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: | 811-06569 | |
Exact name of registrant as specified in charter: | Ivy Funds | |
Address of principal executive offices: | 610 Market Street | |
Philadelphia, PA 19106 | ||
Name and address of agent for service: | David F. Connor, Esq. | |
610 Market Street | ||
Philadelphia, PA 19106 | ||
Registrant’s telephone number, including area code: | (800) 523-1918 | |
Date of fiscal year end: | March 31 | |
Date of reporting period: | March 31, 2022 |
Item 1. Reports to Stockholders
Annual report
Alternative / specialty funds
Delaware Ivy Energy Fund
(formerly, Ivy Energy Fund)
Delaware Ivy LaSalle Global Real Estate Fund
(formerly, Ivy LaSalle Global Real Estate Fund)
Delaware Ivy Natural Resources Fund
(formerly, Ivy Natural Resources Fund)
Delaware Ivy Science and Technology Fund
(formerly, Ivy Science and Technology Fund)
Delaware Ivy Securian Real Estate Securities Fund
(formerly, Ivy Securian Real Estate Securities Fund)
Multi-asset funds
Delaware Ivy Asset Strategy Fund
(formerly, Ivy Asset Strategy Fund)
Delaware Ivy Balanced Fund
(formerly, Ivy Balanced Fund)
March 31, 2022
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 delawarefunds.com/literature or calling 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 delawarefunds.com/edelivery.
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.
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 for the Funds at delawarefunds.com/literature.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Funds are governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of March 31, 2022, 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.
© 2022 Macquarie Management Holdings, Inc.
Delaware Ivy Asset Strategy Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Asset Strategy Fund (Class I shares) | 1-year return | +5.34 | % | |||
Delaware Ivy Asset Strategy Fund (Class A shares) | 1-year return | +5.07 | % | |||
MSCI ACWI (All Country World Index) (net) (benchmark) | 1-year return | +7.28 | % | |||
MSCI ACWI (All Country World Index) (gross) (benchmark) | 1-year return | +7.73 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Asset Strategy Fund, please see the table on page 19.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 22 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide total return.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of Delaware Management Company (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.
Market review
The trailing fiscal year provided a volatile mix of returns across asset classes for multi-asset portfolios. The second through fourth quarters of 2021 continued the trend of strong returns for risky assets during this economic cycle, especially in the US and Europe. Fixed-income markets posted gains as the US Federal Reserve maintained loose monetary policy, which kept yields and corporate credit spreads relatively stable. Markets experienced some volatility in late summer when the Chinese government set regulatory measures in the technology and real estate sectors, which, together with the turbulence surrounding the real estate giant Evergrande, caused setbacks, particularly in emerging markets. In the US, continued strong corporate earnings results and positive economic data, together with monetary and fiscal stimulus, drove stocks higher in the fourth quarter of 2021, with some indexes reaching all-time highs.
Unfortunately, much of these gains were erased during an extremely volatile beginning of calendar year 2022 that saw significant declines in January and February across both equity and fixed-income markets, somewhat mitigated by a rebound in March. Many factors contributed to the sudden change in risk appetite. The Fed reset market expectations for tighter monetary policy and an end to its quantitative easing program, which it began tapering in the fourth quarter of 2021 in the face of increasingly strong inflation data and tighter conditions in the labor market.
In addition to inflation and related tighter monetary policy, Russia’s troop buildup on the border with Ukraine was a key driver of negative market sentiment. Following Russia’s invasion, and the subsequent unprecedented sanctions (including a freeze on Russian central bank reserves, oil sanctions, and a trading ban on Russian financial stocks), commodity prices squeezed higher, yields rose sharply, corporate bond spreads widened, and equities experienced a significant draw-down in early 2022. Government bonds were briefly in demand as a safe haven, but quickly resumed their downward trend as market participants priced in more rate hikes as the Fed communicated its intention to continue increasing rates to combat inflation.
Despite this backdrop, equities began a sudden recovery from oversold levels, finding support from negative extremes in both sentiment and positioning. The subsequent rally in March partially mitigated prior losses in the quarter. Due to this recovery and strong performance in the prior three quarters of 2021, developed markets equities ended the 12-month period with strong returns. The US
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Portfolio management reviews
Delaware Ivy Asset Strategy Fund
dollar strengthened significantly against most currencies throughout the period, causing international assets to lag and US equities to outperform. However, for multi-asset portfolios, these equity gains were still offset by losses in fixed-income markets as higher yields resulted in lower prices for bonds.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Asset Strategy Fund underperformed its benchmark, the MSCI ACWI Index. The Fund’s Class I shares gained 5.34%. The Fund’s Class A shares advanced 5.07% at net asset value and 1.39% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the benchmark (net) gained 7.28%. For complete, annualized performance of Delaware Ivy Asset Strategy Fund, please see the table on page 19.
The Fund’s Class I shares posted a 5.34% return, which lagged the benchmark performance for the fiscal year. Relative underperformance can primarily be attributed to the Fund’s multi-asset nature, and its resulting exposure to fixed-income markets that declined in the period. The Fund had an average exposure of approximately 70% to equities throughout the fiscal year. Within the equity portfolio, the Fund’s holdings outperformed the benchmark.
The Fund continues to be managed with bottom-up (stock by stock) security selection, complimented by our multi-asset framework as an investment overlay. Significant changes within the Fund during the period were primarily to invest in securities that were down due to volatility and to sell those where we saw limited upside or considerable downside risk.
Positive equity performance was largely driven by strong stock selection in industrials, communication services, and healthcare. The Fund’s underweight allocation to China and overweight allocation to India also helped relative performance. The Fund has maintained an underweight allocation to China as we perceived valuations to be too high through early 2021, accompanied by risk overhangs, which led to further avoidance. The overweight allocation to India stems from a few select holdings as the weighting in the benchmark index is quite low.
On an individual stock basis, the main contributor to performance was Canadian Natural Resources Ltd., an energy company that rallied with the recovery in commodity prices. Gartner Inc., a consulting company with a large conference business, was also a key performer as the company continued to execute through what many had believed would be a difficult environment. Ultimately, Gartner’s virtual conferences provided a quick solution and benefitted its bottom line.
Detracting from relative performance was Ping An Insurance Group Co. of China Ltd. and HelloFresh SE. The Fund no longer holds Ping An Insurance, a Chinese insurance company, which struggled as the pandemic-related border control with Hong Kong weighed on the company’s high-growth life insurance business. HelloFresh, a food delivery business with a large US presence, struggled as growth stocks, particularly those that were COVID-19 beneficiaries, experienced a large pullback in late 2021 and into 2022. We believe the company has a robust long-term growth trajectory.
The diversification portion of the Fund performed well relative to major bond indices. Gold was up nearly 14%, which contributed significantly to relative performance. Additionally, our position in Frontier Communications Corp., which we bought as a distressed asset, did well and we converted the asset to equity during the fiscal year. Energy-related credits also did well. Detracting from performance was a mix of government bonds, which suffered with the rise in interest rates, financial services-related corporates, and several corporate bonds of emerging-market companies.
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Portfolio management reviews
Delaware Ivy Balanced Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Balanced Fund (Class I shares) | 1-year return | +4.82 | % | |||
Delaware Ivy Balanced Fund (Class A shares) | 1-year return | +4.57 | % | |||
S&P 500® Index (benchmark) | 1-year return | +15.65 | % | |||
Bloomberg US Aggregate Index (benchmark) | 1-year return | -4.15 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Balanced Fund, please see the table on page 23.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 25 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide total return through a combination of capital appreciation and current income.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds 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 Delaware Management Company (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.
Market review
Performance was mixed during the Fund’s fiscal year ended March 31, 2022. In the first nine months of the fiscal period, notwithstanding some setbacks, higher-risk assets performed well – especially in the US and Europe. Commodities also did well, as did government bonds, which posted partial gains over this period. Inflation, already an issue in the second quarter of 2021, was initially classified as transitory by the US Federal Reserve, which maintained loose monetary policy. Yields fell during this period both in the US and in Europe. Solid corporate results and economic data, together with monetary stimulus and trillion-dollar US fiscal stimulus, drove equity markets higher.
In the summer of 2021, the Chinese government issued new regulations in the technology and real estate sectors. These measures, and the debt default by Chinese property developer Evergrande, caused setbacks to global markets and resulted in a decline in emerging markets equities. Developed markets equities were able to recover from the setback.
In the US, the reporting season for the second quarter of 2021 provided positive surprises. Equities in developed markets resumed their upward trend in the fourth quarter, with some indices reaching all-time highs. Meanwhile, the Fed adopted a more cautious stance on inflation. Over the summer, the Fed hinted at ending quantitative easing and began doing so in the fall. Yields then began a gradual rise mainly at the short end. Global oil prices rose sharply, and natural gas prices climbed significantly in Europe.
In early 2022, with inflation increasing, yields began to rise sharply, and equities began selling off. Corporate bond spreads also rose sharply. Russia’s troop buildup on the border with Ukraine was a key driver of negative market sentiment. Following Russia’s invasion and the subsequent unprecedented sanctions, the global equity selloff intensified. Conversely, commodity prices rose sharply.
Government bonds were briefly in demand as a haven, but quickly resumed a downward trend. The Fed set its first interest rate hike in March 2022 and indicated several additional moves. As US consumer price inflation increased to a 7% annual rate, Fed Chairman Jerome Powell said the labor market was “tight to an unhealthy level.”
Against this backdrop, in the final weeks of the Fund’s fiscal year, equities began a surprising recovery rally and limited prior losses to some extent. As a result, developed markets equities ended the 12-month period with strong growth. US equities outperformed all major
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Portfolio management reviews
Delaware Ivy Balanced Fund
regions. Oil prices took an extreme roller coaster ride in March 2022, but after President Biden announced the release of 30 million barrels from the Strategic Petroleum Reserve, gains were reasonably contained. The US dollar strengthened significantly against most currencies throughout the fiscal year, causing international assets to lag.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Balanced Fund underperformed its primary benchmark, the S&P 500 Index, and outperformed its other benchmark, the Bloomberg US Aggregate Index. The Fund’s Class I shares gained 4.82%. The Fund’s Class A shares advanced 4.57% at net asset value and 0.91% at maximum offer price. During the same period, the S&P 500 Index gained 15.65% and the Bloomberg US Aggregate Index declined 4.15%. For complete, annualized performance of Delaware Ivy Balanced Fund, please see the table on page 23.
The performance of the Fund reflects the mix of returns in the underlying assets during the fiscal period and their allocation weightings. The portfolio gained from the allocation decision to overweight equity securities and to underweight fixed income. The Fund also gained from outperformance within the fixed-income portion of the portfolio, which can be attributed to sector allocation within fixed income as well as positive security selection effects, primarily within the Treasury and corporate sectors of the bond market.
However, these benefits were more than offset by relative underperformance among holdings relative to the Fund’s equity benchmark. The most significant detractors to equity performance in the fiscal period were security selection effects within the consumer discretionary, information technology, and healthcare sectors. Positive stock selection within the industrials and communications services sectors along with an overweight position to the financials sector partially offset this. Among individual securities, the five most significant detractors from portfolio returns were Aptiv PLC, Las Vegas Sands Corp., KKR & Co. Inc., TE Connectivity Ltd., and Nike Inc. while the five most significant contributors to performance were Microsoft Corp., Eli Lilly and Co., Apple Inc., UnitedHealth Group Inc., and Alphabet Inc.
Aptiv stock declined during the measurement period primarily due to parts shortages in the global auto supply chain. Supply disruptions affected global auto production and resulted in increased costs for Aptiv and other auto suppliers. Aptiv currently benefits from growth tied to electrification in vehicles along with the addition of technology features such as adaptive safety. We made no substantive changes to our position within the Fund’s portfolio, and, once auto volumes recover, we expect the demand dynamics, market penetration, and valuation to be highly attractive.
TE Connectivity was similarly affected by the reduction in auto volumes tied to parts shortages as approximately 40% of the company’s sales are sourced from the transportation sector. As a manufacturer of electrical connectors, we believe TE Connectivity should also benefit from the shift to more electrified vehicles, more electrification within the industrials sector, and the recovery within the aerospace industry.
KKR & Co.’s share price declined in the measurement period though it had appreciated substantially over the preceding two-plus years. As an alternative asset manager, KKR & Co. invests in private equity, real estate, credit, and infrastructure on behalf of clients that include pension funds, endowments, sovereign wealth funds, and private individuals. Asset growth has been, and is expected to be, robust based on strong long-term track records of delivering investment performance, though quarterly fluctuations in asset markets and fears of a Fed-induced correction in markets have weighed on the stock. We continue to hold a meaningful position in the company.
Nike shares declined during the measurement period primarily due to the disruption in sales volume associated with supply challenges from COVID-19-affected markets. Several factors were in play during the fiscal year, including intermittent factory closings in China and Southeast Asia to help try and control the spread of the pandemic, port disruption, and below trend sales levels due to slowing consumer demand. Recognizing that Nike shares are not as cheap when compared to other pandemic-affected equities and that the global demand environment is likely to weaken further due to rapid inflation, central bank actions, and higher commodity costs (particularly in Europe), we substantially reduced our stake in Nike.
Two years after the pandemic disrupted global markets, the world economy now confronts another challenge, the Russian invasion of Ukraine. In addition to the humanitarian crisis caused by this disruption of the post-Cold-War world order, the conflict augments the challenges that financial markets face.
We have previously argued that global central banks could be patient in their shift toward a more hawkish stance, given that many had focused on both a flexible inflation target and an inclusive labor market. But today, with inflation running at 30-year highs in many countries and unemployment rates close to pre-pandemic lows, several central banks, from both developed and developing countries, have begun tightening cycles. In its March 2022 meeting, the Fed confirmed that its emergency stimulus measures have ended, interest rate hikes have begun, and balance-sheet reduction will commence. Amid high inflation and strong economic activity, this looks to us like the correct thing to do.
That said, we believe that balance-sheet reduction or quantitative tightening will be a headwind for markets, leading to increased volatility as central banks increase rates. We think asset prices
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should likely adjust from highly accommodative monetary policy and low inflation to this new normal. At the same time, normalizing yield levels could put pressure on fixed income. From our perspective, the chances of another year of double-digit equity market performance are low.
We think a thoughtful, active management approach is needed given today’s increased political, economic, and market uncertainty. The Multi-Asset team’s decisions are taken collectively, and the weightings assigned to individual asset classes reflect our unique asset class ranking methodology, highlighted by our distinctive pairwise approach, which includes assessment of one asset class versus another on a head-to-head basis. Vigilant and continuous assessment of the current market environment may, in our view, offer opportunities to take advantage of market dislocations and has the potential to achieve what we consider to be attractive risk-adjusted returns through an active focus on portfolio risk and diversification.
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Portfolio management reviews
Delaware Ivy Energy Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Energy Fund (Class I shares) | 1-year return | +59.90 | % | |||
Delaware Ivy Energy Fund (Class A shares) | 1-year return | +59.24 | % | |||
S&P 1500 Energy Sector Index (benchmark) | 1-year return | +64.21 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Energy Fund, please see the table on page 26.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 28 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital growth and appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Samuel Halpert and Geoffrey King of Delaware Management Company as new 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.
Market review
The Fund’s fiscal year ended March 31, 2022, was notably strong for the energy sector. Back in September 2020, before this fiscal year had begun, we had grown more optimistic about the natural resources sector, especially energy. After the initial outbreak of COVID-19 had pushed crude prices into negative territory, a narrative developed that the world was moving beyond traditional fossil fuels (oil and natural gas) and that we had witnessed “peak global oil demand” in 2019. As a result, oil and gas companies found their access to capital severely limited.
To attract investor capital, energy companies adopted the mining industry’s approach: consolidation, lower investment in growth, and higher shareholder returns. By March 31, 2022, however, crude oil demand had increased significantly. Coupled with the lack of investment in traditional energy during this time frame, global crude oil and refined-product inventory levels declined, and OPEC spare capacity fell to concerning levels.
The Russian invasion of Ukraine in late February 2022 caused massive dislocations across the energy complex. Russia is a key supplier of natural gas to Europe and one of the world’s largest oil producers. Before the conflict began, Europe already struggled with low natural gas inventories and related natural gas price spikes. Commissioning the Russian Nord Stream 2 pipeline would have brought incremental Russian gas directly into Germany. Now, however, the project is unlikely to be realized as Europe seeks to diversify away from Russian energy. US natural gas and liquefied natural gas (LNG) export facilities are a likely long-term solution.
European refineries, as large users of natural gas, are now heavily disadvantaged, paying as much as six times more for natural gas than their US counterparts. The refining systems are also challenged by a lack of Russian feedstock. The reduction in European refining capacity coupled with increased global demand has helped create a profitable environment for the US refining system.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Energy Fund advanced strongly, although it underperformed its benchmark, the S&P 1500 Energy Sector Index. The Fund’s Class I shares gained 59.90%. The Fund’s Class A shares rose 59.24% at net asset value and 53.77% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 64.21%. For complete, annualized performance of Delaware Ivy Energy Fund, please see the table on page 26.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
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After assuming management of the Fund on November 15, 2021, we significantly altered the portfolio by rotating into energy companies that we thought would benefit most from the current environment. By reducing the Fund’s allocation both to smaller-cap oil service companies and to some utilities and other renewable energy companies, we increased the Fund’s allocation to natural gas companies, added to holdings in exploration and production (E&P) companies, and changed the Fund’s holdings in refining companies.
For the fiscal year, traditional energy constituted approximately 89% of the portfolio on average; utilities, 5%; renewable energy, 5%; and cash, 3% (may not add up to 100% due to rounding). As of March 31, 2022, the Fund’s portfolio was 77% weighted to the US, 8% to Canada, and 15% to Western Europe. Traditional energy was the largest contributor to performance in both weighting and total return given the substantial rise in the price of oil, natural gas, natural gas liquids, and refined products. The largest detractors from performance were two small renewable energy positions. These names are more growth-oriented and faltered as investors shunned growth in anticipation of a higher interest rate environment.
Chevron Corp. was the largest contributor to the Fund’s performance for the period, benefiting from rapidly escalating oil, gas, and refined product prices. Chevron’s business model is disproportionately exposed to crude oil versus its more integrated major peers. The company also clarified its renewable fuels position through the acquisition of Renewable Energy Group Inc.
Equinor ASA was another contributor to performance during the period. We are particularly attracted to Equinor’s large and growing volume of European-focused natural gas. Given the current and projected natural gas shortages in Europe, we believe Equinor should continue to realize elevated prices. We view natural gas as an advantaged low-carbon fuel source and find Equinor’s projected European growth in natural gas volume compelling. Equinor also has continued to profitably navigate the energy transition as an early developer of wind projects. Despite these strong attributes, Equinor trades at a meaningful discount to its peers, which we view as unwarranted.
As mentioned, renewable-energy and clean-tech companies underperformed during the period. We continue to seek companies with disruptive and differentiated technologies or platforms that have the potential to achieve rapid growth during the energy transition. We purposefully keep the position sizes in these companies smaller given their more growth-oriented strategies, but we think they are important holdings as the energy transition commences. One Fund holding, Sunrun Inc., the largest residential solar installer, was among the main detractors from performance. Although Sunrun is expensive on a traditional financial-multiple basis, we believe this is chiefly due to its practice of expensing what should be capitalized expenditures. We think the company is undervalued and has a solid growth profile for the foreseeable future. When growth and high multiple stocks came under pressure, Sunrun suffered disproportionately. Adding to the underperformance, the California Public Utility Commission issued a new net-metering proposal, which, if adopted, would negatively affect the economics of residential solar installations in California.
The weakness in growth-oriented equities also affected Li-Cycle Holdings Corp. during the period. Li-Cycle provides lithium-ion battery recycling solutions. Importantly, while traditional recycling processes burn batteries to recover metals (creating significant greenhouse-gas-intensive emissions), Li-Cycle uses a patented hydrometallurgical process. The process and platform have recently been validated by several joint venture and direct investments in the company from several entities including LG Chem Ltd. and Koch Industries Inc. In December 2021, LG Chem invested $50 million in the company, which will enable Li-Cycle to expand its first recycling “hub” in Rochester, N.Y. Unfortunately, this expansion added to capital expenditures owing to inflationary pressure and an expansion of project scope. The development also came at an inopportune time as growth companies were already under pressure. We continue to believe Li-Cycle may benefit from the electrification of the vehicle fleet through its partnerships with numerous automobile battery manufacturers.
Over the reporting period, the Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies, but the usage had no material impact on Fund performance.
Despite rapidly escalating oil, natural-gas, and refined-product prices, we continue to see the deprivation of capital and capital discipline among energy producers supporting reduced supply. In the short term, energy demand continues to rise as the world recovers from COVID-19-induced shutdowns. Longer-term structural demand tailwinds persist as the world seeks commodity-intensive lower carbon energy sources in the form of renewable energy and battery storage. While investment in renewable energy for a lower carbon future remains insufficient to meet this demand, investment in traditional energy and natural resource commodities also remains woefully inadequate. We don’t see this abating for a multitude of reasons, including political issues, undesirable industry carbon footprints, lack of access to capital, higher cost of capital, and capital-return strategies that favor shareholders rather than growth. We believe that the outlook for reduced supplies combined with rising demand may cause severe inflationary pressure across the energy complex.
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Portfolio management reviews
Delaware Ivy Energy Fund
The companies we target for investment are structurally advantaged, have low-cost assets, and balance sheets and cash flow to support development.
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Portfolio management reviews
Delaware Ivy LaSalle Global Real Estate Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy LaSalle Global Real Estate Fund (Class I shares) | 1-year return | +16.62 | % | |||
Delaware Ivy LaSalle Global Real Estate Fund (Class A shares) | 1-year return | +16.12 | % | |||
FTSE EPRA Nareit Developed Index (benchmark) | 1-year return | +15.37 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy LaSalle Global Real Estate Fund, please see the table on page 29.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 31 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide seeks to provide total return through long-term capital appreciation and current income.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
Market review
Real estate securities continued to recover from the virus-induced downturn during the measurement period. Global real estate securities gained 15.4% for the fiscal period. Real estate securities were supported by strengthening fundamentals as global economies reopened, secular and structural demand tailwinds remained in place, growing investment demand for the sector increased, and supportive financial conditions continued.
While advancing in the full 12-month period, the recovery became more volatile as the fiscal year progressed. As the pandemic impact continued to fade, investors shifted their focus to the path forward, which included post-pandemic economic growth, elevated inflation, the removal of accommodative monetary policy, and geopolitical tensions. The back-and-forth nature of sentiment drove performance rotations between growth-oriented property types and those more geared to the reopening. The key factors, which impacted global real estate securities, financial markets, and sentiment during the measurement period, are detailed below.
Global real estate securities continued their recovery in the second quarter of calendar year 2021, supported by declining virus case counts, vaccine distribution, supportive monetary policy, strengthening economic data, and solid earnings results and outlooks. As the fiscal year period progressed into the third quarter of calendar year 2021, risk assets and global real estate securities began to trade sideways on a series of market events and shifting market sentiment. The emergence of a new and more contagious virus variant stoked fears of a deceleration of economic growth. Yet, these concerns dissipated with vaccine efficacy, the continued economic recovery, and strong earnings reporting periods. With a clearer path to reopening, investors began grappling with the impact of elevated inflation, higher interest rates, and the end of emergency monetary policy measures, which cooled gains.
These newfound concerns eased for much of the fourth quarter of calendar year 2021, buoying further advances from real estate securities. Continued improvement in virus dynamics, a strong start to the results reporting period, and global central banks transparently signaling the end of emergency monetary policy measures helped to refocus investors toward the ongoing recovery and increases in economic activity. However, once again, this positive sentiment would turn negative with the emergence of the Omicron virus variant. Share price declines, however, would be short-lived as real estate securities surged into year-end 2021 as virus-induced fears receded, given limited severe infections and hospitalization from the new variant.
Real estate securities and risk assets pulled back to start calendar year 2022 as concerns related to the impact of the removal of accommodative monetary policy and higher inflation levels returned to the forefront. These concerns continued to ebb and flow into the end of the measurement period with additional concerns arising from increased political tensions, culminating with Russia’s invasion of Ukraine.
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Portfolio management reviews
Delaware Ivy LaSalle Global Real Estate Fund
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy LaSalle Global Real Estate Fund outperformed its primary benchmark, the FTSE EPRA Nareit Developed Index. The Fund’s Class I shares gained 16.62%. The Fund’s Class A shares advanced 16.12% at net asset value and 12.10% at maximum offer price. During the same period, the FTSE EPRA Nareit Developed Index gained 15.37%. For complete, annualized performance of Delaware Ivy LaSalle Global Real Estate Fund, please see the table on page 29.
Positive stock selection and sector positioning drove the Fund’s relative outperformance. The factors which had the most effect on relative performance during the measurement period are detailed below.
The Fund held an overweight position to the single-family rental housing sector, via overweight positions to Invitation Homes Inc. and Tricon Residential Inc. The single-family rental sector has continued to benefit from the structural undersupply of housing in the US and increased demand via such factors as growing family formation, increasing prices to own, and the pandemic-induced demand for larger suburban dwellings. This has resulted in robust occupancy and rental rate gains. Growing investment demand, particularly from private equity in the property type, has also buoyed the sector; Tricon was a direct beneficiary of this dynamic.
The Fund held an overweight position to cell tower company, SBA Communications Corp. The cell tower sector continues to benefit from growing demand for wireless data and the roll-out of 5G, as the infrastructure which supports wireless networks. SBA has benefitted given its sizable portfolio exposure to US. macro towers, which should continue to be a significant beneficiary of the trend; as such, the company has relayed better than anticipated leasing expectations and guidance.
The Fund held underweight positions to the office and diversified sectors, which trailed in the continued recovery. The office and diversified (largely office and retail asset owners) sectors have continued to be affected by the pandemic as new virus variants and periods of rising case counts have delayed return to office initiatives. Wider adoption of hybrid and work from home models has generated uncertainty related to the longer-term outlook for the office sector.
Among the Fund’s largest detractors from relative performance was an overweight position to development-focused companies, via overweight positions to Mitsubishi Estate ADR and Mitsui Fudosan ADR.
Most developers are concentrated in the Asia Pacific region, and in those markets, these companies were negatively affected by more restrictive virus containment measures as multiple variants emerged, creating an overhang of uncertainty, and resulting in underperformance. Since these businesses own and develop high-quality office and multi-use properties, they were among those the most impacted by containment and lockdown measures.
Over the reporting period, the Fund used spot FX transactions to move cash from one currency to another to facilitate purchases and distributions, but the usage had no material impact on Fund performance.
The Fund continues to hold overweight positions in development-focused companies given several factors, including: the potential for improved governance; improving shareholder returns in the form of share buybacks or higher payout ratios; and the sector potentially benefiting from higher inflation and cyclicality. This view played out and contributed to Fund performance in the first quarter of 2022.
Heightened inflation levels and expectations have led development-focused companies, along with the other reopening oriented property types, to outperform year-to-date in 2022.
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Portfolio management reviews
Delaware Ivy Natural Resources Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Natural Resources Fund (Class I shares) | 1-year return | +40.30 | % | |||
Delaware Ivy Natural Resources Fund (Class A shares) | 1-year return | +39.47 | % | |||
S&P North American Natural Resources Sector Index (benchmark) | 1-year return | +51.58 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Natural Resources Fund, please see the table on page 32.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 34 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital growth and appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Samuel Halpert and Geoffrey King of Delaware Management Company as new 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.
Market review
The Fund’s fiscal year ended March 31, 2022, was notably strong for the natural resources sector. The deployment of COVID-19 vaccines in early 2021 combined with the easing of COVID restrictions led to a significant boost in demand for commodities. In early 2022, the Russia-Ukraine conflict resulted in market dislocations for many commodities. This led to some of the strongest relative and absolute performance for natural-resource-related equities in years. Steel, copper, energy, and agriculture producers represented some of the strongest-performing subindices in the S&P 500® Index.
Back in September 2020, before this fiscal year had begun, we had grown more optimistic about the natural resources sector, especially energy. After the initial outbreak of COVID-19 had pushed crude prices into negative territory, a narrative developed that the world was moving beyond traditional fossil fuels (oil and natural gas) and that we had witnessed “peak global oil demand” in 2019. As a result, oil and gas companies found their access to capital severely limited.
To attract investor capital, energy companies adopted the mining industry’s approach: consolidation, lower investment in growth, and higher shareholder returns. By March 31, 2022, however, crude oil demand had increased significantly. Coupled with the lack of investment in traditional energy during this time frame, global crude oil and refined-product inventory levels declined, and OPEC spare capacity fell to concerning levels.
The Russia-Ukraine conflict caused massive dislocations across the natural resources complex. It seems clear that the Western world will not tolerate Russian aggression and seeks to diversify away from its dependence on Russian natural resources. Even with a peaceful resolution to the conflict, we do not see this changing.
Within energy, the conflict affected natural gas most acutely. Even before the conflict began, Europe struggled with low natural gas inventories and natural gas price spikes. The Russian Nord Stream 2 pipeline, which would have brought Russian natural gas directly into Germany, is now highly unlikely to be commissioned. This makes US natural gas and liquefied natural gas (LNG) export facilities a likely long-term solution to fill European demand.
Higher natural gas prices also affect fertilizer markets. Natural gas is a key feedstock and higher prices in Europe have impacted the profitability of fertilizer plants to the advantage of US-based producers. Another key fertilizer, potash, was also severely affected. Higher global prices for food and feed are the likely outcome.
The war in Ukraine also curtailed oil and refined product flows. European refineries, as large users of natural gas, are now heavily disadvantaged, paying as much as six times more for natural gas than their US counterparts. The refining systems are also challenged by a lack of Russian feedstock. The reduction in European refining
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Portfolio management reviews
Delaware Ivy Natural Resources Fund
capacity coupled with increased global demand has helped create a profitable environment for the US refining system.
Pre-conflict, Russia was a major mining district with a substantial proportion of the global market for numerous metals and bulks. With sanctions affecting exports, already tight supply-demand balances are moving to concerning levels.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Natural Resources Fund advanced significantly, although it underperformed its benchmark, the S&P North American Natural Resources Sector Index. The Fund’s Class I shares gained 40.30%. The Fund’s Class A shares rose 39.47% at net asset value and 34.59% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 51.58%. For complete, annualized performance of Delaware Ivy Natural Resources Fund, please see the table on page 32.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
After assuming management of the Fund on November 15, 2021, we made significant changes to subsector and individual company allocations. We increased allocations to agriculture and to metals and mining, specifically copper. The turnover within individual positions occurred across all subsectors and most notably within energy, metals and mining, and wood products. The Fund also rotated into several smaller renewable positions that we believe stand to benefit from the transition to renewable energy sources.
As of March 31, 2022, the Fund’s largest sector allocation was traditional energy, which constituted approximately 45% of the portfolio; followed by materials (metals and mining, agriculture, and wood products), 32%; consumer staples (agriculture), 6%; real estate (timber), 4%; industrials (renewable energy and aggregates), 6%; and other (uranium, nuclear and cash), 7%. As of fiscal year end, the Fund’s portfolio was 66% weighted to the US, 18% to Canada, 9% to Western Europe, 5% to Asia Pacific, and 2% to Latin America.
For the period from November 15, 2021, through March 31, 2022, energy was the largest contributor to performance in terms of both weighting and total return due to the substantial rise in prices of oil, natural gas, natural gas liquids, and refined products. The largest detractors from performance were two renewable energy positions. These companies are more growth-oriented and faltered as investors shunned growth in anticipation of a higher interest rate environment.
Nutrien Ltd., a producer of nitrogen, phosphate, and potash products worldwide, was a large contributor to performance during the period. Demand for fertilizer is largely driven by agricultural prices, which remained strong during the fiscal year. Fertilizer, specifically nitrogen, is largely made from natural gas. Before and after the advent of the Russia-Ukraine conflict, inventories remained low, with supply constrained by surging natural gas prices in Europe and Asia, which led to European fertilizer plant curtailments. Nutrien’s production is located largely outside of Europe, where natural gas prices remain subdued. Nutrien also benefited from potash supply constraints due to the Russia-Ukraine conflict. Nutrien plans to increase potash production but wants to ensure the supply outage is sustained before bringing on expensive and long lead-time assets. In the meantime, the company will likely benefit from higher prices and higher free cash flow, perhaps returned to shareholders via dividends and buybacks.
EQT Corp., an Appalachian-focused natural gas producer, also contributed to the Fund’s performance. EQT has been going through a strategic transformation, consolidating several large transactions involving the Marcellus Shale in Pennsylvania. Through two major transactions, the company added significant reserves and production to its reserve base during the energy market downturn. Importantly, these transactions gave the company additional scale and a much-improved financial profile. Significant debt reduction ensued, which brought the company to investment grade status. This will allow EQT to backstop LNG supply contracts and access much higher international natural gas prices. US natural gas remains one of the cheapest and carbon-friendly energy sources in the world. With one of the cheapest valuations in the exploration and production (E&P) space, EQT may benefit from these trends.
Renewable energy and clean-tech names underperformed during the period. We continue to seek out companies with disruptive and differentiated technologies or platforms that have the potential to achieve rapid growth during the energy transition. One Fund holding, Sunrun Inc., the largest residential solar installer, was among the main detractors from performance. Although Sunrun is expensive on a traditional financial multiple basis, we believe this is largely because of its expensing what should be capitalized expenditures. We think the company is undervalued and has a solid growth profile for the foreseeable future.
The weakness in growth-oriented equities also affected Li-Cycle Holdings Corp. during the period. Li-Cycle provides lithium-ion battery recycling solutions. Importantly, while traditional recycling processes burn batteries to recover the metals (creating significant greenhouse-gas-intensive emissions), Li-Cycle uses a patented hydrometallurgical process. The process and platform have recently been validated by several joint venture and direct investments in the company from several entities including LG Chem Ltd. and Koch Industries Inc. In December, LG Chem invested $50 million in the company, which will enable Li-Cycle to expand its first recycling “hub”
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in Rochester, N.Y. Unfortunately, this expansion added to capital expenditures owing to inflationary pressure and an expansion of project scope. The development also came at an inopportune time as growth companies were already under pressure.
Over the reporting period, the Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies, but the usage had no material impact on Fund performance.
In the short term, we believe little will change the challenged supply situation, which existed even before the Russian-Ukrainian conflict. In our view, much of this is driven by environmental, social and governance (ESG) issues that are stimulating demand while constraining supply. Specifically, the environmental part of ESG is driving demand for renewable energy, electric vehicles, and battery storage. Current investment in renewable energy remains inadequate to meet demand, and investment in the commodities required to facilitate this transition remains woefully deficient. We don’t see this abating for a multitude of reasons, including political issues, lack of access to capital, higher cost of capital, and capital return strategies that favor shareholders rather than growth. We believe that the outlook for reduced supplies combined with rising demand may cause severe inflationary pressure across the energy complex.
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Portfolio management reviews
Delaware Ivy Science and Technology Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Science and Technology Fund (Class I shares) | 1-year return | -0.04 | % | |||
Delaware Ivy Science and Technology Fund (Class A shares) | 1-year return | -0.21 | % | |||
S&P North American Technology Sector Index (benchmark) | 1-year return | +8.72 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Science and Technology Fund, please see the table on page 35.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 37 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide growth of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On November 15, 2021, Gustaf C. Zinn was added as an additional portfolio manager for the Fund.
Market review
Fiscal year ended March 31, 2022, may best be described as a transitional year in the COVID-19 era. After a dramatic fiscal 2021, which included pandemic-driven economic shutdowns, overwhelmed healthcare systems, massive job losses, and the most aggressive US Federal Reserve policy actions in history, we entered 2021 with hopes of normalization as vaccines began mass production. Unfortunately, COVID-19 variants like Delta and Omicron became everyday terms, even as vaccination rates climbed during the year.
While divisive politics are nothing new in Washington DC, the razor-thin margin of the Democratic Party’s congressional majority created volatility in the policy-making process throughout 2021. A key tenet of President Biden’s campaign, the Bipartisan Infrastructure Bill, went through numerous iterations and delays, ultimately passing in November as the Infrastructure Investment and Jobs Act with a reduced-price tag of $1.2 trillion. Initially, markets were concerned that corporate and capital gains tax rates would rise meaningfully to pay for the bill and other campaign priorities. When it became less likely that large tax increases would happen, the reconciliation bill, with many taxation provisions, was further delayed into 2022.
Internationally, China remained at the forefront of US government concerns. The year was a continuation of stricter policies around Chinese technology companies, with a genuine focus on incentivizing semiconductor companies to produce more chips domestically on national security grounds. After China’s brazen push in Hong Kong, Taiwan garnered attention as a potential next move by the Chinese government. Taiwan is a key technology hub and a clear rising concern for policymakers. Additionally, Russia’s invasion of Ukraine added another vector of concern within the global order.
In economic terms, massive stimulus continued to prop up the domestic economy through much of 2021, while tightening labor markets and global shortages became more acute. Wages began to rise, and it was difficult to go anywhere without seeing “Help Wanted” signs. Additionally, a combination of COVID-19 related shutdowns and robust demand stressed supply chains. These supply chain disruptions drove shortages in areas like autos and electronics, further exacerbating upward pricing pressures. It became extremely difficult to find an area of the economy that supply issues did not impact.
With the steep rise in prices across many categories, including housing and autos, and continued wage pressure, the conversation in markets shifted to speculation of when and how quickly the Fed would move to tighten monetary policy to ward off inflation. By the second half of calendar year 2021, and especially in the fourth quarter, the concern of higher interest rates and a decrease in the Fed’s balance sheet created volatility in the markets, especially for high-multiple, high-growth equities. This volatility carried over into the first quarter of calendar 2022 (the Fund’s final fiscal quarter) with rates continuing to rise over the course of the quarter.
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The combination of a global pandemic, divisive politics, international risks, and rising inflationary pressures would be expected to pressure financial markets. While the market held up well through calendar 2021, the first quarter of 2022 proved much more challenging as these underlying concerns, especially tightening monetary policy and higher inflation, finally had a more meaningful impact on the markets.
During the fiscal year, information technology stocks increased modestly, with the Fund’s benchmark advancing 8.72%. Within information technology, the hardware and semiconductor subsectors made significant positive relative contributions to performance. In addition to these subsectors, other areas like communication equipment and software added positively in an absolute sense, illustrating the broad market strength across the information technology sector that was a continuation of 2020. On the healthcare front, stocks struggled to keep up with the performance of technology names.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Science and Technology Fund underperformed its benchmark, the S&P North American Technology Sector Index. The Fund’s Class I shares declined 0.04%. The Fund’s Class A shares fell 0.21% at net asset value and 3.71% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the benchmark gained 8.72%. For complete, annualized performance of Delaware Ivy Science and Technology Fund, please see the table on page 35.
The Fund underperformed its technology-only benchmark during the fiscal year. The technology portion of the Fund contributed positively on an absolute basis but relatively trailed the benchmark. Relative outperformers in the Fund’s technology exposure included Meta Platforms Inc. (formerly Facebook) and ON Semiconductor Corp. ON Semiconductor changed management teams and adjusted its business model to focus on higher margin verticals and a more focused product lineup. We expect this transformation to support improving financial performance and resulting stock price appreciation over the next few years, and it remains a holding in the Fund. Meta Platforms was a top 10 holding in the Fund during much of the fiscal year but was sold due to concerns about the fundamentals of its advertising business. Since Meta Platforms is a large position in the benchmark, our lack of exposure to the stock contributed positively to the Fund’s relative performance as our concerns played out and the stock sold off significantly late in the fiscal year.
Positions in Micron Technology Inc. and Universal Display Corp. were key detractors from performance. The Fund no longer owns Universal Display Corp. Micron remains in the Fund as we anticipate a rebound in the stock price as the memory market remains a key beneficiary of the data center boom, and the industry continues its rational competitive behavior. We reduced our exposure to Micron over the fiscal year, but we have conviction in its long-term opportunity and believe it is attractively valued.
Additionally, poor stock selection in the consumer discretionary sector, led by Alibaba Group Holding Ltd., detracted from performance. Alibaba was down more than 20% for the fiscal year.
During the period, the Fund’s exposure to healthcare contributed positively to relative performance. Healthcare is not represented in the benchmark, so the Fund’s allocation to the sector is an important distinction when comparing performance metrics. Moderna Inc. was the key contributor within healthcare as the company’s core mRNA (messenger ribonucleic acid) technology and its success in the COVID-19 vaccine market drove meaningful positive financial and stock performance. We reduced our position in Moderna over the course of the fiscal year as the stock price appreciation approached our valuation target.
The Fund maintained a low single-digit average cash position during the fiscal year. Additionally, the Fund used derivatives over the reporting period, but the usage had no material impact on Fund performance.
Fund positioning
As we entered the second half of the fiscal year, we became increasingly concerned about the rising specter of inflation and tightening monetary policy. This backdrop suggested potential pressure on higher multiple stocks within our investment universe. With our disciplined valuation approach to investing in innovation, we made several focused trades in the Fund over this time period. Overall, we skewed our weightings upward in larger capitalization names in the Fund, while opportunistically adding a handful of attractive new stocks we believe position us for a more challenging growth stock environment.
The Fund had approximately 68% of its equity exposure in the information technology sector as of March 31, 2022. We believe the overall exposure in information technology is more appropriately assessed by including the communication services sector, which includes many companies previously in the information technology sector. The Fund had approximately 13% of its equity assets in the communication services sector as of March 31, 2022, for a total of 81% of assets exposed to the information technology and communications services sectors.
As of fiscal year end, roughly 6% of the Fund’s equity assets were in the healthcare sector. Our lower healthcare exposure compared to historical averages is primarily a result of reducing our biotechnology weighting due to the anticipated market backdrop mentioned earlier. In developing markets, as the standard of living increases, we
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Portfolio management reviews
Delaware Ivy Science and Technology Fund
continue to believe the demand for quality healthcare should increase. In our view, biotechnology, healthcare information technology systems, and pharmaceuticals are among the greatest innovators and early adopters of new science and technology, so we continue to focus on companies in those areas.
The Fund’s “applied science and technology” holdings span several industries and sectors and, along with the consumer discretionary subsector (largely Amazon), make up the remainder of the Fund’s equity composition. At the end of the fiscal year, the Fund’s cash position was 1.8% of net assets. We almost always have some cash on hand to take advantage of opportunities that may present themselves.
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Portfolio management reviews
Delaware Ivy Securian Real Estate Securities Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Securian Real Estate Securities Fund (Class I shares) | 1-year return | +27.32 | % | |||
Delaware Ivy Securian Real Estate Securities Fund (Class A shares) | 1-year return | +26.90 | % | |||
FTSE Nareit Equity REITs Index (benchmark) | 1-year return | +26.49 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Securian Real Estate Securities Fund, please see the table on page 38.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 40 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide total return through capital appreciation and current income.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
Market review
Real estate stocks finished what was a relatively strong investment year on an up note, with each quarter having delivered better-than-expected operations across the sector. Despite the unwelcome emergence of yet another COVID-19 variant and the escalating conflict in Ukraine, investors seeking cover from inflation and a rapidly improving real estate environment combined to propel the sector. Although the improvement wasn’t uniform, and there certainly will be property sectors that are slower to improve, it appears unmistakably to us that a recovery is underway.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Securian Real Estate Securities Fund outperformed its primary benchmark, the FTSE Nareit Equity REITs Index. The Fund’s Class I shares gained 27.32%. The Fund’s Class A shares advanced 26.90% at net asset value and 22.46% at maximum offer price. During the same period, the FTSE Nareit Equity REITs Index gained 26.49%. For complete, annualized performance of Delaware Ivy Securian Real Estate Securities Fund, please see the table on page 38.
The primary drivers of relative performance were an underweighting to healthcare real estate investment trusts (REITs), an overweight position to self-storage, underweight positions in both industrial and office, and overweight positions in shopping center companies and apartment owners.
Healthcare REIT performance during the year was in the bottom half of all REIT sectors in the benchmark, owing to pandemic headwinds in the form of lower move-in volumes, pressure on payrolls due to labor shortages, and general elevation of overall property expenses. These are primarily issues for skilled-nursing facilities and senior housing, whose occupancy recoveries were choppy due first to the COVID-19 Delta variant and later to the Omicron variant. Medical office buildings appear further along in recovery as elective surgeries have resumed, and growing demand from private investors raised market valuations, providing a tailwind. Finally, life science is a smaller but growing subsector that has a steeper demand curve longer term. The Fund’s strategic underweight positions in skilled nursing facilities and hospitals explains why healthcare was the Fund’s highest outperformer in all sectors relative to the benchmark for the fiscal year.
An overweight position to self-storage owners, which returned 60.57% for the Fund during the period, was another leading driver of Fund performance. Like warehouse properties, discussed below, owners of self-storage properties are experiencing record operating conditions. Work from home, regional relocations, and housing demand have attracted new customers during the pandemic. A pleasant surprise has been that they are now renting space for longer periods of time than had been typical in the past. As such, rents are above pre-pandemic levels and occupancies are at record highs. Although we continue to hold an overweight position to the sector, we are mindful of the high bar recent performance and peak-level operations have created.
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Portfolio management reviews
Delaware Ivy Securian Real Estate Securities Fund
As the pandemic’s grip on the economy waned, re-openings and pent-up consumer demand acted as tailwinds for retail REITs for much of the fiscal year, with shopping centers performing well ahead of the benchmark. For the Fund, shopping centers were additive to performance with stock selection aiding results, while a below-benchmark allocation to malls at the start of the year held back performance. Leasing momentum and retailer health both continue to improve. Given the stocks’ attractive valuation, we established an overweight position to the retail space, with a preference for shopping center over mall REITs.
Rent growth accelerated for multi-family rental and single-family rental REITs as job gains led to a significant acceleration in new lease rate growth. We think this momentum may increase as embedded rent growth, combined with projected market rent growth, could overwhelm current supply deliveries in most markets this year. Within multi-family rentals, the Fund was overweight the Sun Belt to begin the fiscal year. Coastal exposure was added gradually throughout the first half of the year, which eventually led to a sector overweight to the benchmark. We think that these companies will continue to thrive as large coastal market employers return to normal operations and remain overweight the sector.
Every single property sector delivered positive returns during the year, but owners of warehouse properties were among the strongest performers, returning 44% on average. Headlines may have raged about supply-chain bottlenecks and ports bulging with ships waiting to unload, but that was good news for warehouses. Delays notwithstanding, the first landing spot for all the backlogged stuff is industrial REITs. Before any of those goods or raw materials make it to end-consumers’ doorsteps, they stop in a warehouse (or multiple warehouses) along the supply chain. Simply put, it’s as good as it gets for warehouse owners right now.
Office companies were a notable detractor from relative performance earlier in the year but became significantly additive as the year progressed. We had written previously that the value discrepancy between private and public market valuations was too cheap to ignore. We began to take advantage of that pricing discrepancy early in the fourth quarter of 2021 and, like hotels, the sector was punished by the Omicron variant. A series of large, national employers publicly announced delays or outright cancelations to their return-to-office plans. While we believe office demand will be negatively affected for the foreseeable future, the price at which office stocks trade today more than factors in a weaker outlook. The Fund maintains an overweight position here.
Corporate earnings and economic growth ended 2021 on a strong note, but we think 2022 may well be tougher. Full-year revenue and earnings estimates have pushed higher despite spreading cost pressure and falling consumer incomes, adjusted for inflation. In our opinion, this sounds like a recipe for disappointment given what began with a well above average starting point. Higher rates may also challenge valuations, compounding market challenges.
The good news is that the economy faces these headwinds from a position of strong growth. Real gross domestic product growth (GDP) increased by 5.7% last year, the fastest rate since the mid-1980s. While inflation has squeezed workers’ spending power, the jobs situation is the best in years. Savings, socked away during the pandemic, continues to support demand for key durables like housing and autos although we believe that effect will wear off, accelerated by higher rates. We think the squeeze in real earnings has begun to put the brakes on spending, and consumer confidence has suffered. While forecasted growth is still above normal, projections have declined steadily, as inflation continues to surprise to the upside.
At the property level, recovery in the nation’s property markets remains intact and appears to have significant upside in many sectors. We doubt that all property types will return to pre-pandemic cash-flow levels in lockstep. Those with short duration lease profiles such as apartments, single-family rentals, and self-storage units should continue to fare well in a rising-inflation environment. The pandemic accelerated trends that were already in place and focused an unflinching spotlight on those whose future look bright or bleak. Hybrid work arrangements appear here to stay, so demand for office space and business travel will likely face a long recovery. Meanwhile, foot traffic at retail facilities has recovered sharply and gives us optimism that consumers will continue to shop in person as well as online. Meanwhile, although we believe strongly in “new economy” sectors such as data centers and cell towers, current valuations give us pause.
We think REIT stocks remain fairly valued, particularly against the backdrop of interest rate hikes and improving economic growth. What has developed as primary risks to the group in the coming quarters, in our view, is the emergence of a “stagflationary” economic backdrop and increased geopolitical tensions in Eastern Europe.
18
Delaware Ivy Asset Strategy Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. July 10, 2000) | ||||||||||||||||
Excluding sales charge | +5.07 | %* | +9.55 | % | +5.91 | % | +7.40 | % | ||||||||
Including sales charge | +1.39 | % | +8.78 | % | +5.53 | % | +7.22 | % | ||||||||
Class C (Est. April 20, 1995) | ||||||||||||||||
Excluding sales charge | +4.26 | %* | +8.75 | % | +5.30 | % | — | |||||||||
Including sales charge | +3.33 | % | +8.75 | % | +5.30 | % | — | |||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +5.28 | %* | +9.69 | % | +5.98 | % | +6.50 | % | ||||||||
Including sales charge | +2.65 | % | +9.14 | % | +5.71 | % | +6.32 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +5.34 | %* | +9.85 | % | +6.18 | % | +6.77 | % | ||||||||
Including sales charge | +5.34 | % | +9.85 | % | +6.18 | % | +6.77 | % | ||||||||
Class R (Est. July 31, 2008) | ||||||||||||||||
Excluding sales charge | +4.72 | %* | +9.19 | % | +5.55 | % | +4.69 | % | ||||||||
Including sales charge | +4.72 | % | +9.19 | % | +5.55 | % | +4.69 | % | ||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +5.48 | %* | +9.99 | % | — | +4.81 | % | |||||||||
Including sales charge | +5.48 | % | +9.99 | % | — | +4.81 | % | |||||||||
Class Y (Est. December 29, 1995) | ||||||||||||||||
Excluding sales charge | +5.09 | %* | +9.58 | % | +5.92 | % | +8.57 | % | ||||||||
Including sales charge | +5.09 | % | +9.58 | % | +5.92 | % | +8.57 | % | ||||||||
MSCI ACWI (All Country World Index) (net) | +7.28 | % | +11.64 | % | +10.00 | % | +6.49 | %** | ||||||||
MSCI ACWI (All Country World Index) (gross) | +7.73 | % | +12.20 | % | +10.57 | % | +7.05 | %** |
* | Total returns for the report period presented in the table differ from the returns in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also take into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report. | |
** | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 21. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
19
Performance summaries
Delaware Ivy Asset Strategy Fund
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
Fixed income securities and bond funds can lose value, and investors can lose principal as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.
The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.
The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfil their contractual obligations.
Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
20
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class E shares at 0.97% from April 1, 2021 to March 31, 2022, and Class Y shares at 1.11%, from November 15, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.11% | 1.90% | 1.21% | 0.87% | 1.46% | 0.71% | 1.12% | |||||||
Net expenses (including fee waivers, if any) | 1.11% | 1.90% | 0.97% | 0.87% | 1.46% | 0.71% | 1.11% | |||||||
Type of waiver | n/a | n/a | Contractual | n/a | n/a | n/a | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through November 15, 2022 for Class E, and Class Y is effective November 15, 2021 through November 15, 2022. |
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
MSCI ACWI Index (gross) | $10,000 | $27,318 | ||||
MSCI ACWI Index (net) | $10,000 | $25,926 | ||||
Delaware Ivy Asset Strategy Fund — Class I shares | $10,000 | $18,209 | ||||
Delaware Ivy Asset Strategy Fund — Class A shares | $9,425 | $17,134 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the |
21
Performance summaries
Delaware Ivy Asset Strategy Fund
deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 21. Please note additional details on pages 19 through 22.
The graph also assumes $10,000 invested in the MSCI ACWI Index as of March 31, 2012. The MSCI ACWI (All Country World Index) represents large- and mid-cap stocks across developed and emerging markets worldwide. The index covers approximately 85% of the global investable equity opportunity set. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WASAX | 466000759 | |
Class C | WASCX | 466000734 | |
Class E | IASEX | 466000213 | |
Class I | IVAEX | 466001864 | |
Class R | IASRX | 466000114 | |
Class R6 | IASTX | 46600A104 | |
Class Y | WASYX | 466000726 |
22
Performance summaries
Delaware Ivy Balanced Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. November 16, 1987) | ||||||||||||||||
Excluding sales charge | +4.57 | % | +9.56 | % | +8.46 | % | +8.01 | % | ||||||||
Including sales charge | +0.91 | % | +8.78 | % | +8.08 | % | +7.90 | % | ||||||||
Class C (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | +3.77 | % | +8.76 | % | +7.85 | % | +7.43 | % | ||||||||
Including sales charge | +2.84 | % | +8.76 | % | +7.85 | % | +7.43 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +4.82 | % | +9.81 | % | +8.73 | % | +8.01 | % | ||||||||
Including sales charge | +4.82 | % | +9.81 | % | +8.73 | % | +8.01 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | +4.15 | % | +9.16 | % | — | +8.51 | % | |||||||||
Including sales charge | +4.15 | % | +9.16 | % | — | +8.51 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +4.93 | % | +9.97 | % | — | +8.02 | % | |||||||||
Including sales charge | +4.93 | % | +9.97 | % | — | +8.02 | % | |||||||||
Class Y (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | +4.59 | % | +9.55 | % | +8.47 | % | +7.84 | % | ||||||||
Including sales charge | +4.59 | % | +9.55 | % | +8.47 | % | +7.84 | % | ||||||||
S&P 500 Index | +15.65 | % | +15.99 | % | +14.64 | % | +10.26 | %* | ||||||||
Bloomberg US Aggregate Index | -4.15 | % | +2.14 | % | +2.24 | % | +3.56 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 24. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
23
Performance summaries
Delaware Ivy Balanced Fund
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Fixed income securities and bond funds can lose value, and investors can lose principal as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
There is no guarantee that dividend-paying stocks will continue to pay dividends.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class Y shares at 1.07% from November 15, 2021 to March 31, 2022. * Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.07% | 1.82% | 0.86% | 1.45% | 0.71% | 1.10% | ||||||
Net expenses (including fee waivers, if any) | 1.07% | 1.82% | 0.86% | 1.45% | 0.71% | 1.07% | ||||||
Type of waiver | n/a | n/a | n/a | n/a | n/a | Contractual |
* | The aggregate contractual waiver period covering this report is from November 15, 2021 through November 15, 2022. |
24
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
S&P 500 Index | $10,000 | $39,197 | ||||
Delaware Ivy Balanced Fund — Class I shares | $10,000 | $23,095 | ||||
Delaware Ivy Balanced Fund — Class A shares | $9,425 | $21,739 | ||||
Bloomberg US Aggregate Index | $10,000 | $12,480 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 24. Please note additional details on pages 23 through 25. |
The graph also assumes $10,000 invested in the S&P 500 Index and the Bloomberg US Aggregate Index as of March 31, 2012.
The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.
The Bloomberg US Aggregate Index is a broad composite that tracks the investment grade US bond market.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IBNAX | 465898625 | |
Class C | IBNCX | 465898591 | |
Class I | IYBIX | 465898146 | |
Class R | IYBFX | 465899375 | |
Class R6 | IBARX | 46600A203 | |
Class Y | IBNYX | 465898583 |
25
Performance summaries
Delaware Ivy Energy Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. April 3, 2006) | ||||||||||||||||
Excluding sales charge | +59.24 | % | -5.39 | % | -2.27 | % | +0.06 | % | ||||||||
Including sales charge | +53.77 | % | -6.06 | % | -2.61 | % | -0.16 | % | ||||||||
Class C (Est. April 3, 2006) | ||||||||||||||||
Excluding sales charge | +57.97 | % | -6.07 | % | -2.79 | % | -0.27 | % | ||||||||
Including sales charge | +56.97 | % | -6.07 | % | -2.79 | % | -0.27 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +59.90 | % | -5.02 | % | -1.89 | % | +0.13 | % | ||||||||
Including sales charge | +59.90 | % | -5.02 | % | -1.89 | % | +0.13 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | +58.80 | % | -5.70 | % | — | -2.34 | % | |||||||||
Including sales charge | +58.80 | % | -5.70 | % | — | -2.34 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +59.68 | % | -5.00 | % | — | -6.55 | % | |||||||||
Including sales charge | +59.68 | % | -5.00 | % | — | -6.55 | % | |||||||||
Class Y (Est. April 3, 2006) | ||||||||||||||||
Excluding sales charge | +59.24 | % | -5.34 | % | -2.17 | % | +0.17 | % | ||||||||
Including sales charge | +59.24 | % | -5.34 | % | -2.17 | % | +0.17 | % | ||||||||
S&P 1500 Energy Sector Index | +64.21 | % | +5.99 | % | +3.50 | % | +4.03 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 27. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
26
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Because the Fund invests more than 25% of its total assets in the energy related industry, the Fund may be more susceptible to a single economic, regulatory, or technological occurrence than a fund that does not concentrate its investments in this industry. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
Investing in the energy sector can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments, and the cost assumed by energy companies in complying with environmental safety regulations.
The Fund may invest in initial public offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be replicated in the future.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.35%; Class C shares at 2.09%; and Class I shares at 0.99%, from April 1, 2021 to March 31, 2022.* Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.87% | 2.44% | 1.20% | 1.77% | 1.02% | 1.42% | ||||||
Net expenses (including fee waivers, if any) | 1.35% | 2.09% | 0.99% | 1.75% | 1.00% | 1.40% | ||||||
Type of waiver | Contractual | Contractual | Contractual | n/a | n/a | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
27
Performance summaries
Delaware Ivy Energy Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
S&P 1500 Energy Sector Index | $10,000 | $14,108 | ||||
Delaware Ivy Energy Fund — Class I shares | $10,000 | $8,267 | ||||
Delaware Ivy Energy Fund — Class A shares | $9,425 | $7,674 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 27. Please note additional details on pages 26 through 28. |
The graph also assumes $10,000 invested in the S&P 1500 Energy Sector Index as of March 31, 2012. The S&P 1500 Energy Sector Index comprises those companies included in the S&P Composite 1500® that are classified as members of the GICS® Energy sector.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IEYAX | 466000395 | |
Class C | IEYCX | 466000379 | |
Class I | IVEIX | 466000148 | |
Class R | IYEFX | 465899367 | |
Class R6 | IENRX | 46600A807 | |
Class Y | IEYYX | 466000361 |
28
Performance summaries
Delaware Ivy LaSalle Global Real Estate Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||
1 year | 5 year | Lifetime | ||||||||||
Class A (Est. April 1, 2013) | ||||||||||||
Excluding sales charge | +16.12 | % | +7.45 | % | +5.55 | % | ||||||
Including sales charge | +12.10 | % | +6.69 | % | +5.13 | % | ||||||
Class C (Est. April 1, 2013) | ||||||||||||
Excluding sales charge | +15.28 | % | +6.70 | % | +4.68 | % | ||||||
Including sales charge | +14.28 | % | +6.70 | % | +4.68 | % | ||||||
Class I (Est. April 1, 2013) | ||||||||||||
Excluding sales charge | +16.62 | % | +7.93 | % | +5.77 | % | ||||||
Including sales charge | +16.62 | % | +7.93 | % | +5.77 | % | ||||||
Class R (Est. April 1, 2013) | ||||||||||||
Excluding sales charge | +15.74 | % | +7.12 | % | +5.05 | % | ||||||
Including sales charge | +15.74 | % | +7.12 | % | +5.05 | % | ||||||
Class R6 (Est. July 5, 2017) | ||||||||||||
Excluding sales charge | +16.60 | % | — | +8.09 | % | |||||||
Including sales charge | +16.60 | % | — | +8.09 | % | |||||||
Class Y (Est. April 1, 2013) | ||||||||||||
Excluding sales charge | +16.21 | % | +7.51 | % | +5.70 | % | ||||||
Including sales charge | +16.21 | % | +7.51 | % | +5.70 | % | ||||||
FTSE EPRA Nareit Developed Index | +15.37 | % | +7.49 | % | +6.53 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 30. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
29
Performance summaries
Delaware Ivy LaSalle Global Real Estate Fund
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
“Non-diversified” investments may allocate more of their net assets to investments in single securities than “diversified” investments. Resulting adverse effects may subject these investments to greater risks and volatility.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
Investing in the real estate industry includes risks such as declines in real estate value, lack of availability of mortgage funds, overbuilding, extended vacancies, increases in property taxes, changes in zoning laws, costs from cleanup of environmental problems, uninsured damages, variations in rents, and changes in interest rates.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.48%; Class I and Class R6 shares at 1.05%; and Class R shares at 1.80%, from April 1, 2021 to March 31, 2022.* Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.79% | 2.31% | 1.41% | 1.98% | 1.22% | 1.61% | ||||||
Net expenses (including fee waivers, if any) | 1.48% | 2.15% | 1.05% | 1.80% | 1.05% | 1.45% | ||||||
Type of waiver | Contractual | n/a | Contractual | Contractual | Contractual | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
30
Performance of a $10,000 investment1
For period beginning April 1, 2013 (inception date) through March 31, 2022
For period beginning April 1, 2013 through March 31, 2022 | Starting value | Ending value | ||||
FTSE EPRA Nareit Developed Index | $10,000 | $16,888 | ||||
Delaware Ivy LaSalle Global Real Estate Fund — Class I shares | $10,000 | $16,561 | ||||
Delaware Ivy LaSalle Global Real Estate Fund — Class A shares | $9,425 | $15,691 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on April 1, 2013, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 30. Please note additional details on pages 29 through 31. |
The graph also assumes $10,000 invested in the FTSE EPRA Nareit Developed Index as of March 31, 2013. The FTSE EPRA Nareit Developed Index tracks the performance of listed real estate companies and real estate investment trusts (REITs) worldwide, based in US dollars.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IREAX | 465899359 | |
Class C | IRECX | 465899334 | |
Class I | IRESX | 465899326 | |
Class R | IRERX | 465899318 | |
Class R6 | IRENX | 46600A245 | |
Class Y | IREYX | 465899292 |
31
Performance summaries
Delaware Ivy Natural Resources Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. January 2, 1997) | ||||||||||||||||
Excluding sales charge | +39.47 | % | +3.63 | % | -0.02 | % | +5.62 | % | ||||||||
Including sales charge | +34.59 | % | +2.89 | % | -0.37 | % | +5.47 | % | ||||||||
Class C (Est. January 2, 1997) | ||||||||||||||||
Excluding sales charge | +38.45 | % | +2.97 | % | -0.52 | % | +5.30 | % | ||||||||
Including sales charge | +37.45 | % | +2.97 | % | -0.52 | % | +5.30 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +40.56 | % | +4.19 | % | +0.43 | % | -0.68 | % | ||||||||
Including sales charge | +37.02 | % | +3.66 | % | +0.18 | % | -0.85 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +40.30 | % | +4.22 | % | +0.52 | % | -0.45 | % | ||||||||
Including sales charge | +40.30 | % | +4.22 | % | +0.52 | % | -0.45 | % | ||||||||
Class R (Est. December 29, 2005) | ||||||||||||||||
Excluding sales charge | +39.60 | % | +3.64 | % | -0.06 | % | +0.85 | % | ||||||||
Including sales charge | +39.60 | % | +3.64 | % | -0.06 | % | +0.85 | % | ||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +40.61 | % | +4.41 | % | — | -1.02 | % | |||||||||
Including sales charge | +40.61 | % | +4.41 | % | — | -1.02 | % | |||||||||
Class Y (Est. July 24, 2003) | ||||||||||||||||
Excluding sales charge | +40.08 | % | +3.99 | % | +0.29 | % | +5.45 | % | ||||||||
Including sales charge | +40.08 | % | +3.99 | % | +0.29 | % | +5.45 | % | ||||||||
S&P North American Natural Resources Sector Index | +51.58 | % | +7.56 | % | +3.48 | % | — | * |
* | The benchmark lifetime return is for Class I share comparison only. Benchmark performance as of the Fund’s Class I inception date is not available. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 33. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum sales charge (load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
32
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
“Non-diversified” investments may allocate more of their net assets to investments in single securities than “diversified” investments. Resulting adverse effects may subject these investments to greater risks and volatility.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
Because the Fund invests significantly in natural resources securities, there is the risk that the Fund will perform poorly during a downturn in the natural resource sector.
The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class E shares at 1.17%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.84% | 2.49% | 2.21% | 1.20% | 1.77% | 0.99% | 1.42% | |||||||
Net expenses (including fee waivers, if any) | 1.84% | 2.49% | 1.17% | 1.20% | 1.77% | 0.99% | 1.42% | |||||||
Type of waiver | n/a | n/a | Contractual | n/a | n/a | n/a | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
33
Performance summaries
Delaware Ivy Natural Resources Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
S&P North American Natural Resources Sector Index | $10,000 | $12,877 | ||||
Delaware Ivy Natural Resources Fund — Class I shares | $10,000 | $10,531 | ||||
Delaware Ivy Natural Resources Fund — Class A shares | $9,425 | $9,635 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum sales charge (load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 33. Please note additional details on pages 32 through 34. |
The graph also assumes $10,000 invested in the S&P North American Natural Resources Sector Index as of March 31, 2012. The S&P North American Natural Resources Sector Index provides investors with a benchmark that represents US traded securities that are classified under the GICS® energy and materials sector, excluding the chemicals industry and steel subindustry.
The S&P 500 Index, mentioned on page 11, measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IGNAX | 465897429 | |
Class C | IGNCX | 465897395 | |
Class E | IGNEX | 465899409 | |
Class I | IGNIX | 465899508 | |
Class R | IGNRX | 465898310 | |
Class R6 | INRSX | 46600A849 | |
Class Y | IGNYX | 465897122 |
34
Performance summaries
Delaware Ivy Science and Technology Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. July 3, 2000) | ||||||||||||||||
Excluding sales charge | -0.21 | % | +19.07 | % | +15.89 | % | +9.53 | % | ||||||||
Including sales charge | -3.71 | % | +18.22 | % | +15.48 | % | +9.35 | % | ||||||||
Class C (Est. July 31, 1997) | ||||||||||||||||
Excluding sales charge | -1.00 | % | +18.16 | % | +15.22 | % | +13.84 | % | ||||||||
Including sales charge | -1.61 | % | +18.16 | % | +15.22 | % | +13.84 | % | ||||||||
Class E (Est. April 2, 2007) | �� | |||||||||||||||
Excluding sales charge | -0.31 | % | +18.95 | % | +15.78 | % | +13.26 | % | ||||||||
Including sales charge | -2.82 | % | +18.35 | % | +15.48 | % | +13.06 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -0.04 | % | +19.31 | % | +16.18 | % | +13.86 | % | ||||||||
Including sales charge | -0.04 | % | +19.31 | % | +16.18 | % | +13.86 | % | ||||||||
Class R (Est. December 29, 2005) | ||||||||||||||||
Excluding sales charge | -0.63 | % | +18.61 | % | +15.49 | % | +12.79 | % | ||||||||
Including sales charge | -0.63 | % | +18.61 | % | +15.49 | % | +12.79 | % | ||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +0.10 | % | +19.49 | % | — | +14.17 | % | |||||||||
Including sales charge | +0.10 | % | +19.49 | % | — | +14.17 | % | |||||||||
Class Y (Est. June 9, 1998) | ||||||||||||||||
Excluding sales charge | -0.22 | % | +19.06 | % | +15.92 | % | +13.78 | % | ||||||||
Including sales charge | -0.22 | % | +19.06 | % | +15.92 | % | +13.78 | % | ||||||||
S&P North American Technology Sector Index | +8.72 | % | +24.10 | % | +19.94 | % | +15.68 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 36. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum sales charge (load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
35
Performance summaries
Delaware Ivy Science and Technology Fund
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Because the Fund invests more than 25% of its total assets in the science and technology industry, the Fund’s performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in this industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. In addition, the Fund’s performance may be more volatile than an investment in a portfolio of broad market securities and may underperform the market as a whole, due to the relatively limited number of issuers of science and technology related securities. Investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology.
“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class E shares at 1.24% from April 1, 2021 to July 28, 2021, and 1.23% from July 29, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.14% | 1.92% | 1.28% | 0.96% | 1.55% | 0.81% | 1.20% | |||||||
Net expenses (including fee waivers, if any) | 1.14% | 1.92% | 1.23% | 0.96% | 1.55% | 0.81% | 1.20% | |||||||
Type of waiver | n/a | n/a | Contractual | n/a | n/a | n/a | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
36
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
S&P North American Technology Sector Index | $10,000 | $59,869 | ||||
Delaware Ivy Science and Technology Fund — Class I shares | $10,000 | $44,807 | ||||
Delaware Ivy Science and Technology Fund — Class A shares | $10,000 | $42,161 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 36. Please note additional details on pages 35 through 37. |
The graph also assumes $10,000 invested in the S&P North American Technology Sector Index as of March 31, 2012. The S&P North American Technology Sector Index is a modified-capitalization weighted index providing investors with a benchmark that represents US securities classified under the GICS® technology sector and internet retail sub-industry.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WSTAX | 466000718 | |
Class C | WSTCX | 466000684 | |
Class E | ISTEX | 466001708 | |
Class I | ISTIX | 466001807 | |
Class R | WSTRX | 466000437 | |
Class R6 | ISTNX | 46600A740 | |
Class Y | WSTYX | 466000676 |
37
Performance summaries
Delaware Ivy Securian Real Estate Securities Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. February 25, 1999) | ||||||||||||||||
Excluding sales charge | +26.90 | % | +10.42 | % | +9.48 | % | +10.28 | % | ||||||||
Including sales charge | +22.46 | % | +9.63 | % | +9.09 | % | +10.11 | % | ||||||||
Class C (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | +25.74 | % | +9.52 | % | +8.84 | % | +8.50 | % | ||||||||
Including sales charge | +24.74 | % | +9.52 | % | +8.84 | % | +8.50 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +27.12 | % | +10.51 | % | +9.48 | % | +5.75 | % | ||||||||
Including sales charge | +23.92 | % | +9.95 | % | +9.20 | % | +5.58 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +27.32 | % | +10.82 | % | +9.94 | % | +6.33 | % | ||||||||
Including sales charge | +27.32 | % | +10.82 | % | +9.94 | % | +6.33 | % | ||||||||
Class R (Est. December 29, 2005) | ||||||||||||||||
Excluding sales charge | +26.55 | % | +10.16 | % | +9.27 | % | +7.16 | % | ||||||||
Including sales charge | +26.55 | % | +10.16 | % | +9.27 | % | +7.16 | % | ||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +27.48 | % | +10.98 | % | — | +9.97 | % | |||||||||
Including sales charge | +27.48 | % | +10.98 | % | — | +9.97 | % | |||||||||
Class Y (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | +26.98 | % | +10.57 | % | +9.68 | % | +9.18 | % | ||||||||
Including sales charge | +26.98 | % | +10.57 | % | +9.68 | % | +9.18 | % | ||||||||
FTSE Nareit Equity REITs Index | +26.49 | % | +9.63 | % | +9.81 | % | +6.42 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 39. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
38
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and differences in real estate market values. Because the Fund invests more than 25% of its total assets in the real estate industry, the Fund may be more susceptible to a single economic, regulatory, or technical occurrence than a fund that does not concentrate its investments in this industry.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class E shares at 1.31% from April 1, 2021 to July 28, 2021, and 1.22% from July 29, 2021 to March 31, 2022.* DMC has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets from July 29, 2021 through July 29, 2022. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.55% | 2.43% | 1.77% | 1.18% | 1.77% | 1.04% | 1.40% | |||||||
Net expenses (including fee waivers, if any) | 1.45% | 2.33% | 1.22% | 1.08% | 1.67% | 0.94% | 1.30% | |||||||
Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
39
Performance summaries
Delaware Ivy Securian Real Estate Securities Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Securian Real Estate Securities Fund — Class I shares | $10,000 | $25,787 | ||||
FTSE Nareit Equity REITs Index | $10,000 | $25,485 | ||||
Delaware Ivy Securian Real Estate Securities Fund — Class A shares | $9,425 | $23,880 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 39. Please note additional details on pages 38 through 40. |
The graph also assumes $10,000 invested in the FTSE Nareit Equity REITs Index as of March 31, 2012. The FTSE Nareit Equity REITs Index contains all tax-qualified real estate investment trusts (REITs) traded on US exchanges, excluding timber and infrastructure REITs, with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IRSAX | 465898476 | |
Class C | IRSCX | 465898450 | |
Class E | IREEX | 465899847 | |
Class I | IREIX | 465899839 | |
Class R | IRSRX | 465898294 | |
Class R6 | IRSEX | 46600A757 | |
Class Y | IRSYX | 465898443 |
40
For the six-month period from October 1, 2021 to March 31, 2022 (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are 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 examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2021 to March 31, 2022.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, 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, an $8,600 account value divided by $1,000 = 8.6), 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.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% 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 each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each 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. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
41
Disclosure of Fund expenses
Delaware Ivy Asset Strategy Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 994.40 | 1.13 | % | $ | 5.62 | ||||||||
Class C | 1,000.00 | 990.60 | 1.97 | % | 9.78 | |||||||||||
Class E | 1,000.00 | 995.40 | 0.96 | % | 4.78 | |||||||||||
Class I | 1,000.00 | 995.90 | 0.90 | % | 4.48 | |||||||||||
Class R | 1,000.00 | 993.10 | 1.48 | % | 7.35 | |||||||||||
Class R6 | 1,000.00 | 996.30 | 0.74 | % | 3.68 | |||||||||||
Class Y | 1,000.00 | 994.80 | 1.10 | % | 5.47 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.30 | 1.13 | % | $ | 5.69 | ||||||||
Class C | 1,000.00 | 1,015.11 | 1.97 | % | 9.90 | |||||||||||
Class E | 1,000.00 | 1,020.14 | 0.96 | % | 4.84 | |||||||||||
Class I | 1,000.00 | 1,020.44 | 0.90 | % | 4.53 | |||||||||||
Class R | 1,000.00 | 1,017.55 | 1.48 | % | 7.44 | |||||||||||
Class R6 | 1,000.00 | 1,021.24 | 0.74 | % | 3.73 | |||||||||||
Class Y | 1,000.00 | 1,019.45 | 1.10 | % | 5.54 |
Delaware Ivy Balanced Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 999.20 | 1.05 | % | $ | 5.21 | ||||||||
Class C | 1,000.00 | 995.70 | 1.83 | % | 9.08 | |||||||||||
Class I | 1,000.00 | 1,000.80 | 0.84 | % | 4.19 | |||||||||||
Class R | 1,000.00 | 997.50 | 1.44 | % | 7.15 | |||||||||||
Class R6 | 1,000.00 | 1,001.30 | 0.70 | % | 3.48 | |||||||||||
Class Y | 1,000.00 | 999.40 | 1.05 | % | 5.21 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.72 | 1.05 | % | $ | 5.26 | ||||||||
Class C | 1,000.00 | 1,015.83 | 1.83 | % | 9.17 | |||||||||||
Class I | 1,000.00 | 1,020.75 | 0.84 | % | 4.23 | |||||||||||
Class R | 1,000.00 | 1,017.78 | 1.44 | % | 7.22 | |||||||||||
Class R6 | 1,000.00 | 1,021.45 | 0.70 | % | 3.52 | |||||||||||
Class Y | 1,000.00 | 1,019.72 | 1.05 | % | 5.27 |
42
Delaware Ivy Energy Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,466.60 | 1.36 | % | $ | 8.34 | ||||||||
Class C | 1,000.00 | 1,461.40 | 2.09 | % | 12.82 | |||||||||||
Class I | 1,000.00 | 1,469.10 | 0.99 | % | 6.09 | |||||||||||
Class R | 1,000.00 | 1,463.30 | 1.72 | % | 10.58 | |||||||||||
Class R6 | 1,000.00 | 1,467.90 | 0.98 | % | 6.01 | |||||||||||
Class Y | 1,000.00 | 1,466.30 | 1.35 | % | 8.32 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.17 | 1.36 | % | $ | 6.83 | ||||||||
Class C | 1,000.00 | 1,014.52 | 2.09 | % | 10.49 | |||||||||||
Class I | 1,000.00 | 1,020.00 | 0.99 | % | 4.98 | |||||||||||
Class R | 1,000.00 | 1,016.34 | 1.72 | % | 8.66 | |||||||||||
Class R6 | 1,000.00 | 1,020.06 | 0.98 | % | 4.92 | |||||||||||
Class Y | 1,000.00 | 1,018.18 | 1.35 | % | 6.81 |
Delaware Ivy LaSalle Global Real Estate Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,069.20 | 1.51 | % | $ | 7.81 | ||||||||
Class C | 1,000.00 | 1,065.20 | 2.20 | % | 11.32 | |||||||||||
Class I | 1,000.00 | 1,071.90 | 1.05 | % | 5.43 | |||||||||||
Class R | 1,000.00 | 1,068.10 | 1.80 | % | 9.27 | |||||||||||
Class R6 | 1,000.00 | 1,071.90 | 1.05 | % | 5.42 | |||||||||||
Class Y | 1,000.00 | 1,070.00 | 1.48 | % | 7.64 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.39 | 1.51 | % | $ | 7.61 | ||||||||
Class C | 1,000.00 | 1,013.97 | 2.20 | % | 11.04 | |||||||||||
Class I | 1,000.00 | 1,019.69 | 1.05 | % | 5.29 | |||||||||||
Class R | 1,000.00 | 1,015.97 | 1.80 | % | 9.04 | |||||||||||
Class R6 | 1,000.00 | 1,019.70 | 1.05 | % | 5.29 | |||||||||||
Class Y | 1,000.00 | 1,017.55 | 1.48 | % | 7.44 |
43
Disclosure of Fund expenses
Delaware Ivy Natural Resources Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,346.90 | 1.92 | % | $ | 11.21 | ||||||||
Class C | 1,000.00 | 1,342.50 | 2.56 | % | 14.94 | |||||||||||
Class E | 1,000.00 | 1,351.60 | 1.14 | % | 6.70 | |||||||||||
Class I | 1,000.00 | 1,351.00 | 1.23 | % | 7.20 | |||||||||||
Class R | 1,000.00 | 1,347.60 | 1.80 | % | 10.53 | |||||||||||
Class R6 | 1,000.00 | 1,352.20 | 1.06 | % | 6.21 | |||||||||||
Class Y | 1,000.00 | 1,349.90 | 1.42 | % | 8.31 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,015.38 | 1.92 | % | $ | 9.62 | ||||||||
Class C | 1,000.00 | 1,012.17 | 2.56 | % | 12.83 | |||||||||||
Class E | 1,000.00 | 1,019.23 | 1.14 | % | 5.76 | |||||||||||
Class I | 1,000.00 | 1,018.80 | 1.23 | % | 6.19 | |||||||||||
Class R | 1,000.00 | 1,015.96 | 1.80 | % | 9.04 | |||||||||||
Class R6 | 1,000.00 | 1,019.65 | 1.06 | % | 5.33 | |||||||||||
Class Y | 1,000.00 | 1,017.86 | 1.42 | % | 7.14 |
Delaware Ivy Science and Technology Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 946.10 | 1.14 | % | $ | 5.54 | ||||||||
Class C | 1,000.00 | 942.40 | 1.93 | % | 9.32 | |||||||||||
Class E | 1,000.00 | 945.70 | 1.23 | % | 5.95 | |||||||||||
Class I | 1,000.00 | 946.90 | 0.96 | % | 4.65 | |||||||||||
Class R | 1,000.00 | 944.20 | 1.54 | % | 7.49 | |||||||||||
Class R6 | 1,000.00 | 947.70 | 0.80 | % | 3.91 | |||||||||||
Class Y | 1,000.00 | 946.00 | 1.16 | % | 5.63 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.24 | 1.14 | % | $ | 5.74 | ||||||||
Class C | 1,000.00 | 1,015.33 | 1.93 | % | 9.67 | |||||||||||
Class E | 1,000.00 | 1,018.82 | 1.23 | % | 6.17 | |||||||||||
Class I | 1,000.00 | 1,020.16 | 0.96 | % | 4.82 | |||||||||||
Class R | 1,000.00 | 1,017.23 | 1.54 | % | 7.77 | |||||||||||
Class R6 | 1,000.00 | 1,020.92 | 0.80 | % | 4.05 | |||||||||||
Class Y | 1,000.00 | 1,019.15 | 1.16 | % | 5.84 |
44
Delaware Ivy Securian Real Estate Securities Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,111.90 | 1.38 | % | $ | 7.28 | ||||||||
Class C | 1,000.00 | 1,106.90 | 2.34 | % | 12.28 | |||||||||||
Class E | 1,000.00 | 1,113.00 | 1.20 | % | 6.34 | |||||||||||
Class I | 1,000.00 | 1,113.60 | 1.10 | % | 5.80 | |||||||||||
Class R | 1,000.00 | 1,110.30 | 1.66 | % | 8.74 | |||||||||||
Class R6 | 1,000.00 | 1,114.10 | 0.93 | % | 4.90 | |||||||||||
Class Y | 1,000.00 | 1,112.10 | 1.32 | % | 6.94 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.03 | 1.38 | % | $ | 6.96 | ||||||||
Class C | 1,000.00 | 1,013.27 | 2.34 | % | 11.74 | |||||||||||
Class E | 1,000.00 | 1,018.93 | 1.20 | % | 6.06 | |||||||||||
Class I | 1,000.00 | 1,019.44 | 1.10 | % | 5.55 | |||||||||||
Class R | 1,000.00 | 1,016.64 | 1.66 | % | 8.36 | |||||||||||
Class R6 | 1,000.00 | 1,020.29 | 0.93 | % | 4.68 | |||||||||||
Class Y | 1,000.00 | 1,018.36 | 1.32 | % | 6.63 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). | |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
In addition to the Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), including exchange-traded funds in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.
45
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Asset Strategy Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Agency Collateralized Mortgage Obligations | 1.50 | % | |
Corporate Bonds | 13.73 | % | |
Banking | 5.13 | % | |
Basic Industry | 0.23 | % | |
Blue Chip Medical Products | 0.01 | % | |
Capital Goods | 0.56 | % | |
Communication Services | 0.86 | % | |
Consumer Cyclical | 0.38 | % | |
Consumer Discretionary | 0.13 | % | |
Consumer Non-Cyclical | 0.24 | % | |
Consumer Staples | 0.32 | % | |
Electric | 0.18 | % | |
Energy | 3.59 | % | |
Finance Companies | 0.13 | % | |
Financial Services | 0.19 | % | |
Financials | 0.42 | % | |
Healthcare Services | 0.01 | % | |
Industrials | 0.37 | % | |
Information Technology | 0.42 | % | |
Insurance | 0.37 | % | |
Transportation | 0.18 | % | |
Utilities | 0.01 | % | |
Municipal Bonds | 0.25 | % | |
Non-Agency Collateralized Mortgage | |||
Obligations | 0.32 | % | |
Non-Agency Commercial Mortgage-Backed | |||
Security | 0.01 | % | |
Loan Agreements | 3.79 | % | |
Sovereign Bonds | 1.33 | % | |
US Treasury Obligations | 0.49 | % | |
Common Stocks | 70.30 | % | |
Banking | 4.01 | % | |
Basic Industry | 0.71 | % | |
Blue Chip Medical Products | 2.27 | % | |
Capital Goods | 1.26 | % | |
Communication Services | 7.61 | % | |
Consumer Cyclical | 1.25 | % | |
Consumer Discretionary | 8.07 | % | |
Consumer Non-Cyclical | 1.38 | % | |
Consumer Staples | 2.68 | % | |
Electric | 0.20 | % | |
Energy | 4.42 | % | |
Finance Companies | 1.67 | % | |
Financials | 2.93 | % | |
Healthcare | 6.00 | % | |
Healthcare Services | 1.40 | % | |
Industrials | 7.50 | % | |
Information Technology | 14.34 | % | |
Insurance | 0.70 | % | |
Transportation | 1.90 | % | |
Convertible Preferred Stock | 0.08 | % | |
Preferred Stock | 0.73 | % | |
Bullion | 5.20 | % | |
Short-Term Investments | 2.29 | % | |
Securities Lending Collateral | 0.33 | % | |
Total Value of Securities | 100.35 | % | |
Obligation to Return Securities Lending | |||
Collateral | (0.33 | %) | |
Liabilities Net of Receivables and Other Assets | (0.02 | %) | |
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Microsoft | 3.38 | % | |
Amazon.com | 2.74 | % | |
Alphabet Class A | 2.60 | % | |
Canadian Natural Resources | 2.06 | % | |
Union Pacific | 1.90 | % | |
Taiwan Semiconductor Manufacturing | 1.78 | % | |
Ingersoll Rand | 1.75 | % | |
ORIX | 1.67 | % | |
Regeneron Pharmaceuticals | 1.67 | % | |
Intuit | 1.65 | % |
46
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Balanced Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Agency Collateralized Mortgage Obligations | 0.57 | % | |
Agency Mortgage-Backed Securities | 5.76 | % | |
Corporate Bonds | 12.62 | % | |
Banking | 1.35 | % | |
Basic Industry | 0.01 | % | |
Biotechnology | 0.16 | % | |
Capital Goods | 0.76 | % | |
Communications | 1.58 | % | |
Consumer Cyclical | 0.61 | % | |
Consumer Discretionary | 0.52 | % | |
Consumer Non-Cyclical | 0.22 | % | |
Consumer Staples | 0.39 | % | |
Electric | 0.13 | % | |
Energy | 0.45 | % | |
Finance Companies | 0.14 | % | |
Financials | 1.30 | % | |
Healthcare | 0.84 | % | |
Information Technology | 2.00 | % | |
Insurance | 0.39 | % | |
Materials | 0.13 | % | |
Real Estate | 0.51 | % | |
Transportation | 0.13 | % | |
Utilities | 1.00 | % | |
Non-Agency Commercial Mortgage-Backed | |||
Securities | 2.78 | % | |
US Treasury Obligations | 10.14 | % | |
Common Stocks | 63.89 | % | |
Banking | 0.80 | % | |
Capital Goods | 2.43 | % | |
Communication Services | 7.18 | % | |
Consumer Cyclical | 1.19 | % | |
Consumer Discretionary | 3.66 | % | |
Consumer Staples | 1.56 | % | |
Energy | 1.16 | % | |
Financials | 11.39 | % | |
Healthcare | 8.66 | % | |
Industrials | 3.62 | % | |
Information Technology | 14.51 | % | |
Insurance | 2.14 | % | |
Materials | 2.01 | % | |
Transportation | 1.70 | % | |
Utilities | 1.88 | % | |
Exchange-Traded Fund | 1.35 | % | |
Short-Term Investments | 2.18 | % | |
Securities Lending Collateral | 0.01 | % | |
Total Value of Securities | 99.30 | % | |
Obligation to Return Securities Lending | |||
Collateral | (0.01 | %) | |
Receivables and Other Assets Net of Liabilities | 0.71 | % | |
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Microsoft | 5.87 | % | |
UnitedHealth Group | 3.43 | % | |
Apple | 3.03 | % | |
Costco Wholesale | 2.18 | % | |
CME Group | 2.07 | % | |
Danaher | 1.97 | % | |
Eli Lilly & Co. | 1.92 | % | |
NextEra Energy | 1.88 | % | |
United Rentals | 1.85 | % | |
Alphabet Class A | 1.81 | % |
47
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Energy Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks ◆ | 97.09 | % | |
Consumer Staples | 1.51 | % | |
Energy* | 87.76 | % | |
Financials | 0.40 | % | |
Industrials | 2.43 | % | |
Utilities | 4.99 | % | |
Master Limited Partnerships | 0.96 | % | |
Short-Term Investments | 2.38 | % | |
Securities Lending Collateral | 2.71 | % | |
Total Value of Securities | 103.14 | % | |
Obligation to Return Securities Lending | |||
Collateral | (2.71 | %) | |
Liabilities Net of Receivables and Other Assets | (0.43 | %) | |
Total Net Assets | 100.00 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Energy sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Energy sector consisted of Energy-Alternate Sources, Oil Component-Exploration & Production, Oil Company-Integrated, Oil Refining & Marketing, Oil & Gas Drilling, Oil-US Royalty Trusts, Oil & Gas Services, and Transportation. As of March 31, 2022, such amounts, as a percentage of total net assets were 4.45%, 48.53%, 11.06%, 12.74%, 3.54%, 1.53%, 4.58%, and 1.33%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Equinor | 6.98 | % | |
EOG Resources | 6.45 | % | |
Occidental Petroleum | 6.38 | % | |
EQT | 5.54 | % | |
Valero Energy | 5.51 | % | |
Marathon Petroleum | 5.27 | % | |
Chesapeake Energy | 4.98 | % | |
ConocoPhillips | 4.72 | % | |
Tourmaline Oil | 4.71 | % | |
Coterra Energy | 4.67 | % |
48
Security type / country and sector allocations
Delaware Ivy LaSalle Global Real Estate Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / country | of net assets | ||
Common Stocks by Country | 99.31 | % | |
Australia | 1.83 | % | |
Belgium | 0.65 | % | |
Canada | 1.18 | % | |
China | 0.91 | % | |
France | 2.60 | % | |
Germany | 3.87 | % | |
Hong Kong | 4.22 | % | |
Ireland | 0.50 | % | |
Japan | 12.51 | % | |
Netherlands | 0.98 | % | |
Singapore | 2.03 | % | |
Spain | 1.30 | % | |
United Kingdom | 4.81 | % | |
United States | 61.92 | % | |
Securities Lending Collateral | 0.23 | % | |
Total Value of Securities | 99.54 | % | |
Obligation to Return Securities Lending | |||
Collateral | (0.23 | %) | |
Receivables and Other Assets Net of Liabilities | 0.69 | % | |
Total Net Assets | 100.00 | % |
Percentage | |||
Common stocks by sector | of net assets | ||
Real Estate | 8.46 | % | |
REIT Diversified | 19.38 | % | |
REIT Healthcare | 7.92 | % | |
REIT Hotel | 2.45 | % | |
REIT Industrial | 11.54 | % | |
REIT Information Technology | 0.35 | % | |
REIT Mall | 2.69 | % | |
REIT Manufactured Housing | 2.46 | % | |
REIT Multifamily | 16.82 | % | |
REIT Office | 7.14 | % | |
REIT Retail | 1.13 | % | |
REIT Self-Storage | 6.41 | % | |
REIT Shopping Center | 6.73 | % | |
REIT Single Tenant | 4.34 | % | |
REIT Specialty | 1.49 | % | |
Total | 99.31 | % |
49
Security type / country and sector allocations
Delaware Ivy Natural Resources Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / country | of net assets | ||
Closed-Ended Trust | 3.34 | % | |
Common Stocks by Country | 93.60 | % | |
Australia | 4.33 | % | |
Brazil | 8.55 | % | |
Canada | 8.35 | % | |
Hong Kong | 0.00 | % | |
Ireland | 0.45 | % | |
Netherlands | 1.95 | % | |
Norway | 3.31 | % | |
South Africa | 3.22 | % | |
United States | 63.44 | % | |
Short-Term Investments | 3.12 | % | |
Securities Lending Collateral | 1.54 | % | |
Total Value of Securities | 101.60 | % | |
Obligation to Return Securities Lending | |||
Collateral | (1.54 | %) | |
Liabilities Net of Receivables and Other Assets | (0.06 | %) | |
Total Net Assets | 100.00 | % |
Percentage | |||
Common stocks by sector ◆ | of net assets | ||
Basic Industry | 1.34 | % | |
Consumer Staples | 6.26 | % | |
Energy* | 45.71 | % | |
Financials | 0.42 | % | |
Industrials | 4.81 | % | |
Materials* | 31.13 | % | |
REIT Diversified | 3.93 | % | |
Total | 93.60 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Energy and Materials sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Energy sector consisted of Energy-Alternate Sources, Oil Component-Explore & Production, Oil Component-Integrated, Oil Refining & Marketing, Oil & Gas Drilling, Oil-US Royalty Trusts, and Oil & Gas Services. As of March 31, 2022, such amounts, as a percentage of total net assets were 6.12%, 18.25%, 5.26%, 7.24%, 1.88%, 2.98%, and 3.98%, respectively. The Materials sector consisted of Chemicals, Iron/ Steel, and Mining. As of March 31, 2022, such amounts, as a percentage of total net assets were 5.93%, 2.00%, and 23.20%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Energy and Materials sector for financial reporting purposes may exceed 25%. |
50
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Science and Technology Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector ◆ | of net assets | ||
Corporate Bond | 0.06 | % | |
Common Stocks | 98.18 | % | |
Communication Services | 13.04 | % | |
Consumer Discretionary | 8.01 | % | |
Healthcare | 6.07 | % | |
Industrials | 2.21 | % | |
Information Technology* | 68.85 | % | |
Short-Term Investments | 1.97 | % | |
Securities Lending Collateral | 1.74 | % | |
Total Value of Securities | 101.95 | % | |
Obligation to Return Securities Lending | |||
Collateral | (1.74 | %) | |
Liabilities Net of Receivables and Other Assets | (0.21 | %) | |
Total Net Assets | 100.00 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Commercial Services, Computers, Diversified Financial Services, Electronics, Internet, Semiconductors, and Software. As of March 31, 2022, such amounts, as a percentage of total net assets were 2.69%, 10.25%, 4.99%, 2.35%, 2.48%, 23.21%, and 22.88%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Microsoft | 12.72 | % | |
Apple | 7.32 | % | |
Amazon.com | 6.96 | % | |
Mastercard Class A | 4.99 | % | |
Alphabet Class C | 4.54 | % | |
Alphabet Class A | 4.45 | % | |
ASML Holding | 3.94 | % | |
ON Semiconductor | 3.09 | % | |
Microchip Technology | 2.97 | % | |
T-Mobile US | 2.75 | % |
51
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Securian Real Estate Securities Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks | 98.82 | % | |
REIT Healthcare | 7.71 | % | |
REIT Hotel | 6.71 | % | |
REIT Industrial | 13.18 | % | |
REIT Information Technology | 10.71 | % | |
REIT Mall | 4.11 | % | |
REIT Manufactured Housing | 2.60 | % | |
REIT Multifamily | 15.86 | % | |
REIT Office | 9.93 | % | |
REIT Self-Storage | 9.60 | % | |
REIT Shopping Center | 6.54 | % | |
REIT Single Family | 4.63 | % | |
REIT Single Tenant | 6.99 | % | |
Transportation | 0.25 | % | |
Short-Term Investments | 1.36 | % | |
Total Value of Securities | 100.18 | % | |
Liabilities Net of Receivables and Other Assets | (0.18 | %) | |
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Prologis | 9.28 | % | |
Public Storage | 5.96 | % | |
Equinix | 5.83 | % | |
AvalonBay Communities | 4.18 | % | |
Simon Property Group | 4.11 | % | |
Welltower | 4.00 | % | |
Alexandria Real Estate Equities | 3.06 | % | |
Digital Realty Trust | 3.05 | % | |
Ventas | 2.99 | % | |
Essex Property Trust | 2.89 | % |
52
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
March 31, 2022
Principal amount° | Value (US $) | |||||||
Agency Collateralized Mortgage Obligations — 1.50% | ||||||||
Fannie Mae Interest Strip | ||||||||
Series 413 C35 4.50% | ||||||||
10/25/40 | 5,158,776 | $ | 813,757 | |||||
Fannie Mae REMICs | ||||||||
Series 2015-18 NS 5.663% | ||||||||
(6.12% minus LIBOR01M, | ||||||||
Cap 6.12%) 4/25/45 Σ, ● | 4,858,275 | 829,564 | ||||||
Series 2015-37 SB 5.163% | ||||||||
(5.62% minus LIBOR01M, | ||||||||
Cap 5.62%) 6/25/45 Σ, ● | 10,205,948 | 1,455,515 | ||||||
Series 2016-22 ST 5.643% | ||||||||
(6.10% minus LIBOR01M, | ||||||||
Cap 6.10%) 4/25/46 Σ, ● | 11,789,767 | 1,505,050 | ||||||
Series 2016-48 US 5.643% | ||||||||
(6.10% minus LIBOR01M, | ||||||||
Cap 6.10%) 8/25/46 Σ, ● | 12,479,805 | 1,719,501 | ||||||
Series 2017-33 AI 4.50% | ||||||||
5/25/47 | 4,458,460 | 753,015 | ||||||
Series 2018-44 DS 5.793% | ||||||||
(6.25% minus LIBOR01M, | ||||||||
Cap 6.25%) 6/25/48 Σ, ● | 23,439,846 | 3,321,745 | ||||||
Series 2019-13 IP 5.00% | ||||||||
3/25/49 | 3,099,530 | 549,494 | ||||||
Series 4740 SB 5.753% | ||||||||
(6.15% minus LIBOR01M, | ||||||||
Cap 6.15%) 11/15/47 Σ, ● | 4,732,358 | 683,594 | ||||||
Freddie Mac Strips | ||||||||
Series 303 C28 4.50% | ||||||||
1/15/43 | 9,869,705 | 1,836,059 | ||||||
GNMA | ||||||||
Series 2021-77 IH 2.50% | ||||||||
5/20/51 | 37,469,039 | 4,334,711 | ||||||
Series 2021-138 KI 3.00% | ||||||||
8/20/51 | 49,753,979 | 5,901,379 | ||||||
Series 2021-155 IE 3.00% | ||||||||
9/20/51 | 38,861,089 | 4,879,340 | ||||||
Series 2021-162 DI 3.00% | ||||||||
9/20/51 | 34,860,931 | 4,714,205 | ||||||
Series 2021-162 IN 3.00% | ||||||||
9/20/51 | 17,891,447 | 2,513,106 | ||||||
Total Agency Collateralized Mortgage | ||||||||
Obligations | ||||||||
(cost $38,182,934) | 35,810,035 | |||||||
Corporate Bonds — 13.73% | ||||||||
Banking — 5.13% | ||||||||
Australia & New Zealand | ||||||||
Banking Group 144A 2.57% | ||||||||
11/25/35 #, μ | 3,119,000 | 2,725,836 | ||||||
Banco de Credito del Peru | ||||||||
144A 3.125% 7/1/30 #, μ | 1,562,000 | 1,472,068 | ||||||
Banco Mercantil del Norte | ||||||||
144A 8.375% | ||||||||
10/14/30 #, μ, ψ | 3,905,000 | 4,083,107 | ||||||
Banco Santander Mexico 144A | ||||||||
5.375% 4/17/25 # | 2,548,000 | 2,661,896 | ||||||
Bank of America | ||||||||
2.551% 2/4/28 μ | 230,000 | 219,988 | ||||||
2.972% 2/4/33 μ | 115,000 | 107,878 | ||||||
4.375% 1/27/27 μ, ψ | 295,000 | 277,978 | ||||||
Barclays | ||||||||
4.375% 3/15/28 *, μ, ψ | 5,000,000 | 4,416,250 | ||||||
6.125% 12/15/25 μ, ψ | 3,901,000 | 3,988,772 | ||||||
8.00% 6/15/24 μ, ψ | 7,237,000 | 7,663,983 | ||||||
BNP Paribas 144A 4.625% | ||||||||
2/25/31 #, μ, ψ | 250,000 | 223,753 | ||||||
Citigroup | ||||||||
3.057% 1/25/33 μ | 355,000 | 332,066 | ||||||
3.07% 2/24/28 μ | 315,000 | 307,146 | ||||||
Credit Suisse Group | ||||||||
144A 6.375% | ||||||||
8/21/26 #, *, μ, ψ | 4,768,000 | 4,718,270 | ||||||
7.125% μ, ψ | 17,335,000 | 17,400,006 | ||||||
144A 7.50% | ||||||||
12/11/23 #, μ, ψ | 10,148,000 | 10,522,207 | ||||||
Deutsche Bank | ||||||||
3.035% 5/28/32 μ | 2,000,000 | 1,800,523 | ||||||
3.742% 1/7/33 μ | 956,000 | 846,136 | ||||||
Goldman Sachs Group | ||||||||
1.542% 9/10/27 μ | 145,000 | 132,722 | ||||||
3.102% 2/24/33 μ | 115,000 | 108,520 | ||||||
3.615% 3/15/28 μ | 430,000 | 429,934 | ||||||
HSBC Holdings 4.60% | ||||||||
12/17/30 μ, ψ | 3,899,000 | 3,489,605 | ||||||
ING Groep | ||||||||
3.875% 5/16/27 *, μ, ψ | 6,000,000 | 5,250,000 | ||||||
4.25% 5/16/31 μ, ψ | 4,000,000 | 3,415,000 | ||||||
JPMorgan Chase & Co. | ||||||||
2.963% 1/25/33 μ | 410,000 | 386,954 | ||||||
Macquarie Bank 144A 3.624% | ||||||||
6/3/30 # | 1,564,000 | 1,476,339 | ||||||
Morgan Stanley 2.475% | ||||||||
1/21/28 μ | 175,000 | 167,092 | ||||||
Nordea Bank 144A 3.75% | ||||||||
3/1/29 #, μ, ψ | 1,500,000 | 1,291,245 | ||||||
Societe Generale 144A 3.653% | ||||||||
7/8/35 #, *, μ | 3,468,000 | 3,202,365 | ||||||
Standard Chartered | ||||||||
144A 4.30% 8/19/28 #, μ, ψ | 17,000,000 | 14,960,595 |
53
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
Principal amount° | Value (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Banking (continued) | ||||||||
Standard Chartered | ||||||||
144A 6.00% 8/19/28 #, μ, ψ | 5,000,000 | $ | 5,168,750 | |||||
UBS Group 144A 3.179% | ||||||||
2/11/43 #, μ | 240,000 | 213,709 | ||||||
UniCredit | ||||||||
144A 2.569% 9/22/26 #, μ | 7,800,000 | 7,215,198 | ||||||
144A 5.459% 6/30/35 #, μ | 9,547,000 | 9,140,381 | ||||||
144A 5.861% 6/19/32 #, μ | 2,383,000 | 2,344,115 | ||||||
US Bancorp | ||||||||
2.215% 1/27/28 μ | 295,000 | 282,116 | ||||||
2.677% 1/27/33 μ | 295,000 | 280,782 | ||||||
Wells Fargo & Co. 3.526% | ||||||||
3/24/28 μ | 220,000 | 219,734 | ||||||
122,943,019 | ||||||||
Basic Industry — 0.23% | ||||||||
Glencore Funding | ||||||||
144A 1.625% 9/1/25 # | 2,341,000 | 2,191,573 | ||||||
144A 2.50% 9/1/30 #, * | 3,463,000 | 3,103,900 | ||||||
Newmont 2.60% 7/15/32 | 185,000 | 170,434 | ||||||
5,465,907 | ||||||||
Blue Chip Medical Products — 0.01% | ||||||||
Bristol-Myers Squibb 3.70% | ||||||||
3/15/52 | 190,000 | 191,522 | ||||||
191,522 | ||||||||
Capital Goods — 0.56% | ||||||||
Aeropuerto Internacional de | ||||||||
Tocumen 144A 5.125% | ||||||||
8/11/61 # | 1,000,000 | 913,860 | ||||||
Wolverine Escrow | ||||||||
144A 8.50% 11/15/24 #, * | 7,456,000 | 5,007,972 | ||||||
144A 9.00% 11/15/26 #, * | 5,288,000 | 3,551,262 | ||||||
144A 13.125% 11/15/27 # | 10,000,000 | 4,050,000 | ||||||
13,523,094 | ||||||||
Communication Services — 0.86% | ||||||||
Altice France Holding 144A | ||||||||
10.50% 5/15/27 # | 8,387,000 | 8,787,060 | ||||||
AT&T 3.10% 2/1/43 | 320,000 | 277,075 | ||||||
Baidu 1.72% 4/9/26 | 1,672,000 | 1,542,767 | ||||||
Charter Communications | ||||||||
Operating 3.85% 4/1/61 | 550,000 | 443,907 | ||||||
Frontier Communications | ||||||||
Holdings | ||||||||
5.875% 11/1/29 | 4,187,781 | 3,839,693 | ||||||
144A 6.00% 1/15/30 #, * | 461,000 | 427,041 | ||||||
Meituan 144A 2.125% | ||||||||
10/28/25 # | 1,561,000 | 1,388,679 | ||||||
Rogers Communications | ||||||||
144A 3.80% 3/15/32 # | 225,000 | 223,539 | ||||||
144A 4.55% 3/15/52 # | 225,000 | 224,339 | ||||||
Tencent Holdings 144A 3.24% | ||||||||
6/3/50 # | 3,910,000 | 3,042,033 | ||||||
Verizon Communications | ||||||||
3.875% 3/1/52 * | 375,000 | 377,945 | ||||||
20,574,078 | ||||||||
Consumer Cyclical — 0.38% | ||||||||
AutoNation 3.85% 3/1/32 | 230,000 | 222,973 | ||||||
General Motors Financial | ||||||||
3.10% 1/12/32 * | 120,000 | 108,005 | ||||||
Magallanes | ||||||||
144A 3.755% 3/15/27 # | 780,000 | 779,881 | ||||||
144A 4.054% 3/15/29 # | 110,000 | 110,673 | ||||||
144A 4.279% 3/15/32 # | 110,000 | 110,626 | ||||||
144A 5.141% 3/15/52 # | 445,000 | 456,334 | ||||||
Nissan Motor | ||||||||
144A 4.345% 9/17/27 # | 3,522,000 | 3,477,017 | ||||||
144A 4.81% 9/17/30 # | 3,902,000 | 3,876,288 | ||||||
9,141,797 | ||||||||
Consumer Discretionary — 0.13% | ||||||||
Amazon.com | ||||||||
1.50% 6/3/30 | 2,346,000 | 2,102,215 | ||||||
2.50% 6/3/50 | 782,000 | 655,021 | ||||||
Aptiv 3.25% 3/1/32 * | 125,000 | 118,632 | ||||||
Lowe’s 4.25% 4/1/52 | 275,000 | 284,881 | ||||||
3,160,749 | ||||||||
Consumer Non-Cyclical — 0.24% | ||||||||
Anheuser-Busch InBev | ||||||||
Worldwide 3.50% 6/1/30 | 1,570,000 | 1,594,240 | ||||||
JBS Finance Luxembourg | ||||||||
144A 3.625% 1/15/32 # | 2,000,000 | 1,834,480 | ||||||
JBS USA LUX 144A 3.00% | ||||||||
2/2/29 # | 558,000 | 517,280 | ||||||
Transurban Finance 144A | ||||||||
2.45% 3/16/31 # | 2,167,000 | 1,924,635 | ||||||
5,870,635 | ||||||||
Consumer Staples — 0.32% | ||||||||
Staples 144A 7.50% 4/15/26 # | 7,809,000 | 7,591,910 | ||||||
7,591,910 | ||||||||
Electric — 0.18% | ||||||||
Eversource Energy 2.90% | ||||||||
3/1/27 | 340,000 | 333,735 | ||||||
NextEra Energy Capital | ||||||||
Holdings 3.00% 1/15/52 | 425,000 | 363,892 | ||||||
NRG Energy | ||||||||
144A 2.00% 12/2/25 # | 3,470,000 | 3,267,061 | ||||||
144A 2.45% 12/2/27 # | 390,000 | 360,399 | ||||||
4,325,087 |
54
Principal amount° | Value (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Energy — 3.59% | ||||||||
BP Capital Markets America | ||||||||
2.721% 1/12/32 | 530,000 | $ | 499,422 | |||||
ConocoPhillips 3.80% 3/15/52 | 570,000 | 581,398 | ||||||
Continental Resources 4.375% | ||||||||
1/15/28 | 1,605,000 | 1,629,589 | ||||||
Diamondback Energy 4.25% | ||||||||
3/15/52 | 115,000 | 113,953 | ||||||
Energy Transfer | ||||||||
6.25% 2/15/23 *, μ, ψ | 7,000,000 | 6,011,250 | ||||||
6.75% 5/15/25 μ, ψ | 13,879,000 | 13,549,374 | ||||||
7.125% 5/15/30 μ, ψ | 15,000,000 | 14,662,500 | ||||||
Guara Norte 144A 5.198% | ||||||||
6/15/34 # | 1,919,080 | 1,763,596 | ||||||
Laredo Petroleum | ||||||||
9.50% 1/15/25 | 8,259,000 | 8,624,874 | ||||||
10.125% 1/15/28 | 9,436,000 | 10,151,579 | ||||||
PBF Holding 144A 9.25% | ||||||||
5/15/25 #, * | 8,242,000 | 8,500,469 | ||||||
Petroleos Mexicanos 6.70% | ||||||||
2/16/32 | 13,346,000 | 12,692,580 | ||||||
Petronas Capital 144A 3.50% | ||||||||
4/21/30 # | 1,568,000 | 1,598,773 | ||||||
Saudi Arabian Oil | ||||||||
144A 1.625% 11/24/25 # | 1,560,000 | 1,482,240 | ||||||
144A 2.25% 11/24/30 # | 3,000,000 | 2,757,132 | ||||||
Valero Energy 2.15% 9/15/27 | 1,496,000 | 1,401,676 | ||||||
86,020,405 | ||||||||
Finance Companies — 0.13% | ||||||||
Air Lease 2.875% 1/15/32 * | 910,000 | 815,857 | ||||||
Aircastle 144A 5.25% 8/11/25 # | 2,201,000 | 2,244,051 | ||||||
3,059,908 | ||||||||
Financial Services — 0.19% | ||||||||
New Cotai 5.00% 2/2/27 | 1,952,661 | 4,498,921 | ||||||
4,498,921 | ||||||||
Financials — 0.42% | ||||||||
Ally Financial 4.70% | ||||||||
5/15/28 *, μ, ψ | 2,000,000 | 1,825,000 | ||||||
American Homes 4 Rent | ||||||||
3.625% 4/15/32 | 220,000 | 214,537 | ||||||
Citadel Finance 144A 3.375% | ||||||||
3/9/26 # | 5,834,000 | 5,572,879 | ||||||
Intercontinental Exchange | ||||||||
1.85% 9/15/32 | 2,342,000 | 2,029,214 | ||||||
State Street 2.203% 2/7/28 *, μ | 350,000 | 335,785 | ||||||
9,977,415 | ||||||||
Healthcare Services — 0.01% | ||||||||
HCA 144A 3.125% 3/15/27 # | 170,000 | 166,373 | ||||||
166,373 | ||||||||
Industrials — 0.37% | ||||||||
Boeing | ||||||||
4.875% 5/1/25 | 3,917,000 | 4,044,788 | ||||||
5.15% 5/1/30 | 2,742,000 | 2,928,448 | ||||||
5.805% 5/1/50 | 1,571,000 | 1,819,627 | ||||||
8,792,863 | ||||||||
Information Technology — 0.42% | ||||||||
Apple 2.40% 8/20/50 * | 3,122,000 | 2,584,056 | ||||||
Autodesk 2.40% 12/15/31 | 420,000 | 375,203 | ||||||
Broadcom 144A 3.419% | ||||||||
4/15/33 # | 1,959,000 | 1,831,976 | ||||||
CDW 3.276% 12/1/28 | 225,000 | 212,349 | ||||||
StoneCo 144A 3.95% | ||||||||
6/16/28 #, * | 1,000,000 | 841,080 | ||||||
TSMC Global 144A 1.375% | ||||||||
9/28/30 # | 4,682,000 | 3,989,759 | ||||||
Workday | ||||||||
3.50% 4/1/27 | 55,000 | 55,023 | ||||||
3.70% 4/1/29 | 110,000 | 110,345 | ||||||
3.80% 4/1/32 | 110,000 | 109,927 | ||||||
10,109,718 | ||||||||
Insurance — 0.37% | ||||||||
AIA Group | ||||||||
144A 3.20% 9/16/40 # | 3,902,000 | 3,472,077 | ||||||
144A 3.375% 4/7/30 # | 1,960,000 | 1,951,092 | ||||||
Athene Holding 6.15% 4/3/30 | 2,713,000 | 3,064,346 | ||||||
Brown & Brown 4.95% 3/17/52 | 330,000 | 353,343 | ||||||
8,840,858 | ||||||||
Transportation — 0.18% | ||||||||
Azul Investments 144A 7.25% | ||||||||
6/15/26 #, * | 1,500,000 | 1,266,345 | ||||||
British Airways 2020-1 Class A | ||||||||
Pass Through Trust 144A | ||||||||
4.25% 5/15/34 # | 903,907 | 902,988 | ||||||
Simpar Europe 144A 5.20% | ||||||||
1/26/31 # | 2,000,000 | 1,795,700 | ||||||
Union Pacific | ||||||||
2.80% 2/14/32 * | 230,000 | 221,112 | ||||||
3.375% 2/14/42 | 55,000 | 53,272 | ||||||
3.50% 2/14/53 | 115,000 | 112,854 | ||||||
4,352,271 | ||||||||
Utilities — 0.01% | ||||||||
Fells Point Funding Trust 144A | ||||||||
3.046% 1/31/27 # | 290,000 | 278,475 | ||||||
278,475 | ||||||||
Total Corporate Bonds | ||||||||
(cost $347,037,138) | 328,885,005 |
55
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds — 0.25% | ||||||||
Commonwealth of Puerto Rico | ||||||||
(Custodial Receipts) | ||||||||
Series A 144A | ||||||||
3.707% 6/1/22 # | 1,395,000 | $ | 1,384,537 | |||||
Series A 144A | ||||||||
5.00% 6/1/22 # | 755,000 | 761,606 | ||||||
Series A 144A | ||||||||
5.25% 6/1/22 # | 1,735,000 | 1,758,856 | ||||||
Series A 5.25% 6/1/22 | 665,000 | 674,144 | ||||||
GDB Debt Recovery Authority | ||||||||
of Puerto Rico | ||||||||
7.50% 8/20/40 | 1,622,391 | 1,525,048 | ||||||
Total Municipal Bonds | ||||||||
(cost $6,079,041) | 6,104,191 | |||||||
Non-Agency Collateralized Mortgage Obligations — 0.32% | ||||||||
COLT Mortgage Loan Trust | ||||||||
Series 2021-3 B1 144A | ||||||||
3.059% 9/27/66 #, ● | 2,000,000 | 1,742,622 | ||||||
CSMC Trust | ||||||||
Series 2020-NQM1 B1 144A | ||||||||
4.462% 5/25/65 #, ● | 4,968,250 | 4,866,235 | ||||||
Verus Securitization Trust | ||||||||
Series 2019-INV2 B1 144A | ||||||||
4.452% 7/25/59 #, ● | 1,097,000 | 1,099,097 | ||||||
Total Non-Agency Collateralized Mortgage | ||||||||
Obligations | ||||||||
(cost $8,280,547) | 7,707,954 | |||||||
Non-Agency Commercial Mortgage-Backed Security — 0.01% | ||||||||
Merrill Lynch Mortgage | ||||||||
Investors Trust | ||||||||
Series 1998-C1 F 6.25% | ||||||||
11/15/26 ● | 367,081 | 369,636 | ||||||
Total Non-Agency Commercial Mortgage- | ||||||||
Backed Security | ||||||||
(cost $369,776) | 369,636 | |||||||
Loan Agreements — 3.79% | ||||||||
Advantage Sales & Marketing | ||||||||
Tranche B-1 5.25% | ||||||||
(LIBOR03M + 4.50%) | ||||||||
10/28/27 ● | 4,949,704 | 4,913,819 | ||||||
Amynta Agency Borrower | ||||||||
Tranche B 1st Lien 4.957% | ||||||||
(LIBOR01M + 4.50%) | ||||||||
2/28/25 ● | 18,552,411 | 18,405,531 | ||||||
EPIC Crude Services LP | ||||||||
5.508% (LIBOR03M + | ||||||||
5.00%) 3/2/26 ● | 5,857,725 | 5,049,845 | ||||||
Heartland Dental 3.957% | ||||||||
(LIBOR01M + 3.50%) | ||||||||
4/30/25 ● | 7,184,032 | 7,115,187 | ||||||
Hillman Group 3.25% | ||||||||
(LIBOR01M + 2.75%) | ||||||||
7/14/28 ● | 16,589,240 | 16,316,215 | ||||||
MLN US HoldCo Tranche B 1st | ||||||||
Lien 4.742% (LIBOR01M + | ||||||||
4.50%) 11/30/25 ● | 8,050,292 | 7,772,307 | ||||||
PetsMart 4.50% (LIBOR03M + | ||||||||
3.75%) 2/11/28 ● | 2,573,070 | 2,565,351 | ||||||
Surgery Center Holdings | ||||||||
4.50% (LIBOR01M + 3.75%) | ||||||||
8/31/26 ● | 10,188,325 | 10,121,815 | ||||||
West Corporation Tranche B | ||||||||
5.00% (LIBOR03M + 4.00%) | ||||||||
10/10/24 ● | 20,124,086 | 18,456,665 | ||||||
Total Loan Agreements | ||||||||
(cost $93,247,824) | 90,716,735 | |||||||
Sovereign Bonds∆ — 1.33% | ||||||||
Argentina — 1.08% | ||||||||
Argentine Republic Government | ||||||||
International Bonds | ||||||||
0.50% 7/9/30 ~ | 27,468,234 | 9,270,804 | ||||||
1.00% 7/9/29 | 1,145,514 | 394,137 | ||||||
1.125% 7/9/35 ~ | 6,839,694 | 2,094,041 | ||||||
Provincia de Mendoza Argentina | ||||||||
144A | ||||||||
4.25% 3/19/29 #, φ | 15,788,000 | 10,617,430 | ||||||
Provincia de Buenos Aires | ||||||||
144A 3.90% 9/1/37 #, ~ | 7,792,406 | 3,348,864 | ||||||
25,725,276 | ||||||||
Brazil — 0.25% | ||||||||
Brazilian Government | ||||||||
International Bond | ||||||||
3.75% 9/12/31 * | 6,667,000 | 6,026,968 | ||||||
6,026,968 | ||||||||
Total Sovereign Bonds | ||||||||
(cost $40,239,501) | 31,752,244 | |||||||
US Treasury Obligations — 0.49% | ||||||||
US Treasury Bonds | ||||||||
2.75% 8/15/47 | 3,280,000 | 3,402,359 | ||||||
3.00% 2/15/49 | 4,839,000 | 5,324,223 | ||||||
US Treasury Note | ||||||||
1.875% 2/15/32 | 3,090,000 | 2,967,849 | ||||||
Total US Treasury Obligations | ||||||||
(cost $11,055,330) | 11,694,431 |
56
Number of shares | Value (US $) | |||||||
Common Stocks — 70.30% | ||||||||
Banking — 4.01% | ||||||||
BNP Paribas | 384,039 | $ | 21,945,782 | |||||
Goldman Sachs Group | 25,086 | 8,280,889 | ||||||
ICICI Bank | 1,319,634 | 12,586,639 | ||||||
Morgan Stanley | 221,891 | 19,393,273 | ||||||
State Bank of India | 2,111,978 | 13,645,170 | ||||||
UniCredit | 1,861,933 | 20,086,069 | ||||||
95,937,822 | ||||||||
Basic Industry — 0.71% | ||||||||
Barrick Gold | 697,924 | 17,120,076 | ||||||
17,120,076 | ||||||||
Blue Chip Medical Products — 2.27% | ||||||||
AstraZeneca | 169,284 | 22,449,267 | ||||||
Eli Lilly & Co. | 111,268 | 31,863,817 | ||||||
54,313,084 | ||||||||
Capital Goods — 1.26% | ||||||||
Ferguson | 221,927 | 30,066,646 | ||||||
30,066,646 | ||||||||
Communication Services — 7.61% | ||||||||
Alphabet Class A † | 22,361 | 62,193,767 | ||||||
Baidu ADR † | 115,927 | 15,337,142 | ||||||
Deutsche Telekom | 1,643,833 | 30,614,960 | ||||||
Frontier Communications | ||||||||
Parent † | 804,235 | 22,253,182 | ||||||
Pinterest Class A † | 332,121 | 8,173,498 | ||||||
Tencent Holdings | 145,200 | 6,692,899 | ||||||
T-Mobile US † | 103,925 | 13,338,774 | ||||||
VeriSign † | 106,346 | 23,657,731 | ||||||
182,261,953 | ||||||||
Consumer Cyclical — 1.25% | ||||||||
Ferrari | 77,733 | 16,934,887 | ||||||
New Cotai <<, =, † | 1,819,823 | 1,677,146 | ||||||
Studio City International | ||||||||
Holdings ADR *, † | 203,063 | 1,185,177 | ||||||
Studio City International | ||||||||
Holdings ADR † | 184,458 | 1,076,589 | ||||||
Subaru | 566,818 | 9,002,766 | ||||||
29,876,565 | ||||||||
Consumer Discretionary — 8.07% | ||||||||
adidas AG | 47,935 | 11,170,104 | ||||||
Amazon.com † | 20,106 | 65,544,555 | ||||||
Aptiv † | 216,484 | 25,915,300 | ||||||
Darden Restaurants | 262,357 | 34,880,363 | ||||||
JD.com ADR † | 313,996 | 18,170,948 | ||||||
LVMH Moet Hennessy Louis | ||||||||
Vuitton | 17,411 | 12,427,959 | ||||||
Media Group Holdings | ||||||||
Series H <<, † | 640,301 | 0 | ||||||
Media Group Holdings Series T | ||||||||
<<, † | 80,253 | 0 | ||||||
Skechers USA Class A † | 617,658 | 25,175,740 | ||||||
193,284,969 | ||||||||
Consumer Non-Cyclical — 1.38% | ||||||||
China Mengniu Dairy † | 3,434,687 | 18,414,737 | ||||||
HelloFresh † | 326,278 | 14,644,581 | ||||||
33,059,318 | ||||||||
Consumer Staples — 2.68% | ||||||||
Casey’s General Stores | 66,409 | 13,160,271 | ||||||
Procter & Gamble | 181,763 | 27,773,386 | ||||||
Unilever | 509,191 | 23,118,694 | ||||||
64,052,351 | ||||||||
Electric — 0.20% | ||||||||
RWE | 109,811 | 4,781,448 | ||||||
4,781,448 | ||||||||
Energy — 4.42% | ||||||||
Canadian Natural Resources | 795,663 | 49,315,193 | ||||||
ConocoPhillips | 390,700 | 39,070,000 | ||||||
Reliance Industries | 504,520 | 17,450,124 | ||||||
105,835,317 | ||||||||
Finance Companies — 1.67% | ||||||||
ORIX | 2,011,303 | 40,090,417 | ||||||
40,090,417 | ||||||||
Financials — 2.93% | ||||||||
AGNC Investment | 1,830,552 | 23,980,231 | ||||||
First Republic Bank | 164,790 | 26,712,459 | ||||||
Intercontinental Exchange | 147,130 | 19,438,816 | ||||||
70,131,506 | ||||||||
Healthcare — 6.00% | ||||||||
Abbott Laboratories | 166,677 | 19,727,890 | ||||||
Genmab † | 66,713 | 24,093,611 | ||||||
Regeneron Pharmaceuticals † | 57,196 | 39,946,830 | ||||||
Thermo Fisher Scientific | 62,441 | 36,880,777 | ||||||
Zimmer Biomet Holdings | 176,093 | 22,522,295 | ||||||
Zimvie † | 17,815 | 406,894 | ||||||
143,578,297 | ||||||||
Healthcare Services — 1.40% | ||||||||
Anthem | 68,343 | 33,571,448 | ||||||
33,571,448 | ||||||||
Industrials — 7.50% | ||||||||
Airbus † | 315,370 | 38,055,223 | ||||||
Ingersoll Rand | 830,316 | 41,806,410 | ||||||
Larsen & Toubro | 1,138,528 | 26,403,304 | ||||||
Raytheon Technologies | 271,942 | 26,941,294 | ||||||
Schneider Electric | 153,934 | 25,844,035 |
57
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
Number of shares | Value (US $) | |||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
Vinci | 201,869 | $ | 20,625,496 | |||||
179,675,762 | ||||||||
Information Technology — 14.34% | ||||||||
Adobe † | 19,716 | 8,983,004 | ||||||
Ambarella † | 241,943 | 25,384,660 | ||||||
Apple | 172,949 | 30,198,625 | ||||||
Autodesk † | 81,088 | 17,381,213 | ||||||
Infineon Technologies | 635,288 | 21,491,817 | ||||||
Intuit | 82,316 | 39,580,825 | ||||||
Mastercard Class A | 101,685 | 36,340,185 | ||||||
Microsoft | 262,658 | 80,980,088 | ||||||
Monolithic Power Systems | 22,492 | 10,923,915 | ||||||
Samsung Electronics | 513,650 | 29,392,585 | ||||||
Taiwan Semiconductor | ||||||||
Manufacturing | 2,077,550 | 42,617,866 | ||||||
343,274,783 | ||||||||
Insurance — 0.70% | ||||||||
AIA Group | 1,611,271 | 16,824,708 | ||||||
16,824,708 | ||||||||
Transportation — 1.90% | ||||||||
Union Pacific | 166,318 | 45,439,741 | ||||||
45,439,741 | ||||||||
Total Common Stocks | ||||||||
(cost $1,915,313,671) | 1,683,176,211 | |||||||
Convertible Preferred Stock — 0.08% | ||||||||
Targa Resources 9.50% | ||||||||
exercise price $20.77, | ||||||||
maturity date 5/5/22 ψ | 1,780 | 1,921,561 | ||||||
Total Convertible Preferred Stock | ||||||||
(cost $1,869,000) | 1,921,561 | |||||||
Preferred Stock — 0.73% | ||||||||
Volkswagen 3.05% ω | 101,118 | 17,377,264 | ||||||
Total Preferred Stock | ||||||||
(cost $19,936,108) | 17,377,264 |
Troy | ||||||||
Ounces | ||||||||
Bullion — 5.20% | ||||||||
Gold | 64,331 | 124,595,862 | ||||||
Total Bullion | ||||||||
(cost $75,222,346) | 124,595,862 |
Number of shares | Value (US $) | |||||||
Short-Term Investments — 2.29% | ||||||||
Money Market Mutual Fund — 2.29% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 54,765,174 | $ | 54,765,174 | |||||
Total Short-Term Investments | ||||||||
(cost $54,765,174) | 54,765,174 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—100.02% | ||||||||
(cost $2,611,598,390) | 2,394,876,303 | |||||||
Securities Lending Collateral** — 0.33% | ||||||||
Money Market Mutual Fund — 0.33% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 7,948,188 | 7,948,188 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $7,948,188) | 7,948,188 | |||||||
Total Value of | ||||||||
Securities—100.35% | ||||||||
(cost $2,619,546,578) | $ | 2,402,824,491 | ■ |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $194,631,928, which represents 8.13% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date. |
58
Ψ | Perpetual security. Maturity date represents next call date. | |
* | Fully or partially on loan. | |
∆ | Securities have been classified by country of risk. | |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at March 31, 2022. | |
Φ | Step coupon bond. Stated rate in effect at March 31, 2022 through maturity date. | |
† | Non-income producing security. | |
<< | Affiliated company. See Note 2 in “Notes to financial statements.” | |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” | |
ω | Perpetual security with no stated maturity date. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $24,684,133 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $19,117,180. |
Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the 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. The following unfunded loan commitment was outstanding at March 31, 2022:
Borrower | Principal Amount | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
Hillman Group 2.79% (LIBOR01M + 2.75%) 7/14/28 | $ | 3,374,852 | $ | 3,374,852 | $ | 3,319,309 | $ | (55,543 | ) |
The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Depreciation | ||||||||||
BNYM | GBP | (13,067,277 | ) | USD | 17,158,641 | 4/1/22 | $ | (7,030 | ) |
Futures Contracts
Exchange-Traded
Notional | Notional Cost | Expiration | Value/ Unrealized | Variation Margin Due from (Due to) | |||||||||||||||||
Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Depreciation | Brokers | ||||||||||||||||
539 | US Treasury 5 yr Notes | $ | 61,816,563 | $ | 63,407,373 | 6/30/22 | $ | (1,590,810 | ) | $ | 75,794 |
The use of foreign currency exchange contracts and futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
GNMA – Government National Mortgage Association
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
59
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
Summary of abbreviations: (continued)
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
yr – Year
Summary of currencies:
GBP – British Pound Sterling
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
60
Delaware Ivy Balanced Fund
March 31, 2022
Principal amount | Value (US $) | |||||||
Agency Collateralized Mortgage Obligations — 0.57% | ||||||||
Fannie Mae REMIC | ||||||||
Series 2016-36 VB 3.50% | ||||||||
6/25/29 | 4,227,666 | $ | 4,256,595 | |||||
Series 2016-71 NB 3.00% | ||||||||
10/25/46 | 5,437,925 | 5,349,191 | ||||||
Freddie Mac REMIC | ||||||||
Series 4616 HW 3.00% | ||||||||
6/15/45 | 3,947,625 | 3,881,520 | ||||||
Total Agency Collateralized Mortgage | ||||||||
Obligations | ||||||||
(cost $14,202,810) | 13,487,306 | |||||||
Agency Mortgage-Backed Securities — 5.76% | ||||||||
Fannie Mae S.F. 15 yr | ||||||||
2.50%8/1/35 | 2,096,990 | 2,075,626 | ||||||
Fannie Mae S.F. 20 yr | ||||||||
2.00%5/1/41 | 2,491,971 | 2,338,816 | ||||||
Fannie Mae S.F. 30 yr | ||||||||
2.00%1/1/51 | 5,282,044 | 4,920,069 | ||||||
2.00%3/1/51 | 5,663,759 | 5,272,903 | ||||||
2.00%4/1/51 | 2,483,777 | 2,311,456 | ||||||
2.50%7/1/51 | 1,441,492 | 1,377,194 | ||||||
2.50%10/1/51 | 1,947,258 | 1,860,400 | ||||||
2.50%12/1/51 | 5,362,517 | 5,130,669 | ||||||
2.50%1/1/52 | 8,340,229 | 7,968,210 | ||||||
3.00%2/1/52 | 9,979,113 | 9,772,847 | ||||||
3.50%12/1/47 | 693,859 | 699,869 | ||||||
3.50%1/1/48 | 791,278 | 798,794 | ||||||
3.50%8/1/51 | 5,244,822 | 5,259,305 | ||||||
3.50%1/1/52 | 6,468,928 | 6,514,639 | ||||||
3.50%4/1/52 | 5,402,000 | 5,436,850 | ||||||
4.50%11/1/43 | 2,749,903 | 2,932,935 | ||||||
4.50%10/1/44 | 838,141 | 891,398 | ||||||
5.50%5/1/33 | 4,641 | 5,036 | ||||||
5.50%5/1/33 | 2,021 | 2,212 | ||||||
5.50%6/1/33 | 7,015 | 7,683 | ||||||
6.50%10/1/28 | 14,644 | 15,740 | ||||||
6.50%2/1/29 | 1,664 | 1,772 | ||||||
6.50%2/1/32 | 13,225 | 14,475 | ||||||
6.50%9/1/32 | 11,364 | 12,199 | ||||||
7.00%11/1/31 | 15,923 | 17,051 | ||||||
7.00%2/1/32 | 8,883 | 9,417 | ||||||
7.00%2/1/32 | 6,437 | 7,096 | ||||||
7.00%3/1/32 | 8,127 | 9,041 | ||||||
7.00%7/1/32 | 13,724 | 14,851 | ||||||
Freddie Mac S.F. 15 yr | ||||||||
2.00%12/1/35 | 2,988,494 | 2,905,647 | ||||||
Freddie Mac S.F. 20 yr | ||||||||
2.00%3/1/41 | 9,044,125 | 8,487,291 | ||||||
2.50%2/1/42 | 3,750,391 | 3,625,563 | ||||||
Freddie Mac S.F. 30 yr | ||||||||
2.00%1/1/52 | 10,769,250 | 10,008,244 | ||||||
2.50%7/1/50 | 4,268,993 | 4,095,810 | ||||||
2.50%1/1/52 | 10,798,274 | 10,325,177 | ||||||
3.00%8/1/51 | 394,865 | 387,449 | ||||||
3.00%12/1/51 | 10,701,219 | 10,480,046 | ||||||
3.00%2/1/52 | 10,798,555 | 10,574,993 | ||||||
3.50%10/1/51 | 8,572,891 | 8,645,582 | ||||||
6.50%12/1/31 | 14,803 | 15,904 | ||||||
6.50%1/1/32 | 12,889 | 14,138 | ||||||
GNMA I S.F. 30 yr | ||||||||
6.50%8/15/28 | 6,433 | 7,096 | ||||||
GNMA II S.F. 30 yr | ||||||||
3.00%12/20/51 | 1,875,937 | 1,857,096 | ||||||
Total Agency Mortgage-Backed Securities | ||||||||
(cost $143,763,623) | 137,108,589 | |||||||
Corporate Bonds — 12.62% | ||||||||
Banking — 1.35% | ||||||||
Bank of America | ||||||||
2.482% 9/21/36 μ | 2,600,000 | 2,239,481 | ||||||
2.551% 2/4/28 μ | 330,000 | 315,635 | ||||||
2.972% 2/4/33 μ | 165,000 | 154,781 | ||||||
4.375% 1/27/27 μ, ψ | 415,000 | 391,054 | ||||||
Citigroup | ||||||||
3.057% 1/25/33 μ | 505,000 | 472,376 | ||||||
3.07% 2/24/28 μ | 400,000 | 390,026 | ||||||
6.25% 8/15/26 μ, ψ | 6,428,000 | 6,728,188 | ||||||
Deutsche Bank 3.742% | ||||||||
1/7/33 μ | 1,250,000 | 1,106,349 | ||||||
Goldman Sachs Group | ||||||||
1.542% 9/10/27 μ | 205,000 | 187,641 | ||||||
3.102% 2/24/33 μ | 5,445,000 | 5,138,181 | ||||||
3.615% 3/15/28 μ | 605,000 | 604,907 | ||||||
JPMorgan Chase & Co. | ||||||||
2.963% 1/25/33 μ | 605,000 | 570,993 | ||||||
3.769% 7/30/22 ψ | 1,851,000 | 1,851,013 | ||||||
4.287% 7/1/22 *, ψ | 7,700,000 | 7,700,000 | ||||||
5.00% 8/1/24 μ, ψ | 2,476,000 | 2,469,315 | ||||||
Morgan Stanley | ||||||||
2.475% 1/21/28 μ | 250,000 | 238,703 | ||||||
2.484% 9/16/36 μ | 880,000 | 755,938 | ||||||
State Street 2.203% 2/7/28 μ | 495,000 | 474,895 | ||||||
UBS Group 144A 3.179% | ||||||||
2/11/43 #, μ | 340,000 | 302,754 | ||||||
32,092,230 | ||||||||
Basic Industry — 0.01% | ||||||||
Newmont 2.60% 7/15/32 | 275,000 | 253,348 | ||||||
253,348 |
61
Schedules of investments
Delaware Ivy Balanced Fund
Principal amount | Value (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Biotechnology — 0.16% | ||||||||
Amgen 3.375% 2/21/50 | 4,300,000 | $ | 3,893,028 | |||||
3,893,028 | ||||||||
Capital Goods — 0.76% | ||||||||
Boeing | ||||||||
3.25% 2/1/28 | 160,000 | 154,437 | ||||||
3.75% 2/1/50 | 3,025,000 | 2,703,020 | ||||||
General Dynamics 2.85% | ||||||||
6/1/41 | 1,760,000 | 1,604,302 | ||||||
Raytheon Technologies | ||||||||
2.25% 7/1/30 | 2,200,000 | 2,040,637 | ||||||
3.125% 7/1/50 | 1,325,000 | 1,194,924 | ||||||
Republic Services | ||||||||
1.45% 2/15/31 | 2,400,000 | 2,041,740 | ||||||
2.30% 3/1/30 | 439,000 | 405,041 | ||||||
Standard Industries 144A | ||||||||
4.375% 7/15/30 # | 2,098,000 | 1,924,286 | ||||||
Waste Management 3.15% | ||||||||
11/15/27 | 6,000,000 | 6,022,186 | ||||||
18,090,573 | ||||||||
Communications — 1.58% | ||||||||
AT&T | ||||||||
3.10% 2/1/43 | 455,000 | 393,966 | ||||||
3.50% 9/15/53 | 2,000,000 | 1,762,529 | ||||||
3.65% 6/1/51 | 1,950,000 | 1,780,570 | ||||||
Bell Canada 4.30% 7/29/49 | 880,000 | 931,087 | ||||||
Charter Communications | ||||||||
Operating 3.85% 4/1/61 | 2,530,000 | 2,041,972 | ||||||
Comcast | ||||||||
3.45% 2/1/50 | 4,325,000 | 4,064,659 | ||||||
3.90% 3/1/38 | 3,500,000 | 3,616,743 | ||||||
4.25% 10/15/30 | 2,550,000 | 2,724,070 | ||||||
Rogers Communications | ||||||||
144A 3.80% 3/15/32 # | 320,000 | 317,922 | ||||||
144A 4.55% 3/15/52 # | 320,000 | 319,059 | ||||||
Sprint 7.875% 9/15/23 | 2,235,000 | 2,377,470 | ||||||
Thomson Reuters 3.35% | ||||||||
5/15/26 | 2,575,000 | 2,586,978 | ||||||
T-Mobile USA 3.875% 4/15/30 | 4,425,000 | 4,448,285 | ||||||
Verizon Communications | ||||||||
3.875% 3/1/52 | 480,000 | 483,770 | ||||||
4.50% 8/10/33 | 4,000,000 | 4,302,306 | ||||||
Walt Disney 2.75% 9/1/49 | 6,500,000 | 5,556,206 | ||||||
37,707,592 | ||||||||
Consumer Cyclical — 0.61% | ||||||||
American Airlines Group 2017- | ||||||||
2 Class AA Pass Through | ||||||||
Trust 3.35% 10/15/29 | 3,242,289 | 3,107,262 | ||||||
Aptiv 3.25% 3/1/32 | 165,000 | 156,594 | ||||||
Carnival 144A 4.00% 8/1/28 # | 985,000 | 917,335 | ||||||
General Motors Financial | ||||||||
3.10% 1/12/32 | 170,000 | 153,006 | ||||||
3.45% 4/10/22 | 1,500,000 | 1,500,523 | ||||||
3.70% 5/9/23 | 1,850,000 | 1,869,373 | ||||||
Magallanes | ||||||||
144A 3.755% 3/15/27 # | 1,110,000 | 1,109,831 | ||||||
144A 4.054% 3/15/29 # | 160,000 | 160,979 | ||||||
144A 4.279% 3/15/32 # | 160,000 | 160,910 | ||||||
144A 5.141% 3/15/52 # | 635,000 | 651,174 | ||||||
MGM Resorts International | ||||||||
4.75% 10/15/28 | 2,006,000 | 1,943,644 | ||||||
NVR 3.00% 5/15/30 | 3,100,000 | 2,897,732 | ||||||
14,628,363 | ||||||||
Consumer Discretionary — 0.52% | ||||||||
AutoNation | ||||||||
2.40% 8/1/31 | 2,200,000 | 1,919,013 | ||||||
3.85% 3/1/32 | 320,000 | 310,224 | ||||||
Expedia Group 144A 6.25% | ||||||||
5/1/25 # | 1,160,000 | 1,241,115 | ||||||
Home Depot 3.35% 4/15/50 | 5,300,000 | 5,015,957 | ||||||
Lowe’s 4.25% 4/1/52 | 385,000 | 398,833 | ||||||
NIKE 3.25% 3/27/40 | 880,000 | 858,782 | ||||||
PVH 4.625% 7/10/25 | 2,650,000 | 2,706,352 | ||||||
12,450,276 | ||||||||
Consumer Non-Cyclical — 0.22% | ||||||||
Anheuser-Busch InBev | ||||||||
Worldwide 4.70% 2/1/36 | 850,000 | 913,940 | ||||||
Bristol-Myers Squibb 3.70% | ||||||||
3/15/52 | 240,000 | 241,922 | ||||||
Coca-Cola 2.25% 1/5/32 | 4,400,000 | 4,109,506 | ||||||
5,265,368 | ||||||||
Consumer Staples — 0.39% | ||||||||
Alimentation Couche-Tard | ||||||||
144A 2.95% 1/25/30 # | 2,650,000 | 2,531,774 | ||||||
Hormel Foods 3.05% 6/3/51 | 3,965,000 | 3,578,238 | ||||||
JBS USA LUX 144A 3.00% | ||||||||
2/2/29 # | 793,000 | 735,131 | ||||||
Nestle Holdings 144A 4.00% | ||||||||
9/24/48 # | 2,150,000 | 2,315,575 | ||||||
9,160,718 | ||||||||
Electric — 0.13% | ||||||||
Eversource Energy 2.90% | ||||||||
3/1/27 | 485,000 | 476,063 | ||||||
NextEra Energy Capital | ||||||||
Holdings 3.00% 1/15/52 | 635,000 | 543,698 | ||||||
Southern California Edison | ||||||||
4.125% 3/1/48 | 2,000,000 | 1,975,952 | ||||||
2,995,713 |
62
Principal amount | Value (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Energy — 0.45% | ||||||||
BP Capital Markets America | ||||||||
2.721% 1/12/32 | 760,000 | $ | 716,152 | |||||
Cheniere Energy Partners | ||||||||
144A 3.25% 1/31/32 # | 880,000 | 801,588 | ||||||
ConocoPhillips 3.80% 3/15/52 | 805,000 | 821,097 | ||||||
Continental Resources 4.375% | ||||||||
1/15/28 | 2,260,000 | 2,294,623 | ||||||
Diamondback Energy 4.25% | ||||||||
3/15/52 | 160,000 | 158,543 | ||||||
EQT 6.625% 2/1/25 | 3,600,000 | 3,807,000 | ||||||
Transcontinental Gas Pipe Line | ||||||||
4.60% 3/15/48 | 2,000,000 | 2,141,289 | ||||||
10,740,292 | ||||||||
Finance Companies — 0.14% | ||||||||
AerCap Ireland Capital DAC | ||||||||
6.50% 7/15/25 | 1,750,000 | 1,854,654 | ||||||
Air Lease 2.875% 1/15/32 | 1,560,000 | 1,398,613 | ||||||
3,253,267 | ||||||||
Financials — 1.30% | ||||||||
Apollo Management Holdings | ||||||||
144A 2.65% 6/5/30 # | 3,075,000 | 2,875,306 | ||||||
Ares Capital 4.25% 3/1/25 | 5,225,000 | 5,227,370 | ||||||
Blackstone Holdings Finance | ||||||||
144A 2.00% 1/30/32 # | 4,850,000 | 4,232,869 | ||||||
Intercontinental Exchange | ||||||||
2.10% 6/15/30 | 1,440,000 | 1,318,825 | ||||||
KKR Group Finance VIII 144A | ||||||||
3.50% 8/25/50 # | 1,650,000 | 1,445,693 | ||||||
LSEGA Financing 144A 2.50% | ||||||||
4/6/31 # | 3,440,000 | 3,187,226 | ||||||
National Securities Clearing | ||||||||
144A 1.50% 4/23/25 # | 2,650,000 | 2,539,404 | ||||||
Owl Rock Capital 4.25% | ||||||||
1/15/26 | 2,625,000 | 2,561,609 | ||||||
US Bancorp | ||||||||
2.215% 1/27/28 *, μ | 415,000 | 396,876 | ||||||
2.677% 1/27/33 μ | 415,000 | 394,999 | ||||||
3.10% 4/27/26 | 4,400,000 | 4,403,167 | ||||||
Wells Fargo & Co. | ||||||||
2.572% 2/11/31 μ | 2,130,000 | 1,981,467 | ||||||
3.526% 3/24/28 μ | 310,000 | 309,625 | ||||||
30,874,436 | ||||||||
Healthcare — 0.84% | ||||||||
CVS Health 5.05% 3/25/48 | 1,020,000 | 1,158,172 | ||||||
Dentsply Sirona 3.25% 6/1/30 | 2,715,000 | 2,620,215 | ||||||
HCA 144A 3.125% 3/15/27 # | 245,000 | 239,773 | ||||||
Johnson & Johnson 3.40% | ||||||||
1/15/38 | 9,000,000 | 9,196,775 | ||||||
Merck & Co. 2.45% 6/24/50 | 3,750,000 | 3,127,611 | ||||||
UnitedHealth Group 3.05% | ||||||||
5/15/41 | 1,500,000 | 1,400,515 | ||||||
Zoetis 2.00% 5/15/30 | 2,640,000 | 2,370,659 | ||||||
20,113,720 | ||||||||
Information Technology — 2.00% | ||||||||
Adobe 2.30% 2/1/30 | 310,000 | 293,690 | ||||||
Apple | ||||||||
2.65%5/11/50 | 1,325,000 | 1,157,674 | ||||||
2.65%2/8/51 | 1,325,000 | 1,146,652 | ||||||
2.95%9/11/49 | 4,500,000 | 4,142,619 | ||||||
Autodesk | ||||||||
2.40%12/15/31 | 605,000 | 540,472 | ||||||
2.85%1/15/30 | 4,500,000 | 4,243,852 | ||||||
Broadcom 144A 3.419% | ||||||||
4/15/33 # | 2,200,000 | 2,057,349 | ||||||
CDW 3.276% 12/1/28 | 325,000 | 306,727 | ||||||
CoStar Group 144A 2.80% | ||||||||
7/15/30 # | 2,650,000 | 2,425,873 | ||||||
Fortinet 2.20% 3/15/31 | 2,650,000 | 2,343,186 | ||||||
Infor 144A 1.75% 7/15/25 # | 875,000 | 823,675 | ||||||
Intel 3.25% 11/15/49 | 2,700,000 | 2,501,630 | ||||||
Microsoft 3.45% 8/8/36 | 2,240,000 | 2,334,936 | ||||||
Nuance Communications | ||||||||
5.625%12/15/26 | 5,000,000 | 5,140,650 | ||||||
PayPal Holdings 2.30% 6/1/30 | 1,770,000 | 1,650,008 | ||||||
salesforce | ||||||||
2.70%7/15/41 | 1,325,000 | 1,177,296 | ||||||
2.90%7/15/51 | 1,945,000 | 1,733,019 | ||||||
ServiceNow 1.40% 9/1/30 | 3,315,000 | 2,821,197 | ||||||
TSMC Global 144A 1.75% | ||||||||
4/23/28 # | 4,400,000 | 4,008,607 | ||||||
Visa 2.70% 4/15/40 | 3,060,000 | 2,788,897 | ||||||
Workday | ||||||||
3.50%4/1/27 | 75,000 | 75,032 | ||||||
3.70%4/1/29 | 155,000 | 155,486 | ||||||
3.80%4/1/32 | 155,000 | 154,896 | ||||||
Xilinx 2.375% 6/1/30 | 3,975,000 | 3,698,128 | ||||||
47,721,551 | ||||||||
Insurance — 0.39% | ||||||||
Aon 2.80% 5/15/30 | 3,975,000 | 3,791,541 | ||||||
Brown & Brown 4.95% 3/17/52 | 470,000 | 503,246 | ||||||
Northwestern Mutual Life | ||||||||
Insurance 144A 3.85% | ||||||||
9/30/47 # | 5,000,000 | 4,900,765 | ||||||
9,195,552 | ||||||||
Materials — 0.13% | ||||||||
Ecolab 3.25% 12/1/27 | 3,000,000 | 3,054,128 | ||||||
3,054,128 |
63
Schedules of investments
Delaware Ivy Balanced Fund
Principal amount | Value (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Real Estate — 0.51% | ||||||||
American Homes 4 Rent | ||||||||
3.625% 4/15/32 | 310,000 | $ | 302,303 | |||||
American Tower Trust #1 144A | ||||||||
3.652% 3/23/28 # | 2,000,000 | 2,021,904 | ||||||
EPR Properties 4.95% 4/15/28 | 3,915,000 | 3,921,772 | ||||||
Extra Space Storage 2.35% | ||||||||
3/15/32 | 4,400,000 | 3,869,140 | ||||||
Iron Mountain 144A 5.25% | ||||||||
7/15/30 # | 517,000 | 507,363 | ||||||
Iron Mountain Information | ||||||||
Management Services 144A | ||||||||
5.00% 7/15/32 # | 1,595,000 | 1,497,697 | ||||||
12,120,179 | ||||||||
Transportation — 0.13% | ||||||||
Kansas City Southern 2.875% | ||||||||
11/15/29 | 2,650,000 | 2,550,390 | ||||||
Union Pacific | ||||||||
2.80% 2/14/32 | 325,000 | 312,441 | ||||||
3.375% 2/14/42 | 80,000 | 77,486 | ||||||
3.50% 2/14/53 | 165,000 | 161,921 | ||||||
3,102,238 | ||||||||
Utilities — 1.00% | ||||||||
Alabama Power 3.125% | ||||||||
7/15/51 | 2,125,000 | 1,856,793 | ||||||
Ameren Illinois 3.25% 3/15/50 | 2,000,000 | 1,840,182 | ||||||
American Water Capital 3.75% | ||||||||
9/1/47 | 2,125,000 | 2,082,933 | ||||||
Berkshire Hathaway Energy | ||||||||
3.25% 4/15/28 | 1,000,000 | 1,001,887 | ||||||
3.80% 7/15/48 | 2,000,000 | 1,984,345 | ||||||
Commonwealth Edison 2.20% | ||||||||
3/1/30 | 2,650,000 | 2,451,981 | ||||||
Duke Energy 3.15% 8/15/27 | 2,500,000 | 2,477,089 | ||||||
Duke Energy Indiana 3.75% | ||||||||
5/15/46 | 880,000 | 866,928 | ||||||
Duke Energy Ohio 4.30% | ||||||||
2/1/49 | 835,000 | 884,810 | ||||||
Entergy | ||||||||
2.80% 6/15/30 | 1,765,000 | 1,656,828 | ||||||
3.75% 6/15/50 | 700,000 | 659,275 | ||||||
Fells Point Funding Trust 144A | ||||||||
3.046% 1/31/27 # | 415,000 | 398,508 | ||||||
Florida Power & Light 3.15% | ||||||||
10/1/49 | 2,575,000 | 2,411,450 | ||||||
Oncor Electric Delivery 2.75% | ||||||||
5/15/30 | 2,550,000 | 2,433,369 | ||||||
Southern California Edison | ||||||||
3.45% 2/1/52 | 859,000 | 773,832 | ||||||
23,780,210 | ||||||||
Total Corporate Bonds | ||||||||
(cost $318,024,871) | 300,492,782 | |||||||
Non-Agency Commercial Mortgage-Backed Securities — 2.78% | ||||||||
BANK | ||||||||
Series 2021-BN32 A5 | ||||||||
2.643% 4/15/54 | 7,060,000 | 6,672,493 | ||||||
Series 2021-BN36 A5 2.47% | ||||||||
9/15/64 | 10,096,000 | 9,439,331 | ||||||
Series 2022-BNK39 A4 | ||||||||
2.928% 2/15/55 | 8,345,000 | 8,050,895 | ||||||
Series 2022-BNK39 B | ||||||||
3.239% 2/15/55 ● | 288,000 | 272,707 | ||||||
Series 2022-BNK39 C | ||||||||
3.27% 2/15/55 ● | 432,000 | 402,510 | ||||||
Series 2022-BNK40 A4 | ||||||||
3.507% 3/15/64 ● | 8,150,000 | 8,206,380 | ||||||
Series 2022-BNK40 B | ||||||||
3.507% 3/15/64 | 1,000,000 | 974,367 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2022-B32 A5 3.002% | ||||||||
1/15/55 | 9,000,000 | 8,737,862 | ||||||
Series 2022-B32 B 3.202% | ||||||||
1/15/55 ● | 975,000 | 905,782 | ||||||
Series 2022-B32 C 3.455% | ||||||||
1/15/55 ● | 1,196,000 | 1,111,224 | ||||||
Series 2022-B33 A5 3.458% | ||||||||
3/15/55 | 8,100,000 | 8,177,090 | ||||||
Series 2022-B33 B 3.736% | ||||||||
3/15/55 ● | 500,000 | 488,985 | ||||||
Series 2022-B33 C 3.736% | ||||||||
3/15/55 ● | 500,000 | 472,597 | ||||||
BMO Mortgage Trust | ||||||||
Series 2022-C1 A5 3.374% | ||||||||
2/15/55 | 4,500,000 | 4,474,338 | ||||||
Wells Fargo Commercial | ||||||||
Mortgage Trust | ||||||||
Series 2021-C61 A4 2.658% | ||||||||
11/15/54 | 8,355,000 | 7,802,803 | ||||||
Total Non-Agency Commercial Mortgage- | ||||||||
Backed Securities | ||||||||
(cost $69,791,823) | 66,189,364 | |||||||
US Treasury Obligations — 10.14% | ||||||||
US Treasury Bonds | ||||||||
1.75% 8/15/41 | 19,925,000 | 17,281,825 | ||||||
1.875% 11/15/51 * | 4,395,000 | 3,856,612 |
64
Principal amount | Value (US $) | |||||||
US Treasury Obligations (continued) | ||||||||
US Treasury Notes | ||||||||
0.125%3/31/23 | 22,130,000 | $ | 21,786,159 | |||||
0.125%8/31/23 | 10,350,000 | 10,070,227 | ||||||
0.125%1/15/24 | 32,655,000 | 31,428,524 | ||||||
0.375%4/15/24 | 9,170,000 | 8,810,006 | ||||||
0.375%12/31/25 | 3,465,000 | 3,200,185 | ||||||
1.50%1/31/27* | 13,483,500 | 12,887,277 | ||||||
1.875%2/28/29 | 4,915,000 | 4,745,663 | ||||||
2.00%2/15/23 | 62,050,000 | 62,263,570 | ||||||
2.00%5/31/24 | 4,110,000 | 4,076,125 | ||||||
2.875%4/30/25 | 5,000,000 | 5,052,539 | ||||||
2.875%5/31/25 | 55,580,000 | 56,159,683 | ||||||
Total US Treasury Obligations | ||||||||
(cost $249,975,211) | 241,618,395 |
Number of shares | ||||||||
Common Stocks — 63.89% | ||||||||
Banking — 0.80% | ||||||||
Morgan Stanley | 218,983 | $ | 19,139,114 | |||||
19,139,114 | ||||||||
Capital Goods — 2.43% | ||||||||
Airbus ADR † | 974,704 | 29,455,555 | ||||||
Deere | 68,602 | 28,501,387 | ||||||
57,956,942 | ||||||||
Communication Services — 7.18% | ||||||||
Alphabet Class A † | 15,456 | 42,988,546 | ||||||
Alphabet Class C † | 10,904 | 30,454,763 | ||||||
Amazon.com † | 8,911 | 29,049,414 | ||||||
Booking Holdings † | 11,676 | 27,420,502 | ||||||
VeriSign † | 184,708 | 41,090,142 | ||||||
171,003,367 | ||||||||
Consumer Cyclical — 1.19% | ||||||||
Aptiv † | 237,380 | 28,416,760 | ||||||
28,416,760 | ||||||||
Consumer Discretionary — 3.66% | ||||||||
AutoZone † | 13,192 | 26,972,099 | ||||||
Costco Wholesale | 90,326 | 52,014,227 | ||||||
NIKE Class B | 60,251 | 8,107,375 | ||||||
87,093,701 | ||||||||
Consumer Staples — 1.56% | ||||||||
Sysco | 455,457 | 37,188,064 | ||||||
37,188,064 | ||||||||
Energy — 1.16% | ||||||||
ConocoPhillips | 275,482 | 27,548,200 | ||||||
27,548,200 | ||||||||
Financials — 11.39% | ||||||||
American Express | 158,890 | 29,712,430 | ||||||
Artisan Partners Asset | ||||||||
Management Class A | 508,337 | 20,003,061 | ||||||
Blackstone | 240,364 | 30,511,806 | ||||||
Charles Schwab | 419,250 | 35,346,968 | ||||||
CME Group | 207,124 | 49,266,515 | ||||||
Intercontinental Exchange | 256,612 | 33,903,577 | ||||||
KKR & Co. | 515,058 | 30,115,441 | ||||||
Mastercard Class A | 118,509 | 42,352,746 | ||||||
271,212,544 | ||||||||
Healthcare — 8.66% | ||||||||
Danaher | 159,845 | 46,887,334 | ||||||
Eli Lilly & Co. | 159,621 | 45,710,666 | ||||||
UnitedHealth Group | 160,371 | 81,784,399 | ||||||
Zoetis | 168,340 | 31,747,240 | ||||||
206,129,639 | ||||||||
Industrials — 3.62% | ||||||||
Caterpillar | 97,057 | 21,626,241 | ||||||
TransUnion | 198,108 | 20,472,481 | ||||||
United Rentals † | 124,368 | 44,176,757 | ||||||
86,275,479 | ||||||||
Information Technology — 14.51% | ||||||||
Apple | 413,156 | 72,141,169 | ||||||
Applied Materials | 7,896 | 1,040,693 | ||||||
Fiserv † | 291,744 | 29,582,842 | ||||||
Microchip Technology | 319,715 | 24,023,385 | ||||||
Microsoft | 453,143 | 139,708,518 | ||||||
Taiwan Semiconductor | ||||||||
Manufacturing ADR | 183,537 | 19,135,568 | ||||||
Take-Two Interactive | ||||||||
Software † | 132,186 | 20,322,276 | ||||||
TE Connectivity | 303,290 | 39,724,924 | ||||||
345,679,375 | ||||||||
Insurance — 2.14% | ||||||||
Aon Class A | 65,994 | 21,489,626 | ||||||
Progressive | 258,591 | 29,476,788 | ||||||
50,966,414 | ||||||||
Materials — 2.01% | ||||||||
Linde | 104,528 | 33,389,379 | ||||||
Sherwin-Williams | 58,063 | 14,493,686 | ||||||
47,883,065 | ||||||||
Transportation — 1.70% | ||||||||
Union Pacific | 148,193 | 40,487,810 | ||||||
40,487,810 |
65
Schedules of investments
Delaware Ivy Balanced Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks (continued) | ||||||||
Utilities — 1.88% | ||||||||
NextEra Energy | 528,372 | $ | 44,758,392 | |||||
44,758,392 | ||||||||
Total Common Stocks | ||||||||
(cost $1,311,709,863) | 1,521,738,866 | |||||||
Exchange-Traded Fund — 1.35% | ||||||||
iShares Core S&P 500 ETF | 71,174 | 32,290,932 | ||||||
Total Exchange-Traded Fund | ||||||||
(cost $33,527,649) | 32,290,932 | |||||||
Short-Term Investments — 2.18% | ||||||||
Money Market Mutual Fund — 2.18% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 51,887,075 | 51,887,075 | ||||||
Total Short-Term Investments | ||||||||
(cost $51,887,075) | 51,887,075 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—99.29% | ||||||||
(cost $2,192,882,925) | 2,364,813,309 | |||||||
Securities Lending Collateral** — 0.01% | ||||||||
Money Market Mutual Fund — 0.01% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 247,500 | 247,500 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $247,500) | 247,500 | |||||||
Total Value of | ||||||||
Securities—99.30% | ||||||||
(cost $2,193,130,425) | $ | 2,365,060,809 | ■ |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date. | |
ψ | Perpetual security. Maturity date represents next call date. | |
* | Fully or partially on loan. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $46,651,445, which represents 1.96% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. | |
† | Non-income producing security. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $20,650,971 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $20,889,919. |
Summary of abbreviations:
ADR – American Depositary Receipt
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
GNMA – Government National Mortgage Association
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
yr – Year
See accompanying notes, which are an integral part of the financial statements.
66
Delaware Ivy Energy Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 97.09% ◆ | ||||||||
Consumer Staples — 1.51% | ||||||||
Darling Ingredients † | 53,186 | $ | 4,275,091 | |||||
4,275,091 | ||||||||
Energy — 87.76% | ||||||||
Archaea Energy *, † | 353,919 | 7,761,444 | ||||||
Ardmore Shipping † | 288,668 | 1,299,006 | ||||||
Chesapeake Energy * | 162,182 | 14,109,834 | ||||||
ConocoPhillips | 133,534 | 13,353,400 | ||||||
Coterra Energy | 490,338 | 13,224,416 | ||||||
Denbury † | 161,051 | 12,653,777 | ||||||
Devon Energy | 180,794 | 10,690,349 | ||||||
Enviva | 61,205 | 4,844,376 | ||||||
EOG Resources | 153,103 | 18,254,471 | ||||||
EQT | 455,888 | 15,687,106 | ||||||
Equinor | 528,783 | 19,742,992 | ||||||
Euronav | 230,735 | 2,453,651 | ||||||
Kimbell Royalty Partners * | 265,993 | 4,325,046 | ||||||
Marathon Petroleum | 174,379 | 14,909,404 | ||||||
Occidental Petroleum | 318,401 | 18,066,073 | ||||||
Parex Resources | 390,623 | 8,014,622 | ||||||
PBF Energy Class A *, † | 227,382 | 5,541,299 | ||||||
Schlumberger | 313,863 | 12,965,681 | ||||||
Shell | 422,201 | 11,571,988 | ||||||
Tourmaline Oil | 289,088 | 13,319,577 | ||||||
Valaris † | 192,973 | 10,028,807 | ||||||
Valero Energy | 153,699 | 15,606,596 | ||||||
248,423,915 | ||||||||
Financials — 0.40% | ||||||||
Spring Valley Acquisition Class | ||||||||
A † | 107,984 | 1,130,593 | ||||||
1,130,593 | ||||||||
Industrials — 2.43% | ||||||||
Li-Cycle Holdings *, † | 176,899 | 1,494,797 | ||||||
Sunrun † | 177,817 | 5,400,302 | ||||||
6,895,099 | ||||||||
Utilities — 4.99% | ||||||||
AES | 49,026 | 1,261,439 | ||||||
American Electric Power | 12,282 | 1,225,375 | ||||||
CMS Energy | 16,522 | 1,155,549 | ||||||
Iberdrola | 102,019 | 1,115,066 | ||||||
NextEra Energy | 13,284 | 1,125,288 | ||||||
Northland Power | 37,828 | 1,257,554 | ||||||
Orsted 144A # | 8,470 | 1,060,203 | ||||||
RWE | 27,341 | 1,190,496 | ||||||
Southern | 16,000 | 1,160,160 | ||||||
SSE | 51,829 | 1,184,243 | ||||||
Terna - Rete Elettrica Nazionale | 145,760 | 1,251,682 | ||||||
Xcel Energy | 15,674 | 1,131,192 | ||||||
14,118,247 | ||||||||
Total Common Stocks | ||||||||
(cost $201,340,315) | 274,842,945 | |||||||
Master Limited Partnerships — 0.96% | ||||||||
Black Stone Minerals | 201,920 | 2,717,843 | ||||||
Total Master Limited Partnerships | ||||||||
(cost $2,323,362) | 2,717,843 | |||||||
Short-Term Investments — 2.38% | ||||||||
Money Market Mutual Fund — 2.38% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 6,721,701 | 6,721,701 | ||||||
Total Short-Term Investments | ||||||||
(cost $6,721,701) | 6,721,701 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—100.43% | ||||||||
(cost $210,385,378) | 284,282,489 | |||||||
Securities Lending Collateral** — 2.71% | ||||||||
Money Market Mutual Fund — 2.71% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 7,670,917 | 7,670,917 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $7,670,917) | 7,670,917 | |||||||
Total Value of | ||||||||
Securities—103.14% | ||||||||
(cost $218,056,295) | $ | 291,953,406 | ■ |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $1,060,203, which represents 0.37% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. |
67
Schedules of investments
Delaware Ivy Energy Fund
■ | Includes $11,860,537 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $4,742,140. |
See accompanying notes, which are an integral part of the financial statements.
