy – 0.5% | | | | | | | | |
Mong Duong Finance Holdings B.V. | | | | | | | | |
5.125%, 5-7-29 (A) | | | 2,800 | | | | 2,795 | |
| | | | | | | | |
| |
Total Vietnam – 0.5% | | | $ | 2,795 | |
| |
TOTAL CORPORATE DEBT SECURITIES – 73.5% | | | $ | 402,914 | |
(Cost: $384,861) | | | | | | | | |
| | |
OTHER GOVERNMENT
SECURITIES (D) | | | | | | |
Argentina – 0.4% | | | | | | | | |
Republic of Argentina: | | | | | | | | |
1.000%, 7-9-29 | | | 240 | | | | 92 | |
0.125%, 7-9-30 | | | 5,432 | | | | 2,006 | |
| | | | | | | | |
| | | | | | | 2,098 | |
| | | | | | | | |
| | | | | | | | |
OTHER GOVERNMENT
SECURITIES (D) (Continued) | | Principal | | | Value | |
Brazil – 0.3% | | | | | | | | |
Federative Republic of Brazil | | | | | | | | |
3.750%, 9-12-31 | | $ | 1,800 | | | $ | 1,710 | |
| | | | | | | | |
| | |
Chile – 0.5% | | | | | | | | |
Republic of Chile | | | | | | | | |
2.550%, 7-27-33 | | | 3,000 | | | | 2,931 | |
| | | | | | | | |
| | |
Colombia – 0.4% | | | | | | | | |
Republic of Colombia: | | | | | | | | |
3.000%, 1-30-30 (C) | | | 2,300 | | | | 2,178 | |
3.125%, 4-15-31 | | | 300 | | | | 281 | |
| | | | | | | | |
| | | | | | | 2,459 | |
| | | | | | | | |
| | |
Costa Rica – 0.2% | | | | | | | | |
Costa Rica Government Bond | | | | | | | | |
4.250%, 1-26-23 (A) | | | 1,100 | | | | 1,125 | |
| | | | | | | | |
| | |
Indonesia – 0.7% | | | | | | | | |
Republic of Indonesia: | | | | | | | | |
2.950%, 1-11-23 | | | 2,900 | | | | 2,989 | |
3.850%, 10-15-30 | | | 700 | | | | 782 | |
| | | | | | | | |
| | | | | | | 3,771 | |
| | | | | | | | |
| | |
Israel – 0.2% | | | | | | | | |
Israel Government Bond | | | | | | | | |
2.750%, 7-3-30 | | | 1,300 | | | | 1,384 | |
| | | | | | | | |
| | |
Mexico – 0.7% | | | | | | | | |
United Mexican States: | | | | | | | | |
4.150%, 3-28-27 | | | 2,000 | | | | 2,260 | |
3.250%, 4-16-30 (C) | | | 1,700 | | | | 1,745 | |
| | | | | | | | |
| | | | | | | 4,005 | |
| | | | | | | | |
| | |
Morocco – 0.4% | | | | | | | | |
Kingdom of Morocco | | | | | | | | |
2.375%, 12-15-27 (A) | | | 2,500 | | | | 2,453 | |
| | | | | | | | |
| | |
Panama – 0.4% | | | | | | | | |
Republic of Panama | | | | | | | | |
3.750%, 4-17-26 | | | 1,900 | | | | 2,043 | |
| | | | | | | | |
| | |
Peru – 1.1% | | | | | | | | |
Republic of Peru: | | | | | | | | |
2.392%, 1-23-26 | | | 2,000 | | | | 2,045 | |
2.783%, 1-23-31 | | | 2,550 | | | | 2,530 | |
1.862%, 12-1-32 | | | 1,900 | | | | 1,730 | |
| | | | | | | | |
| | | | | | | 6,305 | |
| | | | | | | | |
| | |
Qatar – 0.4% | | | | | | | | |
Qatar Government Bond | | | | | | | | |
3.875%, 4-23-23 | | | 2,300 | | | | 2,422 | |
| | | | | | | | |
| | |
Saudi Arabia – 0.8% | | | | | | | | |
Saudi Arabia Government Bond: | | | | | | | | |
2.375%, 10-26-21 (A) | | | 2,250 | | | | 2,254 | |
2.875%, 3-4-23 (A) | | | 2,000 | | | | 2,065 | |
| | | | | | | | |
| | | | | | | 4,319 | |
| | | | | | | | |
| | | | | | | | |
OTHER GOVERNMENT
SECURITIES (D) (Continued) | | Principal | | | Value | |
Serbia – 0.3% | | | | | | | | |
Republic of Serbia | | | | | | | | |
2.125%, 12-1-30 (A) | | $ | 1,600 | | | $ | 1,501 | |
| | | | | | | | |
| | |
Uruguay – 0.3% | | | | | | | | |
Republica Orient Uruguay | | | | | | | | |
4.500%, 8-14-24 | | | 1,350 | | | | 1,449 | |
| | | | | | | | |
| | |
Uzbekistan – 0.1% | | | | | | | | |
Republic of Uzbekistan | | | | | | | | |
4.750%, 2-20-24 (A) | | | 750 | | | | 787 | |
| | | | | | | | |
| |
TOTAL OTHER GOVERNMENT
SECURITIES – 7.2% | | | $ | 40,762 | |
(Cost: $41,450) | | | | | |
| | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS | | | | | | |
United States – 0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates | | | | | | | | |
4.500%, 10-1-35 | | | 160 | | | | 177 | |
Federal National Mortgage Association Fixed Rate Pass-Through Certificates | | | | | | | | |
5.000%, 3-1-22 | | | 1 | | | | 1 | |
| | | | | | | | |
| | | | | | | 178 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.0% | | | $ | 178 | |
(Cost: $157) | | | | | |
| | |
UNITED STATES GOVERNMENT
OBLIGATIONS | | | | | | |
United States – 14.4% | | | | | | | | |
U.S. Treasury Notes: | | | | | | | | |
1.500%, 1-15-23 | | | 2,450 | | | | 2,493 | |
0.125%, 10-15-23 | | | 2,000 | | | | 1,993 | |
2.125%, 3-31-24 | | | 2,500 | | | | 2,607 | |
0.250%, 7-31-25 | | | 8,000 | | | | 7,849 | |
2.875%, 7-31-25 | | | 355 | | | | 384 | |
0.250%, 10-31-25 | | | 4,800 | | | | 4,691 | |
2.250%, 11-15-25 | | | 2,450 | | | | 2,592 | |
0.375%, 11-30-25 | | | 11,000 | | | | 10,792 | |
0.375%, 12-31-25 | | | 7,400 | | | | 7,253 | |
0.500%, 2-28-26 | | | 4,800 | | | | 4,720 | |
2.375%, 5-15-27 | | | 5,100 | | | | 5,456 | |
0.375%, 7-31-27 | | | 4,000 | | | | 3,829 | |
0.375%, 9-30-27 | | | 4,600 | | | | 4,390 | |
0.500%, 10-31-27 | | | 2,000 | | | | 1,920 | |
1.250%, 4-30-28 | | | 9,600 | | | | 9,596 | |
2.875%, 5-15-28 | | | 3,000 | | | | 3,310 | |
1.250%, 5-31-28 | | | 5,000 | | | | 4,993 | |
| | | | | | | | |
| | | | | | | 78,868 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 14.4% | | | $ | 78,868 | |
(Cost: $78,829) | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 23 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (E) – 6.0% | |
State Street Institutional U.S. Government Money Market Fund - Premier Class | | | | | | | | |
0.030% | | | 23,056 | | | $ | 23,056 | |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares | | | | | | | | |
0.010% (F) | | | 9,847 | | | | 9,847 | |
| | | | | | | | |
| | | | | | | 32,903 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 6.0% | | | $ | 32,903 | |
(Cost: $32,903) | | | | | |
| |
TOTAL INVESTMENT SECURITIES – 101.1% | | | $ | 555,625 | |
(Cost: $538,200) | | | | | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)% | | | | (6,115 | ) |
| |
NET ASSETS – 100.0% | | | $ | 549,510 | |
Notes to Schedule of Investments
| (A) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $288,031 or 52.4% of net assets. |
| (B) | Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates. |
| (C) | All or a portion of securities with an aggregate value of $10,241 are on loan. |
| (D) | Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities. |
| (E) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (F) | Investment made with cash collateral received from securities on loan. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Corporate Debt Securities | | $ | — | | | $ | 402,914 | | | $ | — | |
Other Government Securities | | | — | | | | 40,762 | | | | — | |
United States Government Agency Obligations | | | — | | | | 178 | | | | — | |
United States Government Obligations | | | — | | | | 78,868 | | | | — | |
Short-Term Securities | | | 32,903 | | | | — | | | | — | |
Total | | $ | 32,903 | | | $ | 522,722 | | | $ | — | |
The following acronym is used throughout this schedule:
GTD = Guaranteed
| | | | | | |
| 24 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | |
| Market Sector Diversification | |
(as a % of net assets) | |
Financials | | | 24.4% | |
United States Government and Government Agency Obligations | | | 14.4% | |
Utilities | | | 8.8% | |
Materials | | | 7.8% | |
Other Government Securities | | | 7.4% | |
Consumer Staples | | | 6.8% | |
Consumer Discretionary | | | 6.0% | |
Energy | | | 5.7% | |
Industrials | | | 4.7% | |
Information Technology | | | 2.9% | |
Communication Services | | | 2.6% | |
Real Estate | | | 1.8% | |
Health Care | | | 1.8% | |
Other+ | | | 4.9% | |
| + | Includes liabilities (net of cash and other assets), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 25 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY GLOBAL EQUITY INCOME FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 99.1% | |
Financials | | | 24.7% | |
Health Care | | | 13.5% | |
Industrials | | | 13.5% | |
Information Technology | | | 11.6% | |
Consumer Staples | | | 10.1% | |
Utilities | | | 8.9% | |
Energy | | | 7.1% | |
Materials | | | 3.7% | |
Consumer Discretionary | | | 3.4% | |
Communication Services | | | 2.6% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.9% | |
Country Weightings
| | | | |
Europe | | | 42.9% | |
Germany | | | 13.2% | |
France | | | 11.1% | |
United Kingdom | | | 9.3% | |
Switzerland | | | 4.1% | |
Other Europe | | | 5.2% | |
North America | | | 37.0% | |
United States | | | 34.7% | |
Other North America | | | 2.3% | |
Pacific Basin | | | 19.2% | |
Japan | | | 6.0% | |
Taiwan | | | 5.0% | |
South Korea | | | 3.8% | |
Other Pacific Basin | | | 4.4% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.9% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Taiwan Semiconductor Manufacturing Co. Ltd. | | Taiwan | | Information Technology | | Semiconductors |
AstraZeneca plc | | United Kingdom | | Health Care | | Pharmaceuticals |
Bank of America Corp. | | United States | | Financials | | Diversified Banks |
Samsung Electronics Co. Ltd. | | South Korea | | Information Technology | | Technology Hardware, Storage & Peripherals |
Schneider Electric S.A. | | France | | Industrials | | Electrical Components & Equipment |
Siemens AG | | Germany | | Industrials | | Industrial Conglomerates |
CVS Caremark Corp. | | United States | | Health Care | | Health Care Services |
Philip Morris International, Inc. | | United States | | Consumer Staples | | Tobacco |
Axa S.A. | | France | | Financials | | Multi-Line Insurance |
Raytheon Technologies Corp. | | United States | | Industrials | | Aerospace & Defense |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Global Equity Income Fund changed to Delaware Ivy Global Equity Income Fund. |
| | | | | | |
| 26 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL EQUITY INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Canada | |
| |
Financials – 2.3% | |
Bank of Montreal | | | 135 | | | $ | 13,440 | |
| | | | | | | | |
| |
Total Canada – 2.3% | | | $ | 13,440 | |
France | |
| |
Energy – 2.7% | |
TotalEnergies SE | | | 324 | | | | 15,465 | |
| | | | | | | | |
| |
Financials – 3.2% | |
Axa S.A. | | | 675 | | | | 18,706 | |
| | | | | | | | |
| |
Health Care – 1.7% | |
Sanofi-Aventis | | | 104 | | | | 9,983 | |
| | | | | | | | |
| |
Industrials – 3.5% | |
Schneider Electric S.A. | | | 122 | | | | 20,244 | |
| | | | | | | | |
| |
Total France – 11.1% | | | $ | 64,398 | |
Germany | |
| |
Communication Services – 2.6% | |
Deutsche Telekom AG, Registered Shares | | | 741 | | | | 14,856 | |
| | | | | | | | |
| |
Financials – 1.4% | |
Munchener Ruckversicherungs-Gesellschaft AG, Registered Shares | | | 31 | | | | 8,353 | |
| | | | | | | | |
| |
Industrials – 3.3% | |
Siemens AG | | | 119 | | | | 19,452 | |
| | | | | | | | |
| |
Utilities – 3.6% | |
E.ON AG | | | 688 | | | | 8,404 | |
RWE Aktiengesellschaft | | | 351 | | | | 12,384 | |
| | | | | | | | |
| | | | | | | 20,788 | |
| | | | | | | | |
| |
Total Germany – 10.9% | | | $ | 63,449 | |
Indonesia | |
| |
Financials – 2.2% | |
PT Bank Mandiri (Persero) Tbk | | | 30,350 | | | | 12,971 | |
| | | | | | | | |
| |
Total Indonesia – 2.2% | | | $ | 12,971 | |
Ireland | |
| |
Materials – 1.4% | |
CRH plc | | | 168 | | | | 7,939 | |
| | | | | | | | |
| |
Total Ireland – 1.4% | | | $ | 7,939 | |
Italy | |
| |
Utilities – 2.3% | |
ENEL S.p.A. | | | 1,737 | | | | 13,335 | |
| | | | | | | | |
| |
Total Italy – 2.3% | | | $ | 13,335 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Japan | |
| |
Financials – 4.4% | |
ORIX Corp. | | | 835 | | | $ | 15,622 | |
Tokio Marine Holdings, Inc. (A) | | | 180 | | | | 9,660 | |
| | | | | | | | |
| | | | | | | 25,282 | |
| | | | | | | | |
| |
Industrials – 1.6% | |
ITOCHU Corp. (A) | | | 321 | | | | 9,341 | |
| | | | | | | | |
| |
Total Japan – 6.0% | | | $ | 34,623 | |
Singapore | |
| |
Financials – 2.2% | |
DBS Group Holdings Ltd. | | | 568 | | | | 12,597 | |
| | | | | | | | |
| |
Total Singapore – 2.2% | | | $ | 12,597 | |
South Korea | |
| |
Information Technology – 3.8% | |
Samsung Electronics Co. Ltd. | | | 358 | | | | 22,181 | |
| | | | | | | | |
| |
Total South Korea – 3.8% | | | $ | 22,181 | |
Sweden | |
| |
Energy – 1.5% | |
Lundin Energy AB (A) | | | 239 | | | | 8,865 | |
| | | | | | | | |
| |
Total Sweden – 1.5% | | | $ | 8,865 | |
Switzerland | |
| |
Financials – 1.6% | |
Zurich Financial Services, Registered Shares | | | 23 | | | | 9,300 | |
| | | | | | | | |
| |
Health Care – 2.5% | |
Roche Holdings AG, Genusscheine | | | 39 | | | | 14,249 | |
| | | | | | | | |
| |
Total Switzerland – 4.1% | | | $ | 23,549 | |
Taiwan | |
| |
Information Technology – 5.0% | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 1,384 | | | | 28,624 | |
| | | | | | | | |
| |
Total Taiwan – 5.0% | | | $ | 28,624 | |
United Kingdom | |
| |
Consumer Staples – 2.5% | |
Unilever plc | | | 270 | | | | 14,631 | |
| | | | | | | | |
| |
Financials – 1.4% | |
3i Group plc | | | 468 | | | | 8,041 | |
| | | | | | | | |
| |
Health Care – 4.2% | |
AstraZeneca plc | | | 202 | | | | 24,293 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
United Kingdom (Continued) | |
| |
Materials – 1.2% | |
Anglo American plc | | | 204 | | | $ | 7,162 | |
| | | | | | | | |
| |
Total United Kingdom – 9.3% | | | $ | 54,127 | |
United States | |
| |
Consumer Discretionary – 1.1% | |
V.F. Corp. | | | 96 | | | | 6,439 | |
| | | | | | | | |
| |
Consumer Staples – 7.6% | |
Philip Morris International, Inc. | | | 199 | | | | 18,906 | |
Procter & Gamble Co. (The) | | | 115 | | | | 16,125 | |
Sysco Corp. | | | 113 | | | | 8,847 | |
| | | | | | | | |
| | | | | | | 43,878 | |
| | | | | | | | |
| |
Energy – 2.9% | |
ConocoPhillips | | | 243 | | | | 16,471 | |
| | | | | | | | |
| |
Financials – 6.0% | |
Bank of America Corp. | | | 540 | | | | 22,918 | |
Morgan Stanley | | | 118 | | | | 11,507 | |
| | | | | | | | |
| | | | | | | 34,425 | |
| | | | | | | | |
| |
Health Care – 5.1% | |
Amgen, Inc. | | | 48 | | | | 10,151 | |
CVS Caremark Corp. | | | 228 | | | | 19,341 | |
| | | | | | | | |
| | | | | | | 29,492 | |
| | | | | | | | |
| |
Industrials – 5.1% | |
Eaton Corp. | | | 85 | | | | 12,692 | |
Raytheon Technologies Corp. | | | 194 | | | | 16,637 | |
| | | | | | | | |
| | | | | | | 29,329 | |
| | | | | | | | |
| |
Information Technology – 2.8% | |
Cisco Systems, Inc. | | | 301 | | | | 16,391 | |
| | | | | | | | |
| |
Materials – 1.1% | |
Eastman Chemical Co. | | | 65 | | | | 6,548 | |
| | | | | | | | |
| |
Utilities – 3.0% | |
Exelon Corp. | | | 178 | | | | 8,615 | |
Public Service Enterprise Group, Inc. | | | 140 | | | | 8,547 | |
| | | | | | | | |
| | | | | | | 17,162 | |
| | | | | | | | |
| |
Total United States – 34.7% | | | $ | 200,135 | |
| | |
TOTAL COMMON STOCKS – 96.8% | | | | | | $ | 560,233 | |
(Cost: $416,223) | |
| | |
| PREFERRED STOCKS | | | | | | |
Germany | |
| |
Consumer Discretionary – 2.3% | |
Volkswagen AG, 2.260% | | | 60 | | | | 13,293 | |
| | | | | | | | |
| |
Total Germany – 2.3% | | | $ | 13,293 | |
| |
TOTAL PREFERRED STOCKS – 2.3% | | | $ | 13,293 | |
(Cost: $10,084) | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 27 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL EQUITY INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (B) – 1.6% | |
State Street Institutional U.S. Government Money Market Fund – Premier Class 0.030% | | | 4,326 | | | $ | 4,326 | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares 0.010% (C) | | | 5,068 | | | | 5,068 | |
| | | | | | | | |
| | | | | | | 9,394 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 1.6% | | | $ | 9,394 | |
(Cost: $9,394) | |
| |
TOTAL INVESTMENT SECURITIES – 100.7% | | | $ | 582,920 | |
(Cost: $435,701) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.7)% | | | | (3,830 | ) |
| |
NET ASSETS – 100.0% | | | $ | 579,090 | |
Notes to Schedule of Investments
| (A) | All or a portion of securities with an aggregate value of $12,455 are on loan. |
| (B) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (C) | Investment made with cash collateral received from securities on loan. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | — | | | $ | 14,856 | | | $ | — | |
Consumer Discretionary | | | 6,439 | | | | — | | | | — | |
Consumer Staples | | | 43,878 | | | | 14,631 | | | | — | |
Energy | | | 16,471 | | | | 24,330 | | | | — | |
Financials | | | 47,865 | | | | 95,250 | | | | — | |
Health Care | | | 29,492 | | | | 48,525 | | | | — | |
Industrials | | | 29,329 | | | | 49,037 | | | | — | |
Information Technology | | | 16,391 | | | | 50,805 | | | | — | |
Materials | | | 6,548 | | | | 15,101 | | | | — | |
Utilities | | | 17,162 | | | | 34,123 | | | | — | |
Total Common Stocks | | $ | 213,575 | | | $ | 346,658 | | | $ | — | |
Preferred Stocks | | | — | | | | 13,293 | | | | — | |
Short-Term Securities | | | 9,394 | | | | — | | | | — | |
Total | | $ | 222,969 | | | $ | 359,951 | | | $ | — | |
| | | | | | |
| 28 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL EQUITY INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | |
| Market Sector Diversification | |
(as a % of net assets) | |
Financials | | | 24.7% | |
Industrials | | | 13.5% | |
Health Care | | | 13.5% | |
Information Technology | | | 11.6% | |
Consumer Staples | | | 10.1% | |
Utilities | | | 8.9% | |
Energy | | | 7.1% | |
Materials | | | 3.7% | |
Consumer Discretionary | | | 3.4% | |
Communication Services | | | 2.6% | |
Other+ | | | 0.9% | |
| + | Includes liabilities (net of cash and other assets), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 29 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY GLOBAL GROWTH FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 99.4% | |
Information Technology | | | 27.8% | |
Consumer Discretionary | | | 16.0% | |
Industrials | | | 15.0% | |
Financials | | | 14.8% | |
Health Care | | | 10.8% | |
Communication Services | | | 7.5% | |
Energy | | | 5.4% | |
Consumer Staples | | | 2.1% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.6% | |
Country Weightings
| | | | |
North America | | | 64.8% | |
United States | | | 62.8% | |
Other North America | | | 1.9% | |
Europe | | | 23.8% | |
United Kingdom | | | 7.6% | |
France | | | 6.9% | |
Switzerland | | | 3.9% | |
Other Europe | | | 5.4% | |
Pacific Basin | | | 10.8% | |
China | | | 3.6% | |
Other Pacific Basin | | | 7.2% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.6% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Amazon.com, Inc. | | United States | | Consumer Discretionary | | Internet & Direct Marketing Retail |
Microsoft Corp. | | United States | | Information Technology | | Systems Software |
Apple, Inc. | | United States | | Information Technology | | Technology Hardware, Storage & Peripherals |
Airbus SE | | France | | Industrials | | Aerospace & Defense |
Intuit, Inc. | | United States | | Information Technology | | Application Software |
PayPal, Inc. | | United States | | Information Technology | | Data Processing & Outsourced Services |
Schneider Electric S.A. | | France | | Industrials | | Electrical Components & Equipment |
Ferguson plc | | Switzerland | | Industrials | | Trading Companies & Distributors |
Morgan Stanley | | United States | | Financials | | Investment Banking & Brokerage |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | Taiwan | | Information Technology | | Semiconductors |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Global Growth Fund changed to Delaware Ivy Global Growth Fund. . |
| | | | | | |
| 30 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Canada | | | | | | | | |
| | |
Energy – 1.9% | | | | | | | | |
Canadian Natural Resources Ltd. | | | 562 | | | $ | 20,532 | |
| | | | | | | | |
| | |
Total Canada – 1.9% | | | | | | $ | 20,532 | |
China | | | | | | | | |
| |
Communication Services – 1.3% | |
Tencent Holdings Ltd. | | | 231 | | | | 13,779 | |
| | | | | | | | |
| |
Consumer Discretionary – 1.1% | |
Alibaba Group Holding Ltd. ADR (A) | | | 76 | | | | 11,314 | |
| | | | | | | | |
| | |
Financials – 1.1% | | | | | | | | |
Ping An Insurance (Group) Co. of China Ltd., H Shares | | | 1,787 | | | | 12,222 | |
| | | | | | | | |
| | |
Total China – 3.5% | | | | | | $ | 37,315 | |
France | | | | | | | | |
| |
Consumer Discretionary – 0.9% | |
LVMH Moet Hennessy – Louis Vuitton | | | 13 | | | | 9,069 | |
| | | | | | | | |
| | |
Industrials – 6.0% | | | | | | | | |
Airbus SE | | | 247 | | | | 32,720 | |
Schneider Electric S.A. | | | 185 | | | | 30,813 | |
| | | | | | | | |
| | | | | | | 63,533 | |
| | | | | | | | |
| | |
Total France – 6.9% | | | | | | $ | 72,602 | |
Germany | | | | | | | | |
| | |
Financials – 1.2% | | | | | | | | |
Deutsche Boerse AG | | | 77 | | | | 12,416 | |
| | | | | | | | |
| |
Information Technology – 1.4% | |
Infineon Technologies AG | | | 368 | | | | 15,067 | |
| | | | | | | | |
| | |
Total Germany – 2.6% | | | | | | $ | 27,483 | |
India | | | | | | | | |
| | |
Energy – 1.7% | | | | | | | | |
Reliance Industries Ltd. | | | 511 | | | | 17,280 | |
| | | | | | | | |
| | |
Total India – 1.7% | | | | | | $ | 17,280 | |
Italy | | | | | | | | |
| |
Consumer Discretionary – 2.0% | |
Ferrari N.V. | | | 102 | | | | 21,261 | |
| | | | | | | | |
| | |
Total Italy – 2.0% | | | | | | $ | 21,261 | |
Japan | | | | | | | | |
| | |
Financials – 1.8% | | | | | | | | |
ORIX Corp. (B) | | | 992 | | | | 18,569 | |
| | | | | | | | |
| | |
Industrials – 1.3% | | | | | | | | |
Recruit Holdings Co. Ltd. | | | 225 | | | | 13,772 | |
| | | | | | | | |
| | |
Total Japan – 3.1% | | | | | | $ | 32,341 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Switzerland | | | | | | | | |
| | |
Health Care – 1.2% | | | | | | | | |
Alcon, Inc. | | | 157 | | | $ | 12,747 | |
| | | | | | | | |
| | |
Industrials – 2.7% | | | | | | | | |
Ferguson plc | | | 204 | | | | 28,288 | |
| | | | | | | | |
| |
Total Switzerland – 3.9% | | | $ | 41,035 | |
Taiwan | | | | | | | | |
| | |
Information Technology – 2.5% | | | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 233 | | | | 25,977 | |
| | | | | | | | |
| |
Total Taiwan – 2.5% | | | $ | 25,977 | |
United Kingdom | | | | | | | | |
| | |
Communication Services – 1.9% | | | | | | | | |
WPP Group plc | | | 1,465 | | | | 19,628 | |
| | | | | | | | |
| | |
Consumer Discretionary – 1.7% | | | | | | | | |
Aptiv plc (A) | | | 121 | | | | 18,092 | |
| | | | | | | | |
| | |
Consumer Staples – 2.1% | | | | | | | | |
Diageo plc | | | 267 | | | | 12,942 | |
Unilever plc | | | 177 | | | | 9,572 | |
| | | | | | | | |
| | | | | | | 22,514 | |
| | | | | | | | |
| | |
Health Care – 1.9% | | | | | | | | |
AstraZeneca plc | | | 105 | | | | 12,696 | |
AstraZeneca plc ADR | | | 120 | | | | 7,218 | |
| | | | | | | | |
| | | | | | | 19,914 | |
| | | | | | | | |
| |
Total United Kingdom – 7.6% | | | $ | 80,148 | |
United States | | | | | | | | |
| |
Communication Services – 4.3% | |
Alphabet, Inc., Class A (A) | | | 8 | | | | 20,196 | |
Facebook, Inc., Class A (A) | | | 51 | | | | 17,282 | |
Pinterest, Inc., Class A (A) | | | 150 | | | | 7,662 | |
| | | | | | | | |
| | | | | | | 45,140 | |
| | | | | | | | |
| | |
Consumer Discretionary – 9.5% | | | | | | | | |
Amazon.com, Inc. (A) | | | 15 | | | | 48,254 | |
Darden Restaurants, Inc. | | | 148 | | | | 22,432 | |
Dollar General Corp. | | | 32 | | | | 6,781 | |
Skechers USA, Inc. (A) | | | 520 | | | | 21,910 | |
| | | | | | | | |
| | | | | | | 99,377 | |
| | | | | | | | |
| | |
Energy – 1.8% | | | | | | | | |
ConocoPhillips | | | 277 | | | | 18,754 | |
| | | | | | | | |
| | |
Financials – 10.7% | | | | | | | | |
Citigroup, Inc. | | | 165 | | | | 11,558 | |
CME Group, Inc. | | | 39 | | | | 7,552 | |
Discover Financial Services | | | 118 | | | | 14,445 | |
Goldman Sachs Group, Inc. (The) | | | 61 | | | | 23,115 | |
JPMorgan Chase & Co. | | | 92 | | | | 15,100 | |
Morgan Stanley | | | 270 | | | | 26,294 | |
Pinnacle Financial Partners, Inc. | | | 154 | | | | 14,504 | |
| | | | | | | | |
| | | | | | | 112,568 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
United States (Continued) | | | | | | | | |
| | |
Health Care – 7.7% | | | | | | | | |
Abbott Laboratories | | | 94 | | | $ | 11,148 | |
HCA Holdings, Inc. | | | 72 | | | | 17,421 | |
Johnson & Johnson | | | 113 | | | | 18,219 | |
Thermo Fisher Scientific, Inc. | | | 35 | | | | 19,814 | |
UnitedHealth Group, Inc. | | | 35 | | | | 13,862 | |
| | | | | | | | |
| | | | | | | 80,464 | |
| | | | | | | | |
| | |
Industrials – 5.0% | | | | | | | | |
Eaton Corp. | | | 137 | | | | 20,508 | |
Northrop Grumman Corp. | | | 48 | | | | 17,342 | |
Union Pacific Corp. | | | 69 | | | | 13,559 | |
| | | | | | | | |
| | | | | | | 51,409 | |
| | | | | | | | |
| |
Information Technology – 23.9% | |
Adobe, Inc. (A) | | | 28 | | | | 15,874 | |
Ambarella, Inc. (A) | | | 140 | | | | 21,824 | |
Apple, Inc. | | | 275 | | | | 38,966 | |
Autodesk, Inc. (A) | | | 20 | | | | 5,718 | |
Fidelity National Information Services, Inc. | | | 125 | | | | 15,266 | |
Intuit, Inc. | | | 59 | | | | 31,954 | |
MasterCard, Inc., Class A | | | 59 | | | | 20,670 | |
Microsoft Corp. | | | 154 | | | | 43,456 | |
PayPal, Inc. (A) | | | 122 | | | | 31,620 | |
Visa, Inc., Class A | | | 114 | | | | 25,359 | |
| | | | | | | | |
| | | | | | | 250,707 | |
| | | | | | | | |
| |
Total United States – 62.9% | | | $ | 658,419 | |
| |
TOTAL COMMON STOCKS – 98.6% | | | $ | 1,034,393 | |
(Cost: $573,840) | | | | | | | | |
| | |
| PREFERRED STOCKS | | | | | | |
Germany | | | | | | | | |
| |
Consumer Discretionary – 0.8% | |
Volkswagen AG, 2.260% | | | 37 | | | | 8,261 | |
| | | | | | | | |
| | |
Total Germany – 0.8% | | | | | | $ | 8,261 | |
| |
TOTAL PREFERRED STOCKS – 0.8% | | | $ | 8,261 | |
(Cost: $10,833) | | | | | | | | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds (C) – 1.8% | |
State Street Institutional U.S. Government Money Market Fund – Premier Class 0.030% | | | 1,402 | | | | 1,402 | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares 0.010% (D) | | | 17,342 | | | | 17,342 | |
| | | | | | | | |
| | | | | | | 18,744 | |
| | | | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 31 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GLOBAL GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| | | | | | Value | |
| |
TOTAL SHORT-TERM SECURITIES – 1.8% | | | $ | 18,744 | |
(Cost: $18,744) | | | | | | | | |
| |
TOTAL INVESTMENT SECURITIES – 101.2% | | | $ | 1,061,398 | |
(Cost: $603,417) | | | | | | | | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.2)% | | | | (12,974 | ) |
| |
NET ASSETS – 100.0% | | | $ | 1,048,424 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $16,514 are on loan. |
| (C) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (D) | Investment made with cash collateral received from securities on loan. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | 45,140 | | | $ | 33,407 | | | $ | — | |
Consumer Discretionary | | | 128,783 | | | | 30,330 | | | | — | |
Consumer Staples | | | — | | | | 22,514 | | | | — | |
Energy | | | 39,286 | | | | 17,280 | | | | — | |
Financials | | | 112,568 | | | | 43,207 | | | | — | |
Health Care | | | 87,682 | | | | 25,443 | | | | — | |
Industrials | | | 51,409 | | | | 105,593 | | | | — | |
Information Technology | | | 276,684 | | | | 15,067 | | | | — | |
Total Common Stocks | | $ | 741,552 | | | $ | 292,841 | | | $ | — | |
Preferred Stocks | | | — | | | | 8,261 | | | | — | |
Short-Term Securities | | | 18,744 | | | | — | | | | — | |
Total | | $ | 760,296 | | | $ | 301,102 | | | $ | — | |
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
| | | | |
| Market Sector Diversification | |
(as a % of net assets) | |
Information Technology | | | 27.8% | |
Consumer Discretionary | | | 16.0% | |
Industrials | | | 15.0% | |
Financials | | | 14.8% | |
Health Care | | | 10.8% | |
| | | | |
| Market Sector Diversification (Continued) | |
Communication Services | | | 7.5% | |
Energy | | | 5.4% | |
Consumer Staples | | | 2.1% | |
Other+ | | | 0.6% | |
| + | Includes liabilities (net of cash and other assets), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 32 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY GOVERNMENT MONEY MARKET FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Corporate Obligations | | | 26.5% | |
Money Market Funds | | | 26.0% | |
Master Note | | | 0.5% | |
United States Government and Government Agency Obligations | | | 59.5% | |
Municipal Obligations | | | 13.6% | |
Cash and Other Assets (Net of Liabilities) | | | 0.4% | |
(a) Effective July 1, 2021, the name of Ivy Government Money Market Fund changed to Delaware Ivy Government Money Market Fund.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 33 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GOVERNMENT MONEY MARKET FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| CORPORATE OBLIGATIONS | | Principal | | | Value | |
Master Note | |
Toyota Motor Credit Corp. (1-Week U.S. LIBOR plus 25 bps), 0.200%, 10-7-21 (A) | | $ | 600 | | | $ | 600 | |
| | | | | | | | |
| |
Total Master Note - 0.5% | | | | 600 | |
| | |
| | | Shares | | | | |
Money Market Funds (C) | | | | | | | | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, | | | | | | | | |
0.030%, 10-1-21 | | | 33,334 | | | | 33,334 | |
| | | | | | | | |
| |
Total Money Market Funds - 26.0% | | | | 33,334 | |
| |
TOTAL CORPORATE OBLIGATIONS – 26.5% | | | $ | 33,934 | |
(Cost: $33,934) | |
| | |
| MUNICIPAL OBLIGATIONS | | Principal | | | | |
Florida – 7.0% | |
Orange Cnty, FL, Hsng Fin Auth Multifamily Rev Bonds, Ser 1997, | | | | | | | | |
0.050%, 10-7-21 | | $ | 5,950 | | | | 5,950 | |
Pinellas Cnty, FL, Hsng Auth, Multifamily Hsng Rev Bonds, Ser 2011, | | | | | | | | |
0.050%, 10-7-21 | | | 3,010 | | | | 3,010 | |
| | | | | | | | |
| | | | | | | 8,960 | |
| | | | | | | | |
Minnesota – 4.4% | |
MN Hsng Fin Agy, Residential Hsng Fin Bonds, Ser 2016F, | | | | | | | | |
0.070%, 10-7-21 | | | 5,695 | | | | 5,695 | |
| | | | | | | | |
Tennessee – 2.2% | |
Metro Govt of Nashville and Davidson Cnty, TN, Indl Dev Multifamily Hsng Rev Rfdg Bonds (Summit Apt Proj), Ser 2006, | | | | | | | | |
0.050%, 10-7-21 | | | 2,825 | | | | 2,825 | |
| | | | | | | | |
| |
TOTAL MUNICIPAL OBLIGATIONS – 13.6% | | | $ | 17,480 | |
(Cost: $17,480) | |
| | |
UNITED STATES GOVERNMENT
AND GOVERNMENT AGENCY
OBLIGATIONS | | | | | | |
Treasury Bills(B) - 1.2% | |
U.S. Treasury Bills, | | | | | | | | |
0.050%, 10-14-21 | | | 1,500 | | | | 1,500 | |
| | | | | | | | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AND GOVERNMENT AGENCY
OBLIGATIONS (Continued) | | Principal | | | Value | |
United States Government Agency Obligations - 58.3% | |
U.S. International Development Finance Corp. (GTD by U.S. Government), | | | | | | | | |
0.130%, 10-23-21 | | $ | 2,000 | | | $ | 2,000 | |
U.S. International Development Finance Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate): | | | | | | | | |
0.080%, 10-7-21 (A) | | | 47,363 | | | | 47,363 | |
0.090%, 10-7-21 (A) | | | 25,200 | | | | 25,200 | |
| | | | | | | | |
| | | | | | | 74,563 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 59.5% | | | $ | 76,063 | |
(Cost: $76,063) | |
| |
TOTAL INVESTMENT SECURITIES – 99.6% | | | $ | 127,477 | |
(Cost: $127,477) | |
| |
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4% | | | | 522 | |
| |
NET ASSETS – 100.0% | | | $ | 127,999 | |
| | | | | | |
| 34 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY GOVERNMENT MONEY MARKET FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| (A) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description. |
| (B) | Rate shown is the yield to maturity at September 30, 2021. |
(C) Rate shown is the annualized 7-day yield at September 30, 2021.
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Corporate Obligations | | $ | 33,334 | | | $ | 600 | | | $ | — | |
Municipal Obligations | | | — | | | | 17,480 | | | | — | |
United States Government and Government Agency Obligations | | | — | | | | 76,063 | | | | — | |
Total | | $ | 33,334 | | | $ | 94,143 | | | $ | — | |
The following acronyms are used throughout this schedule:
GTD = Guaranteed
LIBOR = London Interbank Offered Rate
TB = Treasury Bill
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 35 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY HIGH INCOME FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 7.6% | |
Consumer Discretionary | | | 4.1% | |
Energy | | | 2.1% | |
Communication Services | | | 1.3% | |
Financials | | | 0.1% | |
Consumer Staples | | | 0.0% | |
Industrials | | | 0.0% | |
Warrants | | | 0.0% | |
Bonds | | | 87.4% | |
Corporate Debt Securities | | | 60.2% | |
Loans | | | 27.2% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 5.0% | |
Quality Weightings
| | | | |
Non-Investment Grade | | | 87.4 | % |
BB | | | 5.5 | % |
B | | | 49.1 | % |
CCC | | | 29.5 | % |
Below CCC | | | 0.4 | % |
Non-rated | | | 2.9 | % |
Liabilities (Net of Cash and Other Assets), Cash Equivalents+ and Equities | | | 12.6 | % |
Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
(a)Effective July 1, 2021, the name of Ivy High Income Fund changed to Delaware Ivy High Income Fund.
| | | | | | |
| 36 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Integrated Telecommunication Services – 1.3% | |
Frontier Communications Corp. (A) | | | 1,887 | | | $ | 52,581 | |
| | | | | | | | |
| |
Total Communication Services - 1.3% | | | | 52,581 | |
Consumer Discretionary | |
| |
Apparel Retail – 0.2% | |
True Religion Apparel, Inc. (A)(B)(C) | | | — | * | | | 8,897 | |
| | | | | | | | |
| | |
Casinos & Gaming – 1.7% | | | | | | | | |
New Cotai Participation Corp., Class B (A)(B)(C)(D) | | | 20,316 | | | | 43,650 | |
Studio City International Holdings Ltd. ADR (A) | | | 2,268 | | | | 18,529 | |
Studio City International Holdings Ltd. ADR (A)(D) | | | 934 | | | | 7,633 | |
| | | | | | | | |
| | | | | | | 69,812 | |
| | | | | | | | |
| | |
Education Services – 2.1% | | | | | | | | |
Laureate Education, Inc., Class A (A) | | | 5,108 | | | | 86,784 | |
| | | | | | | | |
| |
Total Consumer Discretionary - 4.0% | | | | 165,493 | |
Consumer Staples | |
| |
Food Distributors – 0.0% | |
ASG Warrant Corp. (A)(B)(C)(D)(E) | | | 20 | | | | — | * |
| | | | | | | | |
| |
Total Consumer Staples - 0.0% | | | | — | * |
Energy | |
| |
Coal & Consumable Fuels – 0.6% | |
Foresight Energy L.P. (A)(B)(C)(D) | | | 1,117 | | | | 23,622 | |
Westmoreland Coal Co. (A)(E) | | | 212 | | | | 319 | |
| | | | | | | | |
| | | | | | | 23,941 | |
| | | | | | | | |
| | |
Oil & Gas Drilling – 0.3% | | | | | | | | |
KCA Deutag UK Finance plc (A)(E) | | | 164 | | | | 13,609 | |
Vantage Drilling Co., Units (A) | | | 5 | | | | 15 | |
| | | | | | | | |
| | | | | | | 13,624 | |
| | | | | | | | |
| | |
Oil & Gas Equipment & Services – 0.0% | | | | | | | | |
Larchmont Resources LLC (A)(B)(D)(E) | | | 18 | | | | 24 | |
| | | | | | | | |
| | |
Oil & Gas Exploration & Production – 0.0% | | | | | | | | |
Sabine Oil & Gas Corp. (A)(D)(E) | | | 5 | | | | 15 | |
| | | | | | | | |
| |
Total Energy - 0.9% | | | | 37,604 | |
Financials | |
| |
Specialized Finance – 0.1% | |
Maritime Finance Co. Ltd. (A)(B)(C)(D)(E) | | | 1,750 | | | | 4,862 | |
| | | | | | | | |
| | |
Total Financials - 0.1% | | | | | | | 4,862 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Industrials | |
| |
Air Freight & Logistics – 0.0% | |
BIS Industries Ltd. (B)(C)(D)(E) | | | 19,683 | | | | — | * |
| | | | | | | | |
| |
Total Industrials - 0.0% | | | | — | * |
| |
TOTAL COMMON STOCKS – 6.3% | | | $ | 260,540 | |
(Cost: $448,931) | |
| | |
| PREFERRED STOCKS | | | | | | |
Consumer Discretionary | |
| |
Apparel Retail – 0.1% | |
True Religion Apparel, Inc. (A)(B)(E) | | | — | * | | | 2,051 | |
| | | | | | | | |
| |
Total Consumer Discretionary - 0.1% | | | | 2,051 | |
Energy | |
| |
Oil & Gas Exploration & Production – 1.2% | |
Targa Resources Corp., 9.500% (A)(D) | | | 47 | | | | 50,626 | |
| | | | | | | | |
| |
Total Energy - 1.2% | | | | 50,626 | |
| |
TOTAL PREFERRED STOCKS – 1.3% | | | $ | 52,677 | |
(Cost: $59,203) | |
| | |
| WARRANTS | | | | | | |
| | |
Oil & Gas Exploration & Production – 0.0% | | | | | | | | |
California Resources Corp., expires 10-27-24 (F) | | | 40 | | | | 483 | |
| | | | | | | | |
| |
TOTAL WARRANTS – 0.0% | | | $ | 483 | |
(Cost: $3,503) | |
| | |
| CORPORATE DEBT SECURITIES | | Principal | | | | |
Communication Services | |
| | |
Advertising – 1.8% | | | | | | | | |
Advantage Sales & Marketing, Inc., | | | | | | | | |
6.500%, 11-15-28 (G) | | $ | 27,779 | | | | 28,991 | |
Centerfield Media Holdings LLC, | | | | | | | | |
6.625%, 8-1-26 (G) | | | 7,389 | | | | 7,620 | |
Midas OpCo Holdings LLC, | | | | | | | | |
5.625%, 8-15-29 (G) | | | 36,931 | | | | 38,260 | |
| | | | | | | | |
| | | | | | | 74,871 | |
| | | | | | | | |
| | |
Broadcasting – 1.4% | | | | | | | | |
Clear Channel International B.V., | | | | | | | | |
6.625%, 8-1-25 (G) | | | 2,812 | | | | 2,938 | |
Clear Channel Outdoor Holdings, Inc.: | | | | | | | | |
5.125%, 8-15-27 (G) | | | 30,428 | | | | 31,527 | |
7.750%, 4-15-28 (G)(H) | | | 9,444 | | | | 9,953 | |
7.500%, 6-1-29 (G) | | | 12,343 | | | | 12,852 | |
| | | | | | | | |
| | | | | | | 57,270 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Cable & Satellite – 5.7% | |
Altice Financing S.A., | | | | | | | | |
5.750%, 8-15-29 (G) | | $ | 25,860 | | | $ | 25,084 | |
Altice France Holding S.A., | | | | | | | | |
6.000%, 2-15-28 (G) | | | 33,946 | | | | 32,653 | |
Altice France S.A.: | | | | | | | | |
5.125%, 7-15-29 (G) | | | 11,143 | | | | 10,941 | |
5.500%, 10-15-29 (G) | | | 5,739 | | | | 5,688 | |
CSC Holdings LLC: | | | | | | | | |
5.750%, 1-15-30 (G) | | | 7,623 | | | | 7,762 | |
5.000%, 11-15-31 (G) | | | 11,141 | | | | 10,692 | |
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc., | | | | | | | | |
5.875%, 8-15-27 (G) | | | 7,020 | | | | 7,336 | |
DISH DBS Corp.: | | | | | | | | |
7.750%, 7-1-26 | | | 17,979 | | | | 20,325 | |
7.375%, 7-1-28 | | | 3,751 | | | | 3,983 | |
5.125%, 6-1-29 | | | 15,477 | | | | 15,185 | |
LCPR Senior Secured Financing Designated Activity Co., | | | | | | | | |
5.125%, 7-15-29 (G) | | | 4,350 | | | | 4,486 | |
Ligado Networks LLC (15.000% Cash or 15.000% PIK), | | | | | | | | |
15.500%, 11-1-23 (G)(I) | | | 35,645 | | | | 32,323 | |
Ligado Networks LLC (17.500% Cash or 17.500% PIK), | | | | | | | | |
17.500%, 5-1-24 (G)(I) | | | 2,568 | | | | 1,761 | |
Telesat Canada and Telesat LLC: | | | | | | | | |
5.625%, 12-6-26 (G) | | | 29,713 | | | | 28,563 | |
6.500%, 10-15-27 (G) | | | 5,107 | | | | 4,435 | |
VTR Comunicaciones S.p.A., | | | | | | | | |
4.375%, 4-15-29 (G) | | | 14,811 | | | | 15,283 | |
VTR Finance B.V., | | | | | | | | |
6.375%, 7-15-28 (G) | | | 5,206 | | | | 5,619 | |
| | | | | | | | |
| | | | | | | 232,119 | |
| | | | | | | | |
| |
Integrated Telecommunication Services – 5.0% | |
Cablevision Lightpath LLC, | | | | | | | | |
5.625%, 9-15-28 (G) | | | 6,115 | | | | 6,147 | |
Consolidated Communications, Inc.: | | | | | | | | |
5.000%, 10-1-28 (G) | | | 5,170 | | | | 5,345 | |
6.500%, 10-1-28 (G) | | | 11,251 | | | | 12,235 | |
Frontier Communications Corp.: | | | | | | | | |
5.875%, 10-15-27 (G) | | | 1,655 | | | | 1,760 | |
6.750%, 5-1-29 (G) | | | 15,295 | | | | 16,140 | |
5.875%, 11-1-29 | | | 5,790 | | | | 5,868 | |
Northwest Fiber LLC, | | | | | | | | |
10.750%, 6-1-28 (G) | | | 6,401 | | | | 7,210 | |
Northwest Fiber LLC and Nortwest Fiber Finance Sub, Inc., | | | | | | | | |
6.000%, 2-15-28 (G)(H) | | | 7,848 | | | | 7,817 | |
West Corp., | | | | | | | | |
8.500%, 10-15-25 (G)(H) | | | 92,721 | | | | 92,251 | |
Windstream Escrow LLC, | | | | | | | | |
7.750%, 8-15-28 (G)(H) | | | 49,117 | | | | 51,377 | |
| | | | | | | | |
| | | | | | | 206,150 | |
| | | | | | | | |
| |
Interactive Media & Services – 0.3% | |
Cars.com, Inc., | | | | | | | | |
6.375%, 11-1-28 (G) | | | 11,085 | | | | 11,709 | |
| | | | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 37 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
| |
Movies & Entertainment – 1.5% | |
Premier Entertainment Sub LLC and Premier Entertainment Finance Corp.: | | | | | | | | |
5.625%, 9-1-29 (G) | | $ | 36,940 | | | $ | 37,358 | |
5.875%, 9-1-31 (G) | | | 23,645 | | | | 23,922 | |
| | | | | | | | |
| | | | | | | 61,280 | |
| | | | | | | | |
| |
Wireless Telecommunication Service – 4.1% | |
Digicel Group Ltd., | | | | | | | | |
8.750%, 5-25-24 (G) | | | 8,139 | | | | 8,436 | |
Digicel Group Ltd. (5.000% Cash and 3.000% PIK), | | | | | | | | |
8.000%, 4-1-25 (G)(I) | | | 6,897 | | | | 6,150 | |
Digicel Group Ltd. (7.000% Cash or 7.000% PIK), | | | | | | | | |
7.000%, 10-1-68 (G)(I) | | | 3,223 | | | | 2,650 | |
Digicel International Finance Ltd.: | | | | | | | | |
8.750%, 5-25-24 (G) | | | 51,789 | | | | 53,680 | |
8.000%, 12-31-26 (G) | | | 7,324 | | | | 7,118 | |
Digicel International Finance Ltd. (6.000% Cash and 7.000% PIK), | | | | | | | | |
13.000%, 12-31-25 (G)(I) | | | 4,137 | | | | 4,175 | |
Digicel International Finance Ltd. (8.000% Cash and 2.000% PIK or 10.000% PIK), | | | | | | | | |
10.000%, 4-1-24(I) | | | 37,629 | | | | 37,676 | |
Digicel Ltd., | | | | | | | | |
6.750%, 3-1-23 (G) | | | 51,014 | | | | 48,159 | |
| | | | | | | | |
| | | | | | | 168,044 | |
| | | | | | | | |
| |
Total Communication Services - 19.8% | | | | 811,443 | |
Consumer Discretionary | |
| |
Apparel Retail – 0.5% | |
Victoria’s Secret & Co., | | | | | | | | |
4.625%, 7-15-29 (G) | | | 20,339 | | | | 20,755 | |
| | | | | | | | |
| |
Automotive Retail – 1.3% | |
Asbury Automotive Group, Inc.: | | | | | | | | |
4.500%, 3-1-28 | | | 12,173 | | | | 12,507 | |
4.750%, 3-1-30 | | | 12,624 | | | | 13,192 | |
Ken Garff Automotive LLC, | | | | | | | | |
4.875%, 9-15-28 (G) | | | 3,703 | | | | 3,811 | |
Lithia Motors, Inc.: | | | | | | | | |
3.875%, 6-1-29 (G) | | | 7,732 | | | | 8,035 | |
4.375%, 1-15-31 (G) | | | 5,922 | | | | 6,329 | |
Sonic Automotive, Inc., | | | | | | | | |
6.125%, 3-15-27 | | | 6,881 | | | | 7,163 | |
| | | | | | | | |
| | | | | | | 51,037 | |
| | | | | | | | |
| |
Casinos & Gaming – 0.2% | |
Everi Holdings, Inc., | | | | | | | | |
5.000%, 7-15-29 (G) | | | 7,399 | | | | 7,591 | |
| | | | | | | | |
| |
Education Services – 1.1% | |
Adtalem Global Education, Inc., | | | | | | | | |
5.500%, 3-1-28 (G) | | | 44,418 | | | | 44,895 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
| |
Homefurnishing Retail – 0.1% | |
Ambience Merger Sub, Inc.: | | | | | | | | |
4.875%, 7-15-28 (G) | | $ | 2,220 | | | $ | 2,223 | |
7.125%, 7-15-29 (G) | | | 3,935 | | | | 3,905 | |
| | | | | | | | |
| | | | | | | 6,128 | |
| | | | | | | | |
| |
Hotels, Resorts & Cruise Lines – 1.9% | |
Boyne USA, Inc., | | | | | | | | |
4.750%, 5-15-29 (G) | | | 3,714 | | | | 3,839 | |
Carnival Corp.: | | | | | | | | |
10.500%, 2-1-26 (G) | | | 1,803 | | | | 2,094 | |
7.625%, 3-1-26 (G) | | | 3,693 | | | | 3,947 | |
5.750%, 3-1-27 (G) | | | 11,450 | | | | 11,851 | |
9.875%, 8-1-27 (G) | | | 7,429 | | | | 8,583 | |
NCL Corp. Ltd.: | | | | | | | | |
12.250%, 5-15-24 (G) | | | 13,730 | | | | 16,219 | |
10.250%, 2-1-26 (G) | | | 8,932 | | | | 10,264 | |
5.875%, 3-15-26 (G) | | | 3,694 | | | | 3,791 | |
Royal Caribbean Cruises Ltd.: | | | | | | | | |
11.500%, 6-1-25 (G) | | | 1,321 | | | | 1,509 | |
5.500%, 4-1-28 (G) | | | 14,897 | | | | 15,259 | |
| | | | | | | | |
| | | | | | | 77,356 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 1.0% | |
Arches Buyer, Inc.: | | | | | | | | |
4.250%, 6-1-28 (G) | | | 22,177 | | | | 22,513 | |
6.125%, 12-1-28 (G) | | | 18,049 | | | | 18,421 | |
| | | | | | | | |
| | | | | | | 40,934 | |
| | | | | | | | |
| |
Leisure Facilities – 0.4% | |
Legends Hospitality Holding Co. LLC, | | | | | | | | |
5.000%, 2-1-26 (G) | | | 2,216 | | | | 2,275 | |
Live Nation Entertainment, Inc., | | | | | | | | |
4.750%, 10-15-27 (G) | | | 13,101 | | | | 13,331 | |
| | | | | | | | |
| | | | | | | 15,606 | |
| | | | | | | | |
| |
Leisure Products – 0.7% | |
MajorDrive Holdings IV LLC, | | | | | | | | |
6.375%, 6-1-29 (G) | | | 29,962 | | | | 28,995 | |
| | | | | | | | |
| |
Specialized Consumer Services – 1.1% | |
Nielsen Finance LLC and Nielsen Finance Co.: | | | | | | | | |
5.625%, 10-1-28 (G) | | | 11,107 | | | | 11,537 | |
5.875%, 10-1-30 (G) | | | 9,256 | | | | 9,757 | |
StoneMor, Inc., | | | | | | | | |
8.500%, 5-15-29 (G) | | | 23,667 | | | | 24,348 | |
| | | | | | | | |
| | | | | | | 45,642 | |
| | | | | | | | |
| |
Specialty Stores – 6.1% | |
Bed Bath & Beyond, Inc., | | | | | | | | |
5.165%, 8-1-44 | | | 8,868 | | | | 7,648 | |
Magic MergerCo, Inc.: | | | | | | | | |
5.250%, 5-1-28 (G) | | | 13,002 | | | | 13,428 | |
7.875%, 5-1-29 (G) | | | 31,538 | | | | 32,814 | |
Party City Holdings, Inc., | | | | | | | | |
8.750%, 2-15-26 (G) | | | 36,250 | | | | 37,974 | |
Party City Holdings, Inc. (5.000% Cash and 5.000% PIK), | | | | | | | | |
10.000%, 8-15-26 (G)(I) | | | 1,341 | | | | 1,323 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Specialty Stores (Continued) | |
Party City Holdings, Inc. (6-Month U.S. LIBOR plus 500 bps), | | | | | | | | |
5.750%, 7-15-25 (G)(J) | | $ | 2,356 | | | $ | 2,212 | |
PetSmart, Inc. and PetSmart Finance Corp.: | | | | | | | | |
4.750%, 2-15-28 (G) | | | 18,447 | | | | 18,977 | |
7.750%, 2-15-29 (G) | | | 4,132 | | | | 4,515 | |
Staples, Inc.: | | | | | | | | |
7.500%, 4-15-26 (G) | | | 94,192 | | | | 95,652 | |
10.750%, 4-15-27 (G) | | | 40,861 | | | | 39,840 | |
| | | | | | | | |
| | | | | | | 254,383 | |
| | | | | | | | |
| |
Total Consumer Discretionary - 14.4% | | | | 593,322 | |
Consumer Staples | |
| |
Food Distributors – 0.6% | |
Performance Food Group, Inc., | | | | | | | | |
4.250%, 8-1-29 (G) | | | 23,659 | | | | 23,748 | |
| | | | | | | | |
| |
Packaged Foods & Meats – 0.8% | |
Pilgrim’s Pride Corp., | | | | | | | | |
4.250%, 4-15-31 (G) | | | 17,908 | | | | 19,264 | |
Post Holdings, Inc., | | | | | | | | |
4.500%, 9-15-31 (G) | | | 7,375 | | | | 7,297 | |
Simmons Foods, Inc., | | | | | | | | |
4.625%, 3-1-29 (G) | | | 7,408 | | | | 7,473 | |
| | | | | | | | |
| | | | | | | 34,034 | |
| | | | | | | | |
| |
Total Consumer Staples - 1.4% | | | | 57,782 | |
Energy | |
| |
Oil & Gas Drilling – 0.4% | |
KCA Deutag UK Finance plc: | | | | | | | | |
9.875%, 12-1-25 | | | 9,705 | | | | 10,597 | |
Offshore Drilling Holding S.A., | | | | | | | | |
8.375%, 9-20-20 (G)(K)(L) | | | 64,569 | | | | 6,186 | |
| | | | | | | | |
| | | | | | | 16,783 | |
| | | | | | | | |
| |
Oil & Gas Equipment & Services – 0.1% | |
Nine Energy Service, Inc., | | | | | | | | |
8.750%, 11-1-23 (G) | | | 11,591 | | | | 5,581 | |
| | | | | | | | |
| |
Oil & Gas Exploration & Production – 3.5% | |
Antero Resources Corp., | | | | | | | | |
5.375%, 3-1-30 (G) | | | 3,093 | | | | 3,261 | |
Ascent Resources Utica Holdings LLC and ARU Finance Corp.: | | | | | | | | |
7.000%, 11-1-26 (G) | | | 8,882 | | | | 9,193 | |
8.250%, 12-31-28 (G) | | | 741 | | | | 809 | |
5.875%, 6-30-29 (G) | | | 3,695 | | | | 3,780 | |
California Resources Corp., | | | | | | | | |
7.125%, 2-1-26 (G)(H) | | | 2,227 | | | | 2,353 | |
Chesapeake Escrow Issuer LLC: | | | | | | | | |
5.500%, 2-1-26 (G) | | | 7,380 | | | | 7,721 | |
5.875%, 2-1-29 (G) | | | 5,535 | | | | 5,921 | |
Colgate Energy Partners III LLC, | | | | | | | | |
5.875%, 7-1-29 (G) | | | 2,957 | | | | 2,983 | |
Crownrock L.P., | | | | | | | | |
5.625%, 10-15-25 (G) | | | 27,535 | | | | 28,215 | |
| | | | | | |
| 38 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
| |
Oil & Gas Exploration & Production (Continued) | |
CrownRock L.P. and CrownRock Finance, Inc., | | | | | | | | |
5.000%, 5-1-29 (G) | | $ | 3,713 | | | $ | 3,881 | |
Endeavor Energy Resources L.P., | | | | | | | | |
5.500%, 1-30-26 (G) | | | 14,195 | | | | 14,806 | |
Laredo Petroleum, Inc.: | | | | | | | | |
9.500%, 1-15-25 | | | 22,631 | | | | 23,480 | |
10.125%, 1-15-28 (H) | | | 15,088 | | | | 16,334 | |
Murphy Oil Corp., | | | | | | | | |
6.375%, 7-15-28 | | | 2,957 | | | | 3,131 | |
Range Resources Corp., | | | | | | | | |
8.250%, 1-15-29 (G) | | | 738 | | | | 831 | |
Vine Energy Holdings LLC, | | | | | | | | |
6.750%, 4-15-29 | | | 14,900 | | | | 16,101 | |
| | | | | | | | |
| | | | | | | 142,800 | |
| | | | | | | | |
| |
Oil & Gas Refining & Marketing – 1.9% | |
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.): | | | | | | | | |
6.125%, 10-1-24 | | | 8,071 | | | | 7,945 | |
9.000%, 4-1-25 (G) | | | 1,481 | | | | 1,604 | |
Comstock Resources, Inc.: | | | | | | | | |
6.750%, 3-1-29 (G) | | | 17,116 | | | | 18,507 | |
5.875%, 1-15-30 (G) | | | 8,866 | | | | 9,233 | |
CVR Energy, Inc., | | | | | | | | |
5.250%, 2-15-25 (G) | | | 7,113 | | | | 7,053 | |
PBF Holding Co. LLC, | | | | | | | | |
9.250%, 5-15-25 (G) | | | 33,323 | | | | 31,619 | |
| | | | | | | | |
| | | | | | | 75,961 | |
| | | | | | | | |
| �� |
Oil & Gas Storage & Transportation – 0.6% | |
Crestwood Midstream Partners L.P.: | | | | | | | | |
5.750%, 4-1-25 | | | 3,691 | | | | 3,774 | |
5.625%, 5-1-27 (G) | | | 7,419 | | | | 7,645 | |
6.000%, 2-1-29 (G) | | | 1,476 | | | | 1,546 | |
Hess Midstream Operations L.P., | | | | | | | | |
4.250%, 2-15-30 (G) | | | 2,955 | | | | 2,992 | |
Rattler Midstream L.P., | | | | | | | | |
5.625%, 7-15-25 (G) | | | 7,438 | | | | 7,755 | |
| | | | | | | | |
| | | | | | | 23,712 | |
| | | | | | | | |
| |
Total Energy – 6.5% | | | | 264,837 | |
Financials | |
| |
Insurance Brokers – 3.0% | |
Ardonagh Midco 2 plc, | | | | | | | | |
11.500%, 1-15-27 (G)(H) | | | 35,975 | | | | 39,429 | |
NFP Corp., | | | | | | | | |
6.875%, 8-15-28 (G) | | | 81,065 | | | | 82,882 | |
| | | | | | | | |
| | | | | | | 122,311 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 0.5% | |
INTL FCStone, Inc., | | | | | | | | |
8.625%, 6-15-25 (G) | | | 18,625 | | | | 20,045 | |
| | | | | | | | |
Property & Casualty Insurance – 0.5% | | | | | | | | |
Highlands Holdings Bond Issuer Ltd. and Highlands Holdings Bond Co-Issuer, Inc. (7.625% Cash or 8.375% PIK), | | | | | | | | |
7.625%, 10-15-25 (G)(I) | | | 18,483 | | | | 19,651 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
| |
Specialized Finance – 1.8% | |
BCPE Cycle Merger Sub II, Inc., | | | | | | | | |
10.625%, 7-15-27 (G) | | $ | 38,595 | | | $ | 41,070 | |
Compass Group Diversified Holdings LLC, | | | | | | | | |
5.250%, 4-15-29 (G) | | | 29,618 | | | | 31,025 | |
| | | | | | | | |
| | | | | | | 72,095 | |
| | | | | | | | |
| |
Thrifts & Mortgage Finance – 0.7% | |
Provident Funding Associates L.P. and PFG Finance Corp., | | | | | | | | |
6.375%, 6-15-25 (G) | | | 29,262 | | | | 29,821 | |
| | | | | | | | |
| |
Total Financials – 6.5% | | | | 263,923 | |
Health Care | |
| |
Health Care Services – 0.6% | |
Heartland Dental LLC, | | | | | | | | |
8.500%, 5-1-26 (G) | | | 8,941 | | | | 9,276 | |
ModivCare Escrow Issuer, Inc., | | | | | | | | |
5.000%, 10-1-29 (G) | | | 15,698 | | | | 16,292 | |
| | | | | | | | |
| | | | | | | 25,568 | |
| | | | | | | | |
| |
Health Care Supplies – 0.8% | |
Mozart Debt Merger Sub, Inc.: | | | | | | | | |
3.875%, 4-1-29 (G) | | | 29,498 | | | | 29,498 | |
5.250%, 10-1-29 (G) | | | 3,924 | | | | 3,924 | |
| | | | | | | | |
| | | | | | | 33,422 | |
| | | | | | | | |
| |
Pharmaceuticals – 1.0% | |
P&L Development LLC and PLD Finance Corp., | | | | | | | | |
7.750%, 11-15-25 (G) | | | 22,970 | | | | 23,895 | |
Par Pharmaceutical, Inc., | | | | | | | | |
7.500%, 4-1-27 (G) | | | 16,977 | | | | 17,318 | |
| | | | | | | | |
| | | | | | | 41,213 | |
| | | | | | | | |
| |
Total Health Care – 2.4% | | | | 100,203 | |
Industrials | |
| |
Aerospace & Defense – 3.1% | |
TransDigm, Inc. (GTD by TransDigm Group, Inc.): | | | | | | | | |
5.500%, 11-15-27 | | | 37,552 | | | | 38,634 | |
4.625%, 1-15-29 | | | 7,388 | | | | 7,388 | |
Wolverine Escrow LLC: | | | | | | | | |
8.500%, 11-15-24 (G)(H) | | | 32,771 | | | | 30,518 | |
9.000%, 11-15-26 (G) | | | 50,404 | | | | 46,624 | |
13.125%, 11-15-27 (G) | | | 4,540 | | | | 3,030 | |
| | | | | | | | |
| | | | | | | 126,194 | |
| | | | | | | | |
| |
Building Products – 0.3% | |
CP Atlas Buyer, Inc., | | | | | | | | |
7.000%, 12-1-28 (G) | | | 5,339 | | | | 5,360 | |
Park River Holdings, Inc., | | | | | | | | |
5.625%, 2-1-29 (G) | | | 4,772 | | | | 4,630 | |
| | | | | | | | |
| | | | | | | 9,990 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
| |
Diversified Support Services – 1.3% | |
Ahern Rentals, Inc., | | | | | | | | |
7.375%, 5-15-23 (G) | | $ | 20,526 | | | $ | 19,705 | |
Deluxe Corp., | | | | | | | | |
8.000%, 6-1-29 (G) | | | 9,665 | | | | 10,112 | |
Nesco Holdings II, Inc., | | | | | | | | |
5.500%, 4-15-29 (G) | | | 22,390 | | | | 23,251 | |
| | | | | | | | |
| | | | | | | 53,068 | |
| | | | | | | | |
| |
Security & Alarm Services – 0.3% | |
Prime Security Services Borrower LLC and Prime Finance, Inc., | | | | | | | | |
6.250%, 1-15-28 (G) | | | 11,319 | | | | 11,717 | |
| | | | | | | | |
| |
Total Industrials – 5.0% | | | | 200,969 | |
Information Technology | |
| |
Application Software – 2.1% | |
J2 Global, Inc., | | | | | | | | |
4.625%, 10-15-30 (G) | | | 4,444 | | | | 4,727 | |
Kronos Acquisition Holdings, Inc. and KIK Custom Products, Inc.: | | | | | | | | |
5.000%, 12-31-26 (G) | | | 11,043 | | | | 11,043 | |
7.000%, 12-31-27 (G) | | | 4,357 | | | | 4,182 | |
NCR Corp.: | | | | | | | | |
5.750%, 9-1-27 (G) | | | 4,162 | | | | 4,397 | |
5.000%, 10-1-28 (G) | | | 11,115 | | | | 11,371 | |
5.125%, 4-15-29 (G) | | | 40,980 | | | | 42,312 | |
6.125%, 9-1-29 (G) | | | 5,323 | | | | 5,782 | |
5.250%, 10-1-30 (G) | | | 3,706 | | | | 3,892 | |
| | | | | | | | |
| | | | | | | 87,706 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 0.1% | |
MoneyGram International, Inc., | | | | | | | | |
5.375%, 8-1-26 (G) | | | 3,696 | | | | 3,756 | |
| | | | | | | | |
Internet Services & Infrastructure – 0.3% | | | | | |
Consensus Cloud Solutions, Inc.: | | | | | | | | |
6.000%, 10-15-26 (G) | | | 3,687 | | | | 3,798 | |
6.500%, 10-15-28 (G) | | | 8,850 | | | | 9,206 | |
| | | | | | | | |
| | | | | | | 13,004 | |
| | | | | | | | |
| |
IT Consulting & Other Services – 0.2% | |
Sabre GLBL, Inc. (GTD by Sabre Holdings Corp.): | | | | | | | | |
9.250%, 4-15-25 (G) | | | 3,740 | | | | 4,328 | |
7.375%, 9-1-25 (G) | | | 1,481 | | | | 1,580 | |
| | | | | | | | |
| | | | | | | 5,908 | |
| | | | | | | | |
| |
Technology Hardware, Storage & Peripherals – 0.3% | |
Brightstar Escrow Corp., | | | | | | | | |
9.750%, 10-15-25 (G) | | | 10,168 | | | | 10,918 | |
| | | | | | | | |
| |
Total Information Technology – 3.0% | | | | 121,292 | |
Materials | |
| |
Commodity Chemicals – 0.9% | |
LSF9 Atlantis Holdings LLC and Victra Finance Corp., | | | | | | | | |
7.750%, 2-15-26 (G) | | | 18,454 | | | | 19,161 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 39 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
| |
Commodity Chemicals (Continued) | |
NOVA Chemicals Corp.: | | | | | | | | |
5.250%, 6-1-27 (G) | | $ | 10,218 | | | $ | 10,748 | |
4.250%, 5-15-29 (G) | | | 7,422 | | | | 7,431 | |
| | | | | | | | |
| | | | | | | 37,340 | |
| | | | | | | | |
| |
Metal & Glass Containers – 0.3% | |
ARD Finance S.A. (6.500% Cash or 7.250% PIK), | | | | | | | | |
6.500%, 6-30-27 (G)(I) | | | 11,358 | | | | 12,080 | |
| | | | | | | | |
| |
Total Materials – 1.2% | | | | 49,420 | |
Real Estate | |
| |
Specialized REITs – 0.0% | |
Uniti Group L.P., Uniti Group Finance 2019, Inc. and CSL Capital LLC (GTD by Uniti Group, Inc.), | | | | | | | | |
4.750%, 4-15-28 (G) | | | 1,859 | | | | 1,901 | |
| | | | | | | | |
| |
Total Real Estate – 0.0% | | | | 1,901 | |
| |
TOTAL CORPORATE DEBT SECURITIES – 60.2% | | | $ | 2,465,092 | |
(Cost: $2,458,493) | |
| | |
| LOANS(J) | | | | | | |
Communication Services | |
| |
Advertising – 1.0% | |
Advantage Sales & Marketing, Inc. (1-Month ICE LIBOR plus 525 bps), | | | | | | | | |
6.000%, 10-28-27 | | | 1 | | | | 1 | |
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 525 bps), | | | | | | | | |
6.000%, 10-28-27 | | | 39,944 | | | | 40,218 | |
| | | | | | | | |
| | | | | | | 40,219 | |
| | | | | | | | |
| |
Broadcasting – 0.9% | |
Clear Channel Outdoor Holdings, Inc. (ICE LIBOR plus 350 bps), | | | | | | | | |
3.629%, 8-21-26 | | | 35,784 | | | | 35,096 | |
| | | | | | | | |
| |
Cable & Satellite – 0.5% | |
DIRECTV Financing LLC (1-Month ICE LIBOR plus 500 bps), | | | | | | | | |
5.750%, 7-22-27 | | | 20,694 | | | | 20,735 | |
| | | | | | | | |
| |
Integrated Telecommunication Services – 1.8% | |
West Corp. (3-Month ICE LIBOR plus 400 bps), | | | | | | | | |
5.000%, 10-10-24 | | | 67,912 | | | | 67,015 | |
Windstream Services LLC (ICE LIBOR plus 625 bps), | | | | | | | | |
7.250%, 9-21-27 | | | 6,778 | | | | 6,815 | |
| | | | | | | | |
| | | | | | | 73,830 | |
| | | | | | | | |
| | | | | | | | |
| LOANS(J) (Continued) | | Principal | | | Value | |
| |
Wireless Telecommunication Service – 0.4% | |
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps), | | | | | | | | |
3.430%, 5-27-24 | | $ | 15,152 | | | $ | 14,665 | |
| | | | | | | | |
| |
Total Communication Services – 4.6% | | | | 184,545 | |
Consumer Discretionary | |
| |
Apparel Retail – 0.6% | |
Torrid LLC (1-Month ICE LIBOR plus 550 bps), | | | | | | | | |
6.250%, 6-14-28 (C) | | | 23,192 | | | | 23,337 | |
| | | | | | | | |
| |
Casinos & Gaming – 0.1% | |
New Cotai LLC (14.000% Cash or 14.000% PIK), | | | | | | | | |
14.000%, 9-10-25 (B)(D)(I) | | | 6,125 | | | | 6,061 | |
| | | | | | | | |
| |
Homefurnishing Retail – 0.4% | |
Ambience Merger Sub, Inc. (1-Month ICE LIBOR plus 425 bps), | | | | | | | | |
4.750%, 6-25-28 | | | 14,803 | | | | 14,816 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 0.5% | |
CNT Holdings I Corp. (ICE LIBOR plus 375 bps), | | | | | | | | |
4.500%, 11-8-27 | | | 9,205 | | | | 9,222 | |
CNT Holdings I Corp. (ICE LIBOR plus 675 bps), | | | | | | | | |
7.500%, 11-6-28 | | | 9,822 | | | | 10,018 | |
| | | | | | | | |
| | | | | | | 19,240 | |
| | | | | | | | |
| |
Leisure Facilities – 0.7% | |
United PF Holdings LLC (ICE LIBOR plus 400 bps), | | | | | | | | |
4.132%, 12-30-26 | | | 24,094 | | | | 23,461 | |
United PF Holdings LLC (ICE LIBOR plus 850 bps), | | | | | | | | |
9.500%, 11-12-26 (C) | | | 5,078 | | | | 5,103 | |
| | | | | | | | |
| | | | | | | 28,564 | |
| | | | | | | | |
| |
Leisure Products – 0.5% | |
MajorDrive Holdings IV LLC (1-Month ICE LIBOR plus 400 bps), | | | | | | | | |
4.500%, 6-1-28 | | | 18,243 | | | | 18,303 | |
| | | | | | | | |
| |
Specialty Stores – 3.3% | |
Bass Pro Group LLC (ICE LIBOR plus 425 bps), | | | | | | | | |
5.000%, 3-5-28 | | | 3,183 | | | | 3,203 | |
Jo-Ann Stores, Inc. (1-Month ICE LIBOR plus 475 bps), | | | | | | | | |
5.500%, 6-30-28 | | | 39,962 | | | | 38,988 | |
Michaels Cos., Inc. (The) (1-Month ICE LIBOR plus 425 bps), | | | | | | | | |
5.000%, 4-15-28 | | | 14,820 | | | | 14,856 | |
PetSmart, Inc. (ICE LIBOR plus 375 bps), | | | | | | | | |
4.500%, 2-12-28 | | | 35,003 | | | | 35,134 | |
Staples, Inc. (ICE LIBOR plus 500 bps), | | | | | | | | |
5.126%, 4-12-26 | | | 33,641 | | | | 32,173 | |
| | | | | | | | |
| LOANS(J) (Continued) | | Principal | | | Value | |
| |
Specialty Stores (Continued) | |
Woof Holdings LLC (1-Month ICE LIBOR plus 725 bps), | | | | | | | | |
8.000%, 12-21-28 | | $ | 2,674 | | | $ | 2,713 | |
Woof Holdings LLC (ICE LIBOR plus 375 bps), | | | | | | | | |
4.500%, 12-21-27 | | | 4,302 | | | | 4,317 | |
| | | | | | | | |
| | | | | | | 131,384 | |
| | | | | | | | |
| |
Textiles – 0.6% | |
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps), | | | | | | | | |
4.334%, 6-15-25 | | | 24,644 | | | | 24,669 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 6.7% | | | | 266,374 | |
Energy | |
| |
Coal & Consumable Fuels – 0.3% | |
Foresight Energy LLC (ICE LIBOR plus 800 bps), | | | | | | | | |
9.500%, 6-29-27 (B)(D) | | | 7,730 | | | | 7,730 | |
Westmoreland Mining Holdings LLC (15.000% Cash or 15.000% PIK), | | | | | | | | |
15.000%, 3-15-29 (I) | | | 17,976 | | | | 3,730 | |
| | | | | | | | |
| | | | | | | 11,460 | |
| | | | | | | | |
| |
Oil & Gas Equipment & Services – 0.3% | |
Larchmont Resources LLC (9.000% Cash or 9.000% PIK), | | | | | | | | |
9.000%, 8-7-22 (B)(C)(I) | | | 13,842 | | | | 13,150 | |
| | | | | | | | |
| |
Oil & Gas Exploration & Production – 0.2% | |
Ascent Resources Utica Holdings LLC, | | | | | | | | |
0.000%, 11-1-25 (M) | | | 2,213 | | | | 2,435 | |
Ascent Resources Utica Holdings LLC (1-Month ICE LIBOR plus 900 bps), | | | | | | | | |
10.000%, 11-1-25 | | | 3,437 | | | | 3,782 | |
| | | | | | | | |
| | | | | | | 6,217 | |
| | | | | | | | |
| |
Oil & Gas Storage & Transportation – 0.6% | |
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps), | | | | | | | | |
5.121%, 3-1-26 | | | 31,753 | | | | 24,033 | |
| | | | | | | | |
| |
Total Energy – 1.4% | | | | 54,860 | |
Financials | |
| |
Asset Management & Custody Banks – 0.7% | |
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps), | | | | | | | | |
6.834%, 7-20-26 | | | 30,014 | | | | 30,333 | |
| | | | | | | | |
Insurance Brokers – 0.8% | | | | | | | | |
Navacord Corp., | | | | | | | | |
0.000%, 3-16-29 (C)(M)(N) | | | CAD1,225 | | | | 970 | |
Navacord Corp. (1-Month Canadian Bankers Acceptances plus 425 bps), | | | | | | | | |
5.000%, 3-16-28 (C)(N) | | | 5,473 | | | | 4,370 | |
| | | | | | |
| 40 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| LOANS(J) (Continued) | | Principal | | | Value | |
| |
Insurance Brokers (Continued) | |
Navacord Corp. (1-Month CDOR plus 425 bps), | | | | | | | | |
5.000%, 3-16-28 (C)(N) | | | CAD24,091 | | | $ | 19,234 | |
Navacord Corp. (1-Month CDOR plus 750 bps), | | | | | | | | |
8.000%, 3-16-29 (C)(N) | | | 12,183 | | | | 9,642 | |
| | | | | | | | |
| | | | | | | 34,216 | |
| | | | | | | | |
| |
Property & Casualty Insurance – 0.9% | |
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps), | | | | | | | | |
4.584%, 2-28-25 | | $ | 36,572 | | | | 36,572 | |
| | | | | | | | |
| |
Specialized Finance – 1.0% | |
Gulf Finance LLC (ICE LIBOR plus 525 bps), | | | | | | | | |
6.250%, 8-25-23 | | | 32,704 | | | | 31,525 | |
Lealand Finance Co. B.V., | | | | | | | | |
0.000%, 6-30-24(C)(M) | | | 123 | | | | 73 | |
Lealand Finance Co. B.V. (ICE LIBOR plus 300 bps), | | | | | | | | |
3.085%, 6-30-24 (C) | | | 441 | | | | 265 | |
Sunset Debt Merger Sub, Inc., | | | | | | | | |
0.000%, 9-17-28(C)(M) | | | 7,375 | | | | 7,329 | |
| | | | | | | | |
| | | | | | | 39,192 | |
| | | | | | | | |
| |
Total Financials - 3.4% | | | | 140,313 | |
Health Care | |
| |
Health Care Facilities – 0.2% | |
Surgery Center Holdings, Inc. (1-Month ICE LIBOR plus 375 bps), | | | | | | | | |
4.500%, 8-31-26 | | | 5,465 | | | | 5,480 | |
| | | | | | | | |
| |
Health Care Services – 1.8% | |
Heartland Dental LLC (ICE LIBOR plus 375 bps), | | | | | | | | |
3.584%, 4-30-25 | | | 22,210 | | | | 22,060 | |
U.S. Renal Care, Inc. (3-Month ICE LIBOR plus 500 bps), | | | | | | | | |
5.125%, 7-26-26 | | | 50,433 | | | | 50,410 | |
| | | | | | | | |
| | | | | | | 72,470 | |
| | | | | | | | |
| |
Total Health Care – 2.0% | | | | 77,950 | |
Industrials | |
| |
Building Products – 0.5% | |
CP Atlas Buyer, Inc. (ICE LIBOR plus 375 bps), | | | | | | | | |
4.250%, 11-23-27 | | | 21,689 | | | | 21,663 | |
| | | | | | | | |
| |
Construction & Engineering – 0.2% | |
WaterBridge Midstream Operating LLC (3-Month ICE LIBOR plus 575 bps), | | | | | | | | |
6.750%, 6-21-26 | | | 9,455 | | | | 9,248 | |
| | | | | | | | |
| |
Industrial Conglomerates – 1.8% | |
PAE Holding Corp. (ICE LIBOR plus 450 bps), | | | | | | | | |
5.250%, 10-19-27 | | | 73,620 | | | | 73,657 | |
| | | | | | | | |
| | | | | | | | |
| LOANS(J) (Continued) | | Principal | | | Value | |
| |
Industrial Machinery – 1.3% | |
Form Technologies LLC (ICE LIBOR plus 475 bps), | | | | | | | | |
5.750%, 7-22-25(C) | | $ | 55,868 | | | $ | 56,148 | |
| | | | | | | | |
| |
Research & Consulting Services – 0.2% | |
Ankura Consulting Group LLC (ICE LIBOR plus 450 bps), | | | | | | | | |
5.250%, 3-17-28 | | | 7,403 | | | | 7,431 | |
| | | | | | | | |
| |
Total Industrials - 4.0% | | | | 168,147 | |
Information Technology | | | | | | | | |
| |
Application Software – 0.5% | |
Applied Systems, Inc. (ICE LIBOR plus 550 bps), | | | | | | | | |
6.250%, 9-19-25 | | | 19,434 | | | | 19,746 | |
| | | | | | | | |
Communications Equipment – 1.2% | | | | | | | | |
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps): | | | | | | | | |
0.000%, 11-30-25 (M) | | | 6,270 | | | | 5,718 | |
4.583%, 11-30-25 | | | 35,961 | | | | 32,795 | |
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps), | | | | | | | | |
8.833%, 11-30-26 | | | 16,995 | | | | 11,062 | |
| | | | | | | | |
| | | | | | | 49,575 | |
| | | | | | | | |
| | |
Data Processing & Outsourced Services – 1.5% | | | | | | | | |
CommerceHub, Inc. (1-Month ICE LIBOR plus 475 bps), | | | | | | | | |
7.750%, 12-2-28 (C) | | | 15,289 | | | | 15,633 | |
CommerceHub, Inc. (ICE LIBOR plus 400 bps), | | | | | | | | |
4.750%, 12-2-27 | | | 14,315 | | | | 14,360 | |
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 325 bps), | | | | | | | | |
4.000%, 5-1-24 | | | 24,105 | | | | 23,962 | |
MoneyGram International, Inc., | | | | | | | | |
0.000%, 7-14-26 (M) | | | 5,913 | | | | 5,920 | |
| | | | | | | | |
| | | | | | | 59,875 | |
| | | | | | | | |
| | |
Internet Services & Infrastructure – 0.2% | | | | | | | | |
Informatica LLC, | | | | | | | | |
7.125%, 2-25-25 | | | 8,501 | | | | 8,639 | |
| | | | | | | | |
| |
IT Consulting & Other Services – 1.2% | |
Gainwell Acquisition Corp. (ICE LIBOR plus 400 bps), | | | | | | | | |
4.750%, 10-1-27 | | | 37,695 | | | | 37,836 | |
Ivanti Software, Inc. (1-Month ICE LIBOR plus 400 bps), | | | | | | | | |
4.750%, 12-1-27 | | | 3,581 | | | | 3,595 | |
Ivanti Software, Inc. (1-Month U.S. LIBOR plus 475 bps), | | | | | | | | |
5.750%, 12-1-27 | | | 8,682 | | | | 8,718 | |
| | | | | | | | |
| | | | | | | 50,149 | |
| | | | | | | | |
| |
Total Information Technology – 4.6% | | | | 187,984 | |
| | | | | | | | |
| LOANS(J) (Continued) | | Principal | | | Value | |
Materials | |
| |
Commodity Chemicals – 0.4% | |
ASP Unifrax Holdings, Inc. (1-Month ICE LIBOR plus 375 bps), | | | | | | | | |
| | |
3.882%, 12-14-25 | | $ | 14,672 | | | $ | 14,520 | |
| | | | | | | | |
| |
Specialty Chemicals – 0.1% | |
NIC Acquisition Corp. (1-Month ICE LIBOR plus 375 bps), | | | | | | | | |
4.500%, 12-29-27 | | | 3,674 | | | | 3,667 | |
NIC Acquisition Corp. (1-Month ICE LIBOR plus 775 bps), | | | | | | | | |
8.500%, 12-29-28 (C) | | | 2,354 | | | | 2,366 | |
| | | | | | | | |
| | | | | | | 6,033 | |
| | | | | | | | |
Total Materials - 0.5% | | | | | | | 20,553 | |
| | | | | | | | |
| |
TOTAL LOANS – 27.2% | | | $ | 1,100,726 | |
(Cost: $1,124,386) | |
| | |
| SHORT-TERM SECURITIES | | Shares | | | | |
Money Market Funds(P) - 5.4% | |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, | | | | | | | | |
0.010% (O) | | | 35,335 | | | | 35,335 | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, | | | | | | | | |
0.030% | | | 187,187 | | | | 187,186 | |
| | | | | | | | |
| | | | | | | 222,521 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 5.4% | | | $ | 222,521 | |
(Cost: $222,521) | |
| |
TOTAL INVESTMENT SECURITIES – 100.4% | | | $ | 4,102,039 | |
(Cost: $4,317,037) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS(Q)(R) – (0.4)% | | | | (18,196 | ) |
| |
NET ASSETS – 100.0% | | | $ | 4,083,843 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 41 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| * | Not shown due to rounding. |
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities. |
| (C) | Securities whose value was determined using significant unobservable inputs. |
| (D) | Restricted securities. At September 30, 2021, the Fund owned the following restricted securities: |
| | | | | | | | | | | | | | | | |
| Security | | Acquisition Date(s) | | | Shares | | | Cost | | | Value | |
ASG Warrant Corp. | | | 5-31-18 | | | | 20 | | | $ | 1,206 | | | $ | – | * |
BIS Industries Ltd. | | | 12-22-17 | | | | 19,683 | | | | 1,853 | | | | – | * |
Foresight Energy L.P. | | | 6-30-20 | | | | 1,117 | | | | 21,918 | | | | 23,622 | |
Larchmont Resources LLC | | | 12-8-16 | | | | 18 | | | | 6,189 | | | | 24 | |
Maritime Finance Co. Ltd. | | | 9-19-13 | | | | 1,750 | | | | 25,496 | | | | 4,862 | |
New Cotai Participation Corp., Class B | | | 9-29-20 | | | | 20,316 | | | | 194,452 | | | | 43,650 | |
Sabine Oil & Gas Corp. | | | 12-7-16 | | | | 5 | | | | 232 | | | | 15 | |
Studio City International Holdings Ltd. ADR | | | 8-5-20 | | | | 934 | | | | 14,538 | | | | 7,633 | |
Targa Resources Corp., 9.500% | | | 10-24-17 | | | | 47 | | | | 52,454 | | | | 50,626 | |
| | | | |
| | | | | | Principal | | | | | | | |
Foresight Energy LLC (ICE LIBOR plus 800 bps), 9.500%, 6-29-27 | | | 12-31-20 | | | $ | 7,730 | | | | 7,730 | | | | 7,730 | |
New Cotai LLC (14.000% Cash or 14.000% PIK), 14.000%, 9-10-25 | | | 9-10-20 to 3-16-21 | | | $ | 6,125 | | | | 6,125 | | | | 6,061 | |
| | | | | | | | | | | | |
| | | | | | | | | | $ | 332,193 | | | $ | 144,223 | |
| | | | | | | | | | | | |
| The | total value of these securities represented 3.5% of net assets at September 30, 2021. |
| (E) | Listed on an exchange outside the United States. |
| (F) | Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. |
| (G) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $2,215,786 or 54.3% of net assets. |
| (H) | All or a portion of securities with an aggregate value of $43,577 are on loan. |
| (I) | Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates. |
| (J) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Description of the reference rate and spread, if applicable, are included in the security description. |
| (K) | Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy. |
| (L) | Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2021. |
| (M) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
| (N) | Principal amounts are denominated in the indicated foreign currency, where applicable (CAD - Canadian Dollar). |
| (O) | Investment made with cash collateral received from securities on loan. |
| (P) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (Q) | Cash of $350 has been pledged as collateral on OTC forward foreign currency contracts. |
| (R) | Cash of $191 has been pledged as collateral on open futures contracts. |
The following forward foreign currency contracts were outstanding at September 30, 2021:
| | | | | | | | | | | | | | | | | | | | | | |
| | | Currency to be
Delivered | | | | | Currency to be
Received | | | Settlement
Date | | Counterparty | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| Canadian Dollar | | | 43,392 | | | U.S. Dollar | | | 33,856 | | | 11-19-21 | | Morgan Stanley International | | $ | — | | | $ | 400 | |
| | | | | | |
| 42 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
The following futures contracts were outstanding at September 30, 2021 (contracts unrounded):
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Type | | | Number of
Contracts | | | Expiration Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation | |
U.S. Treasury Long Bond | | | Short | | | | 25 | | | | 12-21-21 | | | | 2,500 | | | $ | (3,980 | ) | | $ | 106 | |
U.S. Treasury Ultra Long Bond | | | Short | | | | 16 | | | | 12-21-21 | | | | 1,600 | | | | (3,057 | ) | | | 112 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (7,037 | ) | | $ | 218 | |
| | | | | | | | | | | | | | | | |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | 52,581 | | | $ | — | | | $ | — | |
Consumer Discretionary | | | 112,946 | | | | — | | | | 52,547 | |
Consumer Staples | | | — | | | | — | | | | — | * |
Energy | | | — | | | | 13,982 | | | | 23,622 | |
Financials | | | — | | | | — | | | | 4,862 | |
Industrials | | | — | | | | — | | | | — | * |
Total Common Stocks | | $ | 165,527 | | | $ | 13,982 | | | $ | 81,031 | |
Preferred Stocks | | | — | | | | 52,677 | | | | — | |
Warrants | | | 483 | | | | — | | | | — | |
Corporate Debt Securities | | | — | | | | 2,465,092 | | | | — | |
Loans | | | — | | | | 943,106 | | | | 157,620 | |
Short-Term Securities | | | 222,521 | | | | — | | | | — | |
Total | | $ | 388,531 | | | $ | 3,474,857 | | | $ | 238,651 | |
Futures Contracts | | $ | 218 | | | $ | — | | | $ | — | |
| | | |
Liabilities | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | — | | | $ | 400 | | | $ | — | |
The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
| | | | | | | | | | | | |
| | | Common
Stocks | | | Corporate
Debt | | | Loans | |
Beginning Balance 4-1-21 | | $ | 113,060 | | | $ | — | * | | $ | 66,444 | |
Net realized gain (loss) | | | (26,641 | ) | | | — | | | | (19 | ) |
Net change in unrealized appreciation (depreciation) | | | 6,096 | | | | — | | | | 8,058 | |
Purchases | | | — | | | | — | | | | 63,426 | |
Sales | | | — | | | | — | * | | | (2,630 | ) |
Amortization/Accretion of premium/discount | | | — | | | | — | | | | 60 | |
Transfers into Level 3 during the period | | | — | | | | — | | | | 46,913 | |
Transfers out of Level 3 during the period | | | (11,484 | ) | | | — | | | | (24,632 | ) |
Ending Balance 9-30-21 | | $ | 81,031 | | | $ | — | | | $ | 157,620 | |
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-21 | | $ | (20,545 | ) | | $ | — | | | $ | 8,416 | |
Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 43 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Information about Level 3 fair value measurements:
| | | | | | | | | | | | |
| | | Fair Value
at 9-30-21 | | | Valuation Technique(s) | | Unobservable Input(s) | | Input
Value(s) | |
Assets | | | | | | | | | | | | |
| | | | |
Common Stocks | | $ | 4,862 | | | Market approach | | Adjusted book value multiple | | | 1.00x | |
| | | 8,897 | | | Market approach | | Revenue multiple | | | 0.67x | |
| | | | | | | | EBITDA multiple | | | 4.62x | |
| | | 23,622 | | | Market approach | | Illiquidity discount | | | 30.00% | |
| | | 43,650 | | | Market approach | | Financials | | | N/A | |
| | | | | | | | Premium | | | 20.00% | |
| | | | |
Loans | | | 157,620 | | | Third-party valuation pricing service | | Broker quotes | | | N/A | |
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
GTD = Guaranteed
ICE = Intercontinental Exchange
LIBOR = London Interbank Offered Rate
PIK = Payment in Kind
See Accompanying Notes to Financial Statements.
| | | | | | |
| 44 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY INTERNATIONAL CORE EQUITY FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 97.6% | |
Consumer Discretionary | | | 16.7% | |
Industrials | | | 15.5% | |
Financials | | | 15.2% | |
Health Care | | | 13.7% | |
Consumer Staples | | | 11.1% | |
Energy | | | 9.2% | |
Materials | | | 5.7% | |
Information Technology | | | 5.4% | |
Communication Services | | | 3.1% | |
Utilities | | | 2.0% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 2.4% | |
Country Weightings
| | | | |
Europe | | | 62.1% | |
France | | | 15.0% | |
United Kingdom | | | 14.7% | |
Germany | | | 14.5% | |
Netherlands | | | 7.3% | |
Other Europe | | | 10.6% | |
Pacific Basin | | | 22.7% | |
Japan | | | 15.8% | |
Other Pacific Basin | | | 6.9% | |
North America | | | 9.8% | |
Canada | | | 6.2% | |
Other North America | | | 3.6% | |
South America | | | 1.9% | |
Africa | | | 1.1% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 2.4% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Merck KGaA | | Germany | | Health Care | | Pharmaceuticals |
Airbus SE | | France | | Industrials | | Aerospace & Defense |
GlaxoSmithKline plc | | United Kingdom | | Health Care | | Pharmaceuticals |
Carrefour S.A. | | France | | Consumer Staples | | Hypermarkets & Super Centers |
TotalEnergies SE | | France | | Energy | | Integrated Oil & Gas |
Tokio Marine Holdings, Inc. | | Japan | | Financials | | Property & Casualty Insurance |
Banco Bilbao Vizcaya Argentaria S.A. | | Spain | | Financials | | Diversified Banks |
Schneider Electric S.A. | | France | | Industrials | | Electrical Components & Equipment |
WPP Group plc | | United Kingdom | | Communication Services | | Advertising |
Technip-Coflexip | | United Kingdom | | Energy | | Oil & Gas Equipment & Services |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy International Core Equity Fund changed to Delaware Ivy International Core Equity Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 45 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY INTERNATIONAL CORE EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Australia | |
| |
Materials – 1.3% | |
Newcrest Mining Ltd. | | | 1,827 | | | $ | 30,280 | |
| | | | | | | | |
| |
Total Australia - 1.3% | | | $ | 30,280 | |
Brazil | | | | | | | | |
| | |
Consumer Staples – 0.8% | | | | | | | | |
Ambev S.A. | | | 6,207 | | | | 17,473 | |
| | | | | | | | |
| | |
Financials – 1.1% | | | | | | | | |
Banco Bradesco S.A. | | | 6,593 | | | | 25,181 | |
| | | | | | | | |
| |
Total Brazil - 1.9% | | | $ | 42,654 | |
Canada | | | | | | | | |
| | |
Consumer Discretionary – 2.6% | | | | | | | | |
Canada Goose Holdings, Inc. (A) | | | 961 | | | | 34,291 | |
Dollarama, Inc. | | | 592 | | | | 25,665 | |
| | | | | | | | |
| | | | | | | 59,956 | |
| | | | | | | | |
| | |
Energy – 1.3% | | | | | | | | |
Suncor Energy, Inc. | | | 1,504 | | | | 31,177 | |
| | | | | | | | |
| | |
Industrials – 1.3% | | | | | | | | |
Canadian Pacific Railway Ltd. | | | 465 | | | | 30,358 | |
| | | | | | | | |
| | |
Materials – 1.0% | | | | | | | | |
Teck Cominco Ltd. | | | 977 | | | | 24,322 | |
| | | | | | | | |
| |
Total Canada - 6.2% | | | $ | 145,813 | |
China | | | | | | | | |
| | |
Financials – 0.5% | | | | | | | | |
China International Capital Corp. Ltd., H Shares | | | 4,312 | | | | 11,271 | |
| | | | | | | | |
| |
Total China - 0.5% | | | $ | 11,271 | |
Denmark | | | | | | | | |
| | |
Health Care – 1.4% | | | | | | | | |
Genmab A.S. (A) | | | 77 | | | | 33,520 | |
| | | | | | | | |
| | |
Industrials – 1.1% | | | | | | | | |
A.P. Moller - Maersk A/S | | | 6 | | | | 17,030 | |
A.P. Moller - Maersk A/S, Class A | | | 4 | | | | 9,079 | |
| | | | | | | | |
| | | | | | | 26,109 | |
| | | | | | | | |
| |
Total Denmark - 2.5% | | | $ | 59,629 | |
France | | | | | | | | |
| | |
Consumer Discretionary – 1.3% | | | | | | | | |
Compagnie Generale des Etablissements Michelin, Class B | | | 195 | | | | 29,837 | |
| | | | | | | | |
| | |
Consumer Staples – 2.0% | | | | | | | | |
Carrefour S.A. | | | 2,565 | | | | 45,967 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
| | |
Energy – 1.7% | | | | | | | | |
TotalEnergies SE (B) | | | 846 | | | $ | 40,452 | |
| | | | | | | | |
| | |
Financials – 1.4% | | | | | | | | |
BNP Paribas S.A. (B) | | | 507 | | | | 32,460 | |
| | | | | | | | |
| | |
Industrials – 6.2% | | | | | | | | |
Airbus SE | | | 391 | | | | 51,788 | |
Compagnie de Saint-Gobain | | | 355 | | | | 23,902 | |
Schneider Electric S.A. | | | 223 | | | | 37,190 | |
Vinci | | | 309 | | | | 32,133 | |
| | | | | | | | |
| | | | | | | 145,013 | |
| | | | | | | | |
| | |
Information Technology – 1.4% | | | | | | | | |
Cap Gemini S.A. | | | 162 | | | | 33,555 | |
| | | | | | | | |
| | |
Utilities – 1.0% | | | | | | | | |
ENGIE S.A. | | | 1,801 | | | | 23,559 | |
| | | | | | | | |
| |
Total France - 15.0% | | | $ | 350,843 | |
Germany | | | | | | | | |
| | |
Communication Services – 1.0% | | | | | | | | |
Deutsche Telekom AG, Registered Shares | | | 1,231 | | | | 24,688 | |
| | | | | | | | |
| | |
Consumer Discretionary – 2.0% | | | | | | | | |
AUTO1 Group SE (A) | | | 347 | | | | 12,690 | |
Continental AG | | | 308 | | | | 33,467 | |
Vitesco Technologies Group AG (A) | | | — | * | | | — | * |
| | | | | | | | |
| | |
| | | | | | | 46,157 | |
| | | | | | | | |
| | |
Consumer Staples – 1.5% | | | | | | | | |
Beiersdorf Aktiengesellschaft | | | 323 | | | | 34,853 | |
| | | | | | | | |
| | |
Financials – 1.1% | | | | | | | | |
Deutsche Boerse AG | | | 159 | | | | 25,758 | |
| | | | | | | | |
| | |
Health Care – 2.8% | | | | | | | | |
Merck KGaA | | | 302 | | | | 65,437 | |
| | | | | | | | |
| | |
Industrials – 1.5% | | | | | | | | |
Siemens AG | | | 207 | | | | 33,805 | |
| �� | | | | | | | |
| | |
Information Technology – 1.2% | | | | | | | | |
SAP AG | | | 203 | | | | 27,467 | |
| | | | | | | | |
| | |
Materials – 1.3% | | | | | | | | |
HeidelbergCement AG | | | 399 | | | | 29,803 | |
| | | | | | | | |
| | |
Utilities – 1.0% | | | | | | | | |
RWE Aktiengesellschaft | | | 682 | | | | 24,053 | |
| | | | | | | | |
| |
Total Germany - 13.4% | | | $ | 312,021 | |
Hong Kong | | | | | | | | |
| | |
Financials – 1.4% | | | | | | | | |
AIA Group Ltd. | | | 2,974 | | | | 34,218 | |
| | | | | | | | |
| |
Total Hong Kong - 1.4% | | | $ | 34,218 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
India | | | | | | | | |
| | |
Energy – 1.2% | | | | | | | | |
Reliance Industries Ltd. | | | 802 | | | $ | 27,128 | |
| | | | | | | | |
| |
Total India - 1.2% | | | $ | 27,128 | |
Japan | | | | | | | | |
| | |
Consumer Discretionary – 6.2% | | | | | | | | |
Honda Motor Co. Ltd. | | | 993 | | | | 30,526 | |
Ryohin Keikaku Co. Ltd. | | | 1,021 | | | | 22,708 | |
Sekisui House Ltd. | | | 1,370 | | | | 28,679 | |
Subaru Corp. | | | 1,738 | | | | 32,121 | |
Zozo, Inc. | | | 794 | | | | 29,763 | |
| | | | | | | | |
| | |
| | | | | | | 143,797 | |
| | | | | | | | |
| | |
Consumer Staples – 1.5% | | | | | | | | |
Seven & i Holdings Co. Ltd. | | | 791 | | | | 36,005 | |
| | | | | | | | |
| | |
Energy – 1.3% | | | | | | | | |
Inpex Corp. | | | 3,909 | | | | 30,435 | |
| | | | | | | | |
| | |
Financials – 2.9% | | | | | | | | |
ORIX Corp. | | | 1,546 | | | | 28,932 | |
Tokio Marine Holdings, Inc. (B) | | | 722 | | | | 38,708 | |
| | | | | | | | |
| | | | | | | 67,640 | |
| | | | | | | | |
| | |
Health Care – 1.3% | | | | | | | | |
Terumo Corp. | | | 645 | | | | 30,452 | |
| | | | | | | | |
| | |
Industrials – 1.3% | | | | | | | | |
SMC Corp. | | | 50 | | | | 31,177 | |
| | | | | | | | |
| | |
Information Technology – 1.3% | | | | | | | | |
Shimadzu Corp. | | | 673 | | | | 29,542 | |
| | | | | | | | |
| |
Total Japan - 15.8% | | | $ | 369,048 | |
Mexico | | | | | | | | |
| | |
Consumer Staples – 1.5% | | | | | | | | |
Fomento Economico Mexicano S.A.B. de C.V. | | | 398 | | | | 34,504 | |
| | | | | | | | |
| | |
Materials – 1.0% | | | | | | | | |
Fresnillo plc | | | 2,294 | | | | 24,028 | |
| | | | | | | | |
| |
Total Mexico - 2.5% | | | $ | 58,532 | |
Netherlands | | | | | | | | |
| | |
Consumer Discretionary – 2.4% | | | | | | | | |
Prosus N.V. | | | 396 | | | | 31,663 | |
Stellantis N.V. | | | 1,302 | | | | 24,812 | |
| | | | | | | | |
| | | | | | | 56,475 | |
| | | | | | | | |
| | |
Energy – 1.3% | | | | | | | | |
Royal Dutch Shell plc, Class A | | | 1,313 | | | | 29,342 | |
| | | | | | | | |
| | |
Financials – 1.1% | | | | | | | | |
ING Groep N.V., Certicaaten Van Aandelen | | | 1,727 | | | | 25,104 | |
| | | | | | | | |
| | | | | | |
| 46 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY INTERNATIONAL CORE EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
| | |
Health Care – 1.5% | | | | | | | | |
Koninklijke Philips Electronics N.V., Ordinary Shares | | | 778 | | | $ | 34,574 | |
| | | | | | | | |
| | |
Industrials – 1.0% | | | | | | | | |
Randstad Holding N.V. (B) | | | 354 | | | | 23,862 | |
| | | | | | | | |
| |
Total Netherlands - 7.3% | | | $ | 169,357 | |
Norway | | | | | | | | |
| | |
Financials – 1.5% | | | | | | | | |
DNB ASA (A) (B) | | | 1,488 | | | | 33,820 | |
| | | | | | | | |
| |
Total Norway - 1.5% | | | $ | 33,820 | |
South Africa | | | | | | | | |
| | |
Materials – 1.1% | | | | | | | | |
Mondi plc | | | 1,007 | | | | 24,680 | |
| | | | | | | | |
| |
Total South Africa - 1.1% | | | $ | 24,680 | |
South Korea | | | | | | | | |
| | |
Industrials – 1.0% | | | | | | | | |
LG Corp. | | | 310 | | | | 24,104 | |
| | | | | | | | |
| |
Information Technology – 1.5% | |
Samsung Electronics Co. Ltd. | | | 571 | | | | 35,428 | |
| | | | | | | | |
| |
Total South Korea - 2.5% | | | $ | 59,532 | |
Spain | | | | | | | | |
| | |
Financials – 1.6% | | | | | | | | |
Banco Bilbao Vizcaya Argentaria S.A. | | | 5,811 | | | | 38,358 | |
| | | | | | | | |
| |
Total Spain - 1.6% | | | $ | 38,358 | |
Sweden | | | | | | | | |
| | |
Consumer Staples – 1.3% | | | | | | | | |
Svenska Cellulosa Aktiebolaget SCA (publ), Class B | | | 1,004 | | | | 31,128 | |
| | | | | | | | |
| | |
Industrials – 1.0% | | | | | | | | |
Epiroc AB, Class A (A) | | | 734 | | | | 15,259 | |
Epiroc AB, Class B (A) | | | 379 | | | | 6,718 | |
| | | | | | | | |
| | | | | | | 21,977 | |
| | | | | | | | |
| |
Total Sweden - 2.3% | | | $ | 53,105 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Switzerland | | | | | | | | |
| | |
Health Care – 1.6% | | | | | | | | |
Roche Holdings AG, Genusscheine | | | 99 | | | $ | 36,165 | |
| | | | | | | | |
| | |
Industrials – 1.1% | | | | | | | | |
Ferguson plc | | | 188 | | | | 26,073 | |
| | | | | | | | |
| |
Total Switzerland - 2.7% | | | $ | 62,238 | |
United Kingdom | | | | | | | | |
| | |
Communication Services – 2.1% | | | | | | | | |
BT Group plc (A) | | | 5,377 | | | | 11,527 | |
WPP Group plc | | | 2,741 | | | | 36,727 | |
| | | | | | | | |
| | | | | | | 48,254 | |
| | | | | | | | |
| | |
Consumer Discretionary – 1.1% | | | | | | | | |
Persimmon plc | | | 719 | | | | 25,729 | |
| | | | | | | | |
| | |
Consumer Staples – 2.5% | | | | | | | | |
Tesco plc | | | 9,264 | | | | 31,551 | |
Unilever plc | | | 486 | | | | 26,305 | |
| | | | | | | | |
| | | | | | | 57,856 | |
| | | | | | | | |
| | |
Energy – 2.4% | | | | | | | | |
Technip-Coflexip (A) | | | 3,549 | | | | 41,473 | |
TechnipFMC plc (A) | | | 1,842 | | | | 13,869 | |
| | | | | | | | |
| | | | | | | 55,342 | |
| | | | | | | | |
| | |
Financials – 2.6% | | | | | | | | |
Legal & General Group plc | | | 7,281 | | | | 27,356 | |
Prudential plc | | | 1,673 | | | | 32,470 | |
| | | | | | | | |
| | | | | | | 59,826 | |
| | | | | | | | |
| | |
Health Care – 4.0% | | | | | | | | |
AstraZeneca plc | | | 124 | | | | 14,984 | |
AstraZeneca plc ADR | | | 407 | | | | 24,435 | |
GlaxoSmithKline plc | | | 2,600 | | | | 49,078 | |
GlaxoSmithKline plc ADR (B) | | | 136 | | | | 5,192 | |
| | | | | | | | |
| | | | | | | 93,689 | |
| | | | | | | | |
| |
Total United Kingdom - 14.7% | | | $ | 340,696 | |
United States | | | | | | | | |
| | |
Financials – 0.0% | | | | | | | | |
Jackson Financial, Inc., Class A (A) | | | — | * | | | — | * |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Health Care – 1.1% | | | | | | | | |
Ortho Clinical Diagnostics Holdings plc (A) | | | 1,368 | | | $ | 25,286 | |
| | | | | | | | |
| |
Total United States - 1.1% | | | $ | 25,286 | |
| |
TOTAL COMMON STOCKS – 96.5% | | | $ | 2,248,509 | |
(Cost: $1,857,981) | | | | | | | | |
| | |
| PREFERRED STOCKS | | | | | | |
Germany | | | | | | | | |
| | |
Consumer Discretionary – 1.1% | | | | | | | | |
Volkswagen AG, 2.260% | | | 122 | | | | 27,130 | |
| | | | | | | | |
| |
Total Germany - 1.1% | | | $ | 27,130 | |
| |
TOTAL PREFERRED STOCKS – 1.1% | | | $ | 27,130 | |
(Cost: $19,117) | | | | | | | | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds (C) – 3.4% | | | | | | | | |
| | |
State Street Institutional U.S. Government Money Market Fund - Premier Class 0.030% | | | 37,051 | | | | 37,051 | |
| | |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares 0.010% (D) | | | 42,167 | | | | 42,167 | |
| | | | | | | | |
| | | | | | | 79,218 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 3.4% | | | $ | 79,218 | |
(Cost: $79,218) | | | | | | | | |
| |
TOTAL INVESTMENT SECURITIES – 101.0% | | | $ | 2,354,857 | |
(Cost: $1,956,316) | | | | | | | | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.0)% | | | | (23,932 | ) |
| |
NET ASSETS – 100.0% | | | $ | 2,330,925 | |
Notes to Schedule of Investments
* Not shown due to rounding.
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $87,920 are on loan. |
| (C) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (D) | Investment made with cash collateral received from securities on loan. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 47 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY INTERNATIONAL CORE EQUITY FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | — | | | $ | 72,942 | | | $ | — | |
Consumer Discretionary | | | 72,646 | | | | 289,305 | | | | — | |
Consumer Staples | | | 51,977 | | | | 205,809 | | | | — | |
Energy | | | 73,401 | | | | 140,475 | | | | — | |
Financials | | | 25,181 | | | | 328,455 | | | | — | |
Health Care | | | 54,913 | | | | 264,210 | | | | — | |
Industrials | | | 45,617 | | | | 316,861 | | | | — | |
Information Technology | | | — | | | | 125,992 | | | | — | |
Materials | | | 24,322 | | | | 108,791 | | | | — | |
Utilities | | | — | | | | 47,612 | | | | — | |
Total Common Stocks | | $ | 348,057 | | | $ | 1,900,452 | | | $ | — | |
Preferred Stocks | | | — | | | | 27,130 | | | | — | |
Short-Term Securities | | | 79,218 | | | | — | | | | — | |
Total | | $ | 427,275 | | | $ | 1,927,582 | | | $ | — | |
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification
| | | | |
(as a % of net assets) | |
Consumer Discretionary | | | 16.7% | |
Industrials | | | 15.5% | |
Financials | | | 15.2% | |
Health Care | | | 13.7% | |
Consumer Staples | | | 11.1% | |
Energy | | | 9.2% | |
Materials | | | 5.7% | |
Information Technology | | | 5.4% | |
Communication Services | | | 3.1% | |
Utilities | | | 2.0% | |
Other+ | | | 2.4% | |
+ Includes liabilities (net of cash and other assets), and cash equivalents
See Accompanying Notes to Financial Statements.
| | | | | | |
| 48 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY LARGE CAP GROWTH FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 99.7% | |
Information Technology | | | 47.7% | |
Communication Services | | | 13.9% | |
Consumer Discretionary | | | 13.0% | |
Health Care | | | 11.6% | |
Industrials | | | 8.0% | |
Financials | | | 3.3% | |
Consumer Staples | | | 2.2% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.3% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
Microsoft Corp. | | Information Technology | | Systems Software |
Apple, Inc. | | Information Technology | | Technology Hardware, Storage & Peripherals |
Amazon.com, Inc. | | Consumer Discretionary | | Internet & Direct Marketing Retail |
Alphabet, Inc., Class A | | Communication Services | | Interactive Media & Services |
Visa, Inc., Class A | | Information Technology | | Data Processing & Outsourced Services |
Motorola Solutions, Inc. | | Information Technology | | Communications Equipment |
Facebook, Inc., Class A | | Communication Services | | Interactive Media & Services |
NVIDIA Corp. | | Information Technology | | Semiconductors |
Electronic Arts, Inc. | | Communication Services | | Interactive Home Entertainment |
UnitedHealth Group, Inc. | | Health Care | | Managed Health Care |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| (a) | Effective July 1, 2021, the name of Ivy Large Cap Growth Fund changed to Delaware Ivy Large Cap Growth Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 49 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LARGE CAP GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
Interactive Home Entertainment – 2.9% | |
Electronic Arts, Inc. | | | 1,248 | | | $ | 177,545 | |
| | | | | | | | |
| |
Interactive Media & Services – 11.0% | |
Alphabet, Inc., Class A(A) | | | 134 | | | | 357,717 | |
Alphabet, Inc., Class C(A) | | | 20 | | | | 52,661 | |
Facebook, Inc., Class A(A) | | | 642 | | | | 217,753 | |
Pinterest, Inc., Class A(A) | | | 835 | | | | 42,556 | |
| | | | | | | | |
| | | | | | | 670,687 | |
| | | | | | | | |
| |
Total Communication Services - 13.9% | | | | 848,232 | |
Consumer Discretionary | |
| |
Automobile Manufacturers – 1.8% | |
Ferrari N.V. | | | 505 | | | | 105,549 | |
| | | | | | | | |
| |
Footwear – 1.1% | |
NIKE, Inc., Class B | | | 463 | | | | 67,206 | |
| | | | | | | | |
| |
Home Improvement Retail – 1.7% | |
Home Depot, Inc. (The) | | | 315 | | | | 103,512 | |
| | | | | | | | |
| |
Hotels, Resorts & Cruise Lines – 1.3% | |
Booking Holdings, Inc.(A) | | | 34 | | | | 80,963 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 7.1% | |
Amazon.com, Inc.(A) | | | 131 | | | | 431,365 | |
| | | | | | | | |
| |
Total Consumer Discretionary - 13.0% | | | | 788,595 | |
Consumer Staples | |
| |
Personal Products – 0.3% | |
Estee Lauder Co., Inc. (The), Class A | | | 68 | | | | 20,509 | |
| | | | | | | | |
| |
Soft Drinks – 1.9% | |
Coca-Cola Co. (The) | | | 2,200 | | | | 115,422 | |
| | | | | | | | |
| |
Total Consumer Staples - 2.2% | | | | 135,931 | |
Financials | |
| |
Financial Exchanges & Data – 3.3% | |
Intercontinental Exchange, Inc. | | | 783 | | | | 89,875 | |
S&P Global, Inc. | | | 264 | | | | 112,174 | |
| | | | | | | | |
| | | | | | | 202,049 | |
| | | | | | | | |
| |
Total Financials - 3.3% | | | | 202,049 | |
| |
Health Care | |
Health Care Equipment – 2.8% | |
Danaher Corp. | | | 272 | | | | 82,936 | |
Intuitive Surgical, Inc.(A) | | | 89 | | | | 88,177 | |
| | | | | | | | |
| | | | | | | 171,113 | |
| | | | | | | | |
| |
Health Care Supplies – 2.1% | |
Cooper Cos., Inc. (The) | | | 305 | | | | 126,254 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
| |
Health Care Technology – 2.4% | |
Cerner Corp. | | | 2,100 | | | $ | 148,106 | |
| | | | | | | | |
| |
Managed Health Care – 2.9% | |
UnitedHealth Group, Inc. | | | 450 | | | | 175,793 | |
| | | | | | | | |
| |
Pharmaceuticals – 1.4% | |
Zoetis, Inc. | | | 436 | | | | 84,562 | |
| | | | | | | | |
| |
Total Health Care - 11.6% | | | | 705,828 | |
Industrials | |
| |
Industrial Machinery – 1.6% | |
Stanley Black & Decker, Inc. | | | 537 | | | | 94,222 | |
| | | | | | | | |
| |
Railroads – 0.8% | |
Union Pacific Corp. | | | 260 | | | | 51,028 | |
| | | | | | | | |
| |
Research & Consulting Services – 4.1% | |
CoStar Group, Inc.(A) | | | 571 | | | | 49,171 | |
TransUnion | | | 915 | | | | 102,788 | |
Verisk Analytics, Inc., Class A | | | 476 | | | | 95,315 | |
| | | | | | | | |
| | | | | | | 247,274 | |
| | | | | | | | |
| |
Trucking – 1.5% | |
J.B. Hunt Transport Services, Inc. | | | 552 | | | | 92,287 | |
| | | | | | | | |
| |
Total Industrials - 8.0% | | | | 484,811 | |
Information Technology | |
| |
Application Software – 7.6% | |
Adobe, Inc.(A) | | | 232 | | | | 133,426 | |
Autodesk, Inc.(A) | | | 143 | | | | 40,828 | |
Intuit, Inc. | | | 303 | | | | 163,252 | |
salesforce.com, Inc.(A) | | | 449 | | | | 121,753 | |
| | | | | | | | |
| | | | | | | 459,259 | |
| | | | | | | | |
| |
Communications Equipment – 3.8% | |
Motorola Solutions, Inc. | | | 1,006 | | | | 233,769 | |
| | | | | | | | |
Data Processing & Outsourced Services – 8.9% | |
Broadridge Financial Solutions, Inc. | | | 654 | | | | 108,923 | |
PayPal, Inc.(A) | | | 623 | | | | 162,202 | |
Visa, Inc., Class A | | | 1,225 | | | | 272,785 | |
| | | | | | | | |
| | | | | | | 543,910 | |
| | | | | | | | |
| |
Internet Services & Infrastructure – 2.7% | |
VeriSign, Inc.(A) | | | 790 | | | | 162,001 | |
| | | | | | | | |
| |
IT Consulting & Other Services – 2.2% | |
Gartner, Inc., Class A(A) | | | 437 | | | | 132,649 | |
| | | | | | | | |
| |
Semiconductors – 3.5% | |
NVIDIA Corp. | | | 1,032 | | | | 213,867 | |
| | | | | | | | |
| |
Systems Software – 11.1% | |
Microsoft Corp. | | | 2,406 | | | | 678,352 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
| |
Technology Hardware, Storage & Peripherals – 7.9% | |
Apple, Inc. | | | 3,409 | | | $ | 482,364 | |
| | | | | | | | |
| |
Total Information Technology - 47.7% | | | | 2,906,171 | |
| |
TOTAL COMMON STOCKS – 99.7% | | | $ | 6,071,617 | |
(Cost: $2,507,697) | | | | | | | | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds(B) - 0.4% | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, | |
0.030% | | | 24,605 | | | | 24,605 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 0.4% | | | $ | 24,605 | |
(Cost: $24,605) | | | | | | | | |
| |
TOTAL INVESTMENT SECURITIES – 100.1% | | | $ | 6,096,222 | |
(Cost: $2,532,302) | | | | | | | | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)% | | | | (6,196 | ) |
| |
NET ASSETS – 100.0% | | | $ | 6,090,026 | |
| | | | | | |
| 50 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LARGE CAP GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 6,071,617 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 24,605 | | | | — | | | | — | |
Total | | $ | 6,096,222 | | | $ | — | | | $ | — | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 51 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY LIMITED-TERM BOND FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Bonds | | | 97.2% | |
Corporate Debt Securities | | | 60.8% | |
United States Government and Government Agency Obligations | | | 34.0% | |
Asset-Backed Securities | | | 1.6% | |
Mortgage-Backed Securities | | | 0.8% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 2.8% | |
Quality Weightings
| | | | |
Investment Grade | | | 86.7% | |
AAA | | | 17.5% | |
AA | | | 10.2% | |
A | | | 18.5% | |
BBB | | | 40.5% | |
Non-Investment Grade | | | 10.5% | |
BB | | | 4.6% | |
Non-rated | | | 5.9% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 2.8% | |
Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Limited-Term Bond Fund changed to Delaware Ivy Limited-Term Bond Fund. |
| | | | | | |
| 52 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LIMITED-TERM BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
ASSET-BACKED SECURITIES | | Principal | | | Value | |
American Airlines Class AA Pass-Through Certificates, Series 2016-2, | | | | | | | | |
3.200%, 6-15-28 | | $ | 2,361 | | | $ | 2,376 | |
SBA Tower Trust, Series 2014-2 (GTD by SBA Guarantor LLC and SBA Holdings LLC), | |
3.869%, 10-8-24 (A) | | | 6,500 | | | | 6,790 | |
SBA Tower Trust, Series 2019-1C (GTD by SBA Guarantor LLC and SBA Holdings LLC), | | | | | | | | |
2.836%, 1-15-25 (A) | | | 5,840 | | | | 6,048 | |
SBA Tower Trust, Series 2020-1 (GTD by SBA Guarantor LLC and SBA Holdings LLC), | | | | | | | | |
1.884%, 1-15-26 (A) | | | 3,222 | | | | 3,262 | |
| | | | | | | | |
| |
TOTAL ASSET-BACKED SECURITIES – 1.6% | | | $ | 18,476 | |
(Cost: $18,460) | | | | | | | | |
| | |
| CORPORATE DEBT SECURITIES | | | | | | |
Communication Services | |
| |
Cable & Satellite – 1.2% | |
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.: | | | | | | | | |
4.500%, 2-1-24 | | | 3,285 | | | | 3,555 | |
4.908%, 7-23-25 | | | 4,015 | | | | 4,517 | |
Omnicom Group, Inc. and Omnicom Capital, Inc., | | | | | | | | |
3.650%, 11-1-24 | | | 2,105 | | | | 2,273 | |
Viacom, Inc., | | | | | | | | |
4.750%, 5-15-25 | | | 3,500 | | | | 3,930 | |
| | | | | | | | |
| | | | | | | 14,275 | |
| | | | | | | | |
| |
Integrated Telecommunication Services – 2.8% | |
AT&T, Inc.: | | | | | | | | |
4.125%, 2-17-26 | | | 3,341 | | | | 3,731 | |
1.700%, 3-25-26 | | | 3,650 | | | | 3,696 | |
2.950%, 7-15-26 | | | 3,750 | | | | 4,012 | |
Qwest Corp., | | | | | | | | |
6.750%, 12-1-21 | | | 3,830 | | | | 3,865 | |
Sprint Corp., | | | | | | | | |
7.875%, 9-15-23 | | | 5,130 | | | | 5,738 | |
Verizon Communications, Inc.: | | | | | | | | |
1.450%, 3-20-26 | | | 2,200 | | | | 2,221 | |
3.000%, 3-22-27 | | | 8,100 | | | | 8,697 | |
| | | | | | | | |
| | | | | | | 31,960 | |
| | | | | | | | |
| |
Movies & Entertainment – 1.0% | |
Netflix, Inc.: | | | | | | | | |
5.500%, 2-15-22 | | | 3,565 | | | | 3,627 | |
5.875%, 2-15-25 | | | 3,750 | | | | 4,279 | |
TWDC Enterprises 18 Corp., | | | | | | | | |
7.550%, 7-15-93 | | | 3,650 | | | | 4,195 | |
| | | | | | | | |
| | | | | | | 12,101 | |
| | | | | | | | |
| |
Wireless Telecommunication Service – 0.8% | |
Crown Castle Towers LLC: | | | | | | | | |
3.720%, 7-15-23(A) | | | 3,000 | | | | 3,087 | |
3.663%, 5-15-25(A) | | | 2,050 | | | | 2,155 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Wireless Telecommunication Service (Continued) | |
T-Mobile USA, Inc., | | | | | | | | |
3.500%, 4-15-25 | | $ | 3,500 | | | $ | 3,772 | |
| | | | | | | | |
| | | | | | | 9,014 | |
| | | | | | | | |
| |
Total Communication Services - 5.8% | | | | 67,350 | |
Consumer Discretionary | |
| |
Apparel Retail – 0.1% | |
Nordstrom, Inc., | | | | | | | | |
2.300%, 4-8-24 | | | 730 | | | | 730 | |
| | | | | | | | |
| |
Apparel, Accessories & Luxury Goods – 0.3% | |
PVH Corp., | | | | | | | | |
4.625%, 7-10-25 | | | 3,650 | | | | 4,022 | |
| | | | | | | | |
| |
Automobile Manufacturers – 1.2% | |
General Motors Co., | | | | | | | | |
4.875%, 10-2-23 | | | 4,223 | | | | 4,566 | |
Nissan Motor Co. Ltd., | | | | | | | | |
3.043%, 9-15-23(A) | | | 3,750 | | | | 3,902 | |
Volkswagen Group of America, Inc., | | | | | | | | |
0.875%, 11-22-23(A) | | | 5,150 | | | | 5,177 | |
| | | | | | | | |
| | | | | | | 13,645 | |
| | | | | | | | |
| |
Automotive Retail – 0.3% | |
7-Eleven, Inc., | | | | | | | | |
0.800%, 2-10-24(A) | | | 2,000 | | | | 2,000 | |
AutoNation, Inc., | | | | | | | | |
3.500%, 11-15-24 | | | 1,575 | | | | 1,689 | |
| | | | | | | | |
| | | | | | | 3,689 | |
| | | | | | | | |
| |
Casinos & Gaming – 0.2% | |
Genting New York LLC and Genny Capital, Inc., | | | | | | | | |
3.300%, 2-15-26(A) | | | 1,950 | | | | 1,934 | |
GLP Capital L.P. and GLP Financing II, Inc., | | | | | | | | |
5.375%, 11-1-23 | | | 765 | | | | 828 | |
| | | | | | | | |
| | | | | | | 2,762 | |
| | | | | | | | |
| |
Homebuilding – 1.0% | |
D.R. Horton, Inc.: | | | | | | | | |
2.600%, 10-15-25 | | | 2,139 | | | | 2,246 | |
1.300%, 10-15-26 | | | 1,500 | | | | 1,484 | |
Lennar Corp.: | | | | | | | | |
4.125%, 1-15-22 | | | 3,000 | | | | 3,004 | |
4.750%, 11-15-22(B) | | | 4,171 | | | | 4,316 | |
| | | | | | | | |
| | | | | | | 11,050 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 0.2% | |
Expedia Group, Inc., | | | | | | | | |
3.600%, 12-15-23 | | | 2,225 | | | | 2,356 | |
| | | | | | | | |
| |
Total Consumer Discretionary - 3.3% | | | | 38,254 | |
Consumer Staples | |
| |
Agricultural Products – 0.3% | |
Cargill, Inc., | | | | | | | | |
1.375%, 7-23-23(A) | | | 3,000 | | | | 3,056 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Distillers & Vintners – 1.2% | |
Constellation Brands, Inc.: | | | | | | | | |
3.200%, 2-15-23 | | $ | 7,750 | | | $ | 8,018 | |
4.250%, 5-1-23 | | | 2,500 | | | | 2,643 | |
Diageo Capital plc (GTD by Diageo plc), | | | | | | | | |
3.500%, 9-18-23 | | | 3,500 | | | | 3,704 | |
| | | | | | | | |
| | | | | | | 14,365 | |
| | | | | | | | |
| |
Food Distributors – 0.6% | |
Sysco Corp.: | | | | | | | | |
5.650%, 4-1-25 | | | 3,500 | | | | 4,027 | |
3.750%, 10-1-25 | | | 3,150 | | | | 3,450 | |
| | | | | | | | |
| | | | | | | 7,477 | |
| | | | | | | | |
| |
Food Retail – 0.4% | |
Darling Ingredients, Inc., | | | | | | | | |
5.250%, 4-15-27(A) | | | 4,355 | | | | 4,537 | |
| | | | | | | | |
| |
Household Products – 0.1% | |
Procter & Gamble Co. (The), | | | | | | | | |
1.000%, 4-23-26 | | | 1,250 | | | | 1,252 | |
| | | | | | | | |
| |
Packaged Foods & Meats – 1.2% | |
Campbell Soup Co., | | | | | | | | |
3.950%, 3-15-25 | | | 2,875 | | | | 3,135 | |
Conagra Brands, Inc.: | | | | | | | | |
0.500%, 8-11-23 | | | 1,125 | | | | 1,125 | |
1.375%, 11-1-27 | | | 2,600 | | | | 2,535 | |
Kraft Heinz Foods Co., | | | | | | | | |
3.000%, 6-1-26 | | | 429 | | | | 452 | |
McCormick & Co., Inc.: | | | | | | | | |
3.500%, 9-1-23 | | | 1,320 | | | | 1,383 | |
0.900%, 2-15-26 | | | 2,975 | | | | 2,927 | |
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.), | | | | | | | | |
3.950%, 8-15-24 | | | 2,000 | | | | 2,163 | |
| | | | | | | | |
| | | | | | | 13,720 | |
| | | | | | | | |
| |
Soft Drinks – 1.2% | |
Coca-Cola European Partners plc, | | | | | | | | |
0.800%, 5-3-24(A) | | | 3,500 | | | | 3,490 | |
Coca-Cola Refreshments USA, Inc., | | | | | | | | |
8.000%, 9-15-22 | | | 6,375 | | | | 6,849 | |
Keurig Dr Pepper, Inc.: | | | | | | | | |
4.057%, 5-25-23 | | | 1,043 | | | | 1,103 | |
0.750%, 3-15-24 | | | 1,820 | | | | 1,821 | |
| | | | | | | | |
| | | | | | | 13,263 | |
| | | | | | | | |
| |
Total Consumer Staples - 5.0% | | | | 57,670 | |
Energy | |
| |
Oil & Gas Exploration & Production – 0.9% | |
Aker BP ASA, | | | | | | | | |
2.875%, 1-15-26(A) | | | 3,675 | | | | 3,886 | |
EQT Corp., | | | | | | | | |
3.000%, 10-1-22 | | | 2,950 | | | | 3,006 | |
Harvest Operations Corp., | | | | | | | | |
1.000%, 4-26-24(A) | | | 3,600 | | | | 3,602 | |
| | | | | | | | |
| | | | | | | 10,494 | |
| | | | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 53 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LIMITED-TERM BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Oil & Gas Refining & Marketing – 0.3% | |
HollyFrontier Corp., | | | | | | | | |
2.625%, 10-1-23 | | $ | 2,925 | | | $ | 3,021 | |
| | | | | | | | |
| |
Oil & Gas Storage & Transportation – 2.5% | |
Cheniere Corpus Christi Holdings LLC, | | | | | | | | |
7.000%, 6-30-24 | | | 1,500 | | | | 1,697 | |
Enbridge, Inc., | | | | | | | | |
2.900%, 7-15-22 | | | 2,913 | | | | 2,965 | |
EQT Midstream Partners L.P., | | | | | | | | |
4.750%, 7-15-23 | | | 1,179 | | | | 1,233 | |
Galaxy Pipeline Assets BidCo Ltd., | | | | | | | | |
1.750%, 9-30-27(A) | | | 4,200 | | | | 4,251 | |
Kinder Morgan Energy Partners L.P., | | | | | | | | |
3.450%, 2-15-23 | | | 4,090 | | | | 4,231 | |
Midwest Connector Capital Co. LLC, | | | | | | | | |
3.625%, 4-1-22(A) | | | 4,450 | | | | 4,503 | |
Plains All American Pipeline L.P. and PAA Finance Corp., | | | | | | | | |
3.850%, 10-15-23 | | | 6,200 | | | | 6,522 | |
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.), | | | | | | | | |
4.250%, 4-1-24 | | | 3,200 | | | | 3,427 | |
| | | | | | | | |
| | | | | | | 28,829 | |
| | | | | | | | |
| |
Total Energy – 3.7% | | | | 42,344 | |
Financials | |
| |
Asset Management & Custody Banks – 1.5% | |
Ares Capital Corp.: | | | | | | | | |
3.625%, 1-19-22 | | | 1,030 | | | | 1,037 | |
3.500%, 2-10-23 | | | 1,425 | | | | 1,474 | |
4.250%, 3-1-25 | | | 1,890 | | | | 2,029 | |
Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.), | | | | | | | | |
4.000%, 4-1-24 | | | 3,200 | | | | 3,435 | |
Citadel Finance LLC, | | | | | | | | |
3.375%, 3-9-26(A) | | | 3,850 | | | | 3,908 | |
National Securities Clearing Corp., | | | | | | | | |
1.200%, 4-23-23(A) | | | 1,028 | | | | 1,043 | |
Owl Rock Capital Corp., | | | | | | | | |
3.400%, 7-15-26 | | | 3,700 | | | | 3,856 | |
| | | | | | | | |
| | | | | | | 16,782 | |
| | | | | | | | |
| |
Consumer Finance – 2.8% | |
Ally Financial, Inc.: | | | | | | | | |
1.450%, 10-2-23 | | | 8,200 | | | | 8,324 | |
5.800%, 5-1-25 | | | 5,850 | | | | 6,732 | |
Caterpillar Financial Services Corp., | | | | | | | | |
0.450%, 9-14-23 | | | 3,000 | | | | 3,008 | |
Discover Bank: | | | | | | | | |
2.450%, 9-12-24 | | | 4,890 | | | | 5,101 | |
3.450%, 7-27-26 | | | 4,770 | | | | 5,174 | |
Ford Motor Credit Co. LLC, | | | | | | | | |
2.700%, 8-10-26 | | | 1,700 | | | | 1,706 | |
Hyundai Capital America, | | | | | | | | |
1.250%, 9-18-23(A) | | | 2,200 | | | | 2,219 | |
| | | | | | | | |
| | | | | | | 32,264 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Diversified Banks – 4.4% | | | | | | | | |
Bank of America Corp.: | | | | | | | | |
4.125%, 1-22-24 | | $ | 3,000 | | | $ | 3,244 | |
0.523%, 6-14-24 | | | 2,175 | | | | 2,175 | |
4.200%, 8-26-24 | | | 3,675 | | | | 4,021 | |
4.000%, 1-22-25 | | | 4,000 | | | | 4,348 | |
1.734%, 7-22-27 | | | 3,750 | | | | 3,768 | |
Bank of Montreal, | | | | | | | | |
2.050%, 11-1-22 | | | 5,000 | | | | 5,097 | |
Mitsubishi UFJ Financial Group, Inc., | | | | | | | | |
0.848%, 9-15-24 | | | 3,500 | | | | 3,516 | |
Mizuho Financial Group, Inc., | | | | | | | | |
0.849%, 9-8-24 | | | 4,700 | | | | 4,717 | |
National Bank of Canada, | | | | | | | | |
2.100%, 2-1-23 | | | 3,600 | | | | 3,680 | |
Sumitomo Mitsui Trust Bank Ltd., | | | | | | | | |
0.800%, 9-12-23(A) | | | 3,700 | | | | 3,723 | |
Svenska Handelsbanken AB, | | | | | | | | |
0.625%, 6-30-23(A) | | | 3,500 | | | | 3,518 | |
U.S. Bancorp, | | | | | | | | |
2.375%, 7-22-26 | | | 2,275 | | | | 2,404 | |
Wells Fargo & Co., | | | | | | | | |
3.000%, 4-22-26 | | | 6,375 | | | | 6,843 | |
| | | | | | | | |
| | | | | | | 51,054 | |
| | | | | | | | |
| |
Financial Exchanges & Data – 0.6% | |
Intercontinental Exchange, Inc.: | | | | | | | | |
0.700%, 6-15-23 | | | 3,700 | | | | 3,717 | |
3.450%, 9-21-23 | | | 3,500 | | | | 3,697 | |
| | | | | | | | |
| | | | | | | 7,414 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 3.5% | |
Charles Schwab Corp. (The), | | | | | | | | |
0.900%, 3-11-26 | | | 7,400 | | | | 7,338 | |
Goldman Sachs Group, Inc. (The): | | | | | | | | |
3.850%, 7-8-24 | | | 5,000 | | | | 5,385 | |
4.250%, 10-21-25 | | | 7,209 | | | | 7,987 | |
0.836%, 12-9-26 | | | 3,700 | | | | 3,714 | |
Morgan Stanley: | | | | | | | | |
3.700%, 10-23-24 | | | 3,650 | | | | 3,961 | |
3.125%, 7-27-26 | | | 9,515 | | | | 10,246 | |
Morgan Stanley (3-Month U.S. LIBOR plus 110 bps), | | | | | | | | |
4.000%, 5-31-23(C) | | | 1,700 | | | | 1,724 | |
| | | | | | | | |
| | | | | | | 40,355 | |
| | | | | | | | |
Life & Health Insurance – 2.7% | |
Aflac, Inc., | | | | | | | | |
1.125%, 3-15-26 | | | 3,290 | | | | 3,291 | |
F&G Global Funding, | | | | | | | | |
1.750%, 6-30-26(A) | | | 2,150 | | | | 2,165 | |
MassMutual Global Funding II, | | | | | | | | |
0.600%, 4-12-24(A) | | | 5,100 | | | | 5,100 | |
Metropolitan Life Global Funding I, | | | | | | | | |
0.900%, 6-8-23(A) | | | 3,750 | | | | 3,787 | |
New York Life Global Funding, | | | | | | | | |
0.850%, 1-15-26(A) | | | 5,000 | | | | 4,929 | |
Principal Life Global Funding II, | | | | | | | | |
0.750%, 4-12-24(A) | | | 2,200 | | | | 2,204 | |
Protective Life Global Funding: | | | | | | | | |
0.631%, 10-13-23(A) | | | 2,250 | | | | 2,257 | |
1.618%, 4-15-26(A) | | | 3,650 | | | | 3,687 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Life & Health Insurance (Continued) | |
Reliance Standard Life Insurance II, | | | | | | | | |
2.150%, 1-21-23(A) | | $ | 3,600 | | | $ | 3,679 | |
| | | | | | | | |
| | | | | | | 31,099 | |
| | | | | | | | |
| |
Multi-Line Insurance – 0.7% | |
Athene Global Funding: | | | | | | | | |
0.950%, 1-8-24(A) | | | 3,000 | | | | 3,015 | |
0.914%, 8-19-24(A) | | | 2,150 | | | | 2,150 | |
1.608%, 6-29-26(A) | | | 3,000 | | | | 3,000 | |
| | | | | | | | |
| | | | | | | 8,165 | |
| | | | | | | | |
| |
Other Diversified Financial Services – 2.7% | |
Citigroup, Inc.: | | | | | | | | |
3.500%, 5-15-23 | | | 4,140 | | | | 4,338 | |
0.776%, 10-30-24 | | | 3,700 | | | | 3,715 | |
5.500%, 9-13-25 | | | 1,900 | | | | 2,194 | |
JPMorgan Chase & Co.: | | | | | | | | |
3.875%, 9-10-24 | | | 2,542 | | | | 2,765 | |
0.653%, 9-16-24 | | | 3,000 | | | | 3,008 | |
1.045%, 11-19-26 | | | 10,900 | | | | 10,739 | |
1.578%, 4-22-27 | | | 2,200 | | | | 2,206 | |
USAA Capital Corp., | | | | | | | | |
1.500%, 5-1-23(A) | | | 2,000 | | | | 2,035 | |
| | | | | | | | |
| | | | | | | 31,000 | |
| | | | | | | | |
| |
Regional Banks – 0.5% | |
First Horizon National Corp., | | | | | | | | |
3.550%, 5-26-23 | | | 6,000 | | | | 6,263 | |
| | | | | | | | |
| |
Specialized Finance – 0.5% | |
Corporacion Andina de Fomento, | | | | | | | | |
2.375%, 5-12-23 | | | 1,500 | | | | 1,542 | |
FS KKR Capital Corp., | | | | | | | | |
4.750%, 5-15-22 | | | 2,100 | | | | 2,146 | |
LSEGA Financing plc, | | | | | | | | |
0.650%, 4-6-24(A) | | | 1,460 | | | | 1,457 | |
| | | | | | | | |
| | | | | | | 5,145 | |
| | | | | | | | |
| |
Total Financials – 19.9% | | | | 229,541 | |
Health Care | | | | | | | | |
| |
Health Care Equipment – 0.3% | |
Becton Dickinson & Co., | | | | | | | | |
3.734%, 12-15-24 | | | 998 | | | | 1,079 | |
Boston Scientific Corp., | | | | | | | | |
3.850%, 5-15-25 | | | 2,625 | | | | 2,873 | |
| | | | | | | | |
| | | | | | | 3,952 | |
| | | | | | | | |
| |
Health Care Facilities – 0.9% | |
HCA, Inc. (GTD by HCA Holdings, Inc.): | | | | | | | | |
4.750%, 5-1-23 | | | 1,870 | | | | 1,987 | |
5.875%, 5-1-23 | | | 4,323 | | | | 4,653 | |
Universal Health Services, Inc., | | | | | | | | |
1.650%, 9-1-26(A) | | | 3,650 | | | | 3,630 | |
| | | | | | | | |
| | | | | | | 10,270 | |
| | | | | | | | |
| |
Health Care Services – 0.3% | |
Highmark, Inc., | | | | | | | | |
1.450%, 5-10-26(A) | | | 3,625 | | | | 3,600 | |
| | | | | | | | |
| | | | | | |
| 54 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LIMITED-TERM BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Managed Health Care – 0.9% | |
Anthem, Inc., | | | | | | | | |
3.350%, 12-1-24 | | $ | 5,000 | | | $ | 5,362 | |
Humana, Inc.: | | | | | | | | |
0.650%, 8-3-23 | | | 750 | | | | 751 | |
1.350%, 2-3-27 | | | 750 | | | | 740 | |
UnitedHealth Group, Inc., | | | | | | | | |
1.150%, 5-15-26 | | | 2,900 | | | | 2,903 | |
| | | | | | | | |
| | | | | | | 9,756 | |
| | | | | | | | |
| |
Pharmaceuticals – 2.0% | |
AbbVie, Inc., | | | | | | | | |
2.300%, 11-21-22 | | | 3,600 | | | | 3,675 | |
Bayer U.S. Finance II LLC: | | | | | | | | |
3.875%, 12-15-23(A) | | | 3,600 | | | | 3,831 | |
2.850%, 4-15-25(A) | | | 2,581 | | | | 2,675 | |
Novartis Capital Corp. (GTD by Novartis AG), | | | | | | | | |
3.000%, 11-20-25 | | | 3,750 | | | | 4,052 | |
Royalty Pharma plc (GTD by Royalty Pharma Holdings Ltd.): | | | | | | | | |
0.750%, 9-2-23 | | | 5,200 | | | | 5,218 | |
1.200%, 9-2-25 | | | 3,940 | | | | 3,917 | |
| | | | | | | | |
| | | | | | | 23,368 | |
| | | | | | | | |
| |
Total Health Care – 4.4% | | | | 50,946 | |
Industrials | | | | | | | | |
| |
Aerospace & Defense – 2.3% | |
Boeing Co. (The): | | | | | | | | |
2.200%, 10-30-22 | | | 5,500 | | | | 5,579 | |
2.800%, 3-1-23 | | | 5,623 | | | | 5,780 | |
Harris Corp., | | | | | | | | |
3.832%, 4-27-25 | | | 2,225 | | | | 2,420 | |
Huntington Ingalls Industries, Inc., | | | | | | | | |
0.670%, 8-16-23(A) | | | 5,000 | | | | 5,000 | |
Leidos, Inc. (GTD by Leidos Holdings, Inc.), | | | | | | | | |
2.950%, 5-15-23 | | | 5,525 | | | | 5,718 | |
Park Aerospace Holdings Ltd., | | | | | | | | |
5.500%, 2-15-24(A) | | | 1,750 | | | | 1,910 | |
| | | | | | | | |
| | | | | | | 26,407 | |
| | | | | | | | |
| |
Agricultural & Farm Machinery – 0.3% | |
CNH Industrial Capital LLC (GTD by CNH Industrial Capital America LLC and New Holland Credit Co. LLC), | | | | | | | | |
1.950%, 7-2-23 | | | 3,250 | | | | 3,323 | |
| | | | | | | | |
| |
Airlines – 0.3% | |
Aviation Capital Group LLC, | | | | | | | | |
4.375%, 1-30-24(A) | | | 3,000 | | | | 3,204 | |
| | | | | | | | |
| |
Building Products – 0.5% | |
Lennox International, Inc., | | | | | | | | |
1.350%, 8-1-25 | | | 5,600 | | | | 5,604 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Diversified Support Services – 0.3% | |
Genpact Luxembourg S.a.r.l. and Genpact USA, Inc., | | | | | | | | |
1.750%, 4-10-26 | | $ | 2,900 | | | $ | 2,910 | |
| | | | | | | | |
| |
Electrical Components & Equipment – 0.2% | |
Vontier Corp., | | | | | | | | |
1.800%, 4-1-26(A) | | | 2,185 | | | | 2,172 | |
| | | | | | | | |
| |
Environmental & Facilities Services – 0.6% | |
Republic Services, Inc., | | | | | | | | |
0.875%, 11-15-25 | | | 2,200 | | | | 2,169 | |
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.), | | | | | | | | |
0.750%, 11-15-25 | | | 5,045 | | | | 4,977 | |
| | | | | | | | |
| | | | | | | 7,146 | |
| | | | | | | | |
| |
Industrial Conglomerates – 0.3% | |
General Electric Capital Corp., | | | | | | | | |
5.012%, 1-1-24 | | | 3,027 | | | | 3,151 | |
| | | | | | | | |
| |
Industrial Machinery – 0.3% | |
Roper Technologies, Inc., | | | | | | | | |
1.000%, 9-15-25 | | | 3,600 | | | | 3,582 | |
| | | | | | | | |
| |
Railroads – 0.3% | |
Canadian National Railway Co., | | | | | | | | |
2.750%, 3-1-26 | | | 3,600 | | | | 3,831 | |
| | | | | | | | |
| |
Research & Consulting Services – 0.7% | |
IHS Markit Ltd., | | | | | | | | |
5.000%, 11-1-22(A) | | | 4,285 | | | | 4,449 | |
Thomson Reuters Corp., | | | | | | | | |
4.300%, 11-23-23 | | | 3,630 | | | | 3,883 | |
| | | | | | | | |
| | | | | | | 8,332 | |
| | | | | | | | |
| |
Total Industrials – 6.1% | | | | 69,662 | |
Information Technology | | | | | | | | |
| |
Application Software – 1.1% | |
Infor, Inc., | | | | | | | | |
1.450%, 7-15-23(A) | | | 2,580 | | | | 2,608 | |
Nuance Communications, Inc., | | | | | | | | |
5.625%, 12-15-26 | | | 6,830 | | | | 7,077 | |
NXP B.V. and NXP Funding LLC, | | | | | | | | |
3.875%, 6-18-26(A) | | | 3,000 | | | | 3,307 | |
| | | | | | | | |
| | | | | | | 12,992 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 1.4% | |
Fidelity National Information Services, Inc., | | | | | | | | |
0.600%, 3-1-24 | | | 3,635 | | | | 3,631 | |
Global Payments, Inc., | | | | | | | | |
2.650%, 2-15-25 | | | 4,125 | | | | 4,313 | |
PayPal Holdings, Inc., | | | | | | | | |
1.650%, 6-1-25 | | | 7,907 | | | | 8,106 | |
| | | | | | | | |
| | | | | | | 16,050 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Internet Services & Infrastructure – 0.1% | |
Baidu, Inc., | | | | | | | | |
1.720%, 4-9-26 | | $ | 1,050 | | | $ | 1,053 | |
| | | | | | | | |
| |
Semiconductors – 1.5% | |
Maxim Integrated Products, Inc., | | | | | | | | |
3.375%, 3-15-23 | | | 675 | | | | 698 | |
Microchip Technology, Inc., | | | | | | | | |
0.983%, 9-1-24(A) | | | 4,750 | | | | 4,746 | |
TSMC Global Ltd., | | | | | | | | |
1.250%, 4-23-26(A) | | | 3,500 | | | | 3,467 | |
Xilinx, Inc., | | | | | | | | |
2.950%, 6-1-24 | | | 7,425 | | | | 7,830 | |
| | | | | | | | |
| | | | | | | 16,741 | |
| | | | | | | | |
| |
Systems Software – 0.5% | |
Fortinet, Inc., | | | | | | | | |
1.000%, 3-15-26 | | | 2,905 | | | | 2,864 | |
VMware, Inc.: | | | | | | | | |
0.600%, 8-15-23 | | | 725 | | | | 726 | |
4.500%, 5-15-25 | | | 1,800 | | | | 2,006 | |
| | | | | | | | |
| | | | | | | 5,596 | |
| | | | | | | | |
| |
Technology Hardware, Storage & Peripherals – 0.8% | |
Apple, Inc., | | | | | | | | |
3.000%, 2-9-24 | | | 7,162 | | | | 7,556 | |
Seagate HDD Cayman (GTD by Seagate Technology plc), | | | | | | | | |
4.750%, 6-1-23 | | | 1,950 | | | | 2,069 | |
| | | | | | | | |
| | | | | | | 9,625 | |
| | | | | | | | |
| |
Total Information Technology – 5.4% | | | | 62,057 | |
Materials | | | | | | | | |
| |
Construction Materials – 0.2% | |
Martin Marietta Materials, Inc., | | | | | | | | |
0.650%, 7-15-23 | | | 1,800 | | | | 1,804 | |
| | | | | | | | |
| |
Diversified Chemicals – 0.2% | |
DowDuPont, Inc., | | | | | | | | |
4.205%, 11-15-23 | | | 2,450 | | | | 2,631 | |
| | | | | | | | |
| |
Fertilizers & Agricultural Chemicals – 0.4% | |
Mosaic Co. (The): | | | | | | | | |
3.250%, 11-15-22 | | | 2,314 | | | | 2,381 | |
4.250%, 11-15-23 | | | 750 | | | | 800 | |
Nutrien Ltd., | | | | | | | | |
1.900%, 5-13-23 | | | 1,500 | | | | 1,533 | |
| | | | | | | | |
| | | | | | | 4,714 | |
| | | | | | | | |
| |
Paper Packaging – 0.4% | |
Avery Dennison Corp., | | | | | | | | |
0.850%, 8-15-24 | | | 1,125 | | | | 1,125 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 55 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LIMITED-TERM BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Paper Packaging (Continued) | |
Graphic Packaging International LLC (GTD by Graphic Packaging International Partners LLC and Field Container Queretaro (USA) LLC), | | | | | | | | |
0.821%, 4-15-24 (A) | | $ | 3,650 | | | $ | 3,632 | |
| | | | | | | | |
| | | | | | | 4,757 | |
| | | | | | | | |
| |
Total Materials – 1.2% | | | | 13,906 | |
Real Estate | |
| |
Industrial REITs – 0.1% | |
| | |
Avolon Holdings Funding Ltd., | | | | | | | | |
4.250%, 4-15-26 (A) | | | 1,100 | | | | 1,184 | |
| | | | | | | | |
| | |
Office REITs – 0.1% | | | | | | | | |
Vornado Realty L.P., | | | | | | | | |
2.150%, 6-1-26 | | | 1,100 | | | | 1,118 | |
| | | | | | | | |
| | |
Specialized REITs – 2.5% | | | | | | | | |
American Tower Corp.: | | | | | | | | |
3.070%, 3-15-23 (A) | | | 8,265 | | | | 8,273 | |
0.600%, 1-15-24 | | | 3,700 | | | | 3,694 | |
1.300%, 9-15-25 | | | 2,000 | | | | 2,001 | |
Crown Castle International Corp.: | | | | | | | | |
3.150%, 7-15-23 | | | 1,195 | | | | 1,248 | |
1.050%, 7-15-26 | | | 4,350 | | | | 4,260 | |
CyrusOne L.P. and CyrusOne Finance Corp. (GTD by CyrusOne, Inc.), | | | | | | | | |
2.900%, 11-15-24 | | | 3,940 | | | | 4,134 | |
Equinix, Inc.: | | | | | | | | |
2.625%, 11-18-24 | | | 1,840 | | | | 1,928 | |
1.000%, 9-15-25 | | | 3,675 | | | | 3,626 | |
| | | | | | | | |
| | | | | | | 29,164 | |
| | | | | | | | |
| |
Total Real Estate - 2.7% | | | | 31,466 | |
Utilities | | | | | | | | |
| | |
Electric Utilities – 2.4% | | | | | | | | |
American Transmission Systems, Inc., | | | | | | | | |
5.250%, 1-15-22 (A) | | | 775 | | | | 785 | |
Edison International, | | | | | | | | |
3.550%, 11-15-24 | | | 3,700 | | | | 3,925 | |
Evergy, Inc., | | | | | | | | |
5.292%, 6-15-22 (B) | | | 2,890 | | | | 2,954 | |
FirstEnergy Corp., | | | | | | | | |
2.850%, 7-15-22 | | | 4,948 | | | | 5,013 | |
MidAmerican Energy Co., | | | | | | | | |
3.700%, 9-15-23 | | | 3,000 | | | | 3,160 | |
National Rural Utilities Cooperative Finance Corp., | | | | | | | | |
1.000%, 6-15-26 | | | 2,200 | | | | 2,177 | |
Southern Co. (The), | | | | | | | | |
0.600%, 2-26-24 | | | 3,635 | | | | 3,629 | |
Virginia Electric and Power Co., Series C, | | | | | | | | |
2.750%, 3-15-23 | | | 5,425 | | | | 5,582 | |
| | | | | | | | |
| | | | | | | 27,225 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | | | | | |
Multi-Utilities – 0.9% | | | | | | | | |
Black Hills Corp., | | | | | | | | |
1.037%, 8-23-24 | | $ | 2,500 | | | $ | 2,500 | |
Dominion Energy Gas Holdings LLC, | | | | | | | | |
3.550%, 11-1-23 | | | 3,765 | | | | 3,971 | |
Pacific Gas and Electric Co. (3-Month U.S. LIBOR plus 137.50 bps), | | | | | | | | |
1.500%, 11-15-21 (C) | | | 3,700 | | | | 3,702 | |
| | | | | | | | |
| | |
| | | | | | | 10,173 | |
| | | | | | | | |
| |
Total Utilities - 3.3% | | | | 37,398 | |
| |
TOTAL CORPORATE DEBT SECURITIES – 60.8% | | | $ | 700,594 | |
(Cost: $696,544) | | | | | | | | |
| |
| MORTGAGE-BACKED SECURITIES | |
Non-Agency REMIC/CMO - 0.8% | | | | | | | | |
Wells Fargo Re-REMIC Trust, Series 2013-FRR1, Class AK16, | | | | | | | | |
0.000%, 12-27-43 (A) (D) | | | 3,000 | | | | 2,994 | |
Wells Fargo Re-REMIC Trust, Series 2013-FRR1, Class BK20, | | | | | | | | |
0.000%, 5-27-45 (A)(D) | | | 6,353 | | | | 6,184 | |
| | | | | | | | |
| | | | | | | 9,178 | |
| | | | | | | | |
| |
TOTAL MORTGAGE-BACKED SECURITIES – 0.8% | | | $ | 9,178 | |
(Cost: $8,671) | | | | | | | | |
| |
UNITED STATES GOVERNMENT AGENCY
OBLIGATIONS | | | | |
Agency Obligations - 0.5% | | | | | | | | |
U.S. Department of Transportation, | | | | | | | | |
6.001%, 12-7-21 (A) | | | 6,025 | | | | 6,217 | |
| | | | | | | | |
| | |
Mortgage-Backed Obligations - 12.9% | | | | | | | | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 185 bps), | | | | | | | | |
1.933%, 8-25-25(A)(C) | | | 3,238 | | | | 3,181 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 195 bps), | | | | | | | | |
2.033%, 3-25-28 (A) (C) | | | 2,294 | | | | 2,234 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 200 bps), | | | | | | | | |
2.101%, 10-25-25 (A) (C) | | | 289 | | | | 289 | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | | | | | | | | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 205 bps), | | | | | | | | |
2.133%, 6-25-28 (A)(C) | | $ | 1,648 | | | $ | 1,632 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 215 bps), | | | | | | | | |
2.233%, 1-25-27 (A)(C) | | | 4,463 | | | | 4,433 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 220 bps): | | | | | | | | |
2.283%, 7-25-26 (A)(C) | | | 3,279 | | | | 3,292 | |
2.283%, 4-25-2 9(A)(C) | | | 1,891 | | | | 1,895 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 225 bps), | | | | | | | | |
2.333%, 12-25-29 (A)(C) | | | 3,733 | | | | 3,701 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 230 bps): | | | | | | | | |
2.383%, 8-25-29 (A)(C) | | | 3,709 | | | | 3,736 | |
2.383%, 9-25-29 (A)(C) | | | 2,177 | | | | 2,183 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 235 bps), | | | | | | | | |
2.433%, 2-25-26 (A)(C) | | | 3,881 | | | | 3,886 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 245 bps), | | | | | | | | |
2.533%, 11-25-29 (A)(C) | | | 3,514 | | | | 3,506 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 250 bps), | | | | | | | | |
2.583%, 11-25-24 (A)(C) | | | 2,566 | | | | 2,556 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 255 bps), | | | | | | | | |
2.633%, 6-25-27 (A)(C) | | | 968 | | | | 960 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 265 bps), | | | | | | | | |
2.733%, 5-25-27 (A)(C) | | | 2,063 | | | | 2,080 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 270 bps), | | | | | | | | |
2.783%, 11-25-27 (A) (C) | | | 1,447 | | | | 1,447 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 275 bps), | | | | | | | | |
2.841%, 5-25-27(A)(C) | | | 599 | | | | 599 | |
| | | | | | |
| 56 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LIMITED-TERM BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | | | | | | | | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 710 bps), | | | | | | | | |
7.183%, 9-25-22(A)(C) | | $ | 2,814 | | | $ | 2,782 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 768 bps), | | | | | | | | |
7.763%, 2-25-23(A) | | | 1,737 | | | | 1,752 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 2-year U.S. Treasury index): | | | | | | | | |
3.612%, 8-25-46(A)(C) | | | 3,750 | | | | 3,902 | |
3.695%, 11-25-47(A)(C) | | | 165 | | | | 165 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 3-year U.S. Treasury index): | | | | | | | | |
3.509%, 7-25-22(A)(C) | | | 3,000 | | | | 3,057 | |
3.745%, 7-25-46(A)(C) | | | 3,000 | | | | 3,115 | |
4.069%, 12-25-46(A)(C) | | | 4,455 | | | | 4,722 | |
3.658%, 2-25-48(A)(C) | | | 5,245 | | | | 5,286 | |
3.760%, 11-25-50(A)(C) | | | 910 | | | | 956 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index): | | | | | | | | |
3.691%, 11-25-23(A)(C) | | | 15,799 | | | | 16,482 | |
4.003%, 5-25-45(A)(C) | | | 6,500 | | | | 6,620 | |
3.667%, 6-25-45(A)(C) | | | 1,000 | | | | 1,040 | |
3.612%, 8-25-46(A)(C) | | | 3,000 | | | | 3,147 | |
3.678%, 11-25-47(A)(C) | | | 4,470 | | | | 4,583 | |
3.658%, 2-25-48(A)(C) | | | 4,000 | | | | 4,029 | |
3.710%, 6-25-48(A)(C) | | | 2,500 | | | | 2,688 | |
3.632%, 12-25-49(A)(C) | | | 1,500 | | | | 1,558 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 7-year U.S. Treasury index): | | | | | | | | |
3.844%, 6-25-22(A)(C) | | | 11,098 | | | | 11,265 | |
4.195%, 5-25-25(A)(C) | | | 985 | | | | 1,068 | |
3.800%, 11-25-49(A)(C) | | | 5,100 | | | | 5,448 | |
3.760%, 11-25-50(A)(C) | | | 12,555 | | | | 13,400 | |
Federal National Mortgage Association Agency REMIC/CMO, | | | | | | | | |
2.000%, 10-25-41 | | | 5,619 | | | | 5,767 | |
Government National Mortgage Association Agency REMIC/CMO, | | | | | | | | |
2.000%, 3-16-42 | | | 2,453 | | | | 2,522 | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | | | | | | | | |
Government National Mortgage Association Fixed Rate Pass-Through Certificates, | | | | | | | | |
3.500%, 4-20-34 | | $ | 1,519 | | | $ | 1,600 | |
| | | | | | | | |
| | | | | | | 148,564 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 13.4% | | | $ | 154,781 | |
(Cost: $151,470) | | | | | | | | |
| | |
UNITED STATES GOVERNMENT
OBLIGATIONS | | | | | | |
Treasury Obligations - 20.6% | |
U.S. Treasury Notes: | | | | | | | | |
1.875%, 2-28-22 | | | 20,250 | | | | 20,402 | |
1.750%, 5-31-22 | | | 14,500 | | | | 14,663 | |
1.750%, 7-15-22 | | | 34,000 | | | | 34,445 | |
2.000%, 7-31-22 | | | 16,500 | | | | 16,764 | |
1.375%, 10-15-22 | | | 1,000 | | | | 1,013 | |
2.000%, 10-31-22 | | | 42,500 | | | | 43,376 | |
2.125%, 12-31-22 | | | 20,000 | | | | 20,497 | |
1.500%, 1-15-23 | | | 11,500 | | | | 11,702 | |
2.500%, 3-31-23 | | | 30,950 | | | | 32,025 | |
2.750%, 4-30-23 | | | 19,250 | | | | 20,026 | |
0.125%, 10-15-23 | | | 8,000 | | | | 7,973 | |
0.125%, 1-15-24 | | | 5,000 | | | | 4,974 | |
0.375%, 9-15-24 | | | 10,000 | | | | 9,958 | |
| | | | | | | | |
| | | | | | | 237,818 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 20.6% | | | $ | 237,818 | |
(Cost: $232,977) | | | | | | | | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Commercial Paper(E) - 3.1% | |
Duke Energy Corp., | | | | | | | | |
0.080%, 10-1-21 | | | 4,000 | | | | 4,000 | |
General Motors Financial Co., Inc.: | | | | | | | | |
0.240%, 10-1-21 | | | 28,500 | | | | 28,500 | |
0.310%, 10-28-21 | | | 3,000 | | | | 2,999 | |
| | | | | | | | |
| | | | | | | 35,499 | |
| | | | | | | | |
Master Note - 0.1% | |
Toyota Motor Credit Corp. (1-Week U.S. LIBOR plus 25 bps), | | | | | | | | |
0.200%, 10-7-21(F) | | | 850 | | | | 850 | |
| | | | | | | | |
| | | | | | | | |
| SHORT-TERM SECURITIES | | Principal | | | Value | |
Money Market Funds(G) - 0.0% | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, | | | | | | | | |
0.030% | | $ | 383 | | | $ | 383 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM
SECURITIES – 3.2% | | | $ | 36,732 | |
(Cost: $36,732) | | | | | | | | |
| |
TOTAL INVESTMENT SECURITIES – 100.4% | | | $ | 1,157,579 | |
(Cost: $1,144,854) | | | | | | | | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4)% | | | | (4,897 | ) |
| |
NET ASSETS – 100.0% | | | $ | 1,152,682 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 57 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY LIMITED-TERM BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| (A) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $328,099 or 28.5% of net assets. |
| (B) | Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2021. |
| (C) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Description of the reference rate and spread, if applicable, are included in the security description. |
| (E) | Rate shown is the yield to maturity at September 30, 2021. |
| (F) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description. |
| (G) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Asset-Backed Securities | | $ | — | | | $ | 18,476 | | | $ | — | |
Corporate Debt Securities | | | — | | | | 700,594 | | | | — | |
Mortgage-Backed Securities | | | — | | | | 9,178 | | | | — | |
United States Government Agency Obligations | | | — | | | | 154,781 | | | | — | |
United States Government Obligations | | | — | | | | 237,818 | | | | — | |
Short-Term Securities | | | 383 | | | | 36,349 | | | | — | |
Total | | $ | 383 | | | $ | 1,157,196 | | | $ | — | |
The following acronyms are used throughout this schedule:
CMO = Collateralized Mortgage Obligation
GTD = Guaranteed
LIBOR = London Interbank Offered Rate
REMIC = Real Estate Mortgage Investment Conduit
REIT = Real Estate Investment Trust
TB = Treasury Bill
See Accompanying Notes to Financial Statements.
| | | | | | |
| 58 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
PORTFOLIO HIGHLIGHTS | | DELAWARE IVY MANAGED INTERNATIONAL OPPORTUNITIES FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Delaware Ivy Managed International Opportunities Fund – Asset Allocation
| | | | |
Delaware Ivy Emerging Markets Equity Fund, Class R6 | | | 30.5% | |
Delaware Ivy International Core Equity Fund, Class R6 | | | 29.7% | |
Delaware Ivy International Small Cap Fund, Class R6 | | | 10.1% | |
Delaware Ivy Global Growth Fund, Class R6 | | | 10.0% | |
Delaware Ivy Global Equity Income Fund, Class R6 | | | 9.9% | |
Delaware Ivy Pzena International Value Fund, Class R6 | | | 4.8% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 5.0% | |
The percentages of investments in the underlying funds may not currently be within the target allocation ranges disclosed in the Fund’s prospectus due to market movements; these percentages are expected to change over time, and deviation from the target allocation ranges due to market movements is permitted by the prospectus.
+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.
(a) Effective July 1, 2021, the name of Ivy Managed International Opportunities Fund changed to Delaware Ivy Managed International Opportunities Fund.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 59 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MANAGED INTERNATIONAL OPPORTUNITIES FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| AFFILIATED MUTUAL FUNDS | | Shares | | | Value | |
Delaware Ivy Emerging Markets Equity Fund, Class R6 | | | 1,837 | | | $ | 51,614 | |
Delaware Ivy Global Equity Income Fund, Class R6 | | | 1,212 | | | | 16,732 | |
Delaware Ivy Global Growth Fund, Class R6 | | | 272 | | | | 16,888 | |
Delaware Ivy International Core Equity Fund, Class R6 | | | 2,405 | | | | 50,367 | |
Delaware Ivy International Small Cap Fund, Class R6 | | | 1,063 | | | | 17,186 | |
Delaware Ivy Pzena International Value Fund, Class R6 | | | 427 | | | | 8,227 | |
| | | | | | | | |
| |
TOTAL AFFILIATED MUTUAL FUNDS – 95.0% | | | $ | 161,014 | |
(Cost: $109,227) | |
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (A) - 5.0% | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.030% | | | 8,512 | | | $ | 8,512 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 5.0% | | | $ | 8,512 | |
(Cost: $8,512) | | | | | | | | |
| |
TOTAL INVESTMENT SECURITIES – 100.0% | | | $ | 169,526 | |
(Cost: $117,739) | | | | | | | | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% | | | | (60 | ) |
| |
NET ASSETS – 100.0% | | | $ | 169,466 | |
Notes to Schedule of Investments
| (A) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 161,014 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 8,512 | | | | — | | | | — | |
Total | | $ | 169,526 | | | $ | — | | | $ | — | |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 60 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY MID CAP GROWTH FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
| | |
Stocks | | | 98.9% | |
Information Technology | | | 31.8% | |
Health Care | | | 22.8% | |
Industrials | | | 16.4% | |
Consumer Discretionary | | | 12.6% | |
Financials | | | 7.4% | |
Communication Services | | | 4.6% | |
Materials | | | 2.1% | |
Consumer Staples | | | 1.2% | |
Purchased Options | | | 0.2% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.9% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
DexCom, Inc. | | Health Care | | Health Care Equipment |
CoStar Group, Inc. | | Industrials | | Research & Consulting Services |
Chipotle Mexican Grill, Inc., Class A | | Consumer Discretionary | | Restaurants |
DocuSign, Inc. | | Information Technology | | Application Software |
Monolithic Power Systems, Inc. | | Information Technology | | Semiconductors |
MarketAxess Holdings, Inc. | | Financials | | Financial Exchanges & Data |
Paycom Software, Inc. | | Information Technology | | Application Software |
Electronic Arts, Inc. | | Communication Services | | Interactive Home Entertainment |
Ulta Beauty, Inc. | | Consumer Discretionary | | Specialty Stores |
Arista Networks, Inc. | | Information Technology | | Communications Equipment |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.
(a)Effective July 1, 2021, the name of Ivy Mid Cap Growth Fund changed to Delaware Ivy Mid Cap Growth Fund.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 61 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MID CAP GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Interactive Home Entertainment – 2.2% | |
Electronic Arts, Inc. | | | 1,261 | | | $ | 179,334 | |
| | | | | | | | |
| |
Interactive Media & Services – 2.4% | |
Pinterest, Inc., Class A (A) | | | 1,567 | | | | 79,824 | |
Twitter, Inc. (A) | | | 1,887 | | | | 113,981 | |
| | | | | | | | |
| | | | | | | 193,805 | |
| | | | | | | | |
| |
Total Communication Services – 4.6% | | | | 373,139 | |
Consumer Discretionary | |
| |
Apparel, Accessories & Luxury Goods – 3.1% | |
Canada Goose Holdings, Inc. (A) | | | 2,141 | | | | 76,364 | |
Levi Strauss & Co., Class A | | | 2,649 | | | | 64,918 | |
lululemon athletica, Inc. (A) | | | 267 | | | | 107,907 | |
| | | | | | | | |
| | | | | | | 249,189 | |
| | | | | | | | |
| |
Auto Parts & Equipment – 1.6% | |
BorgWarner, Inc. | | | 3,046 | | | | 131,632 | |
| | | | | | | | |
| |
Footwear – 0.1% | |
On Holding AG, Class A (A) | | | 266 | | | | 8,014 | |
| | | | | | | | |
| |
Leisure Facilities – 1.2% | |
Vail Resorts, Inc. | | | 298 | | | | 99,668 | |
| | | | | | | | |
| |
Restaurants – 3.1% | |
Chipotle Mexican Grill, Inc., Class A (A) | | | 139 | | | | 252,701 | |
| | | | | | | | |
| |
Specialty Stores – 3.5% | |
National Vision Holdings, Inc. (A) | | | 1,901 | | | | 107,899 | |
Ulta Beauty, Inc. (A) | | | 475 | | | | 171,443 | |
| | | | | | | | |
| | | | | | | 279,342 | |
| | | | | | | | |
| |
Total Consumer Discretionary — 12.6% | | | | 1,020,546 | |
Consumer Staples | |
| |
Packaged Foods & Meats – 1.2% | |
Hershey Foods Corp. | | | 583 | | | | 98,630 | |
| | | | | | | | |
| |
Total Consumer Staples – 1.2% | | | | 98,630 | |
Financials | |
| |
Financial Exchanges & Data – 2.6% | |
MarketAxess Holdings, Inc. | | | 502 | | | | 211,205 | |
| | | | | | | | |
| |
Regional Banks – 4.8% | |
First Republic Bank | | | 823 | | | | 158,680 | |
Pinnacle Financial Partners, Inc. | | | 672 | | | | 63,238 | |
SVB Financial Group (A) | | | 254 | | | | 164,010 | |
| | | | | | | | |
| | | | | | | 385,928 | |
| | | | | | | | |
| |
Total Financials –7.4% | | | | 597,133 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Health Care | |
| |
Biotechnology – 4.7% | |
Genmab A.S. ADR (A) | | | 2,742 | | | $ | 119,822 | |
Horizon Therapeutics plc (A) | | | 1,130 | | | | 123,781 | |
Seattle Genetics, Inc. (A) | | | 806 | | | | 136,884 | |
| | | | | | | | |
| | | | | | | 380,487 | |
| | | | | | | | |
Health Care Equipment – 11.7% | |
Abiomed, Inc. (A) | | | 369 | | | | 120,170 | |
DexCom, Inc. (A) | | | 555 | | | | 303,758 | |
Edwards Lifesciences Corp. (A) | | | 1,068 | | | | 120,887 | |
Envista Holdings Corp. (A) | | | 2,599 | | | | 108,645 | |
Intuitive Surgical, Inc. (A) | | | 120 | | | | 119,656 | |
Masimo Corp. (A) | | | 357 | | | | 96,736 | |
Zimmer Holdings, Inc. | | | 528 | | | | 77,349 | |
| | | | | | | | |
| | | | | | | 947,201 | |
| | | | | | | | |
| |
Health Care Technology – 1.9% | |
Cerner Corp. | | | 2,229 | | | | 157,222 | |
| | | | | | | | |
| |
Life Sciences Tools & Services – 4.5% | |
10x Genomics, Inc., Class A (A) | | | 377 | | | | 54,937 | |
Agilent Technologies, Inc. | | | 648 | | | | 102,030 | |
Repligen Corp. (A) | | | 300 | | | | 86,696 | |
TECHNE Corp. | | | 245 | | | | 118,941 | |
| | | | | | | | |
| | | | | | | 362,604 | |
| | | | | | | | |
| |
Total Health Care — 22.8% | | | | 1,847,514 | |
Industrials | |
| |
Aerospace & Defense – 1.9% | |
CAE, Inc. (A) | | | 1,358 | | | | 40,566 | |
HEICO Corp., Class A | | | 982 | | | | 116,348 | |
| | | | | | | | |
| | | | | | | 156,914 | |
| | | | | | | | |
| |
Building Products – 3.3% | |
A. O. Smith Corp. | | | 1,872 | | | | 114,305 | |
Trex Co., Inc. (A) | | | 1,461 | | | | 148,965 | |
| | | | | | | | |
| | | | | | | 263,270 | |
| | | | | | | | |
| |
Industrial Machinery – 3.2% | |
IDEX Corp. | | | 532 | | | | 110,028 | |
Middleby Corp. (A) | | | 873 | | | | 148,897 | |
| | | | | | | | |
| | | | | | | 258,925 | |
| | | | | | | | |
| |
Research & Consulting Services – 6.2% | |
Clarivate plc (A) | | | 3,896 | | | | 85,325 | |
CoStar Group, Inc. (A) | | | 3,058 | | | | 263,171 | |
TransUnion | | | 1,387 | | | | 155,794 | |
| | | | | | | | |
| | | | | | | 504,290 | |
| | | | | | | | |
| |
Trading Companies & Distributors – 1.8% | |
Fastenal Co. | | | 2,878 | | | | 148,547 | |
| | | | | | | | |
| |
Total Industrials – 16.4% | | | | 1,331,946 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Information Technology | |
| |
Application Software – 10.4% | |
DocuSign, Inc. (A) | | | 922 | | | $ | 237,379 | |
Five9, Inc. (A) | | | 777 | | | | 124,153 | |
Guidewire Software, Inc. (A) | | | 1,078 | | | | 128,172 | |
Paycom Software, Inc. (A) | | | 369 | | | | 182,937 | |
Q2 Holdings, Inc. (A) | | | 450 | | | | 36,071 | |
Tyler Technologies, Inc. (A) | | | 295 | | | | 135,350 | |
| | | | | | | | |
| | | | | | | 844,062 | |
| | | | | | | | |
| |
Communications Equipment – 2.1% | |
Arista Networks, Inc. (A) | | | 489 | | | | 168,189 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 0.4% | |
Genpact Ltd. | | | 603 | | | | 28,670 | |
| | | | | | | | |
| |
Electronic Components – 1.7% | |
II-VI, Inc. (A) | | | 2,282 | | | | 135,461 | |
| | | | | | | | |
| |
Electronic Equipment & Instruments – 4.1% | |
Keysight Technologies, Inc. (A) | | | 966 | | | | 158,714 | |
Novanta, Inc. (A) | | | 406 | | | | 62,772 | |
Trimble Navigation Ltd. (A) | | | 1,391 | | | | 114,419 | |
| | | | | | | | |
| | | | | | | 335,905 | |
| | | | | | | | |
| |
Semiconductor Equipment – 3.2% | |
Brooks Automation, Inc. | | | 983 | | | | 100,652 | |
Teradyne, Inc. | | | 1,449 | | | | 158,197 | |
| | | | | | | | |
| | | | | | | 258,849 | |
| | | | | | | | |
| |
Semiconductors – 8.1% | |
Marvell Technology Group Ltd. | | | 2,638 | | | | 159,115 | |
Microchip Technology, Inc. | | | 1,031 | | | | 158,228 | |
Monolithic Power Systems, Inc. | | | 488 | | | | 236,463 | |
SkyWater Technology, Inc. (A)(B) | | | 708 | | | | 19,258 | |
Universal Display Corp. | | | 502 | | | | 85,751 | |
| | | | | | | | |
| | | | | | | 658,815 | |
| | | | | | | | |
| |
Systems Software – 1.8% | |
CrowdStrike Holdings, Inc., Class A (A) | | | 582 | | | | 143,000 | |
| | | | | | | | |
| |
Total Information Technology – 31.8% | | | | 2,572,951 | |
Materials | |
| |
Fertilizers & Agricultural Chemicals – 1.0% | |
Scotts Miracle-Gro Co. (The) | | | 555 | | | | 81,233 | |
| | | | | | | | |
| |
Specialty Chemicals – 1.1% | |
RPM International, Inc. | | | 1,160 | | | | 90,076 | |
| | | | | | | | |
| |
Total Materials — 2.1% | | | | 171,309 | |
| |
TOTAL COMMON STOCKS – 98.9% | | | $ | 8,013,168 | |
(Cost: $4,290,809) | |
| | | | | | |
| 62 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MID CAP GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | |
PURCHASED
OPTIONS | | Number of
Contracts
(Unrounded) | | | Notional Amount | | | Value | |
Invesco QQQ Trust, Series 1, | | | | | | | | | | | | |
Put $355.00, Expires 10-15-21, OTC (Ctrpty: Morgan Stanley & Co., Inc.) | | | 15,108 | | | | 1,511 | | | $ | 8,725 | |
iShares Russell 2000 ETF, | | | | | | | | | | | | |
Put $218.00, Expires 10-15-21, OTC (Ctrpty: UBS AG) | | | 5,675 | | | | 568 | | | | 2,435 | |
SPDR S&P Midcap 400 ETF Trust, | | | | | | | | | | | | |
Put $480.00, Expires 10-15-21, OTC (Ctrpty: UBS AG) | | | 11,621 | | | | 1,162 | | | | 10,227 | |
| | | | | | | | | | | | |
| |
TOTAL PURCHASED OPTIONS – 0.2% | | | $ | 21,387 | |
(Cost: $16,142) | |
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds(D) –1.3% | | | | | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010%(C) | | | 8,764 | | | $ | 8,764 | |
State Street Institutional U.S. Government Money Market Fund – Premier Class, 0.030% | | | 94,541 | | | | 94,540 | |
| | | | | | | | |
| | | | | | | 103,304 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 1.3% | | | $ | 103,304 | |
(Cost: $103,304) | | | | | | | | |
| |
TOTAL INVESTMENT SECURITIES – 100.4% | | | $ | 8,137,859 | |
(Cost: $4,410,255) | | | | | | | | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.4)% | | | | (36,300 | ) |
| |
NET ASSETS – 100.0% | | | $ | 8,101,559 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $11,793 are on loan. |
| (C) | Investment made with cash collateral received from securities on loan. |
| (D) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following written options were outstanding at September 30, 2021 (contracts and exercise prices unrounded):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Security | | Counterparty, if OTC | | Type | | Number of
Contracts | | | Notional
Amount | | | Expiration Month | | Exercise
Price | | | Premium
Received | | | Value | |
Invesco QQQ Trust, Series 1 | | Morgan Stanley & Co., Inc. | | Put | | | 15,108 | | | | 1,511 | | | October 2021 | | $ | 324.00 | | | $ | 1,435 | | | $ | (1,216 | ) |
iShares Russell 2000 ETF | | UBS AG | | Put | | | 5,675 | | | | 567 | | | October 2021 | | | 198.00 | | | | 288 | | | | (340 | ) |
SPDR S&P Midcap 400 ETF Trust | | UBS AG | | Put | | | 11,621 | | | | 1,162 | | | October 2021 | | | 440.00 | | | | 1,005 | | | | (1,482 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 2,728 | | | $ | (3,038 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 63 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MID CAP GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 8,013,168 | | | $ | — | | | $ | — | |
Purchased Options | | | — | | | | 21,387 | | | | — | |
Short-Term Securities | | | 103,304 | | | | — | | | | — | |
Total | | $ | 8,116,472 | | | $ | 21,387 | | | $ | — | |
Liabilities | | | | | | | | | | | | |
Written Options | | $ | — | | | $ | 3,038 | | | $ | — | |
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
OTC = Over the Counter
See Accompanying Notes to Financial Statements.
| | | | | | |
| 64 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY MID CAP INCOME OPPORTUNITIES FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
| | | | |
Asset Allocation | |
Stocks | | | 98.6% | |
Financials | | | 20.6% | |
Consumer Discretionary | | | 20.2% | |
Industrials | | | 16.8% | |
Information Technology | | | 14.3% | |
Materials | | | 10.9% | |
Consumer Staples | | | 5.9% | |
Health Care | | | 5.6% | |
Real Estate | | | 2.9% | |
Energy | | | 1.4% | |
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | | | 1.4% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
Travel and Leisure Co. | | Consumer Discretionary | | Hotels, Resorts & Cruise Lines |
Microchip Technology, Inc. | | Information Technology | | Semiconductors |
Arthur J. Gallagher & Co. | | Financials | | Insurance Brokers |
Ares Management Corp., Class A | | Financials | | Asset Management & Custody Banks |
Glacier Bancorp, Inc. | | Financials | | Regional Banks |
Umpqua Holdings Corp. | | Financials | | Regional Banks |
Cracker Barrel Old Country Store, Inc. | | Consumer Discretionary | | Restaurants |
Tractor Supply Co. | | Consumer Discretionary | | Specialty Stores |
Sysco Corp. | | Consumer Staples | | Food Distributors |
American Campus Communities, Inc. | | Real Estate | | Residential REITs |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.
(a)Effective July 1, 2021, the name of Ivy Mid Cap Income Opportunities Fund changed to Delaware Ivy Mid Cap Income Opportunities Fund.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 65 | |
| | |
SCHEDULE OF INVESTMENTS | | DELAWARE IVY MID CAP INCOME OPPORTUNITIES FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Consumer Discretionary | |
| |
Consumer Electronics – 2.7% | |
Garmin Ltd. | | | 304 | | | $ | 47,242 | |
| | | | | | | | |
| |
Hotels, Resorts & Cruise Lines – 3.2% | |
Travel and Leisure Co. | | | 1,039 | | | | 56,630 | |
| | | | | | | | |
| |
Leisure Products – 5.5% | |
Hasbro, Inc. | | | 540 | | | | 48,213 | |
Polaris, Inc. | | | 416 | | | | 49,745 | |
| | | | | | | | |
| | | | | | | 97,958 | |
| | | | | | | | |
| |
Restaurants – 3.0% | |
Cracker Barrel Old Country Store, Inc. | | | 381 | | | | 53,292 | |
| | | | | | | | |
| |
Specialized Consumer Services – 2.8% | |
Service Corp. International | | | 810 | | | | 48,840 | |
| | | | | | | | |
| |
Specialty Stores – 3.0% | |
Tractor Supply Co. | | | 261 | | | | 52,967 | |
| | | | | | | | |
| |
Total Consumer Discretionary — 20.2% | | | | 356,929 | |
Consumer Staples | |
| |
Food Distributors – 3.0% | |
Sysco Corp. | | | 674 | | | | 52,944 | |
| | | | | | | | |
| |
Household Products – 2.9% | |
Clorox Co. (The) | | | 305 | | | | 50,435 | |
| | | | | | | | |
| |
Total Consumer Staples — 5.9% | | | | 103,379 | |
Energy | |
| |
Oil & Gas Storage & Transportation – 1.4% | |
Rattler Midstream L.P. | | | 2,013 | | | | 23,633 | |
| | | | | | | | |
| |
Total Energy — 1.4% | | | | 23,633 | |
Financials | |
| |
Asset Management & Custody Banks – 5.8% | |
Ares Management Corp., Class A | | | 728 | | | | 53,733 | |
Northern Trust Corp. | | | 452 | | | | 48,722 | |
| | | | | | | | |
| | | | | | | 102,455 | |
| | | | | | | | |
| |
Consumer Finance – 2.8% | |
Discover Financial Services | | | 407 | | | | 49,996 | |
| | | | | | | | |
| |
Insurance Brokers – 3.0% | |
Arthur J. Gallagher & Co. | | | 362 | | | | 53,837 | |
| | | | | | | | |
| |
Property & Casualty Insurance – 2.9% | |
First American Financial Corp. | | | 755 | | | | 50,650 | |
| | | | | | | | |
| | | | | | | | |
COMMON STOCKS
(Continued) | | Shares | | | Value | |
| |
Regional Banks – 6.1% | |
Glacier Bancorp, Inc. | | | 968 | | | $ | 53,581 | |
Umpqua Holdings Corp. | | | 2,641 | | | | 53,481 | |
| | | | | | | | |
| | | | | | | 107,062 | |
| | | | | | | | |
| |
Total Financials — 20.6% | | | | 364,000 | |
Health Care | |
| |
Health Care Facilities – 2.8% | |
Encompass Health Corp. | | | 666 | | | | 49,992 | |
| | | | | | | | |
| |
Health Care Services – 2.8% | |
Quest Diagnostics, Inc. | | | 341 | | | | 49,511 | |
| | | | | | | | |
| |
Total Health Care — 5.6% | | | | 99,503 | |
Industrials | |
| |
Air Freight & Logistics – 2.9% | |
C.H. Robinson Worldwide, Inc. | | | 584 | | | | 50,804 | |
| | | | | | | | |
| |
Electrical Components & Equipment – 2.9% | |
nVent Electric plc | | | 1,580 | | | | 51,095 | |
| | | | | | | | |
| |
Industrial Machinery – 5.5% | |
Snap-on, Inc. | | | 236 | | | | 49,295 | |
Stanley Black & Decker, Inc. | | | 272 | | | | 47,688 | |
| | | | | | | | |
| | | | | | | 96,983 | |
| | | | | | | | |
| |
Trading Companies & Distributors – 5.5% | |
Fastenal Co. | | | 934 | | | | 48,186 | |
Watsco, Inc. | | | 188 | | | | 49,861 | |
| | | | | | | | |
| | | | | | | 98,047 | |
| | | | | | | | |
| |
Total Industrials — 16.8% | | | | 296,929 | |
Information Technology | |
| |
Data Processing & Outsourced Services – 5.7% | |
Broadridge Financial Solutions, Inc. | | | 297 | | | | 49,446 | |
Paychex, Inc. | | | 449 | | | | 50,458 | |
| | | | | | | | |
| | | | | | | 99,904 | |
| | | | | | | | |
| |
Electronic Equipment & Instruments – 2.8% | |
National Instruments Corp. | | | 1,266 | | | | 49,676 | |
| | | | | | | | |
| |
Electronic Manufacturing Services – 2.7% | |
TE Connectivity Ltd. | | | 350 | | | | 47,999 | |
| | | | | | | | |
| |
Semiconductors – 3.1% | |
Microchip Technology, Inc. | | | 358 | | | | 54,883 | |
| | | | | | | | |
| |
Total Information Technology — 14.3% | | | | 252,462 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Materials | |
| |
Paper Packaging – 8.2% | |
Avery Dennison Corp. | | | 237 | | | $ | 49,164 | |
Packaging Corp. of America | | | 349 | | | | 47,998 | |
Sonoco Products Co. | | | 802 | | | | 47,781 | |
| | | | | | | | |
| | | | | | | 144,943 | |
| | | | | | | | |
| |
Specialty Chemicals – 2.7% | |
RPM International, Inc. | | | 615 | | | | 47,767 | |
| | | | | | | | |
| |
Total Materials — 10.9% | | | | 192,710 | |
Real Estate | |
| |
Residential REITs – 2.9% | |
American Campus Communities, Inc. | | | 1,057 | | | | 51,230 | |
| | | | | | | | |
| |
Total Real Estate — 2.9% | | | | 51,230 | |
| |
TOTAL COMMON STOCKS – 98.6% | | | $ | 1,740,775 | |
(Cost: $1,339,943) | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
Money Market Funds (A) — 1.2% | |
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.030% | | | 21,083 | | | | 21,083 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 1.2% | | | $ | 21,083 | |
(Cost: $21,083) | |
| |
TOTAL INVESTMENT
SECURITIES – 99.8% | | | $ | 1,761,858 | |
(Cost: $1,361,026) | |
| |
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2% | | | | 3,358 | |
| |
NET ASSETS – 100.0% | | | $ | 1,765,216 | |
| | | | | | |
| 66 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
SCHEDULE OF INVESTMENTS | | DELAWARE IVY MID CAP INCOME OPPORTUNITIES FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| (A) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 1,740,775 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 21,083 | | | | — | | | | — | |
Total | | $ | 1,761,858 | | | $ | — | | | $ | — | |
The following acronym is used throughout this schedule:
REIT = Real Estate Investment Trust
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 67 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY MUNICIPAL BOND FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Bonds | | | 99.9% | |
Municipal Bonds | | | 99.9% | |
Cash and Other Assets (Net of Liabilities) | | | 0.1% | |
Quality Weightings
| | | | |
Investment Grade | | | 95.2% | |
AAA | | | 10.1% | |
AA | | | 49.7% | |
A | | | 32.8% | |
BBB | | | 2.6% | |
Non-Investment Grade | | | 4.7% | |
BB | | | 0.2% | |
Non-rated | | | 4.5% | |
Cash and Other Assets (Net of Liabilities) | | | 0.1% | |
Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
| (a) | Effective July 1, 2021, the name of Ivy Municipal Bond Fund changed to Delaware Ivy Municipal Bond Fund. |
| | | | | | |
| 68 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS | | Principal | | | Value | |
Alabama – 1.2% | |
AL Pub Sch and College Auth, Cap Impvt and Rfdg Bonds, Ser 2020A, | | | | | | | | |
5.000%, 11–1–29 | | $ | 1,250 | | | $ | 1,634 | |
Water Works Board of the City of Birmingham, Water Rev Rfdg Bonds, Ser 2015-A, | | | | | | | | |
5.000%, 1–1–35 | | | 6,555 | | | | 7,534 | |
| | | | | | | | |
| | | | | | | 9,168 | |
| | | | | | | | |
| |
Alaska – 0.9% | |
AK Hsng Fin Corp., Gen Mtg Rev Bonds II, Ser 2020A: | | | | | | | | |
1.800%, 6–1–31 | | | 1,210 | | | | 1,215 | |
1.850%, 12–1–31 | | | 1,470 | | | | 1,478 | |
1.900%, 6–1–32 | | | 1,000 | | | | 1,004 | |
1.900%, 12–1–32 | | | 800 | | | | 799 | |
1.950%, 6–1–33 | | | 1,500 | | | | 1,494 | |
1.950%, 12–1–33 | | | 1,000 | | | | 994 | |
| | | | | | | | |
| | | | | | | 6,984 | |
| | | | | | | | |
| |
Arizona – 2.2% | |
City of Phoenix Civic Impvt Corp., Jr Lien Arpt Rev Bonds, Ser 2019B: | | | | | | | | |
4.000%, 7–1–37 | | | 4,000 | | | | 4,621 | |
4.000%, 7–1–39 | | | 1,000 | | | | 1,150 | |
Maricopa Cnty Indl Dev Auth, Rev Bonds (Banner Hlth), Ser 2016A, | | | | | | | | |
4.000%, 1–1–38 | | | 8,500 | | | | 9,535 | |
Mesa, AZ, GO Rfdg Bonds, Ser 2020: | | | | | | | | |
5.000%, 7–1–28 | | | 375 | | | | 475 | |
5.000%, 7–1–29 | | | 435 | | | | 564 | |
| | | | | | | | |
| | | | | | | 16,345 | |
| | | | | | | | |
| |
Arkansas – 0.1% | |
Board of Trustees of the Univ of AR, Var Fac Rev Bonds (Fayetteville Campus), Rfdg and Impvt Ser 2016A, | | | | | | | | |
5.000%, 11–1–37 | | | 745 | | | | 889 | |
| | | | | | | | |
| |
California – 15.0% | |
CA (School Facilities) GO Bonds, | | | | | | | | |
5.000%, 11–1–30 | | | 3,000 | | | | 3,289 | |
CA Cmnty Choice Fin Auth, Clean Enrg Proj Rev Bonds, Ser 2021B–1, | | | | | | | | |
4.000%, 2–1–52 | | | 3,000 | | | | 3,639 | |
CA Cmnty Trans Rev (Installment Sale), Cert of Part (T.R.I.P. – Total Road Impvt Prog), Ser 2012B, | | | | | | | | |
5.250%, 6–1–42 | | | 2,245 | | | | 2,320 | |
CA Edu Fac Auth, Rev Bonds (Stanford Univ), Ser U–7, | | | | | | | | |
5.000%, 6–1–46 | | | 7,675 | | | | 11,488 | |
CA GO Bonds, Ser 2020, | | | | | | | | |
5.000%, 3–1–36 | | | 1,500 | | | | 1,923 | |
CA Hlth Fac Fin Auth, Kaiser Permanente Rev Bonds, Ser 2017A–2, | | | | | | | | |
5.000%, 11–1–47 | | | 10,000 | | | | 14,742 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
California (Continued) | | | | | | | | |
CA Muni Fin Auth, Edu Rev Bonds (American Heritage Edu Fndtn Proj), Ser 2016A, | | | | | | | | |
5.000%, 6–1–36 | | $ | 1,000 | | | $ | 1,138 | |
CA Sch Fin Auth, Charter Sch Rev Bonds (Coastal Academy Proj), Ser 2013A: | | | | | | | | |
5.000%, 10–1–22 | | | 150 | | | | 153 | |
5.000%, 10–1–33 | | | 1,000 | | | | 1,031 | |
CA Various Purp GO Bonds: | | | | | | | | |
5.500%, 4–1–28 | | | 5 | | | | 5 | |
5.000%, 4–1–37 | | | 5,000 | | | | 5,340 | |
CA Various Purp GO Rfdg Bonds, | | | | | | | | |
5.000%, 2–1–33 | | | 10,000 | | | | 10,612 | |
City of Los Angeles, Wastewater Sys Rev Bonds, Rfdg Ser 2015–D, | | | | | | | | |
5.000%, 6–1–34 | | | 6,190 | | | | 7,191 | |
Cnty of Sacramento, 2020 Rfdg Cert of Part, Sacramento Cnty Pub Fac Fin Corp. (Insured by AGM), | | | | | | | | |
5.000%, 10–1–27 | | | 660 | | | | 817 | |
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2013A: | | | | | | | | |
5.000%, 6–1–29 | | | 1,500 | | | | 1,616 | |
5.000%, 6–1–30 | | | 1,000 | | | | 1,076 | |
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015A: | | | | | | | | |
5.000%, 6–1–33 | | | 3,165 | | | | 3,650 | |
5.000%, 6–1–34 | | | 2,840 | | | | 3,270 | |
La Quinta Redev Proj Areas No. 1 and 2, Tax Alloc Rfdg Bonds, Ser 2014A, | | | | | | | | |
5.000%, 9–1–34 | | | 750 | | | | 852 | |
Los Angeles Cnty Metro Trans Auth, Measure R Jr Sub Sales Tax Rev Rfdg Bonds, Ser 2020A, | | | | | | | | |
5.000%, 6–1–30 | | | 4,000 | | | | 5,337 | |
Los Angeles Unif Sch Dist, GO Bonds (Dedicated Unlimited Ad Valorem Ppty Tax), Ser 2020C, | | | | | | | | |
5.000%, 7–1–28 | | | 1,000 | | | | 1,271 | |
Los Angeles, CA, Dept of Arpts, Los Angeles Intl Arpt Sub Rev Bonds, Ser 2019A, | | | | | | | | |
5.000%, 5–15–32 | | | 265 | | | | 333 | |
Los Angeles, CA, Dept of Arpts, Los Angeles Intl Arpt Sub Rev Bonds, Ser 2021D, | | | | | | | | |
5.000%, 5–15–29 (A) | | | 2,300 | | | | 2,923 | |
Los Angeles, Wastewater Sys Rev Bonds, Ser 2015–A, | | | | | | | | |
5.000%, 6–1–35 | | | 1,000 | | | | 1,161 | |
Modesto, CA, Irrigation Dist Fin Auth, Elec Sys Rev Bonds, Ser 2015A, | | | | | | | | |
5.000%, 10–1–36 | | | 4,270 | | | | 4,964 | |
Palomar Hlth, GO Rfdg Bonds, Ser 2016B, | | | | | | | | |
4.000%, 8–1–37 | | | 1,000 | | | | 1,109 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
California (Continued) | | | | | | | | |
Palomar Pomerado Hlth, GO Bonds, Election of 2004, Ser 2009A: | | | | | | | | |
0.000%, 8–1–31 (B) | | $ | 3,315 | | | $ | 2,765 | |
0.000%, 8–1–32 (B) | | | 5,000 | | | | 4,062 | |
0.000%, 8–1–33 (B) | | | 5,000 | | | | 3,949 | |
State Pub Works Board of CA, Lease Rev Bonds (Various Cap Proj), Ser 2011A: | | | | | | | | |
5.250%, 10-1-24 | | | 500 | | | | 502 | |
5.000%, 12-1-24 | | | 500 | | | | 504 | |
Successor Agy to the Redev Agy of the City of Stockton, Tax Alloc Rfdg Bonds, Ser 2016A, | | | | | | | | |
5.000%, 9-1-37 | | | 2,000 | | | | 2,351 | |
The Regents of the Univ of CA, Gen Rev Bonds, Ser 2013AI, | | | | | | | | |
5.000%, 5-15-34 | | | 3,500 | | | | 3,764 | |
Trustees of the CA State Univ, Systemwide Rev Bonds, Ser 2015A, | | | | | | | | |
5.000%, 11-1-38 | | | 500 | | | | 586 | |
| | | | | | | | |
| | | | | | | 109,733 | |
| | | | | | | | |
| |
Colorado – 1.9% | |
CO Hlth Fac Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019A, | | | | | | | | |
4.000%, 1–1–37 | | | 750 | | | | 883 | |
CO Hlth Fac Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019B, | | | | | | | | |
4.000%, 1–1–40 | | | 5,000 | | | | 5,833 | |
Denver, CO, Dept of Aviation, Arpt Sys Sub Rev Bonds, Ser 2018A: | | | | | | | | |
5.000%, 12–1–31 | | | 2,000 | | | | 2,489 | |
5.000%, 12–1–35 | | | 1,000 | | | | 1,224 | |
Metro Wastewater Reclamation Dist, CO Sewer Impvt Bonds, Ser 2020A, | | | | | | | | |
5.000%, 4–1–30 | | | 750 | | | | 990 | |
Platte Vly Fire Protection Dist, Weld Cnty, CO, Cert of Part, Ser 2012, | | | | | | | | |
5.000%, 12–1–36 | | | 300 | | | | 302 | |
Rgnl Trans Dist of CO, Cert of Part, Ser 2015A, | | | | | | | | |
5.000%, 6-1-35 | | | 1,435 | | | | 1,619 | |
Rgnl Trans Dist of CO, Tax-Exempt Private Activity Bonds (Denver Transit Partn Eagle P3 Proj), Ser 2020A, | | | | | | | | |
5.000%, 7–15–26 | | | 275 | | | | 327 | |
| | | | | | | | |
| | | | | | | 13,667 | |
| | | | | | | | |
| |
Connecticut – 0.2% | |
Univ of CT, GO Bonds, Ser 2020A, | | | | | | | | |
5.000%, 2-15-36 | | | 1,000 | | | | 1,268 | |
| | | | | | | | |
| |
District Of Columbia – 2.0% | |
DC Convention and Sports Auth, Sr Lien Dedicated Tax Rev Rfdg Bonds, Ser 2021A: | | | | | | | | |
5.000%, 10–1–28 | | | 300 | | | | 378 | |
5.000%, 10–1–29 | | | 385 | | | | 495 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 69 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
District Of Columbia (Continued) | |
DC Income Tax Secured Rev Bonds, Ser 2019A, | | | | | | | | |
4.000%, 3–1–37 | | $ | 1,000 | | | $ | 1,185 | |
DC Water and Sewer Auth, Pub Util Sub Lien Multimodal Rev Bonds, Ser 2019C (Mortgage spread to 5-year U.S. Treasury index), | | | | | | | | |
1.726%, 10–1–54 (C) | | | 1,000 | | | | 1,038 | |
DC Water and Sewer Auth, Pub Util Sub Lien Rev Bonds, Ser 2015A, | | | | | | | | |
5.000%, 10–1–45 | | | 1,565 | | | | 1,809 | |
Metro WA DC Arpt Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2009C, | | | | | | | | |
6.500%, 10–1–41 | | | 7,000 | | | | 8,862 | |
WA Convention and Sports Auth, Sr Lien Dedicated Tax Rev Rfdg Bonds, Ser 2021B, | | | | | | | | |
5.000%, 10–1–29 | | | 610 | | | | 784 | |
| | | | | | | | |
| | | | | | | 14,551 | |
| | | | | | | | |
| |
Florida – 7.7% | |
East Cent Rgnl Wastewater Treatment Fac Operation Board, Wastewater Treatment Fac Rev Rfdg Bonds, Ser 2017, | | | | | | | | |
5.000%, 10–1–44 | | | 3,000 | | | | 3,604 | |
FL Dev Fin Corp., Edu Fac Rev Bonds (Mater Academy Proj), Ser 2020A: | | | | | | | | |
5.000%, 6–15–28 | | | 410 | | | | 488 | |
5.000%, 6–15–29 | | | 400 | | | | 474 | |
Hillsborough Cnty Aviation Auth, FL Intl Arpt, Sub Rev Bonds, Ser 2015B, | | | | | | | | |
5.000%, 10–1–35 | | | 2,000 | | | | 2,264 | |
Jacksonville, FL, Spl Rev and Rfdg Bonds, Ser 2020A, | | | | | | | | |
5.000%, 10-1-35 | | | 4,475 | | | | 5,757 | |
Lake Worth Beach, FL, Consolidated Util Rev Bonds, Ser 2020: | | | | | | | | |
5.000%, 10–1–27 | | | 735 | | | | 912 | |
5.000%, 10–1–28 | | | 1,000 | | | | 1,266 | |
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2019A, | | | | | | | | |
4.000%, 10–1–44 | | | 1,500 | | | | 1,690 | |
Miami-Dade Cnty, FL, Aviation Rev Rfdg Bonds, Ser 2014, | | | | | | | | |
5.000%, 10–1–34 | | | 2,165 | | | | 2,435 | |
Miami-Dade Cnty, FL, Water and Sewer Sys Rev Rfdg Bonds, Ser 2008B (Insured by AGM), | | | | | | | | |
5.250%, 10–1–22 | | | 5,500 | | | | 5,777 | |
Mid-Bay Bridge Auth, Springing Lien Rev Bonds, Ser 2011A, | | | | | | | | |
7.250%, 10-1-34 | | | 3,500 | | | | 3,500 | |
Orange Cnty Hlth Fac Auth, Rev Bonds (Presbyterian Ret Cmnty Proj), Ser 2016, | | | | | | | | |
5.000%, 8–1–36 | | | 4,125 | | | | 4,526 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Florida (Continued) | |
Orlando, FL, Greater Orlando Aviation Auth, Arpt Fac Rev Bonds, Ser 2019A: | | | | | | | | |
4.000%, 10–1–37 | | $ | 5,000 | | | $ | 5,812 | |
4.000%, 10–1–39 | | | 3,000 | | | | 3,471 | |
Osceola Cnty, FL, Sales Tax Rev Rfdg Bonds, Ser 2016A, | | | | | | | | |
5.000%, 10–1–37 | | | 2,005 | | | | 2,331 | |
Palm Beach Cnty, FL, Sch Board, Cert of Part, Ser 2020A, | | | | | | | | |
5.000%, 8–1–34 | | | 2,000 | | | | 2,586 | |
Sch Board of Broward Cnty, FL, Cert of Part, Ser 2020A, | | | | | | | | |
5.000%, 7–1–34 | | | 4,450 | | | | 5,681 | |
St. Lucie, FL, Util Sys Rfdg Rev Bonds, Ser 2016, | | | | | | | | |
4.000%, 9–1–34 | | | 1,000 | | | | 1,141 | |
Volusia Cnty Edu Fac Auth, Edu Fac Rev Rfdg Bonds (Embry-Riddle Aeronautical Univ, Inc. Proj), Ser 2011, | | | | | | | | |
5.250%, 10–15–22 | | | 2,750 | | | | 2,754 | |
| | | | | | | | |
| | | | | | | 56,469 | |
| | | | | | | | |
| |
Georgia – 3.9% | |
Appling Cnty, GA, Dev Auth, Pollutn Ctl Rev Bonds (Oglethorpe Power Corp. Hatch Proj), Ser 2013A, | | | | | | | | |
1.500%, 1–1–38 | | | 250 | | | | 257 | |
Atlanta, GA, Water and Wastewater Rev Rfdg Bonds, Ser 2019, | | | | | | | | |
4.000%, 11–1–38 | | | 4,000 | | | | 4,751 | |
Brookhaven Dev Auth, Rev Bonds (Children’s Hlthcare of Atlanta, Inc.), Ser 2019A, | | | | | | | | |
4.000%, 7–1–44 | | | 8,000 | | | | 9,237 | |
GA Hsng and Fin Auth, Sngl Fam Mtg Bonds, Ser 2020A: | | | | | | | | |
2.450%, 6–1–31 | | | 550 | | | | 577 | |
2.450%, 12–1–31 | | | 620 | | | | 650 | |
2.600%, 6–1–32 | | | 430 | | | | 455 | |
GA State Road and Twy Auth, Fed Hwy Grant Anticipation Rev Bonds, Ser 2020, | | | | | | | | |
5.000%, 6–1–27 | | | 2,000 | | | | 2,471 | |
Metro Atlanta Rapid Transit Auth, Sales Tax Rev Bonds, Ser 2015B, | | | | | | | | |
5.000%, 7–1–43 | | | 8,325 | | | | 9,895 | |
| | | | | | | | |
| | | | | | | 28,293 | |
| | | | | | | | |
| |
Hawaii – 0.2% | |
HI Dept of Budget and Fin, Spl Purp Rev Bonds (The Queen’s Hlth Sys), Ser 2015A, | | | | | | | | |
5.000%, 7–1–35 | | | 1,500 | | | | 1,718 | |
| | | | | | | | |
| |
Illinois – 4.0% | |
Belleville, IL, Tax Incr Rfdg Rev Bonds (Frank Scott Pkwy Redev Proj), Ser 2007A: | | | | | | | | |
5.000%, 5–1–26 | | | 65 | | | | 65 | |
5.700%, 5–1–36 | | | 1,750 | | | | 1,751 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Illinois (Continued) | |
Build IL Sales Tax Rev Bonds, Ser 2011, | | | | | | | | |
5.000%, 6–15–27 | | $ | 500 | | | $ | 501 | |
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Bonds, Ser 2016D (Insured by BAMAC), | | | | | | | | |
5.250%, 1–1–37 | | | 2,500 | | | | 3,012 | |
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Rfdg Bonds, Ser 2015B, | | | | | | | | |
5.000%, 1–1–34 | | | 1,000 | | | | 1,139 | |
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Rfdg Bonds, Ser 2016C, | | | | | | | | |
5.000%, 1–1–34 | | | 1,500 | | | | 1,758 | |
City of Chicago, Gen Arpt Sr Lien Rev and Rev Rfdg Bonds (Chicago O’Hare Intl Arpt), Ser 2018A (Insured by AGM), | | | | | | | | |
5.000%, 1–1–38 | | | 605 | | | | 740 | |
IL Fin Auth, Rev Bonds (Univ of Chicago), Ser 2021A, | | | | | | | | |
5.000%, 10–1–28 | | | 1,000 | | | | 1,274 | |
IL Fin Auth, Rev Rfdg Bonds (NW Mem Hlthcare), Ser 2021A, | | | | | | | | |
5.000%, 7–15–32 | �� | | 1,120 | | | | 1,494 | |
IL GO Bonds, Ser 2021B, | | | | | | | | |
5.000%, 3–1–24 | | | 1,000 | | | | 1,107 | |
IL Muni Elec Agy, Power Supply Sys Rev Rfdg Bonds, Ser 2015A, | | | | | | | | |
5.000%, 2–1–32 | | | 3,695 | | | | 4,291 | |
IL Sales Tax Rev Bonds (Jr Oblig), Ser 2013, | | | | | | | | |
5.000%, 6–15–26 | | | 2,000 | | | | 2,143 | |
IL State Toll Hwy Auth, Toll Hwy Sr Rev Bonds, Ser 2013A, | | | | | | | | |
5.000%, 1–1–35 | | | 4,100 | | | | 4,329 | |
IL State Toll Hwy Auth, Toll Hwy Sr Rev Bonds, Ser 2015B, | | | | | | | | |
5.000%, 1–1–37 | | | 2,000 | | | | 2,335 | |
Rgnl Trans Auth, Cook, DuPage, Kane, Lake, McHenry and Will Cnty, IL, GO Bonds, Ser 2002A, | | | | | | | | |
6.000%, 7–1–24 | | | 3,080 | | | | 3,549 | |
| | | | | | | | |
| | | | | | | 29,488 | |
| | | | | | | | |
| |
Indiana – 1.6% | |
Ctr Grove Multi–Fac Sch Bldg Corp. (Johnson Cnty, IN), Ad Valorem Ppty Tax, First Mtg Bonds, Ser 2020C: | | | | | | | | |
5.500%, 1–10–29 | | | 115 | | | | 150 | |
5.500%, 7–10–29 | | | 635 | | | | 837 | |
5.500%, 1–10–30 | | | 655 | | | | 871 | |
5.500%, 7–10–30 | | | 670 | | | | 901 | |
5.500%, 1–10–31 | | | 685 | | | | 930 | |
IN Muni Power Agy, Power Supply Sys Rev Bonds, Ser 2019A, | | | | | | | | |
4.000%, 1–1–39 | | | 2,630 | | | | 3,049 | |
IN Muni Power Agy, Power Supply Sys Rfdg Rev Bonds, Ser 2016A: | | | | | | | | |
5.000%, 1–1–37 | | | 1,000 | | | | 1,187 | |
5.000%, 1–1–42 | | | 2,000 | | | | 2,369 | |
| | | | | | |
| 70 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Indiana (Continued) | |
IN Muni Power Agy, Power Supply Sys Rfdg Rev Bonds, Ser 2016C, | | | | | | | | |
5.000%, 1–1–39 | | $ | 1,000 | | | $ | 1,186 | |
| | | | | | | | |
| | | | | | | 11,480 | |
| | | | | | | | |
Iowa – 0.5% | |
Ames, IA, Hosp Rev Rfdg Bonds (Mary Greeley Med Ctr), Ser 2016, | | | | | | | | |
4.000%, 6–15–35 | | | 1,510 | | | | 1,668 | |
IA Higher Edu Loan Auth, Private College Fac Rev Bonds (Upper IA Univ Proj), Ser 2012, | | | | | | | | |
5.000%, 9–1–33 | | | 1,750 | | | | 1,910 | |
| | | | | | | | |
| | | | | | | 3,578 | |
| | | | | | | | |
| |
Louisiana – 2.5% | |
Jefferson Sales Tax Dist., Parish of Jefferson, LA, Spl Sales Tax Rev Bonds, Ser 2017B (Insured by AGM), | | | | | | | | |
5.000%, 12–1–42 | | | 5,000 | | | | 6,109 | |
LA Citizens Prop Ins Corp., Assmt Rev Rfdg Bonds, Ser 2012, | | | | | | | | |
5.000%, 6–1–24 | | | 500 | | | | 516 | |
LA Gasoline and Fuels Tax, Rev Rfdg Bonds, Ser 2015A, | | | | | | | | |
5.000%, 5–1–41 | | | 4,000 | | | | 4,550 | |
New Orleans, LA, GO Rfdg Bonds, Ser 2012 (Insured by AGM): | | | | | | | | |
5.000%, 12–1–25 | | | 1,500 | | | | 1,580 | |
5.000%, 12–1–26 | | | 3,500 | | | | 3,686 | |
5.000%, 12–1–27 | | | 1,500 | | | | 1,579 | |
| | | | | | | | |
| | | | | | | 18,020 | |
| | | | | | | | |
| |
Maine – 0.4% | |
ME Tpk Auth, Tpk Rev Rfdg Bonds, Ser 2015, | | | | | | | | |
5.000%, 7–1–34 | | | 2,255 | | | | 2,613 | |
| | | | | | | | |
| |
Maryland – 2.4% | |
Baltimore, MD, Proj Rev Bonds (Stormwater Proj), Ser 2019A, | | | | | | | | |
4.000%, 7–1–44 | | | 5,000 | | | | 5,769 | |
Baltimore, MD, Proj Rev Bonds (Wastewater Proj), Ser 2019A, | | | | | | | | |
4.000%, 7–1–44 | | | 3,500 | | | | 4,039 | |
Baltimore, MD, Proj Rev Bonds (Water Proj), Ser 2019A, | | | | | | | | |
4.000%, 7–1–44 | | | 6,500 | | | | 7,500 | |
| | | | | | | | |
| | | | | | | 17,308 | |
| | | | | | | | |
| |
| Massachusetts – 1.3% | |
Commonwealth of MA, GO Bonds, Ser 2020D, | | | | | | | | |
5.000%, 7–1–30 | | | 4,000 | | | | 5,279 | |
Commonwealth of MA, GO Rfdg Bonds, Ser 2020E, | | | | | | | | |
5.000%, 11–1–29 | | | 715 | | | | 934 | |
MA Bay Trans Auth, Sub Sales Tax Bonds, Ser 2021A–1, | | | | | | | | |
5.000%, 7–1–31 | | | 1,000 | | | | 1,349 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Massachusetts (Continued) | |
MA Dev Fin Agy, Rev Bonds (Wellforce Issue), Ser 2020C: | | | | | | | | |
5.000%, 10–1–28 | | $ | 500 | | | $ | 629 | |
5.000%, 10–1–29 | | | 425 | | | | 546 | |
MA Port Auth, Rev Rfdg Bonds, Ser 2021B: | | | | | | | | |
5.000%, 7–1–33 | | | 400 | | | | 522 | |
5.000%, 7–1–34 | | | 425 | | | | 553 | |
| | | | | | | | |
| | | | | | | 9,812 | |
| | | | | | | | |
| |
Michigan – 3.8% | |
Detroit, MI, Sch Dist, Rfdg Bonds, Ser 2020A: | | | | | | | | |
5.000%, 5–1–31 | | | 1,000 | | | | 1,309 | |
5.000%, 5–1–32 | | | 750 | | | | 977 | |
Lincoln Consolidated Sch Dist, Cnty of Washtenaw and Wayne, MI, Rfdg Bonds, Ser 2016A, | | | | | | | | |
5.000%, 5–1–35 | | | 500 | | | | 587 | |
MI Fin Auth, Hosp Rev and Rfdg Bonds (Trinity Hlth Credit Group), Ser 2015MI, | | | | | | | | |
5.000%, 12–1–35 | | | 3,000 | | | | 3,096 | |
MI Fin Auth, Hosp Rev Bonds (CHE Trinity Hlth Credit Group), Ser 2013MI–2: | | | | | | | | |
4.000%, 12–1–35 | | | 1,250 | | | | 1,477 | |
4.000%, 12–1–36 | | | 1,100 | | | | 1,295 | |
MI Fin Auth, Hosp Rev Bonds (CHE Trinity Hlth Credit Group), Ser 2013MI–4, | | | | | | | | |
5.000%, 12–1–39 | | | 4,150 | | | | 5,216 | |
MI Fin Auth, Second Lien Distributable State Aid Rev and Rev Rfdg Bonds, Ser 2020 (Insured by BAMAC): | | | | | | | | |
5.000%, 11–1–27 | | | 475 | | | | 589 | |
5.000%, 11–1–28 | | | 765 | | | | 971 | |
5.000%, 11–1–29 | | | 1,650 | | | | 2,136 | |
MI State Bldg Auth, Rev and Rfdg Bonds (Fac Prog), Ser 2015I, | | | | | | | | |
5.000%, 4–15–34 | | | 3,000 | | | | 3,504 | |
MI State Bldg Auth, Rev and Rfdg Bonds (Fac Prog), Ser 2016I, | | | | | | | | |
4.000%, 10–15–36 | | | 1,000 | | | | 1,126 | |
MI State Hosp Fin Auth, Rfdg and Proj Rev Bonds (Ascension Hlth Sr Credit Group), Ser 2010F–4, | | | | | | | | |
5.000%, 11–15–47 | | | 500 | | | | 623 | |
MI State Hosp Fin Auth, Var Rate Rev Bonds (Ascension Hlth Credit Group), Ser 1999B–4, | | | | | | | | |
5.000%, 11–15–32 | | | 2,000 | | | | 2,302 | |
Sparta Area Sch, 2016 Sch Bldg and Site Bonds (Kent and Ottawa Cnty, MI), Ser I, | | | | | | | | |
5.000%, 5–1–46 | | | 2,000 | | | | 2,397 | |
| | | | | | | | |
| | | | | | | 27,605 | |
| | | | | | | | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Missouri – 2.9% | |
Broadway–Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A, | | | | | | | | |
6.125%, 12–1–36 | | $ | 175 | | | $ | 114 | |
Hlth and Edu Fac Auth, Hlth Fac Rev Bonds (Mosaic Hlth Sys), Ser 2019A, | | | | | | | | |
4.000%, 2–15–44 | | | 600 | | | | 682 | |
Kansas City, MO, Spl Oblig Impvt and Rfdg Bonds (Downtown Arena Proj), Ser 2016E, | | | | | | | | |
5.000%, 4–1–40 | | | 2,000 | | | | 2,267 | |
MO Hlth and Edu Fac Auth, Hlth Fac Rev Bonds (BJC Hlth Sys), Ser 2021C, | | | | | | | | |
5.000%, 5–1–52 | | | 2,885 | | | | 3,594 | |
MO Joint Muni Elec Util Comsn, Power Proj Rev Rfdg Bonds (Prairie State Proj), Ser 2015A: | | | | | | | | |
5.000%, 12–1–29 | | | 1,550 | | | | 1,795 | |
5.000%, 12–1–30 | | | 1,200 | | | | 1,388 | |
5.000%, 12–1–31 | | | 1,000 | | | | 1,155 | |
MO Joint Muni Elec Util Comsn, Power Proj Rev Rfdg Bonds (Iatan 2 Proj), Ser 2015A: | | | | | | | | |
5.000%, 12–1–36 | | | 5,650 | | | | 6,500 | |
5.000%, 12–1–37 | | | 1,000 | | | | 1,149 | |
MO Joint Muni Elec Util Comsn, Power Proj Rev Rfdg Bonds (Prairie State Proj), Ser 2016A, | | | | | | | | |
5.000%, 12–1–40 | | | 1,000 | | | | 1,176 | |
St. Louis Cnty, MO, Indl Dev Auth, Sr Living Fac Rev Bonds (Friendship Vlg Sunset Hills), Ser 2012, | | | | | | | | |
5.000%, 9–1–32 | | | 1,120 | | | | 1,153 | |
| | | | | | | | |
| | | | | | | 20,973 | |
| | | | | | | | |
| |
Montana – 0.2% | |
MT Board of Hsng, Sngl Fam Mtg Bonds, Ser 2020B, | | | | | | | | |
2.750%, 12–1–40 | | | 915 | | | | 944 | |
MT Fac Fin Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019A, | | | | | | | | |
4.000%, 1–1–37 | | | 500 | | | | 590 | |
| | | | | | | | |
| | | | | | | 1,534 | |
| | | | | | | | |
| |
| Nebraska – 1.3% | |
Hall Cnty Sch Dist 0002, GO Bonds (Grand Island Pub Sch), Ser 2014, | | | | | | | | |
5.000%, 12–15–39 | | | 3,270 | | | | 3,759 | |
NE Investment Fin Auth, Sngl Fam Hsng Rev Bonds, Ser 2020A, | | | | | | | | |
2.350%, 9–1–35 | | | 2,500 | | | | 2,569 | |
Omaha, NE, Pub Power Dist, Separate Elec Sys Rev Bonds (NE City 2), Ser 2015A, | | | | | | | | |
5.000%, 2–1–33 | | | 1,000 | | | | 1,137 | |
Omaha, NE, Pub Power Dist, Separate Elec Sys Rev Bonds (NE City 2), Ser 2016A, | | | | | | | | |
5.000%, 2–1–41 | | | 1,000 | | | | 1,161 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 71 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Nebraska (Continued) | |
Sarpy Cnty Sch Dist 0027, GO Rfdg Bonds (Papillion - La Vista, NE, Pub Sch), Ser 2020B, | | | | | | | | |
4.000%, 12–1–30 | | $ | 600 | | | $ | 739 | |
| | | | | | | | |
| | | | | | | 9,365 | |
| | | | | | | | |
| |
Nevada – 0.8% | |
Las Vegas Vly Water Dist., Water Impvt and Rfdg GO Bonds, Ser 2016A, | | | | | | | | |
5.000%, 6–1–41 | | | 5,000 | | | | 5,885 | |
| | | | | | | | |
| |
New Jersey – 2.0% | |
Hudson Cnty Impvt Auth (Hudson Cnty, NJ), Fac Lease Rev Rfdg Bonds (Hudson Cnty Lease Proj), Ser 2010, | | | | | | | | |
5.375%, 10–1–21 | | | 2,500 | | | | 2,500 | |
Hudson Cnty Impvt Auth, Cnty Secured Lease Rev Bonds (Hudson Cnty Courthouse Proj), Ser 2020, | | | | | | | | |
5.000%, 10–1–29 | | | 500 | | | | 648 | |
Monmouth Cnty Impvt Auth, Governmental Pooled Loan Rev Bonds, Ser 2020, | | | | | | | | |
5.000%, 12–1–27 | | | 655 | | | | 822 | |
NJ Econ Dev Auth, Sch Fac Constr Bonds, Ser 2021QQQ, | | | | | | | | |
5.000%, 6–15–25 | | | 385 | | | | 447 | |
NJ Higher Edu Student Assistance Auth, Student Loan Rev Bonds, Ser 2011–1, | | | | | | | | |
5.500%, 12–1–21 | | | 1,145 | | | | 1,154 | |
NJ Tpk Auth, Tpk Rev Bonds, Ser 2021A, | | | | | | | | |
4.000%, 1–1–42 | | | 1,000 | | | | 1,176 | |
NJ Trans Trust Fund Auth, Trans Sys Bonds, Ser 2005B, | | | | | | | | |
5.250%, 12–15–22 | | | 3,500 | | | | 3,707 | |
NJ Trans Trust Fund Auth, Trans Sys Bonds, Ser 2006A (Insured by AGM/CR), | | | | | | | | |
5.500%, 12–15–22 | | | 1,500 | | | | 1,595 | |
Passaic Vly Sewerage Commissioners (NJ), Sewer Sys Bonds, Ser G, | | | | | | | | |
5.750%, 12–1–21 | | | 2,935 | | | | 2,959 | |
| | | | | | | | |
| | | | | | | 15,008 | |
| | | | | | | | |
| |
| New York – 13.5% | |
Dormitory Auth of the State of NY, Sch Dist Rev Bond Fin Prog Rev Bonds, Ser 2020A (Insured by AGM): | | | | | | | | |
5.000%, 10–1–32 | | | 1,000 | | | | 1,256 | |
5.000%, 10–1–33 | | | 500 | | | | 626 | |
Dormitory Auth of the State of NY, State Personal Income Tax Rev Bonds (Gen Purp), Ser 2015C (Tax–Exempt), | | | | | | | | |
5.000%, 2–15–38 | | | 5,000 | | | | 5,712 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
New York (Continued) | |
Long Island Power Auth, Elec Sys Gen Rev Bonds, Ser 2014A (Insured by AGM), | | | | | | | | |
5.000%, 9–1–39 | | $ | 1,500 | | | $ | 1,683 | |
Metro Trans Auth, Trans Rev Bonds, Ser 2014C, | | | | | | | | |
5.000%, 11–15–36 | | | 2,625 | | | | 2,925 | |
Metro Trans Auth, Trans Rev Green Bonds, Ser 2016A–1, | | | | | | | | |
5.000%, 11–15–41 | | | 2,105 | | | | 2,423 | |
Metro Trans Auth, Trans Rev Rfdg Bonds, Ser 2015C–1, | | | | | | | | |
5.000%, 11–15–35 | | | 2,500 | | | | 2,863 | |
NY Convention Ctr Dev Corp., Rev Rfdg Bonds (Hotel Unit Fee Secured), Ser 2015, | | | | | | | | |
5.000%, 11–15–34 | | | 3,000 | | | | 3,496 | |
NY State Urban Dev Corp., State Personal Income Tax Rev Bonds (Gen Purp), Ser 2020A (Tax–Exempt), | | | | | | | | |
4.000%, 3–15–38 | | | 1,000 | | | | 1,172 | |
NYC GO Bonds, Fiscal 2014 Ser G, | | | | | | | | |
5.000%, 8–1–30 | | | 1,000 | | | | 1,105 | |
NYC GO Bonds, Fiscal 2020 Ser D–1, | | | | | | | | |
4.000%, 3–1–41 | | | 2,000 | | | | 2,325 | |
NYC GO Bonds, Fiscal 2021 Ser A–1, | | | | | | | | |
5.000%, 8–1–28 | | | 2,000 | | | | 2,537 | |
NYC GO Bonds, Ser 2014D–1, | | | | | | | | |
5.000%, 8–1–30 | | | 2,000 | | | | 2,171 | |
NYC Hlth and Hosp Corp., Hlth Sys Bonds, Ser 2020A, | | | | | | | | |
5.000%, 2–15–28 | | | 1,500 | | | | 1,869 | |
NYC Hsng Dev Corp., Multi–Fam Hsng Rev Bonds, Ser 2020A–1–B: | | | | | | | | |
2.000%, 5–1–31 | | | 730 | | | | 737 | |
2.050%, 11–1–31 | | | 520 | | | | 526 | |
2.100%, 5–1–32 | | | 1,055 | | | | 1,067 | |
2.150%, 11–1–32 | | | 970 | | | | 982 | |
NYC Indl Dev Agy, Pilot Rev Bonds (Yankee Stadium Proj), Ser 2009A: | | | | | | | | |
0.000%, 3–1–25 (B) | | | 3,175 | | | | 3,078 | |
0.000%, 3–1–26 (B) | | | 3,185 | | | | 3,033 | |
0.000%, 3–1–27 (B) | | | 3,000 | | | | 2,799 | |
NYC Indl Dev Agy, Pilot Rfdg Bonds (Queens Baseball Stadium Proj), Ser 2021A (Insured by AGM), | | | | | | | | |
5.000%, 1–1–28 | | | 750 | | | | 932 | |
NYC Muni Water Fin Auth, Water and Sewer Sys Second Gen Resolution Rev Bonds, Ser 2015HH, | | | | | | | | |
5.000%, 6–15–37 | | | 10,000 | | | | 11,544 | |
NYC Muni Water Fin Auth, Water and Sewer Sys Second Gen Resolution Rev Bonds, Fiscal 2020 Ser AA, | | | | | | | | |
4.000%, 6–15–40 | | | 1,000 | | | | 1,181 | |
NYC Transitional Fin Auth, Bldg Aid Rev Bonds, Ser S–3, | | | | | | | | |
5.000%, 7–15–36 | | | 2,000 | | | | 2,488 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
New York (Continued) | |
NYC Transitional Fin Auth, Bldg Aid Rev Bonds, Ser 2016S–1, | | | | | | | | |
5.000%, 7–15–37 | | $ | 1,000 | | | $ | 1,174 | |
NYC Transitional Fin Auth, Future Tax Secured Sub Bonds, Ser 2015B–1, | | | | | | | | |
5.000%, 8–1–39 | | | 6,000 | | | | 6,694 | |
NYC Transitional Fin Auth, Future Tax Secured Tax–Exempt Sub Bonds, Ser 2013I, | | | | | | | | |
5.000%, 5–1–29 | | | 3,000 | | | | 3,221 | |
NYC Transitional Fin Auth, Future Tax Secured Tax–Exempt Sub Bonds, Ser 2018A–2, | | | | | | | | |
5.000%, 8–1–37 | | | 5,360 | | | | 6,533 | |
Port Auth of NY & NJ Consolidated Bonds, Ser 221, | | | | | | | | |
5.000%, 7–15–32 | | | 5,000 | | | | 6,417 | |
Port Auth of NY & NJ Consolidated Bonds, Ser 223, | | | | | | | | |
5.000%, 7–15–28 | | | 2,500 | | | | 3,128 | |
Util Debt Securitization Auth, Restructuring Bonds, Ser 2013TE, | | | | | | | | |
5.000%, 12–15–31 | | | 10,000 | | | | 11,035 | |
| | | | | | | | |
| | | | | | | 98,732 | |
| | | | | | | | |
| |
North Carolina – 1.8% | |
Board of Governors of the Univ Of NC, Univ of NC Hosp at Chapel Hill Rev Bonds, Ser 2019, | | | | | | | | |
4.000%, 2–1–36 | | | 1,000 | | | | 1,157 | |
Charlotte, NC, Charlotte Douglas Intl Arpt, Arpt Rev Bonds, Ser 2021B: | | | | | | | | |
5.000%, 7–1–29 | | | 700 | | | | 892 | |
5.000%, 7–1–30 | | | 1,590 | | | | 2,048 | |
NC Hsng Fin Agy, Home Ownership Rev Bonds, Ser 44, | | | | | | | | |
2.550%, 7–1–35 | | | 995 | | | | 1,033 | |
NC Tpk Auth, Triangle Expressway Sys Rev Bonds, Ser 2009B (Insured by Assured Guaranty Corp.), | | | | | | | | |
0.000%, 1–1–34 (B) | | | 10,000 | | | | 8,056 | |
| | | | | | | | |
| | | | | | | 13,186 | |
| | | | | | | | |
| |
North Dakota – 0.4% | |
ND Bldg Auth, Fac Impvt Bonds, Ser 2020A, | | | | | | | | |
5.000%, 12–1–31 | | | 2,000 | | | | 2,643 | |
| | | | | | | | |
| |
Ohio – 3.7% | |
Allen Cnty, OH, Hosp Fac Rev Bonds (Bon Secours Mercy Hlth, Inc.), Ser 2020A, | | | | | | | | |
5.000%, 12–1–35 | | | 200 | | | | 257 | |
Hamilton Cnty, OH, Sewer Sys Rfdg Rev Bonds (Metro Sewer Dist of Greater Cincinnati), Ser 2020A, | | | | | | | | |
5.000%, 12–1–29 | | | 500 | | | | 652 | |
OH Hosp Rev Bonds (Cleveland Clinic Hlth Sys Oblig Group), Ser 2019B, | | | | | | | | |
4.000%, 1–1–42 | | | 2,000 | | | | 2,318 | |
| | | | | | |
| 72 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Ohio (Continued) | |
OH Hosp Rev Bonds (Univ Hosp Hlth Sys), Ser 2021A, | | | | | | | | |
4.000%, 1–15–46 | | $ | 15,000 | | | $ | 17,079 | |
OH Hosp Rev Rfdg Bonds (Cleveland Clinic Hlth Sys Oblig Group), Ser 2021B, | | | | | | | | |
5.000%, 1–1–30 | | | 1,595 | | | | 2,066 | |
Toledo, OH, Waterworks Sys Rev Bonds, Ser 2020, | | | | | | | | |
5.000%, 11–15–31 | | | 3,480 | | | | 4,584 | |
| | | | | | | | |
| | | | | | | 26,956 | |
| | | | | | | | |
| |
Oregon – 1.5% | |
Deschutes Cnty, OR, Hosp Fac Auth, Hosp Rev Bonds (St. Charles Hlth Sys, Inc.), Ser 2020A: | | | | | | | | |
5.000%, 1–1–28 | | | 200 | | | | 249 | |
5.000%, 1–1–29 | | | 260 | | | | 330 | |
Medford, OR, Hosp Fac Auth, Rev and Rfdg Bonds (Asante Proj), Ser 2020A (Insured by AGM): | | | | | | | | |
5.000%, 8–15–30 | | | 500 | | | | 650 | |
5.000%, 8–15–34 | | | 350 | | | | 448 | |
5.000%, 8–15–35 | | | 500 | | | | 640 | |
4.000%, 8–15–39 | | | 1,590 | | | | 1,876 | |
Port of Portland, OR, Portland Intl Arpt Rfdg Rev Bonds, Ser Twenty–Three: | | | | | | | | |
5.000%, 7–1–33 | | | 5,000 | | | | 5,790 | |
5.000%, 7–1–34 | | | 1,000 | | | | 1,155 | |
| | | | | | | | |
| | | | | | | 11,138 | |
| | | | | | | | |
| |
Pennsylvania – 2.1% | |
PA Higher Edu Fac Auth, Rev Bonds (Shippensburg Univ Student Svc, Inc. Student Hsng Proj at Shippensburg Univ of PA), Ser 2011, | | | | | | | | |
6.000%, 10–1–26 | | | 3,000 | | | | 3,000 | |
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009C, | | | | | | | | |
6.250%, 6–1–33 | | | 4,000 | | | | 4,952 | |
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009E, | | | | | | | | |
6.288%, 12–1–38 | | | 2,500 | | | | 3,259 | |
PA Tpk Comsn, Tpk Sub Rev Rfdg Bonds, Ser 2016, | | | | | | | | |
5.000%, 6–1–38 | | | 1,000 | | | | 1,160 | |
Philadelphia Auth Indl Dev, Rev Bonds (Mariana Bracetti Academy Charter Sch Proj), Ser 2011, | | | | | | | | |
7.250%, 12–15–31 | | | 3,000 | | | | 3,042 | |
| | | | | | | | |
| | | | | | | 15,413 | |
| | | | | | | | |
| |
Puerto Rico – 3.2% | |
Cmnwlth of PR, Pub Impvt Rfdg GO Bonds, Ser 2012A: | | | | | | | | |
6.000%, 7–1–39 (D) | | | 11,615 | | | | 11,179 | |
7.500%, 8–20–40 | | | 3,000 | | | | 2,824 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Puerto Rico (Continued) | |
PR Sales Tax Fin Corp., Sales Tax Rev Bonds, Ser 2018A–1, | | | | | | | | |
0.000%, 7–1–51 (B) | | $ | 40,000 | | | $ | 9,559 | |
| | | | | | | | |
| | | | | | | 23,562 | |
| | | | | | | | |
| |
Rhode Island – 0.2% | |
RI Commerce Corp., Grant Anticipation Bonds (RI Dept of Trans), Ser 2020A, | | | | | | | | |
5.000%, 5–15–35 | | | 1,250 | | | | 1,593 | |
| | | | | | | | |
| |
South Carolina – 0.0% | |
SC Jobs–Econ Dev Auth, Hosp Fac Rev Bonds (Bon Secours Mercy Hlth, Inc.), Ser 2020A, | | | | | | | | |
5.000%, 12–1–46 | | | 250 | | | | 313 | |
| | | | | | | | |
| |
Tennessee – 0.8% | |
Metro Nashville Arpt Auth, Arpt Impvt Rev Bonds, Ser 2015B, | | | | | | | | |
5.000%, 7–1–40 | | | 4,200 | | | | 4,816 | |
Tennergy Corp., Gas Supply Rev Bonds, Ser 2021A, | | | | | | | | |
4.000%, 12–1–51 | | | 1,000 | | | | 1,180 | |
| | | | | | | | |
| | | | | | | 5,996 | |
| | | | | | | | |
| |
Texas – 10.2% | |
Alamo Cmnty College Dist, Ltd. Tax and Rfdg Bonds, Ser 2017, | | | | | | | | |
5.000%, 8-15-38 | | | 6,040 | | | | 7,374 | |
Austin, TX, Arpt Sys Rev Bonds (Travis, Williamson and Hays Cntys), Ser 2014, | | | | | | | | |
5.000%, 11-15-39 | | | 1,000 | | | | 1,127 | |
Board of Regents of the Univ of TX System, Rev Fin Sys Bonds, Ser 2021A, | | | | | | | | |
5.000%, 8-15-31 | | | 1,000 | | | | 1,345 | |
Clifton Higher Edu Fin Corp., Edu Rev Bonds (Uplift Edu), Ser 2014A, | | | | | | | | |
4.250%, 12-1-34 | | | 3,000 | | | | 3,200 | |
Clint Independent Sch Dist, Unlimited Tax Sch Bldg Bonds (El Paso Cnty, TX), Ser 2015, | | | | | | | | |
5.000%, 8-15-39 | | | 1,960 | | | | 2,299 | |
Grand Prkwy Trans Corp., First Tier Toll Rev Rfdg Bonds, Ser 2020C, | | | | | | | | |
4.000%, 10-1-45 | | | 1,000 | | | | 1,151 | |
Houston, TX, Arpt Sys, Sub Lien Rev Rfdg Bonds, Ser 2012A, | | | | | | | | |
5.000%, 7-1-32 | | | 500 | | | | 518 | |
Houston, TX, Combined Util Sys, First Lien Rev Rfdg Bonds, Ser 2019B: | | | | | | | | |
4.000%, 11-15-38 | | | 1,000 | | | | 1,190 | |
4.000%, 11-15-39 | | | 2,000 | | | | 2,375 | |
Lone Star College Sys, Ltd. Tax GO Bonds (Harris and Fort Bend Cnty, TX), Ser 2021A, | | | | | | | | |
5.000%, 2-15-28 | | | 2,500 | | | | 3,136 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Texas (Continued) | |
North Harris Cnty Rgnl Water Auth, Sr Lien Rev and Rfdg Bonds, Ser 2016, | | | | | | | | |
4.000%, 12-15-35 | | $ | 3,090 | | | $ | 3,523 | |
North TX Twy Auth, Sys Rev Rfdg Bonds, Ser 2008D, | | | | | | | | |
0.000%, 1-1-30 (B) | | | 12,000 | | | | 10,607 | |
San Antonio, TX, Water Sys Jr Lien Rev and Rfdg Bonds, Ser 2015B, | | | | | | | | |
5.000%, 5-15-39 | | | 1,805 | | | | 2,071 | |
San Antonio, TX, Water Sys Jr Lien Rev and Rfdg Bonds, Ser 2019C, | | | | | | | | |
4.000%, 5-15-33 | | | 1,550 | | | | 1,873 | |
Trinity River Auth of TX, Rgnl Wastewater Sys Rev Rfdg Bonds, Ser 2020, | | | | | | | | |
5.000%, 8-1-30 | | | 1,000 | | | | 1,317 | |
TX Dept of Hsg and Cmnty Affairs, Sngl Fam Mtg Rev Bonds, Ser 2020A, | | | | | | | | |
2.050%, 9-1-30 | | | 200 | | | | 205 | |
TX Muni Gas Acquisition and Supply Corp. III, Gas Supply Rev Rfdg Bonds, Ser 2021, | | | | | | | | |
5.000%, 12-15-29 | | | 1,500 | | | | 1,928 | |
TX Tpk Auth, Cent TX Tpk Sys, First Tier Rev Bonds, Ser 2002A (Insured by BHAC): | | | | | | | | |
0.000%, 8-15-26 (B) | | | 19,340 | | | | 18,633 | |
TX Trans Comsn (Cent TX Tpk Sys), Rev Bonds (First Tier Rev Rfdg Bonds), Ser 2015-B, | | | | | | | | |
5.000%, 8-15-37 | | | 1,000 | | | | 1,116 | |
TX Water Dev Board, State Water Implementation Rev Fund for TX Rev Bonds, Ser 2018B, | | | | | | | | |
5.000%, 10-15-38 | | | 8,000 | | | | 10,031 | |
| | | | | | | | |
| | | | | | | 75,019 | |
| | | | | | | | |
| |
Utah – 0.2% | |
UT Cnty, UT, Hosp Rev Bonds (IHC Hlth Ser, Inc.), Ser 2020A, | | | | | | | | |
5.000%, 5-15-43 | | | 200 | | | | 253 | |
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (Syracuse Arts Acadamy Proj), Ser 2017, | | | | | | | | |
5.000%, 4-15-37 | | | 1,000 | | | | 1,143 | |
| | | | | | | | |
| | | | | | | 1,396 | |
| | | | | | | | |
| |
Virginia – 0.2% | |
Mosaic Dist Cmnty Dev Auth (Fairfax Cnty, VA), Rev Rfdg Bonds, Ser 2020A, | | | | | | | | |
4.000%, 3-1-27 | | | 1,000 | | | | 1,153 | |
| | | | | | | | |
| |
| Washington – 2.3% | |
King Cnty, WA, Ltd. Tax GO and Rfdg Bonds (Payable from Sewer Rev), Ser 2021A, | | | | | | | | |
5.000%, 1-1-32 | | | 2,000 | | | | 2,693 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 73 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Washington (Continued) | |
Pierce Cnty, WA, Tacoma Sch Dist No. 10, Unlimited Tax GO Bonds, Ser 2020B, | | | | | | | | |
5.000%, 12-1-29 | | $ | 1,400 | | | $ | 1,832 | |
Port of Seattle, Intermediate Lien Rev and Rfdg Bonds, Ser 2021C, | | | | | | | | |
5.000%, 9-1-26 | | | 2,600 | | | | 3,123 | |
Port of Seattle, Intermediate Lien Rev Rfdg Bonds, Ser 2015B, | | | | | | | | |
5.000%, 3-1-35 | | | 2,000 | | | | 2,243 | |
Snohomish Cnty, WA, Pub Util Dist No. 1, Elec Sys Rev Bonds, Ser 2015, | | | | | | | | |
5.000%, 12-1-40 | | | 1,000 | | | | 1,165 | |
WA Hlth Care Fac Auth, Rev Bonds (Providence Hlth & Svc), Ser 2014D, | | | | | | | | |
5.000%, 10-1-38 | | | 5,000 | | | | 5,626 | |
WA State Hsng Fin Comsn, Sngl Fam Prog Bonds, Ser 2020-1A: | | | | | | | | |
2.000%, 12-1-26 | | | 235 | | | | 240 | |
2.200%, 6-1-27 | | | 150 | | | | 154 | |
2.250%, 12-1-27 | | | 185 | | | | 189 | |
| | | | | | | | |
| | | | | | | 17,265 | |
| | | | | | | | |
| |
Wisconsin – 0.8% | |
Waukesha, WI, GO Rfdg Bonds, Ser 2021C, | | | | | | | | |
5.000%, 10-1-28 | | | 250 | | | | 316 | |
WI Hlth and Edu Fac Auth, Rev Bonds (Ascension Sr Credit Group), Ser 2016A, | | | | | | | | |
4.000%, 11-15-33 | | | 1,000 | | | | 1,138 | |
WI Hlth and Edu Fac Auth, Rev Bonds (Med College of WI, Inc.), Ser 2016, | | | | | | | | |
5.000%, 12-1-41 | | | 4,000 | | | | 4,724 | |
| | | | | | | | |
| | | | | | | 6,178 | |
| | | | | | | | |
| |
TOTAL MUNICIPAL BONDS – 99.9% | | | $ | 732,297 | |
(Cost: $682,120) | |
| |
TOTAL INVESTMENT SECURITIES – 99.9% | | | $ | 732,297 | |
(Cost: $682,120) | |
| | | | |
| |
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1% | | | 558 | |
| |
NET ASSETS – 100.0% | | | $732,855 | |
Notes to Schedule of Investments
| (A) | Purchased on a when-issued basis with settlement subsequent to September 30, 2021. |
| (C) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Description of the reference rate and spread, if applicable, are included in the security description. |
| (D) | Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy. |
| | | | | | |
| 74 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 732,297 | | | $ | — | |
Total | | $ | — | | | $ | 732,297 | | | $ | — | |
The following acronyms are used throughout this schedule:
AGM = Assured Guaranty Municipal
BAMAC = Build America Mutual Assurance Co.