68
Delaware Ivy LaSalle Global Real Estate Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks – 99.31%∆ | ||||||||
Australia – 1.83% | ||||||||
Ingenia Communities Group | 34,920 | $ | 131,830 | |||||
National Storage REIT | 212,504 | 427,543 | ||||||
Vicinity Centres | 641,678 | 890,427 | ||||||
1,449,800 | ||||||||
Belgium – 0.65% | ||||||||
Aedifica | 4,104 | 516,101 | ||||||
516,101 | ||||||||
Canada – 1.18% | ||||||||
First Capital Real Estate Investment Trust | 49,772 | 714,640 | ||||||
H&R Real Estate Investment Trust | 20,979 | 218,995 | ||||||
933,635 | ||||||||
China – 0.91% | ||||||||
China Resources Land | 155,966 | 722,145 | ||||||
722,145 | ||||||||
France – 2.60% | ||||||||
Gecina | 10,395 | 1,310,064 | ||||||
Mercialys | 44,898 | 444,944 | ||||||
Unibail-Rodamco-Westfield † | 4,073 | 305,097 | ||||||
2,060,105 | ||||||||
Germany – 3.87% | ||||||||
ADLER Group 144A #, * | 11,803 | 156,120 | ||||||
Vonovia | 62,315 | 2,904,529 | ||||||
3,060,649 | ||||||||
Hong Kong – 4.22% | ||||||||
Kerry Properties | 221,674 | 624,476 | ||||||
Link REIT | 105,037 | 894,520 | ||||||
New World Development | 186,871 | 758,163 | ||||||
Swire Properties | 242,846 | 600,121 | ||||||
Wharf Real Estate Investment | 93,200 | 460,619 | ||||||
3,337,899 | ||||||||
Ireland – 0.50% | ||||||||
Irish Residential Properties REIT | 243,889 | 392,292 | ||||||
392,292 | ||||||||
Japan – 12.51% | ||||||||
Daiwa House REIT Investment | 149 | 401,705 | ||||||
Global One Real Estate Investment | 77 | 70,760 | ||||||
GLP J-Reit | 346 | 525,748 | ||||||
Heiwa Real Estate * | 18,900 | 612,100 | ||||||
Hulic | 31,446 | 282,116 | ||||||
Ichigo Office REIT Investment | 807 | 583,608 | ||||||
Itochu Advance Logistics Investment | 276 | 357,217 | ||||||
Japan Hotel REIT Investment | 871 | 444,058 | ||||||
Japan Real Estate Investment | 32 | 167,604 | ||||||
Keihanshin Building | 14,500 | 177,582 | ||||||
Kenedix Residential Next Investment | 150 | 262,256 | ||||||
Kenedix Retail REIT | 168 | 385,313 | ||||||
Mitsubishi Estate | 91,250 | 1,358,754 | ||||||
Mitsubishi Estate Logistics REIT Investment | 119 | 462,966 | ||||||
Mitsui Fudosan | 54,550 | 1,167,497 | ||||||
Mitsui Fudosan Logistics Park | 107 | 505,380 | ||||||
Orix JREIT | 348 | 471,934 | ||||||
Starts Proceed Investment | 202 | 394,409 | ||||||
TOC | 25,731 | 139,935 | ||||||
Tokyu Fudosan Holdings | 70,179 | 385,162 | ||||||
United Urban Investment | 429 | 494,442 | ||||||
XYMAX REIT Investment | 233 | 238,472 | ||||||
9,889,018 | ||||||||
Netherlands – 0.98% | ||||||||
NSI | 17,666 | 775,986 | ||||||
775,986 | ||||||||
Singapore – 2.03% | ||||||||
ARA LOGOS Logistics Trust | 364,939 | 228,527 | ||||||
CapitaLand China Trust | 355,548 | 316,170 | ||||||
Frasers Centrepoint Trust | 114,652 | 205,753 | ||||||
Mapletree Commercial Trust | 612,100 | 851,620 | ||||||
1,602,070 | ||||||||
Spain – 1.30% | ||||||||
Merlin Properties Socimi | 87,736 | 1,025,738 | ||||||
1,025,738 | ||||||||
United Kingdom – 4.81% | ||||||||
Assura | 497,643 | 437,345 | ||||||
Derwent London | 11,760 | 493,641 | ||||||
Land Securities Group | 38,542 | 395,434 | ||||||
Safestore Holdings | 31,521 | 554,861 | ||||||
Segro | 55,690 | 978,977 | ||||||
Supermarket Income Reit | 148,445 | 246,697 | ||||||
UNITE Group | 12,831 | 194,357 | ||||||
Workspace Group | 56,006 | 500,237 | ||||||
3,801,549 | ||||||||
United States – 61.92% | ||||||||
Agree Realty | 17,705 | 1,174,904 | ||||||
American Homes 4 Rent Class A | 26,308 | 1,053,109 | ||||||
Americold Realty Trust | 19,804 | 552,135 | ||||||
Apartment Income REIT | 30,909 | 1,652,395 | ||||||
AvalonBay Communities | 8,674 | 2,154,361 | ||||||
Camden Property Trust | 3,938 | 654,496 | ||||||
Corporate Office Properties Trust | 38,700 | 1,104,498 | ||||||
CubeSmart | 34,362 | 1,787,855 |
69
Schedules of investments
Delaware Ivy LaSalle Global Real Estate Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks∆ (continued) | ||||||||
United States (continued) | ||||||||
Digital Realty Trust | 14,003 | $ | 1,985,625 | |||||
Duke Realty | 12,531 | 727,550 | ||||||
Equinix | 4,132 | 3,064,374 | ||||||
Equity LifeStyle Properties | 19,907 | 1,522,487 | ||||||
Essex Property Trust | 4,294 | 1,483,491 | ||||||
First Industrial Realty Trust | 19,313 | 1,195,668 | ||||||
Healthcare Trust of America Class A | 9,052 | 283,690 | ||||||
Highwoods Properties | 14,677 | 671,326 | ||||||
Host Hotels & Resorts | 47,785 | 928,463 | ||||||
Invitation Homes | 53,261 | 2,140,027 | ||||||
Kilroy Realty | 15,969 | 1,220,351 | ||||||
Medical Properties Trust | 42,113 | 890,269 | ||||||
National Health Investors | 17,855 | 1,053,624 | ||||||
National Retail Properties | 19,289 | 866,848 | ||||||
Omega Healthcare Investors | 23,802 | 741,670 | ||||||
Outfront Media | 41,514 | 1,180,243 | ||||||
Park Hotels & Resorts | 29,211 | 570,491 | ||||||
Prologis | 21,850 | 3,528,339 | ||||||
Public Storage | 5,901 | 2,303,042 | ||||||
Realty Income | 19,923 | 1,380,664 | ||||||
Retail Opportunity Investments | 36,566 | 709,015 | ||||||
Rexford Industrial Realty | 10,120 | 754,851 | ||||||
SBA Communications | 810 | 278,721 | ||||||
Simon Property Group | 14,592 | 1,919,723 | ||||||
SITE Centers | 36,736 | 613,859 | ||||||
Sun Communities | 2,441 | 427,883 | ||||||
Terreno Realty | 7,349 | 544,193 | ||||||
Urban Edge Properties | 60,096 | 1,147,834 | ||||||
Ventas | 7,026 | 433,926 | ||||||
VICI Properties | 82,633 | 2,351,735 | ||||||
Welltower | 19,811 | 1,904,629 | ||||||
48,958,364 | ||||||||
Total Common Stocks | ||||||||
(cost $63,294,839) | 78,525,351 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral–99.31% | ||||||||
(cost $63,294,839) | 78,525,351 |
Securities Lending Collateral** – 0.23% | ||||||||
Money Market Mutual Fund – 0.23% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 180,571 | $ | 180,571 | |||||
Total Securities Lending Collateral | ||||||||
(cost $180,571) | 180,571 | |||||||
Total Value of Securities–99.54% | ||||||||
(cost $63,475,410) | $ | 78,705,922 | ■ |
∆ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 49 in “Security type / country and sector allocations.” | |
† | Non-income producing security. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $156,120, which represents 0.20% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
* | Fully or partially on loan. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $641,901 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $510,736. |
70
The following foreign currency exchange contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | ||||||||||||
Counterparty | Receive (Deliver) | For | Date | Appreciation | |||||||||||
BNYM | EUR | (150,000 | ) | USD | 167,325 | 4/1/22 | $ | 1,383 | |||||||
BNYM | SGD | (200,000 | ) | USD | 147,654 | 4/4/22 | 95 | ||||||||
Total Foreign Currency Exchange Contracts | $ | 1,478 |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
BNYM – Bank of New York Mellon
REIT – Real Estate Investment Trust
Summary of currencies:
EUR – European Monetary Unit
SGD – Singapore Dollar
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
71
Schedules of investments
Delaware Ivy Natural Resources Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Closed-Ended Trust – 3.34% | ||||||||
Sprott Physical Uranium | ||||||||
Trust *, † | 648,074 | $ | 9,761,415 | |||||
Total Closed-Ended Trust | ||||||||
(cost $7,746,331) | 9,761,415 | |||||||
Common Stocks – 93.60%∆ | ||||||||
Australia – 4.33% | ||||||||
BHP Group | 328,878 | 12,677,419 | ||||||
12,677,419 | ||||||||
Brazil – 8.55% | ||||||||
ERO Copper † | 509,886 | 7,467,914 | ||||||
Vale ADR | 293,633 | 5,869,724 | ||||||
Wheaton Precious Metals | 245,935 | 11,701,587 | ||||||
25,039,225 | ||||||||
Canada – 8.35% | ||||||||
Hudbay Minerals | 750,062 | 5,887,986 | ||||||
Li-Cycle Holdings *, † | 495,724 | 4,188,868 | ||||||
Nutrien | 94,191 | 9,794,922 | ||||||
Pan American Silver | 167,037 | 4,558,895 | ||||||
24,430,671 | ||||||||
Hong Kong – 0.00% | ||||||||
China Metal Recycling | ||||||||
Holdings =, † | 30,000,000 | 4 | ||||||
4 | ||||||||
Ireland – 0.45% | ||||||||
Ardmore Shipping † | 293,729 | 1,321,780 | ||||||
1,321,780 | ||||||||
Netherlands – 1.95% | ||||||||
Shell | 208,490 | 5,714,444 | ||||||
5,714,444 | ||||||||
Norway – 3.31% | ||||||||
Equinor ADR | 258,290 | 9,688,458 | ||||||
9,688,458 | ||||||||
South Africa – 3.22% | ||||||||
Anglo American | 181,652 | 9,439,071 | ||||||
9,439,071 | ||||||||
United States – 63.44% | ||||||||
Archaea Energy † | 278,580 | 6,109,259 | ||||||
Archer-Daniels-Midland | 68,172 | 6,153,205 | ||||||
Arcosa | 149,577 | 8,563,283 | ||||||
Bunge | 71,974 | 7,975,439 | ||||||
CF Industries Holdings | 73,386 | 7,563,161 | ||||||
Chesapeake Energy | 141,709 | 12,328,683 | ||||||
Darling Ingredients † | 52,384 | 4,210,626 | ||||||
Denbury † | 137,075 | 10,769,983 | ||||||
Enviva | 99,494 | 7,874,950 | ||||||
EOG Resources | 60,702 | 7,237,499 | ||||||
EQT | 391,784 | 13,481,287 | ||||||
Kimbell Royalty Partners | 536,763 | 8,727,766 | ||||||
Louisiana-Pacific | 63,088 | 3,919,027 | ||||||
Newmont | 203,752 | 16,188,096 | ||||||
Occidental Petroleum | 103,152 | 5,852,845 | ||||||
PBF Energy Class A † | 202,977 | 4,946,550 | ||||||
Schlumberger | 282,345 | 11,663,672 | ||||||
Spring Valley Acquisition Class A † | 117,782 | 1,233,178 | ||||||
Sunrun † | 130,023 | 3,948,799 | ||||||
Unit † | 60,757 | 3,739,593 | ||||||
Valaris † | 105,821 | 5,499,517 | ||||||
Valero Energy | 160,070 | 16,253,508 | ||||||
Weyerhaeuser | 303,520 | 11,503,408 | ||||||
185,743,334 | ||||||||
Total Common Stocks | ||||||||
(cost $265,235,719) | 274,054,406 | |||||||
Short-Term Investments – 3.12% | ||||||||
Money Market Mutual Fund – 3.12% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 9,138,823 | 9,138,823 | ||||||
Total Short-Term Investments | ||||||||
(cost $9,138,823) | 9,138,823 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral–100.06% | ||||||||
(cost $282,120,873) | 292,954,644 | |||||||
Securities Lending Collateral** – 1.54% | ||||||||
Money Market Mutual Fund – 1.54% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 4,520,493 | 4,520,493 | ||||||
Total Securities Lending Collateral (cost | ||||||||
$4,520,493) | 4,520,493 | |||||||
Total Value of | ||||||||
Securities–101.60% | ||||||||
(cost $286,641,366) | $ | 297,475,137 | ■ |
* | Fully or partially on loan. | |
† | Non-income producing security. | |
∆ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 50 in “Security type / country and sector allocations.” |
72
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $4,246,104 of securities loaned. |
The following foreign currency exchange contract was outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | |||||||||||
Counterparty | Receive (Deliver) | For | Date | Depreciation | ||||||||||
BNYM | CAD | 1,007,343 | USD | (806,947 | ) | 4/1/22 | $ | (1,171 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
BNYM – Bank of New York Mellon
Summary of currencies:
CAD – Canadian Dollar
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
73
Schedules of investments
Delaware Ivy Science and Technology Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bond — 0.06% | ||||||||
Consumer Discretionary — 0.06% | ||||||||
Marrone Bio Innovations | ||||||||
8.00% 12/31/22 << | 4,712,500 | $ | 4,688,466 | |||||
Total Corporate Bond | ||||||||
(cost $4,712,500) | 4,688,466 |
Number of | ||||||||
shares | ||||||||
Common Stocks — 98.18% | ||||||||
Communication Services — 13.04% | ||||||||
Alphabet Class A † | 132,077 | $ | 367,352,364 | |||||
Alphabet Class C † | 134,232 | 374,908,634 | ||||||
Pinterest Class A † | 4,345,618 | 106,945,659 | ||||||
T-Mobile US † | 1,768,947 | 227,044,347 | ||||||
1,076,251,004 | ||||||||
Consumer Discretionary — 8.01% | ||||||||
Amazon.com † | 176,267 | 574,621,607 | ||||||
JD.com Class A † | 79,505 | 2,259,120 | ||||||
Luminar Technologies *, † | 5,402,199 | 84,436,370 | ||||||
661,317,097 | ||||||||
Healthcare — 6.07% | ||||||||
Dexcom † | 243,394 | 124,520,370 | ||||||
Eli Lilly & Co. | 390,978 | 111,964,370 | ||||||
Intuitive Surgical † | 441,924 | 133,319,632 | ||||||
Moderna † | 327,683 | 56,446,674 | ||||||
Repligen † | 397,710 | 74,805,274 | ||||||
501,056,320 | ||||||||
Industrials — 2.21% | ||||||||
Uber Technologies † | 5,113,366 | 182,444,899 | ||||||
182,444,899 | ||||||||
Information Technology — 68.85% | ||||||||
Ambarella † | 526,297 | 55,219,081 | ||||||
Amphenol Class A | 2,719,293 | 204,898,728 | ||||||
Analog Devices | 1,165,043 | 192,441,803 | ||||||
Apple | 3,458,927 | 603,963,244 | ||||||
ASML Holding | 486,341 | 324,841,744 | ||||||
Aspen Technology † | 830,353 | 137,315,476 | ||||||
Autodesk † | 564,328 | 120,963,707 | ||||||
Cadence Design Systems † | 544,126 | 89,486,962 | ||||||
GlobalFoundries *, † | 2,621,589 | 163,639,585 | ||||||
Infineon Technologies | 4,637,848 | 156,898,573 | ||||||
Intuit | 300,785 | 144,629,459 | ||||||
Mastercard Class A | 1,153,027 | 412,068,789 | ||||||
Microchip Technology | 3,264,652 | 245,305,951 | ||||||
Micron Technology | 2,713,323 | 211,340,728 | ||||||
Microsoft | 3,405,585 | 1,049,975,911 | ||||||
NVIDIA | 634,986 | 173,262,280 | ||||||
ON Semiconductor † | 4,072,135 | 254,956,372 | ||||||
PayPal Holdings † | 1,135,365 | 131,304,962 | ||||||
Seagate Technology Holdings | 1,504,311 | 135,237,559 | ||||||
ServiceNow † | 317,882 | 177,025,307 | ||||||
Shift4 Payments Class A † | 1,468,760 | 90,960,307 | ||||||
Taiwan Semiconductor Manufacturing ADR | 1,322,779 | 137,912,939 | ||||||
VeriSign † | 870,904 | 193,741,304 | ||||||
WNS Holdings ADR <<, † | 1,251,314 | 106,974,834 | ||||||
Workday Class A † | 704,766 | 168,763,266 | ||||||
5,683,128,871 | ||||||||
Total Common Stocks | ||||||||
(cost $5,048,445,833) | 8,104,198,191 | |||||||
Short-Term Investments — 1.97% | ||||||||
Money Market Mutual Fund — 1.97% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 162,784,415 | 162,784,415 | ||||||
Total Short-Term Investments | ||||||||
(cost $162,784,415) | 162,784,415 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—100.21% | ||||||||
(cost $5,215,942,748) | 8,271,671,072 | |||||||
Securities Lending Collateral** — 1.74% | ||||||||
Money Market Mutual Fund — 1.74% | ||||||||
Dreyfus Institutional | ||||||||
Preference Government | ||||||||
Money Market Fund - | ||||||||
Institutional Shares (seven- | ||||||||
day effective yield 0.30%) | 143,586,226 | 143,586,226 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $143,586,226) | 143,586,226 | |||||||
Total Value of | ||||||||
Securities—101.95% | ||||||||
(cost $5,359,528,974) | $ | 8,415,257,298 | ■ |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
<< | Affiliated company. See Note 2 in “Notes to financial statements.” | |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. |
74
■ | Includes $142,732,344 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $6,812,726. |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
75
Schedules of investments
Delaware Ivy Securian Real Estate Securities Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 98.82% | ||||||||
REIT Healthcare — 7.71% | ||||||||
Healthpeak Properties | 79,000 | $ | 2,712,070 | |||||
Ventas | 180,625 | 11,155,400 | ||||||
Welltower | 155,400 | 14,940,156 | ||||||
28,807,626 | ||||||||
REIT Hotel — 6.71% | ||||||||
Apple Hospitality | 149,700 | 2,690,109 | ||||||
Host Hotels & Resorts | 496,859 | 9,653,970 | ||||||
Park Hotels & Resorts | 357,100 | 6,974,163 | ||||||
Pebblebrook Hotel Trust | 116,500 | 2,851,920 | ||||||
RLJ Lodging Trust | 206,000 | 2,900,480 | ||||||
25,070,642 | ||||||||
REIT Industrial — 13.18% | ||||||||
Duke Realty | 133,000 | 7,721,980 | ||||||
First Industrial Realty Trust | 54,000 | 3,343,140 | ||||||
Prologis | 214,740 | 34,676,215 | ||||||
Rexford Industrial Realty | 46,800 | 3,490,812 | ||||||
49,232,147 | ||||||||
REIT Information Technology — 10.71% | ||||||||
American Tower | 15,500 | 3,893,910 | ||||||
Digital Realty Trust | 80,300 | 11,386,540 | ||||||
Equinix | 29,359 | 21,773,222 | ||||||
SBA Communications | 8,500 | 2,924,850 | ||||||
39,978,522 | ||||||||
REIT Mall — 4.11% | ||||||||
Simon Property Group | 116,674 | 15,349,631 | ||||||
15,349,631 | ||||||||
REIT Manufactured Housing — 2.60% | ||||||||
Equity LifeStyle Properties | 44,500 | 3,403,360 | ||||||
Sun Communities | 35,900 | 6,292,911 | ||||||
9,696,271 | ||||||||
REIT Multifamily — 15.86% | ||||||||
American Campus Communities | 109,000 | 6,100,730 | ||||||
AvalonBay Communities | 62,839 | 15,607,322 | ||||||
Camden Property Trust | 33,900 | 5,634,180 | ||||||
Equity Residential | 74,179 | 6,670,176 | ||||||
Essex Property Trust | 31,200 | 10,778,976 | ||||||
Mid-America Apartment Communities | 26,600 | 5,571,370 | ||||||
UDR | 154,500 | 8,863,665 | ||||||
59,226,419 | ||||||||
REIT Office — 9.93% | ||||||||
Alexandria Real Estate Equities | 56,894 | 11,449,918 | ||||||
Boston Properties | 47,000 | 6,053,600 | ||||||
Douglas Emmett | 50,800 | 1,697,736 | ||||||
Highwoods Properties | 59,100 | 2,703,234 | ||||||
Kilroy Realty | 99,462 | 7,600,886 | ||||||
SL Green Realty | 47,684 | 3,870,987 | ||||||
Vornado Realty Trust | 82,100 | 3,720,772 | ||||||
37,097,133 | ||||||||
REIT Self-Storage — 9.60% | ||||||||
Extra Space Storage | 33,500 | 6,887,600 | ||||||
Life Storage | 47,800 | 6,712,554 | ||||||
Public Storage | 56,998 | 22,245,180 | ||||||
35,845,334 | ||||||||
REIT Shopping Center — 6.54% | ||||||||
Brixmor Property Group | 240,700 | 6,212,467 | ||||||
Kimco Realty | 273,800 | 6,762,860 | ||||||
Kite Realty Group Trust | 220,500 | 5,020,785 | ||||||
Regency Centers | 89,800 | 6,406,332 | ||||||
24,402,444 | ||||||||
REIT Single Family — 4.63% | ||||||||
American Homes 4 Rent Class A | 171,000 | 6,845,130 | ||||||
Invitation Homes | 259,800 | 10,438,764 | ||||||
17,283,894 | ||||||||
REIT Single Tenant — 6.99% | ||||||||
Agree Realty | 64,700 | 4,293,492 | ||||||
Essential Properties Realty Trust | 103,900 | 2,628,670 | ||||||
National Retail Properties | 106,100 | 4,768,134 | ||||||
Realty Income | 94,131 | 6,523,278 | ||||||
Spirit Realty Capital | 62,350 | 2,869,347 | ||||||
VICI Properties | 176,874 | 5,033,834 | ||||||
26,116,755 | ||||||||
Transportation — 0.25% | ||||||||
Hilton Worldwide Holdings † | 6,100 | 925,614 | ||||||
925,614 | ||||||||
Total Common Stocks | ||||||||
(cost $205,174,776) | 369,032,432 | |||||||
Short-Term Investments — 1.36% | ||||||||
Money Market Mutual Fund — 1.36% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 5,088,942 | 5,088,942 | ||||||
Total Short-Term Investments | ||||||||
(cost $5,088,942) | 5,088,942 | |||||||
Total Value of Securities—100.18% | ||||||||
(cost $210,263,718) | $ | 374,121,374 |
† | Non-income producing security. |
76
Summary of abbreviations:
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
77
Statements of assets and liabilities
March 31, 2022
Delaware Ivy | ||||||||||||||||
Delaware Ivy | Delaware Ivy | LaSalle Global | ||||||||||||||
Asset Strategy | Balanced | Delaware Ivy | Real Estate | |||||||||||||
FundΦ | Fund | Energy Fund | Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value*,† | $ | 2,268,603,295 | $ | 2,364,813,309 | $ | 284,282,489 | $ | 78,525,351 | ||||||||
Investments of affiliated issuers, at value** | 1,677,146 | — | — | — | ||||||||||||
Short-term investments held as collateral for loaned securities, at value= | 7,948,188 | 247,500 | 7,670,917 | 180,571 | ||||||||||||
Cash | 2,003,592 | 19,011,905 | 116,072 | — | ||||||||||||
Cash collateral due from brokers | 622,545 | — | — | — | ||||||||||||
Foreign currencies, at value∆ | 66,059 | — | — | 134,282 | ||||||||||||
Bullion at value‡ | 124,595,862 | — | — | — | ||||||||||||
Receivable for securities sold | 36,972,139 | — | — | 1,145,704 | ||||||||||||
Dividends and interest receivable | 9,606,061 | 4,440,544 | 123,184 | 350,804 | ||||||||||||
Foreign tax reclaims receivable | 1,405,838 | 73,140 | 18,303 | 62,519 | ||||||||||||
Receivable for fund shares sold | 854,478 | 737,060 | 479,804 | 4,173 | ||||||||||||
Variation margin due from broker on futures contracts | 75,794 | — | — | — | ||||||||||||
Securities lending income receivable | 50,170 | 2,728 | 9,643 | 230 | ||||||||||||
Unrealized appreciation on foreign currency exchange contracts | — | — | — | 1,478 | ||||||||||||
Receivable from investment manager | — | — | — | 10,539 | ||||||||||||
Prepaid expenses | — | — | 104,896 | 6,876 | ||||||||||||
Other assets | 55,155 | 100,182 | 26,896 | 19,296 | ||||||||||||
Total Assets | 2,454,536,322 | 2,389,426,368 | 292,832,204 | 80,441,823 | ||||||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | 85,841 | 388,595 | ||||||||||||
Payable for securities purchased | 43,316,682 | 686,943 | — | 544,219 | ||||||||||||
Obligation to return securities lending collateral | 7,948,188 | 247,500 | 7,670,917 | 180,571 | ||||||||||||
Payable for fund shares redeemed | 4,505,213 | 4,019,771 | 1,605,631 | 214,295 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 1,355,361 | 434,965 | 77,963 | 21,347 | ||||||||||||
Investment management fees payable to affiliates | 1,338,824 | 1,333,650 | 194,918 | — | ||||||||||||
Registrar and transfer agent fees payable | 788,939 | 258,683 | 40,700 | 3,700 | ||||||||||||
Distribution fees payable to affiliates | 437,556 | 418,826 | 48,805 | 3,305 | ||||||||||||
Reports and statements to shareholders servicing expenses payable to affiliates | 264,629 | 190,839 | — | — | ||||||||||||
Unrealized depreciation on unfunded loan commitments | 55,543 | — | — | — | ||||||||||||
Custody fees payable | 48,946 | 10,233 | 4,000 | 9,100 | ||||||||||||
Audit and tax fees payable | 45,145 | 35,870 | 27,783 | 5,809 | ||||||||||||
Accounting and administration expenses payable to affiliates | 10,137 | 10,137 | 5,800 | 1,081 | ||||||||||||
Unrealized depreciation on foreign currency exchange contracts | 7,030 | — | — | — | ||||||||||||
Legal fees payable to affiliates | 7,017 | 12,060 | 500 | 250 | ||||||||||||
Other accrued expenses | 1,421 | 43,459 | — | — | ||||||||||||
Distribution payable | — | 109 | — | — | ||||||||||||
Total Liabilities | 60,130,631 | 7,703,045 | 9,762,858 | 1,372,272 | ||||||||||||
Total Net Assets | $ | 2,394,405,691 | $ | 2,381,723,323 | $ | 283,069,346 | $ | 79,069,551 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in capital | $ | 2,472,404,190 | $ | 1,836,293,635 | $ | 435,015,370 | $ | 61,693,186 | ||||||||
Total distributable earnings (loss) | (77,998,499 | ) | 545,429,688 | (151,946,024 | ) | 17,376,365 | ||||||||||
Total Net Assets | $ | 2,394,405,691 | $ | 2,381,723,323 | $ | 283,069,346 | $ | 79,069,551 |
78
Delaware Ivy | ||||||||||||||||
Delaware Ivy | Delaware Ivy | LaSalle Global | ||||||||||||||
Asset Strategy | Balanced | Delaware Ivy | Real Estate | |||||||||||||
FundΦ | Fund | Energy Fund | Fund | |||||||||||||
Net Asset Value | ||||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 1,531,208,602 | $ | 1,485,003,944 | $ | 104,280,192 | $ | 10,752,946 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 66,417,938 | 58,157,512 | 10,759,063 | 879,104 | ||||||||||||
Net asset value per share | $ | 23.05 | $ | 25.53 | $ | 9.69 | $ | 12.23 | ||||||||
Sales charge | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 24.46 | $ | 27.09 | $ | 10.28 | $ | 12.98 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 89,954,813 | $ | 117,058,419 | $ | 13,502,878 | $ | 499,234 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,233,254 | 4,643,975 | 1,519,811 | 41,257 | ||||||||||||
Net asset value per share | $ | 21.25 | $ | 25.21 | $ | 8.88 | $ | 12.10 | ||||||||
Class E: | ||||||||||||||||
Net assets | $ | 38,660,459 | $ | — | $ | — | $ | — | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,668,442 | — | — | — | ||||||||||||
Net asset value per share | $ | 23.17 | $ | — | $ | — | $ | — | ||||||||
Sales charge | 2.50 | % | — | — | — | |||||||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 23.76 | $ | — | $ | — | $ | — | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 597,362,397 | $ | 745,877,928 | $ | 110,841,003 | $ | 43,193,405 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 25,442,691 | 29,208,745 | 10,943,762 | 3,515,054 | ||||||||||||
Net asset value per share | $ | 23.48 | $ | 25.54 | $ | 10.13 | $ | 12.29 | ||||||||
Class R: | ||||||||||||||||
Net assets | $ | 23,786,603 | $ | 10,852,429 | $ | 36,368,493 | $ | 857,272 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,048,781 | 426,201 | 3,801,570 | 70,380 | ||||||||||||
Net asset value per share | $ | 22.68 | $ | 25.46 | $ | 9.57 | $ | 12.18 | ||||||||
Class R6: | ||||||||||||||||
Net assets | $ | 16,519,524 | $ | 10,231,462 | $ | 6,609,515 | $ | 22,562,193 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 701,329 | 399,645 | 649,045 | 1,834,118 | ||||||||||||
Net asset value per share | $ | 23.55 | $ | 25.60 | $ | 10.18 | $ | 12.30 | ||||||||
Class Y: | ||||||||||||||||
Net assets | $ | 96,913,293 | $ | 12,699,141 | $ | 11,467,265 | $ | 1,204,501 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,187,261 | 497,176 | 1,164,283 | 97,172 | ||||||||||||
Net asset value per share | $ | 23.14 | $ | 25.54 | $ | 9.85 | $ | 12.40 |
79
Statements of assets and liabilities
Delaware Ivy | ||||||||||||||||||
Delaware Ivy | Delaware Ivy | LaSalle Global | ||||||||||||||||
Asset Strategy | Balanced | Delaware Ivy | Real Estate | |||||||||||||||
FundΦ | Fund | Energy Fund | Fund | |||||||||||||||
* | Investments, at cost | $ | 1,909,633,192 | $ | 2,192,882,925 | $ | 210,385,378 | $ | 63,294,839 | |||||||||
** | Investments of affiliated issuers, at cost | 626,742,852 | — | — | — | |||||||||||||
† | Including securities on loan | 24,684,133 | 20,650,971 | 11,860,537 | 641,901 | |||||||||||||
= | Short-term investments held as collateral for loaned securities, at cost | 7,948,188 | 247,500 | 7,670,917 | 180,571 | |||||||||||||
‡ | Bullion, at cost | 75,222,346 | — | — | — | |||||||||||||
∆ | Foreign currencies, at cost | 66,018 | — | — | 133,678 | |||||||||||||
Φ | Consolidated statements of assets and liabilities |
See accompanying notes, which are an integral part of the financial statements.
80
Delaware Ivy | ||||||||||||
Delaware Ivy | Delaware Ivy | Securian Real | ||||||||||
Natural | Science and | Estate | ||||||||||
Resources | Technology | Securities | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value*,† | $ | 292,954,644 | $ | 8,160,007,772 | $ | 374,121,374 | ||||||
Investments of affiliated issuers, at value** | — | 111,663,300 | — | |||||||||
Short-term investments held as collateral for loaned securities, at value= | 4,520,493 | 143,586,226 | — | |||||||||
Cash | 509,023 | 139,772 | 382,170 | |||||||||
Receivable for securities sold | 3,479,519 | — | 934,247 | |||||||||
Dividends and interest receivable | 430,099 | 3,524,262 | 837,945 | |||||||||
Receivable for fund shares sold | 274,728 | 4,277,365 | 269,102 | |||||||||
Foreign tax reclaims receivable | 92,716 | 534,805 | — | |||||||||
Securities lending income receivable | 21,027 | 261,053 | — | |||||||||
Prepaid expenses | — | 108,785 | — | |||||||||
Other assets | 43,447 | 188,387 | 50,919 | |||||||||
Total Assets | 302,325,696 | 8,424,291,727 | 376,595,757 | |||||||||
Liabilities: | ||||||||||||
Due to custodian | 507,084 | — | — | |||||||||
Obligation to return securities lending collateral | 4,520,493 | 143,586,226 | — | |||||||||
Payable for securities purchased | 2,978,117 | — | 1,982,812 | |||||||||
Payable for fund shares redeemed | 514,308 | 16,422,196 | 554,889 | |||||||||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 357,322 | 1,700,730 | 143,056 | |||||||||
Registrar and transfer agent fees payable | 320,060 | 705,000 | 52,277 | |||||||||
Investment management fees payable to affiliates | 201,685 | 5,372,113 | 247,472 | |||||||||
Distribution fees payable to affiliates | 46,572 | 1,358,152 | 50,646 | |||||||||
Audit and tax fees payable | 30,345 | 27,966 | 30,795 | |||||||||
Reports and statements to shareholders servicing expenses payable to affiliates | 26,966 | 634,654 | 52,780 | |||||||||
Other accrued expenses | 18,311 | 185,095 | 20,775 | |||||||||
Custody fees payable | 6,273 | 67,341 | 3,214 | |||||||||
Accounting and administration expenses payable to affiliates | 2,292 | 9,322 | 3,485 | |||||||||
Legal fees payable to affiliates | 2,104 | 36,303 | 3,512 | |||||||||
Unrealized depreciation on foreign currency exchange contracts | 1,171 | — | — | |||||||||
Distribution payable | — | 2,033 | — | |||||||||
Total Liabilities | 9,533,103 | 170,107,131 | 3,145,713 | |||||||||
Total Net Assets | $ | 292,792,593 | $ | 8,254,184,596 | $ | 373,450,044 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 890,954,159 | $ | 4,029,446,920 | $ | 200,510,104 | ||||||
Total distributable earnings (loss) | (598,161,566 | ) | 4,224,737,676 | 172,939,940 | ||||||||
Total Net Assets | $ | 292,792,593 | $ | 8,254,184,596 | $ | 373,450,044 |
81
Statements of assets and liabilities
Delaware Ivy | ||||||||||||||
Delaware Ivy | Delaware Ivy | Securian Real | ||||||||||||
Natural | Science and | Estate | ||||||||||||
Resources | Technology | Securities | ||||||||||||
Fund | Fund | Fund | ||||||||||||
Net Asset Value | ||||||||||||||
Class A: | ||||||||||||||
Net assets | $ | 170,745,429 | $ | 4,958,005,268 | $ | 143,562,403 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 10,089,835 | 78,102,083 | 5,178,655 | |||||||||||
Net asset value per share | $ | 16.92 | $ | 63.48 | $ | 27.72 | ||||||||
Sales charge | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 17.95 | $ | 67.35 | $ | 29.41 | ||||||||
Class C: | ||||||||||||||
Net assets | $ | 3,459,676 | $ | 237,610,137 | $ | 1,706,569 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 250,464 | 5,431,222 | 63,854 | |||||||||||
Net asset value per share | $ | 13.81 | $ | 43.75 | $ | 26.73 | ||||||||
Class E: | ||||||||||||||
Net assets | $ | 3,523,134 | $ | 58,400,228 | $ | 2,977,499 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 202,247 | 938,144 | 107,226 | |||||||||||
Net asset value per share | $ | 17.42 | $ | 62.25 | $ | 27.77 | ||||||||
Sales charge | 2.50 | % | 2.50 | % | 2.50 | % | ||||||||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 17.87 | $ | 63.85 | $ | 28.48 | ||||||||
Class I: | ||||||||||||||
Net assets | $ | 84,343,195 | $ | 2,354,812,431 | $ | 133,160,592 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,759,250 | 30,707,844 | 4,747,397 | |||||||||||
Net asset value per share | $ | 17.72 | $ | 76.68 | $ | 28.05 | ||||||||
Class R: | ||||||||||||||
Net assets | $ | 14,145,327 | $ | 120,945,210 | $ | 555,204 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 847,420 | 2,042,568 | 20,073 | |||||||||||
Net asset value per share | $ | 16.69 | $ | 59.21 | $ | 27.66 | ||||||||
Class R6: | ||||||||||||||
Net assets | $ | 2,228,363 | $ | 173,275,333 | $ | 1,112,136 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 125,263 | 2,228,755 | 39,571 | |||||||||||
Net asset value per share | $ | 17.79 | $ | 77.75 | $ | 28.10 | ||||||||
Class Y: | ||||||||||||||
Net assets | $ | 14,347,469 | $ | 351,135,989 | $ | 90,375,641 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no par | 825,531 | 4,986,180 | 3,251,903 | |||||||||||
Net asset value per share | $ | 17.38 | $ | 70.42 | $ | 27.79 | ||||||||
* | Investments, at cost | $ | 282,120,873 | $ | 5,199,231,054 | $ | 210,263,718 | |||||||
** | Investments of affiliated issuers, at cost | — | 16,711,694 | — | ||||||||||
† | Including securities on loan | 4,246,104 | 142,732,344 | — | ||||||||||
= | Short-term investments held as collateral for loaned securities, at cost | 4,520,493 | 143,586,226 | — | ||||||||||
See accompanying notes, which are an integral part of the financial statements.
82
Year ended March 31, 2022
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||
Asset Strategy FundΦ | Balanced Fund | Energy Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 34,607,941 | $ | 16,039,258 | $ | — | ||||||
Dividends | 27,488,905 | 22,942,666 | 6,601,531 | |||||||||
Securities lending income | 266,140 | 21,456 | 23,870 | |||||||||
Foreign tax withheld | (2,168,106 | ) | (225,673 | ) | (136,593 | ) | ||||||
60,194,880 | 38,777,707 | 6,488,808 | ||||||||||
Expenses: | ||||||||||||
Investment advisory fees | 17,416,073 | 17,219,199 | 1,876,757 | |||||||||
Distribution expenses — Class A | 4,061,693 | 3,880,515 | 192,792 | |||||||||
Distribution expenses — Class B | 46,468 | 45,333 | 1,986 | |||||||||
Distribution expenses — Class C | 1,242,124 | 1,561,338 | 95,911 | |||||||||
Distribution expenses — Class E | 101,206 | — | — | |||||||||
Distribution expenses — Class R | 136,479 | 57,464 | 131,842 | |||||||||
Distribution expenses — Class Y | 269,052 | 38,917 | 20,474 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 2,980,564 | 1,944,407 | 440,258 | |||||||||
Reports and statements to shareholders servicing expenses | 1,265,552 | 1,331,326 | 220,569 | |||||||||
Accounting and administration expenses | 259,680 | 249,493 | 93,701 | |||||||||
Trustees’ fees and expenses | 198,623 | 130,143 | 13,129 | |||||||||
Registration fees | 187,162 | 179,392 | 110,876 | |||||||||
Custodian fees | 145,512 | 22,579 | 6,611 | |||||||||
Audit and tax fees | 44,757 | 35,757 | 27,783 | |||||||||
Legal fees | 34,926 | 24,762 | 5,735 | |||||||||
Other | 558,354 | 72,216 | 15,894 | |||||||||
28,948,225 | 26,792,841 | 3,254,318 | ||||||||||
Less expenses waived | (14,539 | ) | — | (106,448 | ) | |||||||
Less waived distribution | ||||||||||||
expenses —Class A | — | — | (187,622 | ) | ||||||||
Less waived distribution | ||||||||||||
expenses —Class C | — | — | (24,190 | ) | ||||||||
Less waived distribution | ||||||||||||
expenses —Class E | (108,750 | ) | — | — | ||||||||
Less waived shareholder servicing expenses | (22,862 | ) | (6,291 | ) | (142,867 | ) | ||||||
Total operating expenses | 28,802,074 | 26,786,550 | 2,793,191 | |||||||||
Net Investment Income | 31,392,806 | 11,991,157 | 3,695,617 |
83
Statements of operations
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||
Asset Strategy FundΦ | Balanced Fund | Energy Fund | ||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | $ | 309,730,741 | $ | 550,193,597 | $ | 75,841,172 | ||||||
Foreign currencies | (369,299 | ) | — | 25,331 | ||||||||
Foreign currency exchange contracts | (171,928 | ) | — | 43,182 | ||||||||
Futures contracts | — | 1,586,939 | — | |||||||||
Options purchased | (6,616,011 | ) | — | — | ||||||||
Options written | 8,965,665 | — | — | |||||||||
Swap contracts | 450,003 | — | — | |||||||||
Net realized gain | 311,989,171 | 551,780,536 | 75,909,685 | |||||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||
Investments | (177,678,988 | ) | (439,261,460 | ) | 28,578,658 | |||||||
Affiliated investments | (9,833,142 | ) | — | — | ||||||||
Foreign currencies | (95,934 | ) | — | 1,687 | ||||||||
Foreign currency exchange contracts | (7,030 | ) | — | — | ||||||||
Futures contracts | (1,590,810 | ) | — | — | ||||||||
Options purchased | (2,439,530 | ) | — | — | ||||||||
Options written | (1,390,691 | ) | — | — | ||||||||
Swap contracts | (382,195 | ) | — | — | ||||||||
Net change in unrealized appreciation (depreciation) | (193,418,320 | ) | (439,261,460 | ) | 28,580,345 | |||||||
Net Realized and Unrealized Gain | 118,570,851 | 112,519,076 | 104,490,030 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 149,963,657 | $ | 124,510,233 | $ | 108,185,647 |
Φ | Consolidated statements of operations |
See accompanying notes, which are an integral part of the financial statements.
84
Delaware Ivy LaSalle Global Real Estate Fund | Delaware Ivy Natural Resources Fund | Delaware Ivy Science and Technology Fund | ||||||||||
Investment Income: | ||||||||||||
Dividends | $ | 2,605,920 | $ | 8,424,757 | $ | 36,038,925 | ||||||
Securities lending income | 1,502 | 80,962 | 578,976 | |||||||||
Interest | — | — | 415,488 | |||||||||
Foreign tax withheld | (33,500 | ) | (165,548 | ) | (1,397,813 | ) | ||||||
2,573,922 | 8,340,171 | 35,635,576 | ||||||||||
Expenses: | ||||||||||||
Investment advisory fees | 857,792 | 2,095,637 | 76,046,526 | |||||||||
Distribution expenses — Class A | 29,282 | 351,096 | 14,258,344 | |||||||||
Distribution expenses — Class B | 1,014 | 3,133 | 69,455 | |||||||||
Distribution expenses — Class C | 21,939 | 31,343 | 3,500,168 | |||||||||
Distribution expenses — Class E | — | 6,926 | 156,377 | |||||||||
Distribution expenses — Class R | 4,744 | 59,712 | 713,495 | |||||||||
Distribution expenses — Class Y | 2,898 | 27,480 | 1,080,885 | |||||||||
Registration fees | 101,440 | 149,499 | 324,922 | |||||||||
Reports and statements to shareholders servicing expenses | 92,555 | 158,401 | 5,276,969 | |||||||||
Dividend disbursing and transfer agent fees and expenses | 55,122 | 831,412 | 5,792,144 | |||||||||
Accounting and administration expenses | 46,374 | 89,023 | 318,922 | |||||||||
Audit and tax fees | 30,573 | 30,033 | 27,783 | |||||||||
Custodian fees | 17,890 | 12,143 | 161,866 | |||||||||
Legal fees | 5,905 | 11,752 | 48,531 | |||||||||
Trustees’ fees and expenses | 3,829 | 48,976 | 452,303 | |||||||||
Other | 19,432 | 100,541 | 282,518 | |||||||||
1,290,789 | 4,007,107 | 108,511,208 | ||||||||||
Less expenses waived | (151,563 | ) | (24,257 | ) | — | |||||||
Less waived distribution expenses — Class A | (15,047 | ) | — | — | ||||||||
Less waived distribution expenses — Class C | (494 | ) | — | — | ||||||||
Less waived distribution expenses — Class E | — | (6,926 | ) | (44,244 | ) | |||||||
Less waived shareholder servicing expenses | (88,562 | ) | — | (234,800 | ) | |||||||
Total operating expenses | 1,035,123 | 3,975,924 | 108,232,164 | |||||||||
Net Investment Income (Loss) | 1,538,799 | 4,364,247 | (72,596,588 | ) |
85
Statements of operations
Delaware Ivy LaSalle Global Real Estate Fund | Delaware Ivy Natural Resources Fund | Delaware Ivy Science and Technology Fund | ||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | $ | 16,846,440 | $ | 80,671,672 | $ | 3,429,227,479 | ||||||
Affiliated investments | — | — | 465,759,861 | |||||||||
Foreign currencies | (52,506 | ) | 63,507 | (326,935 | ) | |||||||
Foreign currency exchange contracts | 9,731 | (83,606 | ) | (53,872 | ) | |||||||
Options purchased | — | — | (10,126,621 | ) | ||||||||
Options written | — | — | 6,508,782 | |||||||||
Net realized gain | 16,803,665 | 80,651,573 | 3,890,988,694 | |||||||||
Net change in unrealized appreciation | ||||||||||||
(depreciation) of: | ||||||||||||
Investments | (3,919,789 | ) | 765,825 | (3,264,912,016 | ) | |||||||
Affiliated investments | — | — | (486,235,296 | ) | ||||||||
Foreign currencies | (4,049 | ) | 885 | 11,078 | ||||||||
Foreign currency exchange contracts | 1,478 | (1,171 | ) | — | ||||||||
Options purchased | — | — | 3,535,883 | |||||||||
Options written | — | — | (4,073,417 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (3,922,360 | ) | 765,539 | (3,751,673,768 | ) | |||||||
Net Realized and Unrealized Gain | 12,881,305 | 81,417,112 | 139,314,926 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 14,420,104 | $ | 85,781,359 | $ | 66,718,338 |
See accompanying notes, which are an integral part of the financial statements.
86
Delaware Ivy | ||||
Securian Real Estate Securities Fund | ||||
Investment Income: | ||||
Dividends | $ | 7,839,817 | ||
Securities lending income | 25 | |||
7,839,842 | ||||
Expenses: | ||||
Investment advisory fees | 2,970,622 | |||
Distribution expenses — Class A | 358,584 | |||
Distribution expenses — Class B | 2,610 | |||
Distribution expenses — Class C | 18,612 | |||
Distribution expenses — Class E | 7,241 | |||
Distribution expenses — Class R | 2,811 | |||
Distribution expenses — Class Y | 210,730 | |||
Dividend disbursing and transfer agent fees and expenses | 372,024 | |||
Reports and statements to shareholders servicing expenses | 332,465 | |||
Registration fees | 143,467 | |||
Accounting and administration expenses | 118,675 | |||
Audit and tax fees | 30,573 | |||
Trustees’ fees and expenses | 21,231 | |||
Legal fees | 17,249 | |||
Custodian fees | 5,405 | |||
Other | 69,521 | |||
4,681,820 | ||||
Less expenses waived | (5,187 | ) | ||
Less waived distribution expenses —Class E | (7,241 | ) | ||
Total operating expenses | 4,669,392 | |||
Net Investment Income | 3,170,450 | |||
Net Realized and Unrealized Gain: | ||||
Net realized gain on investments | 37,809,150 | |||
Net change in unrealized appreciation (depreciation) of investments | 45,947,974 | |||
Net Realized and Unrealized Gain | 83,757,124 | |||
Net Increase in Net Assets Resulting from Operations | $ | 86,927,574 |
See accompanying notes, which are an integral part of the financial statements.
87
Statements of changes in net assets
Ivy Funds
Delaware Ivy | Delaware Ivy | |||||||||||||||
Asset Strategy FundΦ | Balanced Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 31,392,806 | $ | 33,978,092 | $ | 11,991,157 | $ | 22,646,848 | ||||||||
Net realized gain | 311,989,171 | 182,065,788 | 551,780,536 | 167,123,630 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (193,418,320 | ) | 697,496,448 | (439,261,460 | ) | 640,122,769 | ||||||||||
Net increase in net assets resulting from operations | 149,963,657 | 913,540,328 | 124,510,233 | 829,893,247 | ||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (175,318,750 | ) | (40,600,274 | ) | (170,015,564 | ) | (89,768,761 | ) | ||||||||
Class B | (42,536 | ) | (313,609 | ) | — | (861,545 | ) | |||||||||
Class C | (12,324,565 | ) | (6,149,208 | ) | (14,282,406 | ) | (14,442,230 | ) | ||||||||
Class E | (4,366,558 | ) | (1,068,907 | ) | — | (447 | ) | |||||||||
Class I | (72,386,268 | ) | (20,657,608 | ) | (92,393,854 | ) | (54,306,708 | ) | ||||||||
Class R | (2,762,528 | ) | (738,813 | ) | (1,203,217 | ) | (759,298 | ) | ||||||||
Class R61 | (1,889,134 | ) | (488,822 | ) | (1,198,396 | ) | (734,360 | ) | ||||||||
Class Y | (11,274,721 | ) | (3,090,093 | ) | (1,666,306 | ) | (1,022,595 | ) | ||||||||
(280,365,060 | ) | (73,107,334 | ) | (280,759,743 | ) | (161,895,944 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 107,147,075 | 2 | 260,013,056 | 158,026,004 | 198,785,584 | |||||||||||
Class B3 | 24,590 | 2 | 27,403 | 33,172 | 276,607 | |||||||||||
Class C | 6,546,021 | 2 | 8,049,643 | 10,887,561 | 14,005,105 | |||||||||||
Class E | 2,620,753 | 2 | 2,330,914 | — | 19 | |||||||||||
Class I | 60,720,827 | 2 | 80,503,320 | 114,463,862 | 112,449,090 | |||||||||||
Class R | 2,727,673 | 2 | 3,227,514 | 1,388,957 | 1,708,370 | |||||||||||
Class R61 | 3,811,600 | 2 | 10,949,835 | 2,268,269 | 3,818,816 | |||||||||||
Class Y | 5,001,260 | 2 | 6,127,439 | 1,754,031 | 2,825,299 | |||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 160,806,169 | 36,917,188 | 162,754,443 | 84,591,531 | ||||||||||||
Class B3 | 38,816 | 290,439 | — | 706,044 | ||||||||||||
Class C | 12,151,358 | 5,915,195 | 14,112,065 | 14,149,185 | ||||||||||||
Class E | 4,361,923 | 1,068,563 | — | 447 | ||||||||||||
Class I | 70,008,470 | 19,941,490 | 90,605,200 | 52,721,401 | ||||||||||||
Class R | 2,648,431 | 693,346 | 1,197,259 | 721,541 | ||||||||||||
Class R61 | 1,874,088 | 486,242 | 1,196,162 | 734,360 | ||||||||||||
Class Y | 10,861,498 | 2,973,750 | 1,462,126 | 911,489 | ||||||||||||
451,350,552 | 439,515,337 | 560,149,111 | 488,404,888 |
88
Delaware Ivy | Delaware Ivy | |||||||||||||||
Asset Strategy FundΦ | Balanced Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Capital Share Transactions (continued): | ||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (251,348,935 | ) | $ | (275,256,735 | ) | $ | (246,509,829 | ) | $ | (224,027,652 | ) | ||||
Class B3 | (9,485,078 | ) | (15,473,387 | ) | (10,811,875 | ) | (14,600,264 | ) | ||||||||
Class C | (70,455,268 | ) | (261,356,020 | ) | (84,463,045 | ) | (158,314,968 | ) | ||||||||
Class E | (4,954,641 | ) | (6,114,394 | ) | — | (236,577 | ) | |||||||||
Class I | (215,429,711 | ) | (199,259,701 | ) | (256,029,558 | ) | (207,843,691 | ) | ||||||||
Class R | (8,845,297 | ) | (13,079,769 | ) | (2,044,337 | ) | (5,822,062 | ) | ||||||||
Class R61 | (7,755,755 | ) | (2,905,992 | ) | (3,193,859 | ) | (3,251,362 | ) | ||||||||
Class Y | (22,347,142 | ) | (36,104,306 | ) | (5,418,651 | ) | (6,606,489 | ) | ||||||||
(590,621,827 | ) | (809,550,304 | ) | (608,471,154 | ) | (620,703,065 | ) | |||||||||
Decrease in net assets derived from capital share transactions | (139,271,275 | ) | (370,034,967 | ) | (48,322,043 | ) | (132,298,177 | ) | ||||||||
Net Increase (Decrease) in Net Assets | (269,672,678 | ) | 470,398,027 | (204,571,553 | ) | 535,699,126 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 2,664,078,369 | 2,193,680,342 | 2,586,294,876 | 2,050,595,750 | ||||||||||||
End of year | $ | 2,394,405,691 | $ | 2,664,078,369 | $ | 2,381,723,323 | $ | 2,586,294,876 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | Included payments from affiliates. See Note 2 in “Notes to financial statements” for additional information. | |
3 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. | |
Φ | Consolidated statements of changes in net assets |
See accompanying notes, which are an integral part of the financial statements.
89
Statements of changes in net assets
Ivy Funds
Delaware Ivy Energy Fund | Delaware Ivy LaSalle Global Real Estate Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 3,695,617 | $ | 2,673,219 | $ | 1,538,799 | $ | 1,569,296 | ||||||||
Net realized gain (loss) | 75,909,685 | (24,035,954 | ) | 16,803,665 | (6,199,390 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 28,580,345 | 126,773,988 | (3,922,360 | ) | 35,584,467 | |||||||||||
Net increase in net assets resulting from operations | 108,185,647 | 105,411,253 | 14,420,104 | 30,954,373 | ||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (1,117,215 | ) | (1,319,481 | ) | (378,619 | ) | (314,946 | ) | ||||||||
Class B | — | (2,278 | ) | (382 | ) | (17,858 | ) | |||||||||
Class C | (92,780 | ) | (81,364 | ) | (47,941 | ) | (81,540 | ) | ||||||||
Class I | (1,566,499 | ) | (2,361,690 | ) | (2,045,754 | ) | (1,925,266 | ) | ||||||||
Class R | (302,961 | ) | (262,211 | ) | (27,935 | ) | (33,726 | ) | ||||||||
Class R61 | (73,668 | ) | (63,618 | ) | (506,542 | ) | (448,454 | ) | ||||||||
Class Y | (120,593 | ) | (122,778 | ) | (35,699 | ) | (27,910 | ) | ||||||||
(3,273,716 | ) | (4,213,420 | ) | (3,042,872 | ) | (2,849,700 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 34,260,612 | 20,716,410 | 2,734,446 | 1,111,849 | ||||||||||||
Class B2 | — | 299,764 | — | 2 | ||||||||||||
Class C | 3,128,620 | 2,202,222 | 40,529 | 42,315 | ||||||||||||
Class E | — | 25 | — | — | ||||||||||||
Class I | 26,692,477 | 42,908,468 | 3,605,189 | 7,773,217 | ||||||||||||
Class R | 14,255,610 | 18,454,252 | 76,092 | 61,111 | ||||||||||||
Class R61 | 5,132,162 | 2,684,688 | 10,008,503 | 3,905,138 | ||||||||||||
Class Y | 5,122,734 | 6,294,608 | 5,050 | 160 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 1,099,510 | 1,274,844 | 353,943 | 303,595 | ||||||||||||
Class B2 | — | 2,232 | 382 | 776 | ||||||||||||
Class C | 87,810 | 79,930 | 14,501 | 17,906 | ||||||||||||
Class I | 1,531,605 | 2,305,450 | 2,017,933 | 1,866,077 | ||||||||||||
Class R | 301,597 | 261,635 | 27,935 | 33,726 | ||||||||||||
Class R61 | 73,668 | 63,618 | 506,542 | 448,454 | ||||||||||||
Class Y | 114,813 | 116,545 | 35,699 | 27,910 | ||||||||||||
91,801,218 | 97,664,691 | 19,426,744 | 15,592,236 |
90
Delaware Ivy Energy Fund | Delaware Ivy LaSalle Global Real Estate Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Capital Share Transactions (continued): | ||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (40,203,242 | ) | $ | (26,996,280 | ) | $ | (4,737,461 | ) | $ | (4,456,436 | ) | ||||
Class B2 | (504,854 | ) | (208,417 | ) | (781,062 | ) | (30,655 | ) | ||||||||
Class C | (3,699,064 | ) | (4,204,159 | ) | (3,152,429 | ) | (566,514 | ) | ||||||||
Class E | — | (47,080 | ) | — | — | |||||||||||
Class I | (58,083,400 | ) | (46,796,283 | ) | (32,168,103 | ) | (25,398,405 | ) | ||||||||
Class R | (15,402,978 | ) | (10,103,532 | ) | (462,199 | ) | (3,231,431 | ) | ||||||||
Class R61 | (3,864,905 | ) | (2,144,230 | ) | (5,061,109 | ) | (15,741,147 | ) | ||||||||
Class Y | (5,238,188 | ) | (5,752,689 | ) | (18,331 | ) | (3,763,321 | ) | ||||||||
(126,996,631 | ) | (96,252,670 | ) | (46,380,694 | ) | (53,187,909 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (35,195,413 | ) | 1,412,021 | (26,953,950 | ) | (37,595,673 | ) | |||||||||
Net Increase (Decrease) in Net Assets | 69,716,518 | 102,609,854 | (15,576,718 | ) | (9,491,000 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 213,352,828 | 110,742,974 | 94,646,269 | 104,137,269 | ||||||||||||
End of year | $ | 283,069,346 | $ | 213,352,828 | $ | 79,069,551 | $ | 94,646,269 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
91
Statements of changes in net assets
Ivy Funds
Delaware Ivy Natural Resources Fund | Delaware Ivy Science and Technology Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income (loss) | $ | 4,364,247 | $ | 2,251,102 | $ | (72,596,588 | ) | $ | (58,023,734 | ) | ||||||
Net realized gain (loss) | 80,651,573 | (6,413,728 | ) | 3,890,988,694 | 713,902,278 | |||||||||||
Net change in unrealized appreciation (depreciation) | 765,539 | 102,204,038 | (3,751,673,768 | ) | 3,639,017,284 | |||||||||||
Net increase in net assets resulting from operations | 85,781,359 | 98,041,412 | 66,718,338 | 4,294,895,828 | ||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (3,146,954 | ) | (372,501 | ) | (1,784,827,190 | ) | (459,416,371 | ) | ||||||||
Class B | — | — | — | (2,342,889 | ) | |||||||||||
Class C | (70,862 | ) | (3,213 | ) | (125,153,174 | ) | (51,494,338 | ) | ||||||||
Class E | (80,542 | ) | (16,736 | ) | (19,789,487 | ) | (4,785,593 | ) | ||||||||
Class I | (1,959,146 | ) | (435,760 | ) | (785,259,857 | ) | (211,754,103 | ) | ||||||||
Class R | (268,318 | ) | (36,730 | ) | (44,371,491 | ) | (13,321,249 | ) | ||||||||
Class R61 | (38,129 | ) | (7,484 | ) | (52,529,517 | ) | (13,664,194 | ) | ||||||||
Class Y | (282,747 | ) | (52,068 | ) | (122,334,761 | ) | (35,379,352 | ) | ||||||||
(5,846,698 | ) | (924,492 | ) | (2,934,265,477 | ) | (792,158,089 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 13,336,225 | 9,121,076 | 339,601,285 | 410,373,724 | ||||||||||||
Class B2 | — | 701 | 73,803 | 274,123 | ||||||||||||
Class C | 852,447 | 983,177 | 16,743,149 | 25,869,332 | ||||||||||||
Class E | 375,186 | 185,873 | 5,794,087 | 6,155,668 | ||||||||||||
Class I | 16,031,438 | 16,336,144 | 479,654,451 | 381,361,370 | ||||||||||||
Class R | 4,620,739 | 4,361,806 | 14,364,657 | 29,129,462 | ||||||||||||
Class R61 | 1,115,493 | 1,189,302 | 38,642,237 | 86,217,014 | ||||||||||||
Class Y | 3,316,726 | 2,206,515 | 48,460,741 | 91,484,328 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 3,002,510 | 352,063 | 1,732,093,310 | 428,660,614 | ||||||||||||
Class B2 | — | — | — | 2,073,859 | ||||||||||||
Class C | 68,749 | 3,083 | 123,088,388 | 50,433,259 | ||||||||||||
Class E | 80,529 | 16,736 | 19,798,396 | 4,784,967 | ||||||||||||
Class I | 1,912,065 | 412,902 | 765,677,262 | 202,405,056 | ||||||||||||
Class R | 267,052 | 36,406 | 44,192,071 | 13,231,317 | ||||||||||||
Class R61 | 38,129 | 7,484 | 52,395,887 | 13,631,484 | ||||||||||||
Class Y | 276,133 | 49,525 | 117,831,872 | 34,194,581 | ||||||||||||
45,293,421 | 35,262,793 | 3,798,411,596 | 1,780,280,158 |
92
Delaware Ivy Natural Resources Fund | Delaware Ivy Science and Technology Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Capital Share Transactions (continued): | ||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (27,895,089 | ) | $ | (30,367,772 | ) | $ | (1,052,534,059 | ) | $ | (706,583,985 | ) | ||||
Class B2 | (107,394 | ) | (315,173 | ) | (17,090,289 | ) | (17,269,138 | ) | ||||||||
Class C | (1,649,400 | ) | (5,106,272 | ) | (194,928,669 | ) | (256,421,704 | ) | ||||||||
Class E | (463,852 | ) | (701,651 | ) | (7,308,076 | ) | (6,516,591 | ) | ||||||||
Class I | (28,379,444 | ) | (28,533,434 | ) | (1,010,870,001 | ) | (700,007,059 | ) | ||||||||
Class R | (6,527,736 | ) | (4,168,030 | ) | (44,614,075 | ) | (57,424,121 | ) | ||||||||
Class R61 | (646,663 | ) | (4,231,025 | ) | (58,417,659 | ) | (64,105,267 | ) | ||||||||
Class Y | (3,395,471 | ) | (3,650,903 | ) | (151,601,849 | ) | (188,911,526 | ) | ||||||||
(69,065,049 | ) | (77,074,260 | ) | (2,537,364,677 | ) | (1,997,239,391 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (23,771,628 | ) | (41,811,467 | ) | 1,261,046,919 | (216,959,233 | ) | |||||||||
Net Increase (Decrease) in Net Assets | 56,163,033 | 55,305,453 | (1,606,500,220 | ) | 3,285,778,506 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 236,629,560 | 181,324,107 | 9,860,684,816 | 6,574,906,310 | ||||||||||||
End of year | $ | 292,792,593 | $ | 236,629,560 | $ | 8,254,184,596 | $ | 9,860,684,816 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
93
Statements of changes in net assets
Ivy Funds
Delaware Ivy | ||||||||
Securian Real Estate Securities Fund | ||||||||
Year ended | ||||||||
3/31/22 | 3/31/21 | |||||||
Increase in Net Assets from Operations: | ||||||||
Net investment income | $ | 3,170,450 | $ | 3,110,176 | ||||
Net realized gain | 37,809,150 | 24,689,252 | ||||||
Net change in unrealized appreciation (depreciation) | 45,947,974 | 67,816,018 | ||||||
Net increase in net assets resulting from operations | 86,927,574 | 95,615,446 | ||||||
Dividends and Distributions to Shareholders from: | ||||||||
Distributable earnings: | ||||||||
Class A | (18,007,963 | ) | (2,274,192 | ) | ||||
Class B | — | (6,276 | ) | |||||
Class C | (220,828 | ) | (28,259 | ) | ||||
Class E | (367,446 | ) | (47,848 | ) | ||||
Class I | (16,315,128 | ) | (2,558,176 | ) | ||||
Class R | (65,284 | ) | (6,748 | ) | ||||
Class R61 | (117,215 | ) | (10,788 | ) | ||||
Class Y | (10,935,534 | ) | (1,265,285 | ) | ||||
(46,029,398 | ) | (6,197,572 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 9,444,998 | 6,649,453 | ||||||
Class B2 | 14,988 | 3 | ||||||
Class C | 311,780 | 123,127 | ||||||
Class E | 222,451 | 92,090 | ||||||
Class I | 33,094,238 | 19,567,572 | ||||||
Class R | 157,393 | 146,111 | ||||||
Class R61 | 619,095 | 154,315 | ||||||
Class Y | 15,233,806 | 4,607,460 | ||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 17,800,733 | 2,213,555 | ||||||
Class B2 | — | 5,736 | ||||||
Class C | 213,597 | 27,753 | ||||||
Class E | 368,040 | 47,833 | ||||||
Class I | 16,144,683 | 2,475,169 | ||||||
Class R | 65,283 | 6,475 | ||||||
Class R61 | 117,215 | 10,788 | ||||||
Class Y | 10,823,228 | 1,247,276 | ||||||
104,631,528 | 37,374,716 |
94
Delaware Ivy | ||||||||
Securian Real Estate Securities Fund | ||||||||
Year ended | ||||||||
3/31/22 | 3/31/21 | |||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares redeemed: | ||||||||
Class A | $ | (29,411,210 | ) | $ | (35,821,898 | ) | ||
Class B2 | (479,079 | ) | (714,345 | ) | ||||
Class C | (939,453 | ) | (1,883,738 | ) | ||||
Class E | (458,430 | ) | (784,536 | ) | ||||
Class I | (60,019,310 | ) | (49,997,642 | ) | ||||
Class R | (215,612 | ) | (172,156 | ) | ||||
Class R61 | (184,537 | ) | (261,458 | ) | ||||
Class Y | (13,293,007 | ) | (17,692,015 | ) | ||||
(105,000,638 | ) | (107,327,788 | ) | |||||
Decrease in net assets derived from capital share transactions | (369,110 | ) | (69,953,072 | ) | ||||
Net Increase in Net Assets | 40,529,066 | 19,464,802 | ||||||
Net Assets: | ||||||||
Beginning of year | 332,920,978 | 313,456,176 | ||||||
End of year | $ | 373,450,044 | $ | 332,920,978 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
95
Delaware Ivy Asset Strategy Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.45 | $ | 17.41 | $ | 20.63 | $ | 24.02 | $ | 21.86 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.29 | 0.29 | 0.43 | 0.38 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.12 | 7.39 | (2.42 | ) | 0.09 | 2.64 | ||||||||||||||
Total from investment operations | 1.41 | 7.68 | (1.99 | ) | 0.47 | 2.85 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.55 | ) | (0.39 | ) | (0.42 | ) | (0.40 | ) | (0.24 | ) | ||||||||||
Net realized gain | (2.26 | ) | (0.25 | ) | (0.81 | ) | (3.46 | ) | (0.45 | ) | ||||||||||
Total dividends and distributions | (2.81 | ) | (0.64 | ) | (1.23 | ) | (3.86 | ) | (0.69 | ) | ||||||||||
Net asset value, end of period | $ | 23.05 | $ | 24.45 | $ | 17.41 | $ | 20.63 | $ | 24.02 | ||||||||||
Total return2 | 5.33 | %3 | 44.79 | % | (10.69 | %) | 2.67 | % | 13.11 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,531,209 | $ | 1,601 | 4 | $ | 1,128 | 4 | $ | 1,361 | 4 | $ | 1,345 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.11 | % | 1.07 | % | 1.13 | % | 1.16 | % | 1.13 | % | ||||||||||
Ratio of net investment income to average net assets | 1.16 | % | 1.33 | % | 2.03 | % | 1.71 | % | 0.90 | % | ||||||||||
Portfolio turnover | 33 | % | 40 | % | 44 | % | 52 | % | 34 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
96
Delaware Ivy Asset Strategy Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 22.75 | $ | 16.24 | $ | 19.33 | $ | 22.71 | $ | 20.71 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.08 | 0.13 | 0.27 | 0.22 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.05 | 6.87 | (2.26 | ) | 0.07 | 2.51 | ||||||||||||||
Total from investment operations | 1.13 | 7.00 | (1.99 | ) | 0.29 | 2.53 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.37 | ) | (0.24 | ) | (0.29 | ) | (0.21 | ) | (0.08 | ) | ||||||||||
Net realized gain | (2.26 | ) | (0.25 | ) | (0.81 | ) | (3.46 | ) | (0.45 | ) | ||||||||||
Total dividends and distributions | (2.63 | ) | (0.49 | ) | (1.10 | ) | (3.67 | ) | (0.53 | ) | ||||||||||
Net asset value, end of period | $ | 21.25 | $ | 22.75 | $ | 16.24 | $ | 19.33 | $ | 22.71 | ||||||||||
Total return2 | 4.49 | %3 | 43.70 | % | (11.37 | %) | 1.99 | % | 12.29 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 89,955 | $ | 146 | 4 | $ | 298 | 4 | $ | 634 | 4 | $ | 995 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.92 | % | 1.86 | % | 1.88 | % | 1.83 | % | 1.89 | % | ||||||||||
Ratio of net investment income to average net assets | 0.35 | % | 0.63 | % | 1.34 | % | 1.05 | % | 0.11 | % | ||||||||||
Portfolio turnover | 33 | % | 40 | % | 44 | % | 52 | % | 34 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
97
Financial highlights
Delaware Ivy Asset Strategy Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.56 | $ | 17.48 | $ | 20.71 | $ | 24.11 | $ | 21.95 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.33 | 0.33 | 0.46 | 0.41 | 0.24 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.13 | 7.42 | (2.43 | ) | 0.08 | 2.66 | ||||||||||||||
Total from investment operations | 1.46 | 7.75 | (1.97 | ) | 0.49 | 2.90 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.59 | ) | (0.42 | ) | (0.45 | ) | (0.43 | ) | (0.29 | ) | ||||||||||
Net realized gain | (2.26 | ) | (0.25 | ) | (0.81 | ) | (3.46 | ) | (0.45 | ) | ||||||||||
Total dividends and distributions | (2.85 | ) | (0.67 | ) | (1.26 | ) | (3.89 | ) | (0.74 | ) | ||||||||||
Net asset value, end of period | $ | 23.17 | $ | 24.56 | $ | 17.48 | $ | 20.71 | $ | 24.11 | ||||||||||
Total return2 | 5.49 | %3 | 44.95 | % | (10.58 | %) | 2.74 | % | 13.29 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 38,660 | $ | 39 | 4 | $ | 30 | 4 | $ | 37 | 4 | $ | 37 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.95 | % | 0.93 | %6 | 1.00 | % | 1.04 | %7 | 1.00 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.26 | % | 1.17 | % | 1.25 | % | 1.31 | % | 1.30 | % | ||||||||||
Ratio of net investment income to average net assets | 1.32 | % | 1.48 | % | 2.17 | % | 1.82 | % | 1.03 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.01 | % | 1.24 | % | 1.92 | % | 1.55 | % | 0.73 | % | ||||||||||
Portfolio turnover | 33 | % | 40 | % | 44 | % | 52 | % | 34 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
6 | Expense ratio based on the period excluding litigation expenses reimbursement was 0.97%. | |
7 | Expense ratio based on the period excluding litigation expenses was 1.00%. |
See accompanying notes, which are an integral part of the financial statements.
98
Delaware Ivy Asset Strategy Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.85 | $ | 17.68 | $ | 20.93 | $ | 24.33 | $ | 22.16 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.36 | 0.35 | 0.50 | 0.44 | 0.27 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.14 | 7.51 | (2.46 | ) | 0.10 | 2.70 | ||||||||||||||
Total from investment operations | 1.50 | 7.86 | (1.96 | ) | 0.54 | 2.97 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.61 | ) | (0.44 | ) | (0.48 | ) | (0.48 | ) | (0.35 | ) | ||||||||||
Net realized gain | (2.26 | ) | (0.25 | ) | (0.81 | ) | (3.46 | ) | (0.45 | ) | ||||||||||
Total dividends and distributions | (2.87 | ) | (0.69 | ) | (1.29 | ) | (3.94 | ) | (0.80 | ) | ||||||||||
Net asset value, end of period | $ | 23.48 | $ | 24.85 | $ | 17.68 | $ | 20.93 | $ | 24.33 | ||||||||||
Total return2 | 5.59 | %3 | 45.16 | % | (10.44 | %) | 2.93 | % | 13.48 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 597,362 | $ | 713 | 4 | $ | 586 | 4 | $ | 805 | 4 | $ | 622 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.88 | % | 0.83 | % | 0.87 | % | 0.89 | % | 0.85 | % | ||||||||||
Ratio of net investment income to average net assets | 1.39 | % | 1.59 | % | 2.31 | % | 1.97 | % | 1.15 | % | ||||||||||
Portfolio turnover | 33 | % | 40 | % | 44 | % | 52 | % | 34 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
99
Financial highlights
Delaware Ivy Asset Strategy Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.09 | $ | 17.17 | $ | 20.35 | $ | 23.73 | $ | 21.59 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.20 | 0.22 | 0.36 | 0.31 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.11 | 7.27 | (2.37 | ) | 0.08 | 2.61 | ||||||||||||||
Total from investment operations | 1.31 | 7.49 | (2.01 | ) | 0.39 | 2.74 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.46 | ) | (0.32 | ) | (0.36 | ) | (0.31 | ) | (0.15 | ) | ||||||||||
Net realized gain | (2.26 | ) | (0.25 | ) | (0.81 | ) | (3.46 | ) | (0.45 | ) | ||||||||||
Total dividends and distributions | (2.72 | ) | (0.57 | ) | (1.17 | ) | (3.77 | ) | (0.60 | ) | ||||||||||
Net asset value, end of period | $ | 22.68 | $ | 24.09 | $ | 17.17 | $ | 20.35 | $ | 23.73 | ||||||||||
Total return2 | 4.98 | %3 | 44.26 | % | (10.93 | %) | 2.32 | % | 12.74 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 23,787 | $ | 28 | 4 | $ | 28 | 4 | $ | 44 | 4 | $ | 54 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.46 | % | 1.42 | % | 1.46 | % | 1.47 | % | 1.45 | % | ||||||||||
Ratio of net investment income to average net assets | 0.81 | % | 1.02 | % | 1.72 | % | 1.40 | % | 0.57 | % | ||||||||||
Portfolio turnover | 33 | % | 40 | % | 44 | % | 52 | % | 34 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
100
Delaware Ivy Asset Strategy Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.92 | $ | 17.73 | $ | 20.99 | $ | 24.40 | $ | 22.24 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.40 | 0.37 | 0.51 | 0.45 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.14 | 7.54 | (2.45 | ) | 0.11 | 2.73 | ||||||||||||||
Total from investment operations | 1.54 | 7.91 | (1.94 | ) | 0.56 | 3.01 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.65 | ) | (0.47 | ) | (0.51 | ) | (0.51 | ) | (0.40 | ) | ||||||||||
Net realized gain | (2.26 | ) | (0.25 | ) | (0.81 | ) | (3.46 | ) | (0.45 | ) | ||||||||||
Total dividends and distributions | (2.91 | ) | (0.72 | ) | (1.32 | ) | (3.97 | ) | (0.85 | ) | ||||||||||
Net asset value, end of period | $ | 23.55 | $ | 24.92 | $ | 17.73 | $ | 20.99 | $ | 24.40 | ||||||||||
Total return2 | 5.73 | %3 | 45.35 | % | (10.32 | %) | 3.03 | % | 13.65 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 16,520 | $ | 19 | 4 | $ | 8 | 4 | $ | 5 | 4 | $ | 2 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.72 | % | 0.67 | % | 0.72 | % | 0.79 | % | 0.78 | % | ||||||||||
Ratio of net investment income to average net assets | 1.56 | % | 1.62 | % | 2.35 | % | 2.03 | % | 1.19 | % | ||||||||||
Portfolio turnover | 33 | % | 40 | % | 44 | % | 52 | % | 34 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
101
Financial highlights
Delaware Ivy Asset Strategy Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.53 | $ | 17.47 | $ | 20.69 | $ | 24.09 | $ | 21.92 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.30 | 0.30 | 0.44 | 0.39 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.12 | 7.40 | (2.42 | ) | 0.08 | 2.67 | ||||||||||||||
Total from investment operations | 1.42 | 7.70 | (1.98 | ) | 0.47 | 2.88 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.55 | ) | (0.39 | ) | (0.43 | ) | (0.41 | ) | (0.26 | ) | ||||||||||
Net realized gain | (2.26 | ) | (0.25 | ) | (0.81 | ) | (3.46 | ) | (0.45 | ) | ||||||||||
Total dividends and distributions | (2.81 | ) | (0.64 | ) | (1.24 | ) | (3.87 | ) | (0.71 | ) | ||||||||||
Net asset value, end of period | $ | 23.14 | $ | 24.53 | $ | 17.47 | $ | 20.69 | $ | 24.09 | ||||||||||
Total return2 | 5.35 | %3,4 | 44.75 | %4 | (10.64 | %) | 2.70 | % | 13.15 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 96,913 | $ | 109 | 5 | $ | 98 | 5 | $ | 151 | 5 | $ | 175 | 5 | ||||||
Ratio of expenses to average net assets6 | 1.09 | % | 1.07 | % | 1.11 | % | 1.13 | % | 1.10 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.11 | % | 1.08 | % | 1.11 | % | 1.13 | % | 1.10 | % | ||||||||||
Ratio of net investment income to average net assets | 1.17 | % | 1.36 | % | 2.08 | % | 1.73 | % | 0.92 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.15 | % | 1.35 | % | 2.08 | % | 1.73 | % | 0.92 | % | ||||||||||
Portfolio turnover | 33 | % | 40 | % | 44 | % | 52 | % | 34 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. | |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
5 | Net assets reported in millions. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
102
Delaware Ivy Balanced Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.29 | $ | 20.43 | $ | 23.58 | $ | 24.74 | $ | 24.33 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.12 | 0.24 | 0.31 | 0.37 | 0.37 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.28 | 8.38 | (1.57 | ) | 1.03 | 1.18 | ||||||||||||||
Total from investment operations | 1.40 | 8.62 | (1.26 | ) | 1.40 | 1.55 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.12 | ) | (0.28 | ) | (0.34 | ) | (0.36 | ) | (0.48 | ) | ||||||||||
Net realized gain | (3.04 | ) | (1.48 | ) | (1.55 | ) | (2.20 | ) | (0.66 | ) | ||||||||||
Total dividends and distributions | (3.16 | ) | (1.76 | ) | (1.89 | ) | (2.56 | ) | (1.14 | ) | ||||||||||
Net asset value, end of period | $ | 25.53 | $ | 27.29 | $ | 20.43 | $ | 23.58 | $ | 24.74 | ||||||||||
Total return2 | 4.57 | % | 42.81 | % | (6.55 | %) | 6.25 | % | 6.43 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,485,004 | $ | 1,509 | 3 | $ | 1,086 | 3 | $ | 1,275 | 3 | $ | 1,368 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.04 | % | 1.07 | % | 1.10 | % | 1.09 | % | 1.12 | % | ||||||||||
Ratio of net investment income to average net assets | 0.44 | % | 0.95 | % | 1.27 | % | 1.49 | % | 1.48 | % | ||||||||||
Portfolio turnover | 94 | % | 52 | % | 43 | % | 53 | % | 36 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
103
Financial highlights
Delaware Ivy Balanced Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.98 | $ | 20.24 | $ | 23.38 | $ | 24.56 | $ | 24.17 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.09 | ) | 0.06 | 0.13 | 0.19 | 0.19 | ||||||||||||||
Net realized and unrealized gain (loss) | 1.25 | 8.30 | (1.55 | ) | 1.01 | 1.18 | ||||||||||||||
Total from investment operations | 1.16 | 8.36 | (1.42 | ) | 1.20 | 1.37 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | (0.14 | ) | (0.17 | ) | (0.18 | ) | (0.32 | ) | |||||||||||
Net realized gain | (2.93 | ) | (1.48 | ) | (1.55 | ) | (2.20 | ) | (0.66 | ) | ||||||||||
Total dividends and distributions | (2.93 | ) | (1.62 | ) | (1.72 | ) | (2.38 | ) | (0.98 | ) | ||||||||||
Net asset value, end of period | $ | 25.21 | $ | 26.98 | $ | 20.24 | $ | 23.38 | $ | 24.56 | ||||||||||
Total return2 | 3.77 | % | 41.82 | % | (7.24 | %) | 5.46 | % | 5.69 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 117,058 | $ | 183 | 3 | $ | 243 | 3 | $ | 366 | 3 | $ | 485 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.82 | % | 1.82 | % | 1.83 | % | 1.80 | % | 1.83 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | (0.34 | %) | 0.23 | % | 0.54 | % | 0.78 | % | 0.78 | % | ||||||||||
Portfolio turnover | 94 | % | 52 | % | 43 | % | 53 | % | 36 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
104
Delaware Ivy Balanced Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.29 | $ | 20.42 | $ | 23.57 | $ | 24.74 | $ | 24.33 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.18 | 0.29 | 0.36 | 0.43 | 0.43 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.28 | 8.39 | (1.57 | ) | 1.02 | 1.19 | ||||||||||||||
Total from investment operations | 1.46 | 8.68 | (1.21 | ) | 1.45 | 1.62 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.17 | ) | (0.33 | ) | (0.39 | ) | (0.42 | ) | (0.55 | ) | ||||||||||
Net realized gain | (3.04 | ) | (1.48 | ) | (1.55 | ) | (2.20 | ) | (0.66 | ) | ||||||||||
Total dividends and distributions | (3.21 | ) | (1.81 | ) | (1.94 | ) | (2.62 | ) | (1.21 | ) | ||||||||||
Net asset value, end of period | $ | 25.54 | $ | 27.29 | $ | 20.42 | $ | 23.57 | $ | 24.74 | ||||||||||
Total return2 | 4.82 | % | 43.15 | % | (6.32 | %) | 6.51 | % | 6.66 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 745,878 | $ | 846 | 3 | $ | 671 | 3 | $ | 873 | 3 | $ | 1,043 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.84 | % | 0.86 | % | 0.86 | % | 0.84 | % | 0.88 | % | ||||||||||
Ratio of net investment income to average net assets | 0.64 | % | 1.17 | % | 1.51 | % | 1.73 | % | 1.72 | % | ||||||||||
Portfolio turnover | 94 | % | 52 | % | 43 | % | 53 | % | 36 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
105
Financial highlights
Delaware Ivy Balanced Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.22 | $ | 20.39 | $ | 23.54 | $ | 24.70 | $ | 24.30 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.01 | 0.15 | 0.22 | 0.28 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.26 | 8.36 | (1.57 | ) | 1.04 | 1.18 | ||||||||||||||
Total from investment operations | 1.27 | 8.51 | (1.35 | ) | 1.32 | 1.46 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.01 | ) | (0.20 | ) | (0.25 | ) | (0.28 | ) | (0.40 | ) | ||||||||||
Net realized gain | (3.02 | ) | (1.48 | ) | (1.55 | ) | (2.20 | ) | (0.66 | ) | ||||||||||
Total dividends and distributions | (3.03 | ) | (1.68 | ) | (1.80 | ) | (2.48 | ) | (1.06 | ) | ||||||||||
Net asset value, end of period | $ | 25.46 | $ | 27.22 | $ | 20.39 | $ | 23.54 | $ | 24.70 | ||||||||||
Total return2 | 4.15 | % | 42.31 | % | (6.90 | %) | 5.91 | % | 6.04 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 10,852 | $ | 11 | 3 | $ | 11 | 3 | $ | 13 | 3 | $ | 13 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.44 | % | 1.45 | % | 1.45 | % | 1.43 | % | 1.46 | % | ||||||||||
Ratio of net investment income to average net assets | 0.04 | % | 0.60 | % | 0.91 | % | 1.14 | % | 1.13 | % | ||||||||||
Portfolio turnover | 94 | % | 52 | % | 43 | % | 53 | % | 36 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
106
Delaware Ivy Balanced Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.36 | $ | 20.47 | $ | 23.62 | $ | 24.78 | $ | 24.37 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.22 | 0.33 | 0.40 | 0.46 | 0.47 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.27 | 8.40 | (1.57 | ) | 1.04 | 1.19 | ||||||||||||||
Total from investment operations | 1.49 | 8.73 | (1.17 | ) | 1.50 | 1.66 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.21 | ) | (0.36 | ) | (0.43 | ) | (0.46 | ) | (0.59 | ) | ||||||||||
Net realized gain | (3.04 | ) | (1.48 | ) | (1.55 | ) | (2.20 | ) | (0.66 | ) | ||||||||||
Total dividends and distributions | (3.25 | ) | (1.84 | ) | (1.98 | ) | (2.66 | ) | (1.25 | ) | ||||||||||
Net asset value, end of period | $ | 25.60 | $ | 27.36 | $ | 20.47 | $ | 23.62 | $ | 24.78 | ||||||||||
Total return2 | 4.93 | % | 43.34 | % | (6.16 | %) | 6.66 | % | 6.86 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 10,232 | $ | 11 | 3 | $ | 7 | 3 | $ | 15 | 3 | $ | 10 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.70 | % | 0.71 | % | 0.71 | % | 0.70 | % | 0.72 | % | ||||||||||
Ratio of net investment income to average net assets | 0.78 | % | 1.30 | % | 1.65 | % | 1.88 | % | 1.88 | % | ||||||||||
Portfolio turnover | 94 | % | 52 | % | 43 | % | 53 | % | 36 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
107
Financial highlights
Delaware Ivy Balanced Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.29 | $ | 20.43 | $ | 23.58 | $ | 24.75 | $ | 24.34 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.12 | 0.24 | 0.31 | 0.37 | 0.38 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.28 | 8.38 | (1.57 | ) | 1.02 | 1.17 | ||||||||||||||
Total from investment operations | 1.40 | 8.62 | (1.26 | ) | 1.39 | 1.55 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.28 | ) | (0.34 | ) | (0.36 | ) | (0.48 | ) | ||||||||||
Net realized gain | (3.04 | ) | (1.48 | ) | (1.55 | ) | (2.20 | ) | (0.66 | ) | ||||||||||
Total dividends and distributions | (3.15 | ) | (1.76 | ) | (1.89 | ) | (2.56 | ) | (1.14 | ) | ||||||||||
Net asset value, end of period | $ | 25.54 | $ | 27.29 | $ | 20.43 | $ | 23.58 | $ | 24.75 | ||||||||||
Total return2 | 4.59 | %3 | 42.81 | %3 | (6.55 | %)3 | 6.22 | % | 6.44 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 12,699 | $ | 16 | 4 | $ | 14 | 4 | $ | 24 | 4 | $ | 34 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.04 | % | 1.07 | % | 1.10 | % | 1.09 | % | 1.12 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.08 | % | 1.10 | % | 1.11 | % | 1.09 | % | 1.12 | % | ||||||||||
Ratio of net investment income to average net assets | 0.44 | % | 0.97 | % | 1.27 | % | 1.49 | % | 1.53 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.40 | % | 0.94 | % | 1.26 | % | 1.49 | % | 1.53 | % | ||||||||||
Portfolio turnover | 94 | % | 52 | % | 43 | % | 53 | % | 36 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
108
Delaware Ivy Energy Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 6.18 | $ | 3.25 | $ | 9.45 | $ | 11.55 | $ | 13.30 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.11 | 0.07 | 0.04 | (0.05 | ) | 0.03 | ||||||||||||||
Net realized and unrealized gain (loss) | 3.51 | 2.97 | (6.24 | ) | (2.05 | ) | (1.74 | ) | ||||||||||||
Total from investment operations | 3.62 | 3.04 | (6.20 | ) | (2.10 | ) | (1.71 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.11 | ) | — | — | (0.04 | ) | ||||||||||||
Total dividends and distributions | (0.11 | ) | (0.11 | ) | — | — | (0.04 | ) | ||||||||||||
Net asset value, end of period | $ | 9.69 | $ | 6.18 | $ | 3.25 | $ | 9.45 | $ | 11.55 | ||||||||||
Total return2 | 59.24 | % | 94.23 | % | (65.61 | %) | (18.18 | %) | (12.89 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 104,280 | $ | 72 | 3 | $ | 40 | 3 | $ | 134 | 3 | $ | 211 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.35 | % | 1.35 | % | 1.41 | % | 1.41 | % | 1.46 | %5 | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.72 | % | 1.87 | % | 1.71 | % | 1.55 | % | 1.53 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.60 | % | 1.52 | % | 0.52 | % | (0.46 | %) | 0.26 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.23 | % | 1.00 | % | 0.22 | % | (0.60 | %) | 0.19 | % | ||||||||||
Portfolio turnover | 113 | % | 30 | % | 23 | % | 31 | % | 21 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 1.44%. |
See accompanying notes, which are an integral part of the financial statements.
109
Financial highlights
Delaware Ivy Energy Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 5.68 | $ | 2.97 | $ | 8.70 | $ | 10.71 | $ | 12.39 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.06 | 0.03 | (0.01 | ) | (0.12 | ) | — | 2 | ||||||||||||
Net realized and unrealized gain (loss) | 3.21 | 2.73 | (5.72 | ) | (1.89 | ) | (1.68 | ) | ||||||||||||
Total from investment operations | 3.27 | 2.76 | (5.73 | ) | (2.01 | ) | (1.68 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.05 | ) | — | — | — | |||||||||||||
Total dividends and distributions | (0.07 | ) | (0.05 | ) | — | — | — | |||||||||||||
Net asset value, end of period | $ | 8.88 | $ | 5.68 | $ | 2.97 | $ | 8.70 | $ | 10.71 | ||||||||||
Total return3 | 57.97 | %4 | 93.07 | %4 | (65.86 | %)4 | (18.77 | %)4 | (13.56 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 13,503 | $ | 9 | 5 | $ | 6 | 5 | $ | 27 | 5 | $ | 48 | 5 | ||||||
Ratio of expenses to average net assets6 | 2.09 | % | 2.09 | % | 2.11 | % | 2.11 | % | 2.15 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 2.34 | % | 2.44 | % | 2.31 | % | 2.12 | % | 2.15 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.87 | % | 0.77 | % | (0.20 | %) | (1.17 | %) | (0.01 | %) | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.62 | % | 0.42 | % | (0.40 | %) | (1.18 | %) | (0.01 | %) | ||||||||||
Portfolio turnover | 113 | % | 30 | % | 23 | % | 31 | % | 21 | % |
1 | Calculated using average shares outstanding. | |
2 | Amount is less than $0.005 per share. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
5 | Net assets reported in millions. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
110
Delaware Ivy Energy Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 6.45 | $ | 3.40 | $ | 9.85 | $ | 11.99 | $ | 13.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.14 | 0.09 | 0.08 | (0.01 | ) | 0.09 | ||||||||||||||
Net realized and unrealized gain (loss) | 3.67 | 3.11 | (6.53 | ) | (2.13 | ) | (1.83 | ) | ||||||||||||
Total from investment operations | 3.81 | 3.20 | (6.45 | ) | (2.14 | ) | (1.74 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.13 | ) | (0.15 | ) | — | — | (0.07 | ) | ||||||||||||
Total dividends and distributions | (0.13 | ) | (0.15 | ) | — | — | (0.07 | ) | ||||||||||||
Net asset value, end of period | $ | 10.13 | $ | 6.45 | $ | 3.40 | $ | 9.85 | $ | 11.99 | ||||||||||
Total return2 | 59.90 | % | 95.08 | % | (65.48 | %) | (17.85 | %) | (12.63 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 110,841 | $ | 97 | 3 | $ | 52 | 3 | $ | 158 | 3 | $ | 263 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.99 | % | 0.99 | % | 0.99 | % | 1.03 | % | 1.11 | %5 | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.14 | % | 1.20 | % | 1.17 | % | 1.11 | % | 1.12 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.93 | % | 1.87 | % | 0.95 | % | (0.08 | %) | 0.76 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.78 | % | 1.66 | % | 0.77 | % | (0.16 | %) | 0.75 | % | ||||||||||
Portfolio turnover | 113 | % | 30 | % | 23 | % | 31 | % | 21 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 1.09%. |
See accompanying notes, which are an integral part of the financial statements.
111
Financial highlights
Delaware Ivy Energy Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 6.10 | $ | 3.20 | $ | 9.34 | $ | 11.45 | $ | 13.20 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.09 | 0.05 | 0.01 | (0.08 | ) | 0.04 | ||||||||||||||
Net realized and unrealized gain (loss) | 3.46 | 2.93 | (6.15 | ) | (2.03 | ) | (1.77 | ) | ||||||||||||
Total from investment operations | 3.55 | 2.98 | (6.14 | ) | (2.11 | ) | (1.73 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.08 | ) | (0.08 | ) | — | — | (0.02 | ) | ||||||||||||
Total dividends and distributions | (0.08 | ) | (0.08 | ) | — | — | (0.02 | ) | ||||||||||||
Net asset value, end of period | $ | 9.57 | $ | 6.10 | $ | 3.20 | $ | 9.34 | $ | 11.45 | ||||||||||
Total return2 | 58.80 | % | 93.40 | %3 | (65.74 | %) | (18.43 | %) | (13.11 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 36,368 | $ | 24 | 4 | $ | 7 | 4 | $ | 18 | 4 | $ | 22 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.73 | % | 1.75 | % | 1.74 | % | 1.68 | % | 1.70 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.73 | % | 1.77 | % | 1.74 | % | 1.68 | % | 1.70 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.23 | % | 1.06 | % | 0.19 | % | (0.72 | %) | 0.37 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.23 | % | 1.04 | % | 0.19 | % | (0.72 | %) | 0.37 | % | ||||||||||
Portfolio turnover | 113 | % | 30 | % | 23 | % | 31 | % | 21 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
112
Delaware Ivy Energy Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 6.49 | $ | 3.42 | $ | 9.90 | $ | 12.05 | $ | 13.86 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.16 | 0.09 | 0.08 | — | 2 | 0.17 | ||||||||||||||
Net realized and unrealized gain (loss) | 3.66 | 3.13 | (6.56 | ) | (2.15 | ) | (1.90 | ) | ||||||||||||
Total from investment operations | 3.82 | 3.22 | (6.48 | ) | (2.15 | ) | (1.73 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.13 | ) | (0.15 | ) | — | — | (0.08 | ) | ||||||||||||
Total dividends and distributions | (0.13 | ) | (0.15 | ) | — | — | (0.08 | ) | ||||||||||||
Net asset value, end of period | $ | 10.18 | $ | 6.49 | $ | 3.42 | $ | 9.90 | $ | 12.05 | ||||||||||
Total return3 | 59.68 | %4 | 95.11 | %4 | (65.45 | %)4 | (17.84 | %) | (12.48 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 6,610 | $ | 3 | 5 | $ | 2 | 5 | $ | 5 | 5 | $ | 5 | 5 | ||||||
Ratio of expenses to average net assets6 | 0.98 | % | 0.99 | % | 0.99 | % | 0.94 | % | 0.95 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 0.99 | % | 1.02 | % | 0.99 | % | 0.94 | % | 0.95 | % | ||||||||||
Ratio of net investment income to average net assets | 2.07 | % | 1.84 | % | 0.95 | % | 0.04 | % | 1.45 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.06 | % | 1.81 | % | 0.95 | % | 0.04 | % | 1.45 | % | ||||||||||
Portfolio turnover | 113 | % | 30 | % | 23 | % | 31 | % | 21 | % |
1 | Calculated using average shares outstanding. | |
2 | Amount is less than $0.005 per share. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
5 | Net assets reported in millions. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
113
Financial highlights
Delaware Ivy Energy Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 6.28 | $ | 3.30 | $ | 9.59 | $ | 11.72 | $ | 13.49 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.12 | 0.07 | 0.04 | (0.05 | ) | 0.08 | ||||||||||||||
Net realized and unrealized gain (loss) | 3.56 | 3.02 | (6.33 | ) | (2.08 | ) | (1.80 | ) | ||||||||||||
Total from investment operations | 3.68 | 3.09 | (6.29 | ) | (2.13 | ) | (1.72 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.11 | ) | — | — | (0.05 | ) | ||||||||||||
Total dividends and distributions | (0.11 | ) | (0.11 | ) | — | — | (0.05 | ) | ||||||||||||
Net asset value, end of period | $ | 9.85 | $ | 6.28 | $ | 3.30 | $ | 9.59 | $ | 11.72 | ||||||||||
Total return2 | 59.24 | %3 | 94.31 | %3 | (65.59 | %)3 | (18.17 | %) | (12.78 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 11,467 | $ | 8 | 4 | $ | 4 | 4 | $ | 22 | 4 | $ | 42 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.35 | % | 1.35 | % | 1.41 | % | 1.34 | % | 1.35 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.38 | % | 1.42 | % | 1.42 | % | 1.34 | % | 1.35 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.61 | % | 1.50 | % | 0.46 | % | (0.42 | %) | 0.71 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.58 | % | 1.43 | % | 0.45 | % | (0.42 | %) | 0.71 | % | ||||||||||
Portfolio turnover | 113 | % | 30 | % | 23 | % | 31 | % | 21 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
114
Delaware Ivy LaSalle Global Real Estate Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.86 | $ | 8.16 | $ | 11.22 | $ | 10.38 | $ | 10.28 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.16 | 0.12 | 0.15 | 0.15 | 0.24 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.58 | 2.88 | (2.57 | ) | 1.21 | 0.04 | ||||||||||||||
Total from investment operations | 1.74 | 3.00 | (2.42 | ) | 1.36 | 0.28 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.37 | ) | (0.30 | ) | (0.38 | ) | (0.31 | ) | (0.11 | ) | ||||||||||
Net realized gain | — | — | (0.26 | ) | (0.21 | ) | (0.07 | ) | ||||||||||||
Total dividends and distributions | (0.37 | ) | (0.30 | ) | (0.64 | ) | (0.52 | ) | (0.18 | ) | ||||||||||
Net asset value, end of period | $ | 12.23 | $ | 10.86 | $ | 8.16 | $ | 11.22 | $ | 10.38 | ||||||||||
Total return2 | 16.12 | % | 37.08 | % | (22.88 | %) | 13.61 | % | 2.69 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 10,754 | $ | 11 | 3 | $ | 11 | 3 | $ | 20 | 3 | $ | 8 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.48 | % | 1.48 | % | 1.51 | % | 1.61 | %5 | 1.51 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.76 | % | 1.79 | % | 1.68 | % | 1.90 | % | 1.79 | % | ||||||||||
Ratio of net investment income to average net assets | 1.38 | % | 1.23 | % | 1.44 | % | 1.40 | % | 2.29 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.10 | % | 0.92 | % | 1.27 | % | 1.11 | % | 2.01 | % | ||||||||||
Portfolio turnover | 88 | % | 90 | % | 88 | % | 91 | % | 77 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 1.51%. |
See accompanying notes, which are an integral part of the financial statements.
115
Financial highlights
Delaware Ivy LaSalle Global Real Estate Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.76 | $ | 8.11 | $ | 11.15 | $ | 10.32 | $ | 10.24 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.08 | 0.05 | 0.08 | 0.06 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.56 | 2.86 | (2.55 | ) | 1.21 | 0.06 | ||||||||||||||
Total from investment operations | 1.64 | 2.91 | (2.47 | ) | 1.27 | 0.20 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.30 | ) | (0.26 | ) | (0.31 | ) | (0.23 | ) | (0.05 | ) | ||||||||||
Net realized gain | — | — | (0.26 | ) | (0.21 | ) | (0.07 | ) | ||||||||||||
Total dividends and distributions | (0.30 | ) | (0.26 | ) | (0.57 | ) | (0.44 | ) | (0.12 | ) | ||||||||||
Net asset value, end of period | $ | 12.10 | $ | 10.76 | $ | 8.11 | $ | 11.15 | $ | 10.32 | ||||||||||
Total return2 | 15.28 | % | 36.12 | % | (23.32 | %) | 12.72 | % | 1.96 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 499 | $ | 3 | 3 | $ | 3 | 3 | $ | 4 | 3 | $ | 1 | 3 | ||||||
Ratio of expenses to average net assets4 | 2.15 | % | 2.15 | % | 2.17 | % | 2.27 | % | 2.30 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 2.21 | % | 2.31 | % | 2.26 | % | 2.44 | % | 2.47 | % | ||||||||||
Ratio of net investment income to average net assets | 0.64 | % | 0.52 | % | 0.75 | % | 0.60 | % | 1.30 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.58 | % | 0.36 | % | 0.66 | % | 0.43 | % | 1.13 | % | ||||||||||
Portfolio turnover | 88 | % | 90 | % | 88 | % | 91 | % | 77 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
116
Delaware Ivy LaSalle Global Real Estate Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.91 | $ | 8.19 | $ | 11.24 | $ | 10.41 | $ | 10.29 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.21 | 0.16 | 0.21 | 0.19 | 0.26 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.59 | 2.89 | (2.57 | ) | 1.21 | 0.07 | ||||||||||||||
Total from investment operations | 1.80 | 3.05 | (2.36 | ) | 1.40 | 0.33 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.33 | ) | (0.43 | ) | (0.36 | ) | (0.14 | ) | ||||||||||
Net realized gain | — | — | (0.26 | ) | (0.21 | ) | (0.07 | ) | ||||||||||||
Total dividends and distributions | (0.42 | ) | (0.33 | ) | (0.69 | ) | (0.57 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 12.29 | $ | 10.91 | $ | 8.19 | $ | 11.24 | $ | 10.41 | ||||||||||
Total return2 | 16.62 | % | 37.55 | % | (22.41 | %) | 14.00 | % | 3.20 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 43,193 | $ | 63 | 3 | $ | 60 | 3 | $ | 88 | 3 | $ | 28 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.05 | % | 1.05 | % | 1.05 | % | 1.20 | %5 | 1.05 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.36 | % | 1.41 | % | 1.34 | % | 1.55 | % | 1.41 | % | ||||||||||
Ratio of net investment income to average net assets | 1.77 | % | 1.64 | % | 1.90 | % | 1.76 | % | 2.48 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.46 | % | 1.28 | % | 1.61 | % | 1.41 | % | 2.12 | % | ||||||||||
Portfolio turnover | 88 | % | 90 | % | 88 | % | 91 | % | 77 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 1.05%. |
See accompanying notes, which are an integral part of the financial statements.
117
Financial highlights
Delaware Ivy LaSalle Global Real Estate Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.82 | $ | 8.14 | $ | 11.19 | $ | 10.36 | $ | 10.27 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.12 | 0.15 | 0.12 | 0.09 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.58 | 2.81 | (2.56 | ) | 1.23 | 0.07 | ||||||||||||||
Total from investment operations | 1.70 | 2.96 | (2.44 | ) | 1.32 | 0.25 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.34 | ) | (0.28 | ) | (0.35 | ) | (0.28 | ) | (0.09 | ) | ||||||||||
Net realized gain | — | — | (0.26 | ) | (0.21 | ) | (0.07 | ) | ||||||||||||
Total dividends and distributions | (0.34 | ) | (0.28 | ) | (0.61 | ) | (0.49 | ) | (0.16 | ) | ||||||||||
Net asset value, end of period | $ | 12.18 | $ | 10.82 | $ | 8.14 | $ | 11.19 | $ | 10.36 | ||||||||||
Total return2 | 15.74 | % | 36.66 | % | (23.08 | %) | 13.19 | % | 2.39 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 857 | $ | 1 | 3 | $ | 3 | 3 | $ | 6 | 3 | $ | — | 3,4 | ||||||
Ratio of expenses to average net assets5 | 1.80 | % | 1.80 | % | 1.80 | % | 1.93 | % | 1.81 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.97 | % | 1.98 | % | 1.93 | % | 2.10 | % | 1.97 | % | ||||||||||
Ratio of net investment income to average net assets | 1.03 | % | 1.66 | % | 1.16 | % | 0.83 | % | 1.74 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.86 | % | 1.48 | % | 1.03 | % | 0.66 | % | 1.58 | % | ||||||||||
Portfolio turnover | 88 | % | 90 | % | 88 | % | 91 | % | 77 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Amount is less than $500. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
118
Delaware Ivy LaSalle Global Real Estate Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | 7/5/171 to | |||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.92 | $ | 8.19 | $ | 11.26 | $ | 10.42 | $ | 10.42 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.23 | 0.16 | 0.20 | 0.21 | 0.15 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.57 | 2.90 | (2.58 | ) | 1.19 | 0.05 | ||||||||||||||
Total from investment operations | 1.80 | 3.06 | (2.38 | ) | 1.40 | 0.20 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.33 | ) | (0.43 | ) | (0.35 | ) | (0.13 | ) | ||||||||||
Net realized gain | — | — | (0.26 | ) | (0.21 | ) | (0.07 | ) | ||||||||||||
Total dividends and distributions | (0.42 | ) | (0.33 | ) | (0.69 | ) | (0.56 | ) | (0.20 | ) | ||||||||||
Net asset value, end of period | $ | 12.30 | $ | 10.92 | $ | 8.19 | $ | 11.26 | $ | 10.42 | ||||||||||
Total return3 | 16.60 | % | 37.67 | % | (22.53 | %) | 14.08 | % | 1.89 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 22,562 | $ | 15 | 4 | $ | 22 | 4 | $ | 30 | 4 | $ | 30 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.05 | % | 1.05 | % | 1.05 | % | 1.13 | %6 | 1.05 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.30 | % | 1.22 | % | 1.16 | % | 1.31 | % | 1.27 | % | ||||||||||
Ratio of net investment income to average net assets | 1.92 | % | 1.71 | % | 1.90 | % | 2.01 | % | 1.96 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.67 | % | 1.54 | % | 1.79 | % | 1.83 | % | 1.74 | % | ||||||||||
Portfolio turnover | 88 | % | 90 | % | 88 | % | 91 | % | 77 | % |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
6 | Expense ratio based on the period excluding reorganization expenses was 1.05%. | |
7 | Portfolio turnover is representative of the Fund for the period ended March 31, 2018. |
See accompanying notes, which are an integral part of the financial statements.
119
Financial highlights
Delaware Ivy LaSalle Global Real Estate Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.00 | $ | 8.27 | $ | 11.35 | $ | 10.50 | $ | 10.39 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.17 | 0.20 | 0.16 | 0.14 | 0.22 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.61 | 2.83 | (2.59 | ) | 1.24 | 0.07 | ||||||||||||||
Total from investment operations | 1.78 | 3.03 | (2.43 | ) | 1.38 | 0.29 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.38 | ) | (0.30 | ) | (0.39 | ) | (0.32 | ) | (0.11 | ) | ||||||||||
Net realized gain | — | — | (0.26 | ) | (0.21 | ) | (0.07 | ) | ||||||||||||
Total dividends and distributions | (0.38 | ) | (0.30 | ) | (0.65 | ) | (0.53 | ) | (0.18 | ) | ||||||||||
Net asset value, end of period | $ | 12.40 | $ | 11.00 | $ | 8.27 | $ | 11.35 | $ | 10.50 | ||||||||||
Total return2 | 16.21 | % | 36.96 | % | (22.73 | %) | 13.64 | % | 2.76 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,205 | $ | 1 | 3 | $ | 4 | 3 | $ | 5 | 3 | $ | 1 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.47 | % | 1.45 | % | 1.46 | % | 1.51 | % | 1.46 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.65 | % | 1.61 | % | 1.55 | % | 1.68 | % | 1.62 | % | ||||||||||
Ratio of net investment income to average net assets | 1.39 | % | 2.15 | % | 1.46 | % | 1.29 | % | 2.11 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.21 | % | 1.99 | % | 1.37 | % | 1.12 | % | 1.95 | % | ||||||||||
Portfolio turnover | 88 | % | 90 | % | 88 | % | 91 | % | 77 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
120
Delaware Ivy Natural Resources Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.42 | $ | 7.85 | $ | 13.45 | $ | 14.82 | $ | 14.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.21 | 0.09 | 0.13 | 0.12 | (0.03 | ) | ||||||||||||||
Net realized and unrealized gain (loss) | 4.61 | 4.51 | (5.51 | ) | (1.49 | ) | 0.05 | |||||||||||||
Total from investment operations | 4.82 | 4.60 | (5.38 | ) | (1.37 | ) | 0.02 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.32 | ) | (0.03 | ) | (0.22 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.32 | ) | (0.03 | ) | (0.22 | ) | — | — | ||||||||||||
Net asset value, end of period | $ | 16.92 | $ | 12.42 | $ | 7.85 | $ | 13.45 | $ | 14.82 | ||||||||||
Total return2 | 39.47 | % | 58.68 | % | (40.58 | %) | (9.31 | %) | 0.20 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 170,746 | $ | 136 | 3 | $ | 102 | 3 | $ | 218 | 3 | $ | 288 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.82 | % | 1.84 | % | 1.77 | % | 1.59 | % | 1.73 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.57 | % | 0.82 | % | 1.05 | % | 0.82 | % | (0.19 | %) | ||||||||||
Portfolio turnover | 116 | % | 52 | % | 44 | % | 21 | % | 33 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
121
Financial highlights
Delaware Ivy Natural Resources Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.22 | $ | 6.48 | $ | 11.13 | $ | 12.33 | $ | 12.39 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.09 | 0.01 | 0.03 | 0.03 | (0.12 | ) | ||||||||||||||
Net realized and unrealized gain (loss) | 3.77 | 3.74 | (4.55 | ) | (1.23 | ) | 0.06 | |||||||||||||
Total from investment operations | 3.86 | 3.75 | (4.52 | ) | (1.20 | ) | (0.06 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.27 | ) | (0.01 | ) | (0.13 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.27 | ) | (0.01 | ) | (0.13 | ) | — | — | ||||||||||||
Net asset value, end of period | $ | 13.81 | $ | 10.22 | $ | 6.48 | $ | 11.13 | $ | 12.33 | ||||||||||
Total return2 | 38.45 | % | 57.83 | % | (41.02 | %) | (9.73 | %) | (0.48 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,460 | $ | 3 | 3 | $ | 5 | 3 | $ | 21 | 3 | $ | 40 | 3 | ||||||
Ratio of expenses to average net assets4 | 2.52 | % | 2.49 | % | 2.48 | % | 2.07 | % | 2.40 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.84 | % | 0.07 | % | 0.30 | % | 0.28 | % | (0.98 | %) | ||||||||||
Portfolio turnover | 116 | % | 52 | % | 44 | % | 21 | % | 33 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
122
Delaware Ivy Natural Resources Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.77 | $ | 8.05 | $ | 13.81 | $ | 15.25 | $ | 15.15 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.32 | 0.16 | 0.20 | 0.17 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.75 | 4.64 | (5.64 | ) | (1.55 | ) | 0.06 | |||||||||||||
Total from investment operations | 5.07 | 4.80 | (5.44 | ) | (1.38 | ) | 0.10 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.08 | ) | (0.32 | ) | (0.06 | ) | — | |||||||||||
Total dividends and distributions | (0.42 | ) | (0.08 | ) | (0.32 | ) | (0.06 | ) | — | |||||||||||
Net asset value, end of period | $ | 17.42 | $ | 12.77 | $ | 8.05 | $ | 13.81 | $ | 15.25 | ||||||||||
Total return2 | 40.56 | % | 59.72 | % | (40.26 | %) | (9.03 | %) | 0.66 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,523 | $ | 3 | 3 | $ | 2 | 3 | $ | 4 | 3 | $ | 5 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.08 | % | 1.17 | % | 1.24 | % | 1.27 | % | 1.27 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 2.20 | % | 2.21 | % | 2.15 | % | 2.03 | % | 2.15 | % | ||||||||||
Ratio of net investment income to average net assets | 2.31 | % | 1.48 | % | 1.57 | % | 1.17 | % | 0.27 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.19 | % | 0.44 | % | 0.66 | % | 0.41 | % | (0.61 | %) | ||||||||||
Portfolio turnover | 116 | % | 52 | % | 44 | % | 21 | % | 33 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
123
Financial highlights
Delaware Ivy Natural Resources Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.99 | $ | 8.18 | $ | 14.06 | $ | 15.50 | $ | 15.40 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.31 | 0.16 | 0.21 | 0.20 | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.82 | 4.73 | (5.74 | ) | (1.57 | ) | 0.05 | |||||||||||||
Total from investment operations | 5.13 | 4.89 | (5.53 | ) | (1.37 | ) | 0.10 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.40 | ) | (0.08 | ) | (0.35 | ) | (0.07 | ) | — | |||||||||||
Total dividends and distributions | (0.40 | ) | (0.08 | ) | (0.35 | ) | (0.07 | ) | — | |||||||||||
Net asset value, end of period | $ | 17.72 | $ | 12.99 | $ | 8.18 | $ | 14.06 | $ | 15.50 | ||||||||||
Total return2 | 40.30 | % | 59.85 | % | (40.26 | %) | (8.86 | %) | 0.71 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 84,343 | $ | 71 | 3 | $ | 54 | 3 | $ | 106 | 3 | $ | 154 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.21 | % | 1.20 | % | 1.19 | % | 1.10 | % | 1.20 | % | ||||||||||
Ratio of net investment income to average net assets | 2.17 | % | 1.46 | % | 1.63 | % | 1.30 | % | 0.32 | % | ||||||||||
Portfolio turnover | 116 | % | 52 | % | 44 | % | 21 | % | 33 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
124
Delaware Ivy Natural Resources Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.25 | $ | 7.75 | $ | 13.26 | $ | 14.63 | $ | 14.61 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.22 | 0.09 | 0.13 | 0.10 | (0.04 | ) | ||||||||||||||
Net realized and unrealized gain (loss) | 4.54 | 4.45 | (5.42 | ) | (1.47 | ) | 0.06 | |||||||||||||
Total from investment operations | 4.76 | 4.54 | (5.29 | ) | (1.37 | ) | 0.02 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.32 | ) | (0.04 | ) | (0.22 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.32 | ) | (0.04 | ) | (0.22 | ) | — | — | ||||||||||||
Net asset value, end of period | $ | 16.69 | $ | 12.25 | $ | 7.75 | $ | 13.26 | $ | 14.63 | ||||||||||
Total return2 | 39.60 | % | 58.67 | % | (40.53 | %) | (9.36 | %) | 0.14 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 14,145 | $ | 12 | 3 | $ | 7 | 3 | $ | 15 | 3 | $ | 21 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.78 | % | 1.77 | % | 1.76 | % | 1.67 | % | 1.78 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.60 | % | 0.90 | % | 1.06 | % | 0.73 | % | (0.26 | %) | ||||||||||
Portfolio turnover | 116 | % | 52 | % | 44 | % | 21 | % | 33 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
125
Financial highlights
Delaware Ivy Natural Resources Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.03 | $ | 8.21 | $ | 14.12 | $ | 15.58 | $ | 15.44 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.36 | 0.18 | 0.23 | 0.23 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.82 | 4.73 | (5.75 | ) | (1.59 | ) | 0.07 | |||||||||||||
Total from investment operations | 5.18 | 4.91 | (5.52 | ) | (1.36 | ) | 0.14 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.09 | ) | (0.39 | ) | (0.10 | ) | — | |||||||||||
Total dividends and distributions | (0.42 | ) | (0.09 | ) | (0.39 | ) | (0.10 | ) | — | |||||||||||
Net asset value, end of period | $ | 17.79 | $ | 13.03 | $ | 8.21 | $ | 14.12 | $ | 15.58 | ||||||||||
Total return2 | 40.61 | % | 59.94 | % | (40.11 | %) | (8.71 | %) | 0.91 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,228 | $ | 1 | 3 | $ | 3 | 3 | $ | 5 | 3 | $ | 6 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.04 | % | 0.99 | % | 1.02 | % | 0.93 | % | 1.04 | % | ||||||||||
Ratio of net investment income to average net assets | 2.46 | % | 1.64 | % | 1.81 | % | 1.48 | % | 0.46 | % | ||||||||||
Portfolio turnover | 116 | % | 52 | % | 44 | % | 21 | % | 33 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
126
Delaware Ivy Natural Resources Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.74 | $ | 8.04 | $ | 13.79 | $ | 15.21 | $ | 15.14 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.28 | 0.13 | 0.17 | 0.16 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.73 | 4.63 | (5.63 | ) | (1.54 | ) | 0.06 | |||||||||||||
Total from investment operations | 5.01 | 4.76 | (5.46 | ) | (1.38 | ) | 0.07 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.37 | ) | (0.06 | ) | (0.29 | ) | (0.04 | ) | — | |||||||||||
Total dividends and distributions | (0.37 | ) | (0.06 | ) | (0.29 | ) | (0.04 | ) | — | |||||||||||
Net asset value, end of period | $ | 17.38 | $ | 12.74 | $ | 8.04 | $ | 13.79 | $ | 15.21 | ||||||||||
Total return2 | 40.08 | % | 59.33 | % | (40.40 | %) | (9.03 | %) | 0.46 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 14,348 | $ | 11 | 3 | $ | 8 | 3 | $ | 18 | 3 | $ | 26 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.42 | % | 1.42 | % | 1.42 | % | 1.33 | % | 1.43 | % | ||||||||||
Ratio of net investment income to average net assets | 1.97 | % | 1.23 | % | 1.39 | % | 1.09 | % | 0.09 | % | ||||||||||
Portfolio turnover | 116 | % | 52 | % | 44 | % | 21 | % | 33 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
127
Financial highlights
Delaware Ivy Science and Technology Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 92.04 | $ | 59.85 | $ | 65.00 | $ | 65.33 | $ | 56.65 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.66 | ) | (0.55 | ) | (0.38 | ) | (0.30 | ) | (0.36 | ) | ||||||||||
Net realized and unrealized gain | 2.73 | 40.68 | 3.45 | 7.42 | 13.46 | |||||||||||||||
Total from investment operations | 2.07 | 40.13 | 3.07 | 7.12 | 13.10 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (30.63 | ) | (7.94 | ) | (8.22 | ) | (7.45 | ) | (4.42 | ) | ||||||||||
Total dividends and distributions | (30.63 | ) | (7.94 | ) | (8.22 | ) | (7.45 | ) | (4.42 | ) | ||||||||||
Net asset value, end of period | $ | 63.48 | $ | 92.04 | $ | 59.85 | $ | 65.00 | $ | 65.33 | ||||||||||
Total return2 | (0.21 | %) | 67.65 | % | 2.98 | % | 12.63 | % | 23.34 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 4,958,005 | $ | 5,696 | 3 | $ | 3,626 | 3 | $ | 3,956 | 3 | $ | 4,018 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.13 | % | 1.14 | % | 1.18 | % | 1.20 | % | 1.22 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.76 | %) | (0.66 | %) | (0.54 | %) | (0.45 | %) | (0.56 | %) | ||||||||||
Portfolio turnover | 53 | % | 9 | % | 23 | % | 14 | % | 22 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
128
Delaware Ivy Science and Technology Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 72.44 | $ | 48.52 | $ | 54.26 | $ | 56.20 | $ | 49.39 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (1.04 | ) | (0.95 | ) | (0.76 | ) | (0.67 | ) | (0.76 | ) | ||||||||||
Net realized and unrealized gain | 2.62 | 32.81 | 3.07 | 6.18 | 11.74 | |||||||||||||||
Total from investment operations | 1.58 | 31.86 | 2.31 | 5.51 | 10.98 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (30.27 | ) | (7.94 | ) | (8.05 | ) | (7.45 | ) | (4.17 | ) | ||||||||||
Total dividends and distributions | (30.27 | ) | (7.94 | ) | (8.05 | ) | (7.45 | ) | (4.17 | ) | ||||||||||
Net asset value, end of period | $ | 43.75 | $ | 72.44 | $ | 48.52 | $ | 54.26 | $ | 56.20 | ||||||||||
Total return2 | (1.00 | %) | 66.37 | % | 2.17 | % | 11.79 | % | 22.44 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 237,610 | $ | 413 | 3 | $ | 407 | 3 | $ | 532 | 3 | $ | 608 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.92 | % | 1.92 | % | 1.95 | % | 1.94 | % | 1.98 | % | ||||||||||
Ratio of net investment loss to average net assets | (1.56 | %) | (1.45 | %) | (1.31 | %) | (1.18 | %) | (1.38 | %) | ||||||||||
Portfolio turnover | 53 | % | 9 | % | 23 | % | 14 | % | 22 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
129
Financial highlights
Delaware Ivy Science and Technology Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 90.83 | $ | 59.18 | $ | 64.37 | $ | 64.88 | $ | 56.28 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.73 | ) | (0.63 | ) | (0.45 | ) | (0.39 | ) | (0.44 | ) | ||||||||||
Net realized and unrealized gain | 2.71 | 40.22 | 3.43 | 7.33 | 13.43 | |||||||||||||||
Total from investment operations | 1.98 | 39.59 | 2.98 | 6.94 | 12.99 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (30.56 | ) | (7.94 | ) | (8.17 | ) | (7.45 | ) | (4.39 | ) | ||||||||||
Total dividends and distributions | (30.56 | ) | (7.94 | ) | (8.17 | ) | (7.45 | ) | (4.39 | ) | ||||||||||
Net asset value, end of period | $ | 62.25 | $ | 90.83 | $ | 59.18 | $ | 64.37 | $ | 64.88 | ||||||||||
Total return2 | (0.31 | %) | 67.51 | % | 2.85 | % | 12.46 | % | 23.28 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 58,400 | $ | 60 | 3 | $ | 36 | 3 | $ | 36 | 3 | $ | 32 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.23 | % | 1.24 | % | 1.28 | % | 1.35 | %5 | 1.30 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.31 | % | 1.28 | % | 1.36 | % | 1.45 | % | 1.46 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.86 | %) | (0.76 | %) | (0.65 | %) | (0.60 | %) | (0.69 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.94 | %) | (0.80 | %) | (0.73 | %) | (0.70 | %) | (0.85 | %) | ||||||||||
Portfolio turnover | 53 | % | 9 | % | 23 | % | 14 | % | 22 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 1.30%. |
See accompanying notes, which are an integral part of the financial statements.
130
Delaware Ivy Science and Technology Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 105.32 | $ | 67.65 | $ | 72.51 | $ | 71.85 | $ | 61.88 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.60 | ) | (0.45 | ) | (0.27 | ) | (0.17 | ) | (0.26 | ) | ||||||||||
Net realized and unrealized gain | 2.83 | 46.06 | 3.71 | 8.28 | 14.77 | |||||||||||||||
Total from investment operations | 2.23 | 45.61 | 3.44 | 8.11 | 14.51 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (30.87 | ) | (7.94 | ) | (8.30 | ) | (7.45 | ) | (4.54 | ) | ||||||||||
Total dividends and distributions | (30.87 | ) | (7.94 | ) | (8.30 | ) | (7.45 | ) | (4.54 | ) | ||||||||||
Net asset value, end of period | $ | 76.68 | $ | 105.32 | $ | 67.65 | $ | 72.51 | $ | 71.85 | ||||||||||
Total return2 | (0.04 | %) | 67.96 | % | 3.17 | % | 12.88 | % | 23.63 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,354,813 | $ | 2,878 | 3 | $ | 1,938 | 3 | $ | 2,203 | 3 | $ | 2,235 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.96 | % | 0.96 | % | 0.98 | % | 0.98 | % | 1.00 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.59 | %) | (0.48 | %) | (0.34 | %) | (0.23 | %) | (0.37 | %) | ||||||||||
Portfolio turnover | 53 | % | 9 | % | 23 | % | 14 | % | 22 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
131
Financial highlights
Delaware Ivy Science and Technology Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 87.86 | $ | 57.58 | $ | 62.89 | $ | 63.68 | $ | 55.38 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.97 | ) | (0.85 | ) | (0.63 | ) | (0.52 | ) | (0.61 | ) | ||||||||||
Net realized and unrealized gain | 2.69 | 39.07 | 3.37 | 7.18 | 13.18 | |||||||||||||||
Total from investment operations | 1.72 | 38.22 | 2.74 | 6.66 | 12.57 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (30.37 | ) | (7.94 | ) | (8.05 | ) | (7.45 | ) | (4.27 | ) | ||||||||||
Total dividends and distributions | (30.37 | ) | (7.94 | ) | (8.05 | ) | (7.45 | ) | (4.27 | ) | ||||||||||
Net asset value, end of period | $ | 59.21 | $ | 87.86 | $ | 57.58 | $ | 62.89 | $ | 63.68 | ||||||||||
Total return2 | (0.63 | %) | 66.99 | % | 2.57 | % | 12.23 | % | 22.91 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 120,945 | $ | 151 | 3 | $ | 110 | 3 | $ | 127 | 3 | $ | 129 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.55 | % | 1.55 | % | 1.57 | % | 1.56 | % | 1.58 | % | ||||||||||
Ratio of net investment loss to average net assets | (1.18 | %) | (1.08 | %) | (0.93 | %) | (0.81 | %) | (0.98 | %) | ||||||||||
Portfolio turnover | 53 | % | 9 | % | 23 | % | 14 | % | 22 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
132
Delaware Ivy Science and Technology Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 106.48 | $ | 68.24 | $ | 73.03 | $ | 72.20 | $ | 62.13 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.45 | ) | (0.32 | ) | (0.15 | ) | (0.04 | ) | (0.17 | ) | ||||||||||
Net realized and unrealized gain | 2.84 | 46.50 | 3.75 | 8.32 | 14.85 | |||||||||||||||
Total from investment operations | 2.39 | 46.18 | 3.60 | 8.28 | 14.68 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (31.12 | ) | (7.94 | ) | (8.39 | ) | (7.45 | ) | (4.61 | ) | ||||||||||
Total dividends and distributions | (31.12 | ) | (7.94 | ) | (8.39 | ) | (7.45 | ) | (4.61 | ) | ||||||||||
Net asset value, end of period | $ | 77.75 | $ | 106.48 | $ | 68.24 | $ | 73.03 | $ | 72.20 | ||||||||||
Total return2 | 0.10 | % | 68.22 | % | 3.34 | % | 13.07 | % | 23.82 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 173,276 | $ | 192 | 3 | $ | 96 | 3 | $ | 101 | 3 | $ | 73 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.81 | % | 0.81 | % | 0.83 | % | 0.82 | % | 0.85 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.44 | %) | (0.33 | %) | (0.20 | %) | (0.05 | %) | (0.24 | %) | ||||||||||
Portfolio turnover | 53 | % | 9 | % | 23 | % | 14 | % | 22 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
133
Financial highlights
Delaware Ivy Science and Technology Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 98.99 | $ | 64.00 | $ | 69.01 | $ | 68.90 | $ | 59.54 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.74 | ) | (0.58 | ) | (0.40 | ) | (0.31 | ) | (0.43 | ) | ||||||||||
Net realized and unrealized gain | 2.79 | 43.51 | 3.60 | 7.87 | 14.21 | |||||||||||||||
Total from investment operations | 2.05 | 42.93 | 3.20 | 7.56 | 13.78 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (30.62 | ) | (7.94 | ) | (8.21 | ) | (7.45 | ) | (4.42 | ) | ||||||||||
Total dividends and distributions | (30.62 | ) | (7.94 | ) | (8.21 | ) | (7.45 | ) | (4.42 | ) | ||||||||||
Net asset value, end of period | $ | 70.42 | $ | 98.99 | $ | 64.00 | $ | 69.01 | $ | 68.90 | ||||||||||
Total return2 | (0.22 | %)3 | 67.64 | %3 | 2.98 | %3 | 12.64 | %3 | 23.33 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 351,136 | $ | 455 | 4 | $ | 340 | 4 | $ | 442 | 4 | $ | 554 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.14 | % | 1.14 | % | 1.18 | % | 1.20 | % | 1.24 | %6 | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.20 | % | 1.20 | % | 1.22 | % | 1.21 | % | 1.24 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.78 | %) | (0.66 | %) | (0.54 | %) | (0.44 | %) | (0.64 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.84 | %) | (0.72 | %) | (0.58 | %) | (0.45 | %) | (0.64 | %) | ||||||||||
Portfolio turnover | 53 | % | 9 | % | 23 | % | 14 | % | 22 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
6 | Expense ratio based on the period excluding reorganization expenses was 1.22%. |
See accompanying notes, which are an integral part of the financial statements.
134
Delaware Ivy Securian Real Estate Securities Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.82 | $ | 18.83 | $ | 24.45 | $ | 22.41 | $ | 25.94 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.21 | 0.17 | 0.30 | 0.30 | 0.39 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.44 | 6.22 | (3.61 | ) | 3.35 | (0.82 | ) | |||||||||||||
Total from investment operations | 6.65 | 6.39 | (3.31 | ) | 3.65 | (0.43 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.14 | ) | (0.25 | ) | (0.32 | ) | (0.33 | ) | (0.18 | ) | ||||||||||
Net realized gain | (3.61 | ) | (0.15 | ) | (1.99 | ) | (1.28 | ) | (2.92 | ) | ||||||||||
Total dividends and distributions | (3.75 | ) | (0.40 | ) | (2.31 | ) | (1.61 | ) | (3.10 | ) | ||||||||||
Net asset value, end of period | $ | 27.72 | $ | 24.82 | $ | 18.83 | $ | 24.45 | $ | 22.41 | ||||||||||
Total return2 | 26.90 | % | 34.24 | %3 | (15.35 | %)3 | 16.83 | %3 | (2.58 | %)3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 143,562 | $ | 130 | 4 | $ | 122 | 4 | $ | 173 | 4 | $ | 189 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.38 | % | 1.45 | % | 1.43 | % | 1.44 | % | 1.42 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.38 | % | 1.55 | % | 1.53 | % | 1.54 | % | 1.52 | % | ||||||||||
Ratio of net investment income to average net assets | 0.74 | % | 0.79 | % | 1.21 | % | 1.29 | % | 1.51 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.74 | % | 0.69 | % | 1.11 | % | 1.19 | % | 1.41 | % | ||||||||||
Portfolio turnover | 43 | % | 76 | % | 59 | % | 69 | % | 68 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the periods reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
135
Financial highlights
Delaware Ivy Securian Real Estate Securities Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.11 | $ | 18.32 | $ | 23.86 | $ | 21.90 | $ | 25.45 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.07 | ) | 0.06 | 0.12 | 0.17 | 0.23 | ||||||||||||||
Net realized and unrealized gain (loss) | 6.27 | 5.96 | (3.52 | ) | 3.21 | (0.84 | ) | |||||||||||||
Total from investment operations | 6.20 | 6.02 | (3.40 | ) | 3.38 | (0.61 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | (0.08 | ) | (0.15 | ) | (0.14 | ) | (0.02 | ) | |||||||||||
Net realized gain | (3.58 | ) | (0.15 | ) | (1.99 | ) | (1.28 | ) | (2.92 | ) | ||||||||||
Total dividends and distributions | (3.58 | ) | (0.23 | ) | (2.14 | ) | (1.42 | ) | (2.94 | ) | ||||||||||
Net asset value, end of period | $ | 26.73 | $ | 24.11 | $ | 18.32 | $ | 23.86 | $ | 21.90 | ||||||||||
Total return2 | 25.74 | % | 33.03 | %3 | (15.99 | %)3 | 15.90 | %3 | (3.26 | %)3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,707 | $ | 2 | 4 | $ | 3 | 4 | $ | 6 | 4 | $ | 8 | 4 | ||||||
Ratio of expenses to average net assets5 | 2.33 | % | 2.33 | % | 2.25 | % | 2.19 | % | 2.19 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 2.33 | % | 2.43 | % | 2.35 | % | 2.29 | % | 2.29 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | (0.24 | %) | 0.27 | % | 0.50 | % | 0.74 | % | 0.93 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.24 | %) | 0.17 | % | 0.40 | % | 0.64 | % | 0.83 | % | ||||||||||
Portfolio turnover | 43 | % | 76 | % | 59 | % | 69 | % | 68 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the periods reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
136
Delaware Ivy Securian Real Estate Securities Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.84 | $ | 18.84 | $ | 24.45 | $ | 22.41 | $ | 25.94 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.25 | 0.21 | 0.31 | 0.29 | 0.34 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.46 | 6.22 | (3.60 | ) | 3.36 | (0.77 | ) | |||||||||||||
Total from investment operations | 6.71 | 6.43 | (3.29 | ) | 3.65 | (0.43 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.17 | ) | (0.28 | ) | (0.33 | ) | (0.33 | ) | (0.18 | ) | ||||||||||
Net realized gain | (3.61 | ) | (0.15 | ) | (1.99 | ) | (1.28 | ) | (2.92 | ) | ||||||||||
Total dividends and distributions | (3.78 | ) | (0.43 | ) | (2.32 | ) | (1.61 | ) | (3.10 | ) | ||||||||||
Net asset value, end of period | $ | 27.77 | $ | 24.84 | $ | 18.84 | $ | 24.45 | $ | 22.41 | ||||||||||
Total return2 | 27.12 | % | 34.41 | % | (15.26 | %) | 16.80 | % | (2.54 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,977 | $ | 3 | 3 | $ | 3 | 3 | $ | 3 | 3 | $ | 3 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.23 | % | 1.31 | % | 1.37 | % | 1.42 | % | 1.43 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.66 | % | 1.77 | % | 1.75 | % | 1.79 | % | 1.79 | % | ||||||||||
Ratio of net investment income to average net assets | 0.88 | % | 0.96 | % | 1.24 | % | 1.24 | % | 1.34 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.45 | % | 0.50 | % | 0.86 | % | 0.87 | % | 0.98 | % | ||||||||||
Portfolio turnover | 43 | % | 76 | % | 59 | % | 69 | % | 68 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
137
Financial highlights
Delaware Ivy Securian Real Estate Securities Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 25.05 | $ | 18.99 | $ | 24.63 | $ | 22.57 | $ | 26.11 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.29 | 0.25 | 0.38 | 0.39 | 0.41 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.52 | 6.27 | (3.62 | ) | 3.36 | (0.74 | ) | |||||||||||||
Total from investment operations | 6.81 | 6.52 | (3.24 | ) | 3.75 | (0.33 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.31 | ) | (0.41 | ) | (0.41 | ) | (0.29 | ) | ||||||||||
Net realized gain | (3.61 | ) | (0.15 | ) | (1.99 | ) | (1.28 | ) | (2.92 | ) | ||||||||||
Total dividends and distributions | (3.81 | ) | (0.46 | ) | (2.40 | ) | (1.69 | ) | (3.21 | ) | ||||||||||
Net asset value, end of period | $ | 28.05 | $ | 25.05 | $ | 18.99 | $ | 24.63 | $ | 22.57 | ||||||||||
Total return2 | 27.32 | % | 34.68 | %3 | (15.01 | %)3 | 17.22 | %3 | (2.17 | %)3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 133,161 | $ | 127 | 4 | $ | 121 | 4 | $ | 160 | 4 | $ | 173 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % | 1.06 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.09 | % | 1.18 | % | 1.18 | % | 1.17 | % | 1.16 | % | ||||||||||
Ratio of net investment income to average net assets | 1.01 | % | 1.15 | % | 1.54 | % | 1.65 | % | 1.60 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.01 | % | 1.05 | % | 1.44 | % | 1.55 | % | 1.50 | % | ||||||||||
Portfolio turnover | 43 | % | 76 | % | 59 | % | 69 | % | 68 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
138
Delaware Ivy Securian Real Estate Securities Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.78 | $ | 18.81 | $ | 24.42 | $ | 22.39 | $ | 25.92 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.12 | 0.13 | 0.27 | 0.25 | 0.36 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.44 | 6.20 | (3.62 | ) | 3.34 | (0.85 | ) | |||||||||||||
Total from investment operations | 6.56 | 6.33 | (3.35 | ) | 3.59 | (0.49 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.21 | ) | (0.27 | ) | (0.28 | ) | (0.12 | ) | ||||||||||
Net realized gain | (3.61 | ) | (0.15 | ) | (1.99 | ) | (1.28 | ) | (2.92 | ) | ||||||||||
Total dividends and distributions | (3.68 | ) | (0.36 | ) | (2.26 | ) | (1.56 | ) | (3.04 | ) | ||||||||||
Net asset value, end of period | $ | 27.66 | $ | 24.78 | $ | 18.81 | $ | 24.42 | $ | 22.39 | ||||||||||
Total return2 | 26.55 | % | 33.88 | %3 | (15.51 | %)3 | 16.57 | %3 | (2.79 | %)3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 555 | $ | — | 4,5 | $ | — | 4,5 | $ | 1 | 4 | $ | 1 | 4 | ||||||
Ratio of expenses to average net assets6 | 1.69 | % | 1.67 | % | 1.69 | % | 1.64 | % | 1.66 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.69 | % | 1.77 | % | 1.79 | % | 1.74 | % | 1.76 | % | ||||||||||
Ratio of net investment income to average net assets | 0.42 | % | 0.61 | % | 1.07 | % | 1.05 | % | 1.40 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.42 | % | 0.51 | % | 0.97 | % | 0.95 | % | 1.30 | % | ||||||||||
Portfolio turnover | 43 | % | 76 | % | 59 | % | 69 | % | 68 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the periods reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Rounded less than $500 thousands. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
139
Financial highlights
Delaware Ivy Securian Real Estate Securities Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 25.09 | $ | 19.02 | $ | 24.66 | $ | 22.59 | $ | 26.15 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.36 | 0.28 | 0.43 | 0.57 | 0.63 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.50 | 6.28 | (3.64 | ) | 3.23 | (0.92 | ) | |||||||||||||
Total from investment operations | 6.86 | 6.56 | (3.21 | ) | 3.80 | (0.29 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.24 | ) | (0.34 | ) | (0.44 | ) | (0.45 | ) | (0.35 | ) | ||||||||||
Net realized gain | (3.61 | ) | (0.15 | ) | (1.99 | ) | (1.28 | ) | (2.92 | ) | ||||||||||
Total dividends and distributions | (3.85 | ) | (0.49 | ) | (2.43 | ) | (1.73 | ) | (3.27 | ) | ||||||||||
Net asset value, end of period | $ | 28.10 | $ | 25.09 | $ | 19.02 | $ | 24.66 | $ | 22.59 | ||||||||||
Total return2 | 27.48 | % | 34.84 | %3 | (14.86 | %)3 | 17.42 | %3 | (2.04 | %)3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,112 | $ | 1 | 4 | $ | — | 4,5 | $ | 1 | 4 | $ | 1 | 4 | ||||||
Ratio of expenses to average net assets6 | 0.93 | % | 0.94 | % | 0.94 | % | 0.91 | % | 0.89 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 0.93 | % | 1.04 | % | 1.04 | % | 1.01 | % | 0.99 | % | ||||||||||
Ratio of net investment income to average net assets | 1.26 | % | 1.26 | % | 1.70 | % | 2.40 | % | 2.38 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.26 | % | 1.16 | % | 1.60 | % | 2.30 | % | 2.28 | % | ||||||||||
Portfolio turnover | 43 | % | 76 | % | 59 | % | 69 | % | 68 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Rounded less than $500 thousands. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
140
Delaware Ivy Securian Real Estate Securities Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.87 | $ | 18.86 | $ | 24.48 | $ | 22.44 | $ | 25.97 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.23 | 0.21 | 0.33 | 0.34 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.45 | 6.23 | (3.60 | ) | 3.34 | (0.79 | ) | |||||||||||||
Total from investment operations | 6.68 | 6.44 | (3.27 | ) | 3.68 | (0.39 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.15 | ) | (0.28 | ) | (0.36 | ) | (0.36 | ) | (0.22 | ) | ||||||||||
Net realized gain | (3.61 | ) | (0.15 | ) | (1.99 | ) | (1.28 | ) | (2.92 | ) | ||||||||||
Total dividends and distributions | (3.76 | ) | (0.43 | ) | (2.35 | ) | (1.64 | ) | (3.14 | ) | ||||||||||
Net asset value, end of period | $ | 27.79 | $ | 24.87 | $ | 18.86 | $ | 24.48 | $ | 22.44 | ||||||||||
Total return2 | 26.98 | % | 34.45 | %3 | (15.21 | %)3 | 16.99 | %3 | (2.42 | %)3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 90,376 | $ | 70 | 4 | $ | 63 | 4 | $ | 90 | 4 | $ | 98 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.31 | % | 1.30 | % | 1.29 | % | 1.28 | % | 1.27 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.31 | % | 1.40 | % | 1.39 | % | 1.38 | % | 1.37 | % | ||||||||||
Ratio of net investment income to average net assets | 0.82 | % | 0.95 | % | 1.35 | % | 1.45 | % | 1.57 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.82 | % | 0.85 | % | 1.25 | % | 1.35 | % | 1.47 | % | ||||||||||
Portfolio turnover | 43 | % | 76 | % | 59 | % | 69 | % | 68 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the periods reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
141
Ivy Funds
March 31, 2022
Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 45 series. These financial statements and the related notes pertain to 7 funds: Delaware Ivy Asset Strategy Fund (formerly, Ivy Asset Strategy Fund), Delaware Ivy Balanced Fund (formerly, Ivy Balanced Fund), Delaware Ivy Energy Fund (formerly, Ivy Energy Fund), Delaware Ivy LaSalle Global Real Estate Fund (formerly, Ivy LaSalle Global Real Estate Fund), Delaware Ivy Natural Resources Fund (formerly Ivy Natural Resources Fund), Delaware Ivy Science and Technology Fund (formerly, Ivy Science and Technology Fund), and Delaware Ivy Securian Real Estate Securities Fund (formerly, Ivy Securian Real Estate Securities Fund), (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy Asset Strategy Fund, and Delaware Ivy Balanced Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Ivy Energy Fund, Delaware Ivy LaSalle Global Real Estate Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy Science and Technology Fund are considered nondiversified.
Each Fund offers Class A, Class C, Class I, Class R, Class R6, and Class Y shares. In addition, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, Delaware Ivy Securian Real Estate Securities Fund, and Delaware Ivy Asset Strategy Fund offer Class E shares. Effective December 10, 2021, all remaining shares of Class B were converted to Class A shares. Class A shares and Class E shares are subject to an initial sales charge. If you are investing $1 million or more ($250,000 or more for Class E shares), either as a lump sum or through one of the sales charge reduction features described in the prospectus, you may be eligible to buy Class A or Class E shares without a sales charge. However, if Delaware Distributors, L.P. (DDLP) or a predecessor distributor paid your financial intermediary a commission on your purchase that received an net asset value (NAV) breakpoint of Class A shares, for shares of the Funds purchased prior to July 1, 2021, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase; or if DDLP paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares that received an NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. 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. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts, interest rate swap contracts, CDS and interest rate swap options contracts (swaptions) are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value.
142
Open-end investment company securities are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.
Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended March 31, 2022, and for all open tax years (years ended March 31, 2019–March 31, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended March 31, 2022, the Funds did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), which is due to changes in foreign exchange rates, is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of
143
Notes to financial statements
Ivy Funds
1. Significant Accounting Policies (continued)
such distributions by the issuer, which are estimated. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Delaware Ivy LaSalle Global Real Estate Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy Asset Strategy Fund, and Delaware Ivy Balanced Fund declare and pay dividends quarterly. Delaware Ivy Energy Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy Science and Technology Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the year ended March 31, 2022.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
Ivy Investment Management Company (IICO) served as each Fund’s investment manager through April 30, 2021. Effective April 30, 2021, Delaware Management Company (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 | Management Fee (annual rate as a percentage of average daily net assets) | |
Delaware Ivy Asset Strategy Fund | 0.70% of net assets up to $1 billion; | |
0.65% of net assets over $1 billion and up to $2 billion; | ||
0.60% of net assets over $2 billion and up to $3 billion; | ||
0.55% of net assets over $3 billion and up to $28 billion; | ||
0.545% of net assets over $28 billion and up to $53 billion; | ||
0.54% of net assets over $53 billion. | ||
Delaware Ivy Balanced Fund | 0.70% of net assets up to $1 billion; | |
0.65% of net assets over $1 billion and up to $2 billion; | ||
0.60% of net assets over $2 billion and up to $3 billion; | ||
0.55% of net assets over $3 billion and up to $5 billion; | ||
0.54% of net assets over $5 billion and up to $10 billion; | ||
0.53% of net assets over $10 billion. | ||
Delaware Ivy Energy Fund | 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.75% of net assets over $5 billion and up to $10 billion; | ||
0.74% of net assets over $10 billion. | ||
Delaware Ivy LaSalle Global Real Estate Fund | 0.95% of net assets up to $1 billion; | |
0.92% of net assets over $1 billion and up to $2 billion; | ||
0.87% of net assets over $2 billion and up to $3 billion; | ||
0.84% of net assets over $3 billion and up to $5 billion; | ||
0.82% of net assets over $5 billion and up to $10 billion; | ||
0.80% of net assets over $10 billion. |
144
Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
Delaware Ivy Natural Resources Fund | 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.73% of net assets over $5 billion and up to $10 billion; | ||
0.70% of net assets over $10 billion. | ||
Delaware Ivy Science and Technology Fund | 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $8 billion; | ||
0.755% of net assets over $8 billion and up to $13 billion; | ||
0.75% of net assets over $13 billion. | ||
Delaware Ivy Securian Real Estate Securities Fund1 | 0.90% of net assets up to $1 billion; | |
0.87% of net assets over $1 billion and up to $2 billion; | ||
0.84% of net assets over $2 billion and up to $3 billion; | ||
0.80% of net assets over $3 billion and up to $5 billion; | ||
0.76% of net assets over $5 billion and up to $10 billion; | ||
0.72% of net assets over $10 billion. |
1 | DMC has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets from July 29, 2021 through July 29, 2022. |
DMC has entered into sub-advisory agreements with the following entities on behalf of the 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.
Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (MFMHKL), each of which is an affiliate of DMC (the Affiliated Sub-Advisors).
MIMAK is a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. MIMAK is primarily responsible for the day-to-day management of the Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund portfolios. With respect to the Funds for which MIMAK serves as subadvisor, DMC has principal responsibility for all investment advisory services and may seek investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK’s specialized market knowledge.
Although DMC has principal responsibility for DMC’s portion of each Fund, DMC may seek investment advice and recommendations from MIMEL and DMC may also permit MIMEL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL’s specialized market knowledge.
With respect to the Funds for which MIMGL serves as subadvisor, DMC has principal responsibility for each Fund and may seek investment advice and recommendations from MIMGL and DMC may also permit MIMGL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL’s specialized market knowledge.
145
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
MFMHKL is a part of MAM. With respect to the Funds for which MFMHKL serves as subadvisor, DMC may permit MFMHKL to execute Fund security trades on behalf of DMC.
Pursuant to the terms of the relevant sub-advisory agreement, the investment sub-advisory fee is paid by DMC to each Affiliated Sub-Advisor based on the extent to which an Affiliated Sub-Advisor provides services to the Funds.
Through April 30, 2021, fees paid to the Independent Trustees could 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 recorded 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.
Prior to January 18, 2022 (for Delaware Ivy Energy Fund, Delaware Ivy LaSalle Global Real Estate Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Ivy Securian Real Estate Securities Fund), and January 31, 2022 (for Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund), the Funds had an Accounting and Administrative Services Agreement with Waddell & Reed Services Company (WRSCO), doing business as WI Services Company (WISC). Under the agreement, WISC acted 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 paid 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) | Annual Fee Rate | |||
$0 to $10M | $ | 0.00 | ||
$10 to $25M | 11.50 | |||
$25 to $50M | 23.10 | |||
$50 to $100M | 35.50 | |||
$100 to $200M | 48.40 | |||
$200 to $350M | 63.20 | |||
$350 to $550M | 82.50 | |||
$550 to $750M | 96.30 | |||
$750 to $1,000M | 121.60 | |||
Over $1,000M | 148.50 |
In addition, for each class of shares in excess of one, each Fund paid WISC a monthly per-class fee equal to 2.50% of the monthly accounting services base fee. Each Fund also paid 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 was voluntarily waived by WISC until the Fund’s net assets were at least $10 million and is included in “Accounting and administration expenses” on the “Statements of operations.”
Effective January 18, 2022 (for Delaware Ivy Energy Fund, Delaware Ivy LaSalle Global Real Estate Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Ivy Securian Real Estate Securities Fund), and January 31, 2022 (for Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund), Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” From the effective dates mentioned above to March 31, 2022, each Fund was charged for these services as follows:
Fund | Fees | |||
Delaware Ivy Asset Strategy Fund | $ | 92,328 | ||
Delaware Ivy Balanced Fund | 92,328 | |||
Delaware Ivy Energy Fund | 23,600 |
146
Fund | Fees | |||
Delaware Ivy LaSalle Global Real Estate Fund | $ | 8,569 | ||
Delaware Ivy Natural Resources Fund | 22,466 | |||
Delaware Ivy Science and Technology Fund | 92,328 | |||
Delaware Ivy Securian Real Estate Securities Fund | 34,299 |
Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, 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. 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 1.00% 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 1.00% 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.
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 1.00% that is based on average daily net assets.
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).
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, effective April 30, 2021, an annual distribution and service (12b-1) fee of 0.25%, 1.00%, 0.25%, 0.50% and 0.25% of the average daily net assets of the Class A, Class C, Class E, Class R, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Class I shares and Class R6 shares do not pay 12b-1 fees. Prior to April 30, 2021, each Fund paid Ivy Distributors, Inc. an annual 12b-1 fee at the same rate as described above.
From April 1, 2021 through July 29, 2022 (except as noted), DMC, DDLP and/or WRSCO, doing business as WISC, each Fund’s 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) as follows:
Operating | Operating | Operating | Operating | Operating | Operating | Operating | |||||||||
expense | expense | expense | expense | expense | expense | expense | |||||||||
limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | |||||||||
percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | |||||||||
average | average | average | average | average | average | average | |||||||||
daily net | daily net | daily net | daily net | daily net | daily net | daily net | |||||||||
assets | assets | assets | assets | assets | assets | assets | |||||||||
Fund | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | ||||||||
Delaware Ivy Asset Strategy Fund | n/a | n/a | 0.97% | n/a | n/a | n/a | 1.11%1 | ||||||||
Delaware Ivy Balanced Fund | n/a | n/a | n/a | n/a | n/a | n/a | 1.07%1 |
147
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Operating | Operating | Operating | Operating | Operating | Operating | Operating | |||||||||
expense | expense | expense | expense | expense | expense | expense | |||||||||
limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | |||||||||
percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | |||||||||
average | average | average | average | average | average | average | |||||||||
daily net | daily net | daily net | daily net | daily net | daily net | daily net | |||||||||
assets | assets | assets | assets | assets | assets | assets | |||||||||
Fund | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | ||||||||
Delaware Ivy Energy Fund2 | 1.35% | 2.09% | n/a | 0.99% | n/a | n/a | n/a | ||||||||
Delaware Ivy LaSalle Global Real Estate Fund2 | 1.48% | n/a | n/a | 1.05% | 1.80% | 1.05% | n/a | ||||||||
Delaware Ivy Natural Resources Fund | n/a | n/a | 1.17% | n/a | n/a | n/a | n/a | ||||||||
Delaware Ivy Science and Technology Fund | n/a | n/a | 1.23%3 | n/a | n/a | n/a | n/a | ||||||||
Delaware Ivy Securian Real Estate Securities Fund4 | n/a | n/a | 1.22%5 | n/a | n/a | n/a | n/a |
1 | Effective November 15, 2021 through November 15, 2022. | |
2 | Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. | |
3 | 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%. | |
4 | DMC has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets from July 29, 2021 through July 29, 2022. | |
5 | 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%. |
Through July 31, 2021, for each Fund, as applicable, the Fund’s distributor and WISC had contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class R6 shares and Class Y shares did not exceed the total annual ordinary operating expenses of the Class I shares and Class A shares, respectively, as calculated at the end of each month.
148
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended March 31, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | |||
Delaware Ivy Asset Strategy Fund | $ | 34,926 | ||
Delaware Ivy Balanced Fund | 24,762 | |||
Delaware Ivy Energy Fund | 5,735 | |||
Delaware Ivy LaSalle Global Real Estate Fund | 5,905 | |||
Delaware Ivy Natural Resources Fund | 11,752 | |||
Delaware Ivy Science and Technology Fund | 48,531 | |||
Delaware Ivy Securian Real Estate Securities Fund | 17,249 |
For the year ended March 31, 2022, DDLP earned commissions on sales of Class A and Class E shares for each Fund as follows:
Fund | Class A | Class E | ||||||
Delaware Ivy Asset Strategy Fund | $ | 342,168 | $ | 22,187 | ||||
Delaware Ivy Balanced Fund | 831,510 | — | ||||||
Delaware Ivy Energy Fund | 112,662 | — | ||||||
Delaware Ivy LaSalle Global Real Estate Fund | 2,707 | — | ||||||
Delaware Ivy Natural Resources Fund | 70,260 | 2,212 | ||||||
Delaware Ivy Science and Technology Fund | 2,095,418 | 54,539 | ||||||
Delaware Ivy Securian Real Estate Securities Fund | 58,371 | 1,447 |
For the year ended March 31, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A, Class C and Class E shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | Class E | |||||||||
Delaware Ivy Asset Strategy Fund | $ | 925 | $ | 1,672 | $ | 88 | ||||||
Delaware Ivy Balanced Fund | 1,779 | 2,459 | — | |||||||||
Delaware Ivy Energy Fund | 152 | 704 | — | |||||||||
Delaware Ivy LaSalle Global Real Estate Fund | 2 | 27 | — | |||||||||
Delaware Ivy Natural Resources Fund | 369 | 174 | 14 | |||||||||
Delaware Ivy Science and Technology Fund | 4,108 | 6,145 | 87 | |||||||||
Delaware Ivy Securian Real Estate Securities Fund | 176 | 55 | — |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any investment companies (Underlying Funds) including exchange-traded funds in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
During the year ended March 31,2022, Waddell & Reed Services Company reimbursed $284,264, $2,887, $50,207, $7,169, $136,484, $5,812, $2,511 and $22,203 to Delaware Ivy Asset Strategy Fund Class A, Class B, Class C, Class E, Class I, Class R, Class R6 and Class Y shares, respectively, for losses. These amounts are included as subscriptions on the “Statements of changes in net assets.”
Cross trades for the year ended March 31, 2022, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these
149
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
procedures, for the year ended March 31, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:
Purchases | Sales | Net realized gain (loss) | ||||||||||
Delaware Ivy Asset Strategy Fund | $ | 4,005,084 | $ | 16,763,763 | $ | 3,596,074 |
A summary of the transactions in affiliated companies during the year ended March 31, 2022 as follows:
Value, beginning of period | Gross additions | Gross reductions1 | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities2 | Value, end of period | Shares | ||||||||||||||||||||||
Delaware Ivy Asset Strategy Fund | ||||||||||||||||||||||||||||
Common Stocks—0.07% | ||||||||||||||||||||||||||||
Media Group Holdings | ||||||||||||||||||||||||||||
Series H† | $ | 1 | $ | — | $ | (813,673 | ) | $ | — | $ | 813,672 | $ | — | 640,301 | ||||||||||||||
Media Group Holdings | ||||||||||||||||||||||||||||
Series T† | — | — | — | — | — | — | 80,253 | |||||||||||||||||||||
New Cotai=,†,3 | 12,839,232 | — | — | — | (11,162,086 | ) | 1,677,146 | 1,819,823 | ||||||||||||||||||||
Total | $ | 12,839,233 | $ | — | $ | (813,673 | ) | $ | — | $ | (10,348,414 | ) | $ | 1,677,146 |
Value, beginning of period | Gross additions | Gross reductions1 | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities2 | Value, end of period | Shares | ||||||||||||||||||||||
Delaware Ivy Science and Technology Fund | ||||||||||||||||||||||||||||
Common Stocks—1.29% | ||||||||||||||||||||||||||||
ACI | ||||||||||||||||||||||||||||
Worldwide† | $ | 326,751,978 | $ | — | $ | (286,610,603 | ) | $ | 235,489,465 | $ | (275,630,840 | ) | $ | — | — | |||||||||||||
Marrone Bio | ||||||||||||||||||||||||||||
Innovations† | 46,327,475 | 392,593 | (21,236,078 | ) | (7,335,567 | ) | (18,148,423 | ) | — | — | ||||||||||||||||||
WNS Holdings | ||||||||||||||||||||||||||||
ADR† | 342,199,968 | — | (281,261,226 | ) | 237,605,963 | (191,569,871 | ) | 106,974,834 | 1,251,314 | |||||||||||||||||||
Corporate Bond—0.06% | ||||||||||||||||||||||||||||
Marrone Bio | ||||||||||||||||||||||||||||
Innovations | 4,873,196 | — | — | — | (184,730 | ) | 4,688,466 | 4,712,500 | ||||||||||||||||||||
Warrant—0.0% | ||||||||||||||||||||||||||||
Marrone Bio | ||||||||||||||||||||||||||||
Innovations | 701,432 | — | — | — | (701,432 | ) | — | — | ||||||||||||||||||||
Total | $ | 720,854,049 | $ | 392,593 | $ | (589,107,907 | ) | $ | 465,759,861 | $ | (486,235,296 | ) | $ | 111,663,300 |
1 | The amount shown included return of capital. | |
2 | Does not tie to Net change in unrealized appreciation (depreciation) on affiliated investments on the Statements of operations as a result of previously unaffiliated securities moving to affiliated. | |
3 | Issuer is not an affiliated investment of the Fund at March 31, 2021. | |
† | Non-income producing security. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
150
3. Investments
For the year ended March 31, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Purchases | Sales | |||||||||||||||
other than | Purchases of | other than | Sales of | |||||||||||||
US government | US government | US government | US government | |||||||||||||
Fund | securities | securities | securities | securities | ||||||||||||
Delaware Ivy Asset Strategy Fund | $ | 816,979,454 | $ | 46,267,515 | $ | 1,148,583,632 | $ | 61,630,708 | ||||||||
Delaware Ivy Balanced Fund | 2,360,214,550 | 59,774,661 | 2,651,080,029 | 125,468,218 | ||||||||||||
Delaware Ivy Energy Fund | 244,671,813 | — | 277,414,107 | — | ||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund | 78,563,678 | — | 105,885,263 | — | ||||||||||||
Delaware Ivy Natural Resources Fund | 280,008,456 | — | 311,706,773 | — | ||||||||||||
Delaware Ivy Science and Technology Fund | 5,119,702,189 | — | 6,918,684,227 | — | ||||||||||||
Delaware Ivy Securian Real Estate Securities Fund | 156,902,323 | — | 200,418,200 | — |
The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes were as follows:
Aggregate | Aggregate | Net unrealized | ||||||||||||||
unrealized | unrealized | appreciation | ||||||||||||||
Cost of | appreciation | depreciation | (depreciation) | |||||||||||||
investments | of investments | of investments | of investments | |||||||||||||
Fund | and derivatives | and derivatives | and derivatives | and derivatives | ||||||||||||
Delaware Ivy Asset Strategy Fund | $ | 3,198,611,005 | $ | 467,895,465 | $ | (1,265,032,512 | ) | $ | (797,137,047 | ) | ||||||
Delaware Ivy Balanced Fund | 2,194,775,324 | 281,957,526 | (111,672,041 | ) | 170,285,485 | |||||||||||
Delaware Ivy Energy Fund | 220,400,418 | 76,116,988 | (4,564,000 | ) | 71,552,988 | |||||||||||
Delaware Ivy LaSalle Global Real Estate Fund | 66,387,832 | 16,210,770 | (3,891,202 | ) | 12,319,568 | |||||||||||
Delaware Ivy Natural Resources Fund | 289,166,218 | 52,828,464 | (44,520,716 | ) | 8,307,748 | |||||||||||
Delaware Ivy Science and Technology Fund | 5,366,495,555 | 3,680,121,674 | (631,359,931 | ) | 3,048,761,743 | |||||||||||
Delaware Ivy Securian Real Estate Securities Fund | 217,205,868 | 163,473,963 | (6,558,457 | ) | 156,915,506 |
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established 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 assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 | − | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 | − | Other observable inputs, including, but 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 |
151
Notes to financial statements
Ivy Funds
3. Investments (continued)
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. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 | − | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2022:
Delaware Ivy Asset Strategy Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Securities | ||||||||||||||||
Assets: | ||||||||||||||||
Agency Collateralized Mortgage | ||||||||||||||||
Obligations | $ | — | $ | 35,810,035 | $ | — | $ | 35,810,035 | ||||||||
Bullion | — | 124,595,862 | — | 124,595,862 | ||||||||||||
Common Stocks | ||||||||||||||||
Banking | 27,674,162 | 68,263,660 | — | 95,937,822 | ||||||||||||
Basic Industry | 17,120,076 | — | — | 17,120,076 | ||||||||||||
Blue Chip Medical Products | 31,863,817 | 22,449,267 | — | 54,313,084 | ||||||||||||
Capital Goods | — | 30,066,646 | — | 30,066,646 | ||||||||||||
Communication Services | 144,954,094 | 37,307,859 | — | 182,261,953 | ||||||||||||
Consumer Cyclical | 2,261,766 | 25,937,653 | 1,677,146 | 29,876,565 | ||||||||||||
Consumer Discretionary | 169,686,906 | 23,598,063 | — | 193,284,969 | ||||||||||||
Consumer Non-Cyclical | — | 33,059,318 | — | 33,059,318 | ||||||||||||
Consumer Staples | 40,933,657 | 23,118,694 | — | 64,052,351 | ||||||||||||
Electric | — | 4,781,448 | — | 4,781,448 | ||||||||||||
Energy | 88,385,193 | 17,450,124 | — | 105,835,317 | ||||||||||||
Finance Companies | — | 40,090,417 | — | 40,090,417 | ||||||||||||
Financials | 70,131,506 | — | — | 70,131,506 | ||||||||||||
Healthcare | 119,484,686 | 24,093,611 | — | 143,578,297 | ||||||||||||
Healthcare Services | 33,571,448 | — | — | 33,571,448 | ||||||||||||
Industrials | 68,747,704 | 110,928,058 | — | 179,675,762 | ||||||||||||
Information Technology | 249,772,515 | 93,502,268 | — | 343,274,783 | ||||||||||||
Insurance | — | 16,824,708 | — | 16,824,708 | ||||||||||||
Transportation | 45,439,741 | — | — | 45,439,741 | ||||||||||||
Convertible Preferred Stock | 1,921,561 | — | — | 1,921,561 | ||||||||||||
Corporate Bonds | — | 328,885,005 | — | 328,885,005 | ||||||||||||
Loan Agreements | — | 90,716,735 | — | 90,716,735 | ||||||||||||
Municipal Bonds | — | 6,104,191 | — | 6,104,191 | ||||||||||||
Non-Agency Collateralized | ||||||||||||||||
Mortgage Obligations | — | 7,707,954 | — | 7,707,954 | ||||||||||||
Non-Agency Commercial | ||||||||||||||||
Mortgage-Backed Security | — | 369,636 | — | 369,636 |
152
Delaware Ivy Asset Strategy Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Preferred Stock | $ | — | $ | 17,377,264 | $ | — | $ | 17,377,264 | ||||||||
Sovereign Bonds | — | 31,752,244 | — | 31,752,244 | ||||||||||||
US Treasury Obligations | — | 11,694,431 | — | 11,694,431 | ||||||||||||
Short-Term Investments | 54,765,174 | — | — | 54,765,174 | ||||||||||||
Securities Lending Collateral | 7,948,188 | — | — | 7,948,188 | ||||||||||||
Total Value of Securities | $ | 1,174,662,194 | $ | 1,226,485,151 | $ | 1,677,146 | $ | 2,402,824,491 | ||||||||
Derivatives1 | ||||||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Exchange | ||||||||||||||||
Contracts | $ | — | $ | (7,030 | ) | $ | — | $ | (7,030 | ) | ||||||
Futures Contracts | (1,590,810 | ) | — | — | (1,590,810 | ) |
1 | Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy Balanced Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Agency Collateralized Mortgage Obligations | $ | — | $ | 13,487,306 | $ | 13,487,306 | ||||||
Agency Mortgage-Backed Securities | — | 137,108,589 | 137,108,589 | |||||||||
Common Stocks | 1,521,738,866 | — | 1,521,738,866 | |||||||||
Corporate Bonds | — | 300,492,782 | 300,492,782 | |||||||||
Exchange-Traded Fund | 32,290,932 | — | 32,290,932 | |||||||||
Non-Agency Commercial Mortgage-Backed Securities | — | 66,189,364 | 66,189,364 | |||||||||
US Treasury Obligations | — | 241,618,395 | 241,618,395 | |||||||||
Short-Term Investments | 51,887,075 | — | 51,887,075 | |||||||||
Securities Lending Collateral | 247,500 | — | 247,500 | |||||||||
Total Value of Securities | $ | 1,606,164,373 | $ | 758,896,436 | $ | 2,365,060,809 |
Delaware Ivy Energy Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Consumer Staples | $ | 4,275,091 | $ | — | $ | 4,275,091 | ||||||
Energy | 214,655,284 | 33,768,631 | 248,423,915 | |||||||||
Financials | 1,130,593 | — | 1,130,593 | |||||||||
Industrials | 6,895,099 | — | 6,895,099 | |||||||||
Utilities | 8,316,557 | 5,801,690 | 14,118,247 | |||||||||
Master Limited Partnerships | 2,717,843 | — | 2,717,843 | |||||||||
Short-Term Investments | 6,721,701 | — | 6,721,701 | |||||||||
Securities Lending Collateral | 7,670,917 | — | 7,670,917 | |||||||||
Total Value of Securities | $ | 252,383,085 | $ | 39,570,321 | $ | 291,953,406 |
153
Notes to financial statements
Ivy Funds
3. Investments (continued)
Delaware Ivy LaSalle Global Real Estate Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Australia | $ | — | $ | 1,449,800 | $ | 1,449,800 | ||||||
Belgium | — | 516,101 | 516,101 | |||||||||
Canada | 933,635 | — | 933,635 | |||||||||
China | — | 722,145 | 722,145 | |||||||||
France | 1,310,064 | 750,041 | 2,060,105 | |||||||||
Germany | — | 3,060,649 | 3,060,649 | |||||||||
Hong Kong | — | 3,337,899 | 3,337,899 | |||||||||
Ireland | 392,292 | — | 392,292 | |||||||||
Japan | 505,380 | 9,383,638 | 9,889,018 | |||||||||
Netherlands | — | 775,986 | 775,986 | |||||||||
Singapore | — | 1,602,070 | 1,602,070 | |||||||||
Spain | — | 1,025,738 | 1,025,738 | |||||||||
United Kingdom | 992,206 | 2,809,343 | 3,801,549 | |||||||||
United States | 48,958,364 | — | 48,958,364 | |||||||||
Securities Lending Collateral | 180,571 | — | 180,571 | |||||||||
Total Value of Securities | $ | 53,272,512 | $ | 25,433,410 | $ | 78,705,922 | ||||||
Derivatives1 | ||||||||||||
Assets: | ||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 1,478 | $ | 1,478 |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy Natural Resources Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Securities | ||||||||||||||||
Assets: | ||||||||||||||||
Closed-Ended Trust | $ | 9,761,415 | $ | — | $ | — | $ | 9,761,415 | ||||||||
Common Stocks | ||||||||||||||||
Australia | — | 12,677,419 | — | 12,677,419 | ||||||||||||
Brazil | 25,039,225 | — | — | 25,039,225 | ||||||||||||
Canada | 24,430,671 | — | — | 24,430,671 | ||||||||||||
Hong Kong | — | — | 4 | 4 | ||||||||||||
Ireland | 1,321,780 | — | — | 1,321,780 | ||||||||||||
Netherlands | — | 5,714,444 | — | 5,714,444 | ||||||||||||
Norway | 9,688,458 | — | — | 9,688,458 | ||||||||||||
South Africa | — | 9,439,071 | — | 9,439,071 | ||||||||||||
United States | 185,743,334 | — | — | 185,743,334 | ||||||||||||
Short-Term Investments | 9,138,823 | — | — | 9,138,823 | ||||||||||||
Securities Lending Collateral | 4,520,493 | — | — | 4,520,493 | ||||||||||||
Total Value of Securities | $ | 269,644,199 | $ | 27,830,934 | $ | 4 | $ | 297,475,137 |
154
Derivatives1 | ||||||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Exchange | ||||||||||||||||
Contracts | $ | — | $ | (1,171 | ) | $ | — | $ | (1,171 | ) |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy Science and Technology Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 1,076,251,004 | $ | — | $ | 1,076,251,004 | ||||||
Consumer Discretionary | 659,057,977 | 2,259,120 | 661,317,097 | |||||||||
Healthcare | 501,056,320 | — | 501,056,320 | |||||||||
Industrials | 182,444,899 | — | 182,444,899 | |||||||||
Information Technology | 5,526,230,298 | 156,898,573 | 5,683,128,871 | |||||||||
Corporate Bond | — | 4,688,466 | 4,688,466 | |||||||||
Short-Term Investments | 162,784,415 | — | 162,784,415 | |||||||||
Securities Lending Collateral | 143,586,226 | — | 143,586,226 | |||||||||
Total Value of Securities | $ | 8,251,411,139 | $ | 163,846,159 | $ | 8,415,257,298 |
Delaware Ivy | ||||
Securian Real | ||||
Estate | ||||
Securities Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 369,032,432 | ||
Short-Term Investments | 5,088,942 | |||
Total Value of Securities | $ | 374,121,374 |
During the year ended March 31, 2022, there were no transfers into or out of Level 3 investments that had a significant impact to each Fund. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the beginning, interim, or end of the period. A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to each Fund’s net assets. At March 31, 2022, Delaware Ivy Balanced Fund, Delaware Ivy Energy Fund, Delaware Ivy LaSalle Global Real Estate Fund, Delaware Ivy Science and Technology Fund and Delaware Ivy Securian Real Estate Securities Fund had no Level 3 investments.
155
Notes to financial statements
Ivy Funds
4. Dividend and Distribution Information
Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2022 and 2021 were as follows:
Long-term | ||||||||||||
Ordinary | capital | |||||||||||
income | gains | Total | ||||||||||
Year ended March 31, 2022: | ||||||||||||
Delaware Ivy Asset Strategy Fund | $ | 72,213,034 | $ | 208,152,026 | $ | 280,365,060 | ||||||
Delaware Ivy Balanced Fund | 31,080,250 | 249,679,493 | 280,759,743 | |||||||||
Delaware Ivy Energy Fund | 3,273,716 | — | 3,273,716 | |||||||||
Delaware Ivy LaSalle Global Real Estate Fund | 3,042,872 | — | 3,042,872 | |||||||||
Delaware Ivy Natural Resources Fund | 5,846,698 | — | 5,846,698 | |||||||||
Delaware Ivy Science and Technology Fund | 43,079,322 | 2,891,186,155 | 2,934,265,477 | |||||||||
Delaware Ivy Securian Real Estate Securities Fund | 14,749,227 | 31,280,171 | 46,029,398 | |||||||||
Year ended March 31, 2021: | ||||||||||||
Delaware Ivy Asset Strategy Fund | 44,766,141 | 28,341,193 | 73,107,334 | |||||||||
Delaware Ivy Balanced Fund | 36,252,629 | 125,643,315 | 161,895,944 | |||||||||
Delaware Ivy Energy Fund | 4,213,420 | — | 4,213,420 | |||||||||
Delaware Ivy LaSalle Global Real Estate Fund | 2,849,700 | — | 2,849,700 | |||||||||
Delaware Ivy Natural Resources Fund | 924,492 | — | 924,492 | |||||||||
Delaware Ivy Science and Technology Fund | — | 792,158,089 | 792,158,089 | |||||||||
Delaware Ivy Securian Real Estate Securities Fund | 4,177,532 | 2,020,040 | 6,197,572 |
5. Components of Net Assets on a Tax Basis
As of March 31, 2022, the components of net assets on a tax basis were as follows:
Delaware Ivy | ||||||||||||
Asset Strategy | Delaware Ivy | Delaware Ivy | ||||||||||
Fund | Balanced Fund | Energy Fund | ||||||||||
Shares of beneficial interest | $ | 2,472,404,190 | $ | 1,836,293,635 | $ | 435,015,370 | ||||||
Undistributed ordinary income | 40,449,975 | 7,856,957 | 2,608,142 | |||||||||
Undistributed long-term capital gains | 189,739,009 | 387,000,988 | — | |||||||||
Qualified late year loss deferrals | — | (19,441,392 | ) | — | ||||||||
Distributions payable | — | (109 | ) | — | ||||||||
Capital loss carryforwards | — | — | (226,066,521 | ) | ||||||||
Deferred directors fees | (760,679 | ) | (272,241 | ) | (40,633 | ) | ||||||
Net unrealized appreciation on investments and foreign currencies | (307,426,804 | ) | 170,285,485 | 71,552,988 | ||||||||
Net assets | $ | 2,394,405,691 | $ | 2,381,723,323 | $ | 283,069,346 |
Delaware Ivy LaSalle Global | Delaware Ivy Natural | Delaware Ivy Science and | ||||||||||
Real Estate | Resources | Technology | ||||||||||
Fund | Fund | Fund | ||||||||||
Shares of beneficial interest | $ | 61,693,186 | $ | 890,954,159 | $ | 4,029,446,920 | ||||||
Undistributed ordinary income | 282,124 | 5,620,980 | — | |||||||||
Undistributed long-term capital gains | 4,778,362 | — | 1,391,089,306 | |||||||||
Qualified late year loss deferrals | — | — | (214,408,669 | ) | ||||||||
Capital loss carryforwards | — | (611,771,974 | ) | — |
156
Delaware Ivy LaSalle Global | Delaware Ivy Natural | Delaware Ivy Science and | ||||||||||
Real Estate | Resources | Technology | ||||||||||
Fund | Fund | Fund | ||||||||||
Deferred directors fees | $ | (3,689 | ) | $ | (318,320 | ) | $ | (704,704 | ) | |||
Net unrealized appreciation on investments and foreign currencies | 12,319,568 | 8,307,748 | 3,048,761,743 | |||||||||
Net assets | $ | 79,069,551 | $ | 292,792,593 | $ | 8,254,184,596 |
Delaware Ivy | ||||
Securian | ||||
Real Estate | ||||
Securities Fund | ||||
Shares of beneficial interest | $ | 200,510,104 | ||
Undistributed ordinary income | 4,474,899 | |||
Undistributed long-term capital gains | 11,601,486 | |||
Deferred directors fees | (51,951 | ) | ||
Net unrealized appreciation on investments and foreign currencies | 156,915,506 | |||
Net assets | $ | 373,450,044 |
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, amortization of premium on convertible securities, trust preferred securities, and partnership interest.
Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2022 through March 31, 2022 and November 1, 2021 through March 31, 2022, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of partnership non-deductible expenses, gain (loss) on foreign currency transactions, tax treatment of partnerships, amortization of premium on convertible securities, swap contracts, passive foreign investment secuities,(PFICs) and securities no longer deemed to be PFICs, trust preferred securities, CFC reclass, and paydown gains (losses) of asset- and mortgage-backed securities. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2022, the Funds recorded the following reclassifications:
Delaware Ivy Asset Strategy Fund | Delaware Ivy Balanced Fund | Delaware Ivy Energy Fund | ||||||||||
Paid-in capital | $ | (111 | ) | $ | (1,633 | ) | $ | (528 | ) | |||
Total distributable earnings (loss) | 111 | 1,633 | 528 |
Delaware Ivy | ||||
Natural | ||||
Resources | ||||
Fund | ||||
Paid-in capital | $ | (1,106 | ) | |
Total distributable earnings (loss) | 1,106 |
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2022, the Funds utilized the following capital loss carryforwards:
Delaware Ivy Asset Strategy Fund | $ | 7,206,136 | ||
Delaware Ivy Energy Fund | 65,532,042 | |||
Delaware Ivy LaSalle Global Real Estate Fund | 8,753,347 |
157
Notes to financial statements
Ivy Funds
5. Components of Net Assets on a Tax Basis (continued)
Delaware Ivy Natural Resources Fund | $ | 74,637,148 |
At March 31, 2022, capital loss carryforwards available to offset future realized capital gains are as follows:
Loss carryforward character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Ivy | ||||||||||||
Energy Fund | $ | 97,077,549 | $ | 128,988,972 | $ | 226,066,521 | ||||||
Delaware Ivy | ||||||||||||
Natural Resources Fund | 283,554,146 | 328,217,828 | 611,771,974 |
158
6. Capital Shares
Transactions in capital shares were as follows:
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||||||||||||||
Asset Strategy Fund | Balanced Fund | Energy Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 4,259,933 | 11,646,047 | 5,631,565 | 7,855,900 | 4,705,388 | 4,271,459 | ||||||||||||||||||
Class B1 | 1,014 | 1,452 | 1,202 | 11,541 | — | 67,577 | ||||||||||||||||||
Class C | 278,424 | 389,921 | 394,571 | 568,502 | 438,922 | 519,426 | ||||||||||||||||||
Class E | 102,477 | 104,592 | — | — | — | — | ||||||||||||||||||
Class I | 2,367,228 | 3,611,302 | 4,063,515 | 4,498,939 | 3,453,528 | 9,252,817 | ||||||||||||||||||
Class R | 109,168 | 150,846 | 48,780 | 67,425 | 2,003,888 | 3,905,383 | ||||||||||||||||||
Class R62 | 145,601 | 465,984 | 80,331 | 148,862 | 652,484 | 525,739 | ||||||||||||||||||
Class Y | 196,380 | 278,536 | 62,297 | 114,885 | 695,073 | 1,348,043 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 6,636,530 | 1,629,131 | 6,063,065 | 3,317,475 | 157,298 | 244,223 | ||||||||||||||||||
Class B1 | 1,616 | 14,023 | — | 28,064 | — | 476 | ||||||||||||||||||
Class C | 543,359 | 281,432 | 531,929 | 559,532 | 13,678 | 16,652 | ||||||||||||||||||
Class E | 179,109 | 46,953 | — | 19 | — | — | ||||||||||||||||||
Class I | 2,836,033 | 866,773 | 3,374,499 | 2,068,210 | 209,809 | 423,796 | ||||||||||||||||||
Class R | 111,079 | 31,164 | 44,727 | 28,346 | 43,646 | 50,704 | ||||||||||||||||||
Class R62 | 75,763 | 20,733 | 44,433 | 28,720 | 10,036 | 11,630 | ||||||||||||||||||
Class Y | 446,437 | 131,269 | 54,452 | 35,746 | 16,148 | 21,990 | ||||||||||||||||||
18,290,151 | 19,670,158 | 20,395,366 | 19,322,166 | 12,399,898 | 20,659,915 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (9,960,159 | ) | (12,557,347 | ) | (8,851,402 | ) | (9,024,010 | ) | (5,694,944 | ) | (5,348,424 | ) | ||||||||||||
Class B1 | (396,688 | ) | (773,828 | ) | (380,859 | ) | (600,206 | ) | (82,199 | ) | (49,655 | ) | ||||||||||||
Class C | (3,018,317 | ) | (12,574,083 | ) | (3,054,999 | ) | (6,352,923 | ) | (566,225 | ) | (975,237 | ) | ||||||||||||
Class E | (193,554 | ) | (278,881 | ) | — | (9,957 | ) | — | (10,279 | ) | ||||||||||||||
Class I | (8,433,665 | ) | (8,978,482 | ) | (9,245,460 | ) | (8,378,374 | ) | (7,760,733 | ) | (9,923,539 | ) | ||||||||||||
Class R | (351,700 | ) | (618,287 | ) | (73,277 | ) | (230,799 | ) | (2,220,335 | ) | (2,193,637 | ) | ||||||||||||
Class R62 | (301,208 | ) | (128,626 | ) | (113,539 | ) | (127,057 | ) | (507,131 | ) | (453,114 | ) | ||||||||||||
Class Y | (880,161 | ) | (1,614,633 | ) | (195,968 | ) | (264,100 | ) | (740,388 | ) | (1,234,948 | ) | ||||||||||||
(23,535,452 | ) | (37,524,167 | ) | (21,915,504 | ) | (24,987,426 | ) | (17,571,955 | ) | (20,188,833 | ) | |||||||||||||
Net increase (decrease) | (5,245,301 | ) | (17,854,009 | ) | (1,520,138 | ) | (5,665,260 | ) | (5,172,057 | ) | 471,082 |
159
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||||||||||||||
LaSalle Global Real Estate Fund | Natural Resources Fund | Science and Technology Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 232,651 | 121,993 | 945,401 | 854,336 | 4,004,575 | 4,916,476 | ||||||||||||||||||
Class B1 | — | — | — | 83 | 1,014 | 4,522 | ||||||||||||||||||
Class C | 3,481 | 4,543 | 71,389 | 119,581 | 254,903 | 403,553 | ||||||||||||||||||
Class E | — | — | 26,539 | 17,256 | 66,979 | 74,913 | ||||||||||||||||||
Class I | 300,215 | 824,804 | 1,093,121 | 1,529,631 | 4,784,274 | 4,134,811 | ||||||||||||||||||
Class R | 6,397 | 6,749 | 331,021 | 402,185 | 173,854 | 380,799 | ||||||||||||||||||
Class R62 | 827,423 | 415,764 | 72,848 | 111,887 | 378,020 | 941,874 | ||||||||||||||||||
Class Y | 421 | 45 | 224,789 | 201,224 | 541,145 | 1,051,646 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 29,239 | 30,420 | 225,076 | 31,075 | 25,267,590 | 4,871,147 | ||||||||||||||||||
Class B1 | 31 | 78 | — | — | — | 31,735 | ||||||||||||||||||
Class C | 1,208 | 1,807 | 6,296 | 330 | 2,598,995 | 726,495 | ||||||||||||||||||
Class E | — | — | 5,869 | 1,439 | 294,444 | 55,082 | ||||||||||||||||||
Class I | 166,050 | 186,422 | 136,967 | 34,903 | 9,251,779 | 2,011,183 | ||||||||||||||||||
Class R | 2,314 | 3,390 | 20,277 | 3,256 | 690,285 | 157,328 | ||||||||||||||||||
Class R62 | 41,660 | 44,756 | 2,723 | 631 | 624,653 | 134,049 | ||||||||||||||||||
Class Y | 2,911 | 2,761 | 20,170 | 4,266 | 1,549,400 | 361,312 | ||||||||||||||||||
1,614,001 | 1,643,532 | 3,182,486 | 3,312,083 | 50,481,910 | 20,256,925 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (393,150 | ) | (477,439 | ) | (2,031,894 | ) | (2,900,545 | ) | (13,059,493 | ) | (8,483,565 | ) | ||||||||||||
Class B1 | (67,792 | ) | (3,221 | ) | (10,498 | ) | (38,348 | ) | (233,908 | ) | (279,148 | ) | ||||||||||||
Class C | (263,588 | ) | (62,090 | ) | (144,639 | ) | (581,031 | ) | (3,123,952 | ) | (3,814,751 | ) | ||||||||||||
Class E | — | — | (33,640 | ) | (66,114 | ) | (83,798 | ) | (79,402 | ) | ||||||||||||||
Class I | (2,672,908 | ) | (2,669,738 | ) | (1,947,863 | ) | (2,691,880 | ) | (10,656,206 | ) | (7,453,814 | ) | ||||||||||||
Class R | (38,709 | ) | (332,221 | ) | (476,270 | ) | (399,291 | ) | (537,937 | ) | (732,695 | ) | ||||||||||||
Class R62 | (424,336 | ) | (1,760,096 | ) | (41,185 | ) | (379,855 | ) | (572,579 | ) | (685,266 | ) | ||||||||||||
Class Y | (1,545 | ) | (378,563 | ) | (242,979 | ) | (341,858 | ) | (1,697,455 | ) | (2,138,388 | ) | ||||||||||||
(3,862,028 | ) | (5,683,368 | ) | (4,928,968 | ) | (7,398,922 | ) | (29,965,328 | ) | (23,667,029 | ) | |||||||||||||
Net increase (decrease) | (2,248,027 | ) | (4,039,836 | ) | (1,746,482 | ) | (4,086,839 | ) | 20,516,582 | (3,410,104 | ) |
160
Delaware Ivy | ||||||||
Securian Real Estate Securities Fund | ||||||||
Year ended | ||||||||
3/31/22 | 3/31/21 | |||||||
Shares sold: | ||||||||
Class A | 336,547 | 305,015 | ||||||
Class B1 | 590 | 8 | ||||||
Class C | 11,424 | 5,844 | ||||||
Class E | 8,063 | 4,291 | ||||||
Class I | 1,182,727 | 898,381 | ||||||
Class R | 5,896 | 6,436 | ||||||
Class R62 | 21,285 | 6,908 | ||||||
Class Y | 529,171 | 208,200 | ||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||
Class A | 645,153 | 101,114 | ||||||
Class B1 | — | 271 | ||||||
Class C | 8,012 | 1,286 | ||||||
Class E | 13,322 | 2,183 | ||||||
Class I | 578,344 | 112,221 | ||||||
Class R | 2,372 | 294 | ||||||
Class R62 | 4,194 | 487 | ||||||
Class Y | 391,367 | 56,893 | ||||||
3,738,467 | 1,709,832 | |||||||
Shares redeemed: | ||||||||
Class A | (1,044,572 | ) | (1,656,509 | ) | ||||
Class B1 | (18,164 | ) | (34,025 | ) | ||||
Class C | (34,410 | ) | (89,028 | ) | ||||
Class E | (16,173 | ) | (37,015 | ) | ||||
Class I | (2,096,504 | ) | (2,291,008 | ) | ||||
Class R | (7,768 | ) | (7,744 | ) | ||||
Class R62 | (6,593 | ) | (12,223 | ) | ||||
Class Y | (468,792 | ) | (809,554 | ) | ||||
(3,692,976 | ) | (4,937,106 | ) | |||||
Net increase (decrease) | 45,491 | (3,227,274 | ) |
1 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. | |
2 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. |
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on previous pages and on the “Statements of changes in net assets.” For the year ended March 31, 2022, each Fund had the following exchange transactions:
161
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
Exchange | Exchange | |||||||||||
Redemptions | Subscriptions | Value | ||||||||||
Delaware Ivy Asset Strategy Fund | $ | 24,343,152 | ||||||||||
Class A | 232,417 | 707,648 | ||||||||||
Class B | 132,613 | — | ||||||||||
Class C | 556,832 | — | ||||||||||
Class I | 77,011 | 229,910 | ||||||||||
Class R6 | — | 10,933 | ||||||||||
Class Y | 4,052 | — | ||||||||||
Delaware Ivy Balanced Fund | $ | 20,149,636 | ||||||||||
Class A | 118,173 | 573,375 | ||||||||||
Class B | 86,638 | — | ||||||||||
Class C | 433,758 | 35 | ||||||||||
Class I | 79,924 | 143,179 | ||||||||||
Class Y | — | 5,538 | ||||||||||
Delaware Ivy Energy Fund | $ | 701,688 | ||||||||||
Class A | 14,481 | 90,137 | ||||||||||
Class B | 4,510 | — | ||||||||||
Class C | 31,674 | — | ||||||||||
Class I | 58,546 | 17,696 | ||||||||||
Delaware Ivy LaSalle Global Real Estate Fund | $ | 1,645,927 | ||||||||||
Class A | 8,376 | 133,331 | ||||||||||
Class B | 66,400 | — | ||||||||||
Class C | 44,132 | — | ||||||||||
Class I | 24,528 | 9,072 | ||||||||||
Delaware Ivy Natural Resources Fund | $ | 2,168,723 | ||||||||||
Class A | 116,343 | 30,234 | ||||||||||
Class B | 6,142 | — | ||||||||||
Class C | 29,803 | — | ||||||||||
Class I | 10,526 | 120,373 | ||||||||||
Delaware Ivy Science and Technology Fund | $ | 52,698,135 | ||||||||||
Class A | 224,177 | 319,262 | ||||||||||
Class B | 85,188 | — | ||||||||||
Class C | 289,867 | — | ||||||||||
Class E | — | 357 | ||||||||||
Class I | 31,620 | 211,548 | ||||||||||
Class R6 | — | 5,406 | ||||||||||
Class Y | 27,184 | — | ||||||||||
Delaware Ivy Securian Real Estate Securities Fund | $ | 1,393,141 | ||||||||||
Class A | 13,147 | 36,759 | ||||||||||
Class B | 12,943 | — | ||||||||||
Class C | 10,657 | — | ||||||||||
Class I | 14,660 | 13,650 |
7. Basis of consolidation for 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 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.
162
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 March 31, 2022 of the Subsidiary and the Company to the Fund.
Date of | Subscription | Fund Net | Subsidiary/ company net | Percentage of Fund net | ||||||||||||
Incorporation | Agreement | Assets | assets | assets | ||||||||||||
Ivy ASF ll, Ltd | 1-31-13 | 4-10-13 | $ | 2,394,405,691 | $ | 124,721,706 | 5.21 | % | ||||||||
Ivy ASF lll (SBP), | ||||||||||||||||
LLC | 4-9-13 | 4-23-13 | 2,394,405,691 | 121,232 | 0.01 |
8. Line of Credit
On November 1, 2021, the Funds were added (by way of amendment) as additional participants to a $355,000,000 revolving line of credit (Agreement). The Agreement also includes certain other funds in the Delaware Funds (together with the Funds, the Participants) and is intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. 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 Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on October 31, 2022.
Each Fund had no amounts outstanding as of March 31, 2022, or at any time during the period then ended.
9. 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 9) 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. This 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 year ended March 31, 2022.
10. Derivatives
US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.
Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
163
Notes to financial statements
Ivy Funds
10. Derivatives (continued)
The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty.
During the year ended March 31, 2022, Delaware Ivy Asset Strategy Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.
During the year ended March 31, 2022, Delaware Ivy Energy Fund, Delaware Ivy LaSalle Global Real Estate Fund, Delaware Ivy Natural Resources Fund and Delaware Ivy Science and Technology Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.
Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Delaware Ivy Asset Strategy Fund posted $622,545 cash collateral as margin for open futures contracts.
During the year ended March 31, 2022, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.
Options Contracts — During the year ended March 31, 2022, the Funds entered into options contracts in the normal course of pursuing their investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.
During the year ended March 31, 2022, Delaware Ivy Asset Strategy Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions, selling put options to purchase the underlying security for the Fund at a price
164
lower than the current market value of the security, to receive premiums for writing options, to protect the value of portfolio securities and to facilitate the investments in portfolio securities.
During the year ended March 31, 2022, Delaware Ivy Science and Technology Fund used options contracts 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 Contracts — Delaware Ivy Asset Strategy Fund entered into index swap contracts in the normal course of pursuing its investment objective. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.
Index Swaps. Index swaps involve commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent the total return of the security, instrument or basket of instruments underlying the transaction exceeds the offsetting interest obligation, Delaware Ivy Asset Strategy Fund will receive a payment from the counterparty. To the extent the total return of the security, instrument or basket of instruments underlying the transaction falls short of the offsetting interest obligation, Delaware Ivy Asset Strategy Fund will make a payment to the counterparty. The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract.
During the year ended March 31, 2022, Delaware Ivy Asset Strategy Fund used total return swaps to gain exposure to markets the Fund invests in.
Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”
Fair values of derivative instruments as of March 31, 2022 were as follows:
Delaware Ivy Asset Strategy Fund | ||||||||||||
Liability Derivatives Fair Value | ||||||||||||
Interest | ||||||||||||
Currency | Rate | |||||||||||
Statement of Assets and Liabilities Location | Contracts | Contracts | Total | |||||||||
Unrealized depreciation on foreign currency exchange contracts | $ | (7,030 | ) | $ | — | $ | (7,030 | ) | ||||
Variation margin due from broker on futures contracts* | — | (1,590,810 | ) | (1,590,810 | ) | |||||||
Total | $ | (7,030 | ) | $ | (1,590,810 | ) | $ | (1,597,840 | ) |
* | Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2022. Only current day variation margin is reported on Delaware Ivy Asset Strategy Fund’s “Statements of assets and liabilities.” |
The effect of derivative instruments on each Fund’s “Statement of operations” for the year ended March 31, 2022 was as follows:
165
Notes to financial statements
Ivy Funds
10. Derivatives (continued)
Delaware Ivy Asset Strategy Fund Net Realized Gain (Loss) on: | ||||||||||||||||||||
Foreign Currency Exchange Contracts | Options Purchased | Options Written | Swap Contracts | Total | ||||||||||||||||
Currency contracts | $ | (171,928 | ) | $ | — | $ | — | $ | — | $ | (171,928 | ) | ||||||||
Equity contracts | — | (6,616,011 | ) | 8,965,665 | — | 2,349,654 | ||||||||||||||
Credit contracts | — | — | — | 450,003 | 450,003 | |||||||||||||||
Total | $ | (171,928 | ) | $ | (6,616,011 | ) | $ | 8,965,665 | $ | 450,003 | $ | 2,627,729 |
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||||||
Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Options Written | Swap Contracts | Total | |||||||||||||||||||
Currency contracts | $ | (7,030 | ) | $ | — | $ | — | $ | — | $ | — | $ | (7,030 | ) | ||||||||||
Interest rate contracts | — | (1,590,810 | ) | — | — | — | (1,590,810 | ) | ||||||||||||||||
Equity contracts | — | — | (2,439,530 | ) | (1,390,691 | ) | — | (3,830,221 | ) | |||||||||||||||
Credit contracts | — | — | — | — | (382,195 | ) | (382,195 | ) | ||||||||||||||||
Total | $ | (7,030 | ) | $ | (1,590,810 | ) | $ | (2,439,530 | ) | $ | (1,390,691 | ) | $ | (382,195 | ) | $ | (5,810,256 | ) |
Delaware Ivy Science and Technology Fund | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Foreign | ||||||||||||||||
Currency | ||||||||||||||||
Exchange | Options | Options | ||||||||||||||
Contracts | Purchased | Written | Total | |||||||||||||
Currency contracts | $ | (53,872 | ) | $ | — | $ | — | $ | (53,872 | ) | ||||||
Equity contracts | — | (10,126,621 | ) | 6,508,782 | (3,617,839 | ) | ||||||||||
Total | $ | (53,872 | ) | $ | (10,126,621 | ) | $ | 6,508,782 | $ | (3,671,711 | ) |
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||
Futures | Options | Options | ||||||||||||||
Contracts | Purchased | Written | Total | |||||||||||||
Equity contracts | $ | — | $ | 3,535,883 | $ | (4,073,417 | ) | $ | (537,534 | ) |
During the year ended March 31, 2022, Delaware Ivy Energy Fund, Delaware Ivy LaSalle Global Real Estate Fund, and Delaware Ivy Natural Resources Fund experienced net realized and unrealized gains or losses attributable to foreign currency exchange contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”
166
During the year ended March 31, 2022, Delaware Ivy Balanced Fund experienced net realized and unrealized gains or losses attributable to futures contracts, which are disclosed on the “Statements of operations.”