BHAC = Berkshire Hathaway Assurance Corp.
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 75 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY MUNICIPAL HIGH INCOME FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Bonds | | | 99.1% | |
Municipal Bonds | | | 99.1% | |
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | | | 0.9% | |
Quality Weightings
| | | | |
Investment Grade | | | 50.7% | |
AAA | | | 4.2% | |
AA | | | 9.9% | |
A | | | 21.3% | |
BBB | | | 15.3% | |
Non-Investment Grade | | | 48.4% | |
BB | | | 10.0% | |
B | | | 0.5% | |
CCC | | | 1.0% | |
Below CCC | | | 1.9% | |
Non-rated | | | 35.0% | |
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | | | 0.9% | |
Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Municipal High Income Fund changed to Delaware Ivy Municipal High Income Fund. |
| | | | | | |
| 76 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS | | Principal | | | Value | |
Alabama – 8.0% | |
AL Econ Stlmt Auth, BP Stlmt Rev Bonds, Ser 2016A, | | | | | | | | |
4.000%, 9–15–33 | | $ | 9,000 | | | $ | 10,046 | |
AZ Indl Dev Auth, Econ Dev Rev Bonds (Legacy Cares, Inc. Proj), Ser 2021A, | | | | | | | | |
6.000%, 7–1–51 (A) | | | 5,350 | | | | 5,867 | |
CA Edu Fac Auth, Rev Bonds (Stanford Univ), Ser V-1, | | | | | | | | |
5.000%, 5–1–49 | | | 4,000 | | | | 6,085 | |
CA Various Purp GO Rfdg Bonds: | | | | | | | | |
4.000%, 10–1–41 | | | 1,415 | | | | 1,686 | |
5.000%, 10–1–41 | | | 2,825 | | | | 3,650 | |
Chester Econ Dev Auth, Lease Rev Bonds (Friends of Chester Cmnty Charter Sch Proj), Ser 2021A, | | | | | | | | |
5.625%, 8–15–48 | | | 12,000 | | | | 11,723 | |
Fairfield, AL, GO Warrants, Ser 2012, | | | | | | | | |
6.000%, 6–1–37 (B) | | | 8,485 | | | | 6,788 | |
Jefferson Cnty, AL, Swr Rev Bonds, Ser 2013-D, | | | | | | | | |
6.500%, 10–1–53 | | | 10,470 | | | | 12,104 | |
Lower AL Gas Dist, Gas Proj Rev Bonds, Ser 2016A, | | | | | | | | |
5.000%, 9–1–46 | | | 6,000 | | | | 8,548 | |
MA Dev Fin Agy, Rev Bonds (Boston College Issue), Ser 2021V, | | | | | | | | |
5.000%, 7–1–55 | | | 1,970 | | | | 3,044 | |
Metro Pier and Exposition Auth, McCormick Place Expansion Proj Rfdg Bonds, Ser 2022A, | | | | | | | | |
4.000%, 12–15–47 (C) | | | 5,000 | | | | 5,622 | |
UAB Medicine Fin Auth, Rev Bonds, Ser 2019B, | | | | | | | | |
4.000%, 9–1–48 | | | 2,500 | | | | 2,862 | |
| | | | | | | | |
| | | | | | | 78,025 | |
| | | | | | | | |
| |
Arizona – 1.2% | |
AZ Indl Dev Auth, Edu Rev and Rfdg Bonds (AZ Agribusiness & Equine Ctr, Inc. Proj), Ser 2017B, | | | | | | | | |
5.000%, 3–1–42 | | | 1,500 | | | | 1,700 | |
City of Phoenix Civic Impvt Corp., Jr Lien Arpt Rev Bonds, Ser 2019B, | | | | | | | | |
3.250%, 7–1–49 | | | 1,555 | | | | 1,610 | |
Indl Dev Auth of Pima, Edu Rev Bonds (Noah Webster Sch - Pima Proj), Tax-Exempt Ser 2014A, | | | | | | | | |
7.000%, 12–15–43 | | | 1,500 | | | | 1,654 | |
Maricopa Cnty Indl Dev Auth, Rev Bonds (Banner Hlth), Ser 2019A, | | | | | | | | |
4.000%, 1–1–44 | | | 5,000 | | | | 5,754 | |
Phoenix, AZ, Indl Dev Auth, Student Hsng Rfdg Rev Bonds (Downtown Phoenix Student Hsng LLC - AZ State Univ Proj), Ser 2018A, | | | | | | | | |
5.000%, 7–1–42 | | | 1,000 | | | | 1,178 | |
| | | | | | | | |
| | | | | | | 11,896 | |
| | | | | | | | |
| |
California – 10.2% | |
CA Cnty Tob Securitization Agy, Tob Stlmt Asset-Bkd Bonds (Stanislaus Cnty Tob Funding Corp.), Ser 2006, | | | | | | | | |
0.000%, 6–1–55 (D) | | | 6,250 | | | | 569 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
California (Continued) | |
CA Edu Fac Auth, Rev Bonds (Art Ctr College of Design), Ser 2018A, | | | | | | | | |
5.000%, 4–1–51 | | $ | 8,710 | | | $ | 13,348 | |
CA Muni Fin Auth, Charter Sch Rev Bonds (Palmdale Aerospace Academy Proj), Ser 2016A: | | | | | | | | |
5.000%, 7–1–41 | | | 1,750 | | | | 1,969 | |
5.000%, 7���1–46 | | | 1,670 | | | | 1,868 | |
CA Muni Fin Auth, Rev Bonds (Ret Hsng Fndtn Oblig Group), Ser 2017A, | | | | | | | | |
5.000%, 11–15–31 | | | 750 | | | | 933 | |
CA Muni Fin Auth, Rev Rfdg Bonds (HumanGood Oblig Group), Ser 2019A, | | | | | | | | |
4.000%, 10–1–44 | | | 2,000 | | | | 2,220 | |
CA Muni Fin Auth, Sr Lien Rev Bonds (LINXS APM Proj), Ser 2018A: | | | | | | | | |
4.000%, 12–31–47 | | | 6,650 | | | | 7,343 | |
5.000%, 12–31–47 | | | 1,500 | | | | 1,788 | |
CA Sch Fin Auth, Charter Sch Rev Bonds (Coastal Academy Proj), Ser 2013A, | | | | | | | | |
5.000%, 10–1–42 | | | 1,200 | | | | 1,234 | |
CA Sch Fin Auth, Charter Sch Rev Bonds (Rocketship Pub Sch - Oblig Group), Ser 2017G: | | | | | | | | |
5.000%, 6–1–47 | | | 675 | | | | 752 | |
5.000%, 6–1–53 | | | 675 | | | | 750 | |
CA Sch Fin Auth, Charter Sch Rev Rfdg Bonds (Aspire Pub Sch - Oblig Group), Ser 2016: | | | | | | | | |
5.000%, 8–1–41 | | | 1,500 | | | | 1,694 | |
CA Statewide Cmnty Dev Auth, Rev Bonds (Lancer Plaza Proj), Ser 2013: | | | | | | | | |
5.625%, 11–1–33 | | | 1,400 | | | | 1,520 | |
5.875%, 11–1–43 | | | 1,890 | | | | 2,047 | |
CA Statewide Cmnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2016A: | | | | | | | | |
5.000%, 12–1–46 | | | 3,000 | | | | 3,327 | |
5.250%, 12–1–56 | | | 2,500 | | | | 2,785 | |
CA Statewide Cmnty Dev Auth, Rfdg Rev Bonds (CA Baptist Univ), Ser 2017A, | | | | | | | | |
5.000%, 11–1–41 | | | 1,000 | | | | 1,170 | |
CA Statewide Cmnty Dev Auth, Student Hsng Rfdg Rev Bonds (Univ of CA, Irvine East Campus Apt, CHF-Irvine LLC), Ser 2016, | | | | | | | | |
5.000%, 5–15–40 | | | 1,500 | | | | 1,742 | |
Cert of Part, Oro Grande Elem Sch Dist, Ser 2013, | | | | | | | | |
5.125%, 9–15–42 (A) | | | 2,760 | | | | 2,883 | |
CSCDA Cmnty Impvt Auth, Essential Hsng Rev Bonds, Ser 2021A, | | | | | | | | |
4.000%, 8–1–56 (A) | | | 700 | | | | 742 | |
Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-1 (Insured by AGM), | | | | | | | | |
3.950%, 1–15–53 | | | 2,800 | | | | 3,059 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
California (Continued) | |
Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-2 (Insured by AGM), | | | | | | | | |
3.500%, 1–15–53 | | $ | 1,600 | | | $ | 1,738 | |
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2017A-1, | | | | | | | | |
5.000%, 6–1–29 | | | 1,250 | | | | 1,504 | |
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015A, | | | | | | | | |
5.000%, 6–1–35 | | | 6,265 | | | | 7,320 | |
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-1, | | | | | | | | |
5.000%, 6–1–47 | | | 2,000 | | | | 2,056 | |
Inland Empire Tob Securitization Auth, Tob Stlmt Asset-Bkd Bonds (Inland Empire Tob Securitization Corp.), Ser 2007F, | | | | | | | | |
0.000%, 6–1–57 (D) | | | 158,420 | | | | 8,866 | |
Los Angeles, CA, Dept of Arpts, Los Angeles Intl Arpt Sub Rev Bonds, Ser 2019F, | | | | | | | | |
3.000%, 5–15–49 | | | 3,030 | | | | 3,153 | |
Palamar Hlth, Rfdg Rev Bonds, Ser 2016, | | | | | | | | |
4.000%, 11–1–39 | | | 4,375 | | | | 4,801 | |
Redev Agy of San Buenaventura, Merged San Buenaventura Redev Proj, 2008 Tax Alloc Bonds: | | | | | | | | |
7.750%, 8–1–28 | | | 1,000 | | | | 1,005 | |
8.000%, 8–1–38 | | | 1,500 | | | | 1,508 | |
San Buenaventura Rev Bonds (Cmnty Mem Hlth Sys), Ser 2011, | | | | | | | | |
8.000%, 12–1–31 | | | 5,400 | | | | 5,466 | |
San Diego, CA, Tob Stlmt Rev Funding Corp., Tob Stlmt Bonds, Ser 2018C, | | | | | | | | |
4.000%, 6–1–32 | | | 720 | | | | 793 | |
San Francisco City and Cnty Arpt Comsn, San Francisco Intl Arpt Second Ser Rev Bonds, Ser 2019A, | | | | | | | | |
4.000%, 5–1–49 | | | 1,250 | | | | 1,408 | |
San Mateo Cmnty Fac Dist No. 2008-1 (Bay Meadows), Spl Tax Bonds, Ser 2012, | | | | | | | | |
6.000%, 9–1–42 | | | 4,000 | | | | 4,140 | |
Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds, Ser 2019B-1, | | | | | | | | |
5.000%, 6–1–48 | | | 975 | | | | 1,186 | |
| | | | | | | | |
| | | | | | | 98,687 | |
| | | | | | | | |
| |
Colorado – 3.2% | |
AR River Power Auth, CO Power Supply Sys Rev Rfdg Bonds, Ser 2018A, | | | | | | | | |
5.000%, 10–1–43 | | | 5,000 | | | | 5,855 | |
CO High Performance Trans Enterprise, U.S. 36 and I-25 Managed Lanes Sr Rev Bonds, Ser 2014, | | | | | | | | |
5.750%, 1–1–44 | | | 3,250 | | | | 3,455 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 77 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
California (Continued) | |
CO Hlth Fac Auth, Rev Bonds (NJH-SJH Ctr for Outpatient Hlth Proj), Ser 2019, | | | | | | | | |
4.000%, 1–1–50 | | $ | 2,500 | | | $ | 2,853 | |
Denver, CO, Dept of Aviation, Arpt Sys Sub Rev Bonds, Ser 2018A, | | | | | | | | |
4.000%, 12–1–48 | | | 5,000 | | | | 5,582 | |
Pub Auth for CO Enrg, Natural Gas Purchase Rev Bonds, Ser 2008, | | | | | | | | |
6.500%, 11–15–38 | | | 9,000 | | | | 13,724 | |
| | | | | | | | |
| | | | | | | 31,469 | |
| | | | | | | | |
Connecticut – 0.3% | |
CT Hlth and Edu Fac Auth, Hlthcare Fac Expansion Rev Bonds (Church Home of Hartford, Inc. Proj), Ser 2016A: | | | | | | | | |
5.000%, 9–1–46 | | | 1,000 | | | | 1,108 | |
5.000%, 9–1–53 | | | 1,600 | | | | 1,767 | |
| | | | | | | | |
| | | | | | | 2,875 | |
| | | | | | | | |
| |
District Of Columbia – 2.2% | |
DC Tob Sltmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2006C, | | | | | | | | |
0.000%, 6–15–55 (D) | | | 110,000 | | | | 10,884 | |
Metro WA Arpt Auth, Dulles Toll Road Sub Lien Rev and Rfdg Bonds (Dulles Metrorail and Cap Impvt Proj), Ser 2019B, | | | | | | | | |
3.000%, 10–1–50 | | | 5,000 | | | | 5,230 | |
Metro WA DC Arpt Auth, Arpt Sys Rev and Rfdg Bonds, Ser 2019A, | | | | | | | | |
5.000%, 10–1–49 | | | 3,250 | | | | 3,979 | |
Metro WA DC Arpt Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2010B, | | | | | | | | |
6.500%, 10–1–44 | | | 1,000 | | | | 1,321 | |
| | | | | | | | |
| | | | | | | 21,414 | |
| | | | | | | | |
| |
| Florida – 5.2% | |
Cap Trust Agy, Edu Fac Rev Bonds (Lutz Preparatory Sch, Inc. Proj), Ser 2021A, | | | | | | | | |
4.000%, 6–1–41 | | | 330 | | | | 369 | |
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2014A, | | | | | | | | |
6.125%, 6–15–44 | | | 5,300 | | | | 5,724 | |
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2015A, | | | | | | | | |
6.000%, 6–15–35 | | | 2,000 | | | | 2,259 | |
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2020C: | | | | | | | | |
7.375%, 1–1–49 (A) | | | 7,500 | | | | 8,166 | |
5.000%, 9–15–50 (A) | | | 2,000 | | | | 2,205 | |
FL Dev Fin Corp., Rev Bonds (Sculptor Charter Sch Proj), Ser 2008A, | | | | | | | | |
7.250%, 10–1–38 | | | 1,815 | | | | 1,822 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Florida (Continued) | |
Lee Cnty Indl Dev Auth, Hlthcare Fac Rfdg Rev Bonds (Cypress Cove at Health Park FL, Inc. Proj), Ser 2012, | | | | | | | | |
6.500%, 10–1–47 | | $ | 9,835 | | | $ | 10,433 | |
Martin Cnty Hlth Fac Auth, Hosp Rev Bonds (Cleveland Clinic Hlth Sys Oblig Group), Ser 2019A, | | | | | | | | |
4.000%, 1–1–46 | | | 11,500 | | | | 13,120 | |
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2019A, | | | | | | | | |
4.000%, 10–1–44 | | | 1,500 | | | | 1,690 | |
Mid-Bay Bridge Auth, 1st Sr Lien Rev Bonds, Ser 2015A, | | | | | | | | |
5.000%, 10–1–40 | | | 2,000 | | | | 2,248 | |
Osceola Cnty, Expressway Sys Rev Bonds (Poinciana Prkwy Proj), Ser 2014A, | | | | | | | | |
5.375%, 10–1–47 | | | 2,000 | | | | 2,299 | |
| | | | | | | | |
| | | | | | | 50,335 | |
| | | | | | | | |
Georgia – 1.6% | |
Burke Cnty, GA, Dev Auth, Pollutn Ctl Rev Bonds (Oglethorpe Power Corp. Vogtle Proj), Ser 2013A, | | | | | | | | |
1.500%, 1–1–40 | | | 700 | | | | 719 | |
Hosp Auth of Hall Cnty and the City of Gainesville, Rev Anticipation Certs (NE GA Hlth Sys, Inc. Proj), Ser 2020A, | | | | | | | | |
3.000%, 2–15–47 | | | 3,775 | | | | 3,984 | |
Main Street Natural Gas, Inc., Gas Supply Rev Bonds, Ser 2019A, | | | | | | | | |
4.000%, 5–15–39 | | | 5,500 | | | | 6,271 | |
Savannah Econ Dev Auth, Rfdg Rev Bonds (The Marshes of Skidaway Island Proj), Ser 2013, | | | | | | | | |
7.250%, 1–1–49 | | | 4,000 | | | | 4,603 | |
| | | | | | | | |
| | | | | | | 15,577 | |
| | | | | | | | |
| |
Hawaii – 0.2% | |
Kaua’I Cmnty Fac Dist No. 2008-1 (Kukul’ula Dev Proj), Spl Tax Rev Bonds, Ser 2012, | | | | | | | | |
5.750%, 5–15–42 | | | 2,000 | | | | 2,041 | |
| | | | | | | | |
| |
| Illinois – 5.8% | |
Chicago Multi-Fam Hsng, Rev Bonds (Goldblatts Supportive Living Proj), Ser 2013, | | | | | | | | |
6.125%, 12–1–43 | | | 8,700 | | | | 6,774 | |
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Bonds, Ser 2018B (Insured by AGM), | | | | | | | | |
4.000%, 1–1–44 | | | 5,000 | | | | 5,679 | |
Chicago O’Hare Intl Arpt, Sr Spl Fac Rev Bonds (Trips Oblig Group), Ser 2018, | | | | | | | | |
5.000%, 7–1–48 | | | 1,000 | | | | 1,175 | |
City of Chicago, Gen Arpt Sr Lien Rev and Rev Rfdg Bonds (Chicago O’Hare Intl Arpt), Ser 2018A (Insured by AGM), | | | | | | | | |
4.375%, 1–1–53 | | | 5,000 | | | | 5,695 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Illinois (Continued) | |
IL Fin Auth, Multi-Family Hsng Rev Bonds (St. Anthony of Lansing Proj), Ser 2012, | | | | | | | | |
6.500%, 12–1–32 | | $ | 4,525 | | | $ | 4,546 | |
IL Fin Auth, Rev Bonds (Lutheran Home and Svs Oblig Group), Ser 2012, | | | | | | | | |
5.625%, 5–15–42 | | | 5,300 | | | | 5,476 | |
IL Fin Auth, Rev Bonds (NW Mem Hlthcare), Ser 2017A, | | | | | | | | |
4.000%, 7–15–47 | | | 5,000 | | | | 5,698 | |
IL GO Bonds, Ser 2016, | | | | | | | | |
4.000%, 6–1–32 | | | 6,410 | | | | 7,089 | |
Upper IL River Vly Dev Auth, Multi-Fam Hsng Rev Bonds (Deer Park of Huntley Proj), Ser 2012, | | | | | | | | |
6.500%, 12–1–32 | | | 4,700 | | | | 4,733 | |
Vlg of East Dundee, Kane and Cook Cnty, IL, Ltd. Oblig Tax Incr Rev Bonds (Route 25 South Redev Proj), Ser 2012, | | | | | | | | |
5.625%, 12–1–31 | | | 1,505 | | | | 1,507 | |
Vlg of Riverdale, Cook Cnty, IL, Unlimited Tax GO Bonds, Ser 2011, | | | | | | | | |
8.000%, 10–1–36 | | | 7,525 | | | | 7,547 | |
| | | | | | | | |
| | | | | | | 55,919 | |
| | | | | | | | |
Indiana – 1.2% | |
IN Fin Auth, Midwestn Disaster Relief Rev Bonds (OH Vly Elec Corp. Proj), Ser 2012A, | | | | | | | | |
5.000%, 6–1–39 | | | 5,000 | | | | 5,098 | |
Terre Haute, IN, Rev Bonds (Westminister Vlg Proj), Ser 2012, | | | | | | | | |
6.000%, 8–1–39 | | | 4,000 | | | | 4,080 | |
Whiting, IN, Redev Dist Tax Incr Rev Bonds, Ser 2016, | | | | | | | | |
4.000%, 1–15–32 | | | 2,600 | | | | 2,608 | |
| | | | | | | | |
| | | | | | | 11,786 | |
| | | | | | | | |
| |
Iowa – 0.3% | |
IA Fin Auth, Rev and Rfdg Bonds (Childserve Proj), Ser 2015B, | | | | | | | | |
5.000%, 6-1-36 | | | 2,425 | | | | 2,555 | |
| | | | | | | | |
| |
Kansas – 0.6% | |
Lenexa, KS, Hlth Care Fac Rev Bonds (Lakeview Village, Inc.), Ser 2018A: | | | | | | | | |
4.000%, 5–15–34 | | | 1,000 | | | | 1,092 | |
5.000%, 5–15–39 | | | 1,500 | | | | 1,675 | |
Unif Govt of Wyandotte Cnty, Kansas City, KS, Spl Oblig Rfdg and Impvt Rev Bonds (Wyandotte Plaza Redev Proj), Ser 2016, | | | | | | | | |
5.000%, 12–1–34 | | | 3,000 | | | | 3,075 | |
| | | | | | | | |
| | | | | | | 5,842 | |
| | | | | | | | |
| | | | | | |
| 78 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Kentucky – 1.8% | |
Kenton Cnty Arpt Board, Cincinnati/Northn KY Intl Arpt Rev Bonds, Ser 2019: | | | | | | | | |
5.000%, 1–1–44 | | $ | 2,250 | | | $ | 2,755 | |
5.000%, 1–1–49 | | | 2,250 | | | | 2,746 | |
KY Muni Power Agy, Power Sys Rev Rfdg Bonds (Prarie State Proj), Ser 2019A, | | | | | | | | |
4.000%, 9–1–45 | | | 1,500 | | | | 1,638 | |
KY Pub Trans Infra Auth, First Tier Toll Rev Bonds, Ser 2013A, | | | | | | | | |
5.750%, 7–1–49 | | | 4,000 | | | | 4,372 | |
Pub Enrg Auth of KY, Gas Supply Rev Bonds, Ser 2018B, | | | | | | | | |
4.000%, 1–1–49 | | | 5,000 | | | | 5,508 | |
| | | | | | | | |
| | | | | | | 17,019 | |
| | | | | | | | |
| |
Louisiana – % | |
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj – Phase IIA), Ser 2014A, | | | | | | | | |
8.375%, 7–1–39 (B) | | | 13,547 | | | | — | * |
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj), Ser 2013B, | | | | | | | | |
10.500%, 7–1–39 (B) | | | 12,202 | | | | — | * |
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj), Ser 2015, | | | | | | | | |
7.750%, 7–1–39 (B) | | | 1,977 | | | | — | * |
| | | | | | | | |
| | | | | | | — | * |
| | | | | | | | |
| |
Maine – 0.1% | |
ME Fin Auth, Solid Waste Disp Rev Bonds (Casella Waste Sys, Inc. Proj), Ser 2015R-2, | | | | | | | | |
4.375%, 8–1–35 | | | 1,000 | | | | 1,112 | |
| | | | | | | | |
| |
Massachusetts – 0.5% | |
Cmnwlth of MA, GO Bonds, Consolidated Loan of 2020, Ser C, | | | | | | | | |
2.750%, 3–1–50 | | | 5,000 | | | | 5,085 | |
| | | | | | | | |
| |
| Michigan – 3.5% | |
Detroit, MI, GO Bonds, Ser 2004-A (1) (Insured by AMBAC), | | | | | | | | |
5.250%, 4–1–23 | | | 220 | | | | 221 | |
MI Fin Auth, Hosp Rev and Rfdg Bonds (Trinity Hlth Credit Group), Ser 2019MI-A, | | | | | | | | |
3.000%, 12–1–49 | | | 12,000 | | | | 12,591 | |
MI Fin Auth, Hosp Rev Bonds (Henry Ford Hlth Sys), Ser 2019A, | | | | | | | | |
4.000%, 11–15–50 | | | 2,000 | | | | 2,273 | |
MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev Bonds (Old Redford Academy Proj), Ser 2010A: | | | | | | | | |
5.900%, 12–1–30 | | | 2,000 | | | | 2,002 | |
6.500%, 12–1–40 | | | 3,000 | | | | 3,004 | |
MI Fin Auth, Pub Sch Academy Ltd. Oblig Rfdg Bonds (Hanley Intl Academy, Inc. Proj), Ser 2021, | | | | | | | | |
5.000%, 9–1–40 | | | 1,115 | | | | 1,261 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Michigan (Continued) | |
MI Pub Edu Fac Auth, Ltd. Oblig Rev Bonds (Old Redford Academy Proj), Ser 2005A, | | | | | | | | |
5.875%, 12–1–30 | | $ | 1,720 | | | $ | 1,722 | |
MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Backed Bonds, Ser 2008A, | | | | | | | | |
5.000%, 6–1–40 | | | 6,740 | | | | 8,586 | |
The Econ Dev Corp. of Dearborn, MI, Ltd. Oblig Rev and Rfdg Rev Bonds (Henry Ford Vlg, Inc. Proj), Ser 2008, | | | | | | | | |
7.000%, 11–15–38 (B) | | | 2,400 | | | | 2,280 | |
| | | | | | | | |
| | | | | | | 33,940 | |
| | | | | | | | |
| |
Missouri – 2.1% | |
Branson, MO, Indl Dev Auth, Tax Incr Rfdg Rev Bonds (Branson Shoppes Redev Proj), Ser 2017A, | | | | | | | | |
3.900%, 11–1–29 | | | 740 | | | | 757 | |
Broadway-Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A: | | | | | | | | |
5.875%, 12–1–31 | | | 675 | | | | 438 | |
6.125%, 12–1–36 | | | 875 | | | | 569 | |
Grindstone Plaza Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A: | | | | | | | | |
5.250%, 10–1–21 | | | 110 | | | | 110 | |
5.400%, 10–1–26 | | | 1,145 | | | | 1,082 | |
5.500%, 10–1–31 | | | 1,925 | | | | 1,710 | |
5.550%, 10–1–36 | | | 1,725 | | | | 1,450 | |
Hlth and Edu Fac Auth, Hlth Fac Rev Bonds (Mosaic Hlth Sys), Ser 2019A, | | | | | | | | |
4.000%, 2–15–54 | | | 1,695 | | | | 1,913 | |
Kirkwood, MO, Indl Dev Auth, Ret Cmnty Rev Bonds (Aberdeen Heights), Ser 2017A, | | | | | | | | |
5.250%, 5–15–50 | | | 4,000 | | | | 4,486 | |
Lakeside 370 Levee Dist (St. Charles Cnty, MO), Levee Dist Impvt Bonds, Ser 2008, | | | | | | | | |
0.000%, 4–1–55 (D) | | | 2,781 | | | | 487 | |
St. Louis Muni Fin Corp., Compound Int Leasehold Rev Bonds (Convention Ctr Cap Impvt Proj), Ser 2010A (Insured by AGM): | | | | | | | | |
0.000%, 7–15–36 (A)(D) | | | 2,250 | | | | 1,516 | |
0.000%, 7–15–37 (A)(D) | | | 4,000 | | | | 2,600 | |
Stone Canyon Cmnty Impvt Dist, Independence, MO, Rev Bonds (Pub Infra Impvt Proj), Ser 2007, | | | | | | | | |
5.750%, 4–1–27 (B) | | | 1,250 | | | | 312 | |
Tax Incr Fin Comsn of Kansas City, MO, Tax Incr Rev Bonds (Brywood Ctr Proj), Ser 2010A, | | | | | | | | |
8.000%, 4–1–33 (B) | | | 3,950 | | | | 1,462 | |
The Indl Dev Auth of Grandview, MO, Tax Incr Rev Bonds (Grandview Crossing Proj 1), Ser 2006, | | | | | | | | |
5.750%, 12–1–28 (B) | | | 1,000 | | | | 170 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Missouri (Continued) | |
The Indl Dev Auth of Lee’s Summit, MO, Infra Fac Rev Bonds (Kensington Farms Impvt Proj), Ser 2007, | | | | | | | | |
5.750%, 3–1–29 (B) | | $ | 2,185 | | | $ | 1,355 | |
| | | | | | | | |
| | | | | | | 20,417 | |
| | | | | | | | |
| |
Nebraska – 1.1% | |
Cent Plains Enrg Proj, Gas Proj Rev Bonds (Proj No. 3), Ser 2012: | | | | | | | | |
5.250%, 9–1–37 | | | 8,000 | | | | 8,356 | |
5.000%, 9–1–42 | | | 2,000 | | | | 2,085 | |
| | | | | | | | |
| | | | | | | 10,441 | |
| | | | | | | | |
| |
Nevada – 1.0% | |
Director of the State of NV, Dept of Business and Industry Charter Sch Lease Rev Bonds (Somerset Academy), Ser 2015A, | | | | | | | | |
5.125%, 12–15–45 | | | 2,515 | | | | 2,758 | |
NV Dept of Business and Industry, Charter Sch Lease Rev Bonds (Somerset Academy), Ser 2018A, | | | | | | | | |
5.000%, 12–15–48 | | | 500 | | | | 545 | |
Reno, NV, Cap Impvt Rev Rfdg Bonds, Ser 2019A-1: | | | | | | | | |
3.750%, 6–1–39 | | | 3,165 | | | | 3,475 | |
4.000%, 6–1–46 | | | 2,000 | | | | 2,215 | |
Reno, NV, First Lien Sales Tax Rev Rfdg Bonds (Retrac-Reno Trans Rail Access Corridor Proj), Ser 2018A (Insured by AGM), | | | | | | | | |
5.000%, 6–1–48 | | | 1,000 | | | | 1,152 | |
| | | | | | | | |
| | | | | | | 10,145 | |
| | | | | | | | |
| |
New Hampshire – 0.2% | |
Natl Fin Auth (NH), Res Recovery Rfdg Rev Bonds (Covanta Proj), Ser 2020B, | | | | | | | | |
3.750%, 7–1–45 (A) | | | 2,000 | | | | 2,117 | |
| | | | | | | | |
| |
New Jersey – 2.1% | |
NJ Econ Dev Auth, Cigarette Tax Rev Rfdg Bonds, Ser 2012: | | | | | | | | |
5.000%, 6–15–28 | | | 1,000 | | | | 1,029 | |
5.000%, 6–15–29 | | | 500 | | | | 514 | |
NJ Hlth Care Fac Fin Auth, Rev and Rfdg Bonds (Univ Hosp Issue), Ser 2015A, | | | | | | | | |
5.000%, 7–1–46 | | | 2,355 | | | | 2,691 | |
NJ Tpk Auth, Tpk Rev Bonds, Ser 2019A, | | | | | | | | |
4.000%, 1–1–48 | | | 2,500 | | | | 2,857 | |
NJ Trans Trust Fund Auth, Trans Prog Bonds, Ser 2019AA, | | | | | | | | |
4.500%, 6–15–49 | | | 5,000 | | | | 5,864 | |
Tob Stlmt Fin Corp., Tob Stlmt Bonds, Ser 2018B, | | | | | | | | |
5.000%, 6–1–46 | | | 6,000 | | | | 7,035 | |
| | | | | | | | |
| | | | | | | 19,990 | |
| | | | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 79 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
New Mexico – 0.5% | |
NM Hosp Equip Loan Council, Hosp Impvt and Rfdg Rev Bonds (Gerald Champion Rgnl Med Ctr Proj), Ser 2012A, | | | | | | | | |
5.500%, 7–1–42 | | $ | 4,750 | | | $ | 4,896 | |
| | | | | | | | |
| |
New York – 5.9% | |
Dormitory Auth, Sch Dist Rev Bond Fin Prog, Ser 2010A (Insured by AGM), | | | | | | | | |
5.000%, 10–1–22 | | | 55 | | | | 55 | |
Metro Trans Auth, Trans Rev Green Bonds, Ser 2019B, | | | | | | | | |
4.000%, 11–15–50 | | | 5,000 | | | | 5,509 | |
MTA Hudson Rail Yards Trust Oblig, Ser 2016A, | | | | | | | | |
5.000%, 11–15–56 | | | 2,500 | | | | 2,680 | |
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A4, | | | | | | | | |
5.000%, 1–1–58 | | | 10,800 | | | | 10,322 | |
Nassau Cnty Tob Stlmnt Corp., Tob Stlmnt Asset–Bkd Bonds, Ser 2006A–3 Sr Current Int Bonds, | | | | | | | | |
5.125%, 6–1–46 | | | 10,000 | | | | 10,158 | |
NY Cntys Tob Trust VI, Tob Stlmt Pass–Through Bonds, Ser 2016A, | | | | | | | | |
5.000%, 6–1–51 | | | 1,000 | | | | 1,062 | |
NY Envirnmt Fac Corp., Solid Waste Disp Rev Bonds (Casella Waste Sys, Inc. Proj), Ser 2020, | | | | | | | | |
2.750%, 9–1–50 | | | 1,000 | | | | 1,049 | |
NY Trans Dev Corp., Spl Fac Rev Bonds (Delta Air Lines, Inc. - LaGuardia Arpt Terminals C&D Redev Proj), Ser 2018, | | | | | | | | |
4.000%, 1–1–36 | | | 1,000 | | | | 1,123 | |
NYC Indl Dev Agy, Pilot Rev Rfdg Bonds (Yankee Stadium Proj), Ser 2020A, | | | | | | | | |
3.000%, 3–1–49 | | | 1,000 | | | | 1,018 | |
NYC Muni Water Fin Auth, Water and Sewer Sys Second Gen Resolution Rev Bonds, Fiscal 2020 Ser DD–1, | | | | | | | | |
3.000%, 6–15–50 | | | 5,500 | | | | 5,760 | |
NYC Muni Water Fin Auth, Water and Sewer Sys Second Gen Resolution Rev Bonds, Fiscal 2021 Ser AA–1, | | | | | | | | |
3.000%, 6–15–50 | | | 10,000 | | | | 10,498 | |
The Orange Co. Funding Corp. (NY), Assisted Living Residence Rev Bonds (The Hamlet at Wallkill Assisted Living Proj), Ser 2012, | | | | | | | | |
6.500%, 1–1–46 | | | 4,900 | | | | 4,939 | |
Westchester Tob Asset Securitization Corp., Tob Stlmt Bonds, Ser 2016B, | | | | | | | | |
5.000%, 6–1–41 | | | 2,500 | | | | 2,953 | |
| | | | | | | | |
| | | | | | | 57,126 | |
| | | | | | | | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
North Carolina – 1.2% | |
NC Med Care Comsn, Hlth Care Fac Rev Bonds (Novant Hlth Oblig Group), Ser 2019A, | | | | | | | | |
3.125%, 11–1–49 | | $ | 8,500 | | | $ | 9,064 | |
NC Tpk Auth, Monroe Expressway Toll Rev Bonds, Ser 2016C, | | | | | | | | |
0.000%, 7–1–41 (D) | | | 4,160 | | | | 1,751 | |
NC Tpk Auth, Triangle Expressway Sys Sr Lien Rev Bonds, Ser 2019, | | | | | | | | |
4.000%, 1–1–55 | | | 1,000 | | | | 1,141 | |
| | | | | | | | |
| | | | | | | 11,956 | |
| | | | | | | | |
| |
Ohio – 2.8% | |
Buckeye Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Rfdg Bonds, Ser 2020A–2, | | | | | | | | |
3.000%, 6–1–48 | | | 3,000 | | | | 3,071 | |
Buckeye Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Rfdg Bonds, Ser 2020B–2, | | | | | | | | |
5.000%, 6–1–55 | | | 12,000 | | | | 13,594 | |
Cnty of Muskingum, OH, Hosp Fac Rev Bonds (Genesis Hlth Care Sys Oblig Group Proj), Ser 2013, | | | | | | | | |
5.000%, 2–15–48 | | | 5,000 | | | | 5,195 | |
OH Hosp Rev Bonds (Univ Hosp Hlth Sys, Inc.), Ser 2020A, | | | | | | | | |
3.000%, 1–15–45 | | | 4,250 | | | | 4,443 | |
Summit Cnty Port Auth, OH (Cleveland – Flats East Dev Proj), Ser 2010B, | | | | | | | | |
6.875%, 5–15–40 | | | 1,110 | | | | 1,113 | |
| | | | | | | | |
| | | | | | | 27,416 | |
| | | | | | | | |
| |
Oklahoma – 0.4% | |
OK Dev Fin Auth, Hlth Sys Rev Bonds (OU Medicine Proj), Ser 2018B, | | | | | | | | |
5.500%, 8–15–57 | | | 3,000 | | | | 3,659 | |
| | | | | | | | |
Oregon – 2.4% | |
Hosp Fac Auth of Salem, OR, Rev Rfdg Bonds (Cap Manor, Inc.), Ser 2012, | | | | | | | | |
6.000%, 5–15–42 | | | 1,900 | | | | 1,945 | |
Port of Portland, OR, Portland Intl Arpt Rev Bonds, Ser Twenty-Five B, | | | | | | | | |
5.000%, 7–1–49 | | | 3,000 | | | | 3,651 | |
Port of Portland, OR, Portland Intl Arpt Rev Bonds, Ser Twenty-Seven A, | | | | | | | | |
4.000%, 7–1–50 | | | 13,460 | | | | 15,179 | |
Salem, OR, Hosp Fac Auth, Rev Bonds (Capital Manor Proj), Ser 2018, | | | | | | | | |
5.000%, 5–15–53 | | | 1,895 | | | | 2,144 | |
| | | | | | | | |
| | | | | | | 22,919 | |
| | | | | | | | |
| |
Other – 1.2% | |
CPR Custodial Receipt, Ser 2021–1, | | | | | | | | |
0.000%, 1–1–45 (A)(B) | | | 12,000 | | | | 11,250 | |
| | | | | | | | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Pennsylvania – 2.8% | |
Cumberland Cnty Muni Auth, Rfdg Rev Bonds (Asbury,PA Oblig Group), Ser 2010, | | | | | | | | |
5.250%, 1–1–41 | | $ | 2,455 | | | $ | 2,470 | |
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009E, | | | | | | | | |
6.288%, 12–1–38 | | | 13,500 | | | | 17,597 | |
Philadelphia Auth for Indl Dev, Charter Sch Rev Bonds (MaST Cmnty Charter Sch II Proj), Ser 2020, | | | | | | | | |
5.000%, 8–1–50 | | | 375 | | | | 444 | |
Philadelphia Auth Indl Dev, Rev Bonds (New Foundations Charter Sch Proj), Ser 2012, | | | | | | | | |
6.625%, 12–15–41 | | | 3,500 | | | | 3,766 | |
Wilkes-Barre Area Sch Dist, Luzerne Cnty, PA, GO Bonds, Ser 2019, | | | | | | | | |
4.000%, 4–15–54 | | | 2,500 | | | | 2,849 | |
| | | | | | | | |
| | | | | | | 27,126 | |
| | | | | | | | |
| |
Puerto Rico – 11.0% | |
Children’s Trust, Tob Stlmt Asset-Bkd Bonds, Ser 2008A, | | | | | | | | |
0.000%, 5–15–57 (D) | | | 225,000 | | | | 15,791 | |
Cmnwlth of PR, GO Bonds of 2014, Ser A, | | | | | | | | |
8.000%, 7–1–35 (B) | | | 12,565 | | | | 10,869 | |
Cmnwlth of PR, Pub Impvt Rfdg GO Bonds, Ser 2012A: | | | | | | | | |
5.750%, 7–1–28 (B) | | | 5,000 | | | | 4,619 | |
5.125%, 7–1–31 (B) | | | 6,700 | | | | 6,482 | |
5.000%, 7–1–37 (B) | | | 3,730 | | | | 3,655 | |
5.250%, 7–1–37 (B) | | | 4,976 | | | | 4,858 | |
6.000%, 7–1–39 (B) | | | 13,840 | | | | 13,321 | |
7.500%, 8–20–40 | | | 17,471 | | | | 16,445 | |
PR Elec Power Auth, Power Rev Bonds, Ser 2010XX, | | | | | | | | |
5.250%, 7–1–40 (B) | | | 7,500 | | | | 7,378 | |
PR Elec Power Auth, Power Rev Bonds, Ser 2012A, | | | | | | | | |
5.000%, 7–1–23 (B) | | | 2,785 | | | | 2,729 | |
PR Sales Tax Fin Corp., Sales Tax Rev Bonds, First Sub Ser 2010C: | | | | | | | | |
4.536%, 7–1–53 | | | 1,022 | | | | 1,133 | |
4.750%, 7–1–53 | | | 5,484 | | | | 6,150 | |
4.784%, 7–1–58 | | | 5,135 | | | | 5,770 | |
5.000%, 7–1–58 | | | 1,400 | | | | 1,591 | |
PR Sales Tax Fin Corp., Sales Tax Rev Bonds, Ser 2018A–1, | | | | | | | | |
0.000%, 7–1–51 (D) | | | 24,990 | | | | 5,971 | |
| | | | | | | | |
| | | | | | | 106,762 | |
| | | | | | | | |
| |
Rhode Island – 0.6% | |
Tob Stlmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015B, | | | | | | | | |
5.000%, 6–1–50 | | | 5,000 | | | | 5,513 | |
| | | | | | | | |
| |
South Carolina – 0.2% | |
Piedmont Muni Pwr Agy, SC, Elec Rev Rfdg Bonds, Ser 2008C, | | | | | | | | |
5.750%, 1–1–34 | | | 1,550 | | | | 1,556 | |
| | | | | | | | |
| | | | | | |
| 80 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Tennessee – 0.4% | |
Metro Nashville Arpt Auth, Arpt Impvt Rev Bonds, Ser 2015A, | | | | | | | | |
5.000%, 7–1–40 | | $ | 3,000 | | | $ | 3,458 | |
| | | | | | | | |
| |
| Texas – 9.8% | |
Arlington Higher Edu Fin Corp., Edu Rev Bonds (Kipp Texas, Inc.), Ser 2019, | | | | | | | | |
3.000%, 8–15–49 | | | 4,000 | | | | 4,271 | |
Arlington, TX, Higher Edu Fin Corp., Edu Rev Bonds (Newman Intl Academy), Ser 2021A: | | | | | | | | |
4.000%, 8–15–31 | | | 200 | | | | 213 | |
5.000%, 8–15–41 | | | 600 | | | | 657 | |
Arlington, TX, Higher Edu Fin Corp., Rev Bonds (Newman Intl Academy), Ser 2016A, | | | | | | | | |
5.375%, 8–15–36 | | | 4,585 | | | | 5,050 | |
Austin, TX, Arpt Sys Rev Rfdg Bonds, Ser 2019: | | | | | | | | |
5.000%, 11–15–24 | | | 1,650 | | | | 1,878 | |
5.000%, 11–15–25 | | | 1,500 | | | | 1,761 | |
Bexar Cnty Hlth Fac Dev Corp., Rev Rfdg Bonds (Army Ret Residence Fndtn Proj), Ser 2016, | | | | | | | | |
5.000%, 7–15–41 | | | 5,395 | | | | 5,950 | |
Cent TX Rgnl Mobility Auth, Sr Lien Rev Bonds, Ser 2010: | | | | | | | | |
0.000%, 1–1–36 (D) | | | 2,500 | | | | 1,770 | |
0.000%, 1–1–40 (D) | | | 2,000 | | | | 1,241 | |
Cent TX Rgnl Mobility Auth, Sr Lien Rev Bonds, Ser 2015A, | | | | | | | | |
5.000%, 1–1–45 | | | 4,000 | | | | 4,573 | |
Cent TX Rgnl Mobility Auth, Sub Lien Rev Rfdg Bonds, Ser 2013: | | | | | | | | |
5.000%, 1–1–33 | | | 6,000 | | | | 6,359 | |
5.000%, 1–1–42 | | | 3,000 | | | | 3,180 | |
Dallas/Fort Worth Intl Arpt, Joint Rev Impvt Bonds, Ser 2013B, | | | | | | | | |
5.000%, 11–1–44 | | | 5,000 | | | | 5,244 | |
Grand Prkwy Trans Corp., First Tier Toll Rev Rfdg Bonds, Ser 2020C, | | | | | | | | |
3.000%, 10–1–50 | | | 4,500 | | | | 4,719 | |
Houston, TX, Arpt Sys, Sub Lien Rev Rfdg Bonds, Ser 2020A, | | | | | | | | |
4.000%, 7–1–47 | | | 3,000 | | | | 3,397 | |
Montgomery, TX, Cnty Toll Road Auth, Sr Lien Toll Road Rev Bonds, Ser 2018, | | | | | | | | |
5.000%, 9–15–48 | | | 1,000 | | | | 1,113 | |
New Hope Cultural Edu Fac Fin Corp., Edu Rev Bonds (Jubilee Academic Ctr), Ser 2016A, | | | | | | | | |
5.000%, 8–15–46 | | | 8,000 | | | | 8,015 | |
North TX Twy Auth, Spl Proj Sys Rev Bonds Convertible Cap Apprec Bonds, Ser 2011C, | | | | | | | | |
0.000%, 9–1–43 (D) | | | 5,000 | | | | 6,966 | |
San Antonio, TX, Water Sys Jr Lien Rev and Rfdg Bonds, Ser 2019C, | | | | | | | | |
4.000%, 5–15–34 | | | 1,500 | | | | 1,801 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Texas (Continued) | |
Sanger, TX, Indl Dev Corp., Indl Dev Rev Bonds (TX Pellets Proj), Ser 2012B, | | | | | | | | |
8.000%, 7–1–38 (B) | | $ | 17,870 | | | $ | 4,468 | |
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Air Force Vig Oblig Group Proj), Ser 2016, | | | | | | | | |
5.000%, 5–15–45 | | | 8,650 | | | | 9,296 | |
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckner Sr Living - Ventana Proj), Ser 2017A: | | | | | | | | |
6.750%, 11–15–47 | | | 1,000 | | | | 1,131 | |
6.750%, 11–15–52 | | | 2,500 | | | | 2,815 | |
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (NTE Mobility Partn Segments 3 LLC Segment 3C Proj), Ser 2019, | | | | | | | | |
5.000%, 6–30–58 | | | 5,000 | | | | 5,987 | |
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Rfdg Bonds (NTE Mobility Partn LLC North Tarrant Express Managed Lanes Proj), Ser 2019A, | | | | | | | | |
4.000%, 12–31–38 | | | 2,000 | | | | 2,312 | |
TX Trans Comsn, State Hwy 249 Sys First Tier Toll Rev Bonds, Ser 2019A, | | | | | | | | |
5.000%, 8–1–57 | | | 1,000 | | | | 1,154 | |
| | | | | | | | |
| | | | | | | 95,321 | |
| | | | | | | | |
| |
Vermont – 0.1% | |
Vermont Econ Dev Auth, Solid Waste Disp Rev Bonds (Casella Waste Sys, Inc. Proj), Ser 2013, | | | | | | | | |
4.625%, 4–1–36 | | | 1,000 | | | | 1,178 | |
| | | | | | | | |
| |
Virginia – 4.3% | |
Econ Dev Auth of James City Cnty, VA, Residential Care Fac Rev Bonds (VA Utd Methodist Homes of Williamsburg, Inc.), Ser 2013A, | | | | | | | | |
2.000%, 10–1–48 | | | 2,248 | | | | 2,248 | |
Marquis Cmnty Dev Auth (VA), Rev Bonds, Ser 2007B, | | | | | | | | |
5.625%, 9–1–41 | | | 2,779 | | | | 1,314 | |
Marquis Cmnty Dev Auth (VA), Rev Bonds, Ser 2007C, | | | | | | | | |
0.000%, 9–1–41 (D) | | | 821 | | | | 48 | |
Marquis Cmnty Dev Auth (York Country, VA), Convertible Cap Apprec Rev Bonds, Ser 2015, | | | | | | | | |
7.500%, 9–1–45 | | | 859 | | | | 417 | |
The Rector and Visitors of the Univ of VA, Gen Rev Pledge Rfdg Bonds, Ser 2015A-2, | | | | | | | | |
3.570%, 4–1–45 | | | 10,000 | | | | 10,765 | |
VA Small Business Fin Auth, Sr Lien Rev Bonds (95 Express Lanes LLC Proj), Ser 2012, | | | | | | | | |
5.000%, 7–1–34 | | | 2,590 | | | | 2,619 | |
| | | | | | | | |
| MUNICIPAL BONDS (Continued) | | Principal | | | Value | |
Virginia (Continued) | |
VA Small Business Fin Auth, Sr Lien Rev Bonds (Elizabeth River Crossing Opco LLC Proj), Ser 2012: | | | | | | | | |
6.000%, 1–1–37 | | $ | 8,265 | | | $ | 8,596 | |
5.500%, 1–1–42 | | | 11,000 | | | | 11,387 | |
VA Small Business Fin Auth, Tax-Exempt Sr Lien Private Activity Rev Bonds (Transform 66 P3 Proj), Ser 2017, | | | | | | | | |
5.000%, 12–31–56 | | | 4,000 | | | | 4,735 | |
| | | | | | | | |
| | | | | | | 42,129 | |
| | | | | | | | |
| |
Washington – 0.6% | |
WA State Hsng Fin Comsn (Rockwood Ret Cmnty Proj), Nonprofit Hsng Rev and Rfdg Rev Bonds, Ser 2014A, | | | | | | | | |
7.500%, 1–1–49 | | | 5,000 | | | | 5,543 | |
| | | | | | | | |
| |
Wisconsin – 2.5% | |
Pub Fin Auth Sr Arpt Fac Rev and Rfdg Bonds (TrIps Obligated Group), Ser 2012B, | | | | | | | | |
5.000%, 7–1–42 | | | 5,500 | | | | 5,640 | |
Pub Fin Auth, Higher Edu Fac Rev Bonds (Wittenberg Univ Proj), Ser 2016, | | | | | | | | |
5.250%, 12–1–39 | | | 5,000 | | | | 5,366 | |
WI Hlth and Edu Fac Auth, Rev Bonds (Children’s Hosp of WI, Inc.), Ser 2020, | | | | | | | | |
3.000%, 8–15–52 | | | 3,000 | | | | 3,140 | |
WI Pub Fin Auth, Edu Rev Bonds (Cornerstone Charter Academy Proj), Ser 2016A, | | | | | | | | |
5.125%, 2–1–46 | | | 3,000 | | | | 3,196 | |
WI Pub Fin Auth, Edu Rev Bonds (Triad Edu Svc), Ser 2015A, | | | | | | | | |
5.500%, 6–15–45 | | | 6,000 | | | | 6,443 | |
| | | | | | | | |
| | | | | | | 23,785 | |
| | | | | | | | |
| |
TOTAL MUNICIPAL BONDS – 99.1% | | | $ | 960,280 | |
(Cost: $948,974) | |
| | |
SHORT-TERM SECURITIES | | | | | | | | |
Michigan – 0.6% | |
Detroit Gen Ret Sys Svc Corp., Cert of Part, Ser 2005A (Insured by FGIC), | | | | | | | | |
33.520%, 6–2–22 (B) | | | 7,401 | | | | 6,198 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 0.6% | | | $ | 6,198 | |
(Cost: $6,198) | |
| |
TOTAL INVESTMENT SECURITIES – 99.7% | | | $ | 966,478 | |
(Cost: $955,172) | |
| |
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3% | | | | 2,929 | |
| |
NET ASSETS – 100.0% | | | $ | 969,407 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 81 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY MUNICIPAL HIGH INCOME FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| * | Not shown due to rounding. |
| (A) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $37,346 or 3.9% of net assets. |
| (B) | Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy. |
| (C) | Purchased on a when-issued basis with settlement subsequent to September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 960,280 | | | $ | — | |
Short-Term Securities | | | — | | | | 6,198 | | | | — | |
Total | | $ | — | | | $ | 966,478 | | | $ | — | |
The following acronyms are used throughout this schedule:
AMBAC = American Municipal Bond Assurance Corp.
AGM = Assured Guaranty Municipal
LIBOR = London Interbank Offered Rate
See Accompanying Notes to Financial Statements.
| | | | | | |
| 82 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY PZENA INTERNATIONAL VALUE FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 98.1% | |
Financials | | | 23.3% | |
Consumer Discretionary | | | 16.2% | |
Industrials | | | 15.0% | |
Materials | | | 9.8% | |
Energy | | | 7.9% | |
Health Care | | | 7.7% | |
Consumer Staples | | | 7.4% | |
Information Technology | | | 5.8% | |
Communication Services | | | 3.1% | |
Utilities | | | 1.9% | |
Bonds | | | 0.0% | |
Preferred Stocks | | | 0.0% | |
Liabilities (Net of Cash and Other Assets),
and Cash Equivalents+ | | | 1.9% | |
Country Weightings
| | | | |
Europe | | | 69.4% | |
United Kingdom | | | 18.0% | |
France | | | 14.0% | |
Germany | | | 12.2% | |
Switzerland | | | 7.9% | |
Netherlands | | | 5.8% | |
Other Europe | | | 11.5% | |
Pacific Basin | | | 26.6% | |
Japan | | | 17.0% | |
Other Pacific Basin | | | 9.6% | |
South America | | | 2.1% | |
Liabilities (Net of Cash and Other Assets),
and Cash Equivalents+ | | | 1.9% | |
Top 10 Equity Holdings
| | | | | | |
| Company | | Country | | Sector | | Industry |
Royal Dutch Shell plc, Class A | | Netherlands | | Energy | | Integrated Oil & Gas |
Rexel S.A. | | France | | Industrials | | Trading Companies & Distributors |
Komatsu Ltd. | | Japan | | Industrials | | Construction Machinery & Heavy Trucks |
Covestro AG | | Germany | | Materials | | Specialty Chemicals |
BASF Aktiengesellschaft | | Germany | | Materials | | Diversified Chemicals |
Roche Holdings AG, Genusscheine | | Switzerland | | Health Care | | Pharmaceuticals |
Nokia Oyj | | Finland | | Information Technology | | Communications Equipment |
Volkswagen AG, 2.260% | | Germany | | Consumer Discretionary | | Automobile Manufacturers |
Compagnie Generale des Etablissements Michelin, Class B | | France | | Consumer Discretionary | | Tires & Rubber |
Honda Motor Co. Ltd. | | Japan | | Consumer Discretionary | | Automobile Manufacturers |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Pzena International Value Fund changed to Delaware Ivy Pzena International Value Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 83 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY PZENA INTERNATIONAL VALUE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Belgium | |
| |
Financials – 0.9% | |
KBC Group N.V. | | | 22 | | | $ | 1,969 | |
| | | | | | | | |
| |
Total Belgium – 0.9% | | | $ | 1,969 | |
Brazil | |
| |
Consumer Staples – 2.1% | |
Ambev S.A. | | | 1,700 | | | | 4,786 | |
| | | | | | | | |
| |
Total Brazil – 2.1% | | | $ | 4,786 | |
China | |
| |
Consumer Discretionary – 0.9% | |
Alibaba Group Holding Ltd. (A) | | | 111 | | | | 2,060 | |
| | | | | | | | |
| |
Total China – 0.9% | | | $ | 2,060 | |
Denmark | |
| |
Financials – 1.0% | |
Danske Bank A.S. | | | 144 | | | | 2,421 | |
| | | | | | | | |
| |
Industrials – 2.0% | |
A.P. Moller – Maersk A/S (B) | | | 2 | | | | 4,648 | |
| | | | | | | | |
| |
Total Denmark – 3.0% | | | $ | 7,069 | |
Finland | |
| |
Information Technology – 2.9% | |
Nokia Oyj | | | 1,215 | | | | 6,699 | |
| | | | | | | | |
| |
Total Finland – 2.9% | | | $ | 6,699 | |
France | |
| |
Communication Services – 1.6% | |
Publicis Groupe S.A. | | | 54 | | | | 3,632 | |
| | | | | | | | |
| |
Consumer Discretionary – 2.6% | |
Compagnie Generale des Etablissements Michelin, Class B | | | 39 | | | | 5,985 | |
| | | | | | | | |
| |
Energy – 0.6% | |
Technip Energies ADR (A) | | | 80 | | | | 1,252 | |
| | | | | | | | |
| |
Financials – 2.7% | |
Amundi S.A. | | | 56 | | | | 4,708 | |
SCOR SE | | | 57 | | | | 1,651 | |
| | | | | | | | |
| | | | | | | 6,359 | |
| | | | | | | | |
| |
Health Care – 1.1% | |
Sanofi-Aventis | | | 27 | | | | 2,552 | |
| | | | | | | | |
| |
Industrials – 5.4% | |
Bouygues S.A. | | | 55 | | | | 2,270 | |
Rexel S.A. | | | 410 | | | | 7,909 | |
Schneider Electric S.A. | | | 13 | | | | 2,188 | |
| | | | | | | | |
| | | | | | | 12,367 | |
| | | | | | | | |
| |
Total France – 14.0% | | | $ | 32,147 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Germany | |
| |
Health Care – 2.0% | |
Fresenius Medical Care AG & Co. KGaA | | | 67 | | | $ | 4,698 | |
| | | | | | | | |
| |
Industrials – 1.2% | |
Siemens AG | | | 17 | | | | 2,728 | |
| | | | | | | | |
| |
Materials – 6.3% | |
BASF Aktiengesellschaft | | | 94 | | | | 7,107 | |
Covestro AG | | | 107 | | | | 7,313 | |
| | | | | | | | |
| | | | | | | 14,420 | |
| | | | | | | | |
| |
Total Germany – 9.5% | | | $ | 21,846 | |
Hong Kong | |
| |
Consumer Discretionary – 0.7% | |
Galaxy Entertainment Group | | | 310 | | | | 1,591 | |
| | | | | | | | |
| |
Total Hong Kong – 0.7% | | | $ | 1,591 | |
Italy | |
| |
Utilities – 1.9% | |
ENEL S.p.A. | | | 567 | | | | 4,352 | |
| | | | | | | | |
| |
Total Italy – 1.9% | | | $ | 4,352 | |
Japan | |
| |
Consumer Discretionary – 9.3% | |
Bridgestone Corp. | | | 49 | | | | 2,339 | |
Honda Motor Co. Ltd. | | | 187 | | | | 5,743 | |
Iida Group Holdings Co. Ltd. | | | 92 | | | | 2,366 | |
Isuzu Motors Ltd. | | | 337 | | | | 4,390 | |
Panasonic Corp. (B) | | | 451 | | | | 5,584 | |
Suzuki Motor Corp. | | | 24 | | | | 1,077 | |
| | | | | | | | |
| | | | | | | 21,499 | |
| | | | | | | | |
| |
Financials – 3.5% | |
Fukuoka Financial Group, Inc. | | | 98 | | | | 1,755 | |
MS&AD Insurance Group Holdings, Inc. (B) | | | 33 | | | | 1,087 | |
Resona Holdings, Inc. (B) | | | 422 | | | | 1,686 | |
Sumitomo Mitsui Financial Group, Inc. (B) | | | 64 | | | | 2,234 | |
T&D Holdings, Inc. | | | 81 | | | | 1,111 | |
| | | | | | | | |
| | | | | | | 7,873 | |
| | | | | | | | |
| |
Industrials – 4.2% | |
Komatsu Ltd. | | | 306 | | | | 7,328 | |
Mitsui & Co. Ltd. | | | 108 | | | | 2,351 | |
| | | | | | | | |
| | | | | | | 9,679 | |
| | | | | | | | |
| |
Total Japan – 17.0% | | | $ | 39,051 | |
Luxembourg | |
| |
Materials – 1.3% | |
ArcelorMittal | | | 99 | | | | 3,027 | |
| | | | | | | | |
| |
Total Luxembourg – 1.3% | | | $ | 3,027 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Netherlands | |
| |
Energy – 3.6% | |
Royal Dutch Shell plc, Class A | | | 377 | | | $ | 8,434 | |
| | | | | | | | |
| |
Financials – 2.2% | |
ING Groep N.V., Certicaaten Van Aandelen | | | 345 | | | | 5,022 | |
| | | | | | | | |
| |
Total Netherlands – 5.8% | | | $ | 13,456 | |
Singapore | |
| |
Consumer Staples – 1.1% | |
Wilmar International Ltd. | | | 870 | | | | 2,688 | |
| | | | | | | | |
| |
Financials – 1.0% | |
DBS Group Holdings Ltd. | | | 109 | | | | 2,424 | |
| | | | | | | | |
| |
Total Singapore – 2.1% | | | $ | 5,112 | |
South Korea | |
| |
Financials – 0.8% | |
Shinhan Financial Group Co. Ltd. | | | 55 | | | | 1,867 | |
| | | | | | | | |
| |
Materials – 2.2% | |
POSCO | | | 19 | | | | 5,097 | |
| | | | | | | | |
| |
Total South Korea – 3.0% | | | $ | 6,964 | |
Spain | |
| |
Financials – 1.5% | |
CaixaBank S.A. | | | 1,118 | | | | 3,467 | |
| | | | | | | | |
| |
Total Spain – 1.5% | | | $ | 3,467 | |
Switzerland | |
| |
Financials – 3.3% | |
Credit Suisse Group AG, Registered Shares | | | 144 | | | | 1,419 | |
Julius Baer Group Ltd. | | | 20 | | | | 1,308 | |
UBS Group AG | | | 299 | | | | 4,765 | |
| | | | | | | | |
| | | | | | | 7,492 | |
| | | | | | | | |
| |
Health Care – 4.6% | |
Novartis AG, Registered Shares | | | 41 | | | | 3,382 | |
Roche Holdings AG, Genusscheine | | | 19 | | | | 7,066 | |
| | | | | | | | |
| | | | | | | 10,448 | |
| | | | | | | | |
| |
Total Switzerland – 7.9% | | | $ | 17,940 | |
Taiwan | |
| |
Information Technology – 2.9% | |
Catcher Technology Co. Ltd. | | | 191 | | | | 1,142 | |
Hon Hai Precision Industry Co. Ltd. | | | 1,478 | | | | 5,516 | |
| | | | | | | | |
| | | | | | | 6,658 | |
| | | | | | | | |
| |
Total Taiwan – 2.9% | | | $ | 6,658 | |
| | | | | | |
| 84 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY PZENA INTERNATIONAL VALUE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
United Kingdom | |
| |
Communication Services – 1.5% | |
Vodafone Group plc | | | 2,276 | | | $ | 3,464 | |
| | | | | | | | |
| |
Consumer Staples – 4.2% | |
J Sainsbury plc | | | 1,288 | | | | 4,937 | |
Tesco plc | | | 1,400 | | | | 4,768 | |
| | | | | | | | |
| | | | | | | 9,705 | |
| | | | | | | | |
| |
Energy – 3.7% | |
John Wood Group plc | | | 1,508 | | | | 4,657 | |
TechnipFMC plc (A) | | | 528 | | | | 3,975 | |
| | | | | | | | |
| | | | | | | 8,632 | |
| | | | | | | | |
| |
Financials – 6.4% | |
Aviva plc | | | 442 | | | | 2,344 | |
Barclays plc | | | 1,026 | | | | 2,608 | |
HSBC Holdings plc | | | 801 | | | | 4,186 | |
NatWest Group plc | | | 880 | | | | 2,655 | |
Standard Chartered plc | | | 505 | | | | 2,953 | |
| | | | | | | | |
| | | | | | | 14,746 | |
| | | | | | | | |
| |
Industrials – 2.2% | |
Travis Perkins plc | | | 248 | | | | 5,105 | |
| | | | | | | | |
| |
Total United Kingdom – 18.0% | | | $ | 41,652 | |
| |
TOTAL COMMON STOCKS – 95.4% | | | $ | 219,846 | |
(Cost: $192,111) | | | | | | | | |
| | | | | | | | |
| PREFERRED STOCKS | | Shares | | | Value | |
Germany | |
| |
Consumer Discretionary – 2.7% | |
Volkswagen AG, 2.260% | | | 28 | | | $ | 6,145 | |
| | | | | | | | |
| |
Total Germany – 2.7% | | | $ | 6,145 | |
Guernsey | |
| |
Financials – 0.0% | |
Credit Suisse Group Funding (Guernsey) VII Ltd., Convertible | | | 52 | | | | 60 | |
| | | | | | | | |
| |
Total Guernsey – 0.0% | | | $ | 60 | |
| |
TOTAL PREFERRED STOCKS – 2.7% | | | $ | 6,205 | |
(Cost: $4,812) | |
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (C) – 6.0% | |
State Street Institutional U.S. Government Money Market Fund - Premier Class 0.030% | | | 2,212 | | | $ | 2,212 | |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares 0.010%(D) | | | 11,621 | | | | 11,621 | |
| | | | | | | | |
| | | | | | | 13,833 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 6.0% | | | $ | 13,833 | |
(Cost: $13,833) | |
| | |
TOTAL INVESTMENT
SECURITIES – 104.1% | | | | | | $ | 239,884 | |
(Cost: $210,756) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (4.1)% | | | | (9,400 | ) |
| |
NET ASSETS – 100.0% | | | $ | 230,484 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $10,795 are on loan. |
| (C) | Rate shown is the annualized 7-day yield at September 30, 2021. |
| (D) | Investment made with cash collateral received from securities on loan. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 85 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY PZENA INTERNATIONAL VALUE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Communication Services | | $ | — | | | $ | 7,096 | | | $ | — | |
Consumer Discretionary | | | — | | | | 31,135 | | | | — | |
Consumer Staples | | | 4,786 | | | | 12,393 | | | | — | |
Energy | | | 5,227 | | | | 13,091 | | | | — | |
Financials | | | — | | | | 53,640 | | | | — | |
Health Care | | | — | | | | 17,698 | | | | — | |
Industrials | | | — | | | | 34,527 | | | | — | |
Information Technology | | | — | | | | 13,357 | | | | — | |
Materials | | | — | | | | 22,544 | | | | — | |
Utilities | | | — | | | | 4,352 | | | | — | |
Total Common Stocks | | $ | 10,013 | | | $ | 209,833 | | | $ | — | |
Preferred Stocks | | | — | | | | 6,205 | | | | — | |
Short-Term Securities | | | 13,833 | | | | — | | | | — | |
Total | | $ | 23,846 | | | $ | 216,038 | | | $ | — | |
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
Market Sector Diversification
| | | | |
(as a % of net assets) | |
Financials | | | 23.3% | |
Consumer Discretionary | | | 16.2% | |
Industrials | | | 15.0% | |
Materials | | | 9.8% | |
Energy | | | 7.9% | |
Health Care | | | 7.7% | |
Consumer Staples | | | 7.4% | |
Information Technology | | | 5.8% | |
Communication Services | | | 3.1% | |
Utilities | | | 1.9% | |
Other+ | | | 1.9% | |
| + | Includes liabilities (net of cash and other assets), and cash equivalents |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 86 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY SECURIAN CORE BOND FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 0.7% | |
Bonds | | | 96.7% | |
Corporate Debt Securities | | | 41.2% | |
United States Government and Government Agency Obligations | | | 22.5% | |
Mortgage-Backed Securities | | | 21.0% | |
Asset-Backed Securities | | | 10.7% | |
Municipal Bonds - Taxable | | | 1.3% | |
Liabilities (Net of Cash and Other Assets),
and Cash Equivalents+ | | | 2.6% | |
Quality Weightings
| | | | |
Investment Grade | | | 85.9% | |
AAA | | | 16.4% | |
AA | | | 23.8% | |
A | | | 16.5% | |
BBB | | | 29.2% | |
Non-Investment Grade | | | 10.8% | |
BB | | | 5.1% | |
B | | | 0.6% | |
CCC | | | 0.2% | |
Below CCC | | | 0.0% | |
Non-rated | | | 4.9% | |
Liabilities (Net of Cash and Other Assets),
and Cash Equivalents+ | | | 3.3% | |
Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Securian Core Bond Fund changed to Delaware Ivy Securian Core Bond Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 87 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| PREFERRED STOCKS | | Shares | | | Value | |
Industrials | |
| |
Air Freight & Logistics – 0.7% | |
Brookfield Infrastructure Partners L.P., 5.000% (A)(B) | | | 280 | | | $ | 7,118 | |
| | | | | | | | |
| |
Total Industrials – 0.7% | | | | 7,118 | |
| |
TOTAL PREFERRED STOCKS – 0.7% | | | $ | 7,118 | |
(Cost: $7,000) | |
| | |
| ASSET-BACKED SECURITIES | | Principal | | | | |
Air Canada Enhanced Equipment Trust, Series 2015-2, Class AA, 3.550%, 1-15-30 (C) | | $ | 4,590 | | | | 4,434 | |
Air Canada Enhanced Equipment Trust, Series 2020-2, Class A, 5.250%, 4-1-29 (C) | | | 2,811 | | | | 3,035 | |
American Airlines Class B Pass-Through Certificates, Series 2016-3, 3.750%, 10-15-25 | | | 3,598 | | | | 3,469 | |
American Airlines, Inc. Pass-Through Certificates, Series 2017-1, Class B, 4.950%, 2-15-25 | | | 865 | | | | 867 | |
AmeriCredit Automobile Receivables Trust, Series 2018-2, Class C, 3.590%, 6-18-24 | | | 6,660 | | | | 6,794 | |
Bank of the West Auto Trust, Series 2017-1, Class D,
3.210%, 4-15-25 (C) | | | 4,500 | | | | 4,535 | |
British Airways Pass-Through Trust, Series 2019-1A,
3.350%, 6-15-29 (C) | | | 2,842 | | | | 2,850 | |
British Airways Pass-Through Trust, Series 2020-1A,
4.250%, 11-15-32 (C) | | | 1,356 | | | | 1,463 | |
British Airways Pass-Through Trust, Series 2020-1B,
8.375%, 11-15-28 (C) | | | 558 | | | | 655 | |
CarMax Auto Owner Trust, Series 2018-1, Class C,
2.950%, 11-15-23 | | | 3,700 | | | | 3,739 | |
CommonBond Student Loan Trust, Series 2017-BGS, Class C: | | | | | | | | |
4.440%, 9-25-42 (C) | | | 74 | | | | 77 | |
2.540%, 1-25-47 (C) | | | 4,319 | | | | 4,421 | |
CVS Caremark Corp. Pass-Through Trust: | | | | | | | | |
6.036%, 12-10-28 | | | 6,652 | | | | 7,767 | |
6.943%, 1-10-30 | | | 2,914 | | | | 3,526 | |
Delta Air Lines, Inc. Pass-Through Certificates, Series 2015-1, Class B, 4.250%, 7-30-23 | | | 1,541 | | | | 1,601 | |
Drive Auto Receivables Trust, Series 2017-3, Class D,
3.530%, 12-15-23 (C) | | | 194 | | | | 195 | |
Drive Auto Receivables Trust, Series 2018-5, Class C,
3.990%, 1-15-25 | | | 4,312 | | | | 4,347 | |
Earnest Student Loan Program LLC, Series 2017-A, Class B,
3.590%, 1-25-41 (C) | | | 223 | | | | 224 | |
| | | | | | | | |
ASSET-BACKED SECURITIES
(Continued) | | Principal | | | Value | |
GM Financial Securitized Term Auto Receivables Trust, Series 2018-1, Class C, 2.770%, 7-17-23 | | $ | 1,400 | | | $ | 1,404 | |
Hawaiian Airlines, Inc. Pass-Through Certificates, Series 2013-1, Class B, 4.950%, 1-15-22 | | | 2,381 | | | | 2,379 | |
Invitation Homes Trust, Series 2018-SFR2 (1-Month U.S. LIBOR plus 128 bps), 1.364%, 6-17-37 (C)(D) | | | 3,999 | | | | 4,005 | |
KKR Industrial Portfolio Trust, Series 2021-KDIP, Class B (1-Month U.S. LIBOR plus 80 bps),
0.884%, 12-15-37 (C)(D) | | | 3,000 | | | | 3,002 | |
Navient Private Education Refi Loan Trust, Series 2021-F, Class A, 1.110%, 2-18-70 | | | 4,000 | | | | 3,989 | |
Navient Student Loan Trust, Series 2021-A, Class A,
0.840%, 5-15-69 (C) | | | 2,905 | | | | 2,901 | |
One Market Plaza Trust,
Series 2017-1MKT, Class A,
3.614%, 2-10-32 (C) | | | 4,000 | | | | 4,043 | |
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3,
0.460%, 8-15-24 (C) | | | 2,000 | | | | 2,002 | |
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class B,
0.770%, 12-15-25 (C) | | | 3,250 | | | | 3,262 | |
Santander Drive Auto Receivables Trust, Series 2018-2, Class E, 5.020%, 9-15-25 | | | 5,000 | | | | 5,126 | |
SoFi Professional Loan Program LLC, Series 2017-F, Class A-2FX, 2.840%, 1-25-41 (C) | | | 2,368 | | | | 2,421 | |
SoFi Professional Loan Program LLC, Series 2018-A, Class A-2B,
2.950%, 2-25-42 (C) | | | 1,823 | | | | 1,855 | |
SoFi Professional Loan Program LLC, Series 2021-B, Class B-AFX, 1.140%, 2-15-47 | | | 5,825 | | | | 5,826 | |
U.S. Airways, Inc., Series 2013-1, Class B, 5.375%, 11-15-21 | | | 1,196 | | | | 1,197 | |
United Airlines Pass-Through Certificates, Series 2014-1B, 4.750%, 4-11-22 | | | 1,760 | | | | 1,779 | |
United Airlines Pass-Through Certificates, Series 2014-2B, 4.625%, 9-3-22 | | | 2,363 | | | | 2,411 | |
United Airlines Pass-Through Certificates, Series 2016-1, Class B, 3.650%, 1-7-26 | | | 3,151 | | | | 3,138 | |
United Airlines Pass-Through Certificates, Series 2019-2, Class B, 3.500%, 5-1-28 | | | 2,880 | | | | 2,832 | |
United Airlines Pass-Through Certificates, Series 2020-1A, 5.875%, 10-15-27 | | | 6,956 | | | | 7,784 | |
| | | | | | | | |
ASSET-BACKED SECURITIES
(Continued) | | Principal | | | Value | |
Volvo Financial Equipment Trust, Series 2018-1, Class C,
3.060%, 12-15-25 (C) | | $ | 2,600 | | | $ | 2,609 | |
| | | | | | | | |
| |
TOTAL ASSET-BACKED SECURITIES – 10.7% | | | $ | 117,964 | |
(Cost: $115,871) | |
| | |
| CORPORATE DEBT SECURITIES | | | | | | |
Communication Services | |
| |
Cable & Satellite – 0.3% | |
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal),
3.300%, 4-1-27 | | | 1,620 | | | | 1,775 | |
Videotron Ltd.,
3.625%, 6-15-29 (C) | | | 1,000 | | | | 1,015 | |
| | | | | | | | |
| | | | | | | 2,790 | |
| | | | | | | | |
| |
Integrated Telecommunication Services – 1.4% | |
AT&T, Inc.: | | | | | | | | |
2.300%, 6-1-27 | | | 3,100 | | | | 3,211 | |
3.650%, 6-1-51 | | | 3,100 | | | | 3,165 | |
3.550%, 9-15-55 | | | 9,512 | | | | 9,400 | |
| | | | | | | | |
| | | | | | | 15,776 | |
| | | | | | | | |
| |
Wireless Telecommunication Service – 0.2% | |
Crown Castle Towers LLC,
4.241%, 7-15-28 (C) | | | 1,800 | | | | 2,010 | |
| | | | | | | | |
| |
Total Communication Services – 1.9% | | | | 20,576 | |
Consumer Staples | |
| |
Food Retail – 0.4% | |
Phillips Edison Grocery Center Operating Partnership I L.P. (GTD by Phillips Edison & Co., Inc.), 2.625%, 11-15-31 | | | 4,425 | | | | 4,381 | |
| | | | | | | | |
| |
Packaged Foods & Meats – 0.7% | |
Bunge Ltd. Finance Corp.: | | | | | | | | |
1.630%, 8-17-25 | | | 2,475 | | | | 2,502 | |
2.750%, 5-14-31 | | | 4,750 | | | | 4,817 | |
| | | | | | | | |
| | | | | | | 7,319 | |
| | | | | | | | |
| |
Tobacco – 0.2% | |
Altria Group, Inc. (GTD by Philip Morris USA, Inc.),
5.800%, 2-14-39 | | | 1,905 | | | | 2,345 | |
| | | | | | | | |
| |
Total Consumer Staples – 1.3% | | | | 14,045 | |
Energy | |
| |
Integrated Oil & Gas – 0.6% | |
Equinor ASA (GTD by Equinor Energy AS), 3.000%, 4-6-27 | | | 6,600 | | | | 7,113 | |
| | | | | | | | |
| | | | | | |
| 88 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Oil & Gas Exploration & Production – 0.5% | |
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.) (3-Month U.S. LIBOR plus 277.75 bps),
2.897%, 6-1-67 (D) | | $ | 5,750 | | | $ | 5,250 | |
| | | | | | | | |
| |
Oil & Gas Refining & Marketing – 1.2% | |
HollyFrontier Corp.,
2.625%, 10-1-23 | | | 6,500 | | | | 6,714 | |
Marathon Petroleum Corp.,
5.850%, 12-15-45 | | | 4,727 | | | | 6,104 | |
| | | | | | | | |
| | | | | | | 12,818 | |
| | | | | | | | |
| |
Oil & Gas Storage & Transportation – 3.5% | |
Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.): | | | | | | | | |
3.375%, 2-1-23 | | | 856 | | | | 880 | |
4.950%, 12-15-24 | | | 4,051 | | | | 4,484 | |
5.950%, 6-1-26 | | | 1,496 | | | | 1,752 | |
EQT Midstream Partners L.P., 6.500%, 7-15-48 | | | 2,225 | | | | 2,535 | |
Gray Oak Pipeline LLC,
3.450%, 10-15-27 (C) | | | 8,835 | | | | 9,323 | |
Midwest Connector Capital Co. LLC, 3.625%, 4-1-22 (C) | | | 6,000 | | | | 6,071 | |
NGPL PipeCo LLC,
3.250%, 7-15-31 (C) | | | 4,750 | | | | 4,871 | |
Rattler Midstream L.P.,
5.625%, 7-15-25 (C) | | | 2,500 | | | | 2,606 | |
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
6.850%, 2-15-40 | | | 1,265 | | | | 1,624 | |
Tennessee Gas Pipeline Co., 8.375%, 6-15-32 | | | 3,200 | | | | 4,664 | |
| | | | | | | | |
| | | | | | | 38,810 | |
| | | | | | | | |
| |
Total Energy – 5.8% | | | | 63,991 | |
Financials | |
| |
Asset Management & Custody Banks – 2.7% | |
Apollo Management Holdings L.P., 2.650%, 6-5-30 (C) | | | 4,700 | | | | 4,751 | |
Blackstone Holdings Finance Co. LLC, 2.125%, 2-15-27 (C) | | | 5,925 | | | | 5,862 | |
Main Street Capital Corp.,
3.000%, 7-14-26 | | | 6,200 | | | | 6,328 | |
Owl Rock Technology Finance Corp. and Owl Rock Technology Advisors LLC,
3.750%, 6-17-26 (C) | | | 4,750 | | | | 5,018 | |
Pine Street Trust I,
4.572%, 2-15-29 | | | 3,000 | | | | 3,409 | |
State Street Corp.,
2.200%, 3-3-31 | | | 4,947 | | | | 4,944 | |
| | | | | | | | |
| | | | | | | 30,312 | |
| | | | | | | | |
| |
Consumer Finance – 1.5% | |
Discover Bank, 3.450%, 7-27-26 | | | 3,975 | | | | 4,312 | |
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.), 0.804%, 3-8-24 | | | 4,250 | | | | 4,292 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Consumer Finance (Continued) | |
Hyundai Capital America: | | | | | | | | |
3.250%, 9-20-22 (C) | | $ | 3,662 | | | $ | 3,755 | |
2.850%, 11-1-22 (C) | | | 4,500 | | | | 4,609 | |
| | | | | | | | |
| | | | | | | 16,968 | |
| | | | | | | | |
| |
Diversified Banks – 3.7% | |
Bank of America Corp.,
1.922%, 10-24-31 | | | 7,500 | | | | 7,220 | |
Citizens Bank N.A. (3-Month U.S. LIBOR plus 95 bps),
1.096%, 3-29-23 (D) | | | 5,400 | | | | 5,461 | |
Compass Bank,
3.875%, 4-10-25 | | | 6,750 | | | | 7,371 | |
HSBC Holdings plc,
3.262%, 3-13-23 | | | 3,600 | | | | 3,646 | |
U.S. Bancorp: | | | | | | | | |
3.000%, 7-30-29 | | | 2,700 | | | | 2,902 | |
5.300%, 12-29-49 | | | 1,675 | | | | 1,918 | |
Wells Fargo & Co.: | | | | | | | | |
3.000%, 10-23-26 | | | 1,500 | | | | 1,609 | |
2.393%, 6-2-28 | | | 10,000 | | | | 10,322 | |
| | | | | | | | |
| | | | | | | 40,449 | |
| | | | | | | | |
| |
Diversified Capital Markets – 1.0% | |
Macquarie Group Ltd.,
2.691%, 6-23-32 (C) | | | 10,825 | | | | 10,816 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 1.8% | |
Charles Schwab Corp. (The),
4.625%, 12-29-49 | | | 4,200 | | | | 4,252 | |
Goldman Sachs Group, Inc. (The), 2.383%, 7-21-32 | | | 5,775 | | | | 5,721 | |
Goldman Sachs Group, Inc. (The) (3-Month U.S. LIBOR plus 78 bps), 0.909%, 10-31-22 (D) | | | 5,780 | | | | 5,783 | |
LPL Holdings, Inc.,
4.375%, 5-15-31 (C) | | | 2,700 | | | | 2,823 | |
Morgan Stanley,
3.125%, 7-27-26 | | | 1,400 | | | | 1,508 | |
| | | | | | | | |
| | | | | | | 20,087 | |
| | | | | | | | |
| |
Life & Health Insurance – 1.8% | |
Equitable Financial Life Insurance Co., 1.400%, 7-7-25 (C) | | | 5,850 | | | | 5,888 | |
Security Benefit Global Funding, 1.250%, 5-17-24 (C) | | | 5,450 | | | | 5,488 | |
Teachers Insurance & Annuity Association of America,
4.270%, 5-15-47 (C) | | | 5,000 | | | | 6,049 | |
Unum Group,
5.750%, 8-15-42 | | | 2,324 | | | | 2,911 | |
| | | | | | | | |
| | | | | | | 20,336 | |
| | | | | | | | |
| |
Multi-Line Insurance – 0.5% | |
Athene Global Funding,
2.800%, 5-26-23 (C) | | | 5,000 | | | | 5,189 | |
| | | | | | | | |
| |
Other Diversified Financial Services – 0.6% | |
JPMorgan Chase & Co.: | | | | | | | | |
1.764%, 11-19-31 | | | 5,000 | | | | 4,778 | |
4.600%, 8-1-68 | | | 2,000 | | | | 2,047 | |
| | | | | | | | |
| | | | | | | 6,825 | |
| | | | | | | | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Regional Banks – 1.2% | |
SVB Financial Group,
4.100%, 5-15-69 | | $ | 4,500 | | | $ | 4,647 | |
Synovus Financial Corp.,
3.125%, 11-1-22 | | | 5,680 | | | | 5,810 | |
Truist Financial Corp.,
5.050%, 12-15-68 | | | 2,765 | | | | 2,848 | |
| | | | | | | | |
| | | | | | | 13,305 | |
| | | | | | | | |
| |
Specialized Finance – 0.1% | |
Ashtead Capital, Inc.,
4.000%, 5-1-28 (C) | | | 900 | | | | 957 | |
| | | | | | | | |
| |
Total Financials – 14.9% | | | | 165,244 | |
Health Care | |
| |
Health Care Facilities – 1.7% | |
New York and Presbyterian Hospital (The): | | | | | | | | |
2.256%, 8-1-40 | | | 7,950 | | | | 7,457 | |
2.606%, 8-1-60 | | | 1,600 | | | | 1,476 | |
NYU Hospitals Center,
4.428%, 7-1-42 | | | 2,315 | | | | 2,751 | |
NYU Langone Hospitals,
3.380%, 7-1-55 | | | 6,675 | | | | 6,983 | |
| | | | | | | | |
| | | | | | | 18,667 | |
| | | | | | | | |
| |
Health Care Services – 0.6% | |
Cigna Corp.,
4.900%, 12-15-48 | | | 4,963 | | | | 6,353 | |
| | | | | | | | |
| |
Pharmaceuticals – 0.9% | |
Johnson & Johnson,
2.250%, 9-1-50 | | | 4,600 | | | | 4,260 | |
Upjohn, Inc.: | | | | | | | | |
2.300%, 6-22-27 (C) | | | 3,400 | | | | 3,474 | |
3.850%, 6-22-40 (C) | | | 2,430 | | | | 2,611 | |
| | | | | | | | |
| | | | | | | 10,345 | |
| | | | | | | | |
| |
Total Health Care – 3.2% | | | | 35,365 | |
Industrials | |
| |
Aerospace & Defense – 0.6% | |
Leidos, Inc. (GTD by Leidos Holdings, Inc.): | | | | | | | | |
2.950%, 5-15-23 | | | 4,665 | | | | 4,828 | |
7.125%, 7-1-32 | | | 1,500 | | | | 2,054 | |
| | | | | | | | |
| | | | | | | 6,882 | |
| | | | | | | | |
| |
Airlines – 1.5% | |
American Airlines, Inc. and AAdvantage Loyalty IP Ltd. (GTD by American Airlines Group, Inc.), 5.500%, 4-20-26 (C) | | | 4,000 | | | | 4,210 | |
Hawaiian Brand Intellectual Property Ltd. and HawaiianMiles Loyalty Ltd.,
5.750%, 1-20-26 (C) | | | 3,000 | | | | 3,142 | |
JetBlue Airways Corp.: | | | | | | | | |
7.750%, 11-15-28 | | | 3,531 | | | | 4,154 | |
4.000%, 11-15-32 | | | 1,548 | | | | 1,683 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 89 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Airlines (Continued) | |
Spirit IP Cayman Ltd. and Spirit Loyalty Cayman Ltd. (GTD by Spirit Airlines, Inc.),
8.000%, 9-20-25 (C) | | $ | 1,650 | | | $ | 1,852 | |
U.S. Airways Group, Inc., Class A, 6.250%, 4-22-23 | | | 1,586 | | | | 1,637 | |
| | | | | | | | |
| | | | | | | 16,678 | |
| | | | | | | | |
| |
Diversified Support Services – 0.4% | |
Block Financial LLC (GTD by H&R Block, Inc.): | | | | | | | | |
2.500%, 7-15-28 | | | 2,300 | | | | 2,334 | |
3.875%, 8-15-30 | | | 2,331 | | | | 2,537 | |
| | | | | | | | |
| | | | | | | 4,871 | |
| | | | | | | | |
| |
Railroads – 0.6% | |
CSX Corp.: | | | | | | | | |
4.750%, 11-15-48 | | | 950 | | | | 1,228 | |
4.250%, 11-1-66 | | | 4,175 | | | | 5,096 | |
| | | | | | | | |
| | | | | | | 6,324 | |
| | | | | | | | |
| |
Total Industrials – 3.1% | | | | 34,755 | |
Information Technology | |
| |
Technology Hardware, Storage & Peripherals – 0.5% | |
Dell International LLC and EMC Corp., 4.900%, 10-1-26 | | | 5,000 | | | | 5,763 | |
| | | | | | | | |
| |
Total Information Technology – 0.5% | | | | 5,763 | |
Materials | |
| |
Metal & Glass Containers – 0.8% | |
Triton Container International Ltd.: | | | | | | | | |
2.050%, 4-15-26 (C) | | | 5,760 | | | | 5,782 | |
3.150%, 6-15-31 (C) | | | 3,610 | | | | 3,649 | |
| | | | | | | | |
| | | | | | | 9,431 | |
| | | | | | | | |
| |
Paper Packaging – 0.4% | |
Sealed Air Corp.,
1.573%, 10-15-26 (C) | | | 4,500 | | | | 4,477 | |
| | | | | | | | |
| |
Total Materials – 1.2% | | | | 13,908 | |
Real Estate | |
| |
Specialized REITs – 0.3% | |
American Tower Corp.,
3.070%, 3-15-23 (C) | | | 3,100 | | | | 3,103 | |
| | | | | | | | |
| |
Total Real Estate – 0.3% | | | | 3,103 | |
Utilities | |
| |
Electric Utilities – 5.0% | |
Cleco Corporate Holdings LLC, 3.743%, 5-1-26 (E) | | | 2,200 | | | | 2,400 | |
Entergy Mississippi, Inc.,
3.250%, 12-1-27 | | | 2,750 | | | | 2,957 | |
Entergy Texas, Inc.,
3.450%, 12-1-27 | | | 3,600 | | | | 3,880 | |
| | | | | | | | |
CORPORATE DEBT SECURITIES
(Continued) | | Principal | | | Value | |
Electric Utilities (Continued) | |
Eversource Energy,
3.800%, 12-1-23 | | $ | 3,550 | | | $ | 3,786 | |
Exelon Corp.: | | | | | | | | |
4.050%, 4-15-30 | | | 2,500 | | | | 2,835 | |
4.700%, 4-15-50 | | | 3,340 | | | | 4,226 | |
FirstEnergy Transmission LLC, 5.450%, 7-15-44 (C) | | | 3,871 | | | | 4,952 | |
Florida Power & Light Co.,
2.850%, 4-1-25 | | | 3,155 | | | | 3,350 | |
Indianapolis Power & Light Co., 4.700%, 9-1-45 (C) | | | 3,150 | | | | 3,976 | |
IPALCO Enterprises, Inc.,
3.700%, 9-1-24 | | | 2,650 | | | | 2,832 | |
MidAmerican Energy Co.,
4.250%, 7-15-49 | | | 3,500 | | | | 4,331 | |
PacifiCorp,
3.300%, 3-15-51 | | | 3,335 | | | | 3,473 | |
Vistra Operations Co. LLC,
5.625%, 2-15-27 (C) | | | 4,249 | | | | 4,403 | |
Xcel Energy, Inc.,
3.500%, 12-1-49 | | | 6,850 | | | | 7,321 | |
| | | | | | | | |
| | | | | | | 54,722 | |
| | | | | | | | |
| |
Gas Utilities – 1.4% | |
AGL Capital Corp.,
3.875%, 11-15-25 | | | 7,050 | | | | 7,735 | |
El Paso Natural Gas Co. LLC,
8.375%, 6-15-32 (E) | | | 2,000 | | | | 2,935 | |
Piedmont Natural Gas Co., Inc., 3.350%, 6-1-50 | | | 4,400 | | | | 4,507 | |
| | | | | | | | |
| | | | | | | 15,177 | |
| | | | | | | | |
| |
Independent Power Producers & Energy Traders – 0.8% | |
AES Corp. (The): | | | | | | | | |
3.300%, 7-15-25 (C) | | | 1,365 | | | | 1,452 | |
1.375%, 1-15-26 | | | 3,730 | | | �� | 3,684 | |
3.950%, 7-15-30 (C) | | | 3,670 | | | | 4,042 | |
| | | | | | | | |
| | | | | | | 9,178 | |
| | | | | | | | |
| |
Multi-Utilities – 1.8% | |
Ameren Corp.,
3.500%, 1-15-31 | | | 3,550 | | | | 3,863 | |
DT Midstream, Inc.: | | | | | | | | |
4.125%, 6-15-29 (C) | | | 3,200 | | | | 3,249 | |
4.375%, 6-15-31 (C) | | | 1,600 | | | | 1,650 | |
East Ohio Gas Co. (The): | | | | | | | | |
1.300%, 6-15-25 (C) | | | 3,375 | | | | 3,385 | |
3.000%, 6-15-50 (C) | | | 4,110 | | | | 4,043 | |
Pacific Gas and Electric Co.,
1.750%, 6-16-22 | | | 3,870 | | | | 3,864 | |
| | | | | | | | |
| | | | | | | 20,054 | |
| | | | | | | | |
| |
Total Utilities – 9.0% | | | | 99,131 | |
| |
TOTAL CORPORATE DEBT
SECURITIES – 41.2% | | | $ | 455,881 | |
(Cost: $435,782) | |
| | | | | | | | |
| MORTGAGE-BACKED SECURITIES | | Principal | | | Value | |
Commercial Mortgage-Backed Securities – 4.2% | |
BAMLL Commercial Mortgage Securities Trust 2014-520M, Class A (Mortgage spread to 10-year U.S. Treasury index), 4.325%, 8-15-46 (C)(D) | | $ | 4,130 | | | $ | 4,855 | |
Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2018-TBR, Class A (1-Month U.S. LIBOR plus 83 bps),
0.914%, 12-15-36 (C)(D) | | | 10,000 | | | | 9,988 | |
Credit Suisse Mortgage Capital Trust, Series 2014-USA, Class A-1, 3.304%, 9-15-37 (C) | | | 1,340 | | | | 1,405 | |
Credit Suisse Mortgage Capital Trust, Series 2017-HL1, Class A12 (Mortgage spread to 10-year U.S. Treasury index),
3.500%, 6-25-47 (C)(D) | | | 2,839 | | | | 2,890 | |
GS Mortgage Securities Corp. Trust, Commercial Mortgage Pass-Through Certificates,
Series 2012-BWTR (Mortgage spread to 5-year U.S. Treasury index),
3.440%, 11-5-34 (C)(D) | | | 1,000 | | | | 994 | |
Hometown Commercial Trust, Commercial Mortgage-Backed Notes, Series 2007-1,
6.057%, 6-11-39 (C) | | | 6 | | | | 2 | |
Invitation Homes Trust, Series 2018-SFR1 (1-Month U.S. LIBOR plus 125 bps),
1.334%, 3-17-37 (C)(D) | | | 4,499 | | | | 4,505 | |
Invitation Homes Trust, Series 2018-SFR3, Class A (1-Month U.S. LIBOR plus 100 bps),
1.084%, 7-17-37 (C)(D) | | | 4,516 | | | | 4,524 | |
JPMorgan Chase Comm Mortgage Securities Corp., Comm Mortgage Pass-Through Certs, Series 2016-JP4, Class A-4 (10-Year U.S. Treasury index plus 110 bps), 3.648%, 12-15-49 (D) | | | 575 | | | | 631 | |
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2017-JP5, Class A-5,
3.723%, 3-15-50 | | | 1,500 | | | | 1,654 | |
Mellon Residential Funding Corp., Series 1998-2, Class B-1,
6.750%, 6-25-28 | | | 1 | | | | 1 | |
UBS Commercial Mortgage Trust, Series 2017-C1, Class AS,
3.724%, 6-15-50 | | | 4,000 | | | | 4,350 | |
UBS Commercial Mortgage Trust, Series 2017-C6, Class A5, 3.580%, 12-15-50 | | | 7,000 | | | | 7,678 | |
UBS Commercial Mortgage Trust, Series 2017-C7, Class AS (Mortgage spread to 10-year U.S. Treasury index),
4.061%, 12-15-50 (D) | | | 2,300 | | | | 2,527 | |
| | | | | | | | |
| | | | | | | 46,004 | |
| | | | | | | | |
| | | | | | |
| 90 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
MORTGAGE-BACKED SECURITIES
(Continued) | | Principal | | | Value | |
Other Mortgage-Backed Securities – 16.8% | |
Agate Bay Mortgage Loan Trust 2015-6, Class B1 (Mortgage spread to 10-year U.S. Treasury index), 3.632%, 9-25-45 (C)(D) | | $ | 3,995 | | | $ | 4,067 | |
Agate Bay Mortgage Loan Trust 2016-1, Class B1 (Mortgage spread to 7-year U.S. Treasury index), 3.704%, 12-25-45 (C)(D) | | | 4,750 | | | | 5,005 | |
Agate Bay Mortgage Loan Trust, Series 2013-1, Class B4 (Mortgage spread to 10-year U.S. Treasury index), 3.471%, 7-25-43 (C)(D) | | | 1,483 | | | | 1,469 | |
Agate Bay Mortgage Loan Trust, Series 2015-5, Class B3 (Mortgage spread to 7-year U.S. Treasury index), 3.553%, 7-25-45 (C)(D) | | | 1,838 | | | | 1,863 | |
ASMR Trust, Series 2021-SFR2, Class D,
2.278%, 8-17-38 (C) | | | 2,750 | | | | 2,740 | |
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2, 8.000%, 11-25-29 | | | 21 | | | | 16 | |
Bellemeade Re Ltd., Series 2018-1A, Class M1B (1-Month U.S. LIBOR plus 160 bps),
1.686%, 4-25-28 (C)(D) | | | 2,179 | | | | 2,180 | |
Bellemeade Re Ltd., Series 2020-4A, Class M2A (1-Month U.S. LIBOR plus 260 bps),
2.686%, 6-25-30 (C)(D) | | | 1,859 | | | | 1,859 | |
CHL Mortgage Pass-Through Trust, Series 2004-J4,
5.250%, 5-25-34 | | | 44 | | | | 43 | |
Citigroup Mortgage Loan Trust, Series 2018-RP1 (3-year U.S. Treasury index plus 60 bps): | | | | | | | | |
3.476%, 10-25-43 (C)(D) | | | 1,665 | | | | 1,670 | |
3.000%, 9-25-64 (C)(D) | | | 1,956 | | | | 2,004 | |
Citigroup Mortgage Loan Trust, Series 2021-INV1, Class A7A,
2.500%, 5-25-51 (C)(D) | | | 5,206 | | | | 5,314 | |
Citigroup Mortgage Loan Trust, Series 2021-INV2, Class A7A,
2.500%, 5-25-51 | | | 8,610 | | | | 8,788 | |
CommonBond Student Loan Trust, Series 2017-BGS, Class C,
1.200%, 3-25-52 (C) | | | 1,843 | | | | 1,832 | |
Credit Suisse Mortgage Trust, Series 2013-7, Class B4 (Mortgage spread to 1-year U.S. Treasury index), 3.544%, 8-25-43 (C)(D) | | | 2,097 | | | | 2,123 | |
Eagle Re Ltd., Series 2020-1, Class M1B (1-Month U.S. LIBOR plus 145 bps), 1.536%, 1-25-30 (C)(D) | | | 10,721 | | | | 10,611 | |
Eagle Re Ltd., Series 2020-2, Class M1B (ICE LIBOR plus 400 bps),
4.086%, 10-25-30 (C)(D) | | | 1,037 | | | | 1,040 | |
FirstKey Homes, Series 2021-SFR1, Class B,
1.788%, 8-17-38 (C) | | | 4,800 | | | | 4,804 | |
| | | | | | | | |
MORTGAGE-BACKED SECURITIES
(Continued) | | Principal | | | Value | |
Other Mortgage-Backed Securities (Continued) | |
FirstKey Homes, Series 2021-SFR2, Class D,
2.058%, 9-17-38 (C) | | $ | 4,400 | | | $ | 4,356 | |
Flagstar Mortgage Trust, Series 2021-5INV, Class A5,
2.500%, 7-25-51 (C)(D) | | | 6,188 | | | | 6,327 | |
Flagstar Mortgage Trust, Series 2021-6INV, Class A6,
2.500%, 8-25-51 (C) | | | 6,086 | | | | 6,215 | |
Home Partners of America Trust, Series 2018-1, Class A (1-Month U.S. LIBOR plus 90 bps),
0.985%, 7-17-37 (C)(D) | | | 3,059 | | | | 3,059 | |
Home Partners of America Trust, Series 2021-1, Class A,
1.698%, 9-19-41 (C) | | | 9,101 | | | | 9,069 | |
Invitation Homes Trust, Series 2018-SFR4, Class C (1-Month U.S. LIBOR plus 140 bps),
1.484%, 1-17-38 (C)(D) | | | 13,099 | | | | 13,119 | |
JPMorgan Mortgage Trust,
Series 2004-A3, Class 4-A-2 (Mortgage spread to 10-year U.S. Treasury index),
2.297%, 7-25-34 (D) | | | 7 | | | | 7 | |
JPMorgan Mortgage Trust,
Series 2013-2, Class B3 (Mortgage spread to 7-year U.S. Treasury index),
3.604%, 5-25-43 (C)(D) | | | 880 | | | | 886 | |
JPMorgan Mortgage Trust,
Series 2013-2, Class B4 (Mortgage spread to 5-year U.S. Treasury index),
3.604%, 5-25-43 (C)(D) | | | 549 | | | | 549 | |
JPMorgan Mortgage Trust,
Series 2016-3, Class B3 (Mortgage spread to 7-year U.S. Treasury index),
3.279%, 10-25-46 (C)(D) | | | 2,436 | | | | 2,447 | |
JPMorgan Mortgage Trust,
Series 2017-4, Class A-13 (Mortgage spread to 10-year U.S. Treasury index): | | | | | | | | |
3.500%, 11-25-48 (C)(D) | | | 6,481 | | | | 6,604 | |
2.500%, 8-25-51 (C) | | | 6,000 | | | | 6,006 | |
Kubota Credit Owner Trust,
Series 2020-2A, Class A2,
0.410%, 6-15-23 (C) | | | 2,939 | | | | 2,941 | |
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C32, Class A-4,
3.720%, 12-15-49 | | | 320 | | | | 352 | |
Morgan Stanley Capital I Trust,
Series 2012-STAR, Class B,
3.451%, 8-5-34 (C) | | | 930 | | | | 932 | |
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10 (1-Month U.S. LIBOR plus 325 bps),
3.336%, 10-15-49 (C)(D) | | | 7,000 | | | | 7,065 | |
| | | | | | | | |
MORTGAGE-BACKED SECURITIES
(Continued) | | Principal | | | Value | |
Other Mortgage-Backed Securities (Continued) | |
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M7 (1-Month U.S. LIBOR plus 170 bps),
1.786%, 10-15-49 (C)(D) | | $ | 878 | | | $ | 878 | |
Navient Student Loan Trust,
Series 2020-HA, Class A,
1.310%, 1-15-69 (C) | | | 3,656 | | | | 3,681 | |
Navient Student Loan Trust,
Series 2021-BA, Class A,
0.940%, 7-15-69 (C) | | | 5,797 | | | | 5,787 | |
ONE Park Mortgage Trust,
Series 2021-PARK, Class A (1-Month U.S. LIBOR plus 70 bps),
0.784%, 3-15-36 (C)(D) | | | 7,500 | | | | 7,500 | |
PMT Credit Risk Transfer Trust,
Series 2021-1R, Class A (1-Month U.S. LIBOR plus 290 bps),
2.996%, 2-27-24 (C)(D) | | | 5,370 | | | | 5,481 | |
Progress Residential Trust,
Series 2021-SFR7, Class D,
2.341%, 8-17-40 (C) | | | 3,450 | | | | 3,413 | |
Prudential Home Mortgage Securities, Series 1994A, Class 5B (Mortgage spread to 2-year U.S. Treasury index),
6.730%, 4-28-24 (C)(D) | | | — | * | | | — | * |
Prudential Home Mortgage Securities, Series 1994E, Class 5B (Mortgage spread to 2-year U.S. Treasury index),
7.480%, 9-28-24 (C)(D) | | | — | * | | | — | * |
Radnor Re Ltd., Series 2020-1, Class M1B (1-Month U.S. LIBOR plus 145 bps),
1.536%, 1-25-30 (C)(D) | | | 4,650 | | | | 4,659 | |
Salomon Brothers Mortgage Securities VII, Inc., Series 1997-HUD, Class B-2 (Mortgage spread to 3-year U.S. Treasury index),
3.259%, 12-25-30 (D) | | | 711 | | | | 134 | |
Sequoia Mortgage Trust,
Series 2012-5, Class B2 (Mortgage spread to 3-year U.S. Treasury index),
3.886%, 11-25-42 (D) | | | 1,637 | | | | 1,656 | |
Sequoia Mortgage Trust,
Series 2015-3, Class B1 (Mortgage spread to 7-year U.S. Treasury index),
3.721%, 7-25-45 (C)(D) | | | 2,461 | | | | 2,500 | |
Shellpoint Co-Originator Trust,
Series 2015-1, Class B3 (Mortgage spread to 7-year U.S. Treasury index),
3.810%, 8-25-45 (C)(D) | | | 3,381 | | | | 3,432 | |
Sofi Mortgage Trust, Series 2016-1A, Class B2 (Mortgage spread to 2-year U.S. Treasury index),
3.104%, 11-25-46 (C)(D) | | | 1,828 | | | | 1,856 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 91 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
MORTGAGE-BACKED SECURITIES
(Continued) | | Principal | | | Value | |
Other Mortgage-Backed Securities (Continued) | |
SoFi Professional Loan Program LLC, Series 2015-D, Class A-2,
2.720%, 10-27-36 | | $ | 1,072 | | | $ | 1,080 | |
SoFi Professional Loan Program LLC, Series 2017-D, Class A-2FX, 2.650%, 9-25-40 | | | 1,190 | | | | 1,213 | |
SoFi Professional Loan Program LLC, Series 2020-C, Class A-FX, 1.950%, 2-15-46 (C) | | | 1,647 | | | | 1,674 | |
Structured Asset Mortgage Investments, Inc., Series 1998-2, Class B,
6.750%, 5-2-30 | | | 3 | | | | — | * |
Structured Asset Mortgage Investments, Inc., Series 1998-2, Class C,
6.750%, 5-2-30 | | | 1 | | | | — | * |
Towd Point Mortgage Trust, Series 2015-2, Class 2-M2 (Mortgage spread to 7-year U.S. Treasury index),
3.990%, 11-25-57 (C)(D) | | | 7,050 | | | | 7,287 | |
Tricon American Homes Trust, Series 2020-SFR2, Class B,
1.832%, 11-17-39 (C) | | | 2,475 | | | | 2,440 | |
Winwater Mortgage Loan Trust 2015-B1 (Mortgage spread to 10-year U.S. Treasury index),
3.763%, 8-20-45 (C)(D) | | | 4,342 | | | | 4,362 | |
| | | | | | | | |
| | | | | | | 186,395 | |
| | | | | | | | |
| | |
TOTAL MORTGAGE-BACKED SECURITIES – 21.0% | | | | | | $ | 232,399 | |
(Cost: $231,271) | |
| | |
| MUNICIPAL BONDS - TAXABLE | | | | | | |
Alabama – 0.4% | |
Muni Elec Auth of GA, Plant Vogtle Units 3 & 4 Proj M Bonds, Ser 2010A, 6.655%, 4-1-57 | | | 2,933 | | | | 4,481 | |
| | | | | | | | |
| |
New York – 0.8% | |
Port Auth of NY & NJ Consolidated Bonds, 168th Ser,
4.926%, 10-1-51 | | | 2,690 | | | | 3,762 | |
Port Auth of NY & NJ Consolidated Bonds, Ser 174,
4.458%, 10-1-62 | | | 3,710 | | | | 5,006 | |
| | | | | | | | |
| | | | | | | 8,768 | |
| | | | | | | | |
| |
Washington – 0.1% | |
Pub Util Dist No. 1, Douglas Cnty, WA, Wells Hydroelec Bonds, Ser 2010A, 5.450%, 9-1-40 | | | 1,205 | | | | 1,630 | |
| | | | | | | | |
| | |
TOTAL MUNICIPAL BONDS - TAXABLE – 1.3% | | | | | | $ | 14,879 | |
(Cost: $11,222) | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS | | Principal | | | Value | |
Mortgage-Backed Obligations - 9.4% | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO,
5.300%, 1-15-33 | | $ | 30 | | | $ | 34 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 215 bps),
2.234%, 12-25-30 (C)(D) | | | 5,000 | | | | 5,049 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 280 bps),
4.886%, 5-25-28 (D) | | | 2,449 | | | | 2,523 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 330 bps),
3.384%, 10-25-27 (D) | | | 6,352 | | | | 6,471 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 380 bps),
3.886%, 3-25-29 (D) | | | 3,524 | | | | 3,646 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 445 bps),
4.534%, 4-25-30 (D) | | | 1,250 | | | | 1,315 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 455 bps),
4.634%, 10-25-24 (D) | | | 622 | | | | 641 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 515 bps),
5.234%, 11-25-28 (D) | | | 2,420 | | | | 2,497 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 555 bps),
5.634%, 7-25-28 (D) | | | 4,135 | | | | 4,337 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 95 bps),
1.034%, 10-25-29 (D) | | | 5,700 | | | | 5,506 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 30-year U.S. Treasury index),
4.000%, 8-25-56 (C)(D) | | | 1,466 | | | | 1,491 | |
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 7-year U.S. Treasury index),
4.000%, 7-25-56 (D) | | | 5,830 | | | | 5,892 | |
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates: | | | | | | | | |
3.500%, 5-25-45 | | | 873 | | | | 891 | |
3.000%, 10-25-46 | | | 258 | | | | 259 | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 300 bps), 3.086%, 10-25-29 (D) | | | 2,647 | | | | 2,720 | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 365 bps), 3.736%, 9-25-29 (D) | | | 1,715 | | | | 1,774 | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 430 bps), 4.386%, 2-25-25 (D) | | $ | 689 | | | $ | 703 | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 440 bps), 4.486%, 1-25-24 (D) | | | 1,780 | | | | 1,844 | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 445 bps),
4.536%, 1-25-29 (D) | | | 3,481 | | | | 3,611 | |
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 550 bps), 5.586%, 9-25-29 (D) | | | 2,650 | | | | 2,900 | |
Federal National Mortgage Association Fixed Rate Pass-Through Certificates: | | | | | | | | |
3.000%, 9-1-22 | | | 33 | | | | 35 | |
5.000%, 7-1-23 | | | 14 | | | | 16 | |
6.000%, 8-1-23 | | | 16 | | | | 17 | |
5.500%, 2-1-24 | | | 8 | | | | 9 | |
4.500%, 4-1-25 | | | 30 | | | | 31 | |
3.500%, 11-1-25 | | | 83 | | | | 89 | |
3.500%, 6-1-26 | | | 151 | | | | 161 | |
2.500%, 11-1-27 | | | 324 | | | | 340 | |
6.000%, 8-1-29 | | | 12 | | | | 13 | |
7.500%, 5-1-31 | | | 11 | | | | 12 | |
7.000%, 9-1-31 | | | 2 | | | | 3 | |
7.000%, 11-1-31 | | | 33 | | | | 37 | |
6.500%, 12-1-31 | | | 4 | | | | 4 | |
6.500%, 2-1-32 | | | 43 | | | | 50 | |
7.000%, 2-1-32 | | | 26 | | | | 31 | |
7.000%, 3-1-32 | | | 45 | | | | 54 | |
6.500%, 4-1-32 | | | 7 | | | | 8 | |
6.500%, 5-1-32 | | | 11 | | | | 13 | |
6.500%, 7-1-32 | | | 4 | | | | 5 | |
6.500%, 8-1-32 | | | 7 | | | | 8 | |
6.000%, 9-1-32 | | | 8 | | | | 9 | |
6.500%, 9-1-32 | | | 17 | | | | 19 | |
6.000%, 10-1-32 | | | 144 | | | | 167 | |
6.500%, 10-1-32 | | | 15 | | | | 17 | |
6.000%, 11-1-32 | | | 128 | | | | 149 | |
3.500%, 12-1-32 | | | 641 | | | | 687 | |
6.000%, 3-1-33 | | | 156 | | | | 180 | |
5.500%, 4-1-33 | | | 149 | | | | 171 | |
5.500%, 5-1-33 | | | 9 | | | | 10 | |
6.000%, 6-1-33 | | | 23 | | | | 26 | |
6.500%, 8-1-33 | | | 8 | | | | 9 | |
6.000%, 10-1-33 | | | 33 | | | | 37 | |
6.000%, 12-1-33 | | | 36 | | | | 42 | |
5.500%, 1-1-34 | | | 27 | | | | 31 | |
5.500%, 1-1-34 | | | 25 | | | | 29 | |
6.000%, 1-1-34 | | | 16 | | | | 18 | |
5.000%, 3-1-34 | | | 4 | | | | 5 | |
5.500%, 3-1-34 | | | 12 | | | | 13 | |
5.500%, 4-1-34 | | | 9 | | | | 10 | |
5.000%, 5-1-34 | | | 3 | | | | 3 | |
6.000%, 8-1-34 | | | 28 | | | | 31 | |
5.500%, 9-1-34 | | | 82 | | | | 93 | |
6.000%, 9-1-34 | | | 29 | | | | 34 | |
| | | | | | |
| 92 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | |
6.500%, 9-1-34 | | $ | 26 | | | $ | 30 | |
5.500%, 11-1-34 | | | 103 | | | | 117 | |
6.000%, 11-1-34 | | | 63 | | | | 72 | |
6.500%, 11-1-34 | | | 2 | | | | 3 | |
5.000%, 12-1-34 | | | 139 | | | | 158 | |
5.500%, 1-1-35 | | | 95 | | | | 110 | |
5.500%, 1-1-35 | | | 20 | | | | 22 | |
5.500%, 2-1-35 | | | 229 | | | | 265 | |
5.500%, 2-1-35 | | | 23 | | | | 27 | |
6.500%, 3-1-35 | | | 63 | | | | 74 | |
5.500%, 4-1-35 | | | 68 | | | | 79 | |
4.500%, 5-1-35 | | | 74 | | | | 83 | |
5.500%, 6-1-35 | | | 2 | | | | 2 | |
4.500%, 7-1-35 | | | 78 | | | | 86 | |
5.000%, 7-1-35 | | | 158 | | | | 180 | |
5.000%, 7-1-35 | | | 34 | | | | 38 | |
5.500%, 7-1-35 | | | 17 | | | | 19 | |
5.500%, 8-1-35 | | | 3 | | | | 4 | |
5.500%, 10-1-35 | | | 94 | | | | 107 | |
5.500%, 11-1-35 | | | 41 | | | | 47 | |
5.000%, 2-1-36 | | | 14 | | | | 16 | |
5.500%, 2-1-36 | | | 17 | | | | 19 | |
5.500%, 9-1-36 | | | 76 | | | | 88 | |
5.500%, 11-1-36 | | | 27 | | | | 31 | |
6.000%, 11-1-36 | | | 20 | | | | 23 | |
6.000%, 1-1-37 | | | 19 | | | | 22 | �� |
6.000%, 5-1-37 | | | 45 | | | | 53 | |
5.500%, 6-1-37 | | | 25 | | | | 29 | |
6.000%, 8-1-37 | | | 27 | | | | 31 | |
7.000%, 10-1-37 | | | 15 | | | | 16 | |
5.000%, 4-1-38 | | | 93 | | | | 107 | |
6.000%, 10-1-38 | | | 60 | | | | 71 | |
4.500%, 6-1-39 | | | 55 | | | | 61 | |
5.000%, 12-1-39 | | | 153 | | | | 175 | |
5.500%, 12-1-39 | | | 75 | | | | 87 | |
5.000%, 3-1-40 | | | 326 | | | | 373 | |
4.500%, 10-1-40 | | | 240 | | | | 269 | |
4.000%, 12-1-40 | | | 262 | | | | 287 | |
3.500%, 4-1-41 | | | 783 | | | | 855 | |
4.000%, 4-1-41 | | | 522 | | | | 581 | |
4.500%, 4-1-41 | | | 761 | | | | 856 | |
5.000%, 4-1-41 | | | 93 | | | | 107 | |
4.500%, 7-1-41 | | | 319 | | | | 357 | |
4.000%, 8-1-41 | | | 242 | | | | 266 | |
4.000%, 9-1-41 | | | 355 | | | | 391 | |
4.000%, 10-1-41 | | | 477 | | | | 529 | |
3.500%, 11-1-41 | | | 1,210 | | | | 1,324 | |
3.500%, 1-1-42 | | | 330 | | | | 360 | |
3.500%, 8-1-42 | | | 804 | | | | 877 | |
3.000%, 9-1-42 | | | 930 | | | | 999 | |
3.500%, 1-1-43 | | | 399 | | | | 434 | |
3.500%, 2-1-43 | | | 694 | | | | 768 | |
3.000%, 5-1-43 | | | 1,287 | | | | 1,380 | |
4.000%, 1-1-44 | | | 543 | | | | 612 | |
4.000%, 4-1-44 | | | 1,123 | | | | 1,236 | |
3.500%, 5-1-45 | | | 415 | | | | 441 | |
3.500%, 6-1-45 | | | 720 | | | | 781 | |
3.500%, 7-1-45 | | | 704 | | | | 759 | |
3.500%, 8-1-45 | | | 460 | | | | 487 | |
3.500%, 9-1-45 | | | 555 | | | | 599 | |
3.000%, 1-1-46 | | | 941 | | | | 991 | |
4.000%, 2-1-47 | | | 298 | | | | 323 | |
2.000%, 2-25-51 | | | 11,000 | | | | 11,030 | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | |
Government National Mortgage Association Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index), | | | | | | | | |
0.004%, 6-17-45 (D)(F) | | $ | 64 | | | $ | — | |
Government National Mortgage Association Fixed Rate Pass-Through Certificates: | | | | | | | | |
6.250%, 7-15-24 | | | 17 | | | | 17 | |
4.000%, 8-20-31 | | | 339 | | | | 373 | |
5.000%, 7-15-33 | | | 50 | | | | 57 | |
5.000%, 7-15-34 | | | 37 | | | | 42 | |
5.500%, 12-15-34 | | | 47 | | | | 54 | |
5.000%, 1-15-35 | | | 63 | | | | 73 | |
3.250%, 11-20-35 | | | 413 | | | | 438 | |
5.000%, 12-15-35 | | | 101 | | | | 116 | |
4.000%, 6-20-36 | | | 581 | | | | 625 | |
5.500%, 7-15-38 | | | 45 | | | | 51 | |
5.500%, 10-15-38 | | | 78 | | | | 92 | |
5.000%, 12-15-39 | | | 58 | | | | 66 | |
5.000%, 1-15-40 | | | 307 | | | | 356 | |
4.500%, 6-15-40 | | | 170 | | | | 193 | |
5.000%, 7-15-40 | | | 49 | | | | 56 | |
4.000%, 12-20-40 | | | 259 | | | | 285 | |
4.000%, 1-15-41 | | | 233 | | | | 258 | |
4.000%, 10-15-41 | | | 132 | | | | 147 | |
3.500%, 10-20-43 | | | 559 | | | | 603 | |
4.000%, 12-20-44 | | | 184 | | | | 201 | |
3.500%, 2-20-45 | | | 719 | | | | 768 | |
3.000%, 3-15-45 | | | 1,371 | | | | 1,446 | |
3.500%, 4-20-46 | | | 261 | | | | 277 | |
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 1995-1, Class 2, | | | | | | | | |
7.793%, 2-15-25 | | | 3 | | | | 3 | |
U.S. Dept of Veterans Affairs, Gtd REMIC Pass-Through Certs, Vendee Mortgage Trust, Series 1995-1, Class 1 (Mortgage spread to 3-year U.S. Treasury index), | | | | | | | | |
6.037%, 2-15-25 (D) | | | 20 | | | | 21 | |
Uniform Mortgage Back Security: | | | | | | | | |
5.000%, 4-1-23 | | | 20 | | | | 21 | |
3.500%, 8-1-26 | | | 130 | | | | 139 | |
2.500%, 3-1-28 | | | 185 | | | | 194 | |
2.500%, 4-1-28 | | | 179 | | | | 188 | |
5.000%, 5-1-29 | | | 16 | | | | 18 | |
3.500%, 5-1-32 | | | 394 | | | | 422 | |
6.500%, 9-1-32 | | | 13 | | | | 16 | |
6.000%, 11-1-33 | | | 20 | | | | 24 | |
5.500%, 5-1-34 | | | 179 | | | | 208 | |
6.500%, 5-1-34 | | | 66 | | | | 78 | |
5.500%, 6-1-34 | | | 47 | | | | 54 | |
5.000%, 9-1-34 | | | — | * | | | — | * |
5.500%, 9-1-34 | | | 1 | | | | 1 | |
5.500%, 10-1-34 | | | 97 | | | | 113 | |
5.500%, 7-1-35 | | | 22 | | | | 25 | |
5.000%, 8-1-35 | | | 17 | | | | 20 | |
5.500%, 10-1-35 | | | 27 | | | | 32 | |
5.000%, 11-1-35 | | | 42 | | | | 47 | |
5.000%, 12-1-35 | | | 11 | | | | 13 | |
6.500%, 7-1-36 | | | 6 | | | | 7 | |
| | | | | | | | |
UNITED STATES GOVERNMENT
AGENCY OBLIGATIONS (Continued) | | Principal | | | Value | |
Mortgage-Backed Obligations (Continued) | |
7.000%, 12-1-37 | | $ | 20 | | | $ | 23 | |
5.500%, 3-1-38 | | | 86 | | | | 100 | |
5.500%, 2-1-39 | | | 131 | | | | 153 | |
5.000%, 11-1-39 | | | 48 | | | | 55 | |
5.000%, 1-1-40 | | | 381 | | | | 436 | |
5.000%, 4-1-40 | | | 64 | | | | 74 | |
5.000%, 8-1-40 | | | 73 | | | | 84 | |
4.000%, 10-1-40 | | | 133 | | | | 143 | |
4.000%, 11-1-40 | | | 306 | | | | 345 | |
4.500%, 1-1-41 | | | 204 | | | | 228 | |
4.000%, 2-1-41 | | | 594 | | | | 658 | |
4.000%, 3-1-41 | | | 196 | | | | 218 | |
4.500%, 3-1-41 | | | 132 | | | | 148 | |
4.500%, 4-1-41 | | | 415 | | | | 465 | |
4.000%, 6-1-41 | | | 225 | | | | 251 | |
4.000%, 8-1-41 | | | 106 | | | | 117 | |
4.000%, 11-1-41 | | | 1,196 | | | | 1,316 | |
3.000%, 8-1-42 | | | 551 | | | | 592 | |
3.500%, 8-1-42 | | | 547 | | | | 597 | |
3.000%, 1-1-43 | | | 722 | | | | 779 | |
3.000%, 2-1-43 | | | 948 | | | | 1,030 | |
| | | | | | | | |
| | | | | | | 103,504 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 9.4% | | | $ | 103,504 | |
(Cost: $101,872) | |
| | |
UNITED STATES GOVERNMENT
OBLIGATIONS | | | | | | |
| |
Treasury Obligations – 13.1% | |
U.S. Treasury Bonds: | | | | | | | | |
5.375%, 2-15-31 (G) | | | 4,940 | | | | 6,651 | |
1.875%, 2-15-41 | | | 15,959 | | | | 15,616 | |
2.250%, 5-15-41 | | | 2,400 | | | | 2,496 | |
1.875%, 2-15-51 | | | 4,110 | | | | 3,921 | |
2.375%, 5-15-51 | | | 7,485 | | | | 7,990 | |
U.S. Treasury Notes: | | | | | | | | |
0.250%, 5-15-24 | | | 1,750 | | | | 1,742 | |
0.250%, 6-15-24 | | | 13,925 | | | | 13,849 | |
0.375%, 8-15-24 | | | 15,000 | | | | 14,949 | |
1.375%, 1-31-25 | | | 6,500 | | | | 6,665 | |
0.875%, 6-30-26 | | | 23,845 | | | | 23,763 | |
0.750%, 8-31-26 | | | 6,500 | | | | 6,432 | |
0.875%, 9-30-26 | | | 2,750 | | | | 2,735 | |
0.625%, 12-31-27 | | | 13,875 | | | | 13,389 | |
0.750%, 1-31-28 | | | 6,300 | | | | 6,119 | |
1.250%, 6-30-28 | | | 7,500 | | | | 7,485 | |
1.250%, 8-15-31 | | | 11,255 | | | | 10,983 | |
| | | | | | | | |
| | | | | | | 144,785 | |
| | | | | | | | |
| |
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 13.1% | | | $ | 144,785 | |
(Cost: $144,866) | |
| | |
| SHORT-TERM SECURITIES | | Shares | | | | |
Money Market Funds (I) – 3.5% | |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 0.010% (H) | | | 10 | | | | 10 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 93 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
SHORT-TERM SECURITIES
(Continued) | | Shares | | | Value | |
Money Market Funds (I) (Continued) | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.030% | | | 38,983 | | | $ | 38,983 | |
| | | | | | | | |
| | | | | | | 38,993 | |
| | | | | | | | |
| | |
TOTAL SHORT-TERM
SECURITIES – 3.5% | | | | | | $ | 38,993 | |
(Cost: $38,993) | |
| | |
TOTAL INVESTMENT