The table below summarizes the average quarterly balance of derivative holdings by each Fund during the year ended March 31, 2022:
Long Derivative Volume | ||||||||||||
| | Delaware Ivy Asset Strategy Fund | | | Delaware Ivy Energy Fund | | | Delaware Ivy LaSalle Global Real Estate Fund | | |||
Foreign currency exchange contracts (average notional value) | $ | 137,004 | $ | 1,137,006 | $ | 27,443 | ||||||
Futures contracts (average notional value) | 12,363,313 | — | — | |||||||||
Options contracts (average notional value)* | 3,139,909 | — | — | |||||||||
Total Return Swap (average notional value) | 35,255 | — | — |
Long Derivative Volume | ||||||||
| | Delaware Ivy Natural Resources Fund | | | Delaware Ivy Science and Technology Fund | | ||
Foreign currency exchange contracts (average notional value) | $ | 341,219 | $ | — | ||||
Options contracts (average notional value)* | — | 2,025,324 |
Short Derivative Volume | ||||||||||||
Delaware Ivy Asset Strategy Fund | Delaware Ivy Balanced Fund | Delaware Ivy Energy Fund | ||||||||||
Foreign currency exchange contracts (average notional value) | $ | 8,683,939 | $ | — | $ | 8,382 | ||||||
Futures contracts (average notional value) | — | 24,987,642 | — | |||||||||
Options contracts (average notional value)* | 1,424,175 | — | — |
Short Derivative Volume | ||||||||||||
| | Delaware Ivy LaSalle Global Real Estate Fund | | Delaware Ivy Natural Resources Fund | | | Delaware Ivy Science and Technology Fund | | ||||
Foreign currency exchange contracts (average notional value) | $ | 83,372 | $ | 200,491 | $ | 20,253,615 | ||||||
Options contracts (average notional value)* | — | — | 1,900,175 |
* | Long represents purchased options and short represents written options. |
11. Offsetting
Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”
167
Notes to financial statements
Ivy Funds
11. Offsetting (continued)
At March 31, 2022, each Fund had the following assets and liabilities subject to offsetting provisions:
Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities
Delaware Ivy Asset Strategy Fund
Gross Value of | Gross Value of | |||||||||||
Derivative | Derivative | Net | ||||||||||
Counterparty | Asset | Liability | Position | |||||||||
Bank of New York Mellon | $ | — | $ | (7,030 | ) | $ | (7,030 | ) |
Fair Value of | Fair Value of | |||||||||||||||||||||||
Net | Non-Cash Collateral | Cash Collateral | Non-Cash Collateral | Cash Collateral | Net | |||||||||||||||||||
Counterparty | Position | Received | Received | Pledged | Pledged | Exposure(a) | ||||||||||||||||||
Bank of New York Mellon | $ | (7,030 | ) | $ | — | $ | — | $ | — | $ | — | $ | (7,030 | ) |
Delaware Ivy LaSalle Global Real Estate Fund
Gross Value of Derivative | Gross Value of Derivative | Net | ||||||||||
Counterparty | Asset | Liability | Position | |||||||||
Bank of New York Mellon | $ | 1,478 | $ | — | $ | 1,478 |
Fair Value of | Fair Value of | |||||||||||||||||||||||
Net | Non-Cash Collateral | Cash Collateral | Non-Cash Collateral | Cash Collateral | Net | |||||||||||||||||||
Counterparty | Position | Received | Received | Pledged | Pledged | Exposure(a) | ||||||||||||||||||
Bank of New York Mellon | $ | 1,478 | $ | — | $ | — | $ | — | $ | — | $ | 1,478 |
Delaware Ivy Natural Resources Fund
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||||||||
Bank of New York Mellon | $ | — | $ | (1,171 | ) | $ | (1,171 | ) |
Fair Value of | Fair Value of | |||||||||||||||||||||||
Net | Non-Cash Collateral | Cash Collateral | Non-Cash Collateral | Cash Collateral | Net | |||||||||||||||||||
Counterparty | Position | Received | Received | Pledged | Pledged | Exposure(a) | ||||||||||||||||||
Bank of New York Mellon | $ | (1,171 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1,171 | ) |
Securities Lending
Securities lending transactions are entered into by the Funds under master securities lending agreements (each, an MSLA) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral (see also Note 12).
As of March 31, 2022, the following table is a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:
168
Delaware Ivy Asset Strategy Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned at | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | Value | Received(b) | Received | Received | Exposure(a) | |||||||||||||||
Bank of New York Mellon | $ | 24,684,133 | $ | (5,566,953 | ) | $ | (19,117,180 | ) | $ | (24,684,133 | ) | $ | — |
Delaware Ivy Balanced Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned at | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | Value | Received(b) | Received(b) | Received | Exposure(a) | |||||||||||||||
Bank of New York Mellon | $ | 20,650,971 | $ | - | $ | (20,650,971 | ) | $ | (20,650,971 | ) | $ | — |
Delaware Ivy Energy Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned at | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | Value | Received(b) | Received | Received | Exposure(a) | |||||||||||||||
Bank of New York Mellon | $ | 11,860,537 | $ | (7,118,397 | ) | $ | (4,742,140 | ) | $ | (11,860,537 | ) | $ | — |
Delaware Ivy LaSalle Global Real Estate Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned at | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | Value | Received(b) | Received | Received | Exposure(a) | |||||||||||||||
Bank of New York Mellon | $ | 641,901 | $ | (131,165 | ) | $ | (510,736 | ) | $ | (641,901 | ) | $ | — |
Delaware Ivy Natural Resources Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned at | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | Value | Received(b) | Received | Received | Exposure(a) | |||||||||||||||
Bank of New York Mellon | $ | 4,246,104 | $ | (4,246,104 | ) | $ | — | $ | (4,246,104 | ) | $ | — |
Delaware Ivy Science and Technology Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned at | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | Value | Received(b) | Received | Received | Exposure(a) | |||||||||||||||
Bank of New York Mellon | $ | 142,732,344 | $ | (135,919,618 | ) | $ | (6,812,726 | ) | $ | (142,732,344 | ) | $ | — |
(a) | Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default. | |
(b) | The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of March 31, 2022, as applicable. |
12. Securities Lending
Each Fund, along with other funds in Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the
169
Notes to financial statements
Ivy Funds
12. Securities Lending (continued)
following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.
Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2022:
Overnight | ||||||||||||||||||||
and | Under | Between | Over | |||||||||||||||||
Securities Lending Transactions | continuous | 30 days | 30 & 90 days | 90 Days | Total | |||||||||||||||
Delaware Ivy Asset Strategy Fund | ||||||||||||||||||||
Money Market Mutual Fund | $ | 7,948,188 | $ | — | $ | — | $ | — | $ | 7,948,188 | ||||||||||
Delaware Ivy Balanced Fund | ||||||||||||||||||||
Money Market Mutual Fund | 247,500 | — | — | — | 247,500 | |||||||||||||||
Delaware Ivy Energy Fund | ||||||||||||||||||||
Money Market Mutual Fund | 7,670,917 | — | — | — | 7,670,917 | |||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund | ||||||||||||||||||||
Money Market Mutual Fund | 180,571 | — | — | — | 180,571 | |||||||||||||||
Delaware Ivy Natural Resources Fund | ||||||||||||||||||||
Money Market Mutual Fund | 4,520,493 | — | — | — | 4,520,493 | |||||||||||||||
Delaware Ivy Science and Technology Fund | ||||||||||||||||||||
Money Market Mutual Fund | 143,586,226 | — | — | — | 143,586,226 |
The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of March 31, 2022:
170
Delaware Ivy | ||||||||||||||||
Delaware Ivy | LaSalle | |||||||||||||||
Asset Strategy | Delaware Ivy Balanced | Delaware Ivy Energy | Global Real Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Values of securities on loan | $ | 24,684,133 | $ | 20,650,971 | $ | 11,860,537 | $ | 641,901 | ||||||||
Values of non-cash collateral | 19,117,180 | 20,889,919 | 4,742,140 | 510,736 | ||||||||||||
Values of invested collateral | 7,948,188 | 247,500 | 7,670,917 | 180,571 |
Delaware Ivy | Delaware Ivy | |||||||
Natural | Science and | |||||||
Resources | Technology | |||||||
Fund | Fund | |||||||
Values of securities on loan | $ | 4,246,104 | $ | 142,732,344 | ||||
Values of non-cash collateral | — | 6,812,726 | ||||||
Values of invested collateral | 4,520,493 | 143,586,226 |
Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral.”
13. Credit and Market Risk
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.
Certain Funds invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Certain Funds invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts
171
Notes to financial statements
Ivy Funds
13. Credit and Market Risk (continued)
in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.
Certain Funds invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.
As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.
Certain Funds invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
Certain Funds may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended March 31, 2022. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.
Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Trust’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”
172
14. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
15. Recent Accounting Pronouncements
In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.
16. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in the Funds’ financial statements.
173
Report of independent
registered public accounting firm
To the Board of Trustees of Ivy Funds and Shareholders of 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 Asset Strategy Fund and Delaware Ivy Balanced Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 Asset Strategy Fund and Delaware Ivy Balanced Fund (seven of the funds constituting Ivy Funds, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the two years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Funds, as of and for the year ended March 31, 2020 and the financial highlights for each of the periods ended on or prior to March 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated May 18, 2020 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agents, portfolio company investees, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers
LLP Philadelphia, Pennsylvania
June 2, 2022
We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie® since 2010.
174
Other Fund information (Unaudited)
Ivy Funds
Tax Information
The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.
All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.
For the fiscal year ended March 31, 2022, the Funds report distributions paid during the year as follows:
(A) | ||||||||||||||||
Long-Term | (B) | |||||||||||||||
Capital Gains | Ordinary Income | Total | (C) | |||||||||||||
Distributions | Distributions* | Distributions | Qualifying | |||||||||||||
(Tax Basis) | (Tax Basis) | (Tax Basis) | Dividends1 | |||||||||||||
Delaware Ivy Asset Strategy Fund | 74.24 | % | 25.76 | % | 100.00 | % | 12.16 | % | ||||||||
Delaware Ivy Balanced Fund | 88.93 | % | 11.07 | % | 100.00 | % | 72.47 | % | ||||||||
Delaware Ivy Energy Fund | — | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||
Delaware Ivy LaSalle Global Real Estate Fund | — | 100.00 | % | 100.00 | % | — | ||||||||||
Delaware Ivy Natural Resources Fund | — | 100.00 | % | 100.00 | % | 95.72 | % | |||||||||
Delaware Ivy Science and Technology Fund | 98.53 | % | 1.47 | % | 100.00 | % | 67.58 | % | ||||||||
Delaware Ivy Securian Real Estate Securities Fund | 67.96 | % | 32.04 | % | 100.00 | % | — |
(A) | and (B) are based on a percentage of each Fund’s total distributions. | |
(C) | is based on the Fund’s ordinary income distributions. | |
1 | Qualified dividends represent dividends which qualify for the corporate dividends received deduction. | |
* | For the fiscal year ended March 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are as reported in the following table. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV. |
Delaware Ivy | |||||||||
Asset Strategy | Delaware Ivy | Delaware Ivy | |||||||
Fund | Balanced Fund | Energy Fund | |||||||
33.12% | 74.34% | 100.00% |
Delaware Ivy | Delaware Ivy | |||||||
LaSalle Global | Delaware Ivy | Science and | ||||||
Real Estate | Natural | Technology | ||||||
Fund | Resources Fund | Fund | ||||||
— | 100.00% | 84.02% |
Delaware Ivy | ||||||||
Securian Real | ||||||||
Estate | ||||||||
Securities Fund | ||||||||
— |
The percentage of the ordinary dividends reported by Delaware Ivy Balanced Fund that is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is 26.23%.
175
Other Fund information (Unaudited)
Ivy Funds
Board consideration of sub-advisory agreement for Delaware Ivy Asset Strategy Fund at a meeting held September 13, 2021
At a meeting held on September 13, 2021, the Board of Trustees (the “Board”) of Delaware Ivy Asset Strategy Fund (the “Fund”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).
In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMAK; information concerning MIMAK’s organizational structure and the experience of its key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; and a copy of the Sub-Advisory Agreement.
In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with its independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement as described at the Meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Fund. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will include the provision of discretionary investment management services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Fund and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Fund and its shareholders.
Investment performance. In regard to the appointment of MIMAK for the Fund, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.
Sub-advisory fee. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Fund as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fee, the Board also reviewed and considered the fee in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fee is paid by DMC to MIMAK and is not an additional fee borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.
Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Fund and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fee is paid by DMC out of its management fee, and changes in the level of sub-advisory fee have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Fund. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of its investment strategies. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, its effective investment management fee rates decline.
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Board consideration of sub-advisory agreement for Delaware Ivy Balanced Fund at a meeting held September 13, 2021
At a meeting held on September 13, 2021, the Board of Trustees (the “Board”) of Delaware Ivy Balanced Fund (the “Fund”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).
In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMAK; information concerning MIMAK’s organizational structure and the experience of its key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; and a copy of the Sub-Advisory Agreement.
In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with its independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement as described at the Meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Fund. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will include the provision of discretionary investment management services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Fund and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Fund and its shareholders.
Investment performance. In regard to the appointment of MIMAK for the Fund, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.
Sub-advisory fee. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Fund as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fee, the Board also reviewed and considered the fee in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fee is paid by DMC to MIMAK and is not an additional fee borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.
Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Fund and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fee is paid by DMC out of its management fee, and changes in the level of sub-advisory fee have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Fund. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of its investment strategies. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, its effective investment management fee rates decline.
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Board of trustees and officers addendum
Delaware Funds by Macquarie®
A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.
Number of | Other | |||||||||
Principal | Portfolios in Fund | Directorships | ||||||||
Name, | Position(s) | Occupation(s) | Complex Overseen | Held by | ||||||
Address, | Held with | Length of Time | During the | by Trustee | Trustee | |||||
and Birth Date | Fund(s) | Served | Past Five Years | or Officer | or Officer | |||||
Interested Trustee | ||||||||||
Shawn K. Lytle1 | President, | President and | Global Head of Macquarie Asset Management2 | 146 | Trustee — UBS | |||||
610 Market Street | Chief Executive Officer, | Chief Executive Officer | (January 2019–Present) | Relationship Funds, SMA | ||||||
Philadelphia, PA | and Trustee | since August 2015 | Head of Americas of | Relationship Trust, and | ||||||
19106-2354 | Trustee since | Macquarie Group | UBS Funds | |||||||
February 1970 | September 2015 | (December 2017–Present) | (May 2010–April 2015) | |||||||
Deputy Global Head of Macquarie Asset | ||||||||||
Management | ||||||||||
(2017–2019) | ||||||||||
Head of Macquarie Asset Management | ||||||||||
Americas | ||||||||||
(2015–2017) | ||||||||||
Independent Trustees | ||||||||||
Jerome D. Abernathy3 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital | 146 | None | |||||
610 Market Street | Management, LLC (financial | |||||||||
Philadelphia, PA | technology: macro factors and databases) | |||||||||
19106-2354 | (January 1993-Present) | |||||||||
July 1959 | ||||||||||
Thomas L. Bennett3 | Chair and Trustee | Trustee since March | Private Investor | 146 | None | |||||
610 Market Street | 2005 | (March 2004–Present) | ||||||||
Philadelphia, PA | Chair since March 2015 | |||||||||
19106-2354 | ||||||||||
October 1947 | ||||||||||
Ann D. Borowiec3 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth | 146 | Director — Banco | |||||
610 Market Street | Management (2011–2013) and Market | Santander International | ||||||||
Philadelphia, PA | Manager, New Jersey Private Bank (2005– | (October 2016–December | ||||||||
19106-2354 | 2011) — J.P. Morgan Chase & Co. | 2019) | ||||||||
November 1958 | Director — Santander | |||||||||
Bank, N.A. (December | ||||||||||
2016–December 2019) | ||||||||||
Joseph W. Chow3 | Trustee | Since January 2013 | Private Investor | 146 | Director and Audit | |||||
610 Market Street | (April 2011–Present) | Committee Member — | ||||||||
Philadelphia, PA | Hercules Technology | |||||||||
19106-2354 | Growth Capital, Inc. | |||||||||
January 1953 | (July 2004–July 2014) |
178
Number of | Other | |||||||||
Principal | Portfolios in Fund | Directorships | ||||||||
Name, | Position(s) | Occupation(s) | Complex Overseen | Held by | ||||||
Address, | Held with | Length of Time | During the | by Trustee | Trustee | |||||
and Birth Date | Fund(s) | Served | Past Five Years | or Officer | or Officer | |||||
H. Jeffrey Dobbs | Trustee | Since April 2019 | Global Sector Chairman, | 146 | Director, Valparaiso | |||||
610 Market Street | Industrial Manufacturing, | University | ||||||||
Philadelphia, PA | KPMG LLP | (2012–Present) | ||||||||
19106-2354 | (2010-2015) | Director, TechAccel LLC | ||||||||
May 1955 | (2015–Present) (Tech | |||||||||
R&D) | ||||||||||
Board Member, Kansas | ||||||||||
City Repertory Theatre | ||||||||||
(2015–Present) | ||||||||||
Board Member, Patients | ||||||||||
Voices, Inc. (healthcare) | ||||||||||
(2018–Present) | ||||||||||
Kansas City Campus for | ||||||||||
Animal Care | ||||||||||
(2018–Present) | ||||||||||
Director, National | ||||||||||
Association of | ||||||||||
Manufacturers | ||||||||||
(2010–2015) | ||||||||||
Director, The Children’s | ||||||||||
Center | ||||||||||
(2003–2015) | ||||||||||
Director, Metropolitan | ||||||||||
Affairs Coalition | ||||||||||
(2003–2015) | ||||||||||
Director, Michigan | ||||||||||
Roundtable for Diversity | ||||||||||
and Inclusion | ||||||||||
(2003–2015) | ||||||||||
Trustee, Ivy Funds | ||||||||||
Complex | ||||||||||
(2019–2021) | ||||||||||
John A. Fry3 | Trustee | Since January 2001 | Drexel University | 146 | Director; Compensation | |||||
610 Market Street | (August 2010–Present) | Committee and | ||||||||
Philadelphia, PA | President — Franklin & Marshall College | Governance Committee | ||||||||
19106-2354 | (July 2002–June 2010) | Member — Community | ||||||||
May 1960 | Health Systems | |||||||||
(May 2004–Present) | ||||||||||
Director — Drexel Morgan | ||||||||||
& Co. (2015–2019) | ||||||||||
Director, Audit and | ||||||||||
Compensation Committee | ||||||||||
Member — vTv | ||||||||||
Therapeutics Inc. | ||||||||||
(2017–Present) | ||||||||||
Director and Audit | ||||||||||
Committee Member — FS | ||||||||||
Credit Real Estate Income | ||||||||||
Trust, Inc. (2018–Present) | ||||||||||
Director — Federal | ||||||||||
Reserve | ||||||||||
Bank of Philadelphia | ||||||||||
(January 2020–Present) |
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Board of trustees and officers addendum
Delaware Funds by Macquarie®
Number of | Other | |||||||||
Principal | Portfolios in Fund | Directorships | ||||||||
Name, | Position(s) | Occupation(s) | Complex Overseen | Held by | ||||||
Address, | Held with | Length of Time | During the | by Trustee | Trustee | |||||
and Birth Date | Fund(s) | Served | Past Five Years | or Officer | or Officer | |||||
Joseph Harroz, Jr. | Trustee | Since November 1998 | President (2020–Present), Interim President | 146 | Director, OU Medicine, | |||||
610 Market Street | (2019–2020), Vice President (2010–2019) and | Inc. | ||||||||
Philadelphia, PA | Dean (2010–2019), College of Law, University | (2020–Present) | ||||||||
19106-2354 | of Oklahoma; Managing Member, Harroz | Director and Shareholder, | ||||||||
January 1967 | Investments, LLC, (commercial enterprises) | Valliance Bank | ||||||||
(1998–2019); Managing Member, St. Clair, | (2007–Present) | |||||||||
LLC (commercial enterprises) (2019–Present) | Director, Foundation | |||||||||
Healthcare (formerly | ||||||||||
Graymark HealthCare) | ||||||||||
(2008–2017) | ||||||||||
Trustee, the Mewbourne | ||||||||||
Family Support | ||||||||||
Organization | ||||||||||
(2006–Present) (non- | ||||||||||
profit) Independent | ||||||||||
Director, LSQ Manager, | ||||||||||
Inc. (real estate) | ||||||||||
(2007–2016) | ||||||||||
Director, Oklahoma | ||||||||||
Foundation for Excellence | ||||||||||
(non-profit) | ||||||||||
(2008–Present) | ||||||||||
Trustee, Ivy Funds | ||||||||||
Complex | ||||||||||
(1998–2021) | ||||||||||
Sandra A.J. Lawrence | Trustee | Since April 2019 | Chief Administrative Officer, Children’s Mercy | 146 | Director, Hall Family | |||||
610 Market Street | Hospitals and Clinics | Foundation | ||||||||
Philadelphia, PA | (2016–2019); | (1993–Present) | ||||||||
19106-2354 | CFO, Children’s Mercy Hospitals and Clinics | Director, Westar Energy | ||||||||
September 1957 | (2005–2016) | (utility) (2004–2018) | ||||||||
Trustee, Nelson-Atkins | ||||||||||
Museum of Art (non-profit) | ||||||||||
(2021–Present) | ||||||||||
(2007–2020) | ||||||||||
Director, Turn the Page | ||||||||||
KC (non-profit) | ||||||||||
(2012–2016) | ||||||||||
Director, Kansas | ||||||||||
Metropolitan Business and | ||||||||||
Healthcare Coalition (non- | ||||||||||
profit) (2017–2019) | ||||||||||
Director, National | ||||||||||
Association of Corporate | ||||||||||
Directors (non-profit) | ||||||||||
National Board (2022– | ||||||||||
Present); Regional Board | ||||||||||
(2017–2021) | ||||||||||
Director, American Shared | ||||||||||
Hospital Services (medical | ||||||||||
device) (2017–2021) | ||||||||||
Director, Evergy, Inc., | ||||||||||
Kansas City Power & Light | ||||||||||
Company, KCP&L Greater | ||||||||||
Missouri Operations | ||||||||||
Company, Westar Energy, | ||||||||||
Inc. and Kansas Gas and | ||||||||||
Electric Company (related | ||||||||||
utility companies) (2018– | ||||||||||
Present) |
180
Number of | Other | |||||||||
Principal | Portfolios in Fund | Directorships | ||||||||
Name, | Position(s) | Occupation(s) | Complex Overseen | Held by | ||||||
Address, | Held with | Length of Time | During the | by Trustee | Trustee | |||||
and Birth Date | Fund(s) | Served | Past Five Years | or Officer | or Officer | |||||
Sandra A.J. Lawrence (continued) 610 Market Street Philadelphia, PA 19106-2354 September 1957 | Trustee | Since April 2019 | Chief Administrative Officer, Children’s Mercy Hospitals and Clinics (2016–2019); CFO, Children’s Mercy Hospitals and Clinics (2005–2016) | 146 | Director, Stowers (research) (2018) Co-Chair, Women Corporate Directors (director education) (2018–2020) Trustee, Ivy Funds Complex (2019-2021) Director, Brixmor Property Group Inc. (2021–Present) Director, Sera Prognostics Inc. (biotechnology) (2021–Present) Director, Recology (resource recovery) (2021–Present) | |||||
Frances A. Sevilla-Sacasa3 610 Market Street Philadelphia, PA 19106-2354 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011–March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 146
| Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Audit and Compensation Committee Member — Callon Petroleum Company (December 2019–Present) Director — New Senior Investment Group Inc. (January 2021–September 2021) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018– December 2019) | |||||
Thomas K. Whitford3 610 Market Street Philadelphia, PA 19106-2354 March 1956 | Trustee
| Since January 2013
| Vice Chairman — PNC Financial Services Group (2010–April 2013) | 146 | Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018)
| |||||
181
Board of trustees and officers addendum
Delaware Funds by Macquarie®
Number of | Other | |||||||||
Principal | Portfolios in Fund | Directorships | ||||||||
Name, | Position(s) | Occupation(s) | Complex Overseen | Held by | ||||||
Address, | Held with | Length of Time | During the | by Trustee | Trustee | |||||
and Birth Date | Fund(s) | Served | Past Five Years | or Officer | or Officer | |||||
Christianna Wood3 610 Market Street Philadelphia, PA 19106-2354 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present) | 146 | Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–October 2021), The Merger Fund VL (2013–October 2021); WCM Alternatives: Event- Driven Fund (2013– October 2021), and WCM Alternatives: Credit Event Fund (December 2017–October 2021) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016) | |||||
Janet L. Yeomans3 610 Market Street Philadelphia, PA 19106-2354 July 1948 | Trustee
| Since April 1999 | Vice President and Treasurer (January 2003–January 2006), (July 1995–January 2003) — 3M Company
| 146
| Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017) | |||||
Officers | ||||||||||
David F. Connor 610 Market Street Philadelphia, PA 19106-2354 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | David F. Connor has served in various capacities at different times at Macquarie Asset Management. | 146 | None4 | |||||
Daniel V. Geatens 610 Market Street Philadelphia, PA 19106-2354 October 1972 | Senior Vice President and Treasurer | Senior Vice President and Treasurer since October 2007 | Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management. | 146 | None4 | |||||
Richard Salus 610 Market Street Philadelphia, PA 19106-2354 October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | Richard Salus has served in various capacities at different times at Macquarie Asset Management. | 146 | None |
1 | Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor. Mr. Lytle was appointed as Trustee of the Trust effective April 30, 2021. |
182
2 | Macquarie Asset Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor and principal underwriter. | |
3 | Messrs. Abernathy, Bennett, Chow, Fry, Whitford, and Mss. Borowiec, Sevilla-Sacasa, Wood, Yeomans were appointed as Trustees of the Trust effective April 30, 2021. | |
4 | David F. Connor serves as Senior Vice President and Secretary, and Daniel V. Geatens serves as Senior Vice President, Treasurer, and Chief Financial Officer, for the six portfolios of the Optimum Fund Trust, which have the same investment advisor and principal underwriter as the registrant. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds. |
The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 888 923-3355.
183
Board of directors/trustees
Shawn K. Lytle President and Chief Executive Officer
Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC
Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie
Ann D. Borowiec Former Chief Executive Officer Private Wealth Management
Joseph W. Chow Private Investor
H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing KPMG LLP
John A. Fry President
Joseph Harroz, Jr. President University of Oklahoma
Sandra A.J. Lawrence Former Chief Administrative Officer Hospitals and Clinics | Frances A. Sevilla-Sacasa Former Chief Executive Officer
Thomas K. Whitford Former Vice Chairman PNC Financial Services Group
Christianna Wood Chief Executive Officer and President
Janet L. Yeomans Former Vice President and Treasurer
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie
Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie
Richard Salus Senior Vice President and
This annual report is for the information of 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, and Delaware Ivy Securian Real Estate Securities Fund, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature. | Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 888 923-3355; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov. |
184
Annual report
Equity funds
Delaware Ivy Core Equity Fund (formerly, Ivy Core Equity Fund)
Delaware Ivy Large Cap Growth Fund (formerly, Ivy Large Cap Growth Fund)
Delaware Ivy Mid Cap Growth Fund (formerly, Ivy Mid Cap Growth Fund)
Delaware Ivy Mid Cap Income Opportunities Fund (formerly, Ivy Mid Cap Income Opportunities Fund)
Delaware Ivy Small Cap Growth Fund (formerly, Ivy Small Cap Growth Fund)
Delaware Ivy Smid Cap Core Fund (formerly, Ivy Small Cap Core Fund)
Delaware Ivy Value Fund (formerly, Ivy Value Fund) | Fixed income funds
Delaware Ivy Global Bond Fund (formerly, Ivy Global Bond Fund)
Delaware Ivy Government Market Fund (formerly, Ivy Government Money Market Fund)
Delaware Ivy High Income Fund (formerly, Ivy High Income Fund)
Delaware Ivy Limited-Term Bond Fund (formerly, Ivy Limited-Term Bond Fund)
Delaware Ivy Municipal Bond Fund (formerly, Ivy Municipal Bond Fund)
Delaware Ivy Municipal High Income Fund (formerly, Ivy Municipal High Income Fund)
Delaware Ivy Securian Core Bond Fund (formerly, Ivy Securian Core Bond Fund)
Global / international equity funds
Delaware Ivy Global Equity Income Fund (formerly, Ivy Global Equity Income Fund)
Delaware Ivy Global Growth Fund (formerly, Ivy Global Growth Fund)
Delaware Ivy International Core Equity Fund (formerly, Ivy International Core Equity Fund)
Delaware Ivy International Value Fund (formerly, Delaware Ivy Pzena International Value Fund)
Delaware Ivy Systematic Emerging Markets Equity Fund (formerly, Delaware Ivy Emerging Markets Equity Fund, and before that, Ivy Emerging Markets Equity Fund)
Multi-asset fund
Delaware Ivy Managed International Opportunities Fund (formerly, Ivy Managed International Opportunities Fund) |
March 31, 2022
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 delawarefunds.com/literature or calling 800 523-1918. 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 delawarefunds.com/edelivery.
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.
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 for the Funds at delawarefunds.com/literature.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Funds are governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of March 31, 2022, 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.
© 2022 Macquarie Management Holdings, Inc.
Delaware Ivy Core Equity Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Core Equity Fund (Class I shares) | 1-year return | +14.00 | % | |||
Delaware Ivy Core Equity Fund (Class A shares) | 1-year return | +13.88 | % | |||
S&P 500® Index (benchmark) | 1-year return | +15.65 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Core Equity Fund, please see the table on page 50.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 52 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital growth and appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
Market review
For the year ended March 31, 2022, the S&P 500® index gained 15.65%. Energy shares were by far the market’s best performers, increasing more than 60%. The real estate, information technology (IT), utilities, and healthcare sectors also performed better than the overall market. The communication services, industrials, and consumer discretionary sectors were among the market’s laggards. That said, the final quarter of the fiscal period was volatile and, except for energy, leadership within the broader market decisively tilted toward the defensive sectors.
The most notable development in the US over the past 12 months was an accelerated recovery from the sharp contraction in growth induced by the arrival of the COVID-19 virus in the spring of 2020. In the fiscal year, growth in consumption and employment were nothing short of extraordinary and were clearly aided by aggressive fiscal support (stimulus payments) and easy monetary policy.
During the Fund’s fiscal year, the US unemployment rate fell from 6% to 3.6% in March. In February, Department of Labor data suggested there were 4.6 million more job openings than the number of unemployed workers. With the sharp drop in unemployment, wage growth accelerated from a less-than-1% gain year-over-year in April 2021 to more than 5.5% today.
Consumers, who drive 70% of US economic growth, have spent liberally on purchases of tangible goods while service expenditures remain below trend. Notably, travel expenditures failed to rebound to pre-pandemic levels. Meanwhile, supply chains have not kept pace with the consumer recovery, leading to inflation levels not seen since 1980. Inflation, now near 8%, has become the real story in financial markets today and has only been made worse by the recent conflict in Eastern Europe, home to more than 10% of the world’s oil production and nearly 40% of the European Union’s natural gas imports.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Core Equity Fund gained, although it underperformed its benchmark, the S&P 500 Index. The Fund’s Class I shares gained 14.00%. The Fund’s Class A shares rose 13.88% at net asset value and 9.91% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 15.65%. For complete, annualized performance of Delaware Ivy Core Equity Fund, please see the table on page 50.
The Fund’s sector weightings relative to the benchmark drove the underperformance for the fiscal period, largely the result of our lack of ownership within the energy sector, which performed well. We failed to anticipate tight supplies of oil, initially because of the disinvestment that preceded and continued through the pandemic and, later, because of the war in Eastern Europe.
Individual stock selection contributed to performance with strong share gains from Fund holdings in Blackstone Inc., Costco Wholesale Corp., and Aon PLC, and the lack of a position in Meta
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Delaware Ivy Core Equity Fund
Platforms Inc. (formerly Facebook). Fiserv Inc., a provider of financial technology and merchant acceptance for credit cards and digital payments, was our single weakest stock holding for the fiscal period. Investors’ concern with competitors, overdone in our opinion, led to significant valuation contraction. We still hold Fiserv and believe its valuation vis-à-vis the market as attractive.
Zimmer Biomet Holdings Inc., a medical device firm focused on hip, knee, and spine implants, detracted from performance. After owning the company through a period of reduced demand associated with delays in discretionary healthcare procedures caused by the pandemic, we lost confidence in the firm’s competitive position within the growing non-hospital surgical setting and exited our position.
In early 2020, as the economic recovery progressed, opportunity in the market was plentiful, particularly in areas undergoing substantial earnings disruption in otherwise strong businesses. The Fund benefited from these disruptions by investing in hospitals (HCA Healthcare Inc.), consumer finance (Discover Financial Services and American Express Co.), industrial rental equipment (United Rentals Inc.), and capital market related firms (Blackstone Inc., KKR & Co. Inc., and Morgan Stanley). Throughout much of the last fiscal year, however, that pandemic-induced valuation opportunity diminished. We amended our approach to be more cautious with sector overweight positions that included financials. We focused less on pandemic recovery and more on the likelihood of greater financial market volatility with holdings such as CME Group Inc. and Intercontinental Exchange Inc., and to a lesser extent on firms we believed had the potential to benefit from a lagging travel recovery (American Express) and higher interest rates (The Charles Schwab Corp.).
We have held an underweight position in the consumer discretionary sector, assuming that spending on goods, which benefited substantially from government stimulus, would eventually normalize. This sector call was the correct one, though our holding of an auto supplier did hurt performance. We also shied away from popular communications names like Meta Platforms, which is undergoing a metamorphosis of sorts with increased competition, a capital expenditure bubble, and a pivot to the “meta-verse,” a loosely defined vision of how consumers will increasingly interact online. We controlled the risk level of the Fund by bringing total risk and market-related risk below what we believe is that of the market. Our biggest missteps over the past 12 months included our lack of ownership within the energy sector, our lack of ownership in Tesla Inc. and Nvidia Corp., based on valuation, and our ownership in Zimmer Biomet and Fiserv.
Current Fund positioning reflects our more cautious view of the economic climate over the coming fiscal year. First, we have cash that we can deploy if and when valuations improve as companies see a temporary slowdown in growth rates. Portfolio total risk and market risk are below that of the S&P 500. Second, we continue to avoid what we assess are rapid growth and high valuation equities, particularly within the IT sector that so far has benefited substantially from the pandemic and recovery in spending and capital expenditures. Third, we are generally avoiding deep value as we think slowing growth will likely have the most impact on firms more closely connected to the economic cycle. Most of the Fund’s current holdings can be classified as reasonable growth at a reasonable price.
We have stepped up our emphasis on what we think are strong businesses that have succumbed to margin degradation resulting from inflationary pressures but have the pricing power to recover lost margin. The Progressive Corp. and The Sherwin-Williams Co. are two companies that illustrate our thinking. Progressive is a leading auto insurer that competes with a direct-to-consumer model allowing it to offer auto and home insurance directly to consumers, bypassing agents that by definition have a difficult time competing on price. Extraordinary growth in used-car values, a function of parts shortages for new cars, has eroded the insurer’s margins as loss costs have increased. Progressive and its higher-cost competitors are aggressively raising prices in an effort to recover lost margins and restore profitability to trend levels. As the competition raises price, we believe consumers will shop for insurance more frequently and may likely consider Progressive given its prices.
Likewise, Sherwin-Williams has seen a sharp degradation in margin levels as paint and coatings raw materials have escalated at the fastest pace since 2011. The industry has experienced severe cost pressures in the past, each time affecting gross margins. As paint is a generally consolidated industry, competitors typically respond with aggressive price actions to restore profitability. With Sherwin-William’s shares down substantially, the result of temporary cost pressures, we are optimistic about a re-acceleration in earnings growth in a market that has previously demonstrated pricing power.
We expect that opportunities will grow as investors navigate the complex environment of rising interest rates, normalizing consumer demand, and continuing challenges associated with COVID-19. In our view, there are times to take risks within the equity market and times to wait for opportunities to emerge. We are in the latter stage and welcome the chance to buy what we consider to be great businesses on sale so that we may help our clients build long-term value in the equity market. Thank you for your continued interest in the Fund.
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Portfolio management reviews
Delaware Ivy Global Bond Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Global Bond Fund (Class I shares) | 1-year return | -4.08 | % | |||
Delaware Ivy Global Bond Fund (Class A shares) | 1-year return | -4.39 | % | |||
Bloomberg 1-10 Year Global Aggregate Index Hedged USD (benchmark) | 1-year return | -3.46 | % | |||
Bloomberg US Universal Index (former benchmark) | 1-year return | -4.23 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Global Bond Fund, please see the table on page 53.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 55 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide a combination of current income and capital appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio management team of Andrew Vonthethoff of Delaware Management Company 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 November 15, 2021.
Market review
Fixed income markets changed materially during the Fund’s fiscal year ended March 31, 2022, with a clear pivot in the fourth quarter of 2021 on the characterization of inflation pressures in the US and global economies. Inflation was initially treated as “transitory” and likely to dissipate once supply chains normalized, but the US Federal Reserve’s messaging turned hawkish in late November, marking the beginning of a sharp change in most financial markets. Broad economic growth has continued to be solid, particularly in the US, though the pace of recovery from the pandemic has clearly slowed in recent quarters. The pandemic remained a background issue, with repeated spikes across developed and emerging markets but fewer direct economic costs. Geopolitics also brought a set of meaningful new risks in early 2022, centered on Russia’s invasion of Ukraine. Markets were the most responsive to changes in central bank expectations, with increasingly aggressive pricing of rate hikes driving significant repricing in both rates and credit markets and setting the stage for increased volatility for the remainder of the Fund’s fiscal year.
Inflation was the single key factor influencing market sentiment over the 12-month period, and particularly in the last six months. Inflation pressures that had built steadily through late 2020 continued into 2021, with a myriad of causes cited: a strong rebound in consumer demand following large stimulus payments; curtailed supply chains in everything from raw commodities to semiconductors; tighter labor markets than employment numbers would suggest; and significant changes in consumption patterns. For much of 2021, the Fed assuaged markets by characterizing inflation as transitory, with supply bottlenecks as the key driver of price pressures and likely to gradually correct.
The Fed’s change in inflation messaging in November kicked off an aggressive reassessment of central bank policy and repricing in bond markets. In the US, market pricing for the Fed’s 2022 total actions grew from rate hikes totaling 0.50 percentage points (conveyed in November 2021) to more than 2.20 percentage points of hikes (as conveyed in March 2022), which if realized, would mark the sharpest pace of Fed tightening in a year since 1994. Outside of the US, moves were similarly sharp: the European Central Bank (ECB), which has maintained deeply negative policy rates and not raised rates since 2011, now prices almost six hikes for 2022, and many emerging markets have already begun meaningful hiking cycles. All told, there were more than 50 interest rate hikes in the first quarter of
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Portfolio management reviews
Delaware Ivy Global Bond Fund
2022, and no rate cuts. Those changes hit bond markets: the Bloomberg US Aggregate Index declined 6% and the Bloomberg US Corporate Investment Grade Index fell 7.8% for the January-March period, both recording their worst starts to a year since 1980.
The pandemic remained an issue throughout the past 12 months, with repeated waves of infection, though the rate of hospitalizations was curtailed by vaccination progress. While successive waves brought renewed restrictions, most countries moved on from broad-based lockdowns, judging the costs as more significant than the benefits. A key exception is China, which maintained a “zero-COVID” policy and ended March 2022 battling large outbreaks in several regions, particularly Shanghai – which may extend supply chain disruptions and weigh on growth in that country.
The Russian invasion of Ukraine was an ongoing theme for markets. Apart from the significant human cost, the invasion also exacerbated several market risks: supply chain and energy supply disruptions, fragile geopolitics, and the weaponization of sanctions and the US dollar’s reserve status. The financial impact was most directly felt in Russian and Ukrainian assets and those of close neighbors, but there was a significant spillover into broader European and US asset pricing. For broader financial markets, the impact of the war is most likely to manifest in continued higher inflation around energy costs, and the potential for more significant economic impacts in Europe, given the region’s high dependence on Russian gas.
Broader economic indicators (outside of inflation) generally remained healthy, with strong labor market improvement and Institute for Supply Management (ISM) surveys indicating continued improvement in the services portion of the economy, in particular. Global growth has generally been similar, though certain regions have shown more weakness: Germany’s economy, for example, shrank in the fourth quarter of 2021 and is likely to re-enter a technical recession, with another contraction expected for the first quarter of 2022. For the most part, consumer spending remained solid, though tilting toward services and away from durable goods.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Global Bond Fund underperformed its benchmark, the Bloomberg 1-10 Year Global Aggregate Index Hedged USD. The Fund’s Class I shares declined 4.08%. The Fund’s Class A shares fell 4.39% at net asset value and fell 6.75% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark declined 3.46%. For complete, annualized performance of Delaware Ivy Global Bond Fund, please see the table on page 53.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
We repeatedly trimmed the Fund’s holdings of emerging markets securities during the November-March period, judging the risk-reward to be less attractive in this sector. Spreads on emerging markets debt, particularly corporate debt, traded at near-record tight levels in 2021, and the increased uncertainty gives more weight to concerns about global growth and significant stimulus withdrawal. Corporate health and earnings have generally remained strong, even with increases in input prices, but the weight of risks has tilted us toward a somewhat more cautious positioning. Increases in corporate credit, cash, and Treasuries have offset the Fund’s reduced allocation to emerging markets.
The Fund’s duration has remained generally stable, at close to four years. Through the first quarter of 2022, central banks aggressively pushed pricing on rate hikes, so we believe a modest level of duration relative to most global portfolios (the Bloomberg Global Aggregate Index has a duration of more than 7 years) remains appropriate. The duration exposure is mostly positioned in US mid-curve maturities (5-10 years). During the period, we shifted a small portion of the Fund’s duration into global markets, principally Australian short-end and 10-year securities, reflecting our belief that the Reserve Bank of Australia will not be able to hike as aggressively as is being priced by markets, given the country’s high level of indebtedness and the floating-rate structure of its mortgage market.
The Fund maintains a heavy weighting to the US dollar, as we judge the US economy to be stronger than most of its peers globally and recognize the need for the Fed to be more aggressive in its rate hike cycle. Specific developments in Europe (Russia’s war in Ukraine) and Japan (with the Bank of Japan recommitting to easy policy) have driven key developed markets currencies lower in recent months. In emerging markets and smaller G10 currencies, there has been clear divergence, with “commodity” currencies and Latin American currencies generally doing well compared with Central European and Asian currencies. Within the Fund’s portfolio, we added small allocations to emerging markets currencies, with the largest single position in the Chilean peso.
The Fund underperformed the benchmark for the period November 15, 2021 to March 31, 2022. The two key performance drivers were the Fund’s allocation to emerging markets debt and its duration positioning. The emerging markets sector allocation detracted from performance because of the Fund’s significant weighting (even following the active reductions through the period), as spreads in this sector widened overall by approximately 50 basis points on average (a basis point equals one hundredth of a
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percentage point). Duration positioning also detracted somewhat from performance, driven by country selection: US rates generally underperformed the average in the benchmark. Positive security selection within emerging markets offset these impacts as the Fund did not hold some of the key underperformers (such as Russia and Ukraine) and was light on China property. Currency exposures produced a small positive effect.
The Fund used foreign exchange (FX) and futures positions to hedge currency and duration exposures in the portfolio, and FX options (minimally) to build tail-risk hedges. Overall, active derivatives usage had a minimal impact that was not material to the Fund’s performance.
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Portfolio management reviews
Delaware Ivy Global Equity Income Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Global Equity Income Fund (Class I shares) | 1-year return | +0.81 | % | |||
Delaware Ivy Global Equity Income Fund (Class A shares) | 1-year return | +0.51 | % | |||
MSCI World Index (net) (benchmark) | 1-year return | +10.12 | % | |||
MSCI World Index (gross) (benchmark) | 1-year return | +10.60 | % | |||
FTSE All-World High Dividend Yield Index (former benchmark) | 1-year return | +8.88 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Global Equity Fund, please see the table on page 57.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 59 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide total return through a combination of current income and capital appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Jens Hansen, Klaus Petersen, Claus Juul, Åsa Annerstedt, Allan Saustrup Jensen, and Chris Gowlland of Delaware Management Company (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.
Market review
During 2021, central banks and governments continued to pump large amounts of money into their economies via monetary and fiscal stimulus. The easing of lockdowns enabled markets and economies to recover quickly, pushing profits of many companies up steeply. The bull market of 2021 ended on a strong note, despite the resurgence of COVID-19 driven by the arrival of the Omicron variant.
The coronavirus pandemic affected every investable company, both short term and long term, and accelerated some changes, such as working from home and the expansion of online shopping, that were probably bound to happen anyway. For some companies, the effects were positive and came with new business opportunities. For others, the effects were all too negative.
During the last months of 2021, investors focused their concern on disrupted supply chains, higher energy costs, and elevated inflation, whether transitory or on its way to reaching the high levels seen in the 1970s. In its last meeting of the year, the US Federal Reserve took a more hawkish tone as inflation reached a multi-decade high. The Fed announced it would accelerate plans to taper its bond-buying program. The news was widely anticipated and generally did not dampen markets. Also, evidence that Omicron may be milder than feared and less likely to lead to hospitalization pushed markets higher toward year end.
The financial markets started 2022 jittery as concerns about inflation, liquidity tightening, and higher interest rates, coupled with rising political tensions with Russia, seemed to unnerve investors. Reflecting this, the fear gauge, the Cboe Volatility Index® (VIX®), jumped 44% in January.
February was a volatile month and the uncertainty created by Russia’s large-scale military invasion of Ukraine fully absorbed investors’ attention.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Global Equity Income Fund underperformed its benchmark, the MSCI World Index (net). The Fund’s Class I shares gained 0.81%. The Fund’s
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Class A shares gained 0.51% at net asset value (NAV) and declined 3.03% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark gained 10.12%. For complete, annualized performance of Delaware Ivy Global Equity Income Fund, please see the table on page 57.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
The portfolio management team invests with the mindset of long-term business owners. Our research is focused on how well we think a company can deploy its capital and redeploy retained earnings. Therefore, the Fund’s portfolio is built bottom-up (stock by stock) by selecting company stocks based on quantitative insights and qualitative assessments.
We use a multivariate risk model to analyze what we view as potential contributors to and detractors from the Fund’s performance against its benchmark.
The active sector weights had a mixed effect on returns: the Fund’s underweights to information technology and communication services relative to the benchmark contributed to performance, while the Fund’s overweight in consumer staples and underweight in energy detracted from performance.
Among individual holdings, two of the largest contributors to performance were the American distributor of dental and medical solutions Henry Schein Inc. and the French telecommunications operator Orange SA.
During the period we managed the Fund, Henry Schein reported full-year results that exceeded both top- and bottom-line expectations. While the pandemic has been challenging, conditions are improving, with significant pent-up demand for preventive care unleashed and patient traffic to dentists and medical practitioners normalizing.
Amid significant market uncertainty, the defensive characteristics of the French telecommunications operator Orange lifted the stock price during recent months. For years, Orange has been under pressure as French regulators have forced the company to open its network to low-cost providers. To counter this, Orange stepped up its roll-out of fiber network to be able to bundle a quality product and win back customers. Although the strategy has been capital intensive, it is now beginning to pay off.
Conversely, two of the largest detractors from performance during the fiscal year were the Swedish hygiene and health company Essity AB and the Swedish leading global security services company Securitas AB.
Rising inflation has hit Essity hard, and the stock is very much out of favor among investors. In its final quarter, Essity posted strong organic sales growth of +8%, of which +4.6% came from higher prices and, quite encouraging, the volume contributed +3.4% as competitors also raised prices. However, the substantial inflationary headwind lowered Essity’s profit margin by 520 basis points to 9% in the fourth quarter, falling short of consensus expectations. (One basis point is a hundredth of a percentage point.)
Securitas has been under pressure lately. It announced the acquisition of Stanley Security from Stanley Black & Decker Inc. for $3.2 billion in December 2021. This is its largest deal to date and the transaction appears to have unnerved some investors. A combination of an equity rights issue and debt will finance the acquisition and although major shareholders approved the deal, the weak stock price indicates to us that investors are concerned about execution risk. Investors are expected to closely monitor Securitas’ progress in extracting strategic value, including cost synergies.
We believe the long-term investment case and return potential is still intact for both companies; therefore, we continue to hold them in the Fund.
The Fund used foreign exchange currency contracts to fix the US dollar value of securities between trade date and settlement date. These did not have a material impact on performance.
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Portfolio management reviews
Delaware Ivy Global Growth Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Global Growth Fund (Class I shares) | 1-year return | +3.08 | % | |||
Delaware Ivy Global Growth Fund (Class A shares) | 1-year return | +2.84 | % | |||
MSCI ACWI Index (net) (benchmark) | 1-year return | +7.28 | % | |||
MSCI ACWI Index (gross) (benchmark) | 1-year return | +7.73 | % | |||
MSCI World Index (net) (former benchmark) | 1-year return | +10.12 | % | |||
MSCI World Index (gross) (former benchmark) | 1-year return | +10.60 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Global Growth Fund, please see the table on page 61.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 63 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide growth of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of F. Chace Brundige and Aditya Kapoor of Delaware Management Company 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.
Market review
As the world claws its way out of one of the most significant and life-altering periods of modern time, new threats emerge. As for the COVID-19 pandemic, much of the world is reaching a level of normalcy. That said, there are exceptions, as select Asian countries are dealing with variants of the COVID-19 virus that have typically lagged the outbreaks experienced in much of the rest of the world, and these countries are facing the repercussions of attempting to irradicate the virus. This is leading to harsh lockdowns in global manufacturing centers, which could result in a temporary stall in the supply chain recovery.
One of the most significant, non-health-related changes resulting from the pandemic, particularly in the US, is the emergence of structural inflation. Well-intentioned and necessary stimulus pumped into the financial system to avoid a financial collapse in March 2020 is now lending itself to inflationary pressure. Not only has demand for products and services been unusually robust, but supply-side shortages have also contributed to the dilemma. Key culprits of this inflation have been wage growth, housing costs, supply chain disruptions, and energy prices. Supply chain disruptions are typically more temporary in nature, but it is difficult to predict when the disruptions will subside. While this is seemingly a temporary threat for energy prices, Russia’s invasion of Ukraine may delay relief in the energy complex. The world has realized that changes need to be made for the long term (Europe’s reliance on Russian oil and gas, among others), albeit with likely short-term pressure (high energy costs).
With that, the US Federal Reserve has started to tighten monetary policy and speak to further hawkish policy. The UK has also engaged in interest rate hikes, while the rest of Europe has been slow to implement policy changes that could threaten growth potential. Meanwhile, emerging markets have not experienced the inflationary pressures seen in the developed world.
Elsewhere, Chinese regulators surprised markets as they waged a battle with many of their corporate champions in an effort to avoid monopolistic dynamics that could hurt small- and medium-sized businesses and consumers. The regulatory framework is still a
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concern, and valuations remain compressed. China also struggled through a growth slump and is still dealing with COVID-19-related pressure.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Global Growth Fund underperformed its benchmark, the MSCI ACWI Index. The Fund’s Class I shares gained 3.08%. The Fund’s Class A shares gained 2.84% at net asset value and declined 0.75% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the benchmark gained 7.28%. For complete, annualized performance of Delaware Ivy Global Growth Fund, please see the table on page 61.
We continued to manage the Fund with bottom-up (stock-by-stock) security selection, complimented by our risk management process. Changes within the Fund were primarily made to invest in stocks that we believed had a strong risk/reward profile and to sell those where we saw limited upside or considerable downside risk.
The largest detractors from performance were stock selection in information technology, financials, and consumer staples. Stock selection in the US and China also hurt relative performance. The leading individual detractor from performance was PayPal Holdings, Inc., which faced headwinds within ecommerce as government stimulus ran dry and supply chain disruptions dampened growth. The company struggled to execute on strategy shifts, and we expect the ongoing changes to be a challenge for the stock. As a result, we exited our position in PayPal. Ping An Insurance Group Co. of China Ltd., a Chinese insurance company, also detracted from results. The company struggled as pandemic-related border control with Hong Kong weighed on its high-growth life insurance business. The Fund no longer holds Ping An Insurance Group as we had little visibility into when the company could reengage with customers.
Fund performance benefited from strong stock selection in energy, industrials, and healthcare. At the country level, stock selection in Canada was also strong. On an individual stock basis, the two leading contributors to performance were energy companies. Canadian Natural Resources Ltd., a Canada-based oil and gas company, and ConocoPhillips, a US-based integrated oil and gas business benefitted from major tailwinds as the price of commodities increased. This continued through the beginning of calendar year 2022, as oil and gas prices spiked with Russia’s invasion of Ukraine. Derivatives did not have a material impact on Fund performance for the fiscal year.
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Portfolio management reviews
Delaware Ivy Government Money Market Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Government Money Market Fund (Class A shares) | 1-year return | +0.02 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Government Money Market, please see the table on page 65. The performance of Class A shares reflects the reinvestment of all distributions.
Investment objective
The Fund seeks to provide current income consistent with maintaining liquidity and preservation of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
Market review
During the Fund’s fiscal year ended March 31, 2022, fixed-income markets fared poorly, faced with the challenges of high inflation, the likelihood of more restrictive central bank monetary policy, and rising geopolitical risk, which shook financial markets towards the end of the period as Russia invaded Ukraine.
Throughout the fiscal year and as far back as last spring, budding optimism about an economic reopening faded as new COVID-19 variants repeatedly caused setbacks to normalization, along with ongoing supply-chain disruptions. The US Federal Reserve initially held to its view that the elevated rate of inflation was transitory. Later in the fiscal period, the Fed acknowledged high inflation would linger. By the fall of 2021, expectations had shifted regarding the speed and extent of changes to central bank monetary policy in the US and elsewhere.
By late 2021, it was clear the Fed would have to act in an effort to curb persistent inflation. As a result, markets anticipated that 2022 would be a year of rising interest rates and quantitative tightening. The onset of more restrictive monetary policy, dovetailed with rising geopolitical risks that emerged from Europe as Russia invaded Ukraine in late February, prompted large-scale sanctions and further disruptions to international trade and to the availability of commodities exported by Russia and Ukraine.
Those events resulted in a significant repricing and reshaping of the yield curve. The yield curve flattened as short-term yields rose more than longer-term yields and, for a brief time, the 2-year relative to 10-year yield curve briefly inverted. Historically, yield curve inversions, in which shorter-term yields are higher than longer-term yields, have been a harbinger of an economic recession.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Government Money Market Fund Class A shares gained 0.02% at net asset value (the Fund does not assess a sales charge). These figures reflect all distributions reinvested. For complete, annualized performance of Delaware Ivy Government Money Market Fund, please see the table on page 65.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
Contributing to Fund performance was the Fund’s allocation to municipal variable-rate securities. Treasury bills and US government agency bills also added to the Fund’s return.
While there were no notable detractors from Fund performance for the fiscal year, Treasury bills contributed the least to Fund performance. The Fund invests in Treasury bills to help provide liquidity. As such, a lower yield is to be expected.
When we have greater clarity on US and global growth prospects, the Fund’s primary focus will be to add yield tactically and incrementally, while seeking to maintain protection of principal. Specifically, we plan to use floating-rate securities to help offset any perceived interest-rate risk. We continue to monitor geopolitical issues and how they might affect inflation and credit volatility.
At fiscal year end, we think a key risk is the potential for stagflation and its possible impact on global economies and on US corporate earnings. Although it is a very real risk, we believe there is enough fundamental strength in the economy to weather that scenario for the next year or so. Stagflation is something we’re concerned about, however, and we are monitoring the situation closely.
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We see a growing chance the Fed will be unable to orchestrate a soft landing through its restrictive monitory policy. Historically, the Fed does not have a great track record of executing soft landings—raising interest rates to slow down inflation without going into a recession. With these concerns in mind, we are adopting a defensive-oriented posture within the Fund for the intermediate term.
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Portfolio management reviews
Delaware Ivy High Income Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy High Income Fund (Class I shares) | 1-year return | +1.31 | % | |||
Delaware Ivy High Income Fund (Class A shares) | 1-year return | +1.09 | % | |||
ICE BofA US High Yield Constrained Index (benchmark) | 1-year return | -0.29 | % | |||
ICE BofA US High Yield Index (former benchmark) | 1-year return | -0.29 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy High Income Fund, please see the table on page 68.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 70 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide total return through a combination of high current income and capital appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Adam H. Brown and John P. McCarthy of Delaware Management Company (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.
Market review
The start to the Fund’s fiscal year was robust. Strong first quarter earnings, a hopeful view of inflation as transitory, and the subsequent rally in Treasury yields provided the backdrop for a constructive view on credit markets. In this environment, high yield investors were emboldened to add risk to portfolios despite historically stretched valuations within the high yield market. As such, CCC-rated bonds led the way, returning +4.00% for the quarter followed by BB-rated bonds returning +2.90% and B-rated bonds returning +2.10%. The strongest-performing sectors for the quarter were energy (+5.61%), transportation (+3.63%), and metals & mining (+3.20%). The weakest-performing sectors were telecommunications (+1.45%), cable & satellite (+1.64%), and paper & packaging (+1.80%).
Continued strong corporate earnings, a still-optimistic view of inflation as transitory, and a resilient Treasury market provided the backdrop for a constructive view on credit markets for the Fund’s fiscal second quarter as well, during which BB- and CCC-rated bonds again outperformed, returning +1.07% and + 1.00% respectively, followed by B-rated bonds returning +0.69%. The strongest-performing sectors for the quarter were energy (+1.23%), gaming & leisure (+0.54%), and broadcasting (+0.49%). The weakest-performing sectors were automotive (-0.45%), metals & mining (-0.27%), and retail (-0.21%).
Despite a healthy earnings environment, the market’s broader concerns around the COVID-19 Omicron variant, supply chain disruptions, inflation, and the future pace of rate hikes resulted in market participants dialing back on risk and taking a more cautious posture heading into 2022. As a result, higher quality BB-rated and B-rated bonds returned 0.72% and 0.82% in the Fund’s fiscal third quarter, outpacing CCC-rated bonds, which returned just 0.25%. The strongest-performing sectors for the quarter were diversified media (+2.34%), metals & mining (+1.76%), and energy (+1.74%). The weakest-performing sectors were broadcasting (-1.48%), cable & satellite (-1.45%), and telecommunications (-1.15%).
The Fund ended its fiscal year with negative quarterly returns as the high yield market faced its first significant bout of volatility since March 2020, driven by a more hawkish Fed, rates moving higher, the war in Ukraine, and elevated inflation. Aside from the first quarter of 2020, high yield returns for the Fund’s fiscal fourth quarter ended March 2022 were the weakest since the fourth quarter of 2018, and BB-rated bonds produced their second weakest quarterly returns since the global financial crisis. The negative sentiment surrounding
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risk assets also produced a significant quarterly outflow of $22.3 billion in the high yield market. When all was said and done, the high yield market produced a quarterly return of -4.53%, with BB-rated bonds returning -5.37%, CCC-rated bonds returning - 3.79%, and B-rated bonds returning -3.46%. The strongest-performing sectors for the quarter were diversified media (+0.83%), energy (+0.55%), and metals & mining (-0.07%). The weakest sectors were automotive (-1.90%), transportation (-1.86%), and food and beverage (-1.79%).
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy High Income Fund outperformed the Fund’s benchmark, the ICE BofA US High Yield Constrained Index. The Fund’s Class I shares gained 1.31%. The Fund’s Class A shares at net asset value (NAV) gained 1.09% and fell 1.41% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark fell 0.29%. For complete, annualized performance of Delaware Ivy High Income Fund, please see the table on page 68.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
Volatility in the high yield market during the Fund’s fiscal fourth quarter weighed heavily on annual market returns, most notably within higher quality and duration sensitive BB-rated bonds. The Fund was underweight BB-rated bonds and a subsequent overweight to B- and CCC-rated bonds produced a shorter duration profile versus the benchmark, leaving the Fund less exposed to the aggressive move higher in interest rates during the fourth quarter. This positioning was the primary driver of outperformance versus the benchmark for the Fund’s fiscal year ended March 31, 2022.
The positive momentum from the post-COVID-19 recovery came to an abrupt halt in the first quarter of 2022. High yield investors were left to navigate the path of a hawkish Fed, a protracted war in Ukraine, impacts on global growth, and the outlook for inflation. Despite these headwinds, we believe the fundamental outlook for high yield remains constructive, as years of friendly capital markets have allowed for robust levels of refinancing. As a result, balance sheets are healthy, free cash flow outlooks are encouraging, and default expectations remain below historical averages. Although the fundamental outlook suggests the high yield market may be well positioned to navigate the headwinds it is facing, we believe current valuations, which are well inside historical averages, suggest the need for a disciplined approach to adding risk.
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Portfolio management reviews
Delaware Ivy International Core Equity Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy International Core Equity Fund (Class I shares) | 1-year return | -0.88 | % | |||
Delaware Ivy International Core Equity Fund (Class A shares) | 1-year return | -1.28 | % | |||
MSCI ACWI ex USA Index (net) (benchmark) | 1-year return | -1.48 | % | |||
MSCI ACWI ex USA Index (gross) (benchmark) | 1-year return | -1.04 | % | |||
MSCI EAFE Index (net) (former benchmark) | 1-year return | +1.16 | % | |||
MSCI EAFE Index (gross) (former benchmark) | 1-year return | +1.65 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy International Core Equity Fund, please see the table on page 72.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 75 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital growth and appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of F. Chace Brundige and Aditya Kapoor of Delaware Management Company 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.
Market review
As the world claws its way out of one of the most significant and life-altering periods of modern time, new threats emerge. As for the COVID-19 pandemic, much of the world is reaching a level of normalcy. That said, there are exceptions, as select Asian countries are dealing with variants of the COVID-19 virus that have typically lagged the outbreaks experienced in much of the rest of the world, and these countries are facing the repercussions of attempting to irradicate the virus. This is leading to harsh lockdowns in global manufacturing centers, which could result in a temporary stall in the supply chain recovery.
One of the most significant, non-health-related changes resulting from the pandemic, particularly in the US, is the emergence of structural inflation. Well-intentioned and necessary stimulus pumped into the financial system to avoid a financial collapse in March 2020 is now lending itself to inflationary pressure. Not only has demand for products and services been unusually robust, but supply-side shortages have also contributed to the dilemma. Key culprits of this inflation have been wage growth, housing costs, supply chain disruptions, and energy prices. Supply chain disruptions are typically more temporary in nature, but it is difficult to predict when the disruptions will subside. While this is seemingly a temporary threat for energy prices, Russia’s invasion of Ukraine may delay relief in the energy complex. The world has realized that changes need to be made for the long term (Europe’s reliance on Russian oil and gas among others), albeit with likely short-term pressure (high energy costs).
With that, the US Federal Reserve has started to tighten monetary policy and speak to further hawkish policy. The UK has also engaged in interest rate hikes, while the rest of Europe has been slow to implement policy changes that could threaten growth potential. Meanwhile, emerging markets have not experienced the inflationary pressures seen in the developed world.
Elsewhere, Chinese regulators surprised markets as they waged a battle with many of their corporate champions in an effort to avoid monopolistic dynamics that could hurt small- and medium-sized businesses and consumers. The regulatory framework is still a
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concern, and valuations remain compressed. China also struggled through a growth slump and is still dealing with COVID-19-related pressure.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy International Core Equity Fund outperformed its benchmark, the MSCI ACWI ex USA Index. The Fund’s Class I shares declined 0.88%. The Fund’s Class A shares fell 1.28% at net asset value and 4.74% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the benchmark declined 1.48%. For complete, annualized performance of Delaware Ivy International Core Equity Fund, please see the table on page 72.
We continued to manage the Fund with bottom-up (stock-by-stock) security selection, complimented by our risk management process. Changes within the Fund were made primarily to invest in stocks that we believed had an attractive risk-reward profile and to sell those where we saw limited upside or considerable downside risk.
Leading contributors to performance were strong stock selection in healthcare, communication services, industrials, and energy. Additionally, the Fund’s overweight allocation to the energy sector benefitted performance as oil and gas prices increased. An underweight allocation to China, the lack of exposure to Russia, and an overweight allocation to the UK benefitted relative performance. Leading individual contributors to performance included Inpex Corp., a Japanese energy company that rallied with a recovery in commodity prices, and Suncor Energy Inc., a Canadian energy company, was also a major contributor.
Leading detractors from performance was poor stock selection in the financials and materials sectors. Additionally, an overweight allocation to Germany, stemming from our bottom-up, stock selection approach as opposed to a macroeconomic call, also detracted from performance. At the individual stock level, HelloFresh SE, a food delivery business with a large US presence, declined in late 2021 and into 2022 with heavy selling in European equities, particularly in growth stocks that were beneficiaries of COVID-19. We still believe the company is well positioned to take advantage of the long-term, rising trend of food delivery services. Prosus NV, a Dutch consumer internet conglomerate, was down largely because of Tencent, a Chinese internet company, due to the company’s nearly 30% ownership share. The stock remains a holding in the Fund as we believe Tencent is well positioned and undervalued after recent market volatility. In addition, we feel Prosus’ other investments are on the right side of long-term trends of further internet adoption.
Derivatives did not have a material impact on Fund performance for the fiscal year.
15
Portfolio management reviews
Delaware Ivy International Value Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy International Value Fund (Class I shares) | 1-year return | -8.21 | % | |||
Delaware Ivy International Value Fund (Class A shares) | 1-year return | -8.50 | % | |||
MSCI EAFE (Europe, Australasia, Far East) Index (net) (benchmark) | 1-year return | +1.16 | % | |||
MSCI EAFE Index (gross) (benchmark) | 1-year return | +1.65 | % | |||
MSCI EAFE Value Index (net) (former benchmark) | 1-year return | +3.55 | % | |||
MSCI EAFE Value Index (gross) (former benchmark) | 1-year return | +4.22 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy International Value Fund, please see the table on page 76.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 78 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Jens Hansen, Klaus Petersen, Claus Juul, Åsa Annerstedt, Allan Saustrup Jensen, and Chris Gowlland of Delaware Management Company (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.
Market review
During 2021, central banks and governments continued to pump large amounts of money into their economies via monetary and fiscal stimulus. The easing of lockdowns enabled markets and economies to recover quickly, pushing profits of many companies up steeply. The bull market of 2021 ended on a strong note, despite the resurgence of COVID-19 driven by the arrival of the Omicron variant.
The coronavirus pandemic affected every investable company, both short term and long term, and accelerated some changes, such as working from home and the expansion of online shopping, that were probably bound to happen anyway. For some companies, the effects were positive and came with new business opportunities. For others, the effects were all too negative.
During the last months of 2021, investors focused their concern on disrupted supply chains, higher energy costs, and elevated inflation, whether transitory or on its way to reaching the high levels seen in the 1970s. In its last meeting of the year, the US Federal Reserve took a more hawkish tone as inflation reached a multi-decade high. The Fed announced it would accelerate plans to taper its bond-buying program. The news was widely anticipated and generally did not dampen markets. Also, evidence that Omicron may be milder than feared and less likely to lead to hospitalization pushed markets higher toward year end.
The financial markets started 2022 jittery as concerns about inflation, liquidity tightening, and higher interest rates, coupled with rising political tensions with Russia, seemed to unnerve investors. Reflecting this, the fear gauge, the Cboe Volatility Index® (VIX®), jumped 44% in January.
February was a volatile month and the uncertainty created by Russia’s large-scale military invasion of Ukraine fully absorbed investors’ attention.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy International Value Fund underperformed its benchmark, the MSCI EAFE (Europe,
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Australasia, Far East) Index. The Fund’s Class I shares fell 8.21%. The Fund’s Class A shares declined 8.50% at net asset value (NAV) and 11.69% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark gained 1.16%. For complete, annualized performance of Delaware Ivy International Value Fund, please see the table on page 76.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
The portfolio management team invests with the mindset of long-term business owners. Our research is focused on how well we think a company can deploy its capital and redeploy retained earnings. Therefore, the Fund’s portfolio is built bottom-up (stock by stock) by selecting company stocks based on quantitative insights and qualitative assessments.
We use a multivariate risk model to analyze what we view as potential contributors to and detractors from the Fund’s performance against its benchmark.
The active sector weights had a mixed effect on returns: the Fund’s underweight allocation to information technology and overweight allocation to communication services relative to the benchmark contributed to performance, while the Fund’s overweight positioning in consumer staples and underweight positioning in energy detracted from performance.
Among individual holdings, two of the largest contributors to performance were the Japanese diversified retail group Seven & I Holdings Co. Ltd. and the French telecommunications operator Orange SA.
Seven & I Holdings increased its future guidance for sales and operating profit, primarily due to the strong performance at 7-Eleven stores overseas. Changes in consumers’ shopping behavior at convenience stores have had a positive influence on sales, especially in North America.
Amid significant market uncertainty, the defensive characteristics of the French telecommunications operator Orange lifted the stock price during recent months. For years, Orange has been under pressure as French regulators have forced the company to open its network to low-cost providers. To counter this, Orange stepped up its roll-out of fiber network to be able to bundle a quality product and win back customers. Although the strategy has been capital intensive, it is now beginning to pay off.
Conversely, two of the largest detractors from performance during the fiscal year were the Swedish hygiene and health company Essity AB and the Swedish leading global security services company Securitas AB.
Rising inflation has hit Essity hard, and the stock is very much out of favor among investors. In its final quarter, Essity posted strong organic sales growth of +8%, of which +4.6% came from higher prices and, quite encouraging, the volume contributed +3.4% as competitors also raised prices. However, the substantial inflationary headwind lowered Essity’s profit margin by 520 basis points to 9% in the fourth quarter, falling short of consensus expectations. (One basis point is a hundredth of a percentage point.)
Securitas has been under pressure lately. It announced the acquisition of Stanley Security from Stanley Black & Decker Inc. for $3.2 billion in December 2021. This is its largest deal to date, and the transaction appears to have unnerved some investors. A combination of an equity rights issue and debt financed the acquisition. Although major shareholders approved the deal, the weak stock price indicates to us that investors are concerned about execution risk. Investors are expected to closely monitor Securitas’ progress in extracting strategic value, including cost synergies.
We believe the long-term investment case and return potential is still intact for both companies; therefore, we continue to hold them in the Fund.
The Fund used foreign exchange currency contracts to fix the US dollar value of securities between trade date and settlement date. These did not have a material impact on performance.
17
Portfolio management reviews
Delaware Ivy Large Cap Growth Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Large Cap Growth Fund (Class I shares) | 1-year return | +16.87 | % | |||
Delaware Ivy Large Cap Growth Fund (Class A shares) | 1-year return | +16.52 | % | |||
Russell 1000® Growth Index (benchmark) | 1-year return | +14.98 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Large Cap Growth Fund, please see the table on page 80.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 82 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide growth of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On October 1, 2021, Brad Angermeier was added as an additional portfolio manager for the Fund.
Market review
Large-cap growth equities posted strong performance in the fiscal year ended March 31, 2022, as the Russell 1000 Growth Index, the Fund’s benchmark, posted a 14.98% return. Over the past three years, the benchmark has realized an average annual return of 23.60%, and over the past 10 years it has returned an average of 17.04%. While global companies may have endured a lot of bumps and bruises over the past decade, with the COVID-19 pandemic as the most recent example, growth investing has proved resilient throughout these volatile periods.
The market environment in this latest fiscal period was markedly different than its predecessor. In the previous fiscal year, after the initial pandemic-induced selloff in early 2020, returns were generated by high-risk growth stocks that were considered pandemic safe havens. Business quality – profitability, cash flow, and competitive advantage – was an unnecessary consideration as investors focused on upward stock price momentum and pandemic-fueled earnings momentum. We noted last fiscal year that the market’s 2020 playbook did not appear to be a sustainable and repeatable investment strategy. Not surprisingly the most recent 12-month period was characterized by the market’s renewed focus on business quality and relative valuation as the growth rates of many high-growth pandemic beneficiaries began to decelerate. As it turned out, 2021 reversed the gains in many, but not all, of the hyper-growth stocks that we struggled to understand during the initial stages of the pandemic.
Growth stocks moved higher during the fiscal year, although toward the end of the period investors began to express skepticism about high expectations embedded in many pandemic beneficiaries. Stocks like DocuSign Inc., Coupa Software Inc., Okta Inc., Peloton Interactive Inc., Roku Inc., Spotify Technology SA, and Wayfair Inc. saw significant relative drawdowns and materially underperformed. We are not suggesting that all these companies are bad businesses (although we are skeptical of some); we are simply highlighting the fact that unrealistic growth expectations needed to unwind. These market-level dynamics can be seen in factor returns over the prior 12 months. Quality factors including return on capital and return on equity and value factors including price to free cash flow and free cash flow to enterprise value both outperformed, while risk factors such as beta (a measure of a stock’s volatility in relation to the overall market) and estimate dispersion and momentum factors including price returns and relative strength generally lagged.
Just weeks before the end of the period, the US Federal Reserve raised interest rates 0.25%. At the same time, the Fed forecasted an aggressive tightening schedule for the remainder of 2022 and beyond. Initially the Fed and investors believed that pandemic-related factors were driving inflation and that it was therefore transitory. Unfortunately, inflationary pressure as measured by the Consumer Price Index (CPI) reached 7.9% and left the Fed with no choice but to acknowledge the risks and adjust its policy stance accordingly. The
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Fed also intends to move quickly to reduce its balance sheet during calendar year 2022 and into 2023.
Interest rates responded accordingly and shifted upward. For perspective, the 10-year Treasury yield bottomed near 0.54% at the depths of the pandemic in August 2020 and closed March 31, 2022 at 2.32%. Rising Treasury yields are also pushing up the 30-year mortgage rate, which has gone from approximately 2.65% in early 2021 to nearly 4.7% at the end of March 2022. The yield curve has also flattened significantly, which historically has been a negative indicator of future economic growth.
Energy, information technology, financials, and consumer staples were the strongest-performing sectors within the index, although it is important to note significant dispersion of returns within each of those sectors. The upward move in commodity prices corresponding with the Russian invasion of Ukraine bolstered energy performance. Materials, communications services, utilities, industrials, and consumer discretionary were the weakest-performing sectors within the benchmark.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Large Cap Growth Fund outperformed its benchmark, the Russell 1000 Growth Index. The Fund’s Class I shares gained 16.87%. The Fund’s Class A shares rose 16.52% at net asset value and 12.46% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 14.98%. For complete, annualized performance of Delaware Ivy Large Cap Growth Fund, please see the table on page 80.
Stock selection drove most of the outperformance in the measurement period, but allocation also contributed. From a sector perspective, information technology (IT) and healthcare were contributors while industrials, communication services, and consumer discretionary were the largest detractors. We stuck to our discipline, which was a good decision as many of the pandemic-driven excesses of 2020 continued to unwind in 2021.
Our strategy continues to be anchored by our beliefs (supported by empirical evidence) that business quality is more persistent than growth, the market structurally undervalues quality businesses, and competitively advantaged growth companies with attractive risk-reward profiles are the soundest vehicles for long-term compounding of wealth. As such, the Fund continues to be populated with high-quality, competitively advantaged companies supported by secular growth tailwinds and reasonable valuations.
The IT sector was the largest contributor during the fiscal year. The Fund was overweight the sector, but positive stock selection was far more impactful than sector allocation. Overweight positions in Gartner Inc. (sold prior to March 31, 2022), Nvidia Corp., Intuit Inc., and Motorola Solutions Inc. were the leading contributors to outperformance. Avoiding ownership of Mastercard Inc., Zoom Video Communications Inc., and Block Inc. (formerly known as Square) also helped relative performance. Underperformance from overweight positions in Visa Inc. and PayPal Holdings Inc. as well as from underweight exposure to Apple Inc. partially offset the contributors. We continue to believe that Visa is a wide-moat business, and that the eventual acceleration of its profitable cross-border transactions will improve sentiment and put the stock back on its trajectory of long-term compounding.
Healthcare was another contributor, with the outperformance coming from stock selection rather than sector allocation. Our overweight position in UnitedHealth Group Inc. was the largest contributor. Cerner Corp., which Oracle is acquiring, along with Danaher Corp. and Zoetis Inc. also contributed to performance. Our avoidance of pharmaceutical companies Eli Lilly & Co. and AbbVie Inc. detracted as volatility spurred by rising interest rates and geopolitical events late in the period drove investors into perceived safe havens. The Fund’s overweight position in The Cooper Companies Inc. also detracted from relative performance.
Industrials detracted from performance. Overweight positions in Stanley Black & Decker Inc. and CoStar Group Ltd. were the most responsible. Stanley Black & Decker was weak due to concerns about a post-pandemic sales slump, supply chain issues, and commodity-related cost pressure. CoStar Group underperformed after announcing that it would invest heavily in its residential real estate strategy during 2022. We continue to believe CoStar Group’s position of strength in multi-family listings and commercial real estate data and analytics creates a competitive advantage, potentially increasing the odds of success in residential. Verisk Analytics Inc., J.B. HuntTransport Service Inc., and Union Pacific Corp. were modest contributors within the industrials sector.
Consumer discretionary likewise detracted. Our lack of exposure to Tesla Inc. was the leading detractor, and positions in Ferrari NV and Booking Holdings Inc. were also sources of underperformance. The avoidance of Starbucks Corp., Peloton Inc., and several other specialty retail companies partially offset those losses. We continue to avoid Tesla given what we consider to be unrealistic expectations priced into the stock.
Conceptually, we welcome the possibility that the tailwinds supporting the market for the past decade – easy money and multiple expansion – are ebbing at the margin. We think this could potentially imply lower market and stock correlations and increased dispersion of returns. Such an environment could be favorable for investors engaging in rigorous and disciplined business-model analysis, which is the
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Portfolio management reviews
Delaware Ivy Large Cap Growth Fund
cornerstone of the Fund’s process. Over time, we think competitive moats and durability of growth are more important than macro fluctuations. We still see what we view as attractive opportunities for strong multi-year returns in many high-quality growth businesses. Importantly, we believe secular growth prospects coupled with wide economic moats will help quality growth stocks sustain a premium relative valuation if market volatility increases. One of the pillars of the Fund’s investment philosophy is that business quality is more persistent and predictable than growth. Therefore, we will continue to seek out high-quality businesses first, and then select what we think are the best growth and return prospects from that high-quality cohort. We believe this process should continue to be fruitful across economic cycles. Thank you for your continued interest and support.
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Portfolio management reviews
Delaware Ivy Limited-Term Bond Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Limited-Term Bond Fund (Class I shares) | 1-year return | -2.76 | % | |||
Delaware Ivy Limited-Term Bond Fund (Class A shares) | 1-year return | -2.95 | % | |||
Bloomberg 1-3 Year US Government/Credit Index (benchmark) | 1-year return | -2.91 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Limited-Term Bond Fund, please see the table on page 83.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 85 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide current income consistent with preservation of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of J. David Hillmeyer and Daniela Mardarovici of Delaware Management Company (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.
Market review
The 12-month period ended March 31, 2022, charted the US Federal Reserve’s inflation journey from “transitory” to top priority. Russia’s invasion of Ukraine was a devastating punctuation point on a difficult period for countries worldwide as they attempted to exit the last calamity – the COVID-19 pandemic. The geopolitical consequences were significant, as the world appears to have backtracked into the era of great power rivalries. The direct human toll remains front and center, while economic consequences via high prices, especially for food and other essentials, have expanded the impact to communities ranging from Peru to Sri Lanka, prompting increased social unrest.
From an economic perspective, the Fund’s fiscal year was defined not only by continued recovery but also by increasing concerns about inflation and central bank policy in the US and globally. The US Consumer Price Index (CPI) accelerated from a 2.6% year-over-year increase in March 2021 to 7.9% in February 2022. The US labor markets transitioned from robust to tight, with unemployment declining to 3.6% in March 2022 from 6% in March 2021, and labor market participation beginning its return to normal. As the year progressed, the news became mixed. Congressional resistance pushed back initial efforts to pass a major infrastructure bill. Although a smaller version of that bill eventually passed, the broader Build Back Better Act failed to garner enough support to become law in 2021. Growth indicators transitioned from very strong early in the period to more mixed in early 2022, and higher prices began manifesting in consumer sentiment.
After a period of relatively stable 10-year Treasury yields, ranging from 1.74% on March 31, 2021, to 1.52% on December 31, 2021, interest rates accelerated rapidly in the first quarter of 2022 to end at 2.34%, the highest since May 2019. Short-term interest rates rose more rapidly as markets priced in an increasingly aggressive Fed keen to gain control over rising prices. The 2-year Treasury yield rose from 0.16% to 2.33% during the fiscal year. The yield curve flattened dramatically, raising concerns about its inversion and the risk of recession. Meanwhile, primary mortgage rates increased from 3.3% in December 2021 to 4.9% in March 2022 after about two years of residing near all-time lows. The housing market, having benefited from low interest rates, limited inventory, and robust demand, showed early signs of deceleration.
Globally, most markets struggled with similar concerns, as central banks from the Bank of England to the Bank of Canada to the European Central Bank shifted gears to acknowledge the acceleration in inflation fueled by supply chain disruptions. Notably, China’s path remained decoupled, as its zero-COVID policy prompted renewed lockdowns and a more supportive government policy. Emerging markets tend to lead the rate-hiking cycles as they
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Portfolio management reviews
Delaware Ivy Limited-Term Bond Fund
have less flexibility with sustained inflation. The Russian invasion of Ukraine accelerated the need to bring prices under control, with governments rolling out or considering subsidies and other forms of fiscal support.
Risk markets generally followed the Fed narrative, remaining relatively stable and rangebound from March to December 2021 but beginning to price in higher uncertainty by the first quarter of 2022, reflecting heightened geopolitical risks, but most significantly a recognition that a more compressed hiking cycle – including possible 0.50-percentage-point rate increases and an accelerated quantitative tightening (QT) program – would be necessary to control inflation. Equally, the curve inversion discussion and persistent supply chain issues (exacerbated by the Russia-Ukraine war and sanctions) raised questions about the sustainability of the economic recovery. Heightened social unrest and political uncertainty from elections in the US, France, and elsewhere, added to the overall tone of greater investor weariness.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Limited-Term Bond Fund’s Class I shares fell 2.76%. The Fund’s Class A shares declined 2.95% at net asset value and declined 5.35% at maximum offer price (both returns reflect all distributions reinvested). For the same period, the Fund’s benchmark, Bloomberg 1-3 Year US Government/Credit Index, fell 2.91%. Complete annualized performance for Delaware Ivy Limited-Term Bond Fund is shown in the table on page 83.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
The Fund’s portfolio came under pressure during the fiscal year as short-term rates increased. The 5-year US Treasury yield rose about 120 basis points while the 2-year Treasury increased about 180 basis points during the fiscal year (a basis point equals one hundredth of a percentage point).
The impact of higher rates across the yield curve detracted from the Fund’s absolute performance. This led to the Fund’s negative return for the fiscal year but generally did not affect the Fund’s relative performance given a neutral duration and modestly beneficial yield curve positioning to 5-year versus 2-year maturities. We reduced the Fund’s portfolio duration to neutral early in the reporting period. The fiscal year ended with a more volatile tone for spread sectors, resulting in net underperformance as sector returns were mixed, with investment grade exposure detracting from performance and high yield adding to it.
We retained an overweight to investment grade corporates in an effort to create an income advantage but reduced the exposure by 9 percentage points during the first quarter of 2022 to reflect our expectation for greater volatility. The reduced overweight detracted from performance as investment grade corporate spreads widened. As is typical in risk-off environments, BBB-rated securities underperformed, with large issuers such as Verizon Communications Inc. and AT&T Inc. modestly underperforming in a high-issuance environment. Similarly, large financial issuers such as JPMorgan Chase & Co. and The Goldman Sachs Group Inc. modestly detracted from the Fund’s performance under pressure of record issuance at the start of the year. The Fund continues to hold all four issuers given their fundamentals, liquidity, and valuations.
An out-of-benchmark allocation to high yield corporate bonds contributed to relative returns, as it was one of the better-performing fixed income asset classes. Within high yield, we were primarily focused on higher-quality issues, specifically BB-rated securities, with an emphasis on industrials. This included Occidental Petroleum Corp., an independent oil company, and Darling Ingredients Inc., a food and beverage company.
Other portfolio positions had a more marginal impact on performance as spreads ebbed and flowed. The modest negative effect from out-of-benchmark agency mortgage-backed securities (MBS) was offset by an overweight to better-performing asset-backed securities (ABS).
During the fiscal year, the Fund used Treasury futures, primarily to manage yield curve risk. The use of derivatives added slightly more than 0.50% to the Fund’s performance for the fiscal year.
From a human perspective, the balance of 2022 is likely to bring more sadness as Russia shifts gears in Ukraine, leaving behind atrocities and focuses on saving face. The economic consequences are hard to handicap beyond recognizing the opacity of the next 6-12 months. We believe the story that will consume markets remains the synchronous tightening cycle across developed and emerging economies aimed at stemming inflation. The old adage that the Fed has engineered most recessions remains true, in our view, and the yield curve’s flirting with inversion will likely keep the “will they, won’t they” dialogue about the Fed’s ability to deliver a soft landing alive throughout the year.
It is, however, important to consider the differences between now and the Volker era – the transparency gospel means fewer surprises for markets and, even more, markets are eager to see central banks focused on inflation.Further, the key interest rate lever, the 10-year Treasury, has already risen some 2% since the pandemic lows and
22
nearly 1% since the start of the year.Put differently, markets have done the heavy lifting already, by tightening for the Fed, as evidenced by mortgage rates rising to 4.9% from 3.3% in three months.As a result, the scope for significant further increases in long-term interest rates has diminished. From a risk market perspective, the era of government intervention, fast markets, and heightened potential for exogenous events will likely bring continued volatility, even if credit and consumer fundamentals remain relatively healthy at this stage.
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Portfolio management reviews
Delaware Ivy Managed International Opportunities Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Managed International Opportunities Fund (Class I shares) | 1-year return | -7.08 | % | |||
Delaware Ivy Managed International Opportunities Fund (Class A shares) | 1-year return | -7.34 | % | |||
MSCI ACWI (All Country World Index) ex USA Index (net) (benchmark) | 1-year return | -1.48 | % | |||
MSCI ACWI (All Country World Index) ex USA Index (gross) (benchmark) | 1-year return | -1.04 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Managed International Opportunities Fund, please see the table on page 87.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 89 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital growth and appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees of the Ivy Funds 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 Delaware Management Company (DMC) as Fund portfolio managers. All changes took effect on or about November 15, 2021.
Market review
The trailing fiscal year provided a volatile mix of returns across asset classes. The second through fourth quarters of 2021 continued the trend of strong returns for risky assets during this economic cycle, especially in the US and Europe. Fixed-income markets posted gains as the US Federal Reserve maintained loose monetary policy, which kept yields and corporate credit spreads relatively stable. Markets experienced some volatility in late summer when the Chinese government set regulatory measures in the technology and real estate sectors, which, together with the turbulence surrounding the real estate giant Evergrande, caused setbacks, particularly in emerging markets. In the US, continued strong corporate earnings results and positive economic data, together with monetary and fiscal stimulus, drove stocks higher in the fourth quarter of 2021, with some indexes reaching all-time highs.
Unfortunately, much of these gains were erased during an extremely volatile beginning of calendar year 2022 that saw significant declines in January and February across both equity and fixed-income markets, somewhat mitigated by a rebound in March. Many factors contributed to the sudden change in risk appetite. The Fed reset market expectations for tighter monetary policy and an end to its quantitative easing program, which it began tapering in the fourth quarter of 2021 in the face of increasingly strong inflation data and tighter conditions in the labor market.
In addition to inflation and related tighter monetary policy, Russia’s troop buildup on the border with Ukraine was a key driver of negative market sentiment. Following Russia’s invasion, and the subsequent unprecedented sanctions (including a freeze on Russian central bank reserves, oil sanctions, and a trading ban on Russian financial stocks), commodity prices squeezed higher, yields rose sharply, corporate bond spreads widened, and equities experienced a significant draw-down in early 2022. Government bonds were briefly in demand as a safe haven, but quickly resumed their downward trend as market participants priced in more rate hikes as the Fed communicated its intention to continue increasing rates to combat inflation.
Despite this backdrop, equities began a sudden recovery from oversold levels, finding support from negative extremes in both sentiment and positioning. The subsequent rally in March partially mitigated prior losses in the quarter. Due to this recovery and strong performance in the prior three quarters of 2021, equities ended the 12-month period with strong returns. However, these equity gains
24
were still offset by losses in fixed-income markets as higher yields resulted in lower prices for bonds.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Managed International Opportunities Fund underperformed its benchmark, the MSCI ACWI ex USA Index (net). The Fund’s Class I shares declined 7.08%. The Fund’s Class A shares fell 7.34% at net asset value and 10.55% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the benchmark declined 1.48%. For complete, annualized performance of Delaware Ivy Managed International Opportunities Fund, please see the table on page 87.
The recent environment for international equities has been extremely challenging. The Fund’s Class I shares posted a -7.08% return during the fiscal year, underperforming the benchmark return of -1.48% in the period. Fund performance reflected the mix of returns in the underlying funds and their allocation weightings. Emerging market returns were especially challenged during the period, and the primary detractor of relative performance was Delaware Ivy Systematic Emerging Markets Equity Fund. Delaware Ivy Systematic Emerging Markets Fund was down approximately 19% for the fiscal year; an overweight allocation to Russian securities detracted from the Fund’s performance. Following the invasion of Ukraine, the US and other developed market countries imposed strict sanctions on Russia and several Russian companies. While Delaware Ivy Systematic Emerging Markets Fund did not own any sanctioned companies, most Russian securities sold off precipitously as markets closed and liquidity dried up. Other detractors were Delaware Ivy International Value Fund, Delaware Ivy International Small Cap Fund, and Delaware Ivy International Core Equity Fund. Contributors to relative performance during the period were Delaware Ivy Global Growth Fund and Delaware Ivy Global Equity Income Fund.
The Fund ended the period with the following asset allocation targets: 45% to Delaware Ivy International Core Equity Fund; 25% to Delaware Ivy Systematic Emerging Markets Equity Fund; 15% to Delaware Ivy International Value Fund; 10% to Delaware Ivy Global Equity Income Fund; and 5% to Delaware Ivy International Small Cap Equity Fund. This allocation is intended to deliver to shareholders a well-diversified portfolio of international and global equities within a risk-managed asset allocation framework.
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Portfolio management reviews
Delaware Ivy Mid Cap Growth Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Mid Cap Growth Fund (Class I shares) | 1-year return | -1.56 | % | |||
Delaware Ivy Mid Cap Growth Fund (Class A shares) | 1-year return | -1.90 | % | |||
Russell Midcap® Growth Index (benchmark) | 1-year return | -0.89 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Mid Cap Growth Fund, please see the table on page 90.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 92 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide growth of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On November 15, 2021, Bradley P. Halverson was added as an additional portfolio manager.
Market review
We believe investors are stuck trying to find direction in what appears to be a directionless, rotational market. As we come to grips with the notion of living in perpetuity with the threat of emerging and re-emerging pandemics, it is evident to us that the population will not accept another shutdown on a global scale. Within the capital markets in the first quarter of 2022, investors continued to reprice those companies that were believed to have benefited unduly from the shut-ins. Several themes that played out during the pandemic were unwound in the fourth quarter of 2021, and continued into the first quarter of 2022, right-sizing some stock valuations given those companies’ fundamentals, while creating opportunities for investment in others that did not deserve the magnitude of the sell-off they experienced. Companies in many industries struggled to maintain inventories throughout the pandemic, as demand rose with consumer spending patterns shifting significantly from services to goods. Both 2021 and 2022 witnessed a shift back toward more normal spending patterns, as those companies began to rebuild inventories with supply production back online after mandated shut-downs – but at what cost? As inflationary pressure increased globally, input costs like materials, energy, and wages increased, creating stress on company margins.
Furthermore, we believe the movement of inflation expectations from transitory to foundational has created even broader uncertainty in investors’ minds. Not only had the longer-term effects of the pandemic continued to weigh on the market, but Russia invaded Ukraine in late February. Among the many concerns the invasion has introduced was the rising price of oil, since Russia is a significant producer on the global stage. We think the US Federal Reserve now has a justified reason to be hawkish in its comments, as well as proper justification to back those comments with short-term interest rate increases. The number of rate increases and the overall effectiveness of those increases are now at the center of the debate. Many question if the Fed is moving too late to have the desired effect of controlling inflation while allowing for economic growth. Or, will the need to raise rates more dramatically than previously expected create a stagflationary environment with sluggish growth and rising inflation? As the market weighs these prospective outcomes, volatility abounds, and a clear direction has been hard to find.
Despite all these issues, the US economy has shown significant growth. Employment, while not yet to pre-pandemic levels, appears healthy, and we think strong wage growth, while fueling inflation, should continue to support consumer spending. And while company margins are beginning to come under pressure due to higher input costs, profits have continued to remain strong, with demand more than offsetting costs.
In regard to US mid-cap growth companies, the Russell Midcap Growth Index, the Fund’s benchmark, began calendar year 2022 with a drop of more than 20% before rebounding to 12.58% for the fourth quarter of the Fund’s fiscal year - further evidence of the lack of direction of any coordinated market drivers. One would think that with all the uncertainties in the market, higher quality companies would
26
outperform. In that quarter, higher return on investment companies did outperform lower, but companies with lower leverage underperformed those with higher leverage, and there was no real distinction in performance between profitable and unprofitable companies. To give further context, the benchmark and the Russell Midcap® Value Index were nearly identical in total returns from the beginning of the Fund’s fiscal period through the end of 2021, while the value index outperformed the growth index by 10.76% in the first quarter of 2022. In an environment with so many macroeconomic uncertainties, lower cost mid-cap stocks have historically not outperformed quality growth.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Mid Cap Growth Fund underperformed its benchmark, Russell Midcap Growth Index. The Fund’s Class I shares declined 1.56%. The Fund’s Class A shares fell 1.90% at net asset value (NAV) and 5.34% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark declined 0.89%. For complete annualized performance of Delaware Ivy Mid Cap Growth Fund, please see the table on page 90.
Stock selection was the most meaningful strength for the fiscal year, contributing 104 basis points (bps), making up for the -81 bps of relative performance from sector allocation. (A basis point equals one hundredth of a percentage point.) This is the focus of the strategy – a high active share fund constructed of profitable companies with durable business models for the long term – and we remain encouraged that stock selection continues to drive performance. With the litany of uncertainties presented in the macro environment, we remain vigilant in our fundamental research, maintaining a relatively concentrated portfolio of profitable, lower-debt companies that can potentially grow throughout a market and economic cycle. Sector overweight and underweight positions are primarily a by-product of bottom-up (stock-by-stock) selection, with notable overweight positions in healthcare, financials and industrials and notable underweights in consumer discretionary, information technology, real estate, and energy. The overweight to financials and industrials was additive to relative performance, while the underweight to energy was the primary driver of relative sector allocation underperformance.
Information technology (IT) remains the largest sector allocation in both the Fund and the benchmark, and both our underweight and stock selection detracted from relative performance. Interestingly, while IT was a relative detractor, three of our five strongest-performing stocks for the period were in this sector: Arista Networks Inc., Marvell Technology Inc., and Monolithic Power Systems Inc., all of which are still held in the Fund’s portfolio at the end of the measurement period. Arista was the leading contributor, demonstrating the ability to navigate supply side issues for its cloud-based routing platforms and switches. However, software names that initially benefited from the work from home environment experienced a significant valuation retrenchment that far outpaced that of the benchmark. DocuSign and Five9 Inc. were two such names in the Fund’s portfolio. DocuSign, a company that facilitates and automates data workflow by allowing individuals to sign almost anything electronically, benefited substantially from the pull forward of earnings and expectations that the work from home environment created. With the reopening of many offices and the normalization of work processes toward pre-pandemic norms, DocuSign faced tough earnings comparisons as well as negative sentiment on the need for e-signature capabilities. We initiated our position in 2018, well before the pandemic, and have chosen to add to our position during the drawdown, believing in the fundamentals, management, and long-term opportunity for the company. Five9 is a similar situation – a cloud software company providing organization communication touchpoints for call centers. We have added to our position since we think Five9 has been oversold based on pandemic expectations. We believe in Five9’s long-term outlook, software platform, and management team.
Healthcare, the second-largest sector allocation in the benchmark and a notable overweight in the Fund, was the strongest relative contributor to performance over the measurement period. DexCom Inc., a medical devices company, is at the forefront of continuous glucose monitoring (CGM) used by individuals with diabetes. It is the largest holding in the Fund’s portfolio as of March 31, 2022. We have invested in DexCom since 2018 and believe not only in the CGM devices and software, but also in the strength of its management team to execute as competitors enter the market. We are positive on the healthcare space, with an eye toward those innovative companies that have distinct products and/or a platform for delivering multiple therapeutics coupled with what we view as having sustainable balance sheets and quality management teams.
While the industrials sector is the third-largest sector weighting in the Fund’s portfolio, it delivered a negative relative contribution to performance based on stock selection, over half of which is attributable to CoStar Group, a software and data provider for the commercial real estate sector and related-business communities. We have held CoStar in the portfolio since 2014 and, as of March 31, 2022, it is the third-largest position. We believe CoStar has dynamic leadership and a demonstrated success rate in commercial real estate. The stock sold off in the measurement period when the company’s management took steps toward empowering the consumer in the residential real estate market, as they have done in commercial real estate. We again used the drawdown in stock price to add to our position in CoStar.
27
Portfolio management reviews
Delaware Ivy Mid Cap Growth Fund
While the energy sector is a small allocation to the benchmark, we have had and continue to have no exposure in this sector, which negatively affected relative returns, the second-largest sector detractor for the measurement period. We have long been wary of the energy sector, where, in our opinion, companies have tended to spend with reckless, cyclical abandon, and not for the longer-term viability and profile of their businesses. Recently, however, there has been an interesting change in that dynamic, as shareholders have spoken, and managements have listened to the desire for more capital discipline. We are working on potential names for the Fund’s portfolio but have yet to enter any positions of note at this time.
Finally, we used derivatives as a form of active defense alongside our quality long position bias, in lieu of raising cash. We work diligently with our derivatives team to identify put and call combinations that will appropriately hedge against downside market moves, while maintaining positions in companies that we believe may be affected by short-term market sentiment but continue to have what we view as excellent long-term upside potential. We aim to remain investors in our holdings, not traders in cyclical fads.
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Portfolio management reviews
Delaware Ivy Mid Cap Income Opportunities Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Mid Cap Income Opportunities Fund (Class I shares) | 1-year return | +6.05 | % | |||
Delaware Ivy Mid Cap Income Opportunities Fund (Class A shares) | 1-year return | +5.71 | % | |||
Russell Midcap® Index (benchmark) | 1-year return | +6.92 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Mid Cap Income Opportunities Fund, please see the table on page 93.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 95 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide total return through a combination of current income and capital appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On November 15, 2021, Bradley P. Halverson was added as an additional portfolio manager.
Market review
In reflection, the series of notable global events over the past two years may be unmatched for many years to come. The list includes: 1) a global pandemic, 2) an unrivaled fiscal and monetary response, 3) a significant shift in spending from services to goods, 4) a fragile supply chain that struggled to keep up with demand, 5) a secular shift in “office”-related work, 6) a generational inflationary environment, 7) a central bank pivot toward tightening, and 8) an invasion of Ukraine by Russia. While volatility has been heightened, the overall equity markets digested these events well and we are writing about another year of equity market gains.
As the period began, vaccine inoculations in the US had migrated from the most at-risk populations toward broader, normal-risk populations, providing optimism the COVID-19 virus would be a thing of the past. Unfortunately, the virus mutated, causing various waves of infections while the world’s population was left learning the Greek alphabet to keep up with the variants. Each wave brought with it negative economic outcomes, from businesses scrambling to find available labor to delaying the full opening of the economy. We believe we are now on the backside of the virus’s impact on the developed world’s population, but it remains a key potential negative variable for future economic growth.
We have been amazed at the haste at which the US government provided much needed liquidity and capital to the economy. Demand for goods soared with the substantial monetary growth and limited outlets to spend. As supply chains struggled to keep up with demand and critical components fell in short supply, inflation began to accelerate. The US Federal Reserve coined the term “transitory” to describe the bottlenecks in labor and supply chains, causing the central bank to respond slowly to the increasing inflation. However, the Fed has since made a stark reversal and a tightening cycle has begun. The Fed appears resolved in its desire to combat inflation, so our expectation is for multiple hikes in the federal funds rate through the coming calendar year.
Despite all the discussed pressures, the US economy generated significant growth over the preceding calendar year. Employment, while yet to reach pre-pandemic levels, is on a trajectory to reach those levels shortly. Wage growth, while negatively feeding inflation, is at very strong levels, potentially supporting consumer spending growth. Corporate profits have remained robust, with strong demand more than offsetting the cost environment. Given all the potential negative outcomes from the litany of potential detractors, the economy and the stock market remained strong.
The Russell Midcap Index, the Fund’s benchmark, rose with strong appreciation into November and then a sell-off coincided with the Omicron strain and the Fed signaling less monetary accommodation. The benchmark was paced by robust gains in the energy sector, with oil prices nearly doubling through the fiscal year while the materials and real estate sectors both returned greater than 20%. The communications services sector was the negative standout,
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Portfolio management reviews
Delaware Ivy Mid Cap Income Opportunities Fund
contracting nearly 25% in the fiscal year. The consumer discretionary sector also generated negative returns in the benchmark. Industrials, information technology, and healthcare all produced positive returns but trailed the benchmark’s gain.
Reversing the prior couple fiscal years of total return, the strongest performance within the benchmark came from the lower margin, slower growing, least valued companies, driving strong relative performance of the value cohort versus growth constituents. The environment greatly favored dividend payers, which is a positive for our strategy, despite a strong move higher in interest rates.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Mid Cap Income Opportunities Fund gained, although it underperformed its benchmark, the Russell Midcap Index. The Fund’s Class I shares gained 6.05%. The Fund’s Class A shares increased 5.71% at net asset value and 1.99% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 6.92%. For complete, annualized performance of Delaware Ivy Mid Cap Income Opportunities Fund, please see the table on page 93.
The Fund’s objective is to assemble a portfolio of meaningful dividend-paying companies that have the wherewithal and desire to grow that dividend by a consequential amount over a medium-term time horizon. The deployment of this strategy is a constant for us regardless of the economic environment or investor “flavor of the day.” Our desire to generate current income and provide a path to capital appreciation is as strong today as it was when we launched the Fund in 2014.
Dividend income produced 2.4% of performance during the fiscal year, the lowest such contribution since we began managing the Fund. We believe this was the result of a strongly appreciating stock market and company managements remaining cautious on capital return during the pandemic. We expect a significant acceleration in dividend increases over the next couple of years, given what we consider to be the favorable financial positions of many of our holdings. Sector allocation decisions were a decisive negative; however, strong stock selection offset that pressure. The cash position in the Fund was a headwind in the upward sloping stock market.
The financials sector provided a solid relative contribution with both strong allocation benefits from a large overweight position in this outperforming sector and positive stock selection. Ares Management Corp. and Arthur J. Gallagher & Co. were the strongest contributors. Ares is a private equity company focused primarily on private debt markets. The company has seen significant opportunities and growth from the underlying strength in private markets. Management has a strong commitment to funding a meaningful, sustainable dividend and a roadmap for sizable dividend increases. Gallagher is an insurance broker with a long history of paying and growing the company’s dividend. The outperformance during the fiscal year can be attributed to a strong pricing environment within the insurance industry. We believe the ingredients for the positive pricing environment remain in place and expect the company to remain a key beneficiary.
Lack of ownership within the communications service sector was a significant contributor to Fund performance during the fiscal year. This group was “ground zero” for some of the companies that benefited from the changes that took place during the heights of COVID-19 and have since struggled to compound growth at a similar rate.
We had strong returns in most of our industrials sector stocks. nVent Electric PLC, an electrical products company, generated strong returns as the company saw demand for its products and was able to pass on raw material costs through pricing at a faster rate than many of its industrial peers. Watsco Inc., an HVAC distributor, also experienced outperformance. Demand for residential equipment was robust while supply was constrained, creating a favorable environment for Watsco to capture market share and expand margins. These two stocks help to offset weakness in Stanley Black & Decker Inc., which struggled due to higher raw material costs and difficultly sourcing critical inputs, particularly semiconductors.
The largest headwind to performance came from the benchmark’s exceptional returns in the energy sector. The sector has experienced an astonishing appreciation as oil prices nearly doubled over the fiscal year. A strong economic recovery, a constrained supply environment, and a global threat premium sparked by the Russian invasion of Ukraine all contributed to the upside in energy-related commodities. We have become less involved in this sector over time given what we believe is a checkered history in continuity of dividend payments. Our holding in energy, Rattler Midstream LP, was unable to keep pace with the more commodity levered companies despite strong appreciation in the stock.
The materials sector was also an opportunity cost for the Fund. Despite the Fund’s overweight positioning within this outperforming sector, our securities were unable to keep pace with the sector overall.
RPM International Inc., a specialty coatings manufacturer, struggled to keep up with demand due to raw material shortages, particularly in its paint business, and experienced margin compression from input cost escalation. We think the company will be able to recapture its margins over time, as it has done multiple times throughout history. A
30
similar environment drove underperformance for Avery Dennison Corp. during the fiscal year, particularly late in the period. Supply of paper, particularly in Europe, has been difficult due to a strike at a major plant. This has increased the raw material costs for the company. We believe this is a transient event and do not expect to make a portfolio change with this name.
The consumer staples sector was another sizable underperforming sector for the Fund during the fiscal year. We were overweight this outperforming sector, but weak stock selection negated the sector allocation benefit. Most of the underperformance can be attributed to our ownership of The Clorox Co., which struggled to manage its cost structure through the exceptional demand environment that began with the onset of COVID-19. Management has since increased the company’s production capacity, and with demand trends sustaining at above pre-pandemic levels, we believe Clorox can generate significantly higher earnings power. This belief, coupled with a strong and growing dividend, has kept us involved in the company.
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Portfolio management reviews
Delaware Ivy Municipal Bond Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Municipal Bond Fund (Class I shares) | 1-year return | -4.96 | % | |||
Delaware Ivy Municipal Bond Fund (Class A shares) | 1-year return | -5.09 | % | |||
Bloomberg Municipal Bond Index (benchmark) | 1-year return | -4.47 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Municipal Bond Fund, please see the table on page 96.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Class I shares and Class A shares reflect the reinvestment of all distributions.
Please see page 98 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide the level of current income consistent with preservation of capital and that is not subject to federal income tax.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the portfolio manager team of Gregory A. Gizzi, Stephen J. Czepiel, and Jake van Roden of Delaware Management Company 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.
Market review
During the Fund’s fiscal year ended March 31, 2022, the US economy continued to bounce back from its sharp decline at the start of the pandemic in early 2020, benefiting as states and municipalities reopened their economies.
When the fiscal year began in spring 2021, COVID-19 vaccines, still relatively new, promised to lower virus cases and hospitalization rates while boosting economic growth. New variants of the coronavirus, however, complicated the picture. First, in the summer and fall, came the Delta variant. Then, in late 2021 and early 2022, fast-spreading Omicron emerged, though the variant proved less likely than prior ones to lead to worst-case health outcomes.
Despite these multiple coronavirus waves, the US economy had strong growth this fiscal year. In the second quarter of 2021, the country’s gross domestic product (GDP) – a measure of national economic output – expanded by an annualized 6.7%. In the following quarter, US GDP growth slowed to 2.3%, as the Delta variant alongside supply chain concerns weighed on economic activity. By the year’s final quarter, however, national growth reached an estimated 6.9%. Robust consumer and business spending drove the increase, even with rising Omicron cases, a sharp pickup in inflation and expectations for several US Federal Reserve interest rate hikes. In all, the US economy grew by 5.7% in 2021, the country’s strongest growth for any calendar year since 1984.
As the economy continued to expand, the employment situation similarly improved throughout the fiscal year. The US jobless rate began this 12-month time frame at 6.0% but fell steadily, and by March it had reached 3.6% – the lowest level seen since before the start of the pandemic.
As inflation accelerated, the Fed signaled it would raise interest rates off their historic lows. In March 2022, the Fed raised its benchmark short-term interest rate – the federal funds rate – by a quarter percentage point. This was the central bank’s first rate increase since late 2018. The Fed also clarified that multiple additional interest rate increases were likely to follow in 2022.
Overall, the municipal bond market, as measured by the Bloomberg Municipal Bond Index, returned -4.47% for the fiscal year ended March 31, 2022. That decline came amid sharply rising interest rates in the first quarter of 2022.
Investors experienced two very different sets of market conditions during the Fund’s fiscal year. For roughly its first three quarters, municipal bonds benefited from a favorable technical backdrop –
32
robust demand for tax-exempt debt alongside constrained supply. Investors’ continued confidence in issuers’ underlying credit quality, ample fiscal stimulus from the federal government, higher-than-anticipated state and local tax collections, and expectations for higher future tax rates all boosted municipal bonds during this time frame. With interest rates remaining low during this span, longer-dated, lower-rated municipal bonds were especially in demand, due to their higher yields.
From late 2021 through the rest of the measurement period, market conditions shifted, as the Fed pivoted from seeing inflation as transitory to acting aggressively to slow rising prices. Meanwhile, concern about the worsening war in Ukraine added further uncertainty to the global economic environment. As rates in the US rose and investors expected more Fed rate hikes to come, the demand for municipal bonds steadily declined, which led to a less favorable technical backdrop for the asset class.
For the full fiscal year, yields on tax-exempt bonds rose, while the municipal yield curve flattened (indicating that rates on shorter-term bonds rose more than on longer-dated bonds). Bonds with shorter maturities generally outperformed their intermediate- and longer-dated counterparts, while lower-rated bonds tended to outpace higher-quality issues.
These tables show municipal bond returns by maturity length and by credit quality for the fiscal year ended March 31, 2022.
Returns by maturity | ||||
1 year | -1.51 | % | ||
3 years | -3.31 | % | ||
5 years | -4.48 | % | ||
10 years | -4.79 | % | ||
22+ years | -5.30 | % |
Returns by credit rating | ||||
AAA | -4.84 | % | ||
AA | -4.59 | % | ||
A | -4.23 | % | ||
BBB | -3.85 | % |
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Municipal Bond Fund posted negative returns and underperformed its benchmark, the Bloomberg Municipal Bond Index. The Fund’s Class I shares fell 4.96%. The Fund’s Class A shares declined 5.09% at net asset value (NAV) and 7.42% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark fell 4.47%. For complete, annualized performance of Delaware Ivy Municipal Bond Fund, please see the table on page 96.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
When we began managing the Fund in fall 2021, our priority was to position the portfolio more similarly to the other Delaware municipal bond funds we oversee.
For all these funds, we pursue a consistent approach regardless of the market backdrop. Our strategy entails a bottom-up investment approach, meaning we rely on our team’s thorough credit research to choose bonds on an issuer-by-issuer basis. We regularly seek tax-exempt bonds that offer the Fund’s shareholders what we see as an attractive trade-off between return opportunity and risk.
We tend to maintain relatively less exposure to highly rated, lower-yielding bonds by pursuing this approach. Instead, we prefer to overweight bonds with lower investment grade or below investment grade credit ratings and solid underlying credit quality, in our opinion. We prefer to own lower-rated issues because we believe they provide the Fund with greater opportunity to add long-term value for shareholders.
Upon taking over the Fund, we determined the portfolio was underrepresented in the types of higher-yielding, lower-rated issues we regularly favor. The Fund initially had little to no exposure to below investment grade bonds, whereas the prospectus allows up to 20% of the Fund’s assets to be invested in such credits.
We thus began to bring this Fund’s credit exposure more in line with those of the others we manage. Initially, we sold some highly rated bonds in the portfolios and used the proceeds, along with available cash, to buy some highly liquid, lower-rated names. For example, we added positions in Puerto Rico sales tax bonds and Buckeye (Ohio) tobacco-securitization bonds, both of which are widely available in the tax-exempt bond marketplace.
Soon after taking over the Fund, we sold certain holdings that our analysts found had unattractive credit quality. We then reinvested the proceeds in bonds we believed provided our shareholders with a better risk-reward trade-off. Because we sold these bonds in late 2021 amid strong demand for municipal debt, we were able to do so at favorable valuations.
In the first quarter of 2022, the market’s sharp selloff provided an opportune time for us to further adjust the portfolio. As interest rates and bond yields rose and credit spreads widened, we encountered various opportunities to initiate tax-loss swaps. With this strategy, we
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Portfolio management reviews
Delaware Ivy Municipal Bond Fund
exchanged lower-yielding bonds for higher-yielding ones, thus improving the Fund’s income profile while also incurring tax losses that can be applied to future gains.
The strongest individual performer for the Fund was Government Development Bank for Puerto Rico general obligation bonds. These securities, issued as part of the US territory’s financial restructuring, gained about 3% during our management period, benefiting from its high income and improving credit quality as the commonwealth emerged from bankruptcy protection.
Our next-strongest-performing investment, bonds for Coastal Academy in Oceanside, California, managed only flat performance – although that result was still considerably better than the index return of about -4%. These charter school bonds benefited from their high income and near-term call date, which kept their value close to par despite the rising-interest-rate environment.
Given rising interest rates, bonds with higher durations (more interest-rate sensitivity) were particularly weak performers for the Fund. For example, University of Texas bonds returned -16%, while zero-coupon Palomar Health (California) healthcare bonds returned -15%.
34
Portfolio management reviews
Delaware Ivy Municipal High Income Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Municipal High Income Fund (Class I shares) | 1-year return | -1.16 | % | |||
Delaware Ivy Municipal High Income Fund (Class A shares) | 1-year return | -1.44 | % | |||
Bloomberg Municipal Bond Index (benchmark) | 1-year return | -4.47 | % | |||
Bloomberg High-Yield Municipal Bond Index (former benchmark) | 1-year return | -1.35 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Municipal High Income Fund, please see the table on page 99.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Class I shares and Class A shares reflect the reinvestment of all distributions.
Please see page 101 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide a high level of current income that is not subject to federal income tax.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 (DMC) and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the portfolio manager team of Gregory A. Gizzi, Stephen J. Czepiel, and Jake van Roden of Delaware Management Company 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.
Market review
During the Fund’s fiscal year ended March 31, 2022, the US economy continued to bounce back from its sharp decline at the start of the pandemic in early 2020, benefiting as states and municipalities reopened their economies.
When the fiscal year began in spring 2021, COVID-19 vaccines, still relatively new, promised to lower virus cases and hospitalization rates while boosting economic growth. New variants of the coronavirus, however, complicated the picture. First, in the summer and fall, came the Delta variant. Then, in late 2021 and early 2022, fast-spreading Omicron emerged, though the variant proved less likely than prior ones to lead to worst-case health outcomes.
Despite these multiple coronavirus waves, the US economy had strong growth this fiscal year. In the second quarter of 2021, the country’s gross domestic product (GDP) – a measure of national economic output – expanded by an annualized 6.7%. In the following quarter, US GDP growth slowed to 2.3%, as the Delta variant alongside supply chain concerns weighed on economic activity. By the year’s final quarter, however, national growth reached an estimated 6.9%. Robust consumer and business spending drove the increase, even with rising Omicron cases, a sharp pickup in inflation, and expectations for several US Federal Reserve interest rate hikes. In all, the US economy grew by 5.7% in 2021, the country’s strongest growth for any calendar year since 1984.
As the economy continued to expand, the employment situation similarly improved throughout the fiscal year. The US jobless rate began this 12-month time frame at 6.0% but fell steadily, and by March it had reached 3.6% – the lowest level seen since before the start of the pandemic.
As inflation accelerated, the Fed signaled it would raise interest rates off their historic lows. In March 2022, the Fed raised its benchmark short-term interest rate – the federal funds rate – by a quarter percentage point. This was the central bank’s first rate increase since late 2018. The Fed also clarified that multiple additional interest rate increases were likely to follow in 2022.
Overall, the municipal bond market, as measured by the Bloomberg Municipal Bond Index, returned -4.47% for the fiscal year ended March 31, 2022. That decline came amid sharply rising interest rates in the first quarter of 2022.
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Portfolio management reviews
Delaware Ivy Municipal High Income Fund
Investors experienced two very different sets of market conditions during the Fund’s fiscal year. For roughly its first three quarters, municipal bonds benefited from a favorable technical backdrop – robust demand for tax-exempt debt alongside constrained supply. Investors’ continued confidence in issuers’ underlying credit quality, ample fiscal stimulus from the federal government, higher-than-anticipated state and local tax collections, and expectations for higher future tax rates all boosted municipal bonds during this time frame. With interest rates remaining low during this span, longer-dated, lower-rated municipal bonds were especially in demand, due to their higher yields.
From late 2021 through the rest of the measurement period, market conditions shifted, as the Fed pivoted from seeing inflation as transitory to acting aggressively to slow rising prices. Meanwhile, concern about the worsening war in Ukraine added further uncertainty to the global economic environment. As rates in the US rose and investors expected more Fed rate hikes to come, the demand for municipal bonds steadily declined, which led to a less favorable technical backdrop for the asset class.
For the full fiscal year, yields on tax-exempt bonds rose, while the municipal yield curve flattened (indicating that rates on shorter-term bonds rose more than on longer-dated bonds). Bonds with shorter maturities generally outperformed their intermediate- and longer-dated counterparts, while lower-rated bonds tended to outpace higher-quality issues.
These tables show municipal bond returns by maturity length and by credit quality for the fiscal year ended March 31, 2022.
Returns by maturity | ||||
1 year | -1.51 | % | ||
3 years | -3.31 | % | ||
5 years | -4.48 | % | ||
10 years | -4.79 | % | ||
22+ years | -5.30 | % |
Returns by credit rating | ||||
AAA | -4.84 | % | ||
AA | -4.59 | % | ||
A | -4.23 | % | ||
BBB | -3.85 | % |
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Municipal High Income Fund declined, although it outperformed its benchmark, the Bloomberg Municipal Bond Index. The Fund’s Class I shares fell 1.16%. The Fund’s Class A shares declined 1.44% at net asset value (NAV) and 3.92% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark fell 4.47%. For complete, annualized performance of Delaware Ivy Municipal High Income Fund, please see the table on page 99.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
When we began managing the Fund in fall 2021, our priority was to position the portfolio more similarly to the other Delaware municipal bond funds we oversee.
For all these funds, we pursue a consistent approach regardless of the market backdrop. Our strategy entails a bottom-up investment approach, meaning we rely on our team’s thorough credit research to choose bonds on an issuer-by-issuer basis. We regularly seek tax-exempt bonds that offer the Fund’s shareholders what we see as an attractive trade-off between return opportunity and risk.
We tend to maintain relatively less exposure to highly rated, lower-yielding bonds by pursuing this approach. Instead, we prefer to overweight bonds with lower investment grade or below investment grade credit ratings and solid underlying credit quality, in our opinion. We prefer to own lower-rated issues because we believe they provide the Fund with greater opportunity to add long-term value for shareholders.
Upon taking over this Fund, we determined the portfolio was underrepresented in the types of higher-yielding, lower-rated issues we favor. For example, its below investment grade investment exposure was only about half of what we traditionally hold in our comparable high yield municipal bond funds.
We thus began to bring this Fund’s credit exposure more in line with the others we manage. Initially, we sold some highly rated bonds in the portfolio and used the proceeds, along with available cash, to buy some highly liquid, lower-rated names. For example, we added positions in Puerto Rico sales tax bonds and Buckeye (Ohio) tobacco-securitization bonds, both of which are widely available in the tax-exempt bond marketplace.
Soon after taking over the Fund, we sold certain holdings that our analysts found had unattractive credit quality. We then reinvested the proceeds in bonds we believe provided our shareholders with a better risk-reward trade-off. Because we sold these bonds in late 2021 amid strong demand for municipal debt, we were able to do so at favorable valuations.
In the first quarter of 2022, the market’s sharp selloff provided an opportune time for us to further adjust the portfolio. As interest rates
36
and bond yields rose and credit spreads widened, we encountered various opportunities to initiate tax-loss swaps. With this strategy, we exchanged lower-yielding bonds for higher-yielding ones, thus improving the Fund’s income profiles while also incurring tax losses that can be applied to future gains.
The strongest individual performer for the Fund was Government Development Bank for Puerto Rico general obligation bonds. These securities, issued as part of the US territory’s financial restructuring, gained about 3% during our management period, benefiting from its high income and improving credit quality as the commonwealth emerged from bankruptcy protection. Our next-strongest-performing investment was Riverdale, Illinois general obligation bonds, which also gained 3%, benefiting from their high coupon and currently callable status.
Given rising interest rates, bonds with higher durations (more interest-rate sensitivity) were particularly weak performers for the Fund. Central Texas Regional Mobility Authority toll-road bonds (-19%) and Boston College higher education bonds (-19%) were significant laggards. In both cases, the issues were noncallable, while the Texas toll-road securities were zero-coupon bonds, factors that gave them added duration and made them more vulnerable to rising interest rates.
37
Portfolio management reviews
Delaware Ivy Securian Core Bond Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Securian Core Bond Fund (Class I shares) | 1-year return | -3.55 | % | |||
Delaware Ivy Securian Core Bond Fund (Class A shares) | 1-year return | -3.95 | % | |||
Bloomberg US Aggregate Index (benchmark) | 1-year return | -4.15 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Securian Core Bond Fund, please see the table on page 102.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 104 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide current income consistent with preservation of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On March 3, 2022, the Board of Trustees of the Ivy Funds (“Board”) approved the termination of the Sub-Advisory Agreement between Delaware Management Company (the “Manager” or “DMC”), and Securian Asset Management, Inc. as it relates to the Fund. In addition, the Board approved the appointment of affiliated sub-advisors of the Manager, Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), and Macquarie Investment Management Global Limited (“MIMGL”) to provide portfolio management and trading services, as well as to share investment research and recommendations, to the Fund. Further, the Board approved changes to certain of the Fund’s investment policies, and approved a name change, with all such changes to take effect on or about July 31, 2022 (the “Effective Date”).
Market review
The last three months of the fiscal year unfolded like a three-act play. Act 1 was the realization that inflation had gone vertical and was stickier than expected. Anxious investors priced in a stronger policy response, and volatility, and interest rates, rose. In Act 2, geopolitics took center stage, as the war in Ukraine destabilized markets and added further to inflation concerns, pushing market volatility higher. Finally, US Federal Reserve Chair Jerome Powell’s press conference led Act 3, and markets calmed as he reassured investors that the economy could handle inflation fighting. Whether or not policymakers can navigate slower growth while vigorously fighting inflation remains to be seen, in our view. Buyers may have gotten ahead of themselves as COVID-19, war, inflation, and slowing growth all remain very much in the mix.
Interest rates rose across the board and the yield curve flattened over the Fund’s fiscal year as investors priced in a more aggressive Fed. The two-year Treasury yield climbed 160 basis points (bps) to 2.34% while the 30-year Treasury yield increased over 50 bps to 2.45%, both ending the reporting period at a level last seen before the pandemic. (A basis point equals one hundredth of a percentage point.) Markets were jittery and performed poorly with most major asset classes declining. Commodities, one of the few asset classes to benefit from inflation, was the outlier with a positive total return of more than 25%. Higher rates caused fixed income to underperform stocks, despite rising fear. The S&P 500® Index total return ended the January-March quarter down a little more than 4.5%, recovering from correction territory (down more than 12%) in mid-March. This performance masked a big shift in leadership as higher rates eroded the value of future growth, and value stocks produced positive returns.
Although corporate earnings and economic growth ended calendar year 2021 on a strong note, we think 2022 is likely to be tougher. Full year revenue and earnings estimates have pushed higher despite spreading cost pressure and falling consumer incomes, adjusted for inflation. This sounds like a recipe for disappointment to us given a starting point that was well above average to begin with. Higher rates may also challenge valuations, compounding market challenges.
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The good news is that the US economy faces these headwinds from a position of strong growth. Real gross domestic product (GDP) increased by 5.7% in calendar year 2021, the fastest rate since the mid 1980’s. While inflation has squeezed workers’ spending power, the jobs situation is the best in years. Savings, socked away during the pandemic, continue to support demand for key durables like housing and autos. We think that effect will likely wear off, however, a trend that higher interest rates will accelerate. The squeeze in real earnings is beginning to put the brakes on spending, and consumer confidence has suffered, as a result. Forecasted growth is still above normal, but projections have declined steadily, as inflation continues to surprise to the upside.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Securian Core Bond Fund declined, although it outperformed its benchmark, the Bloomberg US Aggregate Index. The Fund’s Class I shares fell 3.55%. The Fund’s Class A shares declined 3.95% at net asset value and 6.38% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned -4.15%. For complete, annualized performance of Delaware Ivy Securian Core Bond Fund, please see the table on page 102.
The Fund benefitted from its interest rate exposure, which averaged less than that of the benchmark during the measurement period. The Fund also benefitted from its underweight exposure to mortgage-backed securities (MBS) and positive security selection in the non-agency collateralized mortgage obligation (CMO) and asset-based security (ABS) sectors. Some of that outperformance was offset by the allocation decisions to be overweight corporates and other structured securities sectors such as ABS and commercial mortgage-backed securities (CMBS). Negative security selection in the corporate sectors, particularly in industrials, also detracted from performance.
We sold a number of credit positions during the measurement period on concerns about rising market volatility and in response to steady outflows from the Fund. The Fund’s exposure to corporate bonds ended the reporting period at about 42.5%, down about 4.5% from the end of the fourth quarter of 2021 compared to the index weighting of 25%. The Fund’s largest overweight positions in terms of market weight are in electric utilities, transportation, energy, banks, and insurance. While we reduced our exposure to the airline space further, we are comfortable with our continued overweight exposure. All positions are secured by aircraft and the airlines in general have substantial liquidity, which should allow them to continue to participate in the recovery in air travel — even during an uneven recovery. The Fund’s energy exposure remains in midstream pipeline companies and refiners, with no direct exposure to volatile energy prices. The largest underweight positions from a market weight perspective in the corporate space are in information technology, capital goods, basic industry, and real estate investment trusts (REITs).
The Fund remains overweight non-Agency MBS, ABS, and CMBS, and underweight Agency MBS. We remain comfortable with the Fund’s overweight positions in the consumer-facing sectors of ABS, such as in the single-family rental space, and non-Agency MBS. We believe these structures will continue to be supported by a healthy, and growing, home-equity cushion, as well a healthy borrowing base, which has benefited from direct stimulus, a strong employment backdrop, and a continued rebound in the US economy.
The Fund’s overall exposure to interest rates in terms of duration was little changed during the reporting period and, at fiscal year end, we think the Fund remains positioned to potentially benefit from rising rates relative to its benchmark.
Historically the Fund’s exposure to derivatives has been confined to Treasury futures contracts. We utilize these futures contracts solely for the purpose of hedging the Fund’s interest rate exposures across the yield curve. Their use did not have a material impact on the Fund’s performance.
Jerome Powell continues to express confidence that the Fed can tighten monetary policy enough to slow inflation without tipping the economy into recession. Fed guidance, and market expectations, are for eight interest rate hikes this calendar year, which would put the Federal Funds rate at nearly 2.5% at year end.
It appears investors aren’t so sure that this process will go smoothly. The flattening curve indicates that buyers are pricing in an overshoot by the Fed and recession risk ahead. These concerns stem partly from a debate about the true underlying strength of the US economy. Investors continue to navigate noisy data distorted by continuing supply chain issues, COVID-19, and now, the war, among other factors. Inflation remains the biggest concern, both for growth and valuations. Monetary policy works on a lagged basis, and inflation itself will also act to temper demand as real earnings erode. In our opinion, the uncertain timing and magnitude of these effects create more downside than upside to current valuations.
Still, we think a recession in the next 12 months seems unlikely. Although we expect the Fed to be responsive to evolving data, we recognize that monetary policy is an imprecise tool, especially in the current environment. This certainly increases the risk of a misstep. Markets are likely to remain unsettled, in our view, as wary investors navigate the worrisome mix of tighter financial conditions, high inflation, and slowing growth. The Fed’s stronger tone in the later part of the Fund’s most recent fiscal quarter was welcome, but we think
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Portfolio management reviews
Delaware Ivy Securian Core Bond Fund
volatility will probably persist until the “all clear” sounds on inflation and investors have more confidence.
We anticipate slower, but still above-trend growth in 2022. An agonizingly slow normalization of the US economy continues to present unique challenges to forecasters. New coronavirus variants continue to pop up, and supply chains are still out of whack. Another year of higher-than-normal investment and stronger imports should ease the supply situation, but Omicron may slow this process.
We believe consumer spending is likely to be robust as the continued overhang of unspent savings and investment gains propel growth. Even so, the handoff from public support to private employment isn’t complete. A lack of willing workers is a headwind, stemming from early retirements, lower immigration, and persistent pandemic effects. We expect the labor market to stabilize next calendar year, but with tighter conditions than the pre-pandemic balance. So far, companies have been able to push through price increases to maintain margins, but resultant inflation has been higher and more persistent than expected. While we aren’t too worried about a recession, we think weaker consumer sentiment and a tight labor market are likely to continue to pressure policymakers and employers.
As the pandemic wanes and labor and supply chain challenges resolve, we think inflation may likely fall. However, companies report they expect supply chain pressures to persist for now, confidence in pricing power is growing, labor is making gains, and housing effects will lag. These challenges have the potential to skew inflation risk to the upside. Despite these risks, rates may remain subdued. We think high levels of debt, an aging population, disruptive technological change, and concentrated wealth remain powerful forces. The present comfort with long-term rates near 2% at the end of the Fund’s reporting period reflects a belief that these impulses will dominate. However, de-globalization and supply chain rationalization, pressure to address climate change and inequality, and depressed levels of immigration present more serious structural challenges, in our opinion.
We think the combination of monetary tightening and high valuations may likely lead to volatility. The battle between longer term disinflationary secular trends and declining potential growth versus the hotter mix of easy financial conditions, populist policies, and the costs of climate mitigation may well be the persistent story. Like the Fed, we feel we need to be data driven and alert to the possibility that the inflation and rates regimes could change and be ready to adjust the Fund’s positioning accordingly.
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Portfolio management reviews
Delaware Ivy Small Cap Growth Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Small Cap Growth Fund (Class I shares) | 1-year return | -7.88 | % | |||
Delaware Ivy Small Cap Growth Fund (Class A shares) | 1-year return | -8.23 | % | |||
Russell 2000® Growth Index (benchmark) | 1-year return | -14.33 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Small Cap Growth Fund, please see the table on page 106.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 108 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide growth of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
Market review
The market environment for small-cap growth was poor during the fiscal year ended March 31, 2022. Continuing a trend that began toward the end of the previous fiscal year, small-cap growth was the worst performing of the major Russell Indexes. The Russell 2000 Growth Index, the Fund’s benchmark, declined 14.33% for the fiscal year versus 3.32% gain in the Russell 2000® Value Index, a 14.98% gain in the Russell 1000® Growth Index, and a 0.89% decline in the Russell Midcap® Growth Index.
This was a reversal of the previous four-year upcycle for small growth versus small value. The set-up for small-caps was not favorable. Valuations of growth stocks hit record highs after a benign interest rate period that lasted four years but was clearly ending as inflation pushed the US Federal Reserve to raise rates. In addition, as the economy emerged from pandemic-induced shutdowns, the earnings power of cyclical, value-oriented companies was set to surge. In calendar year 2021, earnings growth of the aggregate Russell 2000 Growth Index was a respectable 40%, but that paled in comparison to the more-than-100% growth rate achieved by the Russell 2000 Value Index companies.
The double-whammy of valuation pressure from rising interest rates and disappointing relative earnings growth weighed heavily on small growth stocks. Most of the damage was done during the latter part of the fiscal year when the 10-year Treasury Bond yield went from 1.3% in early December 2021 to nearly 2.5% in late March 2022.
Within the Russell 2000 Growth Index for the fiscal year, energy, the strongest-performing sector, was an outlier, but was only a small weighting in the benchmark. The other sectors with positive performance included utilities, real estate investment trusts (REITs), materials, and financials – hardly the typical growth sectors of the US economy. As the fiscal year ended, however, the environment began to improve for growth stocks as the back end of the yield curve stabilized and fear of an economic slowdown began to affect cyclical stocks.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Small Cap Growth Fund declined, although it outperformed its benchmark, the Russell 2000 Growth Index. The Fund’s Class I shares declined 7.88%. The Fund’s Class A shares fell 8.23% at net asset value and 11.45% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark declined 14.33%. For complete, annualized performance of Delaware Ivy Small Cap Growth Fund, please see the table on page 106.
The Fund’s performance reflects the strategic objectives of the Fund to generate returns ahead of the benchmark with lower-than-average volatility. The Fund has outperformed its benchmark in five of the past six calendar years. During the fiscal year, several changes were made in the Fund to raise the quality bias of the portfolio and lower
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Portfolio management reviews
Delaware Ivy Small Cap Growth Fund
its risk profile. In the information technology (IT) and healthcare sectors, we eliminated those companies whose fundamental outlooks we felt may have been compromised by the pandemic-induced slowdown. Among those positions sold were EVO Payments Inc., Open Lending Corp., Tabula Rasa HealthCare Inc., and Tactile Systems Technology Inc. Any other positions sold reflected moves by the Fund to maintain its weighted average market cap in the small-cap range. Thus, companies like Lithia Motors Inc., Enphase Energy Inc., Plug Power Inc., and Penumbra Inc. were sold after they moved into the midcap space.
On the buy side, a few energy and energy-related growth companies were added, including Cactus Inc., Boot Barn Holdings Inc., and Veritex Holdings Inc. New additions in the IT sector were skewed to cyber-security software companies such as CyberArk Software Ltd. and Tenable Holdings Inc. One of our two email-security holdings, Proofpoint Inc. was acquired last year, and the other Mimecast Ltd. is in the process of being acquired.
The three strongest-performing sectors during the fiscal year were IT, healthcare, and consumer discretionary. Any Fund underperformance mainly resulted from a minor shortfall in the industrials sector. IT sector outperformance came from positive returns generated in the Fund from the semiconductor and IT services industries. Among the larger contributors were SiTime Corp., Switch Inc., and Globant SA.
SiTime is disrupting the high-end of the analog timing market by providing a silicon-based micro-electro-mechanical system solution for premium applications. Currently the company is growing more than 30% per year and is on course to generate operating margins near 30%. The pandemic recovery and tightness in semiconductor supply has helped fuel strong growth for SiTime, which powered the stock over the past year.
Switch is a domestic data center provider that experienced accelerating revenue growth throughout 2021 and into the first quarter of 2022. Recent takeover rumors have lately given the stock a lift.
An IT services leader, Globant delivered substantial revenue and earnings growth in 2021, which drove the stock’s performance. Major end-market customers in the banking, media, consumer, and telecommunication sectors exhibited the breadth and depth of its expertise.
The Fund’s software stocks performed better than the benchmark but were down for the fiscal year. Gains from the two email security stocks mentioned above were offset by weakness in many stocks that were pressured by interest rates. Overall, the Fund’s IT stocks were positive for the year versus a decline in the benchmark.
Healthcare was the weakest-performing sector in the benchmark during the period due to pandemic-related shutdowns and capital-market disruptions. The pandemic forced hospitals and other health facilities to curtail or stop completely procedures that were deemed nonemergency. The reduction in treatments along with prohibitions on marketers getting in front of practitioners resulted in underwhelming unit growth for the sector. The rise of interest rates and weak capital markets also added to sector pressure. There are many unprofitable healthcare companies, especially in biotechnology, and, as a group, they received little interest from investors willing to provide capital. Biotech was a major laggard this period for that reason. The Fund outperformed the sector as we historically are not significantly exposed to biotech and long-term unprofitable companies.
Among the healthcare companies that detracted during the fiscal year were CareDx Inc., CryoPort Inc. and Tactile Medical.
CareDx is currently unprofitable and was out of favor with investors, who are concerned about the competition new market entrants posed. We remained positive about CareDx as it is the clear leader in the growing and underpenetrated transplant diagnostic market, and we think it shows no sign of losing its leadership position.
CryoPort is also currently unprofitable. Investors were likewise concerned that weak capital markets would cause a lack of new gene therapies for transport. We remain positive on the company as its pipeline of new customers remains strong.
Tactile Medical markets a treatment for lymphedema (chronic swelling). Due to the pandemic, the company was unable to conduct the in-person sales at medical facilities that have been successful in the past. Employee turnover, common in many industries, also pressured the company. The Fund exited its position during the fiscal period.
Although consumer discretionary was also a poor-performing sector in the benchmark, the Fund managed to significantly limit losses relative to the index. Major contributors were Monarch Casino & Resort Inc., Wyndham Hotels & Resorts Inc., Red Rock Resorts Inc., and TopBuild Corp. The Fund skewed to higher quality “re-opening” companies that benefited from pent-up demand for travel and entertainment.
Underperformance in the industrials sector was mostly a function of stock selection as the Fund did not try to veer to low-quality cyclicals but rather stayed with the growth companies that meet our quality, long-term approach. That said, it was the former group that performed the best. Inflation has been strong and resilient, benefiting the returns of cyclicals. Meanwhile, the Fund increased exposure to longer-term unit growth companies while valuations were reasonable.
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We think that growth via industry-wide inflation will be temporary whereas unit growth and company-specific pricing power will endure.
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Portfolio management reviews
Delaware Ivy Smid Cap Core Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Smid Cap Core Fund (Class I shares) | 1-year return | -0.79 | % | |||
Delaware Ivy Smid Cap Core Fund (Class A shares) | 1-year return | -1.21 | % | |||
Russell 2500TM Index (benchmark) | 1-year return | +0.34 | % | |||
Russell 2000® Index (former benchmark) | 1-year return | -5.79 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Smid Cap Core Fund, please see the table on page 110.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 112 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the Fund name change to “Delaware Ivy Smid Cap Core Fund” (formerly, Delaware Ivy Small Cap Core Fund, and before that, Ivy Small Cap Core Fund) and the appointment of the portfolio manager team of Francis X. Morris, Christopher S. Adams, Michael S. Morris, Donald G. Padilla, and David E. Reidinger of Delaware Management Company (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.
Market review
Equity markets performed strongly through the first nine months of the fiscal year ended March 31, 2022 but then turned volatile. The unemployment rate fell throughout the 12-month period, the housing market was strong, and global economies continued to open as the availability of COVID-19 vaccines loosened the pandemic’s grip on daily activity.
There were some bumps along the way. The emergence of two COVID-19 variants, Delta and Omicron, gave investors pause as did inflation, which began to ratchet up midway through the period. Initially dismissed by the US Federal Reserve as transitory, mainly the result of increasing demand and supply chain disruptions that would eventually ease over time, as the period progressed, it became clear that the Fed would have to act. That came in mid-March when the Fed raised rates 0.25% and indicated that six or seven additional increases were likely in 2022.
In February, the outbreak of war in Ukraine and the economic sanctions Western nations imposed on Russia also roiled equity markets as the price of energy and other major commodities increased dramatically. Investors’ concern was evident as equity markets declined for several weeks.
The fiscal period was also notable for two significant market shifts as investors rotated from growth- to value-oriented companies and from small-cap to large-cap companies. The reopening of the economy after pandemic-induced lockdowns was responsible for the rotation into value stocks. Companies engaged in travel, for example, had been hurt badly by the pandemic. As restrictions lifted, and travel resumed, those stocks recovered swiftly. The latter rotation, into large companies, resulted from investors’ concern with inflation, the war in Ukraine, and potential slowing of the economy since large-cap stocks are generally perceived as safe havens.
During the fiscal year, small-cap stocks declined on average, underperforming mid-cap and large-cap stocks. The smaller-cap Russell 2000 Index declined 5.79% during the fiscal year and the Fund’s benchmark, the Russell 2500 Index advanced 0.34%. The Russell Midcap® Index gained 6.92%, and the large-cap Russell 1000® Index was the strongest-sized segment, returning 13.27%. Small-to-mid cap value stocks outperformed small-to-mid cap growth
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stocks, with the Russell 2500TM Value Index gaining 7.73% while the Russell 2500TM Growth Index declined 10.12%.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Smid Cap Core Fund underperformed the Fund’s benchmark, the Russell 2500 Index. The Fund’s Class I shares declined 0.79% The Fund’s Class A shares at net asset value (NAV) declined 1.21% and 4.66% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark gained 0.34%. For complete, annualized performance of Delaware Ivy Smid Cap Core Fund, please see the table on page 110.
Following is a discussion about performance during the period from November 15, 2021 (when the firm’s current portfolio management team began serving as the investment manager for the Fund) to March 31, 2022.
During the time in which we managed the Fund, we repositioned the portfolio to have a lower overall risk profile. The portfolio is now more diversified by virtue of increasing the number of its holdings, and we reduced concentrated position sizes based on our fundamental assessment of each company in the portfolio.
During the review period, small-cap stocks underperformed mid-cap and large-cap stocks, and from a style perspective, value companies held up more strongly than growth companies. For the period, two sectors in the benchmark generated positive returns: energy and utilities. In the energy sector, the Fund’s holdings lagged the stronger returns of the benchmark’s energy positions. The Fund’s utility sector holdings outperformed; however, a relative underweight position over the period detracted. Stock selection detracted on a relative basis in the basic materials sector as the Fund’s positions declined more on average than those in the benchmark. Strong stock selection in the capital goods, healthcare, and finance sectors contributed to the Fund’s performance.
In the real estate investment trust (REIT) sector, shares of Physicians Realty Trust, a healthcare REIT focused on the management of medical-office facilities leased to healthcare systems, detracted from the Fund’s performance. The company’s fiscal fourth-quarter earnings were in line with expectations though the risk that higher inflation will affect the company’s more limited ability to increase rents modestly pressured the stock price. We maintained the Fund’s position in Physicians Realty Trust as we believe it will benefit from the healthcare industry’s continued transition to outpatient care facilities.
In the basic materials sector, Worthington Industries Inc., a steel manufacturer and metal-products distributor, detracted from the Fund’s performance. Worthington has benefited from higher steel prices that are expected to normalize as supply chain issues ease, resulting in slower growth for the company. We maintained the Fund’s position in Worthington as it trades at a discounted valuation and provides the Fund with exposure to the nonresidential construction and automotive markets.
In the capital goods sector, specialty contractor Quanta Services Inc. was a leading contributor to the Fund’s performance for the period as the company reached record revenues, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), and earnings per share. We believe that Quanta Services offers investors exposure to long-term secular growth trends including the modernization and hardening of America’s aging utility infrastructure, the nationwide build-out of 5G telecommunications, and renewable energy infrastructure, which we expect should drive growth over the long term.
In the healthcare sector, Encompass Health Corp. contributed to the Fund’s performance. Encompass Health provides inpatient rehabilitation and home health and hospice care. The company’s operating trends have improved since its workforce had been more constrained previously due to COVID-19-related quarantining. In our opinion, Encompass Health is well capitalized, and we believe it is well positioned to service an industry facing increasing demand for rehabilitation and in-home healthcare and hospice services.
The Fund ended the fiscal year with its largest relative overweight positions in the capital goods, transportation, and healthcare sectors. The largest sector underweights were in utilities, media, and technology. On balance, we believe the market volatility and macroeconomic environment favor active managers that can apply thorough company-level analysis when making investment decisions. We continue to maintain our strategy of investing in companies that, we believe, have strong balance sheets and cash flow, sustainable competitive advantages, and high-quality management teams with the potential to deliver value to shareholders. We appreciate your confidence and look forward to serving your investment needs in the next fiscal year.
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Portfolio management reviews
Delaware Ivy Systematic Emerging Markets Equity Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Systematic Emerging Markets Equity Fund (Class I shares) | 1-year return | -18.96 | % | |||
Delaware Ivy Systematic Emerging Markets Equity Fund (Class A shares) | 1-year return | -19.25 | % | |||
MSCI Emerging Markets Index (net) (benchmark) | 1-year return | -11.37 | % | |||
MSCI Emerging Markets Index (gross) (benchmark) | 1-year return | -11.08 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Systematic Emerging Markets Equity Fund, please see the table on page 114.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 116 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide growth of capital.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Benjamin Leung and Scot Thompson of Delaware Management Company (DMC) 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 would change to “Delaware Ivy Systematic Emerging Markets Equity Fund” (formerly, Delaware Ivy Emerging Markets Equity Fund, and before that, Ivy Emerging Markets Equity Fund). All changes took effect on or about November 15, 2021.
Market review
The MSCI Emerging Markets Index declined 11.4% during the Fund’s fiscal year ended March 31, 2022, significantly lagging the developed markets MSCI World Index, which gained 10.00% for the period. Early in the fiscal year, markets rallied as COVID-19 vaccines enabled global economies to reopen, the US dollar weakened, and fund inflows increased. The rally stalled, however, as investors wrestled with a host of issues including the pace of economic recovery, hints of earlier-than-expected interest rate hikes by the US Federal Reserve, supply-chain disruptions, and the spread of COVID-19 variants.
During the second half of the 12-month period, several events took a toll on performance, particularly in the final quarter. First, geopolitical tensions between Russia and Ukraine escalated to a full-scale military conflict. As events unfolded, the US and the European Union imposed sanctions on certain Russian entities, corporations, and individuals, which led MSCI to remove all Russian stocks (approximately 3.6% of the MSCI Emerging Markets Index at the end of 2021) from the benchmark at a de minimis price. Energy and commodity prices increased due to concern about disruptions in Russian supplies. Second, China experienced an uptick in COVID-19 infections, resulting in strict lockdowns in several cities, including Shenzhen and Shanghai, as the Chinese government chased a zero-covid-transmission strategy. Third, expectations are growing that the Fed will quicken its pace of monetary tightening to combat rapidly increasing inflationary pressures, which have contributed to rising US bond yields.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Systematic Emerging Markets Equity Fund Class I shares underperformed the Fund’s benchmark, the MSCI Emerging Markets Index (net). The Fund’s Class I shares fell 18.96%. The Fund’s Class A shares at net asset value (NAV) declined 19.25% and 22.08% at maximum offer price. These figures reflect reinvestment of all distributions. During the same period, the Fund’s benchmark fell 11.4% (net). For complete, annualized performance of Delaware Ivy Systematic Emerging Markets Equity Fund, please see the table on page 114.
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Following is a discussion about performance during the period from November 15, 2021 (when DMC began serving as the investment manager for the Fund) to March 31, 2022. Following the assumption of responsibility, the team has been taking a cautious approach to implementing portfolio changes.
An overweight allocation to Russian securities detracted from the Fund’s performance for the period. Following the invasion of Ukraine, the US and other developed market countries imposed strict sanctions on Russia and several Russian companies. While the Fund did not own any sanctioned companies, most Russian securities sold off precipitously as markets closed and liquidity dried up. Sberbank of Russia PJSC, a majority state-owned bank and financial services company, and Yandex NV, an internet search and technology firm, were the largest detractors within Russia for the period.
A lack of exposure to Saudi Arabia also detracted from the Fund’s performance. The country benefited from the sharp rise in oil prices, resulting from the sanctions applied to Russian oil companies.
The team’s approach is centered on identifying individual companies that we believe possess attractive characteristics. The process looks to identify high-quality companies, with positive operating momentum, at reasonable valuations without being captive to one specific style such as value or growth.
Over the coming months, we will continue to take a considered approach to bringing the portfolio into alignment. We believe our investment approach positions us well to continue delivering investors a strong, risk-adjusted return.
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Portfolio management reviews
Delaware Ivy Value Fund
March 31, 2022 (Unaudited)
Performance preview (for the year ended March 31, 2022)
Delaware Ivy Value Fund (Class I shares) | 1-year return | +17.61 | % | |||
Delaware Ivy Value Fund (Class A shares) | 1-year return | +17.35 | % | |||
Russell 1000® Value Index (benchmark) | 1-year return | +11.67 | % |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Value Fund, please see the table on page 117.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions.
Please see page 119 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Investment objective
The Fund seeks to provide capital appreciation.
On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (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 and distributed by Delaware Distributors, L.P.
Market review
For the 12 months ended March 31, 2022, the stock market rose, posting strong gains in the first nine months before retreating somewhat in the last three months. Important macroeconomic and world events drove the moves.
The invasion of Ukraine in February caused global markets to tumble early in 2022. We think the direct economic impact will likely be greater for Europe than the US. However, Russia and Ukraine combined provide a significant portion of global commodities, including oil, natural gas, wheat, corn, fertilizer, and industrial metals and gases. Following the invasion, commodity prices rose, which along with the potential for component shortages, will likely put further upward pressure on inflation.
Inflation remained firm on both a sequential and year-over-year basis. Core services in February 2022 experienced the strongest sequential gain in 30 years, largely due to price increases for housing and travel.
In an effort to reduce inflation, the US Federal Reserve raised interest rates for the first time since 2018. Indicating that it was taking an aggressive posture, the Fed said that six more hikes were likely this calendar year. Fed Chair Jerome Powell also said that, depending on the data, the Fed could raise rates in 0.5% increments, rather than the 0.25% hikes that have been the norm since the recession of 2008-2009. Mr. Powell went on to say the Fed will start shrinking its balance sheet at an upcoming meeting.
US unemployment continued to move lower, with the rate returning to just 0.1 percentage point above the pre-pandemic rate. The number of job openings relative to the number of unemployed hit new record lows (data back to 2001). Tight labor markets continue to drive strong wage growth.
Source: Bloomberg, unless noted otherwise.
Within the Fund
For the fiscal year ended March 31, 2022, Delaware Ivy Value Fund outperformed its benchmark, the Russell 1000 Value Index. The Fund’s Class I shares gained 17.61%. The Fund’s Class A shares rose 17.35% at net asset value and 13.24% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 11.67%. For complete, annualized performance of Delaware Ivy Value Fund, please see the table on page 117.
During the period, the healthcare, industrials, and information technology sectors each added more than 1% to relative performance. Our single-strongest relative contributor, however, came from outside those sectors, with oil producer EOG Resources Inc. rising significantly in the period. Other names with notable positive performance included Marathon Petroleum Corp., McKesson Corp., Broadcom Inc., Northrop Grumman Corp., and Anthem Inc. The rise in oil prices drove EOG and Marathon higher. In
48
the final weeks of the fiscal year, the Russia-Ukraine war pushed shares of defense companies, including Northrop Grumman, higher.
The Fund’s weakest-performing relative sectors were financials and materials. Fidelity National Financial Inc., AGNC Investment Corp., and Synchrony Financial declined during the period, as early strong performance waned with investors’ growing concern over the pace of Fed tightening. BHP Group Ltd., a metals and mining company, also had a flat return for the fiscal year.
The Fund employs the occasional use of options, typically writing calls on owned positions and less often writing puts on owned positions. There are no “naked” options (options written on stocks not owned in the Fund’s portfolio). This is often done when we are trading into or out of a position. Total options added 0.15% of relative performance for the measurement period.
We do not attempt to make sector calls, focusing instead on stock selection. We hold overweight or underweight positions in sectors based on individual stock opportunity, with some limits to control risk or volatility. As of the fiscal year end, the Fund held overweight positions in financials and consumer discretionary. In these areas, we have identified what we believe are good companies with repeatable business models generating both high rates of free cash flow and low stock prices relative to our estimation of each company’s true intrinsic value. We currently hold underweight positions in utilities and consumer staples, simply due to what we think is a lack of compelling ideas currently available. All sectors were within 1% of the benchmark weightings.
While the macroeconomic forces and geopolitical issues discussed above are clearly important factors, we begin our research at the company level. We seek quality, growing companies whose stocks are trading below what we consider to be their intrinsic value. This is often due to short-term negative factors, and we become larger owners of a company if we feel those negatives are about to dissipate. We continue to seek and make investments one company at a time to potentially benefit clients over the long term.
49
Delaware Ivy Core Equity Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. July 3, 2000) | ||||||||||||||||
Excluding sales charge | +13.88 | % | +16.27 | % | +13.06 | % | +6.99 | % | ||||||||
Including sales charge | +9.91 | % | +15.44 | % | +12.66 | % | +6.81 | % | ||||||||
Class C (Est. September 21, 1992) | ||||||||||||||||
Excluding sales charge | +12.85 | % | +15.29 | % | +12.34 | % | +9.59 | % | ||||||||
Including sales charge | +11.87 | % | +15.29 | % | +12.34 | % | +9.59 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +13.83 | % | +16.23 | % | +12.98 | % | +10.14 | % | ||||||||
Including sales charge | +10.98 | % | +15.64 | % | +12.69 | % | +9.96 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +14.00 | % | +16.51 | % | +13.36 | % | +10.64 | % | ||||||||
Including sales charge | +14.00 | % | +16.51 | % | +13.36 | % | +10.64 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | +13.42 | % | +15.82 | % | — | +13.31 | % | |||||||||
Including sales charge | +13.42 | % | +15.82 | % | — | +13.31 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +14.23 | % | +16.69 | % | — | +12.56 | % | |||||||||
Including sales charge | +14.23 | % | +16.69 | % | — | +12.56 | % | |||||||||
Class Y (Est. December 29, 1995) | ||||||||||||||||
Excluding sales charge | +13.99 | % | +16.48 | % | +13.32 | % | +9.36 | % | ||||||||
Including sales charge | +13.99 | % | +16.48 | % | +13.32 | % | +9.36 | % | ||||||||
S&P 500 Index | +15.65 | % | +15.99 | % | +14.64 | % | +10.26 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 51. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
50
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.03% from April 1, 2021 to March 31, 2022; Class E shares at 0.99% from April 1, 2021 to July 28, 2021, and 0.97% from July 29, 2021 to March 31, 2022; and Class I and Class Y shares at 0.84% from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.00% | 1.88% | 1.14% | 0.81% | 1.40% | 0.66% | 1.05% | |||||||
Net expenses (including fee waivers, if any) | 1.00% | 1.88% | 0.97% | 0.81% | 1.40% | 0.66% | 0.84% | |||||||
Type of waiver | Contractual | n/a | Contractual | Contractual | n/a | n/a | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
51
Performance summaries
Delaware Ivy Core Equity Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
S&P 500 Index | $10,000 | $39,197 | ||||
Delaware Ivy Core Equity Fund — Class I shares | $10,000 | $35,047 | ||||
Delaware Ivy Core Equity Fund — Class A shares | $9,425 | $32,931 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 51. Please note additional details on pages 50 through 52. |
The graph also assumes $10,000 invested in the S&P 500 Index as of March 31, 2012. The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WCEAX | 466000106 | |
Class C | WTRCX | 466000304 | |
Class E | ICFEX | 466000171 | |
Class I | ICIEX | 466000163 | |
Class R | IYCEX | 465899573 | |
Class R6 | ICEQX | 46600A401 | |
Class Y | WCEYX | 466000403 |
52
Performance summaries
Delaware Ivy Global Bond Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. April 4, 2008) | ||||||||||||||||
Excluding sales charge | -4.39 | % | +2.27 | % | +2.25 | % | +2.75 | % | ||||||||
Including sales charge | -6.75 | % | +1.75 | % | +2.00 | % | +2.56 | % | ||||||||
Class C (Est. April 4, 2008) | ||||||||||||||||
Excluding sales charge | -5.04 | % | +1.51 | % | +1.65 | % | +2.31 | % | ||||||||
Including sales charge | -5.97 | % | +1.51 | % | +1.65 | % | +2.31 | % | ||||||||
Class I (Est. April 4, 2008) | ||||||||||||||||
Excluding sales charge | -4.08 | % | +2.52 | % | +2.51 | % | +3.00 | % | ||||||||
Including sales charge | -4.08 | % | +2.52 | % | +2.51 | % | +3.00 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -4.77 | % | +1.78 | % | — | +1.53 | % | |||||||||
Including sales charge | -4.77 | % | +1.78 | % | — | +1.53 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -4.14 | % | +2.54 | % | — | +2.07 | % | |||||||||
Including sales charge | -4.14 | % | +2.54 | % | — | +2.07 | % | |||||||||
Class Y (Est. April 4, 2008) | ||||||||||||||||
Excluding sales charge | -4.29 | % | +2.29 | % | +2.25 | % | +2.75 | % | ||||||||
Including sales charge | -4.29 | % | +2.29 | % | +2.25 | % | +2.75 | % | ||||||||
Bloomberg 1-10 Year Global Aggregate Index Hedged USD | -3.46 | % | +1.85 | % | +2.23 | % | +2.95 | %* | ||||||||
Bloomberg US Universal Index | -4.23 | % | +2.33 | % | +2.58 | % | +3.60 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end period prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 54. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum sales charge (load) imposed on purchases (as a % of offering price) for Class A shares changed from 2.50% to 4.50%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
53
Performance summaries
Delaware Ivy Global Bond Fund
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 0.96%; Class C shares at 1.72%; Class I and Class R6 shares at 0.74% from April 1, 2021 to March 31, 2022; and Class Y shares at 0.99%, from April 1, 2021 to July 29, 2021, and 0.96%, from July 30, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.20% | 1.96% | 0.89% | 1.46% | 0.72% | 1.12% | ||||||
Net expenses (including fee waivers, if any) | 0.96% | 1.72% | 0.74% | 1.46% | 0.72% | 0.96% | ||||||
Type of waiver | Contractual | Contractual | Contractual | n/a | Contractual | Contractual |
54
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through November 15, 2022. |
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Bloomberg US Universal Index | $10,000 | $13,255 | ||||
Delaware Ivy Global Bond Fund — Class I shares | $10,000 | $12,808 | ||||
Bloomberg 1-10 Year Global Aggregate Index Hedged USD | $10,000 | $12,706 | ||||
Delaware Ivy Global Bond Fund — Class A shares | $9,550 | $12,187 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum sales charge (load) imposed on purchases (as a % of offering price) for Class A shares changed from 2.50% to 4.50%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 54. Please note additional details on pages 53 through 56. |
The graph also assumes $10,000 invested in the Bloomberg 1-10 Year Global Aggregate Index Hedged USD and the Bloomberg US Universal Index as of March 31, 2012. The Bloomberg 1-10 Year Global Aggregate Index Hedged USD provides a broad-based measure of the global investment grade fixed-rate debt market with a maturity of greater than 1 year and less than 10 years. The Bloomberg US Universal Index represents the union of the US Aggregate Index, US Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, US Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers US dollar-denominated, taxable bonds that are rated either investment grade or high yield.
The Bloomberg Global Aggregate Index, mentioned on page 4, provides a broad-based measure of the global investment grade fixed-rate debt markets.
The Bloomberg US Aggregate Index, mentioned on page 4, is a broad composite that tracks the investment grade US bond market.
The Bloomberg US Corporate Investment Grade Index, mentioned on page 4, is composed of US dollar-denominated, investment grade corporate bonds that are US Securities and Exchange Commission (SEC)-registered or 144A with registration rights, and issued by industrial, utility, and financial companies. All bonds in the index have at least one year to maturity.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
55
Performance summaries
Delaware Ivy Global Bond Fund
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IVSAX | 465899748 | |
Class C | IVSCX | 465899722 | |
Class I | IVSIX | 465899714 | |
Class R | IYGOX | 465899516 | |
Class R6 | IVBDX | 46600A872 | |
Class Y | IVSYX | 465899698 |
56
Performance summaries
Delaware Ivy Global Equity Income Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. June 4, 2012) | ||||||||||||||||
Excluding sales charge | +0.51 | % | +7.16 | % | — | +8.43 | % | |||||||||
Including sales charge | -3.03 | % | +6.41 | % | — | +8.04 | % | |||||||||
Class C (Est. June 4, 2012) | ||||||||||||||||
Excluding sales charge | -0.32 | % | +6.38 | % | — | +7.84 | % | |||||||||
Including sales charge | -1.25 | % | +6.38 | % | — | +7.84 | % | |||||||||
Class E (Est. February 26, 2018) | ||||||||||||||||
Excluding sales charge | +0.69 | % | — | — | +4.77 | % | ||||||||||
Including sales charge | -1.82 | % | — | — | +4.12 | % | ||||||||||
Class I (Est. June 4, 2012) | ||||||||||||||||
Excluding sales charge | +0.81 | % | +7.51 | % | — | +8.80 | % | |||||||||
Including sales charge | +0.81 | % | +7.51 | % | — | +8.80 | % | |||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | +0.18 | % | +6.86 | % | — | +6.89 | % | |||||||||
Including sales charge | +0.18 | % | +6.86 | % | — | +6.89 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +0.99 | % | +7.66 | % | — | +6.05 | % | |||||||||
Including sales charge | +0.99 | % | +7.66 | % | — | +6.05 | % | |||||||||
Class Y (Est. June 4, 2012) | ||||||||||||||||
Excluding sales charge | +0.53 | % | +7.22 | % | — | +8.52 | % | |||||||||
Including sales charge | +0.53 | % | +7.22 | % | — | +8.52 | % | |||||||||
MSCI World Index (net) | +8.88 | % | +7.38 | % | — | +8.50 | %* | |||||||||
MSCI World Index (gross) | +10.12 | % | +12.42 | % | — | +12.23 | %* | |||||||||
FTSE All-World High Dividend Yield Index | +10.60 | % | +13.01 | % | — | +12.84 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end period prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 58. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
57
Performance summaries
Delaware Ivy Global Equity Income Fund
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.22%; Class E shares at 1.09%; Class I shares at 0.92%; and Class Y shares at 1.19%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.24% | 2.03% | 1.42% | 0.95% | 1.54% | 0.79% | 1.18% | |||||||
Net expenses (including fee waivers, if any) | 1.22% | 2.03% | 1.09% | 0.92% | 1.54% | 0.79% | 1.18% | |||||||
Type of waiver | Contractual | n/a | Contractual | Contractual | n/a | n/a | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020, through July 29, 2022. |
58
Performance of a $10,000 investment1
For period beginning June 4, 2012 (Fund’s inception) through March 31, 2022
For period beginning June 4, 2012 through March 31, 2022 | Starting value | Ending value | ||||
MSCI World Index (net) | $10,000 | $31,890 | ||||
Delaware Ivy Global Equity Income Fund — Class I shares | $10,000 | $22,890 | ||||
FTSE All-World High Dividend Yield Index | $10,000 | $22,324 | ||||
Delaware Ivy Global Equity Income Fund — Class A shares | $9,425 | $21,377 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on June 4, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 58. Please note additional details on pages 57 through 60. |
The graph also assumes $10,000 invested in the MSCI World Index and the FTSE All-World High Dividend Yield Index as of June 4, 2012.
The MSCI World Index represents large- and mid-cap stocks across 23 developed market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.
The FTSE All-World High Dividend Yield Index represents the performance of companies after implementing a forecast dividend yield ranking process. The index comprises stocks that are characterized by higher-than-average dividend yield based on the FTSE All-World Index, which is part of the FTSE Global Equity Index Series.
The Cboe Volatility Index, mentioned on page 6, is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
59
Performance summaries
Delaware Ivy Global Equity Income Fund
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IBIAX | 465899631 | |
Class C | IBICX | 465899615 | |
Class E | IBIEX | 46600G887 | |
Class I | IBIIX | 465899599 | |
Class R | IYGEX | 465899458 | |
Class R6 | IICNX | 46600A864 | |
Class Y | IBIYX | 465899581 |
60
Performance summaries
Delaware Ivy Global Growth Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. April 30, 1986) | ||||||||||||||||
Excluding sales charge | +2.84 | % | +11.78 | % | +8.94 | % | +8.30 | % | ||||||||
Including sales charge | -0.75 | % | +10.98 | % | +8.55 | % | +8.20 | % | ||||||||
Class C (Est. April 30, 1996) | ||||||||||||||||
Excluding sales charge | +1.88 | % | +10.82 | % | +8.24 | % | +5.39 | % | ||||||||
Including sales charge | +0.93 | % | +10.82 | % | +8.24 | % | +5.39 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +3.08 | %* | +12.09 | % | +9.29 | % | +6.36 | % | ||||||||
Including sales charge | +3.08 | % | +12.09 | % | +9.29 | % | +6.36 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | +2.46 | % | +11.41 | % | — | +8.81 | % | |||||||||
Including sales charge | +2.46 | % | +11.41 | % | — | +8.81 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +3.22 | % | +12.24 | % | — | +8.73 | % | |||||||||
Including sales charge | +3.22 | % | +12.24 | % | — | +8.73 | % | |||||||||
Class Y (Est. July 24, 2003) | ||||||||||||||||
Excluding sales charge | +2.85 | % | +11.79 | % | +9.00 | % | +8.68 | % | ||||||||
Including sales charge | +2.85 | % | +11.79 | % | +9.00 | % | +8.68 | % | ||||||||
MSCI ACWI Index (net) | +7.28 | % | +11.64 | % | +10.00 | % | +6.49 | %** | ||||||||
MSCI ACWI Index (gross) | +7.73 | % | +12.20 | % | +10.57 | % | +7.05 | %** | ||||||||
MSCI World Index (net) | +10.12 | % | +12.42 | % | +10.88 | % | +6.88 | %** | ||||||||
MSCI World Index (gross) | +10.60 | % | +13.01 | % | +11.49 | % | +7.47 | %** |
* | Total returns for the report period presented in the table differs from the return in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report. | |
** | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 62. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
61
Performance summaries
Delaware Ivy Global Growth Fund
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class I shares at 1.06%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.34% | 2.25% | 1.09% | 1.68% | 0.94% | 1.36% | ||||||
Net expenses (including fee waivers, if any) | 1.34% | 2.25% | 1.06% | 1.68% | 0.94% | 1.36% | ||||||
Type of waiver | n/a | n/a | Contractual | n/a | n/a | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022 |
62
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
MSCI World Index (gross) | $10,000 | $29,669 | ||||
MSCI World Index (net) | $10,000 | $28,097 | ||||
MSCI AWCI Index (gross) | $10,000 | $27,318 | ||||
MSCI AWCI Index (net) | $10,000 | $25,926 | ||||
Delaware Ivy Global Growth Fund — Class I shares | $10,000 | $24,306 | ||||
Delaware Ivy Global Growth Fund — Class A shares | $9,425 | $22,718 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 62. Please note additional details on pages 61 through 64. |
The graph also assumes $10,000 invested in the MSCI ACWI Index and the MSCI World Index as of March 31, 2012.
The MSCI ACWI Index represents large- and mid-cap stocks across developed and emerging markets worldwide. The index covers approximately 85% of the global investable equity opportunity set. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.
The MSCI World Index represents large- and mid-cap stocks across 23 developed market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
63
Performance summaries
Delaware Ivy Global Growth Fund
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IVINX | 465897502 | |
Class C | IVNCX | 465897585 | |
Class I | IGIIX | 465898724 | |
Class R | IYIGX | 465899425 | |
Class R6 | ITGRX | 46600A815 | |
Class Y | IVIYX | 465897114 |
64
Performance summaries
Delaware Ivy Government Money Market Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. June 30, 2000) | ||||||||||||||||
Excluding sales charge | +0.02 | % | +0.67 | % | +0.34 | % | +1.22 | % | ||||||||
Including sales charge | +0.02 | % | +0.67 | % | +0.34 | % | +1.22 | % | ||||||||
Class C (Est. July 3, 2000) | ||||||||||||||||
Excluding sales charge | +0.02 | % | +0.23 | % | +0.13 | % | +0.88 | % | ||||||||
Including sales charge | -0.98 | % | +0.23 | % | +0.13 | % | +0.88 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +0.02 | % | +0.74 | % | +0.38 | % | +0.66 | % | ||||||||
Including sales charge | +0.02 | % | +0.74 | % | +0.38 | % | +0.66 | % | ||||||||
Class R6 (Est. July 5, 2017) | ||||||||||||||||
Excluding sales charge | +0.02 | % | — | — | +0.84 | % | ||||||||||
Including sales charge | +0.02 | % | — | — | +0.84 | % |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 66. Performance would have been lower had expense limitations not been in effect.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in them.
A rise in interest rates may cause a decline in the value of the Fund’s securities, especially securities with longer maturities. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security’s price. Thus, the sensitivity of the Fund’s debt securities to interest rate risk will increase with any increase in the duration of those securities. A decline in interest rates may cause the Fund to experience a decline in its income. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
65
Performance summaries
Delaware Ivy Government Money Market Fund
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class E shares at 0.49%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class R6 | ||||
Total annual operating expenses (without fee waivers) | 0.65% | 1.55% | 0.64% | 0.45% | ||||
Acquired fund fees and expenses** | 0.01% | 0.01% | 0.01% | 0.01% | ||||
Net expenses (including fee waivers, if any) | 0.66% | 1.56% | 0.50% | 0.46% | ||||
Type of waiver | n/a | n/a | Contractual | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. | |
** | Acquired Fund Fees and Expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the registered investment company (RIC) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of the RIC for the RIC’s most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV. |
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Government Money Market Fund — Class A shares | $10,000 | $10,349 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class A shares of the Fund on March 31, 2012, and includes the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 66. Please note additional details on pages 65 through 67. |
Past performance does not guarantee future results.
66
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WRAXX | 466000486 | |
Class C | WRCXX | 466000460 | |
Class E | IVEXX | 466000221 | |
Class R6 | WRNXX | 46600A252 |
67
Performance summaries
Delaware Ivy High Income Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. July 3, 2000) | ||||||||||||||||
Excluding sales charge | +1.09 | % | +4.36 | % | +5.44 | % | +6.86 | % | ||||||||
Including sales charge | -1.41 | % | +3.85 | % | +5.18 | % | +6.74 | % | ||||||||
Class C (Est. July 31, 1997) | ||||||||||||||||
Excluding sales charge | +0.38 | % | +3.63 | % | +4.85 | % | +6.25 | % | ||||||||
Including sales charge | -0.57 | % | +3.63 | % | +4.85 | % | +6.25 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +1.01 | % | +4.23 | % | +5.20 | % | +6.28 | % | ||||||||
Including sales charge | -1.49 | % | +3.72 | % | +4.94 | % | +6.10 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +1.31 | % | +4.60 | % | +5.69 | % | +6.91 | % | ||||||||
Including sales charge | +1.31 | % | +4.60 | % | +5.69 | % | +6.91 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | +0.71 | % | +3.98 | % | — | +4.43 | % | |||||||||
Including sales charge | +0.71 | % | +3.98 | % | — | +4.43 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +1.45 | % | +4.76 | % | — | +4.40 | % | |||||||||
Including sales charge | +1.45 | % | +4.76 | % | — | +4.40 | % | |||||||||
Class Y (Est. December 30, 1998) | ||||||||||||||||
Excluding sales charge | +1.09 | % | +4.37 | % | +5.45 | % | +6.60 | % | ||||||||
Including sales charge | +1.09 | % | +4.37 | % | +5.45 | % | +6.60 | % | ||||||||
ICE BofA US High Yield Constrained Index | -0.29 | % | +4.55 | % | +5.69 | % | +6.46 | %* | ||||||||
ICE BofA US High Yield Index | -0.29 | % | +4.56 | % | +5.70 | % | +6.41 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 70. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 4.50%. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%.
68
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class Y shares are available only to certain investors.
Fixed-income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate. High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.
The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio.
The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class C shares at 1.66% and Class E shares at 1.04%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
69
Performance summaries
Delaware Ivy High Income Fund
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 0.97% | 1.70% | 1.21% | 0.75% | 1.35% | 0.60% | 1.00% | |||||||
Net expenses (including fee waivers, if any) | 0.97% | 1.66% | 1.04% | 0.75% | 1.35% | 0.60% | 1.00% | |||||||
Type of waiver | n/a | Contractual | Contractual | n/a | n/a | n/a | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022 $20
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
ICE BofA US High Yield Index | $10,000 | $17,408 | ||||
Delaware Ivy High Income Fund — Class I shares | $10,000 | $17,398 | ||||
ICE BofA US High Yield Constrained Index | $10,000 | $17,391 | ||||
Delaware Ivy High Income Fund — Class A shares | $9,550 | $16,567 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 70. Please note additional details on pages 68 through 71. |
The graph also assumes $10,000 invested in the ICE BofA US High Yield Constrained Index and the ICE BofA US High Yield Index as of March 31, 2012.
The ICE BofA US High Yield Constrained Index tracks the performance of US dollar-denominated high yield corporate debt publicly issued in the US domestic market, but caps individual issuer exposure at 2% of the benchmark.
70
The ICE BofA US High Yield Index tracks the performance of US dollar-denominated below-investment-grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment-grade rating (based on an average of Moody’s, S&P, and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule, and a minimum amount outstanding of $250 million.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WHIAX | 466000668 | |
Class C | WRHIX | 466000643 | |
Class E | IVHEX | 466000130 | |
Class I | IVHIX | 466000122 | |
Class R | IYHIX | 465899490 | |
Class R6 | IHIFX | 46600A831 | |
Class Y | WHIYX | 466000635 |
71
Performance summaries
Delaware Ivy International Core Equity Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. May 13, 1997) | ||||||||||||||||
Excluding sales charge | -1.28 | % | +4.42 | % | +5.64 | % | +5.08 | % | ||||||||
Including sales charge | -4.74 | % | +3.68 | % | +5.27 | % | +4.93 | % | ||||||||
Class C (Est. May 13, 1997) | ||||||||||||||||
Excluding sales charge | -1.97 | % | +3.71 | % | +5.08 | % | +4.72 | % | ||||||||
Including sales charge | -2.93 | % | +3.71 | % | +5.08 | % | +4.72 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -1.22 | % | +4.42 | % | +5.60 | % | +3.92 | % | ||||||||
Including sales charge | -3.68 | % | +3.90 | % | +5.33 | % | +3.75 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -0.88 | % | +4.85 | % | +6.05 | % | +4.43 | % | ||||||||
Including sales charge | -0.88 | % | +4.85 | % | +6.05 | % | +4.43 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -1.57 | % | +4.12 | % | — | +5.54 | % | |||||||||
Including sales charge | -1.57 | % | +4.12 | % | — | +5.54 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -0.83 | % | +4.89 | % | — | +3.75 | % | |||||||||
Including sales charge | -0.83 | % | +4.89 | % | — | +3.75 | % | |||||||||
Class Y (Est. July 24, 2003) | ||||||||||||||||
Excluding sales charge | -1.26 | % | +4.48 | % | +5.72 | % | +7.94 | % | ||||||||
Including sales charge | -1.26 | % | +4.48 | % | +5.72 | % | +7.94 | % | ||||||||
MSCI ACWI ex USA Index (net) | -1.48 | % | +6.76 | % | +5.55 | % | +3.13 | %* | ||||||||
MSCI ACWI ex USA Index (gross) | -1.04 | % | +7.26 | % | +6.04 | % | +3.60 | %* | ||||||||
MSCI EAFE Index (net) | +1.16 | % | +6.72 | % | +6.27 | % | +2.91 | %* | ||||||||
MSCI EAFE Index (gross) | +1.65 | % | +7.23 | % | +6.77 | % | +3.39 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 74. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
72
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. For Class E shares, a 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
To the extent the Fund invests a significant portion of its assets in a particular geographical region or country, economic, political, social and environmental conditions in that region or country will have a greater effect on Fund performance than they would in a more geographically diversified equity fund and the Fund’s performance may be more volatile than the performance of a more geographically diversified fund.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.23%; Class C shares at 1.92% from April 1, 2021 to March 31, 2022; Class E shares at 1.18% from April 1, 2021 to July 28, 2021, and 1.17% from July 29, 2021 to March 31, 2022; Class I shares and Class R6 shares at 0.79%; Class R shares at 1.53%; and Class Y shares at 1.18%, from April 1, 2021 to March 31, 2022.* Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
73
Performance summaries
Delaware Ivy International Core Equity Fund
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.35% | 2.05% | 1.57% | 1.03% | 1.62% | 0.88% | 1.29% | |||||||
Net expenses (including fee waivers, if any) | 1.23% | 1.92% | 1.17% | 0.79% | 1.53% | 0.79% | 1.18% | |||||||
Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
MSCI EAFE Index (gross) | $10,000 | $19,255 | ||||
MSCI EAFE Index (net) | $10,000 | $18,374 | ||||
Delaware Ivy International Core Equity Fund — Class I shares | $10,000 | $17,989 | ||||
MSCI AWCI ex USA Index (gross) | $10,000 | $17,934 | ||||
MSCI AWCI ex USA Index (net) | $10,000 | $17,168 | ||||
Delaware Ivy International Core Equity Fund — Class A shares | $9,425 | $16,711 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 74. Please note additional details on pages 72 through 75. |
The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index and the MSCI EAFE Index as of March 31, 2012.
74
The MSCI ACWI (All Country World Index) ex USA Index represents large- and mid-cap stocks across developed and emerging markets worldwide, excluding the United States. The index covers approximately 85% of the global investable equity opportunity set outside the United States. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.