SECURITIES – 100.9% | | | | | | $ | 1,115,523 | |
(Cost: $1,086,877) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.9)% | | | | (9,525 | ) |
| |
NET ASSETS – 100.0% | | | $ | 1,105,998 | |
Notes to Schedule of Investments
| * | Not shown due to rounding. |
| (A) | Listed on an exchange outside the United States. |
| (B) | All or a portion of securities with an aggregate value of $10 are on loan. |
| (C) | Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2021 the total value of these securities amounted to $407,351 or 36.8% of net assets. |
| (D) | Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2021. Description of the reference rate and spread, if applicable, are included in the security description. |
| (E) | Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2021. |
| (F) | Interest-only security. Amount shown as principal represents notional amount for computation of interest. |
| (G) | All or a portion of securities with an aggregate value of $3,837 have been pledged as collateral on open futures contracts. |
| (H) | Investment made with cash collateral received from securities on loan. |
| (I) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following futures contracts were outstanding at September 30, 2021 (contracts unrounded):
| | | | | | | | | | | | | | | | | | |
| Description | | Type | | Number
of
Contracts | | Expiration
Date | | | Notional
Amount | | Value | | | Unrealized
Appreciation
(Depreciation) | |
| U.S. 10-Year Ultra Treasury Note | | Short | | 272 | | | 12-21-21 | | | 27,200 | | $ | (39,508 | ) | | $ | 879 | |
| U.S. Treasury Long Bond | | Long | | 521 | | | 12-21-21 | | | 52,100 | | | 82,953 | | | | (2,602 | ) |
| U.S. Treasury Ultra Long Bond | | Short | | 62 | | | 12-21-21 | | | 6,200 | | | (11,846 | ) | | | 509 | |
| U.S. 5-Year Treasury Note | | Long | | 500 | | | 12-30-21 | | | 50,000 | | | 61,371 | | | | (415 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | $ | 92,970 | | | $ | (1,629 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| 94 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SECURIAN CORE BOND FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Preferred Stocks | | $ | 7,118 | | | $ | — | | | $ | — | |
Asset-Backed Securities | | | — | | | | 117,964 | | | | — | |
Corporate Debt Securities | | | — | | | | 455,881 | | | | — | |
Mortgage-Backed Securities | | | — | | | | 232,399 | | | | — | |
Municipal Bonds | | | — | | | | 14,879 | | | | — | |
United States Government Agency Obligations | | | — | | | | 103,504 | | | | — | |
United States Government Obligations | | | — | | | | 144,785 | | | | — | |
Short-Term Securities | | | 38,993 | | | | — | | | | — | |
Total | | $ | 46,111 | | | $ | 1,069,412 | | | $ | — | |
Futures Contracts | | $ | 1,388 | | | $ | — | | | $ | — | |
| | | |
Liabilities | | | | | | | | | | | | |
Futures Contracts | | $ | 3,017 | | | $ | — | | | $ | — | |
The following acronyms are used throughout this schedule:
CMO = Collateralized Mortgage Obligation
GTD = Guaranteed
LIBOR = London Interbank Offered Rate
REIT = Real Estate Investment Trust
REMIC = Real Estate Mortgage Investment Conduit
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 95 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY SMALL CAP CORE FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 97.7% | |
Industrials | | | 20.3% | |
Consumer Discretionary | | | 16.6% | |
Health Care | | | 15.9% | |
Financials | | | 15.5% | |
Information Technology | | | 12.7% | |
Materials | | | 6.4% | |
Energy | | | 5.2% | |
Real Estate | | | 1.8% | |
Communication Services | | | 1.7% | |
Consumer Staples | | | 1.6% | |
Liabilities (Net of Cash and Other Assets),
and Cash Equivalents+ | | | 2.3% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
Pinnacle Financial Partners, Inc. | | Financials | | Regional Banks |
Regal-Beloit Corp. | | Industrials | | Electrical Components & Equipment |
Skechers USA, Inc. | | Consumer Discretionary | | Footwear |
LPL Investment Holdings, Inc. | | Financials | | Investment Banking & Brokerage |
Varonis Systems, Inc. | | Information Technology | | Systems Software |
TopBuild Corp. | | Consumer Discretionary | | Homebuilding |
Element Solutions, Inc. | | Materials | | Specialty Chemicals |
Murphy USA, Inc. | | Consumer Discretionary | | Automotive Retail |
Kornit Digital Ltd. | | Industrials | | Industrial Machinery |
BankUnited, Inc. | | Financials | | Regional Banks |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Small Cap Core Fund changed to Delaware Ivy Small Cap Core Fund. |
| | | | | | |
| 96 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SMALL CAP CORE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Interactive Media & Services – 1.7% | |
TripAdvisor, Inc. (A) | | | 354 | | | $ | 11,983 | |
| | | | | | | | |
| |
Total Communication Services – 1.7% | | | | 11,983 | |
Consumer Discretionary | |
| |
Apparel Retail – 1.3% | |
Boot Barn Holdings, Inc. (A) | | | 110 | | | | 9,788 | |
| | | | | | | | |
| |
Auto Parts & Equipment – 2.2% | |
Dana Holding Corp. | | | 295 | | | | 6,562 | |
Visteon Corp. (A) | | | 98 | | | | 9,231 | |
| | | | | | | | |
| | | | | | | 15,793 | |
| | | | | | | | |
| |
Automotive Retail – 2.8% | |
Murphy USA, Inc. | | | 120 | | | | 20,126 | |
| | | | | | | | |
| |
Education Services – 1.2% | |
2U, Inc. (A) | | | 259 | | | | 8,678 | |
| | | | | | | | |
| |
Footwear – 3.6% | |
Skechers USA, Inc. (A) | | | 628 | | | | 26,467 | |
| | | | | | | | |
| |
Homebuilding – 3.0% | |
TopBuild Corp. (A) | | | 105 | | | | 21,414 | |
| | | | | | | | |
| |
Internet & Direct Marketing Retail – 2.5% | |
Shutterstock, Inc. | | | 159 | | | | 17,975 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 16.6% | | | | 120,241 | |
Consumer Staples | |
| |
Packaged Foods & Meats – 0.7% | |
Utz Brands, Inc. | | | 305 | | | | 5,219 | |
| | | | | | | | |
| |
Personal Products – 0.9% | |
BellRing Brands, Inc., Class A (A) | | | 202 | | | | 6,197 | |
| | | | | | | | |
| |
Total Consumer Staples – 1.6% | | | | 11,416 | |
Energy | |
| |
Oil & Gas Equipment & Services – 1.0% | |
Liberty Oilfield Services, Inc., Class A (A) | | | 578 | | | | 7,015 | |
| | | | | | | | |
| |
Oil & Gas Exploration & Production – 3.8% | |
Chesapeake Energy Corp. (B) | | | 164 | | | | 10,079 | |
Cimarex Energy Co. | | | 202 | | | | 17,657 | |
| | | | | | | | |
| | | | | | | 27,736 | |
| | | | | | | | |
| |
Oil & Gas Refining & Marketing – 0.4% | |
Green Plains, Inc. (A) | | | 98 | | | | 3,186 | |
| | | | | | | | |
| |
Total Energy – 5.2% | | | | 37,937 | |
Financials | |
| |
Investment Banking & Brokerage – 3.4% | |
LPL Investment Holdings, Inc. | | | 159 | | | | 24,914 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Regional Banks – 9.5% | |
BankUnited, Inc. | | | 451 | | | $ | 18,849 | |
Pinnacle Financial Partners, Inc. | | | 358 | | | | 33,680 | |
United Community Banks, Inc. | | | 377 | | | | 12,387 | |
Webster Financial Corp. | | | 78 | | | | 4,233 | |
| | | | | | | | |
| | | | | | | 69,149 | |
| | | | | | | | |
| |
Thrifts & Mortgage Finance – 2.6% | |
Essent Group Ltd. | | | 420 | | | | 18,498 | |
| | | | | | | | |
| |
Total Financials – 15.5% | | | | 112,561 | |
Health Care | |
| |
Biotechnology – 3.9% | |
Halozyme Therapeutics, Inc. (A) | | | 430 | | | | 17,489 | |
Vericel Corp. (A)(B) | | | 218 | | | | 10,650 | |
| | | | | | | | |
| | | | | | | 28,139 | |
| | | | | | | | |
| |
Health Care Equipment – 4.0% | |
Cryoport, Inc. (A) | | | 217 | | | | 14,412 | |
Envista Holdings Corp. (A) | | | 350 | | | | 14,651 | |
| | | | | | | | |
| | | | | | | 29,063 | |
| | | | | | | | |
| |
Health Care Facilities – 1.7% | |
Encompass Health Corp. | | | 159 | | | | 11,934 | |
| | | | | | | | |
| |
Health Care Supplies – 2.9% | |
SI-BONE, Inc. (A) | | | 545 | | | | 11,670 | |
Sientra, Inc. (A) | | | 1,684 | | | | 9,649 | |
| | | | | | | | |
| | | | | | | 21,319 | |
| | | | | | | | |
| |
Health Care Technology – 1.5% | |
Tabula Rasa HealthCare, Inc. (A) | | | 408 | | | | 10,684 | |
| | | | | | | | |
| |
Managed Health Care – 0.5% | |
HealthEquity, Inc. (A) | | | 53 | | | | 3,430 | |
| | | | | | | | |
| |
Pharmaceuticals – 1.4% | |
Pacira Pharmaceuticals, Inc. (A) | | | 186 | | | | 10,410 | |
| | | | | | | | |
| |
Total Health Care – 15.9% | | | | 114,979 | |
Industrials | |
| |
Agricultural & Farm Machinery – 1.0% | |
AGCO Corp. | | | 56 | | | | 6,881 | |
| | | | | | | | |
| |
Construction & Engineering – 2.4% | |
Valmont Industries, Inc. | | | 75 | | | | 17,713 | |
| | | | | | | | |
| |
Electrical Components & Equipment – 3.9% | |
Regal-Beloit Corp. | | | 190 | | | | 28,591 | |
| | | | | | | | |
| |
Environmental & Facilities Services – 0.6% | |
Clean Harbors, Inc. (A) | | | 44 | | | | 4,592 | |
| | | | | | | | |
| |
Industrial Machinery – 2.7% | |
Kornit Digital Ltd. (A) | | | 133 | | | | 19,303 | |
| | | | | | | | |
| |
Marine – 1.4% | |
Kirby Corp. (A) | | | 207 | | | | 9,910 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Research & Consulting Services – 2.3% | |
ICF International, Inc. | | | 186 | | | $ | 16,597 | |
| | | | | | | | |
| |
Trading Companies & Distributors – 4.3% | |
Beacon Roofing Supply, Inc. (A) | | | 288 | | | | 13,772 | |
Triton International Ltd. | | | 334 | | | | 17,360 | |
| | | | | | | | |
| | | | | | | 31,132 | |
| | | | | | | | |
| |
Trucking – 1.7% | |
Knight Transportation, Inc. | | | 240 | | | | 12,296 | |
| | | | | | | | |
| |
Total Industrials – 20.3% | | | | 147,015 | |
Information Technology | |
| |
Application Software – 1.4% | |
Q2 Holdings, Inc. (A) | | | 129 | | | | 10,322 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 2.2% | |
EVERTEC, Inc. | | | 344 | | | | 15,712 | |
| | | | | | | | |
| |
Electronic Components – 0.9% | |
Knowles Corp. (A) | | | 362 | | | | 6,780 | |
| | | | | | | | |
| |
Internet Services & Infrastructure – 2.1% | |
Switch, Inc., Class A | | | 614 | | | | 15,591 | |
| | | | | | | | |
| |
Semiconductor Equipment – 1.4% | |
Brooks Automation, Inc. | | | 100 | | | | 10,222 | |
| | | | | | | | |
| |
Semiconductors – 1.5% | |
Allegro MicroSystems, Inc. (A) | | | 330 | | | | 10,533 | |
| | | | | | | | |
| |
Systems Software – 3.2% | |
Varonis Systems, Inc. (A) | | | 382 | | | | 23,218 | |
| | | | | | | | |
| |
Total Information Technology – 12.7% | | | | 92,378 | |
Materials | |
| |
Commodity Chemicals – 2.2% | |
Cabot Corp. | | | 319 | | | | 15,996 | |
| | | | | | | | |
| |
Diversified Chemicals – 1.4% | |
Huntsman Corp. | | | 335 | | | | 9,900 | |
| | | | | | | | |
| |
Specialty Chemicals – 2.8% | |
Element Solutions, Inc. | | | 945 | | | | 20,478 | |
| | | | | | | | |
| |
Total Materials – 6.4% | | | | 46,374 | |
Real Estate | |
| |
Specialized REITs – 1.8% | |
National Storage Affiliates Trust | | | 251 | | | | 13,230 | |
| | | | | | | | |
| |
Total Real Estate – 1.8% | | | | 13,230 | |
| |
TOTAL COMMON STOCKS – 97.7% | | | $ | 708,114 | |
(Cost: $562,571) | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 97 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SMALL CAP CORE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (D) – 2.9% | |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 0.010% (C) | | | 6,398 | | | $ | 6,398 | |
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.030% | | | 14,852 | | | | 14,852 | |
| | | | | | | | |
| | | | | | | 21,250 | |
| | | | | | | | |
| | |
TOTAL SHORT-TERM
SECURITIES – 2.9% | | | | | | $ | 21,250 | |
(Cost: $21,250) | |
| | |
TOTAL INVESTMENT
SECURITIES – 100.6% | | | | | | $ | 729,364 | |
(Cost: $583,821) | |
| | |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.6)% | | | | | | | (4,608 | ) |
| |
NET ASSETS – 100.0% | | | $ | 724,756 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $6,261 are on loan. |
| (C) | Investment made with cash collateral received from securities on loan. |
| (D) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 708,114 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 21,250 | | | | — | | | | — | |
Total | | $ | 729,364 | | | $ | — | | | $ | — | |
The following acronym is used throughout this schedule:
REIT = Real Estate Investment Trust
See Accompanying Notes to Financial Statements.
| | | | | | |
| 98 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY SMALL CAP GROWTH FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 99.8% | |
Information Technology | | | 30.1% | |
Health Care | | | 27.7% | |
Consumer Discretionary | | | 14.9% | |
Industrials | | | 14.7% | |
Financials | | | 5.2% | |
Consumer Staples | | | 3.1% | |
Communication Services | | | 3.0% | |
Energy | | | 1.1% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 0.2% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
Varonis Systems, Inc. | | Information Technology | | Systems Software |
Globant S.A. | | Information Technology | | IT Consulting & Other Services |
CareDx, Inc. | | Health Care | | Biotechnology |
Vericel Corp. | | Health Care | | Biotechnology |
Shift4 Payments, Inc., Class A | | Information Technology | | Data Processing & Outsourced Services |
Knight Transportation, Inc. | | Industrials | | Trucking |
Monolithic Power Systems, Inc. | | Information Technology | | Semiconductors |
Cryoport, Inc. | | Health Care | | Health Care Equipment |
Marriott Vacations Worldwide Corp. | | Consumer Discretionary | | Hotels, Resorts & Cruise Lines |
SiTime Corp. | | Information Technology | | Semiconductors |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Small Cap Growth Fund changed to Delaware Ivy Small Cap Growth Fund. |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 99 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SMALL CAP GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Alternative Carriers – 0.6% | |
Bandwidth, Inc., Class A (A) | | | 203 | | | $ | 18,331 | |
| | | | | | | | |
| |
Broadcasting – 2.4% | |
Gray Television, Inc. | | | 861 | | | | 19,647 | |
Nexstar Broadcasting Group, Inc. | | | 331 | | | | 50,327 | |
| | | | | | | | |
| | | | | | | 69,974 | |
| | | | | | | | |
| |
Total Communication Services – 3.0% | | | | 88,305 | |
Consumer Discretionary | |
| |
Auto Parts & Equipment – 2.3% | |
Fox Factory Holding Corp. (A) | | | 327 | | | | 47,231 | |
Visteon Corp. (A) | | | 232 | | | | 21,930 | |
| | | | | | | | |
| | | | | | | 69,161 | |
| | | | | | | | |
| |
Automotive Retail – 0.5% | |
Lithia Motors, Inc. | | | 43 | | | | 13,652 | |
| | | | | | | | |
| |
Casinos & Gaming – 3.9% | |
Churchill Downs, Inc. | | | 212 | | | | 51,012 | |
Monarch Casino & Resort, Inc. (A) | | | 437 | | | | 29,267 | |
Red Rock Resorts, Inc., Class A | | | 707 | | | | 36,220 | |
| | | | | | | | |
| | | | | | | 116,499 | |
| | | | | | | | |
| |
Footwear – 1.8% | |
Deckers Outdoor Corp. (A) | | | 146 | | | | 52,501 | |
| | | | | | | | |
| |
Homebuilding – 0.5% | |
TopBuild Corp. (A) | | | 67 | | | | 13,656 | |
| | | | | | | | |
| |
Hotels, Resorts & Cruise Lines – 3.2% | |
Marriott Vacations Worldwide Corp. | | | 364 | | | | 57,261 | |
Wyndham Destinations, Inc. | | | 501 | | | | 38,634 | |
| | | | | | | | |
| | | | | | | 95,895 | |
| | | | | | | | |
| |
Leisure Products – 1.4% | |
Malibu Boats, Inc., Class A (A) | | | 571 | | | | 39,924 | |
| | | | | | | | |
| |
Restaurants – 1.3% | |
Texas Roadhouse, Inc., Class A | | | 428 | | | | 39,113 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 14.9% | | | | 440,401 | |
Consumer Staples | |
| |
Distillers & Vintners – 0.6% | |
Duckhorn Portfolio, Inc. (The) (A)(B) | | | 719 | | | | 16,468 | |
| | | | | | | | |
| |
Hypermarkets & Super Centers – 1.2% | |
BJ’s Wholesale Club, Inc. (A) | | | 666 | | | | 36,558 | |
| | | | | | | | |
| |
Packaged Foods & Meats – 1.3% | |
Nomad Foods Ltd. (A) | | | 1,261 | | | | 34,757 | |
Sovos Brands, Inc. (A) | | | 256 | | | | 3,568 | |
| | | | | | | | |
| | | | | | | 38,325 | |
| | | | | | | | |
| |
Total Consumer Staples – 3.1% | | | | 91,351 | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Energy | |
| |
Oil & Gas Equipment & Services – 1.1% | |
Cactus, Inc., Class A | | | 586 | | | $ | 22,121 | |
Liberty Oilfield Services, Inc., Class A (A) | | | 771 | | | | 9,352 | |
| | | | | | | | |
| | | | | | | 31,473 | |
| | | | | | | | |
| |
Total Energy – 1.1% | | | | 31,473 | |
Financials | |
| |
Asset Management & Custody Banks – 0.8% | |
Focus Financial Partners, Inc., Class A (A) | | | 335 | | | | 17,558 | |
Hamilton Lane, Inc., Class A | | | 83 | | | | 7,075 | |
| | | | | | | | |
| | | | | | | 24,633 | |
| | | | | | | | |
| |
Financial Exchanges & Data – 1.2% | |
Open Lending Corp., Class A (A) | | | 973 | | | | 35,081 | |
| | | | | | | | |
| |
Regional Banks – 3.2% | |
Pinnacle Financial Partners, Inc. | | | 591 | | | | 55,593 | |
Seacoast Banking Corp. of Florida | | | 613 | | | | 20,721 | |
Veritex Holdings, Inc. | | | 478 | | | | 18,801 | |
| | | | | | | | |
| | | | | | | 95,115 | |
| | | | | | | | |
| |
Total Financials – 5.2% | | | | 154,829 | |
Health Care | |
| |
Biotechnology – 7.8% | |
Blueprint Medicines Corp. (A) | | | 126 | | | | 12,947 | |
CareDx, Inc. (A) | | | 1,202 | | | | 76,153 | |
Insmed, Inc. (A) | | | 584 | | | | 16,092 | |
Organogenesis Holdings, Inc. (A) | | | 910 | | | | 12,954 | |
PTC Therapeutics, Inc. (A) | | | 288 | | | | 10,730 | |
Twist Bioscience Corp. (A) | | | 105 | | | | 11,266 | |
Veracyte, Inc. (A) | | | 434 | | | | 20,161 | |
Vericel Corp. (A) | | | 1,424 | | | | 69,474 | |
| | | | | | | | |
| | | | | | | 229,777 | |
| | | | | | | | |
| |
Health Care Distributors – 1.9% | |
PetIQ, Inc. (A)(C) | | | 2,219 | | | | 55,400 | |
| | | | | | | | |
| |
Health Care Equipment – 6.8% | |
Axonics, Inc. (A) | | | 709 | | | | 46,179 | |
Cryoport, Inc. (A) | | | 865 | | | | 57,522 | |
Tactile Systems Technology, Inc. (A) | | | 930 | | | | 41,352 | |
Tandem Diabetes Care, Inc. (A) | | | 464 | | | | 55,378 | |
| | | | | | | | |
| | | | | | | 200,431 | |
| | | | | | | | |
| |
Health Care Services – 4.0% | |
AMN Healthcare Services, Inc. (A) | | | 413 | | | | 47,385 | |
Castle Biosciences, Inc. (A) | | | 491 | | | | 32,669 | |
LHC Group, Inc. (A) | | | 245 | | | | 38,399 | |
| | | | | | | | |
| | | | | | | 118,453 | |
| | | | | | | | |
| |
Health Care Technology – 3.6% | |
Omnicell, Inc. (A) | | | 347 | | | | 51,522 | |
Tabula Rasa HealthCare, Inc. (A) | | | 573 | | | | 15,021 | |
Vocera Communications, Inc. (A) | | | 889 | | | | 40,660 | |
| | | | | | | | |
| | | | | | | 107,203 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Life Sciences Tools & Services – 1.6% | |
NeoGenomics, Inc. (A) | | | 576 | | | $ | 27,787 | |
Quanterix Corp. (A) | | | 419 | | | | 20,884 | |
| | | | | | | | |
| | | | | | | 48,671 | |
| | | | | | | | |
| |
Managed Health Care – 1.6% | |
Progyny, Inc. (A) | | | 845 | | | | 47,342 | |
| | | | | | | | |
| |
Pharmaceuticals – 0.4% | |
Pacira Pharmaceuticals, Inc. (A) | | | 200 | | | | 11,183 | |
| | | | | | | | |
| |
Total Health Care – 27.7% | | | | 818,460 | |
Industrials | |
| |
Air Freight & Logistics – 0.9% | |
Air Transport Services Group, Inc. (A) | | | 1,038 | | | | 26,800 | |
| | | | | | | | |
| |
Construction & Engineering – 1.5% | |
Valmont Industries, Inc. | | | 187 | | | | 44,002 | |
| | | | | | | | |
| |
Electrical Components & Equipment – 1.0% | |
EnerSys | | | 402 | | | | 29,888 | |
| | | | | | | | |
| |
Environmental & Facilities Services – 1.6% | |
Clean Harbors, Inc. (A) | | | 437 | | | | 45,373 | |
| | | | | | | | |
| |
Industrial Machinery – 4.7% | |
Altra Industrial Motion Corp. | | | 691 | | | | 38,233 | |
John Bean Technologies Corp. | | | 232 | | | | 32,539 | |
Kennametal, Inc. | | | 629 | | | | 21,524 | |
Kornit Digital Ltd. (A) | | | 165 | | | | 23,824 | |
RBC Bearings, Inc. (A) | | | 108 | | | | 23,006 | |
| | | | | | | | |
| | | | | | | 139,126 | |
| | | | | | | | |
| |
Security & Alarm Services – 1.9% | |
Brink’s Co. (The) | | | 869 | | | | 54,976 | |
| | | | | | | | |
| |
Trading Companies & Distributors – 1.1% | |
Herc Holdings, Inc. | | | 201 | | | | 32,845 | |
| | | | | | | | |
| |
Trucking – 2.0% | |
Knight Transportation, Inc. | | | 1,173 | | | | 60,004 | |
| | | | | | | | |
| |
Total Industrials – 14.7% | | | | 433,014 | |
Information Technology | |
| |
Application Software – 12.3% | |
BTRS Holdings, Inc. (A) | | | 2,134 | | | | 22,702 | |
Domo, Inc., Class B (A) | | | 493 | | | | 41,669 | |
Five9, Inc. (A) | | | 307 | | | | 49,103 | |
ForgeRock, Inc., Class A (A) | | | 240 | | | | 9,358 | |
LivePerson, Inc. (A) | | | 730 | | | | 43,034 | |
Mimecast Ltd. (A) | | | 715 | | | | 45,446 | |
NCR Corp. (A) | | | 1,208 | | | | 46,805 | |
Paycor HCM, Inc. (A) | | | 642 | | | | 22,558 | |
Q2 Holdings, Inc. (A) | | | 575 | | | | 46,093 | |
SimilarWeb Ltd. (A)(B) | | | 449 | | | | 9,389 | |
Smartsheet, Inc., Class A (A) | | | 402 | | | | 27,634 | |
| | | | | | | | |
| | | | | | | 363,791 | |
| | | | | | | | |
| | | | | | |
| 100 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY SMALL CAP GROWTH FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Communications Equipment – 1.4% | |
Viavi Solutions, Inc. (A) | | | 2,705 | | | $ | 42,572 | |
| | | | | | | | |
| |
Data Processing & Outsourced Services – 3.1% | |
EVO Payments, Inc., Class A (A) | | | 1,136 | | | | 26,896 | |
Shift4 Payments, Inc., Class A (A) | | | 820 | | | | 63,590 | |
| | | | | | | | |
| | | | | | | 90,486 | |
| | | | | | | | |
| |
Internet Services & Infrastructure – 1.6% | |
Switch, Inc., Class A | | | 1,818 | | | | 46,154 | |
| | | | | | | | |
| |
IT Consulting & Other Services – 2.7% | |
Globant S.A. (A) | | | 283 | | | | 79,645 | |
| | | | | | | | |
| |
Semiconductors – 5.5% | |
Allegro MicroSystems, Inc. (A) | | | 1,537 | | | | 49,112 | |
Monolithic Power Systems, Inc. | | | 120 | | | | 58,055 | |
SiTime Corp. (A) | | | 279 | | | | 56,934 | |
| | | | | | | | |
| | | | | | | 164,101 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Systems Software – 3.5% | |
SailPoint Technologies Holdings, Inc. (A) | | | 490 | | | $ | 20,998 | |
Varonis Systems, Inc. (A) | | | 1,363 | | | | 82,952 | |
| | | | | | | | |
| | | | | | | 103,950 | |
| | | | | | | | |
| |
Total Information Technology – 30.1% | | | | 890,699 | |
| |
TOTAL COMMON STOCKS – 99.8% | | | $ | 2,948,532 | |
(Cost: $2,035,913) | |
| | | | | | | | |
| SHORT-TERM SECURITIES | | Shares | | | Value | |
Money Market Funds (E) – 0.8% | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010% (D) | | | 2,866 | | | $ | 2,866 | |
State Street Institutional U.S. Government Money Market Fund – Premier Class, 0.030% | | | 21,863 | | | | 21,863 | |
| | | | | | | | |
| | | | | | | 24,729 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 0.8% | | | $ | 24,729 | |
(Cost: $24,729) | |
| |
TOTAL INVESTMENT SECURITIES – 100.6% | | | $ | 2,973,261 | |
(Cost: $2,060,642) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.6)% | | | | (16,850 | ) |
| |
NET ASSETS – 100.0% | | | $ | 2,956,411 | |
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $2,807 are on loan. |
| (C) | Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities. |
| (D) | Investment made with cash collateral received from securities on loan. |
| (E) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 2,948,532 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 24,729 | | | | — | | | | — | |
Total | | $ | 2,973,261 | | | $ | — | | | $ | — | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 101 | |
| | |
| PORTFOLIO HIGHLIGHTS | | DELAWARE IVY VALUE FUND(a) |
ALL DATA IS AS OF SEPTEMBER 30, 2021 (UNAUDITED)
Asset Allocation
| | | | |
Stocks | | | 98.1% | |
Financials | | | 22.3% | |
Health Care | | | 16.1% | |
Industrials | | | 10.5% | |
Information Technology | | | 9.7% | |
Communication Services | | | 8.6% | |
Consumer Discretionary | | | 7.1% | |
Consumer Staples | | | 6.5% | |
Energy | | | 5.8% | |
Utilities | | | 4.7% | |
Materials | | | 3.9% | |
Real Estate | | | 2.9% | |
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | | | 1.9% | |
Top 10 Equity Holdings
| | | | |
| Company | | Sector | | Industry |
Wal-Mart Stores, Inc. | | Consumer Staples | | Hypermarkets & Super Centers |
CVS Caremark Corp. | | Health Care | | Health Care Services |
Morgan Stanley | | Financials | | Investment Banking & Brokerage |
Comcast Corp., Class A | | Communication Services | | Cable & Satellite |
Raytheon Technologies Corp. | | Industrials | | Aerospace & Defense |
Philip Morris International, Inc. | | Consumer Staples | | Tobacco |
Anthem, Inc. | | Health Care | | Managed Health Care |
McKesson Corp. | | Health Care | | Health Care Distributors |
CB Richard Ellis Group, Inc. | | Real Estate | | Real Estate Services |
HCA Holdings, Inc. | | Health Care | | Health Care Facilities |
See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.
| + | Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments. |
| (a) | Effective July 1, 2021, the name of Ivy Value Fund changed to Delaware Ivy Value Fund. |
| | | | | | |
| 102 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY VALUE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | |
| COMMON STOCKS | | Shares | | | Value | |
Communication Services | |
| |
Alternative Carriers – 2.8% | |
Liberty Global, Inc., Series C (A) | | | 1,356 | | | $ | 39,951 | |
| | | | | | | | |
| |
Cable & Satellite – 5.8% | |
Comcast Corp., Class A | | | 848 | | | | 47,444 | |
Liberty Media Corp., Class C (A) | | | 767 | | | | 36,391 | |
| | | | | | | | |
| | | | | | | 83,835 | |
| | | | | | | | |
| |
Total Communication Services – 8.6% | | | | 123,786 | |
Consumer Discretionary | |
| |
Auto Parts & Equipment – 2.1% | |
BorgWarner, Inc. | | | 704 | | | | 30,411 | |
| | | | | | | | |
| |
Automotive Retail – 2.3% | |
AutoZone, Inc. (A) | | | 19 | | | | 32,601 | |
| | | | | | | | |
| |
General Merchandise Stores – 2.7% | |
Target Corp. | | | 173 | | | | 39,591 | |
| | | | | | | | |
| |
Total Consumer Discretionary – 7.1% | | | | 102,603 | |
Consumer Staples | |
| |
Hypermarkets & Super Centers – 3.4% | |
Wal-Mart Stores, Inc. | | | 355 | | | | 49,533 | |
| | | | | | | | |
| |
Tobacco – 3.1% | |
Philip Morris International, Inc. | | | 470 | | | | 44,577 | |
| | | | | | | | |
| |
Total Consumer Staples – 6.5% | | | | 94,110 | |
Energy | |
| |
Oil & Gas Exploration & Production – 2.9% | |
EOG Resources, Inc. | | | 522 | | | | 41,918 | |
| | | | | | | | |
| |
Oil & Gas Refining & Marketing – 2.9% | |
Marathon Petroleum Corp. | | | 661 | | | | 40,858 | |
| | | | | | | | |
| |
Total Energy – 5.8% | | | | 82,776 | |
Financials | |
| |
Asset Management & Custody Banks – 2.7% | |
Ameriprise Financial, Inc. | | | 149 | | | | 39,344 | |
| | | | | | | | |
| |
Consumer Finance – 5.5% | |
Capital One Financial Corp. | | | 250 | | | | 40,431 | |
Synchrony Financial | | | 780 | | | | 38,136 | |
| | | | | | | | |
| | | | | | | 78,567 | |
| | | | | | | | |
| |
Diversified Banks – 1.9% | |
Wells Fargo & Co. | | | 603 | | | | 28,004 | |
| | | | | | | | |
| |
Investment Banking & Brokerage – 3.4% | |
Morgan Stanley | | | 498 | | | | 48,464 | |
| | | | | | | | |
| |
Mortgage REITs – 2.6% | |
AGNC Investment Corp. | | | 2,408 | | | | 37,971 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Property & Casualty Insurance – 2.5% | |
Arch Capital Group Ltd. (A) | | | 924 | | | $ | 35,283 | |
| | | | | | | | |
| |
Regional Banks – 2.3% | |
Regions Financial Corp. | | | 1,575 | | | | 33,554 | |
| | | | | | | | |
| |
Reinsurance – 1.4% | |
Reinsurance Group of America, Inc. | | | 184 | | | | 20,517 | |
| | | | | | | | |
| |
Total Financials – 22.3% | | | | 321,704 | |
Health Care | |
| |
Biotechnology – 3.7% | |
Regeneron Pharmaceuticals, Inc. (A) | | | 30 | | | | 18,002 | |
Vertex Pharmaceuticals, Inc. (A) | | | 198 | | | | 35,878 | |
| | | | | | | | |
| | | | | | | 53,880 | |
| | | | | | | | |
| |
Health Care Distributors – 3.0% | |
McKesson Corp. | | | 217 | | | | 43,290 | |
| | | | | | | | |
| |
Health Care Facilities – 2.9% | |
HCA Holdings, Inc. | | | 174 | | | | 42,192 | |
| | | | | | | | |
| |
Health Care Services – 3.4% | |
CVS Caremark Corp. | | | 573 | | | | 48,632 | |
| | | | | | | | |
| |
Managed Health Care – 3.1% | |
Anthem, Inc. | | | 119 | | | | 44,421 | |
| | | | | | | | |
| |
Total Health Care – 16.1% | | | | 232,415 | |
Industrials | |
| |
Aerospace & Defense – 5.3% | |
Northrop Grumman Corp. | | | 83 | | | | 29,799 | |
Raytheon Technologies Corp. | | | 536 | | | | 46,092 | |
| | | | | | | | |
| | | | | | | 75,891 | |
| | | | | | | | |
| |
Electrical Components & Equipment – 2.6% | |
nVent Electric plc | | | 1,179 | | | | 38,126 | |
| | | | | | | | |
| |
Railroads – 2.6% | |
Norfolk Southern Corp. | | | 158 | | | | 37,888 | |
| | | | | | | | |
| |
Total Industrials – 10.5% | | | | 151,905 | |
Information Technology | |
| |
Data Processing & Outsourced Services – 2.0% | |
Fidelity National Information Services, Inc. | | | 233 | | | | 28,307 | |
| | | | | | | | |
| |
Semiconductors – 5.3% | |
Broadcom Corp., Class A | | | 79 | | | | 38,491 | |
NXP Semiconductors N.V. | | | 193 | | | | 37,787 | |
| | | | | | | | |
| | | | | | | 76,278 | |
| | | | | | | | |
| | | | | | | | |
| COMMON STOCKS (Continued) | | Shares | | | Value | |
Technology Hardware, Storage & Peripherals – 2.4% | |
Seagate Technology | | | 417 | | | $ | 34,415 | |
| | | | | | | | |
| |
Total Information Technology – 9.7% | | | | 139,000 | |
Materials | |
| |
Diversified Metals & Mining – 1.5% | |
BHP Billiton Ltd. ADR (B) | | | 403 | | | | 21,561 | |
| | | | | | | | |
| |
Paper Packaging – 2.4% | |
Graphic Packaging Holding Co. | | | 1,827 | | | | 34,787 | |
| | | | | | | | |
| |
Total Materials – 3.9% | | | | 56,348 | |
Real Estate | |
| |
Real Estate Services – 2.9% | |
CB Richard Ellis Group, Inc. (A) | | | 434 | | | | 42,225 | |
| | | | | | | | |
| |
Total Real Estate – 2.9% | | | | 42,225 | |
Utilities | |
| |
Electric Utilities – 4.7% | |
Evergy, Inc. (C) | | | 575 | | | | 35,751 | |
FirstEnergy Corp. | | | 911 | | | | 32,457 | |
| | | | | | | | |
| | | | | | | 68,208 | |
| | | | | | | | |
| |
Total Utilities – 4.7% | | | | 68,208 | |
| |
TOTAL COMMON STOCKS – 98.1% | | | $ | 1,415,080 | |
(Cost: $1,068,421) | |
| | |
| SHORT-TERM SECURITIES | | | | | | |
| |
Money Market Funds (E) – 2.8% | |
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010% (D) | | | 13,706 | | | | 13,706 | |
State Street Institutional U.S. Government Money Market Fund – Premier Class, 0.030% | | | 26,459 | | | | 26,459 | |
| | | | | | | | |
| | | | | | | 40,165 | |
| | | | | | | | |
| |
TOTAL SHORT-TERM SECURITIES – 2.8% | | | $ | 40,165 | |
(Cost: $40,165) | |
| |
TOTAL INVESTMENT SECURITIES – 100.9% | | | $ | 1,455,245 | |
(Cost: $1,108,586) | |
| |
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.9)% | | | | (13,601 | ) |
| |
NET ASSETS – 100.0% | | | $ | 1,441,644 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 103 | |
| | |
| SCHEDULE OF INVESTMENTS | | DELAWARE IVY VALUE FUND (in thousands) |
SEPTEMBER 30, 2021 (UNAUDITED)
Notes to Schedule of Investments
| (A) | No dividends were paid during the preceding 12 months. |
| (B) | All or a portion of securities with an aggregate value of $13,426 are on loan. |
| (C) | All or a portion of securities with an aggregate value of $423 are held in collateralized accounts to cover potential obligations with respect to outstanding written options. |
| (D) | Investment made with cash collateral received from securities on loan. |
| (E) | Rate shown is the annualized 7-day yield at September 30, 2021. |
The following written options were outstanding at September 30, 2021 (contracts and exercise prices unrounded):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Security | | Counterparty, if OTC | | Type | | Number of
Contracts | | | Notional
Amount | | | Expiration Month | | | Exercise Price | | | Premium
Received | | | Value | |
| Northrop Grumman Corp. | | N/A | | Put | | | 163 | | | | 16 | | | | October 2021 | | | $ | 350.00 | | | $ | 63 | | | $ | (47 | ) |
| Reinsurance Group of America, Inc. | | JPMorgan Chase Bank N.A. | | Put | | | 185 | | | | 19 | | | | October 2021 | | | | 135.00 | | | | 379 | | | | (430 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 442 | | | $ | (477 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The following table is a summary of the valuation of the Fund��s investments by the fair value hierarchy levels as of September 30, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Assets | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
Common Stocks | | $ | 1,415,080 | | | $ | — | | | $ | — | |
Short-Term Securities | | | 40,165 | | | | — | | | | — | |
Total | | $ | 1,455,245 | | | $ | — | | | $ | — | |
| | | |
Liabilities | | | | | | | | | | | | |
Written Options | | $ | — | | | $ | 477 | | | $ | — | |
The following acronyms are used throughout this schedule:
ADR = American Depositary Receipts
OTC = Over the Counter
REIT = Real Estate Investment Trust
See Accompanying Notes to Financial Statements.
| | | | | | |
| 104 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF ASSETS AND LIABILITIES | | IVY FUNDS |
AS OF SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands, except per share amounts) | | Delaware
Ivy Core
Equity
Fund(1) | | | Delaware
Ivy Emerging
Markets Equity
Fund(2)(3) | | | Delaware
Ivy Global
Bond
Fund(4) | | | Delaware
Ivy Global
Equity Income
Fund(5) | | | Delaware
Ivy Global
Growth
Fund(6) | | | Delaware Ivy
Government
Money Market
Fund(7) | | | Delaware
Ivy High
Income
Fund(8) | |
ASSETS | |
Investments in unaffiliated securities at value+^ | | $ | 4,855,975 | | | $ | 2,233,496 | | | $ | 555,625 | | | $ | 582,920 | | | $ | 1,061,398 | | | $ | 127,477 | | | $ | 3,991,992 | |
Investments in affiliated securities at value+ | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 110,047 | |
Investments at Value | | | 4,855,975 | | | | 2,233,496 | | | | 555,625 | | | | 582,920 | | | | 1,061,398 | | | | 127,477 | | | | 4,102,039 | |
Cash | | | — | | | | 324 | | | | 18 | | | | — | | | | — | | | | — | | | | 1,073 | |
Cash denominated in foreign currencies at value+ | | | — | | | | 1 | | | | 112 | | | | 461 | | | | 163 | | | | — | | | | 1,545 | |
Restricted cash | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 542 | |
Investment securities sold receivable | | | 11,774 | | | | 53 | | | | — | | | | — | | | | 8,604 | | | | 580 | | | | 37,694 | |
Dividends and interest receivable | | | 1,534 | | | | 2,482 | | | | 4,577 | | | | 3,025 | | | | 1,772 | | | | 16 | | | | 58,825 | |
Capital shares sold receivable | | | 1,647 | | | | 2,641 | | | | 835 | | | | 98 | | | | 126 | | | | 483 | | | | 4,573 | |
Receivable from affiliates | | | 45 | | | | 749 | | | | 346 | | | | 45 | | | | 33 | | | | 520 | | | | 70 | |
Receivable from securities lending income – net | | | — | | | | 1 | | | | 14 | | | | 6 | | | | 3 | | | | — | | | | 13 | |
Variation margin receivable | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3 | |
Prepaid and other assets | | | 125 | | | | 92 | | | | 66 | | | | 59 | | | | 74 | | | | 55 | | | | 160 | |
Total Assets | | | 4,871,100 | | | | 2,239,839 | | | | 561,593 | | | | 586,614 | | | | 1,072,173 | | | | 129,131 | | | | 4,206,537 | |
| | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash collateral on securities loaned at value | | | — | | | | — | | | | 9,847 | | | | 5,068 | | | | 17,342 | | | | — | | | | 35,335 | |
Investment securities purchased payable | | | 8,505 | | | | — | | | | 750 | | | | 466 | | | | — | | | | — | | | | 74,409 | |
Capital shares redeemed payable | | | 4,825 | | | | 6,025 | | | | 914 | | | | 1,244 | | | | 4,918 | | | | 1,034 | | | | 7,075 | |
Distributions payable | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1 | | | | 1,772 | |
Independent Trustees and Chief Compliance Officer fees payable | | | 858 | | | | 77 | | | | 120 | | | | 137 | | | | 192 | | | | 18 | | | | 471 | |
Distribution and service fees payable | | | 26 | | | | 4 | | | | 1 | | | | 2 | | | | 4 | | | | — | * | | | 22 | |
Shareholder servicing payable | | | 568 | | | | 346 | | | | 76 | | | | 144 | | | | 166 | | | | 23 | | | | 697 | |
Investment management fee payable | | | 81 | | | | 53 | | | | 9 | | | | 11 | | | | 24 | | | | 1 | | | | 60 | |
Accounting services fee payable | | | 23 | | | | 23 | | | | 14 | | | | 14 | | | | 23 | | | | 6 | | | | 23 | |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 400 | |
Variation margin payable | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3 | |
Other liabilities | | | 3,283 | | | | 3,353 | | | | 352 | | | | 438 | | | | 1,080 | | | | 49 | | | | 2,427 | |
Total Liabilities | | | 18,169 | | | | 9,881 | | | | 12,083 | | | | 7,524 | | | | 23,749 | | | | 1,132 | | | | 122,694 | |
Commitments and Contingencies (See Note 2 and Note 13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 4,852,931 | | | $ | 2,229,958 | | | $ | 549,510 | | | $ | 579,090 | | | $ | 1,048,424 | | | $ | 127,999 | | | $ | 4,083,843 | |
| | | | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital paid in (shares authorized – unlimited) | | $ | 2,263,266 | | | $ | 1,560,366 | | | $ | 596,442 | | | $ | 409,171 | | | $ | 530,007 | | | $ | 127,991 | | | $ | 5,529,957 | |
Accumulated earnings gain (loss) | | | 2,589,665 | | | | 669,592 | | | | (46,932 | ) | | | 169,919 | | | | 518,417 | | | | 8 | | | | (1,446,114 | ) |
Total Net Assets | | $ | 4,852,931 | | | $ | 2,229,958 | | | $ | 549,510 | | | $ | 579,090 | | | $ | 1,048,424 | | | $ | 127,999 | | | $ | 4,083,843 | |
| | | | | | | |
CAPITAL SHARES OUTSTANDING: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 180,249 | | | | 12,907 | | | | 16,916 | | | | 21,441 | | | | 8,964 | | | | 114,668 | | | | 249,856 | |
Class B | | | 51 | | | | 6 | | | | 13 | | | | 14 | | | | 1 | | | | 12 | | | | 270 | |
Class C | | | 1,992 | | | | 2,260 | | | | 398 | | | | 445 | | | | 99 | | | | 2,580 | | | | 40,031 | |
Class E | | | 954 | | | | N/A | | | | N/A | | | | 360 | | | | N/A | | | | 10,482 | | | | 1,248 | |
Class I | | | 48,866 | | | | 51,080 | | | | 25,102 | | | | 18,023 | | | | 7,820 | | | | N/A | | | | 249,987 | |
Class R | | | 9 | | | | 358 | | | | 30 | | | | 23 | | | | 16 | | | | N/A | | | | 6,755 | |
Class R6 | | | 3,979 | | | | 12,632 | | | | 10,995 | | | | 1,552 | | | | 324 | | | | 250 | | | | 9,026 | |
Class Y | | | 1,244 | | | | 1,425 | | | | 61 | | | | 144 | | | | 35 | | | | N/A | | | | 15,531 | |
| | | | | | | |
NET ASSET VALUE PER SHARE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | $19.79 | | | | $26.95 | | | | $10.27 | | | | $13.78 | | | | $60.01 | | | | $1.00 | | | | $7.13 | |
Class B | | | $15.16 | | | | $21.63 | | | | $10.26 | | | | $13.78 | | | | $47.02 | | | | $1.00 | | | | $7.13 | |
Class C | | | $16.02 | | | | $22.82 | | | | $10.27 | | | | $13.78 | | | | $48.21 | | | | $1.00 | | | | $7.13 | |
Class E | | | $19.68 | | | | N/A | | | | N/A | | | | $13.79 | | | | N/A | | | | $1.00 | | | | $7.13 | |
Class I | | | $22.83 | | | | $27.93 | | | | $10.27 | | | | $13.79 | | | | $61.71 | | | | N/A | | | | $7.13 | |
Class R | | | $19.54 | | | | $26.59 | | | | $10.25 | | | | $13.79 | | | | $58.97 | | | | N/A | | | | $7.13 | |
Class R6 | | | $22.91 | | | | $28.10 | | | | $10.27 | | | | $13.80 | | | | $62.19 | | | | $1.00 | | | | $7.13 | |
Class Y | | | $22.00 | | | | $27.50 | | | | $10.27 | | | | $13.78 | | | | $60.35 | | | | N/A | | | | $7.13 | |
| | | | | | | |
+COST | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities at cost | | $ | 2,794,056 | | | $ | 1,484,846 | | | $ | 538,200 | | | $ | 435,701 | | | $ | 603,417 | | | $ | 127,477 | | | $ | 4,013,745 | |
Investments in affiliated securities at cost | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 303,292 | |
Cash denominated in foreign currencies at cost | | | — | | | | 1 | | | | 115 | | | | 462 | | | | 163 | | | | — | | | | 1,557 | |
^Securities loaned at value | | | — | | | | — | | | | 10,241 | | | | 12,455 | | | | 16,514 | | | | — | | | | 43,577 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Core Equity Fund to Delaware Ivy Core Equity Fund. |
| (2) | Consolidated Statement of Assets and Liabilities (See Note 5 in Notes to Financial Statements). |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Emerging Markets Equity Fund to Delaware Ivy Emerging Markets Equity Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Bond Fund to Delaware Ivy Global Bond Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Equity Income Fund to Delaware Ivy Global Equity Income Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Growth Fund to Delaware Ivy Global Growth Fund. |
| (7) | Effective July 1, 2021, the Fund’s name changed from Ivy Government Money Market Fund to Delaware Ivy Government Money Market Fund. |
| (8) | Effective July 1, 2021, the Fund’s name changed from Ivy High Income Fund to Delaware Ivy High Income Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 105 | |
| | |
| STATEMENTS OF ASSETS AND LIABILITIES | | IVY FUNDS |
AS OF SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands, except per share amounts) | | Delaware Ivy
International
Core Equity
Fund(1) | | | Delaware
Ivy Large
Cap Growth
Fund(2) | | | Delaware
Ivy Limited-
Term Bond
Fund(3) | | | Delaware Ivy
Managed
International
Opportunities
Fund(4) | | | Delaware
Ivy Mid Cap
Growth
Fund(5) | | | Delaware Ivy
Mid Cap Income
Opportunities
Fund(6) | | | Delaware
Ivy Municipal
Bond Fund(7) | |
ASSETS | |
Investments in unaffiliated securities at value+^ | | $ | 2,354,857 | | | $ | 6,096,222 | | | $ | 1,157,579 | | | $ | 8,512 | | | $ | 8,137,859 | | | $ | 1,761,858 | | | $ | 732,297 | |
Investments in affiliated securities at value+ | | | — | | | | — | | | | — | | | | 161,014 | | | | — | | | | — | | | | — | |
Investments at Value | | | 2,354,857 | | | | 6,096,222 | | | | 1,157,579 | | | | 169,526 | | | | 8,137,859 | | | | 1,761,858 | | | | 732,297 | |
Cash | | | 15 | | | | — | | | | 37 | | | | — | | | | — | | | | — | | | | — | |
Cash denominated in foreign currencies at value+ | | | 15,321 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Investment securities sold receivable | | | 14,056 | | | | — | | | | — | | | | 491 | | | | 712 | | | | — | | | | 28,794 | |
Dividends and interest receivable | | | 17,649 | | | | 2,830 | | | | 6,539 | | | | — | * | | | 913 | | | | 1,657 | | | | 8,205 | |
Capital shares sold receivable | | | 694 | | | | 2,267 | | | | 2,035 | | | | 48 | | | | 11,046 | | | | 3,045 | | | | 318 | |
Receivable from affiliates | | | 2,361 | | | | 1,902 | | | | 4 | | | | 22 | | | | 3,430 | | | | 1,523 | | | | 184 | |
Receivable from securities lending income – net | | | 19 | | | | — | | | | — | * | | | — | | | | 6 | | | | — | | | | — | |
Prepaid and other assets | | | 73 | | | | 135 | | | | 77 | | | | 45 | | | | 170 | | | | 135 | | | | 84 | |
Total Assets | | | 2,405,045 | | | | 6,103,356 | | | | 1,166,271 | | | | 170,132 | | | | 8,154,136 | | | | 1,768,218 | | | | 769,882 | |
| | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash collateral on securities loaned at value | | | 42,167 | | | | — | | | | — | | | | — | | | | 8,764 | | | | — | | | | — | |
Investment securities purchased payable | | | 21,461 | | | | — | | | | 9,988 | | | | — | | | | 6,922 | | | | — | | | | 22,130 | |
Capital shares redeemed payable | | | 7,616 | | | | 8,043 | | | | 2,684 | | | | 601 | | | | 9,851 | | | | 1,351 | | | | 1,132 | |
Distributions payable | | | — | | | | — | | | | 95 | | | | — | | | | — | | | | — | | | | 113 | |
Independent Trustees and Chief Compliance Officer fees payable | | | 209 | | | | 480 | | | | 72 | | | | 12 | | | | 414 | | | | 13 | | | | 156 | |
Overdraft due to custodian | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12,971 | |
Distribution and service fees payable | | | 6 | | | | 23 | | | | 3 | | | | — | * | | | 26 | | | | 2 | | | | 3 | |
Shareholder servicing payable | | | 387 | | | | 765 | | | | 153 | | | | 14 | | | | 1,077 | | | | 254 | | | | 79 | |
Investment management fee payable | | | 53 | | | | 100 | | | | 15 | | | | — | * | | | 172 | | | | 41 | | | | 10 | |
Accounting services fee payable | | | 23 | | | | 23 | | | | 23 | | | | 4 | | | | 23 | | | | 22 | | | | 18 | |
Written options at value+ | | | — | | | | — | | | | — | | | | — | | | | 3,038 | | | | — | | | | — | |
Other liabilities | | | 2,198 | | | | 3,896 | | | | 556 | | | | 35 | | | | 22,290 | | | | 1,319 | | | | 415 | |
Total Liabilities | | | 74,120 | | | | 13,330 | | | | 13,589 | | | | 666 | | | | 52,577 | | | | 3,002 | | | | 37,027 | |
Commitments and Contingencies (See Note 2 and Note 13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 2,330,925 | | | $ | 6,090,026 | | | $ | 1,152,682 | | | $ | 169,466 | | | $ | 8,101,559 | | | $ | 1,765,216 | | | $ | 732,855 | |
| | | | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital paid in (shares authorized – unlimited) | | $ | 2,036,258 | | | $ | 2,044,933 | | | $ | 1,148,270 | | | $ | 122,327 | | | $ | 3,531,020 | | | $ | 1,323,470 | | | $ | 675,307 | |
Accumulated earnings gain | | | 294,667 | | | | 4,045,093 | | | | 4,412 | | | | 47,139 | | | | 4,570,539 | | | | 441,746 | | | | 57,548 | |
Total Net Assets | | $ | 2,330,925 | | | $ | 6,090,026 | | | $ | 1,152,682 | | | $ | 169,466 | | | $ | 8,101,559 | | | $ | 1,765,216 | | | $ | 732,855 | |
| | | | | | | |
CAPITAL SHARES OUTSTANDING: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 18,137 | | | | 89,163 | | | | 36,684 | | | | 4,891 | | | | 63,104 | | | | 10,423 | | | | 36,103 | |
Class B | | | 14 | | | | 41 | | | | 5 | | | | 1 | | | | 48 | | | | N/A | | | | 1 | |
Class C | | | 3,244 | | | | 2,812 | | | | 1,686 | | | | 110 | | | | 5,091 | | | | 1,474 | | | | 534 | |
Class E | | | 380 | | | | 1,020 | | | | 675 | | | | N/A | | | | 547 | | | | N/A | | | | N/A | |
Class I | | | 62,885 | | | | 76,332 | | | | 50,923 | | | | 8,203 | | | | 86,855 | | | | 72,760 | | | | 25,052 | |
Class R | | | 2,626 | | | | 417 | | | | 43 | | | | 6 | | | | 2,336 | | | | 64 | | | | N/A | |
Class R6 | | | 20,889 | | | | 4,682 | | | | 14,260 | | | | 8 | | | | 20,356 | | | | 6,187 | | | | 129 | |
Class Y | | | 4,068 | | | | 942 | | | | 233 | | | | 12 | | | | 8,744 | | | | 1,536 | | | | — | |
| | | | | | | |
NET ASSET VALUE PER SHARE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | $20.67 | | | | $33.69 | | | | $11.03 | | | | $12.75 | | | | $40.82 | | | | $19.07 | | | | $11.85 | |
Class B | | | $17.93 | | | | $22.46 | | | | $11.03 | | | | $12.36 | | | | $29.37 | | | | N/A | | | | $11.85 | |
Class C | | | $18.01 | | | | $25.33 | | | | $11.03 | | | | $12.40 | | | | $32.34 | | | | $18.97 | | | | $11.85 | |
Class E | | | $20.85 | | | | $33.51 | | | | $11.03 | | | | N/A | | | | $39.47 | | | | N/A | | | | N/A | |
Class I | | | $20.88 | | | | $36.19 | | | | $11.03 | | | | $12.85 | | | | $45.33 | | | | $19.10 | | | | $11.85 | |
Class R | | | $20.62 | | | | $31.59 | | | | $11.03 | | | | $12.68 | | | | $39.11 | | | | $19.03 | | | | N/A | |
Class R6 | | | $20.94 | | | | $36.46 | | | | $11.03 | | | | $12.86 | | | | $45.78 | | | | $19.10 | | | | $11.85 | |
Class Y | | | $20.84 | | | | $34.85 | | | | $11.03 | | | | $12.76 | | | | $43.17 | | | | $19.07 | | | | $11.85 | |
| | | | | | | |
+COST | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities at cost | | $ | 1,956,316 | | | $ | 2,532,302 | | | $ | 1,144,854 | | | $ | 8,512 | | | $ | 4,410,255 | | | $ | 1,361,026 | | | $ | 682,120 | |
Investments in affiliated securities at cost | | | — | | | | — | | | | — | | | | 109,227 | | | | — | | | | — | | | | — | |
Cash denominated in foreign currencies at cost | | | 16,099 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Written options premiums received at cost | | | — | | | | — | | | | — | | | | — | | | | 2,728 | | | | — | | | | — | |
^Securities loaned at value | | | 87,920 | | | | — | | | | — | | | | — | | | | 11,793 | | | | — | | | | — | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy International Core Equity Fund to Delaware Ivy International Core Equity Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Large Cap Growth Fund to Delaware Ivy Large Cap Growth Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Limited-Term Bond Fund to Delaware Ivy Limited-Term Bond Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Managed International Opportunities Fund to Delaware Ivy Managed International Opportunities Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Growth Fund to Delaware Ivy Mid Cap Growth Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Income Opportunities Fund to Delaware Ivy Mid Cap Income Opportunities Fund. |
| (7) | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal Bond Fund to Delaware Ivy Municipal Bond Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 106 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF ASSETS AND LIABILITIES | | IVY FUNDS |
AS OF SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands, except per share amounts) | | Delaware
Ivy Municipal
High Income
Fund(1) | | | Delaware
Ivy Pzena
International
Value Fund(2) | | | Delaware
Ivy Securian
Core Bond
Fund(3) | | | Delaware
Ivy Small
Cap Core
Fund(4) | | | Delaware
Ivy Small
Cap Growth
Fund(5) | | | Delaware
Ivy Value
Fund(6) | |
ASSETS | |
Investments in unaffiliated securities at value+^ | | $ | 966,478 | | | $ | 239,884 | | | $ | 1,115,523 | | | $ | 729,364 | | | $ | 2,917,861 | | | $ | 1,455,245 | |
Investments in affiliated securities at value+ | | | — | | | | — | | | | — | | | | — | | | | 55,400 | | | | — | |
Investments at Value | | | 966,478 | | | | 239,884 | | | | 1,115,523 | | | | 729,364 | | | | 2,973,261 | | | | 1,455,245 | |
Cash | | | — | | | | — | | | | 1,695 | | | | — | | | | — | | | | — | |
Cash denominated in foreign currencies at value+ | | | — | | | | 1,485 | | | | — | | | | — | | | | — | | | | — | |
Investment securities sold receivable | | | 4,693 | | | | — | | | | 13,978 | | | | 8,539 | | | | 7,808 | | | | 1,427 | |
Dividends and interest receivable | | | 10,886 | | | | 2,134 | | | | 5,704 | | | | 257 | | | | 456 | | | | 1,973 | |
Capital shares sold receivable | | | 679 | | | | 1,071 | | | | 3,178 | | | | 1,437 | | | | 1,438 | | | | 1,386 | |
Receivable from affiliates | | | 219 | | | | — | | | | 1,273 | | | | 481 | | | | 822 | | | | 1 | |
Receivable from securities lending income – net | | | — | | | | 2 | | | | — | * | | | 2 | | | | 1 | | | | 12 | |
Variation margin receivable | | | — | | | | — | | | | 118 | | | | — | | | | — | | | | — | |
Prepaid and other assets | | | 66 | | | | 51 | | | | 58 | | | | 50 | | | | 90 | | | | 60 | |
Total Assets | | | 983,021 | | | | 244,627 | | | | 1,141,527 | | | | 740,130 | | | | 2,983,876 | | | | 1,460,104 | |
| | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | |
Cash collateral on securities loaned at value | | | — | | | | 11,621 | | | | 10 | | | | 6,398 | | | | 2,866 | | | | 13,706 | |
Investment securities purchased payable | | | 5,743 | | | | — | | | | 31,083 | | | | 5,541 | | | | 17,302 | | | | 469 | |
Capital shares redeemed payable | | | 1,434 | | | | 566 | | | | 3,367 | | | | 2,644 | | | | 4,044 | | | | 2,477 | |
Distributions payable | | | 322 | | | | — | | | | 214 | | | | — | | | | — | | | | — | |
Independent Trustees and Chief Compliance Officer fees payable | | | 156 | | | | 65 | | | | 61 | | | | 31 | | | | 287 | | | | 133 | |
Overdraft due to custodian | | | 5,256 | | | | — | * | | | — | | | | — | | | | — | | | | — | |
Distribution and service fees payable | | | 5 | | | | — | * | | | 2 | | | | 2 | | | | 12 | | | | 3 | |
Shareholder servicing payable | | | 105 | | | | 44 | | | | 162 | | | | 137 | | | | 426 | | | | 228 | |
Investment management fee payable | | | 14 | | | | 5 | | | | 15 | | | | 17 | | | | 67 | | | | 27 | |
Accounting services fee payable | | | 20 | | | | 8 | | | | 23 | | | | 16 | | | | 23 | | | | 23 | |
Variation margin payable | | | — | | | | — | | | | 47 | | | | — | | | | — | | | | — | |
Written options at value+ | | | — | | | | — | | | | — | | | | — | | | | — | | | | 477 | |
Other liabilities | | | 559 | | | | 1,834 | | | | 545 | | | | 588 | | | | 2,438 | | | | 917 | |
Total Liabilities | | | 13,614 | | | | 14,143 | | | | 35,529 | | | | 15,374 | | | | 27,465 | | | | 18,460 | |
Commitments and Contingencies (See Note 2 and Note 13) | | | | | | | | | | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 969,407 | | | $ | 230,484 | | | $ | 1,105,998 | | | $ | 724,756 | | | $ | 2,956,411 | | | $ | 1,441,644 | |
| | | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Capital paid in (shares authorized – unlimited) | | $ | 1,005,391 | | | $ | 205,068 | | | $ | 1,076,393 | | | $ | 477,236 | | | $ | 1,412,557 | | | $ | 970,958 | |
Accumulated earnings gain (loss) | | | (35,984 | ) | | | 25,416 | | | | 29,605 | | | | 247,520 | | | | 1,543,854 | | | | 470,686 | |
Total Net Assets | | $ | 969,407 | | | $ | 230,484 | | | $ | 1,105,998 | | | $ | 724,756 | | | $ | 2,956,411 | | | $ | 1,441,644 | |
| | | | | | |
CAPITAL SHARES OUTSTANDING: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 122,778 | | | | 3,453 | | | | 19,160 | | | | 7,516 | | | | 56,187 | | | | 13,836 | |
Class B | | | 18 | | | | 1 | | | | 10 | | | | 7 | | | | 32 | | | | 8 | |
Class C | | | 4,685 | | | | 45 | | | | 808 | | | | 1,049 | | | | 3,117 | | | | 261 | |
Class E | | | N/A | | | | N/A | | | | 426 | | | | N/A | | | | 662 | | | | N/A | |
Class I | | | 61,447 | | | | 4,990 | | | | 63,832 | | | | 17,525 | | | | 35,964 | | | | 32,724 | |
Class R | | | N/A | | | | — | | | | 86 | | | | 1,092 | | | | 3,031 | | | | — | |
Class R6 | | | 251 | | | | 3,558 | | | | 15,948 | | | | 2,905 | | | | 7,329 | | | | 4,857 | |
Class Y | | | 872 | | | | 58 | | | | 647 | | | | 359 | | | | 4,339 | | | | 4 | |
| | | | | | |
NET ASSET VALUE PER SHARE: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | $5.10 | | | | $18.64 | | | | $10.96 | | | | $22.36 | | | | $22.70 | | | | $27.79 | |
Class B | | | $5.10 | | | | $15.71 | | | | $10.96 | | | | $17.08 | | | | $13.81 | | | | $25.14 | |
Class C | | | $5.10 | | | | $17.18 | | | | $10.96 | | | | $18.63 | | | | $16.20 | | | | $26.49 | |
Class E | | | N/A | | | | N/A | | | | $10.96 | | | | N/A | | | | $22.39 | | | | N/A | |
Class I | | | $5.10 | | | | $19.18 | | | | $10.96 | | | | $24.66 | | | | $32.72 | | | | $27.93 | |
Class R | | | N/A | | | | $18.57 | | | | $10.96 | | | | $22.10 | | | | $21.87 | | | | $27.75 | |
Class R6 | | | $5.10 | | | | $19.25 | | | | $10.96 | | | | $24.86 | | | | $32.97 | | | | $28.02 | |
Class Y | | | $5.10 | | | | $18.96 | | | | $10.96 | | | | $23.66 | | | | $30.03 | | | | $27.74 | |
| | | | | | |
+COST | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities at cost | | $ | 955,172 | | | $ | 210,756 | | | $ | 1,086,877 | | | $ | 583,821 | | | $ | 1,996,584 | | | $ | 1,108,586 | |
Investments in affiliated securities at cost | | | — | | | | — | | | | — | | | | — | | | | 64,058 | | | | — | |
Cash denominated in foreign currencies at cost | | | — | | | | 1,494 | | | | — | | | | — | | | | — | | | | — | |
Written options premiums received at cost | | | — | | | | — | | | | — | | | | — | | | | — | | | | 442 | |
^Securities loaned at value | | | — | | | | 10,795 | | | | 10 | | | | 6,261 | | | | 2,807 | | | | 13,426 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal High Income Fund to Delaware Ivy Municipal High Income Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Pzena International Value Fund to Delaware Ivy Pzena International Value Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Securian Core Bond Fund to Delaware Ivy Securian Core Bond Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Core Fund to Delaware Ivy Small Cap Core Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Growth Fund to Delaware Ivy Small Cap Growth Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Value Fund to Delaware Ivy Value Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 107 | |
| | |
| STATEMENTS OF OPERATIONS | | IVY FUNDS |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | Delaware
Ivy Core
Equity
Fund(1) | | | Delaware
Ivy Emerging
Markets Equity
Fund(2)(3) | | | Delaware
Ivy Global
Bond
Fund(4) | | | Delaware
Ivy Global
Equity Income
Fund(5) | | | Delaware
Ivy Global
Growth
Fund(6) | | | Delaware Ivy
Government
Money Market
Fund(7) | | | Delaware
Ivy High
Income
Fund(8) | |
INVESTMENT INCOME | |
Dividends from unaffiliated securities | | $ | 26,938 | | | $ | 28,185 | | | $ | 19 | | | $ | 11,145 | | | $ | 7,391 | | | $ | — | | | $ | 2,239 | |
Foreign dividend withholding tax | | | (116 | ) | | | (2,380 | ) | | | — | | | | (892 | ) | | | (422 | ) | | | — | | | | — | |
Interest and amortization from unaffiliated securities | | | 7 | | | | 5 | | | | 9,057 | | | | 1 | | | | 2 | | | | 66 | | | | 131,126 | |
Interest and amortization from affiliated securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,153 | |
Foreign interest withholding tax | | | — | | | | — | | | | (25 | ) | | | — | | | | — | | | | — | | | | — | |
Securities lending income – net | | | — | * | | | 149 | | | | 69 | | | | 75 | | | | 19 | | | | — | | | | 146 | |
Total Investment Income | | | 26,829 | | | | 25,959 | | | | 9,120 | | | | 10,329 | | | | 6,990 | | | | 66 | | | | 134,664 | |
| | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment management fee | | | 15,193 | | | | 10,519 | | | | 1,610 | | | | 2,158 | | | | 4,650 | | | | 299 | | | | 11,247 | |
Distribution and service fees: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 4,553 | | | | 473 | | | | 222 | | | | 389 | | | | 671 | | | | — | | | | 2,282 | |
Class B | | | 8 | | | | 1 | | | | 1 | | | | 3 | | | | 1 | | | | 1 | | | | 23 | |
Class C | | | 171 | | | | 280 | | | | 20 | | | | 34 | | | | 26 | | | | 15 | | | | 1,532 | |
Class E | | | 24 | | | | N/A | | | | N/A | | | | 7 | | | | N/A | | | | — | | | | 12 | |
Class R | | | 1 | | | | 27 | | | | 1 | | | | 1 | | | | 2 | | | | N/A | | | | 122 | |
Class Y | | | 35 | | | | 51 | | | | 1 | | | | 3 | | | | 4 | | | | N/A | | | | 160 | |
Shareholder servicing: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,501 | | | | 336 | | | | 171 | | | | 293 | | | | 353 | | | | 133 | | | | 1,072 | |
Class B | | | 7 | | | | 1 | | | | 1 | | | | 2 | | | | 1 | | | | — | * | | | 8 | |
Class C | | | 32 | | | | 43 | | | | 4 | | | | 8 | | | | 7 | | | | 2 | | | | 148 | |
Class E | | | 23 | | | | N/A | | | | N/A | | | | 11 | | | | N/A | | | | 10 | | | | 17 | |
Class I | | | 927 | | | | 1,256 | | | | 213 | | | | 219 | | | | 417 | | | | N/A | | | | 1,451 | |
Class R | | | 1 | | | | 14 | | | | — | * | | | — | * | | | 1 | | | | N/A | | | | 62 | |
Class R6 | | | 5 | | | | 18 | | | | 4 | | | | 1 | | | | 1 | | | | — | * | | | N/A | |
Class Y | | | 21 | | | | 31 | | | | 1 | | | | 2 | | | | 3 | | | | N/A | | | | 103 | |
Registration fees | | | 70 | | | | 87 | | | | 57 | | | | 57 | | | | 55 | | | | 48 | | | | 95 | |
Custodian fees | | | 28 | | | | 371 | | | | 4 | | | | 26 | | | | 23 | | | | 2 | | | | 60 | |
Independent Trustees and Chief Compliance Officer fees | | | 220 | | | | 68 | | | | 26 | | | | 31 | | | | 48 | | | | 6 | | | | 157 | |
Accounting services fee | | | 138 | | | | 136 | | | | 76 | | | | 88 | | | | 136 | | | | 35 | | | | 138 | |
Professional fees | | | 15 | | | | 20 | | | | 24 | | | | 14 | | | | 17 | | | | 7 | | | | 211 | |
Third-party valuation service fees | | | — | | | | 5 | | | | — | | | | 2 | | | | 2 | | | | — | | | | — | |
Commitment and interest expense for borrowing | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 178 | |
Other | | | 73 | | | | 56 | | | | 24 | | | | 23 | | | | 27 | | | | 16 | | | | 87 | |
Total Expenses | | | 23,046 | | | | 13,793 | | | | 2,460 | | | | 3,372 | | | | 6,445 | | | | 574 | | | | 19,165 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses in excess of limit | | | (45 | ) | | | (749 | ) | | | (345 | ) | | | (45 | ) | | | (33 | ) | | | (520 | ) | | | (65 | ) |
Total Net Expenses | | | 23,001 | | | | 13,044 | | | | 2,115 | | | | 3,327 | | | | 6,412 | | | | 54 | | | | 19,100 | |
Net Investment Income | | | 3,828 | | | | 12,915 | | | | 7,005 | | | | 7,002 | | | | 578 | | | | 12 | | | | 115,564 | |
| | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | 270,044 | | | | 62,994 | | | | 1,747 | | | | 10,787 | | | | 13,878 | | | | 8 | | | | (5,812 | ) |
Futures contracts | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (531 | ) |
Forward foreign currency contracts | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 907 | |
Foreign currency exchange transactions | | | — | | | | (719 | ) | | | — | | | | (25 | ) | | | (33 | ) | | | — | | | | 386 | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | 186,451 | | | | (167,506 | ) | | | (1,716 | ) | | | (2,379 | ) | | | 50,788 | | | | — | | | | 21,493 | |
Investments in affiliated securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,919 | |
Futures contracts | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 218 | |
Forward foreign currency contracts | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (653 | ) |
Foreign currency exchange transactions | | | — | | | | 83 | | | | (3 | ) | | | 23 | | | | (5 | ) | | | — | | | | (403 | ) |
Net Realized and Unrealized Gain (Loss) | | | 456,495 | | | | (105,148 | ) | | | 28 | | | | 8,406 | | | | 64,628 | | | | 8 | | | | 18,524 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 460,323 | | | $ | (92,233 | ) | | $ | 7,033 | | | $ | 15,408 | | | $ | 65,206 | | | $ | 20 | | | $ | 134,088 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Core Equity Fund to Delaware Ivy Core Equity Fund. |
| (2) | Consolidated Statement of Operations (See Note 5 in Notes to Financial Statements). |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Emerging Markets Equity Fund to Delaware Ivy Emerging Markets Equity Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Bond Fund to Delaware Ivy Global Bond Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Equity Income Fund to Delaware Ivy Global Equity Income Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Growth Fund to Delaware Ivy Global Growth Fund. |
| (7) | Effective July 1, 2021, the Fund’s name changed from Ivy Government Money Market Fund to Delaware Ivy Government Money Market Fund. |
| (8) | Effective July 1, 2021, the Fund’s name changed from Ivy High Income Fund to Delaware Ivy High Income Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 108 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF OPERATIONS | | IVY FUNDS |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | Delaware Ivy
International
Core Equity
Fund(1) | | | Delaware
Ivy Large
Cap Growth
Fund(2) | | | Delaware
Ivy Limited-
Term Bond
Fund(3) | | | Delaware Ivy
Managed
International
Opportunities
Fund(4) | | | Delaware
Ivy Mid Cap
Growth
Fund(5) | | | Delaware Ivy
Mid Cap Income
Opportunities
Fund(6) | | | Delaware
Ivy Municipal
Bond Fund(7) | |
INVESTMENT INCOME | |
Dividends from unaffiliated securities | | $ | 37,337 | | | $ | 18,080 | | | $ | — | | | $ | — | | | $ | 13,414 | | | $ | 18,876 | | | $ | 140 | |
Dividends from affiliated securities | | | — | | | | — | | | | — | | | | 363 | | | | — | | | | — | | | | — | |
Foreign dividend withholding tax | | | (3,536 | ) | | | (78 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Interest and amortization from unaffiliated securities | | | 15 | | | | 7 | | | | 11,042 | | | | — | * | | | 15 | | | | 7 | | | | 9,934 | |
Securities lending income – net | | | 275 | | | | — | * | | | 4 | | | | — | | | | 8 | | | | — | | | | — | |
Total Investment Income | | | 34,091 | | | | 18,009 | | | | 11,046 | | | | 363 | | | | 13,437 | | | | 18,883 | | | | 10,074 | |
| | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment management fee | | | 10,564 | | | | 18,427 | | | | 2,710 | | | | 45 | | | | 31,174 | | | | 7,462 | | | | 1,957 | |
Distribution and service fees: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 496 | | | | 3,799 | | | | 520 | | | | 82 | | | | 3,265 | | | | 250 | | | | 553 | |
Class B | | | 2 | | | | 11 | | | | 1 | | | | — | * | | | 13 | | | | N/A | | | | — | * |
Class C | | | 326 | | | | 369 | | | | 109 | | | | 7 | | | | 862 | | | | 136 | | | | 36 | |
Class E | | | 10 | | | | 43 | | | | 9 | | | | N/A | | | | 27 | | | | N/A | | | | N/A | |
Class R | | | 143 | | | | 36 | | | | 1 | | | | 1 | | | | 230 | | | | 3 | | | | N/A | |
Class Y | | | 114 | | | | 42 | | | | 4 | | | | — | * | | | 476 | | | | 53 | | | | — | * |
Shareholder servicing: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 374 | | | | 1,221 | | | | 233 | | | | 24 | | | | 1,237 | | | | 126 | | | | 136 | |
Class B | | | 2 | | | | 5 | | | | 1 | | | | — | * | | | 7 | | | | N/A | | | | — | * |
Class C | | | 51 | | | | 60 | | | | 13 | | | | 1 | | | | 108 | | | | 19 | | | | 5 | |
Class E | | | 18 | | | | 36 | | | | 8 | | | | N/A | | | | 30 | | | | N/A | | | | N/A | |
Class I | | | 1,143 | | | | 2,190 | | | | 469 | | | | 7 | | | | 3,115 | | | | 1,083 | | | | 240 | |
Class R | | | 72 | | | | 18 | | | | 1 | | | | — | * | | | 116 | | | | 2 | | | | N/A | |
Class R6 | | | 24 | | | | 9 | | | | 7 | | | | N/A | | | | 44 | | | | 6 | | | | — | * |
Class Y | | | 92 | | | | 26 | | | | 2 | | | | — | * | | | 291 | | | | 33 | | | | — | * |
Registration fees | | | 69 | | | | 86 | | | | 74 | | | | 50 | | | | 133 | | | | 100 | | | | 51 | |
Custodian fees | | | 138 | | | | 36 | | | | 9 | | | | 1 | | | | 97 | | | | 10 | | | | 4 | |
Independent Trustees and Chief Compliance Officer fees | | | 85 | | | | 201 | | | | 36 | | | | 6 | | | | 240 | | | | 44 | | | | 36 | |
Accounting services fee | | | 138 | | | | 138 | | | | 137 | | | | 22 | | | | 138 | | | | 134 | | | | 107 | |
Professional fees | | | 18 | | | | 18 | | | | 12 | | | | 8 | | | | 17 | | | | 12 | | | | 13 | |
Third-party valuation service fees | | | 6 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Other | | | 64 | | | | 83 | | | | 30 | | | | 15 | | | | 112 | | | | 26 | | | | 24 | |
Total Expenses | | | 13,949 | | | | 26,854 | | | | 4,386 | | | | 269 | | | | 41,732 | | | | 9,499 | | | | 3,162 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses in excess of limit | | | (2,347 | ) | | | (1,902 | ) | | | (3 | ) | | | (22 | ) | | | (3,429 | ) | | | (1,524 | ) | | | (184 | ) |
Total Net Expenses | | | 11,602 | | | | 24,952 | | | | 4,383 | | | | 247 | | | | 38,303 | | | | 7,975 | | | | 2,978 | |
Net Investment Income (Loss) | | | 22,489 | | | | (6,943 | ) | | | 6,663 | | | | 116 | | | | (24,866 | ) | | | 10,908 | | | | 7,096 | |
| | | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | 232,951 | | | | 268,104 | | | | 3,469 | | | | — | | | | 430,036 | | | | 34,244 | | | | 2,098 | |
Investments in affiliated securities | | | — | | | | — | | | | — | | | | 4,420 | | | | — | | | | — | | | | — | |
Written options | | | — | | | | — | | | | — | | | | — | | | | 3,853 | | | | — | | | | — | |
Foreign currency exchange transactions | | | (971 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | (137,036 | ) | | | 562,699 | | | | (4,988 | ) | | | — | | | | 270,365 | | | | 22,159 | | | | (4,217 | ) |
Investments in affiliated securities | | | — | | | | — | | | | — | | | | (841 | ) | | | — | | | | — | | | | — | |
Written options | | | — | | | | — | | | | — | | | | — | | | | (310 | ) | | | — | | | | — | |
Foreign currency exchange transactions | | | 279 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Net Realized and Unrealized Gain (Loss) | | | 95,223 | | | | 830,803 | | | | (1,519 | ) | | | 3,579 | | | | 703,944 | | | | 56,403 | | | | (2,119 | ) |
Net Increase in Net Assets Resulting from Operations | | $ | 117,712 | | | $ | 823,860 | | | $ | 5,144 | | | $ | 3,695 | | | $ | 679,078 | | | $ | 67,311 | | | $ | 4,977 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy International Core Equity Fund to Delaware Ivy International Core Equity Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Large Cap Growth Fund to Delaware Ivy Large Cap Growth Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Limited-Term Bond Fund to Delaware Ivy Limited-Term Bond Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Managed International Opportunities Fund to Delaware Ivy Managed International Opportunities Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Growth Fund to Delaware Ivy Mid Cap Growth Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Income Opportunities Fund to Delaware Ivy Mid Cap Income Opportunities Fund. |
| (7) | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal Bond Fund to Delaware Ivy Municipal Bond Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 109 | |
| | |
| STATEMENTS OF OPERATIONS | | IVY FUNDS |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | Delaware
Ivy Municipal
High Income
Fund(1) | | | Delaware
Ivy Pzena
International
Value Fund(2) | | | Delaware
Ivy Securian
Core Bond
Fund(3) | | | Delaware
Ivy Small
Cap Core
Fund(4) | | | Delaware
Ivy Small
Cap Growth
Fund(5) | | | Delaware
Ivy Value
Fund(6) | |
INVESTMENT INCOME | |
Dividends from unaffiliated securities | | $ | — | | | $ | 4,869 | | | $ | 175 | | | $ | 3,253 | | | $ | 3,982 | | | $ | 16,563 | |
Foreign dividend withholding tax | | | — | | | | (485 | ) | | | — | | | | — | | | | — | | | | (63 | ) |
Interest and amortization from unaffiliated securities | | | 19,135 | | | | 1 | | | | 14,674 | | | | 2 | | | | 12 | | | | 5 | |
Securities lending income – net | | | — | | | | 39 | | | | 6 | | | | 16 | | | | 29 | | | | 124 | |
Total Investment Income | | | 19,135 | | | | 4,424 | | | | 14,855 | | | | 3,271 | | | | 4,023 | | | | 16,629 | |
| | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | |
Investment management fee | | | 2,541 | | | | 1,361 | | | | 2,967 | | | | 3,251 | | | | 12,815 | | | | 4,891 | |
Distribution and service fees: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 802 | | | | 85 | | | | 269 | | | | 223 | | | | 1,672 | | | | 488 | |
Class B | | | 1 | | | | — | * | | | 1 | | | | 1 | | | | 5 | | | | 2 | |
Class C | | | 133 | | | | 4 | | | | 49 | | | | 106 | | | | 275 | | | | 37 | |
Class E | | | N/A | | | | N/A | | | | 6 | | | | N/A | | | | 19 | | | | N/A | |
Class R | | | N/A | | | | — | * | | | 2 | | | | 63 | | | | 177 | | | | — | * |
Class Y | | | 6 | | | | 1 | | | | 9 | | | | 12 | | | | 172 | | | | — | * |
Shareholder servicing: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 178 | | | | 89 | | | | 179 | | | | 173 | | | | 781 | | | | 283 | |
Class B | | | 1 | | | | 1 | | | | 1 | | | | 1 | | | | 5 | | | | 2 | |
Class C | | | 15 | | | | 1 | | | | 10 | | | | 18 | | | | 50 | | | | 9 | |
Class E | | | N/A | | | | N/A | | | | 9 | | | | N/A | | | | 25 | | | | N/A | |
Class I | | | 252 | | | | 95 | | | | 608 | | | | 373 | | | | 993 | | | | 729 | |
Class R | | | N/A | | | | — | * | | | 1 | | | | 32 | | | | 90 | | | | — | * |
Class R6 | | | — | * | | | 4 | | | | 9 | | | | 4 | | | | 13 | | | | 7 | |
Class Y | | | 4 | | | | 1 | | | | 6 | | | | 7 | | | | 105 | | | | — | * |
Registration fees | | | 49 | | | | 50 | | | | 71 | | | | 60 | | | | 78 | | | | 62 | |
Custodian fees | | | 5 | | | | 16 | | | | 13 | | | | 13 | | | | 18 | | | | 8 | |
Independent Trustees and Chief Compliance Officer fees | | | 42 | | | | 13 | | | | 36 | | | | 22 | | | | 108 | | | | 50 | |
Accounting services fee | | | 116 | | | | 50 | | | | 138 | | | | 106 | | | | 137 | | | | 136 | |
Professional fees | | | 26 | | | | 17 | | | | 25 | | | | 15 | | | | 18 | | | | 11 | |
Third-party valuation service fees | | | — | | | | 5 | | | | — | * | | | — | | | | — | | | | — | |
Commitment and interest expense for borrowing | | | 41 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Other | | | 26 | | | | 16 | | | | 32 | | | | 26 | | | | 53 | | | | 32 | |
Total Expenses | | | 4,238 | | | | 1,809 | | | | 4,441 | | | | 4,506 | | | | 17,609 | | | | 6,747 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses in excess of limit | | | (218 | ) | | | (286 | ) | | | (1,273 | ) | | | (480 | ) | | | (819 | ) | | | 27 | |
Total Net Expenses | | | 4,020 | | | | 1,523 | | | | 3,168 | | | | 4,026 | | | | 16,790 | | | | 6,774 | |
Net Investment Income (Loss) | | | 15,115 | | | | 2,901 | | | | 11,687 | | | | (755 | ) | | | (12,767 | ) | | | 9,855 | |
| | | | | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | 8,017 | | | | 7,777 | | | | 7,037 | | | | 58,610 | | | | 254,031 | | | | 150,208 | |
Investments in affiliated securities | | | — | | | | — | | | | — | | | | — | | | | 255 | | | | — | |
Futures contracts | | | — | | | | — | | | | 1,547 | | | | — | | | | — | | | | — | |
Written options | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,408 | |
Swap agreements | | | — | | | | — | | | | — | | | | — | | | | (13,023 | ) | | | — | |
Foreign currency exchange transactions | | | — | | | | (42 | ) | | | — | | | | — | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | 4,394 | | | | (8,572 | ) | | | 11,131 | | | | (58,355 | ) | | | (157,474 | ) | | | (62,747 | ) |
Investments in affiliated securities | | | — | | | | — | | | | — | | | | — | | | | (20,963 | ) | | | — | |
Futures contracts | | | — | | | | — | | | | 499 | | | | — | | | | — | | | | — | |
Written options | | | — | | | | — | | | | — | | | | — | | | | — | | | | (810 | ) |
Swap agreements | | | — | | | | — | | | | — | | | | — | | | | 13,102 | | | | — | |
Foreign currency exchange transactions | | | — | | | | (8 | ) | | | — | | | | — | | | | — | | | | — | |
Net Realized and Unrealized Gain (Loss) | | | 12,411 | | | | (845 | ) | | | 20,214 | | | | 255 | | | | 75,928 | | | | 88,059 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 27,526 | | | $ | 2,056 | | | $ | 31,901 | | | $ | (500 | ) | | $ | 63,161 | | | $ | 97,914 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal High Income Fund to Delaware Ivy Municipal High Income Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Pzena International Value Fund to Delaware Ivy Pzena International Value Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Securian Core Bond Fund to Delaware Ivy Securian Core Bond Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Core Fund to Delaware Ivy Small Cap Core Fund. |
| (5) | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Growth Fund to Delaware Ivy Small Cap Growth Fund. |
| (6) | Effective July 1, 2021, the Fund’s name changed from Ivy Value Fund to Delaware Ivy Value Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 110 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Core
Equity Fund(1) | | | Delaware Ivy Emerging
Markets Equity Fund(2)(3) | | | Delaware Ivy Global
Bond Fund(4) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,828 | | | $ | 17,024 | | | $ | 12,915 | | | $ | 5,043 | | | $ | 7,005 | | | $ | 15,013 | |
Net realized gain (loss) on investments | | | 270,044 | | | | 311,659 | | | | 62,275 | | | | 191,625 | | | | 1,747 | | | | (15,878 | ) |
Net change in unrealized appreciation (depreciation) | | | 186,451 | | | | 1,527,081 | | | | (167,423 | ) | | | 798,611 | | | | (1,719 | ) | | | 56,337 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 460,323 | | | | 1,855,764 | | | | (92,233 | ) | | | 995,279 | | | | 7,033 | | | | 55,472 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | (81,922 | ) | | | — | | | | (2,691 | ) | | | (2,262 | ) | | | (4,774 | ) |
Class B | | | — | | | | (99 | ) | | | — | | | | (2 | ) | | | (2 | ) | | | (8 | ) |
Class C | | | — | | | | (1,087 | ) | | | — | | | | (240 | ) | | | (36 | ) | | | (111 | ) |
Class E | | | — | | | | (421 | ) | | | — | | | | — | | | | N/A | | | | N/A | |
Class I | | | — | | | | (25,154 | ) | | | — | | | | (13,665 | ) | | | (3,468 | ) | | | (6,461 | ) |
Class R | | | — | | | | (12 | ) | | | — | | | | (60 | ) | | | (3 | ) | | | (9 | ) |
Class R6 | | | — | | | | (2,253 | ) | | | — | | | | (3,385 | ) | | | (1,141 | ) | | | (1,350 | ) |
Class T | | | N/A | | | | N/A | | | | — | | | | — | | | | N/A | | | | N/A | |
Class Y | | | — | | | | (652 | ) | | | — | | | | (350 | ) | | | (10 | ) | | | (24 | ) |
Total Distributions to Shareholders | | | — | | | | (111,600 | ) | | | — | | | | (20,393 | ) | | | (6,922 | ) | | | (12,737 | ) |
Capital Share Transactions | | | (289,512 | ) | | | (439,273 | ) | | | (64,305 | ) | | | 72,660 | | | | 63,753 | | | | 36,481 | |
Net Increase (Decrease) in Net Assets | | | 170,811 | | | | 1,304,891 | | | | (156,538 | ) | | | 1,047,546 | | | | 63,864 | | | | 79,216 | |
Net Assets, Beginning of Period | | | 4,682,120 | | | | 3,377,229 | | | | 2,386,496 | | | | 1,338,950 | | | | 485,646 | | | | 406,430 | |
Net Assets, End of Period | | $ | 4,852,931 | | | $ | 4,682,120 | | | $ | 2,229,958 | | | $ | 2,386,496 | | | $ | 549,510 | | | $ | 485,646 | |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Core Equity Fund to Delaware Ivy Core Equity Fund. |
| (2) | Consolidated Statements of Changes in Net Assets (See Note 5 in Notes to Financial Statements). |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Emerging Markets Equity Fund to Delaware Ivy Emerging Markets Equity Fund. |
| (4) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Bond Fund to Delaware Ivy Global Bond Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 111 | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Global Equity
Income Fund(1) | | | Delaware Ivy Global
Growth Fund(2) | | | Delaware Ivy Government
Money Market Fund(3) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 7,002 | | | $ | 13,553 | | | $ | 578 | | | $ | 433 | | | $ | 12 | | | $ | 84 | |
Net realized gain on investments | | | 10,762 | | | | 27,435 | | | | 13,845 | | | | 105,721 | | | | 8 | | | | — | * |
Net change in unrealized appreciation (depreciation) | | | (2,356 | ) | | | 185,564 | | | | 50,783 | | | | 306,576 | | | | — | | | | — | |
Net Increase in Net Assets Resulting from Operations | | | 15,408 | | | | 226,552 | | | | 65,206 | | | | 412,730 | | | | 20 | | | | 84 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (5,678 | ) | | | (9,618 | ) | | | — | | | | (25,825 | ) | | | (11 | ) | | | (80 | ) |
Class B | | | (5 | ) | | | (55 | ) | | | — | | | | (27 | ) | | | — | * | | | — | * |
Class C | | | (100 | ) | | | (230 | ) | | | — | | | | (385 | ) | | | — | * | | | (1 | ) |
Class E | | | (99 | ) | | | (163 | ) | | | — | | | | — | | | | (1 | ) | | | (6 | ) |
Class I | | | (5,201 | ) | | | (9,342 | ) | | | — | | | | (23,567 | ) | | | N/A | | | | N/A | |
Class R | | | (5 | ) | | | (12 | ) | | | — | | | | (47 | ) | | | N/A | | | | N/A | |
Class R6 | | | (477 | ) | | | (836 | ) | | | — | | | | (952 | ) | | | — | * | | | (2 | ) |
Class Y | | | (38 | ) | | | (101 | ) | | | — | | | | (154 | ) | | | N/A | | | | N/A | |
Total Distributions to Shareholders | | | (11,603 | ) | | | (20,357 | ) | | | — | | | | (50,957 | ) | | | (12 | ) | | | (89 | ) |
Capital Share Transactions | | | (42,514 | ) | | | (128,990 | ) | | | (70,002 | ) | | | (47,241 | ) | | | (70,713 | ) | | | 4,070 | |
Net Increase (Decrease) in Net Assets | | | (38,709 | ) | | | 77,205 | | | | (4,796 | ) | | | 314,532 | | | | (70,705 | ) | | | 4,065 | |
Net Assets, Beginning of Period | | | 617,799 | | | | 540,594 | | | | 1,053,220 | | | | 738,688 | | | | 198,704 | | | | 194,639 | |
Net Assets, End of Period | | $ | 579,090 | | | $ | 617,799 | | | $ | 1,048,424 | | | $ | 1,053,220 | | | $ | 127,999 | | | $ | 198,704 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Equity Income Fund to Delaware Ivy Global Equity Income Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Global Growth Fund to Delaware Ivy Global Growth Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Government Money Market Fund to Delaware Ivy Government Money Market Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 112 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy High
Income Fund(1) | | | Delaware Ivy International
Core Equity Fund(2) | | | Delaware Ivy Large Cap
Growth Fund(3) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 115,564 | | | $ | 247,805 | | | $ | 22,489 | | | $ | 43,618 | | | $ | (6,943 | ) | | $ | (4,936 | ) |
Net realized gain (loss) on investments | | | (5,050 | ) | | | (141,604 | ) | | | 231,980 | | | | 29,773 | | | | 268,104 | | | | 478,902 | |
Net change in unrealized appreciation (depreciation) | | | 23,574 | | | | 873,741 | | | | (136,757 | ) | | | 1,057,682 | | | | 562,699 | | | | 1,604,172 | |
Net Increase in Net Assets Resulting from Operations | | | 134,088 | | | | 979,942 | | | | 117,712 | | | | 1,131,073 | | | | 823,860 | | | | 2,078,138 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (49,744 | ) | | | (107,719 | ) | | | — | | | | (3,688 | ) | | | — | | | | (170,543 | ) |
Class B | | | (108 | ) | | | (810 | ) | | | — | | | | (3 | ) | | | — | | | | (457 | ) |
Class C | | | (7,264 | ) | | | (24,612 | ) | | | — | | | | (448 | ) | | | — | | | | (7,120 | ) |
Class E | | | (246 | ) | | | (549 | ) | | | — | | | | (72 | ) | | | — | | | | (1,860 | ) |
Class I | | | (51,866 | ) | | | (110,939 | ) | | | — | | | | (20,933 | ) | | | — | | | | (155,259 | ) |
Class R | | | (1,238 | ) | | | (2,987 | ) | | | — | | | | (403 | ) | | | — | | | | (929 | ) |
Class R6 | | | (1,981 | ) | | | (4,483 | ) | | | — | | | | (7,957 | ) | | | — | | | | (9,887 | ) |
Class T | | | — | | | | (4 | ) | | | — | | | | — | | | | N/A | | | | N/A | |
Class Y | | | (3,503 | ) | | | (8,943 | ) | | | — | | | | (1,020 | ) | | | — | | | | (2,094 | ) |
Total Distributions to Shareholders | | | (115,950 | ) | | | (261,046 | ) | | | — | | | | (34,524 | ) | | | — | | | | (348,149 | ) |
Capital Share Transactions | | | (209,095 | ) | | | (112,251 | ) | | | (300,601 | ) | | | (1,314,858 | ) | | | (312,884 | ) | | | (145,759 | ) |
Net Increase (Decrease) in Net Assets | | | (190,957 | ) | | | 606,645 | | | | (182,889 | ) | | | (218,309 | ) | | | 510,976 | | | | 1,584,230 | |
Net Assets, Beginning of Period | | | 4,274,800 | | | | 3,668,155 | | | | 2,513,814 | | | | 2,732,123 | | | | 5,579,050 | | | | 3,994,820 | |
Net Assets, End of Period | | $ | 4,083,843 | | | $ | 4,274,800 | | | $ | 2,330,925 | | | $ | 2,513,814 | | | $ | 6,090,026 | | | $ | 5,579,050 | |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy High Income Fund to Delaware Ivy High Income Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy International Core Equity Fund to Delaware Ivy International Core Equity Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Large Cap Growth Fund to Delaware Ivy Large Cap Growth Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 113 | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Limited-Term
Bond Fund(1) | | | Delaware Ivy Managed
International Opportunities
Fund(2) | | | Delaware Ivy Mid Cap
Growth Fund(3) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 6,663 | | | $ | 17,476 | | | $ | 116 | | | $ | 1,667 | | | $ | (24,866 | ) | | $ | (31,316 | ) |
Net realized gain (loss) on investments | | | 3,469 | | | | 9,188 | | | | 4,420 | | | | (3,317 | ) | | | 433,889 | | | | 768,621 | |
Net change in unrealized appreciation (depreciation) | | | (4,988 | ) | | | 8,409 | | | | (841 | ) | | | 80,508 | | | | 270,055 | | | | 2,651,618 | |
Net Increase in Net Assets Resulting from Operations | | | 5,144 | | | | 35,073 | | | | 3,695 | | | | 78,858 | | | | 679,078 | | | | 3,388,923 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (2,111 | ) | | | (5,604 | ) | | | — | | | | (487 | ) | | | — | | | | (220,293 | ) |
Class B | | | — | * | | | (4 | ) | | | — | | | | — | * | | | — | | | | (682 | ) |
Class C | | | (28 | ) | | | (215 | ) | | | — | | | | (5 | ) | | | — | | | | (23,823 | ) |
Class E | | | (37 | ) | | | (94 | ) | | | — | | | | — | | | | — | | | | (1,820 | ) |
Class I | | | (3,547 | ) | | | (9,561 | ) | | | — | | | | (1,170 | ) | | | — | | | | (293,204 | ) |
Class R | | | (1 | ) | | | (6 | ) | | | — | | | | (3 | ) | | | — | | | | (7,927 | ) |
Class R6 | | | (919 | ) | | | (1,954 | ) | | | — | | | | (4 | ) | | | — | | | | (50,666 | ) |
Class Y | | | (14 | ) | | | (60 | ) | | | — | | | | (1 | ) | | | — | | | | (32,124 | ) |
Total Distributions to Shareholders | | | (6,657 | ) | | | (17,498 | ) | | | — | | | | (1,670 | ) | | | — | | | | (630,539 | ) |
Capital Share Transactions | | | (20,032 | ) | | | 32,056 | | | | (12,655 | ) | | | (36,774 | ) | | | (19,806 | ) | | | 718,179 | |
Net Increase (Decrease) in Net Assets | | | (21,545 | ) | | | 49,631 | | | | (8,960 | ) | | | 40,414 | | | | 659,272 | | | | 3,476,563 | |
Net Assets, Beginning of Period | | | 1,174,227 | | | | 1,124,596 | | | | 178,426 | | | | 138,012 | | | | 7,442,287 | | | | 3,965,724 | |
Net Assets, End of Period | | $ | 1,152,682 | | | $ | 1,174,227 | | | $ | 169,466 | | | $ | 178,426 | | | $ | 8,101,559 | | | $ | 7,442,287 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Limited-Term Bond Fund to Delaware Ivy Limited-Term Bond Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Managed International Opportunities Fund to Delaware Ivy Managed International Opportunities Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Growth Fund to Delaware Ivy Mid Cap Growth Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 114 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Mid Cap
Income Opportunities
Fund(1) | | | Delaware Ivy Municipal
Bond Fund(2) | | | Delaware Ivy Municipal
High Income Fund(3) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 10,908 | | | $ | 17,504 | | | $ | 7,096 | | | $ | 16,993 | | | $ | 15,115 | | | $ | 35,547 | |
Net realized gain (loss) on investments | | | 34,244 | | | | 18,853 | | | | 2,098 | | | | 12,890 | | | | 8,017 | | | | (26,979 | ) |
Net change in unrealized appreciation (depreciation) | | | 22,159 | | | | 473,596 | | | | (4,217 | ) | | | 871 | | | | 4,394 | | | | 61,272 | |
Net Increase in Net Assets Resulting from Operations | | | 67,311 | | | | 509,953 | | | | 4,977 | | | | 30,754 | | | | 27,526 | | | | 69,840 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (782 | ) | | | (1,930 | ) | | | (3,946 | ) | | | (9,944 | ) | | | (10,469 | ) | | | (21,388 | ) |
Class B | | | N/A | | | | N/A | | | | — | * | | | (5 | ) | | | (3 | ) | | | (40 | ) |
Class C | | | (6 | ) | | | (140 | ) | | | (32 | ) | | | (174 | ) | | | (344 | ) | | | (1,633 | ) |
Class E | | | — | | | | (12 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | (8,180 | ) | | | (13,645 | ) | | | (2,937 | ) | | | (6,867 | ) | | | (5,608 | ) | | | (12,085 | ) |
Class R | | | (2 | ) | | | (25 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R6 | | | (688 | ) | | | (1,307 | ) | | | (13 | ) | | | (24 | ) | | | (20 | ) | | | (43 | ) |
Class Y | | | (139 | ) | | | (368 | ) | | | (1 | ) | | | (10 | ) | | | (74 | ) | | | (174 | ) |
Total Distributions to Shareholders | | | (9,797 | ) | | | (17,427 | ) | | | (6,929 | ) | | | (17,024 | ) | | | (16,518 | ) | | | (35,363 | ) |
Capital Share Transactions | | | 140,129 | | | | 465,094 | | | | (22,287 | ) | | | (20,600 | ) | | | (26,677 | ) | | | (103,740 | ) |
Net Increase (Decrease) in Net Assets | | | 197,643 | | | | 957,620 | | | | (24,239 | ) | | | (6,870 | ) | | | (15,669 | ) | | | (69,263 | ) |
Net Assets, Beginning of Period | | | 1,567,573 | | | | 609,953 | | | | 757,094 | | | | 763,964 | | | | 985,076 | | | | 1,054,339 | |
Net Assets, End of Period | | $ | 1,765,216 | | | $ | 1,567,573 | | | $ | 732,855 | | | $ | 757,094 | | | $ | 969,407 | | | $ | 985,076 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Income Opportunities Fund to Delaware Ivy Mid Cap Income Opportunities Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal Bond Fund to Delaware Ivy Municipal Bond Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal High Income Fund to Delaware Ivy Municipal High Income Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 115 | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Pzena
International Value Fund(1) | | | Delaware Ivy Securian
Core Bond Fund(2) | | | Delaware Ivy Small Cap
Core Fund(3) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 2,901 | | | $ | 3,202 | | | $ | 11,687 | | | $ | 25,427 | | | $ | (755 | ) | | $ | (395 | ) |
Net realized gain (loss) on investments | | | 7,735 | | | | (14,113 | ) | | | 8,584 | | | | 21,740 | | | | 58,610 | | | | 64,015 | |
Net change in unrealized appreciation (depreciation) | | | (8,580 | ) | | | 129,737 | | | | 11,630 | | | | 39,258 | | | | (58,355 | ) | | | 286,005 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 2,056 | | | | 118,826 | | | | 31,901 | | | | 86,425 | | | | (500 | ) | | | 349,625 | |
| | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | (661 | ) | | | (1,985 | ) | | | (9,272 | ) | | | — | | | | — | |
Class B | | | — | | | | — | | | | — | * | | | (17 | ) | | | — | | | | — | |
Class C | | | — | | | | (4 | ) | | | (52 | ) | | | (499 | ) | | | — | | | | — | |
Class E | | | — | | | | — | | | | (43 | ) | | | (192 | ) | | | — | | | | — | |
Class I | | | — | | | | (1,233 | ) | | | (8,526 | ) | | | (37,207 | ) | | | — | | | | — | |
Class R | | | — | | | | (3 | ) | | | (7 | ) | | | (40 | ) | | | — | | | | — | |
Class R6 | | | — | | | | (1,326 | ) | | | (2,116 | ) | | | (8,070 | ) | | | — | | | | — | |
Class T | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | |
Class Y | | | — | | | | (13 | ) | | | (65 | ) | | | (437 | ) | | | — | | | | — | |
Total Distributions to Shareholders | | | — | | | | (3,240 | ) | | | (12,794 | ) | | | (55,734 | ) | | | — | | | | — | |
Capital Share Transactions | | | (21,423 | ) | | | (71,225 | ) | | | (112,397 | ) | | | 64,336 | | | | (34,319 | ) | | | (110,339 | ) |
Net Increase (Decrease) in Net Assets | | | (19,367 | ) | | | 44,361 | | | | (93,290 | ) | | | 95,027 | | | | (34,819 | ) | | | 239,286 | |
Net Assets, Beginning of Period | | | 249,851 | | | | 205,490 | | | | 1,199,288 | | | | 1,104,261 | | | | 759,575 | | | | 520,289 | |
Net Assets, End of Period | | $ | 230,484 | | | $ | 249,851 | | | $ | 1,105,998 | | | $ | 1,199,288 | | | $ | 724,756 | | | $ | 759,575 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Pzena International Value Fund to Delaware Ivy Pzena International Value Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Securian Core Bond Fund to Delaware Ivy Securian Core Bond Fund. |