The MSCI EAFE (Europe, Australasia, Far East) Index represents large- and mid-cap stocks across 21 developed markets, excluding the United States and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IVIAX | 465897353 | |
Class C | IVIFX | 465897338 | |
Class E | IICEX | 465899607 | |
Class I | ICEIX | 465899706 | |
Class R | IYITX | 465899433 | |
Class R6 | IINCX | 46600A823 | |
Class Y | IVVYX | 465898682 |
75
Performance summaries
Delaware Ivy International Value Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. September 4, 2001) | ||||||||||||||||
Excluding sales charge | -8.50 | % | +3.22 | % | +4.24 | % | +4.73 | % | ||||||||
Including sales charge | -11.69 | % | +2.49 | % | +3.87 | % | +4.55 | % | ||||||||
Class C (Est. October 19, 2001) | ||||||||||||||||
Excluding sales charge | -9.30 | % | +2.51 | % | +3.75 | % | +4.83 | % | ||||||||
Including sales charge | -10.20 | % | +2.51 | % | +3.75 | % | +4.83 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -8.21 | % | +3.66 | % | +4.71 | % | +2.82 | % | ||||||||
Including sales charge | -8.21 | % | +3.66 | % | +4.71 | % | +2.82 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -8.79 | % | +3.06 | % | — | +4.29 | % | |||||||||
Including sales charge | -8.79 | % | +3.06 | % | — | +4.29 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -8.08 | % | +3.83 | % | — | +2.09 | % | |||||||||
Including sales charge | -8.08 | % | +3.83 | % | — | +2.09 | % | |||||||||
Class Y (Est. July 24, 2003) | ||||||||||||||||
Excluding sales charge | -8.43 | % | +3.39 | % | +4.45 | % | +5.55 | % | ||||||||
Including sales charge | -8.43 | % | +3.39 | % | +4.45 | % | +5.55 | % | ||||||||
MSCI EAFE Index (net) | +1.16 | % | +6.72 | % | +6.27 | % | +2.91 | %* | ||||||||
MSCI EAFE Index (gross) | +1.65 | % | +7.23 | % | +6.77 | % | +3.39 | %* | ||||||||
MSCI EAFE Value Index (net) | +3.55 | % | +4.18 | % | +4.87 | % | +1.41 | %* | ||||||||
MSCI EAFE Value Index (gross) | +4.22 | % | +4.81 | % | +5.48 | % | +2.00 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 77. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
76
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Please see the most recent prospectus and any applicable supplement(s) for information on fee waivers and/or reimbursements. DMC has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets from November 15, 2021 through November 15, 2022. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.76% | 2.52% | 1.33% | 1.90% | 1.15% | 1.57% | ||||||
Net expenses (including fee waivers, if any) | 1.55% | 2.31% | 1.12% | 1.69% | 0.94% | 1.36% | ||||||
Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through November 15, 2022. |
77
Performance summaries
Delaware Ivy International Value Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
MSCI EAFE Index (gross) | $10,000 | $19,255 | ||||
MSCI EAFE Index (net) | $10,000 | $18,374 | ||||
MSCI EAFE Value Index (gross) | $10,000 | $16,906 | ||||
MSCI EAFE Value Index (net) | $10,000 | $15,980 | ||||
Delaware Ivy International Value Fund — Class I shares | $10,000 | $15,846 | ||||
Delaware Ivy International Value Fund — Class A shares | $9,425 | $14,613 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 77. Please note additional details on pages 76 through 79. |
The graph also assumes $10,000 invested in the MSCI EAFE Index and the MSCI EAFE Value Index as of March 31, 2012.
The MSCI EAFE (Europe, Australasia, Far East) Index represents large- and mid-cap stocks across 21 developed markets, excluding the United States and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
The MSCI EAFE (Europe, Australasia, Far East) Value Index represents small-cap stocks exhibiting overall value style across developed market countries around the world, excluding the United States and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.
The Cboe Volatility Index, mentioned on page 16, is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
78
Nasdaq | |||
symbols | CUSIPs | ||
Class A | ICDAX | 465898880 | |
Class C | ICDCX | 465898781 | |
Class I | ICVIX | 465898112 | |
Class R | IYCUX | 465899474 | |
Class R6 | ICNGX | 46600A500 | |
Class Y | ICDYX | 465897148 |
79
Performance summaries
Delaware Ivy Large Cap Growth Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. June 30, 2000) | ||||||||||||||||
Excluding sales charge | +16.52 | % | +20.61 | % | +15.89 | % | +9.20 | % | ||||||||
Including sales charge | +12.46 | % | +19.75 | % | +15.48 | % | +9.02 | % | ||||||||
Class C (Est. July 3, 2000) | ||||||||||||||||
Excluding sales charge | +15.55 | % | +19.65 | % | +15.20 | % | +8.84 | % | ||||||||
Including sales charge | +14.55 | % | +19.65 | % | +15.20 | % | +8.84 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +16.38 | % | +20.49 | % | +15.83 | % | +12.22 | % | ||||||||
Including sales charge | +13.47 | % | +19.88 | % | +15.54 | % | +12.03 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +16.87 | % | +20.97 | % | +16.22 | % | +12.62 | % | ||||||||
Including sales charge | +16.87 | % | +20.97 | % | +16.22 | % | +12.62 | % | ||||||||
Class R (Est. December 29, 2005) | ||||||||||||||||
Excluding sales charge | +16.07 | % | +20.15 | % | +15.49 | % | +11.23 | % | ||||||||
Including sales charge | +16.07 | % | +20.15 | % | +15.49 | % | +11.23 | % | ||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +16.90 | % | +21.05 | % | — | +16.92 | % | |||||||||
Including sales charge | +16.90 | % | +21.05 | % | — | +16.92 | % | |||||||||
Class Y (Est. July 6, 2000) | ||||||||||||||||
Excluding sales charge | +16.51 | % | +20.62 | % | +15.95 | % | +9.31 | % | ||||||||
Including sales charge | +16.51 | % | +20.62 | % | +15.95 | % | +9.31 | % | ||||||||
Russell 1000 Growth Index | +14.98 | % | +20.88 | % | +17.04 | % | +12.92 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 81. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
80
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
“Non-diversified” investments may allocate more of their net assets to investments in single securities than “diversified” investments. Resulting adverse effects may subject these investments to greater risks and volatility.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on overall performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.04%; Class E shares at 1.10%; Class I shares and Class R6 shares at 0.64%; and Class Y shares at 1.05%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 0.98% | 1.82% | 1.10% | 0.79% | 1.38% | 0.64% | 1.04% | |||||||
Net expenses (including fee waivers, if any) | 0.98% | 1.82% | 1.10% | 0.64% | 1.38% | 0.64% | 1.04% | |||||||
Type of waiver | Contractual | n/a | Contractual | Contractual | n/a | Contractual | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
81
Performance summaries
Delaware Ivy Large Cap Growth Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Russell 1000 Growth Index | $10,000 | $48,238 | ||||
Delaware Ivy Large Cap Growth Fund — Class I shares | $10,000 | $44,966 | ||||
Delaware Ivy Large Cap Growth Fund — Class A shares | $9,425 | $42,166 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 81. Please note additional details on pages 80 through 82. |
The graph also assumes $10,000 invested in the Russell 1000 Growth Index as of March 31, 2012. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WLGAX | 466000627 | |
Class C | WLGCX | 466000593 | |
Class E | ILCEX | 466001104 | |
Class I | IYGIX | 466001203 | |
Class R | WLGRX | 466000429 | |
Class R6 | ILGRX | 46600A799 | |
Class Y | WLGYX | 466000585 |
82
Performance summaries
Delaware Ivy Limited-Term Bond Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. August 17, 2000) | ||||||||||||||||
Excluding sales charge | -2.95 | % | +1.25 | % | +1.13 | % | +2.94 | % | ||||||||
Including sales charge | -5.35 | % | +0.73 | % | +0.87 | % | +2.82 | % | ||||||||
Class C (Est. September 21, 1992) | ||||||||||||||||
Excluding sales charge | -3.70 | % | +0.49 | % | +0.53 | % | +3.23 | % | ||||||||
Including sales charge | -4.66 | % | +0.49 | % | +0.53 | % | +3.23 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -2.94 | % | +1.21 | % | +1.05 | % | +2.38 | % | ||||||||
Including sales charge | -5.35 | % | +0.69 | % | +0.80 | % | +2.21 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -2.76 | % | +1.48 | % | +1.37 | % | +2.73 | % | ||||||||
Including sales charge | -2.76 | % | +1.48 | % | +1.37 | % | +2.73 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -3.34 | % | +0.87 | % | — | +0.66 | % | |||||||||
Including sales charge | -3.34 | % | +0.87 | % | — | +0.66 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -2.60 | % | +1.63 | % | — | +1.59 | % | |||||||||
Including sales charge | -2.60 | % | +1.63 | % | — | +1.59 | % | |||||||||
Class Y (Est. December 29, 1995) | ||||||||||||||||
Excluding sales charge | -2.95 | % | +1.25 | % | +1.13 | % | +3.29 | % | ||||||||
Including sales charge | -2.95 | % | +1.25 | % | +1.13 | % | +3.29 | % | ||||||||
Bloomberg 1-3 Year US Government/Credit Index | -2.91 | % | +1.26 | % | +1.10 | % | +1.98 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 85. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 2.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
83
Performance summaries
Delaware Ivy Limited-Term Bond Fund
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.
The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class E shares at 0.93% from April 1, 2021 to July 28, 2021, and 0.86% from July 29, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
84
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 0.89% | 1.65% | 0.95% | 0.68% | 1.27% | 0.53% | 0.93% | |||||||
Net expenses (including fee waivers, if any) | 0.89% | 1.65% | 0.86% | 0.68% | 1.27% | 0.53% | 0.93% | |||||||
Type of waiver | n/a | n/a | Contractual | n/a | n/a | n/a | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020, through July 29, 2022. |
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Limited-Term Bond Fund — Class I shares | $10,000 | $11,456 | ||||
Bloomberg 1-3 Year US Government/Credit Index | $10,000 | $11,151 | ||||
Delaware Ivy Limited-Term Bond Fund — Class A shares | $9,725 | $10,907 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 2.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 85. Please note additional details on pages 83 through 86. |
The graph also assumes $10,000 invested in the Bloomberg 1-3 Year US Government/Credit Index as of March 31, 2012. The Bloomberg 1-3 Year US Government/Credit Index is a market value-weighted index of government fixed-rate debt securities and investment grade US and foreign fixed-rate debt securities with average maturities of one to three years.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
85
Performance summaries
Delaware Ivy Limited-Term Bond Fund
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WLTAX | 466000882 | |
Class C | WLBCX | 466000866 | |
Class E | IVLEX | 466001302 | |
Class I | ILTIX | 466001401 | |
Class R | IYLTX | 465899482 | |
Class R6 | ILMDX | 46600A781 | |
Class Y | WLTYX | 466000858 |
86
Performance summaries
Delaware Ivy Managed International Opportunities Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -7.34 | % | +5.47 | % | +5.33 | % | +3.43 | % | ||||||||
Including sales charge | -10.55 | % | +4.73 | % | +4.95 | % | +3.19 | % | ||||||||
Class C (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -8.22 | % | +4.79 | % | +4.65 | % | +3.02 | % | ||||||||
Including sales charge | -9.12 | % | +4.79 | % | +4.65 | % | +3.02 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -7.08 | % | +5.74 | % | +5.61 | % | +3.74 | % | ||||||||
Including sales charge | -7.08 | % | +5.74 | % | +5.61 | % | +3.74 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -7.58 | % | +5.30 | % | — | +5.19 | % | |||||||||
Including sales charge | -7.58 | % | +5.30 | % | — | +5.19 | % | |||||||||
Class R6 (Est. July 5, 2017) | ||||||||||||||||
Excluding sales charge | -7.07 | % | — | — | +4.96 | % | ||||||||||
Including sales charge | -7.07 | % | — | — | +4.96 | % | ||||||||||
Class Y (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -7.27 | % | +5.56 | % | +5.43 | % | +3.50 | % | ||||||||
Including sales charge | -7.27 | % | +5.56 | % | +5.43 | % | +3.50 | % | ||||||||
MSCI ACWI ex USA Index (net) | -1.48 | % | +6.76 | % | +5.55 | % | +3.13 | %* | ||||||||
MSCI ACWI ex USA Index (gross) | -1.04 | % | +7.26 | % | +6.04 | % | +3.60 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 88. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
87
Performance summaries
Delaware Ivy Managed International Opportunities Fund
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 0.46%; Class C shares at 1.25%; Class I shares at 0.16%; Class R shares at 0.72%; and Class Y shares at 0.38%, from April 1, 2021 to March 31, 2022.* Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 0.50% | 1.36% | 0.19% | 0.67% | 0.18% | 0.44% | ||||||
Acquired fund fees and expenses** | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% | ||||||
Net expenses (including fee waivers, if any) | 1.33% | 2.12% | 1.03% | 1.53% | 1.04% | 1.25% | ||||||
Type of waiver | Contractual | Contractual | Contractual | Contractual | n/a | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. | |
** | Acquired fund fees and expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Fund’s assets. The acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs’ most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV. |
88
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
MSCI ACWI ex USA Index (gross) | $10,000 | $17,934 | ||||
Delaware Ivy Managed International Opportunities Fund — Class I shares | $10,000 | $17,259 | ||||
MSCI ACWI ex USA Index (net) | $10,000 | $17,168 | ||||
Delaware Ivy Managed International Opportunities Fund — Class A shares | $9,425 | $16,212 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 88. Please note additional details on pages 87 through 89. |
The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index as of March 31, 2012. The MSCI ACWI (All Country World Index) ex USA Index represents large- and mid-cap stocks across developed and emerging markets worldwide, excluding the United States. The index covers approximately 85% of the global investable equity opportunity set outside the United States. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IVTAX | 465898229 | |
Class C | IVTCX | 465898195 | |
Class I | IVTIX | 465898179 | |
Class R | IYMGX | 465899391 | |
Class R6 | IVTNX | 46600A229 | |
Class Y | IVTYX | 465898161 |
89
Performance summaries
Delaware Ivy Mid Cap Growth Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. June 30, 2000) | ||||||||||||||||
Excluding sales charge | -1.90 | % | +19.46 | % | +13.72 | % | +9.50 | % | ||||||||
Including sales charge | -5.34 | % | +18.61 | % | +13.31 | % | +9.32 | % | ||||||||
Class C (Est. July 3, 2000) | ||||||||||||||||
Excluding sales charge | -2.67 | % | +18.56 | % | +13.06 | % | +9.17 | % | ||||||||
Including sales charge | -3.50 | % | +18.56 | % | +13.06 | % | +9.17 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -2.00 | % | +19.39 | % | +13.58 | % | +11.54 | % | ||||||||
Including sales charge | -4.45 | % | +18.79 | % | +13.29 | % | +11.35 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -1.56 | % | +19.88 | % | +14.09 | % | +12.19 | % | ||||||||
Including sales charge | -1.56 | % | +19.88 | % | +14.09 | % | +12.19 | % | ||||||||
Class R (Est. December 29, 2005) | ||||||||||||||||
Excluding sales charge | -2.30 | % | +19.03 | % | +13.35 | % | +11.25 | % | ||||||||
Including sales charge | -2.30 | % | +19.03 | % | +13.35 | % | +11.25 | % | ||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -1.54 | % | +19.93 | % | — | +14.76 | % | |||||||||
Including sales charge | -1.54 | % | +19.93 | % | — | +14.76 | % | |||||||||
Class Y (Est. July 10, 2000) | ||||||||||||||||
Excluding sales charge | -1.89 | % | +19.48 | % | +13.76 | % | +9.58 | % | ||||||||
Including sales charge | -1.89 | % | +19.48 | % | +13.76 | % | +9.58 | % | ||||||||
Russell Midcap Growth Index | -0.89 | % | +15.10 | % | +13.52 | % | +10.41 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 91. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
90
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class Y shares are available only to certain investors.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.30% from April 1, 2021 to March 31, 2022; Class E shares at 1.24% from April 1, 2021 to July 28, 2021, and 1.23% from July 29, 2021 to March 31, 2022; and Class I and Class R6 shares at 0.79% from April 1, 2021 to March 31, 2022.* Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.17% | 1.94% | 1.32% | 0.97% | 1.56% | 0.82% | 1.21% | |||||||
Net expenses (including fee waivers, if any) | 1.16% | 1.93% | 1.23% | 0.79% | 1.55% | 0.79% | 1.20% | |||||||
Type of waiver | Contractual | n/a | Contractual | Contractual | n/a | Contractual | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
91
Performance summaries
Delaware Ivy Mid Cap Growth Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Mid Cap Growth Fund — Class I shares | $10,000 | $37,366 | ||||
Russell Midcap Growth Index | $10,000 | $35,535 | ||||
Delaware Ivy Mid Cap Growth Fund — Class A shares | $9,425 | $34,885 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 91. Please note additional details on pages 90 through 92. |
The graph also assumes $10,000 invested in the Russell Midcap Growth Index as of March 31, 2012. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.
The Russell Midcap Value Index, mentioned on page 27, measures the performance of the mid-cap value segment of the US equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of the Frank Russell Company.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WMGAX | 466000577 | |
Class C | WMGCX | 466000551 | |
Class E | IMCEX | 466001500 | |
Class I | IYMIX | 466001609 | |
Class R | WMGRX | 466000411 | |
Class R6 | IGRFX | 46600A765 | |
Class Y | WMGYX | 466000544 |
92
Performance summaries
Delaware Ivy Mid Cap Income Opportunities Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. October 1, 2014) | ||||||||||||||||
Excluding sales charge | +5.71 | % | +10.75 | % | — | +10.94 | % | |||||||||
Including sales charge | +1.99 | % | +9.96 | % | — | +10.42 | % | |||||||||
Class C (Est. October 1, 2014) | ||||||||||||||||
Excluding sales charge | +4.85 | % | +9.95 | % | — | +10.14 | % | |||||||||
Including sales charge | +3.85 | % | +9.95 | % | — | +10.14 | % | |||||||||
Class I (Est. October 1, 2014) | ||||||||||||||||
Excluding sales charge | +6.05 | % | +11.16 | % | — | +11.33 | % | |||||||||
Including sales charge | +6.05 | % | +11.16 | % | — | +11.33 | % | |||||||||
Class R (Est. October 1, 2014) | ||||||||||||||||
Excluding sales charge | +5.28 | % | +10.38 | % | — | +10.54 | % | |||||||||
Including sales charge | +5.28 | % | +10.38 | % | — | +10.54 | % | |||||||||
Class R6 (Est. October 1, 2014) | ||||||||||||||||
Excluding sales charge | +6.05 | % | +11.21 | % | — | +11.37 | % | |||||||||
Including sales charge | +6.05 | % | +11.21 | % | — | +11.37 | % | |||||||||
Class Y (Est. October 1, 2014) | ||||||||||||||||
Excluding sales charge | +5.63 | % | +10.76 | % | — | +10.95 | % | |||||||||
Including sales charge | +5.63 | % | +10.76 | % | — | +10.95 | % | |||||||||
Russell Midcap Index | +6.92 | % | +12.62 | % | — | +11.56 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 94. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
93
Performance summaries
Delaware Ivy Mid Cap Income Opportunities Fund
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
There is no guarantee that dividend-paying stocks will continue to pay dividends.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.34%; Class C shares at 2.06%; Class I and Class R6 shares at 0.83%; Class R shares at 1.80%; and Class Y shares at 1.35% from April 1, 2021 to March 31, 2022. Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. * Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.31% | 2.07% | 1.06% | 1.64% | 0.92% | 1.31% | ||||||
Net expenses (including fee waivers, if any) | 1.24% | 2.00% | 0.83% | 1.57% | 0.83% | 1.24% | ||||||
Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
94
Performance of a $10,000 investment1
For period beginning October 1, 2014 (Fund’s inception) through March 31, 2022
For period beginning October 1, 2014 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Mid Cap Income Opportunities Fund — Class I shares | $10,000 | $22,354 | ||||
Russell Midcap Index | $10,000 | $22,157 | ||||
Delaware Ivy Mid Cap Income Opportunities Fund — Class A shares | $9,425 | $21,022 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on October 1, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 94. Please note additional details on pages 93 through 95. |
The graph also assumes $10,000 invested in the Russell Midcap Index as of October 1, 2014. The Russell Midcap Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of the Frank Russell Company.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IVOAX | 46600B102 | |
Class C | IVOCX | 46600B201 | |
Class I | IVOIX | 46600B409 | |
Class R | IVORX | 46600B508 | |
Class R6 | IVOSX | 46600B607 | |
Class Y | IVOYX | 46600B706 |
95
Performance summaries
Delaware Ivy Municipal Bond Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. September 15, 2000) | ||||||||||||||||
Excluding sales charge | -5.09 | % | +1.39 | % | +1.95 | % | +3.64 | % | ||||||||
Including sales charge | -7.42 | % | +0.88 | % | +1.70 | % | +3.52 | % | ||||||||
Class C (Est. September 21, 1992) | ||||||||||||||||
Excluding sales charge | -5.87 | % | +0.53 | % | +1.31 | % | +4.01 | % | ||||||||
Including sales charge | -6.79 | % | +0.53 | % | +1.31 | % | +4.01 | % | ||||||||
Class I (Est. November 4, 2009) | ||||||||||||||||
Excluding sales charge | -4.96 | % | +1.54 | % | +2.13 | % | +3.06 | % | ||||||||
Including sales charge | -4.96 | % | +1.54 | % | +2.13 | % | +3.06 | % | ||||||||
Class R6 (Est. July 5, 2017) | ||||||||||||||||
Excluding sales charge | -4.84 | % | — | — | +1.44 | % | ||||||||||
Including sales charge | -4.84 | % | — | — | +1.44 | % | ||||||||||
Bloomberg Municipal Bond Index | -4.47 | % | +2.52 | % | +2.88 | % | +3.59 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 97. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%.
Class C shares are sold with a CDSC of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are only available to certain types of investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
On March 7, 2022, the Fund’s Class Y share class liquidated. The Fund’s Class Y share class is no longer available to investors.
Fixed-income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
96
High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.
Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.
Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 0.83% and Class I shares at 0.70%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R6 | ||||
Total annual operating expenses (without fee waivers) | 0.90% | 1.73% | 0.74% | 0.60% | ||||
Acquired fund fees and expenses** | 0.01% | 0.01% | 0.01% | 0.01% | ||||
Net expenses (including fee waivers, if any) | 0.84% | 1.74% | 0.71% | 0.61% | ||||
Type of waiver | Contractual | n/a | Contractual | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. | |
** | Acquired fund fees and expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Fund’s assets. The acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs’ most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV. |
97
Performance summaries
Delaware Ivy Municipal Bond Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Bloomberg Municipal Bond Index | $10,000 | $13,285 | ||||
Delaware Ivy Municipal Bond Fund — Class I shares | $10,000 | $12,346 | ||||
Delaware Ivy Municipal Bond Fund — Class A shares | $9,550 | $11,833 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 97. Please note additional details on pages 96 through 98. |
The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index as of March 31, 2012. The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WMBAX | 466000841 | |
Class C | WMBCX | 466000825 | |
Class I | IMBIX | 46601B101 | |
Class R6 | IMBNX | 46600A211 | |
Class Y | WMBYX | 466000817 |
98
Performance summaries
Delaware Ivy Municipal High Income Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. May 18, 2009) | ||||||||||||||||
Excluding sales charge | -1.44 | % | +2.66 | % | +3.26 | % | +5.42 | % | ||||||||
Including sales charge | -3.92 | % | +2.15 | % | +3.01 | % | +5.21 | % | ||||||||
Class C (Est. May 18, 2009) | ||||||||||||||||
Excluding sales charge | -2.12 | % | +1.95 | % | +2.67 | % | +4.93 | % | ||||||||
Including sales charge | -3.07 | % | +1.95 | % | +2.67 | % | +4.93 | % | ||||||||
Class I (Est. December 30, 1998) | ||||||||||||||||
Excluding sales charge | -1.16 | % | +2.93 | % | +3.49 | % | +4.41 | % | ||||||||
Including sales charge | -1.16 | % | +2.93 | % | +3.49 | % | +4.41 | % | ||||||||
Class R6 (Est. July 5, 2017) | ||||||||||||||||
Excluding sales charge | -1.15 | % | — | — | +2.81 | % | ||||||||||
Including sales charge | -1.15 | % | — | — | +2.81 | % | ||||||||||
Class Y (Est. May 18, 2009) | ||||||||||||||||
Excluding sales charge | -1.44 | % | +2.67 | % | +3.27 | % | +5.33 | % | ||||||||
Including sales charge | -1.44 | % | +2.67 | % | +3.27 | % | +5.33 | % | ||||||||
Bloomberg Municipal Bond Index | -4.47 | % | +2.52 | % | +2.88 | % | +4.24 | %* | ||||||||
Bloomberg High-Yield Municipal Bond Index | -1.35 | % | +5.25 | % | +5.44 | % | — |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 100. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%.
Class C shares are sold with a CDSC of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are only available to certain types of investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
99
Performance summaries
Delaware Ivy Municipal High Income Fund
Fixed-income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.
Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.
Duration measures a bond’s sensitivity to interest rates, by indicating the approximate percentage of change in a bond or bond fund’s price given a 1% change in interest rates.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class C shares at 1.58%, Class I shares at 0.61%, and Class Y shares at 0.94% from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R6 | Class Y | |||||
Total annual operating expenses (without fee waivers) | 0.89% | 1.68% | 0.74% | 0.60% | 0.99% | |||||
Net expenses (including fee waivers, if any) | 0.89% | 1.58% | 0.61% | 0.60% | 0.94% | |||||
Type of waiver | n/a | Contractual | Contractual | n/a | Contractual |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
100
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Bloomberg High-Yield Municipal Bond Index | $10,000 | $17,625 | ||||
Delaware Ivy Municipal High Income Fund — Class I shares | $10,000 | $14,092 | ||||
Delaware Ivy Municipal High Income Fund — Class A shares | $9,550 | $13,452 | ||||
Bloomberg Municipal Bond Index | $10,000 | $13,285 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 100. Please note additional details on pages 99 through 101. |
The graph also assumes $10,000 invested in the Bloomberg Municipal Bond Index and the Bloomberg High-Yield Municipal Bond Index as of March 31, 2012. The Bloomberg Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market. The Bloomberg High-Yield Municipal Bond Index measures the total return performance of the long-term, non-investment-grade tax-exempt bond market.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IYIAX | 466001849 | |
Class C | IYICX | 466001765 | |
Class I | WYMHX | 466001757 | |
Class R6 | IYINX | 46600A195 | |
Class Y | IYIYX | 466001740 |
101
Performance summaries
Delaware Ivy Securian Core Bond Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. August 14, 1987) | ||||||||||||||||
Excluding sales charge | -3.95 | % | +2.21 | % | +2.68 | % | +5.20 | % | ||||||||
Including sales charge | -6.38 | % | +1.70 | % | +2.42 | % | +5.12 | % | ||||||||
Class C (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | -4.71 | % | +1.45 | % | +2.07 | % | +2.80 | % | ||||||||
Including sales charge | -5.65 | % | +1.45 | % | +2.07 | % | +2.80 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -4.03 | % | +2.18 | % | +2.63 | % | +3.04 | % | ||||||||
Including sales charge | -6.45 | % | +1.67 | % | +2.37 | % | +2.87 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -3.55 | % | +2.68 | % | +3.07 | % | +3.50 | % | ||||||||
Including sales charge | -3.55 | % | +2.68 | % | +3.07 | % | +3.50 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -4.28 | % | +1.91 | % | — | +2.02 | % | |||||||||
Including sales charge | -4.28 | % | +1.91 | % | — | +2.02 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -3.55 | % | +2.67 | % | — | +2.82 | % | |||||||||
Including sales charge | -3.55 | % | +2.67 | % | — | +2.82 | % | |||||||||
Class Y (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | -3.94 | % | +2.25 | % | +2.73 | % | +3.23 | % | ||||||||
Including sales charge | -3.94 | % | +2.25 | % | +2.73 | % | +3.23 | % | ||||||||
Bloomberg US Aggregate Index | -4.15 | % | +2.14 | % | +2.24 | % | +3.56 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 104. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
102
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Fixed-income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class E shares at 0.95%, and Class I and Class R6 shares at 0.45% from April 1, 2021 to March 31, 2022.* Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
103
Performance summaries
Delaware Ivy Securian Core Bond Fund
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 0.97% | 1.74% | 1.14% | 0.72% | 1.30% | 0.57% | 0.97% | |||||||
Net expenses (including fee waivers, if any) | 0.87% | 1.64% | 0.95% | 0.45% | 1.20% | 0.45% | 0.87% | |||||||
Type of waiver | n/a | n/a | Contractual | Contractual | n/a | Contractual | �� | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Securian Core Bond Fund — Class I shares | $10,000 | $13,533 | ||||
Delaware Ivy Securian Core Bond Fund — Class A shares | $9,550 | $12,696 | ||||
Bloomberg US Aggregate Index | $10,000 | $12,480 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 2.50% to 4.50%.The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 104. Please note additional details on pages 102 through 105. |
The graph also assumes $10,000 invested in the Bloomberg US Aggregate Index as of March 31, 2012. The Bloomberg US Aggregate Index measures the performance of publicly issued investment grade (Baa3/BBB- or better) corporate, US government, mortgage- and asset-backed securities with at least one year to maturity and at least $300 million par amount outstanding.
The S&P 500 Index, mentioned on page 38, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.
104
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IBOAX | 465898344 | |
Class C | IBOCX | 465898328 | |
Class E | IVBEX | 465898138 | |
Class I | IVBIX | 465897775 | |
Class R | IYBDX | 465899524 | |
Class R6 | IBNDX | 46600A302 | |
Class Y | IBOYX | 465898575 |
105
Performance summaries
Delaware Ivy Small Cap Growth Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. July 3, 2000) | ||||||||||||||||
Excluding sales charge | -8.23 | % | +12.70 | % | +12.26 | % | +7.76 | % | ||||||||
Including sales charge | -11.45 | % | +11.91 | % | +11.86 | % | +7.58 | % | ||||||||
Class C (Est. September 21, 1992) | ||||||||||||||||
Excluding sales charge | -8.89 | % | +11.87 | % | +11.67 | % | +12.47 | % | ||||||||
Including sales charge | -9.43 | % | +11.87 | % | +11.67 | % | +12.47 | % | ||||||||
Class E (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -8.22 | % | +12.68 | % | +12.21 | % | +10.13 | % | ||||||||
Including sales charge | -10.50 | % | +12.11 | % | +11.92 | % | +9.94 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -7.88 | % | +13.11 | % | +12.67 | % | +10.78 | % | ||||||||
Including sales charge | -7.88 | % | +13.11 | % | +12.67 | % | +10.78 | % | ||||||||
Class R (Est. December 29, 2005) | ||||||||||||||||
Excluding sales charge | -8.57 | % | +12.33 | % | +11.95 | % | +9.76 | % | ||||||||
Including sales charge | -8.57 | % | +12.33 | % | +11.95 | % | +9.76 | % | ||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -7.88 | % | +13.17 | % | — | +12.24 | % | |||||||||
Including sales charge | -7.88 | % | +13.17 | % | — | +12.24 | % | |||||||||
Class Y (Est. December 29, 1995) | ||||||||||||||||
Excluding sales charge | -8.19 | % | +12.74 | % | +12.35 | % | +11.11 | % | ||||||||
Including sales charge | -8.19 | % | +12.74 | % | +12.35 | % | +11.11 | % | ||||||||
Russell 2000 Growth Index | -14.33 | % | +10.33 | % | +11.21 | % | +8.81 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 107. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
106
Class E shares are sold with a front-end sales charge of 2.50% and have an annual 12b-1 fee of 0.25% of average daily net assets. A 1.00% CDSC is imposed only on Class E shares that were purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class Y shares are available only to certain investors.
Investing in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
The Fund may invest in Initial Public Offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be replicated in the future.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows Class C shares at 2.04% from April 1, 2021 to March 31, 2022; Class E shares at 1.30% from April 1, 2021 to July 28, 2021, and 1.29% from July 29, 2021 to March 31, 2022; and Class I and Class R6 shares at 0.89% from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | |||||||
Total annual operating expenses (without fee waivers) | 1.26% | 2.04% | 1.43% | 1.03% | 1.62% | 0.87% | 1.26% | |||||||
Acquired fund fees and expenses** | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | |||||||
Net expenses (including fee waivers, if any) | 1.27% | 2.05% | 1.30% | 0.90% | 1.63% | 0.88% | 1.27% | |||||||
Type of waiver | n/a | Contractual | Contractual | Contractual | n/a | Contractual | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. | |
** | Acquired Fund Fees and Expenses sets forth the Fund’s pro rata portion of the cumulative expenses charged by the registered investment company (RIC) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of the RIC for the RICs’ most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s NAV. |
107
Performance summaries
Delaware Ivy Small Cap Growth Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Small Cap Growth Fund — Class I shares | $10,000 | $32,980 | ||||
Delaware Ivy Small Cap Growth Fund — Class A shares | $9,425 | $30,674 | ||||
Russell 2000 Growth Index | $10,000 | $28,939 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 107. Please note additional details on pages 106 through 109. |
The graph also assumes $10,000 invested in the Russell 2000 Growth Index as of March 31, 2012. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 2000 Value Index, mentioned on page 41, measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 1000 Growth Index, mentioned on page 41, measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
The Russell Midcap Growth Index, mentioned on page 41, measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
108
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | WSGAX | 466000502 | |
Class C | WRGCX | 466000700 | |
Class E | ISGEX | 466001880 | |
Class I | IYSIX | 466001872 | |
Class R | WSGRX | 466000445 | |
Class R6 | IRGFX | 46600A732 | |
Class Y | WSCYX | 466000809 |
109
Performance summaries
Delaware Ivy Smid Cap Core Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. January 31, 1997) | ||||||||||||||||
Excluding sales charge | -1.21 | % | +8.30 | % | +10.76 | % | +9.12 | % | ||||||||
Including sales charge | -4.66 | % | +7.53 | % | +10.37 | % | +8.96 | % | ||||||||
Class C (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | -1.93 | % | +7.53 | % | +10.17 | % | +8.21 | % | ||||||||
Including sales charge | -2.72 | % | +7.53 | % | +10.17 | % | +8.21 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -0.79 | % | +8.77 | % | +11.26 | % | +8.25 | % | ||||||||
Including sales charge | -0.79 | % | +8.77 | % | +11.26 | % | +8.25 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -1.57 | % | +8.00 | % | — | +10.74 | % | |||||||||
Including sales charge | -1.57 | % | +8.00 | % | — | +10.74 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -0.79 | % | +8.82 | % | — | +9.73 | % | |||||||||
Including sales charge | -0.79 | % | +8.82 | % | — | +9.73 | % | |||||||||
Class Y (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | -1.19 | % | +8.37 | % | +10.92 | % | +8.84 | % | ||||||||
Including sales charge | -1.19 | % | +8.37 | % | +10.92 | % | +8.84 | % | ||||||||
Russell 2500 Index | +0.34 | % | +11.57 | % | +12.09 | % | +8.98 | %* | ||||||||
Russell 2000 Index | -5.79 | % | +9.74 | % | +11.04 | % | +7.99 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 111. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
110
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class Y shares are available only to certain investors.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class I shares and Class R6 shares at 0.89% from April 1, 2021 to March 31, 2022.* Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.41% | 2.12% | 1.09% | 1.67% | 0.95% | 1.34% | ||||||
Net expenses (including fee waivers, if any) | 1.38% | 2.09% | 0.89% | 1.64% | 0.89% | 1.31% | ||||||
Type of waiver | n/a | n/a | Contractual | n/a | Contractual | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
111
Performance summaries
Delaware Ivy Smid Cap Core Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Russell 2500 Index | $10,000 | $31,300 | ||||
Delaware Ivy Smid Cap Core Fund — Class I shares | $10,000 | $29,077 | ||||
Russell 2000 Index | $10,000 | $28,500 | ||||
Delaware Ivy Smid Cap Core Fund — Class A shares | $9,425 | $26,828 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 111. Please note additional details on pages 110 through 113. |
The graph also assumes $10,000 invested in the Russell 2500 Index and the Russell 2000 Index as of March 31, 2012. The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe. The Russell 2500 Index is a subset of the Russell 3000® Index, representing approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.
The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index, representing approximately 10% of the total market capitalization of that index.
The Russell Midcap Index, mentioned on page 44, measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index.
The Russell 1000 Index, mentioned on page 44, measures the performance of the large-cap segment of the US equity universe.
The Russell 2500 Growth Index, mentioned on page 44, measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 2500 Value Index, mentioned on page 44, measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
112
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IYSAX | 465898435 | |
Class C | IYSCX | 465898419 | |
Class I | IVVIX | 465899813 | |
Class R | IYSMX | 465899540 | |
Class R6 | ISPVX | 46600A724 | |
Class Y | IYSYX | 465898393 |
113
Performance summaries
Delaware Ivy Systematic Emerging Markets Equity Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. October 25, 1993) | ||||||||||||||||
Excluding sales charge | -19.25 | % | +6.45 | % | +5.49 | % | +4.74 | % | ||||||||
Including sales charge | -22.08 | % | +5.70 | % | +5.11 | % | +4.61 | % | ||||||||
Class C (Est. April 30, 1996) | ||||||||||||||||
Excluding sales charge | -19.83 | % | +5.72 | % | +4.84 | % | +5.08 | % | ||||||||
Including sales charge | -20.63 | % | +5.72 | % | +4.84 | % | +5.08 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | -18.96 | % | +6.92 | % | +5.93 | % | +5.12 | % | ||||||||
Including sales charge | -18.96 | % | +6.92 | % | +5.93 | % | +5.12 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | -19.51 | % | +6.16 | % | — | +5.49 | % | |||||||||
Including sales charge | -19.51 | % | +6.16 | % | — | +5.49 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | -18.89 | % | +6.95 | % | — | +5.68 | % | |||||||||
Including sales charge | -18.89 | % | +6.95 | % | — | +5.68 | % | |||||||||
Class Y (Est. July 24, 2003) | ||||||||||||||||
Excluding sales charge | -19.23 | % | +6.54 | % | +5.59 | % | +9.32 | % | ||||||||
Including sales charge | -19.23 | % | +6.54 | % | +5.59 | % | +9.32 | % | ||||||||
MSCI Emerging Markets Index (gross) | -11.08 | % | +6.35 | % | +3.73 | % | +7.05 | %* | ||||||||
MSCI Emerging Markets Index (net) | -11.37 | % | +5.98 | % | +3.36 | % | +6.49 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 115. Performance would have been lower had expense limitations not been in effect.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
114
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class Y shares are available only to certain investors.
International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.56% and Class I shares and R6 shares at 0.99%, from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.39% | 2.10% | 1.10% | 1.69% | 0.95% | 1.34% | ||||||
Net expenses (including fee waivers, if any) | 1.39% | 2.10% | 0.99% | 1.69% | 0.95% | 1.34% | ||||||
Type of waiver | Contractual | n/a | Contractual | n/a | Contractual | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
115
Performance summaries
Delaware Ivy Systematic Emerging Markets Equity Fund
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Delaware Ivy Systematic Emerging Markets Equity Fund — Class I shares | $10,000 | $17,784 | ||||
Delaware Ivy Systematic Emerging Markets Equity Fund — Class A shares | $9,425 | $16,466 | ||||
MSCI Emerging Markets Index (gross) | $10,000 | $14,422 | ||||
MSCI Emerging Markets Index (net) | $10,000 | $13,914 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 115. Please note additional details on pages 114 through 116. |
The graph also assumes $10,000 invested in the MSCI Emerging Markets Index (gross) and MSCI Emerging Markets Index (net) as of March 31, 2012. The MSCI Emerging Markets Index represents large- and mid-cap stocks across emerging market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses.
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IPOAX | 465897866 | |
Class C | IPOCX | 465897643 | |
Class I | IPOIX | 465899854 | |
Class R | IYPCX | 465899383 | |
Class R6 | IMEGX | 46600A708 | |
Class Y | IPOYX | 465898674 |
116
Performance summaries
Delaware Ivy Value Fund
March 31, 2022 (Unaudited)
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888 923-3355 or visiting delawarefunds.com/performance.
Fund and benchmark performance1,2 | Average annual total returns through March 31, 2022 | |||||||||||||||
1 year | 5 year | 10 year | Lifetime | |||||||||||||
Class A (Est. September 16, 1994) | ||||||||||||||||
Excluding sales charge | +17.35 | % | +11.11 | % | +11.12 | % | +7.77 | % | ||||||||
Including sales charge | +13.24 | % | +10.32 | % | +10.73 | % | +7.63 | % | ||||||||
Class C (Est. December 8, 2003) | ||||||||||||||||
Excluding sales charge | +16.32 | % | +10.25 | % | +10.51 | % | +7.89 | % | ||||||||
Including sales charge | +15.32 | % | +10.25 | % | +10.51 | % | +7.89 | % | ||||||||
Class I (Est. April 2, 2007) | ||||||||||||||||
Excluding sales charge | +17.61 | % | +11.41 | % | +11.47 | % | +7.87 | % | ||||||||
Including sales charge | +17.61 | % | +11.41 | % | +11.47 | % | +7.87 | % | ||||||||
Class R (Est. December 19, 2012) | ||||||||||||||||
Excluding sales charge | +16.99 | % | +10.75 | % | — | +11.20 | % | |||||||||
Including sales charge | +16.99 | % | +10.75 | % | — | +11.20 | % | |||||||||
Class R6 (Est. July 31, 2014) | ||||||||||||||||
Excluding sales charge | +17.81 | % | +11.60 | % | — | +9.45 | % | |||||||||
Including sales charge | +17.81 | % | +11.60 | % | — | +9.45 | % | |||||||||
Class Y (Est. December 19, 2019) | ||||||||||||||||
Excluding sales charge | +17.32 | % | +11.05 | % | +11.15 | % | +8.44 | % | ||||||||
Including sales charge | +17.32 | % | +11.05 | % | +11.15 | % | +8.44 | % | ||||||||
Russell 1000 Value Index | +11.67 | % | +10.29 | % | +11.70 | % | +7.36 | %* |
* | The benchmark lifetime return is for Class I share comparison only and is calculated using the month end prior to the Fund’s Class I inception date. | |
1 | Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares. |
Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 118. Performance would have been lower had expense limitations not been in effect.
Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service (12b-1) fee.
117
Performance summaries
Delaware Ivy Value Fund
Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.
Class Y shares are available only to certain investors.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
2 | The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. Delaware Management Company, the Fund’s investment manager; Delaware Distributors, L.P., the Fund’s distributor; and/or Waddell & Reed Services Company, doing business as WISC, the Fund’s 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) as follows: Class A shares at 1.20%; and Class I shares at 0.92% from April 1, 2021 to March 31, 2022.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios. |
Fund expense ratios | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||
Total annual operating expenses (without fee waivers) | 1.20% | 1.99% | 0.92% | 1.57% | 0.76% | 1.18% | ||||||
Net expenses (including fee waivers, if any) | 1.20% | 1.99% | 0.92% | 1.57% | 0.76% | 1.18% | ||||||
Type of waiver | Contractual | n/a | Contractual | n/a | n/a | n/a |
* | The aggregate contractual waiver period covering this report is from July 31, 2020 through July 29, 2022. |
118
Performance of a $10,000 investment1
For period beginning March 31, 2012 through March 31, 2022
For period beginning March 31, 2012 through March 31, 2022 | Starting value | Ending value | ||||
Russell 1000 Value Index | $10,000 | $30,235 | ||||
Delaware Ivy Value Fund — Class I shares | $10,000 | $29,629 | ||||
Delaware Ivy Value Fund — Class A shares | $9,425 | $27,700 |
1 | The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 3.50% to 5.75%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 118. Please note additional details on pages 117 through 119. |
The graph also assumes $10,000 invested in the Russell 1000 Value Index as of March 31, 2012. The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Performance of other Fund classes will vary due to different charges and expenses
Nasdaq | |||
symbols | CUSIPs | ||
Class A | IYVAX | 465898385 | |
Class C | IYVCX | 465898369 | |
Class I | IYAIX | 465899789 | |
Class R | IYVLX | 465899532 | |
Class R6 | IVALX | 46600A716 | |
Class Y | IYVYX | 465898351 |
119
For the six-month period from October 1, 2021 to March 31, 2022 (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are 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 examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2021 to March 31, 2022.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, 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, an $8,600 account value divided by $1,000 = 8.6), 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.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% 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 each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each 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. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
120
Delaware Ivy Core Equity Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,036.30 | 0.97 | % | $ | 4.93 | ||||||||
Class C | 1,000.00 | 1,032.00 | 1.88 | % | 9.52 | |||||||||||
Class E | 1,000.00 | 1,036.50 | 0.97 | % | 4.93 | |||||||||||
Class I | 1,000.00 | 1,037.20 | 0.78 | % | 3.96 | |||||||||||
Class R | 1,000.00 | 1,034.30 | 1.39 | % | 7.05 | |||||||||||
Class R6 | 1,000.00 | 1,038.10 | 0.64 | % | 3.25 | |||||||||||
Class Y | 1,000.00 | 1,036.90 | 0.84 | % | 4.26 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.09 | 0.97 | % | $ | 4.89 | ||||||||
Class C | 1,000.00 | 1,015.56 | 1.88 | % | 9.45 | |||||||||||
Class E | 1,000.00 | 1,020.09 | 0.97 | % | 4.89 | |||||||||||
Class I | 1,000.00 | 1,021.04 | 0.78 | % | 3.93 | |||||||||||
Class R | 1,000.00 | 1,018.00 | 1.39 | % | 6.99 | |||||||||||
Class R6 | 1,000.00 | 1,021.74 | 0.64 | % | 3.23 | |||||||||||
Class Y | 1,000.00 | 1,020.74 | 0.84 | % | 4.23 |
Delaware Ivy Global Bond Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 943.00 | 0.96 | % | $ | 4.65 | ||||||||
Class C | 1,000.00 | 939.40 | 1.72 | % | 8.32 | |||||||||||
Class I | 1,000.00 | 944.10 | 0.74 | % | 3.59 | |||||||||||
Class R | 1,000.00 | 940.70 | 1.44 | % | 6.97 | |||||||||||
Class R6 | 1,000.00 | 944.40 | 0.70 | % | 3.40 | |||||||||||
Class Y | 1,000.00 | 944.00 | 0.96 | % | 4.65 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.14 | 0.96 | % | $ | 4.84 | ||||||||
Class C | 1,000.00 | 1,016.36 | 1.72 | % | 8.65 | |||||||||||
Class I | 1,000.00 | 1,021.24 | 0.74 | % | 3.73 | |||||||||||
Class R | 1,000.00 | 1,017.75 | 1.44 | % | 7.24 | |||||||||||
Class R6 | 1,000.00 | 1,021.44 | 0.70 | % | 3.53 | |||||||||||
Class Y | 1,000.00 | 1,020.14 | 0.96 | % | 4.84 |
121
Disclosure of Fund expenses
Delaware Ivy Global Equity Income Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 982.70 | 1.22 | % | $ | 6.03 | ||||||||
Class C | 1,000.00 | 978.30 | 2.09 | % | 10.31 | |||||||||||
Class E | 1,000.00 | 983.00 | 1.09 | % | 5.39 | |||||||||||
Class I | 1,000.00 | 984.20 | 0.91 | % | 4.50 | |||||||||||
Class R | 1,000.00 | 981.10 | 1.55 | % | 7.65 | |||||||||||
Class R6 | 1,000.00 | 985.40 | 0.80 | % | 3.96 | |||||||||||
Class Y | 1,000.00 | 982.70 | 1.18 | % | 5.83 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.85 | 1.22 | % | $ | 6.14 | ||||||||
Class C | 1,000.00 | 1,014.51 | 2.09 | % | 10.50 | |||||||||||
Class E | 1,000.00 | 1,019.50 | 1.09 | % | 5.49 | |||||||||||
Class I | 1,000.00 | 1,020.39 | 0.91 | % | 4.58 | |||||||||||
Class R | 1,000.00 | 1,017.20 | 1.55 | % | 7.80 | |||||||||||
Class R6 | 1,000.00 | 1,020.94 | 0.80 | % | 4.03 | |||||||||||
Class Y | 1,000.00 | 1,019.05 | 1.18 | % | 5.94 |
Delaware Ivy Global Growth Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | 969.40 | 1.26 | % | $ | 6.19 | |||||||||
Class C | 1,000.00 | 964.60 | 2.26 | % | 11.07 | |||||||||||
Class I | 1,000.00 | 970.60 | 1.06 | % | 5.21 | |||||||||||
Class R | 1,000.00 | 967.60 | 1.65 | % | 8.09 | |||||||||||
Class R6 | 1,000.00 | 971.20 | 0.89 | % | 4.37 | |||||||||||
Class Y | 1,000.00 | 969.30 | 1.28 | % | 6.28 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.65 | 1.26 | % | $ | 6.34 | ||||||||
Class C | 1,000.00 | 1,013.66 | 2.26 | % | 11.35 | |||||||||||
Class I | 1,000.00 | 1,019.65 | 1.06 | % | 5.34 | |||||||||||
Class R | 1,000.00 | 1,016.70 | 1.65 | % | 8.30 | |||||||||||
Class R6 | 1,000.00 | 1,020.49 | 0.89 | % | 4.48 | |||||||||||
Class Y | 1,000.00 | 1,018.55 | 1.28 | % | 6.44 |
122
Delaware Ivy Government Money Market Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,000.20 | 0.09 | % | $ | 0.45 | ||||||||
Class C | 1,000.00 | 1,000.20 | 0.09 | % | 0.45 | |||||||||||
Class E | 1,000.00 | 1,000.20 | 0.09 | % | 0.45 | |||||||||||
Class R6 | 1,000.00 | 1,000.10 | 0.08 | % | 0.40 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.48 | 0.09 | % | $ | 0.45 | ||||||||
Class C | 1,000.00 | 1,024.48 | 0.09 | % | 0.45 | |||||||||||
Class E | 1,000.00 | 1,024.48 | 0.09 | % | 0.45 | |||||||||||
Class R6 | 1,000.00 | 1,024.53 | 0.08 | % | 0.40 |
Delaware Ivy High Income Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 979.60 | 0.97 | % | $ | 4.79 | ||||||||
Class C | 1,000.00 | 976.10 | 1.66 | % | 8.18 | |||||||||||
Class E | 1,000.00 | 979.20 | 1.04 | % | 5.13 | |||||||||||
Class I | 1,000.00 | 980.70 | 0.75 | % | 3.70 | |||||||||||
Class R | 1,000.00 | 977.70 | 1.35 | % | 6.66 | |||||||||||
Class R6 | 1,000.00 | 981.30 | 0.61 | % | 3.01 | |||||||||||
Class Y | 1,000.00 | 979.60 | 0.97 | % | 4.79 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.09 | 0.97 | % | $ | 4.89 | ||||||||
Class C | 1,000.00 | 1,016.65 | 1.66 | % | 8.35 | |||||||||||
Class E | 1,000.00 | 1,019.75 | 1.04 | % | 5.24 | |||||||||||
Class I | 1,000.00 | 1,021.19 | 0.75 | % | 3.78 | |||||||||||
Class R | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class R6 | 1,000.00 | 1,021.89 | 0.61 | % | 3.07 | |||||||||||
Class Y | 1,000.00 | 1,020.09 | 0.97 | % | 4.89 |
123
Disclosure of Fund expenses
Delaware Ivy International Core Equity Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 946.60 | 1.23 | % | $ | 5.97 | ||||||||
Class C | 1,000.00 | 943.30 | 1.92 | % | 9.30 | |||||||||||
Class E | 1,000.00 | 946.60 | 1.17 | % | 5.68 | |||||||||||
Class I | 1,000.00 | 948.50 | 0.79 | % | 3.84 | |||||||||||
Class R | 1,000.00 | 945.10 | 1.53 | % | 7.42 | |||||||||||
Class R6 | 1,000.00 | 948.60 | 0.79 | % | 3.84 | |||||||||||
Class Y | 1,000.00 | 946.70 | 1.18 | % | 5.73 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.80 | 1.23 | % | $ | 6.19 | ||||||||
Class C | 1,000.00 | 1,015.36 | 1.92 | % | 9.65 | |||||||||||
Class E | 1,000.00 | 1,019.10 | 1.17 | % | 5.89 | |||||||||||
Class I | 1,000.00 | 1,020.99 | 0.79 | % | 3.98 | |||||||||||
Class R | 1,000.00 | 1,017.30 | 1.53 | % | 7.70 | |||||||||||
Class R6 | 1,000.00 | 1,020.99 | 0.79 | % | 3.98 | |||||||||||
Class Y | 1,000.00 | 1,019.05 | 1.18 | % | 5.94 |
Delaware Ivy International Value Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 910.10 | 1.47 | % | $ | 7.00 | ||||||||
Class C | 1,000.00 | 905.90 | 2.32 | % | 11.02 | |||||||||||
Class I | 1,000.00 | 911.70 | 1.09 | % | 5.20 | |||||||||||
Class R | 1,000.00 | 908.60 | 1.67 | % | 7.95 | |||||||||||
Class R6 | 1,000.00 | 912.50 | 0.93 | % | 4.43 | |||||||||||
Class Y | 1,000.00 | 910.40 | 1.33 | % | 6.33 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.60 | 1.47 | % | $ | 7.39 | ||||||||
Class C | 1,000.00 | 1,013.36 | 2.32 | % | 11.65 | |||||||||||
Class I | 1,000.00 | 1,019.50 | 1.09 | % | 5.49 | |||||||||||
Class R | 1,000.00 | 1,016.60 | 1.67 | % | 8.40 | |||||||||||
Class R6 | 1,000.00 | 1,020.29 | 0.93 | % | 4.68 | |||||||||||
Class Y | 1,000.00 | 1,018.30 | 1.33 | % | 6.69 |
124
Delaware Ivy Large Cap Growth Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,015.10 | 0.93 | % | $ | 4.67 | ||||||||
Class C | 1,000.00 | 1,010.50 | 1.81 | % | 9.08 | |||||||||||
Class E | 1,000.00 | 1,014.50 | 1.10 | % | 5.52 | |||||||||||
Class I | 1,000.00 | 1,016.60 | 0.64 | % | 3.22 | |||||||||||
Class R | 1,000.00 | 1,013.00 | 1.36 | % | 6.83 | |||||||||||
Class R6 | 1,000.00 | 1,016.70 | 0.64 | % | 3.22 | |||||||||||
Class Y | 1,000.00 | 1,015.00 | 0.96 | % | 4.82 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.29 | 0.93 | % | $ | 4.68 | ||||||||
Class C | 1,000.00 | 1,015.91 | 1.81 | % | 9.10 | |||||||||||
Class E | 1,000.00 | 1,019.45 | 1.10 | % | 5.54 | |||||||||||
Class I | 1,000.00 | 1,021.74 | 0.64 | % | 3.23 | |||||||||||
Class R | 1,000.00 | 1,018.15 | 1.36 | % | 6.84 | |||||||||||
Class R6 | 1,000.00 | 1,021.74 | 0.64 | % | 3.23 | |||||||||||
Class Y | 1,000.00 | 1,020.14 | 0.96 | % | 4.84 |
Delaware Ivy Limited-Term Bond Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 966.50 | 0.90 | % | $ | 4.41 | ||||||||
Class C | 1,000.00 | 962.70 | 1.70 | % | 8.32 | |||||||||||
Class E | 1,000.00 | 966.70 | 0.86 | % | 4.22 | |||||||||||
Class I | 1,000.00 | 967.40 | 0.69 | % | 3.39 | |||||||||||
Class R | 1,000.00 | 964.50 | 1.30 | % | 6.37 | |||||||||||
Class R6 | 1,000.00 | 968.20 | 0.53 | % | 2.60 | |||||||||||
Class Y | 1,000.00 | 966.40 | 0.91 | % | 4.46 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.44 | 0.90 | % | $ | 4.53 | ||||||||
Class C | 1,000.00 | 1,016.45 | 1.70 | % | 8.55 | |||||||||||
Class E | 1,000.00 | 1,020.64 | 0.86 | % | 4.33 | |||||||||||
Class I | 1,000.00 | 1,021.49 | 0.69 | % | 3.48 | |||||||||||
Class R | 1,000.00 | 1,018.45 | 1.30 | % | 6.54 | |||||||||||
Class R6 | 1,000.00 | 1,022.29 | 0.53 | % | 2.67 | |||||||||||
Class Y | 1,000.00 | 1,020.39 | 0.91 | % | 4.58 |
125
Disclosure of Fund expenses
Delaware Ivy Managed International Opportunities Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 909.90 | 0.46 | % | $ | 2.19 | ||||||||
Class C | 1,000.00 | 904.50 | 1.25 | % | 5.93 | |||||||||||
Class I | 1,000.00 | 911.90 | 0.16 | % | 0.76 | |||||||||||
Class R | 1,000.00 | 908.90 | 0.70 | % | 3.33 | |||||||||||
Class R6 | 1,000.00 | 911.90 | 0.18 | % | 0.86 | |||||||||||
Class Y | 1,000.00 | 910.50 | 0.38 | % | 1.81 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.64 | 0.46 | % | $ | 2.32 | ||||||||
Class C | 1,000.00 | 1,018.70 | 1.25 | % | 6.29 | |||||||||||
Class I | 1,000.00 | 1,024.13 | 0.16 | % | 0.81 | |||||||||||
Class R | 1,000.00 | 1,021.44 | 0.70 | % | 3.53 | |||||||||||
Class R6 | 1,000.00 | 1,024.03 | 0.18 | % | 0.91 | |||||||||||
Class Y | 1,000.00 | 1,023.04 | 0.38 | % | 1.92 |
Delaware Ivy Mid Cap Growth Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 899.30 | 1.11 | % | $ | 5.26 | ||||||||
Class C | 1,000.00 | 895.60 | 1.94 | % | 9.17 | |||||||||||
Class E | 1,000.00 | 898.80 | 1.23 | % | 5.82 | |||||||||||
Class I | 1,000.00 | 900.80 | 0.79 | % | 3.74 | |||||||||||
Class R | 1,000.00 | 897.40 | 1.54 | % | 7.28 | |||||||||||
Class R6 | 1,000.00 | 900.90 | 0.79 | % | 3.74 | |||||||||||
Class Y | 1,000.00 | 899.30 | 1.12 | % | 5.31 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.40 | 1.11 | % | $ | 5.59 | ||||||||
Class C | 1,000.00 | 1,015.26 | 1.94 | % | 9.75 | |||||||||||
Class E | 1,000.00 | 1,018.80 | 1.23 | % | 6.19 | |||||||||||
Class I | 1,000.00 | 1,020.99 | 0.79 | % | 3.98 | |||||||||||
Class R | 1,000.00 | 1,017.25 | 1.54 | % | 7.75 | |||||||||||
Class R6 | 1,000.00 | 1,020.99 | 0.79 | % | 3.98 | |||||||||||
Class Y | 1,000.00 | 1,019.35 | 1.12 | % | 5.64 |
126
Delaware Ivy Mid Cap Income Opportunities Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,014.90 | 1.22 | % | $ | 6.13 | ||||||||
Class C | 1,000.00 | 1,011.30 | 1.94 | % | 9.73 | |||||||||||
Class I | 1,000.00 | 1,016.90 | 0.83 | % | 4.17 | |||||||||||
Class R | 1,000.00 | 1,013.20 | 1.57 | % | 7.88 | |||||||||||
Class R6 | 1,000.00 | 1,016.90 | 0.83 | % | 4.17 | |||||||||||
Class Y | 1,000.00 | 1,014.80 | 1.24 | % | 6.23 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.85 | 1.22 | % | $ | 6.14 | ||||||||
Class C | 1,000.00 | 1,015.26 | 1.94 | % | 9.75 | |||||||||||
Class I | 1,000.00 | 1,020.79 | 0.83 | % | 4.18 | |||||||||||
Class R | 1,000.00 | 1,017.10 | 1.57 | % | 7.90 | |||||||||||
Class R6 | 1,000.00 | 1,020.79 | 0.83 | % | 4.18 | |||||||||||
Class Y | 1,000.00 | 1,018.75 | 1.24 | % | 6.24 |
Delaware Ivy Municipal Bond Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 943.80 | 0.83 | % | $ | 4.02 | ||||||||
Class C | 1,000.00 | 940.20 | 1.61 | % | 7.79 | |||||||||||
Class I | 1,000.00 | 944.50 | 0.70 | % | 3.40 | |||||||||||
Class R6 | 1,000.00 | 945.10 | 0.56 | % | 2.72 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.79 | 0.83 | % | $ | 4.18 | ||||||||
Class C | 1,000.00 | 1,016.90 | 1.61 | % | 8.10 | |||||||||||
Class I | 1,000.00 | 1,021.44 | 0.70 | % | 3.53 | |||||||||||
Class R6 | 1,000.00 | 1,022.14 | 0.56 | % | 2.82 |
127
Disclosure of Fund expenses
Delaware Ivy Municipal High Income Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 958.30 | 0.90 | % | $ | 4.39 | ||||||||
Class C | 1,000.00 | 955.00 | 1.58 | % | 7.70 | |||||||||||
Class I | 1,000.00 | 959.60 | 0.61 | % | 2.98 | |||||||||||
Class R6 | 1,000.00 | 959.60 | 0.61 | % | 2.98 | |||||||||||
Class Y | 1,000.00 | 958.20 | 0.91 | % | 4.44 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.44 | 0.90 | % | $ | 4.53 | ||||||||
Class C | 1,000.00 | 1,017.05 | 1.58 | % | 7.95 | |||||||||||
Class I | 1,000.00 | 1,021.89 | 0.61 | % | 3.07 | |||||||||||
Class R6 | 1,000.00 | 1,021.89 | 0.61 | % | 3.07 | |||||||||||
Class Y | 1,000.00 | 1,020.39 | 0.91 | % | 4.58 |
Delaware Ivy Securian Core Bond Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 936.90 | 0.87 | % | $ | 4.20 | ||||||||
Class C | 1,000.00 | 933.20 | 1.67 | % | 8.05 | |||||||||||
Class E | 1,000.00 | 936.50 | 0.95 | % | 4.59 | |||||||||||
Class I | 1,000.00 | 938.90 | 0.45 | % | 2.17 | |||||||||||
Class R | 1,000.00 | 935.30 | 1.22 | % | 5.89 | |||||||||||
Class R6 | 1,000.00 | 938.90 | 0.45 | % | 2.17 | |||||||||||
Class Y | 1,000.00 | 937.00 | 0.86 | % | 4.15 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.59 | 0.87 | % | $ | 4.38 | ||||||||
Class C | 1,000.00 | 1,016.60 | 1.67 | % | 8.40 | |||||||||||
Class E | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class I | 1,000.00 | 1,022.69 | 0.45 | % | 2.27 | |||||||||||
Class R | 1,000.00 | 1,018.85 | 1.22 | % | 6.14 | |||||||||||
Class R6 | 1,000.00 | 1,022.69 | 0.45 | % | 2.27 | |||||||||||
Class Y | 1,000.00 | 1,020.64 | 0.86 | % | 4.33 |
128
Delaware Ivy Small Cap Growth Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 900.70 | 1.26 | % | $ | 5.97 | ||||||||
Class C | 1,000.00 | 897.60 | 2.04 | % | 9.65 | |||||||||||
Class E | 1,000.00 | 901.00 | 1.29 | % | 6.11 | |||||||||||
Class I | 1,000.00 | 902.60 | 0.89 | % | 4.22 | |||||||||||
Class R | 1,000.00 | 898.80 | 1.62 | % | 7.67 | |||||||||||
Class R6 | 1,000.00 | 902.50 | 0.88 | % | 4.17 | |||||||||||
Class Y | 1,000.00 | 900.90 | 1.25 | % | 5.92 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.65 | 1.26 | % | $ | 6.34 | ||||||||
Class C | 1,000.00 | 1,014.76 | 2.04 | % | 10.25 | |||||||||||
Class E | 1,000.00 | 1,018.50 | 1.29 | % | 6.49 | |||||||||||
Class I | 1,000.00 | 1,020.49 | 0.89 | % | 4.48 | |||||||||||
Class R | 1,000.00 | 1,016.85 | 1.62 | % | 8.15 | |||||||||||
Class R6 | 1,000.00 | 1,020.54 | 0.88 | % | 4.43 | |||||||||||
Class Y | 1,000.00 | 1,018.70 | 1.25 | % | 6.29 |
Delaware Ivy Smid Cap Core Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 991.00 | 1.33 | % | $ | 6.60 | ||||||||
Class C | 1,000.00 | 987.00 | 2.08 | % | 10.30 | |||||||||||
Class I | 1,000.00 | 992.90 | 0.89 | % | 4.42 | |||||||||||
Class R | 1,000.00 | 988.80 | 1.64 | % | 8.13 | |||||||||||
Class R6 | 1,000.00 | 992.90 | 0.89 | % | 4.42 | |||||||||||
Class Y | 1,000.00 | 991.00 | 1.29 | % | 6.40 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.30 | 1.33 | % | $ | 6.69 | ||||||||
Class C | 1,000.00 | 1,014.56 | 2.08 | % | 10.45 | |||||||||||
Class I | 1,000.00 | 1,020.49 | 0.89 | % | 4.48 | |||||||||||
Class R | 1,000.00 | 1,016.75 | 1.64 | % | 8.25 | |||||||||||
Class R6 | 1,000.00 | 1,020.49 | 0.89 | % | 4.48 | |||||||||||
Class Y | 1,000.00 | 1,018.50 | 1.29 | % | 6.49 |
129
Disclosure of Fund expenses
Delaware Ivy Systematic Emerging Markets Equity Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 841.00 | 1.34 | % | $ | 6.17 | ||||||||
Class C | 1,000.00 | 838.20 | 2.06 | % | 9.43 | |||||||||||
Class I | 1,000.00 | 842.90 | 0.96 | % | 4.42 | |||||||||||
Class R | 1,000.00 | 840.00 | 1.65 | % | 7.55 | |||||||||||
Class R6 | 1,000.00 | 843.10 | 0.90 | % | 4.12 | |||||||||||
Class Y | 1,000.00 | 841.50 | 1.29 | % | 5.91 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.23 | 1.34 | % | $ | 6.77 | ||||||||
Class C | 1,000.00 | 1,014.67 | 2.06 | % | 10.34 | |||||||||||
Class I | 1,000.00 | 1,020.14 | 0.96 | % | 4.84 | |||||||||||
Class R | 1,000.00 | 1,016.72 | 1.65 | % | 8.28 | |||||||||||
Class R6 | 1,000.00 | 1,020.46 | 0.90 | % | 4.51 | |||||||||||
Class Y | 1,000.00 | 1,018.51 | 1.29 | % | 6.48 |
Delaware Ivy Value Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||
Paid | ||||||||||||||||
Beginning | Ending | During | ||||||||||||||
Account | Account | Annualized | Period | |||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||
Actual Fund return† | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,094.90 | 1.05 | % | $ | 5.48 | ||||||||
Class C | 1,000.00 | 1,090.10 | 1.97 | % | 10.27 | |||||||||||
Class I | 1,000.00 | 1,096.10 | 0.88 | % | 4.60 | |||||||||||
Class R | 1,000.00 | 1,092.20 | 1.63 | % | 8.50 | |||||||||||
Class R6 | 1,000.00 | 1,097.10 | 0.71 | % | 3.71 | |||||||||||
Class Y | 1,000.00 | 1,094.90 | 1.06 | % | 5.53 | |||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.70 | 1.05 | % | $ | 5.29 | ||||||||
Class C | 1,000.00 | 1,015.11 | 1.97 | % | 9.90 | |||||||||||
Class I | 1,000.00 | 1,020.54 | 0.88 | % | 4.43 | |||||||||||
Class R | 1,000.00 | 1,016.80 | 1.63 | % | 8.20 | |||||||||||
Class R6 | 1,000.00 | 1,021.39 | 0.71 | % | 3.58 | |||||||||||
Class Y | 1,000.00 | 1,019.65 | 1.06 | % | 5.34 |
* | “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). | |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
130
In addition to the Fund’s expenses reflected on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The tables on the previous pages do not reflect the expenses of any Underlying Funds.
131
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Core Equity Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks ◆ | 96.18 | % | |
Communication Services | 5.95 | % | |
Consumer Discretionary | 7.57 | % | |
Consumer Staples | 5.63 | % | |
Energy | 1.74 | % | |
Financials | 18.90 | % | |
Healthcare | 13.01 | % | |
Industrials | 11.66 | % | |
Information Technology* | 25.88 | % | |
Materials | 3.01 | % | |
Utilities | 2.83 | % | |
Short-Term Investments | 4.05 | % | |
Total Value of Securities | 100.23 | % | |
Liabilities Net of Receivables and Other Assets | (0.23 | %) | |
Total Net Assets | 100.00 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Diversified Financial Services, Electronics, Internet, Semiconductors, and Software. As of March 31, 2022, such amounts, as a percentage of total net assets were 4.55%, 2.67%, 2.51%, 2.68%, 2.79%, and 10.68% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Microsoft | 8.81 | % | |
UnitedHealth Group | 5.16 | % | |
Alphabet Class A | 4.67 | % | |
Apple | 4.55 | % | |
Costco Wholesale | 3.28 | % | |
CME Group | 3.11 | % | |
Danaher | 2.96 | % | |
Eli Lilly & Co. | 2.88 | % | |
NextEra Energy | 2.83 | % | |
United Rentals | 2.79 | % |
132
Security type / country and sector allocations
Delaware Ivy Global Bond Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / country | of net assets | ||
Agency Mortgage-Backed Security | 0.03 | % | |
Corporate Bonds | 67.50 | % | |
Argentina | 0.66 | % | |
Australia | 1.51 | % | |
Brazil | 3.19 | % | |
Canada | 1.06 | % | |
Chile | 5.14 | % | |
China | 3.35 | % | |
Colombia | 2.19 | % | |
Czech Republic | 0.11 | % | |
France | 1.56 | % | |
Germany | 2.48 | % | |
Guatemala | 0.42 | % | |
Hong Kong | 0.06 | % | |
India | 5.12 | % | |
Indonesia | 1.27 | % | |
Israel | 0.53 | % | |
Italy | 0.22 | % | |
Japan | 1.14 | % | |
Kuwait | 1.11 | % | |
Macao | 0.33 | % | |
Malaysia | 1.67 | % | |
Mexico | 3.79 | % | |
Netherlands | 3.00 | % | |
New Zealand | 0.26 | % | |
Panama | 0.58 | % | |
Peru | 3.30 | % | |
Republic of Korea | 2.16 | % | |
Saudi Arabia | 0.16 | % | |
Singapore | 0.38 | % | |
Spain | 0.74 | % | |
Switzerland | 0.65 | % | |
Taiwan | 0.99 | % | |
Tanzania | 0.83 | % | |
Thailand | 0.38 | % | |
United Arab Emirates | 1.19 | % | |
United Kingdom | 3.41 | % | |
United States | 12.29 | % | |
Zambia | 0.27 | % | |
Sovereign Bonds | 9.26 | % | |
Albania | 0.10 | % | |
Argentina | 0.39 | % |
Percentage | |||
Security type / country | of net assets | ||
Brazil | 0.33 | % | |
Chile | 0.92 | % | |
Colombia | 0.45 | % | |
Costa Rica | 0.22 | % | |
Czech Republic | 0.14 | % | |
Dominican Republic | 0.36 | % | |
Hungary | 0.13 | % | |
Indonesia | 0.74 | % | |
Israel | 0.26 | % | |
Mexico | 0.75 | % | |
Morocco | 0.46 | % | |
Panama | 0.38 | % | |
Peru | 1.20 | % | |
Poland | 0.14 | % | |
Qatar | 0.47 | % | |
Republic of Korea | 0.47 | % | |
Saudi Arabia | 0.41 | % | |
Serbia | 0.51 | % | |
Uruguay | 0.28 | % | |
Uzbekistan | 0.15 | % | |
Supranational Banks | 1.57 | % | |
US Treasury Obligations | 18.83 | % | |
Options Purchased | 0.03 | % | |
Short-Term Investments | 2.55 | % | |
Securities Lending Collateral | 4.71 | % | |
Options Written | (0.01 | %) | |
Total Value of Securities | 104.47 | % | |
Obligation to Return Securities Lending Collateral | (4.71 | %) | |
Receivables and Other Assets Net of Liabilities | 0.24 | % | |
Total Net Assets | 100.00 | % |
133
Security type / country and sector allocations
Delaware Ivy Global Bond Fund
Percentage | |||
Corporate bonds by sector | of net assets | ||
Banking | 0.51 | % | |
Basic Materials | 3.91 | % | |
Communication Services | 0.18 | % | |
Communications | 3.39 | % | |
Consumer Cyclical | 6.87 | % | |
Consumer Non-Cyclical | 3.37 | % | |
Energy | 4.80 | % | |
Financials | 29.58 | % | |
Industrials | 3.93 | % | |
Information Technology | 0.26 | % | |
Technology | 2.57 | % | |
Utilities | 8.13 | % | |
Total | 67.50 | % |
134
Security type / country and sector allocations
Delaware Ivy Global Equity Income Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / country | of net assets | ||
Common Stocks by Country | 98.83 | % | |
Denmark | 3.97 | % | |
France | 12.12 | % | |
Germany | 11.64 | % | |
Ireland | 0.01 | % | |
Japan | 6.04 | % | |
Netherlands | 3.41 | % | |
South Africa | 0.00 | % | |
Spain | 4.68 | % | |
Sweden | 6.13 | % | |
Switzerland | 9.78 | % | |
United Kingdom | 9.64 | % | |
United States | 31.41 | % | |
Exchange-Traded Fund | 0.90 | % | |
Short-Term Investments | 0.03 | % | |
Securities Lending Collateral | 2.66 | % | |
Total Value of Securities | 102.42 | % | |
Obligation to Return Securities Lending Collateral | (2.66 | %) | |
Receivables and Other Assets Net of Liabilities | 0.24 | % | |
Total Net Assets | 100.00 | % |
Percentage | |||
Common stocks and preferred stocks by sector ◆ | of net assets | ||
Communication Services | 2.43 | % | |
Consumer Discretionary | 10.02 | % | |
Consumer Staples* | 38.18 | % | |
Energy | 0.01 | % | |
Financials | 0.04 | % | |
Healthcare* | 25.18 | % | |
Industrials | 9.96 | % | |
Information Technology | 8.96 | % | |
Materials | 4.02 | % | |
Utilities | 0.03 | % | |
Total | 98.83 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Consumer Staples and Healthcare sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, Household Products/Wares, and Retail. As of March 31, 2022, such amounts, as a percentage of total net assets were 5.74%, 4.81%, 21.67%, 5.95%, and 0.01%, respectively. The Healthcare sector consisted of Healthcare-Products, Healthcare-Services, and Pharmaceuticals. As of March 31, 2022, such amounts, as a percentage of total net assets were 7.66%, 3.82%, and 13.70%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples and Healthcare sector for financial reporting purposes may exceed 25%. |
135
Security type / sector and country allocations
Delaware Ivy Global Growth Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / country | of net assets | ||
Common Stocks by Country | 98.92 | % | |
Canada | 3.90 | % | |
China | 1.10 | % | |
China/Hong Kong | 3.45 | % | |
Denmark | 1.42 | % | |
France | 5.52 | % | |
Germany | 4.92 | % | |
India | 4.21 | % | |
Italy | 2.21 | % | |
Japan | 2.90 | % | |
Republic of Korea | 1.78 | % | |
Taiwan | 2.42 | % | |
United Kingdom | 2.68 | % | |
United States | 62.41 | % | |
Preferred Stock | 1.06 | % | |
Short-Term Investments | 0.37 | % | |
Total Value of Securities | 100.35 | % | |
Liabilities Net of Receivables and Other Assets | (0.35 | %) | |
Total Net Assets | 100.00 | % |
Percentage | |||
Common stocks and preferred stocks by sector | of net assets | ||
Communication Services | 9.39 | % | |
Consumer Discretionary | 14.12 | % | |
Consumer Staples | 5.71 | % | |
Energy | 6.22 | % | |
Financials | 13.42 | % | |
Healthcare | 13.22 | % | |
Industrials | 15.07 | % | |
Information Technology | 21.54 | % | |
Materials | 1.00 | % | |
Utilities | 0.29 | % | |
Total | 99.98 | % |
136
Security type
Delaware Ivy Government Money Market Fund
As of March 31, 2022 (Unaudited)
Percentage | |||
Security type | of net assets | ||
Agency Obligations | 51.52 | % | |
Variable Rate Demand Notes | 7.47 | % | |
Short-Term Investments | 40.28 | % | |
Total Value of Securities | 99.27 | % | |
Receivables and Other Assets Net of Liabilities | 0.73 | % | |
Total Net Assets | 100.00 | % |
137
Security type / sector allocations
Delaware Ivy High Income Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Convertible Bond | 0.14 | % | |
Corporate Bonds | 69.66 | % | |
Banking | 0.43 | % | |
Basic Industry | 1.20 | % | |
Capital Goods | 2.88 | % | |
Communications | 11.69 | % | |
Consumer Cyclical | 11.00 | % | |
Consumer Non-Cyclical | 2.42 | % | |
Energy | 8.63 | % | |
Financial Services | 5.01 | % | |
Healthcare | 6.54 | % | |
Insurance | 3.47 | % | |
Media | 7.49 | % | |
Real Estate | 0.05 | % | |
Services | 3.03 | % | |
Technology | 2.33 | % | |
Telecommunication Services | 0.29 | % | |
Transportation | 1.84 | % | |
Utilities | 1.36 | % | |
Municipal Bonds | 0.79 | % | |
Loan Agreements | 16.07 | % |
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks | 4.43 | % | |
Consumer Cyclical | 1.79 | % | |
Consumer Non-Cyclical | 0.00 | % | |
Energy | 0.72 | % | |
Financials | 0.05 | % | |
Industrials | 0.13 | % | |
Services | 1.74 | % | |
Convertible Preferred Stock | 1.46 | % | |
Preferred Stock | 0.06 | % | |
Investment Company | 0.38 | % | |
Warrant | 0.02 | % | |
Short-Term Investments | 2.28 | % | |
Securities Lending Collateral | 1.35 | % | |
Total Value of Securities | 96.64 | % | |
Obligation to Return Securities Lending Collateral | (1.35 | %) | |
Receivables and Other Assets Net of Liabilities | 4.71 | % | |
Total Net Assets | 100.00 | % |
138
Security type / sector and country allocations
Delaware Ivy International Core Equity Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / country | of net assets | ||
Common Stocks by Country | 97.20 | % | |
Australia | 1.82 | % | |
Austria | 1.03 | % | |
Brazil | 3.27 | % | |
Canada | 7.39 | % | |
China | 5.12 | % | |
China/Hong Kong | 2.08 | % | |
Denmark | 2.80 | % | |
France | 12.32 | % | |
Germany | 11.46 | % | |
Italy | 0.80 | % | |
Japan | 13.09 | % | |
Mexico | 1.62 | % | |
Netherlands | 2.85 | % | |
Norway | 1.65 | % | |
Republic of Korea | 3.71 | % | |
Spain | 1.25 | % | |
Sweden | 1.07 | % | |
Switzerland | 1.92 | % | |
Taiwan | 1.97 | % | |
United Kingdom | 12.89 | % | |
United States | 7.09 | % | |
Preferred Stock | 1.03 | % | |
Short-Term Investments | 1.11 | % | |
Securities Lending Collateral | 0.34 | % | |
Total Value of Securities | 99.68 | % | |
Obligation to Return Securities Lending Collateral | (0.34 | %) | |
Receivables and Other Assets Net of Liabilities | 0.66 | % | |
Total Net Assets | 100.00 | % |
Percentage | |||
Common stocks and preferred stocks by sector | of net assets | ||
Communication Services | 2.25 | % | |
Consumer Discretionary | 17.98 | % | |
Consumer Staples | 7.59 | % | |
Energy | 10.36 | % | |
Financials | 16.20 | % | |
Healthcare | 10.93 | % | |
Industrials | 17.06 | % | |
Information Technology | 9.90 | % | |
Materials | 4.04 | % | |
Utilities | 1.92 | % | |
Total | 98.23 | % |
139
Security type / sector and country allocations
Delaware Ivy International Value Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / country | of net assets | ||
Common Stocks by Country | 97.27 | % | |
Denmark | 5.66 | % | |
Finland | 0.01 | % | |
France | 16.80 | % | |
Germany | 14.09 | % | |
Hong Kong | 0.01 | % | |
Japan | 12.30 | % | |
Netherlands | 4.23 | % | |
Spain | 6.12 | % | |
Sweden | 8.61 | % | |
Switzerland | 15.70 | % | |
United Kingdom | 13.74 | % | |
Exchange-Traded Funds | 2.04 | % | |
Securities Lending Collateral | 3.65 | % | |
Total Value of Securities | 102.96 | % | |
Obligation to Return Securities Lending Collateral | (3.65 | %) | |
Receivables and Other Assets Net of Liabilities | 0.69 | % | |
Total Net Assets | 100.00 | % |
Percentage | |||
Common stocks and preferred stocks by sector ◆ | of net assets | ||
Communication Services | 7.48 | % | |
Consumer Discretionary | 14.71 | % | |
Consumer Staples* | 31.41 | % | |
Energy | 0.02 | % | |
Financials | 0.03 | % | |
Healthcare | 18.71 | % | |
Industrials | 10.03 | % | |
Information Technology | 10.06 | % | |
Materials | 4.82 | % | |
Total | 97.27 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food and retail. As of March 31, 2022, such amounts, as a percentage of total net assets were 7.78%, 6.87%, 16.75%, and 0.01%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%. |
140
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Large Cap Growth Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks ◆ | 99.81 | % | |
Communication Services | 12.24 | % | |
Consumer Discretionary | 12.40 | % | |
Consumer Staples | 3.00 | % | |
Financials | 4.22 | % | |
Healthcare | 10.60 | % | |
Industrials | 10.18 | % | |
Information Technology* | 47.17 | % | |
Short-Term Investments | 0.25 | % | |
Securities Lending Collateral | 0.15 | % | |
Total Value of Securities | 100.21 | % | |
Obligation to Return Securities Lending Collateral | (0.15 | %) | |
Liabilities Net of Receivables and Other Assets | (0.06 | %) | |
Total Net Assets | 100.00 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of commercial services, computers, diversified financial services, internet, semiconductors, software, and telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 1.24%, 9.18%, 4.90%, 3.92%, 4.03%, 19.91%, and 3.99% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Microsoft | 12.39 | % | |
Apple | 9.18 | % | |
Amazon.com | 7.08 | % | |
Alphabet Class A | 6.10 | % | |
Visa Class A | 4.90 | % | |
NVIDIA | 4.03 | % | |
Motorola Solutions | 3.99 | % | |
VeriSign | 3.92 | % | |
UnitedHealth Group | 3.67 | % | |
CoStar Group | 3.26 | % |
141
Security type / sector allocations
Delaware Ivy Limited-Term Bond Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Agency Collateralized Mortgage Obligations | 0.80 | % | |
Agency Commercial Mortgage-Backed Securities | 12.05 | % | |
Collateralized Debt Obligations | 8.08 | % | |
Corporate Bonds | 62.48 | % | |
Banking | 11.94 | % | |
Basic Industry | 1.12 | % | |
Brokerage | 1.36 | % | |
Capital Goods | 4.71 | % | |
Communications | 5.54 | % | |
Consumer Cyclical | 5.17 | % | |
Consumer Non-Cyclical | 8.17 | % | |
Electric | 3.24 | % | |
Energy | 5.61 | % | |
Financials | 1.90 | % | |
Information Technology | 6.18 | % | |
Insurance | 3.51 | % | |
Real Estate Investment Trusts | 3.12 | % | |
Transportation | 0.49 | % | |
Utilities | 0.42 | % | |
Non-Agency Asset-Backed Securities | 1.15 | % | |
Non-Agency Commercial Mortgage-Backed Security | 0.67 | % | |
Supranational Bank | 0.16 | % | |
US Treasury Obligations | 13.64 | % | |
Short-Term Investments | 1.51 | % | |
Securities Lending Collateral | 0.25 | % | |
Total Value of Securities | 100.79 | % | |
Obligation to Return Securities Lending Collateral | (0.25 | %) | |
Liabilities Net of Receivables and Other Assets | (0.54 | %) | |
Total Net Assets | 100.00 | % |
142
Security type
Delaware Ivy Managed International Opportunities Fund
As of March 31, 2022 (Unaudited)
Percentage | |||
Security type | of net assets | ||
Affiliated Mutual Funds | 99.50 | % | |
Short-Term Investments | 0.63 | % | |
Total Value of Securities | 100.13 | % | |
Liabilities Net of Receivables and Other Assets | (0.13 | %) | |
Total Net Assets | 100.00 | % |
143
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Mid Cap Growth Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks ◆ | 100.04 | % | |
Communication Services | 3.48 | % | |
Consumer Discretionary | 15.57 | % | |
Consumer Staples | 1.69 | % | |
Financials | 6.98 | % | |
Healthcare | 20.66 | % | |
Industrials | 13.74 | % | |
Information Technology* | 36.20 | % | |
Materials | 1.72 | % | |
Short-Term Investments | 0.52 | % | |
Securities Lending Collateral | 2.10 | % | |
Total Value of Securities Before Options Written | 102.66 | % | |
Options Written | (0.05 | %) | |
Obligation to Return Securities Lending Collateral | (2.10 | %) | |
Liabilities Net of Receivables and Other Assets | (0.51 | %) | |
Total Net Assets | 100.00 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Advertising, computers, Electronic Component & Equipment, Electronics, Internet, Semiconductors, software, and telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 1.03%, 2.63%, 2.40%, 6.00%, 0.63%, 10.38%, 10.11%, and 3.02% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Dexcom | 3.84 | % | |
Monolithic Power Systems | 3.28 | % | |
CoStar Group | 3.24 | % | |
Arista Networks | 3.02 | % | |
Chipotle Mexican Grill | 2.97 | % | |
MarketAxess Holdings | 2.64 | % | |
Marvell Technology | 2.61 | % | |
II-VI | 2.42 | % | |
Teradyne | 2.27 | % | |
Ulta Beauty | 2.26 | % |
144
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Mid Cap Income Opportunities Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks | 96.77 | % | |
Consumer Discretionary | 19.65 | % | |
Consumer Staples | 5.88 | % | |
Financials | 19.66 | % | |
Healthcare | 2.88 | % | |
Industrials | 16.97 | % | |
Information Technology | 17.28 | % | |
Materials | 11.58 | % | |
Real Estate | 2.87 | % | |
Limited Partnerships | 1.60 | % | |
Short-Term Investments | 1.54 | % | |
Securities Lending Collateral | 3.06 | % | |
Total Value of Securities | 102.97 | % | |
Obligation to Return Securities Lending Collateral | (3.06 | %) | |
Receivables and Other Assets Net of Liabilities | 0.09 | % | |
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Paychex | 3.09 | % | |
Sonoco Products | 3.04 | % | |
Arthur J. Gallagher & Co. | 3.00 | % | |
Ares Management Class A | 3.00 | % | |
Clorox | 2.97 | % | |
Fastenal | 2.95 | % | |
CH Robinson Worldwide | 2.94 | % | |
National Instruments | 2.92 | % | |
Sysco | 2.91 | % | |
Broadridge Financial Solutions | 2.91 | % |
145
Security type / sector / state / territory allocations
Delaware Ivy Municipal Bond Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Municipal Bonds | 99.63 | % | |
Corporate Revenue Bonds | 6.20 | % | |
Education Revenue Bonds | 5.27 | % | |
Electric Revenue Bonds | 6.86 | % | |
Healthcare Revenue Bonds | 12.71 | % | |
Housing Revenue Bonds | 1.28 | % | |
Lease Revenue Bonds | 6.20 | % | |
Local General Obligation Bonds | 5.46 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 5.23 | % | |
Special Tax Revenue Bonds | 19.07 | % | |
State General Obligation Bonds | 7.62 | % | |
Transportation Revenue Bonds | 15.47 | % | |
Water & Sewer Revenue Bonds | 8.26 | % | |
Short-Term Investments | 0.19 | % | |
Total Value of Securities | 99.82 | % | |
Receivables and Other Assets Net of Liabilities | 0.18 | % | |
Total Net Assets | 100.00 | % |
Percentage | |||
State / territory | of net assets | ||
Alabama | 1.14 | % | |
Arizona | 2.67 | % | |
Arkansas | 0.13 | % | |
California | 17.03 | % | |
Colorado | 0.94 | % | |
District of Columbia | 1.35 | % | |
Florida | 5.07 | % | |
Georgia | 3.26 | % | |
Hawaii | 0.26 | % | |
Illinois | 5.48 | % | |
Indiana | 0.98 | % | |
Iowa | 0.55 | % | |
Louisiana | 1.98 | % | |
Maine | 0.39 | % | |
Maryland | 2.57 | % | |
Michigan | 1.77 | % | |
Missouri | 2.44 | % | |
Montana | 0.13 | % | |
Nebraska | 0.73 | % | |
New Jersey | 1.50 | % | |
New York | 14.05 | % | |
North Carolina | 1.44 | % | |
Ohio | 0.62 | % | |
Oregon | 1.04 | % | |
Pennsylvania | 1.37 | % | |
Puerto Rico | 15.82 | % | |
Rhode Island | 0.24 | % | |
South Carolina | 0.05 | % | |
Tennessee | 0.20 | % | |
Texas | 11.31 | % | |
Utah | 0.86 | % | |
Washington | 1.19 | % | |
Wisconsin | 1.26 | % | |
Total Value of Securities | 99.82 | % |
146
Security type / sector / state / territory allocations
Delaware Ivy Municipal High Income Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Municipal Bonds | 96.56 | % | |
Corporate Revenue Bonds | 17.39 | % | |
Education Revenue Bonds | 13.09 | % | |
Electric Revenue Bonds | 3.39 | % | |
Healthcare Revenue Bonds | 17.17 | % | |
Housing Revenue Bond | 0.07 | % | |
Lease Revenue Bonds | 2.03 | % | |
Local General Obligation Bonds | 2.48 | % | |
Pre-Refunded/Escrowed to Maturity Bonds | 5.15 | % | |
Special Tax Revenue Bonds | 14.58 | % | |
State General Obligation Bonds | 7.95 | % | |
Transportation Revenue Bonds | 11.90 | % | |
Water & Sewer Revenue Bond | 1.36 | % | |
Short-Term Investments | 3.25 | % | |
Total Value of Securities | 99.81 | % | |
Receivables and Other Assets Net of Liabilities | 0.19 | % | |
Total Net Assets | 100.00 | % |
Percentage | |||
State / territory | of net assets | ||
Alabama | 4.39 | % | |
Arizona | 1.94 | % | |
California | 13.07 | % | |
Colorado | 3.03 | % | |
Connecticut | 0.31 | % | |
District of Columbia | 1.19 | % | |
Florida | 4.10 | % | |
Georgia | 1.64 | % | |
Hawaii | 0.23 | % | |
Illinois | 5.00 | % | |
Indiana | 1.33 | % | |
Iowa | 0.28 | % | |
Kansas | 0.65 | % | |
Kentucky | 1.68 | % | |
Louisiana | 0.00 | % | |
Maine | 0.12 | % | |
Massachusetts | 0.85 | % | |
Michigan | 3.15 | % | |
Mississippi | 0.44 | % | |
Missouri | 1.57 | % | |
Nevada | 1.12 | % | |
New Hampshire | 0.23 | % | |
New Jersey | 2.14 | % | |
New Mexico | 0.56 | % | |
New York | 6.07 | % | |
North Carolina | 1.23 | % | |
Ohio | 2.49 | % | |
Oklahoma | 0.38 | % | |
Oregon | 0.63 | % | |
Pennsylvania | 4.08 | % | |
Puerto Rico | 19.72 | % | |
Rhode Island | 0.61 | % | |
Texas | 10.03 | % | |
Utah | 0.50 | % | |
Vermont | 0.13 | % | |
Virginia | 1.93 | % | |
Washington | 0.62 | % | |
Wisconsin | 2.37 | % | |
Total Value of Securities | 99.81 | % |
147
Security type / sector allocations
Delaware Ivy Securian Core Bond Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Agency Collateralized Mortgage Obligations | 2.48 | % | |
Agency Commercial Mortgage-Backed Securities | 0.83 | % | |
Agency Mortgage-Backed Securities | 3.76 | % | |
Corporate Bonds | 43.14 | % | |
Banking | 8.47 | % | |
Brokerage | 0.82 | % | |
Capital Goods | 0.20 | % | |
Communications | 1.37 | % | |
Consumer Non-Cyclical | 5.63 | % | |
Energy | 6.15 | % | |
Finance Companies | 0.83 | % | |
Insurance | 2.56 | % | |
Real Estate Investment Trusts | 0.73 | % | |
Technology | 1.25 | % | |
Transportation | 5.18 | % | |
Utilities | 9.95 | % |
Percentage | |||
Security type / sector | of net assets | ||
Municipal Bonds | 1.53 | % | |
Non-Agency Asset-Backed Securities | 10.99 | % | |
Non-Agency Collateralized Mortgage Obligations | 12.19 | % | |
Non-Agency Commercial Mortgage-Backed Securities | 5.58 | % | |
US Treasury Obligations | 17.13 | % | |
Preferred Stock | 0.48 | % | |
Short-Term Investments | 2.02 | % | |
Securities Lending Collateral | 0.94 | % | |
Total Value of Securities | 101.07 | % | |
Obligation to Return Securities Lending Collateral | (0.94 | %) | |
Liabilities Net of Receivables and Other Assets | (0.13 | %) | |
Total Net Assets | 100.00 | % |
148
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Small Cap Growth Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks ◆ | 99.64 | % | |
Communication Services | 3.36 | % | |
Consumer Discretionary | 15.90 | % | |
Consumer Staples | 3.49 | % | |
Energy | 3.10 | % | |
Financials | 5.79 | % | |
Healthcare | 22.63 | % | |
Industrials | 15.96 | % | |
Information Technology* | 28.62 | % | |
Materials | 0.43 | % | |
REIT Hotel | 0.36 | % | |
Short-Term Investments | 0.46 | % | |
Securities Lending Collateral | 1.77 | % | |
Total Value of Securities | 101.87 | % | |
Obligation to Return Securities Lending Collateral | (1.77 | %) | |
Liabilities Net of Receivables and Other Assets | (0.10 | %) | |
Total Net Assets | 100.00 | % |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Industrials sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Commercial Services, Computers, Internet, Semiconductors, Software and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 2.25%, 7.98%, 0.16%, 5.60%, 8.45%, and 4.18% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Globant | 2.73 | % | |
Nexstar Media Group Class A | 2.62 | % | |
SiTime | 2.58 | % | |
Knight-Swift Transportation Holdings | 2.40 | % | |
Switch Class A | 2.35 | % | |
Tandem Diabetes Care | 2.26 | % | |
Shift4 Payments Class A | 2.25 | % | |
Pinnacle Financial Partners | 2.24 | % | |
Marriott Vacations Worldwide | 2.22 | % | |
Varonis Systems | 2.07 | % |
149
Security type / sector allocations
Delaware Ivy Smid Cap Core Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks | 98.22 | % | |
Basic Materials | 6.16 | % | |
Business Services | 4.58 | % | |
Capital Goods | 9.78 | % | |
Communication Services | 0.61 | % | |
Consumer Discretionary | 5.65 | % | |
Consumer Services | 2.74 | % | |
Consumer Staples | 3.01 | % | |
Credit Cyclicals | 2.35 | % | |
Energy | 5.21 | % | |
Financial Services | 3.62 | % | |
Financials | 10.48 | % | |
Healthcare | 13.58 | % | |
Industrials | 1.88 | % | |
Information Technology | 1.05 | % | |
Materials | 1.75 | % | |
Media | 1.16 | % | |
Real Estate Investment Trusts | 5.31 | % | |
REIT Diversified | 0.59 | % | |
REIT Hotel | 0.46 | % | |
REIT Shopping Center | 0.52 | % | |
Technology | 13.87 | % | |
Transportation | 2.01 | % | |
Utilities | 1.85 | % |
Percentage | |||
Security type / sector | of net assets | ||
Securities Lending Collateral | 1.48 | % | |
Total Value of Securities | 99.70 | % | |
Obligation to Return Securities Lending Collateral | (1.48 | %) | |
Receivables and Other Assets Net of Liabilities | 1.78 | % | |
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Diamondback Energy | 2.63 | % | |
Quanta Services | 1.80 | % | |
ExlService Holdings | 1.67 | % | |
Reliance Steel & Aluminum | 1.63 | % | |
Huntsman | 1.45 | % | |
East West Bancorp | 1.37 | % | |
Catalent | 1.18 | % | |
Camden Property Trust | 1.17 | % | |
WNS Holdings ADR | 1.11 | % | |
Dick’s Sporting Goods | 1.08 | % |
150
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Systematic Emerging Markets Equity Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks | 95.29 | % | |
Communication Services | 11.19 | % | |
Consumer Discretionary | 12.47 | % | |
Consumer Staples | 6.95 | % | |
Energy | 3.63 | % | |
Financials | 16.54 | % | |
Healthcare | 1.09 | % | |
Industrials | 7.59 | % | |
Information Technology | 26.85 | % | |
Materials | 6.18 | % | |
Real Estate | 2.58 | % | |
Utilities | 0.22 | % | |
Preferred Stock | 2.71 | % | |
Securities Lending Collateral | 0.41 | % | |
Total Value of Securities | 98.41 | % | |
Obligation to Return Securities Lending Collateral | (0.41 | %) | |
Receivables and Other Assets Net of Liabilities | 2.00 | % | |
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Taiwan Semiconductor Manufacturing | 11.04 | % | |
Samsung Electronics | 6.72 | % | |
Tencent Holdings | 5.41 | % | |
ICICI Bank | 3.01 | % | |
Reliance Industries | 2.92 | % | |
Bharti Airtel | 2.84 | % | |
Hyundai Motor | 2.38 | % | |
China Mengniu Dairy | 2.30 | % | |
Capitec Bank Holdings | 2.25 | % | |
Delta Electronics | 2.16 | % |
151
Security type / sector allocation and top 10 equity holdings
Delaware Ivy Value Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks | 98.25 | % | |
Communication Services | 6.67 | % | |
Consumer Discretionary | 5.16 | % | |
Consumer Staples | 6.99 | % | |
Energy | 7.21 | % | |
Financials | 21.09 | % | |
Healthcare | 17.70 | % | |
Industrials | 10.52 | % | |
Information Technology | 9.19 | % | |
Materials | 4.11 | % | |
Real Estate | 4.83 | % | |
Utilities | 4.78 | % | |
Short-Term Investments | 1.80 | % | |
Total Value of Securities | 100.05 | % | |
Liabilities Net of Receivables and Other Assets | (0.05 | %) | |
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Walmart | 3.79 | % | |
EOG Resources | 3.76 | % | |
Anthem | 3.52 | % | |
Marathon Petroleum | 3.45 | % | |
McKesson | 3.21 | % | |
Philip Morris International | 3.21 | % | |
Raytheon Technologies | 3.12 | % | |
CVS Health | 3.02 | % | |
Regeneron Pharmaceuticals | 2.89 | % | |
Allstate | 2.87 | % |
152
Delaware Ivy Core Equity Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 96.18% ◆ | ||||||||
Communication Services — 5.95% | ||||||||
Alphabet Class A † | 78,253 | $ | 217,648,981 | |||||
Take-Two Interactive Software † | 388,678 | 59,755,356 | ||||||
277,404,337 | ||||||||
Consumer Discretionary — 7.57% | ||||||||
Amazon.com † | 26,229 | 85,505,229 | ||||||
Aptiv † | 698,415 | 83,607,260 | ||||||
AutoZone † | 38,842 | 79,415,576 | ||||||
Booking Holdings † | 34,492 | 81,002,737 | ||||||
NIKE Class B | 176,205 | 23,710,145 | ||||||
353,240,947 | ||||||||
Consumer Staples — 5.63% | ||||||||
Costco Wholesale | 265,751 | 153,032,713 | ||||||
Sysco | 1,339,458 | 109,366,746 | ||||||
262,399,459 | ||||||||
Energy — 1.74% | ||||||||
ConocoPhillips | 813,293 | 81,329,300 | ||||||
81,329,300 | ||||||||
Financials — 18.90% | ||||||||
American Express | 466,848 | 87,300,576 | ||||||
Aon Class A * | 193,871 | 63,130,214 | ||||||
Artisan Partners Asset Management Class A | 1,508,714 | 59,367,896 | ||||||
Blackstone | 706,562 | 89,690,980 | ||||||
Charles Schwab | 1,233,271 | 103,977,078 | ||||||
CME Group | 609,398 | 144,951,408 | ||||||
Intercontinental Exchange | 763,927 | 100,930,035 | ||||||
KKR & Co. | 1,514,719 | 88,565,620 | ||||||
Morgan Stanley | 643,720 | 56,261,128 | ||||||
Progressive | 763,438 | 87,024,298 | ||||||
881,199,233 | ||||||||
Healthcare — 13.01% | ||||||||
Danaher | 470,853 | 138,115,310 | ||||||
Eli Lilly & Co. | 469,635 | 134,489,375 | ||||||
UnitedHealth Group | 471,643 | 240,523,781 | ||||||
Zoetis | 495,280 | 93,404,855 | ||||||
606,533,321 | ||||||||
Industrials — 11.66% | ||||||||
Airbus ADR † | 2,864,691 | 86,570,962 | ||||||
Caterpillar | 286,491 | 63,835,925 | ||||||
Deere & Co. | 201,834 | 83,853,954 | ||||||
TransUnion | 583,128 | 60,260,447 | ||||||
Union Pacific | 436,012 | 119,122,838 | ||||||
United Rentals † | 365,987 | 130,002,242 | ||||||
543,646,368 | ||||||||
Information Technology — 25.88% | ||||||||
Apple | 1,215,061 | 212,161,801 | ||||||
Applied Materials | 23,269 | 3,066,854 | ||||||
Fiserv † | 857,811 | 86,982,035 | ||||||
Mastercard Class A | 348,280 | 124,468,307 | ||||||
Microchip Technology | 943,553 | 70,898,573 | ||||||
Microsoft | 1,333,229 | 411,047,833 | ||||||
Taiwan Semiconductor Manufacturing ADR | 538,434 | 56,137,129 | ||||||
TE Connectivity | 892,332 | 116,877,645 | ||||||
VeriSign † | 561,974 | 125,016,736 | ||||||
1,206,656,913 | ||||||||
Materials — 3.01% | ||||||||
Linde | 306,336 | 97,852,909 | ||||||
Sherwin-Williams | 170,783 | 42,630,852 | ||||||
140,483,761 | ||||||||
Utilities — 2.83% | ||||||||
NextEra Energy | 1,555,370 | 131,755,393 | ||||||
131,755,393 | ||||||||
Total Common Stocks | ||||||||
(cost $2,596,969,153) | 4,484,649,032 | |||||||
Short-Term Investments — 4.05% | ||||||||
Money Market Mutual Fund — 4.05% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 188,840,048 | 188,840,048 | ||||||
Total Short-Term Investments | ||||||||
(cost $188,840,048) | 188,840,048 | |||||||
Total Value of | ||||||||
Securities—100.23% | ||||||||
(cost $2,785,809,201) | $ | 4,673,489,080 | ■ |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
■ | Includes $2,362,771 of securities loaned for which the counterparty pledged non-cash collateral valued at $2,419,217. |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
153
Schedules of investments
Delaware Ivy Global Bond Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Agency Mortgage-Backed Security – 0.03% | ||||||||
Freddie Mac S.F. 30 yr 4.50% | ||||||||
10/1/35 | 137,063 | $ | 145,940 | |||||
Total Agency Mortgage-Backed Security | ||||||||
(cost $134,104) | 145,940 | |||||||
Corporate Bonds – 67.50% | ||||||||
Argentina – 0.66% | ||||||||
Aeropuertos Argentina | ||||||||
2000 144A 8.50% 8/1/31 # | 929,421 | 751,437 | ||||||
Pampa Energia 144A 7.50% | ||||||||
1/24/27 # | 2,850,000 | 2,505,150 | ||||||
3,256,587 | ||||||||
Australia – 1.51% | ||||||||
Ausgrid Finance 144A 3.85% | ||||||||
5/1/23 # | 4,400,000 | 4,430,694 | ||||||
Australia & New Zealand | ||||||||
Banking Group 144A 4.40% | ||||||||
5/19/26 # | 3,000,000 | 3,058,943 | ||||||
7,489,637 | ||||||||
Brazil – 3.19% | ||||||||
Azul Investments | ||||||||
144A 5.875% 10/26/24 #, * | 2,000,000 | 1,762,260 | ||||||
144A 7.25% 6/15/26 #, * | 1,300,000 | 1,097,499 | ||||||
Itau Unibanco Holding 144A | ||||||||
3.25% 1/24/25 # | 1,230,000 | 1,223,050 | ||||||
JSM Global 144A 4.75% | ||||||||
10/20/30 # | 3,000,000 | 2,634,165 | ||||||
Lancer Finance 0.000% | ||||||||
12/12/16 # | 6,380,000 | 0 | ||||||
Nexa Resources 144A 6.50% | ||||||||
1/18/28 #, * | 2,200,000 | 2,340,415 | ||||||
Suzano Austria 6.00% 1/15/29 | 2,000,000 | 2,162,660 | ||||||
XP 144A 3.25% 7/1/26 #, * | 4,900,000 | 4,646,523 | ||||||
15,866,572 | ||||||||
Canada – 1.06% | ||||||||
Rogers Communications 144A | ||||||||
3.80% 3/15/32 # | 885,000 | 879,255 | ||||||
Royal Bank of Canada | ||||||||
3.70% 10/5/23 | 750,000 | 763,948 | ||||||
4.65% 1/27/26 | 1,500,000 | 1,565,053 | ||||||
TransCanada PipeLines 4.25% | ||||||||
5/15/28 | 2,000,000 | 2,080,902 | ||||||
5,289,158 | ||||||||
Chile – 5.14% | ||||||||
ATP Tower Holdings 144A | ||||||||
4.05% 4/27/26 # | 1,700,000 | 1,617,133 | ||||||
Banco del Estado de Chile | ||||||||
144A 2.704% 1/9/25 # | 1,500,000 | 1,490,039 | ||||||
Celulosa Arauco y Constitucion | ||||||||
4.50% 8/1/24 | 4,800,000 | 4,938,120 | ||||||
Colbun 144A 4.50% 7/10/24 # | 5,600,000 | 5,744,452 | ||||||
Empresa de Transporte de | ||||||||
Pasajeros Metro 144A 3.65% | ||||||||
5/7/30 # | 1,200,000 | 1,196,358 | ||||||
Enel Chile 4.875% 6/12/28 | 2,080,000 | 2,158,000 | ||||||
Falabella | ||||||||
144A 3.75% 10/30/27 # | 500,000 | 502,865 | ||||||
144A 4.375% 1/27/25 # | 1,000,000 | 1,048,070 | ||||||
Inversiones Latin America | ||||||||
Power 144A 5.125% | ||||||||
6/15/33 # | 2,577,172 | 2,105,138 | ||||||
Saci Falabella 3.75% 4/30/23 | 1,850,000 | 1,882,181 | ||||||
VTR Finance 144A 6.375% | ||||||||
7/15/28 # | 2,951,000 | 2,864,698 | ||||||
25,547,054 | ||||||||
China – 3.35% | ||||||||
Alibaba Group Holding | ||||||||
2.80% 6/6/23 | 1,600,000 | 1,594,702 | ||||||
3.40% 12/6/27 | 3,000,000 | 2,947,189 | ||||||
Baidu | ||||||||
1.625% 2/23/27 | 800,000 | 719,377 | ||||||
3.425% 4/7/30 | 500,000 | 480,714 | ||||||
ENN Energy Holdings 144A | ||||||||
2.625% 9/17/30 # | 2,000,000 | 1,796,415 | ||||||
Industrial & Commercial Bank | ||||||||
of China 2.957% 11/8/22 | 750,000 | 751,628 | ||||||
Lenovo Group 144A 3.421% | ||||||||
11/2/30 # | 800,000 | 741,353 | ||||||
Prosus 144A 3.68% 1/21/30 # | 2,190,000 | 1,921,200 | ||||||
Sinopec Group Overseas | ||||||||
Development 2018 144A | ||||||||
4.125% 9/12/25 # | 2,000,000 | 2,061,102 | ||||||
Tencent Holdings 144A 2.985% | ||||||||
1/19/23 # | 1,800,000 | 1,799,792 | ||||||
Weibo 3.50% 7/5/24 | 1,900,000 | 1,856,328 | ||||||
16,669,800 | ||||||||
Colombia – 2.19% | ||||||||
Banco de Bogota 144A 5.375% | ||||||||
2/19/23 # | 2,000,000 | 2,046,150 | ||||||
Empresas Publicas de Medellin | ||||||||
144A 4.25% 7/18/29 # | 2,800,000 | 2,498,020 | ||||||
Geopark | ||||||||
144A 5.50% 1/17/27 # | 3,100,000 | 2,958,144 | ||||||
144A 6.50% 9/21/24 # | 702,000 | 720,684 | ||||||
Grupo Aval | ||||||||
144A 4.375% 2/4/30 # | 1,300,000 | 1,127,926 | ||||||
144A 4.75% 9/26/22 # | 1,500,000 | 1,511,392 | ||||||
10,862,316 |
154
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Czech Republic – 0.11% | ||||||||
Energo-Pro 144A 8.50% | ||||||||
2/4/27 # | 600,000 | $ | 570,000 | |||||
570,000 | ||||||||
France – 1.56% | ||||||||
AXA 5.125% 7/4/43 *, μ | 1,700,000 | 1,983,142 | ||||||
BPCE 2.75% 11/30/27 *, μ | 900,000 | 1,010,435 | ||||||
Electricite de France 2.875% | ||||||||
12/15/26 μ, ψ | 1,000,000 | 1,032,452 | ||||||
Faurecia 3.75% 6/15/28 | 1,000,000 | 1,042,525 | ||||||
TotalEnergies 2.708% | ||||||||
5/5/23 μ, ψ | 1,500,000 | 1,681,964 | ||||||
Verallia 1.875% 11/10/31 * | 1,000,000 | 977,674 | ||||||
7,728,192 | ||||||||
Germany – 2.48% | ||||||||
Aroundtown 1.625% 1/31/28 * | 1,700,000 | 1,801,516 | ||||||
Bayer US Finance II 144A | ||||||||
4.25% 12/15/25 # | 2,000,000 | 2,035,933 | ||||||
Deutsche Bank | ||||||||
0.75% 2/17/27 μ | 1,300,000 | 1,362,146 | ||||||
5.625% 5/19/31 μ | 1,200,000 | 1,432,962 | ||||||
Schaeffler 2.875% 3/26/27 * | 1,000,000 | 1,092,298 | ||||||
Volkswagen Leasing 0.50% | ||||||||
1/12/29 | 1,500,000 | 1,485,750 | ||||||
Vonovia Finance 2.25% 4/7/30 * | 1,500,000 | 1,671,004 | ||||||
ZF Finance 2.75% 5/25/27 * | 1,400,000 | 1,444,882 | ||||||
12,326,491 | ||||||||
Guatemala – 0.42% | ||||||||
Central American Bottling 144A | ||||||||
5.25% 4/27/29 # | 1,500,000 | 1,494,645 | ||||||
CT Trust 144A 5.125% 2/3/32 # | 600,000 | 600,264 | ||||||
2,094,909 | ||||||||
Hong Kong – 0.06% | ||||||||
AIA Group 144A 3.375% | ||||||||
4/7/30 # | 300,000 | 298,637 | ||||||
298,637 | ||||||||
India – 5.12% | ||||||||
Adani Electricity Mumbai 144A | ||||||||
3.949% 2/12/30 # | 1,180,000 | 1,069,591 | ||||||
Adani Green Energy 144A | ||||||||
4.375% 9/8/24 #, * | 2,400,000 | 2,344,560 | ||||||
Greenko Mauritius 144A 6.25% | ||||||||
2/21/23 # | 1,350,000 | 1,366,335 | ||||||
Greenko Power II 144A 4.30% | ||||||||
12/13/28 # | 400,000 | 375,100 | ||||||
HCL America 144A 1.375% | ||||||||
3/10/26 # | 2,250,000 | 2,062,893 | ||||||
ICICI Bank 144A 4.00% | ||||||||
3/18/26 # | 4,000,000 | 4,037,280 | ||||||
Network i2i 144A 5.65% | ||||||||
1/15/25 #, μ, ψ | 750,000 | 744,341 | ||||||
Power Finance 3.90% 9/16/29 * | 3,700,000 | 3,547,556 | ||||||
Reliance Industries 144A | ||||||||
3.667% 11/30/27 # | 3,000,000 | 2,984,188 | ||||||
State Bank of India | ||||||||
144A 4.375% 1/24/24 # | 2,500,000 | 2,542,523 | ||||||
144A 4.875% 4/17/24 # | 2,300,000 | 2,362,788 | ||||||
Summit Digitel Infrastructure | ||||||||
144A 2.875% 8/12/31 # | 2,300,000 | 1,985,650 | ||||||
25,422,805 | ||||||||
Indonesia – 1.27% | ||||||||
Perusahaan Listrik Negara | ||||||||
144A 5.375% 1/25/29 # | 4,800,000 | 5,152,272 | ||||||
144A 5.45% 5/21/28 # | 1,100,000 | 1,181,488 | ||||||
6,333,760 | ||||||||
Israel – 0.53% | ||||||||
Teva Pharmaceutical Finance | ||||||||
Netherlands III | ||||||||
6.75% 3/1/28 * | 1,200,000 | 1,260,468 | ||||||
7.125% 1/31/25 | 1,300,000 | 1,369,153 | ||||||
2,629,621 | ||||||||
Italy – 0.22% | ||||||||
Autostrade per l’Italia 2.00% | ||||||||
12/4/28 | 1,000,000 | 1,080,166 | ||||||
1,080,166 | ||||||||
Japan – 1.14% | ||||||||
Mitsubishi UFJ Financial Group | ||||||||
3.287% 7/25/27 | 1,500,000 | 1,488,877 | ||||||
Mizuho Financial Group 3.17% | ||||||||
9/11/27 | 1,500,000 | 1,479,222 | ||||||
Sumitomo Mitsui Financial | ||||||||
Group 3.748% 7/19/23 | 2,650,000 | 2,689,827 | ||||||
5,657,926 | ||||||||
Kuwait – 1.11% | ||||||||
NBK SPC 144A 1.625% | ||||||||
9/15/27 #, μ | 6,000,000 | 5,496,324 | ||||||
5,496,324 | ||||||||
Macao – 0.33% | ||||||||
Sands China | ||||||||
3.80% 1/8/26 | 250,000 | 237,813 | ||||||
5.125% 8/8/25 | 1,400,000 | 1,394,750 | ||||||
1,632,563 | ||||||||
Malaysia – 1.67% | ||||||||
Genm Capital Labuan 144A | ||||||||
3.882% 4/19/31 # | 4,400,000 | 3,839,889 | ||||||
Gohl Capital 4.25% 1/24/27 | 4,000,000 | 3,819,195 |
155
Schedules of investments
Delaware Ivy Global Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Malaysia (continued) | ||||||||
Petronas Capital 144A 3.50% | ||||||||
4/21/30 # | 650,000 | $ | 662,757 | |||||
8,321,841 | ||||||||
Mexico – 3.79% | ||||||||
Banco Santander Mexico | ||||||||
144A 4.125% 11/9/22 # | 3,800,000 | 3,830,210 | ||||||
144A 5.375% 4/17/25 # | 1,150,000 | 1,201,405 | ||||||
144A 5.95% 10/1/28 #, μ | 850,000 | 870,987 | ||||||
BBVA Bancomer | ||||||||
144A 1.875% 9/18/25 # | 1,400,000 | 1,335,663 | ||||||
144A 5.875% 9/13/34 #, μ | 1,700,000 | 1,677,067 | ||||||
Cemex 144A 5.20% 9/17/30 # | 2,000,000 | 1,993,060 | ||||||
Comision Federal de | ||||||||
Electricidad 144A 3.875% | ||||||||
7/26/33 # | 2,250,000 | 1,978,155 | ||||||
Corp Inmobiliaria Vesta 144A | ||||||||
3.625% 5/13/31 # | 1,100,000 | 1,000,511 | ||||||
Orbia Advance 144A 4.00% | ||||||||
10/4/27 # | 2,300,000 | 2,304,381 | ||||||
Petroleos Mexicanos 6.70% | ||||||||
2/16/32 | 1,334,000 | 1,268,687 | ||||||
Trust Fibra Uno 144A 4.869% | ||||||||
1/15/30 # | 1,400,000 | 1,378,419 | ||||||
18,838,545 | ||||||||
Netherlands – 3.00% | ||||||||
ABN AMRO Bank 2.875% | ||||||||
1/18/28 μ | 3,800,000 | 4,273,305 | ||||||
ING Groep | ||||||||
2.125% 5/26/31 *, μ | 1,200,000 | 1,325,602 | ||||||
3.00% 4/11/28 μ | 7,800,000 | 8,824,010 | ||||||
Nobian Finance 3.625% | ||||||||
7/15/26 * | 500,000 | 504,815 | ||||||
14,927,732 | ||||||||
New Zealand – 0.26% | ||||||||
ANZ New Zealand Int’l 144A | ||||||||
3.45% 1/21/28 # | 1,300,000 | 1,303,149 | ||||||
1,303,149 | ||||||||
Panama – 0.58% | ||||||||
AES Panama Generation | ||||||||
Holdings 144A 4.375% | ||||||||
5/31/30 # | 2,000,000 | 1,909,030 | ||||||
Banistmo 144A 4.25% | ||||||||
7/31/27 # | 1,000,000 | 974,525 | ||||||
2,883,555 | ||||||||
Peru – 3.30% | ||||||||
Banco de Credito del Peru | ||||||||
144A 4.25% 4/1/23 # | 1,350,000 | 1,372,261 | ||||||
Banco Internacional del Peru | ||||||||
144A 3.25% 10/4/26 #, * | 5,600,000 | 5,539,912 | ||||||
Corp. Financiera de Desarrollo | ||||||||
144A 2.40% 9/28/27 # | 1,300,000 | 1,198,308 | ||||||
Inkia Energy 144A 5.875% | ||||||||
11/9/27 # | 2,000,000 | 1,934,010 | ||||||
InRetail Shopping Malls 144A | ||||||||
5.75% 4/3/28 # | 3,000,000 | 3,003,557 | ||||||
Kallpa Generacion 144A | ||||||||
4.875% 5/24/26 # | 1,000,000 | 1,029,250 | ||||||
SAN Miguel Industrias Pet | ||||||||
144A 3.50% 8/2/28 # | 2,550,000 | 2,299,870 | ||||||
16,377,168 | ||||||||
Republic of Korea – 2.16% | ||||||||
Harvest Operations 144A | ||||||||
1.00% 4/26/24 # | 750,000 | 720,580 | ||||||
Hyundai Capital Services | ||||||||
144A 1.25% 2/8/26 # | 1,800,000 | 1,653,474 | ||||||
144A 3.00% 8/29/22 # | 2,100,000 | 2,106,152 | ||||||
Kia 144A 1.75% 10/16/26 # | 600,000 | 558,211 | ||||||
LG Chem 144A 1.375% | ||||||||
7/7/26 # | 1,500,000 | 1,385,528 | ||||||
SK Hynix 3.00% 9/17/24 | 3,850,000 | 3,823,608 | ||||||
SK Telecom 144A 3.75% | ||||||||
4/16/23 # | 500,000 | 505,720 | ||||||
10,753,273 | ||||||||
Saudi Arabia – 0.16% | ||||||||
Saudi Arabian Oil 144A 1.25% | ||||||||
11/24/23 # | 800,000 | 782,822 | ||||||
782,822 | ||||||||
Singapore – 0.38% | ||||||||
DBS Group Holdings 1.50% | ||||||||
4/11/28 μ | 1,700,000 | 1,894,634 | ||||||
1,894,634 | ||||||||
Spain – 0.74% | ||||||||
Abertis Infraestructuras Finance | ||||||||
3.248% 11/24/25 *, μ, ψ | 1,000,000 | 1,085,375 | ||||||
Banco Santander 2.706% | ||||||||
6/27/24 | 2,600,000 | 2,573,788 | ||||||
3,659,163 | ||||||||
Switzerland – 0.65% | ||||||||
Credit Suisse Group 144A | ||||||||
4.282% 1/9/28 # | 1,800,000 | 1,799,992 | ||||||
Holcim Finance Luxembourg | ||||||||
0.50% 4/23/31 | 1,500,000 | 1,437,573 | ||||||
3,237,565 | ||||||||
Taiwan – 0.99% | ||||||||
TSMC Global 144A 1.00% | ||||||||
9/28/27 # | 5,600,000 | 4,922,515 | ||||||
4,922,515 |
156
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Tanzania – 0.83% | ||||||||
AngloGold Ashanti Holdings | ||||||||
3.75% 10/1/30 | 1,450,000 | $ | 1,358,570 | |||||
HTA Group 144A 7.00% | ||||||||
12/18/25 # | 2,800,000 | 2,775,976 | ||||||
4,134,546 | ||||||||
Thailand – 0.38% | ||||||||
Bangkok Bank 144A 4.05% | ||||||||
3/19/24 # | 1,200,000 | 1,223,567 | ||||||
GC Treasury Center 144A | ||||||||
2.98% 3/18/31 # | 750,000 | 688,329 | ||||||
1,911,896 | ||||||||
United Arab Emirates – 1.19% | ||||||||
Abu Dhabi National Energy | ||||||||
144A 4.375% 4/23/25 # | 600,000 | 620,710 | ||||||
Alpha Star Holding III 6.25% | ||||||||
4/20/22 | 1,000,000 | 1,001,066 | ||||||
DAE Funding 144A 1.55% | ||||||||
8/1/24 # | 1,200,000 | 1,134,403 | ||||||
DP World Crescent 3.875% | ||||||||
7/18/29 | 1,150,000 | 1,157,533 | ||||||
Galaxy Pipeline Assets Bidco | ||||||||
144A 1.75% 9/30/27 # | 2,055,165 | 1,974,363 | ||||||
5,888,075 | ||||||||
United Kingdom – 3.41% | ||||||||
Babcock International Group | ||||||||
1.375% 9/13/27 | 1,450,000 | 1,494,067 | ||||||
BAE Systems Holdings 144A | ||||||||
3.80% 10/7/24 # | 2,225,000 | 2,244,900 | ||||||
Barclays | ||||||||
2.00% 2/7/28 μ | 4,500,000 | 5,008,133 | ||||||
4.337% 1/10/28 * | 1,800,000 | 1,831,510 | ||||||
HSBC Holdings 4.583% | ||||||||
6/19/29 μ | 1,900,000 | 1,957,677 | ||||||
Imperial Brands Finance 144A | ||||||||
3.75% 7/21/22 # | 2,300,000 | 2,305,574 | ||||||
NatWest Group 6.00% 12/19/23 | 2,000,000 | 2,086,472 | ||||||
16,928,333 | ||||||||
United States – 12.29% | ||||||||
Air Lease 2.875% 1/15/32 | 1,765,000 | 1,582,405 | ||||||
Aircastle 4.40% 9/25/23 | 2,800,000 | 2,812,519 | ||||||
American Medical Systems | ||||||||
Europe | ||||||||
1.375% 3/8/28 | 600,000 | 650,334 | ||||||
1.625% 3/8/31 | 600,000 | 647,181 | ||||||
Aptiv 3.25% 3/1/32 | 405,000 | 384,368 | ||||||
Autodesk 2.40% 12/15/31 | 695,000 | 620,872 | ||||||
Bank of America | ||||||||
2.551% 2/4/28 μ | 1,235,000 | 1,181,238 | ||||||
3.593% 7/21/28 μ | 3,175,000 | 3,184,800 | ||||||
3.648% 3/31/29 μ | 1,500,000 | 1,837,171 | ||||||
4.375% 1/27/27 μ, ψ | 850,000 | 800,955 | ||||||
BP Capital Markets America | ||||||||
2.721% 1/12/32 | 2,025,000 | 1,908,168 | ||||||
CDW 3.276% 12/1/28 | 760,000 | 717,269 | ||||||
Citigroup | ||||||||
3.057% 1/25/33 μ | 1,155,000 | 1,080,384 | ||||||
3.07% 2/24/28 μ | 1,210,000 | 1,179,830 | ||||||
3.52% 10/27/28 μ | 3,125,000 | 3,099,979 | ||||||
Crown Castle International | ||||||||
4.00% 3/1/27 | 3,000,000 | 3,046,718 | ||||||
Discovery Communications | ||||||||
4.00% 9/15/55 | 900,000 | 779,816 | ||||||
Duke Energy 2.55% 6/15/31 * | 261,000 | 239,037 | ||||||
Eversource Energy 2.90% | ||||||||
3/1/27 | 1,275,000 | 1,251,505 | ||||||
Fells Point Funding Trust 144A | ||||||||
3.046% 1/31/27 # | 1,160,000 | 1,113,901 | ||||||
Ford Motor Credit | ||||||||
2.30% 2/10/25 | 475,000 | 451,410 | ||||||
2.90% 2/10/29 | 695,000 | 620,023 | ||||||
General Motors Financial | ||||||||
3.10% 1/12/32 | 410,000 | 369,016 | ||||||
Goldman Sachs Group | ||||||||
1.542% 9/10/27 μ | 670,000 | 613,267 | ||||||
3.102% 2/24/33 μ | 460,000 | 434,080 | ||||||
3.615% 3/15/28 μ | 1,690,000 | 1,689,739 | ||||||
3.814% 4/23/29 μ | 2,600,000 | 2,622,572 | ||||||
HCA 144A 3.125% 3/15/27 # | 660,000 | 645,919 | ||||||
JBS Finance Luxembourg 144A | ||||||||
3.625% 1/15/32 # | 2,865,000 | 2,627,893 | ||||||
JPMorgan Chase & Co. | ||||||||
2.963% 1/25/33 μ | 1,610,000 | 1,519,501 | ||||||
3.54% 5/1/28 μ | 2,132,000 | 2,140,311 | ||||||
4.00% 4/1/25 μ, ψ | 1,250,000 | 1,181,875 | ||||||
Magallanes | ||||||||
144A 3.755% 3/15/27 # | 2,680,000 | 2,679,592 | ||||||
144A 4.054% 3/15/29 # | 450,000 | 452,752 | ||||||
144A 4.279% 3/15/32 # | 465,000 | 467,645 | ||||||
Mileage Plus Holdings 144A | ||||||||
6.50% 6/20/27 # | 1,215,000 | 1,268,156 | ||||||
Morgan Stanley 2.475% | ||||||||
1/21/28 μ | 895,000 | 854,557 | ||||||
Nucor 3.125% 4/1/32 | 1,175,000 | 1,137,144 | ||||||
Sagicor Financial 144A 5.30% | ||||||||
5/13/28 #, * | 1,400,000 | 1,397,165 | ||||||
State Street 2.203% 2/7/28 μ | 1,650,000 | 1,582,984 |
157
Schedules of investments
Delaware Ivy Global Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
United States (continued) | ||||||||
US Bancorp | ||||||||
2.215% 1/27/28 μ | 970,000 | $ | 927,637 | |||||
2.677% 1/27/33 μ | 1,010,000 | 961,323 | ||||||
Wells Fargo & Co. | ||||||||
3.526% 3/24/28 μ | 790,000 | 789,045 | ||||||
4.30% 7/22/27 | 3,000,000 | 3,118,940 | ||||||
Westlake 1.625% 7/17/29 | 1,200,000 | 1,284,282 | ||||||
Workday | ||||||||
3.50% 4/1/27 | 275,000 | 275,116 | ||||||
3.70% 4/1/29 | 425,000 | 426,332 | ||||||
3.80% 4/1/32 | 445,000 | 444,703 | ||||||
61,101,429 | ||||||||
Zambia – 0.27% | ||||||||
First Quantum Minerals 144A | ||||||||
6.50% 3/1/24 # | 1,350,000 | 1,360,517 | ||||||
1,360,517 | ||||||||
Total Corporate Bonds (cost $345,663,026) | 335,479,276 | |||||||
Sovereign Bonds – 9.26% | ||||||||
Albania – 0.10% | ||||||||
Albania Government | ||||||||
International Bond 144A | ||||||||
3.50% 11/23/31 # | 500,000 | 482,132 | ||||||
Argentina – 0.39% | ||||||||
Argentine Republic Government | ||||||||
International Bonds | ||||||||
0.50% 7/9/30 ~ | 5,432,000 | 1,833,354 | ||||||
1.00% 7/9/29 | 240,499 | 82,749 | ||||||
1,916,103 | ||||||||
Brazil – 0.33% | ||||||||
Brazilian Government | ||||||||
International Bond 3.75% | ||||||||
9/12/31 | 1,800,000 | 1,627,200 | ||||||
Chile – 0.92% | ||||||||
Chile Government International | ||||||||
Bonds | ||||||||
2.55% 7/27/33 | 3,000,000 | 2,738,580 | ||||||
4.34% 3/7/42 | 1,800,000 | 1,851,201 | ||||||
4,589,781 | ||||||||
Colombia – 0.45% | ||||||||
Colombia Government | ||||||||
International Bonds | ||||||||
3.00% 1/30/30 * | 2,300,000 | 1,984,199 | ||||||
3.125% 4/15/31 | 300,000 | 254,400 | ||||||
2,238,599 | ||||||||
Costa Rica – 0.22% | ||||||||
Costa Rica Government | ||||||||
International Bond 144A | ||||||||
4.25% 1/26/23 # | 1,100,000 | 1,112,980 | ||||||
Czech Republic – 0.14% | ||||||||
Czech Republic Government | ||||||||
Bond 2.40% 9/17/25 | 16,680,000 | 707,937 | ||||||
Dominican Republic – 0.36% | ||||||||
Dominican Republic | ||||||||
International Bond 144A | ||||||||
5.50% 2/22/29 # | 1,800,000 | 1,782,000 | ||||||
Hungary – 0.13% | ||||||||
Hungary Government Bond | ||||||||
5.50% 6/24/25 | 222,880,000 | 653,592 | ||||||
Indonesia – 0.74% | ||||||||
Indonesia Government | ||||||||
International Bonds | ||||||||
2.95% 1/11/23 | 2,900,000 | 2,927,187 | ||||||
3.85% 10/15/30 * | 700,000 | 739,375 | ||||||
3,666,562 | ||||||||
Israel – 0.26% | ||||||||
Israel Government International | ||||||||
Bond 2.75% 7/3/30 | 1,300,000 | 1,289,016 | ||||||
Mexico – 0.75% | ||||||||
Mexico Government | ||||||||
International Bonds | ||||||||
3.25% 4/16/30 * | 1,700,000 | 1,640,619 | ||||||
3.50% 2/12/34 | 2,230,000 | 2,078,338 | ||||||
3,718,957 | ||||||||
Morocco – 0.46% | ||||||||
Morocco Government | ||||||||
International Bond 144A | ||||||||
2.375% 12/15/27 # | 2,500,000 | 2,287,450 | ||||||
Panama – 0.38% | ||||||||
Panama Notas del Tesoro | ||||||||
3.75% 4/17/26 | 1,900,000 | 1,911,400 | ||||||
Peru – 1.20% | ||||||||
Peruvian Government | ||||||||
International Bonds | ||||||||
2.783% 1/23/31 | 2,550,000 | 2,407,200 | ||||||
2.392% 1/23/26 | 2,000,000 | 1,944,380 | ||||||
1.862% 12/1/32 | 1,900,000 | 1,628,205 | ||||||
5,979,785 | ||||||||
Poland – 0.14% | ||||||||
Republic of Poland Government | ||||||||
Bond 2.50% 4/25/24 * | 3,056,000 | 686,666 | ||||||
Qatar – 0.47% | ||||||||
Qatar Government International | ||||||||
Bond 3.875% 4/23/23 | 2,300,000 | 2,343,157 | ||||||
Republic of Korea – 0.47% | ||||||||
Korea Development Bank | ||||||||
3.25% 2/19/24 | 2,300,000 | 2,326,273 | ||||||
Saudi Arabia – 0.41% | ||||||||
Saudi Government International | ||||||||
Bonds 144A 2.875% 3/4/23 # | 2,000,000 | 2,016,040 |
158
Principal | Value | |||||||
amount° | (US $) | |||||||
Sovereign Bonds (continued) | ||||||||
Serbia − 0.51% | ||||||||
Serbia International Bonds | ||||||||
144A 2.125% 12/1/30 # | 1,600,000 | $ | 1,343,280 | |||||
1.65% 3/3/33 | 1,400,000 | 1,218,766 | ||||||
2,562,046 | ||||||||
Uruguay − 0.28% | ||||||||
Uruguay Government | ||||||||
International Bond 4.50% | ||||||||
8/14/24 | 1,350,000 | 1,392,201 | ||||||
Uzbekistan − 0.15% | ||||||||
Republic of Uzbekistan | ||||||||
International Bond 144A | ||||||||
4.75% 2/20/24# | 750,000 | 752,366 | ||||||
Total Sovereign Bonds (cost $49,573,399) | 46,042,243 | |||||||
Supranational Banks – 1.57% | ||||||||
Banco Latinoamericano de | ||||||||
Comercio Exterior 144A | ||||||||
2.375% 9/14/25# | 2,000,000 | 1,929,590 | ||||||
Arab Petroleum Investments | ||||||||
144A 1.483% 10/6/26 #, * | 750,000 | 705,099 | ||||||
Africa Finance 144A 4.375% | ||||||||
4/17/26 # | 1,900,000 | 1,902,166 | ||||||
Africa Finance 144A 2.875% | ||||||||
4/28/28 # | 800,000 | 740,256 | ||||||
Central American Bank for | ||||||||
Economic Integration 144A | ||||||||
1.14% 2/9/26# | 2,000,000 | 1,866,700 | ||||||
Corp Andina de Fomento | ||||||||
2.375% 5/12/23 | 650,000 | 650,652 | ||||||
Total Supranational Banks (cost $8,078,690) | 7,794,463 | |||||||
US Treasury Obligations – 18.83% | ||||||||
US Treasury Notes | ||||||||
0.125% 10/15/23 | 2,000,000 | 1,938,789 | ||||||
0.25% 7/31/25 | 8,000,000 | 7,417,969 | ||||||
0.25% 10/31/25 | 4,800,000 | 4,426,406 | ||||||
0.375% 11/30/25 | 11,000,000 | 10,171,777 | ||||||
0.375% 12/31/25 | 7,400,000 | 6,834,449 | ||||||
0.375% 7/31/27 | 4,000,000 | 3,587,188 | ||||||
0.375% 9/30/27 | 4,600,000 | 4,107,656 | ||||||
0.50% 2/28/26 | 4,800,000 | 4,438,594 | ||||||
0.50% 10/31/27 | 2,000,000 | 1,795,859 | ||||||
1.25% 4/30/28 | 9,600,000 | 8,944,875 | ||||||
1.25% 5/31/28 | 5,000,000 | 4,655,860 | ||||||
1.50% 2/15/25 | 7,145,000 | 6,945,722 | ||||||
1.75% 3/15/25 | 2,370,000 | 2,320,008 | ||||||
1.875% 2/28/27* | 13,685,000 | 13,320,423 | ||||||
2.125% 3/31/24 | 2,500,000 | 2,490,039 | ||||||
2.25% 11/15/25 | 2,450,000 | 2,425,596 | ||||||
2.375% 5/15/27 | 4,330,000 | 4,312,409 | ||||||
US Treasury Notes | ||||||||
2.875% 7/31/25 | 355,000 | 358,945 | ||||||
2.875% 5/15/28 | 3,000,000 | 3,070,547 | ||||||
Total US Treasury Obligations | ||||||||
(cost $98,629,443) | 93,563,111 |
Notional | ||||||||
amount | ||||||||
Options Purchased – 0.03% | ||||||||
Foreign Currency Put Options – 0.03% | ||||||||
CAD versus JPY, strike price | ||||||||
$86, expiration date 8/4/22, | ||||||||
notional amount | ||||||||
$1,706,068,000 (JPMCB) | 19,838,000 | 52,255 | ||||||
GBP versus JPY, strike price | ||||||||
$148, expiration date 8/4/22, | ||||||||
notional amount | ||||||||
$1,966,032,000 (JPMCB) | 13,284,000 | 108,193 | ||||||
Total Options Purchased | ||||||||
(cost $381,081) | 160,448 |
Number of | ||||||||
shares | ||||||||
Short-Term Investments – 2.55% | ||||||||
Money Market Mutual Fund – 2.55% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 12,677,051 | 12,677,051 | ||||||
Total Short-Term Investments | ||||||||
(cost $12,677,051) | 12,677,051 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral | ||||||||
and Options Written–99.77% | ||||||||
(cost $515,136,794) | 495,862,532 | |||||||
Securities Lending Collateral** – 4.71% | ||||||||
Money Market Mutual Fund – 4.71% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 23,412,858 | 23,412,858 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $23,412,858) | 23,412,858 |
159
Schedules of investments
Delaware Ivy Global Bond Fund
Number of | Value | |||||||
contracts | (US $) | |||||||
Options Written – (0.01)% | ||||||||
Foreign Currency Call Options – (0.01)% | ||||||||
CAD versus JPY, strike price | ||||||||
$81, expiration date 8/4/22, | ||||||||
notional amount | ||||||||
$(1,606,878,000) (JPMCB) | (19,838,000 | ) | $ | (23,136 | ) | |||
GBP versus JPY, strike price | ||||||||
$140, expiration date 8/4/22, | ||||||||
notional amount | ||||||||
$(1,859,760,000) (JPMCB) | (13,284,000 | ) | (44,255 | ) | ||||
Total Options Written | ||||||||
(cost $(136,843)) | (67,391 | ) | ||||||
Total Value of | ||||||||
Securities–104.47% | ||||||||
(cost $538,412,809) | $ | 519,207,999 | ■ |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $198,757,925, which represents 39.99% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
* | Fully or partially on loan. | |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date. | |
ψ | Perpetual security. Maturity date represents next call date. | |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at March 31, 2022. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $37,342,478 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $15,516,432. |
The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | Unrealized | |||||||||||||||
Counterparty | Receive (Deliver) | For | Date | Appreciation | Depreciation | ||||||||||||||
BNYM | AUD | (10,211 | ) | USD | 7,668 | 4/1/22 | $ | 27 | $ | — | |||||||||
BNYM | EUR | 168,455 | USD | (187,431 | ) | 4/1/22 | — | (1,073 | ) | ||||||||||
CITI | EUR | (7,500,000 | ) | USD | 8,503,883 | 5/20/22 | 192,132 | — | |||||||||||
GSC | EUR | (26,240,000 | ) | USD | 29,733,856 | 5/20/22 | 653,808 | — | |||||||||||
JPMCB | CLP | 3,882,452,200 | USD | (4,912,631 | ) | 6/24/22 | — | (50,124 | ) | ||||||||||
JPMCB | EUR | (13,962,907 | ) | USD | 15,799,416 | 5/20/22 | 289,755 | — | |||||||||||
JPMCB | EUR | (1,900,000 | ) | USD | 2,091,455 | 6/24/22 | — | (17,703 | ) | ||||||||||
Total Foreign Currency Exchange Contracts | $ | 1,135,722 | $ | (68,900 | ) |
Futures Contracts | ||||||||||||||||||||||||||
Exchange-Traded | ||||||||||||||||||||||||||
Variation | ||||||||||||||||||||||||||
Margin | ||||||||||||||||||||||||||
Notional | Value/ | Value/ | Due from | |||||||||||||||||||||||
Notional | Cost | Expiration | Unrealized | Unrealized | (Due to) | |||||||||||||||||||||
Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Appreciation | Depreciation | Brokers | ||||||||||||||||||||
706 | 90 Day Bank Bill | $ | 5,101,263 | $ | 5,118,182 | 12/7/23 | $ | — | $ | (16,919 | ) | $ | 65,720 | |||||||||||||
(165) | 90 Day Euro | (40,000,125 | ) | (40,073,878 | ) | 12/18/23 | 73,753 | — | (16,500 | ) | ||||||||||||||||
Australian Treasury | ||||||||||||||||||||||||||
168 | 10 yr Bonds | 15,933,423 | 16,584,327 | 6/15/22 | — | (650,904 | ) | (54,288 | ) | |||||||||||||||||
(149) | Euro-Bobl | (21,240,155 | ) | (22,013,092 | ) | 6/8/22 | 772,937 | — | (132,579 | ) | ||||||||||||||||
(19) | Euro-Bund | (3,334,835 | ) | (3,523,754 | ) | 6/8/22 | 188,919 | — | (33,322 | ) | ||||||||||||||||
(137) | Euro-Schatz | (16,782,581 | ) | (16,986,896 | ) | 6/8/22 | 204,315 | — | (31,456 | ) | ||||||||||||||||
141 | US Treasury 5 yr Notes | 16,170,937 | 16,573,342 | 6/30/22 | — | (402,405 | ) | 19,827 | ||||||||||||||||||
US Treasury 10 yr | ||||||||||||||||||||||||||
46 | Notes | 5,652,250 | 5,610,676 | 6/21/22 | 41,574 | — | 11,734 |
160
Futures Contracts
Exchange-Traded
Variation | ||||||||||||||||||||||||||
Margin | ||||||||||||||||||||||||||
Notional | Value/ | Value/ | Due from | |||||||||||||||||||||||
Notional | Cost | Expiration | Unrealized | Unrealized | (Due to) | |||||||||||||||||||||
Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Appreciation | Depreciation | Brokers | ||||||||||||||||||||
US Treasury 10 yr Ultra | ||||||||||||||||||||||||||
(2) | Notes | $ | (270,938 | ) | $ | (270,339 | ) | 6/21/22 | $ | — | $ | (599 | ) | $ | (594 | ) | ||||||||||
6 | US Treasury 2 yr Notes | 1,271,531 | 1,271,592 | 6/30/22 | — | (61 | ) | 984 | ||||||||||||||||||
US Treasury Long | ||||||||||||||||||||||||||
(5) | Bonds | (750,312 | ) | (756,706 | ) | 6/21/22 | 6,394 | — | (3,125 | ) | ||||||||||||||||
Total Futures Contracts | $ | (38,466,546 | ) | $ | 1,287,892 | $ | (1,070,888 | ) | $ | (173,599 | ) |
The use of foreign exchange contracts and future contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin is reflected in th Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
BNYM – Bank of New York Mellon
CITI – Citigroup
GSC – Goldman Sachs Bank USA
JPMCB – JPMorgan Chase Bank
S.F. – Single Family
yr – Year
Summary of currencies:
AUD – Australian Dollar
CAD – Canadian Dollar
CLP – Chilean Peso
EUR – European Monetary Unit
GBP – British Pound Sterling
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
161
Schedules of investments
Delaware Ivy Global Equity Income Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks – 98.83%∆ | ||||||||
Denmark – 3.97% | ||||||||
Novo Nordisk Class B | 176,930 | $ | 19,624,393 | |||||
19,624,393 | ||||||||
France – 12.12% | ||||||||
Air Liquide | 113,140 | 19,793,156 | ||||||
Danone | 241,190 | 13,324,059 | ||||||
Orange | 1,004,040 | 11,889,139 | ||||||
Publicis Groupe | 760 | 46,127 | ||||||
Sanofi | 580 | 59,299 | ||||||
Sodexo | 182,360 | 14,839,713 | ||||||
59,951,493 | ||||||||
Germany – 11.64% | ||||||||
adidas AG | 67,660 | 15,766,543 | ||||||
Deutsche Telekom | 3,100 | 57,735 | ||||||
Fresenius Medical Care AG & Co. | 282,350 | 18,920,507 | ||||||
Knorr-Bremse | 93,250 | 7,148,268 | ||||||
RWE | 1,480 | 64,443 | ||||||
SAP | 140,640 | 15,586,871 | ||||||
Siemens | 250 | 34,617 | ||||||
57,578,984 | ||||||||
Ireland – 0.01% | ||||||||
CRH | 800 | 31,908 | ||||||
31,908 | ||||||||
Japan – 6.04% | ||||||||
Asahi Group Holdings | 201,300 | 7,331,444 | ||||||
ITOCHU * | 1,200 | 40,591 | ||||||
Kao | 281,500 | 11,493,831 | ||||||
Kirin Holdings | 3,400 | 50,785 | ||||||
Lawson | 1,200 | 45,936 | ||||||
Makita | 173,600 | 5,554,609 | ||||||
ORIX | 2,400 | 47,838 | ||||||
Seven & i Holdings | 110,600 | 5,273,099 | ||||||
Tokio Marine Holdings * | 800 | 46,554 | ||||||
29,884,687 | ||||||||
Netherlands – 3.41% | ||||||||
Koninklijke Ahold Delhaize | 524,060 | 16,856,660 | ||||||
16,856,660 | ||||||||
South Africa – 0.00% | ||||||||
Anglo American | 500 | 25,981 | ||||||
25,981 | ||||||||
Spain – 4.68% | ||||||||
Amadeus IT Group † | 356,450 | 23,175,703 | ||||||
23,175,703 | ||||||||
Sweden – 6.13% | ||||||||
Essity Class B * | 518,470 | 12,235,390 | ||||||
H & M Hennes & Mauritz Class B | 411,850 | 5,530,175 | ||||||
Lundin Energy * | 1,440 | 60,443 | ||||||
Securitas Class B | 1,107,840 | 12,497,900 | ||||||
30,323,908 | ||||||||
Switzerland – 9.78% | ||||||||
Nestle | 160,840 | 20,912,202 | ||||||
Roche Holding | 35,590 | 14,081,606 | ||||||
Swatch Group | 47,180 | 13,376,661 | ||||||
Zurich Insurance Group | 100 | 49,390 | ||||||
48,419,859 | ||||||||
United Kingdom – 9.64% | ||||||||
3i Group | 3,040 | 54,970 | ||||||
AstraZeneca | 500 | 66,307 | ||||||
Diageo | 414,880 | 21,044,613 | ||||||
Intertek Group | 106,640 | 7,274,743 | ||||||
Smith & Nephew | 1,210,410 | 19,251,422 | ||||||
Unilever | 800 | 36,322 | ||||||
47,728,377 | ||||||||
United States – 31.41% | ||||||||
3M | 75,940 | 11,305,947 | ||||||
Cisco Systems | 900 | 50,184 | ||||||
Clorox | 96,000 | 13,346,880 | ||||||
Conagra Brands | 359,050 | 12,053,308 | ||||||
Constellation Energy | 349 | 19,631 | ||||||
CVS Health | 560 | 56,678 | ||||||
Eastman Chemical | 480 | 53,789 | ||||||
Exelon | 1,050 | 50,012 | ||||||
General Mills | 48,450 | 3,281,034 | ||||||
Henry Schein † | 213,700 | 18,632,503 | ||||||
Ingredion | 151,640 | 13,215,426 | ||||||
Kimberly-Clark | 130,570 | 16,081,001 | ||||||
Lamb Weston Holdings | 372,010 | 22,287,119 | ||||||
Merck & Co. | 225,950 | 18,539,197 | ||||||
Parker-Hannifin | 18,700 | 5,306,312 | ||||||
Pfizer | 296,880 | 15,369,478 | ||||||
Procter & Gamble | 350 | 53,480 | ||||||
Public Service Enterprise Group | 870 | 60,900 | ||||||
Raytheon Technologies | 400 | 39,628 | ||||||
Schneider Electric | 300 | 50,367 | ||||||
VF | 760 | 43,214 | ||||||
Visa Class A | 24,910 | 5,524,291 | ||||||
155,420,379 | ||||||||
Total Common Stocks | ||||||||
(cost $506,882,162) | 489,022,332 |
162
Number of | Value | |||||||
shares | (US $) | |||||||
Exchange-Traded Fund – 0.90% | ||||||||
Vanguard S&P 500 ETF | 10,720 | $ | 4,450,622 | |||||
Total Exchange-Traded Fund | ||||||||
(cost $4,215,231) | 4,450,622 | |||||||
Short-Term Investments – 0.03% | ||||||||
Money Market Mutual Fund – 0.03% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 140,103 | 140,103 | ||||||
Total Short-Term Investments | ||||||||
(cost $140,103) | 140,103 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral – 99.76% | ||||||||
(cost $511,237,496) | 493,613,057 | |||||||
Securities Lending Collateral** – 2.66% | ||||||||
Money Market Mutual Fund – 2.66% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 13,198,150 | 13,198,150 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $13,198,150) | 13,198,150 | |||||||
Total Value of Securities – 102.42% | ||||||||
(cost $524,435,646) | $ | 506,811,207 | ■ |
∆ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 79 in “Security type / country and sector allocations.” | |
* | Fully or partially on loan. | |
† | Non-income producing security. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $12,382,821 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $91,899. |
The following foreign currency exchange contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | Unrealized | |||||||||||||||
Counterparty | Receive (Deliver) | For | Date | Appreciation | Depreciation | ||||||||||||||
BNYM | CHF | (254,085 | ) | USD | 275,277 | 4/4/22 | $ | 274 | $ | — | |||||||||
BNYM | EUR | (330,789 | ) | USD | 369,083 | 4/1/22 | 3,138 | — | |||||||||||
BNYM | JPY | (26,680,346 | ) | USD | 218,969 | 4/1/22 | — | (192 | ) | ||||||||||
Total Foreign Currency Exchange Contracts | $ | 3,412 | $ | (192 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
ETF – Exchange-Traded Fund
S&P – Standard & Poor’s Financial Services LLC
163
Schedules of investments
Delaware Ivy Global Equity Income Fund
Summary of currencies:
CHF – Swiss Franc
EUR – European Monetary Unit
JPY – Japanese Yen
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
164
Delaware Ivy Global Growth Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks – 98.92% | ||||||||
Canada – 3.90% | ||||||||
Barrick Gold | 356,452 | $ | 8,743,768 | |||||
Canadian Natural Resources | 406,675 | 25,205,716 | ||||||
33,949,484 | ||||||||
China – 1.10% | ||||||||
JD.com ADR *, † | 165,870 | 9,598,897 | ||||||
9,598,897 | ||||||||
China/Hong Kong – 3.45% | ||||||||
AIA Group | 823,000 | 8,593,672 | ||||||
Baidu ADR † | 61,512 | 8,138,038 | ||||||
China Mengniu Dairy † | 1,757,000 | 9,419,983 | ||||||
JD.com Class A † | 10,412 | 295,853 | ||||||
Tencent Holdings | 77,000 | 3,549,264 | ||||||
29,996,810 | ||||||||
Denmark – 1.42% | ||||||||
Genmab † | 34,329 | 12,398,027 | ||||||
12,398,027 | ||||||||
France – 5.52% | ||||||||
Airbus † | 162,140 | 19,565,190 | ||||||
BNP Paribas | 196,723 | 11,241,671 | ||||||
LVMH Moet Hennessy Louis | ||||||||
Vuitton | 9,226 | 6,585,512 | ||||||
Vinci | 103,774 | 10,602,867 | ||||||
47,995,240 | ||||||||
Germany – 4.92% | ||||||||
adidas AG | 25,408 | 5,920,726 | ||||||
Deutsche Telekom | 846,187 | 15,759,497 | ||||||
HelloFresh † | 167,625 | 7,523,639 | ||||||
Infineon Technologies | 326,248 | 11,036,982 | ||||||
RWE | 58,013 | 2,526,032 | ||||||
42,766,876 | ||||||||
India – 4.21% | ||||||||
ICICI Bank | 709,500 | 6,767,195 | ||||||
Larsen & Toubro | 588,857 | 13,656,028 | ||||||
Reliance Industries | 257,674 | 8,912,319 | ||||||
State Bank of India | 1,135,499 | 7,336,287 | ||||||
36,671,829 | ||||||||
Italy – 2.21% | ||||||||
Ferrari | 41,194 | 8,974,512 | ||||||
UniCredit | 952,066 | 10,270,650 | ||||||
19,245,162 | ||||||||
Japan – 2.90% | ||||||||
ORIX | 1,027,400 | 20,478,712 | ||||||
Subaru | 300,500 | 4,772,839 | ||||||
25,251,551 | ||||||||
Republic of Korea – 1.78% | ||||||||
Samsung Electronics | 271,051 | 15,510,347 | ||||||
15,510,347 | ||||||||
Taiwan – 2.42% | ||||||||
Taiwan Semiconductor | ||||||||
Manufacturing ADR | 201,837 | 21,043,526 | ||||||
21,043,526 | ||||||||
United Kingdom – 2.68% | ||||||||
AstraZeneca | 86,442 | 11,463,337 | ||||||
Unilever | 260,123 | 11,810,311 | ||||||
23,273,648 | ||||||||
United States – 62.41% | ||||||||
Abbott Laboratories | 85,461 | 10,115,164 | ||||||
Adobe † | 10,053 | 4,580,348 | ||||||
AGNC Investment | 934,922 | 12,247,478 | ||||||
Alphabet Class A † | 11,411 | 31,737,985 | ||||||
Amazon.com † | 10,248 | 33,407,968 | ||||||
Ambarella † | 123,712 | 12,979,863 | ||||||
Apple | 86,759 | 15,148,989 | ||||||
Aptiv † | 110,565 | 13,235,736 | ||||||
Autodesk † | 41,345 | 8,862,301 | ||||||
Casey’s General Stores | 33,917 | 6,721,332 | ||||||
ConocoPhillips | 199,923 | 19,992,300 | ||||||
Darden Restaurants | 136,325 | 18,124,409 | ||||||
Eli Lilly & Co. | 56,802 | 16,266,389 | ||||||
Ferguson | 113,492 | 15,375,884 | ||||||
First Republic Bank | 78,884 | 12,787,096 | ||||||
Frontier Communications Parent | ||||||||
† | 410,638 | 11,362,353 | ||||||
Goldman Sachs Group | 12,791 | 4,222,309 | ||||||
Ingersoll Rand | 424,744 | 21,385,860 | ||||||
Intercontinental Exchange | 75,555 | 9,982,327 | ||||||
Intuit | 42,128 | 20,256,827 | ||||||
Mastercard Class A | 52,133 | 18,631,292 | ||||||
Microsoft | 134,167 | 41,365,028 | ||||||
Monolithic Power Systems | 11,924 | 5,791,248 | ||||||
Morgan Stanley | 114,388 | 9,997,511 | ||||||
Pinnacle Financial Partners | 31,033 | 2,857,519 | ||||||
Pinterest Class A † | 176,210 | 4,336,528 | ||||||
Procter & Gamble | 92,603 | 14,149,738 | ||||||
Raytheon Technologies | 139,844 | 13,854,345 | ||||||
Regeneron Pharmaceuticals † | 29,229 | 20,414,118 | ||||||
Schneider Electric | 79,259 | 13,306,822 | ||||||
Skechers USA Class A † | 313,951 | 12,796,643 | ||||||
Thermo Fisher Scientific | 31,892 | 18,837,010 | ||||||
T-Mobile US † | 52,249 | 6,706,159 | ||||||
Union Pacific | 85,443 | 23,343,882 | ||||||
UnitedHealth Group | 32,624 | 16,637,261 | ||||||
VeriSign † | 54,912 | 12,215,724 |
165
Schedules of investments
Delaware Ivy Global Growth Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
Zimmer Biomet Holdings | 70,052 | $ | 8,959,651 | |||||
542,993,397 | ||||||||
Total Common Stocks | ||||||||
(cost $648,771,191) | 860,694,794 | |||||||
Preferred Stock – 1.06% | ||||||||
Germany – 1.06% | ||||||||
Volkswagen 3.05% | 53,588 | 9,209,170 | ||||||
Total Preferred Stock | ||||||||
(cost $13,825,322) | 9,209,170 | |||||||
Short-Term Investments – 0.37% | ||||||||
Money Market Mutual Fund – 0.37% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 3,171,029 | 3,171,029 | ||||||
Total Short-Term Investments | ||||||||
(cost $3,171,029) | 3,171,029 | |||||||
Total Value of Securities−100.35% | ||||||||
(cost $665,767,542) | $ | 873,074,993 | ■ |
* | Fully or partially on loan. | |
† | Non-income producing security. | |
■ | Includes $9,598,897 of securities loaned for which the counterparty pledged non-cash collateral valued at $10,418,687. |
The following foreign currency exchange contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | Unrealized | |||||||||||||||
Counterparty | Receive (Deliver) | For | Date | Appreciation | Depreciation | ||||||||||||||
BNYM | DKK | (349,462 | ) | USD | 52,043 | 4/4/22 | $ | 67 | $ | — | |||||||||
BNYM | EUR | (504,964 | ) | USD | 559,271 | 4/4/22 | 586 | — | |||||||||||
BNYM | GBP | (122,611 | ) | USD | 160,967 | 4/4/22 | — | (97 | ) | ||||||||||
BNYM | HKD | (718,978 | ) | USD | 91,850 | 4/4/22 | 63 | — | |||||||||||
BNYM | JPY | (12,756,268 | ) | USD | 105,158 | 4/4/22 | 369 | — | |||||||||||
Total Foreign Currency Exchange Contracts | $ | 1,085 | $ | (97 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
Summary of currencies:
DKK – Danish Krone
EUR – European Monetary Unit
166
Summary of currencies: (continued)
GBP – British Pound Sterling
HKD – Hong Kong Dollar
JPY – Japanese Yen
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
167
Schedules of investments
Delaware Ivy Government Money Market Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Agency Obligations — 51.52% | ||||||||
U.S. International Development | ||||||||
Finance | ||||||||
0.36% 4/6/22 ● | 17,000,000 | $ | 17,000,000 | |||||
0.39% 4/6/22 ● | 32,500,000 | 32,500,000 | ||||||
0.39% 4/6/22 ● | 5,894,737 | 5,894,737 | ||||||
0.39% 4/6/22 ● | 17,111,112 | 17,111,112 | ||||||
0.39% 4/6/22 ● | 2,850,000 | 2,850,000 | ||||||
Total Agency Obligations | ||||||||
(cost $75,355,849) | 75,355,849 | |||||||
Variable Rate Demand Notes — 7.47%¤ | ||||||||
Metropolitan Government of | ||||||||
Nashville & Davidson County | ||||||||
Industrial Development Board | ||||||||
0.50% 4/7/22 | 2,825,000 | 2,825,000 | ||||||
Minnesota Housing Finance | ||||||||
Agency | ||||||||
Series F 0.53% 4/7/22 | 5,090,000 | 5,090,000 | ||||||
Pinellas County Housing Finance | ||||||||
Authority | ||||||||
0.50% 4/6/22 | 3,010,000 | 3,010,000 | ||||||
Total Variable Rate Demand Notes | ||||||||
(cost $10,925,000) | 10,925,000 |
Number of | ||||||||
shares | ||||||||
Short-Term Investments — 40.28% | ||||||||
Money Market Mutual Fund — 40.28% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 58,915,178 | 58,915,178 | ||||||
Total Short-Term Investments | ||||||||
(cost $58,915,178) | 58,915,178 | |||||||
Total Value of Securities—99.27% | ||||||||
(cost $145,196,027) | $ | 145,196,027 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. | |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of March 31, 2022. |
See accompanying notes, which are an integral part of the financial statements.
168
Delaware Ivy High Income Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Convertible Bond — 0.14% | ||||||||
Spirit Airlines 1.00% exercise | ||||||||
price $49.07, maturity date | ||||||||
5/15/26 | 5,542,000 | $ | 4,998,884 | |||||
Total Convertible Bond | ||||||||
(cost $4,845,980) | 4,998,884 | |||||||
Corporate Bonds — 69.66% | ||||||||
Banking — 0.43% | ||||||||
Deutsche Bank 6.00% | ||||||||
10/30/25 μ, ψ | 15,400,000 | 15,092,000 | ||||||
15,092,000 | ||||||||
Basic Industry — 1.20% | ||||||||
Cerdia Finanz 144A 10.50% | ||||||||
2/15/27 * | 12,970,000 | 11,372,745 | ||||||
Chemours 144A 5.75% | ||||||||
11/15/28 | 14,665,000 | 14,265,085 | ||||||
PMHC II 144A 9.00% 2/15/30 | 18,063,000 | 15,918,741 | ||||||
41,556,571 | ||||||||
Capital Goods — 2.88% | ||||||||
ARD Finance 144A PIK 6.50% | ||||||||
6/30/27 | 8,075,311 | 7,398,519 | ||||||
Clydesdale | ||||||||
Acquisition Holdings 144A | ||||||||
8.75% 4/15/30 | 3,010,000 | 2,836,925 | ||||||
TransDigm | ||||||||
4.625% 1/15/29 | 7,388,000 | 6,916,904 | ||||||
5.50% 11/15/27 | 37,552,000 | 37,317,112 | ||||||
Wolverine Escrow | ||||||||
144A 8.50% 11/15/24 | 31,158,000 | 20,927,894 | ||||||
144A 9.00% 11/15/26 * | 34,006,000 | 22,837,410 | ||||||
144A 13.125% 11/15/27 | 4,540,000 | 1,838,700 | ||||||
100,073,464 | ||||||||
Communications — 11.69% | ||||||||
Altice Financing 144A 5.75% | ||||||||
8/15/29 | 25,860,000 | 23,545,271 | ||||||
Altice France 144A 5.50% | ||||||||
10/15/29 | 5,739,000 | 5,157,295 | ||||||
Altice France Holding 144A | ||||||||
6.00% 2/15/28 #, * | 33,946,000 | 29,345,808 | ||||||
Arches Buyer 144A 4.25% | ||||||||
6/1/28 | 22,177,000 | 20,715,092 | ||||||
Cablevision Lightpath 144A | ||||||||
5.625% 9/15/28 | 6,115,000 | 5,591,250 | ||||||
Connect Finco 144A 6.75% | ||||||||
10/1/26 | 9,095,000 | 9,265,031 | ||||||
Consolidated Communications | ||||||||
144A 5.00% 10/1/28 | 5,170,000 | 4,459,332 | ||||||
144A 6.50% 10/1/28 | 11,251,000 | 10,394,799 | ||||||
Digicel 144A 6.75% 3/1/23 | 34,924,000 | 32,566,805 | ||||||
Digicel Group Holdings | ||||||||
144A PIK 7.00% 4/21/22 ψ | 3,335,981 | 2,676,207 | ||||||
144A PIK 8.00% 4/1/25 | 7,000,651 | 6,155,042 | ||||||
PIK 10.00% 4/1/24 | 38,005,745 | 37,764,979 | ||||||
Digicel International Finance | ||||||||
144A 8.00% 12/31/26 * | 7,323,665 | 6,822,067 | ||||||
144A 8.75% 5/25/24 | 51,789,000 | 51,611,364 | ||||||
144A 8.75% 5/25/24 | 8,139,133 | 8,111,216 | ||||||
144A PIK 13.00% 12/31/25 | 4,281,492 | 4,254,155 | ||||||
Frontier Communications | ||||||||
Holdings | ||||||||
144A 5.875% 10/15/27 | 1,655,000 | 1,645,964 | ||||||
5.875% 11/1/29 | 5,789,667 | 5,308,430 | ||||||
144A 6.00% 1/15/30 #, * | 3,564,000 | 3,301,458 | ||||||
144A 6.75% 5/1/29 # | 15,295,000 | 14,704,307 | ||||||
LCPR Senior Secured | ||||||||
Financing DAC 144A | ||||||||
5.125% 7/15/29 | 4,350,000 | 4,161,645 | ||||||
Ligado Networks 144A PIK | ||||||||
15.50% 11/1/23 # | 36,077,728 | 27,461,645 | ||||||
Nielsen Finance | ||||||||
144A 5.625% 10/1/28 | 11,107,000 | 11,199,188 | ||||||
144A 5.875% 10/1/30 | 9,256,000 | 9,288,812 | ||||||
Northwest Fiber | ||||||||
144A 6.00% 2/15/28 #, * | 7,848,000 | 6,905,115 | ||||||
144A 10.75% 6/1/28 # | 6,401,000 | 6,680,596 | ||||||
Telesat Canada | ||||||||
144A 5.625% 12/6/26 | 29,713,000 | 22,721,531 | ||||||
144A 6.50% 10/15/27 # | 5,107,000 | 2,508,814 | ||||||
Windstream Escrow 144A | ||||||||
7.75% 8/15/28 * | 30,792,000 | 31,397,832 | ||||||
405,721,050 | ||||||||
Consumer Cyclical — 11.00% | ||||||||
Asbury Automotive Group | ||||||||
4.50% 3/1/28 | 12,172,650 | 11,718,610 | ||||||
144A 4.625% 11/15/29 | 366,000 | 341,288 | ||||||
4.75% 3/1/30 | 12,623,650 | 11,929,980 | ||||||
144A 5.00% 2/15/32 | 366,000 | 340,717 | ||||||
Carnival | ||||||||
144A 5.75% 3/1/27 | 24,678,000 | 23,567,490 | ||||||
144A 6.00% 5/1/29 | 29,460,000 | 27,800,518 | ||||||
144A 7.625% 3/1/26 | 3,693,000 | 3,721,436 | ||||||
144A 9.875% 8/1/27 | 7,429,000 | 8,223,680 | ||||||
144A 10.50% 2/1/26 | 1,803,000 | 2,007,830 | ||||||
Everi Holdings 144A 5.00% | ||||||||
7/15/29 | 4,440,000 | 4,211,673 | ||||||
Fertitta Entertainment 144A | ||||||||
6.75% 1/15/30 | 18,665,000 | 17,194,851 |
169
Schedules of investments
Delaware Ivy High Income Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Consumer Cyclical (continued) | ||||||||
LSF9 Atlantis Holdings 144A | ||||||||
7.75% 2/15/26 | 18,454,000 | $ | 17,758,284 | |||||
MajorDrive Holdings IV 144A | ||||||||
6.375% 6/1/29 # | 29,962,000 | 26,574,796 | ||||||
Michaels | ||||||||
144A 5.25% 5/1/28 | 13,002,000 | 11,953,779 | ||||||
144A 7.875% 5/1/29 #, * | 10,143,000 | 8,697,572 | ||||||
PetSmart | ||||||||
144A 4.75% 2/15/28 | 18,447,000 | 17,851,715 | ||||||
144A 7.75% 2/15/29 # | 4,132,000 | 4,271,331 | ||||||
Premier Entertainment Sub | ||||||||
144A 5.625% 9/1/29 | 21,324,000 | 18,370,199 | ||||||
144A 5.875% 9/1/31 | 16,676,000 | 14,267,569 | ||||||
Royal Caribbean Cruises | ||||||||
144A 5.375% 7/15/27 # | 18,683,000 | 17,977,810 | ||||||
144A 5.50% 4/1/28 | 36,986,000 | 35,309,240 | ||||||
Scientific Games Holdings | ||||||||
144A 6.625% 3/1/30 | 18,485,000 | 18,244,695 | ||||||
Scientific Games International | ||||||||
144A 7.25% 11/15/29 | 10,818,000 | 11,355,060 | ||||||
Staples | ||||||||
144A 7.50% 4/15/26 | 13,597,000 | 13,219,003 | ||||||
144A 10.75% 4/15/27 * | 40,861,000 | 36,408,581 | ||||||
Victoria’s Secret & Co. 144A | ||||||||
4.625% 7/15/29 | 20,339,000 | 18,343,236 | ||||||
381,660,943 | ||||||||
Consumer Non-Cyclical — 2.42% | ||||||||
CHS 144A 5.25% 5/15/30 | 6,560,000 | 6,305,800 | ||||||
CP Atlas Buyer 144A 7.00% | ||||||||
12/1/28 # | 5,339,000 | 4,562,656 | ||||||
Kronos Acquisition Holdings | ||||||||
144A 5.00% 12/31/26 | 11,043,000 | 10,209,806 | ||||||
Performance Food Group 144A | ||||||||
4.25% 8/1/29 | 23,659,000 | 21,588,837 | ||||||
Pilgrim’s Pride 144A 4.25% | ||||||||
4/15/31 | 17,908,000 | 16,603,044 | ||||||
Post Holdings 144A 4.50% | ||||||||
9/15/31 | 7,375,000 | 6,545,239 | ||||||
Prime Security Services | ||||||||
Borrower 144A 6.25% | ||||||||
1/15/28 * | 11,319,000 | 11,095,110 | ||||||
Simmons Foods 144A 4.625% | ||||||||
3/1/29 | 7,408,000 | 6,954,630 | ||||||
83,865,122 | ||||||||
Energy — 8.63% | ||||||||
Ascent Resources Utica | ||||||||
Holdings | ||||||||
144A 5.875% 6/30/29 | 3,695,000 | 3,658,124 | ||||||
144A 7.00% 11/1/26 | 8,882,000 | 9,123,502 | ||||||
144A 8.25% 12/31/28 | 741,000 | 779,202 | ||||||
Bellatrix Exploration | ||||||||
0.000% = | 6,693,000 | 0 | ||||||
0.000% = | 7,293,000 | 0 | ||||||
California Resources 144A | ||||||||
7.125% 2/1/26 | 2,227,000 | 2,319,944 | ||||||
Callon Petroleum | ||||||||
6.125% 10/1/24 | 8,071,000 | 8,041,904 | ||||||
144A 8.00% 8/1/28 * | 8,840,000 | 9,334,023 | ||||||
144A 9.00% 4/1/25 | 1,481,000 | 1,572,022 | ||||||
Chesapeake Energy | ||||||||
144A 5.50% 2/1/26 | 7,380,000 | 7,568,190 | ||||||
144A 5.875% 2/1/29 | 5,535,000 | 5,722,969 | ||||||
144A 6.75% 4/15/29 | 14,900,000 | 15,803,089 | ||||||
Colgate Energy Partners III | ||||||||
144A 5.875% 7/1/29 | 2,957,000 | 3,053,753 | ||||||
Comstock Resources | ||||||||
144A 5.875% 1/15/30 | 8,866,000 | 8,746,309 | ||||||
144A 6.75% 3/1/29 | 17,116,000 | 17,678,774 | ||||||
Crestwood Midstream Partners | ||||||||
144A 5.625% 5/1/27 | 7,419,000 | 7,366,473 | ||||||
5.75% 4/1/25 | 3,691,000 | 3,713,183 | ||||||
144A 6.00% 2/1/29 | 1,476,000 | 1,473,535 | ||||||
CrownRock | ||||||||
144A 5.00% 5/1/29 | 3,713,000 | 3,720,890 | ||||||
144A 5.625% 10/15/25 | 27,535,000 | 28,093,961 | ||||||
CVR Energy 144A 5.25% | ||||||||
2/15/25 | 7,113,000 | 6,916,575 | ||||||
EQM Midstream Partners 144A | ||||||||
4.75% 1/15/31 | 19,000,000 | 17,793,690 | ||||||
Genesis Energy | ||||||||
7.75% 2/1/28 | 14,335,000 | 14,432,478 | ||||||
8.00% 1/15/27 | 22,288,000 | 22,952,628 | ||||||
Hess Midstream Operations | ||||||||
144A 4.25% 2/15/30 | 2,955,000 | 2,793,362 | ||||||
KCA Deutag UK Finance | ||||||||
144A 9.875% 12/1/25 | 1,488,000 | 1,539,306 | ||||||
9.875% 12/1/25 | 8,216,610 | 8,499,919 | ||||||
Laredo Petroleum | ||||||||
9.50% 1/15/25 | 22,631,000 | 23,633,553 | ||||||
10.125% 1/15/28 | 15,088,000 | 16,232,198 | ||||||
Mesquite Energy 144A 7.25% | ||||||||
2/15/23 ‡ | 3,888,000 | 68,040 | ||||||
Murphy Oil 6.375% 7/15/28 | 2,957,000 | 3,080,351 | ||||||
Offshore Group Invest 7.50% | ||||||||
11/1/19 = | 20,035,000 | 0 | ||||||
PBF Holding 144A 9.25% | ||||||||
5/15/25 * | 33,323,000 | 34,368,009 | ||||||
Rattler Midstream 144A | ||||||||
5.625% 7/15/25 | 7,438,000 | 7,559,314 |
170
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Energy (continued) | ||||||||
Weatherford International 144A | ||||||||
8.625% 4/30/30 | 1,780,000 | $ | 1,809,397 | |||||
299,448,667 | ||||||||
Financial Services — 5.01% | ||||||||
Compass Group Diversified | ||||||||
Holdings 144A 5.25% | ||||||||
4/15/29 | 29,618,000 | 27,877,498 | ||||||
Highlands Holdings Bond | ||||||||
Issuer 144A PIK 7.625% | ||||||||
10/15/25 | 19,256,975 | 19,368,954 | ||||||
MoneyGram International 144A | ||||||||
5.375% 8/1/26 | 3,696,000 | 3,852,193 | ||||||
Mozart Debt Merger Sub | ||||||||
144A 3.875% 4/1/29 | 22,131,000 | 20,499,392 | ||||||
144A 5.25% 10/1/29 #, * | 3,924,000 | 3,653,048 | ||||||
New Cotai 0.000% | 21,805,540 | 50,239,865 | ||||||
Provident Funding Associates | ||||||||
144A 6.375% 6/15/25 | 29,262,000 | 28,807,122 | ||||||
StoneX Group 144A 8.625% | ||||||||
6/15/25 | 18,625,000 | 19,425,689 | ||||||
173,723,761 | ||||||||
Healthcare — 6.54% | ||||||||
Bausch Health 144A 6.125% | ||||||||
2/1/27 | 12,880,000 | 12,977,180 | ||||||
Cheplapharm Arzneimittel | ||||||||
144A 5.50% 1/15/28 | 2,280,000 | 2,210,334 | ||||||
CHS 144A 4.75% 2/15/31 | 12,020,000 | 11,375,608 | ||||||
Consensus Cloud Solutions | ||||||||
144A 6.00% 10/15/26 | 5,787,000 | 5,750,600 | ||||||
144A 6.50% 10/15/28 | 10,075,000 | 10,030,519 | ||||||
Encompass Health | ||||||||
4.625% 4/1/31 | 910,000 | 853,357 | ||||||
4.75% 2/1/30 | 3,915,000 | 3,764,919 | ||||||
Hadrian Merger Sub 144A | ||||||||
8.50% 5/1/26 | 8,941,000 | 9,010,694 | ||||||
ModivCare Escrow Issuer | ||||||||
144A 5.00% 10/1/29 * | 15,698,000 | 14,663,580 | ||||||
Organon & Co. 144A 5.125% | ||||||||
4/30/31 | 26,785,000 | 25,883,685 | ||||||
P&L Development 144A 7.75% | ||||||||
11/15/25 | 22,970,000 | 21,202,688 | ||||||
Par Pharmaceutical 144A | ||||||||
7.50% 4/1/27 | 16,977,000 | 15,870,439 | ||||||
StoneMor 144A 8.50% | ||||||||
5/15/29 # | 23,667,000 | 23,477,072 | ||||||
Tenet Healthcare | ||||||||
144A 4.375% 1/15/30 | 16,530,000 | 15,888,884 | ||||||
144A 6.125% 10/1/28 | 16,925,000 | 17,218,733 | ||||||
US Renal Care 144A 10.625% | ||||||||
7/15/27 | 38,595,000 | 36,823,490 | ||||||
227,001,782 | ||||||||
Insurance — 3.47% | ||||||||
Ardonagh Midco 2 144A PIK | ||||||||
11.50% 1/15/27 #, * | 38,268,768 | 40,756,238 | ||||||
HUB International 144A | ||||||||
5.625% 12/1/29 | 19,127,000 | 18,302,531 | ||||||
NFP 144A 6.875% 8/15/28 | 64,026,000 | 61,226,143 | ||||||
120,284,912 | ||||||||
Media — 7.49% | ||||||||
Advantage Sales & Marketing | ||||||||
144A 6.50% 11/15/28 | 27,779,000 | 26,345,048 | ||||||
Arches Buyer 144A 6.125% | ||||||||
12/1/28 | 18,049,000 | 16,720,142 | ||||||
Cars.com 144A 6.375% | ||||||||
11/1/28 * | 11,085,000 | 11,027,081 | ||||||
CCO Holdings 144A 4.75% | ||||||||
2/1/32 | 13,515,000 | 12,605,711 | ||||||
Clear Channel International | ||||||||
144A 6.625% 8/1/25 | 2,812,000 | 2,864,725 | ||||||
Clear Channel Outdoor | ||||||||
Holdings | ||||||||
144A 5.125% 8/15/27 | 30,428,000 | 30,154,148 | ||||||
144A 7.50% 6/1/29 # | 12,343,000 | 12,331,027 | ||||||
144A 7.75% 4/15/28 # | 9,444,000 | 9,504,111 | ||||||
CSC Holdings | ||||||||
144A 4.50% 11/15/31 | 7,627,000 | 6,846,720 | ||||||
144A 4.625% 12/1/30 # | 29,266,000 | 24,515,250 | ||||||
144A 5.00% 11/15/31 | 11,141,000 | 9,355,098 | ||||||
144A 5.75% 1/15/30 | 7,623,000 | 6,797,620 | ||||||
Directv Financing 144A 5.875% | ||||||||
8/15/27 | 26,815,000 | 26,414,786 | ||||||
DISH DBS 144A 5.75% | ||||||||
12/1/28 | 18,330,000 | 17,379,131 | ||||||
Stagwell Global 144A 5.625% | ||||||||
8/15/29 | 18,723,000 | 17,687,618 | ||||||
VTR Comunicaciones 144A | ||||||||
4.375% 4/15/29 | 14,811,000 | 13,562,062 | ||||||
VTR Finance 144A 6.375% | ||||||||
7/15/28 | 5,206,000 | 5,053,751 | ||||||
VZ Secured Financing 144A | ||||||||
5.00% 1/15/32 | 11,580,000 | 10,844,960 | ||||||
260,008,989 | ||||||||
Real Estate — 0.05% | ||||||||
Uniti Group 144A 4.75% | ||||||||
4/15/28 | 1,859,000 | 1,758,298 | ||||||
1,758,298 |
171
Schedules of investments
Delaware Ivy High Income Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Services — 3.03% | ||||||||
Adtalem Global Education | ||||||||
144A 5.50% 3/1/28 | 44,418,000 | $ | 43,064,806 | |||||
Ahern Rentals 144A 7.375% | ||||||||
5/15/23 | 20,526,000 | 19,140,495 | ||||||
Deluxe 144A 8.00% 6/1/29 | 9,665,000 | 9,829,257 | ||||||
NESCO Holdings II 144A | ||||||||
5.50% 4/15/29 | 22,390,000 | 22,025,938 | ||||||
PECF USS Intermediate | ||||||||
Holding III 144A 8.00% | ||||||||
11/15/29 # | 5,590,000 | 5,405,250 | ||||||
Sabre GLBL | ||||||||
144A 7.375% 9/1/25 | 1,481,000 | 1,548,926 | ||||||
144A 9.25% 4/15/25 | 3,740,000 | 4,152,522 | ||||||
105,167,194 | ||||||||
Technology — 2.33% | ||||||||
Minerva Merger Sub 144A | ||||||||
6.50% 2/15/30 | 18,150,000 | 17,630,547 | ||||||
NCR | ||||||||
144A 5.00% 10/1/28 | 11,115,000 | 10,661,953 | ||||||
144A 5.125% 4/15/29 | 40,980,000 | 39,445,094 | ||||||
144A 5.25% 10/1/30 | 3,706,000 | 3,519,514 | ||||||
144A 5.75% 9/1/27 | 4,162,000 | 4,167,535 | ||||||
144A 6.125% 9/1/29 | 5,323,000 | 5,348,125 | ||||||
80,772,768 | ||||||||
Telecommunication Services — 0.29% | ||||||||
Altice France 144A 5.125% | ||||||||
7/15/29 | 11,143,000 | 10,001,957 | ||||||
10,001,957 | ||||||||
Transportation — 1.84% | ||||||||
Grupo Aeromexico 144A 8.50% | ||||||||
3/17/27 | 12,340,000 | 12,426,846 | ||||||
Seaspan 144A 5.50% 8/1/29 | 15,817,000 | 14,821,399 | ||||||
VistaJet Malta Finance 144A | ||||||||
6.375% 2/1/30 | 38,720,000 | 36,481,984 | ||||||
63,730,229 | ||||||||
Utilities — 1.36% | ||||||||
Calpine | ||||||||
144A 4.625% 2/1/29 | 2,900,000 | 2,673,177 | ||||||
144A 5.00% 2/1/31 | 1,495,000 | 1,362,999 | ||||||
144A 5.125% 3/15/28 | 5,885,000 | 5,616,732 | ||||||
Vistra | ||||||||
144A 7.00% 12/15/26 μ, ψ | 23,355,000 | 22,778,248 | ||||||
144A 8.00% 10/15/26 μ, ψ | 14,795,000 | 14,961,444 | ||||||
47,392,600 | ||||||||
Total Corporate Bonds | ||||||||
(cost $2,484,408,136) | 2,417,260,307 | |||||||
Municipal Bonds — 0.80% | ||||||||
Commonwealth of Puerto Rico | ||||||||
Series A1 4.00% 7/1/33 | 601,591 | 588,855 | ||||||
Series A1 4.00% 7/1/35 | 540,750 | 523,408 | ||||||
Series A1 4.00% 7/1/37 | 464,106 | 447,120 | ||||||
Series A1 4.00% 7/1/41 | 631,007 | 601,589 | ||||||
Series A1 4.00% 7/1/46 | 656,238 | 620,119 | ||||||
Series A1 5.25% 7/1/23 | 671,888 | 688,437 | ||||||
Series A1 5.375% 7/1/25 | 670,004 | 707,511 | ||||||
Series A1 5.625% 7/1/27 | 663,936 | 725,934 | ||||||
Series A1 5.625% 7/1/29 | 653,165 | 729,715 | ||||||
Series A1 5.75% 7/1/31 | 634,413 | 724,177 | ||||||
Series A-1 2.987% 7/1/24 ^ | 309,458 | 282,563 | ||||||
Series A-1 4.362% 7/1/33 ^ | 774,189 | 448,302 | ||||||
Series C 2.646% 11/1/43 | 3,003,805 | 1,618,300 | ||||||
GDB Debt Recovery Authority | ||||||||
of Puerto Rico | ||||||||
7.50% 8/20/40 | 20,086,745 | 18,881,541 | ||||||
Total Municipal Bonds | ||||||||
(cost $28,122,542) | 27,587,571 | |||||||
Loan Agreements — 16.04% | ||||||||
Advantage Sales & Marketing | ||||||||
Tranche B-1 5.25% | ||||||||
(LIBOR03M + 4.50%) | ||||||||
10/28/27 ● | 25,532,863 | 25,347,750 | ||||||
Amynta Agency Borrower | ||||||||
Tranche B 1st Lien 4.957% | ||||||||
(LIBOR01M + 4.50%) | ||||||||
2/28/25 ● | 36,382,785 | 36,094,742 | ||||||
Ankura Consulting Group 1st | ||||||||
Lien 5.25% (SOFR01M + | ||||||||
4.50%) 3/17/28 ● | 7,368,923 | 7,309,051 | ||||||
Applied Systems 2nd Lien | ||||||||
6.378% (LIBOR03M + | ||||||||
5.50%) 9/19/25 ● | 19,433,822 | 19,379,174 | ||||||
Ascent Resources Utica | ||||||||
Holdings 2nd Lien 10.00% | ||||||||
(LIBOR03M + 9.00%) | ||||||||
11/1/25 ● | 5,650,000 | 6,066,688 | ||||||
Clear Channel Outdoor | ||||||||
Holdings Inc 3.799% | ||||||||
(LIBOR03M + 3.50%) | ||||||||
8/21/26 ● | 91,285 | 89,899 | ||||||
Clydesdale | ||||||||
Acquisition Holdings TBD | ||||||||
4.75% 3/30/29 X, ● | 4,830,000 | 4,754,101 | ||||||
CNT Holdings I 2nd Lien | ||||||||
7.50% (LIBOR03M + 6.75%) | ||||||||
11/6/28 ● | 9,822,000 | 9,840,416 | ||||||
CommerceHub 1st Lien | ||||||||
5.006% (LIBOR03M + | ||||||||
4.00%) 12/29/27 ● | 36,057 | 35,066 |
172
Principal | Value | |||||||
amount° | (US $) | |||||||
Loan Agreements (continued) | ||||||||
Covis Finco Tranche B 7.301% | ||||||||
(SOFR01M + 5.50%) | ||||||||
2/18/27 ● | 15,000,000 | $ | 13,800,000 | |||||
CP Atlas Buyer Tranche B | ||||||||
4.25% (LIBOR01M + 3.75%) | ||||||||
11/23/27 ● | 13,189,755 | 12,851,767 | ||||||
CPC Acquisition 2nd Lien TBD | ||||||||
8.756% 12/29/28 X, ● | 2,354,000 | 2,277,495 | ||||||
Directv Financing 5.75% | ||||||||
(LIBOR01M + 5.00%) | ||||||||
8/2/27 ● | 465,615 | 465,663 | ||||||
Edelman Financial Engines | ||||||||
Center 2nd Lien 7.207% | ||||||||
(LIBOR01M + 6.75%) | ||||||||
7/20/26 ● | 30,014,000 | 29,676,343 | ||||||
Epic Crude Services 5.508% | ||||||||
(LIBOR03M + 5.00%) | ||||||||
3/2/26 ● | 16,506,689 | 14,230,136 | ||||||
Foresight Exit TL A << | 7,706,826 | 7,745,360 | ||||||
Form Technologies Tranche B | ||||||||
5.50% (LIBOR03M + 4.50%) | ||||||||
7/22/25 ● | 55,587,553 | 55,379,099 | ||||||
Gainwell Acquisition Tranche B | ||||||||
4.878% (LIBOR03M + | ||||||||
4.00%) 10/1/27 ● | 6,729,769 | 6,704,533 | ||||||
Gulf Finance 7.75% | ||||||||
(LIBOR01M + 6.75%) | ||||||||
8/25/26 ● | 26,074,752 | 23,969,216 | ||||||
Hexion Holdings 1st Lien | ||||||||
5.00% (SOFR01M + | ||||||||
4.50%)3/15/29 ● | 2,565,000 | 2,515,303 | ||||||
Hexion Holdings 2nd Lien | ||||||||
7.938% (SOFR01M + | ||||||||
7.44%) 3/15/30 ● | 15,845,000 | 15,369,650 | ||||||
Jo-Ann Stores Tranche B- | ||||||||
1 5.50% (LIBOR03M + | ||||||||
4.75%) 7/7/28 ● | 6,323,954 | 5,565,080 | ||||||
Jones DesLauriers Insurance | ||||||||
Management 1st Lien 5.00% | ||||||||
(CDOR + 4.25%)3/27/28 ● | 23,970,258 | 18,790,427 | ||||||
Jones DesLauriers Insurance | ||||||||
Management 2nd Lien | ||||||||
8.235% (CDOR + | ||||||||
7.50%)3/26/29 ● | 12,182,639 | 9,531,772 | ||||||
Lealand Finance Company | ||||||||
3.104% (LIBOR01M + | ||||||||
3.00%) 6/28/24 ● | 563,901 | 352,438 | ||||||
MLN US HoldCo Tranche B 1st | ||||||||
Lien 4.742% (LIBOR01M + | ||||||||
4.50%) 11/30/25 ● | 34,246,437 | 33,063,873 | ||||||
MLN US HoldCo Tranche B | ||||||||
2nd Lien 8.992% | ||||||||
(LIBOR01M + 8.75%) | ||||||||
11/30/26 ● | 16,995,184 | 15,626,715 | ||||||
PetsMart 4.50% (LIBOR03M + | ||||||||
3.75%) 2/11/28 ● | 87,508 | 87,245 | ||||||
Pre Paid Legal Services 2nd | ||||||||
Lien 7.50% (LIBOR01M + | ||||||||
7.00%) 12/14/29 ● | 9,410,000 | 9,304,138 | ||||||
SPX Flow TBD 5.00% | ||||||||
3/16/29 X, ● | 18,879,000 | 18,409,970 | ||||||
Surgery Center Holdings | ||||||||
4.50% (LIBOR01M + 3.75%) | ||||||||
8/31/26 ● | 5,531 | 5,495 | ||||||
Swf Holdings I 4.75% | ||||||||
(LIBOR01M + 4.00%) | ||||||||
10/6/28 ● | 7,375,000 | 7,162,969 | ||||||
Torrid 6.25% (LIBOR01M + | ||||||||
5.50%) 6/14/28 ● | 6,435,779 | 6,274,884 | ||||||
U.S. Renal Care Tranche B 1st | ||||||||
Lien 5.25% (LIBOR01M + | ||||||||
5.00%) 6/26/26 ● | 35,215,418 | 32,517,037 | ||||||
UKG 2nd Lien 5.75% | ||||||||
(LIBOR03M + 5.25%) | ||||||||
5/3/27 ● | 24,051,000 | 23,950,779 | ||||||
United PF Holdings 1st Lien | ||||||||
9.506% (LIBOR03M + | ||||||||
8.50%) 12/30/26 ● | 5,052,065 | 5,039,435 | ||||||
Waterbridge Midstream | ||||||||
Operating 6.75% | ||||||||
(LIBOR03M + 5.75%) | ||||||||
6/22/26 ● | 9,406,833 | 9,092,710 | ||||||
West Corporation Tranche B | ||||||||
5.00% (LIBOR03M + 4.00%) | ||||||||
10/10/24 ● | 66,701,514 | 61,174,826 | ||||||
Windstream Services 7.25% | ||||||||
(LIBOR01M + 6.25%) | ||||||||
9/21/27 ● | 6,743,217 | 6,712,313 | ||||||
Total Loan Agreements | ||||||||
(cost $562,343,590) | 556,563,558 |
Number of | ||||||||
shares | ||||||||
Common Stocks — 4.43% | ||||||||
Consumer Cyclical — 1.79% | ||||||||
New Cotai <<, =, † | 20,316,462 | 18,723,615 | ||||||
Studio City International ADR † | 3,843,131 | 22,430,434 | ||||||
Studio City International | ||||||||
Holdings | ||||||||
ADR † | 2,267,875 | 13,236,452 | ||||||
True Religion Apparel << | 395 | 7,866,362 | ||||||
62,256,863 | ||||||||
Consumer Non-Cyclical — 0.00% | ||||||||
ASG Warrant <<, = | 19,688 | 0 | ||||||
0 |
173
Schedules of investments
Delaware Ivy High Income Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks (continued) | ||||||||
Energy — 0.72% | ||||||||
Foresight Energy << | 1,117,414 | $ | 24,337,269 | |||||
Sabine Oil & Gas Holdings | 5,385 | 6,671 | ||||||
Vantage Drilling International † | 5,353 | 54,868 | ||||||
Westmoreland Coal =, † | 211,917 | 535,090 | ||||||
24,933,898 | ||||||||
Financials — 0.05% | ||||||||
Larchmont Resources <<, = | 18,338 | 1,678,897 | ||||||
1,678,897 | ||||||||
Industrials — 0.13% | ||||||||
BIS Industries Holdings << | 19,682,813 | 0 | ||||||
Maritime Finance << | 1,750,000 | 4,444,478 | ||||||
4,444,478 | ||||||||
Services — 1.74% | ||||||||
Laureate Education | 5,107,942 | 60,529,113 | ||||||
60,529,113 | ||||||||
Total Common Stocks | ||||||||
(cost $395,174,625) | 153,843,249 | |||||||
Convertible Preferred Stock — 1.46% | ||||||||
Targa Resources 9.50% | ||||||||
exercise price $20.77, | ||||||||
maturity date 5/5/22 ψ | 46,834 | 50,558,647 | ||||||
Total Convertible Preferred Stock | ||||||||
(cost $52,454,080) | 50,558,647 | |||||||
Preferred Stock — 0.06% | ||||||||
True Religion Apparel | ||||||||
0.000% <<, ω | 410 | 2,050,430 | ||||||
Total Preferred Stock | ||||||||
(cost $6,748,583) | 2,050,430 | |||||||
Investment Company — 0.38% | ||||||||
KCA Deutag International | 164,333 | 13,064,474 | ||||||
Total Investment Company | ||||||||
(cost $6,737,653) | 13,064,474 | |||||||
Warrant — 0.02% | ||||||||
California Resources† | 40,269 | 579,471 | ||||||
Total Warrant | ||||||||
(cost $3,503,208) | 579,471 | |||||||
Short-Term Investments — 2.28% | ||||||||
Money Market Mutual Fund — 2.28% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 79,262,712 | 79,262,712 | ||||||
Total Short-Term Investments | ||||||||
(cost $79,262,712) | 79,262,712 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—95.27% | ||||||||
(cost $3,623,601,109) | 3,305,769,303 | |||||||
Securities Lending Collateral** — 1.34% | ||||||||
Money Market Mutual Fund — 1.34% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 46,678,885 | 46,678,885 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $46,678,885) | 46,678,885 | |||||||
Total Value of | ||||||||
Securities—96.61% | ||||||||
(cost $3,670,279,994) | $ | 3,352,448,188 | ■ |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date. | |
ψ | Perpetual security. Maturity date represents next call date. | |
* | Fully or partially on loan. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $2,135,699,896, which represents 61.55% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” | |
‡ | Non-income producing security. Security is currently in default. | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
174
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. | |
X | This loan will settle after March 31, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. | |
<< | Affiliated company. See Note 2 in “Notes to financial statements.” | |
† | Non-income producing security. | |
ω | Perpetual security with no stated maturity date. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $55,141,365 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $18,481,073. |
Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the 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. The following unfunded loan commitments were outstanding at March 31, 2022:
Unrealized | ||||||||||||||||
Principal | Appreciation | |||||||||||||||
Borrower | Amount | Commitment | Value | (Depreciation) | ||||||||||||
Jones DesLauriers Insurance Management | $ | 5,459,642 | $ | 4,329,530 | $ | 4,279,846 | $ | (49,684 | ) | |||||||
Jones DesLauriers Insurance Management 2nd Lien TBD 3/26/29 | 1,225,361 | 941,182 | 958,729 | 17,547 | ||||||||||||
Total | $ | 6,685,003 | $ | 5,270,712 | $ | 5,238,575 | $ | (32,137 | ) |
The following foreign currency exchange contract was outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In | Settlement | Unrealized | Unrealized | |||||||||||||||
Counterparty | Receive (Deliver) | Exchange For | Date | Appreciation | Depreciation | ||||||||||||||
JPMC | CAD | (43,890,000 | ) | USD | 34,473,330 | 5/20/22 | $ | — | $ | (629,206 | ) |
The use of foreign currency exchange contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) are reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
CDOR – Canadian Dollar Offered Rate
DAC – Designated Activity Company
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
TBD – To be determined
175
Schedules of investments
Delaware Ivy High Income Fund
Summary of currencies:
CAD – Canadian Dollar
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
176
Delaware Ivy International Core Equity Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks – 97.20% ∆ | ||||||||
Australia – 1.82% | ||||||||
Newcrest Mining | 1,666,761 | $ | 33,680,899 | |||||
33,680,899 | ||||||||
Austria – 1.03% | ||||||||
Mondi | 981,633 | 19,080,837 | ||||||
19,080,837 | ||||||||
Brazil – 3.27% | ||||||||
Banco do Brasil | 2,722,809 | 19,787,482 | ||||||
MercadoLibre † | 34,321 | 40,824,143 | ||||||
60,611,625 | ||||||||
Canada – 7.39% | ||||||||
Canada Goose Holdings *, † | 1,068,861 | 28,143,110 | ||||||
Canadian Pacific Railway | 422,556 | 34,875,277 | ||||||
Dollarama | 537,793 | 30,499,959 | ||||||
Suncor Energy | 1,330,334 | 43,310,478 | ||||||
136,828,824 | ||||||||
China – 5.12% | ||||||||
China International Capital H | ||||||||
Shares # | 1,693,200 | 3,743,185 | ||||||
Huazhu Group ADR | 438,714 | 14,473,175 | ||||||
JD.com ADR *, † | 491,158 | 28,423,313 | ||||||
Li Ning | 3,393,500 | 28,815,422 | ||||||
Prosus † | 359,549 | 19,389,703 | ||||||
94,844,798 | ||||||||
China/Hong Kong – 2.08% | ||||||||
AIA Group | 2,007,110 | 20,958,014 | ||||||
ZTO Express Cayman ADR | 701,556 | 17,538,900 | ||||||
38,496,914 | ||||||||
Denmark – 2.80% | ||||||||
AP Moller - Maersk Class A | 3,202 | 9,453,568 | ||||||
AP Moller - Maersk Class B | 5,719 | 17,185,386 | ||||||
Genmab † | 69,732 | 25,183,933 | ||||||
51,822,887 | ||||||||
France – 12.32% | ||||||||
Airbus † | 355,049 | 42,843,228 | ||||||
BNP Paribas | 437,759 | 25,015,594 | ||||||
Capgemini | 140,718 | 31,225,765 | ||||||
Cie de Saint-Gobain | 354,919 | 21,117,820 | ||||||
Cie Generale des | ||||||||
Etablissements Michelin | 176,856 | 23,966,745 | ||||||
Technip Energies † | 1,475,336 | 17,990,513 | ||||||
TotalEnergies * | 735,081 | 37,194,773 | ||||||
Vinci | 280,810 | 28,691,109 | ||||||
228,045,547 | ||||||||
Germany – 11.46% | ||||||||
adidas AG | 130,361 | 30,377,510 | ||||||
Bayer | 427,650 | 29,250,873 | ||||||
HeidelbergCement | 388,585 | 22,022,742 | ||||||
HelloFresh † | 572,293 | 25,686,657 | ||||||
Infineon Technologies | 649,121 | 21,959,788 | ||||||
RWE | 815,493 | 35,508,626 | ||||||
SAP | 192,663 | 21,352,484 | ||||||
Siemens | 187,871 | 26,013,998 | ||||||
212,172,678 | ||||||||
Italy – 0.80% | ||||||||
UniCredit | 1,376,727 | 14,851,788 | ||||||
14,851,788 | ||||||||
Japan – 13.09% | ||||||||
Inpex | 3,311,000 | 38,928,556 | ||||||
ORIX | 1,405,509 | 28,015,392 | ||||||
Sekisui House | 1,226,500 | 23,724,394 | ||||||
Seven & i Holdings | 718,800 | 34,270,375 | ||||||
Shimadzu | 611,400 | 21,028,804 | ||||||
SMC | 45,370 | 25,361,562 | ||||||
Subaru | 1,579,949 | 25,094,318 | ||||||
Terumo | 570,128 | 17,251,227 | ||||||
Tokio Marine Holdings * | 494,451 | 28,773,711 | ||||||
242,448,339 | ||||||||
Mexico – 1.62% | ||||||||
Fomento Economico Mexicano | ||||||||
ADR | 361,636 | 29,961,543 | ||||||
29,961,543 | ||||||||
Netherlands – 2.85% | ||||||||
ING Groep | 2,019,977 | 21,090,448 | ||||||
Shell | 1,157,777 | 31,619,775 | ||||||
52,710,223 | ||||||||
Norway – 1.65% | ||||||||
DNB Bank | 1,352,108 | 30,569,728 | ||||||
30,569,728 | ||||||||
Republic of Korea – 3.71% | ||||||||
LG | 281,416 | 17,672,412 | ||||||
Samsung Electronics | 892,704 | 51,083,185 | ||||||
68,755,597 | ||||||||
Spain – 1.25% | ||||||||
Banco Bilbao Vizcaya | ||||||||
Argentaria | 4,037,930 | 23,056,299 | ||||||
23,056,299 | ||||||||
Sweden – 1.07% | ||||||||
Epiroc Class A | 667,104 | 14,268,596 | ||||||
Epiroc Class B | 306,747 | 5,538,141 | ||||||
19,806,737 |
177
Schedules of investments
Delaware Ivy International Core Equity Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks∆ (continued) | ||||||||
Switzerland – 1.92% | ||||||||
Roche Holding | 90,064 | $ | 35,634,890 | |||||
35,634,890 | ||||||||
Taiwan – 1.97% | ||||||||
Taiwan Semiconductor | ||||||||
Manufacturing | 1,775,000 | 36,411,500 | ||||||
36,411,500 | ||||||||
United Kingdom – 12.89% | ||||||||
AstraZeneca | 113,010 | 14,986,600 | ||||||
AstraZeneca ADR | 369,781 | 24,531,272 | ||||||
BT Group | 11,861,135 | 28,280,626 | ||||||
HSBC Holdings | 4,810,921 | 32,861,314 | ||||||
Legal & General Group | 6,618,075 | 23,463,668 | ||||||
Prudential | 1,893,545 | 27,954,924 | ||||||
TechnipFMC † | 1,331,519 | 10,319,272 | ||||||
TechnipFMC † | 1,599,211 | 12,393,885 | ||||||
Tesco | 8,420,611 | 30,485,192 | ||||||
Unilever | 441,622 | 20,050,872 | ||||||
WPP | 1,017,882 | 13,322,137 | ||||||
238,649,762 | ||||||||
United States – 7.09% | ||||||||
Ferguson | 162,650 | 22,035,804 | ||||||
GlaxoSmithKline | 2,324,567 | 50,296,550 | ||||||
GlaxoSmithKline ADR | 123,515 | 5,380,313 | ||||||
Schneider Electric | 199,921 | 33,564,809 | ||||||
Stellantis | 1,231,262 | 19,986,632 | ||||||
131,264,108 | ||||||||
Total Common Stocks | ||||||||
(cost $1,589,756,872) | 1,799,705,523 | |||||||
Preferred Stock – 1.03% | ||||||||
Germany – 1.03% | ||||||||
Volkswagen 3.05% | 110,630 | 19,011,914 | ||||||
Total Preferred Stock | ||||||||
(cost $17,314,184) | 19,011,914 | |||||||
Short-Term Investments – 1.11% | ||||||||
Money Market Mutual Fund – 1.11% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 20,577,025 | 20,577,025 | ||||||
Total Short-Term Investments | ||||||||
(cost $20,577,025) | 20,577,025 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral–99.34% | ||||||||
(cost $1,627,648,081) | 1,839,294,462 |
Securities Lending Collateral** – 0.34% | ||||||||
Money Market Mutual Fund – 0.34% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 6,239,442 | $ | 6,239,442 | |||||
Total Securities Lending Collateral | ||||||||
(cost $6,239,442) | 6,239,442 | |||||||
Total Value of | ||||||||
Securities–99.68% | ||||||||
(cost $1,633,887,523) | $ | 1,845,533,904 | ■ |
∆ | Securities have been classified by country of risk. | |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $3,743,185, which represents 0.20% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $81,016,975 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $80,853,784. |
178
The following foreign currency exchange contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | Unrealized | |||||||||||||||
Counterparty | Receive (Deliver) | For | Date | Appreciation | Depreciation | ||||||||||||||
BNYM | EUR | (6,845,134 | ) | USD | 7,610,077 | 4/1/22 | $ | 37,443 | $ | — | |||||||||
BNYM | GBP | 4,235,115 | USD | (5,580,929 | ) | 4/1/22 | — | (17,520 | ) | ||||||||||
BNYM | GBP | (3,455,454 | ) | USD | 4,530,843 | 4/4/22 | — | (8,249 | ) | ||||||||||
BNYM | HKD | (7,235,493 | ) | USD | 924,380 | 4/1/22 | 688 | — | |||||||||||
Total Foreign Currency Exchange Contracts | $ | 38,131 | $ | (25,769 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
Summary of currencies:
EUR – European Monetary Unit
GBP – British Pound Sterling
HKD – Hong Kong Dollar
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
179
Schedules of investments
Delaware Ivy International Value Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks – 97.27%∆ | ||||||||
Denmark – 5.66% | ||||||||
Novo Nordisk Class B | 95,640 | $ | 10,608,020 | |||||
10,608,020 | ||||||||
Finland – 0.01% | ||||||||
Nokia † | 3,500 | 19,275 | ||||||
19,275 | ||||||||
France – 16.80% | ||||||||
Air Liquide | 51,440 | 8,999,116 | ||||||
Amundi # | 250 | 17,095 | ||||||
Bouygues | 400 | 13,962 | ||||||
Danone | 117,620 | 6,497,681 | ||||||
Orange | 336,680 | 3,986,729 | ||||||
Publicis Groupe | 65,570 | 3,979,683 | ||||||
Rexel | 1,100 | 23,483 | ||||||
Sanofi | 210 | 21,470 | ||||||
Schneider Electric | 100 | 16,789 | ||||||
Sodexo | 97,120 | 7,903,230 | ||||||
Technip Energies ADR † | 1,000 | 12,110 | ||||||
31,471,348 | ||||||||
Germany – 14.09% | ||||||||
adidas AG | 31,310 | 7,296,046 | ||||||
BASF | 310 | 17,689 | ||||||
Covestro # | 500 | 25,178 | ||||||
Fresenius Medical Care AG & Co. | 121,240 | 8,124,393 | ||||||
Knorr-Bremse | 46,370 | 3,554,586 | ||||||
SAP | 66,400 | 7,358,989 | ||||||
Siemens | 130 | 18,001 | ||||||
26,394,882 | ||||||||
Hong Kong – 0.01% | ||||||||
Galaxy Entertainment Group | 4,000 | 23,669 | ||||||
23,669 | ||||||||
Japan – 12.30% | ||||||||
Asahi Group Holdings | 53,200 | 1,937,570 | ||||||
Bridgestone | 532 | 20,650 | ||||||
Fukuoka Financial Group | 700 | 13,507 | ||||||
Honda Motor | 1,000 | 28,346 | ||||||
Iida Group Holdings | 900 | 15,517 | ||||||
Isuzu Motors | 1,000 | 12,918 | ||||||
Kao | 158,000 | 6,451,244 | ||||||
KDDI | 184,100 | 6,036,021 | ||||||
Komatsu | 800 | 19,220 | ||||||
Lawson | 500 | 19,140 | ||||||
Makita | 114,400 | 3,660,411 | ||||||
Mitsui & Co. | 800 | 21,716 | ||||||
Panasonic Holdings | 1,000 | 9,712 | ||||||
Seven & i Holdings | 100,000 | 4,767,721 | ||||||
Sumitomo Mitsui Financial Group | 400 | 12,635 | ||||||
Suzuki Motor | 500 | 17,135 | ||||||
23,043,463 | ||||||||
Netherlands – 4.23% | ||||||||
Koninklijke Ahold Delhaize | 246,340 | 7,923,653 | ||||||
7,923,653 | ||||||||
Spain – 6.12% | ||||||||
Amadeus IT Group † | 176,230 | 11,458,140 | ||||||
11,458,140 | ||||||||
Sweden – 8.61% | ||||||||
Essity Class B * | 272,100 | 6,421,297 | ||||||
H & M Hennes & Mauritz Class B | 213,420 | 2,865,727 | ||||||
Securitas Class B | 607,210 | 6,850,132 | ||||||
16,137,156 | ||||||||
Switzerland – 15.70% | ||||||||
Nestle | 93,420 | 12,146,344 | ||||||
Novartis | 200 | 17,558 | ||||||
Roche Holding | 19,940 | 7,889,497 | ||||||
Swatch Group | 32,990 | 9,353,456 | ||||||
29,406,855 | ||||||||
United Kingdom – 13.74% | ||||||||
Diageo | 249,340 | 12,647,666 | ||||||
Intertek Group | 67,400 | 4,597,878 | ||||||
J Sainsbury | 5,790 | 19,164 | ||||||
John Wood Group † | 8,270 | 17,443 | ||||||
Smith & Nephew | 527,840 | 8,395,230 | ||||||
Tesco | 5,630 | 20,382 | ||||||
Travis Perkins | 1,020 | 16,448 | ||||||
Vodafone Group | 15,000 | 24,597 | ||||||
25,738,808 | ||||||||
Total Common Stocks | ||||||||
(cost $190,026,674) | 182,225,269 | |||||||
Exchange-Traded Funds – 2.04% | ||||||||
iShares MSCI EAFE ETF | 3,570 | 262,752 | ||||||
iShares Trust iShares ESG Aware | ||||||||
MSCI EAFE ETF | 37,420 | 2,758,976 | ||||||
Vanguard FTSE Developed | ||||||||
Markets ETF | 16,820 | 807,865 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $3,832,324) | 3,829,593 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral–99.31% | ||||||||
(cost $193,858,998) | 186,054,862 |
180
Number of | Value | |||||||
shares | (US $) | |||||||
Securities Lending Collateral** – 3.65% | ||||||||
Money Market Mutual Fund – 3.65% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 6,839,100 | $ | 6,839,100 | |||||
Total Securities Lending Collateral | ||||||||
(cost $6,839,100) | 6,839,100 | |||||||
Total Value of Securities–102.96% | ||||||||
(cost $200,698,098) | $ | 192,893,962 | ■ |
∆ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 84 in “Security type / sector and country allocations.” | |
† | Non-income producing security. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $42,273, which represents 0.02% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
* | Fully or partially on loan. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $6,371,739 of securities loaned. |
The following foreign currency exchange contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | Unrealized | |||||||||||||||
Counterparty | Receive (Deliver) | For | Date | Appreciation | Depreciation | ||||||||||||||
BNYM | JPY | (3,217,500 | ) | USD | 26,331 | 4/1/22 | $ | — | $ | (98 | ) | ||||||||
BNYM | SEK | (1,616,790 | ) | USD | 173,769 | 4/1/22 | 1,813 | — | |||||||||||
Total Foreign Currency Exchange Contracts | $ | 1,813 | $ | (98 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social, and Governance
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
MSCI – Morgan Stanley Capital International
Summary of currencies:
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
181
Schedules of investments
Delaware Ivy Large Cap Growth Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 99.81% ◆ | ||||||||
Communication Services — 12.24% | ||||||||
Alphabet Class A † | 126,618 | $ | 352,168,974 | |||||
Alphabet Class C † | 19,596 | 54,731,432 | ||||||
Electronic Arts | 1,210,652 | 153,159,585 | ||||||
Meta Platforms Class A † | 522,841 | 116,258,925 | ||||||
Pinterest Class A † | 1,242,112 | 30,568,376 | ||||||
706,887,292 | ||||||||
Consumer Discretionary — 12.40% | ||||||||
Amazon.com † | 125,355 | 408,651,032 | ||||||
Booking Holdings † | 31,439 | 73,832,920 | ||||||
Ferrari * | 459,789 | 100,275,383 | ||||||
Home Depot | 204,861 | 61,321,043 | ||||||
LVMH Moet Hennessy Louis Vuitton ADR | 131,023 | 18,681,259 | ||||||
NIKE Class B | 392,662 | 52,836,599 | ||||||
715,598,236 | ||||||||
Consumer Staples — 3.00% | ||||||||
Coca-Cola | 2,598,157 | 161,085,734 | ||||||
Estee Lauder Class A | 44,933 | 12,236,155 | ||||||
173,321,889 | ||||||||
Financials — 4.22% | ||||||||
Intercontinental Exchange | 925,504 | 122,277,588 | ||||||
S&P Global | 296,198 | 121,494,496 | ||||||
243,772,084 | ||||||||
Healthcare — 10.60% | ||||||||
Cerner | 938,229 | 87,780,705 | ||||||
Cooper | 290,736 | 121,408,446 | ||||||
Danaher | 201,120 | 58,994,529 | ||||||
Intuitive Surgical † | 243,988 | 73,606,300 | ||||||
UnitedHealth Group | 415,878 | 212,085,304 | ||||||
Zoetis | 309,364 | 58,342,957 | ||||||
612,218,241 | ||||||||
Industrials — 10.18% | ||||||||
CoStar Group † | 2,830,123 | 188,514,493 | ||||||
JB Hunt Transport Services | 500,776 | 100,550,813 | ||||||
Stanley Black & Decker * | 360,072 | 50,334,465 | ||||||
TransUnion | 1,345,653 | 139,059,781 | ||||||
Union Pacific | 182,088 | 49,748,263 | ||||||
Verisk Analytics | 276,483 | 59,341,546 | ||||||
587,549,361 | ||||||||
Information Technology — 47.17% | ||||||||
Adobe † | 215,570 | 98,218,003 | ||||||
Apple | 3,035,327 | 529,998,448 | ||||||
Autodesk † | 161,318 | 34,578,513 | ||||||
Broadridge Financial Solutions | 637,193 | 99,217,322 | ||||||
Intuit | 230,554 | 110,859,585 | ||||||
Microsoft | 2,319,617 | 715,161,117 | ||||||
Motorola Solutions | 950,127 | 230,120,759 | ||||||
NVIDIA | 853,086 | 232,773,046 | ||||||
PayPal Holdings † | 616,410 | 71,287,817 | ||||||
Salesforce † | 432,317 | 91,789,546 | ||||||
VeriSign † | 1,017,815 | 226,423,125 | ||||||
Visa Class A * | 1,275,999 | 282,978,298 | ||||||
2,723,405,579 | ||||||||
Total Common Stocks | ||||||||
(cost $2,480,671,552) | 5,762,752,682 | |||||||
Short-Term Investments — 0.25% | ||||||||
Money Market Mutual Fund — 0.25% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 14,301,622 | 14,301,622 | ||||||
Total Short-Term Investments | ||||||||
(cost $14,301,622) | 14,301,622 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—100.06% | ||||||||
(cost $2,494,973,174) | 5,777,054,304 | |||||||
Securities Lending Collateral** — 0.15% | ||||||||
Money Market Mutual Fund — 0.15% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 9,030,000 | 9,030,000 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $9,030,000) | 9,030,000 | |||||||
Total Value of | ||||||||
Securities—100.21% | ||||||||
(cost $2,504,003,174) | $ | 5,786,084,304 | ■ |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $125,010,979 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $120,392,814. |
182
Summary of abbreviations:
ADR – American Depositary Receipt
S&P – Standard & Poor’s Financial Services LLC
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
183
Schedules of investments
Delaware Ivy Limited-Term Bond Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Agency Collateralized Mortgage Obligations — 0.80% | ||||||||
Fannie Mae REMICs | ||||||||
Series 2013-10 DE 2.00% | ||||||||
10/25/41 | 4,420,857 | $ | 4,267,450 | |||||
GNMA | ||||||||
Series 2012-39 PA 2.00% | ||||||||
3/16/42 | 2,151,912 | 2,080,543 | ||||||
Series 2015-151 KC 3.50% | ||||||||
4/20/34 | 1,212,674 | 1,216,885 | ||||||
Total Agency Collateralized Mortgage | ||||||||
Obligations | ||||||||
(cost $7,804,129) | 7,564,878 | |||||||
Agency Commercial Mortgage-Backed Securities —12.05% | ||||||||
FREMF Mortgage Trust | ||||||||
Series 2012-K20 B 144A | ||||||||
4.041% 5/25/45 #, ● | 6,500,000 | 6,491,956 | ||||||
Series 2013-K30 C 144A | ||||||||
3.556% 6/25/45 #, ● | 1,000,000 | 1,000,543 | ||||||
Series 2013-K31 C 144A | ||||||||
3.633% 7/25/46 #, ● | 3,000,000 | 3,002,748 | ||||||
Series 2013-K33 B 144A | ||||||||
3.497% 8/25/46 #, ● | 3,000,000 | 3,011,526 | ||||||
Series 2013-K33 C 144A | ||||||||
3.497% 8/25/46 #, ● | 3,750,000 | 3,760,092 | ||||||
Series 2013-K35 B 144A | ||||||||
3.934% 12/25/46 #, ● | 4,455,000 | 4,515,463 | ||||||
Series 2015-K47 B 144A | ||||||||
3.589% 6/25/48 #, ● | 2,500,000 | 2,465,398 | ||||||
Series 2015-K719 B 144A | ||||||||
3.786% 6/25/22 #, ● | 5,985,173 | 5,997,378 | ||||||
Series 2015-K720 B 144A | ||||||||
3.425% 7/25/22 #, ● | 3,000,000 | 3,005,223 | ||||||
Series 2015-K721 B 144A | ||||||||
3.591% 11/25/47 #, ● | 4,470,000 | 4,489,007 | ||||||
Series 2015-KF12 B 144A | ||||||||
7.341% (LIBOR01M + | ||||||||
7.10%, Floor 7.10%) | ||||||||
9/25/22 #, ● | 2,633,355 | 2,618,005 | ||||||
Series 2016-K723 B 144A | ||||||||
3.567% 11/25/23 #, ● | 10,900,000 | 10,955,259 | ||||||
Series 2016-K723 C 144A | ||||||||
3.567% 11/25/23 #, ● | 4,899,000 | 4,863,211 | ||||||
Series 2016-KF15 B 144A | ||||||||
7.921% (LIBOR01M + | ||||||||
7.68%) 2/25/23 # | 1,736,697 | 1,743,089 | ||||||
Series 2017-K724 C 144A | ||||||||
3.528% 12/25/49 #, ● | 1,500,000 | 1,487,265 | ||||||
Series 2017-K728 B 144A | ||||||||
3.648% 11/25/50 #, ● | 12,555,000 | 12,570,626 | ||||||
Series 2017-K728 C 144A | ||||||||
3.648% 11/25/50 # | 910,000 | 900,348 | ||||||
Series 2017-K729 B 144A | ||||||||
3.673% 11/25/49 #, ● | 5,100,000 | 5,080,743 | ||||||
Series 2017-KF33 B 144A | ||||||||
2.791% (LIBOR01M + | ||||||||
2.55%, Floor 2.55%) | ||||||||
6/25/27 #, ● | 968,036 | 952,697 | ||||||
Series 2017-KF39 B 144A | ||||||||
2.741% (LIBOR01M + | ||||||||
2.50%, Floor 2.50%) | ||||||||
11/25/24 #, ● | 1,852,558 | 1,840,895 | ||||||
Series 2017-KF40 B 144A | ||||||||
2.941% (LIBOR01M + | ||||||||
2.70%, Floor 2.70%) | ||||||||
11/25/27 #, ● | 1,447,006 | 1,431,471 | ||||||
Series 2017-KSW2 B 144A | ||||||||
2.891% (LIBOR01M + | ||||||||
2.65%, Floor 2.65%) | ||||||||
5/25/27 #, ● | 2,063,498 | 2,058,939 | ||||||
Series 2017-KSW3 B 144A | ||||||||
2.991% (LIBOR01M + | ||||||||
2.75%, Floor 2.75%) | ||||||||
5/25/27 # | 598,719 | 573,391 | ||||||
Series 2018-K732 B 144A | ||||||||
4.057% 5/25/25 #, ● | 985,000 | 992,883 | ||||||
Series 2018-KBF2 B 144A | ||||||||
2.241% (LIBOR01M + | ||||||||
2.00%, Floor 2.00%) | ||||||||
10/25/25 # | 286,127 | 284,503 | ||||||
Series 2018-KF46 B 144A | ||||||||
2.191% (LIBOR01M + | ||||||||
1.95%, Floor 1.95%) | ||||||||
3/25/28 #, ● | 1,423,361 | 1,382,055 | ||||||
Series 2018-KF47 B 144A | ||||||||
2.241% (LIBOR01M + | ||||||||
2.00%, Floor 2.00%) | ||||||||
5/25/25 #, ● | 990,762 | 974,935 | ||||||
Series 2018-KF48 B 144A | ||||||||
2.291% (LIBOR01M + | ||||||||
2.05%, Floor 2.05%) | ||||||||
6/25/28 #, ● | 798,326 | 761,004 | ||||||
Series 2018-KF49 B 144A | ||||||||
2.141% (LIBOR01M + | ||||||||
1.90%, Floor 1.90%) | ||||||||
6/25/25 # | 1,107,692 | 1,067,439 | ||||||
Series 2018-KF51 B 144A | ||||||||
2.091% (LIBOR01M + | ||||||||
1.85%, Floor 1.85%) | ||||||||
8/25/25 #, ● | 2,477,274 | 2,429,242 | ||||||
Series 2019-KF60 B 144A | ||||||||
2.591% (LIBOR01M + | ||||||||
2.35%, Floor 2.35%) | ||||||||
2/25/26 #, ● | 3,850,912 | 3,827,328 |
184
Principal | Value | |||||||
amount° | (US $) | |||||||
Agency Commercial Mortgage-Backed Securities (continued) | ||||||||
FREMF Mortgage Trust | ||||||||
Series 2019-KF61 B 144A | ||||||||
2.441% (LIBOR01M + | ||||||||
2.20%, Floor 2.20%) | ||||||||
4/25/29 #, ● | 1,354,169 | $ | 1,342,318 | |||||
Series 2019-KF68 B 144A | ||||||||
2.441% (LIBOR01M + | ||||||||
2.20%, Floor 2.20%) | ||||||||
7/25/26 #, ● | 2,408,848 | 2,352,263 | ||||||
Series 2019-KF69 B 144A | ||||||||
2.541% (LIBOR01M + | ||||||||
2.30%, Floor 2.30%) | ||||||||
8/25/29 #, ● | 2,373,389 | 2,358,829 | ||||||
Series 2019-KF70 B 144A | ||||||||
2.541% (LIBOR01M + | ||||||||
2.30%, Floor 2.30%) | ||||||||
9/25/29 #, ● | 1,415,839 | 1,402,816 | ||||||
Series 2019-KF73 B 144A | ||||||||
2.691% (LIBOR01M + | ||||||||
2.45%, Floor 2.45%) | ||||||||
11/25/29 #, ● | 3,244,569 | 3,214,380 | ||||||
Series 2020-KF74 B 144A | ||||||||
2.391% (LIBOR01M + | ||||||||
2.15%, Floor 2.15%) | ||||||||
1/25/27 #, ● | 4,452,707 | 4,405,477 | ||||||
Series 2020-KF75 B 144A | ||||||||
2.491% (LIBOR01M + | ||||||||
2.25%, Floor 2.25%) | ||||||||
12/25/29 #, ● | 2,523,970 | 2,487,060 | ||||||
Total Agency Commercial Mortgage-Backed | ||||||||
Securities | ||||||||
(cost $115,087,237) | 114,097,805 | |||||||
Collateralized Debt Obligations — 8.08% | ||||||||
Barings CLO | ||||||||
Series 2019-1A AR 144A | ||||||||
2.174% (LIBOR03M + | ||||||||
1.13%, Floor 1.13%) | ||||||||
4/15/36 #, ● | 5,000,000 | 4,944,260 | ||||||
Benefit Street Partners CLO XX | ||||||||
Series 2020-20A AR 144A | ||||||||
2.214% (LIBOR03M + | ||||||||
1.17%, Floor 1.17%) | ||||||||
7/15/34 #, ● | 5,000,000 | 4,937,690 | ||||||
BlueMountain CLO XXX | ||||||||
Series 2020-30A AR 144A | ||||||||
2.221% (TSFR03M + 1.37%, | ||||||||
Floor 1.37%) 4/15/35 #, ● | 3,000,000 | 2,987,403 | ||||||
Canyon CLO | ||||||||
Series 2020-1A AR 144A | ||||||||
2.224% (LIBOR03M + | ||||||||
1.18%, Floor 1.18%) | ||||||||
7/15/34 #, ● | 4,600,000 | 4,553,172 | ||||||
CIFC Funding | ||||||||
Series 2022-2A A1 144A | ||||||||
2.057% (TSFR03M + 1.32%, | ||||||||
Floor 1.32%) 4/19/35 #, ● | 5,000,000 | 4,981,115 | ||||||
Dryden 77 CLO | ||||||||
Series 2020-77A AR 144A | ||||||||
1.60% (LIBOR03M + 1.12%, | ||||||||
Floor 1.12%) 5/20/34 #, ● | 2,600,000 | 2,569,323 | ||||||
Galaxy XXI CLO | ||||||||
Series 2015-21A AR 144A | ||||||||
2.083% (LIBOR03M + | ||||||||
1.02%) 4/20/31 #, ● | 4,900,000 | 4,853,925 | ||||||
Goldentree Loan Management | ||||||||
US CLO 6 | ||||||||
Series 2019-6A AR 144A | ||||||||
1.561% (TSFR03M + 1.32%, | ||||||||
Floor 1.32%) 4/20/35 #, ● | 5,000,000 | 4,978,855 | ||||||
Golub Capital Partners CLO | ||||||||
50B-R | ||||||||
Series 2020-50A A1R 144A | ||||||||
(TSFR03M + 1.37%, Floor | ||||||||
1.37%) 4/20/35 # | 5,000,000 | 4,978,925 | ||||||
KKR CLO 41 | ||||||||
Series 2022-41A A1 144A | ||||||||
2.022% (TSFR03M + 1.33%, | ||||||||
Floor 1.33%) 4/15/35 #, ● | 5,000,000 | 4,981,115 | ||||||
Neuberger Berman CLO XX | ||||||||
Series 2015-20A ARR 144A | ||||||||
1.401% (LIBOR03M + | ||||||||
1.16%, Floor 1.16%) | ||||||||
7/15/34 # | 2,000,000 | 1,979,890 | ||||||
Octagon Investment Partners | ||||||||
48 | ||||||||
Series 2020-3A AR 144A | ||||||||
2.213% (LIBOR03M + | ||||||||
1.15%, Floor 1.15%) | ||||||||
10/20/34 #, ● | 5,000,000 | 4,948,245 | ||||||
OHA Credit Partners XVI | ||||||||
Series 2021-16A A 144A | ||||||||
2.194% (LIBOR03M + | ||||||||
1.15%, Floor 1.15%) | ||||||||
10/18/34 #, ● | 3,500,000 | 3,464,034 | ||||||
PPM CLO 3 | ||||||||
Series 2019-3A AR 144A | ||||||||
1.331% (LIBOR03M + | ||||||||
1.09%, Floor 1.09%) | ||||||||
4/17/34 # | 3,750,000 | 3,705,941 | ||||||
Regatta XIX Funding | ||||||||
Series 2022-1A A1 144A | ||||||||
2.399% (TSFR03M + 1.32%, | ||||||||
Floor 1.32%) 4/20/35 #, ● | 5,000,000 | 4,981,115 | ||||||
Sound Point CLO XXV | ||||||||
Series 2019-4A A1R 144A | ||||||||
1.691% (TSFR03M + 1.28%, | ||||||||
Floor 1.28%) 4/25/33 #, ● | 5,000,000 | 4,983,900 |
185
Schedules of investments
Delaware Ivy Limited-Term Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Collateralized Debt Obligations (continued) | ||||||||
Voya CLO | ||||||||
Series 2020-3A AR 144A | ||||||||
2.213% (LIBOR03M + | ||||||||
1.15%, Floor 1.15%) | ||||||||
10/20/34 #, ● | 3,000,000 | $ | 2,983,299 | |||||
Wind River CLO | ||||||||
Series 2021-3A A 144A | ||||||||
1.404% (LIBOR03M + | ||||||||
1.15%, Floor 1.15%) | ||||||||
7/20/33 # | 4,700,000 | 4,662,513 | ||||||
Total Collateralized Debt Obligations | ||||||||
(cost $76,655,332) | 76,474,720 | |||||||
Corporate Bonds — 62.48% | ||||||||
Banking — 11.94% | ||||||||
Ally Financial | ||||||||
1.45% 10/2/23 | 8,200,000 | 8,011,717 | ||||||
5.80% 5/1/25 | 5,850,000 | 6,210,021 | ||||||
Bank of America | ||||||||
0.523% 6/14/24 μ | 2,175,000 | 2,114,997 | ||||||
1.843% 2/4/25 μ | 385,000 | 376,602 | ||||||
4.00% 1/22/25 | 4,000,000 | 4,076,198 | ||||||
4.125% 1/22/24 | 3,000,000 | 3,080,624 | ||||||
4.20% 8/26/24 | 3,675,000 | 3,766,266 | ||||||
Bank of Montreal 2.05% | ||||||||
11/1/22 * | 5,000,000 | 5,016,759 | ||||||
Citigroup | ||||||||
0.776% 10/30/24 μ | 3,700,000 | 3,576,307 | ||||||
2.014% 1/25/26 μ | 3,445,000 | 3,318,993 | ||||||
3.07% 2/24/28 μ | 575,000 | 560,663 | ||||||
3.50% 5/15/23 | 4,140,000 | 4,185,064 | ||||||
5.50% 9/13/25 | 1,900,000 | 2,030,480 | ||||||
Discover Bank 2.45% 9/12/24 | 4,890,000 | 4,808,121 | ||||||
First Horizon 3.55% 5/26/23 | 6,000,000 | 6,038,429 | ||||||
Goldman Sachs Group | ||||||||
1.054% (SOFR + 0.79%) | ||||||||
12/9/26 ● | 3,700,000 | 3,636,302 | ||||||
3.85% 7/8/24 | 5,000,000 | 5,093,876 | ||||||
4.25% 10/21/25 | 7,209,000 | 7,392,401 | ||||||
JPMorgan Chase & Co. | ||||||||
0.653% 9/16/24 μ | 3,000,000 | 2,918,597 | ||||||
3.875% 9/10/24 | 2,542,000 | 2,598,172 | ||||||
Mitsubishi UFJ Financial Group | ||||||||
0.848% 9/15/24 μ | 3,500,000 | 3,393,852 | ||||||
Mizuho Financial Group 0.849% | ||||||||
9/8/24 μ | 4,700,000 | 4,558,362 | ||||||
Morgan Stanley | ||||||||
2.475% 1/21/28 μ | 440,000 | 420,117 | ||||||
3.125% 7/27/26 | 9,515,000 | 9,441,673 | ||||||
3.70% 10/23/24 | 3,650,000 | 3,717,730 | ||||||
4.00% (LIBOR03M + 1.10%) | ||||||||
5/31/23 ● | 1,700,000 | 1,710,207 | ||||||
National Bank of Canada 2.10% | ||||||||
2/1/23 | 3,600,000 | 3,600,708 | ||||||
Sumitomo Mitsui Trust Bank | ||||||||
144A 0.80% 9/12/23 # | 3,700,000 | 3,602,957 | ||||||
Svenska Handelsbanken 144A | ||||||||
0.625% 6/30/23 # | 3,500,000 | 3,426,507 | ||||||
Wells Fargo & Co. 3.526% | ||||||||
3/24/28 μ | 375,000 | 374,547 | ||||||
113,057,249 | ||||||||
Basic Industry — 1.12% | ||||||||
DuPont de Nemours 4.205% | ||||||||
11/15/23 | 2,450,000 | 2,508,299 | ||||||
Graphic Packaging International | ||||||||
144A 0.821% 4/15/24 # | 3,650,000 | 3,471,750 | ||||||
Mosaic | ||||||||
3.25% 11/15/22 | 2,314,000 | 2,330,284 | ||||||
4.25% 11/15/23 | 750,000 | 766,257 | ||||||
Nutrien 1.90% 5/13/23 | 1,500,000 | 1,489,590 | ||||||
10,566,180 | ||||||||
Brokerage — 1.36% | ||||||||
Brookfield Finance 4.00% | ||||||||
4/1/24 | 3,200,000 | 3,249,668 | ||||||
Intercontinental Exchange | ||||||||
0.70% 6/15/23 | 3,700,000 | 3,644,308 | ||||||
3.45% 9/21/23 | 3,500,000 | 3,542,402 | ||||||
LSEGA Financing 144A 0.65% | ||||||||
4/6/24 # | 1,460,000 | 1,394,102 | ||||||
National Securities Clearing | ||||||||
144A 1.20% 4/23/23 # | 1,028,000 | 1,019,376 | ||||||
12,849,856 | ||||||||
Capital Goods — 4.71% | ||||||||
Avery Dennison 0.85% 8/15/24 | 1,125,000 | 1,070,791 | ||||||
Boeing | ||||||||
2.20% 10/30/22 | 5,500,000 | 5,504,481 | ||||||
2.80% 3/1/23 | 5,623,000 | 5,653,335 | ||||||
Caterpillar Financial Services | ||||||||
0.45% 9/14/23 | 3,000,000 | 2,925,704 | ||||||
CNH Industrial Capital 1.95% | ||||||||
7/2/23 | 3,250,000 | 3,217,894 | ||||||
General Electric 5.012% 1/1/24 | 2,067,051 | 2,099,677 | ||||||
Huntington Ingalls Industries | ||||||||
144A 0.67% 8/16/23 # | 5,000,000 | 4,854,195 | ||||||
L3Harris Technologies 3.832% | ||||||||
4/27/25 | 2,225,000 | 2,258,581 | ||||||
Lennox International 1.35% | ||||||||
8/1/25 | 5,600,000 | 5,249,497 | ||||||
Martin Marietta Materials 0.65% | ||||||||
7/15/23 | 1,800,000 | 1,758,059 | ||||||
Republic Services 0.875% | ||||||||
11/15/25 | 2,200,000 | 2,026,193 |
186
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Capital Goods (continued) | ||||||||
Roper Technologies 1.00% | ||||||||
9/15/25 | 3,600,000 | $ | 3,344,237 | |||||
Waste Management 0.75% | ||||||||
11/15/25 | 5,045,000 | 4,666,381 | ||||||
44,629,025 | ||||||||
Communications — 5.54% | ||||||||
American Tower | ||||||||
0.60% 1/15/24 | 3,700,000 | 3,548,459 | ||||||
1.30% 9/15/25 | 2,000,000 | 1,865,380 | ||||||
AT&T | ||||||||
1.70% 3/25/26 | 3,650,000 | 3,460,445 | ||||||
2.95% 7/15/26 | 3,750,000 | 3,724,217 | ||||||
4.125% 2/17/26 | 3,341,000 | 3,476,117 | ||||||
Charter Communications | ||||||||
Operating | ||||||||
4.50% 2/1/24 | 3,285,000 | 3,362,133 | ||||||
4.908% 7/23/25 | 4,015,000 | 4,167,484 | ||||||
Crown Castle International | ||||||||
3.15% 7/15/23 | 1,195,000 | 1,203,589 | ||||||
Magallanes 144A 3.638% | ||||||||
3/15/25 # | 2,375,000 | 2,391,961 | ||||||
Netflix 5.875% 2/15/25 | 3,750,000 | 4,004,681 | ||||||
Omnicom Group 3.65% 11/1/24 | 2,105,000 | 2,130,557 | ||||||
Rogers Communications 144A | ||||||||
3.20% 3/15/27 # | 4,160,000 | 4,101,857 | ||||||
Sprint 7.875% 9/15/23 | 5,130,000 | 5,457,012 | ||||||
T-Mobile USA 3.50% 4/15/25 | 3,500,000 | 3,526,749 | ||||||
TWDC Enterprises 18 7.55% | ||||||||
7/15/93 | 3,650,000 | 3,958,102 | ||||||
Verizon Communications 1.45% | ||||||||
3/20/26 | 2,200,000 | 2,071,181 | ||||||
52,449,924 | ||||||||
Consumer Cyclical — 5.17% | ||||||||
7-Eleven 144A 0.80% 2/10/24 # | 2,000,000 | 1,922,537 | ||||||
Aptiv 2.396% 2/18/25 | 2,805,000 | 2,735,284 | ||||||
AutoNation 3.50% 11/15/24 | 1,575,000 | 1,570,980 | ||||||
DR Horton 2.60% 10/15/25 | 2,139,000 | 2,077,980 | ||||||
Expedia Group 3.60% 12/15/23 | 2,225,000 | 2,244,777 | ||||||
Ford Motor Credit | ||||||||
2.30% 2/10/25 | 235,000 | 223,329 | ||||||
2.70% 8/10/26 | 1,700,000 | 1,583,142 | ||||||
3.375% 11/13/25 | 3,095,000 | 3,028,550 | ||||||
General Motors 4.875% | ||||||||
10/2/23 | 4,223,000 | 4,352,555 | ||||||
General Motors Financial | ||||||||
1.20% 10/15/24 | 2,175,000 | 2,066,687 | ||||||
Genting New York 144A 3.30% | ||||||||
2/15/26 # | 1,950,000 | 1,846,817 | ||||||
GLP Capital 5.375% 11/1/23 | 765,000 | 786,607 | ||||||
Hyundai Capital America 144A | ||||||||
1.25% 9/18/23 # | 2,200,000 | 2,141,248 | ||||||
Lennar 4.75% 11/15/22 | 4,171,000 | 4,213,808 | ||||||
MGM Resorts International | ||||||||
5.75% 6/15/25 | 4,825,000 | 4,953,128 | ||||||
Nissan Motor 144A 3.043% | ||||||||
9/15/23 # | 3,750,000 | 3,743,528 | ||||||
Nordstrom 2.30% 4/8/24 | 730,000 | 722,233 | ||||||
PVH 4.625% 7/10/25 | 3,650,000 | 3,727,617 | ||||||
Volkswagen Group of America | ||||||||
Finance 144A 0.875% | ||||||||
11/22/23 # | 5,150,000 | 4,976,357 | ||||||
48,917,164 | ||||||||
Consumer Non-Cyclical — 8.17% | ||||||||
AbbVie 2.30% 11/21/22 | 3,600,000 | 3,613,304 | ||||||
Bayer US Finance II | ||||||||
144A 2.85% 4/15/25 # | 2,581,000 | 2,510,353 | ||||||
144A 3.875% 12/15/23 # | 3,600,000 | 3,639,126 | ||||||
Becton Dickinson and Co. | ||||||||
3.734% 12/15/24 | 998,000 | 1,015,041 | ||||||
Campbell Soup 3.95% 3/15/25 | 2,875,000 | 2,928,425 | ||||||
Cargill 144A 1.375% 7/23/23 # | 3,000,000 | 2,964,002 | ||||||
Coca-Cola Europacific Partners | ||||||||
144A 0.80% 5/3/24 # | 3,500,000 | 3,345,890 | ||||||
Coca-Cola Refreshments USA | ||||||||
8.00% 9/15/22 | 6,375,000 | 6,565,485 | ||||||
Conagra Brands 0.50% 8/11/23 | 1,125,000 | 1,089,589 | ||||||
Constellation Brands | ||||||||
3.20% 2/15/23 | 7,750,000 | 7,829,675 | ||||||
4.25% 5/1/23 | 2,500,000 | 2,547,655 | ||||||
Darling Ingredients 144A 5.25% | ||||||||
4/15/27 # | 4,355,000 | 4,447,370 | ||||||
Diageo Capital 3.50% 9/18/23 | 3,500,000 | 3,555,643 | ||||||
HCA | ||||||||
144A 3.125% 3/15/27 # | 320,000 | 313,173 | ||||||
4.75% 5/1/23 | 1,870,000 | 1,917,813 | ||||||
5.875% 5/1/23 | 4,323,000 | 4,473,808 | ||||||
Keurig Dr Pepper | ||||||||
0.75% 3/15/24 | 1,820,000 | 1,754,182 | ||||||
4.057% 5/25/23 | 1,043,000 | 1,061,718 | ||||||
McCormick & Co. | ||||||||
0.90% 2/15/26 | 2,975,000 | 2,725,200 | ||||||
3.50% 9/1/23 | 1,320,000 | 1,329,439 | ||||||
Novartis Capital 3.00% | ||||||||
11/20/25 | 3,750,000 | 3,772,335 | ||||||
Royalty Pharma | ||||||||
0.75% 9/2/23 | 5,200,000 | 5,051,237 | ||||||
1.20% 9/2/25 | 3,940,000 | 3,628,612 | ||||||
Sysco 3.75% 10/1/25 | 3,150,000 | 3,200,975 |
187
Schedules of investments
Delaware Ivy Limited-Term Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Consumer Non-Cyclical (continued) | ||||||||
Tyson Foods 3.95% 8/15/24 | 2,000,000 | $ | 2,040,109 | |||||
77,320,159 | ||||||||
Electric — 3.24% | ||||||||
Black Hills 1.037% 8/23/24 | 2,500,000 | 2,388,658 | ||||||
Edison International 3.55% | ||||||||
11/15/24 | 3,700,000 | 3,714,789 | ||||||
Evergy 5.292% 6/15/22 ~ | 2,890,000 | 2,898,366 | ||||||
Eversource Energy 2.90% | ||||||||
3/1/27 | 610,000 | 598,759 | ||||||
Fells Point Funding Trust 144A | ||||||||
3.046% 1/31/27 # | 570,000 | 547,348 | ||||||
FirstEnergy 3.35% 7/15/22 | 4,948,000 | 4,954,062 | ||||||
MidAmerican Energy 3.70% | ||||||||
9/15/23 | 3,000,000 | 3,038,001 | ||||||
National Rural Utilities | ||||||||
Cooperative Finance 1.875% | ||||||||
2/7/25 | 3,685,000 | 3,573,732 | ||||||
Southern 0.60% 2/26/24 | 3,635,000 | 3,496,455 | ||||||
Virginia Electric and Power | ||||||||
2.75% 3/15/23 | 5,425,000 | 5,444,348 | ||||||
30,654,518 | ||||||||
Energy — 5.61% | ||||||||
Aker BP 144A 2.875% | ||||||||
1/15/26 # | 3,675,000 | 3,577,294 | ||||||
Cheniere Corpus Christi | ||||||||
Holdings 7.00% 6/30/24 | 1,500,000 | 1,596,783 | ||||||
ConocoPhillips 2.40% 3/7/25 | 2,855,000 | 2,824,107 | ||||||
Eastern Energy Gas Holdings | ||||||||
3.55% 11/1/23 | 3,765,000 | 3,796,767 | ||||||
Enbridge | ||||||||
2.50% 2/14/25 | 2,200,000 | 2,152,803 | ||||||
2.90% 7/15/22 | 2,913,000 | 2,920,683 | ||||||
Energy Transfer 4.25% 4/1/24 | 3,200,000 | 3,264,185 | ||||||
EQM Midstream Partners | ||||||||
4.75% 7/15/23 | 1,179,000 | 1,189,646 | ||||||
Galaxy Pipeline Assets Bidco | ||||||||
144A 1.75% 9/30/27 # | 4,110,330 | 3,948,727 | ||||||
Harvest Operations 144A | ||||||||
1.00% 4/26/24 # | 3,600,000 | 3,458,783 | ||||||
HollyFrontier 2.625% 10/1/23 | 2,925,000 | 2,896,752 | ||||||
Kinder Morgan Energy Partners | ||||||||
3.45% 2/15/23 | 4,090,000 | 4,120,014 | ||||||
Midwest Connector Capital | ||||||||
144A 3.625% 4/1/22 # | 4,450,000 | 4,450,000 | ||||||
Murphy Oil 6.875% 8/15/24 | 1,825,000 | 1,840,914 | ||||||
Occidental Petroleum 5.875% | ||||||||
9/1/25 | 4,560,000 | 4,850,153 | ||||||
Plains All American Pipeline | ||||||||
3.85% 10/15/23 | 6,200,000 | 6,255,390 | ||||||
53,143,001 | ||||||||
Financials — 1.90% | ||||||||
AerCap Ireland Capital DAC | ||||||||
1.65% 10/29/24 | 5,000,000 | 4,726,228 | ||||||
Ares Capital | ||||||||
3.50% 2/10/23 | 1,425,000 | 1,433,166 | ||||||
4.25% 3/1/25 | 1,890,000 | 1,890,857 | ||||||
Aviation Capital Group 144A | ||||||||
4.375% 1/30/24 # | 3,000,000 | 2,997,711 | ||||||
Avolon Holdings Funding 144A | ||||||||
4.25% 4/15/26 # | 1,100,000 | 1,086,314 | ||||||
FS KKR Capital 4.75% 5/15/22 | 2,100,000 | 2,101,377 | ||||||
Park Aerospace Holdings 144A | ||||||||
5.50% 2/15/24 # | 1,750,000 | 1,792,375 | ||||||
USAA Capital 144A 1.50% | ||||||||
5/1/23 # | 2,000,000 | 1,982,492 | ||||||
18,010,520 | ||||||||
Information Technology — 6.18% | ||||||||
Advanced Micro Devices 2.95% | ||||||||
6/1/24 # | 7,425,000 | 7,442,871 | ||||||
Apple 3.00% 2/9/24 | 927,000 | 938,606 | ||||||
Baidu 1.72% 4/9/26 | 1,050,000 | 968,843 | ||||||
Fortinet 1.00% 3/15/26 | 2,905,000 | 2,647,210 | ||||||
Global Payments 2.65% | ||||||||
2/15/25 | 4,125,000 | 4,040,262 | ||||||
Infor 144A 1.45% 7/15/23 # | 2,580,000 | 2,529,177 | ||||||
Leidos 2.95% 5/15/23 | 5,525,000 | 5,543,592 | ||||||
Microchip Technology 144A | ||||||||
0.983% 9/1/24 # | 4,750,000 | 4,501,241 | ||||||
Nuance Communications | ||||||||
5.625% 12/15/26 | 6,830,000 | 7,022,128 | ||||||
PayPal Holdings 1.65% 6/1/25 | 7,907,000 | 7,611,075 | ||||||
S&P Global 144A 2.45% | ||||||||
3/1/27 # | 2,005,000 | 1,953,328 | ||||||
Seagate HDD Cayman 4.75% | ||||||||
6/1/23 | 1,950,000 | 1,982,555 | ||||||
Sensata Technologies | ||||||||
144A 5.00% 10/1/25 # | 3,720,000 | 3,777,344 | ||||||
144A 5.625% 11/1/24 # | 950,000 | 984,243 | ||||||
Thomson Reuters 4.30% | ||||||||
11/23/23 | 3,630,000 | 3,707,213 | ||||||
VMware | ||||||||
0.60% 8/15/23 | 725,000 | 704,932 | ||||||
4.50% 5/15/25 | 1,800,000 | 1,856,113 | ||||||
Workday | ||||||||
3.50% 4/1/27 | 130,000 | 130,055 | ||||||
3.70% 4/1/29 | 200,000 | 200,627 | ||||||
58,541,415 | ||||||||
Insurance — 3.51% | ||||||||
Aflac 1.125% 3/15/26 | 1,545,000 | 1,439,251 | ||||||
Anthem 3.35% 12/1/24 | 5,000,000 | 5,041,929 |
188
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Insurance (continued) | ||||||||
Athene Global Funding | ||||||||
144A 0.914% 8/19/24 # | 2,150,000 | $ | 2,033,490 | |||||
144A 0.95% 1/8/24 # | 3,000,000 | 2,890,758 | ||||||
Humana 0.65% 8/3/23 | 750,000 | 732,027 | ||||||
MassMutual Global Funding II | ||||||||
144A 0.60% 4/12/24 # | 5,100,000 | 4,887,804 | ||||||
Metropolitan Life Global | ||||||||
Funding I 144A 0.90% | ||||||||
6/8/23 # | 3,750,000 | 3,685,694 | ||||||
New York Life Global Funding | ||||||||
144A 0.85% 1/15/26 # | 5,000,000 | 4,606,390 | ||||||
Principal Life Global Funding II | ||||||||
144A 0.75% 4/12/24 # | 2,200,000 | 2,104,370 | ||||||
Protective Life Global Funding | ||||||||
144A 0.631% 10/13/23 #, * | 2,250,000 | 2,182,989 | ||||||
Reliance Standard Life Global | ||||||||
Funding II 144A 2.15% | ||||||||
1/21/23 # | 3,600,000 | 3,606,254 | ||||||
33,210,956 | ||||||||
Real Estate Investment Trusts — 3.12% | ||||||||
American Tower Trust #1 144A | ||||||||
3.07% 3/15/48 # | 8,265,000 | 8,215,438 | ||||||
Crown Castle Towers 144A | ||||||||
3.663% 5/15/45 # | 2,050,000 | 2,045,492 | ||||||
CyrusOne 2.90% 11/15/24 | 3,940,000 | 3,950,815 | ||||||
Equinix 2.625% 11/18/24 | 0 | 0 | ||||||
SBA Tower Trust | ||||||||
144A 1.884% 7/15/50 # | 3,222,000 | 3,039,827 | ||||||
144A 2.836% 1/15/50 # | 5,840,000 | 5,744,878 | ||||||
Series 3.869 10/08/24 144A | ||||||||
3.869% 10/8/49 # | 6,500,000 | 6,554,007 | ||||||
29,550,457 | ||||||||
Transportation — 0.49% | ||||||||
American Airlines 2016-2 Class | ||||||||
AA Pass Through Trust | ||||||||
3.20% 12/15/29 ◆ | 1,146,750 | 1,088,248 | ||||||
Canadian National Railway | ||||||||
2.75% 3/1/26 | 3,600,000 | 3,569,514 | ||||||
4,657,762 | ||||||||
Utilities — 0.42% | ||||||||
Sempra Energy 3.30% 4/1/25 | 3,110,000 | 3,117,163 | ||||||
Southern California Gas 2.95% | ||||||||
4/15/27 | 820,000 | 809,682 | ||||||
3,926,845 | ||||||||
Total Corporate Bonds | ||||||||
(cost $610,199,998) | 591,485,031 | |||||||
Non-Agency Asset-Backed Securities — 1.15% | ||||||||
Ford Credit Auto Owner Trust | ||||||||
Series 2022-A B 1.91% | ||||||||
7/15/27 | 3,550,000 | 3,411,163 | ||||||
GM Financial Automobile | ||||||||
Leasing Trust | ||||||||
Series 2022-1 B 2.23% | ||||||||
2/20/26 | 4,150,000 | 4,082,080 | ||||||
Verizon Master Trust | ||||||||
Series 2022-2 B 1.83% | ||||||||
7/20/28 | 3,550,000 | 3,434,205 | ||||||
Total Non-Agency Asset-Backed Securities | ||||||||
(cost $11,248,816) | 10,927,448 | |||||||
Non-Agency Commercial Mortgage-Backed Security — 0.67% | ||||||||
Wells Fargo Re-REMIC Trust | ||||||||
Series 2013-FRR1 BK20 | ||||||||
144A 0.855% 5/27/45 #, ^ | 6,353,400 | 6,311,747 | ||||||
Total Non-Agency Commercial Mortgage- | ||||||||
Backed Security | ||||||||
(cost $5,747,846) | 6,311,747 | |||||||
Supranational Bank — 0.16% | ||||||||
Corp Andina de Fomento | ||||||||
2.375% 5/12/23 | 1,500,000 | 1,501,504 | ||||||
Total Supranational Bank | ||||||||
(cost $1,498,718) | 1,501,504 | |||||||
US Treasury Obligations — 13.64% | ||||||||
US Treasury Notes | ||||||||
1.75% 3/15/25 | 107,860,000 | 105,584,834 | ||||||
2.25% 3/31/24 | 23,550,000 | 23,519,182 | ||||||
Total US Treasury Obligations | ||||||||
(cost $129,173,006) | 129,104,016 |
Number of | ||||||||
shares | ||||||||
Short-Term Investments — 1.51% | ||||||||
Money Market Mutual Fund — 1.51% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 14,271,674 | 14,271,674 | ||||||
Total Short-Term Investments | ||||||||
(cost $14,271,674) | 14,271,674 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—100.54% | ||||||||
(cost $971,686,756) | 951,738,823 |
189
Schedules of investments
Delaware Ivy Limited-Term Bond Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Securities Lending Collateral** — 0.25% | ||||||||
Money Market Mutual Fund — 0.25% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 2,378,698 | $ | 2,378,698 | |||||
Total Securities Lending Collateral | ||||||||
(cost $2,378,698) | 2,378,698 | |||||||
Total Value of | ||||||||
Securities—100.79% | ||||||||
(cost $974,065,454) | $ | 954,117,521 | ■ |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $349,624,017, which represents 36.93% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. | |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date. | |
* | Fully or partially on loan. | |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at March 31, 2022. | |
◆ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $2,298,694 of securities loaned. |
The following futures contracts were outstanding at March 31, 2022:1
Futures Contracts
Exchange-Traded
Variation | ||||||||||||||||||||
Margin | ||||||||||||||||||||
Notional | Value/ | Due from | ||||||||||||||||||
Notional | Cost | Expiration | Unrealized | (Due to) | ||||||||||||||||
Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Depreciation | Brokers | |||||||||||||||
204 | US Treasury 5 yr Notes | $ | 23,396,250 | $ | 23,957,560 | 6/30/22 | $ | (561,310 | ) | $ | 28,686 |
The use of futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
190
Summary of abbreviations: (continued)
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
SOFR – Secured Overnight Financing Rate
TSFR03M – 3 Month Term Secured Overnight Financing Rate
USD – US Dollar
yr – Year
See accompanying notes, which are an integral part of the financial statements.
191
Schedules of investments
Delaware Ivy Managed International Opportunities Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Affiliated Mutual Funds — 99.50% | ||||||||
Delaware Ivy Global Equity Income | ||||||||
Fund Class R6<< | 1,003,215 | $ | 12,801,018 | |||||
Delaware Ivy International Core | ||||||||
Equity Fund Class R6<< | 3,111,190 | 60,045,970 | ||||||
Delaware Ivy International Small | ||||||||
Cap Fund Class R6<< | 570,829 | 6,730,074 | ||||||
Delaware Ivy International Value | ||||||||
Fund Class R6<< | 1,177,744 | 20,115,871 | ||||||
Delaware Ivy Systematic Emerging | ||||||||
Markets Equity Fund | ||||||||
Class R6<< | 1,407,922 | 33,029,847 | ||||||
Total Affiliated Mutual Funds | ||||||||
(cost $109,623,109) | 132,722,780 | |||||||
Short-Term Investments — 0.63% | ||||||||
Money Market Mutual Fund — 0.63% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 848,988 | 848,988 | ||||||
Total Short-Term Investments | ||||||||
(cost $848,988) | 848,988 | |||||||
Total Value of Securities—100.13% | ||||||||
(cost $110,472,097) | $ | 133,571,768 |
<< | Affiliated company. See Note 2 in “Notes to financial statements.” |
192
Delaware Ivy Mid Cap Growth Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 100.04% | ||||||||
Communication Services — 3.48% | ||||||||
Electronic Arts | 826,157 | $ | 104,517,122 | |||||
Pinterest Class A † | 4,629,439 | 113,930,494 | ||||||
ZoomInfo Technologies | ||||||||
Class A † | 547,283 | 32,694,686 | ||||||
251,142,302 | ||||||||
Consumer Discretionary — 15.57% | ||||||||
BorgWarner * | 3,183,447 | 123,836,088 | ||||||
Chipotle Mexican Grill † | 135,587 | 214,502,702 | ||||||
Floor & Decor Holdings | ||||||||
Class A † | 633,317 | 51,298,677 | ||||||
Levi Strauss & Co. Class A * | 3,966,496 | 78,377,961 | ||||||
Lululemon Athletica † | 266,480 | 97,326,491 | ||||||
National Vision Holdings *, † | 2,025,311 | 88,242,800 | ||||||
On Holding Class A *, † | 2,286,496 | 57,711,159 | ||||||
Pool | 192,722 | 81,492,498 | ||||||
Shutterstock * | 810,072 | 75,401,502 | ||||||
Ulta Beauty † | 409,329 | 163,002,994 | ||||||
Vail Resorts | 356,216 | 92,712,338 | ||||||
1,123,905,210 | ||||||||
Consumer Staples — 1.69% | ||||||||
Brown-Forman Class B | 363,120 | 24,336,303 | ||||||
Hershey | 450,494 | 97,590,515 | ||||||
121,926,818 | ||||||||
Financials — 6.98% | ||||||||
First Republic Bank | 778,299 | 126,162,268 | ||||||
Kinsale Capital Group | 158,655 | 36,176,513 | ||||||
MarketAxess Holdings | 560,776 | 190,775,995 | ||||||
Pinnacle Financial Partners | 814,168 | 74,968,589 | ||||||
SVB Financial Group † | 135,146 | 75,607,430 | ||||||
503,690,795 | ||||||||
Healthcare — 20.66% | ||||||||
ABIOMED † | 375,317 | 124,320,003 | ||||||
Agilent Technologies | 634,080 | 83,907,806 | ||||||
Azenta | 1,000,420 | 82,914,810 | ||||||
Bio-Techne | 259,055 | 112,181,177 | ||||||
Dexcom † | 541,474 | 277,018,099 | ||||||
Edwards Lifesciences † | 1,001,676 | 117,917,299 | ||||||
Envista Holdings † | 2,653,870 | 129,270,008 | ||||||
Genmab ADR † | 2,741,916 | 99,202,521 | ||||||
Horizon Therapeutics † | 1,370,731 | 144,214,608 | ||||||
Intuitive Surgical † | 365,288 | 110,200,084 | ||||||
Repligen *, † | 500,339 | 94,108,762 | ||||||
Seagen † | 805,935 | 116,094,937 | ||||||
1,491,350,114 | ||||||||
Industrials — 13.74% | ||||||||
A O Smith | 1,710,838 | 109,305,440 | ||||||
CAE † | 305,304 | 7,962,328 | ||||||
Clarivate *, † | 4,378,259 | 73,379,621 | ||||||
CoStar Group † | 3,509,100 | 233,741,151 | ||||||
Fastenal | 1,843,070 | 109,478,358 | ||||||
HEICO Class A | 1,058,371 | 134,233,194 | ||||||
IDEX | 526,596 | 100,964,251 | ||||||
Middleby *, † | 692,043 | 113,453,529 | ||||||
Trex *, † | 1,668,920 | 109,030,544 | ||||||
991,548,416 | ||||||||
Information Technology — 36.20% | ||||||||
Arista Networks † | 1,569,242 | 218,093,253 | ||||||
Crowdstrike Holdings | ||||||||
Class A † | 642,775 | 145,961,347 | ||||||
Datto Holding *, † | 1,186,337 | 31,698,925 | ||||||
DocuSign *, † | 1,267,897 | 135,817,127 | ||||||
Five9 † | 965,489 | 106,589,986 | ||||||
Genpact | 1,003,068 | 43,643,489 | ||||||
Guidewire Software † | 1,049,249 | 99,279,940 | ||||||
II-VI *, † | 2,415,586 | 175,105,829 | ||||||
Keysight Technologies † | 907,954 | 143,429,493 | ||||||
Marvell Technology | 2,624,617 | 188,211,285 | ||||||
Microchip Technology | 2,061,742 | 154,919,294 | ||||||
Monolithic Power Systems | 487,288 | 236,666,036 | ||||||
Novanta † | 461,332 | 65,642,930 | ||||||
Paycom Software † | 376,898 | 130,549,929 | ||||||
Q2 Holdings *, † | 736,212 | 45,387,470 | ||||||
SkyWater Technology *, † | 547,340 | 5,927,692 | ||||||
Teradyne * | 1,384,812 | 163,726,323 | ||||||
Trade Desk Class A † | 1,075,824 | 74,500,812 | ||||||
Trimble † | 1,589,920 | 114,696,829 | ||||||
Tyler Technologies *, † | 310,915 | 138,322,974 | ||||||
Universal Display | 642,581 | 107,278,898 | ||||||
Workiva *, † | 740,104 | 87,332,272 | ||||||
2,612,782,133 | ||||||||
Materials — 1.72% | ||||||||
RPM International | 513,928 | 41,854,296 | ||||||
Scotts Miracle-Gro | 666,057 | 81,898,369 | ||||||
123,752,665 | ||||||||
Total Common Stocks | ||||||||
(cost $4,601,719,450) | 7,220,098,453 |
193
Schedules of investments
Delaware Ivy Mid Cap Growth Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Short-Term Investments — 0.52% | ||||||||
Money Market Mutual Fund — 0.52% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 37,249,391 | $ | 37,249,391 | |||||
Total Short-Term Investments | ||||||||
(cost $37,249,391) | 37,249,391 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral and | ||||||||
Options Written—100.56% | ||||||||
(cost $4,638,968,841) | 7,257,347,844 | |||||||
Securities Lending Collateral** — 2.10% | ||||||||
Money Market Mutual Fund — 2.10% | ||||||||
Dreyfus Institutional | ||||||||
Preference Government | ||||||||
Money Market Fund - | ||||||||
Institutional Shares (seven- | ||||||||
day effective yield 0.30%) | 151,991,897 | 151,991,897 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $151,991,897) | 151,991,897 |
Number of | ||||||||
contracts | ||||||||
Options Written — (0.05%) | ||||||||
Equity Call Options — (0.05%) | ||||||||
Shutterstock, strike price | ||||||||
$110, expiration date 5/20/ | ||||||||
22, notional amount | ||||||||
$(20,460,000)† | (1,860 | ) | (3,180,600 | ) | ||||
Total Options Written | ||||||||
(premium received $5,081,979) | (3,180,600 | ) | ||||||
Total Value of | ||||||||
Securities—102.61% | ||||||||
(cost $4,785,878,759) | $ | 7,406,159,141 | ■ |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $254,496,642 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $117,454,855. |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
194
Delaware Ivy Mid Cap Income Opportunities Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 96.77% | ||||||||
Consumer Discretionary — 19.65% | ||||||||
Cracker Barrel Old Country | ||||||||
Store * | 409,305 | $ | 48,596,783 | |||||
Garmin | 428,486 | 50,822,724 | ||||||
Hasbro | 556,740 | 45,608,141 | ||||||
Polaris * | 469,244 | 49,420,778 | ||||||
Service Corp. International | 774,239 | 50,960,411 | ||||||
Tractor Supply | 214,630 | 50,088,203 | ||||||
Travel + Leisure | 859,258 | 49,785,408 | ||||||
345,282,448 | ||||||||
Consumer Staples — 5.88% | ||||||||
Clorox | 375,841 | 52,253,174 | ||||||
Sysco | 625,993 | 51,112,329 | ||||||
103,365,503 | ||||||||
Financials — 19.66% | ||||||||
Ares Management Class A | 647,845 | 52,624,449 | ||||||
Arthur J. Gallagher & Co. | 302,307 | 52,782,802 | ||||||
Discover Financial Services | 439,385 | 48,415,833 | ||||||
First American Financial | 730,722 | 47,365,400 | ||||||
Glacier Bancorp | 941,231 | 47,325,095 | ||||||
Northern Trust | 431,561 | 50,255,279 | ||||||
Umpqua Holdings | 2,475,107 | 46,680,537 | ||||||
345,449,395 | ||||||||
Healthcare — 2.88% | ||||||||
Encompass Health | 712,981 | 50,700,079 | ||||||
50,700,079 | ||||||||
Industrials — 16.97% | ||||||||
CH Robinson Worldwide | 479,936 | 51,693,906 | ||||||
Fastenal | 873,695 | 51,897,483 | ||||||
nVent Electric | 1,412,247 | 49,117,951 | ||||||
Snap-on | 237,333 | 48,767,185 | ||||||
Stanley Black & Decker | 332,177 | 46,435,023 | ||||||
Watsco | 165,308 | 50,359,429 | ||||||
298,270,977 | ||||||||
Information Technology — 17.28% | ||||||||
Broadridge Financial Solutions | 327,815 | 51,044,074 | ||||||
Microchip Technology | 661,932 | 49,737,570 | ||||||
National Instruments | 1,265,794 | 51,378,578 | ||||||
NetApp | 577,745 | 47,952,835 | ||||||
Paychex | 397,412 | 54,234,815 | ||||||
TE Connectivity | 376,322 | 49,290,656 | ||||||
303,638,528 | ||||||||
Materials — 11.58% | ||||||||
Avery Dennison | 291,810 | 50,766,186 | ||||||
Packaging Corp. of America | 319,486 | 49,874,959 | ||||||
RPM International | 607,335 | 49,461,362 | ||||||
Sonoco Products | 854,552 | 53,460,773 | ||||||
203,563,280 | ||||||||
Real Estate — 2.87% | ||||||||
American Campus | ||||||||
Communities | 902,276 | 50,500,388 | ||||||
50,500,388 | ||||||||
Total Common Stocks | ||||||||
(cost $1,308,184,052) | 1,700,770,598 | |||||||
Limited Partnerships — 1.60% | ||||||||
Rattler Midstream<<, ** | 2,013,028 | 28,122,001 | ||||||
Total Limited Partnerships | ||||||||
(cost $31,208,647) | 28,122,001 | |||||||
Short-Term Investments — 1.54% | ||||||||
Money Market Mutual Fund — 1.54% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 27,073,762 | 27,073,762 | ||||||
Total Short-Term Investments | ||||||||
(cost $27,073,762) | 27,073,762 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—99.91% | ||||||||
(cost $1,366,466,461) | 1,755,966,361 | |||||||
Securities Lending Collateral** — 3.06% | ||||||||
Money Market Mutual Fund — 3.06% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 53,849,976 | 53,849,976 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $53,849,976) | 53,849,976 | |||||||
Total Value of | ||||||||
Securities—102.97% | ||||||||
(cost $1,420,316,437) | $ | 1,809,816,337 | ■ |
* | Fully or partially on loan. | |
<< | Affiliated company. See Note 2 in “Notes to financial statements.” | |
** | Issuer is not an affiliated investment of the Fund at March 31, 2022. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $56,562,818 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $6,646,495. |
See accompanying notes, which are an integral part of the financial statements.
195
Schedules of investments
Delaware Ivy Municipal Bond Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds — 99.63% | ||||||||
Corporate Revenue Bonds — 6.20% | ||||||||
Buckeye Ohio Tobacco | ||||||||
Settlement Financing Authority | ||||||||
(Asset-Backed Senior) | ||||||||
Series B-2 5.00% | ||||||||
6/1/55 LIBOR03M | 1,000,000 | $ | 1,041,390 | |||||
Florida Development Finance | ||||||||
Surface Transportation | ||||||||
Facilities Revenue | ||||||||
(Green Bond - Brightline | ||||||||
Passenger Rail Project) | ||||||||
Series B 144A 7.375% | ||||||||
1/1/49 (AMT) # | 6,000,000 | 6,339,060 | ||||||
George L Smith II Congress | ||||||||
Center Authority | ||||||||
(Convention Center Hotel) | ||||||||
Series A 2.375% | ||||||||
1/1/31 USD | 1,000,000 | 908,900 | ||||||
Golden State Tobacco | ||||||||
Securitization Settlement | ||||||||
Revenue | ||||||||
(Capital Appreciation Bonds - | ||||||||
Subordinate) | ||||||||
Series B-2 0.441% | ||||||||
6/1/66 ^LIBOR06M | 10,000,000 | 1,220,600 | ||||||
Indiana Finance Authority | ||||||||
Exempt Facility Revenue | ||||||||
(Green Bond - Polyflow | ||||||||
Indiana Project) | ||||||||
144A 7.00% | ||||||||
3/1/39 (AMT) # | 2,680,000 | 2,096,939 | ||||||
New York City Industrial | ||||||||
Development Agency | ||||||||
(Pilot Rev Bds - Yankee | ||||||||
Stadium Project) | ||||||||
0.009% 3/1/27 ^ | 3,000,000 | 2,608,620 | ||||||
0.011% 3/1/26 ^ | 3,185,000 | 2,860,353 | ||||||
0.014% 3/1/25 ^ | 3,175,000 | 2,938,209 | ||||||
New York Counties Tobacco | ||||||||
Trust V | ||||||||
(Pass Through Prog) | ||||||||
Series 4B 144A 0.242% | ||||||||
6/1/60 #, ^ | 422,200,000 | 14,924,770 | ||||||
Public Finance Authority | ||||||||
(Senior Lien - Grand Hyatt | ||||||||
San Antonio Hotel | ||||||||
Acquisition Project) | ||||||||
Series A 5.00% 2/1/62 | 2,170,000 | 2,274,617 | ||||||
Tennessee Energy | ||||||||
Acquisition Commodity Project | ||||||||
Revenue | ||||||||
(Tennessee Energy | ||||||||
Acquisition) | ||||||||
Series A 5.00% 5/1/52 ● | 1,090,000 | 1,248,006 | ||||||
38,461,464 | ||||||||
Education Revenue Bonds — 5.27% | ||||||||
California Educational Facilities | ||||||||
Authority | ||||||||
(Stanford University) | ||||||||
Series U-7 5.00% 6/1/46 | 7,675,000 | 9,967,523 | ||||||
California Municipal Finance | ||||||||
Authority | ||||||||
(American Heritage Education | ||||||||
Foundation Project) | ||||||||
Series A 5.00% 6/1/36 | 1,000,000 | 1,075,230 | ||||||
California School Finance | ||||||||
Authority | ||||||||
(Coastal Academy Project) | ||||||||
Series A | ||||||||
144A 5.00% 10/1/22 # | 70,000 | 70,974 | ||||||
Series A | ||||||||
144A 5.00% 10/1/33 # | 1,000,000 | 1,009,540 | ||||||
(Russell Westbrook Why Not? | ||||||||
Academy – Obligated | ||||||||
Group) | ||||||||
Series A 144A 4.00% | ||||||||
6/1/51 # | 2,300,000 | 2,025,794 | ||||||
California State University | ||||||||
Series A 5.00% 11/1/38 | 500,000 | 547,905 | ||||||
Clifton Higher Education Finance | ||||||||
Revenue | ||||||||
(Uplift Education) | ||||||||
Series A 4.25% 12/1/34 | 3,000,000 | 3,074,310 | ||||||
Florida Development Finance | ||||||||
Educational Facilities | ||||||||
Revenue | ||||||||
(Mater Academy Projects) | ||||||||
Series A 5.00% 6/15/28 | 410,000 | 450,951 | ||||||
Series A 5.00% 6/15/29 | 400,000 | 438,840 | ||||||
University of Arkansas | ||||||||
Series A 5.00% 11/1/37 | 745,000 | 833,178 | ||||||
University of California | ||||||||
(General) | ||||||||
Series AI 5.00% 5/15/34 | 3,500,000 | 3,625,230 | ||||||
University of Texas System | ||||||||
Board of Regents | ||||||||
Series B 5.00% 8/15/49 | 3,100,000 | 4,015,306 |
196
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Utah Charter School Finance | ||||||||
Authority | ||||||||
(Syracuse Arts Academy | ||||||||
Project) | ||||||||
5.00% 4/15/37 | 1,000,000 | $ | 1,074,020 | |||||
Wisconsin Health & Educational | ||||||||
Facilities Authority | ||||||||
(The Medical College Of | ||||||||
Wisconsin, Inc.) | ||||||||
5.00% 12/1/41 | 4,000,000 | 4,487,440 | ||||||
32,696,241 | ||||||||
Electric Revenue Bonds — 6.86% | ||||||||
Illinois Municipal Electric Agency | ||||||||
Series A 5.00% 2/1/32 | 3,695,000 | 4,019,975 | ||||||
Indiana Municipal Power Agency | ||||||||
Series A 4.00% 1/1/39 | 2,630,000 | 2,858,731 | ||||||
Series C 5.00% 1/1/39 | 1,000,000 | 1,103,580 | ||||||
Long Island Power Authority | ||||||||
(Tax-Exempt) | ||||||||
Series A 5.00% 9/1/39 | 1,500,000 | 1,597,215 | ||||||
Missouri Joint Municipal Electric | ||||||||
Utility Commission | ||||||||
(Iatan 2 Project) | ||||||||
Series A 5.00% 12/1/36 | 5,650,000 | 6,105,955 | ||||||
Series A 5.00% 12/1/37 | 1,000,000 | 1,080,380 | ||||||
(Prairie State Project) | ||||||||
Series A 5.00% 12/1/29 | 1,550,000 | 1,678,526 | ||||||
Series A 5.00% 12/1/30 | 1,200,000 | 1,299,120 | ||||||
Series A 5.00% 12/1/31 | 1,000,000 | 1,082,290 | ||||||
Series A 5.00% 12/1/40 | 1,000,000 | 1,102,240 | ||||||
Modesto Irrigation District | ||||||||
Series A 5.00% 10/1/36 | 4,270,000 | 4,671,935 | ||||||
Omaha Public Power District | ||||||||
Nebraska City Station Unit 2 | ||||||||
(Nebraska City 2) | ||||||||
Series A 5.00% 2/1/33 | 1,000,000 | 1,073,770 | ||||||
(System Revenue Bonds - | ||||||||
Nebraska City 2) | ||||||||
Series A 5.00% 2/1/41 | 1,000,000 | 1,094,570 | ||||||
Puerto Rico Electric Power | ||||||||
Authority Revenue | ||||||||
Series AAA 5.25% 7/1/25 ‡ | 225,000 | 216,563 | ||||||
Series WW 5.00% 7/1/28 ‡ | 510,000 | 488,325 | ||||||
Series XX 4.75% 7/1/26 ‡ | 185,000 | 176,444 | ||||||
Series XX 5.25% 7/1/40 ‡ | 2,005,000 | 1,929,812 | ||||||
Series ZZ 4.75% 7/1/27 ‡ | 145,000 | 138,294 | ||||||
Series ZZ 5.25% 7/1/24 ‡ | 315,000 | 303,187 | ||||||
Utility Debt Securitization | ||||||||
Authority | ||||||||
(Restructured - Federally | ||||||||
Tax-Exempt) | ||||||||
Series TE 5.00% 12/15/31 | 10,000,000 | 10,524,300 | ||||||
42,545,212 | ||||||||
Healthcare Revenue Bonds — 12.71% | ||||||||
Allen County Ohio Hospital | ||||||||
Facilities Revenue | ||||||||
(Bon Secours Mercy Health, | ||||||||
Inc.) | ||||||||
5.00% 12/1/35 | 200,000 | 231,544 | ||||||
Ames Iowa Hospital Revenue | ||||||||
(Mary Greeley Medical | ||||||||
Center) | ||||||||
4.00% 6/15/35 | 1,510,000 | 1,580,260 | ||||||
Brookhaven Development | ||||||||
Authority | ||||||||
(Children’s Healthcare Of | ||||||||
Atlanta) | ||||||||
Series A 4.00% 7/1/44 | 8,000,000 | 8,485,440 | ||||||
California Health Facilities | ||||||||
Financing Authority | ||||||||
(CommonSpirit Health) | ||||||||
Series A 4.00% 4/1/49 | 5,000,000 | 5,091,000 | ||||||
California Health Facilities | ||||||||
Financing Authority Revenue | ||||||||
Series A-2 5.00% 11/1/47 | 10,000,000 | 12,679,000 | ||||||
Colorado Health Facilities | ||||||||
Authority | ||||||||
(SCL Health System) | ||||||||
Series B 4.00% 1/1/40 | 4,000,000 | 4,246,840 | ||||||
Hawaii Department of Budget & | ||||||||
Finance Special Purpose | ||||||||
Revenue | ||||||||
(Queen’s Health Systems) | ||||||||
Series A 5.00% 7/1/35 | 1,500,000 | 1,616,175 | ||||||
Health & Educational Facilities | ||||||||
Authority of the State of | ||||||||
Missouri | ||||||||
(Mosaic Health System) | ||||||||
Series A 4.00% 2/15/44 | 600,000 | 623,016 | ||||||
Illinois Finance Authority | ||||||||
(Northshore - Edward- | ||||||||
Elmhurst Health Credit | ||||||||
Group) | ||||||||
Series A 5.00% 8/15/47 | 4,985,000 | 5,769,190 |
197
Schedules of investments
Delaware Ivy Municipal Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Lake County Port & Economic | ||||||||
Development Authority | ||||||||
(First Mortgage - Tapestry | ||||||||
Wicklife, LLC Project) | ||||||||
Series A 144A 6.75% | ||||||||
12/1/52 #, ‡ | 1,300,000 | $ | 442,000 | |||||
Maricopa County Industrial | ||||||||
Development Authority | ||||||||
(Banner Health) | ||||||||
Series A 4.00% 1/1/38 | 8,500,000 | 8,948,205 | ||||||
Michigan Finance Authority | ||||||||
(Che Trinity Health Credit | ||||||||
Group) | ||||||||
4.00% 12/1/35 | 1,250,000 | 1,316,387 | ||||||
Michigan State Hospital Finance | ||||||||
Authority | ||||||||
(Ascension Health Credit | ||||||||
Group) | ||||||||
Series B-4 5.00% | ||||||||
11/15/32 | 2,000,000 | 2,164,320 | ||||||
(Ascension Health Senior | ||||||||
Credit Group) | ||||||||
Series F-4 5.00% 11/15/47 | 500,000 | 573,860 | ||||||
New Hope Cultural Education | ||||||||
Facilities Finance Texas | ||||||||
Senior Living Revenue | ||||||||
(Sanctuary LTC Project) | ||||||||
Series A-1 5.50% 1/1/57 | 3,500,000 | 3,133,655 | ||||||
Series A-2 6.50% 1/1/31 | 9,865,000 | 9,340,873 | ||||||
Ohio State Hospital Facilities | ||||||||
Revenue | ||||||||
(Cleveland Clinic Health | ||||||||
System Obligated Group) | ||||||||
Series B 4.00% 1/1/42 | 2,000,000 | 2,100,960 | ||||||
Pennsylvania Economic | ||||||||
Development Financing | ||||||||
Authority First Mortgage | ||||||||
Revenue | ||||||||
(Tapestry Moon Senior | ||||||||
Housing Project) | ||||||||
Series A | ||||||||
144A 6.50% 12/1/38 #, ‡ | 3,285,000 | 1,314,000 | ||||||
Series A | ||||||||
144A 6.75% 12/1/53 #, ‡ | 3,765,000 | 1,506,000 | ||||||
South Carolina Jobs-Economic | ||||||||
Development Authority | ||||||||
(Bon Secours Mercy Health, | ||||||||
Inc.) | ||||||||
Series A 5.00% 12/1/46 | 250,000 | 282,793 | ||||||
University of North Carolina at | ||||||||
Chapel Hill | ||||||||
(University Of North Carolina | ||||||||
Hospitals) | ||||||||
4.00% 2/1/36 | 1,000,000 | 1,080,910 | ||||||
Washington Health Care | ||||||||
Facilities Authority | ||||||||
(Providence Health & | ||||||||
Services) | ||||||||
Series D 5.00% 10/1/38 | 5,000,000 | 5,300,650 | ||||||
Wisconsin Health & Educational | ||||||||
Facilities Authority | ||||||||
(Ascension Senior Credit | ||||||||
Group) | ||||||||
Series A 4.00% 11/15/33 | 1,000,000 | 1,048,280 | ||||||
78,875,358 | ||||||||
Housing Revenue Bonds — 1.28% | ||||||||
Georgia Housing & Finance | ||||||||
Authority | ||||||||
Series A 2.45% 6/1/31 | 550,000 | 526,207 | ||||||
Series A 2.45% 12/1/31 | 620,000 | 598,926 | ||||||
Series A 2.60% 6/1/32 | 430,000 | 418,094 | ||||||
Montana Board of Housing | ||||||||
Series B 2.75% 12/1/40 | 815,000 | 804,429 | ||||||
Nebraska Investment Finance | ||||||||
Authority | ||||||||
Series A 2.35% 9/1/35 | 2,500,000 | 2,332,600 | ||||||
New York City Housing | ||||||||
Development MultiFamily | ||||||||
Revenue | ||||||||
(Sustainable Development | ||||||||
Bonds) | ||||||||
Series A-1-B 2.05% 11/1/31 | 520,000 | 476,970 | ||||||
Series A-1-B 2.10% 5/1/32 | 1,055,000 | 963,046 | ||||||
Series A-1-B 2.15% 11/1/32 | 970,000 | 885,164 | ||||||
North Carolina Housing Finance | ||||||||
Agency | ||||||||
Series 44 2.55% 7/1/35 | 980,000 | 908,999 | ||||||
7,914,435 |
198
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds — 6.20% | ||||||||
Broward County Florida School | ||||||||
Board | ||||||||
(Certificates of Participation) | ||||||||
Series A 5.00% 7/1/34 | 3,000,000 | $ | 3,574,830 | |||||
Kansas City | ||||||||
(Improvement - Downtown | ||||||||
Arena Project) | ||||||||
Series E 5.00% 4/1/40 | 2,000,000 | 2,151,760 | ||||||
Metropolitan Pier & | ||||||||
Exposition Authority Illinois | ||||||||
Revenue | ||||||||
(McCormick Place Expansion | ||||||||
Project) | ||||||||
Series B 4.178% | ||||||||
12/15/54 (BAM) ^ | 25,445,000 | 6,254,890 | ||||||
Michigan State Building Authority | ||||||||
(Facilities Program) | ||||||||
Series I 4.00% 10/15/36 | 1,000,000 | 1,058,600 | ||||||
Series I 5.00% 4/15/34 | 3,000,000 | 3,283,110 | ||||||
New Jersey State Transportation | ||||||||
Trust Fund Authority | ||||||||
(Transportation System) | ||||||||
Series A 3.114% | ||||||||
12/15/39 (BAM) ^ | 7,970,000 | 4,183,453 | ||||||
New Jersey Transportation Trust | ||||||||
Fund Authority | ||||||||
(Transportation System) | ||||||||
Series A 5.50% 12/15/22 (AGM) | 1,500,000 | 1,541,055 | ||||||
Series B 5.25% 12/15/22 | 3,500,000 | 3,584,315 | ||||||
New York City Transitional | ||||||||
Finance Authority Building Aid | ||||||||
Revenue | ||||||||
(Subordinate) | ||||||||
Series S-1 5.00% 7/15/37 | 1,000,000 | 1,091,300 | ||||||
Series S-3A 5.00% 7/15/36 | 2,000,000 | 2,293,820 | ||||||
New York Liberty Development | ||||||||
Revenue | ||||||||
(Green Bond - 4 World Trade | ||||||||
Center Project) | ||||||||
Series A 3.00% 11/15/51 | 6,425,000 | 5,558,910 | ||||||
Palm Beach County School | ||||||||
District | ||||||||
(Certificates Of Participation) | ||||||||
Series A 5.00% 8/1/34 | 2,000,000 | 2,363,360 | ||||||
Regional Transportation District | ||||||||
5.00% 6/1/35 | 1,435,000 | 1,545,796 | ||||||
38,485,199 | ||||||||
Local General Obligation Bonds — 5.46% | ||||||||
Alamo Community College | ||||||||
District | ||||||||
5.00% 8/15/38 | 6,040,000 | 6,857,514 | ||||||
Detroit City School District | ||||||||
(Unlimited Tax General | ||||||||
Obligation) | ||||||||
Series A 5.00% 5/1/31 | 1,000,000 | 1,188,840 | ||||||
Series A 5.00% 5/1/32 | 750,000 | 888,457 | ||||||
Lincoln Consolidated School | ||||||||
District | ||||||||
(General Obligation - | ||||||||
Unlimited Tax) | ||||||||
Series A 5.00% | ||||||||
5/1/35 (AGM) | 500,000 | 549,625 | ||||||
Mida Golf and Equestrian Center | ||||||||
Public Infrastructure District | ||||||||
(Utah Limited Tax) | ||||||||
144A 4.50% 6/1/51 # | 2,500,000 | 2,152,225 | ||||||
144A 4.625% 6/1/57 # | 2,500,000 | 2,137,125 | ||||||
New Orleans | ||||||||
5.00% 12/1/25 | 1,500,000 | 1,533,525 | ||||||
5.00% 12/1/26 (AGM) | 3,500,000 | 3,579,415 | ||||||
5.00% 12/1/27 (AGM) | 1,500,000 | 1,534,125 | ||||||
New York | ||||||||
Series D-1 5.00% 8/1/30 | 2,000,000 | 2,083,180 | ||||||
Series G 5.00% 8/1/30 | 1,000,000 | 1,052,550 | ||||||
Palomar Health | ||||||||
Series A 0.000% 8/1/31 ^ | 3,315,000 | 2,419,055 | ||||||
Series A 0.000% 8/1/32 ^ | 5,000,000 | 3,504,750 | ||||||
Series A 0.000% 8/1/33 ^ | 5,000,000 | 3,362,350 | ||||||
Series B 4.00% 8/1/37 | 1,000,000 | 1,053,880 | ||||||
33,896,616 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 5.23% | ||||||||
Birmingham Waterworks Board | ||||||||
Water Revenue | ||||||||
Series A 5.00% 1/1/35-25 § | 6,555,000 | 7,092,969 | ||||||
Central Texas Turnpike System | ||||||||
1st Tier 13.777% 8/15/26 ^ | 1,340,000 | 1,214,857 | ||||||
Golden State Tobacco | ||||||||
Securitization Settlement | ||||||||
Revenue | ||||||||
(Asset-Backed) | ||||||||
Series A 5.00% 6/1/33-25 § | 3,165,000 | 3,457,826 | ||||||
Series A 5.00% 6/1/34-25 § | 2,840,000 | 3,102,757 |
199
Schedules of investments
Delaware Ivy Municipal Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | ||||||||
Hillsborough County Aviation | ||||||||
Authority | ||||||||
(Tampa International Airport - | ||||||||
Subordinate) | ||||||||
Series B 5.00% | ||||||||
10/1/35-24 § | 2,000,000 | $ | 2,145,340 | |||||
Iowa Higher Education Loan | ||||||||
Authority | ||||||||
(Upper Iowa University | ||||||||
Project) | ||||||||
5.00% 9/1/33-23 § | 1,750,000 | 1,830,272 | ||||||
La Quinta Redevelopment | ||||||||
Agency Successor Agency | ||||||||
(La Quinta Redevelopment | ||||||||
Project Area) | ||||||||
Series A 5.00% | ||||||||
9/1/34-24 § | 750,000 | 803,910 | ||||||
Metropolitan Washington Airports | ||||||||
Authority Dulles Toll Road | ||||||||
Revenue | ||||||||
(Convertible Capital | ||||||||
Appreciation Bonds) | ||||||||
Series C 6.50% | ||||||||
10/1/41-26 § | 7,000,000 | 8,354,150 | ||||||
Orange County Health Facilities | ||||||||
Authority | ||||||||
(Presbyterian Retirement | ||||||||
Communities) | ||||||||
5.00% 8/1/36 | 4,125,000 | 4,419,690 | ||||||
32,421,771 | ||||||||
Special Tax Revenue Bonds — 19.07% | ||||||||
Bullhead City, Arizona Excise | ||||||||
Taxes Revenue | ||||||||
2.55% 7/1/46 | 3,000,000 | 2,443,260 | ||||||
City & County of San Francisco | ||||||||
Special Tax District No 2020-1 | ||||||||
(Federally Taxable) | ||||||||
Series B 144A 5.25% | ||||||||
9/1/49 # | 6,000,000 | 5,411,460 | ||||||
GDB Debt Recovery Authority of | ||||||||
Puerto Rico | ||||||||
7.50% 8/20/40 | 27,915,426 | 26,240,501 | ||||||
Illinois Sales Tax Revenue | ||||||||
(Build Illinois - Junior | ||||||||
Obligation) | ||||||||
5.00% 6/15/26 | 2,000,000 | 2,062,460 | ||||||
Jefferson Sales Tax District | ||||||||
Series B 5.00% | ||||||||
12/1/42 (AGM) | 5,000,000 | 5,659,500 | ||||||
Metropolitan Atlanta Rapid | ||||||||
Transit Authority | ||||||||
(Third Indenture Series) | ||||||||
Series B 5.00% 7/1/43 | 8,325,000 | 9,219,771 | ||||||
Miami-Dade County | ||||||||
0.00% 10/1/37 (BAM) ^ | 3,000,000 | 1,723,050 | ||||||
New York City Transitional | ||||||||
Finance Authority Future Tax | ||||||||
Secured Revenue | ||||||||
(Future Tax Secured Tax- | ||||||||
Exempt Subordinate) | ||||||||
Series A-2 5.00% 8/1/37 | 5,360,000 | 6,001,485 | ||||||
Series I 5.00% 5/1/29 | 3,000,000 | 3,103,980 | ||||||
New York Convention Center | ||||||||
Development Revenue | ||||||||
(Hotel Unit Fee Secured) | ||||||||
5.00% 11/15/34 | 3,000,000 | 3,273,870 | ||||||
New York State Dormitory | ||||||||
Authority | ||||||||
Unrefunded Balance | ||||||||
Series B 5.00% 2/15/38 | 5,000,000 | 5,387,800 | ||||||
Osceola County Florida Sales | ||||||||
Tax Revenue | ||||||||
Series A 5.00% 10/1/37 | 2,005,000 | 2,185,971 | ||||||
Puerto Rico Sales Tax Financing | ||||||||
Revenue | ||||||||
Series A-1 4.97% 7/1/51 ^ | 121,739,000 | 27,102,753 | ||||||
Series A-1 5.00% 7/1/58 | 6,000,000 | 6,394,140 | ||||||
(Restructured) | ||||||||
Series A-2 4.329% 7/1/40 | 4,000,000 | 4,147,880 | ||||||
Series A-2 4.329% 7/1/40 | 2,260,000 | 2,345,157 | ||||||
Regional Transportation Authority | ||||||||
Series A 6.00% 7/1/24 | 3,080,000 | 3,360,034 | ||||||
Stockton Redevelopment Agency | ||||||||
Successor Agency | ||||||||
Series A 5.00% 9/1/37 (AGM) | 2,000,000 | 2,229,400 | ||||||
118,292,472 | ||||||||
State General Obligation Bonds — 7.62% | ||||||||
California State | ||||||||
(School Facilities) | ||||||||
5.00% 11/1/30 | 3,000,000 | 3,144,870 | ||||||
(Various Purpose) | ||||||||
5.00% 2/1/33 | 10,000,000 | 10,278,400 | ||||||
5.00% 4/1/37 | 5,000,000 | 5,160,650 |
200
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
State General Obligation Bonds (continued) | ||||||||
Commonwealth of Puerto Rico | ||||||||
Series A 144A 5.50% 6/1/22 # | 6,135,000 | $ | 6,250,031 | |||||
Series C 2.646% 11/1/43 | 7,704,304 | 4,150,694 | ||||||
(Restructured) | ||||||||
Series A 2.993% 7/1/24 ^ | 796,975 | 727,710 | ||||||
Series A 4.364% 7/1/33 ^ | 1,993,839 | 1,154,552 | ||||||
Series A1 4.00% 7/1/33 | 1,549,330 | 1,516,531 | ||||||
Series A1 4.00% 7/1/35 | 1,392,642 | 1,347,980 | ||||||
Series A1 4.00% 7/1/37 | 1,195,254 | 1,151,508 | ||||||
Series A1 4.00% 7/1/41 | 1,625,088 | 1,549,326 | ||||||
Series A1 4.00% 7/1/46 | 1,690,069 | 1,597,048 | ||||||
Series A1 5.25% 7/1/23 | 1,730,373 | 1,772,992 | ||||||
Series A1 5.375% 7/1/25 | 1,725,522 | 1,822,117 | ||||||
Series A1 5.625% 7/1/27 | 1,709,893 | 1,869,563 | ||||||
Series A1 5.625% 7/1/29 | 1,682,154 | 1,879,302 | ||||||
Series A1 5.75% 7/1/31 | 1,633,862 | 1,865,037 | ||||||
47,238,311 | ||||||||
Transportation Revenue Bonds — 15.47% | ||||||||
Austin Texas Airport System | ||||||||
Revenue | ||||||||
5.00% 11/15/39 (AMT) | 1,000,000 | 1,057,800 | ||||||
Central Texas Turnpike System | ||||||||
1st Tier Unrefunded Balance | ||||||||
Series A 13.746% 8/15/26 ^ | 18,000,000 | 16,254,360 | ||||||
Series B 5.00% 8/15/37 | 1,000,000 | 1,058,480 | ||||||
Chicago Illinois O’Hare | ||||||||
International Airport Revenue | ||||||||
(Senior Lien) | ||||||||
Series A 5.00% | ||||||||
1/1/38 (AMT) | 605,000 | 667,696 | ||||||
Chicago O’Hare International | ||||||||
Airport | ||||||||
(General Airport Senior Lien) | ||||||||
Series B 5.00% 1/1/34 | 1,000,000 | 1,061,660 | ||||||
Series C 5.00% 1/1/34 | 1,500,000 | 1,632,405 | ||||||
Series D 5.25% 1/1/37 | 2,500,000 | 2,775,750 | ||||||
Foothill-Eastern Transportation | ||||||||
Corridor Agency | ||||||||
(Senior Lien Toll Road | ||||||||
Refunding) | ||||||||
Series A 4.00% 1/15/46 | 3,000,000 | 3,137,220 | ||||||
Greater Orlando Aviation | ||||||||
Authority | ||||||||
Series A 4.00% 10/1/37 (AMT) | 2,000,000 | 2,093,360 | ||||||
Series A 4.00% 10/1/39 (AMT) | 3,000,000 | 3,131,190 | ||||||
Illinois State Toll Highway | ||||||||
Authority | ||||||||
Series A 5.00% 1/1/35 | 4,100,000 | 4,186,592 | ||||||
Series B 5.00% 1/1/37 | 2,000,000 | 2,179,420 | ||||||
Los Angeles California | ||||||||
Department of Airports | ||||||||
Revenue | ||||||||
(Subordinate) | ||||||||
Series A 5.00% | ||||||||
5/15/32 (AMT) | 265,000 | 300,250 | ||||||
Maine Turnpike Authority | ||||||||
5.00% 7/1/34 | 2,255,000 | 2,446,517 | ||||||
Metropolitan Transportation | ||||||||
Authority | ||||||||
Series C 5.00% 11/15/36 | 2,625,000 | 2,765,490 | ||||||
(Green Bond - Climate Bond | ||||||||
Certified) | ||||||||
Series A-1 5.00% 11/15/41 | 2,105,000 | 2,266,538 | ||||||
(Transportation) | ||||||||
Series C 5.00% 11/15/35 | 2,500,000 | 2,679,600 | ||||||
Miami-Dade County Florida | ||||||||
Aviation Revenue | ||||||||
Series A 4.00% | ||||||||
10/1/44 (AMT) | 1,500,000 | 1,527,360 | ||||||
North Carolina Turnpike Authority | ||||||||
(Capital Appreciation Bonds) | ||||||||
Series B 5.296% 1/1/34 ^ | 10,000,000 | 6,942,500 | ||||||
North Texas Tollway Authority | ||||||||
1st Tier 15.18% 1/1/30 ^ | 12,000,000 | 9,639,600 | ||||||
Pennsylvania Turnpike | ||||||||
Commission | ||||||||
(Subordinate) | ||||||||
5.00% 6/1/38 | 1,000,000 | 1,086,810 | ||||||
Series C 6.25% 6/1/33 (AGM) | 4,000,000 | 4,641,800 | ||||||
Phoenix Civic Improvement | ||||||||
Airport Revenue | ||||||||
(Junior Lien Airport) | ||||||||
Series B 4.00% 7/1/37 (AMT) | 4,000,000 | 4,165,360 | ||||||
Series B 4.00% 7/1/39 (AMT) | 1,000,000 | 1,038,480 | ||||||
Port of Portland Oregon Airport | ||||||||
Revenue | ||||||||
(Portland International Airport) | ||||||||
Series 23 5.00% 7/1/33 | 5,000,000 | 5,398,600 | ||||||
Series 23 5.00% 7/1/34 | 1,000,000 | 1,073,250 | ||||||
Port of Seattle | ||||||||
Series B 5.00% 3/1/35 | 2,000,000 | 2,121,880 | ||||||
Rhode Island Commerce | ||||||||
(Rhode Island Department of | ||||||||
Transportation) | ||||||||
Series A 5.00% 5/15/35 | 1,250,000 | 1,468,663 |
201
Schedules of investments
Delaware Ivy Municipal Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
San Diego County Regional | ||||||||
Airport Authority | ||||||||
(Subordinate) | ||||||||
Series B 4.00% | ||||||||
7/1/56 (AMT), (BAM) | 7,000,000 | $ | 7,197,260 | |||||
95,995,891 | ||||||||
Water & Sewer Revenue Bonds — 8.26% | ||||||||
Baltimore Maryland Project | ||||||||
Revenue | ||||||||
(Stormwater Projects) | ||||||||
Series A 4.00% 7/1/44 | 5,000,000 | 5,316,800 | ||||||
(Wastewater Projects) | ||||||||
Series A 4.00% 7/1/44 | 3,500,000 | 3,721,760 | ||||||
(Water Projects) | ||||||||
Series A 4.00% 7/1/44 | 6,500,000 | 6,911,840 | ||||||
Los Angeles California | ||||||||
Wastewater System Revenue | ||||||||
Series D 5.00% 6/1/34 | 6,190,000 | 6,721,040 | ||||||
(Green Bonds) | ||||||||
Series A 5.00% 6/1/35 | 1,000,000 | 1,085,150 | ||||||
New York City Municipal Water | ||||||||
Finance Authority | ||||||||
(Second General Resolution) | ||||||||
Series HH 5.00% 6/15/37 | 10,000,000 | 10,835,300 | ||||||
New York City Municipal Water | ||||||||
Finance Authority Water & | ||||||||
Sewer System Revenue | ||||||||
(Second General Resolution) | ||||||||
Series AA 4.00% 6/15/40 | 1,000,000 | 1,064,920 | ||||||
North Harris County Regional | ||||||||
Water Authority | ||||||||
(Senior Lien) | ||||||||
4.00% 12/15/35 | 3,090,000 | 3,287,359 | ||||||
Port St. Lucie Florida Utility | ||||||||
Revenue | ||||||||
4.00% 9/1/34 | 1,000,000 | 1,068,110 | ||||||
San Antonio Water System | ||||||||
(Water System Junior Lien | ||||||||
Revenue) | ||||||||
Series B 5.00% 5/15/39 | 1,805,000 | 1,947,649 | ||||||
Texas Water Development Board | ||||||||
(State Water Implementation | ||||||||
Revenue Fund) | ||||||||
Series B 5.00% 10/15/38 | 8,000,000 | 9,300,800 | ||||||
51,260,728 | ||||||||
Total Municipal Bonds | ||||||||
(cost $618,143,643) | $ | 618,083,698 |
Number of | ||||||||
shares | ||||||||
Short-Term Investments — 0.19% | ||||||||
Money Market Mutual Funds — 0.19% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 1,149,447 | 1,149,447 | ||||||
Total Short-Term Investments | ||||||||
(cost $1,149,447) | 1,149,447 | |||||||
Total Value of Securities—99.82% | ||||||||
(cost $619,293,090) | $ | 619,233,145 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $45,679,918, which represents 7.36% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. | |
‡ | Non-income producing security. Security is currently in default. | |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
202
Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
ICE – Intercontinental Exchange, Inc.
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LLC – Limited Liability
Corporation
USD – US Dollar
203
Schedules of investments
Delaware Ivy Municipal High Income Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds — 96.56% | ||||||||
Corporate Revenue Bonds — 17.39% | ||||||||
Arizona Industrial Development | ||||||||
Authority Revenue | ||||||||
Series A 144A 7.75% 7/1/50 # | 1,000,000 | $ | 1,133,530 | |||||
(Legacy Cares, Inc. Project) | ||||||||
Series A 144A 6.00% | ||||||||
7/1/51 # | 5,350,000 | 5,557,099 | ||||||
Buckeye Ohio Tobacco | ||||||||
Settlement Financing Authority | ||||||||
Series B-2 5.00% 6/1/55 | 15,670,000 | 16,318,581 | ||||||
California County Tobacco | ||||||||
Securitization Agency | ||||||||
Series D 0.001% 6/1/55 ^ | 6,250,000 | 437,000 | ||||||
Chicago, Illinois O’Hare | ||||||||
International Airport Revenue | ||||||||
(Trips Obligated Group) | ||||||||
5.00% 7/1/48 | 1,000,000 | 1,100,200 | ||||||
Children’s Trust Fund | ||||||||
Series A 0.00% 5/15/57 ^ | 225,000,000 | 13,808,250 | ||||||
District of Columbia Tobacco | ||||||||
Settlement Financing | ||||||||
(Asset Backed Bonds) | ||||||||
Series C 0.15% 6/15/55 ^ | 110,000,000 | 9,004,600 | ||||||
Erie Tobacco Asset Securitization | ||||||||
(Asset Backed Bonds) | ||||||||
Series D 0.675% 6/1/55 ^ | 4,000,000 | 313,240 | ||||||
Finance Authority of Maine | ||||||||
(Casella Waste System | ||||||||
Project) | ||||||||
Series R-2 144A 4.375% | ||||||||
8/1/35 #, ● | 1,000,000 | 1,051,590 | ||||||
Florida Development Finance | ||||||||
Surface Transportation | ||||||||
Facilities Revenue | ||||||||
(Brightline Passenger Rail | ||||||||
Project) | ||||||||
Series B 144A 7.375% | ||||||||
1/1/49 (AMT) # | 7,500,000 | 7,923,825 | ||||||
Inland California Empire Tobacco | ||||||||
Securitization | ||||||||
Series F 144A 0.00% | ||||||||
6/1/57 #, ^ | 158,420,000 | 8,204,572 | ||||||
Kentucky Public Energy Authority | ||||||||
Series B 4.00% 1/1/49 ● | 5,000,000 | 5,188,500 | ||||||
Louisiana Public Facilities | ||||||||
Authority | ||||||||
(Louisiana Pellets Project) | ||||||||
Series A 8.375% 7/1/39 ‡ | 13,547,003 | 135 | ||||||
Louisiana Public Facilities | ||||||||
Authority | ||||||||
(Louisiana Pellets Project) | ||||||||
Series LA | ||||||||
144A 7.75% 7/1/39 #, ‡ | 1,976,705 | 20 | ||||||
Louisiana Public Facilities | ||||||||
Authority Solid Waste | ||||||||
Disposal Facility Revenue | ||||||||
(Louisiana Pellets Project) | ||||||||
Series B 10.50% 7/1/39 ‡ | 12,201,586 | 122 | ||||||
Lower Alabama Gas District | ||||||||
Series A 5.00% 9/1/46 | 6,000,000 | 7,051,020 | ||||||
Main Street Natural Gas | ||||||||
Series A 4.00% 5/15/39 | 5,500,000 | 5,676,770 | ||||||
Nassau County Tobacco | ||||||||
Settlement | ||||||||
Series A-3 5.125% 6/1/46 | 10,000,000 | 10,154,600 | ||||||
New Hampshire Business | ||||||||
Finance Authority | ||||||||
Series B 144A 3.75% | ||||||||
7/1/45 #, ● | 2,000,000 | 1,935,580 | ||||||
New Jersey Tobacco Settlement | ||||||||
Financing | ||||||||
Series B 5.00% 6/1/46 | 6,000,000 | 6,480,600 | ||||||
New York City Industrial | ||||||||
Development Agency | ||||||||
(Yankee Stadium Project) | ||||||||
Series A 3.00% 3/1/49 | 1,000,000 | 839,840 | ||||||
New York Counties Tobacco | ||||||||
Trust | ||||||||
Series F 0.00% 6/1/60 ^ | 55,000,000 | 3,161,400 | ||||||
New York Counties Tobacco | ||||||||
Trust V | ||||||||
144A 0.622% 6/1/60 #, ^ | 322,800,000 | 11,410,980 | ||||||
New York Counties Tobacco | ||||||||
Trust VI | ||||||||
(Tobacco Settlement Pass- | ||||||||
Through Bonds) | ||||||||
Series C 5.00% 6/1/51 | 1,000,000 | 1,055,150 | ||||||
New York Transportation | ||||||||
Development Corporation | ||||||||
Special Facilities Revenue | ||||||||
(Delta Air Lines - LaGuardia | ||||||||
Airport Terminals C&D | ||||||||
Redevelopment Project) | ||||||||
4.00% 1/1/36 (AMT) | 1,000,000 | 1,022,820 |
204
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Corporate Revenue Bonds (continued) | ||||||||
Public Authority for Colorado | ||||||||
Energy Natural Gas Revenue | ||||||||
6.50% 11/15/38 | 9,000,000 | $ | 12,128,400 | |||||
Public Finance Authority | ||||||||
Education Revenue | ||||||||
(Grand Hyatt San Antonio | ||||||||
Hotel Acquisition Project) | ||||||||
Series A 5.00% 2/1/62 | 3,030,000 | 3,176,078 | ||||||
San Diego Tobacco Settlement | ||||||||
Revenue | ||||||||
Series C 4.00% 6/1/32 | 710,000 | 729,085 | ||||||
Sanger Industrial Development | ||||||||
(Texas Pellets Project) | ||||||||
Series B 8.00% 7/1/38 ‡ | 17,870,000 | 4,467,500 | ||||||
Tobacco Securitization Authority | ||||||||
of Southern California | ||||||||
(San Diego County Tobacco | ||||||||
Asset Securitization | ||||||||
Corporation) | ||||||||
Series B-1 5.00% 6/1/48 | 975,000 | 1,056,773 | ||||||
Tobacco Settlement Financing | ||||||||
Series B 5.00% 6/1/50 | 5,000,000 | 5,266,800 | ||||||
Vermont Economic Development | ||||||||
Authority Solid Waste | ||||||||
Disposal Revenue | ||||||||
(Casella Waste System | ||||||||
Project) | ||||||||
144A 4.625% 4/1/36 #, ● | 1,000,000 | 1,081,160 | ||||||
Westchester Tobacco Asset | ||||||||
Securitization | ||||||||
Series B 5.00% 6/1/41 | 2,500,000 | 2,748,375 | ||||||
149,484,195 | ||||||||
Education Revenue Bonds — 13.09% | ||||||||
Arizona Industrial Development | ||||||||
Authority Revenue | ||||||||
Series B 144A 5.00% | ||||||||
3/1/42 # | 1,500,000 | 1,592,400 | ||||||
Arlington Higher Education | ||||||||
Finance | ||||||||
(KIPP Texas) | ||||||||
3.00% 8/15/49 | 4,000,000 | 3,689,600 | ||||||
(Newman International | ||||||||
Academy) | ||||||||
Series A 4.00% 8/15/31 | 200,000 | 197,836 | ||||||
Series A 5.00% 8/15/41 | 600,000 | 612,078 | ||||||
Series A 5.375% 8/15/36 | 4,585,000 | 4,780,779 | ||||||
California Educational Facilities | ||||||||
Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series V-1 5.00% 5/1/49 | 9,000,000 | 11,812,950 | ||||||
California Municipal Finance | ||||||||
Authority | ||||||||
(Julian Charter School) | ||||||||
Series A 144A 5.625% | ||||||||
3/1/45 # | 510,000 | 515,064 | ||||||
(Palmdale Aerospace | ||||||||
Academy) | ||||||||
Series A 144A 5.00% 7/1/41 # | 1,750,000 | 1,860,337 | ||||||
Series A 144A 5.00% 7/1/46 # | 1,670,000 | 1,766,493 | ||||||
California School Finance | ||||||||
Authority | ||||||||
(Aspire Public School) | ||||||||
144A 5.00% 8/1/41 # | 1,375,000 | 1,473,243 | ||||||
(Coastal Academy Project) | ||||||||
Series A 144A 5.00% | ||||||||
10/1/42 # | 1,200,000 | 1,210,548 | ||||||
(Rocketship Public Schools - | ||||||||
Obligated Group) | ||||||||
Series G | ||||||||
144A 5.00% 6/1/47 # | 675,000 | 706,786 | ||||||
Series G | ||||||||
144A 5.00% 6/1/53 # | 675,000 | 704,862 | ||||||
(Russell Westbrook Why Not | ||||||||
Academy - Obligated | ||||||||
Group) | ||||||||
Series A 144A 4.00% | ||||||||
6/1/51 # | 250,000 | 220,195 | ||||||
California Statewide | ||||||||
Communities Development | ||||||||
Authority Revenue | ||||||||
(California Baptist University) | ||||||||
Series A 144A 5.00% | ||||||||
11/1/41 # | 1,000,000 | 1,086,950 | ||||||
(University of California, Irvine | ||||||||
East Campus Apartments) | ||||||||
5.00% 5/15/40 | 1,500,000 | 1,627,335 | ||||||
Capital Trust Agency | ||||||||
8.25% 1/1/49 ‡ | 3,000,000 | 0 | ||||||
(Lutz Preparatory School | ||||||||
Project) | ||||||||
Series A 4.00% 6/1/41 | 330,000 | 342,415 |
205
Schedules of investments
Delaware Ivy Municipal High Income Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Education Revenue Bonds (continued) | ||||||||
Chester Economic Development | ||||||||
Authority Lease Revenue | ||||||||
(Chester Community Charter | ||||||||
School Project) | ||||||||
Series A 144A 5.625% | ||||||||
8/15/48 # | 12,000,000 | $ | 12,064,080 | |||||
Florida Development Finance | ||||||||
Corporation Educational | ||||||||
Facilities Revenue | ||||||||
(Renaissance Charter School | ||||||||
project) | ||||||||
Series A | ||||||||
144A 6.00% 6/15/35 # | 2,000,000 | 2,166,380 | ||||||
Series A 6.125% 6/15/44 | 5,300,000 | 5,569,611 | ||||||
Series C | ||||||||
144A 5.00% 9/15/50 # | 2,000,000 | 2,073,180 | ||||||
Florida Development Finance | ||||||||
Corporation Taxable Revenue | ||||||||
(Sculpture Charter School | ||||||||
Project) | ||||||||
Series A 7.25% 10/1/38 | 1,755,000 | 1,759,879 | ||||||
Iowa Finance Authority | ||||||||
(Childserve Project) | ||||||||
Series B 5.00% 6/1/36 | 2,425,000 | 2,444,546 | ||||||
Massachusetts Development | ||||||||
Finance Agency Revenue | ||||||||
Series V 5.00% 7/1/55 | 1,970,000 | 2,539,606 | ||||||
Michigan Finance Authority | ||||||||
Limited Obligation Revenue | ||||||||
(Hanley International | ||||||||
Academy Project) | ||||||||
5.00% 9/1/40 | 1,115,000 | 1,148,550 | ||||||
(Old Redford Academy | ||||||||
Project) | ||||||||
Series A 5.90% 12/1/30 | 1,850,000 | 1,850,370 | ||||||
Series A 6.50% 12/1/40 | 3,000,000 | 3,001,080 | ||||||
Michigan Public Educational | ||||||||
Facilities Authority Revenue | ||||||||
(Old Redford Project) | ||||||||
Series A 5.875% 12/1/30 | 1,720,000 | 1,720,310 | ||||||
Nevada Department of Business | ||||||||
& Industry State | ||||||||
(Somerset Academy) | ||||||||
Series A 144A 5.00% | ||||||||
12/15/48 # | 500,000 | 518,910 | ||||||
Nevada State Department of | ||||||||
Business & Industry | ||||||||
(Somerset Academy) | ||||||||
Series A 144A 5.125% | ||||||||
12/15/45 # | 2,515,000 | 2,623,497 | ||||||
Philadelphia Authority for | ||||||||
Industrial Development | ||||||||
(Mast Community Charter | ||||||||
School II Project) | ||||||||
5.00% 8/1/50 | 375,000 | 408,724 | ||||||
Phoenix, Arizona Industrial | ||||||||
Development Authority | ||||||||
Student Housing Revenue | ||||||||
(Downtown Phoenix Student | ||||||||
Housing) | ||||||||
Series A 5.00% 7/1/42 | 1,000,000 | 1,092,180 | ||||||
Pima County, Arizona Industrial | ||||||||
Development Authority | ||||||||
Revenue | ||||||||
(Noah webster Schools) | ||||||||
Series A 7.00% 12/15/43 | 1,500,000 | 1,589,235 | ||||||
Public Finance Authority | ||||||||
Education Revenue | ||||||||
(Cornerstone Charter | ||||||||
Academy Project) | ||||||||
Series A 144A 5.125% | ||||||||
2/1/46 # | 3,000,000 | 3,048,150 | ||||||
(Triad Educational Services) | ||||||||
Series A 144A 5.50% | ||||||||
6/15/45 # | 6,000,000 | 6,416,580 | ||||||
(Wittenberg University Project) | ||||||||
144A 5.25% 12/1/39 # | 5,000,000 | 5,158,400 | ||||||
University of Texas System | ||||||||
Board of Regents | ||||||||
Series B 5.00% 8/15/49 | 8,320,000 | 10,776,563 | ||||||
University of Virginia | ||||||||
(Green Bond) | ||||||||
Series 2 3.57% 4/1/45 | 10,000,000 | 10,372,000 | ||||||
112,541,702 | ||||||||
Electric Revenue Bonds — 3.39% | ||||||||
Arkansas River Power Authority | ||||||||
Series A 5.00% 10/1/43 | 5,000,000 | 5,479,700 |
206
Principal | Value | |||||||
amount° | (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Electric Revenue Bonds (continued) | ||||||||
Development Authority of Burke | ||||||||
County Pollution Control | ||||||||
Revenue | ||||||||
(Oglethrope Power | ||||||||
Corporation Vogtle Project) | ||||||||
Series A 1.50% 1/1/40 ● | 700,000 | $ | 686,091 | |||||
Indiana Finance Authority | ||||||||
Exempt Facility Revenue | ||||||||
(Ohio Valley Electric | ||||||||
Corporation Project) | ||||||||
Series A 5.00% 6/1/39 | 5,000,000 | 5,014,650 | ||||||
Puerto Rico Electric Power | ||||||||
Authority Revenue | ||||||||
Series TT 5.00% 7/1/23‡ | 2,785,000 | 2,666,637 | ||||||
Series TT 5.00% 7/1/37‡ | 3,730,000 | 3,571,475 | ||||||
Series WW 5.00% 7/1/28 ‡ | 2,635,000 | 2,523,013 | ||||||
Series WW 5.25% 7/1/33 ‡ | 430,000 | 413,875 | ||||||
Series XX 5.25% 7/1/40 ‡ | 7,500,000 | 7,218,750 | ||||||
Series XX 5.75% 7/1/36 ‡ | 1,630,000 | 1,581,100 | ||||||
29,155,291 | ||||||||
Healthcare Revenue Bonds — 17.17% | ||||||||
Arizona Industrial Development | ||||||||
Authority Revenue | ||||||||
(Great Lakes Senior Living | ||||||||
Communities LLC Project) | ||||||||
Series D-2 144A 7.75% | ||||||||
1/1/54 # | 2,100,000 | 1,475,544 | ||||||
(Third Tier - Great Lakes | ||||||||
Senior Living Communities) | ||||||||
Series C 144A 5.50% | ||||||||
1/1/54 # | 4,000,000 | 2,785,120 | ||||||
Bexar County Health Facilities | ||||||||
Development | ||||||||
(Army Retirement Residence | ||||||||
Foundation Project) | ||||||||
5.00% 7/15/41 | 5,395,000 | 5,607,131 | ||||||
California Educational Facilities | ||||||||
Authority Revenue | ||||||||
(Stanford University) | ||||||||
Series V-2 5.00% 4/1/51 | 8,710,000 | 11,519,411 | ||||||
California Municipal Finance | ||||||||
Authority | ||||||||
(Retirement Housing | ||||||||
Foundation Obligated | ||||||||
Group) | ||||||||
Series A 5.00% 11/15/31 | 750,000 | 840,233 | ||||||
California Statewide | ||||||||
Communities Development | ||||||||
Authority Revenue | ||||||||
(Loma Linda University | ||||||||
Medical Center) | ||||||||
Series A | ||||||||
144A 5.00% 12/1/46 # | 3,000,000 | 3,275,430 | ||||||
Series A | ||||||||
144A 5.25% 12/1/56 # | 2,500,000 | 2,733,850 | ||||||
Chicago | ||||||||
(Goldblatts Supportive Living | ||||||||
Project) | ||||||||
6.125% 12/1/43 | 8,560,000 | 6,002,871 | ||||||
Connecticut State Health & | ||||||||
Educational Facilities Authority | ||||||||
Revenue | ||||||||
(Church Home of Hartford | ||||||||
Incorporated Project) | ||||||||
Series A 144A 5.00% 9/1/46 # | 1,000,000 | 1,034,290 | ||||||
Series A 144A 5.00% 9/1/53 # | 1,600,000 | 1,649,648 | ||||||
Gainesville & Hall County | ||||||||
Hospital Authority Revenue | ||||||||
(Northeast Georgia Health | ||||||||
System Project) | ||||||||
Series A 3.00% 2/15/47 | 3,775,000 | 3,361,222 | ||||||
Illinois Finance Authority | ||||||||
(Northwestern Memorial | ||||||||
Healthcare) | ||||||||
Series A 4.00% 7/15/47 | 5,000,000 | 5,198,650 | ||||||
Kirkwood, Missouri Industrial | ||||||||
Development Authority | ||||||||
(Aberdeen Heights) | ||||||||
Series A 5.25% 5/15/50 | 4,000,000 | 4,089,640 | ||||||
Lenexa City, Kansas health Care | ||||||||
Facility Revenue | ||||||||
(Lakeview Village) | ||||||||
Series A 4.00% 5/15/34 | 1,000,000 | 1,030,610 | ||||||
Series A 5.00% 5/15/39 | 1,500,000 | 1,597,395 | ||||||
Martin County Health Facilities | ||||||||
Authority | ||||||||
(Cleveland Clinic Health | ||||||||
System Obligated Group) | ||||||||
Series A 4.00% 1/1/46 | 6,500,000 | 6,747,780 | ||||||
Michigan Finance Authority | ||||||||
Limited Obligation Revenue | ||||||||
Series A 3.00% 12/1/49 | 12,000,000 | 10,748,640 | ||||||
(Henry Ford Health System) | ||||||||
Series A 4.00% 11/15/50 | 2,000,000 | 2,076,480 |
207
Schedules of investments
Delaware Ivy Municipal High Income Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Healthcare Revenue Bonds (continued) | ||||||||
Muskingum County Ohio | ||||||||
Hospital Facilities Revenue | ||||||||
(Genesis HealthCare System | ||||||||
Obligated Group Project) | ||||||||
5.00% 2/15/48 | 5,000,000 | $ | 5,085,950 | |||||
Nassau County Industrial | ||||||||
Development Agency | ||||||||
(Amsterdam at Harborside | ||||||||
Project) | ||||||||
Series B 5.00% 1/1/58 ● | 10,884,206 | 8,355,261 | ||||||
New Hope Cultural Education | ||||||||
Facilities Finance | ||||||||
(Sanctuary LTC project) | ||||||||
Series A-1 5.50% 1/1/57 | 3,805,000 | 3,406,731 | ||||||
New Jersey Health Care | ||||||||
Facilities Financing Authority | ||||||||
(University Hospital) | ||||||||
Series A 5.00% 7/1/46 | 2,355,000 | 2,530,306 | ||||||
New Mexico Hospital Equipment | ||||||||
Loan Council | ||||||||
(Gerald Champion Regional | ||||||||
Medical Center Project) | ||||||||
Series A 5.50% 7/1/42 | 4,750,000 | 4,788,333 | ||||||
North Carolina Medical Care | ||||||||
Commission | ||||||||
(Novant Health Obligated | ||||||||
Group) | ||||||||
3.125% 11/1/49 | 8,500,000 | 7,847,625 | ||||||
Oklahoma Development Finance | ||||||||
Authority | ||||||||
(OU Medicine Project) | ||||||||
Series B 5.50% 8/15/57 | 3,000,000 | 3,252,630 | ||||||
Orange County New York | ||||||||
Funding Corporation Assisted | ||||||||
Living Residence Revenue | ||||||||
(The Hamlet at Wallkill | ||||||||
Assisted Living Project) | ||||||||
6.50% 1/1/46 | 4,900,000 | 4,666,515 | ||||||
Palomar Health | ||||||||
4.00% 11/1/39 | 4,375,000 | 4,571,044 | ||||||
Salem, Oregon Hospital Facility | ||||||||
Authority Revenue | ||||||||
(Capital Manor Project) | ||||||||
5.00% 5/15/53 | 1,895,000 | 2,025,982 | ||||||
Seminole County, Florida | ||||||||
Industrial Development | ||||||||
Authority | ||||||||
(Legacy Pointe at UCF | ||||||||
Project) | ||||||||
Series A 5.25% 11/15/39 | 2,000,000 | 2,040,100 | ||||||
Tarrant County Cultural | ||||||||
Education Facilities Finance | ||||||||
Series A 6.75% 11/15/47 | 1,000,000 | 1,066,900 | ||||||
(Air Force Villages Obligated | ||||||||
Group Project) | ||||||||
5.00% 5/15/45 | 8,650,000 | 8,924,983 | ||||||
(Buckner Senior Living - | ||||||||
Ventana Project) | ||||||||
Series A 6.75% 11/15/52 | 2,500,000 | 2,661,475 | ||||||
Terre Haute Revenue | ||||||||
(Westminster Village Project) | ||||||||
6.00% 8/1/39 | 4,000,000 | 4,014,560 | ||||||
UAB Medicine Finance Authority | ||||||||
(UAB Health System) | ||||||||
Series B 4.00% 9/1/48 | 2,500,000 | 2,677,875 | ||||||
Washington State Housing | ||||||||
Finance Commission | ||||||||
(Rockwood Retirement | ||||||||
Communities Project) | ||||||||
Series A 144A 7.50% | ||||||||
1/1/49 # | 5,000,000 | 5,309,350 | ||||||
Wisconsin Health & Educational | ||||||||
Facilities Authority | ||||||||
(Children’s Hospital of | ||||||||
Wisconsin) | ||||||||
3.00% 8/15/52 | 3,000,000 | 2,567,430 | ||||||
147,566,995 | ||||||||
Housing Revenue Bond — 0.07% | ||||||||
CSCDA Community | ||||||||
Improvement Authority | ||||||||
Essential Housing Revenue | ||||||||
(Parallel - Anaheim) | ||||||||
Series A 144A 4.00% | ||||||||
8/1/56 # | 700,000 | 628,376 | ||||||
628,376 | ||||||||
Lease Revenue Bonds — 2.03% | ||||||||
California Statewide | ||||||||
Communities Development | ||||||||
Authority Revenue | ||||||||
(Lancer Plaza Project) | ||||||||
5.625% 11/1/33 | 1,400,000 | 1,455,076 |
208
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Lease Revenue Bonds (continued) | ||||||||
California Statewide | ||||||||
Communities Development | ||||||||
Authority Revenue | ||||||||
(Lancer Plaza Project) | ||||||||
5.875%11/1/43 | 1,890,000 | $ | 1,965,222 | |||||
Metropolitan Pier & | ||||||||
Exposition Authority, Illinois | ||||||||
(McCormick Place Expansion | ||||||||
Project) | ||||||||
Series A 4.00% 12/15/42 | 3,035,000 | 3,042,102 | ||||||
Series A 4.00% 12/15/47 | 1,965,000 | 1,962,917 | ||||||
New Jersey Transportation Trust | ||||||||
Fund Authority | ||||||||
(Transportation Program | ||||||||
Bonds) | ||||||||
Series AA 4.50% 6/15/49 | 5,000,000 | 5,236,450 | ||||||
St Louis Municipal Finance | ||||||||
(Convention Center Capital | ||||||||
Improvement Project) | ||||||||
Series A 0.000% 7/15/36 ^ | 2,250,000 | 1,382,355 | ||||||
Series A 0.001% 7/15/37 ^ | 4,000,000 | 2,360,440 | ||||||
17,404,562 | ||||||||
Local General Obligation Bonds — 2.48% | ||||||||
City of Detroit, Michigan | ||||||||
5.25% 4/1/23 | 220,100 | 220,419 | ||||||
City of Fairfield, Alabama | ||||||||
6.00% 6/1/37 ‡ | 8,485,000 | 6,788,000 | ||||||
Mida Golf and Equestrian Center | ||||||||
Public Infrastructure District | ||||||||
144A 4.50% 6/1/51 # | 2,665,000 | 2,294,272 | ||||||
144A 4.625% 6/1/57 # | 2,310,000 | 1,974,703 | ||||||
New York State Dormitory | ||||||||
Authority Revenue | ||||||||
(School Districts) | ||||||||
Series A 5.00% 10/1/22 | 55,000 | 55,159 | ||||||
Village of Riverdale | ||||||||
8.00% 10/1/36 | 7,340,000 | 7,355,267 | ||||||
Wilkes-Barre Area School District | ||||||||
4.00% 4/15/54 | 2,500,000 | 2,649,625 | ||||||
21,337,445 | ||||||||
Pre-Refunded/Escrowed to Maturity Bonds — 5.15% | ||||||||
California School Finance | ||||||||
Authority | ||||||||
(Aspire Public School) | ||||||||
144A 5.00% 8/1/41-25 #, § | 125,000 | 136,919 | ||||||
Central Texas Regional Mobility | ||||||||
Authority Revenue | ||||||||
5.00% 1/1/33-23 § | 6,000,000 | 6,150,960 | ||||||
Central Texas Regional Mobility | ||||||||
Authority Revenue | ||||||||
5.00% 1/1/42-23 § | 3,000,000 | 3,075,480 | ||||||
Series A 5.00% 1/1/45-25 § | 4,000,000 | 4,376,480 | ||||||
Golden State California Tobacco | ||||||||
Securitization Corporate | ||||||||
Settlement Revenue | ||||||||
Series A 5.00% 6/1/35-25 § | 6,265,000 | 6,834,551 | ||||||
Series A-1 5.00% 6/1/29-27 § | 1,250,000 | 1,423,287 | ||||||
Kentucky Public Transportation | ||||||||
Infrastructure Authority | ||||||||
(Downtown Crossing Project) | ||||||||
Series A 5.75% | ||||||||
7/1/49-23 § | 4,000,000 | 4,195,800 | ||||||
New Jersey Economic | ||||||||
Development Authority | ||||||||
Revenue | ||||||||
5.00% 6/15/28-22 § | 1,000,000 | 1,007,980 | ||||||
5.00% 6/15/29-22 § | 500,000 | 503,990 | ||||||
North Texas Tollway Authority | ||||||||
Revenue Special Project | ||||||||
System Revenue | ||||||||
(Convertible Capital | ||||||||
Appreciation) | ||||||||
Series C 12.219% | ||||||||
9/1/43-31 §, ^ | 5,000,000 | 6,399,900 | ||||||
Osceola County Expressway | ||||||||
Authority | ||||||||
(Poinciana Parkway Project) | ||||||||
Series A 5.375% | ||||||||
10/1/47-24 § | 2,000,000 | 2,168,560 | ||||||
Philadelphia Authority for | ||||||||
Industrial Development | ||||||||
Revenue | ||||||||
(New Foundation Charter | ||||||||
School Project) | ||||||||
6.625% 12/15/41-22 § | 3,500,000 | 3,626,350 | ||||||
Savannah Economic | ||||||||
Development Authority | ||||||||
(The Marshes of Skidway | ||||||||
Island Project) | ||||||||
7.25% 1/1/49-24 § | 4,000,000 | 4,356,440 | ||||||
44,256,697 | ||||||||
Special Tax Revenue Bonds — 14.58% | ||||||||
Arizona Industrial Development | ||||||||
Authority Revenue | ||||||||
Series A 4.00% 9/15/33 | 9,000,000 | 9,525,780 |
209
Schedules of investments
Delaware Ivy Municipal High Income Fund
Principal | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Branson Industrial Development | ||||||||
Authority | ||||||||
(Branson Shoppes | ||||||||
Redevelopment Project) | ||||||||
Series A 3.90% 11/1/29 | 635,000 | $ | 613,918 | |||||
Broadway-Fairview | ||||||||
Transportation Development | ||||||||
District | ||||||||
(Columbia, Missouri) | ||||||||
Series A 5.875% 12/1/31 | 675,000 | 438,750 | ||||||
Series A 6.125% 12/1/36 | 1,050,000 | 682,500 | ||||||
City of Detroit, Michigan | ||||||||
Series A 4.613% 6/15/15 ‡ | 7,401,031 | 6,346,384 | ||||||
CPR Custodial Receipt | ||||||||
144A 0.00% 1/1/45 # | 12,000,000 | 11,670,000 | ||||||
GDB Debt Recovery Authority of | ||||||||
Puerto Rico | ||||||||
7.50% 8/20/40 | 38,871,538 | 36,539,246 | ||||||
Grandview Missouri Industrial | ||||||||
Development Authority Tax | ||||||||
Increment Revenue | ||||||||
(Grandview Crossing Project) | ||||||||
5.75% 12/1/28 ‡ | 1,000,000 | 300,000 | ||||||
Kansas City Tax Increment | ||||||||
Financing Commission Tax | ||||||||
Increment Revenue | ||||||||
(Brywood Centre Project) | ||||||||
Series A 8.00% 4/1/33 ‡ | 3,950,000 | 1,343,000 | ||||||
Kauai County Community | ||||||||
Facilities District | ||||||||
(Kukuiúla Development | ||||||||
Project) | ||||||||
5.75% 5/15/42 | 2,000,000 | 2,004,920 | ||||||
Lakeside 370 Levee District - | ||||||||
Subdistrict B | ||||||||
Series 2015-B 0.00% 4/1/55 | 2,781,105 | 486,693 | ||||||
Lees Summit Industrial | ||||||||
Development Authority | ||||||||
(Kensington Farms | ||||||||
Improvement Project) | ||||||||
5.75% 3/1/29 ‡ | 2,185,000 | 1,354,700 | ||||||
Marquis Community | ||||||||
Development Authority of York | ||||||||
County Virginia | ||||||||
Series B 5.625% 9/1/41 ‡ | 2,779,000 | 1,322,471 | ||||||
Marquis Community | ||||||||
Development Authority of York | ||||||||
County Virginia | ||||||||
(Capital Appreciation Bonds) | ||||||||
Series C 0.00% 9/1/41 ^ | 821,000 | 42,881 | ||||||
(Convertible Capital | ||||||||
Appreciation Bonds) | ||||||||
144A 7.50% 9/1/45 #, ‡ | 859,000 | 412,466 | ||||||
Puerto Rico Sales Tax Financing | ||||||||
Revenue | ||||||||
Series A-1 5.00% 7/1/58 | 8,400,000 | 8,951,796 | ||||||
Series A-2 4.536% 7/1/53 | 1,022,000 | 1,062,757 | ||||||
Series A-2 4.784% 7/1/58 | 7,572,000 | 7,979,525 | ||||||
Series B-1 4.75% 7/1/53 | 5,484,000 | 5,767,358 | ||||||
(Capital Appreciation - | ||||||||
Restructured) | ||||||||
Series A-1 4.949% 7/1/46 ^ | 5,600,000 | 1,718,304 | ||||||
Series A-1 5.216% 7/1/51 ^ | 29,369,000 | 6,538,421 | ||||||
Reno, Nevada Capital | ||||||||
Improvement Revenue | ||||||||
(Tax Exempt) | ||||||||
Series A-1 3.75% 6/1/39 | 3,165,000 | 3,272,040 | ||||||
Series A-1 4.00% 6/1/46 | 2,000,000 | 2,086,480 | ||||||
Reno, Sales Tax Revenue | ||||||||
(ReTRAC-RENO | ||||||||
Transportation Rail Access | ||||||||
Corridor Project) | ||||||||
Series A 5.00% 6/1/48 | 1,000,000 | 1,084,990 | ||||||
San Buenaventura | ||||||||
Redevelopment Agency | ||||||||
(Merged San Buenaventura | ||||||||
Redevelopment Project) | ||||||||
7.75% 8/1/28 | 1,000,000 | 1,004,210 | ||||||
8.00% 8/1/38 | 1,500,000 | 1,506,855 | ||||||
San Mateo, Special Tax | ||||||||
(Bay Meadows) | ||||||||
6.00% 9/1/42 | 4,000,000 | 4,052,360 | ||||||
Stone Canyon Community | ||||||||
Improvement District | ||||||||
(Infrastructure Improvement | ||||||||
Project) | ||||||||
5.75% 4/1/27 ‡ | 1,250,000 | 325,000 | ||||||
Village of East Dundee | ||||||||
(Route 25 South | ||||||||
Redevelopment Project) | ||||||||
5.625% 12/1/31 | 1,505,000 | 1,490,627 | ||||||
Whiting Redevelopment District | ||||||||
4.00% 1/15/32 | 2,600,000 | 2,426,918 |
210
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Special Tax Revenue Bonds (continued) | ||||||||
Wyandotte County-Kansas City | ||||||||
Unified Government | ||||||||
(Wyandotte Plaza | ||||||||
Redevelopment Project) | ||||||||
5.00% 12/1/34 | 3,000,000 | $ | 2,928,330 | |||||
125,279,680 | ||||||||
State General Obligation Bonds — 7.95% | ||||||||
Commonwealth of | ||||||||
Massachusetts | ||||||||
Series C 2.75% 3/1/50 | 5,000,000 | 4,304,050 | ||||||
Commonwealth of Puerto Rico | ||||||||
Series A 144A 5.50% 6/1/22 # | 12,990,000 | 13,233,562 | ||||||
Series A-1 2.993% 7/1/24 ^ | 1,180,532 | 1,077,932 | ||||||
Series A-1 4.00% 7/1/33 | 2,294,970 | 2,246,386 | ||||||
Series A-1 4.00% 7/1/35 | 2,062,872 | 1,996,716 | ||||||
Series A-1 4.00% 7/1/37 | 1,770,489 | 1,705,690 | ||||||
Series A-1 4.00% 7/1/41 | 2,407,187 | 2,294,964 | ||||||
Series A-1 4.00% 7/1/46 | 2,503,442 | 2,365,652 | ||||||
Series A-1 4.364% 7/1/33 ^ | 2,953,405 | 1,710,199 | ||||||
Series A-1 5.25% 7/1/23 | 2,563,144 | 2,626,274 | ||||||
Series A-1 5.375% 7/1/25 | 2,555,957 | 2,699,039 | ||||||
Series A-1 5.625% 7/1/27 | 2,532,807 | 2,769,321 | ||||||
Series A-1 5.625% 7/1/29 | 2,491,717 | 2,783,746 | ||||||
Series A-1 5.75% 7/1/31 | 2,420,184 | 2,762,616 | ||||||
Series C 2.646% 11/1/43 | 14,416,515 | 7,766,897 | ||||||
Series PIB | ||||||||
144A 0.01% 6/1/22 # | 2,500,000 | 2,481,250 | ||||||
(Custodial Receipts) | ||||||||
Series A | ||||||||
144A 3.707% 6/1/22 # | 3,130,000 | 3,106,525 | ||||||
Series A 144A 5.25% 6/1/22 # | 3,780,000 | 3,831,975 | ||||||
Illinois State | ||||||||
4.00% 6/1/32 | 6,410,000 | 6,610,825 | ||||||
68,373,619 | ||||||||
Transportation Revenue Bonds — 11.90% | ||||||||
Austin Texas Airport System | ||||||||
Revenue | ||||||||
5.00%11/15/24 | 1,650,000 | 1,763,058 | ||||||
California Municipal Finance | ||||||||
Authority | ||||||||
(LINXS APM Project) | ||||||||
Series A 4.00% 12/31/47 (AMT) | 6,650,000 | 6,726,608 | ||||||
Series A 5.00% 12/31/47 (AMT) | 1,500,000 | 1,621,560 | ||||||
Central Texas Regional Mobility | ||||||||
Authority Revenue | ||||||||
(Capital Appreciation Bonds) | ||||||||
0.002%1/1/36 ^ | 2,500,000 | 1,526,425 | ||||||
0.002%1/1/40 ^ | 2,000,000 | 1,027,960 | ||||||
Chicago, Illinois O’Hare | ||||||||
International Airport Revenue | ||||||||
Series A 4.375% 1/1/53 | 5,000,000 | 5,155,000 | ||||||
(General-Airport-Senior Lien) | ||||||||
Series B 4.00% 1/1/44 | 5,000,000 | 5,158,200 | ||||||
Colorado High Performance | ||||||||
Transportation Enterprise | ||||||||
Revenue | ||||||||
(Senior U.S. 36 & I- | ||||||||
25 Managed Lanes) | ||||||||
5.75% 1/1/44 (AMT) | 3,250,000 | 3,344,283 | ||||||
Dallas Fort Worth International | ||||||||
Airport, Texas | ||||||||
Series B 5.00% 11/1/44 | 5,000,000 | 5,089,600 | ||||||
Denver City & County Airport | ||||||||
System Revenue | ||||||||
Series A 4.00% | ||||||||
12/1/48 (AMT) | 5,000,000 | 5,092,200 | ||||||
Florida Development Finance | ||||||||
Corporation Surface | ||||||||
Transportation Facility | ||||||||
Revenue | ||||||||
(Brightline Florida Passenger | ||||||||
Rail Expansion Project) | ||||||||
Series A-1 144A 6.75% | ||||||||
12/1/56 (AMT) #, ● | 2,500,000 | 2,427,375 | ||||||
Foothill-Eastern Transportation | ||||||||
Corridor Agency, California | ||||||||
Series B-1 3.95% 1/15/53 ● | 2,800,000 | 2,850,988 | ||||||
Series B-2 3.50% 1/15/53 ● | 1,600,000 | 1,550,704 | ||||||
Grand Parkway Transportation | ||||||||
Corporation | ||||||||
Series C 3.00% 10/1/50 | 3,500,000 | 3,013,885 | ||||||
Kenton County Airport Board | ||||||||
5.00% 1/1/44 | 2,250,000 | 2,534,602 | ||||||
5.00% 1/1/49 | 2,250,000 | 2,520,608 | ||||||
Los Angeles Department of | ||||||||
Airports | ||||||||
Series F 3.00% 5/15/49 | 3,030,000 | 2,662,007 | ||||||
Metropolitan Transportation | ||||||||
Authority Revenue | ||||||||
(Green Bond) | ||||||||
Series B 4.00% 11/15/50 | 5,000,000 | 5,092,400 |
211
Schedules of investments
Delaware Ivy Municipal High Income Fund
Principal amount° | Value (US $) | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds (continued) | ||||||||
Metropolitan Washington Airports | ||||||||
Authority Dulles Toll Road | ||||||||
Revenue | ||||||||
(Convertible Capital | ||||||||
Appreciation Bonds) | ||||||||
Series B 6.50% 10/1/44 | 1,000,000 | $ | 1,222,960 | |||||
Mid-Bay Bridge Authority | ||||||||
Series A 5.00% 10/1/40 | 2,000,000 | 2,144,920 | ||||||
Montgomery County Toll Road | ||||||||
Authority | ||||||||
5.00% 9/15/48 | 1,000,000 | 1,064,190 | ||||||
New Jersey Turnpike Authority | ||||||||
Series A 4.00% 1/1/48 | 2,500,000 | 2,632,025 | ||||||
North Carolina Turnpike Authority | ||||||||
Triangle Expressway System | ||||||||
Revenue | ||||||||
(Capital Appreciation Bonds) | ||||||||
Series C 0.001% 7/1/41 ^ | 4,160,000 | 1,703,936 | ||||||
(Triangle Expressway System | ||||||||
Senior Lien Turnpike | ||||||||
Revenue Bonds) | ||||||||
4.00% 1/1/55 | 1,000,000 | 1,051,790 | ||||||
Pennsylvania Turnpike | ||||||||
Commission | ||||||||
Series E 6.375% 12/1/38 | 13,500,000 | 16,349,850 | ||||||
Phoenix, Arizona Civic | ||||||||
Improvement Corporation | ||||||||
Airport Revenue | ||||||||
Series B 3.25% 7/1/49 | 1,555,000 | 1,348,791 | ||||||
Port of Portland Oregon Airport | ||||||||
Revenue | ||||||||
5.00% 7/1/49 | 3,000,000 | 3,312,870 | ||||||
San Francisco City & County | ||||||||
Airport Comm-San Francisco | ||||||||
International Airport | ||||||||
Series A 4.00% 5/1/49 (AMT) | 1,250,000 | 1,279,825 | ||||||
Texas Private Activity Bond | ||||||||
Surface Transportation | ||||||||
Corporate Senior Lien | ||||||||
Revenue | ||||||||
(NTE Mobility Partners | ||||||||
Segments 3 LLC Segment | ||||||||
3C Project) | ||||||||
5.00% 6/30/58 (AMT) | 5,000,000 | 5,495,800 | ||||||
Texas Transportation | ||||||||
Commission | ||||||||
(First Tier Toll Revenue | ||||||||
Bonds) | ||||||||
Series A 5.00% 8/1/57 | 1,000,000 | 1,077,870 | ||||||
Virginia Small Business | ||||||||
Financing Authority Private | ||||||||
Activity Revenue | ||||||||
(Transform 66 P3 Project) | ||||||||
5.00% 12/31/56 (AMT) | 4,000,000 | 4,427,360 | ||||||
102,269,650 | ||||||||
Water & Sewer Revenue Bond — 1.36% | ||||||||
Jefferson County Alabama Sewer | ||||||||
Revenue | ||||||||
Series D 6.50% 10/1/53 | 10,470,000 | 11,662,533 | ||||||
11,662,533 | ||||||||
Total Municipal Bonds | ||||||||
(cost $892,331,685) | 829,960,745 |
Number of | ||||||||
shares | ||||||||
Short-Term Investments — 3.25% | ||||||||
Money Market Mutual Funds — 1.22% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 10,444,434 | 10,444,433 | ||||||
10,444,433 |
Principal | ||||||||
amount° | ||||||||
Variable Rate Demand Notes — 2.03%¤ | ||||||||
Los Angeles Department of | ||||||||
Water & Power System | ||||||||
Revenue | ||||||||
Series A 0.15% 7/1/45 | ||||||||
(SPA - TD Bank N.A.) | 5,500,000 | 5,500,000 | ||||||
Subordinate Series A- | ||||||||
1 0.15% 7/1/50 (SPA - Royal | ||||||||
Bank Of Canada) | 4,000,000 | 4,000,000 | ||||||
Subordinate Series B- | ||||||||
3 0.15% 7/1/34 (SPA - | ||||||||
Barclays Bank) | 500,000 | 500,000 |
212
Principal | Value | |||||||
amount° | (US $) | |||||||
Variable Rate Demand Notes (continued) | ||||||||
Massachusetts Development | ||||||||
Finance Agency Revenue | ||||||||
(Boston university Issue) | ||||||||
Series U-6E 0.14% 10/1/42 | ||||||||
(LOC - TD Bank N.A.) | 400,000 | $ | 400,000 | |||||
Mississippi Business Finance | ||||||||
Corporation Gulf Opportunity | ||||||||
Zone Industrial Development | ||||||||
Revenue | ||||||||
(Chevron U.S.A. Inc. Project) | ||||||||
Series A 0.25% 11/1/35 | 600,000 | 600,000 | ||||||
Series B 0.25% 12/1/30 | 2,000,000 | 2,000,000 | ||||||
Series D 0.25% 11/1/35 | 1,145,000 | 1,145,000 | ||||||
New York City | ||||||||
Fiscal 2018 Subordinate | ||||||||
Series B-4 0.43% 10/1/46 | 1,500,000 | 1,500,000 | ||||||
Series F-5 0.43% 6/1/44 (SPA | ||||||||
- Barclays Bank) | 1,800,000 | 1,800,000 | ||||||
17,445,000 | ||||||||
Total Short-Term Investments | ||||||||
(cost $27,889,433) | 27,889,433 | |||||||
Total Value of Securities — 99.81% | ||||||||
(cost $920,221,118) | $ | 857,850,178 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $143,965,066, which represents 16.75% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. | |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. | |
‡ | Non-income producing security. Security is currently in default. | |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.” | |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of March 31, 2022. |
Summary of abbreviations:
AMT – Subject to Alternative Minimum Tax
KIPP – Knowledge is Power Program
LLC – Limited Liability Corporation
LOC – Letter of Credit
N.A. – National Association
SPA – Stand-by Purchase Agreement
See accompanying notes, which are an integral part of the financial statements.