| (3) | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Core Fund to Delaware Ivy Small Cap Core Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | |
| 116 | | SEMIANNUAL REPORT | | 2021 | | |
| | |
| STATEMENTS OF CHANGES IN NET ASSETS | | IVY FUNDS |
| | | | | | | | | | | | | | | | |
| | | Delaware Ivy Small Cap
Growth Fund(1) | | | Delaware Ivy Value Fund(2) | |
| (In thousands) | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (12,767 | ) | | $ | (20,503 | ) | | $ | 9,855 | | | $ | 18,023 | |
Net realized gain (loss) on investments | | | 241,263 | | | | 675,829 | | | | 151,616 | | | | (22,790 | ) |
Net change in unrealized appreciation (depreciation) | | | (165,335 | ) | | | 874,374 | | | | (63,557 | ) | | | 546,332 | |
Net Increase in Net Assets Resulting from Operations | | | 63,161 | | | | 1,529,700 | | | | 97,914 | | | | 541,565 | |
| | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | | | | |
Accumulated earnings: | | | | | | | | | | | | | | | | |
(combined net investment income and net realized gains) | | | | | | | | | | | | | | | | |
Class A | | | — | | | | (108,060 | ) | | | (3,805 | ) | | | (10,264 | ) |
Class B | | | — | | | | (341 | ) | | | (2 | ) | | | (19 | ) |
Class C | | | — | | | | (8,294 | ) | | | (38 | ) | | | (213 | ) |
Class E | | | — | | | | (1,201 | ) | | | — | | | | (1 | ) |
Class I | | | — | | | | (74,138 | ) | | | (9,450 | ) | | | (27,111 | ) |
Class R | | | — | | | | (5,930 | ) | | | — | * | | | (10 | ) |
Class R6 | | | — | | | | (14,980 | ) | | | (1,619 | ) | | | (4,904 | ) |
Class T | | | — | | | | — | | | | N/A | | | | N/A | |
Class Y | | | — | | | | (8,794 | ) | | | (1 | ) | | | (4 | ) |
Total Distributions to Shareholders | | | — | | | | (221,738 | ) | | | (14,915 | ) | | | (42,526 | ) |
Capital Share Transactions | | | (171,862 | ) | | | (165,687 | ) | | | 16,555 | | | | (51,466 | ) |
Net Increase (Decrease) in Net Assets | | | (108,701 | ) | | | 1,142,275 | | | | 99,554 | | | | 447,573 | |
Net Assets, Beginning of Period | | | 3,065,112 | | | | 1,922,837 | | | | 1,342,090 | | | | 894,517 | |
Net Assets, End of Period | | $ | 2,956,411 | | | $ | 3,065,112 | | | $ | 1,441,644 | | | $ | 1,342,090 | |
| * | Not shown due to rounding. |
| (1) | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Growth Fund to Delaware Ivy Small Cap Growth Fund. |
| (2) | Effective July 1, 2021, the Fund’s name changed from Ivy Value Fund to Delaware Ivy Value Fund. |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 117 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY CORE EQUITY FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 18.01 | | | $ | 0.01 | | | $ | 1.77 | | | $ | 1.78 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 11.73 | | | | 0.06 | | | | 6.65 | | | | 6.71 | | | | (0.04 | ) | | | (0.39 | ) | | | (0.43 | ) |
Year ended 3-31-2020 | | | 13.47 | | | | 0.06 | | | | (0.29 | ) | | | (0.23 | ) | | | (0.09 | ) | | | (1.42 | ) | | | (1.51 | ) |
Year ended 3-31-2019 | | | 14.78 | | | | 0.09 | | | | 0.60 | | | | 0.69 | | | | (0.09 | ) | | | (1.91 | ) | | | (2.00 | ) |
Year ended 3-31-2018 | | | 13.55 | | | | 0.05 | | | | 2.11 | | | | 2.16 | | | | (0.03 | ) | | | (0.90 | ) | | | (0.93 | ) |
Year ended 3-31-2017 | | | 12.73 | | | | 0.03 | | | | 1.28 | | | | 1.31 | | | | (0.05 | ) | | | (0.44 | ) | | | (0.49 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.88 | | | | (0.08 | ) | | | 1.36 | | | | 1.28 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 9.16 | | | | (0.08 | ) | | | 5.17 | | | | 5.09 | | | | — | | | | (0.37 | ) | | | (0.37 | ) |
Year ended 3-31-2020 | | | 10.81 | | | | (0.08 | ) | | | (0.18 | ) | | | (0.26 | ) | | | — | * | | | (1.39 | ) | | | (1.39 | ) |
Year ended 3-31-2019 | | | 12.21 | | | | (0.06 | ) | | | 0.48 | | | | 0.42 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2018 | | | 11.42 | | | | (0.09 | ) | | | 1.77 | | | | 1.68 | | | | — | | | | (0.89 | ) | | | (0.89 | ) |
Year ended 3-31-2017 | | | 10.85 | | | | (0.09 | ) | | | 1.10 | | | | 1.01 | | | | — | | | | (0.44 | ) | | | (0.44 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 14.65 | | | | (0.06 | ) | | | 1.43 | | | | 1.37 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 9.63 | | | | (0.06 | ) | | | 5.45 | | | | 5.39 | | | | — | | | | (0.37 | ) | | | (0.37 | ) |
Year ended 3-31-2020 | | | 11.31 | | | | (0.05 | ) | | | (0.22 | ) | | | (0.27 | ) | | | (0.01 | ) | | | (1.40 | ) | | | (1.41 | ) |
Year ended 3-31-2019 | | | 12.69 | | | | (0.03 | ) | | | 0.51 | | | | 0.48 | | | | — | | | | (1.86 | ) | | | (1.86 | ) |
Year ended 3-31-2018 | | | 11.81 | | | | (0.06 | ) | | | 1.83 | | | | 1.77 | | | | — | | | | (0.89 | ) | | | (0.89 | ) |
Year ended 3-31-2017 | | | 11.19 | | | | (0.07 | ) | | | 1.13 | | | | 1.06 | | | | — | | | | (0.44 | ) | | | (0.44 | ) |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.92 | | | | 0.01 | | | | 1.75 | | | | 1.76 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.67 | | | | 0.06 | | | | 6.62 | | | | 6.68 | | | | (0.04 | ) | | | (0.39 | ) | | | (0.43 | ) |
Year ended 3-31-2020 | | | 13.40 | | | | 0.06 | | | | (0.29 | ) | | | (0.23 | ) | | | (0.08 | ) | | | (1.42 | ) | | | (1.50 | ) |
Year ended 3-31-2019 | | | 14.71 | | | | 0.08 | | | | 0.59 | | | | 0.67 | | | | (0.07 | ) | | | (1.91 | ) | | | (1.98 | ) |
Year ended 3-31-2018 | | | 13.50 | | | | 0.04 | | | | 2.10 | | | | 2.14 | | | | (0.03 | ) | | | (0.90 | ) | | | (0.93 | ) |
Year ended 3-31-2017 | | | 12.67 | | | | 0.03 | | | | 1.28 | | | | 1.31 | | | | (0.04 | ) | | | (0.44 | ) | | | (0.48 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.77 | | | | 0.03 | | | | 2.03 | | | | 2.06 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.47 | | | | 0.10 | | | | 7.66 | | | | 7.76 | | | | (0.07 | ) | | | (0.39 | ) | | | (0.46 | ) |
Year ended 3-31-2020 | | | 15.27 | | | | 0.10 | | | | (0.37 | ) | | | (0.27 | ) | | | (0.11 | ) | | | (1.42 | ) | | | (1.53 | ) |
Year ended 3-31-2019 | | | 16.48 | | | | 0.14 | | | | 0.69 | | | | 0.83 | | | | (0.13 | ) | | | (1.91 | ) | | | (2.04 | ) |
Year ended 3-31-2018 | | | 15.01 | | | | 0.09 | | | | 2.35 | | | | 2.44 | | | | (0.07 | ) | | | (0.90 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 14.05 | | | | 0.08 | | | | 1.41 | | | | 1.49 | | | | (0.09 | ) | | | (0.44 | ) | | | (0.53 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.82 | | | | (0.02 | ) | | | 1.74 | | | | 1.72 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.62 | | | | (0.01 | ) | | | 6.59 | | | | 6.58 | | | | — | * | | | (0.38 | ) | | | (0.38 | ) |
Year ended 3-31-2020 | | | 13.36 | | | | 0.01 | | | | (0.30 | ) | | | (0.29 | ) | | | (0.03 | ) | | | (1.42 | ) | | | (1.45 | ) |
Year ended 3-31-2019 | | | 14.67 | | | | 0.03 | | | | 0.60 | | | | 0.63 | | | | (0.03 | ) | | | (1.91 | ) | | | (1.94 | ) |
Year ended 3-31-2018 | | | 13.47 | | | | (0.01 | ) | | | 2.11 | | | | 2.10 | | | | — | | | | (0.90 | ) | | | (0.90 | ) |
Year ended 3-31-2017 | | | 12.67 | | | | (0.02 | ) | | | 1.27 | | | | 1.25 | | | | (0.01 | ) | | | (0.44 | ) | | | (0.45 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.82 | | | | 0.05 | | | | 2.04 | | | | 2.09 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.50 | | | | 0.12 | | | | 7.68 | | | | 7.80 | | | | (0.09 | ) | | | (0.39 | ) | | | (0.48 | ) |
Year ended 3-31-2020 | | | 15.30 | | | | 0.13 | | | | (0.37 | ) | | | (0.24 | ) | | | (0.14 | ) | | | (1.42 | ) | | | (1.56 | ) |
Year ended 3-31-2019 | | | 16.51 | | | | 0.16 | | | | 0.69 | | | | 0.85 | | | | (0.15 | ) | | | (1.91 | ) | | | (2.06 | ) |
Year ended 3-31-2018 | | | 15.03 | | | | 0.10 | | | | 2.36 | | | | 2.46 | | | | (0.08 | ) | | | (0.90 | ) | | | (0.98 | ) |
Year ended 3-31-2017 | | | 14.07 | | | | 0.08 | | | | 1.43 | | | | 1.51 | | | | (0.11 | ) | | | (0.44 | ) | | | (0.55 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.01 | | | | 0.03 | | | | 1.96 | | | | 1.99 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.00 | | | | 0.09 | | | | 7.37 | | | | 7.46 | | | | (0.06 | ) | | | (0.39 | ) | | | (0.45 | ) |
Year ended 3-31-2020 | | | 14.78 | | | | 0.09 | | | | (0.34 | ) | | | (0.25 | ) | | | (0.11 | ) | | | (1.42 | ) | | | (1.53 | ) |
Year ended 3-31-2019 | | | 16.02 | | | | 0.13 | | | | 0.67 | | | | 0.80 | | | | (0.13 | ) | | | (1.91 | ) | | | (2.04 | ) |
Year ended 3-31-2018 | | | 14.61 | | | | 0.09 | | | | 2.28 | | | | 2.37 | | | | (0.06 | ) | | | (0.90 | ) | | | (0.96 | ) |
Year ended 3-31-2017 | | | 13.69 | | | | 0.07 | | | | 1.38 | | | | 1.45 | | | | (0.09 | ) | | | (0.44 | ) | | | (0.53 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Core Equity Fund to Delaware Ivy Core Equity Fund. |
| | | | | | |
| 118 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 19.79 | | | | 9.88 | % | | $ | 3,567 | | | | 0.96 | %(5) | | | 0.11 | %(5) | | | — | % | | | — | % | | | 13 | % |
Year ended 3-31-2021 | | | 18.01 | | | | 57.58 | | | | 3,411 | | | | 1.00 | | | | 0.36 | | | | — | | | | — | | | | 49 | |
Year ended 3-31-2020 | | | 11.73 | | | | -3.57 | | | | 2,409 | | | | 1.03 | | | | 0.42 | | | | — | | | | — | | | | 66 | |
Year ended 3-31-2019 | | | 13.47 | | | | 5.56 | | | | 2,895 | | | | 1.02 | | | | 0.64 | | | | — | | | | — | | | | 97 | |
Year ended 3-31-2018 | | | 14.78 | | | | 16.31 | | | | 3,149 | | | | 1.04 | | | | 0.33 | | | | 1.04 | | | | 0.33 | | | | 51 | |
Year ended 3-31-2017 | | | 13.55 | | | | 10.42 | | | | 269 | | | | 1.15 | | | | 0.20 | | | | 1.21 | | | | 0.14 | | | | 90 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 15.16 | | | | 9.22 | | | | 1 | | | | 2.08 | (5) | | | -1.01 | (5) | | | 2.52 | (5) | | | -1.45 | (5) | | | 13 | |
Year ended 3-31-2021 | | | 13.88 | | | | 55.92 | | | | 3 | | | | 2.08 | | | | -0.69 | | | | 2.24 | | | | -0.85 | | | | 49 | |
Year ended 3-31-2020 | | | 9.16 | | | | -4.64 | | | | 4 | | | | 2.13 | | | | -0.67 | | | | 2.18 | | | | -0.72 | | | | 66 | |
Year ended 3-31-2019 | | | 10.81 | | | | 4.49 | | | | 8 | | | | 2.11 | | | | -0.47 | | | | — | | | | — | | | | 97 | |
Year ended 3-31-2018 | | | 12.21 | | | | 15.11 | | | | 11 | | | | 2.11 | | | | -0.71 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2017 | | | 11.42 | | | | 9.39 | | | | 8 | | | | 2.13 | | | | -0.79 | | | | — | | | | — | | | | 90 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 16.02 | | | | 9.35 | | | | 32 | | | | 1.82 | (5) | | | -0.74 | (5) | | | — | | | | — | | | | 13 | |
Year ended 3-31-2021 | | | 14.65 | | | | 56.31 | | | | 33 | | | | 1.88 | | | | -0.51 | | | | — | | | | — | | | | 49 | |
Year ended 3-31-2020 | | | 9.63 | | | | -4.44 | | | | 37 | | | | 1.89 | | | | -0.44 | | | | — | | | | — | | | | 66 | |
Year ended 3-31-2019 | | | 11.31 | | | | 4.74 | | | | 52 | | | | 1.85 | | | | -0.20 | | | | — | | | | — | | | | 97 | |
Year ended 3-31-2018 | | | 12.69 | | | | 15.39 | | | | 70 | | | | 1.89 | | | | -0.50 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2017 | | | 11.81 | | | | 9.60 | | | | 116 | | | | 1.92 | | | | -0.57 | | | | — | | | | — | | | | 90 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.68 | | | | 9.82 | | | | 19 | | | | 0.97 | (5) | | | 0.10 | (5) | | | 1.12 | (5) | | | -0.05 | (5) | | | 13 | |
Year ended 3-31-2021 | | | 17.92 | | | | 57.64 | | | | 17 | | | | 0.99 | | | | 0.36 | | | | 1.14 | | | | 0.21 | | | | 49 | |
Year ended 3-31-2020 | | | 11.67 | | | | -3.61 | | | | 12 | | | | 1.05 | | | | 0.40 | | | | 1.22 | | | | 0.23 | | | | 66 | |
Year ended 3-31-2019 | | | 13.40 | | | | 5.54 | | | | 13 | | | | 1.10 | | | | 0.56 | | | | 1.22 | | | | 0.44 | | | | 97 | |
Year ended 3-31-2018 | | | 14.71 | | | | 16.22 | | | | 14 | | | | 1.13 | | | | 0.25 | | | | 1.31 | | | | 0.07 | | | | 51 | |
Year ended 3-31-2017 | | | 13.50 | | | | 10.49 | | | | 12 | | | | 1.16 | | | | 0.19 | | | | 1.42 | | | | -0.07 | | | | 90 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.83 | | | | 9.92 | | | | 1,116 | | | | 0.79 | (5) | | | 0.29 | (5) | | | — | | | | — | | | | 13 | |
Year ended 3-31-2021 | | | 20.77 | | | | 57.92 | | | | 1,101 | | | | 0.81 | | | | 0.55 | | | | — | | | | — | | | | 49 | |
Year ended 3-31-2020 | | | 13.47 | | | | -3.38 | | | | 861 | | | | 0.83 | | | | 0.63 | | | | — | | | | — | | | | 66 | |
Year ended 3-31-2019 | | | 15.27 | | | | 5.84 | | | | 1,089 | | | | 0.81 | | | | 0.85 | | | | — | | | | — | | | | 97 | |
Year ended 3-31-2018 | | | 16.48 | | | | 16.60 | | | | 1,216 | | | | 0.82 | | | | 0.56 | | | | 0.84 | | | | 0.54 | | | | 51 | |
Year ended 3-31-2017 | | | 15.01 | | | | 10.76 | | | | 384 | | | | 0.84 | | | | 0.52 | | | | 0.91 | | | | 0.45 | | | | 90 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.54 | | | | 9.65 | | | | — | * | | | 1.39 | (5) | | | -0.26 | (5) | | | — | | | | — | | | | 13 | |
Year ended 3-31-2021 | | | 17.82 | | | | 56.93 | | | | 1 | | | | 1.40 | | | | -0.04 | | | | — | | | | — | | | | 49 | |
Year ended 3-31-2020 | | | 11.62 | | | | -3.93 | | | | — | * | | | 1.42 | | | | 0.04 | | | | — | | | | — | | | | 66 | |
Year ended 3-31-2019 | | | 13.36 | | | | 5.16 | | | | 1 | | | | 1.40 | | | | 0.22 | | | | — | | | | — | | | | 97 | |
Year ended 3-31-2018 | | | 14.67 | | | | 15.91 | | | | 2 | | | | 1.46 | | | | -0.08 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2017 | | | 13.47 | | | | 10.01 | | | | 3 | | | | 1.51 | | | | -0.15 | | | | — | | | | — | | | | 90 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.91 | | | | 10.04 | | | | 91 | | | | 0.64 | (5) | | | 0.44 | (5) | | | — | | | | — | | | | 13 | |
Year ended 3-31-2021 | | | 20.82 | | | | 58.14 | | | | 90 | | | | 0.66 | | | | 0.68 | | | | — | | | | — | | | | 49 | |
Year ended 3-31-2020 | | | 13.50 | | | | -3.23 | | | | 31 | | | | 0.67 | | | | 0.78 | | | | — | | | | — | | | | 66 | |
Year ended 3-31-2019 | | | 15.30 | | | | 6.01 | | | | 45 | | | | 0.65 | | | | 0.97 | | | | — | | | | — | | | | 97 | |
Year ended 3-31-2018 | | | 16.51 | | | | 16.74 | | | | 71 | | | | 0.73 | | | | 0.64 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2017 | | | 15.03 | | | | 10.84 | | | | 112 | | | | 0.76 | | | | 0.58 | | | | — | | | | — | | | | 90 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.00 | | | | 9.95 | | | | 27 | | | | 0.84 | (5) | | | 0.23 | (5) | | | 1.03 | (5) | | | 0.04 | (5) | | | 13 | |
Year ended 3-31-2021 | | | 20.01 | | | | 57.75 | | | | 26 | | | | 0.85 | | | | 0.50 | | | | 1.05 | | | | 0.30 | | | | 49 | |
Year ended 3-31-2020 | | | 13.00 | | | | -3.37 | | | | 23 | | | | 0.84 | | | | 0.60 | | | | 1.08 | | | | 0.36 | | | | 66 | |
Year ended 3-31-2019 | | | 14.78 | | | | 5.81 | | | | 45 | | | | 0.84 | | | | 0.80 | | | | 1.05 | | | | 0.59 | | | | 97 | |
Year ended 3-31-2018 | | | 16.02 | | | | 16.61 | | | | 50 | | | | 0.84 | | | | 0.55 | | | | 1.10 | | | | 0.29 | | | | 51 | |
Year ended 3-31-2017 | | | 14.61 | | | | 10.75 | | | | 64 | | | | 0.84 | | | | 0.49 | | | | 1.15 | | | | 0.18 | | | | 90 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 119 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY EMERGING MARKETS EQUITY FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 28.07 | | | $ | 0.11 | | | $ | (1.23 | ) | | $ | (1.12 | ) | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 15.61 | | | | (0.01 | ) | | | 12.68 | | | | 12.67 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2020 | | | 19.15 | | | | 0.12 | | | | (3.51 | ) | | | (3.39 | ) | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2019 | | | 21.60 | | | | 0.12 | | | | (2.46 | ) | | | (2.34 | ) | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2018 | | | 16.95 | | | | 0.01 | | | | 4.64 | | | | 4.65 | | | | — | * | | | — | | | | — | * |
Year ended 3-31-2017 | | | 13.59 | | | | (0.02 | ) | | | 3.38 | | | | 3.36 | | | | — | | | | — | | | | — | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.66 | | | | (0.05 | ) | | | (0.98 | ) | | | (1.03 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 12.66 | | | | (0.19 | ) | | | 10.24 | | | | 10.05 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2020 | | | 15.61 | | | | (0.06 | ) | | | (2.84 | ) | | | (2.90 | ) | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2019 | | | 17.68 | | | | (0.04 | ) | | | (2.02 | ) | | | (2.06 | ) | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2018 | | | 14.01 | | | | (0.14 | ) | | | 3.81 | | | | 3.67 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 11.34 | | | | (0.14 | ) | | | 2.81 | | | | 2.67 | | | | — | | | | — | | | | — | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 23.86 | | | | 0.01 | | | | (1.05 | ) | | | (1.04 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.31 | | | | (0.15 | ) | | | 10.79 | | | | 10.64 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2020 | | | 16.39 | | | | (0.01 | ) | | | (2.99 | ) | | | (3.00 | ) | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2019 | | | 18.54 | | | | (0.01 | ) | | | (2.10 | ) | | | (2.11 | ) | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2018 | | | 14.65 | | | | (0.12 | ) | | | 4.01 | | | | 3.89 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 11.84 | | | | (0.12 | ) | | | 2.93 | | | | 2.81 | | | | — | | | | — | | | | — | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 29.05 | | | | 0.17 | | | | (1.29 | ) | | | (1.12 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 16.13 | | | | 0.09 | | | | 13.12 | | | | 13.21 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2020 | | | 19.77 | | | | 0.21 | | | | (3.61 | ) | | | (3.40 | ) | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year ended 3-31-2019 | | | 22.30 | | | | 0.21 | | | | (2.55 | ) | | | (2.34 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2018 | | | 17.47 | | | | 0.09 | | | | 4.80 | | | | 4.89 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2017 | | | 13.96 | | | | 0.03 | | | | 3.48 | | | | 3.51 | | | | — | | | | — | | | | — | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.75 | | | | 0.06 | | | | (1.22 | ) | | | (1.16 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 15.44 | | | | (0.07 | ) | | | 12.53 | | | | 12.46 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2020 | | | 18.95 | | | | 0.07 | | | | (3.47 | ) | | | (3.40 | ) | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2019 | | | 21.40 | | | | 0.06 | | | | (2.43 | ) | | | (2.37 | ) | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2018 | | | 16.83 | | | | (0.04 | ) | | | 4.61 | | | | 4.57 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 13.53 | | | | (0.07 | ) | | | 3.37 | | | | 3.30 | | | | — | | | | — | | | | — | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 29.21 | | | | 0.18 | | | | (1.29 | ) | | | (1.11 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 16.22 | | | | 0.10 | | | | 13.19 | | | | 13.29 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year ended 3-31-2020 | | | 19.88 | | | | 0.21 | | | | (3.63 | ) | | | (3.42 | ) | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year ended 3-31-2019 | | | 22.42 | | | | 0.20 | | | | (2.54 | ) | | | (2.34 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2018 | | | 17.56 | | | | 0.12 | | | | 4.80 | | | | 4.92 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2017 | | | 14.01 | | | | 0.06 | | | | 3.49 | | | | 3.55 | | | | — | | | | — | | | | — | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.65 | | | | 0.12 | | | | (1.27 | ) | | | (1.15 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 15.92 | | | | 0.01 | | | | 12.94 | | | | 12.95 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2020 | | | 19.53 | | | | 0.14 | | | | (3.58 | ) | | | (3.44 | ) | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2019 | | | 22.02 | | | | 0.13 | | | | (2.50 | ) | | | (2.37 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2018 | | | 17.27 | | | | 0.02 | | | | 4.74 | | | | 4.76 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2017 | | | 13.84 | | | | (0.02 | ) | | | 3.45 | | | | 3.43 | | | | — | | | | — | | | | — | |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Emerging Markets Equity Fund to Delaware Ivy Emerging Markets Equity Fund. |
| | | | | | |
| 120 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 26.95 | | | | -3.99 | % | | $ | 348 | | | | 1.35 | %(5) | | | 0.78 | %(5) | | | — | % | | | — | % | | | 19 | % |
Year ended 3-31-2021 | | | 28.07 | | | | 81.21 | | | | 377 | | | | 1.39 | | | | -0.03 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 15.61 | | | | -17.87 | | | | 229 | | | | 1.46 | | | | 0.61 | | | | 1.46 | | | | 0.61 | | | | 32 | |
Year ended 3-31-2019 | | | 19.15 | | | | -10.75 | | | | 344 | | | | 1.44 | | | | 0.62 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2018 | | | 21.60 | | | | 27.44 | | | | 569 | | | | 1.44 | | | | 0.07 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2017 | | | 16.95 | | | | 24.72 | | | | 293 | | | | 1.55 | | | | -0.14 | | �� | | 1.68 | | | | -0.27 | | | | 59 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 21.63 | | | | -4.54 | | | | — | * | | | 2.45 | (5) | | | -0.42 | (5) | | | 3.16 | (5) | | | -1.13 | (5) | | | 19 | |
Year ended 3-31-2021 | | | 22.66 | | | | 79.42 | | | | — | * | | | 2.45 | | | | -1.05 | | | | 2.59 | | | | -1.19 | | | | 39 | |
Year ended 3-31-2020 | | | 12.66 | | | | -18.72 | | | | 1 | | | | 2.50 | | | | -0.38 | | | | 2.57 | | | | -0.45 | | | | 32 | |
Year ended 3-31-2019 | | | 15.61 | | | | -11.61 | | | | 2 | | | | 2.39 | | | | -0.29 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2018 | | | 17.68 | | | | 26.27 | | | | 5 | | | | 2.40 | | | | -0.83 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2017 | | | 14.01 | | | | 23.54 | | | | 4 | | | | 2.50 | | | | -1.10 | | | | 2.78 | | | | -1.38 | | | | 59 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.82 | | | | -4.36 | | | | 51 | | | | 2.08 | (5) | | | 0.05 | (5) | | | — | | | | — | | | | 19 | |
Year ended 3-31-2021 | | | 23.86 | | | | 80.00 | | | | 57 | | | | 2.10 | | | | -0.73 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 13.31 | | | | -18.43 | | | | 43 | | | | 2.16 | | | | -0.07 | | | | 2.16 | | | | -0.07 | | | | 32 | |
Year ended 3-31-2019 | | | 16.39 | | | | -11.36 | | | | 72 | | | | 2.11 | | | | -0.08 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2018 | | | 18.54 | | | | 26.55 | | | | 95 | | | | 2.13 | | | | -0.66 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2017 | | | 14.65 | | | | 23.73 | | | | 37 | | | | 2.36 | | | | -0.96 | | | | — | | | | — | | | | 59 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.93 | | | | -3.86 | | | | 1,427 | | | | 0.99 | (5) | | | 1.14 | (5) | | | 1.08 | (5) | | | 1.05 | (5) | | | 19 | |
Year ended 3-31-2021 | | | 29.05 | | | | 82.02 | | | | 1,548 | | | | 0.99 | | | | 0.37 | | | | 1.10 | | | | 0.26 | | | | 39 | |
Year ended 3-31-2020 | | | 16.13 | | | | -17.50 | | | | 826 | | | | 0.99 | | | | 1.09 | | | | 1.14 | | | | 0.94 | | | | 32 | |
Year ended 3-31-2019 | | | 19.77 | | | | -10.34 | | | | 1,209 | | | | 0.99 | | | | 1.06 | | | | 1.11 | | | | 0.94 | | | | 59 | |
Year ended 3-31-2018 | | | 22.30 | | | | 28.03 | | | | 1,689 | | | | 0.99 | | | | 0.44 | | | | 1.10 | | | | 0.33 | | | | 38 | |
Year ended 3-31-2017 | | | 17.47 | | | | 25.14 | | | | 465 | | | | 1.19 | | | | 0.20 | | | | 1.23 | | | | 0.16 | | | | 59 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.59 | | | | -4.18 | | | | 10 | | | | 1.68 | (5) | | | 0.43 | (5) | | | — | | | | — | | | | 19 | |
Year ended 3-31-2021 | | | 27.75 | | | | 80.73 | | | | 11 | | | | 1.69 | | | | -0.32 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 15.44 | | | | -18.07 | | | | 9 | | | | 1.72 | | | | 0.39 | | | | 1.72 | | | | 0.39 | | | | 32 | |
Year ended 3-31-2019 | | | 18.95 | | | | -11.03 | | | | 15 | | | | 1.70 | | | | 0.32 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2018 | | | 21.40 | | | | 27.15 | | | | 20 | | | | 1.70 | | | | -0.19 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2017 | | | 16.83 | | | | 24.39 | | | | 11 | | | | 1.82 | | | | -0.44 | | | | — | | | | — | | | | 59 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.10 | | | | -3.80 | | | | 355 | | | | 0.94 | (5) | | | 1.20 | (5) | | | — | | | | — | | | | 19 | |
Year ended 3-31-2021 | | | 29.21 | | | | 82.01 | | | | 353 | | | | 0.95 | | | | 0.40 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 16.22 | | | | -17.46 | | | | 200 | | | | 0.99 | | | | 1.05 | | | | 0.99 | | | | 1.05 | | | | 32 | |
Year ended 3-31-2019 | | | 19.88 | | | | -10.32 | | | | 300 | | | | 0.96 | | | | 1.03 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2018 | | | 22.42 | | | | 28.07 | | | | 310 | | | | 0.95 | | | | 0.58 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2017 | | | 17.56 | | | | 25.34 | | | | 18 | | | | 1.07 | | | | 0.37 | | | | — | | | | — | | | | 59 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.50 | | | | -4.01 | | | | 39 | | | | 1.33 | (5) | | | 0.80 | (5) | | | — | | | | — | | | | 19 | |
Year ended 3-31-2021 | | | 28.65 | | | | 81.40 | | | | 40 | | | | 1.34 | | | | 0.04 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 15.92 | | | | -17.80 | | | | 31 | | | | 1.37 | | | | 0.70 | | | | 1.37 | | | | 0.70 | | | | 32 | |
Year ended 3-31-2019 | | | 19.53 | | | | -10.68 | | | | 45 | | | | 1.35 | | | | 0.69 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2018 | | | 22.02 | | | | 27.58 | | | | 68 | | | | 1.36 | | | | 0.12 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2017 | | | 17.27 | | | | 24.78 | | | | 21 | | | | 1.50 | | | | -0.14 | | | | — | | | | — | | | | 59 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 121 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY GLOBAL BOND FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 10.26 | | | $ | 0.13 | | | $ | 0.01 | | | $ | 0.14 | | | $ | (0.13 | ) | | $ | — | | | $ | (0.13 | ) |
Year ended 3-31-2021 | | | 9.26 | | | | 0.32 | | | | 0.95 | | | | 1.27 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2020 | | | 9.71 | | | | 0.34 | | | | (0.59 | ) | | | (0.25 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2019 | | | 9.68 | | | | 0.32 | | | | 0.01 | | | | 0.33 | | | | (0.28 | ) | | | (0.02 | ) | | | (0.30 | ) |
Year ended 3-31-2018 | | | 9.68 | | | | 0.32 | | | | (0.11 | ) | | | 0.21 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2017 | | | 9.17 | | | | 0.34 | | | | 0.37 | | | | 0.71 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.25 | | | | 0.10 | | | | 0.01 | | | | 0.11 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2021 | | | 9.26 | | | | 0.26 | | | | 0.93 | | | | 1.19 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2020 | | | 9.71 | | | | 0.27 | | | | (0.59 | ) | | | (0.32 | ) | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Year ended 3-31-2019 | | | 9.68 | | | | 0.25 | | | | 0.01 | | | | 0.26 | | | | (0.21 | ) | | | (0.02 | ) | | | (0.23 | ) |
Year ended 3-31-2018 | | | 9.67 | | | | 0.23 | | | | (0.08 | ) | | | 0.15 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year ended 3-31-2017 | | | 9.16 | | | | 0.26 | | | | 0.38 | | | | 0.64 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.25 | | | | 0.09 | | | | 0.02 | | | | 0.11 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2021 | | | 9.26 | | | | 0.25 | | | | 0.94 | | | | 1.19 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2020 | | | 9.71 | | | | 0.26 | | | | (0.59 | ) | | | (0.33 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2019 | | | 9.68 | | | | 0.25 | | | | 0.01 | | | | 0.26 | | | | (0.21 | ) | | | (0.02 | ) | | | (0.23 | ) |
Year ended 3-31-2018 | | | 9.68 | | | | 0.23 | | | | (0.09 | ) | | | 0.14 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year ended 3-31-2017 | | | 9.16 | | | | 0.26 | | | | 0.39 | | | | 0.65 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.25 | | | | 0.14 | | | | 0.02 | | | | 0.16 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year ended 3-31-2021 | | | 9.26 | | | | 0.35 | | | | 0.93 | | | | 1.28 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2020 | | | 9.71 | | | | 0.36 | | | | (0.59 | ) | | | (0.23 | ) | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2019 | | | 9.68 | | | | 0.34 | | | | 0.01 | | | | 0.35 | | | | (0.30 | ) | | | (0.02 | ) | | | (0.32 | ) |
Year ended 3-31-2018 | | | 9.68 | | | | 0.34 | | | | (0.11 | ) | | | 0.23 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2017 | | | 9.16 | | | | 0.34 | | | | 0.40 | | | | 0.74 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.23 | | | | 0.11 | | | | 0.02 | | | | 0.13 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2021 | | | 9.24 | | | | 0.28 | | | | 0.93 | | | | 1.21 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2020 | | | 9.69 | | | | 0.29 | | | | (0.59 | ) | | | (0.30 | ) | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2019 | | | 9.67 | | | | 0.27 | | | | 0.01 | | | | 0.28 | | | | (0.24 | ) | | | (0.02 | ) | | | (0.26 | ) |
Year ended 3-31-2018 | | | 9.66 | | | | 0.26 | | | | (0.09 | ) | | | 0.17 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Year ended 3-31-2017 | | | 9.15 | | | | 0.27 | | | | 0.39 | | | | 0.66 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.26 | | | | 0.14 | | | | 0.02 | | | | 0.16 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2021 | | | 9.26 | | | | 0.34 | | | | 0.95 | | | | 1.29 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2020 | | | 9.71 | | | | 0.36 | | | | (0.58 | ) | | | (0.22 | ) | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2019 | | | 9.69 | | | | 0.34 | | | | 0.01 | | | | 0.35 | | | | (0.31 | ) | | | (0.02 | ) | | | (0.33 | ) |
Year ended 3-31-2018 | | | 9.68 | | | | 0.33 | | | | (0.09 | ) | | | 0.24 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2017 | | | 9.17 | | | | 0.33 | | | | 0.40 | | | | 0.73 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.26 | | | | 0.13 | | | | 0.01 | | | | 0.14 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Year ended 3-31-2021 | | | 9.26 | | | | 0.32 | | | | 0.95 | | | | 1.27 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2020 | | | 9.71 | | | | 0.34 | | | | (0.59 | ) | | | (0.25 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2019 | | | 9.69 | | | | 0.32 | | | | 0.00 | * | | | 0.32 | | | | (0.28 | ) | | | (0.02 | ) | | | (0.30 | ) |
Year ended 3-31-2018 | | | 9.68 | | | | 0.31 | | | | (0.09 | ) | | | 0.22 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2017 | | | 9.17 | | | | 0.33 | | | | 0.38 | | | | 0.71 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 0.99%. |
| (7) | Expense ratio based on the period excluding reorganization expenses was 1.74%. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 0.74%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Global Bond Fund to Delaware Ivy Global Bond Fund. |
| | | | | | |
| 122 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of��Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 10.27 | | | | 1.39 | % | | $ | 174 | | | | 0.96 | %(5) | | | 2.58 | %(5) | | | 1.15 | %(5) | | | 2.39 | %(5) | | | 16 | % |
Year ended 3-31-2021 | | | 10.26 | | | | 13.77 | | | | 178 | | | | 0.96 | | | | 3.18 | | | | 1.20 | | | | 2.94 | | | | 43 | |
Year ended 3-31-2020 | | | 9.26 | | | | -2.69 | | | | 170 | | | | 0.99 | | | | 3.43 | | | | 1.22 | | | | 3.20 | | | | 38 | |
Year ended 3-31-2019 | | | 9.71 | | | | 3.47 | | | | 211 | | | | 0.99 | | | | 3.32 | | | | 1.23 | | | | 3.08 | | | | 35 | |
Year ended 3-31-2018 | | | 9.68 | | | | 2.16 | | | | 265 | | | | 1.01 | (6) | | | 3.22 | | | | 1.26 | | | | 2.97 | | | | 56 | |
Year ended 3-31-2017 | | | 9.68 | | | | 7.81 | | | | 47 | | | | 0.99 | | | | 3.63 | | | | 1.33 | | | | 3.29 | | | | 20 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.26 | | | | 1.02 | | | | — | * | | | 1.68 | (5) | | | 1.89 | (5) | | | 2.70 | (5) | | | 0.87 | (5) | | | 16 | |
Year ended 3-31-2021 | | | 10.25 | | | | 12.85 | | | | — | * | | | 1.68 | | | | 2.52 | | | | 2.41 | | | | 1.79 | | | | 43 | |
Year ended 3-31-2020 | | | 9.26 | | | | -3.31 | | | | 1 | | | | 1.74 | | | | 2.70 | | | | 2.42 | | | | 2.02 | | | | 38 | |
Year ended 3-31-2019 | | | 9.71 | | | | 2.67 | | | | 1 | | | | 1.65 | | | | 2.65 | | | | 2.19 | | | | 2.11 | | | | 35 | |
Year ended 3-31-2018 | | | 9.68 | | | | 1.51 | | | | 2 | | | | 1.76 | (7) | | | 2.40 | | | | 2.24 | | | | 1.92 | | | | 56 | |
Year ended 3-31-2017 | | | 9.67 | | | | 7.01 | | | | 3 | | | | 1.74 | | | | 2.73 | | | | 2.15 | | | | 2.32 | | | | 20 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.27 | | | | 1.09 | | | | 4 | | | | 1.72 | (5) | | | 1.82 | (5) | | | 1.94 | (5) | | | 1.60 | (5) | | | 16 | |
Year ended 3-31-2021 | | | 10.25 | | | | 12.81 | | | | 4 | | | | 1.72 | | | | 2.45 | | | | 1.96 | | | | 2.21 | | | | 43 | |
Year ended 3-31-2020 | | | 9.26 | | | | -3.42 | | | | 6 | | | | 1.74 | | | | 2.68 | | | | 1.98 | | | | 2.44 | | | | 38 | |
Year ended 3-31-2019 | | | 9.71 | | | | 2.71 | | | | 9 | | | | 1.73 | | | | 2.58 | | | | 1.93 | | | | 2.38 | | | | 35 | |
Year ended 3-31-2018 | | | 9.68 | | | | 1.40 | | | | 13 | | | | 1.76 | (7) | | | 2.40 | | | | 1.96 | | | | 2.20 | | | | 56 | |
Year ended 3-31-2017 | | | 9.68 | | | | 7.13 | | | | 16 | | | | 1.74 | | | | 2.72 | | | | 1.95 | | | | 2.51 | | | | 20 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.27 | | | | 1.59 | | | | 258 | | | | 0.74 | (5) | | | 2.79 | (5) | | | 0.87 | (5) | | | 2.66 | (5) | | | 16 | |
Year ended 3-31-2021 | | | 10.25 | | | | 13.90 | | | | 241 | | | | 0.74 | | | | 3.39 | | | | 0.89 | | | | 3.24 | | | | 43 | |
Year ended 3-31-2020 | | | 9.26 | | | | -2.45 | | | | 204 | | | | 0.74 | | | | 3.67 | | | | 0.89 | | | | 3.52 | | | | 38 | |
Year ended 3-31-2019 | | | 9.71 | | | | 3.73 | | | | 240 | | | | 0.74 | | | | 3.58 | | | | 0.88 | | | | 3.44 | | | | 35 | |
Year ended 3-31-2018 | | | 9.68 | | | | 2.43 | | | | 262 | | | | 0.76 | (8) | | | 3.44 | | | | 0.94 | | | | 3.26 | | | | 56 | |
Year ended 3-31-2017 | | | 9.68 | | | | 8.19 | | | | 88 | | | | 0.74 | | | | 3.54 | | | | 0.95 | | | | 3.33 | | | | 20 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.25 | | | | 1.23 | | | | — | * | | | 1.46 | (5) | | | 2.08 | (5) | | | — | | | | — | | | | 16 | |
Year ended 3-31-2021 | | | 10.23 | | | | 13.13 | | | | — | * | | | 1.46 | | | | 2.77 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2020 | | | 9.24 | | | | -3.16 | | | | 1 | | | | 1.47 | | | | 2.95 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2019 | | | 9.69 | | | | 2.89 | | | | 1 | | | | 1.45 | | | | 2.86 | | | | — | | | | — | | | | 35 | |
Year ended 3-31-2018 | | | 9.67 | | | | 1.76 | | | | 1 | | | | 1.49 | | | | 2.66 | | | | 1.51 | | | | 2.64 | | | | 56 | |
Year ended 3-31-2017 | | | 9.66 | | | | 7.29 | | | | 1 | | | | 1.50 | | | | 2.90 | | | | 1.53 | | | | 2.87 | | | | 20 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.27 | | | | 1.51 | | | | 113 | | | | 0.70 | (5) | | | 2.80 | (5) | | | — | | | | — | | | | 16 | |
Year ended 3-31-2021 | | | 10.26 | | | | 14.02 | | | | 62 | | | | 0.72 | | | | 3.32 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2020 | | | 9.26 | | | | -2.42 | | | | 23 | | | | 0.73 | | | | 3.69 | | | | — | | | | — | | | | 38 | |
Year ended 3-31-2019 | | | 9.71 | | | | 3.75 | | | | 31 | | | | 0.71 | | | | 3.61 | | | | — | | | | — | | | | 35 | |
Year ended 3-31-2018 | | | 9.69 | | | | 2.43 | | | | 18 | | | | 0.74 | | | | 3.37 | | | | 0.76 | | | | 3.35 | | | | 56 | |
Year ended 3-31-2017 | | | 9.68 | | | | 8.06 | | | | 3 | | | | 0.75 | | | | 3.50 | | | | 0.78 | | | | 3.47 | | | | 20 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.27 | | | | 1.38 | | | | 1 | | | | 0.96 | (5) | | | 2.60 | (5) | | | 1.12 | (5) | | | 2.44 | (5) | | | 16 | |
Year ended 3-31-2021 | | | 10.26 | | | | 13.76 | | | | 1 | | | | 0.96 | | | | 3.18 | | | | 1.12 | | | | 3.02 | | | | 43 | |
Year ended 3-31-2020 | | | 9.26 | | | | -2.69 | | | | 1 | | | | 0.99 | | | | 3.46 | | | | 1.23 | | | | 3.22 | | | | 38 | |
Year ended 3-31-2019 | | | 9.71 | | | | 3.36 | | | | 1 | | | | 0.99 | | | | 3.29 | | | | 1.11 | | | | 3.17 | | | | 35 | |
Year ended 3-31-2018 | | | 9.69 | | | | 2.27 | | | | 3 | | | | 1.02 | (6) | | | 3.13 | | | | 1.16 | | | | 2.99 | | | | 56 | |
Year ended 3-31-2017 | | | 9.68 | | | | 7.81 | | | | 3 | | | | 0.99 | | | | 3.43 | | | | 1.18 | | | | 3.24 | | | | 20 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 123 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY GLOBAL EQUITY INCOME FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 13.72 | | | $ | 0.15 | | | $ | 0.17 | | | $ | 0.32 | | | $ | (0.26 | ) | | $ | — | | | $ | (0.26 | ) |
Year ended 3-31-2021 | | | 9.64 | | | | 0.26 | | | | 4.23 | | | | 4.49 | | | | (0.23 | ) | | | (0.18 | ) | | | (0.41 | ) |
Year ended 3-31-2020 | | | 11.90 | | | | 0.29 | | | | (2.13 | ) | | | (1.84 | ) | | | (0.30 | ) | | | (0.12 | ) | | | (0.42 | ) |
Year ended 3-31-2019 | | | 13.84 | | | | 0.29 | | | | (0.34 | ) | | | (0.05 | ) | | | (0.32 | ) | | | (1.57 | ) | | | (1.89 | ) |
Year ended 3-31-2018 | | | 12.48 | | | | 0.32 | | | | 1.34 | | | | 1.66 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year ended 3-31-2017 | | | 11.88 | | | | 0.53 | | | | 0.50 | | | | 1.03 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.71 | | | | 0.18 | | | | 0.10 | | | | 0.28 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2021 | | | 9.64 | | | | 0.17 | | | | 4.22 | | | | 4.39 | | | | (0.14 | ) | | | (0.18 | ) | | | (0.32 | ) |
Year ended 3-31-2020 | | | 11.89 | | | | 0.21 | | | | (2.12 | ) | | | (1.91 | ) | | | (0.22 | ) | | | (0.12 | ) | | | (0.34 | ) |
Year ended 3-31-2019 | | | 13.81 | | | | 0.21 | | | | (0.35 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (1.57 | ) | | | (1.78 | ) |
Year ended 3-31-2018 | | | 12.47 | | | | 0.23 | | | | 1.34 | | | | 1.57 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2017 | | | 11.87 | | | | 0.35 | | | | 0.60 | | | | 0.95 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.72 | | | | 0.10 | | | | 0.17 | | | | 0.27 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2021 | | | 9.64 | | | | 0.16 | | | | 4.23 | | | | 4.39 | | | | (0.13 | ) | | | (0.18 | ) | | | (0.31 | ) |
Year ended 3-31-2020 | | | 11.90 | | | | 0.21 | | | | (2.13 | ) | | | (1.92 | ) | | | (0.22 | ) | | | (0.12 | ) | | | (0.34 | ) |
Year ended 3-31-2019 | | | 13.82 | | | | 0.21 | | | | (0.35 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (1.57 | ) | | | (1.78 | ) |
Year ended 3-31-2018 | | | 12.47 | | | | 0.23 | | | | 1.35 | | | | 1.58 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2017 | | | 11.87 | | | | 0.36 | | | | 0.59 | | | | 0.95 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.72 | | | | 0.16 | | | | 0.18 | | | | 0.34 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2021 | | | 9.64 | | | | 0.27 | | | | 4.23 | | | | 4.50 | | | | (0.24 | ) | | | (0.18 | ) | | | (0.42 | ) |
Year ended 3-31-2020 | | | 11.90 | | | | 0.30 | | | | (2.12 | ) | | | (1.82 | ) | | | (0.32 | ) | | | (0.12 | ) | | | (0.44 | ) |
Year ended 3-31-2019 | | | 13.84 | | | | 0.31 | | | | (0.34 | ) | | | (0.03 | ) | | | (0.34 | ) | | | (1.57 | ) | | | (1.91 | ) |
Year ended 3-31-2018(5) | | | 14.33 | | | | 0.03 | | | | (0.52 | ) | | | (0.49 | ) | | | — | * | | | — | | | | — | * |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.73 | | | | 0.17 | | | | 0.17 | | | | 0.34 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year ended 3-31-2021 | | | 9.64 | | | | 0.29 | | | | 4.24 | | | | 4.53 | | | | (0.26 | ) | | | (0.18 | ) | | | (0.44 | ) |
Year ended 3-31-2020 | | | 11.91 | | | | 0.33 | | | | (2.14 | ) | | | (1.81 | ) | | | (0.34 | ) | | | (0.12 | ) | | | (0.46 | ) |
Year ended 3-31-2019 | | | 13.85 | | | | 0.34 | | | | (0.35 | ) | | | (0.01 | ) | | | (0.36 | ) | | | (1.57 | ) | | | (1.93 | ) |
Year ended 3-31-2018 | | | 12.48 | | | | 0.37 | | | | 1.34 | | | | 1.71 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Year ended 3-31-2017 | | | 11.88 | | | | 0.39 | | | | 0.68 | | | | 1.07 | | | | (0.47 | ) | | | — | | | | (0.47 | ) |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.73 | | | | 0.13 | | | | 0.17 | | | | 0.30 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year ended 3-31-2021 | | | 9.65 | | | | 0.22 | | | | 4.23 | | | | 4.45 | | | | (0.19 | ) | | | (0.18 | ) | | | (0.37 | ) |
Year ended 3-31-2020 | | | 11.91 | | | | 0.26 | | | | (2.13 | ) | | | (1.87 | ) | | | (0.27 | ) | | | (0.12 | ) | | | (0.39 | ) |
Year ended 3-31-2019 | | | 13.84 | | | | 0.25 | | | | (0.33 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (1.57 | ) | | | (1.85 | ) |
Year ended 3-31-2018 | | | 12.48 | | | | 0.28 | | | | 1.35 | | | | 1.63 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2017 | | | 11.88 | | | | 0.39 | | | | 0.61 | | | | 1.00 | | | | (0.40 | ) | | | — | | | | (0.40 | ) |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.74 | | | | 0.18 | | | | 0.17 | | | | 0.35 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2021 | | | 9.65 | | | | 0.30 | | | | 4.24 | | | | 4.54 | | | | (0.27 | ) | | | (0.18 | ) | | | (0.45 | ) |
Year ended 3-31-2020 | | | 11.92 | | | | 0.35 | | | | (2.14 | ) | | | (1.79 | ) | | | (0.36 | ) | | | (0.12 | ) | | | (0.48 | ) |
Year ended 3-31-2019 | | | 13.86 | | | | 0.30 | | | | (0.29 | ) | | | 0.01 | | | | (0.38 | ) | | | (1.57 | ) | | | (1.95 | ) |
Year ended 3-31-2018 | | | 12.49 | | | | 0.35 | | | | 1.39 | | | | 1.74 | | | | (0.37 | ) | | | — | | | | (0.37 | ) |
Year ended 3-31-2017 | | | 11.89 | | | | 0.48 | | | | 0.61 | | | | 1.09 | | | | (0.49 | ) | | | — | | | | (0.49 | ) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.72 | | | | 0.15 | | | | 0.17 | | | | 0.32 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2021 | | | 9.64 | | | | 0.26 | | | | 4.23 | | | | 4.49 | | | | (0.23 | ) | | | (0.18 | ) | | | (0.41 | ) |
Year ended 3-31-2020 | | | 11.90 | | | | 0.30 | | | | (2.13 | ) | | | (1.83 | ) | | | (0.31 | ) | | | (0.12 | ) | | | (0.43 | ) |
Year ended 3-31-2019 | | | 13.84 | | | | 0.30 | | | | (0.34 | ) | | | (0.04 | ) | | | (0.33 | ) | | | (1.57 | ) | | | (1.90 | ) |
Year ended 3-31-2018 | | | 12.48 | | | | 0.33 | | | | 1.35 | | | | 1.68 | | | | (0.32 | ) | | | — | | | | (0.32 | ) |
Year ended 3-31-2017 | | | 11.87 | | | | 0.44 | | | | 0.61 | | | | 1.05 | | | | (0.44 | ) | | | — | | | | (0.44 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (5) | For the period from February 26, 2018 (commencement of operations of the class) through March 31, 2018. |
| (7) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 1.28%. |
| (9) | Expense ratio based on the period excluding reorganization expenses was 1.95%. |
| (10) | Expense ratio based on the period excluding reorganization expenses was 1.13%. |
| (11) | Expense ratio based on the period excluding reorganization expenses was 1.19%. |
| (12) | Expense ratio based on the period excluding reorganization expenses was 0.92%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Global Equity Income Fund to Delaware Ivy Global Equity Income Fund. |
| | | | | | |
| 124 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 13.78 | | | | 2.28 | % | | $ | 296 | | | | 1.22 | %(6) | | | 2.13 | %(6) | | | — | % | | | — | % | | | 3 | % |
Year ended 3-31-2021 | | | 13.72 | | | | 47.07 | | | | 310 | | | | 1.22 | | | | 2.16 | | | | 1.24 | | | | 2.14 | | | | 39 | |
Year ended 3-31-2020 | | | 9.64 | | | | -16.11 | | | | 260 | | | | 1.24 | | | | 2.43 | | | | 1.25 | | | | 2.42 | | | | 43 | |
Year ended 3-31-2019 | | | 11.90 | | | | 0.47 | | | | 387 | | | | 1.24 | | | | 2.27 | | | | 1.24 | | | | 2.27 | | | | 28 | |
Year ended 3-31-2018 | | | 13.84 | | | | 13.44 | | | | 494 | | | | 1.29 | (8) | | | 2.34 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2017 | | | 12.48 | | | | 8.87 | | | | 70 | | | | 1.30 | | | | 4.45 | | | | 1.38 | | | | 4.37 | | | | 103 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.78 | | | | 2.00 | | | | — | * | | | 1.92 | (6) | | | 2.49 | (6) | | | 2.43 | (6) | | | 1.98 | (6) | | | 3 | |
Year ended 3-31-2021 | | | 13.71 | | | | 45.99 | | | | 2 | | | | 1.92 | | | | 1.46 | | | | 2.11 | | | | 1.27 | | | | 39 | |
Year ended 3-31-2020 | | | 9.64 | | | | -16.67 | | | | 2 | | | | 1.95 | | | | 1.78 | | | | 2.14 | | | | 1.59 | | | | 43 | |
Year ended 3-31-2019 | | | 11.89 | | | | -0.30 | | | | 5 | | | | 1.94 | | | | 1.63 | | | | 2.07 | | | | 1.50 | | | | 28 | |
Year ended 3-31-2018 | | | 13.81 | | | | 12.81 | | | | 8 | | | | 1.97 | (9) | | | 1.69 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2017 | | | 12.47 | | | | 8.17 | | | | 2 | | | | 1.95 | | | | 2.88 | | | | — | | | | — | | | | 103 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.78 | | | | 1.89 | | | | 6 | | | | 2.01 | (6) | | | 1.35 | (6) | | | — | | | | — | | | | 3 | |
Year ended 3-31-2021 | | | 13.72 | | | | 45.88 | | | | 7 | | | | 2.03 | | | | 1.34 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 9.64 | | | | -16.75 | | | | 10 | | | | 2.00 | | | | 1.76 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 11.90 | | | | -0.21 | | | | 22 | | | | 1.94 | | | | 1.64 | | | | — | | | | — | | | | 28 | |
Year ended 3-31-2018 | | | 13.82 | | | | 12.80 | | | | 39 | | | | 1.93 | | | | 1.72 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2017 | | | 12.47 | | | | 8.17 | | | | 12 | | | | 1.95 | | | | 2.95 | | | | — | | | | — | | | | 103 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.79 | | | | 2.42 | | | | 5 | | | | 1.09 | (6) | | | 2.26 | (6) | | | 1.44 | (6) | | | 1.91 | (6) | | | 3 | |
Year ended 3-31-2021 | | | 13.72 | | | | 47.25 | | | | 5 | | | | 1.09 | | | | 2.29 | | | | 1.42 | | | | 1.96 | | | | 39 | |
Year ended 3-31-2020 | | | 9.64 | | | | -16.01 | | | | 4 | | | | 1.12 | | | | 2.53 | | | | 1.45 | | | | 2.20 | | | | 43 | |
Year ended 3-31-2019 | | | 11.90 | | | | 0.57 | | | | 5 | | | | 1.14 | (10) | | | 2.37 | | | | 1.51 | | | | 2.00 | | | | 28 | |
Year ended 3-31-2018(5) | | | 13.84 | | | | -3.40 | | | | 6 | | | | 1.17 | (6)(10) | | | 2.32 | (6) | | | 1.32 | (6) | | | 2.17 | (6) | | | 55 | (7) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.79 | | | | 2.42 | | | | 249 | | | | 0.92 | (6) | | | 2.43 | (6) | | | 0.94 | (6) | | | 2.41 | (6) | | | 3 | |
Year ended 3-31-2021 | | | 13.73 | | | | 47.60 | | | | 268 | | | | 0.92 | | | | 2.46 | | | | 0.95 | | | | 2.43 | | | | 39 | |
Year ended 3-31-2020 | | | 9.64 | | | | -15.90 | | | | 242 | | | | 0.92 | | | | 2.76 | | | | 0.95 | | | | 2.73 | | | | 43 | |
Year ended 3-31-2019 | | | 11.91 | | | | 0.78 | | | | 374 | | | | 0.93 | (12) | | | 2.58 | | | | 0.95 | | | | 2.56 | | | | 28 | |
Year ended 3-31-2018 | | | 13.85 | | | | 13.88 | | | | 523 | | | | 1.00 | | | | 2.75 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2017 | | | 12.48 | | | | 9.26 | | | | 250 | | | | 0.94 | | | | 3.18 | | | | 0.96 | | | | 3.16 | | | | 103 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.79 | | | | 2.12 | | | | — | * | | | 1.53 | (6) | | | 1.83 | (6) | | | — | | | | — | | | | 3 | |
Year ended 3-31-2021 | | | 13.73 | | | | 46.59 | | | | — | * | | | 1.54 | | | | 1.89 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 9.65 | | | | -16.36 | | | | 1 | | | | 1.53 | | | | 2.14 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 11.91 | | | | 0.22 | | | | 1 | | | | 1.52 | | | | 1.97 | | | | — | | | | — | | | | 28 | |
Year ended 3-31-2018 | | | 13.84 | | | | 13.20 | | | | 1 | | | | 1.58 | | | | 2.07 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2017 | | | 12.48 | | | | 8.58 | | | | — | * | | | 1.56 | | | | 3.23 | | | | — | | | | — | | | | 103 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.80 | | | | 2.49 | | | | 21 | | | | 0.79 | (6) | | | 2.57 | (6) | | | — | | | | — | | | | 3 | |
Year ended 3-31-2021 | | | 13.74 | | | | 47.70 | | | | 24 | | | | 0.79 | | | | 2.54 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 9.65 | | | | -15.76 | | | | 17 | | | | 0.79 | | | | 2.87 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2019 | | | 11.92 | | | | 0.93 | | | | 22 | | | | 0.78 | | | | 2.40 | | | | — | | | | — | | | | 28 | |
Year ended 3-31-2018 | | | 13.86 | | | | 14.07 | | | | 5 | | | | 0.86 | | | | 2.58 | | | | — | | | �� | — | | | | 55 | |
Year ended 3-31-2017 | | | 12.49 | | | | 9.39 | | | | 1 | | | | 0.81 | | | | 3.99 | | | | — | | | | — | | | | 103 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.78 | | | | 2.30 | | | | 2 | | | | 1.19 | (6) | | | 2.15 | (6) | | | — | | | | — | | | | 3 | |
Year ended 3-31-2021 | | | 13.72 | | | | 47.11 | | | | 2 | | | | 1.18 | | | | 2.25 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2020 | | | 9.64 | | | | -16.06 | | | | 5 | | | | 1.19 | | | | 2.49 | | | | 1.19 | | | | 2.49 | | | | 43 | |
Year ended 3-31-2019 | | | 11.90 | | | | 0.49 | | | | 7 | | | | 1.21 | (11) | | | 2.30 | | | | — | | | | — | | | | 28 | |
Year ended 3-31-2018 | | | 13.84 | | | | 13.57 | | | | 9 | | | | 1.23 | (11) | | | 2.46 | | | | 1.23 | | | | 2.46 | | | | 55 | |
Year ended 3-31-2017 | | | 12.48 | | | | 9.08 | | | | 4 | | | | 1.19 | | | | 3.67 | | | | 1.21 | | | | 3.65 | | | | 103 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 125 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY GLOBAL GROWTH FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 56.56 | | | $ | 0.00 | * | | $ | 3.45 | | | $ | 3.45 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 37.75 | | | | (0.04 | ) | | | 21.67 | | | | 21.63 | | | | — | | | | (2.82 | ) | | | (2.82 | ) |
Year ended 3-31-2020 | | | 43.12 | | | | 0.05 | | | | (4.97 | ) | | | (4.92 | ) | | | (0.09 | ) | | | (0.36 | ) | | | (0.45 | ) |
Year ended 3-31-2019 | | | 46.78 | | | | 0.09 | | | | 1.02 | | | | 1.11 | | | | (0.08 | ) | | | (4.69 | ) | | | (4.77 | ) |
Year ended 3-31-2018 | | | 42.67 | | | | 0.25 | | | | 7.26 | | | | 7.51 | | | | (0.06 | ) | | | (3.34 | ) | | | (3.40 | ) |
Year ended 3-31-2017 | | | 39.23 | | | | 0.04 | | | | 3.40 | | | | 3.44 | | | | — | | | | — | | | | — | |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 44.60 | | | | (0.29 | ) | | | 2.71 | | | | 2.42 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 30.52 | | | | (0.50 | ) | | | 17.40 | | | | 16.90 | | | | — | | | | (2.82 | ) | | | (2.82 | ) |
Year ended 3-31-2020 | | | 35.29 | | | | (0.39 | ) | | | (4.02 | ) | | | (4.41 | ) | | | — | | | | (0.36 | ) | | | (0.36 | ) |
Year ended 3-31-2019 | | | 39.50 | | | | (0.33 | ) | | | 0.81 | | | | 0.48 | | | | — | | | | (4.69 | ) | | | (4.69 | ) |
Year ended 3-31-2018 | | | 36.62 | | | | (0.31 | ) | | | 6.33 | | | | 6.02 | | | | — | | | | (3.14 | ) | | | (3.14 | ) |
Year ended 3-31-2017 | | | 34.07 | | | | (0.45 | ) | | | 3.00 | | | | 2.55 | | | | — | | | | — | | | | — | |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 45.65 | | | | (0.22 | ) | | | 2.78 | | | | 2.56 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 31.11 | | | | (0.41 | ) | | | 17.77 | | | | 17.36 | | | | — | | | | (2.82 | ) | | | (2.82 | ) |
Year ended 3-31-2020 | | | 35.84 | | | | (0.28 | ) | | | (4.09 | ) | | | (4.37 | ) | | | — | | | | (0.36 | ) | | | (0.36 | ) |
Year ended 3-31-2019 | | | 39.93 | | | | (0.23 | ) | | | 0.83 | | | | 0.60 | | | | — | | | | (4.69 | ) | | | (4.69 | ) |
Year ended 3-31-2018 | | | 36.98 | | | | (0.26 | ) | | | 6.42 | | | | 6.16 | | | | — | | | | (3.21 | ) | | | (3.21 | ) |
Year ended 3-31-2017 | | | 34.26 | | | | (0.29 | ) | | | 3.01 | | | | 2.72 | | | | — | | | | — | | | | — | |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 58.10 | | | | 0.07 | | | | 3.54 | | | | 3.61 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 38.63 | | | | 0.10 | | | | 22.20 | | | | 22.30 | | | | (0.01 | ) | | | (2.82 | ) | | | (2.83 | ) |
Year ended 3-31-2020 | | | 44.10 | | | | 0.18 | | | | (5.07 | ) | | | (4.89 | ) | | | (0.22 | ) | | | (0.36 | ) | | | (0.58 | ) |
Year ended 3-31-2019 | | | 47.72 | | | | 0.24 | | | | 1.05 | | | | 1.29 | | | | (0.22 | ) | | | (4.69 | ) | | | (4.91 | ) |
Year ended 3-31-2018 | | | 43.44 | | | | 0.25 | | | | 7.53 | | | | 7.78 | | | | (0.16 | ) | | | (3.34 | ) | | | (3.50 | ) |
Year ended 3-31-2017 | | | 39.81 | | | | 0.04 | | | | 3.59 | | | | 3.63 | | | | — | | | | — | | | | — | |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 55.69 | | | | (0.11 | ) | | | 3.39 | | | | 3.28 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 37.32 | | | | (0.21 | ) | | | 21.40 | | | | 21.19 | | | | — | | | | (2.82 | ) | | | (2.82 | ) |
Year ended 3-31-2020 | | | 42.69 | | | | (0.08 | ) | | | (4.93 | ) | | | (5.01 | ) | | | — | | | | (0.36 | ) | | | (0.36 | ) |
Year ended 3-31-2019 | | | 46.41 | | | | (0.05 | ) | | | 1.02 | | | | 0.97 | | | | — | | | | (4.69 | ) | | | (4.69 | ) |
Year ended 3-31-2018 | | | 42.41 | | | | (0.07 | ) | | | 7.39 | | | | 7.32 | | | | — | | | | (3.32 | ) | | | (3.32 | ) |
Year ended 3-31-2017 | | | 39.08 | | | | (0.14 | ) | | | 3.47 | | | | 3.33 | | | | — | | | | — | | | | — | |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 58.51 | | | | 0.11 | | | | 3.57 | | | | 3.68 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 38.85 | | | | 0.16 | | | | 22.35 | | | | 22.51 | | | | (0.03 | ) | | | (2.82 | ) | | | (2.85 | ) |
Year ended 3-31-2020 | | | 44.35 | | | | 0.24 | | | | (5.10 | ) | | | (4.86 | ) | | | (0.28 | ) | | | (0.36 | ) | | | (0.64 | ) |
Year ended 3-31-2019 | | | 47.99 | | | | 0.30 | | | | 1.04 | | | | 1.34 | | | | (0.29 | ) | | | (4.69 | ) | | | (4.98 | ) |
Year ended 3-31-2018 | | | 43.64 | | | | 0.20 | | | | 7.71 | | | | 7.91 | | | | (0.22 | ) | | | (3.34 | ) | | | (3.56 | ) |
Year ended 3-31-2017 | | | 39.92 | | | | 0.10 | | | | 3.62 | | | | 3.72 | | | | — | | | | — | | | | — | |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 56.88 | | | | 0.00 | * | | | 3.47 | | | | 3.47 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 37.95 | | | | (0.05 | ) | | | 21.80 | | | | 21.75 | | | | — | | | | (2.82 | ) | | | (2.82 | ) |
Year ended 3-31-2020 | | | 43.35 | | | | 0.08 | | | | (5.03 | ) | | | (4.95 | ) | | | (0.09 | ) | | | (0.36 | ) | | | (0.45 | ) |
Year ended 3-31-2019 | | | 47.00 | | | | 0.09 | | | | 1.04 | | | | 1.13 | | | | (0.09 | ) | | | (4.69 | ) | | | (4.78 | ) |
Year ended 3-31-2018 | | | 42.86 | | | | 0.12 | | | | 7.44 | | | | 7.56 | | | | (0.08 | ) | | | (3.34 | ) | | | (3.42 | ) |
Year ended 3-31-2017 | | | 39.37 | | | | 0.00 | * | | | 3.49 | | | | 3.49 | | | | — | | | | — | | | | — | |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 1.11%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Global Growth Fund to Delaware Ivy Global Growth Fund. |
| | | | | | |
| 126 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 60.01 | | | | 6.10 | % | | $ | 538 | | | | 1.27 | %(5) | | | 0.00 | *%(5) | | | — | % | | | — | % | | | 3 | % |
Year ended 3-31-2021 | | | 56.56 | | | | 57.85 | | | | 531 | | | | 1.34 | | | | -0.08 | | | | — | | | | — | | | | 32 | |
Year ended 3-31-2020 | | | 37.75 | | | | -11.62 | | | | 369 | | | | 1.36 | | | | 0.11 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2019 | | | 43.12 | | | | 3.12 | | | | 477 | | | | 1.37 | | | | 0.19 | | | | — | | | | — | | | | 54 | |
Year ended 3-31-2018 | | | 46.78 | | | | 17.92 | | | | 510 | | | | 1.38 | | | | 0.53 | | | | — | | | | — | | | | 46 | |
Year ended 3-31-2017 | | | 42.67 | | | | 8.77 | | | | 115 | | | | 1.48 | | | | 0.11 | | | | — | | | | — | | | | 66 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 47.02 | | | | 5.43 | | | | — | * | | | 2.52 | (5) | | | -1.20 | (5) | | | 3.92 | (5) | | | -2.60 | (5) | | | 3 | |
Year ended 3-31-2021 | | | 44.60 | | | | 56.02 | | | | — | * | | | 2.51 | | | | -1.26 | | | | 2.66 | | | | -1.41 | | | | 32 | |
Year ended 3-31-2020 | | | 30.52 | | | | -12.70 | | | | — | * | | | 2.58 | | | | -1.06 | | | | 2.62 | | | | -1.10 | | | | 26 | |
Year ended 3-31-2019 | | | 35.29 | | | | 2.00 | | | | 1 | | | | 2.40 | | | | -0.85 | | | | — | | | | — | | | | 54 | |
Year ended 3-31-2018 | | | 39.50 | | | | 16.79 | | | | 2 | | | | 2.40 | | | | -0.79 | | | | — | | | | — | | | | 46 | |
Year ended 3-31-2017 | | | 36.62 | | | | 7.48 | | | | 2 | | | | 2.67 | | | | -1.30 | | | | — | | | | — | | | | 66 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 48.21 | | | | 5.61 | | | | 5 | | | | 2.18 | (5) | | | -0.90 | (5) | | | — | | | | — | | | | 3 | |
Year ended 3-31-2021 | | | 45.65 | | | | 56.45 | | | | 5 | | | | 2.25 | | | | -1.00 | | | | — | | | | — | | | | 32 | |
Year ended 3-31-2020 | | | 31.11 | | | | -12.42 | | | | 5 | | | | 2.24 | | | | -0.76 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2019 | | | 35.84 | | | | 2.33 | | | | 9 | | | | 2.15 | | | | -0.60 | | | | — | | | | — | | | | 54 | |
Year ended 3-31-2018 | | | 39.93 | | | | 16.99 | | | | 11 | | | | 2.18 | | | | -0.65 | | | | — | | | | — | | | | 46 | |
Year ended 3-31-2017 | | | 36.98 | | | | 7.94 | | | | 25 | | | | 2.21 | | | | -0.84 | | | | — | | | | — | | | | 66 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 61.71 | | | | 6.22 | | | | 483 | | | | 1.06 | (5) | | | 0.22 | (5) | | | 1.07 | (5) | | | 0.21 | (5) | | | 3 | |
Year ended 3-31-2021 | | | 58.10 | | | | 58.28 | | | | 494 | | | | 1.06 | | | | 0.19 | | | | 1.09 | | | | 0.16 | | | | 32 | |
Year ended 3-31-2020 | | | 38.63 | | | | -11.35 | | | | 346 | | | | 1.06 | | | | 0.40 | | | | 1.10 | | | | 0.36 | | | | 26 | |
Year ended 3-31-2019 | | | 44.10 | | | | 3.43 | | | | 436 | | | | 1.06 | | | | 0.50 | | | | 1.08 | | | | 0.48 | | | | 54 | |
Year ended 3-31-2018 | | | 47.72 | | | | 18.27 | | | | 437 | | | | 1.13 | (6) | | | 0.54 | | | | — | | | | — | | | | 46 | |
Year ended 3-31-2017 | | | 43.44 | | | | 9.12 | | | | 270 | | | | 1.11 | | | | 0.10 | | | | — | | | | — | | | | 66 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 58.97 | | | | 5.89 | | | | 1 | | | | 1.66 | (5) | | | -0.37 | (5) | | | — | | | | — | | | | 3 | |
Year ended 3-31-2021 | | | 55.69 | | | | 57.33 | | | | 1 | | | | 1.68 | | | | -0.42 | | | | — | | | | — | | | | 32 | |
Year ended 3-31-2020 | | | 37.32 | | | | -11.92 | | | | 1 | | | | 1.68 | | | | -0.18 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2019 | | | 42.69 | | | | 2.82 | | | | 1 | | | | 1.67 | | | | -0.10 | | | | — | | | | — | | | | 54 | |
Year ended 3-31-2018 | | | 46.41 | | | | 17.58 | | | | 2 | | | | 1.69 | | | | -0.15 | | | | — | | | | — | | | | 46 | |
Year ended 3-31-2017 | | | 42.41 | | | | 8.52 | | | | 2 | | | | 1.69 | | | | -0.35 | | | | — | | | | — | | | | 66 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 62.19 | | | | 6.29 | | | | 20 | | | | 0.91 | (5) | | | 0.36 | (5) | | | — | | | | — | | | | 3 | |
Year ended 3-31-2021 | | | 58.51 | | | | 58.50 | | | | 19 | | | | 0.94 | | | | 0.31 | | | | — | | | | — | | | | 32 | |
Year ended 3-31-2020 | | | 38.85 | | | | -11.26 | | | | 16 | | | | 0.94 | | | | 0.53 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2019 | | | 44.35 | | | | 3.59 | | | | 19 | | | | 0.92 | | | | 0.64 | | | | — | | | | — | | | | 54 | |
Year ended 3-31-2018 | | | 47.99 | | | | 18.45 | | | | 24 | | | | 0.95 | | | | 0.42 | | | | — | | | | — | | | | 46 | |
Year ended 3-31-2017 | | | 43.64 | | | | 9.32 | | | | 7 | | | | 0.95 | | | | 0.24 | | | | — | | | | — | | | | 66 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 60.35 | | | | 6.10 | | | | 2 | | | | 1.27 | (5) | | | 0.00 | *(5) | | | 1.32 | (5) | | | -0.05 | (5) | | | 3 | |
Year ended 3-31-2021 | | | 56.88 | | | | 57.86 | | | | 3 | | | | 1.34 | | | | -0.09 | | | | 1.36 | | | | -0.11 | | | | 32 | |
Year ended 3-31-2020 | | | 37.95 | | | | -11.63 | | | | 2 | | | | 1.36 | | | | 0.19 | | | | 1.38 | | | | 0.17 | | | | 26 | |
Year ended 3-31-2019 | | | 43.35 | | | | 3.17 | | | | 5 | | | | 1.33 | | | | 0.20 | | | | — | | | | — | | | | 54 | |
Year ended 3-31-2018 | | | 47.00 | | | | 17.96 | | | | 10 | | | | 1.36 | | | | 0.25 | | | | — | | | | — | | | | 46 | |
Year ended 3-31-2017 | | | 42.86 | | | | 8.86 | | | | 14 | | | | 1.36 | | | | 0.00 | * | | | — | | | | — | | | | 66 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 127 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY GOVERNMENT MONEY MARKET FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Loss on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 1.00 | | | $ | 0.00 | * | | $ | 0.00 | | | $ | 0.00 | * | | $ | — | * | | $ | — | | | $ | — | * |
Year ended 3-31-2021 | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2020 | | | 1.00 | | | | 0.01 | | | | 0.00 | | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2019 | | | 1.00 | | | | 0.01 | | | | 0.00 | * | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2018 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Year ended 3-31-2017 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2021 | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2020 | | | 1.00 | | | | 0.01 | | | | 0.00 | | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2019 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2018 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Year ended 3-31-2017 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Class C Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2021 | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2020 | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2019 | | | 1.00 | | | | 0.01 | | | | 0.00 | * | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2018 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Year ended 3-31-2017 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2021 | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2020 | | | 1.00 | | | | 0.02 | | | | 0.00 | | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year ended 3-31-2019 | | | 1.00 | | | | 0.01 | | | | 0.00 | * | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2018 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Year ended 3-31-2017 | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.00 | * | | | 0.00 | | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2021 | | | 1.00 | | | | 0.01 | | | | (0.01 | ) | | | 0.00 | * | | | — | * | | | — | | | | — | * |
Year ended 3-31-2020 | | | 1.00 | | | | 0.02 | | | | 0.00 | | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year ended 3-31-2019 | | | 1.00 | | | | 0.02 | | | | 0.00 | * | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year ended 3-31-2018(5) | | | 1.00 | | | | 0.00 | * | | | 0.00 | * | | | 0.00 | * | | | — | * | | | — | * | | | — | * |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (5) | For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Government Money Market Fund to Delaware Ivy Government Money Market Fund. |
| | | | | | |
| 128 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 1.00 | | | | 0.01 | % | | $ | 115 | | | | 0.06 | %(6) | | | 0.01 | %(6) | | | 0.65 | %(6) | | | -0.58 | %(6) |
Year ended 3-31-2021 | | | 1.00 | | | | 0.04 | | | | 183 | | | | 0.23 | | | | 0.04 | | | | 0.65 | | | | -0.38 | |
Year ended 3-31-2020 | | | 1.00 | | | | 1.31 | | | | 160 | | | | 0.77 | | | | 1.29 | | | | — | | | | — | |
Year ended 3-31-2019 | | | 1.00 | | | | 1.40 | | | | 132 | | | | 0.78 | | | | 1.39 | | | | — | | | | — | |
Year ended 3-31-2018 | | | 1.00 | | | | 0.56 | | | | 135 | | | | 0.66 | | | | 0.55 | | | | — | | | | — | |
Year ended 3-31-2017 | | | 1.00 | | | | 0.03 | | | | 184 | | | | 0.60 | | | | 0.03 | | | | 0.63 | | | | — | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.01 | | | | — | * | | | 0.08 | (6) | | | 0.01 | (6) | | | 1.90 | (6) | | | -1.81 | (6) |
Year ended 3-31-2021 | | | 1.00 | | | | 0.01 | | | | 1 | | | | 0.29 | | | | 0.01 | | | | 1.53 | | | | -1.23 | |
Year ended 3-31-2020 | | | 1.00 | | | | 0.50 | | | | 1 | | | | 1.58 | | | | 0.54 | | | | — | | | | — | |
Year ended 3-31-2019 | | | 1.00 | | | | 0.47 | | | | 1 | | | | 1.70 | | | | 0.42 | | | | — | | | | — | |
Year ended 3-31-2018 | | | 1.00 | | | | 0.01 | | | | 3 | | | | 1.16 | | | | 0.01 | | | | 1.67 | | | | -0.50 | |
Year ended 3-31-2017 | | | 1.00 | | | | 0.01 | | | | 5 | | | | 0.61 | | | | 0.02 | | | | 1.71 | | | | -1.08 | |
Class C Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.01 | | | | 3 | | | | 0.06 | (6) | | | 0.02 | (6) | | | 1.64 | (6) | | | -1.56 | (6) |
Year ended 3-31-2021 | | | 1.00 | | | | 0.01 | | | | 4 | | | | 0.36 | | | | 0.01 | | | | 1.55 | | | | -1.18 | |
Year ended 3-31-2020 | | | 1.00 | | | | 0.44 | | | | 17 | | | | 1.63 | | | | 0.45 | | | | — | | | | — | |
Year ended 3-31-2019 | | | 1.00 | | | | 0.63 | | | | 11 | | | | 1.54 | | | | 0.61 | | | | — | | | | — | |
Year ended 3-31-2018 | | | 1.00 | | | | 0.02 | | | | 22 | | | | 1.18 | | | | 0.02 | | | | 1.61 | | | | -0.41 | |
Year ended 3-31-2017 | | | 1.00 | | | | 0.01 | | | | 29 | | | | 0.61 | | | | 0.02 | | | | 1.61 | | | | -0.98 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.01 | | | | 10 | | | | 0.06 | (6) | | | 0.02 | (6) | | | 0.66 | (6) | | | -0.58 | (6) |
Year ended 3-31-2021 | | | 1.00 | | | | 0.06 | | | | 11 | | | | 0.21 | | | | 0.05 | | | | 0.64 | | | | -0.38 | |
Year ended 3-31-2020 | | | 1.00 | | | | 1.56 | | | | 9 | | | | 0.51 | | | | 1.54 | | | | 0.68 | | | | 1.37 | |
Year ended 3-31-2019 | | | 1.00 | | | | 1.55 | | | | 7 | | | | 0.62 | | | | 1.56 | | | | 0.72 | | | | 1.46 | |
Year ended 3-31-2018 | | | 1.00 | | | | 0.51 | | | | 6 | | | | 0.71 | | | | 0.49 | | | | — | | | | — | |
Year ended 3-31-2017 | | | 1.00 | | | | 0.01 | | | | 6 | | | | 0.61 | | | | 0.02 | | | | 0.70 | | | | -0.07 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 1.00 | | | | 0.01 | | | | — | * | | | 0.06 | (6) | | | 0.01 | (6) | | | 0.48 | (6) | | | -0.41 | (6) |
Year ended 3-31-2021 | | | 1.00 | | | | 0.07 | | | | — | * | | | 0.34 | | | | 0.53 | | | | 0.45 | | | | 0.42 | |
Year ended 3-31-2020 | | | 1.00 | | | | 1.57 | | | | 8 | | | | 0.52 | | | | 1.55 | | | | — | | | | — | |
Year ended 3-31-2019 | | | 1.00 | | | | 1.68 | | | | 7 | | | | 0.50 | | | | 1.66 | | | | — | | | | — | |
Year ended 3-31-2018(5) | | | 1.00 | | | | 0.65 | | | | 8 | | | | 0.40 | (6) | | | 1.03 | (6) | | | — | | | | — | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 129 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY HIGH INCOME FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 7.10 | | | $ | 0.20 | | | $ | 0.03 | | | $ | 0.23 | | | $ | (0.20 | ) | | $ | — | | | $ | (0.20 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.41 | | | | 1.21 | | | | 1.62 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.49 | | | | (1.29 | ) | | | (0.80 | ) | | | (0.49 | ) | | | — | | | | (0.49 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.50 | | | | (0.29 | ) | | | 0.21 | | | | (0.50 | ) | | | — | | | | (0.50 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.53 | | | | (0.12 | ) | | | 0.41 | | | | (0.52 | ) | | | — | | | | (0.52 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.55 | | | | 0.68 | | | | 1.23 | | | | (0.54 | ) | | | — | | | | (0.54 | ) |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.10 | | | | 0.17 | | | | 0.03 | | | | 0.20 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.36 | | | | 1.21 | | | | 1.57 | | | | (0.38 | ) | | | — | | | | (0.38 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.44 | | | | (1.30 | ) | | | (0.86 | ) | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.44 | | | | (0.29 | ) | | | 0.15 | | | | (0.44 | ) | | | — | | | | (0.44 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.45 | | | | (0.10 | ) | | | 0.35 | | | | (0.46 | ) | | | — | | | | (0.46 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.49 | | | | 0.68 | | | | 1.17 | | | | (0.48 | ) | | | — | | | | (0.48 | ) |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.10 | | | | 0.17 | | | | 0.03 | | | | 0.20 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.36 | | | | 1.22 | | | | 1.58 | | | | (0.39 | ) | | | — | | | | (0.39 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.44 | | | | (1.29 | ) | | | (0.85 | ) | | | (0.44 | ) | | | — | | | | (0.44 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.45 | | | | (0.29 | ) | | | 0.16 | | | | (0.45 | ) | | | — | | | | (0.45 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.45 | | | | (0.09 | ) | | | 0.36 | | | | (0.47 | ) | | | — | | | | (0.47 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.50 | | | | 0.68 | | | | 1.18 | | | | (0.49 | ) | | | — | | | | (0.49 | ) |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.10 | | | | 0.19 | | | | 0.03 | | | | 0.22 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.41 | | | | 1.21 | | | | 1.62 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.48 | | | | (1.29 | ) | | | (0.81 | ) | | | (0.48 | ) | | | — | | | | (0.48 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.49 | | | | (0.29 | ) | | | 0.20 | | | | (0.49 | ) | | | — | | | | (0.49 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.48 | | | | (0.09 | ) | | | 0.39 | | | | (0.50 | ) | | | — | | | | (0.50 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.53 | | | | 0.68 | | | | 1.21 | | | | (0.52 | ) | | | — | | | | (0.52 | ) |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.10 | | | | 0.20 | | | | 0.03 | | | | 0.23 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.43 | | | | 1.21 | | | | 1.64 | | | | (0.45 | ) | | | — | | | | (0.45 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.50 | | | | (1.29 | ) | | | (0.79 | ) | | | (0.50 | ) | | | — | | | | (0.50 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.52 | | | | (0.29 | ) | | | 0.23 | | | | (0.52 | ) | | | — | | | | (0.52 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.53 | | | | (0.10 | ) | | | 0.43 | | | | (0.54 | ) | | | — | | | | (0.54 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.56 | | | | 0.69 | | | | 1.25 | | | | (0.56 | ) | | | — | | | | (0.56 | ) |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.10 | | | | 0.18 | | | | 0.03 | | | | 0.21 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.39 | | | | 1.21 | | | | 1.60 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.46 | | | | (1.29 | ) | | | (0.83 | ) | | | (0.46 | ) | | | — | | | | (0.46 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.47 | | | | (0.29 | ) | | | 0.18 | | | | (0.47 | ) | | | — | | | | (0.47 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.48 | | | | (0.10 | ) | | | 0.38 | | | | (0.49 | ) | | | — | | | | (0.49 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.52 | | | | 0.68 | | | | 1.20 | | | | (0.51 | ) | | | — | | | | (0.51 | ) |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.10 | | | | 0.21 | | | | 0.03 | | | | 0.24 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.44 | | | | 1.21 | | | | 1.65 | | | | (0.46 | ) | | | — | | | | (0.46 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.51 | | | | (1.29 | ) | | | (0.78 | ) | | | (0.51 | ) | | | — | | | | (0.51 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.53 | | | | (0.29 | ) | | | 0.24 | | | | (0.53 | ) | | | — | | | | (0.53 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.53 | | | | (0.09 | ) | | | 0.44 | | | | (0.55 | ) | | | — | | | | (0.55 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.59 | | | | 0.67 | | | | 1.26 | | | | (0.57 | ) | | | — | | | | (0.57 | ) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.10 | | | | 0.20 | | | | 0.03 | | | | 0.23 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2021 | | | 5.91 | | | | 0.41 | | | | 1.21 | | | | 1.62 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year ended 3-31-2020 | | | 7.20 | | | | 0.49 | | | | (1.29 | ) | | | (0.80 | ) | | | (0.49 | ) | | | — | | | | (0.49 | ) |
Year ended 3-31-2019 | | | 7.49 | | | | 0.50 | | | | (0.29 | ) | | | 0.21 | | | | (0.50 | ) | | | — | | | | (0.50 | ) |
Year ended 3-31-2018 | | | 7.60 | | | | 0.50 | | | | (0.09 | ) | | | 0.41 | | | | (0.52 | ) | | | — | | | | (0.52 | ) |
Year ended 3-31-2017 | | | 6.91 | | | | 0.55 | | | | 0.68 | | | | 1.23 | | | | (0.54 | ) | | | — | | | | (0.54 | ) |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy High Income Fund to Delaware Ivy High Income Fund. |
| | | | | | |
| 130 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 7.13 | | | | 3.20 | % | | $ | 1,782 | | | | 0.94 | %(5) | | | 5.43 | %(5) | | | — | % | | | — | % | | | 23 | % |
Year ended 3-31-2021 | | | 7.10 | | | | 28.16 | | | | 1,816 | | | | 0.97 | | | | 6.16 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -12.03 | | | | 1,465 | | | | 0.95 | | | | 6.89 | | | | — | | | | — | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 2.93 | | | | 1,930 | | | | 0.95 | | | | 6.81 | | | | — | | | | — | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 5.54 | | | | 2,221 | | | | 0.95 | | | | 7.02 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 18.34 | | | | 1,250 | | | | 0.97 | | | | 7.51 | | | | — | | | | — | | | | 35 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.13 | | | | 2.79 | | | | 2 | | | | 1.70 | (5) | | | 4.73 | (5) | | | 1.94 | (5) | | | 4.49 | (5) | | | 23 | |
Year ended 3-31-2021 | | | 7.10 | | | | 27.22 | | | | 8 | | | | 1.70 | | | | 5.49 | | | | 1.82 | | | | 5.37 | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -12.71 | | | | 19 | | | | 1.71 | | | | 6.11 | | | | 1.77 | | | | 6.05 | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 2.15 | | | | 40 | | | | 1.71 | | | | 6.04 | | | | 1.73 | | | | 6.02 | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 4.72 | | | | 62 | | | | 1.71 | | | | 5.90 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 17.46 | | | | 79 | | | | 1.72 | | | | 6.72 | | | | — | | | | — | | | | 35 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.13 | | | | 2.83 | | | | 285 | | | | 1.66 | (5) | | | 4.72 | (5) | | | 1.67 | (5) | | | 4.71 | (5) | | | 23 | |
Year ended 3-31-2021 | | | 7.10 | | | | 27.28 | | | | 321 | | | | 1.66 | | | | 5.50 | | | | 1.70 | | | | 5.46 | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -12.66 | | | | 447 | | | | 1.66 | | | | 6.17 | | | | 1.68 | | | | 6.15 | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 2.21 | | | | 683 | | | | 1.66 | | | | 6.10 | | | | 1.66 | | | | 6.10 | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 4.77 | | | | 817 | | | | 1.66 | | | | 5.94 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 17.51 | | | | 970 | | | | 1.67 | | | | 6.77 | | | | — | | | | — | | | | 35 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.13 | | | | 3.15 | | | | 9 | | | | 1.04 | (5) | | | 5.33 | (5) | | | 1.20 | (5) | | | 5.17 | (5) | | | 23 | |
Year ended 3-31-2021 | | | 7.10 | | | | 28.07 | | | | 9 | | | | 1.04 | | | | 6.09 | | | | 1.21 | | | | 5.92 | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -12.14 | | | | 8 | | | | 1.07 | | | | 6.77 | | | | 1.22 | | | | 6.62 | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 2.79 | | | | 9 | | | | 1.09 | | | | 6.68 | | | | 1.24 | | | | 6.53 | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 5.28 | | | | 10 | | | | 1.13 | | | | 6.38 | | | | 1.21 | | | | 6.30 | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 18.08 | | | | 10 | | | | 1.19 | | | | 7.22 | | | | 1.28 | | | | 7.13 | | | | 35 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.13 | | | | 3.31 | | | | 1,783 | | | | 0.73 | (5) | | | 5.64 | (5) | | | — | | | | — | | | | 23 | |
Year ended 3-31-2021 | | | 7.10 | | | | 28.44 | | | | 1,868 | | | | 0.75 | | | | 6.38 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -11.83 | | | | 1,487 | | | | 0.73 | | | | 7.11 | | | | — | | | | — | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 3.18 | | | | 2,058 | | | | 0.72 | | | | 7.05 | | | | — | | | | — | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 5.77 | | | | 2,156 | | | | 0.72 | | | | 6.99 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 18.64 | | | | 1,737 | | | | 0.71 | | | | 7.69 | | | | — | | | | — | | | | 35 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.13 | | | | 3.00 | | | | 48 | | | | 1.33 | (5) | | | 5.04 | (5) | | | — | | | | — | | | | 23 | |
Year ended 3-31-2021 | | | 7.10 | | | | 27.67 | | | | 48 | | | | 1.35 | | | | 5.79 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -12.36 | | | | 45 | | | | 1.32 | | | | 6.52 | | | | — | | | | — | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 2.58 | | | | 62 | | | | 1.30 | | | | 6.47 | | | | — | | | | — | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 5.15 | | | | 65 | | | | 1.30 | | | | 6.26 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 17.94 | | | | 70 | | | | 1.31 | | | | 7.05 | | | | — | | | | — | | | | 35 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.13 | | | | 3.39 | | | | 64 | | | | 0.59 | (5) | | | 5.79 | (5) | | | — | | | | — | | | | 23 | |
Year ended 3-31-2021 | | | 7.10 | | | | 28.63 | | | | 67 | | | | 0.60 | | | | 6.54 | | | | — | | | | — | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -11.69 | | | | 64 | | | | 0.58 | | | | 7.27 | | | | — | | | | — | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 3.35 | | | | 71 | | | | 0.56 | | | | 7.22 | | | | — | | | | — | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 5.93 | | | | 45 | | | | 0.57 | | | | 7.02 | | | | — | | | | — | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 18.83 | | | | 34 | | | | 0.56 | | | | 8.04 | | | | — | | | | — | | | | 35 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 7.13 | | | | 3.20 | | | | 111 | | | | 0.94 | (5) | | | 5.45 | (5) | | | 0.99 | (5) | | | 5.40 | (5) | | | 23 | |
Year ended 3-31-2021 | | | 7.10 | | | | 28.17 | | | | 138 | | | | 0.97 | | | | 6.17 | | | | 1.00 | | | | 6.14 | | | | 59 | |
Year ended 3-31-2020 | | | 5.91 | | | | -12.03 | | | | 133 | | | | 0.95 | | | | 6.87 | | | | 0.98 | | | | 6.84 | | | | 30 | |
Year ended 3-31-2019 | | | 7.20 | | | | 2.94 | | | | 239 | | | | 0.95 | | | | 6.80 | | | | 0.96 | | | | 6.79 | | | | 41 | |
Year ended 3-31-2018 | | | 7.49 | | | | 5.53 | | | | 329 | | | | 0.95 | | | | 6.63 | | | | 0.96 | | | | 6.62 | | | | 39 | |
Year ended 3-31-2017 | | | 7.60 | | | | 18.33 | | | | 396 | | | | 0.96 | | | | 7.46 | | | | — | | | | — | | | | 35 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 131 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY INTERNATIONAL CORE EQUITY FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 19.82 | | | $ | 0.16 | | | $ | 0.69 | | | $ | 0.85 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 13.29 | | | | 0.23 | | | | 6.48 | | | | 6.71 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2020 | | | 16.75 | | | | 0.26 | | | | (3.30 | ) | | | (3.04 | ) | | | (0.42 | ) | | | — | | | | (0.42 | ) |
Year ended 3-31-2019 | | | 19.98 | | | | 0.35 | | | | (2.11 | ) | | | (1.76 | ) | | | (0.36 | ) | | | (1.11 | ) | | | (1.47 | ) |
Year ended 3-31-2018 | | | 17.97 | | | | 0.25 | | | | 1.96 | | | | 2.21 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2017 | | | 15.97 | | | | 0.30 | | | | 1.96 | | | | 2.26 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.26 | | | | 0.06 | | | | 0.61 | | | | 0.67 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.62 | | | | 0.06 | | | | 5.65 | | | | 5.71 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year ended 3-31-2020 | | | 14.70 | | | | 0.12 | | | | (2.90 | ) | | | (2.78 | ) | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year ended 3-31-2019 | | | 17.72 | | | | 0.17 | | | | (1.86 | ) | | | (1.69 | ) | | | (0.22 | ) | | | (1.11 | ) | | | (1.33 | ) |
Year ended 3-31-2018 | | | 15.98 | | | | 0.09 | | | | 1.73 | | | | 1.82 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2017 | | | 14.24 | | | | 0.07 | | | | 1.80 | | | | 1.87 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.33 | | | | 0.07 | | | | 0.61 | | | | 0.68 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.65 | | | | 0.09 | | | | 5.68 | | | | 5.77 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2020 | | | 14.75 | | | | 0.14 | | | | (2.91 | ) | | | (2.77 | ) | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2019 | | | 17.77 | | | | 0.20 | | | | (1.87 | ) | | | (1.67 | ) | | | (0.24 | ) | | | (1.11 | ) | | | (1.35 | ) |
Year ended 3-31-2018 | | | 16.02 | | | | 0.11 | | | | 1.74 | | | | 1.85 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2017 | | | 14.27 | | | | 0.11 | | | | 1.81 | | | | 1.92 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.98 | | | | 0.16 | | | | 0.71 | | | | 0.87 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.40 | | | | 0.24 | | | | 6.53 | | | | 6.77 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2020 | | | 16.88 | | | | 0.26 | | | | (3.32 | ) | | | (3.06 | ) | | | (0.42 | ) | | | — | | | | (0.42 | ) |
Year ended 3-31-2019 | | | 20.11 | | | | 0.34 | | | | (2.11 | ) | | | (1.77 | ) | | | (0.35 | ) | | | (1.11 | ) | | | (1.46 | ) |
Year ended 3-31-2018 | | | 18.09 | | | | 0.24 | | | | 1.98 | | | | 2.22 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2017 | | | 16.08 | | | | 0.22 | | | | 2.04 | | | | 2.26 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.98 | | | | 0.20 | | | | 0.70 | | | | 0.90 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.39 | | | | 0.29 | | | | 6.55 | | | | 6.84 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year ended 3-31-2020 | | | 16.86 | | | | 0.35 | | | | (3.32 | ) | | | (2.97 | ) | | | (0.50 | ) | | | — | | | | (0.50 | ) |
Year ended 3-31-2019 | | | 20.10 | | | | 0.42 | | | | (2.12 | ) | | | (1.70 | ) | | | (0.43 | ) | | | (1.11 | ) | | | (1.54 | ) |
Year ended 3-31-2018 | | | 18.07 | | | | 0.31 | | | | 1.98 | | | | 2.29 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2017 | | | 16.07 | | | | 0.26 | | | | 2.06 | | | | 2.32 | | | | (0.32 | ) | | | — | | | | (0.32 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.80 | | | | 0.12 | | | | 0.70 | | | | 0.82 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.29 | | | | 0.17 | | | | 6.48 | | | | 6.65 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year ended 3-31-2020 | | | 16.75 | | | | 0.20 | | | | (3.28 | ) | | | (3.08 | ) | | | (0.38 | ) | | | — | | | | (0.38 | ) |
Year ended 3-31-2019 | | | 19.97 | | | | 0.29 | | | | (2.10 | ) | | | (1.81 | ) | | | (0.30 | ) | | | (1.11 | ) | | | (1.41 | ) |
Year ended 3-31-2018 | | | 17.96 | | | | 0.17 | | | | 1.99 | | | | 2.16 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2017 | | | 15.97 | | | | 0.17 | | | | 2.04 | | | | 2.21 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.03 | | | | 0.21 | | | | 0.70 | | | | 0.91 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.43 | | | | 0.29 | | | | 6.56 | | | | 6.85 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year ended 3-31-2020 | | | 16.91 | | | | 0.36 | | | | (3.34 | ) | | | (2.98 | ) | | | (0.50 | ) | | | — | | | | (0.50 | ) |
Year ended 3-31-2019 | | | 20.16 | | | | 0.43 | | | | (2.12 | ) | | | (1.69 | ) | | | (0.45 | ) | | | (1.11 | ) | | | (1.56 | ) |
Year ended 3-31-2018 | | | 18.13 | | | | 0.30 | | | | 2.02 | | | | 2.32 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2017 | | | 16.11 | | | | 0.29 | | | | 2.07 | | | | 2.36 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.98 | | | | 0.16 | | | | 0.70 | | | | 0.86 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.39 | | | | 0.22 | | | | 6.56 | | | | 6.78 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2020 | | | 16.87 | | | | 0.27 | | | | (3.32 | ) | | | (3.05 | ) | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year ended 3-31-2019 | | | 20.12 | | | | 0.37 | | | | (2.14 | ) | | | (1.77 | ) | | | (0.37 | ) | | | (1.11 | ) | | | (1.48 | ) |
Year ended 3-31-2018 | | | 18.09 | | | | 0.26 | | | | 1.98 | | | | 2.24 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2017 | | | 16.08 | | | | 0.26 | | | | 2.02 | | | | 2.28 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 1.25%. |
| (7) | Expense ratio based on the period excluding reorganization expenses was 1.18%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy International Core Equity Fund to Delaware Ivy International Core Equity Fund. |
| | | | | | |
| 132 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 20.67 | | | | 4.29 | % | | $ | 375 | | | | 1.23 | %(5) | | | 1.47 | %(5) | | | 1.32 | %(5) | | | 1.38 | %(5) | | | 45 | % |
Year ended 3-31-2021 | | | 19.82 | | | | 50.62 | | | | 388 | | | | 1.23 | | | | 1.33 | | | | 1.35 | | | | 1.21 | | | | 76 | |
Year ended 3-31-2020 | | | 13.29 | | | | -18.72 | | | | 322 | | | | 1.25 | | | | 1.57 | | | | 1.31 | | | | 1.51 | | | | 62 | |
Year ended 3-31-2019 | | | 16.75 | | | | -8.57 | | | | 568 | | | | 1.26 | (6) | | | 1.90 | | | | 1.27 | | | | 1.89 | | | | 52 | |
Year ended 3-31-2018 | | | 19.98 | | | | 12.33 | | | | 677 | | | | 1.25 | | | | 1.27 | | | | — | | | | — | | | | 48 | |
Year ended 3-31-2017 | | | 17.97 | | | | 14.31 | | | | 564 | | | | 1.29 | | | | 1.78 | | | | — | | | | — | | | | 80 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.93 | | | | 3.88 | | | | — | * | | | 2.08 | (5) | | | 0.69 | (5) | | | 2.82 | (5) | | | -0.05 | (5) | | | 45 | |
Year ended 3-31-2021 | | | 17.26 | | | | 49.21 | | | | 1 | | | | 2.08 | | | | 0.38 | | | | 2.52 | | | | -0.06 | | | | 76 | |
Year ended 3-31-2020 | | | 11.62 | | | | -19.38 | | | | 1 | | | | 2.11 | | | | 0.82 | | | | 2.29 | | | | 0.64 | | | | 62 | |
Year ended 3-31-2019 | | | 14.70 | | | | -9.34 | | | | 4 | | | | 2.10 | | | | 1.05 | | | | 2.13 | | | | 1.02 | | | | 52 | |
Year ended 3-31-2018 | | | 17.72 | | | | 11.39 | | | | 7 | | | | 2.11 | | | | 0.50 | | | | — | | | | — | | | | 48 | |
Year ended 3-31-2017 | | | 15.98 | | | | 13.20 | | | | 9 | | | | 2.22 | | | | 0.45 | | | | — | | | | — | | | | 80 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.01 | | | | 3.92 | | | | 58 | | | | 1.92 | (5) | | | 0.78 | (5) | | | 2.04 | (5) | | | 0.66 | (5) | | | 45 | |
Year ended 3-31-2021 | | | 17.33 | | | | 49.63 | | | | 67 | | | | 1.92 | | | | 0.58 | | | | 2.05 | | | | 0.45 | | | | 76 | |
Year ended 3-31-2020 | | | 11.65 | | | | -19.30 | | | | 77 | | | | 1.93 | | | | 0.94 | | | | 1.99 | | | | 0.88 | | | | 62 | |
Year ended 3-31-2019 | | | 14.75 | | | | -9.14 | | | | 163 | | | | 1.91 | | | | 1.24 | | | | 1.92 | | | | 1.23 | | | | 52 | |
Year ended 3-31-2018 | | | 17.77 | | | | 11.57 | | | | 240 | | | | 1.93 | | | | 0.62 | | | | — | | | | — | | | | 48 | |
Year ended 3-31-2017 | | | 16.02 | | | | 13.51 | | | | 220 | | | | 1.97 | | | | 0.72 | | | | — | | | | — | | | | 80 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.85 | | | | 4.35 | | | | 8 | | | | 1.17 | (5) | | | 1.50 | (5) | | | 1.57 | (5) | | | 1.10 | (5) | | | 45 | |
Year ended 3-31-2021 | | | 19.98 | | | | 50.64 | | | | 7 | | | | 1.18 | | | | 1.39 | | | | 1.57 | | | | 1.00 | | | | 76 | |
Year ended 3-31-2020 | | | 13.40 | | | | -18.70 | | | | 6 | | | | 1.24 | | | | 1.56 | | | | 1.55 | | | | 1.25 | | | | 62 | |
Year ended 3-31-2019 | | | 16.88 | | | | -8.62 | | | | 7 | | | | 1.29 | | | | 1.83 | | | | 1.51 | | | | 1.61 | | | | 52 | |
Year ended 3-31-2018 | | | 20.11 | | | | 12.31 | | | | 8 | | | | 1.28 | | | | 1.22 | | | | 1.51 | | | | 0.99 | | | | 48 | |
Year ended 3-31-2017 | | | 18.09 | | | | 14.20 | | | | 6 | | | | 1.31 | | | | 1.31 | | | | 1.61 | | | | 1.01 | | | | 80 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.88 | | | | 4.50 | | | | 1,313 | | | | 0.79 | (5) | | | 1.89 | (5) | | | 1.04 | (5) | | | 1.64 | (5) | | | 45 | |
Year ended 3-31-2021 | | | 19.98 | | | | 51.27 | | | | 1,408 | | | | 0.79 | | | | 1.72 | | | | 1.03 | | | | 1.48 | | | | 76 | |
Year ended 3-31-2020 | | | 13.39 | | | | -18.30 | | | | 1,483 | | | | 0.79 | | | | 2.08 | | | | 0.98 | | | | 1.89 | | | | 62 | |
Year ended 3-31-2019 | | | 16.86 | | | | -8.20 | | | | 3,149 | | | | 0.85 | | | | 2.27 | | | | 0.95 | | | | 2.17 | | | | 52 | |
Year ended 3-31-2018 | | | 20.10 | | | | 12.70 | | | | 4,136 | | | | 0.94 | | | | 1.59 | | | | — | | | | — | | | | 48 | |
Year ended 3-31-2017 | | | 18.07 | | | | 14.58 | | | | 3,168 | | | | 0.97 | | | | 1.52 | | | | — | | | | — | | | | 80 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.62 | | | | 4.14 | | | | 54 | | | | 1.53 | (5) | | | 1.15 | (5) | | | 1.62 | (5) | | | 1.06 | (5) | | | 45 | |
Year ended 3-31-2021 | | | 19.80 | | | | 50.08 | | | | 55 | | | | 1.53 | | | | 1.02 | | | | 1.62 | | | | 0.93 | | | | 76 | |
Year ended 3-31-2020 | | | 13.29 | | | | -18.93 | | | | 47 | | | | 1.53 | | | | 1.21 | | | | 1.57 | | | | 1.17 | | | | 62 | |
Year ended 3-31-2019 | | | 16.75 | | | | -8.82 | | | | 104 | | | | 1.53 | | | | 1.60 | | | | 1.54 | | | | 1.59 | | | | 52 | |
Year ended 3-31-2018 | | | 19.97 | | | | 12.04 | | | | 117 | | | | 1.53 | | | | 0.85 | | | | — | | | | — | | | | 48 | |
Year ended 3-31-2017 | | | 17.96 | | | | 13.95 | | | | 56 | | | | 1.56 | | | | 1.00 | | | | — | | | | — | | | | 80 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.94 | | | | 4.54 | | | | 437 | | | | 0.79 | (5) | | | 1.91 | (5) | | | 0.88 | (5) | | | 1.82 | (5) | | | 45 | |
Year ended 3-31-2021 | | | 20.03 | | | | 51.19 | | | | 497 | | | | 0.79 | | | | 1.69 | | | | 0.88 | | | | 1.60 | | | | 76 | |
Year ended 3-31-2020 | | | 13.43 | | | | -18.31 | | | | 620 | | | | 0.79 | | | | 2.09 | | | | 0.83 | | | | 2.05 | | | | 62 | |
Year ended 3-31-2019 | | | 16.91 | | | | -8.12 | | | | 1,437 | | | | 0.79 | | | | 2.35 | | | | 0.80 | | | | 2.34 | | | | 52 | |
Year ended 3-31-2018 | | | 20.16 | | | | 12.82 | | | | 1,597 | | | | 0.79 | | | | 1.49 | | | | — | | | | — | | | | 48 | |
Year ended 3-31-2017 | | | 18.13 | | | | 14.83 | | | | 484 | | | | 0.82 | | | | 1.72 | | | | — | | | | — | | | | 80 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 20.84 | | | | 4.30 | | | | 85 | | | | 1.18 | (5) | | | 1.52 | (5) | | | 1.34 | (5) | | | 1.36 | (5) | | | 45 | |
Year ended 3-31-2021 | | | 19.98 | | | | 50.76 | | | | 91 | | | | 1.17 | | | | 1.33 | | | | 1.29 | | | | 1.21 | | | | 76 | |
Year ended 3-31-2020 | | | 13.39 | | | | -18.65 | | | | 176 | | | | 1.18 | | | | 1.62 | | | | 1.23 | | | | 1.57 | | | | 62 | |
Year ended 3-31-2019 | | | 16.87 | | | | -8.55 | | | | 377 | | | | 1.19 | (7) | | | 1.99 | | | | 1.19 | | | | 1.99 | | | | 52 | |
Year ended 3-31-2018 | | | 20.12 | | | | 12.42 | | | | 487 | | | | 1.19 | | | | 1.32 | | | | — | | | | — | | | | 48 | |
Year ended 3-31-2017 | | | 18.09 | | | | 14.34 | | | | 416 | | | | 1.24 | | | | 1.56 | | | | — | | | | — | | | | 80 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 133 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY LARGE CAP GROWTH FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 29.35 | | | $ | (0.06 | ) | | $ | 4.40 | | | $ | 4.34 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 20.52 | | | | (0.07 | ) | | | 10.80 | | | | 10.73 | | | | — | | | | (1.90 | ) | | | (1.90 | ) |
Year ended 3-31-2020 | | | 22.73 | | | | (0.02 | ) | | | 0.85 | | | | 0.83 | | | | — | | | | (3.04 | ) | | | (3.04 | ) |
Year ended 3-31-2019 | | | 22.65 | | | | (0.01 | ) | | | 2.87 | | | | 2.86 | | | | — | | | | (2.78 | ) | | | (2.78 | ) |
Year ended 3-31-2018 | | | 19.17 | | | | (0.01 | ) | | | 4.46 | | | | 4.45 | | | | — | | | | (0.97 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 17.66 | | | | 0.00 | * | | | 2.42 | | | | 2.42 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.65 | | | | (0.15 | ) | | | 2.96 | | | | 2.81 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 14.29 | | | | (0.20 | ) | | | 7.46 | | | | 7.26 | | | | — | | | | (1.90 | ) | | | (1.90 | ) |
Year ended 3-31-2020 | | | 16.69 | | | | (0.16 | ) | | | 0.71 | | | | 0.55 | | | | — | | | | (2.95 | ) | | | (2.95 | ) |
Year ended 3-31-2019 | | | 17.46 | | | | (0.16 | ) | | | 2.14 | | | | 1.98 | | | | — | | | | (2.75 | ) | | | (2.75 | ) |
Year ended 3-31-2018 | | | 15.09 | | | | (0.16 | ) | | | 3.50 | | | | 3.34 | | | | — | | | | (0.97 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 14.22 | | | | (0.14 | ) | | | 1.92 | | | | 1.78 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.15 | | | | (0.15 | ) | | | 3.33 | | | | 3.18 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 15.94 | | | | (0.22 | ) | | | 8.33 | | | | 8.11 | | | | — | | | | (1.90 | ) | | | (1.90 | ) |
Year ended 3-31-2020 | | | 18.30 | | | | (0.17 | ) | | | 0.75 | | | | 0.58 | | | | — | | | | (2.94 | ) | | | (2.94 | ) |
Year ended 3-31-2019 | | | 18.87 | | | | (0.15 | ) | | | 2.33 | | | | 2.18 | | | | — | | | | (2.75 | ) | | | (2.75 | ) |
Year ended 3-31-2018 | | | 16.22 | | | | (0.15 | ) | | | 3.77 | | | | 3.62 | | | | — | | | | (0.97 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 15.19 | | | | (0.11 | ) | | | 2.05 | | | | 1.94 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 29.21 | | | | (0.08 | ) | | | 4.38 | | | | 4.30 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 20.45 | | | | (0.10 | ) | | | 10.76 | | | | 10.66 | | | | — | | | | (1.90 | ) | | | (1.90 | ) |
Year ended 3-31-2020 | | | 22.67 | | | | (0.05 | ) | | | 0.85 | | | | 0.80 | | | | — | | | | (3.02 | ) | | | (3.02 | ) |
Year ended 3-31-2019 | | | 22.62 | | | | (0.04 | ) | | | 2.87 | | | | 2.83 | | | | — | | | | (2.78 | ) | | | (2.78 | ) |
Year ended 3-31-2018 | | | 19.15 | | | | (0.02 | ) | | | 4.46 | | | | 4.44 | | | | — | | | | (0.97 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 17.64 | | | | 0.00 | * | | | 2.42 | | | | 2.42 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 31.48 | | | | (0.01 | ) | | | 4.72 | | | | 4.71 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 21.90 | | | | 0.03 | | | | 11.52 | | | | 11.55 | | | | (0.01 | ) | | | (1.96 | ) | | | (1.97 | ) |
Year ended 3-31-2020 | | | 24.09 | | | | 0.06 | | | | 0.89 | | | | 0.95 | | | | (0.07 | ) | | | (3.07 | ) | | | (3.14 | ) |
Year ended 3-31-2019 | | | 23.80 | | | | 0.06 | | | | 3.03 | | | | 3.09 | | | | — | | | | (2.80 | ) | | | (2.80 | ) |
Year ended 3-31-2018 | | | 20.08 | | | | 0.04 | | | | 4.69 | | | | 4.73 | | | | (0.04 | ) | | | (0.97 | ) | | | (1.01 | ) |
Year ended 3-31-2017 | | | 18.41 | | | | 0.05 | | | | 2.53 | | | | 2.58 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.57 | | | | (0.12 | ) | | | 4.14 | | | | 4.02 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 19.43 | | | | (0.16 | ) | | | 10.20 | | | | 10.04 | | | | — | | | | (1.90 | ) | | | (1.90 | ) |
Year ended 3-31-2020 | | | 21.69 | | | | (0.10 | ) | | | 0.82 | | | | 0.72 | | | | — | | | | (2.98 | ) | | | (2.98 | ) |
Year ended 3-31-2019 | | | 21.79 | | | | (0.09 | ) | | | 2.74 | | | | 2.65 | | | | — | | | | (2.75 | ) | | | (2.75 | ) |
Year ended 3-31-2018 | | | 18.54 | | | | (0.09 | ) | | | 4.31 | | | | 4.22 | | | | — | | | | (0.97 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 17.16 | | | | (0.06 | ) | | | 2.35 | | | | 2.29 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 31.71 | | | | (0.01 | ) | | | 4.76 | | | | 4.75 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 22.05 | | | | 0.03 | | | | 11.61 | | | | 11.64 | | | | (0.02 | ) | | | (1.96 | ) | | | (1.98 | ) |
Year ended 3-31-2020 | | | 24.25 | | | | 0.07 | | | | 0.89 | | | | 0.96 | | | | (0.09 | ) | | | (3.07 | ) | | | (3.16 | ) |
Year ended 3-31-2019 | | | 23.91 | | | | 0.08 | | | | 3.04 | | | | 3.12 | | | | — | | | | (2.78 | ) | | | (2.78 | ) |
Year ended 3-31-2018 | | | 20.18 | | | | 0.07 | | | | 4.72 | | | | 4.79 | | | | (0.09 | ) | | | (0.97 | ) | | | (1.06 | ) |
Year ended 3-31-2017 | | | 18.47 | | | | 0.07 | | | | 2.55 | | | | 2.62 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 30.36 | | | | (0.06 | ) | | | 4.55 | | | | 4.49 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 21.18 | | | | (0.07 | ) | | | 11.15 | | | | 11.08 | | | | — | | | | (1.90 | ) | | | (1.90 | ) |
Year ended 3-31-2020 | | | 23.37 | | | | (0.02 | ) | | | 0.86 | | | | 0.84 | | | | — | | | | (3.03 | ) | | | (3.03 | ) |
Year ended 3-31-2019 | | | 23.24 | | | | (0.01 | ) | | | 2.94 | | | | 2.93 | | | | — | | | | (2.80 | ) | | | (2.80 | ) |
Year ended 3-31-2018 | | | 19.63 | | | | 0.00 | * | | | 4.58 | | | | 4.58 | | | | — | | | | (0.97 | ) | | | (0.97 | ) |
Year ended 3-31-2017 | | | 18.04 | | | | 0.00 | * | | | 2.50 | | | | 2.50 | | | | — | | | | (0.91 | ) | | | (0.91 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 1.04%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Large Cap Growth Fund to Delaware Ivy Large Cap Growth Fund. |
| | | | | | |
| 134 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 33.69 | | | | 14.79 | % | | $ | 3,004 | | | | 0.95 | %(5) | | | -0.36 | %(5) | | | — | % | | | — | % | | | 4 | % |
Year ended 3-31-2021 | | | 29.35 | | | | 52.78 | | | | 2,740 | | | | 0.98 | | | | -0.24 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2020 | | | 20.52 | | | | 2.18 | | | | 1,936 | | | | 1.01 | | | | -0.07 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2019 | | | 22.73 | | | | 13.65 | | | | 2,113 | | | | 1.04 | | | | -0.04 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2018 | | | 22.65 | | | | 23.45 | | | | 1,778 | | | | 1.13 | | | | -0.05 | | | | 1.13 | | | | -0.05 | | | | 37 | |
Year ended 3-31-2017 | | | 19.17 | | | | 14.12 | | | | 487 | | | | 1.15 | | | | 0.01 | | | | 1.19 | | | | -0.03 | | | | 43 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.46 | | | | 14.30 | | | | 1 | | | | 1.83 | (5) | | | -1.31 | (5) | | | 2.13 | (5) | | | -1.61 | (5) | | | 4 | |
Year ended 3-31-2021 | | | 19.65 | | | | 51.46 | | | | 4 | | | | 1.83 | | | | -1.09 | | | | 1.95 | | | | -1.21 | | | | 23 | |
Year ended 3-31-2020 | | | 14.29 | | | | 1.33 | | | | 5 | | | | 1.85 | | | | -0.92 | | | | 1.95 | | | | -1.02 | | | | 33 | |
Year ended 3-31-2019 | | | 16.69 | | | | 12.63 | | | | 9 | | | | 1.92 | | | | -0.91 | | | | 1.97 | | | | -0.96 | | | | 37 | |
Year ended 3-31-2018 | | | 17.46 | | | | 22.42 | | | | 11 | | | | 2.00 | | | | -0.95 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2017 | | | 15.09 | | | | 13.01 | | | | 10 | | | | 2.08 | | | | -0.94 | | | | — | | | | — | | | | 43 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 25.33 | | | | 14.36 | | | | 71 | | | | 1.78 | (5) | | | -1.20 | (5) | | | — | | | | — | | | | 4 | |
Year ended 3-31-2021 | | | 22.15 | | | | 51.46 | | | | 69 | | | | 1.82 | | | | -1.07 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2020 | | | 15.94 | | | | 1.38 | | | | 69 | | | | 1.83 | | | | -0.89 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2019 | | | 18.30 | | | | 12.75 | | | | 88 | | | | 1.81 | | | | -0.81 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2018 | | | 18.87 | | | | 22.59 | | | | 84 | | | | 1.86 | | | | -0.82 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2017 | | | 16.22 | | | | 13.24 | | | | 97 | | | | 1.87 | | | | -0.73 | | | | — | | | | — | | | | 43 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 33.51 | | | | 14.72 | | | | 34 | | | | 1.08 | (5) | | | -0.49 | (5) | | | — | | | | — | | | | 4 | |
Year ended 3-31-2021 | | | 29.21 | | | | 52.61 | | | | 31 | | | | 1.10 | | | | -0.36 | | | | 1.10 | | | | -0.36 | | | | 23 | |
Year ended 3-31-2020 | | | 20.45 | | | | 2.05 | | | | 20 | | | | 1.14 | | | | -0.20 | | | | 1.15 | | | | -0.21 | | | | 33 | |
Year ended 3-31-2019 | | | 22.67 | | | | 13.52 | | | | 19 | | | | 1.15 | | | | -0.16 | | | | 1.19 | | | | -0.20 | | | | 37 | |
Year ended 3-31-2018 | | | 22.62 | | | | 23.43 | | | | 16 | | | | 1.15 | | | | -0.11 | | | | 1.28 | | | | -0.24 | | | | 37 | |
Year ended 3-31-2017 | | | 19.15 | | | | 14.14 | | | | 13 | | | | 1.15 | | | | -0.01 | | | | 1.36 | | | | -0.22 | | | | 43 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 36.19 | | | | 14.96 | | | | 2,763 | | | | 0.64 | (5) | | | -0.05 | (5) | | | 0.77 | (5) | | | -0.18 | (5) | | | 4 | |
Year ended 3-31-2021 | | | 31.48 | | | | 53.25 | | | | 2,527 | | | | 0.64 | | | | 0.09 | | | | 0.79 | | | | -0.06 | | | | 23 | |
Year ended 3-31-2020 | | | 21.90 | | | | 2.51 | | | | 1,819 | | | | 0.69 | | | | 0.24 | | | | 0.80 | | | | 0.13 | | | | 33 | |
Year ended 3-31-2019 | | | 24.09 | | | | 13.99 | | | | 1,970 | | | | 0.73 | | | | 0.27 | | | | 0.82 | | | | 0.18 | | | | 37 | |
Year ended 3-31-2018 | | | 23.80 | | | | 23.80 | | | | 1,580 | | | | 0.88 | | | | 0.18 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2017 | | | 20.08 | | | | 14.42 | | | | 961 | | | | 0.88 | | | | 0.24 | | | | 0.88 | | | | 0.24 | | | | 43 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 31.59 | | | | 14.58 | | | | 13 | | | | 1.37 | (5) | | | -0.78 | (5) | | | — | | | | — | | | | 4 | |
Year ended 3-31-2021 | | | 27.57 | | | | 52.17 | | | | 13 | | | | 1.38 | | | | -0.63 | | | | — | | | | — | | | | 23 | |
Year ended 3-31-2020 | | | 19.43 | | | | 1.75 | | | | 13 | | | | 1.40 | | | | -0.46 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2019 | | | 21.69 | | | | 13.22 | | | | 18 | | | | 1.40 | | | | -0.40 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2018 | | | 21.79 | | | | 23.06 | | | | 23 | | | | 1.46 | | | | -0.42 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2017 | | | 18.54 | | | | 13.77 | | | | 21 | | | | 1.47 | | | | -0.33 | | | | — | | | | — | | | | 43 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 36.46 | | | | 14.98 | | | | 171 | | | | 0.64 | (5) | | | -0.05 | (5) | | | 0.64 | (5) | | | -0.05 | (5) | | | 4 | |
Year ended 3-31-2021 | | | 31.71 | | | | 53.28 | | | | 164 | | | | 0.64 | | | | 0.10 | | | | 0.64 | | | | 0.10 | | | | 23 | |
Year ended 3-31-2020 | | | 22.05 | | | | 2.54 | | | | 107 | | | | 0.66 | | | | 0.28 | | | | — | | | | — | | | | 33 | |
Year ended 3-31-2019 | | | 24.25 | | | | 14.06 | | | | 108 | | | | 0.66 | | | | 0.33 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2018 | | | 23.91 | | | | 24.00 | | | | 100 | | | | 0.72 | | | | 0.30 | | | | — | | | | — | | | | 37 | |
Year ended 3-31-2017 | | | 20.18 | | | | 14.59 | | | | 1 | | | | 0.72 | | | | 0.39 | | | | — | | | | — | | | | 43 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 34.85 | | | | 14.79 | | | | 33 | | | | 0.95 | (5) | | | -0.36 | (5) | | | 1.02 | (5) | | | -0.43 | (5) | | | 4 | |
Year ended 3-31-2021 | | | 30.36 | | | | 52.78 | | | | 31 | | | | 0.98 | | | | -0.24 | | | | 1.04 | | | | -0.30 | | | | 23 | |
Year ended 3-31-2020 | | | 21.18 | | | | 2.19 | | | | 26 | | | | 1.01 | | | | -0.08 | | | | 1.05 | | | | -0.12 | | | | 33 | |
Year ended 3-31-2019 | | | 23.37 | | | | 13.61 | | | | 38 | | | | 1.05 | (6) | | | -0.05 | | | | 1.06 | | | | -0.06 | | | | 37 | |
Year ended 3-31-2018 | | | 23.24 | | | | 23.57 | | | | 37 | | | | 1.05 | | | | -0.01 | | | | 1.11 | | | | -0.07 | | | | 37 | |
Year ended 3-31-2017 | | | 19.63 | | | | 14.27 | | | | 35 | | | | 1.06 | | | | 0.02 | | | | 1.12 | | | | -0.04 | | | | 43 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 135 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY LIMITED-TERM BOND FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 11.04 | | | $ | 0.06 | | | $ | (0.01 | ) | | $ | 0.05 | | | $ | (0.06 | ) | | $ | — | | | $ | (0.06 | ) |
Year ended 3-31-2021 | | | 10.87 | | | | 0.15 | | | | 0.17 | | | | 0.32 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.20 | | | | 0.14 | | | | 0.34 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.21 | | | | 0.10 | | | | 0.31 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.18 | | | | (0.15 | ) | | | 0.03 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.17 | | | | (0.06 | ) | | | 0.11 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Class B Shares(4) | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.04 | | | | (0.04 | ) | | | 0.03 | | | | (0.01 | ) | | | — | * | | | — | | | | — | * |
Year ended 3-31-2021 | | | 10.87 | | | | 0.05 | | | | 0.16 | | | | 0.21 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.11 | | | | 0.13 | | | | 0.24 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.11 | | | | 0.11 | | | | 0.22 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.08 | | | | (0.15 | ) | | | (0.07 | ) | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.08 | | | | (0.07 | ) | | | 0.01 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Class C Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.04 | | | | 0.01 | | | | (0.01 | ) | | | 0.00 | * | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year ended 3-31-2021 | | | 10.87 | | | | 0.07 | | | | 0.17 | | | | 0.24 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.12 | | | | 0.13 | | | | 0.25 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.13 | | | | 0.10 | | | | 0.23 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.10 | | | | (0.15 | ) | | | (0.05 | ) | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.09 | | | | (0.06 | ) | | | 0.03 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Class E Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.04 | | | | 0.06 | | | | (0.02 | ) | | | 0.04 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2021 | | | 10.87 | | | | 0.15 | | | | 0.17 | | | | 0.32 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.20 | | | | 0.13 | | | | 0.33 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.20 | | | | 0.10 | | | | 0.30 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.17 | | | | (0.14 | ) | | | 0.03 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.16 | | | | (0.06 | ) | | | 0.10 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Class I Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.04 | | | | 0.07 | | | | (0.01 | ) | | | 0.06 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year ended 3-31-2021 | | | 10.87 | | | | 0.18 | | | | 0.17 | | | | 0.35 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.23 | | | | 0.13 | | | | 0.36 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.24 | | | | 0.10 | | | | 0.34 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.21 | | | | (0.16 | ) | | | 0.05 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.19 | | | | (0.06 | ) | | | 0.13 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Class R Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.04 | | | | 0.03 | | | | (0.01 | ) | | | 0.02 | | | | (0.03 | ) | | | �� | | | | (0.03 | ) |
Year ended 3-31-2021 | | | 10.87 | | | | 0.12 | | | | 0.16 | | | | 0.28 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.16 | | | | 0.14 | | | | 0.30 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.17 | | | | 0.10 | | | | 0.27 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.14 | | | | (0.15 | ) | | | (0.01 | ) | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.13 | | | | (0.06 | ) | | | 0.07 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Class R6 Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.04 | | | | 0.08 | | | | (0.01 | ) | | | 0.07 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2021 | | | 10.87 | | | | 0.20 | | | | 0.17 | | | | 0.37 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.24 | | | | 0.14 | | | | 0.38 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.25 | | | | 0.10 | | | | 0.35 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.22 | | | | (0.15 | ) | | | 0.07 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.21 | | | | (0.06 | ) | | | 0.15 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Class Y Shares | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.04 | | | | 0.06 | | | | (0.01 | ) | | | 0.05 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2021 | | | 10.87 | | | | 0.16 | | | | 0.16 | | | | 0.32 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2020 | | | 10.74 | | | | 0.20 | | | | 0.14 | | | | 0.34 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2019 | | | 10.64 | | | | 0.21 | | | | 0.10 | | | | 0.31 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2018 | | | 10.80 | | | | 0.18 | | | | (0.15 | ) | | | 0.03 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2017 | | | 10.87 | | | | 0.17 | | | | (0.06 | ) | | | 0.11 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Limited-Term Bond Fund to Delaware Ivy Limited-Term Bond Fund. |
| | | | | | |
| 136 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 11.03 | | | | 0.42 | % | | $ | 405 | | | | 0.88 | %(5) | | | 1.02 | %(5) | | | — | % | | | — | % | | | 17 | % |
Year ended 3-31-2021 | | | 11.04 | | | | 2.99 | | | | 421 | | | | 0.89 | | | | 1.39 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 3.14 | | | | 381 | | | | 0.91 | | | | 1.86 | | | | — | | | | — | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 2.95 | | | | 382 | | | | 0.91 | | | | 1.90 | | | | — | | | | — | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | 0.25 | | | | 431 | | | | 0.89 | | | | 1.69 | | | | — | | | | — | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 0.99 | | | | 536 | | | | 0.88 | | | | 1.59 | | | | — | | | | — | | | | 65 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.03 | | | | -0.07 | | | | — | * | | | 2.68 | (5) | | | -0.77 | (5) | | | — | | | | — | | | | 17 | |
Year ended 3-31-2021 | | | 11.04 | | | | 1.97 | | | | — | * | | | 1.90 | | | | 0.49 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 2.20 | | | | 2 | | | | 1.84 | | | | 0.97 | | | | — | | | | — | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 2.07 | | | | 3 | | | | 1.77 | | | | 1.03 | | | | — | | | | — | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | -0.65 | | | | 6 | | | | 1.80 | | | | 0.78 | | | | — | | | | — | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 0.12 | | | | 10 | | | | 1.74 | | | | 0.71 | | | | — | | | | — | | | | 65 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.03 | | | | 0.04 | | | | 19 | | | | 1.64 | (5) | | | 0.25 | (5) | | | — | | | | — | | | | 17 | |
Year ended 3-31-2021 | | | 11.04 | | | | 2.23 | | | | 25 | | | | 1.65 | | | | 0.65 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 2.36 | | | | 27 | | | | 1.67 | | | | 1.12 | | | | — | | | | — | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 2.20 | | | | 45 | | | | 1.65 | | | | 1.16 | | | | — | | | | — | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | -0.51 | | | | 55 | | | | 1.66 | | | | 0.92 | | | | — | | | | — | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 0.24 | | | | 87 | | | | 1.62 | | | | 0.83 | | | | — | | | | — | | | | 65 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.03 | | | | 0.41 | | | | 7 | | | | 0.90 | (5) | | | 0.99 | (5) | | | 0.97 | (5) | | | 0.92 | (5) | | | 17 | |
Year ended 3-31-2021 | | | 11.04 | | | | 2.96 | | | | 7 | | | | 0.93 | | | | 1.35 | | | | 0.95 | | | | 1.33 | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 3.11 | | | | 8 | | | | 0.95 | | | | 1.82 | | | | 1.00 | | | | 1.77 | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 2.90 | | | | 5 | | | | 0.95 | | | | 1.85 | | | | 1.03 | | | | 1.77 | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | 0.17 | | | | 4 | | | | 0.98 | | | | 1.60 | | | | 1.02 | | | | 1.56 | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 0.89 | | | | 5 | | | | 0.98 | | | | 1.46 | | | | — | | | | — | | | | 65 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.03 | | | | 0.52 | | | | 562 | | | | 0.68 | (5) | | | 1.22 | (5) | | | — | | | | — | | | | 17 | |
Year ended 3-31-2021 | | | 11.04 | | | | 3.21 | | | | 596 | | | | 0.68 | | | | 1.61 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 3.38 | | | | 570 | | | | 0.69 | | | | 2.10 | | | | — | | | | — | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 3.19 | | | | 677 | | | | 0.67 | | | | 2.14 | | | | — | | | | — | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | 0.49 | | | | 710 | | | | 0.66 | | | | 1.92 | | | | — | | | | — | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 1.23 | | | | 871 | | | | 0.64 | | | | 1.79 | | | | — | | | | — | | | | 65 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.03 | | | | 0.22 | | | | — | * | | | 1.27 | (5) | | | 0.62 | (5) | | | — | | | | — | | | | 17 | |
Year ended 3-31-2021 | | | 11.04 | | | | 2.61 | | | | — | * | | | 1.27 | | | | 1.06 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 2.76 | | | | 1 | | | | 1.28 | | | | 1.47 | | | | — | | | | — | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 2.60 | | | | — | * | | | 1.26 | | | | 1.54 | | | | — | | | | — | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | -0.12 | | | | 1 | | | | 1.26 | | | | 1.32 | | | | — | | | | — | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 0.62 | | | | 1 | | | | 1.24 | | | | 1.21 | | | | — | | | | — | | | | 65 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.03 | | | | 0.60 | | | | 157 | | | | 0.52 | (5) | | | 1.37 | (5) | | | — | | | | — | | | | 17 | |
Year ended 3-31-2021 | | | 11.04 | | | | 3.37 | | | | 122 | | | | 0.53 | | | | 1.77 | | | | — | | | | — | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 3.54 | | | | 130 | | | | 0.53 | | | | 2.25 | | | | — | | | | — | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 3.36 | | | | 169 | | | | 0.51 | | | | 2.30 | | | | — | | | | — | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | 0.64 | | | | 85 | | | | 0.50 | | | | 2.08 | | | | — | | | | — | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 1.38 | | | | 88 | | | | 0.49 | | | | 1.94 | | | | — | | | | — | | | | 65 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.03 | | | | 0.42 | | | | 3 | | | | 0.88 | (5) | | | 1.01 | (5) | | | 0.94 | (5) | | | 0.95 | (5) | | | 17 | |
Year ended 3-31-2021 | | | 11.04 | | | | 2.99 | | | | 3 | | | | 0.89 | | | | 1.45 | | | | 0.93 | | | | 1.41 | | | | 55 | |
Year ended 3-31-2020 | | | 10.87 | | | | 3.14 | | | | 6 | | | | 0.91 | | | | 1.88 | | | | 0.96 | | | | 1.83 | | | | 61 | |
Year ended 3-31-2019 | | | 10.74 | | | | 2.95 | | | | 7 | | | | 0.91 | | | | 1.89 | | | | 0.91 | | | | 1.89 | | | | 83 | |
Year ended 3-31-2018 | | | 10.64 | | | | 0.25 | | | | 11 | | | | 0.89 | | | | 1.69 | | | | 0.91 | | | | 1.67 | | | | 24 | |
Year ended 3-31-2017 | | | 10.80 | | | | 0.99 | | | | 16 | | | | 0.88 | | | | 1.57 | | | | 0.89 | | | | 1.56 | | | | 65 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 137 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY MANAGED INTERNATIONAL OPPORTUNITIES FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 12.52 | | | $ | 0.00 | * | | $ | 0.23 | | | $ | 0.23 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 7.80 | | | | 0.08 | | | | 4.73 | | | | 4.81 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2020 | | | 10.18 | | | | 0.18 | | | | (1.88 | ) | | | (1.70 | ) | | | (0.20 | ) | | | (0.48 | ) | | | (0.68 | ) |
Year ended 3-31-2019 | | | 11.87 | | | | 0.14 | | | | (1.08 | ) | | | (0.94 | ) | | | (0.16 | ) | | | (0.59 | ) | | | (0.75 | ) |
Year ended 3-31-2018 | | | 10.58 | | | | 0.14 | | | | 1.44 | | | | 1.58 | | | | (0.15 | ) | | | (0.14 | ) | | | (0.29 | ) |
Year ended 3-31-2017 | | | 9.46 | | | | 0.08 | | | | 1.14 | | | | 1.22 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Class B Shares(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.18 | | | | (0.06 | ) | | | 0.24 | | | | 0.18 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 7.49 | | | | (0.01 | ) | | | 4.74 | | | | 4.73 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2020 | | | 9.89 | | | | 0.06 | | | | (1.84 | ) | | | (1.78 | ) | | | (0.14 | ) | | | (0.48 | ) | | | (0.62 | ) |
Year ended 3-31-2019 | | | 11.61 | | | | 0.04 | | | | (1.08 | ) | | | (1.04 | ) | | | (0.09 | ) | | | (0.59 | ) | | | (0.68 | ) |
Year ended 3-31-2018 | | | 10.35 | | | | 0.03 | | | | 1.44 | | | | 1.47 | | | | (0.07 | ) | | | (0.14 | ) | | | (0.21 | ) |
Year ended 3-31-2017 | | | 9.25 | | | | 0.01 | | | | 1.13 | | | | 1.14 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.22 | | | | (0.05 | ) | | | 0.23 | | | | 0.18 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 7.53 | | | | 0.00 | * | | | 4.73 | | | | 4.73 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2020 | | | 9.92 | | | | 0.10 | | | | (1.86 | ) | | | (1.76 | ) | | | (0.15 | ) | | | (0.48 | ) | | | (0.63 | ) |
Year ended 3-31-2019 | | | 11.64 | | | | 0.06 | | | | (1.09 | ) | | | (1.03 | ) | | | (0.10 | ) | | | (0.59 | ) | | | (0.69 | ) |
Year ended 3-31-2018 | | | 10.38 | | | | 0.07 | | | | 1.41 | | | | 1.48 | | | | (0.08 | ) | | | (0.14 | ) | | | (0.22 | ) |
Year ended 3-31-2017 | | | 9.28 | | | | 0.02 | | | | 1.13 | | | | 1.15 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.61 | | | | 0.02 | | | | 0.22 | | | | 0.24 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 7.87 | | | | 0.12 | | | | 4.74 | | | | 4.86 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2020 | | | 10.24 | | | | 0.22 | | | | (1.88 | ) | | | (1.66 | ) | | | (0.23 | ) | | | (0.48 | ) | | | (0.71 | ) |
Year ended 3-31-2019 | | | 11.93 | | | | 0.18 | | | | (1.09 | ) | | | (0.91 | ) | | | (0.19 | ) | | | (0.59 | ) | | | (0.78 | ) |
Year ended 3-31-2018 | | | 10.63 | | | | 0.18 | | | | 1.43 | | | | 1.61 | | | | (0.17 | ) | | | (0.14 | ) | | | (0.31 | ) |
Year ended 3-31-2017 | | | 9.50 | | | | 0.16 | | | | 1.10 | | | | 1.26 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.47 | | | | (0.03 | ) | | | 0.24 | | | | 0.21 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 7.75 | | | | 0.02 | | | | 4.78 | | | | 4.80 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2020 | | | 10.14 | | | | 0.18 | | | | (1.90 | ) | | | (1.72 | ) | | | (0.19 | ) | | | (0.48 | ) | | | (0.67 | ) |
Year ended 3-31-2019 | | | 11.83 | | | | 0.13 | | | | (1.08 | ) | | | (0.95 | ) | | | (0.15 | ) | | | (0.59 | ) | | | (0.74 | ) |
Year ended 3-31-2018 | | | 10.55 | | | | 0.13 | | | | 1.42 | | | | 1.55 | | | | (0.13 | ) | | | (0.14 | ) | | | (0.27 | ) |
Year ended 3-31-2017 | | | 9.44 | | | | 0.09 | | | | 1.11 | | | | 1.20 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.62 | | | | 0.01 | | | | 0.23 | | | | 0.24 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 7.88 | | | | 0.12 | | | | 4.74 | | | | 4.86 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2020 | | | 10.25 | | | | 0.23 | | | | (1.89 | ) | | | (1.66 | ) | | | (0.23 | ) | | | (0.48 | ) | | | (0.71 | ) |
Year ended 3-31-2019 | | | 11.94 | | | | 0.19 | | | | (1.10 | ) | | | (0.91 | ) | | | (0.19 | ) | | | (0.59 | ) | | | (0.78 | ) |
Year ended 3-31-2018(6) | | | 11.17 | | | | 0.17 | | | | 0.90 | | | | 1.07 | | | | (0.16 | ) | | | (0.14 | ) | | | (0.30 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.53 | | | | 0.00 | * | | | 0.23 | | | | 0.23 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 7.81 | | | | 0.09 | | | | 4.73 | | | | 4.82 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2020 | | | 10.18 | | | | 0.10 | | | | (1.78 | ) | | | (1.68 | ) | | | (0.21 | ) | | | (0.48 | ) | | | (0.69 | ) |
Year ended 3-31-2019 | | | 11.87 | | | | 0.16 | | | | (1.09 | ) | | | (0.93 | ) | | | (0.17 | ) | | | (0.59 | ) | | | (0.76 | ) |
Year ended 3-31-2018 | | | 10.58 | | | | 0.15 | | | | 1.43 | | | | 1.58 | | | | (0.15 | ) | | | (0.14 | ) | | | (0.29 | ) |
Year ended 3-31-2017 | | | 9.46 | | | | 0.11 | | | | 1.12 | | | | 1.23 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Does not include expenses of underlying Ivy Funds in which the Fund invests. |
| (4) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (5) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018. |
| (8) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Managed International Opportunities Fund to Delaware Ivy Managed International Opportunities Fund. |
| | | | | | |
| 138 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver(3) | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3)(4) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3)(4) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 12.75 | | | | 1.84 | % | | $ | 62 | | | | 0.46 | %(7) | | | -0.05 | %(7) | | | 0.49 | %(7) | | | -0.08 | %(7) | | | 6 | % |
Year ended 3-31-2021 | | | 12.52 | | | | 61.81 | | | | 64 | | | | 0.46 | | | | 0.80 | | | | 0.50 | | | | 0.76 | | | | 17 | |
Year ended 3-31-2020 | | | 7.80 | | | | -18.31 | | | | 45 | | | | 0.48 | | | | 1.82 | | | | 0.51 | | | | 1.79 | | | | 10 | |
Year ended 3-31-2019 | | | 10.18 | | | | -7.32 | | | | 66 | | | | 0.49 | | | | 1.32 | | | | 0.51 | | | | 1.30 | | | | 71 | |
Year ended 3-31-2018 | | | 11.87 | | | | 14.95 | | | | 84 | | | | 0.49 | | | | 1.17 | | | | 0.49 | | | | 1.17 | | | | 10 | |
Year ended 3-31-2017 | | | 10.58 | | | | 13.00 | | | | 73 | | | | 0.49 | | | | 0.88 | | | | 0.52 | | | | 0.85 | | | | 24 | |
Class B Shares(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.36 | | | | 1.48 | | | | — | * | | | 1.25 | (7) | | | -0.88 | (7) | | | 3.45 | (7) | | | -3.08 | (7) | | | 6 | |
Year ended 3-31-2021 | | | 12.18 | | | | 63.23 | | | | — | * | | | 1.25 | | | | -0.12 | | | | 1.89 | | | | -0.76 | | | | 17 | |
Year ended 3-31-2020 | | | 7.49 | | | | -19.59 | | | | — | * | | | 1.38 | | | | 0.65 | | | | 1.70 | | | | 0.33 | | | | 10 | |
Year ended 3-31-2019 | | | 9.89 | | | | -8.43 | | | | — | * | | | 1.40 | | | | 0.34 | | | | 1.59 | | | | 0.15 | | | | 71 | |
Year ended 3-31-2018 | | | 11.61 | | | | 14.28 | | | | 1 | | | | 1.40 | | | | 0.24 | | | | 1.47 | | | | 0.17 | | | | 10 | |
Year ended 3-31-2017 | | | 10.35 | | | | 12.39 | | | | 1 | | | | 1.40 | | | | 0.12 | | | | 1.47 | | | | 0.05 | | | | 24 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.40 | | | | 1.47 | | | | 1 | | | | 1.25 | (7) | | | -0.83 | (7) | | | 1.34 | (7) | | | -0.92 | (7) | | | 6 | |
Year ended 3-31-2021 | | | 12.22 | | | | 62.89 | | | | 1 | | | | 1.25 | | | | 0.01 | | | | 1.36 | | | | -0.10 | | | | 17 | |
Year ended 3-31-2020 | | | 7.53 | | | | -19.36 | | | | 1 | | | | 1.29 | | | | 0.98 | | | | 1.36 | | | | 0.91 | | | | 10 | |
Year ended 3-31-2019 | | | 9.92 | | | | -8.32 | | | | 2 | | | | 1.29 | | | | 0.58 | | | | 1.31 | | | | 0.56 | | | | 71 | |
Year ended 3-31-2018 | | | 11.64 | | | | 14.34 | | | | 3 | | | | 1.28 | | | | 0.57 | | | | — | | | | — | | | | 10 | |
Year ended 3-31-2017 | | | 10.38 | | | | 12.44 | | | | 4 | | | | 1.27 | | | | 0.25 | | | | — | | | | — | | | | 24 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.85 | | | | 1.90 | | | | 106 | | | | 0.16 | (7) | | | 0.24 | (7) | | | 0.17 | (7) | | | 0.23 | (7) | | | 6 | |
Year ended 3-31-2021 | | | 12.61 | | | | 61.80 | | | | 112 | | | | 0.16 | | | | 1.10 | | | | 0.19 | | | | 1.07 | | | | 17 | |
Year ended 3-31-2020 | | | 7.87 | | | | -17.91 | | | | 90 | | | | 0.16 | | | | 2.19 | | | | 0.19 | | | | 2.16 | | | | 10 | |
Year ended 3-31-2019 | | | 10.24 | | | | -7.03 | | | | 109 | | | | 0.16 | | | | 1.59 | | | | 0.19 | | | | 1.56 | | | | 71 | |
Year ended 3-31-2018 | | | 11.93 | | | | 15.23 | | | | 142 | | | | 0.16 | | | | 1.55 | | | | 0.18 | | | | 1.53 | | | | 10 | |
Year ended 3-31-2017 | | | 10.63 | | | | 13.32 | | | | 109 | | | | 0.16 | | | | 1.56 | | | | 0.16 | | | | 1.56 | | | | 24 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.68 | | | | 1.68 | | | | — | * | | | 0.66 | (7) | | | -0.44 | (7) | | | — | | | | — | | | | 6 | |
Year ended 3-31-2021 | | | 12.47 | | | | 62.03 | | | | — | * | | | 0.66 | | | | 0.23 | | | | 0.67 | | | | 0.22 | | | | 17 | |
Year ended 3-31-2020 | | | 7.75 | | | | -18.59 | | | | 1 | | | | 0.67 | | | | 1.77 | | | | 0.67 | | | | 1.77 | | | | 10 | |
Year ended 3-31-2019 | | | 10.14 | | | | -7.47 | | | | 1 | | | | 0.66 | | | | 1.16 | | | | 0.67 | | | | 1.15 | | | | 71 | |
Year ended 3-31-2018 | | | 11.83 | | | | 14.77 | | | | 1 | | | | 0.66 | | | | 1.12 | | | | — | | | | — | | | | 10 | |
Year ended 3-31-2017 | | | 10.55 | | | | 12.78 | | | | 1 | | | | 0.66 | | | | 0.94 | | | | — | | | | — | | | | 24 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.86 | | | | 1.90 | | | | — | * | | | 0.16 | (7) | | | 0.11 | (7) | | | 0.21 | (7) | | | 0.06 | (7) | | | 6 | |
Year ended 3-31-2021 | | | 12.62 | | | | 61.72 | | | | 1 | | | | 0.16 | | | | 1.08 | | | | 0.18 | | | | 1.06 | | | | 17 | |
Year ended 3-31-2020 | | | 7.88 | | | | -17.90 | | | | — | * | | | 0.16 | | | | 2.25 | | | | 0.19 | | | | 2.22 | | | | 10 | |
Year ended 3-31-2019 | | | 10.25 | | | | -7.03 | | | | — | * | | | 0.16 | | | | 1.71 | | | | 0.17 | | | | 1.70 | | | | 71 | |
Year ended 3-31-2018(6) | | | 11.94 | | | | 9.67 | | | | — | * | | | 0.15 | (7) | | | 1.89 | (7) | | | — | | | | — | | | | 10 | (8) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 12.76 | | | | 1.84 | | | | — | * | | | 0.38 | (7) | | | 0.03 | (7) | | | 0.45 | (7) | | | -0.04 | (7) | | | 6 | |
Year ended 3-31-2021 | | | 12.53 | | | | 61.81 | | | | — | * | | | 0.38 | | | | 0.82 | | | | 0.44 | | | | 0.76 | | | | 17 | |
Year ended 3-31-2020 | | | 7.81 | | | | -18.15 | | | | — | * | | | 0.38 | | | | 0.95 | | | | 0.76 | | | | 0.57 | | | | 10 | |
Year ended 3-31-2019 | | | 10.18 | | | | -7.24 | | | | 1 | | | | 0.38 | | | | 1.44 | | | | 0.43 | | | | 1.39 | | | | 71 | |
Year ended 3-31-2018 | | | 11.87 | | | | 15.03 | | | | 1 | | | | 0.38 | | | | 1.30 | | | | 0.40 | | | | 1.28 | | | | 10 | |
Year ended 3-31-2017 | | | 10.58 | | | | 13.10 | | | | 1 | | | | 0.38 | | | | 1.15 | | | | 0.42 | | | | 1.11 | | | | 24 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 139 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY MID CAP GROWTH FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Loss(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 37.42 | | | $ | (0.16 | ) | | $ | 3.56 | | | $ | 3.40 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 22.28 | | | | (0.23 | ) | | | 19.03 | | | | 18.80 | | | | — | | | | (3.66 | ) | | | (3.66 | ) |
Year ended 3-31-2020 | | | 25.28 | | | | (0.15 | ) | | | (1.42 | ) | | | (1.57 | ) | | | — | | | | (1.43 | ) | | | (1.43 | ) |
Year ended 3-31-2019 | | | 23.99 | | | | (0.13 | ) | | | 3.56 | | | | 3.43 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 20.81 | | | | (0.11 | ) | | | 5.11 | | | | 5.00 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 18.96 | | | | (0.08 | ) | | | 2.71 | | | | 2.63 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.05 | | | | (0.25 | ) | | | 2.57 | | | | 2.32 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 16.81 | | | | (0.38 | ) | | | 14.24 | | | | 13.86 | | | | — | | | | (3.62 | ) | | | (3.62 | ) |
Year ended 3-31-2020 | | | 19.46 | | | | (0.29 | ) | | | (1.04 | ) | | | (1.33 | ) | | | — | | | | (1.32 | ) | | | (1.32 | ) |
Year ended 3-31-2019 | | | 19.11 | | | | (0.27 | ) | | | 2.76 | | | | 2.49 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 17.02 | | | | (0.23 | ) | | | 4.14 | | | | 3.91 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 15.76 | | | | (0.20 | ) | | | 2.24 | | | | 2.04 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 29.76 | | | | (0.25 | ) | | | 2.83 | | | | 2.58 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 18.26 | | | | (0.39 | ) | | | 15.51 | | | | 15.12 | | | | — | | | | (3.62 | ) | | | (3.62 | ) |
Year ended 3-31-2020 | | | 21.02 | | | | (0.28 | ) | | | (1.15 | ) | | | (1.43 | ) | | | — | | | | (1.33 | ) | | | (1.33 | ) |
Year ended 3-31-2019 | | | 20.44 | | | | (0.26 | ) | | | 2.98 | | | | 2.72 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 18.09 | | | | (0.24 | ) | | | 4.41 | | | | 4.17 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 16.69 | | | | (0.20 | ) | | | 2.38 | | | | 2.18 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 36.20 | | | | (0.18 | ) | | | 3.45 | | | | 3.27 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 21.64 | | | | (0.25 | ) | | | 18.47 | | | | 18.22 | | | | — | | | | (3.66 | ) | | | (3.66 | ) |
Year ended 3-31-2020 | | | 24.59 | | | | (0.16 | ) | | | (1.37 | ) | | | (1.53 | ) | | | — | | | | (1.42 | ) | | | (1.42 | ) |
Year ended 3-31-2019 | | | 23.41 | | | | (0.14 | ) | | | 3.46 | | | | 3.32 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 20.34 | | | | (0.11 | ) | | | 5.00 | | | | 4.89 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 18.54 | | | | (0.09 | ) | | | 2.67 | | | | 2.58 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 41.48 | | | | (0.10 | ) | | | 3.95 | | | | 3.85 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 24.41 | | | | (0.12 | ) | | | 20.89 | | | | 20.77 | | | | — | | | | (3.70 | ) | | | (3.70 | ) |
Year ended 3-31-2020 | | | 27.52 | | | | (0.04 | ) | | | (1.57 | ) | | | (1.61 | ) | | | — | | | | (1.50 | ) | | | (1.50 | ) |
Year ended 3-31-2019 | | | 25.83 | | | | (0.04 | ) | | | 3.87 | | | | 3.83 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 22.23 | | | | (0.05 | ) | | | 5.47 | | | | 5.42 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 20.15 | | | | (0.03 | ) | | | 2.89 | | | | 2.86 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 35.92 | | | | (0.24 | ) | | | 3.43 | | | | 3.19 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 21.54 | | | | (0.35 | ) | | | 18.37 | | | | 18.02 | | | | — | | | | (3.64 | ) | | | (3.64 | ) |
Year ended 3-31-2020 | | | 24.51 | | | | (0.23 | ) | | | (1.37 | ) | | | (1.60 | ) | | | — | | | | (1.37 | ) | | | (1.37 | ) |
Year ended 3-31-2019 | | | 23.40 | | | | (0.21 | ) | | | 3.46 | | | | 3.25 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 20.40 | | | | (0.18 | ) | | | 5.00 | | | | 4.82 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 18.65 | | | | (0.14 | ) | | | 2.67 | | | | 2.53 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 41.89 | | | | (0.10 | ) | | | 3.99 | | | | 3.89 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 24.63 | | | | (0.13 | ) | | | 21.09 | | | | 20.96 | | | | — | | | | (3.70 | ) | | | (3.70 | ) |
Year ended 3-31-2020 | | | 27.76 | | | | (0.04 | ) | | | (1.59 | ) | | | (1.63 | ) | | | — | | | | (1.50 | ) | | | (1.50 | ) |
Year ended 3-31-2019 | | | 26.02 | | | | (0.03 | ) | | | 3.91 | | | | 3.88 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 22.35 | | | | (0.01 | ) | | | 5.50 | | | | 5.49 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 20.22 | | | | 0.00 | * | | | 2.91 | | | | 2.91 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 39.57 | | | | (0.17 | ) | | | 3.77 | | | | 3.60 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 23.45 | | | | (0.24 | ) | | | 20.02 | | | | 19.78 | | | | — | | | | (3.66 | ) | | | (3.66 | ) |
Year ended 3-31-2020 | | | 26.53 | | | | (0.15 | ) | | | (1.50 | ) | | | (1.65 | ) | | | — | | | | (1.43 | ) | | | (1.43 | ) |
Year ended 3-31-2019 | | | 25.06 | | | | (0.13 | ) | | | 3.74 | | | | 3.61 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 21.66 | | | | (0.10 | ) | | | 5.32 | | | | 5.22 | | | | — | | | | (1.82 | ) | | | (1.82 | ) |
Year ended 3-31-2017 | | | 19.69 | | | | (0.08 | ) | | | 2.83 | | | | 2.75 | | | | — | | | | (0.78 | ) | | | (0.78 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 1.30%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Growth Fund to Delaware Ivy Mid Cap Growth Fund. |
| | | | | | |
| 140 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Loss to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Loss to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 40.82 | | | | 9.09 | % | | $ | 2,576 | | | | 1.13 | %(5) | | | -0.80 | %(5) | | | 1.13 | %(5) | | | -0.80 | %(5) | | | 11 | % |
Year ended 3-31-2021 | | | 37.42 | | | | 85.37 | | | | 2,453 | | | | 1.16 | | | | -0.68 | | | | 1.17 | | | | -0.69 | | | | 33 | |
Year ended 3-31-2020 | | | 22.28 | | | | -7.20 | | | | 1,391 | | | | 1.20 | | | | -0.55 | | | | 1.23 | | | | -0.58 | | | | 22 | |
Year ended 3-31-2019 | | | 25.28 | | | | 15.72 | | | | 1,668 | | | | 1.23 | | | | -0.53 | | | | 1.25 | | | | -0.55 | | | | 38 | |
Year ended 3-31-2018 | | | 23.99 | | | | 24.56 | | | | 1,600 | | | | 1.31 | (6) | | | -0.48 | | | | 1.31 | | | | -0.48 | | | | 26 | |
Year ended 3-31-2017 | | | 20.81 | | | | 13.99 | | | | 428 | | | | 1.31 | | | | -0.39 | | | | 1.35 | | | | -0.43 | | | | 14 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 29.37 | | | | 8.58 | | | | 1 | | | | 2.07 | (5) | | | -1.73 | (5) | | | 2.30 | (5) | | | -1.96 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 27.05 | | | | 83.67 | | | | 4 | | | | 2.07 | | | | -1.57 | | | | 2.17 | | | | -1.67 | | | | 33 | |
Year ended 3-31-2020 | | | 16.81 | | | | -7.98 | | | | 6 | | | | 2.09 | | | | -1.45 | | | | 2.13 | | | | -1.49 | | | | 22 | |
Year ended 3-31-2019 | | | 19.46 | | | | 14.66 | | | | 16 | | | | 2.08 | | | | -1.38 | | | | 2.10 | | | | -1.40 | | | | 38 | |
Year ended 3-31-2018 | | | 19.11 | | | | 23.66 | | | | 20 | | | | 2.09 | | | | -1.26 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2017 | | | 17.02 | | | | 13.07 | | | | 17 | | | | 2.10 | | | | -1.24 | | | | — | | | | — | | | | 14 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 32.34 | | | | 8.67 | | | | 165 | | | | 1.91 | (5) | | | -1.58 | (5) | | | 1.91 | (5) | | | -1.58 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 29.76 | | | | 83.95 | | | | 170 | | | | 1.92 | | | | -1.43 | | | | 1.94 | | | | -1.45 | | | | 33 | |
Year ended 3-31-2020 | | | 18.26 | | | | -7.88 | | | | 143 | | | | 1.95 | | | | -1.30 | | | | 1.98 | | | | -1.33 | | | | 22 | |
Year ended 3-31-2019 | | | 21.02 | | | | 14.90 | | | | 207 | | | | 1.94 | | | | -1.25 | | | | 1.96 | | | | -1.27 | | | | 38 | |
Year ended 3-31-2018 | | | 20.44 | | | | 23.64 | | | | 203 | | | | 2.02 | | | | -1.20 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2017 | | | 18.09 | | | | 13.19 | | | | 213 | | | | 2.04 | | | | -1.16 | | | | — | | | | — | | | | 14 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 39.47 | | | | 9.03 | | | | 22 | | | | 1.24 | (5) | | | -0.90 | (5) | | | 1.32 | (5) | | | -0.99 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 36.20 | | | | 85.20 | | | | 19 | | | | 1.24 | | | | -0.76 | | | | 1.32 | | | | -0.84 | | | | 33 | |
Year ended 3-31-2020 | | | 21.64 | | | | -7.21 | | | | 11 | | | | 1.28 | | | | -0.63 | | | | 1.44 | | | | -0.79 | | | | 22 | |
Year ended 3-31-2019 | | | 24.59 | | | | 15.59 | | | | 12 | | | | 1.28 | | | | -0.59 | | | | 1.47 | | | | -0.78 | | | | 38 | |
Year ended 3-31-2018 | | | 23.41 | | | | 24.59 | | | | 11 | | | | 1.30 | | | | -0.48 | | | | 1.57 | | | | -0.75 | | | | 26 | |
Year ended 3-31-2017 | | | 20.34 | | | | 14.04 | | | | 9 | | | | 1.30 | | | | -0.47 | | | | 1.65 | | | | -0.82 | | | | 14 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 45.33 | | | | 9.28 | | | | 3,937 | | | | 0.79 | (5) | | | -0.45 | (5) | | | 0.95 | (5) | | | -0.61 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 41.48 | | | | 86.00 | | | | 3,609 | | | | 0.79 | | | | -0.31 | | | | 0.97 | | | | -0.49 | | | | 33 | |
Year ended 3-31-2020 | | | 24.41 | | | | -6.75 | | | | 1,898 | | | | 0.79 | | | | -0.15 | | | | 1.00 | | | | -0.36 | | | | 22 | |
Year ended 3-31-2019 | | | 27.52 | | | | 16.12 | | | | 2,250 | | | | 0.85 | | | | -0.16 | | | | 1.00 | | | | -0.31 | | | | 38 | |
Year ended 3-31-2018 | | | 25.83 | | | | 24.89 | | | | 1,869 | | | | 1.03 | | | | -0.20 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2017 | | | 22.23 | | | | 14.31 | | | | 1,112 | | | | 1.04 | | | | -0.15 | | | | — | | | | — | | | | 14 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 39.11 | | | | 8.88 | | | | 91 | | | | 1.54 | (5) | | | -1.21 | (5) | | | 1.54 | (5) | | | -1.21 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 35.92 | | | | 84.62 | | | | 88 | | | | 1.55 | | | | -1.07 | | | | 1.56 | | | | -1.08 | | | | 33 | |
Year ended 3-31-2020 | | | 21.54 | | | | -7.47 | | | | 46 | | | | 1.55 | | | | -0.90 | | | | 1.58 | | | | -0.93 | | | | 22 | |
Year ended 3-31-2019 | | | 24.51 | | | | 15.29 | | | | 63 | | | | 1.55 | | | | -0.86 | | | | 1.57 | | | | -0.88 | | | | 38 | |
Year ended 3-31-2018 | | | 23.40 | | | | 24.17 | | | | 50 | | | | 1.63 | | | | -0.80 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2017 | | | 20.40 | | | | 13.68 | | | | 55 | | | | 1.62 | | | | -0.75 | | | | — | | | | — | | | | 14 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 45.78 | | | | 9.29 | | | | 932 | | | | 0.79 | (5) | | | -0.46 | (5) | | | 0.80 | (5) | | | -0.47 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 41.89 | | | | 86.00 | | | | 736 | | | | 0.79 | | | | -0.33 | | | | 0.82 | | | | -0.36 | | | | 33 | |
Year ended 3-31-2020 | | | 24.63 | | | | -6.77 | | | | 256 | | | | 0.79 | | | | -0.15 | | | | 0.85 | | | | -0.21 | | | | 22 | |
Year ended 3-31-2019 | | | 27.76 | | | | 16.19 | | | | 282 | | | | 0.80 | | | | -0.11 | | | | 0.85 | | | | -0.16 | | | | 38 | |
Year ended 3-31-2018 | | | 26.02 | | | | 25.07 | | | | 135 | | | | 0.88 | | | | -0.05 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2017 | | | 22.35 | | | | 14.51 | | | | 65 | | | | 0.87 | | | | -0.02 | | | | — | | | | — | | | | 14 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 43.17 | | | | 9.10 | | | | 378 | | | | 1.13 | (5) | | | -0.80 | (5) | | | 1.19 | (5) | | | -0.86 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 39.57 | | | | 85.29 | | | | 363 | | | | 1.16 | | | | -0.68 | | | | 1.21 | | | | -0.73 | | | | 33 | |
Year ended 3-31-2020 | | | 23.45 | | | | -7.14 | | | | 215 | | | | 1.20 | | | | -0.55 | | | | 1.24 | | | | -0.59 | | | | 22 | |
Year ended 3-31-2019 | | | 26.53 | | | | 15.72 | | | | 295 | | | | 1.21 | | | | -0.51 | | | | 1.23 | | | | -0.53 | | | | 38 | |
Year ended 3-31-2018 | | | 25.06 | | | | 24.61 | | | | 259 | | | | 1.27 | | | | -0.44 | | | | — | | | | — | | | | 26 | |
Year ended 3-31-2017 | | | 21.66 | | | | 14.08 | | | | 321 | | | | 1.26 | | | | -0.38 | | | | — | | | | — | | | | 14 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 141 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY MID CAP INCOME OPPORTUNITIES FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 18.38 | | | $ | 0.09 | | | $ | 0.68 | | | $ | 0.77 | | | $ | (0.08 | ) | | $ | — | | | $ | (0.08 | ) |
Year ended 3-31-2021 | | | 10.98 | | | | 0.21 | | | | 7.40 | | | | 7.61 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2020 | | | 13.98 | | | | 0.25 | | | | (2.96 | ) | | | (2.71 | ) | | | (0.24 | ) | | | (0.05 | ) | | | (0.29 | ) |
Year ended 3-31-2019 | | | 13.76 | | | | 0.21 | | | | 0.51 | | | | 0.72 | | | | (0.20 | ) | | | (0.30 | ) | | | (0.50 | ) |
Year ended 3-31-2018 | | | 12.68 | | | | 0.18 | | | | 1.08 | | | | 1.26 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2017 | | | 10.93 | | | | 0.15 | | | | 1.71 | | | | 1.86 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.30 | | | | 0.02 | | | | 0.65 | | | | 0.67 | | | | — | * | | | — | | | | — | * |
Year ended 3-31-2021 | | | 10.93 | | | | 0.10 | | | | 7.37 | | | | 7.47 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2020 | | | 13.92 | | | | 0.14 | | | | (2.95 | ) | | | (2.81 | ) | | | (0.13 | ) | | | (0.05 | ) | | | (0.18 | ) |
Year ended 3-31-2019 | | | 13.70 | | | | 0.11 | | | | 0.51 | | | | 0.62 | | | | (0.10 | ) | | | (0.30 | ) | | | (0.40 | ) |
Year ended 3-31-2018 | | | 12.62 | | | | 0.08 | | | | 1.08 | | | | 1.16 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2017 | | | 10.91 | | | | 0.07 | | | | 1.70 | | | | 1.77 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.42 | | | | 0.13 | | | | 0.66 | | | | 0.79 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2021 | | | 10.99 | | | | 0.27 | | | | 7.43 | | | | 7.70 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2020 | | | 14.00 | | | | 0.31 | | | | (2.97 | ) | | | (2.66 | ) | | | (0.30 | ) | | | (0.05 | ) | | | (0.35 | ) |
Year ended 3-31-2019 | | | 13.78 | | | | 0.25 | | | | 0.51 | | | | 0.76 | | | | (0.24 | ) | | | (0.30 | ) | | | (0.54 | ) |
Year ended 3-31-2018 | | | 12.70 | | | | 0.21 | | | | 1.09 | | | | 1.30 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2017 | | | 10.94 | | | | 0.19 | | | | 1.72 | | | | 1.91 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.35 | | | | 0.05 | | | | 0.67 | | | | 0.72 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2021 | | | 10.96 | | | | 0.16 | | | | 7.39 | | | | 7.55 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Year ended 3-31-2020 | | | 13.96 | | | | 0.20 | | | | (2.96 | ) | | | (2.76 | ) | | | (0.19 | ) | | | (0.05 | ) | | | (0.24 | ) |
Year ended 3-31-2019 | | | 13.74 | | | | 0.17 | | | | 0.51 | | | | 0.68 | | | | (0.16 | ) | | | (0.30 | ) | | | (0.46 | ) |
Year ended 3-31-2018 | | | 12.65 | | | | 0.13 | | | | 1.09 | | | | 1.22 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Year ended 3-31-2017 | | | 10.92 | | | | 0.12 | | | | 1.69 | | | | 1.81 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.42 | | | | 0.13 | | | | 0.66 | | | | 0.79 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2021 | | | 10.99 | | | | 0.27 | | | | 7.43 | | | | 7.70 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2020 | | | 14.01 | | | | 0.32 | | | | (2.98 | ) | | | (2.66 | ) | | | (0.31 | ) | | | (0.05 | ) | | | (0.36 | ) |
Year ended 3-31-2019 | | | 13.78 | | | | 0.27 | | | | 0.52 | | | | 0.79 | | | | (0.26 | ) | | | (0.30 | ) | | | (0.56 | ) |
Year ended 3-31-2018 | | | 12.70 | | | | 0.23 | | | | 1.09 | | | | 1.32 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year ended 3-31-2017 | | | 10.94 | | | | 0.20 | | | | 1.71 | | | | 1.91 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.39 | | | | 0.09 | | | | 0.66 | | | | 0.75 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year ended 3-31-2021 | | | 10.98 | | | | 0.21 | | | | 7.41 | | | | 7.62 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2020 | | | 13.98 | | | | 0.25 | | | | (2.96 | ) | | | (2.71 | ) | | | (0.24 | ) | | | (0.05 | ) | | | (0.29 | ) |
Year ended 3-31-2019 | | | 13.76 | | | | 0.22 | | | | 0.50 | | | | 0.72 | | | | (0.20 | ) | | | (0.30 | ) | | | (0.50 | ) |
Year ended 3-31-2018 | | | 12.68 | | | | 0.18 | | | | 1.08 | | | | 1.26 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2017 | | | 10.93 | | | | 0.15 | | | | 1.71 | | | | 1.86 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Mid Cap Income Opportunities Fund to Delaware Ivy Mid Cap Income Opportunities Fund. |
| | | | | | |
| 142 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 19.07 | | | | 4.15 | % | | $ | 199 | | | | 1.21 | %(4) | | | 0.92 | %(4) | | | 1.25 | %(4) | | | 0.88 | %(4) | | | 7 | % |
Year ended 3-31-2021 | | | 18.38 | | | | 69.70 | | | | 178 | | | | 1.24 | | | | 1.42 | | | | 1.31 | | | | 1.35 | | | | 23 | |
Year ended 3-31-2020 | | | 10.98 | | | | -19.84 | | | | 111 | | | | 1.27 | | | | 1.70 | | | | 1.34 | | | | 1.63 | | | | 25 | |
Year ended 3-31-2019 | | | 13.98 | | | | 5.37 | | | | 135 | | | | 1.35 | | | | 1.51 | | | | 1.37 | | | | 1.49 | | | | 17 | |
Year ended 3-31-2018 | | | 13.76 | | | | 9.98 | | | | 103 | | | | 1.35 | | | | 1.34 | | | | 1.40 | | | | 1.29 | | | | 42 | |
Year ended 3-31-2017 | | | 12.68 | | | | 17.10 | | | | 119 | | | | 1.35 | | | | 1.27 | | | | 1.45 | | | | 1.17 | | | | 28 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.97 | | | | 3.68 | | | | 28 | | | | 1.97 | (4) | | | 0.16 | (4) | | | 2.02 | (4) | | | 0.11 | (4) | | | 7 | |
Year ended 3-31-2021 | | | 18.30 | | | | 68.61 | | | | 24 | | | | 2.00 | | | | 0.66 | | | | 2.07 | | | | 0.59 | | | | 23 | |
Year ended 3-31-2020 | | | 10.93 | | | | -20.50 | | | | 15 | | | | 2.02 | | | | 0.95 | | | | 2.09 | | | | 0.88 | | | | 25 | |
Year ended 3-31-2019 | | | 13.92 | | | | 4.58 | | | | 17 | | | | 2.07 | | | | 0.79 | | | | 2.12 | | | | 0.74 | | | | 17 | |
Year ended 3-31-2018 | | | 13.70 | | | | 9.30 | | | | 11 | | | | 2.07 | | | | 0.63 | | | | 2.17 | | | | 0.53 | | | | 42 | |
Year ended 3-31-2017 | | | 12.62 | | | | 16.19 | | | | 15 | | | | 2.07 | | | | 0.51 | | | | 2.13 | | | | 0.45 | | | | 28 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.10 | | | | 4.30 | | | | 1,390 | | | | 0.83 | (4) | | | 1.30 | (4) | | | 1.03 | (4) | | | 1.10 | (4) | | | 7 | |
Year ended 3-31-2021 | | | 18.42 | | | | 70.58 | | | | 1,224 | | | | 0.83 | | | | 1.78 | | | | 1.06 | | | | 1.55 | | | | 23 | |
Year ended 3-31-2020 | | | 10.99 | | | | -19.53 | | | | 401 | | | | 0.83 | | | | 2.13 | | | | 1.08 | | | | 1.88 | | | | 25 | |
Year ended 3-31-2019 | | | 14.00 | | | | 5.67 | | | | 431 | | | | 1.05 | | | | 1.81 | | | | 1.09 | | | | 1.77 | | | | 17 | |
Year ended 3-31-2018 | | | 13.78 | | | | 10.30 | | | | 166 | | | | 1.05 | | | | 1.62 | | | | 1.12 | | | | 1.55 | | | | 42 | |
Year ended 3-31-2017 | | | 12.70 | | | | 17.49 | | | | 174 | | | | 1.04 | | | | 1.49 | | | | 1.11 | | | | 1.42 | | | | 28 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.03 | | | | 3.90 | | | | 1 | | | | 1.58 | (4) | | | 0.56 | (4) | | | 1.63 | (4) | | | 0.51 | (4) | | | 7 | |
Year ended 3-31-2021 | | | 18.35 | | | | 69.22 | | | | 1 | | | | 1.58 | | | | 1.16 | | | | 1.64 | | | | 1.10 | | | | 23 | |
Year ended 3-31-2020 | | | 10.96 | | | | -20.15 | | | | 3 | | | | 1.59 | | | | 1.38 | | | | 1.66 | | | | 1.31 | | | | 25 | |
Year ended 3-31-2019 | | | 13.96 | | | | 5.05 | | | | 3 | | | | 1.67 | | | | 1.19 | | | | — | | | | — | | | | 17 | |
Year ended 3-31-2018 | | | 13.74 | | | | 9.66 | | | | 3 | | | | 1.68 | | | | 1.00 | | | | — | | | | — | | | | 42 | |
Year ended 3-31-2017 | | | 12.65 | | | | 16.58 | | | | 3 | | | | 1.73 | | | | 0.97 | | | | — | | | | — | | | | 28 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.10 | | | | 4.30 | | | | 118 | | | | 0.83 | (4) | | | 1.30 | (4) | | | 0.89 | (4) | | | 1.24 | (4) | | | 7 | |
Year ended 3-31-2021 | | | 18.42 | | | | 70.58 | | | | 103 | | | | 0.83 | | | | 1.80 | | | | 0.92 | | | | 1.71 | | | | 23 | |
Year ended 3-31-2020 | | | 10.99 | | | | -19.57 | | | | 65 | | | | 0.83 | | | | 2.15 | | | | 0.93 | | | | 2.05 | | | | 25 | |
Year ended 3-31-2019 | | | 14.01 | | | | 5.85 | | | | 60 | | | | 0.94 | | | | 1.92 | | | | — | | | | — | | | | 17 | |
Year ended 3-31-2018 | | | 13.78 | | | | 10.43 | | | | 48 | | | | 0.95 | | | | 1.70 | | | | — | | | | — | | | | 42 | |
Year ended 3-31-2017 | | | 12.70 | | | | 17.54 | | | | 5 | | | | 0.98 | | | | 1.65 | | | | — | | | | — | | | | 28 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.07 | | | | 4.09 | | | | 29 | | | | 1.21 | (4) | | | 0.91 | (4) | | | 1.28 | (4) | | | 0.84 | (4) | | | 7 | |
Year ended 3-31-2021 | | | 18.39 | | | | 69.84 | | | | 38 | | | | 1.24 | | | | 1.40 | | | | 1.31 | | | | 1.33 | | | | 23 | |
Year ended 3-31-2020 | | | 10.98 | | | | -19.89 | | | | 13 | | | | 1.26 | | | | 1.71 | | | | 1.33 | | | | 1.64 | | | | 25 | |
Year ended 3-31-2019 | | | 13.98 | | | | 5.45 | | | | 14 | | | | 1.33 | | | | 1.54 | | | | — | | | | — | | | | 17 | |
Year ended 3-31-2018 | | | 13.76 | | | | 9.99 | | | | 6 | | | | 1.35 | | | | 1.33 | | | | 1.36 | | | | 1.32 | | | | 42 | |
Year ended 3-31-2017 | | | 12.68 | | | | 17.10 | | | | 8 | | | | 1.35 | | | | 1.28 | | | | 1.37 | | | | 1.26 | | | | 28 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 143 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY MUNICIPAL BOND FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 11.89 | | | $ | 0.11 | | | $ | (0.04 | ) | | $ | 0.07 | | | $ | (0.11 | ) | | $ | — | | | $ | (0.11 | ) |
Year ended 3-31-2021 | | | 11.68 | | | | 0.26 | | | | 0.21 | | | | 0.47 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2020 | | | 11.70 | | | | 0.34 | | | | (0.03 | ) | | | 0.31 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2019 | | | 11.72 | | | | 0.40 | | | | (0.03 | ) | | | 0.37 | | | | (0.39 | ) | | | — | | | | (0.39 | ) |
Year ended 3-31-2018 | | | 11.82 | | | | 0.42 | | | | (0.15 | ) | | | 0.27 | | | | (0.37 | ) | | | — | | | | (0.37 | ) |
Year ended 3-31-2017 | | | 12.13 | | | | 0.28 | | | | (0.31 | ) | | | (0.03 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.89 | | | | (0.01 | ) | | | 0.00 | * | | | (0.01 | ) | | | (0.03 | ) | | | — | | | | (0.03 | ) |
Year ended 3-31-2021 | | | 11.68 | | | | 0.16 | | | | 0.20 | | | | 0.36 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2020 | | | 11.70 | | | | 0.24 | | | | (0.03 | ) | | | 0.21 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2019 | | | 11.72 | | | | 0.31 | | | | (0.02 | ) | | | 0.29 | | | | (0.31 | ) | | | — | | | | (0.31 | ) |
Year ended 3-31-2018 | | | 11.82 | | | | 0.29 | | | | (0.13 | ) | | | 0.16 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2017 | | | 12.13 | | | | 0.19 | | | | (0.31 | ) | | | (0.12 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.89 | | | | 0.06 | | | | (0.05 | ) | | | 0.01 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Year ended 3-31-2021 | | | 11.68 | | | | 0.16 | | | | 0.21 | | | | 0.37 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Year ended 3-31-2020 | | | 11.70 | | | | 0.24 | | | | (0.03 | ) | | | 0.21 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2019 | | | 11.72 | | | | 0.30 | | | | (0.01 | ) | | | 0.29 | | | | (0.31 | ) | | | — | | | | (0.31 | ) |
Year ended 3-31-2018 | | | 11.82 | | | | 0.29 | | | | (0.13 | ) | | | 0.16 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2017 | | | 12.13 | | | | 0.19 | | | | (0.31 | ) | | | (0.12 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.89 | | | | 0.12 | | | | (0.05 | ) | | | 0.07 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2021 | | | 11.68 | | | | 0.28 | | | | 0.21 | | | | 0.49 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year ended 3-31-2020 | | | 11.70 | | | | 0.36 | | | | (0.03 | ) | | | 0.33 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Year ended 3-31-2019 | | | 11.72 | | | | 0.42 | | | | (0.02 | ) | | | 0.40 | | | | (0.42 | ) | | | — | | | | (0.42 | ) |
Year ended 3-31-2018 | | | 11.82 | | | | 0.43 | | | | (0.15 | ) | | | 0.28 | | | | (0.38 | ) | | | — | | | | (0.38 | ) |
Year ended 3-31-2017 | | | 12.13 | | | | 0.31 | | | | (0.32 | ) | | | (0.01 | ) | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.89 | | | | 0.12 | | | | (0.04 | ) | | | 0.08 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2021 | | | 11.68 | | | | 0.29 | | | | 0.21 | | | | 0.50 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2020 | | | 11.70 | | | | 0.36 | | | | (0.02 | ) | | | 0.34 | | | | (0.36 | ) | | | — | | | | (0.36 | ) |
Year ended 3-31-2019 | | | 11.72 | | | | 0.43 | | | | (0.02 | ) | | | 0.41 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year ended 3-31-2018(5) | | | 11.90 | | | | 0.33 | | | | (0.21 | ) | | | 0.12 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.89 | | | | 0.12 | | | | (0.05 | ) | | | 0.07 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year ended 3-31-2021 | | | 11.68 | | | | 0.26 | | | | 0.21 | | | | 0.47 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2020 | | | 11.70 | | | | 0.34 | | | | (0.03 | ) | | | 0.31 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2019 | | | 11.72 | | | | 0.40 | | | | (0.02 | ) | | | 0.38 | | | | (0.40 | ) | | | — | | | | (0.40 | ) |
Year ended 3-31-2018 | | | 11.82 | | | | 0.38 | | | | (0.12 | ) | | | 0.26 | | | | (0.36 | ) | | | — | | | | (0.36 | ) |
Year ended 3-31-2017 | | | 12.13 | | | | 0.28 | | | | (0.31 | ) | | | (0.03 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (5) | For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018. |
| (7) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 0.86%. |
| (9) | Expense ratio based on the period excluding reorganization expenses was 0.74%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal Bond Fund to Delaware Ivy Municipal Bond Fund. |
| | | | | | |
| 144 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 11.85 | | | | 0.56 | % | | $ | 428 | | | | 0.83 | %(6) | | | 1.83 | %(6) | | | 0.89 | %(6) | | | 1.77 | %(6) | | | 11 | % |
Year ended 3-31-2021 | | | 11.89 | | | | 4.07 | | | | 445 | | | | 0.83 | | | | 2.21 | | | | 0.90 | | | | 2.14 | | | | 22 | |
Year ended 3-31-2020 | | | 11.68 | | | | 2.68 | | | | 453 | | | | 0.84 | | | | 2.87 | | | | 0.91 | | | | 2.80 | | | | 18 | |
Year ended 3-31-2019 | | | 11.70 | | | | 3.28 | | | | 476 | | | | 0.84 | | | | 3.38 | | | | 0.90 | | | | 3.32 | | | | 7 | |
Year ended 3-31-2018 | | | 11.72 | | | | 2.28 | | | | 523 | | | | 0.87 | (8) | | | 3.52 | | | | 0.92 | | | | 3.47 | | | | — | |
Year ended 3-31-2017 | | | 11.82 | | | | -0.26 | | | | 68 | | | | 0.98 | | | | 2.28 | | | | — | | | | — | | | | 14 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.85 | | | | -0.09 | | | | — | * | | | 2.79 | (6) | | | -0.11 | (6) | | | — | | | | — | | | | 11 | |
Year ended 3-31-2021 | | | 11.89 | | | | 3.08 | | | | — | * | | | 1.79 | | | | 1.34 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2020 | | | 11.68 | | | | 1.77 | | | | 1 | | | | 1.74 | | | | 2.01 | | | | — | | | | — | | | | 18 | |
Year ended 3-31-2019 | | | 11.70 | | | | 2.56 | | | | 1 | | | | 1.64 | | | | 2.60 | | | | — | | | | — | | | | 7 | |
Year ended 3-31-2018 | | | 11.72 | | | | 1.38 | | | | 2 | | | | 1.74 | | | | 2.44 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 11.82 | | | | -1.02 | | | | 2 | | | | 1.74 | | | | 1.56 | | | | — | | | | — | | | | 14 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.85 | | | | 0.12 | | | | 6 | | | | 1.71 | (6) | | | 0.95 | (6) | | | — | | | | — | | | | 11 | |
Year ended 3-31-2021 | | | 11.89 | | | | 3.14 | | | | 8 | | | | 1.73 | | | | 1.36 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2020 | | | 11.68 | | | | 1.80 | | | | 16 | | | | 1.72 | | | | 2.00 | | | | — | | | | — | | | | 18 | |
Year ended 3-31-2019 | | | 11.70 | | | | 2.50 | | | | 19 | | | | 1.70 | | | | 2.53 | | | | — | | | | — | | | | 7 | |
Year ended 3-31-2018 | | | 11.72 | | | | 1.39 | | | | 24 | | | | 1.74 | | | | 2.46 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 11.82 | | | | -1.01 | | | | 25 | | | | 1.73 | | | | 1.57 | | | | — | | | | — | | | | 14 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.85 | | | | 0.62 | | | | 297 | | | | 0.70 | (6) | | | 1.96 | (6) | | | 0.74 | (6) | | | 1.92 | (6) | | | 11 | |
Year ended 3-31-2021 | | | 11.89 | | | | 4.21 | | | | 302 | | | | 0.70 | | | | 2.33 | | | | 0.74 | | | | 2.29 | | | | 22 | |
Year ended 3-31-2020 | | | 11.68 | | | | 2.83 | | | | 293 | | | | 0.70 | | | | 3.01 | | | | 0.74 | | | | 2.97 | | | | 18 | |
Year ended 3-31-2019 | | | 11.70 | | | | 3.53 | | | | 315 | | | | 0.70 | | | | 3.52 | | | | 0.73 | | | | 3.49 | | | | 7 | |
Year ended 3-31-2018 | | | 11.72 | | | | 2.36 | | | | 326 | | | | 0.75 | (9) | | | 3.58 | | | | 0.75 | | | | 3.58 | | | | — | |
Year ended 3-31-2017 | | | 11.82 | | | | -0.08 | | | | 96 | | | | 0.79 | | | | 2.56 | | | | — | | | | — | | | | 14 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.85 | | | | 0.68 | | | | 2 | | | | 0.59 | (6) | | | 2.06 | (6) | | | — | | | | — | | | | 11 | |
Year ended 3-31-2021 | | | 11.89 | | | | 4.32 | | | | 1 | | | | 0.60 | | | | 2.43 | | | | — | | | | — | | | | 22 | |
Year ended 3-31-2020 | | | 11.68 | | | | 2.94 | | | | 1 | | | | 0.60 | | | | 3.09 | | | | — | | | | — | | | | 18 | |
Year ended 3-31-2019 | | | 11.70 | | | | 3.62 | | | | 1 | | | | 0.59 | | | | 3.62 | | | | — | | | | — | | | | 7 | |
Year ended 3-31-2018(5) | | | 11.72 | | | | 1.09 | | | | 1 | | | | 0.60 | (6) | | | 3.74 | (6) | | | — | | | | — | | | | — | (7) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 11.85 | | | | 0.57 | | | | — | * | | | 0.83 | (6) | | | 1.87 | (6) | | | 1.00 | (6) | | | 1.70 | (6) | | | 11 | |
Year ended 3-31-2021 | | | 11.89 | | | | 4.07 | | | | 1 | | | | 0.83 | | | | 2.21 | | | | 0.98 | | | | 2.06 | | | | 22 | |
Year ended 3-31-2020 | | | 11.68 | | | | 2.68 | | | | — | * | | | 0.84 | | | | 2.88 | | | | 0.99 | | | | 2.73 | | | | 18 | |
Year ended 3-31-2019 | | | 11.70 | | | | 3.35 | | | | 1 | | | | 0.84 | | | | 3.37 | | | | 0.97 | | | | 3.24 | | | | 7 | |
Year ended 3-31-2018 | | | 11.72 | | | | 2.23 | | | | 1 | | | | 0.90 | (8) | | | 3.22 | | | | 1.02 | | | | 3.10 | | | | — | |
Year ended 3-31-2017 | | | 11.82 | | | | -0.26 | | | | 1 | | | | 0.98 | | | | 2.33 | | | | 1.03 | | | | 2.28 | | | | 14 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 145 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY MUNICIPAL HIGH INCOME FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 5.04 | | | $ | 0.08 | | | $ | 0.06 | | | $ | 0.14 | | | $ | (0.08 | ) | | $ | — | | | $ | (0.08 | ) |
Year ended 3-31-2021 | | | 4.87 | | | | 0.17 | | | | 0.17 | | | | 0.34 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2020 | | | 5.02 | | | | 0.19 | | | | (0.15 | ) | | | 0.04 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2019 | | | 5.05 | | | | 0.22 | | | | (0.03 | ) | | | 0.19 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2018 | | | 5.09 | | | | 0.16 | | | | 0.00 | * | | | 0.16 | | | | (0.20 | ) | | | — | * | | | (0.20 | ) |
Year ended 3-31-2017 | | | 5.28 | | | | 0.23 | | | | (0.19 | ) | | | 0.04 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.04 | | | | 0.06 | | | | 0.06 | | | | 0.12 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2021 | | | 4.87 | | | | 0.14 | | | | 0.17 | | | | 0.31 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year ended 3-31-2020 | | | 5.02 | | | | 0.15 | | | | (0.15 | ) | | | 0.00 | * | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2019 | | | 5.05 | | | | 0.18 | | | | (0.03 | ) | | | 0.15 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2018 | | | 5.09 | | | | 0.18 | | | | (0.05 | ) | | | 0.13 | | | | (0.17 | ) | | | — | * | | | (0.17 | ) |
Year ended 3-31-2017 | | | 5.28 | | | | 0.19 | | | | (0.19 | ) | | | 0.00 | * | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.04 | | | | 0.06 | | | | 0.07 | | | | 0.13 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year ended 3-31-2021 | | | 4.87 | | | | 0.14 | | | | 0.17 | | | | 0.31 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year ended 3-31-2020 | | | 5.02 | | | | 0.15 | | | | (0.15 | ) | | | 0.00 | * | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2019 | | | 5.05 | | | | 0.18 | | | | (0.03 | ) | | | 0.15 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2018 | | | 5.09 | | | | 0.19 | | | | (0.06 | ) | | | 0.13 | | | | (0.17 | ) | | | — | * | | | (0.17 | ) |
Year ended 3-31-2017 | | | 5.28 | | | | 0.19 | | | | (0.19 | ) | | | 0.00 | * | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.04 | | | | 0.08 | | | | 0.07 | | | | 0.15 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2021 | | | 4.87 | | | | 0.19 | | | | 0.17 | | | | 0.36 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2020 | | | 5.02 | | | | 0.20 | | | | (0.15 | ) | | | 0.05 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year ended 3-31-2019 | | | 5.05 | | | | 0.23 | | | | (0.03 | ) | | | 0.20 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2018 | | | 5.09 | | | | 0.23 | | | | (0.06 | ) | | | 0.17 | | | | (0.21 | ) | | | — | * | | | (0.21 | ) |
Year ended 3-31-2017 | | | 5.28 | | | | 0.24 | | | | (0.19 | ) | | | 0.05 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.04 | | | | 0.08 | | | | 0.07 | | | | 0.15 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2021 | | | 4.87 | | | | 0.19 | | | | 0.17 | | | | 0.36 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2020 | | | 5.02 | | | | 0.20 | | | | (0.14 | ) | | | 0.06 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2019 | | | 5.05 | | | | 0.23 | | | | (0.03 | ) | | | 0.20 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2018(5) | | | 5.11 | | | | 0.17 | | | | (0.07 | ) | | | 0.10 | | | | (0.16 | ) | | | — | * | | | (0.16 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.04 | | | | 0.08 | | | | 0.06 | | | | 0.14 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2021 | | | 4.87 | | | | 0.17 | | | | 0.17 | | | | 0.34 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2020 | | | 5.02 | | | | 0.19 | | | | (0.15 | ) | | | 0.04 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2019 | | | 5.05 | | | | 0.22 | | | | (0.03 | ) | | | 0.19 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2018 | | | 5.09 | | | | 0.23 | | | | (0.07 | ) | | | 0.16 | | | | (0.20 | ) | | | — | * | | | (0.20 | ) |
Year ended 3-31-2017 | | | 5.28 | | | | 0.23 | | | | (0.19 | ) | | | 0.04 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (5) | For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018. |
| (7) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 0.67%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Municipal High Income Fund to Delaware Ivy Municipal High Income Fund. |
| | | | | | |
| 146 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 5.10 | | | | 2.86 | % | | $ | 626 | | | | 0.88 | %(6) | | | 2.98 | %(6) | | | — | % | | | — | % | | | 22 | % |
Year ended 3-31-2021 | | | 5.04 | | | | 7.13 | | | | 637 | | | | 0.89 | | | | 3.47 | | | | — | | | | — | | | | 7 | |
Year ended 3-31-2020 | | | 4.87 | | | | 0.72 | | | | 610 | | | | 0.88 | | | | 3.76 | | | | — | | | | — | | | | 18 | |
Year ended 3-31-2019 | | | 5.02 | | | | 3.76 | | | | 665 | | | | 0.87 | | | | 4.32 | | | | — | | | | — | | | | 10 | |
Year ended 3-31-2018 | | | 5.05 | | | | 3.35 | | | | 732 | | | | 0.88 | | | | 3.17 | | | | — | | | | — | | | | 3 | |
Year ended 3-31-2017 | | | 5.09 | | | | 0.65 | | | | 235 | | | | 0.87 | | | | 4.27 | | | | — | | | | — | | | | 8 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.10 | | | | 2.46 | | | | — | * | | | 1.62 | (6) | | | 2.39 | (6) | | | 2.04 | (6) | | | 1.97 | (6) | | | 22 | |
Year ended 3-31-2021 | | | 5.04 | | | | 6.33 | | | | — | * | | | 1.62 | | | | 2.85 | | | | 1.76 | | | | 2.71 | | | | 7 | |
Year ended 3-31-2020 | | | 4.87 | | | | -0.04 | | | | 3 | | | | 1.62 | | | | 3.03 | | | | 1.72 | | | | 2.93 | | | | 18 | |
Year ended 3-31-2019 | | | 5.02 | | | | 3.06 | | | | 6 | | | | 1.58 | | | | 3.64 | | | | 1.58 | | | | 3.64 | | | | 10 | |
Year ended 3-31-2018 | | | 5.05 | | | | 2.57 | | | | 9 | | | | 1.62 | | | | 3.63 | | | | 1.72 | | | | 3.53 | | | | 3 | |
Year ended 3-31-2017 | | | 5.09 | | | | -0.11 | | | | 11 | | | | 1.62 | | | | 3.52 | | | | 1.63 | | | | 3.51 | | | | 8 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.10 | | | | 2.50 | | | | 24 | | | | 1.58 | (6) | | | 2.30 | (6) | | | 1.69 | (6) | | | 2.19 | (6) | | | 22 | |
Year ended 3-31-2021 | | | 5.04 | | | | 6.39 | | | | 30 | | | | 1.58 | | | | 2.85 | | | | 1.68 | | | | 2.75 | | | | 7 | |
Year ended 3-31-2020 | | | 4.87 | | | | 0.01 | | | | 79 | | | | 1.58 | | | | 3.06 | | | | 1.65 | | | | 2.99 | | | | 18 | |
Year ended 3-31-2019 | | | 5.02 | | | | 3.06 | | | | 106 | | | | 1.58 | | | | 3.63 | | | | 1.63 | | | | 3.58 | | | | 10 | |
Year ended 3-31-2018 | | | 5.05 | | | | 2.61 | | | | 143 | | | | 1.58 | | | | 3.67 | | | | 1.64 | | | | 3.61 | | | | 3 | |
Year ended 3-31-2017 | | | 5.09 | | | | -0.07 | | | | 182 | | | | 1.58 | | | | 3.56 | | | | 1.60 | | | | 3.54 | | | | 8 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.10 | | | | 3.00 | | | | 313 | | | | 0.61 | (6) | | | 3.25 | (6) | | | 0.73 | (6) | | | 3.13 | (6) | | | 22 | |
Year ended 3-31-2021 | | | 5.04 | | | | 7.42 | | | | 313 | | | | 0.61 | | | | 3.76 | | | | 0.74 | | | | 3.63 | | | | 7 | |
Year ended 3-31-2020 | | | 4.87 | | | | 0.99 | | | | 355 | | | | 0.61 | | | | 4.02 | | | | 0.72 | | | | 3.91 | | | | 18 | |
Year ended 3-31-2019 | | | 5.02 | | | | 4.04 | | | | 413 | | | | 0.64 | | | | 4.57 | | | | 0.71 | | | | 4.50 | | | | 10 | |
Year ended 3-31-2018 | | | 5.05 | | | | 3.56 | | | | 520 | | | | 0.68 | (8) | | | 4.49 | | | | 0.72 | | | | 4.45 | | | | 3 | |
Year ended 3-31-2017 | | | 5.09 | | | | 0.84 | | | | 617 | | | | 0.68 | | | | 4.46 | | | | 0.69 | | | | 4.45 | | | | 8 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.10 | | | | 3.01 | | | | 1 | | | | 0.60 | (6) | | | 3.25 | (6) | | | — | | | | — | | | | 22 | |
Year ended 3-31-2021 | | | 5.04 | | | | 7.43 | | | | 1 | | | | 0.60 | | | | 3.77 | | | | — | | | | — | | | | 7 | |
Year ended 3-31-2020 | | | 4.87 | | | | 1.03 | | | | 1 | | | | 0.58 | | | | 4.03 | | | | — | | | | — | | | | 18 | |
Year ended 3-31-2019 | | | 5.02 | | | | 4.13 | | | | 1 | | | | 0.57 | | | | 4.56 | | | | — | | | | — | | | | 10 | |
Year ended 3-31-2018(5) | | | 5.05 | | | | 2.07 | | | | — | * | | | 0.58 | (6) | | | 4.55 | (6) | | | — | | | | — | | | | 3 | (7) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 5.10 | | | | 2.86 | | | | 5 | | | | 0.88 | (6) | | | 2.98 | (6) | | | 0.99 | (6) | | | 2.87 | (6) | | | 22 | |
Year ended 3-31-2021 | | | 5.04 | | | | 7.12 | | | | 4 | | | | 0.89 | | | | 3.49 | | | | 0.99 | | | | 3.39 | | | | 7 | |
Year ended 3-31-2020 | | | 4.87 | | | | 0.72 | | | | 6 | | | | 0.88 | | | | 3.75 | | | | 0.98 | | | | 3.65 | | | | 18 | |
Year ended 3-31-2019 | | | 5.02 | | | | 3.79 | | | | 7 | | | | 0.87 | | | | 4.36 | | | | 0.96 | | | | 4.27 | | | | 10 | |
Year ended 3-31-2018 | | | 5.05 | | | | 3.35 | | | | 10 | | | | 0.88 | | | | 4.44 | | | | 0.98 | | | | 4.34 | | | | 3 | |
Year ended 3-31-2017 | | | 5.09 | | | | 0.65 | | | | 15 | | | | 0.86 | | | | 4.28 | | | | 0.95 | | | | 4.19 | | | | 8 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 147 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY PZENA INTERNATIONAL VALUE FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 18.54 | | | $ | 0.18 | | | $ | (0.08 | ) | | $ | 0.10 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 11.08 | | | | 0.16 | | | | 7.48 | | | | 7.64 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year ended 3-31-2020 | | | 14.93 | | | | 0.32 | | | | (3.81 | ) | | | (3.49 | ) | | | (0.36 | ) | | | — | | | | (0.36 | ) |
Year ended 3-31-2019 | | | 18.08 | | | | 0.16 | | | | (1.33 | ) | | | (1.17 | ) | | | (0.07 | ) | | | (1.91 | ) | | | (1.98 | ) |
Year ended 3-31-2018 | | | 17.15 | | | | 0.08 | | | | 1.00 | | | | 1.08 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year ended 3-31-2017 | | | 14.33 | | | | 0.14 | | | | 2.74 | | | | 2.88 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 16.03 | | | | (0.13 | ) | | | (0.19 | ) | | | (0.32 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 9.71 | | | | (0.19 | ) | | | 6.51 | | | | 6.32 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 13.16 | | | | 0.06 | | | | (3.39 | ) | | | (3.33 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2019 | | | 16.34 | | | | (0.11 | ) | | | (1.20 | ) | | | (1.31 | ) | | | — | | | | (1.87 | ) | | | (1.87 | ) |
Year ended 3-31-2018 | | | 15.58 | | | | (0.14 | ) | | | 0.90 | | | | 0.76 | | | | — | | | | — | | | | — | |
Year ended 3-31-2017 | | | 13.15 | | | | (0.07 | ) | | | 2.50 | | | | 2.43 | | | | — | | | | — | | | | — | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.16 | | | | 0.09 | | | | (0.07 | ) | | | 0.02 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 10.28 | | | | 0.02 | | | | 6.95 | | | | 6.97 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year ended 3-31-2020 | | | 13.89 | | | | 0.22 | | | | (3.55 | ) | | | (3.33 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year ended 3-31-2019 | | | 16.99 | | | | 0.06 | | | | (1.25 | ) | | | (1.19 | ) | | | — | | | | (1.91 | ) | | | (1.91 | ) |
Year ended 3-31-2018 | | | 16.12 | | | | (0.03 | ) | | | 0.94 | | | | 0.91 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year ended 3-31-2017 | | | 13.50 | | | | 0.03 | | | | 2.59 | | | | 2.62 | | | | — | | | | — | | | | — | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.05 | | | | 0.21 | | | | (0.08 | ) | | | 0.13 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.37 | | | | 0.22 | | | | 7.70 | | | | 7.92 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year ended 3-31-2020 | | | 15.30 | | | | 0.39 | | | | (3.89 | ) | | | (3.50 | ) | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year ended 3-31-2019 | | | 18.48 | | | | 0.24 | | | | (1.37 | ) | | | (1.13 | ) | | | (0.14 | ) | | | (1.91 | ) | | | (2.05 | ) |
Year ended 3-31-2018 | | | 17.53 | | | | 0.17 | | | | 1.01 | | | | 1.18 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2017 | | | 14.64 | | | | 0.16 | | | | 2.87 | | | | 3.03 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.50 | | | | 0.29 | | | | (0.22 | ) | | | 0.07 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.06 | | | | 0.14 | | | | 7.47 | | | | 7.61 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year ended 3-31-2020 | | | 14.90 | | | | 0.30 | | | | (3.79 | ) | | | (3.49 | ) | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Year ended 3-31-2019 | | | 18.05 | | | | 0.14 | | | | (1.33 | ) | | | (1.19 | ) | | | (0.05 | ) | | | (1.91 | ) | | | (1.96 | ) |
Year ended 3-31-2018 | | | 17.13 | | | | 0.06 | | | | 0.99 | | | | 1.05 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Year ended 3-31-2017 | | | 14.32 | | | | 0.10 | | | | 2.76 | | | | 2.86 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.11 | | | | 0.23 | | | | (0.09 | ) | | | 0.14 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.40 | | | | 0.24 | | | | 7.74 | | | | 7.98 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2020 | | | 15.34 | | | | 0.43 | | | | (3.91 | ) | | | (3.48 | ) | | | (0.46 | ) | | | — | | | | (0.46 | ) |
Year ended 3-31-2019 | | | 18.53 | | | | 0.28 | | | | (1.39 | ) | | | (1.11 | ) | | | (0.17 | ) | | | (1.91 | ) | | | (2.08 | ) |
Year ended 3-31-2018 | | | 17.57 | | | | 0.21 | | | | 1.01 | | | | 1.22 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year ended 3-31-2017 | | | 14.68 | | | | 0.22 | | | | 2.83 | | | | 3.05 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.85 | | | | 0.19 | | | | (0.08 | ) | | | 0.11 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 11.26 | | | | 0.20 | | | | 7.60 | | | | 7.80 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2020 | | | 15.16 | | | | 0.38 | | | | (3.89 | ) | | | (3.51 | ) | | | (0.39 | ) | | | — | | | | (0.39 | ) |
Year ended 3-31-2019 | | | 18.33 | | | | 0.20 | | | | (1.36 | ) | | | (1.16 | ) | | | (0.10 | ) | | | (1.91 | ) | | | (2.01 | ) |
Year ended 3-31-2018 | | | 17.39 | | | | 0.12 | | | | 1.01 | | | | 1.13 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2017 | | | 14.53 | | | | 0.16 | | | | 2.80 | | | | 2.96 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Pzena International Value Fund to Delaware Ivy Pzena International Value Fund. |
| | | | | | |
| 148 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 18.64 | | | | 0.54 | % | | $ | 64 | | | | 1.43 | %(5) | | | 1.86 | %(5) | | | 1.64 | %(5) | | | 1.65 | %(5) | | | 11 | % |
Year ended 3-31-2021 | | | 18.54 | | | | 69.18 | | | | 66 | | | | 1.55 | | | | 1.08 | | | | 1.76 | | | | 0.87 | | | | 20 | |
Year ended 3-31-2020 | | | 11.08 | | | | -24.08 | | | | 45 | | | | 1.56 | | | | 2.19 | | | | 1.77 | | | | 1.98 | | | | 26 | |
Year ended 3-31-2019 | | | 14.93 | | | | -6.19 | | | | 75 | | | | 1.55 | | | | 0.99 | | | | 1.75 | | | | 0.79 | | | | 85 | |
Year ended 3-31-2018 | | | 18.08 | | | | 6.30 | | | | 96 | | | | 1.59 | | | | 0.47 | | | | 1.75 | | | | 0.31 | | | | 33 | |
Year ended 3-31-2017 | | | 17.15 | | | | 20.10 | | | | 98 | | | | 1.65 | | | | 0.91 | | | | 1.81 | | | | 0.75 | | | | 51 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 15.71 | | | | -2.00 | | | | — | * | | | 5.03 | (5) | | | -1.55 | (5) | | | 5.24 | (5) | | | -1.76 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 16.03 | | | | 65.09 | | | | — | * | | | 4.03 | | | | -1.56 | | | | 4.24 | | | | -1.77 | | | | 20 | |
Year ended 3-31-2020 | | | 9.71 | | | | -25.59 | | | | — | * | | | 3.62 | | | | 0.44 | | | | 3.83 | | | | 0.23 | | | | 26 | |
Year ended 3-31-2019 | | | 13.16 | | | | -7.75 | | | | — | * | | | 3.19 | | | | -0.68 | | | | 3.39 | | | | -0.88 | | | | 85 | |
Year ended 3-31-2018 | | | 16.34 | | | | 4.88 | | | | 1 | | | | 2.96 | | | | -0.86 | | | | 3.12 | | | | -1.02 | | | | 33 | |
Year ended 3-31-2017 | | | 15.58 | | | | 18.48 | | | | 1 | | | | 2.94 | | | | -0.53 | | | | 3.10 | | | | -0.69 | | | | 51 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.18 | | | | 0.12 | | | | 1 | | | | 2.25 | (5) | | | 1.06 | (5) | | | 2.46 | (5) | | | 0.85 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 17.16 | | | | 67.92 | | | | 1 | | | | 2.31 | | | | 0.18 | | | | 2.52 | | | | -0.03 | | | | 20 | |
Year ended 3-31-2020 | | | 10.28 | | | | -24.55 | | | | 1 | | | | 2.20 | | | | 1.57 | | | | 2.41 | | | | 1.36 | | | | 26 | |
Year ended 3-31-2019 | | | 13.89 | | | | -6.74 | | | | 2 | | | | 2.13 | | | | 0.39 | | | | 2.33 | | | | 0.19 | | | | 85 | |
Year ended 3-31-2018 | | | 16.99 | | | | 5.65 | | | | 3 | | | | 2.19 | | | | -0.18 | | | | 2.35 | | | | -0.34 | | | | 33 | |
Year ended 3-31-2017 | | | 16.12 | | | | 19.41 | | | | 14 | | | | 2.21 | | | | 0.19 | | | | 2.37 | | | | 0.03 | | | | 51 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.18 | | | | 0.68 | | | | 96 | | | | 1.08 | (5) | | | 2.15 | (5) | | | 1.29 | (5) | | | 1.94 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 19.05 | | | | 69.97 | | | | 92 | | | | 1.12 | | | | 1.48 | | | | 1.33 | | | | 1.27 | | | | 20 | |
Year ended 3-31-2020 | | | 11.37 | | | | -23.71 | | | | 74 | | | | 1.11 | | | | 2.60 | | | | 1.32 | | | | 2.39 | | | | 26 | |
Year ended 3-31-2019 | | | 15.30 | | | | -5.79 | | | | 95 | | | | 1.12 | | | | 1.43 | | | | 1.32 | | | | 1.23 | | | | 85 | |
Year ended 3-31-2018 | | | 18.48 | | | | 6.73 | | | | 77 | | | | 1.16 | | | | 0.91 | | | | 1.32 | | | | 0.75 | | | | 33 | |
Year ended 3-31-2017 | | | 17.53 | | | | 20.70 | | | | 96 | | | | 1.17 | | | | 0.96 | | | | 1.33 | | | | 0.80 | | | | 51 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.57 | | | | 0.38 | | | | — | * | | | 1.76 | (5) | | | 2.84 | (5) | | | 1.97 | (5) | | | 2.63 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 18.50 | | | | 68.98 | | | | — | * | | | 1.69 | | | | 0.98 | | | | 1.90 | | | | 0.77 | | | | 20 | |
Year ended 3-31-2020 | | | 11.06 | | | | -24.13 | | | | — | * | | | 1.67 | | | | 2.03 | | | | 1.88 | | | | 1.82 | | | | 26 | |
Year ended 3-31-2019 | | | 14.90 | | | | -6.33 | | | | — | * | | | 1.69 | | | | 0.85 | | | | 1.89 | | | | 0.65 | | | | 85 | |
Year ended 3-31-2018 | | | 18.05 | | | | 6.13 | | | | — | * | | | 1.72 | | | | 0.32 | | | | 1.88 | | | | 0.16 | | | | 33 | |
Year ended 3-31-2017 | | | 17.13 | | | | 19.96 | | | | — | * | | | 1.75 | | | | 0.64 | | | | 1.91 | | | | 0.48 | | | | 51 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 19.25 | | | | 0.73 | | | | 68 | | | | 0.92 | (5) | | | 2.31 | (5) | | | 1.13 | (5) | | | 2.10 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 19.11 | | | | 70.31 | | | | 90 | | | | 0.94 | | | | 1.62 | | | | 1.15 | | | | 1.41 | | | | 20 | |
Year ended 3-31-2020 | | | 11.40 | | | | -23.58 | | | | 84 | | | | 0.93 | | | | 2.84 | | | | 1.14 | | | | 2.63 | | | | 26 | |
Year ended 3-31-2019 | | | 15.34 | | | | -5.66 | | | | 105 | | | | 0.91 | | | | 1.72 | | | | 1.11 | | | | 1.52 | | | | 85 | |
Year ended 3-31-2018 | | | 18.53 | | | | 6.94 | | | | — | * | | | 0.99 | | | | 1.18 | | | | 1.15 | | | | 1.02 | | | | 33 | |
Year ended 3-31-2017 | | | 17.57 | | | | 20.81 | | | | 1 | | | | 1.00 | | | | 1.41 | | | | 1.16 | | | | 1.25 | | | | 51 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.96 | | | | 0.58 | | | | 1 | | | | 1.34 | (5) | | | 1.96 | (5) | | | 1.55 | (5) | | | 1.75 | (5) | | | 11 | |
Year ended 3-31-2021 | | | 18.85 | | | | 69.55 | | | | 1 | | | | 1.36 | | | | 1.32 | | | | 1.57 | | | | 1.11 | | | | 20 | |
Year ended 3-31-2020 | | | 11.26 | | | | -23.93 | | | | 1 | | | | 1.41 | | | | 2.52 | | | | 1.62 | | | | 2.31 | | | | 26 | |
Year ended 3-31-2019 | | | 15.16 | | | | -6.04 | | | | 2 | | | | 1.36 | | | | 1.17 | | | | 1.56 | | | | 0.97 | | | | 85 | |
Year ended 3-31-2018 | | | 18.33 | | | | 6.48 | | | | 2 | | | | 1.39 | | | | 0.66 | | | | 1.55 | | | | 0.50 | | | | 33 | |
Year ended 3-31-2017 | | | 17.39 | | | | 20.38 | | | | 2 | | | | 1.41 | | | | 1.00 | | | | 1.57 | | | | 0.84 | | | | 51 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 149 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY SECURIAN CORE BOND FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 10.79 | | | $ | 0.09 | | | $ | 0.18 | | | $ | 0.27 | | | $ | (0.10 | ) | | $ | — | | | $ | (0.10 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.20 | | | | 0.57 | | | | 0.77 | | | | (0.22 | ) | | | (0.25 | ) | | | (0.47 | ) |
Year ended 3-31-2020 | | | 10.66 | | | | 0.27 | | | | (0.07 | ) | | | 0.20 | | | | (0.28 | ) | | | (0.09 | ) | | | (0.37 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.32 | | | | 0.09 | | | | 0.41 | | | | (0.32 | ) | | | — | | | | (0.32 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.28 | | | | (0.04 | ) | | | 0.24 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.24 | | | | 0.11 | | | | 0.35 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.79 | | | | 0.02 | | | | 0.18 | | | | 0.20 | | | | (0.03 | ) | | | — | | | | (0.03 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.10 | | | | 0.56 | | | | 0.66 | | | | (0.11 | ) | | | (0.25 | ) | | | (0.36 | ) |
Year ended 3-31-2020 | | | 10.66 | | | | 0.17 | | | | (0.07 | ) | | | 0.10 | | | | (0.18 | ) | | | (0.09 | ) | | | (0.27 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.23 | | | | 0.09 | | | | 0.32 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.18 | | | | (0.04 | ) | | | 0.14 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.14 | | | | 0.10 | | | | 0.24 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.79 | | | | 0.05 | | | | 0.18 | | | | 0.23 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.11 | | | | 0.58 | | | | 0.69 | | | | (0.14 | ) | | | (0.25 | ) | | | (0.39 | ) |
Year ended 3-31-2020 | | | 10.66 | | | | 0.19 | | | | (0.07 | ) | | | 0.12 | | | | (0.20 | ) | | | (0.09 | ) | | | (0.29 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.25 | | | | 0.09 | | | | 0.34 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.20 | | | | (0.04 | ) | | | 0.16 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.17 | | | | 0.10 | | | | 0.27 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.79 | | | | 0.09 | | | | 0.18 | | | | 0.27 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.19 | | | | 0.57 | | | | 0.76 | | | | (0.21 | ) | | | (0.25 | ) | | | (0.46 | ) |
Year ended 3-31-2020 | | | 10.66 | | | | 0.27 | | | | (0.07 | ) | | | 0.20 | | | | (0.28 | ) | | | (0.09 | ) | | | (0.37 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.32 | | | | 0.09 | | | | 0.41 | | | | (0.32 | ) | | | — | | | | (0.32 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.28 | | | | (0.04 | ) | | | 0.24 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.25 | | | | 0.10 | | | | 0.35 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.79 | | | | 0.11 | | | | 0.18 | | | | 0.29 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.24 | | | | 0.58 | | | | 0.82 | | | | (0.27 | ) | | | (0.25 | ) | | | (0.52 | ) |
Year ended 3-31-2020 | | | 10.66 | | | | 0.32 | | | | (0.07 | ) | | | 0.25 | | | | (0.33 | ) | | | (0.09 | ) | | | (0.42 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.37 | | | | 0.09 | | | | 0.46 | | | | (0.37 | ) | | | — | | | | (0.37 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.33 | | | | (0.04 | ) | | | 0.29 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.29 | | | | 0.09 | | | | 0.38 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.79 | | | | 0.07 | | | | 0.18 | | | | 0.25 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.16 | | | | 0.57 | | | | 0.73 | | | | (0.18 | ) | | | (0.25 | ) | | | (0.43 | ) |
Year ended 3-31-2020 | | | 10.66 | | | | 0.24 | | | | (0.07 | ) | | | 0.17 | | | | (0.25 | ) | | | (0.09 | ) | | | (0.34 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.29 | | | | 0.09 | | | | 0.38 | | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.25 | | | | (0.03 | ) | | | 0.22 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.22 | | | | 0.10 | | | | 0.32 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.79 | | | | 0.11 | | | | 0.18 | | | | 0.29 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.24 | | | | 0.58 | | | | 0.82 | | | | (0.27 | ) | | | (0.25 | ) | | | (0.52 | ) |
Year ended 3-31-2020 | | | 10.66 | | | �� | 0.32 | | | | (0.07 | ) | | | 0.25 | | | | (0.33 | ) | | | (0.09 | ) | | | (0.42 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.37 | | | | 0.09 | | | | 0.46 | | | | (0.37 | ) | | | — | | | | (0.37 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.33 | | | | (0.04 | ) | | | 0.29 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.30 | | | | 0.10 | | | | 0.40 | | | | (0.32 | ) | | | — | | | | (0.32 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.79 | | | | 0.09 | | | | 0.18 | | | | 0.27 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2021 | | | 10.49 | | | | 0.20 | | | | 0.57 | | | | 0.77 | | | | (0.22 | ) | | | (0.25 | ) | | | (0.47 | ) |
Year ended 3-31-2020 | | | 10.66 | | | | 0.27 | | | | (0.07 | ) | | | 0.20 | | | | (0.28 | ) | | | (0.09 | ) | | | (0.37 | ) |
Year ended 3-31-2019 | | | 10.57 | | | | 0.33 | | | | 0.09 | | | | 0.42 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2018 | | | 10.62 | | | | 0.29 | | | | (0.04 | ) | | | 0.25 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year ended 3-31-2017 | | | 10.54 | | | | 0.26 | | | | 0.10 | | | | 0.36 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Securian Core Bond Fund to Delaware Ivy Securian Core Bond Fund. |