213
Schedules of investments
Delaware Ivy Securian Core Bond Fund
March 31, 2022
Principal | Value | |||||||
amount° | (US $) | |||||||
Agency Collateralized Mortgage Obligations — 2.48% | ||||||||
Fannie Mae Connecticut Avenue | ||||||||
Securities | ||||||||
Series 2014-C01 M2 4.857% | ||||||||
(LIBOR01M + 4.40%) | ||||||||
1/25/24 ● | 1,439,137 | $ | 1,488,506 | |||||
Series 2015-C01 1M2 4.757% | ||||||||
(LIBOR01M + 4.30%) | ||||||||
2/25/25 ● | 492,493 | 496,176 | ||||||
Series 2016-C05 2M2 4.907% | ||||||||
(LIBOR01M + 4.45%, Floor | ||||||||
4.45%) 1/25/29 ● | 3,217,786 | 3,341,097 | ||||||
Freddie Mac REMICs | ||||||||
Series 2557 HL 5.30% | ||||||||
1/15/33 | 26,642 | 28,393 | ||||||
Freddie Mac Structured Agency | ||||||||
Credit Risk Debt Notes | ||||||||
Series 2014-DN4 M3 5.007% | ||||||||
(LIBOR01M + 4.55%) | ||||||||
10/25/24 ● | 459,696 | 467,945 | ||||||
Series 2015-DNA1 M3 | ||||||||
3.757% (LIBOR01M + 3.30%) | ||||||||
10/25/27 ● | 3,956,189 | 4,008,698 | ||||||
Series 2015-HQA2 M3 | ||||||||
5.257% (LIBOR01M + 4.80%) | ||||||||
5/25/28 ● | 1,718,667 | 1,770,789 | ||||||
Series 2016-DNA1 M3 | ||||||||
6.007% (LIBOR01M + 5.55%) | ||||||||
7/25/28 ● | 3,003,879 | 3,199,373 | ||||||
Series 2017-DNA2 M2R | ||||||||
1.407% (LIBOR01M + 0.95%) | ||||||||
10/25/29 ● | 5,289,223 | 5,049,489 | ||||||
Freddie Mac Whole Loan | ||||||||
Securities Trust | ||||||||
Series 2015-SC01 1A 3.50% | ||||||||
5/25/45 | 664,628 | 652,543 | ||||||
Series 2016-SC02 1A 3.00% | ||||||||
10/25/46 | 205,363 | 198,426 | ||||||
GNMA | ||||||||
Series 2005-23 IO 1.00% | ||||||||
6/17/45 ● | 62,770 | 4 | ||||||
Total Agency Collateralized Mortgage | ||||||||
Obligations | ||||||||
(cost $21,217,363) | 20,701,439 | |||||||
Agency Commercial Mortgage-Backed Securities — 0.83% | ||||||||
Multifamily Connecticut Avenue | ||||||||
Securities Trust | ||||||||
Series 2019-01 M10 144A | ||||||||
3.707% (LIBOR01M + 3.25%, | ||||||||
Floor 3.25%) 10/15/49 #, ● | 7,000,000 | 6,622,310 | ||||||
Multifamily Connecticut Avenue | ||||||||
Securities Trust | ||||||||
Series 2019-01 M7 144A | ||||||||
2.157% (LIBOR01M + 1.70%, | ||||||||
Floor 1.70%) 10/15/49 #, ● | 334,202 | 327,738 | ||||||
Total Agency Commercial Mortgage-Backed | ||||||||
Securities | ||||||||
(cost $7,395,218) | 6,950,048 | |||||||
Agency Mortgage-Backed Securities — 3.76% | ||||||||
Fannie Mae | ||||||||
2.50%11/1/27 | 267,322 | 266,492 | ||||||
5.50%2/1/36 | 13,132 | 13,759 | ||||||
Fannie Mae S.F. 10 yr | ||||||||
3.00%9/1/22 | 10,836 | 10,923 | ||||||
Fannie Mae S.F. 15 yr | ||||||||
3.50%11/1/25 | 67,939 | 69,415 | ||||||
3.50%6/1/26 | 126,121 | 128,907 | ||||||
4.50%4/1/25 | 21,702 | 22,310 | ||||||
6.00%8/1/23 | 9,887 | 10,043 | ||||||
Fannie Mae S.F. 20 yr | ||||||||
3.50%12/1/32 | 556,147 | 563,150 | ||||||
5.00%7/1/23 | 8,770 | 9,215 | ||||||
5.50%2/1/24 | 5,149 | 5,464 | ||||||
Fannie Mae S.F. 30 yr | ||||||||
3.00%9/1/42 | 832,882 | 830,454 | ||||||
3.00%5/1/43 | 1,174,293 | 1,172,465 | ||||||
3.00%1/1/46 | 735,492 | 724,432 | ||||||
3.50%4/1/41 | 680,574 | 694,177 | ||||||
3.50%11/1/41 | 1,054,690 | 1,075,882 | ||||||
3.50%1/1/42 | 292,623 | 298,503 | ||||||
3.50%8/1/42 | 722,909 | 737,414 | ||||||
3.50%1/1/43 | 352,285 | 359,325 | ||||||
3.50%2/1/43 | 638,232 | 651,050 | ||||||
3.50%5/1/45 | 245,208 | 245,947 | ||||||
3.50%6/1/45 | 565,937 | 572,347 | ||||||
3.50%7/1/45 | 669,879 | 681,602 | ||||||
3.50%8/1/45 | 247,445 | 248,231 | ||||||
3.50%8/1/45 | 204,941 | 205,503 | ||||||
3.50%9/1/45 | 546,503 | 555,951 | ||||||
4.00%12/1/40 | 222,604 | 229,288 | ||||||
4.00%4/1/41 | 491,280 | 513,936 | ||||||
4.00%8/1/41 | 212,757 | 222,523 | ||||||
4.00%9/1/41 | 294,667 | 308,244 | ||||||
4.00%10/1/41 | 393,261 | 410,930 | ||||||
4.00%1/1/44 | 485,093 | 506,472 | ||||||
4.00%4/1/44 | 937,005 | 977,652 | ||||||
4.00%2/1/47 | 295,114 | 304,281 | ||||||
4.50%5/1/35 | 57,402 | 60,656 | ||||||
4.50%7/1/35 | 74,026 | 78,217 | ||||||
4.50%6/1/39 | 46,525 | 49,502 |
214
Principal | Value | |||||||
amount° | (US $) | |||||||
Agency Mortgage-Backed Securities (continued) | ||||||||
Fannie Mae S.F. 30 yr | ||||||||
4.50% 10/1/40 | 225,665 | $ | 240,129 | |||||
4.50% 4/1/41 | 94,255 | 100,311 | ||||||
4.50% 4/1/41 | 416,550 | 443,329 | ||||||
4.50% 4/1/41 | 126,906 | 134,147 | ||||||
4.50% 7/1/41 | 83,284 | 87,930 | ||||||
4.50% 7/1/41 | 187,266 | 199,216 | ||||||
5.00% 3/1/34 | 4,184 | 4,451 | ||||||
5.00% 5/1/34 | 3,050 | 3,229 | ||||||
5.00% 12/1/34 | 123,279 | 133,232 | ||||||
5.00% 7/1/35 | 15,841 | 16,856 | ||||||
5.00% 7/1/35 | 123,514 | 133,487 | ||||||
5.00% 7/1/35 | 20,522 | 22,078 | ||||||
5.00% 7/1/35 | 1,575 | 1,673 | ||||||
5.00% 7/1/35 | 3,102 | 3,266 | ||||||
5.00% 7/1/35 | 3,234 | 3,406 | ||||||
5.00% 2/1/36 | 12,072 | 13,060 | ||||||
5.00% 4/1/38 | 75,815 | 82,143 | ||||||
5.00% 12/1/39 | 134,376 | 146,086 | ||||||
5.00% 3/1/40 | 275,353 | 297,168 | ||||||
5.00% 4/1/41 | 87,162 | 94,305 | ||||||
5.50% 4/1/33 | 135,634 | 148,470 | ||||||
5.50% 5/1/33 | 7,626 | 8,346 | ||||||
5.50% 1/1/34 | 22,300 | 24,411 | ||||||
5.50% 1/1/34 | 23,572 | 25,808 | ||||||
5.50% 3/1/34 | 658 | 707 | ||||||
5.50% 3/1/34 | 10,382 | 11,240 | ||||||
5.50% 4/1/34 | 781 | 855 | ||||||
5.50% 4/1/34 | 6,658 | 7,286 | ||||||
5.50% 9/1/34 | 68,667 | 73,206 | ||||||
5.50% 11/1/34 | 32,435 | 35,393 | ||||||
5.50% 11/1/34 | 63,260 | 67,290 | ||||||
5.50% 1/1/35 | 83,027 | 90,624 | ||||||
5.50% 1/1/35 | 19,246 | 20,454 | ||||||
5.50% 2/1/35 | 19,213 | 21,033 | ||||||
5.50% 2/1/35 | 182,492 | 199,760 | ||||||
5.50% 2/1/35 | 8,020 | 8,605 | ||||||
5.50% 4/1/35 | 50,441 | 54,611 | ||||||
5.50% 6/1/35 | 1,943 | 2,095 | ||||||
5.50% 7/1/35 | 16,449 | 17,653 | ||||||
5.50% 8/1/35 | 2,824 | 3,092 | ||||||
5.50% 10/1/35 | 90,987 | 98,564 | ||||||
5.50% 11/1/35 | 16,400 | 17,959 | ||||||
5.50% 11/1/35 | 21,878 | 23,668 | ||||||
5.50% 9/1/36 | 70,502 | 77,169 | ||||||
5.50% 11/1/36 | 25,802 | 28,228 | ||||||
5.50% 6/1/37 | 23,673 | 26,063 | ||||||
5.50% 12/1/39 | 65,735 | 72,466 | ||||||
6.00% 8/1/29 | 10,089 | 10,764 | ||||||
6.00% 9/1/32 | 7,000 | 7,745 | ||||||
6.00%10/1/32 | 83,825 | 92,428 | ||||||
Fannie Mae S.F. 30 yr | ||||||||
6.00% 10/1/32 | 45,153 | 49,216 | ||||||
6.00% 11/1/32 | 92,538 | 102,394 | ||||||
6.00% 11/1/32 | 29,742 | 32,865 | ||||||
6.00% 3/1/33 | 23,262 | 24,837 | ||||||
6.00% 3/1/33 | 11,499 | 12,392 | ||||||
6.00% 3/1/33 | 76,186 | 83,710 | ||||||
6.00% 6/1/33 | 20,539 | 21,916 | ||||||
6.00% 10/1/33 | 29,502 | 31,506 | ||||||
6.00% 12/1/33 | 34,158 | 37,681 | ||||||
6.00% 1/1/34 | 13,993 | 15,467 | ||||||
6.00% 8/1/34 | 18,974 | 20,311 | ||||||
6.00% 9/1/34 | 27,605 | 30,648 | ||||||
6.00% 11/1/34 | 60,429 | 65,204 | ||||||
6.00% 11/1/36 | 17,125 | 19,129 | ||||||
6.00% 1/1/37 | 16,969 | 18,932 | ||||||
6.00% 5/1/37 | 41,042 | 45,808 | ||||||
6.00% 8/1/37 | 22,839 | 25,370 | ||||||
6.00% 10/1/38 | 44,269 | 48,756 | ||||||
6.50% 12/1/31 | 2,936 | 3,195 | ||||||
6.50% 2/1/32 | 14,961 | 16,376 | ||||||
6.50% 2/1/32 | 8,288 | 9,060 | ||||||
6.50% 2/1/32 | 15,259 | 16,702 | ||||||
6.50% 4/1/32 | 6,063 | 6,647 | ||||||
6.50% 5/1/32 | 6,342 | 6,809 | ||||||
6.50% 5/1/32 | 3,990 | 4,284 | ||||||
6.50% 7/1/32 | 3,688 | 4,007 | ||||||
6.50% 8/1/32 | 2,515 | 2,700 | ||||||
6.50% 8/1/32 | 3,866 | 4,188 | ||||||
6.50% 9/1/32 | 7,150 | 7,676 | ||||||
6.50% 9/1/32 | 2,199 | 2,386 | ||||||
6.50% 9/1/32 | 6,670 | 7,160 | ||||||
6.50% 10/1/32 | 13,764 | 14,938 | ||||||
6.50% 8/1/33 | 7,102 | 7,624 | ||||||
6.50% 9/1/34 | 24,925 | 26,758 | ||||||
6.50% 11/1/34 | 2,288 | 2,496 | ||||||
6.50% 3/1/35 | 56,022 | 60,942 | ||||||
7.00% 9/1/31 | 2,227 | 2,359 | ||||||
7.00% 11/1/31 | 30,962 | 33,154 | ||||||
7.00% 2/1/32 | 4,038 | 4,280 | ||||||
7.00% 2/1/32 | 18,023 | 19,868 | ||||||
7.00% 3/1/32 | 36,440 | 40,541 | ||||||
7.00% 10/1/37 | 14,464 | 15,104 | ||||||
7.50% 5/1/31 | 10,134 | 10,883 | ||||||
Freddie Mac S.F. 15 yr | ||||||||
2.50% 3/1/28 | 154,964 | 153,564 | ||||||
2.50% 4/1/28 | 150,992 | 149,608 | ||||||
3.50% 8/1/26 | 101,030 | 103,248 | ||||||
5.00% 4/1/23 | 11,849 | 12,076 | ||||||
Freddie Mac S.F. 20 yr | ||||||||
3.50%5/1/32 | 364,255 | 368,827 |
215
Schedules of investments
Delaware Ivy Securian Core Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Agency Mortgage-Backed Securities (continued) | ||||||||
Freddie Mac S.F. 20 yr | ||||||||
5.00% 5/1/29 | 15,129 | $ | 16,064 | |||||
Freddie Mac S.F. 30 yr | ||||||||
3.00% 8/1/42 | 488,727 | 488,268 | ||||||
3.00% 1/1/43 | 662,276 | 661,310 | ||||||
3.00% 2/1/43 | 874,895 | 874,070 | ||||||
3.50% 8/1/42 | 483,602 | 493,312 | ||||||
4.00% 10/1/40 | 106,827 | 109,440 | ||||||
4.00% 11/1/40 | 252,334 | 263,678 | ||||||
4.00% 2/1/41 | 523,615 | 546,484 | ||||||
4.00% 3/1/41 | 175,832 | 183,923 | ||||||
4.00% 6/1/41 | 202,954 | 211,788 | ||||||
4.00% 8/1/41 | 97,357 | 101,847 | ||||||
4.00% 11/1/41 | 1,063,284 | 1,112,316 | ||||||
4.50% 1/1/41 | 175,952 | 186,756 | ||||||
4.50% 3/1/41 | 108,949 | 115,563 | ||||||
4.50% 4/1/41 | 167,174 | 176,762 | ||||||
4.50% 4/1/41 | 162,198 | 172,163 | ||||||
5.00% 9/1/34 | 208 | 219 | ||||||
5.00% 8/1/35 | 14,810 | 16,031 | ||||||
5.00% 11/1/35 | 40,823 | 44,172 | ||||||
5.00% 12/1/35 | 9,502 | 10,255 | ||||||
5.00% 11/1/39 | 40,149 | 43,457 | ||||||
5.00% 1/1/40 | 314,971 | 340,650 | ||||||
5.00% 4/1/40 | 57,631 | 62,375 | ||||||
5.00% 8/1/40 | 59,236 | 63,621 | ||||||
5.50% 5/1/34 | 56,150 | 60,802 | ||||||
5.50% 5/1/34 | 109,609 | 120,303 | ||||||
5.50% 6/1/34 | 41,129 | 45,047 | ||||||
5.50% 9/1/34 | 1,114 | 1,203 | ||||||
5.50% 10/1/34 | 67,962 | 73,138 | ||||||
5.50% 7/1/35 | 9,688 | 10,546 | ||||||
5.50% 7/1/35 | 10,855 | 11,889 | ||||||
5.50% 10/1/35 | 24,330 | 26,645 | ||||||
5.50% 3/1/38 | 78,165 | 86,167 | ||||||
5.50% 2/1/39 | 127,516 | 140,109 | ||||||
6.00% 11/1/33 | 15,557 | 17,111 | ||||||
6.50% 9/1/32 | 11,491 | 12,674 | ||||||
6.50% 5/1/34 | 61,761 | 68,413 | ||||||
6.50% 7/1/36 | 6,131 | 6,582 | ||||||
7.00% 12/1/37 | 19,440 | 21,141 | ||||||
GNMA I | ||||||||
6.25% 7/15/24 | 13,782 | 13,665 | ||||||
GNMA I S.F. 30 yr | ||||||||
3.00% 3/15/45 | 1,058,911 | 1,049,179 | ||||||
4.00% 1/15/41 | 196,219 | 207,583 | ||||||
4.00% 10/15/41 | 114,109 | 119,150 | ||||||
4.50% 6/15/40 | 153,725 | 166,961 | ||||||
5.00% 7/15/33 | 40,528 | 44,280 | ||||||
5.00% 7/15/34 | 32,662 | 35,642 | ||||||
5.00% 1/15/35 | 55,476 | 60,979 | ||||||
GNMA I S.F. 30 yr | ||||||||
5.00% 12/15/35 | 89,789 | 97,195 | ||||||
5.00% 12/15/39 | 53,218 | 58,534 | ||||||
5.00% 1/15/40 | 258,856 | 284,084 | ||||||
5.00% 7/15/40 | 48,044 | 52,178 | ||||||
5.50% 12/15/34 | 26,756 | 29,583 | ||||||
5.50% 12/15/34 | 15,758 | 17,237 | ||||||
5.50% 7/15/38 | 43,741 | 47,966 | ||||||
5.50% 10/15/38 | 65,297 | 71,862 | ||||||
GNMA II | ||||||||
3.25% 11/20/35 | 391,359 | 394,610 | ||||||
4.00% 8/20/31 | 315,822 | 334,585 | ||||||
4.00% 6/20/36 | 524,466 | 541,764 | ||||||
GNMA II S.F. 30 yr | ||||||||
3.50% 10/20/43 | 480,025 | 492,839 | ||||||
3.50% 2/20/45 | 587,872 | 601,655 | ||||||
3.50% 4/20/46 | 258,136 | 263,054 | ||||||
4.00% 12/20/40 | 224,959 | 233,962 | ||||||
4.00% 12/20/44 | 153,609 | 161,390 | ||||||
Vendee Mortgage Trust | ||||||||
5.919%2/15/25● | 16,971 | 17,566 | ||||||
7.792%2/15/25 | 1,984 | 2,067 | ||||||
Total Agency Mortgage-Backed Securities | ||||||||
(cost $31,263,125) | 31,449,623 | |||||||
Corporate Bonds — 43.14% | ||||||||
Banking — 8.47% | ||||||||
Bank of America 1.922% | ||||||||
10/24/31 μ | 7,500,000 | 6,523,472 | ||||||
Bank of New York Mellon 3.75% | ||||||||
12/20/26 μ, ψ | 3,000,000 | 2,780,700 | ||||||
Citigroup 1.281% 11/3/25 μ | 3,650,000 | 3,476,699 | ||||||
Discover Bank 3.45% 7/27/26 | 3,975,000 | 3,957,733 | ||||||
Goldman Sachs Group 2.383% | ||||||||
7/21/32 μ | 3,775,000 | 3,350,335 | ||||||
JPMorgan Chase & Co. 1.764% | ||||||||
11/19/31 μ | 5,000,000 | 4,317,267 | ||||||
Macquarie Group 144A 2.691% | ||||||||
6/23/32 #, *, μ | 10,825,000 | 9,548,495 | ||||||
Morgan Stanley 3.125% 7/27/26 | 1,400,000 | 1,389,211 | ||||||
PNC Bank 3.875% 4/10/25 | 7,250,000 | 7,395,420 | ||||||
State Street 2.20% 3/3/31 | 4,947,000 | 4,473,032 | ||||||
Synovus Financial 3.125% | ||||||||
11/1/22 | 5,680,000 | 5,705,488 | ||||||
Truist Financial 5.05% | ||||||||
12/15/24 μ, ψ | 2,765,000 | 2,668,225 | ||||||
US Bancorp | ||||||||
3.00%7/30/29 | 2,700,000 | 2,648,998 | ||||||
5.30% 4/15/27 μ, ψ | 1,675,000 | 1,655,872 | ||||||
Wells Fargo & Co. | ||||||||
2.393% 6/2/28 μ | 10,000,000 | 9,467,404 |
216
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Banking (continued) | ||||||||
Wells Fargo & Co. | ||||||||
3.00% 10/23/26 | 1,500,000 | $ | 1,480,729 | |||||
70,839,080 | ||||||||
Brokerage — 0.82% | ||||||||
Charles Schwab 3.838% | ||||||||
LIBOR03M + 3.32% | ||||||||
6/1/22 *, ψ, ● | 4,200,000 | 4,190,340 | ||||||
Pine Street Trust I 144A 4.572% | ||||||||
2/15/29 # | 2,550,000 | 2,657,722 | ||||||
6,848,062 | ||||||||
Capital Goods — 0.20% | ||||||||
Sealed Air 144A 1.573% | ||||||||
10/15/26 # | 1,775,000 | 1,619,705 | ||||||
1,619,705 | ||||||||
Communications — 1.37% | ||||||||
AT&T | ||||||||
2.30% 6/1/27 | 1,100,000 | 1,049,926 | ||||||
3.55% 9/15/55 | 7,512,000 | 6,651,038 | ||||||
3.65% 6/1/51 | 1,100,000 | 1,004,424 | ||||||
Crown Castle Towers 144A | ||||||||
4.241% 7/15/48 # | 2,675,000 | 2,746,588 | ||||||
11,451,976 | ||||||||
Consumer Non-Cyclical — 5.63% | ||||||||
Bio-Rad Laboratories 3.30% | ||||||||
3/15/27 | 2,000,000 | 1,971,269 | ||||||
Block Financial | ||||||||
2.50% 7/15/28 | 2,300,000 | 2,102,953 | ||||||
3.875% 8/15/30 | 2,331,000 | 2,293,252 | ||||||
Bunge Finance | ||||||||
1.63% 8/17/25 | 1,192,000 | 1,130,443 | ||||||
2.75% 5/14/31 | 1,750,000 | 1,612,892 | ||||||
CVS Pass Through Trust | ||||||||
6.036% 12/10/28 ◆ | 6,337,054 | 6,787,062 | ||||||
6.943% 1/10/30 ◆ | 2,781,893 | 3,114,157 | ||||||
Johnson & Johnson 2.25% | ||||||||
9/1/50 | 4,600,000 | 3,781,843 | ||||||
New York and Presbyterian | ||||||||
Hospital | ||||||||
2.256% 8/1/40 | 7,950,000 | 6,316,583 | ||||||
2.606% 8/1/60 | 1,600,000 | 1,242,197 | ||||||
NYU Langone Hospitals | ||||||||
3.38% 7/1/55 | 6,675,000 | 5,949,791 | ||||||
4.428% 7/1/42 | 2,315,000 | 2,531,456 | ||||||
Triton Container International | ||||||||
144A 2.05% 4/15/26 # | 4,000,000 | 3,734,788 | ||||||
144A 3.15% 6/15/31 # | 2,610,000 | 2,389,041 | ||||||
Viatris 3.85% 6/22/40 | 2,430,000 | 2,108,032 | ||||||
47,065,759 | ||||||||
Energy — 6.15% | ||||||||
Boardwalk Pipelines | ||||||||
3.375% 2/1/23 | 856,000 | 860,578 | ||||||
4.95% 12/15/24 | 4,051,000 | 4,187,622 | ||||||
5.95% 6/1/26 * | 496,000 | 536,188 | ||||||
DT Midstream | ||||||||
144A 4.125% 6/15/29 # | 3,200,000 | 3,072,928 | ||||||
144A 4.375% 6/15/31 # | 1,600,000 | 1,534,736 | ||||||
El Paso Natural Gas 8.375% | ||||||||
6/15/32 | 2,000,000 | 2,601,566 | ||||||
Energy Transfer 6.85% 2/15/40 | 1,265,000 | 1,450,185 | ||||||
Enterprise Products Operating | ||||||||
3.30% LIBOR03M + 2.78% | ||||||||
6/1/67 ● | 5,750,000 | 4,897,534 | ||||||
Equinor 3.00% 4/6/27 * | 6,600,000 | 6,577,592 | ||||||
HollyFrontier 2.625% 10/1/23 * | 6,500,000 | 6,437,226 | ||||||
Marathon Petroleum 5.85% | ||||||||
12/15/45 | 3,727,000 | 4,159,184 | ||||||
Midwest Connector Capital 144A | ||||||||
3.625% 4/1/22 #, * | 5,550,000 | 5,550,000 | ||||||
NGPL PipeCo 144A 3.25% | ||||||||
7/15/31 # | 3,125,000 | 2,922,262 | ||||||
Rattler Midstream 144A 5.625% | ||||||||
7/15/25 # | 2,500,000 | 2,540,775 | ||||||
Tennessee Gas Pipeline 8.375% | ||||||||
6/15/32 | 3,200,000 | 4,127,740 | ||||||
51,456,116 | ||||||||
Finance Companies — 0.83% | ||||||||
Main Street Capital 3.00% | ||||||||
7/14/26 | 3,200,000 | 2,971,177 | ||||||
Owl Rock Capital 144A 3.125% | ||||||||
4/13/27 # | 4,500,000 | 3,987,663 | ||||||
6,958,840 | ||||||||
Insurance — 2.56% | ||||||||
Athene Global Funding 144A | ||||||||
2.80% 5/26/23 #, * | 5,000,000 | 5,003,370 | ||||||
Equitable Financial Life Global | ||||||||
Funding 144A 1.40% | ||||||||
7/7/25 #, * | 5,850,000 | 5,498,231 | ||||||
Security Benefit Global Funding | ||||||||
144A 1.25% 5/17/24 # | 5,450,000 | 5,212,333 | ||||||
Teachers Insurance & Annuity | ||||||||
Association of America 144A | ||||||||
4.27% 5/15/47 # | 5,000,000 | 5,304,202 | ||||||
Unum Group 5.75% 8/15/42 | 324,000 | 344,848 | ||||||
21,362,984 | ||||||||
Real Estate Investment Trusts — 0.73% | ||||||||
American Tower Trust #1 144A | ||||||||
3.07% 3/15/48 # | 3,100,000 | 3,081,411 |
217
Schedules of investments
Delaware Ivy Securian Core Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Real Estate Investment Trusts (continued) | ||||||||
Phillips Edison Grocery Center | ||||||||
Operating Partnership I | ||||||||
2.625% 11/15/31 | 3,425,000 | $ | 3,031,158 | |||||
6,112,569 | ||||||||
Technology — 1.25% | ||||||||
Dell International 4.90% 10/1/26 | 4,000,000 | 4,199,635 | ||||||
TSMC Arizona | ||||||||
1.75% 10/25/26 | 3,250,000 | 3,049,211 | ||||||
2.50% 10/25/31 | 3,475,000 | 3,223,059 | ||||||
10,471,905 | ||||||||
Transportation — 5.18% | ||||||||
Air Canada 2017-1 Class A Pass | ||||||||
Through Trust 144A 3.55% | ||||||||
7/15/31 #, ◆ | 4,451,199 | 4,200,197 | ||||||
Air Canada 2020-2 Class A Pass | ||||||||
Through Trust 144A 5.25% | ||||||||
10/1/30 #, ◆ | 2,622,890 | 2,706,915 | ||||||
American Airlines 2017-1 Class | ||||||||
B Pass Through Trust 4.95% | ||||||||
8/15/26 ◆ | 800,190 | 767,069 | ||||||
British Airways 2020-1 Class A | ||||||||
Pass Through Trust 144A | ||||||||
4.25% 5/15/34 #, ◆ | 946,278 | 945,316 | ||||||
British Airways 2019-1 Class A | ||||||||
Pass Through Trust 144A | ||||||||
3.35% 12/15/30 #, ◆ | 2,749,917 | 2,604,066 | ||||||
CSX | ||||||||
4.25% 11/1/66 | 2,175,000 | 2,274,178 | ||||||
4.75% 11/15/48 | 225,000 | 258,788 | ||||||
Delta Air Lines 2015-1 Class B | ||||||||
Pass Through Trust 4.25% | ||||||||
1/30/25 ◆ | 1,454,667 | 1,457,243 | ||||||
General Motors Financial | ||||||||
1.017% SOFR + 0.76% | ||||||||
3/8/24 ● | 4,250,000 | 4,222,066 | ||||||
Hyundai Capital America | ||||||||
144A 2.85% 11/1/22 #, * | 4,500,000 | 4,514,837 | ||||||
144A 3.25% 9/20/22 # | 3,662,000 | 3,681,007 | ||||||
JetBlue 2020-1 Class A Pass | ||||||||
Through Trust 4.00% | ||||||||
5/15/34 ◆ | 1,074,748 | 1,073,955 | ||||||
United Airlines 2020-1 Class A | ||||||||
Pass Through Trust 5.875% | ||||||||
4/15/29 ◆ | 6,563,031 | 6,793,303 | ||||||
United Airlines 2014-1 Class B | ||||||||
Pass Through Trust 4.75% | ||||||||
10/11/23 ◆ | 1,589,192 | 1,590,327 | ||||||
United Airlines 2014-2 Class B | ||||||||
Pass Through Trust 4.625% | ||||||||
3/3/24 ◆ | 2,363,463 | 2,376,475 | ||||||
United Airlines 2019-2 Class B | ||||||||
Pass Through Trust 3.50% | ||||||||
11/1/29 ◆ | 2,686,410 | 2,427,009 | ||||||
US Airways 2010-1 Class A Pass | ||||||||
Through Trust 6.25% | ||||||||
10/22/24 ◆ | 1,441,525 | 1,452,274 | ||||||
43,345,025 | ||||||||
Utilities — 9.95% | ||||||||
AES | ||||||||
1.375% 1/15/26 | 1,730,000 | 1,593,108 | ||||||
144A 3.30% 7/15/25 # | 1,365,000 | 1,342,116 | ||||||
144A 3.95% 7/15/30 # | 3,670,000 | 3,642,976 | ||||||
American Electric Power 2.031% | ||||||||
3/15/24 | 3,000,000 | 2,950,100 | ||||||
American Transmission Systems | ||||||||
144A 2.65% 1/15/32 # | 4,525,000 | 4,185,839 | ||||||
Cleco Corporate Holdings | ||||||||
3.743% 5/1/26 | 2,200,000 | 2,232,119 | ||||||
Duke Energy Carolinas | ||||||||
4.00% 9/30/42 | 1,662,000 | 1,705,685 | ||||||
4.25% 12/15/41 | 4,550,000 | 4,775,543 | ||||||
Duke Energy Progress 4.15% | ||||||||
12/1/44 | 1,644,000 | 1,699,697 | ||||||
East Ohio Gas 144A 1.30% | ||||||||
6/15/25 # | 3,375,000 | 3,188,943 | ||||||
Entergy Mississippi 3.25% | ||||||||
12/1/27 | 2,750,000 | 2,712,442 | ||||||
Entergy Texas 3.45% 12/1/27 | 3,600,000 | 3,567,987 | ||||||
Eversource Energy 3.80% | ||||||||
12/1/23 | 3,550,000 | 3,603,813 | ||||||
Exelon 4.05% 4/15/30 | 2,500,000 | 2,584,092 | ||||||
FirstEnergy Transmission 144A | ||||||||
5.45% 7/15/44 # | 3,446,000 | 3,771,054 | ||||||
Florida Power & Light | ||||||||
2.45% 2/3/32 | 4,275,000 | 4,026,526 | ||||||
2.85% 4/1/25 | 3,155,000 | 3,162,612 | ||||||
Indianapolis Power & Light 144A | ||||||||
4.70% 9/1/45 # | 3,150,000 | 3,346,080 | ||||||
IPALCO Enterprises 3.70% | ||||||||
9/1/24 | 2,650,000 | 2,659,078 | ||||||
MidAmerican Energy | ||||||||
4.25% 7/15/49 | 3,500,000 | 3,835,625 | ||||||
4.40% 10/15/44 | 810,000 | 872,772 | ||||||
Pacific Gas and Electric | ||||||||
1.75% 6/16/22 | 3,870,000 | 3,866,012 | ||||||
3.25% 2/16/24 | 4,600,000 | 4,581,690 | ||||||
PacifiCorp 3.30% 3/15/51 | 3,335,000 | 3,072,498 | ||||||
Piedmont Natural Gas 3.35% | ||||||||
6/1/50 | 3,400,000 | 3,043,717 |
218
Principal | Value | |||||||
amount° | (US $) | |||||||
Corporate Bonds (continued) | ||||||||
Utilities (continued) | ||||||||
Southern Gas Capital 3.875% | ||||||||
11/15/25 | 7,050,000 | $ | 7,183,545 | |||||
83,205,669 | ||||||||
Total Corporate Bonds | ||||||||
(cost $376,596,284) | 360,737,690 | |||||||
Municipal Bonds — 1.53% | ||||||||
Douglas County, Washington | ||||||||
Public Utility District No 1 | ||||||||
(Taxable) Series A | ||||||||
5.45% () 9/1/40 | 1,205,000 | 1,450,133 | ||||||
Municipal Electric Authority of | ||||||||
Georgia | ||||||||
(Build America Bonds Plant | ||||||||
Vogtle Units 3 & 4 Project) | ||||||||
6.655% 4/1/57 | 2,933,000 | 3,979,641 | ||||||
Port Authority of New York & | ||||||||
New Jersey | ||||||||
(Consolidated Bonds, One | ||||||||
Hundred Seventy-Fourth | ||||||||
Series) 4.458% 10/1/62 | 3,710,000 | 4,129,527 | ||||||
(Consolidated Bonds, One | ||||||||
Hundred Sixty-Eighth Series) | ||||||||
4.926% 10/1/51 | 2,690,000 | 3,231,174 | ||||||
Total Municipal Bonds | ||||||||
(cost $11,218,964) | 12,790,475 | |||||||
Non-Agency Asset-Backed Securities — 10.99% | ||||||||
AMSR Trust | ||||||||
Series 2021-SFR2 D 144A | ||||||||
2.278% 8/17/38 # | 2,750,000 | 2,503,324 | ||||||
Series 2021-SFR4 B 144A | ||||||||
2.417% 12/17/38 # | 5,250,000 | 4,911,818 | ||||||
Commonbond Student Loan | ||||||||
Trust | ||||||||
Series 2017-BGS C 144A | ||||||||
4.44% 9/25/42 # | 62,889 | 63,179 | ||||||
Series 2019-AGS A1 144A | ||||||||
2.54% 1/25/47 # | 3,421,017 | 3,379,536 | ||||||
Series 2021-AGS A 144A | ||||||||
1.20% 3/25/52 # | 1,541,544 | 1,481,009 | ||||||
Drive Auto Receivables Trust | ||||||||
Series 2018-5 C 3.99% | ||||||||
1/15/25 | 353,526 | 353,936 | ||||||
FirstKey Homes Trust | ||||||||
Series 2021-SFR1 B 144A | ||||||||
1.788% 8/17/38 # | 4,800,000 | 4,355,458 | ||||||
Series 2021-SFR2 D 144A | ||||||||
2.058% 9/17/38 # | 4,400,000 | 3,970,916 | ||||||
Home Partners of America Trust | ||||||||
Series 2021-1 A 144A 1.698% | ||||||||
9/17/41 # | 8,507,166 | 7,800,757 | ||||||
Home Partners of America Trust | ||||||||
Series 2021-3 B 144A 2.649% | ||||||||
1/17/41 # | 5,106,723 | 4,859,756 | ||||||
Invitation Homes Trust | ||||||||
Series 2018-SFR1 C 144A | ||||||||
1.691% (LIBOR01M + 1.25%) | ||||||||
3/17/37 #, ● | 4,499,355 | 4,486,471 | ||||||
Series 2018-SFR2 C 144A | ||||||||
1.677% (LIBOR01M + 1.28%, | ||||||||
Floor 1.28%) 6/17/37 #, ● | 3,999,372 | 3,963,185 | ||||||
Series 2018-SFR3 A 144A | ||||||||
1.441% (LIBOR01M + 1.00%, | ||||||||
Floor 1.00%) 7/17/37 #, ● | 1,125,137 | 1,125,137 | ||||||
Series 2018-SFR4 C 144A | ||||||||
1.841% (LIBOR01M + 1.40%, | ||||||||
Floor 1.40%) 1/17/38 #, ● | 13,099,395 | 13,068,770 | ||||||
Navient Private Education Refi | ||||||||
Loan Trust | ||||||||
Series 2020-HA A 144A 1.31% | ||||||||
1/15/69 # | 2,798,658 | 2,709,984 | ||||||
Series 2021-A A 144A 0.84% | ||||||||
5/15/69 # | 2,246,059 | 2,144,424 | ||||||
Series 2021-BA A 144A 0.94% | ||||||||
7/15/69 # | 4,830,777 | 4,560,607 | ||||||
Series 2021-FA A 144A 1.11% | ||||||||
2/18/70 # | 3,600,125 | 3,355,154 | ||||||
Progress Residential Trust | ||||||||
Series 2021-SFR7 D 144A | ||||||||
2.341% 8/17/40 # | 3,450,000 | 3,022,410 | ||||||
Santander Consumer Auto | ||||||||
Receivables Trust | ||||||||
Series 2020-BA B 144A 0.77% | ||||||||
12/15/25 # | 3,250,000 | 3,181,696 | ||||||
Sofi Professional Loan Program | ||||||||
Series 2018-A A2B 144A | ||||||||
2.95% 2/25/42 # | 1,277,068 | 1,276,294 | ||||||
SoFi Professional Loan Program | ||||||||
Series 2017-D A2FX 144A | ||||||||
2.65% 9/25/40 # | 846,658 | 845,559 | ||||||
SOFI PROFESSIONAL LOAN | ||||||||
PROGRAM | ||||||||
Series 2017-F A2FX 144A | ||||||||
2.84% 1/25/41 # | 1,683,953 | 1,685,456 | ||||||
SoFi Professional Loan Program | ||||||||
Trust | ||||||||
Series 2020-C AFX 144A | ||||||||
1.95% 2/15/46 # | 1,310,997 | 1,284,463 | ||||||
Series 2021-B AFX 144A | ||||||||
1.14% 2/15/47 # | 5,093,794 | 4,739,549 | ||||||
Tricon American Homes Trust | ||||||||
Series 2020-SFR2 B 144A | ||||||||
1.832% 11/17/39 # | 2,475,000 | 2,209,578 |
219
Schedules of investments
Delaware Ivy Securian Core Bond Fund
Principal | Value | |||||||
amount° | (US $) | |||||||
Non-Agency Asset-Backed Securities (continued) | ||||||||
Tricon Residential Trust | ||||||||
Series 2021-SFR1 B 144A | ||||||||
2.244% 7/17/38 # | 4,875,000 | $ | 4,554,886 | |||||
Total Non-Agency Asset-Backed Securities | ||||||||
(cost $96,681,608) | 91,893,312 | |||||||
Non-Agency Collateralized Mortgage Obligations — 12.19% | ||||||||
Agate Bay Mortgage Trust | ||||||||
Series 2013-1 B4 144A | ||||||||
3.578% 7/25/43 #, ● | 1,482,562 | 1,472,030 | ||||||
Series 2015-5 B3 144A | ||||||||
3.593% 7/25/45 #, ● | 1,583,542 | 1,564,677 | ||||||
Series 2015-6 B1 144A | ||||||||
3.601% 9/25/45 #, ● | 3,429,029 | 3,413,050 | ||||||
Series 2016-1 B1 144A | ||||||||
3.669% 12/25/45 #, ● | 4,367,242 | 4,418,208 | ||||||
Bear Stearns Mortgage | ||||||||
Securities | ||||||||
Series 1996-6 B2 8.00% | ||||||||
11/25/29 | 19,175 | 14,326 | ||||||
CHL Mortgage Pass Through | ||||||||
Trust | ||||||||
Series 2004-J4 3B1 5.25% | ||||||||
5/25/34 ◆ | 42,728 | 40,441 | ||||||
Citigroup Global Markets | ||||||||
Mortgage Securities VII | ||||||||
Series 1997-HUD1 B2 3.20% | ||||||||
12/25/30 ● | 706,202 | 136,657 | ||||||
Citigroup Mortgage Loan Trust | ||||||||
Series 2013-J1 B4 144A | ||||||||
3.471% 10/25/43 #, ● | 1,153,766 | 1,152,760 | ||||||
Series 2018-RP1 A1 144A | ||||||||
3.00% 9/25/64 #, ● | 1,545,897 | 1,539,955 | ||||||
Series 2021-INV1 A7A 144A | ||||||||
2.50% 5/25/51 #, ● | 4,806,104 | 4,612,527 | ||||||
Series 2021-INV2 A7A 144A | ||||||||
2.50% 5/25/51 #, ● | 7,933,388 | 7,613,851 | ||||||
CSMC Trust | ||||||||
Series 2013-7 B4 144A | ||||||||
3.542% 8/25/43 #, ● | 1,683,504 | 1,612,290 | ||||||
Series 2017-HL1 A12 144A | ||||||||
3.50% 6/25/47 #, ● | 2,124,333 | 2,111,293 | ||||||
Eagle RE | ||||||||
Series 2020-1 M1B 144A | ||||||||
1.907% (LIBOR01M + 1.45%) | ||||||||
1/25/30 #, ● | 10,721,000 | 10,494,346 | ||||||
Flagstar Mortgage Trust | ||||||||
Series 2021-5INV A5 144A | ||||||||
2.50% 7/25/51 #, ● | 5,547,044 | 5,294,907 | ||||||
Series 2021-6INV A6 144A | ||||||||
2.50% 8/25/51 #, ● | 5,465,779 | 5,226,915 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2004-A3 4A2 2.297% | ||||||||
7/25/34 ● | 6,198 | 6,279 | ||||||
Series 2016-3 B3 144A | ||||||||
3.285% 10/25/46 #, ● | 2,192,740 | 2,139,847 | ||||||
Series 2017-4 A13 144A | ||||||||
3.50% 11/25/48 #, ● | 6,405,644 | 6,220,198 | ||||||
Series 2021-4 A5 144A 2.50% | ||||||||
8/25/51 #, ● | 6,000,000 | 5,151,797 | ||||||
MRFC Mortgage Pass Through | ||||||||
Trust Series | ||||||||
Series 1998-2 B1 6.75% | ||||||||
6/25/28 ◆ | 587 | 580 | ||||||
PMT Credit Risk Transfer Trust | ||||||||
Series 21-1R A 3.357% | ||||||||
2/27/24 ● | 3,988,705 | 4,008,276 | ||||||
PMT Loan Trust | ||||||||
Series 2021-INV1 A9 144A | ||||||||
2.50% 7/25/51 #, ● | 4,915,051 | 4,717,095 | ||||||
Prudential Home Mortgage | ||||||||
Securities | ||||||||
Series 1994-A 5B 144A 6.73% | �� | |||||||
4/28/24 #, ● | 47 | 46 | ||||||
Series 1994-E 5B 144A 7.48% | ||||||||
9/28/24 #, ● | 73 | 72 | ||||||
Radnor RE | ||||||||
Series 2020-1 M1B 144A | ||||||||
1.907% (LIBOR01M + 1.45%, | ||||||||
Floor 1.45%) 1/25/30 #, ● | 4,650,000 | 4,529,373 | ||||||
Seasoned Credit Risk Transfer | ||||||||
Trust Series | ||||||||
Series 2017-2 M1 144A 4.00% | ||||||||
8/25/56 #, ● | 1,466,000 | 1,459,659 | ||||||
Series 2017-3 M1 4.00% | ||||||||
7/25/56 ● | 5,472,092 | 5,436,655 | ||||||
Sequoia Mortgage Trust | ||||||||
Series 2015-3 B1 144A | ||||||||
3.722% 7/25/45 #, ● | 2,093,220 | 2,089,678 | ||||||
Shellpoint -Originator Trust | ||||||||
Series 2015-1 B3 144A | ||||||||
3.794% 8/25/45 #, ● | 3,183,617 | 3,079,198 | ||||||
Sofi Mortgage Trust | ||||||||
Series 2016-1A B2 144A | ||||||||
3.109% 11/25/46 #, ● | 1,633,618 | 1,605,538 | ||||||
Structured Asset Mortgage | ||||||||
Investments | ||||||||
Series 98-2 B 6.75% 5/2/30 | 3,291 | 133 | ||||||
Series 98-2 C 6.75% 5/2/30 | 1,494 | 53 | ||||||
Towd Point Mortgage Trust | ||||||||
Series 2015-2 2M2 144A | ||||||||
3.93% 11/25/57 #, ● | 7,050,000 | 7,091,164 |
220
Principal | Value | |||||||
amount° | (US $) | |||||||
Non-Agency Collateralized Mortgage Obligations (continued) | ||||||||
WinWater Mortgage Loan Trust | ||||||||
Series 2015-5 B1 144A | ||||||||
3.762% 8/20/45 #, ● | 3,844,274 | $ | 3,711,341 | |||||
Total Non-Agency Collateralized Mortgage | ||||||||
Obligations | ||||||||
(cost $106,737,759) | 101,965,215 | |||||||
Non-Agency Commercial Mortgage-Backed Securities — 5.58% | ||||||||
BAMLL Commercial Mortgage | ||||||||
Securities Trust | ||||||||
Series 2014-520M A 144A | ||||||||
4.185% 8/15/46 #, ● | 4,130,000 | 4,246,776 | ||||||
Citigroup Commercial Mortgage | ||||||||
Trust | ||||||||
Series 2018-TBR A 144A | ||||||||
1.227% (LIBOR01M + 0.83%, | ||||||||
Floor 0.83%) 12/15/36 #, ● | 10,000,000 | 9,850,966 | ||||||
CSMC OA | ||||||||
Series 2014-USA A1 144A | ||||||||
3.304% 9/15/37 # | 1,339,667 | 1,309,263 | ||||||
GS Mortgage Securities | ||||||||
Series 2012-BWTR C 144A | ||||||||
3.328% 11/5/34 #, ● | 1,000,000 | 986,748 | ||||||
Hometown Commercial | ||||||||
Mortgage | ||||||||
Series 2007-1A A 144A | ||||||||
6.057% 6/11/39 # | 5,577 | 2,287 | ||||||
JP Morgan Chase Commercial | ||||||||
Mortgage Securities Trust | ||||||||
Series 2016-JP4 A4 3.648% | ||||||||
12/15/49 ● | 575,000 | 583,076 | ||||||
JPMCC Commercial Mortgage | ||||||||
Securities Trust | ||||||||
Series 2017-JP5 A5 3.723% | ||||||||
3/15/50 | 1,500,000 | 1,523,718 | ||||||
KKR Industrial Portfolio Trust | ||||||||
Series 2021-KDIP B 144A | ||||||||
1.197% (LIBOR01M + 0.80%, | ||||||||
Floor 0.80%) 12/15/37 #, ● | 2,250,000 | 2,200,541 | ||||||
Morgan Stanley Bank of America | ||||||||
Merrill Lynch Trust | ||||||||
Series 2016-C32 A4 3.72% | ||||||||
12/15/49 | 320,000 | 324,534 | ||||||
Morgan Stanley Capital I Trust | ||||||||
Series 2012-STAR B 144A | ||||||||
3.451% 8/5/34 # | 930,000 | 926,008 | ||||||
One Market Plaza Trust | ||||||||
Series 2017-1MKT A 144A | ||||||||
3.614% 2/10/32 # | 4,000,000 | 3,981,176 | ||||||
ONE Mortgage Trust | ||||||||
Series 2021-PARK A 144A | ||||||||
1.097% (LIBOR01M + 0.70%, | ||||||||
Floor 0.70%) 3/15/36 #, ● | 7,500,000 | 7,328,543 | ||||||
UBS Commercial Mortgage Trust | ||||||||
Series 2017-C1 AS 3.724% | ||||||||
6/15/50 | 4,000,000 | 4,000,922 | ||||||
Series 2017-C6 A5 3.58% | ||||||||
12/15/50 | 7,000,000 | 7,038,795 | ||||||
Series 2017-C7 AS 4.061% | ||||||||
12/15/50 ● | 2,300,000 | 2,331,432 | ||||||
Total Non-Agency Commercial Mortgage- | ||||||||
Backed Securities | ||||||||
(cost $47,517,607) | 46,634,785 | |||||||
US Treasury Obligations — 17.13% | ||||||||
US Treasury Bonds | ||||||||
1.75%8/15/41 | 4,877,000 | 4,230,036 | ||||||
1.875%2/15/41 | 15,959,000 | 14,222,524 | ||||||
1.875%11/15/51* | 10,710,000 | 9,398,025 | ||||||
2.00%11/15/41 | 2,470,000 | 2,235,736 | ||||||
2.00%8/15/51 | 12,075,000 | 10,897,687 | ||||||
2.25%5/15/41 | 2,400,000 | 2,267,625 | ||||||
2.375%2/15/42* | 3,950,000 | 3,811,133 | ||||||
US Treasury Note | ||||||||
1.875%2/15/32* | 5,325,000 | 5,114,496 | ||||||
US Treasury Notes | ||||||||
0.125%2/28/23 | 5,250,000 | 5,179,688 | ||||||
0.25%5/31/25 | 11,000,000 | 10,239,882 | ||||||
0.375%4/15/24 | 2,500,000 | 2,401,856 | ||||||
0.625%10/15/24* | 23,225,000 | 22,174,431 | ||||||
0.875%1/31/24* | 13,000,000 | 12,670,937 | ||||||
1.125%1/15/25 | 4,458,000 | 4,293,263 | ||||||
1.375%1/31/25 | 1,100,000 | 1,066,356 | ||||||
1.375%11/15/31 | 6,625,000 | 6,080,508 | ||||||
1.50%2/15/25 | 9,433,000 | 9,169,908 | ||||||
1.50%1/31/27* | 4,110,000 | 3,928,261 | ||||||
1.75%1/31/29* | 450,000 | 430,980 | ||||||
1.875%2/28/27* | 7,500,000 | 7,300,195 | ||||||
5.375% 2/15/31 ∞ | 4,940,000 | 6,141,038 | ||||||
Total US Treasury Obligations | ||||||||
(cost $148,885,634) | 143,254,565 |
Number of | ||||||||
shares | ||||||||
Preferred Stock — 0.48% | ||||||||
Brookfield Infrastructure Partners | ||||||||
5.00% *, ω | 200,000 | 4,060,000 | ||||||
Total Preferred Stock | ||||||||
(cost $5,000,000) | 4,060,000 |
221
Schedules of investments
Delaware Ivy Securian Core Bond Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Short-Term Investments — 2.02% | ||||||||
Money Market Mutual Fund — 2.02% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class (seven- | ||||||||
day effective yield 0.17%) | 16,901,252 | $ | 16,901,252 | |||||
Total Short-Term Investments | ||||||||
(cost $16,901,252) | 16,901,252 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—100.13% | ||||||||
(cost $869,414,814) | 837,338,404 | |||||||
Securities Lending Collateral** — 0.94% | ||||||||
Money Market Mutual Fund — 0.94% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 7,855,048 | 7,855,048 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $7,855,048) | 7,855,048 | |||||||
Total Value of | ||||||||
Securities—101.07% | ||||||||
(cost $877,269,862) | $ | 845,193,452 | ■ |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $326,177,143, which represents 39.01% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date. |
ψ | Perpetual security. Maturity date represents next call date. |
* | Fully or partially on loan. |
◆ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
∞ | Fully or partially pledged as collateral for futures contracts. ω Perpetual security with no stated maturity date. |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. |
■ | Includes $69,628,293 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $63,524,739. |
222
The following future contracts were outstanding at March 31, 2022:1
Futures Contracts
Exchange-Traded
Variation | |||||||||||||||||||||||||
Margin | |||||||||||||||||||||||||
Notional | Value/ | Value/ | Due from | ||||||||||||||||||||||
Notional | Cost | Expiration | Unrealized | Unrealized | (Due to) | ||||||||||||||||||||
Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Appreciation | Depreciation | Brokers | |||||||||||||||||||
717 | US Treasury 5 yr Notes | $ | 82,230,938 | $ | 84,203,425 | 6/30/22 | $ | — | $ | (1,972,487 | ) | $ | 100,825 | ||||||||||||
US Treasury 10 yr Ultra | |||||||||||||||||||||||||
(256) | Notes | (34,680,000 | ) | (35,685,373 | ) | 6/21/22 | 1,005,373 | — | (104,000 | ) | |||||||||||||||
US Treasury Long | |||||||||||||||||||||||||
477 | Bonds | 71,579,812 | 73,543,955 | 6/21/22 | — | (1,964,143 | ) | 298,125 | |||||||||||||||||
US Treasury Ultra | |||||||||||||||||||||||||
(59) | Bonds | (10,450,375 | ) | (10,756,448 | ) | 6/21/22 | 306,073 | — | (62,688 | ) | |||||||||||||||
Total Futures Contracts | $ | 111,305,559 | $ | 1,311,446 | $ | (3,936,630 | ) | $ | 232,262 |
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amount presented above represents the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
GNMA – Government National Mortgage Association
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
USD – US Dollar
yr – Year
See accompanying notes, which are an integral part of the financial statements.
223
Schedules of investments
Delaware Ivy Small Cap Growth Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 99.64% ◆ | ||||||||
Communication Services — 3.36% | ||||||||
Gray Television | 783,824 | $ | 17,298,996 | |||||
Nexstar Media Group Class A | 326,891 | 61,612,415 | ||||||
78,911,411 | ||||||||
Consumer Discretionary — 15.90% | ||||||||
Boot Barn Holdings † | 164,574 | 15,599,970 | ||||||
Churchill Downs | 138,284 | 30,668,626 | ||||||
Deckers Outdoor † | 69,114 | 18,921,340 | ||||||
EVgo *, † | 1,209,578 | 15,555,173 | ||||||
Fox Factory Holding † | 306,711 | 30,042,342 | ||||||
Malibu Boats Class A *, † | 476,224 | 27,625,754 | ||||||
Marriott Vacations Worldwide | 330,294 | 52,087,364 | ||||||
Monarch Casino & Resort † | 410,317 | 35,791,952 | ||||||
Red Rock Resorts Class A | 950,534 | 46,157,931 | ||||||
Sweetgreen Class A *, † | 85,888 | 2,747,557 | ||||||
Texas Roadhouse | 333,770 | 27,946,562 | ||||||
Visteon † | 263,356 | 28,740,040 | ||||||
Wyndham Hotels & Resorts | 494,003 | 41,837,114 | ||||||
373,721,725 | ||||||||
Consumer Staples — 3.49% | ||||||||
BJ’s Wholesale Club | ||||||||
Holdings † | 701,423 | 47,423,209 | ||||||
Duckhorn Portfolio † | 886,759 | 16,130,146 | ||||||
MGP Ingredients * | 158,467 | 13,563,190 | ||||||
Sovos Brands † | 347,338 | 4,925,253 | ||||||
82,041,798 | ||||||||
Energy — 3.10% | ||||||||
Cactus Class A | 697,759 | 39,590,846 | ||||||
Liberty Oilfield Services | ||||||||
Class A † | 655,401 | 9,713,043 | ||||||
Northern Oil and Gas * | 134,412 | 3,789,074 | ||||||
SM Energy | 508,268 | 19,797,038 | ||||||
72,890,001 | ||||||||
Financials — 5.79% | ||||||||
Focus Financial Partners | ||||||||
Class A † | 330,912 | 15,135,915 | ||||||
Kinsale Capital Group | 78,685 | 17,941,754 | ||||||
Pinnacle Financial Partners | 573,025 | 52,764,142 | ||||||
Seacoast Banking | 604,894 | 21,183,388 | ||||||
Veritex Holdings | 758,372 | 28,947,059 | ||||||
135,972,258 | ||||||||
Healthcare — 22.63% | ||||||||
AMN Healthcare Services † | 398,618 | 41,587,816 | ||||||
Axonics *, † | 653,635 | 40,917,551 | ||||||
CareDx † | 1,233,381 | 45,622,763 | ||||||
Castle Biosciences † | 477,630 | 21,426,482 | ||||||
CryoPort *, † | 1,244,374 | 43,441,096 | ||||||
Harmony | ||||||||
Biosciences Holdings *, † | 291,555 | 14,184,151 | ||||||
Inmode † | 235,963 | 8,709,394 | ||||||
Insmed *, † | 493,952 | 11,607,872 | ||||||
Joint † | 200,068 | 7,080,407 | ||||||
Lantheus Holdings † | 463,616 | 25,642,601 | ||||||
Omnicell † | 350,071 | 45,330,694 | ||||||
Pacira BioSciences *, † | 527,137 | 40,231,096 | ||||||
PetIQ <<, † | 1,404,410 | 34,267,604 | ||||||
Progyny † | 700,812 | 36,021,737 | ||||||
PTC Therapeutics † | 238,062 | 8,882,093 | ||||||
Tandem Diabetes Care † | 457,159 | 53,163,020 | ||||||
Veracyte *, † | 428,410 | 11,811,264 | ||||||
Vericel † | 1,092,675 | 41,762,038 | ||||||
531,689,679 | ||||||||
Industrials — 15.96% | ||||||||
Air Transport Services Group † | 855,348 | 28,611,390 | ||||||
Brink’s | 334,521 | 22,747,428 | ||||||
Casella Waste Systems | ||||||||
Class A † | 310,829 | 27,244,162 | ||||||
Clean Harbors † | 419,248 | 46,804,847 | ||||||
EnerSys | 329,654 | 24,582,299 | ||||||
Herc Holdings | 196,105 | 32,767,184 | ||||||
John Bean Technologies | 206,726 | 24,490,829 | ||||||
Kirby † | 363,571 | 26,246,190 | ||||||
Knight-Swift Transportation | ||||||||
Holdings | 1,115,817 | 56,304,126 | ||||||
Kornit Digital † | 143,587 | 11,873,209 | ||||||
RBC Bearings † | 107,010 | 20,747,099 | ||||||
Regal Rexnord * | 58,029 | 8,633,555 | ||||||
Valmont Industries | 184,718 | 44,073,715 | ||||||
375,126,033 | ||||||||
Information Technology — 28.62% | ||||||||
Allegro MicroSystems † | 1,516,739 | 43,075,388 | ||||||
Box Class A † | 369,308 | 10,732,091 | ||||||
BTRS Holdings † | 2,105,993 | 15,752,828 | ||||||
CyberArk Software † | 118,275 | 19,958,906 | ||||||
Domo Class B † | 771,669 | 39,023,301 | ||||||
Five9 † | 295,485 | 32,621,544 | ||||||
ForgeRock Class A *, † | 237,270 | 5,200,958 | ||||||
Globant † | 244,803 | 64,155,522 | ||||||
Monolithic Power Systems | 21,430 | 10,408,122 | ||||||
NCR † | 824,542 | 33,138,343 | ||||||
Onto Innovation † | 199,245 | 17,312,398 | ||||||
Paycor HCM *, † | 1,120,131 | 32,607,013 | ||||||
Sailpoint Technologies | ||||||||
Holdings *, † | 570,707 | 29,208,784 | ||||||
Shift4 Payments Class A † | 852,007 | 52,764,794 | ||||||
SimilarWeb *, † | 288,251 | 3,732,851 |
224
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks ◆ (continued) | ||||||||
Information Technology (continued) | ||||||||
SiTime † | 244,954 | $ | 60,704,500 | |||||
Smartsheet Class A † | 613,003 | 33,580,304 | ||||||
Switch Class A | 1,794,214 | 55,297,676 | ||||||
Tenable Holdings † | 377,268 | 21,802,318 | ||||||
Varonis Systems † | 1,021,926 | 48,582,362 | ||||||
Viavi Solutions † | 2,669,600 | 42,927,168 | ||||||
672,587,171 | ||||||||
Materials — 0.43% | ||||||||
Allegheny Technologies † | 87,714 | 2,354,244 | ||||||
MP Materials *, † | 136,612 | 7,833,332 | ||||||
10,187,576 | ||||||||
REIT Hotel — 0.36% | ||||||||
Ryman Hospitality Properties † | 91,240 | 8,464,335 | ||||||
8,464,335 | ||||||||
Total Common Stocks | ||||||||
(cost $1,775,765,160) | 2,341,591,987 | |||||||
Short-Term Investments — 0.46% | ||||||||
Money Market Mutual Fund — 0.46% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 10,682,540 | 10,682,540 | ||||||
Total Short-Term Investments | ||||||||
(cost $10,682,540) | 10,682,540 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—100.10% | ||||||||
(cost $1,786,447,700) | 2,352,274,527 | |||||||
Securities Lending Collateral** — 1.77% | ||||||||
Money Market Mutual Fund — 1.77% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 41,667,712 | 41,667,712 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $41,667,712) | 41,667,712 | |||||||
Total Value of | ||||||||
Securities—101.87% | ||||||||
(cost $1,828,115,412) | $ | 2,393,942,239 | ■ |
◆ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. | |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
<< | Affiliated company. See Note 2 in “Notes to financial statements.” | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $84,199,485 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $43,897,781. |
Summary of abbreviations:
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
225
Schedules of investments
Delaware Ivy Smid Cap Core Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 98.22% | ||||||||
Basic Materials — 6.16% | ||||||||
Beacon Roofing Supply † | 81,371 | $ | 4,823,673 | |||||
Boise Cascade | 62,148 | 4,317,422 | ||||||
Huntsman | 231,031 | 8,665,973 | ||||||
Minerals Technologies | 89,476 | 5,918,837 | ||||||
Reliance Steel & Aluminum | 53,097 | 9,735,335 | ||||||
Westrock | 72,876 | 3,427,358 | ||||||
36,888,598 | ||||||||
Business Services — 4.58% | ||||||||
ABM Industries | 82,010 | 3,775,740 | ||||||
Aramark | 152,549 | 5,735,843 | ||||||
ASGN † | 50,459 | 5,889,070 | ||||||
Casella Waste Systems Class A † | 33,719 | 2,955,470 | ||||||
Clean Harbors † | 31,917 | 3,563,214 | ||||||
WillScot Mobile Mini Holdings † | 140,922 | 5,514,278 | ||||||
27,433,615 | ||||||||
Capital Goods — 9.78% | ||||||||
Ameresco Class A *, † | 43,719 | 3,475,660 | ||||||
Barnes Group | 32,865 | 1,320,844 | ||||||
Carlisle | 13,125 | 3,227,700 | ||||||
Columbus McKinnon | 25,582 | 1,084,677 | ||||||
ESCO Technologies | 25,180 | 1,760,586 | ||||||
Federal Signal | 61,110 | 2,062,462 | ||||||
Gates Industrial † | 113,214 | 1,705,003 | ||||||
Generac Holdings † | 7,341 | 2,182,186 | ||||||
Graco | 47,255 | 3,294,619 | ||||||
Jacobs Engineering Group | 34,875 | 4,806,124 | ||||||
Kadant | 11,884 | 2,307,754 | ||||||
Lincoln Electric Holdings | 32,508 | 4,479,927 | ||||||
MasTec † | 40,029 | 3,486,526 | ||||||
Oshkosh | 40,879 | 4,114,471 | ||||||
Quanta Services | 82,129 | 10,808,998 | ||||||
Tetra Tech | 21,286 | 3,510,913 | ||||||
WESCO International † | 24,472 | 3,184,786 | ||||||
Woodward | 13,930 | 1,739,996 | ||||||
58,553,232 | ||||||||
Communication Services — 0.61% | ||||||||
Switch Class A | 119,566 | 3,685,024 | ||||||
3,685,024 | ||||||||
Consumer Discretionary — 5.65% | ||||||||
American Eagle Outfitters * | 217,855 | 3,659,964 | ||||||
BJ’s Wholesale Club Holdings † | 62,066 | 4,196,282 | ||||||
Dick’s Sporting Goods * | 64,821 | 6,483,397 | ||||||
Five Below † | 40,160 | 6,360,139 | ||||||
KB Home | 51,922 | 1,681,234 | ||||||
Malibu Boats Class A † | 75,797 | 4,396,984 | ||||||
Sonic Automotive Class A | 23,096 | 981,811 | ||||||
Steven Madden | 156,811 | 6,059,177 | ||||||
33,818,988 | ||||||||
Consumer Services — 2.74% | ||||||||
Allegiant Travel † | 23,587 | 3,830,293 | ||||||
Brinker International † | 75,499 | 2,881,042 | ||||||
Jack in the Box | 35,432 | 3,309,703 | ||||||
Texas Roadhouse | 35,097 | 2,938,672 | ||||||
Wendy’s | 155,892 | 3,424,947 | ||||||
16,384,657 | ||||||||
Consumer Staples — 3.01% | ||||||||
Casey’s General Stores | 32,434 | 6,427,446 | ||||||
Helen of Troy *, † | 12,949 | 2,535,932 | ||||||
J & J Snack Foods | 34,498 | 5,350,640 | ||||||
YETI Holdings † | 61,610 | 3,695,368 | ||||||
18,009,386 | ||||||||
Credit Cyclicals — 2.35% | ||||||||
BorgWarner | 82,331 | 3,202,676 | ||||||
Dana | 133,535 | 2,346,210 | ||||||
La-Z-Boy | 81,878 | 2,159,123 | ||||||
Taylor Morrison Home † | 74,901 | 2,038,805 | ||||||
Toll Brothers | 92,312 | 4,340,510 | ||||||
14,087,324 | ||||||||
Energy — 5.21% | ||||||||
Chesapeake Energy | 58,252 | 5,067,924 | ||||||
Diamondback Energy | 114,835 | 15,741,582 | ||||||
Liberty Oilfield Services Class A † | 382,427 | 5,667,568 | ||||||
PDC Energy | 65,442 | 4,756,325 | ||||||
31,233,399 | ||||||||
Financial Services — 3.62% | ||||||||
Essent Group | 111,955 | 4,613,666 | ||||||
Kemper | 84,837 | 4,796,684 | ||||||
Selective Insurance Group | 39,048 | 3,489,329 | ||||||
Umpqua Holdings | 240,305 | 4,532,152 | ||||||
Valley National Bancorp | 324,617 | 4,226,513 | ||||||
21,658,344 | ||||||||
Financials — 10.48% | ||||||||
Axis Capital Holdings | 90,410 | 5,467,093 | ||||||
Comerica | 60,903 | 5,507,458 | ||||||
East West Bancorp | 103,715 | 8,195,559 | ||||||
Hamilton Lane Class A | 35,181 | 2,719,140 | ||||||
Independent Bank Group | 34,689 | 2,468,469 | ||||||
NMI Holdings Class A † | 109,502 | 2,257,931 | ||||||
Primerica | 39,194 | 5,362,523 | ||||||
Raymond James Financial | 44,250 | 4,863,518 | ||||||
Reinsurance Group of America | 44,040 | 4,820,618 | ||||||
SouthState | 56,785 | 4,633,088 | ||||||
Stifel Financial | 54,144 | 3,676,378 | ||||||
Webster Financial | 110,546 | 6,203,842 | ||||||
Western Alliance Bancorp | 49,521 | 4,101,329 |
226
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
WSFS Financial | 53,342 | $ | 2,486,804 | |||||
62,763,750 | ||||||||
Healthcare — 13.58% | ||||||||
Agios Pharmaceuticals *, † | 65,345 | 1,902,193 | ||||||
Amicus Therapeutics † | 202,350 | 1,916,254 | ||||||
Azenta | 48,239 | 3,998,048 | ||||||
Biohaven Pharmaceutical | ||||||||
Holding † | 38,308 | 4,542,180 | ||||||
Bio-Techne | 13,033 | 5,643,810 | ||||||
Blueprint Medicines † | 54,726 | 3,495,897 | ||||||
Catalent † | 63,717 | 7,066,215 | ||||||
Encompass Health | 72,841 | 5,179,723 | ||||||
Exact Sciences † | 24,465 | 1,710,593 | ||||||
Halozyme Therapeutics *, † | 128,976 | 5,143,563 | ||||||
ICON † | 17,373 | 4,225,461 | ||||||
Insmed † | 115,084 | 2,704,474 | ||||||
Inspire Medical Systems † | 19,031 | 4,885,067 | ||||||
Ligand Pharmaceuticals † | 34,424 | 3,872,356 | ||||||
Natera † | 53,373 | 2,171,214 | ||||||
NeoGenomics † | 74,185 | 901,348 | ||||||
Neurocrine Biosciences † | 52,702 | 4,940,812 | ||||||
Quidel † | 25,277 | 2,842,651 | ||||||
Repligen † | 23,830 | 4,482,185 | ||||||
Shockwave Medical † | 17,225 | 3,571,776 | ||||||
Supernus Pharmaceuticals † | 76,186 | 2,462,332 | ||||||
Ultragenyx Pharmaceutical † | 50,101 | 3,638,335 | ||||||
81,296,487 | ||||||||
Industrials — 1.88% | ||||||||
KBR | 72,857 | 3,987,464 | ||||||
Regal Rexnord | 21,919 | 3,261,109 | ||||||
Zurn Water Solutions | 112,791 | 3,992,801 | ||||||
11,241,374 | ||||||||
Information Technology — 1.05% | ||||||||
ON Semiconductor † | 100,237 | 6,275,839 | ||||||
6,275,839 | ||||||||
Materials — 1.75% | ||||||||
Kaiser Aluminum | 58,886 | 5,544,706 | ||||||
Worthington Industries | 96,235 | 4,947,441 | ||||||
10,492,147 | ||||||||
Media — 1.16% | ||||||||
IMAX † | 109,844 | 2,079,347 | ||||||
Interpublic Group of Companies | 137,754 | 4,883,379 | ||||||
6,962,726 | ||||||||
Real Estate Investment Trusts — 5.31% | ||||||||
American Assets Trust | 42,328 | 1,603,808 | ||||||
Brixmor Property Group | 164,965 | 4,257,747 | ||||||
Camden Property Trust | 42,167 | 7,008,155 | ||||||
Cousins Properties | 109,411 | 4,408,169 | ||||||
DiamondRock Hospitality † | 210,826 | 2,129,343 | ||||||
First Industrial Realty Trust | 62,215 | 3,851,731 | ||||||
Life Storage | 35,473 | 4,981,473 | ||||||
Physicians Realty Trust | 203,732 | 3,573,459 | ||||||
31,813,885 | ||||||||
REIT Diversified — 0.59% | ||||||||
LXP Industrial Trust | 225,762 | 3,544,463 | ||||||
3,544,463 | ||||||||
REIT Hotel — 0.46% | ||||||||
Pebblebrook Hotel Trust | 112,559 | 2,755,444 | ||||||
2,755,444 | ||||||||
REIT Shopping Center — 0.52% | ||||||||
Kite Realty Group Trust | 137,228 | 3,124,682 | ||||||
3,124,682 | ||||||||
Technology — 13.87% | ||||||||
Blackline † | 19,952 | 1,460,885 | ||||||
Box Class A † | 50,051 | 1,454,482 | ||||||
Consensus Cloud Solutions † | 15,433 | 927,986 | ||||||
Dynatrace † | 55,583 | 2,617,959 | ||||||
ExlService Holdings † | 69,898 | 10,014,286 | ||||||
Guidewire Software † | 29,696 | 2,809,836 | ||||||
Ichor Holdings † | 28,518 | 1,015,811 | ||||||
II-VI † | 84,516 | 6,126,565 | ||||||
MACOM Technology Solutions | ||||||||
Holdings † | 56,706 | 3,394,988 | ||||||
MaxLinear † | 72,153 | 4,210,128 | ||||||
Paycom Software † | 4,578 | 1,585,728 | ||||||
Procore Technologies † | 33,513 | 1,942,413 | ||||||
PTC † | 51,929 | 5,593,792 | ||||||
Q2 Holdings † | 47,262 | 2,913,702 | ||||||
Rapid7 † | 39,190 | 4,359,496 | ||||||
Semtech † | 48,378 | 3,354,530 | ||||||
Silicon Laboratories † | 21,484 | 3,226,897 | ||||||
Smartsheet Class A † | 49,995 | 2,738,726 | ||||||
Sprout Social Class A † | 24,654 | 1,975,278 | ||||||
SS&C Technologies Holdings | 31,529 | 2,365,306 | ||||||
Tyler Technologies † | 2,768 | 1,231,456 | ||||||
Upwork † | 31,773 | 738,405 | ||||||
Varonis Systems † | 71,911 | 3,418,649 | ||||||
WNS Holdings ADR † | 77,671 | 6,640,094 | ||||||
Yelp † | 82,725 | 2,821,750 | ||||||
Ziff Davis † | 42,527 | 4,115,763 | ||||||
83,054,911 | ||||||||
Transportation — 2.01% | ||||||||
Kirby † | 69,409 | 5,010,636 |
227
Schedules of investments
Delaware Ivy Smid Cap Core Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks (continued) | ||||||||
Transportation (continued) | ||||||||
Knight-Swift Transportation | ||||||||
Holdings | 79,958 | $ | 4,034,680 | |||||
Werner Enterprises | 72,936 | 2,990,376 | ||||||
12,035,692 | ||||||||
Utilities — 1.85% | ||||||||
Black Hills | 49,416 | 3,806,020 | ||||||
NorthWestern * | 50,738 | 3,069,142 | ||||||
Spire | 58,262 | 4,180,881 | ||||||
11,056,043 | ||||||||
Total Common Stocks | ||||||||
(cost $552,066,438) | 588,170,010 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—98.22% | ||||||||
(cost $552,066,438) | 588,170,010 | |||||||
Securities Lending Collateral** — 1.48% | ||||||||
Money Market Mutual Fund — 1.48% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 8,852,810 | 8,852,810 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $8,852,809) | 8,852,810 | |||||||
Total Value of Securities—99.70% | ||||||||
(cost $560,919,247) | $ | 597,022,820 | ■ |
† | Non-income producing security. | |
* | Fully or partially on loan. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $21,097,972 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $13,190,148. |
Summary of abbreviations:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
228
Delaware Ivy Systematic Emerging Markets Equity Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 95.29% | ||||||||
Communication Services — 11.19% | ||||||||
America Movil Class L | 5,371,933 | $ | 5,690,630 | |||||
Baidu ADR † | 133,999 | 17,728,068 | ||||||
Bharti Airtel † | 4,318,234 | 42,812,940 | ||||||
G-bits Network Technology | ||||||||
Xiamen Class A | 56,900 | 3,217,336 | ||||||
MTN Group | 439,823 | 5,690,925 | ||||||
NetEase | 426,800 | 7,700,653 | ||||||
Saudi Telecom | 48,935 | 1,400,185 | ||||||
Sea ADR † | 21,938 | 2,627,953 | ||||||
Tencent Holdings | 1,769,220 | 81,551,034 | ||||||
Yandex Class A † | 195,088 | 229,514 | ||||||
168,649,238 | ||||||||
Consumer Discretionary — 12.47% | ||||||||
Alibaba Group Holding † | 438,900 | 5,989,542 | ||||||
Alibaba Group Holding ADR † | 288,775 | 31,418,720 | ||||||
Ecovacs Robotics Class A | 39,951 | 681,888 | ||||||
Fix Price Group GDR 144A #, = | 1,489,220 | 1,130,874 | ||||||
Great Wall Motor Class H | 1,889,500 | 2,965,543 | ||||||
Hanon Systems | 1,515,310 | 14,663,069 | ||||||
Huazhu Group ADR | 247,589 | 8,167,961 | ||||||
Hyundai Motor | 242,581 | 35,790,637 | ||||||
JD.com Class A † | 105,377 | 2,994,276 | ||||||
JD.com ADR † | 142,417 | 8,241,672 | ||||||
Li Ning | 2,524,000 | 21,432,186 | ||||||
Lojas Renner | 2,140,553 | 12,417,865 | ||||||
Meituan Class B 144A #, † | 948,800 | 17,974,011 | ||||||
MercadoLibre † | 2,767 | 3,291,291 | ||||||
Naspers Class N | 183,812 | 20,760,150 | ||||||
187,919,685 | ||||||||
Consumer Staples — 6.95% | ||||||||
Ambev | 9,911,842 | 32,310,475 | ||||||
China Mengniu Dairy † | 6,459,000 | 34,629,295 | ||||||
Kweichow Moutai Class A | 15,501 | 4,175,997 | ||||||
LG Household & Health Care | 24,890 | 17,557,705 | ||||||
Shanghai Jahwa United | ||||||||
Class A | 1,218,289 | 6,601,457 | ||||||
Shanxi Xinghuacun Fen Wine | ||||||||
Factory Class A | 85,015 | 3,392,450 | ||||||
Wal-Mart de Mexico | 742,000 | 3,040,745 | ||||||
Wuliangye Yibin Class A | 122,161 | 2,965,843 | ||||||
104,673,967 | ||||||||
Energy — 3.63% | ||||||||
China Shenhua Energy | ||||||||
Class A | 1,155,149 | 5,405,170 | ||||||
LUKOIL = | 276,569 | 226,176 | ||||||
Reliance Industries | 1,271,055 | 43,962,711 | ||||||
Shaanxi Coal Industry Class A | 1,983,700 | 5,144,466 | ||||||
54,738,523 | ||||||||
Financials — 16.54% | ||||||||
Al Rajhi Bank | 288,587 | 12,317,986 | ||||||
Axis Bank † | 2,460,420 | 24,495,657 | ||||||
Banco do Brasil | 4,128,700 | 30,004,520 | ||||||
Bank of Chengdu Class A | 1,659,800 | 3,910,386 | ||||||
Bank of China Class H | 18,747,000 | 7,481,097 | ||||||
Bank of China Class A | 14,983,900 | 7,711,803 | ||||||
Capitec Bank Holdings | 212,544 | 33,849,821 | ||||||
China Construction Bank | ||||||||
Class H | 10,827,000 | 8,110,128 | ||||||
China Development Financial | ||||||||
Holding | 5,113,000 | 3,393,577 | ||||||
FirstRand | 546,792 | 2,886,059 | ||||||
HDFC Bank | 1,470,934 | 28,329,934 | ||||||
Hong Kong Exchanges & | ||||||||
Clearing | 366,670 | 17,187,041 | ||||||
ICICI Bank | 4,753,737 | 45,341,035 | ||||||
Patria Investments Class A | 795,406 | 14,166,181 | ||||||
Saudi National Bank | 531,372 | 9,998,274 | ||||||
Sberbank of Russia PJSC ADR = | 1,032,386 | 42,485 | ||||||
249,225,984 | ||||||||
Healthcare — 1.09% | ||||||||
BeiGene ADR † | 9,419 | 1,776,423 | ||||||
Eoflow † | 240,964 | 4,655,268 | ||||||
Intco Medical Technology | ||||||||
Class A | 606,650 | 4,422,364 | ||||||
Seegene | 69,841 | 2,926,696 | ||||||
Wuxi Biologics Cayman | ||||||||
144A #, † | 340,500 | 2,703,775 | ||||||
16,484,526 | ||||||||
Industrials — 7.59% | ||||||||
Copa Holdings Class A *, † | 57,360 | 4,797,590 | ||||||
COSCO SHIPPING Holdings | ||||||||
Class H † | 1,633,000 | 2,807,694 | ||||||
COSCO SHIPPING Holdings | ||||||||
Class A † | 2,809,710 | 6,784,688 | ||||||
Evergreen Marine Taiwan | 2,962,000 | 13,767,851 | ||||||
Hefei Meiya Optoelectronic | ||||||||
Technology Class A | 3,787,128 | 15,915,783 | ||||||
HMM | 305,326 | 7,273,346 | ||||||
Larsen & Toubro | 1,351,169 | 31,334,606 | ||||||
Wan Hai Lines | 2,693,000 | 14,747,877 | ||||||
Yang Ming Marine Transport † | 3,002,000 | 12,870,025 |
229
Consolidated schedules of investments
Delaware Ivy Systematic Emerging Markets Equity Fund
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
Zhuzhou Kibing Group Class A | 1,986,475 | $ | 4,111,477 | |||||
114,410,937 | ||||||||
Information Technology — 26.85% | ||||||||
Delta Electronics | 3,517,794 | 32,616,028 | ||||||
eMemory Technology | 97,382 | 6,188,230 | ||||||
HCL Technologies | 192,363 | 2,939,854 | ||||||
Infosys | 604,886 | 15,147,952 | ||||||
LG Innotek | 13,836 | 4,368,591 | ||||||
MediaTek | 744,879 | 23,181,035 | ||||||
Nan Ya Printed Circuit Board | 205,000 | 3,679,814 | ||||||
Novatek Microelectronics | 510,000 | 7,498,896 | ||||||
Samsung Electronics | 1,770,203 | 101,296,297 | ||||||
Silergy | 34,552 | 4,051,250 | ||||||
SK Hynix | 126,072 | 12,128,027 | ||||||
Taiwan Semiconductor | ||||||||
Manufacturing | 8,109,404 | 166,352,432 | ||||||
Tata Consultancy Services | 60,621 | 2,979,243 | ||||||
Unimicron Technology | 806,000 | 6,869,898 | ||||||
United Microelectronics | 1,668,000 | 3,063,156 | ||||||
Venustech Group Class A | 3,716,658 | 12,177,694 | ||||||
404,538,397 | ||||||||
Materials — 6.18% | ||||||||
Eregli Demir ve Celik | ||||||||
Fabrikalari TAS | 1,344,599 | 2,947,684 | ||||||
Freeport-McMoRan | 334,653 | 16,645,640 | ||||||
Hubei Xingfa Chemicals Group | ||||||||
Class A | 524,201 | 2,731,984 | ||||||
Hunan Valin Steel Class A | 4,376,600 | 3,774,903 | ||||||
Jiangsu Eastern Shenghong | ||||||||
Class A | 1,179,060 | 2,626,828 | ||||||
LG Chem | 34,366 | 15,016,794 | ||||||
Sasol † | 481,603 | 11,643,264 | ||||||
Saudi Basic Industries | 333,813 | 11,602,261 | ||||||
Sibanye Stillwater | 895,384 | 3,600,316 | ||||||
Suzhou TA&A Ultra Clean | ||||||||
Technology Class A | 128,100 | 1,435,539 | ||||||
Vale | 500,318 | 10,037,781 | ||||||
Vedanta | 831,692 | 4,392,155 | ||||||
YongXing Special Materials | ||||||||
Technology Class A | 75,300 | 1,394,674 | ||||||
Yunnan Aluminium Class A † | 2,442,200 | 5,206,926 | ||||||
93,056,749 | ||||||||
Real Estate — 2.58% | ||||||||
China Overseas Land & | ||||||||
Investment | 1,024,500 | 3,048,634 | ||||||
Etalon Group GDR | 2,791,564 | 613,045 | ||||||
Logan Group * | 9,409,584 | 2,654,259 | ||||||
Vinhomes 144A # | 9,826,599 | 32,513,827 | ||||||
38,829,765 | ||||||||
Utilities — 0.22% | ||||||||
China Resources Power | ||||||||
Holdings | 1,772,000 | 3,297,751 | ||||||
3,297,751 | ||||||||
Total Common Stocks | ||||||||
(cost $1,139,953,645) | 1,435,825,522 | |||||||
Preferred Stock — 2.71% | ||||||||
Petroleo Brasileiro 17.29% | 5,816,942 | 40,782,921 | ||||||
Total Preferred Stock | ||||||||
(cost $21,322,404) | 40,782,921 | |||||||
Total Value of Securities Before | ||||||||
Securities Lending Collateral—98.00% | ||||||||
(cost $1,161,276,049) | 1,476,608,443 | |||||||
Securities Lending Collateral** — 0.41% | ||||||||
Money Market Mutual Fund — 0.41% | ||||||||
Dreyfus Institutional Preference | ||||||||
Government Money Market | ||||||||
Fund - Institutional Shares | ||||||||
(seven-day effective yield | ||||||||
0.30%) | 6,154,460 | 6,154,460 | ||||||
Total Securities Lending Collateral | ||||||||
(cost $6,154,460) | 6,154,460 | |||||||
Total Value of | ||||||||
Securities—98.41% | ||||||||
(cost $1,167,430,509) | $ | 1,482,762,903 | ■ |
† | Non-income producing security. | |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $54,322,487, which represents 3.61% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” | |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” | |
* | Fully or partially on loan. | |
** | See Note 12 in “Notes to financial statements” for additional information on securities lending collateral. | |
■ | Includes $6,981,339 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $998,250. |
230
The following foreign currency exchange contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | In Exchange | Settlement | Unrealized | Unrealized | |||||||||||||||
Counterparty | Receive (Deliver) | For | Date | Appreciation | Depreciation | ||||||||||||||
BNYM | BRL | (75,475,912 | ) | USD | 15,779,705 | 4/1/22 | $ | — | $ | (68,184 | ) | ||||||||
BNYM | HKD | 179,926,822 | USD | (22,990,461 | ) | 4/1/22 | — | (20,785 | ) | ||||||||||
BNYM | HKD | (148,338,601 | ) | USD | 18,954,222 | 4/1/22 | 17,136 | — | |||||||||||
BNYM | HKD | 35,388,185 | USD | (4,519,771 | ) | 4/4/22 | — | (1,955 | ) | ||||||||||
BNYM | KRW | (1,385,068,776 | ) | USD | 1,143,019 | 4/1/22 | 681 | — | |||||||||||
BNYM | MXN | 59,008,475 | USD | (2,976,347 | ) | 4/1/22 | — | (10,116 | ) | ||||||||||
BNYM | TRY | 44,063,336 | USD | (3,009,790 | ) | 4/1/22 | — | (8,027 | ) | ||||||||||
BNYM | TWD | (129,425,121 | ) | USD | 4,530,835 | 4/1/22 | 13,481 | — | |||||||||||
BNYM | ZAR | 41,711,830 | USD | (2,872,275 | ) | 4/4/22 | — | (19,172 | ) | ||||||||||
BNYM | ZAR | (44,443,094 | ) | USD | 3,060,350 | 4/4/22 | 20,427 | — | |||||||||||
Total Foreign Currency Exchange Contracts | $ | 51,725 | $ | (128,239 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 10 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
BNYM – Bank of New York Mellon
GDR – Global Depositary Receipt
PJSC – Private Joint Stock Company
Summary of currencies:
BRL – Brazilian Real
HKD – Hong Kong Dollar
KRW – South Korean Won
MXN – Mexican Peso
TRY – Turkish Lira
TWD – New Taiwan Dollar
USD – US Dollar
ZAR – South African Rand
See accompanying notes, which are an integral part of the financial statements.
231
Schedules of investments
Delaware Ivy Value Fund
March 31, 2022
Number of | Value | |||||||
shares | (US $) | |||||||
Common Stocks — 98.25% | ||||||||
Communication Services — 6.67% | ||||||||
Comcast Class A | 872,081 | $ | 40,830,832 | |||||
Liberty Global Class C † | 1,520,303 | 39,391,051 | ||||||
Liberty Media Class C † | 401,453 | 18,358,446 | ||||||
98,580,329 | ||||||||
Consumer Discretionary — 5.16% | ||||||||
AutoZone † | 12,220 | 24,984,768 | ||||||
Lowe’s | 126,000 | 25,475,940 | ||||||
Target | 121,459 | 25,776,029 | ||||||
76,236,737 | ||||||||
Consumer Staples — 6.99% | ||||||||
Philip Morris International | 504,570 | 47,399,306 | ||||||
Walmart | 375,578 | 55,931,076 | ||||||
103,330,382 | ||||||||
Energy — 7.21% | ||||||||
EOG Resources | 466,307 | 55,597,784 | ||||||
Marathon Petroleum | 596,529 | 51,003,229 | ||||||
106,601,013 | ||||||||
Financials — 21.09% | ||||||||
AGNC Investment | 2,705,924 | 35,447,604 | ||||||
Allstate | 306,600 | 42,467,166 | ||||||
Ameriprise Financial | 124,473 | 37,386,710 | ||||||
Capital One Financial | 305,122 | 40,059,467 | ||||||
Comerica | 324,800 | 29,371,664 | ||||||
KKR & Co. | 550,400 | 32,181,888 | ||||||
Regions Financial | 1,292,094 | 28,762,013 | ||||||
Synchrony Financial | 812,285 | 28,275,641 | ||||||
Wells Fargo & Co. | 778,404 | 37,721,458 | ||||||
311,673,611 | ||||||||
Healthcare — 17.70% | ||||||||
Anthem | 105,955 | 52,047,215 | ||||||
CVS Health | 441,381 | 44,672,171 | ||||||
HCA Healthcare | 144,529 | 36,221,858 | ||||||
McKesson | 155,026 | 47,458,109 | ||||||
Regeneron Pharmaceuticals † | 61,147 | 42,706,288 | ||||||
Vertex Pharmaceuticals † | 147,393 | 38,465,151 | ||||||
261,570,792 | ||||||||
Industrials — 10.52% | ||||||||
Norfolk Southern | 145,463 | 41,488,957 | ||||||
Northrop Grumman | 82,341 | 36,824,542 | ||||||
nVent Electric | 893,979 | 31,092,589 | ||||||
Raytheon Technologies | 464,900 | 46,057,643 | ||||||
155,463,731 | ||||||||
Information Technology — 9.19% | ||||||||
Broadcom | 60,674 | 38,205,204 | ||||||
Fidelity National Information | ||||||||
Services | 282,337 | 28,352,282 | ||||||
NXP Semiconductors | 177,018 | 32,762,491 | ||||||
Seagate Technology Holdings | 405,744 | 36,476,386 | ||||||
135,796,363 | ||||||||
Materials — 4.11% | ||||||||
Celanese | 211,100 | 30,159,857 | ||||||
LyondellBasell Industries | ||||||||
Class A | 297,000 | 30,537,540 | ||||||
60,697,397 | ||||||||
Real Estate — 4.83% | ||||||||
CBRE Group Class A † | 439,200 | 40,195,584 | ||||||
Weyerhaeuser | 821,700 | 31,142,430 | ||||||
71,338,014 | ||||||||
Utilities — 4.78% | ||||||||
Evergy | 506,974 | 34,646,603 | ||||||
Exelon | 756,300 | 36,022,569 | ||||||
70,669,172 | ||||||||
Total Common Stocks | ||||||||
(cost $1,077,993,920) | 1,451,957,541 | |||||||
Short-Term Investments — 1.80% | ||||||||
Money Market Mutual Fund — 1.80% | ||||||||
State Street Institutional US | ||||||||
Government Money Market | ||||||||
Fund – Premier Class | ||||||||
(seven-day effective yield | ||||||||
0.17%) | 26,642,872 | 26,642,872 | ||||||
Total Short-Term Investments | ||||||||
(cost $26,642,872) | 26,642,872 | |||||||
Total Value of | ||||||||
Securities—100.05% | ||||||||
(cost $1,104,636,792) | $ | 1,478,600,413 |
† | Non-income producing security. |
See accompanying notes, which are an integral part of the financial statements.
232
Statements of assets and liabilities
March 31, 2022
Delaware Ivy Core Equity Fund | Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | Delaware Ivy Global Growth Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value*,† | $ | 4,673,489,080 | $ | 495,862,532 | $ | 493,613,057 | $ | 873,074,993 | ||||||||
Short-term investments held as collateral for loaned securities, at | ||||||||||||||||
value= | — | 23,412,858 | 13,198,150 | — | ||||||||||||
Cash | — | 171,120 | 8,163 | 4,916,637 | ||||||||||||
Cash collateral due from brokers | — | 1,347,811 | — | — | ||||||||||||
Foreign currencies, at value∆ | — | 455,637 | — | 1,879,128 | ||||||||||||
Dividends and interest receivable | 1,575,204 | 4,134,605 | 1,161,818 | 717,484 | ||||||||||||
Receivable for fund shares sold | 1,135,734 | 343,879 | 71,358 | 192,730 | ||||||||||||
Prepaid expenses | 29,408 | 215,011 | 37,497 | — | ||||||||||||
Securities lending income receivable | 1,560 | 18,531 | 3,831 | 3,160 | ||||||||||||
Receivable for securities sold | — | 3,183,354 | 1,429,465 | 9,258,376 | ||||||||||||
Foreign tax reclaims receivable | — | — | 673,145 | 542,571 | ||||||||||||
Unrealized appreciation on foreign currency exchange contracts | — | 1,135,722 | 3,412 | 1,085 | ||||||||||||
Other assets | 138,723 | 1,032,732 | 38,088 | 59,752 | ||||||||||||
Total Assets | 4,676,369,709 | 531,313,792 | 510,237,984 | 890,645,916 | ||||||||||||
Liabilities: | ||||||||||||||||
Options written, at valueΣ | — | 67,391 | — | — | ||||||||||||
Due to custodian | 99,282 | — | 272,989 | — | ||||||||||||
Payable for fund shares redeemed | 8,083,608 | 7,615,912 | 1,153,665 | 2,045,704 | ||||||||||||
Investment management fees payable to affiliates | 2,392,226 | 268,177 | 296,166 | 620,524 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable | ||||||||||||||||
to affiliates | 908,248 | 111,054 | 224,010 | 129,526 | ||||||||||||
Registrar and transfer agent fees payable | 822,600 | 106,000 | 131,592 | 184,894 | ||||||||||||
Distribution fees payable to affiliates | 743,467 | 35,945 | 61,083 | 104,441 | ||||||||||||
Reports and statements to shareholders servicing expenses | ||||||||||||||||
payable to affiliates | 251,216 | — | 40,287 | 75,252 | ||||||||||||
Other accrued expenses | 73,220 | — | — | 266,022 | ||||||||||||
Audit and tax fees payable | 28,238 | 35,928 | 24,832 | 24,431 | ||||||||||||
Custody fees payable | 26,500 | 2,500 | 16,398 | 12,399 | ||||||||||||
Accounting and administration expenses payable to affiliates | 14,322 | 4,776 | 6,009 | 9,325 | ||||||||||||
Legal fees payable to affiliates | 5,437 | 5,400 | 550 | 2,934 | ||||||||||||
Distribution payable | 780 | — | — | — | ||||||||||||
Payable for securities purchased | — | 1,143,931 | — | 16,852,841 | ||||||||||||
Obligation to return securities lending collateral | — | 23,412,858 | 13,198,150 | — | ||||||||||||
Unrealized depreciation on foreign currency exchange contracts | — | 68,900 | 192 | 97 | ||||||||||||
Variation margin due to broker on futures contracts | — | 173,599 | — | — | ||||||||||||
Cash collateral due to brokers | — | 1,260,000 | — | — | ||||||||||||
Capital gains tax payable | — | — | — | 268,569 | ||||||||||||
Total Liabilities | 13,449,144 | 34,312,371 | 15,425,923 | 20,596,959 | ||||||||||||
Total Net Assets | $ | 4,662,920,565 | $ | 497,001,421 | $ | 494,812,061 | $ | 870,048,957 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in capital | $ | 2,475,793,144 | $ | 580,954,648 | $ | 366,533,022 | $ | 444,011,908 | ||||||||
Total distributable earnings (loss) | 2,187,127,421 | (83,953,227 | ) | 128,279,039 | 426,037,049 | |||||||||||
Total Net Assets | $ | 4,662,920,565 | $ | 497,001,421 | $ | 494,812,061 | $ | 870,048,957 |
233
Statements of assets and liabilities
Delaware Ivy Core Equity Fund | Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | Delaware Ivy Global Growth Fund | |||||||||||||
Net Asset Value | ||||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 3,424,139,435 | $ | 150,133,115 | $ | 263,835,452 | $ | 481,990,519 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 189,186,136 | 15,680,887 | 20,737,721 | 8,875,628 | ||||||||||||
Net asset value per share | $ | 18.10 | $ | 9.57 | $ | 12.72 | $ | 54.30 | ||||||||
Sales charge | 5.75 | % | 4.50 | % | 5.75 | % | 5.75 | % | ||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 19.20 | $ | 10.02 | $ | 13.50 | $ | 57.61 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 27,555,567 | $ | 3,499,392 | $ | 4,780,001 | $ | 3,529,668 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 1,931,288 | 365,571 | 376,637 | 81,784 | ||||||||||||
Net asset value per share | $ | 14.27 | $ | 9.57 | $ | 12.69 | $ | 43.16 | ||||||||
Class E: | ||||||||||||||||
Net assets | $ | 18,613,741 | $ | — | $ | 4,731,858 | $ | — | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 1,034,736 | — | 371,724 | — | ||||||||||||
Net asset value per share | $ | 17.99 | $ | — | $ | 12.73 | $ | — | ||||||||
Sales charge | 2.50 | % | — | 2.50 | % | — | ||||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 18.45 | $ | — | $ | 13.06 | $ | — | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 1,070,911,355 | $ | 198,357,810 | $ | 205,264,207 | $ | 379,098,761 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 50,407,853 | 20,722,978 | 16,111,729 | 6,792,023 | ||||||||||||
Net asset value per share | $ | 21.24 | $ | 9.57 | $ | 12.74 | $ | 55.82 | ||||||||
Class R: | ||||||||||||||||
Net assets | $ | 212,134 | $ | 259,787 | $ | 308,479 | $ | 834,663 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 11,867 | 27,191 | 24,247 | 15,601 | ||||||||||||
Net asset value per share | $ | 17.88 | $ | 9.55 | $ | 12.72 | $ | 53.50 | ||||||||
Class R6: | ||||||||||||||||
Net assets | $ | 91,632,993 | $ | 143,869,692 | $ | 14,280,518 | $ | 2,633,667 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 4,300,865 | 15,026,283 | 1,119,481 | 46,858 | ||||||||||||
Net asset value per share | $ | 21.31 | $ | 9.57 | $ | 12.76 | $ | 56.21 | ||||||||
Class Y: | ||||||||||||||||
Net assets | $ | 29,855,340 | $ | 881,625 | $ | 1,611,546 | $ | 1,961,679 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 1,464,772 | 92,048 | 126,667 | 35,908 | ||||||||||||
Net asset value per share | $ | 20.38 | $ | 9.58 | $ | 12.72 | $ | 54.63 |
234
Delaware Ivy Core Equity Fund | Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | Delaware Ivy Global Growth Fund | |||||||||||||||
* | Investments, at cost | $ | 2,785,809,201 | $ | 515,136,794 | $ | 511,237,496 | $ | 665,767,542 | |||||||||
† | Including securities on loan | 2,362,771 | 37,342,478 | 12,382,821 | 9,598,897 | |||||||||||||
= | Short-term investments held as collateral for loaned securities, at cost | — | 23,412,858 | 13,198,150 | — | |||||||||||||
∆ | Foreign currencies, at cost | — | 455,680 | — | 1,866,575 | |||||||||||||
Σ | Options written, premium received | — | (136,843 | ) | — | — | ||||||||||||
See accompanying notes, which are an integral part of the financial statements.
235
Statements of assets and liabilities
Delaware Ivy Government Money Market Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value*,† | $ | 145,196,027 | $ | 3,238,922,892 | $ | 1,839,294,462 | $ | 186,054,862 | ||||||||
Investments of affiliated issuers, at value** | — | 66,846,411 | — | — | ||||||||||||
Short-term investments held as collateral for loaned securities, at | ||||||||||||||||
value= | — | 46,678,885 | 6,239,442 | 6,839,100 | ||||||||||||
Cash | 9,371 | 26,620,881 | 17,425 | — | ||||||||||||
Cash collateral due from brokers | — | 600,000 | — | — | ||||||||||||
Foreign currencies, at value∆ | — | 1,651,343 | 11,163,932 | 26,075 | ||||||||||||
Receivable for fund shares sold | 1,193,027 | 4,314,710 | 798,490 | 55,980 | ||||||||||||
Prepaid expenses | 370,851 | — | 399,133 | — | ||||||||||||
Dividends and interest receivable | 20,131 | 55,234,986 | 6,680,425 | 490,556 | ||||||||||||
Receivable for securities sold | — | 167,059,872 | 13,035,371 | 562,855 | ||||||||||||
Foreign tax reclaims receivable | — | — | 7,298,665 | 1,031,661 | ||||||||||||
Unrealized appreciation on foreign currency exchange contracts | — | — | 38,131 | 1,813 | ||||||||||||
Securities lending income receivable | — | 246,013 | 16,727 | — | ||||||||||||
Other assets | 27,503 | 517,957 | 48,268 | 36,517 | ||||||||||||
Total Assets | 146,816,910 | 3,608,693,950 | 1,885,030,471 | 195,099,419 | ||||||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | — | 251,339 | ||||||||||||
Payable for fund shares redeemed | 411,339 | 4,856,041 | 5,729,556 | 375,153 | ||||||||||||
Investment management fees payable to affiliates | 74,662 | 1,605,986 | 444,187 | 125,372 | ||||||||||||
Audit and tax fees payable | 25,353 | 43,910 | 28,314 | 28,538 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable | ||||||||||||||||
to affiliates | 17,224 | 1,026,296 | 246,350 | 64,757 | ||||||||||||
Registrar and transfer agent fees payable | 13,263 | 447,000 | — | — | ||||||||||||
Distribution fees payable to affiliates | 4,847 | 573,127 | 140,919 | 11,911 | ||||||||||||
Accounting and administration expenses payable to affiliates | 1,971 | 9,041 | 9,041 | 2,801 | ||||||||||||
Custody fees payable | 1,200 | 15,598 | 126,100 | 14,921 | ||||||||||||
Distribution payable | 700 | 2,516,574 | — | — | ||||||||||||
Legal fees payable to affiliates | 600 | 94,401 | 500 | 153 | ||||||||||||
Reports and statements to shareholders servicing expenses | ||||||||||||||||
payable to affiliates | 4 | 388,809 | — | 18,146 | ||||||||||||
Payable for securities purchased | — | 79,795,828 | 20,324,981 | — | ||||||||||||
Obligation to return securities lending collateral | — | 46,678,885 | 6,239,442 | 6,839,100 | ||||||||||||
Other accrued expenses | — | 71,816 | — | 20,718 | ||||||||||||
Unrealized depreciation on foreign currency exchange contracts | — | 629,206 | 25,769 | 98 | ||||||||||||
Registration fees payable to affiliates | — | — | 195,900 | 3,747 | ||||||||||||
Unrealized depreciation on unfunded loan commitments | — | 32,137 | — | — | ||||||||||||
Total Liabilities | 551,163 | 138,784,655 | 33,511,059 | 7,756,754 | ||||||||||||
Total Net Assets | $ | 146,265,747 | $ | 3,469,909,295 | $ | 1,851,519,412 | $ | 187,342,665 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in capital | $ | 146,270,200 | $ | 5,128,020,174 | $ | 1,715,254,971 | $ | 185,997,539 | ||||||||
Total distributable earnings (loss) | (4,453 | ) | (1,658,110,879 | ) | 136,264,441 | 1,345,126 | ||||||||||
Total Net Assets | $ | 146,265,747 | $ | 3,469,909,295 | $ | 1,851,519,412 | $ | 187,342,665 |
236
Delaware Ivy Government Money Market Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | |||||||||||||
Net Asset Value | ||||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 133,460,729 | $ | 1,576,812,960 | $ | 329,080,938 | $ | 53,117,874 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 133,469,517 | 234,438,147 | 17,239,179 | 3,206,413 | ||||||||||||
Net asset value per share | $ | 1.00 | $ | 6.73 | $ | 19.09 | $ | 16.57 | ||||||||
Sales charge | — | 4.50 | % | 5.75 | % | 5.75 | % | |||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 1.00 | $ | 7.05 | $ | 20.25 | $ | 17.58 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 2,858,521 | $ | 221,600,634 | $ | 45,987,344 | $ | 650,158 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 2,855,802 | 32,946,838 | 2,766,879 | 42,512 | ||||||||||||
Net asset value per share | $ | 1.00 | $ | 6.73 | $ | 16.62 | $ | 15.29 | ||||||||
Class E: | ||||||||||||||||
Net assets | $ | 9,696,508 | $ | 8,255,514 | $ | 7,486,915 | $ | — | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 9,696,818 | 1,227,435 | 388,880 | — | ||||||||||||
Net asset value per share | $ | 1.00 | $ | 6.73 | $ | 19.25 | $ | — | ||||||||
Sales charge | — | 2.50 | % | 2.50 | % | — | ||||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | — | $ | 6.90 | $ | 19.74 | $ | — | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | — | $ | 1,454,150,238 | $ | 1,024,716,493 | $ | 66,566,189 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | — | 216,213,446 | 53,247,396 | 3,907,747 | ||||||||||||
Net asset value per share | $ | — | $ | 6.73 | $ | 19.24 | $ | 17.03 | ||||||||
Class R: | ||||||||||||||||
Net assets | $ | — | $ | 44,613,011 | $ | 47,806,510 | $ | 6,079 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | — | 6,633,098 | 2,506,585 | 368 | ||||||||||||
Net asset value per share | $ | — | $ | 6.73 | $ | 19.07 | $ | 16.52 | ||||||||
Class R6: | ||||||||||||||||
Net assets | $ | 249,989 | $ | 64,629,915 | $ | 347,007,876 | $ | 66,049,853 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 250,000 | 9,609,135 | 17,980,021 | 3,866,531 | ||||||||||||
Net asset value per share | $ | 1.00 | $ | 6.73 | $ | 19.30 | $ | 17.08 | ||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 1.00 | $ | — | $ | — | $ | — |
237
Statements of assets and liabilities
Delaware Ivy Government Money Market Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | |||||||||||||||
Class Y: | ||||||||||||||||||
Net assets | $ | — | $ | 99,847,023 | $ | 49,433,336 | $ | 952,512 | ||||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||||
par | — | 14,845,595 | 2,568,902 | 56,517 | ||||||||||||||
Net asset value per share | $ | — | $ | 6.73 | $ | 19.24 | $ | 16.85 | ||||||||||
* | Investments, at cost | $ | 145,196,027 | $ | 3,345,069,146 | $ | 1,627,648,081 | $ | 193,858,998 | |||||||||
** | Investments of affiliated issuers, at cost | — | 278,531,963 | — | — | |||||||||||||
† | Including securities on loan | — | 55,141,365 | 81,016,975 | 6,371,739 | |||||||||||||
= | Short-term investments held as collateral for loaned securities, at cost | — | 46,678,885 | 6,239,442 | 6,839,100 | |||||||||||||
∆ | Foreign currencies, at cost | — | 1,641,258 | 10,781,565 | 26,075 | |||||||||||||
See accompanying notes, which are an integral part of the financial statements.
238
Delaware Ivy Large Cap Growth Fund | Delaware Ivy Limited-Term Bond Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value*,† | $ | 5,777,054,304 | $ | 951,738,823 | $ | 848,988 | $ | 7,257,347,844 | ||||||||
Investments of affiliated issuers, at value** | — | — | 132,722,780 | — | ||||||||||||
Short-term investments held as collateral for loaned securities, at | ||||||||||||||||
value= | 9,030,000 | 2,378,698 | — | 151,991,897 | ||||||||||||
Cash | 18,186 | 114,352 | 26,540 | — | ||||||||||||
Cash collateral due from brokers | — | 235,620 | — | 15,760,000 | ||||||||||||
Receivable for fund shares sold | 6,433,810 | 1,037,310 | 227,300 | 10,248,886 | ||||||||||||
Dividends and interest receivable | 2,728,895 | 4,838,963 | — | 1,045,911 | ||||||||||||
Prepaid expenses | 331,864 | — | 37,018 | 1,065,395 | ||||||||||||
Foreign tax reclaims receivable | 116,996 | — | — | — | ||||||||||||
Securities lending income receivable | 16,374 | 5,124 | — | 68,941 | ||||||||||||
Receivable for securities sold | — | 109,572,091 | 83,681 | 42,242,382 | ||||||||||||
Variation margin due from broker on futures contracts | — | 28,686 | — | — | ||||||||||||
Receivable due from Advisor | — | — | 26,004 | — | ||||||||||||
Other assets | 113,482 | 51,431 | 33,443 | 16,389,765 | ||||||||||||
Total Assets | 5,795,843,911 | 1,070,001,098 | 134,005,754 | 7,496,161,021 | ||||||||||||
Liabilities: | ||||||||||||||||
Options written, at valueΣ | — | — | — | 3,180,600 | ||||||||||||
Due to custodian | — | — | — | 16,258,840 | ||||||||||||
Obligation to return securities lending collateral | 9,030,000 | 2,378,698 | — | 151,991,897 | ||||||||||||
Payable for fund shares redeemed | 8,884,910 | 8,556,671 | 504,938 | 23,849,577 | ||||||||||||
Investment management fees payable to affiliates | 2,851,657 | 394,242 | — | 4,482,451 | ||||||||||||
Distribution fees payable to affiliates | 653,548 | 89,976 | 23,284 | 643,311 | ||||||||||||
Registrar and transfer agent fees payable | 457,800 | 68,000 | 11,539 | 395,000 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable | ||||||||||||||||
to affiliates | 36,554 | 186,136 | 55,891 | — | ||||||||||||
Custody fees payable | 32,400 | 6,000 | 671 | 43,620 | ||||||||||||
Audit and tax fees payable | 26,325 | 34,184 | 13,500 | 29,520 | ||||||||||||
Legal fees payable to affiliates | 10,500 | 2,035 | 1,080 | 250 | ||||||||||||
Accounting and administration expenses payable to affiliates | 9,077 | 11,122 | 1,881 | 9,041 | ||||||||||||
Payable for securities purchased | — | 111,388,923 | — | 77,841,035 | ||||||||||||
Distribution payable | — | 98,407 | — | — | ||||||||||||
Other accrued expenses | — | 25,349 | — | — | ||||||||||||
Reports and statements to shareholders servicing expenses | ||||||||||||||||
payable to affiliates | — | 114,689 | — | — | ||||||||||||
Total Liabilities | 21,992,771 | 123,354,432 | 612,784 | 278,725,142 | ||||||||||||
Total Net Assets | $ | 5,773,851,140 | $ | 946,646,666 | $ | 133,392,970 | $ | 7,217,435,879 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in capital | $ | 2,187,941,201 | $ | 982,153,071 | $ | 103,887,546 | $ | 4,351,334,295 | ||||||||
Total distributable earnings (loss) | 3,585,909,939 | (35,506,405 | ) | 29,505,424 | 2,866,101,584 | |||||||||||
Total Net Assets | $ | 5,773,851,140 | $ | 946,646,666 | $ | 133,392,970 | $ | 7,217,435,879 |
239
Statements of assets and liabilities
Delaware Ivy Large Cap Growth Fund | Delaware Ivy Limited-Term Bond Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | |||||||||||||
Net Asset Value | ||||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 2,834,191,411 | $ | 348,268,568 | $ | 51,379,079 | $ | 2,158,678,475 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 91,090,949 | 32,818,306 | 4,544,476 | 66,808,742 | ||||||||||||
Net asset value per share | $ | 31.11 | $ | 10.61 | $ | 11.31 | $ | 32.31 | ||||||||
Sales charge | 5.75 | % | 2.75 | % | 5.75 | % | 5.75 | % | ||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 33.01 | $ | 10.91 | $ | 12.00 | $ | 34.28 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 63,666,325 | $ | 14,207,646 | $ | 876,013 | $ | 121,667,586 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 2,794,807 | 1,338,884 | 79,687 | 4,918,430 | ||||||||||||
Net asset value per share | $ | 22.78 | $ | 10.61 | $ | 10.99 | $ | 24.74 | ||||||||
Class E: | ||||||||||||||||
Net assets | $ | 34,155,301 | $ | 6,399,936 | $ | — | $ | 19,223,877 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 1,102,998 | 603,083 | — | 618,151 | ||||||||||||
Net asset value per share | $ | 30.97 | $ | 10.61 | $ | — | $ | 31.10 | ||||||||
Sales charge | 2.50 | % | 2.50 | % | — | 2.50 | % | |||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 31.76 | $ | 10.88 | $ | — | $ | 31.90 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 2,626,992,372 | $ | 434,582,836 | $ | 80,846,969 | $ | 3,577,938,998 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 78,150,162 | 40,952,074 | 7,093,595 | 98,503,786 | ||||||||||||
Net asset value per share | $ | 33.61 | $ | 10.61 | $ | 11.40 | $ | 36.32 | ||||||||
Class R: | ||||||||||||||||
Net assets | $ | 12,296,789 | $ | 478,492 | $ | 75,103 | $ | 74,907,617 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 422,787 | 45,089 | 6,678 | 2,431,292 | ||||||||||||
Net asset value per share | $ | 29.09 | $ | 10.61 | $ | 11.25 | $ | 30.81 | ||||||||
Class R6: | ||||||||||||||||
Net assets | $ | 166,622,858 | $ | 140,579,788 | $ | 81,377 | $ | 980,539,350 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 4,916,523 | 13,247,145 | 7,132 | 26,695,985 | ||||||||||||
Net asset value per share | $ | 33.89 | $ | 10.61 | $ | 11.41 | $ | 36.73 |
240
Delaware Ivy Large Cap Growth Fund | Delaware Ivy Limited-Term Bond Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | |||||||||||||||
Class Y: | ||||||||||||||||||
Net assets | $ | 35,926,084 | $ | 2,129,400 | $ | 134,429 | $ | 284,479,976 | ||||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||||
par | 1,112,587 | 200,658 | 11,876 | 8,262,618 | ||||||||||||||
Net asset value per share | $ | 32.29 | $ | 10.61 | $ | 11.32 | $ | 34.43 | ||||||||||
* | Investments, at cost | $ | 2,494,973,174 | $ | 971,686,756 | $ | 848,988 | $ | 4,638,968,841 | |||||||||
** | Investments of affiliated issuers, at cost | — | — | 109,623,109 | — | |||||||||||||
† | Including securities on loan | 125,010,979 | 2,298,694 | — | 254,496,642 | |||||||||||||
= | Short-term investments held as collateral for loaned securities, at cost | 9,030,000 | 2,378,698 | — | 151,991,897 | |||||||||||||
Σ | Options written, premium received | — | — | — | (5,081,979 | ) | ||||||||||||
See accompanying notes, which are an integral part of the financial statements.
241
Statements of assets and liabilities
Delaware Ivy Mid Cap Income Opportunities Fund | Delaware Ivy Municipal Bond Fund | Delaware Ivy Municipal High Income Fund | Delaware Ivy Securian Core Bond Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments of unaffiliated issuers, at value*,† | $ | 1,727,844,360 | $ | 619,233,145 | $ | 857,850,178 | $ | 837,338,404 | ||||||||
Investments of affiliated issuers, at value** | 28,122,001 | — | — | — | ||||||||||||
Short-term investments held as collateral for loaned securities, at | ||||||||||||||||
value= | 53,849,976 | — | — | 7,855,048 | ||||||||||||
Cash collateral due from brokers | — | — | — | 1,847,985 | ||||||||||||
Receivable for fund shares sold | 2,791,017 | 650,913 | 333,303 | 1,711,120 | ||||||||||||
Dividends and interest receivable | 1,634,359 | 6,586,430 | 9,523,606 | 4,627,307 | ||||||||||||
Prepaid expenses | 348,756 | 1,361 | 118,458 | 227,468 | ||||||||||||
Securities lending income receivable | 4,102 | — | — | 6,282 | ||||||||||||
Receivable for securities sold | — | 20,474,595 | 791,867 | — | ||||||||||||
Variation margin due from broker on futures contracts | — | — | — | 232,262 | ||||||||||||
Receivable due from Advisor | — | — | — | 156,555 | ||||||||||||
Other assets | 88,610 | 57,327 | 35,072 | 53,664 | ||||||||||||
Total Assets | 1,814,683,181 | 647,003,771 | 868,652,484 | 854,056,095 | ||||||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 64,705 | 353,349 | 436,258 | 1,747,736 | ||||||||||||
Obligation to return securities lending collateral | 53,849,976 | — | — | 7,855,048 | ||||||||||||
Payable for fund shares redeemed | 2,295,106 | 2,194,885 | 2,989,153 | 7,304,466 | ||||||||||||
Investment management fees payable to affiliates | 766,639 | 538,747 | 733,719 | — | ||||||||||||
Distribution fees payable to affiliates | 69,047 | 164,039 | 263,687 | 46,884 | ||||||||||||
Audit and tax fees payable | 27,270 | 36,302 | 36,436 | 7,115 | ||||||||||||
Accounting and administration expenses payable to affiliates | 26,000 | 7,872 | 10,355 | 10,267 | ||||||||||||
Registrar and transfer agent fees payable | 12,799 | 27,280 | 165,781 | 57,500 | ||||||||||||
Custody fees payable | 12,500 | 3,171 | 17,088 | 7,400 | ||||||||||||
Legal fees payable to affiliates | 5,100 | 1,536 | 10,971 | 1,650 | ||||||||||||
Payable for securities purchased | — | 22,970,281 | 3,958,781 | 428,756 | ||||||||||||
Distribution payable | — | 208,384 | 306,416 | 194,256 | ||||||||||||
Other accrued expenses | — | — | — | 36,800 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable | ||||||||||||||||
to affiliates | — | 86,362 | 200,421 | 134,651 | ||||||||||||
Reports and statements to shareholders servicing expenses | ||||||||||||||||
payable to affiliates | — | 49,891 | — | — | ||||||||||||
Total Liabilities | 57,129,142 | 26,642,099 | 9,129,066 | 17,832,529 | ||||||||||||
Total Net Assets | $ | 1,757,554,039 | $ | 620,361,672 | $ | 859,523,418 | $ | 836,223,566 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in capital | $ | 1,343,418,723 | $ | 616,005,660 | $ | 949,251,840 | $ | 879,084,634 | ||||||||
Total distributable earnings (loss) | 414,135,316 | 4,356,012 | (89,728,422 | ) | (42,861,068 | ) | ||||||||||
Total Net Assets | $ | 1,757,554,039 | $ | 620,361,672 | $ | 859,523,418 | $ | 836,223,566 |
242
Delaware Ivy Mid Cap Income Opportunities Fund | Delaware Ivy Municipal Bond Fund | Delaware Ivy Municipal High Income Fund | Delaware Ivy Securian Core Bond Fund | |||||||||||||
Net Asset Value | ||||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 188,630,992 | $ | 375,509,791 | $ | 556,919,767 | $ | 177,935,727 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 10,029,188 | 34,298,665 | 115,820,067 | 17,522,709 | ||||||||||||
Net asset value per share | $ | 18.81 | $ | 10.95 | $ | 4.81 | $ | 10.15 | ||||||||
Sales charge | 5.75 | % | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 19.96 | $ | 11.47 | $ | 5.04 | $ | 10.63 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 27,245,186 | $ | 4,841,516 | $ | 18,899,125 | $ | 6,362,461 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 1,456,117 | 442,243 | 3,930,446 | 626,558 | ||||||||||||
Net asset value per share | $ | 18.71 | $ | 10.95 | $ | 4.81 | $ | 10.15 | ||||||||
Class E: | ||||||||||||||||
Net assets | $ | — | $ | — | $ | — | $ | 4,180,744 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | — | — | — | 411,710 | ||||||||||||
Net asset value per share | $ | — | $ | — | $ | — | $ | 10.15 | ||||||||
Sales charge | — | — | — | 2.50 | % | |||||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | — | $ | — | $ | — | $ | 10.41 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 1,399,865,221 | $ | 238,886,293 | $ | 278,654,638 | $ | 492,999,996 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 74,300,423 | 21,819,719 | 57,949,389 | 48,549,224 | ||||||||||||
Net asset value per share | $ | 18.84 | $ | 10.95 | $ | 4.81 | $ | 10.15 | ||||||||
Class R: | ||||||||||||||||
Net assets | $ | 1,205,445 | $ | — | $ | — | $ | 863,305 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 64,224 | — | — | 85,016 | ||||||||||||
Net asset value per share | $ | 18.77 | $ | — | $ | — | $ | 10.15 | ||||||||
Class R6: | ||||||||||||||||
Net assets | $ | 112,719,354 | $ | 1,124,072 | $ | 1,094,970 | $ | 147,695,678 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 5,981,955 | 102,669 | 227,709 | 14,544,706 | ||||||||||||
Net asset value per share | $ | 18.84 | $ | 10.95 | $ | 4.81 | $ | 10.15 |
243
Statements of assets and liabilities
Delaware Ivy Mid Cap Income Opportunities Fund | Delaware Ivy Municipal Bond Fund | Delaware Ivy Municipal High Income Fund | Delaware Ivy Securian Core Bond Fund | |||||||||||||||
Class Y: | ||||||||||||||||||
Net assets | $ | 27,887,841 | $ | — | $ | 3,954,918 | $ | 6,185,655 | ||||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||||
par | 1,482,543 | — | 822,496 | 609,144 | ||||||||||||||
Net asset value per share | $ | 18.81 | $ | — | $ | 4.81 | $ | 10.15 | ||||||||||
* | Investments of unaffiliated issuers, at cost | $ | 1,335,257,814 | $ | 619,293,090 | $ | 920,221,118 | $ | 869,414,814 | |||||||||
** | Investments of affiliated issuers, at cost | 31,208,647 | — | — | — | |||||||||||||
† | Including securities on loan | 56,562,818 | — | — | 69,628,293 | |||||||||||||
= | Short-term investments held as collateral for loaned securities, at cost | 53,849,976 | — | — | 7,855,048 | |||||||||||||
See accompanying notes, which are an integral part of the financial statements.
244
Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundφ | Delaware Ivy Value Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments of unaffiliated issuers, at value*,† | $ | 2,318,006,923 | $ | 588,170,010 | $ | 1,476,608,443 | $ | 1,478,600,414 | ||||||||
Investments of affiliated issuers, at value** | 34,267,604 | — | — | — | ||||||||||||
Short-term investments held as collateral for loaned securities, at | ||||||||||||||||
value= | 41,667,712 | 8,852,810 | 6,154,460 | — | ||||||||||||
Cash | 16,971 | — | — | — | ||||||||||||
Foreign currencies, at value∆ | — | — | 19,653,507 | — | ||||||||||||
Receivable for securities sold | 2,432,381 | 12,279,561 | 81,586,296 | — | ||||||||||||
Receivable for fund shares sold | 2,200,284 | 327,762 | 1,861,219 | 2,199,678 | ||||||||||||
Securities lending income receivable | 446,743 | 3,498 | 8,165 | 1,035 | ||||||||||||
Prepaid expenses | 265,864 | — | 190,983 | — | ||||||||||||
Dividends and interest receivable | 155,865 | 444,003 | 3,810,180 | 2,034,612 | ||||||||||||
Foreign tax reclaims receivable | — | — | — | 71,780 | ||||||||||||
Unrealized appreciation on foreign currency exchange contracts | — | — | 51,725 | — | ||||||||||||
Other assets | 75,038 | 73,552 | 47,898 | 94,540 | ||||||||||||
Total Assets | 2,399,535,385 | 610,151,196 | 1,589,972,876 | 1,483,002,059 | ||||||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | 676,643 | 1,958,572 | 58,996 | ||||||||||||
Obligation to return securities lending collateral | 41,667,712 | 8,852,810 | 6,154,460 | — | ||||||||||||
Payable for fund shares redeemed | 5,122,348 | 1,314,653 | 4,667,851 | 3,723,215 | ||||||||||||
Investment management fees payable to affiliates | 1,628,577 | 324,723 | 2,093,719 | 851,412 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses payable | ||||||||||||||||
to affiliates | 498,145 | 32,708 | 210,603 | 39,800 | ||||||||||||
Distribution fees payable to affiliates | 290,829 | 58,188 | 202,088 | 90,832 | ||||||||||||
Registration fees payable to affiliates | 273,001 | — | — | — | ||||||||||||
Audit and tax fees payable | 27,531 | 27,297 | 32,814 | 30,194 | ||||||||||||
Custody fees payable | 25,000 | 10,000 | 100,000 | 8,621 | ||||||||||||
Accounting and administration expenses payable to affiliates | 24,700 | 6,945 | 10,411 | 9,319 | ||||||||||||
Legal fees payable to non-affiliates | 11,500 | — | — | — | ||||||||||||
Payable for securities purchased | — | — | 56,911,125 | — | ||||||||||||
Other accrued expenses | — | — | — | 30,625 | ||||||||||||
Unrealized depreciation on foreign currency exchange contracts | — | — | 128,239 | — | ||||||||||||
Legal fees payable to affiliates | — | 350 | 4,000 | 3,422 | ||||||||||||
Reports and statements to shareholders servicing expenses | ||||||||||||||||
payable to affiliates | — | — | — | 227,463 | ||||||||||||
Capital gains tax payable | — | — | 10,694,552 | — | ||||||||||||
Registrar and transfer agent fees payable | — | 31,000 | 23,000 | 124,399 | ||||||||||||
Total Liabilities | 49,569,343 | 11,335,317 | 83,191,434 | 5,198,298 | ||||||||||||
Total Net Assets | $ | 2,349,966,042 | $ | 598,815,879 | $ | 1,506,781,442 | $ | 1,477,803,761 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in capital | $ | 1,718,119,152 | $ | 466,630,285 | $ | 1,146,847,283 | $ | 1,008,810,084 | ||||||||
Total distributable earnings (loss) | 631,846,890 | 132,185,594 | 359,934,159 | 468,993,677 | ||||||||||||
Total Net Assets | $ | 2,349,966,042 | $ | 598,815,879 | $ | 1,506,781,442 | $ | 1,477,803,761 |
245
Statements of assets and liabilities
Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundφ | Delaware Ivy Value Fund | |||||||||||||
Net Asset Value | ||||||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 1,030,904,966 | $ | 151,379,730 | $ | 263,968,191 | $ | 405,825,837 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 71,226,319 | 8,214,450 | 11,711,325 | 14,692,552 | ||||||||||||
Net asset value per share | $ | 14.47 | $ | 18.43 | $ | 22.54 | $ | 27.62 | ||||||||
Sales charge | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 15.35 | $ | 19.55 | $ | 23.92 | $ | 29.31 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 36,063,586 | $ | 17,504,759 | $ | 39,227,039 | $ | 6,611,487 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 4,165,723 | 1,179,717 | 2,057,146 | 252,453 | ||||||||||||
Net asset value per share | $ | 8.66 | $ | 14.84 | $ | 19.07 | $ | 26.19 | ||||||||
Class E: | ||||||||||||||||
Net assets | $ | 13,283,324 | $ | — | $ | — | $ | — | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 935,364 | — | — | — | ||||||||||||
Net asset value per share | $ | 14.20 | $ | — | $ | — | $ | — | ||||||||
Sales charge | 2.50 | % | — | — | — | |||||||||||
Offering price per share, equal to net asset value per share / (1 - | ||||||||||||||||
sales charge) | $ | 14.56 | $ | — | $ | — | $ | — | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 904,111,641 | $ | 316,727,241 | $ | 912,325,800 | $ | 938,672,224 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 38,505,851 | 15,374,391 | 39,106,884 | 33,792,670 | ||||||||||||
Net asset value per share | $ | 23.48 | $ | 20.60 | $ | 23.33 | $ | 27.78 | ||||||||
Class R: | ||||||||||||||||
Net assets | $ | 56,049,965 | $ | 22,949,854 | $ | 7,540,432 | $ | 14,116 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 4,074,929 | 1,259,266 | 338,799 | 513 | ||||||||||||
Net asset value per share | $ | 13.75 | $ | 18.22 | $ | 22.26 | $ | 27.54∞ | ||||||||
Class R6: | ||||||||||||||||
Net assets | $ | 209,854,868 | $ | 82,144,256 | $ | 254,339,841 | $ | 126,571,907 | ||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||
par | 8,852,822 | 3,950,104 | 10,842,116 | 4,539,039 | ||||||||||||
Net asset value per share | $ | 23.70 | $ | 20.80 | $ | 23.46 | $ | 27.89 |
246
Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundφ | Delaware Ivy Value Fund | |||||||||||||||
Class Y: | ||||||||||||||||||
Net assets | $ | 99,697,692 | $ | 8,110,039 | $ | 29,380,139 | $ | 108,190 | ||||||||||
Shares of beneficial interest outstanding, unlimited authorization, no | ||||||||||||||||||
par | 4,724,791 | 411,430 | 1,276,723 | 3,924 | ||||||||||||||
Net asset value per share | $ | 21.10 | $ | 19.71 | $ | 23.01 | $ | 27.57 | ||||||||||
* | Investments of unaffiliated issuers, at cost | $ | 1,749,176,888 | $ | 552,066,438 | $ | 1,161,276,049 | $ | 1,104,636,792 | |||||||||
** | Investments of affiliated issuers, at cost | 37,270,812 | — | — | — | |||||||||||||
† | Including securities on loan | 84,199,485 | 21,097,972 | 6,981,339 | — | |||||||||||||
= | Short-term investments held as collateral for loaned securities, at cost | 41,667,712 | 8,852,810 | 6,154,460 | — | |||||||||||||
∆ | Foreign currencies, at cost | — | — | 19,656,414 | — | |||||||||||||
∞ | Net asset value per share does not recalculate exactly, due to rounding. |
φ | Consolidated statements of assets and liabilities |
See accompanying notes, which are an integral part of the financial statements.
247
Year ended March 31, 2022
Delaware Ivy Core Equity Fund | Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | Delaware Ivy Global Growth Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 57,731,837 | $ | 18,700 | $ | 16,703,267 | $ | 15,676,383 | ||||||||
Securities lending income | 1,872 | 178,900 | 95,017 | 28,525 | ||||||||||||
Interest | — | 17,623,829 | — | — | ||||||||||||
Foreign tax withheld | (360,415 | ) | (9,986 | ) | (1,360,222 | ) | (1,140,606 | ) | ||||||||
57,373,294 | 17,811,443 | 15,438,062 | 14,564,302 | |||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 30,254,903 | 3,262,332 | 4,054,511 | 8,859,426 | ||||||||||||
Distribution expenses — Class A | 9,029,319 | 424,420 | 745,362 | 1,350,823 | ||||||||||||
Distribution expenses — Class B | 13,384 | 1,233 | 4,001 | 867 | ||||||||||||
Distribution expenses — Class C | 323,355 | 39,582 | 62,098 | 47,283 | ||||||||||||
Distribution expenses — Class E | 47,955 | — | 12,798 | — | ||||||||||||
Distribution expenses — Class R | 1,340 | 1,401 | 1,637 | 4,658 | ||||||||||||
Distribution expenses — Class Y | 70,900 | 2,077 | 4,826 | 6,249 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses | 3,215,742 | 461,482 | 707,817 | 809,044 | ||||||||||||
Reports and statements to shareholders servicing expenses | 1,800,884 | 381,458 | 381,792 | 723,633 | ||||||||||||
Trustees’ fees and expenses | 294,912 | 34,324 | 44,445 | 64,489 | ||||||||||||
Accounting and administration expenses | 277,571 | 136,088 | 157,347 | 156,380 | ||||||||||||
Registration fees | 209,558 | 122,519 | 139,846 | 130,964 | ||||||||||||
Custodian fees | 52,816 | 8,165 | 44,449 | 32,425 | ||||||||||||
Legal fees | 34,339 | 8,922 | 11,088 | 13,899 | ||||||||||||
Audit and tax fees | 27,171 | 35,928 | 24,651 | 24,228 | ||||||||||||
Other | 182,975 | 23,528 | 102,854 | 66,202 | ||||||||||||
45,837,124 | 4,943,459 | 6,499,522 | 12,290,570 | |||||||||||||
Less expenses waived | — | (1,468 | ) | (7,882 | ) | (1,110 | ) | |||||||||
Less waived distribution | ||||||||||||||||
expenses —Class A | — | (395,109 | ) | (90,619 | ) | — | ||||||||||
Less waived distribution | ||||||||||||||||
expenses —Class C | — | (9,852 | ) | — | — | |||||||||||
Less waived distribution | ||||||||||||||||
expenses —Class E | (34,079 | ) | — | (12,798 | ) | — | ||||||||||
Less waived distribution | ||||||||||||||||
expenses —Class Y | (12,993 | ) | (2 | ) | — | — | ||||||||||
Less waived shareholder servicing expenses | (42,540 | ) | (291,181 | ) | (65,038 | ) | (71,092 | ) | ||||||||
Total operating expenses | 45,747,512 | 4,245,847 | 6,323,185 | 12,218,368 | ||||||||||||
Net Investment Income | 11,625,782 | 13,565,596 | 9,114,877 | 2,345,934 |
248
Delaware Ivy Core Equity Fund | Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | Delaware Ivy Global Growth Fund | |||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | $ | 620,775,458 | $ | 945,817 | $ | 167,153,713 | $ | 239,560,023 | ||||||||
Foreign currencies | — | (30,566 | ) | (263,189 | ) | (328,807 | ) | |||||||||
Foreign currency exchange contracts | — | 755,120 | (112,230 | ) | (32,089 | ) | ||||||||||
Futures contracts | — | (1,394,364 | ) | — | — | |||||||||||
Options written | — | 84,026 | — | — | ||||||||||||
Net realized gain | 620,775,458 | 360,033 | 166,778,294 | 239,199,127 | ||||||||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | 12,211,951 | (38,194,027 | ) | (167,222,116 | ) | (200,154,258 | ) | |||||||||
Foreign currencies | — | (29,879 | ) | (76,408 | ) | (23,100 | ) | |||||||||
Foreign currency exchange contracts | — | 1,066,822 | 3,220 | 988 | ||||||||||||
Futures contracts | — | 217,004 | — | — | ||||||||||||
Options purchased | — | (220,633 | ) | — | — | |||||||||||
Options written | — | 69,452 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 12,211,951 | (37,091,261 | ) | (167,295,304 | ) | (200,176,370 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) | 632,987,409 | (36,731,228 | ) | (517,010 | ) | 39,022,757 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from | ||||||||||||||||
Operations | $ | 644,613,191 | $ | (23,165,632 | ) | $ | 8,597,867 | $ | 41,368,691 |
See accompanying notes, which are an integral part of the financial statements.
249
Statements of operations
Delaware Ivy Government Money Market Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest | $ | 134,899 | $ | 248,272,666 | $ | — | $ | — | ||||||||
Dividends | — | 43,234,318 | 56,601,092 | 7,080,691 | ||||||||||||
Interest - affiliated | — | 2,296,297 | — | — | ||||||||||||
Securities lending income | — | 1,247,640 | 356,924 | 46,453 | ||||||||||||
Foreign tax withheld | — | — | (6,916,024 | ) | (825,261 | ) | ||||||||||
134,899 | 295,050,921 | 50,041,992 | 6,301,883 | |||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 535,442 | 21,322,063 | 19,572,526 | 1,907,503 | ||||||||||||
Distribution expenses — Class A | — | 4,359,432 | 944,580 | 158,513 | ||||||||||||
Distribution expenses — Class B | — | 27,896 | 2,762 | 656 | ||||||||||||
Distribution expenses — Class C | 29,703 | 2,802,683 | 592,730 | 7,342 | ||||||||||||
Distribution expenses — Class E | — | 22,305 | 20,023 | — | ||||||||||||
Distribution expenses — Class R | — | 238,805 | 273,747 | 220 | ||||||||||||
Distribution expenses — Class Y | — | 289,623 | 203,398 | 2,718 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses | 220,820 | 2,586,845 | 1,172,049 | 202,396 | ||||||||||||
Registration fees | 118,619 | 227,491 | 157,284 | 116,303 | ||||||||||||
Accounting and administration expenses | 68,948 | 303,021 | 222,256 | 88,637 | ||||||||||||
Audit and tax fees | 25,353 | 43,560 | 28,314 | 28,314 | ||||||||||||
Legal fees | 10,174 | 436,796 | 2,703 | 4,826 | ||||||||||||
Trustees’ fees and expenses | 8,535 | 223,097 | 104,028 | 15,281 | ||||||||||||
Custodian fees | 3,070 | 89,319 | 249,290 | 29,678 | ||||||||||||
Reports and statements to shareholders servicing expenses | 23 | 2,868,218 | 2,286,576 | 156,808 | ||||||||||||
Other | 16,856 | 691,654 | 42,012 | 18,161 | ||||||||||||
1,037,543 | 36,532,808 | 25,874,278 | 2,737,356 | |||||||||||||
Less expenses waived | (924,942 | ) | (865 | ) | (2,015,217 | ) | — | |||||||||
Less waived distribution expenses —Class A | — | — | (177,577 | ) | — | |||||||||||
Less waived distribution expenses —Class C | — | (124,167 | ) | (34,851 | ) | — | ||||||||||
Less waived distribution expenses —Class E | — | (21,999 | ) | (20,023 | ) | — | ||||||||||
Less waived shareholder servicing expenses | — | (35,654 | ) | (2,066,845 | ) | — | ||||||||||
Total operating expenses | 112,601 | 36,350,123 | 21,559,765 | 2,737,356 | ||||||||||||
Net Investment Income | 22,298 | 258,700,798 | 28,482,227 | 3,564,527 |
250
Delaware Ivy Government Money Market Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | |||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | $ | 2,815 | $ | (120,039,253 | ) | $ | 316,795,811 | $ | 25,768,783 | |||||||
Affiliated investments | — | 105,618 | — | — | ||||||||||||
Foreign currencies | — | 351,786 | (1,682,917 | ) | (202,836 | ) | ||||||||||
Foreign currency exchange contracts | — | (415,343 | ) | (849,538 | ) | (105,937 | ) | |||||||||
Futures contracts | — | (523,125 | ) | — | — | |||||||||||
Net realized gain (loss) | 2,815 | (120,520,317 | ) | 314,263,356 | 25,460,010 | |||||||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | — | (62,934,440 | ) | (324,002,466 | ) | (45,503,496 | ) | |||||||||
Affiliated investments | — | (15,520,321 | ) | — | — | |||||||||||
Foreign currencies | — | (396,037 | ) | 29,435 | (46,585 | ) | ||||||||||
Foreign currency exchange contracts | — | (882,608 | ) | 12,362 | 1,715 | |||||||||||
Net change in unrealized appreciation (depreciation) | — | (79,733,406 | ) | (323,960,669 | ) | (45,548,366 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) | 2,815 | (200,253,723 | ) | (9,697,313 | ) | (20,088,356 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 25,113 | $ | 58,447,075 | $ | 18,784,914 | $ | (16,523,829 | ) |
See accompanying notes, which are an integral part of the financial statements.
251
Statements of operations
Delaware Ivy Large Cap Growth Fund | Delaware Ivy Limited-Term Bond Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 35,271,394 | $ | 83 | $ | 1,104 | $ | 28,587,173 | ||||||||
Securities lending income | 35,195 | 40,709 | — | 123,344 | ||||||||||||
Dividend from Affiliated Fund | — | — | 4,098,879 | — | ||||||||||||
Interest | — | 20,813,240 | — | — | ||||||||||||
Foreign tax withheld | (77,627 | ) | — | — | — | |||||||||||
35,228,962 | 20,854,032 | 4,099,983 | 28,710,517 | |||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 36,642,040 | 5,195,060 | 84,195 | 61,465,138 | ||||||||||||
Distribution expenses — Class A | 7,552,014 | 990,384 | 155,656 | 6,271,902 | ||||||||||||
Distribution expenses — Class B | 14,099 | 1,670 | 188 | 18,827 | ||||||||||||
Distribution expenses — Class C | 717,754 | 189,847 | 12,796 | 1,595,593 | ||||||||||||
Distribution expenses — Class E | 86,915 | 18,249 | — | 52,827 | ||||||||||||
Distribution expenses — Class R | 68,877 | 2,327 | 542 | 442,984 | ||||||||||||
Distribution expenses — Class Y | 85,765 | 6,534 | 398 | 903,805 | ||||||||||||
Shareholder service fee | 4,259,103 | — | — | — | ||||||||||||
Dividend disbursing and transfer agent fees and expenses | 2,623,220 | 612,216 | 267,347 | 2,684,065 | ||||||||||||
Accounting and administration expenses | 286,333 | 248,481 | 7,287 | 319,894 | ||||||||||||
Trustees’ fees and expenses | 276,996 | 39,552 | 8,044 | 334,963 | ||||||||||||
Registration fees | 218,035 | 160,076 | 26,552 | 315,672 | ||||||||||||
Custodian fees | 63,678 | 15,709 | 1,497 | 139,831 | ||||||||||||
Audit and tax fees | 26,325 | 34,020 | 13,533 | 29,520 | ||||||||||||
Legal fees | 21,557 | 8,065 | 4,685 | 24,019 | ||||||||||||
Reports and statements to shareholders servicing expenses | — | 833,157 | — | 6,662,599 | ||||||||||||
Other | 102,449 | 43,202 | 11,693 | 174,466 | ||||||||||||
53,045,160 | 8,398,549 | 594,413 | 81,436,105 | |||||||||||||
Less expenses waived | (4,550 | ) | — | (59,549 | ) | (481,860 | ) | |||||||||
Less waived distribution expenses —Class A | — | — | (66,456 | ) | — | |||||||||||
Less waived distribution expenses —Class C | — | — | (2,656 | ) | — | |||||||||||
Less waived distribution expenses —Class E | (1,017 | ) | (9,079 | ) | — | (25,874 | ) | |||||||||
Less waived distribution expenses —Class Y | — | — | (7 | ) | — | |||||||||||
Less waived shareholder servicing expenses | (3,657,683 | ) | (1,036 | ) | — | (6,112,618 | ) | |||||||||
Total operating expenses | 49,381,910 | 8,388,434 | 465,745 | 74,815,753 | ||||||||||||
Net Investment Income (Loss) | (14,152,948 | ) | 12,465,598 | 3,634,238 | (46,105,236 | ) |
252
Delaware Ivy Large Cap Growth Fund | Delaware Ivy Limited-Term Bond Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | |||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | $ | 667,588,189 | $ | (3,379,916 | ) | $ | — | $ | 810,069,959 | |||||||
Affiliated investments | — | — | 16,049,457 | — | ||||||||||||
Futures contracts | — | 36,037 | — | — | ||||||||||||
Options purchased | — | — | — | (33,047,964 | ) | |||||||||||
Options written | — | — | — | (20,384,866 | ) | |||||||||||
Net realized gain (loss) | 667,588,189 | (3,343,879 | ) | 16,049,457 | 756,637,129 | |||||||||||
Net change in unrealized | ||||||||||||||||
appreciation (depreciation) of: | ||||||||||||||||
Investments | 280,860,520 | (37,661,022 | ) | — | (838,859,749 | ) | ||||||||||
Affiliated investments | — | — | (29,528,244 | ) | — | |||||||||||
Futures contracts | — | (561,310 | ) | — | — | |||||||||||
Options written | — | — | — | 1,901,379 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 280,860,520 | (38,222,332 | ) | (29,528,244 | ) | (836,958,370 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) | 948,448,709 | (41,566,211 | ) | (13,478,787 | ) | (80,321,241 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 934,295,761 | $ | (29,100,613 | ) | $ | (9,844,549 | ) | $ | (126,426,477 | ) |
See accompanying notes, which are an integral part of the financial statements.
253
Statements of operations
Delaware Ivy Mid Cap Income Opportunities Fund | Delaware Ivy Municipal Bond Fund | Delaware Ivy Municipal High Income Fund | Delaware Ivy Securian Core Bond Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 37,072,820 | $ | 139,920 | $ | — | $ | 325,109 | ||||||||
Dividend from Affiliated Fund | 2,013,028 | — | — | — | ||||||||||||
Securities lending income | 7,328 | — | — | 21,560 | ||||||||||||
Interest | — | 23,892,662 | 48,449,025 | 26,911,426 | ||||||||||||
Foreign tax withheld | (64,448 | ) | — | — | — | |||||||||||
39,028,728 | 24,032,582 | 48,449,025 | 27,258,095 | |||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 15,149,467 | 3,754,054 | 4,946,720 | 5,505,131 | ||||||||||||
Distribution expenses — Class A | 499,090 | 1,065,929 | 1,555,323 | 515,584 | ||||||||||||
Distribution expenses — Class B | — | 514 | 1,229 | 1,725 | ||||||||||||
Distribution expenses — Class C | 277,534 | 63,740 | 242,008 | 85,436 | ||||||||||||
Distribution expenses — Class E | — | — | — | 11,686 | ||||||||||||
Distribution expenses — Class R | 5,877 | — | — | 4,629 | ||||||||||||
Distribution expenses — Class Y | 89,743 | — | 10,885 | 17,205 | ||||||||||||
Reports and statements to shareholders servicing expenses | 2,196,905 | 437,326 | 474,440 | 1,053,739 | ||||||||||||
Dividend disbursing and transfer agent fees and expenses | 384,406 | 267,773 | 371,665 | 439,924 | ||||||||||||
Accounting and administration expenses | 321,256 | 146,664 | 241,136 | 228,661 | ||||||||||||
Registration fees | 257,128 | 68,849 | 137,417 | 150,922 | ||||||||||||
Trustees’ fees and expenses | 77,239 | 46,218 | 68,761 | 45,173 | ||||||||||||
Legal fees | 32,372 | 6,886 | 26,115 | 10,066 | ||||||||||||
Custodian fees | 31,048 | 8,837 | 34,001 | 19,184 | ||||||||||||
Audit and tax fees | 27,270 | 36,144 | 36,144 | 41,589 | ||||||||||||
Other | 423,018 | 26,568 | 177,249 | 41,624 | ||||||||||||
19,772,353 | 5,929,502 | 8,323,093 | 8,172,278 | |||||||||||||
Less expenses waived | (1,437,378 | ) | — | — | (1,237,115 | ) | ||||||||||
Less waived distribution expenses —Class A | — | (170,116 | ) | — | — | |||||||||||
Less waived distribution expenses —Class C | — | — | (31,096 | ) | — | |||||||||||
Less waived distribution expenses —Class E | — | — | — | (9,128 | ) | |||||||||||
Less waived shareholder servicing expenses | (2,153,086 | ) | (65,087 | ) | (435,285 | ) | (1,041,102 | ) | ||||||||
Total operating expenses | 16,181,889 | 5,694,299 | 7,856,712 | 5,884,933 | ||||||||||||
Net Investment Income | 22,846,839 | 18,338,283 | 40,592,313 | 21,373,162 |
254
Delaware Ivy Mid Cap Income Opportunities Fund | Delaware Ivy Municipal Bond Fund | Delaware Ivy Municipal High Income Fund | Delaware Ivy Securian Core Bond Fund | |||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | $ | 61,988,899 | $ | 2,866,444 | $ | 17,736,682 | $ | 4,370,303 | ||||||||
Futures contracts | — | — | — | (3,048,101 | ) | |||||||||||
Net realized gain | 61,988,899 | 2,866,444 | 17,736,682 | 1,322,202 | ||||||||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | 13,913,561 | (54,454,142 | ) | (69,282,700 | ) | (49,590,935 | ) | |||||||||
Affiliated investments | (3,086,646 | ) | — | — | — | |||||||||||
Futures contracts | — | — | — | (496,741 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 10,826,915 | (54,454,142 | ) | (69,282,700 | ) | (50,087,676 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) | 72,815,814 | (51,587,698 | ) | (51,546,018 | ) | (48,765,474 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 95,662,653 | $ | (33,249,415 | ) | $ | (10,953,705 | ) | $ | (27,392,312 | ) |
See accompanying notes, which are an integral part of the financial statements.
255
Statements of operations
Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity FundΦ | Delaware Ivy Value Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 11,283,353 | $ | 8,178,972 | $ | 45,422,692 | $ | 31,585,021 | ||||||||
Securities lending income | 908,248 | 26,764 | 168,504 | 138,138 | ||||||||||||
Foreign tax withheld | — | — | (4,176,461 | ) | (354,578 | ) | ||||||||||
12,191,601 | 8,205,736 | 41,414,735 | 31,368,581 | |||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 23,692,810 | 6,137,917 | 18,925,079 | 9,935,690 | ||||||||||||
Distribution expenses — Class A | 3,087,607 | 423,371 | 869,636 | 983,292 | ||||||||||||
Distribution expenses — Class B | 7,975 | 2,356 | 2,008 | 3,391 | ||||||||||||
Distribution expenses — Class C | 489,137 | 200,263 | 517,663 | 70,074 | ||||||||||||
Distribution expenses — Class E | 36,190 | — | — | — | ||||||||||||
Distribution expenses — Class R | 327,349 | 123,154 | 48,650 | 258 | ||||||||||||
Distribution expenses — Class Y | 316,044 | 21,840 | 95,795 | 272 | ||||||||||||
Reports and statements to shareholders servicing expenses | 2,076,234 | 709,678 | 2,190,241 | — | ||||||||||||
Dividend disbursing and transfer agent fees and expenses | 1,921,662 | 408,542 | 903,518 | 700,892 | ||||||||||||
Accounting and administration expenses | 309,701 | 185,035 | 276,506 | 217,837 | ||||||||||||
Registration fees | 198,719 | — | 198,970 | 97,378 | ||||||||||||
Trustees’ fees and expenses | 143,340 | 32,157 | 94,449 | 58,051 | ||||||||||||
Custodian fees | 39,400 | 20,656 | 445,232 | 15,569 | ||||||||||||
Audit and tax fees | 22,833 | 27,297 | 32,814 | 30,069 | ||||||||||||
Legal fees | 21,382 | 10,464 | 16,181 | 4,898 | ||||||||||||
Blue sky expense | — | 157,475 | — | — | ||||||||||||
Shareholder service fee | — | — | — | 1,382,231 | ||||||||||||
Other | 90,623 | 34,461 | 66,231 | 18,612 | ||||||||||||
32,781,006 | 8,494,666 | 24,682,973 | 13,518,514 | |||||||||||||
Less expenses waived | (5,384 | ) | (234,228 | ) | (284,293 | ) | — | |||||||||
Less waived distribution expenses —Class A | — | — | (29,166 | ) | (855 | ) | ||||||||||
Less waived distribution expenses —Class C | (34,855 | ) | — | (2,348 | ) | — | ||||||||||
Less waived distribution expenses —Class E | (35,470 | ) | — | — | — | |||||||||||
Less waived shareholder servicing expenses | (1,467,276 | ) | (634,997 | ) | (1,267,937 | ) | (3,603 | ) | ||||||||
Total operating expenses | 31,238,021 | 7,625,441 | 23,099,229 | 13,514,056 | ||||||||||||
Net Investment Income (Loss) | (19,046,420 | ) | 580,295 | 18,315,506 | 17,854,525 |
256
Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundφ | Delaware Ivy Value Fund | |||||||||||||
Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | $ | 335,979,054 | $ | 163,532,328 | $ | 206,793,115 | $ | 251,009,063 | ||||||||
Affiliated investments | (10,038,688 | ) | — | — | — | |||||||||||
Foreign currencies | — | — | (761,962 | ) | — | |||||||||||
Foreign currency exchange contracts | — | — | (288,864 | ) | — | |||||||||||
Options written | — | — | — | 774,159 | ||||||||||||
Swap contracts | (13,035,150 | ) | — | — | — | |||||||||||
Net realized gain | 312,905,216 | 163,532,328 | 205,742,289 | 251,783,222 | ||||||||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (509,920,827 | ) | (167,794,397 | ) | (612,805,112 | )1 | (35,442,517 | ) | ||||||||
Affiliated investments | (15,308,097 | ) | — | — | — | |||||||||||
Foreign currencies | — | — | 2,882,142 | — | ||||||||||||
Foreign currency exchange contracts | — | — | (76,514 | ) | — | |||||||||||
Options written | — | — | — | (775,042 | ) | |||||||||||
Swap contracts | 13,112,742 | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | (512,116,182 | ) | (167,794,397 | ) | (609,999,484 | ) | (36,217,559 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) | (199,210,966 | ) | (4,262,069 | ) | (404,257,195 | ) | 215,565,663 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (218,257,386 | ) | $ | (3,681,774 | ) | $ | (385,941,689 | ) | $ | 233,420,188 |
1 | Includes $10,694,552 increase in capital gains tax accrued for Delaware Ivy Systematic Emerging Markets Equity Fund. | |
φ | Consolidated statements of operations |
See accompanying notes, which are an integral part of the financial statements.
257
Statements of changes in net assets
Delaware Ivy | Delaware Ivy | |||||||||||||||
Core Equity Fund | Global Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 11,625,782 | $ | 17,024,013 | $ | 13,565,596 | $ | 15,013,456 | ||||||||
Net realized gain (loss) | 620,775,458 | 311,659,088 | 360,033 | (15,877,621 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 12,211,951 | 1,527,081,443 | (37,091,261 | ) | 56,336,772 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 644,613,191 | 1,855,764,544 | (23,165,632 | ) | 55,472,607 | |||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (440,158,837 | ) | (81,923,277 | ) | (4,228,642 | ) | (4,775,030 | ) | ||||||||
Class B | — | (99,333 | ) | (2,154 | ) | (8,342 | ) | |||||||||
Class C | (4,346,536 | ) | (1,087,420 | ) | (67,807 | ) | (110,516 | ) | ||||||||
Class E | (2,351,783 | ) | (420,862 | ) | — | — | ||||||||||
Class I | (126,305,684 | ) | (25,153,663 | ) | (6,678,968 | ) | (6,460,769 | ) | ||||||||
Class R | (22,112 | ) | (11,662 | ) | (5,580 | ) | (9,136 | ) | ||||||||
Class R61 | (10,536,169 | ) | (2,252,666 | ) | (2,741,755 | ) | (1,349,859 | ) | ||||||||
Class Y | (3,106,280 | ) | (652,114 | ) | (20,123 | ) | (23,757 | ) | ||||||||
(586,827,401 | ) | (111,600,997 | ) | (13,745,029 | ) | (12,737,409 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 97,561,830 | 105,920,278 | 18,224,192 | 21,835,194 | ||||||||||||
Class B2 | 44,904 | 36,435 | — | 16,858 | ||||||||||||
Class C | 3,729,013 | 4,107,546 | 816,020 | 930,367 | ||||||||||||
Class E | 1,528,615 | 1,704,371 | — | — | ||||||||||||
Class I | 249,154,599 | 100,670,194 | 86,615,153 | 62,168,637 | ||||||||||||
Class R | 54,097 | 79,483 | 68,884 | 53,767 | ||||||||||||
Class R61 | 18,992,680 | 57,496,863 | 106,364,093 | 43,862,633 | ||||||||||||
Class Y | 4,801,997 | 1,941,999 | 764,667 | 217,130 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 435,755,580 | 78,527,315 | 4,133,615 | 4,599,235 | ||||||||||||
Class B2 | — | 90,351 | 2,154 | 7,901 | ||||||||||||
Class C | 4,317,684 | 1,077,526 | 67,341 | 105,824 | ||||||||||||
Class E | 2,352,392 | 420,768 | — | — | ||||||||||||
Class I | 125,676,581 | 24,688,796 | 6,610,361 | 6,327,796 | ||||||||||||
Class R | 9,521 | 1,254 | 5,580 | 6,580 | ||||||||||||
Class R61 | 10,530,349 | 2,251,740 | 2,741,760 | 1,349,859 | ||||||||||||
Class Y | 3,009,063 | 610,838 | 19,928 | 23,732 | ||||||||||||
957,518,905 | 379,625,757 | 226,433,748 | 141,505,513 |
258
Delaware Ivy | Delaware Ivy | |||||||||||||||
Core Equity Fund | Global Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (546,980,026 | ) | $ | (428,465,667 | ) | $ | (39,165,573 | ) | $ | (37,023,606 | ) | ||||
Class B2 | (3,011,706 | ) | (3,215,302 | ) | (337,370 | ) | (306,806 | ) | ||||||||
Class C | (13,615,017 | ) | (25,052,456 | ) | (1,366,987 | ) | (3,698,503 | ) | ||||||||
Class E | (3,173,900 | ) | (2,671,419 | ) | — | — | ||||||||||
Class I | (433,465,706 | ) | (319,139,502 | ) | (118,845,672 | ) | (53,894,711 | ) | ||||||||
Class R | (449,522 | ) | (123,248 | ) | (61,424 | ) | (477,198 | ) | ||||||||
Class R61 | (29,367,774 | ) | (29,714,196 | ) | (17,685,376 | ) | (9,308,467 | ) | ||||||||
Class Y | (4,440,427 | ) | (10,516,418 | ) | (705,721 | ) | (315,260 | ) | ||||||||
(1,034,504,078 | ) | (818,898,208 | ) | (178,168,123 | ) | (105,024,551 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (76,985,173 | ) | (439,272,451 | ) | 48,265,625 | 36,480,962 | ||||||||||
Net Increase (Decrease) in Net Assets | (19,199,383 | ) | 1,304,891,096 | 11,354,964 | 79,216,160 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 4,682,119,948 | 3,377,228,852 | 485,646,457 | 406,430,297 | ||||||||||||
End of year | $ | 4,662,920,565 | $ | 4,682,119,948 | $ | 497,001,421 | $ | 485,646,457 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
259
Statements of changes in net assets
Delaware Ivy | ||||||||||||||||
Global Equity | Delaware Ivy | |||||||||||||||
Income Fund | Global Growth Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 9,114,877 | $ | 13,554,111 | $ | 2,345,934 | $ | 433,096 | ||||||||
Net realized gain | 166,778,294 | 27,435,203 | 239,199,127 | 105,720,866 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (167,295,304 | ) | 185,563,527 | (200,176,370 | ) | 306,577,197 | ||||||||||
Net increase in net assets resulting from operations | 8,597,867 | 226,552,841 | 41,368,691 | 412,731,159 | ||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (23,674,162 | ) | (9,617,361 | ) | (36,031,217 | ) | (25,825,096 | ) | ||||||||
Class B | (5,160 | ) | (55,193 | ) | — | (26,722 | ) | |||||||||
Class C | (428,360 | ) | (230,160 | ) | (323,584 | ) | (384,749 | ) | ||||||||
Class E | (411,260 | ) | (163,316 | ) | — | — | ||||||||||
Class I | (20,136,462 | ) | (9,341,620 | ) | (30,621,298 | ) | (23,567,513 | ) | ||||||||
Class R | (25,605 | ) | (12,257 | ) | (55,912 | ) | (47,086 | ) | ||||||||
Class R61 | (1,606,584 | ) | (836,315 | ) | (1,371,440 | ) | (951,893 | ) | ||||||||
Class Y | (145,138 | ) | (101,295 | ) | (139,716 | ) | (154,417 | ) | ||||||||
(46,432,731 | ) | (20,357,517 | ) | (68,543,167 | ) | (50,957,476 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 10,124,948 | 14,120,474 | 14,858,614 | 24,208,848 | ||||||||||||
Class B2 | 685 | 8,672 | — | 1,708 | ||||||||||||
Class C | 276,779 | 340,278 | 404,203 | 645,155 | ||||||||||||
Class E | 321,660 | 403,400 | — | 8 | ||||||||||||
Class I | 18,144,845 | 21,008,900 | 48,560,979 | 66,452,737 | ||||||||||||
Class R | 22,608 | 5,519 | 27,859 | 67,493 | ||||||||||||
Class R61 | 1,075,014 | 4,699,582 | 3,096,360 | 792,827 | ||||||||||||
Class Y | 127,515 | 487,990 | 256,274 | 973,555 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 23,262,836 | 9,272,056 | 35,179,582 | 24,460,563 | ||||||||||||
Class B2 | 3,792 | 19,769 | — | 26,125 | ||||||||||||
Class C | 426,488 | 224,908 | 322,666 | 380,702 | ||||||||||||
Class E | 410,752 | 163,109 | — | — | ||||||||||||
Class I | 19,929,627 | 9,153,259 | 30,456,201 | 23,181,242 | ||||||||||||
Class R | 1,355 | 1,800 | 55,741 | 46,967 | ||||||||||||
Class R61 | 1,606,584 | 836,315 | 1,371,440 | 951,893 | ||||||||||||
Class Y | 125,134 | 53,071 | 138,003 | 104,900 | ||||||||||||
75,860,622 | 60,799,102 | 134,727,922 | 142,294,723 |
260
Delaware Ivy | ||||||||||||||||
Global Equity | Delaware Ivy | |||||||||||||||
Income Fund | Global Growth Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (58,688,910 | ) | $ | (74,167,715 | ) | $ | (81,523,032 | ) | $ | (65,307,173 | ) | ||||
Class B2 | (2,054,611 | ) | (909,217 | ) | (209,558 | ) | (444,596 | ) | ||||||||
Class C | (2,700,187 | ) | (6,738,764 | ) | (2,281,288 | ) | (3,187,986 | ) | ||||||||
Class E | (779,973 | ) | (1,218,521 | ) | — | (178,063 | ) | |||||||||
Class I | (84,494,656 | ) | (95,566,861 | ) | (184,377,731 | ) | (112,824,116 | ) | ||||||||
Class R | (62,211 | ) | (330,911 | ) | (177,653 | ) | (275,466 | ) | ||||||||
Class R61 | (11,682,523 | ) | (6,447,539 | ) | (20,545,928 | ) | (5,915,171 | ) | ||||||||
Class Y | (549,922 | ) | (4,409,189 | ) | (1,609,631 | ) | (1,403,216 | ) | ||||||||
(161,012,993 | ) | (189,788,717 | ) | (290,724,821 | ) | (189,535,787 | ) | |||||||||
Decrease in net assets derived from capital share transactions | (85,152,371 | ) | (128,989,615 | ) | (155,996,899 | ) | (47,241,064 | ) | ||||||||
Net Increase (Decrease) in Net Assets | (122,987,235 | ) | 77,205,709 | (183,171,375 | ) | 314,532,619 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 617,799,296 | 540,593,587 | 1,053,220,332 | 738,687,713 | ||||||||||||
End of year | $ | 494,812,061 | $ | 617,799,296 | $ | 870,048,957 | $ | 1,053,220,332 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
261
Statements of changes in net assets
Delaware Ivy | ||||||||||||||||
Government Money | Delaware Ivy | |||||||||||||||
Market Fund | High Income Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 22,298 | $ | 84,240 | $ | 258,700,798 | $ | 247,804,935 | ||||||||
Net realized gain (loss) | 2,815 | 45 | (120,520,317 | ) | (141,603,729 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | — | — | (79,733,406 | ) | 873,741,230 | |||||||||||
Net increase in net assets resulting from operations | 25,113 | 84,285 | 58,447,075 | 979,942,436 | ||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (27,864 | ) | (80,316 | ) | (112,821,128 | ) | (107,718,677 | ) | ||||||||
Class B | (7 | ) | (99 | ) | (129,238 | ) | (809,624 | ) | ||||||||
Class C | (618 | ) | (1,036 | ) | (15,976,695 | ) | (24,611,661 | ) | ||||||||
Class E | (2,338 | ) | (6,106 | ) | (564,977 | ) | (549,298 | ) | ||||||||
Class I | — | — | (113,914,816 | ) | (110,939,349 | ) | ||||||||||
Class R | — | — | (2,886,148 | ) | (2,987,243 | ) | ||||||||||
Class R61 | (55 | ) | (1,348 | ) | (4,531,342 | ) | (4,483,606 | ) | ||||||||
Class T | — | — | — | (3,647 | ) | |||||||||||
Class Y | — | — | (7,371,863 | ) | (8,943,288 | ) | ||||||||||
(30,882 | ) | (88,905 | ) | (258,196,207 | ) | (261,046,393 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 192,945,549 | 362,834,344 | 210,089,205 | 2 | 354,002,325 | |||||||||||
Class B3 | 2 | 126,314 | 9,015 | 2 | 180,673 | |||||||||||
Class C | 3,237,390 | 5,045,169 | 23,975,933 | 2 | 30,908,580 | |||||||||||
Class E | 3,068,655 | 10,219,129 | 734,397 | 2 | 1,406,345 | |||||||||||
Class I | — | — | 417,506,971 | 2 | 746,780,296 | |||||||||||
Class R | — | — | 3,805,840 | 2 | 5,589,426 | |||||||||||
Class R61 | — | 254,790 | 19,816,433 | 2 | 43,668,716 | |||||||||||
Class Y | — | — | 37,062,323 | 2 | 78,329,771 | |||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 26,449 | 84,829 | 104,615,394 | 96,156,906 | ||||||||||||
Class B3 | — | 43 | 114,702 | 719,938 | ||||||||||||
Class C | — | 1,007 | 13,805,357 | 21,182,408 | ||||||||||||
Class E | — | 6,523 | 560,402 | 545,508 | ||||||||||||
Class I | — | — | 108,600,030 | 104,219,356 | ||||||||||||
Class R | — | — | 2,862,999 | 2,956,185 | ||||||||||||
Class R61 | — | 10 | 4,282,439 | 4,182,461 | ||||||||||||
Class Y | — | — | 6,345,822 | 7,564,512 | ||||||||||||
199,278,045 | 378,572,158 | 954,187,262 | 1,498,393,406 |
262
Delaware Ivy | ||||||||||||||||
Government Money | Delaware Ivy | |||||||||||||||
Market Fund | High Income Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (242,656,731 | ) | $ | (339,476,733 | ) | $ | (463,391,374 | ) | $ | (393,482,686 | ) | ||||
Class B3 | (470,354 | ) | (558,479 | ) | (7,891,700 | ) | (14,786,380 | ) | ||||||||
Class C | (3,796,165 | ) | (18,566,964 | ) | (124,226,591 | ) | (259,186,656 | ) | ||||||||
Class E | (4,787,351 | ) | (7,669,237 | ) | (1,698,399 | ) | (2,013,646 | ) | ||||||||
Class I | — | — | (855,546,952 | ) | (763,510,601 | ) | ||||||||||
Class R | — | — | (7,779,309 | ) | (14,461,101 | ) | ||||||||||
Class R61 | — | (8,230,781 | ) | (22,553,399 | ) | (57,464,522 | ) | |||||||||
Class T | — | — | — | (233,733 | ) | |||||||||||
Class Y | — | — | (76,241,529 | ) | (105,505,075 | ) | ||||||||||
(251,710,601 | ) | (374,502,194 | ) | (1,559,329,253 | ) | (1,610,644,400 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (52,432,556 | ) | 4,069,964 | (605,141,991 | ) | (112,250,994 | ) | |||||||||
Net Increase (Decrease) in Net Assets | (52,438,325 | ) | 4,065,344 | (804,891,123 | ) | 606,645,049 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 198,704,072 | 194,638,728 | 4,274,800,418 | 3,668,155,369 | ||||||||||||
End of year | $ | 146,265,747 | $ | 198,704,072 | $ | 3,469,909,295 | $ | 4,274,800,418 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | Included payments from affiliates. See Note 2 in “Notes to financial statements” for additional information. | |
3 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
263
Statements of changes in net assets
Delaware Ivy | ||||||||||||||||
International | Delaware Ivy | |||||||||||||||
Core Equity Fund | International Value Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 28,482,227 | $ | 43,617,582 | $ | 3,564,527 | $ | 3,202,426 | ||||||||
Net realized gain (loss) | 314,263,356 | 29,773,138 | 25,460,010 | (14,112,965 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (323,960,669 | ) | 1,057,682,443 | (45,548,366 | ) | 129,737,168 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 18,784,914 | 1,131,073,163 | (16,523,829 | ) | 118,826,629 | |||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (8,853,185 | ) | (3,687,835 | ) | (1,399,472 | ) | (660,516 | ) | ||||||||
Class B | — | (3,174 | ) | — | — | |||||||||||
Class C | (1,170,851 | ) | (448,114 | ) | (13,413 | ) | (4,363 | ) | ||||||||
Class E | (196,693 | ) | (72,324 | ) | — | — | ||||||||||
Class I | (35,278,433 | ) | (20,932,956 | ) | (2,264,679 | ) | (1,233,108 | ) | ||||||||
Class R | (1,134,673 | ) | (403,497 | ) | (180 | ) | (3,164 | ) | ||||||||
Class R61 | (10,803,496 | ) | (7,956,497 | ) | (1,788,388 | ) | (1,326,262 | ) | ||||||||
Class Y | (2,038,110 | ) | (1,019,611 | ) | (25,173 | ) | (12,555 | ) | ||||||||
(59,475,441 | ) | (34,524,008 | ) | (5,491,305 | ) | (3,239,968 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 34,316,906 | 47,922,319 | 5,057,204 | 3,417,768 | ||||||||||||
Class B2 | 13,787 | 25,311 | 5,007 | 759 | ||||||||||||
Class C | 1,764,684 | 1,945,814 | 314,259 | 82,564 | ||||||||||||
Class E | 825,207 | 753,113 | — | — | ||||||||||||
Class I | 212,112,881 | 201,842,464 | 45,531,787 | 13,508,403 | ||||||||||||
Class R | 2,355,677 | 3,910,704 | 6,645 | 1,615 | ||||||||||||
Class R61 | 58,908,975 | 89,188,212 | 26,114,709 | 10,541,490 | ||||||||||||
Class Y | 15,685,221 | 18,588,473 | 117,130 | 102,907 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 8,278,215 | 3,418,288 | 1,372,071 | 639,701 | ||||||||||||
Class B2 | — | 2,985 | — | — | ||||||||||||
Class C | 1,124,160 | 424,499 | 13,413 | 4,295 | ||||||||||||
Class E | 196,693 | 72,324 | — | — | ||||||||||||
Class I | 33,388,533 | 19,783,485 | 2,247,859 | 1,218,168 | ||||||||||||
Class R | 1,124,048 | 398,788 | 180 | 53 | ||||||||||||
Class R61 | 10,490,428 | 7,792,974 | 1,788,386 | 1,326,262 | ||||||||||||
Class Y | 1,606,531 | 843,294 | 25,149 | 12,279 | ||||||||||||
382,191,946 | 396,913,047 | 82,593,799 | 30,856,264 |
264
Delaware Ivy | ||||||||||||||||
International | Delaware Ivy | |||||||||||||||
Core Equity Fund | International Value Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (91,062,798 | ) | $ | (127,755,917 | ) | $ | (12,395,558 | ) | $ | (11,767,208 | ) | ||||
Class B2 | (559,083 | ) | (1,022,227 | ) | (59,546 | ) | (58,221 | ) | ||||||||
Class C | (22,470,383 | ) | (42,869,433 | ) | (283,913 | ) | (764,180 | ) | ||||||||
Class E | (784,442 | ) | (1,402,027 | ) | — | — | ||||||||||
Class I | (607,176,990 | ) | (908,489,552 | ) | (64,549,672 | ) | (39,580,874 | ) | ||||||||
Class R | (9,728,192 | ) | (16,508,894 | ) | (369,054 | ) | (1,384 | ) | ||||||||
Class R61 | (213,053,801 | ) | (460,605,256 | ) | (45,256,371 | ) | (49,768,282 | ) | ||||||||
Class T | — | (207,293 | ) | — | — | |||||||||||
Class Y | (58,960,454 | ) | (152,910,615 | ) | (173,145 | ) | (141,205 | ) | ||||||||
(1,003,796,143 | ) | (1,711,771,214 | ) | (123,087,259 | ) | (102,081,354 | ) | |||||||||
Decrease in net assets derived from capital share transactions | (621,604,197 | ) | (1,314,858,167 | ) | (40,493,460 | ) | (71,225,090 | ) | ||||||||
Net Increase (Decrease) in Net Assets | (662,294,724 | ) | (218,309,012 | ) | (62,508,594 | ) | 44,361,571 | |||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 2,513,814,136 | 2,732,123,148 | 249,851,259 | 205,489,688 | ||||||||||||
End of year | $ | 1,851,519,412 | $ | 2,513,814,136 | $ | 187,342,665 | $ | 249,851,259 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
265
Statements of changes in net assets
Delaware Ivy | Delaware Ivy | |||||||||||||||
Large Cap Growth Fund | Limited-Term Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income (loss) | $ | (14,152,948 | ) | $ | (4,936,011 | ) | $ | 12,465,598 | $ | 17,475,907 | ||||||
Net realized gain (loss) | 667,588,189 | 478,901,754 | (3,343,879 | ) | 9,188,183 | |||||||||||
Net change in unrealized appreciation (depreciation) | 280,860,520 | 1,604,171,119 | (38,222,332 | ) | 8,408,961 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 934,295,761 | 2,078,136,862 | (29,100,613 | ) | 35,073,051 | |||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (288,499,969 | ) | (170,542,863 | ) | (3,879,665 | ) | (5,603,658 | ) | ||||||||
Class B | — | (456,990 | ) | — | (3,665 | ) | ||||||||||
Class C | (8,096,887 | ) | (7,119,767 | ) | (39,579 | ) | (214,585 | ) | ||||||||
Class E | (3,328,409 | ) | (1,859,751 | ) | (71,337 | ) | (94,435 | ) | ||||||||
Class I | (249,922,112 | ) | (155,259,789 | ) | (6,411,450 | ) | (9,560,802 | ) | ||||||||
Class R | (1,248,920 | ) | (928,857 | ) | (2,683 | ) | (6,521 | ) | ||||||||
Class R61 | (15,436,229 | ) | (9,886,637 | ) | (1,900,886 | ) | (1,954,249 | ) | ||||||||
Class Y | (3,085,607 | ) | (2,093,975 | ) | (25,433 | ) | (60,131 | ) | ||||||||
(569,618,133 | ) | (348,148,629 | ) | (12,331,033 | ) | (17,498,046 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 130,922,593 | 200,020,772 | 95,877,635 | 177,542,703 | ||||||||||||
Class B2 | 122,314 | 340,093 | 1,734 | 129,259 | ||||||||||||
Class C | 10,049,136 | 16,783,637 | 4,934,272 | 20,126,023 | ||||||||||||
Class E | 3,545,116 | 3,855,304 | 1,353,352 | 3,313,962 | ||||||||||||
Class I | 518,398,941 | 446,226,366 | 104,404,767 | 169,574,008 | ||||||||||||
Class R | 2,628,654 | 3,907,454 | 75,344 | 43,426 | ||||||||||||
Class R61 | 26,939,732 | 49,588,131 | 68,826,701 | 89,555,925 | ||||||||||||
Class Y | 11,047,810 | 6,734,891 | 355,498 | 714,985 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 283,173,518 | 161,107,956 | 3,758,367 | 5,326,691 | ||||||||||||
Class B2 | — | 285,957 | 46 | 3,490 | ||||||||||||
Class C | 7,796,485 | 6,875,497 | 34,845 | 191,890 | ||||||||||||
Class E | 3,328,867 | 1,859,751 | 71,257 | 93,721 | ||||||||||||
Class I | 243,387,205 | 146,251,951 | 6,266,300 | 9,195,252 | ||||||||||||
Class R | 1,244,939 | 898,144 | 1,945 | 3,484 | ||||||||||||
Class R61 | 15,436,229 | 9,886,637 | 1,900,083 | 1,951,206 | ||||||||||||
Class Y | 2,997,477 | 2,025,099 | 23,239 | 56,282 | ||||||||||||
1,261,019,016 | 1,056,647,640 | 287,885,385 | 477,822,307 |
266
Delaware Ivy | Delaware Ivy | |||||||||||||||
Large Cap Growth Fund | Limited-Term Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (486,388,644 | ) | $ | (388,279,448 | ) | $ | (157,872,183 | ) | $ | (150,320,555 | ) | ||||
Class B2 | (4,717,491 | ) | (3,621,797 | ) | (232,009 | ) | (1,447,174 | ) | ||||||||
Class C | (25,813,552 | ) | (50,309,520 | ) | (14,766,562 | ) | (25,148,299 | ) | ||||||||
Class E | (4,755,959 | ) | (4,117,096 | ) | (2,231,845 | ) | (1,535,869 | ) | ||||||||
Class I | (840,079,246 | ) | (680,556,739 | ) | (252,244,365 | ) | (161,926,166 | ) | ||||||||
Class R | (5,629,895 | ) | (10,059,546 | ) | (20,827 | ) | (381,640 | ) | ||||||||
Class R61 | (52,131,380 | ) | (51,260,691 | ) | (45,824,105 | ) | (101,164,486 | ) | ||||||||
Class Y | (11,379,215 | ) | (14,201,551 | ) | (842,044 | ) | (3,842,409 | ) | ||||||||
(1,430,895,382 | ) | (1,202,406,388 | ) | (474,033,940 | ) | (445,766,598 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (169,876,366 | ) | (145,758,748 | ) | (186,148,555 | ) | 32,055,709 | |||||||||
Net Increase (Decrease) in Net Assets | 194,801,262 | 1,584,229,485 | (227,580,201 | ) | 49,630,714 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 5,579,049,878 | 3,994,820,393 | 1,174,226,867 | 1,124,596,153 | ||||||||||||
End of year | $ | 5,773,851,140 | $ | 5,579,049,878 | $ | 946,646,666 | $ | 1,174,226,867 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
267
Statements of changes in net assets
Delaware Ivy | ||||||||||||||||
Managed International | Delaware Ivy | |||||||||||||||
Opportunities Fund | Mid Cap Growth Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income (loss) | $ | 3,634,238 | $ | 1,666,859 | $ | (46,105,236 | ) | $ | (31,316,230 | ) | ||||||
Net realized gain (loss) | 16,049,457 | (3,316,269 | ) | 756,637,129 | 768,622,234 | |||||||||||
Net change in unrealized appreciation (depreciation) | (29,528,244 | ) | 80,507,601 | (836,958,370 | ) | 2,651,617,892 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (9,844,549 | ) | 78,858,191 | (126,426,477 | ) | 3,388,923,896 | ||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (1,496,141 | ) | (487,242 | ) | (304,452,989 | ) | (220,293,279 | ) | ||||||||
Class B | — | (348 | ) | — | (681,747 | ) | ||||||||||
Class C | (24,621 | ) | (5,099 | ) | (22,625,735 | ) | (23,823,351 | ) | ||||||||
Class E | — | — | (2,666,741 | ) | (1,819,684 | ) | ||||||||||
Class I | (2,564,748 | ) | (1,170,097 | ) | (442,470,544 | ) | (293,203,760 | ) | ||||||||
Class R | (1,831 | ) | (2,391 | ) | (10,968,579 | ) | (7,927,171 | ) | ||||||||
Class R61 | (2,886 | ) | (3,497 | ) | (108,105,215 | ) | (50,666,024 | ) | ||||||||
Class Y | (3,937 | ) | (1,258 | ) | (40,580,612 | ) | (32,124,522 | ) | ||||||||
(4,094,164 | ) | (1,669,932 | ) | (931,870,415 | ) | (630,539,538 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 3,646,352 | 4,769,995 | 176,583,191 | 239,716,483 | ||||||||||||
Class B2 | 1,276 | 5 | 22,893 | 212,791 | ||||||||||||
Class C | 234,492 | 265,901 | 22,556,385 | 30,957,492 | ||||||||||||
Class E | — | 47 | 2,120,942 | 2,274,492 | ||||||||||||
Class I | 16,337,165 | 17,704,786 | 1,149,273,771 | 971,960,510 | ||||||||||||
Class R | 14,063 | 7,276 | 15,245,075 | 29,019,477 | ||||||||||||
Class R61 | 25,551 | 80,398 | 518,879,668 | 418,964,396 | ||||||||||||
Class Y | 14,633 | 40,840 | 81,619,888 | 102,108,720 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 1,487,205 | 463,175 | 299,979,244 | 212,967,302 | ||||||||||||
Class B2 | — | 330 | — | 631,941 | ||||||||||||
Class C | 24,545 | 5,071 | 22,199,637 | 23,428,553 | ||||||||||||
Class E | — | — | 2,669,507 | 1,819,684 | ||||||||||||
Class I | 2,561,359 | 1,159,697 | 421,375,039 | 275,688,299 | ||||||||||||
Class R | 1,831 | 420 | 10,875,261 | 7,814,836 | ||||||||||||
Class R61 | 2,886 | 923 | 106,195,229 | 49,452,715 | ||||||||||||
Class Y | 3,937 | 1,258 | 38,073,093 | 29,945,720 | ||||||||||||
24,355,295 | 24,500,122 | 2,867,668,823 | 2,396,963,411 |
268
Delaware Ivy | ||||||||||||||||
Managed International | Delaware Ivy | |||||||||||||||
Opportunities Fund | Mid Cap Growth Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (12,129,365 | ) | $ | (11,737,937 | ) | $ | (439,644,873 | ) | $ | (334,258,135 | ) | ||||
Class B2 | (63,389 | ) | (130,726 | ) | (4,245,237 | ) | (6,447,652 | ) | ||||||||
Class C | (584,637 | ) | (931,519 | ) | (68,525,944 | ) | (116,024,387 | ) | ||||||||
Class E | — | (495,567 | ) | (2,199,652 | ) | (3,070,748 | ) | |||||||||
Class I | (41,958,311 | ) | (47,462,216 | ) | (1,094,660,484 | ) | (890,410,662 | ) | ||||||||
Class R | (318,636 | ) | (358,678 | ) | (26,673,837 | ) | (26,183,177 | ) | ||||||||
Class R61 | (351,373 | ) | (69,163 | ) | (241,640,653 | ) | (174,018,926 | ) | ||||||||
Class Y | (44,331 | ) | (88,119 | ) | (156,632,665 | ) | (128,370,388 | ) | ||||||||
(55,450,042 | ) | (61,273,925 | ) | (2,034,223,345 | ) | (1,678,784,075 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (31,094,747 | ) | (36,773,803 | ) | 833,445,478 | 718,179,336 | ||||||||||
Net Increase (Decrease) in Net Assets | (45,033,460 | ) | 40,414,456 | (224,851,414 | ) | 3,476,563,694 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 178,426,430 | 138,011,974 | 7,442,287,293 | 3,965,723,599 | ||||||||||||
End of year | $ | 133,392,970 | $ | 178,426,430 | $ | 7,217,435,879 | $ | 7,442,287,293 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
269
Statements of changes in net assets
Delaware Ivy | ||||||||||||||||
Mid Cap Income | Delaware Ivy | |||||||||||||||
Opportunities Fund | Municipal Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 22,846,839 | $ | 17,503,672 | $ | 18,338,283 | $ | 16,992,443 | ||||||||
Net realized gain | 61,988,899 | 18,852,480 | 2,866,444 | 12,891,254 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 10,826,915 | 473,596,024 | (54,454,142 | ) | 870,563 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 95,662,653 | 509,952,176 | (33,249,415 | ) | 30,754,260 | |||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (6,545,273 | ) | (1,930,284 | ) | (12,703,971 | ) | (9,944,150 | ) | ||||||||
Class B | — | — | — | (4,601 | ) | |||||||||||
Class C | (724,574 | ) | (139,710 | ) | (130,002 | ) | (173,805 | ) | ||||||||
Class E | — | (11,608 | ) | — | — | |||||||||||
Class I | (53,147,351 | ) | (13,644,597 | ) | (9,016,564 | ) | (6,867,283 | ) | ||||||||
Class R | (35,357 | ) | (24,997 | ) | — | — | ||||||||||
Class R61 | (4,321,653 | ) | (1,307,386 | ) | (43,622 | ) | (24,444 | ) | ||||||||
Class Y | (983,852 | ) | (368,500 | ) | (852 | ) | (9,619 | ) | ||||||||
(65,758,060 | ) | (17,427,082 | ) | (21,895,011 | ) | (17,023,902 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 45,643,057 | 34,733,886 | 29,192,716 | 44,527,220 | ||||||||||||
Class B2 | — | — | — | 20,110 | ||||||||||||
Class C | 7,942,037 | 8,041,947 | 432,369 | 1,289,865 | ||||||||||||
Class I | 600,589,785 | 687,028,094 | 41,765,158 | 62,475,014 | ||||||||||||
Class R | 543,358 | 237,561 | — | — | ||||||||||||
Class R61 | 35,347,214 | 47,322,501 | 672,585 | 603,218 | ||||||||||||
Class Y | 13,837,777 | 41,576,603 | 457 | 18,396 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 6,501,998 | 1,890,195 | 12,286,505 | 8,854,691 | ||||||||||||
Class B2 | — | — | 109 | 4,090 | ||||||||||||
Class C | 705,921 | 134,544 | 127,219 | 165,192 | ||||||||||||
Class I | 51,961,316 | 13,267,525 | 8,862,796 | 6,595,168 | ||||||||||||
Class R | 35,357 | 6,618 | — | — | ||||||||||||
Class R61 | 4,320,455 | 1,307,386 | 43,393 | 20,351 | ||||||||||||
Class Y | 975,684 | 331,259 | 6 | 139 | ||||||||||||
768,403,959 | 835,878,119 | 93,383,313 | 124,573,454 |
270
Delaware Ivy | ||||||||||||||||
Mid Cap Income | Delaware Ivy | |||||||||||||||
Opportunities Fund | Municipal Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (44,931,437 | ) | $ | (40,691,352 | ) | $ | (78,253,814 | ) | $ | (69,839,243 | ) | ||||
Class B2 | — | — | (162,394 | ) | (458,586 | ) | ||||||||||
Class C | (5,812,493 | ) | (9,058,311 | ) | (3,329,056 | ) | (9,449,268 | ) | ||||||||
Class E | — | (2,774,997 | ) | — | — | |||||||||||
Class I | (498,531,739 | ) | (235,788,730 | ) | (92,195,378 | ) | (64,978,419 | ) | ||||||||
Class R | (177,890 | ) | (3,384,728 | ) | — | — | ||||||||||
Class R61 | (32,436,353 | ) | (47,869,143 | ) | (596,508 | ) | (400,084 | ) | ||||||||
Class Y | (26,436,267 | ) | (31,216,806 | ) | (434,132 | ) | (48,057 | ) | ||||||||
(608,326,179 | ) | (370,784,067 | ) | (174,971,282 | ) | (145,173,657 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | 160,077,780 | 465,094,052 | (81,587,969 | ) | (20,600,203 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | 189,982,373 | 957,619,146 | (136,732,395 | ) | (6,869,845 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 1,567,571,666 | 609,952,520 | 757,094,067 | 763,963,912 | ||||||||||||
End of year | $ | 1,757,554,039 | $ | 1,567,571,666 | $ | 620,361,672 | $ | 757,094,067 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
271
Statements of changes in net assets
Delaware Ivy | Delaware Ivy | |||||||||||||||
Municipal High Income Fund | Securian Core Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 40,592,313 | $ | 35,546,738 | $ | 21,373,162 | $ | 25,427,443 | ||||||||
Net realized gain (loss) | 17,736,682 | (26,979,135 | ) | 1,322,202 | 21,739,630 | |||||||||||
Net change in unrealized appreciation (depreciation) | (69,282,700 | ) | 61,272,311 | (50,087,676 | ) | 39,256,823 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (10,953,705 | ) | 69,839,914 | (27,392,312 | ) | 86,423,896 | ||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (20,047,395 | ) | (21,388,134 | ) | (4,300,352 | ) | (9,271,650 | ) | ||||||||
Class B | (3,116 | ) | (39,800 | ) | (451 | ) | (17,121 | ) | ||||||||
Class C | (614,887 | ) | (1,633,297 | ) | (107,408 | ) | (498,595 | ) | ||||||||
Class E | — | — | (93,356 | ) | (192,855 | ) | ||||||||||
Class I | (10,905,942 | ) | (12,085,268 | ) | (16,917,711 | ) | (37,206,698 | ) | ||||||||
Class R | — | — | (16,125 | ) | (39,895 | ) | ||||||||||
Class R61 | (41,646 | ) | (43,124 | ) | (4,387,977 | ) | (8,069,603 | ) | ||||||||
Class Y | (140,031 | ) | (173,450 | ) | (143,173 | ) | (437,199 | ) | ||||||||
(31,753,017 | ) | (35,363,073 | ) | (25,966,553 | ) | (55,733,616 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 52,218,579 | 86,465,257 | 25,181,156 | 58,791,417 | ||||||||||||
Class B2 | 1,238 | 4,204 | 14 | 46,436 | ||||||||||||
Class C | 1,686,840 | 2,903,534 | 777,213 | 4,501,125 | ||||||||||||
Class E | — | — | 482,302 | 1,629,512 | ||||||||||||
Class I | 70,868,476 | 74,958,859 | 107,242,913 | 257,992,836 | ||||||||||||
Class R | — | — | 48,723 | 131,871 | ||||||||||||
Class R61 | 595,008 | 631,711 | 22,975,266 | 89,926,747 | ||||||||||||
Class Y | 68,913 | 141,594 | 1,347,905 | 3,651,135 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 18,177,355 | 16,687,817 | 4,196,324 | 8,967,148 | ||||||||||||
Class B2 | 1,554 | 23,646 | 505 | 16,185 | ||||||||||||
Class C | 587,596 | 1,436,749 | 104,133 | 471,785 | ||||||||||||
Class E | — | — | 92,826 | 192,186 | ||||||||||||
Class I | 10,057,003 | 11,090,323 | 16,716,268 | 36,215,913 | ||||||||||||
Class R | — | — | 16,005 | 38,155 | ||||||||||||
Class R61 | 41,524 | 37,316 | 4,386,947 | 8,053,463 | ||||||||||||
Class Y | 138,693 | 173,101 | 141,158 | 433,765 | ||||||||||||
154,442,779 | 194,554,111 | 183,709,658 | 471,059,679 |
272
Delaware Ivy | Delaware Ivy | |||||||||||||||
Municipal High Income Fund | Securian Core Bond Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (122,831,503 | ) | $ | (97,338,667 | ) | $ | (58,972,803 | ) | $ | (53,058,013 | ) | ||||
Class B2 | (421,748 | ) | (2,550,193 | ) | (268,756 | ) | (779,833 | ) | ||||||||
Class C | (12,058,208 | ) | (57,028,751 | ) | (4,853,032 | ) | (8,821,865 | ) | ||||||||
Class E | — | — | (986,430 | ) | (1,111,862 | ) | ||||||||||
Class I | (100,915,845 | ) | (138,888,552 | ) | (371,656,574 | ) | (284,864,372 | ) | ||||||||
Class R | — | — | (59,109 | ) | (665,327 | ) | ||||||||||
Class R61 | (526,114 | ) | (950,689 | ) | (54,790,998 | ) | (49,898,188 | ) | ||||||||
Class Y | (535,631 | ) | (1,536,490 | ) | (1,827,653 | ) | (7,523,783 | ) | ||||||||
(237,289,049 | ) | (298,293,342 | ) | (493,415,355 | ) | (406,723,243 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (82,846,270 | ) | (103,739,231 | ) | (309,705,697 | ) | 64,336,436 | |||||||||
Net Increase (Decrease) in Net Assets | (125,552,992 | ) | (69,262,390 | ) | (363,064,562 | ) | 95,026,716 | |||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 985,076,410 | 1,054,338,800 | 1,199,288,128 | 1,104,261,412 | ||||||||||||
End of year | $ | 859,523,418 | $ | 985,076,410 | $ | 836,223,566 | $ | 1,199,288,128 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
273
Statements of changes in net assets
Delaware Ivy | Delaware Ivy | |||||||||||||||
Small Cap Growth Fund | Smid Cap Core Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income (loss) | $ | (19,046,420 | ) | $ | (20,503,120 | ) | $ | 580,295 | $ | (395,504 | ) | |||||
Net realized gain | 312,905,216 | 675,830,222 | 163,532,328 | 64,015,154 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (512,116,182 | ) | 874,373,620 | (167,794,397 | ) | 286,005,373 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (218,257,386 | ) | 1,529,700,722 | (3,681,774 | ) | 349,625,023 | ||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (332,393,017 | ) | (108,060,326 | ) | (27,297,432 | ) | — | |||||||||
Class B | — | (341,041 | ) | — | — | |||||||||||
Class C | (17,480,609 | ) | (8,293,615 | ) | (3,619,618 | ) | — | |||||||||
Class E | (4,012,535 | ) | (1,200,996 | ) | — | — | ||||||||||
Class I | (210,162,997 | ) | (74,138,069 | ) | (62,029,098 | ) | — | |||||||||
Class R | (17,696,170 | ) | (5,929,903 | ) | (3,982,883 | ) | — | |||||||||
Class R61 | (42,723,185 | ) | (14,980,032 | ) | (13,887,422 | ) | — | |||||||||
Class Y | (25,154,209 | ) | (8,794,321 | ) | (1,335,914 | ) | — | |||||||||
(649,622,722 | ) | (221,738,303 | ) | (112,152,367 | ) | — | ||||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 64,562,524 | 102,945,776 | 22,320,506 | 25,921,112 | ||||||||||||
Class B2 | 5,448 | 119,770 | 3,008 | 5,984 | ||||||||||||
Class C | 3,740,509 | 4,688,903 | 2,470,553 | 2,532,541 | ||||||||||||
Class E | 1,270,482 | 1,470,529 | — | 66 | ||||||||||||
Class I | 175,954,227 | 177,602,986 | 83,720,358 | 108,775,867 | ||||||||||||
Class R | 11,408,965 | 11,392,365 | 4,026,380 | 6,436,771 | ||||||||||||
Class R61 | 50,550,845 | 58,635,361 | 37,280,267 | 15,727,327 | ||||||||||||
Class T | — | — | — | 64 | ||||||||||||
Class Y | 12,905,519 | 18,872,344 | 1,813,958 | 1,355,461 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 328,991,229 | 105,235,653 | 26,976,317 | — | ||||||||||||
Class B2 | — | 309,360 | — | — | ||||||||||||
Class C | 17,040,622 | 8,073,867 | 3,608,383 | — | ||||||||||||
Class E | 4,019,129 | 1,200,996 | — | — | ||||||||||||
Class I | 202,762,602 | 70,160,950 | 61,009,593 | — | ||||||||||||
Class R | 17,673,243 | 5,912,899 | 3,976,715 | — | ||||||||||||
Class R61 | 42,161,242 | 14,798,771 | 13,886,899 | — | ||||||||||||
Class Y | 24,012,660 | 8,408,733 | 1,196,333 | — | ||||||||||||
957,059,246 | 589,829,263 | 262,289,270 | 160,755,193 |
274
Delaware Ivy | Delaware Ivy | |||||||||||||||
Small Cap Growth Fund | Smid Cap Core Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (250,589,350 | ) | $ | 203,908,025 | $ | (45,235,026 | ) | $ | (40,911,876 | ) | |||||
Class B2 | (1,789,345 | ) | (2,737,676 | ) | (423,679 | ) | (421,828 | ) | ||||||||
Class C | (20,204,300 | ) | (36,277,534 | ) | (6,350,534 | ) | (11,784,266 | ) | ||||||||
Class E | (1,415,270 | ) | (2,015,136 | ) | — | (188,899 | ) | |||||||||
Class I | (396,651,613 | ) | (357,348,497 | ) | (217,293,502 | ) | (172,388,028 | ) | ||||||||
Class R | (20,122,361 | ) | (18,700,440 | ) | (5,299,115 | ) | (6,766,004 | ) | ||||||||
Class R61 | (76,175,004 | ) | (91,076,755 | ) | (29,651,488 | ) | (34,403,784 | ) | ||||||||
Class T | — | (230,811 | ) | — | (212,159 | ) | ||||||||||
Class Y | (37,378,113 | ) | (43,221,313 | ) | (2,961,342 | ) | (4,016,943 | ) | ||||||||
(804,325,356 | ) | 755,516,187 | (307,214,686 | ) | (271,093,787 | ) | ||||||||||
Increase (decrease) in net assets derived from capital share transactions | 152,733,890 | 165,686,924 | (44,925,416 | ) | (110,338,594 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | (715,146,218 | ) | 1,142,275,495 | (160,759,557 | ) | 239,286,429 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 3,065,112,260 | 1,922,836,765 | 759,575,436 | 520,289,007 | ||||||||||||
End of year | $ | 2,349,966,042 | $ | 3,065,112,260 | $ | 598,815,879 | $ | 759,575,436 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. |
See accompanying notes, which are an integral part of the financial statements.
275
Statements of changes in net assets
Delaware Ivy | ||||||||||||||||
Systematic Emerging | Delaware Ivy | |||||||||||||||
Markets Equity Fundφ | Value Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
Net investment income | $ | 18,315,506 | $ | 5,042,401 | $ | 17,854,525 | $ | 18,023,370 | ||||||||
Net realized gain (loss) | 205,742,289 | 191,624,588 | 251,783,222 | (22,790,757 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (609,999,484 | ) | 798,611,141 | (36,217,559 | ) | 546,332,795 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (385,941,689 | ) | 995,278,130 | 233,420,188 | 541,565,408 | |||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (1,779,222 | ) | (2,690,858 | ) | (40,659,803 | ) | (10,263,874 | ) | ||||||||
Class B | — | (1,418 | ) | (2,022 | ) | (18,541 | ) | |||||||||
Class C | (145,959 | ) | (240,394 | ) | (639,475 | ) | (213,882 | ) | ||||||||
Class E | — | — | — | (1,053 | ) | |||||||||||
Class I | (10,755,123 | ) | (13,665,114 | ) | (96,645,064 | ) | (27,111,555 | ) | ||||||||
Class R | (29,737 | ) | (59,829 | ) | (1,273 | ) | (9,357 | ) | ||||||||
Class R61 | (3,035,209 | ) | (3,385,397 | ) | (14,155,158 | ) | (4,904,161 | ) | ||||||||
Class Y | (203,602 | ) | (350,024 | ) | (10,948 | ) | (3,962 | ) | ||||||||
(15,948,852 | ) | (20,393,034 | ) | (152,113,743 | ) | (42,526,385 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Proceeds from shares sold: | ||||||||||||||||
Class A | 36,480,844 | 55,079,381 | 57,850,250 | 33,602,282 | ||||||||||||
Class B2 | 512 | 35,686 | 25,068 | 9,508 | ||||||||||||
Class C | 4,154,604 | 7,029,188 | 2,447,185 | 801,040 | ||||||||||||
Class E | — | — | — | 36 | ||||||||||||
Class I | 381,212,563 | 516,902,820 | 309,658,818 | 201,130,666 | ||||||||||||
Class R | 2,186,225 | 3,338,963 | 8,009 | — | ||||||||||||
Class R61 | 92,301,717 | 120,388,665 | 14,308,462 | 26,190,255 | ||||||||||||
Class T | — | 4 | — | — | ||||||||||||
Class Y | 11,496,885 | 12,994,785 | 21,400 | 42,165 | ||||||||||||
Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 1,733,296 | 2,584,736 | 40,195,932 | 9,829,444 | ||||||||||||
Class B2 | — | 1,237 | 1,790 | 17,923 | ||||||||||||
Class C | 138,903 | 229,076 | 636,546 | 210,667 | ||||||||||||
Class E | — | — | — | 1,053 | ||||||||||||
Class I | 9,580,446 | 11,773,552 | 96,353,876 | 26,864,653 | ||||||||||||
Class R | 27,889 | 54,354 | 1,273 | 115 | ||||||||||||
Class R61 | 3,031,127 | 3,367,345 | 14,155,158 | 4,904,161 | ||||||||||||
Class Y | 51,568 | 74,365 | 6,199 | 2,753 | ||||||||||||
542,396,579 | 733,854,157 | 535,669,966 | 303,606,721 |
276
Delaware Ivy | ||||||||||||||||
Systematic Emerging | Delaware Ivy | |||||||||||||||
Markets Equity Fundφ | Value Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Cost of shares redeemed: | ||||||||||||||||
Class A | $ | (84,100,853 | ) | $ | (80,489,938 | ) | $ | (72,601,019 | ) | $ | (66,550,165 | ) | ||||
Class B2 | (382,513 | ) | (850,054 | ) | (634,954 | ) | (650,639 | ) | ||||||||
Class C | (11,561,072 | ) | (22,854,293 | ) | (4,131,977 | ) | (5,552,330 | ) | ||||||||
Class E | — | (309,554 | ) | — | (184,565 | ) | ||||||||||
Class I | (776,427,073 | ) | (407,533,038 | ) | (346,062,110 | ) | (225,918,933 | ) | ||||||||
Class R | (4,162,138 | ) | (6,482,096 | ) | (393,937 | ) | (136 | ) | ||||||||
Class R61 | (129,430,864 | ) | (115,290,840 | ) | (57,384,835 | ) | (56,073,092 | ) | ||||||||
Class T | — | (273,538 | ) | — | — | |||||||||||
Class Y | (14,156,096 | ) | (27,110,245 | ) | (53,436 | ) | (143,167 | ) | ||||||||
(1,020,220,609 | ) | (661,193,596 | ) | (481,262,268 | ) | (355,073,027 | ) | |||||||||
Increase (decrease) in net assets derived from capital share transactions | (477,824,030 | ) | 72,660,561 | 54,407,698 | (51,466,306 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | (879,714,571 | ) | 1,047,545,657 | 135,714,143 | 447,572,717 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 2,386,496,013 | 1,338,950,356 | 1,342,089,618 | 894,516,899 | ||||||||||||
End of year | $ | 1,506,781,442 | $ | 2,386,496,013 | $ | 1,477,803,761 | $ | 1,342,089,618 |
1 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. | |
2 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. | |
φ | Consolidated statements of changes |
See accompanying notes, which are an integral part of the financial statements.
277
Delaware Ivy Core Equity Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.01 | $ | 11.73 | $ | 13.47 | $ | 14.78 | $ | 13.55 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.04 | 0.06 | 0.06 | 0.09 | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.56 | 6.65 | (0.29 | ) | 0.60 | 2.11 | ||||||||||||||
Total from investment operations | 2.60 | 6.71 | (0.23 | ) | 0.69 | 2.16 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.09 | ) | (0.04 | ) | (0.09 | ) | (0.09 | ) | (0.03 | ) | ||||||||||
Net realized gain | (2.42 | ) | (0.39 | ) | (1.42 | ) | (1.91 | ) | (0.90 | ) | ||||||||||
Total dividends and distributions | (2.51 | ) | (0.43 | ) | (1.51 | ) | (2.00 | ) | (0.93 | ) | ||||||||||
Net asset value, end of period | $ | 18.10 | $ | 18.01 | $ | 11.73 | $ | 13.47 | $ | 14.78 | ||||||||||
Total return2 | 13.88 | % | 57.58 | % | (3.57 | %) | 5.56 | % | 16.31 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,424,139 | $ | 3,411 | 3 | $ | 2,409 | 3 | $ | 2,895 | 3 | $ | 3,149 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.97 | % | 1.00 | % | 1.03 | % | 1.02 | % | 1.04 | % | ||||||||||
Ratio of net investment income to average net assets | 0.19 | % | 0.36 | % | 0.42 | % | 0.64 | % | 0.33 | % | ||||||||||
Portfolio turnover | 36 | % | 49 | % | 66 | % | 97 | % | 51 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
278
Delaware Ivy Core Equity Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 14.65 | $ | 9.63 | $ | 11.31 | $ | 12.69 | $ | 11.81 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.11 | ) | (0.06 | ) | (0.05 | ) | (0.03 | ) | (0.06 | ) | ||||||||||
Net realized and unrealized gain (loss) | 2.10 | 5.45 | (0.22 | ) | 0.51 | 1.83 | ||||||||||||||
Total from investment operations | 1.99 | 5.39 | (0.27 | ) | 0.48 | 1.77 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.01 | ) | — | (0.01 | ) | — | — | |||||||||||||
Net realized gain | (2.36 | ) | (0.37 | ) | (1.40 | ) | (1.86 | ) | (0.89 | ) | ||||||||||
Total dividends and distributions | (2.37 | ) | (0.37 | ) | (1.41 | ) | (1.86 | ) | (0.89 | ) | ||||||||||
Net asset value, end of period | $ | 14.27 | $ | 14.65 | $ | 9.63 | $ | 11.31 | $ | 12.69 | ||||||||||
Total return2 | 12.85 | % | 56.31 | % | (4.44 | %) | 4.74 | % | 15.39 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 27,556 | $ | 33 | 3 | $ | 37 | 3 | $ | 52 | 3 | $ | 70 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.85 | % | 1.88 | % | 1.89 | % | 1.85 | % | 1.89 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.70 | %) | (0.51 | %) | (0.44 | %) | (0.20 | %) | (0.50 | %) | ||||||||||
Portfolio turnover | 36 | % | 49 | % | 66 | % | 97 | % | 51 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
279
Financial highlights
Delaware Ivy Core Equity Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.92 | $ | 11.67 | $ | 13.40 | $ | 14.71 | $ | 13.50 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.04 | 0.06 | 0.06 | 0.08 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.54 | 6.62 | (0.29 | ) | 0.59 | 2.10 | ||||||||||||||
Total from investment operations | 2.58 | 6.68 | (0.23 | ) | 0.67 | 2.14 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.09 | ) | (0.04 | ) | (0.08 | ) | (0.07 | ) | (0.03 | ) | ||||||||||
Net realized gain | (2.42 | ) | (0.39 | ) | (1.42 | ) | (1.91 | ) | (0.90 | ) | ||||||||||
Total dividends and distributions | (2.51 | ) | (0.43 | ) | (1.50 | ) | (1.98 | ) | (0.93 | ) | ||||||||||
Net asset value, end of period | $ | 17.99 | $ | 17.92 | $ | 11.67 | $ | 13.40 | $ | 14.71 | ||||||||||
Total return2 | 13.83 | % | 57.64 | % | (3.61 | %) | 5.54 | % | 16.22 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 18,614 | $ | 17 | 3 | $ | 12 | 3 | $ | 13 | 3 | $ | 14 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.97 | % | 0.99 | % | 1.05 | % | 1.10 | % | 1.13 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.15 | % | 1.14 | % | 1.22 | % | 1.22 | % | 1.31 | % | ||||||||||
Ratio of net investment income to average net assets | 0.18 | % | 0.36 | % | 0.40 | % | 0.56 | % | 0.25 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.00 | % | 0.21 | % | 0.23 | % | 0.44 | % | 0.07 | % | ||||||||||
Portfolio turnover | 36 | % | 49 | % | 66 | % | 97 | % | 51 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
280
Delaware Ivy Core Equity Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 20.77 | $ | 13.47 | $ | 15.27 | $ | 16.48 | $ | 15.01 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.08 | 0.10 | 0.10 | 0.14 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.93 | 7.66 | (0.37 | ) | 0.69 | 2.35 | ||||||||||||||
Total from investment operations | 3.01 | 7.76 | (0.27 | ) | 0.83 | 2.44 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.12 | ) | (0.07 | ) | (0.11 | ) | (0.13 | ) | (0.07 | ) | ||||||||||
Net realized gain | (2.42 | ) | (0.39 | ) | (1.42 | ) | (1.91 | ) | (0.90 | ) | ||||||||||
Total dividends and distributions | (2.54 | ) | (0.46 | ) | (1.53 | ) | (2.04 | ) | (0.97 | ) | ||||||||||
Net asset value, end of period | $ | 21.24 | $ | 20.77 | $ | 13.47 | $ | 15.27 | $ | 16.48 | ||||||||||
Total return2 | 14.00 | % | 57.92 | % | (3.38 | %) | 5.84 | % | 16.60 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,070,912 | $ | 1,101 | 4 | $ | 861 | 4 | $ | 1,089 | 4 | $ | 1,216 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.79 | % | 0.81 | % | 0.83 | % | 0.81 | % | 0.82 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.79 | % | 0.81 | % | 0.83 | % | 0.81 | % | 0.84 | % | ||||||||||
Ratio of net investment income to average net assets | 0.37 | % | 0.55 | % | 0.63 | % | 0.85 | % | 0.56 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.37 | % | 0.55 | % | 0.63 | % | 0.85 | % | 0.54 | % | ||||||||||
Portfolio turnover | 36 | % | 49 | % | 66 | % | 97 | % | 51 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
281
Financial highlights
Delaware Ivy Core Equity Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.82 | $ | 11.62 | $ | 13.36 | $ | 14.67 | $ | 13.47 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.04 | ) | (0.01 | ) | 0.01 | 0.03 | (0.01 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 2.53 | 6.59 | (0.30 | ) | 0.60 | 2.11 | ||||||||||||||
Total from investment operations | 2.49 | 6.58 | (0.29 | ) | 0.63 | 2.10 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.04 | ) | — | (0.03 | ) | (0.03 | ) | — | ||||||||||||
Net realized gain | (2.39 | ) | (0.38 | ) | (1.42 | ) | (1.91 | ) | (0.90 | ) | ||||||||||
Total dividends and distributions | (2.43 | ) | (0.38 | ) | (1.45 | ) | (1.94 | ) | (0.90 | ) | ||||||||||
Net asset value, end of period | $ | 17.88 | $ | 17.82 | $ | 11.62 | $ | 13.36 | $ | 14.67 | ||||||||||
Total return2 | 13.42 | % | 56.93 | % | (3.93 | %) | 5.16 | % | 15.91 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 212 | $ | 1 | 3 | $ | — | 3,4 | $ | 1 | 3 | $ | 2 | 3 | ||||||
Ratio of expenses to average net assets5 | 1.39 | % | 1.40 | % | 1.42 | % | 1.40 | % | 1.46 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | (0.22 | %) | (0.04 | %) | 0.04 | % | 0.22 | % | (0.08 | %) | ||||||||||
Portfolio turnover | 36 | % | 49 | % | 66 | % | 97 | % | 51 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Rounded less than $500 thousands. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
282
Delaware Ivy Core Equity Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 20.82 | $ | 13.50 | $ | 15.30 | $ | 16.51 | $ | 15.03 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.12 | 0.12 | 0.13 | 0.16 | 0.10 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.94 | 7.68 | (0.37 | ) | 0.69 | 2.36 | ||||||||||||||
Total from investment operations | 3.06 | 7.80 | (0.24 | ) | 0.85 | 2.46 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.15 | ) | (0.09 | ) | (0.14 | ) | (0.15 | ) | (0.08 | ) | ||||||||||
Net realized gain | (2.42 | ) | (0.39 | ) | (1.42 | ) | (1.91 | ) | (0.90 | ) | ||||||||||
Total dividends and distributions | (2.57 | ) | (0.48 | ) | (1.56 | ) | (2.06 | ) | (0.98 | ) | ||||||||||
Net asset value, end of period | $ | 21.31 | $ | 20.82 | $ | 13.50 | $ | 15.30 | $ | 16.51 | ||||||||||
Total return2 | 14.23 | % | 58.14 | % | (3.23 | %) | 6.01 | % | 16.74 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 91,633 | $ | 90 | 3 | $ | 31 | 3 | $ | 45 | 3 | $ | 71 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.64 | % | 0.66 | % | 0.67 | % | 0.65 | % | 0.73 | % | ||||||||||
Ratio of net investment income to average net assets | 0.52 | % | 0.68 | % | 0.78 | % | 0.97 | % | 0.64 | % | ||||||||||
Portfolio turnover | 36 | % | 49 | % | 66 | % | 97 | % | 51 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
283
Financial highlights
Delaware Ivy Core Equity Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 20.01 | $ | 13.00 | $ | 14.78 | $ | 16.02 | $ | 14.61 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.07 | 0.09 | 0.09 | 0.13 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.83 | 7.37 | (0.34 | ) | 0.67 | 2.28 | ||||||||||||||
Total from investment operations | 2.90 | 7.46 | (0.25 | ) | 0.80 | 2.37 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.06 | ) | (0.11 | ) | (0.13 | ) | (0.06 | ) | ||||||||||
Net realized gain | (2.42 | ) | (0.39 | ) | (1.42 | ) | (1.91 | ) | (0.90 | ) | ||||||||||
Total dividends and distributions | (2.53 | ) | (0.45 | ) | (1.53 | ) | (2.04 | ) | (0.96 | ) | ||||||||||
Net asset value, end of period | $ | 20.38 | $ | 20.01 | $ | 13.00 | $ | 14.78 | $ | 16.02 | ||||||||||
Total return2 | 13.99 | % | 57.75 | % | (3.37 | %) | 5.81 | % | 16.61 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 29,855 | $ | 26 | 3 | $ | 23 | 3 | $ | 45 | 3 | $ | 50 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.84 | % | 0.85 | % | 0.84 | % | 0.84 | % | 0.84 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.04 | % | 1.05 | % | 1.08 | % | 1.05 | % | 1.10 | % | ||||||||||
Ratio of net investment income to average net assets | 0.32 | % | 0.50 | % | 0.60 | % | 0.80 | % | 0.55 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.12 | % | 0.30 | % | 0.36 | % | 0.59 | % | 0.29 | % | ||||||||||
Portfolio turnover | 36 | % | 49 | % | 66 | % | 97 | % | 51 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
284
Delaware Ivy Global Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.26 | $ | 9.26 | $ | 9.71 | $ | 9.68 | $ | 9.68 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | �� | 0.25 | 0.32 | 0.34 | 0.32 | 0.32 | ||||||||||||||
Net realized and unrealized gain (loss)1 | (0.69 | ) | 0.95 | (0.59 | ) | 0.01 | (0.11 | ) | ||||||||||||
Total from investment operations | (0.44 | ) | 1.27 | (0.25 | ) | 0.33 | 0.21 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.25 | ) | (0.27 | ) | (0.20 | ) | (0.28 | ) | (0.21 | ) | ||||||||||
Net realized gain | — | — | — | (0.02 | ) | — | ||||||||||||||
Total dividends and distributions | (0.25 | ) | (0.27 | ) | (0.20 | ) | (0.30 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 9.57 | $ | 10.26 | $ | 9.26 | $ | 9.71 | $ | 9.68 | ||||||||||
Total return2 | (4.39 | %) | 13.77 | % | (2.69 | %) | 3.47 | % | 2.16 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 150,133 | $ | 178 | 3 | $ | 170 | 3 | $ | 211 | 3 | $ | 265 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.96 | % | 0.96 | % | 0.99 | % | 0.99 | % | 1.01 | %5 | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.19 | % | 1.20 | % | 1.22 | % | 1.23 | % | 1.26 | % | ||||||||||
Ratio of net investment income to average net assets | 2.46 | % | 3.18 | % | 3.43 | % | 3.32 | % | 3.22 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.23 | % | 2.94 | % | 3.20 | % | 3.08 | % | 2.97 | % | ||||||||||
Portfolio turnover | 50 | % | 43 | % | 38 | % | 35 | % | 56 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 0.99%. |
See accompanying notes, which are an integral part of the financial statements.
285
Financial highlights
Delaware Ivy Global Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.25 | $ | 9.26 | $ | 9.71 | $ | 9.68 | $ | 9.68 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.17 | 0.25 | 0.26 | 0.25 | 0.23 | |||||||||||||||
Net realized and unrealized gain (loss)1 | (0.68 | ) | 0.94 | (0.59 | ) | 0.01 | (0.09 | ) | ||||||||||||
Total from investment operations | (0.51 | ) | 1.19 | (0.33 | ) | 0.26 | 0.14 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.17 | ) | (0.20 | ) | (0.12 | ) | (0.21 | ) | (0.14 | ) | ||||||||||
Net realized gain | — | — | — | (0.02 | ) | — | ||||||||||||||
Total dividends and distributions | (0.17 | ) | (0.20 | ) | (0.12 | ) | (0.23 | ) | (0.14 | ) | ||||||||||
Net asset value, end of period | $ | 9.57 | $ | 10.25 | $ | 9.26 | $ | 9.71 | $ | 9.68 | ||||||||||
Total return2 | (5.04 | %) | 12.81 | % | (3.42 | %) | 2.71 | % | 1.40 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,499 | $ | 4 | 3 | $ | 6 | 3 | $ | 9 | 3 | $ | 13 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.72 | % | 1.72 | % | 1.74 | % | 1.73 | % | 1.76 | %5 | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.97 | % | 1.96 | % | 1.98 | % | 1.93 | % | 1.96 | % | ||||||||||
Ratio of net investment income to average net assets | 1.69 | % | 2.45 | % | 2.68 | % | 2.58 | % | 2.40 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.44 | % | 2.21 | % | 2.44 | % | 2.38 | % | 2.20 | % | ||||||||||
Portfolio turnover | 50 | % | 43 | % | 38 | % | 35 | % | 56 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 1.74%. |
See accompanying notes, which are an integral part of the financial statements.
286
Delaware Ivy Global Bond Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.25 | $ | 9.26 | $ | 9.71 | $ | 9.68 | $ | 9.68 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.27 | 0.35 | 0.36 | 0.34 | 0.34 | |||||||||||||||
Net realized and unrealized gain (loss)1 | (0.68 | ) | 0.93 | (0.59 | ) | 0.01 | (0.11 | ) | ||||||||||||
Total from investment operations | (0.41 | ) | 1.28 | (0.23 | ) | 0.35 | 0.23 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.27 | ) | (0.29 | ) | (0.22 | ) | (0.30 | ) | (0.23 | ) | ||||||||||
Net realized gain | — | — | — | (0.02 | ) | — | ||||||||||||||
Total dividends and distributions | (0.27 | ) | (0.29 | ) | (0.22 | ) | (0.32 | ) | (0.23 | ) | ||||||||||
Net asset value, end of period | $ | 9.57 | $ | 10.25 | $ | 9.26 | $ | 9.71 | $ | 9.68 | ||||||||||
Total return2 | (4.08 | %) | 13.90 | % | (2.45 | %) | 3.73 | % | 2.43 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 198,358 | $ | 241 | 3 | $ | 204 | 3 | $ | 240 | 3 | $ | 262 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.76 | %5 | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.86 | % | 0.89 | % | 0.89 | % | 0.88 | % | 0.94 | % | ||||||||||
Ratio of net investment income to average net assets | 2.67 | % | 3.39 | % | 3.67 | % | 3.58 | % | 3.44 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.55 | % | 3.24 | % | 3.52 | % | 3.44 | % | 3.26 | % | ||||||||||
Portfolio turnover | 50 | % | 43 | % | 38 | % | 35 | % | 56 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 0.74%. |
See accompanying notes, which are an integral part of the financial statements.
287
Financial highlights
Delaware Ivy Global Bond Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.23 | $ | 9.24 | $ | 9.69 | $ | 9.67 | $ | 9.66 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.20 | 0.28 | 0.29 | 0.27 | 0.26 | |||||||||||||||
Net realized and unrealized gain (loss)1 | (0.68 | ) | 0.93 | (0.59 | ) | 0.01 | (0.09 | ) | ||||||||||||
Total from investment operations | (0.48 | ) | 1.21 | (0.30 | ) | 0.28 | 0.17 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.22 | ) | (0.15 | ) | (0.24 | ) | (0.16 | ) | ||||||||||
Net realized gain | — | — | — | (0.02 | ) | — | ||||||||||||||
Total dividends and distributions | (0.20 | ) | (0.22 | ) | (0.15 | ) | (0.26 | ) | (0.16 | ) | ||||||||||
Net asset value, end of period | $ | 9.55 | $ | 10.23 | $ | 9.24 | $ | 9.69 | $ | 9.67 | ||||||||||
Total return2 | (4.77 | %) | 13.13 | % | (3.16 | %) | 2.89 | % | 1.76 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 260 | $ | — | 4,5 | $ | 1 | 4 | $ | 1 | 4 | $ | 1 | 4 | ||||||
Ratio of expenses to average net assets6 | 1.45 | % | 1.46 | % | 1.47 | % | 1.45 | % | 1.49 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.45 | % | 1.46 | % | 1.47 | % | 1.45 | % | 1.51 | % | ||||||||||
Ratio of net investment income to average net assets | 1.96 | % | 2.77 | % | 2.95 | % | 2.86 | % | 2.66 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.96 | % | 2.77 | % | 2.95 | % | 2.86 | % | 2.64 | % | ||||||||||
Portfolio turnover | 50 | % | 43 | % | 38 | % | 35 | % | 56 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Rounded less than $500 thousands. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
288
Delaware Ivy Global Bond Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.26 | $ | 9.26 | $ | 9.71 | $ | 9.69 | $ | 9.68 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.27 | 0.34 | 0.36 | 0.34 | 0.33 | |||||||||||||||
Net realized and unrealized gain (loss)1 | (0.68 | ) | 0.95 | (0.58 | ) | 0.01 | (0.09 | ) | ||||||||||||
Total from investment operations | (0.41 | ) | 1.29 | (0.22 | ) | 0.35 | 0.24 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.28 | ) | (0.29 | ) | (0.23 | ) | (0.31 | ) | (0.23 | ) | ||||||||||
Net realized gain | — | — | — | (0.02 | ) | — | ||||||||||||||
Total dividends and distributions | (0.28 | ) | (0.29 | ) | (0.23 | ) | (0.33 | ) | (0.23 | ) | ||||||||||
Net asset value, end of period | $ | 9.57 | $ | 10.26 | $ | 9.26 | $ | 9.71 | $ | 9.69 | ||||||||||
Total return2 | (4.14 | %) | 14.02 | % | (2.42 | %) | 3.75 | % | 2.43 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 143,870 | $ | 62 | 4 | $ | 23 | 4 | $ | 31 | 4 | $ | 18 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.70 | % | 0.72 | % | 0.73 | % | 0.71 | % | 0.74 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.70 | % | 0.72 | % | 0.73 | % | 0.71 | % | 0.76 | % | ||||||||||
Ratio of net investment income to average net assets | 2.65 | % | 3.32 | % | 3.69 | % | 3.61 | % | 3.37 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.65 | % | 3.32 | % | 3.69 | % | 3.61 | % | 3.35 | % | ||||||||||
Portfolio turnover | 50 | % | 43 | % | 38 | % | 35 | % | 56 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
289
Financial highlights
Delaware Ivy Global Bond Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.26 | $ | 9.26 | $ | 9.71 | $ | 9.69 | $ | 9.68 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.25 | 0.32 | 0.34 | 0.32 | 0.31 | |||||||||||||||
Net realized and unrealized gain (loss)1 | (0.68 | ) | 0.95 | (0.59 | ) | — | (0.09 | ) | ||||||||||||
Total from investment operations | (0.43 | ) | 1.27 | (0.25 | ) | 0.32 | 0.22 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.25 | ) | (0.27 | ) | (0.20 | ) | (0.28 | ) | (0.21 | ) | ||||||||||
Net realized gain | — | — | — | (0.02 | ) | — | ||||||||||||||
Total dividends and distributions | (0.25 | ) | (0.27 | ) | (0.20 | ) | (0.30 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 9.58 | $ | 10.26 | $ | 9.26 | $ | 9.71 | $ | 9.69 | ||||||||||
Total return2 | (4.29 | %) | 13.76 | % | (2.69 | %) | 3.36 | % | 2.27 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 881 | $ | 1 | 3 | $ | 1 | 3 | $ | 1 | 3 | $ | 3 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.96 | % | 0.96 | % | 0.99 | % | 0.99 | % | 1.02 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.11 | % | 1.12 | % | 1.23 | % | 1.11 | % | 1.16 | % | ||||||||||
Ratio of net investment income to average net assets | 2.42 | % | 3.18 | % | 3.46 | % | 3.29 | % | 3.13 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.27 | % | 3.02 | % | 3.22 | % | 3.17 | % | 2.99 | % | ||||||||||
Portfolio turnover | 50 | % | 43 | % | 38 | % | 35 | % | 56 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
290
Delaware Ivy Global Equity Income Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.84 | $ | 12.48 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.20 | 0.26 | 0.29 | 0.29 | 0.32 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.07 | ) | 4.23 | (2.13 | ) | (0.34 | ) | 1.34 | ||||||||||||
Total from investment operations | 0.13 | 4.49 | (1.84 | ) | (0.05 | ) | 1.66 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.23 | ) | (0.30 | ) | (0.32 | ) | (0.30 | ) | ||||||||||
Net realized gain | (0.71 | ) | (0.18 | ) | (0.12 | ) | (1.57 | ) | — | |||||||||||
Total dividends and distributions | (1.13 | ) | (0.41 | ) | (0.42 | ) | (1.89 | ) | (0.30 | ) | ||||||||||
Net asset value, end of period | $ | 12.72 | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.84 | ||||||||||
Total return2 | 0.51 | %3 | 47.07 | %3 | (16.11 | %)3 | 0.47 | % | 13.44 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 263,835 | $ | 310 | 4 | $ | 260 | 4 | $ | 387 | 4 | $ | 494 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.22 | % | 1.22 | % | 1.24 | % | 1.24 | % | 1.29 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.25 | % | 1.24 | % | 1.25 | % | 1.24 | % | 1.29 | % | ||||||||||
Ratio of net investment income to average net assets | 1.41 | % | 2.16 | % | 2.43 | % | 2.27 | % | 2.34 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.38 | % | 2.14 | % | 2.42 | % | 2.27 | % | 2.34 | % | ||||||||||
Portfolio turnover | 111 | % | 39 | % | 43 | % | 28 | % | 55 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
291
Financial highlights
Delaware Ivy Global Equity Income Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.82 | $ | 12.47 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.09 | 0.16 | 0.21 | 0.21 | 0.23 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.08 | ) | 4.23 | (2.13 | ) | (0.35 | ) | 1.35 | ||||||||||||
Total from investment operations | 0.01 | 4.39 | (1.92 | ) | (0.14 | ) | 1.58 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.13 | ) | (0.22 | ) | (0.21 | ) | (0.23 | ) | ||||||||||
Net realized gain | (0.71 | ) | (0.18 | ) | (0.12 | ) | (1.57 | ) | — | |||||||||||
Total dividends and distributions | (1.04 | ) | (0.31 | ) | (0.34 | ) | (1.78 | ) | (0.23 | ) | ||||||||||
Net asset value, end of period | $ | 12.69 | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.82 | ||||||||||
Total return2 | (0.32 | %) | 45.88 | % | (16.75 | %) | (0.21 | %) | 12.80 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 4,780 | $ | 7 | 3 | $ | 10 | 3 | $ | 22 | 3 | $ | 39 | 3 | ||||||
Ratio of expenses to average net assets4 | 2.04 | % | 2.03 | % | 2.00 | % | 1.94 | % | 1.93 | % | ||||||||||
Ratio of net investment income to average net assets | 0.64 | % | 1.34 | % | 1.76 | % | 1.64 | % | 1.72 | % | ||||||||||
Portfolio turnover | 111 | % | 39 | % | 43 | % | 28 | % | 55 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
292
Delaware Ivy Global Equity Income Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | 2/26/18 to | |||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/181 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.84 | $ | 14.33 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.21 | 0.27 | 0.30 | 0.31 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.06 | ) | 4.23 | (2.12 | ) | (0.34 | ) | (0.52 | ) | |||||||||||
Total from investment operations | 0.15 | 4.50 | (1.82 | ) | (0.03 | ) | (0.49 | ) | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.43 | ) | (0.24 | ) | (0.32 | ) | (0.34 | ) | — | 3 | ||||||||||
Net realized gain | (0.71 | ) | (0.18 | ) | (0.12 | ) | (1.57 | ) | — | |||||||||||
Total dividends and distributions | (1.14 | ) | (0.42 | ) | (0.44 | ) | (1.91 | ) | — | 3 | ||||||||||
Net asset value, end of period | $ | 12.73 | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.84 | ||||||||||
Total return4 | 0.69 | % | 47.25 | % | (16.01 | %) | 0.57 | % | (3.40 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 4,732 | $ | 5 | 5 | $ | 4 | 5 | $ | 5 | 5 | $ | 6 | 5 | ||||||
Ratio of expenses to average net assets6 | 1.09 | % | 1.09 | % | 1.12 | % | 1.14 | %7 | 1.17 | %7 | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.49 | % | 1.42 | % | 1.45 | % | 1.51 | % | 1.32 | % | ||||||||||
Ratio of net investment income to average net assets | 1.53 | % | 2.29 | % | 2.53 | % | 2.37 | % | 2.32 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.13 | % | 1.96 | % | 2.20 | % | 2.00 | % | 2.17 | % | ||||||||||
Portfolio turnover | 111 | % | 39 | % | 43 | % | 28 | % | 55 | % |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Amount is less than $(0.005) per share. | |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
5 | Net assets reported in millions. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
7 | Expense ratio based on the period excluding reorganization expenses was 1.13%. |
See accompanying notes, which are an integral part of the financial statements.
293
Financial highlights
Delaware Ivy Global Equity Income Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.73 | $ | 9.64 | $ | 11.91 | $ | 13.85 | $ | 12.48 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.24 | 0.29 | 0.33 | 0.34 | 0.37 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.07 | ) | 4.24 | (2.14 | ) | (0.35 | ) | 1.34 | ||||||||||||
Total from investment operations | 0.17 | 4.53 | (1.81 | ) | (0.01 | ) | 1.71 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.45 | ) | (0.26 | ) | (0.34 | ) | (0.36 | ) | (0.34 | ) | ||||||||||
Net realized gain | (0.71 | ) | (0.18 | ) | (0.12 | ) | (1.57 | ) | — | |||||||||||
Total dividends and distributions | (1.16 | ) | (0.44 | ) | (0.46 | ) | (1.93 | ) | (0.34 | ) | ||||||||||
Net asset value, end of period | $ | 12.74 | $ | 13.73 | $ | 9.64 | $ | 11.91 | $ | 13.85 | ||||||||||
Total return2 | 0.81 | %3 | 47.60 | %3 | (15.90 | %)3 | 0.78 | %3 | 13.88 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 205,264 | $ | 268 | 4 | $ | 242 | 4 | $ | 374 | 4 | $ | 523 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.92 | % | 0.92 | % | 0.92 | % | 0.93 | % | 1.00 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.94 | % | 0.95 | % | 0.95 | % | 0.95 | % | 1.00 | % | ||||||||||
Ratio of net investment income to average net assets | 1.72 | % | 2.46 | % | 2.76 | % | 2.58 | % | 2.75 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.70 | % | 2.43 | % | 2.73 | % | 2.56 | % | 2.75 | % | ||||||||||
Portfolio turnover | 111 | % | 39 | % | 43 | % | 28 | % | 55 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
294
Delaware Ivy Global Equity Income Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.73 | $ | 9.65 | $ | 11.91 | $ | 13.84 | $ | 12.48 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.15 | 0.22 | 0.26 | 0.25 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.07 | ) | 4.23 | (2.13 | ) | (0.33 | ) | 1.35 | ||||||||||||
Total from investment operations | 0.08 | 4.45 | (1.87 | ) | (0.08 | ) | 1.63 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.38 | ) | (0.19 | ) | (0.27 | ) | (0.28 | ) | (0.27 | ) | ||||||||||
Net realized gain | (0.71 | ) | (0.18 | ) | (0.12 | ) | (1.57 | ) | — | |||||||||||
Total dividends and distributions | (1.09 | ) | (0.37 | ) | (0.39 | ) | (1.85 | ) | (0.27 | ) | ||||||||||
Net asset value, end of period | $ | 12.72 | $ | 13.73 | $ | 9.65 | $ | 11.91 | $ | 13.84 | ||||||||||
Total return2 | 0.18 | % | 46.59 | % | (16.36 | %) | 0.22 | % | 13.20 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 308 | 3 | $ | — | 3,4 | $ | 1 | 4 | $ | 1 | 4 | $ | 1 | 4 | |||||
Ratio of expenses to average net assets5 | 1.54 | % | 1.54 | % | 1.53 | % | 1.52 | % | 1.58 | % | ||||||||||
Ratio of net investment income to average net assets | 1.09 | % | 1.89 | % | 2.14 | % | 1.97 | % | 2.07 | % | ||||||||||
Portfolio turnover | 111 | % | 39 | % | 43 | % | 28 | % | 55 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Rounded less than $500 thousands. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
295
Financial highlights
Delaware Ivy Global Equity Income Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.74 | $ | 9.65 | $ | 11.92 | $ | 13.86 | $ | 12.49 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.26 | 0.30 | 0.35 | 0.30 | 0.35 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.06 | ) | 4.24 | (2.14 | ) | (0.29 | ) | 1.39 | ||||||||||||
Total from investment operations | 0.20 | 4.54 | (1.79 | ) | 0.01 | 1.74 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.47 | ) | (0.27 | ) | (0.36 | ) | (0.38 | ) | (0.37 | ) | ||||||||||
Net realized gain | (0.71 | ) | (0.18 | ) | (0.12 | ) | (1.57 | ) | — | |||||||||||
Total dividends and distributions | (1.18 | ) | (0.45 | ) | (0.48 | ) | (1.95 | ) | (0.37 | ) | ||||||||||
Net asset value, end of period | $ | 12.76 | $ | 13.74 | $ | 9.65 | $ | 11.92 | $ | 13.86 | ||||||||||
Total return2 | 0.99 | % | 47.70 | % | (15.76 | %) | 0.93 | % | 14.07 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 14,281 | $ | 24 | 3 | $ | 17 | 3 | $ | 22 | 3 | $ | 5 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.79 | % | 0.79 | % | 0.79 | % | 0.78 | % | 0.86 | % | ||||||||||
Ratio of net investment income to average net assets | 1.90 | % | 2.54 | % | 2.87 | % | 2.40 | % | 2.58 | % | ||||||||||
Portfolio turnover | 111 | % | 39 | % | 43 | % | 28 | % | 55 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
296
Delaware Ivy Global Equity Income Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.84 | $ | 12.48 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.20 | 0.26 | 0.30 | 0.30 | 0.33 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.07 | ) | 4.23 | (2.13 | ) | (0.34 | ) | 1.35 | ||||||||||||
Total from investment operations | 0.13 | 4.49 | (1.83 | ) | (0.04 | ) | 1.68 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.23 | ) | (0.31 | ) | (0.33 | ) | (0.32 | ) | ||||||||||
Net realized gain | (0.71 | ) | (0.18 | ) | (0.12 | ) | (1.57 | ) | — | |||||||||||
Total dividends and distributions | (1.13 | ) | (0.41 | ) | (0.43 | ) | (1.90 | ) | (0.32 | ) | ||||||||||
Net asset value, end of period | $ | 12.72 | $ | 13.72 | $ | 9.64 | $ | 11.90 | $ | 13.84 | ||||||||||
Total return2 | 0.53 | % | 47.11 | % | (16.06 | %) | 0.49 | % | 13.57 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,612 | $ | 2 | 3 | $ | 5 | 3 | $ | 7 | 3 | $ | 9 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.18 | % | 1.18 | % | 1.19 | % | 1.21 | %5 | 1.23 | %5 | ||||||||||
Ratio of net investment income to average net assets | 1.45 | % | 2.25 | % | 2.49 | % | 2.30 | % | 2.46 | % | ||||||||||
Portfolio turnover | 111 | % | 39 | % | 43 | % | 28 | % | 55 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | Expense ratio based on the period excluding reorganization expenses was 1.19%. |
See accompanying notes, which are an integral part of the financial statements.
297
Financial highlights
Delaware Ivy Global Growth Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 56.56 | $ | 37.75 | $ | 43.12 | $ | 46.78 | $ | 42.67 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.08 | (0.04 | ) | 0.05 | 0.09 | 0.25 | ||||||||||||||
Net realized and unrealized gain (loss) | 1.81 | 21.67 | (4.97 | ) | 1.02 | 7.26 | ||||||||||||||
Total from investment operations | 1.89 | 21.63 | (4.92 | ) | 1.11 | 7.51 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.19 | ) | — | (0.09 | ) | (0.08 | ) | (0.06 | ) | |||||||||||
Net realized gain | (3.96 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.34 | ) | ||||||||||
Total dividends and distributions | (4.15 | ) | (2.82 | ) | (0.45 | ) | (4.77 | ) | (3.40 | ) | ||||||||||
Net asset value, end of period | $ | 54.30 | $ | 56.56 | $ | 37.75 | $ | 43.12 | $ | 46.78 | ||||||||||
Total return2 | 2.84 | % | 57.85 | % | (11.62 | %) | 3.12 | % | 17.92 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 481,991 | $ | 531 | 3 | $ | 369 | 3 | $ | 477 | 3 | $ | 510 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.27 | % | 1.34 | % | 1.36 | % | 1.37 | % | 1.38 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.14 | % | (0.08 | %) | 0.11 | % | 0.19 | % | 0.53 | % | ||||||||||
Portfolio turnover | 45 | % | 32 | % | 26 | % | 54 | % | 46 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
298
Delaware Ivy Global Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 45.65 | $ | 31.11 | $ | 35.84 | $ | 39.93 | $ | 36.98 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.40 | ) | (0.41 | ) | (0.28 | ) | (0.23 | ) | (0.26 | ) | ||||||||||
Net realized and unrealized gain (loss) | 1.51 | 17.77 | (4.09 | ) | 0.83 | 6.42 | ||||||||||||||
Total from investment operations | 1.11 | 17.36 | (4.37 | ) | 0.60 | 6.16 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.60 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.21 | ) | ||||||||||
Total dividends and distributions | (3.60 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.21 | ) | ||||||||||
Net asset value, end of period | $ | 43.16 | $ | 45.65 | $ | 31.11 | $ | 35.84 | $ | 39.93 | ||||||||||
Total return2 | 1.88 | % | 56.45 | % | (12.42 | %) | 2.33 | % | 16.99 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,530 | $ | 5 | 3 | $ | 5 | 3 | $ | 9 | 3 | $ | 11 | 3 | ||||||
Ratio of expenses to average net assets4 | 2.22 | % | 2.25 | % | 2.24 | % | 2.15 | % | 2.18 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.84 | %) | (1.00 | %) | (0.76 | %) | (0.60 | %) | (0.65 | %) | ||||||||||
Portfolio turnover | 45 | % | 32 | % | 26 | % | 54 | % | 46 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
299
Financial highlights
Delaware Ivy Global Growth Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 58.10 | $ | 38.63 | $ | 44.10 | $ | 47.72 | $ | 43.44 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.20 | 0.10 | 0.18 | 0.24 | 0.25 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.89 | 22.20 | (5.07 | ) | 1.05 | 7.53 | ||||||||||||||
Total from investment operations | 2.09 | 22.30 | (4.89 | ) | 1.29 | 7.78 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.41 | ) | (0.01 | ) | (0.22 | ) | (0.22 | ) | (0.16 | ) | ||||||||||
Net realized gain | (3.96 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.34 | ) | ||||||||||
Total dividends and distributions | (4.37 | ) | (2.83 | ) | (0.58 | ) | (4.91 | ) | (3.50 | ) | ||||||||||
Net asset value, end of period | $ | 55.82 | $ | 58.10 | $ | 38.63 | $ | 44.10 | $ | 47.72 | ||||||||||
Total return2 | 3.09 | %3 | 58.28 | %3 | (11.35 | %)3 | 3.43 | %3 | 18.27 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 379,099 | $ | 494 | 4 | $ | 346 | 4 | $ | 436 | 4 | $ | 437 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.06 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.13 | %6 | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.07 | % | 1.09 | % | 1.10 | % | 1.08 | % | 1.13 | % | ||||||||||
Ratio of net investment income to average net assets | 0.33 | % | 0.19 | % | 0.40 | % | 0.50 | % | 0.54 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.32 | % | 0.16 | % | 0.36 | % | 0.48 | % | 0.54 | % | ||||||||||
Portfolio turnover | 45 | % | 32 | % | 26 | % | 54 | % | 46 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | Expense ratio based on the period excluding reorganization expenses was 1.11%. |
See accompanying notes, which are an integral part of the financial statements.
300
Delaware Ivy Global Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 55.69 | $ | 37.32 | $ | 42.69 | $ | 46.41 | $ | 42.41 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.15 | ) | (0.21 | ) | (0.08 | ) | (0.05 | ) | (0.07 | ) | ||||||||||
Net realized and unrealized gain (loss) | 1.78 | 21.40 | (4.93 | ) | 1.02 | 7.39 | ||||||||||||||
Total from investment operations | 1.63 | 21.19 | (5.01 | ) | 0.97 | 7.32 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.01 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (3.81 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.32 | ) | ||||||||||
Total dividends and distributions | (3.82 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.32 | ) | ||||||||||
Net asset value, end of period | $ | 53.50 | $ | 55.69 | $ | 37.32 | $ | 42.69 | $ | 46.41 | ||||||||||
Total return2 | 2.46 | % | 57.33 | % | (11.92 | %) | 2.82 | % | 17.58 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 835 | $ | 1 | 3 | $ | 1 | 3 | $ | 1 | 3 | $ | 2 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.66 | % | 1.68 | % | 1.68 | % | 1.67 | % | 1.69 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.25 | %) | (0.42 | %) | (0.18 | %) | (0.10 | %) | (0.15 | %) | ||||||||||
Portfolio turnover | 45 | % | 32 | % | 26 | % | 54 | % | 46 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
301
Financial highlights
Delaware Ivy Global Growth Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 58.51 | $ | 38.85 | $ | 44.35 | $ | 47.99 | $ | 43.64 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.23 | 0.16 | 0.24 | 0.30 | 0.20 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.96 | 22.35 | (5.10 | ) | 1.04 | 7.71 | ||||||||||||||
Total from investment operations | 2.19 | 22.51 | (4.86 | ) | 1.34 | 7.91 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.53 | ) | (0.03 | ) | (0.28 | ) | (0.29 | ) | (0.22 | ) | ||||||||||
Net realized gain | (3.96 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.34 | ) | ||||||||||
Total dividends and distributions | (4.49 | ) | (2.85 | ) | (0.64 | ) | (4.98 | ) | (3.56 | ) | ||||||||||
Net asset value, end of period | $ | 56.21 | $ | 58.51 | $ | 38.85 | $ | 44.35 | $ | 47.99 | ||||||||||
Total return2 | 3.22 | % | 58.50 | % | (11.26 | %) | 3.59 | % | 18.45 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,633 | $ | 19 | 3 | $ | 16 | 3 | $ | 19 | 3 | $ | 24 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.91 | % | 0.94 | % | 0.94 | % | 0.92 | % | 0.95 | % | ||||||||||
Ratio of net investment income to average net assets | 0.37 | % | 0.31 | % | 0.53 | % | 0.64 | % | 0.42 | % | ||||||||||
Portfolio turnover | 45 | % | 32 | % | 26 | % | 54 | % | 46 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
302
Delaware Ivy Global Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 56.88 | $ | 37.95 | $ | 43.35 | $ | 47.00 | $ | 42.86 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.07 | (0.05 | ) | 0.08 | 0.09 | 0.12 | ||||||||||||||
Net realized and unrealized gain (loss) | 1.83 | 21.80 | (5.03 | ) | 1.04 | 7.44 | ||||||||||||||
Total from investment operations | 1.90 | 21.75 | (4.95 | ) | 1.13 | 7.56 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.19 | ) | — | (0.09 | ) | (0.09 | ) | (0.08 | ) | |||||||||||
Net realized gain | (3.96 | ) | (2.82 | ) | (0.36 | ) | (4.69 | ) | (3.34 | ) | ||||||||||
Total dividends and distributions | (4.15 | ) | (2.82 | ) | (0.45 | ) | (4.78 | ) | (3.42 | ) | ||||||||||
Net asset value, end of period | $ | 54.63 | $ | 56.88 | $ | 37.95 | $ | 43.35 | $ | 47.00 | ||||||||||
Total return2 | 2.85 | %3 | 57.86 | %3 | (11.63 | %)3 | 3.17 | % | 17.96 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,962 | $ | 3 | 4 | $ | 2 | 4 | $ | 5 | 4 | $ | 10 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.28 | % | 1.34 | % | 1.36 | % | 1.33 | % | 1.36 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.32 | % | 1.36 | % | 1.38 | % | 1.33 | % | 1.36 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.11 | % | (0.09 | %) | 0.19 | % | 0.20 | % | 0.25 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.07 | % | (0.11 | %) | 0.17 | % | 0.20 | % | 0.25 | % | ||||||||||
Portfolio turnover | 45 | % | 32 | % | 26 | % | 54 | % | 46 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
303
Financial highlights
Delaware Ivy Government Money Market Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | — | 2 | — | 2 | 0.01 | 0.01 | — | 2 | ||||||||||||
Net realized and unrealized gain | — | 2 | — | 2 | — | 2 | — | 2 | — | 2 | ||||||||||
Total from investment operations | — | 2 | — | 2 | 0.01 | 0.01 | — | 2 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | 2 | — | 2 | (0.01 | ) | (0.01 | ) | — | 2 | ||||||||||
Net realized gain | — | 2 | — | 2 | — | 2 | — | 2 | — | 2 | ||||||||||
Total dividends and distributions | — | 2 | — | 2 | (0.01 | ) | (0.01 | ) | — | 2 | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total return3 | 0.02 | %4 | 0.04 | %4 | 1.31 | % | 1.40 | % | 0.56 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 133,461 | $ | 183 | 5 | $ | 160 | 5 | $ | 132 | 5 | $ | 135 | 5 | ||||||
Ratio of expenses to average net assets6 | 0.07 | % | 0.23 | % | 0.77 | % | 0.78 | % | 0.66 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 0.65 | % | 0.65 | % | 0.77 | % | 0.78 | % | 0.66 | % | ||||||||||
Ratio of net investment income to average net assets | 0.01 | % | 0.04 | % | 1.29 | % | 1.39 | % | 0.55 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.57 | %) | (0.38 | %) | 1.29 | % | 1.39 | % | 0.55 | % |
1 | Calculated using average shares outstanding. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
5 | Net assets reported in millions. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
304
Delaware Ivy Government Money Market Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | — | 2 | — | 2 | — | 2 | 0.01 | — | 2 | |||||||||||
Net realized and unrealized gain | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||
Total from investment operations | — | 2 | — | 2 | — | 2 | 0.01 | — | 2 | |||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | 2 | — | 2 | — | 2 | (0.01 | ) | — | 2 | ||||||||||
Net realized gain | — | 2 | — | — | — | — | 2 | |||||||||||||
Total dividends and distributions | — | 2 | — | 2 | — | 2 | (0.01 | ) | — | 2 | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total return3 | 0.02 | %4 | 0.01 | %4 | 0.44 | % | 0.63 | % | 0.02 | %4 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,859 | $ | 4 | 5 | $ | 17 | 5 | $ | 11 | 5 | $ | 22 | 5 | ||||||
Ratio of expenses to average net assets6 | 0.07 | % | 0.36 | % | 1.63 | % | 1.54 | % | 1.18 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.61 | % | 1.55 | % | 1.63 | % | 1.54 | % | 1.61 | % | ||||||||||
Ratio of net investment income to average net assets | 0.01 | % | 0.01 | % | 0.45 | % | 0.61 | % | 0.02 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (1.53 | %) | (1.18 | %) | 0.45 | % | 0.61 | % | (0.41 | %) |
1 | Calculated using average shares outstanding. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
5 | Net assets reported in millions. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
305
Financial highlights
Delaware Ivy Government Money Market Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | — | 2 | — | 2 | 0.02 | 0.01 | — | 2 | ||||||||||||
Net realized and unrealized gain | — | 2 | — | — | — | 2 | — | 2 | ||||||||||||
Total from investment operations | — | 2 | — | 2 | 0.02 | 0.01 | — | 2 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | 2 | — | 2 | (0.02 | ) | (0.01 | ) | — | 2 | ||||||||||
Net realized gain | — | 2 | — | — | — | — | 2 | |||||||||||||
Total dividends and distributions | — | 2 | — | 2 | (0.02 | ) | (0.01 | ) | — | 2 | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total return3 | 0.02 | %4 | 0.06 | %4 | 1.56 | %4 | 1.55 | %4 | 0.51 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 9,696 | $ | 11 | 5 | $ | 9 | 5 | $ | 7 | 5 | $ | 6 | 5 | ||||||
Ratio of expenses to average net assets6 | 0.07 | % | 0.21 | % | 0.51 | % | 0.62 | % | 0.71 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 0.73 | % | 0.64 | % | 0.68 | % | 0.72 | % | 0.71 | % | ||||||||||
Ratio of net investment income to average net assets | 0.01 | % | 0.05 | % | 1.54 | % | 1.56 | % | 0.49 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.65 | %) | (0.38 | %) | 1.37 | % | 1.46 | % | 0.49 | % |
1 | Calculated using average shares outstanding. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
5 | Net assets reported in millions. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
306
Delaware Ivy Government Money Market Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | 7/5/17 to | |||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | — | 2 | 0.01 | 0.02 | 0.02 | — | 2 | |||||||||||||
Net realized and unrealized loss | — | 2 | (0.01 | ) | — | — | 2 | — | 2 | |||||||||||
Total from investment operations | — | 2 | — | 2 | 0.02 | 0.02 | — | 2 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | 2 | — | 2 | (0.02 | ) | (0.02 | ) | — | 2 | ||||||||||
Net realized gain | — | 2 | — | — | — | — | 2 | |||||||||||||
Total dividends and distributions | — | 2 | — | 2 | (0.02 | ) | (0.02 | ) | — | 2 | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total return3 | 0.02 | %4 | 0.07 | %4 | 1.57 | % | 1.68 | % | 0.65 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 250 | $ | — | 5,6 | $ | 8 | 5 | $ | 7 | 5 | $ | 8 | 5 | ||||||
Ratio of expenses to average net assets7 | 0.07 | % | 0.34 | % | 0.52 | % | 0.50 | % | 0.40 | %8 | ||||||||||
Ratio of expenses to average net assets prior to fees waived7 | 0.57 | % | 0.45 | % | 0.52 | % | 0.50 | % | 0.40 | %8 | ||||||||||
Ratio of net investment income to average net assets | 0.02 | % | 0.53 | % | 1.55 | % | 1.66 | % | 1.03 | %8 | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.48 | %) | 0.42 | % | 1.55 | % | 1.66 | % | 1.03 | %8 |
1 | Calculated using average shares outstanding. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Net assets reported in millions. |
6 | Rounded less than $500 thousands. |
7 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
8 | Annualized |
See accompanying notes, which are an integral part of the financial statements.
307
Financial highlights
Delaware Ivy High Income Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | $ | 7.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.46 | 0.41 | 0.49 | 0.50 | 0.53 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.38 | ) | 1.21 | (1.29 | ) | (0.29 | ) | (0.12 | ) | |||||||||||
Total from investment operations | 0.08 | 1.62 | (0.80 | ) | 0.21 | 0.41 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.45 | ) | (0.43 | ) | (0.49 | ) | (0.50 | ) | (0.52 | ) | ||||||||||
Return of capital | — | — | — | — | — | |||||||||||||||
Total dividends and distributions | (0.45 | ) | (0.43 | ) | (0.49 | ) | (0.50 | ) | (0.52 | ) | ||||||||||
Net asset value, end of period | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | ||||||||||
Total return2 | 1.09 | %3 | 28.16 | % | (12.03 | %) | 2.93 | % | 5.54 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,576,813 | $ | 1,816 | 4 | $ | 1,465 | 4 | $ | 1,930 | 4 | $ | 2,221 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.95 | % | 0.97 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||
Ratio of net investment income to average net assets | 6.44 | % | 6.16 | % | 6.89 | % | 6.81 | % | 7.02 | % | ||||||||||
Portfolio turnover | 48 | % | 59 | % | 30 | % | 41 | % | 39 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
308
Delaware Ivy High Income Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | $ | 7.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.40 | 0.36 | 0.44 | 0.45 | 0.45 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.37 | ) | 1.22 | (1.29 | ) | (0.29 | ) | (0.09 | ) | |||||||||||
Total from investment operations | 0.03 | 1.58 | (0.85 | ) | 0.16 | 0.36 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.40 | ) | (0.39 | ) | (0.44 | ) | (0.45 | ) | (0.47 | ) | ||||||||||
Total dividends and distributions | (0.40 | ) | (0.39 | ) | (0.44 | ) | (0.45 | ) | (0.47 | ) | ||||||||||
Net asset value, end of period | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | ||||||||||
Total return2 | 0.38 | %3,4 | 27.28 | %4 | (12.66 | %)4 | 2.21 | % | 4.77 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 221,601 | $ | 321 | 5 | $ | 447 | 5 | $ | 683 | 5 | $ | 817 | 5 | ||||||
Ratio of expenses to average net assets6 | 1.66 | % | 1.66 | % | 1.66 | % | 1.66 | % | 1.66 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.70 | % | 1.70 | % | 1.68 | % | 1.66 | % | 1.66 | % | ||||||||||
Ratio of net investment income to average net assets | 5.72 | % | 5.50 | % | 6.17 | % | 6.10 | % | 5.94 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 5.68 | % | 5.46 | % | 6.15 | % | 6.10 | % | 5.94 | % | ||||||||||
Portfolio turnover | 48 | % | 59 | % | 30 | % | 41 | % | 39 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
5 | Net assets reported in millions. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
309
Financial highlights
Delaware Ivy High Income Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | $ | 7.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.45 | 0.41 | 0.48 | 0.49 | 0.48 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.37 | ) | 1.21 | (1.29 | ) | (0.29 | ) | (0.09 | ) | |||||||||||
Total from investment operations | 0.08 | 1.62 | (0.81 | ) | 0.20 | 0.39 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.45 | ) | (0.43 | ) | (0.48 | ) | (0.49 | ) | (0.50 | ) | ||||||||||
Return of capital | — | — | — | — | — | |||||||||||||||
Total dividends and distributions | (0.45 | ) | (0.43 | ) | (0.48 | ) | (0.49 | ) | (0.50 | ) | ||||||||||
Net asset value, end of period | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | ||||||||||
Total return2 | 1.01 | %3 | 28.07 | % | (12.14 | %) | 2.79 | % | 5.28 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 8,255 | $ | 9 | 4 | $ | 8 | 4 | $ | 9 | 4 | $ | 10 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.04 | % | 1.04 | % | 1.07 | % | 1.09 | % | 1.13 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.29 | % | 1.21 | % | 1.22 | % | 1.24 | % | 1.21 | % | ||||||||||
Ratio of net investment income to average net assets | 6.35 | % | 6.09 | % | 6.77 | % | 6.68 | % | 6.38 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 6.10 | % | 5.92 | % | 6.62 | % | 6.53 | % | 6.30 | % | ||||||||||
Portfolio turnover | 48 | % | 59 | % | 30 | % | 41 | % | 39 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
310
Delaware Ivy High Income Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | $ | 7.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.47 | 0.43 | 0.50 | 0.52 | 0.53 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.37 | ) | 1.21 | (1.29 | ) | (0.29 | ) | (0.10 | ) | |||||||||||
Total from investment operations | 0.10 | 1.64 | (0.79 | ) | 0.23 | 0.43 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.47 | ) | (0.45 | ) | (0.50 | ) | (0.52 | ) | (0.54 | ) | ||||||||||
Return of capital | — | — | — | — | — | |||||||||||||||
Total dividends and distributions | (0.47 | ) | (0.45 | ) | (0.50 | ) | (0.52 | ) | (0.54 | ) | ||||||||||
Net asset value, end of period | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | ||||||||||
Total return2 | 1.31 | %3 | 28.44 | % | (11.83 | %) | 3.18 | % | 5.77 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,454,150 | $ | 1,868 | 4 | $ | 1,487 | 4 | $ | 2,058 | 4 | $ | 2,156 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.74 | % | 0.75 | % | 0.73 | % | 0.72 | % | 0.72 | % | ||||||||||
Ratio of net investment income to average net assets | 6.66 | % | 6.38 | % | 7.11 | % | 7.05 | % | 6.99 | % | ||||||||||
Portfolio turnover | 48 | % | 59 | % | 30 | % | 41 | % | 39 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
��
See accompanying notes, which are an integral part of the financial statements.
311
Financial highlights
Delaware Ivy High Income Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | $ | 7.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.43 | 0.39 | 0.46 | 0.47 | 0.48 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.37 | ) | 1.21 | (1.29 | ) | (0.29 | ) | (0.10 | ) | |||||||||||
Total from investment operations | 0.06 | 1.60 | (0.83 | ) | 0.18 | 0.38 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.43 | ) | (0.41 | ) | (0.46 | ) | (0.47 | ) | (0.49 | ) | ||||||||||
Net realized gain | — | — | — | — | — | |||||||||||||||
Total dividends and distributions | (0.43 | ) | (0.41 | ) | (0.46 | ) | (0.47 | ) | (0.49 | ) | ||||||||||
Net asset value, end of period | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | ||||||||||
Total return2 | 0.71 | %3 | 27.67 | % | (12.36 | %) | 2.58 | % | 5.15 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 44,613 | $ | 48 | 4 | $ | 45 | 4 | $ | 62 | 4 | $ | 65 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.34 | % | 1.35 | % | 1.32 | % | 1.30 | % | 1.30 | % | ||||||||||
Ratio of net investment income to average net assets | 6.05 | % | 5.79 | % | 6.52 | % | 6.47 | % | 6.26 | % | ||||||||||
Portfolio turnover | 48 | % | 59 | % | 30 | % | 41 | % | 39 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
312
Delaware Ivy High Income Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | $ | 7.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.48 | 0.44 | 0.51 | 0.53 | 0.53 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.37 | ) | 1.21 | (1.29 | ) | (0.29 | ) | (0.09 | ) | |||||||||||
Total from investment operations | 0.11 | 1.65 | (0.78 | ) | 0.24 | 0.44 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.48 | ) | (0.46 | ) | (0.51 | ) | (0.53 | ) | (0.55 | ) | ||||||||||
Return of capital | — | — | — | — | — | |||||||||||||||
Total dividends and distributions | (0.48 | ) | (0.46 | ) | (0.51 | ) | (0.53 | ) | (0.55 | ) | ||||||||||
Net asset value, end of period | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | ||||||||||
Total return2 | 1.45 | %3 | 28.63 | % | (11.69 | %) | 3.35 | % | 5.93 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 64,630 | $ | 67 | 4 | $ | 64 | 4 | $ | 71 | 4 | $ | 45 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.60 | % | 0.60 | % | 0.58 | % | 0.56 | % | 0.57 | % | ||||||||||
Ratio of net investment income to average net assets | 6.78 | % | 6.54 | % | 7.27 | % | 7.22 | % | 7.02 | % | ||||||||||
Portfolio turnover | 48 | % | 59 | % | 30 | % | 41 | % | 39 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
313
Financial highlights
Delaware Ivy High Income Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | $ | 7.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.45 | 0.41 | 0.49 | 0.50 | 0.50 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.37 | ) | 1.21 | (1.29 | ) | (0.29 | ) | (0.09 | ) | |||||||||||
Total from investment operations | 0.08 | 1.62 | (0.80 | ) | 0.21 | 0.41 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.45 | ) | (0.43 | ) | (0.49 | ) | (0.50 | ) | (0.52 | ) | ||||||||||
Return of capital | — | — | — | — | — | |||||||||||||||
Total dividends and distributions | (0.45 | ) | (0.43 | ) | (0.49 | ) | (0.50 | ) | (0.52 | ) | ||||||||||
Net asset value, end of period | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | $ | 7.49 | ||||||||||
Total return2 | 1.09 | %3 | 28.17 | % | (12.03 | %) | 2.94 | % | 5.53 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 99,847 | $ | 138 | 4 | $ | 133 | 4 | $ | 239 | 4 | $ | 329 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.96 | % | 0.97 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.99 | % | 1.00 | % | 0.98 | % | 0.96 | % | 0.96 | % | ||||||||||
Ratio of net investment income to average net assets | 6.37 | % | 6.17 | % | 6.87 | % | 6.80 | % | 6.63 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 6.34 | % | 6.14 | % | 6.84 | % | 6.79 | % | 6.62 | % | ||||||||||
Portfolio turnover | 48 | % | 59 | % | 30 | % | 41 | % | 39 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
3 | Payments from affiliates had no impact on net asset value and total return. See Note 2 in “Notes to financial statements” for additional information. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
314
Delaware Ivy International Core Equity Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.82 | $ | 13.29 | $ | 16.75 | $ | 19.98 | $ | 17.97 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.18 | 0.23 | 0.26 | 0.35 | 0.25 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.41 | ) | 6.48 | (3.30 | ) | (2.11 | ) | 1.96 | ||||||||||||
Total from investment operations | (0.23 | ) | 6.71 | (3.04 | ) | (1.76 | ) | 2.21 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.50 | ) | (0.18 | ) | (0.42 | ) | (0.36 | ) | (0.20 | ) | ||||||||||
Net realized gain | — | — | — | (1.11 | ) | — | ||||||||||||||
Total dividends and distributions | (0.50 | ) | (0.18 | ) | (0.42 | ) | (1.47 | ) | (0.20 | ) | ||||||||||
Net asset value, end of period | $ | 19.09 | $ | 19.82 | $ | 13.29 | $ | 16.75 | $ | 19.98 | ||||||||||
Total return2 | (1.28 | %)3 | 50.62 | %3 | (18.72 | %)3 | (8.57 | %)3 | 12.33 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 329,081 | $ | 388 | 4 | $ | 322 | 4 | $ | 568 | 4 | $ | 677 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.23 | % | 1.23 | % | 1.25 | % | 1.26 | % | 1.25 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.36 | % | 1.35 | % | 1.31 | % | 1.27 | % | 1.25 | % | ||||||||||
Ratio of net investment income to average net assets | 0.89 | % | 1.33 | % | 1.57 | % | 1.90 | % | 1.27 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.76 | % | 1.21 | % | 1.51 | % | 1.89 | % | 1.27 | % | ||||||||||
Portfolio turnover | 71 | % | 76 | % | 62 | % | 52 | % | 48 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
315
Financial highlights
Delaware Ivy International Core Equity Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.33 | $ | 11.65 | $ | 14.75 | $ | 17.77 | $ | 16.02 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.04 | 0.09 | 0.14 | 0.20 | 0.11 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.36 | ) | 5.68 | (2.91 | ) | (1.87 | ) | 1.74 | ||||||||||||
Total from investment operations | (0.32 | ) | 5.77 | (2.77 | ) | (1.67 | ) | 1.85 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.39 | ) | (0.09 | ) | (0.33 | ) | (0.24 | ) | (0.10 | ) | ||||||||||
Net realized gain | — | — | — | (1.11 | ) | — | ||||||||||||||
Total dividends and distributions | (0.39 | ) | (0.09 | ) | (0.33 | ) | (1.35 | ) | (0.10 | ) | ||||||||||
Net asset value, end of period | $ | 16.62 | $ | 17.33 | $ | 11.65 | $ | 14.75 | $ | 17.77 | ||||||||||
Total return2 | (1.97 | %)3 | 49.63 | %3 | (19.30 | %)3 | (9.14 | %)3 | 11.57 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 45,987 | $ | 67 | 4 | $ | 77 | 4 | $ | 163 | 4 | $ | 240 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.92 | % | 1.92 | % | 1.93 | % | 1.91 | % | 1.93 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 2.06 | % | 2.05 | % | 1.99 | % | 1.92 | % | 1.93 | % | ||||||||||
Ratio of net investment income to average net assets | 0.23 | % | 0.58 | % | 0.94 | % | 1.24 | % | 0.62 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.09 | % | 0.45 | % | 0.88 | % | 1.23 | % | 0.62 | % | ||||||||||
Portfolio turnover | 71 | % | 76 | % | 62 | % | 52 | % | 48 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
316
Delaware Ivy International Core Equity Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.98 | $ | 13.40 | $ | 16.88 | $ | 20.11 | $ | 18.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.19 | 0.24 | 0.26 | 0.34 | 0.24 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.41 | ) | 6.53 | (3.32 | ) | (2.11 | ) | 1.98 | ||||||||||||
Total from investment operations | (0.22 | ) | 6.77 | (3.06 | ) | (1.77 | ) | 2.22 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.51 | ) | (0.19 | ) | (0.42 | ) | (0.35 | ) | (0.20 | ) | ||||||||||
Net realized gain | — | — | — | (1.11 | ) | — | ||||||||||||||
Total dividends and distributions | (0.51 | ) | (0.19 | ) | (0.42 | ) | (1.46 | ) | (0.20 | ) | ||||||||||
Net asset value, end of period | $ | 19.25 | $ | 19.98 | $ | 13.40 | $ | 16.88 | $ | 20.11 | ||||||||||
Total return2 | (1.22 | %) | 50.64 | % | (18.70 | %) | (8.62 | %) | 12.31 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 7,487 | $ | 7 | 3 | $ | 6 | 3 | $ | 7 | 3 | $ | 8 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.17 | % | 1.18 | % | 1.24 | % | 1.29 | % | 1.28 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.64 | % | 1.57 | % | 1.55 | % | 1.51 | % | 1.51 | % | ||||||||||
Ratio of net investment income to average net assets | 0.91 | % | 1.39 | % | 1.56 | % | 1.83 | % | 1.22 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.44 | % | 1.00 | % | 1.25 | % | 1.61 | % | 0.99 | % | ||||||||||
Portfolio turnover | 71 | % | 76 | % | 62 | % | 52 | % | 48 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
317
Financial highlights
Delaware Ivy International Core Equity Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.98 | $ | 13.39 | $ | 16.86 | $ | 20.10 | $ | 18.07 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.28 | 0.29 | 0.35 | 0.42 | 0.31 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.42 | ) | 6.55 | (3.32 | ) | (2.12 | ) | 1.98 | ||||||||||||
Total from investment operations | (0.14 | ) | 6.84 | (2.97 | ) | (1.70 | ) | 2.29 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.60 | ) | (0.25 | ) | (0.50 | ) | (0.43 | ) | (0.26 | ) | ||||||||||
Net realized gain | — | — | — | (1.11 | ) | — | ||||||||||||||
Total dividends and distributions | (0.60 | ) | (0.25 | ) | (0.50 | ) | (1.54 | ) | (0.26 | ) | ||||||||||
Net asset value, end of period | $ | 19.24 | $ | 19.98 | $ | 13.39 | $ | 16.86 | $ | 20.10 | ||||||||||
Total return2 | (0.88 | %)3 | 51.27 | %3 | (18.30 | %)3 | (8.20 | %)3 | 12.70 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,024,716 | $ | 1,408 | 4 | $ | 1,483 | 4 | $ | 3,149 | 4 | $ | 4,136 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.79 | % | 0.79 | % | 0.79 | % | 0.85 | % | 0.94 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.02 | % | 1.03 | % | 0.98 | % | 0.95 | % | 0.94 | % | ||||||||||
Ratio of net investment income to average net assets | 1.34 | % | 1.72 | % | 2.08 | % | 2.27 | % | 1.59 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.11 | % | 1.48 | % | 1.89 | % | 2.17 | % | 1.59 | % | ||||||||||
Portfolio turnover | 71 | % | 76 | % | 62 | % | 52 | % | 48 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
318
Delaware Ivy International Core Equity Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.80 | $ | 13.29 | $ | 16.75 | $ | 19.97 | $ | 17.96 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.12 | 0.17 | 0.20 | 0.29 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.41 | ) | 6.48 | (3.28 | ) | (2.10 | ) | 1.99 | ||||||||||||
Total from investment operations | (0.29 | ) | 6.65 | (3.08 | ) | (1.81 | ) | 2.16 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.44 | ) | (0.14 | ) | (0.38 | ) | (0.30 | ) | (0.15 | ) | ||||||||||
Net realized gain | — | — | — | (1.11 | ) | — | ||||||||||||||
Total dividends and distributions | (0.44 | ) | (0.14 | ) | (0.38 | ) | (1.41 | ) | (0.15 | ) | ||||||||||
Net asset value, end of period | $ | 19.07 | $ | 19.80 | $ | 13.29 | $ | 16.75 | $ | 19.97 | ||||||||||
Total return2 | (1.57 | %)3 | 50.08 | %3 | (18.93 | %)3 | (8.82 | %)3 | 12.04 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 47,807 | $ | 55 | 4 | $ | 47 | 4 | $ | 104 | 4 | $ | 117 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.53 | % | 1.53 | % | 1.53 | % | 1.53 | % | 1.53 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.63 | % | 1.62 | % | 1.57 | % | 1.54 | % | 1.53 | % | ||||||||||
Ratio of net investment income to average net assets | 0.58 | % | 1.02 | % | 1.21 | % | 1.60 | % | 0.85 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.48 | % | 0.93 | % | 1.17 | % | 1.59 | % | 0.85 | % | ||||||||||
Portfolio turnover | 71 | % | 76 | % | 62 | % | 52 | % | 48 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
319
Financial highlights
Delaware Ivy International Core Equity Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 20.03 | $ | 13.43 | $ | 16.91 | $ | 20.16 | $ | 18.13 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.29 | 0.29 | 0.36 | 0.43 | 0.30 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.42 | ) | 6.56 | (3.34 | ) | (2.12 | ) | 2.02 | ||||||||||||
Total from investment operations | (0.13 | ) | 6.85 | (2.98 | ) | (1.69 | ) | 2.32 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.60 | ) | (0.25 | ) | (0.50 | ) | (0.45 | ) | (0.29 | ) | ||||||||||
Net realized gain | — | — | — | (1.11 | ) | — | ||||||||||||||
Total dividends and distributions | (0.60 | ) | (0.25 | ) | (0.50 | ) | (1.56 | ) | (0.29 | ) | ||||||||||
Net asset value, end of period | $ | 19.30 | $ | 20.03 | $ | 13.43 | $ | 16.91 | $ | 20.16 | ||||||||||
Total return2 | (0.83 | %)3 | 51.19 | %3 | (18.31 | %)3 | (8.12 | %)3 | 12.82 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 347,008 | $ | 497 | 4 | $ | 620 | 4 | $ | 1,437 | 4 | $ | 1,597 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.88 | % | 0.88 | % | 0.83 | % | 0.80 | % | 0.79 | % | ||||||||||
Ratio of net investment income to average net assets | 1.37 | % | 1.69 | % | 2.09 | % | 2.35 | % | 1.49 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.28 | % | 1.60 | % | 2.05 | % | 2.34 | % | 1.49 | % | ||||||||||
Portfolio turnover | 71 | % | 76 | % | 62 | % | 52 | % | 48 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
320
Delaware Ivy International Core Equity Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.98 | $ | 13.39 | $ | 16.87 | $ | 20.12 | $ | 18.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.21 | 0.22 | 0.27 | 0.37 | 0.26 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 6.56 | (3.32 | ) | (2.14 | ) | 1.98 | ||||||||||||
Total from investment operations | (0.22 | ) | 6.78 | (3.05 | ) | (1.77 | ) | 2.24 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.52 | ) | (0.19 | ) | (0.43 | ) | (0.37 | ) | (0.21 | ) | ||||||||||
Net realized gain | — | — | — | (1.11 | ) | — | ||||||||||||||
Total dividends and distributions | (0.52 | ) | (0.19 | ) | (0.43 | ) | (1.48 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 19.24 | $ | 19.98 | $ | 13.39 | $ | 16.87 | $ | 20.12 | ||||||||||
Total return2 | (1.26 | %)3 | 50.76 | %3 | (18.65 | %)3 | (8.55 | %) | 12.42 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 49,433 | $ | 91 | 4 | $ | 176 | 4 | $ | 377 | 4 | $ | 487 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.18 | % | 1.17 | % | 1.18 | % | 1.19 | % | 1.19 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.28 | % | 1.29 | % | 1.23 | % | 1.19 | % | 1.19 | % | ||||||||||
Ratio of net investment income to average net assets | 0.99 | % | 1.33 | % | 1.62 | % | 1.99 | % | 1.32 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.89 | % | 1.21 | % | 1.57 | % | 1.99 | % | 1.32 | % | ||||||||||
Portfolio turnover | 71 | % | 76 | % | 62 | % | 52 | % | 48 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
321
Financial highlights
Delaware Ivy International Value Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.54 | $ | 11.08 | $ | 14.93 | $ | 18.08 | $ | 17.15 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.21 | 0.16 | 0.32 | 0.16 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.76 | ) | 7.48 | (3.81 | ) | (1.33 | ) | 1.00 | ||||||||||||
Total from investment operations | (1.55 | ) | 7.64 | (3.49 | ) | (1.17 | ) | 1.08 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.18 | ) | (0.36 | ) | (0.07 | ) | (0.15 | ) | ||||||||||
Net realized gain | — | — | — | (1.91 | ) | — | ||||||||||||||
Total dividends and distributions | (0.42 | ) | (0.18 | ) | (0.36 | ) | (1.98 | ) | (0.15 | ) | ||||||||||
Net asset value, end of period | $ | 16.57 | $ | 18.54 | $ | 11.08 | $ | 14.93 | $ | 18.08 | ||||||||||
Total return2 | (8.50 | %) | 69.18 | %3 | (24.08 | %)3 | (6.19 | %)3 | 6.30 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 53,118 | $ | 66 | 4 | $ | 45 | 4 | $ | 75 | 4 | $ | 96 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.45 | % | 1.55 | % | 1.56 | % | 1.55 | % | 1.59 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.45 | % | 1.76 | % | 1.77 | % | 1.75 | % | 1.75 | % | ||||||||||
Ratio of net investment income to average net assets | 1.13 | % | 1.08 | % | 2.19 | % | 0.99 | % | 0.47 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.13 | % | 0.87 | % | 1.98 | % | 0.79 | % | 0.31 | % | ||||||||||
Portfolio turnover | 119 | % | 20 | % | 26 | % | 85 | % | 33 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
322
Delaware Ivy International Value Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.16 | $ | 10.28 | $ | 13.89 | $ | 16.99 | $ | 16.12 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.04 | 0.02 | 0.22 | 0.06 | (0.03 | ) | ||||||||||||||
Net realized and unrealized gain (loss) | (1.62 | ) | 6.95 | (3.55 | ) | (1.25 | ) | 0.94 | ||||||||||||
Total from investment operations | (1.58 | ) | 6.97 | (3.33 | ) | (1.19 | ) | 0.91 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.29 | ) | (0.09 | ) | (0.28 | ) | — | (0.04 | ) | |||||||||||
Net realized gain | — | — | — | (1.91 | ) | — | ||||||||||||||
Total dividends and distributions | (0.29 | ) | (0.09 | ) | (0.28 | ) | (1.91 | ) | (0.04 | ) | ||||||||||
Net asset value, end of period | $ | 15.29 | $ | 17.16 | $ | 10.28 | $ | 13.89 | $ | 16.99 | ||||||||||
Total return2 | (9.30 | %) | 67.92 | %3 | (24.55 | %)3 | (6.74 | %)3 | 5.65 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 650 | $ | 1 | 4 | $ | 1 | 4 | $ | 2 | 4 | $ | 3 | 4 | ||||||
Ratio of expenses to average net assets5 | 2.28 | % | 2.31 | % | 2.20 | % | 2.13 | % | 2.19 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 2.28 | % | 2.52 | % | 2.41 | % | 2.33 | % | 2.35 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.23 | % | 0.18 | % | 1.57 | % | 0.39 | % | (0.18 | %) | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.23 | % | (0.03 | %) | 1.36 | % | 0.19 | % | (0.34 | %) | ||||||||||
Portfolio turnover | 119 | % | 20 | % | 26 | % | 85 | % | 33 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
323
Financial highlights
Delaware Ivy International Value Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.05 | $ | 11.37 | $ | 15.30 | $ | 18.48 | $ | 17.53 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.30 | 0.22 | 0.39 | 0.24 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.83 | ) | 7.70 | (3.89 | ) | (1.37 | ) | 1.01 | ||||||||||||
Total from investment operations | (1.53 | ) | 7.92 | (3.50 | ) | (1.13 | ) | 1.18 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.49 | ) | (0.24 | ) | (0.43 | ) | (0.14 | ) | (0.23 | ) | ||||||||||
Net realized gain | — | — | — | (1.91 | ) | — | ||||||||||||||
Total dividends and distributions | (0.49 | ) | (0.24 | ) | (0.43 | ) | (2.05 | ) | (0.23 | ) | ||||||||||
Net asset value, end of period | $ | 17.03 | $ | 19.05 | $ | 11.37 | $ | 15.30 | $ | 18.48 | ||||||||||
Total return2 | (8.21 | %) | 69.97 | %3 | (23.71 | %)3 | (5.79 | %)3 | 6.73 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 66,566 | $ | 92 | 4 | $ | 74 | 4 | $ | 95 | 4 | $ | 77 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.08 | % | 1.12 | % | 1.11 | % | 1.12 | % | 1.16 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.08 | % | 1.33 | % | 1.32 | % | 1.32 | % | 1.32 | % | ||||||||||
Ratio of net investment income to average net assets | 1.54 | % | 1.48 | % | 2.60 | % | 1.43 | % | 0.91 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.54 | % | 1.27 | % | 2.39 | % | 1.23 | % | 0.75 | % | ||||||||||
Portfolio turnover | 119 | % | 20 | % | 26 | % | 85 | % | 33 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
324
Delaware Ivy International Value Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.50 | $ | 11.06 | $ | 14.90 | $ | 18.05 | $ | 17.13 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.50 | 0.14 | 0.30 | 0.14 | 0.06 | |||||||||||||||
Net realized and unrealized gain (loss) | (2.10 | ) | 7.47 | (3.79 | ) | (1.33 | ) | 0.99 | ||||||||||||
Total from investment operations | (1.60 | ) | 7.61 | (3.49 | ) | (1.19 | ) | 1.05 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.38 | ) | (0.17 | ) | (0.35 | ) | (0.05 | ) | (0.13 | ) | ||||||||||
Net realized gain | — | — | — | (1.91 | ) | — | ||||||||||||||
Total dividends and distributions | (0.38 | ) | (0.17 | ) | (0.35 | ) | (1.96 | ) | (0.13 | ) | ||||||||||
Net asset value, end of period | $ | 16.52 | $ | 18.50 | $ | 11.06 | $ | 14.90 | $ | 18.05 | ||||||||||
Total return2 | (8.79 | %) | 68.98 | %3 | (24.13 | %)3 | (6.33 | %)3 | 6.13 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 6 | $ | — | 4,5 | $ | — | 4,5 | $ | — | 4,5 | $ | — | 4,5 | ||||||
Ratio of expenses to average net assets6 | 1.75 | % | 1.69 | % | 1.67 | % | 1.69 | % | 1.72 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.75 | % | 1.90 | % | 1.88 | % | 1.89 | % | 1.88 | % | ||||||||||
Ratio of net investment income to average net assets | 2.66 | % | 0.98 | % | 2.03 | % | 0.85 | % | 0.32 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.66 | % | 0.77 | % | 1.82 | % | 0.65 | % | 0.16 | % | ||||||||||
Portfolio turnover | 119 | % | 20 | % | 26 | % | 85 | % | 33 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Rounded less than $500 thousands. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
325
Financial highlights
Delaware Ivy International Value Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.11 | $ | 11.40 | $ | 15.34 | $ | 18.53 | $ | 17.57 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.32 | 0.24 | 0.43 | 0.28 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.83 | ) | 7.74 | (3.91 | ) | (1.39 | ) | 1.01 | ||||||||||||
Total from investment operations | (1.51 | ) | 7.98 | (3.48 | ) | (1.11 | ) | 1.22 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.52 | ) | (0.27 | ) | (0.46 | ) | (0.17 | ) | (0.26 | ) | ||||||||||
Net realized gain | — | — | — | (1.91 | ) | — | ||||||||||||||
Total dividends and distributions | (0.52 | ) | (0.27 | ) | (0.46 | ) | (2.08 | ) | (0.26 | ) | ||||||||||
Net asset value, end of period | $ | 17.08 | $ | 19.11 | $ | 11.40 | $ | 15.34 | $ | 18.53 | ||||||||||
Total return2 | (8.08 | %) | 70.31 | %3 | (23.58 | %)3 | (5.66 | %)3 | 6.94 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 66,050 | $ | 90 | 4 | $ | 84 | 4 | $ | 105 | 4 | $ | — | 4,5 | ||||||
Ratio of expenses to average net assets6 | 0.92 | % | 0.94 | % | 0.93 | % | 0.91 | % | 0.99 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 0.92 | % | 1.15 | % | 1.14 | % | 1.11 | % | 1.15 | % | ||||||||||
Ratio of net investment income to average net assets | 1.69 | % | 1.62 | % | 2.84 | % | 1.72 | % | 1.18 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.69 | % | 1.41 | % | 2.63 | % | 1.52 | % | 1.02 | % | ||||||||||
Portfolio turnover | 119 | % | 20 | % | 26 | % | 85 | % | 33 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Net assets reported in millions. |
5 | Rounded less than $500 thousands. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
326
Delaware Ivy International Value Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.85 | $ | 11.26 | $ | 15.16 | $ | 18.33 | $ | 17.39 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.23 | 0.20 | 0.38 | 0.20 | 0.12 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.79 | ) | 7.60 | (3.89 | ) | (1.36 | ) | 1.01 | ||||||||||||
Total from investment operations | (1.56 | ) | 7.80 | (3.51 | ) | (1.16 | ) | 1.13 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.44 | ) | (0.21 | ) | (0.39 | ) | (0.10 | ) | (0.19 | ) | ||||||||||
Net realized gain | — | — | — | (1.91 | ) | — | ||||||||||||||
Total dividends and distributions | (0.44 | ) | (0.21 | ) | (0.39 | ) | (2.01 | ) | (0.19 | ) | ||||||||||
Net asset value, end of period | $ | 16.85 | $ | 18.85 | $ | 11.26 | $ | 15.16 | $ | 18.33 | ||||||||||
Total return2 | (8.43 | %) | 69.55 | %3 | (23.93 | %)3 | (6.04 | %)3 | 6.48 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 953 | $ | 1 | 4 | $ | 1 | 4 | $ | 2 | 4 | $ | 2 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.34 | % | 1.36 | % | 1.41 | % | 1.36 | % | 1.39 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.34 | % | 1.57 | % | 1.62 | % | 1.56 | % | 1.55 | % | ||||||||||
Ratio of net investment income to average net assets | 1.23 | % | 1.32 | % | 2.52 | % | 1.17 | % | 0.66 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.23 | % | 1.11 | % | 2.31 | % | 0.97 | % | 0.50 | % | ||||||||||
Portfolio turnover | 119 | % | 20 | % | 26 | % | 85 | % | 33 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
327
Financial highlights
Delaware Ivy Large Cap Growth Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 29.35 | $ | 20.52 | $ | 22.73 | $ | 22.65 | $ | 19.17 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.12 | ) | (0.07 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
Net realized and unrealized gain | 5.20 | 10.80 | 0.85 | 2.87 | 4.46 | |||||||||||||||
Total from investment operations | 5.08 | 10.73 | 0.83 | 2.86 | 4.45 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.32 | ) | (1.90 | ) | (3.04 | ) | (2.78 | ) | (0.97 | ) | ||||||||||
Total dividends and distributions | (3.32 | ) | (1.90 | ) | (3.04 | ) | (2.78 | ) | (0.97 | ) | ||||||||||
Net asset value, end of period | $ | 31.11 | $ | 29.35 | $ | 20.52 | $ | 22.73 | $ | 22.65 | ||||||||||
Total return2 | 16.52 | % | 52.78 | % | 2.18 | % | 13.65 | % | 23.45 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,834,191 | $ | 2,740 | 3 | $ | 1,936 | 3 | $ | 2,113 | 3 | $ | 1,778 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.94 | % | 0.98 | % | 1.01 | % | 1.04 | % | 1.13 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.36 | %) | (0.24 | %) | (0.07 | %) | (0.04 | %) | (0.05 | %) | ||||||||||
Portfolio turnover | 12 | % | 23 | % | 33 | % | 37 | % | 37 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
328
Delaware Ivy Large Cap Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 22.15 | $ | 15.94 | $ | 18.30 | $ | 18.87 | $ | 16.22 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.30 | ) | (0.22 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | ||||||||||
Net realized and unrealized gain | 3.96 | 8.33 | 0.75 | 2.33 | 3.77 | |||||||||||||||
Total from investment operations | 3.66 | 8.11 | 0.58 | 2.18 | 3.62 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.03 | ) | (1.90 | ) | (2.94 | ) | (2.75 | ) | (0.97 | ) | ||||||||||
Total dividends and distributions | (3.03 | ) | (1.90 | ) | (2.94 | ) | (2.75 | ) | (0.97 | ) | ||||||||||
Net asset value, end of period | $ | 22.78 | $ | 22.15 | $ | 15.94 | $ | 18.30 | $ | 18.87 | ||||||||||
Total return2 | 15.55 | % | 51.46 | % | 1.38 | % | 12.75 | % | 22.59 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 63,666 | $ | 69 | 3 | $ | 69 | 3 | $ | 88 | 3 | $ | 84 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.80 | % | 1.82 | % | 1.83 | % | 1.81 | % | 1.86 | % | ||||||||||
Ratio of net investment loss to average net assets | (1.23 | %) | (1.07 | %) | (0.89 | %) | (0.81 | %) | (0.82 | %) | ||||||||||
Portfolio turnover | 12 | % | 23 | % | 33 | % | 37 | % | 37 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
329
Financial highlights
Delaware Ivy Large Cap Growth Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 29.21 | $ | 20.45 | $ | 22.67 | $ | 22.62 | $ | 19.15 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.17 | ) | (0.10 | ) | (0.05 | ) | (0.04 | ) | (0.02 | ) | ||||||||||
Net realized and unrealized gain | 5.18 | 10.76 | 0.85 | 2.87 | 4.46 | |||||||||||||||
Total from investment operations | 5.01 | 10.66 | 0.80 | 2.83 | 4.44 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.25 | ) | (1.90 | ) | (3.02 | ) | (2.78 | ) | (0.97 | ) | ||||||||||
Total dividends and distributions | (3.25 | ) | (1.90 | ) | (3.02 | ) | (2.78 | ) | (0.97 | ) | ||||||||||
Net asset value, end of period | $ | 30.97 | $ | 29.21 | $ | 20.45 | $ | 22.67 | $ | 22.62 | ||||||||||
Total return2 | 16.38 | %3 | 52.61 | % | 2.05 | %3 | 13.52 | %3 | 23.43 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 34,155 | $ | 31 | 4 | $ | 20 | 4 | $ | 19 | 4 | $ | 16 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.09 | % | 1.10 | % | 1.14 | % | 1.15 | % | 1.15 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.10 | % | 1.10 | % | 1.15 | % | 1.19 | % | 1.28 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.52 | %) | (0.36 | %) | (0.20 | %) | (0.16 | %) | (0.11 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.53 | %) | (0.36 | %) | (0.21 | %) | (0.20 | %) | (0.24 | %) | ||||||||||
Portfolio turnover | 12 | % | 23 | % | 33 | % | 37 | % | 37 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
330
Delaware Ivy Large Cap Growth Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 31.48 | $ | 21.90 | $ | 24.09 | $ | 23.80 | $ | 20.08 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.02 | ) | 0.03 | 0.06 | 0.06 | 0.04 | ||||||||||||||
Net realized and unrealized gain | 5.56 | 11.52 | 0.89 | 3.03 | 4.69 | |||||||||||||||
Total from investment operations | 5.54 | 11.55 | 0.95 | 3.09 | 4.73 | |||||||||||||||
Less dividends and distributions from: | �� | |||||||||||||||||||
Net investment income | — | (0.01 | ) | (0.07 | ) | — | (0.04 | ) | ||||||||||||
Net realized gain | (3.41 | ) | (1.96 | ) | (3.07 | ) | (2.80 | ) | (0.97 | ) | ||||||||||
Total dividends and distributions | (3.41 | ) | (1.97 | ) | (3.14 | ) | (2.80 | ) | (1.01 | ) | ||||||||||
Net asset value, end of period | $ | 33.61 | $ | 31.48 | $ | 21.90 | $ | 24.09 | $ | 23.80 | ||||||||||
Total return2 | 16.87 | %3 | 53.25 | %3 | 2.51 | %3 | 13.99 | %3 | 23.80 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,626,992 | $ | 2,527 | 4 | $ | 1,819 | 4 | $ | 1,970 | 4 | $ | 1,580 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.64 | % | 0.64 | % | 0.69 | % | 0.73 | % | 0.88 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.77 | % | 0.79 | % | 0.80 | % | 0.82 | % | 0.88 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | (0.06 | %) | 0.09 | % | 0.24 | % | 0.27 | % | 0.18 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.19 | %) | (0.06 | %) | 0.13 | % | 0.18 | % | 0.18 | % | ||||||||||
Portfolio turnover | 12 | % | 23 | % | 33 | % | 37 | % | 37 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
331
Financial highlights
Delaware Ivy Large Cap Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.57 | $ | 19.43 | $ | 21.69 | $ | 21.79 | $ | 18.54 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.24 | ) | (0.16 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | ||||||||||
Net realized and unrealized gain | 4.89 | 10.20 | 0.82 | 2.74 | 4.31 | |||||||||||||||
Total from investment operations | 4.65 | 10.04 | 0.72 | 2.65 | 4.22 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.13 | ) | (1.90 | ) | (2.98 | ) | (2.75 | ) | (0.97 | ) | ||||||||||
Total dividends and distributions | (3.13 | ) | (1.90 | ) | (2.98 | ) | (2.75 | ) | (0.97 | ) | ||||||||||
Net asset value, end of period | $ | 29.09 | $ | 27.57 | $ | 19.43 | $ | 21.69 | $ | 21.79 | ||||||||||
Total return2 | 16.07 | % | 52.17 | % | 1.75 | % | 13.22 | % | 23.06 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 12,298 | $ | 13 | 3 | $ | 13 | 3 | $ | 18 | 3 | $ | 23 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.37 | % | 1.38 | % | 1.40 | % | 1.40 | % | 1.46 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.79 | %) | (0.63 | %) | (0.46 | %) | (0.40 | %) | (0.42 | %) | ||||||||||
Portfolio turnover | 12 | % | 23 | % | 33 | % | 37 | % | 37 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
332
Delaware Ivy Large Cap Growth Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 31.71 | $ | 22.05 | $ | 24.25 | $ | 23.91 | $ | 20.18 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.02 | ) | 0.03 | 0.07 | 0.08 | 0.07 | ||||||||||||||
Net realized and unrealized gain | 5.61 | 11.61 | 0.89 | 3.04 | 4.72 | |||||||||||||||
Total from investment operations | 5.59 | 11.64 | 0.96 | 3.12 | 4.79 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | (0.02 | ) | (0.09 | ) | — | (0.09 | ) | ||||||||||||
Net realized gain | (3.41 | ) | (1.96 | ) | (3.07 | ) | (2.78 | ) | (0.97 | ) | ||||||||||
Total dividends and distributions | (3.41 | ) | (1.98 | ) | (3.16 | ) | (2.78 | ) | (1.06 | ) | ||||||||||
Net asset value, end of period | $ | 33.89 | $ | 31.71 | $ | 22.05 | $ | 24.25 | $ | 23.91 | ||||||||||
Total return2 | 16.90 | % | 53.28 | % | 2.54 | % | 14.06 | % | 24.00 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 166,623 | $ | 164 | 3 | $ | 107 | 3 | $ | 108 | 3 | $ | 100 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.64 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.72 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | (0.06 | %) | 0.10 | % | 0.28 | % | 0.33 | % | 0.30 | % | ||||||||||
Portfolio turnover | 12 | % | 23 | % | 33 | % | 37 | % | 37 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
333
Financial highlights
Delaware Ivy Large Cap Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 30.36 | $ | 21.18 | $ | 23.37 | $ | 23.24 | $ | 19.63 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.13 | ) | (0.07 | ) | (0.02 | ) | (0.01 | ) | — | 2 | ||||||||||
Net realized and unrealized gain | 5.37 | 11.15 | 0.86 | 2.94 | 4.58 | |||||||||||||||
Total from investment operations | 5.24 | 11.08 | 0.84 | 2.93 | 4.58 | |||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.31 | ) | (1.90 | ) | (3.03 | ) | (2.80 | ) | (0.97 | ) | ||||||||||
Total dividends and distributions | (3.31 | ) | (1.90 | ) | (3.03 | ) | (2.80 | ) | (0.97 | ) | ||||||||||
Net asset value, end of period | $ | 32.29 | $ | 30.36 | $ | 21.18 | $ | 23.37 | $ | 23.24 | ||||||||||
Total return3 | 16.51 | % | 52.78 | % | 2.19 | % | 13.61 | % | 23.57 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 35,926 | $ | 31 | 4 | $ | 26 | 4 | $ | 38 | 4 | $ | 37 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.95 | % | 0.98 | % | 1.01 | % | 1.05 | % | 1.05 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.02 | % | 1.04 | % | 1.05 | % | 1.06 | % | 1.11 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.37 | %) | (0.24 | %) | (0.08 | %) | (0.05 | %) | (0.01 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.44 | %) | (0.30 | %) | (0.12 | %) | (0.06 | %) | (0.07 | %) | ||||||||||
Portfolio turnover | 12 | % | 23 | % | 33 | % | 37 | % | 37 | % |
1 | Calculated using average shares outstanding. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
334
Delaware Ivy Limited-Term Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | $ | 10.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.11 | 0.15 | 0.20 | 0.21 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 0.17 | 0.14 | 0.10 | (0.15 | ) | |||||||||||||
Total from investment operations | (0.32 | ) | 0.32 | 0.34 | 0.31 | 0.03 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.15 | ) | (0.21 | ) | (0.21 | ) | (0.19 | ) | ||||||||||
Total dividends and distributions | (0.11 | ) | (0.15 | ) | (0.21 | ) | (0.21 | ) | (0.19 | ) | ||||||||||
Net asset value, end of period | $ | 10.61 | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | ||||||||||
Total return2 | (2.95 | %) | 2.99 | % | 3.14 | % | 2.95 | % | 0.25 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 348,269 | $ | 421 | 3 | $ | 381 | 3 | $ | 382 | 3 | $ | 431 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.89 | % | 0.89 | % | 0.91 | % | 0.91 | % | 0.89 | % | ||||||||||
Ratio of net investment income to average net assets | 0.98 | % | 1.39 | % | 1.86 | % | 1.90 | % | 1.69 | % | ||||||||||
Portfolio turnover | 88 | % | 55 | % | 61 | % | 83 | % | 24 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
335
Financial highlights
Delaware Ivy Limited-Term Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | $ | 10.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.02 | 0.07 | 0.12 | 0.13 | 0.10 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 0.17 | 0.13 | 0.10 | (0.15 | ) | |||||||||||||
Total from investment operations | (0.41 | ) | 0.24 | 0.25 | 0.23 | (0.05 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.02 | ) | (0.07 | ) | (0.12 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Total dividends and distributions | (0.02 | ) | (0.07 | ) | (0.12 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Net asset value, end of period | $ | 10.61 | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | ||||||||||
Total return2 | (3.70 | %) | 2.23 | % | 2.36 | % | 2.20 | % | (0.51 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 14,208 | $ | 25 | 3 | $ | 27 | 3 | $ | 45 | 3 | $ | 55 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.67 | % | 1.65 | % | 1.67 | % | 1.65 | % | 1.66 | % | ||||||||||
Ratio of net investment income to average net assets | 0.22 | % | 0.65 | % | 1.12 | % | 1.16 | % | 0.92 | % | ||||||||||
Portfolio turnover | 88 | % | 55 | % | 61 | % | 83 | % | 24 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
336
Delaware Ivy Limited-Term Bond Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | $ | 10.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.11 | 0.15 | 0.20 | 0.20 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 0.17 | 0.13 | 0.10 | (0.14 | ) | |||||||||||||
Total from investment operations | (0.32 | ) | 0.32 | 0.33 | 0.30 | 0.03 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.15 | ) | (0.20 | ) | (0.20 | ) | (0.19 | ) | ||||||||||
Total dividends and distributions | (0.11 | ) | (0.15 | ) | (0.20 | ) | (0.20 | ) | (0.19 | ) | ||||||||||
Net asset value, end of period | $ | 10.61 | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | ||||||||||
Total return2 | (2.94 | %) | 2.96 | % | 3.11 | % | 2.90 | % | 0.17 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 6,400 | $ | 7 | 3 | $ | 8 | 3 | $ | 5 | 3 | $ | 4 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.88 | % | 0.93 | % | 0.95 | % | 0.95 | % | 0.98 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.01 | % | 0.95 | % | 1.00 | % | 1.03 | % | 1.02 | % | ||||||||||
Ratio of net investment income to average net assets | 0.99 | % | 1.35 | % | 1.82 | % | 1.85 | % | 1.60 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.86 | % | 1.33 | % | 1.77 | % | 1.77 | % | 1.56 | % | ||||||||||
Portfolio turnover | 88 | % | 55 | % | 61 | % | 83 | % | 24 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
337
Financial highlights
Delaware Ivy Limited-Term Bond Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | $ | 10.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.13 | 0.18 | 0.23 | 0.24 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 0.17 | 0.13 | 0.10 | (0.16 | ) | |||||||||||||
Total from investment operations | (0.30 | ) | 0.35 | 0.36 | 0.34 | 0.05 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.13 | ) | (0.18 | ) | (0.23 | ) | (0.24 | ) | (0.21 | ) | ||||||||||
Total dividends and distributions | (0.13 | ) | (0.18 | ) | (0.23 | ) | (0.24 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 10.61 | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | ||||||||||
Total return2 | (2.76 | %) | 3.21 | % | 3.38 | % | 3.19 | % | 0.49 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 434,583 | $ | 596 | 3 | $ | 570 | 3 | $ | 677 | 3 | $ | 710 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.68 | % | 0.68 | % | 0.69 | % | 0.67 | % | 0.66 | % | ||||||||||
Ratio of net investment income to average net assets | 1.19 | % | 1.61 | % | 2.10 | % | 2.14 | % | 1.92 | % | ||||||||||
Portfolio turnover | 88 | % | 55 | % | 61 | % | 83 | % | 24 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
338
Delaware Ivy Limited-Term Bond Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | $ | 10.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.06 | 0.12 | 0.16 | 0.17 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 0.16 | 0.14 | 0.10 | (0.15 | ) | |||||||||||||
Total from investment operations | (0.37 | ) | 0.28 | 0.30 | 0.27 | (0.01 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.06 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | ||||||||||
Total dividends and distributions | (0.06 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | ||||||||||
Net asset value, end of period | $ | 10.61 | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | ||||||||||
Total return2 | (3.34 | %) | 2.61 | % | 2.76 | % | 2.60 | % | (0.12 | %) | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 478 | $ | — | 3,4 | $ | 1 | 3 | $ | — | 3,4 | $ | 1 | 3 | ||||||
Ratio of expenses to average net assets5 | 1.29 | % | 1.27 | % | 1.28 | % | 1.26 | % | 1.26 | % | ||||||||||
Ratio of net investment income to average net assets | 0.59 | % | 1.06 | % | 1.47 | % | 1.54 | % | 1.32 | % | ||||||||||
Portfolio turnover | 88 | % | 55 | % | 61 | % | 83 | % | 24 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Rounded less than $500 thousands. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
339
Financial highlights
Delaware Ivy Limited-Term Bond Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | $ | 10.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.15 | 0.20 | 0.24 | 0.25 | 0.22 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 0.17 | 0.14 | 0.10 | (0.15 | ) | |||||||||||||
Total from investment operations | (0.28 | ) | 0.37 | 0.38 | 0.35 | (0.07 | ) | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.15 | ) | (0.20 | ) | (0.25 | ) | (0.25 | ) | (0.23 | ) | ||||||||||
Total dividends and distributions | (0.15 | ) | (0.20 | ) | (0.25 | ) | (0.25 | ) | (0.23 | ) | ||||||||||
Net asset value, end of period | $ | 10.61 | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | ||||||||||
Total return2 | (2.60 | %) | 3.37 | % | 3.54 | % | 3.36 | % | 0.64 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 140,580 | $ | 122 | 3 | $ | 130 | 3 | $ | 169 | 3 | $ | 85 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.53 | % | 0.53 | % | 0.53 | % | 0.51 | % | 0.50 | % | ||||||||||
Ratio of net investment income to average net assets | 1.34 | % | 1.77 | % | 2.25 | % | 2.30 | % | 2.08 | % | ||||||||||
Portfolio turnover | 88 | % | 55 | % | 61 | % | 83 | % | 24 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
340
Delaware Ivy Limited-Term Bond Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | $ | 10.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.11 | 0.16 | 0.20 | 0.21 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.43 | ) | 0.16 | 0.14 | 0.10 | (0.15 | ) | |||||||||||||
Total from investment operations | (0.32 | ) | 0.32 | 0.34 | 0.31 | 0.03 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.15 | ) | (0.21 | ) | (0.21 | ) | — | |||||||||||
Total dividends and distributions | (0.11 | ) | (0.15 | ) | (0.21 | ) | (0.21 | ) | (0.19 | ) | ||||||||||
Net asset value, end of period | $ | 10.61 | $ | 11.04 | $ | 10.87 | $ | 10.74 | $ | 10.64 | ||||||||||
Total return2 | (2.95 | %) | 2.99 | % | 3.14 | % | 2.95 | % | 0.25 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,129 | $ | 3 | 3 | $ | 6 | 3 | $ | 7 | 3 | $ | 11 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.89 | % | 0.89 | % | 0.91 | % | 0.91 | % | 0.89 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.93 | % | 0.93 | % | 0.96 | % | 0.91 | % | 0.91 | % | ||||||||||
Ratio of net investment income to average net assets | 0.98 | % | 1.45 | % | 1.88 | % | 1.89 | % | 1.69 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.94 | % | 1.41 | % | 1.83 | % | 1.89 | % | 1.67 | % | ||||||||||
Portfolio turnover | 88 | % | 55 | % | 61 | % | 83 | % | 24 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
341
Financial highlights
Delaware Ivy Managed International Opportunities Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.52 | $ | 7.80 | $ | 10.18 | $ | 11.87 | $ | 10.58 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.26 | 0.08 | 0.18 | 0.14 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.16 | ) | 4.73 | (1.88 | ) | (1.08 | ) | 1.44 | ||||||||||||
Total from investment operations | (0.90 | ) | 4.81 | (1.70 | ) | (0.94 | ) | 1.58 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.28 | ) | (0.09 | ) | (0.20 | ) | (0.16 | ) | (0.15 | ) | ||||||||||
Net realized gain | (0.03 | ) | — | (0.48 | ) | (0.59 | ) | (0.14 | ) | |||||||||||
Total dividends and distributions | (0.31 | ) | (0.09 | ) | (0.68 | ) | (0.75 | ) | (0.29 | ) | ||||||||||
Net asset value, end of period | $ | 11.31 | $ | 12.52 | $ | 7.80 | $ | 10.18 | $ | 11.87 | ||||||||||
Total return2 | (7.34 | %)3 | 61.81 | %3 | (18.31 | %)3 | (7.32 | %)3 | 14.95 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 51,379 | $ | 64 | 4 | $ | 45 | 4 | $ | 66 | 4 | $ | 84 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.46 | % | 0.46 | % | 0.48 | % | 0.49 | % | 0.49 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.59 | % | 0.50 | % | 0.51 | % | 0.51 | % | 0.49 | % | ||||||||||
Ratio of net investment income to average net assets | 2.06 | % | 0.80 | % | 1.82 | % | 1.32 | % | 1.17 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.93 | % | 0.76 | % | 1.79 | % | 1.30 | % | 1.17 | % | ||||||||||
Portfolio turnover | 36 | % | 17 | % | �� | 10 | % | 71 | % | 10 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
342
Delaware Ivy Managed International Opportunities Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.22 | $ | 7.53 | $ | 9.92 | $ | 11.64 | $ | 10.38 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.17 | — | 2 | 0.10 | 0.06 | 0.07 | ||||||||||||||
Net realized and unrealized gain (loss) | (1.16 | ) | 4.73 | (1.86 | ) | (1.09 | ) | 1.41 | ||||||||||||
Total from investment operations | (0.99 | ) | 4.73 | (1.76 | ) | (1.03 | ) | 1.48 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.21 | ) | (0.04 | ) | (0.15 | ) | (0.10 | ) | (0.08 | ) | ||||||||||
Net realized gain | (0.03 | ) | — | (0.48 | ) | (0.59 | ) | (0.14 | ) | |||||||||||
Total dividends and distributions | (0.24 | ) | (0.04 | ) | (0.63 | ) | (0.69 | ) | (0.22 | ) | ||||||||||
Net asset value, end of period | $ | 10.99 | $ | 12.22 | $ | 7.53 | $ | 9.92 | $ | 11.64 | ||||||||||
Total return3 | (8.22 | %)4 | 62.89 | %4 | (19.36 | %)4 | (8.32 | %)4 | 14.34 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 876 | $ | 1 | 5 | $ | 1 | 5 | $ | 2 | 5 | $ | 3 | 5 | ||||||
Ratio of expenses to average net assets6 | 1.25 | % | 1.25 | % | 1.29 | % | 1.29 | % | 1.28 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.48 | % | 1.36 | % | 1.36 | % | 1.31 | % | 1.28 | % | ||||||||||
Ratio of net investment income to average net assets | 1.34 | % | 0.01 | % | 0.98 | % | 0.58 | % | 0.57 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.11 | % | (0.10 | %) | 0.91 | % | 0.56 | % | 0.57 | % | ||||||||||
Portfolio turnover | 36 | % | 17 | % | 10 | % | 71 | % | 10 | % |
1 | Calculated using average shares outstanding. |
2 | Amount is less than $(0.005) per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
5 | Net assets reported in millions. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
343
Financial highlights
Delaware Ivy Managed International Opportunities Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.61 | $ | 7.87 | $ | 10.24 | $ | 11.93 | $ | 10.63 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.29 | 0.12 | 0.22 | 0.18 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.16 | ) | 4.74 | (1.88 | ) | (1.09 | ) | 1.43 | ||||||||||||
Total from investment operations | (0.87 | ) | 4.86 | (1.66 | ) | (0.91 | ) | 1.61 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.31 | ) | (0.12 | ) | (0.23 | ) | (0.19 | ) | (0.17 | ) | ||||||||||
Net realized gain | (0.03 | ) | — | (0.48 | ) | (0.59 | ) | (0.14 | ) | |||||||||||
Total dividends and distributions | (0.34 | ) | (0.12 | ) | (0.71 | ) | (0.78 | ) | (0.31 | ) | ||||||||||
Net asset value, end of period | $ | 11.40 | $ | 12.61 | $ | 7.87 | $ | 10.24 | $ | 11.93 | ||||||||||
Total return2 | (7.08 | %) | 61.80 | % | (17.91 | %) | (7.03 | %) | 15.23 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 80,847 | $ | 112 | 3 | $ | 90 | 3 | $ | 109 | 3 | $ | 142 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.16 | % | 0.16 | % | 0.16 | % | 0.16 | % | 0.16 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.18 | % | ||||||||||
Ratio of net investment income to average net assets | 2.23 | % | 1.10 | % | 2.19 | % | 1.59 | % | 1.55 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.19 | % | 1.07 | % | 2.16 | % | 1.56 | % | 1.53 | % | ||||||||||
Portfolio turnover | 36 | % | 17 | % | 10 | % | 71 | % | 10 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
3 | Net assets reported in millions. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
344
Delaware Ivy Managed International Opportunities Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.47 | $ | 7.75 | $ | 10.14 | $ | 11.83 | $ | 10.55 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.15 | 0.02 | 0.18 | 0.13 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.08 | ) | 4.78 | (1.90 | ) | (1.08 | ) | 1.42 | ||||||||||||
Total from investment operations | (0.93 | ) | 4.80 | (1.72 | ) | (0.95 | ) | 1.55 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.08 | ) | (0.19 | ) | (0.15 | ) | (0.13 | ) | ||||||||||
Net realized gain | (0.03 | ) | — | (0.48 | ) | (0.59 | ) | (0.14 | ) | |||||||||||
Total dividends and distributions | (0.29 | ) | (0.08 | ) | (0.67 | ) | (0.74 | ) | (0.27 | ) | ||||||||||
Net asset value, end of period | $ | 11.25 | $ | 12.47 | $ | 7.75 | $ | 10.14 | $ | 11.83 | ||||||||||
Total return2 | (7.58 | %)3 | 62.03 | %3 | (18.59 | %) | (7.47 | %)3 | 14.77 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 75 | $ | — | 4,5 | $ | 1 | 4 | $ | 1 | 4 | $ | 1 | 4 | ||||||
Ratio of expenses to average net assets6 | 0.67 | % | 0.66 | % | 0.67 | % | 0.66 | % | 0.66 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 0.70 | % | 0.67 | % | 0.67 | % | 0.67 | % | 0.66 | % | ||||||||||
Ratio of net investment income to average net assets | 1.18 | % | 0.23 | % | 1.77 | % | 1.16 | % | 1.12 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.15 | % | 0.22 | % | 1.77 | % | 1.15 | % | 1.12 | % | ||||||||||
Portfolio turnover | 36 | % | 17 | % | 10 | % | 71 | % | 10 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Rounded less than $500 thousands. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
345
Financial highlights
Delaware Ivy Managed International Opportunities Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | 7/5/17 to | |||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/181 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.62 | $ | 7.88 | $ | 10.25 | $ | 11.94 | $ | 11.17 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.23 | 0.12 | 0.23 | 0.19 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.10 | ) | 4.74 | (1.89 | ) | (1.10 | ) | 0.90 | ||||||||||||
Total from investment operations | (0.87 | ) | 4.86 | (1.66 | ) | (0.91 | ) | 1.07 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.31 | ) | (0.12 | ) | (0.23 | ) | (0.19 | ) | (0.16 | ) | ||||||||||
Net realized gain | (0.03 | ) | — | (0.48 | ) | (0.59 | ) | (0.14 | ) | |||||||||||
Total dividends and distributions | (0.34 | ) | (0.12 | ) | (0.71 | ) | (0.78 | ) | (0.30 | ) | ||||||||||
Net asset value, end of period | $ | 11.41 | $ | 12.62 | $ | 7.88 | $ | 10.25 | $ | 11.94 | ||||||||||
Total return3 | (7.07 | %)4 | 61.72 | %4 | (17.90 | %)4 | (7.03 | %)4 | 9.67 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 81 | $ | 1 | 5 | $ | — | 5,6 | $ | — | 5,6 | $ | — | 5,6 | ||||||
Ratio of expenses to average net assets7 | 0.16 | % | 0.16 | % | 0.16 | % | 0.16 | % | 0.15 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived7 | 0.21 | % | 0.18 | % | 0.19 | % | 0.17 | % | 0.15 | % | ||||||||||
Ratio of net investment income to average net assets | 1.82 | % | 1.08 | % | 2.25 | % | 1.71 | % | 1.89 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.77 | % | 1.06 | % | 2.22 | % | 1.70 | % | 1.89 | % | ||||||||||
Portfolio turnover | 36 | % | 17 | % | 10 | % | 71 | % | 10 | %8 |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Net assets reported in millions. |
6 | Rounded less than $500 thousands. |
7 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
8 | Portfolio turnover is representative of the Fund for the entire year. |
See accompanying notes, which are an integral part of the financial statements.
346
Delaware Ivy Managed International Opportunities Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.53 | $ | 7.81 | $ | 10.18 | $ | 11.87 | $ | 10.58 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.28 | 0.09 | 0.10 | 0.16 | 0.15 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.17 | ) | 4.73 | (1.78 | ) | (1.09 | ) | 1.43 | ||||||||||||
Total from investment operations | (0.89 | ) | 4.82 | (1.68 | ) | (0.93 | ) | 1.58 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.29 | ) | (0.10 | ) | (0.21 | ) | (0.17 | ) | (0.15 | ) | ||||||||||
Net realized gain | (0.03 | ) | — | (0.48 | ) | (0.59 | ) | (0.14 | ) | |||||||||||
Total dividends and distributions | (0.32 | ) | (0.10 | ) | (0.69 | ) | (0.76 | ) | (0.29 | ) | ||||||||||
Net asset value, end of period | $ | 11.32 | $ | 12.53 | $ | 7.81 | $ | 10.18 | $ | 11.87 | ||||||||||
Total return2 | (7.27 | %) | 61.81 | % | (18.15 | %) | (7.24 | %) | 15.03 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 135 | $ | — | 3,4 | $ | — | 3,4 | $ | 1 | 3 | $ | 1 | 3 | ||||||
Ratio of expenses to average net assets5 | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.48 | % | 0.44 | % | 0.76 | % | 0.43 | % | 0.40 | % | ||||||||||
Ratio of net investment income to average net assets | 2.16 | % | 0.82 | % | 0.95 | % | 1.44 | % | 1.30 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.06 | % | 0.76 | % | 0.57 | % | 1.39 | % | 1.28 | % | ||||||||||
Portfolio turnover | 36 | % | 17 | % | 10 | % | 71 | % | 10 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
3 | Net assets reported in millions. |
4 | Rounded less than $500 thousands. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
347
Financial highlights
Delaware Ivy Mid Cap Growth Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 37.42 | $ | 22.28 | $ | 25.28 | $ | 23.99 | $ | 20.81 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.29 | ) | (0.23 | ) | (0.15 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.11 | 19.03 | (1.42 | ) | 3.56 | 5.11 | ||||||||||||||
Total from investment operations | (0.18 | ) | 18.80 | (1.57 | ) | 3.43 | 5.00 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (4.93 | ) | (3.66 | ) | (1.43 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Total dividends and distributions | (4.93 | ) | (3.66 | ) | (1.43 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 32.31 | $ | 37.42 | $ | 22.28 | $ | 25.28 | $ | 23.99 | ||||||||||
Total return2 | (1.90 | %) | 85.37 | %3 | (7.20 | %)3 | 15.72 | %3 | 24.56 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 2,158,678 | $ | 2,453 | 4 | $ | 1,391 | 4 | $ | 1,668 | 4 | $ | 1,600 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.12 | % | 1.16 | % | 1.20 | % | 1.23 | % | 1.31 | %6 | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.12 | % | 1.17 | % | 1.23 | % | 1.25 | % | 1.31 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.76 | %) | (0.68 | %) | (0.55 | %) | (0.53 | %) | (0.48 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.76 | %) | (0.69 | %) | (0.58 | %) | (0.55 | %) | (0.48 | %) | ||||||||||
Portfolio turnover | 27 | % | 33 | % | 22 | % | 38 | % | 26 | % |
1 | Calculated using average shares outstanding. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Net assets reported in millions. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | Expense ratio based on the period excluding reorganization expenses was 1.30%. |
See accompanying notes, which are an integral part of the financial statements.
348
Delaware Ivy Mid Cap Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 29.76 | $ | 18.26 | $ | 21.02 | $ | 20.44 | $ | 18.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.48 | ) | (0.39 | ) | (0.28 | ) | (0.26 | ) | (0.24 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.20 | 15.51 | (1.15 | ) | 2.98 | 4.41 | ||||||||||||||
Total from investment operations | (0.28 | ) | 15.12 | (1.43 | ) | 2.72 | 4.17 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (4.74 | ) | (3.62 | ) | (1.33 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Total dividends and distributions | (4.74 | ) | (3.62 | ) | (1.33 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 24.74 | $ | 29.76 | $ | 18.26 | $ | 21.02 | $ | 20.44 | ||||||||||
Total return2 | (2.67 | %) | 83.95 | %3 | (7.88 | %)3 | 14.90 | %3 | 23.64 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 121,668 | $ | 170 | 4 | $ | 143 | 4 | $ | 207 | 4 | $ | 203 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.93 | % | 1.92 | % | 1.95 | % | 1.94 | % | 2.02 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.93 | % | 1.94 | % | 1.98 | % | 1.96 | % | 2.02 | % | ||||||||||
Ratio of net investment loss to average net assets | (1.57 | %) | (1.43 | %) | (1.30 | %) | (1.25 | %) | (1.20 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (1.57 | %) | (1.45 | %) | (1.33 | %) | (1.27 | %) | (1.20 | %) | ||||||||||
Portfolio turnover | 27 | % | 33 | % | 22 | % | 38 | % | 26 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
349
Financial highlights
Delaware Ivy Mid Cap Growth Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 36.20 | $ | 21.64 | $ | 24.59 | $ | 23.41 | $ | 20.34 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.32 | ) | (0.25 | ) | (0.16 | ) | (0.14 | ) | (0.11 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.12 | 18.47 | (1.37 | ) | 3.46 | 5.00 | ||||||||||||||
Total from investment operations | (0.20 | ) | 18.22 | (1.53 | ) | 3.32 | 4.89 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (4.90 | ) | (3.66 | ) | (1.42 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Total dividends and distributions | (4.90 | ) | (3.66 | ) | (1.42 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 31.10 | $ | 36.20 | $ | 21.64 | $ | 24.59 | $ | 23.41 | ||||||||||
Total return2 | (2.00 | %) | 85.20 | % | (7.21 | %) | 15.59 | % | 24.59 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 19,224 | $ | 19 | 3 | $ | 11 | 3 | $ | 12 | 3 | $ | 11 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.23 | % | 1.24 | % | 1.28 | % | 1.28 | % | 1.30 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.36 | % | 1.32 | % | 1.44 | % | 1.47 | % | 1.57 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.87 | %) | (0.76 | %) | (0.63 | %) | (0.59 | %) | (0.48 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (1.00 | %) | (0.84 | %) | (0.79 | %) | (0.78 | %) | (0.75 | %) | ||||||||||
Portfolio turnover | 27 | % | 33 | % | 22 | % | 38 | % | 26 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
350
Delaware Ivy Mid Cap Growth Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 41.48 | $ | 24.41 | $ | 27.52 | $ | 25.83 | $ | 22.23 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.18 | ) | (0.12 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.07 | 20.89 | (1.57 | ) | 3.87 | 5.47 | ||||||||||||||
Total from investment operations | (0.11 | ) | 20.77 | (1.61 | ) | 3.83 | 5.42 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (5.05 | ) | (3.70 | ) | (1.50 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Total dividends and distributions | (5.05 | ) | (3.70 | ) | (1.50 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 36.32 | $ | 41.48 | $ | 24.41 | $ | 27.52 | $ | 25.83 | ||||||||||
Total return2 | (1.56 | %)3 | 86.00 | %3 | (6.75 | %)3 | 16.12 | %3 | 24.89 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,577,939 | $ | 3,609 | 4 | $ | 1,898 | 4 | $ | 2,250 | 4 | $ | 1,869 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.79 | % | 0.79 | % | 0.79 | % | 0.85 | % | 1.03 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.95 | % | 0.97 | % | 1.00 | % | 1.00 | % | 1.03 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.43 | %) | (0.31 | %) | (0.15 | %) | (0.16 | %) | (0.20 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.59 | %) | (0.49 | %) | (0.36 | %) | (0.31 | %) | (0.20 | %) | ||||||||||
Portfolio turnover | 27 | % | 33 | % | 22 | % | 38 | % | 26 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
351
Financial highlights
Delaware Ivy Mid Cap Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 35.92 | $ | 21.54 | $ | 24.51 | $ | 23.40 | $ | 20.40 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.44 | ) | (0.35 | ) | (0.23 | ) | (0.21 | ) | (0.18 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.14 | 18.37 | (1.37 | ) | 3.46 | 5.00 | ||||||||||||||
Total from investment operations | (0.30 | ) | 18.02 | (1.60 | ) | 3.25 | 4.82 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (4.81 | ) | (3.64 | ) | (1.37 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Total dividends and distributions | (4.81 | ) | (3.64 | ) | (1.37 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 30.81 | $ | 35.92 | $ | 21.54 | $ | 24.51 | $ | 23.40 | ||||||||||
Total return2 | (2.30 | %)3 | 84.62 | %3 | (7.47 | %)3 | 15.29 | %3 | 24.17 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 74,908 | $ | 88 | 4 | $ | 46 | 4 | $ | 63 | 4 | $ | 50 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.54 | % | 1.55 | % | 1.55 | % | 1.55 | % | 1.63 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.55 | % | 1.56 | % | 1.58 | % | 1.57 | % | 1.63 | % | ||||||||||
Ratio of net investment loss to average net assets | (1.18 | %) | (1.07 | %) | (0.90 | %) | (0.86 | %) | (0.80 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (1.19 | %) | (1.08 | %) | (0.93 | %) | (0.88 | %) | (0.80 | %) | ||||||||||
Portfolio turnover | 27 | % | 33 | % | 22 | % | 38 | % | 26 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
352
Delaware Ivy Mid Cap Growth Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 41.89 | $ | 24.63 | $ | 27.76 | $ | 26.02 | $ | 22.35 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.18 | ) | (0.13 | ) | (0.04 | ) | (0.03 | ) | (0.01 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.07 | 21.09 | (1.59 | ) | 3.91 | 5.50 | ||||||||||||||
Total from investment operations | (0.11 | ) | 20.96 | (1.63 | ) | 3.88 | 5.49 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (5.05 | ) | (3.70 | ) | (1.50 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Total dividends and distributions | (5.05 | ) | (3.70 | ) | (1.50 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 36.73 | $ | 41.89 | $ | 24.63 | $ | 27.76 | $ | 26.02 | ||||||||||
Total return2 | (1.54 | %)3 | 86.00 | %3 | (6.77 | %)3 | 16.19 | %3 | 25.07 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 980,539 | $ | 736 | 4 | $ | 256 | 4 | $ | 282 | 4 | $ | 135 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.79 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.88 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.80 | % | 0.82 | % | 0.85 | % | 0.85 | % | 0.88 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.43 | %) | (0.33 | %) | (0.15 | %) | (0.11 | %) | (0.05 | %) | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.44 | %) | (0.36 | %) | (0.21 | %) | (0.16 | %) | (0.05 | %) | ||||||||||
Portfolio turnover | 27 | % | 33 | % | 22 | % | 38 | % | 26 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
353
Financial highlights
Delaware Ivy Mid Cap Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 39.57 | $ | 23.45 | $ | 26.53 | $ | 25.06 | $ | 21.66 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.31 | ) | (0.24 | ) | (0.15 | ) | (0.13 | ) | (0.10 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.09 | 20.02 | (1.50 | ) | 3.74 | 5.32 | ||||||||||||||
Total from investment operations | (0.22 | ) | 19.78 | (1.65 | ) | 3.61 | 5.22 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (4.92 | ) | (3.66 | ) | (1.43 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Total dividends and distributions | (4.92 | ) | (3.66 | ) | (1.43 | ) | (2.14 | ) | (1.82 | ) | ||||||||||
Net asset value, end of period | $ | 34.43 | $ | 39.57 | $ | 23.45 | $ | 26.53 | $ | 25.06 | ||||||||||
Total return2 | (1.89 | %)3 | 85.29 | %3 | (7.14 | %)3 | 15.72 | %3 | 24.61 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 284,480 | $ | 363 | 4 | $ | 215 | 4 | $ | 295 | 4 | $ | 259 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.13 | % | 1.16 | % | 1.20 | % | 1.21 | % | 1.27 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.19 | % | 1.21 | % | 1.24 | % | 1.23 | % | 1.27 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.77 | %) | (0.68 | %) | (0.55 | %) | (0.51 | %) | (0.44 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.83 | %) | (0.73 | %) | (0.59 | %) | (0.53 | %) | (0.44 | %) | ||||||||||
Portfolio turnover | 27 | % | 33 | % | 22 | % | 38 | % | 26 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
354
Delaware Ivy Mid Cap Income Opportunities Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.38 | $ | 10.98 | $ | 13.98 | $ | 13.76 | $ | 12.68 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.18 | 0.21 | 0.25 | 0.21 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.89 | 7.40 | (2.96 | ) | 0.51 | 1.08 | ||||||||||||||
Total from investment operations | 1.07 | 7.61 | (2.71 | ) | 0.72 | 1.26 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.18 | ) | (0.21 | ) | (0.24 | ) | (0.20 | ) | (0.18 | ) | ||||||||||
Net realized gain | (0.46 | ) | — | (0.05 | ) | (0.30 | ) | — | ||||||||||||
Total dividends and distributions | (0.64 | ) | (0.21 | ) | (0.29 | ) | (0.50 | ) | (0.18 | ) | ||||||||||
Net asset value, end of period | $ | 18.81 | $ | 18.38 | $ | 10.98 | $ | 13.98 | $ | 13.76 | ||||||||||
Total return2 | 5.71 | % | 69.70 | % | (19.84 | %) | 5.37 | % | 9.98 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 188,631 | $ | 178 | 3 | $ | 111 | 3 | $ | 135 | 3 | $ | 103 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.21 | % | 1.24 | % | 1.27 | % | 1.35 | % | 1.35 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.26 | % | 1.31 | % | 1.34 | % | 1.37 | % | 1.40 | % | ||||||||||
Ratio of net investment income to average net assets | 0.95 | % | 1.42 | % | 1.70 | % | 1.51 | % | 1.34 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.90 | % | 1.35 | % | 1.63 | % | 1.49 | % | 1.29 | % | ||||||||||
Portfolio turnover | 20 | % | 23 | % | 25 | % | 17 | % | 42 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
355
Financial highlights
Delaware Ivy Mid Cap Income Opportunities Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.30 | $ | 10.93 | $ | 13.92 | $ | 13.70 | $ | 12.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.04 | 0.10 | 0.14 | 0.11 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.87 | 7.37 | (2.95 | ) | 0.51 | 1.08 | ||||||||||||||
Total from investment operations | 0.91 | 7.47 | (2.81 | ) | 0.62 | 1.16 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.04 | ) | (0.10 | ) | (0.13 | ) | (0.10 | ) | (0.08 | ) | ||||||||||
Net realized gain | (0.46 | ) | — | (0.05 | ) | (0.30 | ) | — | ||||||||||||
Total dividends and distributions | (0.50 | ) | (0.10 | ) | (0.18 | ) | (0.40 | ) | (0.08 | ) | ||||||||||
Net asset value, end of period | $ | 18.71 | $ | 18.30 | $ | 10.93 | $ | 13.92 | $ | 13.70 | ||||||||||
Total return2 | 4.85 | % | 68.61 | % | (20.50 | %) | 4.58 | % | 9.30 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 27,245 | $ | 24 | 3 | $ | 15 | 3 | $ | 17 | 3 | $ | 11 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.96 | % | 2.00 | % | 2.02 | % | 2.07 | % | 2.07 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 2.01 | % | 2.07 | % | 2.09 | % | 2.12 | % | 2.17 | % | ||||||||||
Ratio of net investment income to average net assets | 0.21 | % | 0.66 | % | 0.95 | % | 0.79 | % | 0.63 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.16 | % | 0.59 | % | 0.88 | % | 0.74 | % | 0.53 | % | ||||||||||
Portfolio turnover | 20 | % | 23 | % | 25 | % | 17 | % | 42 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
356
Delaware Ivy Mid Cap Income Opportunities Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.42 | $ | 10.99 | $ | 14.00 | $ | 13.78 | $ | 12.70 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.26 | 0.27 | 0.31 | 0.25 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.88 | 7.43 | (2.97 | ) | 0.51 | 1.09 | ||||||||||||||
Total from investment operations | 1.14 | 7.70 | (2.66 | ) | 0.76 | 1.30 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.27 | ) | (0.30 | ) | (0.24 | ) | (0.22 | ) | ||||||||||
Net realized gain | (0.46 | ) | — | (0.05 | ) | (0.30 | ) | — | ||||||||||||
Total dividends and distributions | (0.72 | ) | (0.27 | ) | (0.35 | ) | (0.54 | ) | (0.22 | ) | ||||||||||
Net asset value, end of period | $ | 18.84 | $ | 18.42 | $ | 10.99 | $ | 14.00 | $ | 13.78 | ||||||||||
Total return2 | 6.05 | % | 70.58 | % | (19.53 | %) | 5.67 | % | 10.30 | % | ||||||||||
Ratios and supplemental data: | �� | |||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,399,865 | $ | 1,224 | 3 | $ | 401 | 3 | $ | 431 | 3 | $ | 166 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.83 | % | 0.83 | % | 0.83 | % | 1.05 | % | 1.05 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.07 | % | 1.06 | % | 1.08 | % | 1.09 | % | 1.12 | % | ||||||||||
Ratio of net investment income to average net assets | 1.34 | % | 1.78 | % | 2.13 | % | 1.81 | % | 1.62 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.10 | % | 1.55 | % | 1.88 | % | 1.77 | % | 1.55 | % | ||||||||||
Portfolio turnover | 20 | % | 23 | % | 25 | % | 17 | % | 42 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
357
Financial highlights
Delaware Ivy Mid Cap Income Opportunities Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.35 | $ | 10.96 | $ | 13.96 | $ | 13.74 | $ | 12.65 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.12 | 0.16 | 0.20 | 0.17 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.87 | 7.39 | (2.96 | ) | 0.51 | 1.09 | ||||||||||||||
Total from investment operations | 0.99 | 7.55 | (2.76 | ) | 0.68 | 1.22 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.16 | ) | (0.19 | ) | (0.16 | ) | (0.13 | ) | ||||||||||
Net realized gain | (0.46 | ) | — | (0.05 | ) | (0.30 | ) | — | ||||||||||||
Total dividends and distributions | (0.57 | ) | (0.16 | ) | (0.24 | ) | (0.46 | ) | (0.13 | ) | ||||||||||
Net asset value, end of period | $ | 18.77 | $ | 18.35 | $ | 10.96 | $ | 13.96 | $ | 13.74 | ||||||||||
Total return2 | 5.28 | %3 | 69.22 | %3 | (20.15 | %)3 | 5.05 | % | 9.66 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,205 | $ | 1 | 4 | $ | 3 | 4 | $ | 3 | 4 | $ | 3 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.58 | % | 1.58 | % | 1.59 | % | 1.67 | % | 1.68 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.63 | % | 1.64 | % | 1.66 | % | 1.67 | % | 1.68 | % | ||||||||||
Ratio of net investment income to average net assets | 0.60 | % | 1.16 | % | 1.38 | % | 1.19 | % | 1.00 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.55 | % | 1.10 | % | 1.31 | % | 1.19 | % | 1.00 | % | ||||||||||
Portfolio turnover | 20 | % | 23 | % | 25 | % | 17 | % | 42 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
358
Delaware Ivy Mid Cap Income Opportunities Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.42 | $ | 10.99 | $ | 14.01 | $ | 13.78 | $ | 12.70 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.26 | 0.27 | 0.32 | 0.27 | 0.23 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.88 | 7.43 | (2.98 | ) | 0.52 | 1.09 | ||||||||||||||
Total from investment operations | 1.14 | 7.70 | (2.66 | ) | 0.79 | 1.32 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.27 | ) | (0.31 | ) | (0.26 | ) | (0.24 | ) | ||||||||||
Net realized gain | (0.46 | ) | — | (0.05 | ) | (0.30 | ) | — | ||||||||||||
Total dividends and distributions | (0.72 | ) | (0.27 | ) | (0.36 | ) | (0.56 | ) | (0.24 | ) | ||||||||||
Net asset value, end of period | $ | 18.84 | $ | 18.42 | $ | 10.99 | $ | 14.01 | $ | 13.78 | ||||||||||
Total return2 | 6.05 | %3 | 70.58 | %3 | (19.57 | %)3 | 5.85 | % | 10.43 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 112,720 | $ | 103 | 4 | $ | 65 | 4 | $ | 60 | 4 | $ | 48 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.83 | % | 0.83 | % | 0.83 | % | 0.94 | % | 0.95 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.89 | % | 0.92 | % | 0.93 | % | 0.94 | % | 0.95 | % | ||||||||||
Ratio of net investment income to average net assets | 1.34 | % | 1.80 | % | 2.15 | % | 1.92 | % | 1.70 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.28 | % | 1.71 | % | 2.05 | % | 1.92 | % | 1.70 | % | ||||||||||
Portfolio turnover | 20 | % | 23 | % | 25 | % | 17 | % | 42 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
359
Financial highlights
Delaware Ivy Mid Cap Income Opportunities Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.39 | $ | 10.98 | $ | 13.98 | $ | 13.76 | $ | 12.68 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.18 | 0.21 | 0.25 | 0.22 | 0.18 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.88 | 7.41 | (2.96 | ) | 0.50 | 1.08 | ||||||||||||||
Total from investment operations | 1.06 | 7.62 | (2.71 | ) | 0.72 | 1.26 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.18 | ) | (0.21 | ) | (0.24 | ) | (0.20 | ) | (0.18 | ) | ||||||||||
Net realized gain | (0.46 | ) | — | (0.05 | ) | (0.30 | ) | — | ||||||||||||
Total dividends and distributions | (0.64 | ) | (0.21 | ) | (0.29 | ) | (0.50 | ) | (0.18 | ) | ||||||||||
Net asset value, end of period | $ | 18.81 | $ | 18.39 | $ | 10.98 | $ | 13.98 | $ | 13.76 | ||||||||||
Total return2 | 5.63 | %3 | 69.84 | %3 | (19.89 | %)3 | 5.45 | % | 9.99 | %3 | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 27,888 | $ | 38 | 4 | $ | 13 | 4 | $ | 14 | 4 | $ | 6 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.22 | % | 1.24 | % | 1.26 | % | 1.33 | % | 1.35 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.30 | % | 1.31 | % | 1.33 | % | 1.33 | % | 1.36 | % | ||||||||||
Ratio of net investment income to average net assets | 0.92 | % | 1.40 | % | 1.71 | % | 1.54 | % | 1.33 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.84 | % | 1.33 | % | 1.64 | % | 1.54 | % | 1.32 | % | ||||||||||
Portfolio turnover | 20 | % | 23 | % | 25 | % | 17 | % | 42 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
360
Delaware Ivy Municipal Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | $ | 11.82 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.30 | 0.26 | 0.34 | 0.40 | 0.42 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.88 | ) | 0.21 | (0.03 | ) | (0.03 | ) | (0.15 | ) | |||||||||||
Total from investment operations | (0.58 | ) | 0.47 | 0.31 | 0.37 | 0.27 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.25 | ) | (0.26 | ) | (0.33 | ) | (0.39 | ) | (0.37 | ) | ||||||||||
Net realized gain | (0.11 | ) | — | — | — | — | ||||||||||||||
Total dividends and distributions | (0.36 | ) | (0.26 | ) | (0.33 | ) | (0.39 | ) | (0.37 | ) | ||||||||||
Net asset value, end of period | $ | 10.95 | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | ||||||||||
Total return2 | (5.09 | %) | 4.07 | % | 2.68 | % | 3.28 | % | 2.28 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 375,510 | $ | 445 | 3 | $ | 453 | 3 | $ | 476 | 3 | $ | 523 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.83 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.87 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.87 | % | 0.90 | % | 0.91 | % | 0.90 | % | 0.92 | % | ||||||||||
Ratio of net investment income to average net assets | 2.50 | % | 2.21 | % | 2.87 | % | 3.38 | % | 3.52 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.46 | % | 2.14 | % | 2.80 | % | 3.32 | % | 3.47 | % | ||||||||||
Portfolio turnover | 60 | % | 22 | % | 18 | % | 7 | % | — | %5 |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Portfolio turnover is less than 0.50%. |
See accompanying notes, which are an integral part of the financial statements.
361
Financial highlights
Delaware Ivy Municipal Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | $ | 11.82 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.18 | 0.16 | 0.24 | 0.30 | 0.29 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.86 | ) | 0.21 | (0.03 | ) | (0.01 | ) | (0.13 | ) | |||||||||||
Total from investment operations | (0.68 | ) | 0.37 | 0.21 | 0.29 | 0.16 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.15 | ) | (0.16 | ) | (0.23 | ) | (0.31 | ) | (0.26 | ) | ||||||||||
Net realized gain | (0.11 | ) | — | — | — | — | ||||||||||||||
Total dividends and distributions | (0.26 | ) | (0.16 | ) | (0.23 | ) | (0.31 | ) | (0.26 | ) | ||||||||||
Net asset value, end of period | $ | 10.95 | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | ||||||||||
Total return2 | (5.87 | %) | 3.14 | % | 1.80 | % | 2.50 | % | 1.39 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 4,842 | $ | 8 | 3 | $ | 16 | 3 | $ | 19 | 3 | $ | 24 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.67 | % | 1.73 | % | 1.72 | % | 1.70 | % | 1.74 | % | ||||||||||
Ratio of net investment income to average net assets | 1.56 | % | 1.36 | % | 2.00 | % | 2.53 | % | 2.46 | % | ||||||||||
Portfolio turnover | 60 | % | 22 | % | 18 | % | 7 | % | — | %5 |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Portfolio turnover is less than 0.50%. |
See accompanying notes, which are an integral part of the financial statements.
362
Delaware Ivy Municipal Bond Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | $ | 11.82 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.31 | 0.28 | 0.36 | 0.42 | 0.43 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.88 | ) | 0.21 | (0.03 | ) | (0.02 | ) | (0.15 | ) | |||||||||||
Total from investment operations | (0.57 | ) | 0.49 | 0.33 | 0.40 | 0.28 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.28 | ) | (0.35 | ) | (0.42 | ) | (0.38 | ) | ||||||||||
Net realized gain | (0.11 | ) | — | — | — | — | ||||||||||||||
Total dividends and distributions | (0.37 | ) | (0.28 | ) | (0.35 | ) | (0.42 | ) | (0.38 | ) | ||||||||||
Net asset value, end of period | $ | 10.95 | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | ||||||||||
Total return2 | (4.96 | %)3 | 4.21 | %3 | 2.83 | %3 | 3.53 | %3 | 2.36 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 238,886 | $ | 302 | 4 | $ | 293 | 4 | $ | 315 | 4 | $ | 326 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.75 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.72 | % | 0.74 | % | 0.74 | % | 0.73 | % | 0.75 | % | ||||||||||
Ratio of net investment income to average net assets | 2.59 | % | 2.33 | % | 3.01 | % | 3.52 | % | 3.58 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 2.57 | % | 2.29 | % | 2.97 | % | 3.49 | % | 3.58 | % | ||||||||||
Portfolio turnover | 60 | % | 22 | % | 18 | % | 7 | % | — | %6 |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
6 | Portfolio turnover is less than 0.50%. |
See accompanying notes, which are an integral part of the financial statements.
363
Financial highlights
Delaware Ivy Municipal Bond Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
7/5/17 | ||||||||||||||||||||
Year ended | to | |||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/181 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | $ | 11.90 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.32 | 0.29 | 0.36 | 0.43 | 0.33 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.87 | ) | 0.21 | (0.02 | ) | (0.02 | ) | (0.21 | ) | |||||||||||
Total from investment operations | (0.55 | ) | 0.50 | 0.34 | 0.41 | 0.12 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.28 | ) | (0.29 | ) | (0.36 | ) | (0.43 | ) | (0.30 | ) | ||||||||||
Net realized gain | (0.11 | ) | — | — | — | — | ||||||||||||||
Total dividends and distributions | (0.39 | ) | (0.29 | ) | (0.36 | ) | (0.43 | ) | (0.30 | ) | ||||||||||
Net asset value, end of period | $ | 10.95 | $ | 11.89 | $ | 11.68 | $ | 11.70 | $ | 11.72 | ||||||||||
Total return3 | (4.84 | %) | 4.32 | % | 2.94 | % | 3.62 | % | 1.09 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,124 | $ | 1 | 4 | $ | 1 | 4 | $ | 1 | 4 | $ | 1 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.58 | % | 0.60 | % | 0.60 | % | 0.59 | % | 0.60 | % | ||||||||||
Ratio of net investment income to average net assets | 2.75 | % | 2.43 | % | 3.09 | % | 3.62 | % | 3.74 | % | ||||||||||
Portfolio turnover | 60 | % | 22 | % | 18 | % | 7 | % | — | %6 |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
6 | Portfolio turnover is less than 0.50%. |
See accompanying notes, which are an integral part of the financial statements.
364
Delaware Ivy Municipal High Income Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | $ | 5.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.21 | 0.17 | 0.19 | 0.22 | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.28 | ) | 0.17 | (0.15 | ) | (0.03 | ) | — | ||||||||||||
Total from investment operations | (0.07 | ) | 0.34 | 0.04 | 0.19 | 0.16 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.16 | ) | (0.17 | ) | (0.19 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Total dividends and distributions | (0.16 | ) | (0.17 | ) | (0.19 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Net asset value, end of period | $ | 4.81 | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | ||||||||||
Total return2 | (1.44 | %) | 7.13 | % | 0.72 | % | 3.76 | % | 3.35 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 556,920 | $ | 6,367 | 3 | $ | 610 | 3 | $ | 665 | 3 | $ | 732 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.89 | % | 0.89 | % | 0.88 | % | 0.87 | % | 0.88 | % | ||||||||||
Ratio of net investment income to average net assets | 4.14 | % | 3.47 | % | 3.76 | % | 4.32 | % | 3.17 | % | ||||||||||
Portfolio turnover | 42 | % | 7 | % | 18 | % | 10 | % | 3 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
365
Financial highlights
Delaware Ivy Municipal High Income Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | $ | 5.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.17 | 0.14 | 0.15 | 0.18 | 0.19 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.27 | ) | 0.17 | (0.15 | ) | (0.03 | ) | (0.06 | ) | |||||||||||
Total from investment operations | (0.10 | ) | 0.31 | — | 0.15 | 0.13 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.13 | ) | (0.14 | ) | (0.15 | ) | (0.18 | ) | (0.17 | ) | ||||||||||
Total dividends and distributions | (0.13 | ) | (0.14 | ) | (0.15 | ) | (0.18 | ) | (0.17 | ) | ||||||||||
Net asset value, end of period | $ | 4.81 | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | ||||||||||
Total return2 | (2.12 | %) | 6.39 | % | 0.01 | % | 3.06 | % | 2.61 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 18,899 | $ | 30 | 3 | $ | 79 | 3 | $ | 106 | 3 | $ | 143 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.58 | % | 1.58 | % | 1.58 | % | 1.58 | % | 1.58 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.71 | % | 1.68 | % | 1.65 | % | 1.63 | % | 1.64 | % | ||||||||||
Ratio of net investment income to average net assets | 3.32 | % | 2.85 | % | 3.06 | % | 3.63 | % | 3.67 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 3.19 | % | 2.75 | % | 2.99 | % | 3.58 | % | 3.61 | % | ||||||||||
Portfolio turnover | 42 | % | 7 | % | 18 | % | 10 | % | 3 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
366
Delaware Ivy Municipal High Income Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | $ | 5.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.23 | 0.19 | 0.20 | 0.23 | 0.23 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.28 | ) | 0.17 | (0.15 | ) | (0.03 | ) | (0.06 | ) | |||||||||||
Total from investment operations | (0.05 | ) | 0.36 | 0.05 | 0.20 | 0.17 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.18 | ) | (0.19 | ) | (0.20 | ) | (0.23 | ) | (0.21 | ) | ||||||||||
Total dividends and distributions | (0.18 | ) | (0.19 | ) | (0.20 | ) | (0.23 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 4.81 | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | ||||||||||
Total return2 | (1.16 | %) | 7.42 | % | 0.99 | % | 4.04 | % | 3.56 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 278,654 | $ | 313 | 3 | $ | 355 | 3 | $ | 413 | 3 | $ | 520 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.61 | % | 0.61 | % | 0.61 | % | 0.64 | % | 0.68 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.75 | % | 0.74 | % | 0.72 | % | 0.71 | % | 0.72 | % | ||||||||||
Ratio of net investment income to average net assets | 4.42 | % | 3.76 | % | 4.02 | % | 4.57 | % | 4.49 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 4.28 | % | 3.63 | % | 3.91 | % | 4.50 | % | 4.45 | % | ||||||||||
Portfolio turnover | 42 | % | 7 | % | 18 | % | 10 | % | 3 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
367
Financial highlights
Delaware Ivy Municipal High Income Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
7/5/17 | ||||||||||||||||||||
Year ended | to | |||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/181 | ||||||||||||||||
Net asset value, beginning of period | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | $ | 5.11 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | 0.23 | 0.19 | 0.20 | 0.23 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.28 | ) | 0.17 | (0.14 | ) | (0.03 | ) | (0.07 | ) | |||||||||||
Total from investment operations | (0.05 | ) | 0.36 | 0.06 | 0.20 | 0.10 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.18 | ) | (0.19 | ) | (0.21 | ) | (0.23 | ) | (0.16 | ) | ||||||||||
Total dividends and distributions | (0.18 | ) | (0.19 | ) | (0.21 | ) | (0.23 | ) | (0.16 | ) | ||||||||||
Net asset value, end of period | $ | 4.81 | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | ||||||||||
Total return3 | (1.15 | %) | 7.43 | % | 1.03 | % | 4.13 | % | 2.07 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,095 | $ | 1 | 4 | $ | 1 | 4 | $ | 1 | 4 | $ | — | 4,5 | ||||||
Ratio of expenses to average net assets6 | 0.60 | % | 0.60 | % | 0.58 | % | 0.57 | % | 0.58 | % | ||||||||||
Ratio of net investment income to average net assets | 4.46 | % | 3.77 | % | 4.03 | % | 4.56 | % | 4.55 | % | ||||||||||
Portfolio turnover | 42 | % | 7 | % | 18 | % | 10 | % | 3 | % |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. | |
2 | Calculated using average shares outstanding. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
4 | Net assets reported in millions. | |
5 | Rounded less than $500 thousands. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
368
Delaware Ivy Municipal High Income Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | $ | 5.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.21 | 0.17 | 0.19 | 0.22 | 0.23 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.28 | ) | 0.17 | (0.15 | ) | (0.03 | ) | (0.07 | ) | |||||||||||
Total from investment operations | (0.07 | ) | 0.34 | 0.04 | 0.19 | 0.16 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.16 | ) | (0.17 | ) | (0.19 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Total dividends and distributions | (0.16 | ) | (0.17 | ) | (0.19 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Net asset value, end of period | $ | 4.81 | $ | 5.04 | $ | 4.87 | $ | 5.02 | $ | 5.05 | ||||||||||
Total return2 | (1.44 | %) | 7.12 | % | 0.72 | % | 3.79 | % | 3.35 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 3,955 | $ | 4 | 3 | $ | 6 | 3 | $ | 7 | 3 | $ | 10 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.89 | % | 0.89 | % | 0.88 | % | 0.87 | % | 0.88 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.00 | % | 0.99 | % | 0.98 | % | 0.96 | % | 0.98 | % | ||||||||||
Ratio of net investment income to average net assets | 4.14 | % | 3.49 | % | 3.75 | % | 4.36 | % | 4.44 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 4.03 | % | 3.39 | % | 3.65 | % | 4.27 | % | 4.34 | % | ||||||||||
Portfolio turnover | 42 | % | 7 | % | 18 | % | 10 | % | 3 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
369
Financial highlights
Delaware Ivy Securian Core Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | $ | 10.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.18 | 0.20 | 0.27 | 0.32 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.59 | ) | 0.57 | (0.07 | ) | 0.09 | (0.04 | ) | ||||||||||||
Total from investment operations | (0.41 | ) | 0.77 | 0.20 | 0.41 | 0.24 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.22 | ) | (0.28 | ) | (0.32 | ) | (0.29 | ) | ||||||||||
Net realized gain | (0.03 | ) | (0.25 | ) | (0.09 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.23 | ) | (0.47 | ) | (0.37 | ) | (0.32 | ) | (0.29 | ) | ||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | ||||||||||
Total return2 | (3.95 | %) | 7.32 | % | 1.79 | % | 3.96 | % | 2.26 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 177,936 | $ | 219 | 3 | $ | 199 | 3 | $ | 177 | 3 | $ | 200 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.86 | % | 0.87 | % | 1.00 | % | 1.02 | % | 1.04 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.98 | % | 0.97 | % | 1.02 | % | 1.05 | % | 1.07 | % | ||||||||||
Ratio of net investment income to average net assets | 1.65 | % | 1.77 | % | 2.48 | % | 2.95 | % | 2.60 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.53 | % | 1.67 | % | 2.46 | % | 2.92 | % | 2.57 | % | ||||||||||
Portfolio turnover | 86 | % | 98 | % | 118 | % | 91 | % | 163 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
370
Delaware Ivy Securian Core Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | $ | 10.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.09 | 0.11 | 0.19 | 0.25 | 0.20 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.59 | ) | 0.58 | (0.07 | ) | 0.09 | (0.04 | ) | ||||||||||||
Total from investment operations | (0.50 | ) | 0.69 | 0.12 | 0.34 | 0.16 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.14 | ) | (0.20 | ) | (0.25 | ) | (0.21 | ) | ||||||||||
Net realized gain | (0.03 | ) | (0.25 | ) | (0.09 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.14 | ) | (0.39 | ) | (0.29 | ) | (0.25 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | ||||||||||
�� | ||||||||||||||||||||
Total return2 | (4.71 | %) | 6.50 | % | 1.02 | % | 3.25 | % | 1.51 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 6,362 | $ | 11 | 3 | $ | 14 | 3 | $ | 13 | 3 | $ | 16 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.66 | % | 1.64 | % | 1.75 | % | 1.71 | % | 1.77 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.76 | % | 1.74 | % | 1.77 | % | 1.74 | % | 1.80 | % | ||||||||||
Ratio of net investment income to average net assets | 0.85 | % | 1.01 | % | 1.73 | % | 2.26 | % | 1.87 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.75 | % | 0.91 | % | 1.71 | % | 2.23 | % | 1.84 | % | ||||||||||
Portfolio turnover | 86 | % | 98 | % | 118 | % | 91 | % | 163 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
371
Financial highlights
Delaware Ivy Securian Core Bond Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | $ | 10.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.17 | 0.19 | 0.27 | 0.32 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.59 | ) | 0.57 | (0.07 | ) | 0.09 | (0.04 | ) | ||||||||||||
Total from investment operations | (0.42 | ) | 0.76 | 0.20 | 0.41 | 0.24 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.19 | ) | (0.21 | ) | (0.28 | ) | (0.32 | ) | (0.29 | ) | ||||||||||
Net realized gain | (0.03 | ) | (0.25 | ) | (0.09 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.22 | ) | (0.46 | ) | (0.37 | ) | (0.32 | ) | (0.29 | ) | ||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | ||||||||||
Total return2 | (4.03 | %) | 7.24 | % | 1.79 | % | 3.96 | % | 2.27 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 4,181 | $ | 5 | 3 | $ | 4 | 3 | $ | 3 | 3 | $ | 4 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.95 | % | 0.95 | % | 0.99 | % | 1.02 | % | 1.03 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.27 | % | 1.14 | % | 1.22 | % | 1.27 | % | 1.24 | % | ||||||||||
Ratio of net investment income to average net assets | 1.56 | % | 1.70 | % | 2.48 | % | 2.95 | % | 2.61 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.24 | % | 1.51 | % | 2.25 | % | 2.70 | % | 2.40 | % | ||||||||||
Portfolio turnover | 86 | % | 98 | % | 118 | % | 91 | % | 163 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
372
Delaware Ivy Securian Core Bond Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | $ | 10.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.22 | 0.24 | 0.32 | 0.37 | 0.33 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.59 | ) | 0.58 | (0.07 | ) | 0.09 | (0.04 | ) | ||||||||||||
Total from investment operations | (0.37 | ) | 0.82 | 0.25 | 0.46 | 0.29 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.24 | ) | (0.27 | ) | (0.33 | ) | (0.37 | ) | (0.34 | ) | ||||||||||
Net realized gain | (0.03 | ) | (0.25 | ) | (0.09 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.27 | ) | (0.52 | ) | (0.42 | ) | (0.37 | ) | (0.34 | ) | ||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | ||||||||||
Total return2 | (3.55 | %) | 7.77 | % | 2.25 | % | 4.46 | % | 2.77 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 493,000 | $ | 772 | 3 | $ | 742 | 3 | $ | 586 | 3 | $ | 525 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.45 | % | 0.45 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.71 | % | 0.72 | % | 0.73 | % | 0.74 | % | 0.74 | % | ||||||||||
Ratio of net investment income to average net assets | 2.06 | % | 2.20 | % | 2.93 | % | 3.43 | % | 3.10 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.80 | % | 1.93 | % | 2.74 | % | 3.23 | % | 2.90 | % | ||||||||||
Portfolio turnover | 86 | % | 98 | % | 118 | % | 91 | % | 163 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
373
Financial highlights
Delaware Ivy Securian Core Bond Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | $ | 10.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.14 | 0.16 | 0.24 | 0.29 | 0.25 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.59 | ) | 0.57 | (0.07 | ) | 0.09 | (0.03 | ) | ||||||||||||
Total from investment operations | (0.45 | ) | 0.73 | 0.17 | 0.38 | 0.22 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.16 | ) | (0.18 | ) | (0.25 | ) | (0.29 | ) | (0.27 | ) | ||||||||||
Net realized gain | (0.03 | ) | (0.25 | ) | (0.09 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.19 | ) | (0.43 | ) | (0.34 | ) | (0.29 | ) | (0.27 | ) | ||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | ||||||||||
Total return2 | (4.28 | %) | 6.97 | % | 1.48 | % | 3.67 | % | 2.04 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 863 | $ | 1 | 3 | $ | 1 | 3 | $ | 1 | 3 | $ | 2 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.21 | % | 1.20 | % | 1.30 | % | 1.30 | % | 1.29 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.34 | % | 1.30 | % | 1.32 | % | 1.33 | % | 1.32 | % | ||||||||||
Ratio of net investment income to average net assets | 1.30 | % | 1.46 | % | 2.18 | % | 2.67 | % | 2.31 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.17 | % | 1.36 | % | 2.16 | % | 2.64 | % | 2.28 | % | ||||||||||
Portfolio turnover | 86 | % | 98 | % | 118 | % | 91 | % | 163 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
374
Delaware Ivy Securian Core Bond Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | $ | 10.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.22 | 0.24 | 0.32 | 0.37 | 0.33 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.59 | ) | 0.58 | (0.07 | ) | 0.09 | (0.04 | ) | ||||||||||||
Total from investment operations | (0.37 | ) | 0.82 | 0.25 | 0.46 | 0.29 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.24 | ) | (0.27 | ) | (0.33 | ) | (0.37 | ) | (0.34 | ) | ||||||||||
Net realized gain | (0.03 | ) | (0.25 | ) | (0.09 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.27 | ) | (0.52 | ) | (0.42 | ) | (0.37 | ) | (0.34 | ) | ||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | ||||||||||
Total return2 | (3.55 | %) | 7.77 | % | 2.25 | % | 4.46 | % | 2.77 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 147,696 | $ | 184 | 3 | $ | 133 | 3 | $ | 110 | 3 | $ | 195 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.45 | % | 0.45 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.58 | % | 0.57 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||
Ratio of net investment income to average net assets | 2.06 | % | 2.20 | % | 2.94 | % | 3.41 | % | 3.10 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.93 | % | 2.08 | % | 2.90 | % | 3.37 | % | 3.06 | % | ||||||||||
Portfolio turnover | 86 | % | 98 | % | 118 | % | 91 | % | 163 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
375
Financial highlights
Delaware Ivy Securian Core Bond Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | $ | 10.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.18 | 0.20 | 0.27 | 0.33 | 0.29 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.59 | ) | 0.57 | (0.07 | ) | 0.09 | (0.04 | ) | ||||||||||||
Total from investment operations | (0.41 | ) | 0.77 | 0.20 | 0.42 | 0.25 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.22 | ) | (0.28 | ) | (0.33 | ) | (0.30 | ) | ||||||||||
Net realized gain | (0.03 | ) | (0.25 | ) | (0.09 | ) | — | — | ||||||||||||
Total dividends and distributions | (0.23 | ) | (0.47 | ) | (0.37 | ) | — | — | ||||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | $ | 10.57 | ||||||||||
Total return2 | (3.94 | %) | 7.33 | % | 1.82 | % | 4.04 | % | 2.35 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 6,186 | $ | 7 | 3 | $ | 10 | 3 | $ | 5 | 3 | $ | 5 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.86 | % | 0.87 | % | 0.96 | % | 0.95 | % | 0.95 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 0.99 | % | 0.97 | % | 0.98 | % | 0.98 | % | �� | 0.98 | % | |||||||||
Ratio of net investment income to average net assets | 1.65 | % | 1.78 | % | 2.48 | % | 3.03 | % | 2.69 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.52 | % | 1.68 | % | 2.46 | % | 3.00 | % | 2.66 | % | ||||||||||
Portfolio turnover | 86 | % | 98 | % | 118 | % | 91 | % | 163 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
376
Delaware Ivy Small Cap Growth Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 22.28 | $ | 13.27 | $ | 17.19 | $ | 18.63 | $ | 17.23 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.16 | ) | (0.18 | ) | (0.15 | ) | (0.15 | ) | (0.15 | ) | ||||||||||
Net realized and unrealized gain (loss) | (1.56 | ) | 11.15 | (2.59 | ) | 1.44 | 3.56 | |||||||||||||
Total from investment operations | (1.72 | ) | 10.97 | (2.74 | ) | 1.29 | 3.41 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.19 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (5.90 | ) | (1.96 | ) | (1.18 | ) | (2.73 | ) | (2.01 | ) | ||||||||||
Total dividends and distributions | (6.09 | ) | (1.96 | ) | (1.18 | ) | (2.73 | ) | (2.01 | ) | ||||||||||
Net asset value, end of period | $ | 14.47 | $ | 22.28 | $ | 13.27 | $ | 17.19 | $ | 18.63 | ||||||||||
Total return2 | (8.23 | %) | 84.34 | % | (17.35 | %) | 7.76 | % | 20.69 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 1,030,905 | $ | 1,318 | 3 | $ | 788 | 3 | $ | 1,099 | 3 | $ | 1,026 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.24 | % | 1.26 | % | 1.31 | % | 1.32 | % | 1.35 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.81 | %) | (0.93 | %) | (0.87 | %) | (0.84 | %) | (0.80 | %) | ||||||||||
Portfolio turnover | 40 | % | 57 | % | 40 | % | 42 | % | 43 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
377
Financial highlights
Delaware Ivy Small Cap Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 15.96 | $ | 9.92 | $ | 13.23 | $ | 14.97 | $ | 14.28 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.22 | ) | (0.24 | ) | (0.21 | ) | (0.23 | ) | (0.24 | ) | ||||||||||
Net realized and unrealized gain (loss) | (1.07 | ) | 8.24 | (1.92 | ) | 1.14 | 2.92 | |||||||||||||
Total from investment operations | (1.29 | ) | 8.00 | (2.13 | ) | 0.91 | 2.68 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (5.90 | ) | (1.96 | ) | (1.18 | ) | (2.65 | ) | (1.99 | ) | ||||||||||
Total dividends and distributions | (6.01 | ) | (1.96 | ) | (1.18 | ) | (2.65 | ) | (1.99 | ) | ||||||||||
Net asset value, end of period | $ | 8.66 | $ | 15.96 | $ | 9.92 | $ | 13.23 | $ | 14.97 | ||||||||||
Total return2 | (8.89 | %)3 | 82.81 | % | (17.94 | %)3 | 6.99 | % | 19.82 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 36,063 | $ | 57 | 4 | $ | 51 | 4 | $ | 88 | 4 | $ | 99 | 4 | ||||||
Ratio of expenses to average net assets5 | 2.04 | % | 2.04 | % | 2.05 | % | 2.05 | % | 2.06 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 2.11 | % | 2.04 | % | 2.09 | % | 2.06 | % | 2.06 | % | ||||||||||
Ratio of net investment loss to average net assets | (1.62 | %) | (1.69 | %) | (1.62 | %) | (1.56 | %) | (1.57 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (1.69 | %) | (1.69 | %) | (1.66 | %) | (1.57 | %) | (1.57 | %) | ||||||||||
Portfolio turnover | 40 | % | 57 | % | 40 | % | 42 | % | 43 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
378
Delaware Ivy Small Cap Growth Fund Class E
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 21.98 | $ | 13.11 | $ | 17.00 | $ | 18.46 | $ | 17.09 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.17 | ) | (0.18 | ) | (0.15 | ) | (0.16 | ) | (0.15 | ) | ||||||||||
Net realized and unrealized gain (loss) | (1.52 | ) | 11.01 | (2.56 | ) | 1.43 | 3.53 | |||||||||||||
Total from investment operations | (1.69 | ) | 10.83 | (2.71 | ) | 1.27 | 3.38 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.19 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (5.90 | ) | (1.96 | ) | (1.18 | ) | (2.73 | ) | (2.01 | ) | ||||||||||
Total dividends and distributions | (6.09 | ) | (1.96 | ) | (1.18 | ) | (2.73 | ) | (2.01 | ) | ||||||||||
Net asset value, end of period | $ | 14.20 | $ | 21.98 | $ | 13.11 | $ | 17.00 | $ | 18.46 | ||||||||||
Total return2 | (8.22 | %) | 84.29 | % | (17.37 | %) | 7.71 | % | 20.68 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 13,283 | $ | 15 | 3 | $ | 8 | 3 | $ | 10 | 3 | $ | 10 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.29 | % | 1.30 | % | 1.35 | % | 1.35 | % | 1.37 | %5 | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.55 | % | 1.43 | % | 1.53 | % | 1.53 | % | 1.61 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.86 | %) | (0.97 | %) | (0.91 | %) | (0.87 | %) | (0.83 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (1.12 | %) | (1.10 | %) | (1.09 | %) | (1.05 | %) | (1.07 | %) | ||||||||||
Portfolio turnover | 40 | % | 57 | % | 40 | % | 42 | % | 43 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 1.36%. |
See accompanying notes, which are an integral part of the financial statements.