| | | | | | |
| 150 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 10.96 | | | | 2.52 | % | | $ | 210 | | | | 0.86 | %(5) | | | 1.65 | %(5) | | | 0.97 | %(5) | | | 1.54 | %(5) | | | 43 | % |
Year ended 3-31-2021 | | | 10.79 | | | | 7.32 | | | | 219 | | | | 0.87 | | | | 1.77 | | | | 0.97 | | | | 1.67 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 1.79 | | | | 199 | | | | 1.00 | | | | 2.48 | | | | 1.02 | | | | 2.46 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 3.96 | | | | 177 | | | | 1.02 | | | | 2.95 | | | | 1.05 | | | | 2.92 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 2.26 | | | | 200 | | | | 1.04 | | | | 2.60 | | | | 1.07 | | | | 2.57 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 3.30 | | | | 206 | | | | 1.05 | | | | 2.28 | | | | 1.06 | | | | 2.27 | | | | 190 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.96 | | | | 1.85 | | | | — | * | | | 2.13 | (5) | | | 0.41 | (5) | | | 2.24 | (5) | | | 0.30 | (5) | | | 43 | |
Year ended 3-31-2021 | | | 10.79 | | | | 6.29 | | | | — | * | | | 1.82 | | | | 0.86 | | | | 1.92 | | | | 0.76 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 0.84 | | | | 1 | | | | 1.94 | | | | 1.58 | | | | 1.96 | | | | 1.56 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 3.12 | | | | 2 | | | | 1.83 | | | | 2.13 | | | | 1.86 | | | | 2.10 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 1.33 | | | | 3 | | | | 1.96 | | | | 1.68 | | | | 1.99 | | | | 1.65 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 2.32 | | | | 5 | | | | 2.02 | | | | 1.33 | | | | 2.03 | | | | 1.32 | | | | 190 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.96 | | | | 2.12 | | | | 9 | | | | 1.65 | (5) | | | 0.87 | (5) | | | 1.76 | (5) | | | 0.76 | (5) | | | 43 | |
Year ended 3-31-2021 | | | 10.79 | | | | 6.50 | | | | 11 | | | | 1.64 | | | | 1.01 | | | | 1.74 | | | | 0.91 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 1.02 | | | | 14 | | | | 1.75 | | | | 1.73 | | | | 1.77 | | | | 1.71 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 3.25 | | | | 13 | | | | 1.71 | | | | 2.26 | | | | 1.74 | | | | 2.23 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 1.51 | | | | 16 | | | | 1.77 | | | | 1.87 | | | | 1.80 | | | | 1.84 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 2.59 | | | | 26 | | | | 1.76 | | | | 1.60 | | | | 1.77 | | | | 1.59 | | | | 190 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.96 | | | | 2.47 | | | | 4 | | | | 0.95 | (5) | | | 1.57 | (5) | | | 1.19 | (5) | | | 1.33 | (5) | | | 43 | |
Year ended 3-31-2021 | | | 10.79 | | | | 7.24 | | | | 5 | | | | 0.95 | | | | 1.70 | | | | 1.14 | | | | 1.51 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 1.79 | | | | 4 | | | | 0.99 | | | | 2.48 | | | | 1.22 | | | | 2.25 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 3.96 | | | | 3 | | | | 1.02 | | | | 2.95 | | | | 1.27 | | | | 2.70 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 2.27 | | | | 4 | | | | 1.03 | | | | 2.61 | | | | 1.24 | | | | 2.40 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 3.31 | | | | 4 | | | | 1.05 | | | | 2.31 | | | | 1.23 | | | | 2.13 | | | | 190 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.96 | | | | 2.73 | | | | 700 | | | | 0.45 | (5) | | | 2.07 | (5) | | | 0.72 | (5) | | | 1.80 | (5) | | | 43 | |
Year ended 3-31-2021 | | | 10.79 | | | | 7.77 | | | | 772 | | | | 0.45 | | | | 2.20 | | | | 0.72 | | | | 1.93 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 2.25 | | | | 742 | | | | 0.54 | | | | 2.93 | | | | 0.73 | | | | 2.74 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 4.46 | | | | 586 | | | | 0.54 | | | | 3.43 | | | | 0.74 | | | | 3.23 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 2.77 | | | | 525 | | | | 0.54 | | | | 3.10 | | | | 0.74 | | | | 2.90 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 3.68 | | | | 458 | | | | 0.69 | | | | 2.70 | | | | 0.74 | | | | 2.65 | | | | 190 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.96 | | | | 2.34 | | | | 1 | | | | 1.20 | (5) | | | 1.32 | (5) | | | 1.31 | (5) | | | 1.21 | (5) | | | 43 | |
Year ended 3-31-2021 | | | 10.79 | | | | 6.97 | | | | 1 | | | | 1.20 | | | | 1.46 | | | | 1.30 | | | | 1.36 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 1.48 | | | | 1 | | | | 1.30 | | | | 2.18 | | | | 1.32 | | | | 2.16 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 3.67 | | | | 1 | | | | 1.30 | | | | 2.67 | | | | 1.33 | | | | 2.64 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 2.04 | | | | 2 | | | | 1.29 | | | | 2.31 | | | | 1.32 | | | | 2.28 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 3.04 | | | | 8 | | | | 1.32 | | | | 2.07 | | | | 1.33 | | | | 2.06 | | | | 190 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.96 | | | | 2.73 | | | | 175 | | | | 0.45 | (5) | | | 2.07 | (5) | | | 0.57 | (5) | | | 1.95 | (5) | | | 43 | |
Year ended 3-31-2021 | | | 10.79 | | | | 7.77 | | | | 184 | | | | 0.45 | | | | 2.20 | | | | 0.57 | | | | 2.08 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 2.25 | | | | 133 | | | | 0.54 | | | | 2.94 | | | | 0.58 | | | | 2.90 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 4.46 | | | | 110 | | | | 0.54 | | | | 3.41 | | | | 0.58 | | | | 3.37 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 2.77 | | | | 195 | | | | 0.54 | | | | 3.10 | | | | 0.58 | | | | 3.06 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 3.80 | | | | 2 | | | | 0.58 | | | | 2.77 | | | | 0.59 | | | | 2.76 | | | | 190 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 10.96 | | | | 2.52 | | | | 7 | | | | 0.86 | (5) | | | 1.65 | (5) | | | 0.97 | (5) | | | 1.54 | (5) | | | 43 | |
Year ended 3-31-2021 | | | 10.79 | | | | 7.33 | | | | 7 | | | | 0.87 | | | | 1.78 | | | | 0.97 | | | | 1.68 | | | | 98 | |
Year ended 3-31-2020 | | | 10.49 | | | | 1.82 | | | | 10 | | | | 0.96 | | | | 2.48 | | | | 0.98 | | | | 2.46 | | | | 118 | |
Year ended 3-31-2019 | | | 10.66 | | | | 4.04 | | | | 5 | | | | 0.95 | | | | 3.03 | | | | 0.98 | | | | 3.00 | | | | 91 | |
Year ended 3-31-2018 | | | 10.57 | | | | 2.35 | | | | 5 | | | | 0.95 | | | | 2.69 | | | | 0.98 | | | | 2.66 | | | | 163 | |
Year ended 3-31-2017 | | | 10.62 | | | | 3.39 | | | | 5 | | | | 0.97 | | | | 2.39 | | | | 0.98 | | | | 2.38 | | | | 190 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 151 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY SMALL CAP CORE FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 22.43 | | | $ | (0.05 | ) | | $ | (0.02 | ) | | $ | (0.07 | ) | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 12.88 | | | | (0.06 | ) | | | 9.61 | | | | 9.55 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 16.87 | | | | (0.04 | ) | | | (3.83 | ) | | | (3.87 | ) | | | — | | | | (0.12 | ) | | | (0.12 | ) |
Year ended 3-31-2019 | | | 18.29 | | | | (0.09 | ) | | | 1.04 | | | | 0.95 | | | | — | | | | (2.37 | ) | | | (2.37 | ) |
Year ended 3-31-2018 | | | 17.66 | | | | (0.04 | ) | | | 1.09 | | | | 1.05 | | | | — | | | | (0.42 | ) | | | (0.42 | ) |
Year ended 3-31-2017 | | | 14.38 | | | | (0.05 | ) | | | 4.14 | | | | 4.09 | | | | — | | | | (0.81 | ) | | | (0.81 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.27 | | | | (0.17 | ) | | | (0.02 | ) | | | (0.19 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 10.02 | | | | (0.17 | ) | | | 7.42 | | | | 7.25 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 13.27 | | | | (0.16 | ) | | | (2.97 | ) | | | (3.13 | ) | | | — | | | | (0.12 | ) | | | (0.12 | ) |
Year ended 3-31-2019 | | | 14.79 | | | | (0.20 | ) | | | 0.82 | | | | 0.62 | | | | — | | | | (2.14 | ) | | | (2.14 | ) |
Year ended 3-31-2018 | | | 14.45 | | | | (0.16 | ) | | | 0.88 | | | | 0.72 | | | | — | | | | (0.38 | ) | | | (0.38 | ) |
Year ended 3-31-2017 | | | 11.92 | | | | (0.17 | ) | | | 3.43 | | | | 3.26 | | | | — | | | | (0.73 | ) | | | (0.73 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.75 | | | | (0.12 | ) | | | 0.00 | * | | | (0.12 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 10.85 | | | | (0.15 | ) | | | 8.05 | | | | 7.90 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 14.32 | | | | (0.14 | ) | | | (3.21 | ) | | | (3.35 | ) | | | — | | | | (0.12 | ) | | | (0.12 | ) |
Year ended 3-31-2019 | | | 15.81 | | | | (0.19 | ) | | | 0.89 | | | | 0.70 | | | | — | | | | (2.19 | ) | | | (2.19 | ) |
Year ended 3-31-2018 | | | 15.39 | | | | (0.16 | ) | | | 0.97 | | | | 0.81 | | | | — | | | | (0.39 | ) | | | (0.39 | ) |
Year ended 3-31-2017 | | | 12.64 | | | | (0.14 | ) | | | 3.64 | | | | 3.50 | | | | — | | | | (0.75 | ) | | | (0.75 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.68 | | | | 0.00 | * | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 14.10 | | | | 0.02 | | | | 10.56 | | | | 10.58 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 18.40 | | | | 0.05 | | | | (4.19 | ) | | | (4.14 | ) | | | (0.02 | ) | | | (0.14 | ) | | | (0.16 | ) |
Year ended 3-31-2019 | | | 19.79 | | | | (0.01 | ) | | | 1.13 | | | | 1.12 | | | | — | | | | (2.51 | ) | | | (2.51 | ) |
Year ended 3-31-2018 | | | 19.03 | | | | 0.00 | * | | | 1.20 | | | | 1.20 | | | | — | | | | (0.44 | ) | | | (0.44 | ) |
Year ended 3-31-2017 | | | 15.42 | | | | 0.01 | | | | 4.46 | | | | 4.47 | | | | — | | | | (0.86 | ) | | | (0.86 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.20 | | | | (0.09 | ) | | | (0.01 | ) | | | (0.10 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 12.78 | | | | (0.11 | ) | | | 9.53 | | | | 9.42 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 16.78 | | | | (0.09 | ) | | | (3.79 | ) | | | (3.88 | ) | | | — | | | | (0.12 | ) | | | (0.12 | ) |
Year ended 3-31-2019 | | | 18.18 | | | | (0.13 | ) | | | 1.03 | | | | 0.90 | | | | — | | | | (2.30 | ) | | | (2.30 | ) |
Year ended 3-31-2018 | | | 17.58 | | | | (0.11 | ) | | | 1.12 | | | | 1.01 | | | | — | | | | (0.41 | ) | | | (0.41 | ) |
Year ended 3-31-2017 | | | 14.33 | | | | (0.09 | ) | | | 4.13 | | | | 4.04 | | | | — | | | | (0.79 | ) | | | (0.79 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.88 | | | | 0.00 | * | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 14.22 | | | | 0.02 | | | | 10.64 | | | | 10.66 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 18.55 | | | | 0.05 | | | | (4.22 | ) | | | (4.17 | ) | | | (0.02 | ) | | | (0.14 | ) | | | (0.16 | ) |
Year ended 3-31-2019 | | | 19.96 | | | | 0.01 | | | | 1.13 | | | | 1.14 | | | | — | | | | (2.55 | ) | | | (2.55 | ) |
Year ended 3-31-2018 | | | 19.17 | | | | 0.03 | | | | 1.21 | | | | 1.24 | | | | — | | | | (0.45 | ) | | | (0.45 | ) |
Year ended 3-31-2017 | | | 15.52 | | | | 0.04 | | | | 4.49 | | | | 4.53 | | | | — | | | | (0.88 | ) | | | (0.88 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 23.73 | | | | (0.05 | ) | | | (0.02 | ) | | | (0.07 | ) | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.62 | | | | (0.05 | ) | | | 10.16 | | | | 10.11 | | | | — | | | | — | | | | — | |
Year ended 3-31-2020 | | | 17.81 | | | | (0.03 | ) | | | (4.04 | ) | | | (4.07 | ) | | | — | | | | (0.12 | ) | | | (0.12 | ) |
Year ended 3-31-2019 | | | 19.20 | | | | (0.08 | ) | | | 1.10 | | | | 1.02 | | | | — | | | | (2.41 | ) | | | (2.41 | ) |
Year ended 3-31-2018 | | | 18.51 | | | | (0.03 | ) | | | 1.15 | | | | 1.12 | | | | — | | | | (0.43 | ) | | | (0.43 | ) |
Year ended 3-31-2017 | | | 15.03 | | | | (0.03 | ) | | | 4.34 | | | | 4.31 | | | | — | | | | (0.83 | ) | | | (0.83 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Core Fund to Delaware Ivy Small Cap Core Fund. |
| | | | | | |
| 152 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 22.36 | | | | -0.31 | % | | $ | 168 | | | | 1.33 | %(5) | | | -0.47 | %(5) | | | 1.36 | %(5) | | | -0.50 | %(5) | | | 33 | % |
Year ended 3-31-2021 | | | 22.43 | | | | 74.15 | | | | 176 | | | | 1.37 | | | | -0.37 | | | | 1.41 | | | | -0.41 | | | | 127 | |
Year ended 3-31-2020 | | | 12.88 | | | | -23.13 | | | | 114 | | | | 1.38 | | | | -0.24 | | | | 1.41 | | | | -0.27 | | | | 138 | |
Year ended 3-31-2019 | | | 16.87 | | | | 6.30 | | | | 174 | | | | 1.40 | | | | -0.48 | | | | 1.42 | | | | -0.50 | | | | 119 | |
Year ended 3-31-2018 | | | 18.29 | | | | 5.97 | | | | 186 | | | | 1.46 | | | | -0.24 | | | | — | | | | — | | | | 119 | |
Year ended 3-31-2017 | | | 17.66 | | | | 28.52 | | | | 200 | | | | 1.50 | | | | -0.28 | | | | — | | | | — | | | | 133 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 17.08 | | | | -1.10 | | | | — | * | | | 2.75 | (5) | | | -1.89 | (5) | | | 2.77 | (5) | | | -1.91 | (5) | | | 33 | |
Year ended 3-31-2021 | | | 17.27 | | | | 72.35 | | | | — | * | | | 2.39 | | | | -1.33 | | | | 2.42 | | | | -1.36 | | | | 127 | |
Year ended 3-31-2020 | | | 10.02 | | | | -23.83 | | | | 1 | | | | 2.33 | | | | -1.18 | | | | 2.35 | | | | -1.20 | | | | 138 | |
Year ended 3-31-2019 | | | 13.27 | | | | 5.43 | | | | 2 | | | | 2.25 | | | | -1.33 | | | | 2.27 | | | | -1.35 | | | | 119 | |
Year ended 3-31-2018 | | | 14.79 | | | | 4.91 | | | | 3 | | | | 2.39 | | | | -1.06 | | | | — | | | | — | | | | 119 | |
Year ended 3-31-2017 | | | 14.45 | | | | 27.39 | | | | 5 | | | | 2.44 | | | | -1.26 | | | | — | | | | — | | | | 133 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 18.63 | | | | -0.64 | | | | 20 | | | | 2.06 | (5) | | | -1.20 | (5) | | | 2.08 | (5) | | | -1.22 | (5) | | | 33 | |
Year ended 3-31-2021 | | | 18.75 | | | | 72.81 | | | | 22 | | | | 2.09 | | | | -1.07 | | | | 2.12 | | | | -1.10 | | | | 127 | |
Year ended 3-31-2020 | | | 10.85 | | | | -23.62 | | | | 20 | | | | 2.10 | | | | -0.96 | | | | 2.12 | | | | -0.98 | | | | 138 | |
Year ended 3-31-2019 | | | 14.32 | | | | 5.59 | | | | 35 | | | | 2.07 | | | | -1.15 | | | | 2.09 | | | | -1.17 | | | | 119 | |
Year ended 3-31-2018 | | | 15.81 | | | | 5.21 | | | | 33 | | | | 2.14 | | | | -0.97 | | | | — | | | | — | | | | 119 | |
Year ended 3-31-2017 | | | 15.39 | | | | 27.72 | | | | 33 | | | | 2.17 | | | | -0.99 | | | | — | | | | — | | | | 133 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.66 | | | | -0.08 | | | | 432 | | | | 0.89 | (5) | | | -0.03 | (5) | | | 1.08 | (5) | | | -0.22 | (5) | | | 33 | |
Year ended 3-31-2021 | | | 24.68 | | | | 75.04 | | | | 451 | | | | 0.89 | | | | 0.11 | | | | 1.09 | | | | -0.09 | | | | 127 | |
Year ended 3-31-2020 | | | 14.10 | | | | -22.74 | | | | 304 | | | | 0.89 | | | | 0.25 | | | | 1.10 | | | | 0.04 | | | | 138 | |
Year ended 3-31-2019 | | | 18.40 | | | | 6.79 | | | | 393 | | | | 0.95 | | | | -0.03 | | | | 1.09 | | | | -0.17 | | | | 119 | |
Year ended 3-31-2018 | | | 19.79 | | | | 6.29 | | | | 333 | | | | 1.10 | | | | -0.02 | | | | — | | | | — | | | | 119 | |
Year ended 3-31-2017 | | | 19.03 | | | | 29.05 | | | | 253 | | | | 1.10 | | | | 0.03 | | | | — | | | | — | | | | 133 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.10 | | | | -0.45 | | | | 24 | | | | 1.64 | (5) | | | -0.78 | (5) | | | 1.66 | (5) | | | -0.80 | (5) | | | 33 | |
Year ended 3-31-2021 | | | 22.20 | | | | 73.71 | | | | 25 | | | | 1.64 | | | | -0.64 | | | | 1.67 | | | | -0.67 | | | | 127 | |
Year ended 3-31-2020 | | | 12.78 | | | | -23.32 | | | | 15 | | | | 1.65 | | | | -0.52 | | | | 1.67 | | | | -0.54 | | | | 138 | |
Year ended 3-31-2019 | | | 16.78 | | | | 6.04 | | | | 16 | | | | 1.65 | | | | -0.73 | | | | 1.67 | | | | -0.75 | | | | 119 | |
Year ended 3-31-2018 | | | 18.18 | | | | 5.69 | | | | 11 | | | | 1.68 | | | | -0.62 | | | | — | | | | — | | | | 119 | |
Year ended 3-31-2017 | | | 17.58 | | | | 28.27 | | | | 6 | | | | 1.69 | | | | -0.51 | | | | — | | | | — | | | | 133 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.86 | | | | -0.08 | | | | 72 | | | | 0.89 | (5) | | | -0.03 | (5) | | | 0.93 | (5) | | | -0.07 | (5) | | | 33 | |
Year ended 3-31-2021 | | | 24.88 | | | | 74.96 | | | | 77 | | | | 0.89 | | | | 0.11 | | | | 0.95 | | | | 0.05 | | | | 127 | |
Year ended 3-31-2020 | | | 14.22 | | | | -22.72 | | | | 59 | | | | 0.89 | | | | 0.24 | | | | 0.95 | | | | 0.18 | | | | 138 | |
Year ended 3-31-2019 | | | 18.55 | | | | 6.87 | | | | 77 | | | | 0.90 | | | | 0.04 | | | | 0.94 | | | | — | | | | 119 | |
Year ended 3-31-2018 | | | 19.96 | | | | 6.45 | | | | 43 | | | | 0.94 | | | | 0.16 | | | | — | | | | — | | | | 119 | |
Year ended 3-31-2017 | | | 19.17 | | | | 29.25 | | | | 9 | | | | 0.95 | | | | 0.22 | | | | — | | | | — | | | | 133 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 23.66 | | | | -0.29 | | | | 9 | | | | 1.33 | (5) | | | -0.45 | (5) | | | 1.35 | (5) | | | -0.47 | (5) | | | 33 | |
Year ended 3-31-2021 | | | 23.73 | | | | 74.23 | | | | 9 | | | | 1.30 | | | | -0.28 | | | | 1.34 | | | | -0.32 | | | | 127 | |
Year ended 3-31-2020 | | | 13.62 | | | | -23.08 | | | | 7 | | | | 1.32 | | | | -0.19 | | | | 1.35 | | | | -0.22 | | | | 138 | |
Year ended 3-31-2019 | | | 17.81 | | | | 6.45 | | | | 16 | | | | 1.31 | | | | -0.41 | | | | 1.33 | | | | -0.43 | | | | 119 | |
Year ended 3-31-2018 | | | 19.20 | | | | 6.00 | | | | 18 | | | | 1.36 | | | | -0.16 | | | | — | | | | — | | | | 119 | |
Year ended 3-31-2017 | | | 18.51 | | | | 28.74 | | | | 22 | | | | 1.35 | | | | -0.20 | | | | — | | | | — | | | | 133 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 153 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY SMALL CAP GROWTH FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Loss(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 22.28 | | | $ | (0.11 | ) | | $ | 0.53 | | | $ | 0.42 | | | $ | — | | | $ | — | | | $ | — | |
Year ended 3-31-2021 | | | 13.27 | | | | (0.18 | ) | | | 11.15 | | | | 10.97 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 17.19 | | | | (0.15 | ) | | | (2.59 | ) | | | (2.74 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 18.63 | | | | (0.15 | ) | | | 1.44 | | | | 1.29 | | | | — | | | | (2.73 | ) | | | (2.73 | ) |
Year ended 3-31-2018 | | | 17.23 | | | | (0.15 | ) | | | 3.56 | | | | 3.41 | | | | — | | | | (2.01 | ) | | | (2.01 | ) |
Year ended 3-31-2017 | | | 14.81 | | | | (0.13 | ) | | | 3.58 | | | | 3.45 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.62 | | | | (0.14 | ) | | | 0.33 | | | | 0.19 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 8.65 | | | | (0.22 | ) | | | 7.15 | | | | 6.93 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 11.70 | | | | (0.21 | ) | | | (1.66 | ) | | | (1.87 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 13.55 | | | | (0.23 | ) | | | 1.01 | | | | 0.78 | | | | — | | | | (2.63 | ) | | | (2.63 | ) |
Year ended 3-31-2018 | | | 13.11 | | | | (0.23 | ) | | | 2.66 | | | | 2.43 | | | | — | | | | (1.99 | ) | | | (1.99 | ) |
Year ended 3-31-2017 | | | 11.57 | | | | (0.21 | ) | | | 2.78 | | | | 2.57 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 15.96 | | | | (0.15 | ) | | | 0.39 | | | | 0.24 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 9.92 | | | | (0.24 | ) | | | 8.24 | | | | 8.00 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 13.23 | | | | (0.21 | ) | | | (1.92 | ) | | | (2.13 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 14.97 | | | | (0.23 | ) | | | 1.14 | | | | 0.91 | | | | — | | | | (2.65 | ) | | | (2.65 | ) |
Year ended 3-31-2018 | | | 14.28 | | | | (0.24 | ) | | | 2.92 | | | | 2.68 | | | | — | | | | (1.99 | ) | | | (1.99 | ) |
Year ended 3-31-2017 | | | 12.50 | | | | (0.20 | ) | | | 3.01 | | | | 2.81 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 21.98 | | | | (0.12 | ) | | | 0.53 | | | | 0.41 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 13.11 | | | | (0.18 | ) | | | 11.01 | | | | 10.83 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 17.00 | | | | (0.15 | ) | | | (2.56 | ) | | | (2.71 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 18.46 | | | | (0.16 | ) | | | 1.43 | | | | 1.27 | | | | — | | | | (2.73 | ) | | | (2.73 | ) |
Year ended 3-31-2018 | | | 17.09 | | | | (0.15 | ) | | | 3.53 | | | | 3.38 | | | | — | | | | (2.01 | ) | | | (2.01 | ) |
Year ended 3-31-2017 | | | 14.70 | | | | (0.14 | ) | | | 3.56 | | | | 3.42 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 32.06 | | | | (0.10 | ) | | | 0.76 | | | | 0.66 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 18.51 | | | | (0.15 | ) | | | 15.66 | | | | 15.51 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 23.43 | | | | (0.11 | ) | | | (3.63 | ) | | | (3.74 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 24.36 | | | | (0.11 | ) | | | 1.93 | | | | 1.82 | | | | — | | | | (2.75 | ) | | | (2.75 | ) |
Year ended 3-31-2018 | | | 21.96 | | | | (0.12 | ) | | | 4.58 | | | | 4.46 | | | | — | | | | (2.06 | ) | | | (2.06 | ) |
Year ended 3-31-2017 | | | 18.57 | | | | (0.10 | ) | | | 4.52 | | | | 4.42 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 21.50 | | | | (0.15 | ) | | | 0.52 | | | | 0.37 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 12.89 | | | | (0.24 | ) | | | 10.81 | | | | 10.57 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 16.78 | | | | (0.20 | ) | | | (2.51 | ) | | | (2.71 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 18.27 | | | | (0.20 | ) | | | 1.41 | | | | 1.21 | | | | — | | | | (2.70 | ) | | | (2.70 | ) |
Year ended 3-31-2018 | | | 16.97 | | | | (0.20 | ) | | | 3.49 | | | | 3.29 | | | | — | | | | (1.99 | ) | | | (1.99 | ) |
Year ended 3-31-2017 | | | 14.63 | | | | (0.17 | ) | | | 3.54 | | | | 3.37 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 32.30 | | | | (0.10 | ) | | | 0.77 | | | | 0.67 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 18.63 | | | | (0.15 | ) | | | 15.78 | | | | 15.63 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 23.58 | | | | (0.10 | ) | | | (3.67 | ) | | | (3.77 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 24.49 | | | | (0.10 | ) | | | 1.96 | | | | 1.86 | | | | — | | | | (2.77 | ) | | | (2.77 | ) |
Year ended 3-31-2018 | | | 22.06 | | | | (0.09 | ) | | | 4.60 | | | | 4.51 | | | | — | | | | (2.08 | ) | | | (2.08 | ) |
Year ended 3-31-2017 | | | 18.62 | | | | (0.07 | ) | | | 4.54 | | | | 4.47 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 29.47 | | | | (0.15 | ) | | | 0.71 | | | | 0.56 | | | | — | | | | — | | | | — | |
Year ended 3-31-2021 | | | 17.17 | | | | (0.23 | ) | | | 14.49 | | | | 14.26 | | | | — | | | | (1.96 | ) | | | (1.96 | ) |
Year ended 3-31-2020 | | | 21.90 | | | | (0.18 | ) | | | (3.37 | ) | | | (3.55 | ) | | | — | | | | (1.18 | ) | | | (1.18 | ) |
Year ended 3-31-2019 | | | 23.00 | | | | (0.18 | ) | | | 1.82 | | | | 1.64 | | | | — | | | | (2.74 | ) | | | (2.74 | ) |
Year ended 3-31-2018 | | | 20.85 | | | | (0.17 | ) | | | 4.34 | | | | 4.17 | | | | — | | | | (2.02 | ) | | | (2.02 | ) |
Year ended 3-31-2017 | | | 17.72 | | | | (0.14 | ) | | | 4.30 | | | | 4.16 | | | | — | | | | (1.03 | ) | | | (1.03 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 1.36%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Small Cap Growth Fund to Delaware Ivy Small Cap Growth Fund. |
| | | | | | |
| 154 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Loss to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Loss to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 22.70 | | | | 1.88 | % | | $ | 1,276 | | | | 1.22 | %(5) | | | -0.96 | %(5) | | | — | % | | | — | % | | | 21 | % |
Year ended 3-31-2021 | | | 22.28 | | | | 84.34 | | | | 1,318 | | | | 1.26 | | | | -0.93 | | | | — | | | | — | | | | 57 | |
Year ended 3-31-2020 | | | 13.27 | | | | -17.35 | | | | 788 | | | | 1.31 | | | | -0.87 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2019 | | | 17.19 | | | | 7.76 | | | | 1,099 | | | | 1.32 | | | | -0.84 | | | | — | | | | — | | | | 42 | |
Year ended 3-31-2018 | | | 18.63 | | | | 20.69 | | | | 1,026 | | | | 1.35 | | | | -0.80 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2017 | | | 17.23 | | | | 23.58 | | | | 236 | | | | 1.41 | | | | -0.81 | | | | — | | | | — | | | | 53 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 13.81 | | | | 1.39 | | | | — | * | | | 2.17 | (5) | | | -1.93 | (5) | | | 2.83 | (5) | | | -2.59 | (5) | | | 21 | |
Year ended 3-31-2021 | | | 13.62 | | | | 82.59 | | | | 2 | | | | 2.17 | | | | -1.81 | | | | 2.50 | | | | -2.14 | | | | 57 | |
Year ended 3-31-2020 | | | 8.65 | | | | -18.07 | | | | 3 | | | | 2.22 | | | | -1.79 | | | | 2.40 | | | | -1.97 | | | | 40 | |
Year ended 3-31-2019 | | | 11.70 | | | | 6.80 | | | | 7 | | | | 2.22 | | | | -1.73 | | | | 2.33 | | | | -1.84 | | | | 42 | |
Year ended 3-31-2018 | | | 13.55 | | | | 19.67 | | | | 10 | | | | 2.23 | | | | -1.70 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2017 | | | 13.11 | | | | 22.55 | | | | 8 | | | | 2.24 | | | | -1.66 | | | | — | | | | — | | | | 53 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 16.20 | | | | 1.50 | | | | 50 | | | | 2.04 | (5) | | | -1.78 | (5) | | | 2.04 | (5) | | | -1.78 | (5) | | | 21 | |
Year ended 3-31-2021 | | | 15.96 | | | | 82.81 | | | | 57 | | | | 2.04 | | | | -1.69 | | | | 2.04 | | | | -1.69 | | | | 57 | |
Year ended 3-31-2020 | | | 9.92 | | | | -17.94 | | | | 51 | | | | 2.05 | | | | -1.62 | | | | 2.09 | | | | -1.66 | | | | 40 | |
Year ended 3-31-2019 | | | 13.23 | | | | 6.99 | | | | 88 | | | | 2.05 | | | | -1.56 | | | | 2.06 | | | | -1.57 | | | | 42 | |
Year ended 3-31-2018 | | | 14.97 | | | | 19.82 | | | | 99 | | | | 2.06 | | | | -1.57 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2017 | | | 14.28 | | | | 22.80 | | | | 176 | | | | 2.07 | | | | -1.49 | | | | — | | | | — | | | | 53 | |
Class E Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 22.39 | | | | 1.87 | | | | 15 | | | | 1.30 | (5) | | | -1.03 | (5) | | | 1.43 | (5) | | | -1.16 | (5) | | | 21 | |
Year ended 3-31-2021 | | | 21.98 | | | | 84.29 | | | | 15 | | | | 1.30 | | | | -0.97 | | | | 1.43 | | | | -1.10 | | | | 57 | |
Year ended 3-31-2020 | | | 13.11 | | | | -17.37 | | | | 8 | | | | 1.35 | | | | -0.91 | | | | 1.53 | | | | -1.09 | | | | 40 | |
Year ended 3-31-2019 | | | 17.00 | | | | 7.71 | | | | 10 | | | | 1.35 | | | | -0.87 | | | | 1.53 | | | | -1.05 | | | | 42 | |
Year ended 3-31-2018 | | | 18.46 | | | | 20.68 | | | | 10 | | | | 1.37 | (6) | | | -0.83 | | | | 1.61 | | | | -1.07 | | | | 43 | |
Year ended 3-31-2017 | | | 17.09 | | | | 23.55 | | | | 8 | | | | 1.43 | | | | -0.85 | | | | 1.71 | | | | -1.13 | | | | 53 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 32.72 | | | | 2.06 | | | | 1,177 | | | | 0.89 | (5) | | | -0.63 | (5) | | | 1.01 | (5) | | | -0.75 | (5) | | | 21 | |
Year ended 3-31-2021 | | | 32.06 | | | | 85.00 | | | | 1,216 | | | | 0.89 | | | | -0.55 | | | | 1.03 | | | | -0.69 | | | | 57 | |
Year ended 3-31-2020 | | | 18.51 | | | | -16.99 | | | | 778 | | | | 0.89 | | | | -0.46 | | | | 1.04 | | | | -0.61 | | | | 40 | |
Year ended 3-31-2019 | | | 23.43 | | | | 8.14 | | | | 1,034 | | | | 0.94 | | | | -0.47 | | | | 1.04 | | | | -0.57 | | | | 42 | |
Year ended 3-31-2018 | | | 24.36 | | | | 21.04 | | | | 717 | | | | 1.07 | | | | -0.53 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2017 | | | 21.96 | | | | 24.03 | | | | 313 | | | | 1.07 | | | | -0.51 | | | | — | | | | — | | | | 53 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 21.87 | | | | 1.72 | | | | 66 | | | | 1.60 | (5) | | | -1.35 | (5) | | | — | | | | — | | | | 21 | |
Year ended 3-31-2021 | | | 21.50 | | | | 83.70 | | | | 70 | | | | 1.62 | | | | -1.29 | | | | — | | | | — | | | | 57 | |
Year ended 3-31-2020 | | | 12.89 | | | | -17.60 | | | | 43 | | | | 1.63 | | | | -1.19 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2019 | | | 16.78 | | | | 7.42 | | | | 66 | | | | 1.62 | | | | -1.14 | | | | — | | | | — | | | | 42 | |
Year ended 3-31-2018 | | | 18.27 | | | | 20.29 | | | | 57 | | | | 1.66 | | | | -1.11 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2017 | | | 16.97 | | | | 23.32 | | | | 48 | | | | 1.66 | | | | -1.08 | | | | — | | | | — | | | | 53 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 32.97 | | | | 2.08 | | | | 242 | | | | 0.86 | (5) | | | -0.60 | (5) | | | — | | | | — | | | | 21 | |
Year ended 3-31-2021 | | | 32.30 | | | | 85.10 | | | | 252 | | | | 0.87 | | | | -0.54 | | | | — | | | | — | | | | 57 | |
Year ended 3-31-2020 | | | 18.63 | | | | -17.01 | | | | 161 | | | | 0.89 | | | | -0.44 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2019 | | | 23.58 | | | | 8.19 | | | | 155 | | | | 0.89 | | | | -0.42 | | | | — | | | | — | | | | 42 | |
Year ended 3-31-2018 | | | 24.49 | | | | 21.25 | | | | 110 | | | | 0.91 | | | | -0.38 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2017 | | | 22.06 | | | | 24.24 | | | | 69 | | | | 0.91 | | | | -0.34 | | | | — | | | | — | | | | 53 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 30.03 | | | | 1.90 | | | | 130 | | | | 1.22 | (5) | | | -0.96 | (5) | | | 1.25 | (5) | | | -0.99 | (5) | | | 21 | |
Year ended 3-31-2021 | | | 29.47 | | | | 84.34 | | | | 135 | | | | 1.26 | | | | -0.93 | | | | 1.26 | | | | -0.93 | | | | 57 | |
Year ended 3-31-2020 | | | 17.17 | | | | -17.36 | | | | 91 | | | | 1.28 | | | | -0.84 | | | | — | | | | — | | | | 40 | |
Year ended 3-31-2019 | | | 21.90 | | | | 7.83 | | | | 141 | | | | 1.27 | | | | -0.79 | | | | — | | | | — | | | | 42 | |
Year ended 3-31-2018 | | | 23.00 | | | | 20.75 | | | | 141 | | | | 1.31 | | | | -0.77 | | | | — | | | | — | | | | 43 | |
Year ended 3-31-2017 | | | 20.85 | | | | 23.71 | | | | 135 | | | | 1.31 | | | | -0.71 | | | | — | | | | — | | | | 53 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 155 | |
| | |
| FINANCIAL HIGHLIGHTS | | IVY FUNDS |
| | |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
DELAWARE IVY VALUE FUND^
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
Beginning of
Period | | | Net
Investment
Income
(Loss)(1) | | | Net Realized
and Unrealized
Gain (Loss) on
Investments | | | Total from
Investment
Operations | | |
Distributions
From Net
Investment
Income | | | Distributions
From Net
Realized
Gains | | | Total
Distributions | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 26.18 | | | $ | 0.17 | | | $ | 1.71 | | | $ | 1.88 | | | $ | (0.27 | ) | | $ | — | | | $ | (0.27 | ) |
Year ended 3-31-2021 | | | 16.79 | | | | 0.29 | | | | 9.86 | | | | 10.15 | | | | (0.29 | ) | | | (0.47 | ) | | | (0.76 | ) |
Year ended 3-31-2020 | | | 22.61 | | | | 0.41 | | | | (3.98 | ) | | | (3.57 | ) | | | (0.33 | ) | | | (1.92 | ) | | | (2.25 | ) |
Year ended 3-31-2019 | | | 23.27 | | | | 0.28 | | | | 0.50 | | | | 0.78 | | | | (0.20 | ) | | | (1.24 | ) | | | (1.44 | ) |
Year ended 3-31-2018 | | | 22.69 | | | | 0.16 | | | | 1.23 | | | | 1.39 | | | | (0.26 | ) | | | (0.55 | ) | | | (0.81 | ) |
Year ended 3-31-2017 | | | 19.72 | | | | 0.20 | | | | 3.25 | | | | 3.45 | | | | (0.33 | ) | | | (0.15 | ) | | | (0.48 | ) |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 23.70 | | | | (0.02 | ) | | | 1.56 | | | | 1.54 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
Year ended 3-31-2021 | | | 15.25 | | | | 0.07 | | | | 8.93 | | | | 9.00 | | | | (0.08 | ) | | | (0.47 | ) | | | (0.55 | ) |
Year ended 3-31-2020 | | | 20.77 | | | | 0.14 | | | | (3.61 | ) | | | (3.47 | ) | | | (0.13 | ) | | | (1.92 | ) | | | (2.05 | ) |
Year ended 3-31-2019 | | | 21.53 | | | | 0.07 | | | | 0.43 | | | | 0.50 | | | | (0.02 | ) | | | (1.24 | ) | | | (1.26 | ) |
Year ended 3-31-2018 | | | 21.12 | | | | 0.06 | | | | 1.02 | | | | 1.08 | | | | (0.12 | ) | | | (0.55 | ) | | | (0.67 | ) |
Year ended 3-31-2017 | | | 18.39 | | | | 0.00 | * | | | 3.02 | | | | 3.02 | | | | (0.14 | ) | | | (0.15 | ) | | | (0.29 | ) |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 24.95 | | | | 0.05 | | | | 1.63 | | | | 1.68 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year ended 3-31-2021 | | | 16.02 | | | | 0.13 | | | | 9.39 | | | | 9.52 | | | | (0.12 | ) | | | (0.47 | ) | | | (0.59 | ) |
Year ended 3-31-2020 | | | 21.69 | | | | 0.22 | | | | (3.79 | ) | | | (3.57 | ) | | | (0.18 | ) | | | (1.92 | ) | | | (2.10 | ) |
Year ended 3-31-2019 | | | 22.40 | | | | 0.13 | | | | 0.45 | | | | 0.58 | | | | (0.05 | ) | | | (1.24 | ) | | | (1.29 | ) |
Year ended 3-31-2018 | | | 21.92 | | | | 0.15 | | | | 1.04 | | | | 1.19 | | | | (0.16 | ) | | | (0.55 | ) | | | (0.71 | ) |
Year ended 3-31-2017 | | | 19.07 | | | | 0.08 | | | | 3.13 | | | | 3.21 | | | | (0.21 | ) | | | (0.15 | ) | | | (0.36 | ) |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.31 | | | | 0.20 | | | | 1.73 | | | | 1.93 | | | | (0.31 | ) | | | — | | | | (0.31 | ) |
Year ended 3-31-2021 | | | 16.88 | | | | 0.35 | | | | 9.91 | | | | 10.26 | | | | (0.36 | ) | | | (0.47 | ) | | | (0.83 | ) |
Year ended 3-31-2020 | | | 22.72 | | | | 0.47 | | | | (4.00 | ) | | | (3.53 | ) | | | (0.39 | ) | | | (1.92 | ) | | | (2.31 | ) |
Year ended 3-31-2019 | | | 23.38 | | | | 0.36 | | | | 0.50 | | | | 0.86 | | | | (0.28 | ) | | | (1.24 | ) | | | (1.52 | ) |
Year ended 3-31-2018 | | | 22.80 | | | | 0.24 | | | | 1.22 | | | | 1.46 | | | | (0.33 | ) | | | (0.55 | ) | | | (0.88 | ) |
Year ended 3-31-2017 | | | 19.81 | | | | 0.31 | | | | 3.23 | | | | 3.54 | | | | (0.40 | ) | | | (0.15 | ) | | | (0.55 | ) |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.11 | | | | 0.06 | | | | 1.80 | | | | 1.86 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year ended 3-31-2021 | | | 16.74 | | | | 0.21 | | | | 9.83 | | | | 10.04 | | | | (0.20 | ) | | | (0.47 | ) | | | (0.67 | ) |
Year ended 3-31-2020 | | | 22.56 | | | | 0.33 | | | | (3.98 | ) | | | (3.65 | ) | | | (0.25 | ) | | | (1.92 | ) | | | (2.17 | ) |
Year ended 3-31-2019 | | | 23.22 | | | | 0.22 | | | | 0.49 | | | | 0.71 | | | | (0.13 | ) | | | (1.24 | ) | | | (1.37 | ) |
Year ended 3-31-2018 | | | 22.66 | | | | 0.26 | | | | 1.06 | | | | 1.32 | | | | (0.21 | ) | | | (0.55 | ) | | | (0.76 | ) |
Year ended 3-31-2017 | | | 19.70 | | | | 0.17 | | | | 3.23 | | | | 3.40 | | | | (0.29 | ) | | | (0.15 | ) | | | (0.44 | ) |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.40 | | | | 0.22 | | | | 1.73 | | | | 1.95 | | | | (0.33 | ) | | | — | | | | (0.33 | ) |
Year ended 3-31-2021 | | | 16.94 | | | | 0.39 | | | | 9.94 | | | | 10.33 | | | | (0.40 | ) | | | (0.47 | ) | | | (0.87 | ) |
Year ended 3-31-2020 | | | 22.80 | | | | 0.51 | | | | (4.02 | ) | | | (3.51 | ) | | | (0.43 | ) | | | (1.92 | ) | | | (2.35 | ) |
Year ended 3-31-2019 | | | 23.45 | | | | 0.41 | | | | 0.50 | | | | 0.91 | | | | (0.32 | ) | | | (1.24 | ) | | | (1.56 | ) |
Year ended 3-31-2018 | | | 22.86 | | | | 0.41 | | | | 1.10 | | | | 1.51 | | | | (0.37 | ) | | | (0.55 | ) | | | (0.92 | ) |
Year ended 3-31-2017 | | | 19.87 | | | | 0.33 | | | | 3.25 | | | | 3.58 | | | | (0.44 | ) | | | (0.15 | ) | | | (0.59 | ) |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.14 | | | | 0.16 | | | | 1.71 | | | | 1.87 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year ended 3-31-2021 | | | 16.77 | | | | 0.33 | | | | 9.80 | | | | 10.13 | | | | (0.29 | ) | | | (0.47 | ) | | | (0.76 | ) |
Year ended 3-31-2020 | | | 22.65 | | | | 0.46 | | | | (4.09 | ) | | | (3.63 | ) | | | (0.33 | ) | | | (1.92 | ) | | | (2.25 | ) |
Year ended 3-31-2019 | | | 23.31 | | | | 0.33 | | | | 0.47 | | | | 0.80 | | | | (0.22 | ) | | | (1.24 | ) | | | (1.46 | ) |
Year ended 3-31-2018 | | | 22.73 | | | | 0.34 | | | | 1.05 | | | | 1.39 | | | | (0.26 | ) | | | (0.55 | ) | | | (0.81 | ) |
Year ended 3-31-2017 | | | 19.77 | | | | 0.26 | | | | 3.21 | | | | 3.47 | | | | (0.36 | ) | | | (0.15 | ) | | | (0.51 | ) |
| * | Not shown due to rounding. |
| (1) | Based on average weekly shares outstanding. |
| (2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
| (3) | Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses. |
| (4) | These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund. |
| (6) | Expense ratio based on the period excluding reorganization expenses was 1.21%. |
| (7) | Expense ratio based on the period excluding reorganization expenses was 2.23%. |
| (8) | Expense ratio based on the period excluding reorganization expenses was 1.94%. |
| (9) | Expense ratio based on the period excluding reorganization expenses was 0.92%. |
| (10) | Expense ratio based on the period excluding reorganization expenses was 0.77%. |
| (11) | Expense ratio based on the period excluding reorganization expenses was 1.52%. |
| (12) | Expense ratio based on the period excluding reorganization expenses was 1.21%. |
| ^ | Effective July 1, 2021, the Fund’s name changed from Ivy Value Fund to Delaware Ivy Value Fund. |
| | | | | | |
| 156 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value,
End of Period | | | Total
Return(2) | | | Net Assets,
End of Period
(in millions) | | | Ratio of
Expenses to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Including
Expense
Waiver | | | Ratio of
Expenses to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Ratio of Net
Investment
Income
(Loss) to
Average Net
Assets
Excluding
Expense
Waiver(3) | | | Portfolio
Turnover
Rate | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | $ | 27.79 | | | | 7.18 | % | | $ | 384 | | | | 1.14 | %(5) | | | 1.18 | %(5) | | | — | % | | | — | % | | | 35 | % |
Year ended 3-31-2021 | | | 26.18 | | | | 61.22 | | | | 359 | | | | 1.19 | | | | 1.36 | | | | 1.20 | | | | 1.35 | | | | 60 | |
Year ended 3-31-2020 | | | 16.79 | | | | -18.67 | | | | 251 | | | | 1.21 | | | | 1.68 | | | | — | | | | — | | | | 68 | |
Year ended 3-31-2019 | | | 22.61 | | | | 3.69 | | | | 354 | | | | 1.21 | | | | 1.21 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2018 | | | 23.27 | | | | 6.13 | | | | 398 | | | | 1.23 | (6) | | | 0.65 | | | | — | | | | — | | | | 72 | |
Year ended 3-31-2017 | | | 22.69 | | | | 17.76 | | | | 103 | | | | 1.33 | | | | 0.99 | | | | — | | | | — | | | | 53 | |
Class B Shares(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 25.14 | | | | 6.51 | | | | — | * | | | 2.31 | (5) | | | -0.13 | (5) | | | 2.69 | (5) | | | -0.51 | (5) | | | 35 | |
Year ended 3-31-2021 | | | 23.70 | | | | 59.47 | | | | 1 | | | | 2.31 | | | | 0.37 | | | | 2.46 | | | | 0.22 | | | | 60 | |
Year ended 3-31-2020 | | | 15.25 | | | | -19.56 | | | | 1 | | | | 2.35 | | | | 0.60 | | | | — | | | | — | | | | 68 | |
Year ended 3-31-2019 | | | 20.77 | | | | 2.60 | | | | 2 | | | | 2.22 | | | | 0.32 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2018 | | | 21.53 | | | | 5.12 | | | | 3 | | | | 2.25 | (7) | | | 0.26 | | | | — | | | | — | | | | 72 | |
Year ended 3-31-2017 | | | 21.12 | | | | 16.57 | | | | 3 | | | | 2.36 | | | | — | | | | — | | | | — | | | | 53 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 26.49 | | | | 6.70 | | | | 7 | | | | 1.96 | (5) | | | 0.35 | (5) | | | — | | | | — | | | | 35 | |
Year ended 3-31-2021 | | | 24.95 | | | | 59.94 | | | | 7 | | | | 1.99 | | | | 0.65 | | | | — | | | | — | | | | 60 | |
Year ended 3-31-2020 | | | 16.02 | | | | -19.29 | | | | 8 | | | | 1.99 | | | | 0.94 | | | | — | | | | — | | | | 68 | |
Year ended 3-31-2019 | | | 21.69 | | | | 2.94 | | | | 14 | | | | 1.94 | | | | 0.59 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2018 | | | 22.40 | | | | 5.41 | | | | 18 | | | | 1.95 | (8) | | | 0.68 | | | | — | | | | — | | | | 72 | |
Year ended 3-31-2017 | | | 21.92 | | | | 17.02 | | | | 20 | | | | 1.97 | | | | 0.39 | | | | — | | | | — | | | | 53 | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.93 | | | | 7.31 | | | | 914 | | | | 0.89 | (5) | | | 1.44 | (5) | | | — | | | | — | | | | 35 | |
Year ended 3-31-2021 | | | 26.31 | | | | 61.66 | | | | 829 | | | | 0.91 | | | | 1.62 | | | | 0.92 | | | | 1.61 | | | | 60 | |
Year ended 3-31-2020 | | | 16.88 | | | | -18.40 | | | | 522 | | | | 0.92 | | | | 1.94 | | | | 0.92 | | | | 1.94 | | | | 68 | |
Year ended 3-31-2019 | | | 22.72 | | | | 3.95 | | | | 579 | | | | 0.91 | | | | 1.51 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2018 | | | 23.38 | | | | 6.45 | | | | 600 | | | | 0.94 | (9) | | | 1.01 | | | | — | | | | — | | | | 72 | |
Year ended 3-31-2017 | | | 22.80 | | | | 18.18 | | | | 186 | | | | 0.97 | | | | 1.44 | | | | — | | | | — | | | | 53 | |
Class R Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.75 | | | | 7.12 | | | | — | * | | | 1.50 | (5) | | | 0.41 | (5) | | | — | | | | — | | | | 35 | |
Year ended 3-31-2021 | | | 26.11 | | | | 60.59 | | | | — | * | | | 1.57 | | | | 0.96 | | | | — | | | | — | | | | 60 | |
Year ended 3-31-2020 | | | 16.74 | | | | -18.94 | | | | — | * | | | 1.55 | | | | 1.34 | | | | — | | | | — | | | | 68 | |
Year ended 3-31-2019 | | | 22.56 | | | | 3.35 | | | | — | * | | | 1.52 | | | | 0.95 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2018 | | | 23.22 | | | | 5.85 | | | | — | * | | | 1.53 | (11) | | | 1.13 | | | | — | | | | — | | | | 72 | |
Year ended 3-31-2017 | | | 22.66 | | | | 17.45 | | | | — | * | | | 1.57 | | | | 0.80 | | | | — | | | | — | | | | 53 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 28.02 | | | | 7.38 | | | | 136 | | | | 0.74 | (5) | | | 1.58 | (5) | | | — | | | | — | | | | 35 | |
Year ended 3-31-2021 | | | 26.40 | | | | 61.93 | | | | 146 | | | | 0.76 | | | | 1.81 | | | | — | | | | — | | | | 60 | |
Year ended 3-31-2020 | | | 16.94 | | | | -18.29 | | | | 113 | | | | 0.77 | | | | 2.13 | | | | — | | | | — | | | | 68 | |
Year ended 3-31-2019 | | | 22.80 | | | | 4.15 | | | | 140 | | | | 0.76 | | | | 1.72 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2018 | | | 23.45 | | | | 6.65 | | | | 149 | | | | 0.78 | (10) | | | 1.72 | | | | — | | | | — | | | | 72 | |
Year ended 3-31-2017 | | | 22.86 | | | | 18.32 | | | | 9 | | | | 0.82 | | | | 1.55 | | | | — | | | | — | | | | 53 | |
Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six-month period ended 9-30-2021 (unaudited) | | | 27.74 | | | | 7.15 | | | | — | * | | | 1.14 | (5) | | | 1.12 | (5) | | | — | | | | — | | | | 35 | |
Year ended 3-31-2021 | | | 26.14 | | | | 61.18 | | | | — | * | | | 1.18 | | | | 1.61 | | | | — | | | | — | | | | 60 | |
Year ended 3-31-2020 | | | 16.77 | | | | -18.89 | | | | — | * | | | 1.19 | | | | 1.93 | | | | — | | | | — | | | | 68 | |
Year ended 3-31-2019 | | | 22.65 | | | | 3.76 | | | | — | * | | | 1.15 | | | | 1.37 | | | | — | | | | — | | | | 51 | |
Year ended 3-31-2018 | | | 23.31 | | | | 6.12 | | | | 1 | | | | 1.22 | (12) | | | 1.43 | | | | — | | | | — | | | | 72 | |
Year ended 3-31-2017 | | | 22.73 | | | | 17.81 | | | | 1 | | | | 1.21 | | | | 1.24 | | | | — | | | | — | | | | 53 | |
See Accompanying Notes to Financial Statements.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 157 | |
| | |
| NOTES TO FINANCIAL STATEMENTS | | IVY FUNDS |
SEPTEMBER 30, 2021 (UNAUDITED)
Ivy Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Delaware Ivy Core Equity Fund (formerly known as Ivy Core Equity Fund), Delaware Ivy Emerging Markets Equity Fund (formerly known as Ivy Emerging Markets Equity Fund), Delaware Ivy Global Bond Fund (formerly known as Ivy Global Bond Fund), Delaware Ivy Global Equity Income Fund (formerly known as Ivy Global Equity Income Fund), Delaware Ivy Global Growth Fund (formerly known as Ivy Global Growth Fund), Delaware Ivy Government Money Market Fund (formerly known as Ivy Government Money Market Fund), Delaware Ivy High Income Fund (formerly known as Ivy High Income Fund), Delaware Ivy International Core Equity Fund (formerly known as Ivy International Core Equity Fund), Delaware Ivy Large Cap Growth Fund (formerly known as Ivy Large Cap Growth Fund), Delaware Ivy Limited-Term Bond Fund (formerly known as Ivy Limited-Term Bond Fund), Delaware Ivy Managed International Opportunities Fund (formerly known as Ivy Managed International Opportunities Fund), Delaware Ivy Mid Cap Growth Fund (formerly known as Ivy Mid Cap Growth Fund), Delaware Ivy Mid Cap Income Opportunities Fund (formerly known as Ivy Mid Cap Income Opportunities Fund), Delaware Ivy Municipal Bond Fund (formerly known as Ivy Municipal Bond Fund), Delaware Ivy Municipal High Income Fund (formerly known as Ivy Municipal High Income Fund), Delaware Ivy Pzena International Value Fund (formerly known as Ivy Pzena International Value Fund), Delaware Ivy Securian Core Bond Fund (formerly known as Ivy Securian Core Bond Fund), Delaware Ivy Small Cap Core Fund (formerly known as Ivy Small Cap Core Fund), Delaware Ivy Small Cap Growth Fund (formerly known as Ivy Small Cap Growth Fund) and Delaware Ivy Value Fund (formerly known as Ivy Value Fund) (each, a “Fund”) are 20 series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds’ Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager was Ivy Investment Management Company (“IICO” or the “Manager”) through April 30, 2021. Effective April 30, 2021, each Fund’s investment manager is Delaware Management Company (“DMC” or the “Manager”).
Each Fund offers Class A, Class C and Class R6 (formerly Class N) shares. Each Fund (excluding Delaware Ivy Mid Cap Income Opportunities Fund) offers Class B shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Class C shares are not available for direct investment in the Delaware Ivy Government Money Market Fund. Class C shares of Delaware Ivy Government Money Market Fund will continue to be available for dividend reinvestment and exchanges from Class C shares of another fund within Ivy Funds. Certain Funds may also offer Class E, Class I, Class R and/or Class Y shares. Class E shares are closed for all investments in the Delaware Ivy Emerging Markets Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Small Cap Core Fund and Delaware Ivy Value Fund. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus a front-end sales charge. For Class A and Class E shares, a 1% contingent deferred sales charge (“CDSC”) will be imposed on certain purchases that are subsequently redeemed within a certain time period, all as more fully set forth in the Fund’s prospectus. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC. Class I, Class R, Class R6 and Class Y shares are sold without either a front-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Net investment income, net assets and NAV per share may differ due to each class having its own expenses, such as transfer agent and shareholder servicing fees, directly attributable to that class. Class A, B, C, E, R and Y have a distribution and service plan. Class I shares and Class R6 shares are not included in the plan. With certain exceptions described in the Prospectus, Class B shares and Class C shares will automatically convert to Class A shares 96 months after the date of purchase.
| 2. | | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by each Fund.
Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. All or a portion of the distributions received from a real estate investment trust or publicly traded partnership may be designated as a reduction of cost of the related investment or realized gain. The financial statements reflect an estimate of the reclassification of the distribution character.
Foreign Currency Translation. Each Fund’s accounting records are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars daily, using foreign exchange rates obtained from an independent pricing service approved by the Board of Trustees of the Trust (the “Board”). Purchases and sales of investment securities and accruals of income and expenses are translated at the rate of exchange prevailing on the date of the transaction. For assets and liabilities other than investments in securities, net realized and unrealized gains and losses from foreign currency translation arise from changes in currency exchange rates. Each Fund combines fluctuations from
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currency exchange rates and fluctuations in value when computing net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments. Foreign exchange rates are typically valued as of the close of the New York Stock Exchange (“NYSE”), normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Income Taxes. It is the policy of each Fund to distribute all of its taxable income and capital gains to its shareholders and to otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Fund intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The Funds’ tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax returns. Management of the Trust periodically reviews all tax positions to assess whether it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of the date of these financial statements, management believes that no liability for unrecognized tax positions is required.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded by each Fund on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“U.S. GAAP”). If the total dividends and distributions made in any tax year exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a return of capital for tax purposes.
Segregation and Collateralization. In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”), the Dodd Frank Wall Street Reform and Consumer Protection Act, or the interpretive rules and regulations of the U.S. Commodities Futures Trading Commission require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps), the Fund will segregate collateral or designate on its books and records, cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments. Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the Statements of Assets and Liabilities as “Restricted cash”. Securities collateral pledged for the same purpose, if any, is noted on the Schedule of Investments.
Concentration of Market and Credit Risk. In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded on the Funds’ Statements of Assets and Liabilities, less any collateral held by the Funds.
Certain Funds may hold high-yield or non-investment-grade bonds, that may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default.
Certain Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected on the Statements of Assets and Liabilities.
If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency
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will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.
The risk that changes related to the use of the London Interbank Offered Rate (“LIBOR”) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (“EONIA”)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.
An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
Inflation-Indexed Bonds. Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.
Interest Only Obligations. These securities entitle the owner to receive only the interest portion from a bond, Treasury note or pool of mortgages. These securities are generally created by a third party separating a bond or pool of mortgages into distinct interest-only and principal-only securities. As the principal (par) amount of a bond or pool of mortgages is paid down, the amount of interest income earned by the owner will decline as well.
Loans. Certain Funds may invest in loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates, the debtor of which may be a domestic or foreign corporation, partnership or other entity (“Borrower”). Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, the LIBOR or certificates of deposit rates. Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Loans are exempt from registration under the Securities Act of 1933, as amended, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.
When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender. When a Fund purchases a participation of a loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no direct right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and interest.
Payment In-Kind Securities. Certain Funds may invest in payment in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in cash or in additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.
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Securities on a When-Issued or Delayed Delivery Basis. Certain Funds may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by a Fund on a when-issued basis normally take place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of a Fund’s NAV to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield DMC, or the Fund’s investment subadviser, as applicable, consider advantageous. The Fund maintains internally designated assets with a value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued or delayed delivery basis prior to settlement of the original purchase.
Custodian Fees. “Custodian fees” on the Statements of Operations may include interest expense incurred by a Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. A Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by that Fund. The “Earnings credit” line item, if shown, represents earnings on cash balances maintained by that Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Indemnification. The Trust’s organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.
Basis of Preparation. Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The accompanying financial statements were prepared in accordance with U.S. GAAP, including but not limited to ASC 946. U.S. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.
Subsequent Events. The following subsequent events occurred through the date this report was issued.
Delaware Ivy Emerging Markets Equity Fund. On September 13, 2021, the Board approved the appointment of the portfolio management team of Benjamin Leung, CFA, and Scot Thompson of Macquarie Investment Management Global Limited as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. In addition, on November 1, 2021, it was announced that the Fund’s name will change to “Delaware Ivy Systematic Emerging Markets Equity Fund”. All changes took effect on or about November 15, 2021.
Delaware Ivy Global Bond Fund. On September 13, 2021, the Board approved the appointment of the portfolio management team of Andrew Vonthethoff, CFA of DMC and Matthew Mulcahy of Macquarie Investment Management Global Limited as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.
Delaware Ivy Global Equity Income Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of Jens Hansen, Klaus Petersen, CFA, Claus Juul, Åsa Annerstedt, Allan Saustrup Jensen, CFA, CAIA® , and Chris Gowlland, CFA of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.
Delaware Ivy Global Growth Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of F. Chace Brundige and Aditya Kapoor of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. In addition, on November 1, 2021, it was announced that Charles John was being added as an additional portfolio manager. All changes took effect on or about November 15, 2021.
Delaware Ivy Government Money Market Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of Stephen Juszczyszyn and Kathleen Marnell Burst of DMC as new Fund portfolio managers effective on or about November 15, 2021.
Delaware Ivy High Income Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of Adam H. Brown and John P. McCarthy of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.
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Delaware Ivy International Core Equity Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of F. Chace Brundige and Aditya Kapoor of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. In addition, on November 1, 2021, it was announced that Charles John was being added as an additional portfolio manager. All changes took effect on or about November 15, 2021.
Delaware Ivy Large Cap Growth Fund. On October 1, 2021, Brad Angermeier was added as an additional portfolio manager for the Fund.
Delaware Ivy Limited-Term Bond Fund. On September 13, 2021, the Board approved the appointment of the portfolio manager team of J. David Hillmeyer, CFA and Daniela Mardarovici, CFA of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.
Delaware Ivy Managed International Opportunities Fund. On September 13, 2021, the Board approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) as a sub-advisor. In addition, the Board approved the appointment of the portfolio manager team of Stefan Löwenthal and Jürgen Wurzer of MIMAK to join Aaron D. Young of DMC as Fund portfolio managers. All changes took effect on or about November 15, 2021.
Delaware Ivy Mid Cap Income Opportunities Fund. On November 15, 2021, Bradley P. Halverson was added as an additional portfolio manager.
Delaware Ivy Mid Cap Growth Fund. On November 15, 2021, Bradley P. Halverson was added as an additional portfolio manager.
Delaware Ivy Municipal Bond Fund. On September 13, 2021, the Board approved the portfolio manager team of Gregory A. Gizzi, Stephen J. Czepiel, and Jake van Roden of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.
Delaware Ivy Municipal High Income Fund. On September 13, 2021, the Board approved the portfolio manager team of Gregory A. Gizzi, Stephen J. Czepiel, and Jake van Roden of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.
Delaware Ivy Pzena International Value Fund. On September 13, 2021, the Board approved the Fund name change to “Delaware Ivy International Value Fund” and the appointment of the portfolio manager team of Jens Hansen, Klaus Petersen, CFA, Claus Juul, Åsa Annerstedt, Allan Saustrup Jensen, CFA, CAIA® , and Chris Gowlland, CFA of DMC as new Fund portfolio managers. In addition, the Board approved appointing Macquarie Funds Management Hong Kong Limited and Macquarie Investment Management Global Limited to provide discretionary investment management services in a sub-advisory capacity. The Board also approved the termination of the Fund’s current sub-advisor. In connection with these changes, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.
Delaware Ivy Small Cap Core Fund. On September 13, 2021, the Board approved the Fund name change to “Delaware Ivy Smid Cap Core Fund” and the appointment of the portfolio manager team of Francis X. Morris, Christopher S. Adams, CFA, Michael S. Morris, CFA, Donald G. Padilla, CFA, and David E. Reidinger of DMC as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.
On November 1, 2021, the Funds, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described in Note 11 and to be operated in substantially the same manner as the agreement described in Note 11. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.
| 3. | | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Each Fund calculates the NAV of its shares as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.
For purposes of calculating the NAV, the portfolio securities and financial instruments are valued on each business day using pricing and valuation methods as adopted by the Board. Where market quotes are readily available, fair value is generally determined on the basis of the last reported sales price, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.
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Prices for fixed-income securities are typically based on quotes that are obtained from an independent pricing service approved by the Board. To determine values of fixed-income securities, the independent pricing service utilizes such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.
Investments in Delaware Ivy Government Money Market Fund are valued on the basis of amortized cost (which approximates value), whereby a portfolio security is valued at its cost initially, and thereafter valued to reflect a constant amortization to maturity of any discount or premium. Short-term securities with maturities of 60 days or less held in all Funds (with the exception of Delaware Ivy Government Money Market Fund) are valued based on quotes that are obtained from an independent pricing service approved by the Board as described in the preceding paragraph above.
Because many foreign markets close before the NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. Waddell & Reed Services Company (“WRSCO”), pursuant to procedures adopted by the Board, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. In addition, all securities for which values are not readily available or are deemed unreliable are appraised at fair value as determined in good faith under the supervision of the Board.
Where market quotes are not readily available, portfolio securities or financial instruments are valued at fair value, as determined in good faith by the Board or Valuation Committee pursuant to procedures approved by the Board.
Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE close, that materially affect the values of a Fund’s securities or financial instruments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available.
The Board has delegated to WRSCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or financial instruments and for determining whether the value of the applicable securities or financial instruments should be re-evaluated in light of such significant events. DMC, pursuant to authority delegated by the Board, has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.
The Board has adopted methods for valuing securities and financial instruments in circumstances where market quotes are not readily available. For instances in which daily market quotes are not readily available, investments may be valued, pursuant to procedures established by the Board, with reference to other securities or indices. In the event that the security or financial instrument cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or financial instrument will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.
When a Fund uses these fair valuation methods applied by WRSCO that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at its direction believe accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. The prices used by a Fund may differ from the value that will ultimately be realized at the time the securities are sold.
WRSCO is responsible for monitoring the implementation of the pricing and valuation policies through a series of activities to provide reasonable comfort of the accuracy of prices including: 1) periodic vendor due diligence meetings to review methodologies, new developments, and process at vendors, 2) daily and monthly multi-source pricing comparisons reviewed and submitted to the Valuation Committee, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by management and the Valuation Committee.
Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation.
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The three-tier hierarchy of inputs is summarized as follows:
| • | | Level 1 – Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities. |
| • | | Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |
| • | | Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at its direction that are used in determining the fair value of investments. |
A description of the valuation techniques applied to the Funds’ major classes of assets and liabilities measured at fair value on a recurring basis follows:
Asset-Backed Securities and Mortgage-Backed Securities. The fair value of asset-backed securities and mortgage-backed securities are estimated using recently executed transactions and based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, and otherwise they would be categorized as Level 3.
Bullion. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded and are categorized in Level 1 of the fair value hierarchy.
Corporate Bonds. The fair value of corporate bonds, as obtained from an independent pricing service, is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.
Derivative Instruments. Forward foreign currency contracts are valued based upon the closing prices of the forward currency rates determined at the close of the NYSE, which are provided by an independent pricing service. Swaps derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. Swaps are valued by an independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Exchange-traded futures contracts are generally valued at the settlement price. Listed options are ordinarily valued at the mean of the last bid and ask price provided by an independent pricing service unless the price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer. Over-the-counter (“OTC”) options are ordinarily valued at the mean of the last bid and ask price for a comparable listed option provided by an independent pricing service unless such a price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer.
Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap agreements, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case with interest rate swap and option contracts. OTC derivative products valued using pricing models with significant observable inputs are categorized within Level 2 of the fair value hierarchy.
Equity Securities. Equity securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. OTC equity securities and listed securities for which no price is readily available are valued at the average of the last bid and ask prices.
Mutual funds, including investment funds, typically are valued at the NAV reported as of the valuation date.
Securities that are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded and to the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Foreign securities, for which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing
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service that considers the correlation of the trading patterns of the foreign security to the intra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.
Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.
Loans. Loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service. The fair value of loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable in which case they would be categorized as Level 3.
Municipal Bonds. Municipal bonds are fair valued based on pricing models used by and obtained from an independent pricing service that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are included in Level 3 of the fair value hierarchy to the extent that significant inputs to valuation are unobservable, because they trade infrequently, if at all and, therefore, the inputs are unobservable. Restricted securities that are valued at a discount to similar publicly traded securities may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.
U.S. Government and Agency Securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 2 of the fair value hierarchy depending on the liquidity and transparency of the market.
Transfers from Level 2 to Level 3, if any, occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2, if any, occurred primarily due to the increased availability of observable market data due to increased market activity or information.
For fair valuations using unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and Level 3 reconciliation, if any, have been included in the Notes to the Schedule of Investments for each respective Fund.
Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments, if applicable, are included on the Statements of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively.
| 4. | | DERIVATIVE INSTRUMENTS ($ amounts in thousands unless indicated otherwise) |
The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds’ financial positions and results of operations.
Forward Foreign Currency Contracts. Certain Funds are authorized to enter into forward foreign currency contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Schedule of Investments. Forward contracts are valued daily based upon the closing prices of the forward currency rates provided by an independent pricing service determined at the close of the NYSE. The resulting unrealized appreciation and depreciation is reported on the Statements of Assets and Liabilities as a receivable or payable and on the Statements of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) on the Statements of Operations.
Risks to a Fund related to the use of such contracts include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, a Fund’s maximum loss will consist of the aggregate unrealized gain on appreciated contracts that is not collateralized.
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Delaware Ivy High Income Fund enters into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from foreign currencies (foreign currency exchange rate risk).
Futures Contracts. Certain Funds are authorized to engage in buying and selling futures contracts. Upon entering into a futures contract, a Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. This amount is known as the initial margin. Subsequent amounts, known as variation margin, are paid or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index. Options on futures contracts may also be purchased or sold by a Fund.
Futures contracts are reported on a schedule following the Schedule of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are identified on the Schedule of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted on the Statements of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statements of Operations. Realized gains (losses) are reported on the Statements of Operations at the closing or expiration of futures contracts.
Risks of entering into futures contracts include the possibility of loss of securities or cash held as collateral, that there may be an illiquid market where the Fund is unable to close the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.
Delaware Ivy High Income Fund and Delaware Ivy Securian Core Bond Fund invest in long and/or short positions in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk).
Option Contracts. Options purchased by a Fund are accounted for in the same manner as portfolio securities. The cost of the underlying instruments acquired through the exercise of call options is increased by the premium paid to purchase the call. The proceeds from instruments sold through the exercise of put options are decreased by the premium paid to purchase the put.
When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently adjusted to reflect the current value of the option written. When an option expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the call option was sold), and the liability related to such option is extinguished. When a written call option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining whether a Fund has realized a gain or loss. When a written put is exercised, the cost basis of the instruments purchased by a Fund is reduced by the amount of the premium received.
Investments in options, whether purchased or written, involve certain risks. Writing put options and purchasing call options may increase a Fund’s exposure to the underlying instrument. With written options, there may be times when a Fund will be required to purchase or sell instruments to meet its obligation under the option contract where the required action is not beneficial to the Fund, due to unfavorable movement of the market price of the underlying instrument.
Option contracts can be traded on a regulated exchange or traded OTC. Unlike the trades on a regulated exchange where the clearinghouse guarantees the performances of both the buyer and the seller, to the extent a Fund enters into OTC option transactions with counterparties, the Fund will be exposed to the risk that counterparties to these OTC transactions will be unable to meet their obligations under the terms of the transaction.
Delaware Ivy Mid Cap Growth Fund and Delaware Ivy Value Fund purchase and write call and put options to increase or decrease hedging exposure to underlying instruments (which include credit risk, equity risk, foreign currency exchange rate risk, event risk and/or interest rate risk), increase exposure to various equity markets or certain sectors, gain exposure to or facilitate trading in certain securities and/or, in the case of options written, to generate returns from options premiums.
Swap Agreements. Certain Funds are authorized to invest in swap agreements. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (“centrally cleared swaps”).
Swaps are marked to market daily and changes in value are recorded as unrealized appreciation (depreciation) on the Statements of Operations. Payments received or made by the Fund are recorded as realized gain or loss on the Statements of Operations. Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap premiums paid and swap premiums received, respectively, if any, on the Statements of Assets and Liabilities and amortized over the term of the swap. An early termination payment received or made at an early termination or a final payment made at the maturity of the swap is recorded as realized gain or loss on the Statements of Operations.
After a centrally cleared swap is accepted for clearing, a Fund may be required to deposit initial margin with a Clearing Member in the form of cash or securities. Securities deposited as initial margin, if any, are designated on the Schedule of Investments. Cash deposited as initial margin is identified on the Schedule of Investments and is recorded as restricted cash on the Statements of Assets and Liabilities.
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Total return swaps involve a commitment of one party to pay periodic interest payments in exchange for a market-linked return based on a security or a basket of securities including a variety of securities or representing a particular index. To the extent the total return of the security, a basket of securities, or an index exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
Delaware Ivy Small Cap Growth Fund enters into total return swaps to hedge exposure to a security or market.
The creditworthiness of the counterparty with which a Fund enters into a swap agreement is monitored by DMC. If a counterparty creditworthiness declines, the value of the agreement would likely decline, potentially resulting in losses. If a default occurs by the counterparty to such a transaction, the Fund will have contractual remedies pursuant to the agreement related to the transaction. The maximum loss a Fund may incur consists of the aggregate unrealized gain on appreciated contracts that is not collateralized due to facts specific to certain situations (i.e., collateral may not have been posted by the counterparty due to the required collateral amount being less than the pre-agreed thresholds. Additionally, regulatory developments called stay resolutions and the ensuing required contractual amendments to the transactional documentation, including derivatives, permit the relevant regulators to preclude parties to a transaction from terminating trades, among other rights it may have in the trade agreements should a counterparty that it regulates experience financial distress. A relevant regulator also has the authority to reduce the value of certain liabilities owed by the counterparty to a Fund and/or convert cash liabilities of a regulated entity into equity holdings. The power given to the relevant regulators includes the ability to amend transactional agreements unilaterally, modify the maturity of eligible liabilities, reduce the amount of interest payable or change the date on which interest becomes payable, among other powers.
To prevent incurring losses due to the counterparty credit risk, DMC actively monitors the creditworthiness of the counterparties with which it has entered financial transactions. DMC consistently and frequently risk manages the credit risk of the counterparties it faces in transactions.
Collateral and rights of offset. A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes (“CSA”) included with an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement which is the standard contract governing all OTC derivative transactions between the Fund and each of its counterparties. Although it is not possible to eliminate credit risk entirely, the CSA allows the Fund and its counterparty to reduce their exposure to the risk of payment default by the other party by holding an amount in collateral equivalent to the realized and unrealized amount of exposure to the counterparty, which is generally held by the Fund’s custodian. An amount of collateral is moved to/from applicable counterparties only if the amount of collateral required to be posted surpasses both the threshold and the minimum transfer amount pre-agreed in the CSA between the Fund and the counterparty. See Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices.
Offsetting of Assets and Liabilities. The following tables present financial instruments that are either (1) offset or (2) subject to an enforceable master netting arrangement or similar agreement as of September 30, 2021:
Assets
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Gross Amounts Not Offset on the
Statements of Assets and Liabilities | |
| Fund | | Counterparty | | | Gross
Amounts of
Recognized
Assets | | | Gross Amounts
Offset on the
Statements of
Assets and
Liabilities | | | Net Amounts
of Assets
Presented on
the Statements
of Assets and
Liabilities | | | Financial
Instruments and
Derivatives
Available for
Offset | | | Non-Cash
Collateral
Received | | | Cash
Collateral
Received | | | Net
Amount
Receivable | |
Delaware Ivy Mid Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities at value* | |
| Morgan
Stanley &
Co., Inc. |
| | $ | 8,725 | | | $ | — | | | $ | 8,725 | | | $ | (1,216 | ) | | $ | — | | | $ | — | | | $ | 7,509 | |
| | | | UBS AG | | | | 12,661 | | | | — | | | | 12,661 | | | | (1,822 | ) | | | — | | | | (2,600 | ) | | | 8,239 | |
| * | Purchased options are reported as investments in unaffiliated securities on the Statement of Assets and Liabilities. |
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Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Gross Amounts Not Offset on the
Statements of Assets and Liabilities | |
| Fund | | Counterparty | | | Gross
Amounts of
Recognized
Liabilities | | | Gross Amounts
Offset on the
Statements of
Assets and
Liabilities | | | Net Amounts
of Liabilities
Presented on
the Statements
of Assets and
Liabilities | | | Financial
Instruments and
Derivatives
Available for
Offset | | | Non-Cash
Collateral
Pledged | | | Cash
Collateral
Pledged | | | Net
Amount
Payable | |
Delaware Ivy High Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on forward foreign currency contracts | |
| Morgan
Stanley &
Co., Inc. |
| | $ | 400 | | | $ | — | | | $ | 400 | | | $ | — | | | $ | — | | | $ | (10 | ) | | $ | 390 | |
Delaware Ivy Mid Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Written options at value | |
| Morgan
Stanley &
Co., Inc. |
| | $ | 1,216 | | | $ | — | | | $ | 1,216 | | | $ | (1,216 | ) | | $ | — | | | $ | — | | | $ | — | |
| | | UBS AG | | | | 1,822 | | | | — | | | | 1,822 | | | | (1,822 | ) | | | — | | | | — | | | | — | |
Delaware Ivy Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Written options at value | |
| JPMorgan
Chase
Bank N.A. |
| | $ | 430 | | | $ | — | | | $ | 430 | | | $ | — | | | $ | (429 | ) | | $ | — | | | $ | 1 | |
Additional Disclosure Related to Derivative Instruments
Fair values of derivative instruments as of September 30, 2021:
| | | | | | | | | | | | | | |
| | | | | Assets | | | Liabilities | |
| Fund | | Type of Risk
Exposure | | Statements of Assets & Liabilities
Location | | Value | | | Statements of Assets & Liabilities
Location | | Value | |
| Delaware Ivy High Income Fund | | Foreign currency | | | | $ | — | | | Unrealized depreciation on forward foreign currency contracts | | $ | 400 | |
| | | Interest rate | | Unrealized appreciation on futures contracts** | | | 218 | | | | | | — | |
| Delaware Ivy Mid Cap Growth Fund | | Equity | | Investments in unaffiliated securities at value* | | | 21,386 | | | Written options at value | | | 3,038 | |
| Delaware Ivy Securian Core Bond Fund | | Interest rate | | Unrealized appreciation on futures contracts** | | | 1,388 | | | Unrealized depreciation on futures contracts** | | | 3,017 | |
| Delaware Ivy Value Fund | | Equity | | | | | — | | | Written options at value | | | 477 | |
| * | Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments. |
| ** | The value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended September 30, 2021. |
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| 168 | | SEMIANNUAL REPORT | | 2021 | | |
Amount of realized gain (loss) on derivatives recognized on the Statements of Operations for the period ended September 30, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Net realized gain (loss) on: | | | | |
| Fund | | Type of Risk
Exposure | | Investments in
unaffiliated
securities* | | | Swap
agreements | | | Futures
contracts | | | Written
options | | | Forward foreign
currency
contracts | | | Total | |
| Delaware Ivy High Income Fund | | Foreign currency | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 907 | | | $ | 907 | |
| | | Interest rate | | | — | | | | — | | | | (531 | ) | | | — | | | | — | | | | (531 | ) |
| Delaware Ivy Mid Cap Growth Fund | | Equity | | | (12,972 | ) | | | — | | | | — | | | | 3,853 | | | | — | | | | (9,119 | ) |
| Delaware Ivy Securian Core Bond Fund | | Interest rate | | | — | | | | — | | | | 1,547 | | | | — | | | | — | | | | 1,547 | |
| Delaware Ivy Small Cap Growth Fund | | Equity | | | — | | | | (13,023 | ) | | | — | | | | — | | | | — | | | | (13,023 | ) |
| Delaware Ivy Value Fund | | Equity | | | — | | | | — | | | | — | | | | 1,408 | | | | — | | | | 1,408 | |
| * | Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments. |
Change in unrealized appreciation (depreciation) on derivatives recognized on the Statements of Operations for the period ended September 30, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Net change in unrealized appreciation (depreciation) on: | | | | |
| Fund | | Type of Risk
Exposure | | Investments in
unaffiliated
securities* | | | Swap
agreements | | | Futures
contracts | | | Written
options | | | Forward foreign
currency
contracts | | | Total | |
| Delaware Ivy High Income Fund | | Foreign currency | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (653 | ) | | $ | (653 | ) |
| | | Interest rate | | | — | | | | — | | | | 218 | | | | — | | | | — | | | | 218 | |
| Delaware Ivy Mid Cap Growth Fund | | Equity | | | 5,245 | | | | — | | | | — | | | | (310 | ) | | | — | | | | 4,935 | |
| Delaware Ivy Securian Core Bond Fund | | Interest rate | | | — | | | | — | | | | 499 | | | | — | | | | — | | | | 499 | |
| Delaware Ivy Small Cap Growth Fund | | Equity | | | — | | | | 13,113 | | | | — | | | | — | | | | — | | | | 13,113 | |
| Delaware Ivy Value Fund | | Equity | | | — | | | | — | | | | — | | | | (810 | ) | | | — | | | | (810 | ) |
| * | Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments. |
During the period ended September 30, 2021, the average derivative volume was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Forward foreign
currency contracts(1) | | | Long futures
contracts(2) | | | Short futures
contracts(2) | | | Swap
agreements(3) | | | Purchased
options(2) | | | Written
options(2) | |
Delaware Ivy High Income Fund | | $ | 218 | | | $ | — | | | $ | 5,804 | | | $ | — | | | $ | — | | | $ | — | |
Delaware Ivy Mid Cap Growth Fund | | | — | | | | — | | | | — | | | | — | | | | 3,900 | | | | 630 | |
Delaware Ivy Securian Core Bond Fund | | | — | | | | 147,983 | | | | 51,609 | | | | — | | | | — | | | | — | |
Delaware Ivy Small Cap Growth Fund | | | — | | | | — | | | | — | | | | 275,192 | | | | — | | | | — | |
Delaware Ivy Value Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | 530 | |
| (1) | Average absolute value of unrealized appreciation/depreciation during the period. |
| (2) | Average value outstanding during the period. |
| (3) | Average notional amount outstanding during the period. |
| 5. | | BASIS OF CONSOLIDATION FOR THE DELAWARE IVY EMERGING MARKETS EQUITY FUND |
Ivy EME, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Delaware Ivy Emerging Markets Equity Fund (referred to as “the Fund” in this subsection). The Subsidiary acts as an investment vehicle for the Fund, in order to affect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its Subsidiary. The consolidated financial statements include the accounts of the Fund and its Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary.
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See the table below for details regarding the structure, incorporation and relationship as of September 30, 2021 of the Subsidiary to the Fund (amounts in thousands).
| | | | | | | | | | | | | | | | | | | | |
| Subsidiary | | Date of
Incorporation | | | Subscription
Agreement | | | Fund Net
Assets | | | Subsidiary Net
Assets | | | Percentage
of Fund Net Assets | |
Ivy EME, Ltd. | | | 1-31-13 | | | | 4-10-13 | | | $ | 2,229,958 | | | $ | 324 | | | | 0.01 | % |
| 6. | | INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS ($ amounts in thousands unless indicated otherwise) |
Management Fees. IICO served as each Fund’s investment manager through April 30, 2021. Effective April 30, 2021, DMC serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund (M - Millions) | | $0 to
$250M | | | $250 to
$500M | | | $500 to
$1,000M | | | $1,000 to
$1,500M | | | $1,500 to
$2,000M | | | $2,000 to
$3,000M | | | $3,000 to
$5,000M | | | $5,000 to
$6,000M | | | $6,000 to
$10,000M | | | $10,000 to
$15,000M | | | $15,000 to
$20,000M | | | Over
$20,000M | |
Delaware Ivy Core Equity Fund | | | 0.700 | % | | | 0.700 | % | | | 0.700 | % | | | 0.650 | % | | | 0.650 | % | | | 0.600 | % | | | 0.550 | % | | | 0.525 | % | | | 0.500 | % | | | 0.490 | % | | | 0.490 | % | | | 0.490 | % |
Delaware Ivy Emerging Markets Equity Fund | | | 1.000 | | | | 1.000 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.755 | | | | 0.755 | | | | 0.750 | | | | 0.750 | | | | 0.750 | |
Delaware Ivy Global Bond Fund | | | 0.625 | | | | 0.625 | | | | 0.600 | | | | 0.550 | | | | 0.500 | | | | 0.500 | | | | 0.500 | | | | 0.490 | | | | 0.490 | | | | 0.480 | | | | 0.480 | | | | 0.480 | |
Delaware Ivy Global Equity Income Fund | | | 0.700 | | | | 0.700 | | | | 0.700 | | | | 0.650 | | | | 0.650 | | | | 0.600 | | | | 0.550 | | | | 0.545 | | | | 0.545 | | | | 0.540 | | | | 0.540 | | | | 0.540 | |
Delaware Ivy Global Growth Fund | | | 0.850 | | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.700 | | | | 0.695 | | | | 0.695 | | | | 0.690 | | | | 0.690 | | | | 0.690 | |
Delaware Ivy Government Money Market Fund | | | 0.350 | | | | 0.350 | | | | 0.350 | | | | 0.300 | | | | 0.300 | | | | 0.300 | | | | 0.300 | | | | 0.300 | | | | 0.300 | | | | 0.300 | | | | 0.300 | | | | 0.300 | |
Delaware Ivy High Income Fund | | | 0.625 | | | | 0.625 | | | | 0.600 | | | | 0.550 | | | | 0.500 | | | | 0.500 | | | | 0.500 | | | | 0.500 | | | | 0.500 | | | | 0.490 | | | | 0.490 | | | | 0.480 | |
Delaware Ivy International Core Equity Fund | | | 0.850 | | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.700 | | | | 0.690 | | | | 0.690 | | | | 0.680 | | | | 0.680 | | | | 0.680 | |
Delaware Ivy Large Cap Growth Fund | | | 0.700 | | | | 0.700 | | | | 0.700 | | | | 0.650 | | | | 0.650 | | | | 0.600 | | | | 0.550 | | | | 0.545 | | | | 0.545 | | | | 0.540 | | | | 0.540 | | | | 0.540 | |
Delaware Ivy Limited-Term Bond Fund | | | 0.500 | | | | 0.500 | | | | 0.450 | | | | 0.400 | | | | 0.350 | | | | 0.350 | | | | 0.350 | | | | 0.340 | | | | 0.340 | | | | 0.330 | | | | 0.330 | | | | 0.330 | |
Delaware Ivy Managed International Opportunities Fund | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | | | | 0.050 | |
Delaware Ivy Mid Cap Growth Fund | | | 0.850 | | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.730 | | | | 0.730 | | | | 0.700 | | | | 0.670 | | | | 0.670 | |
Delaware Ivy Mid Cap Income Opportunities Fund | | | 0.850 | | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.730 | | | | 0.730 | | | | 0.700 | | | | 0.670 | | | | 0.670 | |
Delaware Ivy Municipal Bond Fund | | | 0.525 | | | | 0.525 | | | | 0.500 | | | | 0.450 | | | | 0.400 | | | | 0.400 | | | | 0.400 | | | | 0.395 | | | | 0.395 | | | | 0.390 | | | | 0.385 | | | | 0.385 | |
| | | | | | |
| 170 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund (M - Millions) | | $0 to
$250M | | | $250 to
$500M | | | $500 to
$1,000M | | | $1,000 to
$1,500M | | | $1,500 to
$2,000M | | | $2,000 to
$3,000M | | | $3,000 to
$5,000M | | | $5,000 to
$6,000M | | | $6,000 to
$10,000M | | | $10,000 to
$15,000M | | | $15,000 to
$20,000M | | | Over
$20,000M | |
Delaware Ivy Municipal High Income Fund | | | 0.525 | | | | 0.525 | | | | 0.500 | | | | 0.450 | | | | 0.400 | | | | 0.400 | | | | 0.400 | | | | 0.395 | | | | 0.395 | | | | 0.390 | | | | 0.385 | | | | 0.385 | |
Delaware Ivy Pzena International Value Fund | | | 1.000 | | | | 1.000 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.730 | | | | 0.730 | | | | 0.700 | | | | 0.700 | | | | 0.700 | |
Delaware Ivy Securian Core Bond Fund | | | 0.525 | | | | 0.525 | | | | 0.500 | | | | 0.450 | | | | 0.400 | | | | 0.400 | | | | 0.400 | | | | 0.395 | | | | 0.395 | | | | 0.390 | | | | 0.390 | | | | 0.390 | |
Delaware Ivy Small Cap Core Fund | | | 0.850 | | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.730 | | | | 0.730 | | | | 0.720 | | | | 0.720 | | | | 0.720 | |
Delaware Ivy Small Cap Growth Fund | | | 0.850 | | | | 0.850 | | | | 0.850 | | | | 0.830 | | | | 0.830 | | | | 0.800 | | | | 0.760 | | | | 0.730 | | | | 0.730 | | | | 0.720 | | | | 0.720 | | | | 0.720 | |
Delaware Ivy Value Fund | | | 0.700 | | | | 0.700 | | | | 0.700 | | | | 0.650 | | | | 0.650 | | | | 0.600 | | | | 0.550 | | | | 0.545 | | | | 0.545 | | | | 0.540 | | | | 0.540 | | | | 0.540 | |
DMC has entered into Subadvisory Agreements with the following entities on behalf of certain Funds:
Under an agreement between DMC and Pzena Investment Management, LLC (“Pzena”), Pzena serves as subadviser to Delaware Ivy Pzena International Value Fund. Under an agreement between DMC and Securian Asset Management, Inc. (“Securian AM”), Securian AM serves as subadviser to Delaware Ivy Securian Core Bond Fund. Each subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of DMC and the oversight of the Board. DMC pays all applicable costs of the subadvisers.