379
Financial highlights
Delaware Ivy Small Cap Growth Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 32.06 | $ | 18.51 | $ | 23.43 | $ | 24.36 | $ | 21.96 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.14 | ) | (0.15 | ) | (0.11 | ) | (0.11 | ) | (0.12 | ) | ||||||||||
Net realized and unrealized gain (loss) | (2.28 | ) | 15.66 | (3.63 | ) | 1.93 | 4.58 | |||||||||||||
Total from investment operations | (2.42 | ) | 15.51 | (3.74 | ) | 1.82 | 4.46 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (5.90 | ) | (1.96 | ) | (1.18 | ) | (2.75 | ) | (2.06 | ) | ||||||||||
Total dividends and distributions | (6.16 | ) | (1.96 | ) | (1.18 | ) | (2.75 | ) | (2.06 | ) | ||||||||||
Net asset value, end of period | $ | 23.48 | $ | 32.06 | $ | 18.51 | $ | 23.43 | $ | 24.36 | ||||||||||
Total return2 | (7.88 | %)3 | 85.00 | %3 | (16.99 | %)3 | 8.14 | %3 | 21.04 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 904,112 | $ | 1,216 | 4 | $ | 778 | 4 | $ | 1,034 | 4 | $ | 717 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.89 | % | 0.89 | % | 0.89 | % | 0.94 | % | 1.07 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.02 | % | 1.03 | % | 1.04 | % | 1.04 | % | 1.07 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.46 | %) | (0.55 | %) | (0.46 | %) | (0.47 | %) | (0.53 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.59 | %) | (0.69 | %) | (0.61 | %) | (0.57 | %) | (0.53 | %) | ||||||||||
Portfolio turnover | 40 | % | 57 | % | 40 | % | 42 | % | 43 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
380
Delaware Ivy Small Cap Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 21.50 | $ | 12.89 | $ | 16.78 | $ | 18.27 | $ | 16.97 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.23 | ) | (0.24 | ) | (0.20 | ) | (0.20 | ) | (0.20 | ) | ||||||||||
Net realized and unrealized gain (loss) | (1.49 | ) | 10.81 | (2.51 | ) | 1.41 | 3.49 | |||||||||||||
Total from investment operations | (1.72 | ) | 10.57 | (2.71 | ) | 1.21 | 3.29 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.13 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (5.90 | ) | (1.96 | ) | (1.18 | ) | (2.70 | ) | (1.99 | ) | ||||||||||
Total dividends and distributions | (6.03 | ) | (1.96 | ) | (1.18 | ) | (2.70 | ) | (1.99 | ) | ||||||||||
Net asset value, end of period | $ | 13.75 | $ | 21.50 | $ | 12.89 | $ | 16.78 | $ | 18.27 | ||||||||||
Total return2 | (8.57 | %) | 83.70 | % | (17.60 | %) | 7.42 | % | 20.29 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 56,050 | $ | 70 | 3 | $ | 43 | 3 | $ | 66 | 3 | $ | 57 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.61 | % | 1.62 | % | 1.63 | % | 1.62 | % | 1.66 | % | ||||||||||
Ratio of net investment loss to average net assets | (1.19 | %) | (1.29 | %) | (1.19 | %) | (1.14 | %) | (1.11 | %) | ||||||||||
Portfolio turnover | 40 | % | 57 | % | 40 | % | 42 | % | 43 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
381
Financial highlights
Delaware Ivy Small Cap Growth Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 32.30 | $ | 18.63 | $ | 23.58 | $ | 24.49 | $ | 22.06 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.13 | ) | (0.15 | ) | (0.10 | ) | (0.10 | ) | (0.09 | ) | ||||||||||
Net realized and unrealized gain (loss) | (2.30 | ) | 15.78 | (3.67 | ) | 1.96 | 4.60 | |||||||||||||
Total from investment operations | (2.43 | ) | 15.63 | (3.77 | ) | 1.86 | 4.51 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.27 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (5.90 | ) | (1.96 | ) | (1.18 | ) | (2.77 | ) | (2.08 | ) | ||||||||||
Total dividends and distributions | (6.17 | ) | (1.96 | ) | (1.18 | ) | (2.77 | ) | (2.08 | ) | ||||||||||
Net asset value, end of period | $ | 23.70 | $ | 32.30 | $ | 18.63 | $ | 23.58 | $ | 24.49 | ||||||||||
Total return2 | (7.88 | %) | 85.10 | % | (17.01 | %) | 8.19 | % | 21.25 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 209,855 | $ | 252 | 3 | $ | 161 | 3 | $ | 155 | 3 | $ | 110 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.87 | % | 0.87 | % | 0.89 | % | 0.89 | % | 0.91 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.44 | %) | (0.54 | %) | (0.44 | %) | (0.42 | %) | (0.38 | %) | ||||||||||
Portfolio turnover | 40 | % | 57 | % | 40 | % | 42 | % | 43 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
382
Delaware Ivy Small Cap Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 29.47 | $ | 17.17 | $ | 21.90 | $ | 23.00 | $ | 20.85 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.22 | ) | (0.23 | ) | (0.18 | ) | (0.18 | ) | (0.17 | ) | ||||||||||
Net realized and unrealized gain (loss) | (2.08 | ) | 14.49 | (3.37 | ) | 1.82 | 4.34 | |||||||||||||
Total from investment operations | (2.30 | ) | 14.26 | (3.55 | ) | 1.64 | 4.17 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.17 | ) | — | — | — | — | ||||||||||||||
Net realized gain | (5.90 | ) | (1.96 | ) | (1.18 | ) | (2.74 | ) | (2.02 | ) | ||||||||||
Total dividends and distributions | (6.07 | ) | (1.96 | ) | (1.18 | ) | (2.74 | ) | (2.02 | ) | ||||||||||
Net asset value, end of period | $ | 21.10 | $ | 29.47 | $ | 17.17 | $ | 21.90 | $ | 23.00 | ||||||||||
Total return2 | (8.19 | %)3 | 84.34 | % | (17.36 | %) | 7.83 | % | 20.75 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 99,698 | $ | 135 | 4 | $ | 91 | 4 | $ | 141 | 4 | $ | 141 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.23 | % | 1.26 | % | 1.28 | % | 1.27 | % | 1.31 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.26 | % | 1.26 | % | 1.28 | % | 1.27 | % | 1.31 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.81 | %) | (0.93 | %) | (0.84 | %) | (0.79 | %) | (0.77 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.84 | %) | (0.93 | %) | (0.84 | %) | (0.79 | %) | (0.77 | %) | ||||||||||
Portfolio turnover | 40 | % | 57 | % | 40 | % | 42 | % | 43 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
383
Financial highlights
Delaware Ivy Smid Cap Core Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 22.43 | $ | 12.88 | $ | 16.87 | $ | 18.29 | $ | 17.66 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.04 | ) | (0.06 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | ||||||||||
Net realized and unrealized gain (loss) | (0.18 | ) | 9.61 | (3.83 | ) | 1.04 | 1.09 | |||||||||||||
Total from investment operations | (0.22 | ) | 9.55 | (3.87 | ) | 0.95 | 1.05 | |||||||||||||
Less dividends and distributions from: | �� | |||||||||||||||||||
Net realized gain | (3.78 | ) | — | (0.12 | ) | (2.37 | ) | (0.42 | ) | |||||||||||
Total dividends and distributions | (3.78 | ) | — | (0.12 | ) | (2.37 | ) | (0.42 | ) | |||||||||||
Net asset value, end of period | $ | 18.43 | $ | 22.43 | $ | 12.88 | $ | 16.87 | $ | 18.29 | ||||||||||
Total return2 | (1.21 | %)3 | 74.15 | %3 | (23.13 | %)3 | 6.30 | %3 | 5.97 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 151,380 | $ | 176 | 4 | $ | 114 | 4 | $ | 174 | 4 | $ | 186 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.33 | % | 1.37 | % | 1.38 | % | 1.40 | % | 1.46 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.36 | % | 1.41 | % | 1.41 | % | 1.42 | % | 1.46 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.19 | %) | (0.37 | %) | (0.24 | %) | (0.48 | %) | (0.24 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.22 | %) | (0.41 | %) | (0.27 | %) | (0.50 | %) | (0.24 | %) | ||||||||||
Portfolio turnover | 122 | % | 127 | % | 138 | % | 119 | % | 119 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
384
Delaware Ivy Smid Cap Core Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.75 | $ | 10.85 | $ | 14.32 | $ | 15.81 | $ | 15.39 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.17 | ) | (0.15 | ) | (0.14 | ) | (0.19 | ) | (0.16 | ) | ||||||||||
Net realized and unrealized gain (loss) | (0.14 | ) | 8.05 | (3.21 | ) | 0.89 | 0.97 | |||||||||||||
Total from investment operations | (0.31 | ) | 7.90 | (3.35 | ) | 0.70 | 0.81 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.60 | ) | — | (0.12 | ) | (2.19 | ) | (0.39 | ) | |||||||||||
Total dividends and distributions | (3.60 | ) | — | (0.12 | ) | (2.19 | ) | (0.39 | ) | |||||||||||
Net asset value, end of period | $ | 14.84 | $ | 18.75 | $ | 10.85 | $ | 14.32 | $ | 15.81 | ||||||||||
Total return2 | (1.93 | %)3 | 72.81 | %3 | (23.62 | %)3 | 5.59 | %3 | 5.21 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 17,505 | $ | 22 | 4 | $ | 20 | 4 | $ | 35 | 4 | $ | 33 | 4 | ||||||
Ratio of expenses to average net assets5 | 2.07 | % | 2.09 | % | 2.10 | % | 2.07 | % | 2.14 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 2.10 | % | 2.12 | % | 2.12 | % | 2.09 | % | 2.14 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.94 | %) | (1.07 | %) | (0.96 | %) | (1.15 | %) | (0.97 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.97 | %) | (1.10 | %) | (0.98 | %) | (1.17 | %) | (0.97 | %) | ||||||||||
Portfolio turnover | 122 | % | 127 | % | 138 | % | 119 | % | 119 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
385
Financial highlights
Delaware Ivy Smid Cap Core Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.68 | $ | 14.10 | $ | 18.40 | $ | 19.79 | $ | 19.03 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.06 | 0.02 | 0.05 | (0.01 | ) | — | 2 | |||||||||||||
Net realized and unrealized gain (loss) | (0.21 | ) | 10.56 | (4.19 | ) | 1.13 | 1.20 | |||||||||||||
Total from investment operations | (0.15 | ) | 10.58 | (4.14 | ) | 1.12 | 1.20 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | — | (0.02 | ) | — | — | ||||||||||||||
Net realized gain | (3.93 | ) | — | (0.14 | ) | (2.51 | ) | (0.44 | ) | |||||||||||
Total dividends and distributions | (3.93 | ) | — | (0.16 | ) | (2.51 | ) | (0.44 | ) | |||||||||||
Net asset value, end of period | $ | 20.60 | $ | 24.68 | $ | 14.10 | $ | 18.40 | $ | 19.79 | ||||||||||
Total return3 | (0.79 | %)4 | 75.04 | %4 | (22.74 | %)4 | 6.79 | %4 | 6.29 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 316,727 | $ | 451 | 5 | $ | 304 | 5 | $ | 393 | 5 | $ | 333 | 5 | ||||||
Ratio of expenses to average net assets6 | 0.89 | % | 0.89 | % | 0.89 | % | 0.95 | % | 1.10 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived 6 | 1.07 | % | 1.09 | % | 1.10 | % | 1.09 | % | 1.10 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.25 | % | 0.11 | % | 0.25 | % | (0.03 | %) | (0.02 | %) | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.07 | % | (0.09 | %) | 0.04 | % | (0.17 | %) | (0.02 | %) | ||||||||||
Portfolio turnover | 122 | % | 127 | % | 138 | % | 119 | % | 119 | % |
1 | Calculated using average shares outstanding. | |
2 | Amount is less than $0.005 per share. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
4 | Total return during the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
5 | Net assets reported in millions. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
386
Delaware Ivy Smid Cap Core Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 22.20 | $ | 12.78 | $ | 16.78 | $ | 18.18 | $ | 17.58 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.11 | ) | (0.11 | ) | (0.09 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Net realized and unrealized gain (loss) | (0.19 | ) | 9.53 | (3.79 | ) | 1.03 | 1.12 | |||||||||||||
Total from investment operations | (0.30 | ) | 9.42 | (3.88 | ) | 0.90 | 1.01 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | — | — | — | — | |||||||||||||||
Net realized gain | (3.68 | ) | — | (0.12 | ) | (2.30 | ) | (0.41 | ) | |||||||||||
Total dividends and distributions | (3.68 | ) | — | (0.12 | ) | (2.30 | ) | (0.41 | ) | |||||||||||
Net asset value, end of period | $ | 18.22 | $ | 22.20 | $ | 12.78 | $ | 16.78 | $ | 18.18 | ||||||||||
Total return2 | (1.57 | %)3 | 73.71 | %3 | (23.32 | %)3 | 6.04 | %3 | 5.69 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 22,950 | $ | 25 | 4 | $ | 15 | 4 | $ | 16 | 4 | $ | 11 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.64 | % | 1.64 | % | 1.65 | % | 1.65 | % | 1.68 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.67 | % | 1.67 | % | 1.67 | % | 1.67 | % | 1.68 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.50 | %) | (0.64 | %) | (0.52 | %) | (0.73 | %) | (0.62 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.53 | %) | (0.67 | %) | (0.54 | %) | (0.75 | %) | (0.62 | %) | ||||||||||
Portfolio turnover | 122 | % | 127 | % | 138 | % | 119 | % | 119 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
387
Financial highlights
Delaware Ivy Smid Cap Core Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.88 | $ | 14.22 | $ | 18.55 | $ | 19.96 | $ | 19.17 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.06 | 0.02 | 0.05 | 0.01 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.21 | ) | 10.64 | (4.22 | ) | 1.13 | 1.21 | |||||||||||||
Total from investment operations | (0.15 | ) | 10.66 | (4.17 | ) | 1.14 | 1.24 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | — | — | (0.02 | ) | — | — | ||||||||||||||
Net realized gain | (3.93 | ) | — | (0.14 | ) | (2.55 | ) | (0.45 | ) | |||||||||||
Total dividends and distributions | (3.93 | ) | — | (0.16 | ) | (2.55 | ) | (0.45 | ) | |||||||||||
Net asset value, end of period | $ | 20.80 | $ | 24.88 | $ | 14.22 | $ | 18.55 | $ | 19.96 | ||||||||||
Total return2 | (0.79 | %)3 | 74.96 | %3 | (22.72 | %)3 | 6.87 | %3 | 6.45 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 82,144 | $ | 77 | 4 | $ | 59 | 4 | $ | 77 | 4 | $ | 43 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.89 | % | 0.89 | % | 0.89 | % | 0.90 | % | 0.94 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.94 | % | 0.95 | % | 0.95 | % | 0.94 | % | 0.94 | % | ||||||||||
Ratio of net investment income to average net assets | 0.25 | % | 0.11 | % | 0.24 | % | 0.04 | % | 0.16 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.20 | % | 0.05 | % | 0.18 | % | 0.04 | % | 0.16 | % | ||||||||||
Portfolio turnover | 122 | % | 127 | % | 138 | % | 119 | % | 119 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
388
Delaware Ivy Smid Cap Core Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 23.73 | $ | 13.62 | $ | 17.81 | $ | 19.20 | $ | 18.51 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.04 | ) | (0.05 | ) | (0.03 | ) | (0.08 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss) | (0.19 | ) | 10.16 | (4.04 | ) | 1.10 | 1.15 | |||||||||||||
Total from investment operations | (0.23 | ) | 10.11 | (4.07 | ) | 1.02 | 1.12 | |||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net realized gain | (3.79 | ) | — | (0.12 | ) | (2.41 | ) | (0.43 | ) | |||||||||||
Total dividends and distributions | (3.79 | ) | — | (0.12 | ) | (2.41 | ) | (0.43 | ) | |||||||||||
Net asset value, end of period | $ | 19.71 | $ | 23.73 | $ | 13.62 | $ | 17.81 | $ | 19.20 | ||||||||||
Total return2 | (1.19 | %)3 | 74.23 | %3 | (23.08 | %)3 | 6.45 | %3 | 6.00 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 8,110 | $ | 9 | 4 | $ | 7 | 4 | $ | 16 | 4 | $ | 18 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.30 | % | 1.30 | % | 1.32 | % | 1.31 | % | 1.36 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.33 | % | 1.34 | % | 1.35 | % | 1.33 | % | 1.36 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.17 | %) | (0.28 | %) | (0.19 | %) | (0.41 | %) | (0.16 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.20 | %) | (0.32 | %) | (0.22 | %) | (0.43 | %) | (0.16 | %) | ||||||||||
Portfolio turnover | 122 | % | 127 | % | 138 | % | 119 | % | 119 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
389
Financial highlights
Delaware Ivy Systematic Emerging Markets Equity Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 28.07 | $ | 15.61 | $ | 19.15 | $ | 21.60 | $ | 16.95 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.15 | (0.01 | ) | 0.12 | 0.12 | 0.01 | ||||||||||||||
Net realized and unrealized gain (loss) | (5.54 | ) | 12.68 | (3.51 | ) | (2.46 | ) | 4.64 | ||||||||||||
Total from investment operations | (5.39 | ) | 12.67 | (3.39 | ) | (2.34 | ) | 4.65 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.14 | ) | (0.21 | ) | (0.15 | ) | (0.11 | ) | — | 2 | ||||||||||
Total dividends and distributions | (0.14 | ) | (0.21 | ) | (0.15 | ) | (0.11 | ) | — | 2 | ||||||||||
Net asset value, end of period | $ | 22.54 | $ | 28.07 | $ | 15.61 | $ | 19.15 | $ | 21.60 | ||||||||||
Total return3 | (19.25 | %)4 | 81.21 | % | (17.87 | %) | (10.75 | %) | 27.44 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 263,968 | $ | 377 | 5 | $ | 229 | 5 | $ | 344 | 5 | $ | 569 | 5 | ||||||
Ratio of expenses to average net assets6 | 1.35 | % | 1.39 | % | 1.46 | % | 1.44 | % | 1.44 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.37 | % | 1.39 | % | 1.46 | % | 1.44 | % | 1.44 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.55 | % | (0.03 | %) | 0.61 | % | 0.62 | % | 0.07 | % | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.53 | % | (0.03 | %) | 0.61 | % | 0.62 | % | 0.07 | % | ||||||||||
Portfolio turnover | 38 | % | 39 | % | 32 | % | 59 | % | 38 | % |
1 | Calculated using average shares outstanding. | |
2 | Amount is less than $(0.005) per share. | |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
4 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
5 | Net assets reported in millions. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
390
Delaware Ivy Systematic Emerging Markets Equity Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 23.86 | $ | 13.31 | $ | 16.39 | $ | 18.54 | $ | 14.65 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss1 | (0.04 | ) | (0.15 | ) | (0.01 | ) | (0.01 | ) | (0.12 | ) | ||||||||||
Net realized and unrealized gain (loss) | (4.68 | ) | 10.79 | (2.99 | ) | (2.10 | ) | 4.01 | ||||||||||||
Total from investment operations | (4.72 | ) | 10.64 | (3.00 | ) | (2.11 | ) | 3.89 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.09 | ) | (0.08 | ) | (0.04 | ) | — | |||||||||||
Total dividends and distributions | (0.07 | ) | (0.09 | ) | (0.08 | ) | (0.04 | ) | — | |||||||||||
Net asset value, end of period | $ | 19.07 | $ | 23.86 | $ | 13.31 | $ | 16.39 | $ | 18.54 | ||||||||||
Total return2 | (19.83 | %)3 | 80.00 | % | (18.43 | %) | (11.36 | %) | 26.55 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 39,227 | $ | 57 | 4 | $ | 43 | 4 | $ | 72 | 4 | $ | 95 | 4 | ||||||
Ratio of expenses to average net assets5 | 2.07 | % | 2.10 | % | 2.16 | % | 2.11 | % | 2.13 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 2.09 | % | 2.10 | % | 2.16 | % | 2.11 | % | 2.13 | % | ||||||||||
Ratio of net investment loss to average net assets | (0.17 | %) | (0.73 | %) | (0.07 | %) | (0.08 | %) | (0.66 | %) | ||||||||||
Ratio of net investment loss to average net assets prior to fees waived | (0.19 | %) | (0.73 | %) | (0.07 | %) | (0.08 | %) | (0.66 | %) | ||||||||||
Portfolio turnover | 38 | % | 39 | % | 32 | % | 59 | % | 38 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
391
Financial highlights
Delaware Ivy Systematic Emerging Markets Equity Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 29.05 | $ | 16.13 | $ | 19.77 | $ | 22.30 | $ | 17.47 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.26 | 0.09 | 0.21 | 0.21 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.74 | ) | 13.12 | (3.61 | ) | (2.55 | ) | 4.80 | ||||||||||||
Total from investment operations | (5.48 | ) | 13.21 | (3.40 | ) | (2.34 | ) | 4.89 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.24 | ) | (0.29 | ) | (0.24 | ) | (0.19 | ) | (0.06 | ) | ||||||||||
Total dividends and distributions | (0.24 | ) | (0.29 | ) | (0.24 | ) | (0.19 | ) | (0.06 | ) | ||||||||||
Net asset value, end of period | $ | 23.33 | $ | 29.05 | $ | 16.13 | $ | 19.77 | $ | 22.30 | ||||||||||
Total return2 | (18.96 | %) | 82.02 | % | (17.50 | %) | (10.34 | %) | 28.03 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 912,326 | $ | 1,548 | 3 | $ | 826 | 3 | $ | 1,209 | 3 | $ | 1,689 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.98 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived4 | 1.08 | % | 1.10 | % | 1.14 | % | 1.11 | % | 1.10 | % | ||||||||||
Ratio of net investment income to average net assets | 0.93 | % | 0.37 | % | 1.09 | % | 1.06 | % | 0.44 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.83 | % | 0.26 | % | 0.94 | % | 0.94 | % | 0.33 | % | ||||||||||
Portfolio turnover | 38 | % | 39 | % | 32 | % | 59 | % | 38 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
392
Delaware Ivy Systematic Emerging Markets Equity Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 27.75 | $ | 15.44 | $ | 18.95 | $ | 21.40 | $ | 16.83 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | 0.06 | (0.07 | ) | 0.07 | 0.06 | (0.04 | ) | |||||||||||||
Net realized and unrealized gain (loss) | (5.46 | ) | 12.53 | (3.47 | ) | (2.43 | ) | 4.61 | ||||||||||||
Total from investment operations | (5.40 | ) | 12.46 | (3.40 | ) | (2.37 | ) | 4.57 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.09 | ) | (0.15 | ) | (0.11 | ) | (0.08 | ) | — | |||||||||||
Total dividends and distributions | (0.09 | ) | (0.15 | ) | (0.11 | ) | (0.08 | ) | — | |||||||||||
Net asset value, end of period | $ | 22.26 | $ | 27.75 | $ | 15.44 | $ | 18.95 | $ | 21.40 | ||||||||||
Total return2 | (19.51 | %)3 | 80.73 | % | (18.07 | %) | (11.03 | %) | 27.15 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 7,540 | $ | 11 | 4 | $ | 9 | 4 | $ | 15 | 4 | $ | 20 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.67 | % | 1.69 | % | 1.72 | % | 1.70 | % | 1.70 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.68 | % | 1.69 | % | 1.72 | % | 1.70 | % | 1.70 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.22 | % | (0.32 | %) | 0.39 | % | 0.32 | % | (0.19 | %) | ||||||||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.21 | % | (0.32 | %) | 0.39 | % | 0.32 | % | (0.19 | %) | ||||||||||
Portfolio turnover | 38 | % | 39 | % | 32 | % | 59 | % | 38 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
393
Financial highlights
Delaware Ivy Systematic Emerging Markets Equity Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 29.21 | $ | 16.22 | $ | 19.88 | $ | 22.42 | $ | 17.56 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.28 | 0.10 | 0.21 | 0.20 | 0.12 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.77 | ) | 13.19 | (3.63 | ) | (2.54 | ) | 4.80 | ||||||||||||
Total from investment operations | (5.49 | ) | 13.29 | (3.42 | ) | (2.34 | ) | 4.92 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.30 | ) | (0.24 | ) | (0.20 | ) | (0.06 | ) | ||||||||||
Total dividends and distributions | (0.26 | ) | (0.30 | ) | (0.24 | ) | (0.20 | ) | (0.06 | ) | ||||||||||
Net asset value, end of period | $ | 23.46 | $ | 29.21 | $ | 16.22 | $ | 19.88 | $ | 22.42 | ||||||||||
Total return2 | (18.89 | %)3 | 82.01 | % | (17.46 | %) | (10.32 | %) | 28.07 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 254,340 | $ | 353 | 4 | $ | 200 | 4 | $ | 300 | 4 | $ | 310 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.92 | % | 0.95 | % | 0.99 | % | 0.96 | % | 0.95 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.93 | % | 0.95 | % | 0.99 | % | 0.96 | % | 0.95 | % | ||||||||||
Ratio of net investment income to average net assets | 0.98 | % | 0.40 | % | 1.05 | % | 1.03 | % | 0.58 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.97 | % | 0.40 | % | 1.05 | % | 1.03 | % | 0.58 | % | ||||||||||
Portfolio turnover | 38 | % | 39 | % | 32 | % | 59 | % | 38 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
394
Delaware Ivy Systematic Emerging Markets Equity Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 28.65 | $ | 15.92 | $ | 19.53 | $ | 22.02 | $ | 17.27 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.16 | 0.01 | 0.14 | 0.13 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | (5.65 | ) | 12.94 | (3.58 | ) | (2.50 | ) | 4.74 | ||||||||||||
Total from investment operations | (5.49 | ) | 12.95 | (3.44 | ) | (2.37 | ) | 4.76 | ||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.15 | ) | (0.22 | ) | (0.17 | ) | (0.12 | ) | (0.01 | ) | ||||||||||
Total dividends and distributions | (0.15 | ) | (0.22 | ) | (0.17 | ) | (0.12 | ) | (0.01 | ) | ||||||||||
Net asset value, end of period | $ | 23.01 | $ | 28.65 | $ | 15.92 | $ | 19.53 | $ | 22.02 | ||||||||||
Total return2 | (19.23 | %)3 | 81.40 | % | (17.80 | %) | (10.68 | %) | 27.58 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 29,380 | $ | 40 | 4 | $ | 31 | 4 | $ | 45 | 4 | $ | 68 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.31 | % | 1.34 | % | 1.37 | % | 1.35 | % | 1.36 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.32 | % | 1.34 | % | 1.37 | % | 1.35 | % | 1.36 | % | ||||||||||
Ratio of net investment income to average net assets | 0.59 | % | 0.04 | % | 0.70 | % | 0.69 | % | 0.12 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 0.58 | % | 0.04 | % | 0.70 | % | 0.69 | % | 0.12 | % | ||||||||||
Portfolio turnover | 38 | % | 39 | % | 32 | % | 59 | % | 38 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
395
Financial highlights
Delaware Ivy Value Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.18 | $ | 16.79 | $ | 22.61 | $ | 23.27 | $ | 22.69 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.31 | 0.29 | 0.41 | 0.28 | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.14 | 9.86 | (3.98 | ) | 0.50 | 1.23 | ||||||||||||||
Total from investment operations | 4.45 | 10.15 | (3.57 | ) | 0.78 | 1.39 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.44 | ) | (0.29 | ) | (0.33 | ) | (0.20 | ) | (0.26 | ) | ||||||||||
Net realized gain | (2.57 | ) | (0.47 | ) | (1.92 | ) | (1.24 | ) | (0.55 | ) | ||||||||||
Total dividends and distributions | (3.01 | ) | (0.76 | ) | (2.25 | ) | (1.44 | ) | (0.81 | ) | ||||||||||
Net asset value, end of period | $ | 27.62 | $ | 26.18 | $ | 16.79 | $ | 22.61 | $ | 23.27 | ||||||||||
Total return2 | 17.35 | % | 61.22 | %3 | (18.67 | %) | 3.69 | % | 6.13 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 405,826 | $ | 359 | 4 | $ | 251 | 4 | $ | 354 | 4 | $ | 398 | 4 | ||||||
Ratio of expenses to average net assets5 | 1.09 | % | 1.19 | % | 1.21 | % | 1.21 | % | 1.23 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 1.09 | % | 1.20 | % | 1.21 | % | 1.21 | % | 1.21 | % | ||||||||||
Ratio of net investment income to average net assets | 1.07 | % | 1.36 | % | 1.68 | % | 1.21 | % | 0.65 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.07 | % | 1.35 | % | 1.68 | % | 1.21 | % | 0.65 | % | ||||||||||
Portfolio turnover | 64 | % | 60 | % | 68 | % | 51 | % | 72 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
396
Delaware Ivy Value Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.95 | $ | 16.02 | $ | 21.69 | $ | 22.40 | $ | 21.92 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.05 | 0.13 | 0.22 | 0.13 | 0.15 | |||||||||||||||
Net realized and unrealized gain (loss) | 3.95 | 9.39 | (3.79 | ) | 0.45 | 1.04 | ||||||||||||||
Total from investment operations | 4.00 | 9.52 | (3.57 | ) | 0.58 | 1.19 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.19 | ) | (0.12 | ) | (0.18 | ) | (0.05 | ) | (0.16 | ) | ||||||||||
Net realized gain | (2.57 | ) | (0.47 | ) | (1.92 | ) | (1.24 | ) | (0.55 | ) | ||||||||||
Total dividends and distributions | (2.76 | ) | (0.59 | ) | (2.10 | ) | (1.29 | ) | (0.71 | ) | ||||||||||
Net asset value, end of period | $ | 26.19 | $ | 24.95 | $ | 16.02 | $ | 21.69 | $ | 22.40 | ||||||||||
Total return2 | 16.32 | % | 59.94 | % | (19.29 | %) | 2.94 | % | 5.41 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 6,611 | $ | 7 | 3 | $ | 8 | 3 | $ | 14 | 3 | $ | 18 | 3 | ||||||
Ratio of expenses to average net assets4 | 1.97 | % | 1.99 | % | 1.99 | % | 1.94 | % | 1.95 | %5 | ||||||||||
Ratio of net investment income to average net assets | 0.18 | % | 0.65 | % | 0.94 | % | 0.59 | % | 0.68 | % | ||||||||||
Portfolio turnover | 64 | % | 60 | % | 68 | % | 51 | % | 72 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 2.23%. |
See accompanying notes, which are an integral part of the financial statements.
397
Financial highlights
Delaware Ivy Value Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.31 | $ | 16.88 | $ | 22.72 | $ | 23.38 | $ | 22.80 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.37 | 0.35 | 0.47 | 0.36 | 0.24 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.17 | 9.91 | (4.00 | ) | 0.50 | 1.22 | ||||||||||||||
Total from investment operations | 4.54 | 10.26 | (3.53 | ) | 0.86 | 1.46 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.50 | ) | (0.36 | ) | (0.39 | ) | (0.28 | ) | (0.33 | ) | ||||||||||
Net realized gain | (2.57 | ) | (0.47 | ) | (1.92 | ) | (1.24 | ) | (0.55 | ) | ||||||||||
Total dividends and distributions | (3.07 | ) | (0.83 | ) | (2.31 | ) | (1.52 | ) | (0.88 | ) | ||||||||||
Net asset value, end of period | $ | 27.78 | $ | 26.31 | $ | 16.88 | $ | 22.72 | $ | 23.38 | ||||||||||
Total return2 | 17.61 | % | 61.66 | %3 | (18.40 | %) | 3.95 | % | 6.45 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 938,672 | $ | 829 | 4 | $ | 522 | 4 | $ | 579 | 4 | $ | 600 | 4 | ||||||
Ratio of expenses to average net assets5 | 0.88 | % | 0.91 | % | 0.92 | % | 0.91 | % | 0.94 | %6 | ||||||||||
Ratio of expenses to average net assets prior to fees waived5 | 0.88 | % | 0.92 | % | 0.92 | % | 0.91 | % | 0.94 | %6 | ||||||||||
Ratio of net investment income to average net assets | 1.28 | % | 1.62 | % | 1.94 | % | 1.51 | % | 1.01 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.28 | % | 1.61 | % | 1.94 | % | 1.51 | % | 1.01 | % | ||||||||||
Portfolio turnover | 64 | % | 60 | % | 68 | % | 51 | % | 72 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. | |
4 | Net assets reported in millions. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
6 | Expense ratio based on the period excluding reorganization expenses was 0.92%. |
See accompanying notes, which are an integral part of the financial statements.
398
Delaware Ivy Value Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.11 | $ | 16.74 | $ | 22.56 | $ | 23.22 | $ | 22.66 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.08 | 0.21 | 0.33 | 0.22 | 0.26 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.28 | 9.83 | (3.98 | ) | 0.49 | 1.06 | ||||||||||||||
Total from investment operations | 4.36 | 10.04 | (3.65 | ) | 0.71 | 1.32 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.36 | ) | (0.20 | ) | (0.25 | ) | (0.13 | ) | (0.21 | ) | ||||||||||
Net realized gain | (2.57 | ) | (0.47 | ) | (1.92 | ) | (1.24 | ) | (0.55 | ) | ||||||||||
Total dividends and distributions | (2.93 | ) | (0.67 | ) | (2.17 | ) | (1.37 | ) | (0.76 | ) | ||||||||||
Net asset value, end of period | $ | 27.54 | $ | 26.11 | $ | 16.74 | $ | 22.56 | $ | 23.22 | ||||||||||
Total return2 | 16.99 | % | 60.59 | % | (18.94 | %) | 3.35 | % | 5.85 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 14 | $ | — | 3,4 | $ | — | 3,4 | $ | — | 3,4 | $ | — | 3,4 | ||||||
Ratio of expenses to average net assets5 | 1.53 | % | 1.57 | % | 1.55 | % | 1.52 | % | 1.53 | %6 | ||||||||||
Ratio of net investment income to average net assets | 0.29 | % | 0.96 | % | 1.34 | % | 0.95 | % | 1.13 | % | ||||||||||
Portfolio turnover | 64 | % | 60 | % | 68 | % | 51 | % | 72 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Rounded less than $500 thousands. | |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
6 | Expense ratio based on the period excluding reorganization expenses was 1.52%. |
See accompanying notes, which are an integral part of the financial statements.
399
Financial highlights
Delaware Ivy Value Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.40 | $ | 16.94 | $ | 22.80 | $ | 23.45 | $ | 22.86 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.41 | 0.39 | 0.51 | 0.41 | 0.41 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.19 | 9.94 | (4.02 | ) | 0.50 | 1.10 | ||||||||||||||
Total from investment operations | 4.60 | 10.33 | (3.51 | ) | 0.91 | 1.51 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.54 | ) | (0.40 | ) | (0.43 | ) | (0.32 | ) | (0.37 | ) | ||||||||||
Net realized gain | (2.57 | ) | (0.47 | ) | (1.92 | ) | (1.24 | ) | (0.55 | ) | ||||||||||
Total dividends and distributions | (3.11 | ) | (0.87 | ) | (2.35 | ) | (1.56 | ) | (0.92 | ) | ||||||||||
Net asset value, end of period | $ | 27.89 | $ | 26.40 | $ | 16.94 | $ | 22.80 | $ | 23.45 | ||||||||||
Total return2 | 17.81 | % | 61.93 | % | (18.29 | %) | 4.15 | % | 6.65 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 126,573 | $ | 146 | 3 | $ | 113 | 3 | $ | 140 | 3 | $ | 149 | 3 | ||||||
Ratio of expenses to average net assets4 | 0.72 | % | 0.76 | % | 0.77 | % | 0.76 | % | 0.78 | %5 | ||||||||||
Ratio of net investment income to average net assets | 1.42 | % | 1.81 | % | 2.13 | % | 1.72 | % | 1.72 | % | ||||||||||
Portfolio turnover | 64 | % | 60 | % | 68 | % | 51 | % | 72 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Net assets reported in millions. | |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. | |
5 | Expense ratio based on the period excluding reorganization expenses was 0.77%. |
See accompanying notes, which are an integral part of the financial statements.
400
Delaware Ivy Value Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
Year ended | ||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.14 | $ | 16.77 | $ | 22.65 | $ | 23.31 | $ | 22.73 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.28 | 0.33 | 0.46 | 0.33 | 0.34 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.16 | 9.80 | (4.09 | ) | 0.47 | 1.05 | ||||||||||||||
Total from investment operations | 4.44 | 10.13 | (3.63 | ) | 0.80 | 1.39 | ||||||||||||||
Less dividends and distributions from: | ||||||||||||||||||||
Net investment income | (0.44 | ) | (0.29 | ) | (0.33 | ) | (0.22 | ) | (0.26 | ) | ||||||||||
Net realized gain | (2.57 | ) | — | (1.92 | ) | (1.24 | ) | (0.55 | ) | |||||||||||
Total dividends and distributions | (3.01 | ) | (0.76 | ) | (2.25 | ) | (1.46 | ) | (0.81 | ) | ||||||||||
Net asset value, end of period | $ | 27.57 | $ | 26.14 | $ | 16.77 | $ | 22.65 | $ | 23.31 | ||||||||||
Total return2 | 17.32 | %3 | 61.18 | % | (18.89 | %) | 3.76 | % | 6.12 | % | ||||||||||
Ratios and supplemental data: | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 108 | $ | — | 4,5 | $ | — | 4,5 | $ | — | 4,5 | $ | 1 | 4 | ||||||
Ratio of expenses to average net assets6 | 1.11 | % | 1.18 | % | 1.19 | % | 1.15 | % | 1.22 | % | ||||||||||
Ratio of expenses to average net assets prior to fees waived6 | 1.14 | % | 1.18 | % | 1.19 | % | 1.15 | % | 1.22 | % | ||||||||||
Ratio of net investment income to average net assets | 1.03 | % | 1.61 | % | 1.93 | % | 1.37 | % | 1.43 | % | ||||||||||
Ratio of net investment income to average net assets prior to fees waived | 1.00 | % | 1.61 | % | 1.93 | % | 1.37 | % | 1.43 | % | ||||||||||
Portfolio turnover | 64 | % | 60 | % | 68 | % | 51 | % | 72 | % |
1 | Calculated using average shares outstanding. | |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. | |
3 | Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. | |
4 | Net assets reported in millions. | |
5 | Rounded less than $500 thousands. | |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
401
Ivy Funds
March 31, 2022
Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 45 series. These financial statements and the related notes pertain to 20 funds: Delaware Ivy Core Equity Fund (formerly, Ivy Core Equity Fund), Delaware Ivy Global Bond Fund (formerly, Ivy Global Bond Fund), Delaware Ivy Global Equity Income Fund (formerly, Ivy Global Equity Income Fund), Delaware Ivy Global Growth Fund (formerly, Ivy Global Growth Fund), Delaware Ivy Government Money Market Fund (formerly, Ivy Government Money Market Fund), Delaware Ivy High Income Fund (formerly, Ivy High Income Fund), Delaware Ivy International Core Equity Fund (formerly, Ivy International Core Equity Fund), Delaware Ivy International Value Fund (formerly, Delaware Ivy Pzena International Value Fund), Delaware Ivy Large Cap Growth Fund (formerly, Ivy Large Cap Growth Fund), Delaware Ivy Limited-Term Bond Fund (formerly, Ivy Limited-Term Bond Fund), Delaware Ivy Managed International Opportunities Fund (formerly, Ivy Managed International Opportunities Fund), Delaware Ivy Mid Cap Growth Fund (formerly, Ivy Mid Cap Growth Fund), Delaware Ivy Mid Cap Income Opportunities Fund (formerly, Ivy Mid Cap Income Opportunities Fund), Delaware Ivy Municipal Bond Fund (formerly, Ivy Municipal Bond Fund), Delaware Ivy Municipal High Income Fund (formerly, Ivy Municipal High Income Fund), Delaware Ivy Securian Core Bond Fund (formerly, Ivy Securian Core Bond Fund), Delaware Ivy Small Cap Growth Fund (formerly, Ivy Small Cap Growth Fund), Delaware Ivy Smid Cap Core Fund (formerly, Ivy Small Cap Core Fund), Delaware Ivy Systematic Emerging Markets Equity Fund (formerly, Ivy Emerging Markets Equity Fund) and Delaware Ivy Value Fund (formerly, Ivy Value Fund), (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Ivy Large Cap Growth Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Ivy Large Cap Growth Fund is considered nondiversified.
The Funds offer Class A, Class C, and Class R6 shares. Each Fund (other than Delaware Ivy Government Money Market Fund) offers Class I and Class Y shares and each Fund (other than Delaware Ivy Government Money Market Fund, Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund) offer Class R shares. Effective December 10, 2021, all remaining shares of Class B were converted to Class A shares. In addition, Delaware Ivy Core Equity Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy Government Money Market Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Securian Core Bond Fund and Delaware Ivy Small Cap Growth Fund offer Class E shares. Class A shares and Class E shares are subject to an initial sales charge. If you are investing $1 million or more ($250,000 or more for Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund, or for Class E shares), either as a lump sum or through one of the sales charge reduction features described in the prospectus, you may be eligible to buy Class A or Class E shares without a sales charge. However, if Delaware Distributors, L.P. (DDLP) or a predecessor distributor paid your financial intermediary a commission on your purchase that received a net asset value (NAV) breakpoint of Class A shares, for shares of the Funds purchased prior to July 1, 2021, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase; or if DDLP paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares ($250,000 or more for Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund) that received an NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts, interest rate swap contracts, CDS and interest rate swap options contracts (swaptions) are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as
402
transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.
Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended March 31, 2022, and for all open tax years (years ended March 31, 2019–March 31, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended March 31, 2022, the Funds did not incur any interest or tax penalties.
Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), which is due to changes in foreign exchange rates, is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.
Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
403
Notes to financial statements
Ivy Funds
1. Significant Accounting Policies (continued)
Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer, which are estimated. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Delaware Ivy Government Money Market Fund, Delaware Ivy High Income Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund and Delaware Ivy Securian Core Bond Fund declare daily and pay monthly. Delaware Ivy Global Growth Fund declare and pay dividends monthly. Delaware Ivy Global Equity Income Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Value Fund declare and pay quarterly. Delaware Ivy Core Equity Fund, Delaware Ivy Emerging Markets Equity Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy International Value Fund and Delaware Ivy Small Cap Growth Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the year ended March 31, 2022.
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
Ivy Investment Management Company (IICO) served as each Fund’s investment manager through April 30, 2021. Effective April 30, 2021, Delaware Management Company (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 | Management Fee (annual rate as a percentage of average daily net assets) | |
Delaware Ivy Core Equity Fund | 0.70% of net assets up to $1 billion; | |
0.65% of net assets over $1 billion and up to $2 billion; | ||
0.60% of net assets over $2 billion and up to $3 billion; | ||
0.55% of net assets over $3 billion and up to $5 billion; | ||
0.525% of net assets over $5 billion and up to $6 billion; | ||
0.50% of net assets over $6 billion and up to $10 billion; | ||
0.49% of net assets over $10 billion. | ||
Delaware Ivy Global Bond Fund | 0.625% of net assets up to $500 million; | |
0.60% of net assets over $500 million and up to $1 billion; | ||
0.55% of net assets over $1 billion and up to $1.5 billion; | ||
0.50% of net assets over $1.5 billion and up to $5 billion; | ||
0.49% of net assets over $5 billion and up to $10 billion; | ||
0.48% of net assets over $10 billion. |
404
Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
Delaware Ivy Global Equity Income Fund
| 0.70% of net assets up to $1 billion; | |
0.65% of net assets over $1 billion and up to $2 billion; | ||
0.60% of net assets over $2 billion and up to $3 billion; | ||
0.55% of net assets over$3 billion and up to $5 billion; | ||
0.545% of net assets over $5 billion and up to $10 billion; | ||
0.54% of net assets over $10 billion. | ||
Delaware Ivy Global Growth Fund | 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.70% of net assets over $3 billion and up to $5 billion; | ||
0.695% of net assets over$5 billion and up to $10 billion; | ||
0.69% of net assets over $10 billion. | ||
Delaware Ivy Government Money Market Fund | 0.35% of net assets up to $1 billion; | |
0.30% of net assets over $1 billion. | ||
Delaware Ivy High Income Fund
| 0.625% of net assets up to $500 million; | |
0.60% of net assets over $500 million and up to $1 billion; | ||
0.55% of net assets over $1 billion and up to $1.5 billion; | ||
0.50% of net assets over $1.5 billion and up to $10 billion; | ||
0.49% of net assets over $10 billion and up to $20 billion; | ||
0.48% of net assets over $20 billion. | ||
Delaware Ivy International Core Equity Fund
| 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.70% of net assets over $3 billion and up to $5 billion; | ||
0.69% of net assets over $5 billion and up to $10 billion; | ||
0.68% of net assets over $10 billion. | ||
Delaware Ivy International Value Fund1
| 1.00% of net assets up to $500 million; | |
0.85% of net assets over $500 million and up to $1 billion; | ||
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.73% of net assets over $5 billion and up to $10 billion; | ||
0.70% of net assets over $10 billion. | ||
Delaware Ivy Large Cap Growth Fund
| 0.70% of net assets up to $1 billion; | |
0.65% of net assets over $1 billion and up to $2 billion; | ||
0.60% of net assets over $2 billion and up to $3 billion; | ||
0.55% of net assets over$3 billion and up to $5 billion; | ||
0.545% of net assets over $5 billion and up to $10 billion; | ||
0.54% of net assets over $10 billion. | ||
Delaware Ivy Limited-Term Bond Fund
| 0.50% of net assets up to $500 million; | |
0.45% of net assets over $500 million and up to $1 billion; | ||
0.40% of net assets over $1 billion and up to $1.5 billion; | ||
0.35% of net assets over $1.5 billion and up to $5 billion; | ||
0.34% of net assets over $5 billion and up to $10 billion; | ||
0.33% of net assets over $10 billion. |
405
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
Delaware Ivy Managed International Opportunities Fund | 0.05% of net assets. | |
Delaware Ivy Mid Cap Growth Fund
| 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.73% of net assets over $5 billion and up to $10 billion; | ||
0.70% of net assets over $10 billion and up to $15 billion; | ||
0.67% of net assets over $15 billion. | ||
Delaware Ivy Mid Cap Income Opportunities Fund
| 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.73% of net assets over $5 billion and up to $10 billion; | ||
0.70% of net assets over $10 billion and up to $15 billion; | ||
0.67% of net assets over $15 billion. | ||
Delaware Ivy Municipal Bond Fund
| 0.525% of net assets up to $500 million; | |
0.50% of net assets over $500 million and up to $1 billion; | ||
0.45% of net assets over $1 billion and up to $1.5 billion; | ||
0.40% of net assets over $1.5 billion and up to $5 billion; | ||
0.395% of net assets over $5 billion and up to $10 billion; | ||
0.39% of net assets over $10 billion and up to $15 billion; | ||
0.385% of net assets over $15 billion. | ||
Delaware Ivy Municipal High Income Fund
| 0.525% of net assets up to $500 million; | |
0.50% of net assets over $500 million and up to $1 billion; | ||
0.45% of net assets over $1 billion and up to $1.5 billion; | ||
0.40% of net assets over $1.5 billion and up to $5 billion; | ||
0.395% of net assets over $5 billion and up to $10 billion; | ||
0.39% of net assets over $10 billion and up to $15 billion; | ||
0.385% of net assets over $15 billion. | ||
Delaware Ivy Securian Core Bond Fund2
| 0.525% of net assets up to $500 million; | |
0.50% of net assets over $500 million and up to $1 billion; | ||
0.45% of net assets over $1 billion and up to $1.5 billion; | ||
0.40% of net assets over $1.5 billion and up to $5 billion; | ||
0.395% of net assets over $5 billion and up to $10 billion; | ||
0.39% of net assets over $10 billion. | ||
Delaware Ivy Small Cap Growth Fund
| 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.73% of net assets over $5 billion and up to $10 billion; | ||
0.72% of net assets over $10 billion. |
406
Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
Delaware Ivy Smid Cap Core Fund
| 0.85% of net assets up to $1 billion; | |
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.73% of net assets over $5 billion and up to $10 billion; | ||
0.72% of net assets over $10 billion. | ||
Delaware Ivy Systematic Emerging Markets Equity Fund
| 1.00% of net assets up to $500 million; | |
0.85% of net assets over $500 million and up to $1 billion; | ||
0.83% of net assets over $1 billion and up to $2 billion; | ||
0.80% of net assets over $2 billion and up to $3 billion; | ||
0.76% of net assets over $3 billion and up to $5 billion; | ||
0.755% of net assets over $5 billion and up to $10 billion; | ||
0.75% of net assets over $10 billion. | ||
Delaware Ivy Value Fund
| 0.70% of net assets up to $1 billion; | |
0.65% of net assets over $1 billion and up to $2 billion; | ||
0.60% of net assets over $2 billion and up to $3 billion; | ||
0.55% of net assets over $3 billion and up to $5 billion; | ||
0.545% of net assets over $5 billion and up to $10 billion; | ||
0.54% of net assets over $10 billion. |
1 | DMC has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets from November 15, 2021 through November 15, 2022. |
2 | DMC has also contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets from July 29, 2021 through July 29, 2022. |
DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:
Under an agreement between DMC and Securian Asset Management, Inc. (Securian AM), Securian AM serves as subadviser to Delaware Ivy Securian Core Bond Fund. The 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 subadviser.
Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (MFMHKL), each of which is an affiliate of DMC (the Affiliated Sub-Advisors).
MIMAK is a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. MIMAK is primarily responsible for the day-to-day management of Delaware Ivy Global Equity Income Fund and Delaware Managed International Opportunities Fund portfolio. With respect to the Funds for which MIMAK serves as subadvisor, DMC has principal responsibility for all investment advisory services and may seek investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK’s specialized market knowledge.
MIMEL is a part of MIM. Although DMC has principal responsibility for DMC’s portion of the Funds, DMC may seek investment advice and recommendations from MIMEL and DMC may also permit MIMEL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL’s specialized market knowledge.
Both DMC and MIMGL are a part of MAM and are primarily responsible for the day-to-day management of Delaware Ivy Systematic Emerging Markets Equity Fund’s portfolio. With respect to the Funds for which MIMGL serves as subadvisor, DMC has principal responsibility for each
407
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Fund, and may seek investment advice and recommendations from MIMGL and DMC may also permit MIMGL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL’s specialized market knowledge.
MFMHKL is a part of MAM. With respect to the Funds for which MFMHKL serves as subadvisor, DMC may permit MFMHKL to execute Fund security trades on behalf of DMC.
Pursuant to the terms of the relevant sub-advisory agreement, the investment sub-advisory fee is paid by DMC to each Affiliated Sub-Advisor based on the extent to which an Affiliated Sub-Advisor provides services to the Funds.
Through April 30, 2021, fees paid to the Independent Trustees could 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 recorded 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.
Prior to January 18, 2022 (for Delaware Ivy Core Equity Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, and Delaware Ivy Value Fund), January 31, 2022 (for Delaware Ivy Global Bond Fund, Delaware Ivy Limited-Term Bond Fund and Delaware Ivy Securian Core Bond Fund), and February 28, 2022 (for Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Government Money Market Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund) the Funds had an Accounting and Administrative Services Agreement with Waddell & Reed Services Company (WRSCO), doing business as WI Services Company (WISC). Under the agreement, WISC acted 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 paid 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) | Annual Fee Rate | |||
$0 to $10M | $ | $0.00 | ||
$10 to $25M | 11.50 | |||
$25 to $50M | 23.10 | |||
$50 to $100M | 35.50 | |||
$100 to $200M | 48.40 | |||
$200 to $350M | 63.20 | |||
$350 to $550M | 82.50 | |||
$550 to $750M | 96.30 | |||
$750 to $1,000M | 121.60 | |||
Over $1,000M | 148.50 |
In addition, for each class of shares in excess of one, each Fund paid WISC a monthly per-class fee equal to 2.50% of the monthly accounting services base fee. Each Fund also paid 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 was voluntarily waived by WISC until the Fund’s net assets were at least $10 million and is included in “Accounting and administration expenses” on the “Statements of operations.”
Effective as of January 18, 2022 (for Delaware Ivy Core Equity Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, and Delaware Ivy Value Fund), January 31, 2022 (for Delaware Ivy Global Bond Fund, Delaware Ivy Limited-Term Bond Fund and Delaware Ivy Securian Core Bond Fund), and February 28, 2022 (for Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Government Money Market Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund), Delaware Investments Fund Services Company (DIFSC),
408
an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” From the effective dates mentioned above to March 31, 2022, each Fund was charged for these services as follows:
Fund | Fees | |||
Delaware Ivy Core Equity Fund | $ | 92,328 | ||
Delaware Ivy Global Bond Fund | 48,086 | |||
Delaware Ivy Global Equity Income Fund | 55,557 | |||
Delaware Ivy Global Growth Fund | 92,152 | |||
Delaware Ivy Government Money Market Fund | 15,875 | |||
Delaware Ivy High Income Fund | 102,328 | |||
Delaware Ivy International Core Equity Fund | 92,328 | |||
Delaware Ivy International Value Fund | 23,231 | |||
Delaware Ivy Large Cap Growth Fund | 92,342 | |||
Delaware Ivy Limited-Term Bond Fund | 92,328 | |||
Delaware Ivy Managed International Opportunities Fund | 1,882 | |||
Delaware Ivy Mid Cap Growth Fund | 102,328 | |||
Delaware Ivy Mid Cap Income Opportunities Fund | 119,219 | |||
Delaware Ivy Municipal Bond Fund | 62,518 | |||
Delaware Ivy Municipal High Income Fund | 103,718 | |||
Delaware Ivy Securian Core Bond Fund | 87,328 | |||
Delaware Ivy Small Cap Growth Fund | 108,466 | |||
Delaware Ivy Smid Cap Core Fund | 69,804 | |||
Delaware Ivy Systematic Emerging Markets Equity Fund | 100,821 | |||
Delaware Ivy Value Fund | 92,297 |
Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, 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 1.00% 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 1.00% 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 1.00% 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.
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 1.00% that is based on average daily net assets.
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).
409
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, effective April 30, 2021, an annual distribution and service (12b-1) fee of 0.25%, 1.00%, 0.25%, 0.50% and 0.25% of the average daily net assets of the Class A, Class C, Class E, Class R, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Class I and Class R6 shares do not pay 12b-1 fees. Prior to April 30, 2021, each Fund paid Ivy Distributors, Inc. an annual 12b-1 fee at the same rate as described above.
From April 1, 2021 through July 29, 2022 (except as noted), DMC, DDLP and/or WRSCO, doing business as WISC, each Fund’s 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) as follows:
Operating | Operating | Operating | Operating | Operating | Operating | Operating | |||||||||
expense | expense | expense | expense | expense | expense | expense | |||||||||
limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | |||||||||
percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | |||||||||
average | average | average | average | average | average | average | |||||||||
daily net | daily net | daily net | daily net | daily net | daily net | daily net | |||||||||
assets | assets | assets | assets | assets | assets | assets | |||||||||
Fund | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | ||||||||
Delaware Ivy Core Equity Fund | 1.03% | n/a | 0.97%1 | 0.84% | n/a | n/a | 0.84% | ||||||||
Delaware Ivy Global Bond Fund2 | 0.96% | 1.72% | n/a | 0.74% | n/a | 0.74% | 0.96% | ||||||||
Delaware Ivy Global Equity Income Fund | 1.22% | n/a | 1.09% | 0.92% | n/a | n/a | 1.19% | ||||||||
Delaware Ivy Global Growth Fund | n/a | n/a | n/a | 1.06% | n/a | n/a | n/a | ||||||||
Delaware Ivy Government Money Market Fund3 | n/a | n/a | 0.49% | n/a | n/a | n/a | n/a | ||||||||
Delaware Ivy High Income Fund | n/a | 1.66% | 1.04% | n/a | n/a | n/a | n/a | ||||||||
Delaware Ivy International Core Equity Fund4 | 1.23% | 1.92% | 1.17%5 | 0.79% | 1.53% | 0.79% | 1.18% | ||||||||
Delaware Ivy International Value Fund6 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
410
Operating | Operating | Operating | Operating | Operating | Operating | Operating | |||||||||
expense | expense | expense | expense | expense | expense | expense | |||||||||
limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | |||||||||
percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | |||||||||
average | average | average | average | average | average | average | |||||||||
daily net | daily net | daily net | daily net | daily net | daily net | daily net | |||||||||
assets | assets | assets | assets | assets | assets | assets | |||||||||
Fund | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | ||||||||
Delaware Ivy Large Cap Growth Fund | 1.04% | n/a | 1.10% | 0.64% | n/a | 0.64% | 1.05% | ||||||||
Delaware Ivy Limited-Term Bond Fund | n/a | n/a | 0.86%7 | n/a | n/a | n/a | n/a | ||||||||
Delaware Ivy Managed International Opportunities Fund4 | 0.46% | 1.25% | n/a | 0.16% | 0.72% | n/a | 0.38% | ||||||||
Delaware Ivy Mid Cap Growth Fund4 | 1.30% | n/a | 1.23%8 | 0.79% | n/a | 0.79% | n/a | ||||||||
Delaware Ivy Mid Cap Income Opportunities Fund4 | 1.34% | 2.06% | n/a | 0.83% | 1.80% | 0.83% | 1.35% | ||||||||
Delaware Ivy Municipal Bond Fund | 0.83% | n/a | n/a | 0.70% | n/a | n/a | n/a | ||||||||
Delaware Ivy Municipal High Income Fund | n/a | 1.58% | n/a | 0.61% | n/a | n/a | 0.94% | ||||||||
Delaware Ivy Securian Core Bond Fund4 | n/a | n/a | 0.95% | 0.45% | n/a | 0.45% | n/a | ||||||||
Delaware Ivy Small Cap Growth Fund | n/a | 2.04% | 1.29%9 | 0.89% | n/a | 0.89% | n/a | ||||||||
Delaware Ivy Smid Cap Core Fund4 | n/a | n/a | n/a | 0.89% | n/a | 0.89% | n/a |
411
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Operating | Operating | Operating | Operating | Operating | Operating | Operating | |||||||||
expense | expense | expense | expense | expense | expense | expense | |||||||||
limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | limitation as a | |||||||||
percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | percentage of | |||||||||
average | average | average | average | average | average | average | |||||||||
daily net | daily net | daily net | daily net | daily net | daily net | daily net | |||||||||
assets | assets | assets | assets | assets | assets | assets | |||||||||
Fund | Class A | Class C | Class E | Class I | Class R | Class R6 | Class Y | ||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | 1.56% | n/a | n/a | 0.99% | n/a | 0.99% | n/a | ||||||||
Delaware Ivy Value Fund | 1.20% | n/a | n/a | 0.92% | n/a | n/a | n/a |
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 | Effective November 15, 2021 through November 15, 2022. Prior to July 29, 2021, the Class Y expense limit in effect was 0.99%. | |
3 | Voluntary. To maintain minimum yield. Minimum yield was 0.00%. | |
4 | Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. | |
5 | 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%. | |
6 | DMC has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets from November 15, 2021 through November 15, 2022. | |
7 | 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%. | |
8 | 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%. | |
9 | 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%. |
Through July 31, 2021, for each Fund, as applicable, the Fund’s distributor and WISC had contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class R6 shares and Class Y shares did not exceed the total annual ordinary operating expenses of the Class I shares and Class A shares, respectively, as calculated at the end of each month.
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended March 31, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund | Fees | |||
Delaware Ivy Core Equity Fund | $ | 34,339 | ||
Delaware Ivy Global Bond Fund | 8,922 | |||
Delaware Ivy Global Equity Income Fund | 11,088 | |||
Delaware Ivy Global Growth Fund | 13,899 | |||
Delaware Ivy Government Money Market Fund | 10,174 | |||
Delaware Ivy High Income Fund | 436,796 | |||
Delaware Ivy International Core Equity Fund | 2,703 | |||
Delaware Ivy International Value Fund | 4,826 | |||
Delaware Ivy Large Cap Growth Fund | 21,557 | |||
Delaware Ivy Limited-Term Bond Fund | 8,065 |
412
Fund | Fees | |||
Delaware Ivy Managed International Opportunities Fund | $ | 4,685 | ||
Delaware Ivy Mid Cap Growth Fund | 24,019 | |||
Delaware Ivy Mid Cap Income Opportunities Fund | 32,372 | |||
Delaware Ivy Municipal Bond Fund | 6,886 | |||
Delaware Ivy Municipal High Income Fund | 26,115 | |||
Delaware Ivy Securian Core Bond Fund | 10,066 | |||
Delaware Ivy Small Cap Growth Fund | 21,382 | |||
Delaware Ivy Smid Cap Core Fund | 10,464 | |||
Delaware Ivy Systematic Emerging Markets Equity Fund | 16,181 | |||
Delaware Ivy Value Fund | 4,898 |
For the year ended March 31, 2022, DDLP earned commissions on sales of Class A and Class E shares for each Fund as follows:
Fund | Class A | Class E | ||||||
Delaware Ivy Core Equity Fund | $ | 953,919 | $ | 13,880 | ||||
Delaware Ivy Global Bond Fund | 34,371 | — | ||||||
Delaware Ivy Global Equity Income Fund | 69,643 | 2,028 | ||||||
Delaware Ivy Global Growth Fund | 99,696 | — | ||||||
Delaware Ivy High Income Fund | 793,949 | 5,937 | ||||||
Delaware Ivy International Core Equity Fund | 106,444 | 6,908 | ||||||
Delaware Ivy International Value Fund | 15,368 | — | ||||||
Delaware Ivy Large Cap Growth Fund | 1,199,452 | 32,648 | ||||||
Delaware Ivy Limited-Term Bond Fund | 221,444 | 3,103 | ||||||
Delaware Ivy Managed International Opportunities Fund | 24,344 | — | ||||||
Delaware Ivy Mid Cap Growth Fund | 1,033,107 | 20,738 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund | 187,980 | — | ||||||
Delaware Ivy Municipal Bond Fund | 63,732 | — | ||||||
Delaware Ivy Municipal High Income Fund | 112,202 | — | ||||||
Delaware Ivy Securian Core Bond Fund | 83,473 | 2,708 | ||||||
Delaware Ivy Small Cap Growth Fund | 468,556 | 12,886 | ||||||
Delaware Ivy Smid Cap Core Fund | 88,635 | — | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | 145,767 | — | ||||||
Delaware Ivy Value Fund | 193,560 | — |
For the year ended March 31, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A, Class C and Class E shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
Fund | Class A | Class C | Class E | |||||||||
Delaware Ivy Core Equity Fund | $ | 1,852 | 1,941 | $ | 143 | |||||||
Delaware Ivy Global Bond Fund | 1,050 | 225 | — | |||||||||
Delaware Ivy Global Equity Income Fund | 284 | 109 | — | |||||||||
Delaware Ivy Global Growth Fund | 126 | 152 | — | |||||||||
Delaware Ivy Government Money Market Fund | 2,445 | 44 | 7 | |||||||||
Delaware Ivy High Income Fund | 2,970 | 4,009 | 58 | |||||||||
Delaware Ivy International Core Equity Fund | 6,882 | 457 | 86 | |||||||||
Delaware Ivy International Value Fund | 290 | — | — | |||||||||
Delaware Ivy Large Cap Growth Fund | 2,349 | 2,886 | 10 | |||||||||
Delaware Ivy Limited-Term Bond Fund | 1,930 | 1,164 | 67 | |||||||||
Delaware Ivy Managed International Opportunities Fund | 53 | 52 | — | |||||||||
Delaware Ivy Mid Cap Growth Fund | 1,444 | 1,383 | 45 | |||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | 248 | 873 | — | |||||||||
Delaware Ivy Municipal Bond Fund | 719 | 112 | — | |||||||||
Delaware Ivy Municipal High Income Fund | 8,285 | 683 | — |
413
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Fund | Class A | Class C | Class E | |||||||||
Delaware Ivy Securian Core Bond Fund | $ | 577 | 977 | $ | — | |||||||
Delaware Ivy Small Cap Growth Fund | 2,525 | 1,150 | 139 | |||||||||
Delaware Ivy Smid Cap Core Fund | 143 | 317 | — | |||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | 576 | 238 | — | |||||||||
Delaware Ivy Value Fund | 817 | 974 | — |
Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.
During the year ended March 31,2022, Waddell & Reed Services Company reimbursed $161,333, $1,327, $40,676, $831, $160,620, $4,732, $6,333 and $13,334 to Delaware Ivy High Income Fund Class A, Class B, Class C, Class E, Class I, Class R, Class R6 and Class Y shares, respectively, for losses. These amounts are included as subscriptions on the “Statements of changes in net assets.”
Cross trades for the year ended March 31, 2022, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the year ended March 31, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:
Purchases | Sales | Net realized gain (loss) | ||||||||||
Delaware Ivy Global Bond Fund | $ | 5,093,282 | $ | — | $ | — | ||||||
Delaware Ivy Global Growth Fund | 10,503,492 | 4,322,967 | 948,746 | |||||||||
Delaware Ivy High Income Fund | 1,472,324 | — | — | |||||||||
Delaware Ivy Mid Cap Growth Fund | 16,006,886 | — | — | |||||||||
Delaware Ivy Municipal Bond Fund | 48,291,861 | 41,450,072 | (408,046 | ) | ||||||||
Delaware Ivy Municipal High Income Fund | 13,507,781 | 39,742,584 | (111,405 | ) | ||||||||
Delaware Ivy Smid Cap Core Fund | — | 17,133,126 | 265,802 |
414
A summary of the transactions in affiliated companies during the year ended March 31, 2022 as follows:
Net | Net | |||||||||||||||||||||||||||||||
realized | change in | |||||||||||||||||||||||||||||||
gain | unrealized | |||||||||||||||||||||||||||||||
(loss) | appreciation | |||||||||||||||||||||||||||||||
Value, | on | (depreciation) | Value, | |||||||||||||||||||||||||||||
beginning | Gross | Gross | affiliated | on affiliated | end of | Interest | ||||||||||||||||||||||||||
of period | additions | reductions(1) | securities | securities* | period | Shares | Income | |||||||||||||||||||||||||
Delaware Ivy High Income Fund | ||||||||||||||||||||||||||||||||
Common Stocks—1.6% | ||||||||||||||||||||||||||||||||
ASG Warrant | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 19,688 | $ | — | |||||||||||||||||
BIS Industries | ||||||||||||||||||||||||||||||||
Holdings | 20 | — | — | — | (20 | ) | — | 19,682,813 | — | |||||||||||||||||||||||
Foresight Energy | 17,029,384 | — | — | — | 7,307,885 | 24,337,269 | 1,117,414 | — | ||||||||||||||||||||||||
Larchmont | ||||||||||||||||||||||||||||||||
Resources | 733,543 | — | (4,917,326 | ) | — | 5,862,680 | 1,678,897 | 18,338 | — | |||||||||||||||||||||||
Maritime Finance | 4,659,932 | — | — | — | (215,454 | ) | 4,444,478 | 1,750,000 | — | |||||||||||||||||||||||
New Cotai† | 74,764,580 | — | — | — | (56,040,965 | ) | 18,723,614 | 20,316,462 | — | |||||||||||||||||||||||
True Religion | ||||||||||||||||||||||||||||||||
Apparel | 5,122,186 | — | — | — | 2,744,176 | 7,866,362 | 395 | — | ||||||||||||||||||||||||
Total | $ | 102,309,645 | $ | — | $ | (4,917,326 | ) | $ | — | $ | (40,341,698 | ) | $ | 57,050,620 | $ | — | ||||||||||||||||
Preferred Stock—0.1% | ||||||||||||||||||||||||||||||||
True Religion | ||||||||||||||||||||||||||||||||
Apparel | 2,050,430 | — | — | — | — | 2,050,430 | 410 | — | ||||||||||||||||||||||||
Loan Agreements—0.2% | ||||||||||||||||||||||||||||||||
Foresight Exit TL A | 11,495,036 | — | (1,640,251 | ) | — | (2,109,424 | ) | 7,745,361 | 7,706,827 | 618,609 | ||||||||||||||||||||||
Larchmont | ||||||||||||||||||||||||||||||||
Resources LLC | ||||||||||||||||||||||||||||||||
(9.050% Cash or | ||||||||||||||||||||||||||||||||
9.050%PIK) | 6,024,683 | — | (14,208,854 | ) | 105,618 | 8,078,553 | — | — | 1,024,201 | |||||||||||||||||||||||
New Cotai LLC | ||||||||||||||||||||||||||||||||
(14.000% Cash | ||||||||||||||||||||||||||||||||
or 14.000% PIK) | 5,830,472 | 812,488 | (6,507,977 | ) | — | (134,983 | ) | — | — | 653,487 | ||||||||||||||||||||||
Total | $ | 23,350,191 | $ | 812,488 | $ | (22,357,082 | ) | $ | 105,618 | $ | 5,834,146 | $ | 7,745,361 | $ | 2,296,297 |
415
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
Net | |||||||||||||||||||||||||||||||
Net | change in | ||||||||||||||||||||||||||||||
realized | unrealized | ||||||||||||||||||||||||||||||
gain (loss) | appreciation | ||||||||||||||||||||||||||||||
Value, | on | (depreciation) | Value, | ||||||||||||||||||||||||||||
beginning | Gross | Gross | affiliated | on affiliated | end of | Dividend | |||||||||||||||||||||||||
of period | additions | reductions | fund | fund | period | Shares | Income | ||||||||||||||||||||||||
Delaware Ivy Managed International Opportunities Fund | |||||||||||||||||||||||||||||||
Affiliated Mutual Funds—99.5% | |||||||||||||||||||||||||||||||
Delaware Ivy Global Equity Income Fund | $ | 18,004,268 | $ | 1,805,594 | $ | (6,688,672 | ) | $ | 657,079 | $ | (977,251 | ) | $ | 12,801,018 | 1,003,215 | $ | 663,589 | ||||||||||||||
Delaware Ivy Global Growth Fund | 17,053,034 | 2,165,857 | (20,323,998 | ) | 6,494,339 | (5,389,232 | ) | — | — | 269,812 | |||||||||||||||||||||
Delaware Ivy International Core Equity Fund | 55,746,224 | 25,039,734 | (18,314,536 | ) | 2,213,921 | (4,639,373 | ) | 60,045,970 | 3,111,190 | 1,334,441 | |||||||||||||||||||||
Delaware Ivy International Small Cap Fund | 17,789,115 | 2,955,457 | (12,275,272 | ) | 2,003,958 | (3,743,184 | ) | 6,730,074 | 570,829 | 1,173,347 | |||||||||||||||||||||
Delaware Ivy International Value Fund | 20,286,163 | 16,377,240 | (15,282,952 | ) | 1,701,915 | (2,966,495 | ) | 20,115,871 | 1,177,744 | 205,954 | |||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | 49,529,971 | 10,564,377 | (18,230,037 | ) | 2,978,245 | (11,812,709 | ) | 33,029,847 | 1,407,922 | 451,736 | |||||||||||||||||||||
Total | $ | 178,408,775 | $ | 58,908,259 | $ | (91,115,467 | ) | $ | 16,049,457 | $ | (29,528,244 | ) | $ | 132,722,780 | $ | 4,098,879 |
Net | Net | ||||||||||||||||||||||||||||||
realized | change in | ||||||||||||||||||||||||||||||
gain | unrealized | ||||||||||||||||||||||||||||||
(loss) | appreciation | ||||||||||||||||||||||||||||||
Value, | on | (depreciation) | Value, | ||||||||||||||||||||||||||||
beginning | Gross | Gross | affiliated | on affiliated | end of | Dividend | |||||||||||||||||||||||||
of period | additions | reductions | securities | securities* | period | Shares | Income | ||||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||||||||||||||||||||
Limited Partnerships—1.6% | |||||||||||||||||||||||||||||||
Rattler Midstream*** | $ | 21,399,000 | $ | — | $ | — | $ | — | $ | 6,723,001 | $ | 28,122,001 | 2,013,028 | $ | 2,013,028 |
Net | Net | ||||||||||||||||||||||||||||||
realized | change in | ||||||||||||||||||||||||||||||
gain | unrealized | ||||||||||||||||||||||||||||||
(loss) | appreciation | ||||||||||||||||||||||||||||||
Value, | on | (depreciation) | Value, | ||||||||||||||||||||||||||||
beginning | Gross | Gross | affiliated | on affiliated | end of | Dividend | |||||||||||||||||||||||||
of period | additions | reductions | securities | securities | period | Shares | Income | ||||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund | |||||||||||||||||||||||||||||||
Common Stock—1.5% | |||||||||||||||||||||||||||||||
PetIQ† | $ | 70,551,946 | $ | 8,400,915 | $ | (19,338,472 | ) | $ | (10,038,688 | ) | $ | (15,308,097 | ) | $ | 34,267,604 | 1,404,410 | $ | — |
(1) | The amount shown included return of capital. |
416
* | Does not tie to Net change in unrealized appreciation (depreciation) on Investment in affiliates on the Statement of operations as a result of previously affiliated securities moving to unaffiliated. | |
† | Non-income producing security. | |
*** | Issuer is not an affiliated investment of the Fund at March 31, 2021. |
3. Investments
For the year ended March 31, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:
Purchases | Sales | |||||||||||||||
other than | Purchases of | other than | Sales of | |||||||||||||
US government | US government | US government | US government | |||||||||||||
Fund | securities | securities | securities | securities | ||||||||||||
Delaware Ivy Core Equity Fund | $ | 1,732,158,274 | $ | — | $ | 2,546,363,262 | $ | — | ||||||||
Delaware Ivy Global Bond Fund | 266,030,258 | 39,058,719 | 224,464,932 | 25,086,012 | ||||||||||||
Delaware Ivy Global Equity Income Fund | 635,787,769 | — | 750,773,237 | — | ||||||||||||
Delaware Ivy Global Growth Fund | 461,455,686 | — | 674,966,927 | — | ||||||||||||
Delaware Ivy Government Money Market Fund | — | — | — | — | ||||||||||||
Delaware Ivy High Income Fund | 1,810,093,420 | — | 2,592,421,766 | — | ||||||||||||
Delaware Ivy International Core Equity Fund | 1,607,130,152 | — | 2,260,109,526 | — | ||||||||||||
Delaware Ivy International Value Fund | 277,926,275 | — | 318,947,713 | — | ||||||||||||
Delaware Ivy Large Cap Growth Fund | 707,094,977 | — | 1,462,730,702 | — | ||||||||||||
Delaware Ivy Limited-Term Bond Fund | 605,738,438 | 351,232,949 | 714,271,443 | 413,747,991 | ||||||||||||
Delaware Ivy Managed International Opportunities Fund | 58,908,260 | — | 88,231,691 | — | ||||||||||||
Delaware Ivy Mid Cap Growth Fund | 2,123,700,586 | — | 2,302,991,410 | — | ||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | 496,103,420 | — | 343,928,863 | — | ||||||||||||
Delaware Ivy Municipal Bond Fund | 423,509,176 | — | 470,748,053 | — | ||||||||||||
Delaware Ivy Municipal High Income Fund | 401,321,509 | — | 491,948,474 | — | ||||||||||||
Delaware Ivy Securian Core Bond Fund | 327,329,083 | 585,985,778 | 627,870,607 | 598,709,671 | ||||||||||||
Delaware Ivy Small Cap Growth Fund | 1,111,749,925 | — | 1,536,043,973 | — | ||||||||||||
Delaware Ivy Smid Cap Core Fund | 859,960,437 | — | 1,020,771,507 | — | ||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | 802,905,913 | — | 1,259,822,785 | — | ||||||||||||
Delaware Ivy Value Fund | 898,425,849 | — | 967,601,949 | — |
The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes were as follows:
417
Notes to financial statements
Ivy Funds
3. Investments (continued)
Aggregate | Aggregate | Net unrealized | ||||||||||||||
unrealized | unrealized | appreciation | ||||||||||||||
Cost of | appreciation | depreciation | (depreciation) | |||||||||||||
investments | of investments | of investments | of investments | |||||||||||||
Fund | and derivatives | and derivatives | and derivatives | and derivatives | ||||||||||||
Delaware Ivy Core Equity Fund | $ | 2,814,167,444 | $ | 1,908,051,193 | $ | (48,729,557 | ) | $ | 1,859,321,636 | |||||||
Delaware Ivy Global Bond Fund | 540,173,704 | 2,964,606 | (22,646,485 | ) | (19,681,879 | ) | ||||||||||
Delaware Ivy Global Equity Income Fund | 525,922,538 | 20,591,645 | (39,699,756 | ) | (19,108,111 | ) | ||||||||||
Delaware Ivy Global Growth Fund | 670,847,803 | 257,246,902 | (55,018,724 | ) | 202,228,178 | |||||||||||
Delaware Ivy Government Money Market Fund | 145,196,027 | — | — | — | ||||||||||||
Delaware Ivy High Income Fund | 3,726,820,424 | 73,766,645 | (448,768,087 | ) | (375,001,442 | ) | ||||||||||
Delaware Ivy International Core Equity Fund | 1,663,583,095 | 380,718,543 | (198,755,372 | ) | 181,963,171 | |||||||||||
Delaware Ivy International Value Fund | 202,786,843 | 7,711,300 | (17,602,466 | ) | (9,891,166 | ) | ||||||||||
Delaware Ivy Large Cap Growth Fund | 2,509,895,088 | 3,375,857,990 | (99,668,774 | ) | 3,276,189,216 | |||||||||||
Delaware Ivy Limited-Term Bond Fund | 973,504,144 | 2,110,939 | (22,058,872 | ) | (19,947,933 | ) | ||||||||||
Delaware Ivy Managed International Opportunities Fund | 114,847,015 | 23,099,669 | (4,374,916 | ) | 18,724,753 | |||||||||||
Delaware Ivy Mid Cap Growth Fund | 4,795,552,261 | 2,894,703,889 | (284,097,009 | ) | 2,610,606,880 | |||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | 1,424,558,256 | 424,843,840 | (39,585,759 | ) | 385,258,081 | |||||||||||
Delaware Ivy Municipal Bond Fund | 617,485,331 | 21,330,858 | (19,583,044 | ) | 1,747,814 | |||||||||||
Delaware Ivy Municipal High Income Fund | 916,685,058 | 26,024,346 | (84,859,226 | ) | (58,834,880 | ) | ||||||||||
Delaware Ivy Securian Core Bond Fund | 874,818,507 | 8,663,670 | (40,913,909 | ) | (32,250,239 | ) | ||||||||||
Delaware Ivy Small Cap Growth Fund | 1,834,571,949 | 656,394,913 | (97,024,623 | ) | 559,370,290 | |||||||||||
Delaware Ivy Smid Cap Core Fund | 553,152,616 | 57,473,472 | (22,456,078 | ) | 35,017,394 | |||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | 1,193,169,068 | 456,389,435 | (166,872,114 | ) | 289,517,321 | |||||||||||
Delaware Ivy Value Fund | 1,107,832,872 | 400,199,079 | (29,431,538 | ) | 370,767,541 |
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established 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 assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1 − | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 − | Other observable inputs, including, but 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. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
Level 3 − | Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are
418
comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2022:
Delaware Ivy | ||||
Core Equity Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 4,484,649,032 | ||
Short-Term Investments | 188,840,048 | |||
Total Value of Securities | $ | 4,673,489,080 |
Delaware Ivy Global Bond Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Agency Mortgage-Backed Security | $ | — | $ | 145,940 | $ | 145,940 | ||||||
Corporate Bonds | — | 335,479,276 | 335,479,276 | |||||||||
Sovereign Bonds | — | 46,042,243 | 46,042,243 | |||||||||
Supranational Banks | — | 7,794,463 | 7,794,463 | |||||||||
US Treasury Obligations | — | 93,563,111 | 93,563,111 | |||||||||
Options Purchased | — | 160,448 | 160,448 | |||||||||
Short-Term Investments | 12,677,051 | — | 12,677,051 | |||||||||
Securities Lending Collateral | 23,412,858 | — | 23,412,858 | |||||||||
Total Value of Securities Before Options Written | $ | 36,089,909 | $ | 483,185,481 | $ | 519,275,390 | ||||||
Liabilities: | ||||||||||||
Options Written | $ | — | $ | (67,391 | ) | $ | (67,391 | ) | ||||
Derivatives1 | ||||||||||||
Assets: | ||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 1,135,722 | $ | 1,135,722 | ||||||
Futures Contracts | 1,287,892 | — | 1,287,892 | |||||||||
Liabilities: | ||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | (68,900 | ) | $ | (68,900 | ) | ||||
Futures Contracts | (1,070,888 | ) | — | (1,070,888 | ) |
1 | Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
419
Notes to financial statements
Ivy Funds
3. Investments (continued)
Delaware Ivy Global Equity Income Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Denmark | $ | — | $ | 19,624,393 | $ | 19,624,393 | ||||||
France | 11,889,139 | 48,062,354 | 59,951,493 | |||||||||
Germany | — | 57,578,984 | 57,578,984 | |||||||||
Ireland | — | 31,908 | 31,908 | |||||||||
Japan | — | 29,884,687 | 29,884,687 | |||||||||
Netherlands | — | 16,856,660 | 16,856,660 | |||||||||
South Africa | — | 25,981 | 25,981 | |||||||||
Spain | — | 23,175,703 | 23,175,703 | |||||||||
Sweden | — | 30,323,908 | 30,323,908 | |||||||||
Switzerland | — | 48,419,859 | 48,419,859 | |||||||||
United Kingdom | — | 47,728,377 | 47,728,377 | |||||||||
United States | 155,370,012 | 50,367 | 155,420,379 | |||||||||
Exchange-Traded Fund | 4,450,622 | — | 4,450,622 | |||||||||
Short-Term Investments | 140,103 | — | 140,103 | |||||||||
Securities Lending Collateral | 13,198,150 | — | 13,198,150 | |||||||||
Total Value of Securities | $ | 185,048,026 | $ | 321,763,181 | $ | 506,811,207 | ||||||
Derivatives1 | ||||||||||||
Assets: | ||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 3,412 | $ | 3,412 | ||||||
Liabilities: | ||||||||||||
Foreign Currency Exchange Contracts | — | (192 | ) | (192 | ) |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
420
Delaware Ivy Global Growth Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Canada | $ | 33,949,484 | $ | — | $ | 33,949,484 | ||||||
China | 9,598,897 | — | 9,598,897 | |||||||||
China/Hong Kong | 8,138,038 | 21,858,772 | 29,996,810 | |||||||||
Denmark | — | 12,398,027 | 12,398,027 | |||||||||
France | — | 47,995,240 | 47,995,240 | |||||||||
Germany | — | 42,766,876 | 42,766,876 | |||||||||
India | — | 36,671,829 | 36,671,829 | |||||||||
Italy | — | 19,245,162 | 19,245,162 | |||||||||
Japan | — | 25,251,551 | 25,251,551 | |||||||||
Republic of Korea | — | 15,510,347 | 15,510,347 | |||||||||
Taiwan | 21,043,526 | — | 21,043,526 | |||||||||
United Kingdom | — | 23,273,648 | 23,273,648 | |||||||||
United States | 514,310,691 | 28,682,706 | 542,993,397 | |||||||||
Preferred Stock | — | 9,209,170 | 9,209,170 | |||||||||
Short-Term Investments | 3,171,029 | — | 3,171,029 | |||||||||
Total Value of Securities | $ | 590,211,665 | $ | 282,863,328 | $ | 873,074,993 | ||||||
Derivatives1 | ||||||||||||
Assets: | ||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 1,085 | $ | 1,085 | ||||||
Liabilities: | ||||||||||||
Foreign Currency Exchange Contracts | — | (97 | ) | (97 | ) |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy Government Money Market Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Agency Obligations | $ | — | $ | 75,355,849 | $ | 75,355,849 | ||||||
Variable Rate Demand Notes | — | 10,925,000 | 10,925,000 | |||||||||
Short-Term Investments | 58,915,178 | — | 58,915,178 | |||||||||
Total Value of Securities | $ | 58,915,178 | $ | 86,280,849 | $ | 145,196,027 |
421
Notes to financial statements
Ivy Funds
3. Investments (continued)
Delaware Ivy High Income Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Securities | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Cyclical | $ | 43,533,248 | $ | — | $ | 18,723,615 | $ | 62,256,863 | ||||||||
Consumer Non-Cyclical | — | — | — | — | ||||||||||||
Energy | 24,398,808 | — | 535,090 | 24,933,898 | ||||||||||||
Financials | — | — | 1,678,897 | 1,678,897 | ||||||||||||
Industrials | 4,444,478 | — | — | 4,444,478 | ||||||||||||
Services | 60,529,113 | — | — | 60,529,113 | ||||||||||||
Convertible Bond | — | 4,998,884 | — | 4,998,884 | ||||||||||||
Convertible Preferred Stock | 50,558,647 | — | — | 50,558,647 | ||||||||||||
Corporate Bonds | — | 2,417,260,307 | — | 2,417,260,307 | ||||||||||||
Investment Company | 13,064,474 | — | — | 13,064,474 | ||||||||||||
Loan Agreements | — | 556,563,558 | — | 556,563,558 | ||||||||||||
Municipal Bonds | — | 27,587,571 | — | 27,587,571 | ||||||||||||
Preferred Stock | 2,050,430 | — | — | 2,050,430 | ||||||||||||
Warrant | 579,471 | — | — | 579,471 | ||||||||||||
Short-Term Investments | 79,262,712 | — | — | 79,262,712 | ||||||||||||
Securities Lending Collateral | 46,678,885 | — | — | 46,678,885 | ||||||||||||
Total Value of Securities | $ | 325,100,266 | $ | 3,006,410,320 | $ | 20,937,602 | $ | 3,352,448,188 | ||||||||
Derivatives1 | ||||||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | (629,206 | ) | $ | — | $ | (629,206 | ) |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
422
Delaware Ivy International Core Equity Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Australia | $ | — | $ | 33,680,899 | $ | 33,680,899 | ||||||
Austria | — | 19,080,837 | 19,080,837 | |||||||||
Brazil | 60,611,625 | — | 60,611,625 | |||||||||
Canada | 136,828,824 | — | 136,828,824 | |||||||||
China | 42,896,488 | 51,948,310 | 94,844,798 | |||||||||
China/Hong Kong | 17,538,900 | 20,958,014 | 38,496,914 | |||||||||
Denmark | — | 51,822,887 | 51,822,887 | |||||||||
France | — | 228,045,547 | 228,045,547 | |||||||||
Germany | — | 212,172,678 | 212,172,678 | |||||||||
Italy | — | 14,851,788 | 14,851,788 | |||||||||
Japan | — | 242,448,339 | 242,448,339 | |||||||||
Mexico | 29,961,543 | — | 29,961,543 | |||||||||
Netherlands | — | 52,710,223 | 52,710,223 | |||||||||
Norway | — | 30,569,728 | 30,569,728 | |||||||||
Republic of Korea | — | 68,755,597 | 68,755,597 | |||||||||
Spain | — | 23,056,299 | 23,056,299 | |||||||||
Sweden | — | 19,806,737 | 19,806,737 | |||||||||
Switzerland | — | 35,634,890 | 35,634,890 | |||||||||
Taiwan | — | 36,411,500 | 36,411,500 | |||||||||
United Kingdom | 34,850,544 | 203,799,218 | 238,649,762 | |||||||||
United States | 5,380,313 | 125,883,795 | 131,264,108 | |||||||||
Preferred Stock | — | 19,011,914 | 19,011,914 | |||||||||
Short-Term Investments | 20,577,025 | — | 20,577,025 | |||||||||
Securities Lending Collateral | 6,239,442 | — | 6,239,442 | |||||||||
Total Value of Securities | $ | 354,884,704 | $ | 1,490,649,200 | $ | 1,845,533,904 | ||||||
Derivatives1 | ||||||||||||
Assets: | ||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 38,131 | $ | 38,131 | ||||||
Liabilities: | ||||||||||||
Foreign Currency Exchange Contracts | — | (25,769 | ) | (25,769 | ) |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
423
Notes to financial statements
Ivy Funds
3. Investments (continued)
Delaware Ivy International Value Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Denmark | $ | — | $ | 10,608,020 | $ | 10,608,020 | ||||||
Finland | — | 19,275 | 19,275 | |||||||||
France | 3,998,839 | 27,472,509 | 31,471,348 | |||||||||
Germany | — | 26,394,882 | 26,394,882 | |||||||||
Hong Kong | — | 23,669 | 23,669 | |||||||||
Japan | — | 23,043,463 | 23,043,463 | |||||||||
Netherlands | — | 7,923,653 | 7,923,653 | |||||||||
Spain | — | 11,458,140 | 11,458,140 | |||||||||
Sweden | — | 16,137,156 | 16,137,156 | |||||||||
Switzerland | — | 29,406,855 | 29,406,855 | |||||||||
United Kingdom | — | 25,738,808 | 25,738,808 | |||||||||
Exchange-Traded Funds | 3,829,593 | — | 3,829,593 | |||||||||
Securities Lending Collateral | 6,839,100 | — | 6,839,100 | |||||||||
Total Value of Securities | $ | 14,667,532 | $ | 178,226,430 | $ | 192,893,962 | ||||||
Derivatives1 | ||||||||||||
Assets: | ||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 1,813 | $ | 1,813 | ||||||
Liabilities: | ||||||||||||
Foreign Currency Exchange Contracts | — | (98 | ) | (98 | ) |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy | ||||
Large Cap | ||||
Growth Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 5,762,752,682 | ||
Short-Term Investments | 14,301,622 | |||
Securities Lending Collateral | 9,030,000 | |||
Total Value of Securities | $ | 5,786,084,304 |
Delaware Ivy Limited-Term Bond Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Agency Collateralized Mortgage Obligations | $ | — | $ | 7,564,878 | $ | 7,564,878 | ||||||
Agency Commercial Mortgage-Backed Securities | — | 114,097,805 | 114,097,805 | |||||||||
Collateralized Debt Obligations | — | 76,474,720 | 76,474,720 | |||||||||
Corporate Bonds | — | 591,485,031 | 591,485,031 |
424
Delaware Ivy Limited-Term Bond Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Non-Agency Asset-Backed Securities | $ | — | $ | 10,927,448 | $ | 10,927,448 | ||||||
Non-Agency Commercial Mortgage-Backed Security | — | 6,311,747 | 6,311,747 | |||||||||
Supranational Bank | — | 1,501,504 | 1,501,504 | |||||||||
US Treasury Obligations | — | 129,104,016 | 129,104,016 | |||||||||
Short-Term Investments | 14,271,674 | — | 14,271,674 | |||||||||
Securities Lending Collateral | 2,378,698 | — | 2,378,698 | |||||||||
Total Value of Securities | $ | 16,650,372 | $ | 937,467,149 | $ | 954,117,521 | ||||||
Derivatives1 | ||||||||||||
Liabilities: | ||||||||||||
Futures Contracts | $ | (561,310 | ) | $ | — | $ | (561,310 | ) |
1 | Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy | ||||
Managed | ||||
International | ||||
Opportunities | ||||
Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Affiliated Mutual Funds | $ | 132,722,780 | ||
Short-Term Investments | 848,988 | |||
Total Value of Securities | $ | 133,571,768 |
Delaware Ivy | ||||
Mid Cap Growth | ||||
Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 7,220,098,453 | ||
Short-Term Investments | 37,249,391 | |||
Securities Lending Collateral | 151,991,897 | |||
Total Value of Securities Before Options Written | $ | 7,409,339,741 | ||
Liabilities: | ||||
Options Written | $ | (3,180,600 | ) |
425
Notes to financial statements
Ivy Funds
3. Investments (continued)
Delaware Ivy | ||||
Mid Cap Income | ||||
Opportunities | ||||
Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 1,700,770,598 | ||
Limited Partnerships | 28,122,001 | |||
Short-Term Investments | 27,073,762 | |||
Securities Lending Collateral | 53,849,976 | |||
Total Value of Securities | $ | 1,809,816,337 |
Delaware Ivy Municipal Bond Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Municipal Bonds | $ | — | $ | 618,083,698 | $ | 618,083,698 | ||||||
Short-Term Investments | 1,149,447 | — | 1,149,447 | |||||||||
Total Value of Securities | $ | 1,149,447 | $ | 618,083,698 | $ | 619,233,145 |
Delaware Ivy Municipal High Income Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Municipal Bonds | $ | — | $ | 829,960,745 | $ | 829,960,745 | ||||||
Short-Term Investments1 | 10,444,433 | 17,445,000 | 27,889,433 | |||||||||
Total Value of Securities | $ | 10,444,433 | $ | 847,405,745 | $ | 857,850,178 |
1 | Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types: |
Level 1 | Level 2 | Total | ||||||||||
Short-Term Investments | 37.45 | % | 62.55 | % | 100.00 | % |
Delaware Ivy Securian Core Bond Fund | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Agency Collateralized Mortgage Obligations | $ | — | $ | 20,701,439 | $ | 20,701,439 | ||||||
Agency Commercial Mortgage-Backed Securities | — | 6,950,048 | 6,950,048 | |||||||||
Agency Mortgage-Backed Securities | — | 31,449,623 | 31,449,623 | |||||||||
Corporate Bonds | — | 360,737,690 | 360,737,690 | |||||||||
Municipal Bonds | — | 12,790,475 | 12,790,475 | |||||||||
Non-Agency Asset-Backed Securities | — | 91,893,312 | 91,893,312 |
426
Delaware Ivy Securian Core Bond Fund | ||||||||||||
�� | Level 1 | Level 2 | Total | |||||||||
Non-Agency Collateralized Mortgage Obligations | $ | — | $ | 101,965,215 | $ | 101,965,215 | ||||||
Non-Agency Commercial Mortgage-Backed Securities | — | 46,634,785 | 46,634,785 | |||||||||
Preferred Stock | 4,060,000 | — | 4,060,000 | |||||||||
US Treasury Obligations | — | 143,254,565 | 143,254,565 | |||||||||
Short-Term Investments | 16,901,252 | — | 16,901,252 | |||||||||
Securities Lending Collateral | 7,855,048 | — | 7,855,048 | |||||||||
Total Value of Securities | $ | 28,816,300 | $ | 816,377,152 | $ | 845,193,452 | ||||||
Derivatives1 | ||||||||||||
Assets: | ||||||||||||
Futures Contracts | $ | 1,311,446 | $ | — | $ | 1,311,446 | ||||||
Liabilities: | ||||||||||||
Futures Contracts | $ | (3,936,630 | ) | $ | — | $ | (3,936,630 | ) |
1 | Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy | ||||
Small Cap | ||||
Growth Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 2,341,591,987 | ||
Short-Term Investments | 10,682,540 | |||
Securities Lending Collateral | 41,667,712 | |||
Total Value of Securities | $ | 2,393,942,239 |
Delaware Ivy | ||||
Smid Cap Core | ||||
Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 588,170,010 | ||
Securities Lending Collateral | 8,852,810 | |||
Total Value of Securities | $ | 597,022,820 |
Delaware Ivy Systematic Emerging Markets Equity Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Securities | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 20,585,535 | $ | 148,063,703 | $ | — | $ | 168,649,238 | ||||||||
Consumer Discretionary | 51,119,644 | 135,669,167 | 1,130,874 | 187,919,685 | ||||||||||||
Consumer Staples | 35,351,220 | 69,322,747 | — | 104,673,967 | ||||||||||||
Energy | 5,144,466 | 49,367,881 | 226,176 | 54,738,523 |
427
Notes to financial statements
Ivy Funds
3. Investments (continued)
Delaware Ivy Systematic Emerging Markets Equity Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financials | $ | 44,170,701 | $ | 205,012,798 | $ | 42,485 | $ | 249,225,984 | ||||||||
Healthcare | 6,198,787 | 10,285,739 | — | 16,484,526 | ||||||||||||
Industrials | 4,797,590 | 109,613,347 | — | 114,410,937 | ||||||||||||
Information Technology | — | 404,538,397 | — | 404,538,397 | ||||||||||||
Materials | 26,683,421 | 66,373,328 | — | 93,056,749 | ||||||||||||
Real Estate | — | 38,829,765 | — | 38,829,765 | ||||||||||||
Utilities | — | 3,297,751 | — | 3,297,751 | ||||||||||||
Preferred Stock | 40,782,921 | — | — | 40,782,921 | ||||||||||||
Securities Lending Collateral | 6,154,460 | — | — | 6,154,460 | ||||||||||||
Total Value of Securities | $ | 240,988,745 | $ | 1,240,374,623 | $ | 1,399,535 | $ | 1,482,762,903 | ||||||||
Derivatives1 | ||||||||||||||||
Assets: | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 51,725 | $ | — | $ | 51,725 | ||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | (128,239 | ) | $ | — | $ | (128,239 | ) |
1 | Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Ivy | ||||
Value Fund | ||||
Level 1 | ||||
Securities | ||||
Assets: | ||||
Common Stocks | $ | 1,451,957,541 | ||
Short-Term Investments | 26,642,872 | |||
Total Value of Securities | $ | 1,478,600,413 |
During the year ended March 31, 2022, for all funds except Delaware Ivy High Income Fund, there were no transfers into or out of Level 3 investments. Each Funds’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.
A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets.
Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the year. Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy Global Growth Fund, Delaware Ivy Government Money Market Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund, Delaware Ivy Securian Core Bond Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Value Fund had no level 3 investments at March 31, 2022.
428
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:
Delaware Ivy High Income Fund
Common Stocks | Loan Agreements | |||||||
Balance as of 3/31/21 | $ | 113,059,761 | $ | 66,443,754 | ||||
Net change in unrealized appreciation (depreciation) | (13,323,727 | ) | 25,816,172 | |||||
Transfers in | 1,275,124 | — | ||||||
Transfers out | (80,073,556 | ) | (92,259,926 | ) | ||||
Balance as of 3/31/22 | $ | 20,937,602 | $ | — | ||||
Net change in unrealized appreciation (depreciation) | ||||||||
from Level 3 investments still held as of 3/31/22 | $ | (13,323,727 | ) | $ | 25,816,172 |
429
Notes to financial statements
Ivy Funds
4. Dividend and Distribution Information
Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2022 and 2021 were as follows:
Long-term | ||||||||||||||||
Tax-exempt | Ordinary | capital | ||||||||||||||
income | income | gains | Total | |||||||||||||
Year ended March 31, 2022: | ||||||||||||||||
Delaware Ivy Core Equity Fund | $ | — | $ | 142,481,004 | $ | 444,346,397 | $ | 586,827,401 | ||||||||
Delaware Ivy Global Bond Fund | — | 13,745,029 | — | 13,745,029 | ||||||||||||
Delaware Ivy Global Equity Income Fund | — | 21,733,923 | 24,698,808 | 46,432,731 | ||||||||||||
Delaware Ivy Global Growth Fund | — | 13,191,774 | 55,351,393 | 68,543,167 | ||||||||||||
Delaware Ivy Government Money Market Fund | — | 30,882 | — | 30,882 | ||||||||||||
Delaware Ivy High Income Fund | — | 258,196,207 | — | 258,196,207 | ||||||||||||
Delaware Ivy International Core Equity Fund | — | 59,475,441 | — | 59,475,441 | ||||||||||||
Delaware Ivy International Value Fund | — | 5,491,305 | — | 5,491,305 | ||||||||||||
Delaware Ivy Large Cap Growth Fund | — | 195,191,405 | 374,426,728 | 569,618,133 | ||||||||||||
Delaware Ivy Limited-Term Bond Fund | — | 12,331,033 | — | 12,331,033 | ||||||||||||
Delaware Ivy Managed International Opportunities Fund | — | 3,750,514 | 343,650 | 4,094,164 | ||||||||||||
Delaware Ivy Mid Cap Growth Fund | — | 128,694,208 | 803,176,207 | 931,870,415 | ||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | — | 39,308,250 | 26,449,810 | 65,758,060 | ||||||||||||
Delaware Ivy Municipal Bond Fund | 15,441,016 | 6,949 | 6,447,046 | 21,895,011 | ||||||||||||
Delaware Ivy Municipal High Income Fund | 31,750,840 | 2,177 | — | 31,753,017 | ||||||||||||
Delaware Ivy Securian Core Bond Fund | — | 23,935,064 | 2,031,489 | 25,966,553 | ||||||||||||
Delaware Ivy Small Cap Growth Fund | — | 81,413,974 | 568,208,748 | 649,622,722 | ||||||||||||
Delaware Ivy Smid Cap Core Fund | — | 66,534,796 | 45,617,571 | 112,152,367 | ||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | — | 15,948,852 | — | 15,948,852 | ||||||||||||
Delaware Ivy Value Fund | — | 53,603,389 | 98,510,354 | 152,113,743 | ||||||||||||
Year ended March 31, 2021: | ||||||||||||||||
Delaware Ivy Core Equity Fund | — | 17,813,050 | 93,787,947 | 111,600,997 | ||||||||||||
Delaware Ivy Global Bond Fund | — | 12,737,409 | — | 12,737,409 | ||||||||||||
Delaware Ivy Global Equity Income Fund | — | 11,930,404 | 8,427,113 | 20,357,517 | ||||||||||||
Delaware Ivy Global Growth Fund | — | 88,009 | 50,869,467 | 50,957,476 | ||||||||||||
Delaware Ivy Government Money Market Fund | — | 96,640 | — | 96,640 | ||||||||||||
Delaware Ivy High Income Fund | — | 260,840,407 | — | 260,840,407 | ||||||||||||
Delaware Ivy International Core Equity Fund | — | 34,524,008 | — | 34,524,008 | ||||||||||||
Delaware Ivy International Value Fund | — | 3,239,967 | — | 3,239,967 | ||||||||||||
Delaware Ivy Large Cap Growth Fund | — | 6,603,661 | 341,544,968 | 348,148,629 | ||||||||||||
Delaware Ivy Limited-Term Bond Fund | — | 17,466,610 | — | 17,466,610 | ||||||||||||
Delaware Ivy Managed International Opportunities Fund | — | 1,669,932 | — | 1,669,932 | ||||||||||||
Delaware Ivy Mid Cap Growth Fund | — | 10,052,278 | 620,487,260 | 630,539,538 | ||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | — | 17,427,083 | — | 17,427,083 | ||||||||||||
Delaware Ivy Municipal Bond Fund | — | 17,016,286 | — | 17,016,286 | ||||||||||||
Delaware Ivy Municipal High Income Fund | — | 35,385,551 | — | 35,385,551 | ||||||||||||
Delaware Ivy Securian Core Bond Fund | — | — | — | — | ||||||||||||
Delaware Ivy Small Cap Growth Fund | — | — | — | — | ||||||||||||
Delaware Ivy Smid Cap Core Fund | — | — | — | — | ||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | — | 20,393,034 | — | 20,393,034 | ||||||||||||
Delaware Ivy Value Fund | — | — | — | — |
430
5. Components of Net Assets on a Tax Basis
As of March 31, 2022, the components of net assets on a tax basis were as follows:
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||
Core Equity | Global Bond | Global Equity | ||||||||||
Fund | Fund | Income Fund | ||||||||||
Shares of beneficial interest | $ | 2,475,793,144 | $ | 580,954,648 | $ | 366,533,022 | ||||||
Undistributed ordinary income | 4,790,773 | 2,219,816 | 19,428,001 | |||||||||
Undistributed long-term capital gains | 363,132,362 | — | 128,395,853 | |||||||||
Qualified late year loss deferrals | (39,294,765 | ) | — | (304,859 | ) | |||||||
Capital loss carryforwards | — | (66,376,263 | ) | — | ||||||||
Other temporary differences | (822,585 | ) | (114,901 | ) | (131,845 | ) | ||||||
Unrealized appreciation (depreciation) of investments and foreign currencies | 1,859,321,636 | (19,681,879 | ) | (19,108,111 | ) | |||||||
Net assets | $ | 4,662,920,565 | $ | 497,001,421 | $ | 494,812,061 |
Delaware Ivy | Delaware Ivy | |||||||||||
Global | Government | Delaware Ivy | ||||||||||
Growth | Money | High Income | ||||||||||
Fund | Market Fund | Fund | ||||||||||
Shares of beneficial interest | $ | 444,011,908 | $ | 146,270,200 | $ | 5,128,020,174 | ||||||
Undistributed ordinary income | 259,829 | 4,229 | 1,238,089 | |||||||||
Undistributed long-term capital gains | 223,732,108 | 196 | — | |||||||||
Distributions payable | — | (700 | ) | (2,516,574 | ) | |||||||
Capital loss carryforwards | — | — | (1,281,384,716 | ) | ||||||||
Other temporary differences | (183,066 | ) | (8,178 | ) | (446,236 | ) | ||||||
Unrealized appreciation (depreciation) of investments and foreign currencies | 202,228,178 | — | (375,001,442 | ) | ||||||||
Net assets | $ | 870,048,957 | $ | 146,265,747 | $ | 3,469,909,295 |
Delaware Ivy | ||||||||||||
International | Delaware Ivy | Delaware Ivy | ||||||||||
Core Equity | International | Large Cap | ||||||||||
Fund | Value Fund | Growth Fund | ||||||||||
Shares of beneficial interest | $ | 1,715,254,971 | $ | 185,997,539 | $ | 2,187,941,201 | ||||||
Undistributed ordinary income | 904,781 | 2,020,549 | 29,826,075 | |||||||||
Undistributed long-term capital gains | — | 9,275,416 | 280,352,401 | |||||||||
Capital loss carryforwards | (46,407,665 | ) | — | — | ||||||||
Other temporary differences | (195,846 | ) | (59,673 | ) | (457,753 | ) | ||||||
Unrealized appreciation (depreciation) of investments and foreign currencies | 181,963,171 | (9,891,166 | ) | 3,276,189,216 | ||||||||
Net assets | $ | 1,851,519,412 | $ | 187,342,665 | $ | 5,773,851,140 |
Delaware Ivy | ||||||||||||
Managed | Delaware Ivy | |||||||||||
Delaware Ivy | International | Mid Cap | ||||||||||
Limited-Term | Opportunities | Growth | ||||||||||
Bond Fund | Fund | Fund | ||||||||||
Shares of beneficial interest | $ | 982,153,071 | $ | 103,887,546 | $ | 4,351,334,295 | ||||||
Undistributed ordinary income | 387,411 | — | — | |||||||||
Undistributed long-term capital gains | — | 11,405,075 | 296,744,966 | |||||||||
Qualified late year loss deferrals | — | (613,875 | ) | (40,855,579 | ) | |||||||
Distributions payable | (98,407 | ) | — | — | ||||||||
Capital loss carryforwards | (15,779,940 | ) | — | — | ||||||||
Other temporary differences | (67,536 | ) | (10,529 | ) | (394,683 | ) | ||||||
Unrealized appreciation (depreciation) of investments and foreign currencies | (19,947,933 | ) | 18,724,753 | 2,610,606,880 | ||||||||
Net assets | $ | 946,646,666 | $ | 133,392,970 | $ | 7,217,435,879 |
431
Notes to financial statements
Ivy Funds
5. Components of Net Assets on a Tax Basis (continued)
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||
Mid Cap Income | Municipal | Municipal | ||||||||||
Opportunities | Bond | High Income | ||||||||||
Fund | Fund | Fund | ||||||||||
Shares of beneficial interest | $ | 1,343,418,723 | $ | 616,005,660 | $ | 949,251,840 | ||||||
Undistributed ordinary income | 9,330,124 | — | — | |||||||||
Undistributed tax-exempt income | — | 1,996,690 | 7,747,461 | |||||||||
Undistributed long-term capital gains | 19,572,017 | 965,436 | — | |||||||||
Distributions payable | — | (208,384 | ) | (306,416 | ) | |||||||
Capital loss carryforwards | — | — | (38,178,964 | ) | ||||||||
Other temporary differences | (24,906 | ) | (145,544 | ) | (155,623 | ) | ||||||
Unrealized appreciation (depreciation) of investments and foreign currencies | 385,258,081 | 1,747,814 | (58,834,880 | ) | ||||||||
Net assets | $ | 1,757,554,039 | $ | 620,361,672 | $ | 859,523,418 |
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||
Securian Core | Small Cap | Smid Cap Core | ||||||||||
Bond Fund | Growth Fund | Fund | ||||||||||
Shares of beneficial interest | $ | 879,084,634 | $ | 1,718,119,152 | $ | 466,630,285 | ||||||
Undistributed ordinary income | 2,244,393 | — | 1,677 | |||||||||
Undistributed long-term capital gains | — | 72,748,761 | 97,195,644 | |||||||||
Qualified late year loss deferrals | (12,603,828 | ) | — | — | ||||||||
Distributions payable | (194,256 | ) | — | — | ||||||||
Other temporary differences | (57,138 | ) | (272,161 | ) | (29,121 | ) | ||||||
Unrealized appreciation (depreciation) of investments and foreign currencies | (32,250,239 | ) | 559,370,290 | 35,017,394 | ||||||||
Net assets | $ | 836,223,566 | $ | 2,349,966,042 | $ | 598,815,879 |
Delaware Ivy | ||||||||
Systematic | ||||||||
Emerging | ||||||||
Markets Equity | Delaware Ivy | |||||||
Fund | Value Fund | |||||||
Shares of beneficial interest | $ | 1,146,847,283 | $ | 1,008,810,084 | ||||
Undistributed ordinary income | — | 30,965,201 | ||||||
Undistributed long-term capital gains | 75,498,744 | 67,387,995 | ||||||
Qualified late year loss deferrals | (10,357,149 | ) | — | |||||
Other temporary differences | (70,628 | ) | (127,060 | ) | ||||
Unrealized appreciation (depreciation) of investments and foreign currencies | 294,863,192 | 370,767,541 | ||||||
Net assets | $ | 1,506,781,442 | $ | 1,477,803,761 |
The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, contingent payment debt instruments, amortization of premium on convertible securities, trust preferred securities, partnership interest and deemed dividend income.
Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2022 through March 31, 2022 and November 1, 2021 through March 31, 2022, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to net operating losses, tax treatment of partnership non-deductible expenses, gain (loss) on foreign currency transactions, tax treatment of partnerships, amortization of premium on convertible securities, swap contracts, deemed dividend income, contingent payment on
432
debt instruments, trust preferred securities and paydown gains (losses) of asset- and mortgage-backed securities. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2022, the Funds recorded the following reclassifications:
Delaware Ivy | Delaware Ivy | |||||||||||
Government | Delaware Ivy | Mid Cap | ||||||||||
Money | High Income | Growth | ||||||||||
Market Fund | Fund | Fund | ||||||||||
Paid-in capital | $ | (636 | ) | $ | (5,889,617 | ) | $ | (32,937,403 | ) | |||
Total distributable earnings (loss) | 636 | 5,889,617 | 32,937,403 |
| Delaware Ivy Municipal High Income Fund | Delaware Ivy Small Cap Growth Fund | ||||||
Paid-in capital | $ | 29,285 | $ | (19,033,249 | ) | |||
Total distributable earnings (loss) | (29,285 | ) | 19,033,249 |
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2022, the Funds utilized the following capital loss carryforwards:
Delaware Ivy Global Bond Fund | $ | 599,732 | ||
Delaware Ivy International Core Equity Fund | 295,945,667 | |||
Delaware Ivy International Value Fund | 15,031,538 | |||
Delaware Ivy Managed International Opportunities Fund | 3,503,797 | |||
Delaware Ivy Municipal High Income Fund | 18,200,185 | |||
Delaware Ivy Systematic Emerging Markets Equity Fund | 130,075,674 | |||
Delaware Ivy Value Fund | 25,232,543 |
At March 31, 2022, capital loss carryforwards available to offset future realized capital gains are as follows:
Loss carryforward character | ||||||||||||
Short-term | Long-term | Total | ||||||||||
Delaware Ivy | ||||||||||||
Global Bond Fund | $ | 44,679,050 | $ | 21,697,213 | $ | 66,376,263 | ||||||
Delaware Ivy | ||||||||||||
High Income Fund | 185,353,821 | 1,096,030,895 | 1,281,384,716 | |||||||||
Delaware Ivy | ||||||||||||
International | ||||||||||||
Core Equity Fund | 27,785,341 | 18,622,324 | 46,407,665 | |||||||||
Delaware Ivy | ||||||||||||
Limited-Term Bond Fund | 10,307,499 | 5,472,441 | 15,779,940 | |||||||||
Delaware Ivy | ||||||||||||
Municipal High Income Fund | 423,914 | 37,755,050 | 38,178,964 |
433
Notes to financial statements
Ivy Funds
6. Capital Shares
Transactions in capital shares were as follows:
Delaware Ivy | Delaware Ivy | Delaware Ivy Global Equity | ||||||||||||||||||||||
Core Equity Fund | Global Bond Fund | Income Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 5,062,451 | 6,770,206 | 1,792,314 | 2,124,463 | 727,114 | 1,175,650 | ||||||||||||||||||
Class B1 | 3,016 | 2,911 | — | 1,619 | 10 | 868 | ||||||||||||||||||
Class C | 241,524 | 330,451 | 79,603 | 90,507 | 20,250 | 29,228 | ||||||||||||||||||
Class E | 79,268 | 108,206 | — | — | 23,204 | 33,602 | ||||||||||||||||||
Class I | 11,001,554 | 5,692,783 | 8,501,414 | 6,057,003 | 1,307,962 | 1,793,528 | ||||||||||||||||||
Class R | 2,984 | 5,144 | 6,723 | 5,233 | 1,627 | 495 | ||||||||||||||||||
Class R62 | 814,428 | 3,491,426 | 10,500,290 | 4,280,504 | 77,451 | 397,851 | ||||||||||||||||||
Class Y | 226,982 | 114,479 | 75,469 | 21,768 | 9,298 | 42,135 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 23,068,056 | 4,797,035 | 406,091 | 449,420 | 1,701,216 | 758,383 | ||||||||||||||||||
Class B | — | 7,137 | 209 | 773 | 265 | 1,626 | ||||||||||||||||||
Class C | 289,195 | 80,711 | 6,610 | 10,327 | 31,193 | 18,404 | ||||||||||||||||||
Class E | 125,327 | 25,830 | — | — | 30,031 | 13,334 | ||||||||||||||||||
Class I | 5,671,255 | 1,308,373 | 649,756 | 618,125 | 1,454,940 | 749,763 | ||||||||||||||||||
Class R | 510 | 77 | 549 | 645 | 100 | 147 | ||||||||||||||||||
Class R62 | 474,126 | 119,077 | 270,580 | 131,066 | 116,938 | 68,099 | ||||||||||||||||||
Class Y | 141,536 | 33,599 | 1,960 | 2,317 | 9,138 | 4,327 | ||||||||||||||||||
47,202,212 | 22,887,445 | 22,291,568 | 13,793,770 | 5,510,737 | 5,087,440 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (28,289,040 | ) | (27,535,575 | ) | (3,871,917 | ) | (3,635,352 | ) | (4,245,448 | ) | (6,320,613 | ) | ||||||||||||
Class B1 | (196,988 | ) | (268,902 | ) | (32,934 | ) | (30,134 | ) | (143,225 | ) | (77,891 | ) | ||||||||||||
Class C | (872,010 | ) | (1,933,227 | ) | (134,565 | ) | (359,314 | ) | (194,724 | ) | (557,613 | ) | ||||||||||||
Class E | (163,361 | ) | (173,948 | ) | — | — | (56,499 | ) | (104,082 | ) | ||||||||||||||
Class I | (19,284,543 | ) | (17,874,505 | ) | (11,866,855 | ) | (5,315,509 | ) | (6,138,844 | ) | (8,148,497 | ) | ||||||||||||
Class R | (23,781 | ) | (8,281 | ) | (6,058 | ) | (46,754 | ) | (4,456 | ) | (28,538 | ) | ||||||||||||
Class R62 | (1,309,870 | ) | (1,604,140 | ) | (1,755,102 | ) | (907,318 | ) | (838,043 | ) | (536,343 | ) | ||||||||||||
Class Y | (203,602 | ) | (619,378 | ) | (69,391 | ) | (31,429 | ) | (39,530 | ) | (366,790 | ) | ||||||||||||
(50,343,195 | ) | (50,017,956 | ) | (17,736,822 | ) | (10,325,810 | ) | (11,660,769 | ) | (16,140,367 | ) | |||||||||||||
Net increase (decrease) | (3,140,983 | ) | (27,130,511 | ) | 4,554,746 | 3,467,960 | (6,150,032 | ) | (11,052,927 | ) |
434
Delaware Ivy | ||||||||||||||||||||||||
Delaware Ivy | Government Money | Delaware Ivy | ||||||||||||||||||||||
Global Growth Fund | Market Fund | High Income Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 250,954 | 488,243 | 192,945,550 | 362,834,343 | 29,639,151 | 52,365,785 | ||||||||||||||||||
Class B1 | — | 43 | 2 | 126,314 | 1,224 | 25,983 | ||||||||||||||||||
Class C | 8,492 | 15,533 | 3,237,390 | 5,045,169 | 3,370,392 | 4,610,530 | ||||||||||||||||||
Class E | — | — | 3,068,654 | 10,219,129 | 103,840 | 212,425 | ||||||||||||||||||
Class I | 795,576 | 1,308,545 | — | — | 58,949,790 | 110,771,266 | ||||||||||||||||||
Class R | 478 | 1,417 | — | — | 538,192 | 853,017 | ||||||||||||||||||
Class R62 | 49,768 | 15,010 | — | 254,790 | 2,799,677 | 6,379,393 | ||||||||||||||||||
Class Y | 4,252 | 19,096 | — | — | 5,267,236 | 11,715,237 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 603,941 | 464,324 | 26,449 | 84,829 | 14,856,337 | 14,422,502 | ||||||||||||||||||
Class B | — | 627 | — | 43 | 16,030 | 109,907 | ||||||||||||||||||
Class C | 6,950 | 8,930 | — | 1,007 | 1,958,489 | 3,202,979 | ||||||||||||||||||
Class E | — | — | — | 6,523 | 79,588 | 81,875 | ||||||||||||||||||
Class I | 509,131 | 428,726 | — | — | 15,408,486 | 15,652,366 | ||||||||||||||||||
Class R | 970 | 904 | — | — | 406,680 | 444,656 | ||||||||||||||||||
Class R62 | 22,774 | 17,485 | — | 10 | 608,214 | 628,305 | ||||||||||||||||||
Class Y | 2,355 | 1,980 | — | — | 899,715 | 1,138,476 | ||||||||||||||||||
2,255,641 | 2,770,863 | 199,278,045 | 378,572,157 | 134,903,041 | 222,614,702 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (1,374,548 | ) | (1,305,663 | ) | (242,656,731 | ) | (339,476,733 | ) | (65,773,913 | ) | (58,972,407 | ) | ||||||||||||
Class B1 | (4,414 | ) | (10,680 | ) | (470,354 | ) | (558,479 | ) | (1,101,616 | ) | (2,220,630 | ) | ||||||||||||
Class C | (47,994 | ) | (76,482 | ) | (3,796,165 | ) | (18,566,964 | ) | (17,607,476 | ) | (38,171,304 | ) | ||||||||||||
Class E | — | (3,841 | ) | (4,787,351 | ) | (7,669,237 | ) | (240,798 | ) | (302,530 | ) | |||||||||||||
Class I | (3,006,958 | ) | (2,198,284 | ) | — | — | (121,072,408 | ) | (115,234,668 | ) | ||||||||||||||
Class R | (2,978 | ) | (5,742 | ) | — | — | (1,106,366 | ) | (2,165,830 | ) | ||||||||||||||
Class R62 | (346,205 | ) | (118,388 | ) | — | (8,230,781 | ) | (3,190,709 | ) | (8,526,436 | ) | |||||||||||||
Class T | — | — | — | — | — | (36,159 | ) | |||||||||||||||||
Class Y | (26,198 | ) | (30,222 | ) | — | — | (10,771,871 | ) | (15,874,196 | ) | ||||||||||||||
(4,809,295 | ) | (3,749,302 | ) | (251,710,601 | ) | (374,502,194 | ) | (220,865,157 | ) | (241,504,160 | ) | |||||||||||||
Net increase (decrease) | (2,553,654 | ) | (978,439 | ) | (52,432,556 | ) | 4,069,963 | (85,962,116 | ) | (18,889,458 | ) |
435
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
Delaware Ivy | ||||||||||||||||||||||||
International | Delaware Ivy | Delaware Ivy | ||||||||||||||||||||||
Core Equity Fund | International Value Fund | Large Cap Growth Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 1,651,930 | 2,807,276 | 267,711 | 226,385 | 3,976,672 | 7,426,909 | ||||||||||||||||||
Class B1 | 750 | 1,499 | 299 | 49 | 5,646 | 19,372 | ||||||||||||||||||
Class C | 98,125 | 132,232 | 18,075 | 5,655 | 406,686 | 831,912 | ||||||||||||||||||
Class E | 39,245 | 43,372 | — | — | 106,534 | 141,970 | ||||||||||||||||||
Class I | 10,163,634 | 12,141,741 | 2,370,059 | 890,584 | 14,739,402 | 15,663,059 | ||||||||||||||||||
Class R | 113,866 | 238,546 | 364 | 114 | 84,431 | 161,037 | ||||||||||||||||||
Class R62 | 2,814,038 | 5,385,771 | 1,403,533 | 698,324 | 771,044 | 1,737,921 | ||||||||||||||||||
Class Y | 747,020 | 1,122,823 | 6,235 | 6,825 | 345,189 | 238,766 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 410,422 | 186,384 | 77,387 | 39,006 | 8,475,712 | 5,780,698 | ||||||||||||||||||
Class B | — | 186 | — | — | — | 15,284 | ||||||||||||||||||
Class C | 63,873 | 26,415 | 818 | 282 | 317,964 | 326,006 | ||||||||||||||||||
Class E | 9,670 | 3,912 | — | — | 100,086 | 67,042 | ||||||||||||||||||
Class I | 1,643,945 | 1,071,693 | 123,441 | 72,381 | 6,749,507 | 4,897,923 | ||||||||||||||||||
Class R | 55,729 | 21,744 | 10 | 3 | 39,813 | 34,267 | ||||||||||||||||||
Class R62 | 514,994 | 421,014 | 97,994 | 78,617 | 424,539 | 328,678 | ||||||||||||||||||
Class Y | 79,023 | 45,633 | 1,395 | 737 | 86,432 | 70,243 | ||||||||||||||||||
18,406,264 | 23,650,241 | 4,367,321 | 2,018,962 | 36,629,657 | 37,741,087 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (4,380,189 | ) | (7,684,474 | ) | (673,016 | ) | (803,060 | ) | (14,725,393 | ) | (14,167,432 | ) | ||||||||||||
Class B1 | (30,696 | ) | (70,810 | ) | (3,598 | ) | (4,521 | ) | (214,153 | ) | (196,815 | ) | ||||||||||||
Class C | (1,238,865 | ) | (2,882,563 | ) | (16,825 | ) | (56,815 | ) | (1,054,728 | ) | (2,368,944 | ) | ||||||||||||
Class E | (37,722 | ) | (85,249 | ) | — | — | (144,768 | ) | (148,486 | ) | ||||||||||||||
Class I | (29,029,247 | ) | (53,520,512 | ) | (3,408,758 | ) | (2,639,714 | ) | (23,617,949 | ) | (23,367,510 | ) | ||||||||||||
Class R | (469,390 | ) | (987,189 | ) | (18,882 | ) | (100 | ) | (179,339 | ) | (398,658 | ) | ||||||||||||
Class R62 | (10,142,650 | ) | (27,184,059 | ) | (2,358,134 | ) | (3,468,027 | ) | (1,461,593 | ) | (1,721,155 | ) | ||||||||||||
Class T | — | (13,186 | ) | — | — | — | — | |||||||||||||||||
Class Y | (2,850,084 | ) | (9,736,713 | ) | (9,459 | ) | (8,693 | ) | (345,757 | ) | (504,079 | ) | ||||||||||||
(48,178,843 | ) | (102,164,755 | ) | (6,488,672 | ) | (6,980,930 | ) | (41,743,680 | ) | (42,873,079 | ) | |||||||||||||
Net decrease | (29,772,579 | ) | (78,514,514 | ) | (2,121,351 | ) | (4,961,968 | ) | (5,114,023 | ) | (5,131,992 | ) |
436
Delaware Ivy | ||||||||||||||||||||||||
Delaware Ivy | Managed International | Delaware Ivy | ||||||||||||||||||||||
Limited-Term Bond Fund | Opportunities Fund | Mid Cap Growth Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 8,743,097 | 16,034,964 | 285,368 | 440,438 | 4,603,765 | 7,015,310 | ||||||||||||||||||
Class B1 | 156 | 11,676 | 101 | — | 758 | 8,598 | ||||||||||||||||||
Class C | 451,663 | 1,822,416 | 18,676 | 24,886 | 759,871 | 1,137,769 | ||||||||||||||||||
Class E | 123,070 | 299,571 | — | — | 56,629 | 69,611 | ||||||||||||||||||
Class I | 9,518,352 | 15,320,498 | 1,302,124 | 1,689,598 | 27,507,242 | 26,124,250 | ||||||||||||||||||
Class R | 6,857 | 3,909 | 1,126 | 629 | 411,490 | 891,942 | ||||||||||||||||||
Class R62 | 6,248,399 | 8,084,112 | 1,963 | 7,825 | 12,178,329 | 10,531,391 | ||||||||||||||||||
Class Y | 32,285 | 65,067 | 1,134 | 3,434 | 2,014,653 | 2,790,594 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 342,955 | 481,190 | 121,207 | 39,758 | 8,289,009 | 6,029,681 | ||||||||||||||||||
Class B | 4 | 316 | — | 29 | — | 24,676 | ||||||||||||||||||
Class C | 3,168 | 17,338 | 2,051 | 446 | 799,411 | 832,275 | ||||||||||||||||||
Class E | 6,504 | 8,465 | — | — | 76,622 | 53,238 | ||||||||||||||||||
Class I | 571,643 | 830,654 | 207,398 | 98,866 | 10,368,480 | 7,049,058 | ||||||||||||||||||
Class R | 178 | 315 | 150 | 36 | 314,769 | 230,187 | ||||||||||||||||||
Class R62 | 173,596 | 176,285 | 233 | 79 | 2,583,826 | 1,251,967 | ||||||||||||||||||
Class Y | 2,120 | 5,088 | 321 | 108 | 987,117 | 801,760 | ||||||||||||||||||
26,224,047 | 43,161,864 | 1,941,852 | 2,306,132 | 70,951,971 | 64,842,307 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (14,420,896 | ) | (13,586,887 | ) | (965,744 | ) | (1,158,060 | ) | (11,647,387 | ) | (9,860,237 | ) | ||||||||||||
Class B1 | (21,011 | ) | (130,930 | ) | (5,008 | ) | (12,867 | ) | (143,977 | ) | (270,394 | ) | ||||||||||||
Class C | (1,346,058 | ) | (2,269,114 | ) | (48,440 | ) | (94,972 | ) | (2,345,845 | ) | (4,104,075 | ) | ||||||||||||
Class E | (203,876 | ) | (138,711 | ) | — | (52,776 | ) | (58,994 | ) | (92,175 | ) | |||||||||||||
Class I | (23,076,869 | ) | (14,631,449 | ) | (3,316,248 | ) | (4,347,518 | ) | (26,370,336 | ) | (23,896,362 | ) | ||||||||||||
Class R | (1,900 | ) | (34,426 | ) | (24,286 | ) | (33,004 | ) | (737,808 | ) | (823,805 | ) | ||||||||||||
Class R62 | (4,190,388 | ) | (9,164,463 | ) | (26,790 | ) | (6,681 | ) | (5,633,560 | ) | (4,614,053 | ) | ||||||||||||
Class Y | (77,200 | ) | (347,066 | ) | (3,439 | ) | (8,763 | ) | (3,916,957 | ) | (3,595,736 | ) | ||||||||||||
(43,338,198 | ) | (40,303,046 | ) | (4,389,955 | ) | (5,714,641 | ) | (50,854,864 | ) | (47,256,837 | ) | |||||||||||||
Net increase (decrease) | (17,114,151 | ) | 2,858,818 | (2,448,103 | ) | (3,408,509 | ) | 20,097,107 | 17,585,470 |
437
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
Delaware Ivy | ||||||||||||||||||||||||
Mid Cap Income | Delaware Ivy | Delaware Ivy | ||||||||||||||||||||||
Opportunities Fund | Municipal Bond Fund | Municipal High Income Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 2,371,041 | 2,255,044 | 2,465,655 | 3,761,043 | 10,239,019 | 17,202,664 | ||||||||||||||||||
Class B1 | — | — | — | 1,704 | 242 | 913 | ||||||||||||||||||
Class C | 413,646 | 522,650 | 36,404 | 108,332 | 330,583 | 586,580 | ||||||||||||||||||
Class I | 31,062,626 | 45,015,797 | 3,518,199 | 5,264,013 | 13,917,671 | 15,037,835 | ||||||||||||||||||
Class R | 28,262 | 16,171 | — | — | — | — | ||||||||||||||||||
Class R62 | 1,831,453 | 3,145,210 | 56,536 | 50,746 | 116,345 | 126,451 | ||||||||||||||||||
Class Y | 723,454 | 3,009,090 | 28 | 1,553 | 13,474 | 28,049 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 332,216 | 125,568 | 1,045,701 | 747,606 | 3,578,535 | 3,347,831 | ||||||||||||||||||
Class B | — | — | 11 | 347 | 304 | 4,783 | ||||||||||||||||||
Class C | 36,037 | 9,126 | 10,820 | 13,967 | 115,548 | 288,942 | ||||||||||||||||||
Class I | 2,656,733 | 860,452 | 753,744 | 556,786 | 1,979,587 | 2,226,001 | ||||||||||||||||||
Class R | 1,805 | 441 | — | — | — | — | ||||||||||||||||||
Class R62 | 220,806 | 85,514 | 3,693 | 1,716 | 8,175 | 7,484 | ||||||||||||||||||
Class Y | 49,864 | 22,302 | — | 12 | 27,292 | 34,763 | ||||||||||||||||||
39,727,943 | 55,067,365 | 7,890,791 | 10,507,825 | 30,326,775 | 38,892,296 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (2,324,516 | ) | (2,875,264 | ) | (6,657,845 | ) | (5,897,912 | ) | (24,209,293 | ) | (19,543,242 | ) | ||||||||||||
Class B1 | — | — | (13,587 | ) | (38,754 | ) | (82,298 | ) | (513,899 | ) | ||||||||||||||
Class C | (302,434 | ) | (597,019 | ) | (280,956 | ) | (793,501 | ) | (2,369,397 | ) | (11,369,456 | ) | ||||||||||||
Class E | — | (203,657 | ) | — | — | — | — | |||||||||||||||||
Class I | (25,896,446 | ) | (15,868,208 | ) | (7,868,698 | ) | (5,491,293 | ) | (19,969,197 | ) | (28,073,083 | ) | ||||||||||||
Class R | (9,105 | ) | (218,440 | ) | — | — | — | — | ||||||||||||||||
Class R62 | (1,682,275 | ) | (3,537,203 | ) | (51,402 | ) | (33,742 | ) | (103,890 | ) | (191,362 | ) | ||||||||||||
Class Y | (1,343,690 | ) | (2,141,700 | ) | (36,238 | ) | (4,113 | ) | (104,858 | ) | (307,413 | ) | ||||||||||||
(31,558,466 | ) | (25,441,491 | ) | (14,908,726 | ) | (12,259,315 | ) | (46,838,933 | ) | (59,998,455 | ) | |||||||||||||
Net increase (decrease) | 8,169,477 | 29,625,874 | (7,017,935 | ) | (1,751,490 | ) | (16,512,158 | ) | (21,106,159 | ) |
438
Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||||||||||||||
Securian Core Bond Fund | Small Cap Growth Fund | Smid Cap Core Fund | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 2,321,079 | 5,310,334 | 3,238,756 | 5,205,983 | 1,011,064 | 1,357,551 | ||||||||||||||||||
Class B1 | — | 4,201 | 399 | 9,946 | 169 | 376 | ||||||||||||||||||
Class C | 71,454 | 405,589 | 290,361 | 336,600 | 138,304 | 158,503 | ||||||||||||||||||
Class E | 44,412 | 147,067 | 61,786 | 76,051 | — | — | ||||||||||||||||||
Class I | 9,895,333 | 23,330,513 | 6,161,192 | 6,673,929 | 3,463,947 | 5,909,461 | ||||||||||||||||||
Class R | 4,483 | 11,856 | 593,925 | 582,360 | 185,454 | 344,040 | ||||||||||||||||||
Class R62 | 2,118,948 | 8,158,882 | 1,767,840 | 2,092,906 | 1,471,722 | 827,724 | ||||||||||||||||||
Class Y | 124,007 | 330,748 | 502,748 | 741,967 | 79,028 | 76,748 | ||||||||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
Class A | 387,774 | 809,768 | 22,304,490 | 5,243,423 | 1,444,128 | — | ||||||||||||||||||
Class B | 46 | 1,462 | — | 25,131 | — | — | ||||||||||||||||||
Class C | 9,603 | 42,594 | 1,927,672 | 559,906 | 239,441 | — | ||||||||||||||||||
Class E | 8,581 | 17,356 | 277,756 | 60,626 | — | — | ||||||||||||||||||
Class I | 1,542,969 | 3,270,337 | 8,483,791 | 2,431,921 | 2,926,120 | — | ||||||||||||||||||
Class R | 1,480 | 3,446 | 1,259,675 | 304,946 | 215,190 | — | ||||||||||||||||||
Class R62 | 405,312 | 727,318 | 1,747,254 | 509,074 | 659,710 | — | ||||||||||||||||||
Class Y | 13,049 | 39,169 | 1,116,868 | 316,713 | 59,907 | — | ||||||||||||||||||
16,948,530 | 42,610,640 | 49,734,513 | 25,171,482 | 11,894,184 | 8,674,403 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (5,470,636 | ) | (4,803,121 | ) | (13,496,298 | ) | (10,617,662 | ) | (2,098,133 | ) | (2,384,494 | ) | ||||||||||||
Class B1 | (24,604 | ) | (70,474 | ) | (127,890 | ) | (225,881 | ) | (23,959 | ) | (32,708 | ) | ||||||||||||
Class C | (446,388 | ) | (797,181 | ) | (1,625,786 | ) | (2,461,678 | ) | (356,399 | ) | (803,400 | ) | ||||||||||||
Class E | (91,151 | ) | (101,132 | ) | (69,685 | ) | (104,818 | ) | — | (11,873 | ) | |||||||||||||
Class I | (34,439,232 | ) | (25,768,297 | ) | (14,060,256 | ) | (13,240,497 | ) | (9,275,091 | ) | (9,191,241 | ) | ||||||||||||
Class R | (5,459 | ) | (59,610 | ) | (1,038,559 | ) | (998,601 | ) | (249,462 | ) | (398,507 | ) | ||||||||||||
Class R62 | (5,059,794 | ) | (4,495,643 | ) | (2,475,471 | ) | (3,408,652 | ) | (1,255,062 | ) | (1,923,821 | ) | ||||||||||||
Class T | — | — | — | (13,729 | ) | — | (13,912 | ) | ||||||||||||||||
Class Y | (168,975 | ) | (685,956 | ) | (1,484,211 | ) | (1,759,610 | ) | (126,372 | ) | (222,801 | ) | ||||||||||||
(45,706,239 | ) | (36,781,414 | ) | (34,378,156 | ) | (32,831,128 | ) | (13,384,478 | ) | (14,982,757 | ) | |||||||||||||
Net increase (decrease) | (28,757,709 | ) | 5,829,226 | 15,356,357 | (7,659,646 | ) | (1,490,294 | ) | (6,308,354 | ) |
439
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
Delaware Ivy | ||||||||||||||||
Systematic Emerging | Delaware Ivy | |||||||||||||||
Markets Equity Fund | Value Fund | |||||||||||||||
Year ended | Year ended | |||||||||||||||
3/31/22 | 3/31/21 | 3/31/22 | 3/31/21 | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,321,304 | 2,161,673 | 2,084,012 | 1,514,282 | ||||||||||||
Class B1 | 21 | 1,448 | 978 | 568 | ||||||||||||
Class C | 176,657 | 317,367 | 92,758 | 38,683 | ||||||||||||
Class I | 13,519,403 | 19,333,220 | 11,134,048 | 9,800,092 | ||||||||||||
Class R | 83,454 | 134,828 | 288 | — | ||||||||||||
Class R62 | 3,248,360 | 4,719,315 | 503,923 | 1,307,622 | ||||||||||||
Class Y | 419,358 | 544,407 | 771 | 1,880 | ||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
Class A | 67,286 | 97,134 | 1,482,584 | 440,182 | ||||||||||||
Class B | — | 57 | 70 | 864 | ||||||||||||
Class C | 6,360 | 10,109 | 24,762 | 9,698 | ||||||||||||
Class E | — | — | — | 55 | ||||||||||||
Class I | 359,761 | 428,129 | 3,533,785 | 1,201,097 | ||||||||||||
Class R | 1,095 | 2,065 | 47 | 5 | ||||||||||||
Class R62 | 113,228 | 121,785 | 516,827 | 219,479 | ||||||||||||
Class Y | 1,961 | 2,739 | 229 | 129 | ||||||||||||
19,318,248 | 27,874,276 | 19,375,082 | 14,534,636 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (3,124,643 | ) | (3,512,843 | ) | (2,590,489 | ) | (3,163,334 | ) | ||||||||
Class B1 | (16,982 | ) | (44,110 | ) | (24,671 | ) | (33,459 | ) | ||||||||
Class C | (505,284 | ) | (1,157,577 | ) | (155,379 | ) | (272,725 | ) | ||||||||
Class E | — | (15,532 | ) | — | (9,293 | ) | ||||||||||
Class I | (28,048,008 | ) | (17,708,559 | ) | (12,359,342 | ) | (10,387,153 | ) | ||||||||
Class R | (156,860 | ) | (294,784 | ) | (13,915 | ) | — | |||||||||
Class R62 | (4,613,604 | ) | (5,063,980 | ) | (2,018,283 | ) | (2,663,766 | ) | ||||||||
Class T | — | (13,928 | ) | — | — | |||||||||||
Class Y | (527,155 | ) | (1,092,152 | ) | (1,947 | ) | (6,396 | ) | ||||||||
(36,992,536 | ) | (28,903,465 | ) | (17,164,026 | ) | (16,536,126 | ) | |||||||||
Net increase (decrease) | (17,674,288 | ) | (1,029,189 | ) | 2,211,056 | (2,001,490 | ) |
1 | On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above. | |
2 | Effective July 1, 2021, Class N shares were renamed Class R6 shares. |
440
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on previous pages and on the “Statements of changes in net assets.” For the year ended March 31, 2022, each Fund had the following exchange transactions:
Exchange | Exchange | |||||||||||
Redemptions | Subscriptions | Value | ||||||||||
Delaware Ivy Core Equity Fund | $ | 15,952,467 | ||||||||||
Class A | 407,501 | 411,252 | ||||||||||
Class B | 109,798 | — | ||||||||||
Class C | 137,396 | — | ||||||||||
Class E | — | 90 | ||||||||||
Class I | 190,924 | 354,854 | ||||||||||
Class R6 | — | 1,428 | ||||||||||
Delaware Ivy Global Bond Fund | $ | 1,192,998 | ||||||||||
Class A | 21,776 | 94,441 | ||||||||||
Class B | 16,015 | — | ||||||||||
Class C | 20,854 | — | ||||||||||
Class I | 57,596 | 21,779 | ||||||||||
Delaware Ivy Global Equity Income Fund | $ | 4,760,923 | ||||||||||
Class A | 182,286 | 155,696 | ||||||||||
Class B | 17,998 | — | ||||||||||
Class C | 52,495 | — | ||||||||||
Class I | 85,864 | 182,784 | ||||||||||
Delaware Ivy Global Growth Fund | $ | 2,800,716 | ||||||||||
Class A | 13,736 | 32,498 | ||||||||||
Class B | 1,895 | — | ||||||||||
Class C | 7,744 | — | ||||||||||
Class I | 25,232 | 13,398 | ||||||||||
Class R6 | — | 1,047 | ||||||||||
Delaware Ivy Government Money Market Fund | $ | 616,552 | ||||||||||
Class A | — | 616,552 | ||||||||||
Class B | 360,923 | — | ||||||||||
Class C | 255,629 | — | ||||||||||
Delaware Ivy High Income Fund | $ | 23,336,214 | ||||||||||
Class A | 402,843 | 2,731,674 | ||||||||||
Class B | 211,898 | — | ||||||||||
Class C | 2,264,228 | — | ||||||||||
Class I | 397,751 | 492,440 | ||||||||||
Class R6 | — | 65,544 | ||||||||||
Class Y | 12,918 | — | ||||||||||
Delaware Ivy International Core Equity Fund | $ | 5,337,742 | ||||||||||
Class A | 66,522 | 179,211 | ||||||||||
Class B | 12,284 | — | ||||||||||
Class C | 53,205 | — | ||||||||||
Class E | — | 64 | ||||||||||
Class I | 127,971 | 70,304 | ||||||||||
Class R6 | — | 5,999 | ||||||||||
Class Y | 3,604 | — | ||||||||||
Delaware Ivy International Value Fund | $ | 777,970 | ||||||||||
Class A | 6,881 | 32,974 | ||||||||||
Class B | 1,320 | — | ||||||||||
Class C | 4,774 | — | ||||||||||
Class I | 26,697 | 7,687 | ||||||||||
Class Y | 1,005 | — |
441
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
Exchange | Exchange | |||||||||||
Redemptions | Subscriptions | Value | ||||||||||
Delaware Ivy Large Cap Growth Fund | $ | 21,593,574 | ||||||||||
Class A | 377,452 | 281,091 | ||||||||||
Class B | 51,893 | — | ||||||||||
Class C | 127,398 | — | ||||||||||
Class I | 143,969 | 352,842 | ||||||||||
Class R6 | — | 1,625 | ||||||||||
Delaware Ivy Limited-Term Bond Fund | $ | 3,634,750 | ||||||||||
Class A | 121,330 | 207,921 | ||||||||||
Class B | 8,473 | — | ||||||||||
Class C | 65,202 | — | ||||||||||
Class I | 134,545 | 121,330 | ||||||||||
Class R6 | — | 298 | ||||||||||
Delaware Ivy Managed International Opportunities Fund | $ | 690,840 | ||||||||||
Class A | 14,488 | 38,795 | ||||||||||
Class B | 3,438 | — | ||||||||||
Class C | 4,510 | — | ||||||||||
Class I | 30,837 | 14,385 | ||||||||||
Delaware Ivy Mid Cap Growth Fund | $ | 20,579,387 | ||||||||||
Class A | 227,673 | 260,891 | ||||||||||
Class B | 55,102 | — | ||||||||||
Class C | 199,097 | — | ||||||||||
Class E | — | 404 | ||||||||||
Class I | 77,725 | 219,165 | ||||||||||
Class R6 | — | 11,997 | ||||||||||
Class Y | 7,926 | — | ||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | $ | 3,391,009 | ||||||||||
Class A | 87,731 | 58,934 | ||||||||||
Class C | 47,674 | — | ||||||||||
Class I | 25,680 | 103,007 | ||||||||||
Class R6 | — | 12,492 | ||||||||||
Class Y | 13,993 | 164 | ||||||||||
Delaware Ivy Municipal Bond Fund | $ | 2,850,297 | ||||||||||
Class A | 127,857 | 110,332 | ||||||||||
Class B | 7,432 | — | ||||||||||
Class C | 39,617 | — | ||||||||||
Class I | 63,283 | 127,857 | ||||||||||
Delaware Ivy Municipal High Income Fund | $ | 2,927,239 | ||||||||||
Class A | 239,935 | 313,057 | ||||||||||
Class B | 32,419 | — | ||||||||||
Class C | 239,636 | — | ||||||||||
Class I | 68,335 | 261,267 | ||||||||||
Delaware Ivy Securian Core Bond Fund | $ | 2,698,177 | ||||||||||
Class A | 76,312 | 171,640 | ||||||||||
Class B | 6,557 | — | ||||||||||
Class C | 32,175 | — | ||||||||||
Class I | 132,908 | 76,312 | ||||||||||
Delaware Ivy Small Cap Growth Fund | $ | 8,598,975 | ||||||||||
Class A | 147,771 | 223,726 | ||||||||||
Class B | 63,374 | — | ||||||||||
Class C | 186,859 | — |
442
Exchange | Exchange | |||||||||||
Redemptions | Subscriptions | Value | ||||||||||
Class E | — | 747 | ||||||||||
Class I | 56,351 | 113,185 | ||||||||||
Class R6 | — | 2,572 | ||||||||||
Class Y | 251 | 109 | ||||||||||
Delaware Ivy Smid Cap Core Fund | $ | 2,542,339 | ||||||||||
Class A | 39,918 | 64,787 | ||||||||||
Class B | 12,804 | — | ||||||||||
Class C | 53,839 | — | ||||||||||
Class I | 16,906 | 42,682 | ||||||||||
Class R6 | — | 933 | ||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | $ | 3,521,919 | ||||||||||
Class A | 49,114 | 65,592 | ||||||||||
Class B | 5,963 | — | ||||||||||
Class C | 24,045 | — | ||||||||||
Class I | 40,778 | 58,690 | ||||||||||
Class Y | 9,687 | — | ||||||||||
Delaware Ivy Value Fund | $ | 3,641,213 | ||||||||||
Class A | 34,259 | 97,491 | ||||||||||
Class B | 9,508 | — | ||||||||||
Class C | 18,161 | — | ||||||||||
Class I | 71,243 | 34,076 |
Delaware Ivy High Income Fund did not have any exchange transactions for the year ended March 31, 2022.
7. Basis of consolidation for Delaware Ivy Systematic Emerging Markets Equity Fund
Delaware Ivy EME, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Delaware Ivy Systematic 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.
See the table below for details regarding the structure, incorporation and relationship as of March 31, 2022 of the Subsidiary and the Company to the Fund.
Subsidiary/ | Percentage of | |||||||||||||||||
Date of | Subscription | Fund Net | company net | Fund net | ||||||||||||||
Incorporation | Agreement | Assets | assets | assets | ||||||||||||||
Delaware Ivy EME, Ltd. | 1-31-13 | 4-10-13 | $ | 1,506,781,442 | $ | 315,611 | 0.02 | % |
8. Line of Credit
On November 1, 2021, the Funds were added (by way of amendment) as additional participants to a $355,000,000 revolving line of credit (Agreement). The Agreement also includes certain other funds in the Delaware Funds (together with the Funds, the Participants) and is intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. 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 Participants are
443
Notes to financial statements
Ivy Funds
8. Line of Credit (continued)
permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on October 31, 2022.
Each Fund had no amounts outstanding as of March 31, 2022, or at any time during the period then ended.
9. 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 9) 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. This 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 year ended March 31, 2022.
10. Derivatives
US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.
Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty. At March 31, 2022, Delaware Ivy Global Bond Fund and Delaware Ivy High Income Fund received $1,260,000 and in cash as collateral for open foreign currency exchange contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” At March 31, 2022, Delaware Ivy High Income Fund posted $600,000 in cash as collateral for open foreign currency exchange contracts, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”
During the year ended March 31, 2022, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies and to facilitate or expedite the settlement of portfolio transactions.
During the year ended March 31, 2022, Delaware Ivy Global Equity Income Fund and Delaware Ivy International Value Fund used foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.
During the year ended March 31, 2022, Delaware Ivy Systematic Emerging Markets Equity Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.
444
During the year ended March 31, 2022, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, and Delaware Ivy International Core Equity Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.
Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At March 31, 2022, Delaware Ivy Global Bond Fund, Delaware Ivy Limited-Term Bond Fund and Delaware Ivy Securian Core Bond Fund posted $1,347,811, $235,620 and $1,847,985, respectively, cash collateral as margin for open futures contracts, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”
During the year ended March 31, 2022, Delaware Ivy Global Bond Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to reduce transaction costs.
During the year ended March 31, 2022, Delaware Ivy High Income Fund invested in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk).
During the year ended March 31, 2022, Delaware Ivy Limited-Term Bond Fund and Delaware Ivy Securian Core Bond Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.
Options Contracts — During the year ended March 31, 2022, the Funds entered into options contracts in the normal course of pursuing their investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. At March 31, 2022, Delaware Ivy Mid Cap Growth posted $15,760,000 in cash as collateral for open options contracts, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”
During the year ended March 31, 2022, Delaware Ivy Global Bond Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions.
During the year ended March 31, 2022, Delaware Ivy Value Fund used options contracts to receive premiums for writing options and selling put options to purchase the underlying security for the Fund at a price lower than the current market value of the security.
445
Notes to financial statements
Ivy Funds
10. Derivatives (continued)
During the year ended March 31, 2022, Delaware Ivy Mid Cap Growth Fund used options contracts to protect the value of portfolio securities, selling put options to purchase the underlying security for the Fund at a price lower than the current market value of the security and to facilitate investments in portfolio securities.
Swap Contracts — Certain Funds enter into CDS contracts in the normal course of pursuing its investment objective. The Fund entered into CDS contracts in order to hedge against a credit event and to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.
Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.
During the year ended March 31, 2022, Delaware Ivy Small Cap Growth Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.
CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.
During the year ended March 31, 2022, Delaware Ivy Small Cap Growth Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.
Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”
Fair values of derivative instruments as of March 31, 2022 were as follows:
446
Delaware Ivy Global Bond Fund | ||||||||||||||||
Asset Derivatives Fair Value | ||||||||||||||||
Interest | ||||||||||||||||
Currency | Equity | Rate | ||||||||||||||
Statement of Assets and Liabilities Location | Contracts | Contracts | Contracts | Total | ||||||||||||
Unrealized appreciation on foreign currency exchange contracts | $ | 1,135,722 | $ | — | $ | — | $ | 1,135,722 | ||||||||
Variation margin due from broker on futures contracts* | — | — | 1,287,892 | 1,287,892 | ||||||||||||
Options purchased** | — | 160,448 | — | 160,448 | ||||||||||||
Total | $ | 1,135,722 | $ | 160,448 | $ | 1,287,892 | $ | 2,584,062 |
* | Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared swap contracts from the date the contracts were opened through March 31, 2022. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.” | |
** | Included with “Investments, at Value.” |
Delaware Ivy Global Bond Fund | ||||||||||||||||
Liability Derivatives Fair Value | ||||||||||||||||
Interest | ||||||||||||||||
Currency | Equity | Rate | ||||||||||||||
Statement of Assets and Liabilities Location | Contracts | Contracts | Contracts | Total | ||||||||||||
Unrealized depreciation on foreign currency exchange contracts | $ | (68,900 | ) | $ | — | $ | — | $ | (68,900 | ) | ||||||
Variation margin due to broker on futures contracts | — | — | (1,070,888 | ) | (1,070,888 | ) | ||||||||||
Options written, at value | — | (67,391 | ) | — | (67,391 | ) | ||||||||||
Total | $ | (68,900 | ) | $ | (67,391 | ) | $ | (1,070,888 | ) | $ | (1,207,179 | ) |
The effect of derivative instruments on the Fund’s “Statement of operations” for the year ended March 31, 2022 was as follows:
Delaware Ivy Global Bond Fund | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Foreign | ||||||||||||||||
Currency | ||||||||||||||||
Exchange | Futures | Options | ||||||||||||||
Contracts | Contracts | Written | Total | |||||||||||||
Currency contracts | $ | 755,120 | $ | — | $ | — | $ | 755,120 | ||||||||
Interest rate contracts | — | (1,394,364 | ) | — | (1,394,364 | ) | ||||||||||
Equity contracts | — | — | 84,026 | 84,026 | ||||||||||||
Total | $ | 755,120 | $ | (1,394,364 | ) | $ | 84,026 | $ | (555,218 | ) |
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Foreign | ||||||||||||||||||||
Currency | ||||||||||||||||||||
Exchange | Futures | Options | Options | |||||||||||||||||
Contracts | Contracts | Purchased | Written | Total | ||||||||||||||||
Currency contracts | $ | 1,066,822 | $ | — | $ | (220,633 | ) | $ | 69,452 | $ | 915,641 | |||||||||
Interest rate contracts | — | 217,004 | — | — | 217,004 | |||||||||||||||
Total | $ | 1,066,822 | $ | 217,004 | $ | (220,633 | ) | $ | 69,452 | $ | 1,132,645 |
447
Notes to financial statements
Ivy Funds
10. Derivatives (continued)
Delaware Ivy High Income Fund | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Foreign | ||||||||||||
Currency | ||||||||||||
Exchange | Futures | |||||||||||
Contracts | Contracts | Total | ||||||||||
Currency contracts | $ | (415,343 | ) | $ | — | $ | (415,343 | ) | ||||
Interest rate contracts | — | (523,125 | ) | (523,125 | ) | |||||||
Total | $ | (415,343 | ) | $ | (523,125 | ) | $ | (938,468 | ) |
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||
Foreign | ||||||||||||
Currency | ||||||||||||
Exchange | Futures | |||||||||||
Contracts | Contracts | Total | ||||||||||
Currency contracts | $ | (882,608 | ) | $ | — | $ | (882,608 | ) |
The table below summarizes the average quarterly balance of derivative holdings by each Fund during the year ended March 31, 2022:
Long Derivative Volume | ||||||||
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | ||||||
Foreign currency exchange contracts (average notional value) | $ | 979,086 | $ | 615,680 | ||||
Futures contracts (average notional value) | 15,724,871 | — | ||||||
Options contracts (average notional value)* | 32,090 | — |
Long Derivative Volume | ||||
| Delaware Ivy Global Growth Fund | |||
Foreign currency exchange contracts (average notional value) | $ | 1,448,959 |
Long Derivative Volume | ||||||||
| Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | ||||||
Foreign currency exchange contracts (average notional value) | $ | 1,981,949 | $ | 212,749 |
Long Derivative Volume | ||||||||
| Delaware Ivy Limited-Term Bond Fund | Delaware Ivy Mid Cap Growth Fund | ||||||
Futures contracts (average notional value) | $ | 4,679,250 | $ | — | ||||
Options contracts (average notional value)* | — | 4,283,470 |
448
Long Derivative Volume | ||||||||
Delaware Ivy Securian Core Bond Fund | Delaware Ivy Small Cap Growth Fund | |||||||
Futures contracts (average notional value) | $ | 147,950,084 | $ | — | ||||
Total Return Swap (average notional value) | — | 2,620,326 |
Long Derivative Volume | ||||
Delaware Ivy Systematic Emerging Markets Equity Fund | ||||
Foreign currency exchange contracts (average notional value) | $ | 8,970,961 |
Short Derivative Volume | ||||||||
Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | |||||||
Foreign currency exchange contracts (average notional value) | $ | 14,885,517 | $ | 283,811 | ||||
Futures contracts (average notional value) | 22,777,782 | — | ||||||
Options contracts (average notional value)* | 19,806 | — |
Short Derivative Volume | ||||||||
| | Delaware Ivy Global Growth Fund | | | Delaware Ivy High Income Fund | | ||
Foreign currency exchange contracts (average notional value) | $ | 200,905 | $ | 34,034,026 |
Short Derivative Volume | ||||||||
Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | |||||||
Foreign currency exchange contracts (average notional value) | $ | 3,648,998 | $ | 164,686 |
Short Derivative Volume | |||||
Delawar Ivy | |||||
Mid Cap Growth Fund | |||||
Options contracts (average notional value)* | $ | 3,899,717 |
Short Derivative Volume | |||||
Delawar Ivy | |||||
Securian Core Bond Fund | |||||
Futures contracts (average notional value) | $ | 50,038,999 |
Short Derivative Volume | ||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | Delaware Ivy Value Fund | |||||||
Foreign currency exchange contracts (average notional value) | $ | 9,483,455 | $ | — | ||||
Options contracts (average notional value)* | — | 577,283 |
* | Long represents purchased options and short represents written options. |
449
Notes to financial statements
Ivy Funds
11. Offsetting
Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define their contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”
At March 31, 2022, each Fund had the following assets and liabilities subject to offsetting provisions:
Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities
Delaware Ivy Global Bond Fund | ||||||||||||
Gross Value of Derivative | Gross Value of Derivative | |||||||||||
Counterparty | Asset | Liability | Net Position | |||||||||
BNYM | $ | 27 | $ | (1,073 | ) | $ | (1,046 | ) | ||||
CITI | 192,132 | — | 192,132 | |||||||||
GSC | 653,808 | — | 653,808 | |||||||||
JPMCB | 289,755 | (67,827 | ) | 221,928 | ||||||||
Total | $ | 1,135,722 | $ | (68,900 | ) | $ | 1,066,822 |
Fair Value of Non-Cash | Cash | Fair Value of Non-Cash | Cash | |||||||||||||||||||||
Collateral | Collateral | Collateral | Collateral | Net | ||||||||||||||||||||
Counterparty | Net Position | Received(a) | Received | Pledged | Pledged | Exposure(b) | ||||||||||||||||||
BNYM | $ | (1,046 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1,046 | ) | ||||||||||
CITI | 192,132 | — | — | — | — | 192,132 | ||||||||||||||||||
GSC | 653,808 | — | — | — | — | 653,808 | ||||||||||||||||||
JPMCB | 221,928 | — | — | — | — | 221,928 | ||||||||||||||||||
Total | $ | 1,066,822 | $ | — | $ | — | $ | — | $ | — | $ | 1,066,822 |
Delaware Ivy Global Equity Income Fund
Gross Value of | Gross Value of | |||||||||||
Derivative | Derivative | |||||||||||
Counterparty | Asset | Liability | Net Position | |||||||||
BNYM | $ | 3,412 | $ | (192 | ) | $ | 3,220 |
Fair Value of Non-Cash | Cash | Fair Value of Non-Cash | Cash | |||||||||||||||||||||
Collateral | Collateral | Collateral | Collateral | Net | ||||||||||||||||||||
Counterparty | Net Position | Received(a) | Received | Pledged | Pledged | Exposure(b) | ||||||||||||||||||
BNYM | $ | 3,220 | $ | - | $ | - | $ | - | $ | - | $ | 3,220 |
450
Delaware Ivy Global Growth Fund
Gross Value of | Gross Value of | ||||||||||||
Derivative | Derivative | ||||||||||||
Counterparty | Asset | Liability | Net Position | ||||||||||
BNYM | $ | 1,085 | $ | (97 | ) | $ | 988 |
Fair Value of Non-Cash | Cash | Fair Value of Non-Cash | Cash | ||||||||||||||||||||||
Collateral | Collateral | Collateral | Collateral | Net | |||||||||||||||||||||
Counterparty | Net Position | Received(a) | Received | Pledged | Pledged | Exposure(b) | |||||||||||||||||||
BNYM | $ | 988 | $ | - | $ | - | $ | - | $ | - | $ | 988 |
Delaware Ivy High Income Fund Gross Value of
Gross Value of Derivative | Derivative | ||||||||||||
Counterparty | Asset | Liability | Net Position | ||||||||||
JPMCB | $ | — | $ | (629,206 | ) | $ | (629,206 | ) |
Fair Value of Non-Cash | Cash | Fair Value of Non-Cash | Cash | |||||||||||||||||||||
Collateral | Collateral | Collateral | Collateral | Net | ||||||||||||||||||||
Counterparty | Net Position | Received | Received | Pledged | Pledged | Exposure | ||||||||||||||||||
JPMCB | $ | (629,206 | ) | $ | — | $ | — | $ | — | $ | — | $ | (629,206 | ) |
Delaware Ivy International Core Equity Fund
Gross Value of | Gross Value of | ||||||||||||
Derivative | Derivative | ||||||||||||
Counterparty | Asset | Liability | Net Position | ||||||||||
BNYM | $ | 38,131 | $ | (25,769 | ) | $ | 12,362 |
Fair Value of Non-Cash | Cash | Fair Value of Non-Cash | Cash | |||||||||||||||||||||
Collateral | Collateral | Collateral | Collateral | Net | ||||||||||||||||||||
Counterparty | Net Position | Received(a) | Received | Pledged | Pledged | Exposure(b) | ||||||||||||||||||
BNYM | $ | 12,362 | $ | — | $ | — | $ | — | $ | — | $ | 12,362 |
Delaware Ivy International Value Fund
Gross Value of | Gross Value of | |||||||||||
Derivative | Derivative | |||||||||||
Counterparty | Asset | Liability | Net Position | |||||||||
Bank of New York Mellon | $ | 1,813 | $ | (98 | ) | $ | 1,715 |
Fair Value of Non-Cash | Cash | Fair Value of Non-Cash | Cash | |||||||||||||||||||||
Collateral | Collateral | Collateral | Collateral | Net | ||||||||||||||||||||
Counterparty | Net Position | Received | Received | Pledged | Pledged | Exposure | ||||||||||||||||||
Bank of New York Mellon | $ | 1,715 | $ | — | $ | — | $ | — | $ | — | $ | 1,715 |
Delaware Ivy Systematic Emerging Markets Equity Fund
Gross Value of | Gross Value of | ||||||||||||
Derivative | Derivative | ||||||||||||
Counterparty | Asset | Liability | Net Position | ||||||||||
BNYM | $ | 15,416 | $ | (91,930 | ) | $ | (76,514 | ) |
Fair Value of Non-Cash | Cash | Fair Value of Non-Cash | Cash | |||||||||||||||||||||
Collateral | Collateral | Collateral | Collateral | Net | ||||||||||||||||||||
Counterparty | Net Position | Received(a) | Received | Pledged | Pledged(b) | Exposure | ||||||||||||||||||
BNYM | $ | (76,514 | ) | $ | - | $ | - | $ | - | $ | - | $ | (76,514 | ) |
Securities Lending
451
Notes to financial statements
Ivy Funds
11. Offsetting (continued)
Securities lending transactions are entered into by the Funds under master securities lending agreements (each, an MSLA) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, each Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and each Fund can reinvest cash collateral, or, upon an event of default, resell, or re-pledge the collateral (See also Note 12).
As of March 31, 2022, the following table is a summary of securities lending agreements by counterparty which are subject to offset under an MSLA:
Delaware Ivy Core Equity Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 2,362,771 | $ | - | $ | (2,362,771 | ) | $ | (2,362,771 | ) | $ | - |
Delaware Ivy Global Bond Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 37,342,478 | $ | (21,826,046 | ) | $ | (15,516,432 | ) | $ | (37,125,403 | ) | $ | - |
Delaware Ivy Global Equity Income Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 12,382,821 | $ | (12,290,922 | ) | $ | (91,899 | ) | $ | (12,382,821 | ) | $ | - |
Delaware Ivy Global Growth Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received(a) | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 9,598,897 | $ | - | $ | (9,598,987 | ) | $ | (9,598,897 | ) | $ | - |
Delaware Ivy High Income Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 55,141,365 | $ | (36,660,292 | ) | $ | (18,481,073 | ) | $ | (55,141,365 | ) | $ | - |
Delaware Ivy International Core Equity Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 81,016,975 | $ | (163,191 | ) | $ | (80,853,784 | ) | $ | (81,016,975 | ) | $ | - |
452
Delaware Ivy International Value Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 6,371,739 | $ | (6,371,739 | ) | $ | - | $ | (6,371,739 | ) | $ | - |
Delaware Ivy Large Cap Growth Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 125,010,979 | $ | (4,618,165 | ) | $ | (120,392,814 | ) | $ | (125,010,979 | ) | $ | - |
Delaware Ivy Limited-Term Bond Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 2,298,694 | $ | (2,298,694 | ) | $ | - | $ | (2,298,694 | ) | $ | - |
Delaware Ivy Mid Cap Growth Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 254,496,642 | $ | 137,041,787 | $ | (117,454,855 | ) | $ | (254,496,642 | ) | $ | - |
Delaware Ivy Mid Cap Income Opportunities Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 56,562,818 | $ | (49,916,323 | ) | $ | (6,646,495 | ) | $ | (56,562,818 | ) | $ | - |
Delaware Ivy Securian Core Bond Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 69,628,293 | $ | (6,103,554 | ) | $ | (62,016,083 | ) | $ | (69,610,023 | ) | $ | - |
Delaware Ivy Small Cap Growth Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 84,199,485 | $ | (40,301,705 | ) | $ | (43,897,781 | ) | $ | (80,171,958 | ) | $ | - |
Delaware Ivy Smid Cap Core Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 21,097,972 | $ | (7,907,824 | ) | $ | (13,190,148 | ) | $ | (22,042,958 | ) | $ | - |
453
Notes to financial statements
Ivy Funds
11. Offsetting (continued)
Delaware Ivy Systematic Emerging Markets Equity Fund
Fair Value of | ||||||||||||||||||||
Securities | Cash | Non-Cash | Net | |||||||||||||||||
Loaned | Collateral | Collateral | Collateral | Net | ||||||||||||||||
Counterparty | at Value | Received(a) | Received | Received | Exposure(b) | |||||||||||||||
Bank of New York Mellon | $ | 6,981,339 | $ | (5,983,089 | ) | $ | (998,250 | ) | $ | (6,981,339 | ) | $ | - |
(a) | The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of March 31, 2022, as applicable. | |
(b) | Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default. |
12. Securities Lending
Each Fund, along with other funds in Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.
Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.
454
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2022:
Overnight and | Under | Between 30 & 90 | Over | |||||||||||||||||
Securities Lending Transactions | continuous | 30 days | days | 90 Days | Total | |||||||||||||||
Delaware Ivy Global Bond Fund | ||||||||||||||||||||
Money Market Mutual Fund | $ | 23,412,860 | $ | — | $ | — | $ | — | $ | 23,412,860 | ||||||||||
Delaware Ivy Global Equity Income Fund | ||||||||||||||||||||
Money Market Mutual Fund | 13,198,150 | — | — | — | 13,198,150 | |||||||||||||||
Delaware Ivy High Income Fund | ||||||||||||||||||||
Money Market Mutual Fund | 46,678,883 | — | — | — | 46,678,883 | |||||||||||||||
Delaware Ivy International Core Equity Fund | ||||||||||||||||||||
Money Market Mutual Fund | 6,239,450 | — | — | — | 6,239,450 | |||||||||||||||
Delaware Ivy International Value Fund | ||||||||||||||||||||
Money Market Mutual Fund | 6,839,100 | — | — | — | 6,839,100 | |||||||||||||||
Delaware Ivy Large Cap Growth Fund | ||||||||||||||||||||
Money Market Mutual Fund | 9,030,000 | — | — | — | 9,030,000 | |||||||||||||||
Delaware Ivy Limited-Term Bond Fund | ||||||||||||||||||||
Money Market Mutual Fund | 2,378,720 | — | — | — | 2,378,720 | |||||||||||||||
Delaware Ivy Mid Cap Growth Fund | ||||||||||||||||||||
Money Market Mutual Fund | 151,991,900 | — | — | — | 151,991,900 | |||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | ||||||||||||||||||||
Money Market Mutual Fund | 53,849,975 | — | — | — | 53,849,975 | |||||||||||||||
Delaware Ivy Securian Core Bond Fund | ||||||||||||||||||||
Money Market Mutual Fund | 7,855,048 | — | — | — | 7,855,048 | |||||||||||||||
Delaware Ivy Small Cap Growth Fund | ||||||||||||||||||||
Money Market Mutual Fund | 41,667,710 | — | — | — | 41,667,710 | |||||||||||||||
Delaware Ivy Smid Cap Core Fund | ||||||||||||||||||||
Money Market Mutual Fund | 21,554,270 | — | — | — | 21,554,270 | |||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity | ||||||||||||||||||||
Fund | ||||||||||||||||||||
Money Market Mutual Fund | 6,154,460 | — | — | — | 6,154,460 |
The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of March 31, 2022:
Delaware Ivy Core Equity Fund | Delaware Ivy Global Bond Fund | Delaware Ivy Global Equity Income Fund | Delaware Ivy Global Growth Fund | Delaware Ivy High Income Fund | ||||||||||||||||
Values of securities on loan | $ | 2,362,771 | $ | 37,342,478 | $ | 12,382,821 | $ | 9,598,897 | $ | 55,141,365 | ||||||||||
Values of non-cash collateral | 2,419,217 | 15,516,432 | 91,899 | 10,418,687 | 18,481,073 | |||||||||||||||
Values of invested collateral | — | 23,412,858 | 13,198,150 | — | 46,678,885 |
Delaware Ivy International Core Equity Fund | Delaware Ivy International Value Fund | Delaware Ivy Large Cap Growth Fund | Delaware Ivy Limited-Term Bond Fund | Delaware Ivy Mid Cap Growth Fund | ||||||||||||||||
Values of securities on loan | $ | 81,016,975 | $ | 6,371,739 | $ | 125,010,979 | $ | 2,298,694 | $ | 254,496,642 | ||||||||||
Values of non-cash collateral | 80,853,784 | — | 120,392,814 | — | 117,454,855 | |||||||||||||||
Values of invested collateral | 6,239,442 | 6,839,100 | 9,030,000 | 2,378,698 | 151,991,897 |
Delaware Ivy Mid Cap Income Opportunities Fund | Delaware Ivy Securian Core Bond Fund | Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fund | ||||||||||||||||
Values of securities on loan | $ | 56,562,818 | $ | 69,610,023 | $ | 84,199,485 | $ | 21,097,972 | $ | 6,981,339 | ||||||||||
Values of non-cash collateral | 6,646,495 | 63,524,739 | 43,897,781 | 13,190,148 | 998,250 | |||||||||||||||
Values of invested collateral | 53,849,976 | 7,855,048 | 41,667,712 | 8,852,810 | 6,154,460 |
455
Notes to financial statements
Ivy Funds
12. Securities Lending (continued)
Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral.”
13. Credit and Market Risk
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance.
Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Funds’ performance.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.
IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.
Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.
Certain Funds invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Certain Funds invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments
456
(including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.
Certain Funds invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.
As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.
Certain Funds invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.
Certain Funds may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended March 31, 2022. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.
Each Fund (other than Delaware Ivy Government Money Market Fund) may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended (1933 Act), and other securities which may not be readily marketable. The Funds may also invest in securities exempt from registration under Section 4(a)(2) of the 1933 Act, which exempts from registration transactions by an issuer not involving any public offering. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Trust’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A and 4(a)(2) securities have been identified on the “Schedules of investments.”
457
Notes to financial statements
Ivy Funds
14. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
15. Recent Accounting Pronouncements
In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.
16. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in the Funds’ financial statements.
458
Report of independent
registered public accounting firm
To the Board of Trustees of Ivy Funds and Shareholders of Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Value Fund, Delaware Ivy Government Market 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 Securian Core Bond Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund and Delaware Ivy Managed International Opportunities Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Value Fund, Delaware Ivy Government Market 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 Securian Core Bond Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund and Delaware Ivy Managed International Opportunities Fund (twenty of the funds constituting Ivy Funds, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the two years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Funds, as of and for the year ended March 31, 2020 and the financial highlights for each of the periods ended on or prior to March 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated May 18, 2020 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agents, portfolio company investees, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
June 2, 2022
We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie® since 2010.
459
Other Fund information (Unaudited)
Tax Information
The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund.
Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information. All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.
For the fiscal year ended March 31, 2022, the Funds report distributions paid during the year as follows:
(A) | ||||||||||||||||||||
Long-Term | (B) | |||||||||||||||||||
Capital | Ordinary | (C) | ||||||||||||||||||
Gains | Income | Tax-Exempt | Total | |||||||||||||||||
Distributions | Distributions* | Distributions | Distributions | (D) | ||||||||||||||||
(Tax Basis) | (Tax Basis) | (Tax Basis) | (Tax Basis) | Qualifying Dividends1 | ||||||||||||||||
Delaware Ivy Core Equity Fund | 75.72 | % | 24.28 | % | — | 100.00 | % | 63.91 | % | |||||||||||
Delaware Ivy Global Bond Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
Delaware Ivy Global Equity Income Fund | 53.19 | % | 46.81 | % | — | 100.00 | % | 30.63 | % | |||||||||||
Delaware Ivy Global Growth Fund | 80.75 | % | 19.25 | % | — | 100.00 | % | 83.14 | % | |||||||||||
Delaware Ivy Government Money Market Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
Delaware Ivy High Income Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
Delaware Ivy International Core Equity Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
Delaware Ivy International Value Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
Delaware Ivy Large Cap Growth Fund | 65.73 | % | 34.27 | % | — | 100.00 | % | 33.52 | % | |||||||||||
Delaware Ivy Limited-Term Bond Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
Delaware Ivy Managed International Opportunities Fund | 8.39 | % | 91.61 | % | — | 100.00 | % | 9.99 | % | |||||||||||
Delaware Ivy Mid Cap Growth Fund | 86.19 | % | 13.81 | % | — | 100.00 | % | 26.68 | % | |||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund | 40.22 | % | 59.78 | % | — | 100.00 | % | 90.07 | % | |||||||||||
Delaware Ivy Municipal Bond Fund | 29.45 | % | 0.03 | % | 70.52 | % | 100.00 | % | — | |||||||||||
Delaware Ivy Municipal High Income Fund | — | 0.01 | % | 99.99 | % | 100.00 | % | — | ||||||||||||
Delaware Ivy Securian Core Bond Fund | 7.82 | % | 92.18 | % | — | 100.00 | % | — | ||||||||||||
Delaware Ivy Small Cap Growth Fund | 87.47 | % | 12.53 | % | — | 100.00 | % | 12.94 | % | |||||||||||
Delaware Ivy Smid Cap Core Fund | 40.67 | % | 59.33 | % | — | 100.00 | % | 17.66 | % | |||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | — | 100.00 | % | — | 100.00 | % | 2.39 | % | ||||||||||||
Delaware Ivy Value Fund | 64.76 | % | 35.24 | % | — | 100.00 | % | 59.90 | % |
(A) and (B) are based on a percentage of the Fund’s total distributions.
1 | Qualified dividends represent dividends which qualify for the corporate dividends received deduction. | |
* | For the fiscal year ended March 31, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Fund from ordinary income reported as qualified dividend income is as follows: |
Percentage | ||||
Delaware Ivy Core Equity Fund | 69.92 | % | ||
Delaware Ivy Global Bond Fund | — | % | ||
Delaware Ivy Global Equity Income Fund | 77.16 | % | ||
Delaware Ivy Global Growth Fund | 100.00 | % | ||
Delaware Ivy Government Money Market Fund | — | % | ||
Delaware Ivy High Income Fund | — | % | ||
Delaware Ivy International Core Equity Fund | 98.02 | % | ||
Delaware Ivy International Value Fund | 100.00 | % | ||
Delaware Ivy Large Cap Growth Fund | 34.04 | % |
460
Percentage | ||||
Delaware Ivy Limited-Term Bond Fund | — | % | ||
Delaware Ivy Managed International Opportunities Fund | 68.85 | % | ||
Delaware Ivy Mid Cap Growth Fund | 27.85 | % | ||
Delaware Ivy Mid Cap Income Opportunities Fund | 97.02 | % | ||
Delaware Ivy Municipal Bond Fund | — | % | ||
Delaware Ivy Municipal High Income Fund | — | % | ||
Delaware Ivy Securian Core Bond Fund | — | % | ||
Delaware Ivy Small Cap Growth Fund | 12.91 | % | ||
Delaware Ivy Smid Cap Core Fund | 20.50 | % | ||
Delaware Ivy Systematic Emerging Markets Equity Fund | 77.67 | % | ||
Delaware Ivy Value Fund | 66.41 | % |
Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.
Certain Funds intend to pass through foreign tax credits. The gross foreign source income earned during the fiscal year March 31, 2022 is as follows: Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.
Foreign Tax Credits | Gross Foreign Source Income Earned | |||||||
Delaware Ivy Global Equity Income Fund | $ | 595,231 | $ | 10,980,465 | ||||
Delaware Ivy International Core Equity Fund | 3,700,169 | 59,426,232 | ||||||
Delaware Ivy International Value Fund | 488,447 | 7,010,971 | ||||||
Delaware Ivy Managed International Opportunities Fund | 216,962 | 2,108,825 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund | 2,259,430 | 44,860,753 |
The percentage of the ordinary dividends reported is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is as follows:
Percentage | ||||
Delaware Ivy Global Bond Fund | 99.94 | % | ||
Delaware Ivy Government Money Market Fund | 48.21 | % | ||
Delaware Ivy High Income Fund | 85.06 | % | ||
Delaware Ivy Limited-Term Bond Fund | 100.00 | % | ||
Delaware Ivy Securian Core Bond Fund | 97.77 | % |
461
Other Fund information (Unaudited)
Board consideration of sub-advisory agreement for Delaware Ivy Global Bond Fund at a meeting held September 13, 2021
At a meeting held on September 13, 2021, the Board of Trustees (the “Board”) of Delaware Ivy Global Bond Fund (the “Fund”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Global Limited (“MIMGL”).
In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMGL. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMGL; information concerning MIMGL’s organizational structure and the experience of its key investment management personnel; copies of MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL; and a copy of the Sub-Advisory Agreement.
In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with its independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMGL, the Board reviewed the services to be provided by MIMGL pursuant to the Sub-Advisory Agreement as described at the Meeting. The Board reviewed materials provided by MIMGL regarding the experience and qualifications of the personnel who will be responsible for providing services to the Fund. The Board also considered relevant performance information provided with respect to MIMGL. In discussing the nature of the services proposed to be provided by MIMGL, it was observed that the Sub-Advisory Agreement will include the provision of discretionary investment management services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMGL to the Fund and its shareholders and was confident in the abilities of MIMGL to provide quality services to the Fund and its shareholders.
Investment performance. In regard to the appointment of MIMGL for the Fund, the Board reviewed information on prior performance for MIMGL. In evaluating performance, the Board considered its previous approval of MIMGL to provide fully discretionary services to other Delaware Funds.
Sub-advisory fee. The Board considered that DMC would pay MIMGL a discretionary investment sub-advisory fee based on the extent to which MIMGL provides services to the Fund as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fee, the Board also reviewed and considered the fee in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMGL. The Board noted that the sub-advisory fee is paid by DMC to MIMGL and is not an additional fee borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMGL, the proposed fee arrangement was understandable and reasonable.
Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMGL in relation to the services being provided to the Fund and in relation to MIMGL’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fee is paid by DMC out of its management fee, and changes in the level of sub-advisory fee have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMGL in connection with its relationship to the Fund. The Board considered the potential benefit to DMC and MIMGL of marketing a global approach on the portfolio management of its investment strategies. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, its effective investment management fee rates decline.
462
Board consideration of sub-advisory agreement for Delaware Ivy Managed International Opportunities Fund at a meeting held September 13, 2021
At a meeting held on September 13, 2021, the Board of Trustees (the “Board”) of Delaware Ivy Managed International Opportunities Fund (the “Fund”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).
In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMAK; information concerning MIMAK’s organizational structure and the experience of its key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; and a copy of the Sub-Advisory Agreement.
In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with its independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.
Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement as described at the Meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Fund. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will include the provision of discretionary investment management services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Fund and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Fund and its shareholders.
Investment performance. In regard to the appointment of MIMAK for the Fund, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.
Sub-advisory fee. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Fund as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fee, the Board also reviewed and considered the fee in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fee is paid by DMC to MIMAK and is not an additional fee borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.
Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Fund and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fee is paid by DMC out of its management fee, and changes in the level of sub-advisory fee have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Fund. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of its investment strategies. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, its effective investment management fee rates decline.
463
Board of trustees and officers addendum
Delaware Funds by Macquarie®
A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer | |||||
Interested Trustee | ||||||||||
Shawn K. Lytle1 610 Market Street Philadelphia, PA 19106-2354 February 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | Global Head of Macquarie Asset Management2 (January 2019–Present) Head of Americas of Macquarie Group (December 2017–Present) Deputy Global Head of Macquarie Asset Management (2017–2019) Head of Macquarie Asset Management Americas (2015–2017) | 146 | Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015) | |||||
Independent Trustees | ||||||||||
Jerome D. Abernathy3 610 Market Street Philadelphia, PA 19106-2354 July 1959 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993-Present) | 146 | None | |||||
Thomas L. Bennett3 610 Market Street Philadelphia, PA 19106-2354 October 1947 | Chair and Trustee | Trustee since March 2005 Chair since March 2015 | Private Investor (March 2004–Present) | 146 | None | |||||
Ann D. Borowiec3 610 Market Street Philadelphia, PA 19106-2354 November 1958 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005– 2011) — J.P. Morgan Chase & Co. | 146 | Director — Banco Santander International (October 2016–December 2019) Director — Santander Bank, N.A. (December 2016–December 2019) | |||||
Joseph W. Chow3 610 Market Street Philadelphia, PA 19106-2354 January 1953 | Trustee | Since January 2013 | Private Investor (April 2011–Present) | 146 | Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014) |
464
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer | |||||
H. Jeffrey Dobbs 610 Market Street Philadelphia, PA 19106-2354 May 1955 | Trustee | Since April 2019 | Global Sector Chairman, Industrial Manufacturing, KPMG LLP (2010-2015) | 146 | Director, Valparaiso University (2012–Present) Director, TechAccel LLC (2015–Present) (Tech R&D) Board Member, Kansas City Repertory Theatre (2015–Present) Board Member, Patients Voices, Inc. (healthcare) (2018–Present) Kansas City Campus for Animal Care (2018–Present) Director, National Association of Manufacturers (2010–2015) Director, The Children’s Center (2003–2015) Director, Metropolitan Affairs Coalition (2003–2015) Director, Michigan Roundtable for Diversity and Inclusion (2003–2015) Trustee, Ivy Funds Complex (2019–2021) | |||||
John A. Fry3 610 Market Street Philadelphia, PA 19106-2354 May 1960 | Trustee | Since January 2001 | Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–June 2010) | 146 | Director; Compensation Committee and Governance Committee Member — Community Health Systems (May 2004–Present) Director — Drexel Morgan & Co. (2015–2019) Director, Audit and Compensation Committee Member — vTv Therapeutics Inc. (2017–Present) Director and Audit Committee Member — FS Credit Real Estate Income Trust, Inc. (2018–Present) Director — Federal Reserve Bank of Philadelphia (January 2020–Present) |
465
Board of trustees and officers addendum
Delaware Funds by Macquarie®
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer | |||||
Joseph Harroz, Jr. 610 Market Street Philadelphia, PA 19106-2354 January 1967 | Trustee | Since November 1998 | President (2020–Present), Interim President (2019–2020), Vice President (2010–2019) and Dean (2010–2019), College of Law, University of Oklahoma; Managing Member, Harroz Investments, LLC, (commercial enterprises) (1998–2019); Managing Member, St. Clair, LLC (commercial enterprises) (2019–Present) | 146 | Director, OU Medicine, Inc. (2020–Present) Director and Shareholder, Valliance Bank (2007–Present) Director, Foundation Healthcare (formerly Graymark HealthCare) (2008–2017) Trustee, the Mewbourne Family Support Organization (2006–Present) (non- profit) Independent Director, LSQ Manager, Inc. (real estate) (2007–2016) Director, Oklahoma Foundation for Excellence (non-profit) (2008–Present) Trustee, Ivy Funds Complex (1998–2021) | |||||
Sandra A.J. Lawrence 610 Market Street Philadelphia, PA 19106-2354 September 1957 | Trustee | Since April 2019 | Chief Administrative Officer, Children’s Mercy Hospitals and Clinics (2016–2019); CFO, Children’s Mercy Hospitals and Clinics (2005–2016) | 146 | Director, Hall Family Foundation (1993–Present) Director, Westar Energy (utility) (2004–2018) Trustee, Nelson-Atkins Museum of Art (non-profit) (2021–Present) (2007–2020) Director, Turn the Page KC (non-profit) (2012–2016) Director, Kansas Metropolitan Business and Healthcare Coalition (non- profit) (2017–2019) Director, National Association of Corporate Directors (non-profit) National Board (2022– Present); Regional Board (2017–2021) Director, American Shared Hospital Services (medical device) (2017–2021) Director, Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018– Present) |
466
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer | |||||
Sandra A.J. Lawrence (continued) 610 Market Street Philadelphia, PA 19106-2354 September 1957 | Trustee | Since April 2019 | Chief Administrative Officer, Children’s Mercy Hospitals and Clinics (2016–2019); CFO, Children’s Mercy Hospitals and Clinics (2005–2016) | 146 | Director, Stowers (research) (2018) Co-Chair, Women Corporate Directors (director education) (2018–2020) Trustee, Ivy Funds Complex (2019-2021) Director, Brixmor Property Group Inc. (2021–Present) Director, Sera Prognostics Inc. (biotechnology) (2021–Present) Director, Recology (resource recovery) (2021–Present) | |||||
Frances A. Sevilla-Sacasa3 610 Market Street Philadelphia, PA 19106-2354 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011– March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 146 | Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Audit and Compensation Committee Member — Callon Petroleum Company (December 2019–Present) Director — New Senior Investment Group Inc. (January 2021–September 2021) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018– December 2019) | |||||
Thomas K. Whitford3 610 Market Street Philadelphia, PA 19106-2354 March 1956 | Trustee | Since January 2013 | Vice Chairman — PNC Financial Services Group (2010–April 2013) | 146 | Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018) |
467
Board of trustees and officers addendum
Delaware Funds by Macquarie®
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer | |||||
Christianna Wood3 610 Market Street Philadelphia, PA 19106-2354 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present | 146 | Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–October 2021), The Merger Fund VL (2013–October 2021); WCM Alternatives: Event- Driven Fund (2013– October 2021), and WCM Alternatives: Credit Event Fund (December 2017– October 2021) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016) | |||||
Janet L. Yeomans3 610 Market Street Philadelphia, PA 19106-2354 July 1948 | Trustee | Since April 1999 | Vice President and Treasurer (January 2006– July 2012), Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995–January 2003) — 3M Company | 146 | Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017) | |||||
Officers | ||||||||||
David F. Connor 610 Market Street Philadelphia, PA 19106-2354 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | David F. Connor has served in various capacities at different times at Macquarie Asset Management. | 146 | None4 | |||||
Daniel V. Geatens 610 Market Street Philadelphia, PA 19106-2354 October 1972 | Senior Vice President and Treasurer | Senior Vice President and Treasurer since October 2007 | Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management. | 146 | None4 | |||||
Richard Salus 610 Market Street Philadelphia, PA 19106-2354 October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | Richard Salus has served in various capacities at different times at Macquarie Asset Management. | 146 | None |
1 | Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor. Mr. Lytle was appointed as Trustee of the Trust effective April 30, 2021. |
468
2 | Macquarie Asset Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor and principal underwriter. | |
3 | Messrs. Abernathy, Bennett, Chow, Fry, Whitford, and Mss. Borowiec, Sevilla-Sacasa, Wood, Yeomans were appointed as Trustees of the Trust effective April 30, 2021. | |
4 | David F. Connor serves as Senior Vice President and Secretary, and Daniel V. Geatens serves as Senior Vice President, Treasurer, and Chief Financial Officer, for the six portfolios of the Optimum Fund Trust, which have the same investment advisor and principal underwriter as the registrant. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds. |
The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 888 923-3355.
469
Board of directors/trustees | Sandra A.J. Lawrence | This annual report is for the information of Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Equity Income Fund, Delaware Ivy Global Growth Fund, Delaware Ivy Government Money Market Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund, Delaware Ivy Securian Core Bond Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, and Delaware Ivy Value Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 888 923-3355; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge on (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) the SEC’s website at sec.gov. | ||
Former Chief Administrative Officer | ||||
Shawn K. Lytle | Children’s Mercy Hospitals and Clinics | |||
President and | ||||
Chief Executive Officer | Frances A. Sevilla-Sacasa | |||
Delaware Funds by Macquarie® | Former Chief Executive Officer | |||
Banco Itaú International | ||||
Jerome D. Abernathy | ||||
Managing Member, | Thomas K. Whitford | |||
Stonebrook Capital Management, LLC | Former Vice Chairman | |||
PNC Financial Services Group | ||||
Thomas L. Bennett | ||||
Chairman of the Board | Christianna Wood | |||
Delaware Funds by Macquarie | Chief Executive Officer and President | |||
Private Investor | Gore Creek Capital, Ltd. | |||
Ann D. Borowiec | Janet L. Yeomans | |||
Former Chief Executive Officer | Former Vice President and Treasurer | |||
Private Wealth Management | 3M Company | |||
J.P. Morgan Chase & Co. | ||||
Affiliated officers | ||||
Joseph W. Chow | ||||
Private investor | David F. Connor | |||
Senior Vice President, | ||||
H. Jeffrey Dobbs | General Counsel, and Secretary | |||
Former Global Sector Chairman | Delaware Funds by Macquarie | |||
Industrial Manufacturing, | ||||
KPMG, LLP | Daniel V. Geatens | |||
Senior Vice President and Treasurer | ||||
John A. Fry | Delaware Funds by Macquarie | |||
President | ||||
Drexel University | Richard Salus | |||
Senior Vice President and | ||||
Joseph Harroz, Jr. | Chief Financial Officer | |||
President | Delaware Funds by Macquarie | |||
University of Oklahoma |
470
Item 2. Code of Ethics
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds by Macquarie® Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:
a. An understanding of generally accepted accounting principles and financial statements;
b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;
c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;
d. An understanding of internal controls and procedures for financial reporting; and
e. An understanding of audit committee functions.
An “audit committee financial expert” shall have acquired such attributes through:
a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;
b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;
c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or
d. Other relevant experience.
The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.
The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:
H. Jeffrey Dobbs
John A. Fry
Sandra A.J. Lawrence
Frances Sevilla-Sacasa, Chair
Item 4. Principal Accountant Fees and Services
(a) Audit fees.
The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $826,803 for the fiscal year ended March 31, 2022.
The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $526,500 for the fiscal year ended March 31, 2021.
(b) Audit-related fees.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2022.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $1,134,001 for the registrant’s fiscal year ended March 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2021. These audit-related services were related to the review of Form N-1A.
(c) Tax fees.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $153,252 for the fiscal year ended March 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis��exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2022.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $116,730 for the fiscal year ended March 31, 2021. These tax-related services were related to the review of the registrant’s tax returns.
(d) All other fees.
The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2022.
The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $51,987 for the fiscal year ended March 31, 2021.
(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds by Macquarie®.
Service | Range of Fees |
Audit Services | |
Statutory audits or financial audits for new Funds | up to $50,000 per Fund |
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”) | up to $25,000 in the aggregate |
Audit-Related Services | |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”) | up to $25,000 in the aggregate |
Tax Services | |
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.) | up to $25,000 in the aggregate |
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |
Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.
Service | Range of Fees |
Non-Audit Services | |
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |
The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were 9,044,000 and $217,320 for the registrant’s fiscal years ended March 31, 2022 and March 31, 2021, respectively.
(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
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 Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a) (1) Code of Ethics
Not applicable.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
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
/s/SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | June 7, 2022 |
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.
/s/SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | June 7, 2022 |
/s/RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | June 7, 2022 |