Independent Trustees and Chief Compliance Officer Fees. Through April 30, 2021, fees paid to the Independent Trustees can be paid in cash or deferred to a later date, at the election of the Trustees according to the Deferred Fee Agreement entered into between the Trust and the Trustee(s). Each Fund records its portion of the deferred fees as a liability on the Statements of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statements of Operations. Additionally, fees paid to the Chief Compliance Officer of the Funds are shown on the Statements of Operations.
Accounting Services Fees. The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”). Under the agreement, WISC acts as the agent in providing bookkeeping and accounting services and assistance to the Trust, including maintenance of Fund records, pricing of Fund shares and preparation of certain shareholder reports. For these services, each Fund, other than Delaware Ivy Managed International Opportunities Fund, pays WISC a monthly fee of one-twelfth of the annual fee based on the average net asset levels shown in the following table:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (M - Millions) | | $0 to
$10M | | | $10 to
$25M | | | $25 to
$50M | | | $50 to
$100M | | | $100 to
$200M | | | $200 to
$350M | | | $350 to
$550M | | | $550 to
$750M | | | $750 to
$1,000M | | | Over
$1,000M | |
Annual Fee Rate | | $ | 0.00 | | | $ | 11.50 | | | $ | 23.10 | | | $ | 35.50 | | | $ | 48.40 | | | $ | 63.20 | | | $ | 82.50 | | | $ | 96.30 | | | $ | 121.60 | | | $ | 148.50 | |
In addition, for each class of shares in excess of one, each Fund pays WISC a monthly per-class fee equal to 2.5% of the monthly accounting services base fee.
Under the Accounting and Administrative Services Agreement for the Delaware Ivy Managed International Opportunities Fund, the Fund pays WISC a monthly fee of one-twelfth of the annual fee shown in the following table:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (M - Millions) | | $0 to
$10M | | | $10 to
$25M | | | $25 to
$50M | | | $50 to
$100M | | | $100 to
$200M | | | $200 to
$350M | | | $350 to
$550M | | | $550 to
$750M | | | $750 to
$1,000M | | | Over
$1,000M | |
Annual Fee Rate | | $ | 0.000 | | | $ | 5.748 | | | $ | 11.550 | | | $ | 17.748 | | | $ | 24.198 | | | $ | 31.602 | | | $ | 41.250 | | | $ | 48.150 | | | $ | 60.798 | | | $ | 74.250 | |
In addition, for each class of shares in excess of one, the Delaware Ivy Managed International Opportunities Fund pays WISC a monthly per-class fee equal to 1.25% of the monthly accounting services base fee.
Each Fund also pays WISC a monthly administrative fee at the annual rate of 0.01%, or one basis point, for the first $1 billion of net assets with no fee charged for net assets in excess of $1 billion. This fee is voluntarily waived by WISC until a Fund’s net assets are at least $10 million and is included in “Accounting services fee” on the Statements of Operations.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 171 | |
Shareholder Servicing. General. Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, Class B, Class C and Class E shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958 per account; however, WISC has agreed to reduce that fee if the number of total shareholder accounts within the Complex (InvestEd Portfolios and Ivy Funds) reaches certain levels. Delaware Ivy Government Money Market Fund pays a monthly fee of $1.75 for each shareholder account that was in existence at any time during the prior month plus, for Class A shareholder accounts, $0.75 for each shareholder check processed in the prior month. Delaware Ivy Limited-Term Bond Fund Class A, which also has check writing privileges, pays $0.75 for each shareholder check processed in the prior month. For Class R shares, each Fund pays a monthly fee equal to one-twelfth of 0.25 of 1% of the average daily net assets of the class for the preceding month. For Class I and Class Y shares, each Fund pays a monthly fee equal to one-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. For Class R6 shares, each Fund pays WISC a monthly fee equal to one-twelfth of 0.01 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certain out-of-pocket costs for all classes.
Networked accounts. For certain networked accounts (that is, those accounts whose Fund shares are purchased through certain financial intermediaries), WISC has agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may be paid by the Funds to those intermediaries. The Fund will reimburse WISC for such costs if the annual rate of the third-party per account charges for a Fund are less than or equal to $12.00 per account or an annual fee of 0.14 of 1% that is based on average daily net assets.
Broker accounts. Certain broker-dealers that maintain shareholder accounts with each Fund through an omnibus account provide transfer agent and other shareholder-related services that would otherwise be provided by WISC if the individual accounts that comprise the omnibus account were opened by their beneficial owners directly. Each Fund may pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).
Distribution and Service Plan. Class A and Class E Shares. Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b–1 under the 1940 Act (the “Distribution and Service Plan”), each Fund, other than Delaware Ivy Government Money Market Fund, may pay a distribution and/or service fee to Ivy Distributors, Inc. (“IDI”) through April 30, 2021 and Delaware Distributors, L.P. (“DDLP”) effective April 30, 2021 for Class A and Class E shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. The fee is to be paid to compensate DDLP/IDI for amounts it expends in connection with the distribution of the Class A and Class E shares and/or provision of personal services to Fund shareholders and/or maintenance of shareholder accounts of that class.
Class B and Class C Shares. Under the Distribution and Service Plan, each Fund may pay DDLP/IDI a service fee not to exceed 0.25% and a distribution fee not to exceed 0.75% of the Fund’s average annual net assets for Class B and Class C shares to compensate DDLP/IDI for its services in connection with the distribution of shares of that class and/or provision of personal services to Class B or Class C shareholders and/or maintenance of shareholder accounts of that class.
Class R Shares. Under the Distribution and Service Plan, each Fund may pay DDLP/IDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund’s Class R shares to compensate DDLP/IDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.
Class Y Shares. Under the Distribution and Service Plan, each Fund may pay DDLP/IDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of the Fund’s Class Y shares to compensate DDLP/IDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal services to Class Y shareholders and/or maintaining Class Y shareholder accounts.
Sales Charges. As principal underwriter for the Trust’s shares, DDLP/IDI receives sales commissions (which are not an expense of the Trust) for sales of Class A and Class E shares. A CDSC may be assessed against a shareholder’s redemption amount of Class B, Class C or certain Class A and Class E shares and is paid to DDLP/IDI. During the period ended September 30, 2021, DDLP/IDI received the following amounts in sales commissions and CDSCs:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Gross Sales
Commissions | | | CDSC | | | Commissions
Paid(1) | |
| | Class A | | | Class B | | | Class C | | | Class E | |
Delaware Ivy Core Equity Fund | | $ | 175 | | | $ | 2 | | | $ | — | | | $ | 2 | | | $ | — | | | $ | 78 | |
Delaware Ivy Emerging Markets Equity Fund | | | 33 | | | | 5 | | | | — | | | | 2 | | | | — | | | | 18 | |
Delaware Ivy Global Bond Fund | | | 8 | | | | — | * | | | — | | | | — | * | | | N/A | | | | 2 | |
Delaware Ivy Global Equity Income Fund | | | 15 | | | | — | * | | | — | | | | — | * | | | — | | | | 5 | |
Delaware Ivy Global Growth Fund | | | 25 | | | | — | * | | | — | | | | — | * | | | — | | | | 9 | |
Delaware Ivy Government Money Market Fund | | | — | | | | — | * | | | — | | | | — | | | | — | | | | — | |
| | | | | | |
| 172 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Gross Sales
Commissions | | | CDSC | | | Commissions
Paid(1) | |
| | Class A | | | Class B | | | Class C | | | Class E | |
Delaware Ivy High Income Fund | | $ | 151 | | | $ | 4 | | | $ | — | | | $ | 3 | | | $ | — | | | $ | 68 | |
Delaware Ivy International Core Equity Fund | | | 24 | | | | 7 | | | | — | | | | 1 | | | | — | | | | 10 | |
Delaware Ivy Large Cap Growth Fund | | | 218 | | | | 1 | | | | — | | | | 3 | | | | — | | | | 90 | |
Delaware Ivy Limited-Term Bond Fund | | | 74 | | | | 3 | | | | — | | | | 2 | | | | — | | | | 46 | |
Delaware Ivy Managed International Opportunities Fund | | | 5 | | | | — | * | | | — | | | | — | * | | | — | | | | 1 | |
Delaware Ivy Mid Cap Growth Fund | | | 180 | | | | — | * | | | — | | | | 5 | | | | — | | | | 83 | |
Delaware Ivy Mid Cap Income Opportunities Fund | | | 21 | | | | — | * | | | N/A | | | | 1 | | | | — | | | | 18 | |
Delaware Ivy Municipal Bond Fund | | | 23 | | | | — | * | | | — | | | | — | * | | | N/A | | | | 24 | |
Delaware Ivy Municipal High Income Fund | | | 47 | | | | 8 | | | | — | | | | 1 | | | | N/A | | | | 34 | |
Delaware Ivy Pzena International Value Fund | | | 3 | | | | — | * | | | — | | | | — | * | | | N/A | | | | 1 | |
Delaware Ivy Securian Core Bond Fund | | | 16 | | | | 1 | | | | — | | | | 1 | | | | — | | | | 6 | |
Delaware Ivy Small Cap Core Fund | | | 18 | | | | — | * | | | — | | | | 1 | | | | — | | | | 10 | |
Delaware Ivy Small Cap Growth Fund | | | 98 | | | | 2 | | | | — | * | | | 1 | | | | — | | | | 42 | |
Delaware Ivy Value Fund | | | 40 | | | | 1 | | | | — | | | | 1 | | | | — | | | | 22 | |
| * | Not shown due to rounding. |
| (1) | DDLP/IDI reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers. |
Expense Reimbursements and/or Waivers. DMC, the Funds’ investment manager, DDLP, the Funds’ distributor, and/or Waddell & Reed Services Company, doing business as WISC, the Funds’ transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any). Fund and class expense limitations and related waivers/reimbursements for the period ended September 30, 2021 were as follows:
| | | | | | | | | | | | | | | | |
| Fund Name | | Share
Class
Name | | Type of
Expense
Limit | | Commencement
Date | | End
Date | | Expense
Limit | | Amount of
Expense Waiver/
Reimbursement | | | Expense Reduced |
Delaware Ivy Core Equity Fund | | Class A | | Contractual | | 1-11-2013 | | 7-29-2022 | | 1.03% | | $ | — | | | N/A |
| | Class B | | Contractual | | 10-16-2017 | | 7-29-2022 | | 2.08% | | $ | 4 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 0.97%(1) | | $ | 14 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 1-11-2013 | | 7-29-2022 | | 0.84% | | $ | — | | | N/A |
| | | Class Y | | Contractual | | 1-11-2013 | | 7-29-2022 | | 0.84% | | $ | 27 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Emerging Markets Equity Fund | | Class A | | Contractual | | 3-17-2014 | | 7-29-2022 | | 1.56% | | $ | — | | | N/A |
| | Class B | | Contractual | | 3-17-2014 | | 7-29-2022 | | 2.45% | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 3-17-2014 | | 7-29-2022 | | 0.99% | | $ | 748 | | | Shareholder Servicing |
| | | Class R6 | | Contractual | | 3-17-2014 | | 7-29-2022 | | 0.99% | | $ | — | | | N/A |
Delaware Ivy Global Bond Fund | | Class A | | Contractual | | 6-2-2008 | | 7-29-2022 | | 0.96% | | $ | 170 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class B | | Contractual | | 6-2-2008 | | 7-29-2022 | | 1.68% | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Contractual | | 6-2-2008 | | 7-29-2022 | | 1.72% | | $ | 4 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 6-2-2008 | | 7-29-2022 | | 0.74% | | $ | 170 | | | Shareholder Servicing |
| | Class R6 | | Contractual | | 4-1-2017 | | 7-29-2022 | | 0.74% | | $ | — | | | N/A |
| | Class Y | | Contractual | | 6-2-2008 | | 7-29-2022 | | 0.99% | | $ | — | | | N/A |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 173 | |
| | | | | | | | | | | | | | | | |
| Fund Name | | Share
Class
Name | | Type of
Expense
Limit | | Commencement
Date | | End
Date | | Expense
Limit | | Amount of
Expense Waiver/
Reimbursement | | | Expense Reduced |
Delaware Ivy Global Equity Income Fund | | Class A | | Contractual | | 6-4-2012 | | 7-29-2022 | | 1.22% | | $ | — | | | N/A |
| | Class B | | Contractual | | 6-4-2012 | | 7-29-2022 | | 1.92% | | $ | 2 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 2-26-2018 | | 7-29-2022 | | 1.09% | | $ | 9 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 6-4-2012 | | 7-29-2022 | | 0.92% | | $ | 34 | | | Shareholder Servicing |
| | | Class Y | | Contractual | | 6-4-2012 | | 7-29-2022 | | 1.19% | | $ | — | | | N/A |
Delaware Ivy Global Growth Fund | | Class B | | Contractual | | 2-26-2018 | | 7-29-2022 | | 2.52% | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 8-1-2011 | | 7-29-2022 | | 1.06% | | $ | 32 | | | Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Government Money Market Fund | | Class A | | Voluntary | | N/A | | N/A | | To maintain minimum yield(2) | | $ | 461 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class B | | Voluntary | | N/A | | N/A | | To maintain minimum yield(2) | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Voluntary | | N/A | | N/A | | To maintain minimum yield(2) | | $ | 24 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.49% | | $ | 9 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Voluntary | | N/A | | N/A | | To maintain minimum yield(2) | | $ | 24 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | Class R6 | | Voluntary | | N/A | | N/A | | To maintain minimum yield(2) | | $ | 1 | | | Shareholder Servicing |
Delaware Ivy High Income Fund | | Class B | | Contractual | | 2-26-2018 | | 7-29-2022 | | 1.70% | | $ | 5 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Contractual | | 2-26-2018 | | 7-29-2022 | | 1.66% | | $ | 24 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.04% | | $ | 8 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 28 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy International Core Equity Fund | | All Classes | | Contractual | | 8-1-2008 | | 7-29-2022 | | N/A | | $ | 1,105 | (3) | | Investment Management Fee |
| | Class A | | Contractual | | 11-5-2018 | | 7-29-2022 | | 1.23% | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class B | | Contractual | | 11-5-2018 | | 7-29-2022 | | 2.08% | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Contractual | | 11-5-2018 | | 7-29-2022 | | 1.92% | | $ | 10 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.17%(4) | | $ | 13 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.79% | | $ | 1,151 | | | Shareholder Servicing |
| | Class R | | Contractual | | 11-5-2018 | | 7-29-2022 | | 1.53% | | $ | 4 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class R6 | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.79% | | $ | 32 | | | Shareholder Servicing |
| | | Class Y | | Contractual | | 8-15-2018 | | 7-29-2022 | | 1.18% | | $ | 31 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | | | | |
| 174 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | |
| Fund Name | | Share
Class
Name | | Type of
Expense
Limit | | Commencement
Date | | End
Date | | Expense
Limit | | Amount of
Expense Waiver/
Reimbursement | | | Expense Reduced |
Delaware Ivy Large Cap Growth Fund | | Class A | | Contractual | | 6-1-2006 | | 7-29-2022 | | 1.04% | | $ | — | | | N/A |
| | Class B | | Contractual | | 2-26-2018 | | 7-29-2022 | | 1.83% | | $ | 3 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.10% | | $ | — | | | N/A |
| | Class I | | Contractual | | 6-13-2011 | | 7-29-2022 | | 0.64% | | $ | 1,887 | | | Shareholder Servicing |
| | Class R6 | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.64% | | $ | — | * | | Shareholder Servicing |
| | Class Y | | Contractual | | 6-1-2006 | | 7-29-2022 | | 1.05% | | $ | — | | | N/A |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 12 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Limited-Term Bond Fund | | Class E | | Contractual | | 8-1-2010 | | 7-29-2022 | | 0.86%(5) | | $ | 3 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Managed International Opportunities Fund | | Class A | | Contractual | | 3-17-2014 | | 7-29-2022 | | 0.46% | | $ | 11 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class B | | Contractual | | 3-17-2014 | | 7-29-2022 | | 1.25% | | $ | — | * | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Contractual | | 3-17-2014 | | 7-29-2022 | | 1.25% | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 3-17-2014 | | 7-29-2022 | | 0.16% | | $ | 10 | | | Shareholder Servicing |
| | Class R | | Contractual | | 3-17-2014 | | 7-29-2022 | | 0.72% | | $ | — | | | N/A |
| | Class R6 | | Voluntary | | N/A | | N/A | | Not to exceed Class I | | $ | — | * | | Shareholder Servicing |
| | | Class Y | | Contractual | | 3-17-2014 | | 7-29-2022 | | 0.38% | | $ | — | * | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Mid Cap Growth Fund | | All Classes | | Contractual | | 8-1-2008 | | 7-29-2022 | | N/A | | $ | 111 | (6) | | Investment Management Fee |
| | Class A | | Contractual | | 8-1-2014 | | 7-29-2022 | | 1.30% | | $ | — | | | N/A |
| | Class B | | Contractual | | 2-26-2018 | | 7-29-2022 | | 2.07% | | $ | 3 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.23%(7) | | $ | 9 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.79% | | $ | 3,131 | | | Shareholder Servicing |
| | Class R6 | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.79% | | $ | 65 | | | Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 110 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Mid Cap Income Opportunities Fund | | All Classes | | Contractual | | 10-1-2014 | | 7-29-2022 | | N/A | | $ | 422 | (8) | | Investment Management Fee |
| | Class A | | Contractual | | 10-1-2014 | | 7-29-2022 | | 1.34% | | $ | — | | | N/A |
| | Class C | | Contractual | | 10-1-2014 | | 7-29-2022 | | 2.06% | | $ | — | | | N/A |
| | Class I | | Contractual | | 10-1-2014 | | 7-29-2022 | | 0.83% | | $ | 1,088 | | | Shareholder Servicing |
| | Class R | | Contractual | | 10-1-2014 | | 7-29-2022 | | 1.80% | | $ | — | | | N/A |
| | Class R6 | | Contractual | | 10-1-2014 | | 7-29-2022 | | 0.83% | | $ | 10 | | | Shareholder Servicing |
| | Class Y | | Contractual | | 10-1-2014 | | 7-29-2022 | | 1.35% | | $ | — | | | N/A |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 4 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Municipal Bond Fund | | Class A | | Contractual | | 10-16-2017 | | 7-29-2022 | | 0.83% | | $ | 131 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 10-16-2017 | | 7-29-2022 | | 0.70% | | $ | 53 | | | Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | — | * | | 12b-1 Fees and/or Shareholder Servicing |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 175 | |
| | | | | | | | | | | | | | | | |
| Fund Name | | Share
Class
Name | | Type of
Expense
Limit | | Commencement
Date | | End
Date | | Expense
Limit | | Amount of
Expense Waiver/
Reimbursement | | | Expense Reduced |
Delaware Ivy Municipal High Income Fund | | Class B | | Contractual | | 10-1-2016 | | 7-29-2022 | | 1.62% | | $ | — | * | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Contractual | | 10-1-2016 | | 7-29-2022 | | 1.58% | | $ | 15 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 8-1-2011 | | 7-29-2022 | | 0.61% | | $ | 201 | | | Shareholder Servicing |
| | Class Y | | Contractual | | 10-1-2016 | | 7-29-2022 | | 0.94% | | $ | — | | | N/A |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 2 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Pzena International Value Fund | | All Classes | | Contractual | | 12-3-2012 | | 7-29-2022 | | N/A | | $ | 286 | (9) | | Investment Management Fee |
Delaware Ivy Securian Core Bond Fund | | All Classes | | Contractual | | 8-1-2011 | | 7-29-2022 | | N/A | | $ | 642 | (10) | | Investment Management Fee |
| | Class E | | Contractual | | 1-31-2011 | | 7-29-2022 | | 0.95% | | $ | 3 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 8-1-2011 | | 7-29-2022 | | 0.45% | | $ | 616 | | | Shareholder Servicing |
| | Class R6 | | Contractual | | 8-1-2011 | | 7-29-2022 | | 0.45% | | $ | 12 | | | Shareholder Servicing |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | — | * | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Small Cap Core Fund | | All Classes | | Contractual | | 8-1-2008 | | 7-29-2022 | | N/A | | $ | 93 | (11) | | Investment Management Fee |
| | Class I | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.89% | | $ | 378 | | | Shareholder Servicing |
| | | Class R6 | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.89% | | $ | 9 | | | Shareholder Servicing |
Delaware Ivy Small Cap Growth Fund | | Class B | | Contractual | | 2-26-2018 | | 7-29-2022 | | 2.17% | | $ | 4 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class C | | Contractual | | 11-5-2018 | | 7-29-2022 | | 2.04% | | $ | — | * | | 12b-1 Fees and/or Shareholder Servicing |
| | Class E | | Contractual | | 8-1-2008 | | 7-29-2022 | | 1.29%(12) | | $ | 10 | | | 12b-1 Fees and/or Shareholder Servicing |
| | Class I | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.89% | | $ | 780 | | | Shareholder Servicing |
| | Class R6 | | Contractual | | 7-31-2018 | | 7-29-2022 | | 0.89% | | $ | — | | | N/A |
| | | Class Y | | Voluntary | | N/A | | N/A | | Not to exceed Class A | | $ | 25 | | | 12b-1 Fees and/or Shareholder Servicing |
Delaware Ivy Value Fund | | Class A | | Contractual | | 10-16-2017 | | 7-29-2022 | | 1.20% | | $ | — | | | N/A |
| | Class B | | Contractual | | 10-16-2017 | | 7-29-2022 | | 2.31% | | $ | 1 | | | 12b-1 Fees and/or Shareholder Servicing |
| | | Class I | | Contractual | | 10-16-2017 | | 7-29-2022 | | 0.92% | | $ | — | | | N/A |
| * | Not shown due to rounding. |
| (1) | Reflects the lower expense limit which went into effect July 29, 2021. Prior to July 29, 2021, the expense limit in effect was 0.99%. |
| (2) | Minimum yield was 0.00%. |
| (3) | Due to Class A, Class B, Class C, Class E, Class I, Class R, Class R6 and/or Class Y contractual expense limits, investment management fees were waived for all share classes. |
| (4) | Reflects the lower expense limit which went into effect July 29, 2021. Prior to July 29, 2021, the expense limit in effect was 1.18%. |
| (5) | Reflects the lower expense limit which went into effect July 29, 2021. Prior to July 29, 2021, the expense limit in effect was 0.93%. |
| (6) | Due to Class A, Class B, Class E, Class I, Class R6 and/or Class Y contractual expense limits, investment management fees were waived for all share classes. |
| (7) | Reflects the lower expense limit which went into effect July 29, 2021. Prior to July 29, 2021, the expense limit in effect was 1.24%. |
| (8) | Due to Class A, Class C, Class I, Class R, Class R6 and/or Class Y contractual expense limits, investment management fees were waived for all share classes. |
| (9) | The Fund’s management fee is being reduced by 0.21% of average daily net assets. |
| (10) | Due to Class E, Class I, Class R6 and/or Class Y contractual expense limits, investment management fees were waived for all share classes. |
| (11) | Due to Class I, Class R6 and/or Class Y contractual expense limits, investment management fees were waived for all share classes. |
| (12) | Reflects the lower expense limit which went into effect July 29, 2021. Prior to July 29, 2021, the expense limit in effect was 1.30%. |
| | | | | | |
| 176 | | SEMIANNUAL REPORT | | 2021 | | |
Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2021 are shown as a receivable from affiliates on the Statements of Assets and Liabilities.
| 7. | | INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The program was in existence in the past but has now been terminated. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended September 30, 2021.
| 8. | | AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands) |
A summary of the transactions in affiliated companies during the period ended September 30, 2021 follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3-31-21
Value | | | Gross
Additions | | | Gross
Reductions | | | Realized
Gain/(Loss) | | | Net Change
in Unrealized
Appreciation/
(Depreciation) | | | 9-30-21
Value | | | Distributions
Received | | | Capital Gain
Distributions | |
Delaware Ivy High Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ASG Warrant Corp.(1)(2)(3) | | $ | — | * | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | * | | $ | — | | | $ | — | |
Bellatrix Exploration Ltd. | | | — | * | | | — | | | | — | * | | | — | | | | — | | | | — | | | | — | | | | — | |
BIS Industries Ltd.(2)(3) | | | — | * | | | — | | | | — | | | | — | | | | — | | | | — | * | | | — | | | | — | |
Foresight Energy L.P.(1)(2)(3) | | | 17,029 | | | | — | | | | — | | | | — | | | | 6,593 | | | | 23,622 | | | | — | | | | — | |
Larchmont Resources LLC(1)(3) | | | 734 | | | | — | | | | — | | | | — | | | | (710 | ) | | | 24 | | | | — | | | | — | |
Maritime Finance Co. Ltd.(1)(2)(3) | | | 4,660 | | | | — | | | | — | | | | — | | | | 202 | | | | 4,862 | | | | — | | | | — | |
New Cotai Participation Corp., Class B(1)(2(3) | | | 74,765 | | | | — | | | | 18,643 | | | | — | | | | (12,472 | ) | | | 43,650 | | | | — | | | | — | |
True Religion Apparel, Inc.(1) | | | 2,051 | | | | — | | | | — | | | | — | | | | — | | | | 2,051 | | | | — | | | | — | |
True Religion Apparel, Inc.(1)(2) | | | 5,122 | | | | — | | | | — | | | | — | | | | 3,775 | | | | 8.897 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 104,361 | | | | | | | | | | | $ | — | | | $ | (2,612 | ) | | $ | 83,106 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | 3-31-21
Value | | | | | | | | | | | | Net Change
in Unrealized
Appreciation/
(Depreciation) | | | | | | Interest
Received | | | | |
Bellatrix Exploration Ltd., 8.500%, 9-11-23 | | $ | — | * | | $ | — | | | $ | — | * | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Bellatrix Exploration Ltd. (3.000% Cash or 9.500% PIK), 9.500%, 12-15-23 | | | — | * | | | — | | | | — | * | | | — | | | | — | | | | — | | | | — | | | | — | |
Larchmont Resources LLC (9.000% Cash or 9.000% PIK), 9.000%, 8-7-22(2)(4) | | | 6,025 | | | | — | | | | 333 | | | | — | | | | 7,458 | | | | 13,150 | | | | 724 | | | | — | |
New Cotai LLC (14.000% Cash or 14.000% PIK), 14.000%, 9-10-25(3)(4) | | | 5,831 | | | | — | | | | — | | | | — | | | | 230 | | | | 6,061 | | | | 429 | | | | — | |
Foresight Energy LLC (ICE LIBOR plus 800 bps), 9.500%, 6-29-27(3) | | | 11,495 | | | | — | | | | 1,608 | | | | — | | | | (2,157 | ) | | | 7,730 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | — | | | $ | 5,531 | | | $ | 26,941 | | | $ | 1,153 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 177 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3-31-21
Value | | | Gross
Additions | | | Gross
Reductions | | | Realized
Gain/(Loss) | | | Net Change
in Unrealized
Appreciation/
(Depreciation) | | | 9-30-21
Value | | | Distributions
Received | | | Capital Gain
Distributions | |
Delaware Ivy Managed International Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Delaware Ivy Emerging Markets Equity Fund, Class R6 | | $ | 49,530 | | | $ | 8,221 | | | $ | 4,174 | | | $ | 131 | | | $ | (2,094 | ) | | $ | 51,614 | | | $ | — | | | $ | — | |
Delaware Ivy Global Equity Income Fund, Class R6 | | | 18,005 | | | | 487 | | | | 1,877 | | | | 48 | | | | 69 | | | | 16,732 | | | | 363 | | | | — | |
Delaware Ivy Global Growth Fund, Class R6 | | | 17,053 | | | | 712 | | | | 1,990 | | | | 452 | | | | 661 | | | | 16,888 | | | | — | | | | — | |
Delaware Ivy International Core Equity Fund, Class R6 | | | 55,746 | | | | 378 | | | | 8,376 | | | | 1,678 | | | | 941 | | | | 50,367 | | | | — | | | | — | |
Delaware Ivy International Small Cap Fund, Class R6 | | | 17,789 | | | | 125 | | | | 2,018 | | | | 477 | | | | 813 | | | | 17,186 | | | | — | | | | — | |
Delaware Ivy Pzena International Value Fund, Class R6 | | | 20,286 | | | | 91 | | | | 12,553 | | | | 1,634 | | | | (1,231 | ) | | | 8,227 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 178,409 | | | | | | | | | | | $ | 4,420 | | | $ | (841 | ) | | $ | 161,014 | | | $ | 363 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | 3-31-21
Value | | | Gross
Additions | | | Gross
Reductions | | | Realized
Gain/(Loss) | | | Net Change
in Unrealized
Depreciation | | | 9-30-21
Value | | | Distributions
Received | | | Capital Gain
Distributions | |
Delaware Ivy Small Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PetIQ, Inc.(1) | | $ | 70,552 | | | $ | 8,401 | | | $ | 2,845 | | | $ | 255 | | | $ | (20,963 | ) | | $ | 55,400 | | | $ | — | | | $ | — | |
| * | Not shown due to rounding. |
| (1) | No dividends were paid during the preceding 12 months. |
| (2) | Securities whose value was determined using significant unobservable inputs. |
| 9. | | INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands) |
The cost of purchases and the proceeds from maturities and sales of investment securities (excluding short-term securities) for the period ended September 30, 2021, were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases | | | Sales | |
| | | U.S. Government | | | Other Issuers | | | U.S. Government | | | Other Issuers | |
Delaware Ivy Core Equity Fund | | $ | — | | | $ | 642,360 | | | $ | — | | | $ | 920,179 | |
Delaware Ivy Emerging Markets Equity Fund | | | — | | | | 446,321 | | | | — | | | | 494,919 | |
Delaware Ivy Global Bond Fund | | | 14,612 | | | | 119,999 | | | | 49 | | | | 77,724 | |
Delaware Ivy Global Equity Income Fund | | | — | | | | 17,394 | | | | — | | | | 60,811 | |
Delaware Ivy Global Growth Fund | | | — | | | | 29,547 | | | | — | | | | 95,015 | |
Delaware Ivy Government Money Market Fund | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy High Income Fund | | | — | | | | 936,051 | | | | — | | | | 1,306,363 | |
Delaware Ivy International Core Equity Fund | | | — | | | | 1,109,803 | | | | — | | | | 1,408,935 | |
Delaware Ivy Large Cap Growth Fund | | | — | | | | 260,237 | | | | — | | | | 589,437 | |
Delaware Ivy Limited-Term Bond Fund | | | 31,634 | | | | 160,811 | | | | 63,411 | | | | 159,901 | |
Delaware Ivy Managed International Opportunities Fund | | | — | | | | 10,014 | | | | — | | | | 30,988 | |
Delaware Ivy Mid Cap Growth Fund | | | — | | | | 894,875 | | | | — | | | | 1,018,108 | |
Delaware Ivy Mid Cap Income Opportunities Fund | | | — | | | | 299,825 | | | | — | | | | 120,618 | |
Delaware Ivy Municipal Bond Fund | | | — | | | | 95,427 | | | | — | | | | 78,179 | |
Delaware Ivy Municipal High Income Fund | | | — | | | | 218,234 | | | | — | | | | 216,151 | |
Delaware Ivy Pzena International Value Fund | | | — | | | | 28,143 | | | | — | | | | 48,108 | |
Delaware Ivy Securian Core Bond Fund | | | 335,367 | | | | 161,030 | | | | 339,781 | | | | 273,495 | |
Delaware Ivy Small Cap Core Fund | | | — | | | | 249,103 | | | | — | | | | 294,537 | |
Delaware Ivy Small Cap Growth Fund | | | — | | | | 617,864 | | | | — | | | | 710,610 | |
Delaware Ivy Value Fund | | | — | | | | 505,556 | | | | — | | | | 487,694 | |
| | | | | | |
| 178 | | SEMIANNUAL REPORT | | 2021 | | |
| 10. | | LOANS OF PORTFOLIO SECURITIES ($ amounts in thousands) |
Each Fund may lend their portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, The Bank of New York Mellon (“BNYM”). The borrower pledges and maintains with the Fund collateral consisting of cash or securities issued or guaranteed by the U.S. government. The collateral received by the Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% of the market value for all other securities, except in the case of loans of foreign securities which are denominated and payable in U.S. dollars, in which case the collateral is required to have a value of at least 102% of the market value of the loaned securities. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Cash received as collateral for securities on loan may be reinvested in the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares or certain other registered money market funds and are disclosed in the Fund’s Schedule of Investments and are reflected in the Statements of Assets and Liabilities as cash collateral on securities loaned at value. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Fund and the Fund does not have the ability to re-hypothecate these securities. The securities on loan for each Fund are also disclosed in its Schedule of Investments. The total value of any securities on loan as of September 30, 2021 and the total value of the related cash collateral are disclosed in the Statements of Assets and Liabilities. Income earned by the Funds from securities lending activity is disclosed in the Statements of Operations.
The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of September 30, 2021:
| | | | | | | | | | | | | | | | |
| Fund | | Value of Securities
on Loan | | | Cash Collateral
Received | | | Non-Cash Collateral
Received | | | Total Collateral
Received | |
Delaware Ivy Global Bond Fund | | $ | 10,241 | | | $ | 9,847 | | | $ | 674 | | | $ | 10,521 | |
Delaware Ivy Global Equity Income Fund | | | 12,455 | | | | 5,068 | | | | 9,312 | | | | 14,380 | |
Delaware Ivy Global Growth Fund | | | 16,514 | | | | 17,342 | | | | — | | | | 17,342 | |
Delaware Ivy High Income Fund | | | 43,577 | | | | 35,335 | | | | 9,225 | | | | 44,560 | |
Delaware Ivy International Core Equity Fund | | | 87,920 | | | | 42,167 | | | | 50,585 | | | | 92,752 | |
Delaware Ivy Mid Cap Growth Fund | | | 11,793 | | | | 8,764 | | | | 3,291 | | | | 12,055 | |
Delaware Ivy Pzena International Value Fund | | | 10,795 | | | | 11,621 | | | | — | | | | 11,621 | |
Delaware Ivy Securian Core Bond Fund | | | 10 | | | | 10 | | | | — | | | | 10 | |
Delaware Ivy Small Cap Core Fund | | | 6,261 | | | | 6,398 | | | | — | | | | 6,398 | |
Delaware Ivy Small Cap Growth Fund | | | 2,807 | | | | 2,866 | | | | — | | | | 2,866 | |
Delaware Ivy Value Fund | | | 13,426 | | | | 13,706 | | | | — | | | | 13,706 | |
The cash collateral received amounts presented in the table above are transactions accounted for as secured borrowings and have an overnight and continuous maturity. The proceeds from the cash collateral received is invested in registered money market funds.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower indemnity provided by BNYM. BNYM’s indemnity allows for full replacement of securities lent wherein BNYM will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral or to the extent such proceeds are insufficient or the collateral is unavailable, BNYM will purchase the unreturned loan securities at BNYM’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
On July 1, 2019 the Trust, on behalf of the Delaware Ivy High Income Fund and Delaware Ivy Municipal High Income Fund, along with certain other funds managed by the investment adviser (“Participating Funds”), entered into a 364-day senior unsecured revolving credit facility with Bank of New York Mellon and a group of financial institutions to be utilized to
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 179 | |
temporarily finance the repurchase or redemption of Fund shares and for other temporary or emergency purposes. The agreement was amended on June 28, 2021. The Participating Funds can borrow up to an aggregate commitment amount of $130 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit facility has the following terms: a commitment fee of 0.15% per annum of the daily amount of unused commitment amounts and interest at a rate equal to the higher of (a) the federal funds effective rate (but not below 0.0%) plus 1.25% per annum or (b) the one-month LIBOR rate (but not below 0.0%) plus 1.25% per annum on amounts borrowed. The agreement expires in June 2022 unless extended or renewed. As of September 30, 2021, if applicable, any outstanding borrowings would be disclosed as a payable for borrowing on the Statements of Assets and Liabilities. Commitment and interest fees, if any, paid by the Participating Funds are disclosed as part of commitment and interest expense for borrowing on the Statements of Operations. During the year ended September 30, 2021, the Participating Funds did not borrow under the credit facility.
| 12. | | CAPITAL SHARE TRANSACTIONS (All amounts in thousands) |
The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. Transactions in shares of beneficial interest were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Core Equity Fund | | | Delaware Ivy Emerging Markets Equity Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 2,775 | | | $ | 53,923 | | | | 6,770 | | | $ | 105,920 | | | | 826 | | | $ | 23,580 | | | | 2,162 | | | $ | 55,079 | |
Class B | | | 3 | | | | 41 | | | | 3 | | | | 36 | | | | — | * | | | — | * | | | 2 | | | | 36 | |
Class C | | | 127 | | | | 1,994 | | | | 330 | | | | 4,108 | | | | 125 | | | | 2,996 | | | | 317 | | | | 7,029 | |
Class E | | | 52 | | | | 999 | | | | 108 | | | | 1,704 | | | | N/A | | | | N/A | | | | — | | | | — | |
Class I | | | 2,761 | | | | 62,289 | | | | 5,693 | | | | 100,670 | | | | 8,054 | | | | 236,569 | | | | 19,333 | | | | 516,903 | |
Class R | | | 1 | | | | 11 | | | | 5 | | | | 79 | | | | 34 | | | | 947 | | | | 135 | | | | 3,339 | |
Class R6 | | | 260 | | | | 6,066 | | | | 3,491 | | | | 57,497 | | | | 2,059 | | | | 60,692 | | | | 4,719 | | | | 120,389 | |
Class T | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | |
Class Y | | | 46 | | | | 1,028 | | | | 114 | | | | 1,942 | | | | 210 | | | | 6,089 | | | | 544 | | | | 12,995 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 4,797 | | | | 78,527 | | | | — | | | | — | | | | 97 | | | | 2,585 | |
Class B | | | — | | | | — | | | | 7 | | | | 90 | | | | — | | | | — | | | | — | * | | | 1 | |
Class C | | | — | | | | — | | | | 81 | | | | 1,078 | | | | — | | | | — | | | | 10 | | | | 229 | |
Class E | | | — | | | | — | | | | 26 | | | | 421 | | | | N/A | | | | N/A | | | | — | | | | — | |
Class I | | | — | | | | — | | | | 1,308 | | | | 24,689 | | | | — | | | | — | | | | 428 | | | | 11,774 | |
Class R | | | — | | | | — | | | | — | * | | | 1 | | | | — | | | | — | | | | 2 | | | | 54 | |
Class R6 | | | — | | | | — | | | | 119 | | | | 2,252 | | | | — | | | | — | | | | 122 | | | | 3,367 | |
Class T | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | |
Class Y | | | — | | | | — | | | | 34 | | | | 611 | | | | — | | | | — | | | | 3 | | | | 74 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (11,872 | ) | | | (232,225 | ) | | | (27,535 | ) | | | (428,467 | ) | | | (1,367 | ) | | | (38,730 | ) | | | (3,513 | ) | | | (80,490 | ) |
Class B | | | (145 | ) | | | (2,181 | ) | | | (269 | ) | | | (3,215 | ) | | | (11 | ) | | | (257 | ) | | | (44 | ) | | | (850 | ) |
Class C | | | (407 | ) | | | (6,475 | ) | | | (1,933 | ) | | | (25,052 | ) | | | (244 | ) | | | (5,879 | ) | | | (1,158 | ) | | | (22,854 | ) |
Class E | | | (91 | ) | | | (1,783 | ) | | | (174 | ) | | | (2,671 | ) | | | N/A | | | | N/A | | | | (15 | ) | | | (310 | ) |
Class I | | | (6,916 | ) | | | (156,856 | ) | | | (17,873 | ) | | | (319,140 | ) | | | (10,249 | ) | | | (298,307 | ) | | | (17,708 | ) | | | (407,534 | ) |
Class R | | | (24 | ) | | | (448 | ) | | | (8 | ) | | | (123 | ) | | | (88 | ) | | | (2,452 | ) | | | (295 | ) | | | (6,482 | ) |
Class R6 | | | (604 | ) | | | (13,674 | ) | | | (1,604 | ) | | | (29,714 | ) | | | (1,520 | ) | | | (44,734 | ) | | | (5,064 | ) | | | (115,291 | ) |
Class T | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | (14 | ) | | | (273 | ) |
Class Y | | | (102 | ) | | | (2,221 | ) | | | (619 | ) | | | (10,516 | ) | | | (168 | ) | | | (4,819 | ) | | | (1,092 | ) | | | (27,110 | ) |
Net increase (decrease) | | | (14,136 | ) | | $ | (289,512 | ) | | | (27,129 | ) | | $ | (439,273 | ) | | | (2,339 | ) | | $ | (64,305 | ) | | | (1,029 | ) | | $ | 72,660 | |
| | | | | | |
| 180 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Global Bond Fund | | | Delaware Ivy Global Equity Income Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,064 | | | $ | 10,971 | | | | 2,124 | | | $ | 21,835 | | | | 419 | | | $ | 5,931 | | | | 1,176 | | | $ | 14,120 | |
Class B | | | — | | | | — | | | | 2 | | | | 17 | | | | — | * | | | 1 | | | | 1 | | | | 9 | |
Class C | | | 62 | | | | 638 | | | | 91 | | | | 930 | | | | 10 | | | | 140 | | | | 29 | | | | 340 | |
Class E | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 10 | | | | 139 | | | | 34 | | | | 403 | |
Class I | | | 4,731 | | | | 48,839 | | | | 6,058 | | | | 62,169 | | | | 670 | | | | 9,483 | | | | 1,794 | | | | 21,009 | |
Class R | | | 5 | | | | 56 | | | | 5 | | | | 54 | | | | 1 | | | | 7 | | | | 1 | | | | 6 | |
Class R6 | | | 5,420 | | | | 56,140 | | | | 4,280 | | | | 43,863 | | | | 34 | | | | 476 | | | | 398 | | | | 4,700 | |
Class Y | | | 9 | | | | 92 | | | | 22 | | | | 217 | | | | 4 | | | | 60 | | | | 42 | | | | 488 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 213 | | | | 2,197 | | | | 449 | | | | 4,599 | | | | 387 | | | | 5,519 | | | | 758 | | | | 9,272 | |
Class B | | | — | * | | | 2 | | | | 1 | | | | 8 | | | | — | * | | | 4 | | | | 2 | | | | 20 | |
Class C | | | 3 | | | | 36 | | | | 10 | | | | 106 | | | | 7 | | | | 98 | | | | 18 | | | | 225 | |
Class E | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 7 | | | | 99 | | | | 13 | | | | 163 | |
Class I | | | 332 | | | | 3,424 | | | | 618 | | | | 6,328 | | | | 358 | | | | 5,114 | | | | 750 | | | | 9,153 | |
Class R | | | — | * | | | 3 | | | | 1 | | | | 7 | | | | — | * | | | — | * | | | — | * | | | 2 | |
Class R6 | | | 111 | | | | 1,141 | | | | 131 | | | | 1,350 | | | | 33 | | | | 477 | | | | 68 | | | | 836 | |
Class Y | | | 1 | | | | 10 | | | | 2 | | | | 24 | | | | 2 | | | | 33 | | | | 4 | | | | 53 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (1,715 | ) | | | (17,695 | ) | | | (3,634 | ) | | | (37,024 | ) | | | (1,920 | ) | | | (27,105 | ) | | | (6,321 | ) | | | (74,168 | ) |
Class B | | | (19 | ) | | | (201 | ) | | | (30 | ) | | | (307 | ) | | | (129 | ) | | | (1,851 | ) | | | (78 | ) | | | (909 | ) |
Class C | | | (82 | ) | | | (843 | ) | | | (359 | ) | | | (3,699 | ) | | | (92 | ) | | | (1,298 | ) | | | (558 | ) | | | (6,739 | ) |
Class E | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | (31 | ) | | | (441 | ) | | | (104 | ) | | | (1,218 | ) |
Class I | | | (3,401 | ) | | | (35,062 | ) | | | (5,316 | ) | | | (53,895 | ) | | | (2,495 | ) | | | (35,242 | ) | | | (8,147 | ) | | | (95,567 | ) |
Class R | | | (1 | ) | | | (15 | ) | | | (47 | ) | | | (477 | ) | | | (4 | ) | | | (62 | ) | | | (29 | ) | | | (331 | ) |
Class R6 | | | (546 | ) | | | (5,643 | ) | | | (907 | ) | | | (9,309 | ) | | | (278 | ) | | | (3,957 | ) | | | (536 | ) | | | (6,448 | ) |
Class Y | | | (33 | ) | | | (337 | ) | | | (31 | ) | | | (315 | ) | | | (10 | ) | | | (139 | ) | | | (367 | ) | | | (4,409 | ) |
Net increase (decrease) | | | 6,154 | | | $ | 63,753 | | | | 3,470 | | | $ | 36,481 | | | | (3,017 | ) | | $ | (42,514 | ) | | | (11,052 | ) | | $ | (128,990 | ) |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 181 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Global Growth Fund | | | Delaware Ivy Government Money Market Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 147 | | | $ | 8,813 | | | | 488 | | | $ | 24,209 | | | | 100,843 | | | $ | 100,843 | | | | 362,834 | | | $ | 362,834 | |
Class B | | | — | | | | — | | | | — | * | | | 2 | | | | — | | | | — | | | | 126 | | | | 126 | |
Class C | | | 5 | | | | 225 | | | | 16 | | | | 645 | | | | 629 | | | | 629 | | | | 5,045 | | | | 5,045 | |
Class E | | | N/A | | | | N/A | | | | — | | | | — | | | | 1,631 | | | | 1,631 | | | | 10,219 | | | | 10,219 | |
Class I | | | 354 | | | | 21,835 | | | | 1,309 | | | | 66,453 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R | | | — | * | | | 9 | | | | 1 | | | | 67 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R6 | | | 39 | | | | 2,412 | | | | 15 | | | | 793 | | | | — | | | | — | | | | 255 | | | | 255 | |
Class Y | | | 3 | | | | 205 | | | | 19 | | | | 973 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 464 | | | | 24,461 | | | | 10 | | | | 10 | | | | 85 | | | | 85 | |
Class B | | | — | | | | — | | | | 1 | | | | 26 | | | | — | * | | | — | * | | | — | * | | | — | * |
Class C | | | — | | | | — | | | | 9 | | | | 381 | | | | — | * | | | — | * | | | 1 | | | | 1 | |
Class E | | | N/A | | | | N/A | | | | — | | | | — | | | | 1 | | | | 1 | | | | 7 | | | | 7 | |
Class I | | | — | | | | — | | | | 429 | | | | 23,181 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R | | | — | | | | — | | | | 1 | | | | 47 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R6 | | | — | | | | — | | | | 17 | | | | 952 | | | | — | | | | — | | | | — | * | | | — | * |
Class Y | | | — | | | | — | | | | 2 | | | | 105 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (578 | ) | | | (34,754 | ) | | | (1,307 | ) | | | (65,307 | ) | | | (169,340 | ) | | | (169,340 | ) | | | (339,477 | ) | | | (339,477 | ) |
Class B | | | (4 | ) | | | (175 | ) | | | (11 | ) | | | (445 | ) | | | (458 | ) | | | (458 | ) | | | (558 | ) | | | (558 | ) |
Class C | | | (20 | ) | | | (987 | ) | | | (76 | ) | | | (3,188 | ) | | | (1,464 | ) | | | (1,464 | ) | | | (18,567 | ) | | | (18,567 | ) |
Class E | | | N/A | | | | N/A | | | | (4 | ) | | | (178 | ) | | | (2,565 | ) | | | (2,565 | ) | | | (7,669 | ) | | | (7,669 | ) |
Class I | | | (1,027 | ) | | | (63,780 | ) | | | (2,198 | ) | | | (112,824 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R | | | (1 | ) | | | (82 | ) | | | (6 | ) | | | (276 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R6 | | | (35 | ) | | | (2,224 | ) | | | (118 | ) | | | (5,915 | ) | | | — | | | | — | | | | (8,231 | ) | | | (8,231 | ) |
Class Y | | | (24 | ) | | | (1,499 | ) | | | (30 | ) | | | (1,403 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Net increase (decrease) | | | (1,141 | ) | | $ | (70,002 | ) | | | (979 | ) | | $ | (47,241 | ) | | | (70,713 | ) | | $ | (70,713 | ) | | | 4,070 | | | $ | 4,070 | |
| | | | | | |
| 182 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy High Income Fund | | | Delaware Ivy International Core Equity Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 15,724 | | | $ | 113,142 | | | | 52,366 | | | $ | 354,002 | | | | 896 | | | $ | 18,857 | | | | 2,807 | | | $ | 47,922 | |
Class B | | | 1 | | | | 8 | | | | 26 | | | | 181 | | | | 1 | | | | 14 | | | | 1 | | | | 25 | |
Class C | | | 2,112 | | | | 15,173 | | | | 4,611 | | | | 30,908 | | | | 51 | | | | 932 | | | | 132 | | | | 1,946 | |
Class E | | | 44 | | | | 314 | | | | 212 | | | | 1,406 | | | | 22 | | | | 461 | | | | 43 | | | | 753 | |
Class I | | | 33,314 | | | | 239,230 | | | | 110,771 | | | | 746,781 | | | | 3,739 | | | | 79,286 | | | | 12,142 | | | | 201,842 | |
Class R | | | 242 | | | | 1,737 | | | | 853 | | | | 5,589 | | | | 58 | | | | 1,228 | | | | 239 | | | | 3,911 | |
Class R6 | | | 1,319 | | | | 9,491 | | | | 6,379 | | | | 43,669 | | | | 795 | | | | 16,978 | | | | 5,386 | | | | 89,188 | |
Class T | | | N/A | | | | N/A | | | | — | | | | — | | | | N/A | | | | N/A | | | | — | | | | — | |
Class Y | | | 2,246 | | | | 16,170 | | | | 11,715 | | | | 78,330 | | | | 434 | | | | 9,268 | | | | 1,123 | | | | 18,589 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 6,360 | | | | 45,611 | | | | 14,423 | | | | 96,157 | | | | — | | | | — | | | | 186 | | | | 3,418 | |
Class B | | | 13 | | | | 96 | | | | 110 | | | | 720 | | | | — | | | | — | | | | — | * | | | 3 | |
Class C | | | 875 | | | | 6,280 | | | | 3,203 | | | | 21,182 | | | | — | | | | — | | | | 26 | | | | 425 | |
Class E | | | 34 | | | | 245 | | | | 82 | | | | 546 | | | | — | | | | — | | | | 4 | | | | 72 | |
Class I | | | 6,908 | | | | 49,545 | | | | 15,652 | | | | 104,219 | | | | — | | | | — | | | | 1,072 | | | | 19,784 | |
Class R | | | 171 | | | | 1,230 | | | | 445 | | | | 2,956 | | | | — | | | | — | | | | 22 | | | | 399 | |
Class R6 | | | 262 | | | | 1,880 | | | | 628 | | | | 4,183 | | | | — | | | | — | | | | 421 | | | | 7,793 | |
Class T | | | N/A | | | | N/A | | | | — | | | | — | | | | N/A | | | | N/A | | | | — | | | | — | |
Class Y | | | 422 | | | | 3,032 | | | | 1,139 | | | | 7,565 | | | | — | | | | — | | | | 46 | | | | 843 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (27,945 | ) | | | (200,601 | ) | | | (58,972 | ) | | | (393,483 | ) | | | (2,315 | ) | | | (48,923 | ) | | | (7,683 | ) | | | (127,756 | ) |
Class B | | | (829 | ) | | | (5,970 | ) | | | (2,221 | ) | | | (14,786 | ) | | | (16 | ) | | | (297 | ) | | | (71 | ) | | | (1,022 | ) |
Class C | | | (8,182 | ) | | | (58,808 | ) | | | (38,171 | ) | | | (259,187 | ) | | | (650 | ) | | | (11,982 | ) | | | (2,883 | ) | | | (42,869 | ) |
Class E | | | (115 | ) | | | (824 | ) | | | (303 | ) | | | (2,014 | ) | | | (20 | ) | | | (420 | ) | | | (85 | ) | | | (1,402 | ) |
Class I | | | (53,161 | ) | | | (381,713 | ) | | | (115,235 | ) | | | (763,511 | ) | | | (11,325 | ) | | | (240,058 | ) | | | (53,521 | ) | | | (908,490 | ) |
Class R | | | (453 | ) | | | (3,251 | ) | | | (2,166 | ) | | | (14,461 | ) | | | (239 | ) | | | (5,034 | ) | | | (987 | ) | | | (16,509 | ) |
Class R6 | | | (1,947 | ) | | | (13,935 | ) | | | (8,526 | ) | | | (57,464 | ) | | | (4,700 | ) | | | (100,583 | ) | | | (27,184 | ) | | | (460,605 | ) |
Class T | | | N/A | | | | N/A | | | | (36 | ) | | | (234 | ) | | | N/A | | | | N/A | | | | (13 | ) | | | (207 | ) |
Class Y | | | (6,587 | ) | | | (47,177 | ) | | | (15,874 | ) | | | (105,505 | ) | | | (959 | ) | | | (20,328 | ) | | | (9,737 | ) | | | (152,911 | ) |
Net decrease | | | (29,172 | ) | | $ | (209,095 | ) | | | (18,889 | ) | | $ | (112,251 | ) | | | (14,228 | ) | | $ | (300,601 | ) | | | (78,514 | ) | | $ | (1,314,858 | ) |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 183 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Large Cap Growth Fund | | | Delaware Ivy Limited-Term Bond Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 2,014 | | | $ | 65,955 | | | | 7,427 | | | $ | 200,021 | | | | 4,762 | | | $ | 52,671 | | | | 16,035 | | | $ | 177,543 | |
Class B | | | 6 | | | | 121 | | | | 19 | | | | 340 | | | | — | * | | | 2 | | | | 12 | | | | 129 | |
Class C | | | 165 | | | | 4,117 | | | | 832 | | | | 16,784 | | | | 190 | | | | 2,104 | | | | 1,822 | | | | 20,126 | |
Class E | | | 55 | | | | 1,767 | | | | 142 | | | | 3,855 | | | | 72 | | | | 799 | | | | 300 | | | | 3,314 | |
Class I | | | 5,941 | | | | 213,492 | | | | 15,663 | | | | 446,226 | | | | 5,627 | | | | 62,209 | | | | 15,321 | | | | 169,574 | |
Class R | | | 31 | | | | 947 | | | | 161 | | | | 3,907 | | | | 4 | | | | 48 | | | | 4 | | | | 43 | |
Class R6 | | | 155 | | | | 5,590 | | | | 1,738 | | | | 49,588 | | | | 4,559 | | | | 50,390 | | | | 8,084 | | | | 89,556 | |
Class Y | | | 53 | | | | 1,810 | | | | 239 | | | | 6,735 | | | | 24 | | | | 260 | | | | 65 | | | | 715 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 5,781 | | | | 161,108 | | | | 185 | | | | 2,041 | | | | 481 | | | | 5,327 | |
Class B | | | — | | | | — | | | | 15 | | | | 286 | | | | — | * | | | — | * | | | — | * | | | 4 | |
Class C | | | — | | | | — | | | | 326 | | | | 6,876 | | | | 2 | | | | 25 | | | | 17 | | | | 192 | |
Class E | | | — | | | | — | | | | 67 | | | | 1,860 | | | | 4 | | | | 38 | | | | 8 | | | | 94 | |
Class I | | | — | | | | — | | | | 4,898 | | | | 146,252 | | | | 314 | | | | 3,465 | | | | 831 | | | | 9,195 | |
Class R | | | — | | | | — | | | | 34 | | | | 898 | | | | — | * | | | 1 | | | | — | * | | | 3 | |
Class R6 | | | — | | | | — | | | | 329 | | | | 9,886 | | | | 83 | | | | 921 | | | | 176 | | | | 1,951 | |
Class Y | | | — | | | | — | | | | 70 | | | | 2,025 | | | | 1 | | | | 13 | | | | 5 | | | | 56 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (6,216 | ) | | | (205,379 | ) | | | (14,167 | ) | | | (388,279 | ) | | | (6,416 | ) | | | (70,956 | ) | | | (13,587 | ) | | | (150,321 | ) |
Class B | | | (174 | ) | | | (3,754 | ) | | | (197 | ) | | | (3,622 | ) | | | (16 | ) | | | (175 | ) | | | (131 | ) | | | (1,447 | ) |
Class C | | | (478 | ) | | | (11,836 | ) | | | (2,369 | ) | | | (50,309 | ) | | | (736 | ) | | | (8,141 | ) | | | (2,269 | ) | | | (25,148 | ) |
Class E | | | (76 | ) | | | (2,491 | ) | | | (148 | ) | | | (4,117 | ) | | | (78 | ) | | | (860 | ) | | | (139 | ) | | | (1,536 | ) |
Class I | | | (9,887 | ) | | | (352,320 | ) | | | (23,368 | ) | | | (680,556 | ) | | | (8,957 | ) | | | (99,030 | ) | | | (14,631 | ) | | | (161,926 | ) |
Class R | | | (92 | ) | | | (2,882 | ) | | | (399 | ) | | | (10,060 | ) | | | (1 | ) | | | (13 | ) | | | (34 | ) | | | (382 | ) |
Class R6 | | | (656 | ) | | | (23,288 | ) | | | (1,721 | ) | | | (51,261 | ) | | | (1,398 | ) | | | (15,457 | ) | | | (9,164 | ) | | | (101,164 | ) |
Class Y | | | (137 | ) | | | (4,733 | ) | | | (504 | ) | | | (14,202 | ) | | | (35 | ) | | | (387 | ) | | | (347 | ) | | | (3,842 | ) |
Net increase (decrease) | | | (9,296 | ) | | $ | (312,884 | ) | | | (5,132 | ) | | $ | (145,759 | ) | | | (1,810 | ) | | $ | (20,032 | ) | | | 2,859 | | | $ | 32,056 | |
| | | | | | |
| 184 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Managed International
Opportunities Fund | | | Delaware Ivy Mid Cap Growth Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 166 | | | $ | 2,157 | | | | 440 | | | $ | 4,770 | | | | 2,197 | | | $ | 88,629 | | | | 7,015 | | | $ | 239,716 | |
Class B | | | — | * | | | 1 | | | | — | | | | — | | | | 1 | | | | 20 | | | | 8 | | | | 213 | |
Class C | | | 14 | | | | 181 | | | | 25 | | | | 266 | | | | 343 | | | | 11,052 | | | | 1,138 | | | | 30,957 | |
Class E | | | N/A | | | | N/A | | | | — | | | | — | | | | 29 | | | | 1,117 | | | | 70 | | | | 2,274 | |
Class I | | | 348 | | | | 4,574 | | | | 1,690 | | | | 17,705 | | | | 10,207 | | | | 459,646 | | | | 26,124 | | | | 971,961 | |
Class R | | | 1 | | | | 6 | | | | 1 | | | | 7 | | | | 254 | | | | 9,817 | | | | 892 | | | | 29,019 | |
Class R6 | | | 1 | | | | 18 | | | | 8 | | | | 80 | | | | 4,912 | | | | 222,816 | | | | 10,531 | | | | 418,964 | |
Class Y | | | 1 | | | | 9 | | | | 3 | | | | 41 | | | | 1,160 | | | | 49,537 | | | | 2,790 | | | | 102,109 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 40 | | | | 463 | | | | — | | | | — | | | | 6,030 | | | | 212,967 | |
Class B | | | — | | | | — | | | | — | * | | | — | * | | | — | | | | — | | | | 25 | | | | 632 | |
Class C | | | — | | | | — | | | | — | * | | | 5 | | | | — | | | | — | | | | 832 | | | | 23,429 | |
Class E | | | N/A | | | | N/A | | | | — | | | | — | | | | — | | | | — | | | | 53 | | | | 1,820 | |
Class I | | | — | | | | — | | | | 99 | | | | 1,160 | | | | — | | | | — | | | | 7,049 | | | | 275,688 | |
Class R | | | — | | | | — | | | | — | * | | | — | * | | | — | | | | — | | | | 230 | | | | 7,815 | |
Class R6 | | | — | | | | — | | | | — | * | | | 1 | | | | — | | | | — | | | | 1,252 | | | | 49,453 | |
Class Y | | | — | | | | — | | | | — | * | | | 1 | | | | — | | | | — | | | | 802 | | | | 29,946 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (378 | ) | | | (4,950 | ) | | | (1,158 | ) | | | (11,738 | ) | | | (4,656 | ) | | | (187,541 | ) | | | (9,860 | ) | | | (334,258 | ) |
Class B | | | (4 | ) | | | (47 | ) | | | (13 | ) | | | (131 | ) | | | (96 | ) | | | (2,781 | ) | | | (270 | ) | | | (6,448 | ) |
Class C | | | (11 | ) | | | (145 | ) | | | (95 | ) | | | (931 | ) | | | (957 | ) | | | (30,535 | ) | | | (4,104 | ) | | | (116,024 | ) |
Class E | | | N/A | | | | N/A | | | | (53 | ) | | | (495 | ) | | | (26 | ) | | | (995 | ) | | | (92 | ) | | | (3,071 | ) |
Class I | | | (1,047 | ) | | | (13,780 | ) | | | (4,346 | ) | | | (47,462 | ) | | | (10,350 | ) | | | (463,250 | ) | | | (23,896 | ) | | | (890,411 | ) |
Class R | | | (24 | ) | | | (318 | ) | | | (33 | ) | | | (359 | ) | | | (361 | ) | | | (13,866 | ) | | | (824 | ) | | | (26,183 | ) |
Class R6 | | | (25 | ) | | | (326 | ) | | | (7 | ) | | | (69 | ) | | | (2,123 | ) | | | (96,302 | ) | | | (4,614 | ) | | | (174,019 | ) |
Class Y | | | (3 | ) | | | (35 | ) | | | (9 | ) | | | (88 | ) | | | (1,594 | ) | | | (67,170 | ) | | | (3,596 | ) | | | (128,370 | ) |
Net increase (decrease) | | | (961 | ) | | $ | (12,655 | ) | | | (3,408 | ) | | $ | (36,774 | ) | | | (1,060 | ) | | $ | (19,806 | ) | | | 17,585 | | | $ | 718,179 | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 185 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Mid Cap Income
Opportunities Fund | | | Delaware Ivy Municipal Bond Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,593 | | | $ | 30,522 | | | | 2,255 | | | $ | 34,734 | | | | 1,325 | | | $ | 15,881 | | | | 3,761 | | | $ | 44,527 | |
Class B | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | | | | 2 | | | | 20 | |
Class C | | | 292 | | | | 5,586 | | | | 523 | | | | 8,042 | | | | 26 | | | | 306 | | | | 108 | | | | 1,290 | |
Class E | | | — | | | | — | | | | — | | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | 15,697 | | | | 302,828 | | | | 45,016 | | | | 687,028 | | | | 2,394 | | | | 28,688 | | | | 5,263 | | | | 62,475 | |
Class R | | | 23 | | | | 436 | | | | 16 | | | | 238 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R6 | | | 1,207 | | | | 23,291 | | | | 3,145 | | | | 47,322 | | | | 40 | | | | 482 | | | | 51 | | | | 603 | |
Class Y | | | 590 | | | | 11,251 | | | | 3,009 | | | | 41,577 | | | | — | * | | | — | * | | | 2 | | | | 18 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 40 | | | | 772 | | | | 126 | | | | 1,890 | | | | 311 | | | | 3,720 | | | | 748 | | | | 8,855 | |
Class B | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | * | | | — | * | | | — | * | | | 4 | |
Class C | | | — | * | | | 6 | | | | 9 | | | | 135 | | | | 3 | | | | 31 | | | | 14 | | | | 165 | |
Class E | | | — | | | | — | | | | — | | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | 409 | | | | 7,964 | | | | 860 | | | | 13,267 | | | | 239 | | | | 2,868 | | | | 557 | | | | 6,595 | |
Class R | | | — | * | | | 2 | | | | — | * | | | 7 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R6 | | | 35 | | | | 688 | | | | 86 | | | | 1,307 | | | | 1 | | | | 13 | | | | 2 | | | | 20 | |
Class Y | | | 7 | | | | 138 | | | | 22 | | | | 331 | | | | — | * | | | — | * | | | — | * | | | — | * |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (860 | ) | | | (16,614 | ) | | | (2,875 | ) | | | (40,691 | ) | | | (2,978 | ) | | | (35,681 | ) | | | (5,898 | ) | | | (69,839 | ) |
Class B | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | (12 | ) | | | (146 | ) | | | (39 | ) | | | (458 | ) |
Class C | | | (127 | ) | | | (2,431 | ) | | | (597 | ) | | | (9,058 | ) | | | (171 | ) | | | (2,040 | ) | | | (794 | ) | | | (9,449 | ) |
Class E | | | — | | | | — | | | | (204 | ) | | | (2,775 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | (9,824 | ) | | | (189,290 | ) | | | (15,868 | ) | | | (235,789 | ) | | | (2,998 | ) | | | (35,903 | ) | | | (5,491 | ) | | | (64,978 | ) |
Class R | | | (2 | ) | | | (38 | ) | | | (218 | ) | | | (3,385 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class R6 | | | (667 | ) | | | (12,959 | ) | | | (3,537 | ) | | | (47,869 | ) | | | (6 | ) | | | (73 | ) | | | (34 | ) | | | (400 | ) |
Class Y | | | (1,114 | ) | | | (22,023 | ) | | | (2,142 | ) | | | (31,217 | ) | | | (36 | ) | | | (433 | ) | | | (4 | ) | | | (48 | ) |
Net increase (decrease) | | | 7,299 | | | $ | 140,129 | | | | 29,626 | | | $ | 465,094 | | | | (1,862 | ) | | $ | (22,287 | ) | | | (1,752 | ) | | $ | (20,600 | ) |
| | | | | | |
| 186 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Municipal High Income Fund | | | Delaware Ivy Pzena International Value Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 5,458 | | | $ | 27,953 | | | | 17,203 | | | $ | 86,465 | | | | 193 | | | $ | 3,720 | | | | 226 | | | $ | 3,418 | |
Class B | | | — | * | | | 1 | | | | 1 | | | | 4 | | | | — | * | | | 5 | | | | — | * | | | 1 | |
Class C | | | 183 | | | | 935 | | | | 586 | | | | 2,904 | | | | 11 | | | | 203 | | | | 6 | | | | 82 | |
Class E | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | | | | — | | | | — | |
Class I | | | 6,145 | | | | 31,487 | | | | 15,038 | | | | 74,959 | | | | 1,919 | | | | 37,414 | | | | 891 | | | | 13,508 | |
Class R | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | * | | | 3 | | | | — | * | | | 2 | |
Class R6 | | | 104 | | | | 531 | | | | 126 | | | | 632 | | | | 349 | | | | 6,944 | | | | 698 | | | | 10,541 | |
Class Y | | | 13 | | | | 68 | | | | 28 | | | | 142 | | | | 3 | | | | 61 | | | | 7 | | | | 103 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,753 | | | | 8,998 | | | | 3,348 | | | | 16,688 | | | | — | | | | — | | | | 39 | | | | 640 | |
Class B | | | — | * | | | 1 | | | | 5 | | | | 24 | | | | — | | | | — | | | | — | | | | — | |
Class C | | | 64 | | | | 326 | | | | 289 | | | | 1,437 | | | | — | | | | — | | | | — | * | | | 4 | |
Class E | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | | | | — | | | | — | |
Class I | | | 1,002 | | | | 5,142 | | | | 2,226 | | | | 11,090 | | | | — | | | | — | | | | 72 | | | | 1,218 | |
Class R | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | | | | — | * | | | — | * |
Class R6 | | | 4 | | | | 20 | | | | 7 | | | | 37 | | | | — | | | | — | | | | 79 | | | | 1,326 | |
Class Y | | | 14 | | | | 73 | | | | 35 | | | | 173 | | | | — | | | | — | | | | 1 | | | | 12 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (10,646 | ) | | | (54,568 | ) | | | (19,543 | ) | | | (97,339 | ) | | | (274 | ) | | | (5,255 | ) | | | (803 | ) | | | (11,767 | ) |
Class B | | | (64 | ) | | | (330 | ) | | | (514 | ) | | | (2,550 | ) | | | (3 | ) | | | (46 | ) | | | (4 | ) | | | (58 | ) |
Class C | | | (1,415 | ) | | | (7,244 | ) | | | (11,370 | ) | | | (57,029 | ) | | | (7 | ) | | | (124 | ) | | | (57 | ) | | | (764 | ) |
Class E | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | | | | — | | | | — | |
Class I | | | (7,722 | ) | | | (39,527 | ) | | | (28,072 | ) | | | (138,890 | ) | | | (1,750 | ) | | | (34,088 | ) | | | (2,640 | ) | | | (39,581 | ) |
Class R | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | (19 | ) | | | (365 | ) | | | — | * | | | (1 | ) |
Class R6 | | | (63 | ) | | | (326 | ) | | | (191 | ) | | | (951 | ) | | | (1,515 | ) | | | (29,826 | ) | | | (3,468 | ) | | | (49,768 | ) |
Class Y | | | (42 | ) | | | (217 | ) | | | (307 | ) | | | (1,536 | ) | | | (3 | ) | | | (69 | ) | | | (9 | ) | | | (141 | ) |
Net decrease | | | (5,212 | ) | | $ | (26,677 | ) | | | (21,105 | ) | | $ | (103,740 | ) | | | (1,096 | ) | | $ | (21,423 | ) | | | (4,962 | ) | | $ | (71,225 | ) |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 187 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Securian Core Bond Fund | | | Delaware Ivy Small Cap Core Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,191 | | | $ | 13,057 | | | | 5,310 | | | $ | 58,791 | | | | 659 | | | $ | 15,182 | | | | 1,358 | | | $ | 25,921 | |
Class B | | | — | | | | — | | | | 4 | | | | 46 | | | | — | * | | | 3 | | | | — | * | | | 6 | |
Class C | | | 43 | | | | 472 | | | | 406 | | | | 4,501 | | | | 75 | | | | 1,436 | | | | 159 | | | | 2,533 | |
Class E | | | 20 | | | | 218 | | | | 147 | | | | 1,630 | | | | N/A | | | | N/A | | | | — | | | | — | |
Class I | | | 5,994 | | | | 65,665 | | | | 23,331 | | | | 257,993 | | | | 1,850 | | | | 46,628 | | | | 5,909 | | | | 108,776 | |
Class R | | | 2 | | | | 28 | | | | 12 | | | | 132 | | | | 116 | | | | 2,637 | | | | 344 | | | | 6,437 | |
Class R6 | | | 1,279 | | | | 13,967 | | | | 8,159 | | | | 89,927 | | | | 327 | | | | 8,310 | | | | 828 | | | | 15,727 | |
Class T | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | |
Class Y | | | 81 | | | | 884 | | | | 331 | | | | 3,651 | | | | 35 | | | | 841 | | | | 77 | | | | 1,355 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 175 | | | | 1,922 | | | | 810 | | | | 8,967 | | | | — | | | | — | | | | — | | | | — | |
Class B | | | — | * | | | — | * | | | 1 | | | | 16 | | | | — | | | | — | | | | — | | | | — | |
Class C | | | 4 | | | | 49 | | | | 43 | | | | 472 | | | | — | | | | — | | | | — | | | | — | |
Class E | | | 4 | | | | 42 | | | | 17 | | | | 192 | | | | N/A | | | | N/A | | | | — | | | | — | |
Class I | | | 764 | | | | 8,384 | | | | 3,270 | | | | 36,216 | | | | — | | | | — | | | | — | | | | — | |
Class R | | | 1 | | | | 7 | | | | 3 | | | | 38 | | | | — | | | | — | | | | — | | | | — | |
Class R6 | | | 193 | | | | 2,116 | | | | 727 | | | | 8,053 | | | | — | | | | — | | | | — | | | | — | |
Class T | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | — | | | | — | |
Class Y | | | 6 | | | | 64 | | | | 39 | | | | 434 | | | | — | | | | — | | | | — | | | | — | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (2,491 | ) | | | (27,288 | ) | | | (4,803 | ) | | | (53,058 | ) | | | (1,001 | ) | | | (22,951 | ) | | | (2,384 | ) | | | (40,912 | ) |
Class B | | | (15 | ) | | | (160 | ) | | | (70 | ) | | | (780 | ) | | | (17 | ) | | | (300 | ) | | | (33 | ) | | | (422 | ) |
Class C | | | (231 | ) | | | (2,536 | ) | | | (797 | ) | | | (8,822 | ) | | | (184 | ) | | | (3,516 | ) | | | (803 | ) | | | (11,784 | ) |
Class E | | | (48 | ) | | | (523 | ) | | | (101 | ) | | | (1,112 | ) | | | N/A | | | | N/A | | | | (12 | ) | | | (189 | ) |
Class I | | | (14,476 | ) | | | (159,219 | ) | | | (25,768 | ) | | | (284,864 | ) | | | (2,584 | ) | | | (65,183 | ) | | | (9,191 | ) | | | (172,388 | ) |
Class R | | | (1 | ) | | | (16 | ) | | | (60 | ) | | | (665 | ) | | | (132 | ) | | | (2,988 | ) | | | (399 | ) | | | (6,766 | ) |
Class R6 | | | (2,604 | ) | | | (28,647 | ) | | | (4,496 | ) | | | (49,898 | ) | | | (496 | ) | | | (12,595 | ) | | | (1,924 | ) | | | (34,404 | ) |
Class T | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | (14 | ) | | | (212 | ) |
Class Y | | | (81 | ) | | | (883 | ) | | | (686 | ) | | | (7,524 | ) | | | (75 | ) | | | (1,823 | ) | | | (223 | ) | | | (4,017 | ) |
Net increase (decrease) | | | (10,190 | ) | | $ | (112,397 | ) | | | 5,829 | | | $ | 64,336 | | | | (1,427 | ) | | $ | (34,319 | ) | | | (6,308 | ) | | $ | (110,339 | ) |
| | | | | | |
| 188 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Delaware Ivy Small Cap Growth Fund | | | Delaware Ivy Value Fund | |
| | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | | | Six months
ended
9-30-21
(Unaudited) | | | Year ended
3-31-21 | |
| | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | | | Shares | | | Value | |
Shares issued from sale of shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,449 | | | $ | 33,369 | | | | 5,206 | | | $ | 102,946 | | | | 959 | | | $ | 26,675 | | | | 1,514 | | | $ | 33,602 | |
Class B | | | — | * | | | 5 | | | | 10 | | | | 120 | | | | 1 | | | | 25 | | | | 1 | | | | 10 | |
Class C | | | 106 | | | | 1,739 | | | | 337 | | | | 4,689 | | | | 37 | | | | 982 | | | | 39 | | | | 801 | |
Class E | | | 34 | | | | 765 | | | | 76 | | | | 1,471 | | | | N/A | | | | N/A | | | | — | | | | — | |
Class I | | | 2,477 | | | | 82,237 | | | | 6,674 | | | | 177,603 | | | | 6,750 | | | | 187,035 | | | | 9,800 | | | | 201,131 | |
Class R | | | 307 | | | | 6,766 | | | | 582 | | | | 11,392 | | | | — | * | | | 7 | | | | — | | | | — | |
Class R6 | | | 655 | | | | 21,941 | | | | 2,093 | | | | 58,635 | | | | 246 | | | | 7,032 | | | | 1,308 | | | | 26,190 | |
Class T | | | N/A | | | | N/A | | | | — | | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class Y | | | 210 | | | | 6,395 | | | | 742 | | | | 18,872 | | | | — | * | | | 9 | | | | 2 | | | | 42 | |
Shares issued in reinvestment of distributions to shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | 5,244 | | | | 105,236 | | | | 131 | | | | 3,710 | | | | 440 | | | | 9,829 | |
Class B | | | — | | | | — | | | | 25 | | | | 309 | | | | — | * | | | 2 | | | | 1 | | | | 18 | |
Class C | | | — | | | | — | | | | 560 | | | | 8,074 | | | | 2 | | | | 37 | | | | 10 | | | | 211 | |
Class E | | | — | | | | — | | | | 61 | | | | 1,201 | | | | N/A | | | | N/A | | | | — | * | | | 1 | |
Class I | | | — | | | | — | | | | 2,432 | | | | 70,161 | | | | 330 | | | | 9,383 | | | | 1,201 | | | | 26,865 | |
Class R | | | — | | | | — | | | | 305 | | | | 5,913 | | | | — | * | | | — | * | | | — | * | | | — | * |
Class R6 | | | — | | | | — | | | | 509 | | | | 14,799 | | | | 57 | | | | 1,619 | | | | 219 | | | | 4,904 | |
Class T | | | N/A | | | | N/A | | | | — | | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class Y | | | — | | | | — | | | | 317 | | | | 8,409 | | | | — | * | | | 1 | | | | — | * | | | 3 | |
Shares redeemed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (4,441 | ) | | | (102,238 | ) | | | (10,618 | ) | | | (203,908 | ) | | | (970 | ) | | | (27,120 | ) | | | (3,163 | ) | | | (66,550 | ) |
Class B | | | (96 | ) | | | (1,344 | ) | | | (226 | ) | | | (2,738 | ) | | | (17 | ) | | | (427 | ) | | | (34 | ) | | | (651 | ) |
Class C | | | (562 | ) | | | (9,245 | ) | | | (2,462 | ) | | | (36,278 | ) | | | (68 | ) | | | (1,800 | ) | | | (273 | ) | | | (5,552 | ) |
Class E | | | (37 | ) | | | (837 | ) | | | (105 | ) | | | (2,015 | ) | | | N/A | | | | N/A | | | | (9 | ) | | | (185 | ) |
Class I | | | (4,435 | ) | | | (147,527 | ) | | | (13,240 | ) | | | (357,349 | ) | | | (5,840 | ) | | | (162,427 | ) | | | (10,387 | ) | | | (225,919 | ) |
Class R | | | (536 | ) | | | (11,873 | ) | | | (999 | ) | | | (18,700 | ) | | | (14 | ) | | | (394 | ) | | | — | | | | — | |
Class R6 | | | (1,139 | ) | | | (37,949 | ) | | | (3,409 | ) | | | (91,077 | ) | | | (982 | ) | | | (27,748 | ) | | | (2,664 | ) | | | (56,073 | ) |
Class T | | | N/A | | | | N/A | | | | (14 | ) | | | (231 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class Y | | | (460 | ) | | | (14,066 | ) | | | (1,760 | ) | | | (43,221 | ) | | | (2 | ) | | | (46 | ) | | | (6 | ) | | | (143 | ) |
Net increase (decrease) | | | (6,468 | ) | | $ | (171,862 | ) | | | (7,660 | ) | | $ | (165,687 | ) | | | 620 | | | $ | 16,555 | | | | (2,001 | ) | | $ | (51,466 | ) |
| * | Not shown due to rounding. |
Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is included in interest income on the Statement of Operations. At September 30, 2021, there were no outstanding bridge loan commitments.
| 14. | | FEDERAL INCOME TAX MATTERS ($ amounts in thousands) |
For Federal income tax purposes, cost of investments owned at September 30, 2021 and the related unrealized appreciation (depreciation) were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Cost of
Investments | | | Gross
Appreciation | | | Gross
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
Delaware Ivy Core Equity Fund | | $ | 2,825,505 | | | $ | 2,037,876 | | | $ | 7,406 | | | $ | 2,030,470 | |
Delaware Ivy Emerging Markets Equity Fund | | | 1,526,635 | | | | 754,392 | | | | 47,207 | | | | 707,185 | |
Delaware Ivy Global Bond Fund | | | 538,200 | | | | 21,343 | | | | 3,918 | | | | 17,425 | |
Delaware Ivy Global Equity Income Fund | | | 441,116 | | | | 146,056 | | | | 4,252 | | | | 141,804 | |
Delaware Ivy Global Growth Fund | | | 604,757 | | | | 465,705 | | | | 9,064 | | | | 456,641 | |
Delaware Ivy Government Money Market Fund | | | 127,477 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 189 | |
| | | | | | | | | | | | | | | | |
| Fund | | Cost of
Investments | | | Gross
Appreciation | | | Gross
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
Delaware Ivy High Income Fund | | $ | 4,366,126 | | | $ | 127,790 | | | $ | 391,877 | | | $ | (264,087 | ) |
Delaware Ivy International Core Equity Fund | | | 1,989,556 | | | | 434,517 | | | | 69,216 | | | | 365,301 | |
Delaware Ivy Large Cap Growth Fund | | | 2,541,439 | | | | 3,574,459 | | | | 19,676 | | | | 3,554,783 | |
Delaware Ivy Limited-Term Bond Fund | | | 1,144,854 | | | | 15,114 | | | | 2,389 | | | | 12,725 | |
Delaware Ivy Managed International Opportunities Fund | | | 122,427 | | | | 47,099 | | | | — | | | | 47,099 | |
Delaware Ivy Mid Cap Growth Fund | | | 4,420,987 | | | | 3,772,012 | | | | 55,140 | | | | 3,716,872 | |
Delaware Ivy Mid Cap Income Opportunities Fund | | | 1,365,458 | | | | 411,022 | | | | 14,622 | | | | 396,400 | |
Delaware Ivy Municipal Bond Fund | | | 681,390 | | | | 52,285 | | | | 1,378 | | | | 50,907 | |
Delaware Ivy Municipal High Income Fund | | | 954,119 | | | | 69,045 | | | | 56,686 | | | | 12,359 | |
Delaware Ivy Pzena International Value Fund | | | 211,734 | | | | 42,478 | | | | 14,328 | | | | 28,150 | |
Delaware Ivy Securian Core Bond Fund | | | 1,088,079 | | | | 34,882 | | | | 7,438 | | | | 27,444 | |
Delaware Ivy Small Cap Core Fund | | | 586,581 | | | | 163,418 | | | | 20,635 | | | | 142,783 | |
Delaware Ivy Small Cap Growth Fund | | | 2,065,083 | | | | 971,816 | | | | 63,638 | | | | 908,178 | |
Delaware Ivy Value Fund | | | 1,113,189 | | | | 351,345 | | | | 9,289 | | | | 342,056 | |
For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended March 31, 2021 and the post-October and late-year ordinary activity were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Fund | | Undistributed
Ordinary
Income | | | Undistributed
Long-Term
Capital Gains | | | Tax Return
of Capital | | | Post-
October
Capital
Losses
Deferred | | | Late-Year
Ordinary
Losses
Deferred | |
Delaware Ivy Core Equity Fund | | $ | 83,609 | | | $ | 203,781 | | | $ | — | | | $ | — | | | $ | — | |
Delaware Ivy Emerging Markets Equity Fund | | | 10,170 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Global Bond Fund | | | 911 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Global Equity Income Fund | | | 6,342 | | | | 15,727 | | | | — | | | | — | | | | — | |
Delaware Ivy Global Growth Fund | | | 5,345 | | | | 42,015 | | | | — | | | | — | | | | — | |
Delaware Ivy Government Money Market Fund | | | 27 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy High Income Fund | | | 1,142 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy International Core Equity Fund | | | 28,221 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Large Cap Growth Fund | | | 87,119 | | | | 142,698 | | | | — | | | | — | | | | — | |
Delaware Ivy Limited-Term Bond Fund | | | 246 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Managed International Opportunities Fund | | | — | | | | — | | | | — | | | | — | | | | 69 | |
Delaware Ivy Mid Cap Growth Fund | | | 128,694 | | | | 316,652 | | | | — | | | | — | | | | — | |
Delaware Ivy Mid Cap Income Opportunities Fund | | | 1,223 | | | | 8,572 | | | | — | | | | — | | | | — | |
Delaware Ivy Municipal Bond Fund | | | 282 | | | | 4,543 | | | | — | | | | — | | | | — | |
Delaware Ivy Municipal High Income Fund | | | 422 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Pzena International Value Fund | | | 1,944 | | | | — | | | | — | | | | — | | | | — | |
Delaware Ivy Securian Core Bond Fund | | | 288 | | | | — | | | | — | | | | 5,847 | | | | — | |
Delaware Ivy Small Cap Core Fund | | | 41,392 | | | | 7,324 | | | | — | | | | — | | | | — | |
Delaware Ivy Small Cap Growth Fund | | | 81,414 | | | | 313,680 | | | | — | | | | — | | | | — | |
Delaware Ivy Value Fund | | | 8,518 | | | | — | | | | — | | | | — | | | | — | |
Internal Revenue Code regulations permit each Fund to elect to defer into its next fiscal year capital losses and certain specified ordinary items incurred between each November 1 and the end of its fiscal year. Each Fund is also permitted to defer into its next fiscal certain ordinary losses that are generated between January 1 and the end of its fiscal year.
The tax character of dividends and distributions paid during the two fiscal years ended March 31, 2021 and 2020 were as follows:
| | | | | | | | | | | | | | | | |
| | | March 31, 2021 | | | March 31, 2020 | |
| Fund | | Distributed
Ordinary
Income(1) | | | Distributed
Long-Term
Capital Gains | | | Distributed
Ordinary
Income(1) | | | Distributed
Long-Term
Capital Gains | |
Delaware Ivy Core Equity Fund | | $ | 17,813 | | | $ | 93,788 | | | $ | 42,846 | | | $ | 358,060 | |
Delaware Ivy Emerging Markets Equity Fund | | | 20,393 | | | | — | | | | 19,112 | | | | — | |
Delaware Ivy Global Bond Fund | | | 12,737 | | | | — | | | | 10,099 | | | | — | |
| | | | | | |
| 190 | | SEMIANNUAL REPORT | | 2021 | | |
| | | | | | | | | | | | | | | | |
| | | March 31, 2021 | | | March 31, 2020 | |
| Fund | | Distributed
Ordinary
Income(1) | | | Distributed
Long-Term
Capital Gains | | | Distributed
Ordinary
Income(1) | | | Distributed
Long-Term
Capital Gains | |
Delaware Ivy Global Equity Income Fund | | $ | 11,930 | | | $ | 8,427 | | | $ | 20,048 | | | $ | 7,043 | |
Delaware Ivy Global Growth Fund | | | 88 | | | | 50,869 | | | | 3,023 | | | | 7,161 | |
Delaware Ivy Government Money Market Fund | | | 97 | | | | — | | | | 2,010 | | | | — | |
Delaware Ivy High Income Fund | | | 260,840 | | | | — | | | | 331,250 | | | | — | |
Delaware Ivy International Core Equity Fund | | | 34,524 | | | | — | | | | 115,075 | | | | — | |
Delaware Ivy Large Cap Growth Fund | | | 6,604 | | | | 341,545 | | | | 71,172 | | | | 469,944 | |
Delaware Ivy Limited-Term Bond Fund | | | 17,467 | | | | — | | | | 23,830 | | | | — | |
Delaware Ivy Managed International Opportunities Fund | | | 1,670 | | | | — | | | | 3,662 | | | | 8,130 | |
Delaware Ivy Mid Cap Growth Fund | | | 10,052 | | | | 620,487 | | | | 31,042 | | | | 217,196 | |
Delaware Ivy Mid Cap Income Opportunities Fund | | | 17,427 | | | | — | | | | 15,322 | | | | 2,617 | |
Delaware Ivy Municipal Bond Fund | | | 17,016 | | | | — | | | | 23,050 | | | | — | |
Delaware Ivy Municipal High Income Fund | | | 35,386 | | | | — | | | | 44,805 | | | | — | |
Delaware Ivy Pzena International Value Fund | | | 3,240 | | | | — | | | | 7,122 | | | | — | |
Delaware Ivy Securian Core Bond Fund | | | 49,871 | | | | 5,799 | | | | 37,421 | | | | 3,152 | |
Delaware Ivy Small Cap Core Fund | | | — | | | | — | | | | 948 | | | | 4,692 | |
Delaware Ivy Small Cap Growth Fund | | | — | | | | 221,738 | | | | — | | | | 146,183 | |
Delaware Ivy Value Fund | | | 21,745 | | | | 20,782 | | | | 21,440 | | | | 78,072 | |
| (1) | Includes short-term capital gains distributed, if any. |
Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.
Accumulated capital losses represent net capital loss carryovers as of March 31, 2021 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of March 31, 2021, the capital loss carryovers were as follows:
| | | | | | | | |
| Fund | | Short-Term
Capital Loss
Carryover | | | Long-Term
Capital Loss
Carryover | |
Delaware Ivy Core Equity Fund | | $ | — | | | $ | — | |
Delaware Ivy Emerging Markets Equity Fund | | | 130,076 | | | | — | |
Delaware Ivy Global Bond Fund | | | 42,072 | | | | 24,904 | |
Delaware Ivy Global Equity Income Fund | | | — | | | | — | |
Delaware Ivy Global Growth Fund | | | — | | | | — | |
Delaware Ivy Government Money Market Fund | | | — | | | | — | |
Delaware Ivy High Income Fund | | | 165,643 | | | | 1,008,479 | |
Delaware Ivy International Core Equity Fund | | | 80,813 | | | | 261,541 | |
Delaware Ivy Large Cap Growth Fund | | | — | | | | — | |
Delaware Ivy Limited-Term Bond Fund | | | 3,481 | | | | 8,307 | |
Delaware Ivy Managed International Opportunities Fund | | | — | | | | 3,504 | |
Delaware Ivy Mid Cap Growth Fund | | | — | | | | — | |
Delaware Ivy Mid Cap Income Opportunities Fund | | | — | | | | — | |
Delaware Ivy Municipal Bond Fund | | | — | | | | — | |
Delaware Ivy Municipal High Income Fund | | | 4,428 | | | | 51,951 | |
Delaware Ivy Pzena International Value Fund | | | 879 | | | | 14,152 | |
Delaware Ivy Securian Core Bond Fund | | | — | | | | — | |
Delaware Ivy Small Cap Core Fund | | | — | | | | — | |
Delaware Ivy Small Cap Growth Fund | | | — | | | | — | |
Delaware Ivy Value Fund | | | 2,248 | | | | 22,985 | |
Waddell & Reed Advisors Global Bond Fund was merged into Ivy Global Bond Fund as of October 16, 2017. Due to the merger, Ivy Global Bond Fund’s capital loss carryovers available to offset future gains are annually limited to $3,530 plus any unused limitations from prior years.
Waddell & Reed Advisors High Income Fund was merged into Ivy High Income Fund as of February 26, 2018. At the time of the merger, Waddell & Reed Advisors High Income Fund had capital loss carryovers available to offset future gains of the Ivy High Income Fund. These carryovers are annually limited to $32,329 plus any unused limitations from prior years.
| | | | | | | | | | | | |
| | | 2021 | | | | SEMIANNUAL REPORT | | | | 191 | |
| | |
| BOARD CONSIDERATIONS IN APPROVING DMC/SUB-ADVISORY AGREEMENTS | | IVY FUNDS (UNAUDITED) |
Because there was no change of control of any of the Unaffiliated Sub-Advisors with respect to the Transaction and because the new Unaffiliated Sub-advisory Agreements with DMC were substantially similar to the prior Unaffiliated Sub-Advisors’ agreements with IICO, the Board considered the information previously provided by the Unaffiliated Sub-Advisors during the Board’s most recent annual contract renewal meeting or the meeting where an Unaffiliated Sub-Advisor was initially hired if the Unaffiliated Sub-Advisor was still within the initial term of its Unaffiliated Sub-Advisory Agreement. As a result, the Board focused primarily on the approval of DMC (and its Affiliated Sub-Advisors) and the terms of the DMC Advisory Agreement. Below is a description of the Board’s considerations.
At Meeting, the Board, including the Board’s Independent Trustees, considered and unanimously approved the DMC Advisory Agreements between the Trusts, on behalf of each Fund, and DMC. The Board also determined to recommend that shareholders of each Fund approve the proposed DMC Advisory Agreements. The Board’s Independent Trustees reviewed the approval of the DMC Advisory Agreement in executive sessions with their independent legal counsel at which no representatives of DMC or IICO were present. In voting their approval of the proposed Management Agreement at the Meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.
Background for the Board Approvals
At a meeting held on December 17, 2020, representatives of WDR, IICO and DMC met with the Board to discuss the merger agreement with Macquarie, pursuant to which Macquarie would acquire WDR. The Independent Trustees were advised that the Transaction, if completed, would constitute a change of control event and result in the termination of the IICO investment advisory agreements. The Independent Trustees were also advised that it was proposed that DMC, a wholly-owned subsidiary of Macquarie, would serve as the investment adviser to each Fund after the closing of the Transaction and that the Board would be asked to consider approval of the terms and conditions of the DMC Advisory Agreements with DMC and thereafter to submit the DMC Advisory Agreements to each Fund’s shareholders for approval.
In anticipation of the Transaction, the Trustees met at a series of subsequent meetings on January 6, 2021, January 9, 2021, and January 12, 2021, which included meetings of the full Board and separate meetings of the Independent Trustees for the purposes of considering, among other things: whether it would be in the best interests of each Fund and its respective shareholders to approve the DMC Advisory Agreements; and the anticipated impacts of the Transaction on the Funds and their shareholders (each, a “Board Meeting”). During each of these Board Meetings, the Board sought additional and clarifying information as they deemed necessary or appropriate. In this connection, the Independent Trustees worked with their independent legal counsel to prepare formal due diligence requests (the “Diligence Requests”) that were submitted to DMC. The Diligence Requests sought information relevant to the Boards’ consideration of the DMC Advisory Agreements and distribution arrangements, and other anticipated impacts of the Transaction on the Funds and their shareholders. DMC provided documents and information in response to the Diligence Requests (the “Response Materials”). Senior management representatives of DMC, WDR and IICO participated in a portion of each Board Meeting and addressed various questions raised by the Board. Throughout the process, the Independent Trustees were assisted by their independent legal counsel, who advised them on, among other things, their duties and obligations relating to their consideration of the DMC Advisory Agreements.
The Board’s evaluation of the DMC Advisory Agreements reflected the information provided specifically in connection with its review of the DMC Advisory Agreements, as well as, where relevant, information that was previously furnished to the Board in connection with the most recent renewal of the IICO investment advisory agreements at a meeting of the Board on August 11-12, 2020 (“2020 15(c) Board Meeting”) and at other subsequent Board meetings in 2020. The Board’s evaluation of the DMC Advisory Agreements also reflected the knowledge gained as Trustees of the Funds with respect to services provided by IICO and its affiliates.
The Board’s approvals and recommendations were based on their determination, within their business judgment, that it would be in the best interests of each Fund and the Fund’s respective shareholders, for DMC to provide investment advisory services to the Funds, following the closing of the Transaction.
Factors Considered in Approving the Proposed DMC Advisory Agreements
In connection with the Board’s consideration of the DMC Advisory Agreements, DMC and IICO advised the Board about a variety of matters, including the following:
| • | | The nature, extent, and quality of the services to be provided to the Funds by DMC post-Transaction are expected to be of at least the same level as the services currently provided to the Funds by IICO. |
| • | | DMC’s stated commitment to maintaining and enhancing the Ivy Fund Complex shareholder experience. |
| • | | DMC does not propose changes to the investment objective(s) of any Funds. |
| • | | The DMC Advisory Agreement do not change any Fund’s contractual advisory fee rate. |
| | | | | | |
| 192 | | SEMIANNUAL REPORT | | 2021 | | |
| • | | The portfolio managers and portfolio management teams at IICO that manage the Funds are expected to continue to do so post-Transaction as employees of Macquarie, if they choose to become employees of Macquarie. |
| • | | DMC proposes that the same Unaffiliated Sub-Advisors be retained post-Transaction. |
| • | | DMC may utilize certain Affiliated Sub-Advisors to leverage Macquarie’s global equity and/or global fixed income investment platform in providing advisory, trading and other services to the Funds. |
| • | | Delaware Distributors, L.P.’s (“DDLP”) distribution capabilities, including its significant network of intermediary relationships, which may provide additional opportunities for the Funds to grow assets and lower fees and expenses through increased economies of scale. |
| • | | The support expressed by the current senior management team at IICO for the Transaction and IICO’s recommendation that the Board approve the DMC Advisory Agreements. |
| • | | The commitments of Macquarie and WDR to bear all of the direct expenses of the Transaction, including all legal costs and costs associated with the proxy solicitation, regardless of whether the Transaction is consummated. |
| • | | In addition to the matters noted above, in their deliberations regarding approval of the DMC Advisory Agreements, the Board considered the factors discussed below, among others. |
The Nature, Extent, and Quality of Services Expected to be Provided by DMC. The Board received and considered information regarding the nature, extent and quality of services expected to be provided by DMC. In evaluating the nature, extent and quality of services to be provided by DMC, the Board considered information provided by DMC regarding its advisory services, investment philosophy and process, investment management capabilities, business and operating structure, scale of operations, leadership and reputation, distribution capabilities, and financial condition (both pre- and post-Closing). The Board also considered the capabilities, resources, and personnel of DMC, including senior and other personnel of IICO who had been extended offers to join DMC, in order to determine whether DMC is capable of providing the same level of investment management services currently provided to each Fund, and also considered the transition and integration plans to move management of the Funds to DMC. The Board recognized that the IICO personnel who had been extended offers may not accept such offers and personnel changes may occur in the future in the ordinary course. The Board also considered the policies and practices of DMC regarding the selection of broker/dealers and the execution of portfolio transactions. The Board considered the resources and infrastructure that DMC intends to devote to its compliance program to ensure compliance with applicable laws and regulations as well as DMC’s commitment to those programs. The Board also considered the resources that DMC has devoted to its risk management program and cybersecurity program. The Board also reviewed information provided by DMC related to its business, legal, and regulatory affairs. This review considered the resources available to DMC to provide the services specified under the DMC Advisory Agreements. The Board considered DMC’s financial condition, including the financing of the Transaction, and noted that DMC is expected to be able to provide a high level of service to the Funds and continuously invest and re-invest in its business. Finally, the Board considered that, following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Funds and their shareholders by DMC compared to those currently provided by IICO.
The Board considered that, while it was proposed that DMC would become the investment adviser to the Funds, the same portfolio managers and portfolio management teams at IICO that manage Funds are expected to continue to do so after the Transaction as employees of Macquarie if they choose to become employees of Macquarie. The Board determined that they had considered the qualifications of the portfolio managers at IICO at the 2020 15(c) Board Meeting.
The Board considered that certain Funds would continue to operate in a manager-of-managers structure post-Transaction, with expanded relief provided that Fund shareholders approved relying on DMC’s manager-of-managers relief. The Board considered that DMC’s experience in allocating assets to, and overseeing the advisory services of, its sub-advisers, was similar to IICO’s role in allocating assets to and overseeing the advisory services provided by the current sub-advisers to the Funds, as applicable. The Board considered that DMC may utilize certain affiliated sub-advisors to leverage Macquarie’s global equity and/or global fixed income investment platform in providing advisory, trading and other services to the Funds.
The Board considered that the terms and conditions of the DMC Advisory Agreements are substantially similar to the terms and conditions of the IICO investment advisory agreements.
After review of these and other considerations, the Board concluded that DMC will be capable of providing investment advisory services of the same high quality as the investment advisory services provided to the Funds by IICO, and that these services are appropriate in nature and extent in light of the Funds’ operations and investor needs.
Performance of the Funds. With respect to the performance of the Funds, the Board considered their review at the 2020 15(c) Board Meeting of peer group and benchmark investment performance comparison data relating to each Fund’s long-term performance record for similar accounts. The Board considered that information reviewed at the 2020 15(c) Board Meeting would be relevant given that the Funds are expected to retain their current portfolio managers, portfolio management teams or unaffiliated Sub-Advisors. Based on information presented to the Board at the 2020 15(c) Board
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Meeting and its discussions with DMC, the Board concluded that DMC is capable of generating a level of long-term investment performance that is appropriate in light of each Fund’s investment objectives, strategies and restrictions.
Fees to Be Paid to DMC and Expenses of the Funds. The Board considered that they had reviewed each Fund’s existing advisory fee rate at the 2020 15(c) Board Meeting. The Board considered that the DMC Advisory Agreements do not change any Fund’s contractual advisory fee rate. The Board also considered that DMC and IICO had represented to the Board that they will use their best efforts to ensure that they and their respective affiliates do not take any action that imposes an “unfair burden” on the Funds as a result of the Transaction or as a result of any express or implied terms, conditions or understandings applicable to the change of control event, for so long as the requirements of Section 15(f) apply. The Board also considered a comparison of the proposed advisory fees to be paid by each Fund to the advisory fees paid by funds and other accounts managed by DMC. The Board concluded that the retention of DMC was unlikely to impose an unfair burden on the Funds’ because, after the Transaction, none of IICO, DMC, DDLP, or any of their respective affiliates, would be entitled to receive any compensation directly or indirectly (i) from any person in connection with the purchase or sale of securities or other property to, from, or on behalf of the Funds (other than ordinary fees for bona fide principal underwriting services), or (ii) from the Funds or their shareholders for other than bona fide investment advisory or other services. Based on its review, the Board determined, with respect to each Fund, that DMC’s advisory fee is fair and reasonable in light of the nature, extent and quality of services to be provided to the Fund under the DMC Advisory Agreements.
Extent to Which DMC May Realize Economies of Scale as the Funds Grow Larger and Whether Fee Levels Reflect These Economies of Scale for the Benefit of the Funds’ Shareholders. The Board considered potential or anticipated economies of scale in relation to the services DMC would provide to each Fund. The Board considered that the DMC Advisory Agreements include the same advisory fee breakpoints for the same Funds as the IICO investment advisory agreements. The Board also considered DMC’s representation that the significant increase in its assets under management post-Transaction may reasonably be expected to enable the new combined firm to reach greater economies of scale in a shorter time frame. The Board also considered DMC’s representation that it expected to realize economies of scale in connection with the operation of the Funds, specifically by achieving operational efficiencies, cost synergies and possible consolidation of service providers and vendors. The Board noted that they will have the opportunity to periodically re-examine whether a Fund or the respective Trust has achieved economies of scale, and the appropriateness of investment advisory fees payable to DMC, in the future.
Profits to be Realized by DMC and its Affiliates from Their Relationship with the Trusts. The Board considered the benefits DMC and its affiliates may derive from their relationship with the Funds. The Board also considered information on DMC’s profitability that was provided to the board of trustees of the Delaware Funds by Macquarie complex in connection with their most recent 15(c) process. The Board considered DMC’s representation that the fully integrated Ivy Fund Complex, including investments to support ongoing growth, was expected to have an overall marginally positive impact on DMC’s overall financial profitability. The Board considered that the expected profitability of DMC and its affiliates was not excessive in light of the nature, extent and quality of the services to be provided to each Fund. The Board noted the difficulty of accurately projecting profitability under the current circumstances and noted that they would have the opportunity to give further consideration to DMC’s profitability with respect to the Funds at the end of the initial two-year term of the DMC Advisory Agreements.
Fall-Out Benefits to DMC and its Affiliates. The Board considered the possible fall-out benefits and other types of benefits that may accrue to DMC and its affiliates. The Board noted that the Transaction provides DMC and its affiliates the opportunity to deliver investment products and services to the WDR network. The Board considered that the Transaction, if completed, would significantly increase DMC’s assets under management and expand DMC’s investment capabilities and relationships with certain wealth management intermediaries. Specifically, the Board considered that upon completion of the Transaction, Macquarie has agreed to sell WDR’s wealth management platform to LPL Financial Holdings Inc. This increased size and diversification could facilitate DMC’s continued investment in its business and products, which DMC would be able to leverage across a broader base of assets. DMC also would be able to use trading commission credits from the Funds’ transactions in securities to “purchase” third-party research and execution services to support its investment process. Based on their review, the Boards determined that any “fall-out” benefits and other types of benefits that may accrue to DMC are fair and reasonable.
Conclusions. Based on the foregoing and other relevant considerations, at the January 2021 Meeting, the Board, including a majority of the Independent Trustees, acting within their business judgment, (1) concluded that the terms of the DMC Advisory Agreements are fair and reasonable and that approval of the DMC Advisory Agreements is in the best interests of each Fund and its respective shareholders, (2) voted to approve the DMC Advisory Agreements, and (3) voted to recommend approval of the DMC Advisory Agreement by shareholders of the Funds. The Board evaluated all information available to them on a Fund-by-Fund basis and their determinations were made separately in respect of each Fund. The Board noted some factors may have been more or less important with respect to any particular Fund and that no one factor was determinative of their decisions which, instead, were premised upon the totality of factors considered. In this connection, the Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the DMC Advisory Agreements and to recommend approval of the DMC Advisory Agreements by shareholders of the Funds.
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| 194 | | SEMIANNUAL REPORT | | 2021 | | |
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| PROXY VOTING INFORMATION | | IVY FUNDS (UNAUDITED) |
Proxy Voting Guidelines
A description of the policies and procedures Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.888.923.3355 and (ii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Proxy Voting Records
Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on Form N-PX through the Ivy Investments’ website at www.ivyinvestments.com and on the SEC’s website at www.sec.gov.
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| QUARTERLY PORTFOLIO SCHEDULE INFORMATION | | IVY FUNDS |
Portfolio holdings can be found on the Trust’s website at www.ivyinvestments.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found as an exhibit to the Trust’s Form N-PORT. These holdings may be viewed in the following ways:
| • | | On the SEC’s website at www.sec.gov. |
| • | | For review and copy at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330. |
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| DELAWARE FUNDS BY MACQUARIE FAMILY | | |
DOMESTIC EQUITY FUNDS
Delaware Ivy Accumulative Fund
Delaware Ivy Core Equity Fund
Delaware Ivy Large Cap Growth Fund
Delaware Ivy Mid Cap Growth Fund
Delaware Ivy Mid Cap Income Opportunities Fund
Delaware Ivy Small Cap Core Fund
Delaware Ivy Small Cap Growth Fund
Delaware Ivy Value Fund
GLOBAL/INTERNATIONAL FUNDS
Delaware Ivy Emerging Markets Equity Fund
Delaware Ivy Global Equity Income Fund
Delaware Ivy Global Growth Fund
Delaware Ivy International Small Cap Fund
Delaware Ivy International Core Equity Fund
Delaware Ivy Managed International Opportunities Fund
Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund
Delaware Ivy Pzena International Value Fund
INDEX FUNDS
Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund
Delaware Ivy ProShares MSCI ACWI Index Fund
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund
Delaware Ivy ProShares S&P 500 Bond Index Fund
Delaware Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
SPECIALTY FUNDS
Delaware Ivy Apollo Multi-Asset Income Fund
Delaware Ivy Asset Strategy Fund
Delaware Ivy Balanced Fund
Delaware Ivy Energy Fund
Delaware Ivy LaSalle Global Real Estate Fund
Delaware Ivy Natural Resources Fund
Delaware Ivy Science and Technology Fund
Delaware Ivy Securian Real Estate Securities Fund
Delaware Ivy Wilshire Global Allocation Fund
FIXED INCOME FUNDS
Delaware Ivy Apollo Strategic Income Fund
Delaware Ivy California Municipal High Income Fund
Delaware Ivy Corporate Bond Fund
Delaware Ivy Crossover Credit Fund
Delaware Ivy Global Bond Fund
Delaware Ivy Government Securities Fund
Delaware Ivy High Income Fund
Delaware Ivy Limited-Term Bond Fund
Delaware Ivy Municipal Bond Fund
Delaware Ivy Municipal High Income Fund
Delaware Ivy Pictet Targeted Return Bond Fund
Delaware Ivy PineBridge High Yield Fund
Delaware Ivy Securian Core Bond Fund
MONEY MARKET FUNDS
Delaware Ivy Cash Management Fund
Delaware Ivy Government Money Market Fund
1.888.923.3355
Visit us online at www.ivyinvestments.com
The Ivy Funds are managed by Delaware Management Company and distributed by Delaware Distributors, L.P.
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| | | 2021 | | | | SEMIANNUAL REPORT | | | | 199 | |
SEMIANN-IVYFUNDS (9-21)
ITEM 2. CODE OF ETHICS
Required in annual report only.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Required in annual report only.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Required in annual report only.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Item 1 Shareholder Report.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors.
ITEM 11. CONTROLS AND PROCEDURES.
| (a) | Assessment of the Registrant’s Control Environment |
The Registrant’s disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Registrant files under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to the Registrant’s management (“Management”), including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Management, including the principal executive officer and principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
In accordance with Rule 30a-3 under the 1940 Act, within 90 days prior to the filing date of this report on Form N-CSR, management, with the participation of the principal executive officer and principal financial officer, evaluated the effectiveness of the disclosure controls and procedures of the Registrant. Based on its evaluation, the principal executive officer and principal financial officer have determined that, as of a date within 90 days of the filing date of this report, the Registrant’s disclosure controls and procedures were effective.
1
Remediation of Material Weakness in Internal Control over Financial Reporting
Management has completed the remediation efforts relating to a previously reported material weakness in the Registrant’s internal controls over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. As of March 31, 2021, management concluded that it did not design or maintain controls to evaluate the valuation model and available observable inputs related to the fair valuation of certain private equity securities provided by a third-party valuation service. Certain private equity securities that were valued by third party valuation services were not subject to Valuation Committee review. This material weakness did not result in a misstatement of previously issued financial statements. This material weakness resulted in audit adjustments, which adjustments were reflected in the financial statements to decrease investments in unaffiliated securities at value and net change in unrealized appreciation (depreciation) on investments in unaffiliated securities for the year ended March 31, 2021.
The steps management took to remediate this material weakness included implementing enhancements to the existing fair valuation process as follows: (i) investment teams will review all reasonably available observable inputs and other information relevant to the valuation of each private equity security valuation prepared by a third-party appraiser/expert and provide this information to the Valuation Committee for consideration; and (ii) management will escalate each private equity security valuation prepared by a third-party appraiser/expert to the Valuation Committee and the Valuation Committee will review and approve those valuations only after ensuring that they incorporate U.S. GAAP considerations for fair value, specifically the consideration of observable inputs, as applicable.
As a result of these remediation activities, management has determined that the Registrant’s internal controls over financial reporting are designed appropriately and at a sufficient level of precision and have been operating effectively for a sufficient period of time, such that the material weakness previously identified as of March 31, 2021, has been remediated as of September 30, 2021.
| (b) | Changes in Internal Control |
Other than the enhancements to controls noted above, there have been no changes in the Registrant’s internal controls or in other factors that could materially affect the internal controls over financial reporting subsequent to the date of their evaluation in connection with the preparation of this Shareholder Report on Form N-CSR.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Required in annual report only.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).
Attached hereto as Exhibit 99.CERT.
(b) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)).
Attached hereto as Exhibit 99.906CERT.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
IVY FUNDS
(Registrant)
| | |
| By | | /s/ David F. Connor |
| | David F. Connor, Secretary |
| |
| Date: | | December 9, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By | | /s/ Shawn K. Lytle |
| | Shawn K. Lytle, President and Principal Executive Officer |
| |
| Date: | | December 9, 2021 |
| |
| By | | /s/ Richard Salus |
| | Richard Salus, Senior Vice President and Principal Financial Officer |
| |
| Date: | | December 9, 2021 |
